2022-03-31-accounts - The CO Research Trust

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						Page
Reference and administrative details			ofthe Charity, Its Trustees and advisers
Trustees' report						2-9
Independent	auditors'	report on the	financial		statements	10-13
Consolidated	statement of financial		activities			14
Consolidated	Income	and expenditure		account
Consolidated	balance	sheet				16-17
Charity balance sheet						18 - 19
Consolidated	statement ofcash flows					20
Notes to the	financial	statements				21 - 36

REFERENCE AND	REFERENCE AND	REFERENCE AND	ADMINISTRATIVE	DETAILS	DETAILS	OF THE CHARITY, ITSTRUSTEES AND ADVISERS	OF THE CHARITY, ITSTRUSTEES AND ADVISERS
			FOR THE YEAR ENDED 31 MARCH 2022
Trustees			Baroness Finlay, Chair (appointed				6September 2021)
			Christopher Bielby		(deceased)
			Paul Everall, Deputy Chair
			Julian Allsopp, Treasurer
			Dr Susan Bews
			Patricia Fulker
			Roger Webb
			Karen Gillespie
			Professor Andrew		Shaw
			Mark Hazelton	(resigned 14October 2021)
			Bruce Allen (appointed 6 September 2021)
			Dr Shirley Price	(appointed		6 September 2021)
			John O' Grady (appointed			6 September 2021)
Company	registered
number			05492650
Charity registered
number			1110624
Registered		office	Suite 2 Healey	House
			Dane Road
			Andover
			Hampshire
			SP102AA
Independent		auditors	Xeinadln Audit Limited
			6th Floor Becket House
			36 Old Jewry
			London
			EC2R BDD
Bankers			NatWest Bank	pic
			PO Box6451
			3 London Street
			Basingstoke
			Hampshire
			RG217FP
Investment		Managers	Cazenove Capital		Management
			31 Gresham Street
			London
			EC2V 7QA

The fol	lowing is a summa	ry ofthe grants a	warded during the	warded during the	year which represents the progress	year which represents the progress	year which represents the progress	being ma
Institute	of Occupational	Medicine - Review	of CO Research		Trust Academic Database Content			9,967
Improving Performance		in Practice -Understanding and		minimising		the consequences	of CO
during	pregnancy							9,870
NPIS -	NPIS Carbon Monoxide Surveillance		Project					101,817
University of Leeds - Proarrhythmlc effects			of CO on human		cardiac myoctes derived		from
induced	pluripotent stem	cells and potential	therapeutic	interventions				298,624
								420,278

			Unrestricted	Total	Total
			funds	funds	funds
		Note	2022 6	2022 6	2021f
income from:
Other trading activities		3	6021284	602,284	820,555
Investments		4	162,379	162,379	162292
Total Income			764,663	764,663	982,847
Expenditure on:
Raising funds		5,6	232,259	232,259	216,807
Charitable activities		8	612,328	612,328	718,769
Total expenditure			844,587	844,587	935,576
Net (expenditure)/Income	before net gains on
investments			(79,924)	(79,924)	47,271
Net gains on Investments			165,786	165,786	715,497
Net movement in funds			85,862	85,862	762,768
Reconciliation offunds:
Total funds brought forward			5,154,911	5,154,911	4,392,143
Net movement in funds			85,862	85,862	762,768
Total funds carried forward			5,240,773	5,240,773	5,154,911

			Total funds	Total funds
		Note	2022 2	2021f
Income			764,663	982847
(Losses)/gains on investments			165,786	715,497
Gross income in the reporting	period		930,449	1,898,344
Less: Total expenditure			(844487)	(935,576)
Net Income for the reporting	period		85,862	782,788
The notes on pages 21 to 36form part ofthese financial statements.

		FOR TH	E YEAR ENDED 31 MARCH 20	22
				2022	2021
Cash flows from operating		activities
Net cash	used in operating	activities		132,064	120,465
Cash flows from investing		activities
Dividends,	interests and rents from investments			162,379	162,292
Proceeds	from sale of Investments			4,601,226	11,922
Purchase	of investments			(4,752,366)	(I61,407)
Net cash	provided by Investing activities			11,239	12,807
Change in cash and cash		equivalents In	the year	143,303	133,272
Cash and	cash equivalents	at the beginning	of the year	1,195,535	1,062,263
Cash and	cash equivalents	at the end of	the year	1,338,838	1,195,535
The notes	on pages 21 to 36form part ofthese financial statements

	Unrestricted	Total	Total
	funds	funds	funds
	2022	2022	2021
	2	2
Trading income	602,284	602,284	820,555
Total 2021	820,555	820,555

	Unrestricted	Total	Total
	funds	funds	funds
	2022 8	2022 2	2021f
Income from fixed asset investments	162,013	162,013	161,407
interest receivable	366	366	885
	I 62,379	162,379	162,292
Total2021	162,292	162,292

