2025-12-31-accounts - The Shell Pensioners Benevolent Association

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Shell Pensioners Benevolent Association

An explanatory note from the Chairman

At last year’s AGM the Constitution was amended but the object clause required Charity Commission approval. After discussion with the CC, whose agreement is a legal requirement, the following simplified clause has now been agreed and is submitted to the meeting for approval.

The prevention or relief of poverty among persons resident in the United Kingdom who are members of the Shell Pensioners Association (and the wives, husbands, widows, widowers, children and other dependants of such persons) in receipt of a pension from the Shell Contributory Pension Fund or the Shell Overseas Contributory Pension Fund, in particular but not exclusively by providing advice, grants and loans

Current Object: The object of the Benevolent Association is the relief of poverty among persons who are members of the Shell Pensioners Association and the wives, widows, children and other dependants of such persons. In furtherance of the above object but not otherwise the Benevolent Association shall have the following powers:

(a) To establish and maintain homes and hostels and make grants, donations and loans (with or without interest) or pay subscriptions towards the establishment and maintenance of homes and hostels;

(b) To make grants, donations and loans (with or without interest) or pay subscriptions to charitable associations, societies, institutions and corporations whose objects permit relief being granted to any or all of such persons in the form of provision of homes or in any other form of relief or assistance whatsoever:

(c) To make grants, donations and loans (with or without interest) including grants, donations and loans for training or other educational purposes.

In addition, the Board approved a change to Clause 6.2 changing the date when nominations for Board members changed from 1st March to 22nd April. This change recognizes the difficulty of obtaining nominations in time in the last few years.

The current object is shown in the explanatory note on the previous page

Notice of Annual General Meeting,

Report and Financial Statements

for the year ended 31 December 2025

Notice is hereby given that the 56th Annual General Meeting of the Association will be held at the York Road Building, Shell Centre, London SE1 7NA at 17:30 on Wednesday 10 June 2026 following the conclusion of the Shell Pensioners Association AGM.

Agenda

To amend the constitution following the Charity Commission approval of the object clause as below.
The prevention or relief of poverty among persons resident in the United Kingdom who are members of the Shell Pensioners Association (and the wives, husbands, widows, widowers, children and other dependants of such persons) in receipt of a pension from the Shell Contributory Pension Fund or the Shell Overseas Contributory Pension Fund, in particular but not exclusively by providing advice, grants and loans.
To ratify the change to clause 6.2 changing the receipt of Board nomination from 1[st] March to April 22[nd] .
To approve the Minutes of the 55th Annual General Meeting held at the York Road Building, Shell Centre, London SE1 7NA on Wednesday 11 June 2025
To receive an oral report from the Chairman of the Board
To receive and consider:
a) The Report of the Trustees
b) The Financial Statements
c) The Report of the Auditor, Sayer Vincent LLP
To elect the following Board members; Mr R Waight, Mr D Lewis, Ms K Saywell, Mr S Pain, Mrs V Adams, Mr S Tester, Mrs J Harding, Mr R Lewis & Mr K Sleat
To delegate to the Board the appointment of an Independent Examiner or auditor
To delegate setting the date and location of the 57th Annual General Meeting to the Board
Any other business.

Shell Centre

By Order of the Board:

London SE1 7NA

Ken Sleat – Secretary

Tel: 020 7934 5131

22 April 2026

Shell Pensioners Benevolent Association

Reference and administrative details for the year ended 31 December 2025

Charity number 262049	Bankers Lloyds Banking Group The Strand London Branch, PO Box 1000, London BX1 1LT
Status The organisation is a charity registered on 15 March 1971 Governing document The organisation is governed by its constitution	Registered office and Mailing address Shell Centre, London SE1 7NA
	Auditor Sayer Vincent LLP 110 Golden Lane, London EC1Y 0TG
Board members and Trustees Mr R Waight Chairman Ms V Carter Mrs C Nancarrow Mrs G Springett Mr D Lewis Mr S Tester Ms K Saywell Mr S Pain Mrs S Oxspring (resigned 13 January 2025) Mrs V. Adams (appointed 23 April 2025)	Board members Mrs J Harding (appointed February 11 2026) Mr R Lewis (appointed April 22 2026)
Secretary/Treasurer and Board member Mr K Sleat FCA FCT Shell Centre, London SE1 7NA Email: ken.k.sleat@shell.com Tel: 020 7934 5131	In this report, 'SPA' is used for convenience where reference is made to the Shell Pensioners Association, and 'the Association' for the Shell Pensioners Benevolent Association

Shell Pensioners Benevolent Association

Report of the Trustees for the year ended 31 December 2025

The Trustees present their report and the audited Financial Statements for the year ended 31 December 2025.

The Financial Statements have been prepared in accordance with the accounting policies set out in Note 1 to the Financial Statements and comply with the charity’s constitution, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Structure, governance and management

The details of the Trustees, Bankers, Solicitors, Auditor and charity name, number and address are to be found on the previous page.

Membership of the Association is open to all members of the SPA. The qualification for membership is a donation to the Association.

The Association, which is unincorporated, is governed by its constitution as approved by the Charity Commission. It is managed by Trustees who, as a Board of Management, meet six times a year either physically or remotely.

Currently, up to ten Board members are elected at each Annual General Meeting (AGM) who serve until the conclusion of the next AGM and have the power to co-opt up to a further three persons whom they consider having special knowledge or experience.

At the first Board meeting after the AGM the Board appoints Trustees of the Association to serve until the next AGM. The Board seeks Trustees who have an empathy for the object of the Association and who have experience of the necessary business and professional skills, such as management, medical, marketing, financial, human resources, legal and pensions.

On appointment, new Trustees to the Association are provided with copies of, or are directed to, the Charity Commission briefing material covering a Trustee’s job description and “The Essential Trustee: What you need to know”.

The organisation is an unincorporated charity registered as a charity on 15th March 1971 in England and Wales.

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 5 to the accounts.

