Charity Commission No. 1115871 CIBSE BENEVOLENT FUND TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
aBSE BENEVOLENT FUND TRUST CONTE14TS OF THE F114ANCIAL STATEMEwrs FOR THE YEAR E14DED 31 DECEMBER 2025 Contents PaBe Reference and administration information Trustees, Report Independent Examination Report Statement of Financial Activities Statement of Financial Position Statement of Cash Flows Notes to the Financial Statements
aBSE BENEVOLENT FUND TRUST REFERENCE ADMINISTRATION INFORMATION FOR THE YEAR E14DED 31 DECEMBER 2025 TRUSTEES K Kelly. Chair A Mcwilliam J Sproxton J Field J Stocker S Macpher50n (appointed 24 April 20251 P Raynham lappointed 30 Ortober 20251 P Anderson lappointed 29 january 20261 R Gooding L Copeland A Fung (appointed 29 January 20251 REGISTERED OFFICE clo Chartered Institution of Building Seryices Engineers 91-94 Saffron Hill London ECIN 8QP CHARITY NUMBER 1115871 INDEPENDENT EXAMINER Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW PRINCIPAL BANKERS National Westminster Bank Croydon & South London Commercial Business Centre 3rd Floor Link House 4 Addiscombe Road Croydon CR05
aBSE BENEVOLENT FUND TRUST TRusfEES' REPORT FOR THE YEAR E14DED 31 DECEMBER 2025 The Trustees present their annual report and accounts of the CIBSE Benevolent Fund Trust Ithe "Trust") for the year ended 31 December 2025. The financial ststements have been prepared in accordance with the accounting policies Set out on pages 9 to 13 and comply with its Trust Deed, the Charities Art 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland IFRS 1021 leffective l January 20191 (Charities SORP IFRS 10211. srRucfuRE, GOVERNANCE ANO MANAGEMEMr The Trust 15 governed by the Trust Deed dated 16 August 2Th15. The charity number is 1115871 and the Trust was registered with the Charity Commission in England and Wales on 21 August 2TrJ5. The objectives of the Trust ale the relief of persons who a in conditions of need. hardship or distress and who are members or former members of the Institution of Heating and Ventilating Engineers or of the Illuminating Engineering Society of Great Britain or of the Chartered Institution of Building Service5 Engineers ICIBSEI and the immediate dependants of such persons. Except in eyceptional circumstances, support is normally only offered to those who have paid not less than three years, subscriptions to one or more of those institutions and to the dependants of such persons. Assistance and all financial aid sh311 be at the discretion of the Bo)rd of Trustees who may dele8ate thls responsibility to a Management Committee. The Board of Trustees consists of at least seven TTilStees and includes- two Trustees nominated by the Almoners- two Trustees nominated by the governing body of the Chartered Instltution of Bulldlng Servlces Engineers, and the Hon Treasurer for the time bein8 of the Chartered Institution of Building Services En8ineers. ACHIEVEMENT5 ANO PERFORMANCE AND FINANCIAL REVIEW The Fund's income for 2025 was just over £69k a decrease of £3k on the previous year. Grant expenditure has increased due to higher quarterly payments, increasing from £71XJ-£81XI. The Trust's total reserves, all of which are unrestricted, at 31 December 2025 amounted to £950,87812024'. £1,C(JI,7621. AcfiviTIES IN THE YEAR Member donations were down in 2025 compared with 2024, this may be due to inflation and other increasin8 costs to households.
