THE INMAN CHARITY ANNUAL REPORT AND ACCOUNTS 31ST DECEMBER 2022 PA YNE HICKS BEACH Solicitors 10 New Square Lincoln's Inn London WC2A 3QG PAC2YD.XLStt021
THE INMAN CHARITY CONTENTS Re Admlnistrative information about the charity, ils trust8e and advisers Directors, report Independent examiner's report Accounts 10 Statemenl of financial 8¢1Svltles Compafative Slatement of financlal activities 12 Balance sheet 13-17 Prlncipal accounting policies 18-24 Notes lo the accounts endix 25-26 Granis made
THE INMAN CHARITY Pa ADMINISTRATIVE INFORMATION ABOUT THE CHARIry ITS TRUSTEE AND ADVISERS CORPORATE TRUSTEE Inman Charity Trustees Llmited DIRECTORS OF THE CORPORATE TRUSTEE THE DIRECTORS A.L. Walker Miss B.M.A. Slrother M.R. Mslhews J.D. Langdon N.J, Wing8r8th PRINCIPAL ADDRESS 10 New Square Lln¢oln's Inn London WC2A 3QG WEBSITE ADDRESS www.inmancharity.ory CHARIry REGISTRATION NUMBER 261366 INDEPENOENT EXAMINER Buzzacott LLP 130 Wood Street London EC2V 6DL INVESTMENT MANAGER Quilter Cheviot Senator Hou88 85 Queen V1cloria Street London EC4V 4AB BANKERS CAF Bank 25 Kings Hlll Av8nug Kings Hill West Malling Kent ME19 4JQ SOLICITORS AND ADMINISTRATORS Payne Hicks Beach LLP 10 New Squar8 Lincoln'5 Inn London WC2A 3QG
THE INMAN CHARITY Pa DIRECTORS, REPORT- 31ST DECEMBER 2022 The directors of the corporate trustee Ilhe diieclorsl present their statutory report together with the accounts of The Inman Charity for the y8ar ended 31st December 2022. The acwunts have been prepared in accordance th the accounting policies set out on pages 16 10 20 01 the attached accounts and comply with the Charity's trust deed. applicable laws. accounting standards (United Kingdom Generally Acoepled Accounting Pracb'c&l, and Aecounting and Reporting by Ch8ritie5'. Statement of Recommend&d Practice applicable to charitie5 preparing their accounts in accordance with th8 Financial Reporting Standard applicable in the Unitgd Kinqdom and Republic ol Ireland IFRS 1021. second edition IO¢tob8r 20191. GOVERNANCE, STRUCTURE AND MANAGEMENT Governanc8 The Inman Charity 15 governed by a trust deed dated 16th June 1970. Tho charity is registered under the Chariti8s Act 2011. Charity Registration Numbei 261366. The stalulory power of appointment ol new directors of the corporate trustee by the continuing directors applies. The n8mes ol the directors who served during the year are sel out as part of the adrninislr3tive inlorrnation on page 1 of this Annual Report and Aceounls. Brief biographical details are given below.. A.L. Walker A.L. Walker was appointed a director in February 1981. He is a retired Chartered Tax Adviser. He was lor many years employed as a principal in the Private Client Dspartrnent of Payne Hicks Beach LLP. Miss B.M.A. Slrother Miss B.M.A. Strolher was appointed a director in March 1998. She has worked for many year5 in health, social care and the older people's charitable sector and is a Trustee of Healthwalch City of London. M.R. Malhews M.R. Mathèws was appointed a director in November 2000. He is a retired solicitor. He was lor many y8ars a partner In Clillord Chanc8 and is also a former Pr88ident of the Law Society. J.D. Langdon J.D. Langdon was appointed a director in November 2002. He is Emeritus Professor ol M8xillofacial Surgery at King'5 College London.
THE INMAN CHARITY DIRECTORS. REPORT- 31ST DECEMBER 2022 GOVERNANCE, STRUCTURE AND MANAGEMENT Icontsnuodl N.J. Wingerath N.J. Wingeralh was appointed z director in October 2021. Hg was for many years employed as Head ol Ihg Trust and Tax Department of Payne Hick5 Beach LLP. On agreeing lo their appointment, the direelors are thoroughly briefed by their co-diredors on the hislory ol the charily. the day-lo-day management, the responsibilities of the directors, the Current objects'ves and the future plans ol the charily. Dlrectors. responslbllilies stat8ment The directors are responsible lor preparing the directors. rBport and accounts in accordancs with applicable law and Unit8d Kingdom Accounting Standards (United Kingdom G8neially Accepted Accounting Practicel. Charily law in England and Wales q[lIr88 the directors of the corporate trustee (the directors) to prepare accounts lor each financial year which give a true and fair view ol the slate ol affairs of the charity al the year end and of its income and 8xperidilure during that year. In preparing accounts, giving a true and lair view the directors are requir¢d lo.. Select suitable accounting policies and then apply them consislenlly.. Observe the methods and principles of Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable to charities preparing their accounts in acwrdance with the Financial Reporting Standard appllcable in the UK and Republic ol Ireland IFRS 1021.. Make judgernents and estimate$ that are reasonable and prudent., state whether applicable United Kirtgdom Accounting Standards have been followed. subject to any material dep8rturtrs discbsed and explained in the accounts. and Prepare the accounts on tho going conc8m basis unless it is inappropriat8 to presume Ihal the eharity will eontlnue lo operat8. The directors are responsible lor keeping proper accounting records which disclose with reasonable accuracy al any tirne the financial position ol the Charity and which enable them lo ensure that the accounts comply with the Charities Ael 2011, applicable Charity IAocounts and Reports) Regulations and the provisions ol the trust d8ed. They are 8150 responsib18 for safeguaiding the assets ol the charity and hence for taking reasonable steps lor the prevention and dgtection ol fraud and other irregularities. The directors are r$sponslble lor the maintenance 8nd integrity of lh8 charity and financial information included on the charity8 web51te. Legislation in the United Kingdom goveming the preparation and disssminalion ol accounts may diller from legislation in other jurisdictions.
