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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|
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|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|||||||
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||||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|
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|||||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:||||||
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||||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|
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|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|
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|||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|
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|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|
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|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|
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|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|
##
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||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|
##
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|||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|
##
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|||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|
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|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|
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|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|
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