aBSE BENEVOLENT FUND TRUST TRUSTEE'S REPORT ICONTINUEDI FOR THE YEAR E14DED 31 DECEMBER 2025 FUTURE PLANS The Trustees remain of the view that the increasing number of retired CIBSE members and an ageing population in general. combined with the uncertainties faced by many in respect of pension provision. that there is scope for more demand to emerge over time. although this has not yet been apparent. The Fund has responded to the risirhg cost of living by increasing the grant5 to beneficiarie5. More generally, the Trustees continue to seek opportunities to promote the work of the Fund, to generate further income and to draw the attention of potential beneficiaries to the available support. RISK MANAGEMENT A full review of the Trust's main areas of risks has been undertaken. This includes all health and safety policies and procedures. The Trustees are happy with the processes that have been established to mitigate these risks. rhe reserves comprising cash and investments will enable the trust to meet obligations as they fall due. PUBLIC BENEFIT The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefil when reviewing their aims and objectives and in planning future activities. RESERVES POLICY It is the policy of the Board of Trustees to maintain sufficient free reserves to generate sufficient Investment income in order to Continue to fulfil the objects of the Trust and to provide lor future demands. Investment performance in 2025 was down by £46k on the previous year, but the Trustees believe that sufficient funds are available to meet the needs of the Trust and of its reseryes policv. srATEMENT OF TRUSTEES. RESPoNSIBILlEs The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). rhe law applicable to charities in England & Wales requirès the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incomin8 resources and application of resources of the Trust for that period. In preparin8 these financial statements, the Trustees are required to.. select suitable accounting policies and apply them consistently; observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent- state whether applicable accounting standards have been followed, subject to any material departure5 di5¢105ed and explained in the financial statements-
CIBSE BENEVOLE1 FUNO TRUST TRusfEE'S REPORT ICOIfflNUEDI FOR THEYEAR ENDED 31 DECEMBER2025 STATEMENT OF TRU5TEES' RESPONsIBILlEs Icontinuedl prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Trust's transactions and disclose with reasonable accuracy at any time the financial position of the Fund and enable them to ensure that the financial statements comply with the Charities Act 2011. the Charity IAccounts and Report) Regulations 2LK)8 and the provisions of the Trust's trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Board of Trvstee5 on 30 April 2026 and signed on its behalf by.. K Kelly Trustee
aBSE BENEVOLENT FUND TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRuEE5 OF THE CIBSE BEl4EV0LEP FUND TRUST OPINION I report to the trustees on my examin3tion of the accounts of CIBSE Benevolent Fund Trust for the year ended 31 December 2025. Thi5 report is made solely to the chariVs trustees, as a body, in accordance with section 154 of the Charities Act 2011. My independent examinerfs work has been undertaken so that I might state to the charitV'5 trustees those matters l am required to state to them in an independent examinerfs report and for no other purpose. To the fullest extent permitted by law. I do not accept or assume responsibility to anyone other than the charity. the charity's members as a body and the charitys trustees as è body for my independent examinerfs work, for this report. or for the opinions I have formed. RESPONS181LITIES AND BASIS OF THE REPORT As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance wlth the requlrements of the Charitles Art 20111.the ACYI. I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carryin8 Out my examination I have followed all the applicable Oirection5 given by the Charity Commission under section 14515llbl of the Act. INDEPENDENT EXAM114ER'S STATEMENT I have completed my examination. I confirm that no material matters have come to my attention In connection with the examination 8iving me cause to believe that in any materièl respect= l. ac¢ountin8 record5 were not kept in respect of the Trust as required by section 130 of the Att; 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2CM)8 other than anv requirement thai the accounts give a'true and fair Vie which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. yar Vincent Marke FCA Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW 30.04.2026
aBSE BENEVOLENT FUND TRUST STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR E14DED 31 DECEMBER 2025 2025 2024 Note Income from: Donations and legacies Investments 42,273 26,862 46,473 26,035 Total 5ncome 69,135 72,508 Expendlture on: Charltable artivlties Charitable Expenditure 73.500 61,592 Total expendlture 73,500 61,592 Net Income before galns on Investments Net Ilossl I gains on investments 14,3651 146,5181 10,916 24,288 Net Income and Net m0ment In funds 150,8831 35,204 Fund balance brousht fonward 1,001,761 966,557 Fund balance ¢arrled forward 950,878 1,001,761 All of the above results are derived from continuing activities. There were no recognised gains or losses other than those stated above and therefore those stated above represent total comprehensive income. The notes on page 9 to 13 form part of these financial statements.
aBSE BENEVOLENT FUND TRUST STATEME1 OF FINANCIAL POStTION AS AT 31 DECEMBER 2025 2025 2024 Nott Flxèd assèts Investments 862,848 909,366 Total flxed assets 862.848 909,366 Current assets Oebtors Short term deposits 6,516 86,768 73,742 21,107 Total ¢urrent amets 93,284 94,849 LIabl15eS Credltors.. Amounts falling due withln one year IS.2541 12,4541 Net current assets 88,030 92,395 Net amets 950.878 1,001,?61 Funds Unrestricted funds 950,878 1,001,761 Total funds 950,878 1,001,761 Approved by the Board of Trvstee5 and authori5ed for issue on 30 April 2026 and signed on its behalf bv.. K KELLY Trustee The notes on page 9 to 13 form part of these financial 5tstements.
