2023-03-31-accounts

Registered number: 05492850 Charity number: 1110624

THE CO RESEARCH TRUST

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

THE CO RESEARCH TRUST

(A company limited by guarantee)

CONTENTS

	Page
Reference and administrative details of the Charity, its Trustees and advisers	1
Trustees' report	2 - 9
Independent auditors' report on the financial statements	10 - 13
Consolidated statement of financial activities	14
Consolidated income and expenditure account	15
Consolidated balance sheet	16 - 17
Charity balance sheet	18 - 19
Consolidated statement of cash flows	20
Notes to the financial statements	21 - 37

THE CO RESEARCH TRUST (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

Trustees	Baroness Finlay, Chair
	Paul Everall, Deputy Chair
	Julian Allsopp, Treasurer
	Dr Susan Bews
	Patricia Fulker
	Roger Webb
	Karen Gillespie
	Professor Andrew Shaw
	Bruce Allen
	Professor Shirley Price
	John O'Grady
	Adrian Hutt (appointed 8 December 2022)
Company registered number 05492850 Charity registered number 1110624 Registered office Suite 2 Healey House Dene Road Andover Hampshire SP10 2AA Independent auditors Xeinadin Audit Limited 8th Floor Becket House 36 Old Jewry London EC2R 8DD Bankers NatWest Bank plc PO Box 6451 3 London Street Basingstoke Hampshire RG217FP Investment Managers Cazenove Capital Management 31 Gresham Street London EC2V 7QA

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THE CO RESEARCH TRUST

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 April 2022 to 31 March 2023. The annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the CO Research Trust/Corgi Services Ltd and the Charity itself qualify as small under section 383 of the Companies Act 2006, the group strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

The CO Research Trust (referred to as the 'Trust' hereafter) is at the forefront of efforts to reduce CO exposure in the UK. The Trust is committed to the research we fund having the biggest possible impact for everyone affected by CO exposure, by funding research which minimises the risk from CO exposure, as well as providing the tools and treatments to mitigate the effects when it does happen. The overarching strategic plan outlines the direction and ambitions for the CO Research Trust for the next four to five years.

The Trust invests in forward-thinking, outcomes-oriented research and supports collaboration (in the UK and internationally) to improve our understanding of CO exposure and to find ways to reduce risk and harm from this largely avoidable poison.

Our key priorities are, but are not limited to, the following areas:

• Improved Diagnosis - This is a critical area of research. Given the limitations of carboxyhaemoglobin (COHb) it is essential that a new biomarker is found to: make the diagnosis of carbon monoxide easier; to ensure that those who need treatment receive it; and to make sure that all cases of CO exposure are identified, so a true picture emerges. This may include the development of new techniques, improved patient pathways, and improvements in the application of technology.

• Better Treatments and Therapeutics - To improve the treatments and therapeutics for CO exposure, we need to better understand the mechanisms of CO poisoning, to review and build upon current methods, and to further explore the increased susceptibility and specific risks associated with vulnerable groups and those with underlying health conditions.

• Understanding Vulnerable Groups, Co-Morbidities and Health Outcomes from CO Poisoning - It is generally thought that the elderly, children, pregnant women (and unborn child), people living in fuel poverty, and people with underlying health conditions are at greater risk of CO exposure, particularly at low levels. Similarly, it is important to understand the long-term outcomes of exposure on healthy individuals. To be able to develop policies and solutions to mitigate these risks, we need to increase our knowledge of the consequences of exposure.

• Quantifying Prevalence / Data - An important focus for the Trust over the next five years is to better quantify the prevalence of CO exposure in the UK – capturing both the fatalities (and where possible CO exposure was a secondary cause of death), as well as incidences of low-level exposure. We will do this by funding primary data collection, assisting with the aggregation of data collected by others, and supporting the analysis of healthcare datasets held by others (e.g., the UK Biobank). Understanding more about the level of risk and how common exposure is (especially at low levels) is critical to engagement with decision makers.

• Built Environment / Energy Efficiency Measures - The Trust will continue its interest in the effect that changes to Building Regulations, energy efficiency measures, the zero-carbon agenda, and the way behaviours and construction methods (e.g. renovation and retrofitting) impact on CO safety. To do so we will work more closely with our industry colleagues to establish potential collaborative projects.

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THE CO RESEARCH TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

• Better CO Detection and Risk Reduction – The Trust will continue to work with industry partners and others to explore ways to improve CO detection and minimise its production, especially in those environments where the risk cannot be totally removed.

