CHARITY REGISTRAMON NUMBER: 1117536 The Waterloo Foundation Financial Ststements 31 December 2025 CARSTON ETL Chartered aOuntants & statutory auditor 1 st Floor. Tudor House 16 Cathedral Road CF119LJ
The Waterloo Foundation Trustees, Annual Report Year ended 31 December 2025 Page Trustees, annual report Independent audltofs report to the members 28 Statement of financial acttvities 32 Statement of financial posrtion ststement of cash flows 33 Notes to the financial statements 36
The Waterloo Foundation Trustees. Annual Report Year ended 31 December 2025 The Iruslees present their rewt and tha financial Stat of the charity for the year ended 31 Dember 2025. Raf•r•n¢• and •dmlnlstrathe d•tslls R•gl8t•r•d ¢harfty nam• Th8 Waterloo FtxwthtM?n Charlty r•gls¢rntlon Thnb•r 1117535 Prlnclpal t)fflc• 4th Fkr, Tudor 16 Cathedral Ro•J ca[ CF119LJ Th• tru•teo• Prof8J8or H. V. stn• Mr O.G. Stevens Mrs C.A. Oakes Mr L.B.O Sta$ S•nlor m•nag•m•nt Audltor S¥) Case. FLiJndation Dff•Xor Carnton ETL Chartered accountants & statuttyy audttor 18t Fkxr, Tudor House 16 Cathedral Road Card CF11 9U Bank•rn Triodos Bank Oeanery Road BS15AS Sollcttorn e INasbcKoub hard Court orcha Lane Bristol BS15WS
The Waterloo Foundation Trustaes. Annual Report (¢Lthl Year ended 31 December 2025 The Trustees are pleas1 lo prBsent I1r rewl Ihe fnancial ofthe charity for tho year ended 313t DeMber 2025. This is the nineteenth Annual Report of the Trustees of The Ierk Four¢d8tion, follNing it8 establishment in January 2007 and the init1 datn made in March of that year. Tha Fndation compfises the Boar(l of Trustees and a team d 8kgVW Staff Membe bas in Cardiff, whore we have operated slnce Octcèer 20)7. Through1 2025. we continued lo work from our officas on Cathedral Road, Cardiff, alongside our hybrkl VrkirWj-fr0ffi-horne polry. On 1 January 2025, Luke Stevens joined the Boa. In November 2025, we amended our Tnjst Deed lo ensure that Iht PfOVi$W8 relatiThJ lo Trustees and Board rnth)ber8hip wnain frt for puoose for the future. OWECTIVES AND ACTMTIES The Trusteos confiryn Ihal they have reforred to the Chanty Commission's g8n8ral guklance on publ benefrt whwi revwiing the FoundatK)n'$ 8im¥ and 0.ectIveS and when planning fLrturg activrtie8. Thè oty'ectNe8 ofthe Fourth1 are as folkn¥8'. al To rgligve pov•rty and dl•tr•8• for the benefft of the public in any part of the world, partkulaTly in developirvJ Muntries,. bl To promot• SU8talnablo d•volopmont for th• benefft of th• Publ in any part of the wodd by promoting tho preservalh?n. c£$9r¥'0n and preCt of the onvironment and Iht prudent use of natural resources land 'suslainable devebpm8nt' m8an3 dev8ment that meets tho n88d8 of the present wthout o)mpfomi%ng the akn'lty Offutu generthns to m88t ttir own ne&J$'}', c) To prtynol? th• phy•lcal and m•ntsl d•vdopm•nt of Ghlldrvn and the mental health of adutts for the b8n•fit of the public in any part of the wcdd, including T88earch into thesè area8', d} To tharK• $u¢h oblttb or purp08e8 whth arn excbJ8N chartablg Wirdlng lo the law of England and Wales for tha benefft of ¢h• publlc In Wal•8 arKI in $u¢h m•nnw a8 thg Trustees may in their absolute discreti think fft." ar el To advance such other cl)jects or pu95?$, wlM¢ti are exdusrvety charltabb acwdlng lo the184¥ of England and Wale8 In any part of the worfd arKI In such manner as the Trustees may in their absoluta dYoGr&tion think fft.
The Waterloo Foundatlon Trustees. Annual R•port Year ended 31 December 2025 OUR IIAPACT SUMMARY-ACHIEVEMENTS AND PERFORMANCE In 2025, tyjr 19th year of otwation, we r8(1693 applTrcatts)n8 a¢ross our themthc are89. After 8 pericd of seSSMent. we were abk to award 303 grants and commit ourselves to grant-making adivrtigs of just over £15.6 millK)n. Thi5 indudes a proportw of prc¥oct payments that were phased grants or muki-year pffjiects. The impact of our four themth funds is outlinod in their resFrttwe wawJns'. h¢wver, a5 funder8, 8180 afm lo proMde signtfjcanl intsngible bengffts to tyjr applicants. We work collatrfyatively with organi3alions lo help them mMISe their impact. facilitate cont)n$ that broJen pro1t $cope, d encouraga a ripple effect Ihn)ugh cpen and fiexible communKK)n. We Contin to requosl reports from ¢)ur grantees to monitor progress throughout the grant pericJ and lo evauate the outcomes achiwed by its concluswi. remain mindful of not burdening organisation8 Imlh onerous rewting requiremenl$, Whi still seekn.ng an appropriate balartè beftn 'P8$slon and pfc¥)r. The80 rèpjrts us lo io&n frorn approaches that are effective, as well as those that we less 80. ar we uso thr& kntrlèJg8 to our assessment of appli1)n8 and to shape our future strategy. continue lo appty the pri1p1&S ol thè In8lituto of Voluntary Action R8search {IVARI and regulaty revigw cdjr grant-making and rewting proc6sses in line wth their wgm f¥)mmilments lo t'ng an opgn trusted lunder. Our Ih¢malK areas kn a Ie ofchalenges wi ddivering some shared acr088 ltrom8s, Juch as the cost-of-living crisis, and oth¢r$ speCrf lo indivJual furKls. Our fund m8napers rem8in glert lo the particular i88U83 Wrthin thwr areas, undertthirvj ongoing research, attending rdevanl w8blnars and ¢onference8, and ery&Jing with Ihird-sector publicat5 to ensure we undth3tand the needs and ontexl before awarding grants. The FoundatK)n rwnains ste&Jfa8t in its C¢)mmknient lo delivering impact where dispgrrbes in OpUnty wsist and where the workl's natural resources are under SIrn. Vle continu8d to grants auoss a wid8 raTrJg olcountrth durirw 2025. Our grnntrfnaklng aw•nh In 2026 Our granl-making awwd• in 2025 can bfr SUMMaM 48 f¢lVM.' 2025 Fund4 Total V•lu• Award•d ( Grants Awarded by (% oftotal fwmls awarded) 6.325,iJ)O io% 1% W¢>rtd Development Ellr0ent Environmgnt 4.501.347 Chlk1 Devebwn•nt 1.685,000 1.485.0 • ChHd Dek•k)pm@nt Wales Trustee 1,%0,CMJO 11% Blue F¢xxl Total 135.048 14691.395 BIlD0d
The Waterloo Foundation Trustees. Annual Report fel1 Year ended 31 DeCernr 2025 OUR THEMATIC FUNDING PROGRAMMES A. Worfd Devglopmont Fund OvOT¥I•w Our Workl Development Fund tinUeS to priciti'se four th))8t areas ofvth. We 8180 continue lo offer funding in the fom) cl'M8in Grants. ltypicalty over £50.ODJI and 'Small Grants, Ilw"calty less than £10,OWI across all four of th888 thematic area¥. Educatlon We 8re br08(My supportNe ofimproving 10 high-qualty 8duc8tlon, 8nd wg CltInue10 support gits in accessing 8clucalion. Further, wo 8r8 also priSg support thal ts ded818d lo Knpmving schods, and 8ducati)n 00anlIt¥. n8ncial s8tt.suifKon¢y and m8ch8n WASH W8 SUPPOrt efforts to wovide $ust8in8d 8cc8SS to sale water and Sanrf8t s&Avths 8nd to prDmot& hygne and menstwal he8llh pr8clices in 8cornmulty dis8dvanlag8dcommuntss. The Found8tit)n 1868 inl8Then1nS Ihat str8wlhen l(Kal systems to delNer and suslaln WASHseThres andprnCt8S in household$, communtss and $tutn$. SRHIFarnll Plannin We support 5UStain8ble solutilS lo impr acc8SS to qualrty Sexu818nd Reprod(Kli Heatth (SRHJ sgrvres at scale. with 8 P8rtKu18rfs ( contrnwlicjrt $twrt," this includes enabling m¢vualS lo h8ve routine SRH discuss, ven that SRH needs can change as people thrcwh drfferert slagos ollrfe. NLrtrition Our nutntiym grants aro awarded to wKr8888 the crnge olproven tl-61TtIVa fortification, bK)lortiftatA)n and supplementation intwventS (xderto muonutrignt drn¢S In 14&sk w18tbns h1n lo110• wntrles. Tho Fund in numbors Ju81 over £6.3 million was Spent from our Vknrld D8v8kJFxnent Fund in tcrtal in 2025. Thi in¢ded an addllonal one-off £400k increase dèsvJnated to 8UPPt¥t LYganisab'on$ affected by the cancellation of ¢ommitied USAID funding throughout 2025. A similar 8pIrt in Ih•mali¢ spnd was seen in 2025 88 In preou8 years, with EduCatn WASH eonllnuing to receNe the largest share of fundg. Wrthin •ach of Iht them81 areas, Main Grants r•¥*J the Ilon's Shwe. with Small Grants rexthng a total of 6% of these funds. Proportlon d W¢xld Development Funds by themallc vea WASM fduc•lioh J4Jx 14%
The Waterloo Foundation Trustees. Annual Roport Year ended 31 Decembor 2025 Hlghllghts from our Maln Programm•s TOPf: 2025 Inueased er8aBenen-. wrth thJnthrs ar¥J imFlernen'r5 CV) the TLPK of menstnl Health. This has led a decision TO allcKaTe increased fiJThJlng:o this area of rer%iins un(r priotTused In global and naEwJnal p)Ilcy in SFiTe of ttE l(-rangIng impac.s that rwwJual iJaIl fias on-he I5 of wL¥n and girls. Geography.. IA'e cC:1fted effoos=o uriTe smaller rural ¥4'a".er InTerr.10ns into collarazI¥e. cohÉrent pro8rarTYnes ol wvrk. II1¥15r rwnainlns open new OFporrL¥)iT.le5. thbs has seen OUrfdIng increaslf¥ly fttussed In a aller number ol CoUrieS Spcrtlr8 Sy5TrnL4 and gorrYen-5 for 1cn8.ierm change. Awthioach. Nuifiiion work iofiinued-. 0 5upw)f& è iai)ge of woie£iS in 2025 as lean by dc4r8 h)w bell IWF can add Val 40 tr seaor. We SliFponed rk adthesslr¥ mlcrcn(fffjen- deficieIe5 in I.LKIOéay win(bw. in 8eneral wblic and in SCh1-aled chIldn propcs d¥ersed across Slb-saharan Afrtca arxl SOLrh A43. The Watedoo FoundaDon'5 Education and SRH Funds ccfflinues to f¢XUS on thé dwèlopmeni d rTr)de& that hwe the pOtrial to gÈner8te wide4cl< Icg<rrn irrpact that are 5tnablY firwnced, ile this ¢Nèrdl proctss within The Watedoo Foundation's Educ&ion and SFIH fiJn& are b95ed in cr1ve, free thoutht, thèr are three pillw5 that drive . Empth¥er and irtspirÈ potèntiaF gr¢5 to perfomi to the best of their abilw, Explore the pottntid fcr fin(IallY 5U5tanable corrfrnrcid, governmènt-funded )d rÈsulrsasèd solutior6 for socia [ra¢ Vdue-added. unique srrate&c developnwnt and thinking. In Educltl¢ W supports priny, secondary and terciary levd education. Eh trrin grant in 2025 suppcrced educaticfi rTh)dèb that hwe the potti Eo support thc*Sd5 of Studtr to inprove their learning (C¢S eh year. The rde15 we deSied to be k4nded by In-(ntry s¢xJrces in the fuwre. In srtri w cononud to supp)rrsuThnable iniriatives that focus on ycung people's a(cS to c6tert SRH 5ervice5. 47% of new SRH ants fc<u5ed cn 0wIng dig'td nde15 fcr SftH support.
