Charity Number.. 1203185 Company Number.. 14241649 The Northern Powergrid Foundation (A company limited by guarantee) Trustees, Report and Financial Statements for the year ended 31 December 2024
The Northern Powergrid Foundatlon Contents Page Report of the Trustees Independent Auditors, report 7-10 Slalement of financial activities Statements of cashflows 12 Balance sheet 13 Notes lo the financial statements 14-21
The Northern Powergrid Foundatlon Trustees, report For the year ended 31 December 2024 The financial statements have been prepared in accordance with the accounting policies sel out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland. Objectives and actlvitles The Foundation was established by Northern Powergiid in 2022 in response to the devaslaling effects of storm Arwen upon the communities il setves. However, the objectives of the Foundation are more ambitious than simply supporting energy resilience. The trustees want lo create enduring support across a broad range of charitable objects by helping those rllosl affected by changes in the economy. environment and society because of the shifting energy landscape. The objects of the Foundation are.. the prevention and ielief of FX)verty, and the relief of those in need due to financial hardship. ill-health, disability or other disadvantage including through the provision of advice and support for the oplimisalion of living conditions, particularly relating lo the use of energy and resources among those in necessitous circumstances, including those in fuel-poor households, or who have suffered loss through wealher-relaled or other environmental events., the maintenance, improvement or provision of public amenities for the public benefit in areas which are socially and economically deprived., the preservation. conservation, protection and improvement of the environment including through supporting suslainabilily and the prudent and efficient use of resources., and the advancement of education through the provision and support of educational support and training about all aspects of efficient and sustainable use of energy and resources. One of the ways of gelling the right support in place lo create resilient and thriving communities is via access lo funding. Since incorporation, this has been primarily achieved by making grants of up to £20,000 lo fund local community projects, typically focused on energy resilience. But, over the longer term, the Iruslees envisage that fulfilling the Foundation's objectives will also be achieved by funding innovation projects which offer large-scale solutions and by partnering wlh networks and other bodies to maximise charitable reserves and resources lo provide enhanced public benefit. The Foundation's grant making policy exists to ensure that the Foundation benefits the public and applies ils funding fairly and consistently. The trustees confirm that they have referred lo the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Foundation's grant making policy.
The Northern Powergrld Foundation Trustees, report (Continued) For the year ended 31 December 2024 Achievement and performance During the year, the Foundation completed two grant rounds focused predominantly on energy resilience. The first round was made in quarter two of 2024, which resulted in £0.18 million being awarded lo fund 14 projects. Round two was made in quarter four of 2024, during which, the Trustees awarded £0.30 million lo fund 20 projects. Through the provision of grants, to dale, the Foundation has primarily supported communities by funding energy resilience solutions which. allows them lo become more self-sufficient, partiCLJlarly during extreme weather events. Funding projects for communities and community hubs also helps lo protect residents and improve resilience in the face of a changing climate, whilst furthering the decarbonisalion agenda. By funding alternate power projects. the Foundation has not only ensured the integrity of supply in many srnaller and harder to reach communities, bul also in many cases, has supported projects that procure resilience in a sustainable way. Examples of the type of projects benefitting from funding includes the installation of solar panels and battery storage equipment lo enable a community lo maintain Supply during a power cut, and the inslallalion of heal pumps to improve energy efficiency and support decarbonisalion. The Trustees completed a recruilmenl process in quarter four of 2024, establishing a new Foundation operations team, consisting of the Head of Foundation, Foundation Operations Manager, and Foundation Adminislralor. All three new appointments joined the Foundation in èarly 2025. Plans for tho future The Foundation will continue lo establish ils vision and long-lerm business plan lo achieve ils ambition to be the best energy company charity and provide public benefit on an enduring basis. Due to the Foundation being in an embryolic stage of ils development, the trLJStees plan lo 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 eligible projects that align with the charitable objects.
