CHARITY REGISTRATION NUMBER: 1117535 The Waterloo Foundation Financial Statements 31 December 2024 CARSTON ETL Chartered accountants & statutory auditor 1st Floor, Tudor House 16 Cathedral Road Cardiff CF119LJ The Waterloo Foundation Financial Statements Year ended 31 December 2024 Page Trustees, annual report Independent auditorfs report to the members 26 Statement of financial activities 30 Statement of flnanclal posStion 31 Statement of cash flows 32 Notes to the flnanclal statements 33 The Waterloo Foundation Trustees. Annual Report Year ended 31 December 2024 The trustees present their report and the financial statements of the charity for the year ended 31 December 2024. REFERENCE AND ADMINISTRATIVE DETAILS Rogisterèd charity namo The Waterloo Foundation Charity ragistrallon number 1117535 Prlnclpal offl¢e 4th Floor, Tudor Houso 16 Cathedral Road Cardlff CF119LJ The truste05 Professor H. V. Stevens Mr D.G. Stevens Mrs C.A. Oakes (Appolnted 01 Jan 2025) Mr L.B,O. Stevens Sénlor manag•ment Sarah Case, Operations and Flnanca Diractor Audttor Carston ETL Chartered accountants & ststutory auditor 1 st Floor. Tudor House 18 Cathedral Road Cardiff CF119LJ Bankers Trlodos Bank Deanery Road Bristol BS15AS Sollcltorn Vaale Wasborough Orchard Court Orchard Lane Brlstol BS15WS The Waterloo Foundation Trustees. Annual Report (conflnuod) Year ended 31 December 2024 The Trustees are pleased to present their report and the financial stat8m8nts of the charity for the year ended 31 st December 2024. This is the 18th Annual Report of the Trustees of The Watertoo Foundation since its inception in January 2007 and the initial donation in March 2007. The Foundation cons5sts of the Board of Trustees, plus a team of 10 staff members based in Cardiff (where we have been operating since October 2007). We conllnued 2024 operating from our offices on Cathedral Road, Cardiff combln8d with our hybrid policy of working from home. During th8 year Luke St8V8ns attended board meetings as an observer and was officially appointed as a trustee on the 1 &1 January 2025. Objectlves and activltles The Trustees confirm that they have referred to the guldance contained in the Charity Commission's general guidance on public benefit when reviewing the Foundation's alms and objectives and in planning future activities. The objectlves of the Foundatlon are as follows: a) To rall•v• povarty and dlstrass for the beneflt of the publlc In any part of the world, partlcularly In developlng countrles; b) To promote sustalnable development for the benefit of the public in any part of th8 world by promoting the preservation, conservation and protectlon of the environment and the prudent use of natural resources land 'sustainable development, means 'development that meets the needs of the present without compromising the ability of future generations to meet their own needs I. c} To promote tho physlcal and mentsl developmont of chlldren and the mental health of adults for the benefrt of the public In any part of the world, including research Into these areas. d) To advance such objects or purposes whlch are exclusively charitable according.to the law of England and Wales for the banefrt of tho publlc In Wale8 and In such manner as the Trustees may In thelr absolute discretion think fit; and e) To advance such other objects or purposes, which are exclusively charitable 8ccording to the law of England and Wa18s in any part of the world and in such manner as the Trustee8 may in thair absolute discretion think frt. OUR IMPACT SUMMARY-ACHIEVEMENTS AND PERFORMANCE In 2024, our 18th year of operatlon, we recelved 587 applications across our thematic areas. After a period of assessment, we were able to award 224 grants and commit ourselves to grant-making activities of just over £14 milllon. This includes a proportion of project payments that were phas8d grants or multl-year projects. The impact of our four thematic funds is covered in each speclflc sectlon, however, as funders. we also aim to provide signifiGant intangible benefits and value to our applicants. We work with them on maximising their impact. We nelwork organisations to increase project scope. We aim to maximise the ripple effect and keep open, flexible lines of communication with applicants. We continue to request reports from our grantees to monitor prcgress throughout the grant period and evaluato what work is achieved to Ihe grant endpoint. We are consCiOUS that we do not burden organisations with arduous reporting requirements but also wish to balance 'passlon and proof. These reports, therefore, help us leam about approaches that work well and those that work less well. know18dg8 which w8 then use in assessing new applications and in shaping our future strategy. The Waterloo Foundation Trustees. Annual Report {contlnuedJ Year