| CORPORATE TRUSTEE | Inman Charity Trustees Limited |
|---|---|
| DIRECTORS OF THE CORPORATE TRUSTEE | A.L. Walker |
| (THE DIRECTORS) | B.M.A. Strother |
| M.R. Mathews | |
| J.D. Langdon | |
| N.J. Wingerath | |
| PRINCIPAL ADDRESS | 10 New Square |
| Lincoln's Inn | |
| London | |
| WC2A 3QG | |
| WEBSITE ADDRESS | www.inmancharity.org |
| CHARITY REGISTRATION NUMBER | 261366 |
| INDEPENDENT EXAMINER | Paul Davis FCA |
| Bright Grahame Murray | |
| Emperor's Gate, 114a Cromwell Road | |
| Kensington, London, SW7 4AG | |
| INVESTMENT MANAGER (To 30 September 2023) : | Quilter Cheviot |
| Senator House | |
| 85 Queen Victoria Street | |
| London EC4V 4AB | |
| (From 1 October 2023): | Rathbones Investment Management |
| 30 Gresham Street | |
| London | |
| EC2V 7QN | |
| BANKERS | CAF Bank |
| 25 Kings Hill Avenue | |
| Kings Hill | |
| West Mailing | |
| Kent ME19 4JQ | |
| SOLICITORS AND ADMINISTRATORS | Payne Hicks Beach LLP |
| 10 New Square | |
| Lincoln's Inn | |
| London WC2A 30G |
15 October 2024
| Unrestricted | Endowment | |||
|---|---|---|---|---|
| Notes | Fund | Fund | Total 2023 | |
| £ | £ | £ | ||
| INCOME AND ENDOWMENTS FROM: | ||||
| Investments | ||||
| Investment income | 1 | 181,496 | 181,496 | |
| Interest receivable | 9,382 | 9,382 | ||
| Swiss tax reclaim | 2,174 | 2,174 | ||
| Royal Albert Hall Debenture | 14,262 | 14,262 | ||
| TOTAL INCOME AND ENDOWMENTS | 207,314 | 207,314 | ||
| EXPENDITURE ON: | ||||
| Raising funds | ||||
| Investment management costs | 3,623 | 16,169 | 19,792 | |
| Charitable activities | ||||
| Promoting and enhancing | ||||
| charitable work | 2 | 373,487 | 42,681 | 416,168 |
| TOTAL EXPENDITURE | 377,110 | 58,850 | 435,960 | |
| NET EXPENDITURE BEFORE | ||||
| INVESTMENT GAINS | (169,796) | (58,850) | (228,646) | |
| Investment gains/(losses) | ||||
| Realised | 6 | 12,229 | (44,913) | (32,684) |
| Unrealised | 6 | 45,183 | 73,726 | 118,909 |
| NET GAINS/(LOSSES) ON | ||||
| INVESTMENTS | 57,412 | 28,813 | 86,225 | |
| NET INCOME/(EXPENDITURE) AND | ||||
| NET MOVEMENT IN FUNDS | (112,384) | (30,037) | (142,421) | |
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | ||||
| at 1st January2023 | 1,307,804 | 4,456,683 | 5,764,487 | |
| Total funds carried forward | ||||
| at 31st December 2023 | 1,195,420 | 4,426,646 | 5,622,066 |
| Unrestricted | Endowment | |||
|---|---|---|---|---|
| Notes | Fund | Fund | Total 2022 | |
| £ | £ | £ | ||
| INCOME AND ENDOWMENTS FROM: | ||||
| Investments | ||||
| Investment income | 1 | 186,958 | 186,958 | |
| Interest receivable | 1,908 | 1,908 | ||
| Swiss tax reclaim | ||||
| Royal Albert Hall Debenture | 8,343 | 8,343 | ||
| Clearance of CAF Transaction Creditor | 118 | - | 118 | |
| TOTAL INCOME AND ENDOWMENTS | 197,327 | 197,327 | ||
| EXPENDITURE ON: | ||||
| Raising funds | ||||
| Investment management costs | 4,778 | 18,367 | 23,145 | |
| Charitable activities | ||||
| Promoting and enhancing | ||||
| charitable work | 2 | 428,173 | 36,378 | 464,551 |
| TOTAL EXPENDITURE | 432,951 | 54,745 | 487,696 | |
| NET EXPENDITURE BEFORE | ||||
| INVESTMENT GAINS | (235,624) | (54,745) | (290,369) | |
| Investment gains/losses | ||||
| Realised | 6 | (57,889) | (163,716) | (221,605) |
