ICE BENEVOLENT FUND Report and Financial Statements For the year ended 31 December 2025 Registered Office 5 Mill Hill Close Haywards Heath West Sussex RH16 1NY Limited Cofflpany Registered in England No. 06708655 Charity Registered in England and Wales No. l 126595
ICE BENEVOIENT FUND Charity Information Charliy Raglstratlon Number.. 1126595 Company Reglstratlon Number: 06708655 Chlef Executive and Principal Offlce: K L Barnett OBE 5 Mill Hill Close Haywards Heath Wesl Sussex RH16 1NY Banker8: National Westminster Bank plc 38 Strand London WC2N 5JB Audltors: Forvis Mazars LLP 6 Sutton Plaza Sutton Court Road Sutton Surrey SM14FS Inveslment Managers: Rathbones Investment Management Limited 30 Gresham Street London EC2V 70N Solicitors: Stone King Boundary House 91 Charterhouse Street London EC1M 6HR
Trustees, Report for the year ended 31 Dec 2025 Executlve Summary In 2025 the ICE Benevolent Fund: Supported 31712024.. 316) individuals, 243 (2024.. 244) of these were new in 2025. Contacted 309 (2024.. 27n individuals who were bereaved following the death of a member. Provided charitable accommodation to 11 (2024: 12) beneficiaries. Provided a Back to Work (B2W) service to 20 (2024.. 27} individuals. Ran 2 master¢lasses wth 52 registered delegates and 38 {2024: 37) webinars with 4,628 (2024: 4,6211 registered delegates. Relerred 101 (2024.. 166) members to our specialist partners for support. Awarded 38 grants for a neurodiverse assessment {new for 2025). Flnancial Position tor the Year Assets a8 at 31 December 2025 Investments and tangible fixed assets Net Current Assets £28,997,125 £ 1,281,040 Tot81 £30,278,165 Income Investment Income £ 444.283 Donations via ICE subscriptions miscellaneous donations & legacies £ 660,879 Rental income £ 559,943 Workshop income Tot81 220 £ 1,665,325 Expenditure Provision of financial assistance to individuals £ 709,148 Advice, Welfare & Counselling £ 375,531 Provision of accommodation to beneficiaries 183,892 Cost ol rental properties £ 215,838 Investment Management costs Total 74,786 £ 1,559,195
Trustees, Report for the year ended 31 Dec 2025 The ICE Benevolenl Fund was established on 20 December 1864 and was registered as a Charity in 1962. On 1 January 2(K)9, 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 www.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 2025. 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 Slatement of Recommended Practice 2019 'Accounling and Reporting by Charities IFRS 102)" elfectiV8 1 January 2019. Structure, Governance and Managemenl 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 lor 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 Benèvolent Fund Frlend8 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. Pald Executive team At the end of 2025, the ICE Benevolent Fund employed 6 staff which equated to 4.55 full time equivalents. The staff team comprises.. Chief Executive, Head of Casework and Services, Finance Manager, Marketing Manager, Benevolence Partnership Executive and 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 operaling in the property and construction sector. Volunteers The ICE Benevolenl Fund has 60 volunteers who work throughout the UK visiting beneficiaries and new applicants. Volunteers report back to Trustees and make anonymised recommendations lor help, as appropriate. Trustees The Board ol Trustees, which meets quarterly, governs the affairs of the Charity. There are sub-committegs covering investments and estate maintenance. The Board of Trustees can conslst of up io fifteen members and comprises: Three members of the Council of ICE to be appointed by ICE Council. These
Trustees, Report for the year ended 31 Dec 2025 individuals do not need to be ICE Benevolent Fund Members; Nine ICE Benevolent Fund Members who are elected by other Members ol the ICE Benevolent Fund. These individuals need to be ICE members- Up to three additional individuals. who can be COwOPted lo serve up to three years in off ice. 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 vole for up to three individuals. When appointed, TrLBtees are sent copies of the Charity's governing documents and past copies of board papers. They are also asked to read a Privacy Slalement which outlines how tha 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 Suitabilty 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 President as Palron: J Hall. {tem of appointment complete 31 October 2025) (appointed 1 November 2025) D Porter" Chairman: P Hansford CBE Council Nominees: G Lance ' S Wanklyn. R White. Elected Members: C Hillary P Hansford CBE G Jurkonyte R Ashley N Brent M Chater W Grose E Hiscocks Y Murphy. (appointed 1 January 2025) (appointed 1 January 2025) (appointed 1 January 2025) Member of the Council of the Institution of Civil Engineers (ICE) during 2025 Company Secretary: K L Barnett OBE
