REGISTERED COMPANY NUMBER: 09533851 (England and Wales) REGISTERED CHARITY NUMBER: 1168268
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021
FOR
WATERLOO UNCOVERED
Liles Morris Limited 1st Floor 80 Coombe Road New Malden Surrey KT3 4QS
WATERLOO UNCOVERED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 6 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 to 10 |
| Cash Flow Statement | 11 |
| Notes to the Cash Flow Statement | 12 |
| Notes to the Financial Statements | 13 to 22 |
WATERLOO UNCOVERED (REGISTERED NUMBER: 09533851)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 April 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Core objectives
Waterloo Uncovered is the ground-breaking charity that supports Veterans and Serving Military Personnel (VSMP), many of whom have experienced mental or physical impacts from their service, with their recovery and wellbeing. We do this through involvement in a world-class archaeological project; through education; and through a year-long programme delivered by professional welfare specialists. Our vision is Peace from War.
Since we began in 2015, we have grown rapidly and proved our work's value by supporting over 150 VSMP and uncovering over 5,000 archaeology finds.
Waterloo Uncovered (WU) is a charity created to perform three essential aims:
-
Veterans and Serving Military Personnel Support: - providing those who have served their country with the support they deserve when they need it most.
-
Archaeology of Waterloo - investigating and preserving the heritage of the battlefield before all traces are lost forever; and adding new understanding to the military history of this decisive battle.
-
Education - providing formal education, informal learning and public engagement that broadens the understanding of war and its impact on people -both then and now.
Promoting wellbeing during Covid-19
This year, the coronavirus pandemic has undoubtedly increased the need to support the military community; we rose to the challenge by embracing technology and new ways of working across all our operations to deliver much-needed services. We believe our work this year, more than ever, demonstrates the importance of collaboration and creativity to provide: support that best benefits our beneficiaries; and a rich body of material that will engage the broader public with our work.
Page 1
WATERLOO UNCOVERED (REGISTERED NUMBER: 09533851)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2021
OBJECTIVES AND ACTIVITIES Significant activities Veterans and Serving Military Personnel Support
The impact of the coronavirus pandemic meant that the 2020 summer excavation in Belgium had to be cancelled. WU responded swiftly by devising an entirely virtual program that would allow us to support VSMP throughout the pandemic. The programme had a particular emphasis on maintaining mental wellbeing to overcome the potential risks of social isolation. Support was year-round and began with an ambitious series of online talks, articles, films and audio. Interactive resources and sessions kept people engaged. Using our wealth of resources, we provided participants with over 70 contact hours, wellbeing support and the opportunity to interact online with other VSMP between scheduled activities.
The programme, which intensively supported 24 UK VSMP, ran for a year, with an initial online series lasting twelve weeks from May 2020. This included bi-weekly interactive activities led by our excavation supervisors, and opportunities for one-on-one sessions with the Wellbeing & Support Team. Other activities included "At Home Archaeology" training, practical tasks, virtual museum tours, Waterloo Ghost stories, virtual reality explorations of the battlefield, podcasts, lectures and enrolment in Battlefields Uncovered, an online course run in partnership with Utrecht University, offering students a chance to achieve internationally recognised academic credits.
The programme, put together at short notice under the pressures and restrictions of lockdown, was a real success; a true reflection of the dedication and flexibility of the WU team, not only did it support VSMP, it also produced education and entertainment for the wider public, and brought the WU family closer together in times that tested all of us.
Archaeology of Waterloo
In the absence of a physical excavation, we stepped up the depth and range of our educational work, research, and reporting. Waterloo Uncovered has always been blessed with the knowledge and experience generously shared by leading experts in their field. The Lockdown Lectures became a public shop window for this expertise.
Professor Tony Pollard delivered a superb series of lectures on the archaeology of the fight at Hougoumont; Dr Stu Eve presented an introductory series on an archaeologist's work, and an immersive 3D walk-round of Hougoumont in 1815; veteran archaeologist Phil Harding shared stories of digs, from the Neolithic to the Napoleonic; and there were contributions from Ben Schoenmaker about Dutch troops at Waterloo, and from battlefield archaeologist and WU trench supervisor, Sam Wilson.
