CHARITY REGISTRATION NUMBER.. 208729 The Nuclear Industry Benevolent Fund Unaudited Financial Statements 30 June 2025 MORRIS LANE Chartered Accountant 31133 Commercial Road Poole Dorset BH14 OHU
The Nuclear Industry Benevolent Fund Financial Statements Year ended 30 June 2025 Page Trustees, annual report Independent examiner's report to the trustees Statement of financial activities 10 Statement of financial position Notes to the financial statements 12 The following pages do not forni part of the financial statements Detailed statement of financial activities 20 Notes to the detailed statement of financial activities 21
The Nuclear Industry Benevolent Fund Trustee3' Annual Report Year ended 30 June 2025 The trustees present their report and the unaudited financial statements of the charity forthe year ended 30 June 2025. Chalrfs report This time last year I started the introduction lo the Annual Report by remarking "that the previous 12 months have the biggest changes in the Fund possibly since the demise as such of the UKAEA. From the time that the Fund has been in existence, the amount of money distributed has been a small proportion of the assets. The new Community Grant programme has changed that situation completely with a substantial amount having been promised lover £190,000). More modest sums have been used to support the Bursary scheme and the traditional grants given to individuals in financial need. The Community Grant programme has shown a real need lo support promotion and interest in the nuclear industry and, al the same time, providing financial support and inntiVeS lo people who have been dependent upon the existen of nuclear in their locale. A fvrther significant change came with the retirement of Elaine Mooney as Fund Manager after many years of dedicated service. Elaine's contribution should not be underestimated. At the same lime Helen Middleton also retired and although she had not seen the number of years, service that Elaine had, nevertheless she made an impact with her work. Both will be missed and I trust they will enjoy their retirement. Fortunately, Sam Knight has stepped up and taken on the Manager role and her experience with TNIBF over a number of years will ensure a smooth transition. We have been able lo recruit a suitable assistant and the aim is to administer the Fund with 2 members of staff. They will work from home as the owners of the office have gThien notice that the sile is to be sold. There have been changes in Trustees with resignations from Mr K Bradshaw and Miss B Taylor due lo work pressures and the appointment of Mr G Cameron. The efforts made by many of the Trustees to promote the Fund within their own organisations and the wider industry have been very successful", without their input the Fund would not have the exposure that it enjoys. The balance of skills in the current group is fi'rst class and the b'me that they give is invaluable especially recognising the work and family pressures that all face. The Fund faces an excits'ng future and an opportunity to make a real difference in the industy that it serves. Karen Walkden
The Nuclear Industry Benevolent Fund Trustees, Annual Report (tontinuÈdJ Year ended 30 June 2025 Reference and administrative details Reglstered charlty name The Nuclear Industry Benevolent Fund Charlty reglstratlon number 208729 Principal office Unil CU1, Warringlon Business Park Long Lane Warringlon WA2 8TX The trustees Mrs K Walkden - Chair Mr P Reilly - Vice Chairman Mr G Beynon Mr R F Bowen Mr K Bradshaw Mr G Cameron Mr S J Frost- Treasurer Mr P Lambeth Mrs J H Lane Mrs M Pearse Ms S Stewart Mr B Watford (Resigned 13 January 20251 (Appointed 6 February 20251 Independent examiner Morris Lane 31133 Commercial Road Poole Dorset BH14 OHU
The Nuclear Industry Benevolent Fund Trustees, Annual Report (tontinuÈdJ Year ended 30 June 2025 Structure, governance and management The Nuclear Industry Benevolent Fund, formerly the UBA Benevolent Fund and previously the United Kingdom Atomic Energy Authority Benevolent Fund is a registered charity INO 2087291 which was set up by the United Kingdom Atomic Energy Authority in 1957. Its activities are governed by its Rules and Constitution, which were intrOdUd at that lime. These have been updated as needed since then, the last update being in April 2017. The trustees are individuals who have been appointed to ensure that the charity carries out its purpose and objectives in accordance with its governing document and the law. They serve for an initial period of one year after which period they may be reappointed for further periods of three years. There musl be a minimum of 8 Iruslees, and can be a maximum of 14. Trustee vacancies are filled by the Board. There is no fomial training programme for new trustees. They are provided with a welcome pack, which includes a copy of a Trustees Handbook, Rules and the latest Annual Report. If they require further advice, information or training on particular aspects of their duties, arrangements can be made for this on an ad hoc basis. New Iruslees are also invited lo allend a meeting of the Cases Committee. The Board normally meets l¢e a year, when the trustees agree the broad strategy for the Fund, and general gLJidance on grant making, investment, staffing policy, reserves and risk management, for ils sub-committees. The Committee has set UP 8 number of suboommittees lo oversee the more detailed implementation of policy and lo make recommendations to the Committee. Individual trustees are appointed to these suthcommittees and the membership is reviewed annually. The Cases Committee meets 5 limes per year, Community Grant Committee 4 times per year and Bursary Committee weekly to consider applications. Urgent financial hardship applications a considered immediately, with the decision formally ratified at the next Cases meeting. The administotion of the Fund is delegated to the Fund Manager, who is not a Trustee. She is 8 member of various sub committees. She reports to the Chair. Due lo the size of the charity and small number of employees the charity does not have a separate remuneration committee. The remuneration of the employees of the charity is reviewed annually by the Board. Applications to the Fund Initial contact for applications is typically online via emaillFund website, however, enquiries are also received via phonelposl. Occasionally, we re1ve applications from other charities on behalf of individuals who are eligible lo apply lo more than one charity. These tend to include all the facts included on our own forms together with observations by that charity's representative. Similarly, if we Can identify another Charity to which an applicant could apply, we advise himlher to approach them directly. In such cases the charities will often work together, sharing the cost of the assistance awarded.
