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 2024
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 - 38 |
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 2024
| 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 | |
| Ian Radley (appointed 9 July 2024) | |
| 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 |
Page 1
THE CO RESEARCH TRUST
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 April 2023 to 31 March 2024. 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 current strategy comes to an end in March 2025, and work is currently being undertaken to develop the next five-year strategy.
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 the unborn child), people living in fuel poverty, and people with underlying health conditions are more susceptible to CO exposure. Similarly, it is important to understand the long-term outcomes of acute and chronic exposures on healthy individuals. These research areas provide opportunities to increase our knowledge of the consequences of exposure, particularly low level chronic exposure, which will allow solutions to be found to mitigate these risks and opportunities to develop policies.
• 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
Page 2
THE CO RESEARCH TRUST (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Objectives and activities (continued)
closely with our industry colleagues to establish potential collaborative projects.
• 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 Gas Distribution Networks.
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 of Trustees.
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 of Trustees 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 of Trustees.
Details of how to apply for grants, together with the relevant forms, are available on the Trust’s website: www.coresearchtrust.org.
Page 3
THE CO RESEARCH TRUST (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
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 in Sheffield to build upon past year’s record grant awards, 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:
| Sheffield Hallam University - The effects of low-level CO exposure on the adult and developing brain (supplement) IManchester Metropolitan University - Characterising the cell-specific effects of low-level carbon monoxide exposure during vertebrate cardiac development UK Health Protection Agency £53,633 - Improving national CO guidance to inform midwives and maternity staff (INFO CO-Mid) |
£36,000 £11,529 £53,633 £101,162 |
|---|---|
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.
Page 4
THE CO RESEARCH TRUST (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
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 2023/24, investment income amounted to £231,520 (2022/23 - £196,353) with a giftaided income received from Corgi Services Limited amounting to £366,252 (2022/23 - £364,280) of which £18,650 is included in the aforementioned investment income.
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 2024 was £917,685 which amounts to circa 34 months operating expenditure and exceeds the target range set by Trustees.
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 2024 the fund's asset mix was as follows:-
| • | Multi-Asset Funds | 0.0% |
|---|---|---|
| • | Alternatives | 13.5% |
| • | Bonds | 11.6% |
| • | Cash | 4.7% |
| • | Equities | 70.2% |
The movement on investments for the financial year was 10% (-2.36% last year) against a target return of 6% (capital growth with dividends).
Page 5
THE CO RESEARCH TRUST
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
e. Risk management
The principal risks faced by the Trust lie in the performance of investments and changes to the Trust’s 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.
Page 6
THE CO RESEARCH TRUST
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Structure, governance and management
a. Constitution
The 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 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 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’.
Page 7
THE CO RESEARCH TRUST
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
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 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 highlighting the work of CORT as well as focussing on emerging trends to inform our new strategy, and develop new ideas and collaborative proposals to be considered by the Board of Trustees for funding.
-
A continued grants application pipeline considering the topics within our research strategy.
-
Producing a new five-year strategy which will reflect the latest developments in this area and make use of the opportunities that have been identified.
-
Building upon the rebranding and new website activities to raise awareness of the Trust’s work and the research it funds.
-
Developing a programme of in-person and online events and activities including our Lecture Series, which will promote collaboration, develop new ideas and coordinate activities between key stakeholders.
-
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.
Page 8
THE CO RESEARCH TRUST (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
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: 9th October 2024
Page 9
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 2024 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 2024 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.
Page 10
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.
Page 11
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.
