2020-12-31-accounts - The Waterloo Foundation

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			Page
, Trustees'	annual report
Independent auditor's		report to the members	27
Statement	offinancial	activities	31
Statement	offinancial	position	32
Statement	ofcash flows		33
Notes to the financial		statements	34

Registered	charity name	charity name	The Waterloo Foundation	The Waterloo Foundation	The Waterloo Foundation	The Waterloo Foundation
Charity registration		number	1117535
Principal office			46-48 Cardiff Road
			Llandaff
			Cardiff
			CF5 2DT
The Trustees
The Trustees	who served the charity		during this period were		as follows:
			Professor H. V.	Stevens
			Mr D.G. Stevens
			Captain J.V.Alexander,			to	April 2020
			Mrs C.A. Oakes
Senior management			Helen Horn (Head ofOperations), to Hannah Tayler (Operations Manager),						28'" August 2020 from 1"October 2020
			Janice Matthews	(Finance			Manager)
Auditor			Carston
			Chartered Accountants			&Statutory		Auditor
			1st Floor, Tudor	House
			16Cathedral Road
			Cardiff
			CF119LJ
Investment	advisors		Whitley Asset Management
			116Princedale	Road
			London
			W11 4NH
Bankers			Triodos Bank
			Deanery Road
			Bristol
			BS15AS
			CAF Bank
			25 Kings Hill Avenue
			West Mailing
			Kent
			ME194JQ
Solicitors			Veale Wasborough		Vizards
			Orchard Court
			Orchard Lane
			Bristol
			BS15WS

			Year ended	31 Decem	ber 2020	ber 2020
					2020		2019
					Unrestricted
					funds	Total funds	Total funds
				Note	f,	E
Income and endowments
Donations and legacies				4	12,256,500	12,256,500	4,296,800
Investment income				5	5,518,666	5,518,666	5,235,687
Total income					17,775,166	17,775,166	9,532,487
Expenditure
Expenditure on raising funds:
Investment management		costs		6	(178,689)	(178,689)	(225,676)
Expenditure on charitable	activities			7,8	(13,919,880)	(13,919,880)	(8,586,049)
Other expenditure				11	(218)	(218)	(510)
Total expenditure					(14,098,787)	(14,098,787)	(8,812,235)
Net gains on investments				12	32,897,520	32,897,520	20,866,776
Net income and net movement			in funds		36,573,899	36,573,899	21,587,028
Reconciliation offunds
Total funds brought forward					180,390,753	180,390,753	158,803,725
Total funds carried forward					216,964,652	216,964,652	180,390,753

				31	Dece	mber 20	20
						Note		2020	f	2019
Fixed assets
Tangible fixed assets						17			31,884	16,310
Investments						18		214,118,314		180,222,780
								214,150,198		180,239,090
Current assets
Debtors						19	67,899			17,512
Cash at bank and in	hand						4,612,702			1,702,674
							4,680,601			1,720,186
Creditors: amounts	falling	due within one			year 20		1,866,147			1,568,523
Net current assets									2,814,454	151,663
Total assets less current		liabilities						216,964,652		180,390,753
Net assets								216,964,652		180,390,753
Funds ofthe charity
Unrestricted funds								216,964,652		180,390,753
Total charity funds						22		216,964,652		180,390,753
These financial statements		were		approved	by	the board	of trustees	and	authorised	for issue on
........................, and	are sig'ned		on	behalf of	the board by:

			2020	2019
			E	E
Cash flows from operating	activities
Net income			36,573,899	21,587,028
Adjustments for:
Depreciation oftangible fixed assets			6,945	5,464
Net gains on investments			(32,897,520)	(20,866,776)
Dividends, interest and rents from investments			(5,518,594)	(5,235,817)
Other interest receivable and similar income			(72)	130
Loss on disposal oftangible	fixed assets		218	510
Accrued (income)/expenses			(2,314)	2,402
Changesin:
Trade and other debtors			(47,036)	6,079
Trade and other creditors			296,587	76,915
Cash generated from operations			(1,587,887)	(4,424,065)
Interest received			72	(130)
Net cash used in operating	activities		(1,587,815)	(4,424,195)
Cash flows from investing	activities
Dividends, interest and rents from investments			5,518,594	5,235,817
Purchase oftangible assets			(22,955)	(2,050)
Proceeds from sale oftangible assets			218	510
Purchases ofother investments			(55,132,957)	(47,496,627)
Proceeds from sale ofother	investments		54,134,943	47,460,655
Net cash from investing activities			4,497,843	5,198,305
Net increase in cash and cash equivalents			2,910,028	774,110
Cash and cash equivalents	at beginning	ofyear	1,702,674	928,564
Cash and cash equivalents	at end ofyear		4,612,702	1,702,674

Investment	income
			Unrestricted	Total Funds	Unrestricted	Total Funds
			Funds	2020	Funds	2019
			F	f.	F
Income from	listed investments		5,518,594	5,518,594	5,235,817	5,235,817
Bank interest	receivable		1,738	1,738	690	690
Other interest receivable			(1,666)	(1,666)	(820)	(820)
			5,518,666	5,518,666	5,235,687	5,235,687
Investment	management	costs
			Unrestricted	Total Funds	Unrestricted	Total Funds
			Funds	2020	Funds	2019
			F		F	F
Portfolio management			178,689	178,689	225,676	225,676
Expenditure	on charitable	activities	by fund type
			Unrestricted	Total Funds	Unrestricted	Total Funds
			Funds	2020	Funds	2019
			F		F	F
Grants &project funding			13,723,460	13,723,460	8,392,002	8,392,002
Support costs			196,420	196,420	194,047	194,047
			13,919,880	13,919,880 .	8,586,049	8,586,049

