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"value": "Basis of preparation The group financial statements have been prepared in accordance with UK-adopted international accounting standards as applied in accordance with the provisions of the Companies Act 2006. 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. For the financial year ending 31 March 2025, the parent company financial statements have been prepared in accordance with UK accounting standards as applied in accordance with the provisions of the Companies Act 2006, being the first year of adoption of these UK accounting standards. The company meets the definition of a qualifying entity as defined in FRS 100 \u2018Application of Financial Reporting Requirements\u2019, and accordingly these financial statements have been prepared in accordance with Financial Reporting Standard 101 \u2018Reduced Disclosure Framework\u2019 (\u2018FRS 101\u2019). As a result of the adoption of FRS 101, there were no material changes to the reported financial position, financial performance or cash flows of the company.As permitted by FRS 101, the parent company has taken advantage of the disclosure exemptions available in relation to financial instruments, fair value measurement, the statement of cash flows, capital management, standards not yet effective and related party transactions. Where required, equivalent disclosures are given in the consolidated financial statements.The preparation of these financial statements requires management to make estimates and assumptions that affect the amount of assets and liabilities at the date of the financial statements and the amount 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 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; debt being refinanced as it matures at 1 per cent above the forward projections of interest rates; outcome delivery incentive penalties equivalent to 1 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 and company 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": {
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"language": "en",
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"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 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; debt being refinanced as it matures at 1 per cent above the forward projections of interest rates; outcome delivery incentive penalties equivalent to 1 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 and company 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": {
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"value": "Adoption of new and revised standards There were no new standards, interpretations and amendments, effective for the year ended 31 March 2025, that were relevant to the group or have a material impact on the group\u2019s financial statements, or that were not early adopted in previous years.Amendments to IAS 1 \u2018Presentation of Financial Statements\u2019The amendments to IAS 1 \u2018Presentation of Financial Statements\u2019 clarify how the right to defer settlement of a liability and the conditions with which an entity must comply within 12 months after the reporting period affect the classification of a liability. The amendments are effective for reporting periods beginning on or after 1 January 2024. The adoption of the amendment has not resulted in a change in the classification of the liabilities of the group. Further disclosure",
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"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
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"value": "notes to the financial statements in respect of liabilities that are subject to compliance with financial covenants. Future accounting developmentsCertain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for the 31 March 2025 reporting period and have not been early adopted by the group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the following reporting period and on foreseeable future transactions. The group monitors developments across financial reporting standards and the status of adoption in the UK in assessing the extent to which these developments are likely to impact the financial statements in future periods.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 Accounting estimate* \u2013 The group operates two defined benefit pension schemes which are independent of the group\u2019s finances. Actuarial valuations of the schemes are carried out as determined by the trustees at intervals of no more than three years. Profit before tax and net assets are affected by the actuarial assumptions used. The key assumptions include: discount rates, pensionable salary growth, mortality, and inflation. It should be noted that actual rates may differ from the assumptions used due to changing market and economic conditions and longer or shorter lives of participants and, as such, this represents a key source of estimation uncertainty. Sensitivities in respect of the assumptions used during the year are disclosed in note A4.Accounting estimate* \u2013 Included within the group\u2019s defined benefit pension scheme assets are assets with a fair value estimated to be \u00a31,555.0 million (2024: \u00a31,772.0 million) that are categorised as \u2018level 3\u2019 within the IFRS 13 \u2018Fair value measurement\u2019 hierarchy, meaning that their value is not observable at 31 March 2025. This includes assets with an estimated fair value of \u00a31,405.8 million (2024: \u00a31,564.8 million) relating to bulk annuity policies purchased in the prior year as part of the partial buy-in transaction and \u00a3149.2 million of investments in private debt funds (2024: \u00a3202.7 million). The fair value of the bulk annuity assets is directly pegged to the present value of the defined benefit obligations that they insure, and therefore estimation of their fair value is inherently linked to the assumptions used in valuing the schemes\u2019 liabilities as set out above. Estimates of the fair value of the remaining \u2018level 3\u2019 assets are based on valuations performed by the investment managers\u2019 valuation specialists using the latest availablestatements of each of the funds that make up the total asset balances, updated for any subsequent cash movements between the statement date and the year-end reporting date.Revenue recognition and allowance for doubtful receivables Accounting judgement \u2013 The group recognises revenue generally at the time of delivery and when collection of the resulting receivable has been deemed probable. In estimating the amount of revenue to recognise, where the group considers that the criteria for revenue recognition are not met for a transaction, revenue recognition is delayed until such time as collectability is deemed probable. There are two criteria whereby management does not recognise revenue for amounts which have been billed to those customers on the basis that collectability is not probable. These are as follows: \u2022 The customer has not paid their bills for a period of at least two years; or \u2022 The customer has paid their bills in the preceding two years but has previously had bills de-recognised and has more than their current year debt outstanding. This two-criteria approach resulted in a \u00a341.1 million (2024: \u00a331.0 million) reduction in revenue compared with what would have been recognised had no adjustment been made for amounts where collectability is not probable. Had management made an alternative judgement that where customers have paid in the preceding two years, and have more than their current year debt outstanding, the recoverability of the entirety of their debt was deemed to be probable (i.e. the second criteria was disapplied), the required adjustment to revenue would have been \u00a321.9 million (2024: \u00a319.4 million) lower.Accounting estimate** \u2013 At each reporting date, the company and each of its subsidiaries evaluate the estimated recoverability of trade receivables and record allowances for expected credit losses (\u2018ECL\u2019) based on experience. Estimates associated with these allowances are based on, among other things, a consideration of how actual collection history might inform expected future recovery. The actual level of receivables collected may differ from the estimated levels of recovery, which could impact operating results positively or negatively. At 31 March 2025, an allowance for expected credit losses relating to household customer debt of \u00a381.4 million (2024: \u00a380.7 million)was supported by a six-year cash collection projection. Based on a five-year or seven-year cash collection projection, the allowance for doubtful receivables would have increased by \u00a31.5 million (2024: \u00a30.3 million) or reduced by \u00a30.9 million (2024: \u00a30.2 million), respectively. In determining the allowance for expected credit losses in respect of household customers, we have applied provisioning rates that are derived from historic experience of the recoverability of receivables, to the aged debt bandings to calculate the bad debt charge and the resultant expected credit loss allowance. The adequacy of the ECL allowance is then evaluated using analysis against the average collection over the last three years, which is considered to give a reasonable forecast of cash collection for use in the forward-looking ECL assessment. We have considered the high level of uncertainty as to how economic conditions may impact the recoverability of household receivables for a significant proportion of the group\u2019s customer base. A range of scenarios has been used to inform a probability-based assessment of the allowance for expected credit losses. These take account of cash collection rates in the current year as well as recent years, incorporating the current economic uncertainty to provide a range of views as to how recoverability of household receivables may be impacted. This assessment resulted in the release of the remainder of the management overlay, which had previously been recognised in light of the economic uncertainty; arising initially from the onset of the COVID-19 pandemic, and which is described more fully within the annual report for the year ended 31 March 2020. The provisioning rates, coupled with the release of the management overlay supports a charge equivalent to around 1.5 per cent of household revenue recorded during the period, which is slightly lower than the position at 31 March 2024. At 31 March 2025, a charge of 1.5 per cent (2024: 1.6 per cent) is considered to be appropriate given prevailing levels of uncertainty and recognising the level of estimation uncertainty associated with the assumptions made in forecasting the year-end debt position upon which the allowance for expected credit losses is based. Accounting estimate** \u2013 United Utilities Water Limited raises bills in accordance with its entitlement to receive revenue in line with the limits established by the periodic regulatory price review processes. For household water and wastewater customers with water meters, the receivable billed is dependent on the volume supplied, including the sales value of an estimate of the units supplied between the dates of the last water meter reading and the billing date. Meters are read on a cyclical basis and the group recognises revenue for unbilled amounts based on estimated usage from the last billing through to each reporting date. The estimated usage is based on historical data, judgement and assumptions; actual results could differ from these estimates, which would result in operating revenues being adjusted in the period that the revision to the estimates is determined. Revenue recognised for unbilled amounts for these customers at 31 March 2025 was \u00a3172.9 million (2024: \u00a3156.4 million). Had actual consumption been 5 per cent higher or lower than the estimate of units supplied, this would have resulted in revenue recognised for unbilled amounts being \u00a35.9 million (2024: \u00a35.2 million) higher or lower respectively. For customers who do not have a meter, the receivable billed and revenue recognised is dependent on the rateable value of the property as assessed by an independent rating officer. Property, plant and equipmentAccounting judgement \u2013 The group recognises property, plant and equipment (\u2018PP&E\u2019) on its water and wastewater infrastructure assets where such expenditureenhances or increases the capacity and/or resilience of the network, whereas any expenditure classed as maintenance is expensed in the period as incurred. Determining enhancement from maintenanceexpenditure requires an accounting judgement, particularly when projects have both elements within them. Enhancement spend was 65 per cent (2024: 48 per cent) of total spend in relation to infrastructure assetsduring the year. A change of +/- 5 per cent would have resulted in \u00a327.5 million (2024: \u00a321.0 million) less/more expenditure being charged to the income statement during the period. Accounting estimate* \u2013 The estimated useful economic lives of PP&E and intangible assets is based on management\u2019s experience.When management identifies that actual useful economic lives differ materially from the estimates used to calculate depreciation, that charge is adjusted prospectively. Due to the significance of PP&E and intangibles investment to the group, variations between actual and estimated useful economic lives could impact operating results both positively and negatively. As such, this is a key source of estimation uncertainty. The depreciation and amortisation expense for the year was \u00a3464.9 million (2024: \u00a3438.8 million). A 10 per cent increase in average asset lives would have resulted in a \u00a342.3 million (2024: \u00a339.9 million) reduction in this figure and a 10 per cent decrease in average asset lives would have resulted in a \u00a346.5 million (2024: \u00a343.9 million) increase in this figure.Derivative financial instruments Accounting estimate** \u2013 The model used to arrive at the fair value of the group\u2019s derivative financial instruments requires management to estimate future cash flows based on applicable interest rate curves. Projected cash flows are then discounted back using discount factors that are derived from the applicable interest rate curves adjusted for management\u2019s estimate of counterparty and own credit risk, where appropriate. Sensitivities relating to derivative financial instruments are included in note A3.* Estimates that could reasonably give rise to a material adjustment to the carrying value of assets or liabilities in the next financial year.** Other estimates considered less likely to give rise to a material adjustment to the carrying value of assets or liabilities in the next financial year.Climate change The group is continually developing its assessment of the impact that climate change has on the assets and liabilities recognised and presented in its financial statements, along with assessing climate-related risks and opportunities and the impact these could have on the financial statements. The natural environment within which the group operates is constantly changing, and this influences how its water and wastewater services are to be delivered in the future. In addition, the group has embedded ambitious climate-related targets within its own operations, with this affecting the portfolio of assets required to deliver such services. The impact of climate change, including adaptation to improve the group\u2019s resilience to the effects of climate change, minimisation and mitigation of the group\u2019s contribution to climate change, and the transition to net zero, has been considered in the preparation of these financial statements and the measurement bases of the assets and liabilities across a number of areas, predominantly in respect of the valuation of the property, plant and equipment held by the group. Asset life reviews are undertaken regularly for facilities impacted by climate change, environmental legislation or the group\u2019s decarbonisation measures. This can result in the acceleration of depreciation, or be an indication of potential impairment of assets that are deemed to be commercially obsolete or for which no further use is planned, in part as a result of the group\u2019s decarbonisation strategy. In recent years, this has resulted in material accelerations in respect of bioresources facilities impacted by changes in environmental legislative requirements. Although accelerated depreciation has been recognised in relation to a number of assets during the year as part of the group\u2019s broader environmental programme, there have been no further material accelerations required in the current financial year as a direct result of climate considerations, although this is subject to continuous assessment, particularly as environmental legislation continues to evolve. The group is exposed to potential asset write-downs following flooding resulting from extreme weather events, the frequency of which are expected to increase as the effects of climate change become more apparent. Following large-scale flooding, items are identified that have been damaged beyond repair and require immediate accounting write-downs. No such charges were required in the current financial year. In addition to the risks posed by an increased likelihood of large-scale flooding events in future years, climate change presents challenges relating to prolonged periods of hot and dry weather, the frequency of which is expected to increase. This could potentially impact the viability of certain types of assets in future years such as those associated with the intake of water from the natural environment, or require a strategic reconfiguration of assets to respond to such challenges. It is expected that if any such impact were to materialise this would be over a longer period of time rather than within a single financial year, and no financial impact has been identified in the current year. In recent years the group has sought to further enhance the accuracy of its useful life assessments through the introduction of more forward-looking information in asset life reviews. This includes the use of disposal data to identify trends that may inform the group\u2019s view of useful lives into the future. This information is used alongside other decommissioning data and data from strategic asset planning systems to inform useful asset lives. The group mitigates the exposure that the carrying value of its asset base has to climate-related risks through strategic planning activities that incorporate defined climate scenarios, climate change mitigation pledges, and long-term climate projections. The group installs permanent flood defences and other resilience measures at the most vulnerable facilities to protect its assets. The group further mitigates the financial exposure arising from climate-related risks through the use of insurance policies, which insure against costs incurred as a result of major environmental incidents.While there are climate-related opportunities that may arise in association with how the group manages its asset base, these are generally incidental and not considered to be material compared with climate-related risks.Notes to the financial statements1 Segmental reportingThe board of directors of United Utilities Group PLC (the \u2018board\u2019) 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.2 RevenueThe group\u2019s revenue arises from the provision of services within the United Kingdom.2025 2024\u00a3m \u00a3mWholesale water charges 89 7.7 819.9Wholesale wastewater charges 1,113.7 990.8Household retail charges 90.5 93.1Other 43.3 45.72,145.2 1,949.5In accordance with IFRS 15, revenue has been disaggregated based on what is recognised in relation to the core services of supplying clean water and the removal and treatment of wastewater. Each of these services is deemed to give rise to a distinct performance obligation under the contract with customers, although following the same pattern of transfer to the customer who simultaneously receives and consumes both of these services over time.Other revenues comprise a number of smaller non-core income streams, including property sales and income from activities, typically performed opposite property developers, which impact the group\u2019s capital network assets. This includes diversion works to relocate water and wastewater assets, and activities that facilitate the creation of an authorised connection through which properties can obtain water and wastewater services.3 Directors and employeesDirectors\u2019 remuneration2025 2024\u00a3m \u00a3mFees to non-executive directors 0.9 0.8Salaries 1.2 1.1Benefits 0.2 0.2Bonus 0.4 0.4Share-based payment charge 0.6 0.73.3 3.2Further information about the remuneration of individual directors and details of their pension arrangements are provided in the directors\u2019 remuneration report on pages 150 to 172.Remuneration of key management personnel2025 2024\u00a3m \u00a3mSalaries and short-term employee benefits 6.7 6.8Share-based payment charge 1.6 1.88.3 8.6Key management personnel comprises all directors and certain senior managers who are members of the executive team.Staff costs (including directors)2025 2024Group \u00a3m \u00a3m(1)Wages and salaries372.1 341.8Employee-related taxes and levies 36.0 32.5Severance 0.2 1.4Post-employment benefits:Defined benefit pension expenses (see note 14) 6.5 2.2Defined contribution pension expense (see note 14) 36.7 32.4451.5 410.3Charged to other areas including regulatory capital schemes (227.4) (205.2)Staff costs 224.1 205.1(1) Wages and salaries excluding non-permanent staff was \u00a3334.8 million (2024: \u00a3302.5 million).Included within staff costs were \u00a30.2 million net charges (2024: \u00a33.2 million net credits) relating to restructuring costs.The total expense included within staff costs in respect of equity-settled share-based payments was \u00a34.7 million (2024: \u00a32.1 million). The company operates several share option schemes, details of which are given on pages 161 to 163 in the directors\u2019 remuneration report.Average number of staff employed by the group during the year (full-time equivalent including directors):2025 2024number numberAverage number of staff employed by the group during the year 6,203 6,035CompanyThe company has no staff.4 Other operating costs2025 2024\u00a3m \u00a3mPower 154.5 164.3Materials 144.1 1 27.1Hired and contracted services 133.5 128.7Property rates 89.9 82.0Regulatory fees 44.8 39.3Insurance 14.5 13.3Accrued innovation costs 8.0 6.0Loss on disposal of property, plant and equipment 4.0 6.7Other expenses 3 7. 3 35.0630.6 602.4In June 2023, the group experienced a significant outfall pipe fracture at a major wastewater treatment works at Fleetwood, for which the remediation and associated activity resulted in costs of \u00a337.6 million being incurred during the year to 31 March 2024, with a further \u00a32.3 million incurred during the year to 31 March 2025. These costs have been presented as an adjusting item in arriving at the group\u2019s underlying operating profit position as included in its alternative performance measures.The \u00a337.6 million of prior year costs is split into \u00a323.6 million of operating costs included in the above total, and \u00a314.0 million of infrastructure renewal expenditure. The majority of the \u00a323.6 million of operating costs were reflected within hired and contracted services, including the cost of tankering to reduce the volume of sewage spills along the Fylde Coast while remediation activity was undertaken. Of the \u00a32.3 million costs incurred in the year to 31 March 2025, \u00a30.7 million of operating costs are included in the above total, with \u00a31.6 million included within infrastructure renewal expenditure. In addition to the costs relating to the incident at Fleetwood, other operating costs have increased compared with the same period in the prior year. This increase is predominantly due to inflationary pressures on our cost base as well as additional investment in performance ahead of AMP8, partially offset by cost control efficiencies.Research and development expenditure for the year ended 31 March 2025 was \u00a30.6 million (2024: \u00a30.7 million). In addition, \u00a38.0 million (2024: \u00a36.0 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:2025 2024\u00a3\u2019000 \u00a3\u2019000Audit servicesStatutory audit \u2013 group and company 280 240Statutory audit \u2013 subsidiaries 830 7371,110 977Non-audit servicesRegulatory audit services provided by the statutory auditor 80 80Other non-audit services 210 193Total audit and non-audit services 1,400 1,2505 Investment income2025 2024\u00a3m \u00a3mInterest receivable on short-term bank deposits held at amortised cost 87.4 49.1Interest receivable on loans to joint ventures held at amortised cost (see note A5) 5.9 5.6Net pension interest income (see note 14) 12.9 28.6Other interest receivable \u2013 2.3106.2 85.66 Finance expense2025 2024\u00a3m \u00a3mInterest payable(1)Interest payable on borrowings held at amortised cost372.3 379.8372.3 379.8Fair value (gains)/losses on debt and derivative instrumentsFair value hedge relationships:(2)Borrowings(60.1) (5.1)(2)(3)Designated swaps39.1 3.4(21.0) (1.7)Financial instruments at fair value through profit or loss:(4)Borrowings designated at fair value through profit or loss(6.8) (21.3)Associated swaps 5.6 22.1(1.2) 0.8(5)Fixed interest rate swaps(4.1) 27.3Net receipts on derivatives and debt under fair value option 9.4 (21.3)(5)Inflation swaps16.5 5.3Other \u2013 (0.9)21.8 10.4(6)Net fair value (gains)/losses on debt and derivative instruments(0.4) 9.5371.9 389.3Notes:(1) Includes a \u00a3142.2 million (2024: \u00a3225.9 million) non-cash inflation uplift expense repayable on maturity in relation to the group\u2019s index-linked debt and \u00a31.9 million (2024: \u00a31.4 million) interest expense on lease liabilities, representing the unwinding of the discounting applied to future lease payments. This also includes an accrual of interest payable of \u00a3122.7 million (2024: \u00a382.1 million), as disclosed within note 18, which is a non-cash adjustment for interest paid within the consolidated statement of cash flows.(2) Includes foreign exchange gain of \u00a313.2 million (2024: \u00a335.2 million gain). These gains are largely offset by fair value losses on derivatives.(3) Under the provisions of IFRS 9 \u2018Financial instruments\u2019, a \u00a33.7 million gain (2024: \u00a34.8 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 \u00a31.9 million gain (2024: \u00a30.7 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 \u00a31.3 million (2024: \u00a329.3 million) income due to net interest on derivatives and debt under fair value option and \u00a319.6 million (2024: \u00a325.9 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 98 to 99.Interest payable is stated net of \u00a368.5 million (2024: \u00a381.0 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 5.4 per cent (2024: 6.1 per cent) to expenditure on such assets as prescribed by IAS 23 \u2018Borrowing Costs\u2019. These borrowing costs are included within interest paid in the consolidated statement of cash flows.Underlying finance expense, which forms part of the group\u2019s APMs set out on pages 98 to 99, is calculated by adjusting net finance expense and investment income of \u00a3265.7 million (2024: \u00a3306.1 million) reported in the income statement to exclude the \u00a30.4 million of fair value gains (2024: \u00a39.5 million of fair value losses) in the above table, but include \u00a31.3 million (2024: \u00a329.3 million) income due to net interest on derivatives and debt under fair value option, and \u00a319.6 million (2024: \u00a325.9 million) expense due to non-cash inflation uplift on index-linked derivatives.7 Tax2025 2024\u00a3m \u00a3mCurrent taxUK corporation tax \u2013 \u2013Adjustments in respect of prior years 0.4 (5.8)Total current tax charge/(credit) for the year 0.4 (5.8)Deferred taxCurrent year 92.3 44.3Adjustments in respect of prior years (2.4) 4.6Total deferred tax charge for the year 89.9 48.9Total tax charge for the year 90.3 43.1The current tax \u2018adjustments in respect of prior years\u2019 of \u00a30.4 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 deferred tax \u2018adjustments in respect of prior years\u2019 of \u00a32.4 million is mainly due to the utilisation of losses which were previously being carried forward.The 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:2025 2025 2024 2024\u00a3m % \u00a3m %Profit before tax 355.0 170.0Tax at the UK corporation tax rate 88.7 25.0 42.5 25.0Adjustments in respect of prior years (2.0) (0.6) (1.2) (0.7)Net income not taxable 3.6 1.0 1.8 1.1Total tax charge and effective tax rate for the year 90.3 25.4 43.1 25.4The table below reconciles the notional tax charge at the UK corporation tax rate to the total current tax charge for the year:2025 2024\u00a3m \u00a3mProfit before tax 355.0 170.0Profit before tax multiplied by the standard rate of UK corporation tax of 25% (2024: 25%) 88.7 42.5Relief for capital allowances in place of depreciation (278.1) (202.0)Disallowances of depreciation charged in the accounts 99.8 94.6Adjustments to tax charge in respect of prior years 0.4 (5.8)Financial transactions timing differences (2.5) 4.2Pension timing differences (4.0) (9.2)Relief for capitalised interest ( 1 7.1 ) (20.2)Other timing differences 3.9 1.0Joint ventures losses not taxed 2.6 1.0Expenses not deductible for tax purposes (3.0) (2.8)Depreciation charged on non-qualifying assets 3.9 3.7Current year tax losses carried forward 105.8 87.2Current tax charge/(credit) for the year 0.4 (5.8)The group\u2019s current tax charge is typically lower than the UK headline rate of 25% 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 group has historically invested in capital expenditure on projects involving Research and Development (\u2018R&D\u2019) upon which claims for accelerated capital allowances have been made. 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 to which it relates. Reaching agreement with tax authorities as to the amount of R&D allowances available can take a number of years, and judgement is required in estimating the amount of R&D allowances likely to be received following the conclusion of these processes. The group believes that it has made appropriate provision for periods that remain under enquiry and are yet to be agreed with tax authorities (financial years ended 31 March 2019 to 31 March 2022, inclusive), and that the carrying amount of the relevant tax assets reflects management\u2019s estimate of the most likely amount that will be received. Should it ultimately be the case that the full asset is unable to be recovered, the company is expected to instead be able to claim standard capital allowances. As a result, in the event that the group is unsuccessful in fully agreeing the R&D claims with the tax authorities, any reduction in the associated current tax receivable in relation to this would be expected to materially reduce deferred tax liabilities in respect of accelerated tax depreciation, with any difference being due to differences in the historical tax rates at which the current tax assets are recognised and the 25 per cent rate used to calculate the deferred tax positions. 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 low value items where there is a timing difference between the accounting and tax recognition.Depreciation charged on non-qualifying assets relates to accounting depreciation where there is no corresponding tax deduction.Current-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 TwoPillar Two legislation mandates a top-up tax for entities with an effective rate below the 15 per cent threshold. The legislation applies to the current accounting period for the first time. As of 31 March 2025, the only jurisdiction in which the group has a potential Pillar Two exposure is the UK. The entire UK profits of the group are within the scope of Pillar Two. The group will be able to take advantage of the Transitional Safe Harbour rules for this and the subsequent two accounting periods such that the current tax expense in relation to Pillar Two income taxes is nil. 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. The International Accounting Standards Board (IASB) issued amendments to IAS 12 \u2018Income Taxes\u2019 in 2023 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 in relation to the OECD/G20 BEPS Pillar Two model rules. The group applied the temporary exception at 31 March 2025.2025 2024Tax on items recorded within other comprehensive income \u00a3m \u00a3mDeferred taxOn remeasurement gains/(losses) on defined benefit pension schemes 4.7 (152.2)On net fair value gains/(losses) on credit assumptions for debt reported at fair value through profit and loss and cost of hedging 0.1 (13.9)Share-based payments 3.1 (0.3)Total tax charge/(credit) on items recorded within other comprehensive income 7.9 (166.4)The tax adjustments taken to other comprehensive income primarily relate to remeasurement movements on the group\u2019s defined benefit pension schemes. Management considers 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.Current tax assetTotalGroup \u00a3mAt 1 April 2023 98.9Charged to the income statement \u2013Adjustments in respect of prior years 5.8Payments/(receipts) (4.6)At 31 March 2024 100.1Charged to the income statement \u2013Adjustments in respect of prior years (0.4)Payments/(receipts) (6.4)At 31 March 2025 93.3The current tax asset recognised in the statement of financial position reflects the amount of tax expected to be recoverable in the next 12 months, based on judgements made regarding the application of tax law, and the current status of negotiations with, and enquiries from, tax authorities. A significant part of the receivable relates to the R&D claims made in prior years.Deferred tax liabilitiesThe following are the major deferred tax liabilities and assets recognised by the group, and the movements thereon, during the current and prior years:Accelerated Retirement tax benefit depreciationobligations Other Tax losses TotalGroup \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mAt 1 April 2023 1,863.9 210.3 97.9 (124.0) 2,048.1Charged to the income statement 144.8 8.9 (17.6) (87.2) 48.9Credited to other comprehensive income \u2013 (152.2) (14.2) \u2013 (166.4)At 31 March 2024 2,008.7 6 7. 0 66.1(211.2)1,930.6Charged to the income statement \u2013 adjustments in respect of prior years (192.1) \u2013 \u2013 189.7 (2.4)Charged to the income statement \u2013 current year 192.1 3.8 2.2 (105.8) 92.3Credited to other comprehensive income \u2013 4.7 3.2\u20137.9At 31 March 2025 2,008.7 75.5 71.5 (127.3) 2,028.4Certain deferred tax assets and liabilities have been offset in accordance with IAS 12 \u2018Income Taxes\u2019.The accelerated tax depreciation represents the difference between capital allowances and accounting depreciation on the group\u2019s property, plant and equipment. Capital allowances are tax reliefs provided in law and spread the tax relief due over a pre-determined standard number of years. This contrasts with the accounting treatment, where the expenditure is treated as an asset with the cost being depreciated over the useful life of the asset, or impaired if the value of such assets is considered to have reduced materially. Due to the group\u2019s continued significant annual capital expenditure, the deductions for capital allowances are expected to exceed depreciation for the medium term and continue to impact future corporation tax payments. Given the fully funded nature of the group\u2019s defined benefit pension schemes, the retirement benefit obligations primarily relate to deferred taxation on the pensions schemes surplus position. This amount is significantly impacted by financial market conditions and long-term inflation expectations and therefore it is difficult to forecast future movements. However, these movements have no impact on medium-term future corporation tax payments as they only impact year-on-year deferred tax movement.Deferred tax on retirement benefit obligations can arise where there are year-on-year differences between the contributions paid and the associated amounts charged to the profit and loss account. However, given the fully funded nature of the group\u2019s pension schemes, any such deferred tax movements, together with the associated impact on future corporation tax payments, is not expected to be significant over the medium term.Deferred tax on losses carried forward has been recognised as offsetting against the deferred tax on accelerated tax depreciation. These losses are generated predominantly as a result of tax relief available on our capital expenditure in the form of capital allowances. These losses will be carried forward to offset against future taxable profits. The largely offsetting prior-year adjustments reflected within accelerated tax depreciation and tax losses reflect a decision made in the current year (in line with statutory time limits) to disclaim capital allowances. This reduced the losses carried forward in relation to those earlier periods.CompanyThe company had no deferred tax assets or liabilities at 31 March 2025 or 31 March 2024.8 Earnings per share2025 2024\u00a3m \u00a3mProfit after tax attributable to equity holders of the company \u2013 continuing operations 264.7 126.92025 2024pence penceEarnings per shareBasic 38.8 18.6Diluted 38.7 18.6Basic 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 (2024: 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 683.6 million, being the weighted average number of shares in issue during the year, including dilutive shares (2024: 683.5 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:2025 2024million millionAverage number of ordinary shares \u2013 basic 681.9 681.9Effect of potential dilutive ordinary share options 1.7 1.6Average number of ordinary shares \u2013 diluted 683.6 683.59 Dividends2025 2024\u00a3m \u00a3mAmounts recognised as distributions to equity holders of the company in the year comprise:Ordinary sharesFinal dividend for the year ended 31 March 2024 at 33.19 pence per share (2023: 30.34 pence) 226.3 206.9Interim dividend for the year ended 31 March 2025 at 17.28 pence per share (2024: 16.59 pence) 11 7. 8 113.1344.1 320.0Proposed final dividend for the year ended 31 March 2025 at 34.57 pence per share (2024: 33.19 pence) 235.7 226.3The proposed final dividends for the years ended 31 March 2025 and 31 March 2024 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 2025 and 31 March 2024.10 Property, plant and equipmentProperty, plant and equipment comprises owned and leased assets.2025 2024\u00a3m \u00a3mProperty, plant and equipment \u2013 owned 13,791.9 12,986.7Right-of-use assets \u2013 leased 81.1 5 7.6Net book value 13,873.0 13,044.3Property, plant and equipment \u2013 ownedFixtures, Infra- fittings, Assets in Land and structure Operational tools and course of buildingsassets assets equipmentconstruction Total Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mCostAt 1 April 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 18,295.9Additions 2.3 134.9 208.8 6.4 891.5 1,243.9Transfers (0.3) 185.8 450.2 43.7 (679.4) \u2013Disposals (1.5) \u2013 (63.3) (16.9) \u2013 (81.7)At 31 March 2025 379.8 7,1 0 8 .4 9,689.1 478.5 1,802.3 19,458.1Accumulated depreciationAt 1 April 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 5,309.2Charge for the year 8.9 51.3 355.1 18.7 \u2013 434.0Transfers \u2013 (0.3) 0.3 \u2013 \u2013 \u2013Disposals (1.0) \u2013 (59.5) (16.5) \u2013 (77.0)At 31 March 2025 151.9 660.1 4,500.8 353.4 \u2013 5,666.2Net book value at 31 March 2024 235.3 6,178.6 4,888.5 94.1 1,590.2 12,986.7Net book value at 31 March 2025 227.9 6,448.3 5,188.3 125.1 1,802.3 13,791.9At 31 March 2025, the group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to \u00a3112.0 million (2024: \u00a3327.0 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 the presentation of government grants related to assets during the year ended 31 March 2024, the group elected to deduct the value of grants received in arriving at the carrying value of related assets on the basis that this provides a better representation of the substance of these transactions. This resulted in \u00a36.1 million of grants related to assets received in previous years being deducted from the assets\u2019 carrying values, net of \u00a31.4 million of amortisation of these grants that has already been recognised in profit and loss. These amounts are reflected in the \u2018transfers\u2019 lines in the previous table. During the year ended 31 March 2025, government grants of \u00a30.9 million (2024: \u00a31.9 million) related to assets were received. These have been reflected in the \u2018additions\u2019 line in the previous table as a deduction in arriving at the carrying value of the related assets. Company The company had no property, plant and equipment or contractual commitments for the acquisition of property, plant and equipment at 31 March 2025 or 31 March 2024.11 Intangible assetsTotal Group\u00a3mCostAt 1 April 2023 452.5Additions 15.9Transfers \u2013Disposals (79.3)At 31 March 2024 389.1Additions 10.6Transfers (0.1)Disposals (0.2)At 31 March 2025 399.4Accumulated amortisationAt 1 April 2023 310.2Charge for the year 32.7Transfers \u2013Disposals (78.3)At 31 March 2024 264.6Charge for the year 29.2Transfers \u2013Disposals (0.2)At 31 March 2025 293.6Net book value at 31 March 2024 124.5Net book value at 31 March 2025 105.8The group\u2019s intangible assets relate mainly to computer software.At 31 March 2025, the group had entered into contractual commitments for the acquisition of intangible assets amounting to \u00a30.7 million (2024: \u00a31.1 million).CompanyThe company had no intangible assets or contractual commitments for the acquisition of intangible assets at 31 March 2025 or 31 March 2024.12 Interests in joint ventures and other investments2025 2024\u00a3m \u00a3mJoint ventures at the start of the period 12.4 16.5Share of losses of joint ventures (10.8) (4.1)Joint ventures at the end of the period 1.6 12.4The 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 \u00a310.8 million (2024: \u00a34.1 million share of losses), all of which is recognised in the income statement. As at 31 March 2025, Water Plus had net liabilities of \u00a315.8 million based on the best information available at the time the group\u2019s financial statements are approved, with the group\u2019s share of this being \u00a37.9 million (50 per cent). Of the total historic share of Water Plus results giving rise to this position, losses of \u00a39.5 million have been allocated against the zero-coupon loan notes extended to Water Plus (see note A5), which are deemed to be a long-term interest that, in substance, forms part of the group\u2019s net investment in Water Plus. As such, the carrying value of the group\u2019s net investment in the joint venture as at 31 March 2025 was \u00a31.6 million.Details of transactions between the group and its joint ventures are disclosed in note A5.CompanyAt 31 March 2025, the company\u2019s investments related solely to its investment in United Utilities PLC, which was recorded at a cost of \u00a36,326.8 million (2024: \u00a36,326.8 million). 