THE INMAN CHARITY ANNUAL REPORT ANO ACCOUNT 31ST DECEMBER 2025 PA YNE HICKS BEACH LLP Solicitors 10 New Square Lincoln's Inn London WC2A 3QG
THE INMAN CHARITY ONTEN Ro Adminislralive informalion about the charity, ils trustee and advisers Direclor8' report Independent examinerfs report Accounts 10 Statement ol financial activitios Comparative Statement of financial activities 12 Balance sheet 13-16 Princip818¢counling policies 17-24 Notes lo Ihg account 25-26 Grants awarded
THE INMAN CHARITY ADMI TRATIV INFOR N ABOUT THE CHARITY ITS T USTEE NDADVI CORPORATE TRUSTE Inman Charity Trust98s Lirnllod IRECTO OFTH THE DIFIECTORS ORPORATE TRUSTEE A.L. W81ker Miss B.M.A. Strolhar M.R. Mathews J.D. Langdon N.J, Wifigeralh PRINCIPALADDRESS 10 Now Square Lincoln's Inn London WC2A 3QG EBSITE ADDRESS ww.inmancharily.org CHARIry REGIST TION NUMB 261366 INDEPE EXAMINER Paul Davls FCA Bright Grahame Murray Ernperorfs Gate, 114a Cromwell Road Kensington, London. SW7 4AG INVESTMENT MANAGER Ralhbones Inve5ttnenl Management 30 Gresham Street London EC2V 7QN BANKERS CAF Bank 25 Kings Hill Av8nue Wosl Malling Kent ME19 4Ja SOLI AND ISTFIATO Payne Hicks 8ea¢h LLP 10 New Squar8 Lincoln'5 Inn London WC2A 3QC
THE INMAN CHARITY DIRECT RS, REP RT-3 ECEMBER 2025 Th8 director8 ol the corpor8te Irust8e (the dir8Ctorsl pr8sent Iheir statutory rgport together wilh th8 accounts ol The Inman Charity for Ihe yeaf ended 3181 De¢emb8r 2025. Tho 8ccounls have been prepared in accordance wlh the accounting policies $81 out on pages 13 10 16 01 thè allachgd accoun15 and comply with the Charity'5 trust deed, applicable laws, occounllng sland3rds (United Kingdorn Generally Accepted Accounting practi). and Accounting and Reporting by Charilie5'. Slalernenl ol Recommend$d Praclicg applicab18 to charities preparing their accounts In accordance wilh Ihe Financial Reporling Standard applicable in the United Kingdom and Republic ol Ireland IFRS 1021, second 8dilion (October 20191. GOVERNANCE, STRUCTURE AND MANAGEMENT Governance The Inman Charity is governed by a Irusl deed dated 16th June 1970. The unincorporated charity is registered under Ihe Charities Act 2011. Charity Registration Numb8r 261366. The address 01 the principal offi¢8 is 10 New Square, Lin¢oln's Inn, London, WC2A 3QG. The slatulory power of appointment of new directors ol the corporate trustee by the continuing directors applies. The namès ol the directors who served durir)g the year ar8 set out as part ol the 8drninislraliv8 information on page 1 01 this Annual Report and Acoounls. Brief biographical details are given below,. A.L. Walker A.L. Walk8r was appointed a difeclor in February 1981. He is a retired Chart8red Tax Advisèr. He was for many years employed as a principal in the Private Client Department ol PayD8 Hlcks Beach LLP Mlss B.M.A. StrothoT Miss B.M.A. Slrolher was appoinlgd a director in March 1998. She has work8d lof many years in health, Social care and the older people's charitab19 sector and is 8 Tiustee of H8althwatch City ol London. M.R. Math8WS M.R. Malh8W5 was appointed a director in November 2000. He is 8 retired solicitor. He was lor many years a partner in Clifford Chance and is also a lom18r Presidenl of the Law Society. J.D. Langdon J.D. Langdon wa5 appointed a directof in November 2002. Hè is Emerilus Professor of Maxillolacial Surgery al King's College London
THE INMAN CH RITY Pa DIR TORS, EPORT- 1ST DECEMBER 2025 GOVERNANCE, STRUCTURE AND MANAGEMENT Iconlinuedl N.J. Wingeralh N.J Wingeralh was appointod a director in O¢tober 2021. He was for many ye8fS employed as Head ol the Trust and Tax Department of Payne Hicks Beach LLP. On agreeing to their appoinlmenl, the directors are thoroughly briefed by their co-direclors on the history of the chaiity. the day-to-day tnanagement, Ihtt r8sponsibililie5 01 the directors, th8 current objectives and the future plan5 01 th8 charity. Dlr8Ctors' responslbililies statement The directors are respon51ble lor preparing th8 director5, report and accounts in accordano9 wilh applicable law and United Kingdom Accounting Standards (Unilod Kingdom Generally A¢eepled Accounting PractiC61. Charity law in England and W8les requir88 the directors ol the Cofporate Iw51ee (the directors) lo prepare accounts lor e8ch financial year which give a tru8 and lair vi8w ol the state ol 3118irs ol the charity 81 the year end and ol its income and expenditure during that year. In pr8paring ac¢ourits. giving 8 true and f8ir view the dire¢tors Bre reqUId lo.. Select suitable accounling poli¢i8s and then 8pply them consistenly., Observe the methods and principles ol Accounting and Reporting by Charities.. Statement ol Recomrnende(5 Praclice applicable lo charities pr8paring Iheir accounts in accordance with the Financial Reporting Standard applicabl8 in the UK and Republic of Ireland IFRS 1021., Make ludg8m8nts and estirnales that are asonable and prudent., Stale whether applicable United Kingdom Accountlng Standards have b88n followed, Subject to any m81eriÉl departures disclosed 8nd explain8d ill Ihe a¢counts', and Prepare the aGcounls on the going concern basis unless it is ill8ppropriat8 lo presume Ihal the charity will conlinu8 lo operate. The diieclors are responsible for keeping proper accounling record5 which disclose with reasonable accuracy at any lirne th6 financial position ol the Charity and which enable them to ensure Ihal the accounts comply with th8 Charities Acl 2011, applicable Charity (Accounts and Reports) Regulations and the provisions of the trust deed. Th8y are also responsible lor safeguarding the assets ol the Charity and hence for taking reasonable steps lor the prevention and d8tecllon of Irakjd and oth8r irwulari11gs. The directors are r6sponsib18 lor the maintenance and integrity ol the charlly and financial information in¢lud8d on the charity's website. Legislation in the United Kingdom governing the pr8paralion and di5seminalion ol accoLJnt5 may diff8r from legislation in olher jurisdictions.
