Regl$tered number: 05492850 Charity number.. 1110624 THE CO RESEARCH TRUST (A company Ilmiled by guaranteo) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE CO RESEARCH TRUST {A company limit9d by guarantee) CONTENTS Page R8feren¢o and adrninislratlvo detall8 of the Charlty, It8 Trustees and advl8or8 Tru$t••s' roport Indepondènt audltors, roport on lh• Ilnanclal siai•menl• Con8olldatèd 8tatemonl of flnanclal •Cilvlll•8 9-12 13 Conjolldated Incomè and expgndlture account Consolldaled balanc8 $heo1 15.16 Charlty balanco sh••t Consolldaied staloment of cash flow$ 17.18 19 Not8s lo thè Ilnanclal statomonts
THE CO RESEARCH TRUST IA Company Ilmlled by guaranteo) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENOED 31 MARCH 2025 Trustees 8aroness Finlay, Chair (resigned l January 20251 Paul Everall, Depuly Chair Julian Allsopp, Treasurer Dr Susan Bews Patricia Fulker Roaer W8bb Karen Gillgsple Professor Andrew Shaw, Chair Bruce Allen Iresiongd 10 July 20251 Professor Shirley Prlce John O'Grady Adrian Hutt lan Radl8y lappolniéd 9 July 20241 Andy Speake lappoinied 5 December 20241 Roland Wésslino iappoinled 5 Dec8mb8r 20241 Alan Youno lappoini8d 10 July 20251 Company regl•tèr•d numb•r 05492850 Charlty rogl•10r•d number 1110624 Reglslered offlce Suite 2 Healey House D&ne Road Andovgr Hampshlre SP10 2AA Indopondont audltorl Xeinadin Audil Limited 8th Floor Beckol House 36 Old Jewry London EC2R 8DD Bankors Nalwost Bank plc PO Box 6451 3 London Str881 Basing51oke Hampshlre RG217FP Invo¥lmont Managers Cazenove Capilal Management 31 Gresham Street London EC2V 7QA Page 1
THE CO RESEARCH TRUST {A eompany limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annLJal report together wih the audited financial slalemenls ol the Charity lor th8 year 1 April 2024 10 31 March 2025. Tha annual report sérvès the purposes ol both a Trustées, report and a dirgclors, report under company law. The Trustees contirm that Ihg annual report and financial slalemonls ol the charitable company comply with the current sialulory requirements, th8 requirèments ol the eharilable company's governing document and the provisions ol the Sialemenl ol Recommended Pra¢li¢e ISORPI applicable lo charilies preparing Ihtsir accoLJnls in accordance with Ihe Financial Reporting Standard applicable In the UK and Flepublic ol Ireland IFRSI 021 l&llKlive 1 January 20191. Sincé the CO Research TrLJgUCorgi Services Ltd and the Charity ilso11 qualify as small under section 382 01 the Cornpanles Aci 2006, lh8 group slraiegic report required ol médlum and large companies under thè Companies Act 2006 Islraiegic Rgport and Directors, Reporll Regulations 2013 has been Dmilled. Oblecllves and a¢tlvltle$ Pollcle8 and oblectlvos The CO Research Trust Irelerred lo as the 'Trusl' andlor CORT harèalierl ig ai the lorelronl ol 8llorls lo radueè CO exposure in the UK. The Trust Is commi11od lo the r8search we fund having the bigg951 possible impact lor everyone aflecied by CO exposure, by funding research which minlmises the rlsk Irorn CO exposure. as wèll as providing the tools and Irèalmenls to miligalg the ell8cls whèn il does happ•n. The ov8rarching slralègic plan outlines the direction and ambitions lor the CO 14es8arch Trust lor th8 n8xI four lo Ilve years. The previous strategy came lo an end In March 2025, and the next live-year strategy was Introduced in April 2025. The Trust invests in lorward-thinking, oulcome8.orienled research and suppor18 collaboration lin the UK and inlernalionallyl lo improve our understanding ol CO exposur8 and lo Ilnd ways lo reduce risk and harm Irom Ihls laroely avoidable poison. Our kèy priorilles are, bul ar8 not limited Its, the following aroas. Dlagnosls and Tro•tm•nl . Improving diagnosls and the developm8nl ol beller Iroatmeni will remain c8ntrAI to Ihe aims ol the Trust. Critically, we will work towards the creation ol a Sialomenl on th8 Medical Management ol CO, To do Ihis wa will support prole¢ls which Improve diagnosis, through blomarkers, heallheare prol85sional awareness, and improv8d understanding ol the symptoms and sequelae ol CO exposure. We will also supporl inilialives lo create h8allhcare and referral pathways so those who have been 8XPOS8d lo CO receive rapid, aceuraie diagnosis, access to Ireaimenl and support. Through Adverse Outcomes Pathway r•soarch meihoclology we plan