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2022-12-31-accounts

ICE BENEVULENT FUND Report and Financial Statements For the year ended 31 December 2022 Registered Office 5 Mill Hill Close Haywards Healh Wesl Sussex RH16 1NY Limited Comp8ny Registered in England No. 6708655 Charity Registered in England and Wales No.1126595

ICE BENEVOLENT FUND Charity Information Charlty Registration Number: 1126595 Company Registration Number: 6708855 Chlef Executtve and Prlnclpal Offlce: K L Barnett OBE 5 Mill Hill Close Haywards Heath West Sussex RH16 1NY Bankars: National Westminster Bank plc 38 Strand London WC2N 5JB Audltors: Mazars LLP 6 Sutton Plaza Sutton Court Road Sutton Surrey SM14FS Inve31rn8nt Managers: Rathbone Inve8tment Management Limited 8 Finsbury Circus London EC2M 7AZ Sollcltors: Stone King Boundary House 91 Charterhouse Street London EC1M 6HR

Trustees Report for the year ended 31 Dec 2022 Executlve Summary In 2022 the ICE Benevolent Fund: Supported 221 (2021.. 186) individuals, 149 {2021'. 96) of these were new In 2022. Contacted 283 {2021.' 3021 individuals who were bereav8d following the death of member. Provided charitable ac¢ommodation to 13 (2021.. 13} beneficiaries. Provided a Back to Work IB2W) service to 25 (2021.. 19) indivlduals. Ran 7 12021'.4} online workshops with 99 {2021'. 511 attendees and 24 (2021.. 27) webinars with 2,523 12021.. 2.1771 registered delegates. Al80 ran 2 face to face workshops in 2022 wilh 19 attendees. R8ferr8d 74 (2021.. 43) members to our specialist partners for support. Supported 460 individuals with the provision of a Will writlng service Flnanclal Posltlon lor the Perlod Assets as at 31 December 2022 Investments and langible fixed assets Net Curr8nt Assets £22,413,650 £ 548,005 Total £23,961,655 Income Investrnent Income £ 423,197 Donatlons via ICE subscriptions miscellaneous donations & legacies £ 399,800 Renlal income £ 464,225 Workshop income Total 3,170 £ 1,290,392 Expendlture Provision of financial assistance to individuals £ 800,565 Advice, Welfare & Counselllng £ 333,979 Provlslon of accommodation to beneficiaries £ 97,490 C08t of rental properties £ 99,452 Investment Management costs Totsl £ 66,192 £ 1.397,878

Trustees Report for the year ended 31 Dec 2022 The ICE Benevolent Fund was establlshed on 20 December 1864 8nd was registered as a Charity in 1962. On 1 January 2009, the Ben6volent Fund incorporated to a charitable company limited by guarantee. The incorporated charity's governing documents are the Articles of Associalion of the ICE Benevolent Fund. These Articles were amended and approved at an AGM on Monday 13 July 2015 and are available for in$pection from the ICE Benevolent Fund registered address or at webslte w￿.le8b￿nfvnd.CQm. The Committee of Management, who are the Trustees and the Directors of the Charitable Company, present their report together with the financial statements of ICE Benevolent Fund for the year ended 31 December 2022. The flnancial statements have been prepared under the accounting policies set out on pages 20-23 of the financial statements and comply with the current statutory requiremenls, applicable law, and the Statement of Recommended Practice 2019 Accounting and Reporting by Charities {FRS 102)" effective 1 January 2019. Structure, Governance and Manag8ment ICE Benevolent Fund Mambers The ICE Benevolenl Fund operates a register of members, all of whom have applied for membership and been acc8Pt8d by the Trustees. ICE Benevolent Fund members must make minimum annual contribution to Ihe Fund, which for 2022 was £10. Membership allows the individual to attend and vole al the Fund's AGM and, rf they are ICE members, apply for election to Trusteeship. Al the end of 2022, ICE Benevolent Fund had 167 members. ICE Benevolent Fund Frlends Individual$ who donate lo the ICE Benevolent Fund but do not apply for membership are classified as "Friends" of the ICE Benevolent Fund. These individuals can attend, but not vote at, the AGM, They are not entitled to apply for Tru8tee5hip. Key Managemgnt Personnel At the end of 2022, Ihe ICE Benevolent Fund employed 8 staff whl¢h equated to 4.3 full time equivalents. Trustees of the charity set the pay and remuneration of the staff annually Sn December of each year. When setting remuneration, Trustees seek advice from Ihe ICE HR department which includes salary trend information provided by the Office for National Stalislics and the Chartered Institute of Personnel and Development (CIPDI. When setting salarie8 for ICE Benevolent Fund staff, Trustees ben¢hmark against remuneration package8 awarded to ICE members of Staff and also to staff employed by other occupational Benevolent Funds op8rating in the property and construction sector. Volunteers The ICE Benevolent Fund has circa 80 volunteers who work throughout the UK visiting beneficiaries and new applicants. Volunteers report back to Trustees and make recomrn6ndalions for help, if appropriate. Trustees The Board of Trustees. which meetB quarterly, governs Ihe affairs of the Charity. There are sub-committees covering finance and estate maintenance. The Board of Trustees can consist of up to fifteen member8 and ¢omprise3-. Three members of the Council of ICE to be appointed by ICE Council. These individuals do nct n8ed to be ICE Benevolent Fund Members.

Trustees Report for the year ended 31 Dec 2022 Nln8 ICE Benevolent Fund Members who are elected by other Membars of the ICE Benevolent Fund. These individuals need to be ICE members., Up to three additional individuals, who can be Co-opted lo serve up to three years in office. These individuals do not need to b8 elther ICE members or ICE Benevolent Fund Members., The ICE President, for the year that they are In offlce, is Invited to become the Patron of ICE Benevolent Fund. The Patron is entitled to attend, but not vote at, Trustee meetings. The Charity actively seeks to encourage new individua15 to become involved, Nominations to serve on the ICE Benevolent Fund's Trustee Board are invited annually from all ICE Benevolènt Fund Members. Voting papers are circulated and the elected candidates are announced at the AGM. Each ICE Benevolent Fund Member is able to vote for up to three individuals. When appointed, Trustees are senl Copies of the Charity's governing documents and past copies of board papers. They are also asked to read a Privacy Stalement which outlines how the ICE Benevo18nt Fund uses their data, ¢omplete and sign a Register of Interests form so thal Potential conflicts can be identified Sn roles and sign the Charity Commission's Suitability Declaration form for newly appointed Trustees. Trustees are also asked to reacl the ICE'S Bribery policy and sign to say they have understood their responsibilities. All Trustees are obliged lo attend an annual induction session which acts as a refresher course for retained Trustees and an annual full day training. The full day's Iraining day is run jointly for Trustees and visitors. ICE Pre5idont as Patron: E Mccann CBE. (temi of appointment complete 31 October 20221 (appointed 1 November 20221 K Howells. Chairman: Y Murphy Coun¢ll Nominèes: D Porter. N Brent. G Yates. {appointed 1 January 20221 Elgcted Members: D Balmforth P Oliver T Frost E Hiscocks"" J Slurgess I Wdowinska P Hardy Bishop HLee J Hyde {appointed 1 January 2022) {appoinled 1 January 2022) {appointed 1 January 2022) Member of the Council of the Institution of Civil Engineers (ICE) during 2022 Co-opted member ** Company Socratary: K L Barnett OBE All Truslees gave thelr time voluntarily and recelved no benefit$ from the Charlty. Any reclaimed expenses are set out in note 11 to the Accounts.