The Northern Powergrid Foundation Trustees. report (Continued) For the year ended 31 December 2024 Financial review As at 1 January 2024 the Foundation had lolal funds and net assets of £6.83 mi51ion. The Trustees agreed an investment approach in quarter one of 2024. appointing RBC Brewin Dolphin as the Foundation's investment advisor. In July 2024. £6.5 million was invested lo coincide with future grant funding rounds, with £0.25m allocated to a cash fund for liquidity. In September 2024, a gill was redeemed with proceeds transferred lo the cash fund, followng which, £0.30 million was transferred from the cash fund into the Foundation's back account lo facilitate payments for the grant round in quarter four of 2024. During the financial year, the FoLJndalion awarded grants lotalling £0.48 million to beneficiaries in support of 34 projects. However, given the liming of the grant round in quarter four, the payment of the £0.30 million of charitable funds did not lake place until quarter one of 2025. During the year, the Foundation received donated services and support from Northern Powergrid, including aCsS to office facilities and adminislralive assistance These resources were provided free of charge to support the Foundation's operations. Vvhile no specific monetary value has been allributed, the trustees recognise the benefit this provides, and thank Northern Powergrid for their conlribulions. As al 31 December 2024 the Foundation had total funds and net assets of £6.36 million. Reserves policy The Foundation's funds remain in surplus. and the reserves are currently maintained in order lo meet its objectives. The trustees are taking steps to implement an investment strategy and reserves policy. Principal Risks and Uncertainties The risk register is reviewed by the trustees on a quarterly basis and covers governance, financia5, operational, compliance and external risks. Risks identified are priorilised on the basis of likelihood of occurrence and potential impact with mitigations agreed lo manage the risks. The main risks identified during 2024 included.. Customer Satisfaction The Foundation has put in place a number of measures lo ensure that grants are awarded lo eligible recipients in furthernn of the charitable objects. In the event stakeholders do have concerns, these are managed by the Foundation's complainls pro5S. Investment policies The Foundation has sufficient reserves to meet ils objects'ves beyond the forthcoming financial year. The trustees appointed RBC Brewin Dolphin as the Foundation's investment advisor and will take steps to develop an investment policy to Stimulate the level of charitable reserves being generated. Fraud The trustees, with the support of Northern Powergrid have pul in place a number of policies and proces8es lo manage the risk of fraud from both the cyber security and operational perspective. This includes robust information technology systems and controls, stringent due diligence processes and clear financial reporting procedures.
The Northern Powergrid Foundatlon Trustees, report (Continuedj Forthe year ended 31 December 2024 Reference and Administrative Detsils Registered Charity Number.. Registered Company Number.. Registered Office". 1203185 14241649 (England and Wales) Lloyds Court, 78 Grey Street, Newcastle Upon Tyne. NE16AF Trustees The Iruslees who setved the charity during the period were as follows.. K Bradley Jcoe J Docherty L Lowes D Wilkin Independent Trustee Northern Powergrid Trustee Chair of the Trustees Northern Powergrid Trustee Independent Trustee Company Secretary J C Riley Our advisors External Auditors S&W Audit 17 Queens Lane, Newcastle upon Tyne, NE1 1RN Bankers Lloyds Banking Group 102 Grey Street, Newcastle upon Tyne, NE1 6AG structure, Governance and Management Governing document The Foundation was incorporated as a company limited by guarantee on 18 July 2022 and was registered as a charity on 22 May 2023. The Foundation's governing document is ils Memorandum and Articles of Association I"Articles"l. Principal activity The Foundation is part of the Northern Powergrid Holdings Company and ils subsidiaiies group of companies Ilhe 'Northern Powergrid Group'l, and ils principal activity is lo further Ils charitable objects Isee 'objeclives and aclivilies, below), primarily on behalf of customers residing in the geographic areas covered by the electricity distribution licenses of Northern Powergrid IYorkshire} plc and Northem Powergrid (Northeast) plc Ilogelher °Northern Powergrid'l. Public Beneflt From 1 April 2008, section 4 of the Charities Act 2006 requires all charities lo meet the legal requirement that ils aims are for the public benefit. The Trustees confirm that they have complied with the duly to have due regard lo the Charity Commission's general guidance on public benefit. The Charity Commission states that there are two principles lo be mel in order lo show that an organisation's aims are for the public benefit.. lirslly, there must be an identifiable benefit or benefits and secondly that the benefit musl be lo the public, or a section of the public. Thè Trustees are satisfied that the aims and objectives of the charity, and the activities reported on above, meet these principles.
