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"value": "They have been prepared on the historical cost basis, except for the revaluation of financial instruments, accounting for the transfer of assets from customers, and the revaluation of infrastructure assets to fair value on transition to IFRS. The preparation of financial statements, in conformity with IFRS, requires management to make estimates and assumptions that affect the amounts of assets and liabilities at the date of the financial statements and the amounts of revenues and expenses during the reporting periods presented. Although these estimates are based on management\u2019s best knowledge of the amount, event or actions, actual results, ultimately, may differ from these estimates. The financial statements have been prepared on the going concern basis as the directors have a reasonable expectation that the Group has adequate resources for a period of at least 12 months from the date of the approval of the financial statements and that there are no material uncertainties to disclose. In assessing the appropriateness of the going concern basis of accounting, the directors have reviewed the resources available to the group in the form of cash and committed facilities as well as consideration of the group\u2019s capital adequacy, along with a baseline plan that incorporates latest views of the current economic climate. The directors have considered the magnitude of potential impacts resulting from uncertain future events or changes in conditions, and the likely effectiveness of mitigating actions that the directors would consider undertaking. The baseline position has been subjected to a number of severe, but plausible, downside scenarios in order to assess the group\u2019s ability to operate within the amounts and terms (including relevant covenants) of existing facilities. These scenarios consider: the potential impacts of increased totex costs, including a significant one-off totex impact of \u00a3400 million arising in the assessment period; elevated levels of bad debt of \u00a315 million per annum; outcome delivery incentive penalties equivalent to 1.0 per cent of RoRE per annum; and the impact of these factors materialising on a combined basis. Mitigating actions were considered to include deferral of capital expenditure; a reduction in other discretionary totex spend; the close out of derivative asset balances; and the deferral or suspension of dividend payments.Consequently, the directors are satisfied that the group will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements, and that the severe but plausible downside scenarios indicate that the Group will be able to operate within the amounts and terms (including relevant covenants) of existing facilities. The financial statements have, therefore, been prepared on a going concern basis.Critical accounting judgements and key sources of estimation uncertaintyIn the process of applying its accounting policies set out in note A6, the group is required to make certain estimates, judgements and assumptions that it believes are reasonable based on the information available. These judgements, estimates and assumptions affect the carrying amounts of assets and liabilities at the date of the financial statements and the amounts of revenues and expenses recognised during the reporting periods presented. Changes to these estimates, judgements and assumptions could have a material effect on the financial statements. On an ongoing basis, the group evaluates its estimates using historical experience, consultation with experts and other methods considered reasonable in the particular circumstances. As estimates carry with them an inherent level of uncertainty, the group performs sensitivity analysis where this is practicable and where, in management\u2019s opinion, it provides useful and meaningful information. This sensitivity analysis is performed to understand a range of outcomes that could be considered reasonably possible based on experience and the facts and circumstances associated with individual areas of the financial statements that are subject to estimates. Actual results may differ significantly from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known. As part of the evaluation of critical accounting judgements and key sources of estimation uncertainty, the group has considered the implications of climate change on its operations and activities, further details of which are set out below. The following paragraphs detail the critical accounting judgements and key sources of estimation uncertainty in the financial statements. In determining which of these are significant, the group has considered the extent to which the estimation gives rise to a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Considered in this context, the group considers the accounting estimates for retirement benefits and the useful economic lives of property, plant and equipment and intangible assets to be a significant area of estimation uncertainty in preparing the financial statements.Retirement benefits management does not recognise revenue We have also considered the high level Accounting estimate* \u2013 The group for amounts which have been billed of uncertainty as to how economic operates two defined benefit pension to those customers on the basis that conditions may impact the recoverability schemes, which are independent of the collectability is not probable. These are of household receivables for a significant group\u2019s finances. Actuarial valuations as follows: proportion of the group\u2019s customer base. of the schemes are carried out as A range of scenarios have been used to \u2022 The customer has not paid their bills for determined by the trustees at intervals inform a probability-based assessment of a period of at least two years; or of not more than three years. Profit the allowance for expected credit losses. \u2022 The customer has paid their bills These take account of cash collection before tax and net assets are affected in the preceding two years but has rates in the current year as well as recent by the actuarial assumptions used. The previously had bills de-recognised and years, incorporating the current economic key assumptions include: discount rates, has more than their current year debt uncertainty to provide a range of views pay growth, mortality, and increases outstanding. as to how recoverability of household to pensions in payment and deferred pensions. It should be noted that actual receivables may be impacted. This This two-criteria approach resulted rates may differ from the assumptions assessment resulted in the release of a in a \u00a331.0 million (2023: \u00a329.5 million) used due to changing market and significant portion of the management reduction in revenue compared with economic conditions and longer or overlay, which had previously been what would have been recognised had shorter lives of participants and, as such, recognised in light of the economic no adjustment been made for amounts this represents a key source of estimation uncertainty arising initially from the onset where collectability is not probable. uncertainty. Sensitivities in respect of of the COVID-19 pandemic, and which is Had management made an alternative the assumptions used during the year are described more fully within the Annual judgement that where customers have disclosed in note A4.Report for the year ended 31 March 2020. paid in the preceding two years, and This overlay was subsequently maintained have more than their current year Accounting estimate* \u2013 Included within to address the collection risk arising from debt outstanding, the recoverability the group\u2019s defined benefit pension recent cost-of-living pressures and the of the entirety of their debt was scheme assets are assets with a fair value adverse impact on customer affordability. deemed to be probable (i.e. the second estimated to be \u00a31,772.0 million (2023: A review of cash collection performance criteria were disapplied), the required \u00a3216.3 million) that are categorised as in the current year has led to an increase adjustment to revenue would have been \u2018level 3\u2019 within the IFRS 13 \u2018Fair value in the modelled provisioning rates used \u00a319.4 million (2023: \u00a318.6 million) lower.measurement\u2019 hierarchy, meaning in the year as this data is incorporated that their value is not observable at 31 Accounting estimate** \u2013 At each within the model, and we expect to use March 2024. This includes assets with reporting date, the company and each these revised rates going forward. The an estimated fair value of \u00a31,564.8 of its subsidiaries evaluate the estimated impact of cost-of-living pressures on the million relating to bulk annuity policies recoverability of trade receivables and recoverability of household receivables, purchased in the year as part of a partial record allowances for expected credit and the adequacy of our ECL allowance, buy-in transaction, further detail of which losses (\u2018ECL\u2019) based on experience. will continue to be kept under review. is included in note A4, and \u00a3202.7 million Estimates associated with these of investments in private debt funds. The revised provisioning rates, coupled allowances are based on, among other The fair value of the bulk annuity assets with the release of a significant portion things, a consideration of how actual is directly pegged to the present value of the management overlay, supports a collection history might inform expected of the defined benefit obligations that charge equivalent to around 1.6 per cent future recovery. The actual level of they insure, and therefore estimation of of household revenue recorded during the receivables collected may differ from their fair value is inherently linked to the period, which is slightly lower than the the estimated levels of recovery, which assumptions used in valuing the schemes\u2019 position at 31 March 2023. could impact operating results positively liabilities as set out above. Estimates or negatively. Had future cash collection been assessed of the fair value of the remaining \u2018level based on the average cash collection rates 3\u2019 assets, which now form a higher At 31 March 2024, an allowance for for the current year only, the allowance proportion of total scheme assets expected credit losses relating to for expected credit losses charged to the following the partial buy-in transaction, household customer debt of \u00a380.7 million income statement would have remained are based on valuations performed by (2023: \u00a381.5 million) was supported by at 1.6 per cent of household revenue with the investment managers\u2019 valuation a six-year cash collection projection. similar results based on using average specialists using the latest available Based on a five-year or seven-year cash cash collection from the last two years statements of each of the funds that make collection projection, the allowance or the last four years. At 31 March 2024, up the total asset balances, updated for doubtful receivables would have a charge of 1.6 per cent is considered to for any subsequent cash movements increased by \u00a30.3 million (2023: \u00a32.2 be appropriate given prevailing levels of between the statement date and the year million) or reduced by \u00a30.2 million (2023: uncertainty and recognising the level of end reporting date.\u00a30.2 million) respectively. estimation uncertainty associated with Revenue recognition and allowance In determining the allowance for expected the assumptions made in forecasting credit losses in respect of household the year-end debt position upon which for doubtful receivables customers, we have applied provisioning the allowance for expected credit losses Accounting judgement** \u2013 The group rates that are derived from historic is based.recognises revenue generally at the time experience of the recoverability of of delivery and when collection of the Accounting estimate** \u2013 United Utilities receivables, to the aged debt bandings resulting receivable has been deemed Water Limited raises bills in accordance to calculate the bad debt charge and the probable. In estimating the amount of with its entitlement to receive revenue resultant ECL allowance. The adequacy of revenue to recognise, where the group in line with the limits established by the ECL allowance is then evaluated using considers that the criteria for revenue the periodic regulatory price review analysis against the average collection over recognition are not met for a transaction, processes. For household water and the last three years, which is considered revenue recognition is delayed until wastewater customers with water meters, to give a reasonable forecast of cash such time as collectability is deemed the receivable billed is dependent on collection for use in the forward-looking probable. There are two criteria whereby the volume supplied, including the sales ECL assessment. value of an estimate of the units supplied decrease in average asset lives would the current financial year, however this between the dates of the last water meter have resulted in a \u00a343.9 million (2023: is subject to continuous assessment, reading and the billing date. Meters are \u00a339.0 million) increase in this figure.particularly as environmental legislation read on a cyclical basis and the group continues to evolve. Derivative financial instruments recognises revenue for unbilled amounts Accounting estimate** \u2013 The model The group is exposed to potential based on estimated usage from the last used to arrive at the fair value the group\u2019s asset write-downs following flooding billing through to each reporting date. derivative financial instruments requires resulting from extreme weather events, The estimated usage is based on historical management to estimate future cash flows the frequency of which are expected to data, judgement and assumptions; actual based on applicable interest rate curves. increase as the effects of climate change results could differ from these estimates, Projected cash flows are then discounted become more apparent. Following which would result in operating revenues back using discount factors that are large-scale flooding, items are identified being adjusted in the period that the derived from the applicable interest that have been damaged beyond repair revision to the estimates is determined. rate curves adjusted for management\u2019s and require immediate accounting Revenue recognised for unbilled amounts estimate of counterparty and own credit write-downs. No such charges were for these customers at 31 March 2024 risk, where appropriate. Sensitivities required in the current financial year. was \u00a3156.4 million (2023: \u00a3141.0 million). relating to derivative financial instruments In addition to the risks posed by an Had actual consumption been 5 per cent are included in note A3.increased likelihood of large-scale higher or lower than the estimate of * Judgements/estimates that could reasonably flooding events in future years, climate units supplied, this would have resulted give rise to a material adjustment to the change also presents challenges in revenue recognised for unbilled carrying value of assets or liabilities in the relating to prolonged periods of hot and amounts being \u00a35.2million (2023: \u00a34.7 next financial year.dry weather, the frequency of which million) higher or lower respectively. For ** Other judgements/estimates considered less likely to give rise to a material adjustment to is expected to increase. This could customers who do not have a meter, the the carrying value of assets or liabilities in the potentially impact the viability of certain receivable billed and revenue recognised next financial year.types of assets in future years such is dependent on the rateable value of the as those associated with the intake of property as assessed by an independent Climate change water from the natural environment, or rating officer.The group is continually developing its require a strategic reconfiguration of assessment of the impact that climate Property, plant and equipmentchange has on the assets and liabilities assets to respond to such challenges. It Accounting judgement** \u2013 The group recognised and presented in its financial is expected that if any such impact were recognises property, plant and equipment statements. to materialise this would be over a longer (\u2018PP&E\u2019) on its water and wastewater period of time rather than within a single The natural environment within which the financial year, and no financial impact has infrastructure assets where such group operates is constantly changing, been identified in the current year. expenditure enhances or increases the and this influences how its water and capacity and/or resilience of the network, In recent years the group has sought to wastewater services are to be delivered whereas any expenditure classed as further enhance the accuracy of its useful in the future. In addition, the group has maintenance is expensed in the period as life assessments through the introduction embedded ambitious climate-related incurred. Determining enhancement from of more forward-looking information in targets within its own operations, with maintenance expenditure requires an asset life reviews. This includes the use of this affecting the portfolio of assets accounting judgement, particularly when disposal data to identify trends that may required to deliver such services. projects have both elements within them. inform the group\u2019s view of useful lives Enhancement spend was 48 per cent of The impact of climate change, including into the future. This information is used total spend in relation to infrastructure adaptation to improve the group\u2019s alongside other decommissioning data assets during the year. A change of resilience to the effects of climate change, and data from strategic asset planning +/- 5 per cent would have resulted in minimisation and mitigation of the group\u2019s systems to inform useful asset lives. \u00a321.0 million (2023: \u00a312.5 million) less/contribution to climate change, and the more expenditure being charged to the The group mitigates the exposure that transition to net zero, has been considered income statement during the period. the carrying value of its asset base has in the preparation of these financial to climate-related risks through strategic statements and the measurement bases of Accounting estimate* \u2013 The planning activities that incorporate the assets and liabilities across a number estimated useful economic lives of defined climate scenarios, climate change of areas, predominantly in respect of PP&E and intangible assets is based mitigation pledges, and long-term climate the valuation of the property, plant and on management\u2019s experience. When projections. The group installs permanent equipment held by the group. management identifies that actual useful flood defences and other resilience economic lives differ materially from the Asset life reviews are undertaken measures at the most vulnerable facilities estimates used to calculate depreciation, regularly for facilities impacted by climate to protect its assets. The group further that charge is adjusted prospectively. change, environmental legislation or mitigates the financial exposure arising Due to the significance of PP&E and the group\u2019s decarbonisation measures. from climate-related risks through the intangibles investment to the group, This can result in the acceleration of use of insurance policies, which insure variations between actual and estimated depreciation or be an indication of against costs incurred as a result of major useful economic lives could impact potential impairment of assets that are environmental incidents.operating results both positively and deemed to be commercially obsolete negatively. As such, this is a key source of or for which no further use is planned, estimation uncertainty. The depreciation in part as a result of the group\u2019s and amortisation expense for the year decarbonisation strategy. In recent years, was \u00a3438.8 million (2023: \u00a3423.6 million). this has resulted in material accelerations A 10 per cent increase in average asset in respect of bioresources facilities lives would have resulted in a impacted by changes in environmental \u00a339.9 million (2023: \u00a341.4 million) legislative requirements. No further reduction in this figure and a 10 per cent material accelerations were required in 1 Segmental reportingThe board of directors of United Utilities Group PLC (the board) is provided with information on a single-segment basis for the purposes of assessing performance and allocating resources. The group\u2019s performance is measured against a range of financial and operational key performance indicators (\u2018KPIs\u2019), with operational KPIs aligned to the group\u2019s purpose and financial KPIs focused on profitability and financial sustainability. The board reviews revenue, operating profit and gearing, along with operational drivers at a consolidated level. In light of this, the group has a single segment for financial reporting purposes.3 Directors and employeesDirectors\u2019 remuneration2024 2023\u00a3m \u00a3mFees to non-executive directors 0.8 0.8Salaries 1.1 1.6Benefits 0.2 0.4Bonus 0.4 0.6Share-based payment charge 0.7 1.83.2 5.2Further information about the remuneration of individual directors and details of their pension arrangements are provided in the directors\u2019 remuneration report on pages 142 to 163.Remuneration of key management personnel2024 2023\u00a3m \u00a3mSalaries and short-term employee benefits 6.8 6.4Share-based payment charge 1.8 3.48.6 9.8Key management personnel comprises all directors and certain senior managers who are members of the executive team.The total expense included within staff costs in respect of equity-settled share-based payments was \u00a32.1 million (2023: \u00a34.6 million). The company operates several share option schemes, details of which are given on pages 147 to 148 and 159 to 160 in the Directors\u2019 remuneration report.3 Directors and employees continuedStaff costs (including directors)2024 2023Group \u00a3m \u00a3m(1)Wages and salaries341.8 31 7.4Employee-related taxes and levies 32.5 30.7Severance 1.4 (0.2)Post-employment benefits:Defined benefit pension expenses (see note 14) 2.2 8.5Defined contribution pension expense (see note 14) 32.4 29.2410.3 385.6Charged to other areas including regulatory capital schemes (205.2) (193.4)Staff costs 205.1 192.2(1) Wages and salaries excluding non-permanent staff was \u00a3302.5 million (2023: \u00a3274.7 million)Included within staff costs were net credits of \u00a33.2 million (2023: \u00a30.2 million) relating to restructuring costs.Average number of staff employed by the group during the year (full-time equivalent including directors):2024 2023number numberAverage number of staff employed by the group during the year 6,035 5,975CompanyThe company has no staff.Research and development expenditure for the year ended 31 March 2024, was \u00a30.7 million (2023: \u00a31.2 million). In addition, \u00a36.0 million (2023: \u00a36.1 million) of costs have been accrued during the year by United Utilities Water Limited in relation to the Innovation in Water Challenge scheme operated by Ofwat for AMP7. These expenses offset amounts recognised in revenue during each year intended to fund innovation projects across England and Wales as part of an industry-wide scheme to promote innovation in the sector. The amounts accrued will either be spent on innovation projects that the group successfully bids for, or will be transferred to other successful water companies in accordance with the scheme rules.During the year, the group obtained the following services from its auditor:2024 2023\u00a3'000 \u00a3'000Audit servicesStatutory audit \u2013 group and company 240 215Statutory audit \u2013 subsidiaries 737 642977 857Non-audit servicesRegulatory audit services provided by the statutory auditor 80 75Other non-audit services 193 159Total audit and non-audit services 1,250 1,0916 Finance expense2024 2023\u00a3m \u00a3mInterest payable(1)Interest payable on borrowings held at amortised cost379.8 497.7379.8 497.7Fair value losses/(gains) on debt and derivative instrumentsFair value hedge relationships:(2)Borrowings(5.1) (213.1)(2)(3)Designated swaps3.4 224.7(1.7) 11.6Financial instruments at fair value through profit or loss:(4)Borrowings designated at fair value through profit or loss(21.3) (4.2)Associated swaps 22.1 0.40.8 (3.8)(5)Fixed interest rate swaps27.3 (146.0)Net receipts on derivatives and debt under fair value option (21.3) (32.8)(5)Inflation swaps5.3 (62.2)Other (0.9) (1.8)10.4 (242.8)(6)Net fair value losses/(gains) on debt and derivative instruments9.5 (235.0)389.3 262.7Notes:(1) Includes a \u00a3225.9 million (2023: \u00a3463.5 million) non-cash inflation uplift expense repayable on maturity in relation to the group\u2019s index-linked debt and \u00a31.4 million (2023: \u00a31.5 million) interest expense on lease liabilities, representing the unwinding of the discounting applied to future lease payments.(2) Includes foreign exchange gain of \u00a335.1 million (2023: \u00a320.6 million loss). These gains/losses are largely offset by fair value losses/gains on derivatives.(3) Under the provisions of IFRS 9 \u2018Financial instruments\u2019, a \u00a34.8 million gain (2023: \u00a36.3 million gain) resulting from changes to the foreign currency basis spread are recognised in other comprehensive income rather than profit or loss as they relate to items designated in an accounting hedge relationship.(4) Under the provisions of IFRS 9 \u2018Financial instruments\u2019, a \u00a30.7 million gain (2023: \u00a34.8 million gain) due to changes in the group\u2019s own credit risk is recognised in other comprehensive income rather than within profit or loss.(5) These swap contracts are not designated within an IFRS 9 hedge relationship and are classed as \u2018held for trading\u2019 under the accounting standard. These derivatives form economic hedges and, as such, management intends to hold these through to maturity.(6) Includes \u00a329.3 million (2023: \u00a331.8 million) income due to net interest on derivatives and debt under fair value option and \u00a325.9 million (2023: \u00a356.2 million) expense due to non-cash inflation uplift on index-linked derivatives. Fair value movements excluding this income are deducted to reach underlying finance expense, which forms part of the group\u2019s alternative performance measures (\u2018APMs\u2019) as set out on pages 96 to 97.Interest payable is stated net of \u00a381.0 million (2023: \u00a3127.5 million) borrowing costs capitalised in the cost of qualifying assets within property, plant and equipment and intangible assets during the year. This has been calculated by applying an average capitalisation rate of 6.1 per cent (2023: 7.9 per cent) to expenditure on such assets as prescribed by IAS 23 \u2018Borrowing Costs\u2019.Underlying finance expense, which forms part of the group\u2019s APMs set out on pages 96 to 97, is calculated by adjusting net finance expense and investment income of \u00a3306.1 million (2023: \u00a3215.7 million) reported in the income statement to exclude the \u00a39.5 million of fair value losses (2023: \u00a3235.0 million of fair value gains) in the above table, but include \u00a329.3 million (2023: \u00a331.8 million) income due to net interest on derivatives and debt under fair value option, and \u00a325.9 million (2023: \u00a356.2 million) expense due to non-cash inflation uplift on index-linked derivatives.7 Tax2024 2023\u00a3m \u00a3mCurrent taxUK corporation tax \u2013 \u2013Adjustments in respect of prior years (5.8) (25.2)Total current tax credit for the year (5.8) (25.2)Deferred taxCurrent year 44.3 44.1Adjustments in respect of prior years 4.6 32.5Total deferred tax charge for the year 48.9 76.6Total tax charge for the year 43.1 51.4The current tax \u2018adjustments in respect of prior years' of \u00a35.8 million mainly relates to claims for research and development UK tax allowances on our innovation-related expenditure, in respect of multiple prior years. It reflects an additional claim submitted during the year, along with adjustments relating to ongoing enquiries from the tax authorities in relation to these claims.The current tax 'adjustments in respect of prior years' of \u00a325.2 million in the previous year is mainly due to the utilisation of losses that were previously being carried forward.7 Tax continuedThe table below reconciles the notional tax charge at the UK corporation tax rate to the total tax charge and total effective tax rate for the year:2024 2024 2023 2023\u00a3m % \u00a3m %Profit before tax 170.0 256.3Tax at the UK corporation tax rate 42.5 25.0 48.7 19.0Deferred tax rate adjustment \u2013 \u2013 10.6 4.1Adjustments in respect of prior years (1.2) (0.7) 7. 3 2.8Net income not taxable 1.8 1.1 (15.2) (5.9)Total tax charge and effective tax rate for the year 43.1 25.4 51.4 20.0The deferred tax rate adjustment in the prior year reflects the fact that the deferred tax charge was at the future tax rate of 25 per cent, rather than the 19 per cent rate used previously.The table below reconciles the notional tax charge at the UK corporation tax rate to the total current tax charge for the year.2024 2023\u00a3m \u00a3mProfit before tax 170.0 256.3Profit before tax multiplied by the standard rate of UK corporation tax of 25% (2023: 19%) 42.5 48.7Relief for capital allowances in place of depreciation (202.0) (107.5)Disallowances of depreciation charged in the accounts 94.6 69.8Adjustments to tax charge in respect of prior years (5.8) (25.2)Financial transactions timing differences 4.2 (48.9)Pension timing differences (9.2) (6.0)Relief for capitalised interest (20.2) (24.2)Other timing differences 1.0 2.6Joint ventures net losses 1.0 \u2013Profit on disposal of subsidiary \u2013 (5.9)Income not taxable (2.8) (12.0)Depreciation charged on non-qualifying assets 3.7 2.6Current year tax losses carried forward 87.2 80.8Current tax credit for the year (5.8) (25.2)The group\u2019s current tax charge is typically lower than the UK headline rate of 25 per cent, primarily due to a range of adjustments that are simply timing differences between recognition of the income or expense in the accounts and in the related tax computations submitted to HMRC. These include deductions in relation to capital spend, pension timing differences, unrealised profits or losses in relation to financing and related treasury derivatives and capitalised interest.The current year net timing differences in relation to capital spend, i.e. capital allowances less depreciation, was higher in the current and prior year mainly due to the temporary super-deductions introduced in 2021 and \u2018first-year allowances\u2019 introduced in March 2023.The group undertakes and invests in Research & Development (\u2018R&D\u2019) upon which accelerated capital allowances are expected to be available. The extent to which R&D allowances are available on any given asset is dependent on the specific fact pattern of the asset and project. Reaching agreement with tax authorities as to the amount of R&D allowances can take a number of years, and judgment is required in estimating the amount of R&D allowances likely to be received following the conclusion of these processes. The adjustments to the tax charge in respect of prior years of \u00a35.8 million mainly relate to the ongoing enquiries from the tax authorities in relation to our claims for R&D allowances between 2019 and 2021 on our innovation-related expenditure. The group believes that it has made appropriate provision for periods that are currently still under enquiry and yet to be agreed with tax authorities, and that the carrying amount of the relevant tax assets reflect management\u2019s estimate of the most likely amount that will be received. The \u00a325.2 million in the prior year mainly relates to the utilisation of tax losses that were previously being carried forward.The year-on-year movement in financial transactions timing differences is sensitive to fair value movements on treasury derivatives and can, therefore, fluctuate significantly from year to year.The relief for capitalised interest relates to amounts that are immediately deductible under the UK tax rules notwithstanding the amounts being capitalised for accounting purposes. The year-on-year amount will depend on the amount capitalised.Other timing differences includes a range of small value items where there is a timing difference between the accounting and tax recognition.The decrease in income not taxable in the current year is mainly due to the additional 30 per cent element of the temporary capital allowances super-deductions included in the prior year, which is not applicable in the current year.Depreciation charged on non-qualifying assets relates to accounting depreciation where there is no corresponding tax deduction.7 Tax continuedCurrent year tax losses have arisen mainly as a result of the availability of tax relief available on capital spend. These losses will be carried forward to be utilised against future taxable profits.Pillar TwoIn line with the recent enactment of the Pillar Two income taxes legislation in the UK, which came into effect on 1 January 2024, the group has assessed its potential exposure. This legislation mandates a top-up tax for entities with an effective tax rate below the 15 per cent threshold. The first accounting period for the group to which the Pillar Two legislation will apply is the year to 31 March 2025. As of 31 March 2024, the only jurisdiction in which the group has a potential Pillar Two exposure is the UK. The entire UK profits of the group will be within the scope of Pillar Two. However, from preliminary calculations, we expect that the effective rate of all our group entities will exceed the 15% tax rate benchmark and management are not currently aware of any circumstances in which this may change. Therefore, the group does not expect a potential exposure to Pillar Two top-up taxes.It is unclear if the Pillar Two model rules create additional temporary differences, whether to remeasure deferred taxes for the Pillar Two model rules and which tax rate to use to measure deferred taxes. In response to this uncertainty, on 23 May 2023 and 27 June 2023, respectively, the IASB and AASB issued amendments to IAS 12 \u2018Income taxes\u2019 introducing a mandatory temporary exception to the requirements of IAS 12, under which a company does not recognise or disclose information about deferred tax assets and liabilities related to the proposed OECD/G20 BEPS Pillar Two model rules. The group applied the temporary exception at 31 March 2024.2024 2023Tax on items recorded within other comprehensive income \u00a3m \u00a3mDeferred taxOn remeasurement losses on defined benefit pension schemes (152.2) (152.8)On net fair value losses on credit assumptions for debt reported at fair value through profit and loss and cost of hedging (13.9) (19.1)Share-based payments (0.3) 0.7Total tax charge on items recorded within other comprehensive income (166.4) (171.2)The tax adjustments taken to other comprehensive income primarily relate to remeasurement movements on the group\u2019s defined benefit pension schemes. Management consider that the most likely method of realisation would be through a refund, which would be taxed at the rate applicable to refunds from a trust (currently 25 per cent reduced from 35 per cent in the prior year).Current tax assetTot alGroup \u00a3mAt 1 April 2022 74.4Charged to the income statement \u2013Adjustments in respect of prior years 25.2Transfer from amounts owed by related parties 6.1Payments/(receipts) (6.8)At 31 March 2023 98.9Charged to the income statement \u2013Adjustments in respect of prior years 5.8Payments/(receipts) (4.6)At 31 March 2024 100.1The current tax asset recognised in the statement of financial position reflects the amount of tax expected to be recoverable based on judgements made regarding the application of tax law, and the current status of negotiations with, and enquiries from, tax authorities.8 Earnings per share2024 2023\u00a3m \u00a3mProfit after tax attributable to equity holders of the company - continuing operations 126.9 204.92024 2023pence penceEarnings per shareBasic 18.6 30.0Diluted 18.6 30.0Basic earnings per share is calculated by dividing profit after tax for the financial year attributable to equity holders of the company by 681.9 million being the weighted average number of shares in issue during the year (2023: 681.9 million). Diluted earnings per share is calculated by dividing profit after tax for the financial year attributable to equity holders of the company by 683.5 million, being the weighted average number of shares in issue during the year, including dilutive shares (2023: 684.1 million).The difference between the weighted average number of shares used in the basic and the diluted earnings per share calculations represents those ordinary shares deemed to have been issued for no consideration on the conversion of all potential dilutive ordinary shares in accordance with IAS 33 \u2018Earnings Per Share\u2019. Potential dilutive ordinary shares comprise outstanding share options awarded to directors and certain employees (see note 3).The weighted average number of shares can be reconciled to the weighted average number of shares, including dilutive shares, as follows:2024 2023million millionAverage number of ordinary shares \u2013 basic 681.9 681.9Effect of potential dilutive ordinary share options 1.6 2.2Average number of ordinary shares \u2013 diluted 683.5 684.19 Dividends2024 2023\u00a3m \u00a3mAmounts recognised as distributions to equity holders of the company in the year comprise:Ordinary sharesFinal dividend for the year ended 31 March 2023 at 30.34 pence per share (2022: 29.00 pence) 206.9 197.8Interim dividend for the year ended 31 March 2024 at 16.59 pence per share (2023: 15.17 pence) 113.1 103.4320.0 301.2Proposed final dividend for the year ended 31 March 2024 at 33.19 pence per share (2023: 30.34 pence) 226.3 206.9The proposed final dividends for the years ended 31 March 2024 and 31 March 2023, were subject to approval by equity holders of United Utilities Group PLC as at the reporting dates and, hence, have not been included as liabilities in the consolidated financial statements at 31 March 2024 and 31 March 2023.10 Property, plant and equipmentProperty, plant and equipment comprises owned and leased assets.2024 2023\u00a3m \u00a3mProperty, plant and equipment \u2013 owned 12,986.7 12,513.8Right-of-use assets \u2013 leased 57.6 56.9Net book value 13,044.3 12,570.7Property, plant and equipment \u2013 ownedFixtures, Infra-\ue61fttings, Assets in Land and structure Operational tools and course of buildingsassets assets equipmentconstruction Total Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mCostAt 1 April 2022 372.3 6,031.3 8,361.7 513.7 1,639.9 16,918.9Additions 1.1 88.7 243.5 2.9 530.7 866.9Transfers 1.3 129.1 99.0 7.1 (222.6) 13.9Disposals (7.2) (10.7) (199.7) (19.1) \u2013 (236.7)At 31 March 2023 367.5 6,238.4 8,504.5 504.6 1,948.0 17,563.0Additions 2.1 79.6 224.2 6.1 580.5 892.5Transfers 16.8 469.8 423.7 21.9 (938.3) (6.1)Disposals ( 7.1 ) (0.1) (59.0) (87.3) \u2013 (153.5)At 31 March 2024 379.3 6,787.7 9,093.4 445.3 1,590.2 18,295.9Accumulated depreciationAt 1 April 2022 1 3 7.1 522.3 3,758.1 413.7 \u2013 4,831.2Charge for the year 8.5 47.9 305.5 21.6 \u2013 383.5Transfers \u2013 0.4 2.9 \u2013 \u2013 3.3Disposals (6.8) (10.6) (132.8) (18.6) \u2013 (168.8)At 31 March 2023 138.8 560.0 3,933.7 416.7 \u2013 5,049.2Charge for the year 8.4 49.2 325.4 21.3 \u2013 404.3Transfers (0.5) (0.1) (0.8) \u2013 \u2013 (1.4)Disposals (2.7) \u2013 (53.4) (86.8) \u2013 (142.9)At 31 March 2024 144.0 609.1 4,204.9 351.2 \u2013 5,309.2Net book value at 31 March 2023 228.7 5,678.4 4,570.8 87.9 1,948.0 12,513.8Net book value at 31 March 2024 235.3 6,178.6 4,888.5 94.1 1,590.2 12,986.7At 31 March 2024, the group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to \u00a3327.0 million (2023: \u00a3322.6 million). In addition to these commitments, the group has long-term expenditure plans, which include investments to achieve improvements in performance required by regulators and to provide for future growth.Following a review of inventories carried out during the year ended 31 March 2023, the group opted to reclassify spare parts previously recognised within inventories to property, plant and equipment in order to better reflect the expected consumption pattern of these items. This resulted in \u00a314.6 million being transferred to property, plant