ICE BENEVOLENT FUID ICE Benevolent Fund Report and Financial Statements For the year ended 31 December 2020 Registered Office 5 Mill Hill Close Haywards Haath West Sussex RH16 1NY mit8d Company Registered in England No. 6708655 Charity Registered in England and Wa18s No. 1126595
ICE BENEVOLENT FUND Charity Informatlon Charlty ReglBlratlon Number: 1126595 Company Reg18tratlon Numbar: 6708655 Chlef Executlve ond Prlnclpal Offlce: K L Bam8tt 5 Mill Hill Clos8 Haywards Heath West Sussex RH16 1NY Banker8: National Weslminster Bank plc Charlng Cros8 London WC2H OPD Audllor•: Mazars LLP 6 Sutton Plaza Sutton Court Road Sutton Surrey SM14FS Inve8lment Managor8: Rathbone Investment Management Limited 8 Finsbury Circus London EC2M 7AZ Sollcltor8: Stone King Boundary House 91 Chartèrhouse Str88t London EC1M6HR
Trustees, report for the year ended 31 December 2020 ICE BENEVOLENT FUND Executlve Summary In 2020 the ICE Benevolent Fund: Supported 30512019: 269) individuals. 214 (2019: 192) of Ihese w8re new in 2020. Contactsd 302 {2019: 294) indivlduals who were bar8av8d following th8 death of a member. Provided charltsble accommodatlon to 13 (2019: 16) benefi¢larf6S. Provid8d a Back to Work (B2W) servlc8 to 42 (2019: 43) individuals. Ran 5 (2019.- 22) wellbeing workshops (2 fa¢e-to-fac6 and 3 online) with 5312019.. 209} att8nde8s and 42 12019: 19) weblnars with 3,044 (2019.. 2,4401 register8d delegates. Referred 99 (2019: 851 members to our IFA or our sp8clallst partners for support. Flnanclal PotIon for tho Perlod A88el6 a8 at 31 Oecembor 2020 Investments and tanglble flx8d a&8ets Net Current Ass8ts £22,308,545 £ 105,591 Total £22,414,136 Income Investment Income £ 380,290 Donatfjons via ICE subscriptions mis¢ellan8ous donatlons & legacies Rental incom8 £ 356,407 £ 421,961 Worksh¢Jp Incom8 Total 1,575 £1,160,233 Expendlturn Provision ol flnancial asslstsnc8 to individuals £ 830,342 Advic8, Welfare & Counselling £ 361,575 Provision of acccfflmodab'on lo beneficiaries £ 125,567 Cost of rental propertles £ 77,377 Cost of fundraising 216 Inveslment Management costs Total £ 62,640 £ 1,457,717
Trustees, report for the year ended 31 December 2020 ICE BENEVOLENT FUND The ICE Benevolent Fund was eslablished on 20 December 1864 and was registered as a Charity in 1962. On 1 January 2009. the Bènevol8nt Fund incofporated to a eharltable company Ilmited by guarantee. The incorporated charity's goveming docum8nts are th8 Articles ol Associalion of the ICE Benevo18nl Fund. These Articles were amended and approved at an AGM on Monday 13 July 2015 and are available for Inspection from the ICE Bènevo18nt Fund registered address or at website www.icebenfund.com. Th8 Committee of Manag8m8nt, who are the Trustses I'Truste8s'> and the Dlr8Ctors of the Charitable Company. present their report together with the financial stat8ments of ICE Benevolent Fund for th8 year 8nded 31 December 2020. The financial statemants have been prepar6d under the accounting policies set out on pag8s 21-23 of th8 financial statements and comply with th8 current statutory requlrements, appllcable law and the Statsm8nl ol Recommended Pract1¢8 2015 Accountlng and Reportlng by Charitie8 IFRS 1021" issued In March 2C(15. Structure, Governance and Managoment ICE Benevolent Fund Member• Th8 ICE Benevol8nt Fund operates a r8glstsr of memb8rs, all of whom have appliad for m8mbership and been acc8Pt8d by the Trustees. ICE Ben8vol8nt Fund m6mbers must mak8 a minimum annual contribution to th8 Fund, which for 2020 was £10. Membership allows the Individual to attand and vote at the Fund's AGM and, il they arg ICE membars, apply for elèctlon to Trusteeship. At the end of 2020. ICE Benevolent Fund had 163 members. ICE B•nwol•nt Fund Frl•nd• Indlvlduals who donats to the ICE Benevolent Fund but do not apply for membèrshlp are Classilled as'Friends" of th8 ICE Benevol8nt Fund. Thes8 indivlduals Can attend, but not vots at, thè AGM. They are not 8ntltled to apply lor Trusteeship. Key Managem•nl Poraonnel In 2020, the ICE Benevolent Fund 8mployed 6 staff whlch 8quated to 5 fv11 time equivalenls. Trustees of the charity set the pay and remuneratlon of tha staff annually in December ol each y8ar. When settlng r8muneralion, Trusteos seek advic8 from th8 ICE HR departmenl which Includes salary tr8nd information provided by the Offlce for National Statistics an¢ the Charterèd Institute of Personn81 and Development ICIPD). When settlng salaries for ICE Benevolent Fund staff Trustsès benchmark agalnst remuneratlon packages awarded to ICE m8mbers of stall and also to statt employed by other occupational Benevolent Funds operating in the property and construcllon sector. Voluntser8 The ICE B8n8volent Fund has clrca 80 volunteers who work throughoLrt th6 UK and beyond visiting beneficiaries and new applicants. Volunleers report back to Truste8s and mak8 racomm8ndations for help, if approprlate. Tru8tee8 The Board of Trustees, whlch meels quart8rly. govèrns the affairs ol the Charlty. There ar8 sub-committ88s covering finance and 8slat8 maintenance. The Board of Trusteès can consist of up to fifteen rnembers and comprisas:
Trustees, report for the year ended 31 December 2020 ICE BENEVDLENT FUND Three members of the CoLtncil of ICE to be aprrt)int8d by ICE Council. These individuals do not need to be ICE B8n8vol8nt Fund members Nine ICE Benevolent Fund Members who are elected by othèr m8mb8rs of the ICE Benevolent Fund. These individuals need to be ICE members Up to three additional individuals, who can b8 co-opled to serve up to thr88 years in office. These individuals do not need to ba either ICE members or ICE Benevolent Fund Members The ICE President, for the year that slhe is in office, is invited to become the Patron of ICE Benevolent Fund. The Patron is entitled to attend. bul not vote at, Trustee meetings. The Charty actively seeks to encourag8 new individuals to become involved. Nominations to serve on th8 ICE Benevolent Fund's Trustee Board are inviled annually Irom all ICE Bènevolent Fund Members. Voling papers are circulatsd and Ihe elected candidates are announced at th8 AGM. Each ICE Benevolent Fund M8mb8r is able to vote for up to th individuals. When appointed, Trustees are sent copies of the Charity's goveming docum8nts and past copies ol board papers. They are also asked to read a Privacy Statemènt which outlines how the ICE Benevolent Fund usos their dala, complete arKI slgn a Register of Intèrests lorm so that potential conflbcts can be id8nlifi8d in roles and sign the Charity Commission's Suitsbility Declaration form for newly appointed Trustees. Truslees are also askad to read the ICE'S BrIry policy and sign lo say they have understood their obligations. New Truslees are invited to attend an induction session and an annual full day training session on the operation of the ICE Benevolent Fund along with visilors. In 2020 the Ben Fund was unable to ho* the training day because of lockdown restrictions place on business by the UK government. ICE Presldent as Patron: P Sheffield CBE" (term of appointrnent complate 31 October 2020) (appointed 1 November 2020) R Skinn8rf Chairman: C Hillary Councll Nomlnees: S Dellow" S Larkin. G Jurkonyte" (appointed 1 January 2019} (appointed 1 January 2018} (appointed 1 January 2019) Elected Member8: M Cha18r M Knights R Millard C Hillary J Calverley HLee D Balmforth E H1cks". Y Murphy J Sturg8ss (appointed 1 January 2020) (appointed 1 January 20201 (appointed 1 January 20201 (appointed 1 January 2020) Member of the Council of the Institutlon of Civil Engineers (ICE) during 2020 Co-opted memb8r ** Company Secretary: K L Barnett
Trustees. report for the year ended 31 December 2020 ICE BENEVOLEIT FUND All Trustees gave their tim6 voluntarily and Teceived no benefits from the Charity. Any reclaimed expenses are set out in note 11 to the Accounts. Objectlve8 and Actlvltle8 The object of the ICE Benevolent Fund, as s8t out in our Articles of Assoclation, is to"prevent and relieve need by providing assistance and advice. to members and former memb&is of The Institution of Civil Engineers and to the dependants ol such members. The ICE Benevolent Fund's aims fully reflect the purposes for which the charity was set up. The aim Ihat underpins all our wort( is to help as many eligible individuals as possible. Assistance is provided In many ways and varies according to specrfic requirements. The main types of help include.. Advice, information, specialist counselling and supporL both face to fac8 and on-line Financial assistance and advice for ICE members struggling to make ends meet Accommodalion for individuals on low incomes seeking affordabla homes "Back to Work" {B2W) support following redundancy or a period of unemploymant, support with pre-retirement planning, lifetime financial planning and personal dèvèlopm8nVw811b8ing This report looks at whal we achieved and the outcomes of our work in the previous 12 months and sets out our targets for th8 following year. Preparing ihis report helps Trustees ensure that the ICE Benevolent Fund's aims, objectives. and activilies remain focus8d on our stated purtK)ses. How Our Actlvltles Dellver Publ1¢ Benellt The Charty's Trustees have complied wilh the Chariti8s Act 2011 to hav8 du8 regard to Public Benefit guidan published by the Charities Commission. Our objects and funding allow us to provide seryices not only to members, bul also former members, of tho Institution of Civil Engin8ers as well as to the dependanl families of these groups. Thls represents a sizgable number of individuals worldwide, any ol whom can come forward for help at any time. Furthemore, the range and depth ol Servi we provid6 means that il is not just tha individual who benefits. The impact ol ICE B8nevolent Fund's work go8s far beyond those people we assist directly. By helping an individual al a difficult tlm8, we also help his or her family and dosa friends, and our proactive support also means the individual is18ss likely to rely on the state, whether in terms of welfare or heatthcara. In these ways we greatly 8Xtend the range of our support beyond simply tho members of ICE. IndividLtals do not need lo have contributed to the ICE 88n8volent Fund to benefit trom kts seNices. The ICE Benevolent Fund always endeavours to provid8 Ihe most appropriate help in ev8ry circumstance. We continue to provide tinancial help where required. bul the emphasis is also on providing pr8V8nlative help and praclical support. For ICE members of working ag8, the ICE Benevolent Fund wants benevolent assistance lo be viewed as short term until the individual is able to support himself or herself and their family.
