## **THE CHARTERED INSTITUTION OF BUILDING SERVICES ENGINEERS** **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** **Charity No. 278104** THE CHARTERED INStITUTION OF BUILDING SERVICES ENGINEERS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2025 CONTENTS Page Trustees. Report 53 Members of Board and Council 56 Financial Review 62 Auditor's Report 66 Consolidated Statement of Financial Activities 67 Consolidated and Institution Balance Sheets 68 Consolidated Statement of Cash Flow 69 Note$ forming part of the Consolidated Financial Statements THE CHARTERED INStITUTION OF BUILDING SERVICES ENGINEERS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2025 Trustees Report CIBSE Manifesto CIBSE is the home of a global community. providing world class leadership, guidance and support for best practice building performance. building engineering. net zero. safety. health and wellbeing. We strive to be the most progressive and dynamic member-driven organigation and remain a trusted leader and voice in the industry. Ourgoalg Educate through best practice and expert advice, promoting the highest $tandard$ of professionalism. Collaborate with industry and govemment to develop multidi$ciplingry thinking. Inspire through thought leadership. profile and technical guidance. Antlclpate the future needs of people. buildings and spaces. Our values We18ad We are a trusted authority on the present and future challenges facing the built environment.. we use our collective expertise and influence to champion the best and most innovative Solutions with rigour and integrity. We empower We give people knowledge, training and networking and a pathwayto professional registration so their work will have 8 meaningful impact. We champion We are vocal and visible in our drive to improve the performance. safety, health and sustainability of the built environment. and we support and celebrate the talented people who make it happen. We inspire We are pasgionate about the quality of the built environment, and we encourage committed people, from every background. to join our community. THE CHARTERED INStITUTION OF BUILDING SERVICES ENGINEERS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2025 President's message It has been an honour to serve CIBSE as President in what has been another exceptional year for the Institution, one which has seen record membership growth, strong financial performance and an expanding international presence. These achievement9, amid a challenging eeonomie climate. reinforce CIBSE'S standing as a leading international in9titution. It 19 through this growth, both economically, and through our membership, that CIBSE ean meet its commitment to providing world class leadership, guidance and support. That commitment is set out in the CIBSE Manifesto and five-year Strategy. published in 2025. The 2025-2030 strategy outlines a clear pathway to help our members thrive in an increasingly complex and changing world, while ensuring the built environment deliver9 better outcomes for society. Our priorities- supporting our global community, championing the profession. Providing outstanding technical leadership. and engineering the future- sit at the heart of everything we do guiding our future direction. Supporting the global community In my President's Address, I reflected on the impact each of us can have by giving our time to share knowledge and skills. My Presidential Theme. paying it Forward. speaks to what first drew me to engineering. Engineers exist to solve problems and tackle ehallenges that test us daily, while making buildings safer. more eff￿lent and more comfortable for those who use them. Across the World, our network of volunteers embodies this ethos. mentoring young engineers, sharing best practice and addressing industry-wide challenges. In doing so, we shape the future of our profession and Support the global community. In 2025, CIBSE strengthened its commitment to reaching and connecting memberg acr099 all regions. Every CIBSE Region experienced growth in 2025. with the Australia and New Zealand IANZI Region enjoying the largest growth. with membership up by 13%. During my visit to CIBSE MENA with CEO Ruth Carter in October. we met with industry leaders, policymakers and members, and signed Memoranda of Understanding with four organisations to support the accreditation of their graduate training and development schemes. These agreements will significantly enhance collaboration and professional development within the region. The visit also provided an opportunity to celebrate excellence at the inaugural CIBSE MENA Awards. The pride and recognition among winners and shortlisted organisations was evident. reflecting the outstanding work taking place across the region. I was fortunate to THE CHARTERED INStITUTION OF BUILDING SERVICES ENGINEERS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2025 visit one of the winning projects, the Desert Rock Resort in Saudi Arabia. and see this innovative development first-hand. Our shared identity as engineers transcends borders. and this global community is one of CIBSE'S greatest strengths. As such. it was a pleasure to welcome representatives from acro$$ our Regions to the President's Award$ Dinner in October. Members joined us from Hong Kong, MENA, Ireland, Australia and New Zealand and acrogs the UK to celebrate volunteer contributions and the power of collaboration. Alongside Tegional visits. it has been equally rewarding to welcome international delegations to OUT new headquarters. Having a modern, central London base has strengthened our ability to collaborate globally. One notable example was the visit from the Shanghai Association of Science and Technology. who travelled to the UK Specifically to meet with CIBSE. Champloning the profegsion CIBSE'S awardg play an important role championing and raising the profile of our profegsion. showcasing our work and celebrating the achievements across the industry. The launch of the new 30 Under 30 Awards highlighted emerging leaders who are already serving as inspiring role models. The 30 individuals demonstrated remarkable ambition, dedication and in9ight and each will be a valuable ambassador for the industry. In 2025, we also celebrated the 30th anniversary of the Young Engineers Awards. Fittingly, this milestone year was the most successful in the event's history. with record entries from apprentices, undergraduates and graduates. The awards also recognised employers who go above and beyond to mentor and support their teams. ensuring the next generation can reach its full potential. Globally. the achievements of our young engineering community have been celebrated through initiatives $ueh as the CIBSE MENA Student Award and the ANZ Young Engineers Award5. The commitment of our Young Engineerg Network to promoting the industry was also on show at the Global YEN Dinner. Hosted by CIBSE Scotland. the Dinner brought together representatives from across the world. Their dedication to promoting CIBSE and OUT profession is inspiring, and it was a pleasure to recognise several ir)dividuals with Presidential Commendations for their outstanding contributions. Outstanding technical professionalism As engineers, we must continually refresh our knowledge and remain current with regulations, $tandards and emerging teehnologie$. Lifelong learning underpin$ our ability to THE CHARTERED INStITUTION OF BUILDING SERVICES ENGINEERS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2025 solve problems responsibly and effectively. CIBSE'S conferences, training programmes, webinars, regional technical events and CPD Directory are Central to supporting this professional development. The CPD Directory. listing organisations whose presentations have been reviewed and approved by the CPD Panel, grew Significantly in ?025. with 285 Companies now offering CIBSE-approved CPD, the highest number to date. CIBSE'S training provision has also continued to expand. In 2025, 15 new courses were launched. and nine new trainers joined the programme. A total of 2.299 individuals undertook CI8SE training, with courses on the Building Safety Act and heat networks among the most popular. Engineering the future CI8SE's world-class technical knowledge strengthens the profession's role in delivering healthier, more resilient environments. In 2025 thi$ technical output continued to attract global attention. In 2025, CIBSE published a range of high-quality. peer-reviewed guidance. including Guide D.. rransportstion Systems in Buildings. published to coincide with the launch of the new CIBSE Soeiety of Vertical Transportation. This new Society provides formal professional recognition for thoge working in thig specialist field. CIBSE also hosted the first major industry conference dedicated to the UK Net Zero Carbon Buildings Standard. following its pilot phase. The conference shared early lesson5 from pilot projects, alongside case studies and technical session3 covering energy use. embodied carbon and verification. Across the globe. CIBSE delivered a wide range of other conferences and events in 2025. The annual Technical Symposiums in the UK and Hong Kong brought a vagt array of technically detailed eontent to our members, introducing new technologies, proee$$e$ and research. There was also an inaugural CIBSE Decarbonisation Conference in Dubai, and a new UK conference focused on facilities management. This latter event reinforced the importance of effective building handover to ensure that design intent and performance outcomes are realised and maintained throughout a building's life. The release of the new CIBSE weather files in July was anothervital tool to support professionals in the design of future building projects. The files provide engineers, designers and researchers with the data needed to assess energy use and overheating risk with accuracy and geographical precision. This evidence is being shared with policymakers and certification bodies to inform building regulations. and other performance standards. The accompanying Weather Data Selection Tool has already attr8¢ted around 1,500 users. THE CHARTERED INStITUTION OF BUILDING SERVICES ENGINEERS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2025 Our community Linking back to my Presidential Theme. I want to conclude by highlighting our volunteers. Conservatively estimated at more than 2.000 worldwide. without them. we could not deliver on our Manifesto commitment$. Every member has the opportunity to Contribute. whether through regional teams, Group9 and Societies. Council or Board. and each of us represent CIBSE in our daily work. Through collective effort. we amplify CIBSE'S voice. raise our profile and strengthen the wider building services community. It has been a privilege to meet so many dedicated individuals throughout the year. Our strength lies in our Shared passion for improvement, our drive for global profegsionalism and our unwavering pursuit of excellence in the gector. My sincere thanks go to all CIBSE volunteers. members and staff. whose dedication and hard work underpin the worldclass initiatives and aetivities that make CIBSE the outgtanding global organisation it is today. THE CHARTERED INStITUTION OF BUILDING SERVICES ENGINEERS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2025 Chief Executive Officer's