The Natwest Group Pensioners Benevolent Fund r•ostv•d¢h•rtyNo.277974 8 Langford Road. Seabridge, Newcastle, Stsffs, ST5 JZ Trustees. Annual Re rt for the erfod l Janua 2025 to 31 December 2025 Trustee Name Linda Webster Andrew Greenhal8h Nigel Hay Clifton Kendall Walter Browr* Megan Virrels Sandra Bla8a Ter Ives Laura Wales Period of office Since 27 Marth 2020 sin 27 Marth 2020 Since 27 March 2020 Since 27 March 2020 Since 27 July 2021 Since 17 May 2022 Since 24 July 2024 Since 24 July 2024 Since 24 July 2024 Chair TaSurer Structure, governance and management and history: The Benevolent Fund IBFI was set up by a trust deed dated 14 May 1979 executed by the National Westminster Groijp Pensioners Assoaation INWGPAI. On 27 Mar¢h 2020 following the closure of the NWGPA approval wa$ given by the Charity Commission ICC) which enabled the BF to become a 5tsndalone charlty wtth the same objectives as those set out in the 1979 deed. The number of trustees shall not be less than 3 and not more than 12 and they shall be appointed by resolution for temis of office of 3 years. A retiring trustee may be reappointed at the end of their tern) of office subject to a maximum of 3 tems seNed. On 9 May 2025 Megan vIS was reapwnted as a trustee to ser¥e a second three year term.
Objectives and artivities: The prime objective of the BF as set out in the founding governing document is the provision of financial assistance to the pensioners of the Natwest Group INWGI and their dependants. In June 2024 the trustees receNed permission from the CC which now enable5 the BF to help former female employees who were denied a NWG pension due to discriminatory rule5 which would now be illegal. This change has ensured that we can treat all former employee5, and their dependants, who would otherwise be entttSed to a pension in exartty the same way. • The trustees continue to review and develop the BF polÈctes and procedures to ensure they remain up to date and compliant with all relevant legislation. During the last 12 months the trustees have provided what they believe to be a record amount of financial assistance to NWG pensioners and their dependants who have applied for grant$ 3nd who fall wtthin the Fncome and capttal criteria as defined by our application procedures. Further information atrut the grants we have made can be foLEnd below. Achievements and highlFghts: During the last 12 rnonths the BF distributed a total of £70,107 to pensioners and thelr families and. as mentioned above. we think this is a record both in terms of the amount granted and the number of pensioners helped. Out of the overall total £58.857 was paid by way of Maintenan 8rants to 60 pensione and this equates to an average of almost £981 per individual. The trustees also made discretionary cost of living payments totalling £11,250 to 45 applicants to help them cope with the ntInuing impact of inflation. These payments are over and above the grants made in the nomial course of meeting the BF'5 objectNes but we do not commit to making similar payments in the future a5 our finances are finite. However we re8ularly review how best we can help our pensioners colleagues who are in necessitous circumstance5 SO they can meet their financial commitments in addttion to the general applications we receple. The trustees continue to be faced with the signrficant challenge of trying to ensure that as many as possible of our fornier colleagues 3nd their families are aware of our existence and how we can help them. In addition to having a website the BF has developed the use of social media platForms and they are provin8 to be increasingly beneficial in publicising and promoting the work we do. The resuh of the effort put in to building our profile 15 that this year we have been able to assist many more NWG pensioners and their dependants, compared to previous years. who continue to struggle with their finances in common with the UK public generally due to high inflation and the signtficant energy costs which increased in 2022 when Russia invaded Ukraine and still exist today. We have forged and maintain close links wtth the Bank Workers Charty IBWCI as well as the ad hoc NWG pensioner groups which exist around the country and we hope that these relationships will enable the tr¥J5tees to provide ever more financial assistance to NWG pensioners and their dependants in the future.