The Nuclear Industry Benevolent Fund Trustees, Annual Report (tontinuÈdJ Year ended 30 June 2025 Structure, governance and management (conllnued) Other Organlsatlons and Funds NeOrkIng with other similar funds continues to be extremely useful.11 is helpful lo have the opportunity to discuss matters such as demand for assistance, publicity methods and recruitment matters elc. This is made easier by the Fund's membership of the Association of Charitable Organisations IACOI. Not only is this a valuable source of information on benefits, il also has a wide knowledge of other funds and how they operate. It brings to light similarities and differences in the way charities function, all of which is extremely useful in formulating policy. Through it we are able to contact other similar funds. 11 also has a website listing all members and therefore is a point of contact for potential beneficiaries, which is particularly important in view of the need lo reach as many eligible people as possible. Objectives and activities The Object of the Fund, as staled in the Rules and Conslitulion, is the relief of financial hardship and distress among past, present and future members of staff of the United Kingdom Atomic Energy Authority, British Nuclear Fuels plc and Amersham International plc or any successor company or organisation lo which has been transferred and which is carrying on the undertaking or part of the undertaking previously carried on by the Authority, British Nuclear Fuels plc or Amersham International plc, any company which has at anytime been a subsidiary of British Nuclear Fuels plc or any other company or organisation which is or has been engaged in the Nuclear Industry in the United Kingdom. Publie Benefit The trustees VIeW the Fund's objectives and activities on a regular basis and confirm that in doing so they have complied with the duty under secb'on 4 of the Charities Act 2011, to have regard lo the Public Benefit guidance published by the Charity Commission. The sole aim of the Fund is the relief of financial hardship, which is clearly recognised in the guidance as a potential Public Benefit, subject to compliance with the principles which are laid down. The Fund relieves financial distress in tangible form by giving assistance in the form of grants and as summarised in detail elsewhere in this Report. Of equal importance is the significant level of advice which the Fund provides lo applicants with financial problems. The objectives of the Fund limit benefit to a section of the public, being present and past employees of the organisations defined under Objectives and activities. The trustees consider that limitstion lo this significant class of people is reasonable and relevant. There is no further restriction on the opportunity to benefit. No fee is charged for access lo any benefit. The Iruslees are not aware of any detriment arising from the activities of the Fund, which would need lo be offset against the benefit. The trustees therefore consider that the Fund fully complies with the principles laid down in the Commission's guidance on Public Benefit.
The Nuclear Industry Benevolent Fund Trustees, Annual Report (tontinuÈdJ Year ended 30 June 2025 Objectives and activities (contlnued) Grant and Loan Maklng Pollcy The Cases Committee considers requests for financial assistance from current and ex-employees. Requests may also come from the families or dependants of those employees. The Cases Committee establishes that the applicant is eligible for assistan, and then considers hislher financial position. Having regard lo guidelines approved by the Board, the Cases Committee decides whether or not assistance would be appropriate. If so, help can be given in the form of a one-off grant for a particular requirement, or a regular grant that continues until the circumstances improve. The Committee has offered interest free loans, secured on property, in the past and will continue to service existing loans moving foard. However, The Committee has no intention lo issue any further loans in future. A Bursary Scheme, launched in 2020, is aimed at individuals looking lo enter or develop a career in the UK nuclear Industry. Applications are considered by a separate sub-committee. A Community Grants scheme was launched in the year and is available to organisations whose mission is diredly or indirectly related lo the relief of financial hardship in the UK nuclear Industry or communities local to nuclear sites. Achievements and performance The Fund made grants and allowances to beneficiaries of £55,312, an increase of £22,381 compared with the previous year. The Fund also awarded bursaries of £40,413 during the year12024.. £36,500). The trustees remain COnrned that the existence of the Fund is not widely known amongst both serving and ex-employees and is renewing its efforts to publicise the Fund's existence. We continue lo use the resources already available lo us and are also looking al new initiatives such as social networking sites to publicise the Fund. During the year The Fund launched the Community Grants scheme with the aim or supporting the local communities of our beneficiaries. During ils first year grants tolalling £190,387 were awarded. These awards are being paid over a number of months after being granted. Fund Assistance Of £55,312 given in grants this year, the largest one-off grant given lo one beneficiary was for £3,300 12024.. £4,416). As well as one-off grants there are beneficiaries who receive regular assistance.