| Unrealised | 6 | (69,369) | (448,057) | (517,426) |
| (127,258) | (611,773) | (739,031) | ||
| NET INCOME/(EXPENDITURE) AND NET | ||||
| MOVEMENT IN FUNDS | (362,882) | (666,518) | (1,029,400) | |
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | ||||
| at 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 |
| 2022 | 2022 | Notes 2023 | 2023 | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| FIXED ASSETS | ||||
| Investments | ||||
| 5,218,378 | Listed Investments | 6 | 5,301,274 | |
| 280,000 | Royal Albert Hall Debenture | 6 | 280,000 | |
| 5,498,378 | 5,581,274 | |||
| CURRENT ASSETS | ||||
| 4,447 | Debtors | 7 16,561 | ||
| 316,210 | Cash at bank and in hand | 8 67,578 | ||
| 320,657 | TOTAL CURRENT ASSETS | 84,139 | ||
| LIABILITIES: | ||||
| Creditors: Amounts falling due | ||||
| (48,548) | within one year | 9 (43,347) | ||
| 272,109 | NET CURRENT ASSETS | 40,792 | ||
| 5,770,487 | TOTAL ASSETS LESS CURRENT LIABILITIES | 5,622,066 | ||
| CREDITORS: | ||||
| Amounts falling due after more | ||||
| (6,000) | than one year | 10 | ||
| 5,764,487 | NET ASSETS | 5,622,066 | ||
| THE FUNDS OF THE CHARITY | ||||
| Capital Fund | ||||
| 4,456,683 | Endowment Fund | 11 | 4,426,646 | |
| Income Funds | ||||
| 1,307,804 | Unrestricted Fund | 12 | 1,195,420 | |
| 5,764,487 | TOTAL CHARITY FUNDS | 5,622,066 | ||
| Approved by the directors of the corporate trustee and signed on their | behalf by: | |||
| . 2. | ||||
| Directors of the Corporate Trustee |
| 1 | INVESTMENT | INCOME | ||
|---|---|---|---|---|
| Unrestricted | Unrestricted | |||
| Fund | Fund | |||
| 2022 | 2023 | |||
| E | E | |||
| 68,522 | UK equities and collectives | 69,386 | ||
| Property collectives | ||||
| 17,296 | The Charity Property Fund Units | 19,198 | ||
| Mayfair Capital Investment Management Ltd. | ||||
| 19,653 | Property Income Trust for Charities | 21,634 | ||
| 40,832 | ||||
| 18,205 | UK Government and fixed interest securities | 22,136 | ||
| 61,382 | Overseas equities and collectives | 44,293 | ||
| 1,367 | Overseas fixed interest | 4,199 | ||
| 533 | Excess reportable income | 650 | ||
| 186,958 | 181,496 | |||
| _ |
| AND ENHANCING CHARITABLE WO | RK | ||
|---|---|---|---|
| 2023 | |||
| Unrestricted | Endowment | Total | |
| Fund | Fund | Funds | |
| E | E | E | |
| Grants awarded to institutions | 371,500 | - | 371,500 |
| Grant administration costs | 7,179 | 40,215 | 47,394 |
| Governance costs (note 3) | 2,808 | 2,466 | 5,274 |
| Return of agreed 2022 donation | (8,000) | - | (8,000) |
| 2023 Total funds | 373,487 | 42,681 | 416,168 |
| 2022 | |||
| Unrestricted | Endowment | Total | |
| Fund | Fund | Funds | |
| £ | £ | £ | |
| Grants awarded to institutions | 414,000 | • | 414,000 |
| Grant administration costs | 12,060 | 34,686 | 46,746 |
| Governance costs (note 3) | 2,113 | 1,692 | 3,805 |
| 2022 Total funds | 428,173 | 36,378 | 464,551 |
| is as follows: | ||
|---|---|---|
| Unrestricted | Unrestricted | |
| Fund | Fund | |
| 2022 | 2023 | |
| £ | £ | |
| 32,000 | Grant commitments at 1st January 2023 | 19,000 |
| 414,000 | Grants awarded during the year | 371,500 |
| 446,000 | Grants payable | 390,500 |
