Registered number: 03419138 Charity number: 1064144 THE VEOLIA ENVIRONMENTAL TRUST TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 TENSE DONE HIS HILTON SATURDAY A10 AEAZHFCY 13/09/2025 COMPANIES HOUSE
117
WR • Partners Protecting your future.
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) CONTENTS Reference and Administrative Details of the Trust, its Trustees and Advisers Trustees' Report Independent Auditors' Report on the Financial Statements Statement of Financial Activities Balance Sheet Statement of Cash Flows Notes to the Financial Statements Page 1-2 3 - 11 12 - 15 16 17 - 18 19 20-36
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 The Veolia Environmental Trust The Trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 March 2025. Administrative Details and Trustees The Directors of the Charitable Company ("the Charity") also referred to as the Trust, are its Trustees for the urpose of charity law and throughout this report are collectively referred to as the Trustees. As set out in the Articles of Association, the Chair of the Trustees is nominated by the members of the Board. The Trustees below served during the year, and up to the date of the signing of this report. Trustees Mrs CM Schwaller MBE, Chair Mr M Akhtar (appointed 3 September 2024) Mr L Bailey Ms J Demetrius Mr J Dennison Ms K Harrison (appointed 3 September 2024) Mr RP Hulland Mr M Langabeer Mr DJ F Macphail Mrs S Poulter (appointed 3 September 2024) Ms R Rao Ms R Titchen Company registered number Charity registered number Registered office 03419138 1064144 210 Pentonville Road London N1 9JY The Charity is incorporated in England and Wales Page 1
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Secretary Senior Management Team Independent auditors Bankers Ms J Demetrius Andrew Brown - Executive Director Elizabeth Cooke - Head of Grants Lorraine Womack - Head of Finance, Operations & Development WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Barclays Bank plo 54 Lombard street London EC3V 9EX Page 2
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025 he Trustees present their annual report together with the audited financial statements for the year 1 April 202 • 31 March 2025. The Trustees confirm that the Annual Report and financial statements of the company compl with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their account in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) Since the Trust qualifies as small under section 383, the strategic report required of medium and larg companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is no required, however the Trust feels that it is important to produce a strategic report and ensures transparency and Objectives and activities a. Policies and objectives The Veolia Environmental Trust (the Trust) was set up in 1997 following the introduction of the Landfill Communities Fund in 1996. The Trust is registered with Entrust as an environmental body under the Landfill Tax Regulations and is also a registered charity. The Landfill Communities Fund (LCF) is regulated by ENTRUST on behalf of HM Revenue & Customs. Veolia ES Landfill Limited voluntarily donated 5.3% of its landfill tax liability to the Trust to 31 March 2025. This was the maximum amount allowed for the period. The Trust is enrolled to receive such funding. The principal objectives of the Trust are to support environmental and community projects, as set out in the Trust's Memorandum and Articles of Association. The principal activities continue to meet these objectives. The Trust uses the contribution of landfill tax payments for two of the five major categories of grants permitted under the Landfill Tax Regulations, as follows: - Category D - the provision, maintenance or improvement of a public park or another public amenity - Category DA - conservation or promotion of biodiversity b. Public benefit The Trust's goal is to enhance community wellbeing by awarding grants to projects that align with its criteria, address genuine needs, and foster long-lasting, sustainable improvements to both the natural and built environments. These efforts aim to improve the well-being and quality of life within communities. that can demonstrate a reduction in CO2 emissions and an improvement in biodiversity. The Trust ensures its operations adhere to the Landfill Communities Fund's requirements, and the Trustees have carefully considered the guidance provided by the Charity Commission regarding public benefit. The Trust supports projects where volunteers play an indispensable role. In addition to offering invaluable practical resources and expertise that benefit the broader community, volunteers can acquire new skills and forge personal connections, thereby enhancing their future prospects. Page 3