The Waterfoo Foundation TnMtees' Annual Report Yr ended 31 December 2025 Ex•mplM of worlt support•d by our Worfd D•v•lopm•nt Progrnmrn In 2026 Teach Unirtd's ITUI Lcacher training modol hJs enablcd hundreds of thou53nd of 51udents ro sIEnif<iTrtly Improve chcir lireracy and math5. TWF Is sUpporng this success to be 5USLlined¥ii a TU reacher lumni programme. Educall ATN+ Is gtTrerntIngin$hl5 Inio the evolwlng food markets In EJsi Afriia and workin8 with public and private parrners io imwove rhe nu¢ri¢ionalquality olpJckaged l¢)ods. Opporrunity International 15 leading a model thatls rylng access to funds ro Improvemenis in eduCatn outcomes In schools thii t low-lncome famllles use. World Development work Inltiated In 2025 Waterfor People ire leading collaboratlve efforts to itntfdte evthnce and build consensus on a feasible fou to prolcsslonalisiby rurnl wa£er seThfices In Malawl. IPPFI K xyd thE to sam IRISE and The P•ri¢xl Equality Network are womotlnKA menstrual justice 4£enda to 3ddr¢ss the %<Klal. economlc and structural IhequalKIc5f4ced by people who menstruatc. SRHI Famlty Plannlng
The Waterloo Foundation Trustees. Annual Reportfttyth& Year ended 31 December 2025 Ex•mpl8s of th• impxt from our partnerB' that was compl•t•d in 2025 M.IhJrishi Institute South Africii enibles 4.000 low-lncome studcnt5 J ycar to attend thcir univcrsiry, ncarly for Iree. TWF supporied M4ih¢irishi to grow their ability to SUSLiin this success. GRETdeveloped an Instant version of their fortified infont porridge. This expanded thelr Madagascan fortifd Infant food portfolio and Increased Infants roceiving ,>5sential mlcronutrients in kèy provincial towns. PROMPT& i heatth Ptstfolor wonxn. PROMFrs World Development work completsd in 2025.- Asl¢ lor Water and rhe Water Resources Instltute complcted a framework and prop)sal for a 3-year pilot of applied collabornts'ye WASH rcscarch in Uganda. pIlot A mo&". fo fftyo¥e the SRH A5x Intent4 to c(wuk a SRH by wom UDUMA Installed 55 solar water f.Icilities In rural Mali. This reached 27,51XI people a saf¢ and rtliablc watcr source and imwoved the finarKial Wlity ol their ongoingsernce model. Y5e Vwnx> for SRH
The Waterloo Foundation Trustees. Annual Report (cwth Year ended 31 Decwnber 2025 B. Envlronm•nt Fund Overvlew Our Environment Fund focu5es on the Iw¢ iThwlant iueS of wthting trcpul rainffftsts and con$wing Mane fL8h sle£ks. Ralnforest Fund Marin• Fund Our Rainforest Fund supports InittiveS that i)rolecl tropical rainforests. principalty through ,Ivoided deforestation Objective One". Slopping the deforestation of tropical rainforesls. Objective Two- 'iUPPOrting Intact rainforests and keeping them .ianding. Vve support 51ralegic inits"alives working to Influence I0$t policy. protect rommunty-managed Iropical fainloresls. and upport the rights of forest people. We also support pradical local projects Ive f¢xus on the three main rainforest regions of Our Marine Fund supports inilk4lives that work lo halt and reSte declining fish stkS. Objective One- Slopping deslructive and illegal lishing. Objactiv& Two: SLtpporting sustainable an¢J $mall-scale fi$heries. We aehve this by supporting slralegi inrtialives working lo influence fisheries policy, projects Ihal hall the decline of fish stocks that communities in the Global South rely ¢)n. and those working lo bnng aboLrt sustainable heries in wa5. We also support practical local projects and piojecls that proleel mangroves and seagrasses 10 Aeross bolh of our marlne and ralnforest funds, we Support work that benefits peopl•. the cllmato and blodlverslty. Tho Fund In numb•rn The Environment Fund awarded £4.501.347 K12025. was in Itn8 with our slralegi¢ plan to 3UPPOrt UN Climate and 8ictydNersty tarms by 2030 and lo support our partners wkh larger, grants. Tha funding wa5 distrJuted evenly between our mari aTrJ Rainforest Fund$. Ulher 11% Forests 4496 Marine 4596 10
The Waterloo Foundation Truste•s' Annual Report (¢tythu8¢ Year ended 31 DoC•mr 2025 Hlghlights from aur ljaln Progrnmmm: Rainforest Fund Wrthin our Rnforn Fund, 4YA of our grants supported intemational initHtiv68. Thes8 InItt¢S support8d both 0.eCtiVe One and OWtNe Two ofthe RainfcKest Fund. inCdIng initialNes secunng fore8t pecpl85' r¥Jhts, Suppty chwn refom, and influencing poIY lo stop defore$tsb"on from lorest lirthed commcje¥. Vle also 3UPFKJrt•J a mix of regK)nal {38%) and nation {13%) level wort that PTedcrfninant 8UPPOrt8d Indigenous antj krtal peo.3 defonce olthoir land, regional legal and tracthllly measures. and lttal managefflent actNI. The Rainforest Fund supp¢Ntgd 18 prciects in Icrtal. 7hryih an average grant size rj £111.000, and an avernge length of lust over three years. Value of proiects supporting the Rainforest Fund objectives £L20Q( jo £fA)O.IX £2.[¢¢ Éo Oiiè l%liii? 4:foTÈstsdor4 CJ•dive T¥.L' jsJpport Cojoctl',L'5 JIL. Jnd 11sv Marfn6 Fund Internanal InlaINe5 up the largest prop)rtion146%) of grants awarded under our Marl Fund. This lunding ttussed ¢)n rrwtr.ng bh ObJKtive One and Ol¥'ectNti Two of the Marine Fund. This w85 achad through c8mpa3niTrJ to improve ffiSher transparency and slop illegal fishing, inprowng polry lo prot1 our deep and h sea$, and $upwt 8maW-scale fisher8. Other fvnding supw)rted regtonal inrtiatNe$120%), wth a fLvJs cffl EU fishws refom and fair access rTghts. and work •t a natnal or loc 1 {34%) which focussed on irrprovèd management of Marine Protected Areas IMPA8}. and sU8talnab fishene8. partKulody in Wales. Overall. we 8UPPOrted 18 partnern, wilh an averwe grant Size of £111,CrfJ) and an av8rage18ngth of 3.5 years. Value of projects supporting the Marine Fund objectives £W(l E2C(I.IAX let Istw dtstrurlwè IAiecu Tr19JPF# sts5u1nab fisherfes? &T 11
The Waterloo Foundation Trustoos. Annual Report (c47th¥•0 Year ended 31 DeceMr 2025 Projocts supirt•d In 2025 Rcnewcdfunding for FERN to CAmpaign for policie5 and practices In Europe rhat locus on forests and forcsr pcoples nghts.They will focus on reducing consumption of forc5t commodities. and holding companies and couniries accountable for rheir impacts on forests. Fundcd mazoniAlerta to wor with Ii)digenou5 groups 11) theAm3zon to identify Hnd ¢iddress illegal activities tiiking plice in their territories.They Also njn a trnining progr7Amme for Indigenous liwyers prclctising Indigenou5 l-T>his and cnvironrncntil Funded Earthsight 10 cxpose the links becen UK and EU market5 and IropicHI foresr loss. and 10 campaign for rhe successful implcmentition and enforccment of the EU Deforest3tson Ficgulatson (EUDRI and he UK Environment Art Ralnf¢yrttt Fund Rcncwcd 5UPPOrt for CoralTrlangle Center (CTC) to improve the milnagemenL reguli£ tion and govcrnincc of Miirinc Protected Areas IMPA5} in Timor Leste. as well as establish new MPAs.The Him is to reduce i11cl fishing and improve the income of Iocii I communitics. Funded Fauna and Flora Internatlonal (FFI) to address the incquity and cnvironmentsl hi rm caused by forcign fleets operating in WestAfrica through fhirer and more SUSEainable fishing access arrangements. M¥ffbne Pund Continued funding Marlne Conservation Soclety (MCS) to protect m¢irine ecosystems and promote sustainable management of marine rcsources in Walcs. MCS will focus on improving fishcries management an5 I nd maritime spicial linnin& as wcll as prartici, conscrvotyon. 12
The Waterloo Foundation Tn*t¢68' Annual R•port Y•ar ended 31 December 2025 of th• lfflpacts from our parln•rs' work that was c(ffip1•t In 2025 Center for Cllmate Crinie Analysls (CCCA) rriggered lind supportcd judickil acoon Agains¢ illwl deforcsfaiion In Bnzil and Europe.This could protect over 1.3m hccthres of forests. Stop Illegal Fishlng hjs reduced illeg31 fishing in SouihernAfrica by supporting governmcnts to work together to undertake regional monitorin& control and surveillance of fishing ArKI coordin.Ite cnforccment ,Ictivities. Greenpeace has Campaigncd to achievc a Global Ocean Treaty, This Wiis achicved in 2025 and now provides framework to protect oce.Ins and implement MPAS in the High Seas. Outcomes resultlng from our envlronment fundin8 CelboAlllance suppoi'ied indigenous groups v4ithin the Amazon to mip their rcrrirorics for officiill IHnd titling. They also crcar¢d a Regnal Lind Dcfcncc School for on- (he-ground rerritoriHI dcfcndcrs. Envlronmental Investlgat5on Agency (EIA) helpcd ensure that deforestation regulHuor¢S In Ihc EU and UK address che drivers of dcforestation In Indoneski. such as Limber and palm oil. Coalltlon for Fair Fisherles Agreement5 (CFFA) supportedAfric.In Small-scale fisheries through EU and n¢ltional ¢idvocacy.This has resulted in bttcer protectson for artisinil fishing artas. 13