Page 12
THE CO RESEARCH TRUST
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CO RESEARCH TRUST (CONTINUED)
Andrew Hill
Senior Statutory Auditor (for and on behalf of Xeinadin Audit Limited)
8th Floor Becket House
36 Old Jewry London EC2R 8DD
Date:
Xeinadin Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 13
THE CO RESEARCH TRUST
(A company limited by guarantee)
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Note Income from: Donations and legacies 3 Other trading activities 4 Investments 5 Total income Expenditure on: Raising funds 6,7 Charitable activities 9 Total expenditure Net income/(expenditure) before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 9,178 602,035 231,520 842,733 262,712 363,276 625,988 216,745 273,546 490,291 4,108,685 490,291 4,598,976 |
Total funds 2024 £ 9,178 602,035 231,520 842,733 262,712 363,276 625,988 216,745 273,546 490,291 4,108,685 490,291 4,598,976 |
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 |
|---|---|---|---|
The Consolidated statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 21 to 38 form part of these financial statements.
Page 14
THE CO RESEARCH TRUST
(A company limited by guarantee)
SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024
| Note Income (Losses)/gains on investments Gross income in the reporting period Less: Total expenditure Net income/(expenditure) for the reporting period The notes on pages 21 to 38 form part of these financial statements. |
Total funds 2024 £ 842,733 273,546 1,116,279 (625,988) 490,291 |
Total funds 2023 £ 797,929 (280,069) 517,860 (1,649,948) (1,132,088) |
|---|---|---|
Page 15
THE CO RESEARCH TRUST (A company limited by guarantee) REGISTERED NUMBER: 05492850
CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024
| Note Fixed assets Intangible assets 15 Investments 16 Current assets Debtors 17 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 19 Total net assets Charity funds Restricted funds 21 Unrestricted funds 21 Total funds |
285,381 1,068,780 1,354,161 (854,558) |
2024 £ 18 5,021,848 5,021,866 499,603 5,521,469 (922,493) 4,598,976 - 4,598,976 4,598,976 |
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 |
|---|---|---|---|---|
Page 16
THE CO RESEARCH TRUST (A company limited by guarantee) REGISTERED NUMBER: 05492850
CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024
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: 9th October 2024
The notes on pages 21 to 38 form part of these financial
Page 17
THE CO RESEARCH TRUST (A company limited by guarantee) REGISTERED NUMBER: 05492850
CHARITY BALANCE SHEET AS AT 31 MARCH 2024
| Note Fixed assets Investments 16 Current assets Debtors 17 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 19 Total net assets Charity funds Restricted funds 21 Unrestricted funds 21 Total funds |
437,658 489,300 926,958 (812,874) |
2024 £ 5,587,387 5,587,387 114,084 5,701,471 (922,493) 4,778,978 - 4,778,978 4,778,978 |
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 |
|---|---|---|---|---|
Page 18
THE CO RESEARCH TRUST (A company limited by guarantee) REGISTERED NUMBER: 05492850
CHARITY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024
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 Paul Everall Chair
Paul Everall Deputy Chair
Date: 9th October 2024
The notes on pages 21 to 38 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 2024
| 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 38 form part of these financial statements |
2024 £ (133,383) 231,520 9,098 (190,197) 50,421 (82,962) 1,151,742 1,068,780 |
2023 £ (212,593) 196,353 8,152 (179,008) 25,497 (187,096) 1,338,838 1,151,742 |
|---|---|---|
Page 20
THE CO RESEARCH TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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.
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, sponsorship 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 2024
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 Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
2.5 Trademarks
The trading company, Corgi Services 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, the trading company has a total of 18 trademarks in place that are held at notional value.
Page 22
THE CO RESEARCH TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
2. Accounting policies (continued)
2.6 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.
2.7 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.
2.8 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.
2.9 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.
2.10 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.
2.11 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.
Page 23
THE CO RESEARCH TRUST (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
2. Accounting policies (continued)
2.12 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.
2.13 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.
