**Charity number: 212450**
## **THE NATIONAL BENEVOLENT CHARITY**
## **TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2025**
## **THE NATIONAL BENEVOLENT CHARITY**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1 - 2|
|**Trustees' Report**|3 - 10|
|**Independent Auditors' Report on the Financial Statements**|11 - 14|
|**Statement of Financial Activities**|15 - 16|
|**Balance Sheet**|17|
|**Statement of Cash Flows**|18|
|**Notes to the Financial Statements**|19 - 35|
**THE NATIONAL BENEVOLENT CHARITY**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2025**
|**Trustees**|Richard Bromilow|
|---|---|
||John Churchill|
||Geoffrey Clements (resigned 3rd June 2025)|
||Victoria Daniell|
||James Golob, Chairman|
||Claire Maxwell|
||Grahame Nicholson|
||Nishil Patel|
||Margaret Playle (co-opted December 2025)|
||Hazel Sewell|
|**Charity registered**
**number**
212450
**Principal office**
Chargrove House
Shurdington Road
Cheltenham
Gloucestershire
GL51 4GA
**Chief executive officer**
Ali Russell
**Independent auditors**
Randall & Payne LLP
Statutory Auditors
Shurdington Road
Cheltenham
Gloucestershire
GL51 4GA
**Bankers**
HSBC Bank plc
The Cross
Gloucester
Gloucestershire
GL1 2AP
**Solicitors**
Womble Bond Dickinson
4 More London Riverside
London
UK
SE1 2AU||
Page 1
**THE NATIONAL BENEVOLENT CHARITY**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025**
## **Investment Managers**
Navera Investments Riverside House Southwark Bridge Road London SE1 9HA
Brown Advisory 18 Hanover Square London W1S 1JY
M&G Investments Avenue London EC3M 5AG (to 25th September 2025)
Page 2
**THE NATIONAL BENEVOLENT CHARITY**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025**
## **TRUSTEES' REPORT**
## **Strategic Overview and Impact in 2025**
As the cost-of-living crisis continues and an ever-growing number of people slip into poverty, Trustees must ensure that the Charity’s limited resources are deployed wisely to achieve the greatest possible impact on people’s lives. With this in mind, Trustees undertook a strategic review of the Charity in the first half of the year.
The review, undertaken with the support of consultants Power and Integrity, found that making grants to individuals across the UK, alongside grants to organisations in Bristol, Gloucestershire, Wiltshire and Swindon, effectively meant the Charity was operating as two small organisations. This approach was placing significant strain on both management and resources, given the scale of poverty in the UK, growing demand and our broad eligibility criteria and it was also becoming increasingly challenging to measure the impact we are making.
Therefore, it was agreed that from 2026, for a period of three years, the Charity would return to its South West roots and focus on making Individual Grants in Bristol, Gloucestershire, Swindon and Wiltshire, mirroring those areas in which Organisational Grants were being made. This will enable stronger partnerships to be developed, and the smaller geographical area should lead to more impactful grant-making. Alongside this change, it was also agreed to run a pilot programme in the first half of 2026, offering a small core grant and ring-fenced individual grant funds to a select number of organisations, to understand whether this approach enables organisations to provide more meaningful support to beneficiaries, makes better use of our resources and increases our impact.
Throughout 2025, however, the Charity continued to make Individual Grants across the UK, deliver Improving Lives (grants to organisations), and build on collaborations and partnerships.
## **Main Individual Grants Programme**
Applications to the Main Individual Grants Programme were higher than ever, and it was necessary to pause the programme 66% of the time (2024: 52%; 2023: 40%) to manage demand and ensure adequate funds were available for applicants throughout the year. This was the third year running that the programme had to be regularly paused and was a significant factor in the strategic changes to the programme in 2026.
By the end of 2025, we had distributed £307,335 in individual grants benefiting 742 people. This programme was funded through the investment portfolio and a donation from the Barzilia Foundation.
## **Improving Lives Fund: Organisational Grants**
The Charity received 69 applications for the Improving Lives Fund in 2025. Almost all applicants sought core cost funding (e.g. salaries and running costs). This continues to reflect the immense pressures faced by organisations amid increasing demand, reduced funding and escalating costs.
Fifty seven grants were made to organisations during the year, totaling £537,020. This includes four small grants.
## **Trustee Engagement and Grantee Visits**
To deepen Trustees’ understanding of grantee organisations and their beneficiaries, Trustees undertake visits to grantee organisations.
In May, Trustees visited Kids Stuff at Brimscombe Mill. Kids’ Stuff is a second-hand children’s shop selling everything from clothes to baby goods, and it supports children and families throughout the area. Trustees also met with a representative from The Door, a leading youth charity providing support for young people and their families. Both organisations operate in the Stroud District.
In September, Trustees visited The Harbour Project in Swindon, which provides advice, support, practical help ~~and friendship to refugees and asylum seekers so that they have the best possible chance of a fair hearing, a~~
Page 3
**THE NATIONAL BENEVOLENT CHARITY**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025**
fair outcome from their asylum claim, and a fair future in the UK. During the visit, staff and Trustees toured the project and had lunch with visitors to The Harbour Project.
In November, Trustees met at Quartet Community Foundation in Bristol, and Trustees received a presentation from the Development Director about the work of the Foundation and the voluntary sector in Bristol.
## **Campaigns and Collaborative Initiatives**
Applications to the “Home Is Where the Harm Is” fund, the award-winning programme which supports domestic abuse victim/survivors, increased during the year, and we were able to make 162 awards of £200, with expenditure of £31,200. This is a rolling programme and is funded through our investments, donations from the public via Crowdfunder, and British Airways employee giving.
The RISE programme also accelerated in 2025, and we were able to make 53 awards with expenditure of £33,122 to help survivors of domestic abuse re-enter the workforce, pursue training, or start businesses. This is funded through our investments and a donation from The Albert Hunt Trust.