lo idgnlily gaps and showcase the evidence around the ellecls ol CO. Prognancy and Dov•lopm8nt CORT luné6d research has identified that pregnant women and developing loeiuses are particularly vulnerable 10 CO exposure. We will continue lo support projects which drive better understanding in this area and which also provid8 heallh¢are prolesslonals wllh thè tools Ihgy need to better prote¢l this population. Peoplè In Vulner8ble Slluallon$ Certain individuals and groups lace an élevated risk ol carbon monoxide exposure due to their circumstances. These include older adults, pregnant women, disabled individuals, those with chronic health conditions or mental health challenges. and peoplé living in poverty. We will ¢onlinue lo support work lo identity the sources ol these additional risks and educate and prolocl these groups. We will continue lo explore risks in lived-on boats and residential caravans, as well as vehicles more generally, including cars, aircrali, vans and HGVS., and will maintain a locus on circumstances which may lead lo people bèhaving in unexpected ways, such as using generators. pumps, or healing equipmgnl during flooding or storms. We will support work lo address environments which have ongoing CO risk, particularly lo improve the safely ol first responders, healthcare professionals and other workers when carrying out their work. Bullt Envlronment Whilst the behaviour and properties ol CO in the built environment are well understood, we will continue lo Iry lo better understand the laclors which may play a part in increased risk, such Page 2
THE CO RESEARCH TRUST IA company Ilmlted by guaranieei TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Obloctlve8 and aclivilies {conllnuedl as the ellecls ol 8n8rgy elliciency measures, lire safely provisions, and Ihg use ol solid fuels. We will also work with partnèrs lo explore how new build and relrolit policies should rellecl CO risk through the prism ol a 'healihy home,. We will also work wllh thos8 who specialise in Iu81 poverty lo bettgr understand thé b8haviours and ri8k8 which can increase propensity lo CO exposure and how bèst to oducale on these risks. D•toctlon and Tochnology - Early d818clion remains a ¢rili¢al line ol delence. Wè will use our research 10 Inlorm policy change In this area including kèy r8gulaiion$. We will support industry partners in their efforts lo innovate in sensor technology and improv8d health monitoring, particularly al low levèls ol CO. The Trust carriès out this work through partnershlps wllh a range ol academic Inslilulions and aov8rnmèni b¢di8s,' the Trust has developed ils &xisling partnerships with the All-Party Parllam8nlary Carbon Monoxide Group, Higher Education Insiilulions and th9 Gas Distribution N8lwork5. In $8tting objectives and planning lor aclivilies, th8 Trustees have given éu8 consideralion lo g8neral guidance published by tho Charlly Commission rglailng lo public benelll, including thè guldance 'Public benelil.. runnSng a charity IPB21'. b. Grant-maklng p¢llclo8 The Trust has established ils grant making policy lo achievg ils objectiv¢s lor the public benelil. Thg Tiusl's aim Is lo roducè the Incidencè ol laialilles and sarlous Inlurlos as well as poor health outcomès from carn monoxide exposure and ils vision is lo mak8 a roal difference lo those most in need. The bèneficiaries ol our granl-making programm8 are principally UK residents although w8 wll consider appliealion$ from overseas where the proposal has a UK basgd inslilulion as the prlncipal appli¢anl. Wo make the oulpul ol the research we fund Ireely available on our websllo and many ol our projects have a worldwide relevance and are ol bgnelil 10 humankind. The Trust invil&s applications lor research grants from inslilulions and Olher suitably qualified organisaiions by advertising In the specialist press. Eligibility is reslri¢led lo applicants having a relevant expertise in the field in order lo ensur8 high quality ouipuls. Inslilulional applicants submit a summary ol Ih8ir proposals lo the Iru$l•o8 in a specific formal, together wllh signed aoreemenl 10 our terms and condillons. Tho Trust follows b881 pracll¢e in maintaining the indgpendence ol research funding and ensuring that sponsored rosearchers and research inslilulions abiég by best practice in research ethics. Applicaiions mad6 in Ihe