Other trading	expenses
		Unrestricted	Total	Total
		funds	funds	funds
		2022 2	2022 2	2021f
Administration	expenses	166,167	166,167	117,412
Administration	staff costs	55,152	55,152	88,585
		221,319	221,319	203,977
Total2021		203,977	203,977

			Unrestricted	Total	Total
			funds	funds	funds
			2022	2022	2021
			2	9
investment	management	costs	10,940	10,940	12,830
Total 2021			12,830	12,830

					Grants	Grants	Grants	to	to	Total	Total
					Institutions					funds	funds
							2022			2022	2021
									2	8
Research					378,147					378,147	485,154
Total 2021					485,154					485,154
The Group has made the following	material		grants to	institutions	during		the		year:
										2022	2021
										2
Name of institution
Aintree Universtiy Hospital - Measuring		exhaled carbon monoxide									7,861
Liverpool John Moores University-	Corbon		monoxide	and the Belisama
Ecotherapy Community											4,188
Liverpool John Moores University-	Carbon		monoxide	and the irish Traveller
Community											7,993
University of Herefordshire - Evaluation		of	Chromodynamlc Pupillometry					as
a sensitive indicator of carbon monoxide		exposure.									283,296
Improving performance in practice	- Identifying and protecting pregnant
women from CO exposure											62,294
University College London - Carbon monoxide toxicity: Developing a						neuro
protective strategy to improve treatment		outcomes									105,923
Queen Mary University of London											9,841
Shefffeld Hallam University											9,972
Liverpool John Moores University-	Grant not used										(6,214)
Institute of Occupational Medicine	—review		of of CO Research		Trust
Academic Database Content										9,967
Improving performance in practise	2 - Understanding			and minimising		the
consequences of CO during pregnancy										9,870
NPIS - NPIS Carbon Monoxide Surveillance Project										101,817
University of Leeds - Proarrhythmlc	effects of CO on			human cardiac
myoctes derived from induced pluripotent			stem cells	and potential
therapeutic interventions										2981624
St Georges Hospital Grant - Grant	no longer required									(36,226)
St Georges Hospital Grant - Funds	not	used								(6,905)
										378,147	485,154

	Unrestricted	Total	Total
	funds	funds	funds
	2022 2	2022 8	2021f
CO Research	612,328	612,328	718,769
Total 2021	718,769	718,769

	Activities	Grant
	undertaken	funding ot	Support	Total	Total
	directly	activities	costs	funds	funds
	2022 2	2022 2	2022 2	2022 2	2021f
CO Research	143,990	378,147	90,191	612,328	718,769
Total 2021	134,979	485,154	98,636	718,769
Analysis ofdirect costs

			CO	Total	Total
			Research	funds	funds
			2022 2	2022 8	2021f
Staff costs			56,012	56,012	39,768
PR & marketing			50,766	50,766	55,393
Travel &subsistence			2,858	2,858	eoe
Other projects - Solid fuel	review		20,119	20,119	9,910
Other projects - Research	output	review			29,100
DIDR - CO incident database			4,400	4,400
Events Consultant			9,835	9,835
			143,990	143,990	134,979
Total2021			134,979	134,979

			Promoting	Total	Total
			gas safety	funds	funds
			2022 8	2022 8	2021f
Staff costs			32,149	32,149	17,044
Travel &subsistence			6,668	6,668	1,886
Administration/office		costs	1,408	1,408	1,253
Legal &professional			3,525	3,525	14,636
Management	fees		21,898	21,898	23,862
Insurances Governance			3,547	3,547	3,452
ITsupport			8,847	8,847	6,523
Subscriptions			3,549	3,549	19,380
			8,600	8,600	8,600
			90,191	90,191	98,636
Total2021			98,636	98,636

Auditors' remuneration
			2022 'E	2021 f
Fees payable to the Charity's accounts	auditor for the audit of the Charity's	annual	3,600	3,600

							Group	Group	Charity	Charity
							2022f	2021f	2022f	2021f
Wages and	salaries						127,677	125,774	75,450	49,417
Social security		costs					8,527	9,012	7,971	3,426
Contribution	to defined contribution				pension
schemes							7,109	6,591	4,741	3,969
							143,313	143,377	88,162	56,812
The average	number		of persons employed			by	the Charity during the	year was	as follows:
							Group	Group	Charity	Charity
							2022	2021	2022	2021
							No.	No.	No.	No.
Administration
The number		of employees		whose	employee		benefits (excluding	employer	pension costs)	exceeded
f60,000was:
									Group	Group
									2022	2021
									No.	No.