## **Financial Performance and Investments**
In early 2024, the Charity transitioned to new investment managers Navera (formerly Meridiem) and Brown Advisory. After a positive start, the Navera portfolio began to lose considerable ground against Brown Advisory, and by the end of 2025 the Charity’s investment portfolio had reduced from £26,061,748 in Dec 2024 to £24,892,995. Although Trustees were alive to the issue and several conversations took place with Navera in the hope that they would take mitigating action, by the end of 2025 Trustees took the decision to replace Navera, and W1M were subsequently appointed in January 2026 as their replacement.
In September 2025, after receiving permission from the Charity Commission, the Trustees resolved to align the objects of the Henderson Bequest with those of The National Benevolent Charity. The Henderson Bequest held restricted funds with M&G Investments. As a result of aligning the objects, Trustees were able to close the fund and hold £206,507 for distribution in 2026.
## **Governance Update**
A campaign to recruit a new member of the Finance and Investment Committee launched in autumn 2025, supported by consultants Peridot and Partners. Trustees were pleased to appoint Margaret Playle, a qualified chartered accountant, who was co-opted onto the Board in December.
## **Acknowledgements**
Our thanks go to our incredible staff team for an extremely busy year in 2025, in which we made a record 953 grants to individuals across three programmes and processed 69 grant applications from organisations working to relieve poverty in Bristol, Gloucestershire, & Wiltshire. The staff team also contributed to the strategic development plan for 2026–2029 and embraced the changes needed to pilot a new way of working from January 2026. This was in addition to raising the profile of the Charity at networks and events, both online and in person.
We thank our Welfare Committee Trustees for their tireless efforts: reviewing over 40 organisational and 30 exceptional individual applications, participating in three grants panels, four Welfare Committee meetings, and five Board meetings. We are also grateful to our Finance & Investment Committee Trustees who attended four committee meetings (including one with our auditor), had ongoing performance oversight of the investment managers, led on the recruitment process, and attended five Board meetings in addition to providing expert advice and guidance on legal and financial matters when called on.
Grateful thanks also to our supporters: the Barzilia Foundation, The Albert Hunt Trust, Loppylugs, Barbara Morrison Charitable Trust, the Privy Purse, and the BA Better World Community Fund – Employee Giving programme 2025.
Page 4
**THE NATIONAL BENEVOLENT CHARITY**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025**
## **Structure, governance, and management**
## a. Constitution
Founded in 1812, The National Benevolent Charity is governed by a Royal Charter (RC0 00364) and its Byelaws. The most recent amendments—to modernise the Royal Charter, remove the upper age qualification, and allow for general meetings via electronic means—were approved on 16th February 2022.
## b. Method of appointment or election of Trustees
Trustees are elected at General Meetings for three-year terms, with up to two re-elections permitted. The Board comprises four to twelve members.
## c. Organisational structure and decision-making
The Board met five times in 2025. It is supported by the Finance and Investment Committee and the Welfare Committee. The Welfare Committee met four times, reviewed monthly reports and held three grants’ panels. The Finance and Investment Committee met five times.
The Charity employed four staff: Ali Russell (Chief Executive), Vicky Oram-Ohern (Organisation Grants Manager), Jane Weaver (Individual Grants Manager) and Ele Weeks Bell (Team Administrator).
## d. Related party relationships
There have been no transactions with related parties during the year.
## e. Risk management
The main risk is reduced investment income, which could affect grant-making. Trustees monitor this risk and have mitigation strategies in place.
## f. Subsidiary Charities
The Charity has no subsidiaries.
## g. Restricted funds
The Henderson Bequest is a restricted fund that supports former nurses or care workers and was managed by M&G Investments. During the year, with the permission of the Charity Commission, the objects of the Henderson Bequest were changed to align with those of The National Benevolent Charity, and the funds were transferred for distribution.
## h. Land and Property
The Charity does not own property.
## **Objectives and Activities**
## a. Policies and objectives
The objects of the Charity are the relief of qualifying people who need assistance by reason of old age, infirmity, sickness or economic circumstances.
- b. Strategies for achieving objectives and performance
Page 5
**THE NATIONAL BENEVOLENT CHARITY**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025**
Support was provided through individual grants and grants to organisation. All grants adhere to Board-approved policies and guidelines.
## **Main Individual Grants Programme**
## **Types of Grants**
The Charity awarded individual welfare grants to meet essential costs, including food and clothing, furniture, white goods, minor repairs, utility bills, and training or work tools. In exceptional circumstances, grants were also awarded for bankruptcy and debt relief orders, flooring, disability aids, minor home or garden improvements, rent arrears, or other debts. Up to £1,000 per person was available. Eligibility required applicants to be over 18 years old and UK residents for 12 months, with either citizenship or leave to remain.
## **Application Process**
Applicants apply online, explaining what the grant will be used for and why it is needed. They are also asked to provide details of their financial situation, any disabilities or health issues, and other exceptional circumstances, and to supply bank statements, medical reports and details of a professional referrer. Most applications are assessed by the Grants Manager; applications for exceptional items are assessed by the Welfare Committee.
## **Grants Made**
In 2025, the Charity received 1,245 new applications for individual grants and made 738 awards (2024: 715 awards). Of the unsuccessful applications, 311 were ineligible, 171 were archived because applicants did not respond to further requests for information, and 25 were duplicates.
The average value of an award was £424 (2024: £379), an increase of £45, reflecting the general increase in costs.
