ICE BENEVOLENT FUND Report and Financial Statements For the year ended 31 December 2024 Registered Off ice 5 Mill Hill Close Haywards Heath West Sussex RH16 1NY Limited Company Registered in England No. 6708655 Charity Registered in England and Wales No. 1126595
ICE BENEVIILENT FUND Charity Information Charity Registratlon Number: 1126595 Company Registration Number: 6708655 Chief Executive and Principal Offlce: K L Barnett OBE 5 Mill Hill Close Haywards Heath West Sussex RH161NY Bankers: National Westminster Bank plc 38 Strand London WC2N 5JB Auditors: Forvis Mazars LLP 6 Sutton Plaza Sutton Court Road Sutton Surrey SM14FS Investment Managers: Rathbones Investment Management Limited 8 Finsbury Circus London EC2M 7AZ Solicitors: Stone King Boundary House 91 Charterhouse Street London EC1M 6HR
Trustees Report for the year ended 31 Dec 2024 Executive Summary In 2024 the ICE Benevolent Fund: Supported 316 (2023: 227) individuals, 244 (2023: 153) of these were new in 2024. Contacted 277 (2023: 234) individuals who were bereaved following the death of a member. Provided charitable accommodation to 12 (2023: 13) beneficiaries. Provided a Back to Work {82W) service to 27 (2023: 15) individuals. Ran 4 (2023.'3) online workshops with 69 (2023: 63) attendees and 37 (2023: 29) webinars with 4,621 (2023: 3,719) registered delegates. Referred 166 (2023: 98) members to our specialist partners for support. Supported a tinal 344 (2023.1072) individuals with the provision of a Will writing service. The service was closed in June 2024. Flnanclal Posltlon for the Year Assets as at 31 December 2024 Investments and tangible fixed assets Net Current Assets £26,582,674 £ 1,102,387 Total £27,685,061 Income Investment Income £ 440,509 Donations via ICE subscriptions miscellaneous donations & legacies £ 706,913 Rental income £ 515,504 Workshop income Total 1,530 £ 1,664,456 Expenditure Provision of financial assistance to individuals 715,297 Advice, Welfare & Counselling £ 365,729 Provision of accommodation to beneficiaries 164,423 Cost of rental properties 199,646 Investment Management costs 71,103 Total £ 1,516,198
Trustees Report for the year ended 31 Dec 2024 The ICE Benevolent Fund was established on 20 December 1864 and was registered as a Charity in 1962. On 1 January 2009, the Benevolent Fund incorporated to a charitable company limited by guarantee. The incorporated charity's governing documents are the Articles of Association of the ICE Benevolent Fund. These Articles were amended and approved at an AGM on Monday 13 July 2015 and are available for inspection from the ICE Benevolent Fund registered address or at website VW4V.icebenfund.com. 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 2024. The financial statements have been prepared under the accounting policies set out on pages 20-23 of the financial statements and comply with the current statutory requirements, applicable law, and the Statement of Recommended Practice 2019 "Accounting and Reporting by Charities (FRS 102)" eff ective 1 January 2019. Structure, Governance and Management ICE Benevolent Fund Members The ICE Benevolent Fund operates a register of Members, all of whom have applied for membership and been accepted by the Trustees. ICE Benevolent Fund Members must make a minimum annual contribution to the Fund, which for 2024 was £10. Membership allows the individual to attend and vote at the Fund's AGM and apply for election to Trusteeship. Al the end of 2024, ICE Benevolent Fund had 161 Members. ICE Benevolent Fund Frlends Individuals who donate to 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 Trusteeship. Paid Executlve team At the end of 2024, the ICE Benevolent Fund employed 5 staff which equated to 3.95 full time equivalents. The staff team comprises: Chief Executive, Head of Casework and Services, Finance Manager, Marketing Manager, Benevolence Partnership Executive. There is one vacant post of Administrator. Trustees of the charity set the pay and remuneration of the staff annually in December of each year. When setting remuneration, Trustees benchmark against remuneration packages awarded to ICE members of staff and also to staff employed by other occupational Benevolent Funds operating in the propety 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 anonymised recommendations for help, as appropriate. Trustees The Board of Trustees, which meets quarterly, governs the affairs of the Charity. There are sub-committees covering investments and estate maintenance. The Board of Trustees can consist of up to fifteen members and comprises: Three members of the Council of ICE to be appointed by ICE Council. These individuals do not need to be ICE Benevolent Fund Members;
Trustees Report for the year ended 31 Dec 2024 Nine ICE Benevolent Fund Members who are elected by other Members of the ICE Benevolent Fund. These individuals need to be ICE members; Up to three additional individuals, who can be co-opted to serve up to three years in office. These individuals do not need to be either ICE members or ICE Benevolent Fund Members; The ICE President, for the year that they are in office, 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 individuals to become involved. Nominations to serve on the ICE Benevolent Fund's Trustee Board are invited annually from all ICE Benevolent 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 sent copies of the CharlS governing documents and past copies of board papers. They are also asked to read a Privacy Statement which outlines how the ICE Benevolent Fund uses their data, complete and sign a Register of Interests form so that potential conflicts can be identified in roles and sign the Charity Commission's Suitability Declaration form for newly appointed Trustees. Trustees are also asked to read the ICE'S Bribery policy and sign to say they have understood their responsibilities. All Trustees are obliged to attend an annual induction session which acts as a refresher course for retained Trustees and an annual full day training. The full day's training day is run jointly for Trustees and visitors. ICE Presldent as Patron: A Shah" (term of appointment complete 31 October 2024) (appointed 1 November 2024) J Hall" Chalrman: P Hardy-Bishop Council Nominees: G Yates ' R Barkham" R White. Elected Members: C Hillary P Hansford CBE G Jurkonyte P Hardy Bishop HLee R Ashley N Brent M Chater (appointed 1 January 2024) (appointed 1 January 2024) (appointed 1 January 2024) T Frost" (appointed 1 January 2024) Member of the Council of the Institution of Civil Engineers (ICE) during 2024 Co-opted Trustee for one year only Company Secretary: K L Barnett OBE