Trustees, Report for the year ended 31 Dec 2025 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. Oblectlves and Activilieg The object of the ICE Benevolent Fund, as set out in the Articles of Association, is to *revent and relieve need by providing assistance and advice" to members and former members of The InstitLrtion 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 lo help as many eligible individuals as possible. Assistance is provided in many ways and varies according to specilic 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 developmenVwellbeing-, "Back to Wor, {B2W) support following redundancy or a pericKI of unemployment. Access to specialist SUPF)Ort services through a charity partnership programme. This report looks al what we achieved and the outcomes ol our work in the previous 12 monlhs and sets out our targets for the following year. Preparing this report helps Trustees ensure that the ICE Benevolent Fund's aims. objeclives, and activities remain focused on our stated purposes. How Our Actlvltles Dellver Public Benefll 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 seNices not only to members. but also former members, of the InstitLrtion 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 lime. Furthermore, the range and depth of services we provide means that it is not just the individual who benefits. The impact of ICE Benevolent Fund's work go8S 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 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 SUPF)Ort. For ICE members of working age. the ICE Benevolent Fund wants benevolent assistance to be viewed as short term until the individual is able lo SUPF)Ort themselves and their family. Equal access to our service is an important area of focus for the ICE Benevolent Fund. ICE
Trustees, Report for the year ended 31 Dec 2025 members living in povety and need are sought oul and actively encouraged to apply for help. All those applying for financial assistance are rneans-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 lorm the focus of our activty. The Trustees have reviewed whether any of the help we provide could possibly cause detriment or hami and cannot think of any example where this might be the case. Flnanclal effect of signrficant events Under FRS 102, the Charivs Trustees are required to record the financial effect of significant events in the year. These are- Major roofing works at one of the properties on the Ben Fund's charitable estate at a cost of £51,600 A new external lighting system was installed on the Ben Fund's charitable estate. The total cost was £11,233 New front doors for six properties at a total cost of £24,607 Re-build of the back ol the Ben Fund's website at a cost of £16,632 The Ben Fund's Auditors have confimed that they concur with this treatm8nt. Objectlves for 2025 (sel In Q1} Benevolence and marketlng Assist as many eligible ICE members, lomier members, and theirfamilies 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 th8ir 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 thal we are being as generous as we can afford to be. The Trustees are keen to develop further partnerships with national Charities lo support Our members in areas which sit OLrtside 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 ScKiety and the British Dyslexia Association. 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 lo be widely distributed amongst ICE members. Trustees are keen to involve more members from ICE regions in our work. Staff are being asked lo expand the number of visitors that volunteer for Ihe Ben Fund. visiting and supporting applicants and bgneficiaries at first hand. Work will be undertaken to 'Yuture 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 supwrts the version on which it
Trustees, Report for the year ended 31 Dec 2025 was originally buitt. 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. Governance Following the successful review of Auditors in 2024, the Trustees are committed to reviewing the Ben Fund's Inveslment 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 slaff time. The inilial training has been b¢)oked 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 lurther six doors being replaced. The focus on staff succession planning in 2024 will continue into 2025 to ensure thal the effect on operational rnatters would be minimal should a team member be indisposed. The Trustees are aware thal the Renters Rights Bill due lo come into force in Q4 2025 will impose some constraints on the charity and incur costs as it seeks to let out its properties lor 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 arg managed accordingly. There will be further rent increases in the year. There will be some significant remedial work required on the roof of one property at the charitable estate where there has been waler ingress. Preliminary investigative work has been carried out. At the time of writing this report, an estimate for the work is awaited. Benevolence and markellng oulcome$ The number of applications for support fell slightly in the year. This is largely due to the Ben Fund being prevented from e mailing members in a4 about the support on offer as the ICE embargoed all comms while it rolled out rts new membership management database. Trustees carried out the review of its benevolence guidelines in the year and made adjustments to Ihresholds where necessary. The aim was to er)sure thal our beneficiaries were receiving the most appropriate support given Increased costs of living standards. Unfortunately, the Ben Fund was not able to develop a partnership with the ADHD foundation as this organisation closed its operation. Instead, Trustees agreed to launch a new "neurodiversity granf of up to £1000 to enable our members to seek a neurodiversity assessment as appropriate. This grant is not means lested, but recipients of the award do need lo demonstrate evidence of seeking support in this area previously. A new impact animation video was produced in the year and shown regularly at ICE meelings, conferences and dinners. Staff and Trustees were particularly pleased lo note that it was well received at regional dinners and events and donations to the Ben Fund as a result was a very welcome outcome. Four new volunteer visitors were welcomed to join the Ben Fund's efforts to ensure that all applicants to the charity receive a fvisiv, from a representative of the charlty. the Ben Fund now has a lotal of 60 visitors.