THE INMAN CHARITY DIRECT RS, RE ORT- T DECEMBER 2 25 GOVERNANCE, STRUCTURE AND MANAGEMENT Icontlnuedl Structure and manaB8ment Teportlng The dir8olors are ultimately responsible lor the VM)licies. aclivitie5 and assets ol the charily. Thoy n18et twic8 a year lo review the developments with regard lo the charity, ils grgnt giving aclivilies and fflake any important decisions. When n8cessary, Ihe directors seek advice and support Iiom the charity's professional advisers including Ihe inveslmenl manager. solicitors and acGountanl5. The day to day manag8menl of the ¢harily's activitie5. and the implemenlation of policie$. is de18galed lo the Private Client Department of Payne Hicks Beach LLP. The Department ensures Ihal gr8nl applicalions are processed and pres8nled lo th8 directors as appropriate., il 8dminislers payments and keeps the books and recofds ol the charity. At their meetings the directors review the inveslmenl p6rlorrnance, and a representative ol the Investment manager attends the meetings to update the directors in detail on the porllolio. The direclors review the proposals for grants lo be made and approve such grants as appropriate. RS8k management In line vdlh th8 requirement for charity Irusl8es lo undertake a risk assessment 8xercise and report on Ihe sam8 in their annual pOrt, the diroctors have looked al Ihe risks The Inrnan Charity currently faces and have reviewed the safeguards in place, or n88ding to be Put in place, to deal with Ihem.The directors have identif18d three main areas wh8re risks may occur.. - Governanc8 Operational Financial GovgTnanc0 looks al the continuity ol trusteeship, the skills and background ol the directors and Ihe policies ol regular meetings or the directors Io review th8ir airns and activities Operatlonal looks at th8 risk inherent in the del8981ion of stalulory and leg81 reouir8menls ol th8 ¢harity. its m8nagement and secretarial functions and delegation of certain ol Ihosg functions, and Flnancial risks include those inherent in delegation ol investment managernent and custody to an indepèndent inv8Stment rnan8ger. the operalion ol the bank accounts, the financial record keeping ol Ihe charily, its inveslment policy, audit and rgvlew procedures. Having assessed the major risks lo which the charity is exposed, in pariicular thos8 relating lo it5 investments and ils finances, the directors b81ieve that by ensuring contro15 exist over key financial systems incorporating the sy5t8ms and controls implemented by Payne Hicks Beach LLP, and by delegating the inv8slmenl managemenl funclion lo an investment manager. subject to regular monlloring. including p8riodi¢ revi8W5 01 performanGe against benchmark, they hav8 eslablishod ellgcliva systems to mitigate those risks. The k8y risks laced by the chgrity, as identified by the diroetors, ar8 described below together wth the principal ways in which they ar8 mitigated.
THE INMAN CHA ITY DIR CTORS, EPO T-31STD CEMBER 2025 GOVERNANCE, STRUCTURE AND MANAGEMENT IContlnu8dl Rl$k man8g8m•nt Icontlnuedl The charltWs principal assel comprises listed investments, the value of which is dependent on mov8menls in UK and wodd stock markets. The investments are managed by reputable inv8slmenl managers who adh8re to 3 policy agreed by the directors. The d7CloTS meel twice a year with the inveslmgnl man3g8rs and the fflanager's perform8nce and that ol the porllolio arè monitored. The investment sliale9y 15 assessed regularly to ensure il remains appropriate lo the charily's needs- both now and in the lulure. The charily c3rri8s out ils objectives by providing grants to institutions that 8re also UK wislered ¢harilie5, whose objects comply with th8 eharily's ¢iileria. Th8re is a risk that a grant provided by the charity May not reach the inl8nded recipient andlor rtiay be used lor purposes not eon51St8nl with the charitys objects. Whilsl the diieetofs are rnindlu10l their own obligation to ensure thal the charity benefits the public generally, they lake sorne assurance from the faet that recipSents of grant5 are Ihernselves regulaled to 8nsure that Ihey operate lor Ihe public bengfil. Potential recipi8nls ol gr8n15 are identified by th8 directors individually in areas Whe it is perc8ived that pub15c benofil will be achieved. The opportunity lo benefit 15 nol restricted in any way except that grants are r85tricted lo bodies regi518red in Ihe UK, nol least to facili18t8 Ihe directors being able lo follow up on the efficacy ol the gr8nts made. In the olher respects grants are not limited in any way excèpt that the recipienls Should have a charitable need. Risks are kept undgr r6gular review and fully reassessed every Ihree years. ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES Acllvitieo anil sp8cifle oblecllvès The direclors opera18 a grant giving policy, prov1ding funds for su¢h charllable object or in5titulion as th8 directors think lil. In addition to supporting a wide range ol charitable organi531ions, tho charity rrakés a regular payment lo the Victor Inman Bursary Fulld I'lhe Funtj l at Uppingham School ol which the settlor had been a lifelong supporier. Th8 charity make5 a payment of £30.000 per annum and this is reviewed annually. 1nstitulions intending to mak& an appeal are directed lo the website www.inmancharily.org where more detailed Inforrnaliorn con¢&rnino particular areas ol support. application ouid81ines, exclusions and grants awarded can be found. The directors aim lo make gr8nts totalling approximat81y £350,000 per annum in aceordance with the guidelines sel out in the grant giving policy as summari5ed on the charity's web81te. The directors confirm Ih8t they hav8 referred to the guidance contained in thg Charily Commlssion's guidance on public ben8fit when reviewing the charity's aims and objectives 8nd in planning lulure aclivilies and sellin9 the grant making policy lor Ihe year. The directors therefore consider that the ¢h8rity'5 aclivilies are lor the benefit ol Ihe public generally.
