Registered number: 03419138 Charlty number: 1064144 THE VEOLIA ENVIRONMENTAL TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 WR Partners Protecting your future. Nwww *AOCDP79D• 2510912024 COMPANIES HOUSE A21
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VEOLIA ENVIRONMENTAL TRUST (A Company Llmlted by Guarantee) CONTENTS Page Reference and Adminislrative Details of the Trus( its Trustees and Advisers Trustees, Report Independent Auditor9. Report on th• Flnan¢ial Statements Statement of Financlal Actlvltles 3-11 12-15 16 Balance Sheet 17-18 Statement of Cash Flows 19 Notes to the Flnanclal Statements 20-35
VEOLIA ENVIRONMENTAL TRUST (A Company Limlted by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDEO 31 MARCH 2024 The Veolla Envlronmenlal Trusl The Trustees, who are directors for the purposes of company law. presenl the annual report logether with the linancial statements and auditors, report of the charitable company for Ihe year ended 31 March 2024. Administrative Delails and Trustees The Dlrectors of the Charltable Company ("Ihe Charily") also referred to as Ihe Twsl, are ils Trustees for the purpose of charily law and Ihroughoul this report are collectively referred to as Ihe Trustees. As sel oul in Ihe Artides of Associalion, the Chair of the Truslees Is nomlnated by the members of the 808rd. The Truslees below served during the year, and up to ihe date of the signing of this report. Tru8le•1 Mrs C M Schwaller MBE, Chalr Mr L Bailey Ms J Demeirfus Mr J Dennison Mrs R Forbes (reslgned 19 February 2024) Mr R P Hulland Mr M Langabeer (appointed 13 April 2023) Mr D J F Macphail Mr D Moore (reslgned 13 April 2023) MsRRao Ms R Tilchen Company regl8lered number 03419138 Charlly reglstered numb8r 1064144 Reglslered offlce 210 Pentonvlllé Road London N19JY The Charity Is incorporated ID England and Wales Page 1
VEOLIA ENVIRONMENTAL TRUST (A Company Llmlted by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trusleos present their annual report together wllh Ihe auditèd flnancial slalemenis for ihe year 1 April 2023 to 31 March 2024. The Trustees confirm Ihal the Annual Report and financial statements of Ihe company comply with Ihe Current Stalutory requirements, Ihe requirements of Ihe company's governing document and the provisions of Ihe Slalemenl of Recommended Practice (SORP), applicable lo charities preparing Iheir accounts In accordance wilh the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102) (effeclive 1 January 2019) as amended in March 2024. Since Ihe Trust qualifies as small under Geclion 383, Ihe slralegic report required of medium and large companles under The Companles Act 2006 (Sliategic Report and Dlreclo¢s Report) Regulalions 2013 Is not required, however the Trust feels Ihat it Is important to produce a strategic report and ensures transparency and clarily to the vital funding that Ihe Trust distributes and is sel out below. Objecllves and acllvltle8 a. Pollcle8 and obJ•¢tlves The Veolla Environmental Trust (the Trust) was set up In 1997 followlng the Introducllon ol Ihe Landfill Communilies Fund In 1996. The Trust Is reglstered wilh ENTRUST as an envlronmental body under Ihe Landfill Tax Regulations and is also a regislered charity. The Landfill Communllies Fund {LCF) Is regulaled by ENTRUST on behall of HM Revenue & Cuslorns. Veolia ES Landfill Limiled (Veolia) voluntarily donated 5.3% of its landfill lax liabilily lo the Twusl to 31 March 2024. This was Ihe maximum amount allowed for Ihe period. The Trust is enrolled lo receive such funding. The principal objectives of the Trust afe lo support envlronmenlal and communlly prolecls, as set oul In Iha Trust's Memorandum and Artlcles of Assoclallon. The prlnclpal activilies conllnue to meet these oblecllves. The Trust uses the contrlbulion of landflll lax payments for iwo of the Ilve major caiegorles ol grants permllled under Ihe Landfill Tax Regulations, as follows: Category D - the provlslon, maintenance or improvemenl of a publlc park or another public amenlty Calegory DA - consèrvalion or promotion of blodlv8rsily Page 3
VEOLIA ENVIRONMENTAL TRUST {A Company Limlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Oblectlves and actlvltles (contlnued) b. Publlc berteflt The Trust's goal Is to enhance community wellbelng by awarding orants judlclously, equilably, and proporilonately lo projects that align with Ils criteria, address genuine needs, and foster long-lasting, sustainable improvements to bolh the natural and built environments. These efforls aim lo improve Ihe well-being and qualily of life wilhin communities. The Trust ensures Ils operations adhere lo the Landfill Communities Fund's requlremenls. and the Trustees have carefully considered Ihe guidan provided by the Charily Commission regarding public benefil. The Trust supports prolects where volunteers play an indlspensable role. In addllion lo offerlng Invaluable practical resources and expertise that benefil Ihe broader communlly, volunteers can acqulre new skills and forge personal conneclions, Ihereby enhancing thelr future prospects, A prerequlslte for funding Irom Ihe Trust Is that an appllcant engages wlth the local communlty lo evldence the necessity for the proposed projecl and provlde opportunlties for communSly Involvemenl and influence. Wilhoul this consultation, a projecl's public benefll rnay be limited. The Trust ensures that this communlly engagemenl process has been underlaken, Ihereby confirmin9 Ihe need for the project. Communily 'ownershlp" Is also Importanl to the Trust, whkh conslders Ihe publlc beneflt Ihat Is maxlmised by supporiing projects where the community has been genuinely involved in Ihe prolect deslgn and wlll ntInUe to play a meaningful role In ils delivery. The Trust places the utmost emphasls on the suslalnabllily and environmenlal lrnpact of projecls. To achleve broader public benefil. Inlllallves musl demonslrate long-t8rm environmental suslainabilily and conlribule positively to enhanclng ellher the built or natural environment. Th8 Trustees assign addilional valu6 to projects Ihal can demonslrale a reduction in C02 emissions and a nel galn in biodiversity. Achl6vemenl8 and performance a. Revlew of acllvltles The Trustees, who a dlrectors for Ihe purposes of company law, present Iheir slrateglc report for Iha year end8d 31 March 2024. The government's Spring Budget Slatement 2023 sel the potenlial value for the LCF for 2023124 al £32.9 million and the percenlage credit that Veolia, as the landfill slte operator could clalm agalnst Ils Landfill Tax liablllty for LCF contributlons made to the Trust was maintained at 5.3/0 Irom 1 April 2023. The Trust has received £5.225,000 in conlribulions this Ilnancial year In comparison to 202212023 of £4,335.000, In December 2019 the Trust agreed to 8ssisI the Veolla Havering Riverside Malnlenance Trust (VHRMT) and Veolia Pilsea Marshes Malntenance Trust (VPMMT), known colleclively as th8 Veolia Maintenance Trusls (VMTS) as they move towards closure. The Deeds of Transfer belween the Trust and VHRMT I VPMMT were signed in September 2023, resulting in residual LCF wind up transfer of funds of £1,089,000 being transferred to the Trusl. No projecl liabilities were translerred. The Trust gave Its best sheS and thanks to Veolia-appointed Trustee Dean Moore who stepped dovm in April 2023. Although only a Irusiee for 12 months. Dean was a tireless supporter of the Trust and made a valuable conlribulion lo the staff team and the Board during his tenure. A (urther three year term of office for Ruth Forbes was approved by the Board of Trustees In September 2023. Page 4