Trustees, Report for the year ended 31 Dec 2025 Staff spent significant time in the year worklng with the Ben Fund's website provider to re- build the back end of the site, ensuring it remains fit for purpose on an ongoing basis. This was an essential piece of work needed to future proof our on-line presence. Governance outcomes In 2025, the Trustees started the process to review the Ben Fund's investment managers. Time was taken in Q4 to review the performance of several firms and to seek recommendations from other charities. This work will continue in Q12026 and Trustees expect the review to be finalised by Q2. The ICE'S membership management database was finally launched in September 2025 after seven years of preparation. The system was rolled out gradually and Ben Fund staff have received training. The system is proving diff icult to work with and several business processes are either not robust or not yet operational. This presents a challenge to Ben Fund staff as they seek to continue to provide a seNice to the ICE membership. The Trustees are aware that ICE members are encountering difficulties in paying their ICE subs so their abilily to pay a donation at the same lime will also be affeded. Trustees are keeping a watching brief on this. Phase11 of the programme to replace doors at the Ben Fund's charitable estate was Completed in the year. Trustees also installed new exterior lighting in parts of the estate to improve security and safety for Tenants. Staff succession and shadowing is an ongoing focus for the staff team who are all off ice based and work closely. Trustees are keenly aware of the Ben Fund's reliance on this small leam and have emphasised the importance of staff being aware of each otherfs roles lo ensure continuity of service to our beneficiaries. The Rentors Rights Bill was expected to become law early in 2025, but the Act was actually passed in Q4 2025. The first provisions are not due until May 2026. In expectation that it will prove difficull to raise rents without challenge when all provisions are introduced, renls were increased across the board in the year. Rents will rise again eafly in 2026. Significant roofing work was identified at one of the semi-detached properties on the Ben Fund's estate. on closer examination, the attached property also required attention and so the work was extended to include both houses. The total cost was over £50,0(J), as noted on page 6. Oblectlves for 2026 (set In Q1) Benevolence and markellng 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 and increase the number ol people supported each year in a variety ol different ways, depending on their need. The Ben Fund's Will writing service proved very popular with the ICE membership and members have been asking for the service to be re-introduced; staff have a waiting list of people who are interested in Ihis support. The Ben Fund intends to re-launch the service from March 2026 for six months to allow ICE members and their families a further opportunty to make use of this free service.
Trustees, Report for the year ended 31 Dec 2025 Staff are keen to explore opportunities with the ICE regions to present about the Ben Fund and its SeiceS at conlerences and events taking place in the year. The aim is to engage with more ICE members and make them aware of the extent of support available Irom the Ben Fund. Two new animated videos are being planned lor 2026 since they are popular with the ICE membership and are an effective way to showcase the Ben Fund's work. The firsl video will focus on impact, to include direct messages from recipients of our support. The second will highlight the Ben Fund's financial support and detail the type of help available. Both tilms will be short, positive and upbeat. Governance The Trustees expect to complete a review of the Ben Fund's Investment Managers in the year. Phase 111 of the programme to replace doors at the Ben Fund's charitable estate will commence Q2. This will complete the door replacement programme. Unfortunalely. the charity will have to evict two sets of Tenants at the Ben Fund's charitable estate because of non-payment ol rent. The properties concerned will require extensive relurbishment when empty. Trustees will be reviewing the effect of the new membership management database on member donations. The fear is that Ihese will be compromised as ICE members struggle to use Iho new system to pay their ICE subscription and any voluntary donations they may wish to make (Ben Fund included). We will be able to report on this in the next annual report. In the meantime, Trustees are keen to maximise other key sources ot income - renl and investment income. At the time of writing this report these other two income streams are doing well (notwithstanding rent arrears in two cases). Flnancial Revlew The ICE collects subscription income from October- March and approximat81y 21,899 ICE members (2024: 24,434) donated to the ICE Benevolent Fund in 2025 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 and, as previously mentioned, they are aware that many ICE members have encountered difficulties in paying their ICE subscriplion (and consequently any voluntary donations) because of the new membership management database intr(xJuced by the ICE Q4 2025. In total the value of donations made with ICE subs (and irregular donations) fell. The ICE Benevolent Fund collected £253,392 in 2025 (2024: £288.409). The charty had another very g¢Jxl year for legacies. Legacies received in the year accounted for £407,48712024: £418,504). Financialty, the charity had a go(xJ year overall. The excess of income over expenditure lor the year ending 31 December 2025 was £106.130.