In accordance with its constitution, and to ensure that funds are used in accordance therewith, all proposals for assistance are submitted through the Secretary of the Association. Pensioner Programme Officers (PPOs) assess claimant needs and make recommendations accordingly. The proposals are then considered in detail at the meetings of the Trustees bearing in mind the object and powers of the Association. In case of urgency, a proposal is circulated to the Board by electronic means, and the Board will ratify any decision at the next Board meeting. If a proposal is under £500 any two Board members are authorised to agree immediate assistance bearing in mind the object of the Association and their action is tabled for noting at the next meeting of the Trustees.

Donations and fundraising

Donations and legacies are encouraged through occasional communications with current pensioners. In addition, SPA National Committee members, the Association Chairman and the Secretary occasionally visit SPA branches and report on the activities of the Association.

Branch members donate, either individually or collectively, to the Association. In 2025, donations from branches resumed their decline despite the receipt of residual branch closure funds. Branch donations are now a small proportion of donations, but individual donations increased significantly due to one off donations.

Generally, donations are not sought from current employees of Shell in the UK or from the public. In 2025 assistance from Shell International Ltd (Shell) continued through reimbursing office services and other administration costs together with the employment costs of the Secretary. In addition, Shell contributed £20,000 towards the set-up costs of the Association taking over responsibility for the Shell Pensioner Programme (SPP) organisation with all the increased costs and management time that entails.

Reserves policy

The reserves policy of the Trustees is to maintain sufficient reserves, which, together with donations, will generate the necessary ongoing resources to make grants and loans to SPA members.

In the past, this has largely been achieved from investing legacies, although recently part of the legacies has been used to fund deficits.

This situation is kept under regular review.

Investment policy

The investment policy is to maximise the Association’s investment income in a relatively low risk manner to meet securely the object of the Association. The policy is to invest surplus funds into equity investments, managed equity investment funds, and fixed interest deposits and money market funds.

As a registered charity, the Association’s investment income is not subject to tax, and the Trustees are mindful of this fact when making investment decisions. Investment policy is implemented by an investment sub-committee which reports regularly to the Trustees on performance. The Trustees review the investment policy at least annually.

Unrestricted funds

The Association’s funds are unrestricted and can therefore be used for any purpose permitted by the constitution.

Indemnification of Officers

During the year, the Association, in accordance with its constitution, indemnified the Board, the Secretary and other Officers against liabilities in relation to the Association. In addition, insurance was taken out by the Association to cover this indemnification.

Material changes

During 2025 Shell continued to sponsor and fund the Shell Pensioner Programme (SPP) which is a free of charge facility but only for SPA members who are in receipt of a SCPF / SOCPF pension. During the year discussions took place between the Association and Shell on the best way of providing support to the Association. It was agreed that the management of SPP personnel would be better placed with the Association and Shell agreed to pay £242,000 a year for the period 2026-2028 to support the Association. Shell will keep the agreement under review.

The work of the Secretary, Chairman, Trustees, and the SPP Manager increased significantly during the second half of the year as preparations were made to set up all facilities required to operate independently from Shell. This included terms of employment, insurance, purchase of equipment, setting up IT systems, and updating all policies and procedures. Shell agreed to pay £20,000 towards the set-up costs which was received at the end of 2025.

Sickness continued to affect the ability of the SPP team to carry out their duties as effectively as before, and the replacement of one PPO, unavailable owing to incapacity, was deferred whilst discussions on the future of the SPP took place.

The remaining PPOs' workload increased significantly to cover these absences and the deferral. In the last quarter the PPOs were obliged by the data privacy law to contact all of the pensioners on the watch list to receive permission from them to continue to be contacted when SPP change to SPBA.

All these factors led to the number of cases being submitted to the Board during 2025 falling as shown in Achievements and performance.

As in 2024, following discussions with Shell, a communication about the Association’s activities was sent out to all pensioners by the Pensioners’ Administration Team in February 2025. This provided detail on the benevolence offered by the Association and resulted in new referrals. Discussions have confirmed that this will continue and further ways of increasing communication via Shell will be explored.

During 2025, the Association took the decision to again pay two general grants during the year after reviewing the impact of the cost of living on pensioners with low incomes. The Association will review the necessity of continuing this during 2026.

The Association appreciates the key benevolence work of the PPOs during this difficult time.

Serious incidents

There have been no serious incidents or other matters relating to the Association that should have been brought to the attention of the Charity Commission. The Trustees have made a risk assessment of the activities of the Association and procedures are in place to mitigate the negative impact of such risks.

Object and public benefit

The object of the Association is specified on the front page but as explained by the Chairman in his explanatory note, a revised version has now been agreed with the Charity Commission and is submitted to the members for approval.

In managing the Association’s activities, the Trustees have had regard to the guidance issued by the Charity Commission on public benefit. They have noted that the activities directed towards

the relief of poverty and financial need, albeit exclusively to a group of former employees, satisfy the public benefit specified in the Charities Act 2011.

Activities

Pensioners in poverty and in need of assistance are generally identified by the PPOs. If a PPO believes the Association might be able to assist the pensioner, he / she brings the case to the attention of the Secretary, by discussion, and subsequently by submitting an AFA (Application for Assistance) which is reviewed by the Trustees. The Trustees may seek further information or modify, reject or accept any application.

If appropriate, a grant or an interest-free loan may be awarded. In the past, both dated and undated loans have been given. From 2020, the Association’s policy is to give only dated loans which are repayable in monthly instalments based on the pensioner’s ability to pay, with any amount outstanding being paid from the borrower’s estate in the event of death.

In addition to the above assistance, the PPOs, in conjunction with the Secretary, nominated pensioners in need both for the additional grant and the Christmas grant in 2025.

Many pensioner problems are capable of resolution at no direct cost to the Association, for example by directing the pensioner to the appropriate social service or by providing advice and guidance about state benefits. To facilitate this guidance, the Association has contracted the services of Tina Gilchrist of CBG Solutions Ltd. As a result, regular update bulletins on state benefits and a confidential help desk service are provided to SPA members. These services are valued by pensioners.

Achievements and performance

Following the successful communication to all Shell pensioners by the Pensioners’ Administration Team on behalf of the Association, proposals were received from new potential beneficiaries. During 2025, 23 (2024: 29) new cases were brought to the attention of the Trustees. There was no unresolved case brought forward from 2024. Some of these were debt related, and the help given by the Association in these cases involved directing pensioners to appropriate social services, debt counselling or by providing advice and guidance about state benefits. There were 19 (2024: 22) grants made in the year totalling £50,236 (2024: £59,577). The past trend which had seen the cost of equipment and services increase, has continued.