VEOLIA ENVIRONMENTAL TRUST IA Company Limlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevemenls and performance (contSnued) However. Ruth declded lo resign frorn Ihe Board in February 2024, Staff and Trustees passed on Ihelr Ihanks to Ruth for the dedlcalion and experience she gave to Ihe Trusl. The Trust welcomed new Veolia-appoinled Truslee, Mark Langabeer. lo the Board in April 2023. Mark is Veolla's General Manager, Technlcal Op8ralions Landfill and has responsibilily for Ihe Whilemoss Hazardous Landfill site, for whlch th& Trust took over responsibility for dislribullng LCF conlribullons from the site In July 2023. Mark has already played a key role on the Board. joining the Flnance Commillee and provldlng an Important insighl inlo landfill trends. In July 2023 the Trust vlcOmed Johanna Smllh lo the staff team as FinanGe Administrator. Employed vla Veolla's agency supplier. Commensura. Johanna has already made a signilicant conlribullon lo Ihe Trust and has become a valued part ol the leam. b. Ach5evement6 and performance Conlribullons lolalling £4.135,000 were recelved from Veolla during 2023124 (2022123 - £4,335,000) and It has advlsed the Trust Ihat, during Ihe period, the Trusl recelved £1,089,000 third parly payments (Iransfer from VMTS) (2022123 - £0). In 2023124, the Board made 57 awards In the various permllled categorles, wllh a lolal value of £3,531,000. Since the inwrporalion of Ihe Trusl, over 2.770 projecls with a total value of more than £105 mllllon have been supported. A total of £3.582,000 (2022123 £4,880,000) was eilher pald to projects durlno ihe year or Is considered to be an obligation at the year end. Further details ol Curreni projects are glven in the notes to the financial statements and Ihe overall number of projects approved for lundlng durlng the year under revlew and the value of awards made are summarised In the chart below. Total funds as a131 March 2024 are £4,162,000 {2022123- £2.936,000) of vA)Ich £3,165,000 are general funds and £997,000 are designated funds (2022123 - £1.764,000 and £1.172,000 respectively). Nuniber of Awarded Prolecls 2023124 (by valii•l A¢ll¥l ¢•ntr• Churchl Plie• oi Woisttl Publ1¢ Pla¥pround C•mmunlty •arm or Oarilen P• ommunlty Halll C•ntr• N•tur• Ro1• (0 Mu$•um i a•llgry. o.rf% Page 5
VEOLIA ENVIRONMENTAL TRUST (A Company Llmited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and p6rfornian¢e {conllnued) Based on the ENTRUST 2023124 annual return the administration costs for the financial accounilng period 2023124 amounted lo £278.000. which represented 7.4 % (2022123 £270,000 and 5.330/0) of expendilure on LCF projects, against Ihe HMRC target of 7.SYo. Durlng the year under Teview, quarterly meellngs were held via a mlxlure of in.person meelSngs and vlrtual meelings wilh Trustees to enable the funding of awards to projects, revlew the progress of projecls and lo conllnue to oversee Ihe running and managemenl of Ihe Twsl. Twstees also revlewed the Tiusl's polScies durin9 Ihe year, in Ilne with the Trust's Policies Review Schedule. G. Factors r•levant to achleve obJectlv•8 The Trustees conslder Ihal the objecllves of the Trust have been achleved during Ihe peri¢xl by maklng 117 grant payments. The Trusl will continue lo work lo achleve Ihese obleclives in the future. In September 2023, Entrust conducted a Control Framework Inspection lo evaluate the Trust's abilily to comply with the Landfill Tax Regulations and to conlrol and manage projects In accordance wilh Entrust guldance and wider good pr8cllce. After a thorough examinalion of prolecl liles and a comprehenslve evaluation of the Trusl's operatlonal procedures agalnst induslry best praclices and expected control measures, Ihe Inspectors concluded that all areas were lunclioning satisfactorily. No Instances of non-compliance were idenllfied, and no further actlons were deemed necessary. This highly sallsfactory outcome Is a testament 10 the dlllgence and professlonallsm of the Trust's stalf and Trustees. As part of its Control Framework Inspection Report, Enlrusl issued guldance Ihal the Trust should slrenglhen Ils valldallon and monitoring procedures in relatlon lo Income derived from LCF funding. The Trust Immediately Implem8nl8d new procedures whlch were accepted as satislaclory by Entrust. Flnanclal revlew . Golng concern The Trust's financial posilion is robust, showing a strong balance sheel, ample cash reseryes. and the capability lo effeclively allgn costs with income Streams. After conducling thorough inquiries, the Trustees have a well- founded exp8Ctatlon Ihal Ihe Trust POSS8sses sufficlenl resources lo suslain its operational continuity for the loreseaable luture. For Ihls reason they ntInue io adopl the golng concarn basls In preparing the flnanclal slal8menlS. b. Flnanclal review The Annual Accounts lor the year lo 31 March 2024 are sel out al pages 19-37. In 2024 Ihe unrestrlcled operating surplu5 wa5 (£1,224,000) (2023: £1,072,000 deficit). The movemenl In fixed assets is sel out In nole 10 01 the linanclal statements. The Trust has a strong balance sheet an(1 cash reserves, and abllity lo manage costs to income. Page 6
VEOLIA ENVIRONMENTAL TRUST (A Company Llmlted by Guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 c. Prlnclpal rlsks and uncertainties The Trustees have assessed the major risks lo whSch Ihe Trust Ss exposed. The risks considered InGlude payment of fraudulenl or non-compliant grant claims and the polenllal for lalling victim to cybercrime. The Trustees are satisfied that systems are in place to manage these risks. d. R•80rv08 pollcy Reserves are held in the Trusl's bank accounts and the current account is balanced on a monthly basls. It is the pollcy of the Trust to hold £175.000 lo cover cosls in the evenl of the wind up of the Trust. It is the pollcy of the Trusl to hold a minimum of £500,000 in Its current accounl to meet day-to4ay runnlng eA)sts to ensure that it can remain operallonal. The Twst's free reserves, excludlng designaled funds at Ihe year-end. amounted lo a surplus of £3,162,000 (2022123 - £1,762,000). Included wllhln these reserves Is £1,523,000 (2022123 £1.309.000) of approved financial support, nol yel comprislng binding commllmenls. A further amount of £1,402.000 has been sel aslde for expenditure as agreed following the Wind Up of VMTS and the transfer of contrlbutions from Whilemoss.. The Trust only places lunds on treasury deposit when cash Ilow allgws in order to maximlse income. Structure, governance and management . Slruclure, governance and management The Trust is regislered as 8 charitable company Ilmlled by guarantee (charlty number 1064144) and was s61 up by a Trust deed on 8 August 1997. The princlpal objectlves of the Trust are to support communlly and environmental prOjes, as set out In the Trust's Memorandurn of Associalion. The principal activilies continue to relate lo Ihe meeting of these oblectives. b. Methods of appolntment or electlon of Trustees Th8 management ol the Twst is the responsibility of Ihe Truslees who are elected or -0p16d under Ihe terms of Ihe Trust deed, The Board of Trustees delegales some responsibllity for managing ihe recruitment of new trustees to Ihe Slaffing and Remunerallon Commlltee. Page 7