13 Trade and other receivables Group Company2025 2024 2025 2024\u00a3m \u00a3m \u00a3m \u00a3m 79.7 Trade receivables 90.8 61.0 \u2013 \u201376.6 0.6 Amounts owed by subsidiary undertakings \u2013 \u2013 171.7 136.0Amounts owed by related parties (see note A5) 101.0 100.8 \u2013 \u2013Other debtors and prepayments 84.1 62.1 \u2013 \u2013Accrued income\u2013355.6 300.5 172.3 136.0The 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 2025, the group had \u00a373.6 million (2024: \u00a373.7 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 2025 and 31 March 2024.Trade receivables do not carry interest and are stated net of allowances for bad and doubtful receivables, an analysis of which is as follows:2025 2024Group\u00a3m \u00a3mAt the start of the year 84.4 85.7Amounts charged to operating expenses 20.5 22.0Trade receivables written off (22.3) (22.8)Amounts charged to deferred grants and contributions (0.2) (0.5)At the end of the year 82.4 84.4Amounts charged to deferred grants and contributions 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 2025 and 31 March 2024, 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 than one year and Aged greater Carrying one yeartwo yearsthan two yearsvalueAt 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3mGross trade receivables 88.8 30.9 53.4 173.1Allowance for expected credit losses (16.2) (13.5) (52.7) (82.4)Net trade receivables 72.6 1 7.4 0.7 90.7Aged between Aged less than one year and Aged greater Carrying one yeartwo yearsthan two 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 60.9At 31 March 2025, the group had \u00a30.1 million (2024: \u00a30.1 million) of trade receivables that were not past due.At 31 March 2025 and 31 March 2024, 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.CompanyAt 31 March 2025 and 31 March 2024, the company had no trade receivables that were past due. Of the \u00a3171.7 million (2024: \u00a3136.0 million) owed by subsidiaries, \u00a375.0 million (2024: \u00a375.0 million) was classified as non-current at the reporting date.The carrying amount of trade and other receivables approximates to their fair value at 31 March 2025 and 31 March 2024.14 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:2025 2024Group\u00a3m \u00a3mCurrent service cost 2.5 2.8Past service cost \u2013 (4.6)Administrative expenses 4.0 4.0Pension expense charged to operating profit 6.5 2.2Net pension interest income credited to investment income (see note 5) (12.9) (28.6)Net pension income credited to the income statement before tax (6.4) (26.4)Defined benefit pension costs included within employee benefit expense were \u00a36.5 million (2024: \u00a32.2 million) comprising current service costs and administrative expenses. Total post-employment benefits expense charged to operating profit of \u00a343.2 million (2024: \u00a334.6 million) comprise the defined benefit costs described above of \u00a36.5 million (2024: \u00a32.2 million) and defined contribution costs of \u00a336.7 million (2024: \u00a332.4 million) (see note 3).The reconciliation of the opening and closing net pension surplus included in the statement of financial position is as follows:2025 2024Group\u00a3m \u00a3mAt the start of the year 268.0 600.8Income recognised in the income statement 6.4 26.4Contributions 9.3 9.3Remeasurement gains/(losses) gross of tax 18.6 (368.5)At the end of the year 302.3 268.0Included in the contributions paid of \u00a39.3 million (2024: \u00a39.3 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 (2024: \u00a30.7 million), and administrative expenses of \u00a31.1 million (2024: \u00a31.1 million). Contributions in relation to current service cost were \u00a32.5 million (2024: \u00a32.8 million).Remeasurement gains and losses are recognised directly in the statement of comprehensive income.2025 2024Group\u00a3m \u00a3mThe return on plan assets, excluding amounts included in interest (240.9) (402.7)Actuarial gains arising from changes in financial assumptions 259.3 52.7Actuarial gains arising from changes in demographic assumptions 6.1 49.2Actuarial losses arising from experience (5.9) (67.7)Remeasurement gains/(losses) on defined benefit pension schemes 18.6 (368.5)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).For 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 \u00a336.7 million (2024: \u00a332.4 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.CompanyThe company did not participate in any of the group\u2019s pension schemes during the years ended 31 March 2025 and 31 March 2024.15 Cash and cash equivalents Group2025 2024\u00a3m \u00a3mCash at bank and in hand 4.2 3.7Short-term bank deposits 1,668.4 1,395.6Cash and short-term deposits 1,672.6 1,399.3Book overdrafts (included in borrowings \u2013 see note 16) (3.6) (20.0)Cash and cash equivalents in the statement of cash flows 1,669.0 1,379.3Cash 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 Borrowings2025 2024Group\u00a3m \u00a3mNon-current liabilitiesBonds 8,807.1 7,598.2Bank and other term borrowings 1,441.4 1,691.4Lease obligations 78.0 56.210,326.5 9,345.8Current liabilitiesBonds 143.7 328.4Bank and other term borrowings 309.6 304.2Book overdrafts (see note 15) 3.6 20.0Lease obligations 5.2 3.0462.1 655.610,788.6 10,001.4As at 31 March 2025, there were \u00a3866.2 million of non-current borrowings with a single counterparty that are subject to compliance with financial covenants in respect of the level of gearing and interest cover of United Utilities Water Limited, a subsidiary of the group, which could lead to the borrowings becoming repayable within 12 months of the balance sheet date if breached. Compliance with these covenants is monitored by the group on a quarterly basis and reported to the counterparty annually. The group was compliant with these financial covenants at the reporting date.During the year, the group issued \u00a31,036.0 million (2024: \u00a3956.3 million) of debt under its Sustainable Finance Framework. These instruments are structured as \u201cuse of proceeds\u201d bonds and do not include pricing mechanisms or covenants linked to financial or ESG performance. As a result, the accounting follows that of other conventional debt issuances.Further details of the group\u2019s outstanding borrowings as at the reporting date, including the nature and extent of associated risks and how these risks are managed, along with hedge accounting (where applicable) and the determination of fair value, are provided in note A3.The maturity profile of lease liabilities recognised as at the reporting date is provided in note 19. 2025 2024Company\u00a3m \u00a3mNon-current liabilitiesAmounts owed to subsidiary undertakings 2,108.9 1,982.32,108.9 1,982.3Amounts 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.The company\u2019s borrowings are unsecured and measured at amortised cost. The carrying amount of borrowings approximates their fair value.17 ProvisionsSeverance Other Total Group \u00a3m \u00a3m \u00a3mAt 1 April 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 13.5Charged to the income statement 0.3 12.2 12.5Utilised in the year (0.7) (6.3) (7.0)At 31 March 2025 0.1 18.9 19.0The group had no provisions classed as non-current at 31 March 2025 or 31 March 2024.The severance provision as at 31 March 2025 and 31 March 2024 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.CompanyThe company had no provisions at 31 March 2025 or 31 March 2024.18 Trade and other payablesGroup Company2025 2024 2025 2024Non-current\u00a3m \u00a3m \u00a3m \u00a3mDeferred grants and contributions 1,045.9 9 3 7.7 \u2013 \u2013Other creditors 17.9 20.2 \u2013 \u20131,063.8 957.9 \u2013 \u2013 Group Company2025 2024 2025 20245 7 7. 2 413.3 Current4.1\u00a3m \u00a3m \u00a3m \u00a3m 5.0Trade payables 29.9 23.4 \u2013 \u2013Amounts owed to subsidiary undertakings \u2013 \u2013 \u2013 0.9Other tax and social security 8.8 7. 5 \u2013 \u2013Deferred grants and contributions 19.7 1 7. 8 \u2013 \u2013Accruals and other creditors 453.2 315.4 4.1 4.1Deferred income 65.6 49.2 \u2013 \u2013The average credit period taken for trade purchases is 11 days (2024: 11 days).The carrying amounts of trade and other payables approximate to their fair value at 31 March 2025 and 31 March 2024.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.Accruals and other creditors includes capital accruals of \u00a3163.2 million (2024: \u00a394.9 million) and interest accruals of \u00a3122.7 million (2024: \u00a382.1 million). The remainder of the balance mainly consists of accruals for other operating costs.Deferred grants and contributions2025 2024Group\u00a3m \u00a3mAt the start of the year 955.5 889.9Amounts capitalised during the year 8.3 25.9Transfer of assets from customers 121.4 61.3Transfer of government grants related to assets \u2013 (4.7)Credited to the income statement \u2013 revenue (19.8) (1 7.4)Credited to allowance for bad and doubtful receivables 0.2 0.5At the end of the year 1,065.6 955.5During the year ended 31 March 2024, the unamortised value of government grants related to assets was transferred to property, plant and equipment and deducted in arriving at the carrying value of related assets. See note 10 for further details.19 LeasesIn order to carry out its activities, the group enters into leases of assets from time to time, typically in relation to items such as land, buildings, vehicles and equipment. Due to the nature of the group\u2019s operations, many of the group\u2019s leases have extremely long terms, with leases ranging from one year to 999 years. The group does not typically enter into lease contracts with a duration of less than 12 months, and no material costs were incurred during the year for short-term leases. During the year, the group has entered into leases of computer equipment for which the underlying assets are of low value, and therefore qualify for the recognition exemption available under IFRS 16 \u2018Leases\u2019, which the group has elected to apply. The expense related to these low-value assets incurred in the year totals \u00a32.0 million (2024: \u00a30.6 million). As at 31 March 2025, the group\u2019s statement of financial position included right-of-use assets with a net book value of \u00a381.1 million (2024: \u00a357.6 million) and lease liabilities with a total value of \u00a383.2 million (2024: \u00a359.2 million). These balances are analysed further below.Right-of-use assetsAs shown in note 10, the carrying amount of right-of-use assets at the year ended 31 March 2025 is presented in the following asset classes.2025 2024\u00a3m \u00a3mLand and buildings 59.9 52.0Operational assets 21.2 5.4Fixtures, fittings, tools, and equipment \u2013 0.2Total carrying amount of right-of-use assets 81.1 5 7.6Additions to right-of-use assets were \u00a325.4 million (2024: \u00a32.6 million). Disposals were \u00a30.5 million (2024: \u00a31.0 million).The depreciation charge recognised in relation to right-of-use assets, which is included within the group\u2019s operating profit, was as follows:2025 2024\u00a3m \u00a3mLand and buildings 1.3 1.2Operational assets 0.4 0.6Total depreciation of right-of-use assets 1.7 1.8Lease liabilitiesAs set out in note 16, lease liabilities at the year ended 31 March 2025 of \u00a383.2 million (2024: \u00a359.2 million) is split between \u00a378.0 million (2024: \u00a356.2 million) presented as non-current liabilities and \u00a35.2 million (2024: \u00a33.0 million) presented as current liabilities.The maturity profile of lease liabilities recognised at the balance sheet date is:2025 2024\u00a3m \u00a3mLess than 1 year 2.9 3.01 to 5 years 10.6 8.65 to 10 years 24.8 7.910 to 25 years 33.4 26.025 to 50 years 55.3 43.250 to 100 years 103.7 85.0100 to 500 years 123.8 108.6Longer than 500 years 3.5 3.5Total undiscounted cash payments 358.0 285.8Effect of discounting (274.8) (226.6)Present value of cash payments 83.2 59.2Interest recognised in relation to lease liabilities for the year ended 31 March 2025, and included within the group\u2019s finance expenses, was \u00a31.9 million (2024: \u00a31.4 million).The total cash outflow for leases for the year ended 31 March 2025 was \u00a33.3 million (2024: \u00a32.9 million); of this, \u00a31.9 million was payment of interest (2024: \u00a31.4 million) and \u00a31.4 million payment of principal (2024: \u00a31.5 million). Payment of interest forms part of cash flows from operating activities and payment of principal is included within repayment of borrowings, which forms part of cash flows from financing activities in the group\u2019s statement of cash flows.20 Other reservesCapital Cost of Cash flow redemption Merger hedging hedging reservereservereservereserve Total Group\u00a3m \u00a3m \u00a3m \u00a3m \u00a3mAt 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) 311.1At 1 April 2024 1,033.3 (703.6) 8.7 (27.3) 311.1Changes in fair value recognised in other comprehensive income \u2013 \u2013 3.6 8.6 12.2Amounts reclassified from other comprehensive income to profit or loss \u2013 \u2013 \u2013 (1.3) (1.3)Tax on hedge effectiveness taken directly to equity \u2013 \u2013 (0.9) (2.2) (3.1)Tax on reclassification to consolidated income statement \u2013 \u2013 \u2013 0.3 0.3At 31 March 2025 1,033.3 (703.6) 11.4 (21.9) 319.2The 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.CompanyThe company\u2019s other reserves at 31 March 2025, 31 March 2024 and 1 April 2023, were comprised entirely of a \u00a31,033.3 million capital redemption reserve that arose as a result of a return of capital to shareholders following the acquisition of United Utilities PLC by the company in the year ended 31 March 2009.21 Share capital2025 2025 2024 2024Group 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 174.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 194), 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.22 Contingent liabilitiesIn November 2021, Ofwat and the Environment Agency launched separate industry-wide investigations into how companies manage their wastewater assets. In July 2024, Ofwat announced that it is opening an enforcement case under which it will investigate UUW following detailed analysis of the company\u2019s environmental performance and data about the frequency of spills from storm overflows. At the same time, Ofwat opened similar enforcement cases investigating three other companies in the sector. Having already opened enforcement cases against the other seven companies, all 11 water and wastewater companies in England and Wales are now formally within the scope of Ofwat\u2019s enforcement activities. If a company is found to have breached its legal obligations this could result in a financial penalty of up to 10 per cent of relevant wastewater turnover (which in UUW\u2019s case would be around \u00a3100 million), and/or a requirement to rectify any obligations deemed to be required as a consequence of those findings. Ofwat has proposed penalties for three companies to date, ranging from 5 per cent to 9 per cent of relevant wastewater turnover, of which one company has agreed an enforcement package worth 6 per cent of its relevant wastewater turnover. UUW has received and responded to notices under s203 of the Water Industry Act 1991 requesting information relating to the performance and operation of its wastewater assets, and continues to fully co-operate with Ofwat through the investigation process. Ofwat stated that while it has concerns with the sector that it must investigate, the opening of enforcement cases does not automatically imply that companies have breached their legal obligations or that a financial penalty will necessarily follow. Although enforcement action undertaken against certain other companies has progressed, and in one case concluded, during the year, to date Ofwat has not given a firm indication of the expected timeframe for its ongoing investigation, or any subsequent action, in respect of UUW. Similarly, the Environment Agency has made a number of data requests and undertaken site visits as part of its ongoing industry-wide investigation, with which the group continues to fully comply. This investigation is focused on environmental permit compliance at wastewater treatment works and wastewater networks, with the Environment Agency having a number of enforcement options open to it if it concludes that companies have breached their permit conditions and/or illegally polluted the environment. These include the potential for criminal prosecution and unlimited fines. As with the Ofwat investigation, this remains ongoing. It is currently unclear when this matter will be resolved.As disclosed in the group\u2019s annual report for the year ended 31 March 2024, collective proceedings in the Competition Appeal Tribunal (\u2018CAT\u2019) were issued on 8 December 2023 against United Utilities Water Limited (\u2018UUW\u2019) and United Utilities Group PLC on behalf of approximately 5.6 million domestic customers following an application by the Proposed Class Representative (\u2018PCR\u2019), Professor Carolyn Roberts. The PCR alleges that customers have collectively paid an overcharge for sewerage services during the claim period as a result of UUW allegedly abusing a dominant position by providing misleading information to regulatory bodies. The estimated total aggregate amount the PCR is claiming against UUW (including interest) for household customers is at least \u00a3141 million. On 7 March 2025, the CAT unanimously concluded that claims could not proceed on the basis that the claims brought forward are excluded by section 18(8) of the Water Industry Act 1991. Subsequently, the PCR has applied to the CAT for permission to appeal the decision at the Court of Appeal. If permission is granted, this could result in an appeal towards the end of 2025 or in 2026. UUW believes the claim is without merit and will robustly defend it, should the certification decision be overturned on appeal. Separate letters before action were issued on 20 December 2024 in relation to similar claims in respect of non-household customers, however it is not clear how these will proceed following the CAT\u2019s decision not to certify the claims brought in respect of domestic customers. 23 Financial and other commitmentsThe group has credit support guarantees as well as general performance commitments and potential liabilities under contract that may give rise to financial outflow. The group has determined that the possibility of any outflow arising in respect of these potential liabilities is remote and, as such, there are no financial liabilities to be disclosed in accordance with IFRS 9 \u2018Financial Instruments\u2019 (2024: none).At 31 March 2025, there were commitments for future capital expenditure and infrastructure renewals expenditure contracted, but not provided for, of \u00a3125.3 million (2024: \u00a3342.7 million).2025 2024\u00a3m \u00a3mProperty, plant and equipment 112.0 327.0Intangible assets 0.7 1.1Infrastructure renewals expenditure 12.6 14.6Total commitments contracted but not provided for 125.3 342.7The company has not entered into performance guarantees as at 31 March 2025 and 31 March 2024.24 Events after the reporting periodOn 3 April 2025, United Utilities Water Limited acquired 100 per cent of the share capital of Trafford Property Limited, a special purpose vehicle holding land adjacent to the group\u2019s Davyhulme Wastewater Treatment Works site, for \u00a320.0 million. This transaction is accounted for as an asset acquisition rather than a business combination, as the transaction falls outside the scope of IFRS 3 \u2018Business Combinations\u2019. The cost of the acquisition is allocated entirely to the company\u2019s land asset and approximates the land\u2019s fair value at the date of acquisition. As the acquisition occurred after the reporting period, no adjustments have been made to the financial statements as at 31 March 2025.Notes to the financial statements \u2013 appendicesA1 Consolidated statement of cash flows \u2013 further analysisCash generated from operations2025 2024\u00a3m \u00a3mProfit before tax 355.0 170.0Adjustment for investment income and finance expense (see notes 5, 6 and A5) 265.7 306.1Adjustment for share of losses of joint ventures (see note 12) 10.8 4.1Operating profit 631.5 480.2Adjustments for:Depreciation of property, plant and equipment (see notes 10 and 19) 435.7 406.1Amortisation of intangible assets (see note 11) 29.2 32.7Loss on disposal of property, plant and equipment (see note 4) 4.0 6.7Amortisation of deferred grants and contributions (see note 18) (19.8) (1 7.4)Equity-settled share-based payments charge (see note 3) 4.7 2.1 Pension contributions paid less pension expense charged to operating profit (3.0) ( 7.1 )Changes in working capital:Increase in inventories (3.1) (7.2)Increase in trade and other receivables (54.7) (26.9)Increase/(Decrease) in trade and other payables 52.7 (4.2)Increase in provisions (see note 17) 5.5 0.4Cash generated from operations 1,082.7 865.4Reconciliation of fixed asset purchases to fixed asset additions2025 2024(1)Owned property, plant and equipment\u00a3m \u00a3mPurchase of property, plant and equipment in statement of cash flows 988.5 749.5Non-cash additions:(2)Transfers of assets from customers (see note 18)121.4 61.3 IAS 23 capitalised borrowing costs (see note 6) 6 7. 5 79.7Receipt of government grants related to assets (see notes 10 and A6) (0.9) (1.9)Net book value transfers from intangible assets (0.1) \u2013(3)Timing diffe\ue61fences on cash paid6 7. 5 3.9Property, plant and equipment additions 1,243.9 892.5Notes:(1) This reconciliation relates to property, plant and equipment owned by the group and therefore excludes right-of-use assets recognised in accordance with IFRS 16 \u2018Leases\u2019, for which cash flows relating to the associated lease liabilities are included within repayment of borrowings and interest paid in the statement of cash flows.(2) The group has received property, plant and equipment of \u00a3121.4 million (2024: \u00a361.3 million) in exchange for the provision of future goods and services (see notes 18 and A6).(3)Timing differences arise and reverse when additions are recognised in the statement of financial position in a different period to when cash payments for capital expenditure are made. Capital accruals recognised in relation to these timing differences are included in \u2018Accruals and other creditors\u2019 within trade and other payables (see note 18).2025 2024Intangible assets\u00a3m \u00a3mPurchase of intangible assets in statement of cash flows 9.5 14.6IAS 23 capitalised borrowing costs (see note 6) 1.0 1.3Net book value transfers to property, plant and equipment 0.1 \u2013Intangible asset additions 10.6 15.9A2 Net debtNet debt comprises borrowings, net of cash and short-term deposits and derivatives hedging the financial risk associated with the group\u2019s (1)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 Bank and in a fair through from Adjustments other term Lease value profit financing Cash and cash in calculating (3)net debt(4)Bondsborrowingsliabilitieshedgeor lossactivitiesequivalentsNet debt\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mAt 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)Non-cash movements:Inflation uplift on index-linked debt (108.3) (33.9) \u2013 \u2013 \u2013 (142.2) \u2013 \u2013 (142.2)Fair value movements 50.2 3.5 \u2013 (29.7) (22.7) 1.3 \u2013 ( 7.4 ) (6.1)Foreign exchange 12.6 0.6 \u2013 \u2013 \u2013 13.2 \u2013 \u2013 13.2Other (4.2) \u2013 (27.2) \u2013 \u2013 (31.4) \u2013 \u2013 (31.4)Cash flows used in financing activities:Receipts in respect of borrowing and (2)derivatives(1,318.5) ( 7. 6 ) \u2013 (13.2) \u2013 (1,339.3) 1,339.3 \u2013 \u2013 Payments in respect of borrowings and (2)derivatives344.0 282.0 1.3 4.1 \u2013 631.4 (631.4) \u2013 \u2013 Dividends paid \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (344.1) \u2013 (344.1)Exercise of share options \u2013 purchase of shares \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (5.0) \u2013 (5.0)Changes arising from financing activities (1,024.2) 244.6 (25.9) (38.8) (22.7) (867.0) 358.8 ( 7.4) (515.6)Cash flows used in investing activities \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (987.2) \u2013 (987.2)Cash flows generated from operating activities \u2013 \u2013 1.9 \u2013 \u2013 1.9 918.1 \u2013 920.0At 31 March 2025 (8,950.8) (1,751.0) (83.2) (196.9) 272.4 (10,709.5) 1,669.0 (305.0) (9,345.5)Notes:(1) Derivatives held for the purpose of hedging commodity prices are excluded from net debt. At 31 March 2025, the group had net derivative liabilities of \u00a327.4 million (2024: net derivative liabilities of \u00a334.8 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) Cash and cash equivalents as per the consolidated statement of cash flows.(4) 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 include the indexation expense relating to the group\u2019s inflation swap portfolio of \u00a3130.8 million (2024: \u00a3111.3 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.Borrowings Derivativesat fair Total value liabilities Bank and in a fair through from Cash Adjustments other term Lease value profit financing and cash in calculating Bondsborrowingsliabilitieshedgeor lossactivitiesequivalentsnet debt Net debt\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 derivatives (1,492.0) (103.8) \u2013 (14.2) \u2013 (1,610.0) 1,610.0 \u2013 \u2013Payments in respect of borrowings and derivatives 111.4 129.9 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)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 2025, the group had \u00a32,822.7 million (2024: \u00a32,199.3 million) of available liquidity, which comprised \u00a31,672.7 million (2024: \u00a31,399.3 million) of cash and short-term deposits and \u00a31,150.0 million (2024: \u00a3800.0 million) of undrawn committed borrowing facilities.The group had available committed borrowing facilities as follows:2025 2024\u00a3m \u00a3mExpiring within one year 200.0 50.0Expiring after one year but in less than two years 225.0 200.0Expiring after more than two years 725.0 550.0Total borrowing facilities 1,150.0 800.0Facilities drawn \u2013 \u2013Total borrowing facilities 1,150.0 800.0These 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.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 (1)TotalAdjustmentor less 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years5 yearsAt 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mBonds 16,603.5 \u2013 415.7 270.8 702.9 691.6 535.7 13,986.8Bank and other term borrowings 2,122.1 \u2013 372.5 172.7 172.0 172.5 350.8 881.6(2)Adjustment to carrying value(8,020.2) (8,020.2) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Borrowings 10,705.4 (8,020.2) 788.2 443.5 874.9 864.1 886.5 14,868.4Derivatives:Payable 4,284.3 \u2013 363.0 239.2 339.1 425.5 391.2 2,526.3Receivable (4,426.0) \u2013 (363.1) (253.3) (369.1) (523.4) (306.3) (2,610.8)(2)Adjustment to carrying value93.3 93.3 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013(3)Derivatives \u2013 net assets(48.4) 93.3 (0.1) (14.1) (30.0) (97.9) 84.9 (84.5)1 year More than (1)TotalAdjustmentor 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) 627.2Notes:(1) Forecast future cash flows are calculated, where applicable, using forward interest rates based on the interest environment at year-end and are therefore susceptible to changes in market conditions. For index-linked debt it has been assumed that RPI will be 3 per cent and CPI will be 2 per cent over the life of each instrument.(2) The carrying value of debt is calculated following various methods in accordance with IFRS 9 \u2018Financial Instruments\u2019 and therefore this adjustment reconciles the undiscounted forecast future cash flows to the carrying value of debt in the statement of financial position, excluding \u00a383.2 million (2024: \u00a359.2 million) of lease liabilities.(3) The derivative balance includes swaps with a carrying value of \u00a37.6 million (2024: \u00a34.3 million) subject to optional break clauses that could be exercised within one year of the reporting date, and \u00a30.1 million (2024: \u00a324.7 million) subject to optional break clauses that could be exercised in later periods. At the reporting date, it was considered highly unlikely that these break clauses would be exercised and so cash flows that could arise from the exercise of these optional break clauses are not included in this table. 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 2025, Water Plus was the group\u2019s single largest debtor, with amounts outstanding in relation to wholesale services of \u00a327.5 million (2024: \u00a327.1 million). During the year, sales to Water Plus in relation to wholesale services were \u00a3338.8 million (2024: \u00a3334.4 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 2025 and 31 March 2024, the maximum exposure to credit risk for the group is represented by the carrying amount of each financial asset in the statement of financial position:2025 2024\u00a3m \u00a3mCash and short-term deposits (see note 15) 1,672.6 1,399.3Trade and other receivables (see note 13) 355.6 300.5Derivative financial instruments 340.7 382.82,368.9 2,082.6The credit exposure on derivatives is disclosed gross of any collateral held. At 31 March 2025, the group held \u00a337.1 million (2024: \u00a337.8 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 in place during the year 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 70 per cent of the hedge linked to RPI and circa 30 per cent linked to CPI and/or CPIH. These weightings are consistent with the prior financial year. With the level of investment activity and related funding requirements, AMP8 presents an opportunity for the group to transition from our current inflation hedging policy of maintaining around half of its debt in index-linked form. Across the 2025\u20132030 regulatory period, the group intends to progressively reduce the proportion of index-linked debt to around a third. This is consistent with Ofwat\u2019s proportion of index-linked debt in the notional company and should position the group well in respect of any potential future changes in the regulatory model under which UUW operates, while recognising the benefits of maintaining index-linked debt in the group\u2019s overall capital structure, in being a good match to the RCV and strengthening the group\u2019s cash interest-based cover ratios.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 \u00a34,478.3 million at 31 March 2025 (2024: \u00a34,564.4 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.2025 2024Increase/(decrease) in profit before taxation and equity \u00a3m \u00a3m1% increase in RPI/CPI (41.5) (42.0)1% decrease in RPI/CPI 41.5 42.0The 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.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.For the 2020\u20132025 regulatory period, Ofwat set a fixed real cost of debt in relation to embedded debt (80 per cent of net debt) but 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. For the 2025\u20132030 regulatory period, Ofwat has set a fixed real cost of debt in relation to embedded debt based on the median of the sector AMP8 projected cost of debt in existence at 31 March 2025, and continues to apply the debt indexation mechanism in relation to new debt. 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 around 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 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.2025 2024Increase/(Decrease) in profit before tax and equity \u00a3m \u00a3m1% increase in interest rate 146.3 87.21% decrease in interest rate (216.5) (150.7)The 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 2025 1 year or less 1 to 2 years 2 to 5 years Over 5 yearsNotional principal amount \u00a3m \u2013 \u2013 700.0 2,167.3Average contracted fixed interest rate % \u2013 \u2013 2.3 2.7This 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.Fair value (gains)/losses used for calculating hedge ineffectiveness for the year (1)ended 31 March 2025Accumulated Hedge Nominal Carrying fair value ineffectiveness amount of amount of (gains)/recognised in the hedging the hedging losses on Hedged the income instrumentsinstrumentshedged items Hedged itemsinstrumentsstatementRisk exposure \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mInterest rate risk on borrowings 2,075.0 (167.4) (164.7) (33.7) 34.4 0.7Note:(1) The change in fair value of the hedging instruments used to measure hedge ineffectiveness excludes 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 has 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 2025 1 year or less 1\u20132 years 2\u20135 years Over 5 yearsNotional principal amount \u00a3m 99.9 \u2013 257.3 879.7Average contracted fixed interest rate % 1.9 \u2013 1.4 2.4This 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 ineffectiveness for the year (1) ended 31 March 2025Accumulated Hedge Nominal Carrying fair value ineffectiveness amount of amount of (gains)/recognised in the hedging the hedging losses on Hedged the income instrumentsinstrumentshedged items Hedged itemsinstrumentsstatementRisk exposure \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mForeign currency and interest rate risk on borrowings 1,943.0 (54.8) (41.2) (26.4) 13.3 (13.1)(1) The change in fair value of the hedging instruments used to measure hedge ineffectiveness excludes 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 year or less due to the refixing of the interest charge with changes in RPI and CPI.1 year More than Totalor less 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years5 yearsAt 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mBorrowings in fair value hedge relationshipsFixed rate instruments 3,797.2 105.5 \u2013 426.5 152.6 256.9 2,855.7Effect of swaps \u2013 3,691.7 \u2013 (426.5) (152.6) (256.9) (2,855.7)3,797.2 3,797.2 \u2013 \u2013 \u2013 \u2013 \u2013Borrowings designated at fair value through profit or lossFixed rate instruments 330.2 \u2013 \u2013 \u2013 \u2013 \u2013 330.2Effect of swaps \u2013 330.2 \u2013 \u2013 \u2013 \u2013 (330.2)330.2 330.2 \u2013 \u2013 \u2013 \u2013 \u2013Borrowings measured at amortised costFixed rate instruments 1,823.4 38.4 1.3 1.7 1.5 1.6 1,778.9Floating rate instruments 848.8 848.8 \u2013 \u2013 \u2013 \u2013 \u2013Index-linked instruments 3,989.0 3,989.0 \u2013 \u2013 \u2013 \u2013 \u20136,661.2 4,876.2 1.3 1.7 1.5 1.6 1,778.9Effect 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 10,788.6 6,674.7 201.3 391.5 252.1 655.1 2,613.9Cash and short-term deposits (1,672.6) (1,672.6) \u2013 \u2013 \u2013 \u2013 \u2013Net borrowings 9,116.0 5,002.1 201.3 391.5 252.1 655.1 2,613.91 year More than Totalor less 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 90 7.0 907.0 \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 2,051.2Electricity price riskThe group is typically allowed a fixed amount of revenue by the regulator, in real terms, to cover electricity costs for each five-year regulatory pricing period. For the 2025\u20132030 regulatory period, energy costs will be subject to an end of regulatory period adjustment based on the DESNZ industrial users energy price index. 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 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 394,200 262,800 153,600 \u2013Average contracted fixed price \u00a3/MWh 132.2 116.2 72.9 \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 Amount calculating reclassified hedge Hedge from the cash Nominal Carrying ineffectiveness ineffectiveness Cash flow flow hedge amount of amount of for the recognised in hedge reserve reserve to the hedging the hedging year ended the income excluding the income (1)instrumentsinstruments31 March 2025statementeffects of taxstatementRisk exposure \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mElectricity price risk 96.8 (27.4) (8.7) \u2013 (47.7) (1.3)(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 2025, RCV gearing was within the range at 60 per cent (2024: 59 per cent). Assuming no significant changes to existing rating agencies\u2019 methodologies or sector risk assessments, the group aims to maintain UUW long-term issuer credit ratings for UUW of at least Baa1 with Moody\u2019s Investors Service (\u2018Moody\u2019s\u2019), and BBB+ with S&P Global Ratings (\u2018S&P\u2019) and an issuer default rating of at least BBB+ with Fitch Ratings (\u2018Fitch\u2019) (a senior unsecured debt rating for UUW of at least A-). 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\u2019s 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 corporates 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.Level 1 Level 2 Level 3 Total2025 \u00a3m \u00a3m \u00a3m \u00a3mFinancial assets at fair value through profit or lossDerivative financial assets \u2013 fair value hedge \u2013 43.3 \u2013 43.3(1)Derivative financial assets \u2013 held for trading\u2013 295.7 \u2013 295.7Derivative financial assets \u2013 cash flow hedge \u2013 1.7 \u2013 1.7Financial liabilities at fair value through profit or lossDerivative financial liabilities \u2013 fair value hedge \u2013 (245.9) \u2013 (245.9)(1)Derivative financial liabilities \u2013 held for trading\u2013 ( 1 7.6 ) \u2013 ( 1 7. 6 )Derivative financial liabilities \u2013 cash flow hedge \u2013 (29.1) \u2013 (29.1)Financial liabilities designated as fair value through profit or loss \u2013 (330.2) \u2013 (330.2)Financial instruments for which fair value has been disclosedFinancial liabilities in fair value hedge relationships ( 3 ,4 47.9) (368.9) \u2013 (3,816.8)Other financial liabilities (2,171.1) (3,662.6) \u2013 (5,833.7)(5,619.0) (4,313.6) \u2013 (9,932.6)Level 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 liabilities \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)(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 \u00a3105.0 million (2024: \u00a3110.9 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 \u00a35,619.0 million (2024: \u00a35,731.9 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 to arrive at \u2018Level 2\u2019 fair value measurements, in line with prior years. The \u00a3112.9 million decrease (2024: \u00a31,254.5 million increase) in level 1 fair value measurements primarily reflects widening of credit spreads offset by 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 \u00a36.3 million loss (2024: \u00a322.0 million loss). Included within this was a \u00a31.9 million gain (2024: \u00a30.7 million gain) attributable to changes in own credit risk, recognised in other comprehensive income. The cumulative amount due to changes in credit spread was \u00a337.8 million profit (2024: \u00a335.9 million profit). The carrying amount is \u00a3104.1 million (2024: \u00a3112.8 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.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:2025 2024Group\u00a3m \u00a3mTotal fair value of schemes\u2019 assets 2,308.6 2,552.4Present value of defined benefit obligation (2,006.3) (2,284.4)Net retirement benefit surplus 302.3 268.0Estimated future benefits payableThe defined benefit obligation includes benefits for current employees, deferred members and current pensioners as analysed in the table below:2025 2024Group\u00a3m \u00a3mTotal value of current employees\u2019 benefits 238.5 272.1Deferred members\u2019 benefits 309.5 441.4Pensioner members\u2019 benefits 1,458.3 1,570.9Total defined benefit obligation 2,006.3 2,284.4Movements in the present value of the defined benefit obligations are as follows:2025 2024Group\u00a3m \u00a3mAt the start of the year (2,284.4) (2,330.5)Interest cost on schemes\u2019 obligation (106.1) (107.1)Actuarial gains arising from changes in financial assumptions 259.3 52.7Actuarial gains/(losses) arising from changes in demographic assumptions 6.1 49.2Actuarial losses arising from experience (5.9) (67.7)Curtailments/settlements arising on reorganisation \u2013 4.6Member contributions (2.2) (2.4)Benefits paid 129.4 119.6Current service cost (2.5) (2.8)At the end of the year (2,006.3) (2,284.4)The duration of the combined schemes is around 13 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. The estimated profile of cash flows out of the schemes as retirement benefits are paid is as follows: 2525150UUPSESPS12520201001515751010505525002025 2041 2057 2073 2089 21052025 2041 2057 2073 2089 2105Uninsured DeferredsInsured DeferredsUninsured PensionsInsured PensionersUninsured Pensioners DeferredsInsured PensionersActivesFuture servicesActivesFuture 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 during the year, as at 31 March 2024, and determined that the schemes were fully funded on a low-dependency basis without any funding deficit that requires additional contributions from the group over and above those related to current service and expenses. The schemes\u2019 funding plans are reviewed regularly, including between funding valuations. Following the triennial valuation, the group expects to make further contributions of \u00a35.5 million in the year ending 31 March 2026, \u00a34.5 million in respect of current service contributions and \u00a31.0 million in respect of expenses. 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 in the prior year, the group and trustees remain actively engaged in exploring further de-risking options that may be implemented in the future. Based on the results of the latest triennial valuation as at 31 March 2024, for ESPS the buy-in is estimated to cover circa 85 per cent of liabilities, and for UUPS circa 70 per cent of liabilities, on a technical provisions basis, with the split on an IAS 19 basis expected to be broadly consistent.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 2025 and 31 March 2024 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.Also included within the present value of the defined benefit obligation of the UUPS scheme are liabilities of \u00a37.2 million (2024: \u00a37.8 million) in respect of unregistered pension promises made to senior executives, which are paid directly from the group as opposed to through one of the group\u2019s registered pension schemes. Liabilities in respect of these promises are not considered to be material in the context of the group\u2019s overall defined benefit obligations or the financial statements taken as a whole. Virgin Media High Court decisionIn July 2024, the Court of Appeal upheld the High Court\u2019s decision in Virgin Media v NTL Pension Trustees. This case found that changes made between April 1997 and April 2016 to pension benefits from a contracted-out scheme could be void where trustees do not have written Section 37 (\u2018s37\u2019) confirmation from the scheme actuary. The case confirmed that retrospective confirmation would not be permissible. In conjunction with its legal advisors, the group has performed a review of past significant changes made to its pension arrangements, based on which there are no current indications that the ruling in respect of the case would give rise to any financial impacts. The impact of any future developments in this regard will be monitored closely. Impact of 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. 