ended 31 December 2024 Durrng 2024 we signed up to the Institute of Voluntary Action Research {IVAR) and reviewed our processes for grant giving and r8POrting in line with their eight commitments to be an open and trusted grant maker. There are various challeng88 to our thematic areas in creatlng Impact, some that cross themes, such as the cost-of-living crisis and some that are more specific to individual funds. Our fund managers are aware of the specific challenges in their thematic area and undertake detailed ongoing research. attend relevant webinars and conferences and subscribe to thlrd-sector publications, to ensure we understand the issues and needs before awarding grants. The Foundation remains steadfast in Its commitment to deliver impact to those where there is a disparity of opportunities and unsustainable use of the worfd's natural r8sourc8s. We continu8d to award grants across a wide range of countries during 2024. Our grantwmaking award$ In 2024 Our grant-making awards in 2024 can be 8ummarised as follows: 2024 Funds Total Value Awarded (£) Grants Awarded by Fund {% of total funds awardedl World Development Environment 5,766,289 4,500,575 I, i 00,000 1,435,000 1,300,000 14,101,864 9% • World Development Envkonment Wales Child Development Trnstee Total 41% Chmd Development Wales Trustee 32% The Waterloo Foundatlon Trustees. Annual Report (¢onttnu•d) Year ended 31 December 2024 OUR THEMATIC FUNDING PROGRAMMES A. World Dev•lopm•nt Fund Overview Our World Development Fund continued to priorilise four thematic areas of work. We also continued to offer funding in the fomi of 'Main Grants, (typically over £50.000) and 'Small Grants, (typically18SS than £10,000) across all four of th8S8 th8matic areas. Educatlon WASH We are bmadly supportive ofimproving access to hlgh quallty educatlon and contlnue wlth our overall focus of supporbng girfs to 8ccess education. Further, we 8re also prion"tising support th8t is dedlc8t8d to Inpprovlng schools, and education organisations. financial self- sufficiency and SGaling mechanisms. We support efforts to provide sust8ined access to safe water and sanitation seNlces and to pmmote good hygiene and m8nstrual he8tth pracUc8s In 8conomlcally disadvanlaged communities. The Foundation prion'tises interventions that strengthen local systems to d81iv8r 8nd sustaln WASH services and practic8s In households, communities and institutions. SRHIFamlty Plannlng Nutrltlon We support sustainable solutions to impmving access to quality Sexu818nd Reproductive Health (SRH) sen/lces 8t SC81e with a particu18r focus on contraception support,. this includes enabling indiwduals to have routlne SRH discussions given that SRH needs can change as people go through different stages of life. Our nulrition grants 8r6 awarded to increase the COV6r8ge of pmven cost-effeclive fortification, biofortification and supplementation interventions, in order to reduce mlcmnutrignt defjclencles in at-risk populations wlthln low- income Gountries. The Fund sn numbers Just under £5.8 million was spent from our Wodd D8V8lopm8nt Fund In total in 2024. Education and WASH received the largest share of this. Within each of the thematic areas, Main Grants received the Ilon's share. with Small Grants recelvlng betsveen 0.1 % and 2.9% of funds spent on 8ach thematic area. Proportlon ofworld Development Funds awarded by thematic area Nutrltlon 1596 Educatio n 33Yo SRH Hlghllghts from our Maln Programmes: WASH 31% The Waterloo Foundation Trustees. Annual Report (conflnu￿) Year ended 31 Decambar 2024 Topic: 2024 saw a larger proportion of funding directed towards Container Based Sanitation than in previous years. with support for specific in-Gounty services as well as for global advi)cacy to increase uptake and effectiveness of the approach more generally. Geography: We continued to support efforts in WASH that spanned more than a slngle county, wlth 400/0 of WASH funding in 2024 falling into this category. Where funding was directed to a single country. Uganda stood out as receiving a significant share, spread across 5 s8parate grants. Toplc: Implementatlon resaarch to hélp transition from Iron Folic Acid supplements to Multiple Micronutrient Supplements in Senegal was a key feature of our nutrltlon spend in 2024. Beyond this, an array of smaller grants supported a range of approaches addresslng micronutrient deficiencies, Includlng an exploration of innovative finance for school meals. and increaslng the lodlsatlon of salt by small-scale producers in Mozambique. The Waterloo Foundation's Education and SRH funds focus on the development of models that have the potentlal to generat8 wide-scal8, long- term Impact that ar8 Sustalnably financ8d. Within both TWF'S Education and SRH funds, we seek to: Empower and Insplre potentlal grantees and Investees to perfom to the best of thelr ablllty., Explore the potentlal for financially sustainable commercial. govemment-funded and results-based solulions for social impact. Provide value-added, unlqu8 Strat8glc development and thlnklng. In Educatlon TWF supports primary. secondary arKI tertiary level education. In 2024 we saw an increase in models that focus on Improvlng educatlon qualty. Over 50°/0 of education fundlng was dedicated towards improving the sustaln8bl8 quality of education. In SRH TWF continued to support sustainablè Initiatives that focus on young people's access to conslstent SRH services. 