THE INMAN CHARITY DIRECTORS. RE T-31STD CEMBER ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES IConllnu8tll Kgy management The directors consider the directors ol the corporale Iruste8 cotnprise the key management personnel of the charlty in ch8ige ol directing and conlrollirig, running and operaling lh8 charity on 8 day lo day basis. All director5 give of their lime freely and no director re¢gived any remun8ration in the year. Dplails ol directors, expenses and rernunor8tion and any ielaled party tr8n5aclions are disclosed in nole 4 lo the ac¢ounls12025- lot81 expenses reimbursed was £3041. As noted above, the day or day man8gemenl ol the charity s acts'vilies. and the impletnenlation ol policies, is delegated lo the Private Client Department ol Payn8 Hicks Beach LLP. Inveslmenl pollcy The charily has a portfolio of listed inveslmenls wilh a market value as al 31st December 2025 01 £5.313.378. Thore are no re5triclions on the challty'5 power to invest. The Investment strategy is agreed betW88n the directors and the inv8slment manager, and is regularly reviewed. This is the subj8¢1 ol a policy slalement which has been complgled by the d1ctOrS and forms an integral parl ol the agreement with the inveslmenl man8ger to provide investment mana9ernenl servlces. The directors, investment policy was reviewed and adlusted in Octob8r 2023. The more signifieant principlès in the slalement aro.. that the investment manager shall hav8 due regard to the need lor diversification. to provide a b8nchmark lor perforrnance ol such a slruclured portfolio 8 composite index is utilised, incurporaling 25% MSCI UK IMI, 45°/r MSCI AC World ex UK, 12Q/o iBoxx £ UK Gilts, 10gA Bank of England 8898 Rate14201. 5.5°/p iBoxx Gills and 2.5% Bank ol England B858 Rate. The performance benchmark detailed above doss not include the two property collectlV85, being the Charities Property Fund Incorne. and Mayfair Capital Investment Lirnit8d Properly Income Trust for Charilies. as R8lhbones does not have dIsCli0n on Ih8S8 investments. The inveslmenl manager is invited lo attend each formal meeting of the directors to provide a f8pori on the performance ol Ihe portfolio, comparison against the benchrn8rk and gene1 market issues. ACHIEVEMENTS ANO PERFORMANCE Reviaw of actlvltle3 Total investment incom6 received in Ihg year Iln¢luding interest r8eèivablel amounted to £149,504. whieh equales lo a yield of 2.8 /. Ibasgd on the tllarkel valuation ol the inveslment assets at the year endl. The income r&oeiv8d in Ihe year on the Royal Albert Hall Debenlure amounted lo £20,608, which equat8s lo a yield 017.4%. The directors awarded grants totalling £345,000 durin9 Iha y&ar In accordanc8 with the charity's grant giving policy set out gbove. A detsi18d list ol all grants and commitments made in the year is includ8d in the Appendix on p8ges 25 to 26. The dirèctors maintain a lisl ol charitable org8r115alions which th8 charity regulady supports and thls is review8d at Iheir half yearly rn8etings.
THE INMAN C RITY Pa DIRECTORS, REP RT- 31ST ECEMBER 2 25 ACHIEVEMENTS ANO PERFORMANCE IContinu8dl Review ol a¢tivitiès Icontinuedl The direotors feel thal their obj8clives hav8 been adequately met this year. Howevèr, the directors are aware that there are external 18clors. which could affect the achievemenls ol their objective5 as a significanl parl ol the charity's a55els are made up ol iTivestm8nls and cash. the result of which are d8pendenl on th8 general pertormance of the UK and overseay stottk markets. As noted above under risk management. in order lo minimise Ihis, the directors have sel prudent inveslmenl policies alld place r81iance on the investment mAnager lo monitor and advise on the necessary investment ohanges and suil8ble asset allocalion. Investment performance During the year the ch8rily's lisleos investments achi8ved an income yield o12.8Q/o Ib8sed on the valuation DI investment 8ssels al th8 year endl and a capital increase of 6.TY.. The investment tnanager conlinuèd lo invest in accordance with the directors, inveslrnent policy as reviewed and set out 8811ier in this r8pori. At the end ol Ihe year the charity's portfolio of lisled investments comprised 0114% fixed interest. 10% properly ¢ollectives, 220/0 UK equities and 54°/D overs8aS èquities and IiKed intere51. The Royal Albert H811 Debenture achieved an inc0rn8 yield 017.4% The directors are $8lisfied with the perfomiance ol the investments and are salis1i8d Ihal their investment objective5 will be met OV8r the medium term. FINANCIAL REVIEW Results lor the year A sumrnary ol the year's resu115 can be lovnd on page 10 of this report and 8¢counts. During Ihe year ended 31st December 2025, total ineome amounted to £172,25212024 £196,350), being incotne arising from th6 charity'5 inv8sITnenls and ¢8sh deposits. The directors awarded grants lolalling £345,(K)012024 E244,0001, Incurred inv9Stmenl management costs of £27.33212024- £27,987), granl administration costs of £51,97112024 £46.7901 and governgnc8 Costs (including independont examination 00s151 of £3,12412024 £2,e601. The total expenditur8 was £427,42712024- £322.1351. There were nel inveslm8llt gains during the year ol E332.53312024 gains £42,144). Thi$ results in a n81 Increase in lunds dunno the year of £77.35812024- nal decrease £83,641). Reserves pollcy and flnaneial posltson Reserves pollcy The endowment fund repres8ll18 the disposal proceeds ol a property which was rec8ived by the charity on the death of the settlor. Thg dir8clors have the power to meet adrninistralive expenses from thi5 Ikjnd and may apply the income from the fund towards the general purposes ol Ihe charity,
