CHARITY REGISTRAMON NUMBER: 1117536 The Waterloo Foundation Financial Ststements 31 December 2025 CARSTON ETL Chartered a￿Ountants & 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 D￿ember 2025. Raf•r•n¢• and •dmlnlstrathe d•tslls R•gl8t•r•d ¢harfty nam• Th8 Waterloo FtxwthtM?n Charlty r•gls¢rntlon Th￿nb•r 1117535 Prlnclpal t)fflc• 4th Fk￿r, Tudor 16 Cathedral Ro•J ca￿[￿ CF119LJ Th• tru•teo• Prof8J8or H. V. st￿n• 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 INasbcKou*b hard Court orcha￿ Lane Bristol BS15WS The Waterloo Foundation Trustaes. Annual Report (¢Lth*l Year ended 31 December 2025 The Trustees are pleas￿1 lo prBsent I￿1r rewl ￿ Ihe fnancial ofthe charity for tho year ended 313t D￿eMber 2025. This is the nineteenth Annual Report of the Trustees of The I￿erk￿ Four¢d8tion, follNing it8 establishment in January 2007 and the init￿1 d￿at￿n made in March of that year. Tha F￿ndation compfises the Boar(l of Trustees and a team d 8kgVW Staff Membe￿ bas￿ in Cardiff, whore we have operated slnce Octcèer 20)7. Through￿1 2025. we continued lo work from our officas on Cathedral Road, Cardiff, alongside our hybrkl V￿rkirWj-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£￿$9r¥￿'0n and pr￿eCt￿ of the onvironment and Iht prudent use of natural resources land 'suslainable devebpm8nt' m8an3 dev8￿ment that meets tho n88d8 of the present wthout o)mpfomi%ng the akn'lty Offutu￿ generthns to m88t tti￿r own ne&J$'}', 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 $u¢h m•nnw a8 thg Trustees may in their absolute discreti￿ think fft." ar el To advance such other cl)jects or pu￿95?$, 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 r￿￿￿8(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¢w￿ver, a5 funder8, 8180 afm lo proMde signtfjcanl intsngible bengffts to tyjr applicants. We work collatrfyatively with organi3alions lo help them m￿MISe their impact. facilitate con￿t￿)n$ that bro*Jen pro1￿t $cope, d encouraga a ripple effect Ihn)ugh cpen and fiexible communK*K)n. We Contin￿ to requosl reports from ¢)ur grantees to monitor progress throughout the grant peric*J and lo evauate the outcomes achiwed by its concluswi. ￿ remain mindful of not burdening organisation8 Imlh onerous rewting requiremenl$, Whi￿ still seekn.ng an appropriate balartè be￿ftn 'P8$slon and pfc¥)r. The80 rèpjrts us lo io&n frorn approaches that are effective, as well as those that we less 80. ar￿ we uso thr& kntr*lèJg8 to our assessment of appli￿1￿)n8 and to shape our future strategy. continue lo appty the pri￿1p1&S ol thè In8lituto of Voluntary Action R8search {IVARI and regulaty revigw cdjr grant-making and rewting proc6sses in line wth their wgm f¥)mmilments lo t*'ng an opgn trusted lunder. Our Ih¢malK areas kn a I￿e ofchalenges wi ddivering some shared acr088 ltrom8s, Juch as the cost-of-living crisis, and oth¢r$ speCrf￿ lo indiv*Jual 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 publicat￿5 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 Op￿Unty wsist and where the workl's natural resources are under SIr￿n. 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 Ell￿r0￿ent 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 BI￿lD0d The Waterloo Foundation Trustees. Annual Report fel￿￿1 Year ended 31 DeCern￿r 2025 OUR THEMATIC FUNDING PROGRAMMES A. Worfd Devglopmont Fund OvOT¥I•w Our Workl Development Fund ￿tinUeS to pric*iti'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 Cl￿tInue10 support gits in accessing 8clucalion. Further, wo 8r8 also pri￿S￿g support thal ts ded￿818d lo Knpmving schods, and 8ducati)n 00an￿lIt¥￿. n8ncial s8tt.suifKon¢y and m8ch8n WASH W8 SUPPOrt efforts to wovide $ust8in8d 8cc8SS to sale water and Sanrf8t￿￿ s&Avths 8nd to prDmot& hyg￿ne and menstwal he8llh pr8clices in 8cornmulty dis8dvanlag8dcommuntss. The Found8tit)n ￿￿1868 inl8Then1￿nS Ihat str8wlhen l(Kal systems to delNer and suslaln WASHseThres andprnCt￿8S in household$, communtss and ￿$￿tut￿n$. SRHIFarnll Plannin We support 5UStain8ble solutil￿S lo impr acc8SS to qualrty Sexu818nd Reprod(Kli￿ Heatth (SRHJ sgrvres at scale. with 8 P8rtKu18rf￿s ( contrnwlicjrt $twrt," this includes enabling m￿¢v￿ualS lo h8ve routine SRH discuss￿, ven that SRH needs can change as people thrcwh drfferert slagos ollrfe. NLrtrition Our nutntiym grants aro awarded to wKr8888 the c￿rnge olproven t￿l-61T￿tIVa fortification, bK)lortiftatA)n and supplementation intwvent￿S (xderto muonutrignt d￿r￿￿n¢￿S In 14&sk w18tbns ￿h1n lo￿11￿0￿• wntrles. Tho Fund in numbors Ju81 over £6.3 million was Spent from our Vknrld D8v8kJFxnent Fund in tcrtal in 2025. Thi* in¢￿ded an addllonal one-off £400k increase dèsvJnated to 8UPPt¥t LYganisab'on$ affected by the cancellation of ¢ommitied USAID funding throughout 2025. A similar 8pIrt in Ih•mali¢ spnd was seen in 2025 88 In pre￿ou8 years, with EduCat￿n 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 menstn￿l 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 i￿￿JaIl fias on-he I￿￿5 of wL¥n￿ and girls. Geography.. IA'e cC￿:1ft￿ed effoos=o uriTe smaller rural ¥4'a".er InTe￿rr.10ns into colla￿razI¥e. cohÉrent pro8rarTYnes ol wvrk. II1¥15r rwnainlns open new OFporrL¥)iT.le5. thbs has seen OUrf￿dIng increaslf¥ly fttussed In a ￿aller number ol CoU￿rieS S￿pcrtlr8 Sy5TrnL4 and go￿rrY￿en-5 for 1cn8.ierm change. Awthioach. Nuifiiion work iof*iinued-. 