While the dig was on hold, academic work on the discoveries at Waterloo continued apace. Four academic archaeology publications were accepted during this period, with two published and two coming up in press (From the killing ground: digital approaches to conflict archaeology - a case study from Waterloo. Digital War & Waterloo Uncovered: From Discoveries in Conflict Archaeology to Military Veteran Collaboration and Recovery on One of the World's Most Famous Battlefields. Historic Landscapes and Mental Well- Being). Currently work is ongoing to develop an accessible, interactive online database of finds. Waterloo Uncovered has also been successful in gaining an award under the Positive Pathways programme to fund two projects including one on finds handling for VSMP.
For some of our previous beneficiaries, their first encounter with the practice of archaeology through involvement with Waterloo Uncovered has led to a deeper interest and, in a number of cases, has inspired them to undertake further formal education.
Education
Waterloo Uncovered turned the challenges of 2020 into an opportunity to engage
wider audiences with our story. First, we redesigned our website, regularly posting new content and adding an "Explore" section ranging from mini film documentaries about the archaeology, to background articles on the battle (explore).
Dig Diaries, originally a way of following the dig, became a monthly publication, alongside a newsletter for subscribers to get first sight of developments (newsletter). We launched Visiting Historians -a series of podcast interviews with leading historians like Andrew Roberts and Peter Snow. (Visiting Historians).
Page 2
WATERLOO UNCOVERED (REGISTERED NUMBER: 09533851)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2021
OBJECTIVES AND ACTIVITIES
The jewel in the crown was the series of Lockdown Lectures we delivered, and a measure of their success is the audience gained by the Waterloo Uncovered YouTube channel, (Films and lectures).
We began the year with a cumulative total of 45,000 views since the charity began in 2015, but ended 2020 with well over 700,000 views, with over 11,000 subscribers and hundreds of positive comments. The lectures will, over time, contribute to a rich body of material forming a legacy for our work. A further series of lectures is being planned for 2021,
Fundraising
This financial year was the project's sixth and has once again seen WU continue to grow, at a time when it is needed the most. Subsequently, 2020/21 saw an increase in fundraising activity in general, which has led to an increase in funds raised, and the subsequent ability to support increasing numbers of Veterans and Serving Military Personnel.
Future Plans and Developments
In a changing world, veterans and serving military personnel still need help and during the pandemic we were able to provide it, proving how vital it is for small, versatile charities like ours to adapt and be nimble in meeting new challenges. We believe we had an incredibly successful year, offering a year-long support programme based around our five pillars, providing formal education and public engagement, as well as continuing archaeological research and reporting.
This year we learned a lot. We still needed to create a sense of belonging, comradeship, and teamwork - key parts of the Waterloo Uncovered experience, both for our beneficiaries and for our staff and partnerships. We found that we could adapt to do this online, and in some cases found online work had more impact: we see an opportunity in continuing to reach a wider group of VSMP through online platforms. Our programmes, built around the five pillars, had to be tailored and we had new accessibility frameworks to develop (around technology, ability and disability). It feels that this year we learned how valuable our work in education and in providing informative and uplifting content are for both our VSMP and the wider public.
We will be running four fully-funded online veteran support programmes in 2021, which we received funding for in 2020. These will be based on the charity's archaeology work (such as finds) but do not require attendance at an excavation. This will increase the charity's ability to deliver veteran support considerably.
The charity will also continue to focus on raising funds to support its activity and desired growth, and it continue to include other nations in its work but will not look to reduce the current level of UK involvement. In other exciting news, the summer fieldwork is expected to re-open in summer 2022.
Public benefit
In shaping our objectives for the year and planning our activities, the Trustees have considered the Charity Commission's guidance on public benefit.
STRATEGIC REPORT
Reserves policy
The Trustees' aim is to ensure that there are sufficient reserves to cover three to six months operating expenses but where this is not possible do not commit beyond available cash funds.
Page 3
WATERLOO UNCOVERED (REGISTERED NUMBER: 09533851)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2021
STRATEGIC REPORT Principal risks and uncertainties
As part of the business planning exercise carried out during the year, the Trustees have considered the major risks to which Waterloo Uncovered is exposed. They have reviewed systems and identified steps to mitigate those risks.
Funding
The charity is dependent on donated funds. The Trustees engage with a variety of donors and also ensure projects do not commence if funding is not in place.
For 2021 we would like to extend our thanks to all our supporters, funders and volunteers during a difficult year.