The Northern Powergrld Foundatlon Trustees. report (Contlnuedj For the year ended 31 December 2024 Appointment of trustees There are currently five trustees of the Foundation, three of whom are independent Iruslees (including the Chair) and o who are non-independenl Iruslees employed by Northern Powergrid. The Articles require that the board of trustees comprises of a minimum of three and is conslituled as follows.. Al least two trustees musl be independent of the Founding Member (being Northem Powergrid Limited, a member of the Northern Powergrid Group)., and Al least one trustee musl be a represenlab've of the Founding Member. Trustees are appointed by the Founding Member for a period determined al the lime of appoinlmenl, however, no IrLJslee 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 it and Northern Powergrid serves. Accordingly, the Iruslees come from a broad variety of backgrounds with a mix of expertise and act 8s champions in the community in helping lo shape, develop and deliver the Foundation's business plan in pursuit of the charitable objectives. Induction and training of trustees Upon appointment, each Iruslee was provided with an induction pack including key conslilulion documents, Charity Commission guidance and contextual information about Northern Powergrid. In addition, all Iruslees attended a training event held by external lawyers covering governance, Iruslee duties and decision making, risk management, safeguarding and the Charity Governance Code. The Iruslees will continue lo underiake training when necessary. Management and administration The Iruslees relain ultimate responsibility for all decisions, including setting the Foundation's vision and strategy, safeguarding the charitable funds, making the final decision on all charitable donations and ensuring that all activity of the Foundation is for the purpose of fulfilling its charitable objects. In doing this, the trustees ensure that they fulfill their duly to act al all limes in the best interests of the Foundation whilst supporting the diverse communities that Northern Powergrid serves. The trustees govern the overall business of the Foundation and meet quarterly lo discuss the Foundation's strategy, performance and consider its futLJre direction. In addition, monthly meetings are held to discuss any operational mallers arising. The Iruslees declare any interest they may have in relation to the work carried OLJt by the Foundation. Throughout 2024, the day-lo-day operational management of the Foundation was led by the Foundation Manager linteriml, who was employed and remunerated by the Northern Powergrid Group, but who reported lo the board of trustees. Additional support and resources including governance, payroll. meeting facilities and information technOlY solutions are provided by the Northern Powergrid Group. Following their appointment in January 2025. the Foundation will be supported by the Foundation operations team.
The Northern Powergrid Foundation Trustees, report (Continuedj Forthe ear ended 31 December 2024 statement of Trustees Rgsponsibilities The Trustees (who are also directors of Northern Powergrid Foundation for the purposes of company lawl are responsible for preparing the Trustees, Annual Report and the financial slalemenls In accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel, including FRS 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland. Company law requires the Trustees lo prepare financial slalemenls for each financial year, which give a true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the period. In preparing those financial slalements, the Trustees are required lo.. select suitable accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP.. make judgements and estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the charitable company will 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 charitable company and lo enable them lo ensure that the financial slalements comply with the Cornpanies Act 2006. They are also responsible for safeguarding the assets of the charitsble company and hence for lakino 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 information of which the charitable company's auditors are unaware., and the Trustees have taken all steps that they ought lo have taken lo make themselves aware of any relevant audit information and lo establish that the auditors are aware of that information. Auditors S&W Audit will continue in office in accordance with the provisions in Section 487 of the Companies Act 2006 and has indicated ils willingness lo do so. Joe Docherly Chair
The Northern Powergrid Foundation INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE NORTHERN POWERGRID FOUNDATION For the year ended 31 December 2024 Opinion We have audited the financial statements of The Northern Powergrid Foundation Ilhe 'charilable company'l for the period ended 31 December 2024 which comprise the Statement of Financial Aclivilies, the Balance Sheet, the statement of Cash Flows and notes lo the financial statements, including a sumrnary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United lfjngdom Accounting Slandaids, including Financial Reporting Standard 102 The Financial Reporting Standard appliG8ble irF 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 slate of the charitsble company's affairs as at 31 December 2024, and of ils 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 Genera15y Accepted Accounting Practi. and have been prepared in accordance wth the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Inlemalional Standards on Auditing IUKI IISA5 IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in a¢¢ordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'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 lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial stalemenls, we have concluded that the Iruslees, 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 lo events or conditions that, individually or collectively, may cast significant doubl on the group's or parent charitable company's ability to continue as a going concern for a period of al least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern ale described in the relevant sections of this report. other information The Iruslees are responsible for the other information. The other information comprises the information included in the Iruslees, annLJal report, other Iban the financial slalemenls and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial slatemenls, our responsibility is to read thè other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements OT our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether there is a material misslalemenl in the financial statements or a material misslalement of the other information. If, based on the work we have performed, we conclude that there is a material misslalemenl of this other information, we are required to report that fact.