and equipment (cost) and \u00a33.3 million being transferred to accumulated depreciation at 31 March 2023, with any spare part additions being recognised directly in property, plant and equipment during the year ended 31 March 2024.11 Intangible assetsTotal Group\u00a3mCostAt 1 April 2022 432.9Additions 19.0Transfers 0.6Disposals \u2013At 31 March 2023 452.5Additions 15.9Transfers \u2013Disposals (79.3)At 31 March 2024 389.1Accumulated amortisationAt 1 April 2022 272.1Charge for the year 38.1Transfers \u2013Disposals \u2013At 31 March 2023 310.2Charge for the year 32.7Transfers \u2013Disposals (78.3)At 31 March 2024 264.6Net book value at 31 March 2023 142.3Net book value at 31 March 2024 124.5The group\u2019s intangible assets relate mainly to computer software.At 31 March 2024, the group had entered into contractual commitments for the acquisition of intangible assets amounting to \u00a31.1 million (2023: \u00a32.8 million).12 Interests in joint ventures and other investments2024 2023\u00a3m \u00a3mJoint ventures at the start of the period 16.5 16.5Share of losses of joint ventures (4.1) \u2013Joint ventures at the end of the period 12.4 16.5The group\u2019s interests in joint ventures mainly comprises its 50 per cent interest in Water Plus Group Limited (\u2018Water Plus\u2019), which is jointly owned and controlled by the group and Severn Trent PLC under a joint venture agreement.The group\u2019s total share of Water Plus losses for the year was \u00a34.1 million (2023: nil share of profits or losses), all of which is recognised in the income statement. Details of transactions between the group and its joint ventures are disclosed in note A5.13 Trade and other receivables Group Company2024 2023 2024 2023\u00a3m \u00a3m \u00a3m \u00a3mTrade receivables 61.0 47.8 \u2013 \u2013Amounts owed by subsidiary undertakings \u2013 \u2013 136.0 105.1Amounts owed by related parties (see note A5) 100.8 102.2 \u2013 \u2013Other debtors and prepayments 62.1 43.1 \u2013 \u2013Accrued income 76.6 73.1 \u2013 \u2013300.5 266.2 136.0 105.1The majority of accrued income arises from timing differences between the billing cycle and the usage of water by customers. They therefore typically reverse in subsequent months, with all amounts held in relation to these contract assets at the beginning of the reporting period having subsequently reversed into the income statement during the year.At 31 March 2024, the group had \u00a373.7 million (2023: \u00a375.7 million) of trade and other receivables classified as non-current, all of which was owed by related parties.The carrying amounts of trade and other receivables approximate to their fair value at 31 March 2024 and 31 March 2023.Trade receivables do not carry interest and are stated net of allowances for bad and doubtful receivables, an analysis of which is as follows:2024 2023Group\u00a3m \u00a3mAt the start of the year 85.7 84.6Amounts charged to operating expenses 22.0 22.7Trade receivables written off (22.8) (21.0)Amounts charged to deferred grants and contributions (0.5) (0.6)At the end of the year 84.4 85.7Amounts charged to deferred income relate to amounts invoiced for which revenue has not yet been recognised in the income statement.At each reporting date, the group evaluates the recoverability of trade receivables and records allowances for expected credit losses, which are measured in a way that reflects an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes and considers past events, current conditions and forecasts of future conditions.At 31 March 2024 and 31 March 2023, the group had no trade receivables that were past due and not individually impaired.The following table provides information regarding the ageing of net trade receivables that were past due and individually impaired:Aged between Aged less one year Aged than one and two greater than Carrying yearyearstwo yearsvalueAt 31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3mGross trade receivables 66.7 27.2 51.4 145.3Allowance for expected credit losses (20.7) (12.7) (51.0) (84.4)Net trade receivables 46.0 14.5 0.4 60.9Aged between Aged less one year Aged than one and two greater than Carrying yearyearstwo yearsvalueAt 31 March 2023 \u00a3m \u00a3m \u00a3m \u00a3mGross trade receivables 51.6 31.8 50.1 133.5Allowance for expected credit losses (20.2) (16.7) (48.8) (85.7)Net trade receivables 31.4 15.1 1.3 47.8At 31 March 2024, the group had \u00a30.1 million (2023: \u00a30.3 million) of trade receivables that were not past due.At 31 March 2024 and 31 March 2023, the group had no accrued income that was past due. In instances where the collection of consideration is not considered probable at the point services are delivered, no accrued income is recognised, as the criteria to recognise revenue in accordance with IFRS 15 has not been met.14 Retirement benefitsThe group participates in two major funded defined benefit pension schemes in the United Kingdom \u2013 the United Utilities Pension Scheme (\u2018UUPS\u2019) and the United Utilities PLC group of the Electricity Supply Pension Scheme (\u2018ESPS\u2019) \u2013 as well as a defined contribution scheme, which is part of the UUPS, and a series of historic unfunded, unregistered retirement benefit schemes operated for the benefit of certain former employees.Both defined benefit schemes are closed to new employees, and since 1 April 2018 the majority of active members in the defined benefit section of the UUPS have been part of a hybrid section comprising both defined benefit and defined contribution elements in order to reduce the overall costs and risk to the group resulting from increases in future service costs, while balancing the interests of employees by maintaining an element of defined benefit pension provision.Information about the pension arrangements for executive directors is contained in the directors\u2019 remuneration report.Defined benefit schemesAs similar financial and demographic assumptions are used in accounting for both of the group\u2019s defined benefit pension schemes, and given they have similar risk profiles, the information below and further detail provided in note A4 is presented on an aggregated basis unless otherwise stated.The net pension income before tax recognised in the income statement in respect of the defined benefit pension schemes is summarised as follows:2024 2023Group\u00a3m \u00a3mCurrent service cost 2.8 6.0Past service cost (4.6) \u2013Administrative expenses 4.0 2.5Pension expense charged to operating profit 2.2 8.5Net pension interest income credited to investment income (see note 5) (28.6) (28.7)Net pension income credited to the income statement before tax (26.4) (20.2)Defined benefit pension costs excluding curtailments/settlements included within employee benefit expense were \u00a32.2 million (2023: \u00a38.5 million) comprising current service costs and administrative expenses, partially offset by a past service credit of \u00a34.6 million (2023: \u00a3nil) relating to the release of historic accrued defined benefit pension augmentations that are no longer required. Total post-employment benefits expense excluding curtailments/settlements charged to operating profit of \u00a334.6 million (2023: \u00a337.7 million) comprise the defined benefit costs described above of \u00a32.2 million (2023: \u00a38.5 million) and defined contribution costs of \u00a332.4 million (2023: \u00a329.2 million) (see note 3).The reconciliation of the opening and closing net pension surplus included in the statement of financial position is as follows:2024 2023Group\u00a3m \u00a3mAt the start of the year 600.8 1,016.8Income recognised in the income statement 26.4 20.2Contributions 9.3 9.1Remeasurement losses gross of tax (368.5) (445.3)At the end of the year 268.0 600.8Included in the contributions paid of \u00a39.3 million (2023: \u00a39.1 million), which are included as cash outflows in arriving at net cash generated from operations in the consolidated statement of cash flows, are payments in relation to historic unfunded, unregistered retirement benefit schemes of \u00a30.7 million (2023: \u00a30.6 million), and administration expenses of \u00a34.0 million (2023: \u00a32.5 million). Contributions in relation to current service cost fell to \u00a32.8 million (2023: \u00a36.0 million).Remeasurement gains and losses are recognised directly in the statement of comprehensive income.2024 2023Group\u00a3m \u00a3mThe return on plan assets, excluding amounts included in interest (402.7) (1,087.8)Actuarial gains arising from changes in financial assumptions 52.7 950.0Actuarial gains/(losses) arising from changes in demographic assumptions 49.2 (60.7)Actuarial losses arising from experience (67.7 ) (246.8)Remeasurement losses on defined benefit pension schemes (368.5) (445.3)Deferred tax on the movement in the defined benefit surplus during the year has been recognised at a rate of 25 per cent, being the rate applicable to refunds from a trust, reflecting the most likely method by which the defined benefit surplus would be realised (see note 7).14 Retirement benefits continuedFor more information in relation to the group\u2019s defined benefit pension schemes, including changes in financial and demographic assumptions, see note A4.Defined contribution schemesDuring the year, the group made \u00a332.4 million (2023: \u00a329.2 million) of contributions to defined contribution schemes, which are included in employee benefits expense in the consolidated income statement (see note 3), and as cash outflows in arriving at net cash generated from operating activities in the consolidated statement of cash flows.15 Cash and cash equivalents Group Company2024 2023 2024 2023\u00a3m \u00a3m \u00a3m \u00a3mCash at bank and in hand 3.7 2.6 \u2013 \u2013Short-term bank deposits 1,395.6 337.8 \u2013 \u2013Cash and short-term deposits 1,399.3 340.4 \u2013 \u2013Book overdrafts (included in borrowings \u2013 see note 16) (20.0) (12.5) \u2013 \u2013Cash and cash equivalents in the statement of cash flows 1,379.3 327.9 \u2013 \u2013Cash and short-term deposits include cash at bank and in hand, deposits, and other short-term highly liquid investments that are readily convertible into known amounts of cash and have a maturity of three months or less. The carrying amounts of cash and cash equivalents approximate their fair value.Book overdrafts, which result from normal cash management practices, represent the value of cheques issued and payments initiated that had not cleared as at the reporting date.16 Borrowings2024 2023Group\u00a3m \u00a3mNon-current liabilitiesBonds 7,598.2 6,378.8Bank and other term borrowings 1,691.4 1,825.0Lease obligations 56.2 55.29,345.8 8,259.0Current liabilitiesBonds 328.4 \u2013Bank and other term borrowings 304.2 160.8Book overdrafts (see note 15) 20.0 12.5Lease obligations 3.0 3.1655.6 176.410,001.4 8,435.42024 2023Company\u00a3m \u00a3mNon-current liabilitiesAmounts owed to subsidiary undertakings 1,982.3 1,864.81,982.3 1,864.8Amounts owed to subsidiary undertakings relate to an intercompany loan from United Utilities PLC to the company, which bears interest calculated with reference to the Bank of England base rate plus a credit margin, and is repayable with 12 months\u2019 notice upon written request by a director of either party, with the repayment date not falling less than 366 days after the date of the request.For further details of the principal economic terms and conditions of outstanding borrowings and the maturity profile of lease liabilities recognised at the balance sheet date, see note 19.Borrowings are unsecured and are measured at amortised cost. The carrying amounts of borrowings approximate their fair value.17 ProvisionsSeverance Other Total Group \u00a3m \u00a3m \u00a3mAt 1 April 2022 1.2 12.3 13.5(Credited)/charged to the income statement (0.3) 0.8 0.5Utilised in the year (0.5) (0.4) (0.9)At 31 March 2023 0.4 12.7 13.1Charged to the income statement 1.5 2.8 4.3Utilised in the year (1.4) (2.5) (3.9)At 31 March 2024 0.5 13.0 13.5The group had no provisions classed as non-current at 31 March 2024 or 31 March 2023.The severance provision as at 31 March 2024 and 31 March 2023 relates to severance costs as a result of group reorganisation.Other provisions principally relate to contractual, legal and environmental claims against the group and represent management\u2019s best estimate of the value of settlement, the timing of which is dependent on the resolution of the relevant claims.18 Trade and other payablesGroup Company2024 2023 2024 2023Non-current\u00a3m \u00a3m \u00a3m \u00a3mDeferred grants and contributions 9 3 7.7 873.3 \u2013 \u2013Other creditors 20.2 19.1 \u2013 \u201395 7. 9 892.4 \u2013 \u2013 Group Company2024 2023 2024 2023Current\u00a3m \u00a3m \u00a3m \u00a3mTrade payables 23.4 26.4 \u2013 \u2013Amounts owed to subsidiary undertakings \u2013 \u2013 0.9 2.0Other tax and social security 7. 5 6.9 \u2013 \u2013Deferred grants and contributions 1 7. 8 16.6 \u2013 \u2013Accruals and other creditors 315.4 272.8 4.1 3.6Deferred income 49.2 54.0 \u2013 \u2013413.3 376.7 5.0 5.6The average credit period taken for trade purchases is 11 days (2023: 11 days).The carrying amounts of trade and other payables approximates to their fair value at 31 March 2024 and 31 March 2023.The majority of deferred income balances comprise timing differences between customer payments, the billing cycle, and the usage of water by customers. They therefore typically reverse in subsequent months, with all amounts held in relation to these contract liabilities at the beginning of the reporting period having subsequently reversed into the income statement during the year.Deferred grants and contributions2024 2023Group\u00a3m \u00a3mAt the start of the year 889.9 834.2Amounts capitalised during the year 25.9 5.4Transfers of assets from customers 61.3 66.2Transfer of government grants related to assets (4.7) \u2013Credited to the income statement \u2013 revenue (1 7.4) (16.2)Credited to the income statement \u2013 other operating expenses \u2013 (0.3)Credited to allowance for bad and doubtful receivables 0.5 0.6At the end of the year 955.5 889.9During the year, the unamortised value of government grants related to assets has been transferred to property, plant and equipment and deducted in arriving at the carrying value of related assets. See note 10 for further detail.20 Other reservesCapital Cost of Cash \ue61eow redemption Merger hedging hedging reservereservereservereserve Total Group\u00a3m \u00a3m \u00a3m \u00a3m \u00a3mAt 1 April 2022 1,033.3 (703.6) 0.4 86.1 416.2Changes in fair value recognised in other comprehensive income \u2013 \u2013 6.3 (50.6) (44.3)Amounts reclassified from other comprehensive income to profit or loss \u2013 \u2013 \u2013 (36.6) (36.6)Tax on hedge effectiveness taken directly to equity \u2013 \u2013 (1.6) 12.7 11.1Tax on reclassification to consolidated income statement \u2013 \u2013 \u2013 7.0 7.0At 31 March 2023 1,033.3 (703.6) 5.1 18.6 353.4At 1 April 2023 1,033.3 (703.6) 5.1 18.6 353.4Changes in fair value recognised in other comprehensive income \u2013 \u2013 4.8 (63.0) (58.2)Amounts reclassified from other comprehensive income to profit or loss \u2013 \u2013 \u2013 1.8 1.8Tax on hedge effectiveness taken directly to equity \u2013 \u2013 (1.2) 15.8 14.6Tax on reclassification to consolidated income statement \u2013 \u2013 \u2013 (0.5) (0.5)At 31 March 2024 1,033.3 (703.6) 8.7 (27.3) 311.1The capital redemption reserve arose as a result of a return of capital to shareholders following the reverse acquisition of United Utilities PLC by United Utilities Group PLC in the year ended 31 March 2009. The merger reserve arose in the same year on consolidation and represents the capital adjustment to reserves required to effect the reverse acquisition.The group recognises the cost of hedging reserve as a component of equity. This reserve reflects accumulated fair value movements on cross-currency swaps resulting from changes in the foreign currency basis spread, which represents a liquidity charge inherent in foreign exchange contracts for exchanging currencies and is excluded from the designation of cross-currency swaps as hedging instruments.The group designates a number of swaps hedging non-financial risks in cash flow hedge relationships to give a more representative view of operating costs. Fair value movements relating to the effective part of these swaps are recognised in other comprehensive income and accumulated in the cash flow hedging reserve.21 Share capital2024 2024 2023 2023Group and companymillion \u00a3m million \u00a3mIssued, called up and fully paidOrdinary shares of 5.0 pence each 681.9 34.1 681.9 34.1Deferred shares of 170.0 pence each 274.0 465.7 274.0 465.7955.9 499.8 955.9 499.8Details of the voting rights of each category of shares can be found within the directors\u2019 report on page 165.The 170.0 pence deferred shares were created to facilitate a return of capital to shareholders following the reverse acquisition of United Utilities PLC by United Utilities Group PLC in the year ended 31 March 2009 (see company statement of changes in equity on page 184), and represent the amount of a special dividend paid on B shares at that time. The deferred shares convey no right to income, no right to vote and no appreciable right to participate in any surplus capital in the event of a winding up.24 Events after the reporting periodThere were no significant events after the reporting period requiring disclosure or any adjustments to the financial position, financial performance, or cash flows reported as at 31 March 2024.A2 Net debtNet debt comprises borrowings, net of cash and short-term deposits and derivatives hedging the financial risk associated with the (1)group\u2019s borrowings. As such, movements in net debt during the year are impacted by changes in liabilities from financing activities as detailed in the tables below. The tables below should be read in conjunction with the consolidated statement of cash flows.Borrowings Derivativesat fair Total value liabilities Adjust- Bank and in a fair through from Cash ments in other term Lease value pro\ue61ft or \ue61fnancing and cash calculating Net (3)Bondsborrowingsliabilitieshedgelossactivitiesequivalentsnet debtdebt\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mAt 31 March 2023 (6,378.9) (1,985.9) (58.3) (151.1) 349.8 (8,224.4) 327.9 (304.3) (8,200.8)Non-cash movements:Inflation uplift on index-linked debt (178.2) (47.7) \u2013 \u2013 \u2013 (225.9) \u2013 \u2013 (225.9)Fair value movements (11.2) 3.3 \u2013 1.5 (54.7) (61.1) \u2013 6.7 (54.4)Foreign exchange 26.6 8.6 \u2013 \u2013 \u2013 35.2 \u2013 \u2013 35.2Other (4.3) \u2013 (3.8) \u2013 \u2013 (8.1) \u2013 \u2013 (8.1)Cash flows used in financing activities:Receipts in respect of borrowing and (2)derivatives(1,492.0) (103.8) \u2013 (14.2) \u2013 (1,610.0) 1,610.0 \u2013 \u2013Payments in respect of borrowings and (2)derivatives111.4 129.9 1.5 5.7 \u2013 248.5 (248.5) \u2013 \u2013Dividends paid \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (320.0) \u2013 (320.0)Exercise of share options \u2013 purchase of shares \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (3.8) \u2013 (3.8)Changes arising from financing activities (1,547.7) (9.7) (2.3) (7.0) (54.7) (1,621.4) 1,037.7 6.7 (577.0)Cash flows used in investing activities \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (731.4) \u2013 (731.4)Cash flows generated from operating activities \u2013 \u2013 1.4 \u2013 \u2013 1.4 745.1 \u2013 746.5At 31 March 2024 ( 7,926.6) (1,995.6) (59.2) (158.1) 295.1 (9,844.4) 1,379.3 (297.6) (8,762.7)Notes:(1) Derivatives held for the purpose of hedging commodity prices are excluded from net debt. At 31 March 2024, the group had net derivative liabilities of \u00a334.8 million (2023: net derivative assets of \u00a325.5 million) to hedge electricity prices. See note A3 for further details.(2) Where derivatives are in an economic hedge of borrowings, derivative cash flows are shown net, with the net payment or receipt being reported against the underlying borrowing cash flow to provide a more faithful representation of the substance of the transaction.(3) The fair value of the derivatives reported in financing liabilities that are not hedging specific debt instruments are removed in calculating the group\u2019s net debt position. These derivatives correspond to the group\u2019s fixed interest rate swaps and inflation swaps, neither of which are designated within an IFRS 9 hedging relationship and both of which are classified as \u2018held for trading\u2019 under the accounting standard. The fair value movements on those derivatives that are not excluded from the revised definition of net debt (being derivatives in fair value hedge relationships) are expected to be materially equal and opposite in value to the fair value movement included in borrowings, resulting in materially all fair value movements being excluded.Fair value movements includes the indexation expense relating to the group\u2019s inflation swap portfolio of \u00a3111.3 million (2023: \u00a385.3 million). The remaining fair value and foreign exchange movements in the year on the group\u2019s bond and bank borrowings are materially hedged by the fair value swap portfolio.A2 Net debt continuedBorrowings Derivativesat fair Total value liabilities Adjust- Bank and in a fair through from Cash ments in other term Lease value pro\ue61ft or \ue61fnancing and cash calculating Net (2)Bondsborrowingsliabilitieshedgelossactivitiesequivalentsnet debtdebt\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mAt 31 March 2022 (6,168.4) (1,729.9) (60.9) 68.9 140.3 (7,750.0) 220.1 (40.1) (7,570.0)Non-cash movements: Inflation uplift on index-linked debt (325.4) (138.0) \u2013 \u2013 \u2013 (463.4) \u2013 \u2013 (463.4)Fair value movements 239.2 3.3 \u2013 (220.1) 209.5 231.9 \u2013 (264.2) (32.3)Foreign exchange (22.3) 1.7 \u2013 \u2013 \u2013 (20.6) \u2013 \u2013 (20.6)Other 1.1 0.3 (2.2) \u2013 \u2013 (0.8) \u2013 \u2013 (0.8)Cash flows used in financing activities:Receipts in respect of borrowing and (1)derivatives(103.1) (398.0) \u2013 \u2013 \u2013 (501.1) 501.1 \u2013 \u2013Payments in respect of borrowings and (1)derivatives\u2013 274.7 3.3 0.1 \u2013 278.1 (278.1) \u2013 \u2013Dividends paid \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (301.2) \u2013 (301.2) Exercise of share options \u2013 purchase of shares \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (6.8) \u2013 (6.8)Changes arising from financing activities (210.5) (256.0) 1.1 (220.0) 209.5 (475.9) (85.0) (264.2) (825.1)Cash flows used in investing activities \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (593.4) \u2013 (593.4)Cash flows generated from operating activities \u2013 \u2013 1.5 \u2013 \u2013 1.5 787.5 \u2013 789.0Effects of exchange rate changes \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1.3) \u2013 (1.3)At 31 March 2023 (6,378.9) (1,985.9) (58.3) (151.1) 349.8 (8,224.4) 327.9 (304.3) (8,200.8)Notes:(1) Where derivatives are in an economic hedge of borrowings, derivative cash flows are shown netted with the net payment or receipt being reported against the underlying borrowing cash flow to provide a more faithful representation of the substance of the transaction.(2) The fair value of the derivatives reported in financing liabilities that are not hedging specific debt instruments are removed in calculating the group\u2019s net debt position. These derivatives correspond to the group\u2019s fixed interest rate swaps and inflation swaps, neither of which are designated within an IFRS 9 hedging relationship and both of which are classified as \u2018held for trading\u2019 under the accounting standard. The fair value movements on those derivatives that are not excluded from the revised definition of net debt (being derivatives in fair value hedge relationships) are expected to be materially equal and opposite in value to the fair value movement included in borrowings, resulting in materially all fair value movements being excluded.A3 Financial risk managementRisk management The board is responsible for treasury strategy and governance, which is reviewed on an annual basis.The treasury committee, a subcommittee of the board, has responsibility for setting and monitoring the group\u2019s adherence to treasury policies, along with oversight in relation to the activities of the treasury function.Treasury policies cover the key financial risks: liquidity risk, credit risk, market risk (inflation, interest rate, electricity price and currency) and capital risk. As well as managing our exposure to these risks, these policies help the group maintain compliance with relevant financial covenants, which are in place primarily in relation to borrowings from the European Investment Bank (\u2018EIB\u2019) and include interest cover and gearing metrics. These policies are reviewed by the treasury committee for approval on at least an annual basis, or following any major changes in treasury operations and/or financial market conditions.Day-to-day responsibility for operational compliance with the treasury policies rests with the treasurer. An operational compliance report is provided monthly to the treasury committee, which details the status of the group\u2019s compliance with the treasury policies and highlights the level of risk against the appropriate risk limits in place.The group\u2019s treasury function does not act as a profit centre and does not undertake any speculative trading activity.Liquidity risk The group looks to manage its liquidity risk by maintaining liquidity within a board-approved duration range. Liquidity is actively monitored by the group\u2019s treasury function and is reported monthly to the treasury committee through the operational compliance report.At 31 March 2024, the group had \u00a32,199.3 million (2023: \u00a31,190.4 million) of available liquidity, which comprised \u00a31,399.3 million (2023: \u00a3340.4 million) of cash and short-term deposits and \u00a3800.0 million (2023: \u00a3850.0 million) of undrawn committed borrowing facilities.The group had available committed borrowing facilities as follows:2024 2023Group\u00a3m \u00a3mExpiring within one year 50.0 150.0Expiring after one year but in less than two years 200.0 50.0Expiring after more than two years 550.0 650.0Total borrowing facilities 800.0 850.0Facilities drawn \u2013 \u2013Total borrowing facilities 800.0 850.0These facilities are arranged on a bilateral rather than a syndicated basis, which spreads the maturities more evenly over a longer time period, thereby reducing the refinancing risk by providing several renewal points rather than a large single refinancing point.CompanyThe company did not have any committed facilities available at 31 March 2024 or 31 March 2023.Maturity analysisConcentrations of risk may arise if large cash flows are concentrated within particular time periods. The maturity profile in the following table represents the forecast future contractual principal and interest cash flows in relation to the group\u2019s financial liabilities on an undiscounted basis. Derivative cash flows have been shown net where there is a contractual agreement to settle on a net basis; otherwise the cash flows are shown gross. This table does not include the impact of lease liabilities for which the maturity profile has been disclosed in note 19.1 year More than Group(1)Tot alAdjustmentor less 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years5 yearsAt 31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mBonds 15,285.6 \u2013 571.3 383.6 233.6 665.4 651.3 12,780.4Bank and other term borrowings 1,779.6 \u2013 363.2 299.7 143.0 146.1 146.1 681.5(2)Adjustment to carrying value(7,123.1) ( 7,123.1) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Borrowings 9,942.1 (7,123.1) 934.5 683.3 376.6 811.5 7 9 7.4 13,461.9Derivatives:Payable 3,521.4 \u2013 189.7 272.1 153.1 260.6 346.2 2,299.7Receivable (3,093.9) \u2013 (192.4) (290.3) (178.1) (305.6) (455.0) (1,672.5)(2)Adjustment to carrying value(529.7) (529.7) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013(3)Derivatives \u2013 net assets(102.2) (529.7) (2.7) (18.2) (25.0) (45.0) (108.8) 627.2Credit riskCredit risk arises principally from trading (the supply of services to customers) and treasury activities (the depositing of cash and holding of derivative instruments). While the opening of the non-household retail market to competition from 1 April 2017 has impacted on the profile of the group\u2019s concentration of credit risk, as discussed further below, the group does not believe it is exposed to any material concentrations that could have an impact on its ability to continue as a going concern or its longer-term viability.The group manages its risk from trading through the effective management of customer relationships. Concentrations of credit risk with respect to trade receivables from household customers are limited due to the customer base being comprised of a large number of unrelated households. However, collection can be challenging as the Water Industry Act 1991 (as amended by the Water Industry Act 1999) prohibits the disconnection of a water supply and the limiting of supply with the intention of enforcing payment for certain premises, including domestic dwellings.Credit risk from trading is concentrated in a small number of retailers to whom the group provides wholesale water and wastewater services. Retailers are licensed and monitored by Ofwat and as part of the regulations they must demonstrate that they have adequate resources available to supply services. The credit terms for the group\u2019s retail customers are set out in market codes.As at 31 March 2024, Water Plus was the group\u2019s single largest debtor, with amounts outstanding in relation to wholesale services of \u00a327.1 million (2023: \u00a326.7 million). During the year, sales to Water Plus in relation to wholesale services were \u00a3334.4 million (2023: \u00a3335.1 million). Details of transactions with Water Plus can be found in note A5.Under the group\u2019s revenue recognition policy, revenue is only recognised when collection of the resulting receivable is reasonably assured. Considering the above, the directors believe there is no further credit risk provision required in excess of the allowance for doubtful receivables (see note 13).The group manages its credit risk from treasury activities by establishing a total credit limit by counterparty, which comprises a counterparty credit limit and an additional settlement limit to cover intra-day gross settlement of cash flows. In addition, potential derivative exposure limits are established to take account of potential future exposure that may arise under derivative transactions. These limits are calculated by reference to a measure of capital and credit ratings of the individual counterparties and are subject to a maximum single counterparty limit.Credit limits are refreshed annually and reviewed in the event of any credit rating action. Additionally, a control mechanism to trigger a review of specific counterparty limits, irrespective of credit rating action, is in place. This entails daily monitoring of counterparty credit default swap levels and/or share price volatility. Credit exposure is monitored daily by the group\u2019s treasury function and is reported monthly to the treasury committee through the operational compliance report.At 31 March 2024 and 31 March 2023, the maximum exposure to credit risk for the group and company is represented by the carrying amount of each financial asset in the statement of financial position:Group Company2024 2023 2024 2023\u00a3m \u00a3m \u00a3m \u00a3mCash and short-term deposits (see note 15) 1,399.3 340.4 \u2013 \u2013Trade and other receivables (see note 13) 300.5 266.2 136.0 105.1Derivative financial instruments 382.8 4 7 7.1 \u2013 \u20132,082.6 1,083.7 136.0 105.1The credit exposure on derivatives is disclosed gross of any collateral held. At 31 March 2024, the group held \u00a337.8 million (2023: \u00a345.8 million) as collateral in relation to derivative financial instruments.Market riskThe group\u2019s exposure to market risk primarily results from its financing arrangements and the economic return that it is allowed on the regulatory capital value (\u2018RCV\u2019).The group uses a variety of financial instruments, including derivatives, to manage the exposure to these risks.Inflation riskThe group earns an economic return on its RCV, comprising a real return through revenues and an inflation return as an uplift to its RCV.For the 2020\u20132025 regulatory period, from 1 April 2020 the group\u2019s RCV is 50 per cent linked to RPI inflation and 50 per cent linked to CPIH inflation, with any new additions being added to the CPIH portion of the RCV.The group\u2019s inflation hedging policy aims to have around half of the group\u2019s net debt in index-linked form (where it is economic to do so), by issuing index-linked debt and/or swapping a portion of nominal debt. This is currently weighted towards RPI-linked form, with circa 75 per cent of the hedge linked to RPI and circa 25 per cent linked to CPI and/or CPIH. These weightings are consistent with the prior financial year.The group believes this is an appropriate inflation hedging policy, taking into account a balanced assessment of the following factors: economic hedge of United Utilities Water Limited\u2019s RCV and revenues; cash flow timing mismatch between allowed cost of debt and the group\u2019s incurred cost of debt; the inflation risk premium that is generally incorporated into nominal debt costs; income statement volatility; hedging costs; debt maturity profile mismatch risk; and index-linked hedging positioning relative to the water sector.Inflation risk is reported monthly to the treasury committee in the operational compliance report.The carrying value of index-linked debt held by the group, including the carrying value of the nominal debt swapped to CPI, was \u00a34,564.4 million at 31 March 2024 (2023: \u00a34,407.1 million).Sensitivity analysisThe following table details the sensitivity of profit before tax to changes in the RPI and CPI on the group\u2019s index-linked borrowings. The sensitivity analysis has been based on the amount of index-linked debt held at the reporting date and, as such, is not indicative of the years then ended. In addition, it excludes the impact of inflation on revenues and other income statement costs as well as the hedging aspect of the group\u2019s regulatory assets and post-retirement obligations.Group2024 2023Increase/(decrease) in pro\ue61ft before taxation and equity \u00a3m \u00a3m1% increase in RPI/CPI (42.0) (40.1)1% decrease in RPI/CPI 42.0 40.1The sensitivity analysis assumes a 1 per cent change in RPI and CPI having a corresponding 1 per cent impact on this position over a 12-month period. It should be noted, however, that there is a time lag by which current RPI and CPI changes impact on the income statement, and the analysis does not incorporate this factor. The portfolio of index-linked debt is calculated on either a three- or eight-month lag basis. Therefore, at the reporting date, the index-linked interest and principal adjustments impacting the income statement are fixed and based on the annual RPI or CPI change either three or eight months earlier.A3 Financial risk management continuedCompanyThe company had no material exposure to inflation risk at 31 March 2024 or 31 March 2023. Interest rate riskThe group\u2019s policy is to structure debt in a way that best matches its underlying assets and cash flows. The group currently earns an economic return on its RCV, comprising a real return through revenues, determined by the real cost of capital fixed by the regulator for each five-year regulatory pricing period, and an inflation return as an uplift to its RCV.From 1 April 2020, for the regulatory period to 2025, Ofwat has continued to set a fixed real cost of debt in relation to embedded debt (80 per cent of net debt), but has introduced a debt indexation mechanism in relation to new debt (20 per cent of net debt), where the allowed rate on new debt will vary in line with specific debt indices. The debt indexation mechanism will be settled as an end of regulatory period adjustment.Where conventional long-term debt is raised in a fixed-rate form, to manage exposure to long-term interest rates, the debt is generally swapped at inception to create a floating rate liability for the term of the liability through the use of interest rate swaps. These instruments are typically designated within a fair value accounting hedge.To manage the exposure to medium-term interest rates, the group fixes underlying interest rates on nominal debt out to ten years in advance on a reducing balance basis. As such, at the start of each regulatory period, a proportion of the projected nominal net debt representing new debt for that regulatory period, will remain floating until it is fixed via the above ten-year reducing balance basis, which should approximate Ofwat\u2019s new debt indexation mechanism.This interest rate hedging policy dovetails with our inflation hedging policy should we need to swap a portion of nominal debt to real rate form to maintain our desired mix of nominal and index-linked debt.The group seeks to manage its risk by maintaining its interest rate exposure within a board-approved range. Interest rate risk is reported to the treasury committee through the operational compliance report.Sensitivity analysisThe following table details the sensitivity of the group\u2019s profit before tax and equity to changes in interest rates. The sensitivity analysis has been based on the amount of net debt and the interest rate hedge positions in place at the reporting date and, as such, is not indicative of the years then ended.Group Company2024 2023 2024 2023Increase/(decrease) in pro\ue61ft before tax and equity \u00a3m \u00a3m \u00a3m \u00a3m1% increase in interest rate 87.2 91.0 (19.8) (18.6)1% decrease in interest rate (150.7) (120.1) 19.8 18.6The sensitivity analysis assumes that both fair value hedges and borrowings designated at fair value through profit or loss are effectively hedged and it excludes the impact on post-retirement obligations. The exposure largely relates to fair value movements on the group\u2019s fixed interest rate swaps, which manage the exposure to medium-term interest rates. Those swaps are not included in hedge relationships.Hedge accountingDetails regarding the interest rate swaps designated as hedging instruments to manage interest rate risk are summarised below:At 31 March 2024 1 year or less 1 to 2 years 2 to 5 years Over 5 yearsNotional principal amount \u00a3m 339.9 \u2013 400.0 1,675.0Average contracted fixed interest rate % 1.0 \u2013 3.7 2.5 This table represents the derivatives that are held in fair value hedging relationships, with the weighted average net fixed rate receivable across both legs to the swap disclosed. The SONIA/LIBOR credit adjustment spread has been assumed to form part of the fixed rate element of the payable leg, which is to be netted off against the fixed rate receivable leg for the purposes of the rates shown here.A3 Financial risk management continuedFair value (gains)/losses used for calculating hedge ine\ue61dectiveness for the year (1)ended 31 March 2024Accumulated Hedge Nominal Carrying fair value ine\ue61dectiveness amount of amount of (gains)/losses recognised in the hedging the hedging on hedged Hedged Hedged the income instrumentsinstrumentsitemsitemsinstrumentsstatementRisk exposure \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mInterest rate risk on borrowings 1,764.9 (137.2) (134.9) 28.3 (33.8) (5.5)Note:(1) The change in fair value of the hedging instruments used to measure hedge ineffectiveness exclude interest accruals and credit spread adjustments. The full impact of fair value movements on the income statement is disclosed in note 6.Currency riskCurrency exposure principally arises in respect of funding raised in foreign currencies. To manage exposure to currency rates, foreign currency debt is hedged into sterling through the use of cross-currency swaps and these are often designated within a fair value accounting hedge. The group seeks to manage its risk by maintaining currency exposure within board-approved limits. Currency risk in relation to foreign currency denominated financial instruments is reported monthly to the treasury committee through the operational compliance report. The group and company have no material net exposure to movements in currency rates.Hedge accountingDetails regarding the interest rate swaps designated as hedging instruments to manage currency risk and interest rate risk are summarised below:At 31 March 2024 1 year or less 1\u20132 years 2\u20135 years Over 5 yearsNotional principal amount \u00a3m \u2013 99.9 116.3 1,020.7Average contracted fixed interest rate % \u2013 1.9 0.9 1.7This table represents the derivatives that are held in fair value hedging relationships, with only the weighted average net receivable for the fixed interest rate elements of the swap disclosed. The SONIA/LIBOR credit adjustment spread has been assumed to form part of the fixed rate payable, which is to be netted off against the fixed rate receivable for the purposes of the rates shown here.Further detail on the fair value hedging relationships is provided below:Fair value (gains)/losses used for calculating hedge ine\ue61dectiveness for the year (1) ended 31 March 2024Accumulated Hedge Nominal Carrying fair value ine\ue61dectiveness amount of amount of (gains)/losses recognised in the hedging the hedging on hedged Hedged Hedged the income instrumentsinstrumentsitemsitemsinstrumentsstatementRisk exposure \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mForeign currency and interest rate risk on borrowings 1,149.1 ( 3 7. 