Trustees Report for the year ended 31 Dec 2022 Objectlves and Actlvltles The object of the ICE Benevolent Fund, as set out in the Articles of Association, is to "prevent and relieve need by providing assistance and advice" to members and former members of The Institution of Civil Engineers and to the dependants of such members. The ICE Benevolent Fund's aims fully reflect the purposes for which the charity was set up. The aim thal underpins our work is to help as many eligible individuals as posslble. A$si$tan¢e is provided in many ways and varies according to specific requirements. The main types of h81p include.. Financial assistance and advice for ICE members struggllng to make ends meet., Advice, information, specialist counselling and support, bolh face to face and on-line; Accommodatlon for indlviduals on low incomes seeking affordable homes. Support wilh personal developmenuwellbeing; 'Back to Work" (B2W) support following redundancy or a period of unemployment. This report looks at whatwe achieved and the outcomes ofourwork In the previous 12 months and sets out our target$ for the following year. Preparing this report helps Trustees ensure that the ICE Benevolent Fund's aims, objectives, and actSvities remain focused on our stated purposes. How Our Actlvltles Dellver Publlc Benefit The Charily's Trustees have cornplied with the Charities Act 2011 to have due regard to Public Benefit guidance published by the Charities Commisslon. Our objects and funding allow us to provide services not only to members, but also former members, of the Institution of Civil Engineers as well as to the dependant families of these groups. This represenls a sizeable number of indlviduals worldwide, any of whom can come forward for help at any lime. Furthermore, the range and depth of services we provide means that it is not just the individual who benefits. The impact of ICE Benevolent Fund's work goes far beyond those people we assist directly. By helping an individual at a difficutt time, we also help his or her family and close friends, and our proactive support also means the individual is less likely lo rely on the state, whether in temis of welfare or healthcare. In these ways we greatly oxtend the range of our support beyond simply the members of ICE. Individua15 do not need to h8ve contrlbuted lo Ihe ICE Ben8volent Fund to benefft from Its services. The ICE Benevolent Fund always endeavours to provide the most appropriate help in every circumstanc8. We provide financial help where required, but the emphasis is also on providing preventative help and practical support. For ICE members of working age, the ICE Benevolenl Fund wants benevolent assistance to be vlewed as short term until lh8 individual 18 able lo support himself or herself and their family. Equal access to our service is an irnportant area of focus for the ICE Benevolent Fund. ICE members Ilvlng in poverty and need are sought out and actively encouraged to apply for help. All Ihosg applying for financial assistance are means-tested and anyone coming below our thresholds is awarded some form of financial help. By applying this measure, we ensure that people living in need form the focus of our activity. The Trustees have reviewed whether any of the help we provide could possibly cause any delrlment or harm and cannot think of any example where this might be the case.

Trustees Report for the year ended 31 Dec 2022 Flnanclal effect of slgnlflcant events Under FRS 102, the Charity's Trustees are required to record the financial effect of significanl events in the year. These are.. The purchase of a new sustainable heating Sour￿ for the Ben Fund office. A new air source heal pump was purchased and installed in October 2022 at a total cost of £13,872.00. This cost will be depreciated over the next 10 years at £1,387.20 p.a. A new gas boiler wa$ purchased and installed at one of the properties at the Ben Fund's charitable estate al a total cost of £6,172.20. Th1$ cost will be depreciated over the next 10 years at £617.20 p.a. The Ben Fund's Auditors have corfimied that they concur with this treatment and the capitalisation period. Objoctlves for 2022 (set In Q1) Benevolence and marketing Assi81 a8 many eligible ICE members, former members, and their families as possible through ICE Benevolent FLtnd's variety of services. The aim is lo try to increase th8 number of people 8UPPOrted each year In a variety of different ways, depending on their need, though accepting that growth in demand cannot always be exponential and infrastructure projects are Currently very active, the construction industry is buoyant and employmenl rales are high. Notwithstanding thls, energy prices are set lo rise in 2022 and inflation will increase; there may be some fall out from these Iwo issues. The Ben Fund offer is not restricted to financial support and whilst ICE members may not need financial assistan￿, they may be looking for help with wellbeing issues, perhaps for them or a family member, Our wellbeing services are extremely popular and continue to gain traction, especially amongst younger members of the profession. On-line webinars and masterclasses will be a focus for 2022 and staff will also look to organise face-to-face workshops again (not run since 2019} as the UK seeks to come out of the pandemic. The Ben Fund has been ready to launch its n8w free will writing service for UK based mèmbers since 2021. However, with soli¢itors' offices closed due to th8 pandemlc, the timing has not been right. This new service will be a focus for 2022. The aim is to support our members and their partners with an offer for a solicitor (local to Iham) lo draft their will for free. The Ben Fund has partnered with the National Free Wlls NeI￿Ork to offer this servlce. It will be launched Q2. Trustees are keenly aware of the negative and damaging effect the pandemlc has had on the youngest members of our sociely and dependants of ICE members {minor children). Low self- aste8m, and issues with confidence and social skills have been highlighted in the press as children have been unable to attend school during large parts of the last two years and have had many of their social galherings and sport clubs curtailed. Th8 Trustees will launch a new counselling service in Q2 specifically aimed at those aged 11-18 and a new partnership with a specialist provider has b&en pul in place to offer this service. Trustees have been Impressed with the Ben Fund's online presence, particularly on digital marketing channels, such a5 Facebook and Instagram. A focus in 2022 will be to work with a digital agency to support and further develop our work in this area. The idea behind this partnership is ta create a broader understanding of our members, interests and drivers so that we Gan reach, engage, inform, and ultimately a8sisI more Indlviduals.