Tho Waterloo Foundation Trustees. Annual R•port fe•nth& Year ended 31 December 2025 C. Chlld DeVp•t Fund Ovep4iew In 2025, the Chikl DevebWrt fvnd aKarded £1,685.(NX).00 of fundiry, split across three core actwities. earch ur main fc¢u8 iy on funding iscrete research projects. Usual at universit, toth In he UK and international latad to ¢r opon iesèarch Ils. Through our stregie artner8 we 8180 fund earty reer researchers and earch activitigs. 5semlnatk rnctlcal pfflècts also SLPPOrt picieLts and Jvices that are directly elping familw affèctèd by eurodevebpmenlal disorders. e8e ar8 typIlY based in le$ or $upportin9 families in love to 5UPFrfXt thè di88arinatKin knoWd98 and test practice gd lo our kay area5 of interest for ikjren and "r parentsl carws, d lo related profe5$Dn. Th ht be through confere, slte8, w0shOpS, nawsWers etc. Acro8$ Ihe8e threa activities we prhjritise that aligm with wr cLYe intgr•$l. In 2025. we maintained our overarthing interest in the d8velcping brnin and rts relatK)nsh to n8urodavelopmental disorders and ir888ed our intwesl and fundirvj into the rol& that nutrttk)n plays In this. therefore maintained our searCh funding piicrfilies, l(Kusing on Motor Coordinatlon, Nuirition, and Physical Actlvity lok al$0 ¢onlinue our ecfflmitrnnt to Polycystlc Ovary Syndrome IPCOS), supporting h I8rth and Organilon1 w01n9 to rprove care 4upp1 for woman aff8ct8d by the condrtKn. Th• Fund In numb Total Fundlngs Awarded in 2025 by Grnnt Type 42% txxrer? Rrth ProSects fxher Research 7% . Di95eminati(¥s Prtsfvrts Pt%tsc41 Prolects 23% In 2025, overall distribut)n of awards was slwmlarto prevKYJS years, with the mwly (65%) of funding directejj tuwards re8earch actr+Atw f(Kusl on better understanding th8 brain. 14
The Waterloo Foundation Trusteos. Annual Report i Y•ar ended 31 Doc•mr 2025 Highllghts Rosgarch Frcn our research ¢alL8 in Motor Coordlnatlon, Nulrltlon, Physical Act•¥ity and PCOS. w? eNed 52 applications, extemalty r8vvMi 18, and ffijnd 11 full research projects. Thp¥e proigcts were ba9ed in W8les141, England15), Aust{1) and AS(1}. and cover&J a rang8 of stages, Including 8asrc Soence {1}, Mhanistl41. Observational11). InteNli)n Dwelopment 111, Rgakwcdd TTiak121 and Impt•lKsfLIHealth Sy8t&n812). In addrtion to our research calL% lurthd research strat•JKalty targeted to build capacty in areas Such as DCD. inelLJing work esbmating socEtal costs. Our increased focus on nuthtion enabled to support research into frhanISmS of action, infomi pc4w. and c(Alab¢xats with Ixganisatn$ worting to Inwrove diet n8lK)nalty. We not fund a pro1t the Rolandic Epilepsy sulA)udgel this year. IPKJugh an award is expected next y8ar. We aL80 provbJ8d small extensn$ to 8elect•J ongoing msearch proJ'8cts where further anaPysl8 was ¢18orfy benefr#al. Practlcal prol•cts We receNed 32 applutions Lxtside tho rn8earch 11¥ WKI fvndgd 19 of them. Due to continued pre88ures In thé charity sector and our fctus on research, were onty ab lo fijnd tsvo support charities in Wal85 working dlrrfity wth children famil9 Wbth n8rer9e or nr ne&Js linGludirvJ dy81exia and Cerebral Paby1-r than in pr6vh)us y68r8. Pr&tical Project •ppltslr¢n8 clOd for haff yw, w• anIvate high demand In 2026. Acro88 cr Pr8Cticd ProJ¢¢ts, we supported ¢)rgani8at•)ns that were to LK8- includlng Babi Adrf, which provths outdcN phy31cal 8ctNity se$88 to und•r-28 in North W8Lg8. Deci8ion8 to Tepeat-furKI were based on e&h organvsalh?n'$ abilrty to demonstrate effedfvenes8 through Jtrucfvred reporting, line meétings, and the ¢Mrnll ttrfnpetition for fund8. Gwts included mixture of vo1eGt-¥pffj awards, corellCOSt SUFPOrt, and mulhyear or 8ingl&yew funding. dependin9 on org8nisatk>nal needs and eyi8tiNJ r•l4litxthips. Dluomlnatlon grnnts In SUFPOrt of a néw devek)kyr1, wo cOrNen a"meeting ol minds", bringiThJ logeth•r obw 40 researcher¥, clinicions, slakeholders and IhKd-s•clor partrw8 to discuss nutrition and mental he8lth. We d8velcpad pro(#ul, KIerinforM8d vjeas lo inyrove e81 to support brain health. W¢ afso supported a pr&eonferenc8 8aty carers workshop M 51gep al the Bntl8h Devebpmertal Psychoknw conf8rén¢e in Royal Holoway Unfvernty and a 8m811 grant to support the DCD-UK conference hold in Yi)rk. Funding deci8l¢xs for all of TIPIF'S research proposals were made In9 our usual dgorous èxtemal peer review and inlem81 os¥es$rrI proce88. Again. we woukl le lo take the opportunty to thank all ofthe many resèarche. dinla aTrJ practitioners WI mke up our anonymous peer revwer¥, and who hav6 generousty gNen Ihr liff to ertsuro the qualty of our resear¢h fundg. A partKuL4r big thank you lo those rev¢ev•ern h8lp u8 Out tNne and time again. We ¥a 50 grateful tor your continued 8UFPOrt. Some of our projects supported in 2025 We are delighted to be aiAè lo detail somg exwrv of CWf grant-m&king activity In 2025. enconyssing reseah. diwnNN*•)n arNJ prntheal projects. 15
The Waterloo Foundation Trustees. Annual Report (C•) Year ended 31 December 2025 Verlty •Dd Falr Treatrnent lor Women Wales: Grants to fund staft roles. ambli CDntinued awdreness. r•i5ir4 ol PCOS and the provision ot lfjtal SUPPOrt for women's health. Cardlff UnlveT51ty'. A follow-up study lirbking Inaternal thyToid statv: In pregnancy to children's GCSE ènd rwJrodevelopment outcomes pr¢)¥iding c*wdence to support the case for antenatal thyro 5creeninB. N¥tIttn.. Cafe Cost 511PPOrt. enablin8 evKlence-based •pproache5 to impro¥e dirt, health, and well. bein8 across at-rlsk vulnerable comrnunitie5. Projects supported In 2025 Exeter Unl¥er51ty.' Study examining how Lval and gut mlcrobiomes Influence ADPFD in children and testin8 a nrtrate Intervention for '.ymptom rnana8ement Unl¥•rslty of Newcastle: This study 11 calcutate the ecory)mi¢ costs Ot praxia across adulthood. provKllng crucial djta to inform poky and resource allocation. wansea Univer511¥. A pro8r8mme of work trackin8 motor development In chrfdren across South Wales. creatlnq practical dlagnostic tools. and co-desiqning innovètive support for rhildren with Dyspraxia. 16
The Waterloo Foundation Trustees, Annual Report (coftthts•dJ Year ended 31 December 2025 Measuring impact Grantees report lo us ffi their key research lte0 on an annual basis, at the end of their award$ and for r6seareh woieQs, a year after. ar8 interes1 in CAThpaiirKJ their planned aims lo their actual xhievements aThJ the number of pecple helpe(U$uppwted. In the case of research prciects, we are also interested in joumal publi&8t)ns. publK engagern8nt events. career devebpmenl, changes lo policy andlor fijture funding leveraged, in additKJn to knrywwge gain&J. Tr chart below outline8 lome of the key fmdings publ¢shed from tr8 pap¥ ar4J also t wnpxt of mcye prattKal prqects. 48 sdentlflc papers were pubb"5hed across all of our CD research *rea 3reaknng the Cycle. thÉ' Iir5t-ever APPG Par16amentary PCOS report, drlvin8 national awareness and actionable policv retommendatrons was published with the support of Veiltv. Ikkn•rnlty¢lBfrtl•h 8affts thier In 2025, as a result of our CD fundlng Youn& People'5 Mefit•l Heolth convened 40 cross- sectoi experts for a summit on nutrrtion and brain health. Catatysln8 new collalJoratt¢ns and 8eneratin8 prartical, enClnf0Trned aC11Qn LHEM T¥usV3 Toxic.Fie. Toys campaqn influenced EU legislators to restrKt harmful chemicals. dirertly protecting children's health. The UK'S first IL4 Priority Settin8 Pèrtnershlp for PCOS. uniting patients and clinicians to define researth priorrtie5 was developed by Cardlff Unlver51ty and Verfty. 17
The Waterloo Foundation Trustees, Annual Report(c•I Year ended 31 Docemb•r 2025 Blue Foods In 2025, we launched an ex¢hing new affja of intorvst that ¢Lrt a¢ros$ fwr of our core funding prioriti8s". Child Develcpment, Environment, Wales and t)evd¢¥ffrt Thhs woth focused on the grthving evJents around the imwrtarte of Blue Foods {fc4)d from 4uatt enwronments), recognising their wtal role in $uFwb"ng the devdoping brain, pr(Knotrng planetsry he8Ah. addre88ing fc#)d insecuity. and 8U8taining I11h(A)dS as a econom $tly. Wth th8 overarching aim of incr8asing suslainable fish cx>nsumpts)n to prOV brain and mental heatth outcomes, thi8 new programme mark&J an expansitin cl our work al the interseeth)n of nutrition, health and sustsinabilty. In its first year, we award lour grants lotalling £135,048, BUPPOrting a diverse and innovab.ve p01 of %tNty. Thig inc1Led resear¢h ¢xpftg hthv to increase fish consumptson among children, the gxpansion of the F¢sh Heroes inrtiatNe. $upport for food lechnokgy leachern acr Wakn lo leach confthlly wrth ftsh. and the devglopm8nl and laun¢h of a Blue PrG4ein Tcdkit to ènctyjwe grchvth and innOVatn wrthin the sineSS sector. Together. these grants have laid the fOUndatn6 fvturg impaGt, strengthenlng links health. education, industry and the environment, and pjsilK1n9 81uè Food$ as a pNerful Ver tr improving outc(Mn08 for Peop and plarnt the. are excrtwj to oxpkyo thi8 lurthw wi 2028. D. Wal•• Fund Overvlew In 2025, Ihe IAtsles Fund locuswj Its grantrnth'ng on three slJategiG thrrn: Pathway$ Out of Povety, Unpald Carers. and EdtIOn. Funding wa8 dlrKted IrdS addr88wng Immediate na8d whi enabling k)ngef-lern improvement in lrfe chances. dlbeing and resi1¢?. Grantmaking 8cro69 th• Pathways Out of Povety. UnpaKI Carers and EdalK)n fvnding t19$ ojnlinued lo addres8 both Imm8di8te hardghip 8rKI longer-tem structural di8thanlage. Colkntr¥ety. these programmes demonstrate a baLqnced and purpwful approh. com'nIng C15 response wr¢h prevenlatN• and enabling Inlerventiorfd. publlc benefft, s>1ng IrKlfviduab. fwni1198 and communttlgs experiBncing dIdVantage xros$ WJUDI tryui2TI()n 18