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- deficie￿Ie5 in ￿ I.LKIOéay win(bw. in 8eneral wblic and in SCh￿1-aled chIld￿n 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 pOt￿rial to gÈner8te wide4cl< Ic￿g<￿rrn irrpact that are 5￿t￿nablY firwnced, ile this ¢Nèrdl proctss within The Watedoo Foundation's Educ&ion and SFIH fiJn& are b95ed in cr￿￿1ve, 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 rÈsulrs*asèd solutior6 for socia [r￿a¢ Vdue-added. unique srrate&c developnwnt and thinking. In Educltl¢￿ W supports priny, secondary and terciary levd education. E￿h trrin grant in 2025 suppcrced educaticfi rTh)dèb that hwe the pot￿ti￿ Eo support thc*S￿d5 of Studtr￿ to inprove their learning ￿￿(C￿¢S e￿h year. Th￿e r￿de15 we deSi￿ed 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(c￿S to c￿6￿tert SRH 5ervice5. 47% of new SRH ants fc5sential mlcronutrients in kèy provincial towns. PROMPT& i heatth Ptstfo￿lor 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 Intent￿4 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 W￿￿lity 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 i￿ueS of wthting trcpul rainffftsts and con$wing Ma￿ne fL8h sle£ks. Ralnforest Fund Marin• Fund Our Rainforest Fund supports Init￿tiveS that i)rolecl tropical rainforests. principalty through ,Ivoided deforestation Objective One". Slopping the deforestation of tropical rainforesls. Objective Two- 'iUPPOrting Intact rainforests and keeping them .ianding. Vve support 51ralegic inits"alives working to Influence I0￿$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 reSt￿e declining fish st￿kS. Objective One- Slopping deslructive and illegal lishing. Objactiv& Two: SLtpporting sustainable an¢J $mall-scale fi$heries. We aeh*ve 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 wa￿5. 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 distr*Juted evenly between our mari￿ aTrJ Rainforest Fund$. Ulher 11% Forests 4496 Marine 4596 10 The Waterloo Foundation Truste•s' Annual Report (¢tythu8¢ Year ended 31 DoC•m￿r 2025 Hlghlights from aur ljaln Progrnmmm: Rainforest Fund Wrthin our R￿nforn￿ Fund, 4YA of our grants supported intemational initHtiv68. Thes8 InIt￿t￿¢S support8d both 0￿.eCtiVe One and OWtNe Two ofthe RainfcKest Fund. inC￿dIng initialNes secunng fore8t pecpl85' r¥Jhts, Suppty chwn refom, and influencing poI￿Y lo stop defore$tsb"on from lorest lirthed commc*j￿e¥. 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 C*J•dive T¥.L' jsJpport Cojoctl',L'5 JIL. Jnd 11sv Marfn6 Fund Interna￿nal In￿laINe5 up the largest prop)rtion146%) of grants awarded under our Marl Fund. This lunding ttussed ¢)n rrwtr.ng b￿h ObJKtive One and Ol¥'ectNti Two of the Marine Fund. This w85 ach￿ad through c8mpa*3niTrJ to improve ffiSher￿ transparency and slop illegal fishing, inprowng polry lo prot￿1 our deep and h￿￿ sea$, and $upwt 8maW-scale fisher8. Other fvnding supw)rted regtonal inrtiatNe$120%), wth a fLvJs cffl EU fishw*s refom and fair access rTghts. and work •t a nat￿nal 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* T*r19JPF# sts5u1nab￿ fisherfes? &T* 11 The Waterloo Foundation Trustoos. Annual Report (c47th¥•0 Year ended 31 DeceM￿r 2025 Projocts supi￿rt•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 be￿cen 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 i11c￿l 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 Reg￿nal 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 DeV￿p￿•￿t Fund Ovep4iew In 2025, the Chikl DevebWr￿t 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 str*egie 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 typ￿IlY based in le$ or $upportin9 families in love to 5UPFrfXt thè di88arinatKin knoW￿d98 and test practice gd lo our kay area5 of interest for ikjren and ￿"r parentsl carws, d lo related profe5$Dn*. Th ht be through confere￿, slte8, w0￿shOpS, 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 ir￿888ed 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$0 ¢onlinue our ecfflmitrnnt to Polycystlc Ovary Syndrome IPCOS), supporting ￿￿h I8￿rth and Organi￿lon1 w0￿1n9 to *rprove care 4upp￿1 for woman aff8ct8d by the condrtK*n. Th• Fund In numb Total Fundlngs Awarded in 2025 by Grnnt Type 42% txxrer? R￿rth ProSects fxher Research 7% . Di95eminati(¥s Prtsfvrts Pt%tsc41 Prolects 23% In 2025, overall distribut*)n of awards was slwmlarto prevKYJS years, with the mwly (65%) of funding directejj tuwards re8earch actr+Atw f(Kus￿l on better understanding th8 brain. 