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2024-12-31-accounts

Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

Company Registration No. 01154049 (England and Wales) Charity Registration No. 266983

ZURICH COMMUNITY TRUST (UK) LIMITED

(a Company limited by guarantee)

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

Reference and administrative details

Company status

Zurich Community Trust (UK) Limited (“ZCT”) is a company limited by guarantee and does not have share capital. Each member has guaranteed £1. Zurich Community Trust is incorporated in the United Kingdom (“UK”). Zurich Community Trust is a registered charity (registration number 266983). The registered address is:

Unity Place 1 Carfax Close Swindon SN1 1AP

Trustees

The Trustees are also the Directors of Zurich Community Trust for Companies Act purposes. All Trustee appointments are proposed by the Board of Trustees and approved by the members.

The Trustees who served during the year and who were in office up to the date of signing the financial statements were:

Steve Collinson Amy Dunster Wayne Myslik Richard Peden Drazen Jaksic (appointed 10 March 2025) Ben Skelton (appointed 10 April 2025) Caroline Dunn (appointed 21 November 2024) Cadence Willis (appointed 14 May 2025) Tim Culling (resigned 10 April 2025) Tim Bailey (resigned 07 March 2025)

Qualifying third party indemnity provisions (as defined in Section 234(2) of the Companies Act 2006) have been in force for the benefit of Trustees during the year and remain in force as at the date of this Trustees’ Report.

Zurich Community Trust members are Zurich Financial Services (UKISA) Limited (“UKISA”) and Zurich Financial Services (UKISA) Nominees Limited. The members’ ultimate parent company is Zurich Insurance Group Ltd (“ZIG”), which is incorporated in Switzerland.

Related Party transactions are disclosed in Note 22.

In light of Zurich Community Trust’s structure, the Trustees had no financial interest in Zurich Community Trust.

Key management personnel

The Head of Zurich Community Trust during 2024 was Laurie Deans.

Bankers, Investment manager, company secretary and independent auditor

Zurich Community Trust’s bankers are:

Lloyds Bank plc PO Box 72 Bailey Drive Gillingham Business Park Kent ME8 0LS

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Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

Reference and administrative details (continued)

Bankers, Investment manager, company secretary and independent auditor (continued)

Zurich Community Trust’s investment manager is:

Threadneedle Investment Services Limited Cannon Place 78 Cannon Street London EC4N 6AG

Zurich Community Trust’s company secretary is:

Zurich Corporate Secretary (UK) Limited Unity Place 1 Carfax Close Swindon SN1 1AP

Zurich Community Trust’s independent auditor is:

Ernst & Young LLP Statutory Auditor 25 Churchill Place Canary Wharf London E14 5EY

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Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

REPORT OF THE TRUSTEES

The Trustees are pleased to present their annual report, together with the financial statements of Zurich Community Trust, for the year ending 31 December 2024. This report and financial statements are also prepared to meet the requirements for an annual report and financial statements for Companies Act purposes. The reference and administration details form part of the Trustees Report on pages 1 and 2.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Zurich Community Trust has not prepared a strategic report as it has taken advantage of the exemption in this respect available for small companies (as defined in Section 381 of the Companies Act 2006).

Chair’s report (from the Chair of the Trustees, Steve Collinson)

2024 saw Zurich Community Trust continue to deliver significant impact in the community.

I am extremely proud that an estimated 288,000 people benefited from the support provided through our partnerships and programmes.

Through a combination of financial support, volunteering by employees of Zurich Insurance UK and our unique More than Money offering, we supported our national partners (Barnardo’s, Dementia UK and Magic Breakfast) and 56 partners local to Zurich offices in 2024. We also continued to support Teach First, Insurance United Against Dementia, Age UK and the Superhero Series.

2024 at a glance:

We continued to receive wonderful feedback from the organisations we work with on the difference partnering with ZCT makes. This spurs the Zurich Community Trust team and Zurich’s enthusiastic and committed employee volunteers to continue our work, with the aim of enriching communities together. We invite you to read just a small selection of feedback:

“Our partnership with the Zurich Community Trust continues to go from strength to strength. With 1 in 5 children being at risk of being too hungry to learn, generous grant support has helped us tackle the devastating and widespread issue of hunger in the classroom. Zurich staff have gone the extra mile by supporting with additional fundraising. Zurich's 'more than money' approach to partnering has also provided access to a host of training and development opportunities for our staff.”

Lindsey MacDonald CEO, Magic Breakfast

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Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee) REPORT OF THE TRUSTEES (CONTINUED)

Chairs report (continued)

“On behalf of everyone at The Growing Zone Kippax, we would like to say we had an absolutely fab time with our Superhero presentations in the schools last week. We have had a couple of very emotional days, seeing the children, who were never expected to get better, be so excited and the tears of joy and happiness from their families. You guys put a lot of smiles on a lot of faces and create memories for so many. Memories which in some cases, our families have only ever dreamed of.”

June Perkin BEM The Growing Zone Group

“I just wanted to send you a quick message to say thank you! A few of my team (including me) have signed up for the DSC training, and it is so valuable to us. Two of my managers will be attending the Women in Leadership conference which they’re really excited about, and the truth is that we would struggle to afford this kind of training. So, the support from ZCT (of which this is just one small element) really does make such a difference to us.”

Stephanie Lawless (she/her) Head of Fundraising, Katherine House Hospice

“A multi-year grant has empowered us to plan, test and invest in a capacity-building project, significantly enhancing our long-term impact and sustainability. We have been able to pilot volunteering roles that have long been an ambition for Winston’s Wish. This volunteering programme is now extending support to grieving children and young people not just in Gloucestershire, but throughout the UK. A True Partnership: The support and regular contact with the ZCT team have been outstanding. They are always ready to provide invaluable advice and guidance, making this partnership truly exceptional.”

Louisa Hancox

Winston’s Wish

The skills and experience of our trustees was supplemented in 2024 with the addition of Caroline Dunn, and in 2025 we will recruit two further Trustees, ensuring both important ‘corporate memory’ and new thinking make up the board.

The Trustees would like to draw attention to Zurich Community Trust’s 2024 Impact Report [found here] that highlights the difference that has been achieved through its charity partnerships in 2024 and through the volunteering activity the Zurich Community Trust team has brokered with the employees of Zurich UK.

Our purposes and activities

Zurich Community Trust is a public benefit entity, therefore the Trustees of ZCT consider all Charity Commission guidance on public benefit.

ZCT has been a contributor to the Fundraising Regulator, via its voluntary levy, since the regulator’s inception. Fundraising from both Zurich UK employees and the wider community is undertaken by ZCT to part fund its grant making programmes. Zurich Community Trust ensures that it is aware of the latest Code of Fundraising Practice and adheres to its suggested behaviours and standards in all its fundraising.

Zurich Community Trust also has a Complaints Policy that can be found from the front page of the ZCT’s website, where the complainant is also able to download a complaints form.

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Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

REPORT OF THE TRUSTEES (CONTINUED)

Our purposes and activities (continued)

Zurich Community Trust is not affiliated with any umbrella groups or part of any wider network and operates independently. ZCT’s major donor is the Zurich UK business and, as such, ZCT has a very close working relationship with the employees of Zurich UK. Zurich Community Trust also has a close working relationship with the Zurich Group’s charitable foundation, Z Zurich Foundation.