The Northern Poweryrid Foundation INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE NORTHERN POWERGRID FOUNDATION For the year ended 31 December 2024 We have nothing lo report in this [ard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Iruslees, resxjrt (incorporating the directors, report) for the financial yeai for which the financial slalements are prepared is consistent with the financial slalemenls., and the directors, report has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exceptlon In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit. we have not identified material misstatements in the directors. report. We have nothing lo report in respect of the following mallers in relation to which the Companies A¢1 2006 requires us lo report to you if, in our opinion.. adequate accounting records have not been kept, or relums adequate for our audit have not been received from branches not visited by us., or the financial slalemenls are not in agreement with the accounting records and returns., or certain disclosures of directors, remuneration specified by law are not made,, or we have not received all the information and explanations we require for our audit., or the Iruslees were not entitled lo prepare the financial slalemenls in accordance wlh the small companies, regime and lake advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report. Responslbilltles of trustees As explained more fully in the trustees, responsibilities statement set out on page 6, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of financial slalemenls that are free from material misslalemenl, whether due to fraud or error. In preparing the financial slatemenls, the tru8lee8 are responsible for assessing the group and parent charitable company's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the group and parent charitable company or lo cease operations, or have no realistic alternative bul to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed auditor under the companies Act 2006 and we report in accordance with this Act. Our objectives are lo obtain reasonable assuranTr about whether the fi'nancial statements as a whole are ffft from material misslatemenl, whether due lo fraud or error. and lo issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assuran, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a Material misstalemenl when il exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on thè basis of these financial slalemenls.
The Northern Powergrid Foundation INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF THE NORTHERN POWERGRID FOUNDATION Forthe year ended 31 December 2024 Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delect material misstalemenls in respect of irregularities, including fraud. The extent lo which our pmcedures are capable of delecling irregularities, including fraud, is detailed below. We obtained a general understanding of the company's legal and regulatory framework through enqLJiry of management concerning their understanding of relevant laws and regulations. the enlily's policies and procedures regarding compSiance, and how they identify, evaluate and account for liligalion claims. We also drew on our existing understanding of the company's industry and regulation. We understand that the company complies with the framework through.. Engaging external legal professionals as required and making changes to internal procedures and controls as necessary. The directors, close involvement in the day-to-day running of the business, meaning that any litigation or claims would come to their attention directly. Monitoring of updates made by regulatory bodies. In the context of the audit, we considered those laws and regulations which determine the form and conlenl of the financial statements, which are central lo the company's ability lo conduct its business. and where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the company.. The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial slalemenb. The Charities Act 2011 and the Charities.. Slalement of Recommended PTactice in respe¢l of the preparation and presentation of the financial ststemenls. We performed the following specific procedures lo gain evidence about compliance with the significant laws and rulationS identified above.. Making enquires of trustees and management as to where they consider there lo be a susceplibilily lo fraud and whether they have any knowledge or suspicion of fraud.. Obtaining an understanding of the internal controls established to mitigate risks related lo fraud or non- compliance with laws and regulations., Reviewing the minutes of meetings of those charged with governance.. The senior slalulory partner led a discussion with senior members of the engagement team regarding the suscepts'bilily of the enlily's financial statements lo material misslatemenl, including how fraud might occur. The areas identified in this discussion were.. Manipulation of the financial slalements via fraudulent bank transactions and management overriding controls. The risk that the valuation of the investment portfolio was inappropriate al the period end. The risk that gift in kind income had not been recognised, or was incomplete. These areas were communicated to the other members of the engagement team not present at the discussion.