9) (14.7) (30.4) 27.6 (2.8)(1) The change in fair value of the hedging instruments used to measure hedge ineffectiveness exclude interest accruals and credit spread adjustments. The full impact of fair value movements on the income statement is disclosed in note 6.Repricing analysisThe following tables categorise the group\u2019s borrowings, derivatives and cash deposits on the basis of when they reprice or, if earlier, mature. The repricing analysis demonstrates the group\u2019s exposure to floating interest rate risk.Our largest concentration of floating interest rate risk is with index-linked instruments. This has been classified as repricing in one yearor less due to the refixing of the interest charge with changes in RPI and CPI.1 year or More than GroupTot alless 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years5 yearsAt 31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mBorrowings in fair value hedge relationshipsFixed rate instruments 3,414.6 328.4 105.2 \u2013 426.5 154.5 2,400.0Effect of swaps \u2013 3,086.2 (105.2) \u2013 (426.5) (154.5) (2,400.0)3,414.6 3,414.6 \u2013 \u2013 \u2013 \u2013 \u2013Borrowings designated at fair value through profit or lossFixed rate instruments 338.9 \u2013 \u2013 \u2013 \u2013 \u2013 338.9Effect of swaps \u2013 338.9 \u2013 \u2013 \u2013 \u2013 (338.9)338.9 338.9 \u2013 \u2013 \u2013 \u2013 \u2013Borrowings measured at amortised costFixed rate instruments 1,261.4 38.9 2.0 1.5 1.3 1.5 1,216.2Floating rate instruments 9 0 7.0 9 0 7. 0 \u2013 \u2013 \u2013 \u2013 \u2013Index-linked instruments 4,079.5 4,079.5 \u2013 \u2013 \u2013 \u2013 \u20136,247.9 5,025.4 2.0 1.5 1.3 1.5 1,216.2Effect of fixed hedge for the term of the regulatory period \u2013 (2,328.9) 200.0 389.8 250.6 653.5 835.0Total borrowings 10,001.4 6,450.0 202.0 391.3 251.9 655.0 2,051.2Cash and short-term deposits (1,399.3) (1,399.3) \u2013 \u2013 \u2013 \u2013 \u2013Net borrowings 8,602.1 5,050.7 202.0 391.3 251.9 655.0 2,051.21 year or More than GroupTot alless 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years5 yearsAt 31 March 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mBorrowings in fair value hedge relationshipsFixed rate instruments 2,332.3 \u2013 427.8 108.0 \u2013 431.9 1,364.6Effect of swaps \u2013 2,332.3 (427.8) (108.0) \u2013 (431.9) (1,364.6)2,332.3 2,332.3 \u2013 \u2013 \u2013 \u2013 \u2013Borrowings designated at fair value through profit or lossFixed rate instruments 361.0 \u2013 \u2013 \u2013 \u2013 \u2013 361.0Effect of swaps \u2013 361.0 \u2013 \u2013 \u2013 \u2013 (361.0)361.0 361.0 \u2013 \u2013 \u2013 \u2013 \u2013Borrowings measured at amortised costFixed rate instruments 970.4 46.8 1.2 1.5 2.7 1.7 916.5Floating rate instruments 842.0 842.0 \u2013 \u2013 \u2013 \u2013 \u2013Index-linked instruments 3,929.7 3,929.7 \u2013 \u2013 \u2013 \u2013 \u20135,742.1 4,818.5 1.2 1.5 2.7 1.7 916.5Effect of fixed hedge for the term of the regulatory period \u2013 (2,027.8) 200.0 200.0 389.8 99.5 1,138.5Total borrowings 8,435.4 5,484.0 201.2 201.5 392.5 101.2 2,055.0Cash and short-term deposits (340.4) (340.4) \u2013 \u2013 \u2013 \u2013 \u2013Net borrowings 8,095.0 5,143.6 201.2 201.5 392.5 101.2 2,055.02024 2023Tot al 1 year or less Total 1 year or lessCompany \u00a3m \u00a3m \u00a3m \u00a3mBorrowings measured at amortised costFloating rate instruments 1,982.3 1,982.3 1,864.8 1,864.8Total borrowings 1,982.3 1,982.3 1,864.8 1,864.8Electricity price riskThe group is allowed a fixed amount of revenue by the regulator, in real terms, to cover electricity costs for each five-year regulatory pricing period. To the extent that electricity prices remain floating over this period, this exposes the group to volatility in its operating cash flows. The group\u2019s policy, therefore, is to manage this risk by fixing a proportion of electricity commodity prices in a cost-effective manner. The group has fixed the price on a proportion of its anticipated net electricity usage out on a rolling four-year basis, partially through entering into electricity swap contracts.Hedge accountingDetails of electricity swaps designated as hedging instruments to manage electricity price risk are summarised below:1 year or less 1\u20132 years 2\u20135 years Over 5 yearsNotional amount MWh 394,080 350,400 262,920 \u2013Average contracted fixed price \u00a3/MWh 80.80 138.24 115.87 \u2013Electricity swaps have been designated in cash flow hedge relationships. This means that only the impact of any hedging ineffectiveness is recognised through fair value in the income statement, with movements in the effective portion of the hedge being recognised in other comprehensive income.Fair value (gains)/ losses used for calculating Amount hedge reclassi\ue61fed ine\ue61dectiveness Hedge Cash \ue61eow from the cash Nominal Carrying for the year ine\ue61dectiveness hedge \ue61eow hedge amount of amount of ended 31 recognised in reserve reserve to the hedging the hedging March the income excluding the income (1)instrumentsinstruments2024statemente\ue61dects of taxstatementRisk exposure \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mElectricity price risk 102.2 (34.8) 63.1 \u2013 (60.0) 1.8(1) The change in fair value of the hedging instruments used to measure hedge ineffectiveness excludes credit spread adjustments. The full impact of fair value movements on the income statement is disclosed in note 6.Capital risk management The group\u2019s objective when managing capital is to maintain efficient access to debt capital markets throughout the economic cycle. The board therefore believes that it is appropriate to maintain RCV gearing, measured as group consolidated net debt (including certain derivatives) to regulatory capital value (\u2018RCV\u2019) of UUW, within a target range of 55 per cent to 65 per cent. As at 31 March 2024, RCV gearing was within the range at 59 per cent (2023: 58 per cent). Assuming no significant changes to existing rating agencies\u2019 methodologies or sector risk assessments, the group aims to maintain long-term issuer credit ratings for UUW of at least A3 with Moody\u2019s Investors Service (Moody\u2019s) and BBB+ with S&P Global Ratings (S&P) and a senior unsecured debt rating for UUW of at least A- with Fitch Ratings (Fitch). Debt issued by UUW\u2019s financing subsidiary, United Utilities Water Finance PLC, is guaranteed by UUW and is therefore rated in line with UUW. The group's gearing and credit rating targets are subject to periodic review.To maintain its targeted credit ratings, the group needs to manage its capital structure with reference to the ratings methodology and measures used by Moody\u2019s, S&P and Fitch. The ratings methodology is normally based on a number of key ratios (such as RCV gearing, adjusted interest cover, post maintenance interest cover (\u2018PMICR\u2019), Funds from Operations (\u2018FFO\u2019) to debt, and debt to EBITDA) and threshold levels as updated and published from time to time by Moody\u2019s, S&P and Fitch. The group looks to manage its risk by maintaining the relevant key financial ratios used by the credit ratings agencies to determine a corporate\u2019s credit rating, within the thresholds approved by the board. Capital risk is reported monthly to the treasury committee through the operational compliance report.Further detail on the precise measures and methodologies used to assess water companies\u2019 credit ratings can be found in the methodology papers published by the rating agencies.Fair valuesThe table below sets out the valuation basis of financial instruments held at fair value and financial instruments where fair value has been separately disclosed in the notes as the carrying value is not a reasonable approximation of fair value.GroupLevel 1 Level 2 Level 3 Total2024 \u00a3m \u00a3m \u00a3m \u00a3mFinancial assets at fair value through profit or lossDerivative financial assets \u2013 fair value hedge \u2013 74.7 \u2013 74.7(1)Derivative financial assets \u2013 held for trading\u2013 298.9 \u2013 298.9Derivative financial assets \u2013 cash flow hedge \u2013 9.2 \u2013 9.2Financial liabilities at fair value through profit or lossDerivative financial liabilities \u2013 fair value hedge \u2013 (232.2) \u2013 (232.2)(1)Derivative financial liabilities \u2013 held for trading\u2013 (4.5) \u2013 (4.5)Derivative financial assets \u2013 cash flow hedge \u2013 (43.9) \u2013 (43.9)Financial liabilities designated as fair value through profit or loss \u2013 (338.9) \u2013 (338.9)Financial instruments for which fair value has been disclosedFinancial liabilities in fair value hedge relationships (3,158.5) (300.5) \u2013 (3,459.0)Other financial liabilities (2,573.4) (3,212.1) \u2013 (5,785.5)(5,731.9) (3,749.3) \u2013 (9,481.2)GroupLevel 1 Level 2 Level 3 Total2023 \u00a3m \u00a3m \u00a3m \u00a3mFinancial assets at fair value through profit or lossDerivative financial assets \u2013 fair value hedge \u2013 65.4 \u2013 65.4(1)Derivative financial assets \u2013 held for trading\u2013 352.0 \u2013 352.0Derivative financial assets \u2013 cash flow hedge \u2013 59.7 \u2013 59.7Financial liabilities at fair value through profit or lossDerivative financial liabilities \u2013 fair value hedge \u2013 (215.3) \u2013 (215.3)(1)Derivative financial liabilities \u2013 held for trading\u2013 (3.4) \u2013 (3.4)Derivative financial assets \u2013 cash flow hedge \u2013 (34.1) \u2013 (34.1)Financial liabilities designated as fair value through profit or loss \u2013 (361.0) \u2013 (361.0)Financial instruments for which fair value has been disclosedFinancial liabilities in fair value hedge relationships (1,936.1) (374.0) \u2013 (2,310.1)Other financial liabilities (2,541.3) (2,858.5) \u2013 (5,399.8)(4,477.4) (3,369.2) \u2013 (7,846.6)(1) These derivatives form economic hedges and, as such, management intends to hold these through to maturity. Derivatives forming an economic hedge of the currency exposure on borrowings included in these balances were \u00a3110.9 million (2023: \u00a3133.9 million).Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities;Level 2 fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); andLevel 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable).The group has calculated fair values using quoted prices where an active market exists, which has resulted in \u00a35,731.9 million (2023: \u00a34,477.4 million) of \u2018Level 1\u2019 fair value measurements. In the absence of an appropriate quoted price, the group has applied discounted cash flow valuation models utilising market available data in line with prior years. The \u00a31,254.5 million increase (2023: \u00a3113.0 million decrease) in Level 1 fair value measurements primarily reflects the debt issuances in the year. During the year, changes in the fair value of financial liabilities designated at fair value through profit or loss resulted in a \u00a322.0 million loss (2023: \u00a320.6 million loss). Included within this was a \u00a30.7 million gain (2023: \u00a34.7 million gain) attributable to changes in own credit risk, recognised in other comprehensive income. The cumulative amount due to changes in credit spread was \u00a335.9 million profit (2023: \u00a335.2 million profit). The carrying amount is \u00a3112.8 million (2023: \u00a3134.9 million) higher than the amount contracted to settle on maturity.A4 Retirement benefitsDefined benefit schemesUnder the group\u2019s defined benefit pension schemes \u2013 the United Utilities Pension Scheme (\u2018UUPS\u2019) and the United Utilities PLC group of the Electricity Supply Pension Scheme (\u2018ESPS\u2019) \u2013 members are entitled to annual pensions on retirement. Benefits are payable on death and following other events such as withdrawing from active service. No other post-retirement benefits are provided to these members. The assets of these schemes are held in trust funds independent of the group\u2019s finances. The trustees are composed of representatives of both the employer and employees, who are required by law to act in the interests of all relevant beneficiaries and are responsible for the investment policy with regards to the assets plus the day-to-day administration of the benefits.On 5 July 2023, the group supported the trustees of the two pension schemes in completing a circa \u00a31.8 billion bulk annuity purchase, representing an insurance policy partial \u2018buy-in\u2019. Under a partial \u2018buy-in\u2019, an insurance company covers a portion of a scheme\u2019s liabilities with an insurance policy held by the scheme. This insurance asset is held by the pension scheme and matches a portion of the scheme\u2019s liabilities with an insurer and hedges risks associated with those liabilities. A \u2018partial\u2019 buy-in covers a portion of a scheme\u2019s liabilities and works as a near-perfect economic hedge, removing interest rate, inflation and longevity risks for the portion of members\u2019 liabilities that are secured with the insurer. For ESPS, the buy-in was estimated to cover circa 93 per cent of pensioner liabilities, and for UUPS circa 80 per cent of deferred and pensioner members, as at the date of the transaction on a technical provisions basis \u2013 the split on an IAS 19 basis is expected to be broadly consistent. A buy-in is not a settlement and the liability is not derecognised as the group retains ultimate responsibility for funding the schemes. As the purchase of bulk annuity policies reflects an investment decision by the schemes\u2019 trustees, the impact of this transaction was to reduce the schemes\u2019 assets and record a re-measurement loss of circa \u00a3220 million, which is included in the overall \u00a3368.5 million remeasurement losses recognised in other comprehensive income in accordance with IAS 19; there was no impact on profit before tax.As at 31 March, the total fair value of the schemes\u2019 assets, and the present value of the defined benefit obligations, and therefore the value of the net retirement benefit surplus included in the consolidated statement of financial position, was as follows:2024 2023Group\u00a3m \u00a3mTotal fair value of schemes' assets 2,552.4 2,931.3Present value of defined benefit obligation (2,284.4) (2,330.5)Net retirement benefit surplus 268.0 600.8Estimated future benefits payableThe defined benefit obligation includes benefits for current employees, former employees and current pensioners as analysed in the table below:2024 2023Group\u00a3m \u00a3mTotal value of current employees' benefits 272.1 362.7Deferred members' benefits 441.4 436.4Pensioner members' benefits 1,570.9 1,531.4Total defined benefit obligation 2,284.4 2,330.5Movements in the present value of the defined benefit obligations are as follows:2024 2023Group\u00a3m \u00a3mAt the start of the year (2,330.5) (3,018.9)Interest cost on schemes' obligation (107.1 ) (82.7)Actuarial gains arising from changes in financial assumptions 52.7 950.0Actuarial gains/(losses) arising from changes in demographic assumptions 49.2 (60.7)Actuarial losses arising from experience (67.7 ) (246.8)Curtailments/settlements arising on reorganisation 4.6 \u2013Member contributions (2.4) (2.3)Benefits paid 119.6 136.9Current service cost (2.8) (6.0)At the end of the year (2,284.4) (2,330.5)The duration of the combined schemes is around 14 years. The schemes\u2019 duration is an indicator of the weighted-average time until benefit payments are settled, taking account of the split of the defined benefit obligation between current employees, deferred members and the current pensioners of the schemes.A4 Retirement benefits continuedThe estimated profile of cash flows out of the schemes as retirement benefits are paid is as follows:UUPSESPS150251252010015751050525002024 2040 2056 2072 2088 21042024 2034 2056 2072 2088 2104Insured Deferreds Insured Pensions Uninsured PensionsInsured PensionersUninsured Pensioners DeferredsUninsured Deferreds Actives Future servicesActives Future serviceEstimated future benefits payableUnder UK legislation there is a requirement that pension schemes are funded prudently, and that funding plans are agreed by pension scheme trustees. The defined benefit schemes are subject to funding valuations carried out by independent qualified actuaries, in conjunction with the schemes\u2019 trustees, on a triennial basis. These valuations inform the level of future contributions to be made by the group in order to ensure that the schemes are appropriately funded and therefore that benefits can be paid. The latest finalised funding valuation was carried out as at 31 March 2021, and determined that the schemes were fully funded on a low-dependency basis without any funding deficit that requires additional contributions from the company over and above those related to current service and expenses. The schemes\u2019 funding plans are reviewed regularly, including between funding valuations. The group expects to make further contributions of \u00a39.6 million in the year ending 31 March 2025, \u00a38.5 million in respect of current service contributions and \u00a31.1 million in respect of expenses. Annual contributions are expected to be broadly similar to this until at least the point at which the next triennial valuation (as at 31 March 2024), is finalised, which is expected to be towards the end of the year ending 31 March 2025. At this point, a detailed re-evaluation of the level of annual contributions, and the basis on which these are made, will take place. The group and trustees have agreed long-term strategies for reducing investment risk in each scheme. This includes an asset-liability matching policy, which aims to reduce the volatility of the funding level of the pension plan by investing in assets, such as corporate bonds and gilts, supplemented by swap and gilt long-term hedges of interest and inflation rates, which perform in line with the liabilities to hedge against changes in interest and inflation rates. Both the UUPS and ESPS schemes are fully hedged for inflation exposure through external market swaps and gilts. Further details of the derivatives used in reducing investment risk are disclosed in the \u2018Schemes\u2019 assets\u2019 section of this appendix. While longevity risk has reduced as a result of the partial buy-in transaction during the year, the group and trustees remain actively engaged in exploring further de-risking options that may be implemented in the future.The basis on which scheme liabilities are valued for funding purposes differs from the basis required under IAS 19 \u2018Employee Benefits\u2019, with liabilities on a funding basis being subject to assumptions at the valuation date that are not updated between revaluations. Funding deficits vary significantly from company to company, but neither the deficits, the assumptions on which they are based, the associated sensitivities, nor the risk exposures are disclosed by many companies and, therefore, meaningful cross-company comparisons are not possible. Conversely, scheme liabilities are valued on a consistent basis between companies under IAS 19 and are subject to assumptions and sensitivities that are required to be disclosed. Consequently, the relative economic positions of companies are comparable only on an IAS 19 basis, subject to normalisation of assumptions used between companies.A retirement benefit surplus was recognised as an asset in the consolidated statement of financial position at both 31 March 2024 and 31 March 2023 as, under both the UUPS and ESPS scheme rules, the group has an unconditional right to a refund of the surplus assuming the gradual settlement of plan liabilities over time until all members have left the plans.Impact on scheme risk management on IAS 19 disclosuresUnder the prescribed IAS 19 basis, pension scheme liabilities are calculated based on current accrued benefits. Expected cash flows are projected forward allowing for RPI and CPI and the current member mortality assumptions. These projected cash flows are then discounted using a high-quality corporate bond rate, which comprises an underlying interest rate and a credit spread. In July 2023, the trustees of the schemes entered into partial buy-in insurance contracts with L&G covering the liabilities for a significant proportion of the membership. The buy-in policies have been designed to match the benefits the schemes are required to pay in respect of the members covered under the contracts, and as a result have significantly reduced the schemes\u2019 exposure to changes in interest rates, inflation and demographic risks, although these risks remain given the buy-ins did not cover all the schemes\u2019 membership. As well as through the purchase of bulk annuity policies, the group has de-risked its pension schemes through hedging strategies applied to the underlying interest rate and future inflation. Both UUPS and ESPS fully hedge RPI inflation exposure along with underlying interest rates through external market swaps and gilts (including gilt repurchase instruments), the value of which is included in the schemes\u2019 assets (net of associated derivative liabilities). A4 Retirement benefits continuedConsequently, the reported statement of financial position under IAS 19 for the uninsured portion of the schemes\u2019 liabilities remains volatile due to changes in credit spread and changes in mortality, neither of which have been hedged at the current time. Changes in credit spreads have not been hedged primarily due to difficulties in doing so over long durations. In contrast, the schemes\u2019 specific funding bases are unlikely to suffer from significant volatility due to credit spread, because a prudent, fixed credit spread assumption is applied. Changes in mortality have not been hedged due to this exposure being subject to lower volatility in the short term, though the group and scheme trustees are committed to exploring options to de-risk changes in mortality, or pension longevity, in future periods for the uninsured liabilities, as outlined above.Pension benefits under the defined benefit element of the UUPS hybrid section, which represents a relatively small proportion of total defined benefit obligations, are linked to CPI rather than RPI. In the year ended 31 March 2024, the discount rate increased by 0.1 per cent (2023: 1.9 per cent increase), which includes a 0.55 per cent increase in gilt yields over the year, offset by a 0.45 per cent reduction in credit spreads. The IAS 19 remeasurement loss of \u00a3368.5 million (2023: \u00a3445.3 million loss) reported in note 14 has largely resulted from the purchase of buy-in policies: a premium of circa \u00a3220 million was paid in excess of the present value of liabilities covered, which is reflective of the reduction in the schemes\u2019 risk profile. Further, as the schemes are more than 100 per cent hedged on an IAS 19 basis, this has resulted in a greater reduction of the schemes\u2019 assets than the defined benefit obligations as a result of yield rises. The schemes\u2019 investment strategies have been designed such that the assets are fully hedged against the schemes\u2019 technical provisions funding positions, and are therefore more than 100 per cent hedged on an IAS 19 basis. As a result, increases in net yields are expected to reduce the schemes\u2019 assets by a greater amount than the IAS 19 liabilities.The narrowing in credit spreads during the year is accompanied by an RPI inflation assumption reduction of 0.15 per cent (2023: 0.35 per cent reduction). The impact of movements in credit spreads is less pronounced on a scheme funding basis compared with the remeasurement loss recognised on an IAS 19 accounting basis as the discount rate used for valuing obligations utilises a fixed credit spread assumption.In the shorter term, recent high inflation has resulted in greater than expected pension increases, but longer-term expectations for inflation have fallen over the last 18 months.Reporting and assumptionsThe results of the latest funding valuation at 31 March 2021 have been used to inform the group\u2019s best estimate assumptions to use in calculating the defined benefit pension obligation reported on an IAS 19 basis at 31 March 2024. The results of the funding valuation have been adjusted to take account of experience over the period, changes in market conditions, and differences in the financial and demographic assumptions. The present value of the defined benefit obligation, and the related current service costs, were measured using the projected unit credit method.Under IAS 19, the fair value of the buy-in assets at the date of the transaction was considered to be equal to the IAS 19 value of the insured liabilities, and subsequently the fair value of the insurance assets is pegged to the present value of the liabilities being insured. The defined benefit obligation reflects cashflows calculated on a funding basis as at the buy-in transaction date split by insured and uninsured members for UUPS; for ESPS, existing cashflows based on the most recent funding valuation have been used, making broad allowance for the purchase of the buy-in policies at 5 July 2023 based on high-level information provided by the scheme actuary.Member data used in arriving at the liability figure included within the overall IAS 19 surplus has been based on the finalised actuarial valuations as at 31 March 2021 for ESPS. For UUPS, as part of the approach for valuing insured liabilities, membership data has been updated as at 31 August 2022 for deferred and pensioner members (i.e. the same effective date as the membership data underlying the buy-in contract) and 31 August 2023 for active members (not included in the buy-in). As part of each actuarial valuation and, more frequently, as required by the trustees, member data is reassessed for completeness and accuracy and to ensure it reflects any relevant changes to benefits entitled by each member.Financial assumptionsThe main financial and demographic assumptions used by the actuary to calculate the defined benefit surplus of UUPS and ESPS are outlined below:2024 2023Group% p.a. % p.a.Discount rate 4.80 4.70Pension increases 3.25 3.40Pensionable salary growth (pre-2018 service):ESPS 3.25 3.40UUPS 3.25 3.40Pensionable salary growth (post-2018 service):ESPS 3.25 3.40UUPS 2.80 2.85Price inflation \u2013 RPI 3.25 3.40Price inflation \u2013 CPI 2.80 2.85(1) The CPI price inflation assumption represents a single weighted average rate derived from an assumption of 2.35 per cent pre-2030 and 3.05 per cent post-2030 (31 March 2023: 2.50 per cent pre-2030 and 3.30 per cent post-2030). A4 Retirement benefits continuedThe discount rate is consistent with a high-quality corporate bond rate, with 4.30 per cent being equivalent to gilts plus 50 basis points (2023: 4.70 per cent being equivalent to gilts plus 95 basis points). The corporate bond population used in deriving this rate comprises those rated at least AA by one or more credit rating agencies. In accordance with the scheme rules, pensionable salary growth is linked to RPI for UUPS for service pre-2018 and CPI for service post-2018, for ESPS the growth is linked to RPI.Assumed pension increases are aligned to the RPI price inflation assumption as the vast majority of benefits across the schemes have a direct RPI linkage.In accordance with plans put forward by the UK Statistics Authority (\u2018UKSA\u2019) and backed by the Chancellor of the Exchequer, the Retail Prices Index (\u2018RPI\u2019) and the Consumer Prices Index including owner occupier's housing costs (\u2018CPIH\u2019) are expected to align from 2030. This compares with the current situation in which, absent these reforms, CPIH increases are broadly expected to average around 1 per cent below RPI in the long term (about the same as CPI). The alignment of RPI and CPIH could therefore have a significant impact on many pension schemes.Demographic assumptionsIn line with previous reporting periods, mortality assumptions continue to be based on the latest available Continuous Mortality Investigation\u2019s (\u2018CMI\u2019) mortality tables. As at 31 March 2024, these assumptions are based on the CMI2022 base tables with a 1.25% per annum rate of improvement (2023: 1.25 per cent), and factoring in a w2022 weighting of 40 per cent (2023: w2021 weighting of 10 per cent) to take account of the continued increased mortality rates following the impact of the Covid-19 pandemic in the medium term, including pressures on the NHS and the high flu rate in 2022. A scaling factor of 109 per cent (2023: 109 per cent) and 115 per cent (2023: 115 per cent) for male pensioners and non-pensioners respectively and 110 per cent (2023: 110 per cent) and 111 per cent (2023: 111 per cent) for female pensioners and non-pensioners respectively, reflecting the profile of the membership. Compared against the base tables used for previous year-end mortality assumptions (CMI S3PA), the Core CMI2022 model sees a reduction in life expectancies resulting in a reduction in the defined benefit obligation of around 1-1.5 per cent. It should be noted, however, that post buy-in any changes in the life expectancy assumptions for insured members will be offset by a corresponding change in the value of the buy-in bulk annuity policies on an IAS 19 basis. As such, relative to prior years the statement of financial position is expected to be less sensitive to mortality assumptions going forward.The current life expectancies at age 60 underlying the value of the accrued liabilities for the schemes are:2024 2023Groupyears yearsRetired member \u2013 male 25.5 25.9Non-retired member \u2013 male 26.2 26.6Retired member \u2013 female 2 7.6 28.0Non-retired member \u2013 female 28.6 29.1Financial and demographic assumptions \u2013 further analysisThe assumptions used in measuring the group\u2019s defined benefit surplus reflect management\u2019s best estimates as at the reporting date. These estimates inherently involve judgement, and the measurement of the defined benefit surplus is sensitive to changes in these key assumptions. Given the offsetting nature of the buy-in assets, the IAS19 surplus will be predominantly driven by the uninsured liabilities and residual invested assets going forward. As a result, sensitivities relative to the uninsured defined benefit obligation are provided alongside those applicable to the full defined benefit obligation in accordance with IAS 19. Sensitivity calculations allow for the specified movement in the relevant key assumption, while all other assumptions are held constant. This approach does not take into account the interrelationship between some of these assumptions or any hedging strategies adopted, however it demonstrates how reasonably possible changes could impact on the measurement of the defined benefit surplus. The schemes\u2019 hedging strategies are designed primarily to reduce the volatility on a technical provisions basis. \u2022 Asset volatility \u2013 If the schemes\u2019 assets underperform relative to the discount rate used to calculate the schemes\u2019 liabilities, this will create a deficit. Under IAS19 the value of the buy-in assets is equal to the IAS19 value of the insured liabilities. The bulk annuity policies represent a significant proportion of total scheme assets, with the valuation of these assets pegged to the valuation of insured liabilities. As such, movements in asset values are offset by corresponding movements in the value of insured liabilities. \u2022 Discount rate \u2013 At 31 March 2024, an increase/decrease in the discount rate of 0.25 per cent would have resulted in a \u00a327.5/\u00a329.0 million decrease/increase in the schemes\u2019 uninsured liabilities, and a \u00a372.3/\u00a376.2 million (2023: \u00a378.2/\u00a382.7 million) decrease/increase to the schemes\u2019 total liabilities. As long as credit spreads remain stable, however, this will be largely offset by an increase/decrease in the value of the schemes\u2019 bond holdings and other instruments designed to hedge this exposure. The discount rate is based on high-quality corporate bond yields of a similar duration to the schemes\u2019 liabilities. High quality corporate bonds are considered to be those that have a credit rating of AA or above with at least one rating agency. An alternative approach could be taken whereby only those bonds rated AA or higher by at least two rating agencies are used. While this alternative approach may provide additional comfort around the quality of these corporate bonds, management believes that the wider population of corporate bonds under a \u2018single agency\u2019 approach gives a more representative indication of high quality corporate bonds that are aligned to the schemes\u2019 liabilities, and therefore provides a more robust estimate.A4 Retirement benefits continued \u2022 Price inflation \u2013 At 31 March 2024, an increase/decrease in the inflation assumption of 0.25 per cent would have resulted in a \u00a326.1/24.9 million increase/decrease in the schemes\u2019 uninsured liabilities, and a \u00a367.1/\u00a363.9 million (2023: \u00a372.3/\u00a369.5 million) increase/decrease to the schemes\u2019 total liabilities. A significant proportion of the schemes\u2019 benefit obligations are linked to inflation. However, nearly all of the schemes\u2019 liabilities were hedged for RPI in the external market at 31 March 2024, meaning that this sensitivity is likely to be insignificant as a result. The sensitivity to price inflation allows for the impact of changes to pensionable salary growth and pension increases, which are both assumed to be linked to price inflation. While inflation has been volatile in the near term, the value of the schemes\u2019 liabilities is based on inflation assumptions that reflect the full profile of the liabilities, in particular the long-term nature. \u2022 Consistent with market practice, and reflecting the possibility that inflation may rise or fall more than expected in the future, in arriving at the company\u2019s best estimate for RPI, an inflation risk premium of 0.2 per cent (2023: 0.2 per cent) has been deducted from the breakeven inflation rate for the year ended 31 March 2024. The impact of this is a decrease in the defined benefit obligation of around \u00a322.0 million and therefore an increase in the net defined benefit surplus compared with no inflation risk premium being deducted. There is no allowance for any further change in the inflation risk premium post-2030 as a result of RPI reform. A reduction in expected RPI will result in a reduction to the value of pension scheme liabilities; however, as our pension schemes are hedged for RPI inflation movements, this will result in a comparable reduction to the value of pension scheme assets. \u2022 The assumption for CPI is set by deducting a \u2018wedge\u2019 from the RPI inflation assumption to reflect structural differences. For pre-2030 inflation this wedge has been estimated at 0.9 per cent per annum, reducing to 0.2 per cent per annum post-2030 given that RPI and CPI are expected to converge (2023: 0.1 per cent per annum). The impact of this reduction in the post-2030 wedge as a result of RPI reform is a circa \u00a34.0 million increase to the defined benefit obligation and therefore a decrease in the net defined benefit surplus compared with the wedge remaining at 0.9 per cent per annum after 2030. The assumption for CPI is set by deducting a \u2018wedge\u2019 from the RPI inflation assumption to reflect structural differences. For pre-2030 inflation this wedge has been estimated at 0.9 per cent per annum, reducing to 0.2 per cent per annum post-2030 given that RPI and CPI are expected to converge. \u2022 Mortality long-term improvement rate \u2013 At 31 March 2024, an increase in the mortality long-term improvement rate from 1.25 per cent to 1.50 per cent would have resulted in a \u00a36.1 million increase in the schemes\u2019 uninsured liabilities, and a \u00a315.7 million (2023: \u00a316.5 million) increase to the schemes\u2019 total liabilities. \u2022 Life expectancy \u2013 At 31 March 2024, an increase in the life expectancy assumption of one year would have resulted in a \u00a323.7 million increase in the schemes\u2019 uninsured liabilities, and a \u00a385.8 million (2023: \u00a383.9 million) increase to the schemes\u2019 total liabilities. The majority of the schemes\u2019 obligations are to provide benefits for the life of the member and, as such, the schemes\u2019 liabilities are sensitive to these assumptions.Schemes\u2019 assetsAt 31 March, the fair values of the schemes\u2019 assets recognised in the statement of financial position were as follows:Underlying Fair value of Schemes' assetsderivatives CombinedassetsGroup\u00a3m \u00a3m \u00a3m %At 31 March 2024Gilts 623.4 (200.9) 422.5 16.6Bonds 285.8 0.5 286.3 11.2Bulk annuity policies 1,564.8 \u2013 1,564.8 61.3Other 314.0 (35.2) 278.8 10.9Total fair value of schemes' assets 2,788.0 (235.6) 2,552.4 100.0At 31 March 2023Non-equity growth assets 278.2 \u2013 278.2 9.5Gilts 1,822.3 (886.9) 935.4 31.9Bonds 1,211.2 (2.5) 1,208.7 41.2Other 422.8 86.2 509.0 17.4Total fair value of schemes' assets 3,734.5 (803.2) 2,931.3 100.0Included within the group\u2019s defined benefit pension scheme assets are assets with a fair value estimated to be \u00a31,772.0 million that are categorised as \u2018Level 3\u2019 assets within the IFRS 13 \u2018Fair value measurement\u2019 hierarchy, meaning that the value of the assets is not observable at 31 March 2024. Of these, \u00a31,564.8 million relates to bulk annuity policies purchased as part of the buy-in transaction and \u00a3207.2 million relates to unquoted senior private debt assets. Estimates of the fair value of these assets have been performed by the investment managers\u2019 valuation specialists using the latest available statements of each of the funds that make up the total Level 3 asset balance, updated for any subsequent cash movements between the statement date and the year-end reporting date.The UUPS has entered into a variety of derivative transactions to change the return characteristics of the assets held to reduce undesirable market and liability risks. As such, the above breakdown separates the assets of the schemes to illustrate the underlying risk characteristics of the assets held. The portfolio contains a proportion of assets set aside for collateral purposes linked to the derivative contracts held. The collateral portfolio, comprising cash and eligible securities readily convertible to cash, provides sufficient liquidity to manage exposure relating to the derivative transactions and is expected to achieve a return in excess of SONIA (Sterling Overnight Index Average). During the year ended 31 March 2024, no liquidity support or facilities were required by the company as a result of collateral calls.A4 Retirement benefits continuedThe derivative values in the table above represent the net market value of derivatives held within each of these asset categories as follows:2024 2023Group\u00a3m \u00a3mGiltsRepurchase agreements (200.9) (886.9)(200.9) (886.9)Bonds \u2013 hedging non-sterling exposure back to sterlingCurrency forwards 0.5 13.8Interest rate swaps \u2013 (16.3)0.5 (2.5)Other \u2013 managing liability risks targeting a high level of interest rate and inflation hedgingInterest rate swaps (35.6) (17.2)RPI inflation swaps 0.4 (13.2)Total return swaps \u2013 116.6(35.2) 86.2Total fair value of derivatives (235.6) (803.2)The derivatives shown in the tables only cover those expressly held for the purpose of reducing certain undesirable asset and liability risks as part of the liability driven investment strategies. The schemes invest in a number of other pooled funds that make use of derivatives. No allowance is made in the figures above for any derivatives held within these other pooled funds, as they are not held expressly for the purpose of managing risk. The total fair