Charity Number.. 1203185 Company Nurnber-. 14241649 The Northem Powergrid Foundatlon (A company limited by guarantee) Trustees, Report and Financaal Statements for the period ended 31 December 2023
The Northern Powergrid Foundatlon Contents Page Report of the Trustees Independent Auditors, report Slalemenl of financial acb'vilies 10 Statements of cashflows Balance sheet 12 Notes to the financial statements 13-18
The Northem Powergrid Foundatlon Trustees, report For the period ended 31 December 2023 The financial statements have been prepared in accordance with the accounllng policies sel out in notes to the accounts and comply wlh the charity's governing documenl, the Charities Act 2011 and Accc¥Jnting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charits'es preparing thelr accounts in accordance th the Financial Fieporting Standard applicable in the UK and Republic of Ireland. Objectlves and a¢tivities The Foundation was established by Northern Powergrid In 2022 in response lo the devastating effects of slom Arwen upon the communities il serves. However. the objectives of the Foundation are more ambitious than simply supporting energy resilience. The Iruslees want lo create enduring support across a broad range of charitable objects by helping those most affected by changes in the economy. environment and sociely because of the shifting energy landscape. The objects of the Foundation are: the prevention and relief of poverty, and the relief ol those in need due lo financial hardship, ill-heallh, disability or other disadvantage including through the provision of advice and support for the optimisation of Iwing conditions, particularly relating to the use of energy and resources among those in necessilous circumstances, including those in fuel-p¢)or households. or who have suffered loss through wealher-related or other environmental events., the maln1enan, improvement or provision of public amenities for the public nefit in areas which are socially and economically deprived., the preseNalion, conservation, protection and improvement of the environment including through supportiThJ sustainability and the prudent and effiaent use of resources.. and the advancement of education through the prOViOn and support of educational support and training about all aspects of efficient and sustainable use of energy and resources. One of the ways of getting the right support in place lo create resilient and thriving communities is via access lo funding. Since incorporation, this has been primarily aehieved by making grants of up lo £20.000 lo fund local ommunity projects. typically focused on energy resilience. BUL over the longer temi, the trustees envisage that fulfflllng the Foundallon's objectives will also be achieved by funding innovation projects which offer large-scale solutions and by partnering with networks and other bodies lo maximise charitable resejves and res¢Jurces lo provide enhanced public benefit. The Foundats'on's grant making pdicy exists lo ensu that the Foundation benefits the public and applies ils funding fairty and consistently. The Iruste&s confirm that they have referred lo the guidance conlalned in the Charity Commlssion's general guidance on public berTrefil when reviewing the Foundation's grant ma.ng pollcy.
The Northern Powergrid Foundation Trustees, report (Con¢inued) For the period ended 31 December 2023 Achievement and performance In the period before the Foundats'on was registered as a charity and in the interests of supporting those customers who had been worst affected by the winter storms of late 2021 and early 2022, in quarter four of 2022, Northem Powergrid donated £0.12 million lof £7.69 million, see 'financial review below'l of charitable funds lo support 10 energy resilien projects on behalf of the Foundation. Followlng the reIpt of the charitable funds {Decemb8r 20221, the Foundation made a number of grants during quarter one 012023. again primarily focusing on those areas worst affected by winter slomis, such as Durham and Northumberfand. As a result, charitabl8 funds in the sum of £0.44 million were awarded to a further 33 energy resilience projects. Upon the appointment of the independent trustees. a Ihlrd round of grants was made during quarter three of 2023. With prevlous grants having frKused prgdomlnanuy on energy resilience. the trustees elected lo consder applications associated with all ¢harilable objectives and for projects located across the whole of Northem Powergrid's operabng regions. This resulted in the trustees awarding a combined totsl of £D.30 million lo fund 17 projects. Through the provision of grants. to date, the Foundation has primarily supported communities by funding energy resilience solutions thich, allows them lo become more self-sufficienl, particularly during extreme weather events. Funding projects for communities and community hubs also helps lo prote¢l sidentS and improve resilience in the face of a changing climate, whilst furthering the deCaonIs0110n agenda. By fundlng alternate power projects, the Foundation has not only ensured the integrity of supply in many smaller and harder lo reach communitres. but also in many cases, has supported projects that procure resilien in a suslalnable way. Examples of the type of projects benefilling from funding include the.. Installation of solar panels and ballery storage equipment lo enable a community to malntsin supply during a er cul. Installation of heal pumps to improve energy efficiency and support decarbonisalion. Plans for the future The Foundation wlll continue to establish ils vision and long-lemi business plan lo achieve its ambition lo be the best energy company charity and provide public benefit on an enduring basis. Due lo the Foundation being in an embryolic stage of ils development. the trustees plan to refine and develop ils three funding strategies (energy, fuel poverty innovation. and future networks). In the short lo medium term, the Foundation will continue lo provide grant funding for eligille prolecls that align Mrilh the charItae objects.