• Other Fuels and Environments - Whilst the UK’s gas industry has taken steps to prevent CO exposure – thanks in part to better regulation and improved technologies – in other fuel sectors the picture is less clear. With no requirement to report CO incidents and fewer regulatory requirements, it is unclear what the level of risk and specific issues are in, for example, the solid fuel sector. Similarly, we will work towards developing a better understanding of specific situations where risk has been identified – e.g. transportation, leisure, hospitality, and places of work.

The Trust carries out this work through partnerships with a range of academic institutions and government bodies the Trust has developed its existing partnerships with the All-Party Parliamentary Carbon Monoxide Group, Higher Education Institutions and the National Poisons Information Service.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Grant-making policies

The Trust has established its grant making policy to achieve its objects for the public benefit. The Trust’s aim is to reduce the incidents of fatalities and serious injuries as well as poor health outcomes from carbon monoxide exposure and its vision is to make a real difference to those most in need.

The beneficiaries of our grant-making programme are principally UK citizens although we will consider applications from overseas where the proposal has a UK based institution as the principal applicant. We make the output of the research we fund freely available on our website and many of our projects have a worldwide relevance and are of benefit to humankind.

The Trust invites applications for research grants from institutions and other suitably qualified organisations by advertising in the specialist press. Eligibility is restricted to applicants having a relevant expertise in the field in order to ensure high quality outputs. Institutional applicants submit a summary of their proposals to the trustees in a specific format, together with signed agreement to our terms and conditions.

The Trust follows best practice in maintaining the independence of research funding and ensuring that sponsored researchers and research institutions abide by best practice in research ethics. Applications made in the correct format are reviewed by our Grants Sub Committee against our research objectives before being submitted, with a recommendation to the Full Board.

Continuation of the grants is subject to the meeting of agreed milestones and ongoing monitoring by the Trust’s Chief Executive who reports back to the Board on a quarterly basis.

Grant recipients file a progress report at these agreed milestones. They may also be occasionally required to meet with the Grants Sub Committee to answer questions upon progress or direction.

In these instances, the findings and recommendations of the Grants Sub Committee are reported to the trustees as required and the continuation of funding, is solely at the discretion of the Board.

Details of how to apply for grants, together with the relevant forms, are available on the Trust’s website: www.coresearchtrust.org.

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THE CO RESEARCH TRUST (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance

a. A review of our achievements and performance: How our grant and research programmes delivered public benefit

The benefits of the Trust’s work are the dissemination of research findings, education of future researchers, and the funding of on-going research with the goal being to improve understanding of carbon monoxide poisoning in its broadest sense.

This year, the Trust held a Research Conference and Sandpit in London to build upon past year’s comprehensive review of our research outputs, and to identify the priorities for research to focus on.

The following is a summary of the grants awarded during the year which is the fruit of that process and highlights the progress being made. These grants represent the largest total of awards made since the Trust formed:

Aintree Hospital – Extending the QIP for CO Diagnosis in ED Institute Of Occupational Medicine – Annual Collation and Analysis of Published Materials on CO and Health Sheffield Hallam University – Effects of low-level CO on vulnerable organs in the embryo and the adult University College London – Carbon Monoxide Toxicity: studies of a neuroprotective strategy in vivo and in a human cell model	£45,500 £46,423 £614,522 £450,000 £1,156,445

b. Monitoring achievement

The success of our research programme is generally evaluated using the number of academic papers accepted for publication from those supported by the Trust together with industry, regulatory, medical or scientific policy changes brought about as a result of its findings.

We also consider the completion of research projects within the planned timescale for the project and the number of research projects for which the findings have been published in reputable peer reviewed journals. The outcome of the research is also assessed in a variety of ways including the identification of the changes or improvements to industry, regulatory, medical or scientific practices stemming from the research.

The timescale from the initial research ideas progress to changes in practice or therapies can be very lengthy, so the trustees look for timely and appropriate reporting tailored to the nature of the research and its likely outcomes. The annual report is an opportunity to take stock of how far each research project has progressed and acts more as snapshot looking at the journey, or a final outcome, rather than a full synopsis of achievement.

This is an area the Trust keeps under review.

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THE CO RESEARCH TRUST (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Financial review

a. Overview

The Trust’s work is entirely reliant on income gift-aided from Corgi Services Limited and investment income.

During the financial year 2022/23, investment income amounted to £196,353 (2021/22 - £162,379) with a giftaided income received from Corgi Services Limited amounting to £364,280 (2021/22 - £381,017).

b. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

c. Reserves policy

The trustees aim to maintain free reserves in unrestricted funds at a level which equates to committed grant expenditure plus approximately 24 months of forward operating expenditure. The trustees consider that this level will provide sufficient funds to respond to unexpected shortfalls in income and enable the Trust to respond to one –off grant opportunities outside the normal annual budgetary cycle. Should other funding not be received the cash reserve should be used to pay committed grants defined by the terms of the relevant contracts.