14 The Waterloo Foundation Trusteos. Annual Report i Y•ar ended 31 Doc•m￿r 2025 Highllghts Rosgarch Frc*n our research ¢alL8 in Motor Coordlnatlon, Nulrltlon, Physical Act•¥ity and PCOS. w? ￿￿eNed 52 applications, extemalty r8vv*Mi 18, and ffijnd￿ 11 full research projects. Thp¥e proigcts were ba9ed in W8les141, England15), Aust￿￿{1) and AS￿(1}. and cover&J a rang8 of stages, Including 8asrc Soence {1}, M￿hanist￿l41. Observational11). InteN￿li)n Dwelopment 111, Rgakwcdd TTiak121 and Imp*t•lKsfLIHealth Sy8t&n812). In addrtion to our research calL% ￿ lurthd research strat•JKalty targeted to build capacty in areas Such as DCD. inelL*Jing work ￿ esbmating socEtal costs. Our increased focus on nuthtion enabled to support research into fr￿hanISmS of action, infomi pc4w. and c(Alab¢xats with Ixganisat￿n$ worting to Inwrove diet n8lK)nalty. We not fund a pro1￿t the Rolandic Epilepsy sulA)udgel this year. IPKJugh an award is expected next y8ar. We aL80 provbJ8d small extens￿n$ 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 famil￿9 Wbth n8￿r￿￿￿er9e or n￿r ne&Js linGludirvJ dy81exia and Cerebral Paby1-￿r than in pr6vh)us y68r8. Pr&tical Project •ppltslr¢n8 clO￿d for haff yw, w• anI￿v￿ate high demand In 2026. Acro88 c￿r Pr8Cticd ProJ¢¢ts, we supported ¢)rgani8at•)ns that were to LK8- includlng Babi Adrf, which provths outdc*N phy31cal 8ctNity se$8￿8 to und•r-28 in North W8Lg8. Deci8ion8 to Tepeat-furKI were based on e&h organvsalh?n'$ abilrty to demonstrate effedfvenes8 through Jtrucfvred reporting, ￿line meétings, and the ¢Mrnll ttrfnpetition for fund8. Gwts included mixture of vo1eGt-¥p￿ffj￿ 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)kyr￿1, 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, ￿KIer*inforM8d 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 I￿￿n9 our usual dgorous èxtemal peer review and inlem81 os¥es$rr￿I proce88. Again. we woukl l*e lo take the opportunty to thank all ofthe many resèarche￿. din￿la￿ aTrJ practitioners WI￿ mke up our anonymous peer rev*wer¥, and who hav6 generousty gNen Ih*r liff* to ertsuro the qualty of our resear¢h fund￿g. A partKuL4r big thank you lo those rev¢ev•ern ￿ h8lp u8 Out tNne and time again. We ¥a 50 grateful tor your continued 8UFPOrt. Some of our projects supported in 2025 We are delighted to be aiAè lo detail somg exwrv￿ of CWf grant-m&king activity In 2025. enconyssing resea￿h. diwnNN*•)n arNJ prntheal projects. 15 The Waterloo Foundation Trustees. Annual Report (C￿•) Year ended 31 December 2025 Verlty •Dd Falr Treatrnent lor Women Wales: Grants to fund staft roles. ambli CDntinued awdreness. r•i5ir4 ol PCOS and the provision ot lfjtal SUPPOrt for women's health. Cardlff UnlveT51ty'. A follow-up study lirbking Inaternal thyToid statv: In pregnancy to children's GCSE ènd rwJrodevelopment outcomes pr¢)¥iding c*wdence to support the case for antenatal thyro￿ 5creeninB. N¥tItt￿n.. Cafe Cost 511PPOrt. enablin8 evKlence-based •pproache5 to impro¥e dirt, health, and well. bein8 across at-rlsk vulnerable comrnunitie5. Projects supported In 2025 Exeter Unl¥er51ty.' Study examining how Lval and gut mlcrobiomes Influence ADPFD in children and testin8 a nrtrate Intervention for '.ymptom rnana8ement Unl¥•rslty of Newcastle: This study 11 calcutate the ecory)mi¢ costs Ot praxia across adulthood. provKllng crucial djta to inform poky and resource allocation. wansea Univer511¥. A pro8r8mme of work trackin8 motor development In chrfdren across South Wales. creatlnq practical dlagnostic tools. and co-desiqning innovètive support for rhildren with Dyspraxia. 16 The Waterloo Foundation Trustees, Annual Report (coftthts•dJ Year ended 31 December 2025 Measuring impact Grantees report lo us ffi their key research l￿te0￿ on an annual basis, at the end of their award$ and for r6seareh woieQs, a year after. ￿ ar8 interes￿1 in CAThpaiirKJ their planned aims lo their actual xhievements aThJ the number of pecple helpe(U$uppwted. In the case of research prciects, we are also interested in joumal publi&8t*)ns. publK engagern8nt events. career devebpmenl, changes lo policy andlor fijture funding leveraged, in additKJn to knrywwge gain&J. Tr chart below outline8 lome of the key fmdings publ¢shed from tr￿8 pap*¥ ar4J also t￿ wnpxt of mcye prattKal prqects. 48 sdentlflc papers were pubb"5hed across all of our CD research *rea 3reaknng the Cycle. thÉ' Iir5t-ever APPG Par16amentary PCOS report, drlvin8 national awareness and actionable policv retommendatrons was published with the support of Veiltv. Ikkn•rnlty¢lBfrtl•h 8affts thier In 2025, as a result of our CD fundlng Youn& People'5 Mefit•l Heolth convened 40 cross- sectoi experts for a summit on nutrrtion and brain health. Catatysln8 new collalJoratt¢ns and 8eneratin8 prartical, e￿￿nC￿lnf0Trned aC11Qn LHEM T¥usV3 Toxic.Fie. Toys campaqn influenced EU legislators to restrKt harmful chemicals. dirertly protecting children's health. The UK'S first IL4 Priority Settin8 Pèrtnershlp for PCOS. uniting patients and clinicians to define researth priorrtie5 was developed by Cardlff Unlver51ty and Verfty. 17 The Waterloo Foundation Trustees, Annual Report(c￿￿•￿I Year ended 31 Docemb•r 2025 Blue Foods In 2025, we launched an ex¢hing new affja of intorvst that ¢Lrt a¢ros$ fwr of our core funding prioriti8s". Child Develcpment, Environment, Wales and t)evd¢¥ffr￿t Thhs woth focused on the grthving ev*Jents 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 I￿￿11h(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 p￿01￿ of %tNty. Thig inc1L￿ed resear¢h ¢xp￿￿ftg hthv to increase fish consumptson among children, the gxpansion of the F¢sh Heroes inrtiatNe. $upport for food lechnokgy leachern acr￿ Wakn lo leach confthlly wrth ftsh. and the devglopm8nl and laun¢h of a Blue PrG4ein Tcdkit to ènctyjwe grchvth and innOVat￿n wrthin the ￿sineSS sector. Together. these grants have laid the fOUndat￿n6 ￿ fvturg impaGt, strengthenlng