Trustees. Report for the year ended 31 Dec 2025 Followng a recommendation from Auditors in 2024 Trustees are advised to dernonstrate in the narrative to the accounts the benefit ol a discounted rent to beneficiaries who live at one of the properties at our charitable estate. For the three flats occupied by beneficiaries the discount to each beneficiary is £305pcm vthich amounts to an annual benefit of £3,66D each. For the one house with 3 bedrooms occupied by a beneficiary, the discount on the rent amounts to £775pcm which is an annual benefit of £9,300. For the eight houses with 2 bedrooms occupied by beneliciaries, the discount to each beneticiary is £51xJpcm which amounts to an annual beneflt of £6,C(K) 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 /0 per annum over a six-to- ten-year period. Implicit in this objective is a desire to maintain the long-term value of the portfolio in real terms. During 2025, the total return was 12.9% compared to a target of 6./. (CPI + 3.5°/.). The Benevolent Fund's portfolio performed well, ending up 9.9 /0 over the year. The value of investments grew from £14,916,248 at the beginning of the year to £16,3,550 at the year end. Net investment gains in the value of the fund, realised and unrealised, were £1.545.684. 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 the end of 2025, the ICE Ben8volent Fund held £26,278,16512024= £23.685,061) in unrestricted funds. This includes all the propety owned by the ICE Ben Fund. These funds represent free reseNes of the Charity which have not been designated for any specific purpose. The ICE Benevolent Fund also holds an additional £4m which is designated. Total charity funds. including the designation. wer8 £30.278,165 at the end of Dec 2025. At the time of the global pandemic (April 20201, 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 reseNes required are reviewed annually by Ihe Investments Advisory Panel of the ICE Benevolent Fund and approved by the Committee of Management. 10
Trustees, Report for the year ended 31 Dec 2025 Rlsk Management The Benevolent Fund operates Risk management policies. one specifically for the operation of the charitable estate and one more generally lor the charity. Both policies were reviewed, and approved, by the Trustees in the year. One new risk was added to the general risk register in the year to cover specific instances where fraud may be attempted by an applicant (or existing beneficiary) who is untruthful in their dealings wilh the charity. Specific examples include those who declare that they meet our eligibility criteria but subsequent checks by staff confirms this to be inaccurate or an individual fails to report a changelimprovement in their circumstances which would result in support from the Ben Fund being suspended. Trustees felt it was important to be vigilant in this area as fraud is increasing in the charity sector. Grant Maklng and Fundra181ng The ICE Benevolent Fund invites applications for grants from ICE members, former members, and their dopendants. All applications are trealed 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 2025, no requests attecting the organisation were made to the industry regulator- the Fundraising Preference Service- and no complaints were received. Trustees, Responslblllties for the Financial Statemenls Law applicable to charities in England and Wales requires the Trustees (who are also the Oirectors 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 Truslees are responsible lor keeping proper accounting records which disclose with reasonable accuracy at any time the linancial 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 Charty and for taking reasonable steps lo prevent and detect fraud and olher irregularities.
Trustees, Report for the year ended 31 Dec 2025 Post balance sheet events At the start of 2026, geopolitical tensions are once again posing a major risk to economic and inflation outlooks. Prior to the outbreak ol war in the Middle East. inflation and interest rates were expected to continue falling and there were predictions of moderate global economic growth. As a result of the war, Trustees now envisage a period of increased inflation driven by a spike in energy costs. The Trustees are keeping a walching brief on these events as they unfold and the Benevolent Fund's investment managers will tako a defensive position if required. The ICE has 2,227 ICE members in Ihe Middle East region and the Ben Fund has made contact with those opted in to receive Ben Fund comms lo offer financial and wellbeing support. Trustees have not identified any further material uncertainties which might place doubt on the charity's ability to continue as a going concern. Statement as to Dlsclosure ot Information to Auditors The Trustees have taken all the necessary steps to make themselves aware ol any relevant audit informalion 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 Charty's auditors are unaware. Independent Auditors were appointed at the Annual General Meeting held on 9 June 2025. Independent Auditors. Forvis Mazars LLP, offer themselves lor 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 N Brent Chaimian 27 April 2026 12
Independent Audltors, Report for the year ended 31 Dec 2025 Oplnlon We have audiled the financial statements of ICE Benevolent Fund (the 'charlW> for the year ended 31 December 2025 which comprise the Statement of Financial Activities. the Balance Sheet, Statement ol Cash Flows, and notes to the financial slalements, including a summary of signilicant 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 Klngdom Generally Accepted Accounting Practice). In our opinion, the financial stalements: give a true and lair view ol the state ol the charity's affairs as at 31 Decernber 2025 and of its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Ac¢8pted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UKI) and applicable law. Our responsibilities under those standards are furthar described in the Auditor's responsibilities for the audit of Ihe financial statements section ol our report. We are independent of the charity in accordance wilh the ethical reqLtirements that are relevant to our audit ol the financial stalements in the UK, including the FRC'S Elhical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit ovidence we have obtain8d is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparalion 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 collectivety. may cast significant doubt on the charity's ability to continue as a going concern lor a period of at least twelve months Irom when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Truslees with respect to going concern are described in the relevant sections of this report. 13