message 2025 was another exceptional year for CIBSE. with membership numbers and revenues reaching record levels. This continued growth enables us to reinvest more in world-class knowledge, authoritative guidanee and enhaneed member suppor¢ ensuring we meet the full breadth of our members. needs. Membership rose to its highest-ever level, with more than 23,000 members acTOSS 100 countries. positioning CIBSE. yet again, as one of the fastest-growing professional engineering institutions in the world. Aero$$ our Regions, more events were delivered than ever before, reflecting an increased focus on gUPF)Orting memberg worldwide. By consciously investing time and attention across the globe. we have strengthened networks and built deeper relationships. reinforcing CIBSE'S identity as a truly global organisation. The experienee and diversity of our membership is a huge asset for CIBSE. ITY• of our members have been with CIBSE for more than 30 years. reflecting a remarkable commitment to lifelong learning and to the profession. We have also seen growth within our younger community, with 15% of our members now being under 30, bringing their passion and energy to the industry and the Institution. This unique balance of long-standing expertise and fresh perspective places us in a strong position to addresg the global challenges of climate change and building performance. While 2025 was undoubtedly a challenging year for the industry, CIBSE remained resilient and continued to grow despite strong headwinds. Membership increased by over 3% at a time when many other organisations are Seeing professionals questioning the value of institutional membership. A clear indication that engineers continue to recognise the value of being part of CIBSE. Chartership is at the heart of this. proving our members are not merely competent, but exhibit professionalism and can be trusted. Being a CIBSE chartered engineer continues to resonate strongly and remains a key reason why professionals choose to join CIBSE. CIBSE charter5hip is the kitemark of quality, clearly differentiating our members and underpinning the professionalism of our community. The launch of the Society of Vertical Transportation in 2025 further develops our offering. allowing for more members to gain professional recognition within their specialist areag The scale of CIBSE'S growth. combined with the reach. influence and global impact of our guidance, has reinforced our position as a world leader in building performance, building safety and decarbonisation. Addressing the challenge of decarbonisation is a collective endeavour. It cannot be achieved by a single country or organisation, but through open, selfless collaboration between governments. academia and industry. CIBSE has worked hard in 2025 to strengthen our connections to meet these goals. Central to our approach has been a clear commitment to ensuring that all members. regardless of location, feel supported, valued and represented. We have actively sought feedback from our members. through the membership survey. asking what they need from their Institution, and are addressing the$e priorities within our ongoing strategy. THE CHARTERED INStITUTION OF BUILDING SERVICES ENGINEERS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2025 In Hong Kong, CIBSE has seen membership. reach and influence continue to grow. During a two-week visit to Hong Kong with CIBSE President Eleet, Dave Cooper in November, we welcomed 157 new members to the Region and witnessed firsthand the high standing of CIBSE members and the value of what the Institution bring$ to the community. The CIBSE UAE Region also expanded in 2025, to becomeformally renamed as CIBSE MENA Imiddle East and North Africa). This evolution marks a new chapter in engagement with a wider and rapidly growing region. The new structure more accurately reflects where our members are working and where the industry is developin& while strengthening CIBSE'S ability to support members and policymakers. It allows us to build stronger regional networks, tailor our support to local Contexts and ehampion consistent professional standards. CIBSE also continues to advocate on a global Scale, raising the profile of our members and the vital contribution they make. This was particularly apparent when l attended the newly launched CIBSE MENA Awards in October with CIBSE President, Vince Arnold, where we recogniged the groundbreaking projects and technological advancements taking place there. The winner$ demon$tr8ted 8 commitment to sustainability, innovation and renovation, with projects like the Al Maryah Tower in Abu Dhabi. a major upgrade of a long-vacant structure which won Retail Project of the Year, setting a precedent for how the Middle East can tackle climate and economic challenges by Prioritising retrofit over demolition. Equally important to raising the profile of our members. work, is the community that being part of CIBSE provides. and with this. the sharing of lessons learned and experience5 across borders, go that when challenges arise our community has trusted connections to turn to for advice and support. I witnessed the St￿ngth of thig network fir$thand during our visit to Riyadh, where we met with the Head of Facilities Management for the KAFD giga-city. While the challenges of managing such a vast environment may Seem unique, we were able to connectthem with the Head of FM for the NHS in the UK and a senior FM leader in Hong Kong. Each faced different challenges, yet the exchange of knowledge and experienee was invaluable. This global community of experts lies at the very heart of CIBSE. Across every region, our shared goal is the same= to enable professionals to deliver safer, smarter and more sustainable buildings, and central to this is ensuring the people behind them have the skills, knowledge and experience to deliver these. CIBSE'S knowledge resources - our publications, guidance and technical manuals - go hand in hand with this. CIBSE knowledge continues to be valued by industry and is widely regarded as a benchmark for best practice. Our guidance has now been downloaded in 194 of the world's 195 countries. In light of this, we reeognise the importance of adapting our resources to regional contexts. In 2025, this included the publication of a Spanish translation of TM65. supporting non- English speakers and marking an important step towards developing local addenda for Spain and Latin America. CIBSE'S technical team is also Working closely with the Hong Kong THE CHARTERED INStITUTION OF BUILDING SERVICES ENGINEERS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2025 Regional Committee on the forthcoming launch of new guidance and a digital tool focused on the Internet of Things. CIBSE'S leadership in setting Standards and decarbonisation is furthèr demonstratèd through its role as co-lead in the development of the UK Net Zero Carbon Buildings Standard, where we have contributed proven expertise in shaping robust frameworks and clear pathways to net zero. This now forms a benchmark for other countries to follow. CIBSE has also maintained a strong and visible voice in public policy. Our Technical Director, Dr Anastasia Mylona, highlighted the importance of home insulation and the critical role of ventilation in healthy homes during an interview on BBC Radio 4. In addition. CIBSE strengthened its engagement with government through the appointment of its first Head of Government Affairs. Internationally. we were invited by the Chinese government to participate in UK-China work$hop$ on decarbonisation and 8dapt8tion policy for bvildingg and infrastructure in Beijing. and we signed several Memorandums of Understanding with government bodies in Hong Kong and the MENA region. CIBSE itself has also undergone significant transformation. The move to our new headquarters at the end of 2024 has Created a more integrated and collaborative working environment, with a positive impact on staff retention, morale and productivity. We now have a home that our global membership can be proud of, one that reflects our professionali9m and allows us to welcome members and leaders from acr0$9 the built environment. The next phase of this journey will be the opening of our Skills Hub in 2026. As a centre for lifelong learning and knowledge-sharing, it will serve as a global hub for training. events and collaboration, and will stand as a lasting legacy for the building Se￿1¢e$ engineering profession. AS we reflect on the achievements of 2025, 1 would like to thank our members, volunteers and supporters around the World. Your dedication. expertise and passion have made this another highly $ucce$$ful year for CIBSE. Every contribution, large or Small, helps advance our profession. inspire people and transform places. l am immensely proud to be part of global community that 1$ eommitted. Collaborative and eonstantly striving for excellence. 10 THE CHARTERED INStITUTION OF BUILDING SERVICES ENGINEERS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2025 We lead A primary purpose for CIBSE 1$ as a leading pr(wider of authoritative guidance on the principles and practices of building safety and performance. CIBSE guidance enables engineers to keep up to date with the latest requirements and professional solutions to meet their elients. needs and comply with regulationg relating to engineering competence. CIBSE'S Technical Team develops and maintains the Institution's technical direction. working with industry and academic experts and policy makers to provide authoritative, practical resources forthe building services profession. CIBSE Technieal also plays a key role in $haping policy and acting as CIBSE'S teehnical voice, translating evidence into clear positions that influence regulation, support members, and promote safer, healthier and more sugtainable buildings across the built environment. Industry Standards Following its launch in autumn 2024. the pilot phase of the UK Net Zero Carbon Buildings Standard IUKNZCBSI concluded in 2025. with its first major industry conference coordinated by CIBSE. The event shared early le8$on$ from pilot projects through to case Studies and technical sessions on energy use, embodied carbon and verification. Key announcementi included the appointment of Bureau Veritas to support development of the verification framework ahead of the release of Version l at the end of February 2026, the introduction of an'on track, check at practie&l completion. and the introduction of a delineated approach for landlords and tenants. CIBSE continued to strengthen its leadership on embodied carbon in 2025 by expanding guidance and tools that support con$i$tent a$$essment acrosg building Services. TM65'. Embodiedcgrbon in buildingservKEsremains central to this work and is increasingly reeognised internationally for assessing embodied earbon aeross mechanical, electrical and plumbing IMEPI systems. {See the Knowledge and Digital section for a list of published TM65 relevant guidance). CIBSE also initiated the produetion of 8 new piece of guidance on the embodied earbon of heat networks. The heat networks work is being led by The Carbon Trust and Arup, with oversight from a CIBSE steering group. Collaboration with industry partners remains integral to this programme. In 2025, C18SE approved a collaboration with