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). Consequently, 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. 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 2025, the discount rate increased by 0.9 per cent (2024: 0.1 per cent increase), which includes a 0.8 per cent increase in gilt yields over the year and a 0.1 per cent increase in credit spreads. The IAS 19 remeasurement gain of \u00a318.6 million (2024: \u00a3368.5 million loss) reported in note 14 has largely resulted from actuarial gains arising from changes in financial assumptions, predominantly due to the increase in the discount rate. The significant remeasurement loss in the prior year was predominantly as a result of the purchase of bulk annuity policies as part of a buy-in transaction undertaken in July 2023; a premium of circa \u00a3220 million was paid in excess of the present value of liabilities covered, which was reflective of the reduction in the schemes\u2019 risk profile. The remaining portion of the loss arose as the schemes are more than 100 per cent hedged on an IAS 19 basis, which 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 increase in credit spreads during the year is partially offset by an RPI inflation reduction of 0.05 per cent (2024: 0.15 per cent reduction). In the shorter term, recent high inflation has resulted in greater than expected pension increases, but longer-term expectations for inflation have fallen in the current year.Reporting and assumptionsThe results of the latest funding valuation as at 31 March 2024 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 2025. 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. 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 2024 for both UUPS and ESPS. 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:2025 2024Group% p.a. % p.a.Discount rate 5.70 4.80Pension increases 3.20 3.25Pensionable salary growth (pre-2018 service):ESPS 3.20 3.25UUPS 3.20 3.25Pensionable salary growth (post-2018 service):ESPS 3.20 3.25UUPS 2.75 2.80Price inflation \u2013 RPI 3.20 3.25Price inflation \u2013 CPI* 2.75 2.80* The CPI price inflation assumption represents a single weighted average rate derived from an assumption of 2.30 per cent pre-2030 and 3.00 per cent post-2030 (2024: 2.35 per cent pre-2030 and 3.05 per cent post-2030).The discount rate is consistent with a high-quality corporate bond rate, with 5.10 per cent being equivalent to gilts plus 60 basis points in respect of credit spread (2024: 4.30 per cent being equivalent to gilts plus 50 basis points in respect of credit spread). 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\u2019s 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 2025, these assumptions are based on the CMI2023 base tables with a 1.25 per cent per annum rate of improvement, and factoring in a w-parameter weighting of 20 per cent to take account of the continued repercussions of the COVID-19 pandemic in the medium term, including pressures on the NHS, delayed diagnoses of chronic conditions, disrupted treatment within the health care system and more deaths at home, as opposed to in hospitals and care homes. A scaling factor of 109 per cent (2024: 109 per cent) and 111 per cent (2024: 115 per cent) for male pensioners and non-pensioners respectively, and 109 per cent (2024: 110 per cent) and 105 per cent (2024: 111 per cent) for female pensioners and non-pensioners respectively, is applied, reflecting the profile of the membership. Compared against the base tables used for previous year-end mortality assumptions (CMI S4PA), the Core CMI2023 model sees a small increase in life expectancies. 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. At 31 March 2025, future improvements in mortality are based on the extended CMI 2023 (2024: CMI 2022) projection model, with a long-term annual rate of improvement of 1.25 per cent (2024: 1.25 per cent).The current life expectancies at age 60 underlying the value of the accrued liabilities for the schemes are:2025 2024Groupyears yearsRetired member \u2013 male 25.3 25.5Non-retired member \u2013 male 26.4 26.2Retired member \u2013 female 2 7.7 2 7.6Non-retired member \u2013 female 29.2 28.6Financial 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 IAS 19 surplus will be predominantly driven by the uninsured liabilities and residual invested assets going forward. 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 IAS 19 the value of the buy-in assets is equal to the IAS 19 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 An increase/decrease in the discount rate of 0.25 per cent would have resulted in a \u00a356.2/\u00a359.0 million (2024: \u00a372.3/\u00a376.2 million) decrease/increase in the schemes\u2019 liabilities at 31 March 2025, although as long as credit spreads remain stable 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.\u2022 Price inflation \u2013 An increase/decrease in the RPI inflation assumption of 0.25 per cent would have resulted in a \u00a352.8/\u00a350.4 million (2024: \u00a367.1/63.9 million) increase/decrease in the schemes\u2019 liabilities at 31 March 2025, as 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 2025, meaning that this sensitivity is likely to be insignificant as a result on a combined basis. 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 may be 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 group\u2019s best estimate for RPI, an inflation risk premium of 0.2 per cent (2024: 0.2 per cent) has been deducted from the breakeven inflation rate for the year ended 31 March 2025. The impact of this is a decrease in the defined benefit obligation of around \u00a317.0 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. The impact of this reduction in the post-2030 wedge as a result of RPI reform is a circa \u00a33.0 million increase to the uninsured 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.\u2022 Mortality long-term improvement rate \u2013 An increase in the mortality long-term improvement rate from 1.25 per cent to 1.50 per cent would have resulted in a \u00a312.7 million increase in the schemes\u2019 liabilities at 31 March 2025 (2024: \u00a315.7 million increase in the schemes\u2019 liabilities). \u2022 Life expectancy \u2013 An increase in life expectancy of one year would have resulted in a \u00a377.3 million (2024: \u00a385.8 million) increase in the schemes\u2019 liabilities at 31 March 2025. 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\u2019 assetsderivatives CombinedassetsGroup\u00a3m \u00a3m \u00a3m %At 31 March 2025Gilts 537.2 (202.0) 335.2 14.5Bonds 313.1 0.6 313.7 13.6Bulk annuity policies 1,405.8 - 1,405.8 60.9Other 279.1 (25.2) 253.9 11.0Total fair value of schemes\u2019 assets 2,535.2 (226.6) 2,308.6 100.0At 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\u2019 assets 2,788.0 (235.6) 2,552.4 100.0Included within the group\u2019s defined benefit pension scheme assets are assets with a fair value estimated to be \u00a31,555.0 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 2025. 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. Of the remaining balance of scheme assets, there are assets with a fair value estimated to be \u00a3739.3 million, which are categorised as \u2018level 2\u2019 assets, meaning that valuations include observable inputs other than quoted prices in active markets, and \u00a314.1 million of \u2018level 1\u2019 assets, meaning that there is a quoted price in an active market for identical assets or liabilities at the measurement 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 2025, no liquidity support or facilities were required by the group as a result of collateral calls.The derivative values in the table above represent the net market value of derivatives held within each of these asset categories as follows:2025 2024Group\u00a3m \u00a3mGiltsRepurchase agreements (202.0) (200.9)(202.0) (200.9)Bonds \u2013 hedging non-sterling exposure back to sterlingCurrency forwards 0.6 0.50.6 0.5Other \u2013 managing liability risks targeting a high level of interest rate and inflation hedgingInterest rate swaps (25.7) (35.6)RPI inflation swaps 0.5 0.4(25.2) (35.2)Total fair value of derivatives (226.6) (235.6)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 \u00a3162.4 million (2024: \u00a3147.0 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:2025 2024Group\u00a3m \u00a3mAt the start of the year 2,552.4 2,931.3Interest income on schemes\u2019 assets 119.0 135.7The return on plan assets, excluding amounts included in interest (240.9) (402.7)Member contributions 2.2 2.4Benefits paid (129.4) (119.6)Administrative expenses (4.0) (4.0)Employer contributions 9.3 9.3At the end of the year 2,308.6 2,552.4The group\u2019s actual return on the schemes\u2019 assets was a loss of \u00a3121.9 million (2024: \u00a3267.0 million loss). In line with IAS 19, the fair values of the buy-in assets have been set equal to the IAS 19 present values of the insured liabilities. 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 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 published its latest TCFD report in October 2024, which is available on the corporate website. For ESPS, while the group does not meet the size threshold that requires full TCFD reporting, the trustee has provided information for the wider scheme\u2019s report. The wider scheme\u2019s most recent TCFD report was published in October 2024 and is available from the ESPS website.A5 Related party transactionsGroup Transactions between the company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.The related party transactions with the group\u2019s joint ventures and other related parties during the period, and amounts outstanding at the period-end date, were as follows:2025 2024\u00a3m \u00a3mSales of services 338.8 334.4Charitable contributions advanced to related parties 0.2 0.2Purchases of goods and services 1.5 \u2013Interest income and fees recognised on loans to related parties 5.9 5.6Amounts owed by related parties 101.0 100.8Amounts owed to related parties \u2013 \u2013Sales of services to related parties mainly represent non-household wholesale charges to Water Plus that were billed and accrued during the period. These transactions were on market credit terms in respect of non-household wholesale charges, which are governed by the wholesale charging rules issued by Ofwat.Charitable contributions advanced to related parties during the year relate to amounts paid to Rivington Heritage Trust, a charitable company limited by guarantee for which United Utilities Water Limited is one of three guarantors. Amounts owed by joint ventures, as recorded within trade and other receivables in the statement of financial position, were \u00a3101.0 million (2024: \u00a3100.8 million), comprising \u00a327.4 million (2024: \u00a327.1 million) of trade balances, which are unsecured and will be settled in accordance with normal credit terms, and \u00a373.5 million (2024: \u00a373.7 million) relating to loans.Included within these loans receivable were the following amounts owed by Water Plus:\u2022 \u00a371.4 million (2024: \u00a372.3 million) outstanding on a \u00a395.0 million revolving credit facility provided by United Utilities PLC, with a maturity date of December 2026, bearing a floating rate interest rate of the Bank of England base rate plus a credit margin. This balance comprises \u00a375.0 million outstanding, net of a \u00a33.6 million allowance for expected credit losses (2024: \u00a375.5 million net of a \u00a33.2 million allowance for expected credit losses); and\u2022 \u00a32.2 million (2024: \u00a31.4 million) receivable being the \u00a311.7 million (2024: \u00a311.3 million) fair value of amounts owed in relation to a \u00a312.5 million unsecured loan note held by United Utilities PLC, with a maturity date of 28 March 2027, net of a \u00a3nil (2024: \u00a30.4 million) allowance for expected credit losses and \u00a39.5 million of the group\u2019s share of joint venture losses relating to historic periods as the loan note is deemed to be part of the group\u2019s long-term interest in Water Plus. This is a zero coupon shareholder loan with a total amount outstanding at 31 March 2025 and 31 March 2024 of \u00a312.5 million, comprising a \u00a311.7 million (2024: \u00a311.3 million) receivable representing the present value of the \u00a312.5 million payable at maturity discounted using an appropriate market rate of interest at the inception of the loan, and \u00a30.8 million (2024: \u00a31.2 million) recorded as an equity contribution to Water Plus recognised within interests in joint ventures.During the year, United Utilities PLC provided guarantees in support of Water Plus in respect of certain amounts owed to wholesalers. The aggregate limit of these guarantees was \u00a348.9 million, of which \u00a326.0 million related to guarantees to United Utilities Water Limited. At 31 March 2025, amounts owed to related parties were \u00a3nil (2024: \u00a3nil). CompanyThe parent company receives dividend income and pays and receives interest to and from subsidiary undertakings in the normal course of business. Total dividend income received during the year amounted to \u00a3344.1 million (2024: \u00a3320.0 million) and total net interest payable during the year was \u00a3119.6 million (2024: \u00a3112.9 million). Amounts outstanding at 31 March 2025 and 31 March 2024 between the parent company and subsidiary undertakings are disclosed in notes 13, 16 and 18.At 31 March 2025 and 31 March 2024, no related-party receivables and payables were secured and no guarantees were issued in respect thereof. Balances will be settled in accordance with normal credit terms. No allowance for doubtful receivables has been made for amounts owed by subsidiary undertakings as at 31 March 2025 and 31 March 2024.A6 Accounting policiesOf the accounting policies outlined below, those deemed to be the most significant for the group are those that align with the critical accounting judgements and key sources of estimation uncertainty set out on pages 196 to 198.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.Subsidiaries Subsidiaries are entities controlled by the group. Control is achieved where the group is exposed to, or has the rights to, variable returns from its involvement in an entity and has the ability to affect those returns through its power over the entity. In the parent company accounts, investments are held at cost less provision for impairment. All intra-group transactions, balances, income and expenses are eliminated on consolidation.Joint ventures Joint ventures are entities in which the group holds an interest on a long-term basis and which are jointly controlled with one or more parties under a contractual arrangement. The group\u2019s share of joint venture results is incorporated using the equity method of accounting. Under the equity method, an investment in a joint venture is initially recognised at cost and adjusted thereafter to recognise the group\u2019s share of the profit or loss of the joint venture. 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 through which 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, and the recognition of associated receivable balances, would be delayed until such time as collectability is reasonably assured. Any gross debt that is not expected to be recovered through future cash collection is provided against through either an allowance for expected credit losses (non-collection, where revenue had been previously recognised due to recovery being considered probable at the point services were rendered) or credit note provision (incorrectly billed, and therefore reducing the amount of revenue that should have been recognised). The group recognises a credit note provision typically in relation to non-household customers who can claim allowances against amounts previously billed, in accordance with non-household market codes. Future allowances for which a credit note provision is recognised are estimated based on historic information derived from market operating systems. Credit note provisions held in relation to household customers relate to bill adjustments made after the reporting date.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.Operating profit Operating profit is stated after charging operational expenses but before investment income and finance expense and before the share of profits or losses of joint ventures.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.Tax Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Assessing the outcome of uncertain tax positions requires judgements to be made regarding the application of tax law and the result of negotiations with, and enquiries from, tax authorities. A current tax provision is only recognised when the group has a present obligation resulting from a past event and it is probable that the group will be required to settle that obligation to a taxing authority. The amount of current tax provisions or assets is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. Current tax Current tax is based on the taxable profit for the period and is provided at amounts expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at each reporting date, and includes any adjustment to tax payable in respect of previous years.Taxable profit differs from the net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are non-taxable or non-deductible. Current tax is charged or credited in the income statement, except when it relates to items charged or credited to equity, in which case the tax is charged or credited within equity.Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are provided, using the liability method, on all taxable temporary differences at each reporting date. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and interests in joint ventures, except where the group is able to control the reversal of the temporary difference, and it is probable that the temporary difference will not reverse in the foreseeable future.Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the temporary timing differences are expected to reverse based on tax rates and laws that have been enacted or substantively enacted at each reporting date. The carrying amount of deferred tax assets is reviewed at each reporting date and is reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited to equity, in which case the deferred tax is charged or credited within equity.Deferred tax assets have been recognised in respect of all tax losses and other temporary differences giving rise to deferred tax assets because it is probable that these assets will be recovered. These deferred tax assets will be recovered against the deferred tax liabilities in relation to fixed assets that will reverse in the same periods.Deferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to set off tax assets against tax liabilities and when they relate to income taxes levied by the same taxation authority and the group intends to settle its current assets and liabilities on a net basis.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 infrastructure assets: \u2013 Impounding reservoirs 200 years; \u2013 Mains and raw water aqueducts 30 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. This includes an allocation of estimated time and resources incurred by the group\u2019s support functions in supporting capital programmes. 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 borrowing costs 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. Infrastructure assets 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 is stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items, including relevant borrowing costs, 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 flow to 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 financial period 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.Government grantsGovernment grants (including those receivable from government agencies and local authorities) are recognised only when there is reasonable assurance that the entity will comply with any conditions attached to the grant and the grant will be received. Where government grants relate to the acquisition or construction of assets, the group has elected to account for the grant by deducting the value of the grant from the asset\u2019s carrying amount. Other grants are typically recognised in other income in the period in which the conditions attached to them are fulfilled.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 of computing systems built and delivered on a \u2018software as a service\u2019 (\u2018SaaS\u2019) 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 sixteen 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.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 cash equivalentsCash and cash equivalents include cash at bank and in hand, deposits and other short-term highly liquid investments that are readily convertible into known amounts of cash, have a maturity of three months or less from the date of acquisition and that are subject to an insignificant risk of change in value. In the consolidated statement of cash flows and related notes, cash and cash equivalents include cash and short-term deposits, net of book overdrafts.From time to time the group places cash on deposits that have a maturity greater than three months but less than 12 months, typically for the purpose of reducing the cost of carrying cash that is not required for the purpose of meeting short-term commitments. These deposits do not meet the group\u2019s definition of cash and cash equivalents, and so are not included in the group\u2019s cash and cash equivalents balance in the statement of financial position. In the consolidated statement of cash flows, the placement and receipt of these funds are reported as investing activities. Financial investments Investments (other than interests in subsidiaries, joint ventures and fixed deposits) are initially measured at fair value, including transaction costs. Investments classified as financial assets measured at fair value through profit or loss (\u2018FVPL\u2019) in accordance with IFRS 9 \u2018Financial Instruments\u2019 are measured at subsequent reporting dates at fair value. Gains and losses arising from changes in fair value are recognised in the net profit or loss for the period. The business model employed in respect of financial assets is that of a hold-to-collect model.Trade and other receivables Trade and other receivables are initially measured at fair value on initial recognition. Trade receivables are held within a business model to collect contractual cash flows, which comprise solely payments of principal and interest on the principal amount outstanding. After initial recognition, trade receivables are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. At each reporting date, the group evaluates the estimated recoverability of trade receivables and records allowances for expected credit losses. The group estimates the expected credit loss on trade receivables applying the simplified approach as permitted under IFRS 9. For trade receivables that are assessed as not impaired individually, the expected credit loss is estimated based on the group\u2019s historical experience of cash collection, which is considered to be a good predictor of future collection, as well as the incorporation of other forward-looking information.Amounts owed by related parties are assessed for credit risk based on the facts and circumstances of the balances receivable. The group assesses the lifetime expected credit losses of loans receivable from its joint venture, Water Plus, based on Water Plus\u2019s financial projections and a probability-weighted assessment of scenarios that could impact these. Credit risk is considered separately for trade receivables due from Water Plus and is considered immaterial as amounts outstanding are paid within 30 days. Other receivables are assessed for credit risk and, where this is material, an allowance for expected credit losses is determined based on historic credit losses adjusted for expected changes in future collection, where applicable. Trade payables Trade payables are initially measured at fair value and are subsequently measured at amortised cost.Financial liabilities and equity Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.Equity instruments Equity instruments issued by the group are recorded at the proceeds received, net of direct issue costs.Borrowings The group\u2019s default treatment is that bonds and loans are initially measured at fair value, being the cash proceeds received net of any direct issue costs. They are subsequently measured at amortised cost applying the effective interest method. The difference between the net cash proceeds received at inception and the principal cash flows due at maturity is accrued over the term of the borrowing. The default treatment of measuring at amortised cost, while associated hedging derivatives are recognised at fair value, presents an accounting measurement mismatch that has the potential to introduce considerable volatility to both the income statement and the statement of financial position. Therefore, where feasible, the group takes advantage of the provisions under IFRS 9 \u2018Financial Instruments\u2019 to make fair value adjustments to its borrowing instruments to reduce this volatility and better represent the economic hedges that exist between the group\u2019s borrowings and associated derivative contracts. Where feasible, the group designates its financial instruments within fair value hedge relationships. To apply fair value hedge accounting, it must be demonstrated that there is an economic relationship between the borrowing instrument and the hedging derivative and that the designated hedge ratio is consistent with the group\u2019s risk management strategy.Borrowings designated within a fair value hedge relationship Where designated, bonds and loans are initially measured at fair value, being the cash proceeds received net of any direct issue costs. They are subsequently adjusted for any change in fair value attributable to the risk being hedged at each reporting date, with the change being charged or credited to finance expense in the income statement. Hedge accounting is discontinued prospectively when the hedging instrument is sold, terminated or exercised, or where the hedge relationship no longer qualifies for hedge accounting. 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.Derivative financial instruments The group\u2019s default treatment is that derivative financial instruments are measured at fair value at each reporting date, with changes in fair value being charged or credited to finance expense in the income statement. The group enters into financial derivatives contracts to manage its financial exposure to changes in market rates (see note A3).Derivative financial instruments designated within a cash flow hedge relationship Gains or losses resulting from the effective portion of the hedging instrument are recognised in other comprehensive income and in the cash flow hedge reserve with any remaining gains or losses recognised immediately in the income statement. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and cumulative change in fair value of the hedged item. At the maturity date, amounts paid/received are recognised against operating expenses in the income statement. Upon discontinuation of a cash flow hedge, the amount accumulated in other comprehensive income remains in the cash flow hedge reserve if the hedged future cash flows are still expected to occur. Otherwise, the amount is immediately reclassified to the income statement.Derivatives and borrowings \u2013 valuation Where an active market exists, designated borrowings and derivatives recorded at fair value are valued using quoted market prices. Otherwise, they are valued using a net present value valuation model. The model uses applicable interest rate curve data at each reporting date to determine any floating cash flows. Projected future cash flows associated with each financial instrument are discounted to the reporting date using discount factors derived from the applicable interest curves adjusted for counterparty credit risk where appropriate. Discounted foreign currency cash flows are converted into sterling at the spot exchange rate at each reporting date. Assumptions are made with regard to credit spreads based on indicative pricing data. The valuation of debt designated in a fair value hedge relationship is calculated based on the risk being hedged as prescribed by IFRS 9 \u2018Financial Instruments\u2019. The group\u2019s policy is to hedge its exposure to changes in the applicable underlying interest rate and it is this portion of the cash flows that is included in the valuation model (excluding any applicable company credit risk spread). The valuation of debt designated at fair value through the profit or loss incorporates an assumed credit risk spread in the applicable discount factor. Credit spreads are determined based on indicative pricing data.Inventories Inventories are stated at the lower of cost and net realisable value. For properties held for resale, cost includes the cost of acquiring and developing the sites, including borrowing costs where applicable. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.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 net interest on the schemes\u2019 net defined benefit position is included within investment income where there is an overall net defined benefit surplus, and finance expense where there is an overall net defined benefit deficit. 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 will be 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 are 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 presents total tax cash flows as operating activities.Changes in working capitalThe movement in trade and other payables excludes movements in capital accruals, interest accruals and deferred grants and contributions. These movements are instead incorporated as adjustments in other areas of the statement of cash flows.A7 Subsidiaries and other group undertakingsDetails of the group\u2019s subsidiary undertakings, joint ventures and associates at 31 March 2025 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 DormantUnited 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: Prospect House, Gordon Banks Drive, Trentham Lakes, Stoke-On-Trent, ST4 4TW, United Kingdom.On 3 April 2025, United Utilities Water Limited purchased 100 per cent of the share capital of Trafford Property Limited, a property management company. Further information can be found in note 24.United Utilities Group PLC Haweswater House Lingley Mere Business Park Lingley Green Avenue Great Sankey Warrington WA5 3LPTelephone +44 (0)1925 237000Stock Code: UU. Registered in England and Wales Registered number 6559020",
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"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 Accounting estimate* \u2013 The group operates two defined benefit pension schemes which are independent of the group\u2019s finances. Actuarial valuations of the schemes are carried out as determined by the trustees at intervals of no more than three years. Profit before tax and net assets are affected by the actuarial assumptions used. The key assumptions include: discount rates, pensionable salary growth, mortality, and inflation. It should be noted that actual rates may differ from the assumptions used due to changing market and economic conditions and longer or shorter lives of participants and, as such, this represents a key source of estimation uncertainty. Sensitivities in respect of the assumptions used during the year are disclosed in note A4.Accounting estimate* \u2013 Included within the group\u2019s defined benefit pension scheme assets are assets with a fair value estimated to be \u00a31,555.0 million (2024: \u00a31,772.0 million) that are categorised as \u2018level 3\u2019 within the IFRS 13 \u2018Fair value measurement\u2019 hierarchy, meaning that their value is not observable at 31 March 2025. This includes assets with an estimated fair value of \u00a31,405.8 million (2024: \u00a31,564.8 million) relating to bulk annuity policies purchased in the prior year as part of the partial buy-in transaction and \u00a3149.2 million of investments in private debt funds (2024: \u00a3202.7 million). The fair value of the bulk annuity assets is directly pegged to the present value of the defined benefit obligations that they insure, and therefore estimation of their fair value is inherently linked to the assumptions used in valuing the schemes\u2019 liabilities as set out above. Estimates of the fair value of the remaining \u2018level 3\u2019 assets are based on valuations performed by the investment managers\u2019 valuation specialists using the latest availablestatements of each of the funds that make up the total asset balances, updated for any subsequent cash movements between the statement date and the year-end reporting date.Revenue recognition and allowance for doubtful receivables Accounting judgement \u2013 The group recognises revenue generally at the time of delivery and when collection of the resulting receivable has been deemed probable. In estimating the amount of revenue to recognise, where the group considers that the criteria for revenue recognition are not met for a transaction, revenue recognition is delayed until such time as collectability is deemed probable. There are two criteria whereby management does not recognise revenue for amounts which have been billed to those customers on the basis that collectability is not probable. These are as follows: \u2022 The customer has not paid their bills for a period of at least two years; or \u2022 The customer has paid their bills in the preceding two years but has previously had bills de-recognised and has more than their current year debt outstanding. This two-criteria approach resulted in a \u00a341.1 million (2024: \u00a331.0 million) reduction in revenue compared with what would have been recognised had no adjustment been made for amounts where collectability is not probable. Had management made an alternative judgement that where customers have paid in the preceding two years, and have more than their current year debt outstanding, the recoverability of the entirety of their debt was deemed to be probable (i.e. the second criteria was disapplied), the required adjustment to revenue would have been \u00a321.9 million (2024: \u00a319.4 million) lower.Accounting estimate** \u2013 At each reporting date, the company and each of its subsidiaries evaluate the estimated recoverability of trade receivables and record allowances for expected credit losses (\u2018ECL\u2019) based on experience. Estimates associated with these allowances are based on, among other things, a consideration of how actual collection history might inform expected future recovery. The actual level of receivables collected may differ from the estimated levels of recovery, which could impact operating results positively or negatively. At 31 March 2025, an allowance for expected credit losses relating to household customer debt of \u00a381.4 million (2024: \u00a380.7 million)was supported by a six-year cash collection projection. Based on a five-year or seven-year cash collection projection, the allowance for doubtful receivables would have increased by \u00a31.5 million (2024: \u00a30.3 million) or reduced by \u00a30.9 million (2024: \u00a30.2 million), respectively. In determining the allowance for expected credit losses in respect of household customers, we have applied provisioning rates that are derived from historic experience of the recoverability of receivables, to the aged debt bandings to calculate the bad debt charge and the resultant expected credit loss allowance. The adequacy of the ECL allowance is then evaluated using analysis against the average collection over the last three years, which is considered to give a reasonable forecast of cash collection for use in the forward-looking ECL assessment. We have considered the high level of uncertainty as to how economic conditions may impact the recoverability of household receivables for a significant proportion of the group\u2019s customer base. A range of scenarios has been used to inform a probability-based assessment of the allowance for expected credit losses. These take account of cash collection rates in the current year as well as recent years, incorporating the current economic uncertainty to provide a range of views as to how recoverability of household receivables may be impacted. This assessment resulted in the release of the remainder of the management overlay, which had previously been recognised in light of the economic uncertainty; arising initially from the onset of the COVID-19 pandemic, and which is described more fully within the annual report for the year ended 31 March 2020. The provisioning rates, coupled with the release of the management overlay supports a charge equivalent to around 1.5 per cent of household revenue recorded during the period, which is slightly lower than the position at 31 March 2024. At 31 March 2025, a charge of 1.5 per cent (2024: 1.6 per cent) is considered to be appropriate given prevailing levels of uncertainty and recognising the level of estimation uncertainty associated with the assumptions made in forecasting the year-end debt position upon which the allowance for expected credit losses is based. Accounting estimate** \u2013 United Utilities Water Limited raises bills in accordance with its entitlement to receive revenue in line with the limits established by the periodic regulatory price review processes. For household water and wastewater customers with water meters, the receivable billed is dependent on the volume supplied, including the sales value of an estimate of the units supplied between the dates of the last water meter reading and the billing date. Meters are read on a cyclical basis and the group recognises revenue for unbilled amounts based on estimated usage from the last billing through to each reporting date. The estimated usage is based on historical data, judgement and assumptions; actual results could differ from these estimates, which would result in operating revenues being adjusted in the period that the revision to the estimates is determined. Revenue recognised for unbilled amounts for these customers at 31 March 2025 was \u00a3172.9 million (2024: \u00a3156.4 million). Had actual consumption been 5 per cent higher or lower than the estimate of units supplied, this would have resulted in revenue recognised for unbilled amounts being \u00a35.9 million (2024: \u00a35.2 million) higher or lower respectively. For customers who do not have a meter, the receivable billed and revenue recognised is dependent on the rateable value of the property as assessed by an independent rating officer. Property, plant and equipmentAccounting judgement \u2013 The group recognises property, plant and equipment (\u2018PP&E\u2019) on its water and wastewater infrastructure assets where such expenditureenhances or increases the capacity and/or resilience of the network, whereas any expenditure classed as maintenance is expensed in the period as incurred. Determining enhancement from maintenanceexpenditure requires an accounting judgement, particularly when projects have both elements within them. Enhancement spend was 65 per cent (2024: 48 per cent) of total spend in relation to infrastructure assetsduring the year. A change of +/- 5 per cent would have resulted in \u00a327.5 million (2024: \u00a321.0 million) less/more expenditure being charged to the income statement during the period. Accounting estimate* \u2013 The estimated useful economic lives of PP&E and intangible assets is based on management\u2019s experience.When management identifies that actual useful economic lives differ materially from the estimates used to calculate depreciation, that charge is adjusted prospectively. Due to the significance of PP&E and intangibles investment to the group, variations between actual and estimated useful economic lives could impact operating results both positively and negatively. As such, this is a key source of estimation uncertainty. The depreciation and amortisation expense for the year was \u00a3464.9 million (2024: \u00a3438.8 million). A 10 per cent increase in average asset lives would have resulted in a \u00a342.3 million (2024: \u00a339.9 million) reduction in this figure and a 10 per cent decrease in average asset lives would have resulted in a \u00a346.5 million (2024: \u00a343.9 million) increase in this figure.Derivative financial instruments Accounting estimate** \u2013 The model used to arrive at the fair value of the group\u2019s derivative financial instruments requires management to estimate future cash flows based on applicable interest rate curves. Projected cash flows are then discounted back using discount factors that are derived from the applicable interest rate curves adjusted for management\u2019s estimate of counterparty and own credit risk, where appropriate. Sensitivities relating to derivative financial instruments are included in note A3.* Estimates that could reasonably give rise to a material adjustment to the carrying value of assets or liabilities in the next financial year.** Other estimates considered less likely to give rise to a material adjustment to the carrying value of assets or liabilities in the next financial year.Climate change The group is continually developing its assessment of the impact that climate change has on the assets and liabilities recognised and presented in its financial statements, along with assessing climate-related risks and opportunities and the impact these could have on the financial statements. The natural environment within which the group operates is constantly changing, and this influences how its water and wastewater services are to be delivered in the future. In addition, the group has embedded ambitious climate-related targets within its own operations, with this affecting the portfolio of assets required to deliver such services. The impact of climate change, including adaptation to improve the group\u2019s resilience to the effects of climate change, minimisation and mitigation of the group\u2019s contribution to climate change, and the transition to net zero, has been considered in the preparation of these financial statements and the measurement bases of the assets and liabilities across a number of areas, predominantly in respect of the valuation of the property, plant and equipment held by the group. Asset life reviews are undertaken regularly for facilities impacted by climate change, environmental legislation or the group\u2019s decarbonisation measures. This can result in the acceleration of depreciation, or be an indication of potential impairment of assets that are deemed to be commercially obsolete or for which no further use is planned, in part as a result of the group\u2019s decarbonisation strategy. In recent years, this has resulted in material accelerations in respect of bioresources facilities impacted by changes in environmental legislative requirements. Although accelerated depreciation has been recognised in relation to a number of assets during the year as part of the group\u2019s broader environmental programme, there have been no further material accelerations required in the current financial year as a direct result of climate considerations, although this is subject to continuous assessment, particularly as environmental legislation continues to evolve. The group is exposed to potential asset write-downs following flooding resulting from extreme weather events, the frequency of which are expected to increase as the effects of climate change become more apparent. Following large-scale flooding, items are identified that have been damaged beyond repair and require immediate accounting write-downs. No such charges were required in the current financial year. In addition to the risks posed by an increased likelihood of large-scale flooding events in future years, climate change presents challenges relating to prolonged periods of hot and dry weather, the frequency of which is expected to increase. This could potentially impact the viability of certain types of assets in future years such as those associated with the intake of water from the natural environment, or require a strategic reconfiguration of assets to respond to such challenges. It is expected that if any such impact were to materialise this would be over a longer period of time rather than within a single financial year, and no financial impact has been identified in the current year. In recent years the group has sought to further enhance the accuracy of its useful life assessments through the introduction of more forward-looking information in asset life reviews. This includes the use of disposal data to identify trends that may inform the group\u2019s view of useful lives into the future. This information is used alongside other decommissioning data and data from strategic asset planning systems to inform useful asset lives. The group mitigates the exposure that the carrying value of its asset base has to climate-related risks through strategic planning activities that incorporate defined climate scenarios, climate change mitigation pledges, and long-term climate projections. The group installs permanent flood defences and other resilience measures at the most vulnerable facilities to protect its assets. The group further mitigates the financial exposure arising from climate-related risks through the use of insurance policies, which insure against costs incurred as a result of major environmental incidents.While there are climate-related opportunities that may arise in association with how the group manages its asset base, these are generally incidental and not considered to be material compared with climate-related risks.",