aBSE BENEVOLENT FUND TRUST STATEMEPUOF CASH FLOWS FOR THE YEAR E14DED 31 DECEMBER 2025 Note 2025 2024 Cash flows from operatlng actlvltles: Net¢a5h provided by/{used inj operoting ortivitie5 38,799 140,6071 Net cash flows from investment activities: Dividends and interest from investments 26,862 26,035 Net C475h providedby/lused inj investing ortivitie5 26,862 26,035 Change in cash and cash equivalents in the year Cash and cash equivalent5 at the beginning of the year 65,661 21,107 114,5721 35,679 Cash and cash equivalents at end of the year 86,768 21,107 Notes to the cash flow statement l. ReconcIllaOn of net Income to net cash flow from operatlng actlvltles Net income for the reporting period las per the Statement of Financial Activities) Gains on investments Dividends and interest from investments Oecrease/llncreasel in debtors IncreasellDecreasel in creditors 150,8831 46,518 126.8621 67,226 2,800 35,204 124,2881 126.0351 124,0381 11,45DI Net cash used in operating activities 38,799 140,6071 11. Analysls of cash and cash equlvalents 2.025 2024 Short-term deposits 86,768 21,107 Total ¢05h and cash equivalents 86,768 21,107 111. Analys15 of chan8es In net debt At OVOV2024 Cash Flows At 311IV2025 Short term deposits 21,107 65,661 86,768 Total 21,107 65,661 86,768
aBSE BENEVOLENT FUND TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR E14DED 31 DECEMBER 2025 I ACCOUNTING POLICIES 1.1 Basis of preparation and Boing ioniem The financial statements have been prepared under the historical cost convention as modified by the revaluation of fixed asset investments. The financial statements have been prepared in accordance with the Statement ol Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial ReportinÈ Standard applitable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair view. and have departed from the Charities (Accounts and Reports) Regulations 2(M)8 only to the extent iequired to provide a 'true and fair view,. This departure has involved followin8 the Statement of Recommended Prattice applicable to charities preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 issued on 16 July 2014 rather than the previous Statement of Recommended Practice.. Accounting and Reporting by Charities which was effective from l April 2LK$5 but which has since been withdrawn. The Trust con5titute5 a public benefit entity as defined by FRS 102. l.Z Goln8 Concern The Trustees consider that there are no material uncertainties about the Trust's ability to continue as going concern. The Trustees have reviewed the trust's investments and operations and are satisfied there will be sufficient cash resources available to meet grants awarded and operational costs. The Trust holds reserves to supplement income requirements to meet its charitable objectives as requlred. The Trustees consider that there are no material uncertainties over the Twst's ability to continue as a 80in8 concern for the foreseeable future, being a period of at least 12 months from the date of si8nin8 the financial 5talements. 1.3 Income re¢ognltlon All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donation5, are recogni5ed when the Trust ha5 been notified in writing of both the amount and settlement date. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust.. this is normally upon notification of the interest paid or payable by the bank. Income from investments is included in the Statement of Financial Activities when it is earned. This is when the Trust becomes entitled to the resource. All income is attributable to unrestricted funds.
