## **The London Insurance Market Charitable Trust**
## **Unaudited**
**Annual report and financial statements for the year ended 31 October 2025**
**Registered Charity No. 1190714**
Confidential - Access to this data is limited and closely monitored.
## **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|
Confidential - Access to this data is limited and closely monitored.
## **THE LONDON INSURANCE MARKET CHARITABLE TRUST Trustees’ Annual Report**
## **Year ended 31 October 2025**
The Trustees present their report along with the financial statements of the Charity for the year ended 31 October 2025.
## **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**
In 2023, the Charity entered into an agreement with Glasgow Caledonian University (GCU) to sponsor four students over three years at a total rate of £26,000 per annum. This was expanded in 2024 to cover a further two students, increasing the annual cost to £30,000. The scholarships are for undergraduate students and are focused on the course in Risk Management and Finance. In the current year the Charity agreed to extend their support to cover awards to two MSC students at a further total cost of £14,000.
Under the agreement, GCU is 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’s agreement with the University of East Anglia (UEA) came to an end in the prior year, and in the current year there was a £5,000 adjustment to the grant. 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.
In the year, the Trustees agreed to make a one-off grant of £10,000 following a request from The Marine Society and Sea Cadets who provide work experience to underprivileged young people. The Trustees deemed this to be in line with their charter - the London Insurance Market has strong relationships with the Marine community through the Lloyds and London Insurers.
The Charity raises funds by running an annual Golf Day, with the participants being mainly drawn from the insurance industry. For 2025, the main Golf Day sponsor was Aon 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**
Fundraising income of £70,308 (2024 - £65,640) relates to the annual Golf Day and includes entry fees, proceeds from the “beat the pro” competition, the raffle held on the day and sponsorship income. In total 25 (2024 – 24) teams participated. The cost of the day amounted to £38,757 (2024 - £36,390), resulting in a surplus of £31,551 (2024 - £29,250).
New grants awarded in the year cost £24,000; after deducting UEA adjustment, there was a net cost of £19,000, the full cost of the commitments to GCU made in 2023 and 2024 having been expensed in those years.
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## **THE LONDON INSURANCE MARKET CHARITABLE TRUST Trustees’ Annual Report (continued)**
**Year ended 31 October 2025**
## **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 recognized 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 Days exceeded the cost of the scholarships awarded in prior years. The charity has therefore expanded the number of scholarships funded and are about to enter into a new three-year agreement with GCU. 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.
## **Principal Address**
The principal address of the Charity is Field House, Nevill Park, Tunbridge Wells, Kent, TN4 8NW. The
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## **THE LONDON INSURANCE MARKET CHARITABLE TRUST Trustees’ Annual Report (continued)**
## **Year ended 31 October 2025**
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 Richard Dudley Tim Pritchard Douglas Markey Mark Gregory (resigned 26 March 2025) Catherine French
## **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:
- Select suitable accounting policies and then apply them consistently;
- Observe the methods and principles in the Charities SORP;
- Make judgements and accounting estimates that are reasonable and prudent;
- State whether applicable accounting standards have been followed; and
- 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 for 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 2025**
I report to the trustees on my examination of the accounts of The London Insurance Market Charitable Trust for the year ended 31 October 2025, 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:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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.
## 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
1 July 2026
4
## **THE LONDON INSURANCE MARKET CHARITABLE TRUST Statement of financial activities For the year ended 31 October 2025**
|**Notes**
**Income**
Fundraising Income
6
**Expenditure**
Raising funds
6
Charitable activities
7
**Total**
**Net income**
General funds brought forward
Total funds carried forward
All activities are continuing.
All funds are unrestricted.|**2025**
**£**
70,308
38,757
25,343
64,100
6,208
141,103
147,311|
**2024**
**£**
65,640|
|---|---|---|
|||
36,390
11,638|
|||
48,028|
||||
|||
17,612|
|||
123,491|
|||
141,103|
||||
5
## **THE LONDON INSURANCE MARKET CHARITABLE TRUST Balance sheet As at 31 October 2025**
|**Current assets**
Cash at bank and in hand
Creditors: Amounts falling due within one year
9
**Net current assets**
**Total net assets**
**The funds of the charity:**
Unrestricted funds
Approved and signed on behalf of the Trustees
M P Hammond, Chair of Trustees
Date of approval:|**£**
150,596
(3,285)
147,311
147,311
147,311|£
179,232|
|---|---|---|
|||(38,129)|
||||
|||141,103|
|||141,103|
|||141,103|
||||
6
**THE LONDON INSURANCE MARKET CHARITABLE TRUST Notes to the financial statements (continued) For the year ended 31 October 2025**
## **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 summarized 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 2022). 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 recognized in full when agreement is reached with the relevant educational establishment.
