Registered number: 05309512 Charity number: 1108296 UNITED UTILITIES TRUST FUND (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
UNITED UTILITIES TRUST FUND (A company limited by guarantee) CONTENTS Page Reference and administrative details of the company. its Trustees and advisers Tru5tees' report Trustees. responsibilities statement Independent auditorfs report on the financial statements Statement of financial activities 8-11 12 Balance sheet 13 Statement of cash flows 14 Notes to the financial statements 15-23
UNITED UTILITIES TRUST FUND (A company limited by guarantee REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Mrs Deborah Morton, Chair Mr Alastair Richards Mrs Lynne Heath Mr Martin Crowhurst Miss Jo-Anne Boswell Company registered number 05309512 Charity registered number 1108296 Registered office and principal address Crowe UK LLP Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Senior management team The Trust has no employees and has engaged Auriga Servi5 Limited as a third party provider for administration and management on behalf of the Trustees. Independent auditor Crowe U.K. LLP Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Bankers Royal Bank of Scolland 38 Mosley Road Manchester M60 2BE Page 1
UNITED UTILITIES TRUST FUND IA company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their report and the audited financial statements for the year ended 31 March 2024. Structure Governance and Mana ement Govemin document The organisation is a charitable company limited by guarantee, incorporated on 9 December 2004 and registered as a charity on 24 February 2005. Registered company number is 05309512 and charity no is 1108296. The organisation is govemed by the Articles of Association. Recruitment and a ointment of trustees Recruitment of the first Trustees was by selection by the settlor drawing from experience of the sector and of the region where help is to be provided. Trustees have subsequently been appointed following public advertisement. A list of Trustees who govemed in the year can be found on page 1. Trustee induction and trainin Before anyone considers seeking appointment as a Trustee. and as part of the induction process, they are expected to familiarise themselves With the responsibilities of charity trustees, read the Charity Commission literature on this subject and carefully read the trust deed. settlorfs directions and the latest financial statements. Opportunities for training are readily available and Trustees are encouraged to familiarise themselves with the day to day operations.. Risk mana ement The Trustees have Considered the risks to which the charity is exposed and have taken steps to mitigate those risks. The Trustee5 maintain a detailed risk register which is considered at each Trustees, meeting and between meetings as necessary. The Trustees periodically review the risk profile of the charrty. This involves identifying the types of risk the charity faces, prioritising them in temis of potential impact and the likelihood of occurrence, and identifying the means of mitigaling those risks. As part of this process, the Trustees work closely with Auriga Setvices Limited, who manage the day to day operations, to continually assess the adequacy of the charity's current internal controls and the costs of operating them relative lo the benefits obtained. Any changes to control systems would be agreed by Trustees. The Trustees have considered the risk that all donations are received from United Utilrties Water plc and the issues that will arise from a failure to receive future donations from United Utilities Water plc. The risk has been mitigated by agreeing with United Utilities Water plc that a donation of £3.5m is guaranteed for the next year 1202412025). The last three financial years have seen considerable change and turt)ulence. As such the risk register includes consideration of issues such as Covid-19, major geo-political shocks and the condition of the UK economy. The Trustees assess the likely impact of these when considering the way in which resources are allocated and the likely level of demand for support. Page 2
UNITED UTILITIES TRUST FUND (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 anisational structure The structure of the organisation comprise5 the Board of Trustees with all non administrative and policy decision5 made by the Trustees jointly. There is a single commtttee which is the Audit Committee. Administrative decisions are delegated to Auriga Services Limited who act on behalf of Trustees under an approved Scheme of Delegation. The Trustees do not employ staff directly and hold no material assets other than bank balances. Audit committee The Audit Committee is a committee established by the Board of Trustees and has authority from the Board to require Auriga Services Limited to report on any asped of the powers delegated to tt, in respect of the management of the charity and on its service provision. The responsibility of the committee is= to ensure that there is an appropriate and effective frameworf( of accountabilty., to examine and review all systems and methods of control both financial and otherwise including risk analysis and risk management., to assist the Board in longer-term financial planning and in reviewing performance against the budget and activity projections., to prepare and present to Trustees the audit plan. to review the draft annual accounts and the audit report for their approval. to ensure the charty is complying with all aspects of the law. relevant regulations and good practice- to ensure the charity has relevant systems and processes in place to enable it to comply with all aspects of the law, relevant regulations and good practice. The committee may be authorised to investigate on behalf of the Board anything that threatens or adversely affects the accomplishment of the charitys aims and objectives, its assets. the reliability of all records