Trustees, report for the year ended 31 December 2020 ICE BENEVDLENT FUND Equal access to our service is an important ar8a ol focus for the ICE Benevolanl Fund. ICE members living in poverty and need are sought oul and actively encouraged to apply for help. All n8w applicanls ar8 m8ans-tssl8d and anyone coming below our thresholds is awarded some form of financial help. By applying this measure. ensure that people living in need form the focus of our activity. The Truslees have reviewed whether any of the help we promde could posslbly cause any detrimènt or ham and cannot think of any example where this might be the casè. Flnanclal effecl of slgnlllcant events Under FRS 102, the Charity's Trustees are required to r8cord the financial effect ol signiti¢ant evenls in th8 year. These are: The r8plac8m8nl of 2 boikgrs at the ICE Benevolent Fund's charitable estale at a total st of £9,415.20 including VAT. This cost will be depreciated over the naxt 10 years. The Ben Fund's Auditors have confirmed th* they concur with this treatment and th8 ¢apitalisation rtod. obctIveS for 2020 (set In Q1) Benevolenee and marketlng Assist as many èligiblé ICE m8mb8rs and their families as possible Ihrough Ihe ICE 8enevolent Fund's variety of services. The aim is to increase the number of people supported each year in a variety of different ways, depending on thair need. The Trusle8s f881 sure that Ihe ICE Benevolent Fund will see an increase in the number of ICE members needing financial support through th8 year as a result of COVID-19. At the time ot writing these objectives (April 20201, no significant incraas8 in linancial assistan¢8 applications had been noted but Trustees are aware that the financial fall- OLrt from the virus may not b8 f81t urrtil later in the yèar. Continue with the roll out of the current programmé of personal development workshcps across the UK to support ICE m&mb8rs and their familias. We plan to run nineteen workshops in 2020, situated in new venues across the UK so that more memb8rs are able to access the support. Develop the webinar prograrnma further wilh almost a ¢omplet8ly new programme of lopics, in th8 knowledge that members wishing to access past lopics can download recordings from our website. In April 2020, the ICE Benevolant Fund introduced an additional three new webinars, each to be rolled out from April - June to support ICE members with thelr wallbeing as a result of thè COVID-19 pandemic. The content will centre around anxiety and depression as well as the difficulties of home working and social isolation. To work with our charity partner Anxiety UK to otter our members the opportunty to join therapy-based support groups to help with Ihe anxiety and stress telt by our members because of COVID-19. Work wlh the ICE Benevolent Fund Patron to promote our work through the ICE regional network and explora th6 opportunities for additional donations through regional events. Secure reliable data and more information on website usage and userjourneys., it may be Ihat we will liaisa with th8 ICE on this to bett8r understand how they analyse ICE
Trustees. report for the year ended 31 December 2020 ICE BENEVDLENT FUND website traffic. Th8 aim is for Trustees and staff lo see how the ICE Bonevolent Fund's websile is being used, what pages are in mosmeast demand, how many click throughs we get to the online resources, are ther8 any Irends appearing as to when members leave the Sbta 8tc. The Association of Charitable Organisations IACOI which is the umbrella body for all occupational Ben8vo18nl Funds will run a PR campaign in 2020 to raisa tha profile of occupational charities and the availability of charitable support. The ICE Benevolént Fund is taking a leading role in this campaign and is hopeful that Its work will lead to increased awareness of occupational charities. We will continue to rais8 awareness amongst th8 ICE membership of". the services on offer the impact on beneli¢iari8S The Trustees aim to do this through a mix of tradilional and digital marketing channels to achiava the biggest impact using film, print, webslte, e-mail marketing, advertising. merthandising, postal campaigns, social media, presentstions, and face to face prèsence. Govemance Tha ICE int8nds to replace its m8mbership database; work commencing in 2020, due for completion 2022. The ICE B8nevolent Fund uses th8 current database to check applicant eligibility and membar donalions. There is an opportunity for any new ICE database to additionally store ICE Ben8volent Fund beneficiary records in a secure area. Building this lunctionality and working with external project managers will be a significant ple of work for Ben Fund staff in 2020. as will ensuring that any n8W database offers enhanod functionalty for donation collection and information storage. The Ben Fund has a small staff taam of six" three of whom are part time. Ovor the last two years, there has b@en significant staff turnover as two staff who were in post lor long periods have r8tired, they have beèn replaced and an addilional new post has been cr8ated. Change of this nature in a small team carries a risk that Servi delivery will be affected by loss of knowledge, staff will feel unsettled, and beneficiaries will be adversely affected. An objective tor the CEO and Trustees in 2020 will be to ensure thal new staff are support8d in their roles, that the tsam works well, and thal the benevolen service is not affected. Trustees are aware that Ihere may be a r8quir8menl lor further stsff rf the demand for benevolence continues to grow. Contlnue with Ihe annual review of the ICE B&n8volent Fund's Rlsk, Investment and Financial Res8rv8s Policy and adoption of the ICE'S Bribery policy. Regretfulty, the annual visitor and trustse training day organised as part of the 2020 AGM has had to be cancelled b8catJse of the restrictions placed on UK travel due to COVID-19. However, the AGM will still b8 held online, and the ICE Bènevolent Fund members will be able lo attend. The ICE has adopted a new cloud-bas8d filing systsm which staff at the ICE Benevolent Fund are also using. The implementation of Ihis system has been ¢ha118nging for staff and further training and support will ba required in 2020. Nine new boilers wère required at the chartlable estats in Sussex in 2019. There may b8 a requirement forfurther new boilers in 2020. and for remedial work to be undertaken
Trustees, report for the year ended 31 December 2020 ICE BENEVOLEMT FUND on the lighting systam at the 8State. Thé lourteen apartments built on th8 8slate in 2014 will require electrical testing and inspection in 2020. The buildings are still fairly "n8W' so the Trustses are not expecting signilicanl remedial work. The test and inspection will cost c: £3,000. Benevolence and marketlng outcomeg During 2020, the Trustees witnèssed an increase in the numb8r of applications for assistance as ICE members faced the challenges of Covid-19. At the outs8t many of the applicants were requesting short term help until th8 Sltualion improved,. however, it became apparenl mid-way through the year, Ihat the pandemic would b8 wilh us for longer and help was extended. The Ben Fund also saw a r8ally significant numb8r ot applications which were pro¢ess6d in the usual way by the Hèad of Casework but were turned down prior to Truslee board meetings as applicants failed to m8el the eligibility criteria or an analysis of thèir situalion demonstrated that they were not sufficiently in need to warrant support. Although morè ICE members were supported in 2020 than ever before {214 new cases). th8 Ben Fund did not spend as much on grant giving as in 2019 because average grant amounts w8re lower. The Ben Fund had planned to run nin8t8en la to lace, full day, workshops in 2020, but the majority of these {from April to year 8nd) were cancelled due lo the pandemic. Inslead, Ben Fund staff worked quickly to adapt aspacts of the workshop programme to form on-line 'mastefclasses', thr88-hour sessions run digilally. These proved popular with tha membership and will continue into 2021. Thè webinar programme proved to b8 crucial to the Ben Fund's support for ICE members during the year. An additional 23 wabinars were established wtth new topics specifically designed to support members coping with lockdown and the anxiety surrounding the pandemic. In total, the Ben Fund ran 4212019.191 webinars in the year. The Ben Fund was agile in its approach io ensuring that IGE members and thelr famllles had access lo resources to support with any anxiety ihat Ihey might faco through the pandemic. We worked with our partner, Anxiety UK to offer therapy led support sessions. Additlonal resourcas specifically designed around the pandemic were also made available from our online portal, accessed from our website. The Ben Fund had hoped to work with our Patron this year to encourage donations and support for the Ben Fund at ICE regional evenls. Unfortunately, these werg all cancelled due lo the pandemic and so these opportunitiès for engagement and fundraising were not available to us. Ben Fund staff received training on google analytics in the year whith onabled us to better understand how our w8bsite is working, what pages are popular, how our members ar8 raaching our sits and whal downloads ar6 being carried out. This has and will continue to inform our marketing and promotion of the site as we seak to encourage more ICE members and their families to approach us for help.