E INMAN CHARITY Pa CTORS, REPORT- 1STDE EMBER FINANCIAL REVIEW Icontinuedl Reserves pollcy (contlnuedj The eharily 15 operated as a grant giving ¢h8rily. and the directors. policy is lo administer the investmenl asset5 on an absolute return basis and usually seek to dislribule £350,000 in grants in each financial ysar. Flnaneial poslliort Th& balance sheet show5 lolal fund5 01 £5,615,783 cornprising endowmènt lund5 01 £4,590.617 and unrestricted funds of £1,025.166. The unreslricled fund comprises amounts which ullimately ar8 free reserve5 bul which are held by the direclors lor inveslrnent so as lo ellsur8 the continued generation ol income in future periods, thereby helping lo safeguard the long term exisl8nce ol the charity and the aehievernent ol its objectives. The Size ol the unrestricted fund sustains and SLiPPOrts the levels of donalion5 which the directors wish lo maintain and enhance over lime. The directors consider free reseNes lo be adequate bul not exc888ive in Ihe light ol the charity's reserv95 policy sel oul above. Futurè plans The dIrlOr8 do not anticipate any significant changes to the charity or its 8Ctivilles over the next two to f1ve years. It is their inlenlion lo ffleel the following objecliv88.' To ensure the inveslm8nl perlorrnance achieves th8 criteria set by them so that there are 5uflicienl funds to m88l their granl giving policies. To continue lo rnake grants of £350,000 a year. The directors have reviewed the risks and concluded that the charily is in a strong financial and oper8tional position and can continue lo support benefi¢iaries now and lor the lor8Se8able future, Signed on behalf of the diieclors ol the corpor8t8 trLJslee'. D1CtorS of the Corporat8 Trustee Approved by the direelors ol the corporate trustee on.. 13 .2026
THE INMAN CHARITY Pa INDEPENDENT EXAMINER, REPORT- 31ST DECEMBER 202 INDEPENDENT EXAMINER'S REPORT TO THE DIRECTORS OF THE CORPORATE TRUSTEE OF THE INMAN CHARITY I report lo the directors of the corporate trust8& ol Ihe charity on my examinallon ol Ihg accounts of The Inman Charity I'lhe Charity I lor the ygar ended 31 December 2025. RESPONSIBILITY AND BASIS OF REPORT As the directors ol the corporale Iruslee ol the Charity you are responsible lor the preparatiDn ol the aceounls in accordance with the r8quiremen15 01 the Charities Act 20111'the 2011 A¢l'l. I report in r8specl ol rny examinalbon of your Charity's accounls as carripd oul und8r section 145 of the 2011 Acl. In carrwng out my exarninatlon I have followed the Directions given by the Charity Commission under section 14515llbl of thg 2011 Acl. INDEPENDENT EXAMINER'S STATEMENT 1 h8ve complet8d my ex8minalion. I confimi that no mallers have come lo my 8tlenlion in connection wth my examinallon giving ma cause lo belleve that in any material respect.. accDunling records were not kept in respect of the Charity as requlred by section 130 01 the 2011 Act., or the a¢eounts do not accord with those records., or the accounts do not comply wlh the applicable requirements concernSng the lorm and content ol accoun15 Set out in the Charities (Accounts and Reports) Regulations 2008 other Ihan any requirernent that the accounts give a 'lrue and lair view which is not a maller consldered as part ol an independent examination I have no concerns and have come Bcross nts olhbr matters In connection lh the examinatlDn lo which attèntion should be drawn In thls report in order lo enablg a proper undorslanding ol the accounts to be reached. A£0kn7n P8uI Davis FCA Independgnl Examiner Bright Grahame Murray Chartgred Accountants Emperor's Gale 114a Cromwell Road Kensington London SW7 4AG Date.. 14 May 2026
TH INMAN ARITY e10 TATE TOF NCIAL CTIVITIES FO THE YEAR END 31ST CEMBE 25 Unrestri¢t8d Endowment otes Total 2 INCOME AND ENDOWMENTS FROM". Investments Inv851menl income Inteiesl receivable Swiss lax reclmsm Royal Albert Hall Debentur8 149,504 2,140 149,504 2,140 20.608 20,608 TOTAL INCOME AND ENDOWMENTS 172,252 172,252 EXPENDITURE ON.. Raising funds nve5tmenl m8nagemenl costs 3.865 23,467 27,332 Charilable activities Pi'omoling and enhancing charitable work 355,486 44.609 400.095 TOTAL EXPENDITURE 359,351 68.076 427,427 NET EXPENDITURE BEFORE INVESTMENT GAINS 1187,0991 168,0761 1255,1751 Investment gainslllossesl Realised Unrealised 13,283 39,248 68,552 211,450 81.835 250,698 NET GAINSIILOSSESI ON INVESTMENTS 52.531 280.(K)2 332,533 NET INCOMEIIEXPENDITUREI AND NET MOVEMENT IN FUNDS 1134.5681 211,926 77,358 RECONCILIATION OF FUNDS Total funds brought forward at 151 JanuAry 2025 1.159.734 4,378.691 5.538,425 Tolal funds carri&d forward 8t 31st DeceFDbef 2025 1,025,166 4,590,617 5,615,783 All recognised gain5 and losses ar9 included in th8 above sl818menl ol linanrial activities. of the charity'¥ activilies derived from continuing operations during the above two rinancial years.
THE IN AN CHARITY e 11 COMPARATIVE TATEMEN F FINANCI L ACTIVITIES FOR T E YEAR ENDED 31ST DECEMBER 2024 Unrestrictod Endowment Notes Fund Fund Total 2024 INCOME AND ENDOWMENTS FROM.. Investments Investment Income Interest receivable Swiss tax reclaim Royal Albert Hall Debenture Book cost adjuslmenl lo Quoted Investments 172.521 3.755 172,521 3,755 19,698 19,698 376 376 TOTAL INCOME AND ENDOWMENTS 196,350 196,350 EXPENDITURE ON.. Raising funds Inv881rnent managernellt costs Adjustment lo Swlss tax reclairlled in previous year Reversal ol r8eèived income 4,720 23,267 27,987 163 335 163 335 Charitable activities Promoting and enhancing charilable work 253,303 40,347 293,650 TOTAL EXPENDITURE 258,521 63.614 322,135 NET EXPENDITURE BEFORE INVESTMENT GAINS 162.1711 163,6141 1125.7851 Inveslmenl gain511088es Realised Unrealised 126.8531 53.338 173.2111 88.870 1100.0641 142.208 26,485 15.659 42,144 NET INCOMEIIEXPENDITUREI AND NET MOVEMENT IN FUNDS 135.6861 147,9551 183,6411 RECONCILIATION OF FUNDS Total funds brought forward al 1st JanLary 2024 1,195.420 4,426,646 5,622,066 Total lund8 ¢8rried forward at 31st Decembg12024 1,159,734 4,378,691 5,538,425 All recoJnised gains and losses are includgd in th8 above stalem8nt ol flnancial activit18S. All of Ihe charity's activities derived from conbnuing operalions during the above two financ81 y88rs.