90Yo of SRH funds focused on these models In 2024. The Waterloo Foundation Trustees. Annual Report (continued) Year ended 31 December 2024 Examples of work supportad by our Worfd Development Programme In 2024: Chancen Internatlonal has developed a unique approach for funding low-income African srudents to attend African tertiary education. sustainably funding 28.000 students by 2029 Nutrition Educatlon IDP Foundatlon and partners are testing a new. sutainable model rhat combines providing education loans to sch¢Jols in Kenya that arc linked to greatly irnproved education outcomes IZINCG is investigating the Interactions between intesrinal hcalth and rhe effectiveness and safety of micronutrient interventions World Development work iniltlaied In 2024.- Sanergy Is applying a results-based funding approach to their container based sanitation services in Kenya, paving the way towards a public, private partnership with the Nairobi Water Board Rhlza Holdlngs are expandingon their sustainable, low-income family focused primary care model to eventually fund hundredsof thousands of adolescents to gain access to SRH services The final phase of "Stop the Rot" is continuing to galvanise action against the installation of sub- quality handpump infrastructure across Sub-saharan Africa WASH SRHI Family Plannin8 The Waterloo Foundation Trustaes. Annual Report fcontlnu8d) Year ended 31 December 2024 Examples of the impact from our partners work that compknt8d In 2024: TeachA Man To Flsh evaluared their education model that found and graduates had increased financial security by 5x and Ihat 91% went on to further education or earning above average ENN put forward recommendations for more standardised assessment and monitoring of adolescent nutrition ouccomes Street Chlld further grew a model to support refugee children in Uganda to transition into Ugandan School - 3.000 refugee children were successful World Development work completed In 2024_. WaterAid piloted their WASH Services and WASH Systems assessments, a key step towards achieving universal sustalnable safe WASH services in focal geographies CHAI in Eswatini successfully developed a youth focused outreach model that supported a 64% increase in youth SRH services usage IRIBA installed 50 automatic water dispensing machines in Iow-tncome urban communities and schools in Rwanda, serving 27.500 people with clean water access and subsidising rural water services The Waterloo Foundation Trustees, Annual Report (condnued) Year ended 31 December 2024 Environment Fund Overvlew Our Environment Fund focussed on the two ImtM)rtant Issues of protectlng tropical ralnforest and conserving marine fish stocks. Rainforest Fund Marine Fund Our Rainforest Fund has two main objectives: Our Marine Fund has two main objectives.. 1. Slop deforestation of tropical rainforests; 2. Support intact rainforests and keep them standing. A. Stop destructive and illegal fishing; B. Support sustainable and small-scale fisheries. lJVe support policy and campaigning programmes W8 achieve this by supporting a range of local o nd site-based projects protecting tropical and strategic inilialives, predominately through rainforest, principally through avoided policy change and implementation, and practical deforestation. projects. We focus on the three main rainforest regions of We have a particular interest in protecting the Amazon. Congo and Southeast Asia. mangroves and seagrass for their benefit lo fish stocks. Tho Fund In numbors The Environment Fund awarded £4,500,575 in 2024. This represented a substsnllal Increase of £1.2m overthe previous year, in line with our new strategic plan to reach UN Climate and Biodiversity targets by 2030 and to support our partners with larger, longer grants. This increase In fijnding was distributed evenly between our Marlne and Rainforest work. Envlronment Fund grants by value 11% R21nforests m Marfne Other The Waterloo Foundation Trustees. Annual Report (¢ontinuodJ Year ended 31 Docamber 2024 Highlight5 from our Maln Programmes: Rainforest Fund Within our Rainforest Fund. 42% of our grants supported intemational initiatives. These initiatives supported both key objectlves of the Rainforest Fund, and included