## **2025 Grants Data**
- 250 appliance grants
- 188 furniture grants
- 89 food and clothing grants
- 93 flooring grants
- 118 other grants, including rent arrears, bankruptcy and debt
## **Diversity and Inclusion**
A total of 655 applicants to the Main Individual Grants Programme completed the optional DEI form. Of these:
- 51% identified as British or English
- 78% were not in paid work
- 62% had a disability or health condition
- 43% had caring responsibilities (mostly for children)
- 68% of applicants identified as female
- 66% of applicants were under 45 years old
## **Expenditure**
Total: £307,335
## **Home is Where the Harm Is Campaign and Grants Programme**
In recognition of the significant role domestic abuse plays in contributing to applications to our individual grants, we partnered with three online platforms, Lightning Reach (application platform), Crowdfunder (funding platform), and Cash Perks (distribution platform), to raise funds, to make cash grants of £200.00 via cash machines to victims of domestic abuse. The first campaign was launched in 2024. A second campaign was
Page 6
**THE NATIONAL BENEVOLENT CHARITY**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025**
launched in May 2025.
## **2025 Grants Data**
• The campaign raised £11,222, which included £5,460 from British Airways Employee Giving. We allocated £20,000 from investments.
- 243 applications were received via Lightning Reach, and 156 grants were awarded.
• Most applicants were white females aged between 30 and 45, living in London and the Southeast, in receipt of benefits, living in rented accommodation, with dependent children. A substantial number also had a mental or physical disability.
• Funds were requested to supply essentials, often after fleeing abuse and needing to set up home again in a new area and in new housing.
Trustees were pleased when the campaign won the Association of Charitable Organisations Collaboration Award.
The judges said, “The National Benevolent Charity has built an innovative, multi-faceted partnership born from real need — a powerful example of collaboration creating greater impact.”
## **RISE Grants Programme**
The RISE programme is a three-year initiative of Fear Free https://www.fearfree.org.uk/rise/, providing bespoke, tailored help to survivors of domestic abuse to access education, training and employment, with the aim of helping lift them and their families out of poverty.
The National Benevolent Charity partnered with the RISE project to design a simple referral process for participants to apply for a grant towards items or services that remove barriers to employment and improve their chance of success. Grants are between £100 and £1,500 per participant and are tailored to individual needs.
Our partnership with Fear Free was launched in late 2024 and gained momentum in 2025 as referrals to RISE increased and grant recipients were identified by RISE support workers.
By the end of 2025, we had awarded grants to 44 applicants, of whom seven were male. Applicants were aged between 19 and 62. The majority were not in paid work and had dependent children; only eight were homeowners. Only four applicants lived in Gloucestershire; the remainder lived in Wiltshire. Nine applicants were physical disabled. Awards were made for course fees, laptops, driving lessons, counselling and university expenses.
## **- Improving Lives Fund Grants to Organisations**
## **Types of Grants**
Grants were awarded to organisations supporting beneficiaries experiencing poverty or hardship. Organisations operating in Bristol, Gloucestershire, or Wiltshire & Swindon were eligible to apply. In Bristol, the fund was aimed at larger infrastructure organisations, and applicants could apply for grants of up to £40,000 over two years. In Wiltshire & Swindon and Gloucestershire, organisations could apply for up to £20,000 over two years. There is also a small grants programme across all areas, offering a maximum grant of £2,000. Improving Lives grants are funded entirely through investment income.
## **Application Process**
For larger grants, applicants submitted an expression of interest online. If their application met the criteria, they were invited to a virtual meeting with the Organisation Grants Manager and to submit a full application, which was considered by the Grants Panel. Completed applications to the small grants programme were received by email and awarded by the staff team.
Page 7
## **THE NATIONAL BENEVOLENT CHARITY**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025**
## **2025 Grants Data**
- 69 new applications received (plus two applications where funding was agreed in 2024 but awarded in
2025)
- 57 grants awarded: 42 new (including the two applications mentioned above), and 15 year 2 (final)
- instalments (committed in 2024)
- Two applications agreed for support but to be paid in 2026
- One in review
- 26 declined
- Four small grants awarded
Grants were awarded to organisations working to relieve destitution, strengthen families and communities, and support education, employment and training programmes and financial resilience.
## **Expenditure**
Total spent: £537,020 (including £7,920 in small grants)
## **Regular payments**
Only one regular beneficiary remains. Their eligibility is reviewed annually.
## **Networking**
Charity staff are active members of the Association of Charitable Organisations and regularly attend training sessions. The Chief Executive is also a member of the CEO network. The Charity is a member of the Association of Charitable Foundations, and staff regularly attend its specialist networks and training and use its resources to inform good practice.
The Chief Executive is Chair of the Bristol Funders Network, and the Organisation Grants Manager remains active in the Gloucestershire Funders Group and Swindon & Wiltshire Funders Network.
The Individual Grants Manager also strengthened relationships with referral agencies such as Citizens Advice, StepChange, Money Advice and the Refugee Council.
## **Public Benefit**
Trustees confirm compliance with the Charities Act 2022 and Charity Commission guidance. The Charity’s work clearly provides public benefit and does not result in any private benefit or public detriment.
## **Policy Review**
In 2025, the Charity reviewed policies on individual grants and organisation grants to ensure legal compliance and adherence to best practice.
## **Financial review**
## **a. Going Concern**
Following appropriate enquiries, the Trustees have a reasonable expectation that the Charity has sufficient resources to continue operating for the near future. Accordingly, they have adopted the going concern basis in preparing the financial statements. Further information regarding this basis can be found in the accounting policies.
## **b. Investments**
Investment income for the year comprises dividends and interest received on the Charity's investment portfolio, totalling £318,993 (2024: £301,140).
The Charity’s investments are managed by Brown Advisory and Navera Investments, with the portfolio held across UK equities, UK fixed interest, overseas equities, alternatives, and cash held for investment purposes. During the year, the Henderson Bequest Fund (previously held separately with M&G Investments) was transferred out of M&G and consolidated into the wider portfolio, simplifying the administration of the Charity’s
Page 8
**THE NATIONAL BENEVOLENT CHARITY**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025**
## restricted fund.
The closing value of the investment portfolio was £24,892,995 (2024: £26,061,748). The movement during the year reflected additions of £6,563,061, disposals of £7,849,647 and net losses on investments of £345,063 recognised in the Statement of Financial Activities. The net losses arose principally from a period of weakness in overseas equity markets during 2025.