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Objectives and activities (continued) Communi pressie is he commutay to then ge uncy cooled in the price resign and wi comine bov play a meaningful role in its delivery Achievements and performance a. Review of activities The Trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 March 2025. The Landfill Tax Briefing set the potential value of the fund at £30.6 million for 2024/2025 (£32.9 million for 2023/2024) and the percentage credit that Veolia, as the landfill site operator could claim against its Landfill Tax liability for LCF contributions made to the Trust was maintained at 5.3% from 1 April 2024. The Entrust levy was set at 2.93%. The Trust has received total contributions of £4,668,831 this financial year in comparison to 2023/2024 of £5,224,856. In December 2019 the Trust agreed to assist the Veolia Havering Riverside Maintenance Trust (VHRMT) and Veolia Pitsea Marshes Maintenance Trust (VPMMT), known collectively as the Veolia Maintenance Trusts (VMTs) as they moved towards closure. The Deeds of Transfer between the Trust and VHRMT / VPMMT were signed in September 2023, resulting in residual LCF wind up transfer of funds of £1,089,364 being transferred to the Trust. No project liabilities were transferred. During the period to July 2025, the 2 remaining projects relating to the dissolved Maintenance Trust funds were completed with payments totalling £82,880. The Trust welcomed three new trustees during the year, Sarah Poulter, Katie Harrison, and Junaid Akhtar. Sarah is the Group Chief Executive Officer of Chartered Institute of Waste Management Group and holds a BA Hons in Business Studies from the University of Northampton. She has previously served as a Non-Executive Director of Cloud Sustainability Ltd and as Chair of the Institution of Association Leadership. Katie is a project lead at the National Energy System Operator and was named as a Rising Star in the Women in Hydrogen 50 list. She holds a BA Hons in Geography from Northumbria University. Junaid is a Project Co-ordinator at a statutory organisation, working on a bespoke sateguarding project. He has over 10 years of experience in the charity sector, serving as a trustee at Birmingham Voluntary Service Council and as the founder of a local faith charity. Page 4
VEOLIA ENVIRONMENTAL TRUST • (A Company Limited by Guarantee) TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and performance (continued) b. Achievements and performance Contributions totalling £4,667,331 were received from Veolia ES Landfill Limited during 2024/25 (2023/24 - £4,135,492). Since the incorporation of the Trust, over 2,873 projects with a total value of more than £109 million have been supported. In 2024/25, the Board made 100 awards in the various permitted categories, with a total value of £5,303,461. A total of £4,519,960 (2023/24 - £3,581,621) was either paid to projects during the year or is considered to be an obligation at the year end. Further details of current projects are given in the notes to the financial statements and the overall number of projects approved for funding during the year under review and the value of awards made are summarised in the chart below. Number of awarded projects 2024/25 (by value) Sporting Facilities 12.0% Activity Centre Place of Warshi Community Farm 3.2% Playground 21,2% Community Hall 19.3% Park 14.9% Museum / Gallery / Theatre 4.7% Nature ReSe Page 5
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and performance (continued) Total funds as at 31 March 2025 are £3,868,000 (2023/24 - £4, 158,000) of which £1,730,000 are general fund and £1,622,000 are designated funds (restated figures for 2023/24 - £1,701,000 and £1,368,000 respectively) Based on the Entrust 2024/25 annual return the administration costs for the financial accounting perio againstene MC aget of 7. 5gresented 706% 2023/24 Z77,542 and 7.4%) of expenditure on LF projects urina the vear under review. quarterly meetings were held via a mixture of in-person meetinas and virtua eetings with Trustees to enable the funding of awards to projects, review the progress of projects and t continue to oversee the running and management of the Trust. Trustees also reviewed the Trust's policies during the year, in line with the Trust's Policies Review Schedule. c. Factors relevant to achieve objectives The Trustees consider that the objectives of the Trust have been achieved during the period by making 131 grant payments. The Trust will continue to work to achieve these objectives in the future. evaluate the Trust's ability to comply with the Landfill Tax Regulations and to control and manage projects in accordance with Entrust guidance and wider good practice. After a thorough examination of project files and a comprehensive evaluation of the Trust's operational procedures against industry best practices and expected control measures, the inspectors concluded that all areas were functioning satisfactorily. No instances of non-compliance were identified, and no further actions were deemed necessary. This highly satisfactory outcome is a testament to the diligence and professionalism of the Trust's staff and Trustees. Financial review a. Going concern he Trust's financial position is robust, Showing a strong balance sheet, ample cash reserves, and the capabilt to effectively align costs with income streams. After conducting thorough enquiries, the Trustees have a wel founded expectation that the Trust possesses sufficient resources to sustain its operational continuity for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. b. Financial review The Annual Accounts for the year to 31 March 2025 are set out at pages 19-37. In 2025 there was a deficit of £290,000 (2024: £1,224,000 surplus). The movement in fixed assets is set out in note 11 of the financial statements. The Trust has a strong balance sheet and cash reserves, and ability to manage costs to income. Page 6