The Northern Powergrfd Foundation Trustees, report fcontlnuedj For the ear eriod 31 Dgcember 2023 Financial review In accordance with its commitment to support customers during severe weather events and as a result of the effects of elimale change, in late 2022, Northem Powergrid sel aside a sum of £7.69 million for the purpose of making a charitable donation lo the Foundation. Of this total. 2nd as referenced in 'Achievemenls and performan, above, £0.12 million was awarded by Northern Powergrid. on behalf of the Foundation lo charitable beneficAaries. The remaining balance of £7.57 rnillion was transferred to the Foundation in December 2022. During the period since ils Incorw)ration, the Foundation {or Northern Powergrid on behalf of the Foundatlonl has awdrded grants totsling £0.86 million to beneficiaries in support of 60 projects. As al 31 December 2023 the Foundation had total funds and net assets of £6.83 million. Reserves policy The Foundation's funds remain in surplus. and the reserves are currently maintained in order lo meet f(s objectThies. The Iruslees are taking steps to implement an investment strategy and reseNes rKJlicy. Principal Risks and Uncertaintie$ The risk register is reviewed by the trustees Cpn a quarterfy basis and covers govemance, flnandal. operaliorsal, complSance and extemal risks. Risks identified are priorilised on the basis of likelihood of occurrence and potential impact with miligatlons agreed lo manage the risks. The main risks identifled during 2023 included.. Customer Satisfaction The Foundation has pul in pla a number of meastjres to ensure that grants are awarded lo digit18 reiakiènts in fLrtheiance rfthe Charitse object& In the event stakehdders do have concems, these are manajed by the Foundation's complaints process. Invo$tment policies The Foundation has sufflcient reserves lo meet Ils objedives beyond the forthcoming financial year. Th8 trustees appointed RBC Brewin Dolphin as the Foundation's Investrnent and will lake steps io develop an investment policy to sllmulale the level cl charitablè reserves being generated. Fraud The trustees, with the support of Northern Powergrid have put in place a number of policies and processes lo manage the risk of fraud from both the cyber security and operational perspective. This includes robust infomation technology systems aNI controls. stringent due dlligence processes and clear financial reporting procedures.
The Northem Powergrld Foundation Trustees, report (Continued) For the year period 31 December 2023 Reference and Administratlve Detsils Registered Charity Number. Registered Company Number.. Registered Office: 1203185 14241649 (England and Wales) Lloyds Court, 78 Grey Street, Ngwcaslle Upon Tyne, NE16AF Trustees The Iruslees who senfed the charty during the period were as follows,. K Bradley Jcoe J Dochety L Lowes D Wilkin Independent Trustee {appointed 1 June 2023} Northern Powergrid Trustee lappoinled 1 June 20231 Chair of the Trustees (appointed 1 June 2023} Northern Poweigrid Trustee lappoinled 1 June 20231 Independent Trustee {appointed 5 June 20231 Company Secretsry JCleY Northern Powergrid Trustee Iresigned S June 2023) Our advisors External Auditors Haines Walls North East Audit LLP 17 Queens Lane. Newcastle upon Tyne, NE1 1 RN Bankers Lloyds Banking Group 102 Grey Stre91, Newcastle upon Tyne, NE16AG Structure, Govemance and Management Governing document The Foundation was Incorporat as a company limited by guarantee on 18 July 2022 and was registered as charity on 22 May 2023. The Foundation's governing document is ils Memolandum and AcleS of Association I"Articies'}. Principal actrvity The Foundation is part of the Northern Powergrid HcAdings Company and ils subsidiaries group of companres (the "Northern Powergrid Group.), and its prtncipal aclivty is lo further its charitable objects (see 'obje¢lives and activities, below). primarily on behalf of customers residing the geographic areas covered by the electricity distribution licenses of Northern Powergrid Iyorkshirel plc and Northern Powergrid (Northeast) plc Itogalher 'Northern Powergrid"). Publlc Benefit From 1 April 2008, section 4 of the Chartlies Act 2006 requires 811 charities to meet the legal requirement that ils aims are for the public benefit. The Trustees (x)nfirm that they have complied with the duly lo have due regard lo the Charity Commission's gèneral guidan on public benofil. The Charity Commission ststes that there are Iwo principles to be met in order to show that an organlsalion's aims are for the public benefll.. firstly, there must be an idenlifiabie benefit or benefits and secondly that the benefit must be lo Ihe pu1¢, or a section of the public. The Trustees are sallsfied Ihal the aims and objeclives of the charity. and the acttvities reported on above, meet these principles.