During the year, the Trustees exercised their discretion to increase the regular monthly cash withdrawal from the portfolio to cover planned grant-making across 2025 and deliver the Charity’s core work. The level of drawdown was set with reference to the Charity’s reserves policy and was kept under review by the Finance and Investment Committee at each meeting.
Portfolio management fees for the year amounted to £148,715 (2024: £99,984). The increase reflects a first full year of fees under the new investment management arrangements.
The Trustees’ investment objective remains to achieve a long-term total return of UK CPI + 4% per annum. While returns in 2025 fell short of this benchmark due to market conditions, the Trustees remain satisfied that the portfolio is appropriately positioned to meet this objective over the longer term. The Charity continues to exclude from its portfolio companies associated with gambling or payday lending, reflecting the Trustees’ view that such activities conflict with the Charity’s mission and values.
The Finance and Investment Committee met with the investment managers throughout the year to review performance, asset allocation and strategy, and reported back to the Board at each Board meeting.
## **c. Reserves policy**
The Charity’s reserves policy considers the stability of core income streams, the potential for unforeseen costs and the need for adequate working capital to ensure uninterrupted operations. The Trustees aim to maintain free reserves equivalent to three months’ operational expenditure. This ensures sufficient funds are available for management, administration and beneficiary support. Currently, the target reserve is £300,000, comprised of £85,000 in the current account and £215,000 held in investments. Any surplus beyond this level at year-end may be either invested or allocated to charitable activities, depending on prevailing circumstances.
## **Future Development**
The Trustees continuously monitor the financial, economic and social context in which the Charity operates, adjusting policies and practices as needed. Following the strategic review undertaken in 2025, the Charity decided to focus all of its grant-making in Bristol, Gloucestershire, Swindon and Wiltshire for three years from January 2026, and to pilot a programme of awarding core grants plus beneficiary grants to organisations. The aim of these programme changes is to increase the impact of grant-making on poverty within the geographical area of focus by building stronger partnerships with organisations working to relieve poverty. It is also envisaged that the changes will help develop collaborations and potential funding opportunities with other trusts and foundations interested in our approach.
## **Auditors**
A resolution to reappoint Randall & Payne LLP as the Charity’s auditors will be proposed at the upcoming Annual General Meeting.
## **Trustees' responsibilities statement**
The Trustees are responsible for preparing the Trustees’ Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (UK GAAP).
Charity law in England and Wales requires the Trustees to prepare financial statements for each financial year that give a true and fair view of the Charity’s financial position and of its income and expenditure for that period. In preparing these statements, the Trustees must:
Page 9
## **THE NATIONAL BENEVOLENT CHARITY**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025**
- Select and apply suitable accounting policies consistently.
- Follow the methods and principles of the Charities SORP.
- Make reasonable and prudent judgments and estimates.
- State whether applicable UK Accounting Standards have been followed, with explanations for any
- material departures.
- Prepare the financial statements on a going concern basis unless it is inappropriate to do so.
The Trustees are also responsible for maintaining accurate accounting records, safeguarding the Charity’s assets, and taking reasonable steps to prevent and detect fraud and other irregularities. These records must enable compliance with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed.
In addition, the Trustees are responsible for the integrity of financial information presented on the Charity’s website. The legal framework for the preparation and dissemination of financial statements in the UK may differ from that in other jurisdictions.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ **James Golob** Chairman of the Board Date: 5th June 2026
Page 10
**THE NATIONAL BENEVOLENT CHARITY**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NATIONAL BENEVOLENT CHARITY**
## **Opinion**
We have audited the financial statements of The National Benevolent Charity (the 'Charity') for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK' (United Kingdom Generally Accepted Accounting Practice).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 December 2025 and of its incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Page 11
**THE NATIONAL BENEVOLENT CHARITY**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NATIONAL BENEVOLENT CHARITY (CONTINUED)**
## **Other information**
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Page 12
**THE NATIONAL BENEVOLENT CHARITY**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NATIONAL BENEVOLENT CHARITY (CONTINUED)**
## **Auditors' responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our audit planning process gave consideration to the risk of material misstatement in the financial statements, using the calculated materiality level which itself factored in the nature of the Charity's operations and the interpreted levels of inherent and control risk.
In assessing the risk of fraud we reviewed management's own assessment of potential for fraud within the entity and reviewed judgements made by management to identify possible bias, in addition to any opportunity and incentive for fraud that are in inherent in the nature of the Charity's operations. Our detailed testing included review of accounting estimates and judgements and validation of prime ledger entries.
We confirmed our knowledge of the legal and regulatory environment of the entity through discussions with management. We analysed all information available to us in respect of relevant laws and regulations, including the Companies Act 2006, the Charities SORP and relevant UK tax legislation and enquired with management as
to any possible breaches in the aforementioned.
We agreed the accuracy of the financial statements to the supporting management information provided by the client and tested individually on a sample basis the income and expenditure in the financial statements to consider the business rationale behind the transactions and the accuracy of the financial records.