value of pooled funds held within the schemes\u2019 assets was \u00a3147.0 million (2023: \u00a3371.2 million).The intention is that the schemes\u2019 assets provide a full economic hedge of interest rates and RPI inflation of the schemes\u2019 liabilities on a scheme funding basis. As the scheme funding basis is more prudent than the IAS 19 measurement basis for the defined benefit obligation, the schemes are more than 100 per cent hedged on an accounting basis. Movements in the fair value of the schemes\u2019 assets were as follows:2024 2023Group\u00a3m \u00a3mAt the start of the year 2,931.3 4,035.7Interest income on schemes' assets 135.7 111.4The return on plan assets, excluding amounts included in interest (402.7) (1,087.8)Member contributions 2.4 2.3Benefits paid (119.6) (136.9)Administrative expenses (4.0) (2.5)Company contributions 9.3 9.1At the end of the year 2,552.4 2,931.3The group\u2019s actual return on the schemes\u2019 assets was a loss of \u00a3267.0 million (2023: \u00a3976.4 million loss). In line with IAS19, the fair values of the buy-in assets have been set equal to the IAS19 present values of the insured liabilities. This is significantly less than the buy-in premium paid, which has led to a material loss on the schemes\u2019 assets. As at the risk transfer date (5 July 2023), we estimate that this reduced the IAS19 surplus by around \u00a3220 million. In addition, changes in financial conditions over the period have seen a fall in value of the Schemes\u2019 assets. The schemes\u2019 investment strategies have been designed such that the assets are fully hedged against the schemes\u2019 technical provisions funding positions, and are therefore more than 100 per cent hedged on an IAS19 basis. As a result, increases in net yields are expected to reduce the schemes\u2019 assets by a greater amount than the IAS19 liabilities.The trustees of both the ESPS and UUPS schemes publish a statement of investment principles, available via the United Utilities corporate website. The statements set out the ESG principles, in particular climate risk, behind the choice of investments. UUPS also published its first TCFD report in October 2023 and ESPS has published a climate change report for 2023, both of which are available on the corporate website.Basis of consolidation The group financial statements consolidate the financial statements of the company and entities controlled by the company (its subsidiaries) and incorporate the results of its share of joint ventures using the equity method of accounting. The results of subsidiaries and joint ventures acquired or disposed of during the year are included in the consolidated income statement from the date control is obtained or until the date that control ceases, as appropriate.Revenue recognitionRevenue from the sale of water, wastewater and other services represents the fair value of the consideration receivable in the ordinary course of business for the goods and services provided, exclusive of value added tax. Where relevant, this includes an estimate of the sales value of units supplied to customers between the date of the last meter reading and the period end. There are two main areas of the group\u2019s activities considered to result in revenue being recognised: \u2022 the provision of core water and wastewater services, accounting for more than 97 per cent of the group\u2019s revenue; and \u2022 capital income streams relating to diversions work and activities, typically performed opposite property developers, that facilitate the creation of an authorised connection throughwhich properties can obtain water and wastewater services. The provision of core water and wastewater services, which are deemed to be distinct performance obligations of the contract with customers, follow the same pattern of transfer to the customer who simultaneously receives and consumes both of these services over time.Revenue is generally recognised at the time of delivery, with consideration given as to whether collection of the full amount under the contract is considered probable. Should the group consider that the criteria for revenue recognition have not been met for a transaction, revenue recognition would be delayed until such time as collectability is reasonably assured. Payments received in advance of revenue recognition are recorded as deferred income. This includes revenue in respect of connection activities, which itself reflects a distinct performance obligation. The revenue recognised in respect of these activities is released to the income statement over a period of 60 years, which is deemed to be the time over which the performance obligation for providing the connection is satisfied.Borrowing costs and finance income Except as noted below, all borrowing costs and finance income are recognised in the income statement on an accruals basis. Transaction costs that are directly attributable to the acquisition or issue of a financial asset or financial liability are included in the initial fair value of that instrument. Where borrowing costs are attributable to the acquisition, construction or production of a qualifying asset, such costs are capitalised as part of the specific asset in accordance with IAS 23 \u2018Borrowing Costs\u2019.Property, plant and equipment Property, plant and equipment comprises water and wastewater infrastructure assets and overground assets. The useful economic lives of these assets are primarily as follows: \u2022 Water and wastewater infrastructureassets:\u2013 Impounding reservoirs 200 years; \u2013 Mains and raw water aqueducts30 to 300 years;\u2013 Sewers and sludge pipelines 60 to 300 years;\u2013 Sea outfalls 75 years; \u2022 Buildings 10 to 60 years; \u2022 Operational assets 5 to 80 years; and \u2022 Fixtures, fittings, tools and equipment 3 to 40 years. Employee and other related costs incurred in implementing the capital schemes of the group are capitalised. The group is required to evaluate the carrying values of property, plant and equipment for impairment whenever circumstances indicate, in management\u2019s view, that the carrying value of such assets may not be recoverable. An impairment review requires management to make uncertain estimates concerning the cash flows, growth rates and discount rates of the cash generating units under review. Costs associated with a major inspection or overhaul of an asset or group of assets are capitalised within property, plant and equipment and depreciated over the period of time expected to elapse between major inspections or overhauls.Water and wastewater infrastructure assets Infrastructure assets comprise a network of water and wastewater pipes and systems. Expenditure on the infrastructure assets, including borrowingcosts where applicable, relating to increases in capacity or enhancements to the resilience of functionality of the network, is treated as an addition. Amounts incurred in maintaining the operating capability of the network in accordance with defined standards of service are expensed in the year in which the expenditure is incurred. Infrastructureassets are depreciated by writing off their cost (or deemed cost for infrastructure assets held on transition to IFRS), less the estimated residual value, on a straight-line basis over their useful economic lives.Other assets All other property, plant and equipment isstated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items, including relevant borrowingcosts, where applicable, for qualifying assets. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flowto the group and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the income statement during the financialperiod in which they are incurred. Freehold land and assets in the course of construction are not depreciated. Other assets are depreciated by writing off their cost, less their estimated residual value, on a straight-line basis over their estimated useful economic lives, based on management\u2019s judgement and experience. Depreciation methods, residual values and useful economic lives are reassessed annually and, if necessary, changes are accounted for prospectively. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in other operating costs.Transfer of assets from customers and developers Where the group receives from a customer or developer an item of property, plant and equipment (or cash to construct or acquire an item of property, plant and equipment) that the group must then use either to connect the customer to the network or to provide the customer with ongoing access to a supply of goods or services, or to do both, such items are capitalised at their fair value and included within property, plant and equipment, with a liability of the same amount credited to deferred grants and contributions. The assets are depreciated over their useful economic lives and the deferred contributions released to revenue over the 60 years, which is the estimated period over which an average connection through which the group provides water and wastewater services is expected to be operational. Where the receipt of property, plant and equipment is solely to connect the customer to the network, the deferred contribution is released immediately to revenue. Assets transferred from customers or developers are accounted for at fair value. If no market exists for the assets, then incremental cash flows are used to arrive at fair value.Intangible assets Intangible assets are measured initially at cost and are amortised on a straight-line basis over their estimated useful economic lives. The carrying amount is reduced by any provision for impairment where necessary. Internal expenditure is capitalised as internally generated intangibles only if it meets the criteria set out in IAS 38 \u2018Intangible Assets\u2019. Intangible assets, which relate primarily to computer software, are generally amortised over a period of three to ten years. The group expenses costs incurred in the implementation and ongoing operation ofcomputing systems built and delivered ona \u2018software as a service\u2019 (SaaS) basis and hosted in an external cloud environment. These do not generally give rise to an identifiable intangible asset that the group controls. In limited circumstances, costs incurred in association with the implementation and customisation of a SaaS system may enhance the group\u2019s existing digital infrastructure and would be expected to generate broader future economic benefit. Where this results in an identifiable intangible asset that the group controls, the costs are capitalised in accordance with IAS 38 and are subsequently amortised over a period of generally three to ten years. Impairment of assets Where appropriate, assets are reviewed for impairment at each reporting date to determine whether there is any indication that those assets may have suffered an impairment loss. Where the asset does not generate cash flows that are independent from other assets, the group estimates the recoverable amount of the cash generating unit to which the asset belongs.The recoverable amount is the higher of fair value less costs to sell and value in use. Value in use represents the net present value of expected future cash flows, discounted on a pre-tax basis, using a rate that reflects current market assessments of the time value of money and the risks specific to the asset, for which the estimates of future cash flows have not been adjusted. The recoverable amount of investments in subsidiary companies is assessed using Level 2 fair value hierarchy techniques, with reference to the regulatory capital value (\u2018RCV\u2019) of the regulated water and wastewater business where appropriate. This is used as a proxy in estimating the subsidiary\u2019s market value, with the RCV being a regulatory measure determined by Ofwat, based on the company\u2019s historic market value plus the value of accumulated capital investment assumed at each price review. The RCV used in this assessment is adjusted for actual spend.If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash generating unit) is reduced to its recoverable amount. Impairment losses in respect of assets are recognised in the income statement within operating costs. Where an impairment loss subsequently reverses, the reversal is recognised in the income statement and the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not so as to exceed the carrying amount that would have been determined had no impairment loss been recognised in prior years.Capitalisation of costs associated with regulatory price review programmesAs a regulated business, the group\u2019s principal subsidiary, United Utilities WaterLimited, is required to submit business plans to its regulator, Ofwat, on a cyclicalbasis and covering a five-year period. Thecosts to develop these business plans, which can be significant, largely relate to the development of material capital programmes to be delivered over the nextfive-year price control period. As such, the majority of these costs are consideredto be directly attributable to bringing capital solutions into working condition, giving rise to future economic benefit in the form of reduced project costs as the capital programme is delivered, and supporting the enhancement of the company\u2019s network as a whole. Such costs are therefore capitalised within property, plant and equipment where appropriate, and depreciated over a period of five years as the economic benefit is realised through the delivery of the capital programme.Financial instruments Financial assets and financial liabilities are recognised and derecognised in the group\u2019s statement of financial position on the trade date when the group becomes/ceases to be a party to the contractual provisions of the instrument.Cash and short-term depositsCash and short-term deposits include cash at bank and in hand, deposits and other short-term highly liquid investmentsthat are readily convertible into known amounts of cash, have a maturity of three months or less from the date of acquisition and which are subject to an insignificant risk of change in value. In theconsolidated statement of cash flows and related notes, cash and cash equivalents include cash and short-term deposits, netof book overdrafts.Borrowings designated at fair value through profit or loss Designation is made where the requirements to designate within a fair value hedge cannot be met at inception despite there being significant fair value offset between the borrowing and the hedging derivative. Where designated, bonds and loans are initially measured at fair value being the cash proceeds received and are subsequently measured at fair value at each reporting date, with changes in fair value being charged or credited to finance expense in the income statement.Under the provisions of IFRS 9 \u2018Financial Instruments\u2019, changes in the group\u2019s own credit risk are recognised in other comprehensive income.Employee benefits Retirement benefit obligations The group operates two defined benefit pension schemes, which are independent of the group\u2019s finances, for its employees. Actuarial valuations to determine the funding of the schemes, along with future contribution rates, are carried out by the pension scheme actuary as directed by the trustees at intervals of not more than three years. In any intervening years, the trustees review the continuing appropriateness of the funding and contribution rates. From a financial reporting perspective and in accordance with IAS 19 \u2018Employee Benefits\u2019, defined benefit assets are measured at fair value, while liabilities are measured at present value using the projected unit credit method. The difference between the two amounts is recognised as a surplus or obligation in the statement of financial position. Where this difference results in a defined benefit surplus, this is recognised in accordance with IFRIC 14 \u2018IAS 19 \u2013 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction\u2019, on the basis that the group has an unconditional right to a refund of any surplus that may exist following the full settlement of plan liabilities in a single event. The pension cost under IAS 19 is assessed in accordance with the advice of a firm of actuaries based on the latest actuarial valuation and assumptions determined by the actuary, which are used to estimate the present value of defined benefit obligations. The assumptions are based on information supplied to the actuary by the company, supplemented by discussions between the actuary and management. The assumptions are disclosed in note A4. The cost of providing pension benefits to employees relating to the current years\u2019 service (including curtailment gains and losses) is included within employee benefits expense, while the interest on the schemes\u2019 assets and liabilities is included within investment income and finance expense respectively. Remeasurement gains/losses on scheme assets and liabilities are presented in other comprehensive income. In addition, the group operates a defined contribution pension section within the United Utilities Pension Scheme. Payments are charged as employee costs as they fall due. The group has no further payment obligations once the contributions have been paid.Share-based compensation arrangements The group operates equity-settled, share-based compensation plans, issued to certain employees. The equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date is expensed on a pro-rated basis over the vesting period, based on estimates of the number of options that are expected to vest and according to relevant measures of performance determining the number of shares awarded. The initial fair value of each award scheme is updated for each reporting period to account for lapsed shares and updated estimates of the performance measures. The group has the option to settle some of these equity-settled share-based payments in cash. At each reporting date, the group revises its estimate of the number of options that are expected to become exercisable, with the impact of any revision being recognised in the income statement and a corresponding adjustment to equity over the remaining vesting period.Provisions Provisions are recognised when the group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources willbe required to settle the obligation, and the amount can be reliably estimated. Expenditure that relates to an existing condition caused by past operations that does not contribute to current or future earnings is expensed. Foreign currency translation Transactions and balances Transactions in foreign currencies are recorded at the exchange rates applicable on the dates of the transactions. At each reporting date, monetary assets and liabilities denominated in foreign currencies are translated into sterling at the relevant rates of exchange applicable on that date. Gains and losses arising on retranslation are included in net profit or loss for the period. Exchange differences arising on investments in equity instruments classified as fair value through other comprehensive income are included in the gains or losses arising from changes in fair value, which are recognised directly in equity. To hedge its exposure to certain foreign exchange risks, the group enters into contracts for derivative instruments (see note A3).LeasesAt inception of a contract the group assesses whether a contract is, or contains, a lease. Where a lease is present, a right-of-use asset and lease liability is recognised at the commencement date. The lease liability is measured at the present value of future lease payments due over the term of the lease, with the right-of use asset recognised as property, plant and equipment at cost. This is generally equivalent to the initial measurement of the lease liability. Lease payments are discounted using the group\u2019s incremental rate of borrowing if the interest rate implicit in the lease cannot be readily determined. For materially all of the group\u2019s leases, the group\u2019s incremental rate of borrowing is used. This rate is calculated using a number of inputs, being observable risk-free gilt rates, specific data based on bonds already in circulation for the relevant group company, as well as data from the wider utility sector. Further adjustments for payment profile and the term of the lease are made. After the commencement date, the lease liability is increased for the accretion of interest (being the unwinding of the discounting applied to future lease payments) and reduced by lease payments made. In addition to this the carrying amount is updated to reflect any remeasurement or lease modifications. Remeasurements are typically required as a result of rent reviews or changes to the lease term. In these cases, a corresponding adjustment to the right-of-use asset is made. Depreciation of right-of-use assets is charged on a straight-line basis over the term of the lease. Where leases have a term of less than 12 months from the commencement date and do not have a purchase option, the group applies the short-term lease recognition exemption available under IFRS 16. The group applies the low value recognition exemption permitted by the standard to leases of assets with a value of less than \u00a32,500. Payments for short-term and low-value leases are instead charged to operating costs on a straight-line basis over the period of the lease.Statement of cash flowsGrants and contributions receivedWhere government grants are received as a contribution against qualifying fixed assets, and where transactions with customers \u2013 typically property developers \u2013 result in the expansion of the group\u2019s water and wastewater network (and therefore its fixed asset base), the relevant cash inflows are classified within investing activities in the period.Interest payments and receiptsIFRS allows interest payments and interest receipts to be classified within operating activities or financing activities/investing activities. The group classifies interest payments and interest receipts within operating activities, with management viewing these in conjunction with other operating cash flows in assessing the ability of the group to maintain its operating capability.Cash flows from derivativesThe cash flows from derivatives as a result of the group\u2019s hedging activities are presented together with the cash flows relating to the underlying hedged item to provide a more faithful representation of the substance of the transaction.Taxes paidTaxes paid by the group are presented as cash flows from operating activities. The group deems it impracticable to identify the tax cash flows with respect to individual transactions, which may themselves be presented in investing activities or financing activities, and instead present total tax cash flows as operating activities.A7 Subsidiaries and other group undertakingsDetails of the group\u2019s subsidiary undertakings, joint ventures and associates are set out below. Unless otherwise specified, the registered address for each entity is Haweswater House, Lingley Mere Business Park, Lingley Green Avenue, Great Sankey, Warrington WA5 3LP, United Kingdom. For further details of joint ventures, see note 12.Proportion of share capital Class of share owned/voting (1)capital heldrights %Nature of business Subsidiary undertakingsGreat BritainHalkyn District Mines Drainage Company Limited Ordinary 99.9 DormantLingley Mere Management Company Limited Ordinary 90.0 Property managementNorth West Water Limited Ordinary 100 DormantUnited Utilities (Overseas Holdings) Limited Ordinary 100 DormantUnited Utilities Energy Limited Ordinary 100 Energy generationUnited Utilities Healthcare Trustee Limited Ordinary 100 Corporate trusteeUnited Utilities International Limited Ordinary 100 Non-tradingUnited Utilities North West Limited Ordinary 100 Holding companyUnited Utilities Pensions Trustees Limited Ordinary 100 Corporate trusteeUnited Utilities PLC Ordinary 100 Holding companyUnited Utilities Property Services Limited Ordinary 100 Property managementUnited Utilities Total Solutions Limited Ordinary 100 Non-tradingUnited Utilities Utility Solutions (Industrial) Limited Ordinary 100 Holding companyUnited Utilities Water Finance PLC Ordinary 100 Financing companyUnited Utilities Water Limited Ordinary 100 Water and wastewater servicesUU (ESPS) Pension Trustee Limited Ordinary 100 Corporate trusteeUU Group Limited Ordinary 100 DormantUU Secretariat Limited Ordinary 100 DormantYCL Transport Limited Ordinary 100 Non-tradingUnited Utilities Bioresources Limited Ordinary 100 Wastewater servicesJoint venturesAll joint ventures are accounted for using the equity method and are strategic to the group\u2019s activities to varying degrees.Great BritainLingley Mere Business Park Development Company Limited Ordinary 50 Development companySelectusonline Limited Ordinary 16.7 Dormant(2)Water Plus Group LimitedOrdinary 50 Holding company(2)Water Plus LimitedOrdinary 50 Water and wastewater retail services(2)Water Plus Select LimitedOrdinary 50 Water and wastewater retail services(1) With the exception of United Utilities PLC, shares are held by subsidiary undertakings rather than directly by United Utilities Group PLC.(2) Water Plus Limited and Water Plus Select Limited are wholly owned subsidiaries of Water Plus Group Limited. Registered address: South Court Riverside Park, Campbell Road, Stoke-on-Trent ST4 4DA, United Kingdom. ",
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"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
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"value": "They have been prepared on the historical cost basis, except for the revaluation of financial instruments, accounting for the transfer of assets from customers, and the revaluation of infrastructure assets to fair value on transition to IFRS. The preparation of financial statements, in conformity with IFRS, requires management to make estimates and assumptions that affect the amounts of assets and liabilities at the date of the financial statements and the amounts of revenues and expenses during the reporting periods presented. Although these estimates are based on management\u2019s best knowledge of the amount, event or actions, actual results, ultimately, may differ from these estimates. ",
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"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
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},
"pp-value-2-2": {
"value": "The financial statements have been prepared on the going concern basis as the directors have a reasonable expectation that the Group has adequate resources for a period of at least 12 months from the date of the approval of the financial statements and that there are no material uncertainties to disclose. In assessing the appropriateness of the going concern basis of accounting, the directors have reviewed the resources available to the group in the form of cash and committed facilities as well as consideration of the group\u2019s capital adequacy, along with a baseline plan that incorporates latest views of the current economic climate. The directors have considered the magnitude of potential impacts resulting from uncertain future events or changes in conditions, and the likely effectiveness of mitigating actions that the directors would consider undertaking. The baseline position has been subjected to a number of severe, but plausible, downside scenarios in order to assess the group\u2019s ability to operate within the amounts and terms (including relevant covenants) of existing facilities. These scenarios consider: the potential impacts of increased totex costs, including a significant one-off totex impact of \u00a3400 million arising in the assessment period; elevated levels of bad debt of \u00a315 million per annum; outcome delivery incentive penalties equivalent to 1.0 per cent of RoRE per annum; and the impact of these factors materialising on a combined basis. Mitigating actions were considered to include deferral of capital expenditure; a reduction in other discretionary totex spend; the close out of derivative asset balances; and the deferral or suspension of dividend payments.Consequently, the directors are satisfied that the group will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements, and that the severe but plausible downside scenarios indicate that the Group will be able to operate within the amounts and terms (including relevant covenants) of existing facilities. The financial statements have, therefore, been prepared on a going concern basis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-4-2": {
"value": "Critical accounting judgements and key sources of estimation uncertaintyIn the process of applying its accounting policies set out in note A6, the group is required to make certain estimates, judgements and assumptions that it believes are reasonable based on the information available. These judgements, estimates and assumptions affect the carrying amounts of assets and liabilities at the date of the financial statements and the amounts of revenues and expenses recognised during the reporting periods presented. Changes to these estimates, judgements and assumptions could have a material effect on the financial statements. On an ongoing basis, the group evaluates its estimates using historical experience, consultation with experts and other methods considered reasonable in the particular circumstances. As estimates carry with them an inherent level of uncertainty, the group performs sensitivity analysis where this is practicable and where, in management\u2019s opinion, it provides useful and meaningful information. This sensitivity analysis is performed to understand a range of outcomes that could be considered reasonably possible based on experience and the facts and circumstances associated with individual areas of the financial statements that are subject to estimates. Actual results may differ significantly from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known. As part of the evaluation of critical accounting judgements and key sources of estimation uncertainty, the group has considered the implications of climate change on its operations and activities, further details of which are set out below. The following paragraphs detail the critical accounting judgements and key sources of estimation uncertainty in the financial statements. In determining which of these are significant, the group has considered the extent to which the estimation gives rise to a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Considered in this context, the group considers the accounting estimates for retirement benefits and the useful economic lives of property, plant and equipment and intangible assets to be a significant area of estimation uncertainty in preparing the financial statements.Retirement benefits management does not recognise revenue We have also considered the high level Accounting estimate* \u2013 The group for amounts which have been billed of uncertainty as to how economic operates two defined benefit pension to those customers on the basis that conditions may impact the recoverability schemes, which are independent of the collectability is not probable. These are of household receivables for a significant group\u2019s finances. Actuarial valuations as follows: proportion of the group\u2019s customer base. of the schemes are carried out as A range of scenarios have been used to \u2022 The customer has not paid their bills for determined by the trustees at intervals inform a probability-based assessment of a period of at least two years; or of not more than three years. Profit the allowance for expected credit losses. \u2022 The customer has paid their bills These take account of cash collection before tax and net assets are affected in the preceding two years but has rates in the current year as well as recent by the actuarial assumptions used. The previously had bills de-recognised and years, incorporating the current economic key assumptions include: discount rates, has more than their current year debt uncertainty to provide a range of views pay growth, mortality, and increases outstanding. as to how recoverability of household to pensions in payment and deferred pensions. It should be noted that actual receivables may be impacted. This This two-criteria approach resulted rates may differ from the assumptions assessment resulted in the release of a in a \u00a331.0 million (2023: \u00a329.5 million) used due to changing market and significant portion of the management reduction in revenue compared with economic conditions and longer or overlay, which had previously been what would have been recognised had shorter lives of participants and, as such, recognised in light of the economic no adjustment been made for amounts this represents a key source of estimation uncertainty arising initially from the onset where collectability is not probable. uncertainty. Sensitivities in respect of of the COVID-19 pandemic, and which is Had management made an alternative the assumptions used during the year are described more fully within the Annual judgement that where customers have disclosed in note A4.Report for the year ended 31 March 2020. paid in the preceding two years, and This overlay was subsequently maintained have more than their current year Accounting estimate* \u2013 Included within to address the collection risk arising from debt outstanding, the recoverability the group\u2019s defined benefit pension recent cost-of-living pressures and the of the entirety of their debt was scheme assets are assets with a fair value adverse impact on customer affordability. deemed to be probable (i.e. the second estimated to be \u00a31,772.0 million (2023: A review of cash collection performance criteria were disapplied), the required \u00a3216.3 million) that are categorised as in the current year has led to an increase adjustment to revenue would have been \u2018level 3\u2019 within the IFRS 13 \u2018Fair value in the modelled provisioning rates used \u00a319.4 million (2023: \u00a318.6 million) lower.measurement\u2019 hierarchy, meaning in the year as this data is incorporated that their value is not observable at 31 Accounting estimate** \u2013 At each within the model, and we expect to use March 2024. This includes assets with reporting date, the company and each these revised rates going forward. The an estimated fair value of \u00a31,564.8 of its subsidiaries evaluate the estimated impact of cost-of-living pressures on the million relating to bulk annuity policies recoverability of trade receivables and recoverability of household receivables, purchased in the year as part of a partial record allowances for expected credit and the adequacy of our ECL allowance, buy-in transaction, further detail of which losses (\u2018ECL\u2019) based on experience. will continue to be kept under review. is included in note A4, and \u00a3202.7 million Estimates associated with these of investments in private debt funds. The revised provisioning rates, coupled allowances are based on, among other The fair value of the bulk annuity assets with the release of a significant portion things, a consideration of how actual is directly pegged to the present value of the management overlay, supports a collection history might inform expected of the defined benefit obligations that charge equivalent to around 1.6 per cent future recovery. The actual level of they insure, and therefore estimation of of household revenue recorded during the receivables collected may differ from their fair value is inherently linked to the period, which is slightly lower than the the estimated levels of recovery, which assumptions used in valuing the schemes\u2019 position at 31 March 2023. could impact operating results positively liabilities as set out above. Estimates or negatively. Had future cash collection been assessed of the fair value of the remaining \u2018level based on the average cash collection rates 3\u2019 assets, which now form a higher At 31 March 2024, an allowance for for the current year only, the allowance proportion of total scheme assets expected credit losses relating to for expected credit losses charged to the following the partial buy-in transaction, household customer debt of \u00a380.7 million income statement would have remained are based on valuations performed by (2023: \u00a381.5 million) was supported by at 1.6 per cent of household revenue with the investment managers\u2019 valuation a six-year cash collection projection. similar results based on using average specialists using the latest available Based on a five-year or seven-year cash cash collection from the last two years statements of each of the funds that make collection projection, the allowance or the last four years. At 31 March 2024, up the total asset balances, updated for doubtful receivables would have a charge of 1.6 per cent is considered to for any subsequent cash movements increased by \u00a30.3 million (2023: \u00a32.2 be appropriate given prevailing levels of between the statement date and the year million) or reduced by \u00a30.2 million (2023: uncertainty and recognising the level of end reporting date.\u00a30.2 million) respectively. estimation uncertainty associated with Revenue recognition and allowance In determining the allowance for expected the assumptions made in forecasting credit losses in respect of household the year-end debt position upon which for doubtful receivables customers, we have applied provisioning the allowance for expected credit losses Accounting judgement** \u2013 The group rates that are derived from historic is based.recognises revenue generally at the time experience of the recoverability of of delivery and when collection of the Accounting estimate** \u2013 United Utilities receivables, to the aged debt bandings resulting receivable has been deemed Water Limited raises bills in accordance to calculate the bad debt charge and the probable. In estimating the amount of with its entitlement to receive revenue resultant ECL allowance. The adequacy of revenue to recognise, where the group in line with the limits established by the ECL allowance is then evaluated using considers that the criteria for revenue the periodic regulatory price review analysis against the average collection over recognition are not met for a transaction, processes. For household water and the last three years, which is considered revenue recognition is delayed until wastewater customers with water meters, to give a reasonable forecast of cash such time as collectability is deemed the receivable billed is dependent on collection for use in the forward-looking probable. There are two criteria whereby the volume supplied, including the sales ECL assessment. value of an estimate of the units supplied decrease in average asset lives would the current financial year, however this between the dates of the last water meter have resulted in a \u00a343.9 million (2023: is subject to continuous assessment, reading and the billing date. Meters are \u00a339.0 million) increase in this figure.particularly as environmental legislation read on a cyclical basis and the group continues to evolve. Derivative financial instruments recognises revenue for unbilled amounts Accounting estimate** \u2013 The model The group is exposed to potential based on estimated usage from the last used to arrive at the fair value the group\u2019s asset write-downs following flooding billing through to each reporting date. derivative financial instruments requires resulting from extreme weather events, The estimated usage is based on historical management to estimate future cash flows the frequency of which are expected to data, judgement and assumptions; actual based on applicable interest rate curves. increase as the effects of climate change results could differ from these estimates, Projected cash flows are then discounted become more apparent. Following which would result in operating revenues back using discount factors that are large-scale flooding, items are identified being adjusted in the period that the derived from the applicable interest that have been damaged beyond repair revision to the estimates is determined. rate curves adjusted for management\u2019s and require immediate accounting Revenue recognised for unbilled amounts estimate of counterparty and own credit write-downs. No such charges were for these customers at 31 March 2024 risk, where appropriate. Sensitivities required in the current financial year. was \u00a3156.4 million (2023: \u00a3141.0 million). relating to derivative financial instruments In addition to the risks posed by an Had actual consumption been 5 per cent are included in note A3.increased likelihood of large-scale higher or lower than the estimate of * Judgements/estimates that could reasonably flooding events in future years, climate units supplied, this would have resulted give rise to a material adjustment to the change also presents challenges in revenue recognised for unbilled carrying value of assets or liabilities in the relating to prolonged periods of hot and amounts being \u00a35.2million (2023: \u00a34.7 next financial year.dry weather, the frequency of which million) higher or lower respectively. For ** Other judgements/estimates considered less likely to give rise to a material adjustment to is expected to increase. This could customers who do not have a meter, the the carrying value of assets or liabilities in the potentially impact the viability of certain receivable billed and revenue recognised next financial year.types of assets in future years such is dependent on the rateable value of the as those associated with the intake of property as assessed by an independent Climate change water from the natural environment, or rating officer.The group is continually developing its require a strategic reconfiguration of assessment of the impact that climate Property, plant and equipmentchange has on the assets and liabilities assets to respond to such challenges. It Accounting judgement** \u2013 The group recognised and presented in its financial is expected that if any such impact were recognises property, plant and equipment statements. to materialise this would be over a longer (\u2018PP&E\u2019) on its water and wastewater period of time rather than within a single The natural environment within which the financial year, and no financial impact has infrastructure assets where such group operates is constantly changing, been identified in the current year. expenditure enhances or increases the and this influences how its water and capacity and/or resilience of the network, In recent years the group has sought to wastewater services are to be delivered whereas any expenditure classed as further enhance the accuracy of its useful in the future. In addition, the group has maintenance is expensed in the period as life assessments through the introduction embedded ambitious climate-related incurred. Determining enhancement from of more forward-looking information in targets within its own operations, with maintenance expenditure requires an asset life reviews. This includes the use of this affecting the portfolio of assets accounting judgement, particularly when disposal data to identify trends that may required to deliver such services. projects have both elements within them. inform the group\u2019s view of useful lives Enhancement spend was 48 per cent of The impact of climate change, including into the future. This information is used total spend in relation to infrastructure adaptation to improve the group\u2019s alongside other decommissioning data assets during the year. A change of resilience to the effects of climate change, and data from strategic asset planning +/- 5 per cent would have resulted in minimisation and mitigation of the group\u2019s systems to inform useful asset lives. \u00a321.0 million (2023: \u00a312.5 million) less/contribution to climate change, and the more expenditure being charged to the The group mitigates the exposure that transition to net zero, has been considered income statement during the period. the carrying value of its asset base has in the preparation of these financial to climate-related risks through strategic statements and the measurement bases of Accounting estimate* \u2013 The planning activities that incorporate the assets and liabilities across a number estimated useful economic lives of defined climate scenarios, climate change of areas, predominantly in respect of PP&E and intangible assets is based mitigation pledges, and long-term climate the valuation of the property, plant and on management\u2019s experience. When projections. The group installs permanent equipment held by the group. management identifies that actual useful flood defences and other resilience economic lives differ materially from the Asset life reviews are undertaken measures at the most vulnerable facilities estimates used to calculate depreciation, regularly for facilities impacted by climate to protect its assets. The group further that charge is adjusted prospectively. change, environmental legislation or mitigates the financial exposure arising Due to the significance of PP&E and the group\u2019s decarbonisation measures. from climate-related risks through the intangibles investment to the group, This can result in the acceleration of use of insurance policies, which insure variations between actual and estimated depreciation or be an indication of against costs incurred as a result of major useful economic lives could impact potential impairment of assets that are environmental incidents.operating results both positively and deemed to be commercially obsolete negatively. As such, this is a key source of or for which no further use is planned, estimation uncertainty. The depreciation in part as a result of the group\u2019s and amortisation expense for the year decarbonisation strategy. In recent years, was \u00a3438.8 million (2023: \u00a3423.6 million). this has resulted in material accelerations A 10 per cent increase in average asset in respect of bioresources facilities lives would have resulted in a impacted by changes in environmental \u00a339.9 million (2023: \u00a341.4 million) legislative requirements. No further reduction in this figure and a 10 per cent material accelerations were required in ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-7-2": {
