NATIONAL WEALTH FUND LIMITED
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Next accounts due
2026-12-31 (in 7mo)
Last filed for 2025-03-31
Confirmation statement due
2027-02-21 (in 9mo)
Last made up 2026-02-07
Watchouts
None on the register
Cash
£43M
-32.6% vs 2024
Net assets
£1B
+14.1% vs 2024
Employees
296
+22.3% vs 2024
Profit before tax
-£152M
-77.7% vs 2024
Net assets
2-year trend · vs Financials median
Accounts
2-year trend · latest reflected 2025-03-31
| Metric | Trend | 2024-03-31 | 2025-03-31 |
|---|---|---|---|
| Turnover | — | — | |
| Operating profit | -£29,087,000 | -£91,105,000 | |
| Profit before tax | -£85,633,000 | -£152,150,000 | |
| Net profit | -£69,116,000 | -£128,306,000 | |
| Cash | £63,606,000 | £42,879,000 | |
| Total assets less current liabilities | £1,204,212,000 | £2,209,457,000 | |
| Net assets | £1,062,836,000 | £1,213,150,000 | |
| Equity | £1,062,836,000 | £1,213,150,000 | |
| Average employees | 242 | 296 | |
| Wages | £19,834,000 | £31,399,000 | |
| Directors' remuneration | £885,000 | £970,000 |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers
Year-on-year
FY2024 → FY2025 · period ending 2025-03-31 vs 2024-03-31
-
Turnover
—
Not reported
-
Cash
-32.6%
£63,606,000 £42,879,000
-
Net assets
+14.1%
£1,062,836,000 £1,213,150,000
-
Employees
+22.3%
242 296
-
Operating profit
-213.2%
-£29,087,000 -£91,105,000
-
Profit before tax
-77.7%
-£85,633,000 -£152,150,000
-
Wages
+58.3%
£19,834,000 £31,399,000
Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2024-03-31 | 2025-03-31 |
|---|---|---|---|
| Return on capital employed | -2.4% | -4.1% | |
| Gearing (liabilities / total assets) | 13.6% | 47.2% | |
| Current ratio | 2.47x | 0.49x | |
| Interest cover | -5.14x | -3.09x |
Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Name history
Renamed 4 times since incorporation — the current trading name was adopted 2024-10-14
- NATIONAL WEALTH FUND LIMITED 2024-10-14 → present
- UK INFRASTRUCTURE BANK LIMITED 2021-05-21 → 2024-10-14
- INFRASTRUCTURE FINANCE UNIT LIMITED 2009-04-01 → 2021-05-21
- THE INFRASTRUCTURE FUND LIMITED 2009-02-17 → 2009-04-01
- INFRASTRUCTURE DELIVERY FINANCE FUND LIMITED 2009-02-11 → 2009-02-17
Audit & accounting basis
- Accounting basis
- IFRS
- Reporting scope
- Standalone (parent only)
- Auditor
- Comptroller and Auditor General
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“In our auditing the financial statements, I have concluded that the National Wealth Fund's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. The validity of the going concern basis of accounting is dependent upon the funding position of the Company. As at 31 March 2025, the Company was funded by HM Treasury under a Keepwell Agreement with a funding cap of £22 billion.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
13 active · 16 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| MANN, Davinder | Secretary | 2024-01-31 | — | — |
| CIALLIE, Elena | Director | 2024-08-01 | Sep 1967 | British |
| CRIPPS, Catherine Gail | Director | 2025-10-01 | Dec 1965 | British |
| DUBE, Muriel Betty Nicolle | Director | 2023-12-14 | Sep 1972 | South African |
| GRIGG, Christopher Montague | Director | 2021-05-18 | Jul 1959 | British |
| HOLBOURN, Oliver Gerald | Director | 2025-11-01 | Sep 1977 | British |
| OKLAND, Marianne | Director | 2022-07-05 | May 1962 | British |
| RIORDAN, Thomas Messenger | Director | 2025-10-01 | Apr 1968 | British |