The Nuclear Industry Benevolent Fund Trustees, Annual Report (tontinuÈdJ Year ended 30 June 2025 Achievements and performance (contlnued) Monltorlng Achlevement Since the Fund can only respond to the requests it receives and can only give assistance when the applicant's circumstances merit help, it is not possible lo set performance targets in relation to ils charitable aclivilies. This year the Fund set 4 targets relating to other activities. We are pleased lo say that the new Community Grant was launched successfully. As such, TNIBF now has 3 grant programmes. The website and publicity material was updated and relaunched. Trustees have contributed lo raising the profile of the Fund with publicity activities. The reviewlstreamline of offi prOdureS was concluded and significant changes implemented. Financial review In 2024125, the Fund's capitsl decreased by £376,330, which compares with an increase of £164,312 in the previous year. The increase in capital was due to a rise In the value of the Fund's investment portfolio. During the year, the Fund's incoming resources amounted to £80,90012024." £89,435). Of this, individual donations contributed £1,41412024.. £1,532) and the trustees gratefully acknowledge this continuing support. Investment income and realised gains were £78,95812024." £87,411) ft)r the year, a decrease of £7,553 12024.. increase £3,932) compared with the previous year. The Fund made grants and allowances to beneficiaries of £55,312, an increase of £22,381 on the previous year. Bursaries were awarded totalling £40,413 during the year12024'. £36,500). Administration costs were £137,333 12024.. £118,308) which was an increase of £16,025 12024.. £4,167 increase) compared to the previous year. Total losses on investments, realised and unrealised, during the year, were £36,785 12024.. Gains £276,925). Total Charity funds, i.e. the accumulated eXsS of resources available, and investment funds generated since the Benevolent Fund was established, stood at £2,933,601 12024.. £3,309,931). This was represented mainly by investments with a market value of £2,969,76212024'. £3,217,4431, cash on short term deposit of £57,311 12024.. £59,556) and loans of £44,58512024'. £54,835). There is a provision of £16,00012024'. £16,000) against possible non-payment of loans.
The Nuclear Industry Benevolent Fund Trustees, Annual Report (tontinuÈdJ Year ended 30 June 2025 Financial review (contlnued) Investment Pollcy The Rules and Constitution of the Fund give the trustees authority to invest funds which are surplus to existing requirements in accordance with the powers conferred on Iruslees by sections 3 and 8 of the Trustee Act 2000. The trustees have appointed Ralhbone Investment Management as the Fund's investment managers. In managing the investment portfolio Ralhbones are required to take account of the social, environmental and ethical requirements as laid down from time lo time by the Charity In the current year, the trustees continued their existing policy of obtaining a salisfaclory return on the Fund's investments, consistent with holding a prudently managed portfolio. The Iruslees had previously agreed a policy of disposing of equity shares in favour of unil trusts, and the Fund now has no direct equity share holdings. Investment Perfomiance Al the beginning of the year, investment funds under management stood at £3,217,443. By 30 June 2025, this had decreased by £247,681 to £2,969,762. Investment income generated during the year was £78,95812024.. £87,411). For the coming year, our investment managers intend to maintain the existing exposure lo intemalional markets, particulady the US, seeking lo preserve income and capital growth. with a moderate level of risk. There are a number of fartors increasing risk to the global economy in particular the unrest in the Middle East. Commltments No expenditure commitments have been made of more than twelve months from the date of the Balan Sheet
The Nuclear Industry Benevolent Fund Trustees, Annual Report (tontinuÈdJ Year ended 30 June 2025 Financial review (contlnued) Rlsks The Iruslees have assessed the major risks to which the charity is exposed, and have introdud measures to minimise the possible effects of those risks. The Iruslees have also arranged for the position lo be kept under constant review. Reserves Policy The Fund currently has reserves of £2,933,601. The trustees have considered the need lo hold reserves at this level, having regard lo the following factors. In recent years the Fund's nel outgoing resources have been in deficit. This deficit is expected to increase considerably in the future. The level of reserves at any time is reliant on the position of the stock markets, which is largely outside the control of the Iruslees. Taking account of these factors, the trustees are of the opinion that it is prudent to hold reserves al the current level, bul will reconsider this policy if there are any major changes to the Fund's situation in the future. Plans for future periods This year the Fund plans to.. Continue to publiciselraise profile of the Fund lin particular to maintsin momentum of the success to dale of the Community Grant). Review office working arrangements (due to potential close of the current office space) Continue lo identify additional ways lo support the future of the UK Nuclear Industry (potential to widen the scope of the existing bursary scheme) Recruit new member of staff following retirement of Fund Administrator The trustees, annual report was approved on 15th October 2025 and signed on beha of the board of trustees by". Kpren Walkden IM3r 12 2026, 10-23aml Mrs K Walkden Chair