correct lormai arg reviewed by our Grants Sub Comrnittoe against our research objectives before boing submitted, with a recommendation lo the Full Board ol Trustees. Conlinualion ol the granis is 5ubjgcl lo the m88ling ol agreed milestones and ongoing monitoring by the Trust's Chief Exe¢ulive who reports lo the Board ol Trustees on a quanerly basis. Grant recipients file a progress raport ai these agT8ed mileslDnes. They may also b¢ ¢xcasionally rèquired lo meet with Ihe Grants Sub Committee lo answer questions upon progress or direction. In these instances, the findings and recommendations ol the Grants Sub Committee arg reported lo the Trustees as r8quired and the conlinuaiion ol funding is solely al the discretion ol th& Board tsl Trusig8S. Details of how lo apply lor grants, logelh8r with the relevant forms, are available on the Trust's website: www.coresearchlrusl.org. Page 3
THE CO RESEARCH TRUST {A ¢ompany limited by guarantee) TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 A¢hlovemgni$ and performance A rovlow of our achlevemant8 and parlorman. How our grant and research progromm08 d•llv•r•d publ5¢ b•notit Th8 b8n6lils ol Ihg Trust's work are tho dlss•minaiion ol res8arch findings, gdu¢alion ol luluro rasearchèrs, and the funding ol on-going r&s8arch with th8 goal being lo improve understanding ol carbon monoxide poisoning in ils broadest sense. This year, the Trust held a Rosoarch Conlarence in Birmingham lo build upon past yoar's recordlovèl ol grant awards, and lo identity the priorilios lor research 10 locus on, The following is a Summary ol the grants awarded during the year whlch Is the Irull ol thai proces3 and highligh18 tho progress being made.. University ol Reading - Exploring lh& 811ocls ol air pollulanls on immune mediated K+ dynamles £25,000 Manche$l•r M•lropolilan Univorsity - Investigating the palhophysiological èllecls ol environmgnlal carbon monoxidè exposure on the developing cardiovascular syslfrm during preanancy £70,130 She115eld Hallam University - Carbon monoxid6 and Plalelels.. The role ol GO in clolling Si George's Heallh¢ar8 NHS Foundation Trust - R8ducing delays in Diagnosis ol Carbon Monoxide exposuro in thé Em&rgèncy D6partmenl IEOCO-DI £111.782 £10,912 East ol England Ambulan¢8 Servlc8.Measurlng Alr Pollullon from Ambulanc8s IMAPAI £33,235 Si Georg8'8 Hoallhcara NHS Foundation Trust . Screening lor carbon monoxide exposure in patients with headache in Ihg Ernerggncy Department IEDCO.HI £325,382 b. Monltorlng achlev¢m¢nt The success ol our research prooramm8 is g6n8rally gvalualed usina th6 numbèr ol academic papers a¢¢epled lor publi¢alion from thos8 supported by the Trust together wllh industry, regulatory, medical or 8cleniiiic pollcy changes brought about as a result ol ils lindings. We also consider the completion ol research projects wilhin the planned limoscale lor the projèct and the number ol research projects lor which the findings have been published in reputable peer reviewed journals. The outcome ol the research is also assossed in a variety ol ways including the ideniilicalion ol th8 changes or improvements lo industry, regulatory, medical or s¢ienlilic practices stemming from the research. The limescale from the initial research ideas. progress lo changes in practice, or therapies can be very lengthy, so the Iruslees look lor timely and appropriate reporting tailored lo the nature of the research and ils likely oulcornes. The annual report is an opportunity lo lake stock ol how lar each research project has progressed and acts more a8 snapshot looking ai the journey, or a linal outcome, rather than a lull synopsis ol achitrvgmenl. This is an area the Trust keeps under review. Page 4