Amazon to fund guidance on the embodied carbon of refrigeration equipment in grocery stores. Looking ahead to 2026, planned developments also include a TM65 addendum for Brazil lin eollaboration with ASHRAEI, and the launeh of 8 new web-based TM65 Embodied Carbon Calculator to improve data consistency, accessibility CIBSE weather files were launched in July, having been developed through a Knowledge Transfer Partnership with the University of Exeter and independently tested by Loughborough University. with support from industry partners including Inkling and Arup. The launch of the new weather files vrns accompanied by a Weather Data Selection Tool, THE CHARTERED INStITUTION OF BUILDING SERVICES ENGINEERS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2025 which has already attracted nearly 3,000 views and around 1,500 active users.A central outcome ofthe project is a robust evidence base quantifying the impact of updated weather data on overheating risk and energy performanee.Thig evidence is being shared with policymakers and certification schemes to inform their use in building regulations (Part L and Part O} as well as other performance standards and assessment criteria. To drive continued innovation. CIBSE has appointed an Environmental Data Scientist to lead di$$emination, maintenance, and expansion of the weather data Portfolio. Opportunities for international expansion across other CIBSE Regions are now actively being explored. Throughout 2025. CIBSE played a leading role in advancing building safety in response to reforms under the Building Safety Act. Working closely with government and industry partners, including the Ministry of Housin& Communities and Local Government IMHCLGI and the Construction Industry Council {CIC). CIBSE provided updates via it$ website, a$ well as providing tr40 training courses.. Introduction to the Buildin Safet Aet and Introduction to A key focus for CIBSE was strengthening technical input into fire safety and regulatory reform. The Building Services Fire Safety Working Group. chaired by David Fitzpatrick, continued to coordinate expert contributions to guidance updates and consultation responses, while the Building Safety Working Group, chaired by CIBSE Past President George Adam9, was reinvigorated to support wider engagement with government in this area. CIBSE also contributed evidence to the House of Lords Industry and Regulators Committee inquiry into the role of the Building Safety Regulator,. the ublished summar referenced CIBSE'S input. CIBSE played a key role in delivering and updating essential industry guidance by encouraging collaboration with other organisations, such as the Commissioning Specialists Association ICSAI and Building Services Research and Intelligence Association IBSRIAI. in the production of Commissioning Code W. We also secured Innovate UK funding to develop technical guidance on heat transfer coefficients which will provide definitions, clarifications, data requirements. and recommendations to 9UPPOrt in-use performance. Policy engagement In 2025, CIBSE continued to strengthen its influence on policy and regulatory reform. providing expert analysis and responses on issues critical to building safety, energy efficiency, and climate ￿$l11enee. Following the UK Budget announcement, CIBSE published a detailed review of its implications for buildings, skills. and energy efficiency www.cibse.or olic -advocac news cibse-anal sis-what-the-2025-uk-bud et-means- for-buildin s-skills-and-ener -efficienc We also supported Several policy campaign$ to progre$$ initiatives of importance to CIBSE. This included joint industry letters on the Warm Homes Plan. Level 7 apprenticeship funding and changes to biodiversity net gain IBNGI planning rules. 12 THE CHARTERED INStITUTION OF BUILDING SERVICES ENGINEERS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2025 CIBSE responded to several significant consultations in 2025. including proposals to ￿forrn the Energy Performance Certificate {EPCI regime. changes to the Decent Homes Standard, and building regulations Part G (Water Standards). CIBSE also provided input to the Greater London Authority's review of the London Plan. helping shape proposals to address the city's growth and sustainability challenges. We anticipate that the Department for Energy Security and Net Zero IDESNZI will seek formal feedbaek on the draft Heat NetworkTeehnical Assurance Scheme (HNTAS) technical specifie8tion$ and as$eg$ment procedureg in 2026.AII CIBSE'S submitted consultation responses for 2025 are available at www.cibse.or olic ns Beyond consultations, CIBSE 5UPPOrted industry advocacy efforts on embodied earbon policy in 2025. At the RICS Embodied Carbon Summit, attended by Part Z partnerg, CIBSE contributed to discussions on closing gaps in skills. standards and methodologies and provided feedback on the AECOM study Consideration ofembodiedcarbon in newbuildings. commissioned bythe Ministry of Housing,Communities and Local Government.The summit focused on praetical, technical. and economic eonsiderationg for implementing embodied carbon requirement$, and its key outcomeswill be ¢gptured in a gummary reportto be published in early 2026. This Teport will inform future guidance and industry practice, reinforcing CI8SE's commitment to advancing robust. practical approaches to carbon reduetion. CIBSE maintained its presence in key policy forums. supporting the Climate Change Committee's Adaptation Progress Report and contributing to initiatives led by the National Engineering Policy Centre INEPCI and the Royal Academy of Engineering. Highlights include the final report of the Engineerg 2030 project. rethinking skills for a sustainable future, and the Al-zof Engineering, a forward-looking guide to current and emerging roles in the profe$$ion. which were both launched at the House of Lords in November. Global pre$enee In 2025, CIBSE strengthened its global and national presence through high-profile engagements. collaborative initiatives, and thought leadership. CIBSE continued to provide strong leadership within its long-standing partnership with ASHRAE. Regular bi-annual liaison meetings set the direction for a wide programme of joint activity across publications. events, education and emerging themes, such as Al and decarbonisation. During the year, CIBSE led the development and promotion of TM65 North Amèrica, delivered and chaired teehnieal segsions at the ASHRAE Winter Conference, and maintained stewardship of the CIBSE- ASHFiAE Graduate of the Year Awards with enhanced mentoring and conference integration. CIBSE also initiated future joint activity. including preparation of a flagship decarbonisation seminar for the 2026 ASHRAE Winter Confèrence, feinforeing its role as an influential partner. CIBSE continued to play an active leadership role in its relationship with the Federation of European Heating, Ventilation and Air Conditioning Associations {REHVAI. with representatives contributing across committees. governance and technical activity. THE CHARTERED INStITUTION OF BUILDING SERVICES ENGINEERS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2025 Leadership was demonstrated through coordinated participation on REHVA sub- committees and strong engagement in teehnieal and policy forums. During the year, CIBSE member Livio Mazzarella Commenced his REHVA presidential term and CIBSE supported student and early-career engagement through the REHVA Student Competition. contributed to discussions at REHVA conferences. and engaged directly with European policy developments on zero-emission buildings and indoor environmental quality, reinforcing CIBSE'S position 8$ a leading technic81 voice in Europe. CIBSE also strengthened its reach in Asia by supporting the British Embasgy and Chongqing University in future policy and research discussions. Anastasia Mylona. CIBSE Technical Director and Julie Godefroy. CIBSE Head of Net Zero. participated in a U K-china workshop focused on policy challenge5 related to decarbonisation and climate resilience, reinforcing CIBSE'S role in shaping international Standards and knowledge exchange.Thi$ engagement led to a further invitation from Chongqing University for CIBSE to contribute to the SUDBE Isustainable Urban Development and Building Environment Conference), where we presented the Outstanding Student Award for the first time. further reinforcing the Institution's Tole in shaping international standards and knowledge exchange. CIBSE celebrated design excellence in the Middle East and North Africa through the 2025 M ENA Awards, recognising projects and professionals driving innovation in sustainable de9ign and building performance. Chaired by Julie Godefroy. the judging panel highlighted pioneering approaches to net zero. advanced HVAC strategies. and smart technologies- showcasing the region'g commitment to high-performance. climate-resilient building9. At separate event.Anastagia Mylona p￿Sented the TM65 methodology to CIBSE'S MENA Region, reflecting its growing international relevance. CIBSE eoordinated with CIBSE Canada to host an online event during Canada's Climate Week Xchange ICCWXI, Supported by the British Consulate in Vaneouver and UK government representativeg. The webinar, Collaborating for a climate-ready built environment, highlighted UK-Canada partnerships delivering resilient, high-performance projects- demonstrating the importance of international collal)oration as buildings worldwide face growing climate pressures. Zoe De Grussa. CIBSE Research Manager, joined the panel to share in$ight$ on CIBSE weather files and other initiatives that prepare buildings for future climate challenges. CIBSE has also been working with our Hong Kong Region on new guidance on smart buildings baseline specification. advancing digital innovation and smart building standards. Industry engagement CIBSE has established two new working groups to address key challengeg in the built environment.The Al Working Group is developing a series of position statements on the use of artificial intelligence in building design and operation, setting out the Institution's approach and priorities in this rapidly Èvolving area. In July, the Sustainable Cooling Working Group was launehed to respond to the growing global demand for cooling. Co-ehaired by 14 THE CHARTERED INStITUTION OF BUILDING SERVICES ENGINEERS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2025 DESNZ, London South Bank University, and the University of Oxford, it brings together expertise from academia, governmen¢ and industry aeross the world. Its first workshop identified research and knowledge gaps and how CIBSE could address them. CIBSE Technical oversees the technical programmes forthree corneTStone events.. the Building Performance Awards,Teehnieal Symposium and Build2Perform Live. In 2025, it also helpèd deliver the programmeg of four new conferences.. Deearbonisation of heating and cooling. Measuring performance and facilities management. UK Net Zero Carbon Buildings Standard in practice. and Building performance reimagined- what's nex￿ The UKNZCBS in Practice conference in November was the most widely anticipated by industry, attracting broad interest across the building design eommunity. The CIBSE Building Performance Awards continued to champion in-use performance, with annually