**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:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. 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
4. 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