The Northem Powgrgrld Foundatlon Trustees, report (Continued) For the pgrlod ended 31 Decembèr 2023 Appointment of trusteey There are currently five trustees of the Foundation. Ihree of whom are independent tsuslees Ilncluding the Chairl and two who a non-independenl trustees employed by Northem Powergrid. The Artides require that the board of trustees comprises of a minimum of three and is consliluted as follows.. At least two trustees musl be independent of the Foundlng Member (being Northern Powergrid Llmited, a member of the Northern Powergrid Group)., and Al least one twslee must be a representative of the FuJnding Member. Trustees are appointed by the Founding Member for a period determined al the lime of appoinlmenl, however, no trustee shall serve in office for more than nine consecutive years provided that a Iruslee may be reappointed annually, thereafter, if there are exceptional circumstances, and the trustees unanimously resolve that they Can be reappointed. The trustees were appointed to ensure that the Foundation's board was representative of the communities that il and Northern Powergrid serves. Accordingly, the trustees come from a broad variety of backgrounds with a mix of expertise and act as champions in the community in helping to shape, develop and deliver the Foundation's business plan in pursuit of the charitable objectives. Inductlon and training of trustees Upon appoinlmenl, each Iruslee was provided wlh an inductlon pack including key Constitution docunenls, Charity Commission guidance and contextual information about Northern Powergrid. In addition. all Iruslees attended a training event held by external lawyers covoring govemance. trustee duties and decision maknng, risk management. safeguarding and the Charity Govemance Code. The trustees will continue lo undertake training when necessary. Management and administration The Iruslees relain ultimate iesponsibilily for all decisions, induding selts'ng the Foundation's VIOn and strategy, safeguarding the charitable funds. maklng the final decision on all charitable donations and ensLJring that all activity of the Foundation is for the purpose of fulfilling ils charitable objects. In doing this, the trustees ensure that they fulfill their duty to act al all limes in the best interests of the Foundation whilst supporting the diverse communities that Northern Powergrid serves. The Iruslees govem the overall business of the Foundation and meet quarterly to dlscuss the Foundation's strategy. perfomiance and consider ils future direction. In addition, monthly meetings are held lo discuss any operational matters arising. The Iruslees declare any interest they may have in relatton to the work carried out by the Foundation. Day-lo-day operallonal management of the Foundation is led by the Foundation Manager linleriml. who is employed and remunerated by the Northern Powergrid Group. bul who reports lo the board of Iruslees. Additional support and resources including governance. payroll, meellng facilities and infom)alion technology soluts'ons a provided by the Northern Powergri¢J Group.