VEOLIA ENVIRONMENTAL TRUST {A Company Llmlted by Guarante•) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Slruclurei governance and management {continued) Organlsatlonal struclure and declslon-maklng pollcle8 The Trust is a company limited by guarantee and a registered charily. Its expendlture is direcled in furtherance ol its charltable objeclives. The Trust has made a number of grants during the period to olher charltable organisallons; these are detalled In Ihe noles to the financlal slaternenls. The Trust's Board currently comprises nlne Trustees. Up to seven, plus Ihe Chalr, are Independently appolnted, and up to four are appointed by Veolia. No member of the Board benefits financially for their services. The Trustees can already nominate new Trustees and thls approach will ntInue In addltlon lo the Trust advertlsing any vacancies. Trustees are re¢rulled for Ihelr sp6clfic skllls and experience to ensure Ihe Trust has a broad depth of knowledge. Upon appointment, each Trustee receives an induction pack and is offered a vislt lo the Trusl's offlces, In order to understand more fully the way in which Ihe organisalion operates. Trustees are regularly kept abreast of changlng circumslances relevant to the Trusl via email and al Truslee meetlngs, The Truslees meet quarterly lo consider applications, dlscu88 the business of the Trusl and ravlew projects already underway. The Trustees lake reasonable steps lo.. Ensure that funds from the Landfill Communities Fund are used only for purposes approved by ihe regulator. ENTRUST; Ensure Ihere are appropriale financial and management controls in place lo safeguard publlc funds and funds from other sources,. and Secure Ihe commerclal. efflcieni and effeclive manag8ment of the Trust's resources and expendlture. Appllcants applying for any of the Trusl's grants are requested to check If their proposed prolecl meets the funding criteria which Is available on Ihe Trusl's website. Applicanls are given access lo the Trust's online granl management system, where they are invlted to create a Veolla Environmenlal Trusl User Account and submll thelr appllcalion form for revléw. All appllcalions are assessed by Trusl staff ensurlng they are compllant wllh Ihe Landfill Tax Regulallons 1996, Ihe Entrust Guldance. and the Trust's crlteria. Ullimat8 decisions on wh8ther to award funds lo a proled are made by ihe Trustees at quarterly 8oard meellngs. If a grant Is awarded, Ihe Trusl ensures the project Is reg18tered wllh Entrust. Appllcanls. unless inslructed olheNilse, are require(I to secure a third-parly conlribulion of 10CA+ of the award amount. which is paid direcily by the conlribuling third parly lo Ihe landfill operator, Veolia. Once thg Trust Ss satisfied all Ihe required documentation is complete, a Funding Agreemanl is issued. The projecl can start once thls is in place, or equivalent consent by the Trust has b88n granted. The beneficiary of a granl Is required lo maintaln conlacl wilh the Trust Ihroughout the duratlon of the projecl. Thls includes rèportlng progress and exp8ndllur8 vla Ih8ir Veolia Environmenlal Trusl User Account as well as a final completion report. Some granl recipients hold events to celebrate and raise awareness of Ihe supported project wilhin Iheir communily. Projects and associated assels are monilored in line wilh the requirements set out in the Entrust Guldance. Page 8
VEOLIA ENVIRONMENTAL TRUST (A Company Llmlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Slructur•, governance and manag•ment (contlnued) d, Pollcles adopted for the Inductlon and Irainlng of Trustees No new Independent Truslees were appolnled durlng thls period, Iherelore no changes were made to any trustee recruitmenl policies or procedures. One Veolia-appoinled trustee, Mark Langabeer. was appointed and received the Twst's standard induction pack and a video conference with the Chair lo discuss the role and responslbllities and answer any qugslions. e, Pay pollcy for key management personnel Allhough technlcally. all empbyees worklng on behall of the Trust are Veolla employees, Ihe terms and condilions of employment of all such personnel are delermSned by the Trustees. This Includes hours of work, salaries and any Increases. The practice is to create approprlale job descriplionsl person speclficalions and lo have th8m evaluated Ihrough the Veolia Reward Team. Thls ensures a conslstent and recognlsed approach bul In every case, final approval Is given by Trustees, usually by the Trust's Slaffing and Remunerallon Commlltee, which has delegaled powers (within ils Terms of Reference) for all staffing mallers and convene on a quarterly basis, f. Related party relatlonshlps There are a number of rel8led party relallonshlps that the Trust Is Involved In, these have been sumrnarlsed In note 20 of these financial stalernenls. It should be noled Ihal up lo four Trustees can be appointed by Veolia and the names of those so appolnled are Ilsted on page 1 of Ihls report. No Trustee receives any remuneration for thelr services except for the relmbursement of any Iravel and related expenses where these are ¢lalmed, None of the Veolla appointed Truslees made any expenses claims during the year. All expense clalms are made In accordance wilh th6 Truslee Expense Guidance, Appendlx C of the Finance Pollcy and receipis musl be attached lo all claims where appropriate. g. Financlal rlsk management The Truslees have assessed thè major rlsks to whlch the Trust is exposed, in partlcular Ihose relaled to Ihe opèralions and finances of the Trust. and are satisfied thal systems and procedures are in place lo rniligate exposure lo the malor rlsks. The Trustees delegate some responslbillly for financial rlsk management lo the Flnance Commltlée, which meels twice a year and reports back lo the Board, h. Trustees, Indemnltle$ Veolia has agreed to indemnify one or mor8 Trustees of the charltabl8 company against liability in respect of proceedlngs brought by Ihiid parli8s subje¢t to the condilions sel out in section 234 of lh8 Companies Act 2006. Such quallfylng third party indemnity provision remains in force as at Ihe dale of approving the report of the Trustees. Page 9
VEOLIA ENVIRONMENTAL TRUST (A Company Llmlted by Guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Plans for future porlods The future of the Twst is dependent upon the government contlnuing lo offer. and Its landfill operalor continuing to participate in. the LCF. In Ihe 2023 Budget, Ihe governmenl confirmed the cijntinualion of the LCF scheme and maintained Ihe LCF diversion rate at 5.34/0 from April 2022. The Trust therefore antlclpates another year of Ihe effective and efficient dlslrlbulion of whatever LCF monies are avallable, lo worthwhlle communlly projecls, The Twst recognises that havlng a slngle income stream Is a rlsk to future suslainablllty and will therefore conlinue lo explore options for developing non-LCF income streams in the medium to long lem). Members, Ilablllty The Members of the Trust guarantee to contribute an amounl not exceeding £1 lo Ihe assets of Ihe charily in the event of wlndlng up. Empl¢yo0 ongagement Employees are roulinely ¢onsuSled on issues ol concern lo them by means of regular staff meetlngs and have been kept Informed on speciltc matters direclly by management. The Twsl carries out exil interviews for all staff leavlng the organlsatk)n and has a cullure of open and honest feedback for senior managars and Truslees. The Trusi maintains a number of Veolla policies In relatlon io aspecis of personnel matiers includlng: Equal opportunities pollcy Equalily. Dignity and Respect al Work Volunteering Policy Health & Safèty