Zurich Community Trust fulfils its objectives through:

The Board is responsible for setting the strategic direction of the charity. It delegates certain responsibilities to the Zurich Community Trust’s ‘Trust Executive’. In 2024, the Trust Executive worked alongside members of the ZCT team to deliver on two workstreams – Employee Engagement and Structurally Embedding Skill Share.

Zurich Community Trust manages all expenditure associated with all programmes. As well as making charitable grants, a significant amount of ZCT’s staff time is committed to the community, through working in partnership with charity partners and by connecting the volunteering needs of the voluntary sector with time and skills of employees within the Zurich business.

Allocation of resources:

Allocation of resources:
2024 2023
Charitable activities 91% 91%
Raising funds 8% 8%
Other 1% 1%

Zurich Community Trust derives its income from:

Zurich Community Trust’s Audit, Finance and Risk Committee receives quarterly management information, which includes information on fundraising income and expenditure to monitor against plan.

The Trustees have a continuing focus to ensure that the ratio of resources applied to generating income is appropriate for ZCT.

Focus of charitable activity spend:

Focus of charitable activity spend:
2024 2023
Employee Involvement programmes 85% 87%
Volunteering 12% 10%
Longterm Strategic Programmes 3% 3%

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Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee) REPORT OF THE TRUSTEES (CONTINUED)

Our purposes and activities (continued)

Employee Involvement Programme

In February 2024, the board agreed to extend funding for the three National and 55 Local Partners, for a further two years, as well as adding a new Local Partner and continuing to invest in non-financial support and volunteering. This amounted to a spend of £2,651,000 (2023: £3,119,000) across grants and ZCT support costs (excluding volunteer support costs).

Volunteering

Zurich UK provides three days paid leave for all employees [pro rata for part-time workers], to enable employees to volunteer in the community and become involved in organising and managing fundraising events and volunteering schemes.

The breakdown of spend on the Employee Involvement Programme:

2024 2023
Local Grants and Partnerships 38% 40%
National Partners 21% 27%
Employee Nominated Grants 2% 2%
Volunteering Support Costs 12% 10%
Other Support Costs 27% 21%

National and Local grant programmes

The social issues supported through the Employee Involvement Programmes were:

2024 2023
Dementia 19% 23%
Vulnerable (young) 15% 15%
Mental Health 14% 11%
Homelessness 11% 11%
Education 10% 9%
Food Poverty 7% 9%
Domestic Abuse 5% 5%
Physical Disability/Learning Difficulties 3% 5%
Older People 3% 3%
Health 3% 1%
Young People 2% 2%
End of life Care and Bereavement support 2% 2%
BAME 2% 2%
Bereavement 2% 1%
Immigration 1% 1%
Economic Disadvantage 1% -

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Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

REPORT OF THE TRUSTEES (CONTINUED)

Our purposes and activities (continued)

Throughout 2024, ZCT continued the partnerships that commenced in 2022 including the development and promotion of its non-financial package of support (More than Money), offering national and local charity partners access to a wide range of offerings including paid-for training courses, webinars, and memberships.

In addition to the support outlined above, the ZCT team focused on the year three payments for each of the three national partners and 56 local partners, with the process prior to the releasing of any payment conditional upon receipt of impact surveys and analysis of the charities’ most recent Report and Accounts.

ZCT Partnership Forum

The Zurich Community Trust continued to listen to the needs of its charity partners throughout 2024 through the ZCT Partnership Forum, comprising 27 charity partners. Formally known as the ZCT Advisory Group, the meetings take place quarterly and, whilst continuing to focus on the evolution of ZCT’s More Than Money programme, the group was expanded to gain a broader perspective and provide an opportunity for service partners, such as the DSC and NCVO, to raise awareness of the support available.

At the start of the year, the Forum agreed that the three key areas on which to focus our support remained the same as 2023: Retention & Recruitment, Training & Development and Fundraising.

Wellbeing webinars continued, with 196 individuals signing up. Many charities stated they struggled to justify spending donor money in this area, so these have remained popular.

Access to Zurich UK’s Apprenticeship Levy remained popular, with 14 apprenticeships starting in 2024, with varying levels between Level 3 and Level 7.

Training courses and workshops, fully funded by ZCT, resulted in 119 people attending NCVO training days, 125 people attending in-house webinars, 25 attending bitesize sessions with the DSC and 129 attending their online conferences.

The new Zurich Community Trust Charity Partner Hub launched in May 2024 to include the ‘More Than Money’ support offerings.

National Partnerships

Our three National Partners, voted for by Zurich employees, officially started on 1 July 2022, each receiving £150,000 per annum for two years. In Feb 2024, the board agreed a two-year extension of funding, resulting in a further £135,000 paid to each partner in July 2024 and a final payment of £135,000 due in July 2025.

Barnardo’s

Our funding directly supports the Barnardo’s Education Community (BEC). Since the launch of the BEC, there has been 100,882 visits to the BEC site. During 2024, the BEC provided 1,854 training opportunities for educators, through live training, pre-recorded training, CPD accredited courses and podcasts. 829 participants attended live training delivered by or with the support of BEC and the BEC podcast series and CPD videos have been accessed by 332 listeners and viewers during this time.

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Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

REPORT OF THE TRUSTEES (CONTINUED)

Our purposes and activities (continued)

Dementia UK

Our funding has enabled Dementia UK to continue to grow their Virtual Clinics Service to help broaden their reach. In 2024, it covered the cost of 67 hours of resource per week, as well as the costs of the management of their booking system. During 2024, there were 4,435 appointments made through the virtual clinics, with Zurich Community Trust funding 83% of these.

Dementia UK have reported that through their calculations, they can confirm that ZCT’s funding has supported 6096 people either living with Dementia or supporting a loved one via the virtual clinics.

Magic Breakfast

Zurich Community Trust’s funding primarily goes towards the cost of providing free breakfasts, running costs and advocacy work regarding free school breakfast provision. In 2024, our funding provided an estimated 434,989 breakfasts to schools that ZCT supports, with 2,381 children directly benefitting.

The cost-of-living crisis has meant a continuing increase with food prices, which has remained a challenge for Magic Breakfast throughout the year. Our funding also supports Magic Breakfast’s longterm programme, Making the Case for Change. This includes policy work, educating law makers on the issue, proposing long-term solutions and ensuring Magic Breakfast’s Youth Campaigners, who have lived experience of food poverty, remain at the heart of the organisation’s thinking.

The ‘till donations’ initiative, set up by the Zurich Facilities Team in London, Whiteley and Swindon offices, in partnership with Baxter Storey, totalled £782.76 in donations. This equated to approximately 2,796 breakfasts.

Since Zurich Community Trust introduced the Zurich Municipal Customer Experience Team to Magic Breakfast in 2023, an initiative to donate a breakfast for each customer survey completed has been going from strength to strength. Discussions are now taking place to expand this idea into other areas.

