Reglsterod numb•r. 10036997 Charlty number. 1210716 WATER UNITE (A company Ilmlted by guarant•8) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
WATER UNITE IA company Ilmlt•d by guarants•l CONTENTS Page R•f•ren¢• and admlnlstratlv• details of th• Charltable Companyi its Tru8t••s and advisors Tru•te•s' report Ind•p•ndent examlnorfs report Statsm•nt of finan¢i•l a¢tivltl¢$ 10-11 12 8•l•nc• $h••t 13-14 Statsmont of ¢*sh flow• 15 Notes to the flnanclal statemonts 16-30
WATER UNITE {A company Ilmltsd by guarant••l REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2025 Truslees M G Bruce M Proos S Tripathi E Cattaneo CJHall Ms M Pannekeel Company regSster•d number 10036997 Charlty r•gL8tsr•d number 1210716 Reglsterod offlce 65 Le8denhall Street London EC3A 2AD Partnernhips Dlr•ctor Louis Goring-Morri$ orporat• PartnerJhlps Bryan Cortrighl Manager A¢¢ount•nts WR Partners Chartered Accountants Belmont House Shrewsbury 8usiness Park Shrewsbury Shropshire SY2 6LG 8ankgr¥ National Westminster Bank PIC 22 George Streèt Richmond Middlesex Twg 1JW Page 1
WATER UNITE (A company Ilmited by guarantee} TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2025 The Trustees present their annual raport together wrth the financial statements of the Charitable Company for the year 1 July 2024 10 30 June 2025. The Annual report serve5 the purposes of both a Trustees, report and a directors, report Ljnder company law. The Trustees confim that the Annual report and financial slalemenls of the charitable eompany comply with the current statutory requirèments. the requirements of the charrtable company's governing document and the provisions of the Statement of Recommended Practice ISORPI applicable lo charities preparing their accounts in accordance w((h the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffeclive 1 January 20191. Since the Charitable Company qualifies as sm811 under section 382 of the Companies Act 2006, the Strategic report required of mediLJm and large companies under the Companies Act 2006 Islralegic Report and Oireclors. Report) Regulations 2013 has been omitted. Registration as a Charfty and Restaternent of Comparative Flgure$ The organisalion was formally registered as a charity wth the Chanly Commission on 29 October 2024. As result. the trustees have pr8pared the financial slalemenls in accordance with the Charities SORP IFRS 1021 for the first time. Adoption of the SORP required a review of the accounting policies applied in previous periods lo ensure Ihey reflect the requirements of charity accounting. particularly in relation to the recognilitsn of income and the classification of funds. As part of this Iran511ion. the trustees identified that certain balances previously presented as deferred income did not meet the SORP criteria for deferral and should in3le8d have been recognised within reserves. Accordingly, the comparative figures have been restated lo reflect this revised treatment. The restatement increased opening reserves al the beginning of the comparative period from £35.747 to £1,492,214. This adjustment represents a reclassification onty and does not affect the charills cash p0511ion or its ability lo deliver charitable activrties. Further details Of the pri period adjuslrnenl, including reconciliations of the previously reported and reslaled fi'gures, are provided in the notes to the financial statements. Objectlves and activities a. Pollcios and obJèctl¥es Water Unite is a registered charity in England and Wales (no. 12107161 with a mission lo fund elean water for people and planet and works with corporate partners lo address global water security challenges by improvin9 water poverty, water pollution and water scarcity in the Global South. Water Unite aims lo fill signifieanl funding gaps that prevent sustainable water services, includin9 Ihfough an innovative micro-levy initiative Ismall donations from sales of products and services) that unites businesses. brands, retailer5 and consumers lo create posrtive impact. In selling objectives and planning lor a¢tiwti8s. the Trustees have given due consideration lo general guidance published by the Charity Commission relating lo publi¢ benefit, including the guidance 'Public beneff(.' running charity IPB21'. b. Strateglos for achSevlng oblectlves To scale impact, Vvaler Unite partnered with Wellers Imp8¢t lo create Water Unite Impa¢t IWUII, an inve51menl vehicle prov1ding risk-toleranl captial lo scale businesses in water. sanitation and circular economy sectors across the Global South. alongside catalytic gr0h finance and focused technical assistance lo'missing middle" companies. The charity's work is primarily focused on delivering water services where most needed acfOSS Africa. Southeast Asia and Latin America. Page 2
WATER UNITE IA company limitgd by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2025 Objectives and a¢tivitie$ Icontlnuedl Wul operates a"Waler+ thesis targeting the wider water nexus through five pillars.. Acces5 to Clean Water Access lo Sanilaliontroilels Wastewaler Circularrty Plaslicslsolid Waste Circularity Water PreseNalion . Social invgstmgnt poll¢les Water Unite makes social investments in line with the power eonferred by the Charities (Protection and Social Investment) Act 2016, and in accordance with the Charty Commission's guidance on social investment. Social investments are mixed-molive investments that both further the charity's purposes and seek a financial retum. which is reinvested into the charity's objects. All social investments are made exclusively through Water Unite Impacl IWUII, a blended finance vehicle ¢o-developed by Water Unite and Wellers Impact, an FCA-aulhorised investment manager. BefoTe making any social investment, the trustees consider the expected mission benefit and financial return, the duration and @xil arrangements, the risks of underperfom)ance, the Cost of the investment. and any tax implications, taking professional advice as appropriate. Investments are reviewed quartedy lo assess progress against both fi'nancial and impact targets. Any financial returns are rèinvested in furtherance of the charty's objects and are not made available lo donors or Ihird-paty funders. d. Grantwmaking policies Water Unite prowdes grant funding