THE CO RESEARCH TRUST IA company limited by guarantee) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Flnancl81 r•vl•w . Ov8rvlow The Trust's work is &nlir8ly réliant on income gili-aided from Corgi Sgtvi¢es Limited and inveslmanl income. Ourino the financial yèar 2024125, investment income amounted lo £232,45012023124 . £231,520) with a gill. aided income received from Corgi Sèrvices Limited amouniing lo £246,99212023124 - £366.25210l which £15,758 is included in the alorem&nlitsnèd inveslm8nl income. b. Golng ¢onG•rn Alter making appropriate anquiries, the Truslges have a reasonabl8 exp9clalion Ihal the Charity has adequaté rpsour¢gs lo coniinue in operational existénce lor the foreseeable luluré. For this r8ason, they ¢onlinu& lo adopt the going concern basis in prgparing tho financial 8ta18menl$. Furlhor details regarding the adoption ol the going concèrn basls can be found in tho accounting polieigs. ¢. R••orv•s polley The Trusleos aim lo maintain free reserves in unroslri¢led funds al a18vel which gqual¢s lo commilled grant èxpenditure plus approximately 24 months ol forward Ciperaling expenditure. The Trustees con8id8r that this level will provide sullicieni funds lo respond lo unexp9¢1gd shortfalls in Income and enable the Trust lo respond 10 on8 -oll grant r)pportunilies outside the normal annual budgetary cycle. Should other funding not be r8ceived the cash r95ervo should be used lo pay committed grants dglinod by the lermg ol thè rélevant conlracls. Free reserve availsble lor use exclude restricted funds and the Inveslmonls in Corgi SeNices Limilod as unrestricted funds. Truslo8s have r8Vl8wed the historic deslgnalion of £2,645,500 lor the purpose ol g8n8raiing Inv8slmgnl Income lo support thè eharilablg aims ol Ihe Trust and eonsid9r that in the curr&nl environment this remains appropriat8. Trustees will continue lo review this on an ongoing basis 10 ensure the value ol funds deslgnaled lor the purp05e ol generating investment income remain consislenl wilh the Trust's long-lerm slraleoy. Tho balance held as Iree reserve al 31 March 2025 was £576,476 which amoun15 10 circa 21 months operalino expendilure. This is alter making considoraiion lor the 24 monlhs sel aside lor operating expenditure menlion8d above. d. Inve#tment pollcy and partormanc• The Irusl88s rèvièwed the policy lor use ol funds lor the financial year. The policy aims lo maintain Ihe real valu• of the investments in the long term and lo achieve a return equivalent lo the retail pricè index plus 4•/9. The day-lo-day management ol our investments are out$our¢ed lo our fund manager Cazenove vla a bespoke •lhical mulli asset fund designgd lo delivgr equity like returns with reduced volalilily. As al the 21 March 2025 th8 fund's asset mix was as follows... Mulii-Assel Funds Allernaiives Bonds Cash Equities O.OYo 13.Sa/. 10.5V. 3.301. 72.7PIo The movement on investments lor the financial yèar was 0.9 % 1100/. last yearl against a largel return o16V. Icapilal growth with dividends). Page S
THE CO RESEARCH TRUST IA company Ilmited by guarantee) TRUSTEES, REPORT {CONTINUEDI FOR THÉ YEAR ENDED 31 MARCH 2025 o. Rl$k managomont The principal risks laced by lh• Trust lie in the perlormancg 01 investments and changes lo the Trust's in¢om• from the subsidiary Corgi Services Limited. The Trustees consider variability ol investment ralurns on the Trust's Inveslmeni lo bè an Important financial risk. This risk is miligal8d by rolaining expert inveslmoni managers and having a diversiligd olhical investment portfolio. The operailtsnal risk from variability lo the Trust's Income Irom Corgl Services Limited, ¢aLJsed by Changes lo Iic8ns&es, is id8nlilied as a risk lo the charity. Whilsi Ihls rlsk is not immediate, the profile ol incomè from licensees means that Ihe Trust is reliant on the continued performance ol a small number ol licensees lor a signiliGanl proportion DI ils incomè, The Trust aims 10 mitigate this risk by seeKing opportunliles lor collaborative co-lunding and incorporating this aim into ils 5-year plan. Stru¢luro, gov•m•n¢• and minagemenl a. Con8tltutlon The Tru81 Ilorm&rly The Gas Safely Tru811 Is a company limlied by guaranto0 and governed by ils Memorandum and Arlicles ol Association dated 8 August 2021. 11 is a charity registered with thè Charity Commission and establish8d prlmarily lo promolg and support gas safety. The Trust is the $019 shareholdgr In Corg1 Sèrvices Llrnlled., which carrles out commérclal aclivi118s lo ganeralo profits Ihal are gill aided lo the Trust, While the Trusl exercises r&sponsibllily as the sole shareholder ol Corgi Services Limited, the Gorgi Services Limited Board is responsible lor day.lo.day d9ClSlQllS. Thè aflairs ol the Trust are directed by a Board ol Trustees, who are independent and unpaid under ¢harlly law. N8w Irus189s are requlrea lo b& iniervlew8d by al least two 8xislino Iru$188s prior 10 their appoinlmenl, which 1$ then approved by the lull Board. Upon appoinimenl, Irusiees