links health. education, industry and the environment, and pjsilK￿1n9 81uè Food$ 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 Ed￿tIOn. Funding wa8 dlrKted I￿rdS 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 Ed￿alK)n fvnding t￿19$ ojnlinued lo addres8 both Imm8di8te hardghip 8rKI longer-tem structural di8thanlage. Colkntr¥ety. these programmes demonstrate a baLqnced and purpwful appro￿h. com￿'nIng C￿15 response wr¢h prevenlatN• and enabling Inlerventiorfd. publlc benefft, s￿￿>1￿ng IrKlfviduab. fwni1198 and communttlgs experiBncing dI￿dVantage 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 prior￿58d hyper.bcal, community.based provisw, supporting trusted hxal hubs lo deliver integrated and responsive supwt. Funded i￿luded access to d&>1 and weware advice, food and finanaal Iteraey. employabilty support. arKI wEll￿ng and rrental health initkgtNaS. This flexible, placevbased approach has enab￿ ¢xgani%atb?ns to res￿nd effectwety to circumstance8 whil8 supporting indNiduals and families to rrnve towa￿ greater financial 8ecurty and resilienc&. Wrthin thé Unpaid Carers them8. a sign1r￿nt proportion of fundiThJ was dIr￿t￿y l¢)wards Services supporb.ng young carefs, rec(¥nBing Ly)th the scale of unmel and the h)ng-temi knpact caring respMs*ilrties can have ¢)n gducation, welbeing and lrfe chances. Th8 rwnaining fuThling has been pro￿￿ed a$ unrestricted grants to organisations 8UPPOrting unpavj carers 8er05s all agg groups. This Strengthe1￿ organisatb)nal Sustsin￿lIty, encouraged colla￿r*110n 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-r￿5in9 and accass to opportunity. Grants $upported initiatNes d8sKJn6d lo in¥swg ervJagement in lèaming. Ineluding programmes prorrnling science. t￿hnoIC9Y and environmentsl educath?n, ak)ngside targeted intervent6on8 aimd al closiTra thé attainrT*nt gap for di8advantaged taarrers. Particular emph89i8 Was pL9ced cfi supporting young pwle frcffi undérrepresonl&J backgrounds to progre8$ Into further and hvJh8r ed￿t￿)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 T￿￿tee8. 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 EdU￿tion 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 wor*shops 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 (ety￿11￿ Y￿r ended 31 Docember 2025 E. Other Fundlng Provlded In addition to our ￿r main fU￿ling prcgr8nYnes. the Foundati￿ hag also made grants lo thI￿-Sethr organisat*3ns and communty groups who are work￿￿ to athjress cause5, inrtsatives, P{q￿tS or PUrP￿S that oro related to, tsjt mayt* rK* Sp￿alty allgned lo our corn funding priort￿e$. We are particularly interested in social juslwx and $UpF￿¢￿j organi8athJns w￿> work in the h¢JJ$ing and hcmelessness sector, criminal juslu, youth just￿0 and youth engagomenl, Akheinor's ¢Jemenlia and the ageing population. ￿￿nts1 health and well-bèing Iparticulaty in young pwjple), eliminating ￿010r￿e against *Dmen and girls, strong Con￿unty 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#iv*i•$ 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 Va￿ed Lming currnnl stt*k rna￿8t pr￿1 at lh• date of rOFLVtwig. A8 a result af market ¢hange8 in 2025, the FI￿nd￿￿ 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 ac1fv￿y fundrai*. Our invest￿t is d￿d from Share divKlend8, interest eam8d on tonds and other securittes and bank inter8st. The Foundation's bigge8t asset conllnues to be 8 s&rMficanl Share1￿1r￿j in Adnwral Group pk, a UK4isled company. In addilicn. the Foundation has a dNersrf*ed 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 phI￿nthrOpIC 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-incC￿e investments in companies 4¥those primary XtNity is the exPbrat￿Th or extraction of fossil fuels. aL80 eX￿￿￿e investments in ¢ompanies invow in tobaeLO, aduit gntertainmenl. amlamènts, and gambling. In we seek lo avobj C￿npan￿$ assLxith wrth unsustainable palm 0￿. goya. or beef production linked to defornsthn. The Foundation is also CO￿Thrtted 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. AFpr0￿Ma1ety 15% of our thiveslment p￿01￿} is directed towards thes8 Cazen¢)ve Caprtal continues lo uptrK4d our investment stance thrcwh rtgcyous irrtemal res0￿h and ¥c￿enIr￿￿ processes, drawfng on ESG dats frryn a range of 8our¢o9, includino MSCI, Sustainafytu, and CDP (Carbon DisGlosure Prc4ecl) s￿les, as **ll as assassing the of inveslee companias on tropical rainforèsts. In 2025, Cazenove Capital c1yrtinu￿1 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 imp*X investing within a discretionary ndalo. T￿ts8 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 r￿erVeS 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 deasic￿￿￿8kin9 for the year8 2024 through to 2027. the latter bewig the FOundat￿n,$ 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 evthnce*ased s0iLrt￿n¥ wrth high tential for sea￿. We wlll continue to f￿u8 ¢)n lryy-lem) dev¢bw*nt over shcwt-tgmi acute r*èed6. Th8 EnvlnJnm•nt Fund p￿n8 to maintawi its sc* of gr4ing in 2026 beyond to a(Idres5 the key challenges and opportuni(i83 of meeting the UN Climate and BA￿￿e￿rtY lar9ets by 2030, both tematie￿41ty 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 su8taw￿Ie blue fcod a5 8 GrEwutting thème ￿0$8 thg