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← The Bankers Benevolent Fund

2025-03-31-accounts

Trustees’ annual report and accounts

2024-25

Supporting the banking community past and present

Bankers Benevolent Fund | Registered No. 0019366 operating as the Bank Workers Charity

Statement from the Chair

Welcome to our annual report for 2024–25.

It’s been a year of change and progress for Bank Workers Charity – from adapting the way we work, to strengthening partnerships and making thoughtful decisions to protect our future.

We moved to a new office that better supports hybrid working and reduces overheads, allowing more funding to go directly to client support.

Post year-end, Tony Ramos stepped down as Chair and Trustee after many years of dedicated leadership. We thank him for his wisdom and long-standing commitment. We said goodbye to trustees Lillian Boyle and Michael Field and thank them both for their service. We recruited five new trustees to support a smooth transition and protect vital organisational knowledge.

We were sorry to hear of the passing of Sir Kit McMahon, a longstanding Vice President of the Charity. His support helped us strengthen our connections across the banking sector and extend our reach to those in need.

In that same spirit, this year, we refreshed our strategy which moves away from growth-focused ambitions to a more sustainable, impact-driven approach. Our priority is to support those most in need, ensuring we maximise our impact while strengthening the organisation’s long-term resilience.

We also introduced a new vision and mission, reflecting our next chapter while staying true to our values:

With increased pressure on resources, we reduced internal costs to protect frontline services. We strengthened partnerships with banks, helping to grow funding.

In line with the Charity Governance Code, we updated our governance – introducing maximum terms of office for Trustees and revising our membership structure.

As I begin my term as Chair, I want to thank everyone who plays a part in the work of Bank Workers Charity – our staff, trustees, partners and supporters. Your contribution makes a real difference, and I’m confident we’re in a strong position to continue supporting the banking community in the years ahead.

Lena Breen

Chair of Trustees

Contents

Contents
Our year in numbers 04
About Bank Workers Charity 05
Supporting the needs of the banking community 06
Public benefit 08
The challenges our clients face 09
Our strategy for 2025-28 10
Our impact 12
Wellbeing webinars and events 13
Building a wellbeing community across the banking sector 14
Fundraising and engagement 16
Looking ahead: Priorities for 2025-26 18
Social investments 19
Financial summary 20
Policies 23
Reserves and funds 26
Structure, management and governance 28
Reference and administrative details 33
Independent auditor’s report 35
Consolidated statement of financial activities 41
Consolidated balance sheet 42
Charity balance sheet 43
Consolidated statement of cash flows 44
Notes to the financial statements 45

Our year in numbers

These figures reflect the early impact of our 2025–28 strategy (see page 10). In the interests of long-term sustainability, we’ve reduced some of our awareness-raising activity – such as our ‘How we help’ webinars – and focused our resources on the clients most in need. While this has contributed to a drop in the number of people we’ve supported and the grant amount awarded, we’ve helped secure significantly more through benefits and external grants for those we have reached.

5,876 Clients supported (last year: 6,406)

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3,459 New clients supported compared to 4,366 in 2023/24

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1.23m

89

In grants awarded to 1,647 clients (last year: £1.84m to 1,835 clients)

of clients felt less stressed after receiving our support up from 88% in 2023/24*

196

1.4m

Wellbeing and help webinars delivered to 19,235 attendees (down from 283 webinars to 30,306 attendees last year)

Secured through client benefit claims and external grants compared to £1m in 2023/24

  • Based on post-support surveys completed by 822 clients in 2024–25 and 616 clients in 2023–24

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About Bank Workers Charity

We’re here to support the health and wellbeing of the banking community.

Bank Workers Charity is the working name of the Bankers Benevolent Fund, a company limited by guarantee in England and Wales (reg no. 00019366) and a charity registered in England and Wales (reg no. 313080).

Our charitable objectives are:

The people we support:

Client story Maria

Leaving her abusive marriage was traumatic enough. But now Maria was in constant pain – and skipping meals so she could feed her five-year-old son.

Her ex-husband had moved out, and though he was legally responsible for half her mortgage, he refused to contribute. Maria was left to cover the rising costs alone – all while managing a long-term health condition that caused chronic pain and fatigue.

Eventually, she was told the best option was to leave the property and start again. But after setting aside enough for a deposit and first month’s rent, she couldn’t afford basics like food or heating – let alone the rest of the moving costs. She also needed a bed to ease her condition, and an oven so she could cook meals.

That’s when she called the Bank Workers Charity Helpline.

We arranged financial support to cover her moving fees and help her furnish her new home. Now Maria and her son are safe, settled, and hopeful for the future.

“Bank Workers Charity helped me turn things around and make a fresh start. Thank you for the care, attention and support I received.” Maria, current bank worker

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Supporting the needs of the banking community

Physical, mental, social or financial – the banking community’s changing needs reflect wider UK trends.

While the data below covers the UK as a whole, we see the same pressures reflected in the issues raised by the people who contact our Helpline every day.

Financial pressures remain high

More people’s wellbeing is being impacted by their finances. The Joseph Rowntree Foundation predicts UK households will be on average £1,400 worse off by 2030[1] . Inflation may have slowed, but the cost of essentials like food, fuel and housing remain at record highs.

Working harder to make ends meet

In November 2024, 1.2 million people had taken on second jobs to cover rising costs[2] – a shift that affects health, family life and wellbeing.

Sickness is keeping more people out of work

In the year to September 2024, 2.5 million people were out of work due to long-term illness[3] – the most common reason for economic inactivity.

NHS services are under severe pressure

As of January 2025, 7.4 million cases were on hospital waiting lists – with 3 million patients waiting over 18 weeks[4] . Mental health services are particularly stretched[5] , and NHS dental provision is near breaking point, with 97% of new patients unable to access care in 2024[6] .

Young people’s mental health is in crisis

One in five children has a common mental health condition, yet 60% of those with a diagnosis receive no NHS-funded support[7] .

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An ageing population is increasing pressure

More funding is needed for pensions, healthcare and care services as demand rises – especially among older adults[8] .

Loneliness is rising – especially among younger adults

One in four adults now experiences loneliness. Contrary to public expectations, it’s most common in younger people, including those in work[9] .

Cuts to local services are still being felt

Sources:

7 Mental health research

8 Institute of Fiscal Studies 9 Office for National Statistics 10 Local Government Association 11 Centre For Young Lives

Local councils face a funding gap of more than £2 billion in 2025-26[10] which is expected to hit children and youth services the hardest. In fact, 49% of local authorities reported cuts to children’s centres in the last year; some by up to 81%[11] .

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Public benefit

As a registered charity, we have a duty under Section 17 of the Charities Act 2011 to show due regard to the Charity Commission’s guidance on public benefit.

Our role as Trustees is to ensure that we pursue our objectives in line with this duty. We do this by clearly defining our beneficiary group and ensuring that our services are accessible to those who need them. We work actively to reach potential beneficiaries through relationships with other charities, wellbeing networks in banks, and pensioner associations – helping people find their way to us when they need support.

Our charitable activities

We support the health and wellbeing of our community through financial assistance (in the form of grants to individual clients) and a broad range of services delivered by our in-house teams and trusted external partners.

These services include online advice and information, personalised support from our Helpline and casework teams, and access to specialist partners offering counselling, employment guidance and legal support.

Services and Grants Policy

We aim to direct our funding and support to people who meet our eligibility criteria and are facing the greatest unmet need – particularly where their circumstances make it hard to manage alone.

In 2024/25, we reviewed our criteria to ensure it focuses on those who will benefit the most. We listen closely to everyone who contacts us to assess how – and if – we can help. Eligibility for grants is determined using clear, annually reviewed criteria, which helps us to make best use of our resources. We also draw on feedback from clients, frontline staff and data insights to monitor trends and shape our services accordingly

Grants and some services are subject to an application process. This considers factors such as length of banking service, income, savings, and the individual’s circumstances. Every application is assessed objectively on its own merits. When a grant is awarded, it’s entirely discretionary and regularly reviewed. We also seek out alternative sources of support (e.g. state benefits, local services, or other charities) wherever possible. This means we can reserve our limited funds for people who have no other options – or for future clients who come to us needing help.

Our assessment of financial hardship (‘poverty’) is based on how the applicant’s income compares to the UK median household income (after tax and housing costs), adjusted for their personal situation. We also consider available savings (excluding the family home), in line with Department for Work and Pensions thresholds. We recognise the limitations of published average data, so we take a flexible approach – especially in relation to household composition and disability-related needs.

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The challenges our clients face

When people contact us, they’re often dealing with more than one issue. Below are the five most common challenges raised this year, shown as percentages of the total number of issues reported.

Compared to last year, financial concerns made up a slightly higher proportion of issues, while mental health concerns decreased a little. The overall picture remains consistent: our clients continue to face a complex mix of financial, emotional and social challenges.

Legal 8 down from 9% in 2023-24

Mental health 17 down from 21% in 2023-24 Physical health 5 same as in 2023-24

Financial 48 up from 43% in 2023-24

Relationship 7 up from 6% in 2023-24 Other challenges 15* down from 16% in 2023-24

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*Other challenges include: employment (3%), housing (2%), care (2%), domestic abuse (2%), bereavement support (2%), cost of living increases (2%), neurological health condition (1%), addiction, social developmental health condition, Covid-19 (all under 1%)

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Our strategy for 2025-28

The strategic challenge

The UK’s cost-of-living crisis has created greater financial strain for many members of the banking community, increasing demand for our services while placing tighter financial constraints on our organisation.

