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 in￿ntiVeS 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 intrOdU￿d 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 re￿1ve 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
Ne￿OrkIng 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 fo￿ard. 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
COn￿rned 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
prO￿dureS 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 eX￿sS 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 introdu￿d
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 con￿MIng 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 d￿wn 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
be￿een 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 ex￿ptIOn 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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