## **Financial instruments**
Financial assets and financial liabilities are recognized 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 year ended 31 October 2025**
## **3 Employee information**
The Charity had no (2024 – no) employees in the period.
## **4 Trustees**
No trustee was remunerated in the current or prior period. During the year, student hosting costs of £718 were reimbursed to one trustee (2024 – £509).
## **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**
|Event income
Event expenses
Event profit
**Charitable activities**
Grants – see note 8
Other costs
Governance costs
Accountancy fees
Independent examination fees|**2025**
**£**
70,308
(38,757)
31,551
**2025**
**£**
19,000
3,058
2,021
1,264
3,285
25,343|2024
£
65,640
(36,390)|
|---|---|---|
|||29,250|
|||2024
£
8,000
509
1,925
1,204|
|||3,129|
|||11,638|
## **7 Charitable activities**
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 2024 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 year ended 31 October 2025**
## **8 Grants – analysis of institutional grants awarded in the year**
|Year ended 31 October 2025
Year ended 31 October 2024|The
Marine
Society and
Sea Cadets
**£**
10,000
-|**Glasgow**
**Caledonian**
**University**
**£**
14,000
8,000|**University**
**of East**
**Anglia**
**£**
**Total**
**£**
(5,000)
19,000
-
8,000|
|---|---|---|---|
The institutional grant to Glasgow Caledonian University relates to the funding of scholarships for students who have an interest in the Insurance and Risk Management industries. The scholarships are administered and awarded by the university.
The institutional grant to The Marine Society and Sea Cadets was to help fund work experience for underprivileged young people which the trustees deemed to be in line with their charter - the London Insurance Market has strong relationships with the Marine community through the Lloyds and London Insurers.
## **9 Creditors: falling amounts due within one year**
|Accruals
Grants payable – note 10
**Grants payable**
**Year ended 31 October 2024**
Grant commitment b/fwd
Grants awarded / (cancelled) in
the year – note 8
Paid in the year
Grant commitment c/fwd|**The Marine**
**Society and**
**Sea Cadets**
**£**
-
10,000
(10,000)
-|**Glasgow**
**Caledonian**
**University**
**£**
30,000
14,000
(44,000)
-|**2025**
**£**
3,285
-
3,285
**University of**
**East Anglia**
**£**
5,000
(5,000)
-
-|2024
£
3,129
35,000|
|---|---|---|---|---|
|||||38,129|
|||||**Total**
**£**
35,000
19,000
(54,000)|
|||||
-|
## **10 Grants payable**
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## **THE LONDON INSURANCE MARKET CHARITABLE TRUST Notes to the financial statements (continued) For the year ended 31 October 2025**
## **10 Grants payable (continued)**
|**Year ended 31 October 2024**
Grant commitment b/fwd
Grants awarded / (cancelled) in
the year – note 8
Paid in the year
Grant commitment c/fwd
Grants payable:
-
in less than one year
-
after more than one year|**The Marine**
**Society and**
**Sea Cadets**
**£**
-
-
-
-
-
-|**Glasgow**
**Caledonian**
**University**
**£**
52,000
8,000
(30,000)
30,000
30,000
-
30,000|**University of**
**East Anglia**
**£**
5,000
-
-
5,000
5,000
-
5,000|**Total**
**£**
57,000
8,000
|
|---|---|---|---|---|
|||||
35,000|
|||||
35,000
-|
|||||
35,000|
There are no conditions attached to the grants.
## **11 Related party transactions**
Catherine French, Mike Hammond, 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 2024, Mike Hammond, Tim Pritchard and Douglas Markey attended the event and paid the same entry fee as all other participants).
The charity also paid £718 to Douglas Markey who hosted a dinner for the GCU students when they visited London.
10