Trustees, report for the year ended 31 December 2020 ICE BENEVOLENT FUND The Associalion of Charilable Organisations (ACOI ran its PR campaign to raise awareness 0% occupational charities early in 2020. The campaign reiVed some success and in fact, th8 ICE B8n Fund was quoted in the national press. However, nalional coveragg was overwhelmingly dominated by the events surrounding th8 global pandemi¢ and so the ¢ampaign did not really get the traction that was hoped for. Governance outcome8 Ben Fund stsff were ccrfnmitted to working with the ICE and its prolect managers during the year to build its new membership database, titled ICE Connect. Inavitsbly, this project has been hampered by the pandemic and slaff's inability to meet face to face. How&ver, much of the testing ot the new functionality has taken place on-linè and the projecl is continuing to make progress, albeit that the rate of progress has been slower Ihan anticipated. Thls will continue to be a key project for Ben Fund staff in 2021. Lik8 all companies, charltles, and indlviduals globally, the operation of th8 ICE Ban Fund was affected by the global pand8mic. One of th8 key objectives for the CEO this y8ar was to ensura that new staff felt supported in their roles. This was severely hampered by lockdown and home working, as one new team member had only been in post for four monlhs and was just getting to grips with her role. Th8 CEO followed the steps outlined in the business continuity plan and staff re commended with the way they quickly adapted to home working. No ICE Benevolènt Fund memb8r ot staff was furlough8d. The offic8 and estate were initially closed in March 2020. However, tt quickly became apparent that with an estale of 47 properties in Sussex, a Landlord presence was required. This proved challenging but was considéred very important by thg CEO and tha Trustees. A full risk assessment was prepar8d and implementsd by ihe CEO to ènsure that thè office was Covid secure, and staff returned to work on a rota that allows for social distancing, implemented over a number of months. As evidenced below, the Bon Fund's income and finances hava nol been n8gatively affected by the pand8mic, which s an excellent oulcome. However significant challenges were faced by staff in mainlaining the estate and office function. Th8 Ben Fund did not lose any tenants or rental income in the year and in lact there was an Increase in rantal income in 2020 compared to 2019 (2020: £422,000; 2019: £413,000). The GEO had be8n looking to increase staff numbers In 2020, bLrt recwitmant proved difficult in the middle of the pandemic and Tnjstees felt it prudenl to delay decisions on significanl ongoing costs until the full effects ol the pandemic were known. This may be considered again In 2021. depending on the trajectory ot the pandemic and the Ben Fund's financial position. The Ben Fund review8d appropriale policy documents in the year and updated them, as neSsary. Trustees, who mel quarterly through the yéar on-lin8, were pleased to nole that the Risk registsr had proved invaluable to th8 CEO as a lool to facilitate the agile mov8 to home working. The annual Trustee training day was Cancelled in 2020. However, thé AGM was held very SUCC8ssfully online with a greater number of ICE Benevoleni Fund Members attending than in previous years. The Ben Fund's Patron addressed the rneating, and the Chaimian of the Ben Fund's Investment Advisory Panel gav8 a comprèhensive presentation to delegates on the Ben Fund's tinandal position and the approach tak8n by the Ben Fund's Investment Managers to prot8Ct the Ben Fund's capital Ihrough the pandgmic.
Trustees. report for the year ended 31 December 2020 ICE BENEVOIENT FUND The training for Ban Fund staff on the ICE'S new cloud-based filing system did not take place in tha year due to Iha global pandemic. It is unlikely to be re-scheduled in 2021 as we continue lo face the challenges of the virus, but staff have r8C8ived telephone support from ICE MIS tsam when working with the new system. Work continued in 2020 to replace old boi18rs at the ¢haritaNe estate in Sussex. This was challenging io achieve through thè pandemic but was ¢ompleted' fiv8 new boilers were installed in the year. The presence of staff in the office also ensured thal all the legal requiremenls of a commercial landlord were completed in the yèar, including the electrical inspection, and testing ol the apartm8nls built in 2014 and aleclrical condition reports required for all properties, in line with new legislats'on due to come into torce in April 2021. Obiectlves for 2021 (set In Ql) Benevolence and marketlng Assist as many eligible ICE m8mbers and their families as possible through ICE Benevolent Fund's variety of Servi8. The aim is to increase th8 numbèr of people supported each year in a variety of different ways, depending on their n86d. Whilst the Trustees believa the number of applications for support will rèmain steady, thèy do not think that th8 construction and infrastructure sector has been severely affect8d by th6 pand8mic.ll is gen&rally accepted that the conslruction industry has not fared as badly as other areas such as leisure, tOLsrism, and retail. The UK government has pledged signrfi¢ant capital spend on intrastruclure projects in the next five years and so whilst Trustees expect the call on the Ben Fund to steadily incr8ase as more members b8come aware ol our services, we do not anticipale damand to be unmanageable. The masterclass, workshop and webinar programme proved a crucial part of the Ben Fund's offering in 2020, demonstrating that the charf(y can adapl quickly and move to on-line delivery to support our memb8rs and their families. The Truslees arè committed to developing this lurth8r in 2021 with new topics and, where approprlate, ensuring that sessions are recorded and available on the Ben Fund's archive so that ICE members can viaw past events il th8y are unable to tune in to the live event. Staff were pleased lo see that webinar archiv8 resourc8S had been accessed over thr88 thoLKsand times in 2020. Tha Ben Fund is aware that our members and their families will have tad thè same anxieties and pressures laced by the wider population through the pandemic. The Ben Fund has a variéty of services to support with these challenges and staff will be preparing a bespoke marketing flyer drawing attention to the importance of looking after your mental health in these challenging timés. Trustses ar8 also aware that some ICE memb8rs will have lost loved ones through Covid-19. A new marketing flyer will also be pr8pared OLrtlining the specific services offered to the bereav8d by the Ben Fund. It is clear that 2021 will ba anolher year when the Ben Fund will have to focus on its digital delsvery and service. In response, we will be looking to increase our social media presence and focus on reinforcing our support messag8s across as many digital chann81s as w6 can
Trustees, report for the year ended 31 December 2020 ICE BENEVOIENT FUND and by looking to capitalise on awareness days and weeks where our massaging will g&t picked-up. The Trustèes are in the early stsges of considering a free will writing service to our members. The aim of thè service is to increase engagement with members and provid8 our members with thè opportunity to act responsibly and prudently by preparing a will, which TrLtstees think Is very important. There may also bè the opportunity here to increase legacygifts, but Trustees are clear that this should be a secondary consideralion. Govemance The Trustee board will be holding their quart8rly meetings as diarised. The firsl two (possibly three) wi15 be held on-line. However, Trustees are hoping for a face to face gathering at their November meeting. Staff would like to organise a training day for Trustees and visitors in Q4 2021 if possibl8. Th8 Ben Fund will hold its AGM on-lin8 again in 2021. Th8 ICE President (Ben Fund Patron) will be invited to address registered delagates and the CEO will provide a short presentation to Ben Fund members with highlighls of the year. The entira staff team will return to office worklng in 2021, although probably not unlil Q2. The CEO needs to ensura that the office risk assessment is followed and complied with. Slaff are hopeful that there will not be another lockdown as the vaccin8 roll out moves rapidly and mor8 of Ihe UK population receives protection. Howevèr, Ihe Risk assessmenl and business continuity plan will be followed again if another UK lockdown is announced. ICE has indicaled that the work to repla its membership database will continue in 2021 and Ben Fund staff will be 8xpected to contribute to Ihe requirements of Ihe ngw system and writs (and test) lest scripts. This will be time consuming, but Trustees feel it is important Ihai B8n Fund staff are involved which will ensure that the new databas8 will offer enhanced functionality for donation collection and informalion storage. The CEO has started a review of all th8 Ben Fund's guidelines and policy documents. The Trustee board has indicated that in 2021 it wishes to rewew the guidelines for awarding b8nevolence and li wishes io fevie¥v Ihe18vel 58t for the Designated Fund. Financlal Revlew The ICE collects subscription income from Oct- March and approximately 27,207 ICE members {2019'. 