receive an inlormallon pack and a fole dascriplion lo enable them lo locus upon and dlscharge their responsibilities as approprlale. The Irusiees receive regular updales from the Charitiès Commission and there are opporlunilies lo allend approprlale Trustee related 89minars and conl8r8nc88. Al the quarterly Irusl88s' m881ing8 th8 Irusie8s agr8è th8 broad strategy and areas ol activity lor the Trust, including ¢onsideralion ol grani making, investment, reserves and risk management Sxslicies and performance. Th8 day-lo-day adminislralion ol grants and th6 procgssing and handling ol applicaiitsns prior lo consid&ration by the Grants sub-eommittèé is delegated lo the Chief Executive. The Chief Executive Is responsible lor the rolllng monitoring ol inlormalion concèrning the performance ol grants and Ihe Grants sub-commillea makos reeommendaiions to the Iruslees concerning the oxiension, cessation or suspension ol existing grant approvals whère appropriale. The Granis sub-committee has the power lo co-opi acadèmic experts as scientific or educational advisers. Assisting the tnJsle8s, the Finan¢8 and Communication & Marketing sub-¢ommi1188S meèt quarterly, prior io the main Board meeting, lo deal wilh mallers relating to finance and invoslmonl, and marketing, PR and public allairs respectively. The Iruslees seek lo follow th8 good practice 'Charity Trusl6es Guide, issued by the Charity Commission. Th8 Board considers Ils make up on an annual basis lo keep the skills and composition of the Iruslee body and succession planning under review and, wher8 n8eded, lo recruit new trusle81sl for Ihgir experience, empathy and know18dge ol the charlty. New trustees may be sought by open advertisement or through a direct approach, whilst respecting the ethos ol the Trust lo continue the charilablo work sel out in its obje¢lives. The ultimata decision on selection is a matter lor the Iruslees. Page 6
THE CO RESEARCH TRUST IA company limited by guarantee) TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 struur•, govorn•nc• and managgmonl loontlnuod On appoinlmenl, the induction process follows the Charity Commission's good pra¢li¢e Charity Trustees. Guide with a formal induction programme ltsr any newly appointed Irusi&&, which includes an initial meeting wllh the Chair and the Iruslees, lo discuss inveslm8nls, the grant making process, powers and responsibilities ol the Iruslee board and th¢ sub commillees. The welcome pack includes a brief history of the Trust, a cr)py ol Iruslee board and sub-commill&o minutes, a copy ol the last three years ol annual report8 and accounts. a copy ol Ihg governing trust deed and a copy ol the Charity Commission's guidanee 'The Essential Truslge.. What You Need lo Know. and 'Publlc B8nelil.' runnlng a ¢harlly'. b. Pay pollcy lor key managom•nl personnel The Irus18es consider the Board ol Trusl88s and the Chief Executive as comprising Ihe key manag8menl personnel ol the charity and in charg8 ol directing and controlling the eharily and running and operating the charity on a day-lo-day basis. All 1rusl6es givg Iholr Ilmg freely. Dglails ol Iru$l88 exp&n$&s and relalod party transactions are disclo$od in the accounts, Trustees are required lo disclose all relevant interests and register them vth the Chief Execulivé and in accordance with the Trust'6 policy wlhdraw from decisions wher8 Ihgre May be a conflict ol interest. ¢. FlnaneSal rl•k rnanagem•nl The Trustees have assessed the major risks lo whlch the Group and the Charity are exposed, In parllcular those related lo th& operations and finances ol the Group and the Charity and are satisfied Ihal systems and proc8dur6s aré in place lo miligalè 8xposure lo th8 major risks. Plan8 tor lulure p6rlod• Tho Trust Is th8 UK'S principal grant awarding CO research charity. The core ol the Iru$lggs' approach lo prev&niing polsoning by carbon rnonoxide and raising ils awareness Is through ils ongoing r6s&areh programme. We conllnue lo work with our key partners - the UK HoRllh Sécurity Agency. Gas Sale R8oislèr, th8 Health and Salely Exgculiv8 and th& All-Parly Parliamentary Carbon Monoxide Group with whom we promot8 our shara interest in preventing CO poisoning and raising awaroness. In the nexl 12 months, tha Irusiees anlicipalg the following. Hosting a resgarch conference highlighting Ihg work ol CORT as well as