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 c. Principal risks and uncertainties The Trustees have assessed the major risks to which the Trust is exposed. The risks considered include payment of fraudulent or non-compliant grant claims and the potential for falling victim to cybercrime. The Trustees are satisfied that systems are in place to manage these risks. d. Reserves policy Reserves are held in the Trust's bank accounts and the current account is balanced on a monthly basis. It is the policy of the Trust to hold £195,000 to cover costs in the event of the wind up of the Trust. It is the policy of the Trust to hold a minimum of £500,000 in its current account to meet day-to-day running costs to ensure that it can remain operational. The Trust's free reserves, excluding designated funds at the year-end, amounted to a surplus of £1,730,000 (2023/24 - restated at £1,701,000). The Trust only places funds on treasury deposits when cash flow allows in order to maximise income. Structure, governance and management a. Structure, governance and management The Trust is registered as a charitable company limited by guarantee (charity number 1064144) and was set up by a Trust deed on 8 August 1997. The principal objectives of the Trust are to support community and environmental projects, as set out in th rust's Memorandum of Association. The principal activities continue to relate to the meeting of these objectives b. Methods of appointment or election of Trustees The management of the Trust is the responsibility of the Trustees who are elected or co-opted under the terms of the Trust deed. The Board of Trustees delegates some responsibility for managing the recruitment of new trustees to the Staffing and Remuneration Committee. Page 7
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure, governance and management (continued) c. Organisational structure and decision-making policies ts charitable objectives. organisations; these are detailed in the notes to the financial statements. The Trust's Board currently comprises twelve Trustees. Up to eight, plus the Chair, are independently appointed, and up to four are appointed by Veolia. No member of the Board benefits financially for their services The Trustees can already co-opt new Trustees and this approach will continue in addition to the Trust advertising any vacancies. Trustees are recruited for their specific skills and experience to ensure the Trust has a broad depth of knowledge. Upon appointment, each Trustee receives an induction pack and is offered a visit to the Trust's offices, in order to understand more fully the way in which the organisation operates. Trustees are regularly kept abreast of changing circumstances relevant to the Trust via email and at Trustee meetings. The Trustees meet quarterly to consider applications, discuss the business of the Trust and review projects already underway. The Trustees take reasonable steps to: 1. Ensure that funds from the Landfill Communities Fund are used only for purposes approved by the regulator, Entrust; 2. Ensure there are appropriate financial and management controls in place to safeguard public funds and funds from other sources; and 3. Secure the commercial, efficient and effective management of the Trust's resources and expenditure. Applicants applying for any of the Trust's grants are requested to check if their proposed project meets the funding criteria which is available on the Trust's website. Applicants are given access to the Trust's online grant management system, where they are invited to create a Veolia Environmental Trust User Account and submit their application form for review. All applications are assessed by Trust staff ensuring they are compliant with the Landfill Tax Regulations 1996, the Entrust Guidance, and the Trust's criteria. Ultimate decisions on whether to award funds to a project are made by the Trustees at quarterly Board meetings. If a grant is awarded, the Trust ensures the project is registered with Entrust. Applicants, unless instructed otherwise, are required to secure a third-party contribution of 10% of the award amount, which is paid directly by the contributing third party to the landfill operator, Veolia. Once the Trust is satisfied all the required documentation is complete, a Funding Agreement is issued. The project can start once this is in place, or equivalent consent by the Trust has been granted. The beneficiary of a grant is required to maintain contact with the Trust throughout the duration of the project. This includes reporting progress and expenditure via their Veolia Environmental Trust User Account as well as a final completion report. Some grant recipients hold events to tre count as we a g celebrate and raise awareness of the supported project within their community. Projects and associated assets are monitored in line with the requirements set out in the Entrust Guidance. d. Policies adopted for the induction and training of Trustees No changes were made to any trustee recruitment policies or procedures. Newly appointed trustees receive the Trust's standard induction pack and a video conference with the Chair to discuss the role and responsibilities and answer any questions. Page 8