Polley Equltyi Dlverslty and Incluslon In accordance wilh the Trust's Equal Opportunltlas Pollcy, the Trust has Iono established falr employrnenl pr8Ctlces In the recruilmenl, selection, retentlon and Iralnlng of staff. AS part of Iheir commitmenl to diversily, eqully and Incluslon (DEI), Trustees enshrined a strategic goal focusslng on providing fair and accessible funding to all In the Trust's 2022 - 2025 Business Plan. During the period, the Trust began daveloping data collection melhods and benchmarklng measures of DEI performance that will see Ihe first set of resulls reported in September 2024, and thereafter on an annu81 basis. Figures provided by Entrusl as part of Iheir Economic. Community and Environmen181 Impact Model (ECEIM) repori for 2022123 showed that: The average populallon of 'non-WhSle British. people In postcode areas that Ihe Trust funded 5s 270/0. This is in comparlson to 17% across Ihe LCF as a whole. The average IMD (Index of Multiple Deprivation) score for postcode areas funded by Ihe Trust was 13,770, against an average of 17,482 across the LCF as a whole (with lower numbers representing areas of greater deprivation. 28.950kn of funding awarded In 2022123 wenl lo postcode areas In the 1 sl and 2nd deciles for deprivation. Paga 10
VEOLIA ENVIRONMENTAL TRUST (A Company Llmlted by Guarantee) TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Statement of Tru$tee8' rospon8lbllllle8 The Trustees (who are also the direciors of the Trust for Ihe purposes of company law) are responslble for preparlng Ihe Truslees. Reporl and Ihe financlal stalemenls In accordance wilh applicable law and United Klngdom Accounling Standards (Uniled Kingdom Generally Accepled Accounllng Practice). Company law requlres the Truslees lo prepare financial stalements for each financial year. Under company law, the Trustees must not approve the financlal slatemenls unless they are satisfied Ihat they glve a Irue and falr view of the stale of affairs of the Trust and ol its incoming resources and applicalion of resources, IncludSng ils income and expenditure, for that period. In preparing Ih8se flnancial slalemenls, Ihe Trustees are required to: select sultable accounling policles and then apply them conslstently; observe the melhods and principles of the Charities SORP (FRS 102): make ludgmenls and accounting estlmales that are reasonable and prudenl., slate whether applicable UK Accounting Slandards (FRS 102) have been followed, subl8ct to any materlal deparlures disclosed and explained in the financial statements; prepare ihe linanclal statements on the going concern basis unless It Is Inappropriate lo presume thal the Trust will continue in buslness. The Trustees are responsible lor kèeplng adequate accounting records that are sufllcienl to show and explaln Ihe Trust's transacllons and disclose with reasonable accuracy al any Ilme the financial posllion of the Trusl and enable them to ensure that Ihe financlal statements comply with Ihe Companies Act 2006. They are also responsible for safeguarding the assels of the Trust and hence for taking reasonable steps for Ihe prevention and detection of fraud and other Irregularilles. Dlsclosure of Informallon to auditors Each of Ihe persons who are Trustees at Ihe Ilme when thls Trustees, Reportls approved has conflrmed Ihat: so far as Ihal Trustee is aware. there is no relevant audit information of which Ihe charltvs audltors are unaware., and that Trustee has taken all the steps that ought to hav8 been tak8n as a Trustee in order lo b8 aware of any relevanl audit informallon and lo establish that the charilvs audilors are aware of that information. Audltors In accordance wilh section 485 of the Companles Act 2006, a resolution for Ihe re-appointment of WR Partners as audilors of Ihe Charity Is to be proposed al Ihe forthcoming Annual General Meellng. Approved by older ol Ihe members of Ihe board ol Trustees and slgned on Ihelr behalf by: J Demetrius mpany Secretary and Trustee Date: 3 Sep18mber 2024 Page 31
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF VEOLIA ENVIRONMENTAL TRUST Oplnlon We have audiled the financlal statements of Veolia Environmental Trust (the 'charitable companV) for the year ended 31 March 2024 whlch comprise the Slalemenl of Financlal Activities, the Balance Sheel, Ihe Statement of Cash Flows and the related notes, including a summary of significant accounting policles. The financlal reporting framework thal has been applied in their preparation Is applicable law and United Klngdom Accounting Standards, including Financial Reporting Slandard 102 'The Financial Reporting Slandard applicable In the UK and Republic of Ireland, (United Kingdom Generally Accepled Accounling Practice). In our opinion the financlal slatements: glve a true and fair vlew of th6 stale of the charitable company's affairs as al 31 March 2024 and of ils incoming resources and application of resources, including ils income and expendilure for Ihe year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practlce., and have been prepared In 8ccordanc6 wllh the requlremenls of the Charltles Act 2011. Basls for oplnlon We conducted our audll In accordance wllh Internallonal Standards on Audlling (UK) {ISAs (UK)) and appllcable law. Our responslbililies under those standards are luriher described in the Audilors, responslbllilles for the audlt of the financial stalemenls section of our report. We are Independenl of the charitable company In accordance wlth the ethical requlrements that are relevanl lo our audll of Ihe financial slalements in the Uniled Kingdom. includlng the Flnancial Reportlng Council's Elhlcal Standard, and we have fulfilled our other ethical responsibilities in accordance wilh Ihese requirements. We believe Ihat the audil evidence have oblained Is sufllcienl and appropriate lo provide a basis for our opinion. Conclu$lons relatlng to golng concern In auditing the financlal sla18menls, w8 have concluded Ihat Ihe Trustees, use of the going concem basis of accounling In the preparation of the financial slalements is appropriat8. Based on Ihe work we have performed, we have not identified any material uncertainlies relaling lo events or conditions Ihal. individually or collectively, may cast significant doubt on the charitable company's ability lo continue as a going concern for a period of al least twelve monlhs from when Ihe financial statements are authorised for Issu8. Our responslbi1515es and the responslbililies of the Trustees with resp8cl lo going concern are described in Ihe relevant seclions ol this report. Page 12