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"f0__s8__6__8": {
"value": "Accounting policiesThe principal accounting policies adopted in the preparation of these financial statements are set out below. Further detail can be found in note A6. Basis of preparation The group financial statements have been prepared in accordance with UK-adopted international accounting standards as applied in accordance with the provisions of the Companies Act 2006. 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. For the financial year ending 31 March 2025, the parent company financial statements have been prepared in accordance with UK accounting standards as applied in accordance with the provisions of the Companies Act 2006, being the first year of adoption of these UK accounting standards. The company meets the definition of a qualifying entity as defined in FRS 100 \u2018Application of Financial Reporting Requirements\u2019, and accordingly these financial statements have been prepared in accordance with Financial Reporting Standard 101 \u2018Reduced Disclosure Framework\u2019 (\u2018FRS 101\u2019). As a result of the adoption of FRS 101, there were no material changes to the reported financial position, financial performance or cash flows of the company.As permitted by FRS 101, the parent company has taken advantage of the disclosure exemptions available in relation to financial instruments, fair value measurement, the statement of cash flows, capital management, standards not yet effective and related party transactions. Where required, equivalent disclosures are given in the consolidated financial statements.The preparation of these financial statements requires management to make estimates and assumptions that affect the amount of assets and liabilities at the date of the financial statements and the amount 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 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; debt being refinanced as it matures at 1 per cent above the forward projections of interest rates; outcome delivery incentive penalties equivalent to 1 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 and company 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.Adoption of new and revised standards There were no new standards, interpretations and amendments, effective for the year ended 31 March 2025, that were relevant to the group or have a material impact on the group\u2019s financial statements, or that were not early adopted in previous years.Amendments to IAS 1 \u2018Presentation of Financial Statements\u2019The amendments to IAS 1 \u2018Presentation of Financial Statements\u2019 clarify how the right to defer settlement of a liability and the conditions with which an entity must comply within 12 months after the reporting period affect the classification of a liability. The amendments are effective for reporting periods beginning on or after 1 January 2024. The adoption of the amendment has not resulted in a change in the classification of the liabilities of the group. Further disclosure",
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"f0__s8__6__13-1": {
"value": "Revenue recognition and allowance for doubtful receivables Accounting judgement \u2013 The group recognises revenue generally at the time of delivery and when collection of the resulting receivable has been deemed probable. In estimating the amount of revenue to recognise, where the group considers that the criteria for revenue recognition are not met for a transaction, revenue recognition is delayed until such time as collectability is deemed probable. There are two criteria whereby management does not recognise revenue for amounts which have been billed to those customers on the basis that collectability is not probable. These are as follows: \u2022 The customer has not paid their bills for a period of at least two years; or \u2022 The customer has paid their bills in the preceding two years but has previously had bills de-recognised and has more than their current year debt outstanding. This two-criteria approach resulted in a \u00a341.1 million (2024: \u00a331.0 million) reduction in revenue compared with what would have been recognised had no adjustment been made for amounts where collectability is not probable. Had management made an alternative judgement that where customers have paid in the preceding two years, and have more than their current year debt outstanding, the recoverability of the entirety of their debt was deemed to be probable (i.e. the second criteria was disapplied), the required adjustment to revenue would have been \u00a321.9 million (2024: \u00a319.4 million) lower.Accounting estimate** \u2013 At each reporting date, the company and each of its subsidiaries evaluate the estimated recoverability of trade receivables and record allowances for expected credit losses (\u2018ECL\u2019) based on experience. Estimates associated with these allowances are based on, among other things, a consideration of how actual collection history might inform expected future recovery. The actual level of receivables collected may differ from the estimated levels of recovery, which could impact operating results positively or negatively. At 31 March 2025, an allowance for expected credit losses relating to household customer debt of \u00a381.4 million (2024: \u00a380.7 million)was supported by a six-year cash collection projection. Based on a five-year or seven-year cash collection projection, the allowance for doubtful receivables would have increased by \u00a31.5 million (2024: \u00a30.3 million) or reduced by \u00a30.9 million (2024: \u00a30.2 million), respectively. In determining the allowance for expected credit losses in respect of household customers, we have applied provisioning rates that are derived from historic experience of the recoverability of receivables, to the aged debt bandings to calculate the bad debt charge and the resultant expected credit loss allowance. The adequacy of the ECL allowance is then evaluated using analysis against the average collection over the last three years, which is considered to give a reasonable forecast of cash collection for use in the forward-looking ECL assessment. We have considered the high level of uncertainty as to how economic conditions may impact the recoverability of household receivables for a significant proportion of the group\u2019s customer base. A range of scenarios has been used to inform a probability-based assessment of the allowance for expected credit losses. These take account of cash collection rates in the current year as well as recent years, incorporating the current economic uncertainty to provide a range of views as to how recoverability of household receivables may be impacted. This assessment resulted in the release of the remainder of the management overlay, which had previously been recognised in light of the economic uncertainty; arising initially from the onset of the COVID-19 pandemic, and which is described more fully within the annual report for the year ended 31 March 2020. The provisioning rates, coupled with the release of the management overlay supports a charge equivalent to around 1.5 per cent of household revenue recorded during the period, which is slightly lower than the position at 31 March 2024. At 31 March 2025, a charge of 1.5 per cent (2024: 1.6 per cent) is considered to be appropriate given prevailing levels of uncertainty and recognising the level of estimation uncertainty associated with the assumptions made in forecasting the year-end debt position upon which the allowance for expected credit losses is based. Accounting estimate** \u2013 United Utilities Water Limited raises bills in accordance with its entitlement to receive revenue in line with the limits established by the periodic regulatory price review processes. For household water and wastewater customers with water meters, the receivable billed is dependent on the volume supplied, including the sales value of an estimate of the units supplied between the dates of the last water meter reading and the billing date. Meters are read on a cyclical basis and the group recognises revenue for unbilled amounts based on estimated usage from the last billing through to each reporting date. The estimated usage is based on historical data, judgement and assumptions; actual results could differ from these estimates, which would result in operating revenues being adjusted in the period that the revision to the estimates is determined. Revenue recognised for unbilled amounts for these customers at 31 March 2025 was \u00a3172.9 million (2024: \u00a3156.4 million). Had actual consumption been 5 per cent higher or lower than the estimate of units supplied, this would have resulted in revenue recognised for unbilled amounts being \u00a35.9 million (2024: \u00a35.2 million) higher or lower respectively. For customers who do not have a meter, the receivable billed and revenue recognised is dependent on the rateable value of the property as assessed by an independent rating officer.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 through which 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, and the recognition of associated receivable balances, would be delayed until such time as collectability is reasonably assured. Any gross debt that is not expected to be recovered through future cash collection is provided against through either an allowance for expected credit losses (non-collection, where revenue had been previously recognised due to recovery being considered probable at the point services were rendered) or credit note provision (incorrectly billed, and therefore reducing the amount of revenue that should have been recognised). The group recognises a credit note provision typically in relation to non-household customers who can claim allowances against amounts previously billed, in accordance with non-household market codes. Future allowances for which a credit note provision is recognised are estimated based on historic information derived from market operating systems. Credit note provisions held in relation to household customers relate to bill adjustments made after the reporting date.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.",
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"f0__s8__6__14-1": {
"value": "Property, plant and equipmentAccounting judgement \u2013 The group recognises property, plant and equipment (\u2018PP&E\u2019) on its water and wastewater infrastructure assets where such expenditureenhances or increases the capacity and/or resilience of the network, whereas any expenditure classed as maintenance is expensed in the period as incurred. Determining enhancement from maintenanceexpenditure requires an accounting judgement, particularly when projects have both elements within them. Enhancement spend was 65 per cent (2024: 48 per cent) of total spend in relation to infrastructure assetsduring the year. A change of +/- 5 per cent would have resulted in \u00a327.5 million (2024: \u00a321.0 million) less/more expenditure being charged to the income statement during the period. Accounting estimate* \u2013 The estimated useful economic lives of PP&E and intangible assets is based on management\u2019s experience.When management identifies that actual useful economic lives differ materially from the estimates used to calculate depreciation, that charge is adjusted prospectively. Due to the significance of PP&E and intangibles investment to the group, variations between actual and estimated useful economic lives could impact operating results both positively and negatively. As such, this is a key source of estimation uncertainty. The depreciation and amortisation expense for the year was \u00a3464.9 million (2024: \u00a3438.8 million). A 10 per cent increase in average asset lives would have resulted in a \u00a342.3 million (2024: \u00a339.9 million) reduction in this figure and a 10 per cent decrease in average asset lives would have resulted in a \u00a346.5 million (2024: \u00a343.9 million) increase in this figure. and wastewater infrastructure assets and overground assets. The useful economic lives of these assets are primarily as follows: \u2022 Water and wastewater infrastructure assets: \u2013 Impounding reservoirs 200 years; \u2013 Mains and raw water aqueducts 30 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. This includes an allocation of estimated time and resources incurred by the group\u2019s support functions in supporting capital programmes. 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 borrowing costs 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. Infrastructure assets 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 is stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items, including relevant borrowing costs, 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 flow to 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 financial period 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.Government grantsGovernment grants (including those receivable from government agencies and local authorities) are recognised only when there is reasonable assurance that the entity will comply with any conditions attached to the grant and the grant will be received. Where government grants relate to the acquisition or construction of assets, the group has elected to account for the grant by deducting the value of the grant from the asset\u2019s carrying amount. Other grants are typically recognised in other income in the period in which the conditions attached to them are fulfilled.",
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"language": "en",
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"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
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"f0__s8__6__15": {
"value": "Derivative financial instruments Accounting estimate** \u2013 The model used to arrive at the fair value of the group\u2019s derivative financial instruments requires management to estimate future cash flows based on applicable interest rate curves. Projected cash flows are then discounted back using discount factors that are derived from the applicable interest rate curves adjusted for management\u2019s estimate of counterparty and own credit risk, where appropriate. Sensitivities relating to derivative financial instruments are included in note A3.* Estimates that could reasonably give rise to a material adjustment to the carrying value of assets or liabilities in the next financial year.** Other estimates considered less likely to give rise to a material adjustment to the carrying value of assets or liabilities in the next financial year.",
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"f0__s8__6__17": {
"value": "1 Segmental reportingThe board of directors of United Utilities Group PLC (the \u2018board\u2019) 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.",
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"value": "2 RevenueThe group\u2019s revenue arises from the provision of services within the United Kingdom.2025 2024\u00a3m \u00a3mWholesale water charges 89 7.7 819.9Wholesale wastewater charges 1,113.7 990.8Household retail charges 90.5 93.1Other 43.3 45.72,145.2 1,949.5In accordance with IFRS 15, revenue has been disaggregated based on what is recognised in relation to the core services of supplying clean water and the removal and treatment of wastewater. Each of these services is deemed to give rise to a distinct performance obligation under the contract with customers, although following the same pattern of transfer to the customer who simultaneously receives and consumes both of these services over time.Other revenues comprise a number of smaller non-core income streams, including property sales and income from activities, typically performed opposite property developers, which impact the group\u2019s capital network assets. This includes diversion works to relocate water and wastewater assets, and activities that facilitate the creation of an authorised connection through which properties can obtain water and wastewater services.",
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"f0__s8__6__19-1": {
"value": "3 Directors and employeesDirectors\u2019 remuneration2025 2024\u00a3m \u00a3mFees to non-executive directors 0.9 0.8Salaries 1.2 1.1Benefits 0.2 0.2Bonus 0.4 0.4Share-based payment charge 0.6 0.73.3 3.2Further information about the remuneration of individual directors and details of their pension arrangements are provided in the directors\u2019 remuneration report on pages 150 to 172.Remuneration of key management personnel2025 2024\u00a3m \u00a3mSalaries and short-term employee benefits 6.7 6.8Share-based payment charge 1.6 1.88.3 8.6Key management personnel comprises all directors and certain senior managers who are members of the executive team.Staff costs (including directors)2025 2024Group \u00a3m \u00a3m(1)Wages and salaries372.1 341.8Employee-related taxes and levies 36.0 32.5Severance 0.2 1.4Post-employment benefits:Defined benefit pension expenses (see note 14) 6.5 2.2Defined contribution pension expense (see note 14) 36.7 32.4451.5 410.3Charged to other areas including regulatory capital schemes (227.4) (205.2)Staff costs 224.1 205.1(1) Wages and salaries excluding non-permanent staff was \u00a3334.8 million (2024: \u00a3302.5 million).Included within staff costs were \u00a30.2 million net charges (2024: \u00a33.2 million net credits) relating to restructuring costs.The total expense included within staff costs in respect of equity-settled share-based payments was \u00a34.7 million (2024: \u00a32.1 million). The company operates several share option schemes, details of which are given on pages 161 to 163 in the directors\u2019 remuneration report.Average number of staff employed by the group during the year (full-time equivalent including directors):2025 2024number numberAverage number of staff employed by the group during the year 6,203 6,035CompanyThe company has no staff.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:2025 2024Group\u00a3m \u00a3mCurrent service cost 2.5 2.8Past service cost \u2013 (4.6)Administrative expenses 4.0 4.0Pension expense charged to operating profit 6.5 2.2Net pension interest income credited to investment income (see note 5) (12.9) (28.6)Net pension income credited to the income statement before tax (6.4) (26.4)Defined benefit pension costs included within employee benefit expense were \u00a36.5 million (2024: \u00a32.2 million) comprising current service costs and administrative expenses. Total post-employment benefits expense charged to operating profit of \u00a343.2 million (2024: \u00a334.6 million) comprise the defined benefit costs described above of \u00a36.5 million (2024: \u00a32.2 million) and defined contribution costs of \u00a336.7 million (2024: \u00a332.4 million) (see note 3).The reconciliation of the opening and closing net pension surplus included in the statement of financial position is as follows:2025 2024Group\u00a3m \u00a3mAt the start of the year 268.0 600.8Income recognised in the income statement 6.4 26.4Contributions 9.3 9.3Remeasurement gains/(losses) gross of tax 18.6 (368.5)At the end of the year 302.3 268.0Included in the contributions paid of \u00a39.3 million (2024: \u00a39.3 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 (2024: \u00a30.7 million), and administrative expenses of \u00a31.1 million (2024: \u00a31.1 million). Contributions in relation to current service cost were \u00a32.5 million (2024: \u00a32.8 million).Remeasurement gains and losses are recognised directly in the statement of comprehensive income.2025 2024Group\u00a3m \u00a3mThe return on plan assets, excluding amounts included in interest (240.9) (402.7)Actuarial gains arising from changes in financial assumptions 259.3 52.7Actuarial gains arising from changes in demographic assumptions 6.1 49.2Actuarial losses arising from experience (5.9) (67.7)Remeasurement gains/(losses) on defined benefit pension schemes 18.6 (368.5)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).For 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 \u00a336.7 million (2024: \u00a332.4 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.CompanyThe company did not participate in any of the group\u2019s pension schemes during the years ended 31 March 2025 and 31 March 2024.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.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:2025 2024Group\u00a3m \u00a3mTotal fair value of schemes\u2019 assets 2,308.6 2,552.4Present value of defined benefit obligation (2,006.3) (2,284.4)Net retirement benefit surplus 302.3 268.0Estimated future benefits payableThe defined benefit obligation includes benefits for current employees, deferred members and current pensioners as analysed in the table below:2025 2024Group\u00a3m \u00a3mTotal value of current employees\u2019 benefits 238.5 272.1Deferred members\u2019 benefits 309.5 441.4Pensioner members\u2019 benefits 1,458.3 1,570.9Total defined benefit obligation 2,006.3 2,284.4Movements in the present value of the defined benefit obligations are as follows:2025 2024Group\u00a3m \u00a3mAt the start of the year (2,284.4) (2,330.5)Interest cost on schemes\u2019 obligation (106.1) (107.1)Actuarial gains arising from changes in financial assumptions 259.3 52.7Actuarial gains/(losses) arising from changes in demographic assumptions 6.1 49.2Actuarial losses arising from experience (5.9) (67.7)Curtailments/settlements arising on reorganisation \u2013 4.6Member contributions (2.2) (2.4)Benefits paid 129.4 119.6Current service cost (2.5) (2.8)At the end of the year (2,006.3) (2,284.4)The duration of the combined schemes is around 13 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. The estimated profile of cash flows out of the schemes as retirement benefits are paid is as follows: 2525150UUPSESPS12520201001515751010505525002025 2041 2057 2073 2089 21052025 2041 2057 2073 2089 2105Uninsured DeferredsInsured DeferredsUninsured PensionsInsured PensionersUninsured Pensioners DeferredsInsured PensionersActivesFuture servicesActivesFuture 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 during the year, as at 31 March 2024, and determined that the schemes were fully funded on a low-dependency basis without any funding deficit that requires additional contributions from the group over and above those related to current service and expenses. The schemes\u2019 funding plans are reviewed regularly, including between funding valuations. Following the triennial valuation, the group expects to make further contributions of \u00a35.5 million in the year ending 31 March 2026, \u00a34.5 million in respect of current service contributions and \u00a31.0 million in respect of expenses. 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 in the prior year, the group and trustees remain actively engaged in exploring further de-risking options that may be implemented in the future. Based on the results of the latest triennial valuation as at 31 March 2024, for ESPS the buy-in is estimated to cover circa 85 per cent of liabilities, and for UUPS circa 70 per cent of liabilities, on a technical provisions basis, with the split on an IAS 19 basis expected to be broadly consistent.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 2025 and 31 March 2024 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.Also included within the present value of the defined benefit obligation of the UUPS scheme are liabilities of \u00a37.2 million (2024: \u00a37.8 million) in respect of unregistered pension promises made to senior executives, which are paid directly from the group as opposed to through one of the group\u2019s registered pension schemes. Liabilities in respect of these promises are not considered to be material in the context of the group\u2019s overall defined benefit obligations or the financial statements taken as a whole. Virgin Media High Court decisionIn July 2024, the Court of Appeal upheld the High Court\u2019s decision in Virgin Media v NTL Pension Trustees. This case found that changes made between April 1997 and April 2016 to pension benefits from a contracted-out scheme could be void where trustees do not have written Section 37 (\u2018s37\u2019) confirmation from the scheme actuary. The case confirmed that retrospective confirmation would not be permissible. In conjunction with its legal advisors, the group has performed a review of past significant changes made to its pension arrangements, based on which there are no current indications that the ruling in respect of the case would give rise to any financial impacts. The impact of any future developments in this regard will be monitored closely. Impact of 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. 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). Consequently, 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. 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 2025, the discount rate increased by 0.9 per cent (2024: 0.1 per cent increase), which includes a 0.8 per cent increase in gilt yields over the year and a 0.1 per cent increase in credit spreads. The IAS 19 remeasurement gain of \u00a318.6 million (2024: \u00a3368.5 million loss) reported in note 14 has largely resulted from actuarial gains arising from changes in financial assumptions, predominantly due to the increase in the discount rate. The significant remeasurement loss in the prior year was predominantly as a result of the purchase of bulk annuity policies as part of a buy-in transaction undertaken in July 2023; a premium of circa \u00a3220 million was paid in excess of the present value of liabilities covered, which was reflective of the reduction in the schemes\u2019 risk profile. The remaining portion of the loss arose as the schemes are more than 100 per cent hedged on an IAS 19 basis, which 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 increase in credit spreads during the year is partially offset by an RPI inflation reduction of 0.05 per cent (2024: 0.15 per cent reduction). In the shorter term, recent high inflation has resulted in greater than expected pension increases, but longer-term expectations for inflation have fallen in the current year.Reporting and assumptionsThe results of the latest funding valuation as at 31 March 2024 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 2025. 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. 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 2024 for both UUPS and ESPS. 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:2025 2024Group% p.a. % p.a.Discount rate 5.70 4.80Pension increases 3.20 3.25Pensionable salary growth (pre-2018 service):ESPS 3.20 3.25UUPS 3.20 3.25Pensionable salary growth (post-2018 service):ESPS 3.20 3.25UUPS 2.75 2.80Price inflation \u2013 RPI 3.20 3.25Price inflation \u2013 CPI* 2.75 2.80* The CPI price inflation assumption represents a single weighted average rate derived from an assumption of 2.30 per cent pre-2030 and 3.00 per cent post-2030 (2024: 2.35 per cent pre-2030 and 3.05 per cent post-2030).The discount rate is consistent with a high-quality corporate bond rate, with 5.10 per cent being equivalent to gilts plus 60 basis points in respect of credit spread (2024: 4.30 per cent being equivalent to gilts plus 50 basis points in respect of credit spread). 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\u2019s 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 2025, these assumptions are based on the CMI2023 base tables with a 1.25 per cent per annum rate of improvement, and factoring in a w-parameter weighting of 20 per cent to take account of the continued repercussions of the COVID-19 pandemic in the medium term, including pressures on the NHS, delayed diagnoses of chronic conditions, disrupted treatment within the health care system and more deaths at home, as opposed to in hospitals and care homes. A scaling factor of 109 per cent (2024: 109 per cent) and 111 per cent (2024: 115 per cent) for male pensioners and non-pensioners respectively, and 109 per cent (2024: 110 per cent) and 105 per cent (2024: 111 per cent) for female pensioners and non-pensioners respectively, is applied, reflecting the profile of the membership. Compared against the base tables used for previous year-end mortality assumptions (CMI S4PA), the Core CMI2023 model sees a small increase in life expectancies. 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. At 31 March 2025, future improvements in mortality are based on the extended CMI 2023 (2024: CMI 2022) projection model, with a long-term annual rate of improvement of 1.25 per cent (2024: 1.25 per cent).The current life expectancies at age 60 underlying the value of the accrued liabilities for the schemes are:2025 2024Groupyears yearsRetired member \u2013 male 25.3 25.5Non-retired member \u2013 male 26.4 26.2Retired member \u2013 female 2 7.7 2 7.6Non-retired member \u2013 female 29.2 28.6Financial 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 IAS 19 surplus will be predominantly driven by the uninsured liabilities and residual invested assets going forward. 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 IAS 19 the value of the buy-in assets is equal to the IAS 19 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 An increase/decrease in the discount rate of 0.25 per cent would have resulted in a \u00a356.2/\u00a359.0 million (2024: \u00a372.3/\u00a376.2 million) decrease/increase in the schemes\u2019 liabilities at 31 March 2025, although as long as credit spreads remain stable 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.\u2022 Price inflation \u2013 An increase/decrease in the RPI inflation assumption of 0.25 per cent would have resulted in a \u00a352.8/\u00a350.4 million (2024: \u00a367.1/63.9 million) increase/decrease in the schemes\u2019 liabilities at 31 March 2025, as 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 2025, meaning that this sensitivity is likely to be insignificant as a result on a combined basis. 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 may be 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 group\u2019s best estimate for RPI, an inflation risk premium of 0.2 per cent (2024: 0.2 per cent) has been deducted from the breakeven inflation rate for the year ended 31 March 2025. The impact of this is a decrease in the defined benefit obligation of around \u00a317.0 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. The impact of this reduction in the post-2030 wedge as a result of RPI reform is a circa \u00a33.0 million increase to the uninsured 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.\u2022 Mortality long-term improvement rate \u2013 An increase in the mortality long-term improvement rate from 1.25 per cent to 1.50 per cent would have resulted in a \u00a312.7 million increase in the schemes\u2019 liabilities at 31 March 2025 (2024: \u00a315.7 million increase in the schemes\u2019 liabilities). \u2022 Life expectancy \u2013 An increase in life expectancy of one year would have resulted in a \u00a377.3 million (2024: \u00a385.8 million) increase in the schemes\u2019 liabilities at 31 March 2025. 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\u2019 assetsderivatives CombinedassetsGroup\u00a3m \u00a3m \u00a3m %At 31 March 2025Gilts 537.2 (202.0) 335.2 14.5Bonds 313.1 0.6 313.7 13.6Bulk annuity policies 1,405.8 - 1,405.8 60.9Other 279.1 (25.2) 253.9 11.0Total fair value of schemes\u2019 assets 2,535.2 (226.6) 2,308.6 100.0At 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\u2019 assets 2,788.0 (235.6) 2,552.4 100.0Included within the group\u2019s defined benefit pension scheme assets are assets with a fair value estimated to be \u00a31,555.0 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 2025. 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. Of the remaining balance of scheme assets, there are assets with a fair value estimated to be \u00a3739.3 million, which are categorised as \u2018level 2\u2019 assets, meaning that valuations include observable inputs other than quoted prices in active markets, and \u00a314.1 million of \u2018level 1\u2019 assets, meaning that there is a quoted price in an active market for identical assets or liabilities at the measurement 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 2025, no liquidity support or facilities were required by the group as a result of collateral calls.The derivative values in the table above represent the net market value of derivatives held within each of these asset categories as follows:2025 2024Group\u00a3m \u00a3mGiltsRepurchase agreements (202.0) (200.9)(202.0) (200.9)Bonds \u2013 hedging non-sterling exposure back to sterlingCurrency forwards 0.6 0.50.6 0.5Other \u2013 managing liability risks targeting a high level of interest rate and inflation hedgingInterest rate swaps (25.7) (35.6)RPI inflation swaps 0.5 0.4(25.2) (35.2)Total fair value of derivatives (226.6) (235.6)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 \u00a3162.4 million (2024: \u00a3147.0 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:2025 2024Group\u00a3m \u00a3mAt the start of the year 2,552.4 2,931.3Interest income on schemes\u2019 assets 119.0 135.7The return on plan assets, excluding amounts included in interest (240.9) (402.7)Member contributions 2.2 2.4Benefits paid (129.4) (119.6)Administrative expenses (4.0) (4.0)Employer contributions 9.3 9.3At the end of the year 2,308.6 2,552.4The group\u2019s actual return on the schemes\u2019 assets was a loss of \u00a3121.9 million (2024: \u00a3267.0 million loss). In line with IAS 19, the fair values of the buy-in assets have been set equal to the IAS 19 present values of the insured liabilities. 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 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 published its latest TCFD report in October 2024, which is available on the corporate website. For ESPS, while the group does not meet the size threshold that requires full TCFD reporting, the trustee has provided information for the wider scheme\u2019s report. The wider scheme\u2019s most recent TCFD report was published in October 2024 and is available from the ESPS website.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__21": {
"value": "Remuneration of key management personnel2025 2024\u00a3m \u00a3mSalaries and short-term employee benefits 6.7 6.8Share-based payment charge 1.6 1.88.3 8.6Key management personnel comprises all directors and certain senior managers who are members of the executive team.Staff costs (including directors)2025 2024Group \u00a3m \u00a3m(1)Wages and salaries372.1 341.8Employee-related taxes and levies 36.0 32.5Severance 0.2 1.4Post-employment benefits:Defined benefit pension expenses (see note 14) 6.5 2.2Defined contribution pension expense (see note 14) 36.7 32.4451.5 410.3Charged to other areas including regulatory capital schemes (227.4) (205.2)Staff costs 224.1 205.1(1) Wages and salaries excluding non-permanent staff was \u00a3334.8 million (2024: \u00a3302.5 million).Included within staff costs were \u00a30.2 million net charges (2024: \u00a33.2 million net credits) relating to restructuring costs.The total expense included within staff costs in respect of equity-settled share-based payments was \u00a34.7 million (2024: \u00a32.1 million). The company operates several share option schemes, details of which are given on pages 161 to 163 in the directors\u2019 remuneration report.Average number of staff employed by the group during the year (full-time equivalent including directors):2025 2024number numberAverage number of staff employed by the group during the year 6,203 6,035CompanyThe company has no staff.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__20": {
"value": "The total expense included within staff costs in respect of equity-settled share-based payments was \u00a34.7 million (2024: \u00a32.1 million). The company operates several share option schemes, details of which are given on pages 161 to 163 in the directors\u2019 remuneration report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__22": {
"value": "Average number of staff employed by the group during the year (full-time equivalent including directors):2025 2024number numberAverage number of staff employed by the group during the year 6,203 6,035CompanyThe company has no staff.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__24": {
"value": "4 Other operating costs2025 2024\u00a3m \u00a3mPower 154.5 164.3Materials 144.1 1 27.1Hired and contracted services 133.5 128.7Property rates 89.9 82.0Regulatory fees 44.8 39.3Insurance 14.5 13.3Accrued innovation costs 8.0 6.0Loss on disposal of property, plant and equipment 4.0 6.7Other expenses 3 7. 3 35.0630.6 602.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__23": {
"value": "4 Other operating costs2025 2024\u00a3m \u00a3mPower 154.5 164.3Materials 144.1 1 27.1Hired and contracted services 133.5 128.7Property rates 89.9 82.0Regulatory fees 44.8 39.3Insurance 14.5 13.3Accrued innovation costs 8.0 6.0Loss on disposal of property, plant and equipment 4.0 6.7Other expenses 3 7. 3 35.0630.6 602.4In June 2023, the group experienced a significant outfall pipe fracture at a major wastewater treatment works at Fleetwood, for which the remediation and associated activity resulted in costs of \u00a337.6 million being incurred during the year to 31 March 2024, with a further \u00a32.3 million incurred during the year to 31 March 2025. These costs have been presented as an adjusting item in arriving at the group\u2019s underlying operating profit position as included in its alternative performance measures.The \u00a337.6 million of prior year costs is split into \u00a323.6 million of operating costs included in the above total, and \u00a314.0 million of infrastructure renewal expenditure. The majority of the \u00a323.6 million of operating costs were reflected within hired and contracted services, including the cost of tankering to reduce the volume of sewage spills along the Fylde Coast while remediation activity was undertaken. Of the \u00a32.3 million costs incurred in the year to 31 March 2025, \u00a30.7 million of operating costs are included in the above total, with \u00a31.6 million included within infrastructure renewal expenditure. In addition to the costs relating to the incident at Fleetwood, other operating costs have increased compared with the same period in the prior year. This increase is predominantly due to inflationary pressures on our cost base as well as additional investment in performance ahead of AMP8, partially offset by cost control efficiencies.Research and development expenditure for the year ended 31 March 2025 was \u00a30.6 million (2024: \u00a30.7 million). In addition, \u00a38.0 million (2024: \u00a36.0 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:2025 2024\u00a3\u2019000 \u00a3\u2019000Audit servicesStatutory audit \u2013 group and company 280 240Statutory audit \u2013 subsidiaries 830 7371,110 977Non-audit servicesRegulatory audit services provided by the statutory auditor 80 80Other non-audit services 210 193Total audit and non-audit services 1,400 1,250",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__25": {