Our audit testing did not identify any issues in respect of the matters listed above, including fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
## **Use of our report**
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Page 13
**THE NATIONAL BENEVOLENT CHARITY**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NATIONAL BENEVOLENT CHARITY (CONTINUED)**
**Ryan Moore CA Randall & Payne LLP** Chartered Accountants & Statutory Auditors Shurdington Road Cheltenham Gloucestershire GL51 4GA
Date:
Randall & Payne LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 14
**THE NATIONAL BENEVOLENT CHARITY**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025**
|**Note**
3
4
5
6
7
8
18
**Income and**
**endowments from:**
Donations and
legacies
Charitable activities
Investments
Other income
**Total income and**
**endowments**
**Expenditure on:**
Raising funds:
_._ Other raising funds
Charitable activities
**Total expenditure**
**Net**
**(expenditure)/**
**income before net**
**(losses)/gains on**
**investments**
Net (losses)/gains on
investments
**Net**
**(expenditure)/**
**income **
Transfers between
funds
**Net movement in**
**funds**
**Reconciliation of**
**funds:**
Total funds brought
forward
Net movement in
funds
**Total funds carried**
**forward**|**Unrestricted**
**funds**
**2025**
**£**
**10,885**
**41,222**
**318,993**
**8,600**
**379,700**
**152,569**
**1,184,969**
**1,337,538**
**(957,838)**
**(345,063)**
**(1,302,901)**
**151,119**
**(1,151,782)**
**24,419,723**
**(1,151,782)**
**23,267,941**|**Restricted**
**funds**
**2025**
**£**
**-**
**50,000**
**-**
**-**
**50,000**
**-**
**33,122**
**33,122**
**16,878**
**-**
**16,878**
**(151,119)**
**(134,241)**
**201,119**
**(134,241)**
**66,878**|**Endowment**
**funds**
**2025**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**1,672,693**
**-**
**1,672,693**|**Total**
**funds**
**2025**
**£**
**10,885**
**91,222**
**318,993**
**8,600**
**429,700**
**152,569**
**1,218,091**
**1,370,660**
**(940,960)**
**(345,063)**
**(1,286,023)**
**-**
**(1,286,023)**
**26,293,535**
**(1,286,023)**
**25,007,512**|_Total_
_funds_
_2024_
_£_
_16,895_
_140,439_
_301,140_
_352,574_
_811,048_
_99,985_
_1,026,295_
_1,126,280_
_(315,232)_
_2,610,052_
_2,294,820_
_-_
_2,294,820_
_23,998,715_
_2,294,820_
_26,293,535_|
|---|---|---|---|---|---|
Page 15
**THE NATIONAL BENEVOLENT CHARITY**
## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025**
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 19 to 35 form part of these financial statements.
Page 16
**THE NATIONAL BENEVOLENT CHARITY**
## **BALANCE SHEET AS AT 31 DECEMBER 2025**
|**Note**
**Fixed assets**
Tangible assets
13
Investments
14
**Current assets**
Debtors
16
Cash at bank and in hand
**Current liabilities**
Creditors: amounts falling due within one
year
17
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**Charity funds**
Endowment funds
18
Restricted funds
18
Unrestricted funds
18
**Total funds**|**1,833**
**350,581**
**352,414**
**(240,702)**|**2025**
**£**
**2,805**
**24,892,995**
**24,895,800**
**111,712**
**25,007,512**
**25,007,512**
**1,672,693**
**66,878**
**23,267,941**
**25,007,512**|_1,833_
_252,475_
_254,308_
_(22,521)_|_2024_
_£_
_-_
_26,061,748_|
|---|---|---|---|---|
|||||_26,061,748_
_231,787_|
|||||_26,293,535_|
||||||
|||||_26,293,535_|
|||||_1,672,693_
_201,119_
_24,419,723_|
||||||
|||||_26,293,535_|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ **James Golob** Chairman of the Board
## Date: 5th June 2026
The notes on pages 19 to 35 form part of these financial statements.
Page 17
**THE NATIONAL BENEVOLENT CHARITY**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025**
|**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Dividends, interests and rents from investments
Net proceeds from the sale of property
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
**Net cash provided by investing activities**
**Cash flows from financing activities**
**Net cash provided by financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year (including cash held in**
**investments)**|**2025**
**£**
**(1,503,967)**
**318,993**
**-**
**(3,507)**
**7,849,647**
**(6,563,061)**
**1,602,072**
**-**
**98,105**
**1,172,906**
**1,271,011**|_2024_
_£_
_(203,221)_
_301,140_
_1,518,642_
_-_
_1,706,231_
_(3,230,473)_
**295,540**
**-**
**92,319**
_1,080,587_
_1,172,906_|
|---|---|---|
The notes on pages 19 to 35 form part of these financial statements
Page 18
**THE NATIONAL BENEVOLENT CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **1. General information**
The National Benevolent Charity was founded as the National Benevolent Institution by Peter Herve in 1812 and is a Registered Charity constituted under a Royal Charter of 5th November 1859 and supplemental Royal Charters of 17th May 1948, 12th February 1997, an Order in Council of 19th July 2005 and 14th December 2011.
The change of the Charity's name to The National Benevolent Charity was approved by HM The Queen meeting in Privy Council on 14th December 2011.
The Registered Charity number is 212450. The Royal Charter number is RC000364.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The National Benevolent CharityThe National Benevolent Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Going concern**
The National Benevolent Charity has net current assets of £111,712 (2024: £231,787) and total net assets (which includes the Charity's investment portfolio) of £25,007,512 (2024: £26,293,535). The Charity manages its working capital requirements carefully through bank balances and income generated from its investments. The Charity ensures that robust budgets are set and that actual spend against these budgets is analysed on a monthly basis by the Chief Executive and subsequently by the Board of Trustees' Finance Sub-Committee. The forecast figures for 2025/26 continue to show positive cash flow and maintenance of a strong balance sheet position. Having regard to these matters, the Trustees consider it appropriate to prepare the financial statements using a going concern basis. The Trustees do not consider that there are any material uncertainties that may cast significant doubt about the Charity's ability to continue as a going concern.
Page 19
**THE NATIONAL BENEVOLENT CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **2. Accounting policies (continued)**
## **2.3 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
## **2.4 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Fundraising costs are those incurred in seeking voluntary contributions and do not include costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the Charity. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Charitable activities and Governance costs are costs incurred on the Charity's educational operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activities.
All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on the basis of management estimates of the amount attributable to that activity in the year either by reference to staff time, space occupied, or estimated usage, as appropriate.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
Page 20
**THE NATIONAL BENEVOLENT CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **2. Accounting policies (continued)**
## **2.5 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank.
## **2.6 Tangible fixed assets and depreciation**
Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Scheduled maintenance and repair work is recognised in the Statement of Financial Activities as the commitment arises.
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities.