Free reserve available for use exclude restricted funds and the investments in Corgi Services Limited as unrestricted funds.

Trustees have reviewed the historic designation of £2,645,500 for the purpose of generating investment income to support the charitable aims of the Trust and consider that in the current environment this remains appropriate. Trustees will continue to review this on an ongoing basis to ensure the value of funds designated for the purpose of generating investment income remain consistent with the Trust’s long-term strategy.

The balance held as free reserve at 31 March 2023 was £435,434 which amounts to circa 16 months operating expenditure and exceeds the target range set by Trustees. Trustees have consciously explored opportunities to increase grant awards this year to reduce the level of free reserve in excess of the target. This approach resulted in the largest grants awards made this year of £1.1m.

d. Investment policy and performance

The trustees reviewed the policy for use of funds for the financial year. The policy aims to maintain the real value of the investments in the long term and to achieve a return equivalent to the retail price index plus 4%.

The day-to-day management of our investments are outsourced to our fund manager Cazenove via a bespoke ethical multi asset fund designed to deliver equity like returns with reduced volatility. As at the 31 March 2023 the fund's asset mix was as follows:-

•	Multi-Asset Funds	0.0%
•	Alternatives	18.3%
•	Bonds	8.0%
•	Cash	3.3%
•	Equities	70.4%

The movement on investments for the financial year was (2.36%) (7.26% last year) against a target return of 6% (capital growth with dividends).

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THE CO RESEARCH TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

e. Risk management

The principal risks faced by the Trust lie in the performance of investments and changes to the Trusts income from trading subsidiary Corgi Services Limited.

The trustees consider variability of investment returns on the Trust’s investment to be an important financial risk. This risk is mitigated by retaining expert investment managers and having a diversified ethical investment portfolio.

The operational risk from variability to the Trust’s income from Corgi Services Limited, caused by changes to licensees is identified as a risk to the charity. Whilst this risk is not immediate, the profile of income from licensees means that the Trust is reliant on the continued performance of a small number of licensees for a significant proportion of its income. The Trust aims to mitigate this risk by seeking opportunities for collaborative co-funding and incorporating this aim into its 5-year plan.

The consequences of the Covid 19 pandemic meant that the Trust was restricted in its activities to disseminate grant funds and to generate new applications. It also meant that some of the grant recipients were temporarily unable to continue their work due to lockdown restrictions. However, this was mitigated by using online communications, videoconferencing, and internet-based activities. Being a small organisation meant that the Trust was been able to be adaptive and responsive to this challenge and whilst it caused a delay to the delivery of some of the projects in the short term, many of these project have now been able to get under way and it will have no longer term impact.

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THE CO RESEARCH TRUST (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Structure, governance and management

a. Constitution

The CO Research Trust (formerly The Gas Safety Trust) is a company limited by guarantee and governed by its Memorandum and Articles of Association dated 6 August 2021. It is a charity registered with the Charity Commission and established primarily to promote and support gas safety.

The CO Research Trust is the sole shareholder in Corgi Services Limited. Corgi Services Limited carries out commercial activities to generate profits that are gift aided to the Trust. While the Trust exercises responsibility as the sole shareholder of Corgi Services Limited, the Corgi Services Limited Board is responsible for day-to-day decisions.

The affairs of the CO Research Trust are directed by a Board of Trustees, who are independent and unpaid under charity law. New trustees are required to be interviewed by at least two existing trustees. Upon appointment, trustees receive an information pack and a role description to enable them to focus upon and discharge their responsibilities as appropriate. The trustees receive regular updates from the Charities Commission and there are opportunities to attend appropriate Trustee related seminars and conferences.

At the quarterly trustees’ meetings, the trustees agree the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management policies and performance. The day-to-day administration of grants and the processing and handling of applications prior to consideration by the Grants subcommittee is delegated to the Chief Executive. The Chief Executive is responsible for the monitoring of information concerning the performance of grants to date, and the Grants subcommittee makes recommendations to the trustees concerning the extension, cessation or suspension of existing grant approvals where appropriate. The Grants subcommittee has the power to co-opt academic experts as scientific or educational advisers.

Assisting the trustees, the Finance and Communication & Marketing subcommittees meet quarterly, prior to the main Board meeting, to deal with matters relating to finance and investment, and marketing, PR and public affairs respectively.