| (427,000) | Grants paid during the year | (384,500) |
| 19,000 | Grant commitments at 31st December 2023 | 6,000 |
| E COSTS | |||
|---|---|---|---|
| 2023 | |||
| Unrestricted | Endowment | Total | |
| Funds | Fund | Funds | |
| £ | £ | £ | |
| Independent examiner's fee | 2,466 | 2,466 | 4,932 |
| Directors' expenses | 342 | 342 | |
| 2,808 | 2,466 | 5,274 | |
| 2022 | |||
| Unrestricted | Endowment | Total | |
| Funds | Fund | Funds | |
| £ | £ | £ | |
| Independent examiner's fee | 1,692 | 1,692 | 3,384 |
| Directors' expenses | 421 | 421 | |
| 2,113 | 1,692 - |
3,805 |
| 2022 | 2023 | |
|---|---|---|
| E | E | |
| LISTED INVESTMENTS | ||
| Movements in listed investments during the year were as follows: | ||
| 6,298,086 | Market value at 1st January 2023 | 5,218,378 |
| 487,541 | Additions at cost | 2,414,175 |
| (1,049,823) | Disposals at book value | (2,450,188) |
| (proceeds: £2,417,504; realised loss of £32,684) | ||
| (517,426) | Net unrealised gains/(losses) in year | 118,909 |
| 5,218,378 | Market value at 31st December 2023 | 5,301,274 |
| 4,697,153 | Cost at 31st December 2023 | 4,713,955 |
| 2022 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Listed investments held at 31st December 2023 comprise the | |||
| following: | |||
| Investments listed on a UK stock exchange | |||
| 1,472,193 | UK equities | 1,836,129 | |
| 580,856 | UK Government and fixed interest securities | 815,292 | |
| 1,087,077 | Property collectives | 763,369 | |
| 3,140,126 | 3,414,790 | ||
| Overseas investments | |||
| 2,049,325 | Overseas equities and collectives | 1,666,451 | |
| 28,927 | Fixed interest | 220,033 | |
| 1,886,484 | |||
| 5,218,378 | 5,301,274 | ||
| At 31st December 2023 the following individual holdings had a material market | |||
| value in the context of the entire portfolio: | |||
| % of | Value | ||
| Portfolio | £ | ||
| The Charities Property Fund Units | 7.8 | 412,301 | |
| Mayfair Capital Investment Management Ltd. | |||
| Property income Trust for Charities | 6.6 | 351,068 | |
| OTHER INVESTMENTS | |||
| Movements in the Royal Albert Hall Debenture during the year were as follows: | |||
| 280,000 | Market value at 1st January 2023 | 280,000 | |
| - | Net unrealised gains/(losses) in year | ||
| 280,000 | Market value at 31st December 2023 | 280,000 | |
| 280,000 | Cost at 31st December 2023 | 280,000 |
| 7 | DEBTORS | ||
|---|---|---|---|
| 2022 | 2023 | ||
| E | E | ||
| 1,360 | Accrued income | 14,749 | |
| 3,087 | Other debtors | 1,812 | |
| 4,447 | 16,561 | ||
| 8 | CASH AT BANK AND IN HAND | ||
| 2022 | 2023 | ||
| E | E | ||
| 119,870 | CAF Bank | 47,764 | |
| 186,347 | Rathbones Investment Management | 19,814 | |
| 9,993 | Payne Hicks Beach | ||
| 316,210 | 67,578 | ||
| 9 | CREDITORS: | AMOUNTS FALLING DUE WITHIN ONE YEAR | |
| 2022 | 2023 | ||
| E | E | ||
| Accruals for grants payable | |||
| Inman Charity Undergraduate Dental Research Award | |||
| 6,000 | (at King's College London) | 6,000 | |
| Inman Charity Medical Research Fund | |||
| 7,000 | (at King's College London) | - | |
| Trade creditors | |||
| 5,479 | Investment manager's fees | 6,855 | |
| 23,336 | Grant administration costs | 26,989 | |
| Statutory audit fees | |||
