The directors present their report, together with the financial statements, on the company for the year ended 31 March 2026.

Principal activities

The principal activity of the Company is to perform the duties of a Trustee of the Combined Nuclear Pension Plan.

The following persons were directors of the company during the whole of the financial year and up to the date of this report, unless otherwise stated:

No charitable or political donations were made during the year.

This report is made in accordance with a resolution of directors.

These financial statements were prepared under the historical cost convention in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (as applied to small entities under Section 1A) and the small companies provisions in the Companies Act 2006. The company has taken advantage of all of the disclosure exemptions available to it.

The company is exempt from an audit of the financial statements in accordance with Section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit of the financial statements in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities under the Companies Act 2006 with respect to accounting records and the preparation of the financial statements.

The financial statements were authorised for issue, in accordance with a resolution of directors, on 12 October 2026.

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

CNPP Trustees Limited is a Trustee Company, limited by guarantee, to operate the governance of the Combined Nuclear Pension Plan. The financial statements are prepared on a going concern basis, which the Directors believe to be appropriate as they believe that the Company has adequate resources to realise its assets and meet payments in the normal course of affairs (continue to operate) for at least the next twelve months. In reaching this conclusion, the Directors note that the Trustee Company expenses are passed through to the participating employers in the Combined Nuclear Pension Plan.

The Trustee Company estimates its expenses prior to the start of the financial/scheme year and does not seek to make a profit with surplus budget at the end of each year refunded via a rebate against the estimated expenses for the following year. Each employer is informed of the forthcoming estimated expenses due to that employer and the employer will make the payment to the Trustee Company to use throughout the year. All employers, bar one, are subsidiaries of the NDA (which is a non-departmental public body) and are ongoing entities. The one non-NDA employer is a Government Company. There is no intention for the NDA or Government to wind-up the Trustee Company. Based upon the above, the Trustee Company fully expects to continue in operation for the next 12 months.

Administrative expenses are accounted for on an accruals basis. These include costs incurred in the operation and governance of the pension scheme, which includes:

- Trustee fees and expenses

- Legal, actuarial, and audit fees

- Scheme administration and secretarial services

- Regulatory levies and compliance costs

- Communications and member engagement activities

- Life insurance premiums

Cash at bank and in hand includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any allowance for expected credit losses. Trade receivables are generally due for settlement within 30 days.

These amounts represent liabilities for goods and services provided to the company prior to the end of the financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition.

Every member of the Company undertakes to contribute to the assets of the Company in the event of the Company being wound-up while they are a member or within one year after they cease to be a member. The member’s undertaking is limited to the payment of the debts and liabilities of the company contracted into before they ceased to be a member and of the costs, charges and expenses of winding-up and for the adjustment of the rights of the contributories among themselves, such amount as may be required not exceeding £10.

The ultimate controlling party is the Secretary of State For Energy Security & Net Zero.

The Secretary of State For Energy Security & Net Zero has the right to appoint and remove Directors.

The fees and expenses paid for the Directors in respect of the Combined Nuclear Pension Plan in the year ended 31 March 2026 were £241,892 (2025: £208,025) of which £45,395 is included in accruals in (2025: £26,172).

Turnover amounting to £5,931k (2025: £5,697k) represents amounts receivable from the sponsoring Employers of the Combined Nuclear Pension Plan for reimbursement of administrative expenses paid by the Company.

At the year end included in debtors is an amount of £1k (2025: £3,796k) due from the Employers.

No matter or circumstance has arisen since 31 March 2026 that has significantly affected, or may significantly affect the company's operations, the results of those operations, or the company's state of affairs in future financial years.