The Waterloo Foundation Trustees, Annual Report Iro•Jthu• Year ended 31 Decembor 2025 Highlights Grants th¥arded through the Pattrr4vay6 Out of Povwty theme prior58d hyper.bcal, community.based provisw, supporting trusted hxal hubs lo deliver integrated and responsive supwt. Funded iluded access to d&>1 and weware advice, food and finanaal Iteraey. employabilty support. arKI wEllng and rrental health initkgtNaS. This flexible, placevbased approach has enab ¢xgani%atb?ns to resnd effectwety to circumstance8 whil8 supporting indNiduals and families to rrnve towa greater financial 8ecurty and resilienc&. Wrthin thé Unpaid Carers them8. a sign1rnt proportion of fundiThJ was dIrty l¢)wards Services supporb.ng young carefs, rec(¥nBing Ly)th the scale of unmel and the h)ng-temi knpact caring respMsilrties can have ¢)n gducation, welbeing and lrfe chances. Th8 rwnaining fuThling has been proed a$ unrestricted grants to organisations 8UPPOrting unpavj carers 8er05s all agg groups. This Strengthe1 organisatb)nal SustsinlIty, encouraged collar110n across the sector. and anwred a more c¢xxdin&&d and in¢lusi¥e offer of 8UFPOrt for carers throughoui Wak%. Education furKling cORtIn lo span both asp1ratw)n-r5in9 and accass to opportunity. Grants $upported initiatNes d8sKJn6d lo in¥swg ervJagement in lèaming. Ineluding programmes prorrnling science. thnoIC9Y and environmentsl educath?n, ak)ngside targeted intervent6on8 aimd al closiTra thé attainrT*nt gap for di8advantaged taarrers. Particular emph89i8 Was pL9ced cfi supporting young pwle frcffi undérrepresonl&J backgrounds to progre8$ Into further and hvJh8r edt)n, nry)roviw 8ock4 rTh)bilty and long4wm outGryn88. The Fund In numb•wg 39 £1.485m Wal8s-wlde Geographic reach Grants awarded Total funding awarded Strategic themes 19
The Waterloo Foundation Ttee8. Annual Report fe•rt•?ueAI Year ended 31 December 2025 Proport*)n of Funding Awarded by Theme (2025) Pathway5 (Xrt of Poverty 21 Educailon Unpaid Carnws Proportion of Grants Awarded by Theme12025) Pathways of Povwty Linp•id Cwe EdUtion
The Waterloo Foundation Trustees. Annual Report (eonthwg Year 8nded 31 Oecembor 2025 Exampl of proi•cts supported wlthln our thematlc aroas 8ri8hter Futures in Rhyl - multi year funcline to support the community EaL Grow, Cook project. Abergele Community Artlon - unrestricted, multi veal 8rant to support their work with communitites. YMCA - multl-year 8r3nt supporting youre carers. Wales work supported In 2025 POINT In Fishguard multi year funding supporting their Point to a better f uture project for youn8 people. Credu - rnulti-year unrestricted grant to support their work with unpaid carer5 across five countles In Wales. Pembrokeshire Coastal Forum - multi year funding towards the Coastal Curriculum STEM education programme. 21
The Waterloo Foundation Tru8tee8' Annual Report (emt Year ended 31 December 2025 In 2025. grant rn¢lpl8nl8 r•port•d to U8 th• Impact of some ourfvndlng ddr¥ered FntefartNe STEM worshops to o¥er 5,Cthstudents. Throughout their eommunrty shop, Mana8e Money Wales SUP[ned thousands of people with clothin8. food and other 51JPPCWt. Fareth•re (nTh. redistribr(ed over 1.2m ronnvj of surplus food contributed to the prowsion of over 2m ffeal5. In 2025, as a result of our grants... Technlque51- delivered STEM- based School oulreach to 198 schools reachin8 13,687 Students. YMCA C4rdlff - supported 422 rJun8 tarer5 throughout Cardiff and the Vale of Glamor8ar. over 31x1 young carers across 19 counties to the 34èy Young Carers Fe511val in Builth Wells.
The Waterloo Foundatlon Trustees. Annual Report (ety11 Yr ended 31 Docember 2025 E. Other Fundlng Provlded In addition to our r main fUling prcgr8nYnes. the Foundati hag also made grants lo thI-Sethr organisat3ns and communty groups who are work to athjress cause5, inrtsatives, P{qtS or PUrPS that oro related to, tsjt mayt rK Spalty allgned lo our corn funding priorte$. We are particularly interested in social juslwx and $UpF¢j organi8athJns w> work in the h¢JJ$ing and hcmelessness sector, criminal juslu, youth just0 and youth engagomenl, Akheinor's ¢Jemenlia and the ageing population. nts1 health and well-bèing Iparticulaty in young pwjple), eliminating 010re against Dmen and girls, strong Conunty support and eng8gem8nt prciects Iperticularty in area8 whpAe re8th1ts affecknd by highar rates of deprivatson). FINANCIAL REVIEW R•vl•w of tho fln•n¢lal po•ltl¢)n at the ond olth• accountlng perlod Totsl income during the year was £15,462,325 12024.. £11,208,820). whth kndudo$ from Heather and Damd Stevens of £6.596,90012024.. £S.155,7501 Total expenditure armunted to £16,153.947 12024.. £13.752.843}. Grant fvThding th#ivi•$ of £14,887, 131 12Q4.. £12.640.579) are Included within this figur8. Overall. 8 surplus of £21,042.38812024.' £7.989.0991 wa8 mats dunng the y8ar aftar n&t gain¥ on the inveslmanl8 of £21,734,009 12024.. £10.533.1221. A detailed breakdown al inGome and 8xwdrture forns part of tho note8 to the acc(nts. Our investments are Vaed Lming currnnl sttk rna8t pr1 at lh• date of rOFLVtwig. A8 a result af market ¢hange8 in 2025, the FInd expwierK•d an Ir in value of £21.493.335. The Trustee8 r8view and monitor InvoJtrn•rrt perfoffl on a bi4TKYrthty basis. loking into accLwnt stock m8rket fluctuath)ns. Fln•nclal Pa•itlon In 2025, we continued to aim for tdal ¥upy)rt CO8ts of no th of our overall annual exFenditure. In tol81, the Foundatiffi jpwrt £15,633.471 ot whKai £748,340 (4.7%) was axwnded on operational ¢08ts. Th• Walerkn Foundthon not ac1fvy fundrai. Our investt is dd from Share divKlend8, interest eam8d on tonds and other securittes and bank inter8st. The Foundation's bigge8t asset conllnues to be 8 s&rMficanl Share11rj in Adnwral Group pk, a UK4isled company. In addilicn. the Foundation has a dNersrfed equity and bond pcrftfolio manw by tsjr inve3tmenl managtrs. Cazenthp Capital and Tr1)8 IriwA Capkal. Summary of Regerv•# Al the year-end. unrestri¢t¢d reserves £241.107,314 {21Y24: £220.rA4,9281.
The Waterfoo Foundation Tru8te•s' Annual Report Year ended 31 Decembor 2025 Investment Polky The FOUndatK has a comprehensNe InveslnEnt Polt¢y aligns our financ¢al obiecbves with our sorlal and phInthrOpIC aims. This poly has been agreed by thè Trustees and sharad wth Caz8nove Caprtal and Tribè Impxt Cawtal. All inv8stm8nt opwtunitie5 eontinue to be a8seswl against our 8lhKal investment criteria. As a signatrxy to Oivest4nvest, the Foundat holds no dir&t aquty or fiXed-incCe investments in companies 4¥those primary XtNity is the exPbratTh or extraction of fossil fuels. aL80 eXe investments in ¢ompanies invow in tobaeLO, aduit gntertainmenl. amlamènts, and gambling. In we seek lo avobj Cnpan$ assLxith wrth unsustainable palm 0. goya. or beef production linked to defornsthn. The Foundation is also COThrtted to alk¢aling a profftn of its fvnds lo impact investing. We aim lo idenlffy inveslnwnts that delNer not ontry financial retums but abo la1 and envlronmental beneffts aligned %wth our objectives. AFpr0Ma1ety 15% of our thiveslment p01} is directed towards thes8 Cazen¢)ve Caprtal continues lo uptrK4d our investment stance thrcwh rtgcyous irrtemal res0h and ¥cenIr processes, drawfng on ESG dats frryn a range of 8our¢o9, includino MSCI, Sustainafytu, and CDP (Carbon DisGlosure Prc4ecl) sles, as ll as assassing the of inveslee companias on tropical rainforèsts. In 2025, Cazenove Capital c1yrtinu1 to provid• quart reports to the Trustees and attendod on• Trusteè meeting in per80n. The Foundatron alx works ¥&ith Tribe Impa¢t Captsl, whom we have in¥psled £15 mllllon. Trfbe acts 88 a second portfolio manager wtth an enhanced locus on impX investing within a discretionary ndalo. Tts8 wovth8 r•guLqr ropLYlirvJ to th8 Trusto9s. an nUal in.per8on pr68entation. Rfj•orv88 Polky Due to the Foundatlon's sound finarKial 8rtU8bon. the Trusleu arne Uwt there 1$ no requir•t for an explicrt rerVeS poly at this time. Th Twstees r&aularly monttor the roserNe6 and con8Kler tha eypecled fund lrfe alongside grnnt budgets and in8tingnt perfmarKa. Plan• for Futur• P•rfod• Th6 ongoing grant4nakiThJ 8tr of the Foundat)n i8 8h8p&fj by evaluation of and198ming from our past grnnls on an indNN4ual knel. and bv)ader revivws of the impact of our funding a8 a whole. Our rategy fc 2023 10 2027 has bean CT8aled by Quf Trustees, wrth input frcm in¢Nhdual Fund Monagers. who regularty present arrtl rewew the impact of their hjnding and recomm&ndation8 for future funding ¥lratogw at our biamonthty TA MeetiTra. Strategy was agreed in Novomber 2023 and irrforms the deasic8kin9 for the year8 2024 through to 2027. the latter bewig the FOundatn,$ 20th yoar. The World Developm•nt FurKI wll maintain our fccus on WASH, Education, SRHffamity Pl8nnl and Nutrition. seeking lo support the desvjn and testing of evthnceased s0iLrtn¥ wrth high tential for sea. We wlll continue to fu8 ¢)n lryy-lem) dev¢bwnt over shcwt-tgmi acute rèed6. Th8 EnvlnJnm•nt Fund pn8 to maintawi its sc of gr4ing in 2026 beyond to a(Idres5 the key challenges and opportuni(i83 of meeting the UN Climate and BAertY lar9ets by 2030, both tematie41ty aTha bealty. aim lo maintain our ftKus w tropul rainfore8ts and marine fishorw.. we wll also continue to supwt a small number of key projects in Wales. 8re also Icoking at the i98ue of su8tawIe blue fcod a5 8 GrEwutting thème 0$8 thg widw work of the Fcmndation. Child Development will see irKrgased frjnding in 2026. will laurKh a Nutrition and the Dov•loping Brnin strategy thal will span both researth and the translation of exisbng evidence Into practice, directty influencing what thihdren eat to supwl brain healih. Abroside this ne•V strategy, will maintoin our research fcAts on Motor Coordlnatlon, PhyJic•l Activlty, Rol•ndic Epilepsy and PCOS. Bwnd the Nutrftlon programme, our prxtical and disseminat grants *ill continue to reflect our Tmdgr c¢YnMrtmt to nourcrflNernity.