The Northern Powergrid Foundatlon INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF THE NORTHERN POWERGRID FOUNDATION For the year ended 31 December 2024 The procedures we carried out lo gain eviden in the above areas included.. Performed a cashbook review on the bank slalements Agreed the movements within the investment portfolio reports in the year and compared the movements against bank Iransaclions. Held a discussion with management on potential gifts in kind and inspected corresponding documents to quantify the value. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. wNw.frc.org.uklauditorsresponsibilities. This description forms part of our audilorfs report. Use of Our Report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable company's members those matters we are required lo stale to them in an auditor's report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Craig Henderson (Senior Statutory Auditor) For and on behalf of S&W Audit Statutory Auditors & Chartered Accountants 17 Queens Lane Newcastle upon Tyne NE1 1RN 10
The Northern Powergrid Foundation Statement of Financial Activities For the year ended 31 December 2024 18 month period Total Total 2024 2023 Unrestricted Restrlcted Funds Funds Notes Income from: Donations Investment income 60,134 71,636 60,134 7,570,080 71,636 Total income 131,770 131,770 7,570,080 Expenditure on.. Charitable activities 592,896 592.896 749,567 Total expenditure 592,896 592,896 749,567 Nel gain I Ilossl on investments 5,444 5,444 Net Incomellexpenditurel 1455.6821 1455,68216,820,512 Transfers 10 Net movements in funds 1455,6821 1455,6821 6,820.512 Reconciliation of funds Total funds brought fotward 6,820,512 6,820,512 Total funds carried forward 6,364,830 6,364,830 6,820,512 11
The Northern Powergrid Foundation Balance Shaet As at 31 December 2024 Notes 2024 2023 Non-cvrrent assets Fixed asset investments 6,323,533 Curront assets Cash al bank and in hand 361,055 6,825.912 361,055 6,825.912 Llabilities Creditors.. amounts falling due within one year 1319,7591 15,400 } Net current assets 41,297 6,820,512 Total assets less total liabilities 6,364,830 6,820,512 Funds Unreslricled funds 6,364,830 6,820,512 6,364,830 6,820,512 The financial statements were appToved by the Irtjstees on 8 September 2025 and signed on their behalf by.. Joe Docherly Trustee The notes form part of frhese financNal slalen7ents 12
The Northern Powergrid Foundation Statement of Cash Flows As at 31 December 2024 Notes 2024 2023 Net cash flow from operating activltles: Net cash providecl by operating activities 16 1141,3231 6,825,912 Cash flows from Investment activities Interest received and investment income Purchase of investments Proceeds from disposal of investments 71,636 16,550,000) 231,911 Net cash flow from investing activities 16,246,453) Net increase in cash and cash equivalents 16,464,857) 6,825,912 Cash and cash equivalents at the beginning of the year 6,82S,912 Cash and cash equivalents at the end of the year 361,055 6,825.912 Reconclliation of net incomellexpenditurel to net cash flow from operating activities 2024 2023 1455,682) 6,820,512 Net ncoMe for the period Adjustments for: Increase I Idecreasel in creditors Investment Income Valuation gain on investments 314,359 171.6361 15,444} 5,400 Net cash used in operating activities 1218,4031 6,825.912
The Northern Powergrid Foundatlon Notes to the financlal Statements For the year ended 31 December 2024 Accounting Policies 1.1 Basis of accounting The charity conslilutes a PLJblic benefit entity as defined by the FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordarice with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, and UK Generally Accepted Accounting Practice. The financial slalemenls have been prepared lo give a 'lrue and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the extent required lo provide a 'lrue and fair view. Thi5 departure has involved following the Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 issued on 16 July 2014 rather than the Accounting and Reporting by Charities.. Slalemenl of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial statements are prepared on a going concern basis under the historical cost convention, modified lo include certain items al fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded lo the nearest £. The signifi'cant accounting policies applied in the preparation of these financial slalements are set out below. These policies have been consislenlly applied lo all years presented tjnless othetwise stated. The charitable company was incorporated on 18 July 2022. The amounts shown for the current year are for the 18-month period ending 31 Dember 2023. 