and information, its compliance with all relevant laws, regulations. policies. and its goveming articles. The committee shall request and review reports and posttive assurances from Auriga Services Limited on the overall arrangements for governance, risk management and intemal conlrol. It may also request specific reports from individual functions within Auriga seNis Limited as may be appropriate to the overall arrangements. The Audit Committee will consist of no fewer than two Trustees appointed by the Board. The Chair of the Audit Committee will be appointed by the Board. The Company Secretary shall attend meetings of the Committee, along with any other employees of Auriga Services Limited who may be required. Unless otherwise determined by the Board. a quorum shall consist of two members of the Audit Committee. (The Chair does not have to be present for a quorum to exist). Page 3
UNITED UTILITIES TRUST FUND (A company limited by guarantee TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Membership of the committee and its terms of reference shall be reviewed annually by the Board at the Annual General Meeting. Any Trustee of United Utilities Trust Fund has the right to attend any Audit Committee meeling. The committee meets at least twice a year. During the year the Audit Committee comprised Alastair Richards (Chair), Lynne Heath and Martin Crowhurst. Ob'ectives and activities for the ublic benefit The Charity's objects are the relief of those persons who are in condition of need, poverty, hardship or other distress and are unable to meet the cost of charges for the supply ofwater andlor sewerage services provided to premises used or occupied by them by United Utilities a5 water andlor sewerage undertaker appointed pursuant to the Water Industry Act 1991 (or any statutory modification or amendment to that Acl}. Such relief is to be provided at such times and in such manner as the Trustees think fit and includes the prevention and relief of poverty by the provision of advice, counselling and the education of the general public in relation to debt, debt awareness and debt prevention. The Trustees confirm that they have referred to the guidance conlained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year. The Trustees provide grants to assist eligible people or organisations to achieve the charity's objects. How our rants delivered ublic benefit Achievements and erformance During the year a £3.5m donation was received from United Utilities Water PIC {2023 £3.5m). This is the eighteenth year of the charity's activities and it has worked to ensure that potential beneficiaries are aware of the availability of grants, as well as providing grants where applicable. Hel for individuals In pursuit of charitable objectives, the Trust was able to award grants to individuals towards water and other priority costs. Grant payments have been made. as far as possible, directly to the organisation to which the amount is due. The aim of the Trust is to help people out of immediate crisis and financial difficulty and wherever possible. to encourage future financial slabilty. During the year the Trust received 6,870 (2023 - 8,315} applications and was able to provide grants and further assistance to 3,963 (2023- 3,806) individuals or families amounting to £2,893,355 (2023- £2,879,067). anisational rants Trustees recognise the value of offering long term help and 5UPPOrt to individuals experiencing hardship and have adopted a policy of making grants available to organisations that provide free money advice and debt counselling services. In pursuit of charitable objectives Trustees paid grants of £111,183 to four organisations 12023 - £96,464 to seven organisations) to support the delivery of money advice and debt counselling services in this financial year. Applications are encouraged from local organisations that specialise in providing debt and money advice ServIS that are focussed on specific groups of people. Page 4
UNITED UTILITIES TRUST FUND (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Trustees, indemni The Trustees confim that the company has Trustees. and Officers. insurance in place. Financial review The Trustees consider that the financial position of the Trust is satisfactory. Reserves The Trust maintains reserves to ensure that it is able to continue to fulfil its charttable purpose by providing for business continuity and to support future capital and revenue expenditure requirements which may not be covered by incoming resources. At the end of the period lotal funds of £337,256 (2023 - £341.829} represent unreslricted funds of £259,153 and £78.103 designated funds to meet the future costs ofthe provision of Money Advice and Debt Counselling. The Trustees have reviewed the reserves policy and have agreed that the appropriate target for the Trust's general, unrestricted reserves should remain at approximately £200,000. The reserves policy will be reviewed again during 2024-25. Goin Concern After considering the continued funding available along with the need for debt relief, the Trustees are of the view that there are sufficient reserves to secure the immediate future of the charity for the next 12 to 18 months and on that basis the charity is a going concern. Investment olic The trust deed grants the Twstees the power to invest funds, employ a fund manager and arrange for inveslments or other property of the charity to be held in the name of a nominee subject to the same conditions permitted by the Trustee Act 2000. The trustees have adopted a policy to invest any excess funds in a special interest bearing account with the Royal Bank of Scotland. Plans for future eriods The Trustees have considered the current economic environment and the continued funding available to Ihe charity and have determined that as United Utilities Water PLC have confirmed their commitment to support the Trust until March 2025, the charity will be able to continue to.. provide grants up to the full value of available funds conlinue its commitment to support the organisational grant programme maintain the relationship with the donor company, United Utilities Water PLC. to continue the positive work of the Trust. Page 5
