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
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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