aBSE BENEVOLENT FUND TRUST NOTES TO THE F114ANCIAL STATEMEPUS (CONTINUED) FOR THE YEAR E14DEO 31 DECEMBER 2025 I ACCOUNTING POLICIES Icontinuedl 1.4 Expendlture recognltlon Liabilities are recognised as expenditure as soon a5 there is a legal or constructive obli8ation committing the Charity to that expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure involving more than one category has been apportioned by the Trustees on a reasonablè. justifiable and consistent basis, involving estimating proportions of time spent. Provision has been made in the Statement of Financial Activities for all grants authorised by the Trustees during the year. The expense for the year is reduced by the cancellation of grants authorised but not subsequently required. All expenditure is made from unrestricted funds. 1.5 Investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing market price. The Statement of Financial Activities includes the net gains and losses arising on revaluatlon and dlsposals throughout the year. The Trust does not acquire put options, derivatives OT Other complex financial instrument5. 1.6 Reallsed 8alns and loss•s All gains and losses are taken to the Ststement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequently to the first day of the financlal year. Unrealised gains and losses are calculated as the difference between the fair value at the year-end and their carryin8 value. Reali5ed and unrealised investment gains and losses are combined in the Statement of Financial Activities. 1.7 Funds Unrestricted funds are the general funds of the Charity. which may be used at the Trustees, discretion in accordance with the charitable objects. Comparative amounts presented within the Statement of Financial Activities are all attributable to unrestricted funds. 1.8Jud8ements and key soye$ of estimation uniertainty Estimates and judgements are continually evaluated and are based on historical experience and other factors. including expectation of future events that a believed to be reasonable under the circumstances. There are no estimates and assumptions that are considered to have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities. io
aBSE BENEVOLENT FUND TRUST NOTES TO THE F114ANCIAL STATEMEPUS (CONTINUED) FOR THE YEAR E14DEO 31 DECEMBER 2025 2 INVESTMENT INCOME 2025 2024 Listed investments including Govemment Securities Cash deposits 26,229 633 25,788 247 26.862 26.035 3 ANALYSIS OF TOTAL EXPENDITURE Dlrect Grants Travel Other 2025 2024 Dlrect charltable expendSture Grants to individuals Governance costs 65.366 65.366 8,134 54,081 7,Sll 374 7.760 65,366 374 7,760 73,51)J 61,592 2025 2024 Governance costs Administrative fees Independent Examination fees Trustees expenses and meeting costs 4,029 2.8C(J 1.305 3,780 2,450 1.281 8,134 7,511 Dirett grants were made during the year to 31 12024: 271 individuals to assist with their welfare and financial needs. Trustees are reimbursed for travelling and other expenses whilst engaged on or incurred in respect of the activities of the fund. In 2025 3 trustees undertook travel and were reimbursed a total of £49812024.. 4 for £4861.
aBSE BENEVOLENT FUND TRUST NOTES TO THE F114ANCIAL STATEMEPUS (CONTINUED) FOR THE YEAR E14DEO 31 DECEMBER 2023 4 INVESTMENTS 2025 2024 Balance as at l January Net gains on investments Net gain on re valuation 31 Dember 909,366 885,078 146.5181 24.288 Balance as at 31 December 862.848 909,366 The listed investments are managed on behalf of the Trust by CCLA Investment Management Limited. 5 DEBTORS: AMOUNTS OUE WITHIN ONE YEAR 2025 2024 Amounts receivable from The Chartered Institution of Building Services Engineers INote 81 6.516 73,742 6,516 73,742 6 CREDITORS: AMOUNTS DUE WITHIN ONE YEAR 2025 2024 Accruals 5,254 2,454 5.254 2.454 12
CIBSE BENEVOLENT FUND TRUST NOTES TO THE FINANCIAL STATEMENT ICONTINUEDI FOR THE YEAR E14DED 31 DECEMBER 2023 ANALYSIS OF CHARITABLE FUNDS Current Year Funds brought forward Income Expenditure Net Ilossl I gains on Investments Funds carrled forward Unrestricted funds I.1.761 69.135 I73.5) 146.5181 950,878 l.C#)1.761 69.135 173.SC#)I 146,5181 950,878 Prlor Y•ar Funds brou¥ht forward Income Expendlture Ilossl I galns on Investments Funds carried forward Unrestricted funds 966.557 72.508 161,5921 24,288 l.Wl,761 966,557 72.508 161.5921 24,288 1,001,761 8 RELATED PARTY AND RELATED PARfi TRANSACTIONS The Chartered Institution of Building Services Engineers ICIBSEI is a related party to the Trust bv virtue of its members or formers members and their immediate dependants being supported by the CIBSE Benevolent Fund Trust. CIBSE is a Charity registered in the United Kingdom and its registered office is 91-94 Saffron Hill London ECIN 8QP 2025 2024 Administration fee charged by CIBSE to the Benevolent Fund 2,884 2.884 Payments made on behalf of the Benevolent Fund Expenses Grants 2,366 1,749 2,107 Amounts recelved on behalf of the Benevolent Fund Donations 28.962 46,473 At the end of the year, CIBSE owed the Trust £6,51612024.. CIBSE owed the Trust £73,743 which was paid back to the Benevolent fund during 20251. 13