Trustees Report for the year ended 31 Dec 2024 All Trustees gave their time voluntarily and received no benefits from the Charity. Any reclaimed expenses are set out in note 11 to the Accounts. Objectives and Activities 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 that underpins our work is to help as many eligible individuals as possible. Assistance is provided in many ways and varies according to specific requirements. The main types of help include: Financial assistance and advice for ICE members struggling to make ends meet. Advice, information, specialist counselling and support, both face to face and on-line. Accommodation for individuals on low incomes seeking affordable homes; Support with personal developmentlwellbeing; "Back to WorK' (B2W) support following redundancy or a period of unemployment. Access to specialist support services through a charity partnership programme. This report looks at what we achieved and the outcomes of our work in the previous 12 months and sets out our targets for the following year. Preparing this report helps Trustees ensure that the ICE Benevolent Fund's aims, objectives, and activities remain focused on our stated purposes. How Our Activities Deliver Public Benefit The Charity's Trustees have complied with the Charities Act 2022 to have due regard to Public Benefit guidance published by the Charities Commission. 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 represents a sizeable number of individuals worldwide, any of whom can come forward for help at any time. 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 difficult time, we also help his or her family and close friends, and our proactive support also means the individual is less likely to rely on the state, whether in terms of welfare or healthcare. In these ways we greatly extend the range of our support beyond simply the members of ICE. Individuals do not need to have contributed to the ICE Benevolent Fund to benefit from its services. The ICE Benevolent Fund always endeavours to provide the most appropriate help in every circumstance. 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 Benevolent Fund wants benevolent assistance to be viewed as short term until the individual is able to support himself or herself and their family. Equal access to our seniice is an important area of focus for the ICE Benevolent Fund. ICE
Trustees Report for the year ended 31 Dec 2024 members living in povety and need are sought out and actively encouraged to apply for help. All those applying for financial assistance are means-tested and anyone falling 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 detriment or harm and cannot think of any example where this might be the case. Financial effect of slgniflcant events Under FRS 102, the Charity's Trustees are required to record the financial effect of significant events in the year. These are: A new kitchen was installed at one of the properties on the Ben Fund's charitable estate at a cost of £13,758.05. New gas boilers were purchased and installed at four of the properties occupied by commercial tenants on the Ben Fund's charitable estate. The total cost was £27,425.67. New front doors for six properties at a totsl cost of £24,607.82. The Ben Fund's Auditors have confirmed that they concur with this treatment. Objectives for 2024 (set in Q1) Benevolence and marketlng One of our objectives is to assist as many eligible ICE members, former members, and their families as possible through ICE Benevolent Fund's variety of services. The aim is to try to increase the number of people supported each year in a variety of different ways, depending on their need, whilst accepting that growth in demand is unlikely to increase every year. The Ben Fund offer is not restricted to financial assistance and whilst ICE members may not need financial help, we hope they might look to the Ben Fund for support with their wellbeing. The Ben Fund's offer in this regard is diverse and constantly developing, not just through webinar and masterclass/workshop delivery but also through our variety of specialist partnership arrangements. two new partnerships would be launched in 2024 with Dementia UK and the British Dyslexia Association (BDA). we hope to assist more members via these partnerships. We will prepare and distribute a postcard to be mailed to ICE members registered to receive our communications in selected overseas countries advertising the range of services provided by the Ben Fund, and outlining how the charity can support members and their families living and working outside the UK. Although inflation is coming down and energy prices have now stabilised, the cost of food remains stubbornly high, and Trustees are committed to providing supplementary support as a "one off, to long term beneficiaries to assist them with these costs. The agreed amount is £200 per beneficiary to be paid in Q1. Governance Trustees are aware that the operation of the Ben Fund is heavily reliant on the staff team. In 2024 further efforts would be made by staff to shadow each other's roles so that the Ben Fund will not be exposed should a team member be indisposed. To this end, the Benevolence