updated criteria to drive continuous improvement.Julie Godefroy coordinated and chaired the judging panel, with winners announced at the Awards evening in February. Two new eategories debuted in 2025, Client of the Year and Leadership. and from 2026 8 new pathway will see 8 category introduced from the CIBSE MENA Award$ pool, with Shortligted entries automatically considered within CIBSE'S global Building Performance Awards. The 2025 Teehnieal Symposium, hosted at University College London and delivered in eollaboration with the International Build Performance Simulation As$oeiation118PSAI England, brought together academia, industry and policymakers for a two-day programme under the theme, Fit for 2050- Achieving net zero through intelligent, resilient, and sustainable design in the built environment. More than 100 peer-reviewed presentations showeased regeareh, innovation And best praetiee. CIBSE also launched a new annual Buildingserviees EngineeringRese8rch and Technolozy (BSER&fJ research bursary, the Brian Moss Fan Makers Award funded by the Worghipful Company of Fan Makers. to honour Brian Moss OBE. The award supports UK based, 8SER&r published research with demonstrable industry impact and was presented at the President'9 Awards Dinner in October.The winner was the UCL team of Daniel Godoy Shimizu, Ivan Korolija, Yair Schwartz and Professor Dejan Mumovic, for the paper, Large scale gssessment ofretrofit vigbilityusingthe Modellingplgtfom? forschools (MPS). In October, the Domestic Building Services Panel formally integrated with CIBSE, becoming the CIBSE Domestie Building Services Panel ICIBSE DBSPI-Thig integration strengthens governance and influence, positioning the panel to lead improvements in domestic building services through authoritative guidance. policy engagement. and innovation. Key priority areas include supporting the transition to low-carbon heating and hot water systems. improving ventilation and indoor air quality. and enabling effeetive retrofit at $¢81e. Significant progress has been made with the Domestic He8tingDesign Guide Illth edition} published in January 2026 and the development of the Domest￿ HegtPump Design and 15 THE CHARTERED INStITUTION OF BUILDING SERVICES ENGINEERS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2025 Installation Guideto be published in 2026 in collaboration with the Heat Pump Association UK. Looking ahead, the panel will review and update core publieations, prioritising areas of greatest industry demand and skills developmenL while Continuing to strengthen collaboration. inform policy. and support competency frameworks essential for decarbonising the UK'S housing stock 16 THE CHARTERED INStITUTION OF BUILDING SERVICES ENGINEERS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2025 We empower CIBSE empower$ our member$ and those who own. operate and occupy buildings. through the sharing and dissemination of knowledge and training. We enable people to access the skills and knowledge they require to fulfil their potential. demonstrate their competence and serve society. Working with the industry and its clients. CIBSE serves wider society by developing and publishing internationally reeogni$ed guidance and codes. Knowledge and digital CIBSE'S provision of high quality, peer-reviewed engineering guidanee eontinues, with great additions to CIBSE'S body of Knowledge publications having been releaged in 2025. These included.. Guide D.. Transportation systems in buildings TM65.. Embodiedcsrbon in buildingseryices- Spanish translation TM65.4.. Embodiedcarbon in buildingservices.. Office HVAC TM70.. Tallbuildingdrainage de&gn LF19.' Lightingforneurodiversity Commigsioning Code W.. W8ter distribution systems. There is also positive momentum in our digital business activity. as we continue to grow this function and innovate our product offering for industry.. We are developing our CI8SE Al Position Statement- a diverse and dynamic Al Working Group was fomed in 2025 and it 1$ making good progress on establishing the principles around which CIBSE'S position on the use of Al in industry will be drafted Solid progress has been made on developing the Energy Benchmarks web tool in collaboration with UCL. with a beta version planned for release in 2026. this tool will provide a platform for future new functionality. e.g. collection of operational energy data from industry Exploratory partnership conversation$ are advanced around CIBSE TM65 Certified Data and we're aiming to secure an API partner to support the sale of data to the MEP design industry. This solution for delivering certified CIBSE TM65 product data aims to boost the demand for product certification. growing CIBSE Certification embodied carbon verification scheme revenue A proposal to pro¢e$s self-assessed CIBSE TM65 data using a large language model ILLMI was approved in Deeember 2025, with the aim of processing all data stored to a 95% level of accuracy, and producing the structured data set and process needed to develop benchmarks The CIBSE TM65 web tool is nearing completion. and we aim to make this tool freely accessible via CIBSE'S website in 2026. 17 THE CHARTERED INStITUTION OF BUILDING SERVICES ENGINEERS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2025 All the above publications and digital initiatives introduced new authors and collaborating partners to CIBSE, confirming our ststus as an authoritative leader in building services engineering and a highly valued partner for collaboration on innovative projects. Teehnleal Journals CIBSE publishes two peer-reviewed technical journ81$= Buildingservices Ewneering Research and TechnologylBSER&TJ.'and Lighting. Research gnd Technology[LR&IJ in partnership with the publisher Sage. The journals contain high quality articles on the latest research and critical reviews of the newly published literature in their fields. BSER&Tis published 51X times a year and LR&Teight times a year. Available to all CIBSE members as a benefit of membership, they enable the Institution to disseminate research to a wide international audience and contribute to the development of CIBSE knowledge and guidance for the future. BSER8Tis one of the foremost, international, peer-reviewed journals. publishing the highest quality original research relevant to today's built environment. In 2025 article submissions continued to increase. In 2024 total submi$sion$ to the journal increased by 16% to 387, relative to 2023,. in 2025 the total number of submissions increased to 412, up by just over 6%, relative to 2024. A total of 93 articles were published in 2024 and 2025 combined, compared with 68 articles in 2022 and 2023. In April, we welcomed Dr Sung-min Hong. Associate Professor in Building Performance Analysis at UCL, ag Chair of the 8SER&TEditorial Board, taking over from Profe9$0r Lynne Jack of Herriot-watt University. In January, a special issue ISI) on sustainable technologies and systems for net zero carbon buildings and communities was published.The Sl presented nine articles developed from the 2024 CIBSE Technical Symposium. The March publication was also a special issue. titled Deliveringbuildings 8nddefiningperfomwnee for8 netzero builtenvironment. featuring eight papers developed from presentations at the Technical Symposium. The September issue comprised four outstanding articles addressing the use and development of weather files to address the changing and increasingly complex needs of simulation models used to inform our approach to designing sustainable new buildings and the appropriate retrofitting of existing building stock. The November issue of BSER&Tincluded a collection of articles on thermal comfort and indoor air quality, including an evaluation of the applieability of the ASHRAE-55 adaptive standards in informal settlements and refugee camps. This engaging ￿search article was authored by an international team. including academics from the Universtty of Bath. Qatar university.the University of Lima, and McGill University in Montreal. In 2025, LR&Tpublished 40 articles. There were two special issues- selected papers from the CIE 2023 Quadrennial session and DAyl ||||||| |---|---|---|---|---|---| |Group|The Institution| |2025|2024|2025|2024| |Note|£|£|£|£| |Fixed assets| |Tangible assets|8|9,037,160|8,590,262|9,004,239|8,520,330| |Investments|10|2,233,656|2,354,078|2,233,660|2,354,082| |--------------|--------------|--------------|--------------| |Total fixed assets|11,270,816|10,944,340|11,237,899|10,874,412| |--------------|--------------|--------------|--------------| |Current assets| |-|-|-| |Stocks of publications|8,872| |Debtors|12|1,846,013|1,932,934|1,403,197|1,486,257| |Cash at bank and in hand|2,316,160|3,240,349|2,049,761|2,464,349| |--------------|--------------|--------------|--------------| |Total current assets|4,162,173|5,182,155|3,452,958|3,950,606| |Liabilities| |Creditors: Amounts falling due within one year|13|(3,083,935)|(3,489,129)|(3,076,206)|(3,370,187)| |--------------|--------------|--------------|--------------| |Net current assets/(liabilities)|1,078,238|1,693,026|376,752|580,419| |--------------|--------------|--------------|--------------| |Total assets less current assets/(liabilities)|12,349,054|12,637,366|11,614,651|11,454,831| |Creditors: Amounts falling due after more than one| |14|(2,167,242)|(2,464,406)|(2,167,242)|(2,464,405)| |year| |Defined benefit pension scheme asset|19|-|-|-|-| |--------------|--------------|--------------|--------------| |Total net assets|10,181,812|10,172,960|9,447,409|8,990,426| |--------------|--------------|--------------|--------------| |The funds of the charity| |Restricted Funds|15|150,551|181,097|150,551|189,654| |Unrestricted funds| |General fund|16|8,137,614|7,997,665|7,403,211|6,806,574| |Designated funds|16|1,893,647|1,994,198|1,893,647|1,994,198| |--------------|--------------|--------------|--------------| |Total charity funds|19|10,181,812|10,172,960|9,447,409|8,990,426| |--------------|--------------|--------------|--------------| **----- End of picture text -----**
Approved and authorised for issue on behalf of the Board of Trustees on 21 April 2026 Vince Arnold Les Copeland **President** The notes on pages 69 to 91 form part of these financial statements. 