"value": "1 Segmental reportingThe board of directors of United Utilities Group PLC (the board) is provided with information on a single-segment basis for the purposes of assessing performance and allocating resources. The group\u2019s performance is measured against a range of financial and operational key performance indicators (\u2018KPIs\u2019), with operational KPIs aligned to the group\u2019s purpose and financial KPIs focused on profitability and financial sustainability. The board reviews revenue, operating profit and gearing, along with operational drivers at a consolidated level. In light of this, the group has a single segment for financial reporting purposes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-8-2": {
"value": "3 Directors and employeesDirectors\u2019 remuneration2024 2023\u00a3m \u00a3mFees to non-executive directors 0.8 0.8Salaries 1.1 1.6Benefits 0.2 0.4Bonus 0.4 0.6Share-based payment charge 0.7 1.83.2 5.2Further information about the remuneration of individual directors and details of their pension arrangements are provided in the directors\u2019 remuneration report on pages 142 to 163.Remuneration of key management personnel2024 2023\u00a3m \u00a3mSalaries and short-term employee benefits 6.8 6.4Share-based payment charge 1.8 3.48.6 9.8Key management personnel comprises all directors and certain senior managers who are members of the executive team.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
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},
"pp-value-10-2": {
"value": "3 Directors and employees continuedStaff costs (including directors)2024 2023Group \u00a3m \u00a3m(1)Wages and salaries341.8 31 7.4Employee-related taxes and levies 32.5 30.7Severance 1.4 (0.2)Post-employment benefits:Defined benefit pension expenses (see note 14) 2.2 8.5Defined contribution pension expense (see note 14) 32.4 29.2410.3 385.6Charged to other areas including regulatory capital schemes (205.2) (193.4)Staff costs 205.1 192.2(1) Wages and salaries excluding non-permanent staff was \u00a3302.5 million (2023: \u00a3274.7 million)Included within staff costs were net credits of \u00a33.2 million (2023: \u00a30.2 million) relating to restructuring costs.14 Retirement benefitsThe group participates in two major funded defined benefit pension schemes in the United Kingdom \u2013 the United Utilities Pension Scheme (\u2018UUPS\u2019) and the United Utilities PLC group of the Electricity Supply Pension Scheme (\u2018ESPS\u2019) \u2013 as well as a defined contribution scheme, which is part of the UUPS, and a series of historic unfunded, unregistered retirement benefit schemes operated for the benefit of certain former employees.Both defined benefit schemes are closed to new employees, and since 1 April 2018 the majority of active members in the defined benefit section of the UUPS have been part of a hybrid section comprising both defined benefit and defined contribution elements in order to reduce the overall costs and risk to the group resulting from increases in future service costs, while balancing the interests of employees by maintaining an element of defined benefit pension provision.Information about the pension arrangements for executive directors is contained in the directors\u2019 remuneration report.Defined benefit schemesAs similar financial and demographic assumptions are used in accounting for both of the group\u2019s defined benefit pension schemes, and given they have similar risk profiles, the information below and further detail provided in note A4 is presented on an aggregated basis unless otherwise stated.The net pension income before tax recognised in the income statement in respect of the defined benefit pension schemes is summarised as follows:2024 2023Group\u00a3m \u00a3mCurrent service cost 2.8 6.0Past service cost (4.6) \u2013Administrative expenses 4.0 2.5Pension expense charged to operating profit 2.2 8.5Net pension interest income credited to investment income (see note 5) (28.6) (28.7)Net pension income credited to the income statement before tax (26.4) (20.2)Defined benefit pension costs excluding curtailments/settlements included within employee benefit expense were \u00a32.2 million (2023: \u00a38.5 million) comprising current service costs and administrative expenses, partially offset by a past service credit of \u00a34.6 million (2023: \u00a3nil) relating to the release of historic accrued defined benefit pension augmentations that are no longer required. Total post-employment benefits expense excluding curtailments/settlements charged to operating profit of \u00a334.6 million (2023: \u00a337.7 million) comprise the defined benefit costs described above of \u00a32.2 million (2023: \u00a38.5 million) and defined contribution costs of \u00a332.4 million (2023: \u00a329.2 million) (see note 3).The reconciliation of the opening and closing net pension surplus included in the statement of financial position is as follows:2024 2023Group\u00a3m \u00a3mAt the start of the year 600.8 1,016.8Income recognised in the income statement 26.4 20.2Contributions 9.3 9.1Remeasurement losses gross of tax (368.5) (445.3)At the end of the year 268.0 600.8Included in the contributions paid of \u00a39.3 million (2023: \u00a39.1 million), which are included as cash outflows in arriving at net cash generated from operations in the consolidated statement of cash flows, are payments in relation to historic unfunded, unregistered retirement benefit schemes of \u00a30.7 million (2023: \u00a30.6 million), and administration expenses of \u00a34.0 million (2023: \u00a32.5 million). Contributions in relation to current service cost fell to \u00a32.8 million (2023: \u00a36.0 million).Remeasurement gains and losses are recognised directly in the statement of comprehensive income.2024 2023Group\u00a3m \u00a3mThe return on plan assets, excluding amounts included in interest (402.7) (1,087.8)Actuarial gains arising from changes in financial assumptions 52.7 950.0Actuarial gains/(losses) arising from changes in demographic assumptions 49.2 (60.7)Actuarial losses arising from experience (67.7 ) (246.8)Remeasurement losses on defined benefit pension schemes (368.5) (445.3)Deferred tax on the movement in the defined benefit surplus during the year has been recognised at a rate of 25 per cent, being the rate applicable to refunds from a trust, reflecting the most likely method by which the defined benefit surplus would be realised (see note 7).14 Retirement benefits continuedFor more information in relation to the group\u2019s defined benefit pension schemes, including changes in financial and demographic assumptions, see note A4.Defined contribution schemesDuring the year, the group made \u00a332.4 million (2023: \u00a329.2 million) of contributions to defined contribution schemes, which are included in employee benefits expense in the consolidated income statement (see note 3), and as cash outflows in arriving at net cash generated from operating activities in the consolidated statement of cash flows.A4 Retirement benefitsDefined benefit schemesUnder the group\u2019s defined benefit pension schemes \u2013 the United Utilities Pension Scheme (\u2018UUPS\u2019) and the United Utilities PLC group of the Electricity Supply Pension Scheme (\u2018ESPS\u2019) \u2013 members are entitled to annual pensions on retirement. Benefits are payable on death and following other events such as withdrawing from active service. No other post-retirement benefits are provided to these members. The assets of these schemes are held in trust funds independent of the group\u2019s finances. The trustees are composed of representatives of both the employer and employees, who are required by law to act in the interests of all relevant beneficiaries and are responsible for the investment policy with regards to the assets plus the day-to-day administration of the benefits.On 5 July 2023, the group supported the trustees of the two pension schemes in completing a circa \u00a31.8 billion bulk annuity purchase, representing an insurance policy partial \u2018buy-in\u2019. Under a partial \u2018buy-in\u2019, an insurance company covers a portion of a scheme\u2019s liabilities with an insurance policy held by the scheme. This insurance asset is held by the pension scheme and matches a portion of the scheme\u2019s liabilities with an insurer and hedges risks associated with those liabilities. A \u2018partial\u2019 buy-in covers a portion of a scheme\u2019s liabilities and works as a near-perfect economic hedge, removing interest rate, inflation and longevity risks for the portion of members\u2019 liabilities that are secured with the insurer. For ESPS, the buy-in was estimated to cover circa 93 per cent of pensioner liabilities, and for UUPS circa 80 per cent of deferred and pensioner members, as at the date of the transaction on a technical provisions basis \u2013 the split on an IAS 19 basis is expected to be broadly consistent. A buy-in is not a settlement and the liability is not derecognised as the group retains ultimate responsibility for funding the schemes. As the purchase of bulk annuity policies reflects an investment decision by the schemes\u2019 trustees, the impact of this transaction was to reduce the schemes\u2019 assets and record a re-measurement loss of circa \u00a3220 million, which is included in the overall \u00a3368.5 million remeasurement losses recognised in other comprehensive income in accordance with IAS 19; there was no impact on profit before tax.As at 31 March, the total fair value of the schemes\u2019 assets, and the present value of the defined benefit obligations, and therefore the value of the net retirement benefit surplus included in the consolidated statement of financial position, was as follows:2024 2023Group\u00a3m \u00a3mTotal fair value of schemes' assets 2,552.4 2,931.3Present value of defined benefit obligation (2,284.4) (2,330.5)Net retirement benefit surplus 268.0 600.8Estimated future benefits payableThe defined benefit obligation includes benefits for current employees, former employees and current pensioners as analysed in the table below:2024 2023Group\u00a3m \u00a3mTotal value of current employees' benefits 272.1 362.7Deferred members' benefits 441.4 436.4Pensioner members' benefits 1,570.9 1,531.4Total defined benefit obligation 2,284.4 2,330.5Movements in the present value of the defined benefit obligations are as follows:2024 2023Group\u00a3m \u00a3mAt the start of the year (2,330.5) (3,018.9)Interest cost on schemes' obligation (107.1 ) (82.7)Actuarial gains arising from changes in financial assumptions 52.7 950.0Actuarial gains/(losses) arising from changes in demographic assumptions 49.2 (60.7)Actuarial losses arising from experience (67.7 ) (246.8)Curtailments/settlements arising on reorganisation 4.6 \u2013Member contributions (2.4) (2.3)Benefits paid 119.6 136.9Current service cost (2.8) (6.0)At the end of the year (2,284.4) (2,330.5)The duration of the combined schemes is around 14 years. The schemes\u2019 duration is an indicator of the weighted-average time until benefit payments are settled, taking account of the split of the defined benefit obligation between current employees, deferred members and the current pensioners of the schemes.A4 Retirement benefits continuedThe estimated profile of cash flows out of the schemes as retirement benefits are paid is as follows:UUPSESPS150251252010015751050525002024 2040 2056 2072 2088 21042024 2034 2056 2072 2088 2104Insured Deferreds Insured Pensions Uninsured PensionsInsured PensionersUninsured Pensioners DeferredsUninsured Deferreds Actives Future servicesActives Future serviceEstimated future benefits payableUnder UK legislation there is a requirement that pension schemes are funded prudently, and that funding plans are agreed by pension scheme trustees. The defined benefit schemes are subject to funding valuations carried out by independent qualified actuaries, in conjunction with the schemes\u2019 trustees, on a triennial basis. These valuations inform the level of future contributions to be made by the group in order to ensure that the schemes are appropriately funded and therefore that benefits can be paid. The latest finalised funding valuation was carried out as at 31 March 2021, and determined that the schemes were fully funded on a low-dependency basis without any funding deficit that requires additional contributions from the company over and above those related to current service and expenses. The schemes\u2019 funding plans are reviewed regularly, including between funding valuations. The group expects to make further contributions of \u00a39.6 million in the year ending 31 March 2025, \u00a38.5 million in respect of current service contributions and \u00a31.1 million in respect of expenses. Annual contributions are expected to be broadly similar to this until at least the point at which the next triennial valuation (as at 31 March 2024), is finalised, which is expected to be towards the end of the year ending 31 March 2025. At this point, a detailed re-evaluation of the level of annual contributions, and the basis on which these are made, will take place. The group and trustees have agreed long-term strategies for reducing investment risk in each scheme. This includes an asset-liability matching policy, which aims to reduce the volatility of the funding level of the pension plan by investing in assets, such as corporate bonds and gilts, supplemented by swap and gilt long-term hedges of interest and inflation rates, which perform in line with the liabilities to hedge against changes in interest and inflation rates. Both the UUPS and ESPS schemes are fully hedged for inflation exposure through external market swaps and gilts. Further details of the derivatives used in reducing investment risk are disclosed in the \u2018Schemes\u2019 assets\u2019 section of this appendix. While longevity risk has reduced as a result of the partial buy-in transaction during the year, the group and trustees remain actively engaged in exploring further de-risking options that may be implemented in the future.The basis on which scheme liabilities are valued for funding purposes differs from the basis required under IAS 19 \u2018Employee Benefits\u2019, with liabilities on a funding basis being subject to assumptions at the valuation date that are not updated between revaluations. Funding deficits vary significantly from company to company, but neither the deficits, the assumptions on which they are based, the associated sensitivities, nor the risk exposures are disclosed by many companies and, therefore, meaningful cross-company comparisons are not possible. Conversely, scheme liabilities are valued on a consistent basis between companies under IAS 19 and are subject to assumptions and sensitivities that are required to be disclosed. Consequently, the relative economic positions of companies are comparable only on an IAS 19 basis, subject to normalisation of assumptions used between companies.A retirement benefit surplus was recognised as an asset in the consolidated statement of financial position at both 31 March 2024 and 31 March 2023 as, under both the UUPS and ESPS scheme rules, the group has an unconditional right to a refund of the surplus assuming the gradual settlement of plan liabilities over time until all members have left the plans.Impact on scheme risk management on IAS 19 disclosuresUnder the prescribed IAS 19 basis, pension scheme liabilities are calculated based on current accrued benefits. Expected cash flows are projected forward allowing for RPI and CPI and the current member mortality assumptions. These projected cash flows are then discounted using a high-quality corporate bond rate, which comprises an underlying interest rate and a credit spread. In July 2023, the trustees of the schemes entered into partial buy-in insurance contracts with L&G covering the liabilities for a significant proportion of the membership. The buy-in policies have been designed to match the benefits the schemes are required to pay in respect of the members covered under the contracts, and as a result have significantly reduced the schemes\u2019 exposure to changes in interest rates, inflation and demographic risks, although these risks remain given the buy-ins did not cover all the schemes\u2019 membership. As well as through the purchase of bulk annuity policies, the group has de-risked its pension schemes through hedging strategies applied to the underlying interest rate and future inflation. Both UUPS and ESPS fully hedge RPI inflation exposure along with underlying interest rates through external market swaps and gilts (including gilt repurchase instruments), the value of which is included in the schemes\u2019 assets (net of associated derivative liabilities). A4 Retirement benefits continuedConsequently, the reported statement of financial position under IAS 19 for the uninsured portion of the schemes\u2019 liabilities remains volatile due to changes in credit spread and changes in mortality, neither of which have been hedged at the current time. Changes in credit spreads have not been hedged primarily due to difficulties in doing so over long durations. In contrast, the schemes\u2019 specific funding bases are unlikely to suffer from significant volatility due to credit spread, because a prudent, fixed credit spread assumption is applied. Changes in mortality have not been hedged due to this exposure being subject to lower volatility in the short term, though the group and scheme trustees are committed to exploring options to de-risk changes in mortality, or pension longevity, in future periods for the uninsured liabilities, as outlined above.Pension benefits under the defined benefit element of the UUPS hybrid section, which represents a relatively small proportion of total defined benefit obligations, are linked to CPI rather than RPI. In the year ended 31 March 2024, the discount rate increased by 0.1 per cent (2023: 1.9 per cent increase), which includes a 0.55 per cent increase in gilt yields over the year, offset by a 0.45 per cent reduction in credit spreads. The IAS 19 remeasurement loss of \u00a3368.5 million (2023: \u00a3445.3 million loss) reported in note 14 has largely resulted from the purchase of buy-in policies: a premium of circa \u00a3220 million was paid in excess of the present value of liabilities covered, which is reflective of the reduction in the schemes\u2019 risk profile. Further, as the schemes are more than 100 per cent hedged on an IAS 19 basis, this has resulted in a greater reduction of the schemes\u2019 assets than the defined benefit obligations as a result of yield rises. The schemes\u2019 investment strategies have been designed such that the assets are fully hedged against the schemes\u2019 technical provisions funding positions, and are therefore more than 100 per cent hedged on an IAS 19 basis. As a result, increases in net yields are expected to reduce the schemes\u2019 assets by a greater amount than the IAS 19 liabilities.The narrowing in credit spreads during the year is accompanied by an RPI inflation assumption reduction of 0.15 per cent (2023: 0.35 per cent reduction). The impact of movements in credit spreads is less pronounced on a scheme funding basis compared with the remeasurement loss recognised on an IAS 19 accounting basis as the discount rate used for valuing obligations utilises a fixed credit spread assumption.In the shorter term, recent high inflation has resulted in greater than expected pension increases, but longer-term expectations for inflation have fallen over the last 18 months.Reporting and assumptionsThe results of the latest funding valuation at 31 March 2021 have been used to inform the group\u2019s best estimate assumptions to use in calculating the defined benefit pension obligation reported on an IAS 19 basis at 31 March 2024. The results of the funding valuation have been adjusted to take account of experience over the period, changes in market conditions, and differences in the financial and demographic assumptions. The present value of the defined benefit obligation, and the related current service costs, were measured using the projected unit credit method.Under IAS 19, the fair value of the buy-in assets at the date of the transaction was considered to be equal to the IAS 19 value of the insured liabilities, and subsequently the fair value of the insurance assets is pegged to the present value of the liabilities being insured. The defined benefit obligation reflects cashflows calculated on a funding basis as at the buy-in transaction date split by insured and uninsured members for UUPS; for ESPS, existing cashflows based on the most recent funding valuation have been used, making broad allowance for the purchase of the buy-in policies at 5 July 2023 based on high-level information provided by the scheme actuary.Member data used in arriving at the liability figure included within the overall IAS 19 surplus has been based on the finalised actuarial valuations as at 31 March 2021 for ESPS. For UUPS, as part of the approach for valuing insured liabilities, membership data has been updated as at 31 August 2022 for deferred and pensioner members (i.e. the same effective date as the membership data underlying the buy-in contract) and 31 August 2023 for active members (not included in the buy-in). As part of each actuarial valuation and, more frequently, as required by the trustees, member data is reassessed for completeness and accuracy and to ensure it reflects any relevant changes to benefits entitled by each member.Financial assumptionsThe main financial and demographic assumptions used by the actuary to calculate the defined benefit surplus of UUPS and ESPS are outlined below:2024 2023Group% p.a. % p.a.Discount rate 4.80 4.70Pension increases 3.25 3.40Pensionable salary growth (pre-2018 service):ESPS 3.25 3.40UUPS 3.25 3.40Pensionable salary growth (post-2018 service):ESPS 3.25 3.40UUPS 2.80 2.85Price inflation \u2013 RPI 3.25 3.40Price inflation \u2013 CPI 2.80 2.85(1) The CPI price inflation assumption represents a single weighted average rate derived from an assumption of 2.35 per cent pre-2030 and 3.05 per cent post-2030 (31 March 2023: 2.50 per cent pre-2030 and 3.30 per cent post-2030). A4 Retirement benefits continuedThe discount rate is consistent with a high-quality corporate bond rate, with 4.30 per cent being equivalent to gilts plus 50 basis points (2023: 4.70 per cent being equivalent to gilts plus 95 basis points). The corporate bond population used in deriving this rate comprises those rated at least AA by one or more credit rating agencies. In accordance with the scheme rules, pensionable salary growth is linked to RPI for UUPS for service pre-2018 and CPI for service post-2018, for ESPS the growth is linked to RPI.Assumed pension increases are aligned to the RPI price inflation assumption as the vast majority of benefits across the schemes have a direct RPI linkage.In accordance with plans put forward by the UK Statistics Authority (\u2018UKSA\u2019) and backed by the Chancellor of the Exchequer, the Retail Prices Index (\u2018RPI\u2019) and the Consumer Prices Index including owner occupier's housing costs (\u2018CPIH\u2019) are expected to align from 2030. This compares with the current situation in which, absent these reforms, CPIH increases are broadly expected to average around 1 per cent below RPI in the long term (about the same as CPI). The alignment of RPI and CPIH could therefore have a significant impact on many pension schemes.Demographic assumptionsIn line with previous reporting periods, mortality assumptions continue to be based on the latest available Continuous Mortality Investigation\u2019s (\u2018CMI\u2019) mortality tables. As at 31 March 2024, these assumptions are based on the CMI2022 base tables with a 1.25% per annum rate of improvement (2023: 1.25 per cent), and factoring in a w2022 weighting of 40 per cent (2023: w2021 weighting of 10 per cent) to take account of the continued increased mortality rates following the impact of the Covid-19 pandemic in the medium term, including pressures on the NHS and the high flu rate in 2022. A scaling factor of 109 per cent (2023: 109 per cent) and 115 per cent (2023: 115 per cent) for male pensioners and non-pensioners respectively and 110 per cent (2023: 110 per cent) and 111 per cent (2023: 111 per cent) for female pensioners and non-pensioners respectively, reflecting the profile of the membership. Compared against the base tables used for previous year-end mortality assumptions (CMI S3PA), the Core CMI2022 model sees a reduction in life expectancies resulting in a reduction in the defined benefit obligation of around 1-1.5 per cent. It should be noted, however, that post buy-in any changes in the life expectancy assumptions for insured members will be offset by a corresponding change in the value of the buy-in bulk annuity policies on an IAS 19 basis. As such, relative to prior years the statement of financial position is expected to be less sensitive to mortality assumptions going forward.The current life expectancies at age 60 underlying the value of the accrued liabilities for the schemes are:2024 2023Groupyears yearsRetired member \u2013 male 25.5 25.9Non-retired member \u2013 male 26.2 26.6Retired member \u2013 female 2 7.6 28.0Non-retired member \u2013 female 28.6 29.1Financial and demographic assumptions \u2013 further analysisThe assumptions used in measuring the group\u2019s defined benefit surplus reflect management\u2019s best estimates as at the reporting date. These estimates inherently involve judgement, and the measurement of the defined benefit surplus is sensitive to changes in these key assumptions. Given the offsetting nature of the buy-in assets, the IAS19 surplus will be predominantly driven by the uninsured liabilities and residual invested assets going forward. As a result, sensitivities relative to the uninsured defined benefit obligation are provided alongside those applicable to the full defined benefit obligation in accordance with IAS 19. Sensitivity calculations allow for the specified movement in the relevant key assumption, while all other assumptions are held constant. This approach does not take into account the interrelationship between some of these assumptions or any hedging strategies adopted, however it demonstrates how reasonably possible changes could impact on the measurement of the defined benefit surplus. The schemes\u2019 hedging strategies are designed primarily to reduce the volatility on a technical provisions basis. \u2022 Asset volatility \u2013 If the schemes\u2019 assets underperform relative to the discount rate used to calculate the schemes\u2019 liabilities, this will create a deficit. Under IAS19 the value of the buy-in assets is equal to the IAS19 value of the insured liabilities. The bulk annuity policies represent a significant proportion of total scheme assets, with the valuation of these assets pegged to the valuation of insured liabilities. As such, movements in asset values are offset by corresponding movements in the value of insured liabilities. \u2022 Discount rate \u2013 At 31 March 2024, an increase/decrease in the discount rate of 0.25 per cent would have resulted in a \u00a327.5/\u00a329.0 million decrease/increase in the schemes\u2019 uninsured liabilities, and a \u00a372.3/\u00a376.2 million (2023: \u00a378.2/\u00a382.7 million) decrease/increase to the schemes\u2019 total liabilities. As long as credit spreads remain stable, however, this will be largely offset by an increase/decrease in the value of the schemes\u2019 bond holdings and other instruments designed to hedge this exposure. The discount rate is based on high-quality corporate bond yields of a similar duration to the schemes\u2019 liabilities. High quality corporate bonds are considered to be those that have a credit rating of AA or above with at least one rating agency. An alternative approach could be taken whereby only those bonds rated AA or higher by at least two rating agencies are used. While this alternative approach may provide additional comfort around the quality of these corporate bonds, management believes that the wider population of corporate bonds under a \u2018single agency\u2019 approach gives a more representative indication of high quality corporate bonds that are aligned to the schemes\u2019 liabilities, and therefore provides a more robust estimate.A4 Retirement benefits continued \u2022 Price inflation \u2013 At 31 March 2024, an increase/decrease in the inflation assumption of 0.25 per cent would have resulted in a \u00a326.1/24.9 million increase/decrease in the schemes\u2019 uninsured liabilities, and a \u00a367.1/\u00a363.9 million (2023: \u00a372.3/\u00a369.5 million) increase/decrease to the schemes\u2019 total liabilities. A significant proportion of the schemes\u2019 benefit obligations are linked to inflation. However, nearly all of the schemes\u2019 liabilities were hedged for RPI in the external market at 31 March 2024, meaning that this sensitivity is likely to be insignificant as a result. The sensitivity to price inflation allows for the impact of changes to pensionable salary growth and pension increases, which are both assumed to be linked to price inflation. While inflation has been volatile in the near term, the value of the schemes\u2019 liabilities is based on inflation assumptions that reflect the full profile of the liabilities, in particular the long-term nature. \u2022 Consistent with market practice, and reflecting the possibility that inflation may rise or fall more than expected in the future, in arriving at the company\u2019s best estimate for RPI, an inflation risk premium of 0.2 per cent (2023: 0.2 per cent) has been deducted from the breakeven inflation rate for the year ended 31 March 2024. The impact of this is a decrease in the defined benefit obligation of around \u00a322.0 million and therefore an increase in the net defined benefit surplus compared with no inflation risk premium being deducted. There is no allowance for any further change in the inflation risk premium post-2030 as a result of RPI reform. A reduction in expected RPI will result in a reduction to the value of pension scheme liabilities; however, as our pension schemes are hedged for RPI inflation movements, this will result in a comparable reduction to the value of pension scheme assets. \u2022 The assumption for CPI is set by deducting a \u2018wedge\u2019 from the RPI inflation assumption to reflect structural differences. For pre-2030 inflation this wedge has been estimated at 0.9 per cent per annum, reducing to 0.2 per cent per annum post-2030 given that RPI and CPI are expected to converge (2023: 0.1 per cent per annum). The impact of this reduction in the post-2030 wedge as a result of RPI reform is a circa \u00a34.0 million increase to the defined benefit obligation and therefore a decrease in the net defined benefit surplus compared with the wedge remaining at 0.9 per cent per annum after 2030. The assumption for CPI is set by deducting a \u2018wedge\u2019 from the RPI inflation assumption to reflect structural differences. For pre-2030 inflation this wedge has been estimated at 0.9 per cent per annum, reducing to 0.2 per cent per annum post-2030 given that RPI and CPI are expected to converge. \u2022 Mortality long-term improvement rate \u2013 At 31 March 2024, an increase in the mortality long-term improvement rate from 1.25 per cent to 1.50 per cent would have resulted in a \u00a36.1 million increase in the schemes\u2019 uninsured liabilities, and a \u00a315.7 million (2023: \u00a316.5 million) increase to the schemes\u2019 total liabilities. \u2022 Life expectancy \u2013 At 31 March 2024, an increase in the life expectancy assumption of one year would have resulted in a \u00a323.7 million increase in the schemes\u2019 uninsured liabilities, and a \u00a385.8 million (2023: \u00a383.9 million) increase to the schemes\u2019 total liabilities. The majority of the schemes\u2019 obligations are to provide benefits for the life of the member and, as such, the schemes\u2019 liabilities are sensitive to these assumptions.Schemes\u2019 assetsAt 31 March, the fair values of the schemes\u2019 assets recognised in the statement of financial position were as follows:Underlying Fair value of Schemes' assetsderivatives CombinedassetsGroup\u00a3m \u00a3m \u00a3m %At 31 March 2024Gilts 623.4 (200.9) 422.5 16.6Bonds 285.8 0.5 286.3 11.2Bulk annuity policies 1,564.8 \u2013 1,564.8 61.3Other 314.0 (35.2) 278.8 10.9Total fair value of schemes' assets 2,788.0 (235.6) 2,552.4 100.0At 31 March 2023Non-equity growth assets 278.2 \u2013 278.2 9.5Gilts 1,822.3 (886.9) 935.4 31.9Bonds 1,211.2 (2.5) 1,208.7 41.2Other 422.8 86.2 509.0 17.4Total fair value of schemes' assets 3,734.5 (803.2) 2,931.3 100.0Included within the group\u2019s defined benefit pension scheme assets are assets with a fair value estimated to be \u00a31,772.0 million that are categorised as \u2018Level 3\u2019 assets within the IFRS 13 \u2018Fair value measurement\u2019 hierarchy, meaning that the value of the assets is not observable at 31 March 2024. Of these, \u00a31,564.8 million relates to bulk annuity policies purchased as part of the buy-in transaction and \u00a3207.2 million relates to unquoted senior private debt assets. Estimates of the fair value of these assets have been performed by the investment managers\u2019 valuation specialists using the latest available statements of each of the funds that make up the total Level 3 asset balance, updated for any subsequent cash movements between the statement date and the year-end reporting date.The UUPS has entered into a variety of derivative transactions to change the return characteristics of the assets held to reduce undesirable market and liability risks. As such, the above breakdown separates the assets of the schemes to illustrate the underlying risk characteristics of the assets held. The portfolio contains a proportion of assets set aside for collateral purposes linked to the derivative contracts held. The collateral portfolio, comprising cash and eligible securities readily convertible to cash, provides sufficient liquidity to manage exposure relating to the derivative transactions and is expected to achieve a return in excess of SONIA (Sterling Overnight Index Average). During the year ended 31 March 2024, no liquidity support or facilities were required by the company as a result of collateral calls.A4 Retirement benefits continuedThe derivative values in the table above represent the net market value of derivatives held within each of these asset categories as follows:2024 2023Group\u00a3m \u00a3mGiltsRepurchase agreements (200.9) (886.9)(200.9) (886.9)Bonds \u2013 hedging non-sterling exposure back to sterlingCurrency forwards 0.5 13.8Interest rate swaps \u2013 (16.3)0.5 (2.5)Other \u2013 managing liability risks targeting a high level of interest rate and inflation hedgingInterest rate swaps (35.6) (17.2)RPI inflation swaps 0.4 (13.2)Total return swaps \u2013 116.6(35.2) 86.2Total fair value of derivatives (235.6) (803.2)The derivatives shown in the tables only cover those expressly held for the purpose of reducing certain undesirable asset and liability risks as part of the liability driven investment strategies. The schemes invest in a number of other pooled funds that make use of derivatives. No allowance is made in the figures above for any derivatives held within these other pooled funds, as they are not held expressly for the purpose of managing risk. The total fair value of pooled funds held within the schemes\u2019 assets was \u00a3147.0 million (2023: \u00a3371.2 million).The intention is that the schemes\u2019 assets provide a full economic hedge of interest rates and RPI inflation of the schemes\u2019 liabilities on a scheme funding basis. As the scheme funding basis is more prudent than the IAS 19 measurement basis for the defined benefit obligation, the schemes are more than 100 per cent hedged on an accounting basis. Movements in the fair value of the schemes\u2019 assets were as follows:2024 2023Group\u00a3m \u00a3mAt the start of the year 2,931.3 4,035.7Interest income on schemes' assets 135.7 111.4The return on plan assets, excluding amounts included in interest (402.7) (1,087.8)Member contributions 2.4 2.3Benefits paid (119.6) (136.9)Administrative expenses (4.0) (2.5)Company contributions 9.3 9.1At the end of the year 2,552.4 2,931.3The group\u2019s actual return on the schemes\u2019 assets was a loss of \u00a3267.0 million (2023: \u00a3976.4 million loss). In line with IAS19, the fair values of the buy-in assets have been set equal to the IAS19 present values of the insured liabilities. This is significantly less than the buy-in premium paid, which has led to a material loss on the schemes\u2019 assets. As at the risk transfer date (5 July 2023), we estimate that this reduced the IAS19 surplus by around \u00a3220 million. In addition, changes in financial conditions over the period have seen a fall in value of the Schemes\u2019 assets. The schemes\u2019 investment strategies have been designed such that the assets are fully hedged against the schemes\u2019 technical provisions funding positions, and are therefore more than 100 per cent hedged on an IAS19 basis. As a result, increases in net yields are expected to reduce the schemes\u2019 assets by a greater amount than the IAS19 liabilities.The trustees of both the ESPS and UUPS schemes publish a statement of investment principles, available via the United Utilities corporate website. The statements set out the ESG principles, in particular climate risk, behind the choice of investments. UUPS also published its first TCFD report in October 2023 and ESPS has published a climate change report for 2023, both of which are available on the corporate website.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