Trustees Report for the year ended 31 Dec 2024 Partnership Exec is being trained on the finance function and is hosting an increased number of the charity's on-line events. The Marketing Manager continues to support the Head of Casework on benevolence applications. The Administrator was due to leave the staff team in January 2024; and would need to be replaced. Trustees are committed to a wholesale review of rents at the charity's estate of properties. It is important that rents set for commercial tenants are in line with the market rate to ensure that our assets are "working" for us. The Ben Fund committed to review its professional advisers in the year to assess suitability and performance. As the ICE continues with its work to implement a new membership database, the Ben Fund staff team continue to make themselves available for testing and training on the new system in preparation for it coming online. It was hoped that this would be sometime in 2024. There is an ongoing requirement to replace wooden front doors at several properties on the charitable estate in Sussex; the work will probably run over a number of years. The estate is in a conservation area and the door specification has to be acceptable to planners. An appropriate Contractor would be sourced, and the work commissioned in 2024. Benevolence and marketing outcomes The number of applications for financial assistance, attendees at our webinars, and those seeking support through the Ben Fund's partner programme grew in the year. This can be attributed to increased awareness of the Ben Fund service by the ICE membership, following marketing campaigns run throughout the year. The Ben Fund offer is now very diverse, and we can assist ICE members and their families in a variety of different ways. As a result, engagement with us has increased as broadening our seNice offer means that it is relevant to more people. The Ben Fund closed its Will writing service at the end of June 2024. In total, 1869 individuals have been referred to our partner to process their Wills. The two new partnerships with Dementia UK and the BDA have proved popular with members, particularly the BDA which was launched in June; 39 individuals had availed themselves of the service by year end. The postcard distributed to selected overseas countries advertising the range of services provided by the Ben Fund has also contributed to more members contacting us and enquiring about the support on offer. Trustees were committed to supporting Beneficiaries in the year with an additional payment of £200 each to support with the increased cost of living in the year. This was paid in February 2024. Governance outcome8 There was a focus in the year on succession planning and Ben Fund staff shadowing each other's roles to ensure that the effect on operational matters would be minimal should a team member be indisposed. This work has gone well and will continue. The part time Administrator
Trustees Report for the year ended 31 Dec 2024 left the team to pursue other interests in January 2024. A replacement was appointed but left for a full-time role in November 2024. Recruitment will commence again in Jan 2025. At the charity's estate of properties in Sussex, rents were increased to reflect current market rates, which has resulted in a significant increase in rental income in the year. The details are reflected in the annual accounts. Trustees undertook a review of the Ben Fund's Auditors in the year. The review was in three stages and comprehensive in nature. Five firms were invited to tender, three invited to interview and results following interviews were scored. Following the process, Trustees agreed to reappoint Forvis Mazars as the Ben Fund's Auditors for 2024. The long-awaited new ICE membership database is still not operational. launch is now being promised for 2025 02. The expected training for Ben Fund staff on the new system did not take place in 2024. The Trustees had identified that most of the original oak front doors at the charity's housing estate were in need of replacement. A suitable Contractor was identified and the first phase of the work was completed in the year. Further details are outlined on page 6 of this report under "Financial effect of significant events." Objectives for 2025 (set in Q1) Benevolence and marketing Assist as many eligible ICE members, former members, and their families as possible through ICE Benevolent Fund's variety of services. The aim is to try to increase the number of people supported each year in a variety of different ways, depending on their need. In 2025, Trustees wish to review the guidelines used when assessing applications to see if the recommended thresholds for Ben Fund support are still relevant and appropriate. Trustees recognise the increased living costs for our beneficiaries and applicants and want to be sure that our guidelines reflect this and that we are being as generous as we can afford to be. The Trustees are keen to develop further partnerships with national charities to support our members in areas which sit outside our scope. The staff are being asked to explore partnerships with charities that work in the neurodiversity space, following the success of our partnership with the National Autistic Society and the BDA. To start with we will be looking at ADHD. This is an area where ICE members are actively seeking support from our charity. To build upon the awareness raised by the postcard mailing in 2024, Trustees want to report on the impact that the Ben Fund has on people's lives so ICE members and donors to the Ben Fund can see at first-hand how their financial support has helped others. A short animation will be produced in 2025 showcasing impact to be widely distributed amongst ICE members. Trustees are keen to involve more members from ICE regions in our work. Staff are being asked to expand the number of visitors that volunteer for the Ben Fund, visiting and supporting applicants and beneficiaries at first hand. Work will be undertaken to "future proof, the Ben Fund's website in 2025. A re-build is required of the "back end" as the host of the current website no longer supports the version on which it was originally built. Content will also need to be migrated to the new version. There will be no change to the end user experience, but the project is a large piece of work for the staff team.