THE INMAN CHARITY Pa 912 BALANCE SHEET- 31ST DECEMBER 202 2024 2024 Notes 2025 2025 FIXED ASSETS Investments 5,167,616 280.000 Listed Investments Royal Albert Hall Debtsnture 5,313,378 280,000 5,447.616 5,593,378 CURRENT ASSETS Deblors Cash al bank and in hand 13,578 110,368 10.581 47,824 123,946 TOTAL CURRENT ASSETS LIABILITIES.. Creditors.. Atnounls falling due within one year 58,405 133,1371 136,0001 90.809 NET CURRENT ASSETS 22.405 5,538,425 NET ASSET 5,615,783 THE FUNDS OF THE CHARITY Capital Fund Endowment Fund 4,378,691 10 4.590.617 Income Funds Unrestricted Fund 1.159,734 1,025,166 5,538.425 TOTAL CHARITY FUNDS 5,615,783 Approved by Ihe directors Df Ihe corporate Iruslee and signed on thair behalf by.. Oireclors of Ih2&orpor418J*gtee Dale of Approval.. 2026
THE INMAN CHARITY Pa e13 PRINCIPAL ACCOUNTING POLICIES- 31ST DECEMBER 2025 The Inman Charity is an unincorporated charity registgred iri England and Wales (Charity Number 2613661. The charity is governed by a Trust D&Éd dated 16 June 1970. The principal address is 10 New Squar9. Lincoln's Inn, London, WC2A 3QG. The principal accounbng policies adopted, judgements and key sources ol estimation nceilainty in the preparation of the accounts are18id out below. Basls of preparalion These accounts have been prepared for the year (0 31st December 2025 with CDmp8ralive information given in respect lo the year to 31 sl December 2024. The accounts have been pr8pared under the historic81 cost convèntion with items recognised at cost or transaction value unless otherwise staled in th8 relevant accounting policies below or the notes of these accounts. The accounts have b88n prepared in accordanc8 wilh Accounting and Reporting by Charities.. Stalem6nl ol Recommanded Pra¢tlce applicablè to chariti85 preparing their accounts in accordanc8 With Ihg Financial Reporling Standard applicable in the United Kingdom and RÉpublic ol Ireland Icharilits SORP FRS 1021 second edilion issued in October 2019, the Financial Reporting Standard applicablo in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Th& charily constilules a public benefit enllly as defined by FRS 102. The accounis are presented in sterling and are rovnded to the nearest pound. Crltlcal accountlng gstimates and arèas of Sudgemenl Estimates used in Ihe accounts are subject to a greater degree ol uncgrtainly and volatility. As sel out in these accounting policies under going Concern the directors have concluded Ihal il is appropriate lor Iha charity lo oonlinue to prepare its accounts on the going concgrn basis. Preparation of tho accounts requires the Iruslees to make signifi¢anl judgements and gstimalgs. The items in the accounts where these judgemènts and esllmates have been made include.. Bslimating the liability l(>r mulli-ye8r grant Commitments. estimang the deemed market value ol the Royal Albert Hall Debenlurg. eslimallng fijlure income and expendiluro flows with a vigw lo assessing going Concern.
THE INMAN CHARITY Pa e14 PRINCIPALACCOUNTING POLICIES- 31ST DECEMBER 2025 Assessmgnt of going concérn Th8 direclors have assassed whether the use ol tha going ¢oncern assumption is approprlale In preparino these accounts. The directors have made this asse5sm8nt in respèct ol a period of one year from the date of approval ol these accounts. The directors have concluded that there are no material uncgrtsinlies related lo events or CDndilions that may casl significant doLJbl on the ability ol the charity lo continue as a going concern. Esllmales used in the accounts, particularly with respecl to the value ol the Royal Albert Hall debenture Seals are subj8GI lo a greater degree ol unc8rtainly and volatilily. A5 sel out in these accounting policies under going concern. the directors have concluded Ihal il is appropriate for the charity lo continuo to preparè ils accounts on the going concern basis. The most significant arts8s ol judgement that alfecl items in the account are detailed above. With regard lo th6 next accounling period, the year ending 31st December 2026, the most significant areas Ihet affect the carrying value ol the ass6ts held by the charity are the lev9101 inveslm8nt return and the performance of the investmènt mark815 (see the investment policy and the risk managgrnenl sections of the dir8clors' report for mora informalionl. Income recognillon Income is recognisèd in the period in which the charily has enlillamenl lo thè incom8, the amount ol income can be measured reliably and it is probable that th& income will be received. Incoma compri58s investment income from listed inveslmenls. Royal Alb8rt Hall Oebenture nd inleresl from deposbts. Inveslmgnl income is recogni$8d onc8 the income has been declar8d and notification has been receivgd of the amount due. Interest on funds held on dgrK)sil is included when receivabSe and the amoLJnt can b8 measured reliably by Ihg charily.. this is normally upon notificats'on of the inleresl paid or payabl& by the bank. Expondllure r•¢ognltlon Liabiliti8s are r8cognised a5 8xpendilur9 88 soon as ther8 is a legal or conslruclive Dbligalion committing the Gharity to make a paymont to a Ihird party, it is probable that 8 transfer ol economic benefits will be required in settlemenl and th& amount ol the obligations can be measured reliably. The directors pay the adminlslrative expenses in maintaining the assets ol the Perrnan8nl Endowment Fund from the capltal ol the fund.