Itxussing on emerGinG trends lo inform our StratY, and devèlop nèw ideas and collaborBtive proposals lo be consid8rèd by the Board ol Trustees lor funding. A continued grants application pipoline considering the topics within our rèsearch Strategy. Developing a work plan lo deliver the n8w livè.year strategy which rellecls th8 lalesl dgvelopm8nls in this area and make us8 01 the opwrtunilies that have been idenlilied. Delivering a programm¢ ol in-person and online &venis and activities, includlng our Lecture Series. which will prtsmoie collaboration, d8vglop new ideas and coordinate activities betwèen key stakeholders. Working with key academic partners lo develop the concept ol Cenlres ol Carbon Monoxide Research, which specialise in spocilic areas and maximise the return on the lunds granted by the Trust. Supporting and ulilising the opportunity presented by the Carbon Monoxide Flesearch Network ICORNI, ané the d8veloping partnership with the National CO Awareness Association INCOAAI. Developing a workslream that recognises the impact that both the reduction ol the use ol fossil fuels and the eosl-ol-living crisis in the UK will have on CO levels. Exploring the potential for co-lunding opportunities on larger long-term projects. Page 7
THE CO RESEARCH TRUST {A company Ilmited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 ststgment ot Trusle08' responsibilities The Trustees Iwho are also the dirgclors ol th& Charity lor thè purpos8s ol company lawl are re8ponsible lor preparing the Trustees, report and the financial Slalemenls in a¢¢ordan¢e with appli¢able law and United Kingdom Accounting Standards (Unilod Kingdom Generally Accèptèd Aceouniing Practic81. Company law r&qLJifos the Trusi•8s lo prepare linancial slalem8nls lor each financial Under company law, th• Trustees musi noi approve the financial siaiemonts unless Ihey ar8 satisfied that they giv8 a true and lair view ol the slal8 ol allairs ol the Group and the Gharily and ol their inGorning rosourGes and applicalion ol resources, including their income and oxpondilure, lor that pariod. In preparing these financial slalemenls, the Trustees ar• required lo,. se18cI suitable accounting pol¢18$ and thon apply them consisl8nlly,' obs8rv8 the m8lhods and principlas ol the Charities SORP IFFIS 1021., make judgments and ac¢ounling eslimales that are reasonable and prud&nl', slate whether applicable UK Accounting Standards IFFIS 1021 have been followed, subject lo any material dapartLJres disclosod anrj 8xplained in thè financial slalemenls., prepare th8 financial slalemenls on tho going concorn basis unloss il is inappropriate lo presumg that the Group will ¢oniinu• in businèss. The Trustees are responsible lor keèping adequate accounting re¢ords that are sullicienl lo show and 8xplain Ihe Group and Ihe Charily's transactions and disclose with r8asonabl8 accuracy al any lime the linancial position ol Ihe Group and Ihe Charliy and enable them lo ensure that the Ilnancial slalemenls comply with tho Companies Act 2006. Thtsy are also responsible lor safeguarding the 8SS8is ol the Group and the Charity ond hence lor laklng reasonable steps lor the prevention and deleolion ol Iraud and other irregularllie8, Dl•clo•urè ol Infgrmatlon lo audltori Each ol the persons who are Trusio&s ai Ihg lime when this Truslee8' report18 opprovgd has ¢onllrmed Ihal.. so lar as that Trustee Is aware, there is no relovanl audit inlormalion ol whiGh lh9 charltable group's auditors arg unaware, and that Trustee has taken all the $1gps that oughi lo have been taken as a Trustee in order lo be aware 01 any relevant audit inlormalion and lo establish thai the Gharilable group's auditors arg awarg ol that information. Audltar• The audllors, Xelnadln Audll Limlleu, have Indlcaleo1 Ihelr wlllingness 10 continue In off Ice. Thè deslgnale Tru$l&8s will propose a motion reappointing the auditors al a meeting ol th6 Trusleos. Approvecj by tsrdér ol th8 m8mbers ol the board ol Truslges and signed on Iheii behalf by.. Professor Andrew Shaw Chair Paul Everall Deputy Chair Date.. 4 November 2025 Pag8 8