legal work, influencing policy reforms and campaigning to influence global finance to stop funding deforestatlon-linked commodities. We also supported a mix of reglonal (25Vo) and national (33 % ) level work that predorninantiy supported regional management méasures, stopping destructive agricultural commodtties and supporting indigenous and local people's defence of thelr land. The Rainforest Fund supported 18 projects In total, with an average grant size of £111.000. and an average length of thr88 y8ars. Value of projects supporting the Rainforest Fund Objectives £I.OC(J.ThXJ ooo) 60QO £400.0 £2￿00) £0 Oble¢tl¥e l {Stop defores£atl¢nl Obletdye 2 (SupF¢rt Intact rnlnforp5ts1 Oblecdyes 1&2 Marlne Fund Int8rnatlonal initiatives made up the largest proportion (90CA+ > of grants awarded under our Marine Fund. Thls funding focu558d on meetlng obJ8Ctfve one of the Marlne Fund, stopping the most destrucllve fishing methods, through campaigning to refom policy at an international level. data provision, and haltlng harmful octopus and salmon aquaculture. Other funding supported regional initiatives (10%), with a focus on EU fisheries reform, and work at a national level110%) focuss8d on sustainable fisheries management, which met objective two ofthe Marine Fund. Overall. we supported 14 partners, with an average grant size of £142,000 and an average length of 3.2 years. Value of projects supporting the Marine Fund Objectives £1.2(ll(X)o £i.mo)o £wc £4CQ(XJO Oblectlye l (stop destr￿ fishlrg) Oblectlve 2 (swt s￿￿l￿able fisFErles) OWtfve$ 1&2 The Waterloo Foundation Trustees. Annual Report fconllnu•d) Year ended 31 Decembor 2024 Projects Supported in 2024: Renewed funding for Forest Peoples Programme (FPP) to work with communities and foi.est pcoplcs, suppoi.iing them to secure the rights to thcir lands, territories and resources, and protect their forests and ways of lifc Funded Internatlonal Lawyers Prolect {ILP) to enhance the use of legal tools to protcct tropical rainforests in the Global South. ILP is building the Icg¢il capcity of parrncrs. providing litigation advice a nd helping influencc local policy Funded Mlghty Earth to undcrtake campaigning and advocay to reverse commodity-drivcn deforestation in the Congo Basin.focussed on the cocoa and rubber industry Ralnforest Fund Rencwcd support for Feedback Global's Fishy Busincss projecr., exposingthc darkcr sidc of thc fish farming industry and highlighting how the production of many farmed fish. including salmon, raiscs huge social. ecological and ethical concerns Fundcd Blueventures to exprind thc work of thc Transform Bottom Trawling Coalition, which is focussed on protecting thc most vulncrable in- shore and pr'otected areas from destructive bottom trawling Marine Fund Continued funding High Seas Alliance (HSA) to ensure that the High Seas Treaty cntcrs into force and is functioning cffectivcly to protcct marinc biodiversiry. HSA ts campaigning to achieve ratification by at least 60 countries by 2025 in ordcr to achicvc the 30x30 target 10- The Waterloo Foundation Trustoas. Annual Report (continued) Year ended 31 December 2024 Some of the Impacts from our partners that completed work in 2024: Canopy Planet worked with industry to rcduce their impact through packaging i< nd fashion. As 47 result 54% of global viscose production has shiftcd out of the world's Incient and endi¢ ngcred forests Blue Marine Cclmpaigned to improve the m¢ini¢ gemcnt of tropical tuna stocks in the Indiic n Ocean using cl ombination of legal, investigation and media work to expose and combat overfishing Mongabay has produced hundreds of articlcs to inform global dicilogue on miirinc con5ervi1tion and illeyl fishing through news and investigative reporting Outcomes rejuttlng of our envoronment (undln8.-. War on Want hcls been Cking at rhe out of home food sector (childcare and supermarket5) CardFff Unlverlsty: Launch of a 5 year early career researcher programme focu5sing on Psychiatric Nutrigenomics Unlversltyof Brltlsh Columbla: Supportng the development of the updated international guidelines for diagnosis and treatment of Dyspraxia Projects Supported in 21Y24 Cardlff Unlverslty andverity: A James Lynd Alliance Priority Sctting Partnership for PCOS Brlsltsh Dyslexla Association:A 3- year grant supporting the set-up of a pilot hub in South Wales for dyslexia support Exeter Unlverslty: Study assessing the temporal relationship between free-living physical activity and affect in adolescents 14- The Waterloo Foundatlon Trustees. Annual Report {contlnu8d) Year ended 31 December 2024 Measuring impact Grantees report to us on their key research outcomes on an annual basis. at the end of their awards and for research projects, a year after. We are interested in comparing their planned aims to their actual achievements