| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Audited Financial Statements for the Year Ended 31 December 2025 |
| for |
| THE ICMIF FOUNDATION |
| (A COMPANY LIMITED BY GUARANTEE) |
| THE ICMIF FOUNDATION |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2025 |
| Page |
| Report of the Trustees | 1 | to | 3 |
| Report of the Independent Auditors | 4 | to | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 | to | 12 |
| THE ICMIF FOUNDATION (REGISTERED NUMBER: 09866769) |
| Report of the Trustees |
| for the Year Ended 31 December 2025 |
| The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). |
| OBJECTIVES AND ACTIVITIES |
| Objectives and aims |
| The ICMIF Foundation was founded by ICMIF which is a global representative body of the cooperative and mutual insurance sector. |
| Charities objectives: The relief of financial hardship, in particular in communities which are socially and economically disadvantaged and including those exposed to economic, social and climate shocks or the impact of conflict, by: |
| (a) supporting the development and use of affordable mutual insurance products |
| (b) educating the public on the subject of inclusive mutual insurance as a means of safeguarding livelihoods. |
| Public benefit |
| The trustees have had due regard to the guidance issued by the Charity Commission on public benefit. |
| ACHIEVEMENTS AND PERFORMANCE |
| Charitable activities |
| During 2025 The ICMIF Foundation continued its support of mutual microinsurance projects in The Philippines and India through technical and financial assistance and new projects launched under the UNDP ICMIF Insurance Innovation Challenge (IIC). The total number of policies supported by The ICMIF Foundation increased by 321,049 to 3,835,831, which equates to over 19.1 million lives impacted (assuming five individuals per policyholder household) as at 31 December 2025. The reason for the increase is mainly due to the growth in the number of insured policyholders at Dhan Foundation and CLIMBS, as well as the addition of insured policyholders under the IIC. |
| 2025 was also the first full year of the four microinsurance projects selected under the first round of the UNDP ICMIF Insurance Innovation Challenge (IIC). The IIC, through matched funding from both organisations, is helping mutual and cooperative insurers in emerging / developing markets, to scale up innovative, affordable and inclusive insurance products which specifically serve the needs of underserved households and / or micro, small and medium-sized enterprises (MSMEs), with a particular focus on products which support women. The four projects are based in Kenya, Malawi, Philippines and Sri Lanka and a large part of the support given has been around capacity building, training and technical support from experienced mutual microinsurance practitioners and guidance provided by the Microinsurance Committee of the Foundation. |
| Donor recruitment and engagement also increased in 2025 led by the Donor Engagement Committee with a number of face-to-face meetings taking place at the end of the year during the ICMIF Board Meetings in Paris. As a result, there was a total number of 23 donors to the IIC by the end of 2025.. |
| FINANCIAL REVIEW |
| Financial position |
| The Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies are show on pages 7 to 13. |
| Reserves policy |
| The reserves policy approved by the Board at its meeting on 27th October 2025 requires reserves to be held equivalent to three years of operational costs. |
| FUTURE PLANS |
| In 2026, the UNDP ICMIF IIC projects will conclude. Discussions are ongoing about continuing the partnership with UNDP IRFF in some form, new projects will be identified for support, and the South-to-South Technical assistance platform established under the IIC will be strengthened. |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| The charity is controlled by its governing document, the articles of association, and is constituted as a company limited by guarantee, as defined by the Companies Act 2006. |
| Recruitment and appointment of new trustees |
| The trustees are appointed in accordance with any procedures specified by the board of trustees. |
| THE ICMIF FOUNDATION (REGISTERED NUMBER: 09866769) |
| Report of the Trustees |
| for the Year Ended 31 December 2025 |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Induction and training of new trustees |
| The charity currently has an annual induction and training session for new and existing trustees. |
| Risk management |
| The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| Trustees |
| Company Secretary |
| Auditors |
| Century Buildings |
| 14 St Mary's Parsonage |
| Manchester |
| M3 2DF |
| Bankers |
| Altrincham |
| Cheshire |
| WA14 1BW |
| STATEMENT OF TRUSTEES' RESPONSIBILITIES |
| The trustees (who are also the directors of The ICMIF Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
| THE ICMIF FOUNDATION (REGISTERED NUMBER: 09866769) |
| Report of the Trustees |