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},
"pp-value-9-2": {
"value": "The total expense included within staff costs in respect of equity-settled share-based payments was \u00a32.1 million (2023: \u00a34.6 million). The company operates several share option schemes, details of which are given on pages 147 to 148 and 159 to 160 in the Directors\u2019 remuneration report.",
"dimensions": {
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"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
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},
"pp-value-11-2": {
"value": "Average number of staff employed by the group during the year (full-time equivalent including directors):2024 2023number numberAverage number of staff employed by the group during the year 6,035 5,975CompanyThe company has no staff.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
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"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
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"pp-value-12-2": {
"value": "Research and development expenditure for the year ended 31 March 2024, was \u00a30.7 million (2023: \u00a31.2 million). In addition, \u00a36.0 million (2023: \u00a36.1 million) of costs have been accrued during the year by United Utilities Water Limited in relation to the Innovation in Water Challenge scheme operated by Ofwat for AMP7. These expenses offset amounts recognised in revenue during each year intended to fund innovation projects across England and Wales as part of an industry-wide scheme to promote innovation in the sector. The amounts accrued will either be spent on innovation projects that the group successfully bids for, or will be transferred to other successful water companies in accordance with the scheme rules.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
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"pp-value-12-3": {
"value": "Research and development expenditure for the year ended 31 March 2024, was \u00a30.7 million (2023: \u00a31.2 million). In addition, \u00a36.0 million (2023: \u00a36.1 million) of costs have been accrued during the year by United Utilities Water Limited in relation to the Innovation in Water Challenge scheme operated by Ofwat for AMP7. These expenses offset amounts recognised in revenue during each year intended to fund innovation projects across England and Wales as part of an industry-wide scheme to promote innovation in the sector. The amounts accrued will either be spent on innovation projects that the group successfully bids for, or will be transferred to other successful water companies in accordance with the scheme rules.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
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},
"pp-value-13-2": {
"value": "During the year, the group obtained the following services from its auditor:2024 2023\u00a3'000 \u00a3'000Audit servicesStatutory audit \u2013 group and company 240 215Statutory audit \u2013 subsidiaries 737 642977 857Non-audit servicesRegulatory audit services provided by the statutory auditor 80 75Other non-audit services 193 159Total audit and non-audit services 1,250 1,091",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
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"pp-value-14-2": {
"value": "6 Finance expense2024 2023\u00a3m \u00a3mInterest payable(1)Interest payable on borrowings held at amortised cost379.8 497.7379.8 497.7Fair value losses/(gains) on debt and derivative instrumentsFair value hedge relationships:(2)Borrowings(5.1) (213.1)(2)(3)Designated swaps3.4 224.7(1.7) 11.6Financial instruments at fair value through profit or loss:(4)Borrowings designated at fair value through profit or loss(21.3) (4.2)Associated swaps 22.1 0.40.8 (3.8)(5)Fixed interest rate swaps27.3 (146.0)Net receipts on derivatives and debt under fair value option (21.3) (32.8)(5)Inflation swaps5.3 (62.2)Other (0.9) (1.8)10.4 (242.8)(6)Net fair value losses/(gains) on debt and derivative instruments9.5 (235.0)389.3 262.7Notes:(1) Includes a \u00a3225.9 million (2023: \u00a3463.5 million) non-cash inflation uplift expense repayable on maturity in relation to the group\u2019s index-linked debt and \u00a31.4 million (2023: \u00a31.5 million) interest expense on lease liabilities, representing the unwinding of the discounting applied to future lease payments.(2) Includes foreign exchange gain of \u00a335.1 million (2023: \u00a320.6 million loss). These gains/losses are largely offset by fair value losses/gains on derivatives.(3) Under the provisions of IFRS 9 \u2018Financial instruments\u2019, a \u00a34.8 million gain (2023: \u00a36.3 million gain) resulting from changes to the foreign currency basis spread are recognised in other comprehensive income rather than profit or loss as they relate to items designated in an accounting hedge relationship.(4) Under the provisions of IFRS 9 \u2018Financial instruments\u2019, a \u00a30.7 million gain (2023: \u00a34.8 million gain) due to changes in the group\u2019s own credit risk is recognised in other comprehensive income rather than within profit or loss.(5) These swap contracts are not designated within an IFRS 9 hedge relationship and are classed as \u2018held for trading\u2019 under the accounting standard. These derivatives form economic hedges and, as such, management intends to hold these through to maturity.(6) Includes \u00a329.3 million (2023: \u00a331.8 million) income due to net interest on derivatives and debt under fair value option and \u00a325.9 million (2023: \u00a356.2 million) expense due to non-cash inflation uplift on index-linked derivatives. Fair value movements excluding this income are deducted to reach underlying finance expense, which forms part of the group\u2019s alternative performance measures (\u2018APMs\u2019) as set out on pages 96 to 97.Interest payable is stated net of \u00a381.0 million (2023: \u00a3127.5 million) borrowing costs capitalised in the cost of qualifying assets within property, plant and equipment and intangible assets during the year. This has been calculated by applying an average capitalisation rate of 6.1 per cent (2023: 7.9 per cent) to expenditure on such assets as prescribed by IAS 23 \u2018Borrowing Costs\u2019.Underlying finance expense, which forms part of the group\u2019s APMs set out on pages 96 to 97, is calculated by adjusting net finance expense and investment income of \u00a3306.1 million (2023: \u00a3215.7 million) reported in the income statement to exclude the \u00a39.5 million of fair value losses (2023: \u00a3235.0 million of fair value gains) in the above table, but include \u00a329.3 million (2023: \u00a331.8 million) income due to net interest on derivatives and debt under fair value option, and \u00a325.9 million (2023: \u00a356.2 million) expense due to non-cash inflation uplift on index-linked derivatives.",
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"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-14-3": {
"value": "6 Finance expense2024 2023\u00a3m \u00a3mInterest payable(1)Interest payable on borrowings held at amortised cost379.8 497.7379.8 497.7Fair value losses/(gains) on debt and derivative instrumentsFair value hedge relationships:(2)Borrowings(5.1) (213.1)(2)(3)Designated swaps3.4 224.7(1.7) 11.6Financial instruments at fair value through profit or loss:(4)Borrowings designated at fair value through profit or loss(21.3) (4.2)Associated swaps 22.1 0.40.8 (3.8)(5)Fixed interest rate swaps27.3 (146.0)Net receipts on derivatives and debt under fair value option (21.3) (32.8)(5)Inflation swaps5.3 (62.2)Other (0.9) (1.8)10.4 (242.8)(6)Net fair value losses/(gains) on debt and derivative instruments9.5 (235.0)389.3 262.7Notes:(1) Includes a \u00a3225.9 million (2023: \u00a3463.5 million) non-cash inflation uplift expense repayable on maturity in relation to the group\u2019s index-linked debt and \u00a31.4 million (2023: \u00a31.5 million) interest expense on lease liabilities, representing the unwinding of the discounting applied to future lease payments.(2) Includes foreign exchange gain of \u00a335.1 million (2023: \u00a320.6 million loss). These gains/losses are largely offset by fair value losses/gains on derivatives.(3) Under the provisions of IFRS 9 \u2018Financial instruments\u2019, a \u00a34.8 million gain (2023: \u00a36.3 million gain) resulting from changes to the foreign currency basis spread are recognised in other comprehensive income rather than profit or loss as they relate to items designated in an accounting hedge relationship.(4) Under the provisions of IFRS 9 \u2018Financial instruments\u2019, a \u00a30.7 million gain (2023: \u00a34.8 million gain) due to changes in the group\u2019s own credit risk is recognised in other comprehensive income rather than within profit or loss.(5) These swap contracts are not designated within an IFRS 9 hedge relationship and are classed as \u2018held for trading\u2019 under the accounting standard. These derivatives form economic hedges and, as such, management intends to hold these through to maturity.(6) Includes \u00a329.3 million (2023: \u00a331.8 million) income due to net interest on derivatives and debt under fair value option and \u00a325.9 million (2023: \u00a356.2 million) expense due to non-cash inflation uplift on index-linked derivatives. Fair value movements excluding this income are deducted to reach underlying finance expense, which forms part of the group\u2019s alternative performance measures (\u2018APMs\u2019) as set out on pages 96 to 97.Interest payable is stated net of \u00a381.0 million (2023: \u00a3127.5 million) borrowing costs capitalised in the cost of qualifying assets within property, plant and equipment and intangible assets during the year. This has been calculated by applying an average capitalisation rate of 6.1 per cent (2023: 7.9 per cent) to expenditure on such assets as prescribed by IAS 23 \u2018Borrowing Costs\u2019.Underlying finance expense, which forms part of the group\u2019s APMs set out on pages 96 to 97, is calculated by adjusting net finance expense and investment income of \u00a3306.1 million (2023: \u00a3215.7 million) reported in the income statement to exclude the \u00a39.5 million of fair value losses (2023: \u00a3235.0 million of fair value gains) in the above table, but include \u00a329.3 million (2023: \u00a331.8 million) income due to net interest on derivatives and debt under fair value option, and \u00a325.9 million (2023: \u00a356.2 million) expense due to non-cash inflation uplift on index-linked derivatives.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-15-2": {
"value": "7 Tax2024 2023\u00a3m \u00a3mCurrent taxUK corporation tax \u2013 \u2013Adjustments in respect of prior years (5.8) (25.2)Total current tax credit for the year (5.8) (25.2)The current tax \u2018adjustments in respect of prior years' of \u00a35.8 million mainly relates to claims for research and development UK tax allowances on our innovation-related expenditure, in respect of multiple prior years. It reflects an additional claim submitted during the year, along with adjustments relating to ongoing enquiries from the tax authorities in relation to these claims.The current tax 'adjustments in respect of prior years' of \u00a325.2 million in the previous year is mainly due to the utilisation of losses that were previously being carried forward.7 Tax continuedThe table below reconciles the notional tax charge at the UK corporation tax rate to the total tax charge and total effective tax rate for the year:2024 2024 2023 2023\u00a3m % \u00a3m %Profit before tax 170.0 256.3Tax at the UK corporation tax rate 42.5 25.0 48.7 19.0Deferred tax rate adjustment \u2013 \u2013 10.6 4.1Adjustments in respect of prior years (1.2) (0.7) 7. 3 2.8Net income not taxable 1.8 1.1 (15.2) (5.9)Total tax charge and effective tax rate for the year 43.1 25.4 51.4 20.0The deferred tax rate adjustment in the prior year reflects the fact that the deferred tax charge was at the future tax rate of 25 per cent, rather than the 19 per cent rate used previously.The table below reconciles the notional tax charge at the UK corporation tax rate to the total current tax charge for the year.2024 2023\u00a3m \u00a3mProfit before tax 170.0 256.3Profit before tax multiplied by the standard rate of UK corporation tax of 25% (2023: 19%) 42.5 48.7Relief for capital allowances in place of depreciation (202.0) (107.5)Disallowances of depreciation charged in the accounts 94.6 69.8Adjustments to tax charge in respect of prior years (5.8) (25.2)Financial transactions timing differences 4.2 (48.9)Pension timing differences (9.2) (6.0)Relief for capitalised interest (20.2) (24.2)Other timing differences 1.0 2.6Joint ventures net losses 1.0 \u2013Profit on disposal of subsidiary \u2013 (5.9)Income not taxable (2.8) (12.0)Depreciation charged on non-qualifying assets 3.7 2.6Current year tax losses carried forward 87.2 80.8Current tax credit for the year (5.8) (25.2)The group\u2019s current tax charge is typically lower than the UK headline rate of 25 per cent, primarily due to a range of adjustments that are simply timing differences between recognition of the income or expense in the accounts and in the related tax computations submitted to HMRC. These include deductions in relation to capital spend, pension timing differences, unrealised profits or losses in relation to financing and related treasury derivatives and capitalised interest.The current year net timing differences in relation to capital spend, i.e. capital allowances less depreciation, was higher in the current and prior year mainly due to the temporary super-deductions introduced in 2021 and \u2018first-year allowances\u2019 introduced in March 2023.The group undertakes and invests in Research & Development (\u2018R&D\u2019) upon which accelerated capital allowances are expected to be available. The extent to which R&D allowances are available on any given asset is dependent on the specific fact pattern of the asset and project. Reaching agreement with tax authorities as to the amount of R&D allowances can take a number of years, and judgment is required in estimating the amount of R&D allowances likely to be received following the conclusion of these processes. The adjustments to the tax charge in respect of prior years of \u00a35.8 million mainly relate to the ongoing enquiries from the tax authorities in relation to our claims for R&D allowances between 2019 and 2021 on our innovation-related expenditure. The group believes that it has made appropriate provision for periods that are currently still under enquiry and yet to be agreed with tax authorities, and that the carrying amount of the relevant tax assets reflect management\u2019s estimate of the most likely amount that will be received. The \u00a325.2 million in the prior year mainly relates to the utilisation of tax losses that were previously being carried forward.The year-on-year movement in financial transactions timing differences is sensitive to fair value movements on treasury derivatives and can, therefore, fluctuate significantly from year to year.The relief for capitalised interest relates to amounts that are immediately deductible under the UK tax rules notwithstanding the amounts being capitalised for accounting purposes. The year-on-year amount will depend on the amount capitalised.Other timing differences includes a range of small value items where there is a timing difference between the accounting and tax recognition.The decrease in income not taxable in the current year is mainly due to the additional 30 per cent element of the temporary capital allowances super-deductions included in the prior year, which is not applicable in the current year.Depreciation charged on non-qualifying assets relates to accounting depreciation where there is no corresponding tax deduction.7 Tax continuedCurrent year tax losses have arisen mainly as a result of the availability of tax relief available on capital spend. These losses will be carried forward to be utilised against future taxable profits.Pillar TwoIn line with the recent enactment of the Pillar Two income taxes legislation in the UK, which came into effect on 1 January 2024, the group has assessed its potential exposure. This legislation mandates a top-up tax for entities with an effective tax rate below the 15 per cent threshold. The first accounting period for the group to which the Pillar Two legislation will apply is the year to 31 March 2025. As of 31 March 2024, the only jurisdiction in which the group has a potential Pillar Two exposure is the UK. The entire UK profits of the group will be within the scope of Pillar Two. However, from preliminary calculations, we expect that the effective rate of all our group entities will exceed the 15% tax rate benchmark and management are not currently aware of any circumstances in which this may change. Therefore, the group does not expect a potential exposure to Pillar Two top-up taxes.It is unclear if the Pillar Two model rules create additional temporary differences, whether to remeasure deferred taxes for the Pillar Two model rules and which tax rate to use to measure deferred taxes. In response to this uncertainty, on 23 May 2023 and 27 June 2023, respectively, the IASB and AASB issued amendments to IAS 12 \u2018Income taxes\u2019 introducing a mandatory temporary exception to the requirements of IAS 12, under which a company does not recognise or disclose information about deferred tax assets and liabilities related to the proposed OECD/G20 BEPS Pillar Two model rules. The group applied the temporary exception at 31 March 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-16-2": {
"value": "Deferred taxCurrent year 44.3 44.1Adjustments in respect of prior years 4.6 32.5Total deferred tax charge for the year 48.9 76.6Total tax charge for the year 43.1 51.42024 2023Tax on items recorded within other comprehensive income \u00a3m \u00a3mDeferred taxOn remeasurement losses on defined benefit pension schemes (152.2) (152.8)On net fair value losses on credit assumptions for debt reported at fair value through profit and loss and cost of hedging (13.9) (19.1)Share-based payments (0.3) 0.7Total tax charge on items recorded within other comprehensive income (166.4) (171.2)The tax adjustments taken to other comprehensive income primarily relate to remeasurement movements on the group\u2019s defined benefit pension schemes. Management consider that the most likely method of realisation would be through a refund, which would be taxed at the rate applicable to refunds from a trust (currently 25 per cent reduced from 35 per cent in the prior year).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-21-2": {
"value": "Current tax assetTot alGroup \u00a3mAt 1 April 2022 74.4Charged to the income statement \u2013Adjustments in respect of prior years 25.2Transfer from amounts owed by related parties 6.1Payments/(receipts) (6.8)At 31 March 2023 98.9Charged to the income statement \u2013Adjustments in respect of prior years 5.8Payments/(receipts) (4.6)At 31 March 2024 100.1The current tax asset recognised in the statement of financial position reflects the amount of tax expected to be recoverable based on judgements made regarding the application of tax law, and the current status of negotiations with, and enquiries from, tax authorities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-22-2": {
"value": "8 Earnings per share2024 2023\u00a3m \u00a3mProfit after tax attributable to equity holders of the company - continuing operations 126.9 204.92024 2023pence penceEarnings per shareBasic 18.6 30.0Diluted 18.6 30.0Basic earnings per share is calculated by dividing profit after tax for the financial year attributable to equity holders of the company by 681.9 million being the weighted average number of shares in issue during the year (2023: 681.9 million). Diluted earnings per share is calculated by dividing profit after tax for the financial year attributable to equity holders of the company by 683.5 million, being the weighted average number of shares in issue during the year, including dilutive shares (2023: 684.1 million).The difference between the weighted average number of shares used in the basic and the diluted earnings per share calculations represents those ordinary shares deemed to have been issued for no consideration on the conversion of all potential dilutive ordinary shares in accordance with IAS 33 \u2018Earnings Per Share\u2019. Potential dilutive ordinary shares comprise outstanding share options awarded to directors and certain employees (see note 3).The weighted average number of shares can be reconciled to the weighted average number of shares, including dilutive shares, as follows:2024 2023million millionAverage number of ordinary shares \u2013 basic 681.9 681.9Effect of potential dilutive ordinary share options 1.6 2.2Average number of ordinary shares \u2013 diluted 683.5 684.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-23-2": {
"value": "9 Dividends2024 2023\u00a3m \u00a3mAmounts recognised as distributions to equity holders of the company in the year comprise:Ordinary sharesFinal dividend for the year ended 31 March 2023 at 30.34 pence per share (2022: 29.00 pence) 206.9 197.8Interim dividend for the year ended 31 March 2024 at 16.59 pence per share (2023: 15.17 pence) 113.1 103.4320.0 301.2Proposed final dividend for the year ended 31 March 2024 at 33.19 pence per share (2023: 30.34 pence) 226.3 206.9The proposed final dividends for the years ended 31 March 2024 and 31 March 2023, were subject to approval by equity holders of United Utilities Group PLC as at the reporting dates and, hence, have not been included as liabilities in the consolidated financial statements at 31 March 2024 and 31 March 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-24-2": {
"value": "10 Property, plant and equipmentProperty, plant and equipment comprises owned and leased assets.2024 2023\u00a3m \u00a3mProperty, plant and equipment \u2013 owned 12,986.7 12,513.8Right-of-use assets \u2013 leased 57.6 56.9Net book value 13,044.3 12,570.7Property, plant and equipment \u2013 ownedFixtures, Infra-\ue61fttings, Assets in Land and structure Operational tools and course of buildingsassets assets equipmentconstruction Total Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mCostAt 1 April 2022 372.3 6,031.3 8,361.7 513.7 1,639.9 16,918.9Additions 1.1 88.7 243.5 2.9 530.7 866.9Transfers 1.3 129.1 99.0 7.1 (222.6) 13.9Disposals (7.2) (10.7) (199.7) (19.1) \u2013 (236.7)At 31 March 2023 367.5 6,238.4 8,504.5 504.6 1,948.0 17,563.0Additions 2.1 79.6 224.2 6.1 580.5 892.5Transfers 16.8 469.8 423.7 21.9 (938.3) (6.1)Disposals ( 7.1 ) (0.1) (59.0) (87.3) \u2013 (153.5)At 31 March 2024 379.3 6,787.7 9,093.4 445.3 1,590.2 18,295.9Accumulated depreciationAt 1 April 2022 1 3 7.1 522.3 3,758.1 413.7 \u2013 4,831.2Charge for the year 8.5 47.9 305.5 21.6 \u2013 383.5Transfers \u2013 0.4 2.9 \u2013 \u2013 3.3Disposals (6.8) (10.6) (132.8) (18.6) \u2013 (168.8)At 31 March 2023 138.8 560.0 3,933.7 416.7 \u2013 5,049.2Charge for the year 8.4 49.2 325.4 21.3 \u2013 404.3Transfers (0.5) (0.1) (0.8) \u2013 \u2013 (1.4)Disposals (2.7) \u2013 (53.4) (86.8) \u2013 (142.9)At 31 March 2024 144.0 609.1 4,204.9 351.2 \u2013 5,309.2Net book value at 31 March 2023 228.7 5,678.4 4,570.8 87.9 1,948.0 12,513.8Net book value at 31 March 2024 235.3 6,178.6 4,888.5 94.1 1,590.2 12,986.7At 31 March 2024, the group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to \u00a3327.0 million (2023: \u00a3322.6 million). In addition to these commitments, the group has long-term expenditure plans, which include investments to achieve improvements in performance required by regulators and to provide for future growth.Following a review of inventories carried out during the year ended 31 March 2023, the group opted to reclassify spare parts previously recognised within inventories to property, plant and equipment in order to better reflect the expected consumption pattern of these items. This resulted in \u00a314.6 million being transferred to property, plant and equipment (cost) and \u00a33.3 million being transferred to accumulated depreciation at 31 March 2023, with any spare part additions being recognised directly in property, plant and equipment during the year ended 31 March 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-25-2": {
"value": "11 Intangible assetsTotal Group\u00a3mCostAt 1 April 2022 432.9Additions 19.0Transfers 0.6Disposals \u2013At 31 March 2023 452.5Additions 15.9Transfers \u2013Disposals (79.3)At 31 March 2024 389.1Accumulated amortisationAt 1 April 2022 272.1Charge for the year 38.1Transfers \u2013Disposals \u2013At 31 March 2023 310.2Charge for the year 32.7Transfers \u2013Disposals (78.3)At 31 March 2024 264.6Net book value at 31 March 2023 142.3Net book value at 31 March 2024 124.5The group\u2019s intangible assets relate mainly to computer software.At 31 March 2024, the group had entered into contractual commitments for the acquisition of intangible assets amounting to \u00a31.1 million (2023: \u00a32.8 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-25-3": {
"value": "11 Intangible assetsTotal Group\u00a3mCostAt 1 April 2022 432.9Additions 19.0Transfers 0.6Disposals \u2013At 31 March 2023 452.5Additions 15.9Transfers \u2013Disposals (79.3)At 31 March 2024 389.1Accumulated amortisationAt 1 April 2022 272.1Charge for the year 38.1Transfers \u2013Disposals \u2013At 31 March 2023 310.2Charge for the year 32.7Transfers \u2013Disposals (78.3)At 31 March 2024 264.6Net book value at 31 March 2023 142.3Net book value at 31 March 2024 124.5The group\u2019s intangible assets relate mainly to computer software.At 31 March 2024, the group had entered into contractual commitments for the acquisition of intangible assets amounting to \u00a31.1 million (2023: \u00a32.8 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-26-2": {
"value": "12 Interests in joint ventures and other investments2024 2023\u00a3m \u00a3mJoint ventures at the start of the period 16.5 16.5Share of losses of joint ventures (4.1) \u2013Joint ventures at the end of the period 12.4 16.5The group\u2019s interests in joint ventures mainly comprises its 50 per cent interest in Water Plus Group Limited (\u2018Water Plus\u2019), which is jointly owned and controlled by the group and Severn Trent PLC under a joint venture agreement.The group\u2019s total share of Water Plus losses for the year was \u00a34.1 million (2023: nil share of profits or losses), all of which is recognised in the income statement. Details of transactions between the group and its joint ventures are disclosed in note A5.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-27-2": {
"value": "13 Trade and other receivables Group Company2024 2023 2024 2023\u00a3m \u00a3m \u00a3m \u00a3mTrade receivables 61.0 47.8 \u2013 \u2013Amounts owed by subsidiary undertakings \u2013 \u2013 136.0 105.1Amounts owed by related parties (see note A5) 100.8 102.2 \u2013 \u2013Other debtors and prepayments 62.1 43.1 \u2013 \u2013Accrued income 76.6 73.1 \u2013 \u2013300.5 266.2 136.0 105.1The majority of accrued income arises from timing differences between the billing cycle and the usage of water by customers. They therefore typically reverse in subsequent months, with all amounts held in relation to these contract assets at the beginning of the reporting period having subsequently reversed into the income statement during the year.At 31 March 2024, the group had \u00a373.7 million (2023: \u00a375.7 million) of trade and other receivables classified as non-current, all of which was owed by related parties.The carrying amounts of trade and other receivables approximate to their fair value at 31 March 2024 and 31 March 2023.Trade receivables do not carry interest and are stated net of allowances for bad and doubtful receivables, an analysis of which is as follows:2024 2023Group\u00a3m \u00a3mAt the start of the year 85.7 84.6Amounts charged to operating expenses 22.0 22.7Trade receivables written off (22.8) (21.0)Amounts charged to deferred grants and contributions (0.5) (0.6)At the end of the year 84.4 85.7Amounts charged to deferred income relate to amounts invoiced for which revenue has not yet been recognised in the income statement.At each reporting date, the group evaluates the recoverability of trade receivables and records allowances for expected credit losses, which are measured in a way that reflects an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes and considers past events, current conditions and forecasts of future conditions.At 31 March 2024 and 31 March 2023, the group had no trade receivables that were past due and not individually impaired.The following table provides information regarding the ageing of net trade receivables that were past due and individually impaired:Aged between Aged less one year Aged than one and two greater than Carrying yearyearstwo yearsvalueAt 31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3mGross trade receivables 66.7 27.2 51.4 145.3Allowance for expected credit losses (20.7) (12.7) (51.0) (84.4)Net trade receivables 46.0 14.5 0.4 60.9Aged between Aged less one year Aged than one and two greater than Carrying yearyearstwo yearsvalueAt 31 March 2023 \u00a3m \u00a3m \u00a3m \u00a3mGross trade receivables 51.6 31.8 50.1 133.5Allowance for expected credit losses (20.2) (16.7) (48.8) (85.7)Net trade receivables 31.4 15.1 1.3 47.8At 31 March 2024, the group had \u00a30.1 million (2023: \u00a30.3 million) of trade receivables that were not past due.At 31 March 2024 and 31 March 2023, the group had no accrued income that was past due. In instances where the collection of consideration is not considered probable at the point services are delivered, no accrued income is recognised, as the criteria to recognise revenue in accordance with IFRS 15 has not been met.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-30-2": {
"value": "15 Cash and cash equivalents Group Company2024 2023 2024 2023\u00a3m \u00a3m \u00a3m \u00a3mCash at bank and in hand 3.7 2.6 \u2013 \u2013Short-term bank deposits 1,395.6 337.8 \u2013 \u2013Cash and short-term deposits 1,399.3 340.4 \u2013 \u2013Book overdrafts (included in borrowings \u2013 see note 16) (20.0) (12.5) \u2013 \u2013Cash and cash equivalents in the statement of cash flows 1,379.3 327.9 \u2013 \u2013Cash and short-term deposits include cash at bank and in hand, deposits, and other short-term highly liquid investments that are readily convertible into known amounts of cash and have a maturity of three months or less. The carrying amounts of cash and cash equivalents approximate their fair value.Book overdrafts, which result from normal cash management practices, represent the value of cheques issued and payments initiated that had not cleared as at the reporting date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-31-2": {
"value": "16 Borrowings2024 2023Group\u00a3m \u00a3mNon-current liabilitiesBonds 7,598.2 6,378.8Bank and other term borrowings 1,691.4 1,825.0Lease obligations 56.2 55.29,345.8 8,259.0Current liabilitiesBonds 328.4 \u2013Bank and other term borrowings 304.2 160.8Book overdrafts (see note 15) 20.0 12.5Lease obligations 3.0 3.1655.6 176.410,001.4 8,435.42024 2023Company\u00a3m \u00a3mNon-current liabilitiesAmounts owed to subsidiary undertakings 1,982.3 1,864.81,982.3 1,864.8Amounts owed to subsidiary undertakings relate to an intercompany loan from United Utilities PLC to the company, which bears interest calculated with reference to the Bank of England base rate plus a credit margin, and is repayable with 12 months\u2019 notice upon written request by a director of either party, with the repayment date not falling less than 366 days after the date of the request.For further details of the principal economic terms and conditions of outstanding borrowings and the maturity profile of lease liabilities recognised at the balance sheet date, see note 19.Borrowings are unsecured and are measured at amortised cost. The carrying amounts of borrowings approximate their fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-32-2": {
"value": "17 ProvisionsSeverance Other Total Group \u00a3m \u00a3m \u00a3mAt 1 April 2022 1.2 12.3 13.5(Credited)/charged to the income statement (0.3) 0.8 0.5Utilised in the year (0.5) (0.4) (0.9)At 31 March 2023 0.4 12.7 13.1Charged to the income statement 1.5 2.8 4.3Utilised in the year (1.4) (2.5) (3.9)At 31 March 2024 0.5 13.0 13.5The group had no provisions classed as non-current at 31 March 2024 or 31 March 2023.The severance provision as at 31 March 2024 and 31 March 2023 relates to severance costs as a result of group reorganisation.Other provisions principally relate to contractual, legal and environmental claims against the group and represent management\u2019s best estimate of the value of settlement, the timing of which is dependent on the resolution of the relevant claims.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-33-2": {
"value": "18 Trade and other payablesGroup Company2024 2023 2024 2023Non-current\u00a3m \u00a3m \u00a3m \u00a3mDeferred grants and contributions 9 3 7.7 873.3 \u2013 \u2013Other creditors 20.2 19.1 \u2013 \u201395 7. 9 892.4 \u2013 \u2013 Group Company2024 2023 2024 2023Current\u00a3m \u00a3m \u00a3m \u00a3mTrade payables 23.4 26.4 \u2013 \u2013Amounts owed to subsidiary undertakings \u2013 \u2013 0.9 2.0Other tax and social security 7. 5 6.9 \u2013 \u2013Deferred grants and contributions 1 7. 8 16.6 \u2013 \u2013Accruals and other creditors 315.4 272.8 4.1 3.6Deferred income 49.2 54.0 \u2013 \u2013413.3 376.7 5.0 5.6The average credit period taken for trade purchases is 11 days (2023: 11 days).The carrying amounts of trade and other payables approximates to their fair value at 31 March 2024 and 31 March 2023.The majority of deferred income balances comprise timing differences between customer payments, the billing cycle, and the usage of water by customers. They therefore typically reverse in subsequent months, with all amounts held in relation to these contract liabilities at the beginning of the reporting period having subsequently reversed into the income statement during the year.Deferred grants and contributions2024 2023Group\u00a3m \u00a3mAt the start of the year 889.9 834.2Amounts capitalised during the year 25.9 5.4Transfers of assets from customers 61.3 66.2Transfer of government grants related to assets (4.7) \u2013Credited to the income statement \u2013 revenue (1 7.4) (16.2)Credited to the income statement \u2013 other operating expenses \u2013 (0.3)Credited to allowance for bad and doubtful receivables 0.5 0.6At the end of the year 955.5 889.9During the year, the unamortised value of government grants related to assets has been transferred to property, plant and equipment and deducted in arriving at the carrying value of related assets. See note 10 for further detail.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-34-2": {
"value": "20 Other reservesCapital Cost of Cash \ue61eow redemption Merger hedging hedging reservereservereservereserve Total Group\u00a3m \u00a3m \u00a3m \u00a3m \u00a3mAt 1 April 2022 1,033.3 (703.6) 0.4 86.1 416.2Changes in fair value recognised in other comprehensive income \u2013 \u2013 6.3 (50.6) (44.3)Amounts reclassified from other comprehensive income to profit or loss \u2013 \u2013 \u2013 (36.6) (36.6)Tax on hedge effectiveness taken directly to equity \u2013 \u2013 (1.6) 12.7 11.1Tax on reclassification to consolidated income statement \u2013 \u2013 \u2013 7.0 7.0At 31 March 2023 1,033.3 (703.6) 5.1 18.6 353.4At 1 April 2023 1,033.3 (703.6) 5.1 18.6 353.4Changes in fair value recognised in other comprehensive income \u2013 \u2013 4.8 (63.0) (58.2)Amounts reclassified from other comprehensive income to profit or loss \u2013 \u2013 \u2013 1.8 1.8Tax on hedge effectiveness taken directly to equity \u2013 \u2013 (1.2) 15.8 14.6Tax on reclassification to consolidated income statement \u2013 \u2013 \u2013 (0.5) (0.5)At 31 March 2024 1,033.3 (703.6) 8.7 (27.3) 311.1The capital redemption reserve arose as a result of a return of capital to shareholders following the reverse acquisition of United Utilities PLC by United Utilities Group PLC in the year ended 31 March 2009. The merger reserve arose in the same year on consolidation and represents the capital adjustment to reserves required to effect the reverse acquisition.The group recognises the cost of hedging reserve as a component of equity. This reserve reflects accumulated fair value movements on cross-currency swaps resulting from changes in the foreign currency basis spread, which represents a liquidity charge inherent in foreign exchange contracts for exchanging currencies and is excluded from the designation of cross-currency swaps as hedging instruments.The group designates a number of swaps hedging non-financial risks in cash flow hedge relationships to give a more representative view of operating costs. Fair value movements relating to the effective part of these swaps are recognised in other comprehensive income and accumulated in the cash flow hedging reserve.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-35-2": {
"value": "21 Share capital2024 2024 2023 2023Group and companymillion \u00a3m million \u00a3mIssued, called up and fully paidOrdinary shares of 5.0 pence each 681.9 34.1 681.9 34.1Deferred shares of 170.0 pence each 274.0 465.7 274.0 465.7955.9 499.8 955.9 499.8Details of the voting rights of each category of shares can be found within the directors\u2019 report on page 165.The 170.0 pence deferred shares were created to facilitate a return of capital to shareholders following the reverse acquisition of United Utilities PLC by United Utilities Group PLC in the year ended 31 March 2009 (see company statement of changes in equity on page 184), and represent the amount of a special dividend paid on B shares at that time. The deferred shares convey no right to income, no right to vote and no appreciable right to participate in any surplus capital in the event of a winding up.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-36-2": {
"value": "24 Events after the reporting periodThere were no significant events after the reporting period requiring disclosure or any adjustments to the financial position, financial performance, or cash flows reported as at 31 March 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-37-2": {