The Waterloo Foundatlon TnMtee8' Annual Report (¢ortkn Year ended 31 December 2025 Lcoking 8head, the Wal•s Fund will continue to supp(xt ¢c¥nmuni(ies delfven9 real Icral iny8tX, remaining a flexible and approachabkg fvnder that listens lo emwging needs. We remain committed lo supporting Unpa carers {especKI1ty young carers), boosting educational hVement, and opening up cpportuniti8s that reduce FMMty. Kbrking in partner5hp wrih charit6 we back bold, on¥nunity4ed in#te$. local that defvws lasting 81xial and ¢¢On1C bgn8fft8 across Wales. STRUCTURE, GOVERNANCE AND MANAGEMEpir The Tru$lees are pleased lo preswil the 19th rewt twer w6th th• financial Statnents of the Foundats'on for tha p8ricd oThJwJ 31st D)ber 225. The financial statements have been piepared in ac(x)rdar& wrth the requIrenlS of Charities Act 2011, tho app1K0b )UntIng $tsndards in the Unltsd King¢S)m. the requiram8nts of the st8t8ment of ReCommetsd Pr8¢tKe (SORPFRS102 2015) Acco(mlMy 8nd R&portg by CharitS. Gov•rnlng tlocwnont The teo0 Foundalb)n is a registered charty governed by a Trust l)e&J dated 15th Dember 2LI)6, amended 19th November 2025. Trustees continUty GonsKlw our go¥eman •ffangoments and wlll o)ntlnuo to do so. R•cruitmont and Appolntsn• The Waterkn Foundation is managed by bts Board of TN8t688. ¥thi¢h six tim88 a yaar. Trustees are aFpnI wi accordance wth the Foundation'8 Tntst Deod. Inductlon and Trnlnlng All Trustees are provhd•l with comyohan8ibp in1offr10n relang lo thelr dutie8 SNI r•sponsibllilies under charty artd company LTh, irKluding a copy of tho Fndal)n'$ Trust DJ and the Charfty Ccfflmi8won'¥ guidance on the duties of charity Trustees. Org#nl8atlonal Strudur? The Foundation is a smal and ha8 a •impb organl8at1c •tru¢ture, GnMira.. A Foundation Director, An Manager. Six Fund Managers split acTo8s ¢yx futM11ng arggs D8velcyiwit, Environment, CP4ld Deveh)pment. K&les, and our nonrograMMat fuTrJingl". An Assistant Fund Manager, stspwting thg Envircrtment Furbj: A Research Assk8tanl supwting thg NUtritnal ond Neurodevek4)mant area of our Chikl Development Fund,. A Finance Assistant to the Foundation Dlrxtor. Throughout 2025, the Foundation Dirtttrff hold 1kne.managnt mponsibility for all staff. except for the Assistant Fund Manager and th¢ Reseorch A8si%lAnl. vtho reported dir&* to th• Environment Fu1 Man•Jer and the Child Ckvdcym8rrt Manager, respthety. At our b1-mlhty TnJ8tee Meetings, exh Fund Manager propxe5 a series of researched pro1t8 10 the Bowd ol Trustee8 for thwr consKlwakn. Trustees aceept. rejxt oi defer. Dttisions are thKumented by the Foundatijn Dir&Xor and are acth)n&J by the le. Annual appraisals are sclduj ts all stsff in the first qrt of oHch yeaf. They Wo conduct&J by the Chair of Trustees and the Foundatw Director. As well as hMJhlvJhting &hi8vements and aroas for staff devdopmenL the86 aEywsaL8 fomi the basi8 of annual (eV1th ol reMuneratn levels for all
The Waterfoo Foundation Trust, Annual R•port l¢•Jrfkn Year ended 31 DO¢•mr 2025 Relat Parti08 In 27, H&er Stevens {Chairl and David Stevens ffrusteel donated lo the IA&terloo Foundation, Admiral Group plc shwes to a value then of £99 million. Davhl Stevens. pIeWjslY appointed as Chlef Operatiry Offr of Admiral. wa8 apFointed ch ExecutNe of Admiral in 2016. David retired from hi8 Post as CEO as of 31 December 2020. however. ho continuès to provide Llonal con8uliancy support. 8h DavKI and Healw Slovens are current shareh¢Jlders. Beknn 2013 and 2024, the same TnJste88 made a tdal contrl)utsw of £61.876.980. In 2025, rther £8,5,900 wa$ donat to the Fou8.. Details of aH trarctionS belween related partw for this p8fKal &•n be fnd in note 27 of tho Flnancial Statements. Rlsk Man•g•m•nt The Wal8Aoo Foundation opefates dOcUmerrt lirws d authority 8TrJ dal&Jatb)n, whkh are rovigwed regularly by ¢ts Auditor8 and Board of Tntste65. The FCIJndatn also ha$ segregation of dutiej regarlling govemanc•, management. granl-making. finance. aTrd ¥ive¥tment management. PredureS are in plac• for the dcruffthl8tion of deci8k41s. actKJn8, and issues. All 9rant-maklng undertaken by the FourKlat6on rd Subj& to dv& diliger prtte8888 c4rrJ wt by our Fund Managers and staff. We rOutW 80ek rgferencès and supporting information wi respect of applrAlions Irom organisation8 not previously kn¢)wn to the Foundation, and in particuLqr for any grants whlch would b6 made 0Se of the UK bann9 sl0r. Th• $taff Truste of tho Foundation aro sw8re of the d8ks 888wated with corruption, arKI a8 suth. fingrtial and other fom8 of due di1vJw8 are a key part of our grantrymaklng process. The Foundatton'$ Strateg plan and budget are ¥)proved by TN&t, the Bogrd regu revws actual resutts against tdh budpts and forttasts. The Flnanco Team Undertak )nthlY revim ofth• Foundation's financw rnnagoment, with furthar seruliny prowded by the Tru8te85 at exh Trust mon9. wlwo a detailed fin8nc8 rep)rt 1$ presented for conSerat. Investmenl rertS are 0190 re¥ed on 8 reoukgr basis, our Inv9¥tMt Adviwrs provide quarterty upjales lo Ihe Foundathjn attend one Tru8109 Meeting each yé8r. Risk is assessed as an ¢ywoirKJ and dYnaC pr<Jca88: accordiwly, r0 formal slati¢ risk register ha8 been preparnd.
The Waterfoo Foundation Trustees. Annual Report (¢tyrf Year ended 31 Denbar 2025 Trn$t•es' RMpon8lb511tlM Statom. The Trustees are responsible for pparing the Tru$te8s' repryt and the finan¢ial statefftsnt8 in accordan¢e with appluble law and United Krydom AccotIng Standards (Unil&J Kingdom General Accepted Aceountw Pract1. T1 law applKable to Char88 in Engknd and Vles r•Juifes tha eharlty ITteeS to prepare financial 8tatements lor each year whh give a true and f&r view of the state of affairs of tha ¢harity aTrd of the incoming rosources and app"Cath?n of resour. ofth& for that P. In prnparing these fThncial statem. the Tfust888 a rv4uir&Y to." select 8u11le acc(yJnting FdKieS aThJ then 4)pty Ihwft consi8tenty,' ob4erve ts method8 and prirrfaples In the apPIable Charth'es (SORP 2019) FRS102,' makejudgments and accLwJntin9 e¥timate8 that ¥0 reasonable and pnKl•nt', State whether applble 8e¢ounting stsnd8rds have been folhy•Md, Sut41 to any mate1 departurés discb88d and ewained in the 8talemenlJ: prepote the financial $tstements ¢Jn the conc•m ba818 unl8 it 18 in4)Pfoprlate to pre8um• that tho charity will ¢ontinu8 in operation. The Truslees are rnsponsible for keeFrfry woper aCtrtIng Tocords thal dtycbse wlh r8Asonabl• aracY al ary time financid position Lrf It charty and enable them to en8ure that the financial ¥talement8 Mpty with the Charibes Act 2011. tho Chantie8 (A¢cOts and Report$} ReguL9tions 2008 and the provtylons of the Trust Deed. Thèy are akn responsibLg for safeguarding the assets of the charity and hgnce for linq roa8onable sty for the pr6vantion and detection of fraLI and oth Irregularit¥. The ¢harty's TnMte8s afo r•spM8ibk fty prepwing tho TnAtees' Annual Rwt and the flnan¢kg1 8tat•ments in attordan¢e wth appltsbl• l•w and regulaIn8. The TnJst•es' Annual Repcrft was aprKovad .IsJ.Il........ aThJ svJn•d on bth811 of Iho Board slee8 by.. Dad Stovens
The Waterloo Foundation Independent Auditorfs Report to the Membern of Tho Watwloo Foundation Year •ndod 31 December 2025 Oplnlon We have audited the financid statements ol Th8 Waterkn Foundation I.Charty.) for the year ended 31 Dember 2025 whrh corrprise the statement of financial activities. Statement of finala1 posibon, statement of cash fkx¥s and the red notes. irtluding a summary of svJnificanl aGcountirKJ pdici88. The financial reporting framwiork that has teen appld in their preparal¢on is applKle faw and Unried Kingd Accounting Standards, including FRS 102 The Financial Reportuig StsrKlard applicable in the UK and Republr of Irdand Iunited Kiwjom Generalty Accepted Acwjnling PTxtu). In our wnion the ffinan1 ststemwts.. gbVO a true and fa vitr of the state of the ChS affair5 as at 31 December 2025 and of 11$ incoming reurceS and •FrfAK¥tK>n of rescmjrces. inciudiig its irwng and expenditure, the yew then ended., havo boèn prolFY prepfnd in acoJrdanc• Thith United ltin•J Ganerally Accepted Accountry Prt,. have been prnpar•d In xc0rd¥e wlh the requ¥l8nts of the Chaiilw Act 2011. B••l• for oplnlon We conducttrj ¢JJr audit in accordw8 with 1rrteM8tn8I Stond8fd8 on Auditing IUKI IISA8 IUK)} and applble law. Our rn8kk)nsibslits under tho$6 $tsndards ar6 fUrtr descnbwj in the auditor'8 responsibllftlès Ic t audit of the financkql statements of our report. W8 are iTrdependent of the charity in a¢¢tydance wth the 6thul requirements that ore levant lo our audit of the financial ststomenl$ in the UK, including the FRC'9 Ethical SIwKlard, and we have fulfil our other ethical resFonsibiliti•s in arzordanee wrth these requirwrnts. We lieve that th8 atxlrt eVle8 we havo ¢)btained is Sufficient and appr¢ynat¢ to prowde a basls lor our opinion. Conclu•lon• r•lallng to golng con¢•m In sudrting th• financial Statements, we have that thè tru8ta88' of the going nc•M basis of actounting In the preparatKJn crf the ffinancial staterrnnts W¢•te. Ba8ed on the we have perfryrnd. * have nc Identffied any m8twial uncert8inties r8Lqtlng lo events or c(¥KlitvJns that. IndidUal or co1. may cast svJnthnl doubl on the ¢h8rity's abilrty lo continue as a going corKern period of at l&qst twofve months from when the financial statement8 are authorised for issug. Our mponsibiliths and the resp31b111t of trustsgs with résp1 to going oxcem are descrlbed In tho ralevanl seclions of this report.