The Northem Powergrid Foundation Trustaes, report {ContlnuedJ For the period ended 31 Decembgr 2023 Statement of Trustees Responsibilltles The Trustees (who are also dlreclors of Northern Powergrid Foundation for the purposes of company lawl are responsible for preparing the Trustees, Annual Report and the financial slalemenls in aordance with appllcable law and United Kingdom A¢counling Standards (United Klngdom Generally ACpted Acunting Pracb'cel. including FRS 102 The Financl81 Reporting Standard Applicable in the UK and Republic of Ireland. Company law requires the Trustees to prepare finanaal st8temenls for each finanal year, vthich give 8 true and fair view of the stste of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditu, of the charitable company for the period. In preparing those financial slalemenls, the Trustees are required to: select suitable accounting policies and then apply them consistently.. obseNe the methods and princlples in the Charities SORP., make judgements and estimates that are reasonable and prudent., prepare the financial slalemenls on the going concern basis unless il is inappropriate lo presume that the charitable company wll continue in business. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any lime the financial position of the charilaile company and lo enable them to ensure that the financial slalements comply with the Companies Act 2(X)6. They are also responsible for safeguarding the assets of the charitsble company and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities. In so far as the Trustees are aware.. there is no relevant audit infomiation of which the charitable company's auditors a unaware,. and the Trustees have taken all steps that they ought lo have taken to make themselves aware of any relevant audit information and lo establish that the auditors are aware of that information. Auditors In accordance with the Companies Act 2006 a resolution proposing the reaptx)inlment of Haines Watts North East Audit LLP as auditor for the year ending 31 Dember 2024 will be put lo the Founding Member before the end of the next financial year. Jo8 Lbcherty Chair
The Northern Powergrid Foundation INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE NORTHERN POWERGRID FOUNDATION For the perlod ended 31 Decembar 2023 Opinion We have audited the finanoal slalemenls of The Northern Powergrid Foundation {Ihe 'charilable c(Knpany'l for the period ended 31 December 2023 which comprise the Slalemenl of Flnancial Activ1es, the Balance Sheet, the Cash Flow Slalemenl and notes to the financial slalements, including a summary of signtficanl 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 Finanoial Reporting Standard applicabl8 in the UK and Republr of Ireland (United lfjngdom Generally Accepted Accounting Praclicel. In our oplnion the financial statements.. give a true and fair view of the stste of Ihg charitable company's affairs as at 31 December 2023, and of its incoming resources and application of resources, induding ils Income and expenditure, for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilib'es for the audit of the flnancial slalemenls section of our report. We are independent of the charitable company in aOrdanCe fi1h the ethical requirements that are relevant lo our audit of d)e financial statements in the UK, induding the FRC'S Ethical StsrHJard. and we have fulfilled our other ethical responsbilities in accordance with these requirements. We believe that the audit evldence we have obtained is Sufficient and appropriale to provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial slalements. we have conduded that the trustees, use of the going concern basis of accounting in the preparation of the financi21 stslements is appropriate. Based on the work we have perfom)ed, we have not identified any material uncertainties relating lo events or conditions that. individually or collectively. may cast Significant doubl on the group's or p2rent charitable company's ability lo continue as a going concern for a peri(Kl of al least twelve months from when th8 financllal stslemenls are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concem are described in the relevant tIOnS of this report.
The Northern Powergrid Foundation INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE NORTHERN POWERGRID FOUNDATION For the pèriod ended 31 December 2023 Other information The Iruslees are responsible for the other information. The other ir)fomiation comprises the informab'on induded in the trustees, annual report, other than the finanaal statements and our audllor's report Ihereon. Our opinion on the flnancial statements does not cover the other 5nfomiation and, except to the exlenl otherwse explicitty staled in our report, we do not express any fomi of assurance concluslon Ihereon. In connection with our audit of the financial ststemenls, our responsibility Is lo read the other infomialion and, in doing so, ¢onsider whether the other information is materially inconsislenl with the financial slalemenls or our knowledge obtsined in the audit or otherwise appears to be materially misstated. If we idenlfy such material Snconsistencies or apparent material misstatements. we are required lo determine thelher there is a material misstalemenl in the finanaal slalements or a material misst8temenl of the other infomialion. If. based on the work we have perfomed. we conclude that there is a material misslalement of this other information. we are required lo report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the couise of the audit.. the information given in the trustees, repcrtt lin¢orporating the diiectors, report) for the financial yearfor which the financial slalemenls are prepad is consislenl with the financial statements., and the directors, report has been prepared in accordanee with applicable legal requirements. Matters on which we are required lo report by exceptton In the Ilghl of our knedge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not identified material misslalemenls in the direct. report. We have nothing lo raport in respect of the following mallers In relation lo whlch the Companies Act 2006 requires us lo report lo you if. in our opinion: adequate accounting records have not been kept, or reluins adequate for our audit have not been recewed fJDm branches not visited by us., or the financial Statements are not in agreement with the accounting records and ielurns.. or certain disclosures of directors, remuneration specrfied by law are not made., or we have not recewed all the information and explanations we requlre for our audll., or the Iruslees were not enlilled to prepare the financial slalemenls in accordance with the small CoMpans, regime and take advantage of the small companies, exemptions preparing the directors, report and Ircxn the requirement lo prepar& a strategic report. Responsibilitles of trustees As explained more fully in the trustees, responsibilities statement t out on page 19, the Iruslees are responsible for the preparation of the financial slalemenls which give a true and f8lT view, and for such internal control as the trustees deterIne is necessary to enable the preparation of financial statements that ale free from material misslalemenl, whether due to fraud or error.