No loans have been made to pensioners since 2020.

The Trustees were concerned at the continued effect of the rise in the cost of living on pensioners with low incomes and as has been the case since 2022, an additional grant was paid in July 2025 to those who qualified. The Trustees concluded that a grant of £500 (2024: £400) was appropriate and this was paid to 180 (2024: 196) pensioners at a cost of £90,000 (2024: £78,400). The largest benevolence cost remained the Christmas grant award. 185 (2024: 198) payments of £500 (2024: £500) each were made in October through to December 2025 costing £92,500 (2024: £99,000). The Trustees concluded that £500 was the appropriate amount for 2025 after taking into account the cost-of-living crisis that pensioners are still experiencing.

During 2025, Tina Gilchrist of CBG Solutions Ltd, in addition to writing articles in the SPA magazine, handled 381 (2024: 408) queries from Shell pensioners on matters relating to, but not limited to, state benefits / pension reforms, winter fuel allowance, tax and lasting powers of attorney. The Association is extremely grateful to Tina for her highly regarded work.

The Trustees reviewed its investment performance at the April 2025 Board meeting. It was agreed that with the uncertain investment climate following President Trump’s tariff policy, to leave the portfolio unchanged. When the £250,000 Fixed Lloyds Deposit matured it was invested in the CCLA Deposit Fund that gives money market returns and immediate access to fund any shortfall of available funds.

The mix of assets changed slightly due to stock market movements with 68% (2024: 67%) invested in equities at the end of the year, 11% (2024: 11%) in property, 15% (2024: 12%) in fixed interest securities and money market funds, 2% (2024: 6%) in cash and 4% (2024: 4%) in other investments. The overall return on investment including net gains on investments was 8% compared with 7% in the previous year as capital gains were lower in 2024. In the opinion of the Trustees, the investments are sufficient to fulfil the obligations of the Association.

Acknowledgement is made of the office services and other administration together with the employment costs of the Secretary provided by Shell International Ltd which amounted to £49,547 for the year (2024: £47,435). This did not include the audit costs of £15,360 which was not expected when Shell repaid the administrative costs in December.

The Trustees also acknowledge the considerable support of the Pensioner Programme Manager and PPOs whose workload was affected by the absence of colleagues and the transition described in Material changes.

The Trustees also acknowledge the considerable input and expertise that Simon Ingall has given over the years during which he has performed a high-quality examination of the accounts.

The active fundraising by the SPA members of the various SPA branches and numerous donations by many individual pensioners are very much appreciated. In addition, the Trustees give their services free, and this is also gratefully acknowledged especially with the additional burden of setting up the new organisation.

The Secretary and Chairman issue guidelines which help ensure that the PPOs and Trustees share a common understanding of the basis on which benevolence is granted in line with the Association’s constitution. These guidelines have been updated during the year and reviewed by the Trustees. The guidelines will continue to be reviewed regularly based on the experience of the benevolence cases submitted, inflation and any official poverty guidance issued.

Financial review

The most significant item in the financial results of 2025 was legacy income of £432,654 which included a legacy of £394,000 from one pensioner. Another significant item in the financial results of 2025 was the net gain on revaluation of assets of £129,514 compared with £93,819 in 2024. This was the result of a rise in the global equity markets plus the rise in bond values, partly offset by the poor performance of the CCLA COIF Global and COIF Investment Funds due to their poor investment selections. As it is the policy and practice to hold the investments for the long term, fluctuations in gains and losses due to volatility in the financial markets are not a cause for concern provided the overall income is maintained and the underlying investments are still considered sound.

Excluding net gains on the revaluation of investments, the Association showed a surplus of £360,999 in 2025 compared with a deficit of £35,116 in 2024. The provision for bad debts reduces from £17,050 to £14,967, which the Trustees believe is adequate. The result of the year, including the significant item mentioned above, was an increase in funds of £490,153 (2024:

£58,703). The total funds carried forward at the end of the year are £3,811,716 (2024: £3,321,563).

A full audit needs to be carried out as the closing gross assets were above £3.26 million and the income was above £250,000. DCMS (Department of Culture Media and Sport) has announced that the thresholds will be increased in 2026 such that it is extremely unlikely that a statuary audit would be required in the future. However, due to the changes to the Board, and the loss of the financial expertise of our external examiner, the Board will consider continuing with an audit in future years.

Risks and future plans

The Board regularly updates the Association’s assessment of risks and mitigations, and the changes to our funding structure increased the level of scrutiny, which will continue in 2026.

The changes in the way Shell supports the Association leaves a yearly deficit based on current projected investment income and donations, and the costs of benevolence, staff and administrative costs. However, although the downward trend in donations remains a concern, the healthy unrestricted reserves at the year-end plus the likely receipt of future legacies gives the board confidence that it can continue to pay benevolence at similar levels as in previous year.

Shell has agreed funding for a three-year period with a review of future funding thereafter. Although the Trustees believe and hope that the Shell support will continue, there is no certainty that it will.

In 2026, communication about the Association’s activities will be sent out to all pensioners with the assistance of the Pensioners' Administration Team.

The Association takes advantage of the SPA website to communicate with members in need of benevolence but recognises that this does not reach older pensioners who do not have access to computers, so the printed magazine is an important method of communication.

The Trustees will continue to make grants and loans to pensioners in need whose cases are submitted, and which meet the object of the Association. In addition, the Trustees will keep under review the need for further support to pensioners in the light of developments in the cost of living. The pensioners who are on low overall income continue to suffer cost-of-living pressures and the expectation is that the Trustees will maintain the overall level of benevolence with any shortfall of income funded comfortably from reserves.

Shell International Ltd introduced the SPP / PPO service towards the end of 2017 and the Trustees believe that the scheme is effective as a vehicle for delivering benevolence thanks to the personal commitment and knowledge of the PPOs. As mentioned previously, the Association will take over responsibility for the SPP/PPO organisation from the beginning of 2026 with PPOs renamed SPBA officers. The change increases the cost base and puts additional burden on Board members.