27,552) donated to the ICE Benevolent Fund in 2020 when they pald their ICE subscription. The Trustses were disappointed to note this small drop in contributors in the yaar. The Trustees are aware of tha need to engage with new and younger members to encourage them to support their Bènevolènt Fund. Trustees do not believe that Ihe drop in donors was due to Covid-19 becaLtse the majority of subscriptions w8re wllected before the virus became a gld)al pandemic. In total thè value of donations made th ICE subs {and irregular donations) reduced. The ICE Benevolent Fund collected £331,133 {2019.' £334,400). The charity had a disappointing year for legacies. Legacies received in the year accounted for £25,274. The excess of expènditure over income for Ihe year ended 31 Decèmber 2020 was £297,484. 10
Trustees, report for the year ended 31 December 2020 ICE BENEVDLENT FUND Investment Pollcy ICE Benevolent Fund's current Investment Policy states that Investment Managers shall endeavour to achieve an absolute net relurn of at18ast CPI +4.5°1o per annum over the long8r lerm. Implicit in thK8 objective is the d8sir8 at least to maintain the long-term value of the portfolio in real terms. During 2020, the return was V/0. Thè valu8 of investments grew from £13,814,482 at the beginning of the yaar to £14,096,207 at the year end. Total inveslmenl gains in the value of the fund, realised and unr8alised. were £357,964. Th8 Investment Policy Statement is reviewed annually at a meeting of the Investments Panel of thè ICE B8n8volent Fund and its professional advisors. The Ststemènt is approved by the Trustees. Brextt The impact of a possible no deal Brexit was overshadowed in the year by the global pandemic. The UK did leave the European Union at Ihe end of 2020, bLrt with a deal and transition arrangements inlo Q1 2021. The impact of Brexil on financial markets app8ared lo be largely forgotten as economies strugg18d wilh the pandemic. However, atthe time of writing this report (early 2021) it is noticeable that the Ben Fund's Investment Manager Is currently favouring US and far east stock which suggests that trade with Euro remains cha118nging and that EUr(e itself - much ot which is slill in lockdown wllh virus numb8rs currently rising and va¢cina roll out slow - remains unsettled. Reserve8 polley It is the policy of Ihe ICE Benevolent FLtnd to spend all donations on benevolenr* In th8 year it is reived. To protect tha charity's future and to ensure il remains active in perpetuity, the Trustees have established a designated fund of £4m. The designated fund is reviewed each year by th8 Inv8Stments Panel of the ICE Benevolent Fund and approved by the Committee ol Managemenl. Other income, including voluntary donatlons, rental income and investment Income is not designated because the Trustees b81ieve that k8eping the bulk of our income unrestricted means that the Benevolent Fund can be agile in responding to neVolenCe need and has sufficient free reserves to cover management and administration costs. Trustees s88k to maintain a level of reserves which will pr¢)duce an income sufficient to Provide ¢irca 25 - 30Q/o of th8 present lev81 of benevo16nce and day to day running costs of the Ben Fund. In 2020, Trustees w8re operating well within those paramèters. The Reservès Policy and th8 18vel of reserves required are reviewed annually by the Investments Panèl of the ICE Benevolent Fund and approved by the Committeé of Management. Unrestricted funds were £18,414,136 (2019.. £17.723,856} at the year end. R18k Management The Risk register was remewed at the July Trustee board m081ing and approved. Trustees agreed that the major risk to the Ben Fund was dealing with the lall-out from Ihe global pandemic. Several risks connectsd with this were identifiad:
Trustees, report for the year ended 31 December 2020 ICE BENEVOLENT FUND A major drop in the capital and investment fund, preventing th8 charity from meellng its benevolen commitm8nls. Fortunately, the Ben Funds investments held up extremely well, with funds increasing frLwn £13.8m atyear end2019 to £14. Im aty8arend2020. An unmanageable spike in applications as ICE members and Iheir fami118s coped with redundancy and111 health as a Consequen of the pandemic. The Ben Fundcertainly witnessedan increase in applications, butFund staff m8t the challenge head on and although more b8n8ficiaries were awarded support, the overall sp8nd did not match fftat of2019. The Ben Fund's offi. servic8 and governance delivery and 8Stats unablè lo function effectively through lockdown. At the start of the pand8mio, staff immediately followed the procedufes as set OLrt in the Business Continuty Plan which allow8d for effective home worklng by all team members. Ther6 was no disruption to Servi delivery and, in fact, staff memb8rs introduced new services to support memb8rs through the pandemic. Trustee meetings and the AGM were moved on-line wilh great success. In order to manage the estate and offi, the CEO returned to the office and worked there alone to minimise risk to others. Significant loss of rental income as Tenants were unab18 lo pay their rent due to job loss or furlough. The Ben Fund onty had one incident Whe a Tenant was unable to settle their rent on time. A prOgraMn of repayment was agreed, and the Tenant was able to follow this. Tenants and b8neficiaries commented on their relief at not b8ing 'abandon8d° through lockdown as an office presence was malntained throughout. The Trustees are awar8 that the pandemic is not over and as we progress through 2021, the impact of Bréxit may start to be felt and th8r8 may be iob losses in our industry as the furlough scheme is withdrawn. Our position will be kept under constant review and the trustees will take necessary steps, if requirad, to ensure the Ben Fund continues as a going concern. Trustees have agreed that if th8 investment fund drops n8ar to £1 Om. steps will be taken lo review b8nevolen¢e spend. Grant Maklng and Fundral8lng The ICE Bèn8volent Fund invitss applications for grants from ICE memb8rs, former members. and their dendants. All applications are treated sympathetically and ar6 means tasted. All grants are approved by the Trustaès and are reviewed annually. The ICE Benevolent Fund operates worldwide. In 2020 the ICE Benevolent Fund provided financial assistance and advice to 252 (2019: 227) b8neficiaries in the UK and 53 (2019: 421 overseas, total 305. The ICE Benevolent Fund does not undertake any formally organised fundraising activities or èvents. In 2020, no requests affecting the organisation were mad8 to the industy regulator- the Fundraising Preference Service. Truste8s' Respon81bllltles for the Flnanclal Statements Law applicable to charities in England and Wales requlres the Trustses (who are also the Directors for the purposes of company law) to prepare financial statements for each financial P8riod which give a true and fair view of the ststs of affairs of the ChaTity as al the balance 12
