The London Insurance Market Charitable Trust
Unaudited
Annual report and financial statements for the year ended 31 October 2024
Registered Charity No. 1190714
THE LONDON INSURANCE MARKET CHARITABLE TRUST Contents
| Page | |
|---|---|
| Trustees’ annual report | 1-3 |
| Independent Examiner’s report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7-10 |
THE LONDON INSURANCE MARKET CHARITABLE TRUST Trustees’ Annual Report For the period ended 31 October 2024
The Trustees present their report along with the financial statements of the Charity for the year ended 31 October 2024.
OBJECTIVES AND ACTIVITIES
The purpose of the Charity
The purpose of the Charity, as set out in its objects within the constitution, is to fund grant scholarships to students who are seeking a career in the Insurance and Risk Management industries.
Activities in the period
Last year, the Charity entered into an agreement with Glasgow Caledonian University to sponsor four students over three years at a total rate of £26,000 per annum, with the total value of the agreement being £78,000. This was expanded in the current year to cover a further two students, increasing the annual cost to £30,000 for 2024 and 2025. The scholarships are for undergraduate students and are focused on the course in Risk Management and Finance.
The Charity’s agreement with the University of East Anglia came to an end in the year, albeit that one payment remains to be made. The Trustees would like to put on record their appreciation of the University and its staff for their help in delivering the Charity’s objectives.
Under each agreement, the universities are responsible for the award of the scholarships with the Charity having oversight of the chosen scholars to ensure that they meet the scholarship ethos.
The Charity raises funds by running an annual Golf Day, with the participants being mainly drawn from the insurance industry. For 2024, the main Golf Day sponsor was Marsh and the Charity is grateful for the significant support provided.
Public benefit
The Trustees have had regard to the Charity Commission’s guidance on public benefit and will consider that guidance in their future activities.
FINANCIAL REVIEW
Financial performance
The Statement of Financial Activities shows the full cost of the two new scholarships for University of Caledonian students entered into in the year. Under charity accounting, the cost of the agreements is reflected in the financial statements when the agreements are entered into, rather than when they are paid. Hence there is a large expense shown in the years in which such agreements are entered into, and no expense in other years. Details of the payments actually made in the year are given in the supporting note.
Fundraising income of £65,640 (2023 - £56,025) relates to the annual Golf Day and includes entry fees, proceeds from the auction held on the day and sponsorship income. In total 24 (2023 – 22) teams participated. The cost of the day amounted to £36,390 (2023 - £32,012), resulting in a surplus of £29,250 (2023 - £24,013).
Reserves
No reserves policy has been set. Other than funding scholarships, the Charity has minimal outgoings and no staff or premises; as the scholarship commitments are all recognised as liabilities, the Trustees do not consider it is necessary to develop a reserves policy.
The Charity has built up reserves over its existence as the income generated from the annual Golf
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THE LONDON INSURANCE MARKET CHARITABLE TRUST Trustees’ Annual Report (continued) Period ended 31 October 2024
Days exceeded the cost of the scholarships awarded in prior years. The Charity has therefore expanded the number of scholarships funded and is now funding six students. The Charity expects to continue with this higher rate of sponsorship to reduce its reserves over time.
Future developments
It is expected that the Charity will continue its activities in the same manner as in previous years.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The Charity was formed as a charitable trust on 15 October 2019; its governing document is its trust deed, which was last amended on 20 July 2020.
The trust deed sets out the charitable objects as being “advancing for the public benefit the academic and/or vocational education of young people in financial need in such ways as the trustees think fit, including (but not limited to) by funding and/or awarding scholarships tenable by prospective or current students of the degree of master of science in Insurance and Risk Management at City, University of London (or any academic or vocational qualification awarded by any university, college or institution of higher or further education in the related disciplines of insurance and risk management and/or actuarial science as the trustees see fit)”.
The Charity was formally registered with the Charity Commission on 4 August 2020.
Appointment of trustees
Trustees are appointed by the current trustees as a body.
Management
The Charity has no staff and is managed by its trustees.
Risk management
The trustees have assessed the major risks to which the charity is exposed, in particular those related to the activities and finances of the charity, and are satisfied that systems are in place to mitigate those risks.
Grant making policy
The Charity doesn’t have a formal grant making policy. As detailed above, the trust deed limits the grant making activity to scholarships in specific areas.
REFERENCE AND ADMINISTRATIVE INFORMATION
Name and Registered Number of Charity
The Charity is registered as “The London Insurance Market Charitable Trust” and its registered number is 1190714.
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THE LONDON INSURANCE MARKET CHARITABLE TRUST Trustees’ Annual Report (continued) Period ended 31 October 2024
Principal Address
The principal address of the Charity is Field House, Nevill Park, Tunbridge Wells, Kent, TN4 8NW.