THE INMAN CHARITY Pa e15 PRINCIPAL ACCOUNTING POLICIES- 31ST DECEMBER 2Q25 ExpenditLEr8 re¢ognltion l¢ontlnuedl All expendilure is occounled for on an accruals basis. Expgndilure Comprises direct costs and 5UPPOrt costs, All expenses, including supporl costs, arÈ aSlocaled or apportioned lo Ihg applicable expendilure h&adings. The classification between the activities is as follows.. lal ExpendiluTe on raising funds includes all expenditure associated with raising funds lor the charity. This includes the fees paid lo the investment manager in connection with the management ol Ihe chafills listed inveslmonls. Ibl Expandilure on charitable activities includes all costs associated wth furthering the charitable purposes ol the Charity through the provision ol its charil8bla aclivilies. Such C051s include charitable grants payable in promoting and enhancing charitable work carried out by other charil8ble organisalions. and related support costs including the cost ol administarino the activities ol the charity and oovernance costs. Grants payable are included in Ihg slalernent ol financi81 activities when approved and when the intended recipi¢nl has ellh$r received the funds or been informed ol th$ decision lo make the donation 8nd has satisfied all related condllions. Grants approv8d bul not paid at the end of the financial year are accrued lor. Granls wher¥ the beneficiary ha5 not been informed or has to me81 ¢&rtain conditions before the grant is released are not accrued for bul are noted as financial COfnmitmen15 in the notes lo the accounts. All axpendilure Is staled in¢lusive ol irr8coverable VAT. Allocatlon of support and govgmance costs Support costs represont indirect charilablts expenditure, In order to carry DUI the primary purposes of the charity il is nocessary to provide support in the form Df adminislralion services. Goveman¢e cosl5 comprise the Costs involving the public 8¢¢ounlabilily ol the charity (including audit costs) and ¢osts in respect of ils cumpliance with rfrgulalion and good practiea. Support costs and governance costs are apportioned dire¢tly to the on8 charitable activity. Fixed asset Invèstments Llsted investments Listed investments are a form ol basic financial instrument and are inilially recognised al their transaction value and subsequently measured at their fair value os al the balance shegt dale uslng the closing quoted mBrKet pric8. The Charity does not acquire pul options, derivatives or other complex financial in51rumants. As not8d above th8 main form of financial risk laced by the charily is that a volatility in oquily markets and inv8slmenl markets due to wider economic conditions, the attitude ol investors to investment risk, and chang9s in senlimont concerning equities and within pariicular sectors or sub seclors.
THE INMAN CHARITY Pa e16 PRINCIPAL ACCOUNTING POLICIES- 31ST DECEMBER 2025 Royal Albert Hall Debenture Two dabenlure seals wore donalgd lo the charity in the year ended 31 sl December 2017. The debentures were initially recognised al deèmed market value. The direclors used the average sale price of d8benlure sÉals in a one year period lo provide an estimate ol the deemed market value ol the debentures. The diie¢lors' policy is lo revalue the debentures every three years. The latest review DI the debentures, values was in the year ended 31st De¢?mbei 2025 and il was concluded that the previous value of £280,000 shoLJld be maintained. Galns arhd losse5 Realis8d gains lor losses) on inveslmant assets are calculated as Ihe difference between disposal proceeds and their opening ¢8rrying value or their purchase value il acquired subsequent lo Ihe lir51 day of the financial year. Uniealisad gains and10596s are calculated as the difference b8lwèen the fair value 81 the year end and Ih8ir carrying value at that dale. Realised and unrealised investment gain5 lor losses) are orediled lor debitèd) in the slalemenl ol financial activities in the ar in which they aTISg. Debtors Debtors are recognised al their seltlèmenl amount, less any provi8ion for non-re¢c>verabilily. They have boen discounted to the present v8lue ol the future cash receipt whera such diseounling Is material. Cash al bank and lfi hand Cash al bank and in hand represents such accoun15 and inslrumenls Ihal are availBble on d8mand or have a maturily ol less than three months from the dale ol acqui51tion. Credltors and provlsions Creditors and provSsion5 are rocognisod when thère is an obligation al the balance sheet dale as a result ol a past event. il is probable that a Iransfor of economic benefit 111 be required in selllement, and the amount ol the set118menl can be estimatèd reliably. Creditors and provlslons ar& recognis8d al the amount the oharity anticipates it will pay lo sell18 Ihg debt. They have been discounted lo the presènl value ol the future cash payment where such discounting is malgrial. Fund accountSng The endowment fund Comprises monies which must be héld indelinitaly as c8Pltal although cerl8in adminislrative expenses may be mel by Iho lund. InGome Iherelrom is creditÈd to the unre5tricled fund and applied lor general purposes. Th6 unre5tricled fund represents funds available for the 98neral charitable purposes ol the ¢harily which may be applied al the discretion of the dirgctors. Cash flow The accounts do not include a cash flow 51alem8nl because the charity is exempt from the requirement lo prapare Such a statement under th8 Charities SORP IFRS 1021 Update
HÉ1NMA CHARI e 17 NOTES TO THE ACCOUNTS- 1STDEC MBER2025 I INVESTMENT INCOME Unrestri¢ted Fund 2024 Unre8tricl¢d Fund 2025 58,929 UK eqvilles and ¢dleclive5 39,230 Property co118cINes 23.B01 UK GDvernmenl and fiKOd Interest sècurllie5 35.544 Ov8rsoos equlll85 and collectives 15,017 Over5e88 lixed Intér881 49,225 27,222 19,232 37,872 15.953 172.521 149,504 2 PROMOTING AND ENHANCING CHARITABLE WORK 2025 Total Funds Unrostrlcted Endowment Fund Granis award8d to in51ftulion8 Grant admlnislratlon costs Governance cos15 (note 31 345.000 8,772 1.714 345.000 51,971 3,124 43,199 1,410 2025 TO1 funds 355,486 44.609 400,095 2024 Total Fun Unreslrl¢t8d Fund Endowmenl Fund Gr8ntS 8wardgd to Inslllullons Gr8nt admlnisli81ion ¢osts Gov&rn8nc& costs Inole 3) 244,000 7.793 1.510 244,000 46.790 2.860 38,997 1,350 2024 Totsl funds 253,3Q3 40.347 293,650 A detBilel1I8t of the grants awarded lo instilullon5 is given in Ihe appgrdiK to thos9 accounls.