The Trustees welcome legacies, which will help cover future deficits, and any surpluses will continue to be invested so that such gifts enable future benevolence. The Trustees believe that investment income, together with donations, legacies and the healthy level of reserves, will enable the Association to meet the annual deficits that are expected in the future. The funds provide the Association with a solid foundation for continuing future benevolence activities

against a background of considerable uncertainty and reliance on Shell to pay an annual contribution towards costs.

The Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland has been amended with effect from 2026. The Board will review these requirements and make the necessary adjustments.

The Board

The Board has considered the best practice of the Charity code which recommends that Trustees should serve a maximum of nine years.

With the major changes taking place the Trustees have reviewed the Board composition. Veronica Carter has served as the finance expert on the Board for 16 years. She gave sage advice on the Investment Committee as well as ensuring compliance on charity and accounting regulations. Gil Springett and Chris Nancarrow have contributed their considerable HR expertise for 16 years. Veronica, Chris & Gil will retire in June 2026. Roy Waight and Stuart Tester will remain during the Transition period and will stand for re-election along with Stewart Pain, Ve Adams, Karen Saywell and David Lewis. Jackie Harding and Robert Lewis were co-opted to the Board at the February and April 2026 Board Meeting respectively and will be elected to the Board at this AGM. Additional trustees will be sought during 2026.

Mr Kenneth Sleat will remain during the Transition period and will stand for re-election.

Trustees’ responsibilities in relation to the Financial Statements

The Association’s Trustees are responsible for preparing a Trustees’ Annual Report and Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Association’s Trustees to prepare Financial Statements for each financial year which give a true and fair view of the state of affairs of the Association and of the incoming resources and application of resources of the Association for that period. In preparing the Financial Statements, the Trustees are required to:

■ select suitable accounting policies and then apply them consistently

■ observe the methods and principles in the Charities Statement of Recommended Practice

■ make judgements and estimates that are reasonable and prudent

■ state whether applicable UK accounting standards have been followed, subject to any material departures that must be disclosed and explained in the Financial Statements

■ prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Association will continue in operation. The Trustees confirm that it has sufficient reserves and can generate future income to pay benevolence for the foreseeable future.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Association and to enable them to ensure that the Financial Statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The Trustees are also responsible for safeguarding the assets of the Association and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees on 22nd April 2026 and signed on their behalf by R. Waight – Chairman`

Shell Pensioners Benevolent Association

FINANCIAL STATEMENTS

Statement of Financial Activities for the year ended 31 December 2025

Note
Income
Donations and legacies
Donations and legacies
2
Donation as contribution for administration & set up costs
Investment income (before capital gains / losses)
Total income
Expenditure
Grants
3
Administration and other costs
4
Total expenditure
Net gains on revaluation of investments
8
Net movement in funds
Reconciliation of funds
Funds brought forward
Funds carried forward
Expenditure on charitable activities
Net deficit before net gains and losses on
investments

2025
2024
£
£
474,237
70,486
69,547
47,535
543,784
118,021
127,844
131,375
671,628
249,396
232,736
236,977
77,893
47,535
310,629
284,512
360,999
(35,116)
129,154
93,819
490,153
58,703
3,321,563
3,262,860
3,811,716
3,321,563

Shell Pensioners Benevolent Association

Balance Sheet at 31 December

Note Fixed assets Investments 8 Long-term loans Loans to SPA members repayable in more than one year 9 Current assets Investments 8 Loans to SPA members repayable in less than one year 9 Accrued income Other debtors Cash and cash equivalents 7 Current liabilities Creditors falling due within one year 10 Net current assets Net assets The funds of the Association Unrestricted income funds Total funds	2025 2024 £ £ 2,980,185 2,851,068
	39,009 47,214
	0 250,000 792 792 419,294 4,571 4,832 27,421 386,458 140,497
	811,376 423,281 18,854 0
	792,522 423,281

	3,811,716 3,321,563
	3,811,716 3,321,563
	3,811,716 3,321,563

Approved by the Trustees on 22 April 2026 and signed on their behalf by R Waight - Chairman

Shell Pensioners Benevolent Association

FINANCIAL STATEMENTS

Statement of Cash Flow for the year ended 31 December 2025

Note Net cash used in operating activities 6 Cash flow from investing activities Investment Income Proceeds from sale of investments Net cash provided by investing activities Increase in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Total cash and cash equivalents at the end of the year 7	2025 2024 £ £ (131,920) (175,437) 127,844 131,375 250,037 53,632 377,881 185,007 245,961 9,570 140,497 130,927 386,458 140,497

Notes to the Financial Statements for the year ended 31 December 2025

1. Basis of preparation and accounting policies

a) The Financial Statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and with 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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

b) The Financial Statements have been prepared on a going concern basis.

c) Income is accounted for in full when receivable. All donations and other incoming resources received and generated are unrestricted and therefore available as general funds for charitable purposes. However, excess legacies are invested to fund benevolence for future years. Legacies are recognised as income when receipt is probable, which is generally when probate has been granted, when the executors have confirmed that the estate’s assets are sufficient to pay the legacy and when any conditions have either been met or are under the control of the charity.

d) Investments are recognised at market value.

e) Fixed assets, which comprises computers, printers and telephones, are written off in the year of acquisition if the individual assets cost less than £3,000.

f) Loans repayable in monthly instalments are classified as dated loans. Loans not repayable until an event crystallises repayment (usually sale of the recipient's house, or their death) are classified as undated loans. From 2020, all loans given are dated loans. Loans to individuals are recognised and measured at the amount paid, with the carrying amount adjusted in subsequent years to reflect repayments, adjusted for any impairment and net of any bad debt provision. The bad debt provision is reviewed annually and is based on knowledge of current loans and historic percentage recovery.

g) Cash and cash equivalents comprise cash at bank and deposits of less than 3 months duration.

h) Individual grants are included in the Statement of Financial Activities when they have been authorised by the Trustees and the costs necessitating the grant have been incurred by the pensioner. However, non-specific grants, such as Christmas grants and any mid-year grants, are included in the Statement of Financial Activities in the year for which the grant is made.

i) Some office services and other costs, together with the employment costs of the Secretary, are contributed by Shell International Limited. An estimate of the cost of these services is, in accordance with the Statement of Recommended Practice, included in the Financial Statements as both a donation and an expense. No cost is included in the Financial Statements for the Trustees, who give their services free, or for the support by the Pensioner Programme Officers who make telephone calls as well as visits to Shell pensioners to discuss their needs.