Trustees Report for the year ended 31 Dec 2022 Governance Trustees are Committed to running a face-to-face AGM and Iraining day for ICE Benevolent Fund members in the year. The ICE President and Ben Fund Patron, Ed Mccann, has accepted an invitation to address the audience and the Head of Casework has established welfare benefits training from an expert speaker for our visitors. The CEO wlll be looking to increase staff complement in the year. A new part tlme role will be established to build and extend partnerships, develop the Ben Fund's relationships overseas and work with other engineering related institutions as we seek to further enhance our engagement wilh thoso we seek to support. Trustees will be taking a view, following professlcnal advice, as to whether to pursue a full planning application to increase parking provision at the existing charitable estate in Hayward5 Heath, Sussex. The estate sit8 in a conservation area, and it has proved Ghallenging in the past to make alteralionsladaptations lo the site. If Trustee8 decide to pursue the plans, it will be a significant undertaking. Although still prevalent worldwide there are signs lin developed countries at least) that the population is now coming out of the pandemic as the omicron variant proves lo be less severe than previous variants and treatmenls are Increasingly efficacious. However, at the time of writing this report, Russia has invaded the Ukraine 8nd we enter a time of political and economic instability, High energy prices are driving up inflation worldwide. The ICE has no active members in the Ukraine, bLIt Russia's actions have destabilised financial markets which have taken a sudden downturn. We wait to see how this affects the Ben Fund's investment portfolio. Benevolence and marketlng outcomes The number of appllcations for support in 2022 grew across all 8ervices, Th1$ In¢r8a88 can be attributed partly to members turning to the Ben Fund as a result of a global hike in the cost of living and energy cosls and also to the bespoke digital marketing campaign which the Ben Fund adopted with a specialist agency haI￿aY through the year. Tracking applications and hits lo the Ben Fund website clearly demonslrated the efficacy of this work and applications for support Increased in Q3 and Q4 as a result. Repeating this campaign In 2023 Is a key focus for the Trust8es. Trusteès were concerned about the effect of increased enorgy Costs for beneficiaries and agreed extra one off additional financial assistance in the year to 8UPPOrt with escalating prices. The total cost of this was £15,600. The Ben Fund continued with its wellbeing delivery through its programme of webinars and masterclasses. These have proved Increasingly popular with the ICE membership. Members unable to access "live" events are sent recordings and can avall themsèlves of the content via the archiv8 housed on the Ben Fund's website. An increased number of members accessed the webinars and on-line events in 2022- 2,523 members registered for webinars in the year, compared to 2,177 in 2021. Staff started to introduce face-to-face workshops In 2022, but altendance was not that encouraging, and Trustees consider that society is still a little hesitant about face-to-face gatherings following tho global pand8mic. The new service to encourage ICE members and partners to complete a Will was launched in Q 3 2022 and has been metwith greatsuccess. By the end oflhe year, 460 referrals had beèn made to the Ben Fund's partner (National Free Wills Nelworkl who will now process these applicalions. This work will continue in 2023.

Trustees Report for the year ended 31 Dec 2022 The new counselling 8ervic8 specifically almed at minor dependants of ICE members aged 11-18 was launched in a low- key way in the summer of2022, Staff knowthatlhere is demand for this service and that there are long waits on the NHS for youth Counselling, but young people are often reluctant to admit that they need help. so th8 soft 18un¢h was to gently introduce the servl¢e. The Ben Fund has been sending e mails to members ta remind them that we can support their children with anxiety and depression should this be required. As expected, lake up was initially slow but by the end of the year, staff were beginning lo sèe some traction. Thls will be monitored ongoing. As outlined abov8, the dlgital marketing c8mp8ign and work with the new agency has proved extremely fruitful. Trustees are committed to repealing Ihis campaign in 2023. In Oct 2022, the Ben Fund finalised the arrangements for a now and improved service offering from the National Autistic Society {NAS) to support ICE members and their dependanls who May be facing challeng88 associated with this condition. The new enhanced service was promoted lo rnembers at the close of 2022 and take up was immediately very èncouraging. This will form a focus for 2023. At the suggestion of the Ben Fund's Patron, we launched an awareness survey to ICE members in Dec 2022. Completion of the survey has far exceeded expeclalions and thrown up som8 interesting stats concerning awareness and engagement. Staff will spend the early part of 2023 analysing the results In greater depth and use patternsltrends lo further inform rnarketing and communications. Governance outcomes The AGM and training day was held with great success on Wednesday 8 June. Truste88 and visitors were delighted to be able lo meet face to face and evaluation forms collected at the end of the event paid tribute lo the excellent array of speakers and different topics ICE members were particularly pleased to be able to hear from the ICE President and Ben Fund Patron, Ed Mccann, A new part time member of staff was appointed to join the Ben Fund in July 2022. The new role will focus on developing the Ben Fund's partnerships and worklng with currenl partners to improve service delivery for ICE members and their families. After taking professional advlce, Trustees decided not to pursue a planning application to allow further parking at the Ben Fund's charitable estate in Sussex. A pre-planning meeting with the planning officer made it clear that a formal application would be rejected due to the estate being in a conservation area and public transport links being located very close by. Trustees spent sorne timè looklng at exlsting spaces and layoul and 8ucces8fully managed to create a further three spaces by re-allocating existing ones as appropriate. The Ben Fund's inveslrnent portfolio was slgnificantly affectad by world events and their effe on financial markets. World markets fell almost 200/0 in 2022 as a whole, although there were exceptions such a8 the FTSE 100 which finished 0.9QA up on the year. The Ben Fund's own portfolio fared quite badly {allhough Trustees believe it Could have been worse) ending almost 120/0 down over the year at £13.5m. However, Trustees retain full confidence in our investment manager at Rathbones. The Trustees have previously agreed a threshold of £1 Om as the polnt at which expendlture will be reviewed.

Trustees Report for the year ended 31 Dec 2022 Objectlves for 2023 {8et In Q1) Benevolenca and marketlng Assist as many eligible ICE members, former members, and their families 88 possible through ICE Benevolent Fund's variety of servlces, Th8 aim is to try to increase the nurnber of people supported each year in a variety of different ways, depending on their need, though accepting that growth in demand is unlikely io increase every year. Staff hope that the digital marketing campaign approved by Trustees to run again In 2023 will prove fruitful In thls regard and Trustees are very aware that ICE members and their families continue to face a global cost of Ilving crisis. The B8n Fund offer is not restricted to financial support and whilst ICE members may not need financial assistance, we hope that th8y might look to the Ben Fund for 5UPPOrt with their wellbeing. The Ben Fund's offer in this regard is diverse and constantly developing, not just through webinar and masterclasslworkshop d8llvery but also through our variety of specialist partnership arrangements. The Ben Fund will be hoping for increased take up of its services, with counselling support to minors and also through its renewed partnership with NAS. The Ben Fund will continue its focus on encouraglng adoption of the free standard Will writing service. Take up ofthis has been extremely encouraging and we hopethat 2023 will see even more numbers of ICE members accessing this important offer. One bi-product of the service isthat some ICE members are chooslng to leave a legacy tothe Ben Fund when Ihey complele their Will. This was never the prime purpose of offering the service but is nevertheless hugely welcom8d by Truslees. Trustees ar8 keen to analyse the data from the member awareness campaign run in 2022 More information about our audlen¢es wlll Inform targeted e-mails to members in specific regions and by age range. The Trustees are considering producing a short, animated film to promote the work ofthe Ben Fund. Staff are looking at the posslbilities early in 2023. Governance Trustees will be ke8n to monitor investmant performance in 2023 as markets remain turbulent and the war in Ukraine shows no signs of abatement. The cost-of-living crisis continues, and although inflalion appears to be now falling slightly in most western economies, prices are still rising globally. Trustees are committed to ensuring Ihat the long-term financial health of the Ben Fund is preserved. The ICE continues with its project to replace the ICE membership database. There have been significant delays to this project, but the new system is due to be in place by autumn 2023, There will be implications for the Ben Fund as the new system has different functionality to enable the collection of voluntary donations with ICE subscriptions lo that whlch is currently in place. Ben Fund staff are working with ICE staff to ensure that donations can still be effectively collected and passed on. Truslees are committed to running a face-to-face AGM and training day for ICE Benevolent Fund members in the year and trustee training wlll lake place prior to the first Trustee Board meeting. For the first time in 2023, the Ben Fund is welcoming two Trustees from overseas (New Zealand and Japan} to loin the Board. They will attend meetings live on-line.