VEOLIA ENVIRONMENTAL TRUST {A Company Llmlted by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF VEOLIA ENVIRONMENTAL TRUST (CONTINUED) Other Informatlon The other informalion comprlses the information included in the Annual Report other than Ihe financial stalemenls and our Auditors, Report thereon. The Truslees are responsible for the other informatlon contalned within the Annual Report. Our opinion on the financial statements does not cover the other Inforrnatlon and. except to the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion thereon. Our responsibilily is to read the other information and, in doing so, conslder whether the olher information is malerially inconslstenl wilh Ihe financial stalemenls or our knowledge obtained in the course of the audlt, or othepwise appears to be materially misstated. If we 5dentSfy such material Inconslstencies or apparent material misstatemenls, we are requlred to delermine whether this g5ves rise to a materlal misstatement In the financial sialements themselves. If. based on ihe work we have performed, we conclude thal there is a material mlsstatemenl of this other information. we are required to report that fact. We have nolhlng lo report Sn Ihls regard. Matters on whlch we are requlred to report by exceptlon We have nothlng lo reporl in respect of the following matters where the Charities (Accounts and Reports) Regulatlons 2008 requlras us to report lo you if, In our opinion: the Informallon glven In the Twslees, Report 18 Inconslstenl In any maierlal respect wilh the financlal slalements; or sufficient accountlng records have nol been kept,, or the financial statements are not in agreement with the accounting records and relurns; or have not received all the Informallon and explanations we require for our audit. Respon8lbllltles of trustee8 As explained more fully in Ihe Trusteas, Responsibililies Statement, tha Trustees (who are also the dlreclors of Ihe charitable company for the purpos8s of company law) are responsible for the preparallon of the financ5al slalemenls and for being satisfied that they give a true and fair view, and for such Internal control as Ihe Trustees delermine is necessary to enable the preparalion of linancSal slatements Ihal are free from material mlsslalement, whether due lo fraud or error. In preparing the financial slalém8nls. the Truslees are responsible for assessing Ihe charilable company's abilily lo continue as a going conc8m. disclosing, as applicable, malters related to going concern and using Ihe going concern basis of accounting unless Ihe Trustees either intend to liquidale the charilab18 company or to cease operations, or have no realistic alternaliv8 bul to do so. Page 13
VEOLIA ENVIRONMENTAL TRUST (A Company Limlted by Guaranteè) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF VEOLIA ENVIRONMENTAL TRUST (CONTINUED) Audltors. responslbilllies for the audlt of the financial statements We have been appolnted as audilor under seclion 144 of the Charities Act 2011 and report in aGcordance with Ihe Act and relevant regulations Made or havlng effect Ihefeunder. Our objectives are to obialn reasonable assurance about whether the flnancial statements as a whole are free from material mlsslatemenl, whether due lo fraud or error. and lo Issue an Auditors, Report that includes our oplnlon. Reasonable assurance Is a hlgh level of assurance, bul is not a guarantee Ihal an audil conducted In accordance with ISAS (UK) will always delecl a material misstatement when it exisls. Misslalements can arise from fraud or error and are considered material if, individually or in Ihe aggregale, they could reasonably be expecled lo influence the economic decisions of users taken on the basis of these financlal statements. Irregularilies, Including Iraud, are instances of non-compliance with laws and regulatlons. We deslgn procedures in line wilh our responsibililies, outlined above, to detecl maleiial mlsstatemenls In respect of irregularities, Including fraud. The extenl to which our procedures are capable of daiectlng Irregularities, including fraud Is detailed below: We reviewed Ihe susceplibilily of the Charills finanical slatemenls to malerial mlsstatemenl and Identified the principal rlsks. implementlng a series of tesllng procedures to provide us wllh 8ufflcienl comfort io Issue our oplnlon. We revlewed the Charltws regulatory environment lo ensure we could conclude that Sl had acled In accordance with the framework relevant to Ihe Charfly and its envlrnmenl and identify any instances of non- compliance. We also assessed the Charlly's Internal control procedures to ensure we could approprialely scrullnise Ihese conlrols and establish whelher our underslanding of the control environment was sufficient lo supplement our additional lesling procedures. The engagemenl team consisted of a leam Ihai lh8 engagemenl partner believes is equipped wilh the relevanl level of lechnical and Charity awareness to carry out our work lo the required slandard. Because of the Inherent limilallons of an audil. there is a risk thal wlll nol delect all Irregularilies, includlng those leadlng to a material mlsstatement In Ihe flnanclal slalements or non-compllance with regulation. This Ilsk Increases the more that compliance wilh a law oi regulalion Is removed from the evenls and transactions reflected in the financial slalements, as we will be less likely to become aware of inslances of non-compliance. The rlsk Is also greater regarding irregularities occurring due lo fraud rather than error. as fraud involves Intenllonal concealment, lorgery, collusion, omission or misrepresenlalion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporiing Council's websile at: ukla ilorsres sibililies. This description forms part of our Auditors, Report. Page 14
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guaranteo) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF VEOLIA ENVIRONMENTAL TRUST (CONTINUED) Use of our report This report is made solely to the charitable companvs Irustees, as a body, in accordance wilh Part 4 of the Charities (Accounts and Reports) Regulalions 2008. Our audil work has been undertaken so Ihal we might state to Ihe charitable companls Trustees those matters we are qUired lo slate to them in an Auditors, Report and for no olher purpose. To Ihe fullest exlenl permiiied by law, we do nol aceepl or assume responsibility to anyone olher Ihan Ihe charitable company and Ils members, as a bodyi for our audll work, for this report, or for the opinlons we have formed. WR Partners Chartered Accountanls Statutory Audltors Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG 20 September 2024 WR Partners are eliglble to act as auditors in tems of secllon 1212 of Ihe Companies Act 2006. Page 15
VEOLIA ENVIRONMENTAL TRUST (A Company Llmlted by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted fund8 2024 £000 Re8trlcted funds 2024 £000 Total funds 2024 £000 To181 funds 2023 Note Income from: Donalions and legacies 4,015 1,209 5,224 4,335 Total Income 4,015 1,209 5,224 4,335 Expendlture on.. Charitable aclivilies 4,000 4,000 5,407. Total expendlture 4,000 4,000 5,407 Net movement In funds 15 1,209 1,224 {1,072) Reconclllatlon of funds: Total funds broughl forward Net movement In fund8 2,934 15 2,934 1,224 4,006 (1.072) 1,209 Total funds carrled forward 2,949 1,209 4,158 2,934 The notes on pages 20 to 35 form part of Ihese financlal statements. Page 16
VEOLIA ENVIRONMENTAL TRUST (A Company Llmlted by Guarantee) REGISTERED NUMBER: 03419138 BALANCE SHEET AS AT 31 MARCH 2024 2024 £000 2023 £000 Note Flxed assets Tangible assets 10 Current assets Debtors Cash at bank and in hand 11 16 4,204 3, 143 4,211 3,150 Credllors: arnounts falling due within one year 12 (53) (218) Not current a8$et8 4,158 2,932 Total net assets 4,158 2,934 Charlty funds Unrestricted funds 13 2,949 2,934 Total fund8 4,158 2,934 Page 17