Trustees, report for the year ended 31 December 2020 ICE BENEVOIENT FUND sh88t date and of its income and expendituie for the financial pariod. In preparing those linancial statem8nts, the Trusts8s are required to.. Select suitable accounting pollcles and then apply them consistenlly make judgements and estimates that are reasonab18 and prudent stats whether applicable accx)unting standards have been tollowed, subj8Ct lo any matsrial d8partures disdosed and explalned in the finan¢ial stalom8nts. and prepare the finan¢lal statements on the going concern basis unlass it is inappropriats to pr8sum8 that the Charity will continue In operation. Th8 Trustses are responsible for keeping proper accountlng records which dis¢los8 Wlth reasonable accuracy at any tim8 the Ilnanclal position of the Charity and to enable them to 8nsur8 that the financial statements comply with the Charltles Acl 2011 and the Companies Act 2006. They are also responslble for safeguarding the assets of th8 Charity and for taking reasonable steps to pievent and detect fraud and other irr8gularities. Poat balanc6 •heet avont• The ICE B8n Fund has ¢op8d well so far wlth the challeng8s of the global pandemic but 18 not complacent that further problems may Ile ahead as the UK governm8nt seeks to curb borrowing, in¢r8as8 UK taxes and th8 furlough sch8me Is wlthdrawn. The good news in early 2021 Is that the virus appears to be in r8tr8at in the UK and th8 vaccine roll OLSI continues apace. The Trustees are optimistic that lockdown restrlctions wlll progressively lift, and the UK can return lo some klnd of normality. Statsment 88 to Dl8clo8urn ol Informallon to Audltor• The Trustees hav8 laken all tha necessary steps lo make Ihemselves, as Truslees, awar8 of any relevant audit information and to 8slablish that the auditors ar8 aware of that informatlon. As far as the TTUSt8es are aware, th8r8 Is no r818vant audit information of which the Charlty's audllors are unawar8. Mazars LLP were appolnled audilors at the Annual G8neral Meetlng held on 22 June 2020. They offer Ih8mselves for r8appointment as auditors for the coffling y8ar. Thls report has b88n prepared In accordance with the special provisions of section 414 of the Companies Act 2006 relating to small companles. ON BEHALF OF THE BOARD OF TRUSTEES C Hillary Chairman 13
Independent Auditor's Report to the members of the ICE Benevolent Fund Oplnlon We have audited financial statements of the ICE Benevolenl Fund (formerly known as The Benevolent Fund of tha Institution of Civil Engineers) (the '¢harity') for the yeai ended 31 December 2020 whlch comprlse thg Slat8m8nt of Financial Activities, the Balance Sheel, the Statement of Cash Flows, and Ihe notes to the financial stat8m8nts, including a summary of signiticanl accounting policies. The financial reportlng framework that has been applied in their preparation is applicable to th8 law and United Kingdom A¢UntIng Standards, including FRS 102 °Th8 Financial R8POrting Standard applicable in th8 UK and Republic of Ireland. (Unil@d Kingdom Gen8rally Acceptsd Accountlng Practlce). In our opinion, the financial stataments.. 91ve a true and fair view of th8 Statè of th8 charity's affalrs as of 31 D8C8mber 2020 and of its income and expenditure for the y8ar then ended. have been propedy prepared In accordance wlth Unlt8d Klngdom Generally Acc8pled Accounting Practice- and have been prepared in accordance wlth the r8qulrements of the Companle8 Act 2006. Ba•1• lor oplnlon We conducted our audit In accordance wlth Internatlonal Standards on Auditing (UK) {ISAs IUKII and appllcable law. Our re$ponsibllltl8s under those standards ar8 further described In the Audltor's responsibllltles for Ihe audit of the flnanclal stal8ments section of our r8port. We ar8 independent of the charity in accordance wlth the ethical r8qulr8m8nts that are relevant to our audll of th8 tinancial statements in the UK, including the FRC'S Ethl¢al Slarxlard and we have fulfilled our other ethleal responsibilities in accordance with Ihese requirements. We belleve that the audlt evidence we have obtsin8d is sufficient and appropriate to provlde a basis for our opinion. 14
Independent Auditor's Report to the members of the ICE Benevolent Fund Conclu8lon8 relatlng lo golng ¢on¢ern W8 have nothing to report in respect of lh8 following matters in relation to which th8 ISAS (UK) require u8 to report lo you where. Ihe Trustses, use of the golng concem basis of accounllng in th8 preparation of the financial statements is not appropriate., or the Trustees have not disclosed In tha financial statements any id6nlified material unc8rtainties that may cast significant doubl about the charity's ability to continue lo adopt the going ¢onc8rn basis of accounting for a p8riod of at leasl e1ve months from the dats when the flnanclal stst8ments are authorlsed for issue. Other Inforniatlon The Trust88s ar8 r8sponsible for Ihe other intormation. The oth8r Inlormalion comprises th8 informatlon Included In lh8 R8POrt and Flnanclal Statsments, other than th8 linancial statements and our auditor's report thereon. Our opinion on the flnancial statements does not cover Ihe oth8r informatlon and, exc8Pt to the extent olherwlse expllcllly stated in our report, we do not express any form of &8suranc8 conclusion thereon. In connection with our audlt of the financlal slatements, our rgsponslbillty Is to read the other Informatlon and, In dolng so, consider whether the other Information is materlally inconsistent with the financial statements or our knowledge obtained in th8 audit or otherwise appears to b6 mat8rially misstated. 11 we identlfy such material inconsls18ncl8s or apparent malerial misstalemgnts, wè ar8 r8quir8d to determine wh8ther there Is a mat8rial misststement In the finan¢lal stat8m8nts or a material mlsstatemènt of the other Information. If, based on the work we have performed, we conclude that there 1$ a material mlsstat8m8nt of this other information, we are required to report that fact. We have nothlng to report in this regard. Oplnlon* on other matter• pr••¢rlb•d by tho Compc4nlM Act 2006 In our oplnlon, based on th8 work undertaken In th8 course of the audlt: th8 information given In the Trustee8' R8POrt whlch includes th8 Directors, Report prepared for the purposes ol company law, for th8 linancial yeai for which the financial stalements are prepared is consistent with the financial statsm8nts- and the Dirgctors, Report included within Ihe Trust88s' Fleport has b88n prepared In accordan wlth applicabLg legal requirements. Idlatter8 on whlch w• arn requlred lo report by excepfjon In light of the knowledge and understanding of the charity and ils environment obtained in the course of the audit, we have not idenllfied material mlsstatements in the Directors, Report InclLKled within the Trusts6s' Report. 15
Independent Auditor's Report to the members of the ICE Benevolent Fund Wa have nothing to r8POrt in respect of th8 following matters in r8lation to which the Companies Act 2006 requlres us to report to you rf, in our opinion.. adequate and proper accountlng records have not been kept, or returns adequate for our audit have nol been receiv8d from branches not visitsd by us. or the financial statements are not in agreem8nt wlth the accounting r8cords and returns. or certain disclosures of Trust88s' remun8ration speclfic by law are rnt made. or W8 have not recglV8d all the information and explanations we require for our audit. Th8 Trust88s were not entitled to prepare the financlal statements in accordanc8 With the small companies reglme take advantsg8 of the small companies, 8xemptlon in praparing Truste8s' Report and from the requlrem8nt lo prepare a Strat8glc Report. R•8pon8lbllltlM of Tru•teO8 As explained more fully in the Trustees, responsibilities statem8nt set out on page 12 the Trustees (who ar8 also th8 directors of th8 charitable company for the purposes of company law) ar8 responsible for the preparation of the financial statements and for being satisfied thal they glve a true and fair view, and for such Int8rnal control as the TrLJSte8s det8rmlne Is necessary to enable th8 preparalion of flnancial statem8nts that are free from material mlsstatement, whether due to fraud or error. In preparlng the financial statements, the Tru8ts8s are responsible for assesslng charty's ability to contlnue as a golng concern, dlscloBing, as applicab18, matters r81ated to going conc8rn and using the going concern basis of accounting unless the Trustees either intend to liquldat8 the charily or to cease oper84tions, or hav8 no r8alistic alternatlve bLrt to do so. Audltor'8 regpon8lbllltle8 lor the audlt ot tho Ilnanclal 8tatem•nt• Our obleollve8 are to oblaln rea8onabl• aagurancè About whgthér th8 financlal statements as a whole are free from matsrial misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinlon. Reasonable assurance is a high lev81 of assurance, but is not a guarant88 that an audit conducted in accordance with ISAS (UK) will always d8tect a malerial misstat8ment when it exists. Misstatements can arise from fraud or error and are considered malerial If, Indivldually or in the aggregats, they could rèasonably b8 8xpected to influènce the economic decisions of users tak8n on th8 basis of these flnancial statements. A furthèr descripiion of our responsibilities tor the audll of th8 tinancial statements is located on th8 Financial Reporting Council's webslte at This descriplion forms part of our audltor's report.