The Northern Powergrid Foundatlon INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE NORTHERN POWERGRID FOUNDATION For the period ended 31 December 2023 In preparing the financial s121emenls, the trustees are responsible for assessing the group and parent charilabie company's ability lo continue as a going concern, disclosing. as applicable, matters related to goiry concern and using the going concem basis of accounting unless the trustees either intend to liquidate the group and parent charitable company or to ase operations, or have no realistic allernalive but lo do so. Audltor's responsibilities for the audit of the financlal statements We have been appointed auditor under the companies Act 2006 and we report in accordance wth this Act. Our obiectlves are lo obtain reasonable assurance about whether the financial ststements as a whole are free from material misslalement. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assuran is a high level of assuran. but is not a guarantee that an audit conducted in accordance with ISAS IUKI wll always delecl a material misststement when il exists. Misstatements can arise from fraud or error and are consldered material if, individually or in the aggregate, they could reasonably be expected lo influence the economSc decllsions of users taken on the basis of these financial statements. Irregularities. including fraud, are instances of non-compliance wth laws and regulations. We design procedures in line wlh our responsibilities, outlined above. lo delect material misslatemenls in respect of irregularities. including fraud. The exlenl lo which our procedures 8re capable of detecting irregularities, including fraud, is detailed below. We obtained an understanding of the legal and regulatory framework apjicable lo both the company itself and the industry in which it operates. We identified areas of laws and regulations that could reasonably be expected lo have a material effect on the finanaal statements from our sector experience and through discussion Tmth the directors and other management. The most significant were idenlifled as the Charib'es Act 2011, Companies Act 2006, UK GAAP IFRS1021 and relevant lax legislation. We considered the exlenl of compliance with those laws and regulation5 as part of our procedures on the related financlal Statements. Our audit procedures included= confiming with the trustees and management whether they have any knowledge or suspicion of fraud,. obtaining an understsndlng of the intemal contrds established to mitigate risks related to fraud or non-compliance th laws and regulations., confirmation received frcm the banks to verify the balance as on the last day of the accounting year., and reviewing minutes of meetings of those charged wth governance. Our audit did not identify any key audit matters relating lo the detection of irregularilles including fraud. However, despite the audit being planned and conducted in accordance with ISAS {UKI there remains an unavoidable risk that material misslatemenls in the financial slalemonls may not be detected owing to inherent Ilmilations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve cdlusion. forgery, inlentlonal misrepresentations, or the override of internal controls. A further description of our re5ponsibililies for the audit ol the financial statements is located on the Financial Reporting Council's webslte al.. vJww.frc.org.uklaudilorsresponsibilities. This description forms part of our auditor's report.