THE INMAN CHARITY Pa IRECTORS, REPORT- 31ST DECEMBER 2022 GOVERNANCE, STRUCTURE AND MANAGEMENT (Continued) structure and management reportlng The directors are ultimately responsibl8 lor the policies, a¢livities and assets ol the charity. They meet twice a year to review the development5 with regard to the charlly, its grant giving activities and make any important deci5itsns. When n¢cessary, the directors seek advice and support from the charity's professional advisers including the investment manager, solicitors and accountants. The day lo day management ol the eharily's activitie5, and the imp18mentation ol poli¢ies, is delegated to the Prwate Client Department ol Payn8 Hicks Beach LLP. The Department ensures that grant applications are processed and presented lo the directors as appropriate., il administer5 payments and keeps the books and record5 01 the charity. Al their tneelings the diredors rèview the investment perforrnancg, 8nd a representative ol the investment m3nager attends the meellngs lo update the directors in detail on Ihe portfolio. The directors review the proposals lor grants to be made and approve such grants as appropriate. Risk management In line with th8 requirement for charity trustees to undort8ke a rlsk assessment exercise and report on the same in their annual report, the direetors have looked at the risks The Inman Charity currently fa$ and have reviewed Ihg safeguard5 in place, or needing to be put in place, to deal with them.The dlrectors hav8 identified three rn8in areas where risks may occur. - Governance Operational Fingnclal Governan¢e looks at the continuily ol trusteeship, the skills and background ol the diTectors and the policies of regular meetings of the directors to review their aims 8nd 8etivities. Operatlonal looks at the risk inherent in the delegation of statutory and legal requirements ol the charity, its manag8ment and secretarial functions and d8leg8lion of certain of Ose lunclions. and gianl giving aclivilies. Flnanclal risks include those inherent in delegation of investment managemenl and custody to an independent investment manager, th8 operation ol the bank accounts, the financial record keeping of the charity. ils inv8Stmenl policy, audit and rewew procgdures. Having assessed the major risks lo which the charity is exposed, in particular those relating to ils investments and its finances, the directors believe that by ensuring controls exist over key financial systems incorporating the Systems and controls implemented by Payn8 Hicks Beach LLP, and by delegating the inveslmgnt management function lo an investrnenl manager, subject to regular monitoring, including periodic reviews ol performano against benchmark, they have eslablishod effective systems to miligale Ih05e risks. Th8 key risks facod by the charity, as identified by the directors, are described below tog8th8r with the prInpaI ways in which Ihey are miligat8d.
THE INMAN CHARITY Pa DIRECTORS, REPORT- 31ST DECEMBER 2022 GOVERNANCE. STRUCTURE AND MANAGEMENT (Continued) Risk management Icontlnuedl The charity's principal assel comprises listed investments, the va1u¢ of which is dependent on movements in UK and world slock markets. Tho investments are managed by reputable investment managers who adhere to a policy agre8d by the directors. The directors meet Iwice a year with the investment managers and the manager's performance and that of the portfolio are monitored. The invesltnenl strategy is 8sse55ed regularly to ensure it remains appropriate to the haritys needs- both now and in the future. The charity carries out its objectives by providing grants lo Institutions that are also UK registered charities, whose objects comply with Ihe charity's criteria. There is a risk that a grant provided by the charity may not leach the intended recipient andlor m3y be used lor purposes not consistent with the charity's objects. Whilst the directors are mindful of their own obligation to ensure that th charity benefits the public generally, th8y take some assuran¢e from the lact that recipients of grants are Ihemselvgs regulated to ensure that they operate lor the public benefit. Potential recipients ol grants are identified by the directors individually in areas where it is perceived that public benefit will be achieved. The opporiunity to benefit is not r8slricted In any way except that grants are restricted to bodie5 registered in the UK, not least to facilitate the directors being 8ble lo follow up on the eNic8cy of Ihe grants m3de. In the other respects grants are not limited in any way except Ihat the recipients should have a charitable need. Risks are kept under regular rsview and lully reassessed every threg years. ACTIVITIES. SPECIFIC OBJECTIVES AND RELEVANT POLICIES Aclivtties and specific objectives The directors operate a grant givitvJ tx)liey. providing funds lor such charitable object or institution as the directors think fil. In 8ddilion to supporting a wide range ol charitable organisalions, the charity makes a regular payment to the Victor lllrnan Bursary Fund I the Fund") at Uppingham School of which the settlor had been a lifelong supporter. The charity makes a payrnent of £30,000 per annum and this is reviewed annually. Institutions intending to make an appeal are directed lo the website www.inmancharily.org where more detailed information concerning particular areas of support. application guidelines, exdusions and grants awarded can be found. The directors aim to make grants lotalling approximately £350,000 per annum in accordance with the ouidelines set out in Ihe qranl oivino policy as summarised on the charity's website. The directors eonfim that they have ferred to th& guidance contained ill the Charity Commission's guidance on public benefit when reviewillg the charity's aims and objectives and in planning futur8 activities and setting the grant making policy for the year, The directors Iher8fore consider that the charity's activities are for the benefit of the public generally.