Trustees Report for the year ended 31 Dec 2022

Trustees will be taking advice from letting agents to review commercial rents at the Ben Fund's estate in Sussex. There is an expectation that some rents will be increased to reflect the market and rental demand in the area.

Financlal Review

The ICE collects subscription income from October - March and approximately 24,899 ICE members (2021: 26.441) donated to the ICE Benevolent Fund in 2022 when they paid their ICE subscription. The Trustees were disappointed to note this small drop In contributors in the year. The Trustees are aware of the need to engage with new and younger members to encourage them to support their Benevolent Fund.

In total the value of donations made with ICE subs (and irregular donations) fell. The ICE Benevolent Fund collected £339,523 in 2022 (2021: £524,715). In 2021, the Ben Fund received one very significant donation of £150,000 from a member based overseas.

The charity had an average year for legacies. Legacies received in the year accounted for £60,276 (2021: £184,470).

All things considered the Ben Fund had a good year overall. The cost�of-living crisis fuelled by spiralling inflation will have contributed to the fall in donations whilst at the same time increasing the demand for the Ben Fund's services. These factors are reflected in a relatively small net loss for 2022. The excess of expenditure over income for the year ending 31 December 2022 was £107,286.

Investment Policy

ICE Benevolent Fund's current Investment Policy states that Investment Managers shall endeavour to achieve an absolute net return of at least CPI +3.5% per annum over the longer term. Implicit in this objective is the desire at least to maintain the long-term value of the portfolio in real terms.

During 2022, the return was -9%. The value of investments fell from £15,372,400 at the beginning of the year to £13,507,900 at the year end. Total investment losses in the value of the fund, realised and unrealised, were £1,796,779.

The Investment Policy Statement is reviewed annually at a meeting of the Investments Panel of the ICE Benevolent Fund and its professional advisors. The Statement is approved by the Trustees.

Reserves policy

It is the policy of the ICE Benevolent Fund to spend all donations on benevolence in the year it is received. To protect the charity's future and to ensure it remains active in perpetuity, the

Trustees have established a designated fund of £4m. The designated fund is reviewed periodically by the Investments Advisory Panel of the ICE Benevolent Fund and approved by the Committee of Management. Other income, including voluntary donations, rental income and investment income is not designated because the Trustees believe that keeping the bulk of our income unrestricted means that the Benevolent Fund can be agile in responding to benevolence need and have sufficient free reserves to cover management and administration costs.

Trustees seek to maintain a level of reserves which will produce an income sufficient to provide circa 25 - 30% of the present level of benevolence and day to day running costs of the Ben Fund. In 2022, the ICE Benevolent Fund surpassed this target.

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Trustees Report for the year ended 31 Dec 2022 The Res8rv88 Policy and the level of reserves required ar8 reviewed annually by the Investments Advisory Panel of the ICE Benevolent Fund and approved by the Committee of Management. Unrestricted fund$ were £19,961.65512021: £21,865,720) at the year end. Rlsk Management The Risk Register was reviewed at the July 2022 Trustee Board meeting and approved. Changes were made lo highlight the need to focus on the risks surrounding finance and the Ben Fund's investments. There was deep concern about volatility in the stock market because of the global increase In energy costs. Truslees monitored this continually through 2022 and a red highlight was put on the Register. Thankfully, as reported under"Governance outcomes., the Ben Fund's portfolio has started lo recover, and maintain value, as we start 2023. Other new risks added to the R8gister in the year was the marked increase in the number of applications from individuals based overseas. Trustees were aware that these cases take longer to process, are invariably more complex and i( often costs the Ben Fund more to support overseas because of the lack of local state aid. This was noted by Trustees and agreed to be one to wal¢h in temis of staff time and effort and benevolence spend. Trustees also added new risks in connection wtth staff safety and wellbelng when lialsing whh applicants who may b8 threatening or dangerous. Grant Maklng and Fundralslng The ICE Benevolent Fund invites applications for grants from ICE members, former members, and their dependants. All applicalions are treated sympathetically and are means tested. All grants are approved by the Trusl88s and are reviewed annually. The ICE Benevolent Fund operates worldwide. The ICE Benevolenl Fund does not undertak8 any organised fundraising activities or events. In 2022, no requests affecting the organisatlon were made to the industry regulator the Fundraising Preference Service and no complaints were received. Trustees, Responslbllltles for the Flnanclal Statsments Law applicable to Charities in England and Wales r8qulres the Trustees (who are also the Directors for the purposes of cornpany lawl to prepare financial statements for each financial period which give a Irue and fair view of the state af affairs of the Charity as at the balance sheet date and of its income and expenditure for the financial period. In preparing those financial statements, th8 Trustees are required lo.. select suitable accountlng policies and then apply them consistently make judgements and estimates that ar8 reasonable and prudent state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and prepare the financial Statements on the going Concern basis unless it is inappropriate to presume that the Charity will ¢ontlnue in operation. The Trustees ar8 responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to

Trustees Report for the year ended 31 Dec 2022 ensure that Ihe flnancial statements comply with Ihe Charities Act 2011 and the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and for taking reasonable steps to prevent and detect fraud and other irregularities. Post balance Sheet evenls World energy prices remaln hlgh, and the global cost of living remains concerning. Trustees may consider whether Beneficiari85 need additional 'one off, grants to support with extremely high energy bills. This will be Considered in 2023. The war in Ukraine continues. There has been a heightenlng oflensions betmeen Chlna and America and in February 2023, there was a devastaling earthquake in Turkey and Syria, killing tens of thousands and rendering millions hameles8. Any disastrous world event has a negative effect on investor confidence and global markets remain volalile. Statsment a8 to Dlsclosure of Infonnation to Auditors The Trustees have taken all the necessary steps to make Ihemselves, as Trustees, aware of any relevanl audil information and lo establish that the audltors are aware of that information. As far as the Trustees are aware, Ihere is no relevant audit information of which the Charity's auditors are unaware. Mazars LLP were appointed auditors at th8 Annual General Meeting held on 8 June 2022. They offer themselves for reappointment as auditors for the coming y8ar. This report ha8 be8n prepared In accordance with the Special provisions of section 414 of the Companies Act 2006 relating to small companies. ON BEHALF OF THE BOARD F TRUSTEES P Oliver Chairperson 28 April 2023 12

Independent Auditors Report for the year ended 31 Dec 2022 Oplnion We have audited the financi81 statemenls of ICE Benevolent Fund (the 'charity') for Ihe year ended 31 December 2022 which comprise the Statement of Financlal Activities, the Balance Sheet, Statement of Cash Flows, and notes to the financial statements. including a $ummary of significant ac¢ounling policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (Unlted Kingdom Gènarally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the slate of th8 charity's affairs as at 31 December 2022 and of its income and expenditure for the year then ended., have been properly prepared in accordance with Uniled Kingdom Generally Accepted Accounting Pra¢tlce', and have been prepared in accordance with the requirements of the Companies Act 2008. Basls for oplnlon We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS IUKI) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial slalements in the UK, including the FRC'S EthS¢al Standard and we have fulfilled our olher ethical re8ponsibilrties in accordance with these requirements. We believe that the audit evidence we have obtalned is sufficienl and appropriate to provide basis for our opinion. Conclusions relating to golng concarn In auditing the financial statements, we have concluded that the trustees, use of Ihe golng concern basis of accounting in the preparalion of the financial statements Is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authori58d for issue. Our responsibilities and the responsibilities of the trustees with r8SP8Ct to going concern ar8 described in Ihe relevant sections of this report. 13

