2021-12-31-accounts - The Waterloo Foundation

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		Page
Trustees' annual report
Independent auditor's	report to the members	26
Statement offinancial	activities	30
Statement offinancial	position	31
Statement ofcash flows		32
Notes to the financial	statements	33

REFERENC	E AND	ADMINIS	TRATIVE DETAIL	S	S	S	S
Registered	charity	name	The Waterloo	Foundation
Charity registration		number	1117535
Principal office			46-48 Cardiff Road
			Llandaff
			Cardiff
			CF52DT
The trustees
The Trustees	who served the		charity during this	period		were as follows:
			Professor H. V.		Stevens
			Mr D.G.Stevens
			Mrs C.A. Oakes
Senior management			Hannah Tayler (Operations					Manager)
			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
Bankem			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

run our "normal" grants programme as well as		Io re	spond to the COVID-19crisis.
The Fund in numbers
During 2021, 56 grants were awarded through		our	Wales Fund, totalling 61,513,2612 of	funding.		The
majority of grants went to those strongly	aligned with our current priorities (see table below).
Furthermore, as the global pandemic continued		to put tremendous pressure on life in Wales, Trustees,
once again, made additional funding available	toensure the most vulnerable were supported				during	this
difficult time.
Enterprise 8 Employment			Carers
Supporting organisations that help people set			Supporting carer-centred organisations		working
up their own business or enterprise. We also			to support unpaid corers, especially		young
support those organisations that work hard	to		carers and carers ofpeople with the
help increose an individual's employability skills			conditions prioritised in our Child Development
so they are more likely to secure permonent,			Research fund.
paid employment
Education			Other
Supporting organisations that aim to reduce			Although not a main funding theme,	we also
the impact poverty has on the educational ochievement ofyoung people. We also			recognise the importance ofour role as "a good neighbour" ond therefore	in Woies enjoy the
welcome applicotions from organisations that			flexibility ofbeing able to offer more	modest
aim to inspire young people fmm diverse			funding, at our discretion, to applicants		who
backgrounds to pursue further qualifications		or	can demonstrate their positive impact		within
careers in STEM.			the local community here in Wales.

	Year ende	d 31 December	2021
			2021	2020
			5
Cash flows from operating	activities
Net income			29,409,175	36,573,899
Adjustments for:
Depreciation oftangible fixed assets			9,919	6,945
Net gains on investments			(26,203,006)	(32,897,520)
Dividends, interest and rents from investments			(8,307,800)	(5,518,594)
Other interest receivable and similar income			8,452	(72)
Loss on disposal oftangible	fixed assets			218
Accrued expenses/(income)			101,730	(2,314)
Chsngesin:
Trade and other debtors			38,344	(47,036)
Trade and other creditors			(900,573)	296,587
Cash generated from operations			(5,843,759)	(1,587,887)
Interest received			(8,452)	72
Net cash used in operating	activities		(5,852,211)	(1,587,815)
Cash flows from investing	activities
Dividends, interest snd rents from investments			8,307,800	5,518,594
Purchase oftangible assets			(1,078)	(22,955)
Proceeds from sale oftangible assets				218
Purchases ofother investments			(54,045,745)	(55,132,957)
Proceeds from sale ofother	investments		51,989,463	54,134,943
Net cash from investing activities			6,250,440	4,497,843
Net increase in cash and cash equivalents			398,229	2,910,028
Cash and cash equivalents	at beginning	ofyear	4,612,702	1,702,674
Cash and cash equivalents	at end ofyear		5,010,931	4,612,702

Fixtures &Fittings	33%reducing	balance
Equipment	33%reducing	balance

Investment income
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2021	Funds	2020
				5
Income from listed investments	8,307,800	8,307,800	5,518,594	5,518,594
Bank interest receivable	1,795	1,795	1,738	1,738
Other interest receivable	(10,247)	(10,247)	(1,666)	(1,666)
	8,299,348	8,299,348	5,518,666	5,518,666

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2021	Funds	2020
		F		5
Porffolio	management	298,032	298,032	178,689	178,689

Expenditure on charitable acti	vities by fund type
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2021	Funds	2020
			8	5
Grants &project funding	10,683,051	10,683,051	13,723,460	13,723,460
Supportcosts	155,496	155,496	196,420	196,420
	10,838,547	10,838,547	13,919,880	13,919,880

		Activities
		undertaken	Grant funding	Support	Total funds	Total fund
		directly f	ofactivities	costs f	2021 6	2020 f
Grants &project funding		386,291	10,296,760	143,769	10,826,820	13,898,815
Governance	costs			11,727	11,727	21,065
		386,291	10,296,760	155,496	10,838,547	13,919,880