THE INMAN CHARITY DIRECTORS. REPORT- 31ST DECEMBER 2022 ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES IContlnue(Jl Key management The directors consider the directors ol Ihe corporate Iru51ee comprise the key management personnel of the charity in charge ol directing ar)d controlling, running and operating the charity on a day lo day basis. All directors giv8 of their lime freely and no director received any remuneration in the y8ar. Details ol directors. expenses and remuneration and any related party transactions are disclosed in note 4 to the accounts12022 total expenses reimbursed was £4211. As noted above, the day or day man8gement of the charily's activities, and the implernentalion ol policies, is delegated to the Private Client Department ol Payne Hicks Beach LLP. Investment pollcy The charity has a portfolio of listed inveslmenls with a market value as al 31st December 2022 of £5,218,378. There are no restrictions on the charitrfs power to invest. The investment stralogy is aged between the directois and the investment manager, and is regularly reviewed. This is the subject ol a policy statem&nt whieh has been completed by Ihe directors and forms an integral part ol the agreement with the investment manager to provide investment management services. Th dire¢lors' investment policy w85 reviewed and adjusted in Dember 2021. The more signilicanl principles in the 5talement are.. that the inv8slment manager shall have due regard to the need lor dlversification. to provide 8 benchmark for performance of such a s¢ruclured portfolio a MpoSIte index is utilised, incorporating 25Yo MSCI UK IMI, 45/0 MSCI AC World ex UK. 12% iBoxx £ UK Gilts, 10tsA comprised ol i8oxx £ Gilt 1-5yr150%1 and MSCI AC World Index IACWII150¥o1. 5.5% iBoxx Sterling Corporates, 2.5Vo Bank ol England Base Rate. The performance benchmark detailed above does not include the two property collectives. being the"Charities Properly Fund Income. and Mayfair Capital Investment Limited Property Income Trust lor Charities. as Quilter Cheviol does not have discr8tion on thes8 investtmenls. Ths investment manager is invited to attend each foimal meeting of the directors to provide a report on the performance of the pot(lolio. comparison against the benchmark and general rnarket Issues. ACHIEVEMENTS AND PERFORMANCE Revi8w of actlvlties Total inveslrnenl income recelved in Ihe year (including interest receivable) amounted to £186.958, which equates to a yield of 3.6Vts (based on the maiket valuation of the investment assets at the year 8ndl. The income received in the year on th8 Royal Albert Hall Debenture amounlgd to £8,343, which equates to a yield o13Yts. The diro¢tors awarded grants totalling £414,000 during the year in accordan with the charitls grant giving policy set out above. A detailed list ol all grant5 and Commitments made in the year is included in th8 Appendix on pages 25 to 26. The directors maintain a Ilst ol charitable organisalions whith the charity regularly 5UPPOrts and fhis is reviewed at their hall yearly me8tings.
THE INMAN CHARITY Pa DIRECTORS, REPORT- 31ST DECEMBER 2022 ACHIEVEMENTS AND PERFORMANCE IContlnL¢edl Revlew of activities Icontlnuedl The directors feel that their objectives have been adequately met this year. However. the directors are aware thal there are external factors, which could affect the 8ehievemenls ol their objectives gs a significant part ol the charity's assets are made up of investments and cash, the result ol which are dependent on the general performance ol the UK and overseas stock markets. As not8d above urider risk management, in order to minimise this, the directors have set prudent investment policie5 and place reliance on the investment manager to monitor and advise on the necessary investrnent changes and suitable asset allocation. Inveslmgnt performance During the year the charity's listed inveslrrgnts aehieved an income yield 013.6% (based on the valuation ol inveslwent assets at the year endl and. a capital decreas& of 12.4Qh. The investment rvanager continued lo invest in accordance with the directors, inveslmenl policy as reviewed and set out earlier in this repori, Al the end ol the year the ¢harity's portfolio ol listed inve51menls comprised of 11 Yts fixed interest. 21Vo property collectives, 28% UK equities and 40% overseas equities and fix8d interest. The Royal Albert Hall Debgnlure achieved an income yield of 3%. The directors are satisfied with the performance of the investments and are satisfied that their inve5ttnent objectives will be met over the rnediurn terrn. FINANCIAL REVIEW Result5 for the year A summary of the year's results can be found on page 10 of this report and 8¢eounls. During the year ended 31st Decetnber 2022, total incorne amounted to £197.32712021 £163,065). being income arising from the charity's investments and cash deposits. The directors awarded giants tolalling £414,00012021 £230,000). incurred investment management Costs of £23,14512021 £25,994), grant administration costs of £46,74612021 £39,997) and governance costs (including indopendenl examination c05tsl of £3,60512021 £3.1441. Total expenditure was £487,89612021- £300,814). There were nel investment losses during the year of £739,031 12021 gains £726,478>. This results in a net de¢rease in funds during the year of £1,029,40012021 nel in¢re&se £588,729). Reserves policy and financÉal posltlon Resetrves policy The endowment fund represents the disposal proceeds ol a property which was re¢eiv8d by the charily on the death of the seltlor. The direotors have the power to rneet administrative expenses Irorn this fund and may apply the income from the fund towards Iho gerieial purposes ol th¢ ¢harity.