The Charity’s email address is: mikehammond1@outlook.com
Names of Trustees
The Trustees who acted during the period and subsequently were as follows:
Michael Paul Hammond John Turner (resigned May 2024) Mark Gregory Richard Dudley Tim Pritchard Douglas Markey Cathrine French (appointed November 2024)
Fundraising
The Charity hosts an annual Golf Day as its primary fundraising activity. Invitations to the Golf Day are extended to individuals known to the trustees and previous attendees rather than to the general public. Given the limited extent to these activities, the charity does not subscribe to any fundraising standards.
TRUSTEES’ RESPONSIBILITIES STATEMENT
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable regulations).Under that law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period.
In preparing these 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 Charities SORP;
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Make judgements and accounting estimates that are reasonable and prudent;
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State whether applicable accounting standards have been followed; and
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records which are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the constitution. They are also responsible f or safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
M P Hammond Chair of the Trustees Date
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THE LONDON INSURANCE MARKET CHARITABLE TRUST Independent examiner’s report For the period ended 31 October 2024
I report to the trustees on my examination of the accounts of The London Insurance Market Charitable Trust for the year ended 31 October 2024, which comprise the Statement of Financial Activities, the Balance Sheet and the notes to the accounts, including a summary of significant accounting policies.
Respective responsibilities of trustees and examiner and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Julie Mutton (Jun 12, 2025 17:10 GMT+1) Julie Mutton
Name: Julie Mutton Fellow of The Institute of Chartered Accountants in England & Wales
Address: S&W Partners Audit Limited 4th Floor Cumberland House 15-17 Cumberland Place Southampton Hampshire SO15 2BG
12/06/2025
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THE LONDON INSURANCE MARKET CHARITABLE TRUST Statement of financial activities For the period ended 31 October 2024
| Notes Income Fundraising Income 6 Other income Total Expenditure Raising funds 6 Charitable activities 7 Total Net income / (deficit) General funds brought forward Total funds carried forward |
Year ended 31 October 2024 £ 65,640 - 65,640 36,390 11,638 48,028 17,612 123,491 141,103 |
Year ended 31 October 2023 £ 56,025 156 |
|---|---|---|
56,181 |
||
32,012 41,144 |
||
73,156 |
||
(16,975) |
||
140,466 |
||
123,491 |
All activities are continuing.
All funds are unrestricted.
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THE LONDON INSURANCE MARKET CHARITABLE TRUST Balance sheet As at 31 October 2024
| Notes Current assets Debtors: Amounts falling due within one year 9 Cash at bank and in hand Creditors: Amounts falling due within one year 10 Net current assets Creditors: Amounts falling due after more than one year 11 Total net assets The funds of the charity: Unrestricted funds |
2024 £ - 179,232 (38,129) - 141,103 141,103 141,103 |
2023 £ 26,008 157,320 |
|---|---|---|
| 183,328 (33,837) |
||
| 149,491 (26,000) |
||
123,491 |
||
123,491 |
||
123,491 |
Approved and signed on behalf of the Trustees
M P Hammond, Chair of Trustees
Date of approval:
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THE LONDON INSURANCE MARKET CHARITABLE TRUST Notes to the financial statements For the period ended 31 October 2024
1 Status
The London Insurance Market Charitable Trust (“the Charity”) is a charitable trust governed by its trust deed dated 15 October 2019 and modified on 20 July 2020. The charity number is 1190714. Its principal address is Field House, Nevill Park, Tunbridge Wells, Kent TN4 8NW.
2 Accounting policies
The principal accounting policies are summarised below.
Basis of preparation
The accounts have been prepared in accordance with The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”) including Section 1A, and with the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with FRS 102 (effective 1 January 2019). The financial statements are also prepared in accordance with the Charities Act 2011.
The charity is a public benefit entity as defined by FRS 102.
Fund accounting
The funds held as at the period end are in the form of general funds. The charity has had no restricted income in the period.
Going concern
The trustees are confident that the Charity will continue to be a going concern and the financial statements have been prepared on this basis.
Income
All incoming resources are included in the Statement of Financial Activities when the Charity is legally entitled to the income, when its receipt is probable and when it can be measured with reasonable certainty.
Golf Day fundraising income is recognised at the later of receipt and the date of the event.
Expenditure
All expenditure is accounted for on an accruals basis.
Grants to fund sponsorships are recognised in full when agreement is reached with the relevant educational establishment.
Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the Charity becomes a party to the contractual provisions of the instrument.
Trade and other creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Creditors are subsequently measured at amortised cost using the effective interest rate method.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and short-term deposits with an original maturity of three months or less.
