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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|
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|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|||||||
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|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.||||
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||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|
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|Fixtures &Fittings|33%reducing|balance|
|---|---|---|
|Equipment|33%reducing|balance|
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|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|
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|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|
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|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||
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|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||||
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|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|
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|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|
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||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|
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|||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|
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|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|
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|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|
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|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||
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