3. Income from donations and legacies
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Donations - sponsorship | 9,178 | 9,178 | - |
4. Income from other trading activities
Income from non charitable trading activities
| Unrestricted funds 2024 £ Trading income 602,035 Total 2023 601,576 |
Total funds 2024 £ 602,035 601,576 |
Total funds 2023 £ 601,576 |
|---|---|---|
Page 24
THE CO RESEARCH TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
5. Investment income
| Unrestricted funds 2024 £ Income from fixed asset investments 190,197 Interest receivable 41,323 231,520 Total 2023 196,353 |
Total funds 2024 £ 190,197 41,323 231,520 196,353 |
Total funds 2023 £ 179,008 17,345 |
|---|---|---|
| 196,353 | ||
Page 25
THE CO RESEARCH TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
6. Expenditure on raising funds
Other trading expenses
| Unrestricted funds 2024 £ Administration expenses 226,923 Administration staff costs 27,511 254,434 Total 2023 244,385 Investment management costs Unrestricted funds 2024 £ Investment management costs 8,278 Total 2023 8,152 |
Total funds 2024 £ 226,923 27,511 254,434 244,385 Total funds 2024 £ 8,278 8,152 |
Total funds 2023 £ 226,164 18,221 |
|---|---|---|
| 244,385 | ||
| Total funds 2023 £ 8,152 |
||
7. Investment management costs
Page 26
THE CO RESEARCH TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
8. Analysis of grants
| Grants to Institutions 2024 Total funds 2024 £ £ Research 100,169 100,169 Total 2023 1,149,854 1,149,854 The Group has made the following material grants to institutions during the year: 2024 £ Name of institution Sheffield Hallam University - The effects of low-level CO exposure on the adult and developing brain (supplement) 36,000 Manchester Metropolitan University - Characterising the cell-specific effects of low-level carbon monoxide exposure during vertebrate cardiac development 11,529 UK Health Protection Agency - Improving national CO guidance to inform midwives and maternity staff (INFO CO-Mid) 53,633 NPIS - NPIS Carbon Monoxide Surveillance Project - refund of funds remaining on project (993) 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 - 100,169 |
Total funds 2023 £ 1,149,854 2023 £ - - - - 614,522 450,000 45,500 46,423 (6,591) 1,149,854 |
|---|---|
Page 27
THE CO RESEARCH TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
9. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2024 £ CO Research 363,276 Total 2023 1,397,411 |
Total 2024 £ 363,276 1,397,411 |
Total 2023 £ 1,397,411 |
|---|---|---|
10. Analysis of expenditure by activities
| CO Research Total 2023 |
Activities undertaken directly 2024 £ 167,192 163,111 |
Grant funding of activities 2024 £ 100,169 1,149,854 |
Support costs 2024 £ 95,915 84,446 |
Total funds 2024 £ 363,276 1,397,411 |
Total funds 2023 £ 1,397,411 |
|---|---|---|---|---|---|
Analysis of direct costs
| Staff costs PR & marketing Travel & subsistence Events & Communications Consultant Conference and Sandpit event Special Project ICD 11 Collaborative workshops Total 2023 |
CO Research 2024 £ 62,804 24,768 5,937 51,700 15,995 5,150 838 167,192 163,111 |
Total funds 2024 £ 62,804 24,768 5,937 51,700 15,995 5,150 838 167,192 163,111 |
Total funds 2023 £ 55,938 22,914 4,138 46,202 29,069 4,850 - |
|---|---|---|---|
| 163,111 | |||
Page 28
THE CO RESEARCH TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
10. Analysis of expenditure by activities (continued)
Analysis of direct costs (continued)
Analysis of support costs
| Staff costs Travel & subsistence Administration/office costs Legal & professional Management fees Insurances IT support Subscriptions Governance Total 2023 |
CO Research 2024 £ 33,818 13,853 3,030 1,114 22,801 3,701 6,325 993 10,280 95,915 84,446 |
Total funds 2024 £ 33,818 13,853 3,030 1,114 22,801 3,701 6,325 993 10,280 95,915 84,446 |
Total funds 2023 £ 30,123 9,656 1,322 1,800 21,083 4,349 6,769 24 9,320 |
|---|---|---|---|
| 84,446 | |||
Travel and subsistence are allocated 30:70 between charitable activities and support costs and reflects the estimated time spent between the two activities.