| 3,048 | For the year ended 31 December 2020 | ||
| Independent examination fees | |||
| 3,264 | Forthe year ended 31 December 2022 | ||
| For the year ended 31 December 2023 | 3,300 | ||
| Other creditors | |||
| 421 | Directors' expenses | 203 | |
| 48,548 | 43,347 | ||
| - | |||
| 10 | CREDITORS: | AMOUNTS FALLING DUE AFTER ONE YEAR | |
| 2022 | 2023 | ||
| E | E | ||
| Accruals for grants payable | |||
| Inman Charity Undergraduate Dental Research Award | |||
| 6,000 | (at King's College London) | ||
| 6,000 | _ |
| At 1 January | Investment At 31 | December | |
|---|---|---|---|
| 2023 | Income Expenditure | Gains/(losses) 2023 | |
| £ | £ | £ | £ |
| 4,456,683 | (58,850) | 28,813 | 4,426,646 |
| At 1 January | Investment At 31 | December | |
| 2022 | Income Expenditure | Gains/(losses) 2022 | |
| £ | £ | £ | r |
| 5,123,201 | (54,745) | (611,773) | 4,456,683 |
| e as follows: | |
|---|---|
| 2023 | |
| £ | |
| Independent examiner's fee | 2,466 |
| Grant administration costs | 40,215 |
| Investment management costs | 16,169 |
| 58,850 |
| e as follows: | |
|---|---|
| 2022 | |
| £ | |
| Independent examiner's fee | 1,692 |
| Grant administration costs | 34,686 |
| Investment management costs | 18,367 |
| 54,745 |
| D | ||||
|---|---|---|---|---|
| At 1 January | Investment At 31 | December | ||
| 2023 | Income | Expenditure | Gains/(losses) 2023 | |
| £ | £ | £ | £ | |
| 1,307,804 | 207,314 | (377,110) | 57,412 | 1,195,420 |
| At 1 January | Investment At 31 | December | ||
| 2022 | Income | Expenditure | Gains/(Iosses) 2022 | |
| £ | £ | £ | £ | |
| 1,670,686 | 197,327 | (432,951) | (127,258) | 1,307,804 |
| Funds balances at 31st December 2023 are rep | resented by: | ||
|---|---|---|---|
| Unrestricted | Endowment | Total | |
| Fund | Fund | Funds | |
| £ | £ | £ | |
| Listed investments | 766,438 | 4,534,836 | 5,301,274 |
| Royal Albert Hall Debenture | 280,000 | 280,000 | |
| Net current assets/(liabilities) | 148,982 | (108,190) | 40,792 |
| 1,195,420 | 4,426,646 | 5,622,066 | |
| Unrealised gains on listed investments | 93,119 | 494,201 | 587,320 |
| Reconciliation of movements in | |||
| unrealised gains on investment assets | |||
| Unrealised gains at 1st January 2023 | 107,062 | 355,393 | 462,455 |
| Adjustment to brought forward values | 58,770 | 58,770 | |
| Adjusted in respect of disposals in year | (59,126) | 6,312 | (52,814) |
| 47,936 | 420,475 | 468,411 | |
| Add: Net gains arising on | |||
| investment revaluation in year | 45,183 | 73,726 | 118,909 |
| Unrealised gains at 31st December 2023 | 93,119 | 494,201 | 587,320 |
| Funds balances at 31st December2022 are rep | resented by: | ||
|---|---|---|---|
| Unrestricted | Endowment | Total | |
| Fund | Fund | Funds | |
| r | £ | £ | |
| Listed investments | 847,030 | 4,371,348 | 5,218,378 |
| Royal Albert Hall Debenture | 280,000 | 280,000 | |
| Net current assets/(liabilities) | 181,036 | 85,374 | 266,109 |
| 1,308,066 | 4,456,722 | 5,764,487 | |
| Unrealised gains on listed investments | 107,062 | 355,393 | 462,455 |
| Reconciliation of movements in | |||
| unrealised gains on investment assets | |||
| Unrealised gains at 1st January 2022 | 199,739 | 872,730 | 1,072,469 |