lo organisalions undertaking actimlies in developing countries that further the charity'5 purposes. The trustees apply a slruclured granl-making process, guided by the charity s Grant Making Poliey and Engagement Criteria Checklist. Grants are only awarded following Comprehensive due diligence. which considers the feasibility and suslainabilily of the proposed project, the strength and track record of the organisats'on and ils key peisonnel, the ability lo measure and report on outcome5, and the extent lo which the project will advance Water Unite's charrtable purposes in water, sanilalion or circular economy sectors. All grant recipients are required lo enter into a formal grant agreement that includes ongoing reporting and monitoring obligations. and to provide audited financial slalements where appropriate. The Iruslees have given due regard lo the Charty Commission's guidance on public benefit in setting these policies. e. VolunteDrs Water Unite is supported by a small number of volunteers vtho work alongside the partnerships team, conlribuling lo fundraising and communications aclivrties. The chanty typically hosts three lo four volunteers at any one time, wrth placements running on a three to four month cycle throughout the year. The trustees are grateful for the contribution these volunteers make to the charills wort(. Some volunteers undertak8 their placement as part of a formal univgrsrty programme. receiving academic credit for their tim8 with the organisalion. The ¢harily does not employ volunteers in a paid capacty, and no muneration is provided for voluntary $eTviees. However a stipend can be agreed lo cover Interns costs during their intemship. There were two inleTns who received a stipend during the yeaT. Page 3
WATER UNITE (A company limited by guarant) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2025 A¢hievernents and perfomian¢& . Main achievements of the Charitable Company Overview of delivery During the year. the charity supported five programme partners acros$ 11 countries, delivering aggregated partner-reported outcomes including. 631,329 people provided with access to ¢lean drinking water. 170 million lilies of clean water produced," 5,280 jobs supported in emerging markets". 4,637 lonnes of recyclable materials collected, 38,792 lonnes CO2e offset andlor avoided., 9,692 COD pollutants removed from waslewater. Dellvery through Water+ partners lillustratlve highlights) Water Preservation ISeabexl- Developing an Al-based platform making precision irrigatn sensor less, smart and as accurate as with the use of sensois. Highlights include scaling of the platfom with evaluations indi¢ating an average 30. reduction In water usage and 20°A increase in crop yields. Access lo Clean Water (Jibul Opgraling water production and dislribulions franchises. Highlights inclijde expansion of a decenlralised franchise model across mLJlliple African countries, totaling 200+ franchises and 10.000+ retail points, including an initial instilulional inslallalion in Kenya to sUPPOrt schools and hospitals. Waslewaler Circulanty (Gree Energyl- Designing biogas solutions lo turn agri-food Industry waste water into a valuable resource and Cfeale clean energy. Milestones Including an Mou with Indonesia's slate- owned electricity company IPLNI and palm oil mill operators lo advance biog8s development and gd integration. Plaslicslsolid Waste Circularity (Mr. Green Africa}- Creating a transparenl value chain by sour¢ing plastic waste ethically. Milestones include the completion of a flagship prwroG&ssing hub in Nairobi, increasing intake and improving sortinglsieving capability. with expanded recycling capacity. Access lo SanitationoI18t$ ISanivalionl- Designing, building and operating novel human waste Ir6almenl plans, producing biomass fuels. Continued delivery of waste management services across Kenya, scaling work for treatment plant capacrty with county slakeholdeis, and expansion work Into Nigeria through a World Bank-funded programme. Partnershlps, advocacy and organisational mllostones During 2024 the organisalion participated in global convenings induding Wodd Water Week. the UN General Assembly and the 1 Oth World Water Forum, alongside contributions at COP29, and launched a 10-part Spotlight Series on the Water+ approach. The charity also reported a US$7.5m commitment from the U.S. Inlemalional Development Finance Corporation IDFCI to Water Unite Impact. supporting the "missing middle" funding approach. Water Unite expanded corporate partnerships with Co-op and Elior UK. alongside Nisa. Brilvic. Get More Vrts and Sunlory (via a micro<onlribulion mechanisml. b. Fundralslng a¢tlvlt19s and income geneiation Water Unite's primary source of income is corporate donations generatecs through its innovative micro-levy ini(ialive, under which partner companies make small contributions from the sale of their products and services. During the year, the charty maintained partnerships with a number of corpoiale partners including Co-op, Elior UK, Nisa. Brilvic, Gel More Vils and Sunlory Beverage & Food GB&I, the18ller joining as a new partner during the year. In addrtion lo corporate donations, Water Unite seeks lo generate financial returns through ils social Investments via Water Unile Impact. which are reinvested in lurthefance of the charity's purposes. The charity does not engage In public fundraising and does not solicrt donations from members of the public. Water Unite complies with the Fundraising Regulator's Code of Fundraising Practice and the Data Protection Act 2018 in all ils Incorneeneratlng aclivilies. No fundraising cornplainls were received during the year. Page 4