67 ## **THE CHARTERED INSTITUTION OF BUILDING SERVICES ENGINEERS** ## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025** ||**Note**|**2025**|**2024**| |---|---|---|---| |||**£**|**£**| |**Cash inflows from operating activities:**|||| |**_Net cash provided by operating activities_**|**I**|(41,314)|949,146| |||_------------_|_------------_| |**Net cash flow from investing activities:**|||| |Income from investments||138,691|177,537| |Purchase of property, plant and equipment||(727,730)|(8,444,749)| |Sale of property, plant and equipment||-|6,771,000| |||_------------_|_------------_| |**_Net cash used in investing activities_**||(589,039)|(1,496,212)| |||_------------_|_------------_| |**Cash flows from financing activities**|||| |Cash outflows for repayment of borrowing||(293,837)|(5,516)| |Cash inflows from new borrowing||-|2,500,000| |||_------------_|_------------_| |**_Net cash provided by/(used in) financing activities_**||(293,837)|2,494,484| |||_------------_|_------------_| |**(Decrease)/Increase in cash in the year**|**II**|(924,189)|1,947,418| |**Net cash funds at 1 January**||3,240,349|1,292,931| |||_------------_|_------------_| |**Net cash funds at 31 December**||2,316,160|3,240,349| |||_------------_|_------------_| |**Notes to the cash flow statement**|||| |**I. Reconciliation of net income to net cash flow from operating activities**|||| |Net income for the reporting period (as per the|||| |Statement of Financial Activities)||8,852|6,908,439| |Net loss/(gain) on investments/assets||120,422|(62,875)| |Profit on disposal of assets||-|(6,301,654)| |Investment income||(138,691)|(177,537)| |Depreciation||280,832|(50,478)| |Decrease in stocks of publications||8,871|14,037| |Decrease in debtors||86,921|50,867| |(Decrease) / Increase in creditors||(408,521)|566,347| |||------------|_------------_| |Net cash provided by operating activities||(41,314)|947,146| |||_------------_|_------------_| |**II. Analysis of changes in net funds excluding term deposits**|||| ||**At**|**Cash**|**At**| ||**01/01/2025**|**Flows**|**31/12/2025**| ||**£**|**£**|**£**| |Short term deposits_(deposited on 24 hour notice)_|1,643,540|(533,056)|1,110,484| |Cash at bank and in hand|1,596,809|(391,133)|1,205,676| ||-------------|-------------|-------------| |**Total cash and cash equivalents**|3,240,349|(924,189)|2,316,160| ||_---------------_|-------------|-------------| The notes on pages 69 to 91 form part of these financial statements. 68 **THE CHARTERED INSTITUTION OF BUILDING SERVICES ENGINEERS** ## **NOTES TO THE ACCOUNTS** ## **1 GENERAL INFORMATION** The Chartered Institution of Building Services Engineers is a charity registered in England and Wales, registration number 278104. It is governed by its Royal Charter and By-laws which were awarded in 1976 and last amended in 2010. The registered office is 91-94 Saffron Hill, London, EC1N 8QP. ## **2 ACCOUNTING POLICIES** The principal policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: ## **2.1 Basis of accounting** The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these financial statements. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Ireland (FRS 102) and the Charities Act 2011. The Chartered Institution of Building Services Engineers meets the definition of a public benefit entity under FRS 102. ## **2.2 Going concern** Having reviewed the Group’s forecasts and cashflow projections, the Trustees believe there to be no material uncertainties about the Group’s ability to continue as a going concern. The Trustees believe this will be aided by recent and upcoming changes to regulation within the construction industry, in view of the Group’s ability to influence those changes and assist in that transition, alongside significant reductions to the Group’s cost base. The Trustees believe there is adequate cash and liquid investments to meet their liabilities as they fall due for a least a year from the date of the signing of these accounts. As such the Trustees continue to adopt the going concern basis for the preparation of the annual financial statements. The most significant areas of judgement and key assumptions that affect the items in the financial statements relate to the estimation of the defined benefit pension scheme’s assets and liabilities (see Note 2.17 and Note 20). ## **2.3 Financial statements of the Institution and its trading subsidiaries** The financial statements include the consolidation of CIBSE Services Limited, CIBSE Certification Limited and The Chartered Institution of Building Services Engineers Hong Kong Limited (CIBSE Hong Kong Limited), all wholly owned subsidiaries of the Institution. No separate Statement of Financial Activities has been presented for the Institution. The results of the Institution for the year ended 31 December 2025 are included in Note 17. 69 **THE CHARTERED INSTITUTION OF BUILDING SERVICES ENGINEERS** ## **NOTES TO THE ACCOUNTS** ## **2 ACCOUNTING POLICIES** _**(continued)**_ ## **2.3 Financial statements of the Institution and its trading subsidiaries (continued)** The Institution has taken advantage of the disclosure exemption permitted by FRS 102 of the requirements of Section 7 Statement of Cash Flows to not disclose a charity-only Statement of Cash Flows. ## **2.4 Funds** The Institution has divided its funds into categories according to their nature and purpose as follows: ## _**Unrestricted funds**_ Funds available for the Institution to pursue all of its objectives under its Royal Charter and comprise: ## General fund This represents the undesignated accumulated surpluses from funds available for the general objectives of the Institution. ## Designated fund Funds designated to pursue a particular objective or group of objectives under the Royal Charter and comprise: ## _Research Fund_ This fund has the objectives of raising and designating funds for the purpose of enabling research to advance the art, science and practice of building services engineering. ## _Education Fund_ CIBSE established this fund with the objective of raising and designating funds to enable CIBSE to further education in the art, science and practice of building services engineering. ## _Richard Tully Family Publication Fund_ This fund was established by the designation of a gift from Richard E J Tully, with the objective of funding awards to encourage the continued publication of good engineering practice in the profession of building services engineering. ## _Domestic Building Services Panel Fund_ This fund has the objectives of raising and designating funds for the purpose of enabling research to advance the art, science and practice of building services engineering for Domestic Heating publications. ## _Society of Light and Lighting Fund_ This fund has the objective of funding the operations of the Society of Light and Lighting Fund. ## _Ken Dale Fund_ This fund was established following receipt of a legacy from past president Ken Dale designated to advance the art, science and practice of building services engineering in his name. ## _Graham Manly Fund_ This fund was established following receipt of a legacy from past president, Graham Manly. The fund has been designated for the use and promotion of Building Services Engineering in schools. ## _Liz Peck Fund_ This fund was established following receipt of a legacy from past Society of Light and Lighting (SLL) president, Liz Peck. The fund has been designated to be used to inspire and educate young adults and those at the earlier stages of their lighting career and will be managed by the SLL. 70 **THE CHARTERED INSTITUTION OF BUILDING SERVICES ENGINEERS** ## **NOTES TO THE ACCOUNTS** ## **2 ACCOUNTING POLICIES** _**(continued)**_ ## **2.4 Funds (continued)** ## _**Restricted funds**_ These funds have been received by the Institution with specific restrictions on their use within the objectives of its Royal Charter and comprised: ## _Patrons Fund_ This fund was formed to provide a base for financing activities of concern to the building services industry as a whole, for which adequate funds were not available within the unrestricted funds of the Institution, and to provide liaison between the Institution and its members with the commercial organisations involved in building services engineering. ## **2.5 Branches, groups and regions** The activities of branches, groups and regions, together with their assets and liabilities are incorporated within these accounts. ## **2.6 Income** ## _**Subscriptions**_ Subscriptions due are treated as income for the periods to which they relate. Subscriptions received in respect of future years are carried forward in the financial statements as deferred income until the relevant subscription year. ## _**Legacies**_ Legacies are included in the Statement of Financial Activities where probate was granted prior to the balance sheet date and a distribution is considered probable and the amount can be reliably estimated. ## _**Donations and grants**_ Donations are recognised on a cash basis and grants are included in the financial statements when receivable. ## _**Volunteers**_ CIBSE as an organisation relies heavily on its volunteers to allow it to carry out the wide variety of work that it does, across a range of fields within building services. Attempting to provide such in-depth knowledge for an industry as diverse as building services is an enormous undertaking, and would be impossible without the hundreds of experts who give their time and resources to the Institution and work to remain on the forefront of technology. Carrying out a variety of roles on a voluntary basis for CIBSE, from contributing to technical papers, to serving on the board and deciding strategy, to helping at events and with media requests, the volunteers give substantial resources at a time when the industry has never been more stretched. However, as it is impractical to place a monetary value on the volunteers' contribution due to the absence of a reliable measurement basis, the contribution of volunteers are not included as income in the financial statements. ## _**Fees received for charitable services**_ These represent amounts receivable in respect of goods and services during the year, which are recognised when the goods and services are exchanged or service performed. ## _**Investment income and gains**_ Investment income, including any tax recoverable thereon, is included in the financial statements in the year in which they are receivable. Investment gains and losses are incorporated in the financial statements as they occur. Unrealised gains and losses arising from the valuation of investments, together with any movements in such gains are separately identified within the financial statements. 71 **THE CHARTERED INSTITUTION OF BUILDING SERVICES ENGINEERS** ## **NOTES TO THE ACCOUNTS** ## **2 ACCOUNTING POLICIES** _**(continued)**_ ## **2.7 Expenditure** Expenditure is accounted for on an accrual basis and is recognised where there is a legal and constructive obligation to pay for the expenditure. Charitable expenditure comprises expenses incurred on the defined charitable purposes of the Institution. Cost of raising funds comprises expenses incurred in enhancing and maintaining the public image of the Institution and expenditure incurred in trading activities that raise funds. Governance costs comprise expenses incurred in the governance of the Institution and its assets and are primarily associated with constitutional and statutory requirements. Each category includes direct expenses and staff costs, together with an allocation of overhead costs based on a combination of direct staff costs and activity levels. ## **2.8 Tangible fixed assets** Freehold land is not depreciated. The charity separately identifies the major components of its properties and charges depreciation so as to write down the cost of each component to its estimated residual value on a straight line basis over its expected useful life. |The useful lives are as follows:|Building structure|50 years| |---|---|---| ||Doors|30 years| ||Windows|10 years| |_Other tangible fixed assets:_|Computer equipment|3 - 5 years| ||Fixtures & fittings|5 years| ## **2.9 Investments** Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. Unlisted investments comprise investments in subsidiaries which are measured at cost less impairment. A source of financial risk faced by the charity is that is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities, particularly currency risk, and within particular sectors or sub sectors. 