and often number of people helpedlsupported. In the cas8 of research projects, we are also interested in joumal publications, public engagement events, career development, chang8S to policy andlor future funding lev8raged, in addltlon to knowle7lao& Carston ETL Is eliglble to act as an audrfor in tenns of section 1212 of the Companies Act 2006 -29- The Waterloo Foundation Statement of Financial Activities Year ended 31 Décember 2024 2024 Unrestricted funds Total funds Total funds 2023 Not• Income and endowments Donations and legacies Investment income 5.155,970 5.155,970 5,252,180 6.052,850 6.052.850 5,066,075 11,208,820 11,208,820 10.318.255 Total Incom• Expenditure Expenditure on raising funds: Investment managemenl costs Expenditure on charltable actlvltles Other expenditure Total expgndlturg {430,676} (430,676) (380,036) 7,8 (13,321,852} (13,321,852) {13,361,862) 11 (315) (315) (353) (13,752,843) (13,752,843> (13,742,251) Net galns on Investments 12 10,533,122 10,533,122 25.207..676 Net Income and net mov•m•nt In fvnd• 7,989,099 7,989,099 21,783,680 Reconclllallon of funds Total funds brought fO￿ard Total funds carrlod forward 212,075,827 212,075,827 190.292,147 220,064,926 220,064,926 212,075,827 The ststement of financlal activltles Includes all galns and losses recognised in the year. All income and expenditure derive from contsnuing activities. The noles on pages 33 10 42 fom) part of these financial statements. -30- The Waterloo Foundation Statement of Flnancial Position 31 December 2024 2024 2023 Note Fixed assets Tangible fixed assets Investments 17 18 79.513 91,903 218,821,717 211,082,791 218,901,230 211.174,694 Current assets Debtors Cash at bank and in hand 19 144,412 2,535,734 2.680,146 89,458 1.720,108 1,809,566 Craditorn: amounts falllng duo wlthln one year Nèt currenl asset8 20 1,516,450 908.433 1,163,696 901,133 220,064,926 212,075,827 220,064,926 212,075.827 Total assets less current Ilabllltles Nat assets Funds of the charlty Unrestricted funds 220,064,926 212,075,827 220,064,926 212,075,827 Total charlty funds .22 These financial ststements were approved by the board of trustees and authorised for issue on 2S.. and are signed on behalf of the board by: Trustee Trustee David Stevens Caroline Oakes Name The notes on pages 33 to 42 fomi part of thesa flnancial statements. 31 The Waterloo Foundation Statement of Cash Flows Year ended 31 December 2024 2024 2023 Cash flows from operatlng acllvltles Net income 7,989,099 21,783,680 Adjustments for.. Depreciation of tsngible fixed assets Net gains on investments Divldends. interest and rents from investments Other interest receivable and similar Income Loss on disposal of tangible fixed assets Accrued expenses 14.469 13,858 (10,533,122) (25,207.676) 16,018,064) {5.056.934) 134,786) (9,141> 315 353 28,308 1.978 Changes in.. Trade and othar debtors Trade and other creditors (49,997) 574,752 {69,187) (601,690) (8,029,026) (9,144.759) Cash generated from operations Interest received 34786 (7,994.240) (9,135.618) 9.141 Net ￿$h used in operating activities Cash flows from Inv•$tlng actlvltles Dividends. interest and rents from investments Purchase of tsngible ass8ts Proceeds from sale of tangibl8 assets Purchases of other investments Proceeds from sale of other investments 6,018,064 (2,394 5,056,934 (86,707) (74,752,228I (93,687,236) 77,546,424 93,327,622 8,809,866 4.610,616 Net cash from Investing activities Net Incr￿8&1(deer8asO) in cash and cash •qulvalents Cash and ￿$h oqulvalents at beglnnlng of y•ar Cash and cash equlvalonts at end of yoar 815,626 (4.525.002> 1,720,108 6,245,110 2,535,734 1,720,108 The notes on pages 33 to 42 form part of these financial statsments. -32- The Waterloo Foundation Notes to the Financial Statements Year ended 31 December 2024 General Information Tha charity is a public benefit entity and a registered charlly In England and Walas 8nd Is unincorporated. The address of th8 principal office is 4th Floor, Tudor House, 16 Cathedral Road. Cardlff. CF119LJ. Statemont of compllance These financial statements have been prepared in compllance wlth FRS 102, The Flnanclal Reportlng Standard applicable in the UK and the Republlc of Ireland,, the Statement of Recommended Practice applicabla lo charities preparing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ir81and (FRS 102} (Charitles SORP (FRS 102)) and the Chartties Act 2011. Accountlng pollcles Basls of preparatlon The financial statements have bean prapared on the hlstortcal cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, whlch Is the functlonal currency of the entity. Golng ¢oncem The trustees consider that there are no material uncert8lnti6s about the Charity's ability to Continue as a going concem. The curr8nt economic and political instabilities has caused global disruptlon to buslness and