THE INMAN CHARITY Pa DIRECTORS, REPORT- 31ST OECEM8ER 2022 FINANCIAL REVIEW Iconllnugdl Reserve5 pollcy fcontlnuedj The charity is operated as a grant giving charity. and the directors, policy is to administer the investment 85sets on an absolut8 return basis and usually seek to distribute £350.000 in grants In each financial year. Financlal position The balance sheet shows lolal funds of £5,764,487 comprising endowment funds of £4,456.683 and unrestricted funds of £1,307,804. The unrestricted fund comprises amounts which ultimately are free reserve5 but which are held by the dlreclors foi investment so as to ensure the continued generation ol income in future periods, thereby helping lo safeguard the long term existence of the charily and the a¢hiev8rnenl ol its objectives. The size ol the UnstriCted fund sustains and supports the levels ol donation5 which the directors wish lo maintain and enhan over titne. The directors con5idei free reserves lo be adequate but not excessive in the light ol the charitys reserves policy Set oul above. Future plans Th8 directors do not anticipate any significant changes lo the chaiity or ils activities over the n8xI o to fivg years. It is their intention to meet the lollowino objective5.' To ensuie the investrnent performance achieve5 the criteria set by them so that there are sufficient funds to meet their grant giving policies. To eontinue lo make grants at a similar. If not higher, level. The directors have review8d the risks and concluded that thg charity Is in a strong financial and operation81 posllion and can continue to support beneficiaries now and for the foreseeable future. Signed on behalf of the directors of the corporate Iru5tee'. Directors e Corpomte Trustee A L Walker M R Mathews Approved by the dlrecloTS ol th8 corporate trustets on.. 18 October .2023
THE INMAN CHARITY Pa INDEPENDENT EXAMINER'S REPORT- 31ST DECEMBER 2022 INDEPENDENT EXAMINER'S REPORT TO THE DIRECTORS OF THE CORPORATE TRUSTEE OF THE INMAN CHARITY I report lo the direclors of the corporate trustee of the charity on my exarninalion of the accounts of The Inman Charity I'the Charily'l for th& year ended 31 December 2022. RESPONSIBILITY AND BASIS OF REPORT As the directors of the corporate trustee ol the Charity you are responsible lor the preparation of the a¢coiJnts in accordanco with the requirements of Ihg Charilies Act 20111'the 2011 Acl'l. I report in respect ol my examination of your Charity's accounts as Carried out under secllon 145 of the 2011 Act. In Carrying out my examination I have followed the Direclions given by the Charity Commission under section 14515llbl of the 2Q11 Act. INDEPENDENT EXAMINER'S STATEMENT I have cotllpleled my examination. I confirm that no mallers have come lo my attention in connection with my examination giving me Cause lo believe that in any material respecl.. accounting records were not kopt In respect ol the Charity as required by section 130 of the 2011 Act; or ihe accounts do not 8¢¢ord with thos& r8cords.' or the accounts do not comply with the applicable requirem¢nls concerning thè form and ¢ontenl of accounts sat oul in the Charities (Accounts and Roportsl Regulations 2008 other than any requiremant that the accounts give a 'lrue and lair view which is not a matter considered as part ol an independent oxBmination I have no concerns and have come across no other mallers in connection with the examination to which attention should be drawn in this report in order lo enable a proper undorstanding of tha accounts lo be reached. Gumayel Miah, ACA Buzzacoll LLP Chartered Accountants 130 Wood Street London EC2V 6DL Dale.. 25 October 2023
THE INMAN CHARITY Pa efjo STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2022 Unrestricted Endowment Notes Fund Fund Total 2022 INCOME AND ENDOWMENTS FROM.. Investments Investment income Inlergst receivable Swiss tax reclaim Royal Albert Hall Debenture Clearance of CAF transaction creditor 186,958 1.908 186.958 1.908 8,343 118 8,343 118 TOTAL INCOME AND ENOOWMENTS 197,327 197.327 EXPENDITURE ON: Raising funds Invastment management costs 4,778 18,367 23,145 Charitable activities Promoting and enhancing charitable work 428,173 36.378 464,551 TOTAL EXPENDITURE 432,951 54,745 487,696 NET EXPENDITURE BEFORE INVESTMENT LOSSES 1235,6241 154,7451 1290,3691 Invastment losses Realised Unrealised 157,8891 169,3691 1163.7161 1448,0571 1221.605) 1517,426) NET EXPENDITURE AND NET MOVEMENT IN FUNDS 1362,8821 1666,5181 11,029.4001 RECONCILIATION OF FUNDS Total funds brought forward al 1st January 2022 1,670,686 5,123,201 6,793,887 Total funds carried forward at 31st December 2022 1,307,804 4.456,683 5.764,487 All recognised 98ins and losses arè included in the above slalemenl of financial 8Ctlvities. All of tha charity's aclivtties derived from continuing operations during the above two rinanGI81 yèars.
THE INMAN CHARITY COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2021 Unr8Strlcted Endowment Notes Fund Fund Total 2021 INCOME AND ENDOWMENTS FROM.. Investments Inveslmenl income Interest rgceivable Swiss lax reclaim 159,949 29 3,Q87 159,949 29 3,087 TOTAL INCOME AND ENDOWMENTS 163,065 163.065 EXPENDITURE ON.. Raising funds Investment management costs Charitable activities Promoting and enhancing choriiable work 5,262 20,732 25,994 241.210 1,679 31,931 273,141 1,679 Royal Albert Hall Debenture TOTAL EXPENDITURE 248,151 52,663 300,814 NET EXPENDITURE BEFORE INVESTMENT GAINS 185,0861 152,6631 1137,7491 Investment gainsllosses Realised Unrealised 72,045 114,028 140,528 399,877 212.573 513,905 NET INCOME AND NET MOVEMENT IN FUNDS 100,987 487,742 588.729 RECONCILIATION OF FUNDS Total funds brought lotward al 1st January 2021 1,9.699 4.635,459 6,2Q15,158 Total funds carriad lotward at 31 sl Decembor 2021 1,670,686 5,123,201 6,793,887 All recognised gains and losses are in¢luded in the above statement of f1nancial aclivilies. All of the charity's a¢tivSties derived from Continuing operations during the above two finan¢ial years.