The Waterloo Foundatlon Independent Auditorfs Report to the Mombers of Tho Waterfoo Foundation Year endod 31 Docember 2025 other Inforniatlon Tha other informatnn ccryrises the infumth inchsded tn th8 tnl•eS, annual report. other than tho finala1 8tements and our auditor'$ rewrt thèreon. Th tntees are responsl?le for the ¢her information contained wthin the annual reF4)rt. Our opinion the financial statements does nc4 cover the other inlomiation and, except to th6 extent otheThvtse oxplvitty stated in our repW we do not expr8$5 any form of as8urnnce conduskM th)n. Our wpOM1bty 18 to read the irrfortb)n wd. in doing so. CL01 whether tho other informatKin 18 materialty inconsistent with the financi41 statement8 or our knuledge ¢)btained in the ¢our8e of thè audit or Other appears to bo materialty mi88tated. If we identify such m8tenal incon8151w18S or apparent mOteri misstatements. are rwuired lo det•miine Wther thr6 gNes ri98 10 a material m15sLitgrnt in the fmancial 8tatements thwnselv86. If, bosed on the th we have perform8d. we conclude th there 18 0 mgtefial mI88tatem of thi8 Otr Informalion. we ar• required to report that fa¢t. We have nLhSrw to rop¢xl in this regfd. Matt•rn on whl¢h •rn r•qulr•d to report by •xc•ptlon IA(I hav6 ncthhg to rap¢xt the follLwng mattern in relation to whth the Charil (Accounts 8nd Report8} Rryulatlons 2008 r•quire us to repthl to you rf. in our c4)In)n.' the infomi4tn gNen in tho rnarla1 8t4t•ments 58 incon8181¢ wi Y material mF•ct with the trusteè8' Tep)rt', or the charty has not kept adwuate acuuntlng rw)rds: ar the fin8noal 8tstements are not in agreement wrth the accounting records and retums,. we havg not rec•Ned al thg Infonnat and expianations require lor our audrt. RMpon•lbllhlM of trust• As explained M¢) fvlty in the INst¢es' respornbilities statement. the trustees are respJn$ibl¢ for the preparation of Ihe financial Ststets and ftr b"ng satiSfd that they give a In and l¥ir view. and for 8uch intemal conliol as the trustee8 detemine is necessary lo gnle the pryrntion of financ4al 8tatemerrt3 that are free from material misstatement. whher du6 to fraud or ermr. In preparing the financial statem8nts. the trustees a resp(81b[e for 8S5g¥sing the charity's ability to ¢ontinue as a going conrn, di8closing. as apPlble, matters reLqted to going concern ar using the going concem basi¥ of accounting unless Ihe trusteas intend to IKiuJat• the charity to ¢0888 operations. have no reali8tK atternative but to do w. Audltots r••pon•lbllltl•s forth• audll of th• fln•nclal •tat•m•Thts have been 8ppoint•J as audrt<x undw section 144 of the Charili6sA¢t 2011 and report in Irdanee with regU[atn5 made ur•Jer s¢ctN)n 154 of that Art Our objective8 are to obtsin rea80nablg assurwKe atxiut whether the financAal $tstemenl8 a8 a whole are free from material mr6Stalement. whether due to fraud or error, and to i8su8 an auditor's rewt thal indudes our cpinth. Reasonabl8 assurance is a hyhjgvel of assuonce. but 15 not a guarantee that an audit conducted wi nce with ISAS (UK) wll aWays det6 a mat181 nws8tatement whgn it exists. Misstslements can arne fr(yn fraud or error and are cons•kned matwial rf, indw*Jually or in the aggr8gate. they coukl reayonabty be expthd to inifuenco thè ttorb)rn cl usws taken on the besis of these finartial statemerrts.
The Waterloo Foundation Indopandent Auditorfs Report to tho Members of The Watsrloo Foundation Year ended 31 December 2025 Irregularities, ind(bJing fraud, are of non-COrnFdiance with and regulalions. Vve identifled and assessed the rtsks of material misslalemenl of the financial Stateme trom irregularitiès, whether dLbe lo fr8 or error. and dxussed these bdween our audrt t88m members. We then de$Jgned and rf0Md 8udit prct&lures responsrve to those rBks. includirKJ obtaining audit ewd8nG8 suffKient and ¥>PfowAts to a basts ftjr ow OF4nion. We design our prccedures so os to cttsin sufftient wrc)ri8te audr( evidence that the financial •latemenl8 are rK)t materially misslated due to non-ClianG• with Iws ar i&3ulaliS or dua to fraud or errc. Vrfe aro rnt respOnSb for prenting f-cnplIar aThJ cannot be expecknl to detect In•CO118n¢8 all lavn and rngulations - this resp31.1 lie8 With management th the oversvJht of the Tftl. Based on our urtsjerstsnding of the Charity the charity elOr, discussK)ns with Manarnet and tru$lee8 we hlentiffftl finanud rewting slandard5 and char.$ kn 2011 as having a diretl 8ffact on the 8mounts and di8ckJ8ure8 in the financial stoteffents. AS Part of tha engagernnl team dlecu86fr)n about where the Charty'8 financial statenIS may mat•fOalty mimtated due lo fraud. we dkl rKrt thirfy any wea¥ with an increased risk of fraud. The extent to whth our edUr are capablo of det. irrnoularitM. Inclwjlng fraud Is d6taibd bdow.. coMptIng a riBk•a8se85rnrt prrxM• during our ptsnning for thi8 audit that Specfftolty ¢orBidfjfed thé risk of fraud", enquiry of managernnt about thé Charitls pdkl89. proc&JuTe8 ?nd rn18t¢d controlg regar(ling compli0e with JM arKI latIOnS and rf Ihero are any kn¢xn instance8 01 0xlning $uppthlrKJ dttuments ILY all materbal balances, trnnsxtsn• and dIK1us', enquiry of manwjemert thui 1it1'9WtvM and dalffA and in8pec1i1 of (ethnt 8n8tytical wocedufes to entIFY any unusual or Unexp&a rnlationship•: audit tegtww on and revie4¥ of aYea8 Ihat cy)uld be lutt to manag8m8nl overrpJe of controls and Fd6ntkl1 bias, most nrtabty aroUs ihg key judgments and estlmates, wKILKling thè carryirvj valuè of aecruds, proviSKx. inveslments, grant making and revenue recognitn,. nshlering managertwrt overTkJe of outside of the Mm)al operating cycles including lestrng the appropriatenoss of journal errtnes frde kn the general be(Ig¢r and otfr£r adjustments nHle in the preparatw of the finanGk41 statements inclLpJing avauatirg tha rollorle of sKJnrfnt transactic. outsmle the Th)rnal course of charitabb thty,. Becausa ofth8 inherent IwnitaK>ns of an aud( there is a risk th we will not detect all Irwularitiej. including Ih08e leajing to a material mis5tnnt n the financd statements or non-compliance with regulation. Thi$ risk increases the mee that e¢ArlLnCe with a Lwi or reguL9tn is rentyed frcln the events and transact)ns refiecled in Ihg finanoal steThwts. as we wll be less likety lo becom8 aware of Inslances of non-eompliarKe. The risk 1$ also greater regarding Irregula"88 sxcurring due to fraud rather than emr. as fra invofves intentional conceahrnn( fy, collusi. c¥nissK)n or mtsreprasentath)n.
The Waterloo Foundation Indopendent Audltofs Report to the Members of The Watsrfoo Foundatlon Y•ar •nd•d 31 D•mr 2025 As part crf an audit in actorfance with IS4s (UK), exwcise professional JUdnt arKI maintain professional Sceptl$M Ihrcmjghcrtrt the audit. al80.' Identify and assess th8 risks cl rnatsfial misstatement of the finarKial statements. whdhor due to fraud crf emr, deSn and perfum audit proc&Yures respc$e lo those risks. and obtain aud widere that 15 Suffnt wroprt• to provNle a basffj for q)inion. The risk of nc detectiro 8 material missL8tement resuth'ng from fraud ig hvjher than for one resulting from error, a$ fraud may invofve collu8k)n. foryJ8ry. intent81 anlon8. Misreprt8ts.onS. or th8 override crf inlefnol control Obtaln an undétstandiThJ ol intemal control rdevant to tho audit in order to deslgn audll pradre5 that are appropriate in the circumstance8. not the purpose of expressirrfJ an Cpinn on the effecti¥ene88 crf inlemjl eontrol. Evaluatè the 8pprq)riateness of xcounting p1•$ uwj the re3sonabknne58 of aCunting eytimatss and related dryclosures me by the truste88. Conclude on the approprnteness of the trustees. u8e of ihe gthng ¢on¢wn b8818 of luntIng and, bas1 on th8 audrt evmdence obtsined, whether a mater1 uncortainty exist8 rèlatéd lo •vents or corrtlmnS that may cast $6gnillcant doubl on the charity's abilty lo conbnue as a going conc. If wg cOlUde thot a material uncAryrtainty exists, we are required to draw attention in our auditor'y r8POrt lo the related disck)sures in the financhql slatements or, rf such di$clo8ur¢$ •re inadequate. lo mtrJrfy our opinlon. Our concluslon8 arè ba8ed on audit evidence obtained up to the date of our auditor's rewrL Hctever. futurè 6vents or Cond¢ may cause the charity to cea8e lo cL¥*inue aB a wng Evaluate the (Nernll presentsty'm. structure and content d the ffinancial slatemenl8, including tha dI10Ure8, and wh8th8r tha fina41 slalements represent tha undertying transactions and ev8nt6 in a manw that xhiws fair prosenlatkin. We ccrtnmunute wllh ItKAe charged wllh go¥¥n regardlng, amng [hOT mtern, the pl8nned scope and limiThJ of the audrt and swJnrfKant audm flndirw. IndudiNd ary $ignlfutt dthi8ncie6 In inlemal control th81 we hlentfy during our audit U80 of our roport This report is made soltrly to the chority'$ truslees, as a W, in e0rdance wrth Part 4 of th8 Charftles (Accounts and Rep)rt81 Regubtions 2008. Our audit has been undertaken so that we might stste lo the charity's membws those matters we are required lo stato lo th in an audrtorfs rSrt and for no other purpose. To the fullest exlent pemiitt•d by Iw4¥, we nol accépt or assuma responsibilrty lo anyone other than the eharity and the charitls as a bth, for our audit wort(. for this rewrt. or the we have fomwA. Car5ton EfL Chartered 8eeountants & statuw audttor 16 Cathedral Rood Cardrfl CF11 9LJ 08ted. Li107-1202 L ca ETL is elw to act as an audrforin tem7S Lrfsecith 1212 of th8 Cw8niesAcl 2006 31
The Waterloo Foundation ststement of Flnanclal Actlvltles Y•ar ondod 31 .December 2025 2026 Unrestrthd funds Total funds TL*al fvnds 2024 ' InGome and Donations arKI gleS Investment inccme 6.597,160 8.865.165 6.597,160 8.865,165 5,155.970 6,052.850 Total income 15,462,325 15h62,326 11.208,820 Expendlture Expendrture on r8hSng funds.. Investrnenl managemènt costs Expendf(ur8 on Charitab acimt Other èxpenditu Total •xp•ndlturg 1520.2231 (520.223) {430,678) 70 {15.633,4711 {15,633.4711 113,321,852) 11 (2531 12531 1315) (16,153,947) 116,153,947) 113.752.843) Net gains on inv•strw 12 21.734.009 21,734,009 10.533,122 N•t Incom• and n•t mov•m•nt In fund• 21.042,388 21,042.388 7.989,099 R•conclllatlon of lund• Total funds brought forward Totsl fund• c•rvled foThva 220,W.928 220,1)64,926 212,075,827 241.107.314 241.107,314 220,W.926 The statement of financial indud•J al goi k)sses wni8ed in the year All Incom• and 8xpeThliture derNe from continuing activths. 32
The Waterloo Foundation Statnont of Flnancial Position 31 December 2025 2026 2024 Fix•d ass•ts Tangible fixed t$ Investments 17 18 70h11 79.513 238J66.469 218,821,717 238.936.880 218.901.230 Cumint a8••ts Debtors Cash at bank in harKI 19 233,576 4116.802 4J49,378 144,412 2,535,734 2,680.146 Cr•dltorn: •m¢)unts f•lllng duo wlthln on• yoar N¢t currnnt 2.178.944 1,516,450 2.170,434 1,163.696 241,107.314 220.W,926 241.107.314 220.064.926 Total a0 10$8 curr•n¢ Il•bllltl•• Not au•t• Funds of tho charfty Unre8trkted funds 241,107,314 220.064,928 241.107.314 220,C64,926 Total charfty fund• ial statwnenls were approved by the tmiard of truste98 and authori8ed ftx is81 on and are syn1 behalf ofthe bo¥d by: David Stevens Carollne Oakes Naw
The Waterloo Foundation statement of Cash Flows Year ended 31 Decernbor 2025 2025 2024 Cash flows from op•r•ting activilie• Net inc(xne 21.042,388 7.989.099 Adjusln7ents for. DeprKialion of tanglbk? fix1 858d8 Net gains on investrnents DwKknds, interest and rents from invostrwts other interest re¢eivabl8 and simifar inccYn8 Loss on disFosal of tangible fixed assets Accru {inc¢)meyexpenses 12.881 14,469 (21,734,009> 110,533,122) 18022,8851 18,018,C64) (42,2801 (34,786> 253 315 (13.264} 28,308 Ch8ng9s in." Trade and ¢Xher deLrtor¥ Tr8d8 and clher crwJttor¥ {87.6901 674,274 11970,3231 {8,029.026} 149.9971 574.752 Ch generated from yrati)n• Inlernst rec•Trved 42,280 {8.928.042) 17,994,240) 34,786 Net eash ud in +¥wating 11¥11 Ca•h flows from Inv•silDg actMtIo8 Divbjends, internsl and rents from inveslnw Purchaye of langl)lè assets Pureh8888 of other Invegtmants 822.885 14.0321 (237.186,575 I f14,752,2281 238075,832 TI,546,424 10.808,110 8,809,888 6,018,C64 (2,3941 Pro¢¢•d$ from 6018 of cAher knlwlmonts Net cash from irNe8ting xtsvilieB Not Increa80 In c•sh and c*#h •qulv•lents Cash and cash •qulval•nts at b•glTrnlng of yo•r C•¥h •nd ush •qulvalents at •nd ol year 1,580,8 2.535.734 4,116.802 815,626 1,720.108 2.535.734 Th• not•• on pag•• 36 to 44 fomi wt of th•M fftMn¢l ststhrnwrtB.