"value": "Research and development expenditure for the year ended 31 March 2025 was \u00a30.6 million (2024: \u00a30.7 million). In addition, \u00a38.0 million (2024: \u00a36.0 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:2025 2024\u00a3\u2019000 \u00a3\u2019000Audit servicesStatutory audit \u2013 group and company 280 240Statutory audit \u2013 subsidiaries 830 7371,110 977Non-audit servicesRegulatory audit services provided by the statutory auditor 80 80Other non-audit services 210 193Total audit and non-audit services 1,400 1,250",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__26": {
"value": "During the year, the group obtained the following services from its auditor:2025 2024\u00a3\u2019000 \u00a3\u2019000Audit servicesStatutory audit \u2013 group and company 280 240Statutory audit \u2013 subsidiaries 830 7371,110 977Non-audit servicesRegulatory audit services provided by the statutory auditor 80 80Other non-audit services 210 193Total audit and non-audit services 1,400 1,250",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__27": {
"value": "5 Investment income2025 2024\u00a3m \u00a3mInterest receivable on short-term bank deposits held at amortised cost 87.4 49.1Interest receivable on loans to joint ventures held at amortised cost (see note A5) 5.9 5.6Net pension interest income (see note 14) 12.9 28.6Other interest receivable \u2013 2.3106.2 85.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__28": {
"value": "6 Finance expense2025 2024\u00a3m \u00a3mInterest payable(1)Interest payable on borrowings held at amortised cost372.3 379.8372.3 379.8Fair value (gains)/losses on debt and derivative instrumentsFair value hedge relationships:(2)Borrowings(60.1) (5.1)(2)(3)Designated swaps39.1 3.4(21.0) (1.7)Financial instruments at fair value through profit or loss:(4)Borrowings designated at fair value through profit or loss(6.8) (21.3)Associated swaps 5.6 22.1(1.2) 0.8(5)Fixed interest rate swaps(4.1) 27.3Net receipts on derivatives and debt under fair value option 9.4 (21.3)(5)Inflation swaps16.5 5.3Other \u2013 (0.9)21.8 10.4(6)Net fair value (gains)/losses on debt and derivative instruments(0.4) 9.5371.9 389.3Notes:(1) Includes a \u00a3142.2 million (2024: \u00a3225.9 million) non-cash inflation uplift expense repayable on maturity in relation to the group\u2019s index-linked debt and \u00a31.9 million (2024: \u00a31.4 million) interest expense on lease liabilities, representing the unwinding of the discounting applied to future lease payments. This also includes an accrual of interest payable of \u00a3122.7 million (2024: \u00a382.1 million), as disclosed within note 18, which is a non-cash adjustment for interest paid within the consolidated statement of cash flows.(2) Includes foreign exchange gain of \u00a313.2 million (2024: \u00a335.2 million gain). These gains are largely offset by fair value losses on derivatives.(3) Under the provisions of IFRS 9 \u2018Financial instruments\u2019, a \u00a33.7 million gain (2024: \u00a34.8 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 \u00a31.9 million gain (2024: \u00a30.7 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 \u00a31.3 million (2024: \u00a329.3 million) income due to net interest on derivatives and debt under fair value option and \u00a319.6 million (2024: \u00a325.9 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 98 to 99.Interest payable is stated net of \u00a368.5 million (2024: \u00a381.0 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 5.4 per cent (2024: 6.1 per cent) to expenditure on such assets as prescribed by IAS 23 \u2018Borrowing Costs\u2019. These borrowing costs are included within interest paid in the consolidated statement of cash flows.Underlying finance expense, which forms part of the group\u2019s APMs set out on pages 98 to 99, is calculated by adjusting net finance expense and investment income of \u00a3265.7 million (2024: \u00a3306.1 million) reported in the income statement to exclude the \u00a30.4 million of fair value gains (2024: \u00a39.5 million of fair value losses) in the above table, but include \u00a31.3 million (2024: \u00a329.3 million) income due to net interest on derivatives and debt under fair value option, and \u00a319.6 million (2024: \u00a325.9 million) expense due to non-cash inflation uplift on index-linked derivatives.",
"dimensions": {
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"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__29": {
"value": "Interest payable is stated net of \u00a368.5 million (2024: \u00a381.0 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 5.4 per cent (2024: 6.1 per cent) to expenditure on such assets as prescribed by IAS 23 \u2018Borrowing Costs\u2019. These borrowing costs are included within interest paid in the consolidated statement of cash flows.Underlying finance expense, which forms part of the group\u2019s APMs set out on pages 98 to 99, is calculated by adjusting net finance expense and investment income of \u00a3265.7 million (2024: \u00a3306.1 million) reported in the income statement to exclude the \u00a30.4 million of fair value gains (2024: \u00a39.5 million of fair value losses) in the above table, but include \u00a31.3 million (2024: \u00a329.3 million) income due to net interest on derivatives and debt under fair value option, and \u00a319.6 million (2024: \u00a325.9 million) expense due to non-cash inflation uplift on index-linked derivatives.",
"dimensions": {
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"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__30": {
"value": "7 Tax2025 2024\u00a3m \u00a3mCurrent taxUK corporation tax \u2013 \u2013Adjustments in respect of prior years 0.4 (5.8)Total current tax charge/(credit) for the year 0.4 (5.8)Deferred taxCurrent year 92.3 44.3Adjustments in respect of prior years (2.4) 4.6Total deferred tax charge for the year 89.9 48.9Total tax charge for the year 90.3 43.1The current tax \u2018adjustments in respect of prior years\u2019 of \u00a30.4 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 deferred tax \u2018adjustments in respect of prior years\u2019 of \u00a32.4 million is mainly due to the utilisation of losses which were previously being carried forward.The 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:2025 2025 2024 2024\u00a3m % \u00a3m %Profit before tax 355.0 170.0Tax at the UK corporation tax rate 88.7 25.0 42.5 25.0Adjustments in respect of prior years (2.0) (0.6) (1.2) (0.7)Net income not taxable 3.6 1.0 1.8 1.1Total tax charge and effective tax rate for the year 90.3 25.4 43.1 25.4The table below reconciles the notional tax charge at the UK corporation tax rate to the total current tax charge for the year:2025 2024\u00a3m \u00a3mProfit before tax 355.0 170.0Profit before tax multiplied by the standard rate of UK corporation tax of 25% (2024: 25%) 88.7 42.5Relief for capital allowances in place of depreciation (278.1) (202.0)Disallowances of depreciation charged in the accounts 99.8 94.6Adjustments to tax charge in respect of prior years 0.4 (5.8)Financial transactions timing differences (2.5) 4.2Pension timing differences (4.0) (9.2)Relief for capitalised interest ( 1 7.1 ) (20.2)Other timing differences 3.9 1.0Joint ventures losses not taxed 2.6 1.0Expenses not deductible for tax purposes (3.0) (2.8)Depreciation charged on non-qualifying assets 3.9 3.7Current year tax losses carried forward 105.8 87.2Current tax charge/(credit) for the year 0.4 (5.8)The group\u2019s current tax charge is typically lower than the UK headline rate of 25% 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 group has historically invested in capital expenditure on projects involving Research and Development (\u2018R&D\u2019) upon which claims for accelerated capital allowances have been made. 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 to which it relates. Reaching agreement with tax authorities as to the amount of R&D allowances available can take a number of years, and judgement is required in estimating the amount of R&D allowances likely to be received following the conclusion of these processes. The group believes that it has made appropriate provision for periods that remain under enquiry and are yet to be agreed with tax authorities (financial years ended 31 March 2019 to 31 March 2022, inclusive), and that the carrying amount of the relevant tax assets reflects management\u2019s estimate of the most likely amount that will be received. Should it ultimately be the case that the full asset is unable to be recovered, the company is expected to instead be able to claim standard capital allowances. As a result, in the event that the group is unsuccessful in fully agreeing the R&D claims with the tax authorities, any reduction in the associated current tax receivable in relation to this would be expected to materially reduce deferred tax liabilities in respect of accelerated tax depreciation, with any difference being due to differences in the historical tax rates at which the current tax assets are recognised and the 25 per cent rate used to calculate the deferred tax positions. 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 low value items where there is a timing difference between the accounting and tax recognition.Depreciation charged on non-qualifying assets relates to accounting depreciation where there is no corresponding tax deduction.Current-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 TwoPillar Two legislation mandates a top-up tax for entities with an effective rate below the 15 per cent threshold. The legislation applies to the current accounting period for the first time. As of 31 March 2025, the only jurisdiction in which the group has a potential Pillar Two exposure is the UK. The entire UK profits of the group are within the scope of Pillar Two. The group will be able to take advantage of the Transitional Safe Harbour rules for this and the subsequent two accounting periods such that the current tax expense in relation to Pillar Two income taxes is nil. 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. The International Accounting Standards Board (IASB) issued amendments to IAS 12 \u2018Income Taxes\u2019 in 2023 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 in relation to the OECD/G20 BEPS Pillar Two model rules. The group applied the temporary exception at 31 March 2025.2025 2024Tax on items recorded within other comprehensive income \u00a3m \u00a3mDeferred taxOn remeasurement gains/(losses) on defined benefit pension schemes 4.7 (152.2)On net fair value gains/(losses) on credit assumptions for debt reported at fair value through profit and loss and cost of hedging 0.1 (13.9)Share-based payments 3.1 (0.3)Total tax charge/(credit) on items recorded within other comprehensive income 7.9 (166.4)The tax adjustments taken to other comprehensive income primarily relate to remeasurement movements on the group\u2019s defined benefit pension schemes. Management considers 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.Current tax assetTotalGroup \u00a3mAt 1 April 2023 98.9Charged to the income statement \u2013Adjustments in respect of prior years 5.8Payments/(receipts) (4.6)At 31 March 2024 100.1Charged to the income statement \u2013Adjustments in respect of prior years (0.4)Payments/(receipts) (6.4)At 31 March 2025 93.3The current tax asset recognised in the statement of financial position reflects the amount of tax expected to be recoverable in the next 12 months, based on judgements made regarding the application of tax law, and the current status of negotiations with, and enquiries from, tax authorities. A significant part of the receivable relates to the R&D claims made in prior years.Deferred tax liabilitiesThe following are the major deferred tax liabilities and assets recognised by the group, and the movements thereon, during the current and prior years:Accelerated Retirement tax benefit depreciationobligations Other Tax losses TotalGroup \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mAt 1 April 2023 1,863.9 210.3 97.9 (124.0) 2,048.1Charged to the income statement 144.8 8.9 (17.6) (87.2) 48.9Credited to other comprehensive income \u2013 (152.2) (14.2) \u2013 (166.4)At 31 March 2024 2,008.7 6 7. 0 66.1(211.2)1,930.6Charged to the income statement \u2013 adjustments in respect of prior years (192.1) \u2013 \u2013 189.7 (2.4)Charged to the income statement \u2013 current year 192.1 3.8 2.2 (105.8) 92.3Credited to other comprehensive income \u2013 4.7 3.2\u20137.9At 31 March 2025 2,008.7 75.5 71.5 (127.3) 2,028.4Certain deferred tax assets and liabilities have been offset in accordance with IAS 12 \u2018Income Taxes\u2019.The accelerated tax depreciation represents the difference between capital allowances and accounting depreciation on the group\u2019s property, plant and equipment. Capital allowances are tax reliefs provided in law and spread the tax relief due over a pre-determined standard number of years. This contrasts with the accounting treatment, where the expenditure is treated as an asset with the cost being depreciated over the useful life of the asset, or impaired if the value of such assets is considered to have reduced materially. Due to the group\u2019s continued significant annual capital expenditure, the deductions for capital allowances are expected to exceed depreciation for the medium term and continue to impact future corporation tax payments. Given the fully funded nature of the group\u2019s defined benefit pension schemes, the retirement benefit obligations primarily relate to deferred taxation on the pensions schemes surplus position. This amount is significantly impacted by financial market conditions and long-term inflation expectations and therefore it is difficult to forecast future movements. However, these movements have no impact on medium-term future corporation tax payments as they only impact year-on-year deferred tax movement.Deferred tax on retirement benefit obligations can arise where there are year-on-year differences between the contributions paid and the associated amounts charged to the profit and loss account. However, given the fully funded nature of the group\u2019s pension schemes, any such deferred tax movements, together with the associated impact on future corporation tax payments, is not expected to be significant over the medium term.Deferred tax on losses carried forward has been recognised as offsetting against the deferred tax on accelerated tax depreciation. These losses are generated predominantly as a result of tax relief available on our capital expenditure in the form of capital allowances. These losses will be carried forward to offset against future taxable profits. The largely offsetting prior-year adjustments reflected within accelerated tax depreciation and tax losses reflect a decision made in the current year (in line with statutory time limits) to disclaim capital allowances. This reduced the losses carried forward in relation to those earlier periods.CompanyThe company had no deferred tax assets or liabilities at 31 March 2025 or 31 March 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__31": {
"value": "deferred tax liabilities in respect of accelerated tax depreciation, with any difference being due to differences in the historical tax rates at which the current tax assets are recognised and the 25 per cent rate used to calculate the deferred tax positions. 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 low value items where there is a timing difference between the accounting and tax recognition.Depreciation charged on non-qualifying assets relates to accounting depreciation where there is no corresponding tax deduction.Current-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 TwoPillar Two legislation mandates a top-up tax for entities with an effective rate below the 15 per cent threshold. The legislation applies to the current accounting period for the first time. As of 31 March 2025, the only jurisdiction in which the group has a potential Pillar Two exposure is the UK. The entire UK profits of the group are within the scope of Pillar Two. The group will be able to take advantage of the Transitional Safe Harbour rules for this and the subsequent two accounting periods such that the current tax expense in relation to Pillar Two income taxes is nil. 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. The International Accounting Standards Board (IASB) issued amendments to IAS 12 \u2018Income Taxes\u2019 in 2023 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 in relation to the OECD/G20 BEPS Pillar Two model rules. The group applied the temporary exception at 31 March 2025.2025 2024Tax on items recorded within other comprehensive income \u00a3m \u00a3mDeferred taxOn remeasurement gains/(losses) on defined benefit pension schemes 4.7 (152.2)On net fair value gains/(losses) on credit assumptions for debt reported at fair value through profit and loss and cost of hedging 0.1 (13.9)Share-based payments 3.1 (0.3)Total tax charge/(credit) on items recorded within other comprehensive income 7.9 (166.4)The tax adjustments taken to other comprehensive income primarily relate to remeasurement movements on the group\u2019s defined benefit pension schemes. Management considers 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.Current tax assetTotalGroup \u00a3mAt 1 April 2023 98.9Charged to the income statement \u2013Adjustments in respect of prior years 5.8Payments/(receipts) (4.6)At 31 March 2024 100.1Charged to the income statement \u2013Adjustments in respect of prior years (0.4)Payments/(receipts) (6.4)At 31 March 2025 93.3The current tax asset recognised in the statement of financial position reflects the amount of tax expected to be recoverable in the next 12 months, based on judgements made regarding the application of tax law, and the current status of negotiations with, and enquiries from, tax authorities. A significant part of the receivable relates to the R&D claims made in prior years.Deferred tax liabilitiesThe following are the major deferred tax liabilities and assets recognised by the group, and the movements thereon, during the current and prior years:Accelerated Retirement tax benefit depreciationobligations Other Tax losses TotalGroup \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mAt 1 April 2023 1,863.9 210.3 97.9 (124.0) 2,048.1Charged to the income statement 144.8 8.9 (17.6) (87.2) 48.9Credited to other comprehensive income \u2013 (152.2) (14.2) \u2013 (166.4)At 31 March 2024 2,008.7 6 7. 0 66.1(211.2)1,930.6Charged to the income statement \u2013 adjustments in respect of prior years (192.1) \u2013 \u2013 189.7 (2.4)Charged to the income statement \u2013 current year 192.1 3.8 2.2 (105.8) 92.3Credited to other comprehensive income \u2013 4.7 3.2\u20137.9At 31 March 2025 2,008.7 75.5 71.5 (127.3) 2,028.4Certain deferred tax assets and liabilities have been offset in accordance with IAS 12 \u2018Income Taxes\u2019.The accelerated tax depreciation represents the difference between capital allowances and accounting depreciation on the group\u2019s property, plant and equipment. Capital allowances are tax reliefs provided in law and spread the tax relief due over a pre-determined standard number of years. This contrasts with the accounting treatment, where the expenditure is treated as an asset with the cost being depreciated over the useful life of the asset, or impaired if the value of such assets is considered to have reduced materially. Due to the group\u2019s continued significant annual capital expenditure, the deductions for capital allowances are expected to exceed depreciation for the medium term and continue to impact future corporation tax payments. Given the fully funded nature of the group\u2019s defined benefit pension schemes, the retirement benefit obligations primarily relate to deferred taxation on the pensions schemes surplus position. This amount is significantly impacted by financial market conditions and long-term inflation expectations and therefore it is difficult to forecast future movements. However, these movements have no impact on medium-term future corporation tax payments as they only impact year-on-year deferred tax movement.Deferred tax on retirement benefit obligations can arise where there are year-on-year differences between the contributions paid and the associated amounts charged to the profit and loss account. However, given the fully funded nature of the group\u2019s pension schemes, any such deferred tax movements, together with the associated impact on future corporation tax payments, is not expected to be significant over the medium term.Deferred tax on losses carried forward has been recognised as offsetting against the deferred tax on accelerated tax depreciation. These losses are generated predominantly as a result of tax relief available on our capital expenditure in the form of capital allowances. These losses will be carried forward to offset against future taxable profits. The largely offsetting prior-year adjustments reflected within accelerated tax depreciation and tax losses reflect a decision made in the current year (in line with statutory time limits) to disclaim capital allowances. This",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__32": {
"value": "current tax assets are recognised and the 25 per cent rate used to calculate the deferred tax positions. 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 low value items where there is a timing difference between the accounting and tax recognition.Depreciation charged on non-qualifying assets relates to accounting depreciation where there is no corresponding tax deduction.Current-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 TwoPillar Two legislation mandates a top-up tax for entities with an effective rate below the 15 per cent threshold. The legislation applies to the current accounting period for the first time. As of 31 March 2025, the only jurisdiction in which the group has a potential Pillar Two exposure is the UK. The entire UK profits of the group are within the scope of Pillar Two. The group will be able to take advantage of the Transitional Safe Harbour rules for this and the subsequent two accounting periods such that the current tax expense in relation to Pillar Two income taxes is nil. 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. The International Accounting Standards Board (IASB) issued amendments to IAS 12 \u2018Income Taxes\u2019 in 2023 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 in relation to the OECD/G20 BEPS Pillar Two model rules. The group applied the temporary exception at 31 March 2025.2025 2024Tax on items recorded within other comprehensive income \u00a3m \u00a3mDeferred taxOn remeasurement gains/(losses) on defined benefit pension schemes 4.7 (152.2)On net fair value gains/(losses) on credit assumptions for debt reported at fair value through profit and loss and cost of hedging 0.1 (13.9)Share-based payments 3.1 (0.3)Total tax charge/(credit) on items recorded within other comprehensive income 7.9 (166.4)The tax adjustments taken to other comprehensive income primarily relate to remeasurement movements on the group\u2019s defined benefit pension schemes. Management considers 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.Current tax assetTotalGroup \u00a3mAt 1 April 2023 98.9Charged to the income statement \u2013Adjustments in respect of prior years 5.8Payments/(receipts) (4.6)At 31 March 2024 100.1Charged to the income statement \u2013Adjustments in respect of prior years (0.4)Payments/(receipts) (6.4)At 31 March 2025 93.3The current tax asset recognised in the statement of financial position reflects the amount of tax expected to be recoverable in the next 12 months, based on judgements made regarding the application of tax law, and the current status of negotiations with, and enquiries from, tax authorities. A significant part of the receivable relates to the R&D claims made in prior years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
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},
"f0__s8__6__33": {
"value": "8 Earnings per share2025 2024\u00a3m \u00a3mProfit after tax attributable to equity holders of the company \u2013 continuing operations 264.7 126.92025 2024pence penceEarnings per shareBasic 38.8 18.6Diluted 38.7 18.6Basic 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 (2024: 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 683.6 million, being the weighted average number of shares in issue during the year, including dilutive shares (2024: 683.5 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:2025 2024million millionAverage number of ordinary shares \u2013 basic 681.9 681.9Effect of potential dilutive ordinary share options 1.7 1.6Average number of ordinary shares \u2013 diluted 683.6 683.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__34": {
"value": "9 Dividends2025 2024\u00a3m \u00a3mAmounts recognised as distributions to equity holders of the company in the year comprise:Ordinary sharesFinal dividend for the year ended 31 March 2024 at 33.19 pence per share (2023: 30.34 pence) 226.3 206.9Interim dividend for the year ended 31 March 2025 at 17.28 pence per share (2024: 16.59 pence) 11 7. 8 113.1344.1 320.0Proposed final dividend for the year ended 31 March 2025 at 34.57 pence per share (2024: 33.19 pence) 235.7 226.3The proposed final dividends for the years ended 31 March 2025 and 31 March 2024 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 2025 and 31 March 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__7__35": {
"value": "226300000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f0__s8__6__35": {
"value": "235700000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f0__s8__6__36": {
"value": "10 Property, plant and equipmentProperty, plant and equipment comprises owned and leased assets.2025 2024\u00a3m \u00a3mProperty, plant and equipment \u2013 owned 13,791.9 12,986.7Right-of-use assets \u2013 leased 81.1 5 7.6Net book value 13,873.0 13,044.3Property, plant and equipment \u2013 ownedFixtures, Infra- fittings, Assets in Land and structure Operational tools and course of buildingsassets assets equipmentconstruction Total Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mCostAt 1 April 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 18,295.9Additions 2.3 134.9 208.8 6.4 891.5 1,243.9Transfers (0.3) 185.8 450.2 43.7 (679.4) \u2013Disposals (1.5) \u2013 (63.3) (16.9) \u2013 (81.7)At 31 March 2025 379.8 7,1 0 8 .4 9,689.1 478.5 1,802.3 19,458.1Accumulated depreciationAt 1 April 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 5,309.2Charge for the year 8.9 51.3 355.1 18.7 \u2013 434.0Transfers \u2013 (0.3) 0.3 \u2013 \u2013 \u2013Disposals (1.0) \u2013 (59.5) (16.5) \u2013 (77.0)At 31 March 2025 151.9 660.1 4,500.8 353.4 \u2013 5,666.2Net book value at 31 March 2024 235.3 6,178.6 4,888.5 94.1 1,590.2 12,986.7Net book value at 31 March 2025 227.9 6,448.3 5,188.3 125.1 1,802.3 13,791.9At 31 March 2025, the group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to \u00a3112.0 million (2024: \u00a3327.0 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 the presentation of government grants related to assets during the year ended 31 March 2024, the group elected to deduct the value of grants received in arriving at the carrying value of related assets on the basis that this provides a better representation of the substance of these transactions. This resulted in \u00a36.1 million of grants related to assets received in previous years being deducted from the assets\u2019 carrying values, net of \u00a31.4 million of amortisation of these grants that has already been recognised in profit and loss. These amounts are reflected in the \u2018transfers\u2019 lines in the previous table. During the year ended 31 March 2025, government grants of \u00a30.9 million (2024: \u00a31.9 million) related to assets were received. These have been reflected in the \u2018additions\u2019 line in the previous table as a deduction in arriving at the carrying value of the related assets. Company The company had no property, plant and equipment or contractual commitments for the acquisition of property, plant and equipment at 31 March 2025 or 31 March 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__37": {
"value": "Following a review of the presentation of government grants related to assets during the year ended 31 March 2024, the group elected to deduct the value of grants received in arriving at the carrying value of related assets on the basis that this provides a better representation of the substance of these transactions. This resulted in \u00a36.1 million of grants related to assets received in previous years being deducted from the assets\u2019 carrying values, net of \u00a31.4 million of amortisation of these grants that has already been recognised in profit and loss. These amounts are reflected in the \u2018transfers\u2019 lines in the previous table. During the year ended 31 March 2025, government grants of \u00a30.9 million (2024: \u00a31.9 million) related to assets were received. These have been reflected in the \u2018additions\u2019 line in the previous table as a deduction in arriving at the carrying value of the related assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__38": {
"value": "11 Intangible assetsTotal Group\u00a3mCostAt 1 April 2023 452.5Additions 15.9Transfers \u2013Disposals (79.3)At 31 March 2024 389.1Additions 10.6Transfers (0.1)Disposals (0.2)At 31 March 2025 399.4Accumulated amortisationAt 1 April 2023 310.2Charge for the year 32.7Transfers \u2013Disposals (78.3)At 31 March 2024 264.6Charge for the year 29.2Transfers \u2013Disposals (0.2)At 31 March 2025 293.6Net book value at 31 March 2024 124.5Net book value at 31 March 2025 105.8The group\u2019s intangible assets relate mainly to computer software.At 31 March 2025, the group had entered into contractual commitments for the acquisition of intangible assets amounting to \u00a30.7 million (2024: \u00a31.1 million).CompanyThe company had no intangible assets or contractual commitments for the acquisition of intangible assets at 31 March 2025 or 31 March 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__39": {
"value": "12 Interests in joint ventures and other investments2025 2024\u00a3m \u00a3mJoint ventures at the start of the period 12.4 16.5Share of losses of joint ventures (10.8) (4.1)Joint ventures at the end of the period 1.6 12.4The 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 \u00a310.8 million (2024: \u00a34.1 million share of losses), all of which is recognised in the income statement. As at 31 March 2025, Water Plus had net liabilities of \u00a315.8 million based on the best information available at the time the group\u2019s financial statements are approved, with the group\u2019s share of this being \u00a37.9 million (50 per cent). Of the total historic share of Water Plus results giving rise to this position, losses of \u00a39.5 million have been allocated against the zero-coupon loan notes extended to Water Plus (see note A5), which are deemed to be a long-term interest that, in substance, forms part of the group\u2019s net investment in Water Plus. As such, the carrying value of the group\u2019s net investment in the joint venture as at 31 March 2025 was \u00a31.6 million.Details of transactions between the group and its joint ventures are disclosed in note A5.CompanyAt 31 March 2025, the company\u2019s investments related solely to its investment in United Utilities PLC, which was recorded at a cost of \u00a36,326.8 million (2024: \u00a36,326.8 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__40": {
"value": "13 Trade and other receivables Group Company2025 2024 2025 2024\u00a3m \u00a3m \u00a3m \u00a3m 79.7 Trade receivables 90.8 61.0 \u2013 \u201376.6 0.6 Amounts owed by subsidiary undertakings \u2013 \u2013 171.7 136.0Amounts owed by related parties (see note A5) 101.0 100.8 \u2013 \u2013Other debtors and prepayments 84.1 62.1 \u2013 \u2013Accrued income\u2013355.6 300.5 172.3 136.0The 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 2025, the group had \u00a373.6 million (2024: \u00a373.7 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 2025 and 31 March 2024.Trade receivables do not carry interest and are stated net of allowances for bad and doubtful receivables, an analysis of which is as follows:2025 2024Group\u00a3m \u00a3mAt the start of the year 84.4 85.7Amounts charged to operating expenses 20.5 22.0Trade receivables written off (22.3) (22.8)Amounts charged to deferred grants and contributions (0.2) (0.5)At the end of the year 82.4 84.4Amounts charged to deferred grants and contributions 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 2025 and 31 March 2024, 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 than one year and Aged greater Carrying one yeartwo yearsthan two yearsvalueAt 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3mGross trade receivables 88.8 30.9 53.4 173.1Allowance for expected credit losses (16.2) (13.5) (52.7) (82.4)Net trade receivables 72.6 1 7.4 0.7 90.7Aged between Aged less than one year and Aged greater Carrying one yeartwo yearsthan two 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 60.9At 31 March 2025, the group had \u00a30.1 million (2024: \u00a30.1 million) of trade receivables that were not past due.At 31 March 2025 and 31 March 2024, 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.CompanyAt 31 March 2025 and 31 March 2024, the company had no trade receivables that were past due. Of the \u00a3171.7 million (2024: \u00a3136.0 million) owed by subsidiaries, \u00a375.0 million (2024: \u00a375.0 million) was classified as non-current at the reporting date.The carrying amount of trade and other receivables approximates to their fair value at 31 March 2025 and 31 March 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__42": {
"value": " Group Company2025 2024 2025 2024\u00a3m \u00a3m \u00a3m \u00a3m 79.7 Trade receivables 90.8 61.0 \u2013 \u201376.6 0.6 Amounts owed by subsidiary undertakings \u2013 \u2013 171.7 136.0Amounts owed by related parties (see note A5) 101.0 100.8 \u2013 \u2013Other debtors and prepayments 84.1 62.1 \u2013 \u2013Accrued income\u2013355.6 300.5 172.3 136.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__41": {
"value": " for bad and doubtful receivables, an analysis of which is as follows:2025 2024Group\u00a3m \u00a3mAt the start of the year 84.4 85.7Amounts charged to operating expenses 20.5 22.0Trade receivables written off (22.3) (22.8)Amounts charged to deferred grants and contributions (0.2) (0.5)At the end of the year 82.4 84.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__44": {
"value": "15 Cash and cash equivalents Group2025 2024\u00a3m \u00a3mCash at bank and in hand 4.2 3.7Short-term bank deposits 1,668.4 1,395.6Cash and short-term deposits 1,672.6 1,399.3Book overdrafts (included in borrowings \u2013 see note 16) (3.6) (20.0)Cash and cash equivalents in the statement of cash flows 1,669.0 1,379.3Cash 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": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__46": {
"value": "16 Borrowings2025 2024Group\u00a3m \u00a3mNon-current liabilitiesBonds 8,807.1 7,598.2Bank and other term borrowings 1,441.4 1,691.4Lease obligations 78.0 56.210,326.5 9,345.8Current liabilitiesBonds 143.7 328.4Bank and other term borrowings 309.6 304.2Book overdrafts (see note 15) 3.6 20.0Lease obligations 5.2 3.0462.1 655.610,788.6 10,001.4As at 31 March 2025, there were \u00a3866.2 million of non-current borrowings with a single counterparty that are subject to compliance with financial covenants in respect of the level of gearing and interest cover of United Utilities Water Limited, a subsidiary of the group, which could lead to the borrowings becoming repayable within 12 months of the balance sheet date if breached. Compliance with these covenants is monitored by the group on a quarterly basis and reported to the counterparty annually. The group was compliant with these financial covenants at the reporting date.During the year, the group issued \u00a31,036.0 million (2024: \u00a3956.3 million) of debt under its Sustainable Finance Framework. These instruments are structured as \u201cuse of proceeds\u201d bonds and do not include pricing mechanisms or covenants linked to financial or ESG performance. As a result, the accounting follows that of other conventional debt issuances.Further details of the group\u2019s outstanding borrowings as at the reporting date, including the nature and extent of associated risks and how these risks are managed, along with hedge accounting (where applicable) and the determination of fair value, are provided in note A3.The maturity profile of lease liabilities recognised as at the reporting date is provided in note 19. 2025 2024Company\u00a3m \u00a3mNon-current liabilitiesAmounts owed to subsidiary undertakings 2,108.9 1,982.32,108.9 1,982.3Amounts 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.The company\u2019s borrowings are unsecured and measured at amortised cost. The carrying amount of borrowings approximates their fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__45": {
"value": "16 Borrowings2025 2024Group\u00a3m \u00a3mNon-current liabilitiesBonds 8,807.1 7,598.2Bank and other term borrowings 1,441.4 1,691.4Lease obligations 78.0 56.210,326.5 9,345.8Current liabilitiesBonds 143.7 328.4Bank and other term borrowings 309.6 304.2Book overdrafts (see note 15) 3.6 20.0Lease obligations 5.2 3.0462.1 655.610,788.6 10,001.4As at 31 March 2025, there were \u00a3866.2 million of non-current borrowings with a single counterparty that are subject to compliance with financial covenants in respect of the level of gearing and interest cover of United Utilities Water Limited, a subsidiary of the group, which could lead to the borrowings becoming repayable within 12 months of the balance sheet date if breached. Compliance with these covenants is monitored by the group on a quarterly basis and reported to the counterparty annually. The group was compliant with these financial covenants at the reporting date.During the year, the group issued \u00a31,036.0 million (2024: \u00a3956.3 million) of debt under its Sustainable Finance Framework. These instruments are structured as \u201cuse of proceeds\u201d bonds and do not include pricing mechanisms or covenants linked to financial or ESG performance. As a result, the accounting follows that of other conventional debt issuances.Further details of the group\u2019s outstanding borrowings as at the reporting date, including the nature and extent of associated risks and how these risks are managed, along with hedge accounting (where applicable) and the determination of fair value, are provided in note A3.The maturity profile of lease liabilities recognised as at the reporting date is provided in note 19. 2025 2024Company\u00a3m \u00a3mNon-current liabilitiesAmounts owed to subsidiary undertakings 2,108.9 1,982.32,108.9 1,982.3Amounts 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.The company\u2019s borrowings are unsecured and measured at amortised cost. The carrying amount of borrowings approximates their fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__47": {
"value": "17 ProvisionsSeverance Other Total Group \u00a3m \u00a3m \u00a3mAt 1 April 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 13.5Charged to the income statement 0.3 12.2 12.5Utilised in the year (0.7) (6.3) (7.0)At 31 March 2025 0.1 18.9 19.0The group had no provisions classed as non-current at 31 March 2025 or 31 March 2024.The severance provision as at 31 March 2025 and 31 March 2024 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.CompanyThe company had no provisions at 31 March 2025 or 31 March 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__48": {
"value": "18 Trade and other payablesGroup Company2025 2024 2025 2024Non-current\u00a3m \u00a3m \u00a3m \u00a3mDeferred grants and contributions 1,045.9 9 3 7.7 \u2013 \u2013Other creditors 17.9 20.2 \u2013 \u20131,063.8 957.9 \u2013 \u2013 Group Company2025 2024 2025 20245 7 7. 2 413.3 Current4.1\u00a3m \u00a3m \u00a3m \u00a3m 5.0Trade payables 29.9 23.4 \u2013 \u2013Amounts owed to subsidiary undertakings \u2013 \u2013 \u2013 0.9Other tax and social security 8.8 7. 5 \u2013 \u2013Deferred grants and contributions 19.7 1 7. 8 \u2013 \u2013Accruals and other creditors 453.2 315.4 4.1 4.1Deferred income 65.6 49.2 \u2013 \u2013The average credit period taken for trade purchases is 11 days (2024: 11 days).The carrying amounts of trade and other payables approximate to their fair value at 31 March 2025 and 31 March 2024.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.Accruals and other creditors includes capital accruals of \u00a3163.2 million (2024: \u00a394.9 million) and interest accruals of \u00a3122.7 million (2024: \u00a382.1 million). The remainder of the balance mainly consists of accruals for other operating costs.Deferred grants and contributions2025 2024Group\u00a3m \u00a3mAt the start of the year 955.5 889.9Amounts capitalised during the year 8.3 25.9Transfer of assets from customers 121.4 61.3Transfer of government grants related to assets \u2013 (4.7)Credited to the income statement \u2013 revenue (19.8) (1 7.4)Credited to allowance for bad and doubtful receivables 0.2 0.5At the end of the year 1,065.6 955.5During the year ended 31 March 2024, the unamortised value of government grants related to assets was transferred to property, plant and equipment and deducted in arriving at the carrying value of related assets. See note 10 for further details.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__50": {
"value": " Group Company2025 2024 2025 20245 7 7. 2 413.3 Current4.1\u00a3m \u00a3m \u00a3m \u00a3m 5.0Trade payables 29.9 23.4 \u2013 \u2013Amounts owed to subsidiary undertakings \u2013 \u2013 \u2013 0.9Other tax and social security 8.8 7. 5 \u2013 \u2013Deferred grants and contributions 19.7 1 7. 8 \u2013 \u2013Accruals and other creditors 453.2 315.4 4.1 4.1Deferred income 65.6 49.2 \u2013 \u2013",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__49": {
"value": " Group Company2025 2024 2025 20245 7 7. 2 413.3 Current4.1\u00a3m \u00a3m \u00a3m \u00a3m 5.0Trade payables 29.9 23.4 \u2013 \u2013Amounts owed to subsidiary undertakings \u2013 \u2013 \u2013 0.9Other tax and social security 8.8 7. 5 \u2013 \u2013Deferred grants and contributions 19.7 1 7. 8 \u2013 \u2013Accruals and other creditors 453.2 315.4 4.1 4.1Deferred income 65.6 49.2 \u2013 \u2013",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__51": {
