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2025-09-30-accounts

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Annual Report and Financial Statements

YEAR ENDED 30 SEPTEMBER 2025

Registered Company No. 1084747 (England and Wales)

Registered Charity No. 265139

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Contents

Contents
Offcers of the society 3
Company information and contacts 4
Chair’s statement 5
About ABS 6
Overview of the year 9
Financial summary and key risks 12
Future plans and objectives 15
Structure, governance and management 16
Responsibilities of the board 19
Independent Auditors' report to the members 20
Statement of fnancial activities 25
Balance sheet 26
Statement of cash fows 27
Notes to the fnancial statements 28

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Officers of the Society

Patron

President

His Royal Highness The Duke of Gloucester KG GCVO Eddie Weir PPCIAT

Trustees

Robert Bedner - appointed April 2025 Richard Brindley (Chair of Trustees) Katie Fisher - appointed April 2025 Mark Grzegorczyk - retired June 2025 Mark Hodgkinson (Hon Treasurer) Christl Hughes - appointed February 2025 Deborah Kearns - appointed April 2025

Rick McCluggage Andy McLeish John Moakes Aled Rees - resigned June 2025 Sangeeta Shenoy Kuljeet Sibia - appointed April 2025 Nigel Thorne - resigned February 2025 Alison Thornton-Sykes - resigned October 2024

Non-trustee Committee Members

Katie Fisher (Development Committee) - until appointment to trustee role in April 2025 Kate Marks (Nominations & Remuneration Committee) - resigned May 2025 Karen Rogers (Nominations & Remuneration Committee) - retired June 2025 Simon Still (Finance, Audit & Risk Committee)

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Company information and contacts

Chief Executive

Simon Ashmore (from January 2025)

Operations Manager Katie Vivian (left ABS in June 2025) (and Acting CEO from April 2024 - January 2025)

Chief Financial Officer

Tricia Johnstone

Company number 1084747

Charity number 265139

Registered office 43 Portland Place London W1B 1QH

Independent auditors Moore Kingston Smith 6th Floor, 9 Appold Street London EC2A 2AP

Bankers C Hoare and Co Lloyds Bank PLC 37 Fleet Street 25 Gresham Street London EC4P 4DQ London EC2V 7HN

Investment managers

Cazenove Capital 1 London Wall Place London EC2Y 5AU

Rathbones (previously Investec Wealth and Investment Limited) 30 Gresham Street London EC2V 7QN

Solicitors Bates Wells Hunters 10 Queen Street Place 9 New Square London EC4R 1BE Lincoln’s Inn London WC2A 3QN

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Chair’s statement

2024/25 has been a year of significant change for ABS, marked by bold decisions and a renewed sense of purpose.

During the year, our trustees agreed and implemented important changes to our grants programme. To ensure the long-term sustainability of our Society’s finances and to create a more equitable system of support, we brought our monthly grants programme to an end. In its place, we introduced a new one-off grants programme designed to reach and assist more individuals than ever before.

Looking forward, our organisational goals reflect our commitment to strengthening ABS and expanding our impact:

Enhancing our connections with the architecture community: We aim to deepen engagement with architects and related professionals, ensuring our services are widely known and accessible.

Alongside this, we strengthened our capability to help beneficiaries access welfare benefits to which they are entitled. We also continued to deliver our long-standing services, including mental health and legal support, which remain vital to those we serve.

Mobilising the goodwill of our ambassadors: By working closely with our ambassadors, we will encourage more people to use our services and benefit from the support we offer.

The arrival of our new Chief Executive, Simon Ashmore, in January marked the beginning of a new chapter for ABS. Under his leadership, we undertook a comprehensive review of our services and organisational capability. This work has resulted in a new organisational strategy and resource plan, setting a clear direction for the future.

These achievements would not have been possible without the dedication and determination of our trustees and staff. I would like to express my sincere thanks to all who contributed to shaping our new grants programme and to those who supported the wider transformation.

Maximising income opportunities: We will explore ways to optimise income from our properties, investments, and fundraising activities, securing the resources needed to sustain and grow our work.

These priorities will guide us as we continue to evolve and deliver on our mission to support those in need within the architectural community.

Richard Brindley

While the year brought changes to both our trustee and staff groups, we concluded the period with confidence and optimism.

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About ABS

Founded in 1850, Architects Benevolent Society is a charity dedicated to supporting past and present members of the architectural community, and their families, from the beginning of their careers to retirement.

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We help people who are experiencing challenges such as illness, accident, redundancy, unemployment, or other personal difficulties. We provide a range of services including confidential advice, mental health and wellbeing support and financial assistance.

Our vision

People in the architectural community will flourish and live full and rewarding lives whilst following their passion for architecture and design.

How we help

Money and debt

Our mission

To provide holistic, tailored support to enable people in the architectural community to improve quality of life and to reach a point when they no longer need our help.

Mental health and wellbeing

Who we support

Physical health and disability

Employment support

Objects and activities

Housing advice

Advice & support

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Our values

Responsive

We’re passionate about helping people. Our flexible approach and dedicated team enables us to provide meaningful and dedicated support – often fast.

Community focused

We are approachable and warm. We encourage collaboration and engage with the architectural community.

Inclusive

Compassionate

We value people and approach every person and situation with empathy, kindness and respect.