The Waterloo Foundation Notes to the Flnanclal Statsments Year end•d 31 DKember 2025 General Infom)atlon The charity is a publ benefit enlty and a regk8teTed charty in EngLqnd and wa and is unincorporated. The addr68s of tho wirryal Off 1$ 4th Flow, House. 16 Cathedral Rood. Cardiff. CF119LJ. 8tatoment of compllarK• Thgse fancIal statemonts have be pryJar•Y in complkth with FRS 102, Flnancial R8POrtiThJ Standafd appIlble in the UK and the RepubliG of Irdand,, th8 Ststement of Recommended Practice applica& to charities preparing thr accounts in accordancè wrth the Financial Reporting Standard apPlUb in the UK arKI RutsI of IreLqnd IFRS 1021 (Charities SORP IFRS 1021) arKI the Chwits Ad 2011. Accounting polkl•• B•sl• of pr•parntlon Tha Ilnand818tatements have been wepared on the hi81oric•l (x)¥t bssls, &% mojified by tha valuats'on of certain ffnancial and I113 InVM0n18 MeUled at fair value through incom tx expendrturn. The financ6al sLqtem¢nt$ are pryed in startlng. which Is the functwl ¢urrnn¢y oftho gntty. Golng coiicom The Irustees ccK)sider that th¢re 8re no material uncertainties about the Charity's &ilty to continue as a going concern. The current OnoMIC al prtoI in8labilities has caused global diswptK)n to bL&8ine and Korb)mic aclNity whh has been reflected in fluetuallon8 in glob81 markets. Thè most 5ignrfKanl aspect of the Charity that potenlialty affects rt8 abilty to (Kjnlinue i8 tha carrying value of rts investmènts whh rolatgs to investment returns 8nd the performance of Investmont markets (see the inv6slThnt pc4y and pthYomancAg and risk management $ections ol the InJ81ees' annual rewrt for more infomalionl. TnJst80s are of the opinion that this will not have a detTimèrt inyact the chafty dua to the performanc4 and scale of the inv8$lrrtsnt pcllfolio. Jud9em•nts •nd k•y ¥ource8 ot 08tlmatl¢)n un¢•rt•lnty The preparation ol the fin8naal statwnents requireg m•nagenI lo mako Judgements, estimatss 8fKI a88umptb3n8 that afl&t the arrounts rewled. These estimates and lu6aements are tInual reviewed and are based on expellen and othor factots. includiTrJ expectations of future events that 8e bel tt) be reasonable urthr the CCumstanCes. Fund a¢¢ountlng Untestricled fl8 are available for tme * the disttdAin af tho truste¢$ to further any of the charivs purFQ8e8. Deslgnated funds are unre8tnct&J funds 8aThTbWk by the INslee8 for partKukr future propct or Rfjslrted fvnds are 5ubJectod to restrithns on thgir expendrturg dgclared by the donor or through the temis of an apFeal, ar#J fdl into rfft of sub4asses'. reStled injme fvnds or endowment funds.
The Waterloo Foundation Nots8 to th• Financial Statements (con Yoar •ndod 31 December 2025 Accountlng polkaes (conthw All inccffle * wled in the staterynt of financial wititss when entitlthwl has passod to t chanty, it is probable that tha MmiC benefits with the transaction wll flow lo the chanty and the amount can be reliJty measured. The folkwing policies are applied to parbcular cat&Jories of incom8" Incom8 from donatK$ or grsrts 1$ wnksed when there ts e¥id6n¢o of ant•mOTht to the glft, T01 is pr¢èabl8 and its amwnt can be measured rnl1aiy. legacy irKoff is rwnBed when roceipt is Probab entitlernent is establwohed. in¢omo from dcmated 9d$ is m8asur•J at thg fair value of th8 g¢)>Js un5 this 1$ imprxti¢xl lo measure rel, Ni whth Case the valu6 ts derNed from the cost lo the dOr or th6 6StYnat6d fas81è valuè. Donated facilities and seNces are recc9nls In the coUnt %then r¢ceNed rf the valu8 can be r8Ibty mea8ur8d. No 8munls are irKluded for the contributi¢)n of general vdunte¢TS. DfvtyJend3, irUdI the as8c¢kqled lax uedrts. ar Crt•d lo the Income and expenditur• acc(yJnt when they are receNed. RM¢wr¢M •xp•nd Exp8ndbtur8 is I03ned on an 8CCfua18 ba8is u a liabihty is incurrnd. Expondttur8 Includes ary VAT which cennot be re¥¢d. •)d 18 dasstfi&l under heading8 of the ststement of financi81 activrties lo which it relates.. oxpenditure on rai8ing funds wKtudes tho colts of 011 fundrslng acINit, events. noTrcharitable trading Ktsvit¢es, and the sale of donated gotrJ8. expenditure on charitable activit9 irKlud&s 011 costs in¢ufffjd by a charity In und•rtaklng activitie8 that further it$ Charttae for the bgnefit of beneflarI89, including tho80 8UPPOrt $ts and costs relth'ng to the of chorty aPptnad to charrtabl• a¢tivitie8. other expgThJrture Inc6$ all exp8ndrtur8 that is rnlated lo raising lunds 1¢¢ the chanty part of rts oxpenditure on charitable Ktmtw. All costs are allxotgd lo expenditure Categor rellecb'rvJ Ihe use of Ihe resource. Dif&X costs attn'butsblg to 8 Bingle xtNity ar allocated dIrtty lo that actNty. Shared $ts are apFrfJimd ben the act1¥rt5 tP contnbute to on a rea¥(ble, ju$lrfiabl8 and consi51enl basi8. Op•rntlng l•a•es Lease PantS are recogni8ed a8 an expense the lease lemi on 8 8lra4ght-line basi8. Th• aggregate benefrt (rf le8se incentives is recognised 0$ a rgduthn lo expense over the Kryase tomi, a stravJhl-Ilne b8. Tanglbl• ••uts Tangible assets ar8 wirtrdlty recorded at co¥¢. arKI ¥ubsequerrtty stated at cost less any accumulated deprttr8bon and Imrment 10$8gs. Any tangib18 assets Carr al revalued amoun15 are reeorded * the fair value al date of revalUatft less any subsequent D•pr•cladon Depreciaknon is cakulated so a8 to write off the $1 or valuation of an asset. less rts residual value, overthe useful econcfflic lrfe oflhal as8d a¥ fdIC.. FtureS & FittiTrJs Equipment L8asehold ProFwty 33% reducing baL4nce 33% rtsyucing baL9r 10% $trawht line
The Waterloo Foundatlon Notss to the Financial Ststements f¢ Year ended 31 Dembfrr 2025 Accounting pdkies lTrv•stments Unlisted equty investments ¥e inrtwlty Orded at cost, and subsequenuy measurgd al fair value. IF f•r value cannot be reliabty 8s8d8 are measu1 al cosl1038 impairment. Listed investments aro measured al fair vaua tyth ehwes in fair vu0 Th9 recogni8ad ift income or eXPerrtUre. D•btors and cr•dltors r•c•lvabl• I payabl• vAthln one yoar Debtorn and Credito with no stated interest rate and receivable ¢y payab within one year are recorded at Irans&kn pr. Any kjsses ariying from impairment are recognised in expendrture. Grnnt polky Grants gNen are rOgnISed In the year In vthlch they are offered accepted wlthoul conditions attach&J. Grants offered for a peri(%1 of ftrfj than cA)e yaar am rwnisad a$ creditors rf there are no tx)ndrtTr¥ to be met to re1¥? further fvnding. Where a cyjndrtion 1$ included in the ¢ther bgfore fvtUTe instslments we paid the future instalment grant is recognr&gd cc¥nmrtments. Flnanclal lTrlrum•nts A finaneid as881 or a financial liabilty 1$ rets)gniwJ onty 7t•i the •ntty • party lo the contradual provoKin# of the instrurrEnl. Bas financwl instruments a initialty rec4)gni8•d at the rUnt re[vab or paab including any related IranSxtft costs, unkgs arrangement constitut89 8 financing Ir8n8acticffi, where 18 recognised at the pregenl value of the fiAure paynxnts th1)unte at a market rate of Interest for a simiLqr debt instrument. Currerrt 8888ts and curf IlabilitteB we $ub¥equ?nlty mo•3url at th• c8¥h LY othgr ¢on$Kl¢ral#)n exTcted to be POKI ¢y receNed and not di%ounled. Vlthern investments m shvn8 or preference 8hare8 arn publicty trled or their fair value can otherwise be m8asured reliabty, th6 Investmanl ig sub8aqu8nlty measur&J at fair valu6 wtth changes in fair value rwnised in income arKI expeThJiture. All other such investments ar8 •ubsequentty nwured at ¢o¥t bgss 1mpaitrnt. D•lln•d contrll)utlon pla Contribution$ lo defined ¢ontributDn pkqns arn rwft1 89 an expen¥e in the r¢riod in whi¢h the rek7ted servu is provJod. Pr0pawJ contributKJns aro as an assat to tho axtenl that Iho propayThent w1 to a redt)n future payrnits or a rofund. 37-