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure, governance and management (continued) e. Pay policy for key management personnel Although all employees working on behalf of the Trust are Velia employees, they are on permanent Reference) for staffing matters and convenes on a quarterly basis. f. Related party relationships There are a number of related party relationships that the Trust is involved in, these have been summarised in note 22 of these financial statements. It should be noted that up to four Trustees can be appointed by Veolia and the names of those so appointed are listed on page 1 of this report. No Trustee receives any remuneration for their services except for the reimbursement of any travel and related expenses where these are claimed. None of the Veolia appointed Trustees made any expenses claims during the year. All expense claims are made in accordance with the Trustee Expense Guidance, Appendix C of the Finance Policy and receipts must be attached to all claims where appropriate. g. Financial risk management The Trustees have assessed the major risks to which the Trust is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. The Trustees delegate some responsibility for financial risk management to the Finance Committee, which meets twice a year and reports back to the Board. h. Trustees' indemnities Veolia has agreed to indemnify one or more Trustees of the charitable company against liability in respect of proceedings brought by third parties subject to the conditions set out in section 234 of the Companies Act 2006. Such qualifying third party indemnity provision remains in force as at the date of approving the report of the Trustees. Plans for future periods The future of the Trust is dependent upon the government continuing to offer, and its landfill operator continuing to participate in, the LCF. In the 2024 Budget, the government confirmed the continuation of the LCF scheme and maintained the LCF diversion rate at 5.3% from April 2025. The Trust therefore anticipates another year of the effective and efficient distribution of whatever LCF monies are available, to worthwhile community projects. The Trust recognises that having a single income stream is a risk to future sustainability and will therefore continue to explore options for developing non-LF income streams in the medium to long term. Page 9
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Members' liability The Members of the Trust guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. Employee engagement The Trust maintains a number of Veolia policies in relation to aspects of personnel matters including: • Equal opportunities policy • Equality, Dignity and Respect at Work • Volunteering Policy • Health & Safety Policy Equity, Diversity and Inclusion In accordance with the Trust's Equal Opportunities Policy, the Trust has long established fair employment practices in the recruitment, selection, retention and training of staff. s part of their commitment to diversity, equity and inclusion (DEI), Trustees enshrined a strategic go cussing on providing fair and accessible funding to all in the Trust's 2022 - 2025 Business Pla Figures provided by Entrust as part of their Economic, Community and Environmental Impact Model (ECEIM) report for 2024/25 showed that: - The average population of 'non-White British' people in postcode areas that the Trust funded was 27.9% (2023/24 - 28.9%). This is in comparison to 16.1% across the LCF as a whole. The average IMD (Index of Multiple Deprivation) score for postcode areas funded by the Trust was 12,58 2023/24 - 13,546), against an average of 17,553 across the LCF as a whole (with lower numbers representin areas of greater deprivation. Page 10
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Statement of Trustees' responsibilities Company law requires the Trustees to prepare financial statements for each financial. Under company law, the . • select suitable accounting policies and then apply them consistently; observe the methods and principles of the Charities SORP (FRS 102); make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Trust's transactions and disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of information to auditors Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that: • so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware; and • that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of an elevant audit information and to establish that the charity's auditors are aware of that informatior Auditors In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of WR Partners as auditors of the Charity is to be proposed at the forthcoming Annual General Meeting. Approved by order of the members of the board of Trustees and signed on their behalf by: IS J Demetriu empany Secretary and Truste Date: 8 September 2025 Page 11