The Nuclear Industry Benevolent Fund Independent Examiner's Report to the Trustees of The Nuclear Industry Benevolent Fund Year ended 30 June 2025 I report to the trustees on my examination of the financial statements ofThe Nuclear Industry Benevolent Fund I'lhe charity'l for the year ended 30 June 2025. Responslbllltles and basls of report As the trustees of the charity you are responsible for the preparation of the financial stslements in accordan with the requirements of the Charities Act 2011 I'lhe Act'l. I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examiner's statement I have completed my examination. I confirm that no material mallers have come lo my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act., or the financial statements do not accord with those records., or the financial statements do not comply with the applicable requirements conMIng the form and content of awounts set out in the Charities IAc¢ounls and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be dwn in this report in order to enable a proper understanding of the accounts lo be reached. arri Ro Imar 16 2026 9 53aTnl Indepen&enl Examiner 31133 Commercial Road Poole Dorsel BH14 OHU
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The Nuclear Industry Benevolent Fund Notes to the Financial Statements Year ended 30 June 2025 General information The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Unit CU1, Warrington Business Park, Long Lane, Warrington, Cheshire, WA2 8TX. Statement of Compllance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 10211 and the Charities Act 2011. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured al fair value through income or expenditure. The financial stslements are prepared in sterling, which is the functional currency of the entity. Going eoneern There are no material uncertainties about the charity's ability to continue. Disclosure exemptions The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102.. lal No cash flow statement has been presented for the company. Ibl Disclosures in respect of financial instruments have not been presented. Fund accounting Unreslricled funds are available for use at the discretion of the Iruslees to further any of the charity's purposes. Designated funds are unreslricled funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected lo restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of sub-classes.. restricted income funds or endowment funds. 12
The Nuclear Industry Benevolent Fund Notes to the Financial Ststements (¢¢)nfynuÈd) Year ended 30 June 2025 Accounting policies (conllnuedj Incomlng resourees All incoming resources are included in the statement of financial activities when entitlement has passed to the charity., il is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entillement to the gift, receipt is probable and its amount can be measured reliably. legacy Income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impfftclical lo measure reliably, in which case the value is derived from the cost lo the donor or the estimated resale value. Donated facilities and setvices are recognised in the accounts when te1Ved if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for il lo be spent on a particular purpose and returned if unspent, in which case il may be regarded as reslricled. Resources expended Expenditure is recognised on an accruals basis as a liability Is incurred. Expenditure Includes any VAT which cannot be fully recovered, and is classified under headings of the stslemenl of financial activities lo which it relates.. expenditure on raising funds includes the costs of all fundraising aclivilies, events, non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further ils charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of ils expenditure on charitable activities. All costs are allocated lo expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that a¢livily. Shared costs are apportioned beeen the activities they contribute lo on a reasonable, iusb"fiable and consislenl basis. Investments Unlisted equity investments are initially recorded at cost, and subsequently measured al fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditu. 13
The Nuclear Industry Benevolent Fund Notes to the Financial Ststements (¢¢)nfynuÈd) Year ended 30 June 2025 Accounting policies (conllnuedj Impalmient of flxed assets A review for indicators of impairment is carried out at each reporting date. with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting dale. For the purposes of impairment testing, when il is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generaling unit lo which the asset belongs. The cash-generaling unil is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment lesling of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash%enerating units that are expected lo benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned lo those units. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a paty to the conlractU81 provisions of the instrument. Basic financial instruments are initially rec(4nised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured al the cash or other eonsideration expeeled lo be paid or received and not diseounled. Debt instruments are subsequently measured al amortised cost. Where investments in shares are publicly traded or their fair value can otheNise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. other financial instruments, including derivatives, are initially recognised al fair value. unless payment for an asset is deferred beyond normal business terms or financed at a rale of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted al a market rate of interest for a similar debt inslrumenl. other financial instruments are subsequently measured al fair value, with any changes recognised in the slalemenl of financial activities, with the exptIOn of hedging instruments in a designated hedging relationship. Financial assets that are measured al cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there Is objective eviden of impairment, an impairment loss is re¢ognised under the appropriate heading in the statement of financial aclivilie5 in which the initial gain was recognised. 14
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