The trustees seek to follow the good practice ‘Charity Trustees Guide’ issued by the Charity Commission. The Board considers its make up on an annual basis to keep the skills and composition of the trustee body and succession planning under review and, where needed, to recruit new trustee(s) for their experience, empathy and knowledge of the charity.

New trustees may be sought by open advertisement or through a direct approach, whilst respecting the ethos of the Trust to continue the charitable work set out in its objectives. The ultimate decision on selection is a matter for the trustees.

On appointment, induction process follows the Charity Commission’s good practice Charity Trustees’ Guide with a formal induction programme for any newly appointed trustee, which includes an initial meeting with the Chair and the trustees, to discuss investments, the grant making process, powers and responsibilities of the trustee board and the sub committees. The welcome pack includes a brief history of the Trust, a copy of trustee board and subcommittee minutes, a copy of the last three years of annual reports and accounts, a copy of the governing trust deed and a copy of the Charity Commission’s guidance ‘The Essential Trustee: What You Need to Know’ and ‘Public Benefit: running a charity’.

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THE CO RESEARCH TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Structure, governance and management (continued)

b. Pay policy for key management personnel

The trustees consider the Board of Trustees and the Chief Executive as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. All trustees give their time freely. Details of trustee expenses and related party transactions are disclosed in the accounts.

Trustees are required to disclose all relevant interests and register them with the Chief Executive and in accordance with the Trust’s policy withdraw from decisions where a conflict of interest arises.

c. Financial risk management

The Trustees have assessed the major risks to which the Group and the Charity are exposed, in particular those related to the operations and finances of the Group and the Charity and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Plans for future periods

The CO Research Trust is the UK’s principal grant awarding CO research charity. The core of the trustees’ approach to preventing poisoning by carbon monoxide and raising its awareness is through its ongoing research programme.

We continue to work with our key partners in UK Health Security Agency, Gas Safe Register, the Health and Safety Executive and the All-Party Parliamentary Carbon Monoxide Group with whom we promote our shared interest in preventing CO poisoning and raising awareness.

In the next 12 months, the trustees anticipate:

• Hosting a research conference and sandpit event to showcase the work of CORT as well as focussing on indoor environments to develop new ideas and collaborative proposals to be considered by the Board for funding.

• A continued grants application pipeline considering the indoor environment topics within our research strategy.

• Building upon the rebranding and new website activities to raise awareness of the Trust’s work and the research it funds.

• Supporting and utilising the opportunity presented by the Carbon Monoxide Research Network (CORN), and the developing partnership with the National CO Awareness Association (NCOAA).

• • Developing a workstream that recognises the impact both the reduction of the use of fossil fuels, and the cost-of-living crisis in the UK will have on CO levels.

• Exploring the potential for co-funding opportunities on larger long-term projects.

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THE CO RESEARCH TRUST (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report 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 . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities SORP (FRS 102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) 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 Group will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

• so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and

• that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.

Auditors

The auditors, Xeinadin Audit Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Baroness Finlay Chair

Paul Everall Deputy Chair

Date:

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THE CO RESEARCH TRUST

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CO RESEARCH TRUST

Opinion

We have audited the financial statements of The CO Research Trust (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the consolidated statement of financial activities, the consolidated income and expenditure account, the consolidated balance sheet, the charity balance sheet, the consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 March 2023 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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THE CO RESEARCH TRUST

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CO RESEARCH TRUST (CONTINUED)

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

• the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or

• the parent charitable company has not kept sufficient accounting records; or

• the parent charitable company financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

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THE CO RESEARCH TRUST

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CO RESEARCH TRUST (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general section experiences and through discussion with those charged with governance (as required by auditing standards). We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, Charities SORP and The Charities Act. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We identified the following areas as areas that could be most susceptible to fraud or irregularities: use of funds, designation of funds and transactions with related parties. The audit procedures undertaken did not identify any actual fraud or irregularities.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance laws and regulations (irregularities), is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

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THE CO RESEARCH TRUST

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CO RESEARCH TRUST (CONTINUED)

Xeinadin Audit Limited

Senior Statutory Auditor 8th Floor Becket House 36 Old Jewry London EC2R 8DD

Date: 22 September 2023

Xeinadin Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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THE CO RESEARCH TRUST

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

Note Income from: Other trading activities 3 Investments 4 Total income Expenditure on: Raising funds 5,6 Charitable activities 8 Total expenditure Net expenditure before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2023 £ 601,576 196,353 797,929 252,537 1,397,411 1,649,948 (852,019) (280,069) (1,132,088) 5,240,773 (1,132,088) 4,108,685	Total funds 2023 £ 601,576 196,353 797,929 252,537 1,397,411 1,649,948 (852,019) (280,069) (1,132,088) 5,240,773 (1,132,088) 4,108,685	Total funds 2022 £ 602,284 162,379 764,663 232,259 612,328 844,587 (79,924) 165,786 85,862 5,154,911 85,862 5,240,773

The Consolidated statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 21 to 37 form part of these financial statements.