We are actively inclusive within our objectives as a charity. We have an equitable, welcoming and ethical approach, and value each person’s unique life experience.

Improvement

We are driven to improve the lives of our community by continuing to learn from our collective experiences to grow, evolve and strive to do better.

Public benefit

Architects Benevolent Society is a registered charity whose charitable purpose within the Charities Act 2011 is defined above (our objects). The Society has taken into account Charity Commission guidance on public benefit and provides this through financial help and other assistance to past and present members of the architectural community and their dependants.

Aims

The Society is the only occupational benevolent fund for the architectural community in the UK and its aim is to offer confidential advice, support and financial assistance to individuals and their families in times of need to achieve the following social outcomes:

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Overview of the year

This year we supported 789 people, welcoming 233 new beneficiaries and achieving an 85% enquiry-to-beneficiary conversion rate. Most new clients needed help with financial, mental health and employment concerns, supported through in-house expertise and specialist partners. We met our income ambitions, with legacies contributing more than expected, and remain grateful to our Ambassadors and corporate supporters.

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Our support

We helped a total of 789 people this year, including spouses and dependants.

We supported 233 new beneficiaries and 35 returning from previous years.

Our enquiry to beneficiary conversion rate is 85%.

The overwhelming majority of new clients sought our help primarily with financial (41%), mental health (22%) and employment (20%) concerns.

The welfare benefits system can be difficult to navigate without guidance, and our expert in house team provides excellent support to help beneficiaries make successful benefits claims.

We also work with IncomeMax, StepChange, Law Express and other charities and organisations that can provide our beneficiaries with expert advice and support to help them navigate a range of issues.

These services, combined with our own grants programme and inhouse expertise, offer a comprehensive package of assistance to those we support.

Fundraising

The Society receives donations from individual and corporate/organisational donors through regular and one-off donations, events and legacies. We do not use professional fundraisers.

We achieved our income ambitions for 2024/25. A greater proportion than expected came from legacies. Other forms of fundraising, and events in particular, generated less income than budgeted. This reflects a lower level of activity than planned as the team underwent personnel changes during the year.

In the summer our new CEO undertook a review of fundraising effectiveness as part of the development of our new strategy. Our focus for the coming year will be on delivering dependable fundraising income at lower cost to the charity.

Ambassador programme

Particular thanks must be given to the Society’s Ambassadors who work on our behalf across the UK. We are indebted to their effort and commitment which enables us to reach more members of the architectural community and generate more support for our cause. Our Ambassadors cover the whole of the UK and play a key role in raising awareness of our cause within the architectural community and in leading regional fundraising initiatives.

We have also seen our Ambassadors take part in individual challenge events to raise money for the Society, showing a truly personal commitment to the cause.

Ambassadors were consulted on the proposed new organisational strategy and their feedback helped to shape the proposals.

The Ambassadors are a vital pillar of our work, and we are truly grateful to them all.

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Corporate partners and donors – together we become a lifeline

We currently have 15 corporate partners and 73 practices that financially support ABS. Leveraging our internal ABS events continues to provide opportunities for staff to fundraise, complementing the traditional corporate donations we receive annually.

The organisations and practices across the UK who donate annually help us achieve much more than we could on our own to support people in times of need. ABS is working with organisations of all sizes across the UK that want to give something back to the profession, develop their corporate social responsibility and support people in the architectural community.

Our corporate partners work with us to raise awareness of the work we do and how we can help, engage employees through event participation and competitions and transform people’s lives.

Keystone partners

Legacies

We are always grateful for the generosity of those who deem ABS as a cause worth committing to in their wills. The money we receive goes towards our charitable work.

Fundraising Code of Practice

ABS is registered with the Fundraising Regulator. This demonstrates a commitment to openness and honesty in our fundraising practice and enables us to keep up to date with current legislation, such as the Fundraising Code of Practice, taking into account the needs of any possible donor who may be in vulnerable circumstances or need extra care and support to make an informed decision. It also gives us access to resources and training, ensuring that staff and trustees are equipped with the skills and knowledge to carry out fundraising responsibly and effectively. The Development Manager reports regularly to the Development and Engagement Committee, where performance is monitored.

During 2024-25 no complaints about fundraising conduct or practice were received.

Staff are kept informed of fundraising legislation updates through the monthly Fundraising Regulator newsletter to ensure they are aware of best practice, data protection and protection of the public from unreasonable, intrusive or persistent fundraising approaches. There are systems in place to flag up to staff when a donor should not be contacted for reasons such as ill health, disability or changes in their financial situation.

Foundation partners

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Financial summary and key risks

ABS continues to monitor its investments, in terms of portfolio structure, targets and ethical investing. We operate a disciplined approach to ethical investment and monitor investment holdings on a regular basis against our Ethical Investing Guidelines which were agreed in 2023 and further reviewed in 2025. Our investment managers are required to screen all investments using the Ethical Investing Guidelines, and provide regular ethical screening reports to the Finance, Audit and Risk Committee.

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Income

Income from donations and gifts totalled £111k compared with £184k in 2023-24.

Legacy income was £195k compared with £15k in 2023-24. The Society is extremely grateful to all those who have left legacies.

Income from commercial property of £671k was very similar to the previous year (£642k).

Investment income reduced slightly to £225k for the year (£240k last year).