2. Donations and Legacies

2. Donations and Legacies Donations Legacies Total	2025 2024 £ £ 41,583 28,486 432,654 42,000
	474,237 70,486

Donations included unconditional donations from Trustees of £10,540 (2024: £1,140)

3. Grants

The total amount of grants paid to pensioners in 2025 was £232,736 (2024: £236,977). There were £5,319 grants authorised by the Trustees but uncommitted at 31 December 2025 (2024: Nil).

4. Administration and other costs

4. Administration and other costs Salary and associated costs Set up costs Office services and other costs	2025 2024 £ £ 37,467 34,872 12,987 - 27,439 12,663
	77,893 47,535

The Secretary is the only member of staff and works three days per week, although to set up the new organisation additional time was donated without charge. The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel (which includes trustees) was nil (2024: nil).The audit fee of £12,800 plus VAT is included in office services and other costs. In 2024 the accounts were subject to an examination at no cost.

5. Trustees’ costs

No Trustee received remuneration from the Association. There were £1,180 (2024: £977) expenses paid to Trustees. Except for the unconditional donations shown in Note 2, there were no other related party transactions except for a donation from the spouse of a Trustee amounting to £120.

6. Reconciliation of net movement in funds to net cash used in operating activities Net movement in funds Deduct investment income Deduct net gains on revaluation of investments Loan repayments Increase in debtors Increase / (decrease) in creditors Net cash used in operating activities	2025 2024 £ £ 490,153 58,703 (127,844) (131,375) (129,154) (93,819) 8,205 792 (392,134) (399) 18,854 (9,339) (131,920) (175,437)

7. Cash and cash equivalents Interest-earning cash at bank Other cash at bank	2025 2024 £ £ 376,260 140,105 10,198 392
	386,458 140,497

8. Investments	2025	2024
Net gains on investments (realised and unrealised)	£	£
COIF Charities Investment Fund	(28,836)	13,308
COIF Charities Global Equity Income Fund	(32,618)	31,532
COIF Charities Property Fund	6,638	602
M&G Charifund	48,722	7,144
Shares	92,638	(6,684)
Permanent Interest-Bearing Shares (PIBS)	3,718	1,657
Cazenove Charity Multi-Asset Fund	38,892	46,260
	129,154	93,819
The change in the market value during the year:
At I January	3,101,068	3,060,881
Sales	(250,037)	(53,632)
Net gains	129,154	93,819
At 31 December	2,980,185	3,101,068
Market value at 31 December:
COIF Charities Investment Fund	573,573	602,409
COIF Charities Global Equity Income Fund	560,049	592,667
COIF Charities Property Fund	323,176	316,538
M&G Charifund	329,895	281,173
Shares	569,506	476,905
Permanent Interest-Bearing Shares (PIBS)	31,000	27,282
Cazenove Charity Multi-Asset Fund	592,986	554,094
Lloyds Bank over 1 year deposit at 5.08%	-	250,000
	2,980,185	3,101,068
The Lloyds £250,000 deposit matured in February 2025 so has	been
reclassified as Investment Held for resale
The Investments are therefore shown in the Balance Sheet as
Investments	2,980,185	2,851,068
Investments held for resale	-	250,000
	2,980,185	3,101,068

9. Loans to SPA members

Loans to SPA members are unsecured and interest free. The change in the number of loans during the year At 1 January Loan written off Fully repaid At 31 December The change in the amount of loans during the year At 1 January Repayments Loan written off Less provision for bad and doubtful loans Loans net of provision at 31 December Loans net of provision at 31 December Undated loans repayable in more than one year Dated loans repayable in more than one year Provision for bad and doubtful loans Loans repayable in more than one year, net of provision Dated loans repayable in less than one year Provision for bad and doubtful loans Loans repayable in less than one year, net of provision Total loans net of provisions 10. Creditors falling due within one year Accruals Grants payable	2025 2024 17 17 (1) - (2) -
	14 17
	£ £ 65,056 65,848 (8,205) (792) (2,083) -
	54,768 65,056 (14,967) (17,050)
	39,801 48,006
	£ £ 52,971 60,384 1,005 3,320 53,976 63,704 (14,967) (16490)
	39,009 47,214
	792 1452 - (660)
	792 792

	39,801 48,006
	2025 2024 £ £ 16,575 - 2,279 -
	18,854 -

Independent auditor’s report to the trustees of The Shell Pensioners Benevolent Association

Opinion

We have audited the financial statements of The Shell Pensioners Benevolent Association (the ‘charity’) for the year ended 31 December 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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
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 Auditor’s 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 UK, including the FRC’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.

Prior year unaudited

The financial statements of The Shell Pensioners Benevolent Association for the year ended 31 December 2024 were unaudited. An independent examination was performed which expressed an unmodified opinion on those statements.

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 Shell Pensioners Benevolent Association '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.

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s 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 in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

The information given in the trustees’ annual report is inconsistent in any material respect with the financial statements;
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 statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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.

Auditor’s 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 regulations made under section 154 of that Act.

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 auditor’s 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 are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to:
Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
The internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations.
We inspected the minutes of meetings of those charged with governance.
We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.
We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.

We reviewed any reports made to regulators.
We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity's trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. 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 auditor’s 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 the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

24 April 2026

Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

Shell Pensioners Benevolent Association

Seventeen Year Summary 2009-2025

The following financial data, extracted from the Financial Statements for the period 2009-2024 illustrate the trend of the Association in pursuant of its object.