WATER UNITE IA company limtted by guaranteo) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2025 Financial review a. Flnanclal revS8w of the year The ITU51ees have reviewed the charity's financial perfomiance and position for the yeai ended 30 June 2025. Income and expendlture t)onationslincome were £993,40612024.' £811,079). The year resulted in a surplus of £579.67812024. £62,065}. Financial position Mixed motive investments were £1,684,24912024.. £1.225,6481. Debtors were £481,24412024.. £3TK,4841 and cash al bank was £42,00812024.' £12.6011. Creditors due within one year were £36.35312024.' £23.8431. Total fundslreserves carried forward were £2,171,89012024". £1.592,2121. Investment-related actlvity Further investments of £678.205 were made during the year, bringing total invested at 30 June 2025 to £2.759,638 al cost value12024". £2,083,433). Once impairment is included, the value al 30 June is £1,684,249 12024." £1,225.6481. The slated objective is to invest for financial return and lo further charitable purposes with measurable sociallenvironmenlal impact, including in areas such as water, sanilatson and plastics recycling, aligned lo UN SDGS 6, 12 and 14. b. Roserv&s pollcy The Iruslees consider reserves in the context of ongoing commilmenls, liming of receipts. and the charity's operating model. Thg Iruslees, policy is lo maintain reserves sufficEnt lo meet core operating needs and to manage short-term cashflow risk," the Iruslee5 will keep reserves under review In light of planned activities and funding. Free reserves comprise of Ihe unrestricted funds. less any unreslricled fixed assets and investments. At the end of the financial year this the free reserves stood at £174,891 12024." £65,0101. . Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charitable Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue lo adopt the going concern basis In preparing the financial statements. Page 5
WATER UNITE (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2025 d. Material investments policy The charity's material investments are held through Water Unite Impact IWUII. a blended finance vehicle managed by Wellers Impact, an FCA-aulhorised investment manager. These a classifi'ed as rnixed-motive inveslmenls, made on the basis that they both further the charity's purposes and seek a financial return for the charity. The inveslrNenl objective is lo provide risk-loleranl capital lo enterprises in the water, sanilalion and circular economy se¢lors in the Global South, larg&ling measurable social and environmental impact ali9ned lo UN SDGS 6, 12 and 14. Investments are made through a range of instruments including debt, equrty and quasi- equity. lypically over a period of the to five years. The Iruslees delegate day-to-day inveslmenl management lo Wellers Impact under agreed terms of engagement, and receive quartedy reports on portfolio performance. The Iruslees are satisfied that the investment approach is appropriate lo the chaiily's purposes and financial position, and that any private benefrt lo third parties arising from the arrangements is incidental and in th• best interests of the charity. e. Prlnclpal risks and uncertalntles The Iruslees regularfy Temew the key risks faced by the charty and maintain appropriate systems and controls. Principal risks include.. Incomelfunding risk- mitigated by monitoring funding pipelines and maintaining financial oversight. Liquidlty and cashflow risk- mitigated through cashflow forecasting and oversight of debtor collection and creditor commilmenls. At year end, current liabilities exceeded current assets by £2,047.849. Operational delivery risk- miligaled through planning, oversight of delivery partners and appropriate policieslprocedures. Governance and Cornpllanco rlsk- miligaled through Iruslee oversight, regular reporting, and periodic review of policies and controls. f. Flnancial risk management oble¢tiV8s and policies The charity's financial risk management focuses on ensuring that sufficient liquidity is maintained lo meet operating commitments, that income streams are monitored and forecast on an ongoing basis, and that social investments are subject to regular perfomiance review. The trustees review financial information al each board meeting, including income and expenditure against budget, cash flow posrtion and debtor collection. Currency risk is limited given that the majonty of the charills income is denominated in slertin9, although certain investment activities are transacted in US dollars., the trustees monitor this exposure as part of their regular oversight of Water Unite Impact. Credrt risk is managed through the due diligence process applied lo all investment and grant fecipienls prior lo funding being committed. The Iruslees do not consider i( necessary lo use financial instruments for hedging purposes at the current scale of operations. g. Prlnclpal fundlng The charity's principal source of funding is corporate donations received through ils micrt>lgvy partnership modei. Donations are ceiVed al the discretion of the trustees and are not subject lo donor direction as lo their use," all allocation decisions rest with the trustees in accordance with the charity's purposes and policies. The exception lo this is the Coop-specific bottled water donation, of which only 15Vo can be utilised for operations. The charity also generates income through the financial relums on ils social investments made through Water Unite Impact, which are reinve51ed in furtherance of the charrty's objeds. The trustees budget income on an annual basi5, including the allocation belween income to grants andlor social investments and to operational costs. The trustees will continue to develop the charrty's funding base through new corporate partnerships and, in due course, through returns from the Water Unite Impact portfolio as it matures. Page 6
WATER UNITE IA company Ilmited by guaranteè) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2025 Structure. governance and managemgnt a. Constltutlon Water Unite is registered as a charitable company limrted by guarantee registered In England and Wales and was sel up by a Memorandum of Association. The company obtained charitable sialus on 29 October 2024. b. Methods of appolntment or electlon of Trustees The management of the Charitable Company is the responsibility of the Trustees who are elected and Cowopled under the terms of the Memorandum of Association. c. Oryanlsatlonal structure and d&clslon4naklng pollcles The Iru51ees (who are also the company direclorsl are responsible for the charills strategy, over5ighl and govemance. The trustees meet regularfy and delegate day-l04ay operations lo slafflvolunteers within agreed authorities. Financial oversight includes monitoring budgets and commitments, appropriate authorisation of expenditure. and regular review