72 **THE CHARTERED INSTITUTION OF BUILDING SERVICES ENGINEERS** ## **NOTES TO THE ACCOUNTS** ## **2 ACCOUNTING POLICIES** _**(continued)**_ ## **2.10 Impairments** Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. When the carrying amount exceeds it's recoverable amount, an impairment loss is recognised in the Statement of Financial Activities unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. ## **2.11 Financial Instruments** The company 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. A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in Its entirety to an unrelated third party. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires. ## **2.12 Stocks** Finished stocks relate to technical publications and are stated at the lower of cost and net realisable value. Cost comprises the price of purchasing, printing, binding and compilation. ## **2.13 Debtors** Trade and other debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Trade debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original term of the contract. Impairment losses are recognised in the statement of financial activities for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in the statement of financial activities. ## **2.14 Cash at bank and in hand** Cash at bank and in hand include 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. ## **2.15 Creditors** Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## **2.16 Holiday pay accruals** A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date. 73 **THE CHARTERED INSTITUTION OF BUILDING SERVICES ENGINEERS** ## **NOTES TO THE ACCOUNTS** ## **2 ACCOUNTING POLICIES** _**(continued)**_ ## **2.17 Pension contributions** The Institution operates a non-contributory pension scheme providing benefits based on final pensionable salary. The assets of the scheme are invested with an insurance company and are totally separate from those of the Institution. This scheme was closed to new members in 1999. The Institution has fully adopted the disclosures set out in section 28 of FRS 102. The difference between the fair value of the assets held in the Institution's defined benefit pension scheme and the scheme's liabilities measured on an actuarial basis using the projected unit method are recognised in the Institution's Balance Sheet as a pension scheme asset or liability as appropriate. The carrying value of any resulting pension scheme asset is restricted to the extent that the Institution is able to recover the surplus either through reduced contributions in the future or through refunds from the scheme. Changes in the defined benefit pension scheme asset or liability arising from factors other than cash contributions by the Institution are charged to the Statement of Financial Activities in accordance with section 28 of FRS 102. The Institution contributes to a stakeholder pension scheme operated by Aviva and is open to all employees. The annual contribution payments are charged to the Statement of Financial Activities. ## **2.18 Taxation** The Institution is registered as a charity, registration number 278104, and in consequence it is exempt from taxation on income arising from and expended on its charitable activities. ## **2.19 Foreign currencies** Transactions in foreign currency are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the Statement of Financial Activities. ## **2.20 Judgements and key sources of estimation uncertainty** Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no estimates and assumptions that are considered to have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. 74 **THE CHARTERED INSTITUTION OF BUILDING SERVICES ENGINEERS** ## **NOTES TO THE ACCOUNTS** ## **3 DONATIONS INCOME AND CHARITABLE SERVICES INCOME** ## **Fees receivable for charitable services for the year is derived from:** ||**Unrestricted**
**funds**|**Restricted**
**funds **|**Total 2025**|**Unrestricted**
**funds**|**Restricted**
**funds**|**Total 2024**| |---|---|---|---|---|---|---| ||**£**|**£**|**£**|**£**|**£**|**£**| |Training delegate fees|98,513|15,195|113,708|73,362|4,350|77,712| |Publications|4,458|-|4,458|13,039|-|13,039| |Societies sponsorship fees|36,320|-|36,320|7,601|-|7,601| |Grants and royalties|235,071|-|235,071|142,400|-|142,400| |Sundry|433,991|-|433,991|696,772|-|696,772| ||_------------_|_------------_|_------------_|_------------_|_------------_|_------------_| ||808,353|15,195|823,548|933,174|4,350|937,524| ||_------------_|_------------_|_------------_|_------------_|_------------_|_------------_| ## **4 INVESTMENT INCOME** ## **Investment income for the year is derived from:** ||**Unrestricted**
**funds**|**Restricted**
**funds **|**Total 2025**|**Unrestricted**
**funds**|**Restricted**
**funds**|**Total 2024**| |---|---|---|---|---|---|---| ||**£**|**£**|**£**|**£**|**£**|**£**| |Listed investments|68,812|-|68,812|66,833|-|66,833| |Cash deposits|69,879|-|69,879|110,704|-|110,704| |Defined Benefit Pension||||||| ||-|-|-|-|-|-| |Scheme Interest||||||| ||_------------_|_------------_|_------------_|_------------_|_------------_|_------------_| ||138,691|-|138,691|177,537|-|177,537| ||_------------_|_------------_|_------------_|_------------_|_------------_|_------------_| ## **Sale of assets** During the year ended 31 December 2024 the Group sold the property it had held based in Balham, for a surplus of £6.3m. This surplus was used to purchase the new property in Saffron Hill. 75 **THE CHARTERED INSTITUTION OF BUILDING SERVICES ENGINEERS** ## **NOTES TO THE ACCOUNTS** ## **5 EXPENDITURE** |**EXPENDITURE**||||||| |---|---|---|---|---|---|---| ||**Staff**|**Other**|**Staff**|**Other**||| ||**Direct**|**Direct**|**Support**|**Support**|**2025**|**2024**| ||**Costs**|**Costs**|**Cost**|**Cost**|**Total**|**Total**| ||**£**|**£**|**£**|**£**|**£**|**£**| |**Expenditure on raising funds**||||||| |Trading subsidiary companies|1,737,942|2,072,228|-|-|3,810,170|3,623,654| |**Expenditure on charitable activities**||||||| |Membership|811,704|277,265|1,058,116|982,339|3,129,424|3,185,561| |Technical|377,671|381,513|492,322|457,065|1,708,571|1,115,913| |Regional & special interest groups|354,038|577,710|461,514|428,464|1,821,726|1,740,323| |Research|104,770|116,320|136,575|126,796|484,461|427,357| ||_-----------_|_------------_|_-----------_|_-----------_|_------------_|_------------_| ||3,386,125|3,425,036|2,148,527|1,994,664|10,954,352|10,092,808| ||_-----------_|_------------_|_-----------_|_-----------_|_------------_|_------------_| ## **6 SUPPORT COSTS** The support costs have been allocated on the following basis: |||**2025**|**2024**| |---|---|---|---| |**Support cost**|**Basis of allocation**|**£**|**£**| |Administration staff and welfare|Staff costs|2,148,527|1,973,912| |Temporary staff, recruitment & consultants|Direct allocation to projects|98,946|196,581| |Meeting costs|Direct allocation to projects|92,632|129,120| |Office costs|Total number of employees|300,575|301,763| |Premises|Area occupied basis|427,030|179,151| |IT|Direct allocation to projects|548,511|460,467| |Legal & professional fees|Direct allocations to projects|62,208|167,551| |Depreciation|Direct allocation to projects|220,018|89,635| |Bad debt|Actual|74,612|(20,696)| |Marketing|Direct allocation to projects|63,738|72,260| |||_------------_|_------------_| |||4,036,797|3,549,744| |||_------------_|_------------_| |**Governance costs**|**Basis of allocation**||| |Auditor's remuneration - statutory audit|Direct allocation to projects|31,872|40,533| |AGM & annual report cost|Direct allocation to projects|20,591|46,030| |Board costs|Direct allocation to projects|30,205|65,371| |Trustees expenses|Direct allocation to projects|23,726|19,127| |||_------------_|_------------_| |||106,394|171,061| |||_------------_|_------------_| 76 **THE CHARTERED INSTITUTION OF BUILDING SERVICES ENGINEERS** ## **NOTES TO THE ACCOUNTS** ## **7 STAFF COSTS** |**STAFF COSTS**||| |---|---|---| ||**2025**|**2024**| ||**£**|**£**| |Wages and salaries|4,422,981|3,867,490| |Training, travel and recruitment|289,741|213,133| |Temporary staff and agency fees|32,633|152,413| |Social security costs|559,102|433,510| |Pension costs:||| |Defined contribution pensions|230,195|246,799| ||_------------_|_------------_| ||5,534,652|4,913,345| ||_------------_|_------------_| |The average number of employees during the year, who were all engaged in the||| |activities of the Institution and its subsidiaries, was:|79|70| The key management personnel of the parent charity, the Institution, comprise the Trustees, the Chief Executive Officer and the senior management team. Total employee benefits of key management personnel for the year under review were £1,289,412 (2024: £1,158,199). No Trustee received remuneration in 2025 or 2024. None of the Institution's wholly-owned subsidiaries employ staff directly. As a result, the key management personnel and their aggregate employee benefits for the group is the same as the Institution as disclosed above. The number of employees earning total emoluments of £60,000 or more: |£60,001 to £70,000|9|5| |---|---|---| |£70,001 to £80,000|2|1| |£80,001 to £90,000|1|3| |£90,001 to £100,000|-|2| |£100,001 to £110,000|1|2| |£110,001 to £120,000|3|1| |£120,001 to £130,000|2|2| |£200,001 to £210,000|1|1| |£300,001 to £310,000|1|1| Contributions in the year for provision of the pension schemes in respect of key senior management personnel amounted to £73,075 for 8 staff (2024: £74,088 for 9 staff). During the year, five termination payment of £76,665 were made (2024: £28,972.) 