1.2 Going concern The accounts are prepared on a going concern basis. The charity holds significant cash and investment balances, and the majority of its expenditurè is discretionary rather than commitied. The trustees have approved the Foundation's budgets and forecasts for 2025. have considered the resources available in 2025 and conclude that the Foundation has adequate resources to continue in operational existence for al least 12 months from the signing of the financial stalemenls. 1.3 Fund accounting Unreslricled 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. Reslricled funds are funds which are lo be used in accordance with specific reslriclions 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 lo the financial slalements. 14
The Northern Powergrid Foundation Notes to the financial statements (Contlnuedj For the year ended 31 December 2024 1.4 Incoming resources All incoming resources are included in the Statement of Financial Activities when the charily has enlillement to the funds, any performance conditions have been met, the amount can be measured reliably and il 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 constrLJclive obligation lo make payments to third parties, it is probable that the selllement will be required and the amount of the obligation Can be measured reliably. Irrecoverable VAT is charged 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 bul do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. 1.7 Debtors Debtors are measured on initial recognition al selllement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured al the cash or other consideration expected lo be received. 1.8 Cash at bank and in hand Cash al bank and cash in hand includes cash and short term highly liquid investments with instant access from the d2te of opening of the deposit or similar account. 1.9 Creditors and provisions CdItorS and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due lo sellle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised al their settlement after allowing for any trade discounts due. 1.10 Financial instruments The charity only has financi81 assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their selllement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 15
The Northern Powergrid Foundation Notes to the financlal statements (Continuedj For the year ended 31 December 2024 Donations 2024 2023 Donations Gifts in kind 7.570,080 60,134 60,134 7,570,080 Investment Income 2024 2023 Investment income 71.636 71,636 Expenditure Direct Support costs Total 2024 costs Charitable activities Payment of grants Wages and salaries Sundry expenses Support costs 486.632 58,348 35,841 486,632 58,348 35,841 12.075 12,075 580,821 12,075 592.896 Direct costs Support costs Total 2023 Charitable activities Payment of grants Sundry expenses Support costs 743,359 808 743,359 808 5,400 5,400 744, 167 5,400 749,567 16
The Northern Powergrid Foundation Notes to the financial statements (Contlnuedj For the year ended 31 December 2024 Support costs 2024 2023 Governance costs Audit fee Investment manager fees 5,700 6.375 5,400 12.075 5,400 An analysis of grants made to oroanisalions is provided below, 2024 2023 Age UK Barnsley Askwilh Village Hall Ltd Bamburgh Parish Council Birtley Village Hall Committee Blanchland Parish Council Byrness Village Hal Cambo Village Hall Caslleton Village Hall Challon Village Hall Trust Cowshill Village Hall Dalton Village Hall Delibs in Memory of Dr Alan J Sykes Deric Youth and Community Project Dipton Community Association Easlgale Village Hall Eldon Cornmunity Partnership Elsdon Village Hall Elherley Parish Council Friends of Eastwoods Park Future Leisure in Coxhoe Great Lumley Parish Council Helperby Village Hall CIO Hexham and Tynedale Community Trust Highfield Parklwoodland Gardens Community Association Holy Island Village Hall Humshaugh Village Hall Jubliee Fields Community Association Kibblesworth Village Millenium Centre Kilburn Village Institute Kirkby Malzeard Mechanics Inslilule Village Hall Kirklevinglon & Casllelevinglon Memorial Hall Kyffin Place Community Centre 20,000 19,200 17,619 13.860 15,796 20,000 19,034 20,000 20,000 7,948 15,000 5,076 9,000 20,000 19,000 20,000 7.309 6,595 13,476 10,000 20,000 20,000 20,000 10,930 10,008 20,000 19,775 20,000 13,051 20,000 15.589 9,601 17