economic activity which has been reflected in fluctuations in global mark8ts. Th8 most significant aspect of the Charity thet potentially affects Its ablllty to contlnue Is the carrying value of Its investments which relates to Investment retums and the performance of Investment markets {se& the Investment policy and performance and risk management sections of the trustees. annual report for more informatlon). Trustees are of the oplnlon that this wlll not have 8 detrimental impact on the charity due to the performance and scale of the investment portfollo. Judggmonts and koy gources ol estlmatlon uncertalnty The preparation of the flnancial ststern8nts reqUI￿S management to make judgements. estimates and assumptlons that affect the amounts r8POrted. These estimates and judgements are continually reviewed and are based on experience and other factors. Includlng expectatlons of future events that are be118ved to be reasonable under the circumstances. Fund accountlng Unrestricted funds are available for use at the discr8tion of the trustees to further any of th8 charitvs purposes. Designated funds are unrestrfcted funds 88mi8rked by the tfustees for particular fijture project or Commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or Ihrough the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. -33- The Waterloo Foundation Notes to the Financial Ststements (¢ontlnued) Year ended 31 December 2024 Accountlng pollcles f¢ontlnu•d) Incomlng rgsources All income is included in the statement of financial activities when entitlernent has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount Can be reliably measured. The following specific policies are appli8d to partI￿lIar categories of income: income from donations or grants is recognised when there is evldence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or th8 8Stimat8d resal8 valu8. Donated facilities and seNices are recognis8d In th8 accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. Dlvldends, Includlng the assoclated tax credlts, ara credlted to tha Income and expenditure account when they are received. R•8ourc•s •xpond8d Expendlture Is recognlsed on an accruals basls as a Ilablllty Is Incurred. Expendlture Includes any VAT which cannot be fully recovered. and Is classlfied under headlngs of the statement of financial activities to which it relates: expendlture on raising funds includes the costs of all fundraising actlvltles. events. nori- charitsb18 trading activilies. and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relatlng to th8 gov8rnance of th8 charlty apportlon8d to charltable acts'vities. other expendlture Includes all expendlture that Is nelther relaled to ralslng funds for the charity nor part of its expenditure on charitable actlvlties. All costs are allocated to expenditure catagorias reflecting the use of the resource. Direct costs attributablé to a slngle actSvlty are allocated directly to that activity. Shared costs are apportioned between the actfvitles they contribute to on a reasonable, juslifiable and ¢onsi8tent basis. Operatlngloases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Tanglble assets Tangible assets are initially recorded al cost. and subsequently stated at cost less any accumulated d8pr8clatlon and Impalmi&nt Ioss8s. Any tangible assets carrled at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreclatlon Depreciation Is calculated so as to wrlte off the cost or valuation of an asset, less its residual value, over the useful economic lrfe of that asset as follows: Fixtures & Fittings Equipment Leasehold Property 33% r8ducing balanc8 33% reducing balance 10% straight line The Waterloo Foundation Notes to the Financlal Statements (eonunuod) Y8ar ended 31 December 2024 Accounting policiés (conllnu8d) Investments Unlisted equty investments are initially recorded at cost, and subsequently measured at fair value. If far value cannot be reliably measured. assets are measured at cost less impaimient. Listed investments are measured at falr value wlth chang8s in fair value being recognised in income or expendlture. Debtors and crndltors recelvable I payable wlthln ono year Debtors and creditors with no stated interest rate and receivable or payable Wlthin one year are recorded at transaction price. Any losses arising from Impaimient are recognised in expenditure. Grant pollcy Grants given are. recognised in the year In whSch thèy ar8 offered and accepted without conditions attached. Grants offered for a perlod of more than one year are recognlsed as creditors If th8r8 ar8 no conditions to be met to receive further funding. Where a condition is Included in the offer before future instalments are paid the future Instalm8nt grant Is recognlsed as commitments. Flnancial Instruments A financial asset pr a financlal118bllity is