Independent Auditors Report for the year ended 31 Dec 2022 Other Informatlon The other infomation comprises the Inform8tion included in the annual report, other than the financial statements and our auditor's report ther80n. The Trustees are responsible for the other infomiation. Our opinion on the financial statements does not cover the other inform8tion and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and, in doing so, conslder whether the other information is materially inconsistent with the financial statements, or our knowledge obtained In the course of Ihe audit, or othemise appears to be materially misstated. If we identify such material inconsi$ten¢ies or apparent material misslatemenls, we are required to determine whether there is a material misstatement in the financial statements or a material misstatemenl of the other infomialion. If, based on the work we have performed, we conclude that there is a material misslalement of thi3 other inforrnation, we are requlr8d to report that fact. We have nolhlng to report in this regard. Opinions on othèr matters prescrlbed by the Companle8 Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in thg Trustees, Report which includes the Dlrectors, Report prepared lor the purposes of company law, for the financial year for which the financial statements are prepared 18 consistenl with the financial statements,. and the Directors, Report included withln the Trustees, Report has been prepared in accordance with applicable legal requlremenls. Matters on which we are requlred to report by exceptlon In light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified mat8rial misstatements in the Directors, Report included within the Trustees, Report. We have nothing lo report in respect of the lollowing matters in relation to which Ihe Companies Act 2006 requires us to report to you if, in our opinion: adequate and proper accounting records have nol been kept, or relurns adequate for our audit have not bean received from branches not visited by us-, or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. the Trustees were nol entilled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemption in preparing ihe Trustees, Report. 14

Independent Auditors Report for the year ended 31 Dec 2022 R08pon8ibilitias of Trustses As explalned more fully in the Trustees. responslbilltles statement set out on page 11, the Trustees (who are also the Directors of Ihe charitabl8 company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control a5 the Trustees determine 18 necessary to gnabl8 the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustee5 are respon8ible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, matters related to golng concern and using the going concern basis of accounting unless the Trustees 61ther intend to liquidate the charity or lo cease operations, or have no realistic alternalive bul to do so. Auditor's rg$ponslbllltl85 for the audlt of the flnanclal statements Our obj6ctlves are lo obtain reasonable assuran￿ about whether the financial statements as whole are free from material misstatement, whether due to fraud or error, and to Issue an auditor's report that includes our oplnlon. Reasonable assuran¢e is a high level of assurance but is nol a guarantee thal an audit conducted in accordan￿ with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are onsidered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial st8tements. The extent to which our procedures are capable of detgcting irregularsties, including fraud, 18 detailed belaw. Irregularities, including fraud, are Instances of non-¢omplian¢e with laws and regulations. We design procedures in line with our responsibilitles, oullined above, to deted materlal misstatements in respect of irregularities. including fraud. Based on our understanding of the charity and its industry, we ¢onsidered that non-compliance with the following laws and regulations might have a material effect on the financial statements.. employment regulation, health and safety regulation and anti-money laundaring regulation. To help us identify instances of non-compllance wlth these laws and regulatlons, and In Idenllfying and assessing the risk8 of material misstatement in respect to non-compliance, our Pro￿dureS Included, but were not limited to.. Inquiring of management and, where appropriate, those charged with governance, as to whether the charity is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations., Inspecting correspondence, if any, with relevant Ilcensing or ￿gUlatOry authorTtles', Communicating identifiad laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit,. and Considering the risk of acts by the charity which were contrary to applicable laws and regulation8, including fraud. 15

Independent Auditors Report for the year ended 31 Dec 2022

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006 and the Charities Statement of Recommended Practice.

In addition, we evaluated the trustees' and management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, income recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of the audit report

This report is made solely to the charity's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body for our audit work, for this report, or for the opinions we have formed.

Nicola Wakefield (Senior Statutory Auditor)

for and on behalf of Mazars LLP

Chartered Accountants and Statutory Auditor

6 Sutton Plaza, Sutton Court Road, Sutton, Surrey, SM1 4FS

Date: 24 August 2023

'16

Independent Auditors Report for the year ended 31 Dec 2022 Statement of Financial Activities For the year ended 31 December 2022 Total Total Unre8trlcted Unre8trlctèd funds funds Noles 2022 2021 INCOME Donatlons and1ogaclo8 Income from Investmont5 Rental income Investment incom& Income from Charltsbl• Actlvltlg5 Rent- Beneficiarie5 EventNVorkshop Income 399.800 709,185 367,910 423,197 338,996 365,990 ,315 3,170 92,30S 1,395 Total Income 1,290,392 1.507,875 EXPENDITURE Ralslng funds Costs of rental propertles Investment management costs 199,4521 166,1921 193,5731 171.4641 1165.6441 (165.0371 Expendlture on Charltable Actlvltlos Provlslon of financial assistance lo individuals Provision of accommodation to btrneficlanes Welfare advice and counselling 1800,5651 197,4901 (333.9791 (609.7841 {128.3321 {238.4291 5&6 11,232,034) 1976.5451 Total expendlture 11,397,678) 11,141.582) Net lexpendlture)Ilneom• excludlng Investment Ilossesllgaln8 {107,2861 366,293 Inv98tmgnt movemenls N81 investment Ilossesllgains Revaluabon gain on investment property 14 15 11,796,779) 1,346.291 1,739,000 Net movemènt In fund8 11,904,065) 3,451,584 Funds brought forward at 1 January 25,865,720 22,414.136 Total funds carrled fotward at 31 Decemb•r 19 23,961,655 25,865,720 All Income and expendllure are derived from continuing activities and there are no rocognised gains or105ses other than those Included abovè. Thè accompanying accounting policies and notes form an Integral part of these flnanGlal slatemenls. 17

Independent Auditors Report for the year ended 31 Dec 2022 Balance Sheet As at 31 December 2022 Notes 2022 2021 Fixed assets Inlanglble fixed assets Tangiblè fixed assets Investments Investment properties Concessionary loans 12 13 14 15 16 519,595 13,507,900 9.335,000 51,155 530,733 15,372,400 9.335,000 87,005 23,413,650 25,305,138 Current a88018 Deblois Cash al bank and in hand 17 90,691 747.889 175.144 887.986 838,580 843,130 Credltor8'. amounts falllng due wlthln on¢ year 18 (290,5751 1282,5481 Net current a88•t8 548,005 560,582 Totsl a88et8 le88 current liabilities 23,961,655 25,865,720 The Funds of the chorlty: D081gnaled funds Unr8$tricted in¢omo fund$ 4,000,000 19,961,665 4,000,000 21,865,720 Total charity funds 19 23,961,655 25,865,720 The accompanySng accounllng pollcles and notes form 8n integral part of these flnancial ststemenls. These financlal statèments havè been prepared In a¢¢ordan¢e with the speGial provisions of the Companies Act 2008 relating lo small companies. Approved by the Trustees on 26 April 2023 and signed on their behalf by,. P Oliver Chairperson 18