THE INM NCHA e18 NOTES TO THE ACCOUNTS- 1ST DECEMBER 2025 2 PROMOTING AND ENHANCING CHARITABLE WORK Iconllnuedl A reconcillatlDn of Ihe gr8nlS payable and granl commrtmenls figures shown in these a¢coun15 1$ as follows.. UnrestrCted Fund 2024 Unr08trictÈd Fund 2025 6,000 Grant comtnltments al Isl January 2025 244,000 Gr8nls awarded during the year 345.000 250,0(K> Gran15 pay8ble 1250,0001 Grants pald duiino th8 year 345.000 1345.0001 Grant commbtments al 31st December 2025 3 GOVERNANCÉ COSTS 2025 Total Funds Unr&8trlcted Endowmont Fun Ind8pendenl examlner8 f8 Dlr&clors' exp8n5es 1,410 304 1,410 2,820 304 1.714 1,410 3,124 2024 Total Fund Unr&strlct8d Funds Endowment Fund Ind8pendént 8xsmin8r's f8e OlrfycloKs' 8PS&s 1,350 160 1,350 2.700 160 1,510 1,350 2,860 4 STAFF COSTS, DIRECTORS, REMUNERATION. AND OTHER RELATED PARTY TRANSACTIONS The Chaiily employ8d nD slafl during th8 year12024- None). No dlreclor of th8 corpor81@ Iru8tee reCed any remungraiion In r85peGI of their seNico8 during thè year12024- £nlll. Two dir&ctor8 were r8lmbursed £304 for travel oxp¢ndllure incvrred In the performano of Ihelr duties dvrlng lh8 year12024- £1801
NMAN CHARITY è99 NOTE TOTHEA OUNTS- 31ST DECEM8ER 2025 4 STAFF COSTS, DIRECTORS, REMUNERATION. AND OTHER RELATÉD PARTY TRANSACTIONS Icontlnuedl Tho kay managÈmenl personn810l the charity in ¢harge of dire¢llng and contfo11ing, the chaiily Comprise the dir8cIois tyf the corporate Injslee. Tho lolal rernuneralion lin¢ludlng 18xablè benefi15 bul gxcludlng omployerfs penshn conlribulionsl of the key managomenl rsonnÈl lor the year was £nil12024- £nill. Payne Hld¢8 Baach LLP COTiducled the day lo dsy aominislralion of the ¢harlly during the y88r. The 10181 fees ch#rg8d lor Ihe ye8r w8re £51,89112024 - £46,704), £25.865 of which remained outs18nding al the ye8r end 12024 £23,604). I balances are un5e¢ured, inlerest-free and lo be $8ttled In ¢ash. There wer8 other r8181ed party tran88Clions during the yèar of r8POrt12024 NDnol. S TAXATION The Inman Gharlly is B registered charity and, IhereforÈ. 18 fK)I liable to Income lox or corporallon lax on income or gain8 d8rived from Its charilablo acllvllie5 as they fall within the &x8mption$ vallable lo regisl8red charitles. 6 INVESTMENTS 2024 2025 LISTED INVESTMENTS Movgmenls in lisled Inv8sltn$nts during th8 year were as folw$.. 5.301,274 Market value al 1$1 January 2025 1.597,S12 Addillons at wsl DIsp05a15 al L)ook valu8 11.873,3781 Iproc88ds'. £1,877,742.. r8albed galn of £81,835) 142.208 N81 unro01isgd g8in51lk)s$esl In year 5,167,616 1,690.971 11,795.9071 250.698 5,167,616 M8rk8t value al 31st Dg¢embor 2025 5,313,378 4,450.261 Cost at 31st December 2025 4.333,350
THE INMAN CHA ITY 920 NOTES TO T EACCOUNTS- 31ST OECEMBER202 6 INVESTMENTS Icontinuedl All Inv881rfients were de811 In on a racognised 81ock exthange.. 2024 2025 Llsled investmen15 held 8131st D8C8tnber 2025 compriso the following-. Inve$lm8nls Ilsled on & UK stock exchang8 UK equi1185 UK Government and fix8d interest 8ecurflles Property collectives 1,467.379 770,728 543,234 1,177.580 726.879 553,855 2,781,341 2.458,314 Ov8rsÉa3 inveslmenls Ov8rs8a5 gqultles collaclives Fixed inler&sl 2.123.119 263,156 2.660.228 194.83S 2.855,064 5,167.616 5.313.378 Al 31st Docember 2025 thÈ followng individual holding5 had a mat8rfal market value in the ¢onl&xl of the enlire portfollo.. Valu@ Portfol. The Charit188 Property Fund Unlts 405.132 OTHER INVESTMÈNTS Movements in the Roy81 Albert Hall Debentur8 durlng th& yearwere as follows.. 280,000 Market value al 151 January 2025 Ng1 unrèallsed gain51llosse81 in year 280,000 280.0 Market V81uo al 31st D8cember 2025 280.000 280,000 C05t 0131st D8Cetrt)er 2025 280,000
THEI AN CHA ITY 621 NOTES TO THE ACCOUNT - 31ST DECEMBgR 2025 7 OEBTORS 2024 2025 12,870 AG¢fu8d incomè 708 Other debtors 10,5EI 13.578 10,581 8 CASH AT BANK AND IN HAND 2024 2025 33,666 CAF Bank 63.308 Ralhbone8 Inve5tm8nt M8nagam8nl 13,396 PByns Hick5 Beach LLP 1,238 32.742 13,844 110.388 47.824 9 CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2025 Trade credltors Inveslmenl manag8¢s fees Gr8nl administration ¢osls Accrual$ and deferd Income Independent 8Xatninallon feès Oiher crgdltors Directors, exp8nses S,833 23,604 7.183 25,865 2,700 2,820 132 33,137 36.000
THE INMAN CHARITY Pa e22 NOTES TO THE ACCOUNTS- 31ST DECEMBER 2025 10 ENDOWMENT FUND At 1 January 2025 Investment enditure Galnsl losses At 31 Dècamber 2025 Income Ex 4,378,691 168,0761 280,002 4,590,617 At l Jonuary 2024 Inveslment endlture Galns/ loss9$ Al 31 December 2024 InconTe Ex 4,426,646 (63,6141 15,659 4.378,691 The Bndowmenl fund rapresentS the disposal proceeds ol a propèrty whi¢h was receiv8d by the Charity on the death ol thè Selllor. The directors have the power lo meet administrative expenses from the endowm8nl and the income may be applied towards Ihg oener81 objects of the charity. During the year to 31st December 2025, £68,076 of the endowment fund wa5 Converted to income in order lo sellle the adminislralive expenses from the fund. The adminislraliv8 expenses raised during the year were as follows.. 2025 Independènt examiner's lee Gr8nl adminislralion costs Investment management costs 1,410 43.199 23,467 68,076 During Ihe ygar lo 31st Decemb&r 2024, £63,614 of Ihg &ndowmenl fund was convèrted lo income in order lo setlle the administrative expensgs from th8 fund. Thg adminislralive exponses r8ised during the year wsre as lollows.. 2024 Ind&p8ndenl examiners fee Granl adminislralion ¢osts Invgslmgnl m&n&ggmenl Gosls 1,350 38,997 23,267 63,614