widw work of the Fcmndation. Child Development will see irKrgased frjnding in 2026. ￿ will laurKh a Nutrition and the Dov•loping Brnin strategy thal will span both researth and the translation of exisbng evidence Into practice, directty influencing what thihdren eat to supwl brain healih. Abroside this ne•V strategy, ￿ will maintoin our research fcAts on Motor Coordlnatlon, PhyJic•l Activlty, Rol•ndic Epilepsy and PCOS. Bwnd the Nutrftlon programme, our prxtical and disseminat￿￿ grants *ill continue to reflect our Tmdgr c¢YnMrtm￿t to nourcrflNernity. The Waterloo Foundatlon TnMtee8' Annual Report (¢ortkn Year ended 31 December 2025 Lcoking 8head, the Wal•s Fund will continue to supp(xt ¢c¥nmuni(ies delfve￿n9 real Icral iny8tX, remaining a flexible and approachabkg fvnder that listens lo emwging needs. We remain committed lo supporting Unpa￿ carers {especKI1ty young carers), boosting educational ￿h￿Vement, and opening up cpportuniti8s that reduce FMMty. Kbrking in partner5hp wrih charit￿6 we back bold, on¥nunity4ed in#￿t￿e$. local that defvws lasting 81xial and ¢¢On￿1C bgn8fft8 across Wales. STRUCTURE, GOVERNANCE AND MANAGEMEpir The Tru$lees are pleased lo preswil the 19th rewt twer w6th th• financial Stat￿nents of the Foundats'on for tha p8ricd oThJwJ 31st D￿)ber 2￿25. The financial statements have been piepared in ac(x)rdar￿& wrth the requIren￿lS of ￿ Charities Act 2011, tho app1K0b￿ ￿)UntIng $tsndards in the Unltsd King¢S)m. the requiram8nts of the st8t8ment of ReComme￿tsd Pr8¢tKe (SORPFRS102 2015) Acco(mlMy 8nd R&port￿g by Charit￿S. Gov•rnlng tlocwnont The ￿te￿o0 Foundalb)n is a registered charty governed by a Trust l)e&J dated 15th D￿ember 2LI)6, amended 19th November 2025. Trustees continU￿ty GonsKlw our go¥eman￿ •ffangoments and wlll o)ntlnuo to do so. R•cruitmont and Appolntsn• The Waterkn Foundation is managed by bts Board of TN8t688. ¥thi¢h six tim88 a yaar. Trustees are aFp￿nI￿ wi accordance wth the Foundation'8 Tntst Deod. Inductlon and Trnlnlng All Trustees are provhd•l with comyohan8ibp in1offr￿10n rela￿ng lo thelr dutie8 SNI r•sponsibllilies under charty artd company LTh, irKluding a copy of tho F￿ndal￿)n'$ Trust D*J 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, G￿n￿Mir￿a.. A Foundation Director, An Manager. Six Fund Managers split acTo8s ¢yx futM11ng arggs D8velcyiwit, Environment, CP4ld Deveh)pment. K&les, and our non*rograMMat￿ fuTrJingl". An Assistant Fund Manager, stspwting thg Envircrtment Furbj: A Research Assk8tanl supwting thg NUtrit￿nal ond Neurodevek4)mant area of our Chikl Development Fund,. A Finance Assistant to the Foundation Dlrxtor. Throughout 2025, the Foundation Dirtttrff hold 1kne.manag￿nt mponsibility for all staff. except for the Assistant Fund Manager and th¢ Reseorch A8si%lAnl. vtho reported dir&* to th• Environment Fu￿1 Man•Jer and the Child Ckvdcym8rrt Manager, respthety. At our b1-m￿lhty TnJ8tee Meetings, exh Fund Manager propxe5 a series of researched pro1￿t8 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 scl￿du￿j ts all stsff in the first q￿rt￿ 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 reMunerat￿n levels for all The Waterfoo Foundation Trust￿, Annual R•port l¢•Jrfkn Year ended 31 DO¢•m￿r 2025 Relat￿ Parti08 In 2￿7, 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. pIeW￿jslY appointed as Chlef Operatiry Off￿r 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 L￿￿lonal con8uliancy support. 8￿h 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 Fou￿8￿￿.. Details of aH trar￿ctionS belween related partw for this p8fKal &•n be f￿nd 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 FCIJndat￿n also ha$ segregation of dutiej regarlling govemanc•, management. granl-making. finance. aTrd ¥ive¥tment management. Pr￿edureS are in plac• for the dcruffthl8tion of deci8k41s. actKJn8, and issues. All 9rant-maklng undertaken by the FourKlat6on rd Subj&￿ to dv& diliger￿ prtte8888 c4rr*J 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 0￿S￿e of the UK ban￿n9 s￿l0r. Th• $taff Truste￿ of tho Foundation aro sw8re of the d8ks 888wated with corruption, arKI a8 suth. fingrtial and other fom8 of due di1vJw￿8 are a key part of our grantrymaklng process. The Foundatton'$ 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￿ mo￿n9. wlwo a detailed fin8nc8 rep)rt 1$ presented for conS￿￿erat￿. Investmenl re￿rtS are 0190 re¥￿ed on 8 reoukgr basis, our Inv9¥tM￿t Adviwrs provide quarterty upjales lo Ihe Foundathjn attend one Tru8109 Meeting each yé8r. Risk is assessed as an ¢ywoirKJ and dYna￿C prn of rescmjrces. inciudiig its irwng and expenditure, the yew then ended., havo boèn prol￿FY prepfnd in acoJrdanc• Thith United ltin•J￿￿ Ganerally Accepted Accountry Pr￿t￿,. 