The Northern Powergrid Foundation Notes to the financial statements (Continued) For the year ended 31 December 2024 Lands Village Hall Association LesbLJry Village Hall Longframlinglon Memorial Hall Long Marslon Village Hall & Recreation Ground CIO Medomsley Community Action Group Mirfield Community Trust Mitford Village Hall Trust Newbrough Town Hall Northcliffe Environmental Enterprises Team {N.E.E.Tl Northern View IBerwi¢kl Ltd Ollerburn Memorial Hall Parish Council of Hexhamshire Pillinglon Community Association Primelime at The Vine Rennington Village Hall Trust Sessay Community Trust Scots Gap Methodist Church Sherburn Hill Hub Skipsea Village Hall Stanhope Community Association Stanley Crook Village Hall Slocksfield Community Association Slonehaugh Community Hall Trust Sunniside Community Association Sullon Upon Detwent Village Hall Swillinglon Village Coun¢il Tees Valley Community Asset Preservation Trust The Big League CIC The Glendale Gateway Trust The Nelherton & District War Memorial Institute The Village Hall Winleringham Todmorden Learning Centre and Community Hub Ltd. Walker Memorial Hall Aldbrough St John Village Hall Weardale Community Partnership Wesl Allen Parish Council West Auckland Memorial Community Association Wetwang Village Hall Wingales Village Inslilule 17,055 20,000 20,000 6,958 6,418 20,000 20,000 20,000 20,000 20,000 13,277 17,485 20,000 18,285 19,574 20,000 6,351 15,000 11.500 19,200 16,500 15,000 17,000 18,485 18,223 17.987 10,620 20,000 20.000 20,000 17,640 20,000 12,400 5,671 20,000 19.887 19.254 12,987 18
The Northern Powergrid Foundation Notes to the financlal statements (Continued) For the year ended 31 December 2024 Whitley Bay Big Local Whillingham Memorial Institute Woodland Village Hall and Recreation Ground Charity 11,782 19,663 20,000 459,056 723,014 Grants under £5,00116 grants) 27,576 20,345 486.632 743,359 Net incoming Ilexpenditurel Nel incomel{expendilurel is slated after charging 2024 2023 Audit fee 5,700 5,400 Analysis of staff costs. trustee remuneratlon and expenses 2024 Wages and salaries Social security costs Other pension 52,644 5,704 58,348 The average monthly number of employees during the year was 1.12023 - £nill. The number of employees whose annual remuneration was £60.000 was £nil.12023 - £nill. None of the directors of the Trustee lor any, persons connected with them) received any remuneration or benefits from the Foundation during the year. Total Iruslee expenses amounted lo £nil. 19
The Northern Powergrid Foundation Notes to the financial statements (Continu8dJ For the year ended 31 December 2024 Fixed asset investments Total 2024 Cost or valuation At 01 January 2024 Additions Disposals Realised investment income Investment Manager Fees Valuation gainsllosses 6,550,000 1297,1721 71,636 16,375 } 5,444 6,323,533 Historical cost 6,283,748 Listed equity investments that are lfftded on a quoted market are held at fair value determined by reference lo the quoted price for identical assets in an active maiket al the balance sheet date. Creditors: amounts falling due withln one year 2024 2023 Accruals Accrued grants 5.700 314,059 5.400 319,759 5,400 20
The Northern Powergrid Foundation Notes to the financial Statements (Continued) For the year ended 31 December 2024 10, Analysis of funds Year erFded 31 December 2024 As at1Jan 2024 Asat Investment 31 December Income Expenditure galnsllosses Transfers 2024 Unrestricted funds General funds 6,820,512 131,770 1592,8961 5,444 6.364,830 Period ended 31 December 2023 As at1Jan 2023 Asat Investment 31 December Expendlture gainsllosses Transfers 2023 Income Unrestricted funds General funds 7,570,080 { 749,567 } 6,820,512 11. Analysis of net assets between funds Year ended 31 December 2024 Unrestricted Funds Fixed asset investments Current assets Current liabilities 6,323,533 361,055 1319.7591 6,364,830 eriod ènded 3f December 2023 Unrestricted Funds Fixed asset investments Current assets Current liabilities 6.825,912 15,400 1 6,820.512 11. Related party transactions Northern Powergrid INortheasll plc made a £nil12023- £6,954.8801 donation during the period. Northern Powergrid Iyorkshirel plc made a £nil12023 - £615.2001 donation during the period. 21