		Activities
		undertaken	Grant funding	Support	Total funds	Total fund
		directly	ofactivities	costs	2020	2019
		F	F	F		F
Grants 8 project funding		374,315	13,349,145	175,355	13,898,815	8,570,329
Governance	costs			21,065	21,065	15,720
		374,315	13,349,145	196,420	13,919,880	8,586,049

Analysis of	sup	port costs
			Analysis of
			support costs
			Grants 8
			project
			funding	Total 2020	Total 2019
				F
Staff costs			110,311	110,311	113,662
Premises			42,568	42,568	42,056
Communications		and IT	710	710	709
General office			14,820	14,820	16,438
Governance	costs		21,065	21,065	15,718
Support costs —Other			6,946	6,946	5,464
			196,420	196,420	194,047

10.	Year ended 31 Analysis ofgrants	December 2020
		2020	2019
		E
	Grants to institutions
	Grants to institutions	13,349,145	8,048,498
	Total grants	13,349,145	8,048,498
11.	Other expenditure

11.	Other expenditure
					Unrestricted		Total Funds		Unrestricted	Total Funds
					Funds '			2020	Funds	2019
					E
	Loss on disposal oftangible		fixed
	assets held for charity's	own	use		218			218	510	510
12.	Net gains on investments
					Unrestricted		Total Funds		Unrestricted	Total Funds
					Funds			2020	Funds	2019
									F	E
	Gains / (losses) on sale	of investment
	assets				32,897,520		32,897,520		20,866,776	20,866,776
13.	Net income
	Net income is stated after charging/(crediting):
									2020 F	2019 f
	Depreciation oftangible	fixed assets							6,945	5,464
	Loss on disposal oftangible		fixed	assets					218	510
14.	Auditors remuneration
									2020	2019
	Fees payable for the audit ofthe financial				statements				6,000	6,000
	Fees payable to the charity's		auditor and		its associates		for other services:
	Audit-related assurance	services							3,600	3,600
15.	Staff costs
	The total staff costs and	employee		benefits for the		reporting		period are analysed as		follows:
									2020	2019
	Wages and salades								388,789	347,833
	Social security costs								37,942	35,675
	Employer contributions	to pension		plans					22,137	20,930
									448,868	404,438

Tangible fixed assets
	Fixtures and
	fittings	Equipment	Total
	F		E
Cost
At 1 January 2020	40,177	47,539	87,716
Additions	432	22,305	22,737
Disposals		(1,002)	(1,002)
At 31 December 2020	40,609	68,842	109,451
Depreciation
At 1 January 2020	32,616	38,790	71,406
Charge for the year	1,534	5,411	6,945
Disposals		(784)	(784)
At 31 December 2020	34,150	43,417	77,567
Carrying amount
At 31 December 2020	6,459	25,425	31,884
At 31 December 2019	7,561	8,749	16,310

Investments
	Cash or cash	Listed	Other
	equivalents	investments	investments	Total
			E
Cost or valuation
At 1 January 2020	5,295,922	173,768,342	1,158,516	180,222,780
Additions	30,632,001	24,334,945	166,011	55,132,957
Disposals	(29,169,695)	(25,728,370)	(84,689)	(54,982,754)
Fair value movements		34,642,965	(897,634)	33,745,331
At 31 December 2020	6,758,228	207,017,882	342,204	214,118,314
Impairment
At 1 January 2020 and
31 December 2020
Carrying amount
At 31 December 2020	6,758,228	207,017,882	342,204	214,118,314
At 31 December 2019	5,295,922	173,768,342	1,158,516	180,222,780

	5%ofth	e total	value	ofthe portfolio:
						Holding	Market
							Value
	Admiral	Group	pic	290p ordinary	shares	3,391,400	F98,520,170
	There is	no restriction		on the realisation	ofthis investment.
19.	Debtors
							2020	2019
							E	E
	Prepayments		and accrued income				18,463	15,112
	Other debtors						49,436	2,400
							67,899	17,512

		2020	2019
		E
Accruals and deferred	income	13712	12,675
Social security and other taxes		9,877	20,616
Trade creditors		9,222	1,417
Other creditors		1,833,336	1,533,815
		1,866,147	1,568,523

		At				At
		1 January 20			Gains and	31 Decembe
		20	Income	Expenditure	losses	r2020
General	funds	180,390,753	17,775,166	(14,098,787)	32,897,520	216,964,652
		At				At
		1 January 20			Gains and	31 December
		19	Income	Expenditure	losses	2019
					F	P
General	funds	158,803,725	9,532,487	(8,812,235)	20,866,776	180,390,753

Analysis ofnet as	sets between funds
		Unrestricted	Total Funds
		Funds	2020
		f.
Tangible fixed assets		31,884	31,884
Investments		214,118,314	214,118,314
Current assets		4,680,601	4,680,601
Creditors less than	1 year	(1,866,147)	(1,866,147)
Net assets		216,964,652	216,964,652
		Unrestricted	Total Funds
		Funds	2019
			E
Tangible fixed assets		16,310	16,310
Investments		180,222,780	180,222,780
Current assets		1,720,186	1,720,186
Creditors less than	1 year	(1,568,523)	(1,568,523)
Net assets		180,390,753	180,390,753

Analy	sis	ofc	han	ges	in net debt
							At		At
						1	Jan 2020	Cash flows	31 Dec 2020
								E
Cash	at	bank	and	in	hand		1,702,674	2,910,028	4,612,702