Expenditure

Costs of generating funds Fundraising costs this year totalled £300k, a significant decrease on last year due to a restructure in the development team.

The cost of running the commercial properties of £138k was similar to the previous year.

Charitable expenditure The Society’s overall charitable expenditure in 2024-25 of £994k was significantly lower than last year (£1.9m) due to restructure of our grants programme and staffing team.

Net expenditure

The Society’s net expenditure for the year (before applying investment gains and losses) was a deficit of £306k, very significantly less than last year (£1.380m). A net deficit of £141k was made when net gains on investments were applied.

Market value of land and buildings

43 Portland Place, purchased in July 2003 and 9 Weymouth Mews, purchased in 2007-8, are included within investment properties and were valued at 30 September 2024 by Cushman & Wakefield & Druce & Co respectively. Total values were at £20,200,000 at 30 September 2024 and following a revaluation, as at September 2025, have been revalued at a total of £19,500,000. In December 2024, the Society’s office was moved into 43 Portland Place and therefore a portion of the value of the property has been transferred to fixed assets this year.

Reserves policy

It is the view of the Board that the calls on the Society’s funds will continue to increase over the years ahead, aligned to growing awareness of the Society’s work. The Reserves Policy which is reviewed each year therefore includes a continued commitment to maintain a stable level of investment capital in the medium to long term to ensure that the Society will be able to continue its important work in the future.

Reasons for reserves

ABS holds reserves in order to safeguard its operations in the event of an unexpected drop in income; an unexpected expense and to maintain sufficient liquid reserves to ensure the continuing smooth running of operations. A level of £525,000 has been agreed as a sufficient general reserve. With the reserves level currently well above that deemed as essential to protect the Charity, we are able to draw on reserves each year to fund our charitable activities.

As at 30 September 2025 the Society had total funds of £29,493,805. Of this total, £793,670 is held within the permanent endowment fund, £28,590 is a restricted fund and £28,671,685 is the total unrestricted fund. The unrestricted fund includes investment properties valued at £19,950,000 with a portion of this (value £723,945) now used as office space for the Society and allocated to fixed assets.

The Society currently supports hundreds of people each year and total annual expenditure at present stands at £1.5m million per annum.

This expenditure is met from three main sources of income:

Voluntary income ABS is grateful to its generous donors for their gifts and is seeking to increase voluntary income over the medium term. The implementation of the new fundraising strategy outlines how we intend to do this.

Income from commercial properties Since the end of the pandemic, we have been able to increase occupancy, bringing income almost to target levels.

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Investments We have budgeted each year to utilise an agreed amount of reserves and release investments on a regular basis to do so. Longer term, we will be reviewing our asset structure and return on investment to ensure that we can continue to fund our charitable activities.

The Society is continually reviewing its investment strategy and the Investment Policy includes a Total Return strategy to ensure the Society can continue to support members of the architectural community in need during periods of economic uncertainty, as well as at other times. We are continuing to review in detail the current balance of the investment holdings, the medium to longer term projections for those investments and whether or not the current balance between investment property and investment portfolios is appropriate. Free reserves at 30 September 2025 were £7,113,772.

With regards to liquidity, the Investment Policy ensures that at least 90% of the Society’s Investment portfolios can be realised within seven days and the remaining 10% within 45 days and therefore included in free reserves. The society is acting in line with its reserves policy.

ABS wishes to maintain a balance of free reserves of at least £525,000, a level sufficient for the Society to continue to operate and fulfil its obligations for a period of three months.

Risk management

The Society recently completed a full review of our approach to risk and the Risk Register. Strategic risks and their mitigations are attentively managed.

Key risks

Maximising income to meet growing need

ABS took action to reduce its expenditure on grants in the previous year, however anticipated growth in demand during the year may continue to put pressure on ABS finances. The charity will seek ways to maximise its income from all income streams, including investment properties, investments and fundraising.

Cyber attack

ABS is continually modernising its systems and processes, resulting in a greater dependence on integrated digital technologies, including systems accessible online.

While ABS implements extensive measures to mitigate cyber security risks, a successful attack could compromise our operational capability and affect the continuity of our services.

Monitoring and review procedures

Monitoring of the financial performance of the investments is carried out by the Finance, Audit and Risk Committee which reports to the Board each time it meets. Formal reports are submitted by the investment managers each quarter.

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Future plans and objectives

During 2025-26 we plan to:

Continue to provide holistic support to individuals and families in need We will provide short term financial support and fund specialist support from our welfare partners to enable people to make a positive change in circumstances where possible.

Implement our new strategy and business delivery plan for delivering our charitable purposes in the short, medium and longer term. The focus will be to maximise the support we provide to our beneficiaries and bringing us into line with current benevolent society practice, while safeguarding the charity’s long-term future.

Services policy We continue to manage expenditure so that it is at a level consistent with our resources, and to ensure the long-term sustainability of the Society. In tandem with our grants programme we will continue to place a strong emphasis on income maximisation – supporting our beneficiaries to access the welfare benefits entitlements.

Strengthen our relationships with and relevance to the architectural community and understanding its needs through engagement and partnerships with relevant organisations and networks, engaging with volunteers and beneficiaries and involving them in our work.