VEOLIA ENVIRONMENTAL TRUST {A Company Llmlted by Guarantee) REGISTERED NUMBER: 03419138 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 The entity was enlitled to exemption from audit under section 477 of the Companies Acl 2006. The members have not requlred the entiiy lo obtaln an audlt for Ihe year In quesllon In accordance wlth secllon 476 of the Companies Acl 2006. However, an audlt Is requlred In accordance wllh section 144 of the Charltles Act 2011. The Trustees acknowledge their responsibilities for complying wilh the requlrements of the Act wlth respect to accountlng records and preparatlon of financial statements. The financlal statements have been prepaied In accordance with Ihe provislons applicable10 entitles subject io Ihe small companles reglme. The financlal slalements were approved and author18ed for Issue by the Trustees and slgned on Ihelr behalf by., Mr8 C M Schwallor MBE (Chalr) 8 J Demelrlu6 rustee Date., 3 Soptember 2024 The notes on pages 20 to 35 form part of Ihese financial sialÉmenls. Page 18
VEOLIA ENVIRONMENTAL TRUST (A Company Llmlted by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 £000 2023 £000 Note Cash flows from operatlng actlvlties Net cash used in operating actlvlties 15 1,061 (1, 159) Cash flows from Investlng actlvltles Net cash provlded by Inv0811ng actlvitles Change In cash and ca8h equlvalenls In the year Cash and cash equlvalents at the beginning of the year 1,061 3,143 (1,159) 4,302 Cash and cash equlvalenls al the end of the year 18 4,204 3, 143 The noles on pages 20 lo 35 form part of these financlel statements Page 19
VEOLIA ENVIRONMENTAL TRUST (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General Informatlon The principal accounting policies applied in the preparallon of Ihese financlal statements are set out below. These policies have been consislenlly applied lo all the years presenled, unless otheiSe slaled. The Trust is a company limiled by guarantee, incorporated In England. The registered office Is disclosed on the Trust information page. The members of Ihe Trust are Ihe Trustees named on page 1. In the event of the Trust being wound up, the liabillly in respect of the guarantee Is Ilmiled lo £1 per member of the Trust. Accountlng pollcles 2.1 8asls of preparallon of flnanclal slatemenls The financial slalements have been prepared In accordance with Ihe Charilies SORP (FRS 102) - Accounting and Reporting by Charilies.. Statement of Recommended Pradice applicable lo charities preparing Ihelr accounts in accordance with lh6 second edillon Financial Reporting Slandard applicable In Ihe UK and Republic of Ireland {FRS 102) (October 2019), Ihe Financial Reporting Sland8rd appllcable In Ihe UK and Republlc of Ireland (FRS 102) and the Companies Acl 2006. Veolia Envlronmental Trust meels the definilion of a public benefit enlity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless olheDNise slated in the relevant accounting policy. 2.2 Golng concern The financlal slatements have been prepared on Ihe golng concern bas18. After making 8nquires, Ihe Trustees have a reasonabla expeclatlon that the Trust has adequale resourc8S to continue in operalional exislence for thé foreseeab16 fulure. The Trusl has a strong balanc8 she61 and cash resenies, and abillly to manage costs lo income. After rnaking approprlate enqulrles, the Trusiees have a reasonable expeclallon that the Trust has adequate resources to conllnue In operational exlstence for the loreseeable future. For Ihls reason they continue lo adopi the golng concern basis In praparlng Ihé financlal slalements. 2.3 Income All Income Is recognised once the Trust has entlllement to the income. it is probable Ihat the income will be recelved and the amount of income recelvable can be measured rellably. Donatlons and legacles Income under the Landlill Communities Fund is recognised on the basis of amounls received. Page 20
VEOLIA ENVIRONMENTAL TRUST (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies (Continued) 2.4 Expendllure Expendllure Is recognis8d once there is a legal or construcllve obllgallon lo iransfer economlc benelll to 8 third party, 11 Ss probable that 8 transfer of economlc benefits will be required In selllement and the amount of the obligation can be rneasured reliably. Expendllure 5s classified by aclivily. The costs of each aclivity are made up of the lolal of direcl costs and shared costs, including support costs involved in undertaklng each activily. Direcl costs altribulable lo a single activity are allocated directly lo that activily. Shared cosls which conlribule lo more than one activity and support costs which are nol altributable lo a single activity are 8PPOrtioned belween those acllvltles on a basis conslstenl wlth Ihe use of resources. Cenlral slaff costs are allocated on Ihe basls of tlme spent. and depreclallon charges allocated on the portlon of the assel's use. Charltable acllvilles and Governance costs are costs Incurred on the Trusl's educational operations, including support costs and costs relating to the governanace ol the Trust apportloned to charitable aclivilies. Grant8 payable are charged In the year when the offer Is made excepi In Ihose cases where Ihe offer Is conditional. such grants being recognlsed as expendllure when the condllions allachlng are fulfilled. Grants offered sublect lo condilions whlch have not been rnet al the year end are noted as a comrnltment, but not accrued as expenditure. 2.5 Interest recelvable Interest on funds held on deposlt is included when recelvable and Ihe amount can be measured reliably by the Trust; this is normally upon notlficalion of the Interest paid or payable by the Institullon wllh whom the funds are deposlted. 2.6 Tanglble flxed a88et8 and depreclatlon Tangible fixed assets costing £500 or more ara capilalisod and récognised when future eeL)nomi¢ benefits are probable and the cosl or value of the assel can be measured raliably. Tangible fixed assels are initially recognlsed al cosl. After recognition, under the cost model, langible fixed assets are m&asured al cost less accumulated depreciation and any accumulaled impairment losses. All cosls incurred to bring a tangible flxed assel into ils intended working condillon should be Included In the measurernent of cost. Depreclallon Is charged so as to allocate Ihe cost of langible fixed assets less their residual value over Iheir eslimated useful lives, using the slraighl-line method. Depreciation is provided on the following basis: Fixtures and fillings 3 - 10 years straight line basis Page 21
VEOLIA ENV.IRONMENTAL TRUST (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.7 Oebtor• Prepaymenls are valued at the amount prepaid net of any discounts due. 2.8 Cash at bank and In hand Cash al bank and in hand includes cash and short-term highly liquid investments vAlh o short malurlly of three monlhs or less from the dale of acqulsillon or openlng of the deposll or slmilar account. 2.9 Llabllllles and provl8lon8 Llabililies are recognised when there is an obligation al the Balance Sheet date as a resull of a past event. 11 is probable Ihal a transfer of eCnomIC benefil will be requlred in selllement, and the amount of the settlement can be esllmaled reliably, Liabilltles are CognIsed al the amount that the Trust anllcipates il vrfill pay lo settle tha debt or the amounl It has recelved as advanced payments for the goods or services It musi provlde. Provisions are measured al Ihe besl estimate of the amounts required lo setlle Ihe obligation. Where the effect ol the Ilme value of money is material, the provision Is based on Ihe present value of those amounts, dlscounted al Ihe pre-lax dls¢ounl rale Ihat reflects Ihe risks specific lo the liabillty. The unwlndlng of Ihe dlscount Is recognised in the Stalement of Financlal Acllvlties as a finance cost. 2.10 Flnanclal In$trument8 The Trust only has Iln8ncial assels and financlal liabllilies of a kind that qualify as baslc financial Inslrumenls. Basic Ilnancial Instruments are Inltially iecognlsed al Iransacllon value and subsequenlly measured al Ihelr settlement value wilh Ihe exception of bank loans which are subsequently measured at amortised cost using the eff8cllve interest method. 2.11 Operatlng leases Renlals paid under operating leases ar6 charged lo the Slaternant of Financial Actlvlties on a slraighl line basls over the lease lerm, Page 22