The Waterloo Foundation Notes to th8 Financlal Statsmants {coJthw4 Year ended 31 December 2025 Donalions and legacl•s Unrestricted Total Funds Unrestricted Total Funds Funds Funds 2024 Donations Donations 6.597.160 6.597.160 5.155,970 5.155,970 Inve8tm•nt Incom• Unrnstricted Total Fund• Unrestred T(tsl Funds Funds Funds 2024 In¢ome Irom listed inv¢stmpmls Bank interest receivatjle 8,822,855 42,280 8,865.165 8.822.8BS 42.280 6.018,064 34,786 6.018,064 34,786 8,052,850 8J66.166 6.052.850 Inv••tm•nt man•g•m•rt costs Unr•strtt¢d Totsl Fund• Unrn8lrh#ed Total Funds Fund¥ 2026 Funds 2024 Portlollo managwTwI 520.223 6x1,223 430.676 430,676 Exp•ndlturn on ehafltabh aetlvltl•8 by lund typ• Unrestrictod Tol•l Fund* Unrnslrthd T¢)tal Fund8 Funds 2025 Fund$ 2024 Grants & prc4eLt fvndkng Supwl co818 15.428.302 15,428,302 13,121,976 13.121,978 205.169 206,189 199.874 199,874 15.633.471 15,633.471 13.321.852 13,321.852 8. Eyp•ndltur• on ¢h•rlt•bl• 4Gdvlllw by •cll¥lty typ• undertaken Grant fundi of&Xfvtties Supwt Total funds 202L4 Total fund 2024 Grants & proiect furKling Govemanc8 costs 541.171 14.887,131 182,352 15.610,6S4 13,306.074 22,817 22.817 15.778 205.169 15,633,471 13,321,852 541,171 14.887.131
The Waterloo Foundation Notss to the Financial Statements leu•l9 Year ended 31 December 2025 Analysis of Support costs of SUFWt costs Total 2025 Total 2024 Stsff costs Premises Cc4mmunications and IT Generdl ofF6 Governance wsls Supwt costs . Oth 85,597 50.803 4,794 28.277 22,817 12,881 205.169 85.597 50.803 4.794 28,2n 22,817 12,881 206,169 78,902 63,111 2,376 25.239 15,778 14.468 199,874 10. Analy•l• of grnnl• 2024 Grnnts to In¥tllutlon• Grants lo institub'ons 14.887,131 12,640,579 TLal grart8 14087,131 12,640.579 11. Olh•r •xp•ndltur• unrestrid Ti)tsl Fuhd• Unrestricted Totsl Funds Funds 2026 Funds 2024 Lo98 cr dtyp)881 of tangibl• fmd assets held for charity8 oim u88 253 315 315 12. N•t qaln¥ on Inv•¥tm•nt¥ unreslrped Total Fund• Unresliicted Total Fund$ Fund$ 2026 FuThJ$ 2024 Gakn81 (kJ88e81 on sale of In¥ulmer assets 21,734.¢))9 21,734,009 10.533.122 10.533,122 13. Not Incom• Net Inc¢yng is Stated afier chargifW{crlil1n9l.' 2024 Deprecaation of tangible ed assets Loss on di8po8al of langible frxed a880ts 12.881 263 14,469 315 14. Audltor• r•rnun•ratlon 2025 2024 Fees payab for the alit of the financid slalements 10,500 9,450 39-
The Waterloo Foundation Not•s to tho Flnanclal Stat•m•nts Year ended 31 December 2025 16. Staff costs The Icrtol Staff costs beneffts for the reFrf)rting period aTe anatysed as 2025 2024 Wages and salaries Scck91 security costs Employer contributp)n8 to P8nsM pLqns 416.754 52,193 89,$08 395,559 42.019 n.638 510,216 Th 8verag• hwl count empw duiing the yew was 11 (2024.. 101. Th8 average number of fvll.line equivalent ernOYeeS during the year 18 anatysed a$ follo." 2026 2024 No. Number of athninistrative staff Number af supwrt slaff 10 10 The number of¢mpbyees wtho8e rennerat)n fty the year fell w6th1n tha fc4lowing bands, were.. 2026 2024 No. £60,OC(I 10 £69.999 £70,000 to £79.999 K•y M#n•g•m•nt P•rnTh•1 Key managerrnt pe[8(n include all peryJons th81 havo •Uthonty and r6sponsibilily for planning, directiTrJ and contrLqling the activth of the thanty. The total compensation paid to key management perscmnel for 8•rvices provKle(I to charity wa$ £91,02412024'. £85,629). 18. Tru•t•• rnmun•rnllon and •xp•nM• No r•muneration c* oltw efft8 from effipkymftt thith the charty or a refat•J entity reved by the trustees. All trustees are enlitkd tt) clam rernbursement d the cost of attending mèetings. tha trustee8 were reimbursed £NIL12024: £112} trA tr•'ra clxts to 8ttwKI meeting5.
The Waterloo Foundation Notes to the Financial Statements (rryJthu• Year ended 31 December 2025 17. Tangible fix¢d au¢ts Land and Fixtures and buiklings fittiThJs Equipment Total Ct At 1 January 2025 Additions Disp)sals At 31 Dec•mb•r 2026 4.669 57.830 4.032 12,0801 59,782 142,863 4,032 f2,080) 144,815 4.669 Doprnclatlon At 1 January 2025 Charge for the y8 Diswsals At 31 D•c•mber 2026 20,091 4,353 38.9C 10,809 11.827) 47.888 83,360 12,881 11,827 74N04 22.100 4,416 Carrylng amount At 3100¢omb•r 202S 58,264 253 11.894 70.411 Al 31 D¢c6mtT 2024 60,273 316 18.924 79.513 18. Invutm•nts Cash or (Xher juiventS vwestments invesknents Tot1 Ct or valu•tk•n At 1 January 202S Additions Dlsposa18 3,119.380 214,668.127 131,157.232 1(,029.343 (l28.362.6 (110.272,552 1.034.210 218,a21,717 237.186.575 (238.636.168 Fair value rrmwwrnnts 21,592,348 5,914,Cth 232.017.2e6 (99,013) 21.493.336 935.197 238,866.469 At 31 D•c•mb•r 2025 Impalrnionl Al 1 January 2026 and 31 Decemb•r 2025 Carrylw amount At 31 D•c•mb•r 2025 s,914.6 232.017.266 3.119.380 214,668.127 93S.197 238,866,469 1.034,210 218,821,717 Al 31 Dec4nknr 2024 All inv¢stments sh¢ywn above we hebj at valual*)n. LISt Investments The 4gregate market value of IBted in¥estmenl8 is £232.017.26612024.. £214,668.1271 arKI the stock exGhaThJg value is £232,017,26612024. f214.668.12n. 41
The Waterloo Foundation Notes to th• Flnanclal Ststements Year ended 31 December 2025 18. Inv•slments Flnanclal asmts held at falr value Inveknts a $tated at fair vue at t b86 $he6t data. h'8tsd in¥e8lments we 5tat•d * the stock exctsige Yalues al the year end. Cxher invostrnwts are vald based on investment performance. The historlcal eost cf intM0nts at th8 ye¥ erKI d [8 £172,599,354 {2024'. £147,731,272) The folthving investments, are al li8twJ on the UK StoL Ex¢hango. represent more than 5% of the total value of the Portfol.. HohJN Market Volue£ Admiral Group p 317p ordw 8hwe8 2.9.400 £94,308,144 There is no restittwjn crtr the redi8atlon ofthls In1 19. 0•lrtor• 2026 2024 Prepayments and xcNed inc¢ Other detl(xs 15,849 217,727 233,678 14.375 130.037 144,412 20. Cr•dltor•: amtnts f•lllng wlthln on• yo•r 2028 2024 A¢crual3 and dèf6rrad ItKc4na Sc<lal security and other ta¥es Other ¢xdit¢xs 119.796 131,576 13212 10,487 1045.936 1,374,387 1171.944 1.516,450 21. pek)n* and ¢)thw post rntlrgmwt b•n•fils D•fin•d contrlbutlon pl•ns The amoLtnt rwnised in inccme or experKlilure as an eypen8e in reSatKJn lo dofin8d contribution plans was £89,608 {2024. £72.6381.
The Waterfoo Foundation Note8 to the Flnanclal Statements {conthwffj Year ended 31 December 2025 22. Anaty8i8 of charltable fvnds Unre¥lri¢lod funds At Galn$ and 31 Decembe r 2025 1 January 20 25 IXo ExFendrture General funds 220.oe4,¥28 15,462,325 {16,153.9471 21.734.cK)9 241.107.314 At Gain$ and 31 DKomb&r b5885 2024 1 January 20 24 Income Eyndlu General fijnds 212.075,827 11.208.820 (13.752.843) 10,533,122 220,064,926 23. A Traty•l• ol not aM•ts fund• Unrnstr8d Total Fund• Fund8 2026 Tangible flxed a8ets Investments Current assets Ciedrtors1888 than 1 year N•t 70.411 70N11 238,8e6.469 238,866869 4.349,378 4,349,378 12,178,944) {2,178,9441 241,107,314 241,107,314 Unrestrthd Total Fund8 Fund8 2024 Tanglble red 888et$ Investments Curent a88ets Credrtors less 1 yoar 79,513 79,513 218,821.717 218,821,717 2,680,146 2,680,146 {1.516.4501 11.516,4501 220,W,928 220,064.926 24. Other Ilnanclal cornmliments The charty wa8 ¢¢xrnitted to me donati$ w)rth £14.636,W (£13,564,457.. 2024> as at 31 December 2025. 26. Analy¥l• of changes In n8t debt At At 1 Jan 2025 Cash fvJw8 31 Dec 2026 Cash at bank and In hand 2.535,734 1,580, 4.115,802
The Waterloo Foundation Note8 to the Flnanclal Statements (conthw¢ Yoar ended 31 December 2025 26. Op9ratlng Gomfflitinwrt• The al future minimum paym¢nts under non4ancall8bl8 operating bases ar8 as follows.. 2025 2024 Not18ter than 1 year Later than 1 year and not thr 5 years Laier than 5 y6ars 28,490 108,61K> 39,217 32,166 109.854 66,367 176.307 208,387 27. Rolatsd partl•• Th8 charty ha5 be urbjèr the c#)ntrol of the trustees sirKe the charity was up. The charity was started wrth an initial d¢)natAin of £99 million from of the twstees, Oavrd and Hoather Stevens. During the year a further contr)ft of £6.59S,9CxJ 12024.. £5.155,970) wa8 madg frcffl the same Iwstees. Tho charity paid the fc41thving amourrts to organlsab)n$ Hother rd aSKted to.. Gr•onpearE Oceans Camwgn £150.000 GkJbal Fi¥hiThJ Wal¢h £100.¢yXI