recognised only when the entity becomes a party to the contractual provisions of the instrument. Baslc financlal Instruments are initially recognlsed at the amount receivable or payable including any related transaction costs, unless the arrangement constltutes a financlng transactlon, wher6 it Is recognised at the present value of the future payments discounted at a rnarket rate of Interest for a slmllar dabt instrument. Current assets and current Ilabllities are subsequently measured at the cash or other cons￿eratIon expected to be paid or received and not discounted. Wher& Investments in shares or preference shar68 are publicly traded or their fair valu8 can otherwise be measured reliably, the investment Is subsequently measured at fair value with changes in falr valu8 recognised in income and expendilure. All other such investments are subsequently measured at cost less impairment. Daflnad contrlbutlon plans Contributions to defined contribution plans are recognised as an expense In th8 P8rlod In whlch the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment wlll lead to a reduction in future payments or a cash refund. -35- The Waterloo Foundation Notes to tha Financlal Ststements (¢onthuod) Year ended 31 December 2024 Donations and legacies Unrestricted Totsl Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations Donations 5.155.970 5.155.970 5.252.180 5,252,180 Inv•stmant Income Unrestrlcted Total Funds Unrestrlcted Totsl Funds Funds 2024 Funds 2023 Income from listed investrnents Bank interest receivable 6.018,064 34,786 6,018,064 34,786 6,052,850 5,056,934 9,141 5,056.934 9,141 6,052,850 5,066,075 5,066,075 Invostmont management Gost¥ UnrestTiCted Total Funds Unrestricted Totsl Funds Funds 2024 Funds 2023 Portfolio management 430,676 430,676 380,036 380,036 Expendlture on charltable actlvltles by fund typo Unrestricted Total Funds Unrestrlcted Totsl Funds Funds 2024 Funds 2023 Grants & project fundlng Support costs 13,121,978 13,121,978 13,147,846 13,147,846 199.874 199,874 214.016 214,016 13.321,852 13,321,852 13.361,862 13,361.862 Expondlture on charltsble actlvltles by actlvlty type Activities undertaken Grant funding directly of actlvltles Support Total funds costs 2024 Total fund 2023 Grants & project funding Govornance costs 481.399 12.640.579 184,096 13,306,074 13.345.961 15,778 15,778 15,901 199,874 13,321,852 13,361.862 481.399 12.640,579 -36- The Waterloo Foundatlon Notes to the Financlal Statements (¢ontlnu8d) Year ended 31 December 2024 Anatysi8 of 8UPPOrt Costs Analysis of support costs Total 2024 Totsl 2023 Staff costs Premises Communications and IT General office Governance costs Support costs - Other 78,902 63,111 2.376 25.239 15,778 14,468 78,902 63,111 2,376 25,239 15,778 14.468 89,404 38,841 5,477 50,535 15,901 13,858 199.874 199,874 214,016 10. Analysls of grants 2024 2023 Grants to Instltutlon8 Grants to institutions 12,640,579 12,680,119 12,640,579 12.680.119 Total grants 11. Other exp•ndltura Unrestrlcted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Loss on disposal of tangible fixed assets held for charity's own use 315 315 353 353 12. Net galns on Investments Unrestrlcted Total Funds Unrestrlcted Total Funds Funds 2024 Funds 2023 Galns l (losses) on sale of Investment assets 10,533,122 10,533,122 25,207,676 25,207.676 13. Ngt Incoma Net income is stated after chargingl(crediting)'. 2024 2023 Depreciation of tangible fixed assets Loss on disposal of tangible fixed assets 14,469 315 13,858 353 14. Audltors remuneratlon 2024 2023 Fees payable for the audit of the financial statements 9,450 9.450 -37- The Waterloo Foundation Notes to tha Flnanclal Statements {¢ontlnuod) Year ended 31 December 2024 15. Stsff ¢ost$ The total staff costs and employee benefits for the r8POrting period ar8 analysed as follows.. 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans 395.559 42.019 72.638 395.330 40,946 48,996 510,216 485,272 The average head count of employees during the year was 10 (2023: 11). The 8verag8 number of full-tlme 8qulvalent employees during the year is analysed as follows- 2024 No. 2023 No. Number of administrative staff Numb8r of support staff 10 The number of employees whos8 remuneration for the year fell within the following bands. w8r8: 2024 2023 No. No. £60.000 to £69.999 Key Management Personnel Key management personnel include all persons that have authority and responslblllty for plannlng, directing and controlling the activities of the charity. The total compensation pald to key management personnel for services provided to the charity was £85,629 {2023: £78,920). 