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025	£ Thousands Investment income Donations Grants Administrative costs not funded by Shell Surplus (deficit) Loans repaid Loans made Net Loan repayments Net benevolence cash Legacies Net Investment 62.3 215.5 -124.8 153.0 38.5 20.8 17.7 170.7 14.6 185.3 73.0 53.1 -123.9 2.2 27.8 32.1 -4.3 -2.1 72.0 69.9 81.1 52.8 -113.3 20.6 23.4 26.3 -2.9 17.7 58.0 75.7 90.8 54.4 -134.6 10.6 27.1 14.9 12.2 22.8 19.6 42.4 85.8 55.0 -131.8 9.0 21.5 14.6 6.9 15.9 25.2 41.1 79.9 54.5 -132.0 2.4 18.6 10.6 8.0 10.4 0.0 10.4 79.4 52.4 -155.1 -23.3 35.9 28.8 7.1 -16.2 3.0 -13.2 81.4 47.2 -111.0 17.6 24.0 8.9 15.1 32.7 6.0 38.7 84.9 44.9 -152.0 -22.2 15.3 3.6 11.7 -10.5 6.0 -4.5 83.1 46.5 -178.3 -48.7 24.4 20.0 4.4 -44.3 803.1 758.8 102.9 48.2 -153.0 -1.9 40.3 4.0 36.3 34.4 171.3 205.7 109.9 36.5 -175.0 -28.6 6.9 5.9 1.0 -27.6 36.1 8.5 108.8 27.7 -128.9 7.6 7.3 0.0 7.3 14.9 71.4 86.3 116.7 26.0 -251.2 -108.5 11.0 0.0 11.0 -97.5 61.4 -36.1 128.8 30.0 -231.7 -72.9 1.7 0.0 1.7 -71.2 36.1 -35.1 131.4 28.5 -237.0 -77.1 0.7 0.0 0.7 -76.4 42.0 -34.4 127.8 24.5 -237.2 -8.0 -92.9 8.2 0.0 8.2 -84.7 432.7 348.0
	1628.0 897.7 -2770.8 -8.0 -253.1 332.6 190.5 142.1 -111.0 1858.5 1747.5

2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025

£ Thousands
Investment
income
Donations
Grants
Administrative
costs not funded
by Shell
Surplus
(deficit)
Loans
repaid
Loans
made
Net Loan
repayments
Net
benevolence
cash
Legacies
Net Investment

62.3
215.5
-124.8
153.0
38.5
20.8
17.7
170.7
14.6
185.3

73.0
53.1
-123.9
2.2
27.8
32.1
-4.3
-2.1
72.0
69.9

81.1
52.8
-113.3
20.6
23.4
26.3
-2.9
17.7
58.0
75.7

90.8
54.4
-134.6
10.6
27.1
14.9
12.2
22.8
19.6
42.4

85.8
55.0
-131.8
9.0
21.5
14.6
6.9
15.9
25.2
41.1

79.9
54.5
-132.0
2.4
18.6
10.6
8.0
10.4
0.0
10.4

79.4
52.4
-155.1
-23.3
35.9
28.8
7.1
-16.2
3.0
-13.2

81.4
47.2
-111.0
17.6
24.0
8.9
15.1
32.7
6.0
38.7

84.9
44.9
-152.0
-22.2
15.3
3.6
11.7
-10.5
6.0
-4.5

83.1
46.5
-178.3
-48.7
24.4
20.0
4.4
-44.3
803.1
758.8

102.9
48.2
-153.0
-1.9
40.3
4.0
36.3
34.4
171.3
205.7

109.9
36.5
-175.0
-28.6
6.9
5.9
1.0
-27.6
36.1
8.5

108.8
27.7
-128.9
7.6
7.3
0.0
7.3
14.9
71.4
86.3

116.7
26.0
-251.2
-108.5
11.0
0.0
11.0
-97.5
61.4
-36.1

128.8
30.0
-231.7
-72.9
1.7
0.0
1.7
-71.2
36.1
-35.1

131.4
28.5
-237.0
-77.1
0.7
0.0
0.7
-76.4
42.0
-34.4

127.8
24.5
-237.2
-8.0
-92.9
8.2
0.0
8.2
-84.7
432.7
348.0

1628.0
897.7
-2770.8
-8.0
-253.1
332.6
190.5
142.1
-111.0
1858.5
1747.5

SHELL PENSIONERS BENEVOLENT ASSOCIATION

Minutes of the 55[th] Annual General Meeting

held on Wednesday 11[th] June 2025 at Shell Centre

The Chairman began his report by saying that this year he would adopt a slightly different approach to that adopted when conducting the AGM in previous years. Since the membership had received the Association’s accounts and the Annual Report well in advance of the meeting, he would concentrate on presenting only the highlights of the year’s activities, and spend proportionately more time on describing what the Association had actually done during the year. He noted that since 10 members were required and nineteen present, the meeting was quorate.

He went on to address the constitutional changes, approval for which was being sought. He explained that the 2021 Charity Act adjured charities to ensure that their constitutions were kept up to date. The Association’s constitution had last been changed in 1997. The Trustees had decided that they should take the opportunity to seek approval from the members for changes both to the Object of the Association, which required subsequent approval by the Charity Commission, and for a number of changes to other clauses which did not require such subsequent approval.

He then described the proposed changes to the Object Clause. These had been published in full in the appendix to the Annual Report and explained in an explanatory note. The changes included the removal of the Combined Petroleum Companies Pension Fund, since membership had been merged with the Shell Contributory Pension Fund many years before. Addition of members of the UK Shell Pension Plan (UKSPP) to the beneficiaries was proposed, so that Shell employees who joined after the SCPF and SOCPF were closed, would become eligible for benevolence. The intention was to give Trustees discretion in giving benevolence to this group.

The Chairman explained that it was currently uncertain how this this might be practically implemented, but the principle of widening the object to include this group was within the spirit of why the Association was set up. The Trustees had, in the Annual Report, invited comments on the proposed changes, and had received some suggested modifications. One had involved the question whether membership of the SPA should be necessary for receiving benevolence from the Association. Another had suggested removing ambiguity on whether the UK residence requirement applied to the recipient of benevolence or to the pensioner. A third pointed out the difficulty of defining precisely what ‘retirement’ meant in the context of the UKSPP.

The current wording of the Object clause was described as being “The Relief of poverty among persons who are members of the Shell Pensioners Association (and the wives, husbands, widows, widowers, children and other dependants of such persons) who are also retired Shell employees in receipt of a pension from the Shell Contributory Pension Fund or the Shell Overseas Contributory Pension Fund or the Combined Petroleum Companies Pension Fund and are resident in the United Kingdom.”