A particular mention to :
| Armed Forces Covenant Fund | Blind Veterans UK | Intelligence Corps |
|---|---|---|
| Trust | ||
| Lt. Dougie Dalzell MC Memorial | National Lottery Community Fund | National Lottery Heritage Fund |
| Trust | ||
| QARANC Association | REME Charity | Royal Air Force Benevolent Fund |
| Royal Military Police Charity | Swire Charitable Trust | The Childwick Trust |
| The Veterans' Foundation | Worshipful Company of Grocers | Funded by the Chancellor using |
| LIBOR funds |
Financial and risk management objectives and policies Financial review
Waterloo Uncovered had £191,819 net incoming resources, after transfers on unrestricted funds, for the year (2020: £18,852). Together with the accumulated balance brought forward from previous years, Waterloo Uncovered now has an accumulated balance on unrestricted funds of £167,396 (2020: £77,007), included in those amounts are fixed assets of £5,679 (2020: £5,145).
Restricted fund balances at the end amount to £101,430 (2020 : £nil).
The increase in reserves follows a planned effort by the Trustees to build a more sustainable base and allow longer term planning.
Risk management
The Board of Trustees confirms that it has identified and reviewed major risks to which the charity is exposed and has established systems to mitigate these risks.
The Charity has public, professional and Trustees indemnity insurance, although public indemnity will be discontinued during periods when the charity has no responsibility for public projects.
The Charity produces risk assessments for all its projects and follows health and safety regulations at all times when installing work.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Page 4
WATERLOO UNCOVERED (REGISTERED NUMBER: 09533851)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Key management remuneration
The Trustees, who are also the directors, are in charge of directing and controlling the charity. All Trustees give their time freely.
Day-to-day management is delegated to the Chief Executive and their pay,along with the staff team is reviewed annually.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Covid remains an ongoing risk and during 2021 the five year business plan was updated to ensure this risk is reflected.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
09533851 (England and Wales)
Registered Charity number
1168268
Registered office
102 Parkway House Sheen London SW14 8LS
Trustees
T Schadla-Hall Brigadier G Bibby Major C Foinette J Lowther-Pinkerton (resigned 22.9.21) Maj Gen J Cowan P Cawston T Mollo (resigned 30.11.21) M Mitchell Ms R Hall J Hopkins (appointed 30.11.21) Mrs L Money (appointed 21.9.21)
Independent Examiner
Alison Sanderson ICAEW Liles Morris Limited 1st Floor 80 Coombe Road New Malden Surrey KT3 4QS
Chief Executive Mark Evans
Website
www.waterloouncovered.com
Page 5
WATERLOO UNCOVERED (REGISTERED NUMBER: 09533851)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2021
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Waterloo Uncovered for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 31 January 2022 and signed on the board's behalf by:
P Cawston - Trustee
Page 6
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WATERLOO UNCOVERED
Independent examiner's report to the trustees of Waterloo Uncovered ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 April 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of ICAEW which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Alison Sanderson ICAEW Liles Morris Limited 1st Floor 80 Coombe Road New Malden Surrey KT3 4QS
31 January 2022
Page 7
WATERLOO UNCOVERED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 APRIL 2021
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 339,579 Other income - Total 339,579 EXPENDITURE ON Raising funds 3 22,223 Charitable activities 4 Archaeological digs & trips 33,349 Education and outreach 85,277 Veteran Support Programme 54,140 Other 7 43,572 Total 238,561 NET INCOME 101,018 Transfers between funds 16 (10,629) Net movement in funds 90,389 RECONCILIATION OF FUNDS Total funds brought forward 77,007 TOTAL FUNDS CARRIED FORWARD 167,396 |
Restricted funds £ 296,431 - 296,431 - 12,922 162,941 29,767 - 205,630 90,801 10,629 101,430 - 101,430 |
2021 Total funds £ 636,010 - 636,010 22,223 46,271 248,218 83,907 43,572 444,191 191,819 - 191,819 77,007 268,826 |
2020 Total funds £ 416,771 10,000 426,771 65,159 208,177 67,717 - 66,866 407,919 18,852 - 18,852 58,155 77,007 |
|---|---|---|---|
The notes form part of these financial statements
Page 8
WATERLOO UNCOVERED (REGISTERED NUMBER: 09533851)
BALANCE SHEET 30 APRIL 2021
| Notes FIXED ASSETS Tangible assets 12 CURRENT ASSETS Debtors 13 Cash at bank CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 16 Unrestricted funds Restricted funds TOTAL FUNDS |