Recruit new trustees and committee members We will continue to refresh our trustee board as positions become vacant to ensure that we maintain effective governance. We will continue to prioritise key skills identified in our skills assessment, and will continue to work towards a more diverse Board.

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Structure, governance and management

ABS is a Registered Charity and a Company limited by guarantee governed by Articles of Association.

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Trustees

ABS currently has 11 trustees.

The Nominations and Remuneration Committee continues to review the balance of skills, experience, diversity, professional and regional representation on the Board and Committees in pursuit of a diverse and skilled Board that can make effective decisions for the Charity.

Becoming a trustee of ABS is by appointment by the Board of Trustees and is drawn from those who have been identified as bringing the skills and other criteria necessary to further the strategic work of the Society. It is not restricted to membership of the architectural community, and we welcome applications from those outside the architectural community who can bring a different perspective in specific areas. All trustees of the Society are entitled to attend, to speak and to vote at trustees’ meetings.

Any person who is willing to act as a trustee, and who would not be disqualified from acting under the provisions of Article 26, may be appointed to be a trustee by a resolution of the trustees for a term of up to three years, renewable for two further terms of up to three years subject to Article 25.2. A trustee who has served for nine consecutive years of office must take a break from office and may not be re-appointed until the first anniversary of the commencement of their break from office.

Trustees of the Society are the only Members and all trustees become a Member of the Board on appointment as a trustee. The Board of Trustees is the governing body of the Society and as well as being Members of the Board, trustees are also Directors of the Company for the purposes of company law.

Charity Governance Code

The Society formally adopted the Charity Governance Code in 2019, with the aim of developing high standards of governance in line with good practice and using the Code as a tool to support continuous improvement.

The Society will continue to review the seven principles of the Code and working towards making well-considered decisions as to how these principles should be applied to the charity.

Management

ABS’ Board of Trustees meets three times each year to agree and review the strategic approach and areas of activity, including consideration of charitable activity, investments and reserves, risk management, long term strategic planning and all other policies and performance. Some of the taskfocused work of the Society is overseen by formally appointed committees which report directly and regularly to the Board. At the heart of ABS’ committee structure is the Welfare Committee, which advises the Board on our charitable work. The Welfare Team assess all new applications for assistance and make informed decisions as how to best assist beneficiaries in line with our Service Policy. This policy is regularly reviewed, enabling a timely response to wider socio-economic issues.

Other Committees are the Finance, Audit and Risk Committee, the Development and Engagement Committee and the Nominations and Remuneration Committee.

All new trustees receive an induction upon joining the charity which covers their responsibilities and duties and insights into how the charity operates.

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Decision making

Our decision-making policies and procedures are detailed in ‘Board Instructions.’ It sets out the responsibilities and delegated decision-making powers of the committees and continues to be reviewed and amended as and when necessary. There are additionally several other important policy documents which are reviewed on a regular basis within proscribed timeframes. During 2025/26 our decision-making will be further strengthened by the development of an authority matrix, which will set out authorities throughout the charity’s activity.

Relationships

ABS pursues a policy of engaging as closely as possible with the various organisations which represent the members of the architectural community and to ensure the work of the Society is effectively communicated to all eligible persons at national and regional levels. This work is essential in helping to ensure as many as possible are aware of the help that ABS can offer and to assist with income generation.

ABS has informal but close links with the Chartered Institute of Architectural Technologists, the Landscape Institute, the Royal Institute of British Architects, the Royal Incorporation of Architects in Scotland, the Royal Society of Ulster Architects, the Royal Society of Architects in Wales, the Architects Registration Board, the Worshipful Company of Chartered Architects, the Architects Mental Wellbeing Forum and others. It is also a subscribing member of the Association of Charitable Organisations and the Fundraising Regulator.

Acknowledgements

The Society wishes to express its appreciation and gratitude to the following:

CIAT, the Landscape Institute, the RIBA, the RIAS, the RSAW, the RSUA, the Architects Registration Board and other Regional and Branch Councils and many other architectural organisations throughout the UK for help in various ways.

Our professional advisers for their continuing guidance and support throughout 2024-25.

The staff team who have looked after the day-today business, and demonstrated commitment and passion for the cause during another challenging year.

All those members of the profession and others who continue to do so much in support of the charity, both financially and by giving generously of their time.

The trustees and staff would like to give our expression of thanks to Mark Grzegorczyk, Aled Rees and Nigel Thorne who left their roles as trustees, and to committee members Karen Rogers and Kate Marks after their valuable service and dedication to the charity.

The work carried out by the formal committees and working groups appointed by Board is done voluntarily. Many of the tasks involve a great deal of work in addition to attending meetings. We are particularly grateful to those people who are not trustees but who give up their evenings and weekends and even time during the working day to assist in this way.

Engagement with the community served by ABS has been greatly enhanced over recent years with the introduction of our Ambassador programme. There are approximately 43 Ambassadors based all over the UK and their role continues to be vital in raising awareness of our charity.

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Responsibilities of Members of the Board

The Members of the Board (who are also directors for the purposes of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the members to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Society and of the surplus or deficit of the Society for that period. In preparing those financial statements the members are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Society and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Society and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each of the Members of the Board is aware:

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Companies Act 2006 and the Statement of Recommended Practice for charities applying FRS 102, “Accounting and Reporting by Charities”, effective 1 January 2015.