THE INMAN CHARITY Pa e12 BALANCE SHEET- 31ST DECEMBER 2022 2021 2021 Notès 2022 2022 FIXED ASSETS Investments 6,298,086 280.000 Listed Investments 5,218,378 280,000 Royal Albert Hall Debènture 6,578,086 5,498.378 CURRENT ASSETS 4.229 296,336 Debtors Cash at bank and in hand 4,447 316,210 300.565 TOTAL CURRENT ASSETS LIABILITIES.. Creditors.. Amounts falling due within one year 320,657 165,7641 148,5481 234,801 NET CURRENT ASSETS 272,109 6,812,887 TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS., 5,770.487 Amounts falling due after more than one year 119.0001 10 16,0001 6,793,887 NET ASSETS 5,764,487 THE FUNDS OF THE CHARITY Capital Fund Endowmènt Fund 5,123,201 4.456,683 Income Funds Unrestricted Fund 1.670,686 1,307,804 6,793,887 TOTAL CHARITY FUNDS 5,764.487 Approved by the dire f the coiporale trustee and signed on thèir behalf by.. Direcloi e Corporate Trustee M R Mathews A L Walker Dale ol Approval.. 18 October . 2023
THE INMAN CHARITY Pa a13 PRINCIPAL ACCOUNTING POLICIES- 31ST DECEMBER 2022 The principal accounting policies adopted. judgements and key sourcos ol estimation uncertainly in the preparation of the accounts are laid out below. Basis of preparallon These accounts have been prepared lor the year lo 31 sl December 2022 with comparative information given in respecl lo the year to 31st December 2021. Th6 accounts have beèn prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes of Ihese accounts. The accounts have been prepared in accordance with Accounting and R8porting by Charities.. Stalement of Recommended Practic8 applicable lo charities preparing thèir accounts in accordance with tho Financial Reporting Standard applicable in the Unilsd Kingdom and Republic ol Ireland (Charities SORP FRS 1021 second edition issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Tho charity conslitules B public benefit entity as defined by FRS 102. The accounts are presented In sterling and are rounded lo the nèarest pound. Crltlcal accountlng estlmates #nd areas of judgement Estimates used in the accounts are subject to a greater degree of uncertalnty and volatility. As sel out in these accounting policies undèr'going concern. the directors have concluded that il is appropriate for the charity to continue lo prèpare ils accounts on the golng concern basis. Preparation of the accounts requires the Iruslees to make significantjudgements and estimates. The items in the accounts where these Judgements 8nd eslimales have been made include.. e81imating the liability lor mulli-yeaT grant commilmenls. eslimaling the deemed market value of the Royal Albert Hall Debenture. esfjmating future in¢om6 and expenditure flows wbth a vlew to assessing going concem.
THE INMAN CHARITY Pa e14 PRINCIPAL ACCOUNTING POLICIES- 31ST DECEMBER 2022 Assessment of golng concern Th8 diraclors have assèssed whether Ihg use of the going concern assumption is appropriate in preparing these accounts. The directors have made this ass6ssmenl in respect of a perlod of one year from the date ol approval of these accounts. The directors have concluded that thère are no material uncertainligs related lo events or conditions that may ¢asl significant doubt on the ability of ihe charity to continue as a going concern. Eslimales usgd in Ihe accounts, particularly with respect to the value of the Royal Albert Hall debenture seats are subject lo a greater degree of uncertainly and volalilily. As s&t out in thes8 8¢counting policigs under.going concern the dire¢lors have concluded that it is appropriate for the charity lo continue to prepaTe ils accounts on the going concern basis. The most significant areas of judgement that affect items In the account are detailed above. With regard to the next accounting period, the year ending 31st December 2023, the most significant arèas that affect the carrying value of the assets h61d by the charity are the level ol investment return and the performance of the inveslmenl markèis (see the investment policy and the risk management sections of th& directors, report for morè informalionl. Income rgcognltion Income is recognlsed in the period in which Ihg Charity has entitlement lo the income. the amount of income can be measured reliably and it is probable Ihal the income will be received. Income COTnprises donations. inveslin8nl income from inveslmenls and interest from deposits. Donations are recognised when the charity has conlirmatlon of both the amount and sèltlemenl date. In the event ol donations pledged bul not received, the amount is accrued for whère the reoeipl is considered probable. In the event that a donation is subject to conditions that reqLJire a level ol perlormancg before the charity is enlilled to the funds, the income is deferred and not recognised until either Ihose conditions are lully met, or the lullilmenl of those conditions is wholly within the control ol the charlty and il is probable that those conditions will be fulfilled in the reporting period. Investment income is recognised oncè the income has been declared and notllication has been received of the amount due.
THE INMAN CHARITY Pa e15 PRINCIPAL ACCOUNTING POLICIES- 31ST DECEMBER 2022 Incomg recognitlon Icontinuedl Interest on funds h81d on deposit is included when receivable and the amount can be measured reliably by Ihg ¢harily; this is normally upon noliflcalion of the interest paid or payable by the bank. Expendlture recognltlon Liabilities arg recogni88d as expenditure as soon as there is a lega5 or CDnslructive obligation committing the charity lo make a payment to a third party, it is probable Ihal a Iransler of economic benefits will be required in 5èttlemenl and the amoLJnt DI the obligations ¢an be measured reliably. All expandilure is accounted for on an accruals basis. Exp&nditur8 comprises dlrecl costs and support costs. All expensgs, including support ¢osis. arts allocated or apportioned lo the aDDlicable expenditure headinos. The dassilicalion belween the activities is as follows.. lal Expenditure on raising funds includes all expendiluTe assDciatgd with raising funds for tho charity. This includes Ihe lee5 paid lo the inveslmenl managgr in connection with the management of the charity's listed investments. Ibl Expenditure on charitablè activities includes all costs a5s0cialed with lurthering the chaiitable purposes of the charily Ihiough the provision ol ils charitable aclivilies. Such costs include charitable granis payable in prorlloting and enhancing charilabltr work Carried out by other ¢harilable organisalions. and related support costs including Ihe cost of administerina the activities of the charitv and oovernancg costs. Grants payable are included in the slatèmenl of financial activities when approved and when the inlendtrd recipienl has either received the funds or been informed ol the decision lo make the donation and has satisfied all related conditions. Grants approved but not paid al the end of the financial year aro accrued for. Grants where the beneficiary has not been informed or has to meet certain conditions before the grant is released are not accrued for bul are noted as financial commitments in the nolgs to the a¢¢ounls. All expenditure is statèd indusive of irre¢overabl8 VAT. Allocation of support and governance Costs Support costs represent indirect ¢harilablg expenditure. In order to carry out the primary purposes of tha charity it is ngcessary to provide support in th8 form of administration services. Govemance costs comprise th$ costs involving the public ac¢ounlabillty of th8 charity (including audil costs) and costs in respect of its compliance with regul8tlon and good practice. Support costs and governance costs are appotuoned directly lo the one charitable aclivity.