2021 £ 5,679 2,402 264,336 266,738 (3,591) 263,147 268,826 268,826 167,396 101,430 268,826 |
2020 £ 5,145 - 82,521 82,521 (10,659) 71,862 77,007 77,007 77,007 - 77,007 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 9
WATERLOO UNCOVERED (REGISTERED NUMBER: 09533851)
BALANCE SHEET - continued 30 APRIL 2021
The financial statements were approved by the Board of Trustees and authorised for issue on 31 January 2022 and were signed on its behalf by:
P Cawston - Trustee
G Bibby - Trustee
The notes form part of these financial statements
Page 10
WATERLOO UNCOVERED
CASH FLOW STATEMENT FOR THE YEAR ENDED 30 APRIL 2021
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Net cash used in investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2021 £ 184,166 184,166 (2,351) (2,351) 181,815 82,521 264,336 |
2020 £ 22,103 22,103 (5,832) (5,832) 16,271 66,250 82,521 |
|---|---|---|
The notes form part of these financial statements
Page 11
WATERLOO UNCOVERED
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 APRIL 2021
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM | OPERATING | |
|---|---|---|---|---|
| ACTIVITIES | ||||
| 2021 | 2020 | |||
| £ | £ | |||
| Net income for the reporting period (as per the Statement of Financial | ||||
| Activities) | 191,819 | 18,852 | ||
| Adjustments for: | ||||
| Depreciation charges | 1,817 | 687 | ||
| Increase in debtors | (2,402) | - | ||
| (Decrease)/increase in creditors | (7,068) | 2,564 | ||
| Net cash provided by operations | 184,166 | 22,103 | ||
| 2. | ANALYSIS OF CHANGES IN NET FUNDS | |||
| At 1.5.20 | Cash flow | At 30.4.21 | ||
| £ | £ | £ | ||
| Net cash | ||||
| Cash at bank | 82,521 | 181,815 | 264,336 | |
| 82,521 | 181,815 | 264,336 | ||
| Total | 82,521 | 181,815 | 264,336 |
The notes form part of these financial statements
Page 12
WATERLOO UNCOVERED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
These financial statements are prepared on a going concern basis, under the historical cost convention.
The Company is a public benefit entity for the purposes of FRS 102 and a registered charity established as a company limited by guarantee and therefore has also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP) and the Companies Act 2006 Waterloo Uncovered meets the definition of a public benefit entity under FRS 102.
The financial statements have been prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’ This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Raising funds
These include expenditure associated with implementing the objectives of the charity and include both direct and support costs relating to these activity costs.
Charitable activities
These include expenditure associated with implementing the objectives of the charity and include both direct and support costs relating to these activity costs
Governance costs
These costs include the cost of the preparation of the statutory accounts and the costs of Board of Trustee meetings.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
continued...
Page 13
WATERLOO UNCOVERED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
1. ACCOUNTING POLICIES - continued
Tangible fixed assets
Fixtures and fittings - 20% on cost Computer equipment - 25% on cost
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Creditors and provision
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due
Financial instruments
Cash and cash equivalents
Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity date of three months or less.
Debtors and creditors
Debtors and creditors receivable or payable within one year of the reporting date are carried at their transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected future receipts or payment discounted at a market rate of interest.
Concessionary loans
Where concessionary loans (ie free of interest) are made to or received by the Charity to further its charitable purposes, they are initially recognised at the amount paid or received, with the carrying value adjusted in subsequent years to reflect repayments and any accrued interest, adjusted for any impairment, if necessary.
Government Grants
Government grant income relating to coronavirus support is recorded in the period to which the claim relates and all conditions required have been completed.
continued...
Page 14
WATERLOO UNCOVERED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
2. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| Project related donations General donations |
2021 £ 296,431 339,579 636,010 |
2020 £ 110,381 306,390 |
| 416,771 |
The Trust benefits greatly from the involvement and enthusiastic support of its many volunteers, details of which are given in our annual report. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the accounts.