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THE LONDON INSURANCE MARKET CHARITABLE TRUST Notes to the financial statements (continued) For the period ended 31 October 2024
3 Employee information
The Charity had no (2023 – no) employees in the period.
4 Trustees
No trustee was remunerated in the current or prior period. During the year, trustee meeting costs of £509 were reimbursed to one trustee (2023 – £307).
5 Taxation
The Charity is exempt from tax on income and gains falling within sections 524 to 536 of the Income Taxes Act 2007 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
6 Fundraising Event – annual Golf Day
| Fundraising Event – annual Golf Day | ||
|---|---|---|
| Event income Event expenses Event profit |
Year ended 31 October 2024 65,640 (36,390) 29,250 |
Year ended 31 October 2023 56,025 (32,012) |
24,013 |
7 Charitable activities
| Grants – see note 8 Other costs Governance costs Accountancy fees Independent examination fees |
Year ended 31 October 2024 £ 8,000 509 1,925 1,204 3,129 11,638 |
Year ended 31 October 2023 £ 38,000 307 1,746 1,091 |
|---|---|---|
2,837 |
||
41,144 |
The independent examination fees and the accountancy fees are both payable to S&W Partners Audit Ltd.
The other costs in the year related to orientation and education visits to London by the students funded by the charity; these costs were initially paid by one trustee and reimbursed by the charity. The 2023 costs related to travel expenses for two trustees to meet funded students.
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THE LONDON INSURANCE MARKET CHARITABLE TRUST Notes to the financial statements (continued) For the period ended 31 October 2024
8 Grants - analysis of institutional grants awarded in the year
| Year ended 31 October 2024 Year ended 31 October 2023 |
City, University of London £ - (40,000) |
Glasgow Caledonian University £ 8,000 78,000 |
University of East Anglia £ Total £ - 8,000 - 38,000 |
|---|---|---|---|
The institutional grants relate to the funding of scholarships at City, University of London, Glasgow Caledonian University and University of East Anglia for students who have an interest in the Insurance and Risk Management industries. The scholarships are administered and awarded by the relevant universities.
9 Debtors: falling amounts due within one year
| Trade debtors | 2024 £ - - |
2023 £ 26,008 |
|---|---|---|
26,008 |
10 Creditors: falling amounts due within one year
| Accruals Grants payable – note 12 |
2024 £ 3,129 35,000 38,129 |
2023 £ 2,837 31,000 |
|---|---|---|
33,837 |
11 Creditors: amounts falling due after more than one year
| Grants payable – note 12 | 2024 £ - - |
2023 £ 26,000 |
|---|---|---|
26,000 |
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THE LONDON INSURANCE MARKET CHARITABLE TRUST Notes to the financial statements (continued) For the period ended 31 October 2024
12 Grants payable
| City, | Glasgow | |||
|---|---|---|---|---|
| University of | Caledonian | University of | ||
| London | University | East Anglia | Total | |
| Year ended 31 October 2024 | £ | £ | £ | £ |
| Grant commitment b/fwd | - | 52,000 | 5,000 |
57,000 |
| Grants awarded / (cancelled) in | ||||
| the year – note 8 | - | 8,000 | - |
8,000 |
| Paid in the year | (30,000) | - |
||
| Grant commitment c/fwd | - | 30,000 | 5,000 |
35,000 |
| Grants payable: | ||||
| - in less than one year |
- | 30,000 | 5,000 |
35,000 |
| - after more than one year |
- | - | - |
- |
| - | 30,000 | 5,000 |
35,000 | |
| City, | Glasgow | |||
| University of | Caledonian | University of | ||
| London | University | East Anglia | Total | |
| Year ended 31 October 2023 | £ | £ | £ | £ |
| Grant commitment b/fwd | 40,000 | 15,000 | 55,000 | |
| Grants awarded / (cancelled) in | ||||
| the year – note 8 | (40,000) | 78,000 | - |
38,000 |
| Paid in the year | - | (26,000) | (10,000) |
(36,000) |
| Grant commitment c/fwd | - | 52,000 | 5,000 |
57,000 |
| Grants payable: | ||||
| - in less than one year |
- | 26,000 | 5,000 |
31,000 |
| - after more than one year |
- | 26,000 | - |
26,000 |
| - | 52,000 | 5,000 |
57,000 |
There are no conditions attached to the grants.
The grants payable after more than one year are not discounted as any such discounting would be immaterial.
13 Related party transactions
Catherine French, Tim Pritchard and Douglas Markey, who are all trustees, attended the Golf Day in the year and each paid the same entry fee as other participants. (In 2023, the trustees attending and paying the same entry fee as other participants were Mike Hammond, Tim Pritchard and Douglas Markey).
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