Independent Auditors, Report for the year ended 31 Dec 2025 Other Information The othar information cornprises the information included in the annual report, other than the tinancial slatements and our auditor's report thereon. The Trustees are responsible for the other infomation. Our opinion on the financial slalements does not cover the other informalion and, except lo the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection wrf(h our audil of the financial statements, 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 knowiedge 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 there is a material misstatement in the financial statements or a material misstatemenl of the other information. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other infomiation, we are required lo report that fact. We have nolhing to report in this regard. Opiniong on other matters prescrlbed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit: the informalion given in the Trustees, Report which includes the Direclors, Report prepared for the purposes of company law. for the financial year for which the financial statements are prepared is consislent with the financial statements- and the Directors, Report included within the Trustees, Report has been prepared in accordance wth applicable legal requirements. Matters on whlch we are requlred to report by exception 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 2C(16 requires us to report to you if, in our opinion.. adequate and proper 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 wilh 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 Twstees, Report. 14
Independent Auditors, Report for the year ended 31 Dec 2025 Respon8lbillties of Truslees As explained more fully in the Trustees, responsibilities statement set out on page 11, Ihe Trustees (who are also the Directors of the charitable company lor the pun)oses of company law) are responsible for the preparation of the linancial statements and tor being satisfied that they give a true and fair view, and for such internal control as the Trustees detennine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the linancial statements, the Trustees are responsible for assessing the charivs abilty to continue as a going concern. disclosing, as applicable, matters relaled 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 bLrt to do so. Audltor's responsibllltles for the audlt ot the flnanclal statements Our objectives are to oblain reasonable assurance about whether the linancial slatemenls as a whole are free from material misstatoment, 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 misststement 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 Iraud, are instsnces of non-compliance with laws and regulations. We design procedures in line wilh our responsibilities, outlined above, to detect material misstatements in respect of irregularf(ies, including fraud. Based on our understanding of the charity and its industry, we considered that non-compliance with the tollowing 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 identitying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, bLrt were not limited to: Enquiring of management and, where appropriate, those charged with governance, as to whelher the charity is in compliance with laws and regulations. and discussing iheir policies and proc8dures regarding compliance with laws and r8gulations' Inspecting correspondence, if any, with relevant licensing or regulatory aLthorities,' Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughoul our audit- and Considering the risk of acls by the charty which were contrary to applicable laws and regulations, including fraud. 15
Independent Auditors, Report for the year ended 31 Dec 2025 We also considered those laws and regulations that have a direct effect on the preparation of the linancial statements, such as lax legislation, penston legislation, the Companies Act 2006 and the Charities Statement of Recommended Practice. In addition, we evaluated the Truslees, and managemenys incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined thal the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, income recognition {which we pinpointed to the cul-off assertion). and significant one-off or unusual transactions. Our audit procedures in relation to fraud included bul were not limited to: Making enquiries of the Trustees and managernent 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 pertorming joumal entry testing. There are inherent limitalions in the audit prctedures 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 al www.frc.or klauditorsres onsibilities. This description forms part of our auditorfs report. Use ot the audlt report This report is made solely to the charty's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audil work has been undertaken so Ihat we might state to the charity's members those matters we are required lo stale to them in an auditols report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body for our audit work, for this report. or for the opinions we have formed. Nicola Waketleld {Senior Ststutory Auditor) for and on behalf of Forvis Mazars LLP Chart8r8d Accountants and Statulory Auditor 6 Sutton Plaza, Sutton Court Road, Sutton, Surrey, SM14FS Date: 16
Statement of Financial Activities For the year ended 31 December 2025 Total Total Unrestrlcted Unrestrtctod funds funds 2025 2024 Notes INCOME Donations and legacles Income from Investments Rental income Investment income and bank interest Income from Charitable Actlvities Rent- Beneficiaries Evenvworkshop Income 660,879 706,913 443,493 444,283 409,421 440,509 116,450 220 106,083 1,530 Total Income 1.665,325 1,664,456 EXPENDITURE Ralslng funds Costs of rental properties Investment management Costs 1215.838) 174,7861 1199,646) 171.1031 1290.6241 1270,749) Expenditure on Charitable Activltles Provision of financial assistance to individuals Provision of accommodation to beneficiaries Welfare advice and counselling 1709.148) 1183.8921 1375.5311 1715.297) 1164,4231 1365.729) 5&6 {1,268.5711 (1,245,449) Total expenditur• {1,559.1951 (1,516,198) Net Income ex¢ludlng Invostment galns 106,130 148,258 Investment movernonts Nel inve$tment gains Revaluation gain on freehold property Revaluation gainlllossl on investment property {Lossl on disposal of fixed assets 13 12 14 12 1,545,684 521,000 430,000 19,7101 715,996 2,350,216 1450,0001 1225,5521 Net mov•mont In funds 2,593,104 2,538,918 Funds brought forward at 1 January 27,685,061 25,146,143 Totsl fund$ carrlod forward al 31 December 18 30,278,165 27,685,061 All income and expenditure are derived from contsnuing activities and there are no recognised gains or losses other than those included above. The a¢¢ompanying accounb'ng policies and notes form an integral part of these financial statements.