of management infom)alion. Wellers Impact perfom certain executive functions lo support Water Unite under a signed Memorandum of Understanding. d. Policies adopted for the induction and training of Tru$tOe$ New trustees are provided with an induction covering the charty's purposes, governance arrangemet)Is, key policies and procedures, and the charills financial position and reporting. Pay policy for key management personnel The trustees are responsible for setting the MUneratIon of key management personnel. No trustee receives remuneration for their seNices as trustee. Staff remuneration is sel with reference lo the relevant market rale for comparable role5 in the charity and impact inveslrnenl sectors, and is reviewed periodically by the Iruslees. The charity aims lo offer fair and competitive remuneration lo attract and retain individuals with the skills and experience required lo deSiver ils mission. Details of stsff costs for the year are sel out in the notes lo the financial sialemenls. Page 7
WATER UNITE IA company limlted by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2025 structure. governance and management (continued) l. Related party relatlonships Water Unite is a Limrfted Partner of Water Unrte Impact IWUII. a blended finance investment vehicle eslablish8d in partnership with Wellers Impact, an FCA-authorised investment manager. WUI is an UK domiciled LPIGP equity fund structure, governed by a Limited Partnerships Agreernenl ILPAI with Wellers lrnpact General Partner LLP acting a5 the General Partner. WUI deploys risk-lolerant capitsl lo enterprises in the water, sanitation and circular economy sectors in the Global South. Wellers lrnpacl provides investment management services to WUI under a markel-rale investment management agreement.. the Iruslees are satisfied that this arrangement is reasonable and the best interests of the ¢harily. All returns generated by Water Unite's investment into WUI are reinvested in furtherance of Water Unite's charitabl8 purposes. The trustees are satisfied that any private benefit arising lo third-paty investors or lo WUI Inveslees is incidental, necessary in the circurnslances, and in the b@sl interests of the charity. Quarterfy reporting on WUI is prowded to Iruslees on both financial and impact perfomiance. The Trustees have delegated certain executive functions of the charity lo Wellers Impact, under a signed Memorandum of Understanding. Wellers Impact charges the charty monthly at a pre-agreed fixed rate for providing these executive functions. Plans for future perlods In the next financial yaar the trustees plan lo continue.. scaling partnerships and funding mechanisms that address water poverty, pollution and scarcty.. advancing the Water+ approach across access to clean water, sanilalion, waslewaler circularrty. plaslicslsolid w8s1e circularity and water preservation", and supporting missing middle" enterprises through risk-loleranl capital and targeted lechni¢al assistance. Page 8
WATER UNrrE {A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2025 Statement of Trustees. responslbilities The Trustees {who are also the directors of the Charttable Company for the purFKJse5 of company lawl are ress)onsible for preparing the Trustees, report and the financial stslernonls in accordance with applicable law an United Kingdom Accounting Standards (United Kingdom GenerlYA(Xepted Accounting Practicel. Company iequires the Trustees to prepare financial statements for each finanaal year. Under company law, the Trustees must not approve thè financial slaterngnts unless they aro satisfied that they 9ive a true and fair view of the slate of affairs of the Charitable Company and of its incoming resources and application of resources. including its income and eXnditre. for that period. In preparing these financial statefflents, the Trustees are required to.. seleEt 5uilable accounting policies and then apply them consistently,. obsèrve the methods and principles of the Charities SORP IFRS 1021; make jLtdgments and acrxTrunting estsmates that are reasonable and prudenl-, stale whether applicable UK Accountlng Standards {FRS 1021 have been fdlowed. subject to any materlal departures disclosed ar)d explained in the finanaal statements-, prepare the financi2J stalements on the going concem basis unless It is inappropriale lo presume that Ihe Charitable Cofflpany will continue in business. The Trustees are rB$ponsible for ke&ping adequate accounting records that are sufficient to show and explain the Charitable COtnpar)S transactions and disclose wth re850nable 3ccura¢y at any lime the financial position of the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also r85ponsible for safeguarding the assels Of th8 Charitsble Company and hence for taking reasonable steps for the prevention and detection of fraud and othw Irregulatities. Approved by orderof Ihe MberS olthe board of Twslees and signed on Ih&ir behalf by. E Catt•Do0 ITtUStee) Dale= Z9/4 /202( Page 9
WATER UNITE IA company Ilmlted by gu•r•ntse) INDepENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 JUNE 2025 Independent Examinerfs R•port to the Trustees of Water Unitè I'the Charftablo Company'l I report lo the charity Trustees on my examination of the accounts of tho Charltable Company for the year ended 30 June 2025. Regponslbllltles and Basls of Report As the Trust80$ of the Charitable Company land its director8 for the purposes of company lawl you a responsible for the PTeparalion of the accounts in accordance with the reqU1MentS of th¢ Companies Act 2006 {Ihe 2006 Aet'} Having satisfied my$8ff that the accounts of the Charitable Company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Char¢tsble Company's accounts carried out under section 145 of the Charities Act 2011 I'lhe 2011 Aet'l. In carrying out my examination I have followed the Directions given by the Charity C¢Jmmission under sedion 1451Sllbl of the 2011 Act. Page 10