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VEOLIA ENVIRONMENTAL TRUST Opinion In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the rinancial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 12
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VEOLIA ENVIRONMENTAL TRUST (CONTINUED) Other information financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or • sufficient accounting records have not been kept; or • the financial statements are not in agreement with the accounting records and returns; or • we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to ceas operations, or have no realistic alternative but to do so. Page 13
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VEOLIA ENVIRONMENTAL TRUST (CONTINUED) Auditors' responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - We reviewed the Charity's regulatory environment to ensure we could conclude that it had acted in accordance with the framework relevant to the Charity and its envirnment and identify any instances of non compliance. - We also assessed the Charity's internal control procedures to ensure we could appropriately scrutinise these controls and establish whether our understanding of the control environment was sufficient to supplement our additional testing procedures. - The engagement team consisted of a team that the engagement partner believes is equipped with the relevant level of technical and Charity awareness to carry out our work to the required standard. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. Page 14
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VEOLIA ENVIRONMENTAL TRUST (CONTINUED) Use of our report WR Partrers WR Partners Chartered Accountants Statutory Auditors Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG 10 September 2025 WR Partners are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 15
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Income from: Donations and legacies Investments Total income Expenditure on: Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward Note Unrestricted funds 2025 £000 3 4 4,669 5 4,674 4,391 4,391 283 3,069 283 3,352 The notes on pages 20 to 36 form part of these financial statements. Restricted funds 2025 E000 : 573 573 (573) 1,089 (573) 516 Total funds 2025 £000 4,669 5 4,674 4,964 4,964 (290) 4,158 (290) 3,868 Total funds 2024 €000 5,224 - 5,224 4,000 4,000 1,224 2,934 1,224 4,158 Page 16
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 03419138 BALANCE SHEET AS AT 31 MARCH 2025 Note 2025 £000 Fixed assets Current assets Debtors Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year Net current assets Total net assets Charity funds Restricted funds: Restricted funds Unrestricted funds Total funds 12 19 3,934 3,953 13 (85) 3,868 3,868 15 15 516 3,352 3,868 2024 £000 7 4,204 4,211 (53) 4,158 4,158 1,089 3,069 4,158 Page 17.
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 03419138 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The entity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 144 of the Charities Act 2011. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: smiture y Demetrius Sempany Secretary and Trustee Date: 8 September 2025 The notes on pages 20 to 36 form part of these financial statements. .... Mrs CM Schwaller MBE Chair Page 18
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Interest receivable Net cash provided by investing activities Note 17 2025 E000 (275) 2024 £000 1,061 5 5 - Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 20 to 36 form part of these financial statements (270) 4,204 3,934 1,061 3,143 4,204 Page 19
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General information The principal accounting policies applied in the preparation of these financial statements are set out 2. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the second edition Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Veolia Environmental Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Going concern The financial statements have been prepared on the going concern basis. After making enquires, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. The Trust has a strong balance sheet and cash reserves, and ability to manage costs to income. After making appropriate enquiries, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. 2.3 Income All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donations and legacies Income under the Landfill Communities Fund is recognised on the basis of amounts received. Page 20