Trustees Report for the year ended 31 Dec 2024 Governance Following the successful review of Auditors in 2024, the Trustees are committed to reviewing the Ben Fund's Investment Managers in 2025. The ICE assures us that the new membership database will be launched in 2025 Q2. There will follow training for the Ben Fund staff team on the new system which will take significant staff time. The initial training has been booked for 1 May 2025. Phase 1 of the programme to replace wooden front doors at several properties on the charitable estate in Sussex was completed in 2024. The next phase will commence in 2025, with a further six doors being replaced. The focus on staff succession planning in 2024 will continue into 2025 to ensure that the effect on operational matters would be minimal should a team member be indisposed. The Trustees are aware that the Renters Rights Bill due to come into force in Q4 2025 will impose some constraints on the charity and incur cosls as it seeks to let out its properties for income generation. Trustees with a particular responsibility for estate matters will work closely with the CEO, the Administrator and our letting agent to ensure that effects are managed accordingly. There will be further rent increases in the year. There wll be some significant remedial work required on the roof of one property at the charitable estate where there has been water ingress. Preliminary investigative work has been carried out. At the time of writing this report, an estimate lor the work is awaited. Financlal Review The ICE collects subscription income from October - March and approximately 24,434 ICE members (2023: 24,914) donated to the ICE Benevolent Fund in 2024 when they paid their ICE subscription. The Trustees were disappointed to note this small drop in the number of donors in the year. They are aware of the continued 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 £288,409 in 2024 {2023: £291 ,973) The charty had another very good year for legacies. Legacies received in the year accounted for £418,504 (2023: £792,528). Financially, the charity had a good year overall. The excess of income over expendilure for the year ending 31 December 2024 was £148,258. Following a recommendation from Auditors in 2024 and a wish to demonstrate the benefit to our beneficiaries ol the Ben Fund owning rental properties, Trustees have decided to show for the first time in the narrative to the accounts the benefit of a discounted rent to the beneficiary. For the three flats occupied by beneficiaries the discount to each beneficiary is £355pcm which amounts to an annual benefit of £4,260 each. For the one house with 3 bedrooms occupied by a beneficiary, the discount on the rent amounts to £575pcm which is an annual benefit of £6,900.
Trustees Report for the year ended 31 Dec 2024 For the eight houses with 2 bedrooms occupied by beneficiaries, the discount to each beneficiary is £505pcm which amounts to an annual benefit of £6,060 each. 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 a six-to- ten-year period. Implicit in this objective is the desire at least to maintain the long-term value of the portfolio in real terms. During 2024, the total return was 7.6% compared to a target of 6% (CPI + 3.5°/.). The Benevolent Fund's portfolio performed well, ending up 4.50/0 over the year. The value of investments grew from £14,270,194 at the beginning of the year to £14,916,248 at the year end. Net investment gains in the value of the fund, realised and unrealised, were £715,996. The Investment Policy Statement is reviewed annually at a meeting of the Investment Advisory Panel (IAP) of the ICE Benevolent Fund and its professional advisors. The Statement is approved by the Trustees. Reserves policy The Benevolent Fund holds significant reserves. At 31 December 2024 the Ben Fund had £14.9m in the investment portfolio with Rathbones. Total charity funds, including those designated and the value of the charitable estate, were £27.7m. In the year, Trustees decided to change the way the Benevolent Fund records the value of the charitable properties at Mill Hill Close. This decision was minuted at the Trustee board meeting in November 2024. As a result of this decision, the 2024 Accounts show tangible fixed assets (beneficiary properties and office) at 'fair value. (rather than historic cost). The reason for the change is Trustees, decision to make the annual Accounts more transparent for the reader and to accurately reflect the current value of the freehold property. The balance sheet on page 18 reflects the increased value in this year's accounts. 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 annually by the Investments Advisory Panel of the ICE Benevolent Fund and approved by the Committee of Management every 5 years. At the time of the global pandemic (April 2020), Trustees agreed that if the investment portfolio fell below £1 Om they would review expenditure to ensure that benevolence spend continued to be affordable. The Reserves Policy and the level of reserves required are reviewed annually by the Investments Advisory Panel of the ICE Benevolent Fund and approved by the Committee of Management. Total unrestricted funds were £23,685,061 (2023: £21,146,143) at the year end. Risk Management The Benevolent Fund operates two Risk management policies; one specifically for the operation of the charitable estate and one more generally for the charity. Both policies were reviewed, and approved, by the Trustees in the year.