Balance Sheet As at 31 December 2025 Notes 2025 2024 Flxed a$sets Tangible fixed assets Investments Investment properties Concessionary loans 12 13 14 15 3,180,420 16,390,550 9,375.000 51.155 2,670,271 14,916,248 8,945,000 51,155 28,997,125 26,582,674 CurTent assgts Debtors Cash al bank and in hand 16 381,697 1,131,413 529,741 911,228 1.513,110 1,440,969 Creditors: amounts falllng due wfthln one year 17 1232,0701 {338,582} Not ¢ufftnt assets 1,281,040 1,102,387 Total a$80ts less curront liabilities 30.278,165 27,685,061 The Funds ofthe charity: Deslgnated funds Unrestrlcted Income funds 18 4,C¥JO,000 26,278,165 4,000,000 23,685,061 Total charlty funds 18 30,278,165 27,685,061 The accompanying accounting policies and rte$ fom) an integral part of these financial ststements. These financial stslements have been prepared in accordance wlh the sp8cial provisions of the Companies Act 2006 relating lo small companies. Approved by the Trustees on . and signed on their behalf by.. N Brent, Chaimian 18
Statement of Cash Flows For the year ended 31 December 2025 2025 2025 2024 2024 Cash Ilows from operating activltles N•t incom• 2.593,104 2,538,918 Adjuslmenls for.. Depreciation (Gain) on investments (Gain) on revaluation of freehold properties (Gainllloss on revaluation of investment properties Loss on disposal of fixed assets Interest income Decreasel{increasel in Trade and other debtors (Decieasellincrease in Trade and other creditors 1.140 11,545,684) 1521,ocKJ) 40,739 1715,996) (2,350,216) 1430,0001 9,710 1444,2831 450,000 225,552 1440,509) 148,044 1441,809) 11(.512) 54,8SYJ Cash flows (used In) operatlng actlvities (295N81) 1638,431) Purchase of tangible fixed assets 171,492) (8.088.940) Purchase of investments Pro¢eeds on disposal of investments Interest Income 15,850.5971 6,297,390 444,283 8,723.882 440,509 Cash ftows generated from investing activitles 891,076 1,003,959 Ngt increase in cash 59S,59S 365,528 Analy818 of changes In net cash At1 J•n'25 Cash flows At31 Dèc'25 Cash al bank and in hand Cash within investment portfolio 911,228 896.923 220.185 375.410 1,131,413 1,272,333 Total cash at 31 December 2025 1.808.151 595.595 2,403,746 19
Notes to the Financial Statements For the year endad 31 December 2025 1. Principal Accountlng Policies The linancial 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 erbtity under FRS 102. Assels and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevanl 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 ol reseNes held. Trustees are keeping a watching brief on reserves in light of the ongoing cost-of-living crisis. The principal accounting pollcies 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 l {loss) on revaluation is credited / (Charged) to the Statement of Financial Activities (SOFA). Tanglble Fixed Assets Freehold propety, being residential properties for occupation by beneficiaries, is now held at fair value. An external valuation was obtained on 31 December 2025. No depreciation is charged on the 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 regularfy reviewed in order to identify any pemianent 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.. Office equipment.. 20°/0 Straight line A full years depreciation based on capitalised date is applied to new asset addilions in the year. Investment properties Properties held for the pUse of generating income are considered to be investment properties. these are held al fair value. The value of Ihe properties is regularly reviewed in order to identify any permanent impairment. An external valuation was obtsined on 31 December 2025. Where properties are partially held to generate income and partially functional assets they are split between tangible lixed assets and investment properties based on the relative area used lor each function. Charitable loan8 Loans made in pursuit of the ICE Benevolent Fund's charitable purposes are held within fixed assets and are stated al original cost and SLJbsequently adjusted for any subsequent repaymenl or impairment. 20
Notes to the Financial Statements For Ihe year ended 31 December 2025 Deblors 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. Creditors and provlslons 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 dua 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. Flnancl81 Instruments The charity only has financial assets and financial liabilities of a kind thai qualily as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Fund Ac¢ountlng Unrestricted Funds. These are funds which can be issued in accordance with the charitable objects and at the discretion of the Trustees. Designated 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 pertormed 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 donalions given to the ICE Benevolent Fund must be used in future accounting periods, the income is delerred until those periods. When donors impose conditions, which have to be fulfilled before the ICE Benevolenl 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. Legacles Legacies are included when the ICE Benevolent Fund is advised by the personal representative of an eslate that payment will be made. or propety transferred, and the amount involved can be quantified. Investment Income and Interest Recelvable Invesknent income and interest is included when receivable by the ICE Benevolent Fund. Rent Recelv8ble- Benellclarfes 8nd Non-Benell¢l8rle8 Rental income is included in the period in which the ICE Benevolent Fund is entitled to receipt. 21