"value": "19 LeasesIn order to carry out its activities, the group enters into leases of assets from time to time, typically in relation to items such as land, buildings, vehicles and equipment. Due to the nature of the group\u2019s operations, many of the group\u2019s leases have extremely long terms, with leases ranging from one year to 999 years. The group does not typically enter into lease contracts with a duration of less than 12 months, and no material costs were incurred during the year for short-term leases. During the year, the group has entered into leases of computer equipment for which the underlying assets are of low value, and therefore qualify for the recognition exemption available under IFRS 16 \u2018Leases\u2019, which the group has elected to apply. The expense related to these low-value assets incurred in the year totals \u00a32.0 million (2024: \u00a30.6 million). As at 31 March 2025, the group\u2019s statement of financial position included right-of-use assets with a net book value of \u00a381.1 million (2024: \u00a357.6 million) and lease liabilities with a total value of \u00a383.2 million (2024: \u00a359.2 million). These balances are analysed further below.Right-of-use assetsAs shown in note 10, the carrying amount of right-of-use assets at the year ended 31 March 2025 is presented in the following asset classes.2025 2024\u00a3m \u00a3mLand and buildings 59.9 52.0Operational assets 21.2 5.4Fixtures, fittings, tools, and equipment \u2013 0.2Total carrying amount of right-of-use assets 81.1 5 7.6Additions to right-of-use assets were \u00a325.4 million (2024: \u00a32.6 million). Disposals were \u00a30.5 million (2024: \u00a31.0 million).The depreciation charge recognised in relation to right-of-use assets, which is included within the group\u2019s operating profit, was as follows:2025 2024\u00a3m \u00a3mLand and buildings 1.3 1.2Operational assets 0.4 0.6Total depreciation of right-of-use assets 1.7 1.8Lease liabilitiesAs set out in note 16, lease liabilities at the year ended 31 March 2025 of \u00a383.2 million (2024: \u00a359.2 million) is split between \u00a378.0 million (2024: \u00a356.2 million) presented as non-current liabilities and \u00a35.2 million (2024: \u00a33.0 million) presented as current liabilities.The maturity profile of lease liabilities recognised at the balance sheet date is:2025 2024\u00a3m \u00a3mLess than 1 year 2.9 3.01 to 5 years 10.6 8.65 to 10 years 24.8 7.910 to 25 years 33.4 26.025 to 50 years 55.3 43.250 to 100 years 103.7 85.0100 to 500 years 123.8 108.6Longer than 500 years 3.5 3.5Total undiscounted cash payments 358.0 285.8Effect of discounting (274.8) (226.6)Present value of cash payments 83.2 59.2Interest recognised in relation to lease liabilities for the year ended 31 March 2025, and included within the group\u2019s finance expenses, was \u00a31.9 million (2024: \u00a31.4 million).The total cash outflow for leases for the year ended 31 March 2025 was \u00a33.3 million (2024: \u00a32.9 million); of this, \u00a31.9 million was payment of interest (2024: \u00a31.4 million) and \u00a31.4 million payment of principal (2024: \u00a31.5 million). Payment of interest forms part of cash flows from operating activities and payment of principal is included within repayment of borrowings, which forms part of cash flows from financing activities in the group\u2019s statement of cash flows.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
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},
"f0__s8__6__52": {
"value": "20 Other reservesCapital Cost of Cash flow redemption Merger hedging hedging reservereservereservereserve Total Group\u00a3m \u00a3m \u00a3m \u00a3m \u00a3mAt 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) 311.1At 1 April 2024 1,033.3 (703.6) 8.7 (27.3) 311.1Changes in fair value recognised in other comprehensive income \u2013 \u2013 3.6 8.6 12.2Amounts reclassified from other comprehensive income to profit or loss \u2013 \u2013 \u2013 (1.3) (1.3)Tax on hedge effectiveness taken directly to equity \u2013 \u2013 (0.9) (2.2) (3.1)Tax on reclassification to consolidated income statement \u2013 \u2013 \u2013 0.3 0.3At 31 March 2025 1,033.3 (703.6) 11.4 (21.9) 319.2The 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.CompanyThe company\u2019s other reserves at 31 March 2025, 31 March 2024 and 1 April 2023, were comprised entirely of a \u00a31,033.3 million capital redemption reserve that arose as a result of a return of capital to shareholders following the acquisition of United Utilities PLC by the company in the year ended 31 March 2009.",
"dimensions": {
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"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
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},
"f0__s8__6__53": {
"value": "21 Share capital2025 2025 2024 2024Group 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 174.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 194), 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": {
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"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
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},
"f0__s8__6__54": {
"value": "22 Contingent liabilitiesIn November 2021, Ofwat and the Environment Agency launched separate industry-wide investigations into how companies manage their wastewater assets. In July 2024, Ofwat announced that it is opening an enforcement case under which it will investigate UUW following detailed analysis of the company\u2019s environmental performance and data about the frequency of spills from storm overflows. At the same time, Ofwat opened similar enforcement cases investigating three other companies in the sector. Having already opened enforcement cases against the other seven companies, all 11 water and wastewater companies in England and Wales are now formally within the scope of Ofwat\u2019s enforcement activities. If a company is found to have breached its legal obligations this could result in a financial penalty of up to 10 per cent of relevant wastewater turnover (which in UUW\u2019s case would be around \u00a3100 million), and/or a requirement to rectify any obligations deemed to be required as a consequence of those findings. Ofwat has proposed penalties for three companies to date, ranging from 5 per cent to 9 per cent of relevant wastewater turnover, of which one company has agreed an enforcement package worth 6 per cent of its relevant wastewater turnover. UUW has received and responded to notices under s203 of the Water Industry Act 1991 requesting information relating to the performance and operation of its wastewater assets, and continues to fully co-operate with Ofwat through the investigation process. Ofwat stated that while it has concerns with the sector that it must investigate, the opening of enforcement cases does not automatically imply that companies have breached their legal obligations or that a financial penalty will necessarily follow. Although enforcement action undertaken against certain other companies has progressed, and in one case concluded, during the year, to date Ofwat has not given a firm indication of the expected timeframe for its ongoing investigation, or any subsequent action, in respect of UUW. Similarly, the Environment Agency has made a number of data requests and undertaken site visits as part of its ongoing industry-wide investigation, with which the group continues to fully comply. This investigation is focused on environmental permit compliance at wastewater treatment works and wastewater networks, with the Environment Agency having a number of enforcement options open to it if it concludes that companies have breached their permit conditions and/or illegally polluted the environment. These include the potential for criminal prosecution and unlimited fines. As with the Ofwat investigation, this remains ongoing. It is currently unclear when this matter will be resolved.As disclosed in the group\u2019s annual report for the year ended 31 March 2024, collective proceedings in the Competition Appeal Tribunal (\u2018CAT\u2019) were issued on 8 December 2023 against United Utilities Water Limited (\u2018UUW\u2019) and United Utilities Group PLC on behalf of approximately 5.6 million domestic customers following an application by the Proposed Class Representative (\u2018PCR\u2019), Professor Carolyn Roberts. The PCR alleges that customers have collectively paid an overcharge for sewerage services during the claim period as a result of UUW allegedly abusing a dominant position by providing misleading information to regulatory bodies. The estimated total aggregate amount the PCR is claiming against UUW (including interest) for household customers is at least \u00a3141 million. On 7 March 2025, the CAT unanimously concluded that claims could not proceed on the basis that the claims brought forward are excluded by section 18(8) of the Water Industry Act 1991. Subsequently, the PCR has applied to the CAT for permission to appeal the decision at the Court of Appeal. If permission is granted, this could result in an appeal towards the end of 2025 or in 2026. UUW believes the claim is without merit and will robustly defend it, should the certification decision be overturned on appeal. Separate letters before action were issued on 20 December 2024 in relation to similar claims in respect of non-household customers, however it is not clear how these will proceed following the CAT\u2019s decision not to certify the claims brought in respect of domestic customers.",
"dimensions": {
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"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
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"f0__s8__6__55": {
"value": "23 Financial and other commitmentsThe group has credit support guarantees as well as general performance commitments and potential liabilities under contract that may give rise to financial outflow. The group has determined that the possibility of any outflow arising in respect of these potential liabilities is remote and, as such, there are no financial liabilities to be disclosed in accordance with IFRS 9 \u2018Financial Instruments\u2019 (2024: none).At 31 March 2025, there were commitments for future capital expenditure and infrastructure renewals expenditure contracted, but not provided for, of \u00a3125.3 million (2024: \u00a3342.7 million).2025 2024\u00a3m \u00a3mProperty, plant and equipment 112.0 327.0Intangible assets 0.7 1.1Infrastructure renewals expenditure 12.6 14.6Total commitments contracted but not provided for 125.3 342.7The company has not entered into performance guarantees as at 31 March 2025 and 31 March 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__56": {
"value": "24 Events after the reporting periodOn 3 April 2025, United Utilities Water Limited acquired 100 per cent of the share capital of Trafford Property Limited, a special purpose vehicle holding land adjacent to the group\u2019s Davyhulme Wastewater Treatment Works site, for \u00a320.0 million. This transaction is accounted for as an asset acquisition rather than a business combination, as the transaction falls outside the scope of IFRS 3 \u2018Business Combinations\u2019. The cost of the acquisition is allocated entirely to the company\u2019s land asset and approximates the land\u2019s fair value at the date of acquisition. As the acquisition occurred after the reporting period, no adjustments have been made to the financial statements as at 31 March 2025.Notes to the financial statements \u2013 appendices",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__58": {
"value": "A1 Consolidated statement of cash flows \u2013 further analysisCash generated from operations2025 2024\u00a3m \u00a3mProfit before tax 355.0 170.0Adjustment for investment income and finance expense (see notes 5, 6 and A5) 265.7 306.1Adjustment for share of losses of joint ventures (see note 12) 10.8 4.1Operating profit 631.5 480.2Adjustments for:Depreciation of property, plant and equipment (see notes 10 and 19) 435.7 406.1Amortisation of intangible assets (see note 11) 29.2 32.7Loss on disposal of property, plant and equipment (see note 4) 4.0 6.7Amortisation of deferred grants and contributions (see note 18) (19.8) (1 7.4)Equity-settled share-based payments charge (see note 3) 4.7 2.1 Pension contributions paid less pension expense charged to operating profit (3.0) ( 7.1 )Changes in working capital:Increase in inventories (3.1) (7.2)Increase in trade and other receivables (54.7) (26.9)Increase/(Decrease) in trade and other payables 52.7 (4.2)Increase in provisions (see note 17) 5.5 0.4Cash generated from operations 1,082.7 865.4Reconciliation of fixed asset purchases to fixed asset additions2025 2024(1)Owned property, plant and equipment\u00a3m \u00a3mPurchase of property, plant and equipment in statement of cash flows 988.5 749.5Non-cash additions:(2)Transfers of assets from customers (see note 18)121.4 61.3 IAS 23 capitalised borrowing costs (see note 6) 6 7. 5 79.7Receipt of government grants related to assets (see notes 10 and A6) (0.9) (1.9)Net book value transfers from intangible assets (0.1) \u2013(3)Timing diffe\ue61fences on cash paid6 7. 5 3.9Property, plant and equipment additions 1,243.9 892.5Notes:(1) This reconciliation relates to property, plant and equipment owned by the group and therefore excludes right-of-use assets recognised in accordance with IFRS 16 \u2018Leases\u2019, for which cash flows relating to the associated lease liabilities are included within repayment of borrowings and interest paid in the statement of cash flows.(2) The group has received property, plant and equipment of \u00a3121.4 million (2024: \u00a361.3 million) in exchange for the provision of future goods and services (see notes 18 and A6).(3)Timing differences arise and reverse when additions are recognised in the statement of financial position in a different period to when cash payments for capital expenditure are made. Capital accruals recognised in relation to these timing differences are included in \u2018Accruals and other creditors\u2019 within trade and other payables (see note 18).2025 2024Intangible assets\u00a3m \u00a3mPurchase of intangible assets in statement of cash flows 9.5 14.6IAS 23 capitalised borrowing costs (see note 6) 1.0 1.3Net book value transfers to property, plant and equipment 0.1 \u2013Intangible asset additions 10.6 15.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
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},
"f0__s8__6__57-1": {
"value": "A1 Consolidated statement of cash flows \u2013 further analysisCash generated from operations2025 2024\u00a3m \u00a3mProfit before tax 355.0 170.0Adjustment for investment income and finance expense (see notes 5, 6 and A5) 265.7 306.1Adjustment for share of losses of joint ventures (see note 12) 10.8 4.1Operating profit 631.5 480.2Adjustments for:Depreciation of property, plant and equipment (see notes 10 and 19) 435.7 406.1Amortisation of intangible assets (see note 11) 29.2 32.7Loss on disposal of property, plant and equipment (see note 4) 4.0 6.7Amortisation of deferred grants and contributions (see note 18) (19.8) (1 7.4)Equity-settled share-based payments charge (see note 3) 4.7 2.1 Pension contributions paid less pension expense charged to operating profit (3.0) ( 7.1 )Changes in working capital:Increase in inventories (3.1) (7.2)Increase in trade and other receivables (54.7) (26.9)Increase/(Decrease) in trade and other payables 52.7 (4.2)Increase in provisions (see note 17) 5.5 0.4Cash generated from operations 1,082.7 865.4Reconciliation of fixed asset purchases to fixed asset additions2025 2024(1)Owned property, plant and equipment\u00a3m \u00a3mPurchase of property, plant and equipment in statement of cash flows 988.5 749.5Non-cash additions:(2)Transfers of assets from customers (see note 18)121.4 61.3 IAS 23 capitalised borrowing costs (see note 6) 6 7. 5 79.7Receipt of government grants related to assets (see notes 10 and A6) (0.9) (1.9)Net book value transfers from intangible assets (0.1) \u2013(3)Timing diffe\ue61fences on cash paid6 7. 5 3.9Property, plant and equipment additions 1,243.9 892.5Notes:(1) This reconciliation relates to property, plant and equipment owned by the group and therefore excludes right-of-use assets recognised in accordance with IFRS 16 \u2018Leases\u2019, for which cash flows relating to the associated lease liabilities are included within repayment of borrowings and interest paid in the statement of cash flows.(2) The group has received property, plant and equipment of \u00a3121.4 million (2024: \u00a361.3 million) in exchange for the provision of future goods and services (see notes 18 and A6).(3)Timing differences arise and reverse when additions are recognised in the statement of financial position in a different period to when cash payments for capital expenditure are made. Capital accruals recognised in relation to these timing differences are included in \u2018Accruals and other creditors\u2019 within trade and other payables (see note 18).2025 2024Intangible assets\u00a3m \u00a3mPurchase of intangible assets in statement of cash flows 9.5 14.6IAS 23 capitalised borrowing costs (see note 6) 1.0 1.3Net book value transfers to property, plant and equipment 0.1 \u2013Intangible asset additions 10.6 15.9A2 Net debtNet debt comprises borrowings, net of cash and short-term deposits and derivatives hedging the financial risk associated with the group\u2019s (1)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 Bank and in a fair through from Adjustments other term Lease value profit financing Cash and cash in calculating (3)net debt(4)Bondsborrowingsliabilitieshedgeor lossactivitiesequivalentsNet debt\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mAt 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)Non-cash movements:Inflation uplift on index-linked debt (108.3) (33.9) \u2013 \u2013 \u2013 (142.2) \u2013 \u2013 (142.2)Fair value movements 50.2 3.5 \u2013 (29.7) (22.7) 1.3 \u2013 ( 7.4 ) (6.1)Foreign exchange 12.6 0.6 \u2013 \u2013 \u2013 13.2 \u2013 \u2013 13.2Other (4.2) \u2013 (27.2) \u2013 \u2013 (31.4) \u2013 \u2013 (31.4)Cash flows used in financing activities:Receipts in respect of borrowing and (2)derivatives(1,318.5) ( 7. 6 ) \u2013 (13.2) \u2013 (1,339.3) 1,339.3 \u2013 \u2013 Payments in respect of borrowings and (2)derivatives344.0 282.0 1.3 4.1 \u2013 631.4 (631.4) \u2013 \u2013 Dividends paid \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (344.1) \u2013 (344.1)Exercise of share options \u2013 purchase of shares \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (5.0) \u2013 (5.0)Changes arising from financing activities (1,024.2) 244.6 (25.9) (38.8) (22.7) (867.0) 358.8 ( 7.4) (515.6)Cash flows used in investing activities \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (987.2) \u2013 (987.2)Cash flows generated from operating activities \u2013 \u2013 1.9 \u2013 \u2013 1.9 918.1 \u2013 920.0At 31 March 2025 (8,950.8) (1,751.0) (83.2) (196.9) 272.4 (10,709.5) 1,669.0 (305.0) (9,345.5)Notes:(1) Derivatives held for the purpose of hedging commodity prices are excluded from net debt. At 31 March 2025, the group had net derivative liabilities of \u00a327.4 million (2024: net derivative liabilities of \u00a334.8 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) Cash and cash equivalents as per the consolidated statement of cash flows.(4) 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 include the indexation expense relating to the group\u2019s inflation swap portfolio of \u00a3130.8 million (2024: \u00a3111.3 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.Borrowings Derivativesat fair Total value liabilities Bank and in a fair through from Cash Adjustments other term Lease value profit financing and cash in calculating Bondsborrowingsliabilitieshedgeor lossactivitiesequivalentsnet debt Net debt\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 derivatives (1,492.0) (103.8) \u2013 (14.2) \u2013 (1,610.0) 1,610.0 \u2013 \u2013Payments in respect of borrowings and derivatives 111.4 129.9 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)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 2025, the group had \u00a32,822.7 million (2024: \u00a32,199.3 million) of available liquidity, which comprised \u00a31,672.7 million (2024: \u00a31,399.3 million) of cash and short-term deposits and \u00a31,150.0 million (2024: \u00a3800.0 million) of undrawn committed borrowing facilities.The group had available committed borrowing facilities as follows:2025 2024\u00a3m \u00a3mExpiring within one year 200.0 50.0Expiring after one year but in less than two years 225.0 200.0Expiring after more than two years 725.0 550.0Total borrowing facilities 1,150.0 800.0Facilities drawn \u2013 \u2013Total borrowing facilities 1,150.0 800.0These 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.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 (1)TotalAdjustmentor less 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years5 yearsAt 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mBonds 16,603.5 \u2013 415.7 270.8 702.9 691.6 535.7 13,986.8Bank and other term borrowings 2,122.1 \u2013 372.5 172.7 172.0 172.5 350.8 881.6(2)Adjustment to carrying value(8,020.2) (8,020.2) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Borrowings 10,705.4 (8,020.2) 788.2 443.5 874.9 864.1 886.5 14,868.4Derivatives:Payable 4,284.3 \u2013 363.0 239.2 339.1 425.5 391.2 2,526.3Receivable (4,426.0) \u2013 (363.1) (253.3) (369.1) (523.4) (306.3) (2,610.8)(2)Adjustment to carrying value93.3 93.3 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013(3)Derivatives \u2013 net assets(48.4) 93.3 (0.1) (14.1) (30.0) (97.9) 84.9 (84.5)1 year More than (1)TotalAdjustmentor 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) 627.2Notes:(1) Forecast future cash flows are calculated, where applicable, using forward interest rates based on the interest environment at year-end and are therefore susceptible to changes in market conditions. For index-linked debt it has been assumed that RPI will be 3 per cent and CPI will be 2 per cent over the life of each instrument.(2) The carrying value of debt is calculated following various methods in accordance with IFRS 9 \u2018Financial Instruments\u2019 and therefore this adjustment reconciles the undiscounted forecast future cash flows to the carrying value of debt in the statement of financial position, excluding \u00a383.2 million (2024: \u00a359.2 million) of lease liabilities.(3) The derivative balance includes swaps with a carrying value of \u00a37.6 million (2024: \u00a34.3 million) subject to optional break clauses that could be exercised within one year of the reporting date, and \u00a30.1 million (2024: \u00a324.7 million) subject to optional break clauses that could be exercised in later periods. At the reporting date, it was considered highly unlikely that these break clauses would be exercised and so cash flows that could arise from the exercise of these optional break clauses are not included in this table. 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 2025, Water Plus was the group\u2019s single largest debtor, with amounts outstanding in relation to wholesale services of \u00a327.5 million (2024: \u00a327.1 million). During the year, sales to Water Plus in relation to wholesale services were \u00a3338.8 million (2024: \u00a3334.4 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 2025 and 31 March 2024, the maximum exposure to credit risk for the group is represented by the carrying amount of each financial asset in the statement of financial position:2025 2024\u00a3m \u00a3mCash and short-term deposits (see note 15) 1,672.6 1,399.3Trade and other receivables (see note 13) 355.6 300.5Derivative financial instruments 340.7 382.82,368.9 2,082.6The credit exposure on derivatives is disclosed gross of any collateral held. At 31 March 2025, the group held \u00a337.1 million (2024: \u00a337.8 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 in place during the year 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 70 per cent of the hedge linked to RPI and circa 30 per cent linked to CPI and/or CPIH. These weightings are consistent with the prior financial year. With the level of investment activity and related funding requirements, AMP8 presents an opportunity for the group to transition from our current inflation hedging policy of maintaining around half of its debt in index-linked form. Across the 2025\u20132030 regulatory period, the group intends to progressively reduce the proportion of index-linked debt to around a third. This is consistent with Ofwat\u2019s proportion of index-linked debt in the notional company and should position the group well in respect of any potential future changes in the regulatory model under which UUW operates, while recognising the benefits of maintaining index-linked debt in the group\u2019s overall capital structure, in being a good match to the RCV and strengthening the group\u2019s cash interest-based cover ratios.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 \u00a34,478.3 million at 31 March 2025 (2024: \u00a34,564.4 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.2025 2024Increase/(decrease) in profit before taxation and equity \u00a3m \u00a3m1% increase in RPI/CPI (41.5) (42.0)1% decrease in RPI/CPI 41.5 42.0The 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.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.For the 2020\u20132025 regulatory period, Ofwat set a fixed real cost of debt in relation to embedded debt (80 per cent of net debt) but 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. For the 2025\u20132030 regulatory period, Ofwat has set a fixed real cost of debt in relation to embedded debt based on the median of the sector AMP8 projected cost of debt in existence at 31 March 2025, and continues to apply the debt indexation mechanism in relation to new debt. 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 around 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 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.2025 2024Increase/(Decrease) in profit before tax and equity \u00a3m \u00a3m1% increase in interest rate 146.3 87.21% decrease in interest rate (216.5) (150.7)The 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 2025 1 year or less 1 to 2 years 2 to 5 years Over 5 yearsNotional principal amount \u00a3m \u2013 \u2013 700.0 2,167.3Average contracted fixed interest rate % \u2013 \u2013 2.3 2.7This 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.Fair value (gains)/losses used for calculating hedge ineffectiveness for the year (1)ended 31 March 2025Accumulated Hedge Nominal Carrying fair value ineffectiveness amount of amount of (gains)/recognised in the hedging the hedging losses on Hedged the income instrumentsinstrumentshedged items Hedged itemsinstrumentsstatementRisk exposure \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mInterest rate risk on borrowings 2,075.0 (167.4) (164.7) (33.7) 34.4 0.7Note:(1) The change in fair value of the hedging instruments used to measure hedge ineffectiveness excludes 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 has 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 2025 1 year or less 1\u20132 years 2\u20135 years Over 5 yearsNotional principal amount \u00a3m 99.9 \u2013 257.3 879.7Average contracted fixed interest rate % 1.9 \u2013 1.4 2.4This 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 ineffectiveness for the year (1) ended 31 March 2025Accumulated Hedge Nominal Carrying fair value ineffectiveness amount of amount of (gains)/recognised in the hedging the hedging losses on Hedged the income instrumentsinstrumentshedged items Hedged itemsinstrumentsstatementRisk exposure \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mForeign currency and interest rate risk on borrowings 1,943.0 (54.8) (41.2) (26.4) 13.3 (13.1)(1) The change in fair value of the hedging instruments used to measure hedge ineffectiveness excludes 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 year or less due to the refixing of the interest charge with changes in RPI and CPI.1 year More than Totalor less 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years5 yearsAt 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mBorrowings in fair value hedge relationshipsFixed rate instruments 3,797.2 105.5 \u2013 426.5 152.6 256.9 2,855.7Effect of swaps \u2013 3,691.7 \u2013 (426.5) (152.6) (256.9) (2,855.7)3,797.2 3,797.2 \u2013 \u2013 \u2013 \u2013 \u2013Borrowings designated at fair value through profit or lossFixed rate instruments 330.2 \u2013 \u2013 \u2013 \u2013 \u2013 330.2Effect of swaps \u2013 330.2 \u2013 \u2013 \u2013 \u2013 (330.2)330.2 330.2 \u2013 \u2013 \u2013 \u2013 \u2013Borrowings measured at amortised costFixed rate instruments 1,823.4 38.4 1.3 1.7 1.5 1.6 1,778.9Floating rate instruments 848.8 848.8 \u2013 \u2013 \u2013 \u2013 \u2013Index-linked instruments 3,989.0 3,989.0 \u2013 \u2013 \u2013 \u2013 \u20136,661.2 4,876.2 1.3 1.7 1.5 1.6 1,778.9Effect 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 10,788.6 6,674.7 201.3 391.5 252.1 655.1 2,613.9Cash and short-term deposits (1,672.6) (1,672.6) \u2013 \u2013 \u2013 \u2013 \u2013Net borrowings 9,116.0 5,002.1 201.3 391.5 252.1 655.1 2,613.91 year More than Totalor less 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 90 7.0 907.0 \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 2,051.2Electricity price riskThe group is typically allowed a fixed amount of revenue by the regulator, in real terms, to cover electricity costs for each five-year regulatory pricing period. For the 2025\u20132030 regulatory period, energy costs will be subject to an end of regulatory period adjustment based on the DESNZ industrial users energy price index. 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 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 394,200 262,800 153,600 \u2013Average contracted fixed price \u00a3/MWh 132.2 116.2 72.9 \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 Amount calculating reclassified hedge Hedge from the cash Nominal Carrying ineffectiveness ineffectiveness Cash flow flow hedge amount of amount of for the recognised in hedge reserve reserve to the hedging the hedging year ended the income excluding the income (1)instrumentsinstruments31 March 2025statementeffects of taxstatementRisk exposure \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mElectricity price risk 96.8 (27.4) (8.7) \u2013 (47.7) (1.3)(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 2025, RCV gearing was within the range at 60 per cent (2024: 59 per cent). Assuming no significant changes to existing rating agencies\u2019 methodologies or sector risk assessments, the group aims to maintain UUW long-term issuer credit ratings for UUW of at least Baa1 with Moody\u2019s Investors Service (\u2018Moody\u2019s\u2019), and BBB+ with S&P Global Ratings (\u2018S&P\u2019) and an issuer default rating of at least BBB+ with Fitch Ratings (\u2018Fitch\u2019) (a senior unsecured debt rating for UUW of at least A-). 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\u2019s 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 corporates 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.Level 1 Level 2 Level 3 Total2025 \u00a3m \u00a3m \u00a3m \u00a3mFinancial assets at fair value through profit or lossDerivative financial assets \u2013 fair value hedge \u2013 43.3 \u2013 43.3(1)Derivative financial assets \u2013 held for trading\u2013 295.7 \u2013 295.7Derivative financial assets \u2013 cash flow hedge \u2013 1.7 \u2013 1.7Financial liabilities at fair value through profit or lossDerivative financial liabilities \u2013 fair value hedge \u2013 (245.9) \u2013 (245.9)(1)Derivative financial liabilities \u2013 held for trading\u2013 ( 1 7.6 ) \u2013 ( 1 7. 6 )Derivative financial liabilities \u2013 cash flow hedge \u2013 (29.1) \u2013 (29.1)Financial liabilities designated as fair value through profit or loss \u2013 (330.2) \u2013 (330.2)Financial instruments for which fair value has been disclosedFinancial liabilities in fair value hedge relationships ( 3 ,4 47.9) (368.9) \u2013 (3,816.8)Other financial liabilities (2,171.1) (3,662.6) \u2013 (5,833.7)(5,619.0) (4,313.6) \u2013 (9,932.6)Level 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 liabilities \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)(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 \u00a3105.0 million (2024: \u00a3110.9 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 \u00a35,619.0 million (2024: \u00a35,731.9 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 to arrive at \u2018Level 2\u2019 fair value measurements, in line with prior years. The \u00a3112.9 million decrease (2024: \u00a31,254.5 million increase) in level 1 fair value measurements primarily reflects widening of credit spreads offset by 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 \u00a36.3 million loss (2024: \u00a322.0 million loss). Included within this was a \u00a31.9 million gain (2024: \u00a30.7 million gain) attributable to changes in own credit risk, recognised in other comprehensive income. The cumulative amount due to changes in credit spread was \u00a337.8 million profit (2024: \u00a335.9 million profit). The carrying amount is \u00a3104.1 million (2024: \u00a3112.8 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.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:2025 2024Group\u00a3m \u00a3mTotal fair value of schemes\u2019 assets 2,308.6 2,552.4Present value of defined benefit obligation (2,006.3) (2,284.4)Net retirement benefit surplus 302.3 268.0Estimated future benefits payableThe defined benefit obligation includes benefits for current employees, deferred members and current pensioners as analysed in the table below:2025 2024Group\u00a3m \u00a3mTotal value of current employees\u2019 benefits 238.5 272.1Deferred members\u2019 benefits 309.5 441.4Pensioner members\u2019 benefits 1,458.3 1,570.9Total defined benefit obligation 2,006.3 2,284.4Movements in the present value of the defined benefit obligations are as follows:2025 2024Group\u00a3m \u00a3mAt the start of the year (2,284.4) (2,330.5)Interest cost on schemes\u2019 obligation (106.1) (107.1)Actuarial gains arising from changes in financial assumptions 259.3 52.7Actuarial gains/(losses) arising from changes in demographic assumptions 6.1 49.2Actuarial losses arising from experience (5.9) (67.7)Curtailments/settlements arising on reorganisation \u2013 4.6Member contributions (2.2) (2.4)Benefits paid 129.4 119.6Current service cost (2.5) (2.8)At the end of the year (2,006.3) (2,284.4)The duration of the combined schemes is around 13 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. The estimated profile of cash flows out of the schemes as retirement benefits are paid is as follows: 2525150UUPSESPS12520201001515751010505525002025 2041 2057 2073 2089 21052025 2041 2057 2073 2089 2105Uninsured DeferredsInsured DeferredsUninsured PensionsInsured PensionersUninsured Pensioners DeferredsInsured PensionersActivesFuture servicesActivesFuture 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 during the year, as at 31 March 2024, and determined that the schemes were fully funded on a low-dependency basis without any funding deficit that requires additional contributions from the group over and above those related to current service and expenses. The schemes\u2019 funding plans are reviewed regularly, including between funding valuations. Following the triennial valuation, the group expects to make further contributions of \u00a35.5 million in the year ending 31 March 2026, \u00a34.5 million in respect of current service contributions and \u00a31.0 million in respect of expenses. 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 in the prior year, the group and trustees remain actively engaged in exploring further de-risking options that may be implemented in the future. Based on the results of the latest triennial valuation as at 31 March 2024, for ESPS the buy-in is estimated to cover circa 85 per cent of liabilities, and for UUPS circa 70 per cent of liabilities, on a technical provisions basis, with the split on an IAS 19 basis expected to be broadly consistent.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 2025 and 31 March 2024 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.Also included within the present value of the defined benefit obligation of the UUPS scheme are liabilities of \u00a37.2 million (2024: \u00a37.8 million) in respect of unregistered pension promises made to senior executives, which are paid directly from the group as opposed to through one of the group\u2019s registered pension schemes. Liabilities in respect of these promises are not considered to be material in the context of the group\u2019s overall defined benefit obligations or the financial statements taken as a whole. Virgin Media High Court decisionIn July 2024, the Court of Appeal upheld the High Court\u2019s decision in Virgin Media v NTL Pension Trustees. This case found that changes made between April 1997 and April 2016 to pension benefits from a contracted-out scheme could be void where trustees do not have written Section 37 (\u2018s37\u2019) confirmation from the scheme actuary. The case confirmed that retrospective confirmation would not be permissible. In conjunction with its legal advisors, the group has performed a review of past significant changes made to its pension arrangements, based on which there are no current indications that the ruling in respect of the case would give rise to any financial impacts. The impact of any future developments in this regard will be monitored closely. Impact of 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. 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). Consequently, 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. 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 2025, the discount rate increased by 0.9 per cent (2024: 0.1 per cent increase), which includes a 0.8 per cent increase in gilt yields over the year and a 0.1 per cent increase in credit spreads. The IAS 19 remeasurement gain of \u00a318.6 million (2024: \u00a3368.5 million loss) reported in note 14 has largely resulted from actuarial gains arising from changes in financial assumptions, predominantly due to the increase in the discount rate. The significant remeasurement loss in the prior year was predominantly as a result of the purchase of bulk annuity policies as part of a buy-in transaction undertaken in July 2023; a premium of circa \u00a3220 million was paid in excess of the present value of liabilities covered, which was reflective of the reduction in the schemes\u2019 risk profile. The remaining portion of the loss arose as the schemes are more than 100 per cent hedged on an IAS 19 basis, which 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 increase in credit spreads during the year is partially offset by an RPI inflation reduction of 0.05 per cent (2024: 0.15 per cent reduction). In the shorter term, recent high inflation has resulted in greater than expected pension increases, but longer-term expectations for inflation have fallen in the current year.Reporting and assumptionsThe results of the latest funding valuation as at 31 March 2024 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 2025. 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. 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 2024 for both UUPS and ESPS. 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:2025 2024Group% p.a. % p.a.Discount rate 5.70 4.80Pension increases 3.20 3.25Pensionable salary growth (pre-2018 service):ESPS 3.20 3.25UUPS 3.20 3.25Pensionable salary growth (post-2018 service):ESPS 3.20 3.25UUPS 2.75 2.80Price inflation \u2013 RPI 3.20 3.25Price inflation \u2013 CPI* 2.75 2.80* The CPI price inflation assumption represents a single weighted average rate derived from an assumption of 2.30 per cent pre-2030 and 3.00 per cent post-2030 (2024: 2.35 per cent pre-2030 and 3.05 per cent post-2030).The discount rate is consistent with a high-quality corporate bond rate, with 5.10 per cent being equivalent to gilts plus 60 basis points in respect of credit spread (2024: 4.30 per cent being equivalent to gilts plus 50 basis points in respect of credit spread). 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\u2019s 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 2025, these assumptions are based on the CMI2023 base tables with a 1.25 per cent per annum rate of improvement, and factoring in a w-parameter weighting of 20 per cent to take account of the continued repercussions of the COVID-19 pandemic in the medium term, including pressures on the NHS, delayed diagnoses of chronic conditions, disrupted treatment within the health care system and more deaths at home, as opposed to in hospitals and care homes. A scaling factor of 109 per cent (2024: 109 per cent) and 111 per cent (2024: 115 per cent) for male pensioners and non-pensioners respectively, and 109 per cent (2024: 110 per cent) and 105 per cent (2024: 111 per cent) for female pensioners and non-pensioners respectively, is applied, reflecting the profile of the membership. Compared against the base tables used for previous year-end mortality assumptions (CMI S4PA), the Core CMI2023 model sees a small increase in life expectancies. 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. At 31 March 2025, future improvements in mortality are based on the extended CMI 2023 (2024: CMI 2022) projection model, with a long-term annual rate of improvement of 1.25 per cent (2024: 1.25 per cent).The current life expectancies at age 60 underlying the value of the accrued liabilities for the schemes are:2025 2024Groupyears yearsRetired member \u2013 male 25.3 25.5Non-retired member \u2013 male 26.4 26.2Retired member \u2013 female 2 7.7 2 7.6Non-retired member \u2013 female 29.2 28.6Financial 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 IAS 19 surplus will be predominantly driven by the uninsured liabilities and residual invested assets going forward. 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 IAS 19 the value of the buy-in assets is equal to the IAS 19 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 An increase/decrease in the discount rate of 0.25 per cent would have resulted in a \u00a356.2/\u00a359.0 million (2024: \u00a372.3/\u00a376.2 million) decrease/increase in the schemes\u2019 liabilities at 31 March 2025, although as long as credit spreads remain stable 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.\u2022 Price inflation \u2013 An increase/decrease in the RPI inflation assumption of 0.25 per cent would have resulted in a \u00a352.8/\u00a350.4 million (2024: \u00a367.1/63.9 million) increase/decrease in the schemes\u2019 liabilities at 31 March 2025, as 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 2025, meaning that this sensitivity is likely to be insignificant as a result on a combined basis. 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 may be 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 group\u2019s best estimate for RPI, an inflation risk premium of 0.2 per cent (2024: 0.2 per cent) has been deducted from the breakeven inflation rate for the year ended 31 March 2025. The impact of this is a decrease in the defined benefit obligation of around \u00a317.0 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. The impact of this reduction in the post-2030 wedge as a result of RPI reform is a circa \u00a33.0 million increase to the uninsured 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.