Trustees Report for the year ended 31 Dec 2024 Two new risks were added to the general risk register in the year to cover services offered by the Ben Fund's partners where our beneficiaries are receiving support from a third party following a referral from us. The new risks focused on data protection, written consent for data sharing from the end-user, and noting that formal agreements were in place with third parties as appropriate. Trustees also noted that cyber-attacks on charities were increasing, and a new risk was added to the register, outlining potential impact and steps to mitigate the risk. The Benevolent Fund has cyber-security insurance in place and checks on security are a crucial part of the annual audit. Grant Making and Fundralsing The ICE Benevolent Fund invites applications for grants from ICE members, former members. and their dependants. All applications are treated sympathetically and are means tested. All grants are approved by the Trustees and are reviewed annually. The ICE Benevolent Fund operates worldwide. The ICE Benevolent Fund does not undertake any organised fundraising activities or events. In 2024, no requests affecting the organisation were made to the industry regulator- the Fundraising Preference Service- and no complaints were received. Trustees, Responsibllities for the Financial Statements Law applicable to charities in England and Wales requires the Trustees (who are also the Directors for the purposes of company law) to prepare financial statements for each financial period which give a true and fair view of the state of 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, the Trustees are required to: select suitable accounting policies and then apply them consistently make judgements and estimates that are 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 continue in operation. The Trustees are 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 ensure that the financial statements comply with the 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 events The global cost of living remains concerning for our beneficiaries but inflation is coming down (albeit slowly). The Trustees awarded regular beneficiaries additional "one off, grants to support with high food bills in 2024. However, there are no plans to repeat this exercise in 2025. The war in Ukraine continues and there is a heightening of tensions between the US and the Eurozone as the US seeks a swift end to the war and offers concessions to Russia. This may de-stabilize markets. The introduction of widespread tariffs for imported goods by the US is also of concern and any effects will be monitored. The Trustees are keeping a watching brief on these events as they unfold and the Benevolent Fund's investment managers will take a
Trustees Report for the year ended 31 Dec 2024 defensive position if required. Statement as to Disclosure ot Information to Auditors The Trustees have taken all the necessary steps to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. As far as the Trustees are aware, there is no relevant audit information of which the Charity's auditors are unaware. Independent Auditors were appointed at the Annual General Meeting held on 3 June 2024. Independent Auditors, Forvis Mazars LLP, offer themselves for reappointment as auditors for the coming year. This report has been prepared in accordance with the special provisions of section 414 of the Companies Act 2006 relating to small companies. ON BEHALF OF THE BOARD OF TRUSTEES P Hansford CBE Chairman 28 April 2025 12
Independent Auditors Report for the year ended 31 Dec 2024 Opinion We have audited the financial statements of ICE Benevolent Fund (the 'charity') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resources for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the "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 statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 13
Independent Auditors Report for the year ended 31 Dec 2024 Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinlons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, report which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the directors, report included within the trustees, report have been prepared in accordance with applicable legal requirements. Matters on which we are required 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 material misstatements in the directors, report included within the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been 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 not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemption in preparing the trustees, report and from the requirement to prepare a strategic report. 14
Independent Auditors Report for the year ended 31 Dec 2024 Responsibilities of Trustees As explained more fully in the trustees, responsibilities statement set out on page 11, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the tinancial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level ot assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the charity and its sector, we considered 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 laundering regulation. To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures 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 licensing or regulatory authorities. 15
Independent Auditors Report for the year ended 31 Dec 2024 Communicating identified 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 regulations, including fraud. 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 Charities Act 2011 and the Companies Act 2006. 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, in particular in relation to valuation of property and 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: Making enquiries of the trustees and management on whether they had knowledge of any actual, suspected or alleged fraud," Gaining an understanding of the internal controls established to mitigate risks related to fraud; Discussing amongst the engagement team the risks of fraud. and Addressing the risks of fraud through management override of controls by performing journal entry testing. 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.or .uklauditorsres nsibilities. This description forms part of our auditorfs report. 16
Nicola Wakefield (Jun 12, 2025 09:36 GMT+1)
12th June 2025