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2. Accounting policies (continued) 2.4 Expenditure Charitable activities and Governance costs are costs incurred on the Trust's educational operations, including support costs and costs relating to the governance of the Trust apportioned to charitable activities. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. 2.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Debtors Prepayments are valued at the amount prepaid net of any discounts due. 2.7 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.8 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. labilities are recognised at the amount that the Trust anticipates it will pay to settle the debt or th mount it has received as advanced payments for the goods or services it must provide Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. Page 21
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2. Accounting policies (continued) 2.9 Financial instruments The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial 2.10 Operating leases Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term. 2.11 Pensions ame Trus paparaly a defust the union respect or eye and the pension charge represents them 2.12 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes. The Trust may, at its discretion, designate funds for specific purposes that would otherwise form part of general reserves. The designated funds comprise of amounts due under special project awards where the financial agreements have been signed but certain conditions are yet to be satisfied and hence the awards are conditional. Until the conditions are met to the satisfaction of the Trust, no obligation exists and no liability is recognised. As such, the amounts within the designated fund are not available for other purposes. Project payments are included in the Statement of Financial Activities and Grants payable in the furtherance of the Charity's objects where they are paid in the year, or valid requests for payment are received and approved by the Trust by the end of the accounting period. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Trust for particular purposes. The costs of raising and Fund is set out in the notes are ce ancial statemenspecific tund. The aim and use of each restricted Page 22
3. 4. VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from donations and legacies Donations Landfill Tax Credits Transfer of Veolia Maintenance Trusts Donations from companies, trusts and similar proceeds Total 2024 Unrestricted funds 2025 £000 4,667 - 2 4,669 4,135 Restricted funds 2025 E000 : - 1,089 Investment income Interest receivable on bank deposits Unrestricted funds 2025 E000 5 Total funds 2025 £000 4,667 2 4,669 5,224 Total funds 2024 2000 4,135 1,089 - 5,224 Total funds 2025 E000 5 Total funds 2024 E000 - Page 23
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 5. Grant making Analysis of Grants Category A - remediation of land Category B - reduction of pollution Category D - public amenities Category DA - conservation of bio-diversity Category E - restoration of religious buildings or places of historical interest Total 2025 £000 : 4,175 345 - 4,520 2024 £000 2,795 787 - 3,582 Page 24
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 6. Grant making (continued) The support costs associated with grant-making are ENil (2024: ENil) The principal objectives of the Veolia Environmental Trust are to support community and environmenta projects, as set out in the Trust's Memorandum and Articles of Association. Grants recognised in the yea relate to projects approved by the Trustees after the consideration of their compliance with the governin regulations and the Trust's criteria The Trust does not offer grants to individuals. The material grants to institutions for the year came to a total of £4,520,000 (2024: £3,584,000) are set out below: Grant Recipient: The Woodland Trust Durham Wildlife Trust Essex Wildlife Trust The Roundhegians Rugby Football Club Ltd Brighton and Hove City Council The PCC of Christ Church, Aughton Wellbeing at Garon Park Leeds City Council Alt Valley Community Trust Trust Links The Callister Trust Sheffield City Council Thames Chase Trust St Thomas Jacobite Syrian Othodox Church, London Hadnall Bowling Club Lewisham Council London Borough of Hackney Leeds City Council Chesham Town Council London Borough of Havering London Borough of Bromley Draycott and Church Wilne Parish Council Bury Metropolitan Borough Council FABRICA Southampton City Council The Town Coucil of Ringwood Ellesmere Sports Club Winstanley Tennis Club Total grants < £50,000 (101) • 2025 E000 350 200 138 75 75 75 75 74 72 71 71 70 70 70 65 62 60 60 60 60 60 60 60 56 56 54 54 51 2,214 Page 25
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 7. Analysis of expenditure by activities Charitable activites Total 2024 Analysis of support costs Grant funding of activities 2025 E000 4,520 3,584 Support costs 2025 £000 444 416 Staff costs Depreciation Other Staff Costs Travel & Subsistence Motor Expenses Consultancy Periodicals & Subscriptions Audit Fee PR Meeting Expenses Fees & Charges Administration Fees - ENTRUST Total 2024 Charitable activities 2025 £000 267 - 2 3 7 10 1 13 ~ N - 137 444 416 Total funds 2025 E000 4,964 4,000 Total funds 2024 £000 4,000 Total funds 2025 E000 2 1 Total funds 2024 E000 233 1 12 137 444 416 136 416 Page 26
8. VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Net Income/(Expenditure) Net Income/(Expenditure) is stated after charging: 2025 £000 Audit fee Accountancy fee Depreciation - 13 2024 £000 10 2 2 14 Staff costs Wages and salaries Social security costs Contribution to defined contribution pension schemes 2025 E000 212 23 32 2024 £000 185 21 27 267 233 The Trust has no employees. Staff who work full time for the Trust are employed by Velia Environmental Services and the costs of employment are re-charged to the Trust. Above show the aggregate payrol costs of these staff The average number of persons employed by the Trust during the year was as follows: Management and Administration 2025 No. 6 2024 No. 5 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: 2025 No. 1 2024 No. 1 In the band £60,001 - £70,000 The total employee benefits, including employer pension contributions, of the key management personnel of the charity were £174K (2024: £178K). Page 27
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Trustees' remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2024 - ENIL). luring the year ended 31 March 2025, expenses totalling £1,848 were reimbursed or paid directly to rustees (2024 - £1,866 to 6 Trustees). The expenses were paid to Trustees in relation to trave subsistence and out of pocket expenses. 11. Tangible fixed assets Cost or valuation At 1 April 2024 Disposals At 31 March 2025 Depreciation At 1 April 2024 On disposals At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 Fixtures and fittings £000 13 (1) 12 13 (1) 12 - 12. Debtors Due within one year Other debtors Prepayments and accrued income 2025 E000 2 17 19 2024 £000 - 7 7 Page 28
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. Creditors: Amounts falling due within one year Other creditors Accruals and deferred income 2025 E000 47 38 2024 E000 15 38 14. Prior year adjustments The comparative funds have been restated to account for the reallocation of the Whitemoss Landfill funds from restricted funds to designated funds, on the basis that the trustees have the autonomy to re- designate the funds for a different purpose. The effect of the adjustment is an increase in unrestricted funds of £120,000 and a decrease in restricted funds of the same amount. Page 29
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. Statement of funds Statement of funds - current year Unrestricted funds Designated funds Designated funds - all other funds Whitemoss Landfill Balance at 1 April 2024 E000 996 372 1,368 Income Expenditure E000 £000 345 345 (3,737) (210) (3,947) General funds General Funds - all funds Total Unrestricted funds Restricted funds Veolia Pitsea Maintenance Trust Veolia Havering Riverside Maintenance Trust 1,701 3,069 4,329 4,674 (444) (4,391) Total of funds 196 893 1,089 4,158 - 4,674 (154) (419) (573) (4,964) Transfers in/out E000 Balance at 31 March 2025 £000 3,856 - 3,856 1,115 507 1,622 (3,856) - 1,730 3,352 - 42 474 516 3,868 Page 30
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. Statement of funds (continued) Statement of funds - prior year Balance at As restated 1 April 2023 Income 2000 £000 Expenditure 2000 Unrestricted funds Designated funds Designated funds - all other funds Whitemoss Landfill General funds General Funds - all funds Total Unrestricted funds 1,172 - 1,172 1,762 2,934 - 372 372 (3,582) (3,582) 3,763 4,135 (418) (4,000) Restricted funds Veolia Pitsea Maintenance Trust eolia Havering Riversid Maintenance Trus - - Total of funds 2,934 196 893 1,089 5,224 - - (4,000) Transfers in/out 2000 3,406 - 3,406 (3,406) - Balance at 31 March 2024 £000 996 372 1,368 1,701 3,069 196 893 1,089 4,158 Page 31
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. Statement of funds (continued) Total Funds As of 31st March 2025, the Trustees have approved the financial support for a number of projects. These projects which are expected to lead to awards of approximately £1,738,000 (2024 - £1,510,000) do not comprise binding commitments because financial agreements had not been signed as at 3' March 2025 have been disclosed as a contingent liability General Funds General funds relate to income received through Landfill Tax Credits and are allocated to specific projects by the Trustees. Once funds are allocated and a financial agreement has been signed the funds are transferred to designated general funds. Transfers made during the year total £3,856,000 (2024 - £3,406,000). Designated Funds Designated General Funds The designated fund amounting to £1,115,000 (2024 - £996,000) has been allocated to projects permitted under the Landfill Tax regulations where funding agreements have been signed and upfron payments made, leaving the balance of the award to be claimed once evidence of expenditure relating to the payment is received. The balance on the designated general fund is therefore considered to represent a contingent liability for which no amounts have been accrued. Designated funds are not disclosed by the due dates as the Trustees are not able to determine with certainty the timing of projects. During the course of the period, there has been £13,000 (2024- £17,000) released due to under