As a result, our 2025-28 strategy moves away from growth-focused ambitions to a more sustainable, impact-driven approach. Our priority is to support those most in need, ensuring we maximise our impact while strengthening the organisation’s long-term resilience.

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Values and mission led

To reinforce our organisational identity and cultivate a shared sense of purpose, we’re adopting new vision and mission statements:

Over the next three years, we will:

Client-focused and evidence-based

Understanding the evolving needs of bank workers is critical to ensuring our services remain relevant and effective. We will:

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Building a resilient organisation

To sustain our impact and continue meeting the growing needs of our community, we will:

Looking ahead

This strategy ensures that Bank Workers Charity remains a lifeline for those facing financial and wellbeing challenges. By focusing on sustainability, impact, and resilience, we’ll continue to make a meaningful difference in the lives of bank workers and their families – now and in the years ahead.

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Our impact

This year, we began putting our new strategy into action – focusing support where it’s needed most and laying the foundations for long-term impact.

Our Helpline team handled over 11,200 calls, emails, letters and online forms in 2024–25. While that’s a 7% decrease from 12,100 last year, it still reflects the high level of demand for our services.

We supported 5,876 clients – down 8% from 6,406 – as we focused our resources on those most in need.

Many of those who contacted us were facing financial or mental health challenges. We helped clients unlock £1.4 million in additional income through benefits and external grants – up from £1 million last year, an increase of 40% – and referred 1,455 people to trusted mental health partners, including PAM Wellbeing and Relate.

We also responded to rising demand for neurodiversity support by investing in specialist training for our team – helping us provide advice that’s more informed, inclusive and effective.

The early signs are encouraging. In our latest client survey, 89% of people said they felt less stressed three months after receiving our support – a clear sign that our new strategic focus is making a real difference.

We’re proud of the progress we’ve made – and we’re committed to building on it in the year ahead.

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Helpline
responsiveness
96
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Advice that solved
the problem
85
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Those who
recommend us
85
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Based on post-support surveys completed by 822 clients in 2024–25

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Wellbeing webinars and events

Our webinars and wellbeing events continue to be in high demand. In 2024–25, we delivered 150 sessions, attended by 15,812 people. The range of topics was wider than ever before, covering 30 different wellbeing themes.

To understand what our webinars offer from the perspective of those who commission them, we surveyed bank wellbeing leads and departmental heads. The results offered some valuable insight:

100

of respondents said the webinars support their bank’s wellbeing agenda

100 said attendees learnt something new

87

said attendees were better able to support others as a result

87 had recommended the webinars to colleagues in other departments

Narrative feedback was equally encouraging. Respondents told us the webinars:

“Often break taboos about subjects not usually in the spotlight”

“Have definitely made people think about the wellbeing outcomes they want for themselves and how to achieve those outcomes”

“Have helped us become more connected as a team as we debrief after the webinars”

“Have improved our team’s knowledge and contributed to a sense of psychological safety, where people are more comfortable to say if they don’t feel 100%”

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Building a wellbeing community across the banking sector

Across UK banks, large numbers of employees are actively and enthusiastically engaged in their organisation’s wellbeing agenda. They give up their own time to run campaigns, organise wellbeing events, and act as key points of contact for support and information.

These departmental wellbeing leads, mental health advocates, champions and first aiders are the foot soldiers of the wellbeing function. Without their contribution, much of the sector’s wellbeing activity would not be possible – and it’s happening at scale. At Lloyds Bank alone, 2,800 mental health advocates have been trained in partnership with Mental Health UK.

Over the past year, we’ve come to recognise that these individuals represent something more: a cross-sector community united by a shared interest in workplace wellbeing – and one we could help connect and support.

The enthusiastic promotion of the Banking Wellbeing Pulse by these networks confirmed this. We saw it again at our panel event, ‘What next for workplace wellbeing?’, which featured wellbeing leads as panellists. The event attracted 200 live attendees and 94 views of the recording. Most importantly, 95% of attendees told us they were actively supporting their organisation’s wellbeing strategy.

Building this cross-sector community – through regular wellbeing events, the Banking Wellbeing Pulse, and our cross-sector EDI and Wellbeing Forums – is now a key part of our strategy. It will sit at the heart of the wellbeing team’s activity in 2025–26.

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Client story Gaya

At 83, Gaya had just lost her husband. Alone and in poor health, she was struggling in a home that was cold, crumbling, and unsafe.

With no hot water, a broken oven and long-term health issues that left her unsteady on her feet, even using her kitchen put her at risk of injury.

An occupational therapist recommended urgent adaptations, but Gaya couldn’t afford the £1,280 cost of the work. She contacted Bank Workers Charity.

We helped her apply for benefits, reducing her contribution to £393 – which we covered.

Today, Gaya has a safer kitchen, over £6,000 in extra annual income from the benefits we helped her claim, and the space to process her grief.

“I was struggling to manage, and I didn’t know what help was available. My home is now safer, and I have financial security I never thought possible.” – Gaya, retired bank worker

Client story David

When his manager asked if he was okay, David broke down in tears.

His 33-year marriage had ended, leaving him to care for his teenage son alone. Their relationship was strained, money was tight, and when his washing machine broke, it felt like the final straw.

David’s manager encouraged him to call Bank Workers Charity.

We awarded a grant for a new washing machine, funded counselling to help David process the breakup, and connected him with our partners at Relate, who provided a safe space to talk things through with his son.

From feeling at breaking point, David says he’s now stronger, happier, and more positive about the future.

“Before speaking to Bank Workers Charity, it felt like everything had fallen apart. Their support was life changing.” – David, current bank worker

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Fundraising and engagement

One of our key goals for 2024–25 – in line with our new strategy – was to diversify our income. That included building a stronger foundation for the future through fundraising.

We’ve made strong progress. With dedicated fundraising expertise now in place, we’ve deepened our relationships across the banking sector and engaged more donors from our wider community – opening up new opportunities for collaboration and support.

A standout example is our partnership with HSBC.

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Together, we’ve developed the HSBC Support Fund – a vital initiative that provides financial help to the bank’s past and present employees and their dependants during times of hardship. Fully funded by HSBC and administered by our team, the scheme ensures people get the right support, at the right time – with complete confidentiality.

This year, HSBC also pledged unrestricted funding to the charity – meaning we’re no longer limited to using their support solely for financial grants. We can now use it to help with mental health, benefits advice, and other wellbeing concerns too. This recognises the full value of what we do and helps us respond to need, wherever it appears.

In November, we were pleased to welcome Ian Stuart, HSBC UK’s Chief Executive, to our office for a meaningful conversation about the difference we’re making together. Speaking on the day, Ian said:

“It’s been a privilege to visit with the Bank Workers Charity team and hear stories of people helped by the HSBC Support Fund. The wellbeing of our people is incredibly important to us, and by working in partnership we’re able to provide meaningful support in a way that maintains complete confidentiality and impartiality at a time when they need it most.”

– Ian Stuart, Chief Executive, HSBC UK

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Thank you

We’re incredibly grateful to everyone who supported us this year.

We rely on donations to fund our work – and every contribution helps us reach people in need. Without the generosity of the banking community, our impact simply wouldn’t be the same.

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815,207

raised thanks to donations

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4 legacy gifts

We’d like to offer special thanks to:

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755,000

in corporate donations from 4 banks

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745 individual donors

Including support through employee giving and matched donations towards the Spread Eagle Foundation.

As in the previous year, no complaints were received in 2024-25 related to fundraising activities.

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Looking ahead

As we move into 2025–26, demand for our services remains high – even as the number of people reaching out has reduced. The needs we respond to are often complex, and we know that for many in the banking community, life isn’t getting any easier.

Banks are also undergoing rapid change – adapting to an uncertain economic climate, the growing impact of artificial intelligence, and evolving ways of working. These shifts, alongside broader societal pressures, continue to shape the wellbeing needs of the banking workforce.

In the year ahead, we’ll stay focused on what matters most: putting our clients at the heart of everything we do and ensuring our services reach those who need them most.

These are the priorities that will guide our work:

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Values and mission led:

Client-focused and evidence-based:

Building a resilient organisation:

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Social investments

In previous years, our Trustees designated a portion of Bank Workers Charity’s unrestricted investment portfolio specifically for social investment. The aim was to further our charitable objectives by increasing our overall social impact, while also seeking an eventual financial return.

Our policy was to build a balanced portfolio of investments that combined financial return with positive social outcomes. In line with Charity Commission CC14 guidance, these are classed as mixed motive investments.

As part of a wider review of our investment strategy in 2023–24, we revisited our approach to social investment. The decision was made not to pursue any new investments in this area, and instead to begin liquidating our existing social investments where possible. However, many of these assets are long-term and not readily liquid.

As of 31 March 2025, the value designated towards social investments remained at £2.6m. The net value of these is currently £2.0m, the difference being a mixture of redemptions and funds not yet drawn down.

Our social investment portfolio includes a mix of direct loans, equity investments, and investments in funds managed by other organisations. In all cases, the purpose of the investment aligns with our charitable aims.