Tangible fixed assets are carried at costs, net of depreciation and any provision for impairment.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. using the straight-line method.
Depreciation is provided on the following basis:
Computer equipment - 20%
## **2.7 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
Fair value measure is determined with reference to observable market share/ instrument prices.
## **2.8 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.9 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 21
**THE NATIONAL BENEVOLENT CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **2. Accounting policies (continued)**
## **2.10 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
## **2.11 Financial instruments**
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.12 Pensions**
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
## **2.13 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Endowment funds represent funds that have been received by the charity subject to specific conditions imposed by the donor requiring that the capital is held, either permanently or until a specific event occurs.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 22
**THE NATIONAL BENEVOLENT CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **3. Income from donations and legacies**
|Donations
Legacies
_Total 2024_|**Unrestricted**
**funds**
**2025**
**£**
10,865
20
10,885
_16,895_|**Total**
**funds**
**2025**
**£**
**10,865**
**20**
**10,885**
_16,895_|_Total_
_funds_
_2024_
_£_
_11,675_
_5,220_|
|---|---|---|---|
||||_16,895_|
|||||
## **4. Income from charitable activities**
|Rental Income
Project income
_Total 2024_|**Unrestricted**
**funds**
**2025**
**£**
-
41,222
41,222
_90,439_|**Restricted**
**funds**
**2025**
**£**
-
50,000
50,000
_50,000_|**Total**
**funds**
**2025**
**£**
**-**
**91,222**
**91,222**
_140,439_|_Total_
_funds_
_2024_
_£_
_17,100_
_123,339_|
|---|---|---|---|---|
|||||_140,439_|
||||||
Restricted project income of £50,000 (2024: £50,000) was received from The Albert Hunt Trust.
Page 23
**THE NATIONAL BENEVOLENT CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **5. Investment income**
|**Unrestricted**
**funds**
**2025**
**£**
Dividends and distributions
318,993
_Total 2024_
_297,100_|**Restricted**
**funds**
**2025**
**£**
-
_4,040_|**Total**
**funds**
**2025**
**£**
**318,993**
_301,140_|_Total_
_funds_
_2024_
_£_
_301,140_|
|---|---|---|---|
|||||
## **6. Other incoming resources**
|Other income
_Total 2024_|**Unrestricted**
**funds**
**2025**
**£**
8,600
_352,574_|**Total**
**funds**
**2025**
**£**
**8,600**
_352,574_|_Total_
_funds_
_2024_
_£_
_352,574_|
|---|---|---|---|
In the prior year, unrestricted income of £352,574 includes a gain on disposal of property of £341,911.
## **7. Expenditure on raising funds**
## **Costs of raising voluntary income**
|**Unrestricted**
**funds**
**2025**
**£**
Publicity
3,153
Portfolio Management Fees
148,715
Costs of raising voluntary income - depreciation
701
152,569
_Total 2024_
_99,984_|**Total**
**funds**
**2025**
**£**
**3,153**
**148,715**
**701**
**152,569**
_99,984_|_Total_
_funds_
_2024_
_£_
_-_
_99,984_
_-_|
|---|---|---|
|||_99,984_|
||||
Page 24
**THE NATIONAL BENEVOLENT CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **8. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|Accomodation
Beneficiaries
Governance
_Total 2024_|**Unrestricted**
**funds**
**2025**
**£**
-
1,155,618
29,351
1,184,969
_1,026,295_|**Restricted**
**funds**
**2025**
**£**
-
33,122
-
33,122
_-_|**Total**
**2025**
**£**
**-**
**1,188,740**
**29,351**
**1,218,091**
_1,026,295_|_Total_
_2024_
_£_
_62,938_
_957,807_
_5,550_|
|---|---|---|---|---|
|||||_1,026,295_|
||||||
## **9. Analysis of expenditure by activities**
|Accomodation
Beneficiaries
Governance
_Total 2024_|**Activities**
**undertaken**
**directly**
**2025**
**£**
-
1,139,544
-
1,139,544
_915,199_|**Support**
**costs**
**2025**
**£**
-
49,196
29,351
78,547
_111,096_|**Total**
**funds**
**2025**
**£**
**-**
**1,188,740**
**29,351**
**1,218,091**
_1,026,295_|_Total_
_funds_
_2024_
_£_
_62,939_
_957,806_
_5,550_|
|---|---|---|---|---|
|||||_1,026,295_|
||||||
Page 25
**THE NATIONAL BENEVOLENT CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **9. Analysis of expenditure by activities (continued)**
## **Analysis of direct costs**
|**Accomodation**
**2025**
**Beneficiaries**
**2025**
**£**
**£**
Staff costs
-
224,273
Grants
-
875,802
Regular payments
-
6,348
Property costs
-
-
Legal and professional
-
-
Rise grants
-
33,121
-
1,139,544
_Total 2024_
_29,541_
_885,658_
Grants paid during the year include:
Individual grants - £307,335
Organisation grants - £537,020
HiWtHi project grants - £31,447
Total grants - £875,802|**Total**
**funds**
**2025**
**£**
**224,273**
**875,802**
**6,348**
**-**
**-**
**33,121**
**1,139,544**
_915,199_|_Total_
_funds_
_2024_
_£_
_180,375_
_713,276_
_988_
_18,450_
_2,110_
_-_|
|---|---|---|
|||_915,199_|
||||
Following the disposal of properties in the financial year ended 31 December 2024 and the reorganisation of the Charity, all costs incurred in the year relate to grant making activities and Beneficiaries.