Other partnerships on a national level

Teach First

Our Youth First education programme is managed through our partnership with Teach First. 2024 saw ZCT enter the first year of our two-year partnership extension with Teach First, with an agreed annual grant of £200,000 awarded. This brings ZCT’s total grant funding to £800,000 since the start of our partnership in 2021.

Between the academic years 2023/2024 and 2024/2025, employee volunteers have supported 12 schools across the UK. Through our Youth First programme, 46 Zurich volunteers delivered 29 workshops, which reached 1,310 pupils.

The Coach a Teacher programme attracted 34 Zurich employees, who were matched with teachers to provide coaching during the year. A further 50 teachers joined the Teach First training programme, because of Zurich Community Trust’s funding in 2024. 83% of 24/25 Zurich coaches said their coach had been valuable to their personal and professional development.

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Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

REPORT OF THE TRUSTEES (CONTINUED)

Our purposes and activities (continued)

Feedback from Zurich Coaches

Motivation: “I was lucky to have great coach myself and knowing how much it helped me, I felt like giving back and help someone else further.”

Highlights: “The biggest highlight for me was when my coachee told me that she tried something we talked about at the session, and it worked” •

Professional development: “I have stopped giving my colleagues the answers to things and used my coaching skills to enable them to get to the right answer themselves”

Alzheimer’s Society and Insurance United Against Dementia

2024 saw ZCT and ZZF, together, making more impact to dementia research. ZZF supported IUAD’s Insurance Day for Dementia with a £100,000 matching pot, plus £5,000 to encourage advocacy.

ZCT’s funding of £25,000 in 2024 was used to directly support research into Dementia blood biomarkers. In addition, ZCT explored various More than Money support options. The IUAD community helps provide vital support to those living with dementia, plus crucial research that gives hope for future generations.

IUAD’s target is to raise £10 million and, thanks to the support, the IUAD campaign are expecting to achieve this target in Q1 2025. Following this, the campaign will move on to a second phase to increase funding and advocacy

This funding has already played a major role in recent groundbreaking research around blood biomarkers. As a result, Alzheimer's Society and Alzheimer's Research UK NIHR (National Institute for Health and Care Research) recently announced an important step forward in a better future for dementia diagnosis.

Currently, only 2% of people with dementia get the specialised tests needed to confirm if they’d be eligible for new treatments. With further research and testing, certain blood tests could be a huge game changer. This will be pivotal to the success of reducing the number of people living with dementia and preventing future generations from being impacted by this devastating disease to the same extent as today’s generations.

Superhero Series

The Superhero Series is the UK’s only disability sports series for the Everyday Superhero! Their mission is simple: to create fun, full-throttle, mass-participation sports events where people with disabilities – aka Everyday Superheroes – call the shots and don’t have to worry about cut-off times or equipment restrictions.

2024 was another successful year for in-person volunteer engagement, with 13 charities signing up to get involved. Fourteen Zurich volunteers attended the Superhero Tri summer event at Dorney Lake. ZCT provided a free return coach for volunteers and charity partners from Swindon. ZCT also provided a drink stall, where thirsty attendees could get free squash. Local charity, The Swindon BATS, also joined us to man a mobile skittle alley. Attendees were given an opportunity to try, for free, bowling for the visually impaired.

Between the summer and winter virtual steps challenges, 122 Zurich At Home volunteers took part.

At the Winter Wonderwheels event in December, we served up over 400 free hot chocolates at our drinks stall – a firm favourite with participants and their family and friends. Six Zurich volunteers attended.

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Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

REPORT OF THE TRUSTEES (CONTINUED)

Our purposes and activities (continued)

Sustainability and DEIB Initiatives

In 2024, the ZCT continued to advance its commitment to sustainability and Diversity, Equity, Inclusion, Belonging (DEIB) through the Sustainability Fund and the DEIB & Sustainability Network.

Sustainability Fund

Aligned with the 17 Sustainable Development Goals (SDGs), the ZCT Sustainability Fund, totalling £100,000 in 2024, allowed partners to apply for grants between £5,000 and £10,000. In 2024, twelve partners received support for their sustainability initiatives.

Since its inception, the fund has enabled a variety of impactful projects, including:

DEIB & Sustainability Network

The network's membership grew to 50 members, exclusively serving ZCT’s charity partners.

Throughout the year, the network hosted several themed sessions, leveraging articles from ZCT’s Sustainability Toolkit. Highlights include:

ZCT hosted a workshop for Zurich UK employees - Climate Fresk - where the team explored the impacts of climate change and learned practical ways to reduce their carbon footprint both at home and at work.

In 2024, ZCT also recognized climate change as a significant risk and incorporated it into the organization's total risk profile.

This year has seen significant progress in our sustainability and DEIB efforts, reinforcing our commitment to supporting our charity partners and fostering a sustainable future.

Volunteer Centre of Excellence

In September 2024, ZCT commenced a pilot programme, funded by ZZF, to enhance volunteering, by providing resource to source, fund and manage scalable volunteering opportunities, with a view to reduce pressure on Zurich Insurance business units and make it easier for employees to get involved.

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Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

REPORT OF THE TRUSTEES (CONTINUED)

Our purposes and activities (continued)

Two graduates were recruited to support the programme, through the Eagles programme with East London Business Alliance (ELBA). This is a paid graduate development programme that connects businesses with extraordinary and ambitious talent to facilitate social mobility, by working with disadvantaged communities to find talented, hard-working and motivated graduates that go on to shine in a corporate environment.

In addition to the graduates, ZZF provided funding to cover 0.5FTE from the ZCT Volunteer Partnership Manager team, to lead the programme. Funding for this 12-month commitment would total £104,742, inclusive of all training and recruitment costs. The cost for 2024 totalled £58,800.

Achievements and performance

ZCT’s grant making and volunteer programmes in the UK during 2024 helped “to improve the lives of people during times of vulnerability”.

In 2020, the Trustees agreed that this Mission Statement would be delivered by “Improving lives by supporting wellbeing and inclusion initiatives” and “Building more resilient and sustainable communities” and this was very much still the focus throughout 2024. This approach improved the alignment with the sustainability framework of our main donor, Zurich UK together with the aims of the Z Zurich Foundation, whilst continuing to focus on delivering public benefit.

Zurich Community Trust undertakes an annual planning exercise with the ZCT team and the ZCT ‘Trust Executive’ that is signed off by the Trustees. These plans involve both numerical targets and targets relating to the impact of the programmes operated by ZCT.

As highlighted in the report from the Chair of Trustees, a considerable focus of 2024 was on the continued development of the three national and 56 local charity partners chosen by Zurich employees in 2022.

Zurich Community Trust measures the impact of its funding programmes through annual feedback from its charity partners, both locally and nationally. As a significant part of ZCT’s partnership approach is focused on the non-financial support that is offered in addition to cash grants, the feedback seeks to obtain a holistic view on the whole partnership, whilst clearly allowing for specific feedback on separate elements within that. For all multi-year funding partnerships, a condition of future years funding is the receipt of a satisfactory impact/progress report.

In addition to Zurich Community Trust’s grant making, a wide range of volunteering activity is brokered. This also seeks to further the aim of helping to improve the lives of people during times of vulnerability, whether this is through the donation of time or skills.

