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 Charl￿S 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 fO￿ard 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 serVI￿S
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 De￿rnber 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 balan￿5
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 De￿rnber 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 Su￿eY0rs (registered with RICS). The valuation is based on rentsl potential
combined with a review of the properties compared to re￿nt 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).
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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.
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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).
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