THE INMAN CHARI Pa e16 PRINCIPAL ACCOUNTING POLICIES- 31ST DECEMBER 2022 Flxed asset investments Listed Invèstments Lisl8d Investments are a form of basic financial instrument and arg Inilially recognisgd al their transaction value and subsequently maasured al their fair value as al the balance sheet dale using the closing quoted market price. The charity does not acquire pul optlons, derivatives or other complex financial instruments. As noted above the main form of financial risk faced by the charity 18 that a volalilily in eqLJity markets and investment markets due to wider economic ¢ondilions, the altitude of investors lo Investment risk, and changes in sentiment concerning equitias and within particular sectors or sub sectors. Royal Albert H311 Dèbanture The debentures were initially recognised al deemed market valu8. Th8 directors used Iho average sale price of debenture seats in a one year peiiod to provide an èstimate ol the deemed market value of the debentures. The directors, policy is lo revaluè the debentures every three years. The latest review of th8 debentures. values was in the year ended 31st December 2022 and il was concluded that thè previDUS valug of £280,QOO shoLJld be mainl8ined. Gains and losses Realised gains lor losses) on investment assets are calculated as IhB dilference betweèn disposal proceeds and their opening carrying value or Ihair purchase value is acquired subsaquent lo the first day ol the financial year. Unrealised gains and1055es are calculated as the difference between the fair value al the year end and thèir carrying value at that dale. Realised and unrealised investment gains lor losses) are credited lor debiledl in the statement of financial activities in the year in which they arise. Debtors Debtors ara recognis8d at their selllemenl amount. less any provision for non-recoverability. They have been discounted to the present value of the future cash receipt where such discounting is material. Cash in bank and In hand Cash at bank and in h8nd represents such accounts and instrLJmenls that 8r& available on demand or have a maturity ol less than Ihreg months from the date ol acquisition.
THE INMAN CHARITY Pa e17 PRINCIPAL ACCOUNTING POLICIES- 31ST DECEMBER 2022 Creditors and provisions Creditors and provisions are recognised wh8n there is an obligatlon 8t the balanca sheet date as a result of a past event, il is probable that a transfer of economic benefil will be required in selllement. and the amount ol the selllemenl can be eslimaled reliably. Creditors and provisions are recognised at the amL¥unl the charity anlicipales il will pay lo settle the debt. They have been discounted to the present value ol the lulure cash payment where such dlscountlng is malerlal. Fund a¢¢ountlng The endowment fund comprises monies which musl be held indefinitely as ¢apit81 although certain administrative expenses may be mel by the fund. Income therefrom is creditod to the unrestricted fund and applied for general purposes. The unreslricled fund represents funds availablè for the gèneral charitable purposes ol the charity which may be applied al the discretion of the directors. Cash flow The 8cGounts do not include a cash flow stalement because the charity is exempt from tho requirement lo prepare such a statement under the Charilies SORP IFRS 1021 Update
THE INMAN CHARITY Pa e18 NOTES TO THE ACCOUNTS- 31ST DECEMBER 2022 1 INVESTMENT INCOME Unreslrlcted Fund 2021 Unr•strlcte(J Fund 2022 75.300 UK equili&s and collecliv6s Property collectives The Charity Property Fund Unlts Mayfair Capital Investment Managernent Lld. Property Income Trust lor Charities 68,522 17,484 17,296 18,458 19,653 36,949 18,205 61.382 1.367 533 17.033 UK Government and fixed inleiest securities 29,689 Overseas equitiès and collecllves 1,985 Overseas fixad interest Excess ièportable income 159,949 186,958 2 PROMOTING AND ENHANCING CHARITABLE WORK 2022 Total Funds Unrestrfcted Endowment Fund Fund Grants awarded lo institutions Grant admlnislralion costs Governance costs Inole 31 414.000 12,060 2.113 414,000 46,746 3.805 34,686 1,692 2022 Total funds 428.173 36.378 464,551 2021 Total Funds Unrestrlcted Endowment Fund Fund Gr8ftls awarded to inslilulions Grant admIrtstratIOn costs Govem&nce cosls (nol8 3) 230.000 9,638 1,572 230,000 39.997 3. 144 30,359 1,572 2021 Total funds 241,210 31,931 273, 141 A detailed list of the grants awarded to Institution5 is given in the appendix to these a¢counls.