As with the grants, feedback is sought from organisations individuals have volunteered with, to understand the impact achieved and demonstrate the fulfilment of ZCT’s aims and objectives.

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Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

REPORT OF THE TRUSTEES (CONTINUED)

Achievements and performance (continued)

2024 Objectives

The key focus areas for 2024 were:

During 2024, a total of £3,135,000 (2023: £3,575,000) was spent in grants, volunteering and support, the vast majority of which was grants supporting charity partnerships.

Overall, Zurich Community Trust brokered 19,505 hours of volunteering (2023: 18,918) throughout 2024. This was a pleasing 3% increase on 2023 and a 26% increase on 2022. More can be found in Zurich Community Trust’s 2024 Impact Report [found here]

Throughout 2024, the Trustees have agreed a new impact framework for Zurich Community Trust that will measure the impact of its programmes in three areas: charity/beneficiaries, [Zurich UK] employees and sustainability, diversity, equity, inclusion and belonging. The Zurich Community Trust team will develop the processes to measure impact in these areas in 2024 with full reporting using this framework available for 2025.

Financial Review

Unrestricted funds are needed to enable the Zurich Community Trust to cover its core funding to manage its commitments and longer-term programmes should the current funding arrangement with the UK Zurich businesses change or cease.

Restricted funds can only be expended in accordance with specific restrictions, arising either by the wishes of the donor or by the nature of the appeal.

The position of reserves in relation to the agreed policy is regularly reviewed by the Head of Zurich Community Trust and the Chair of Zurich Community Trust and ZCT’s Investment and Reserves Policy was reviewed by the Board of Trustees on 21 February 2024.

During the year, ZCT conducted a review of the nature and designation of its funds. As a result, £7k was reclassified from restricted to unrestricted income to accurately reflect the terms of the original donations. Funds previously treated as restricted were found not to contain binding restrictions as initially interpreted. The total funds held by ZCT were not affected by this reclassification.

At the end of 2024, the level of reserves was in line with the policy.

Designated funds include funds set aside for the support of various multi-year partnerships projects.

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Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

REPORT OF THE TRUSTEES (CONTINUED)

Financial Review (continued)

In 2023, ZCT entered a new three-year funding cycle, agreed in mid-2023, and decisions were made by at the board in February 2024, which included extending the three National and 55 Local Partners for a further 2 years of funding in 2024 and 2025. Funding was also agreed for a new local partner, taking the total to 56.

As a result of this decision, designated funds increased from £395,000 to £1,867,710.

Income from donations and legacies

In addition to donations from Zurich of £2,649,000 (2023: £2,649,000) and ZZF of £75,000 (2023: £0) and £198,000 of donated services (2023: £211,000), £93,000 (2023: £217,000) was donated via Zurich UK employees. The reduction in employee donations was primarily due to payroll giving (GAYE), being paused pending its move on to Benevity (MyImpact) in 2025.

However, ZCT did see an increase in income from Charitable Activities (employee fundraising) to £308,000 (2023: £233,000), through both enhanced mapping (moving income from donations to charitable activities), as well as increased income from Benevity platform through matching of fundraising.

Analysis of income :

Income excluding the donation from Zurich UK businesses and donated services is set out below:

2024 2023
Regular Giving 22% 47%
Runs & Cycle Rides 11% 13%
Charity Lottery 14% 12%
Staff fundraising 44% 21%
Other 9% 7%

Investment powers, policy, and performance

Zurich Community Trust seeks to maximise the social beneficial impact of the investments it holds through investments that deliver a positive social impact and a financial return. Since 2015, Zurich Community Trust has held its unrestricted reserves in Columbia Threadneedle’s “UK Social Bond Fund”.

Since its launch in 2013, the Fund has been invested to address the main areas of social need where social exclusion is particularly evident. This fund is invested in the following social outcomes;

The Bond has delivered an annualised financial return of 3.26% (2023:7.28%) and the value of the investment increased between December 2023 and December 2024 by 3.37% (2023: 5.62%).

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Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

REPORT OF THE TRUSTEES (CONTINUED)

Financial Review (continued)

Investment powers, policy, and performance (continued)

Throughout 2025, the Trustees will discuss whether investing its unrestricted reserves in this Fund is still the most suitable place for the Zurich Community Trust, noting its “Investments and Reserves’.

Fundraising

Zurich Community Trust does not engage professional fundraisers. ZCT raises funds from the Zurich UK business, its employees, key supplier employees and through Z Zurich Foundation matching through the Benevity platform. Fundraising from members of the public is limited and mainly occurs through sponsorship donations employees may seek when they are taking part in fundraising events, most of which flows through online giving sites.

On occasion, friends and family members of Zurich UK employees are engaged in key fundraising events, for example the London Marathon, if places are not fulfilled from Zurich UK employees alone.

Zurich Community Trust is a funded and compliant member of the Fundraising Regulator. During 2024, the charity received no complaints on its fundraising practices.

Risk management and Principal risks and uncertainties

Zurich Community Trust has a strong risk management and governance framework in place. ZCT is exposed to business and financial risk through its financial assets and financial liabilities. The specific financial risks are limited to liquidity risk and credit risk.

Business risk

The Trustees recognise, monitor, and regularly discuss the current macro-economic climate and its impacts on both the ZCT and the recipients of the ZCT’s work, as well as understanding the ongoing pressures on charities brought about by the cost-of-living crisis throughout the UK. As a result, the Trustees believe that ZCT is well positioned to support the needs of the organisations it partners with from both a financial and a non-financial package of support standpoint.

Other business risks include:

As a funder of other organisations, the Charity Commission have placed a responsibility on ZCT to undertake due diligence on organisations it funds to check its safeguarding policies and practices are compliant. There is a risk ZCT could be involved in financially supporting an organisation where there is a safeguarding breach with the potential consequent reputational damage.

Zurich Community Trust’s Total Risk Profile also covers the potential risk relating to a safeguarding issue arising out of a volunteering activity brokered by ZCT. This could involve a Zurich UK employee being accused of a safeguarding incident or the Zurich UK volunteer could be exposed to a safeguarding incident at the organisation where they are working. First and foremost exists the risk to the person who may be harmed but also the potential consequent reputational damage. This risk is seen to be within appetite.

Liquidity risk

Liquidity risk is the risk that cash may not be available to pay obligations when due at a reasonable cost due to the potential loss of donation income and engagement from Zurich due to competing demands on employees’ time and the move to home/agile working.

14

Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

REPORT OF THE TRUSTEES (CONTINUED)

Financial Review (continued)

Risk management and Principal risks and uncertainties (continued)

Zurich Community Trust’s finances are actively managed and monitored to ensure that sufficient funds are available to meet liabilities as they fall due. The Trustees are of the opinion that any liquidity risk that ZCT faces is mitigated, hence this risk is seen to be within appetite.

Credit risk

Credit risk is the risk that a counterparty will be unable to pay amounts in full when due.

Zurich Community Trust's cash and receivables are actively managed and monitored, hence this risk is seen to be within appetite and viewed as low by the trustees.

Pay and remuneration.