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 accordw￿8 with 1rrteM8t￿n8I Stond8fd8 on Auditing IUKI IISA8 IUK)} and appl￿ble law. Our rn8kk)nsibslit*s under tho$6 $tsndards ar6 fUrt￿r descnbwj in the auditor'8 responsibllftlès Ic* t￿ audit of the financkql statements of our report. W8 are iTrdependent of the charity in a¢¢tydance wth the 6thul requirements that ore ￿levant lo our audit of the financial ststomenl$ in the UK, including the FRC'9 Ethical SIwKlard, and we have fulfil￿ our other ethical resFonsibiliti•s in arzordanee wrth these requirwr*nts. We ￿lieve that th8 atxlrt eV￿le￿8 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. Ind￿idUal￿ 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 mponsibilith*s and the resp￿31b111t￿ of trustsgs with résp￿1 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 tn￿l•eS, annual report. other than tho fina￿la1 8t*ements and our auditor'$ rewrt thèreon. Th tn*tees 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$5 any form of as8urnnce conduskM th￿￿)n. Our wpOM1b￿ty 18 to read the ￿ irrfortb)n wd. in doing so. CL￿￿￿01 whether tho other informatKin 18 materialty inconsistent with the financi41 statement8 or our knu*ledge ¢)btained in the ¢our8e of thè audit or Other￿ appears to bo materialty mi88tated. If we identify such m8tenal incon8151w￿18S or apparent mOteri￿ misstatements. are rwuired lo det•miine W￿ther thr6 gNes ri98 10 a material m15sLitgr￿nt in the fmancial 8tatements thwnselv86. If, bosed on the th we have perform8d. we conclude th* there 18 0 mgtefial mI88tatem￿ of thi8 Ot￿r Informalion. we ar• required to report that fa¢t. We have nL*hSrw to rop¢xl in this regf*d. Matt•rn on whl¢h ￿ •rn r•qulr•d to report by •xc•ptlon IA(I hav6 ncthhg to rap¢xt the follLwng mattern in relation to whth the Charil (Accounts 8nd Report8} Rryulatlons 2008 r•quire us to repthl to you rf. in our c4)In*)n.' the infomi4t￿n gNen in tho rnar￿la1 8t4t•ments 58 incon8181￿¢ wi ￿Y material mF•ct with the trusteè8' Tep)rt', or the charty has not kept adwuate acuuntlng rw)rds: ar the fin8noal 8tstements are not in agreement wrth the accounting records and retums,. we havg not rec•Ned al thg Infonnat￿ and expianations require lor our audrt. RMpon•lbllhlM of trust• As explained M¢)￿ fvlty in the INst¢es' respornbilities statement. the trustees are respJn$ibl¢ for the preparation of Ihe financial Stste￿￿ts and ftr b￿"ng satiSf￿d that they give a In￿ and l¥ir view. and for 8uch intemal conliol as the trustee8 detemine is necessary lo gn*le the pryrntion of financ4al 8tatemerrt3 that are free from material misstatement. wh*her 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 con￿rn, di8closing. as apPl￿ble, matters reLqted to going concern ar￿ using the going concem basi¥ of accounting unless Ihe trusteas intend to IKiu*Jat• 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 audrtPfowAts 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-C￿￿lianG• with Iws ar￿ i&3ulali￿S or dua to fraud or errc*. Vrfe aro rnt respOnSb￿ for pre￿nting f￿￿-c￿nplIar￿ aThJ cannot be expecknl to detect I￿n•CO1￿1￿8n¢8 all lavn and rngulations - this resp￿31￿.1￿ lie8 With management ￿th the oversvJht of the Tft￿l￿. Based on our urtsjerstsnding of the Charity the charity ￿elOr, discussK)ns with Man￿arne￿t 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 state￿nIS 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.. coMp￿tIng 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 compli0￿e with JM arKI ￿￿latIOnS and rf Ihero are any kn¢xn instance8 01 0x￿lning $uppthlrKJ dttuments ILY all materbal balances, trnnsxtsn• and dIK1￿u￿s', enquiry of manwjemert thui 1it1'9WtvM and dalffA and in8pec1i1￿ of (ethnt 8n8tytical wocedufes to ￿entIFY any unusual or Unexp&a￿ rnlationship•: audit tegtww on and revie4¥ of aYea8 Ihat cy)uld be lut￿t to manag8m8nl overrpJe of controls and Fd6ntkl1 bias, most nrtabty aroU￿s ihg key judgments and estlmates, wKILKling thè carryirvj valuè of aecruds, proviSKx￿. inveslments, grant making and revenue recognit￿n,. nshlering managertwrt overTkJe of outside of the Mm)al operating cycles including lestrng the appropriatenoss of journal errtnes f￿rde￿ kn the general be(Ig¢r and otfr£r adjustments nHle in the preparatw of the finanGk41 statements inclLpJing avauatirg tha rollor￿le of sKJnrf￿nt transactic￿. outsmle the Th)rnal course of charitabb thty,. Becausa ofth8 inherent IwnitaK>ns of an aud( there is a risk th* we will not detect all Irwularitiej. including Ih08e leajing to a material mis5t*n*nt n the financd statements or non-compliance with regulation. Thi$ risk increases the me*e that e¢Ar￿lL￿nCe with a Lwi or reguL9t￿n is rentyed frcln the events and transact*)ns refiecled in Ihg finanoal st*eThwts. 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( f￿y, 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￿•m￿r 2025 As part crf an audit in actorfance with IS4s (UK), ￿ exwcise professional JUd￿nt arKI maintain professional Scept￿l$M Ihrcmjghcrtrt the audit. al80.' Identify and assess th8 risks cl rnatsfial misstatement of the finarKial statements. whdhor due to fraud crf emr, deS￿n and perfum audit proc&Yures respc￿$￿e lo those risks. and obtain aud wider￿e that 15 Suff￿￿nt wropr*t• 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. intent￿￿81 an￿lon8. Misrepr￿t8ts.onS. or th8 override crf inlefnol control Obtaln an undétstandiThJ ol intemal control rdevant to tho audit in order to deslgn audll pr￿ad￿re5 that are appropriate in the circumstance8. not the purpose of expressirrfJ an Cpin￿n on the effecti¥ene88 crf inlemjl eontrol. Evaluatè the 8pprq)riateness of xcounting p￿￿1•$ uwj the re3sonabknne58 of aC￿unting eytimatss and related dryclosures m￿e by the truste88. Conclude on the approprnteness of the trustees. u8e of ihe gthng ¢on¢wn b8818 of ￿luntIng and, bas￿1 on th8 audrt evmdence obtsined, whether a mater￿1 uncortainty exist8 rèlatéd lo •vents or corrtlm￿nS that may cast $6gnillcant doubl on the charity's abilty lo conbnue as a going conc￿. If wg cO￿lUde thot a material uncAryrtainty exists, we are required to draw attention in our auditor'y r8POrt lo the related disck)sures in the financhql slatements or, rf such di$clo8ur¢$ •re inadequate. lo mtrJrfy our opinlon. Our concluslon8 arè ba8ed on audit evidence obtained up to the date of our auditor's rewrL Hct*ever. 