| Adjusted in respect of disposals in year | (23,308) | (69,280) | (92,588) |
| 176,431 | 803,450 | 979,881 | |
| Less: Net gains arising on | |||
| investment revaluation in year | (69,369) | (448,057) | (517,426) |
| Unrealised gains at 31st December 2022 | 107,062 | 355,393 | 462,455 |
| GRANTS AWARDED DURING THE YEAR: | Amount (£) |
|---|---|
| Bursary Fund | |
| Victor Inman Bursary Fund at Uppingham School | 30,000 |
| Medical - Research | |
| Action Against AMD | 10,000 |
| Alzheimer's Research UK | 5,000 |
| Asthma + Lung UK | 5,000 |
| Bone Cancer Research Trust | 6,500 |
| Bowel Research UK | 6,500 |
| Cystic Fibrosis Trust | 6,500 |
| Lupus UK | 6,500 |
| Macular Society | 6,500 |
| Prevent Breast Cancer | 6,500 |
| Prostate Cancer Research | 6,000 |
| The Eve Appeal | 6,500 |
| Wellbeing of Women | 7,000 |
| Social - Deaf and Blind | |
| Bolton Deaf Society | 5,000 |
| Bury Society for Blind and Partially Sighted People | 5,000 |
| Deafillind UK | 5,000 |
| Insight Gloucestershire | 5,000 |
| Listening Books | 5,000 |
| Living Options Devon | 5,000 |
| Nystagmus Network | 5,000 |
| One Place East | 3,000 |
| Sight Support West of England | 5,000 |
| Social - Hospices | |
| Hospice UK | 10,000 |
| Isabel Hospice | 5,000 |
| Peace Hospice Care | 3,000 |
| Severn Hospice | 5,000 |
| Shipston Home Nursing | 5,000 |
| St Raphael's | 5,000 |
| St Wilfrid's Hospice | 3,750 |
| St, Andrew's Hospice | 2,750 |
| St. Joseph's Hospice | 5,000 |
| Social - Older People and Social Welfare | |
| All People Al! Places | 5,000 |
| Be Free YC | 5,000 |
| Clothing Solutions for Disabled People | 5,000 |
| Community Connexions | 5,000 |
| Carried Forward 216,000 |
| GRANTS AWARDED DURING THE YEAR (Continued): | Brought Forward | 216,000 |
|---|---|---|
| Social - Older People and Social Welfare (continued) | ||
| Countrymen | 5,000 | |
| Essex Respite and Care Association | 5,000 | |
| Evergreen Care UK | 5,000 | |
| FISH Neighbourhood Voluntary Care Scheme | 5,000 | |
| Glossopdale Furniture Project | 5,000 | |
| Harrogate Easier Living Project | 5,000 | |
| Memories are Golden | 5,000 | |
| NewStarts | 5,000 | |
| Re-engage | 5,000 | |
| Samaritans | 5,000 | |
| Serve | 5,000 | |
| The Carers' Centre | 5,000 | |
| The Matthew Tree Project | 5,000 | |
| The Rural Coffee Caravan | 4,500 | |
| The Welcome Centre | 5,000 | |
| The Wiltshire Bobby Van Trust | 5,000 | |
| Young Carers Development Trust | 5,000 | |
| Z2K | 5,000 | |
| Social - Physically and Mentally Disabled | ||
| Acorn Village | 3,750 | |
| Branching Out | 3,250 | |
| Newent Association for the Disabled | 4,000 | |
| Redbridge Respite Care Association | 5,000 | |
| Walton Lea Partnership | 5,000 | |
| Armed Forces | ||
| Royal Hospital Chelsea | 3,000 | |
| SSAFA | 3,500 | |
| Veterans Aid | 5,000 | |
| Walking with the Wounded (WWTW) | 3,500 | |
| Waterloo Uncovered | 5,000 | |
| Medical General | ||
| Different Strokes | 5,000 | |
| Encephalitis Society | 5,000 | |
| SANE | 5,000 | |
| Sussex MS Centre | 5,000 | |
| General | ||
| Medical Detection Dogs | 5,000 | |
| Total Grants awarded during 2023: E 371,500 | ||
| Total grants and donations to institutions awarded during 2022 amounted to g414,000. |