THE CO RESEARCH TRUST {A company Ilmitèd by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE CO RESEARCH TRUST Opinion We have audilod the financial siaiemenls ol The CO Research Trust Ilhé 'parenl charitable company'l and ils subsidiaries Ilhe 'group'i lor the year ended 31 March 2025 which comprise the consolidated slalomoni ol financial aclivilies, the consolidated income and expendilura account. the consolidated balance sheet, the charity balance shegl, the consolldaiea slalemeni ol cash flows and the related notes, Including a summary ol significant accounting policies. The financial reporting framework that has b8en applied in their preparation is appii¢able law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable In th8 UK and Republic ol Ireland, (United Kingdorn Generally Accapled Aceounling Practic81. In our opinion the financial slalemenls.. give a true and lair view ol the slate ol the Group's and ol thè pargnl charitable company's allairs as al 31 March 2025 and ol tha Group's ineoming rgsourcos and application ol re80urces, including its ine¢mo ané expenditure lor the year Ih8n 8nééd', havo b&8n proporly prepared in accordance with Unilgd Klngdom Generally Acc8P18d Accounting Practice.. and have been prepared in accordance with the requSremenls ol thè Charltles Act 2011. 8)8lJ tor oplnlon We conduoled our audit in accordance with Inlèrnalional Standards on Audillng IUKI IISAS IUKII and appllcable law. Qur respcinsibililiBs under those standard8 are lurlh&r describ in th8 Audilors. responsibilities lor the audit of th& financial slalgmenls section ol our report. Wo are Independent ol the Group In accordance wllh Ihe olhi¢al r8quir8m8nls that are relevant lo our audit ol the financial slalgmenls in the United Kingdom, including the Flnancial Reporllng Councll's Eihieal Standard, and we have lullllleé our olhor 8lhlcal rasponslbililles in accordance wilh these requirements. We b&lievg that tho audit evidence we hav8 oblalned is sulliclenl and appropriate lo provide a basls lor our oplnlon. Conclu8lon8 relatlng lo golng concèrn In audlllng the linan¢ial slalom$nls, we havè concluded that th8 Tru$lees' use ol tho going concern basls ol accounting in the preparation ol th8 financial statements is appropriate. Based on the work wo have p9rlormed, wg have not Id&nlllled any mal&rlal uncertalnlles relailng lo even18 or eondilions that, individually or ¢o11g¢lively, may Cast significant doubl on the Group's or the parent charitable company's ability lo continue as a going concern for a period ol al least e1ve month8 from when the linanclal slaiemenls are aulhorised lor issue. Our responsibililies and the responsibili118s ol the Trustees with respect lo going concern are describèd in tho relevant Sèctions ol this report. Page 9
THE CO RESEARCH TRUST IA company limitèd by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE CO RESEARCH TRUST ICONTINUEOI Othèr Informailon The other information compri98s the inlorrnalion included in the annual report other than the linancial Slalemenls and our audllors. r&port Ihereon. The Trusiees arg responsible lor the other information contained wilhln the annual report. Our opinion on the financial slal8menls does not cover the other information and, except lo the exlenl otherwise explicitly slated in our report, we do not express any form ol assurance conclLJsion thereon. Our responsibility is lo read the other information and, in doing so, consid8r whether the other information 15 materially Inconsisiènl with Ihe financial siaiemenis or our knowledge obtained in Ihe course ol the audit, or otherwise appears lo be materially misslalad. 11 we identify such ma18rial inconsistencies or apparent material misslalernents, we are required lo delermine whether this gives rise lo a material misstal8mènl in the financial slalemenls Ihemselv8s. 11, based on th8 work we have performed, w8 conclude that there is a material misslaioment ol this othèr Information, w8 are required 10 report that fact. We have nothing lo report in this regard. Malt?r• on whlch w• ire rgqulrgd lo rgport by exPtIon We have nothing lo report in rgsp8¢1 ol the lollowinq mallers where the Charities IA¢counls and Reports) Regulations 2008 requires us lo report lo you il. in our opinion.. Ihe information given in the Trusloos, rgporl is Inconsislenl in any malorial resp&¢l with the financial slalem&nls', or the parent charitable company has not kept sullicienl accounting records., or the parent charitable company financial slalemenis are not In agreemenl with the accounting records an r8lurns', or we havè nol