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 dI￿10￿Ure8, and wh8th8r tha fina￿￿41 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 m￿tern, 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 rS￿rt 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 ￿g￿leS 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 Stat￿nont 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 a￿0￿ 10$8 curr•n¢ Il•bllltl•• Not au•t• Funds of tho charfty Unre8trkted funds 241,107,314 220.064,928 241.107.314 220,C64,926 Total charfty fund• ial statwnenls were approved by the tmiard of truste98 and authori8ed ftx is81￿ on and are syn￿1 behalf ofthe bo¥d by: David Stevens Carollne Oakes Naw The Waterloo Foundation statement of Cash Flows Year ended 31 Decernbor 2025 2025 2024 Cash flows from op•r•ting activilie• Net inc(xne 21.042,388 7.989.099 Adjusln7ents for. DeprKialion of tanglbk? fix￿1 858d8 Net gains on investrnents DwKknds, interest and rents from invostrwts other interest re¢eivabl8 and simifar inccYn8 Loss on disFosal of tangible fixed assets Accru￿ {inc¢)meyexpenses 12.881 14,469 (21,734,009> 110,533,122) 18022,8851 18,018,C64) (42,2801 (34,786> 253 315 (13.264} 28,308 Ch8ng9s in." Trade and ¢Xher deLrtor¥ Tr8d8 and clher crwJttor¥ {87.6901 674,274 11970,3231 {8,029.026} 149.9971 574.752 C￿h generated from yrati)n• Inlernst rec•Trved 42,280 {8.928.042) 17,994,240) 34,786 Net eash u￿d in +¥wating ￿11¥11 Ca•h flows from Inv•silDg actMtIo8 Divbjends, internsl and rents from inveslnw Purchaye of langl)lè assets Pureh8888 of other Invegtmants 822.885 14.0321 (237.186,575 I f14,752,2281 238075,832 TI,546,424 10.808,110 8,809,888 6,018,C64 (2,3941 Pro¢¢•d$ 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 f￿ancIal statemonts have be￿ pryJar•Y in complk*th with FRS 102, Flnancial R8POrtiThJ Standafd appIl￿ble in the UK and the RepubliG of Irdand,, th8 Ststement of Recommended Practice applica￿& to charities preparing th￿r accounts in accordancè wrth the Financial Reporting Standard apPlUb￿ in the UK arKI R*utsI￿ of IreLqnd IFRS 1021 (Charities SORP IFRS 1021) arKI the Chwit*s 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 I￿11￿3 InV￿M0n18 Me￿Uled 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￿ p￿rt￿oI in8labilities has caused global diswptK)n to bL&8ine￿ and Korb)mic aclNity wh￿h 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 wh￿h 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•nage￿nI 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 8*e bel￿￿￿ tt) be reasonable urthr the C￿CumstanCes. Fund a¢¢ountlng Untestricled fl￿￿8 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 Rfjslr￿ted 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'. reSt￿led injme fvnds or endowment funds. The Waterloo Foundation Nots8 to th• Financial Statements (con Yoar •ndod 31 December 2025 Accountlng polkaes (conthw All inccffle * w￿l￿ed in the statery￿nt 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 reli*Jty 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, T￿0￿1 is pr¢èabl8 and its amwnt can be measured rnl1ai￿y. legacy irKoff* is rwnBed when roceipt is Probab￿ entitlernent is establwohed. in¢omo from dcmated 9￿d$ is m8asur•J at thg fair value of th8 g¢)>Js un￿5 this 1$ imprxti¢xl lo measure rel￿￿, Ni whth Case the valu6 ts derNed from the cost lo the d￿Or or th6 6StYnat6d fas81è valuè. Donated facilities and seNces are recc9nls￿ In the ￿coUnt￿ %then r¢ceNed rf the valu8 can be r8I￿bty mea8ur8d. No 8munls are irKluded for the contributi¢)n of general vdunte¢TS. DfvtyJend3, ir￿UdI￿ the as8c¢kqled lax uedrts. ar* C￿rt•d lo the Income and expenditur• acc(yJnt when they are receNed. RM¢wr¢M •xp•nd Exp8ndbtur8 is I￿03n￿ed 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 fundr*slng acINit￿, events. noTrcharitable trading Ktsvit¢es, and the sale of donated gotrJ8. expenditure on charitable activit￿9 irKlud&s 011 costs in¢ufffjd by a charity In und•rtaklng activitie8 that further it$ Chartta￿e for the bgnefit of benef￿larI89, including tho80 8UPPOrt ￿$ts and costs relth'ng to the of chorty aPp￿t￿nad to charrtabl• a¢tivitie8. other expgThJrture Inc￿6$ 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 dIr￿tty lo that actNty. Shared ￿$ts are apFrfJimd be￿n the act1¥rt￿5 tP contnbute to on a rea¥(￿ble, ju$lrfiabl8 and consi51enl basi8. Op•rntlng l•a•es Lease Pa￿￿ntS 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 b￿8. Tanglbl• ••uts Tangible assets ar8 wirtrdlty recorded at co¥¢. arKI ¥ubsequerrtty stated at cost less any accumulated deprttr8bon and Im￿rment 10$8gs. Any tangib18 assets Carr￿ al revalued amoun15 are reeorded * the fair