Zurich Community Trust’s Remuneration Committee has delegated authority to assess and agree the annual performance salary ranges for those working in the ZCT team. This is reviewed every year using a combination of an external voluntary sector salary survey coupled with data shared with ZCT from the Zurich UK’s Reward team for community investment roles. Roles are benchmarked to relevant data and to each other.

The Remuneration Committee consists of four trustees, including at least one trustee independent from Zurich. The Committee is delegated to assess and agree the annual performance of ZCT and to review the external benchmarking of salaries and performance bonus to ensure that the ZCT teams’ remuneration is in line with the policy and in the best interests of ZCT.

An annual budget for salary review is agreed by the Trustees considering market data. This budget is used on an annual basis to move people competent in their roles and delivering successful performances towards the market mid-point on the relevant salary range.

Zurich Community Trust operates a performance related bonus scheme, independent from the Zurich business scheme. Each year the Trustees approve a series of delivery targets that the ZCT team is measured against. The Remuneration Committee meets in February each year to decide how well the ZCT team has delivered against these targets to determine if a performance bonus should be paid and if so, at what level. Individual performance is also measured and combined with the performance of ZCT when determining any individual performance related bonuses.

All the running costs of ZCT, including salary and bonus, are funded from the annual donation from the Zurich UK business.

Going concern

The Trustees are satisfied that Zurich Community Trust can continue to use the going concern basis in preparing the financial statements. In making this assessment the Trustees have considered the projected cash flows of ZCT which show ZCT has sufficient resources for 12 months from the date of approval of these financial statements.

Independent auditor

The auditor, Ernst & Young LLP (“EY”), have indicated their willingness to continue in office.

15

Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee) REPORT OF THE TRUSTEES (CONTINUED)

Structure, governance and management

Recruiting and training Trustees

The current Articles support a minimum of five Trustees, of which at least two must be independent from the Zurich business. At the end of 2024, there were seven active trustees and two pending vacancies for external trustees, with Tim Culling due to step down in Q1 2025.

The Trustees who work for Zurich are selected based on their ability to be effective Trustees and to provide the required level of influence within Zurich to enable ZCT to achieve its objectives. All Trustee appointments are proposed and approved by the Board of Trustees.

The induction and training of Trustees is led by the Chair and the Head of Zurich Community Trust and based on the Charity Commission’s core guidance for trustees: ‘The essential trustee: what you need to know and what you need to do [CC3]’. On appointment each Trustee is required to read and sign a Code of Conduct. In addition, Trustees who are external to Zurich receive a specific induction session about the Zurich business to better understand the key stakeholder and donor population of ZCT. The Trustees receive any relevant updates and guidance on their role as Trustees of Zurich Community Trust. The effectiveness of the current ZCT Board is reviewed by the Chair in consultation with the Trustees.

Organisational structure

Whilst Zurich Community Trust is linked to Zurich, the Board of Trustees operate independently in the best interests of ZCT. The Board of Trustees is supported, via documents of delegation which includes the Board Charter and respective Committees ‘Terms of Reference’ and by delegations to the Head of Zurich Community Trust and the Zurich Community Trust (UK) Limited ‘Trust Executive’ Committee. The former has delegated responsibilities for the day-to-day running of ZCT and the latter has key delegated responsibilities for oversight of operational matters. In all cases there are agreed guidelines for approval by Zurich Community Trust’s Board of Trustees and once a year there is a joint meeting of the ZCT Board of Trustees and the ZCT ‘Trust Executive’ committee to agree plans and targets for the year.

There is also a separate Remuneration Committee (“RC”) which consists of three Trustees with at least one Trustee independent from Zurich. The RC is chaired by Steve Collinson. Other members of the RC as at 31 December 2024 were Tim Culling and Wayne Myslik.

There is also a separate Audit, Finance and Risk Committee consisting of three Trustees including at least one independent from Zurich. The Trustees delegate oversight of the external audit to this committee. As at the financial year end, this committee was chaired by Richard Peden and included Tim Culling and Wayne Myslik and was also joined by Richard Gaskell, a member of the Zurich Community Trust ‘Trust Executive’ committee.

Statement of Trustees' responsibilities

The following statement sets out the responsibilities of the Trustees (who are also Directors of Zurich Community Trust for the purposes of company law) in relation to the financial statements of Zurich Community Trust.

The Trustees are responsible for preparing the Trustees’ Report and financial statements in accordance with applicable law and regulations.

16

Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

REPORT OF THE TRUSTEES (CONTINUED)

Statement of Trustees' responsibilities (continued)

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of ZCT and of the incoming resources and application of resources, including the income and expenditure, of ZCT for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain Zurich Community Trust’s transactions and disclose with reasonable accuracy at any time the financial position of ZCT and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of ZCT and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each Trustee is aware, there is no relevant audit information of which Zurich Community Trust’s auditor is unaware.

Each Trustee has taken all the steps that they ought to have taken as a Trustee to make themselves aware of any relevant audit information and to establish that Zurich Community Trust’s auditor is aware of that information.

The Trustees consider that they have pursued the actions necessary to meet their responsibilities as set out in this statement.

On behalf of the Board of Trustees

Trustee ...................................

Steve Collinson Name ................................... 23/7/2025 | 11:20 PDT Date ……………………….

17

Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

INDEPENDENT AUDITORS REPORT

TO THE MEMBERS OF ZURICH COMMUNITY TRUST (UK) LIMITED

Opinion

We have audited the financial statements of Zurich Community Trust (UK) Limited (the “Charitable Company”) for the year ended 31 December 2024 which comprise the Statement of Financial Activities (and summary income and expenditure account), the Balance Sheet, the Statement of cash flows and the related notes 1 to 22, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 “The Financial Reporting standard applicable in the UK and Republic of Ireland”.

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report below. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charitable Company’s ability to continue as a going concern for a period of twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as a going concern.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.

18

Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT (CONTINUED)

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have identified no material misstatements in the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 17, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the charitable company or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor ’ s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

19

Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT (CONTINUED)

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Bell (Senior statutory auditor) for and on behalf of Ernst & Young LLP, Statutory Auditor London

Date: 24/7/2025 | 14:16 BST

20

Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (and summary income and expenditure account)

FOR THE YEAR ENDING 31 DECEMBER 2024

Note Unrestricted
funds
Restricted
funds
Total
2024
£'000
£'000
£'000
Income from:
Donations and legacies
4
Charitable activities
5
Other income
6
Total
Expenditure on:
Raising funds
7
Charitable activities
8
Other
7
Total
Net gain on investments
14
Net expenditure
Transfer between funds
18
Net movement in funds
Reconciliation of funds:
Total funds brought
forward
Total funds carried
forward		 3,014
-
3,014
161
147
308
81
-
81
3,256
147
3,403
(266)
-
(266)
(3,114)
(21)
(3,135)
(51)
-
(51)
(3,431)
(21)
(3,452)
62
-
62
(113)
126
13
133
(133)
-
20
(7)
13
3,818
7
3,825
3,838
-
3,838

All gains and losses recognised in the year are included in the Statement of Financial Activities. The prior year comparatives, for the year ended 2023, are shown on page 22.