It was proposed the Object be changed to: “The Relief of poverty among persons resident in the United Kingdom who are members of the Shell Pensioners Association (and the wives, husbands, widows, widowers, children and other dependants of such persons) in receipt of a pension from the Shell Contributory Pension Fund or the Shell Overseas Contributory Pension Fund, or are retired and contributed to the Shell UK Pension Plan.”

After discussion, the Trustees had decided to retain the SPA membership criterion. Though in theory this might prove a hindrance to giving benevolence, in practice it had never, as far as he knew, proved so. The Chairman felt that the new object would provide the Trustees with an adequate basis for exercising in the future their duties regarding the provision of benevolence. He assured the meeting that the process of obtaining Charity Commission approval would be followed carefully. The Chairman requested and received support for this change to the Object.

He then went on to describe a series of changes that did not require Charity Commission approval. He did not intend to go through these in the same detail as used in discussing changes to the Object clause, and referred members to the appendix in the Annual Report, but he summarised the changes as follows:

Clause 2(a) Regarding homes and hostels - delete

Clause 4. Adding the words “in money or time” as applied to donations Clause 6. Eliminating the role of president, and increasing the number of Board members from nine to ten.

Clause 23. Removing the stipulation that payments be by cheque

Clause 24. Allowing voting by proxy as well as in person

Clause 30. Changing this clause to reflect the disappearance of the role of President Clause 37. Allowing notice to be also served by electronic means

Clause 38. Adapting this clause to include notice by electronic means as well as by post Clause 39. Adapting the entitlement to notice to include electronic means

He then sought, and obtained, the approval of the members present.

The Chairman then moved on to agenda item 2 – approval of the minutes of the 54[th] AGM. This was obtained nem con.

He then went on to present the Chairman’s Report. As in 2023, inclusion of SPBA information in the ‘pension increase letter’ had helped identify additional cases of hardship and he thanked the Pensions Administration team for this addition to the pension letter. It was pointed out from the floor that this had also included an appeal for donations.

The Chairman explained that 2024 had been a difficult year for the Shell Pensioner Programme (SPP) staff. There had been considerable sickness among the Pensioner Programme Officers (PPOs). The Chairman thanked the Pensioner Programme Manager (PPM) for having managed a difficult staffing situation well, but the consequence had been that visits to pensioners had fallen from 129 in 2023 to 43 in 2024. The total number of contacts, including by telephone, had reduced to 3,904, down from 5,967 in 2023.

The Chairman confirmed that no serious incidents had occurred during the year.

He explained that there had been 29 new cases in 2024 (compared with 34 in 2023) and 22 discretionary grants had been made (compared with 23 in 2023). The actual quantum of benevolence had, however, increased and totalled £60K (compared with £43K in 2023). Again, both mid-year and Christmas grants had been paid during the year, reflecting cost of living issues. In mid-year £400 had been paid to 196 pensioners, amounting to £78K (226 had been paid £400 in 2023 amounting to £90K). A Christmas grant of £500 had been as paid to 198 people costing £99K (in 2023 the numbers had been £450 paid to 218 people amounting to £98K).

The Chairman pointed out that the inflation applicable to the poorest pensioners did not necessarily align with the RPI, since it was weighted to a greater extent by food and fuel costs. In deciding on the giving of such grants in the future, attention would be paid to the impact of the removal, and subsequent partial restoration, of the government winter fuel allowance.

In addition to the financial help given pensioners in need, non-financial help had proven important and Tina Gilchrist of CBG Solutions Ltd had handled 408 queries (compared with 449 in 2023).

The Chairman then turned to the financial performance of the Association.

Excluding net gains on revaluation of investments, the Association had showed a deficit of £35K (the corresponding deficit in 2023 had been £37K). Owing to a net gain on revaluation of £94K (compared with a gain of £116K in 2023) the funds had increased by £59K (compared with an increase of £79K in 2023). The total funds carried forward at year end had come to £3,322K, compared with £3,263K in 2023.

The Trustees judged that this level of funds was adequate to meet current expectations, assuming no widening of the scope of beneficiaries. The Chairman assured the meeting that The Board continued to keep under review the consequences of current volatility in the markets.

The Chairman then went on to describe the kind of benevolence given by the Association. He explained that the discretionary grants given included, most commonly, such things as stair lifts, recliner chairs and bathroom modifications; wheel chairs and mobility scooters; nursing care for a few days to give a partner a break; taxis to take a pensioner to hospital; urgent repairs; and small items such as replacement dentures, spectacles, etc.

He explained that, under exceptional circumstances, debtors might be helped to make a “fresh start”. If the Trustees were satisfied that the pensioner would manage his or her affairs better, an interest free loan might be provided. Such loans were always dated loans.

In addition, Christmas and spring grants were given depending on the Trustees’ perception of need. Small grants for urgent emergencies were given, if approved by two Trustees. He reiterated the importance of the role provided by CBG Solutions, and added that pensioners in need might also be directed towards other bodies – the Citizens Advice Bureau and other charities, though the Association itself never gave financial advice itself.

The Chairman showed the meeting some examples of anonymised expressions of gratitude from recipients of benevolence and explained that such expressions of gratitude were a pleasure to receive. At the same time, any complaints from pensioners were reported to the Trustees though, fortunately, these were uncommon.

The Chairman then moved to agenda item 4 and the receiving and considering of the Report of the Trustees, the financial statements and the report of the independent examiner. These were approved by the meeting nem con.

He then moved on to agenda item 5, the election of board members. Approval was sought for the election of the following members: Mr R Waight, Ms V Carter, Mr S Tester, Mrs G Springett, Mrs C Nancarrow, Mr D Lewis, Ms K Saywell, Mr S Pain, Mrs V Adams and Mr K Sleat. The Chairman pointed out that Mrs V Adams had not been included in the text of the Annual Report since her coopting onto the Board had followed the publication of the Report. She had been recruited with due consideration to the spread of skills among the Trustees and replaced Mrs S Oxspring. The Chairman expressed his regret that Mrs Oxspring had chosen to resign on grounds of ill health. She had been a great source of wisdom and her colleagues wished her well.

It was explained that the Board would formally elect Trustees at the Board meeting following the AGM. The Chairman requested, and obtained, the approval of the meeting for the election of these above-mentioned board members.