"value": "A2 Net debtNet debt comprises borrowings, net of cash and short-term deposits and derivatives hedging the financial risk associated with the (1)group\u2019s borrowings. As such, movements in net debt during the year are impacted by changes in liabilities from financing activities as detailed in the tables below. The tables below should be read in conjunction with the consolidated statement of cash flows.Borrowings Derivativesat fair Total value liabilities Adjust- Bank and in a fair through from Cash ments in other term Lease value pro\ue61ft or \ue61fnancing and cash calculating Net (3)Bondsborrowingsliabilitieshedgelossactivitiesequivalentsnet debtdebt\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mAt 31 March 2023 (6,378.9) (1,985.9) (58.3) (151.1) 349.8 (8,224.4) 327.9 (304.3) (8,200.8)Non-cash movements:Inflation uplift on index-linked debt (178.2) (47.7) \u2013 \u2013 \u2013 (225.9) \u2013 \u2013 (225.9)Fair value movements (11.2) 3.3 \u2013 1.5 (54.7) (61.1) \u2013 6.7 (54.4)Foreign exchange 26.6 8.6 \u2013 \u2013 \u2013 35.2 \u2013 \u2013 35.2Other (4.3) \u2013 (3.8) \u2013 \u2013 (8.1) \u2013 \u2013 (8.1)Cash flows used in financing activities:Receipts in respect of borrowing and (2)derivatives(1,492.0) (103.8) \u2013 (14.2) \u2013 (1,610.0) 1,610.0 \u2013 \u2013Payments in respect of borrowings and (2)derivatives111.4 129.9 1.5 5.7 \u2013 248.5 (248.5) \u2013 \u2013Dividends paid \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (320.0) \u2013 (320.0)Exercise of share options \u2013 purchase of shares \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (3.8) \u2013 (3.8)Changes arising from financing activities (1,547.7) (9.7) (2.3) (7.0) (54.7) (1,621.4) 1,037.7 6.7 (577.0)Cash flows used in investing activities \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (731.4) \u2013 (731.4)Cash flows generated from operating activities \u2013 \u2013 1.4 \u2013 \u2013 1.4 745.1 \u2013 746.5At 31 March 2024 ( 7,926.6) (1,995.6) (59.2) (158.1) 295.1 (9,844.4) 1,379.3 (297.6) (8,762.7)Notes:(1) Derivatives held for the purpose of hedging commodity prices are excluded from net debt. At 31 March 2024, the group had net derivative liabilities of \u00a334.8 million (2023: net derivative assets of \u00a325.5 million) to hedge electricity prices. See note A3 for further details.(2) Where derivatives are in an economic hedge of borrowings, derivative cash flows are shown net, with the net payment or receipt being reported against the underlying borrowing cash flow to provide a more faithful representation of the substance of the transaction.(3) The fair value of the derivatives reported in financing liabilities that are not hedging specific debt instruments are removed in calculating the group\u2019s net debt position. These derivatives correspond to the group\u2019s fixed interest rate swaps and inflation swaps, neither of which are designated within an IFRS 9 hedging relationship and both of which are classified as \u2018held for trading\u2019 under the accounting standard. The fair value movements on those derivatives that are not excluded from the revised definition of net debt (being derivatives in fair value hedge relationships) are expected to be materially equal and opposite in value to the fair value movement included in borrowings, resulting in materially all fair value movements being excluded.Fair value movements includes the indexation expense relating to the group\u2019s inflation swap portfolio of \u00a3111.3 million (2023: \u00a385.3 million). The remaining fair value and foreign exchange movements in the year on the group\u2019s bond and bank borrowings are materially hedged by the fair value swap portfolio.A2 Net debt continuedBorrowings Derivativesat fair Total value liabilities Adjust- Bank and in a fair through from Cash ments in other term Lease value pro\ue61ft or \ue61fnancing and cash calculating Net (2)Bondsborrowingsliabilitieshedgelossactivitiesequivalentsnet debtdebt\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mAt 31 March 2022 (6,168.4) (1,729.9) (60.9) 68.9 140.3 (7,750.0) 220.1 (40.1) (7,570.0)Non-cash movements: Inflation uplift on index-linked debt (325.4) (138.0) \u2013 \u2013 \u2013 (463.4) \u2013 \u2013 (463.4)Fair value movements 239.2 3.3 \u2013 (220.1) 209.5 231.9 \u2013 (264.2) (32.3)Foreign exchange (22.3) 1.7 \u2013 \u2013 \u2013 (20.6) \u2013 \u2013 (20.6)Other 1.1 0.3 (2.2) \u2013 \u2013 (0.8) \u2013 \u2013 (0.8)Cash flows used in financing activities:Receipts in respect of borrowing and (1)derivatives(103.1) (398.0) \u2013 \u2013 \u2013 (501.1) 501.1 \u2013 \u2013Payments in respect of borrowings and (1)derivatives\u2013 274.7 3.3 0.1 \u2013 278.1 (278.1) \u2013 \u2013Dividends paid \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (301.2) \u2013 (301.2) Exercise of share options \u2013 purchase of shares \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (6.8) \u2013 (6.8)Changes arising from financing activities (210.5) (256.0) 1.1 (220.0) 209.5 (475.9) (85.0) (264.2) (825.1)Cash flows used in investing activities \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (593.4) \u2013 (593.4)Cash flows generated from operating activities \u2013 \u2013 1.5 \u2013 \u2013 1.5 787.5 \u2013 789.0Effects of exchange rate changes \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1.3) \u2013 (1.3)At 31 March 2023 (6,378.9) (1,985.9) (58.3) (151.1) 349.8 (8,224.4) 327.9 (304.3) (8,200.8)Notes:(1) Where derivatives are in an economic hedge of borrowings, derivative cash flows are shown netted with the net payment or receipt being reported against the underlying borrowing cash flow to provide a more faithful representation of the substance of the transaction.(2) The fair value of the derivatives reported in financing liabilities that are not hedging specific debt instruments are removed in calculating the group\u2019s net debt position. These derivatives correspond to the group\u2019s fixed interest rate swaps and inflation swaps, neither of which are designated within an IFRS 9 hedging relationship and both of which are classified as \u2018held for trading\u2019 under the accounting standard. The fair value movements on those derivatives that are not excluded from the revised definition of net debt (being derivatives in fair value hedge relationships) are expected to be materially equal and opposite in value to the fair value movement included in borrowings, resulting in materially all fair value movements being excluded.",
"dimensions": {
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"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-39-2": {
"value": "A3 Financial risk managementRisk management The board is responsible for treasury strategy and governance, which is reviewed on an annual basis.The treasury committee, a subcommittee of the board, has responsibility for setting and monitoring the group\u2019s adherence to treasury policies, along with oversight in relation to the activities of the treasury function.Treasury policies cover the key financial risks: liquidity risk, credit risk, market risk (inflation, interest rate, electricity price and currency) and capital risk. As well as managing our exposure to these risks, these policies help the group maintain compliance with relevant financial covenants, which are in place primarily in relation to borrowings from the European Investment Bank (\u2018EIB\u2019) and include interest cover and gearing metrics. These policies are reviewed by the treasury committee for approval on at least an annual basis, or following any major changes in treasury operations and/or financial market conditions.Day-to-day responsibility for operational compliance with the treasury policies rests with the treasurer. An operational compliance report is provided monthly to the treasury committee, which details the status of the group\u2019s compliance with the treasury policies and highlights the level of risk against the appropriate risk limits in place.The group\u2019s treasury function does not act as a profit centre and does not undertake any speculative trading activity.Inflation riskThe group earns an economic return on its RCV, comprising a real return through revenues and an inflation return as an uplift to its RCV.For the 2020\u20132025 regulatory period, from 1 April 2020 the group\u2019s RCV is 50 per cent linked to RPI inflation and 50 per cent linked to CPIH inflation, with any new additions being added to the CPIH portion of the RCV.The group\u2019s inflation hedging policy aims to have around half of the group\u2019s net debt in index-linked form (where it is economic to do so), by issuing index-linked debt and/or swapping a portion of nominal debt. This is currently weighted towards RPI-linked form, with circa 75 per cent of the hedge linked to RPI and circa 25 per cent linked to CPI and/or CPIH. These weightings are consistent with the prior financial year.The group believes this is an appropriate inflation hedging policy, taking into account a balanced assessment of the following factors: economic hedge of United Utilities Water Limited\u2019s RCV and revenues; cash flow timing mismatch between allowed cost of debt and the group\u2019s incurred cost of debt; the inflation risk premium that is generally incorporated into nominal debt costs; income statement volatility; hedging costs; debt maturity profile mismatch risk; and index-linked hedging positioning relative to the water sector.Inflation risk is reported monthly to the treasury committee in the operational compliance report.The carrying value of index-linked debt held by the group, including the carrying value of the nominal debt swapped to CPI, was \u00a34,564.4 million at 31 March 2024 (2023: \u00a34,407.1 million).Sensitivity analysisThe following table details the sensitivity of profit before tax to changes in the RPI and CPI on the group\u2019s index-linked borrowings. The sensitivity analysis has been based on the amount of index-linked debt held at the reporting date and, as such, is not indicative of the years then ended. In addition, it excludes the impact of inflation on revenues and other income statement costs as well as the hedging aspect of the group\u2019s regulatory assets and post-retirement obligations.Group2024 2023Increase/(decrease) in pro\ue61ft before taxation and equity \u00a3m \u00a3m1% increase in RPI/CPI (42.0) (40.1)1% decrease in RPI/CPI 42.0 40.1The sensitivity analysis assumes a 1 per cent change in RPI and CPI having a corresponding 1 per cent impact on this position over a 12-month period. It should be noted, however, that there is a time lag by which current RPI and CPI changes impact on the income statement, and the analysis does not incorporate this factor. The portfolio of index-linked debt is calculated on either a three- or eight-month lag basis. Therefore, at the reporting date, the index-linked interest and principal adjustments impacting the income statement are fixed and based on the annual RPI or CPI change either three or eight months earlier.A3 Financial risk management continuedCompanyThe company had no material exposure to inflation risk at 31 March 2024 or 31 March 2023. Interest rate riskThe group\u2019s policy is to structure debt in a way that best matches its underlying assets and cash flows. The group currently earns an economic return on its RCV, comprising a real return through revenues, determined by the real cost of capital fixed by the regulator for each five-year regulatory pricing period, and an inflation return as an uplift to its RCV.From 1 April 2020, for the regulatory period to 2025, Ofwat has continued to set a fixed real cost of debt in relation to embedded debt (80 per cent of net debt), but has introduced a debt indexation mechanism in relation to new debt (20 per cent of net debt), where the allowed rate on new debt will vary in line with specific debt indices. The debt indexation mechanism will be settled as an end of regulatory period adjustment.Where conventional long-term debt is raised in a fixed-rate form, to manage exposure to long-term interest rates, the debt is generally swapped at inception to create a floating rate liability for the term of the liability through the use of interest rate swaps. These instruments are typically designated within a fair value accounting hedge.To manage the exposure to medium-term interest rates, the group fixes underlying interest rates on nominal debt out to ten years in advance on a reducing balance basis. As such, at the start of each regulatory period, a proportion of the projected nominal net debt representing new debt for that regulatory period, will remain floating until it is fixed via the above ten-year reducing balance basis, which should approximate Ofwat\u2019s new debt indexation mechanism.This interest rate hedging policy dovetails with our inflation hedging policy should we need to swap a portion of nominal debt to real rate form to maintain our desired mix of nominal and index-linked debt.The group seeks to manage its risk by maintaining its interest rate exposure within a board-approved range. Interest rate risk is reported to the treasury committee through the operational compliance report.Sensitivity analysisThe following table details the sensitivity of the group\u2019s profit before tax and equity to changes in interest rates. The sensitivity analysis has been based on the amount of net debt and the interest rate hedge positions in place at the reporting date and, as such, is not indicative of the years then ended.Group Company2024 2023 2024 2023Increase/(decrease) in pro\ue61ft before tax and equity \u00a3m \u00a3m \u00a3m \u00a3m1% increase in interest rate 87.2 91.0 (19.8) (18.6)1% decrease in interest rate (150.7) (120.1) 19.8 18.6The sensitivity analysis assumes that both fair value hedges and borrowings designated at fair value through profit or loss are effectively hedged and it excludes the impact on post-retirement obligations. The exposure largely relates to fair value movements on the group\u2019s fixed interest rate swaps, which manage the exposure to medium-term interest rates. Those swaps are not included in hedge relationships.Hedge accountingDetails regarding the interest rate swaps designated as hedging instruments to manage interest rate risk are summarised below:At 31 March 2024 1 year or less 1 to 2 years 2 to 5 years Over 5 yearsNotional principal amount \u00a3m 339.9 \u2013 400.0 1,675.0Average contracted fixed interest rate % 1.0 \u2013 3.7 2.5 This table represents the derivatives that are held in fair value hedging relationships, with the weighted average net fixed rate receivable across both legs to the swap disclosed. The SONIA/LIBOR credit adjustment spread has been assumed to form part of the fixed rate element of the payable leg, which is to be netted off against the fixed rate receivable leg for the purposes of the rates shown here.A3 Financial risk management continuedFair value (gains)/losses used for calculating hedge ine\ue61dectiveness for the year (1)ended 31 March 2024Accumulated Hedge Nominal Carrying fair value ine\ue61dectiveness amount of amount of (gains)/losses recognised in the hedging the hedging on hedged Hedged Hedged the income instrumentsinstrumentsitemsitemsinstrumentsstatementRisk exposure \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mInterest rate risk on borrowings 1,764.9 (137.2) (134.9) 28.3 (33.8) (5.5)Note:(1) The change in fair value of the hedging instruments used to measure hedge ineffectiveness exclude interest accruals and credit spread adjustments. The full impact of fair value movements on the income statement is disclosed in note 6.Currency riskCurrency exposure principally arises in respect of funding raised in foreign currencies. To manage exposure to currency rates, foreign currency debt is hedged into sterling through the use of cross-currency swaps and these are often designated within a fair value accounting hedge. The group seeks to manage its risk by maintaining currency exposure within board-approved limits. Currency risk in relation to foreign currency denominated financial instruments is reported monthly to the treasury committee through the operational compliance report. The group and company have no material net exposure to movements in currency rates.Hedge accountingDetails regarding the interest rate swaps designated as hedging instruments to manage currency risk and interest rate risk are summarised below:At 31 March 2024 1 year or less 1\u20132 years 2\u20135 years Over 5 yearsNotional principal amount \u00a3m \u2013 99.9 116.3 1,020.7Average contracted fixed interest rate % \u2013 1.9 0.9 1.7This table represents the derivatives that are held in fair value hedging relationships, with only the weighted average net receivable for the fixed interest rate elements of the swap disclosed. The SONIA/LIBOR credit adjustment spread has been assumed to form part of the fixed rate payable, which is to be netted off against the fixed rate receivable for the purposes of the rates shown here.Further detail on the fair value hedging relationships is provided below:Fair value (gains)/losses used for calculating hedge ine\ue61dectiveness for the year (1) ended 31 March 2024Accumulated Hedge Nominal Carrying fair value ine\ue61dectiveness amount of amount of (gains)/losses recognised in the hedging the hedging on hedged Hedged Hedged the income instrumentsinstrumentsitemsitemsinstrumentsstatementRisk exposure \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mForeign currency and interest rate risk on borrowings 1,149.1 ( 3 7. 9) (14.7) (30.4) 27.6 (2.8)(1) The change in fair value of the hedging instruments used to measure hedge ineffectiveness exclude interest accruals and credit spread adjustments. The full impact of fair value movements on the income statement is disclosed in note 6.Repricing analysisThe following tables categorise the group\u2019s borrowings, derivatives and cash deposits on the basis of when they reprice or, if earlier, mature. The repricing analysis demonstrates the group\u2019s exposure to floating interest rate risk.Our largest concentration of floating interest rate risk is with index-linked instruments. This has been classified as repricing in one yearor less due to the refixing of the interest charge with changes in RPI and CPI.1 year or More than GroupTot alless 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years5 yearsAt 31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mBorrowings in fair value hedge relationshipsFixed rate instruments 3,414.6 328.4 105.2 \u2013 426.5 154.5 2,400.0Effect of swaps \u2013 3,086.2 (105.2) \u2013 (426.5) (154.5) (2,400.0)3,414.6 3,414.6 \u2013 \u2013 \u2013 \u2013 \u2013Borrowings designated at fair value through profit or lossFixed rate instruments 338.9 \u2013 \u2013 \u2013 \u2013 \u2013 338.9Effect of swaps \u2013 338.9 \u2013 \u2013 \u2013 \u2013 (338.9)338.9 338.9 \u2013 \u2013 \u2013 \u2013 \u2013Borrowings measured at amortised costFixed rate instruments 1,261.4 38.9 2.0 1.5 1.3 1.5 1,216.2Floating rate instruments 9 0 7.0 9 0 7. 0 \u2013 \u2013 \u2013 \u2013 \u2013Index-linked instruments 4,079.5 4,079.5 \u2013 \u2013 \u2013 \u2013 \u20136,247.9 5,025.4 2.0 1.5 1.3 1.5 1,216.2Effect of fixed hedge for the term of the regulatory period \u2013 (2,328.9) 200.0 389.8 250.6 653.5 835.0Total borrowings 10,001.4 6,450.0 202.0 391.3 251.9 655.0 2,051.2Cash and short-term deposits (1,399.3) (1,399.3) \u2013 \u2013 \u2013 \u2013 \u2013Net borrowings 8,602.1 5,050.7 202.0 391.3 251.9 655.0 2,051.21 year or More than GroupTot alless 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years5 yearsAt 31 March 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mBorrowings in fair value hedge relationshipsFixed rate instruments 2,332.3 \u2013 427.8 108.0 \u2013 431.9 1,364.6Effect of swaps \u2013 2,332.3 (427.8) (108.0) \u2013 (431.9) (1,364.6)2,332.3 2,332.3 \u2013 \u2013 \u2013 \u2013 \u2013Borrowings designated at fair value through profit or lossFixed rate instruments 361.0 \u2013 \u2013 \u2013 \u2013 \u2013 361.0Effect of swaps \u2013 361.0 \u2013 \u2013 \u2013 \u2013 (361.0)361.0 361.0 \u2013 \u2013 \u2013 \u2013 \u2013Borrowings measured at amortised costFixed rate instruments 970.4 46.8 1.2 1.5 2.7 1.7 916.5Floating rate instruments 842.0 842.0 \u2013 \u2013 \u2013 \u2013 \u2013Index-linked instruments 3,929.7 3,929.7 \u2013 \u2013 \u2013 \u2013 \u20135,742.1 4,818.5 1.2 1.5 2.7 1.7 916.5Effect of fixed hedge for the term of the regulatory period \u2013 (2,027.8) 200.0 200.0 389.8 99.5 1,138.5Total borrowings 8,435.4 5,484.0 201.2 201.5 392.5 101.2 2,055.0Cash and short-term deposits (340.4) (340.4) \u2013 \u2013 \u2013 \u2013 \u2013Net borrowings 8,095.0 5,143.6 201.2 201.5 392.5 101.2 2,055.02024 2023Tot al 1 year or less Total 1 year or lessCompany \u00a3m \u00a3m \u00a3m \u00a3mBorrowings measured at amortised costFloating rate instruments 1,982.3 1,982.3 1,864.8 1,864.8Total borrowings 1,982.3 1,982.3 1,864.8 1,864.8Electricity price riskThe group is allowed a fixed amount of revenue by the regulator, in real terms, to cover electricity costs for each five-year regulatory pricing period. To the extent that electricity prices remain floating over this period, this exposes the group to volatility in its operating cash flows. The group\u2019s policy, therefore, is to manage this risk by fixing a proportion of electricity commodity prices in a cost-effective manner. The group has fixed the price on a proportion of its anticipated net electricity usage out on a rolling four-year basis, partially through entering into electricity swap contracts.Hedge accountingDetails of electricity swaps designated as hedging instruments to manage electricity price risk are summarised below:1 year or less 1\u20132 years 2\u20135 years Over 5 yearsNotional amount MWh 394,080 350,400 262,920 \u2013Average contracted fixed price \u00a3/MWh 80.80 138.24 115.87 \u2013Electricity swaps have been designated in cash flow hedge relationships. This means that only the impact of any hedging ineffectiveness is recognised through fair value in the income statement, with movements in the effective portion of the hedge being recognised in other comprehensive income.Fair value (gains)/ losses used for calculating Amount hedge reclassi\ue61fed ine\ue61dectiveness Hedge Cash \ue61eow from the cash Nominal Carrying for the year ine\ue61dectiveness hedge \ue61eow hedge amount of amount of ended 31 recognised in reserve reserve to the hedging the hedging March the income excluding the income (1)instrumentsinstruments2024statemente\ue61dects of taxstatementRisk exposure \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mElectricity price risk 102.2 (34.8) 63.1 \u2013 (60.0) 1.8(1) The change in fair value of the hedging instruments used to measure hedge ineffectiveness excludes credit spread adjustments. The full impact of fair value movements on the income statement is disclosed in note 6.Capital risk management The group\u2019s objective when managing capital is to maintain efficient access to debt capital markets throughout the economic cycle. The board therefore believes that it is appropriate to maintain RCV gearing, measured as group consolidated net debt (including certain derivatives) to regulatory capital value (\u2018RCV\u2019) of UUW, within a target range of 55 per cent to 65 per cent. As at 31 March 2024, RCV gearing was within the range at 59 per cent (2023: 58 per cent). Assuming no significant changes to existing rating agencies\u2019 methodologies or sector risk assessments, the group aims to maintain long-term issuer credit ratings for UUW of at least A3 with Moody\u2019s Investors Service (Moody\u2019s) and BBB+ with S&P Global Ratings (S&P) and a senior unsecured debt rating for UUW of at least A- with Fitch Ratings (Fitch). Debt issued by UUW\u2019s financing subsidiary, United Utilities Water Finance PLC, is guaranteed by UUW and is therefore rated in line with UUW. The group's gearing and credit rating targets are subject to periodic review.To maintain its targeted credit ratings, the group needs to manage its capital structure with reference to the ratings methodology and measures used by Moody\u2019s, S&P and Fitch. The ratings methodology is normally based on a number of key ratios (such as RCV gearing, adjusted interest cover, post maintenance interest cover (\u2018PMICR\u2019), Funds from Operations (\u2018FFO\u2019) to debt, and debt to EBITDA) and threshold levels as updated and published from time to time by Moody\u2019s, S&P and Fitch. The group looks to manage its risk by maintaining the relevant key financial ratios used by the credit ratings agencies to determine a corporate\u2019s credit rating, within the thresholds approved by the board. Capital risk is reported monthly to the treasury committee through the operational compliance report.Further detail on the precise measures and methodologies used to assess water companies\u2019 credit ratings can be found in the methodology papers published by the rating agencies.",
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"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
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"pp-value-40-2": {
"value": "Liquidity risk The group looks to manage its liquidity risk by maintaining liquidity within a board-approved duration range. Liquidity is actively monitored by the group\u2019s treasury function and is reported monthly to the treasury committee through the operational compliance report.At 31 March 2024, the group had \u00a32,199.3 million (2023: \u00a31,190.4 million) of available liquidity, which comprised \u00a31,399.3 million (2023: \u00a3340.4 million) of cash and short-term deposits and \u00a3800.0 million (2023: \u00a3850.0 million) of undrawn committed borrowing facilities.The group had available committed borrowing facilities as follows:2024 2023Group\u00a3m \u00a3mExpiring within one year 50.0 150.0Expiring after one year but in less than two years 200.0 50.0Expiring after more than two years 550.0 650.0Total borrowing facilities 800.0 850.0Facilities drawn \u2013 \u2013Total borrowing facilities 800.0 850.0These facilities are arranged on a bilateral rather than a syndicated basis, which spreads the maturities more evenly over a longer time period, thereby reducing the refinancing risk by providing several renewal points rather than a large single refinancing point.CompanyThe company did not have any committed facilities available at 31 March 2024 or 31 March 2023.Maturity analysisConcentrations of risk may arise if large cash flows are concentrated within particular time periods. The maturity profile in the following table represents the forecast future contractual principal and interest cash flows in relation to the group\u2019s financial liabilities on an undiscounted basis. Derivative cash flows have been shown net where there is a contractual agreement to settle on a net basis; otherwise the cash flows are shown gross. This table does not include the impact of lease liabilities for which the maturity profile has been disclosed in note 19.1 year More than Group(1)Tot alAdjustmentor less 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years5 yearsAt 31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mBonds 15,285.6 \u2013 571.3 383.6 233.6 665.4 651.3 12,780.4Bank and other term borrowings 1,779.6 \u2013 363.2 299.7 143.0 146.1 146.1 681.5(2)Adjustment to carrying value(7,123.1) ( 7,123.1) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Borrowings 9,942.1 (7,123.1) 934.5 683.3 376.6 811.5 7 9 7.4 13,461.9Derivatives:Payable 3,521.4 \u2013 189.7 272.1 153.1 260.6 346.2 2,299.7Receivable (3,093.9) \u2013 (192.4) (290.3) (178.1) (305.6) (455.0) (1,672.5)(2)Adjustment to carrying value(529.7) (529.7) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013(3)Derivatives \u2013 net assets(102.2) (529.7) (2.7) (18.2) (25.0) (45.0) (108.8) 627.2",
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"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-41-2": {
"value": "Credit riskCredit risk arises principally from trading (the supply of services to customers) and treasury activities (the depositing of cash and holding of derivative instruments). While the opening of the non-household retail market to competition from 1 April 2017 has impacted on the profile of the group\u2019s concentration of credit risk, as discussed further below, the group does not believe it is exposed to any material concentrations that could have an impact on its ability to continue as a going concern or its longer-term viability.The group manages its risk from trading through the effective management of customer relationships. Concentrations of credit risk with respect to trade receivables from household customers are limited due to the customer base being comprised of a large number of unrelated households. However, collection can be challenging as the Water Industry Act 1991 (as amended by the Water Industry Act 1999) prohibits the disconnection of a water supply and the limiting of supply with the intention of enforcing payment for certain premises, including domestic dwellings.Credit risk from trading is concentrated in a small number of retailers to whom the group provides wholesale water and wastewater services. Retailers are licensed and monitored by Ofwat and as part of the regulations they must demonstrate that they have adequate resources available to supply services. The credit terms for the group\u2019s retail customers are set out in market codes.As at 31 March 2024, Water Plus was the group\u2019s single largest debtor, with amounts outstanding in relation to wholesale services of \u00a327.1 million (2023: \u00a326.7 million). During the year, sales to Water Plus in relation to wholesale services were \u00a3334.4 million (2023: \u00a3335.1 million). Details of transactions with Water Plus can be found in note A5.Under the group\u2019s revenue recognition policy, revenue is only recognised when collection of the resulting receivable is reasonably assured. Considering the above, the directors believe there is no further credit risk provision required in excess of the allowance for doubtful receivables (see note 13).The group manages its credit risk from treasury activities by establishing a total credit limit by counterparty, which comprises a counterparty credit limit and an additional settlement limit to cover intra-day gross settlement of cash flows. In addition, potential derivative exposure limits are established to take account of potential future exposure that may arise under derivative transactions. These limits are calculated by reference to a measure of capital and credit ratings of the individual counterparties and are subject to a maximum single counterparty limit.Credit limits are refreshed annually and reviewed in the event of any credit rating action. Additionally, a control mechanism to trigger a review of specific counterparty limits, irrespective of credit rating action, is in place. This entails daily monitoring of counterparty credit default swap levels and/or share price volatility. Credit exposure is monitored daily by the group\u2019s treasury function and is reported monthly to the treasury committee through the operational compliance report.At 31 March 2024 and 31 March 2023, the maximum exposure to credit risk for the group and company is represented by the carrying amount of each financial asset in the statement of financial position:Group Company2024 2023 2024 2023\u00a3m \u00a3m \u00a3m \u00a3mCash and short-term deposits (see note 15) 1,399.3 340.4 \u2013 \u2013Trade and other receivables (see note 13) 300.5 266.2 136.0 105.1Derivative financial instruments 382.8 4 7 7.1 \u2013 \u20132,082.6 1,083.7 136.0 105.1The credit exposure on derivatives is disclosed gross of any collateral held. At 31 March 2024, the group held \u00a337.8 million (2023: \u00a345.8 million) as collateral in relation to derivative financial instruments.",
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"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
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},
"pp-value-43-2": {
"value": "Market riskThe group\u2019s exposure to market risk primarily results from its financing arrangements and the economic return that it is allowed on the regulatory capital value (\u2018RCV\u2019).The group uses a variety of financial instruments, including derivatives, to manage the exposure to these risks.",
"dimensions": {
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"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-49-2": {
"value": "Fair valuesThe table below sets out the valuation basis of financial instruments held at fair value and financial instruments where fair value has been separately disclosed in the notes as the carrying value is not a reasonable approximation of fair value.GroupLevel 1 Level 2 Level 3 Total2024 \u00a3m \u00a3m \u00a3m \u00a3mFinancial assets at fair value through profit or lossDerivative financial assets \u2013 fair value hedge \u2013 74.7 \u2013 74.7(1)Derivative financial assets \u2013 held for trading\u2013 298.9 \u2013 298.9Derivative financial assets \u2013 cash flow hedge \u2013 9.2 \u2013 9.2Financial liabilities at fair value through profit or lossDerivative financial liabilities \u2013 fair value hedge \u2013 (232.2) \u2013 (232.2)(1)Derivative financial liabilities \u2013 held for trading\u2013 (4.5) \u2013 (4.5)Derivative financial assets \u2013 cash flow hedge \u2013 (43.9) \u2013 (43.9)Financial liabilities designated as fair value through profit or loss \u2013 (338.9) \u2013 (338.9)Financial instruments for which fair value has been disclosedFinancial liabilities in fair value hedge relationships (3,158.5) (300.5) \u2013 (3,459.0)Other financial liabilities (2,573.4) (3,212.1) \u2013 (5,785.5)(5,731.9) (3,749.3) \u2013 (9,481.2)GroupLevel 1 Level 2 Level 3 Total2023 \u00a3m \u00a3m \u00a3m \u00a3mFinancial assets at fair value through profit or lossDerivative financial assets \u2013 fair value hedge \u2013 65.4 \u2013 65.4(1)Derivative financial assets \u2013 held for trading\u2013 352.0 \u2013 352.0Derivative financial assets \u2013 cash flow hedge \u2013 59.7 \u2013 59.7Financial liabilities at fair value through profit or lossDerivative financial liabilities \u2013 fair value hedge \u2013 (215.3) \u2013 (215.3)(1)Derivative financial liabilities \u2013 held for trading\u2013 (3.4) \u2013 (3.4)Derivative financial assets \u2013 cash flow hedge \u2013 (34.1) \u2013 (34.1)Financial liabilities designated as fair value through profit or loss \u2013 (361.0) \u2013 (361.0)Financial instruments for which fair value has been disclosedFinancial liabilities in fair value hedge relationships (1,936.1) (374.0) \u2013 (2,310.1)Other financial liabilities (2,541.3) (2,858.5) \u2013 (5,399.8)(4,477.4) (3,369.2) \u2013 (7,846.6)(1) These derivatives form economic hedges and, as such, management intends to hold these through to maturity. Derivatives forming an economic hedge of the currency exposure on borrowings included in these balances were \u00a3110.9 million (2023: \u00a3133.9 million).Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities;Level 2 fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); andLevel 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable).The group has calculated fair values using quoted prices where an active market exists, which has resulted in \u00a35,731.9 million (2023: \u00a34,477.4 million) of \u2018Level 1\u2019 fair value measurements. In the absence of an appropriate quoted price, the group has applied discounted cash flow valuation models utilising market available data in line with prior years. The \u00a31,254.5 million increase (2023: \u00a3113.0 million decrease) in Level 1 fair value measurements primarily reflects the debt issuances in the year. During the year, changes in the fair value of financial liabilities designated at fair value through profit or loss resulted in a \u00a322.0 million loss (2023: \u00a320.6 million loss). Included within this was a \u00a30.7 million gain (2023: \u00a34.7 million gain) attributable to changes in own credit risk, recognised in other comprehensive income. The cumulative amount due to changes in credit spread was \u00a335.9 million profit (2023: \u00a335.2 million profit). The carrying amount is \u00a3112.8 million (2023: \u00a3134.9 million) higher than the amount contracted to settle on maturity.",
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"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-56-2": {
"value": "Basis of consolidation The group financial statements consolidate the financial statements of the company and entities controlled by the company (its subsidiaries) and incorporate the results of its share of joint ventures using the equity method of accounting. The results of subsidiaries and joint ventures acquired or disposed of during the year are included in the consolidated income statement from the date control is obtained or until the date that control ceases, as appropriate.",
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"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
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"pp-value-57-2": {