14.	Fixed asset investments
		Other fixed
		asset
		Investments
	Group	2
	Cost or valuation
	At 1 April 2021	4,359,490
	Additions	4,752,366
	Dlsposals	(4,446,046)
	Revaluations	10,606
	At 31 March 2022	4,676,416
	Net book value
	At 31 March 2022	4,676,416
	Al 31March 2021	4,359,490

		Investments
		in	Other fixed
		subsidiary	asset
		companies	Investments	Total
Charity		8	8	2
Cost or valuation
At 1 April 2021		727,794	4,359,490	5,087,284
Additions			4,752,366	4,752866
Disposals			(4,446,046)	(4,446,046)
Revaluations			10,606	10,606
At 31 March 2022		727,794	4,676,416	5,404,210
Impairment
At 1 April 2021		162,255		162,255
At 31 March 2022		162,255		162,255
Net book value
At 31 March 2022		565,539	4,676,416	5,241,955
At31March 2021		565,539	4,359,490	4,925,029
Details ofsubsldlery	undertakings
All entities have a year	end of 31st March.

				Group			Group	Charity	Charity
				2022 8			2021f	2022 f	2021 f
Due within one year
Trade debtors				83,741			324,523	6,905
Amounts owed by group undertakings								376,444	613,723
Prepayments	and accrued		income	181,281			248,797	36,357	44,564
				265,022			573,320	419,706	658,287
Last year the	debts due in		more than one year were trade debtors				and accrued income. Issues with the
invoicing system of the subsidiary				led to much longer payment		terms being arranged with the customers
than normal.	The invoicing		system	has been improved and	ail	debts are now		due to be paid within one
year.
Creditors: Amounts		falling due within one year
				Group			Group	Charity	Charity
				2022 8			2021f	2022 6	2021f
Trade creditors				128,822			98,932	124,586	78,581
Other taxation	and social security			48,384			80,279	2,185	1,677
Other creditors				1,767			798	1,662	498
Accruals and	deferred	income		484,567			474,048	446,961	438,491
				663,540			654,057	575,394	519,247

				Group	Group	Charity	Charity
				2022f	2021	2022f	2021f
Accruals	and	deferred	Income	375,963	319,377	375,963	319,377

					Group	Group	Charity	Charity
					2022f	2021f	2022f	2021f
Financial		assets
Financial		assets measured		at tair value
through	income and expenditure				4,676,416	4,359,490	5,241,955	4,925,029
					Group	Group	Charity	Charity
					2022f	2021f	2022f	2021f
Financial		liabilities
Financial		liabilities	measured	at amortised
cost					1,039,503	973,434	951,358	838,524

Items of Income, expense,	gains or loss	es
					Net gains
				Income f	l(losses) f
2022
Financial assets measured	at fair value	through	income
and expenditure				162,013	165,786
Financial assets measured	at amortised	cost		366
2021
Rnancial assets measured and expenditure	at fair value	through	Income	161,407	715,497.
Financial assets measured	at amortised	cost		885

								Balance at
			Balance at 1				Gains/	31 March
			April 2021 8	Income f	Expenditure	f	(Losses) 8	2022 8
Unrestricted	funds
Designated	funds
Designated	Funds		2,645,500					2,645,500
Generalfunds
General Funds			2,509,411	764,663	(844,587)		165,786	2,595,273
Total Unrestricted		funds	5,154,911	764,663	(844487)		165,786	5,240,773
Statement	offunds	- prior year
								Balance at
			Balance al				Gains	31March
			1April 2020f	Income f	Expenditure	f	(Losses)f	2021
Unrestricted	funds
Designated	funds
Designated	Funds		2,845,500					2,645,500
General funds
General Funds			1,746,643	982,847	(935,576)		715,497	2,509,411
Total Unrestricted		funds	4,392,143	982,847	(935,576)		715,497	5,154,911

Analysis of net assets between funds - current year
	Unrestricted	Total
	funds	funds
	2022	2022
	6	6
Fixed asset investments	4,676,416	4,676,416
Current assets	1,603,860	1,603,860
Creditors due within one year	(663,540)	(663,540)
Creditors due in more than one year	(375,963)	(375,963)
Total	5,240,773	5,240,773

Analysis ofnet assets between funds - prior year
	Unrestricted	Total
	funds	funds
	2021	2021f
Fixed asset investments	4,359,490	4,359,490
Current assets	1,768,855	1,768,855
Creditors due within one year	(654,057)	(654,057)
Creditors due in more than one year	(319,377i	(319,377)
Tl	5,154,911	5,154,911

Reconciliation of	net movement	In funds	to net cash flow from operating	to net cash flow from operating	activities
					Group	Group
					2022 8	2021f
Net income for the	year (as per Statement		of Financial	Activities)	85,862	762,768
Adjustments for:
(Gains)Rosses on	investments				(165,786)	(714,982)
Dividends, interests	and rents from	Investments			(162,379)	(162,292)
(Increase)/Decrease	in debtors				308,298	(212,124)
Increase/(Decrease)	in creditors				66,069	447,095
Net cash provided	by operating	activities			132,064	120,465

The following	was asubsidiary undert	aking of the Charity:
Name			Company		Class of	Holding
			number		shares
Corgi Services Limited			03268198		Ordinary	100'/o
The financial	results ofthe subsidiary	for the year were:
Name		Income	Expenditure	Profit/(Loss)		Net assets
		E	2	for	the year	8
					2
Corgi Services Limited		602,335	(221,318)		381,017	385,540