The Chairman then moved to agenda item 6, the appointment of an independent examiner, and deep appreciation was expressed both by the chairman and the meeting for the work done by Simon Ingall, who was duly appointed nem con for another year. Agenda Item 7, delegation of the setting of the date and location of the 56[th] AGM to the Board, was carried.

There was no ‘any other business’ and the Chairman then thanked several people: Mr K Sleat, not only for his exemplary support of both the PPOs and Trustees during the year, but for the thoroughness with which he had managed the issue of changes to the constitution. The Chairman thanked SIL for the support it had again provided during the year. He reiterated his thanks to Mr S Ingall, and Mrs N Edwards and the PPOs for their work during a difficult period. He thanked the many members and SPA regional organisations who donate to the Association, and finally the Trustees, who give their time and experience without stint. With that, the Chairman brought the AGM to an end.

Shell Pensioners Benevolent Association

Please Give generously to the Association

Your Association could not help ex-colleagues without your help. The Association, with the help of the SPBA Officers, frequently come across those in poverty needing help, for example:

■ Pensioners with very small pensions due to short service or who relied significantly on overtime which was non-pensionable.

■ Pensioners or their dependants who are suffering illness or pain from asthma, Alzheimer’s, blindness, cancer, diabetes, stroke, MND, paralysis, etc, making it very difficult for people to look after themselves.

■ Those in debt to the extent it is no longer manageable, possibly due to financial mismanagement but sometimes due to illness or unfortunate family circumstances. Guidance is provided to them by the SPBA Officers. If the Trustees are satisfied that the pensioner will manage their affairs better (cut up credit cards, etc) temporary financial assistance such as an interest-free loan will be provided to assist a “fresh start”.

Alternatively, please give the form to a fellow pensioner who may wish to donate. All donations are welcome, no matter how small. However, regular giving is particularly beneficial as it enables the Trustees to plan future benevolence. If you are a taxpayer giving by Gift Aid is the most tax efficient method. The ways in which you could make your donation are:

Single or occasional cheque payments to us (the Association would get the basic rate tax back through your Gift Aid declaration and you would get any higher rate tax relief - £10.00 given by you would be worth £12.50 to the Association).
An annual or monthly standing order from your bank to ours (the Association would get the basic rate tax back through your Gift Aid declaration and you would get any higher rate tax relief – again, each £10.00 given by you would be worth £12.50 to the Association).
Charities Aid Foundation vouchers and cheques are also very welcome.

The sort of help with which your Association assists:

■ Stair lifts, recliner chairs and bathroom modifications.

■ Wheelchairs and mobility scooters.

To use 1 or 2 above, please send a cheque or completed Standing Order form together with the completed Gift Aid Declaration. Please note that if you have sent a signed gift aid form in the last 4 years there is no need to sign a new form.

■ Nursing care for a few days to give a partner a break.

■ Taxis to hospital for treatment or visiting partners/dependants.

■ Urgent house repairs, central heating repairs, new boilers, kitchen equipment, etc.

■ Small items such as replacement dentures, spectacles, etc.

■ Around 190 Christmas grants and mid-year grants of up to £500.

To give this assistance, we need your help. There is only limited support from Shell. The Association relies on generous voluntary donations from SPA members.

The qualification for membership is a donation to the Association.

This report has been sent to all members – currently less than five hundred pensioners. The Trustees are extremely grateful to you all. If you are not a current donor and would like to donate by Gift Aid, please use the attached cut off document and send it to the Secretary / Treasurer at the address indicated on the form.

Making a bequest is a convenient way of supporting the charity after your death. With the reduction in support from Shell, Legacies received will fund future deficits & any excess is invested to fund future benevolence. Legacies to charities are excluded from an individual’s estate for Inheritance Tax purposes, thereby reducing the Inheritance Tax payable by 40% of the legacy. To make a bequest, include in your will as a beneficiary “Shell Pensioners Benevolent Association, Charity No. 262049” with any communication for the attention of the Secretary / Treasurer, Shell Pensioners Benevolent Association, Shell Centre, London SE1 7NA. It would be very helpful if you could inform the Secretary / Treasurer of any legacy that you plan to give to the Association.

15 (On completion, please send to: The Secretary / Treasurer, Shell Pensioners Benevolent Association, Shell Centre, London SE1

Shell Pensioners Benevolent Association

Gift Aid declaration

(On completion, please send to: The Secretary/Treasurer, Shell Pensioners Benevolent Association, Shell Centre, London SE1 7NA)

Shell Pensioners Benevolent Association

Charity No.262049 registered with the Charities Commission on 15 March 1971

Title ……… Forename(s) …………………………………………………………………… Surname …………………………………………………………………… Address ………………………………………………………….

…………………………………………………………. Postcode ………….………… Email ……………………………….. Phone No. ………………………. Shell Pension No. ………………….

Please treat as Gift Aid to the Shell Pensioners Benevolent Association all donations I make from the date below until I notify you otherwise. I am a UK taxpayer and understand that if I pay less Income Tax and/or Capital Gains Tax in a tax year than the amount of Gift Aid claimed on all my donations in that tax year it is my responsibility to pay any difference.

Please notify the SPBA if you:

want to cancel this declaration
change address
no longer pay sufficient tax on your income and/or capital gains

Signature: ……………………………………………………… Date:……….…………………..

Standing order

(On completion, please send to: The Secretary/Treasurer, Shell Pensioners Benevolent Association, Shell Centre, London SE1 7NA)

To …………………………………………………………Bank plc

Address………………………………………………………………………………………………………………………

……………………………………….………………………………………….……………….…………………………… ……………………………………… Postcode……………….

My account No. ………………………. Branch Sort Code ………………………

Please pay the Shell Pensioners Benevolent Association, Account No. 25488860, Sort Code 30-91-79 held at Lloyds Bank plc, The Strand London Branch, PO Box 1000, London BX1 1LT

the sum of £…………… (in words - …………………………………… pounds only)

commencing on or about the fifth day of …………………………….. (specify month) and every month/year ( specify frequency by deleting as appropriate ) thereafter until further notice.

Please quote reference ( insert donor’s name ) …………………………………………- GIFT AID.

Signed: ………………………………………….. Date:.………………………………..