Independent Auditor's Report to the members of the ICE Benevolent Fund Uge ol the audll report Thls r8POrt Is mad8 solely to the charity's members as a body in accordance with Chapt8r 3 of Part 16 of the Companies A¢t 2006. Our audit work has been undertaken so Ihat W8 might state to the charity's members those mattérs we are required to state to them in an auditor's report and lor no oth8r purpose. To the fullest extent permitted by law. we do not accapt or assume responsibillty to anyone other than the charity and the charlty's members as a body for our audit work, for this rewrt, or for the opinions we have formed. Vlncent Mark• (S•nlor Statutory Audltor) lor and on behalf ol Mazar8 LLP Chartered Ac¢ounlants and Statutory Audltor 6 Sutton Plaza, Sutton Court Road, Sutton. Surrey, SM14FS Dats.. 10 May 2021
Statement of Financial Actlvities For the year ended 31 December 2020 Total Tolal Unre8trlctod Unre$triGtod fund8 funds 2020 2019 INCOME Donatlons and legaclg$ Income from investmgnts Rontal income Investment income Income from Charitable Actlvltl•s Rent~ 8eneficiaries Evenvwofkshop Income 356.407 359,768 318,049 380.290 308.237 463,519 103.912 1,575 105,681 11.330 Totsl Income 1.160.233 1,248.535 EXPENDITURE Fundraising costs Costs of rental propertles Cost of fundraising Investment management W5ts 77.377 216 62.640 lo6.(9 216 65.451 140.233 171,736 Expendlture on Charltable Actlvltles Provision of financial assistan lo individuals Provision of accommodalion to beneficiaries WeKare advice and couns811ing 830.342 125.567 361,575 998.638 130,535 330,849 5&6 1.317.484 1.460.022 Totsl expendhuro 1,457.717 1,631,758 Not (exwndlture) excludlng Invostnnt galns (297.484) 1383.2231 Invostment movements Net investrnent gains Revaluation galn on investment propeity 14 15 357,964 629.800 1,262,841 2,262,531 Nel Incomo 690.280 3.142,149 Funds brought fomard at 1 January Totsl funds ¢arrled forydrd at 31 Dec•mb•r 21.723,856 18.581,707 19 22.414136 21,723.856 l income and expenditure are derived from contlnuing activities and there are no rec(Jnised gains or losses other than those indud8d above. The accompanying accounting policies and notes form an integral part of these financial statements. 18
Balance Sheet For the year ended 31 D8¢%mber 2020 Notss 2020 2019 Flxed assets Intangible fixed assets Tangible fixed assets Investments InvestTnent propertles Coneessionary108ns 12 13 14 15 15,615 644,291 13,814.482 6,890,000 67,005 549,333 14,096,207 7,596,000 67,005 22.308.545 21,431,393 Current assets Debtors Cash al bank and in hand 17 44,771 373,692 43,849 S96,328 418,463 640,177 Creditors: amounts falllng dug within one year 18 1312,872) {347.7141 N•t ¢urr•nt ass•ts 105.591 292,463 Totsl asgetg less current Ilabllltlo$ 22.414136 21.723.856 The Funds of the Chailty: Designatsd Funds Unrestrlcted Income funds 19 4,000,000 18,414,136 4,000,000 17,723,856 Total Charlty Funds 19 22,414,136 21.723,856 The accompanying 8rLounting pc4ici8s and notes fonn an integral part gf these financial statements. These financlal ststemenls have been prepared in accordance wrth the spe pn)visions of the Companies Act 2006 relating to small companles. Approved by the Truslees on 21 Aprll 2021 and signed on th8ir t*heAf by.. fv-IM C Hillary ChaiMn 19
Statement of Cash Flows For Ihe year ended 31 Dember 2020 2020 2020 2019 2019 Cash flows from 0ratIng actlvltlgs Ngt in¢om• 690,280 3,142.149 Adjustmerrts for: Depreciation Amortisation (Gainyloss on investments (Gain) on revaluation of investment propertles Interest income Trade and other debtors Trade and other croditors 28,173 15,615 {357.9641 {629,8001 40,275 15,615 {1,262,8411 12.262,531} 1380,290) 1922) {34.842) 1463,519} 131,258 104,925 Ca8h flow8 lusad In) op8ratlng activltl08 1669,7501 1554,6691 Purchase of tangible fixed assets Purchase of investments Proceeds C disposal of investments Intewt received 19,4151 {3.372.6661 3,448.905 163,8031 13,828,158) 3,892,192 380,290 463,519 Cash flows generated from Investing activitles 447,114 463.750 Net {de¢Se) In cash 1222,636) {90.919) Anatysls of change8 In nal cag At1 January 2020 Cash flow$ At31 December 2020 Cash at bank Cash within investment portrolio 596,328 905.800 (222.636) (472.7761 373,692 433.024 Total cash at 31 December 2020 1.502,128 (695,4121 806,716 20
Notes to the Financial Statements For the year ended 31 December 2020 1. prI1PaI Accountlng Pollcle8 The financial stalements have b88n prepared in accordance wilh Accounting and Reporting by Charili8s'. Statement ol Flecommended Practi applicable to charities prepating their accounts In accordan with the Financial Reporting Standard applicable in the UK and R of Ireland {FRS 102) (effective 1 January 20151- (Charities SORP (FRS 102)) and the Companies Act 2006. The ICE Benevolent Fund m88ts Ihe definition of a publi¢ benefit entity under FRS 102. Assets and liabilities are initially recognis8d at historical cost or transaction value unless otherwise stated in the relevant accounting policy note{sl. The Trustees consider that it is appropriate lor these financial stat8m8nts to be prepar8d on the going concern basis given Ihe result for the year and the level of reserves held. Truslees are keèping a watching brief on reserves following the COVID- 19 pandemic. During quarter 1 of 2020, the portlolio value fell by c.. 14°A but Trustees saw it stabilise in Q2 and by the end of the year th8 Portfolio value was up £282k or 2°/¢) on the posilion at th8 end of 2019. Th8 Trustees aro confident that if the position remains as current Ihe Ben Fund can continue to fund its commitments with confidence. Trust66s are continually monitoring ihe s1ttJatn with the Ben Fund's Inveslment Manager. Thè principal accounting policies of th8 ICE Benevolent Fund ar8 s8t out below: Flxed Assel Investments Fixed asset invéstments are included at market value at the balan sheet date. Any gain I Ilossl on revaluation is credited l (charg8d} to the Statement of Financial Activitl8s (SOFA). Intangible Flxed A88et8 Websile and software costs have been capitalised at historic cost and amortised on a straight-line basis over 3 years and 5 years, r8sp8Ctively. Tanglble Flxed A88els Freehold propety is capitalised at historical cost. Capital items having a cost lèss than £5,000 are written off in the perTrod in which the expenditure is Incurred. Residential properties for occupation by b8neliciaries were transfarred from the unincorporated ICE Banevolent Fund during 2009 at historic Cost and then th8 tair value was reviewed following the Iransfer. An external valuation was oblained in August 2019 and Ihen reviewed by ihe trustees at 31 Decembar 2020. Th8 properties are lully maintained wilh a view to ensuring that total residual values are not less than the carrying value. No depreciation is charged on the freehold buildings because the Trustees consid8r that the economic life ot the propertiès and their residual values, excluding inflation, is such that the depreciation charge and accumulated depreciation are not signrficant. The value of th6 property is regularly rewewed in order to identrfy any P8Tmanent diminutlon in value which if applicab18, would be charged to the SOFA. Improvements to treehold properties are depradated over Iheir useful economic lives at the following rates.. Freehold improvements.. Offic8 equipment: Doubla glazing: 2% straight line 339A straight line 10% straight lin8 21