16. Trustoo romuneratlon and expenses No remuneration or other benefits from employment wlth the charity or a related entty were received by Ihe trustees. All trustees are 8ntitl8d to claim reimbursement of th8 cost of attending meetlngs, the trustees were reimbursed £112 (2023: £817) for travelling costs to attend meetings. -38- The Waterloo Foundation Notes to the Financial Statements (¢ontlnu Year ended 31 December 2024 17. Tanglble fixed assets Leasehold Land and Fixtures and buildings fittlngs Equipment Total Cost At 1 January 2024 Additions Disposals At 31 Decembar 2024 80,364 4.669 82.508 2,394 (7,072} 57.830 147,541 2,394 (7,072) 142.863 80.364 4,669 Depreclatlon At 1 January 2024 Charge for the year Dispos818 At 31 December 2024 6,027 14,064 4.274 79 45.337 326 (6,757) 38,906 55,638 14,469 (6,757 63,350 20,091 4,353 Carrylng amount At 31 December 2024 60,273 74,337 316 18,924 79,513 91,903 At 31 Decemb8r 2023 395 17,171 18. Investments Cash or cash Llstad other equlvalents Investments Investments Total Cost or valuatlon At 1 January 2024 Additions Disposals Fair value movements 8,938,331 201,128,425 43,356,392 31,320,836 (49,175,343) (27.319,195) 9,538,061 3,119,380 214,668,127 1,016,035 211,082,791 75,000 74,752.228 (76.494,538) (56,825> 9.481,236 1,034.210 218,821,717 At 31 December 2024 Impalmient At 1 January 2024 and 31 Decembar 2024 Carrylng amount At 31 D8c8mbor 2024 3.119,380 214,668.127 1,034.210 218.821,717 1,016.035 211.082,791 At 31 December 2023 8,938,331 201,128.425 All investments shown above are held at valuation. Llsted Investments The aggregate market value of Ilsted investments is £214,668,12712023'. £201,128.425) and the stock exchange value is £214,668,127 (2023: £201.128.425), -39- The Waterloo Foundation Notes to the Financial Statemants (¢onlynued) Year ended 31 December 2024 18. Investments (¢ontlnued) Flnanclal assets held at fair value Investments are stated at fair value at the balance sheet date. listed investments are stated at the stock 8xch8ng8 values at the year end. Other investments are valued based on investment performance. The hlstorlcal cost of Investments at the year end date Is £147,731.272 (2023: £134,643.618) The following investments, which are all listed on the UK Stock Exchang8, represent more than 5Yo of the total value of the portfollo.. Holding Market Valué £ Admiral Group plc 284p ordinary shares 2,969,400 £78.510.936 Th8r8 Is no r8Strlctlon on the reallsatlon of thls Inv8Stment. 19. Dabtors 2024 2023 Pr8payments and accrued Income Other debtors 14,375 130,037 144,412 9,418 80,040 89,458 20. Credltor8: amounts falllng duo wfthln ong y•ar 2024 2023 Accruals and deferred Income Social security and other taxes Trade credltors Other credilors 131,576 10,487 98,311 11,802 233 798,287 908,433 1,374,387 1,516,450 21. Penslons and other post retlremont beneflts Deflned contrlbutlon plans The amount recognised in income or expenditure as an expense in relation to d8fin8d contribution plans was £72.638 (2023.. £48.996). The Waterloo Foundation Notes to the Financial Ststements fcontlnu Year ended 31 December 2024 22. Analys18 of Charitable funds Unrestricted funds At 1 January 20 24 At Gains and 31 Decembe losses r 2024 Income Expendlture General funds 212,075.827 11,208,820 (13,752.843> 10,533,122 220.064,926 At 1 January 20 23 At Gains and 31 December Ioss88 2023 Income Expenditure General funds 190,292,147 10.318,255 (13,742,251) 25.207,676 212.075,827 23. Analy¥l• of net asset8 between funds Unrestrlcted Total Funds Funds 2024 Tangible r￿ed assets Investments Current assets Creditors18s8 than 1 year Not assets 79,513 79,513 218,821.717 218,821,717 2,680,146 2,680,146 (1,516,450) (1,516,450) 220,064,926 220,064,926 Unrestricted Total Funds Funds 2023 Tanglble flxed assets Investments Current assets Creditors less than 1 year N8t a388t8 91,903 91,903 211,082,791 211,082,791 1.809,566 1,809,566 (908,433) (908.433) 212,075,827 212,075,827 24. Othor financlal commltments The charity was committed to make donatlons worth £13.564.457 (£8,971,900: 2023) as at 31 December 2024. 25. Analy$l8 of changes In net dobt At At 1 Jan 2024 Cash flows 31 Dec 2024 Cash at bank and in hand 1,720,108 815,626 2,535.734 -41- The Waterloo Foundation Notes to the Flnanclal Statements (¢ontln¢wl) Year ended 31 December 2024 26. Operatlng leasa commltmants The total future minimum lease payments under non-cancellable operating leases are as follows.. 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 32,166 109,854 66,367 30,577 112,884 93.517 208,387 236,978 27. Rglatod partl88 The charity h85 been under the control of the trustees since the charity was set up. Tha charlty was started wlth an Inltlal donatlon of £99 mlllion from two of the trustees, David and Heather Stevens. During the year a further contribution of £5,155,750 (2023: £5,252,100) was made from the same trustees. The tharity paid the following amounts to organisations of which Heather is assoclated to: Greenpeace Oceans Campaign £50,000 Glob81 Fishing Watch £100.000