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THE CO RESEARCH TRUST

(A company limited by guarantee)

SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023

Note Income (Losses)/gains on investments Gross income in the reporting period Less: Total expenditure Net expenditure/(income) for the reporting period The notes on pages 21 to 37 form part of these financial statements.	Total funds 2023 £ 797,929 (280,069) 517,860 (1,649,948) (1,132,088)	Total funds 2022 £ 764,663 165,786 930,449 (844,587) 85,862

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THE CO RESEARCH TRUST (A company limited by guarantee) REGISTERED NUMBER: 05492850

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2023

Note Fixed assets Intangible assets 14 Investments 15 Current assets Debtors 16 Cash at bank and in hand Creditors: amounts falling due within one year 17 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 18 Total net assets Charity funds Restricted funds 20 Unrestricted funds 20 Total funds	208,609 1,151,742 1,360,351 (724,618)	2023 £ 18 4,567,203 4,567,221 635,733 5,202,954 (1,094,269) 4,108,685 - 4,108,685 4,108,685	265,022 1,338,838 1,603,860 (663,540)	2022 £ - 4,676,416 4,676,416 940,320 5,616,736 (375,963) 5,240,773 - 5,240,773 5,240,773

Page 16

THE CO RESEARCH TRUST (A company limited by guarantee) REGISTERED NUMBER: 05492850

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Baroness Finlay Chair

Paul Everall Deputy Chair

Date:

The notes on pages 21 to 37 form part of these financial statements.

Page 17

THE CO RESEARCH TRUST (A company limited by guarantee) REGISTERED NUMBER: 05492850

CHARITY BALANCE SHEET AS AT 31 MARCH 2023

Note Fixed assets Investments 15 Current assets Debtors 16 Cash at bank and in hand Creditors: amounts falling due within one year 17 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 18 Total net assets Charity funds Restricted funds 20 Unrestricted funds 20 Total funds	396,582 534,529 931,111 (680,902)	2023 £ 5,132,739 5,132,739 250,209 5,382,948 (1,094,269) 4,288,679 - 4,288,679 4,288,679	419,706 710,466 1,130,172 (575,394)	2022 £ 5,241,955 5,241,955 554,778 5,796,733 (375,963) 5,420,770 - 5,420,770 5,420,770

Page 18

THE CO RESEARCH TRUST (A company limited by guarantee) REGISTERED NUMBER: 05492850

CHARITY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Baroness Finlay Chair

Paul Everall Deputy Chair

Date:

The notes on pages 21 to 37 form part of these financial statements.

Page 19

THE CO RESEARCH TRUST

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments Proceeds from sale of investments Purchase of investments Net cash provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 21 to 37 form part of these financial statements	2023 £ (212,593) 196,353 8,152 (179,008) 25,497 (187,096) 1,338,838 1,151,742	2022 £ 132,064 162,379 4,601,226 (4,752,366) 11,239 143,303 1,195,535 1,338,838

Page 20

THE CO RESEARCH TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. General information

The charity is an individual private charity limited by guarantee incorporated in England and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

With effect from 13th July 2021, the name of the charity was changed from The Gas Safety Trust to The Co Research Trust.

The address of its registered office is: CO Research Trust, Suite 2 Healey House, Dene Road, Andover, Hampshire, SP10 2AA

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The CO Research Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The consolidated statement of financial activities (SOFA) and consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of financial activities in these financial statements.

The financial statements are prepared in sterling, which is the functional currency of the Charity, monetary amounts in these financial statements are rounded to the nearest £.

2.2 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donations and legacies

Donations, grants and gifts are recognised when receivable. In the event that a donation is subject to fulfilling performance conditions before the charity is entitle to the funds, the income is deferred and not recognised until it is probable that those conditions will be fulfilled in the reporting period. Income from Gift Aid tax reclaims is recognised for any donations with relevant Gift Aid certificates recognised in income for the year. Any amounts of Gift Aid not received by the year end are accounted for in income and accrued in debtors.

Other trading activities

Incoming resources from charitable trading activities and fundraising activities are accounted for when earned.