| for the Year Ended 31 December 2025 |
| STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued |
| Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). |
| Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to |
| - | select suitable accounting policies and then apply them consistently; |
| - | observe the methods and principles in the Charities SORP; |
| - | make judgements and estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
| The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| In so far as the trustees are aware: |
| - | there is no relevant audit information of which the charitable company's auditors are unaware; and |
| - | the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. |
| Approved by order of the board of trustees on |
| Report of the Independent Auditors to the Trustees of |
| The ICMIF Foundation |
| Opinion |
| We have audited the financial statements of The ICMIF Foundation (the 'charitable company') for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the charitable company's affairs as at 31 December 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Matters on which we are required to report by exception |
| We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: |
| - | the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or |
| - | the charitable company has not kept adequate accounting records; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of trustees |
| As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Trustees of |
| The ICMIF Foundation |
| Our responsibilities for the audit of the financial statements |
| We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
| - we identified the significant laws and regulations applicable to the charitable company which we considered could have a direct material effect on the financial statements or the operations of the charitable company. Said laws and regulations include but are not limited to, the Companies Act 2006, taxation legislation and data protection, anti-bribery and employment legislation; |
| - the identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
| We assessed the susceptibility of the charitable company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur. We also addressed the risk of fraud through management bias and override of controls by; |
| - updating and reviewing our knowledge of the charitable company, its officers and internal financial function, together with their systems and internal controls. This included making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and |
| - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. We concluded that whilst the charitable company had controls in place that were appropriate to its size and the nature of its activities, we could not rely on those systems and internal controls exclusively for the purposes of our audit work. We therefore adopted a substantive and transactional approach to our audit, seeking to verify figures in the balance sheet to third party evidence and transactions within the Income Statement to external independent documentation; |
| - We did not review every transaction. However, we adopted an approach based on testing a sample of transactions. In choosing our sample, we tested transactions that were material in nature and in addition a random sample of other transaction. By choosing transactions of a material nature, our audit work is designed to detect material misstatements. The use of random testing on other transactions is designed to detect other irregularities and the operation of the charitable company's internal control systems generally. If exceptions were noted, our audit work was expanded to test more transactions with a view to determining whether the exception was of an isolated nature; |
| - We performed analytical procedures to identify any unusual or unexpected relationships; |
| - We tested journal entries to identify unusual transactions and investigated the rationale behind significant or unusual transactions. |
| There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
| Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. |
| Report of the Independent Auditors to the Trustees of |
| The ICMIF Foundation |
| Use of our report |
| This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed. |
| Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 |
| 14 St Mary's Parsonage |
| Manchester |
| M3 2DF |
| THE ICMIF FOUNDATION |
| Statement of Financial Activities |
| for the Year Ended 31 December 2025 |
| 31.12.25 | 31.12.24 |
| Unrestricted | Restricted | Total | Total |
| fund | fund | funds | funds |
| Notes | £ | £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Investment income | 2 |
| Total |
| EXPENDITURE ON |
| Charitable activities |
| NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
| Transfers between funds | 9 | 223,388 | (223,388 | ) | - | - |
| Net movement in funds | ( |
) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 531,777 |
| THE ICMIF FOUNDATION (REGISTERED NUMBER: 09866769) |