Notes to the Financial Statements For the year ended 31 December 2020 Inveslment propertles Properties held for the purpose ol gen8rating income are considered to be investment properties,. these ar8 held atfair value. The value of the properties is ragularly reviewed in order to identify any permanent impairment. An external valuation was obtaingd in August 2019 and then review8d by the trustses at 31 D8C8mber 2020. Where properties are partially held to genèrate income and partially functional assets they ar8 split between tangible lixed assets and inv8stm8ni propertias based on Ihe relativ8 area used for each function. Charltable loans Loans made in pursuit of the ICE Benevo18nt Fund's charitable purposes are held within fixad ass8ts and are stated al original cost and subsequently adjustsd for any subsequent rèpayment or impairment. Debtors Trade and other debtors are recognised at the s8tt1ement amounl due after any trade discount offered. Prepayments are valued at the amount prepaid nèt ot any trade discounts due. Creditors and provl8lon8 Creditors and provisions are recognised vthere the charity has a present obligation resulting from a past eV8nt that will probably result in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or eslimaled reliably. Creditors and provisions are normally recognised at Iheir settlement amount after allowing lor any trade discounts due. Flnanclal Instruments The charity only has financial assets and financial liabilities of a kind Ihat quality as basic financial instruments. Basic financial instwments are initially recognis8d at transaclion value and subsaquently measured at their séttlement value. Fund Accountlng Unre81rlcled Funds." These arè fund? which can be ieeuod in accordance with the tharitable oblects and at the discretion of the Trust88S. Deslgn8tedFunds."These ar8 funds which will be retained in order to ensure that the ICE Benevolent Fund exists in parpetuity. 1.10 Income VoluntarylnMme In preparing these accounts no value has been attrlbuled to the work performed by volunleers although their work is considered vital to lh8 activities of the Charity. Lbnallons Income from donations is included in income wh8n these are receivable, exc8Pt as follows.. When donors specify that donations given to the ICE Benevolent Fund must be used in future accounting periods, the income is d8lerred until those periods. When donors imposè conditions, which hav8 lo be fulfilled before tha ICE Benevolent Fund becomes 22
Notes to the Financial Statements For the year ended 31 December 2020 entitled lo use such incom8, the income is deferred and not included in income unlil the pre-conditions for use have been met. Legacl•s Legacies are Included when th8 ICE Benevol8nt Fund is advised by the personal representative of an 8State that payment will be made, or propety transferred and the amount involved can be quanlified. Inve8tmentlncome8ndlntem8t ReGelv8bl• Investment income and interest Is included when r8C8ivable by the ICE Benevol8nt Fund. A1 Re¢*Va- B•neflclarle8 and Non•8eneflclarfe8 Rental income is included in the period In which the ICE B8nevolent Fund is entitled to receipt. 1.11 Exyndllur• Expendltur8 is included In the SOFA on an accrual's basls, inclusive of any VAT which cannot be re¢ov8r8d. Expenditure is groured togelher und8r headings that aggregate all costs related to th8 category. Where costs cannot b8 directly attributed to particular headings, they hav8 been allocated to activitles on a basls consls18nt with the use of resources. The pr8mls8s are used for provlgion of accommodatlon for beneficiaries and offic8 space for ICE B8nevolenl Fund staff. In accordance wlth lh8 ICE Bgn8volent Fund's rules of op8rallon, any propertles not requlr8d for thes8 purposes ar8 let to non- b8neficiary tenants on assur8d shorthold 18nancies of noi less than six months. duration. These t8nancies, charg8d at commércial rales, g8nerate addillonal income for the ICE B8n8volent Fund. Costs are apportloned based on average o¢cupancy by these thr88 818ments. Other overheads have been allocated based on staff tlme spent on the resp8CtiV8 activities. 1.12 Charltable A¢tlvlt108 Costs of charltable a¢tlvlt18s comprlse all costs id8nlMled as wholly or mainly attributable to achSeving tha charilable oblects of thè ICE Benevolent Fund. These costs include dir8Ct costs, wholly or malnly attributab18 SUPPOrt costs and an apportionment of overhead. 1.13 Penslon C¢)8t8 The cost of providing pension and related benaflts Is charged on an annual basis to th8 Statement of Financi Activilies. 1.14 Toxatlon The ICE Benevolent FurKI is a registered Charity and as such is exempt from taxation on its in¢om8 and gains to the extent that they are applied to ils charitable purposes. 23
Notes to the Financial Statements For the year ended 31 December 2020 Judgements In applylng ac¢ountlng pollcles and key 8ource8 of e8tlm8tlon uncertalnty In applying the charity's accounting policies, the Trustees are required to make judgements, estimatas and assumptions In determining the carrying amounls of assets and liabiif(18s. The Trustees, judgements, estimates and assumptions are bas6d on Ihe best and most reliable evidénce available at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicablè. Due to inherent subjectivity involved in making such judgements. estimates and assumptions, the actual resulls and outcomes may diffor. The estimat&s and underlying assumptions are reviewed on an ongoing basis. Revlsions to accounting astimates are recognised in th8 period in whlch the estimate is revised, if the revision affècts only that period, or in the period of the revision and fLrture periods, rf the revision affects both current and future periods. The key estimate and assumption made in these aco)unts ar8 considered to be la) Depreciation, which is provided at rates calculated to write off the cost, less the estirnated residual value, of each fixed asset over tts estimated us8lul life. This is of particular relevan to freahold propertias which have not been depreciated as the residual value is déemed to be in ex&$ of cost. (b) Allocation of Ihe Mill Hill Close properties betwean investment propertiès and fixed assets as a 50'.50 splil until 31 December 2019; Ihen this vlas chang8d to 60'.40 as the proportion ol t6nanls who ar8 beneficiaries reducèd. This assum8S that the individual properties are inlerchangeable and that th8 percentag8 of lenants who are benefiarleS stays wrthin the range of 301 and 50°/. {450/0 to 55°/o until 1 January 20201. (c) The assumptions made in the revaluation ol the investment proparties at Mill Hill Close. The principal assumptlons are the estimated rentsl pot8nlial in the Haywards Heath area, the level of demand for similar properties and the degree of discounting applied to reflect the lack of vehicular access to some ol the properties. 24
Notes to the Flnancial Statements For the year ended 31 December 2020 Donallons and Legacles 2020 2019 Donations Legacies 331,133 25,274 334.400 25,368 356,407 359.768 The geographical analysis of donations is as follows.. 2020 2019 Un(£ed Kingdom Rest of the World 287.778 43,355 210,743 149.025 331.133 359.768 Rental Propertles (non-benoflclary tsnants) 2020 2019 Rental income from non-beneficiary tenants Cost of r¥i$ing funds- rèntal properties Idirect costs) Cost of raising funds- rentsl propertles (allocated costs> 318,049 17.9371 (69,440) 308.237 18.110) 197,9591 Net rentsl inrne 240,672 202.168 Rental propertle8- beneflclary tenants 2020 2019 Rent from beneficiaries Cost of providing accomrrK)datlon 103,912 (125,567) 105.681 (130,5351 Net {8xpendltur&l 121,6551 {24,8541 25
Notes to the Financial Statements For the year ended 31 December 2020 Charllable Actlvltles Dlrect costs Allocated costs (sg9 nots 8) Totsl 2020 Total 2019 Costs after allocatlon Provision of financial assistance to ndividuals Provislon of accommodation to beneficiaries Advic8 and o)unselllng 667,958 162,384 830.342 998.638 125,567 188,319 125.567 361.575 130,535 330,849 173,256 841.214 476.270 1,317.484 1,460,022 Provision of finanaal assistsn(* to individuals indudes: 2020 2019 Grants to b8neficiaries 667,958 842,571 All grants were made to piivats lAdld818. The 8en8volent Fund assisted 305 beneficiaries 12019= 269) during the year. Governance 220 2019 Allocated overhead costs indude the following govemance costs.. Auditor Remuneration Fees paid trj audltors for other seNices Legal and professional f8es TNstee expenses 8,450 3,517 1,808 1,094 8,200 4.073 5.188 5.620 14.869 23,081