THE INMAN CHARITY e23 NOTES TO THE ACCOUNTS- 31ST DECEMBER 2025 11 UNRESTRICTED FUND At 1 January 2025 Investment endilurg Gain$1 losse5 At 31 December 2025 Income Ex 1,159,734 172,252 1359,351) 52,531 1,025,166 Al l January 2024 Investment 8nditure Gains/ lossgs At 31 December 2024 Income Ex 1. 195,420 196,350 (258,521) 26,485 t, 159, 734 The unreslrictÉd fund includes monies sel aside by Ihg drectors lor Ihe purpos8 ol providing continuing source ol income to the charity, thereby safeguarding 115 lulure. 12 ANALYSIS OF NET ASSETS BETWEEN FUNDS Funds balances al 3151 December 2025 ara reprgsanted by.. Unrestrlcted Endowmont Fund Fund Total Funds L1sted investments Royal Albert Hall Deb8nture Nel current assetsllliabilitiesl 603,698 280,000 141,468 4,709,680 5,313,378 280,000 22.405 1119.0631 1.025,166 4,590,617 5,615,783 Unrealised gains on listed inveslmenls 168,301 811.727 980,028 Reconoiliatlon of movements in unroalised gain8 on inveslmenl assets Unre81ised gains at Isl January 2025 Adjusted in respe¢t of disposals in year 129,054 588,302 11,975 717.356 11,974 129,053 600,277 729,330 Add.. Nel gains arlsing on investment revalu8tion in year 39,248 211,450 250,698 Unrealised gains al 315t December 2025 168,301 811,727 980,028
THE INMAN CHARITY Pa e24 NOTES TO THE ACCOUNTS- 31ST DECEMBER 2025 12 ANALYSIS OF NET ASSETS BETWEEN FUNDS IContlnu8dl Funds balan¢8s 8131st December 2Q24 3r8 reprsssnted by.. Unrestricted Endowment Fund Fund Total Funds Listed investments Royal Albert Hall Debenture N81 current 8ssels/(li&bililies) 756,857 280,000 722,877 4,410,759 5, 167,676 280,000 90,809 132,068) 1. 759,T34 4,378,691 5,538,425 Unr8alisgd g8ins on listed inveslmenls 129,054 588,302 717,356 Reconciliation of movgmenls in unrealised gains on investment assets iJnrealis&d gains at tsl January 2024 Adjuslménl lo broughl forw8rd valu6$ Adjuslad in respeel of disposals in year 93,719 494,201 (26, 172) 51,402 587,320 (26, 172) 13,999 117,403) 75,716 499,431 575, 147 Less.. N61 gains arising on investment rev8lu&lion in y&ar 53,338 88,871 142,209 Unrealisetl gains 8131st D6cemb8r 2024 729.054 588,3Q2 77 7,356
THE INMAN CHARITY 825 PENDIX TO ACCOUNTS- 31ST DECEM8ER 2025 GRANTS AWARDED DURING THE YEA Amount Bursary Fund Victor Inman Bursary Fund al Uppingham Sehool 30.000 M8dlcal. Resoarch Asthma & Lung UK Bone Cancer Research Trust The 8rain Tumour Charily Clatlerbridge Cancer Charity Cystic Fibrosis Trust Enc8phalllis Inl8rnalional Kings College London- M8dieal Research Fund Macular So¢loly Thè Maddi Foundatn Martan Trusl Motor Neurone Dis6as6 Associab'on Pain Relief Foundation Pancall¢ Cancer UK PIo8late Cancer Research Spinal Research Versus Arthritis Wellbeing of Women 5,000 5.000 5,125 5,125 5,125 5,000 7,000 5.125 s,000 5,12S 6,000 5.125 5,125 8.000 5,125 5.000 5,(XlO Medlcal Gertoral Th8 B8ck-Up Trust Future Dreams Look Good Foel Bgller Maggie's The Mlgraine Trusl Mind2Muscle 3.500 3,750 3,250 3,250 3,750 2.500 Sociel- Hospi¢es Barn51ay Hospic Birmingham Hosplce Cransley Hosplcè Trusl Hospice UK Pilorims Hosplces Sl Elizabeth Hosplc8 Sl Teresa8 Hospl¢e, Darlington Woodlands Hospice 4.0 5,000 3,000 10.000 4,500 5,000 s.000 5,000 Soclal. Older Pèopl• and SoGI81 Welfare Thè Autumn Cenlre 8asingsli)ke Neiohbourhood PrDlect 8ow Foodbank Callhorpe Comrnunity Gardon Crossroads Day Centre Croydon Visicin Dressabilily Essex Demenlia Carg FISH N&ighbourhood Voluntary Car8 Scheme Holdemess Area Rural Tr8nsport 5,000 3,500 5.000 3.250 3.250 3,250 3.250 5,000 5.000 5,000 C8rried fortY8r(I 223.0
THE INMAN CHARITY e26 APPE THE ACCOUNTS- 31ST DECEMBER 2025 GRANT AWARDED DURING THEYEAR.. GRANTS A WARDED URING THE YEAR.. Contlnued Brought FoiwarGI 223.th)O Incommon Laufence's Larder The Manna SI161Y MIND N&wslarts Oasis Community Hub, Waterloo R88ch Communily Projects Rural Collée Car8van Samari18ns St John's Soup Kllchen Warwick5hire Rural Community Council Wiltshirè and Bath Independenl LNing Trust 3.250 3.250 5,000 5,0 3,500 3,25D 2,250 5,000 5,000 3.250 4,000 3,250 Social. Dgaf 8nd Bllnd 8exley D88f Centre DeafBlind UK Oeaf Choices UK Sundèrland Deal So¢iety Kingston As50cialion lor the Blind Lincoln & Lindsey Blind Soclely Listening Books Sight lor Wight 2,000 5,000 2,000 5,000 3.500 2.DOO 5,000 4,750 SoGl81. Physlc8lly and Mentally Di5ablod Birmingham Disabillly Resourc8 C8ntr8 DEMANO Disability Solution5 Wesl Midlands Ealing Menc8p Natural Ability Whilby, Sc3rborough & Ryedale DSsability Action Group 3.000 4,750 2,500 3,750 2,750 5,000 Amied Forces Improving Lives Plymouth STUBS Supporting Wound8d V8t8rans UK Veterans Hearing Foundation Walking wilh the Wounded Wlngs for W8rriors 3,500 3,000 3,500 3,250 3.500 3.250 General London Search 8nd Rescue s,000 Total 345.000 Total granls 8nrl doFY8tions ft) instilulions awarded during 2024 amounted lo £24QQ