Financial Review: Assets held as at 31 Decembér 2025 comprise cash of £216.201 and stock market investments valued at £1.764.8S4. The stock market investments increased by £67.22113.95%1 in 2025. Investment dwidends in the same period amounted to £46,11312.6%k They are our main source of income and we expect that to be the case in the future. We are very grateful to the 11 donors who continue to support us on a gUlar basis and whose donations, along with a few ad hoc donations, totalled £1,954 plus gtft aid of £345. The trustees are conscious that MO than £14,6LNJO was paid out by way of grants and other expenses than was received by way of investment income. deposit interest and donations but the BF was grateful to receNe a bequest of almost £189,0 at the beginning of 2025. That enabled the trustees to do the work they've done without being concerned about running short of money and wtthout having to sell any of the longer tem) investments to top up the cash reserves. In November of this year the trustees were advised of another bequest in excess of £400.OCKI and whilst a timescale for the receipt of this bequest has not been confirmed it is likely to be in terms of months rather than weeks or years. In light of the bequests, coupled with the increased value of our longer term investments, the trustee5 are confident they can continue to meet the financial demands seen during the last 12 months should they be repeated in the foreseeable future. It should be noted that the increase in the value of the investments more than offsets the excess expenditure referred to above and. regardless of the bequests, underpins the trustees, confidence of maintaining the future sustainabiltty of the BF. The trustees will endeavour to continue to manage the BF finances in a prudent and responsible manner in accordance with all legislation to ensure the longevity of the BF so that it can provide financial support to NWG pensKJners for as long as it Is requid. Reserves Policy: The trustees monitor cash held in the BF bank accounts at least on a quarterly basis when the interim statements of accounts are prepared. This monitoring includes tonsideration of investing any surplus cash: etther to earn better rates of interest.. to seek longer term stock market related investments: to rae funds to cover expected cash commttments- orto take no actFon. The final decision a5 to what to do depends upon the value of any pending grant applications compared to current cash balances and estimated income likely to be received by way of investment dividends. The trustees have been considertng reducing the cash reserves by adding to our long tem7 investments and the last discussion was had in October before advice of the latest legacy was received in November. No decisK)ns were reached and so will be on going in the light of the new bequest.
Fund Closure and Wind-up pollcy: The trustees review the Fund Closure and Wind-up policy on an annual basis and on the 29 january 2025 they confim)ed that there were no known circumstances which will affect their ability to continue to operate the Benevolent Fund in accordance with the aims and objectives set out in our governing documents. Signed ... Si8ned....... Linda Webster Chair of the trustees Andrew Greenhalgh TreaSur 22.*é.?o-G"
Independent examiner's report to the trustees of Natwest Group Pensioners Benevolent Fund for the year ended 31 December 2025 I report to the charity tnjslees on my examinatKJn of the aecounts of the charity for the peri¢Jd ended 31 December 2025 whh are set out on the pages above. Respective responsibilitles of trustees and gxaminer As the charity's trustees of Nalwesl Group Pensioners Benevolent Fynd. you are responsible for the preparation of the accounts in aceordance WTth qUirements of the Charities Act 2011 Ilhe Acti. I report in respect of my examinatM)n of Natwesl Group Pensioner5 Benevolent Fund accounts carried out under $tion 145 of the 2011 Act and in carying out my examination I have followed all the applicabk Directions given by the Charity Commission under section 14515llbl of the ACL Independent examiner's statement I have completed my examination. I confirm that no material matters have corne to my attention in connection wrth the examination giving me cause to believe that in any material respett. 1. Accounting records were not kept in respecl of Natwesl Group Pensioners Benevolent Fund as required by section 130 of the Acl" oi 2. the accounts do not accord with those records,. or 3. the accounts lo not comply wrth the accounting requirements concerning the form and conlenl of accounts sel out in the Charities {Aount$ and Reports) Regulations 2008 other than any requirement that the accounts gtve a Irue and fair view, which is not a matter conshyered as part of an independent examination. I have no concems 8nd have CMe across no other matters in connection wf(h the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed Dale Daryl Den VAST
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