77 **THE CHARTERED INSTITUTION OF BUILDING SERVICES ENGINEERS** ## **NOTES TO THE ACCOUNTS** ## **8 TANGIBLE FIXED ASSETS** |**TANGIBLE FIXED ASSETS**||||| |---|---|---|---|---| ||**Freehold**|**Computer**|**Furniture &**|| ||**Property**|**Equipment**|**Equipment**|**Total**| |**Group**||||| ||**£**|**£**|**£**|**£**| |**Cost**||||| |Balance at 1 January 2025|8,158,022|1,378,240|390,816|9,927,078| |Additions|623,791|94,137|9,802|727,730| |Disposals|-|-|-|-| ||_------------_|_------------_|_------------_|_------------_| |Balance at 31 December 2025|8,781,813|1,472,377|400,618|10,654,808| ||_------------_|_------------_|_------------_|_------------_| |**Accumulated depreciation**||||| |Balance at 1 January 2025|6,976|1,075,261|254,579|1,336,816| |Charge for the year|113,320|138,548|28,964|280,832| |Disposals|-|-|-|-| ||_------------_|_------------_|_------------_|_------------_| |Balance at 31 December 2025|120,296|1,213,809|283,543|1,617,648| ||_------------_|_------------_|_------------_|_------------_| |**Net book value**||||| |At 31 December 2025|8,661,517|258,568|117,075|9,037,160| ||_------------_|_------------_|_------------_|_------------_| |At 31 December 2024|8,151,046|302,979|136,237|8,590,262| ||_------------_|_------------_|_------------_|_------------_| 78 **THE CHARTERED INSTITUTION OF BUILDING SERVICES ENGINEERS** ## **NOTES TO THE ACCOUNTS** ## **9 TANGIBLE FIXED ASSETS** _**(continued)**_ ||**Freehold**|**Computer**|**Furniture &**|| |---|---|---|---|---| |**Institution**|**Property**|**Equipment**|**Equipment**|**Total**| ||**£**|**£**|**£**|**£**| |**Cost**||||| |Balance at 1 January 2025|8,158,022|706,217|386,134|9,250,373| |Additions|623,791|70,175|9,803|703,769| |Disposals|-|-|-|-| ||_------------_|_------------_|_------------_|_------------_| |Balance at 31 December 2025|8,781,813|776,392|395,937|9,954,142| ||_------------_|_------------_|_------------_|_------------_| |**Accumulated depreciation**||||| |Balance at 1 January 2025|6,976|472,917|250,150|730,043| |Charge for the year|113,321|77,690|28,849|219,860| |Disposals|-|-|-|-| ||_------------_|_------------_|_------------_|_------------_| |Balance at 31 December 2025|120,297|550,607|278,999|949,903| ||_------------_|_------------_|_------------_|_------------_| |**Net book value**||||| |At 31 December 2025|8,661,516|225,785|116,938|9,004,239| ||_------------_|_------------_|_------------_|_------------_| |At 31 December 2024|8,151,046|233,300|135,984|8,520,330| ||_------------_|_------------_|_------------_|_------------_| 79 **THE CHARTERED INSTITUTION OF BUILDING SERVICES ENGINEERS** ## **NOTES TO THE ACCOUNTS** ## **10 FIXED ASSETS INVESTMENTS** ||**Group**||**The Institution**|**The Institution**| |---|---|---|---|---| ||**2025**|**2024**|**2025**|**2024**| ||**£**|**£**|**£**|**£**| |Balance as at 1 January|2,354,078|2,291,203|2,354,082|2,291,207| |Purchase of units|-|-|-|-| |Sale of units|-|-|-|-| |Net gains on investments||||| |Gains on sale of investments|-|-|-|-| |Net (loss)/ gain on revaluation at 31 December|(120,422)|62,875|(120,422)|62,875| ||_------------_|_------------_|_------------_|_------------_| |Balance as at 31 December|2,233,656|2,354,078|2,233,660|2,354,082| ||_------------_|_------------_|_------------_|_------------_| |**Investments are made up of:**||||| |Listed investments|2,233,656|2,354,078|2,233,656|2,354,078| |_Trading subsidiaries:_||||| |100% interest in CIBSE Services Limited|-|-|2|2| |100% interest in CIBSE Certification Limited|-|-|2|2| |100% interest (100% Group / 50% The Institution) in The||||| |Chartered Institution of Building Services Engineers Hong||||| |Kong Limited|-|-|-|-| ||_------------_|_------------_|_------------_|_------------_| ||2,233,656|2,354,078|2,233,660|2,354,082| ||_------------_|_------------_|_------------_|_------------_| |**The historical cost of listed investments are:**||||| |Listed Investments cost at 1 January|2,243,476|2,243,476|2,243,476|2,243,476| |Less: sale of units|-|-|-|-| |Add: Purchase of units|-|-|-|-| ||_------------_|_------------_|_------------_|_------------_| |Listed Investments cost at 31 December|2,243,476|2,243,476|2,243,476|2,243,476| ||_------------_|_------------_|_------------_|_------------_| The listed investments are managed on behalf of the Institution by CCLA Investment Management Limited. The significance of financial instruments to the ongoing financial sustainability of the Institution is considered in the investment powers section of the Trustees' Annual Report. The basis of fair value for listed investments is equivalent to the market value, using the mid-market price. 80 **THE CHARTERED INSTITUTION OF BUILDING SERVICES ENGINEERS** **NOTES TO THE ACCOUNTS** ## **11 TRANSACTIONS WITH TRUSTEES AND RELATED PARTY TRANSACTIONS** The Trustees of the Institution are the members of Board, who are drawn, from time to time, from the membership of the Institution. No member of Board received any remuneration or benefits-in-kind for their duties as Trustees (2023: Nil). Members of the Board of Trustees are reimbursed for travelling and other expenses whilst engaged on the activities of the Institution. |of the Institution.||| |---|---|---| ||**2025**|**2024**| |Reimbursements were made as follows:|**£**|**£**| |Reimbursed to 6 Trustees (2024: 10 Trustees)|23,726|19,127| ||------------|------------| Under the terms of the Royal Charter & Bylaws, the Institution is empowered to make reasonable and proper payments to members for services actually rendered to the Institution. This power includes Trustees, in their capacity as members of the Institution. In their capacity as members of the Institution, Trustees are obliged to pay annual subscriptions due to the Institution and are entitled to take advantage of the services offered by the Institution and its subsidiary company, on the same terms offered to all members, or to the general public. Where members or their connections provide services to, or utilise any other services or facilities of the Institution, the amounts paid to or charged by the Institution are based on either: - Standard rates paid by the Institution to members and non-members alike, for services such as lecturing or interviewing of candidates; or - Rates negotiated on behalf of the Institution, independently of the member involved, by the Board, or their delegated committee, based on competitive tenders or general commercial rates. During the year, the Institution is aware that payments have been made by the Institution for commercial services provided to it, or charges made by the Institution for utilising other services or facilities of the Institution, by certain Members of the Board of Trustees, or their connections, as follows: During 2025, there was £650 paid to a Trustee, Vincent Arnold, in relation to fees paid in support of the Building Safety Act Course development and Presentation (2024: £5,265 paid to Vincent Arnold for fees in relation to fees paid in support of the Building Safety Act Course development and Presentation). As at 31 December 2025, CIBSE owed £6,516 to the CIBSE Benevolent Fund Trust (2024: CIBSE owed £73,743), a related party by virtue of the Fund's objectives to provide support to members or former members of CIBSE and their immediate dependants of such persons. The following transactions took place during the year: ||**2025**|**2024**| |---|---|---| ||**£**|**£**| |Administration fee charged to the Benevolent Fund|2,884|2,884| |**Payments made on behalf of the Benevolent Fund**||| |Expenses|2,366|2,107| |Grants|1,749|-| |**Amounts received on behalf of the Benevolent Fund**||| |Donations|28,962|46,473| 81 **THE CHARTERED INSTITUTION OF BUILDING SERVICES ENGINEERS** **NOTES TO THE ACCOUNTS** ## **11 TRANSACTIONS WITH TRUSTEES AND RELATED PARTY TRANSACTIONS CONTINUED** As at 31 December 2025, CIBSE owed £661,080 to CIBSE Services Ltd (2024: CIBSE owed £604,760), a related party as a wholly owned subsidiary. The following transactions took place during the year: ||**2025**|**2024**| |---|---|---| ||**£**|**£**| |Amount received under gift aid from Services|1,001,949|471,622| |Overheads recharged to Services|309,663|252,132| |Amount paid to Services for development and content of the Knowledge Portal|208,546|184,415| |Amount received for staff costs|1,737,942|1,560,257| As at 31 December 2025, CIBSE was owed £728,824 from CIBSE Certification Ltd (2024: CIBSE was owed £496,416), a related party as a wholly owned subsidiary. The following transactions took place during the year: ||**2025**|**2024**| |---|---|---| ||**£**|**£**| |Amount received under gift aid from Certification|150,352|48,454| |Overheads recharged to Certification|103,221|84,044| |Amount received for staff costs|542,768|441,190| As at 31 December 2025, there was no outstanding balance with CIBSE Hong Kong Ltd (2024: balance was also Nil), a related party as the Institution is an ultimate controlling party. The following transaction took place between the parties during the year: ||**2025**|**2024**| |---|---|---| ||**£**|**£**| |Annual regional grant paid to CIBSE Hong Kong Limited|72,542|56,074| As at 31 December 2025, CIBSE owed £50,800 (2024 : £nil) to CIBSE EMEA Seminars Organizing Services L.L.C. S.O.C., a related party as the Institution is an ultimate controlling party. 82 **THE CHARTERED INSTITUTION OF BUILDING SERVICES ENGINEERS** ## **NOTES TO THE ACCOUNTS** ## **12 DEBTORS** ||**Group**||**The Institution**|**The Institution**| |---|---|---|---|---| ||**2025**|**2024**|**2025**|**2024**| ||**£**|**£**|**£**|**£**| |Trade debtors|1,088,566|1,089,301|343,781|490,888| |Amounts owed by group undertakings|-|-|728,824|496,416| |Prepayments and accrued income|577,361|415,231|279,975|196,719| |Other debtors|180,086|428,402|50,617|302,234| ||_------------_|_------------_|_------------_|_------------_| ||1,846,013|1,932,934|1,403,197|1,486,257| ||_------------_|_------------_|_------------_|_------------_| ## **13 CREDITORS: AMOUNTS DUE WITHIN ONE YEAR** ||**Group**|**Group**|**The Institution**|**The Institution**| |---|---|---|---|---| ||**2025**|**2024**|**2025**|**2024**| ||**£**|**£**|**£**|**£**| |Trade creditors|156,737|206,809|128,929|140,776| |Amounts owed to group undertakings|-|-|782,124|639,893| |Accruals|453,293|363,703|390,125|263,644| |Deferred income: amounts received in advance||||| |for subscriptions & services|2,057,790|2,249,669|1,546,979|1,777,039| |Taxation and social security|152,740|108,285|(1,633)|30,930| |Other creditors|221,569|522,183|187,875|479,425| |Loans due within one year|41,807|38,480|41,807|38,480| ||_------------_|_------------_|_------------_|_------------_| ||3,083,935|3,489,129|3,076,206|3,370,187| ||_------------_|_------------_|_------------_|_------------_| |**Deferred income**||||| |At 1 January|2,249,669|1,972,702|1,777,039|1,612,125| |Amounts released to income|(2,249,669)|(1,972,702)|(1,777,039)|(1,612,125)| |Amount deferred in the year|2,057,790|2,249,669|1,546,979|1,777,039| ||_------------_|_------------_|_------------_|_------------_| |At 31 December|2,057,790|2,249,669|1,546,979|1,777,039| ||_------------_|_------------_|_------------_|_------------_| ## 14 **[CREDITORS: AMOUNTS GREATER THAN ONE YEAR]** ||**Group**||**The Institution**|**The Institution**| |---|---|---|---|---| ||**2025**|**2024**|**2025**|**2024**| ||**£**|**£**|**£**|**£**| |Loans due great than one year|2,167,242|2,464,406|2,167,242|2,464,405| ||_------------_|_------------_|_------------_|_------------_| 83 **THE CHARTERED INSTITUTION OF BUILDING SERVICES ENGINEERS** ## **NOTES TO THE ACCOUNTS** ## **15 RESTRICTED FUNDS – Group** |**Current Year**|||**Movement in**|**Funds**|| |---|---|---|---|---|---| ||||||**Balance at 31**| ||**Balance at 1**||||**December**| ||**January 2025**|**Income **|**Expenditure**|**Transfers**|**2025**| ||**£**|**£**|**£**|**£**|| |Patrons Fund|181,097|75,543|(106,089)|-|150,551| ||_------------_|_------------_|_------------_|_------------_|_------------_| ||181,097|75,543|(106,089)|-|150,551| ||_------------_|_------------_|_------------_|_------------_|_------------_| |**Prior Year**||**Movement in**|**Funds**||| ||||||**Balance at 31**| ||**Balance at 1**||||**December**| ||**January 2024**||||**2024**| |||**Income **|**Expenditure**|**Transfers**|| ||**£**|**£**|**£**|**£**|| |Patrons Fund|156,879|66,565|(33,790)|(8,557)|181,097| ||_------------_|_------------_|_------------_|_------------_|_------------_| ||156,879
_------------_|66,565
_------------_|(33,790)
_------------_|(8,557)
_------------_|181,097