The trustees have taken advantage of the small companies’ regime in preparing the Trustees’ Annual Report.

By order of the Board

11/5/2026

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Independent Auditor’s Report to the Members of Architects Benevolent Society

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Opinion

We have audited the financial statements of Architects Benevolent Society (‘the company’) for the year ended 30 September 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit 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 knowledge obtained in 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 misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 19, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

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Our approach was as follows:

Use of our report

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

Jonathan Aikens

(Senior Statutory Auditor)

for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

9 Appold Street London EC2A 2AP

19/5/2026 Date:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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Architects Benevolent Society

Statement of financial activities including the Income & Expenditure Account For the year Ended 30 September 2025

----- Start of picture text -----
Unrestricted Endowment Restricted Total Total
Notes
Fund Fund Fund 2025 2024
£ £ £ £ £
----- End of picture text -----

INCOME AND ENDOWMENTS FROM
Donations and legacies
Donations and gifts 110,997 - - 110,997 183,761
Legacies 194,768 - - 194,768 14,861
Investments
Commercial rent receivable 670,960 - - 670,960 641,890
Other investment income 4 204,272 - 20,886 225,158 240,150
Charitable activities
Wellbeing programme - - - - 11,457
Student hardship fund - - - - -
Other income - - - - -
Total income and endowments 1,180,997 - 20,886 1,201,883 1,092,119
TOTAL EXPENDITURE ON
Raising funds
Fundraising 299,571 - - 299,571 375,896
Investment management 71,134 4,377 - 75,511 81,851
Running commercial properties 138,428 - - 138,428 129,740
509,133 4,377 - 513,510 587,487
Charitable activities
Relief of poverty 5 956,106 - 24,136 980,242 1,742,975
Wellbeing programme 13,757 - - 13,757 142,305
Total expenditure 7 1,478,996 4,377 24,136 1,507,509 2,472,767
Net income/(expenditure) before
transfers and investments gains		 (297,999) (4,377) (3,250) (305,626) (1,380,648)
Net gain/(loss) on fnancial
investments		 11 384,891 29,885 - 414,776 856,823
Net gain/(loss) on property
investments		 11 (250,000) - - (250,000) 700,000
Net income/(expenditure) (163,108) 25,508 (3,250) (140,850) 176,175
Net movements in funds (163,108) 25,508 (3,250) (140,850) 176,175
Fund balances brought forward at
1 October 2024		 28,834,793 768,022 31,840 29,634,655 29,458,480
Fund balances carried forward at
30 September 2025		 18 28,671,685 793,530 28,590 29,493,805 29,634,655

All results during the year related to continuing operations. The above statement of financial activities includes the Society’s statement of total recognised gains and losses. The notes on pages 28 to 42 form part of these financial statements

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Architects Benevolent Society Balance Sheet As at 30 September 2025

----- Start of picture text -----
2025 2024
£ £
----- End of picture text -----

Fixed assets
Tangible assets 10 723,945 -
Investments 11 27,997,134 29,174,844
Programme related investments 12 236,701 250,271
28,957,780 29,425,115
Current assets
Debtors 13 158,465 155,612
Cash at bank 706,624 400,298
865,089 555,910
Creditors: Amounts falling due
within one year 14 (329,064) (346,370)
Net current (liabilities)/assets 536,025 209,540
Net assets 29,493,805 29,634,655
Funds
Permanent Endowment Fund 15 658,915 663,292
Revaluations Reserve 15 134,615 104,730
Restricted Fund 28,590 - 31,840
Unrestricted funds:
Investment & Property Fund 18 16,929,091 17,227,090
Revaluations Reserve 18 11,742,594 11,607,703
29,493,805 29,634,655

The notes on pages 28-42 form part of these financial statements. Approved by the Board of Trustees on 4/03/2026 and signed on its behalf by

Mark Hodgkinson Honorary Treasurer Company No. 1084747 (England and Wales)

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Architects Benevolent Society Statement of Cash Flows For the year ended 30 September 2025

----- Start of picture text -----
Notes 2025 2024
£ £
----- End of picture text -----

Cash fows from operating activities
Net cash provided by (used in)
operating activities		 20 (1,221,903) (2,139,510)
Cash fows from investing activities:
Income from investments 896,118 882,040
Purchase of investments 11 (3,491,022) (2,772,131)
Proceeds from the sale of investments 11 4,311,732 4,068,192
Proceeds from the sale of fxed assets 10 - 245
(Increase)/Decrease in cash held
for investment		 202,170 (53,454)
Net cash fows provided by (used in)
investing activities		 1,514,659 2,124,892
Cash fows from fnancing activities
Cash receipts from lending 12 13,570 2,490
Change in cash and cash equivalents
in the reporting period		 306,325 (12,129)
Cash and cash equivalents at the
beginning of the reporting period		 400,298 412,427
Cash and cash equivalents at the end
of the reporting period		 706,623 400,298

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Architects Benevolent Society Notes to the financial statements For the year ended 30 September 2025

1.1 Basis of preparation

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The accounts have been prepared in accordance with the Companies Act 2006 and the ‘Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)’ and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The accounts are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The Charity constitutes a public benefit entity as defined by FRS 102.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6 Grants payable

Grant expenditure is recognised upon commitment to making the expenditure.

1.7 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be reliably measured.