## **10. Auditors' remuneration**
||**2025**|_2024_|
|---|---|---|
||**£**|_£_|
|Fees payable to the Charity's auditor for the audit of the Charity's annual|||
|accounts|**5,500**|_5,250_|
|Fees payable to the Charity's auditor in respect of:|||
|All non-audit services not included above|**2,850**|_2,850_|
Page 26
**THE NATIONAL BENEVOLENT CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **11. Staff costs**
|Wages and salaries
Contribution to defined contribution pension schemes|**2025**
**£**
**212,063**
**12,210**
**224,273**|_2024_
_£_
_214,663_
_11,347_|
|---|---|---|
||||
|||_226,010_|
The average number of persons employed by the Charity during the year was as follows:
||**2025**|_2024_|
|---|---|---|
||**No.**|_No._|
|Administration & Support|**4**|_4_|
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
|||**2025**|_2024_|
|---|---|---|---|
|||**No.**|_No._|
|In the band £90,001|- £100,000|**1**|_1_|
The above employee has pension contributions of £13,566 (2024: £7,024).
Included within the above staff costs is an amount which relates to the key management personnel. The total amount of employee benefits (including employers pension contributions) received by key management personnel was £195,065 (2024: £198,647).
## **12. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2024 - £NIL)_ .
During the year ended 31 December 2025, no Trustee expenses have been incurred _(2024 - £NIL)_ .
Page 27
## **THE NATIONAL BENEVOLENT CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **13. Tangible fixed assets**
|**Cost or valuation**
Additions
At 31 December 2025
**Depreciation**
Charge for the year
At 31 December 2025
**Net book value**
At 31 December 2025
_At 31 December 2024_
**14.**
**Fixed asset investments**
**Cost or valuation**
At 1 January 2025
Additions
Disposals
Revaluations
At 31 December 2025
**Net book value**
At 31 December 2025
_At 31 December 2024_|**Computer**
**equipment**
**£**
**3,506**
**3,506**
**701**
**701**
**2,805**
_-_
**Investments**
**£**
**26,061,748**
**6,563,061**
**(7,849,647)**
**117,833**
**24,892,995**
**24,892,995**
_26,061,748_|
|---|---|
Page 28
**THE NATIONAL BENEVOLENT CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **14. Fixed asset investments (continued)**
## **15. Fixed asset investments (continued)**
|**Material investments**
UK Equity
UK Fixed Interest
Overseas Equities
Alternatives
Cash held for investment purposes
M&G Investment|**2025**
**£**
**685,490**
**3,909,292**
**18,063,242**
**809,011**
**1,425,960**
**-**
**24,892,995**|_2024_
_£_
_2,146,819_
_3,350,422_
_18,506,281_
_945,523_
_923,872_
_188,830_|
|---|---|---|
|||_26,061,747_|
## **16. Debtors**
|**Due within one year**
Prepayments and accrued income|**2025**
**£**
**1,833**
**1,833**|_2024_
_£_
_1,833_|
|---|---|---|
||||
|||_1,833_|
## **17. Creditors: Amounts falling due within one year**
|Trade creditors
Other creditors|**2025**
**£**
**1,559**
**239,143**
**240,702**|_2024_
_£_
_-_
_22,521_|
|---|---|---|
||||
|||_22,521_|
Included within other creditors is income received in advance of £156,508 (2024: £nil), pensions payable of £2,515 (2024: £nil) and accruals of £8,101 (2024: £22,521). Also included is £72,020 (2024: £nil) representing 10 grant awards communicated to organisations which were approved and recognised as liabilities at the period end but remained unpaid.
Page 29
**THE NATIONAL BENEVOLENT CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **18. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted**
**funds**
**Designated**
**funds**
Designated
Funds - all
funds
**General funds**
General Funds
- all funds
**Total**
**Unrestricted**
**funds**
**Endowment**
**funds**
Endowment
Funds - all
funds
**Restricted**
**funds**
RISE Project
2025
Restricted
Funds - M&G
Investment
**Total of funds**|**Balance at 1**
**January**
**2025**
**£**
**16,812,637**
**7,607,086**
**24,419,723**
**1,672,693**
**50,000**
**151,119**
**201,119**
**26,293,535**|**Income**
**£**
**-**
**379,700**
**379,700**
**-**
**50,000**
**-**
**50,000**
**429,700**|**Expenditure**
**£**
**-**
**(1,337,538)**
**(1,337,538)**
**-**
**(33,122)**
**-**
**(33,122)**
**(1,370,660)**|**Transfers**
**in/out**
**£**
**151,119**
**-**
**151,119**
**-**
**-**
**(151,119)**
**(151,119)**
**-**|**Gains/**
**(Losses)**
**£**
**(345,063)**
**-**
**(345,063)**
**-**
**-**
**-**
**-**
**(345,063)**|**Balance at**
**31**
**December**
**2025**
**£**
**16,618,693**|
|---|---|---|---|---|---|---|
|||||||**6,649,248**|
|||||||**23,267,941**|
|||||||**1,672,693**|
|||||||**66,878**
**-**|
|||||||**66,878**|
|||||||**25,007,512**|
Page 30
**THE NATIONAL BENEVOLENT CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **18. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted funds**
**Designated funds**
Designated Funds - all funds
**General funds**
General Funds - all funds
**Total Unrestricted funds**
**Endowment funds**
Endowment Funds - all funds
**Restricted funds**
Restricted Funds - all funds
RISE Project 2025
**Total of funds**|_Balance at_
_1 January_
_2024_
_£_
_14,202,955_
_7,976,358_
_22,179,313_
_1,672,693_
_146,710_
_-_
_146,710_
_23,998,716_|_Income_
_£_
_-_
_757,007_
_757,007_
_-_
_4,040_
_50,000_
_54,040_
_811,047_|_Expenditure_
_£_
_-_
_(1,126,279)_
_(1,126,279)_
_-_
_-_
_-_
_-_
_(1,126,279)_|_Gains/_
_(Losses)_
_£_
_2,609,682_
_-_
_2,609,682_
_-_
_369_
_-_
_369_
_2,610,051_|_Balance at_
_31_
_December_
_2024_
_£_
_16,812,637_|
|---|---|---|---|---|---|
||||||_7,607,086_|
||||||_24,419,723_|
||||||_1,672,693_|
||||||_151,119_
_50,000_|
||||||_201,119_|
||||||_26,293,535_|
Page 31