WATER UNITE IA company limited by guarantee) IMDEPENDENT EXAMINER'S REPORT ICONnNUED} FOR THE YEAR ENDED 30 JUNE 2025 Independent Examiner's Statement Since the Charitable Compantys gross income exceeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified lo undertake the examination because l am a member ol ICAEW, which is one of the listed bodies. I have completed my examination. I confirm that no matters have corne lo my allenlion in connection wrth the examination giving me cause lo believe.. accounting r8cords wer& not kept in respect of the Charrtable Company as required by section 386 of the 2006 A¢t.' or the accounts do not accord wi(h Ih05e records,. or the accounts do not comply with the acwunling requirements of sgclion 396 of the 2006 Ad other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination.. or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lappli¢able to ¢harities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no concerns and have come across no other mallers in connection with the examinab'on lo which attention should be drawn in this report in ordgr lo enable a proper understanding of the accounts lo be reached. This report is made solely lo the Charitable Company's Trustees. as a body, ln accordance wth Part 4 of the Charities IAccounls and Reports) Regulations 2008. My work has been undertaken so that I might state lo the Charitable Companls Trustees those matters l am required to slate to them in an Independent examingrfs report and for no other purpose. To the fullest extent permiited by law. I do not accept or assume responsibility lo anyone other than the Chaiilable Company and the Charitable Company's Trustees as a body, for my work or for this report. Signed.. S J Tweedle Dated. Bsc FCA DChA WR Partnèrs Chartered Accountant$ Belmont Housg Shrewsbury Busines8 Park Shrewsbury Shropshire SY2 6LG Page11
WATER UNITE (A company limit&d by guarantee) STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 30 JUNE 202S As reslalgd Total funds 2024 Restricted Unrestrlcted funds funds 2025 2025 Total funds 2025 Notg Income from: Oonalions and legacies 601.228 392,178 993,406 811,079 Total income 601,228 392,178 993,406 811,079 Expenditure on.. Charitable activities 196,124 196.124 207,920 Total expendlture 196,124 196.124 207,920 Net income before ngt losses on investments 601,228 1192,5711 196,054 125,0331 797.282 1217.6041 603, 159 {541,0941 Nel losses on investments Net income 408,657 171,021 579,678 62.065 Nat movement In funds 408,657 171,021 579.678 62,065 Reconciliation of funds- Total funds brought forward Nel movement in funds 1.376.792 408,657 215,420 171,021 1,592.212 579,678 1,530, 147 62.065 Total funds carrled for•vard 1,78S,449 386,441 2,171,890 1,592,212 The Statement of Financial Activ((ies includes all gains and losses recognised in the year. The notes on pages 16 10 30 form part of these financial slatemenls. Page 12
WATER UNITE IA company Ilmlted by guarantee) REGISTEREO NUMBER. 10036997 BALANCE SHEET AS AT 30 JUNE 2026 As restated 2024 2025 Not8 Flxed assèts Tangiblo assets Investments 10 11 742 1,684,249 122 1,225.648 1,884.991 1,225, 770 Current assets Debtors Cash at bank and in hand 12 481,244 42,008 377.484 12,601 623,252 390.085 Current Ilabllltl88 Credstors.. amounts falling due within one year 13 136,383> (23,643) Net currnnt a888t8 486.899 366,442 Total as8ets1oss current Ilabllltle8 2,171,890 1,592,212 Total n•t aS8•ts 2,171.890 1,592,212 Page 13
YIATER UNrrE IA company llmlted by guarantO0) REGISTERED NUMBER: II#)36997 BALANCE SHEET {cofrmNUEDI AS AT 30 JUNE 2025 As St*d 2024 2025 Char5ty funds Restricted funds Unreslrictad hjnds 15 15 1,785,449 386M1 1,376,792 215.420 Totsl fund• 2.171.890 1,592,212 The Charitablg Ctyry)any was entillgd to &xemptton from audrt undgr s8Ctlon 477 ofthe Companles Act 2006. Th& members have not required the cornpany to obtsin an audlt for the year In questson in accordance wlth section 476 of Companies Act 2006. The TN$ts8s acknow19dge thelr responstbiithes for Complng with wuirements of the Acl with respect to accounling records and pr9paratlon of financial statements. The finan(i81 statsments have been prepared in accordance wath the provisins appltcabla to 8ntsb¢8 subject to the smau compant88 regime. The financial statements were approved and authorised for issue by the Te0S and slgned on their behalf by.. E Catt•D80 (Trusteo) Date.. The notes on pages 16 to 30 fonn part ofthese financPal stst9rnents. Page 14
WATER UNITE IA company Ilmltod by guarnnto81 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2025 2026 2024 Ca8h flows Irom op•rntlng a¢tlvltig9 Net cash used in operating activf(ie8 706,479 509,453 Cash flows from Inve8tlng actlvltles Purchase of tangiblg fixed assets Purchase of investments 18671 1878,205) (587,467) Net cash us•d In Invostlng activltles 1677.0721 1587.467} Cash Ilows Irorn flnanclng actlvltl•8 N•t cash provlded by flnanclng actlvltles Change In cash and cash oqulvalants In th• y•ar Cash and cash equivalents at the beginning of the year 29,407 {78,0141 90,615 12,601 Cash and cash wulvalonts at tho end of tho year 42.008 12,601 The note8 on pag¢$ 16 to 30 forn part of these financial statements Page 15
WATER UNITE {A company limited by guaranteg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 General Information Wat@r Unite is a charttable ¢ompany. registered in England and Wales. Registered company number 10036997, and Charity number 1210716. Water Unite founded as a private company in March 2016 and converted lo a charitable company in October 2024. The financial information for 2024 wthin these accounts has been restated lo reflect charity accounting standards. A¢¢ounting policies 2.1 Basls of prgparation of financial $tatèm&nts The financial slalemenls have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Slalement of Recommended PraCte applicable lo charities preparing their a¢counls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Water Unrte meets the definition of a public benefrt entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless olhetwise slated in Ihfj relevant accounting policy. 2.2 Income All income Is recogni5ed once the Charrtable Company has enlillemenl to the income, il is probable that the income will be reiVed and the amount of income receivable can be measured reliably. 2.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit to a third party. il is probable that a transfer of economic benelils will be required in settlement and the amount ol the obligation Can be measured reliably. Expenditure 15 classified by activity. The costs of each adivily are made up Of the lolal of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs altribulable lo a single adivity are allocated directly lo that activity. Shared costs which contribute lo more than one activity and support costs which are not attributable lo a single activty are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Expendrture on charitable activrties is incurred on directly undertaking the activities which further the Charrtable Compan$ objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.4 Tangible fixed assets and deprociation Tangible fixed assets are capilalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliabty. Tangible fixed assets are initially recognised al cost. After recognition. under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All cos15 incurred lo bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Page 16