1.8 Governance costs

Governance costs, included within other direct costs (see Note 6) include all costs of maintaining the charity as a legal entity including audit fees, costs of trustee meetings and costs of complying with statutory requirements.

1.9 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

1.3 Income

Income is recognised when it is probable, measurable and the charity is entitled to it.

All the income is included in the financial statements gross i.e. before taking account of any associated expenditure.

1.4 Allocation of costs

Direct costs are allocated to the relevant activity. Indirect costs are allocated on the same basis as staff costs, ie. on a time spent basis.

1.5 Costs of raising funds

Expenses are included as costs of raising funds if they can be directly related to a source of the Society’s income or are for publicity intended to raise the profile of the charity.

Items purchased are capitalised where their cost is above £5,000 and they are expected to have an ongoing use in the charity’s operations. Purchases costing less than this are shown as part of expenditure in the Statement of the Financial Activities in the year of purchase.

1.10 Investments

Fixed asset investments are valued at the current market value at the balance sheet date. Any unrealised gains or losses are credited/charged to the Statement of Financial Activities. Realised gains or losses on disposal of investments are included in the Statement of Financial Activities as they arise. In December 2024, the Society moved its offices to 43 Portland Place and the value of this building is now partly allocated to Fixed Assets based on the portion of space used for its office.

Investment properties are included at the Trustees’ estimate of open market value and valuations are reviewed annually. No depreciation is charged on these assets in accordance with the Statement of Recommended Practice.

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Architects Benevolent Society Notes to the financial statements (Continued) For the year ended 30 September 2025

1.11 Programme related investments

The Society previously made loans to its beneficiaries that are interest free. The outstanding loans are secured. They are included at the amount advanced less any repayments and impairments.

1.12 Pension costs

The Charity operates a defined contribution scheme, which is a Group Personal Plan. Contributions to the Scheme are charged to the SOFA in the financial year in which they become payable.

1.13 Restricted funds

Restricted funds are those received which are earmarked for a specific purpose by the donors. Expenditure which meets the criteria specified is allocated directly to the fund.

1.14 Unrestricted funds

Funds received or generated for the objects of the Charity without a further specified purpose are treated as unrestricted funds. Some of these resources are designated by the Members of the Board for particular purposes as they deem appropriate.

1.15 Endowment Funds

The Sawyer Benevolent Fund was created with a legacy from Joseph Sawyer. The income from the fund is to be used for the relief of poverty of architects.

1.17 Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Provision for interest-free loans

Other than where there are exceptional circumstances, all secured interest free loans should be repaid in full. A nonrecovery rate of 10% is applied to protect against any unforeseen circumstances beyond the Society’s knowledge or control.

Valuation of investment property

Property valuations are based on regularly updated, independent valuations carried out in accordance with the RICS Valuation – Professional Standards 2014.

1.16 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. The Charity has selected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

3. Company status

The Architects Benevolent Society is a company limited by guarantee. The company registration number and registered address are as shown in the company information on page 4 of this report. The liability of each member is restricted to a maximum of £1 in the event of winding up.

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4. Other Investment income

2025 2024
£ £
Fixed asset investments 187,867 180,046
Gross interest receivable 37,291 60,104
225,158 240,150

Investment income includes £20,886 (2024: £23,408) of restricted income in relation to the Sawyer Benevolent fund.

5. Relief of Poverty

2025 2024
Regular grants £
386,668		 £
1,062,343
Other grants and direct costs including welfare offcers 471,730 550,749
Indirect costs 121,844 129,883
980,242 1,742,975

The Society made grants in the year to 167 (2024: 412) individual cases. All of these were made for the welfare of those who have worked in the profession of architecture and their families who were in need.

Costs include £4,377 (2024: £4,130) of restricted expenditure in relation to the Sawyer Benevolent fund.

6. Governance costs

2025 2024
£ £
Trustees and committee meetings 4,617 1,142
Audit fee 18,500 17,310
Professional fees 42,337 60,655
65,454 79,107

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7. Analysis of total expenditure

Staff Costs Grants and
gifts		 Other Total direct
costs		 Head offce
costs other		 Head offce
depreciation		 Total costs
2025
£ £ £ £ £ £ £
Raising Funds 209,268 - 6,771 216,040 83,531 - 299,571
Investments 13,630 - 56,441 70,071 5,440 - 75,511
Costs of runnning
commercial properties		 62,533 - 50,935 113,468 24,960 - 138,428
Relief of poverty 305,251 550,789 2,358 858,398 121,844 - 980,242
Wellbeing programme 7,035 - 3,913 10,948 2,809 - 13,757
597,717 550,789 120,418 1,268,924 238,585 - 1,507,509
Staff Costs Grants and
gifts		 Other Total direct
costs		 Head offce
costs other		 Head offce
depreciation		 Total costs
2024
£ £ £ £ £ £ £
Raising Funds 251,493 - 14,625 266,118 109,778 - 375,896
Investments 16,680 - 57,890 74,570 7,281 - 81,851
Costs of runnning
commercial properties		 46,962 - 62,279 109,241 11,147 9,352 129,740
Relief of poverty 297,551 1,315,042 499 1,613,092 129,883 - 1,742,975
Wellbeing programme 71,982 - 40,657 112,639 29,666 - 142,305
684,668 1,315,042 175,950 2,175,660 287,755 9,352 2,472,767