"value": "Revenue recognitionRevenue from the sale of water, wastewater and other services represents the fair value of the consideration receivable in the ordinary course of business for the goods and services provided, exclusive of value added tax. Where relevant, this includes an estimate of the sales value of units supplied to customers between the date of the last meter reading and the period end. There are two main areas of the group\u2019s activities considered to result in revenue being recognised: \u2022 the provision of core water and wastewater services, accounting for more than 97 per cent of the group\u2019s revenue; and \u2022 capital income streams relating to diversions work and activities, typically performed opposite property developers, that facilitate the creation of an authorised connection throughwhich properties can obtain water and wastewater services. The provision of core water and wastewater services, which are deemed to be distinct performance obligations of the contract with customers, follow the same pattern of transfer to the customer who simultaneously receives and consumes both of these services over time.Revenue is generally recognised at the time of delivery, with consideration given as to whether collection of the full amount under the contract is considered probable. Should the group consider that the criteria for revenue recognition have not been met for a transaction, revenue recognition would be delayed until such time as collectability is reasonably assured. Payments received in advance of revenue recognition are recorded as deferred income. This includes revenue in respect of connection activities, which itself reflects a distinct performance obligation. The revenue recognised in respect of these activities is released to the income statement over a period of 60 years, which is deemed to be the time over which the performance obligation for providing the connection is satisfied.Borrowing costs and finance income Except as noted below, all borrowing costs and finance income are recognised in the income statement on an accruals basis. Transaction costs that are directly attributable to the acquisition or issue of a financial asset or financial liability are included in the initial fair value of that instrument. Where borrowing costs are attributable to the acquisition, construction or production of a qualifying asset, such costs are capitalised as part of the specific asset in accordance with IAS 23 \u2018Borrowing Costs\u2019.Property, plant and equipment Property, plant and equipment comprises water and wastewater infrastructure assets and overground assets. The useful economic lives of these assets are primarily as follows: \u2022 Water and wastewater infrastructureassets:\u2013 Impounding reservoirs 200 years; \u2013 Mains and raw water aqueducts30 to 300 years;\u2013 Sewers and sludge pipelines 60 to 300 years;\u2013 Sea outfalls 75 years; \u2022 Buildings 10 to 60 years; \u2022 Operational assets 5 to 80 years; and \u2022 Fixtures, fittings, tools and equipment 3 to 40 years. Employee and other related costs incurred in implementing the capital schemes of the group are capitalised. The group is required to evaluate the carrying values of property, plant and equipment for impairment whenever circumstances indicate, in management\u2019s view, that the carrying value of such assets may not be recoverable. An impairment review requires management to make uncertain estimates concerning the cash flows, growth rates and discount rates of the cash generating units under review. Costs associated with a major inspection or overhaul of an asset or group of assets are capitalised within property, plant and equipment and depreciated over the period of time expected to elapse between major inspections or overhauls.Water and wastewater infrastructure assets Infrastructure assets comprise a network of water and wastewater pipes and systems. Expenditure on the infrastructure assets, including borrowingcosts where applicable, relating to increases in capacity or enhancements to the resilience of functionality of the network, is treated as an addition. Amounts incurred in maintaining the operating capability of the network in accordance with defined standards of service are expensed in the year in which the expenditure is incurred. Infrastructureassets are depreciated by writing off their cost (or deemed cost for infrastructure assets held on transition to IFRS), less the estimated residual value, on a straight-line basis over their useful economic lives.Other assets All other property, plant and equipment isstated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items, including relevant borrowingcosts, where applicable, for qualifying assets. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flowto the group and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the income statement during the financialperiod in which they are incurred. Freehold land and assets in the course of construction are not depreciated. Other assets are depreciated by writing off their cost, less their estimated residual value, on a straight-line basis over their estimated useful economic lives, based on management\u2019s judgement and experience. Depreciation methods, residual values and useful economic lives are reassessed annually and, if necessary, changes are accounted for prospectively. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in other operating costs.Transfer of assets from customers and developers Where the group receives from a customer or developer an item of property, plant and equipment (or cash to construct or acquire an item of property, plant and equipment) that the group must then use either to connect the customer to the network or to provide the customer with ongoing access to a supply of goods or services, or to do both, such items are capitalised at their fair value and included within property, plant and equipment, with a liability of the same amount credited to deferred grants and contributions. The assets are depreciated over their useful economic lives and the deferred contributions released to revenue over the 60 years, which is the estimated period over which an average connection through which the group provides water and wastewater services is expected to be operational. Where the receipt of property, plant and equipment is solely to connect the customer to the network, the deferred contribution is released immediately to revenue. Assets transferred from customers or developers are accounted for at fair value. If no market exists for the assets, then incremental cash flows are used to arrive at fair value.Intangible assets Intangible assets are measured initially at cost and are amortised on a straight-line basis over their estimated useful economic lives. The carrying amount is reduced by any provision for impairment where necessary. Internal expenditure is capitalised as internally generated intangibles only if it meets the criteria set out in IAS 38 \u2018Intangible Assets\u2019. Intangible assets, which relate primarily to computer software, are generally amortised over a period of three to ten years. The group expenses costs incurred in the implementation and ongoing operation ofcomputing systems built and delivered ona \u2018software as a service\u2019 (SaaS) basis and hosted in an external cloud environment. These do not generally give rise to an identifiable intangible asset that the group controls. In limited circumstances, costs incurred in association with the implementation and customisation of a SaaS system may enhance the group\u2019s existing digital infrastructure and would be expected to generate broader future economic benefit. Where this results in an identifiable intangible asset that the group controls, the costs are capitalised in accordance with IAS 38 and are subsequently amortised over a period of generally three to ten years. Impairment of assets Where appropriate, assets are reviewed for impairment at each reporting date to determine whether there is any indication that those assets may have suffered an impairment loss. Where the asset does not generate cash flows that are independent from other assets, the group estimates the recoverable amount of the cash generating unit to which the asset belongs.The recoverable amount is the higher of fair value less costs to sell and value in use. Value in use represents the net present value of expected future cash flows, discounted on a pre-tax basis, using a rate that reflects current market assessments of the time value of money and the risks specific to the asset, for which the estimates of future cash flows have not been adjusted. The recoverable amount of investments in subsidiary companies is assessed using Level 2 fair value hierarchy techniques, with reference to the regulatory capital value (\u2018RCV\u2019) of the regulated water and wastewater business where appropriate. This is used as a proxy in estimating the subsidiary\u2019s market value, with the RCV being a regulatory measure determined by Ofwat, based on the company\u2019s historic market value plus the value of accumulated capital investment assumed at each price review. The RCV used in this assessment is adjusted for actual spend.If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash generating unit) is reduced to its recoverable amount. Impairment losses in respect of assets are recognised in the income statement within operating costs. Where an impairment loss subsequently reverses, the reversal is recognised in the income statement and the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not so as to exceed the carrying amount that would have been determined had no impairment loss been recognised in prior years.Capitalisation of costs associated with regulatory price review programmesAs a regulated business, the group\u2019s principal subsidiary, United Utilities WaterLimited, is required to submit business plans to its regulator, Ofwat, on a cyclicalbasis and covering a five-year period. Thecosts to develop these business plans, which can be significant, largely relate to the development of material capital programmes to be delivered over the nextfive-year price control period. As such, the majority of these costs are consideredto be directly attributable to bringing capital solutions into working condition, giving rise to future economic benefit in the form of reduced project costs as the capital programme is delivered, and supporting the enhancement of the company\u2019s network as a whole. Such costs are therefore capitalised within property, plant and equipment where appropriate, and depreciated over a period of five years as the economic benefit is realised through the delivery of the capital programme.Financial instruments Financial assets and financial liabilities are recognised and derecognised in the group\u2019s statement of financial position on the trade date when the group becomes/ceases to be a party to the contractual provisions of the instrument.Cash and short-term depositsCash and short-term deposits include cash at bank and in hand, deposits and other short-term highly liquid investmentsthat are readily convertible into known amounts of cash, have a maturity of three months or less from the date of acquisition and which are subject to an insignificant risk of change in value. In theconsolidated statement of cash flows and related notes, cash and cash equivalents include cash and short-term deposits, netof book overdrafts.Borrowings designated at fair value through profit or loss Designation is made where the requirements to designate within a fair value hedge cannot be met at inception despite there being significant fair value offset between the borrowing and the hedging derivative. Where designated, bonds and loans are initially measured at fair value being the cash proceeds received and are subsequently measured at fair value at each reporting date, with changes in fair value being charged or credited to finance expense in the income statement.Under the provisions of IFRS 9 \u2018Financial Instruments\u2019, changes in the group\u2019s own credit risk are recognised in other comprehensive income.Employee benefits Retirement benefit obligations The group operates two defined benefit pension schemes, which are independent of the group\u2019s finances, for its employees. Actuarial valuations to determine the funding of the schemes, along with future contribution rates, are carried out by the pension scheme actuary as directed by the trustees at intervals of not more than three years. In any intervening years, the trustees review the continuing appropriateness of the funding and contribution rates. From a financial reporting perspective and in accordance with IAS 19 \u2018Employee Benefits\u2019, defined benefit assets are measured at fair value, while liabilities are measured at present value using the projected unit credit method. The difference between the two amounts is recognised as a surplus or obligation in the statement of financial position. Where this difference results in a defined benefit surplus, this is recognised in accordance with IFRIC 14 \u2018IAS 19 \u2013 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction\u2019, on the basis that the group has an unconditional right to a refund of any surplus that may exist following the full settlement of plan liabilities in a single event. The pension cost under IAS 19 is assessed in accordance with the advice of a firm of actuaries based on the latest actuarial valuation and assumptions determined by the actuary, which are used to estimate the present value of defined benefit obligations. The assumptions are based on information supplied to the actuary by the company, supplemented by discussions between the actuary and management. The assumptions are disclosed in note A4. The cost of providing pension benefits to employees relating to the current years\u2019 service (including curtailment gains and losses) is included within employee benefits expense, while the interest on the schemes\u2019 assets and liabilities is included within investment income and finance expense respectively. Remeasurement gains/losses on scheme assets and liabilities are presented in other comprehensive income. In addition, the group operates a defined contribution pension section within the United Utilities Pension Scheme. Payments are charged as employee costs as they fall due. The group has no further payment obligations once the contributions have been paid.Share-based compensation arrangements The group operates equity-settled, share-based compensation plans, issued to certain employees. The equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date is expensed on a pro-rated basis over the vesting period, based on estimates of the number of options that are expected to vest and according to relevant measures of performance determining the number of shares awarded. The initial fair value of each award scheme is updated for each reporting period to account for lapsed shares and updated estimates of the performance measures. The group has the option to settle some of these equity-settled share-based payments in cash. At each reporting date, the group revises its estimate of the number of options that are expected to become exercisable, with the impact of any revision being recognised in the income statement and a corresponding adjustment to equity over the remaining vesting period.Provisions Provisions are recognised when the group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources willbe required to settle the obligation, and the amount can be reliably estimated. Expenditure that relates to an existing condition caused by past operations that does not contribute to current or future earnings is expensed. Foreign currency translation Transactions and balances Transactions in foreign currencies are recorded at the exchange rates applicable on the dates of the transactions. At each reporting date, monetary assets and liabilities denominated in foreign currencies are translated into sterling at the relevant rates of exchange applicable on that date. Gains and losses arising on retranslation are included in net profit or loss for the period. Exchange differences arising on investments in equity instruments classified as fair value through other comprehensive income are included in the gains or losses arising from changes in fair value, which are recognised directly in equity. To hedge its exposure to certain foreign exchange risks, the group enters into contracts for derivative instruments (see note A3).LeasesAt inception of a contract the group assesses whether a contract is, or contains, a lease. Where a lease is present, a right-of-use asset and lease liability is recognised at the commencement date. The lease liability is measured at the present value of future lease payments due over the term of the lease, with the right-of use asset recognised as property, plant and equipment at cost. This is generally equivalent to the initial measurement of the lease liability. Lease payments are discounted using the group\u2019s incremental rate of borrowing if the interest rate implicit in the lease cannot be readily determined. For materially all of the group\u2019s leases, the group\u2019s incremental rate of borrowing is used. This rate is calculated using a number of inputs, being observable risk-free gilt rates, specific data based on bonds already in circulation for the relevant group company, as well as data from the wider utility sector. Further adjustments for payment profile and the term of the lease are made. After the commencement date, the lease liability is increased for the accretion of interest (being the unwinding of the discounting applied to future lease payments) and reduced by lease payments made. In addition to this the carrying amount is updated to reflect any remeasurement or lease modifications. Remeasurements are typically required as a result of rent reviews or changes to the lease term. In these cases, a corresponding adjustment to the right-of-use asset is made. Depreciation of right-of-use assets is charged on a straight-line basis over the term of the lease. Where leases have a term of less than 12 months from the commencement date and do not have a purchase option, the group applies the short-term lease recognition exemption available under IFRS 16. The group applies the low value recognition exemption permitted by the standard to leases of assets with a value of less than \u00a32,500. Payments for short-term and low-value leases are instead charged to operating costs on a straight-line basis over the period of the lease.Statement of cash flowsGrants and contributions receivedWhere government grants are received as a contribution against qualifying fixed assets, and where transactions with customers \u2013 typically property developers \u2013 result in the expansion of the group\u2019s water and wastewater network (and therefore its fixed asset base), the relevant cash inflows are classified within investing activities in the period.Interest payments and receiptsIFRS allows interest payments and interest receipts to be classified within operating activities or financing activities/investing activities. The group classifies interest payments and interest receipts within operating activities, with management viewing these in conjunction with other operating cash flows in assessing the ability of the group to maintain its operating capability.Cash flows from derivativesThe cash flows from derivatives as a result of the group\u2019s hedging activities are presented together with the cash flows relating to the underlying hedged item to provide a more faithful representation of the substance of the transaction.Taxes paidTaxes paid by the group are presented as cash flows from operating activities. The group deems it impracticable to identify the tax cash flows with respect to individual transactions, which may themselves be presented in investing activities or financing activities, and instead present total tax cash flows as operating activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-57-3": {
"value": "Revenue recognitionRevenue from the sale of water, wastewater and other services represents the fair value of the consideration receivable in the ordinary course of business for the goods and services provided, exclusive of value added tax. Where relevant, this includes an estimate of the sales value of units supplied to customers between the date of the last meter reading and the period end. There are two main areas of the group\u2019s activities considered to result in revenue being recognised: \u2022 the provision of core water and wastewater services, accounting for more than 97 per cent of the group\u2019s revenue; and \u2022 capital income streams relating to diversions work and activities, typically performed opposite property developers, that facilitate the creation of an authorised connection throughwhich properties can obtain water and wastewater services. The provision of core water and wastewater services, which are deemed to be distinct performance obligations of the contract with customers, follow the same pattern of transfer to the customer who simultaneously receives and consumes both of these services over time.Revenue is generally recognised at the time of delivery, with consideration given as to whether collection of the full amount under the contract is considered probable. Should the group consider that the criteria for revenue recognition have not been met for a transaction, revenue recognition would be delayed until such time as collectability is reasonably assured. Payments received in advance of revenue recognition are recorded as deferred income. This includes revenue in respect of connection activities, which itself reflects a distinct performance obligation. The revenue recognised in respect of these activities is released to the income statement over a period of 60 years, which is deemed to be the time over which the performance obligation for providing the connection is satisfied.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-59-3": {
"value": "Borrowing costs and finance income Except as noted below, all borrowing costs and finance income are recognised in the income statement on an accruals basis. Transaction costs that are directly attributable to the acquisition or issue of a financial asset or financial liability are included in the initial fair value of that instrument. Where borrowing costs are attributable to the acquisition, construction or production of a qualifying asset, such costs are capitalised as part of the specific asset in accordance with IAS 23 \u2018Borrowing Costs\u2019.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-60-3": {
"value": "Property, plant and equipment Property, plant and equipment comprises water and wastewater infrastructure assets and overground assets. The useful economic lives of these assets are primarily as follows: \u2022 Water and wastewater infrastructureassets:\u2013 Impounding reservoirs 200 years; \u2013 Mains and raw water aqueducts30 to 300 years;\u2013 Sewers and sludge pipelines 60 to 300 years;\u2013 Sea outfalls 75 years; \u2022 Buildings 10 to 60 years; \u2022 Operational assets 5 to 80 years; and \u2022 Fixtures, fittings, tools and equipment 3 to 40 years. Employee and other related costs incurred in implementing the capital schemes of the group are capitalised. The group is required to evaluate the carrying values of property, plant and equipment for impairment whenever circumstances indicate, in management\u2019s view, that the carrying value of such assets may not be recoverable. An impairment review requires management to make uncertain estimates concerning the cash flows, growth rates and discount rates of the cash generating units under review. Costs associated with a major inspection or overhaul of an asset or group of assets are capitalised within property, plant and equipment and depreciated over the period of time expected to elapse between major inspections or overhauls.Water and wastewater infrastructure assets Infrastructure assets comprise a network of water and wastewater pipes and systems. Expenditure on the infrastructure assets, including borrowingcosts where applicable, relating to increases in capacity or enhancements to the resilience of functionality of the network, is treated as an addition. Amounts incurred in maintaining the operating capability of the network in accordance with defined standards of service are expensed in the year in which the expenditure is incurred. Infrastructureassets are depreciated by writing off their cost (or deemed cost for infrastructure assets held on transition to IFRS), less the estimated residual value, on a straight-line basis over their useful economic lives.Other assets All other property, plant and equipment isstated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items, including relevant borrowingcosts, where applicable, for qualifying assets. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flowto the group and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the income statement during the financialperiod in which they are incurred. Freehold land and assets in the course of construction are not depreciated. Other assets are depreciated by writing off their cost, less their estimated residual value, on a straight-line basis over their estimated useful economic lives, based on management\u2019s judgement and experience. Depreciation methods, residual values and useful economic lives are reassessed annually and, if necessary, changes are accounted for prospectively. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in other operating costs.Transfer of assets from customers and developers Where the group receives from a customer or developer an item of property, plant and equipment (or cash to construct or acquire an item of property, plant and equipment) that the group must then use either to connect the customer to the network or to provide the customer with ongoing access to a supply of goods or services, or to do both, such items are capitalised at their fair value and included within property, plant and equipment, with a liability of the same amount credited to deferred grants and contributions. The assets are depreciated over their useful economic lives and the deferred contributions released to revenue over the 60 years, which is the estimated period over which an average connection through which the group provides water and wastewater services is expected to be operational. Where the receipt of property, plant and equipment is solely to connect the customer to the network, the deferred contribution is released immediately to revenue. Assets transferred from customers or developers are accounted for at fair value. If no market exists for the assets, then incremental cash flows are used to arrive at fair value.Capitalisation of costs associated with regulatory price review programmesAs a regulated business, the group\u2019s principal subsidiary, United Utilities WaterLimited, is required to submit business plans to its regulator, Ofwat, on a cyclicalbasis and covering a five-year period. Thecosts to develop these business plans, which can be significant, largely relate to the development of material capital programmes to be delivered over the nextfive-year price control period. As such, the majority of these costs are consideredto be directly attributable to bringing capital solutions into working condition, giving rise to future economic benefit in the form of reduced project costs as the capital programme is delivered, and supporting the enhancement of the company\u2019s network as a whole. Such costs are therefore capitalised within property, plant and equipment where appropriate, and depreciated over a period of five years as the economic benefit is realised through the delivery of the capital programme.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-63-3": {
"value": "Intangible assets Intangible assets are measured initially at cost and are amortised on a straight-line basis over their estimated useful economic lives. The carrying amount is reduced by any provision for impairment where necessary. Internal expenditure is capitalised as internally generated intangibles only if it meets the criteria set out in IAS 38 \u2018Intangible Assets\u2019. Intangible assets, which relate primarily to computer software, are generally amortised over a period of three to ten years. The group expenses costs incurred in the implementation and ongoing operation ofcomputing systems built and delivered ona \u2018software as a service\u2019 (SaaS) basis and hosted in an external cloud environment. These do not generally give rise to an identifiable intangible asset that the group controls. In limited circumstances, costs incurred in association with the implementation and customisation of a SaaS system may enhance the group\u2019s existing digital infrastructure and would be expected to generate broader future economic benefit. Where this results in an identifiable intangible asset that the group controls, the costs are capitalised in accordance with IAS 38 and are subsequently amortised over a period of generally three to ten years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-65-3": {
"value": "Impairment of assets Where appropriate, assets are reviewed for impairment at each reporting date to determine whether there is any indication that those assets may have suffered an impairment loss. Where the asset does not generate cash flows that are independent from other assets, the group estimates the recoverable amount of the cash generating unit to which the asset belongs.The recoverable amount is the higher of fair value less costs to sell and value in use. Value in use represents the net present value of expected future cash flows, discounted on a pre-tax basis, using a rate that reflects current market assessments of the time value of money and the risks specific to the asset, for which the estimates of future cash flows have not been adjusted. The recoverable amount of investments in subsidiary companies is assessed using Level 2 fair value hierarchy techniques, with reference to the regulatory capital value (\u2018RCV\u2019) of the regulated water and wastewater business where appropriate. This is used as a proxy in estimating the subsidiary\u2019s market value, with the RCV being a regulatory measure determined by Ofwat, based on the company\u2019s historic market value plus the value of accumulated capital investment assumed at each price review. The RCV used in this assessment is adjusted for actual spend.If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash generating unit) is reduced to its recoverable amount. Impairment losses in respect of assets are recognised in the income statement within operating costs. Where an impairment loss subsequently reverses, the reversal is recognised in the income statement and the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not so as to exceed the carrying amount that would have been determined had no impairment loss been recognised in prior years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-68-3": {
"value": "Financial instruments Financial assets and financial liabilities are recognised and derecognised in the group\u2019s statement of financial position on the trade date when the group becomes/ceases to be a party to the contractual provisions of the instrument.Cash and short-term depositsCash and short-term deposits include cash at bank and in hand, deposits and other short-term highly liquid investmentsthat are readily convertible into known amounts of cash, have a maturity of three months or less from the date of acquisition and which are subject to an insignificant risk of change in value. In theconsolidated statement of cash flows and related notes, cash and cash equivalents include cash and short-term deposits, netof book overdrafts.Borrowings designated at fair value through profit or loss Designation is made where the requirements to designate within a fair value hedge cannot be met at inception despite there being significant fair value offset between the borrowing and the hedging derivative. Where designated, bonds and loans are initially measured at fair value being the cash proceeds received and are subsequently measured at fair value at each reporting date, with changes in fair value being charged or credited to finance expense in the income statement.Under the provisions of IFRS 9 \u2018Financial Instruments\u2019, changes in the group\u2019s own credit risk are recognised in other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-69-4": {
"value": "Borrowings designated at fair value through profit or loss Designation is made where the requirements to designate within a fair value hedge cannot be met at inception despite there being significant fair value offset between the borrowing and the hedging derivative. Where designated, bonds and loans are initially measured at fair value being the cash proceeds received and are subsequently measured at fair value at each reporting date, with changes in fair value being charged or credited to finance expense in the income statement.Under the provisions of IFRS 9 \u2018Financial Instruments\u2019, changes in the group\u2019s own credit risk are recognised in other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-70-3": {
"value": "Employee benefits Retirement benefit obligations The group operates two defined benefit pension schemes, which are independent of the group\u2019s finances, for its employees. Actuarial valuations to determine the funding of the schemes, along with future contribution rates, are carried out by the pension scheme actuary as directed by the trustees at intervals of not more than three years. In any intervening years, the trustees review the continuing appropriateness of the funding and contribution rates. From a financial reporting perspective and in accordance with IAS 19 \u2018Employee Benefits\u2019, defined benefit assets are measured at fair value, while liabilities are measured at present value using the projected unit credit method. The difference between the two amounts is recognised as a surplus or obligation in the statement of financial position. Where this difference results in a defined benefit surplus, this is recognised in accordance with IFRIC 14 \u2018IAS 19 \u2013 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction\u2019, on the basis that the group has an unconditional right to a refund of any surplus that may exist following the full settlement of plan liabilities in a single event. The pension cost under IAS 19 is assessed in accordance with the advice of a firm of actuaries based on the latest actuarial valuation and assumptions determined by the actuary, which are used to estimate the present value of defined benefit obligations. The assumptions are based on information supplied to the actuary by the company, supplemented by discussions between the actuary and management. The assumptions are disclosed in note A4. The cost of providing pension benefits to employees relating to the current years\u2019 service (including curtailment gains and losses) is included within employee benefits expense, while the interest on the schemes\u2019 assets and liabilities is included within investment income and finance expense respectively. Remeasurement gains/losses on scheme assets and liabilities are presented in other comprehensive income. In addition, the group operates a defined contribution pension section within the United Utilities Pension Scheme. Payments are charged as employee costs as they fall due. The group has no further payment obligations once the contributions have been paid.Share-based compensation arrangements The group operates equity-settled, share-based compensation plans, issued to certain employees. The equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date is expensed on a pro-rated basis over the vesting period, based on estimates of the number of options that are expected to vest and according to relevant measures of performance determining the number of shares awarded. The initial fair value of each award scheme is updated for each reporting period to account for lapsed shares and updated estimates of the performance measures. The group has the option to settle some of these equity-settled share-based payments in cash. At each reporting date, the group revises its estimate of the number of options that are expected to become exercisable, with the impact of any revision being recognised in the income statement and a corresponding adjustment to equity over the remaining vesting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-72-3": {
"value": "Provisions Provisions are recognised when the group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources willbe required to settle the obligation, and the amount can be reliably estimated. Expenditure that relates to an existing condition caused by past operations that does not contribute to current or future earnings is expensed. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-73-3": {
"value": "Foreign currency translation Transactions and balances Transactions in foreign currencies are recorded at the exchange rates applicable on the dates of the transactions. At each reporting date, monetary assets and liabilities denominated in foreign currencies are translated into sterling at the relevant rates of exchange applicable on that date. Gains and losses arising on retranslation are included in net profit or loss for the period. Exchange differences arising on investments in equity instruments classified as fair value through other comprehensive income are included in the gains or losses arising from changes in fair value, which are recognised directly in equity. To hedge its exposure to certain foreign exchange risks, the group enters into contracts for derivative instruments (see note A3).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-75-3": {
"value": "LeasesAt inception of a contract the group assesses whether a contract is, or contains, a lease. Where a lease is present, a right-of-use asset and lease liability is recognised at the commencement date. The lease liability is measured at the present value of future lease payments due over the term of the lease, with the right-of use asset recognised as property, plant and equipment at cost. This is generally equivalent to the initial measurement of the lease liability. Lease payments are discounted using the group\u2019s incremental rate of borrowing if the interest rate implicit in the lease cannot be readily determined. For materially all of the group\u2019s leases, the group\u2019s incremental rate of borrowing is used. This rate is calculated using a number of inputs, being observable risk-free gilt rates, specific data based on bonds already in circulation for the relevant group company, as well as data from the wider utility sector. Further adjustments for payment profile and the term of the lease are made. After the commencement date, the lease liability is increased for the accretion of interest (being the unwinding of the discounting applied to future lease payments) and reduced by lease payments made. In addition to this the carrying amount is updated to reflect any remeasurement or lease modifications. Remeasurements are typically required as a result of rent reviews or changes to the lease term. In these cases, a corresponding adjustment to the right-of-use asset is made. Depreciation of right-of-use assets is charged on a straight-line basis over the term of the lease. Where leases have a term of less than 12 months from the commencement date and do not have a purchase option, the group applies the short-term lease recognition exemption available under IFRS 16. The group applies the low value recognition exemption permitted by the standard to leases of assets with a value of less than \u00a32,500. Payments for short-term and low-value leases are instead charged to operating costs on a straight-line basis over the period of the lease.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-77-3": {
"value": "Statement of cash flowsGrants and contributions receivedWhere government grants are received as a contribution against qualifying fixed assets, and where transactions with customers \u2013 typically property developers \u2013 result in the expansion of the group\u2019s water and wastewater network (and therefore its fixed asset base), the relevant cash inflows are classified within investing activities in the period.Interest payments and receiptsIFRS allows interest payments and interest receipts to be classified within operating activities or financing activities/investing activities. The group classifies interest payments and interest receipts within operating activities, with management viewing these in conjunction with other operating cash flows in assessing the ability of the group to maintain its operating capability.Cash flows from derivativesThe cash flows from derivatives as a result of the group\u2019s hedging activities are presented together with the cash flows relating to the underlying hedged item to provide a more faithful representation of the substance of the transaction.Taxes paidTaxes paid by the group are presented as cash flows from operating activities. The group deems it impracticable to identify the tax cash flows with respect to individual transactions, which may themselves be presented in investing activities or financing activities, and instead present total tax cash flows as operating activities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-78-2": {
"value": "A7 Subsidiaries and other group undertakingsDetails of the group\u2019s subsidiary undertakings, joint ventures and associates are set out below. Unless otherwise specified, the registered address for each entity is Haweswater House, Lingley Mere Business Park, Lingley Green Avenue, Great Sankey, Warrington WA5 3LP, United Kingdom. For further details of joint ventures, see note 12.Proportion of share capital Class of share owned/voting (1)capital heldrights %Nature of business Subsidiary undertakingsGreat BritainHalkyn District Mines Drainage Company Limited Ordinary 99.9 DormantLingley Mere Management Company Limited Ordinary 90.0 Property managementNorth West Water Limited Ordinary 100 DormantUnited Utilities (Overseas Holdings) Limited Ordinary 100 DormantUnited Utilities Energy Limited Ordinary 100 Energy generationUnited Utilities Healthcare Trustee Limited Ordinary 100 Corporate trusteeUnited Utilities International Limited Ordinary 100 Non-tradingUnited Utilities North West Limited Ordinary 100 Holding companyUnited Utilities Pensions Trustees Limited Ordinary 100 Corporate trusteeUnited Utilities PLC Ordinary 100 Holding companyUnited Utilities Property Services Limited Ordinary 100 Property managementUnited Utilities Total Solutions Limited Ordinary 100 Non-tradingUnited Utilities Utility Solutions (Industrial) Limited Ordinary 100 Holding companyUnited Utilities Water Finance PLC Ordinary 100 Financing companyUnited Utilities Water Limited Ordinary 100 Water and wastewater servicesUU (ESPS) Pension Trustee Limited Ordinary 100 Corporate trusteeUU Group Limited Ordinary 100 DormantUU Secretariat Limited Ordinary 100 DormantYCL Transport Limited Ordinary 100 Non-tradingUnited Utilities Bioresources Limited Ordinary 100 Wastewater servicesJoint venturesAll joint ventures are accounted for using the equity method and are strategic to the group\u2019s activities to varying degrees.Great BritainLingley Mere Business Park Development Company Limited Ordinary 50 Development companySelectusonline Limited Ordinary 16.7 Dormant(2)Water Plus Group LimitedOrdinary 50 Holding company(2)Water Plus LimitedOrdinary 50 Water and wastewater retail services(2)Water Plus Select LimitedOrdinary 50 Water and wastewater retail services(1) With the exception of United Utilities PLC, shares are held by subsidiary undertakings rather than directly by United Utilities Group PLC.(2) Water Plus Limited and Water Plus Select Limited are wholly owned subsidiaries of Water Plus Group Limited. Registered address: South Court Riverside Park, Campbell Road, Stoke-on-Trent ST4 4DA, United Kingdom. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
}
}
}