Independent Auditors Report for the year ended 31 Dec 2022 Statement of Cash Flows For the year ended 31 Decembèr 2022 2022 2022 2021 2021 Cash Ilows from operatlng actlvltle8 Not {•xpondlturo11 incom• {1,904,0661 3,451,584 Adjuslmenls for.. Depreciation Amortisation Loss I Igainl on Investments (Gain) on revaluation of investment properties Interest income Decreasellln¢rease} in Trade and other debtors IncreasellDe¢rgasel in Trade and other creditors Concessionary loans 31,182 29,180 1.796,779 {1.346,291) {1.739,0001 1423,1971 84,453 1365,9901 1130,3731 8,027 130,3241 15,850 Cash flow¥ (used inl opératlng actlvltles 1390,9711 1131,2141 Purchase of tanglble fixed assets Purchase of investments Proceeds on disposal of Investments Interest re¢elved 120,0441 110,5801 (2.818,3901 3,311.215 11,874,977> 2,361,242 423.197 365,990 Cash flow8 ggngrated from investing activiti99 895,978 841,875 Net increase in ¢a6h 505,007 710,461 Analy818 of chang06 In n•t ¢a8h At1 Jan'22 Ca8h flow8 At31 Dè¢.22 Cash al bank and In hand Cash withln Investment portfollo 667.986 849.191 79,903 425,104 747.889 1,274.295 Total cash al 31 December 2022 1,517,177 505,007 2,022,184 19

Notes to the Financial Statements For the year ended 31 December 2022 1. Prlnclpal Accountlng Pollcle8 The financial slatements have be8n prepared in accordance with Accounting and Reporting by Charities. Slalement of Recommended Pra¢tl¢e applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicab18 in the UK and R of Ireland {FRS 102) (effective 1 January 2019) - (Charrties SORP {FRS 102)) and the Companies Act 2006. The ICE Benevolent Fund meets the definition of 8 public benefit entity under FRS 102. Assets and liabilities are initially re¢ogni3ed at hl$tori¢al cost or transaclion value unless otherwise stated in the relevant accounting policy note{s}. The Trustees consider that it is appropriate for these financial slatements to be prepared on the going concern basis given the result for the year and the level of reserves held. Trustees are keeping a watching brief on reserves following the COVID- 19 pandemic. Allhough still prevalent worldwide It appears to be less serious and causing less disruption to world economies. In 2023 there remain potential threats lo reserves. The risk of r8cès$lon has not gone away, there is no sign of an end to the war in the Ukraine and during Q1 we have seen more turmoil In the banking sector. However, with China opening-up, inflation starting to fall and the pr[￿ of oil and ga8 (in particular) falling sharply since the start of the year, Ihere are grounds for optimism. Experts belSeve markets will remain valatile in the first half of 2023 but expect things to pick-up by the end of the year against a backdrop of lower infFation and a loosening of monetary policy. As a resull, it is likely that the Benevolent Fund's Investrnenl portfolio will fare much better in 2023 than it did in 2022. Wages are still not keeping pace wlth prices so Trustees remain concernèd that our benefi¢Saries will struggle wilh higher living costs. However, based on 2022 any Increase in applications for financial a$si$tance is likely to be manageable and the cost of any irregular help limited. Given the level of reserves held, Trustees are confident that the ICE Benevolent Fund is well placed to handle the fall-out from volatile markels andlor increased appll¢alions for financial assistance. Trustees will continu8 to monitor the situation with the Ben Fund's Inveslment Manager. The principal accounting policies of the ICE Benevolent Fund are set out below.. Fixed Asset Investments Fixed asset investments are included at market value al the balance sheet dale. Any gain l (lossl on revalualion is credited l (charged) to the Statement of Financial Activitie8 {SOFA). Intangiblo Fixed Assets Website and software costs have been capltallsed at historic cost and 8mort18ed on straight-line basis ovsr 3 years and 5 year8, respectively. 1.3 Tanglble Flxed Assats Freehold property is capitalised at historical cost. Capital items having a cost less than £5,000 are wrilten off in the period in which the expenditure is incurred. Residential properties for occupation by beneficiaries were transferred from the unincorporated ICE Benevolenl Fund during 2009 at historic cost and then the fair value was reviewed followlng the transfer. An external valuation was obtained in November 2021 and then reviewed by the Trustees at 31 December 2022. The properties are fully maintained wlth a view to ensuring that total residual valu88 are not less than the carrying value. 20

Notes to the Financial Statements For the year ended 31 December 2022 No depreciation Is charged on the freehold buildings because the Trustees Consider that the economic life of the properties and their residual values, excluding inflation, is such that the depreciation charge and accumulated depreciation are not significant. The value of the property is regular5y reviewed in order to Identify any permanent diminution in value which if applicable. would be charged to the SOFA. Improvements lo freehold propertl8s are depreciated over their useful economic lives at the following rates: Freehold improvemenls- 2(1￿ straight line Office equipment.. 200A straight line Double glazing- 1 Ooh straighl line A full years depreciation based on ¢apilalised date is applied to new asset additions in the year. 1.4 Investment properties Properties held for the purpose of generatlng income are considered to be investment properties,. these are held at fair valLJe. The value of the properties is regularly reviewed in order to identify any permanent impairment. An external valuation was obtained in Novemb8r 2021 and reviewed by the Trustees at 31 December 2022. Where properties aro partially held to generate income and partially fundional assets they are split belween langible fixed assets and investmenl properties based on the relative ar8a used for each function. Charltable loans Loans made in pursuit of the ICE Benevolent Fund's charitable purposes are held within fixed assels and are staled at origlnal Gost and subsequently adjusted for any subsequent repayment or impairm8nt. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade dlscounts due. Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to Settle the obligation can be measured or estimated rèliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any irade discounts due. Flnanclal instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Fund Accountlng Unrnstrlcled Funds,. These are funds which can b8 ISSU8d in accordance with the ¢harftable objects and al th8 discretion of the Trustees. Designated Funds.. These are fund8 which will ￿ retained in order to ensure tha* the ICE Benevolenl Fund exists in perpetuity. 21