Investment income

Investment income is accounted for on a received basis.

Page 21

THE CO RESEARCH TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

Allocation of support and governance costs

Support costs have been allocated between activities. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.

2.4 Trademarks

The trading company, Corgi Serviced Limited, included in the consolidated accounts has a total of 18 trademarks in place. The policy is to write off all legal and renewal costs for its trademarks in the period that they are incurred.

2.5 Investments

Investments are a form of basic financial instruments and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Trust does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Page 22

THE CO RESEARCH TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.6 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.7 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.8 Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.9 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.10 Operating leases

Rentals paid under operating leases are charged to the consolidated statement of financial activities on a straight line basis over the lease term.

2.11 Pensions

Employees of the charitable group are entitled to join a defined contribution ‘money purchase’ scheme. The charitable group contribution is restricted to the contributions disclosed in note 12. The costs of the defined contribution scheme are included within trading expenses and charged to the unrestricted funds of the charitable group. The money purchase plans invest the contributions made by the employee and employer in an investment fund to build up over the term of the plan. The pension fund is then converted into a pension upon the employee’s normal retirement age which is defined as when they are eligible for a state pension. The trust has no liability beyond making its contributions and paying across the deductions for the employee’s contributions.

2.12 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 23

THE CO RESEARCH TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

3. Income from other trading activities

Income from non charitable trading activities

Unrestricted funds 2023 £ Trading income 601,576 Total 2022 602,284	Total funds 2023 £ 601,576 602,284	Total funds 2022 £ 602,284

4. Investment income

Unrestricted funds 2023 £ Income from fixed asset investments 179,008 Interest receivable 17,345 196,353 Total 2022 162,379	Total funds 2023 £ 179,008 17,345 196,353 162,379	Total funds 2022 £ 162,013 366
		162,379

Page 24

THE CO RESEARCH TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

5. Expenditure on raising funds

Other trading expenses

Unrestricted funds 2023 £ Administration expenses 226,164 Administration staff costs 18,221 244,385 Total 2022 221,319 Investment management costs Unrestricted funds 2023 £ Investment management costs 8,152 Total 2022 10,940	Total funds 2023 £ 226,164 18,221 244,385 221,319 Total funds 2023 £ 8,152 10,940	Total funds 2022 £ 166,167 55,152
		221,319
		Total funds 2022 £ 10,940

6. Investment management costs

Page 25

THE CO RESEARCH TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

7. Analysis of grants

Grants to Institutions 2023 Total funds 2023 £ £ Research 1,149,854 1,149,854 Total 2022 378,147 378,147 The Group has made the following material grants to institutions during the year:	Total funds 2022 £ 378,147

Name of institution Institute of Occupational Medicine - review of of CO Research Trust Academic Database Content Improving performance in practise 2 - Understanding and minimising the consequences of CO during pregnancy NPIS - NPIS Carbon Monoxide Surveillance Project University of Leeds - Proarrhythmic effects of CO on human cardiac myoctes derived from induced pluripotent stem cells and potential therapeutic interventions St Georges Hospital Grant - Grant no longer required St Georges Hospital Grant - Funds not used Sheffield Hallam University – Effects of low-level CO on vulnerable organs in the embryo and the adult University College London – Carbon Monoxide Toxicity: studies of a neuroprotective strategy in vivo and in a human cell model Aintree Hospital – Extending the QIP for CO Diagnosis in ED Institute Of Occupational Medicine – Annual Collation and Analysis of Published Materials on CO and Health Lancaster University - refund - funds remaining on project	2023 £ - - - - - - 614,522 450,000 45,500 46,423 (6,591) 1,149,854	2022 £ 9,967 9,870 101,817 298,624 (35,226) (6,905) - - - - -
		378,147

Page 26

THE CO RESEARCH TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted funds 2023 £ CO Research 1,397,411 Total 2022 612,328	Total 2023 £ 1,397,411 612,328	Total 2022 £ 612,328

9. Analysis of expenditure by activities

CO Research Total 2022	Activities undertaken directly 2023 £ 163,111 143,990	Grant funding of activities 2023 £ 1,149,854 378,147	Support costs 2023 £ 84,446 90,191	Total funds 2023 £ 1,397,411 612,328	Total funds 2022 £ 612,328