**THE NATIONAL BENEVOLENT CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **19. Summary of funds (continued)**
**Summary of funds - current year**
|Designated
funds
General funds
Endowment
funds
Restricted
funds|**Balance at 1**
**January**
**2025**
**£**
**16,812,637**
**7,607,086**
**1,672,693**
**201,119**
**26,293,535**|**Income**
**£**
**-**
**379,700**
**-**
**50,000**
**429,700**|**Expenditure**
**£**
**-**
**(1,337,538)**
**-**
**(33,122)**
**(1,370,660)**|**Transfers**
**in/out**
**£**
**151,119**
**-**
**-**
**(151,119)**
**-**|**Gains/**
**(Losses)**
**£**
**(345,063)**
**-**
**-**
**-**
**(345,063)**|**Balance at**
**31**
**December**
**2025**
**£**
**16,618,693**
**6,649,248**
**1,672,693**
**66,878**|
|---|---|---|---|---|---|---|
|||||||**25,007,512**|
Page 32
**THE NATIONAL BENEVOLENT CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **19. Summary of funds (continued)**
## **Summary of funds - prior year**
|Designated funds
General funds
Endowment funds
Restricted funds|_Balance at_
_1 January_
_2024_
_£_
_14,202,955_
_7,976,358_
_1,672,693_
_146,710_
_23,998,716_|_Income_
_£_
_-_
_757,007_
_-_
_54,040_
_811,047_|_Expenditure_
_£_
_-_
_(1,126,279)_
_-_
_-_
_(1,126,279)_|_Gains/_
_(Losses)_
_£_
_2,609,682_
_-_
_-_
_369_
_2,610,051_|_Balance at_
_31_
_December_
_2024_
_£_
_16,812,637_
_7,607,086_
_1,672,693_
_201,119_|
|---|---|---|---|---|---|
||||||_26,293,535_|
## **Description of funds**
## _Endowed legacies fund_
Bye-Law 31, which was abolished in 2005, required legacy income over and above the amount allowed to be expended as income to be invested in the name of the Charity. This fund represents the total amount of these endowed legacies. The fund balance is represented by costs associated with the land and the buildings at the Charity's headquarters in Tetbury. The land and buildings were disposed of in 2024, and the funds received re-invested in the Charity's investment portfolio. Accordingly, the Endowed legacy fund is now represented as part of the wider investment.
## _Restricted funds_
The Henderson fund arose as result of the sale of Margaret Cottages and is a bequest made with specific objects regarding the provision of accomodation, grants or other financial assistance for the relief of members, or former members of the nursing profession who are in need, hardship or distress.
## _RISE (Restricted fund)_
National Benevolent was awarded a £50,000 grant from the Albert Hunt Trust to support individuals participating in the RISE programme over the next three years.
The RISE programme, delivered by FearFree (https://www.fearfree.org.uk/rise/),is a three-year initiative designed to support both victims and perpetrators of domestic abuse in rebuilding their lives. It offers tailored assistance to help individuals access education, training, and employment opportunities.
As part of the programme, participants can apply for individual grants to fund specific needs such as training courses, laptops, driving lessons, and other essential resources that aid their journey toward independence and stability.
## _Designated funds_
Designated funds are earmarked formally by the Trustees for a particular purpose and are primarily invested or expended on the charitable objects of The National Benevolent Charity. The fund balance is largely represented by the Charity's investment balance.
Page 33
**THE NATIONAL BENEVOLENT CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **20. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|**Unrestricted**
**funds**
**2025**
**£**
2,805
23,153,424
352,414
(240,702)
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
**Total**
23,267,941|**Restricted**
**funds**
**2025**
**£**
-
66,878
-
-
66,878|**Endowment**
**funds**
**2025**
**£**
-
1,672,693
-
-
1,672,693|**Total**
**funds**
**2025**
**£**
**2,805**
**24,892,995**
**352,414**
**(240,702)**
**25,007,512**|
|---|---|---|---|
## **Analysis of net assets between funds - prior year**
|Fixed asset investments
Current assets
Creditors due within one year
**Total**|_Endowment_
_funds_
_2024_
_£_
_1,672,692_
_1,672,692_|_Restricted_
_funds_
_2024_
_£_
_151,119_
_50,000_
_201,119_|_Unrestricted_
_funds_
_2024_
_£_
_24,237,937_
_204,307_
_(22,520)_
_24,419,724_|_Total_
_funds_
_2024_
_£_
_26,061,748_
_254,308_
_(22,520)_
_26,293,535_|
|---|---|---|---|---|
Page 34
**THE NATIONAL BENEVOLENT CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **21. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income/expenditure for the year (as per Statement of Financial
Activities)
**Adjustments for:**
Depreciation charges
Revaluation on investments
Dividends, interests and rents from investments
Net gain on the sale of fixed assets
Decrease in debtors
Increase/(decrease) in creditors
**Net cash used in operating activities**
**22.**
**Analysis of cash and cash equivalents**
Cash at bank and held in investments
**Total cash and cash equivalents**
**23.**
**Analysis of changes in net debt**
**At 1**
**January**
**2025**
**£**
Cash at bank
**252,475**
**252,475**||**2025**
**£**
**(1,286,023)**
**701**
**(117,833)**
**(318,993)**
**-**
**-**
**218,181**
**(1,503,967)**
**2025**
**£**
**1,271,011**
**1,271,011**
**Cash flows**
**£**
**98,106**
**98,106**||_2024_
_£_
_2,294,820_
_-_
_(2,540,549)_
_(301,140)_
_341,911_
_1,862_
_(125)_
_(203,221)_
_2024_
_£_
_1,172,906_
_1,172,906_
**At 31**
**December**
**2025**
**£**
**350,581**
**350,581**|
|---|---|---|---|---|
||||||
## **24. Related party transactions**
The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 December 2025.
Page 35