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 Po￿tIon 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
BrI￿ry 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 H1￿cks".
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.
ob￿ctIveS 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 re￿iVed 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
ne￿Ssary. 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 Servi￿8. 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 ta￿d 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 re￿ived. 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 de￿ndants. 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 Invostn*nt 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
ChaiM￿n
19

Statement of Cash Flows
For Ihe year ended 31 De￿mber 2020
2020
2020
2019
2019
Cash flows from 0￿ratIng
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. prI￿1PaI 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 s1ttJat￿n 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.
A￿1 Re¢*V￿a- 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 benefi￿arleS 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 in￿rne
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 lAd￿ld￿818. The 8en8volent Fund assisted 305 beneficiaries
12019= 269) during the year.
Governance
2￿20
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 accommod*lon
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 ap￿X)r￿On 0veth￿ds are descrit*d 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 0￿her 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
Nurn￿r
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 D￿ember 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•In￿nts
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 00x￿ted 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 approl￿81e.
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 4￿NalS
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 Tru*ees 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 re￿eWed 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 B￿Volent 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 Institu￿On 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 Ir￿titUtiOn of Civil Engineers on 31 December 2020 was £52,540 (2019:
£11,922 due from the 1n*IbJ￿n ol Civil Engineers).
33