Page 27

THE CO RESEARCH TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

9. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs PR & marketing Travel & subsistence Other projects - Solid fuel review DIDR - CO incident database Events & Communications Consultant Conference and Sandpit event Special Project ICD 11 Total 2022 Analysis of support costs Staff costs Travel & subsistence Administration/office costs Legal & professional Management fees Insurances IT support Subscriptions Governance Total 2022	CO Research 2023 £ 55,938 22,914 4,138 - - 46,202 29,069 4,850 163,111 143,990 CO Research 2023 £ 30,123 9,656 1,322 1,800 21,083 4,349 6,769 24 9,320 84,446 90,191	Total funds 2023 £ 55,938 22,914 4,138 - - 46,202 29,069 4,850 163,111 143,990 Total funds 2023 £ 30,123 9,656 1,322 1,800 21,083 4,349 6,769 24 9,320 84,446 90,191	Total funds 2022 £ 56,012 50,766 2,858 20,119 4,400 9,835 - -
			143,990
			Total funds 2022 £ 32,149 6,668 1,408 3,525 21,898 3,547 8,847 3,549 8,600
			90,191

Travel and subsistence are allocated 30:70 between charitable activities and support costs and reflects the estimated time spent between the two activities.

Page 28

THE CO RESEARCH TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

10. Auditors' remuneration

	2023	2022
	£	£
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts	4,320	3,600

11. Staff costs

Wages and salaries Social security costs Contribution to defined contribution pension schemes	Group 2023 £ 94,075 4,927 5,280 104,282	Group 2022 £ 127,677 8,527 7,109 143,313	Charity 2023 £ 77,650 3,638 4,773 86,061	Charity 2022 £ 75,450 7,971 4,741
				88,162

The average number of persons employed by the Charity during the year was as follows:

	Group	Group	Charity	Charity
	2023	2022	2023	2022
	No.	No.	No.	No.
Administration	3	3	2	2

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

		Group	Group
		2023	2022
		No.	No.
In the band £60,001	- £70,000	1	1

The key management personnel of the charity comprise the trustees and the management team. The total employee benefits of the key management personnel of the charity were £67,360 (2022 - £66,559). Included in these figures are redundancy and/or termination payments made by the charitable group which total £nil.

12. Pension scheme

The charitable group operates a defined contribution pension scheme. During the year the charitable group contributed £5,280 (2022 - £7,109).

Page 29

THE CO RESEARCH TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

13. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 March 2023, expenses totalling £ 4,134 were reimbursed or paid directly to 4 Trustees (2022 - £240 to 1 Trustee) . These expenses were made up of trustees reimbursed for their travel expenses.

14. Intangible assets Group Cost Additions At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 15. Fixed asset investments Group Cost or valuation At 1 April 2022 Additions Disposals Revaluations At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022	Trademarks £ 18 18 18 - Other fixed asset investments £ 4,676,416 179,008 (8,449) (279,772) 4,567,203 4,567,203 4,676,416

Page 30

THE CO RESEARCH TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

15. Fixed asset investments (continued)

Charity Cost or valuation At 1 April 2022 Additions Disposals Revaluations At 31 March 2023 Impairment At 1 April 2022 At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 Details of subsidiary undertakings All entities have a year end of 31st March.	Investments in subsidiary companies £ 727,791 - - - 727,791 162,255 162,255 565,536 565,536	Other fixed asset investments £ 4,676,416 179,008 (8,449) (279,772) 4,567,203 - - 4,567,203 4,676,416	Total £ 5,404,207 179,008 (8,449) (279,772) 5,294,994 162,255 162,255 5,132,739 5,241,952

Corgi Services Limited

The charity holds 100% of the ordinary shares of Corgi Services Limited, a company incorporated in England and whose principal activity is brand and data licensing. The profit for the financial period of Corgi Services Limited was £nil after paying charitable gift aid payment to holding company and the aggregate amount of capital and reserves at the end of the period was £385,540.

The Corgi Trust

The charity is the sole member of The Corgi Trust, a dormant company limited by guarantee and incorporated in England.

Energy Safety Trust

The charity is the sole member of The Energy Safety Trust, a dormant company limited by guarantee and incorporated in England.

The Gas Safety Trust

The Charity is the sole member of The Gas Safety Trust, a dormant company limited by guarantee and incorporated in England.