_------------_| See Note 2.4 for description of funds 84 **THE CHARTERED INSTITUTION OF BUILDING SERVICES ENGINEERS** ## **NOTES TO THE ACCOUNTS** ## **16 UNRESTRICTED AND DESIGNATED FUNDS – Group** ## **Current Year** |**Current Year**|||||| |---|---|---|---|---|---| ||||**Movement In**|**Funds**|| |||||**Net of**|| |||||**investments gain**|| ||**Balance at 1**|||**& pension**|**Balance at 31**| ||**January**|||**scheme**|**December**| ||**2025**|**Income**|**Expenditure**|**movement**|**2025**| ||**£**|**£**|**£**|**£**|**£**| |Research Fund|581,423|357,341|(340,110)|-|598,654| |Education Fund|66,059|408|(30,287)|-|36,180| |Richard Tully Family Publication Fund|156,482|1,786|-|-|158,268| |Domestic Building Services Panel Fund|425,523|50,248|(143,473)|-|332,298| |Society of Light and Lighting|518,731|235,629|(204,154)|-|550,206| |Ken Dale Fund|109,578|1,114|(12,000)|-|98,692| |Graham Manly Fund|96,313|891|(18,236)|-|78,968| |Liz Peck Fund|40,089|455|(162)||40,382| ||_------------_|_------------_|_------------_|_------------_|_------------_| |Designated Funds|1,994,198|647,871|(748,422)|-|1,893,647| |General Fund|7,997,665|10,360,214|(10,099,844)|(120,422)|8,137,614| ||_------------_|_------------_|_------------_|_------------_|_------------_| |Unrestricted Funds|9,991,863|11,008,084|(10,848,266)|(120,422)|10,031,261| ||_------------_|_------------_|_------------_|_------------_|_------------_| |See Note 2.4 for description of funds|||||**_-_**| ## **Prior Year** |**Prior Year**|||||| |---|---|---|---|---|---| ||||**Movement In**|**Funds**|| |||||**Net of**|| |||||**investments gain**|| ||**Balance at 1**|||**& pension**|**Balance at 31**| ||**January**|||**scheme**|**December**| ||**2024**|**Income**|**Expenditure**|**movement**|**2024**| ||**£**|**£**|**£**|**£**|**£**| |Research Fund|393,355|295,064|(106,996)|-|581,423| |Education Fund|64,177|2,315|(433)|-|66,059| |Richard Tully Family Publication Fund|150,997|5,485|-|-|156,482| |Domestic Building Services Panel Fund|357,427|78,729|(10,633)|-|425,523| |Society of Light and Lighting|471,981|223,535|(176,785)|-|518,731| |Ken Dale Fund|105,877|3,701|-|-|109,578| |Graham Manly Fund|90,974|2,885|2,454|-|96,313| |Liz Peck Fund|38,696|1,400|(7)|-|40,089| ||_------------_|_------------_|_------------_|_------------_|_------------_| |Designated Funds|1,673,484|613,114|(292,400)|-|1,994,198| |General Fund|1,464,158|16,849,000|(7,798,367)|(2,517,125)|7,997,665| ||_------------_|_------------_|_------------_|_------------_|_------------_| |Unrestricted Funds|3,137,642|17,462,114|(8,090,767)|(2,517,125)|9,991,863| ||_------------_|_------------_|_------------_|_------------_|_------------_| See Note 2.4 for description of funds 85 **THE CHARTERED INSTITUTION OF BUILDING SERVICES ENGINEERS** ## **NOTES TO THE ACCOUNTS** ## **17 RESULTS OF THE INSTITUTION** ||**2025**|**2024**| |---|---|---| ||**£**|**£**| |Total income|7,794,134|6,476,996| |Total expenditure|(7,216,729)|(6,525,228)| ||_------------_|_------------_| |Net income before gains on investments|577,405|(48,232)| |Net gains on investments|(120,422)|62,875| ||_------------_|_------------_| |Net income after gains on investments|456,983|14,643| |Actuarial gain /(loss) on defined benefit pension scheme|-|(30,000)| |Profit on disposal of assets|-|6,301,653| ||_------------_|_------------_| |Net movement in funds|456,983|6,286,296| ||_------------_|_------------_| 86 **THE CHARTERED INSTITUTION OF BUILDING SERVICES ENGINEERS** ## **NOTES TO THE ACCOUNTS** ## **18 TRADING SUBSIDIARIES** The Group has four wholly owned subsidiaries, CIBSE Services Limited (company registered no. 03645473) and CIBSE Certification Limited (company registered no. 06083016), which are both incorporated in the UK, The Chartered Institution of Building Services Engineers Hong Kong Limited, which is incorporated in Hong Kong and CIBSE EMEA Seminars Orgainzing Services L.L.C. S.O.C, which is incorporate in the United Arab Emirates. CIBSE Services Limited and CIBSE Certification Limited carry out various activities in pursuance of the charitable aims of the Institution and operates various commercial activities. CIBSE Services Limited and CIBSE Certification Limited donate their taxable profit to the Institution. The principal activities of The Chartered Institution of Building Services Engineers Hong Kong Limited and CIBSE Emea Seminars Orgainzing SErvices L.L.C. S.O.C. are the provision of conferences and exhibition services. A summary of the trading results and net assets of the subsidiaries for the reporting year are shown below. Audited accounts for all of the subsidiaries are filed with their respective Registrars. |||||**CIBSE EMEA**| |---|---|---|---|---| |||**CIBSE**||**Seminars**| ||**CIBSE Services**|**Certification**|**CIBSE HK**|**Organizing Services**| ||**Limited**|**Limited**|**Limited**|**L.L.C. S.O.C.**| ||**£**|**£**|**£**|**£**| |Turnover|3,683,605|1,060,022|173,295|162,238| |Cost of sales|(2,102,040)|(787,272)|(187,135)|(126,769)| |Administration expenses|(976,905)|(169,702)|-|(4,669)| ||_------------_|_------------_|_------------_|_------------_| |Operating profit|604,660|103,048|(13,840)|30,800| |Interest receivable|10,297|-|-|-| ||_------------_|_------------_|_-------------_|_-------------_| |Net profit/(loss) before gift aid|614,957|103,048|(13,840)|30,800| ||_------------_|_------------_|_------------_|_------------_| |The aggregate of the assets, liabilities and funds was:||||| |Fixed assets|25,985|6,795|141|-| |Net current assets/(liabilities)|621,507|47,071|32,896|30,800| ||_------------_|_------------_|_------------_|_------------_| |Net assets|647,492|53,866|33,037|30,800| ||_------------_|_------------_|_------------_|_------------_| |**Funds**||||| |Called up share capital|2|2|-|20,000| |Reserves|647,490|53,864|33,037|30,800| ||_------------_|_------------_|_------------_|_------------_| ||647,492|53,866|33,037|50,800| ||_------------_|_------------_|_------------_|_------------_| 87 **THE CHARTERED INSTITUTION OF BUILDING SERVICES ENGINEERS** ## **NOTES TO THE ACCOUNTS** ## **19 ANALYSIS OF CONSOLIDATED NET ASSETS BETWEEN FUNDS** |**Current Year**||||| |---|---|---|---|---| ||**General**|**Designated**|**Restricted**|**Total**| ||**Funds**|**Funds**|**Funds**|**2025**| ||**£**|**£**|**£**|**£**| |**Fund balances**||||| |Fixed assets|9,037,160|-|-|9,037,160| |Investments|2,233,656|-|-|2,233,656| |Net current assets/(liabilities)|(3,133,202)|1,893,647|150,551|(1,089,004)| ||_------------_|_------------_|_------------_|_------------_| |**Net assets excluding pension scheme asset**|8,137,614|1,893,647|150,551|10,181,812| ||_------------_|_------------_|_------------_|_------------_| |**Net assets including pension scheme asset**|8,137,614|1,893,647|150,551|10,181,812| ||_------------_|_------------_|_------------_|_------------_| |**Prior Year**||||| ||**General**|**Designated**|**Restricted**|**Total**| ||**Funds**|**Funds**|**Funds**|**2024**| ||**£**|**£**|**£**|**£**| |**Fund balances**||||| |Fixed assets|8,590,262|-|-|8,590,262| |Investments|2,354,078|-|-|2,354,078| |Net current (liabilities)/assets|(2,955,232)|1,994,198|189,654|(771,380)| ||_------------_|_------------_|_------------_|_------------_| |**Net Assets excluding pension scheme liability**|7,989,108|1,994,198|189,654|10,172,960| ||_------------_|_------------_|_------------_|_------------_| |**Net assets including pension scheme liability**|7,989,108|1,994,198|189,654|10,172,960| ||_------------_|_------------_|_------------_|_------------_| 88 **THE CHARTERED INSTITUTION OF BUILDING SERVICES ENGINEERS** ## **NOTES TO THE ACCOUNTS** ## **20 CIBSE PENSION SCHEMES** CIBSE operates both a defined contribution and a defined benefit pension scheme which require contributions to be made separately to administered funds for the benefit of the employees. The defined contribution scheme was opened in November 2001 and employer contribution commenced in April 2007. ## **Final salary pension scheme** The defined benefit scheme has been reported under section 28 of FRS 102. The most recent actuarial valuation was at 1 April 2023 and it showed that the market value of the scheme's assets was £5,064,000. The Trustees and the employer agreed to additional employer contributions of £150,000 p.a. until the Funding Valuation shortfall is addressed. This year no contributions have been made as the shortfall has been covered. The number of employees in the scheme at the year end were: ||**2025**|**2024**| |---|---|---| |Active employees|-|-| |Deferred pensioners|13|13| |Pensioners|24|24| The financial assumptions used by the actuary to calculate the scheme liabilities under FRS 102 were as follows: ||**2025**|**2024**| |---|---|---| |Rate of increase in salaries|n/a|n/a| |Rate of increase in pensions in payments accrued before 6 April 1997|3.0%|3.0%| |Rate of increase in pensions in payments accrued after 6 April 1997|3.0%|3.0%| |Discount rate|5.5%|5.5%| |Retail price inflation|2.8%|3.2%| 89 **THE CHARTERED INSTITUTION OF BUILDING SERVICES ENGINEERS** ## **NOTES TO THE ACCOUNTS** |**20**|**CIBSE PENSION SCHEMES (****_continued)_**||| |---|---|---|---| |||**2025**|**2024**| |||**£'000**|**£'000**| ||**_Analysis of the amount charged to expenditure_**||| ||Current service cost|-|-| |||-----------|-----------| ||Total service cost|-|-| |||-----------|-----------| ||**_Net interest costs_**||| ||Interest income on plan assets|289|248| ||Interest expense on defined benefit obligation|(149)|(132)| |||-----------|-----------| ||Net return|140|116| |||-----------|-----------| ||Total pension costs charged to the Statement of Financial Activities|140|116| |||-----------|-----------| ||**Analysis of the actuarial loss recognised in the Statement of Financial Activities**||| ||Actual return on plan assets, excluding interest income|45|(105)| ||Experience gains and losses arising on the scheme liabilities|-|16| ||Changes in assumptions underlying the present value of the scheme liabilities|(22)|59| ||Effect of asset ceiling|(23)|-| |||-----------|-----------| ||Total actuarial gain / (loss) recognised in the Statement of Financial Activities|-|(30)| |||-----------|-----------| ||**Analysis of the pension accounting information under FRS 102 is shown below**||| ||**_Amount recognised in the Balance Sheet_**||| ||Present value of defined benefit obligation|(2,797)|(2,789)| ||Fair value of plan assets|5,510|5,339| |||-----------|-----------| ||Net defined benefit asset|2,713|2,550| ||Effect of asset ceiling|(2,713)|(2,550)| |||-----------|-----------| ||Recognised defined benefit asset|-|-| |||-----------|-----------| ||**_Change in defined benefit obligation_**||| ||Defined benefit obligation at beginning of period|(2,789)|(2,893)| ||Current service costs|-|-| ||Interest expenses|(149)|(132)| ||Remeasurement arising from changes in assumptions|(22)|58| ||Remeasurements arising from experience|-|16| ||Benefits paid|163|162| |||-----------|-----------| |||(2,797)|(2,789)| |||-----------|-----------| 90 **THE CHARTERED INSTITUTION OF BUILDING SERVICES ENGINEERS** ## **NOTES TO THE ACCOUNTS** ## **20 CIBSE PENSION SCHEMES (** _**continued)**_ |**CIBSE PENSION SCHEMES (****_continued)_**||| |---|---|---| ||**2025**|**2024**| ||**£'000**|**£'000**| |**_Change in plan assets_**||| |Assets at beginning of year|5,339|5,328| |Interest income|289|248| |Actual return on plan assets, excluding interest income|45|(105)| |Employer contributions|-|30| |Benefits paid|(163)|(162)| ||-----------|-----------| |Assets at end of year|5,510|5,339| ||-----------|-----------| |Actual return on assets|334|143| |**Asset class split**||| ||**2025**|**2024**| |Equities|0%|0%| |Property|0%|0%| |Corporate Bonds|40%|39%| |Gilts|40%|41%| |Cash|17%|17%| |Annuities|3%|3%| ||-----------|-----------| ||100%|100%| ||-----------|-----------| 91