VEOLIA ENVIRONMENTAL TRUST (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (conllnued) 2.12 Penslons The Twst operates a defined contrlbullon penslon 8ch8m8 and Ihe pension charge represenls the amounts payable by the Trust to Ihe lund In respecl of Ihe year. 2.13 Fund ac¢ountSng General funds are unrestricted funds which are available for use al Ihe discretlon of the Trustees in furtheran of Ihe general objecllves of the Trusl and which have not been designated for other purposes, The Trust may, at ils discrelion, deslgnate funds for specific purposes Ihat would olherwlse form parl of general reserdes. The deslgn8led funds comprise of amounts due under special project awards where Ihe financlal agreemenls have been signed bul cerlain condttions are yet to be satisfied and hence the awards are condlllonal. Unlil the conditions are mel to the satisfaction ol the Trust, no obllgallon exlsls and no Ilabllily Is recognlsed. As such, the amounts within Ihe designaled fund are not avallable for olher purposes. Project Payments are included in Ihe Slalement of Flnanclal Actlvllles and Grants payable In the furtherance of Ihe Charlty's objects where they are pald In the year, or valld requesls for paymenl are recelved and approved by ihe Trust by the end of Ihe accounllng period. Restricled funds are lunds whlch are to be used In accordance with speclfic reslrictlons Imposed by donors or which have been ralsed by the Trust for particular purposes. The costs of raising and adminlslerlng such funds are charged againsl the specific fund. The aim and use of each reslricted fund Is sel oul In the noles to Ihe flnancial slalements. Page 23
VEOLIA ENVIRONMENTAL TRUST (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donatlons and lègacles Unroslrlcted Reslrlcted funds funds 2024 2024 £000 £000 Tolal funds 2024 £000 Tolal funds 2023 Donatlons Landfill Tax Credlts Transfer of Veolia Maintenance Tiusls 4,015 120 1,089 4,13$ 1,089 4,335 4,015 1,209 5,224 4.335 Tolal 2023 4,335 4.335 Grant maklng 2024 £000 2023 £000 Analysls of Grants Category A . remedlallon of land Calegory B - raducllon ol pollutlon Category D . publlc amenllies Category DA- ConseallOn of bio-diversity Category E - restorallon of religious buildings or places of historical interesl 2,795 787 4,808 171 Total 3,582 4,979 Page 24
VEOLIA ENVIRONMENTAL TRUST (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Grant maklng (contlnued) The support cosls associated wilh grant-making are £Nil (2023: £Nil) The principal oblectlves of Ihe Veolla Envlronmental Trust are to support comrnunlly and envlronmenlal prolecls, as set out in the Trusl's Memorandum and Articles of Assoclallon. Grants recognlsed In the year relate lo projects approved by Ihe TNstees after the considerallon of their compliance wllh the governing regulallons and the Trust's crileria: The Trust does not offer grants to Individuals. The materlal grants to inslilulions for Ihe year came lo a total of £3,584,000 (2023: £4,979,000) are set out below: 2024 £000 Grant Reclplent: Hyde War Memorlal Parish Hall Kent Wildlife Tru51 Knowsley Coun¢ll Lancashlre Wlldlife Trust Llmlted Leeds Clty Councll - Meanwood Park Leeds City Council - Gledhow Valley Woods Leeds Cily Councll Parks & Countryside Services London Borough of Lewisham Rallway Land Wildlife Trusl Shelfield City Council - Parks & Counlryslde Ser¥lces Sheffield Wlldllfe Trust St Berteline and Sl Chiistopher Church St 8ertelln8 and St Christopher PCC St Chrislopher's Church Springfield St George wilh St Anna and St Mafk PCC Trafford Borough Council Tolal granls < £50,000 (101) 75 80 72 162 75 60 75 75 140 54 350 75 57 65 51 2,055 Page 25
VEOLIA ENVIRONMENTAL TRUST {A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expendlture by actlvlti68 Grant fundlng of actlvltles 2024 £000 Support costs 2024 £000 Total funds 2024 £000 Total funds 2023 Charllable acllviles 3,584 416 4,000 5,407 Tolal 2023 4,979 428 5,407 Analy81s of 8UPPQrt costs Charltable acllvllle? 2024 £000 Total fund8 2024 £000 Total funds 2023 £000 Staff costs Depreclalion Other Staff Costs Travel & Subsislence Phonellntempt Motor Expenses Consultancy Printlng & Slalionery Periodicals & Subscriptlons Audit Fea PR Meeling Expenses Fees & Charges Adminislralion Fees - ENTRUST Loss on disposal of Fixed Assets 233 233 232 12 12 11 136 136 154 416 416 428 Tolal 2023 428 428 Page 26
VEOLIA ENVIRONMENTAL TRUST (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Net Incomel(Expenditure) Nel Incomel{Expenditure) is staled after charging: 2024 £000 2023 £000 Audit fee Accountancy fee Depreciation 10 14 13 Staff costs 2024 £000 2023 £000 Wages and salarles Social securlly cosis Conlribulion lo defined contribution pension schemes 185 21 27 185 21 26 232 Th8 Trust has no employees. Staff who work full time for the Trust are employèd by V801i8 Envlfonmenlal Servlces and the costs of employment are re-charged lo Ihe Trust, Abové show thè agoreoate payroll costs of Ihese staff. The average number of persons employed by the Trusl during Ihe year was as follows: 2024 No. 2023 No. Managemenl and Administration The number of employees whose employee benefits (excluding employer penslon costs) exceeded £60,000 was: 2024 No. 2023 No. In the band £60,001- £70,000 The lotal employee benefits, including employer pension contributions and national insurance, of the key management personnel of Ihe charliy were £178K (2023.. £166K). Page 27
VEOLIA ENVIRONMENTAL TRiIST (A Company Llmltèd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Trustees. remuneralion and expenses During ihe year, no Truslees recelved any remuneration or other benefits (2023 - £NILJ. During Ihe year ended 31 March 2024, expenses tolalling ll.866 were reimbursed or paid dlrectly to 6 Trustees (2023 . £2,114 10 5 Truslees). The expenses were pald lo Truslees In relatlon to travel, subsistence and out of pocket expenses. 10. tanglble flxed assets Flxture8 and flttlngs £000 Cost or valuatlon At 1 April 2023 13 At 31 March 2024. 13 Depreclatlon Al 1 April 2023 Charge for Ihe year 11 At 31 March 2024 13 Net book value Al 31 March 2024 At 31 March 2023 11. Dabtors 2024 £000 2023 £000 Due wlthln one year Prepaymènts and accruad incom6 Page 28
VEOLIA ENVIRONMENTAL TRUST (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Credltors: Amounts falllng due wlthln one year 2024 £000 2023 Amounls held as Agent Other creditors Accruals and deferred Income 174 10 34 15 38 53 218 Included within the creditors above are monies received from the Landfill Communities Fund (LCF) to which the Trust are acting as agents in administrating ihese funds lo 8 pre-existlng agreed projects alongside ENTRUST. As al 31 March 2024 all monies received has been pald out. Page 29
VEOLIA ENVIRONMENTAL TRUST (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Statemént of funds Statement of funds - current year Balance at 31 March 2024 £000 Balance at 1 Aprll 2023 £000 Transfers inlout £000 Income Expendlture £000 £000 Unrestrlcted fund8 De81gnated funds Designated Funds- all funds 1,172 (3,582) 3,406 996 General fund8 General Funds- all (unds 1,762 4,015 (418) (3,406) 1,953 Total Unrestrlct•d funds 2,934 4,015 14,000) 2,949 Restricted funds Veoli8 Pllsea M8intenan¢è Trust V801ia Haverlng Riverside Maintenance Trust Whilemoss Landfill 196 196 893 120 893 120 1,209 1,209 Total of funds 2.934 5,224 (4,000) 4,158 Pag8 30