Independent Auditors Report for the year ended 31 Dec 2024 Statement of Financial Activities For the year ended 31 December 2024 Total Total Unrestrlcted Unrestricted funds funds 2024 2023 Notes INCOME Donations and legacles Income from investments Rental income Investment income and bank interest Income from Charitable Activities Rent- Beneficiaries Eventrworkshop Income 706,913 1,084,501 409,421 440,509 384,360 446,925 106,083 1,530 89,988 1,565 Total Income 1,664,456 2,007,339 EXPENDITURE Raising funds Costs of rental properties Investment management costs (199,646) (71,1031 {130,802) (65,987) (270,749) {196,789) Expenditure on Charitable Actlvities Provision of financial assistance to individuals Provision of accommodation to beneficiaries Welfare advi and counselling (715,297) (164,423) (365,729) (755,304) (138,082) {369,805) 5&6 (1,245,449> (1,263,191) Total expenditure (1.516,198) (1,459,980) Net income excludlng Investment galnsl(losses) 148,258 547,359 Investment movements Net investment gains Revaluation gain on freehold propety Revaluation (loss)Igain on investment property (Loss) on disposal of fixed assets 13 12 14 12 715,996 2,350,216 (450,000) (225,552) 577,129 60,000 Net movement In funds 2,538,918 1,184,488 Funds brought fOard at 1 January 25,146,143 23,961,655 Total funds carrled forward at 31 December 18 27,685.061 25,146,143 All income and expenditure are derived from continuing activities and there are no recognised gains or losses other than those included above. The accompanying accounting policies and notes form an integral part of these financial statements. 18
Independent Auditors Report for the year ended 31 Dec 2024 Balance Sheet As at 31 December 2024 Notes 2024 2023 Fixed assets Tangible fixed assets Investments Investment properties Concessionary loans 12 13 14 15 2,670,271 14,916,248 8,945,000 51,155 514,854 14,270,194 9,395,000 51,155 26,582,674 24,231,203 Current assets Debtors Cash at bank and in hand 16 529,741 911,228 87.932 1,110,700 1,440,969 1,198.632 Creditors: amounts falling due withln one year 17 (338,582) 1283,692) Net current assets 1,102,387 914,940 Total assets less current liabilities 27.685,061 25.146,143 The Funds of tho charity: Designated funds Unrestricted income funds 18 4,000,000 23.685,061 4,000.000 21,146.143 Total charity funds 18 27,685,061 25,146,143 The accompanying accounting policies and notes form an integral part of these financial statements. These financial statements have been prepared in accordance with the special provisions of the Companies Act 2006 relating to small companies. Approved by the Trustees on 28 Ap.ril 2025 and signed on their behalf by.. P Hansford CBE, Chairman
Independent Auditors Report for the year ended 31 Dec 2024 Statement of Cash Flows For the year ended 31 December 2024 2024 2024 2023 2023 Cash flows from operating activities Net income 2,538,918 1,184,488 Adjustments for.. Depreciation (Gain) on investments (Gain) on revaluation of freehold properties Lossl{gain} on revaluation of investment properties Loss on disposal of fixed assets Interest income (Increase)Idecrease in Trade and other debtors Increasel(decrease) in Trade and other creditors 40,739 (715.996) (2,350.216) 34,120 (577,129) 450,000 225,552 {440,509) (60,000) (446,925) (441,809) 2.759 54.890 {6,883) Cash flows (used In) I generated from operatlng actlvities (638,431) 130,430 Purchase of tangible fixed assets Purchase of investments Proceeds on disposal of investments Interest income (71,492) (8.088,940) (29,379) (5.582,406) 8,723,882 440,509 4,454,869 446.925 Cash flows generated froml (used in} investing actlvities 1,003,959 (709,991) Net increasel(decrease) in cash 365,528 {579,561) Analysls of changes in net cash At1 Jan'24 Cash flows At31 Dec'24 Cash at bank and in hand Cash within investment portfolio 1,110,700 331,923 (199,472) 585,000 911,228 896,923 Total cash at 31 December 2024 1,442,623 365,528 1,808,151 20
Notes to the Financial Statements For the year ended 31 December 2024 1. Prlnclpal Accounting Policies The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and R of Ireland (FRS 102) - (Charities SORP (FRS 102)) and the Companies Act 2006. The ICE Benevolent Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note{s). The Trustees consider that it is appropriate for these financial statements 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 resenies in light of the ongoing cost-of-living crisis. The principal accounting policies of the ICE Benevolent Fund are set out below: Flxed Asset Investments Fixed asset investments are included at market value at the balance sheet date. Any gain / (loss) on revaluation is credited l (charged) to the Statement of Financial Activities (SOFA>. Tangible Fixed Assets There has been a change in accounting policy in the year (financial impact disclosed per Note 23), whereby freehold property, being residential properties for occupation by beneficiaries, is now held at fair value. An external valuation was obtained on 31 December 2024. No depreciation is charged on the freehold buildings because the Trustees consider that the economic life of the properties and their values is such that the depreciation charge and accumulated depreciation are not significant. The value of the property is regularly reviewed in order to identify any permanent diminution in value which if applicable, would be charged to the SOFA. Improvements to freehold properties are depreciated over their useful economic lives at the following rates: Freehold improvements: 2Q/o Straight line Office equipment: 20 % straight line Double glazing: 10°/o Straight line A full years depreciation based on capitalised date is applied to new asset additions in the year. Investment properties Properties held for the purpose of generating income are considered to be investment properties. these are held at fair value. The value of the properties is regularly reviewed in order to identify any permanent impairment. An external valuation was obtained on 31 December 2024. Where properties are partially held to generate income and partially functional assels they are split between tangible fixed assets and investment properties based on the relative area used for each function. 21