WATER UNITE {A company limbted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Accounting policies Icontinuedl 2.4 Tangible flxed assets and depreclalion Icontlnuedl Depreciation is ¢h8rged so as to allocate the cost of tangible fixed assets less their residual value over their eslimaled useful lives, on a reducing balance basis. Depreciation is provided on the following basis.. Office equipment Computer equipmgnl 25Q 33% 2.5 Social Investments Imixed motive investmentsl The Charity holds mixed motive investments that both lurther its charitable purpose and generate a financial relum. These investments are recognised as Social inveslrnenls in line with the CharilEs SORP. The underlying financial instruments are measured al fair value. 2.6 Debtors Trade and othèr debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepa net of any trade discounts due. 2.7 Cash at bank and in hand Cash at bank and in hand includes cash and short-temi highly liquid investments with a short maturty of three months or less from the date of acquisition or opening of the deposit or similar aeeount. 2.8 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balan sheet dale as a result of a past event, rt is probable that a transfer of economic benefit will be r8quired in selllemenl. and the amount of the settlement can be eslimaled reliably. Liabilities are recognised at the amount that the Charitable Company anticipates il wll pay lo settle the debt or the amount il has received as advanced payments for the goods or services il must provide. Page 17
WATER UNITE IA company limited by guaranteg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 A¢¢ounting policie5 l¢ontinuedl 2.9 Financial instruments Investments are not actively traded in organised financial markets and are likely to be held for several years before being sold. All the charity's investments in the investment Vehic are held at fair value in accordance with the SORP. A financial asset is recognised in the fin8n¢ial statement when the Trustees deem it probable that future economic benefits associated with an investment will flow lo th& charity. and rt has a cost or value that can be meaSud reliably. The future economic benefit of an investment is ils potential lo contribLJle, directly or indirectly, lo the charrty's flow of cash and cash equivalents. A financial asset Is no longer fecognised when the Gonlractual nghls lo the cash flows from the financial asset expire. when the charity Iranslers the conlraclual rights to receive the asset's cash flows, or when the charity retains the contractual rights to receive the asset's cash flows. bul assumes a contractual obligation lo pay the cash flows lo one or more recipients. and in doing so transfers subslanlially all of the risks and rewalds of such assets. Classification The classification of financial assets depends on their nature and purpose and is determined al the lime of initsal recognrf(ion in the a¢¢ounls. Financial assets are initially rècorded at C05t. These financial assets are usually intended lo be held for an indelinile period of lime for the purpose of realising capitsl gains upon sale. Such instruments are subsequently fe-measured at fair value and so classified 81 'fair value through income and expenditure,. bl Recognition Purchases and sales of investments are recognised on the trade date. the dale on which Ihe charity commits to purchase or sell the investment. Measurement Financial assets and financial liabilrties are initially recognised al cost. Subsequent lo initial recognition, all financial as5els and financial liabilities are measured al fair value. Interest income from financial assets is recognised in the Slalement of Financial Activities Dn an effeelive interest method. Dividend income from financial assets is recognised when the charity's right lo receive payments is established. dl Fair value eslirnation The investment manager of the Investment Vehicle calculates an enterprise value using valuation methodologies that are consistent with the International Private Equity and Venture Capital guidelines I'IPEVC'I 2018 edition endorsed by the BVCA, EVCA and AFIC. Investments are gtaled in the chaiily's Slalemenl of Financial Position al amounts considered lo be a reasonable assessment of fair value. Investments are held * cost for an appropriate period. the length of which depends on the individual investment, bul which does not exceed one year. Subsequently. all investments are revalued al lair value periodically. In the absence of any significant positive or negative even15, Of arm's length Iransaclions, fair value will be assumed lo equal cost Fair value is the amount al which an asset could be exchanged between knowledgeable, willing parties in an arm's length transaction. In eslimaling fair value. a methodology is used that Is deemed appropriate in the 11ght of the nature, facts and circumstances ol each investment. Each valuation takes 1nlo consideration per1Ved future risks, liquidity conslrainls and transaction costs al exil. Page18