Notes to the Financial Statements For the year ended 31 December 2020 Overheads tor Allocatlon Property Charity Staff Manag•ment ¢osts Totsl 2020 Total 2019 Financtal assistance Provision of accommodlon Advice and L))unselling 105.567 40,238 122,428 56,817 21.656 65,891 162.384 125.567 188.319 151,560 130,535 175.767 63,673 63,673 268,233 144.364 476.270 457,862 Rentsl properbes 42,449 17,547 69,440 97.959 106,122 285.780 153,808 545,710 555.821 The methods used to apX)rOn 0vethds are descritd in note 1.11. Govemance sts totsl £14.869 {2019.' £23,081). Net Income This is stated after charglng.. 2020 2019 Depreciation Arrtortisation Auditors remuneration 28,173 15,615 8,450 40,275 15,615 8,200 10 Slaff Costs The payroll costs for the year were as follows.. 2020 2019 Wages and salaries Healthcare and Income Protsction InsuTrn¢e Social security costs other pension Costs Recruitment and Training 227.241 1,772 16,533 38.410 1.824 180.374 1,220 15,079 35.392 3.043 Total 285.780 235,108 During 2020 the Benevolenl Fund rnntributed £300 {2019.' £4001 towards the accumulated deficit on the Defined Benefrt Pension Scheme. The average number of employees (fvll tlme equiv8lentsl of th8 ICE Benevolent Fund during the year was.. 5.112019: 5.0). The total stsff numbers were 612019.. 61 27
Notes to the Financial Statements For the year ended 31 December 2020 10 Stsff Cos18 (Mntlnued) 2020 2019 Cost of raising funds Charitab18 activities Governance Total No member of staff received emoluments In excess of £60,000 per annum In 0her year. Key management p$rgonnel Snclltde the Chlof Execullve, the Head of C888work, the Marketing Manager and Finance Manager. The totsl employ88 benefits of the k&y management personnel of the charity were £191,42812019'. £140,539). 11 Tru8ts0 R•munorallon None of tho TN$tee$ recefve any Temunernllon for thelr SeNl¢ 88 Tru8tses of the Charlty. 2020 2020 Numb•r 2019 2019 Nurnr MeetSng expenses r6lmbur8ed to Trustsos 1,094 5.620 Donations of £1,06012019: £3051 were rn¢&lved from 13 {2019'. 101 trustees during the year. 12 Inlanglble Flxed A88•t8 Tot•1 2020 Cost Al 1 January 2020 Addffion$ Di$posa18 58,845 Al 31 December 2020 58,845 Amortlsatlon At 1 January 2020 Provlded during year Released on dlgposal 43,230 15.615 Al 31 December 2020 58.845 28
Notes to the Financial Statements For the year ended 31 De¢ember 2020 Net book value At 31 December 2020 At 31 December 2019 15.615 13 Tanglble Flxed A8t•ts Freehold property Fr••hold Improv•mont Offlco •qulpment Tot•l 2020 Cost Al 1 January 2020 Addilons Transfer to Investmer¢t property 381,984 427,452 9,415 12,150 821,586 9,415 176.2CQ) 176,200) At 310ecemter 2020 305,784 436.867 12.150 754.800 Deproclatlon Al 1 January 2020 Provlded during year 169.541 27,074 7,754 1,099 177,295 28,173 At 31 D8C8mb8r2020 196,614 8,853 205,467 N•t book valu• At 31 December 2020 305.784 240,252 3,297 549,333 At 31 Dec8mbar2019 381,984 257,911 4.396 644,291 Freehold property is based on a valuallon undertaken by Martin Lacey Buckley, Chartered Surveyors In August 2019. The Trusleas sought appropriate advicg durlng th8 perfod end8d 31 December 2019 and this was revlawed at 31 Dember 2020. Following tho fijll markel v8bJatlon Aug'19 they ara 8dvi8ed that the current value of the 0sts1818 £10.6 mllllon. 14 Flx•d A8aet Inve•Innts 2020 2019 Market value as at 1 January Acquisitions at C08t Sales proceeds Nel movement In cash b8lance8 Nel Iiivestmenl gainsl{lossesl 13,814,482 3.372,666 (2,976,129) {472,7761 357,964 12,615,675 3,828,158 (4.413,417) 521,225 1.262,841 Llsted investments al market value Historical cost at 31 Oecemter 14.096,207 11,514,080 13,814.482 11,188,983 Unrealised Investmont gains 2,626,757 2.625,499 29
Notes to the Financial Statements For the year ended 31 December 2020 An analysis of the market V8lue of the charity's Investments * 31 De¢emb6r 202018 as follows.. 2020 2019 UK bond$ 8nd Weferen 8hares UK equltle8 Overseas bonds & preferenr* 8hares Overseas equlties Alternalivo Inveslmonts Cash on deposlt awaltlng Investment 1,308,181 3,467,963 929,302 5,791.OS2 2,166,685 433.024 1.335,000 3.585.527 888,978 4,833.698 2,265,479 905,800 14,096.207 13,814,482 foll¢yMrwJ Inv8Stm8nts 00xted than 5% ofthe marketv8th as 8131 December 2020. £909,597 £901,977 Mayfalr Capltsl Investment Management V8rvJu8rd Inv88tments 6.60% 15 Inve8tmont Prop•rty Tot•1 2020 At 1 January 2020 Transfèr from fixed assets Revaluation 6,8gYI.CK)O 76,200 629.8C At 310ecembor 2020 7,596,000 Thè Investment property comprises th8 60°h12019'. 50%) of the Mlll Hill Close property whlch Is ocGupled by tenants who are not beneflclaries and also the flats at 6-8 Mill Hlll Close which are let to 8Xtemal tenants. Both elements were being held at falr value In the financial statements but were revalued during 2019 by Martin Lacey Buckley, Chartered Surveyors {registered wlth RICS}- Th8 valuation is based on rentsl potential comblned with a revlew of the properties compared lo ¢ent Sales prices in the local area. The Trustees subsequ8ntty reviewed the valuation as of 31 December 2020 to confirm th81 thls remalned approl81e. There Sre no restrictions over the use or sale of Ihe propgrtios. Conce881onary loan8 18 2020 2019 Balance as at 1 January and at 31 December 67,005 67.005 30
Notes to the Financial Statements For the year ended 31 December 2020 In addition to Its grant making activities the ICE Benevolent Fund hislorfcally made concessionary loans to beneficiaries. These loans are secured agalnst the benefKiaries' property. 31
Notes to the Financial Statements For the year ended 31 December 2020 17 Deblor: Amounts Falllng Due Wlthln Ono Year 2020 2019 Other debto Prepayment$ 36,791 7,980 41.153 2.696 44,771 43.849 other debtorn indude £nll {2019'. £11,922) due from tha In81itutSon of Clvll Englneers 18 Credltor8: Amoun18 Falllng Due Wlthln One Year 2020 2019 Trade credltor8 Accruals Welfare grant 4NalS 57,008 51.589 204,275 13,394 45,821 288,499 312,872 347.714 Trade creditors includes £52,45012019= £nlll due to the Instltutlon of Clvll Englneer8 19 Fund• Unro•lrlct8d lund D•slgnat?d fund• Total Balanc8 broughl fowrd at 1 January 2020 Income Expenditure Galn8 on Snvestments Revaluatlon galns on Investment properUe8 17,723.856 1.160,233 11,457,717) 357,964 6211.boo 4.000,OC 21,723,856 1.160,233 11,457,717) 357,964 629,800 Balano at 31 Decemb8r 2020 18,414,136 4,000,000 22,414,136 Unr08tr1cted Funds These funds represent the element of the free reserves of the Charity whlch hav& not been designated for any spedllc purpose. Oealgnated Fund8 Following the merglng of the A and B Funds at the end 012012 Truees agreed that part of the Benevolent Fund's capita1 should be a¢ed in a deslgnaled fund to ensure that the Benevolent Fund exists in perpetuity- At the lime ol the merger Ihe A Fund stood al £6.5m. It was decid8d that g2.Sm ol this amount should fund the building ol the new office Ino S Mill Hill Closel and 6-8 Mill Hill Clos8, and the remaining £4m would form the designated fund. The value ol Ihe designated fund will be reeWed annually by the Investment Advisory Panel, and every five years by the Board. 32
Notes to the Financlal Statements For the year ended 31 December 2020 Capital Commltments Grants approved by the Truslees forthe benevolen year ending 30 June 2021 tr)tal £664,376 (30 June 2020= £842,571). The amount paid prior lo 31 December 2020 was £460,101 {2019: £554,072) leaving an accrued balance of £204,27512019'. £288,499). 21 Penslons The BVolent Fund has an ongoing liability of 0.06Vh ol the annual defiol funding per annum for the one ICE Benevolent Fund staff member remaining in Ihe ICE Siaff Retirem8nt Benefits and Life Assurance Defi'ned Benefit Scheme from the date of ICE Benevdent Fund In¢orwration lo ICE Scheme dosure on 30 November 2010. In 2020 the amount due was £300. Contrilxjtions lo the ICE Group Personal Ponsion Plan in 2020 loldled £38.410 12019.. £30,292). Pension costs for the period aso include £4,80012019: £4,800) of a(trninistration charges. Related Party Tran8actlons The InstituOn of Civil Engin8ers enters into transactKJns th its connectsd charity, tho ICE Benevolent Fund. The nature of the transactions includes the collection ol donalions from the Institution's memtxrs on behalf of the ICE Benevolent Fund and promsion by the Institution of financial, HR, database, and IT servi(s. During 2020 the donations wth subscriptions collected by the Institution of Civil Engineers on behalf of The ICE Benevolent Fund lotalled £271,03312019.. £270,366) and the management fee paid lo th8 Institution of Clvil Eroineers was £37,01212019'. £35,166). The balance due to the IrtitUtiOn of Civil Engineers on 31 December 2020 was £52,540 (2019: £11,922 due from the 1nIbJn ol Civil Engineers). 33