Notes to the Financial Statements For the year ended 31 December 2024 Charitable loans Loans made in pursuit of the ICE Benevolent Fund's charitable purposes are held within fixed assets and are stated at original cost and subsequently adjusted for any subsequent repayment or impairment. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Credltors 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 reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Financial instruments The charity only has financial assets and financial liabilities of a kind that quality as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Fund Accounting Unrestricted Funds: These are funds which can be issued in accordance with the charitable objects and at the discretion of the Trustees. Deslgnated Funds. These are funds which will be retained in order to ensure that the ICE Benevolent Fund exists in perpetuity. Income Voluntary Income In preparing these accounts no value has been attributed to the work performed by volunteers although their work is considered vital to the activities of the Charity. Donations Income from donations is included in income when these are receivable, except as follows: When donors specify that donations given to the ICE Benevolent Fund must be used in future accounting periods, the income is deferred until those periods. When donors impose conditions, which have to be fulfilled before the ICE Benevolent Fund becomes entitled 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 propety transferred, and the amount involved can be quantified. Investment Income and Interest Receivable Investment income and interest is included when receivable by the ICE Benevolent Fund. 22
Notes to the Financial Statements For the year ended 31 December 2024 Rent Recelvable - Beneficiaries and Non-Beneficiaries Rental income is included in the period in which the ICE Benevolent Fund is entitled to receipt. 1.10 Expendlture Expenditure is included in the SOFA on an accrual's basis, inclusive of any VAT which cannot be recovered. Expenditure is grouped together under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. The premises are used for provision of accommodation for beneficiaries and office space 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 elements. Other overheads have been allocated based on staff time spent on the respective activities. 1.11 Charltable Actlvlties Costs of charitable activities comprise all costs identified as wholly or mainly attributable to achieving the charitable objects of the ICE Benevolent Fund. These costs include direct costs, wholly or mainly attributable support costs and an apportionment of overhead. 1.12 Pension Costs The cost of providing pension and related benefits is charged on an annual basis to the Statement of Financial Activities. 1.13 Taxation The ICE Benevolent Fund is a registered Charity and as such is exempt from taxation on its income and gains to the extent that they are applied to its charitable purposes. 23
Notes to the Financial Statements For the year ended 31 December 2024 Judgements in applying accounting policies and key sources of estimation uncertainty In applying the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The Trustees, judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. The estimates and underlying assumptions are reviewed on an ongoing basis. 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 future periods, if the revision affects both current and future periods. The key estimate and assumption made in these accounts are considered to be: (a) Depreciation, which is provided at rates calculated to write off the cost, less the estimated residual value, of each fixed asset over its estimated useful life. This is of particular relevance to freehold properties which have not been depreciated as the residual value is deemed to be in excess 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 that the individual properties are interchangeable and that the percentage of tenants who are beneficiaries stays within the range of 30 % and 50 /0. (c) The assumptions made in the revaluation of the freehold propety and investment properties at Mill Hill Close. The principal assumptions are the estimated rental potential 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 of the properties. 24
Notes to the Financial Statements For the year ended 31 December 2024 Donations and Legacies 2024 2023 Donations Legacies 288,409 418,504 291,973 792,528 706,913 1,084,501 Rental Properties - non-beneficiary tenants 2024 2023 Rental income from non-beneficiary tenants Cost of raising funds- rental properties (direct costs) Cost of raising funds - rental properties (allocated costs) 409,421 (13,031) (186,615) 384,360 (7,586) (123,216) Net rental income 209,775 253,558 Rental propertles - beneflclary tenants 2024 2023 Rent from beneficiaries Cost of providing accommodation (Note 6) 106,083 (164,423) 89,988 (138,082) Net (expenditure) (58,340) {48,094) 25
Notes to the Financial Statements For the year ended 31 December 2024 Charitable Activities Direct costs Allocated costs (see note 8) Total 2024 Total 2023 Costs after allocation Provision of financial assistance to individuals Provision of accommodation to beneficiaries Advice and counselling 560,664 154,633 715,297 755,304 164,423 159,318 164,423 365,729 138,082 369,805 206,411 767,073 478,374 1,245,449 1,263,191 Provision of financial assistance to individuals includes= 2024 2023 Grants to beneficiaries 554,473 590,274 All grants were made to private individuals. The Benevolent Fund assisted 121 beneficiaries (2023.. 114) during the year. Governance 2024 2023 Allocated overhead costs include the following governance costs.. Auditor remuneration Fees paid to auditors for other serVIS Legal and professional fees Trustee expenses 21,600 4,920 4,740 4,382 16,200 4,620 3,316 3,035 35.642 27,171 26
Notes to the Financial Statements For the year ended 31 December 2024 Overheads for Allocation Property Charity staff Management costs costs Costs Total 2024 Total 2023 Financial assistance Provision of accommodation Advice and counselling 101,427 61,471 104,502 53,206 32,245 54,816 154,633 164,423 159,318 161,906 138,082 186,815 70,707 70,707 267,400 140,267 478,374 486,803 Rental properties 125,700 39,956 20,960 186,616 123,216 196,407 307,356 161,227 664,990 610,019 The methods used to apportion overheads are described in note 1.11. Governance costs total £35,642 {2023: £27,171), per Note 7. Net income This is stated after charging.. 2024 2023 Depreciation Auditors remuneration 40,739 21,600 34,120 16,200 10 Staff Costs The payroll costs for the year were as follows.. 2024 2023 Wages and salaries Healthcare and Income Protection Insurance Social security costs Other pension costs Recruitment and Training 219,888 4,812 18,642 58,622 5,392 204,284 3,112 16,114 47,285 474 Total 307,356 271.269 The average number of employees (full time equivalents) of the ICE Benevolent Fund during the year was.. 4.412023.. 4.6). The total staff numbers were 6 {2023'. 6). 27