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Financial summary

This year the Charity incurred an unrestricted deficit of £2.3m (2023-24: deficit £0.4m), largely due to volatile investment returns. The unrestricted fund stands at £33.6m (2023-24: £35.9m).

The restricted funds are at a similar level to last year, standing at £56.0m (2023-24: £55.9m).

Income

Total income generated for the year ending 31 March 2025 was £2.5m (2023-24: £2.3m) an increase of £0.2m compared to prior year.

Investment income of £1.7m is similar to the previous year (2023-24: £1.7m).

Donations income of £815k is up £236k on the previous year.

During the year we received unrestricted corporate donations from HSBC (£150k) Santander (£50k) and Barclays (£30k).

We also received £475k from HSBC to top-up their Support Fund. The bank has continued its commitment to the Support Fund, and we receive ongoing funding. We also received £50k from TSB for their Support Fund.

We’re grateful to those who donate to our cause and people who remember us in their wills. This year we recognised legacy donations of £6k (2023-24: £191k) .

We don’t actively raise funds from outside the banking community and have not employed any external agency to fundraise on our behalf. We do accept donations which are mainly directed through the principal online donation platforms (e.g. Charities Aid Foundation) or through payroll giving.

Expenditure

For the year ending 31 March 2025 expenditure was £5.5m (2023-24: £6.6m), a decrease of 17% on prior year. The Charity has been consciously reviewing spend to ensure it is sustainable in the future. The cost of raising funds was £761k (2023-24: £805k), a decrease of 5% on the previous year.

Charitable activities cost £4.7m (2023-24: £5.7m), a decrease of £1.0m or 18% on the prior year. Cash grants, including support costs, are £2.0m, down £0.7m or 25% on the prior year due to the tightening of our grant criteria to achieve long term sustainability. Service provision and casework, at £2.3m, is marginally reduced by £62k or 3% as we have reduced the default number of sessions we offer on counselling services. Our Caseworkers have continued to work tirelessly in assisting our clients to claim £1.4m of benefits (2023-24 £1.0m).

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Cost of direct assistance by activity

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4%
2025
8%
2024
39%
46%
57% 46%
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Further information can be found in Note 7 to the financial statements

Support costs

Total support costs have reduced by £0.2m from £1.8m in 2023-24 to £1.6m in 2024-25 as we continue to strive to reduce costs and obtain value for money. As part of this the Charity moved to a smaller premises during the year, reducing rental costs.

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Cost of support by activity
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----- Start of picture text -----
2025 15%
20%
2024
50%
48%
32%
35%
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Further information can be found in Note 7 to the financial statements

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Staff costs

The average number of full-time staff was 37 (2023-24: 38). Staff costs reduced by 4% due to the restructure of Finance in late 2023 and the departure of the Director of Operations and Marketing in January 2025.

Investment portfolio and total return

We rely substantially on investment returns to support our activities. We’ve maintained a total return investment strategy seeking a return from a combination of capital growth and income. This allows us to plan for longer-term service delivery activity by smoothing out the volatility associated with investment returns (see investment policy on page 24).

The last quarter of the financial year saw some turbulence in the markets due to the impact of US trade tariff announcements. This affected the full year gains which were £0.7m for the full year (2023-24: £8.7m).

As of 31 March 2025 the value of our total reserves was £89.5m (2023-24: £91.8m).

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Policies

Risk management

Risk management is a crucial aspect of Bank Workers Charity’s operations, overseen by the Trustees and delegated to the leadership team. Understanding risks related to organisational strategy, ongoing activities, and projects enables us to align with objectives and serve the banking community effectively.

Trustees, the leadership team and line managers actively assess and address risks, seeking to mitigate, manage, or accept them as appropriate. The leadership team regularly monitors both organisational and departmental risks and provides quarterly reports to the Audit and Risk Committee.

Primarily, our high-level strategic risks are identified to be risks attributed to:

The Audit and Risk Committee oversees the Charity’s strategic risk register under its delegated powers from the Board. As part of this oversight, the committee reviews strategic and highlevel risk assessments and positions recommended by the leadership team, along with the mitigations in place. These are evaluated in line with the risk management policy and, where defined, the Trustees’ agreed risk appetite. The Finance and Investment and People Committees also review specific sections of the strategic register aligned to their terms of references at quarterly meetings, and the key findings are then presented to the Board.

We assess risks by considering their potential impact and likelihood of occurrence, taking into account our tolerance for each risk. Our approach to risk management is integral to the daily operations of Bank Workers Charity, characterised by the implementation of appropriate policies, procedures, and controls. This includes the establishment of a structured risk management and compliance framework, active engagement with Senior Management through the Audit and Risk Committee, and regular internal and external audits of our internal controls.

We utilise this data to identify and evaluate risks, as well as to implement any necessary new controls. Strategic risks undergo regular internal review and are presented quarterly to both the Audit and Risk Committee and the Board.

Occasionally, it becomes necessary to assume additional risks in pursuit of our objectives. When embarking on new projects or activities, we adopt a “managed risk” approach, creating a separate risk register to assess their potential impact on Bank Workers Charity before proceeding.

Our formal risk management process is further strengthened by an annual internal audit program conducted by our independent internal audit partner. These audits evaluate the business

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processes, controls, and operational risks implemented by the leadership team. Additionally, our internal audit partner offers independent advice to the Audit and Risk Committee.

Principal risks

As in previous years, we’ve maintained our assessment of our primary risks. While demand from our community has now stabilised, it remains significantly higher than just a few years ago – driven by the ongoing cost-of-living crisis that continues to impact many individuals in the UK. This sustained pressure poses an increased risk of potentially compromising our high standards of service quality. To mitigate this risk, we’ve closely managed our front-line client support staff capacity, streamlined our processes, and reviewed our grant criteria to focus support on those in greatest need.

Moreover, while our grant spend has reduced year on year, it remains significantly higher than levels seen before 2022 – reflecting the continued financial needs within our community. The pivotal financial backing received from banks in establishing staff support funds has been and will continue to be instrumental in facilitating some of these efforts.

As Trustees, we recognise our current levels of expenditure and service outreach are not sustainable indefinitely. As part of our new strategy, we have – and will continue to – work towards financial sustainability by controlling support costs, focusing our provision on those most in need, and exploring alternative sources of income.

Furthermore, cybersecurity remains a significant concern for all organisations including the charity sector. As Trustees, we are committed to ensuring the resilience of our IT systems and internal controls against persistent cyber threats. To safeguard and preserve the data under Bank Workers Charity’s control and processing, we collaborate with industry experts and maintain compliance with Cyber Essential Plus accreditation standards.

Global events in Europe and emerging markets resulted in economic deceleration and increased stock market volatility in recent years, posing a risk to achieving our target investment returns.

We continually monitor market and liquidity risks and assess both short and long-term impacts on our activities and plan for the future with the assistance of professional support from our fund managers and an independent investment adviser.

Staff, operations and service provision

In 2024–25, we maintained our hybrid working arrangements. Staff continued to split their time between home and office, with a minimum of two days a week spent in the office, based on business needs. Bank and casework visits also continued, with many taking place remotely.

Investment policy

As Trustees, we reserve the right to exclude from the portfolio any investments in companies whose representation might damage, directly or indirectly, the purposes of or reputation of the Charity and the Group.

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The following restrictions have been implemented so we do not invest in companies that earn more than 10% of revenues from tobacco, alcohol, gambling, high interest rate lending, or armaments, or 3% of revenues from pornography, and we do not invest in companies that produce indiscriminate weaponry.

Additionally, we encourage our investment managers to increase the pace of climate action by leading impactful engagements with the companies that we invest in as we recognise the significant role the environment plays in supporting human health and wellbeing.

We undertook a review of our investment managers earlier in the financial year, in accordance with our policy to review investment fund managers every three to five years, and moved from a three to a two-manager model (note that at year end we still had three as we still had some investments that had not yet been transferred from UBS), both of which adhered to this policy.

The Finance and Investment Committee (FIC), supported by an independent investment adviser, monitors the performance of the investment managers against agreed performance benchmarks at its quarterly meetings. The papers and decisions of the FIC are also made available to all Trustees.

The investment policy is set to maintain the Charity’s long-term capital and returns, allowing for the effects of inflation, to achieve real gains in capital growth and sustainable income.

The investment managers actively manage our investment portfolios and work to optimise the returns to achieve the total return targets, including the long-term preservation of capital values. These targets are set, and performance measured at least once a year, and are used to drive our annual business plan including a three-year strategy and planning cycle of income and expenditure.

The maximum asset holding is not more than 5% of any individual equity or fixed income without our consent. The reference currency for all investment portfolios is sterling.

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Reserves and funds

As Trustees, we regularly monitor and review the consolidated reserves to ensure they are sufficient to enable Bank Workers Charity to operate effectively in the short to medium term. The FIC reviews the reserves policy and recommends for Trustee Board approval.

The reserves policy and a description of the type of reserves we hold is explained below:

Unrestricted funds

As of 31 March 2025, the group’s unrestricted reserves of £33.6m (2023-24: £35.9m), largely comprise investments, including £2.0m of paid-up social investments. Free reserves are £30.9m as of 31 March 2025. In view of our aim to be financially sustainable in the long-term, a large proportion of the free reserves (£28.8m at 31 March 2025) are investments held to generate income and capital growth and secure the long-term funding of the Charity. Trustees have considered that a minimum reserve of £40m should enable us to serve our clients for the foreseeable future. We expect this to be reached post year-end, following the anticipated derestriction of the first tranche of the Bank Workers Charity restricted fund for the NatWest Group, subject to approval by the Board and the Charity Commission.