\u2022 Mortality long-term improvement rate \u2013 An increase in the mortality long-term improvement rate from 1.25 per cent to 1.50 per cent would have resulted in a \u00a312.7 million increase in the schemes\u2019 liabilities at 31 March 2025 (2024: \u00a315.7 million increase in the schemes\u2019 liabilities). \u2022 Life expectancy \u2013 An increase in life expectancy of one year would have resulted in a \u00a377.3 million (2024: \u00a385.8 million) increase in the schemes\u2019 liabilities at 31 March 2025. 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\u2019 assetsderivatives CombinedassetsGroup\u00a3m \u00a3m \u00a3m %At 31 March 2025Gilts 537.2 (202.0) 335.2 14.5Bonds 313.1 0.6 313.7 13.6Bulk annuity policies 1,405.8 - 1,405.8 60.9Other 279.1 (25.2) 253.9 11.0Total fair value of schemes\u2019 assets 2,535.2 (226.6) 2,308.6 100.0At 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\u2019 assets 2,788.0 (235.6) 2,552.4 100.0Included within the group\u2019s defined benefit pension scheme assets are assets with a fair value estimated to be \u00a31,555.0 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 2025. 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. Of the remaining balance of scheme assets, there are assets with a fair value estimated to be \u00a3739.3 million, which are categorised as \u2018level 2\u2019 assets, meaning that valuations include observable inputs other than quoted prices in active markets, and \u00a314.1 million of \u2018level 1\u2019 assets, meaning that there is a quoted price in an active market for identical assets or liabilities at the measurement 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 2025, no liquidity support or facilities were required by the group as a result of collateral calls.The derivative values in the table above represent the net market value of derivatives held within each of these asset categories as follows:2025 2024Group\u00a3m \u00a3mGiltsRepurchase agreements (202.0) (200.9)(202.0) (200.9)Bonds \u2013 hedging non-sterling exposure back to sterlingCurrency forwards 0.6 0.50.6 0.5Other \u2013 managing liability risks targeting a high level of interest rate and inflation hedgingInterest rate swaps (25.7) (35.6)RPI inflation swaps 0.5 0.4(25.2) (35.2)Total fair value of derivatives (226.6) (235.6)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 \u00a3162.4 million (2024: \u00a3147.0 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:2025 2024Group\u00a3m \u00a3mAt the start of the year 2,552.4 2,931.3Interest income on schemes\u2019 assets 119.0 135.7The return on plan assets, excluding amounts included in interest (240.9) (402.7)Member contributions 2.2 2.4Benefits paid (129.4) (119.6)Administrative expenses (4.0) (4.0)Employer contributions 9.3 9.3At the end of the year 2,308.6 2,552.4The group\u2019s actual return on the schemes\u2019 assets was a loss of \u00a3121.9 million (2024: \u00a3267.0 million loss). In line with IAS 19, the fair values of the buy-in assets have been set equal to the IAS 19 present values of the insured liabilities. 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 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 published its latest TCFD report in October 2024, which is available on the corporate website. For ESPS, while the group does not meet the size threshold that requires full TCFD reporting, the trustee has provided information for the wider scheme\u2019s report. The wider scheme\u2019s most recent TCFD report was published in October 2024 and is available from the ESPS website.A5 Related party transactionsGroup Transactions between the company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.The related party transactions with the group\u2019s joint ventures and other related parties during the period, and amounts outstanding at the period-end date, were as follows:2025 2024\u00a3m \u00a3mSales of services 338.8 334.4Charitable contributions advanced to related parties 0.2 0.2Purchases of goods and services 1.5 \u2013Interest income and fees recognised on loans to related parties 5.9 5.6Amounts owed by related parties 101.0 100.8Amounts owed to related parties \u2013 \u2013Sales of services to related parties mainly represent non-household wholesale charges to Water Plus that were billed and accrued during the period. These transactions were on market credit terms in respect of non-household wholesale charges, which are governed by the wholesale charging rules issued by Ofwat.Charitable contributions advanced to related parties during the year relate to amounts paid to Rivington Heritage Trust, a charitable company limited by guarantee for which United Utilities Water Limited is one of three guarantors. Amounts owed by joint ventures, as recorded within trade and other receivables in the statement of financial position, were \u00a3101.0 million (2024: \u00a3100.8 million), comprising \u00a327.4 million (2024: \u00a327.1 million) of trade balances, which are unsecured and will be settled in accordance with normal credit terms, and \u00a373.5 million (2024: \u00a373.7 million) relating to loans.Included within these loans receivable were the following amounts owed by Water Plus:\u2022 \u00a371.4 million (2024: \u00a372.3 million) outstanding on a \u00a395.0 million revolving credit facility provided by United Utilities PLC, with a maturity date of December 2026, bearing a floating rate interest rate of the Bank of England base rate plus a credit margin. This balance comprises \u00a375.0 million outstanding, net of a \u00a33.6 million allowance for expected credit losses (2024: \u00a375.5 million net of a \u00a33.2 million allowance for expected credit losses); and\u2022 \u00a32.2 million (2024: \u00a31.4 million) receivable being the \u00a311.7 million (2024: \u00a311.3 million) fair value of amounts owed in relation to a \u00a312.5 million unsecured loan note held by United Utilities PLC, with a maturity date of 28 March 2027, net of a \u00a3nil (2024: \u00a30.4 million) allowance for expected credit losses and \u00a39.5 million of the group\u2019s share of joint venture losses relating to historic periods as the loan note is deemed to be part of the group\u2019s long-term interest in Water Plus. This is a zero coupon shareholder loan with a total amount outstanding at 31 March 2025 and 31 March 2024 of \u00a312.5 million, comprising a \u00a311.7 million (2024: \u00a311.3 million) receivable representing the present value of the \u00a312.5 million payable at maturity discounted using an appropriate market rate of interest at the inception of the loan, and \u00a30.8 million (2024: \u00a31.2 million) recorded as an equity contribution to Water Plus recognised within interests in joint ventures.During the year, United Utilities PLC provided guarantees in support of Water Plus in respect of certain amounts owed to wholesalers. The aggregate limit of these guarantees was \u00a348.9 million, of which \u00a326.0 million related to guarantees to United Utilities Water Limited. At 31 March 2025, amounts owed to related parties were \u00a3nil (2024: \u00a3nil). CompanyThe parent company receives dividend income and pays and receives interest to and from subsidiary undertakings in the normal course of business. Total dividend income received during the year amounted to \u00a3344.1 million (2024: \u00a3320.0 million) and total net interest payable during the year was \u00a3119.6 million (2024: \u00a3112.9 million). Amounts outstanding at 31 March 2025 and 31 March 2024 between the parent company and subsidiary undertakings are disclosed in notes 13, 16 and 18.At 31 March 2025 and 31 March 2024, no related-party receivables and payables were secured and no guarantees were issued in respect thereof. Balances will be settled in accordance with normal credit terms. No allowance for doubtful receivables has been made for amounts owed by subsidiary undertakings as at 31 March 2025 and 31 March 2024.A6 Accounting policiesOf the accounting policies outlined below, those deemed to be the most significant for the group are those that align with the critical accounting judgements and key sources of estimation uncertainty set out on pages 196 to 198.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.Subsidiaries Subsidiaries are entities controlled by the group. Control is achieved where the group is exposed to, or has the rights to, variable returns from its involvement in an entity and has the ability to affect those returns through its power over the entity. In the parent company accounts, investments are held at cost less provision for impairment. All intra-group transactions, balances, income and expenses are eliminated on consolidation.Joint ventures Joint ventures are entities in which the group holds an interest on a long-term basis and which are jointly controlled with one or more parties under a contractual arrangement. The group\u2019s share of joint venture results is incorporated using the equity method of accounting. Under the equity method, an investment in a joint venture is initially recognised at cost and adjusted thereafter to recognise the group\u2019s share of the profit or loss of the joint venture. 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 through which 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, and the recognition of associated receivable balances, would be delayed until such time as collectability is reasonably assured. Any gross debt that is not expected to be recovered through future cash collection is provided against through either an allowance for expected credit losses (non-collection, where revenue had been previously recognised due to recovery being considered probable at the point services were rendered) or credit note provision (incorrectly billed, and therefore reducing the amount of revenue that should have been recognised). The group recognises a credit note provision typically in relation to non-household customers who can claim allowances against amounts previously billed, in accordance with non-household market codes. Future allowances for which a credit note provision is recognised are estimated based on historic information derived from market operating systems. Credit note provisions held in relation to household customers relate to bill adjustments made after the reporting date.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.Operating profit Operating profit is stated after charging operational expenses but before investment income and finance expense and before the share of profits or losses of joint ventures.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.Tax Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Assessing the outcome of uncertain tax positions requires judgements to be made regarding the application of tax law and the result of negotiations with, and enquiries from, tax authorities. A current tax provision is only recognised when the group has a present obligation resulting from a past event and it is probable that the group will be required to settle that obligation to a taxing authority. The amount of current tax provisions or assets is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. Current tax Current tax is based on the taxable profit for the period and is provided at amounts expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at each reporting date, and includes any adjustment to tax payable in respect of previous years.Taxable profit differs from the net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are non-taxable or non-deductible. Current tax is charged or credited in the income statement, except when it relates to items charged or credited to equity, in which case the tax is charged or credited within equity.Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are provided, using the liability method, on all taxable temporary differences at each reporting date. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and interests in joint ventures, except where the group is able to control the reversal of the temporary difference, and it is probable that the temporary difference will not reverse in the foreseeable future.Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the temporary timing differences are expected to reverse based on tax rates and laws that have been enacted or substantively enacted at each reporting date. The carrying amount of deferred tax assets is reviewed at each reporting date and is reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited to equity, in which case the deferred tax is charged or credited within equity.Deferred tax assets have been recognised in respect of all tax losses and other temporary differences giving rise to deferred tax assets because it is probable that these assets will be recovered. These deferred tax assets will be recovered against the deferred tax liabilities in relation to fixed assets that will reverse in the same periods.Deferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to set off tax assets against tax liabilities and when they relate to income taxes levied by the same taxation authority and the group intends to settle its current assets and liabilities on a net basis.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 infrastructure assets: \u2013 Impounding reservoirs 200 years; \u2013 Mains and raw water aqueducts 30 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. This includes an allocation of estimated time and resources incurred by the group\u2019s support functions in supporting capital programmes. 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 borrowing costs 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. Infrastructure assets 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 is stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items, including relevant borrowing costs, 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 flow to 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 financial period 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.Government grantsGovernment grants (including those receivable from government agencies and local authorities) are recognised only when there is reasonable assurance that the entity will comply with any conditions attached to the grant and the grant will be received. Where government grants relate to the acquisition or construction of assets, the group has elected to account for the grant by deducting the value of the grant from the asset\u2019s carrying amount. Other grants are typically recognised in other income in the period in which the conditions attached to them are fulfilled.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 of computing systems built and delivered on a \u2018software as a service\u2019 (\u2018SaaS\u2019) 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 sixteen 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.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 cash equivalentsCash and cash equivalents include cash at bank and in hand, deposits and other short-term highly liquid investments that are readily convertible into known amounts of cash, have a maturity of three months or less from the date of acquisition and that are subject to an insignificant risk of change in value. In the consolidated statement of cash flows and related notes, cash and cash equivalents include cash and short-term deposits, net of book overdrafts.From time to time the group places cash on deposits that have a maturity greater than three months but less than 12 months, typically for the purpose of reducing the cost of carrying cash that is not required for the purpose of meeting short-term commitments. These deposits do not meet the group\u2019s definition of cash and cash equivalents, and so are not included in the group\u2019s cash and cash equivalents balance in the statement of financial position. In the consolidated statement of cash flows, the placement and receipt of these funds are reported as investing activities. Financial investments Investments (other than interests in subsidiaries, joint ventures and fixed deposits) are initially measured at fair value, including transaction costs. Investments classified as financial assets measured at fair value through profit or loss (\u2018FVPL\u2019) in accordance with IFRS 9 \u2018Financial Instruments\u2019 are measured at subsequent reporting dates at fair value. Gains and losses arising from changes in fair value are recognised in the net profit or loss for the period. The business model employed in respect of financial assets is that of a hold-to-collect model.Trade and other receivables Trade and other receivables are initially measured at fair value on initial recognition. Trade receivables are held within a business model to collect contractual cash flows, which comprise solely payments of principal and interest on the principal amount outstanding. After initial recognition, trade receivables are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. At each reporting date, the group evaluates the estimated recoverability of trade receivables and records allowances for expected credit losses. The group estimates the expected credit loss on trade receivables applying the simplified approach as permitted under IFRS 9. For trade receivables that are assessed as not impaired individually, the expected credit loss is estimated based on the group\u2019s historical experience of cash collection, which is considered to be a good predictor of future collection, as well as the incorporation of other forward-looking information.Amounts owed by related parties are assessed for credit risk based on the facts and circumstances of the balances receivable. The group assesses the lifetime expected credit losses of loans receivable from its joint venture, Water Plus, based on Water Plus\u2019s financial projections and a probability-weighted assessment of scenarios that could impact these. Credit risk is considered separately for trade receivables due from Water Plus and is considered immaterial as amounts outstanding are paid within 30 days. Other receivables are assessed for credit risk and, where this is material, an allowance for expected credit losses is determined based on historic credit losses adjusted for expected changes in future collection, where applicable. Trade payables Trade payables are initially measured at fair value and are subsequently measured at amortised cost.Financial liabilities and equity Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.Equity instruments Equity instruments issued by the group are recorded at the proceeds received, net of direct issue costs.Borrowings The group\u2019s default treatment is that bonds and loans are initially measured at fair value, being the cash proceeds received net of any direct issue costs. They are subsequently measured at amortised cost applying the effective interest method. The difference between the net cash proceeds received at inception and the principal cash flows due at maturity is accrued over the term of the borrowing. The default treatment of measuring at amortised cost, while associated hedging derivatives are recognised at fair value, presents an accounting measurement mismatch that has the potential to introduce considerable volatility to both the income statement and the statement of financial position. Therefore, where feasible, the group takes advantage of the provisions under IFRS 9 \u2018Financial Instruments\u2019 to make fair value adjustments to its borrowing instruments to reduce this volatility and better represent the economic hedges that exist between the group\u2019s borrowings and associated derivative contracts. Where feasible, the group designates its financial instruments within fair value hedge relationships. To apply fair value hedge accounting, it must be demonstrated that there is an economic relationship between the borrowing instrument and the hedging derivative and that the designated hedge ratio is consistent with the group\u2019s risk management strategy.Borrowings designated within a fair value hedge relationship Where designated, bonds and loans are initially measured at fair value, being the cash proceeds received net of any direct issue costs. They are subsequently adjusted for any change in fair value attributable to the risk being hedged at each reporting date, with the change being charged or credited to finance expense in the income statement. Hedge accounting is discontinued prospectively when the hedging instrument is sold, terminated or exercised, or where the hedge relationship no longer qualifies for hedge accounting. 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.Derivative financial instruments The group\u2019s default treatment is that derivative financial instruments are measured at fair value at each reporting date, with changes in fair value being charged or credited to finance expense in the income statement. The group enters into financial derivatives contracts to manage its financial exposure to changes in market rates (see note A3).Derivative financial instruments designated within a cash flow hedge relationship Gains or losses resulting from the effective portion of the hedging instrument are recognised in other comprehensive income and in the cash flow hedge reserve with any remaining gains or losses recognised immediately in the income statement. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and cumulative change in fair value of the hedged item. At the maturity date, amounts paid/received are recognised against operating expenses in the income statement. Upon discontinuation of a cash flow hedge, the amount accumulated in other comprehensive income remains in the cash flow hedge reserve if the hedged future cash flows are still expected to occur. Otherwise, the amount is immediately reclassified to the income statement.Derivatives and borrowings \u2013 valuation Where an active market exists, designated borrowings and derivatives recorded at fair value are valued using quoted market prices. Otherwise, they are valued using a net present value valuation model. The model uses applicable interest rate curve data at each reporting date to determine any floating cash flows. Projected future cash flows associated with each financial instrument are discounted to the reporting date using discount factors derived from the applicable interest curves adjusted for counterparty credit risk where appropriate. Discounted foreign currency cash flows are converted into sterling at the spot exchange rate at each reporting date. Assumptions are made with regard to credit spreads based on indicative pricing data. The valuation of debt designated in a fair value hedge relationship is calculated based on the risk being hedged as prescribed by IFRS 9 \u2018Financial Instruments\u2019. The group\u2019s policy is to hedge its exposure to changes in the applicable underlying interest rate and it is this portion of the cash flows that is included in the valuation model (excluding any applicable company credit risk spread). The valuation of debt designated at fair value through the profit or loss incorporates an assumed credit risk spread in the applicable discount factor. Credit spreads are determined based on indicative pricing data.Inventories Inventories are stated at the lower of cost and net realisable value. For properties held for resale, cost includes the cost of acquiring and developing the sites, including borrowing costs where applicable. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.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 net interest on the schemes\u2019 net defined benefit position is included within investment income where there is an overall net defined benefit surplus, and finance expense where there is an overall net defined benefit deficit. 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 will be 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 are 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 presents total tax cash flows as operating activities.Changes in working capitalThe movement in trade and other payables excludes movements in capital accruals, interest accruals and deferred grants and contributions. These movements are instead incorporated as adjustments in other areas of the statement of cash flows.A7 Subsidiaries and other group undertakingsDetails of the group\u2019s subsidiary undertakings, joint ventures and associates at 31 March 2025 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 DormantUnited 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: Prospect House, Gordon Banks Drive, Trentham Lakes, Stoke-On-Trent, ST4 4TW, United Kingdom.On 3 April 2025, United Utilities Water Limited purchased 100 per cent of the share capital of Trafford Property Limited, a property management company. Further information can be found in note 24.United Utilities Group PLC Haweswater House Lingley Mere Business Park Lingley Green Avenue Great Sankey Warrington WA5 3LPTelephone +44 (0)1925 237000Stock Code: UU. Registered in England and Wales Registered number 6559020",
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"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
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"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.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 2025, the group had \u00a32,822.7 million (2024: \u00a32,199.3 million) of available liquidity, which comprised \u00a31,672.7 million (2024: \u00a31,399.3 million) of cash and short-term deposits and \u00a31,150.0 million (2024: \u00a3800.0 million) of undrawn committed borrowing facilities.The group had available committed borrowing facilities as follows:2025 2024\u00a3m \u00a3mExpiring within one year 200.0 50.0Expiring after one year but in less than two years 225.0 200.0Expiring after more than two years 725.0 550.0Total borrowing facilities 1,150.0 800.0Facilities drawn \u2013 \u2013Total borrowing facilities 1,150.0 800.0These 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.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 (1)TotalAdjustmentor less 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years5 yearsAt 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mBonds 16,603.5 \u2013 415.7 270.8 702.9 691.6 535.7 13,986.8Bank and other term borrowings 2,122.1 \u2013 372.5 172.7 172.0 172.5 350.8 881.6(2)Adjustment to carrying value(8,020.2) (8,020.2) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Borrowings 10,705.4 (8,020.2) 788.2 443.5 874.9 864.1 886.5 14,868.4Derivatives:Payable 4,284.3 \u2013 363.0 239.2 339.1 425.5 391.2 2,526.3Receivable (4,426.0) \u2013 (363.1) (253.3) (369.1) (523.4) (306.3) (2,610.8)(2)Adjustment to carrying value93.3 93.3 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013(3)Derivatives \u2013 net assets(48.4) 93.3 (0.1) (14.1) (30.0) (97.9) 84.9 (84.5)1 year More than (1)TotalAdjustmentor 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) 627.2Notes:(1) Forecast future cash flows are calculated, where applicable, using forward interest rates based on the interest environment at year-end and are therefore susceptible to changes in market conditions. For index-linked debt it has been assumed that RPI will be 3 per cent and CPI will be 2 per cent over the life of each instrument.(2) The carrying value of debt is calculated following various methods in accordance with IFRS 9 \u2018Financial Instruments\u2019 and therefore this adjustment reconciles the undiscounted forecast future cash flows to the carrying value of debt in the statement of financial position, excluding \u00a383.2 million (2024: \u00a359.2 million) of lease liabilities.(3) The derivative balance includes swaps with a carrying value of \u00a37.6 million (2024: \u00a34.3 million) subject to optional break clauses that could be exercised within one year of the reporting date, and \u00a30.1 million (2024: \u00a324.7 million) subject to optional break clauses that could be exercised in later periods. At the reporting date, it was considered highly unlikely that these break clauses would be exercised and so cash flows that could arise from the exercise of these optional break clauses are not included in this table. 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 2025, Water Plus was the group\u2019s single largest debtor, with amounts outstanding in relation to wholesale services of \u00a327.5 million (2024: \u00a327.1 million). During the year, sales to Water Plus in relation to wholesale services were \u00a3338.8 million (2024: \u00a3334.4 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 2025 and 31 March 2024, the maximum exposure to credit risk for the group is represented by the carrying amount of each financial asset in the statement of financial position:2025 2024\u00a3m \u00a3mCash and short-term deposits (see note 15) 1,672.6 1,399.3Trade and other receivables (see note 13) 355.6 300.5Derivative financial instruments 340.7 382.82,368.9 2,082.6The credit exposure on derivatives is disclosed gross of any collateral held. At 31 March 2025, the group held \u00a337.1 million (2024: \u00a337.8 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 in place during the year 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 70 per cent of the hedge linked to RPI and circa 30 per cent linked to CPI and/or CPIH. These weightings are consistent with the prior financial year. With the level of investment activity and related funding requirements, AMP8 presents an opportunity for the group to transition from our current inflation hedging policy of maintaining around half of its debt in index-linked form. Across the 2025\u20132030 regulatory period, the group intends to progressively reduce the proportion of index-linked debt to around a third. This is consistent with Ofwat\u2019s proportion of index-linked debt in the notional company and should position the group well in respect of any potential future changes in the regulatory model under which UUW operates, while recognising the benefits of maintaining index-linked debt in the group\u2019s overall capital structure, in being a good match to the RCV and strengthening the group\u2019s cash interest-based cover ratios.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 \u00a34,478.3 million at 31 March 2025 (2024: \u00a34,564.4 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.2025 2024Increase/(decrease) in profit before taxation and equity \u00a3m \u00a3m1% increase in RPI/CPI (41.5) (42.0)1% decrease in RPI/CPI 41.5 42.0The 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.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.For the 2020\u20132025 regulatory period, Ofwat set a fixed real cost of debt in relation to embedded debt (80 per cent of net debt) but 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. For the 2025\u20132030 regulatory period, Ofwat has set a fixed real cost of debt in relation to embedded debt based on the median of the sector AMP8 projected cost of debt in existence at 31 March 2025, and continues to apply the debt indexation mechanism in relation to new debt. 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 around 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 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.2025 2024Increase/(Decrease) in profit before tax and equity \u00a3m \u00a3m1% increase in interest rate 146.3 87.21% decrease in interest rate (216.5) (150.7)The 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 2025 1 year or less 1 to 2 years 2 to 5 years Over 5 yearsNotional principal amount \u00a3m \u2013 \u2013 700.0 2,167.3Average contracted fixed interest rate % \u2013 \u2013 2.3 2.7This 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.Fair value (gains)/losses used for calculating hedge ineffectiveness for the year (1)ended 31 March 2025Accumulated Hedge Nominal Carrying fair value ineffectiveness amount of amount of (gains)/recognised in the hedging the hedging losses on Hedged the income instrumentsinstrumentshedged items Hedged itemsinstrumentsstatementRisk exposure \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mInterest rate risk on borrowings 2,075.0 (167.4) (164.7) (33.7) 34.4 0.7Note:(1) The change in fair value of the hedging instruments used to measure hedge ineffectiveness excludes 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 has 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 2025 1 year or less 1\u20132 years 2\u20135 years Over 5 yearsNotional principal amount \u00a3m 99.9 \u2013 257.3 879.7Average contracted fixed interest rate % 1.9 \u2013 1.4 2.4This 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 ineffectiveness for the year (1) ended 31 March 2025Accumulated Hedge Nominal Carrying fair value ineffectiveness amount of amount of (gains)/recognised in the hedging the hedging losses on Hedged the income instrumentsinstrumentshedged items Hedged itemsinstrumentsstatementRisk exposure \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mForeign currency and interest rate risk on borrowings 1,943.0 (54.8) (41.2) (26.4) 13.3 (13.1)(1) The change in fair value of the hedging instruments used to measure hedge ineffectiveness excludes 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 year or less due to the refixing of the interest charge with changes in RPI and CPI.1 year More than Totalor less 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years5 yearsAt 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mBorrowings in fair value hedge relationshipsFixed rate instruments 3,797.2 105.5 \u2013 426.5 152.6 256.9 2,855.7Effect of swaps \u2013 3,691.7 \u2013 (426.5) (152.6) (256.9) (2,855.7)3,797.2 3,797.2 \u2013 \u2013 \u2013 \u2013 \u2013Borrowings designated at fair value through profit or lossFixed rate instruments 330.2 \u2013 \u2013 \u2013 \u2013 \u2013 330.2Effect of swaps \u2013 330.2 \u2013 \u2013 \u2013 \u2013 (330.2)330.2 330.2 \u2013 \u2013 \u2013 \u2013 \u2013Borrowings measured at amortised costFixed rate instruments 1,823.4 38.4 1.3 1.7 1.5 1.6 1,778.9Floating rate instruments 848.8 848.8 \u2013 \u2013 \u2013 \u2013 \u2013Index-linked instruments 3,989.0 3,989.0 \u2013 \u2013 \u2013 \u2013 \u20136,661.2 4,876.2 1.3 1.7 1.5 1.6 1,778.9Effect 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 10,788.6 6,674.7 201.3 391.5 252.1 655.1 2,613.9Cash and short-term deposits (1,672.6) (1,672.6) \u2013 \u2013 \u2013 \u2013 \u2013Net borrowings 9,116.0 5,002.1 201.3 391.5 252.1 655.1 2,613.91 year More than Totalor less 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 90 7.0 907.0 \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 2,051.2Electricity price riskThe group is typically allowed a fixed amount of revenue by the regulator, in real terms, to cover electricity costs for each five-year regulatory pricing period. For the 2025\u20132030 regulatory period, energy costs will be subject to an end of regulatory period adjustment based on the DESNZ industrial users energy price index. 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 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 394,200 262,800 153,600 \u2013Average contracted fixed price \u00a3/MWh 132.2 116.2 72.9 \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 Amount calculating reclassified hedge Hedge from the cash Nominal Carrying ineffectiveness ineffectiveness Cash flow flow hedge amount of amount of for the recognised in hedge reserve reserve to the hedging the hedging year ended the income excluding the income (1)instrumentsinstruments31 March 2025statementeffects of taxstatementRisk exposure \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mElectricity price risk 96.8 (27.4) (8.7) \u2013 (47.7) (1.3)(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 2025, RCV gearing was within the range at 60 per cent (2024: 59 per cent). Assuming no significant changes to existing rating agencies\u2019 methodologies or sector risk assessments, the group aims to maintain UUW long-term issuer credit ratings for UUW of at least Baa1 with Moody\u2019s Investors Service (\u2018Moody\u2019s\u2019), and BBB+ with S&P Global Ratings (\u2018S&P\u2019) and an issuer default rating of at least BBB+ with Fitch Ratings (\u2018Fitch\u2019) (a senior unsecured debt rating for UUW of at least A-). 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\u2019s 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 corporates 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.Level 1 Level 2 Level 3 Total2025 \u00a3m \u00a3m \u00a3m \u00a3mFinancial assets at fair value through profit or lossDerivative financial assets \u2013 fair value hedge \u2013 43.3 \u2013 43.3(1)Derivative financial assets \u2013 held for trading\u2013 295.7 \u2013 295.7Derivative financial assets \u2013 cash flow hedge \u2013 1.7 \u2013 1.7Financial liabilities at fair value through profit or lossDerivative financial liabilities \u2013 fair value hedge \u2013 (245.9) \u2013 (245.9)(1)Derivative financial liabilities \u2013 held for trading\u2013 ( 1 7.6 ) \u2013 ( 1 7. 6 )Derivative financial liabilities \u2013 cash flow hedge \u2013 (29.1) \u2013 (29.1)Financial liabilities designated as fair value through profit or loss \u2013 (330.2) \u2013 (330.2)Financial instruments for which fair value has been disclosedFinancial liabilities in fair value hedge relationships ( 3 ,4 47.9) (368.9) \u2013 (3,816.8)Other financial liabilities (2,171.1) (3,662.6) \u2013 (5,833.7)(5,619.0) (4,313.6) \u2013 (9,932.6)Level 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 liabilities \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)(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 \u00a3105.0 million (2024: \u00a3110.9 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 \u00a35,619.0 million (2024: \u00a35,731.9 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 to arrive at \u2018Level 2\u2019 fair value measurements, in line with prior years. The \u00a3112.9 million decrease (2024: \u00a31,254.5 million increase) in level 1 fair value measurements primarily reflects widening of credit spreads offset by 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 \u00a36.3 million loss (2024: \u00a322.0 million loss). Included within this was a \u00a31.9 million gain (2024: \u00a30.7 million gain) attributable to changes in own credit risk, recognised in other comprehensive income. The cumulative amount due to changes in credit spread was \u00a337.8 million profit (2024: \u00a335.9 million profit). The carrying amount is \u00a3104.1 million (2024: \u00a3112.8 million) higher than the amount contracted to settle on maturity.",
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"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
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},
"f0__s8__6__62": {
"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 2025, the group had \u00a32,822.7 million (2024: \u00a32,199.3 million) of available liquidity, which comprised \u00a31,672.7 million (2024: \u00a31,399.3 million) of cash and short-term deposits and \u00a31,150.0 million (2024: \u00a3800.0 million) of undrawn committed borrowing facilities.The group had available committed borrowing facilities as follows:2025 2024\u00a3m \u00a3mExpiring within one year 200.0 50.0Expiring after one year but in less than two years 225.0 200.0Expiring after more than two years 725.0 550.0Total borrowing facilities 1,150.0 800.0Facilities drawn \u2013 \u2013Total borrowing facilities 1,150.0 800.0These 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__63": {
"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 2025, Water Plus was the group\u2019s single largest debtor, with amounts outstanding in relation to wholesale services of \u00a327.5 million (2024: \u00a327.1 million). During the year, sales to Water Plus in relation to wholesale services were \u00a3338.8 million (2024: \u00a3334.4 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 2025 and 31 March 2024, the maximum exposure to credit risk for the group is represented by the carrying amount of each financial asset in the statement of financial position:2025 2024\u00a3m \u00a3mCash and short-term deposits (see note 15) 1,672.6 1,399.3Trade and other receivables (see note 13) 355.6 300.5Derivative financial instruments 340.7 382.82,368.9 2,082.6The credit exposure on derivatives is disclosed gross of any collateral held. At 31 March 2025, the group held \u00a337.1 million (2024: \u00a337.8 million) as collateral in relation to derivative financial instruments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__64": {
"value": "The credit exposure on derivatives is disclosed gross of any collateral held. At 31 March 2025, the group held \u00a337.1 million (2024: \u00a337.8 million) as collateral in relation to derivative financial instruments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__65": {
"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": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__66": {
"value": "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 2025 1 year or less 1 to 2 years 2 to 5 years Over 5 yearsNotional principal amount \u00a3m \u2013 \u2013 700.0 2,167.3Average contracted fixed interest rate % \u2013 \u2013 2.3 2.7This 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.Fair value (gains)/losses used for calculating hedge ineffectiveness for the year (1)ended 31 March 2025Accumulated Hedge Nominal Carrying fair value ineffectiveness amount of amount of (gains)/recognised in the hedging the hedging losses on Hedged the income instrumentsinstrumentshedged items Hedged itemsinstrumentsstatementRisk exposure \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mInterest rate risk on borrowings 2,075.0 (167.4) (164.7) (33.7) 34.4 0.7Note:(1) The change in fair value of the hedging instruments used to measure hedge ineffectiveness excludes 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 has 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 2025 1 year or less 1\u20132 years 2\u20135 years Over 5 yearsNotional principal amount \u00a3m 99.9 \u2013 257.3 879.7Average contracted fixed interest rate % 1.9 \u2013 1.4 2.4This 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 ineffectiveness for the year (1) ended 31 March 2025Accumulated Hedge Nominal Carrying fair value ineffectiveness amount of amount of (gains)/recognised in the hedging the hedging losses on Hedged the income instrumentsinstrumentshedged items Hedged itemsinstrumentsstatementRisk exposure \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mForeign currency and interest rate risk on borrowings 1,943.0 (54.8) (41.2) (26.4) 13.3 (13.1)(1) The change in fair value of the hedging instruments used to measure hedge ineffectiveness excludes 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 year or less due to the refixing of the interest charge with changes in RPI and CPI.1 year More than Totalor less 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years5 yearsAt 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mBorrowings in fair value hedge relationshipsFixed rate instruments 3,797.2 105.5 \u2013 426.5 152.6 256.9 2,855.7Effect of swaps \u2013 3,691.7 \u2013 (426.5) (152.6) (256.9) (2,855.7)3,797.2 3,797.2 \u2013 \u2013 \u2013 \u2013 \u2013Borrowings designated at fair value through profit or lossFixed rate instruments 330.2 \u2013 \u2013 \u2013 \u2013 \u2013 330.2Effect of swaps \u2013 330.2 \u2013 \u2013 \u2013 \u2013 (330.2)330.2 330.2 \u2013 \u2013 \u2013 \u2013 \u2013Borrowings measured at amortised costFixed rate instruments 1,823.4 38.4 1.3 1.7 1.5 1.6 1,778.9Floating rate instruments 848.8 848.8 \u2013 \u2013 \u2013 \u2013 \u2013Index-linked instruments 3,989.0 3,989.0 \u2013 \u2013 \u2013 \u2013 \u20136,661.2 4,876.2 1.3 1.7 1.5 1.6 1,778.9Effect 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 10,788.6 6,674.7 201.3 391.5 252.1 655.1 2,613.9Cash and short-term deposits (1,672.6) (1,672.6) \u2013 \u2013 \u2013 \u2013 \u2013Net borrowings 9,116.0 5,002.1 201.3 391.5 252.1 655.1 2,613.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__68": {