THE INMAN CHARITY Pa e19 NOTES TO THE ACCOUNTS- 31ST DECEMBER 2022 2 PROMOTING AND ENHANCING CHARITABLE WORK Icontlnuedl A reconcS1iation of the grants payable and grant commitments figures shown In these accounts Is as foSlows'. Unrestrlcted Fund 2021 Unrestrlctgd Fund 2022 24,000 Grant commitments at 1st January 2022 230.000 Grants agreed during the ye8r 32,000 414,000 254,000 Grants payable 1222,0001 Granls paid durlng the year 446.000 1427.0001 32,000 Grant commitments at 31st Dec8mber 2022 19,000 3 GOVERNANCE COSTS 2022 Total Funds Unrastrlcted Endowment Funds Fund Independent examinei's lea Directors, expensès 1,692 421 1,692 3,384 421 2,113 1.692 3,805 2021 Total Funds Unrestrlcted Endowment Funds Fund st&lulory audil f8& 1.572 1.572 3,144 4 STAFF COSTS, DIRECTORS, REMUNERATION, AND OTHER RELATED PARTY TRANSACTIONS The Charity employed no staff during the year12021 Nonel. No dlrector of the corporate trustee recelvad any remuneration In respect of their servlces durlng the y&ar12021 £nlll. Two directors were reirnbursod £421 for expgnditura incurred in the performance of their dulles during the year12021 £nill.
THE INMAN CHARir( e20 NOTES TO THE ACCOUNTS- 31ST DECEM8ER 2022 STAFF COSTS, DIRECTORS. REMUNERATION, AND OTHER RELATED PARTY TRANSACTIONS IContlnLsedl The key management personnel ol the charity in charge of directlng and conlrollSng. the charity comprlse the directors ol the corporate trustee. The lolal remuneratlon11ncluding taxable benellts but excluding employer's pension ¢ontributionsl of the key management personnel for the year was £nll12021 £nll). Payne Hl¢ks Beach LLP conducted Ihe day to day adrninistration of tho Charity during the year. The lolal fees charg8d lor the year (excluding VAT and disbursemenlsl were £38,50012021 £33,000), £19,250 01 which remained outstanding al the year end12021 £33,000). There were no other related party transactions during the year of rèport12021 Nonel. S TAXATION The Inman Charity is a registered charily and, therefore, is nol liable to Income lax or corporation lax on income or gains derivèd from ils charltable acllvlties as they fall within the exemptlons available to registered charities. 6 INVESTMENTS 2021 2022 LISTED INVESTMENTS Movements in listed investments durlng the year were as follows.. 5,662.823 Market value at 1st January 2022 2,038,053 Additions at cost 11.916,6951 Disposals at book value (proceeds: £828.218', reallsed losses £221,605) 513.905 Net unrealisad losses in year 6,298,086 487.541 11.049.823) 1517,426} 6,298,086 Market value at 31 sl December 2022 5,218.378 5.225,617 Cost 8131st December 2022 4,755,923
THE INMAN CHARITY Pa e21 NOTES TO THE ACCOUNTS- 31ST DECEMBER 2022 6 INVESTMENTS Icontlnuedl All investments were dealt In on a recognised stock exchange.. 2021 2022 Listed Investments h81d at 31 st December 2022 comprise the followlng.. Investments listed on a UK stock exchange UK equities UK Government and fixed interest securities Property collectlves 1.756,343 633,351 1.160,347 1.472,193 580,856 1,087.077 3,550.041 3,140,126 Overseas investments Overseas equities and collectives Fixed interest 2,676,487 71,558 2.049,325 28,92T 2,078.252 6,298.086 5,218,378 Al 31sl December 2022 the following Individual holdlngs had a malorial market value In the context ol the entire portfolio.. Yoof PortloSio V81ue The CharitSes Property Fund Units 488,815 Mayfair Capital Investment Managèment Ltd. Property Income Trust for Ch8rlties 391,317 7 DEBTORS 2021 2022 144 Dividonds awaiting re¢8lpt 998 Accrued income 3,087 Tax repayable 1,360 3,087 4,229 4,447
THE INMAN CHARITY Pa e22 NOTES TO THE ACCOUNTS- 31ST DECEMBER 2022 8 CASH AT BANK AND IN HAND 2021 2022 259,232 CAF Bank 35,840 Qulller Cheviol 1,264 Payne Hicks Beach 119,870 186.347 9.993 296,336 316.210 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 2022 39,868 Granl adminislrauon costs Statutory audit fees For the year ended 31 December 2020 For the year ended 31 December 2021 23.336 3.048 3,144 3,048 3,048 Indgpendenl exarninatlon fees FDr the year ended 31 Oecernbttr 2022 6,586 Investment managerfs lees Grants Inman Charity Undergraduate Dental Research Award lal King's Colleoe London) Inman Charity Medical Rtssearch Fund 7.000 lal King's College London) 118 Payrn6nt received in triror by CAF Bank Aecounl Dlreetors, expenses 3.264 5,479 6,000 6,000 7,000 421 65,764 48,548 10 CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR 2021 2022 Inman Charity Undergraduate Dental Research Award lal King's College London) Inman Charily Medical Research Fund lat King's Colleg8 London) 12,000 6.000 7,000 19,000 6,000