| Balance Sheet |
| 31 December 2025 |
| 31.12.25 | 31.12.24 |
| Unrestricted | Restricted | Total | Total |
| fund | fund | funds | funds |
| Notes | £ | £ | £ | £ |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 9 |
| Unrestricted funds | 127,855 |
| Restricted funds | 403,922 |
| TOTAL FUNDS | 531,777 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025. |
| The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements. |
| The trustees acknowledge their responsibilities for |
| (a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
| These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011. |
| These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
| The financial statements were approved by the Board of Trustees and authorised for issue on |
| THE ICMIF FOUNDATION |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2025 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
| Income |
| All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
| Expenditure |
| Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Computer equipment | - |
| Fixed assets are recorded at cost. |
| Taxation |
| The charity is exempt from corporation tax on its charitable activities. |
| Fund accounting |
| Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
| Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
| Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
| Financial instruments |
| Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| 2. | INVESTMENT INCOME |
| 31.12.25 | 31.12.24 |
| £ | £ |
| Deposit account interest |
| THE ICMIF FOUNDATION |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2025 |
| 3. | NET INCOME/(EXPENDITURE) |
| Net income/(expenditure) is stated after charging/(crediting): |
| 31.12.25 | 31.12.24 |
| £ | £ |
| Auditors' remuneration | 2,805 | 2,550 |
| Auditors' remuneration for non audit work | 2,805 | 2,550 |
| 4. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 December 2025 nor for the year ended 31 December 2024. |
| Trustees' expenses |
| During the year trustees were reimbursed for any expenses incurred. |
| 5. | STAFF COSTS |
| The average monthly number of employees during the year was as follows: |
| 31.12.25 | 31.12.24 |
| Consultant |
| 6. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| At 1 January 2025 and 31 December 2025 |
| DEPRECIATION |
| At 1 January 2025 and 31 December 2025 |
| NET BOOK VALUE |
| At 31 December 2025 |
| At 31 December 2024 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.25 | 31.12.24 |
| £ | £ |
| Trade debtors |
| Other debtors |
| THE ICMIF FOUNDATION |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2025 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.25 | 31.12.24 |
| £ | £ |
| Trade creditors |
| Other creditors |
| Accrued expenses |
| 9. | MOVEMENT IN FUNDS |
| Net | Transfers |
| movement | between | At |
| At 1.1.25 | in funds | funds | 31.12.25 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 127,855 | (25,263 | ) | 223,388 | 325,980 |
| Restricted funds |
| Restricted | 403,922 | 17,011 | (223,388 | ) | 197,545 |
| TOTAL FUNDS | (8,252 | ) | 523,525 |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 3,973 | (29,236 | ) | (25,263 | ) |
| Restricted funds |
| Restricted | 158,553 | (141,542 | ) | 17,011 |
| TOTAL FUNDS | ( |
) | (8,252 | ) |
| Comparatives for movement in funds |
| Net |
| movement | At |
| At 1.1.24 | in funds | 31.12.24 |
| £ | £ | £ |
| Unrestricted fund | 152,935 | (25,080 | ) | 127,855 |
| Restricted fund |
| Restricted | 351,908 | 52,014 | 403,922 |
| TOTAL FUNDS | 504,843 | 26,934 | 531,777 |
| THE ICMIF FOUNDATION |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2025 |
| 9. | MOVEMENT IN FUNDS - continued |
| Comparative net movement in funds included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted fund | 1,494 | (26,574 | ) | (25,080 | ) |
| Restricted fund |
| Restricted | 89,865 | (37,851 | ) | 52,014 |
| TOTAL FUNDS | 91,359 | (64,425 | ) | 26,934 |
| 10. | RELATED PARTY DISCLOSURES |
| At the end of the year an amount of £nil (2024: £nil) was due to ICMIF, which is a global representative body of the cooperative and mutual insurance sector. The ICMIF Foundation is partly funded by ICMIF. |
| ICMIF supports the ICMIF Foundation by providing staff and office space. The total value of this support in the year to 31 December 2025 was £130,717 (2024 : £121,496). |
| 11. | LIMITED BY GUARANTEE |
| The company is limited by guarantee and the liability of the Members is limited to £1. Every Member of the Company undertakes to contribute to the assets of the Company in the event of it being wound up while that person is a Member within one year of him/her ceasing to be a Member. The contribution shall be for payment of the debts and liabilities of the Company contracted while that person was a Member and of the costs, charges or expenses of winding up and for the adjustments of the rights of the contributions amongst themselves. Each Member's contribution shall not exceed £1. |