In addition, the Trustees consider it prudent to hold a minimum of £2.6m as cash and cash equivalents to enable us to have a working capital of 12 months, should adverse market conditions prevail. As of 31 March 2025, the Charity held £2.6m of its free reserves in cash and cash equivalents. After year end, due to the sale of the UBS property fund, this was increased to £3.6m.

Restricted funds

As of 31 March 2025 we held restricted funds of £56.0m (2023-24: £55.9m), which can only be spent in accordance with the specific terms aligned with the deed of donation. The cost of raising and administering these restricted funds is charged against the specific funds. The restricted funds largely relate to a donation received in June 2017 from the RBS People Charity. On 31 March 2025, this donation was valued at £55.5m (2023-24: £55.5m). This is held by Bank Workers Charity as a restricted fund for the relief of financial need, hardship, or distress of people within the beneficial class, restricted to bank workers past and present, and their dependants of the NatWest Group (formerly Royal Bank of Scotland Group of companies).

Following the year-end, and subject to approval by the Charity Commission (with the support of the NatWest Group), a portion of the restricted fund relating to the RBS People Charity donation is expected to be de-restricted. This is anticipated to contribute towards meeting the Trustees’ target for unrestricted reserves.

The HSBC Support Fund was established in May 2021 under a deed of donation where HSBC transferred £250k to Bank Workers Charity to support HSBC bank workers past and present and their immediate dependants and applied exclusively for the beneficial class defined under the terms of the deed of donation.

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ln addition, the restricted reserves include three smaller funds comprising the SE Foundation (SEF), and the Barclays Overseas Benevolent Fund (BOBF), and the TSB Fund. On 31 March 2025, SEF amounted to £283k (2023-24: £401k) and BOBF is now zero (this is after provisions were made for the next five years’ commitments) (2023-24: £5k).

The SEF funds are held as a restricted fund for the objects of SEF, which are reserved for the relief of persons in conditions of need, hardship, or distress, who are Barclays retired employees.

The BOBF funds are held as a restricted fund for the benefit of former Barclays overseas employees and their spouses, who were employed outside of the UK.

The BOBF Trust Deed states that payments to beneficiaries should be for the relief of poverty. On 31 March 2025, there were eight beneficiaries (2023-24: eight) receiving quarterly payments from this fund and this will continue for the remainder of their lives or until the Fund runs out. The annual cost of these payments was £47k (2023-24: £42k).

The TSB Fund had dropped to zero in 2023-24 but a donation was received in January 2025 of £50k.

In prior years there had been a Santander Support fund, for which a small interest balance was received in the year, but Santander have now given an unrestricted donation in 2024-25 of £50k so this fund is no longer in use.

We continue to maintain these levels of reserves by periodically reviewing the performance of the funds and investment managers, strategic asset allocation and diversification of portfolios to protect our capital from market downturns and inflation so that we continue to maintain our commitment to provide help and support to the banking community. Investment income is the Charity’s main source of income and is susceptible to market fluctuations. The Trustees believe that for the Charity to be sustainable in the long-term, they will need to embark on income growth opportunities, so that sufficient income will be generated to fund future budgeted expenditure. Trustees also have the power to reduce discretionary grant-making and servicespending to a level commensurate with available reserves. The movements on reserves for the year are reported in the consolidated statement of financial activities.

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Structure, management and governance

Governing document

Bank Workers Charity is a registered charity, governed by articles of association – copies of which may be obtained by writing to the CEO at 35 Great St. Helens, London, EC3A 6AP. It’s exempt from tax on its charitable activities under the provisions of the Corporation Tax Act 2010.

Bank Workers Charity is the Corporate Trustee of the SE Foundation (SEF) (registered charity no. 277665) and was the Sole Corporate Trustee of the BWC Charity (CIO registered charity no. 1154235), until it was removed from register of charities on 18 December 2024.

Both the Group and the Charity operate under the name Bank Workers Charity. Bank Workers Charity is the working name of the Bankers Benevolent Fund, a charitable company limited by guarantee (company registration no. 00019366).

Governance structure

Bank Workers Charity is governed by a Board of Trustees (shown on page 33), who are the directors of the company for companies act purposes and Trustees for charity purposes.

We aim to have representation from each of the major British banks. As Trustees, they act in an independent capacity from their banks but are an interface to facilitate support and maintain operational contacts. At the time of reporting, we have 12 Trustees; of which three Trustees are employed by banks, seven are former bank workers and two non-bankers.

Following changes to our Articles in November 2024, Trustees serve terms of three years and, in general, can serve up to three terms. In exceptional circumstances, the Board has the power to appoint a Trustee to a fourth term of three years. Transitional arrangements were put in place for existing Trustees when the new Articles were adopted to ensure continuity of trustees so that corporate knowledge is maintained. The Board meets quarterly and, during 2024-25, the subcommittees with delegated responsibilities in specific areas were:

The Board of Trustees are committed to supporting Bank Workers Charity, and particularly the Leadership team, not only through their high attendance levels at the various sub-committee and Board Meetings but also on a more frequent basis, on internal project groups.

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Trustee Board and Sub-Committee Meetings Attendance Record 2024-25

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----- Start of picture text -----
Subcommittee Meetings
Board (General Finance and
Trustee Name Audit and Risk People
Committee) Investment
- -
Lillian Boyle [1] 3/3 3/3
Lena Breen [2] 4/4 4/4 - -
-
Rachel Claringbold 4/4 3/3 4/4
Charles Coldicott [5] 2/2 - 2/2 -
Sam de Silva [5] 2/2 - - 1/2
Marco Evans 4/4 - 4/4 -
Michael Field [6] 0/1 - 1/1 -
-
Beverley Horler [3] 3/4 4/4 4/4
- -
Suzanne Hughes 2/4 4/4
Sharon Midwinter 3/4 3/4 - -
- - -
Tony Ramos [4] 4/4
Duncan Stewart 4/4 4/4 - -
Nathan Townsend [5] 2/2 2/2 - -
- -
Richard Wait [5] 2/2 2/2
Jasmine Yeo [5] 2/2 - 2/2 -
----- End of picture text -----

Trustees also attended an extraordinary general meeting in November 2024, at which new Articles were adopted following consultation with members.

Trustee appointments

When Trustee vacancies arise, we initiate a search process through open advertising and a bank network to identify suitable candidates in line with the skills identified on the Board. The Board may also co-opt additional non-Trustee members in an advisory capacity.

New Trustees undergo an induction programme designed to help build their understanding of the Charity, its governance and reporting framework, as well as their individual and Board

29

responsibilities. Encouragement and assistance are provided to all Trustees to pursue further training opportunities through independent external programmes. Moreover, new Trustees can interact with current Trustees, members of the Leadership team, and other staff members. These interactions allow them to get to know the front-line service delivery team, financial standing, internal controls, policies and future initiatives.

Charity Governance Code

In alignment with its seven principles, we regularly evaluate our governance practices to enhance our support for the banking community. This includes reviewing the structure of Committee and Board terms of reference, using Charity Commission guidance and checklists to identify areas of governance requiring attention, and organising training sessions for trustee development.

During the year we continued implementing recommendations from the independent review conducted in early 2023, using the Charity Governance Code as our aspirational target. A key aspect of this work was a detailed review of our Articles of Association, conducted with support from our lawyers. This resulted in the following significant changes:

  1. We changed the membership structure of the Charity, removing the governance role of non-trustee members

  2. We introduced three-year terms of office for trustees, with a maximum of three terms unless there are exceptional circumstances

  3. The maximum number of trustees was reduced from 25 to 15

  4. We introduced an Annual Retirement Meeting, at which trustees’ terms of office will in future end

  5. We implemented transitional arrangements for existing trustees, to move towards three terms of office in a planned manner

At the time of reporting, two Trustees have served more than nine years. One of these will retire at our Annual Retirement Meeting in November. The second is Lena Breen, our new Chair, who, as part of our transitional arrangements, was deemed to be in her third term of office. The continuing positions of both Trustees were supported by the wider Board to ensure organisational stability and continuity during a period of change.

Key management personnel

During 2024-25, our key management personnel comprised the Board of Trustees and the Executive Team comprising Jonathan Saverimuttu (Chief Executive Officer), Simon Ashmore (Director of Operations and Marketing until 6 January 2025), Victoria Prouse (Interim Director of Operations and Marketing).

The Executive Team manages the day-to-day operations of Bank Workers Charity, supported by a team of 35 staff (2023-24: 35) who deal with our client delivery, management and promotion, client administration, support and finance. The team is also responsible for developing a business plan, and the annual budget and forecasts which are approved annually and adopted by the Board.

The Board sets the Chief Executive Officer’s pay, and the People Committee working with the

30

CEO ensures there are appropriate arrangements in place for the remuneration of the Executive Team and that a reward system for staff has been established. Trustees are not paid and give their time freely.

Related parties

There were no related party transactions other than Trustees’ expenses and key management personnel remuneration (note 9). Bank Workers Charity operates independently of the banks.

Liability of members

The Bankers Benevolent Fund is a company limited by guarantee and does not have share capital. In the event of being wound up, the liability of each member is limited to 25 pence.