Notes to the Financial Statements For the year ended 31 December 2024 10 Staff Costs (continued) 2024 2023 Cost of raising funds Charitable activities Governance Totsl No member of staff received emoluments in excess of £60,000 per annum in either year. Key management personnel include the Chief Executive, the Head of Casework, and the Finance Manager. The total employee benefits ofthe key management personnel ofthe charity were £154,657 (2023. £143,666) 11 Trustee Remuneration None of the Trustees receive any remuneration for their services as Trustees of the Charity. 2024 2024 Number 2023 2023 Number Meeting expenses reimbursed 4,382 3.035 Donations of £480 (2023. £3801 were received from 12 {2023'. 91 Trustees during the year. 28
Notes to the Financial Statements For the year ended 31 December 2024 12 Tangible Fixed Assets Freehold property Freehold improvement Offfice equipment Total 2024 Cost I valuatlon At 1 January 2024 Additions Revaluations Disposals 305,784 482,997 65,792 19,367 5,700 808,148 71,492 2,350,216 (548,789) 2,350,216 (548,789) At 31 December 2024 2,656,000 25,067 2,681,067 Depreclation At 1 January 2024 Provided during year Disposals 285,025 38,212 (323,237) 8,269 2,527 293,294 40,739 (323,2371 At 31 December 2024 10.796 10,796 Net book value At 31 Dernber 2024 2,656.000 14,271 2,670,271 At 31 December 2023 305,784 197,972 11,098 514,854 Hlstorlcal cost 854,573 The latest valuation undertaken by Martin Lacey Buckley Chartered Surveyors on 31 December 2024 valued the freehold property at £2.656,000. There has been a change in accounling policy in the year, whereby the freehold property is now recorded at valuation rather than at cost. As a result of this. the freehold propety improvements have been written off in the year as they ar@ considered part of the prop8ty valuation. 13 Investments 2024 2023 Market value as at 1 January Acquisitions at cost Sales proceeds Net movement in cash balan5 Net investment gains 14,270,194 8,088,940 (8,723,882) 565,000 715,996 13,507,900 5,582,406 (4,454,869) (942,372) 577,129 Listed investments at market value 14,916,248 14,270,194 Historical cost at 31 December 12,314,596 12,565,919 29
Notes to the Financial Statements For the year ended 31 December 2024 13 Investments (contlnued) An analysis of the market value of the charity's investments at 31 December 2024 is as follows.. 2024 2023 UK bonds and preference shares UK equities Overseas bonds & preference shares Overseas equities Alternative investments Cash on deposit awaiting investment 2,177,057 2,569,744 910,499 6,150,950 2,211,075 896,923 2,622,812 3,594,749 946,091 4,563,401 2,211,218 331,923 14,916,248 14,270,194 The following investments accounted for MO than 50/0 of the market value as at 31 Dernber 2024. Vanguard Investments S&P £1,866,544 12.5°/0 14 Investment Property Total 2024 At 1 January 2024 Revaluation 9,395,000 (450,000) At 31 December 2024 8,945,000 The investment propety comprises the 64 % (2023.. 66 /0) of the Mill Hill Close property which is occupied by tenants who are not beneficiaries and also the flats at 6-8 Mill Hill Close which are let to tenants who are not beneficiaries. Both elements are held at fair value in the financial statements and an updated valuation was undertaken on 31 December 2024 by Martin Lacey Buckley, Chartered SueY0rs (registered with RICS). The valuation is based on rentsl potential combined with a review of the properties compared to rent sales prices in the local area. There are no restrictions over the use or sale of the properties. 15 Concesslonary loans 2024 2023 Balance as at 1 January Repayment of loan 51,155 51,155 Balance as at 31 December 51,155 51,155 In addition to its grant making activities the ICE Benevolent Fund historically made concessionary loans to beneficiaries. These loans are secured against beneficiaries. property. 30
Notes to the Financial Statements For the year ended 31 December 2024 16 Debtors: Amounts Falling Due Within One Year 2024 2023 Other debtors Prepayments 499,097 30,644 70,062 17,870 529,741 87,932 17 Creditors: Amounts Falling Due Within One Year 2024 2023 Trade creditors Accruals 93,295 245,287 30,901 252,791 338,582 283,692 Trade creditors includes £83,944 (2023-. £27,537> due to the Institution of Civil Engineers 18 Funds Unrostr5cted funds Designated funds Total Balance brought forward at 1 January 2024 Income Expenditure Gains on investments Revaluation of freehold property Revaluation of investment property Disposal of fixed assets 21,146,143 1,664,456 (1,516,198) 715,996 2,350,216 (450,000) (225,552) 4,000,000 25,146,143 1,664,456 (1,516,198) 715,996 2,350,216 (450,000) (225,552) Balance at 31 December 2024 23,685,061 4,000,000 27,685,061 Unrestrlcted Funds These funds represent the element of the free reseNes of the Charity which have not been designated for any specific purpose. Deslgnated Funds Following the merging of the A and B Funds at the end of 2012 Trustees agreed that part of the Benevolent Fund's capital should be placgd in a designated fund to ensure that the Benevolent Fund exists in perpetuily. At the time of the merger the A Fund stood at £6.5m.11 was decided that £2.5m of this amount should fund the building of the new office (no 5 Mill Hill Close) and 6-8 Mill Hill Close, and the remaining £4m would form the designatgd fund. 31
Notes to the Financial Statements , For the year ended 31 December 2024 19 Capital Commitments Grants approved by the Trustees for the benevolence year ending 30 June 2025 total £515,910 (30 June 2024: £454,100). The amount paid prior to 31 December 2024 was £348.063 (2023: £271,985) leaving an accrued balance of £167.847 (2023.. £182,115). 20 Pensions Contributions to the ICE Group Personal Pension Plan in 2024 totall8d £58,622 (2023.. £47,285). Pension costs for the period also include £4.800 (2023.. £4,800) of administration charges. 21 Related Party Transactlons The Institution of Civil Engineers enters into transactions with its Gonnected charity, th8 ICE Benevolent Fund. The nature of the transactions includes the collection of donations from the Institulion's members on behalf of the ICE Benevolent Fund and provision by the Institution of financial, HR. database. and IT services. During 2024 the donations with subscriptions collected by the Institution of Civil Engineers on behalf of the ICE Benevolent Fund totalled £233,810 {2023- £241.221) and the management fee paid to the Institution of Civil Engineers was £39,588 (2023- £31.344). The balance due to the Institution of Civil Engineers on 31 December 2024 was £83,944 (2023: £27,537). 32