21

Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (and summary income and expenditure account) FOR THE YEAR ENDING 31 DECEMBER 2023

Note Unrestricted
funds
£'000		 Restricted
funds
£'000		 Total
2023
£'000
Income from:
Donations and legacies
4
Charitable activities
5
Investments
6
Total
Expenditure on:
Raising funds
7
Charitable activities
8
Other
7
Total
Net gain on investments
14
Net expenditure
Transfer between funds
Net movement in funds
Reconciliation of funds:
Total funds brought
forward
Total funds carried
forward		 3,077
181
57
3,315
(289)
(3,531)
(47)
(3,867)
141
(411)
8
(403)
4,221
3,818		 -
52
-
52
-
(44)
-
(44)
-
8
(8)
-
7
7		 3,077
233
57
3,367
(289)
(3,575)
(47)
(3,911)
141
(403)
-
(403)
4,228
3,825

All gains and losses recognised in the year are included in the Statement of Financial Activities.

22

Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

BALANCE SHEET

AS AT 31 DECEMBER 2024

Note 2024
£'000		 2023
£'000
Fixed assets
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
16
Liabilities
Creditors: amounts falling due within one year
17
Net current assets
Net assets
The funds of Zurich Community Trust:
Unrestricted income funds
General funds
18
Designated funds
18
Restricted income funds
19
Total funds		 1,891
1,891
77
2,215
2,292
(345)
1,947
3,838
1,970
1,868
3,838
-
3,838		 1,829
1,829
139
2,692
2,831
(835)
1,996
3,825
3,423
395
3,818
7
3,825

The financial statements on pages 21 to 40 were approved by the Board of Trustees on 23 July 2025 and were signed on its behalf by:

Trustee ..................................

Steve Collinson Name .....................................

23

Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDING 31 DECEMBER 2024

Note 2024
£'000		 2023
£'000
Cash flows from operating activities
Net cash provided by operating activities
20
Cash flows from investing activities
Dividends and interest from investments
6
Social Bond Divestment
14
Net cash provided by investing activities
Net decrease in cash and cash
equivalents
Cash and cash equivalents at the beginning of the Year
Cash and cash equivalents at the end of the Year
Analysis of cash and cash equivalents:
Cash at bank and in hand
16
Cash and cash equivalents
21		 (558)
81
-
81
(477)
2,692
2,215
2,215
2,215		 (463)
57
250
307
(156)
2,848
2,692
2,692
2,692

24

Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

1. Statement of compliance

These financial statements have been prepared in compliance with United Kingdom Accounting Standards, including FRS 102 and the Companies Act 2006.

2. Accounting policy information

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated.

2.1 Adoption of new and revised standards

There have been no changes that impact the financial statements.

2.2 Basis of preparation

The Trustees are satisfied that ZCT can continue to use the going concern basis in preparing the financial statements. In making this assessment the Trustees have considered the projected cash flows of Zurich Community Trust which show that ZCT has sufficient resources for a period of twelve months from the date of approval of these financial statements.

The financial statements have been prepared under the historical cost convention, as modified for investments held at market value in accordance with the Companies Act 2006, the Statement of Recommended Practice ‘Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland’ (“SORP”) and the Charities Act 2011.

2.3 Statement of Financial Activities ( and summary income and expenditure account) (“SoFA”)

Zurich Community Trust is a registered charity, and achievements cannot be measured by normal commercial criteria. Accordingly, the Trustees consider that it would be inappropriate to present a Profit and Loss Account in one of the formats set out in the Companies Act, and therefore, as permitted by that Act, and in order to reflect the special nature of the Company’s activities and the SORP, the Trustees have presented a SoFA.

2.4 Income

Income from donations and legacies includes the amount receivable under Gift Aid from the Zurich UK employees of Zurich Employment Services Limited and Zurich UK General Services Limited, Zurich Management Services Limited, Zurich Insurance Group Ltd and ZZF Foundation.

Income from Charitable Activities represents amounts receivable as a result of a variety of fundraising events and initiatives including events organised by Zurich group staff and Capita employees (working on an outsourced Zurich contract).

Income is recognised when it is probable that the economic benefit in respect of the income will flow to Zurich Community Trust and when ZCT has the rights or other access to that economic benefit. Income from investments is also included in income.

All income relating to the reporting period to which the accounts relate is taken into account without regard to the date of payment or receipt.

25

Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

2. Accounting policy information (continued)

2.5 Expenditure

Expenditure is recognised when a liability or cost is incurred. Expenditure that relates to more than one cost category (support costs) has been apportioned across raising funds, charitable activities and other costs based on the percentage of resource utilisation on these activities. Expenditure includes recharges from other Zurich companies relating to staff costs.

Multi-year grant payments are accounted for in the year that they relate to. Additional years commitments are not included in the current year where there are conditions to be met before the future grant payment can be released.

Expenditure on charitable activities includes expenditure related to grant giving. Grants represent amounts payable and amounts authorised for payment, for which certain conditions have been met, to charities during the year. Each grant is recognised as an expense when the liability is incurred. All grants made during the year supported the objectives of Zurich Community Trust and the recipient organisations.

Zurich Community Trust also uses its financial resources to provide its charitable partners with a variety of additional resources to support their activities and overall good governance. These include training courses, memberships, and access to online funding search engines. Other costs include those incurred in the governance of ZCT and its assets and are primarily associated with constitutional and statutory requirements.

2.6 Donated services

Donated services have been recognised at the Trustees’ best estimate of their value. These are recognised as income from donations and legacies and expenditure on Charitable Activities, as required by the SORP.

2.7 Fund accounting

Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Trustees in furtherance of the general charitable objectives.

Designated funds are unrestricted funds earmarked by the Trustees for specific purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by ZCT for particular purposes.

2.8 Investments

Investments are valued at fair value, being the market value at the reporting date. Any fair value adjustments are recorded in the Statement of Financial Activities. Investments that have a maturity date of less than one year are recognised as current asset investments. Investments that have a maturity date of more than one year or no maturity date are recognised as fixed asset investments. Investment income is accounted for on an accruals basis.

2.9 Cash at bank and in hand

Cash at bank and in hand includes cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

26

Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

2. Accounting policy information (continued)

2.10 Recognition of liabilities

Liabilities are recognised when an obligation arises to transfer economic benefits as a result of past transactions or events.

3. Accounting policies and estimates

In the application of the company’s accounting policies, management are required to make judgements and use certain estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. Zurich Community Trust currently does not have any critical judgements or use estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.

4. Income from donations and legacies

Unrestricted funds
Donation from Zurich UK Businesses
Regular Giving
Donated services
Other voluntary income
Restricted funds
 2024
£’000
2,724
88
198
4
3,014
-
-
3,014		 2023
£’000
2,649
212
211
5
3,077
-
-
3,077

27

Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

4. Income from donations and legacies (Continued)

Gift aid forms part of the Regular Giving amount. Gift Aid is donated on the understanding that Zurich Community Trust can use that donation for any purpose to further its own objectives, with no conditions attached.