11. Auditors' remuneration
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's auditor for the audit of the Charity's annual | ||
| accounts | 5,040 | 4,320 |
Page 29
THE CO RESEARCH TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
12. Staff costs
| Group | Group | Group | Group | Charity | Charity | |
|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |||
| £ | £ | £ | £ | |||
| Wages and salaries | 112,281 | 94,075 | 87,779 | 77,650 | ||
| Social security costs | 6,126 | 4,927 | 4,022 | 3,638 | ||
| Contribution to defined contribution pension | ||||||
| schemes | 5,726 | 5,280 | 4,821 | 4,773 | ||
| 124,133 | 104,282 | 96,622 | 86,061 | |||
| The average number of persons employed by the Charity during the year was as follows: | ||||||
| Group | Group | Charity | Charity | |||
| 2024 | 2023 | 2024 | 2023 | |||
| No. | No. | No. | No. | |||
| Administration | 4 | 3 | 3 | 2 | ||
| The number of employees whose employee | benefits (excluding employer pension costs) exceeded | |||||
| £60,000 was: | ||||||
| Group | Group | |||||
| 2024 | 2023 | |||||
| No. | No. | |||||
| In the band £60,001 - £70,000 | - | 1 | ||||
| In the band £70,001 - £80,000 | 1 | - |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
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 £72,133 (2023 - £67,360). Included in these figures are redundancy and/or termination payments made by the charitable group which total £nil.
13. Pension scheme
The charitable group operates a defined contribution pension scheme. During the year the charitable group contributed £5,726 (2023 - £5,280).
Page 30
THE CO RESEARCH TRUST (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
14. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 31 March 2024, expenses totalling £ 2,309 were reimbursed or paid directly to 6 Trustees (2023 - £4,124 to 4 Trustees) . These expenses were made up of trustees reimbursed for their travel expenses.
| 15. Intangible assets Group Cost At 1 April 2023 At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 16. Fixed asset investments Group Cost or valuation At 1 April 2023 Additions Disposals Revaluations At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 |
Trademarks £ 18 18 18 18 Other fixed asset investments £ 4,567,203 190,197 (9,505) 273,953 5,021,848 5,021,848 4,567,203 |
|---|---|
Page 31
THE CO RESEARCH TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
16. Fixed asset investments (continued)
| Charity Cost or valuation At 1 April 2023 Additions Disposals Revaluations At 31 March 2024 Impairment At 1 April 2023 At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 Details of subsidiary undertakings All entities have a year end of 31st March. |
Investments in subsidiary companies £ 727,794 - - - 727,794 162,255 162,255 565,539 565,539 |
Other fixed asset investments £ 4,567,203 190,197 (9,505) 273,953 5,021,848 - - 5,021,848 4,567,203 |
Total £ 5,294,997 190,197 (9,505) 273,953 5,749,642 162,255 162,255 5,587,387 5,132,742 |
|---|---|---|---|
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 32
THE CO RESEARCH TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
17. Debtors
| Due within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income |
Group 2024 £ 27,145 - 253 257,983 285,381 |
Group 2023 £ 1,490 - 250 206,869 208,609 |
Charity 2024 £ 15,900 360,116 253 61,389 437,658 |
Charity 2023 £ - 359,764 250 36,568 |
|---|---|---|---|---|
| 396,582 |
18. Creditors: Amounts falling due within one year
| Group 2024 £ Grants committed not yet paid out 723,553 Trade creditors 72,518 Other taxation and social security 28,911 Other creditors 4,629 Accruals and deferred income 24,947 854,558 19. Creditors: Amounts falling due after more than one year Group 2024 £ Grants committed not yet paid out 922,493 |
Group 2023 £ 642,255 37,033 35,502 2,285 7,543 724,618 Group 2023 £ 1,094,269 |
