Registered number: 03419138
Charlty number: 1064144
THE VEOLIA ENVIRONMENTAL TRUST
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
WR
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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 v￿lcOmed 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 prOje￿s, 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 othe￿iSe 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 eC￿nomIC 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- Conse￿allOn 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