THE INMAN CHARITY 623 NOTES TO THE ACCOUNTS- 31ST DECEMBER 2022 11 ENDOWMENT FUND At 1 January 2022 Investment enditure Galnsl losses At 31 December 2022 Income Ex 5,123,201 154,7451 1611.7731 4,456,683 At l January 2021 Investment endifure Galns/ losses At 31 December 2021 Income Ex 4.635,459 (52,663) 540,405 5, 123,201 The endDwmenl fund rapresents the disposal proeoeds of a property whlch was received by the Charity on the death of the Settlor. The dir8ctors have Ihe power lo meet adminislTalive expenses from the endowment and the income may be 8ppli8d towards the geneml objects ol the charity. 12 UNRESTRICTED FUND At 1 January 2022 Investment endlture Galnsl losses At 31 December 2022 Income Ex 1,670.686 197,327 1432,9511 1127,2581 1.307,804 Al l January 2021 Investment èndlture G8ins/ losses At31 D¢¢ember 2021 Income Ex 1,569,699 163,065 (248. 151) 186,073 1.670,S86 The unreslricled fund includes monies set aside by the directors for the purpose of providing a continuing SOUTGe of income lo the charity. thereby safeguarding its futurè. 13 ANALYSIS OF NET ASSETS BETWEEN FUNDS Funds balances al 31st Dg¢ember 2022 aro rapresenled by.. Unrestricted Endowment Fund Fund Total Fund5 Listed investmènts Royal Albfyrt Hall Debenture Current assats Creditors.. amounts falling due wllhin one year amount falling duo after one year 847,030 280,000 210,385 123,3491 16,0001 4,37t,348 5,218,378 280,000 320,657 {48,5481 (6,0001 110.272 124.8981 1,308,066 4,456,722 5,764,487
THE INMAN CHARITY Pa e24 NOTES TO THE ACCOUNTS- 31ST DECEMBER 2022 13 ANALYSIS OF NET ASSETS BETWEEN FUNDS Iconllnuedl Unrestricted Endowment Fund Fund Total Funds Unrealised gains on lislod Investments 107.062 355,393 462,455 R8con¢iliabon of movements In unrealised gains on investment assets Unrealised gains a11 st January 2022 Adjusted in respect ol disposals in year 199,739 123,3081 872,730 {69,2801 1,072,469 192,5881 176,431 803,450 979.881 Less.. Nel losses arising on investment revaluation in year 169,3691 1448,0571 1517,4261 Unrealis8d galns al 31st Decemb8r 2022 107.062 355.393 462,455 Funds balances al 31st Decemb8r 2021 are represenlgd by.. Unresfricted Endowment Fund Fund Total Funds Lis16d inveslm8nls Royal Albert Hall Debenture Current assets Creditors.. amounts f8lliftg due within one ygar amount f811ing due after one ysar 1,093,876 280,000 342,894 (27,024) (19,000? 5,204.270 6,298,086 280,OQO 300,565 (65,764) (19,QOOJ (42,329) (38,740) 7,6TO,68S 5, 123,201 6,793,887 Unrealised 98ins on listed inveslmenls 199, 739 872. 730 1,072,469 Reconciliation of mov6menls in unrealised gains on investment assets UnaliseLl ggins at 1st January 2021 Adjusted in r8spect of disposals in year 295,984 (210,273) 969,51 I {496,658) 1,265,495 (706,931J 85.711 472.853 558.564 Less.. Net gains arising on investmenl revaluatn in ye8r 114.038 399,87T 513,905 Unrealised gains ot 31st December 2021 199, 739 872, 730 I,OT2,469
THE INMAN CHARITY Pa e25 APPENDIX TO THE ACCOUNTS- 31ST DECEMBER 2022 GRANTS AWARDED DUR5NG THE YEAR: Amount Bursary Fund Vl¢lor Inman Bursary Fund al Uppingham School 30,000 Medical- ResearGh Antibiotic Research UK Braill Res8orch UK Pancreatic Can¢er UK Cystic Fibrosis TIu5t Alzheimer's Society Bone Cancer Research Trust Fight for Sight Worldwide Cancer Research Motor Neurono Disease Association Inslilute of Cancer Research Brstish Heart Foundation Roy Castle Lung Cancer Foundallon Moorfields Eye Charity Retina UK 6,000 5,000 6,000 6.000 5,000 5,000 6.000 8,000 8,000 8,000 8,000 8,000 5,000 5,000 Soclal- Hosplces Sl Barnabas Lincolnshire Hospicg Saint Calherlne's Hospi Weston Hospicecare Willen Hospice Hospices UK Sl Helena's Hospice Sl Clare Hospi¢e Ellenor Hospic Hospice al Hotne West Cumbria St Catherine's Hospice Queenscourt Hospice 5.000 5,000 5.000 3.000 10,000 5,000 5,OOC> 4,000 3,500 5,000 5,000 Social- Older People and Social Welfare Re-Engage Dartmouth C8rlng Castle Point Soci81 Car Scheme Limited Lending Hope wa1Cksh1r& Young Carers Hour Community Kent Coast Volunteering FISH Samariians Communily Suslainabilily ServSc6 DACT Dementia Adventure Colswold Friends Gosport Voluntary Actic>n Daybreak Oxlord 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5.000 5.000 5,000 5.000 7.000 Balance ¢arrSed lOard 251,500
THE INMAN CHARITY Pa APPENDIX TO THE ACCOUNTS- 31ST DEGEMBER 2022 GRANTS AWARDED DURING THE YEAR: Amount Balance brought lotW8rd 251.500 Prama Sudbury Teams and Bènsham Community Care Katherine Low Settlemènt Good Companions 5.000 5,000 2,500 6,000 2,500 So¢lal- Deaf and Blind Cornmunity Resource Calibre Aijdio Halilax Socioty for the Blind Deaft)lind UK Listening Books Sighl Advice Signal My Sight Nollinghamshire 3,500 1,000 5,000 5,000 5,000 5,000 5.000 5,000 Soclal. Physically and Mentally Disabled The Hexlol Foundation The Foundation for Conductive EducatlDn Reach Learning Disability Share Demand Merton Centre for Independent Living 5,000 5,000 5,000 5.000 5,000 5,000 Armed For¢es Blesma Care for Veterans Royal Air Forces Association IRAFAI Blind Veterans UK The Poppy Factory The Royal Star & Garter Home The Royal Marinas Charity 3,000 4.000 3,000 3,000 3,000 3.000 3,000 Medlcal General Cavendish Cancer Care Mulliplg S¢lerosis-UK IMS-UKI Paul's Cancer SLJPPDrt Centre Target Ovarian Cancer Pelvic Radiation Dlsease Association 3,000 3,000 4,000 5,000 5,000 Ggnaral Fields in Trust Revilallsè 5,000 5,000 DEC Ukraine Humanitarian Appeal 25.000 414,000 Total grants and donations lo institutions awarded during 2021 amounted lo £23QQQQ.