Charity 2024 £ 723,553 60,983 2,410 4,243 21,685 812,874 Charity 2024 £ 922,493 |
Charity 2023 £ 642,255 29,872 2,198 2,082 4,495 |
|---|---|---|---|
| 680,902 | |||
| Charity 2023 £ 1,094,269 |
Page 33
THE CO RESEARCH TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
20. Financial instruments
| Financial assets Financial assets measured at fair value through income and expenditure Financial liabilities Financial liabilities measured at amortised cost |
Group 2024 £ 5,021,848 Group 2024 £ 1,777,051 |
Group 2023 £ 4,567,203 Group 2023 £ 1,818,887 |
Charity 2024 £ 5,587,387 Charity 2024 £ 1,735,367 |
Charity 2023 £ 5,132,739 |
|---|---|---|---|---|
| Charity 2023 £ 1,775,171 |
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) | |
| £ | £ | |
| 2024 | ||
| Financial assets measured at fair value through income | ||
| and expenditure | 190,197 | 273,546 |
| Financial assets measured at amortised cost | 41,323 | |
| 2023 | ||
| Financial assets measured at fair value through income | ||
| and expenditure | 179,008 | (280,069) |
| Financial assets measured at amortised cost | 17,345 |
The total interest income for financial assets not measured at fair value through income and expenditure is £41,323 (2023 - £17,345).
Page 34
THE CO RESEARCH TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
21. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | Gains/ | 31 March | |||
| April 2023 | Income | Expenditure | (Losses) | 2024 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| Designated funds | |||||
| Designated Funds | 2,645,500 | - | - | - | 2,645,500 |
| General funds | |||||
| General Funds | 1,463,185 | 842,733 | (625,988) | 273,546 | 1,953,476 |
| Total Unrestricted funds | 4,108,685 | 842,733 | (625,988) | 273,546 | 4,598,976 |
| Statement of funds - prior year | |||||
| Balance at | |||||
| Balance at | Gains/ | 31 March | |||
| 1 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 |
The designated fund comprises of £2,645,500 for the purpose of generating investment income to support the charitable aims of the Trust.
Page 35
THE CO RESEARCH TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
22. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 2024 £ Intangible fixed assets 18 Fixed asset investments 5,021,848 Current assets 1,354,161 Creditors due within one year (854,558) Creditors due in more than one year (922,493) Total 4,598,976 |
Total funds 2024 £ 18 5,021,848 1,354,161 (854,558) (922,493) 4,598,976 |
|---|---|
Analysis of net assets between funds - prior period
| Intangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year Total |
Unrestricted funds 2023 £ 18 4,567,203 1,360,351 (724,618) (1,094,269) 4,108,685 |
Total funds 2023 £ 18 4,567,203 1,360,351 (724,618) (1,094,269) 4,108,685 |
|---|---|---|
Page 36
THE CO RESEARCH TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
23. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income/expenditure for the period (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 used in operating activities |
Group 2024 £ 490,291 (273,546) (231,520) (76,772) (41,836) (133,383) |
Group 2023 £ (1,132,088) |
|---|---|---|
| 280,069 (196,353) 56,413 779,366 |
||
| (212,593) |
| 24. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents |
Group 2024 £ 1,068,780 1,068,780 |
Group 2023 £ 1,151,742 |
|---|---|---|
| 1,151,742 |
25. Analysis of changes in net debt
| Cash at bank and in hand | At 1 April 2023 £ 1,151,742 1,151,742 |
Cash flows £ (82,962) (82,962) |
At 31 March 2024 £ 1,068,780 |
|---|---|---|---|
| 1,068,780 |
26. Controlling party
The group and company was controlled throughout the period and the previous by the trustees.
Page 37
THE CO RESEARCH TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
27. Principal subsidiaries
The following was a subsidiary undertaking of the Charity:
| 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 | 620,685 | (254,432) | 366,253 | 385,540 |
Page 38