Analysis ofsup	port costs
		Analysis of
		support costs
		Grants &
		project
		funding 6	Total 2021 f	Total 2020 8
Staff costs		80,210	80,210	110,311
Premises		39,606	39,606	42,568
Communications	and IT	709	709	710
General office		13,327	13,327	14,820
Governance costs		11,727	11,727	21,065
Support costs -	Other	9,917	9,917	6,946
		155,496	155,496	196,420

10.	Analysis ofgrants
								2021		2020
										K
	Grants to institutions
	Grants to institutions							10,296,760	13,349,145
	Total grants							10,296,760	13,349,145
11.	Other expenditure
					Unrestricted	Total Funds		Unrestricted	Total	Funds
					Funds		2021	Funds		2020
					E		K	K
	Loss on disposal oftangible		fixed
	assets held for charity's	own	use					218		218
12.	Net gains on investments
					Unrestricted	Total Funds		Unrestricted	Total	Funds
					Funds		2021	Funds		2020
					E			E
	Gains / (losses) on sale ofinvestment
	assets				28,203,008	26,203,006		32,897,520	32,897,520
13.	Net income
	Net income is stated after charging/(crediting):
								2021		2020
								K		F
	Depreciation oftangible	fixed assets						9,919		6,945
	Loss on disposal oftangible fixed			assets						218
14.	Auditors remuneration
								2021		2020
								K		K
	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:
								2021		2020
	Wages and salaries							370,142	388,789
	Social security costs							37,965	37,942
	Employer contributions	to pension		plans				22,497	22,137
								430,604	448,858

full-time equivalent	emplo	yees during the year	is analysed as follows:
			2021	2020
			No.	No.
Number ofadministrative		staff	3	3
Number ofsupport	staff		8	7
			11	10
The number ofemployees		whose remuneration	for the year fell within the following	bands, were:
			2021	2020
			No.	No.
F60,000tof69,999				1
Key Management	Personnel

Tangible fixed assets
	Fixtures and
	fittings	Equipment	Total
		6	6
Cost
At 1 January 2021	40,609	68,842	109,461
Additions		1,078	1,078
At 31December 2021	40,609	69,920	110,529
Depreciation
At 1 January 2021	34,150	43,417	77,567
Charge for the year	1,292	8,627	9,919
At 31 December 2021	35,442	52,044	87,486
Carrying amount
At 31December 2021	5,167	17,876	23,043
At 31 December 2020	6,459	25,425	31,884

Investments
	Cash orcash	Listed	Other
	equivalents 8	investments f	investments 8	Total f
Cost or valuation
At1 January2021	6,758,228	207,017,882	342,204	214,118,314
Additions	30,125,997	23,369,139	550,609	54,045,745
Disposals	(30,218,452)	(20,113,982)		(50,332,434)
Fair value movements		24,680,450	(134,473)	24,545,977
At 31 December 2021	6,665,773	234,953,489	758,340	242,377,602
Impairment
At 1January 2021 and
31December 2021
Carrying amount
At 31 December 2021	6,665,773	234,953,489	758,340	242,377,602
At 31 December 2020	6,758,228	207,017,882	342,204	214,118,314

	5'%%dofth	e total	value	ofthe portfolio:
						Holding	Market
							Value R
	Admiral	Group	pic	315pordinary	shares	3,146,400	F99,331,848
	There is	no restriction		on the realisation	ofthis investment.
19.	Debtors
						2021 f	2020
	Prepayments		and accrued income			3,319	18,463
	Other debtors					11,092	49,436
						14,411	67,899

		2021	2020
		K	F
Accruals and deferred	income	100,298	13,712
Social security and other taxes		9,174	9,877
Trade creditors		5,243	9,222
Other creditors		937,445	1,833,336
		1,052,160	1,866,147

Unrestri	cted funds
		At 1				At 31
		January			Gains and	December
		2021	Income	Expenditure	losses	2021
		6	E	F		6
General	funds	216,964,652	14,342,748	(11,136,579)	26,203,006	246,373,827
		At 1				At 31
		January			Gains and	December
		2020	Income	Expenditure	losses	2020
		F	F	8	F
General	funds	180,390,753	17,775,166	(14,098,787)	32,897,520	216,964,652

Analysis of net as	sets between funds
		Unrestricted	Total Funds
		Funds	2021
			6
Tangible fixed assets		23,043	23,043
Investments		242,377,602	242,377,602
Current assets		5,025,342	5,025,342
Creditors less than	1 year	(1,052,160)	(1,052,160)
Net assets		246,373,827	246,373,827
		Unrestricted	Total Funds
		Funds	2020
		F	6
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

Analy	sis	ofc	han	ges	in net debt
							At		At
						1	Jan 2021	Cash flows f	31Dec	2021 6
Cash	at	bank	and	in	hand		4,612,702	398,229	5,010,931