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The establishment of a Benevolent Fund was first suggested in 1933 by Mr R Comyn Ching, then Vice-President of the Institution of Heating and Ventilating Engineers.

The proposal was agreed by the IHVE Council in October that year, and a first Benevolent Fund Committee was established, comprising Mr Ching as Chairman along with W E Fretwell, W Nelson Haden, A B Potterton and J H Bryant. Mr Ching was instrumental in the establishment of the fund, drafting the original scheme and, along with Mr Fretwell, offering the initial donations to establish it.

The Fund operated for many years under the "umbrella" of the IHVE registered Charity and its successors, the CIBS in 1976, and CIBSE in 1985. In 2005 its governance was brought up to date with the establishment of a new Declaration of Trust.

As the Institution developed its regional structure over the years, the Fund established almoners in each new Region. There are now a total of 19 Regions worldwide, with 16 covering the UK and 3 overseas in the Republic of Ireland, Hong Kong and Australia / New Zealand.