5. Income from Charitable activities

Unrestricted funds:
Runs and Cycle Rides
Zurich UK Employee Fundraising
Lottery
Tax recoverable on gift aided donations
Other voluntary income
Restricted funds:
Zurich UK Employee Fundraising
Other voluntary income



2024
£’000
44
30
55
23
9
161
147
-
147
308		 2023
£’000
58
48
54
10
11
181
48
4
52
233

6. Other Income

Bank interest 2024
£'000
81
81		 2023
£'000
57
57

28

Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

7. Analysis of expenditure

Zurich Community Trust allocates its expenditure as shown in the table below and then further apportions those costs between the three charitable activities undertaken (see Note 8). Support costs are allocated on a basis consistent with the use of resources.

Support Costs
Staff and related costs
Fundraising expenses
Travel and accommodation
Stationery
Office equipment and IT
Miscellaneous
Lottery
Governance costs
Donated services
Total support costs
Charitable Donations
Total expenditure		 Other
£'000
38
-
-
2
-
4
-
-
7
51
-
51		 Raising
Funds
£'000
158
54
2
-
-
18
11
-
23
266
-
266		 Raising
Funds
£'000
158
54
2
-
-
18
11
-
23
266
-
266		 Charitable
Activities
£'000
926
-
14
4
1
137
-
3
168
1,253
1,882
3,135		 Charitable
Activities
£'000
926
-
14
4
1
137
-
3
168
1,253
1,882
3,135		 Total
2024
£'000
1,122
54
16
6
1
159
11
3
198
1,570
1,882
3,452		 Total
2023
£'000
969
89
15
14
3
175
14
3
211
1,493
2,418
3,911

Staff working on behalf of Zurich Community Trust are employed by Zurich Employment Services Limited (“ZES”). Staff costs are detailed in Note 10.

Governance support costs represent the portion of the fees borne by ZCT for the audit of ZCT’s financial statements. Amount in excess of £3,000 is borne by Zurich Assurance Ltd (“ZAL”) and recognised as part of donated services.

29

Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

8. Charitable activities

Trust:
Strategic Funding Programmes
National and Local Partnerships:
National Partnerships
Local Partnerships
- Volunteering		 Charitable
activities
£'000
42
631
1,209
1,840
-
1,882		 Charitable
activities
£'000
42
631
1,209
1,840
-
1,882		 Support
Costs
£'000
58
386
423
809
386
1,253		 Total
2024
£'000
100
1,017
1,632
2,649
386
3,135		 Total
2023
£'000
100
1,288
1,831
3,119
356
3,575

A detailed analysis of grants made during the year can be found in Note 9. An analysis of support costs can be found in Note 7.

30

Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

9. Grants paid

Strategic Funding Programmes
Fareshare
Call in Time Programme
Young People’s Mental Health
Programme
National and Local Partnerships
Long-term Community Partnerships
National Partners:
- Dementia UK
- TeachFirst
- Magic Breakfast
- Barnardo’s

- Other
Local Partnerships
Employee Nominated Grants		 2024
£'000
7
15
20
135
200
135
135
26
1,163
46		 2024
£'000
42
631
1,209
1,882		 2023
£'000
8
18
20
166
210
166
165
225
1,391
49		 2023
£'000
46
932
1,440
2,418

All grants payable are institutional grants. No grant payments have been made to individuals.

31

Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

9. Grants paid (continued)

The following represents those organisations benefitting from the highest value of grant payments made during the year. ‘Other’ is made up of grant payments totalling less than £30,000 to a single organisation.

TeachFirst
Magic Breakfast
Dementia UK
Barnardo's
The Soup Kitchen
The Deborah Ubee Trust
Woman's Trust
Dementia Concern
Swindon Domestic Abuse Support Service
Swindon & Gloucestershire Mind
Swindon Carers Centre
The Olive Tree Cafe
Alzheimer's Society
Superhero Series
Step By Step
FoodCycle
Flourishing Families Leeds
Spotlight UK
The Moving on Project
Yellow Door
Silverline Memories
Leeds Older People's Forum
Homeless Project Scotland
Other
Total		 2024
£'000
200
136
135
135
46
46
36
36
30
30
30
30
-
-
-
-
-
-
-
-
-
-
-
992
 2023
£'000
210
166
166
165
44
43
53
44
39
39
39
39
133
90
50
42
35
35
33
33
31
31
30
828
1,882 2,418

32

Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

10. Staff

Staff are employed under contracts of employment with Zurich Employment Services Limited. Staff costs recharged to Zurich Community Trust are included to the extent that these are separately identifiable.

The average number of employees working for
Zurich Community Trust during the year was:
Charitable activities
Other
Raising Funds		 2024
No.
13
2
2
17		 2023
No.
12
2
2
16

The aggregate payroll costs of these employees were:

Wages and salaries
Other pension costs
Social security costs
Employee benefits		 2024
£'000
845
84
85
108
1,122		 2023
£'000
729
78
78
84
969

The number of employees whose emoluments as defined for taxation purposes amounted to over £60,000 in the year was as follows:

£60,000 - £69,999

£70,000 - £79,999
£80,000 - £89,999
£90,000 - £99,999
£100,000 - £109,999
£110,000- £119,999
£120,000- £129,999		 2024
3
1
-
-
-
-
1		 2023
2
1
-
-
-
1
-

The total emoluments paid to key management personnel during 2024 was £159,206 (2023: £110,240). There were two key management personnel during 2024 (2023: 1).

Zurich Community Trust is not the employing company for these staff and therefore no further pension disclosures or share based payment disclosures have been included in these financial statements. The costs are recharged from the employing company to ZCT and the disclosures are available in the financial statements of the employing company noted above.

33

Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

11. Taxation

Zurich Community Trust is a registered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance ZCT’s primary objectives, if these profits and surpluses are applied solely for charitable purposes.

12. Net expenditure

Net expenditure for the year is stated after charging:

Auditor's remuneration in respect of audit services 2024
2023
£'000
£'000
13
11

Auditor's remuneration in respect of Zurich Community Trust audit was £12,666 (2023: £10,052). The amount borne by ZCT totalled £3,000 (2023: £3,000). Audit fee borne by Zurich Assurance Limited amounted to £9,066 (2023: £7,052).

13. Trustees' emoluments and expenses

Trustees claimed travel and training expenses of £262 (2023: 434).

No Trustee was paid in respect of services provided to Zurich Community Trust either by ZCT or by a related party (2023: nil).

14. Fixed asset investments

Investment in 'UK Social Bond Fund'

2024 2023
£'000 £'000
1,891 1,829
Investment in ‘UK Social Bond Fund’
Investment in ‘UK Social Bond Fund’		 At 1 Jan
2024
£'000
1,829
1 Jan
2023
£'000
1,938		 Divestment
2024
£'000
-
Divestment
2023
(250)		 Valuation
movement
£'000
62
Valuation
movement
£'000
141		 At 31 Dec
2024
£'000
1,891
At 31 Dec
2023
£'000
1,829
At

34

Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

14. Fixed asset investments (continued)

An unrealised gain on fixed asset investments of £62,000 (2023: unrealised gain of £141,000) was recognised in the year.