Notes to the Financial Statements For the year ended 31 Dember 2025 1.10 Expenditure Expenditure is included in the SOFA on an accrual's basis, inclusive ol 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 attribLrted to particular headings, they have been allocated to activities on a basis consistenl wilh 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 lenancies 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 A¢tlvltle8 Costs of charitable activities comprise all costs identified as wholly or mainly attributable lo achieving the charf(able objects of the ICE Benevolent Fund. These costs include direct costs, wholly or mainly attributable support costs and an apportionment of overhead. 1.12 Penslon 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 ils income and gains to the extent that they are applied to its charitable purposes. 22
Notes to the Financial Statements For the year ended 31 Deegmbar 2025 Judgemen18 In applylng accountlng pollcles 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 OLrtcomes 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 eslimale is revised, if the revision affects only that period, or in the period of the revision and future periods, rf the revision affects both current and future periods. The key estimates and assumptions 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 tixed asset over its estimated useful life. {b) Mill Hill Close properties are included as either investment properties or fixed asset properties based on their use at the balance sheet date. Those occupied by the charity's beneficiaries or used as office space lor the charity are classified as fixed assets properties. Those let on a commercial basis are classified as investment properties. The costs related to properties are allocated between charitable activities and activities for raising funds based on a 40160 split. Due to variations in the percentage of beneficiary tenants this allocalion is only adjusted if the percentage of beneficiaries falls below 300/0 or goes above 50°/. for a sustained period Ic) The assumptions made in the revaluation of the freehold property and investment properties at Mill Hill Close. The principal assumptions are the estimaled 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 lo some of the properties. 23
Notes to the Financial Statements For the year ended 31 December 2025 Donations and Legacles 2025 2024 Donations Legacies 253,392 407,487 288,409 418.504 660,879 706.913 Rental Properties - noTrbeneflclary tenan18 2025 2024 Rental income from non-beneficiary tenants Cost of raising funds- rentsl properties (direct costs) Cost of raising fvnds- rentsl properties (allocated ¢ostsl 443,493 19,6881 1206,1501 409,421 113,0311 1186,6151 Net rental income 227.655 209,775 Rental properties- beneficlary tenants 2025 2024 Rent from benefiriaries Cost of providing accommodation {Note 61 116.450 {183,892) 106,083 1164,4231 Nel (expenditure} 167,442) {58,3401 24
Notes to the Financial Statements For the year ended 31 December 2025 Charilable Activities Dirg osts Allocatsd costs Isee note 8) Total 2025 Total 2024 Costs after allocatlon Provision of financial assistance lo individuals Provision of accommodation to beneficiaries Advice and counselling 552,367 156.781 709,148 715,297 183,892 178.572 183.892 375,531 164,423 365,729 196,959 749.326 519.245 1.268.571 1,245,449 PTovi5ion of financial assistance lo individuals includ8S: 2025 2024 Grants lo beneficiaries 554,921 554,473 All grants were made to private individuals. The Benevolent Fund assisted 139 12024.. 1211 beneficiaries dLsring the year. Governance 2025 2024 Allocated overt)ead costs include the following govemance costs.. Auditor remuneration 22,570 5,296 5,496 5,354 21,600 4,920 4,740 4,382 Fees paid to auditors for other services Legal and professional fees Trustee expenses 38,716 35,642 25
Notes to the Financial Statements For the year ended 31 December 2025 Overheads lor Allocation Property Charty staff Management costs costs costs Total 2025 Total 2024 Financial assistsnce Provision of accommodab'on Advice and counselling 94,528 65,635 107,667 62,253 43,223 70,905 156,781 183,892 178,572 154,633 164,423 159,318 75.034 75.034 267,830 176,381 519,245 478,374 Rental properties 127,761 47,264 31,125 2,150 186.616 202,795 315.094 207,506 725,395 664.990 The methods used lo apportion overheads are described in note 1.11. Govemance costs total £38,71612024'. £35,642), per Note 7. Net Income This is slated after charging.. 202S 2024 Depreciatson Auditorfs remuneration 1,140 22,570 40,739 21.6 10 Stafl C0818 The payroll ¢osls for the year were as folbws.. 2025 2024 Wages and salaries Healthcare and Income Protection Insurance Social security costs Other pension costs Recruitment and Training 219.632 4.951 17.002 70,917 2.592 219,888 4,812 18.642 58,622 5,392 Total 315,094 307,366 The average number of employees {fvll time equlvalents) of the ICE Benevolent Fund during the year was 4.55 {2024. 4.41. The total staff numbers were 612024.. 61. 26
Notes to the Financial Statements For the year ended 31 December 2025 10 Staff Costs (contlnued) 2025 2024 Cost of raising fvnds Charitable activities Governance 0.60 3.55 0.40 Total 4.55 One member of staff received emoluments in excess of £60,000 per annum in the year. 2025 2024 £60,000- £69,999 Key management personnel include the Chief ExeGulive, the Head ofcasework, the Marketing Manager and the Finance Manager. The total employee beneffts of the key management personnel of the charity were £240,311 {2024.. £154,657}. 11 Trustee Remuneratlon None of the Trustees receive any remunerab'on for Iheir services as Twstees of the Charity. 2025 2025 Number 2024 2024 Numbgr Meeting expenses reimbursed 4,382 Donations of £62512024-. £4801 were received from 1212024.. 121 Trustees during the year. 27