The Northern Powergrid Foundatlon INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE NORTHERN POWERGRID FOUNDATION For the period ended 31 December 2023 Use of Our Report This report is made solely lo the charitable company's members, as 8 body, in accordance wth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the Charitable company's members those mallers we are required lo stste lo them in an auditor's report and for no other purpose. To the fullest exlenl pemiitled by law, we do not accept or assume responsibility lo anyone other than the charitsble company and the charitable company's members as a body, for our audit work, for this reF)Drt, or for the opinions we have fomed. Craig Henderson (Senior Statutory Auditor) For and on behalf of Haine5 Watts North East Audlt LLP Ststutory Auditors & Chartered Accountants 17 Queens Lane Newcastle upon Tyne NE11RN 10
The Northern Powergrid Foundation Statement of Financial Activities For the period ended 31 December 2023 18 month period Restricted Total funds 2023 Unrestrlcted funds Notes Income from: Donations 7,570,080 7,570,080 7,570.080 7.570,080 Expenditure on: Charitable activities 749,567 749,567 749,567 749,567 Net movement in funds 6,820,512 6.820.512 Reconciliation of funds Total funds brought fowrd Total funds carrled foThMrd 6,820,512 6.820,512
The North9m Powergrid Foundation Balance Sheet As at 31 December 2023 2023 Notes Current assets Cash al bank and in hand 6,825.912 6.82S.912 Creditors- amounts falling due wlhin one year (5.4001 Net current assets 6.820,512 Net assets 6.820.512 Funds Unreslricled fund 6,820.512 The financial slalemanls were approved by the trustees on 2024 and signed on their behaK by.. Joe Docherty Trustee The notes fom? part of these finanGial slalamenls 12
The Northern PoweTgrid Foundation statement of Cash Flows As at 31 December 2023 2023 Notes Cash flows from operating activities- Cash generated from operations 6,825,912 Net Cash provlded by (used in) operating activities 6,825,912 Net cash provlded by/(used in) Investing and Ilnancing activiues Change in cash and cash equivalents in the year 6,825,912 Cash and cash equivalents al the beginning of the year Cash and cash equivalents at the end of the year 6,825,912 Reconcillatlon of net incomellexpenditure) to net cash flow from operating activities 2023 Net income for the period Adjustments for: Increase in credilors due more than 1 year 6.820.512 5,400 Net cash provided by (used In} operating actlvltles 6.825,912 13
The Northern Powergrid Foundatlon Notes to tha flnancial statements For the perlod ended 31 December 2023 A¢¢ounting Policies 1.1 Basis of accounUng The charity conslilules a public benefit enlily as defined by the FRS 102. The finanaal stslements have been prepared in accordance with Acwunling arml Reporting by Charities- Slalemenl of Recommended Practice applicable to ¢harilie5 preparing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019, the Financial Reporting Standard applicable in tha United Kingdom and RepublSc of Ireland IFRS 1021. the Charities Act 2011. and UK Generally Accepted Accounting Practice. The financial statements have been prepared lo give a 'lrue and fail. view and have departed from the Charities {Accounts and Reports) Regulations 2008 only lo the extent requlred to provide a 'lrue and fair view.. This departure has involved following the Accounb'ng and Reporting by Charities-. Slalement of Recommended Practice applicaile lo charities preparing their accounts in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Irdand IFRS 1021 issued on 16 July 2014 rather than the Accounting and Reporting by Charities.. Slalement of Recommended Practice effective from 1 April 2005 thich has since been ¥Mthdrawn. The ftnancial statements are prepargd on a going concem basis under the historical cost convention, modified to include certain items al fair value. The financial siatsmenls are presented in sterling which is the functional currency of the charity and rounded lo the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consislenlly applied lo all years presented unless otherwise slated. The charitable company was incorporated on 18 July 2022. The amounts shown for the current year are for the 18-month period ending 31 DeCeMr 2023. 1.2 Going concern The accounts are prepared on a going concern basis. The trustees have approved the Foundation's budgets and forecasts for 2024, have considered the resources available in 2024 and conclude that the Foundation has adequate resources to continue in operational existen for al least 12 months from the signing of the financial stalemenls. 1.3 Fund accountlng Unrestricted funds are available for use al the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restrioled funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is sel out in the notes to the fln8ncial statements. 14