Notes to the Financial Statements For the year ended 31 December 2022 1.10 Income Voluntary Income In preparing these accounts no value has baen attributed lo the work performed by volunteers although their work is conSide￿d vital to the activities of the Charity. Donatlons Income from donations is included in incorne when these are receivable, except as follows.. When donors specify that donations given to the ICE Benevolent Fund musl be used in future a¢counting periods, the income is deferred until Ihose periods. ￿en donors impose conditions, which have to be fulfilled before the ICE Benevolent Fund becomes enlitled to use such income, the income is deferred and not included In Income until the pre-conditions for use have been met. Legacies Legacies are included when the ICE Benevolent Fund is advised by the personal representative of an estate that payment will be made, or property transferred, and the amount involved can be quantified. Invostmont Income and Interest Recelvable Investment income and interest 18 Included when re￿1vable by the ICE 88nevolent Fund. Rent Recelvable- Beneficiaries and Non-Benefi¢larles Rental income is included in the period in which the ICE Benevolent Fund Is entitled lo receipl. 1.11 Expendituro Expenditure 1$ included in the SOFA on an accrual's basi8, inclusive of any VAT which cannot be recovered. Expenditure is grouped together under headings that aggregate all costs related to the category. Vvhere costs cannot be directly attributed lo particular headings, they have been allocated lo activities on a basis consistent with Ihe use of resources. The premises are used for provision of accommodation for beneficiaries and office spa¢e for ICE Benevolent Fund staff. In accordance with the ICE Benevolent Fund's rules of operation, any properties not required for these purposes are let to non- beneficiary tenants on assured shorthold tenancies of not less than six months, duration. These tenancies, charged at commercial rates, generate additional income for the ICE Benevolent Fund. Costs are apportioned based on average occupancy by these three 818ments. Other overhead8 have been allocated based on staff time spent on the respective activities. 1.12 Charitable A¢tivitieJ Costs of charitable activities Comprise all cosls idenlified as wholly or mainly attribulable to achieving the charilable abjects of the ICE Benevolent Fund. These costs include dire¢l costs, wholly or mainly attributable 5UPPOrt costs and an apportionment of overhead. 1.13 Pansion Costs The cost of provlding pension and related benefits is charged on an annual basis to the Statement of Fin4n¢ial Activiti85. 22

Notes to the Financial Statements For the year ended 31 December 2022 1.14 Taxation The ICE 8enevolenl Fund is a règistered Charity and as such is exempt from taxation on its in¢ome and galns lo Ihe extenl that they are applled lo Its charitable purposes. Judgements In applylng accountlng policles and key 8ource8 of estimation uncertainty In applying the charity's accounting policies, the Trustees are required to rnake judgements, estimates and assumptions in dgt8rmining the carrying amounts of assets and liabilities. The Trustees, judgements, estimates and assumptions are based on the best and most reliable 8vidence availabl6 al the time when the decisions are made and are based on historical experience and other factors that are considered to be 8pplicable. Du8 to inherent subjectivity involved in making such judgements, estimates and assumptions, the actual resulls and outcomes may differ. The estimates and underlying assumptions are reviewed on an ongoing basiB. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and futur8 periods, rf the revision affects both current and fulure periods. The key e5tim8te and assumption made in these accounts are considered to be (al Depreciation, which is provided at rates calculaled to wrlte off the cost, less the estimated residual value, of each fixed asset over its eslimaled useful life This is of particular relevance to freehold properties which hav8 not been dgpreciatad as the residual value is deemed ta be in exc8ss of cost. (b) Allocation of the Mill Hill Close properties between investment properties and fixed assets as a 50.'50 split until 31 December 2019,. then this was changed to 60=40 as the proportion of tenants who are beneficiaries reduced. This assumes Ihal the individual properties are interchangeable and that the percentaoe of tenants who are beneficiaries stays within the range of 300/0 and 500/0. {c) The assumptions made in the revaluation of the Investment properties al Mlll Hlll Close. The principal assummions are the estimated rental potential in the Haywards Heath area, the level ofdemand for similar properties and th8 degree of discounting applied to refleGI the lack of v8hicular access to some of the properties. 23

Notes to the Financial Statements For the year ended 31 December 2022 Donations and Logacies 2022 2021 Donations Legacies 339.524 60,276 524,715 184,470 399,800 709,185 The geographical analysis of donatlon$ 1$ as follows.. 2022 2021 United Kingdom Rest of the World 303,312 36,212 331,460 193,25S 339,524 524.715 Rental Prop8rtles- non-beneficiary tenants 2022 2021 Rental Income from non-beneflclary tenants Cost of raising fLJnds- rental properties (direct costs) Cost of raising funds- rental properties lallocaled costsl 367,910 (9,863) 189,5891 338.996 19,5751 (83,9981 Nel rental income 268,458 245,423 Rental proporties - beneficiary tenants 2022 2021 Rent from beneficiaries Cost of provldlng arxommodation 96.315 197,4901 92,309 (128,3321 Net lexpenditure) {1,1751 (36.0231 24

Notes to the Financial Statements For the year ended 31 December 2022 Charltable Actlvltles Dlr•ct costs Allocated Costs (See note 81 Total 2022 Total 2021 Costs after allocatlon Provision of flnanclal assistance to individuals ProvSslon of accommodation to beneficiaries Advicè and counselling 636.203 164,362 800,565 609.568 97,490 190.614 97,490 333,979 128,332 238,429 143.365 779,588 452,466 1,232,034 976.329 Provlslon of financial 8ss151ance to Indlvldual8 in¢lude$', 2022 2024 Grants lo benefi¢iarfes 632,165 482,401 All grants were made to prlvate Indlvlduals. The Benevolent Fund asslsled 221 beneficiarie5 12021.. 1861 during the year. Governance 2022 2021 Allocated overhead costs include the followlng govemance costs., Auditor remuneration Fees pald to 8udltors for other services Legal and professional fe8S Trustee expenses 13,847 4.044 1,163 2,527 8.800 3,200 3,755 1,442 21,581 17,197 25

Notes to the Financial Statements For the year ended 31 December 2022 Overheads forAllocation Property Charfty staff Management co8t8 costs costs Total 2022 Total 2021 Flnan¢ial asslstance Provislon of acGommodallon Advice and counselllng 89,727 34.20D 104,OS9 74,635 28,448 86.555 164,362 97,490 190,614 124,206 128,332 144,045 34,842 34,842 227,986 189,638 452,466 396,583 Rental properties 62.270 14,914 12,405 89,589 83.998 97.112 242.900 202,043 542,055 480.581 The methods used lo apportion overheads are descrlbed In note 1.11. Governancè costs 10181 £21,581 12021-. £17,197}. Net {Exp•nditure) I Income This is slated after charging.. 2022 2021 Depreciation Amortisalion Auditors remuneratlon 31,182 29.180 13,847 8,800 10 Slaff Costs The payroll costs foT the year were as follows.. 2022 2021 Wages and salaries Health¢a￿ and Income Protection Insurance Social security costs Other pension costs Recruitment and Training 1e7.851 2,383 15,286 36,728 652 170,550 1,922 13,399 34.000 255 Total 242,900 220.126 During 2022 the Benevolent Fund contributed £7512021.. £3001 towards th8 accumulated deficit on the Defi'ned Benefit Pension Scheme, The average number of employees (full lime equivalents) of thè ICE 88nevolent Fund durlng the year was.. 4.312021.. 4.21 The total staff numbers were 612021.. 5) 26

Notes to the Financial Statements For the ygar endod 31 December 2022 10 staff Costs (contlnued) 2022 2021 Cost of ralsing funds Charitable aclivilles Governance Total No member of staff r8¢&1V8d 8molument8 in excess of £60,000 per annurn in either year. Key management personnel include the Chlef Exe¢utlve. the Head of Casework, and the Finance Manager. The total employee benefits oflhe key management personnel of the charity wére £130.61712021'. £1S3,5691. 11 Trustee Remuneratlon Non8 of the Trusteès r8ceive any remunerab'on for their services as Trustees of the Charlty. 2022 2022 Numb•r 2021 2021 Number 10 Meeting expenses r8imbursed 2,527 1,442 Donations of £730 {2021.' £4601 were received from 1312021-, 141 Iru5tees durin9 the year. 12 Intangible Flxed A880ts Total 2022 Cost At 1 January 2022 and 31 December 2022 58,845 Amort18atlon At 1 January 2022 and 31 D8Gemb&r 2022 S8,845 Net book value At 31 Decembèr 2022 At 310ecember 2021 27