Notes to the Financial Statements For the year ended 31 December 2025 12 Tanglble Flxed Assets Freehold property Officg equlpment Total 2025 Cost I valuation Al 1 January 2025 Additions Revaluations Disposals 2.656,000 25,067 2,681,067 521,000 521.000 {13,8721 {13,8721 At 31 De¢ember 2025 3,177.000 11.195 3,188,195 Depre¢latlon At 1 January 2025 Charge during year Disposals 10,796 1,140 14.1611 10,796 1,140 14,1611 At 31 December 2025 7,775 7,TlS Net book value At 31 December 2025 3,177.000 3,420 3,180,420 At 31 December 2024 2,656.000 14,271 2,670,271 Hlstorlcal cost 854,573 The lat9St valuation undertak8n by Martin Lacey Buckl8y Chartered SuNeyors on 31 December 2025 valued th6 Ir8ehold property al £3,177.000 {31 December 2024.. £2,656,(Y)01. There was a change in accounting policy in the prior year, whgreby the freehold prop9rty is now recorded al valuation rather than al cosl. 13 Investments 2025 2024 Market value as at 1 January Acquisitions at cost Sales proceeds Nel movement in cash balances Net investrnenl gains 14.916,248 5,850,597 16.297,3901 375,411 1,545,684 14,270,194 8,088,940 18.723,882} 565,000 715,996 Listed investments at market value 16,390,550 14,916,248 Histori¢al cost at 31 December 12.976,302 12,314.596 28
Notes to the Financial Statements For thè year ended 31 December 2025 13 Inve8tments (¢onlinued) An analysis of the market value of the charity's investments at 31 December 2025 is as fr)Ilows- 202S 2024 UK bonds and preference shares UK equrties Overseas bonds & preference shares Overseas equities Allernalive investments Cash on deposit awaiting investment 2,555,096 2,727,614 529,(k%2 7,381,736 1,924,709 1.272.333 2,177,057 2.569,744 910,499 6,150,950 2,211,075 896,923 16.390.550 14,916,248 The fdlowing investments ac¢ounted for ne than 5'h ofthe market value as al 31 Decemter 2025. Vanguard Investments S&P £1,917,694 11.7% 14 Investment Property Total 2025 At 1 January 2025 Revaluation 8,945.000 430.000 At 31 December 2025 9,375,000 The investment property comprtses the 630A12024.. 640/tsl of the Mill Hill Close propety which is occupied by tenants vtho are not beneficiartes 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 finanal stslements and an updated valuation was undertaken on 31 December 2025 by Martin Lacey Buckley, Chartered Surveyors {fegistered with RICSI. The valuation is based on a review of Ihe properties compared to recent S81es prices in the local area. There are no restrictions over the use or sale of the properties. 15 Concesslonary loans 2025 2024 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 lo beneficiaries. These loans are secured against beneficiaries, property. 29
Notes to the Financial Statements For the year ended 31 December 2025 16 Debtors: Amounts Falllng Due Wlthln One Year 2025 2024 Other debtors Prepayments 357,949 23,748 499,097 30,644 381,697 529.741 17 Credltors: Amountg Falllng Due Wfthln One Year 2025 2024 Trade creditors Accruals 17,162 214,908 93,295 245.287 232,070 338.582 Trade creditors includes £16,208 (2024.. £83,944) due to the Institution of Civil Engineers 18 Funds Unrestrieted nds Deslgnated funds Totsl 8alance brought forward at 1 January 2025 Income Expenditure Gains on investments Revaluation of freehold property Revaluation of investment property Disposal of fixed assets 23,685.(1 1,665,325 11,559.195) 1,545,684 521,000 430,000 {9,710) 4,000,000 27,685,061 1,665,325 {1,559,195) 1.545,684 521,000 430,000 19,710) Balance at 31 December 2025 26.278.165 4.000,000 30,278.165 Unrestricted Fund8 Thes8 funds represent the element ol the fr8e reserves ol the Charity whKh have not been dosignal8d for any specific purposo. Deslgnated Funds Following Ihe merging ol the A and B Funds al the and of 2012 Trustees agre8d that part of the engvolenl Fund's capital should be placed in a deslgnaled fund lo ensure that the B&nevol8nl Fund exists in perpetuity. At the lime ol the merger the A Fund stood al £6.5m. It was decided that £2.5m ol this amount should fund the building ol tho new office Ino 5 Mill Hill Closel and 6-8 Mill Hill Close, and the remaining £4m would form the designated lund. 30
Notes to the Financial Statements For the year ended 31 December 2025 19 Capital Commitments Grants approved by the Truste8s lor the b8nevolenGO year ¢nding 30 Jun8 2026 total £376,690 {30 June 2025.. £515.9101. The amount paid prior to 31 Decembef 2025 was £210.978 (2024: £348.0631 leaving an accru8d balance of £151,350 {2024: £167,847). The difference b8twe&n grants approved in the year and Ihe amount paid and accru8d lor relates lo where beneficiaries, ¢ircumslances have Ghanged, resutting in the grant no longer being payable. 20 Pen81on8 Contributions to the ICE Group Personal Pension Plan in 2025 totalled £70,917 12024= £58,622). Pension costs foi the period also include £4,800 {2024.' £4,800) ol administration charges. 21 Related Party Transa¢llon8 The Institution of Civil Engineers enters into transactions with its connecl&d charity, the ICE B8nevolent Fund. The nature ol the transactions includes the collection of donations from th9 Institution's members on behalf ol the ICE Benevolent Fund and provision by th8 Institution ol financial. HR. database, and IT services. During 2025 the donations with subscriptions collected by the Institution ol Civil Engineers on bghalf ol the ICE Benevolent Fund tolalled £210,39712024'. £233.810) and the management fe9 paid lo the Institution of Civil Engineefs was £42.12012024- £39,588). The balance due to the Institution ol Civil Engineers on 31 December 2025 was £16,208 (2024.. £83,944). 31