Volunteers

Other than Trustees, the Charity does not use volunteers.

Trustees’ responsibilities

The Trustees (who are also directors of Bank Workers Charity for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and group of the incoming resources and application of resources, including the income and expenditure of the charitable group, for that period.

Since the company qualifies as small under section 383, we’re not required to produce the strategic report required of medium and large companies under the Companies Act 2006.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They’re also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the Trustees on 30 July 2025 and signed on their behalf by:

Lena Breen, Chair

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Reference and administrative details

President

Vacant

Vice Presidents

Sir Patrick Gillam Sir Peter Middleton Sir John Bond Sir Kit McMahon (who sadly died during the year)

Trustees

Lillian Boyle – retired 13 November 2024 Lena Breen, Chair Rachel Claringbold Charles Coldicott – appointed 8 August 2024 Sam de Silva – appointed 8 August 2024 Michael Field – retired 15 May 2024 Beverley Horler, Deputy Chair Marco Evans

Suzanne Hughes Sharon Midwinter Tony Ramos – retired 4 July 2025 Duncan Stewart Nathan Townsend – appointed 8 August 2024 Richard Wait – appointed 8 August 2024 Jasmine Yeo – appointed 8 August 2024

Key Management Personnel

Chief Executive Officer

Director of Operations and Marketing until 6 January 2025 Director of Client Services from 1 May 2025

Director of Digital, Data and Development from 1 May 2025

Jonathan Saverimuttu Simon Ashmore Victoria Prouse Liina Hultgren

Bankers Benevolent Fund

Company Registration No. Directors Company Secretary until 7 April 2025: Charity Registration No.

0019366

Trustees listed as above Selam Shibru* 313080

The BWC Charity (until 18 December 2024)

Corporate Trustee CIO Registered Charity No.

Bank Workers Charity 1154235

SE Foundation

Corporate Trustee CIO Registered Charity No.

Bank Workers Charity 277665

BWC Enterprise Limited

Company Registration No. Director

Company Secretary until 7 April 2025

09734550

Tony Ramos to 4 July 2025, Lena Breen and Marco Evans from 4 July 2025 Selam Shibru*

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Registered office and principal place of business (all entities)

Lower Ground 35 Great St Helens London EC3A 6AP

Advisers

External auditor

Investment advisers

Moore Kingston Smith 6[th] Floor 9 Appold Street London EC2A 2AP

Internal auditors

Sayer Vincent LLP 108-114 Golden Lane London EC1Y 0TL

Solicitors

Bates Wells LLP 10 Queen Street Place London EC4R 1BE

Bankers

Coutts & Co 440 Strand London WC2R 0QS

Paul Mitchell Investment Reviews Limited 29 West Common Drive Lindfield, West Sussex RH16 2AW

Investment managers

Cazenove Capital 1 London Wall Place London EC2Y 5AU

Navera Investment Management Ltd** (from 2 May 2004) Riverside House, 2a Southwark Bridge Road London SE1 9HA UBS AG (until 6 June 2025) 5 Broadgate London EC2M 2AN Ruffer LLP (until 30 June 2024) 80 Victoria Street 2 London Wall Place London SW1E 5JL

** Meridiem Investment Management Limited changed their name to Navera Investment Mangagement Limited on 9 June 2025

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Independent auditor’s report to the members and Trustees of Bank Workers Charity

Opinion

We’ve audited the financial statements of The Bankers Benevolent Fund, operating as Bank Workers Charity (the ’parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2025 which comprise the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement 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:

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 charitable company 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.

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 group’s and parent charitable company’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.

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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 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 there is 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Act 2011 require us to report to you if, in our opinion:

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Responsibilities of trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 31, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 group and parent charitable company’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 group or parent charitable company 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 the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

37

exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or parent charitable company to cease to continue as a going concern.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

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There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and, in respect of the consolidated financial statements, to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charitable company's members and trustees those matters which 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 any party other than the charitable company, the charitable company's members, as a body, and the charity's trustees, as a body, for our audit work, for this report, or for the opinion we have formed.

==> picture [262 x 46] intentionally omitted <==

For and on behalf of Moore Kingston Smith LLP, Statutory Auditor

6[th ] Floor

9 Appold Street London EC2A 2AP

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

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Annual accounts

2024-25

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==> picture [151 x 113] intentionally omitted <==

==> picture [43 x 43] intentionally omitted <==

40

Consolidated statement of financial activities (incorporating income and expenditure account)

For the year ended 31 March 2025

Unrestricted
Funds
2025
£
Restricted
Funds
2025
£
Total
Funds
2025
£
Note
Income from:
Donations, legacies and subscriptions
3
264,326
550,881
815,207
Investments
4
689,394
997,695
1,687,089
Total Income
953,720
1,548,576
2,502,296
Expenditure on:
Raising funds
5
448,834
312,506
761,340
Charitable activities
7
3,163,680
1,559,116
4,722,796
Total Expenditure
3,612,514
1,871,622
5,484,136
Net gains on investments
12
346,900
397,122
744,022
Net income/(expenditure)
(2,311,894)
74,076
(2,237,818)
Transfers between funds
-
-
-
Net movement in funds
(2,311,894)
74,076
(2,237,818)
Reconciliation of funds:
Total funds brought forward
15
35,887,913
55,891,601
91,779,514
Total funds carried forward
33,576,019
55,965,677
89,541,696		 Total
Funds
2024
£
579,074
1,744,935
2,324,009
805,428
5,748,868
6,554,296
8,675,838
4,445,551
-
4,445,551
87,333,963
91,779,514

All income and expenditure derived from continuing activities. The Consolidated Statement of Financial Activities includes all gains and losses in the year.

The notes on pages 45 to 71 form part of these financial statements.

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Consolidated balance sheet

as at 31 March 2025

as at 31 March 2025
2025 2025 2024 2024
£ £ £ £
Note
Fixed assets
Tangible assets 11 69,602
Investments 12 87,198,415 91,615,010
87,268,017 91,615,010
Current assets
Debtors 13 277,096 395,510
Cash at bank and in hand 18 3,091,510 678,495
3,368,606 1,074,005
Creditors: amounts falling due
within one year 14 (888,203) (663,079)
Net current assets 2,480,403 410,926
Total assets less current
liabilities		 89,748,420 92,025,936
Creditors: amounts falling due
after more than one year		 14 (206,724) (246,422)
Total net assets 89,541,696 91,779,514
Group funds
Restricted funds 15 55,965,677 55,891,601
Unrestricted funds 15 33,576,019 35,887,913
Total funds 89,541,696 91,779,514

The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 30 July 2025 and signed on the! tehalf by:

Lena Breen, Chair

The notes on pages 45 to 71 form part of these financial statements_

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Charity balance sheet

as at 31 March 2025

Charity balance sheet
as at 31 March 2025
2025 2025 2024 2024
£ £ £ £
Note
Fixed assets
Tangible assets 11 69,602
Investments 12 87,198,415 91,615,010
87,268,017 91,615,010
Current assets
Debtors 13 27 7,096 411,655
Cash at bank and in hand 3,091,510 662,350
3,368,606 1,074,005
Creditors: amounts falling due
within one year		 14 (888,203) (663,079)
Net current assets 2,480,403 410,926
Total assets less current
liabilities		 89,748,420 92,025,936
Creditors: amounts falling due after
more than one year		 14 (206,724) (246,422)
Total net assets 89,541,696 91,779,514
Group funds
Restricted funds 55,965,677 55,891,601
Unrestricted funds 33,576,019 35,887,913
Total funds 89,541,696 91,779,514

The Charity's Income and Expenditure account for the year dealt with in the accounts of the Charity was £2,237,818 deficit (2024: £4,487,982 surplus).

The Trustees acknowledge their responsibilities for complying with the with the requirements of the Companies Act 2006 with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 30 July 2025 and signed on

Lena Breen, Chair

The notes on pages 45 to 71 form part of these financial statements.

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Consolidated statement of cash flows

for the year ended 31 March 2025

Note
Cash flows from operating activities
Net cash used in operating activities
17
Cash flows from investing activities
Investment income
4
Cash movement on investments
Purchase of fixed assets
11
Proceeds from sale of investments
12
Purchase of investments
12
Net cash used in investing activities
Cash outflows from borrowings
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
18		 2025
£
(4,339,986)
1,687,089
(863,317)
(94,705)
77,275,521
(71,251,587)
6,753,001
-
-
2,413,015
678,495
3,091,510		 2024
£
(6,054,185)
1,744,935
(280,217)
-
25,220,932
(17,934,113)
8,751,537
(2,692,841)
(2,692,841 )
4,511
673,984
678,495

The notes on pages 45 to 71 form part of these financial statements.

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Notes to the financial statements

for the year ended 31 March 2025

1. General information

The Bankers Benevolent Fund (Group) is a charitable company limited by guarantee and is registered with the Charity Commission (Charity Registration Number 313080) and Registrar of Companies (Company Registration Number 00019366) in England and Wales.

The address of the registered office is given in the Group information on page 34 of these financial statements.

In the event of the Group being wound up, the liability in respect of the guarantee is limited to 25p per member of the Group.

The nature of the Group’s operations and principal activities are the prevention and relief of poverty amongst bank employees, their families, children and dependants; the advancement of health amongst bank employees, their families, children and dependants; and the advancement of education amongst the children of bank employees.