3. RAISING FUNDS
Raising donations and legacies
| Fundraising | 2021 £ 22,223 |
2020 £ 65,159 |
|---|---|---|
4. CHARITABLE ACTIVITIES COSTS
5.
| Archaeological digs & trips Education and outreach Veteran Support Programme DIRECT COSTS OF CHARITABLE ACTIVITIES Staff costs Archaeological digs & trips Education & outreach Use of building Depreciation |
Direct Costs (see note 5) £ 46,271 248,218 83,907 378,396 2021 2020 £ £ 50,000 35,000 64,053 172,833 259,343 67,717 5,000 - - 344 378,396 275,894 |
Direct Costs (see note 5) £ 46,271 248,218 83,907 378,396 2021 2020 £ £ 50,000 35,000 64,053 172,833 259,343 67,717 5,000 - - 344 378,396 275,894 |
|---|---|---|
| 378,396 | ||
| 2020 £ 35,000 172,833 67,717 - 344 |
||
| 275,894 |
Page 15
continued...
WATERLOO UNCOVERED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
6. SUPPORT COSTS
| Governance Management costs £ £ Other resources expended 40,487 3,085 |
Totals £ 43,572 |
|---|---|
In 2020 the support costs were split equally between the Charitable activities : Archaeological digs & trips and Outreach & education. At that time veteran support programme was reported as archaeology. The veteran support programme being an integral part of the annual summer excavation.
In 2021 around 80% of support costs related to Charitable activities.
The costs transferred were allocated
-
55% to Outreach & Education,
-
10% to Archaeological Digs & Trips
-
35% to Veteran Support Programs (VSP).
This split is heavily influenced by Covid-19 preventing the majority of dig work and more focus towards more VSP work as an area distinct from Digs & Trips.
It should be noted that one of the primary audiences for Outreach & Education work was Serving Personel and Veterans. To help support their wellbeing, add mental health during a lockdown
Support costs, included in the above, are as follows:
Management
| Management | ||
|---|---|---|
| 2021 | 2020 | |
| Other | ||
| resources | Total | |
| expended | activities | |
| £ | £ | |
| Staff salaries & related employment costs | 67,758 | 84,318 |
| Social security | 7,539 | 8,116 |
| Pensions | 2,935 | 2,112 |
| Office costs, administration & contractors | 115,124 | 29,519 |
| Transfer to Charitable activities | (154,686) | (62,376) |
| Depreciation of tangible and heritage assets | 1,817 | **687 ** |
| **40,487 ** | 62,376 |
Page 16
continued...
WATERLOO UNCOVERED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
6. SUPPORT COSTS - continued Governance costs
| 6. | SUPPORT COSTS - continued Governance costs |
|||
|---|---|---|---|---|
| 2021 | 2020 | |||
| Other | ||||
| resources | Total | |||
| expended | activities | |||
| £ | £ | |||
| Accountancy and legal fees | 3,085 | 2,718 | ||
| Legal fees | - | 1,772 | ||
| 3,085 | 4,490 | |||
| 7. | OTHER | |||
| 2021 | 2020 | |||
| £ | £ | |||
| Support costs | 43,572 | 65,179 | ||
| 8. | NET INCOME/(EXPENDITURE) | |||
| Net income/(expenditure) is stated after charging/(crediting): | ||||
| 2021 | 2020 | |||
| £ | £ | |||
| Depreciation - owned assets | 1,817 | 687 |
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 April 2021 nor for the year ended 30 April 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 April 2021 nor for the year ended 30 April 2020.
10. STAFF COSTS
| STAFF COSTS | ||
|---|---|---|
| Wages and salaries Social security costs Other pension costs |
2021 £ 117,758 7,539 2,935 **128,232 ** |
2020 £ 119,318 8,116 2,112 |
| 129,546 |
The average monthly number of employees during the year was as follows:
| Operations | 2021 3 |
2020 2 |
|---|---|---|
No employees received emoluments in excess of £60,000.
continued...
Page 17
WATERLOO UNCOVERED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
| 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 306,389 Other income 10,000 Total 316,389 EXPENDITURE ON Raising funds 65,159 Charitable activities Archaeological digs & trips 29,238 Education and outreach 50,393 Other 65,179 Total 209,969 NET INCOME/(EXPENDITURE) 106,420 Transfers between funds (31,408) Net movement in funds 75,012 RECONCILIATION OF FUNDS Total funds brought forward 1,995 TOTAL FUNDS CARRIED FORWARD 77,007 |
Restricted funds £ 110,382 - 110,382 - 178,939 17,324 1,687 197,950 (87,568) 31,408 (56,160) 56,160 - |
Total funds £ 416,771 10,000 426,771 65,159 208,177 67,717 66,866 407,919 18,852 - 18,852 58,155 77,007 |
|---|---|---|
continued...