"value": "approximation of fair value.Level 1 Level 2 Level 3 Total2025 \u00a3m \u00a3m \u00a3m \u00a3mFinancial assets at fair value through profit or lossDerivative financial assets \u2013 fair value hedge \u2013 43.3 \u2013 43.3(1)Derivative financial assets \u2013 held for trading\u2013 295.7 \u2013 295.7Derivative financial assets \u2013 cash flow hedge \u2013 1.7 \u2013 1.7Financial liabilities at fair value through profit or lossDerivative financial liabilities \u2013 fair value hedge \u2013 (245.9) \u2013 (245.9)(1)Derivative financial liabilities \u2013 held for trading\u2013 ( 1 7.6 ) \u2013 ( 1 7. 6 )Derivative financial liabilities \u2013 cash flow hedge \u2013 (29.1) \u2013 (29.1)Financial liabilities designated as fair value through profit or loss \u2013 (330.2) \u2013 (330.2)Financial instruments for which fair value has been disclosedFinancial liabilities in fair value hedge relationships ( 3 ,4 47.9) (368.9) \u2013 (3,816.8)Other financial liabilities (2,171.1) (3,662.6) \u2013 (5,833.7)(5,619.0) (4,313.6) \u2013 (9,932.6)Level 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 liabilities \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)(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 \u00a3105.0 million (2024: \u00a3110.9 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__67": {
"value": " (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 \u00a35,619.0 million (2024: \u00a35,731.9 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 to arrive at \u2018Level 2\u2019 fair value measurements, in line with prior years. The \u00a3112.9 million decrease (2024: \u00a31,254.5 million increase) in level 1 fair value measurements primarily reflects widening of credit spreads offset by 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 \u00a36.3 million loss (2024: \u00a322.0 million loss). Included within this was a \u00a31.9 million gain (2024: \u00a30.7 million gain) attributable to changes in own credit risk, recognised in other comprehensive income. The cumulative amount due to changes in credit spread was \u00a337.8 million profit (2024: \u00a335.9 million profit). The carrying amount is \u00a3104.1 million (2024: \u00a3112.8 million) higher than the amount contracted to settle on maturity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__72": {
"value": "A5 Related party transactionsGroup Transactions between the company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.The related party transactions with the group\u2019s joint ventures and other related parties during the period, and amounts outstanding at the period-end date, were as follows:2025 2024\u00a3m \u00a3mSales of services 338.8 334.4Charitable contributions advanced to related parties 0.2 0.2Purchases of goods and services 1.5 \u2013Interest income and fees recognised on loans to related parties 5.9 5.6Amounts owed by related parties 101.0 100.8Amounts owed to related parties \u2013 \u2013Sales of services to related parties mainly represent non-household wholesale charges to Water Plus that were billed and accrued during the period. These transactions were on market credit terms in respect of non-household wholesale charges, which are governed by the wholesale charging rules issued by Ofwat.Charitable contributions advanced to related parties during the year relate to amounts paid to Rivington Heritage Trust, a charitable company limited by guarantee for which United Utilities Water Limited is one of three guarantors. Amounts owed by joint ventures, as recorded within trade and other receivables in the statement of financial position, were \u00a3101.0 million (2024: \u00a3100.8 million), comprising \u00a327.4 million (2024: \u00a327.1 million) of trade balances, which are unsecured and will be settled in accordance with normal credit terms, and \u00a373.5 million (2024: \u00a373.7 million) relating to loans.Included within these loans receivable were the following amounts owed by Water Plus:\u2022 \u00a371.4 million (2024: \u00a372.3 million) outstanding on a \u00a395.0 million revolving credit facility provided by United Utilities PLC, with a maturity date of December 2026, bearing a floating rate interest rate of the Bank of England base rate plus a credit margin. This balance comprises \u00a375.0 million outstanding, net of a \u00a33.6 million allowance for expected credit losses (2024: \u00a375.5 million net of a \u00a33.2 million allowance for expected credit losses); and\u2022 \u00a32.2 million (2024: \u00a31.4 million) receivable being the \u00a311.7 million (2024: \u00a311.3 million) fair value of amounts owed in relation to a \u00a312.5 million unsecured loan note held by United Utilities PLC, with a maturity date of 28 March 2027, net of a \u00a3nil (2024: \u00a30.4 million) allowance for expected credit losses and \u00a39.5 million of the group\u2019s share of joint venture losses relating to historic periods as the loan note is deemed to be part of the group\u2019s long-term interest in Water Plus. This is a zero coupon shareholder loan with a total amount outstanding at 31 March 2025 and 31 March 2024 of \u00a312.5 million, comprising a \u00a311.7 million (2024: \u00a311.3 million) receivable representing the present value of the \u00a312.5 million payable at maturity discounted using an appropriate market rate of interest at the inception of the loan, and \u00a30.8 million (2024: \u00a31.2 million) recorded as an equity contribution to Water Plus recognised within interests in joint ventures.During the year, United Utilities PLC provided guarantees in support of Water Plus in respect of certain amounts owed to wholesalers. The aggregate limit of these guarantees was \u00a348.9 million, of which \u00a326.0 million related to guarantees to United Utilities Water Limited. At 31 March 2025, amounts owed to related parties were \u00a3nil (2024: \u00a3nil). CompanyThe parent company receives dividend income and pays and receives interest to and from subsidiary undertakings in the normal course of business. Total dividend income received during the year amounted to \u00a3344.1 million (2024: \u00a3320.0 million) and total net interest payable during the year was \u00a3119.6 million (2024: \u00a3112.9 million). Amounts outstanding at 31 March 2025 and 31 March 2024 between the parent company and subsidiary undertakings are disclosed in notes 13, 16 and 18.At 31 March 2025 and 31 March 2024, no related-party receivables and payables were secured and no guarantees were issued in respect thereof. Balances will be settled in accordance with normal credit terms. No allowance for doubtful receivables has been made for amounts owed by subsidiary undertakings as at 31 March 2025 and 31 March 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__74": {
"value": "A6 Accounting policiesOf the accounting policies outlined below, those deemed to be the most significant for the group are those that align with the critical accounting judgements and key sources of estimation uncertainty set out on pages 196 to 198.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.Subsidiaries Subsidiaries are entities controlled by the group. Control is achieved where the group is exposed to, or has the rights to, variable returns from its involvement in an entity and has the ability to affect those returns through its power over the entity. In the parent company accounts, investments are held at cost less provision for impairment. All intra-group transactions, balances, income and expenses are eliminated on consolidation.Joint ventures Joint ventures are entities in which the group holds an interest on a long-term basis and which are jointly controlled with one or more parties under a contractual arrangement. The group\u2019s share of joint venture results is incorporated using the equity method of accounting. Under the equity method, an investment in a joint venture is initially recognised at cost and adjusted thereafter to recognise the group\u2019s share of the profit or loss of the joint venture. 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 through which 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, and the recognition of associated receivable balances, would be delayed until such time as collectability is reasonably assured. Any gross debt that is not expected to be recovered through future cash collection is provided against through either an allowance for expected credit losses (non-collection, where revenue had been previously recognised due to recovery being considered probable at the point services were rendered) or credit note provision (incorrectly billed, and therefore reducing the amount of revenue that should have been recognised). The group recognises a credit note provision typically in relation to non-household customers who can claim allowances against amounts previously billed, in accordance with non-household market codes. Future allowances for which a credit note provision is recognised are estimated based on historic information derived from market operating systems. Credit note provisions held in relation to household customers relate to bill adjustments made after the reporting date.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.Operating profit Operating profit is stated after charging operational expenses but before investment income and finance expense and before the share of profits or losses of joint ventures.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.Tax Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Assessing the outcome of uncertain tax positions requires judgements to be made regarding the application of tax law and the result of negotiations with, and enquiries from, tax authorities. A current tax provision is only recognised when the group has a present obligation resulting from a past event and it is probable that the group will be required to settle that obligation to a taxing authority. The amount of current tax provisions or assets is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. Current tax Current tax is based on the taxable profit for the period and is provided at amounts expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at each reporting date, and includes any adjustment to tax payable in respect of previous years.Taxable profit differs from the net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are non-taxable or non-deductible. Current tax is charged or credited in the income statement, except when it relates to items charged or credited to equity, in which case the tax is charged or credited within equity.Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are provided, using the liability method, on all taxable temporary differences at each reporting date. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and interests in joint ventures, except where the group is able to control the reversal of the temporary difference, and it is probable that the temporary difference will not reverse in the foreseeable future.Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the temporary timing differences are expected to reverse based on tax rates and laws that have been enacted or substantively enacted at each reporting date. The carrying amount of deferred tax assets is reviewed at each reporting date and is reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited to equity, in which case the deferred tax is charged or credited within equity.Deferred tax assets have been recognised in respect of all tax losses and other temporary differences giving rise to deferred tax assets because it is probable that these assets will be recovered. These deferred tax assets will be recovered against the deferred tax liabilities in relation to fixed assets that will reverse in the same periods.Deferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to set off tax assets against tax liabilities and when they relate to income taxes levied by the same taxation authority and the group intends to settle its current assets and liabilities on a net basis.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 infrastructure assets: \u2013 Impounding reservoirs 200 years; \u2013 Mains and raw water aqueducts 30 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. This includes an allocation of estimated time and resources incurred by the group\u2019s support functions in supporting capital programmes. 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 borrowing costs 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. Infrastructure assets 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 is stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items, including relevant borrowing costs, 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 flow to 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 financial period 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.Government grantsGovernment grants (including those receivable from government agencies and local authorities) are recognised only when there is reasonable assurance that the entity will comply with any conditions attached to the grant and the grant will be received. Where government grants relate to the acquisition or construction of assets, the group has elected to account for the grant by deducting the value of the grant from the asset\u2019s carrying amount. Other grants are typically recognised in other income in the period in which the conditions attached to them are fulfilled.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 of computing systems built and delivered on a \u2018software as a service\u2019 (\u2018SaaS\u2019) 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 sixteen 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.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 cash equivalentsCash and cash equivalents include cash at bank and in hand, deposits and other short-term highly liquid investments that are readily convertible into known amounts of cash, have a maturity of three months or less from the date of acquisition and that are subject to an insignificant risk of change in value. In the consolidated statement of cash flows and related notes, cash and cash equivalents include cash and short-term deposits, net of book overdrafts.From time to time the group places cash on deposits that have a maturity greater than three months but less than 12 months, typically for the purpose of reducing the cost of carrying cash that is not required for the purpose of meeting short-term commitments. These deposits do not meet the group\u2019s definition of cash and cash equivalents, and so are not included in the group\u2019s cash and cash equivalents balance in the statement of financial position. In the consolidated statement of cash flows, the placement and receipt of these funds are reported as investing activities. Financial investments Investments (other than interests in subsidiaries, joint ventures and fixed deposits) are initially measured at fair value, including transaction costs. Investments classified as financial assets measured at fair value through profit or loss (\u2018FVPL\u2019) in accordance with IFRS 9 \u2018Financial Instruments\u2019 are measured at subsequent reporting dates at fair value. Gains and losses arising from changes in fair value are recognised in the net profit or loss for the period. The business model employed in respect of financial assets is that of a hold-to-collect model.Trade and other receivables Trade and other receivables are initially measured at fair value on initial recognition. Trade receivables are held within a business model to collect contractual cash flows, which comprise solely payments of principal and interest on the principal amount outstanding. After initial recognition, trade receivables are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. At each reporting date, the group evaluates the estimated recoverability of trade receivables and records allowances for expected credit losses. The group estimates the expected credit loss on trade receivables applying the simplified approach as permitted under IFRS 9. For trade receivables that are assessed as not impaired individually, the expected credit loss is estimated based on the group\u2019s historical experience of cash collection, which is considered to be a good predictor of future collection, as well as the incorporation of other forward-looking information.Amounts owed by related parties are assessed for credit risk based on the facts and circumstances of the balances receivable. The group assesses the lifetime expected credit losses of loans receivable from its joint venture, Water Plus, based on Water Plus\u2019s financial projections and a probability-weighted assessment of scenarios that could impact these. Credit risk is considered separately for trade receivables due from Water Plus and is considered immaterial as amounts outstanding are paid within 30 days. Other receivables are assessed for credit risk and, where this is material, an allowance for expected credit losses is determined based on historic credit losses adjusted for expected changes in future collection, where applicable. Trade payables Trade payables are initially measured at fair value and are subsequently measured at amortised cost.Financial liabilities and equity Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.Equity instruments Equity instruments issued by the group are recorded at the proceeds received, net of direct issue costs.Borrowings The group\u2019s default treatment is that bonds and loans are initially measured at fair value, being the cash proceeds received net of any direct issue costs. They are subsequently measured at amortised cost applying the effective interest method. The difference between the net cash proceeds received at inception and the principal cash flows due at maturity is accrued over the term of the borrowing. The default treatment of measuring at amortised cost, while associated hedging derivatives are recognised at fair value, presents an accounting measurement mismatch that has the potential to introduce considerable volatility to both the income statement and the statement of financial position. Therefore, where feasible, the group takes advantage of the provisions under IFRS 9 \u2018Financial Instruments\u2019 to make fair value adjustments to its borrowing instruments to reduce this volatility and better represent the economic hedges that exist between the group\u2019s borrowings and associated derivative contracts. Where feasible, the group designates its financial instruments within fair value hedge relationships. To apply fair value hedge accounting, it must be demonstrated that there is an economic relationship between the borrowing instrument and the hedging derivative and that the designated hedge ratio is consistent with the group\u2019s risk management strategy.Borrowings designated within a fair value hedge relationship Where designated, bonds and loans are initially measured at fair value, being the cash proceeds received net of any direct issue costs. They are subsequently adjusted for any change in fair value attributable to the risk being hedged at each reporting date, with the change being charged or credited to finance expense in the income statement. Hedge accounting is discontinued prospectively when the hedging instrument is sold, terminated or exercised, or where the hedge relationship no longer qualifies for hedge accounting. 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.Derivative financial instruments The group\u2019s default treatment is that derivative financial instruments are measured at fair value at each reporting date, with changes in fair value being charged or credited to finance expense in the income statement. The group enters into financial derivatives contracts to manage its financial exposure to changes in market rates (see note A3).Derivative financial instruments designated within a cash flow hedge relationship Gains or losses resulting from the effective portion of the hedging instrument are recognised in other comprehensive income and in the cash flow hedge reserve with any remaining gains or losses recognised immediately in the income statement. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and cumulative change in fair value of the hedged item. At the maturity date, amounts paid/received are recognised against operating expenses in the income statement. Upon discontinuation of a cash flow hedge, the amount accumulated in other comprehensive income remains in the cash flow hedge reserve if the hedged future cash flows are still expected to occur. Otherwise, the amount is immediately reclassified to the income statement.Derivatives and borrowings \u2013 valuation Where an active market exists, designated borrowings and derivatives recorded at fair value are valued using quoted market prices. Otherwise, they are valued using a net present value valuation model. The model uses applicable interest rate curve data at each reporting date to determine any floating cash flows. Projected future cash flows associated with each financial instrument are discounted to the reporting date using discount factors derived from the applicable interest curves adjusted for counterparty credit risk where appropriate. Discounted foreign currency cash flows are converted into sterling at the spot exchange rate at each reporting date. Assumptions are made with regard to credit spreads based on indicative pricing data. The valuation of debt designated in a fair value hedge relationship is calculated based on the risk being hedged as prescribed by IFRS 9 \u2018Financial Instruments\u2019. The group\u2019s policy is to hedge its exposure to changes in the applicable underlying interest rate and it is this portion of the cash flows that is included in the valuation model (excluding any applicable company credit risk spread). The valuation of debt designated at fair value through the profit or loss incorporates an assumed credit risk spread in the applicable discount factor. Credit spreads are determined based on indicative pricing data.Inventories Inventories are stated at the lower of cost and net realisable value. For properties held for resale, cost includes the cost of acquiring and developing the sites, including borrowing costs where applicable. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.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 net interest on the schemes\u2019 net defined benefit position is included within investment income where there is an overall net defined benefit surplus, and finance expense where there is an overall net defined benefit deficit. 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 will be 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 are 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 presents total tax cash flows as operating activities.Changes in working capitalThe movement in trade and other payables excludes movements in capital accruals, interest accruals and deferred grants and contributions. These movements are instead incorporated as adjustments in other areas of the statement of cash flows.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__75": {
"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.Subsidiaries Subsidiaries are entities controlled by the group. Control is achieved where the group is exposed to, or has the rights to, variable returns from its involvement in an entity and has the ability to affect those returns through its power over the entity. In the parent company accounts, investments are held at cost less provision for impairment. All intra-group transactions, balances, income and expenses are eliminated on consolidation.Joint ventures Joint ventures are entities in which the group holds an interest on a long-term basis and which are jointly controlled with one or more parties under a contractual arrangement. The group\u2019s share of joint venture results is incorporated using the equity method of accounting. Under the equity method, an investment in a joint venture is initially recognised at cost and adjusted thereafter to recognise the group\u2019s share of the profit or loss of the joint venture.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__76": {
"value": " the group. Control is achieved where the group is exposed to, or has the rights to, variable returns from its involvement in an entity and has the ability to affect those returns through its power over the entity. In the parent company accounts, investments are held at cost less provision for impairment. All intra-group transactions, balances, income and expenses are eliminated on consolidation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__77": {
"value": "Joint ventures Joint ventures are entities in which the group holds an interest on a long-term basis and which are jointly controlled with one or more parties under a contractual arrangement. The group\u2019s share of joint venture results is incorporated using the equity method of accounting. Under the equity method, an investment in a joint venture is initially recognised at cost and adjusted thereafter to recognise the group\u2019s share of the profit or loss of the joint venture.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__79": {
"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.Tax",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__80": {
"value": "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": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__81": {
"value": "Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Assessing the outcome of uncertain tax positions requires judgements to be made regarding the application of tax law and the result of negotiations with, and enquiries from, tax authorities. A current tax provision is only recognised when the group has a present obligation resulting from a past event and it is probable that the group will be required to settle that obligation to a taxing authority. The amount of current tax provisions or assets is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. Current tax Current tax is based on the taxable profit for the period and is provided at amounts expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at each reporting date, and includes any adjustment to tax payable in respect of previous years.Taxable profit differs from the net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are non-taxable or non-deductible. Current tax is charged or credited in the income statement, except when it relates to items charged or credited to equity, in which case the tax is charged or credited within equity.Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are provided, using the liability method, on all taxable temporary differences at each reporting date. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and interests in joint ventures, except where the group is able to control the reversal of the temporary difference, and it is probable that the temporary difference will not reverse in the foreseeable future.Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the temporary timing differences are expected to reverse based on tax rates and laws that have been enacted or substantively enacted at each reporting date. The carrying amount of deferred tax assets is reviewed at each reporting date and is reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited to equity, in which case the deferred tax is charged or credited within equity.Deferred tax assets have been recognised in respect of all tax losses and other temporary differences giving rise to deferred tax assets because it is probable that these assets will be recovered. These deferred tax assets will be recovered against the deferred tax liabilities in relation to fixed assets that will reverse in the same periods.Deferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to set off tax assets against tax liabilities and when they relate to income taxes levied by the same taxation authority and the group intends to settle its current assets and liabilities on a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__82": {
"value": "Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are provided, using the liability method, on all taxable temporary differences at each reporting date. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and interests in joint ventures, except where the group is able to control the reversal of the temporary difference, and it is probable that the temporary difference will not reverse in the foreseeable future.Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the temporary timing differences are expected to reverse based on tax rates and laws that have been enacted or substantively enacted at each reporting date. The carrying amount of deferred tax assets is reviewed at each reporting date and is reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited to equity, in which case the deferred tax is charged or credited within equity.Deferred tax assets have been recognised in respect of all tax losses and other temporary differences giving rise to deferred tax assets because it is probable that these assets will be recovered. These deferred tax assets will be recovered against the deferred tax liabilities in relation to fixed assets that will reverse in the same periods.Deferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to set off tax assets against tax liabilities and when they relate to income taxes levied by the same taxation authority and the group intends to settle its current assets and liabilities on a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__84": {
"value": "Government grantsGovernment grants (including those receivable from government agencies and local authorities) are recognised only when there is reasonable assurance that the entity will comply with any conditions attached to the grant and the grant will be received. Where government grants relate to the acquisition or construction of assets, the group has elected to account for the grant by deducting the value of the grant from the asset\u2019s carrying amount. Other grants are typically recognised in other income in the period in which the conditions attached to them are fulfilled.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__85": {
"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 of computing systems built and delivered on a \u2018software as a service\u2019 (\u2018SaaS\u2019) 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 sixteen years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__86": {
"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": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__87": {
"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 cash equivalentsCash and cash equivalents include cash at bank and in hand, deposits and other short-term highly liquid investments that are readily convertible into known amounts of cash, have a maturity of three months or less from the date of acquisition and that are subject to an insignificant risk of change in value. In the consolidated statement of cash flows and related notes, cash and cash equivalents include cash and short-term deposits, net of book overdrafts.From time to time the group places cash on deposits that have a maturity greater than three months but less than 12 months, typically for the purpose of reducing the cost of carrying cash that is not required for the purpose of meeting short-term commitments. These deposits do not meet the group\u2019s definition of cash and cash equivalents, and so are not included in the group\u2019s cash and cash equivalents balance in the statement of financial position. In the consolidated statement of cash flows, the placement and receipt of these funds are reported as investing activities. Financial investments Investments (other than interests in subsidiaries, joint ventures and fixed deposits) are initially measured at fair value, including transaction costs. Investments classified as financial assets measured at fair value through profit or loss (\u2018FVPL\u2019) in accordance with IFRS 9 \u2018Financial Instruments\u2019 are measured at subsequent reporting dates at fair value. Gains and losses arising from changes in fair value are recognised in the net profit or loss for the period. The business model employed in respect of financial assets is that of a hold-to-collect model.Trade and other receivables Trade and other receivables are initially measured at fair value on initial recognition. Trade receivables are held within a business model to collect contractual cash flows, which comprise solely payments of principal and interest on the principal amount outstanding. After initial recognition, trade receivables are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. At each reporting date, the group evaluates the estimated recoverability of trade receivables and records allowances for expected credit losses. The group estimates the expected credit loss on trade receivables applying the simplified approach as permitted under IFRS 9. For trade receivables that are assessed as not impaired individually, the expected credit loss is estimated based on the group\u2019s historical experience of cash collection, which is considered to be a good predictor of future collection, as well as the incorporation of other forward-looking information.Amounts owed by related parties are assessed for credit risk based on the facts and circumstances of the balances receivable. The group assesses the lifetime expected credit losses of loans receivable from its joint venture, Water Plus, based on Water Plus\u2019s financial projections and a probability-weighted assessment of scenarios that could impact these. Credit risk is considered separately for trade receivables due from Water Plus and is considered immaterial as amounts outstanding are paid within 30 days. Other receivables are assessed for credit risk and, where this is material, an allowance for expected credit losses is determined based on historic credit losses adjusted for expected changes in future collection, where applicable. Trade payables Trade payables are initially measured at fair value and are subsequently measured at amortised cost.Financial liabilities and equity Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.Equity instruments Equity instruments issued by the group are recorded at the proceeds received, net of direct issue costs.Borrowings The group\u2019s default treatment is that bonds and loans are initially measured at fair value, being the cash proceeds received net of any direct issue costs. They are subsequently measured at amortised cost applying the effective interest method. The difference between the net cash proceeds received at inception and the principal cash flows due at maturity is accrued over the term of the borrowing. The default treatment of measuring at amortised cost, while associated hedging derivatives are recognised at fair value, presents an accounting measurement mismatch that has the potential to introduce considerable volatility to both the income statement and the statement of financial position. Therefore, where feasible, the group takes advantage of the provisions under IFRS 9 \u2018Financial Instruments\u2019 to make fair value adjustments to its borrowing instruments to reduce this volatility and better represent the economic hedges that exist between the group\u2019s borrowings and associated derivative contracts. Where feasible, the group designates its financial instruments within fair value hedge relationships. To apply fair value hedge accounting, it must be demonstrated that there is an economic relationship between the borrowing instrument and the hedging derivative and that the designated hedge ratio is consistent with the group\u2019s risk management strategy.Borrowings designated within a fair value hedge relationship Where designated, bonds and loans are initially measured at fair value, being the cash proceeds received net of any direct issue costs. They are subsequently adjusted for any change in fair value attributable to the risk being hedged at each reporting date, with the change being charged or credited to finance expense in the income statement. Hedge accounting is discontinued prospectively when the hedging instrument is sold, terminated or exercised, or where the hedge relationship no longer qualifies for hedge accounting. 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.Derivative financial instruments The group\u2019s default treatment is that derivative financial instruments are measured at fair value at each reporting date, with changes in fair value being charged or credited to finance expense in the income statement. The group enters into financial derivatives contracts to manage its financial exposure to changes in market rates (see note A3).Derivative financial instruments designated within a cash flow hedge relationship Gains or losses resulting from the effective portion of the hedging instrument are recognised in other comprehensive income and in the cash flow hedge reserve with any remaining gains or losses recognised immediately in the income statement. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and cumulative change in fair value of the hedged item. At the maturity date, amounts paid/received are recognised against operating expenses in the income statement. Upon discontinuation of a cash flow hedge, the amount accumulated in other comprehensive income remains in the cash flow hedge reserve if the hedged future cash flows are still expected to occur. Otherwise, the amount is immediately reclassified to the income statement.Derivatives and borrowings \u2013 valuation Where an active market exists, designated borrowings and derivatives recorded at fair value are valued using quoted market prices. Otherwise, they are valued using a net present value valuation model. The model uses applicable interest rate curve data at each reporting date to determine any floating cash flows. Projected future cash flows associated with each financial instrument are discounted to the reporting date using discount factors derived from the applicable interest curves adjusted for counterparty credit risk where appropriate. Discounted foreign currency cash flows are converted into sterling at the spot exchange rate at each reporting date. Assumptions are made with regard to credit spreads based on indicative pricing data. The valuation of debt designated in a fair value hedge relationship is calculated based on the risk being hedged as prescribed by IFRS 9 \u2018Financial Instruments\u2019. The group\u2019s policy is to hedge its exposure to changes in the applicable underlying interest rate and it is this portion of the cash flows that is included in the valuation model (excluding any applicable company credit risk spread). The valuation of debt designated at fair value through the profit or loss incorporates an assumed credit risk spread in the applicable discount factor. Credit spreads are determined based on indicative pricing data.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__88": {
"value": "Inventories Inventories are stated at the lower of cost and net",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__89": {
"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 net interest on the schemes\u2019 net defined benefit position is included within investment income where there is an overall net defined benefit surplus, and finance expense where there is an overall net defined benefit deficit. 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": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__90": {
"value": "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:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__91": {
"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 will be 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": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__92": {
"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": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__93": {
"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 are 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": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__94": {
"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 presents total tax cash flows as operating activities.Changes in working capitalThe movement in trade and other payables excludes movements in capital accruals, interest accruals and deferred grants and contributions. These movements are instead incorporated as adjustments in other areas of the statement of cash flows.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__96": {
"value": "A7 Subsidiaries and other group undertakingsDetails of the group\u2019s subsidiary undertakings, joint ventures and associates at 31 March 2025 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 DormantUnited 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: Prospect House, Gordon Banks Drive, Trentham Lakes, Stoke-On-Trent, ST4 4TW, United Kingdom.On 3 April 2025, United Utilities Water Limited purchased 100 per cent of the share capital of Trafford Property Limited, a property management company. Further information can be found in note 24.United Utilities Group PLC Haweswater House Lingley Mere Business Park Lingley Green Avenue Great Sankey Warrington WA5 3LPTelephone +44 (0)1925 237000Stock Code: UU. Registered in England and Wales Registered number 6559020",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__98": {
"value": "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 DormantUnited 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: Prospect House, Gordon Banks Drive, Trentham Lakes, Stoke-On-Trent, ST4 4TW, United Kingdom.On 3 April 2025, United Utilities Water Limited purchased 100 per cent of the share capital of Trafford Property Limited, a property management company. Further information can be found in note 24.United Utilities Group PLC Haweswater House Lingley Mere Business Park Lingley Green Avenue Great Sankey Warrington WA5 3LP",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"f0__s8__6__97": {
"value": "United Utilities Group PLC",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
}
}
}