UNITED UTILITIES TRUST FUND (A company limited by guarantee) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Information for the auditor In respect of each Trustee at the date the Trustees, Report is signed.. So far as we are aware, there is no information needed by the CharItS auditor in connection with preparing their report (relevant audit infomiation) of which they are unaware, and As trustees of the charity we have taken all steps that we ought to have taken in order to make ourselves aware of any relevant audit information and to establish that the charttys audilor is aware of the information. This report has been prepared in accordance with the Statement of Recommended Practice, Accounting and Reporting by Charities {issued in January 2015) and in accordance with Part 15 of the Companies Act 2006. The Trustees have taken advantage of the small Companls exemption from preparing a strategic report for the year. Approved by order of the members of the board of Trustees and signed on their behalf by.. Mrs Deborah Morton Chair of Trustees Date.. 92.3 Oc.P l. 2oafr Page 6
UNITED UTILITIES TRUST FUND IA company limited by guarantee STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees (who are also the Directors of the company for the purposes of company law) are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure. for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently- observe the methods and principles of the Charities SORP (FRS 102)., make judgements 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 slatements on the going concem basis unless rt is inappropriate to presume that the company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufFicient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 7
UNITED UTILITIES TRUST FUND (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNITED UTILITIES TRUST FUND Opinion We have audited the financial statements of UntEed Utilities Trust Fund (the 'charitable companl) for the year ended 31 March 2024 which comprise the Statement of financial activities. the Balance sheet. the Statement of cash flows and the related noles, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, {United Kingdom Generally Accepted Accounting Practice). 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 2024 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 Untted 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 Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charilable 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 ststements is appropriate. Based on the work we have perfomied. we have not identified any material uncertainties relating to events or conditions that, individually or colledively, may cast signtficant doubt on the charitable company's ability to continue as a going concem 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 wtth respect to going con¢em are described in the relevant sections of this report. Page 8
UNITED UTILITIES TRUST FUND (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNITED UTILITIES TRUST FUND (CONTINUED) Other infomiation The other information comprises the infonnation included in the Annual report other than the financial statements and our Auditorfs report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other infomation and, except to the exient otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether this gives rise to a material misstatement in the 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 rf, 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 infomation 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 detemiine 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 concem, 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 cease operations, or have no realistic alternative but to do so. Page 9
UNITED UTILITIES TRUST FUND (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNITED UTILITIES TRUST FUND (CONTINUED) Auditor's responsibilities for the audit of the financial statements We have been appointed as audrtor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will aayS 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 slatements. 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 obtained an understanding of the legal and regulatory frameworks within which the Company operates, focusing on those laws and regulations that have a direct effect on the detemination of material amounts and disclosures in the financial slatements. The laws and regulations we considered in this context were the Companies Act 2006. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial slatement items. In addition. we considered provisions of other laws and regulations that do not have a direct effect on the financial slatements but compliance with which might be fundamental to the Company s ability to operate or to avoid a materFal penalty. We also considered the opportunities and incentives that may exisl within the Company for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation {GDPR), Anli-fraud. bribery and corruption legislation. environmental protection legislation, Health and safety legislation and Takition legislation. Auditing standards limit the required audit procedures to identtfy non<ompliance with these laws and regulations to enquiry ofthe directors and other management and inspection of regulatory and legal correspondence, if any. We identified the greatesl risk of malerial impact on the financial statements from irregularities, including fraud, to be in the following areas.. the override of controls by management, including posting of unusual journals,. inappropriate treatment of non-routine transaclions and areas of estimation uncertainty. Our audit procedures to respond to these risks included enquirtes of management about their own identification and assessment of the risks of irregularities. review and discussion of non-routine transactions, sample testing on the posting of joumals and income transactions and review of accounting estimates for biases. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularilies, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in Ihe financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment. forgery, collusion. omission or misrepresentation. A further description of our responsibiltties for the audtt of the financial statements is located on the Financial Reporting Council's website at.. wvM.frc.o .uklauditorsres Auditorfs report. onsibilities. This description forms part of our Page 10