VEOLIA ENVIRONMENTAL TRUST (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Slalement of fund81¢¢ntlnued) General Fund As of 31st March 2024, the Trustees have approved the financial support for a number of projects. These projects whlch are expecled lo lead lo awards of approximately £1,510.000 (2023 - £1,264,000} do not comprise binding commilmenls because financial agreements had not been signed as at 31 March 2024, Taklng these projects into account, the lotal lund surplus at 31 March 2024 Is £237,000 (2023 £399,000) The transfer of £3,406,000 (2023 - £4,294,000) made from the general fund to the designated fund is in respecl of the value of approved awards which have had a finance agreement signed during 202312024 and so are considered an obligallon at the perlod end. Deslgnated Fund The designated fund amounting to £997.000 {2023 - £1,172,000) has been allocated lo prolecls permilted under the Landfill Tax regulalions where flnanclal agreements have been slgned and upfront payments made, leavlng the balance ol the award to be clalmed once evldence of expenditure relating to the payment Is received. The balance on the deslgnaled fund Is therefore consldered to represent a conlingenl liability for whlch no amounts have been accrued. Deslgnated funds are nol dlsclosed by the due dales as the Truslees are not able to determine wilh certainly Ihe Ilming ol prolecls. A conllngent Ilablllty Is consldered due In respect of the total balance of £997,000 {2023 - £,172,000). Durlng the course of the perSod, there has been £17,000 (2023- £20.000) released due lo under spendlng projects and £122,000 (2023 - £121.500) released dua io wllhdrawn proleds. Tiiese monles have been reallocated inlo the general fund. As at 31 March 2024 fundlng of £82,000 had been allocaled for funding designated projecls. Restrlcted Funds Whltemoss Landllll The Whilemoss Hazardous Landflll sl18 Is operated by Veolla ES Landfill. The Landflll Communltles Fund contributions derived from the sile fund communlly and envlronm8nlal prolects located wllhln 5 miles of Ihe Whilemoss landfill site Sn Skelm8rsdale Wilh exceplion to the WhStemoss Hazardous Landfill, the Trusl has received Veolia's contribulions from all other quallfying landfills operated by Veolia. Th8 Whilemoss contributions wer8 previously admlnlstered by GrantScap8 Lld. In July 2024 the Tnjsl took over the managemeni and dlstribulion of Landfill Communilies Fund conlributions derived Irom the Whllemoss Hazardous Landflll. Th6 first conlribulion was r8ceived in August 2023. As part of Ihis change Granlscape Ltd Iransferred £100,000 to the Trust in October 2023, these were residual funds from Ihe Whitemoss conlribulions Ihat they had received. A further transfer of £20,000 was recelved from Grantscape Ltd in March 2024 when all projects that they were admlnlst8ring had completed. Page 31
VEOLIA ENVIRONMENTAL TRUST (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Statement of fund8 (contlnued) Veolia Pitsea Marshes Maintenance Trust As part of the wind up of the Veolia Pilsea Marshes Mainlenance Trust a transfer of £196,131 was received by the Trust, Ihese funds were Landflll Communllles Fund conlrlbutlons. These funds are to be allocaled to projects In the London Borough of Haverlng Councll ar88 and wlthln 8 10 miles radius of a quallfylng landflll slle, At year end the funds were yet to be allocated, however by June 2024 £193,025 had been allocated to eligible projects. The £193,025 remains as general funds due to Flnance Agreernents wailing lo be eslabllshed. Veolla Haverlng Rlver8lde Malntenan¢• Trust As part of the wlnd up of Ihe Veolia Havering Rlverslde Malntenance Trusl a Iransler of £893,233 was received by Ihe Trust, these funds were Landllll Communities Fund conlrlbulions. These funds are to be allocaled to projects in Ihe Basildon Counc51 area and within a 10 mlles radius of a qualifying landfill site. At year end Ihe £82,000 of that fundlng had been allocated for funding to designaled projecls. A further £105,000 was allocated to projects in June 2024 and remaln as general funds due to Finance Agreemenls waitlng to be eslablished. stalement of fund8 - prlor year Balance at 31 March 2023 £000 Balance at 1 April 2022 £000 Transfers in/oul £000 Income Expendllure £000 £000 Unrestrlcted fund8 Deslgnated funds Designated Funds- all funds 1,757 (4,880) 4, 295 1.172 General funds General Funds- all funds 2,249 4,335 (527) (4,295) 1, 762 Total Unrestrlclod funds 4,006 4.335 (5,407) 2.934 Page 32
VEOLIA ENVIRONMENTAL TRUST (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Analysls of net assets between funds Analys18 of net asse18 betweon fund8 - currenl porlod Unrestrlcted Restrlcted funds funds 2024 2024 £000 £000 Total funds 2024 £000 Currenl assets Credltors due wllhln one year 3,002 (53) 1,209 4,211 (53) Total 2.949 1,209 4,158 Analy818 of net a88et8 between funds - prlor perlod Unreslrlcled lunds 2023 £000 Tot81 funds 2023 £000 Tangible lixed assets Current a8S8Is Credltors due wllhln one year 3, 150 (218) 3,150 (218) Total 2,934 2,934 15. Reconclllatlon of net movement In funds to nel cash flow from operatlng actlvltles 2024 £000 2023 £000 Net incomelexpenditure for the period (as per Statement of Financtal Activities) 1,224 (1,072) Adjustmanls for: Depreciation charges DecreaÈel(increase) in debtors Decrease in creditors (1) {88) 1165) Net cash provlded byl(u8ed In) operallng actlvlt1•8 1,061 (1,159) Page 33
VEOLIA ENVIRONMENTAL TRUST (A Company Llmiled by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Analysls of cash and cash equlval¢nt8 2024 £000 4,204 2023 £000 3,143 Cash in hand Total cash and cash equlvalents 4.204 3. 143 17. Analy818 of change8 In net debt At 1 Aprll 2023 Cash flows £000 At 31 March 2024 £000 £000 3,143 Cash at bank and in hand 1,061 4,204 3,143 1,061 4,204 18. Contlngent Ilabilltl•s Grants offered subject to conditions which have not been met at the year end are included below as a conlingenl liability, but nol accrued as expenditure in the year. 2024 £000 2023 Grant8 Grants approved - no binding agr8emenl at 3110312024 Grants permitted - projects not completed at 3110312024 1.510 997 1,308 1.772 2,507 2,480 19. Operatlng lease commltmants Th8 Trust hall no commitménts under non.cancellable operatlng leases at 31 March 2024. Page 34
VEOLIA ENVIRONMENTAL TRUST IA Company Llmltod by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Related party transactlons The lable below shows the Income recelved from related parties inlo Ihe Trust during the year to 31 March 2023: 2024 £000 2023 Veolia ES Landfill Llmlled Veolla Plisea Malntenonc& Trust Veolla Havering Riverside Maintenance Trusl Whitemoss Landfill - Grantscape Fund 4,016 196 893 120 4,335 5,225 4,335 CertaSn expenses of the Trust amounting to £242,000. {2023'. £241,000) have been paid by subsidlaries of Veolia, and then recharged at cost to the Trust. This principally relates to recharging of employee costs. At Ihe year end, balances wilh related partles were accruals £26,000 {2023: £23,000). During the previous year, a grani of £45,000 was awarded to the Canal & Riv¢r Trusl an enlily which Trustee J Dennison is an employee. J Dennison was excluded from the decision making process regarding this granl. Page 35