WATER UNITE {A company limltgd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Accounting policie5 Icontinuedl 2.10 Pensions The Charitable Company operates a defined contribution pension scheme and the pension charge represents the amounts payabbe by the Charitable Company to the fund in respect of the year. 2.11 Fund accountlng General funds arg unrestrtcled tunds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Charitable Company and which have not been design*ed for other purposes. Restricted funds are funds which are lo be used in accordance with specrfic restrictions imposed by donors or which have been raised by the Charitable Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each re51ricled fund Is sel out in the notes lo the financial slalemenls. Crltlcal accountlng estlrnates and areas of judgment The only acwunting estimate and assumption deemed critical lo the understanding of the financial statements is in relation lo the calculation of Ihe fair value of the mixed motive inveslmenls. These are included in the accounts al their fair value. This is calculated as fair value as per the Water Unite Pilot Investment Vehicle LP accounts al 31.12.24. Additions frgm 1.1.25 10 30.6.25 are included al cost as fair value cannot be delemiined. Ineome from donations and 1ggaci8s As resla18d Total funds 2024 Restrlcted Unrestrlcted fund5 funds 2025 2025 Total funds 2025 Donations Recharges 601,228 386,056 6,122 987,284 6,122 807. 704 3.375 601.228 392,178 993.406 811,079 Total 2024 as Stated 505.950 305, 129 811,079 Page 19
WATER UNITE IA company Ilmlted by guarnntoel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Analysis of expenditure on charltable actlvltles Surnmary by fund type Unrostricted funds 2026 As restated Tot81 2024 Total 2025 Charitable actmties 196,124 196,124 207,920 Total 2024 as roslated 207.920 207,920 Anatysis of oxpendlture by a¢tlvltig$ As rgslat9d Totol funds 2024 Support osts 2025 Total funds 2026 Charitablg activities 196,124 196.124 207,920 Total 2024 as reslaled 207,920 207,920 Page 20
WATER UNITE (A company Ilmlted by guarant•èl NOTES TO THE FINANCIAL STATEMeNTS FOR THE YEAR ENDED 30 JUNE 2025 Analysls of •xpondlture by actlyltlos (contlnuodl Analysls of support costs Total funds 2025 Total ftinds 2024 Actlvltles 2026 Staff costs DepreCiatn Ront Insurance Telephone Post and slationgry Advertising Travelling Compul6r costs Att¢untancy fees Subscripts'ons Piof888ional fe88 Con$uttan¢y fe•s Marketing costs Sundry expen8e8 Bad debts Bank ch•rg8$ Conferences and events Entertainment 32,052 247 8,049 2,548 4,089 88 2,240 11,305 5,856 2,469 3,648 10,624 101,629 6,319 32,052 247 8,049 2,548 4,089 88 2,240 11,306 6.856 2,469 3,648 10.624 101.629 6,319 54,099 41 5,840 2,485 4, 766 538 1,872 12,870 3,542 6,077 2,062 10,963 T8,859 1,683 95 21.500 828 540 3.074 1.347 3,074 1,347 196,124 196,124 20T,920 Total 2024 207,920 207,920 Page 21
WATER UNITE A company Ilmlt&d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Independent examIneS remuneration 2025 2024 Fees payable lo the Charitable Company's independent examiner for the independent examination of the Charitable Company's annual accounts Fees payable lo the Charbtable Companls independent examiner in respect of.. All other setvices not included above 2.500 200 2.560 Staff ¢osts 2025 2024 Wages and salaries Social securrty costs Contribution lo defined contribution pension schemes 31,399 52,213 694 653 1.792 32,0S2 54.099 The average number of persons employed by the Charitable Company during Ihg year was as follows.. 2025 No. 2024 No. Employees ND employee received remuneration amounting lo more than £60,000 in either year. Key management romuneralion amounted lo £88,540. £59.887 is provided by Wellers Impact and recharged via consultancy fees. Trustees, remuneratlon and expenses During the year, no Trustees received any MunaratIon or other benefrts. During the year ended 30 June 2025, expenses lotslling £1.044 were reimbursed or paid directly lo 3 Trustees. The expenses were incurred during trips relating to govemance matters and Trustee meetings. Page 22
WATER UNITE (A ¢omp•ny Ilmltgd by guar•nto8) NOTes TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 10. Tanglbleflxed assets Offlce Computer equlpmènt equlpment Total Cost or valuatlon At 1 July 2024 Additions 539 1.869 2.398 867 At 30 Jun8 2025 539 2,726 3,265 Depr•clatlon At 1 July 2024 Charge for the year 417 31 1,859 216 2,276 247 At 30 June 2025 2,075 2,523 Net book value At 30 June 2025 91 651 742 At 30 June 2024 122 122 Page 23
WATER UNITE IA company Ilmltsd by guaranto01 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 11. Flxed asset investmènts Vnllyt•d Investments cost or valuatlon Al l July 2024 Additions 2,083,433 676,205 At 30 June 2025 2,759,638 Impalrment At 1 Juty 2024 Charge for the year 857.786 217.604 At 30 June 2025 1.075.389 Net bookvalue AI 30 Jun¢ 2025 1,684,249 At 30 June 2024 1,225.648 12. Debtors As r8slat8d 2024 2025 Du6 wlthln on• y•ar Trade debtors other debtors Propaymenls and accrued income 21.948 6,820 462.476 3,332 10,862 363,290 481,244 377.484 Page 24
WATER UNITE {A comp•ny Ilmltod by gu•rantsel NOTes TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 13. crgdltors: Amounts falllng due vAthln one year A$ restsled 2024 2025 Trade creditor$ Other creditors Accruals and deferred income 32.366 1,487 17,271 487 5,885 36.353 23.643 Pagé 2S
WATER UNITE {A company limfted by guarantoel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 14. Prlor year adjustments Adoption of Charities SORP IFRS 102} During the year the organisation became a registered charity and. as a result, the trustees have prepared the financial slalements in accordance with the Charities SORP IFRS 1021 for the first lime. In adopting the SORP, the Iruslees reviewed the accounting policies previously applied, particulady in relation lo the recognition of income and the classrfication of funds. This review identified that certain amounts previously slated as deferred income did not meet the SORP cr((eria for deferral. Under the SORP , income may onty be deferred where conditions exist that musl be mel before the charty is entitled to the income. As these conditions were not present, the balances have been reclassified from deferred income lo reserves. Accordingly, the comparative figures have been restated lo reflect this revised treatment. Restatement of investments to falr valu In previous financial slalemenls, the charity's investments have been slated al ¢osl. In accordanc8 with the Charities SORP mixed motive investmonts should be