spending projects and £189,000 (2024 - £122,000) released due to withdrawn projects. These monies have been reallocated into the general fund Whitemoss Landfill The Whitemoss Hazardous Landfill site is operated by Veolia ES Landfill. The Landfill Communities Fund contributions derived from the site fund community and environmental projects located within 5 miles of the Whitemoss landfill site in Skelmersdale . With the exception of the Whitemoss Hazardous Landfill, the Trust has received Veolia's contributions from all other qualifying landfills operated by Veolia. The Whitemoss contributions were previously administered by GrantScape Ltd. In February 2025 Grantscape transferred £4,224 to the Trust representing underspends on projects they were administering previously for Whitemoss Hazardous Landfill. Designated funds relating to Whitemoss Landfill total £507,000 (2024 : £372,000) of which £83,000 has been allocated to projects where funding agreements have been signed as at 31 March 2025 and is disclosed as a contingent liability. The Whitemoss Landfill fund has been restated as a designated fund based on the Trust having full autonomy to allocate the funds as they wish, combined with the ringfencing of funds to projects within a radius of the Whitemoss landfill site. An adjustment has therefore been made to the accounts to reclassify these funds from restricted to designated. The prior year Statement of funds has been restated Page 32
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. Statement of funds (continued) Restricted Funds Veolia Pitsea Marshes Maintenance Trust Repart of the Trustip ef the be 2023, ines and a anal rest a ear or i was At year end the these funds had been allocated with Funding Agreements in place. Of these funds £154,000 have been claimed by the projects with a balance of £42,000 remaining to be claimed as at 31 March 2025. This includes £38,000 which has been allocated to projects where funding agreements have been signed as at 31 March 2025 and is disclosed as a contingent liability. Veolia Havering Riverside Maintenance Trust As part of the wind up of the Veolia Riverside Maintenance Trust a transfer of £893,000 was received by the Trust in September 2023, these funds were Landfill Communities Fund contributions. At year end £743,000 of these funds had been allocated with Funding Agreements in place. Of these funds that have been allocated, £419,000 have been claimed by the projects with a balance of £474,000 remaining to be claimed as at 31 March 2025. This includes £245,000 which has been allocated to projects where funding agreements have been signed as at 31 March 2025 and is disclosed as a 16. Analysis of net assets between funds Analysis of net assets between funds - current year Current assets Creditors due within one year Total Unrestricted funds 2025 £000 3,437 (85) 3,352 Restricted funds 2025 £000 516 - 516 Total funds 2025 £000 3,953 (85) 3,868 Page 33
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior year Current assets Creditors due within one year Unrestricted funds 2024 £000 3,122 (53) Restricted funds 2024 £000 1,089 - Total funds 2024 E000 4,211 (53) Total 3,069 1,089 4,158 The prior year Analysis of net assets between funds has been restated to recognise the treatment of the Whitemoss Landfill funds as designated rather than restricted. Reconciliation of net movement in funds to net cash flow from operating activities 2025 E000 (290) Net income/expenditure for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Investment income Decrease/(increase) in debtors Increase/(decrease) in creditors Net cash provided by/(used in) operating activities (5) (12) 32 (275) 2024 E000 1,224 2 - (165) 1,061 18. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents 2025 E000 3,934 3,934 2024 £000 4,204 4,204 Page 34
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Analysis of changes in net debt Cash at bank and in hand Liquid investments At 1 April 2024 £000 4,204 - 4,204 Cash flows £000 (520) 250 (270) At 31 March 2025 6000 3,684 250 3,934 20. Contingent liabilities Grants offered subject to conditions which have not been met at the year end are included below as a contingent liability, but not accrued as expenditure in the year. Grants Grants approved - no binding agreement at 31/03/2025 Grants permitted - projects not completed at 31/03/2025 2025 5000 1,738 1,481 3,219 2024 £000 1,510 997 2,507 21. Operating lease commitments The Trust had no commitments under non-cancellable operating leases at 31 March 2025. Page 35
VEOLIA ENVIRONMENTAL TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 22. Related party transactions • The table below shows the income received from related parties into the Trust during the year to 31 March 2025: Veolia ES Landfill Limited 2025 €000 4,667 4,667 2024 £OO0 4,135 4,135 Certain expenses of the Trust amounting to £280,000 (2024: £242,000) have been paid by subsidiaries of Veolia, and then recharged at cost to the Trust. This principally relates to recharging of employee costs. At the year end, balances with related parties were accruals £25,000 (2024: £26,000). Page 36