15. Debtors

Prepayments and accrued income
Amounts due from Zurich Insurance Group Ltd undertakings
Sundry debtors		 2024
£'000
48
-
29
77		 2023
£'000
101
9
29
139

Amounts due from Zurich Insurance Group Ltd undertakings are unsecured, interest free and have no fixed date of repayment.

16. Cash at bank and in hand

Cash at bank and in hand
Cash at bank and in hand		 At 1 Jan
2024
£’000
2,692

1 Jan
2023
£’000
2,848
 Cash
flows
£’000
(477)
Cash
flows
£’000
(156)		 At 31 Dec
2024
£'000
2,215
At 31 Dec
2023
£'000
2,692
At

17. Creditors: amounts falling due within one year

Amounts due to Zurich Insurance Group Ltd undertakings
Accruals and deferred Income		 2024
£’000
257
88
345		 2023
£'000
574
261
835

35

Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

18. Statement of funds

General Funds
Designated Funds
Total Unrestricted Funds
Restricted Funds
Total Funds
General Funds
Designated Funds
Total Unrestricted Funds
Restricted Funds
Total Funds		 At 1 Jan
2024

£’000
3,423
395
3,818
7
3,825
1 Jan
2023
£’000
1,176
3,045
4,221
7
4,228		 Income
£’000
3,256

-

3,256

147

3,403
Income
£’000
3,315
-		 Income
£’000
3,256

-

3,256

147

3,403
Income
£’000
3,315
-		 Income
£’000
3,256

-

3,256

147

3,403
Income
£’000
3,315
-		 Expenditure
£’000
(3,431)

-

(3,431)

(21)

(3,452)
Expenditure
£’000
(3,867)

-

(3,867)

(44)

(3,911)		 Investment
Gain
£’000
62
-		 Investment
Gain
£’000
62
-		 Transfers Transfers At 31 Dec
2024

£’000

1,970

1,868		 At 31 Dec
2024

£’000

1,970

1,868
£’000
(1,340)
1,473		 £’000



62
-		 133
(133)
3,838
-
62 - 3,838
At


Investment
Gain
£’000
141
-		 Transfers At 31 Dec
2023

£’000

3,423

395
£’000 £’000
2,658
(2,650)		 £’000
3,315
-

3,315
52


141
-		 8
(8)		 3,818
7
3,367
141 - 3,825

The general funds represent the free funds of Zurich Community Trust which are not designated for particular purposes and therefore have no trust law restrictions. Designated funds include funds set aside for the support of various long-term projects.

36

Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

18. Statement of funds (continued)

The designated fund has increased by £1,473,000 during 2024 (2023: decreased by £2,650,000). This increase is due to Zurich Community Trust entering a new three-year funding agreement from Zurich UK Businesses. During February 2024, decisions were made by the board to extend the three National and 55 Local partnerships by a further two years as well as agree to a new local partner.

Restricted funds comprise of funds raised by employees for specified charities. Zurich Community Trust can only use these funds as specified by the donor in accordance with Trust Law. During the year, ZCT conducted a review of the nature and designation of its funds. As a result, the balance of £7,000 was reclassified from restricted to unrestricted income to accurately reflect the terms of the original donations. These funds previously treated as restricted were found not to contain binding restrictions as initially interpreted. The total funds held by ZCT were not affected by this reclassification.

The designated funds for 2024 can be broken down into the below:

The long-term project commitments and future spend, for which designated
funds have been set aside, include:
Call in Time
Young Peoples Mental Health Programme
Local Multi Year Funding Partnerships
National Partnerships
Teach First
The short-term project commitments and future spend, for which designated
funds have been set aside, include:
Short-term project commitments
Income designated for future years
Total designated funds		 2024
2023
£’000
£’000
15
-
-
20
1,089
-
405
200
-
200
159
150
-
25
1,868
395

37

Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

19. Analysis of net assets between funds

Fund balances at 31 December 2024 are
represented by:
Fixed asset investments
Current assets
Creditors
Net assets
Fund balances at 31 December 2023 are
represented by:
Fixed asset investments
Current assets
Creditors
Net assets		 Fund balances at 31 December 2024 are
represented by:
Fixed asset investments
Current assets
Creditors
Net assets
Fund balances at 31 December 2023 are
represented by:
Fixed asset investments
Current assets
Creditors
Net assets		 Restricted
funds
£'000
-
-
-
-
Restricted
funds
£'000
-
7
-
7		 Designated
funds
£'000
-
1,868
-
1,868
Designated
funds
£'000
-
395
-
395		 General
funds
£'000
1,891
424
(345)
1,970
General
funds
£'000
1,829
2,429
(835)
3,423		 General
funds
£'000
1,891
424
(345)
1,970
General
funds
£'000
1,829
2,429
(835)
3,423		 Total
£'000
1,891
2,292
(345)
3,838
Total
£'000
1,829
2,831
(835)
3,825

20. Reconciliation of net expenditure to net cash provided by / (used in) operating activities

Net expenditure for the reporting period
Adjustments for:
Decrease / (increase) in debtors
Increase / (decrease) in creditors
Income from investments
(Gain) on investments
Net cash provided by / (used in) operating activities		 Note
15
17
6
14		 2024
£'000
13
62
(490)
(81)
(62)
(558)		 2023
£'000
(403)
(95)
233
(57)
(141)
(463)

38

Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

21. Analysis of changes in net funds

Cash at bank and in hand
Cash and cash equivalents
At 1 Jan
2024
£'000
2,692
2,692		 Cash
flows
£'000
(477)
(477)		 At 31 Dec
2024
£'000
2,215		 At 31 Dec
2024
£'000
2,215

2,215

22. Related parties

a. Controlling parties

Zurich Community Trust members are Zurich Financial Services (UKISA) Limited and Zurich Financial Services (UKISA) Nominees Limited. The principal activity of UKISA is that of an investment holding company, and its main source of income is dividends received from its subsidiaries.

The results of Zurich Community Trust are not included in the financial statements of UKISA because the Trustees are required by legislation to act independently in the best interests of ZCT.

The members’ ultimate parent company and ultimate controlling party is Zurich Insurance Group Ltd, which is incorporated in Switzerland. The purpose of this company is to hold interests in companies active in the insurance services business, in particular in the areas of property and casualty and life insurance and asset management. Control can be exercised by the parent, for example through corporate trusteeship or through a power to appoint or remove the majority trustees. Copies of the consolidated financial statements of Zurich Insurance Group Ltd can be obtained from:

The Secretary Mythenquai 2 8002 Zurich Switzerland

Copies of the members’ financial statements can be obtained from:

Unity Place 1, Carfax Close, Swindon, SN1 1AP

Zurich Community Trust’s registered office address and legal form are detailed within ‘Reference and administrative details’ on pages 1 and 2.

39

Docusign Envelope ID: 221719EB-7E26-4024-9FAA-B402834CF77F

ZURICH COMMUNITY TRUST (UK) LIMITED (a Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

22. Related parties (continued)

b. Related party balances

Balances with Zurich Insurance Group Ltd undertakings are shown in Note 15 and 17. The balances are made up of:

Debtors:

Creditors:

All grant payments were in line with the current governance arrangements and delegated authorities for approval of grants made by Zurich Community Trust.

40