UNITED UTILITIES TRUST FUND IA company limited by guaranteè) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNITED UTILITIES TRUST FUND (CONTINUED) Use of our report This report is made solely to the charitable companls members. a5 a body, in accordance with Part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable companls members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body. for our audit work, for this report, or for the opinions we have formed. Kerry Brown (Senior statutory auditor) for and on behalf of Crowe U.K. LLP Statutory Auditor Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Date.. o c.kURr- 2P Crowe U.K. LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page11
UNITED UTILITIES TRUST FUND (A company limited by guarantee STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from". Donations & Grants Investments 3,500,000 5,593 3.500,000 5,593 3,500, 000 2,163 Total income 3,505.593 3,505.593 3, 502. 163 Expenditure on: Grant making 3.510,166 3,510,166 3, 483,504 Total expenditure 3,510.166 3,510,166 3,483,504 Net movement in funds (4,573) (4,573) 18.659 Reconciliation of funds: Total funds brought fOard Nel movement in funds 341,829 14,573 341,829 <4,573) 323, 170 18,659 Total funds carried forward 337,256 337,256 341, 829 The notes on pages 15 to 23 fonn part of these financial statements. Page 12
UNITED UTILITIES TRUST FUND {A company limited by guarantee) REGISTERED NUMBER: 05309512 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Current assets Cash at bank and in hand 372.127 670,430 Creditors.. amounts falling due within one year 11 (34,871) (328, 601) Net current assets 337,256 341,829 Charity funds Unrestricted funds 337,256 341, 829 Total funds 337,256 341,829 The Trustee5 acknowledge their responsibilities for complying with the requirements of the Act with respect to accounling 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 aLrthorised for issue by the Trustees and signed on their behalf by-. Mrs Deborah Morton Chair of Trustees Date.. J2. 16- aL'2*. The notes on pages 15 to 23 form part of these financial statements. Page 13
UNITED UTILITIES TRUST FUND (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note Cash flows from operating activities Net cash used in operating activities 14 (303,896) 310,893 Cash flows from investing activities Dividends, interests and rents from investments 5,593 2,163 Net cash provided by investing activities 5,593 2. 163 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning ofthe year (298,3031 670,430 313.056 357.374 Cash and cash equivalents at the end of the year 15 372,127 670, 430 The notes on pages 15 to 23 fomi part of these financial statements Page 14
UNITED UTILITIES TRUST FUND (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General information United Utilities Trust Fund is a registered charity number 1108296,a Company Limited by Guarantee and registered in England (registered number 05309512). The registered office and principal place of busine55 is CIO Crowe U.K LLP, Black Country House, Rounds Green Road, Oldbury. B69 2DG The members of the charity are the Trustees named on page 1. In the event of the charity being wound up, the liabilrty in respect ofthe guarantee is limited to £1 per member of the charity. 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 Charlties: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2015}, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. United Utilities Trust Fund meets the definition of a public benefrt entty 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 Trustees consider they have SLrfficient reserves and cash to continue operating on a going concern basis for the foreseeable future. As stated in the Trustee's Report. Trustees believe there are no material uncertainties that call into doubt the Charitys ability to continue as a going concern and the accounts have therefore been prepared on the basis that the Charity is a going concern. 2.3 Income All income is recognised once the company has enlitlement to the income, tt is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in the Statement of financial activities on a receivable basis. The balance of income reiVed for 5pectfic purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received. the income is accrued. Page 15