| ROPAR, Annie | Director | 2022-09-20 | Apr 1972 | Canadian |
| ROSEWELL, Bridget Clare | Director | 2022-07-05 | Sep 1951 | British |
| SCHULL, Joseph Charles | Director | 2025-10-01 | Mar 1961 | Canadian |
| SONGINI, Tania Louise | Director | 2022-07-05 | Mar 1969 | British |
| TOPPING, Nigel Paul | Director | 2022-07-05 | Nov 1965 | British |
Show 16 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| HACKWOOD SECRETARIES LIMITED | Corporate Secretary | 2009-02-11 | 2009-04-07 |
| BROWN, Ian | Director | 2025-08-15 | 2025-11-01 |
| DANCE, Stephen William | Director | 2014-07-02 | 2018-12-13 |
| DONALD, Charles Hunter | Director | 2021-05-18 | 2024-08-01 |
| DOSHI, Jayesh Gajendra | Director | 2017-03-28 | 2021-05-18 |
| FLINT, John Michael | Director | 2021-12-01 | 2025-08-15 |
| FOX, Joanna Lisette | Director | 2014-07-02 | 2017-03-17 |
| HUEY EVANS CBE, Gay | Director | 2021-06-17 | 2022-10-10 |
| IMPEY, Peter Henry | Director | 2009-04-06 | 2011-04-15 |
| LOMAS, Steven John | Director | 2009-04-06 | 2021-05-18 |
| LUNN, David Benjamin | Director | 2021-05-18 | 2023-10-04 |
| MAHON, John Stephen | Director | 2021-05-18 | 2021-10-29 |
| NEWCOMBE, Paul Alan | Director | 2009-02-11 | 2009-04-07 |
| ROSE, Andrew Martin | Director | 2009-04-06 | 2011-07-22 |
| SEGARS, Donald Douglas | Director | 2011-11-16 | 2014-07-11 |
| VICKERSTAFF, Matthew | Director | 2018-12-13 | 2021-05-18 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Hm Treasury | Legal person | Shares 75–100%, Voting 75–100%, Appoints directors | 2016-04-06 | Active |
Filing timeline
Last 20 of 149 total filings
Material constitutional events — rename, articles re-file, resolution
- 2026-04-18 RESOLUTIONS Resolution
- 2025-11-10 RESOLUTIONS Resolution
- 2025-10-13 RESOLUTIONS Resolution
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-04-18 | RESOLUTIONS | resolution | Resolution | |
| 2026-04-01 | SH01 | capital | Capital allotment shares | |
| 2026-03-27 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2026-02-09 | CH01 | officers | Change person director company with change date | |
| 2026-02-08 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2025-12-19 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-11-10 | RESOLUTIONS | resolution | Resolution | |
| 2025-11-10 | AA | accounts | Accounts with accounts type full | |
| 2025-11-05 | SH01 | capital | Capital allotment shares | |
| 2025-11-05 | TM01 | officers | Termination director company with name termination date | |
| 2025-11-05 | AP01 | officers | Appoint person director company with name date | |
| 2025-10-13 | RESOLUTIONS | resolution | Resolution | |
| 2025-10-09 | SH01 | capital | Capital allotment shares | |
| 2025-10-06 | AP01 | officers | Appoint person director company with name date | |
| 2025-10-06 | AP01 | officers | Appoint person director company with name date | |
| 2025-10-06 | AP01 | officers | Appoint person director company with name date | |
| 2025-08-22 | MR04 | mortgage | Mortgage satisfy charge full | |
| 2025-08-19 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-08-15 | TM01 | officers | Termination director company with name termination date | |
| 2025-08-15 | AP01 | officers | Appoint person director company with name date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 20
- Capital events
- 3
- Officers appointed
- 4
- Officers resigned
- 2
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.