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 and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the Charities Act 2011.

The Bankers Benevolent Fund (trading as Bank Workers Charity) meets the definition of a public benefit entity under FRS 102.

These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of investments being measured at fair value through income and expenditure within the Statement of Financial Activities.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet include the financial statements of the Charity and its subsidiary undertakings. The results of the subsidiary undertakings are consolidated on a line by line basis.

The financial statements are prepared in Sterling which is the functional and presentational currency of the Group and rounded to the nearest pound.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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Notes to the financial statements

for the year ended 31 March 2025

2. Accounting policies (continued)

2.2 Basis of consolidation

The subsidiaries of the Charity are the SE Foundation (SEF) (CIO Registered Charity No. 277665), and BWC Enterprises Limited. Both of these entities are inactive. The BWC Charity (CIO Registered Charity No.1154235) was wound up in December.

The Group financial statements consolidate the accounts of the Bank Workers Charity ‘the Charity’ and all of its subsidiary undertakings (‘subsidiaries’) on a line by line basis.

The Charity has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own Income and Expenditure Account.

2.3 Going concern

The Group have assessed the use of going concern and have considered possible events or conditions that might cast significant doubt on the ability of the Group to continue as a going concern including the ongoing impact of the cost of living crisis and the unstable geo-political and economic environment on the Charity’s services and finances.

It has been noted by the Trustees that although the current high level of support being offered is unsustainable in the longer term it can be managed in the short to medium term. Additionally, the Charity relies significantly on investment returns to support its activities. However, our free reserves were impacted by global political and economic uncertainties, leading to stock market volatility during most of the financial year ending on 31 March 2025. Despite the relatively small gains in investment on our unrestricted reserves this year, the Trustees remain optimistic the total return investment strategy will meet a CPI +4% investment target over a five-year cycle. The Group have made this assessment for a period of at least one year from the date of the approval of these financial statements. The Trustees have concluded that there’s a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing these financial statements.

2.4 Income

All income is recognised once the Group 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 Group 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 Group, can be reliably measured.

46

Notes to the financial statements

for the year ended 31 March 2025

2. Accounting policies (continued)

Individual subscriptions are included within income when these are received. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Group, and it is probable that they’ll be fulfilled.

No amount is included in the financial statements for volunteer time in line with the Charities SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the Group’s right to receive payment is established.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.5 Expenditure

All expenditure is accounted for on an accruals basis. 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. Support cost allocation is discussed further in Policy 2.6.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities, events and investment manager costs.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group’s objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grant. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the Group.

Both legal and constructive obligations are recognised, including multi-year commitments which are disclosed as long-term liabilities where appropriate.

47

Notes to the financial statements

for the year ended 31 March 2025

2. Accounting policies (continued)

2.6 Support cost allocation

Support costs are those that assist with the work of the Group but don’t directly represent charitable activities and include office costs, governance costs, administrative and payroll costs. They’re incurred directly in support of expenditure on the objects of the Group and include project management. Where support costs cannot be directly attributed to particular headings they’ve been allocated to raising funds and expenditure on charitable activities on a basis consistent with use of the resources as follows;

Fundraising costs are those incurred in the course of management of fundraising and investment activities including an allocation of support costs, and don’t include the costs of disseminating information in support of the charitable activities.

The analysis of these costs is included in Note 7.

2.7 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.8 Tangible fixed assets and depreciation

Tangible fixed assets costing £5,000 or more are capitalised and recognised when future economic benefits are probable, and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

48

Notes to the financial statements

for the year ended 31 March 2025

2. Accounting policies (continued)

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.

The estimated useful lives are as follows:

2.9 Investments

The Group has equity investments in listed and unlisted entities. Social investments include mixed motive investments which are those held to further charitable purposes and are held at cost less impairment. Fixed asset investments are a form of basic financial instruments and are initially recognised at their transaction value and subsequently measured at fair value using the closing quoted market price or the share of the Net Asset Value of the fund (if unlisted). All gains and losses are taken to the Consolidated SOFA as they arise.

The Consolidated SOFA includes the net gains and losses arising on revaluations and disposals. The Group does not have holdings of complex financial instruments.

2.10 Impairments

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss terms unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

2.11 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.

2.12 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short-term maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.13 Liabilities

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 Group 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.

49

Notes to the financial statements

for the year ended 31 March 2025

2. Accounting policies (continued)

2.14 Financial instruments

The financial assets and financial liabilities of the Group are as follows:

Fixed asset investments - are a form of basic financial instrument as explained in accounting policy 2.9

Debtors - trade and other debtors (including accrued income) are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 13. Prepayments are not financial instruments.

Cash at bank - is classified as a basic financial instrument and is measured at cost.

Liabilities - trade creditors, accruals and other creditors will be classified as financial instruments and are measured at amortised cost. Taxation and social security are not a financial liability. Deferred income is not deemed to be a financial liability, as in the cash settlement has already taken place and there is simply an obligation to deliver charitable services rather than cash or another financial instrument.

2.15 Operating leases

Rentals paid under operating leases are charged to the Consolidated SOFA on a straight line basis over the lease term.

2.16 Employee benefits

When employees have rendered service to the Group, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The Group operates a non-contributory pension arrangement providing a contribution of up to 10% of salary into a qualifying company workplace pension plan. Contributions are expensed to the Consolidated SOFA as they become payable.

In addition, the Group offers an additional pension benefit whereby it will match employee contributions up to a maximum of 3% to encourage employees to save into the workplace pension plan.

2.17 Loan grants

Where payments for property alterations are made as repayable interest free loans but the date on which repayment is due to be made, under the terms of the loan, is unknown at the balance sheet date the loan is treated as a grant in the year of payment. These payments are charged to the Consolidated SOFA in the year they are made, and no debtor is recognised as these represent contingent assets.

50

Notes to the financial statements

for the year ended 31 March 2025

2. Accounting policies (continued)

2.18 Fund accounting

Unrestricted funds are general funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which haven’t been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes e.g., social investments. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group 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.

2.19 Contingent assets and liabilities

A contingent asset is disclosed in the financial statements where the charity has a possible asset that will only be confirmed by a future event that is currently uncertain and not within the control of the charity. See note 2.17 and note 21 to the accounts for further details of contingent assets. A contingent liability is disclosed in the financial statements where the charity has a possible liability that:

See further information in note 25 to the accounts regarding a contingent liability of £400,000 in relation to the TSB Staff Benevolent Fund.

2.20 Judgments and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The following judgments (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had a material impact on amounts recognised in the financial statements.

51

Notes to the financial statements

for the year ended 31 March 2025

3. Income from donations, legacies and subscriptions

Individual subscriptions and donations
Corporate donations*
Legacies
SEF donations
The BWC Charity donations
Total 2025		 Unrestricted
funds
2025
£
33,274
230,000
1,052
-
-
264,326		 Restricted
funds
2025
£
-
525,000
4,935
8,325
12,621
550,881		 Total
funds
2025
£
33,274
755,000
5,987
8,325
12,621
815,207

*In 2025 the Group received restricted donations of £475,000 from HSBC for a support fund and £50,000 from TSB under a deed of donation administered separately as the TSB fund. Unrestricted donations of £150,000 were also received from HSBC, as well as £50,000 from Santander and £30,000 from Barclays.

Individual subscriptions and donations
Corporate donations*
Legacies
SEF donations
The BWC Charity donations
Total 2024		 Unrestricted
funds
2024
£
60,741
30,000
1,238
-
-
91,979		 Restricted
funds
2024
£
22,605
250,000
190,000
9,254
15,236
487,095		 Total
funds
2024
£
83,346
280,000
191,238
9,254
15,236
579,074

*In 2024 the Group received a restricted fund donation of £250,000 from HSBC for a support fund and a £30,000 donation from Barclays.

52

Notes to the financial statements

for the year ended 31 March 2025

4. Income from investments

5. Expenditure on raising funds
Unrestricted
Restricted
funds
funds
2025
2025
£
£
Dividends and interest on equities
534,594
989,331
Social investment income
64,027
-
Bank interest received
90,773
8,364
Total 2025
689,394
997,695
Unrestricted
Restricted
funds
funds
2024
2024
£
£
Dividends and interest on equities
732,972
960,146
Social investment income
32,215
-
Bank interest received
7,384
12,218
Total 2024
772,571
972,364
2025
£
Investment manager and consultancy costs (Note 6)
464,480
Cost of Servicing Loan*
-
Support staff costs
141,350
Direct costs
29,709
Support costs - premises and utilities
113,640
Governance costs (note 8)
12,161
Total
761,340		 5. Expenditure on raising funds
Unrestricted
Restricted
funds
funds
2025
2025
£
£
Dividends and interest on equities
534,594
989,331
Social investment income
64,027
-
Bank interest received
90,773
8,364
Total 2025
689,394
997,695
Unrestricted
Restricted
funds
funds
2024
2024
£
£
Dividends and interest on equities
732,972
960,146
Social investment income
32,215
-
Bank interest received
7,384
12,218
Total 2024
772,571
972,364
2025
£
Investment manager and consultancy costs (Note 6)
464,480
Cost of Servicing Loan*
-
Support staff costs
141,350
Direct costs
29,709
Support costs - premises and utilities
113,640
Governance costs (note 8)
12,161
Total
761,340		 Total
funds
2025
£
1,523,925
64,027
99,137
1,687,089
Total
funds
2024
£
1,693,118
32,215
19,602
1,744,935
2024
£
259,194
274,840
198,953
27,416
42,365
2,660
805,428

*The loan was repaid in full on 29 February 2024.