measured al fair value at the reporting date wth changes in fair value Tecognised in the Slalement of Financial Activities. The Trustees have reassessed the valuation of these investments and estimated their fair value at the prior year end utilising the valuations per the Water Unite Pilot Vehicle LP Accounts. This error has been corrected by a prior period adjustment and the comparative information has been restated accordingly. Opening reserves al the beginning of the comparative period increased from £35,747 10 £1,530.147 representing the reclassification ol previously deferred Income and reslalemenl of investments lo fair value. The reslatemenl also affected the reported financial performance for the comparative year. The previousty reported deficit of £41 has been reslaled lo a surplus of £62,065, due to the recognition of income that had previously been deferred and reslalemenl of Investments lo fair value. The impact of these two restatements are as follows.. Re¢onciliation of trnIng reserve8 Reserfts as preMou$lyreport8d at 30.6.2023 Redassifica*'on ofdeferred ineome to reseThes Impaimient ofinveslments R85tated opening resenes 35.747 1.811.091 1316.6911 1.530.147 Roconelllalon of surplu$lDgfl¢lt for the year •ndod 30 Jung 2024 PreI0USIY reported deficit Recognibon of incorna preMouslydef&rred'. lrnpairmenl of InStments Restatsd surplus". 1411 603.200 1541.0941 62.065 There is no impact on cash flows. The Trustees consider that the reslaled presentation prcivides more rglevanl and reliable infom)alion in accordanee with the Charities SORP IFRS 1021. Page 26
WATER UNITE (A ¢omp•ny Ilmltod by guaranto8) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 16. Statement of funds St4t•rngnt of funds- current ygar As restated Balan¢e •t 1 July 2024 Balance at 30 June 2025 Transfer• Inlout Galn {Los¥gsl Incom• Exyndlture Unrestrlcted funds General Funds Investment 65.133 150.287 392.178 1196,1241 {8S,554 85,554 175,633 210.808 {26,0331 215.420 392.178 1196.1241 12S,0331 388,441 Restrlcted fund8 Funds awaiting investment Inve81ed 301.431 1,075,361 601.228 {590,651} 590,661 312,008 1192.671} 1.473,441 1,376.792 601.228 1192,571) 1.785.449 Total olfunds 1,592,212 993,406 1196,1241 1217,6041 2,171,890 Page 27
WATER UNITE {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 15. Statement of funds l¢ontinu&dl Statement of funds - prior year As restated Balance al 30 Jun 2024 As restated Balance al As reslaled As rest&led l July 2023 Income Expenditure Transfers in/oul Gainsi (Losses) Unrestricted funds General Funds Investment 40. 785 145,218 305, 129 {207,920) (72,861) 72,861 65. 133 150,287 (67, 792) 186.003 305. 729 (207.920) (67, 792) 215.420 Restrlcted funds Funds awaiting investment Invested 310,087 1,034,057 505.950 (514. 606) 514. 606 301,431 1,075,361 {473,302J 7,344, 744 505.950 (473,302) 1,376, 792 Total of funds 1,530, 147 811, 079 (201, 920) (541,094) 1, 592,212 16. Analysis of nel assets between funds Analysis of net a$set$ betweèn funds - current year Restrlcted Unrestricted funds funds 2025 2025 Total funds 2025 Tangible fixed assets Fixed asset investments Current as5els CdItorS due within one year 742 210,808 211,244 136,3531 742 1.684,249 523,252 136.3531 1,473,441 312,008 Total 1,785,449 386,441 2.171.890 Page 28
WATER UNITE A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 16. Analysls of net assets between funds l¢ontinued} Analysis of net a$$ots betrNeen funds - prior year Reslncted Unrestricted tunds funds 2024 2024 Total fvnds 2024 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 122 122 1,075,361 301,431 150,287 88, 654 (23,643) 1,225, 648 390,085 (23, 643) Total 1.376. 792 215.420 1,592.212 17. Reconciliation of net movgmgnl In funds to net cash flow from oporatlng actlvitlos 2025 2024 Nel in¢ome for the year18s per Statement of Financial Aclivitiesl 579,678 62,065 Adjustments for.. Depreciation charges Decreasellincreasel in debtors Increa5elldecrease} in creditors Impairment 247 41 1103,7601 12.710 217.604 103,635 f797,382J 541,094 Net Cash provided by operating activities 706,479 509,453 18. Analysls of cash and cash equivalents 2025 2024 Cash in hand 42,008 12,601 Total cash and cash equivalents 42,008 12.601 Page 29
WATER UNITE {A company Ilmlted by guaranteg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 202S 19. Analysis of changes in net debt At 1 July 2024 Cash flows At 30 Jun 2025 Cash at bank and in hand 12,601 29,407 42,008 12,601 29,407 42,008 20. Ponsion commltments The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £65312024 £1,192) From this £12712024.. £1271 was payabte lo the fund al the balance sheet dale and is included in creditors. 21. Related party transactions The Trustees have delegated certain executive functions of the charity to Wellers Impact, under a signed Memorandum of Understanding. The Trustee5 have also delegated, since April 2024. the partnerships director functions lo Wellers Impact. Vvellers Impact charges the chanty monthly al pre-agreed rates for providing these execulivelpartnerships director functions. During the year ended 30th June 2025, an amount of £33,0001£59,88712024.. £28,5001£19.2251 in consutting fees was charged by Wellers Impa¢l lo Water Unite in this regard. Of this amount, £3,0001£5.687 12024.. £2,5001£4.7421 remained unpaid as at 30th June 2025. On an ad hoc basis, the Trustees will request Weller5 Impact lo provide specific Technical Assistsnce lo potential inveslee of WUI or to a potential grant recipient of Water Unite. This is charged al a pre- agreed rale between the parties. During the year ended 30th June 2025, an amount of £nil 12024". £11,175) in Technical Assistance fees was charged by Wellers Impact to Water Unite. Of this amount. £nil12024". £nill remainod unpaid as al 30th June 2025. Water Unite charges Wellers Impact a monthly agreed amount for a portion of the Corporate Partnerships Manager's lime lo assist with the impact and other aspects r8laling to WUI. During the year ended 30th June 2025, an amount of £5,51012024." £nill was charged lo Wellers Impact by Water Unite in this regard. Of this amount, £5,51012024'. £nil} remained oulslanding as al 30th June 2025. There were no related p8ty transaction involving the Twslees during the year. Page 30