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 Se￿iceS 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$80ts less curront liabilities
30.278,165
27,685,061
The Funds ofthe charity:
Deslgnated funds
Unrestrlcted Income funds
18
4,C¥JO,000
26,278,165
4,000,000
23,685,061
Total charlty funds
18
30,278,165
27,685,061
The accompanying accounting policies and r￿te$ 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 pU￿se 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 D￿ember 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 n￿e 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 finan￿al
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