Page 31

THE CO RESEARCH TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

16. Debtors

Due within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income	Group 2023 £ 1,490 - 250 206,869 208,609	Group 2022 £ 83,741 - - 181,281 265,022	Charity 2023 £ - 359,764 250 36,568 396,582	Charity 2022 £ 6,905 376,444 - 36,357
				419,706

17. Creditors: Amounts falling due within one year

Group 2023 £ Grants committed not yet paid out 642,255 Trade creditors 37,033 Other taxation and social security 35,502 Other creditors 2,285 Accruals and deferred income 7,543 724,618 Creditors: Amounts falling due after more than one year Group 2023 £ Grants committed not yet paid out 1,094,269	Group 2022 £ 443,361 128,822 48,384 1,767 41,206 663,540 Group 2022 £ 375,963	Charity 2023 £ 642,255 29,872 2,198 2,082 4,495 680,902 Charity 2023 £ 1,094,269	Charity 2022 £ 443,361 124,586 2,185 1,662 3,600
			575,394
			Charity 2022 £ 375,963

18. Creditors: Amounts falling due after more than one year

Page 32

THE CO RESEARCH TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

19. Financial instruments

Financial assets Financial assets measured at fair value through income and expenditure Financial liabilities Financial liabilities measured at amortised cost	Group 2023 £ 4,567,203 Group 2023 £ 1,818,887	Group 2022 £ 4,676,416 Group 2022 £ 1,039,503	Charity 2023 £ 5,132,739 Charity 2023 £ 1,775,171	Charity 2022 £ 5,241,955
				Charity 2022 £ 951,358

Financial assets measured at fair value through income and expenditure includes investments.

Financial assets that are debt instruments measured at amortised cost includes debtors and cash at bank and in hand.

Financial liabilities measured at amortised cost include trade creditors, tax and social security, accruals and other creditors.

Items of income, expense, gains or losses

		Net gains
	Income	/(losses)
	£	£
2023
Financial assets measured at fair value through income
and expenditure	179,008	(280,069)
Financial assets measured at amortised cost	17,345
2022
Financial assets measured at fair value through income
and expenditure	162,013	165,786
Financial assets measured at amortised cost	366

The total interest income for financial assets not measured at fair value through income and expenditure is £17,345 (2022 - £366).

Page 33

THE CO RESEARCH TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

20. Statement of funds

Statement of funds - current year

					Balance at
Balance at 1				Gains/	31 March
	April 2022	Income	Expenditure	(Losses)	2023
	£	£	£	£	£
Unrestricted funds
Designated funds
Designated Funds	2,645,500	-	-	-	2,645,500
General funds
General Funds	2,595,273	797,929	(1,649,948)	(280,069)	1,463,185
Total Unrestricted funds	5,240,773	797,929	(1,649,948)	(280,069)	4,108,685
Statement of funds - prior year
					Balance at
	Balance at			Gains/	31 March
	1 April 2021	Income	Expenditure	(Losses)	2022
	£	£	£	£	£
Unrestricted funds
Designated funds
Designated Funds	2,645,500	-	-	-	2,645,500
General funds
General Funds	2,509,411	764,663	(844,587)	165,786	2,595,273
Total Unrestricted funds	5,154,911	764,663	(844,587)	165,786	5,240,773

The designated fund comprises of £2,645,500 for the purpose of generating investment income to support the charitable aims of the Trust.

Page 34

THE CO RESEARCH TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

21. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted funds 2023 £ Intangible fixed assets 18 Fixed asset investments 4,567,203 Current assets 1,360,351 Creditors due within one year (724,618) Creditors due in more than one year (1,094,269) Total 4,108,685	Total funds 2023 £ 18 4,567,203 1,360,351 (724,618) (1,094,269) 4,108,685

Analysis of net assets between funds - prior year

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

Page 35

THE CO RESEARCH TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

22. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial Activities) Adjustments for: (Gains)/Losses on investments Dividends, interests and rents from investments (Increase)/Decrease in debtors Increase/(Decrease) in creditors Net cash provided by/(used in) operating activities	Group 2023 £ (1,132,088) 280,069 (196,353) 56,413 779,366 (212,593)	Group 2022 £ 85,862
		(165,786) (162,379) 308,298 66,069
		132,064

23. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents	Group 2023 £ 1,151,742 1,151,742	Group 2022 £ 1,338,838
		1,338,838

24. Analysis of changes in net debt

Cash at bank and in hand	At 1 April 2022 £ 1,338,838 1,338,838	Cash flows £ (187,096) (187,096)	At 31 March 2023 £ 1,151,742
			1,151,742

25. Controlling party

The group and company was controlled throughout the period and the previous by the trustees.

26. Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

Page 36

THE CO RESEARCH TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

26. Principal subsidiaries (continued)

Name		Company	Company	Class of	Holding
		number		shares
Corgi Services Limited		03268198		Ordinary	100%
The financial results of the subsidiary for the year were:
Name	Income	Expenditure	Profit/(Loss)		Net assets
	£	£	for	the year	£
				£
Corgi Services Limited	608,665	(244,385)		364,280	385,540

Page 37