8. Net income/(expenditure) for the year

Net income/(expenditure) for the year is stated after charging:

2025 2024
£ £
Depreciation - 9,352
Amounts paid to auditors - audit 18,500 17,310

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9. Staff costs

----- Start of picture text -----
2025 2024
£ £
----- End of picture text -----

The average monthly number of persons employed by the Society during the Number Number
year was:
Offce management and welfare 10 12
Staff costs (for the above persons)
Wages and salaries 514,286 540,651
Social security costs 12,592 59,727
Other pension costs 41,542 46,996
Health and other staff benefts 23,680 22,756
592,100 670,130
Recruitment costs 5,617 14,538
597,717 684,668
The number of staff paid over £60,000 in the year is as follows:
Between £60,000 and £70,000 3 1
Between £70,001 and £80,000 - 1
Between £90,000 and £100,000 - -
3 2

The key management personnel of the charity consists of the Chief Executive Officer, Operations Manager, Chief Financial Officer and Welfare Lead.

The total employee benefits of the key management personnel were £306,286 for the five employees (2024: £349,113 for six employees). Pension contributions in respect of the key management personnel were £22,493 (2024: £23,131)

“No Trustees received any remuneration for their services, however travel and out of pocket expenses incurred in their work were reimbursed. The total amount of expenses reimbursed to Trustees was £3,459 (2024: £683).

Two termination payments totalling £39,973 were paid during the year (2024: £3,000).”

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10. Tangible fixed assets

----- Start of picture text -----
Fittings & Equipment Land & Buildings Total
£ £
----- End of picture text -----

Cost
01.10.24 37,254 - 37,254
Additions - - -
Disposals 20,167 - 20,167
Reclassifcation - 723,945 -
30.09.25 17,087 723,945 17,087
Depreciation
01.10.24 37,254 - 37,254
Charge for year - - -
Disposals 20,167 - 20,167
30.09.25 17,087 - 17,087
NBV 30.09.25 - 723,945 -
NBV 30.09.24 - - -

Part of the value of the investment property was reclassified as a fixed asset (land and buildings) during the year when the society moved its office into that part of the investment property.

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11. Fixed asset investments

Investment Property Quoted Investment
equities and unity
trusts		 Cash Total
£ £ £ £
Market value
At 1 October 2024 20,200,000 8,620,926 353,918 29,174,844
Revaluations (250,000) - (250,000)
Additions - 3,491,022 - 3,491,022
Disposals - (4,311,732) - (4,311,732)
Net investment gain - 414,776 - 414,776
Net movement in the year - - 202,170 202,169
Transferred to fxed assets (723,945) - - (723,945)
At 30 September 2025 19,226,055 8,214,992 556,088 27,997,134
Investment Property Quoted Investment
equities and unity
trusts		 Cash Total
£ £ £ £
Fixed asset investments
Market value
At 1 October 2023 19,500,000 9,060,165 300,464 28,860,629
Revaluations 700,000 - - 700,000
Additions - 2,772,131 - 2,772,131
Disposals - (4,068,192) - (4,068,192)
Net investment gain - 856,822 - 856,822
Net movement in the year - - 53,454 53,454
At 30 September 2024 20,200,000 8,620,926 353,918 29,174,844

There were no investments in individual entities held at 30 September 2025 which are considered material in the context of the market value of the portfolio. All investment assets are held in the United Kingdom.

Investment properties were last valued as at 30 September 2025 using estate agent desktop valuations.

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12. Programme related investments

----- Start of picture text -----
2025 2024
£ £
----- End of picture text -----

The charity makes interest free loans to its benefciaries
At 1 October 2024 250,271 252,761
Loans made in year - -
Loans repaid in the year (13,570) (2,490)
At 30 September 2025 236,701 250,271

Total loans that were secured at 30 September 2025 was £236,701(2023: £250,271).

13. Debtors

2025 2024
£ £
Trade debtors 14,323 28,344
Other debtors - 41,805
Prepayments and accrued income 144,142 85,463
158,465 155,612

14. Creditors

2025 2024
£ £
Trade creditors 12,471 30,521
Other tax and social security 28,018 41,246
Accruals and deferred income 68,991 70,666
Other creditors 219,584 203,937
329,064 346,370

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15. Permanent endowment fund

Sawyer Benevolent Fund

The Sawyer Benevolent Fund is the only permanent endowment that the charity administers.

Total
£
At October 2024 768,022
Net movement in funds 25,508
Transfer between funds -
At 30 September 2025 793,530
Total
£
At October 2023 713,411
Net movement in funds 72,574
Transfer between funds (17,963)
At 30 September 2024 768,022

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16. Unrestricted funds

Total
£
At 1 October 2024 28,834,793
Net movement in funds (163,108)
Fund transfers
At 30 September 2025 28,671,685
Total
£
At 1 October 2023 28,673,979
Net movement in funds 160,814
Fund transfers -
At 30 September 2024 28,834,793

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17. Restricted funds

Sawyer Benevolent
fund
Middle Orchard Trust		 Sawyer Benevolent
fund
Middle Orchard Trust		 Total
£ £ £
At 1 October 2024 - 31,840 31,840
Income 20,886 - 20,886
Expenditure (20,886) (3,250) (24,136)
Transfer between funds - - -
At 30 September 2025 - 28,590 28,590
Sawyer Benevolent
fund		 Middle Orchard Trust Total
£ £ £
At 1 October 2023 - 71,090 71,090
Income 23,342 - 23,342
Expenditure (23,342) (39,250) (62,592)
Transfer between funds - - -
At 30 September 2024 - 31,840 31,840

The income from the Sawyer Benevolent Fund is treated as restricted income under the restricted terms of the Endowment, allowing for the income to be spent on the relief of poverty of architects.