Notes to the Financial Statements For the year ended 31 Docember 2022 13 Tangible Flxed Assets Fr¢ohold property Freehold Improvomont Offlce oqulpment Total 2022 Cost At 1 January 2022 Additions 305,784 447,446 6,172 5,495 13,872 758,725 20,044 At 31 December 2022 305,784 453.618 19.367 778,789 Depreciatlon At 1 January 2022 Provbded during year 224,695 28,696 3,297 2,486 227,992 31,182 At 31 Deoember 2022 253,391 5,783 259,174 Not book valug At 31 December 2022 305,784 200,227 13,584 519,595 Al 310ecemb8r 2021 305,784 222,761 2,198 530,733 The latest va5ualion und•rtak8n by Martin Lacey Buckley Chartered Surveyots Sn November 2021 valued the freehold prop@rty at £765,000. However, the freehold property Is shown above1£305,7841 at its original cost lupdated lo the estimated value al the limo of the incorporation of the ICE Benevolent Fund in 20091- Th1$ 1$ In accordance with the treatment required by the Charities SORP. 14 Investments 2022 2021 Market value as al 1 January Acquisitions al cost Sales proceeds Net movem8nl in cash balances Nel investment {losses}Igains 15,372,400 2,818,390 (3.311,2151 425,104 11,796,779} 14.096,207 1,874,977 12,361.2421 416,167 1,346,291 Listed investments al market value Historical cost at 31 December 13,507,900 11.934,128 15.372.400 11,757,434 Unreallsed Investment gains 1,573,774 3,614,966 28

Notes to the Financial Statements For the year ended 31 December 2022 14 Inv88tments (contlnuad) An analysis of the market value of the Gharity's Investments at 31 December 20221$ as follows,, 2022 2021 UK bonds and preference shares UK equSlles Overseas bonds & preference Shares Overseas equities Allernatwe investments Cash on deposS1 awaitlng Inv8slmenl 1,229,106 3,995.032 892,743 4,079,403 2,037,321 1.274.295 1,169,676 4,059,417 955,286 6,039,889 2,298,941 849,191 13.507,900 1 S,372,400 Tho followlng invèstm8nts accnunted for more than 50A of the market value a5 al 31 December 2022. Maylalr Capllal Investment Management £808,430 15 Investment Property Total 2022 At 1 January 2022 and 31 De¢ember2022 9,335.000 The investment property wmprises the 640A 12021.. 60¥01 of the Mill Hlll Close propety which is oGcupied by tenants who are not beneficiaries and also the flats al 6-8 Mill Hill Close which are let lo external lenanls. Both elements are held al fair value in the financial statements and an updated valuation wa$ undertaken during 2021 by Martin Lacey Buckley, Chartered SuTveyor5 (registered with RICSI. The valuation is based on rental polentlal combined with review of the properties ¢ompared to recent sales prices in the local area. The Trustees subsequently reviewed the valuation as of 31 Decemb6r 2022 to confirm that thls rèmained ppropriate. There are no re8lriclions over the use or sale ol the properties. 16 Concasslonary loans 2022 2021 8alan¢e as at 1 January 2022 Rep8yment of loan 67,005 115,8501 67,005 Balance a5 at 31 December 2022 51,155 67,005 In addition to its grant makin9 activities the ICE Benevolent Fund hlslorlcalty madè concessionary loans to benefiGiarie5. The$e loans are secured against beneflclaries, propèty. 29

Notes to the Financial Statements For th8 year ended 31 Decomber 2022 17 Debtor6: Amounts Falllng Due Wlthln One Year 2022 2021 Other deblois P￿paYMentS 76,333 14.358 186,993 8,151 90.691 175.144 18 Credltor8: Amounts Falllng Due Wlthln Ono Year 2022 2021 Trade creditors Accruals Welfare grant accruals 37,362 61,678 191,S35 56,049 52.601 173,898 250,575 282.548 Trade c￿dItorS includes £20,42212021'. £52,718) du8 to the Inslilulion of Civil Engineers 19 Funds Unrestricted funds D•8lgnated fund8 Total Balance brought forward al 1 January 2022 Income Expenditure Galns on Investment$ 21.865,720 1.290,392 {1,397,6781 11,796,7791 4,000,000 25,865,720 1.290.392 11,397,678) 11,798,779) Balance at 31 December 2022 19,961.655 4,000,000 23,961,655 Unrestrlctod Funds These funds r8pr8sent the el8m8nt of the free reserves of the Charlty whl¢h have not been designated for any sp8¢ific purpose. D961gnated Fund8 Following th8 merging of the A and B Funds al the end of 2012 Trustee8 agreed that part of the Benevolent Fund's capltal should be placed In a deslgnaled fund lo ensure that the Benevolent Fund exists in perpetulty. Al the tlme of the merger tho A Fund stood at £6.5m. It was decided that £2,5m of thls amount should fund the buildSng of the new office Ino 5 Mill Hill CIo8el and 6-8 Mill Hill Close. and the remaining £4rn would form the designated fund. The value of the designated fund wlll be revlewed perioolically by the Investment AdvSs0ry Panel, and every five years by the Board. 30

Notes to the Financial Statements For tho year endgd 31 Decembor 2022 20 Capltal Commitments Grants approved by the Trustees forthe benevolence year 8nding 30 June 2023 total £446,330 130 June 2022.. £453,222}, The amount pald prlor lo 31 December 2022 was £254,79512021'. £279,324) leavlng an accrued balance of £191,535 {2021.' £173,8981. 21 Penslons The Benevolent Fund has an ongoing liability of 0,06% of the annual deficit funding per annum for the one ICE Benevo18nt Fund staff m8mb8r remaining in the ICE Staff Retirement Benefits and Life Assurance Defined Benefit Scheme from the dale of ICE Bènevolent Fund Incorporation to ICE Scheme closure on 30 November 2010. In 2022 the amount due was £75 12021-. £3001. Contributions to the ICE Group Personal Pension Plan in 2022 totaSled £36,728 12021.. £34,000). Penslon costs for the period also include £4,80012021: £4,800) of adminislralion charges. 22 Related Party Transactions The Institution of Civil Engineers enters into transactions with its connected charity, the ICE Benevolent Fund. The naturè of the transactions includes the collection of donations from the Inslitulion's members on behalf ol the ICE Benevolent Fund and provision by the Institution of flnancial, HR, database, and IT serviGe$, Durlng 2022 the donations with subscriptions collected by the Institution of Civil Englneers on behalf of The ICE Benevolent Fund lolalled £241.322 12021.. £259,454) and the manag&ment fee paid to the Inslllution of Civil Englneers was £28,80012021.' £31,656), The balance due to the Institution of Civil Engineers on 31 December 2022 was £20.422 (2021.. £52,718). 31