53

Notes to the financial statements

for the year ended 31 March 2025

6. Investment manager costs

Investment manager fees payable
Consultancy fees
Total 2025
Investment manager fees payable
Consultancy fees
Total 2024		 Unrestricted
funds
2025
£
159,351
3,000
162,351
Unrestricted
funds
2024
£
101,850
9,750
111,600		 Restricted
funds
2025
£
299,129
3,000
302,129
Restricted
funds
2024
£
137,844
9,750
147,594		 Total funds
2025
£
458,480
6,000
464,480
Total funds
2024
£
239,694
19,500
259,194

54

Notes to the financial statements

for the year ended 31 March 2025

7. Analysis of expenditure on charitable activities by type

Cash grants
Service provision and casework
Operating costs for client support
Total 2025
Cash grants
Service provision and casework
Operating costs for client support
Total 2024		 Activities
undertaken
directly
2025
£
1,227,738
1,778,743
135,350
3,141,831
Activities
undertaken
directly
2024
£
1,836,884
1,832,832
310,995
3,980,711		 Support
costs
2025
£
795,981
554,974
230,010
1,580,965
Support
costs
2024
£
856,398
563,284
348,475
1,768,157		 Total
funds
2025
£
2,023,719
2,333,717
365,360
4,722,796
Total
funds
2024
£
2,693,282
2,396,116
659,470
5,748,868

55

Notes to the financial statements

for the year ended 31 March 2025

7. Analysis of expenditure on charitable activities by type (continued)

Charitable activities support costs

Support staff costs
Premises and utilities
Other employment costs
Governance costs - Note 8
Business overheads
ICT costs
Depreciation
Marketing costs
Total 2025
Support staff costs
Premises and utilities
Other employment costs
Marketing costs
Business overheads
Governance costs - Note 8
ICT costs
Professional fees
Total 2024		 Cash
Grants
2025
£
368,934
123,949
88,151
76,945
68,958
55,994
11,707
1,343
795,981
Cash
Grants
2024
£
426,831
115,022
82,783
60,878
52,360
50,606
45,936
21,982
856,398		 Service provision
and casework
2025
£
257,227
86,420
61,460
53,648
48,079
39,040
8,163
937
554,974
Service provision
and casework
2024
£
280,743
75,654
54,448
40,042
34,439
33,285
30,214
14,459
563,284		 Operating
costs for client
support
2025
£
106,608
35,817
25,472
22,234
19,926
16,180
3,383
390
230,010
Operating
costs for client
support
2024
£
173,680
46,804
33,684
24,772
21,306
20,592
18,692
8,945
348,475		 Total
funds
2025
£
732,769
246,186
175,083
152,827
136,963
111,214
23,253
2,670
1,580,965
Total
funds
2024
£
881,254
237,480
170,915
125,692
108,105
104,483
94,842
45,386
1,768,157

56

Notes to the financial statements

for the year ended 31 March 2025

8. Governance costs

Auditors’ remuneration - Audit of the
financial statements
Internal audit
Legal and professional fees
Trustees’ out of pocket expenses
Trustee meetings and training
Total		 2025
£
Cost of raising
funds
2,070
1,211
4,745
162
3,973
12,161		 2025
2025
2024
£
£
£
Charitable
Activities
Total
26,017
28,087
31,563
15,212
16,423
21,231
59,634
64,379
49,746
1,681
1,843
2,338
50,283
54,256
2,265
152,827
164,988
107,143

57

Notes to the financial statements

for the year ended 31 March 2025

9. Staff costs

Wages and salaries
Social security costs
Pension costs
Total		 Group & Charity
2025
£
1,823,151
181,035
211,092
2,215,278		 Group & Charity
2024
£
1,913,747
186,421
213,586
2,313,754

The average number of persons employed by the Group during the year was as follows:

Group Group
2025 2024
No. No.
Average number of employees 37 38

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:


£60,000 was:
Group Group
2025 2024
No. No.
In the band £60,001 - £70,000
2		 3
In the band £70,001 - £80,000
4		 1
In the band £90,001 - £100,000
-		 2
In the band £120,001 - £125,000 1 -

The total amount of employee benefits, including employers national insurance and pension contributions, received by Key Management Personnel is £240,7810 (2024: £310,505). In 2025, the Group’s Key Management Personnel comprise:

Total termination payments of £63k (2024: £29k) are included within total employee benefits above.

58

Notes to the financial statements

for the year ended 31 March 2025

10. Trustees’ remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024: nil).

During the year ended 31 March 2025, £1,843 of expenses were reimbursed or paid directly to six Trustees (2024: £2,338, five). Trustee expenses are reimbursed for their travelling and other out of pocket expenses (where they were not claimable from another source).

11. Tangible fixed assets

Group and Charity
Cost or valuation
At 1 April 2024
Additions
Disposals
At 31 March 2025
Depreciation
At 1 April 2024
Disposals
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Leasehold
improvements
£
113,541
94,705
(113,541)
94,705
113,541
(113,541)
25,103
25,103
69,602
-		 Fixtures and
fittings
£
77,038
-
(75,841)
1,197
77,038
(75,841)
-
1,197
-
-		 Computer
equipment
£
12,839
-
-
12,839
12,839
-
-
12,839
-
-		 Total
£
203,418
94,705
(189,382)
108,741
203,418
(189,382)
25,103
39,139
69,602
-

BWC moved to a new premises in July 2024 and capitalised leasehold improvements related to the new office.

59

Notes to the financial statements

for the year ended 31 March 2025

12. Fixed asset investments

Group and Charity
Cost or valuation
At 1 April 2024
Additions at cost
Disposals at carrying value
Net gains on investments
Investment manager fees paid
Other cash movements
At 31 March 2025
Impairment
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Listed and
unlisted investments
£
89,569,392
71,206,695
(77,225,329)
807,550
(425,399)
1,288,716
85,221,625
-
85,221,625
85,221,625
89,569,392		 Social
investments
£
2,045,618
44,892
(50,192)
-
-
-
2,040,318
(63,528)
1,976,790
1,976,790
2,045,618		 Total
£
91,615,010
71,251,587
(77,275,521)
807,550
(425,399)
1,288,716
87,261,943
(63,528)
87,198,415
87,198,415
91,615,010

Included within investments above are unlisted investments of £6,203,270 (2024: £4,977,932).

Material restrictions

It was our policy to consider social investments that fit with the objectives of the Group as well as delivering an acceptable level of financial and social return. Further details are set out on page 19.

The Group develops and maintains a portfolio of different types of investments, balanced between effective financial returns and social impact. Currently, these are categorised as mixed motive investments.

60

Notes to the financial statements

for the year ended 31 March 2025

12. Fixed asset investments (continued)

Analysis of fair value hierarchy

2025 2024
£ £
Level 1 Listed Investments 77,439,830 66,235,975
Level 2 SI/Property/alternatives 9,758,585 25,562,035
Level 3 - -
87,198,415 91,798,010

The fair value of the listed investments is determined by reference to the closing quoted market price at the balance sheet date. No single investment is greater than 5% of the portfolio.

Investments are held 50.2% (2024 40.4%) in UK assets and 49.8% (2024 59.6%) in overseas assets.

Asset Allocation as a percentage of portfolio valuation as at 31 March 2025:

Cash 4.96%
Equities 74.16%
Fixed Income / Bonds 9.43%
Alternatives / Other 8.46%
Property 2.99%

The Social investment portfolio is in the form of direct investments (loan/equity) and managed funds. In 2025, £1.98m (2024: £2.05m) of social investments comprised 70% direct investments and 30% managed funds.

Market risks

The Group’s exposure to market risk is in line with its investment objective of achieving its total return target of CPI+4%. To achieve this target, the Group maintains a diversified portfolio under a discretionary fund management agreement with three fund managers, which has reduced to two post year end, who invest into different asset classes.

The Group’s portfolio is, as set out in the investment policy statement, and is managed to a moderate risk level. Equity investments which make 81% of listed investments carry a significant market exposure due to stock market volatility.

Currency risks

The Group takes a long-term view to investment returns and the potential risks arising from market movements, in particular currency exposure. The Group’s exposure to non-Sterling denominated investments is moderate and there is only a limited scope to currency hedging.

Credit risks

The Group no longer has a credit facility therefore there is no credit risk.

61

Notes to the financial statements

for the year ended 31 March 2025

13. Debtors

14. Creditors: Amounts falling due within one year
Group
Group
Charity
2025
2024
2025
£
£
£
Due within one year
Legacies Receivable
-
190,000
-
Other debtors
72,703
53,848
72,703
Prepayments and accrued income
204,393
151,662
204,393
277,096
395,510
277,096
Other debtors includes a net deposit payment for premises of £29,163 (2024: £106,198)
Group
Group
Charity
2025
2024
2025
£
£
£
Trade creditors
72,902
102,760
72,902
Other taxation and social security
41,875
40,295
41,875
Accruals and other creditors
599,995
263,631
599,995
Grants payable
173,431
256,393
173,431
888,203
663,079
888,203		 Charity
2024
£
190,000
69,993
151,662
411,655
Charity
2024
£
102,760
40,295
263,631
256,393
663,079

In 2025 and 2024 grants payable includes regular payments and commitments to both the Barclays Overseas Benevolent Fund (BOBF) beneficiaries and beneficiaries of other banks.