value al ￿ date of revalUat￿ft 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￿.. F￿tureS & FittiTrJs Equipment L8asehold ProFwty 33% reducing baL4nce 33% rtsyucing baL9r￿￿ 10% $trawht line The Waterloo Foundatlon Notss to the Financial Ststements f¢ Year ended 31 De￿mbfrr 2025 Accounting pdkies lTrv•stments Unlisted equty investments ¥e inrtwlty ￿Orded at cost, and subsequenuy measurgd al fair value. IF f•r value cannot be reliabty 8s8d8 are measu￿1 al cosl1038 impairment. Listed investments aro measured al fair vaua *tyth eh*wes in fair v￿u0 ￿Th9 recogni8ad ift income or eXPer￿rtUre. D•btors and cr•dltors r•c•lvabl• I payabl• vAthln one yoar Debtorn and Credito￿ with no stated interest rate and receivable ¢y payab￿ within one year are recorded at Irans&kn pr￿. Any kjsses ariying from impairment are recognised in expendrture. Grnnt polky Grants gNen are r￿OgnISed In the year In vthlch they are offered accepted wlthoul conditions attach&J. Grants offered for a peri(%1 of ft￿rfj than cA)e yaar am rwnisad a$ creditors rf there are no tx)ndrt￿Tr¥ to be met to re￿1¥? 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 lTr*lrum•nts A finaneid as881 or a financial liabilty 1$ rets)gniwJ onty 7*t•i the •ntty • party lo the contradual provoKin# of the instrurrEnl. Bas￿ financwl instruments a￿ initialty rec4)gni8•d at the *r￿Unt re￿[vab￿ or paab￿ including any related IranSxt￿ft costs, unkgs arrangement constitut89 8 financing Ir8n8acticffi, where 18 recognised at the pregenl value of the fiAure paynxnts th￿1)unte￿ at a market rate of Interest for a simiLqr debt instrument. Currerrt 8888ts and curf IlabilitteB we $ub¥equ?nlty mo•3ur￿l at th• c8¥h LY othgr ¢on$Kl¢ral#)n exT*cted to be POKI ¢y receNed and not di%ounled. Vlthern investments m shvn8 or preference 8hare8 arn publicty tr*led 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 1mpaitrn￿t. 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 prov*Jod. Pr0pawJ contributKJns aro as an assat to tho axtenl that Iho propayThent w￿1 ￿ to a red￿t￿)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• Unrestr￿￿ed 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 le￿￿u•l9 Year ended 31 December 2025 Analysis of Support costs of SUFWt costs Total 2025 Total 2024 Stsff costs Premises Cc4mmunications and IT Generdl ofF￿6 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 TL*al 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¥ unreslrp￿ed 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{cr￿lil1n9l.' 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 a￿lit 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,$08 395,559 42.019 n.638 510,216 Th* 8verag• hwl count empw duiing the yew was 11 (2024.. 101. Th8 average number of fvll.line equivalent ern￿OYeeS during the year 18 anatysed a$ follo￿." 2026 2024 No. Number of athninistrative staff Number af supwrt slaff 10 10 The number of¢mpbyees wtho8e ren￿nerat￿)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•r￿nTh•1 Key managerr*nt 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 effipkym￿ftt thith the charty or a refat•J entity re￿ved by the trustees. All trustees are enlitkd tt) clam rernbursement d the cost of attending mèetings. tha trustee8 were reimbursed £NIL12024: £112} trA tr•￿￿'r￿a 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 C￿t 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¢c6mt*T 2024 60,273 316 18.924 79.513 18. Invutm•nts Cash or (Xher juiv￿entS vwestments invesknents Tot*1 C￿t 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 v*ue at t￿ b*8￿6 $he6t data. h'8tsd in¥e8lments we 5tat•d * the stock exctsige Yalues al the year end. Cxher invostrnwts are val￿d based on investment performance. The historlcal eost cf in￿￿tM0nts at th8 ye¥ erKI d* [8 £172,599,354 {2024'. £147,731,272) The folthving investments, are al li8twJ on the UK StoL* Ex¢hango. represent more than 5% of the total value of the Portfol￿.. HohJN Market Volue£ Admiral Group p 317p ord*w 8hwe8 2.*9.400 £94,308,144 There is no restittwjn crtr the redi8atlon ofthls In￿1￿￿ 19. 0•lrtor• 2026 2024 Prepayments and xcNed inc¢ Other detl(xs 15,849 217,727 233,678 14.375 130.037 144,412 20. Cr•dltor•: amt￿nts f•lllng wlthln on• yo•r 2028 2024 A¢crual3 and dèf6rrad ItKc4na Sc as at 31 December 2025. 26. Analy¥l• of changes In n8t debt At At 1 Jan 2025 Cash fvJw8 31 Dec 2026 Cash at bank and In hand 2.535,734 1,580, 4.115,802 The Waterloo Foundation Note8 to the Flnanclal Statements (conthw¢ Yoar ended 31 December 2025 26. Op9ratlng Gomfflitinwrt• The ￿al future minimum paym¢nts under non4ancall8bl8 operating bases ar8 as follows.. 2025 2024 Not18ter than 1 year Later than 1 year and not thr 5 years Laier than 5 y6ars 28,490 108,61K> 39,217 32,166 109.854 66,367 176.307 208,387 27. Rolatsd partl•• Th8 charty ha5 be￿ urbjèr the c#)ntrol of the trustees sirKe the charity was up. The charity was started wrth an initial d¢)natAin of £99 million from of the twstees, Oavrd and Hoather Stevens. During the year a further contr￿￿￿)ft of £6.59S,9CxJ 12024.. £5.155,970) wa8 madg frcffl the same Iwstees. Tho charity paid the fc41thving amourrts to organlsab)n$ Hother rd aSK￿￿ted to.. Gr•onpearE Oceans Camwgn £150.000 GkJbal Fi¥hiThJ Wal¢h £100.¢yXI