Having been identified as a suitable recipients of the funds, the Society received a donation from the Middle Orchard Trust when it wound up operations in 2023. An agreement was made to administer these funds to students who meet agreed eligibility criteria and are experiencing significant and unexpected hardship.

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18. Analysis of net assets between funds

----- Start of picture text -----
Endowment Fund Restricted Fund Unrestricted Fund Total
----- End of picture text -----

Tangible fxed assets 723,945 723,945
Investments 793,530 - 27,203,604 27,997,134
Progamme related investments - - 236,701 236,701
Current assets/(liabilities) - 28,590 507,435 536,025
Total net assets 793,530 28,590 28,671,685 29,493,805
Revaluation reserve included
above:
Investment properties - - 7,394,145 7,394,145
Other Investments 4,348,449 4,348,449
Revaluation reserve at 30
September 2025		 - - 11,742,594 11,742,594

Fund balances at 30 September 2024 are represented by:

----- Start of picture text -----
Endowment Fund Restricted Fund Unrestricted Fund Total
----- End of picture text -----

Tangible fxed assets - - - -
Investments 768,022 - 28,406,822 29,174,844
Progamme related investments - - 250,271 250,271
Current assets/(liabilities) - 31,840 177,700 209,540
Total net assets 768,022 31,840 28,834,793 29,634,655
Revaluation reserve included
above:
Investment properties - - 7,644,145 7,644,145
Other investments - - 3,963,558 3,963,558
Revaluation reserve at 30
September 2024		 - - 11,607,703 11,607,703

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19. Related party transactions

No Trustees received any remuneration for their services, however travel and out of pocket expenses incurred in their work were reimbursed. The total amount of expenses reimbursed to 5 Trustees was £3,459 (2024: £683 to 2 Trustees).

During the year, unrestricted donations from Trustees amounted to £612 (2024: £535).

  1. Reconciliation of net income/(expenditure)to net cash flow from operating activities

----- Start of picture text -----
2025 2024
£ £
----- End of picture text -----

Net income/(expenditure) for the reporting period (140,850) 176,175
Adjustments for:
Revaluation of fxed asset investment property 250,000 (700,000)
Depreciation - 9,352
Net loss/(gain) on investments (414,776) (856,822)
Investment income (896,118) (882,040)
(Increase)/Decrease in debtors (2,853) 122,679
Increase/(Decrease) in creditors (17,306) (8,855)
Net cash provided by (used in) operating activities (1,221,903) (2,139,510)

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21. Comparative information

----- Start of picture text -----
Unrestricted Fund Endowment Fund Restricted Fund Total 2024
£ £ £ £
----- End of picture text -----

INCOME AND ENDOWMENTS
FROM
Donations and legacies
Donations and gifts 183,761 - - 183,761
Legacies 14,861 - - 14,861
Investments
Commercial rent receivable 641,890 - - 641,890
Other investment income 211,634 5,174 23,342 240,150
Charitable activities
Wellbeing programme 11,457 - - 11,457
Student hardship fund - - - -
Other income - - - -
Total income and endowments 1,063,603 5,174 23,342 1,092,119
TOTAL EXPENDITURE ON

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----- Start of picture text -----
Unrestricted Fund Endowment Fund Restricted Fund Total 2024
----- End of picture text -----

Raising funds
Fundraising 375,896 - - 375,896
Investment management 77,722 4,129 - 81,851
Running commercial properties 129,740 - - 129,740
583,358 4,129 - 587,487
Charitable activities
Relief of poverty 1,680,383 - 62,592 1,742,975
Wellbeing programme 142,305 - - 142,305
Total expenditure 2,406,046 4,129 62,592 2,472,767
Net income/(expenditure)
before transfers and (1,342,443) 1,045 (39,250) (1,380,648)
investments gains
Net gain/(loss) on fnancial
investments		 785,294 71,529 - 856,823
Net gain/(loss) on property
investments		 700,000 - - 700,000
Net income/(expenditure) 142,851 72,574 (39,250) 176,175
Transfers between funds 17,963 (17,963) - -
Gain/ (loss) on revaluation of
Fixed assets - - - -
Net movements in funds 160,814 54,611 (39,250) 176,175
Fund balances brought forward
at 1 October 2023		 28,673,979 713,411 71,090 29,458,480
Fund balances carried forward
at 30 September 2024		 28,834,793 768,022 31,840 29,634,655

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We are a charity offering a wide variety of support to those in need in the architectural community and their families.

From people just starting out in their careers, to those who are now in retirement.

Contact us

Architects Benevolent Society 43 Portland Place, London W1B 1QH

020 7580 2823 help@absnet.org.uk www.absnet.org.uk

Registered Company No. 1084747 (England and Wales) Registered Charity No. 265139