The Northem Powergrid Foundation Notes to the financial statements (Cgntlnued) For the period ended 31 December 2023 1.4 Incoming resources All incoming resources are included in the Statement of Financial Activllies en the charity has entitlement lo the funds, any performance conditions have been mel. the amount can be rneasud reliably and it is probable that the income will be received 1.5 Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments lo third parties, il is probable that the selllemenl wi15 be required and the amount of the obligallon can be meaSUd reliably. Irrecoverable VAT is charyed against the cost against the expenditure which was incurred. 1.6 Support cost allocation Support costs are those that assist the work of the charity but do not directly represent charitable activeS. They are incurred directly in support of expenditure on the oblects of the charff(y. 1.7 Debtors Debtors are measured on initial recognition at settlement amount after any trade discounts or amount fvanced by the Charity. Subsequently, they are measured 8t the cash or other consideration expected lo be received. 1.8 Cash at bank and in hand Cash at bank and cash in hand indudes cash and short tem highly Ilquid investments wth instant access fmm the date of opening of the deposit or similar account. 1.9 Creditors and provisions Creditors and provisions are recognised where the charity has a present obllgalion resulting from a past event that wll probably result in the Iransfer of funds lo a third party and the amount due to setde the obligation can be measured or estimated reliably. Creditors and provi&ons are normally racognised at their settlement after allollng for any trade discounts due. 1.10 Financial instruments The charity only has financia assets and financid liabilltles of a knnd that qualfy as baslc finanaal instruments. Basic financial instruments are initially recognised at tsansaclion value and subsequenlly measured al their selllemenl value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 15
The Northern Powergrid Foundatlon Notes to the financial statements (Continued) For the period ended 31 December 2023 Incomo 2023 Donations 7,570.080 Expendtture Direct Support costs Total 2023 costs Charltable activities Payment of grants Sundry expenses Support costs 743,359 743.359 5.400 5.400 744.187 5,400 749,567 Support costs 2023 Governance costs Audit fee 5,400 An analysis of grants made to organisations is provided below. 2023 Age UK Barnsley Bamburgh Parish Council Birtley Village Hall Committee Blanchland Parish Council Cambo Village Hall Cowshill Village Hall Deric Youth and Community Project Diplon Community Association Eastgale Village Hall Elsdon Village Hall Friends of EastwoLxJs Park Future Leisure in Coxhoo Hexham and Tynedale Community Trust Humshaugh Village Hall Jubliee Fields Community Association 20.000 17.619 13,860 15,796 19.034 7.948 9.000 20.000 19,000 7,309 13.476 10.000 20.000 20,000 19,775 16
The Northern Powergrld Foundation Notes to tho flnanclal statements fcontlnuedj For the period ended 31 December 2023 Kirklevinglon & Casllelevinglon Memorial Hall Kyffin pla Community Centre Lands Village Hall Assoclallon Lesbury Village Hall Longframlinglon Memorial Hall MedomeY Community Action Group Newbrough Town Hall Northcliffe Environmental Enterprises Team IN.E.E.TI Otlerburn Memorial Hall Parish Coun¢il of Hexhamshire Pittinglon Ccmmunity Association Prirnelime at The Vine Renninglon Village Hall Trust Scots Gap Methodist Church Sherburn Hill Hub Stanhope Community Association Stsnley Crook Village Hall Slocksfield Community Association Stonehaugh Community Hall Trust Sunniside Community Association Tees Valley Community Asset Preservation Trust The Big League CIC The Glendale Gateway Trust The Village Hall Winleringham Todmorden LeaTning Centre and Community Hub Ltd. Weardale Community Partnership West Allen Parish Council Whitley Bay Big Local Whillingham Memorial Institute Woodland village Hall and Recreation Ground Charity 15,589 9,601 17,055 20,000 20,000 6,418 20.(0 20,000 13,277 17,485 20,000 18,285 19,574 6,351 15,000 19,200 16,5(K) 15,000 17.000 18,485 10.620 20,tK)D 20,000 17,640 20.000 5,671 20.000 11,782 19,663 20,000 723,014 Grants under £5,00116 grants) 20,345 743,359 17
The Northern Powergrid Foundation Notes to the flnancial statements fcontinuedj For the perlod ended 31 December 2023 Net incoming l(expenditurel Nel incomellexpendllurel is slated after charging 2023 Audit fee 5.400 Analysis of trustee remuneration and expenses None of the directors of the Trustee lor any persons connected with them) reiVed any remuneration or benefits from the Foundation during the year. Total Iruslee expenses amounted lo £nil. Creditors.. amounts falling due within one year 2023 Accruals 5,41K> Analysis of funds Perd ended 31 Decg ber 2023 At31 December 2023 2022 Income Expenditure Transfers Unrestricted funds General fund 7,570.080 1749,567 1 6,820,512 10. Analysis of net assets between funds Period ended 31 Decgmber 23 Unrestricted Funds Current assets Current liabilits'es 6.825.912 15,4001 6,820.512 18
The Northern Powergrid Foundation Notes to the flnanclal statements {Contlnued) For the perlod ended 31 December 2023 11. Related party transactlons Northern Powergrid (Northeasll plc made a £6,954,880 donation durfng the period. Northern Powergrid (Yorkshire) plc made a £615,200 donation during Ihe period. 19