Page 18
WATERLOO UNCOVERED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
| 12. TANGIBLE FIXED ASSETS Fixtures and fittings £ COST At 1 May 2020 2,285 Additions - At 30 April 2021 2,285 DEPRECIATION At 1 May 2020 371 Charge for year 457 At 30 April 2021 828 NET BOOK VALUE At 30 April 2021 1,457 At 30 April 2020 1,914 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Social security & other taxes 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Social security and other taxes Pension contributions payable Accruals and deferred income 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted fund funds £ £ Fixed assets 5,679 - Current assets 165,308 101,430 Current liabilities (3,591) - 167,396 101,430 |
Computer equipment £ 3,547 2,351 5,898 316 1,360 1,676 4,222 3,231 2021 £ 2,402 2021 £ - 591 3,000 3,591 2021 Total funds £ 5,679 266,738 (3,591) 268,826 |
Totals £ 5,832 2,351 8,183 687 1,817 2,504 5,679 5,145 2020 £ - 2020 £ 8,625 533 1,501 10,659 2020 Total funds £ 5,145 82,521 (10,659) 77,007 |
|
|---|---|---|---|
continued...
Page 19
WATERLOO UNCOVERED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
16. MOVEMENT IN FUNDS
| Unrestricted funds General fund Restricted funds The Main Project (Veteran Support / Summer Excavations) Heritage Lottery Fund - Awards for All TOTAL FUNDS Net movement in funds, included in the above are Unrestricted funds General fund Restricted funds The Main Project (Veteran Support / Summer Excavations) Heritage Lottery Fund - Awards for All TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Restricted funds The Main Project (Veteran Support / Summer Excavations) Heritage Lottery Fund - Awards for All TOTAL FUNDS |
At 1.5.20 £ 77,007 - - - 77,007 as follows: At 1.5.19 £ 1,995 56,160 - 56,160 58,155 |
Net movement in funds £ 101,018 86,871 3,930 90,801 191,819 Incoming resources £ 339,579 286,431 10,000 296,431 636,010 Net movement in funds £ 106,420 (92,848) 5,280 (87,568) 18,852 |
Transfers between At funds 30.4.21 £ £ (10,629) 167,396 10,629 97,500 - 3,930 10,629 101,430 - 268,826 Resources Movement expended in funds £ £ (238,561) 101,018 (199,560) 86,871 (6,070) 3,930 (205,630) 90,801 (444,191) 191,819 Transfers between At funds 30.4.20 £ £ (31,408) 77,007 36,688 - (5,280) - 31,408 - - 77,007 |
|---|---|---|---|
continued...
Page 20
WATERLOO UNCOVERED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
16. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds The Main Project (Veteran Support / Summer Excavations) Heritage Lottery Fund - Awards for All TOTAL FUNDS |
Incoming resources £ 316,389 100,982 9,400 110,382 426,771 |
Resources Movement expended in funds £ £ (209,969) 106,420 (193,830) (92,848) (4,120) 5,280 (197,950) (87,568) (407,919) 18,852 |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds The Main Project (Veteran Support / Summer Excavations) Heritage Lottery Fund - Awards for All TOTAL FUNDS |
At 1.5.19 £ 1,995 56,160 - 56,160 58,155 |
Net movement in funds £ 207,438 (5,977) 9,210 3,233 210,671 |
Transfers between funds £ (42,037) 47,317 (5,280) 42,037 - |
At 30.4.21 £ 167,396 97,500 3,930 101,430 268,826 |
|---|---|---|---|---|
continued...
Page 21
WATERLOO UNCOVERED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
16. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 655,968 Restricted funds The Main Project (Veteran Support / Summer Excavations) 387,413 Heritage Lottery Fund - Awards for All 19,400 406,813 TOTAL FUNDS 1,062,781 |
Resources Movement expended in funds £ £ (448,530) 207,438 (393,390) (5,977) (10,190) 9,210 (403,580) 3,233 (852,110) 210,671 |
|---|---|
The Main Fund (formerly the LIBOR fund).
This was seeded with funding received from LIBOR to further the charity's work. 2021 included years four and five of five years matched funding by the charity. Additional donors have contributed to this fund in the current financial year.
The funding is used to further field trips and increase the number of SPV participants. In addition it funds education and outreach awareness.
Heritage Lottery Fund - Awards for All
Funding was receive to purchase services to set up various social media and draft a five year business plan. The funds carried forward were spent at the start of the following financial year..
17. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 April 2021.
Page 22