62

Notes to the financial statements

for the year ended 31 March 2025

14. Creditors: Amounts falling due after more than one year

Group Group Charity Charity
2025 2024 2025 2024
£ £ £ £
Grants payable 206,724 246,422 206,724 246,422

63

Notes to the financial statements

for the year ended 31 March 2025

15. Statement of funds – current year

Designated Funds
Social investments -
Paid up
Social investments -
Available
Unrestricted Funds
General Funds
Total Unrestricted
Funds
Restricted funds
BWC
SEF
BOBF
HSBC Support Fund
TSB Support Fund
Santander Support
Fund
Total Funds		 Balance at
1-Apr
2024
£

2,045,618

599,382
2,645,000
33,242,913
35,887,913
55,485,153
401,257
5,191
-
-
-
55,891,601
91,779,514		 Income
£
-
-
-
953,720
953,720
973,197
25,166
17,045
482,012
50,973
183
1,548,576
2,502,296		 Expenditure
£
-
-
-
(3,612,514)
(3,612,514)
(1,380,436)
(140,851)
(12,918)
(328,359)
(9,058)
-
(1,871,622)
(5,484,136)		 Transfers
In / Out
£
(5,300)
21,000
15,700
(15,700)
-
-
-
-
-
-
-
-
-		 Gains
(Losses)
£
(63,528)
-
(63,528)
410,428
346,900
408,925
(2,485)
(9,318)
-
-
-
397,122
744,022		 Balance at
31-Mar
2025
£
1,976,790
620,382
2,597,172
30,978,847
33,576,019
55,486,839
283,087
-
153,653
41,915
183
55,965,677
89,541,696

64

Notes to the financial statements

for the year ended 31 March 2025

15. Statement of funds (continued)

Designated Funds - funds earmarked for Social Investment purposes (see page 19 for further details).

General Funds - free reserves of the Bank Workers Charity.

Restricted funds - transferred to the Charity and can only be spent on a specific purposes in accordance with the wishes of the donor.

BWC - restricted funds spent for the relief of financial need, hardship or distress of people within the beneficial class. This is restricted to employees and former employees, and their dependants of the NatWest Group.

SEF - restricted fund for the objects of SEF reserved for the relief of persons in conditions of need, hardship or distress, who are Barclays current and former employees and dependants.

BOBF - restricted fund for the benefit of current and former employees of Barclays and their families, who were either employed outside of the UK or are now resident outside the UK.

HSBC Support Fund - established in May 2021 £250K transferred to BWC under a deed of donation to support current and former employees of HSBC and their immediate dependants. A further £475k was received in during the year (2024: £250k).

TSB Support Fund - established in July 2022 £100K transferred to BWC under a deed of donation to support current and former employees of TSB and their immediate dependants. A further £50k was received in 2025.

Santander Support Fund - established in March 2024 £125K transferred to BWC under a deed of donation to support current and former employees of Santander and their immediate dependants.

65

Notes to the financial statements

for the year ended 31 March 2025

15. Statement of funds – prior year

Designated Funds
Social investments
- Paid up
Social investments
- Available
Unrestricted Funds
General Funds
Total Unrestricted
Funds
Restricted funds
BWC
SEF
BOBF
HSBC Support
Fund
TSB Support Fund
Santander Support
Fund
Total Funds		 Balance at
1-Apr
2023
£
2,219,465
780,535
3,000,000
33,239,148
36,239,148
49,864,926
723,031
310,170
11,002
61,986
123,700
51,094,815
87,333,963		 Income
£
-
-
-
864,550
864,550
1,157,360
12,905
6,441
277,996
2,461
2,296
1,459,459
2,324,009		 Expenditure
£
-
-
-
(4,482,482)
(4,482,482)
(1,028,068)
(226,639)
(337,666)
(288,998)
(64,447)
(125,996)
(2,071,814)
(6,554,296)		 Transfers
In / Out
£
9,153
(181,153)
(172,000)
172,000
-
148,000
(148,000)
-
-
-
-
-
-		 Gains
(Losses)
£
(183,000)
-
(183,000)
3,449,697
3,266,697
5,342,935
39,960
26,246
-
-
-
5,409,141
8,675,838		 Balance at
31-Mar
2024
£
2,045,618
599,382
2,645,000
33,242,913
35,887,913
55,485,153
401,257
5,191
-
-
-
55,891,601
91,779,514

66

Notes to the financial statements

for the year ended 31 March 2025

16. Analysis of net assets between funds

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Inter-Fund debtor / (creditor)
Total
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Inter-Fund debtor / (creditor)
Total		 Unrestricted
funds
2025
£
69,602
30,771,565
2,806,061
(700,708)
(40,308)
669,807
33,576,019
Unrestricted
funds
2024
£
35,150,667
698,483
(512,583)
(53,280)
604,626
35,887,913		 Restricted
funds
2025
£
-
56,426,850
562,545
(187,495)
(166,416)
(669,807)
55,965,677
Restricted
funds
2024
£
56,464,343
375,522
(150,496)
(193,142)
(604,626)
55,891,601		 Total
funds
2025
£
69,602
87,198,415
3,368,606
(888,203)
(206,724)
-
89,541,696
Total
funds
2024
£
91,615,010
1,074,005
(663,079)
(246,422)
-
91,779,514

67

Notes to the financial statements

for the year ended 31 March 2025

17. Reconciliation of net movement in funds to net cash flow from operating

Net movement in funds
Adjustments for:
Depreciation charges
Impairment charges
Gains on investments
Investment income
Decrease/(Increase) in debtors
Increase in creditors excluding loans
Net cash used in operating activities		 Group
2025
£
(2,237,818)
25,103
63,528
(807,550)
(1,687,089)
118,414
185,426
(4,339,986)		 Group
2024
£
4,445,551
-
183,000
(8,858,838)
(1,744,935)
(150,572)
71,609
(6,054,185)

18. Analysis of cash and cash equivalents

18. Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 Group
2025
3,091,510
3,091,510		 Group
2024
678,495
678,495

The company holds £2,050,000 as short term deposits with CCLA for working capital purposes

19. Analysis of Net Debt

19. Analysis of Net Debt
Cash at bank and in hand At 1 April
2024
678,495
678,495		 Cash
Flows
2,413,015
2,413,015		 At 31 March
2025
3,091,510
3,091,510

68

Notes to the financial statements

for the year ended 31 March 2025

20. Pension commitments

The Charity contributes into a qualifying workplace pension plan. The amount recognised as an expense in the year was £211,092 (2024: £213,586). There were no contributions payable at 31 March 2025.

21. Loan grants

A repayment of £21,045 (2024: £24,088) has been made in the year and at 31 March 2025 loan grants totalled £205,376 (2024: £226,421) These are made repayable only on the death of the beneficiary or beneficiaries (who are husband and wife) or if they move from the property concerned.

These were programme related expenditure and charged to the consolidated SOFA in the year they were made.

22. Operating lease commitments

At 31 March 2025 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2025
£
116,651
106,930
223,581		 Group
2024
£
64,366
-
64,366		 Charity
2025
£
116,651
106,930
223,581		 Charity
2024
£
64,366
-
64,366

The following lease payments have been recognised as an expense in the Consolidated SOFA:

Operating lease rentals 171,762 116,194 171,762 116,194

69

Notes to the financial statements

for the year ended 31 March 2025

23. Related party transactions

Other than Trustee and Key Management Personnel transactions detailed in Notes 9 and 10, there were no other related party transactions during the year (2024: nil).

24. Principal subsidiaries

BWC is the sole Corporate Trustee of SEF (Charity registration number 277665). Under the terms of the Deed of Donation, the unrestricted funds of SEF are restricted in the funds of BWC. SEF remains as a wholly owned subsidiary under the umbrella of the endowment funds. It did not trade during the year.

BWC Enterprises Limited is a wholly owned trading subsidiary of the Bank Workers Charity and was registered on 15 August 2015 in England & Wales under company number 09734550 with £100 ordinary shares of £1 each. The company is not trading and is currently dormant.

BWC was the sole corporate trustee of the BWC Charity (CIO registration number 1154235). As mentioned on page 28 this has now been removed from the Register of Charities.

The following is a summary of the financial statements of the BWC Charity (the CIO): (see next page)

70

Notes to the financial statements

for the year ended 31 March 2025

24. Principal subsidiaries (continued)

Income
Expenditure
Gains on Investments
Net income
Total assets
Liabilities
Net assets
Endowment funds
Restricted funds
Unrestricted funds		 2025
£
-
-
-
-
-
-
-
-
-
-
-		 2024
£
-
-
-
-
16,145
(16,145)
-
-
-
-
-

25. Non-adjusting post balance sheet event

On 17 July a donation was received from the TSB Staff Benevolent Fund of £830k as part of winding up this organsation. Included in the donation is a proportion of the total fund to be set aside, starting at £400k but reducing over time, which indemnifies the outgoing TSB Staff Benevolent Fund trustees for any as yet unknown claims that have been properly incurred, should action be taken against the trust.

71