UNITED UTILITIES TRUST FUND (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.4 Expenditure Expenditure is recognised On there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligalion can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of Costs that can be allocated diredly and those of an indirect nature necessary to support them. Support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Governance costs include those costs associated with the constitutional and statutory requirements of the charity and include audit fees and costs linked to the strategic management of the charity. Support costs are those costs inCued directly in support of expenditure on the objects of the company. Grant awards are accounted for as expenditure as soon as a valid expectation has been communicated to the recipient, unless the offer is conditional upon events outside the Trust's control and it is possible but not probable that an oufflow of economic benefits will arise, in which case such amounts are recognised as contingent liabilities until the grant nditionS are fulfilled. Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs. 2.5 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 company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. 2.6 Taxation The organisation is a registered charity and as such is exempt from taxation on its income and gains to the extent that they are applied for its charitable purposes. 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 Financial instruments The company only has financial assets and financial liabilities of a kind that qualfy as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Page 16
UNITED UTILITIES TRUST FUND (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donations Unrestricted funds 2024 Total funds 2024 Donations from United Utilities 3.500,000 3,500.000 unStriCted funds 2023 Total funds 2023 Donations from United Utilities 3,500, 000 3,500, 000 Investment income Unrestricted funds 2024 Total funds 2024 Investment income 5,593 5,593 Unrestricted funds 2023 Total funds 2023 Investment income 2,163 2,163 Page 17
UNITED UTILITIES TRUST FUND (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Grants payable Payable to individual beneficiaries or direct to creditors in respect of debts owed ' 2024 2023 Grants payable Water debt - United Utilities Water PIC White goods and other household needs Bankruptcy orders Debt Relief Orders Funeral costs 2,742,466 112,819 24.480 13,590 2. 729, 984 114,363 16,450 18,270 2,893,355 2,879,067 Grants payable - Organisational grants Citizens Advice Halton Citizens Advice Preston Liverpool Community Advice The Oaks @ Blackbum Foodbank Tameside South & Longendale Cheetham Hill Advice Centre Burnley & Pendle CA Venus 15,470 13, 124 13,628 11,050 4,497 26,686 40,000 40,000 13.222 10,000 20,000 111,183 96,494 Redress Funding Emergency Fuel 240, 100 3,004,538 3,215,661 It is the policy of the Trustees that wherever possible a beneficiarfs grant will be paid direct to the relevant creditor. Page18
UNITED UTILITIES TRUST FUND {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure by activities Activities undertaken directly 2024 Grant funding of activities 2024 Support costs 2024 Total funds 2024 Grant making 482.429 3,004,538 23,199 3,510.166 Activities undertaken directly 2023 Gnt funding ol activities 2023 Support costs 2023 Total furFds 2023 Grant making 482,429 2,975,561 25,514 3, 483,504 Direct costs 2024 2023 Auriga administration charges 482,429 482,429 Support costs 2024 2023 Insurance Website and web maintenance Bank charges Governance Costs 3,943 6,000 541 12,715 3, 332 6, 000 449 15,733 23,199 25,514 Page 19
UNITED UTILITIES TRUST FUND (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Auditorfs remuneration 2024 2023 Fees payable to the company's auditor for the audtt of the companrfs annual accounts 8,000 8, 600 Fees payable to the CoMpanS audrf(or in respect of: All non-audit services not included above 1,110 1.375 10. Trustees. remuneration and related party transactions Durrng the year, no Trustees received any remuneration or other benefits (2023- £NIL). During the year ended 31 March 2024. expenses totalling £150 were reimbursed to Trustees (2023 - £86). No Trustee or person related to the charity had any personal interest in any contract or transaction entered into by the charity during the period. 11. Creditors: Amounts falling due within one year 2024 2023 Trade creditors Accruals and deferred income 9,429 25,442 15,992 312,609 34,871 328, 601 2024 2023 Resources deferred during the year 291,666 Deferred inGome at the balance sheet date is represented by income from Untted Utilities Water Limited received in advance. Page 20
UNITED UTILITIES TRUST FUND IA ¢ompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Summary of funds Summary of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Income Expenditure Designated funds General funds 78,510 263,319 1111,183} 3.505.593 13.398,983) 110,776 1110,7761 78,103 259,153 341,829 3,505,593 (3.510,166) 337,256 Summary of funds - prior year Balance al 31 March 2023 Balance at l Apnl 2022 Transfers in/out Income Expenditu Designated funds General funds 55, 752 267.418 (96.494) 3,502. 163 (3.387,010) 119,252 (119.252) 78,510 263,319 323, 170 3.502, 163 (3,483, 504) 341,829 Designated Funds Designated Funds represents amounts designated by the Trustees to meet the future costs of the provision of Organisation Grants. A transfer was made from the general fund to cover the resources expended from designaled funds. Restricted Funds Restricted Funds represents amounts relating to specific projects as stated by the funding agreement, and as such can only be used for this purpose. Page 21
UNITED UTILITIES TRUST FUND (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Current assets Creditors due within one year 372,127 134,871) 372,127 (34,871) Total 337,256 337,256 Analysis of net assets between funds - prior period Unrestricted funds 2023 Total funds 2023 Current assets Creditors due within one year 670,430 (328, 601) 670,430 (328,601) Total 341,829 341, 829 14. Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Net incomelexpenditure for the period (as per Statement of Financial Activities} (4,573) 18.659 Adjustments for: Dividends, interests and rents from investments (De¢rease)Ilncrease in creditors {5,593) 1293,730) (2. 163) 294,397 Net cash provided byl(used in) operating activities (303,8961 310,893 Page 22
UNITED UTILITIES TRUST FUND (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Analysis of cash and cash equivalents 2024 2023 Cash in hand 372,127 670,430 16. Analysis of changes in net debt At 1 April 2023 Cash flows At 31 March 2024 Cash at bank and in hand 670,430 {298,303} 372,127 Page 23