r8caivèd all th8 inlormalion and &xplanaiions we réquiro lor our audit. R88pan8lblllll88 of tru8t881 As explained mor8 lully in the Iru81888' re8ponsibililies slalemenl, the Trustees (who are al80 the directors ol Ihe ¢harllablo Company lor Iho purposes ol company lawl are responslblo lor the preparallon ol the Ilnancial slalemenls and lor being satisfied that they givg a true and lair view, and lor such internal control as the Trustees delermlne is necessary lo enable the preparallon ol Ilnancial slalemenls that are free from malerlal misslalemenl, whether dug lo fraud or grror. In preparlng the financial slalemenls, the Trust8es are responsible lor assessing the Group's and the parent charitable company's ability lo continue as a going concern, disclosing, as applicable, mallers related lo going concorn and uslng the going concern basis ol accounting unless the Trustees either intend lo Ilquidale the Group or the parent charitable company or lo cease operations, or have no realistic allernalive bul lo do so. Page 10
THE CO RESEARCH TRUST IA company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE CO RESEARCH TRUST ICONTINUEDI Audltor$' responslbilltles lor the audit of the flnancial slatements We have b8en appointed as auditor under secllon 151 of ihg Charities Acl 2011 and report In accordance wllh the A¢1 and relevant rfygulalions made or having ¢llecl th&reunder. Our objectives are lo obtain reasonable assurance about whether tho financial slalèmenls as a whole are Ireg from material misslaiemeni, whether due 10 fraud or error, and lo issue an audilors, report thai Includes our opinion. Reasonable assLJrance is a high level ol assurance, bul 1$ not a guaranlge that an audit conducled in accordane8 with ISAS IUKI will always delèci a matèrial misslaiemenl when il èxists, Misslalem8nls can arise from Iraud or arror and ara considered maierlal il, individually or sn the aggregate, they could reasonably be expocled lo influence Ihe economic decisions ol users taken on the basis ol these financial slalemenls, Irrègularities, including fraud, are instancès ol non-compliancè with laws and regulations. We design procèduro8 In line with our responsibilities, outlined abovè. lo d818ct material misslalemenls in rèspèct ol Irragularilies, including fraud, The exlenl lo which our proG8duros are capable ol delecling irregularities, including fraud is deiailèd b810w', We Ideniilied areas ol laws and regulations that could reasonably be expected 10 have a material elled on the financial siaiemenis Irom our gen&ral 80¢lion experien¢es and Ihrouoh discussion wilh tho80 charued wilh governance las required by auditing slandardsl. We communicalgd identified laws and regulations throughout our team and remained alert lo any Indic8lion$ ol non-complian¢¢ throughout the audit. The company 15 subj8¢1 lo laws and regulallons that dlrg¢lly atfecl the linanclal slalem8n15 Includlng Ilnanclal reporling leglslatlon, Charities SORP and The Charities Act. W8 ass8SS8d the exlenl ol compliance wilh these laws and regulations as part ol our procedures on the related linancial slalemenl Ilams. We Idenlilled the lollowlng areas as areas that could be most susceptible lo Iraud or Irregularllles.. use ol funds, designation ol funds and transactions with relaleé parties. The audit procedures und&rlaken did not id&nlily any actual fraud or irregularities. Owlng 10 the inhèrènt Ilmiiaiions el an audll, lttere18 an unavoldable risk that wé may noi havè detectèd gomè malerlal misslalemenls in the financial slaiements, even though w8 hav8 prop8rly planned and perform8d our audit in accordancè with auditing standards. Fc)r example, thè further removed non-compliancè laws and regulations lirregulariliesl, is from the events and transactions reflected in the financial Slalernenls, the less likely the inherently limited procedures required by auditing standards would identify it. We are not responsible lor prevenllng non-compllance and cannot be expecled lo delecl non-compliance with laws and regulallons. A further dascriplion ol our re8pon8ibililies lor th& audit ol the financial slatemanls 18 located on the Financial Reporting Council's website ai.. This description forms part ol our auditors, r8porl. Uso of our report This r8POrt is mad8 solely lo th8 charitable companls Irusl8es, as a body, in accordance with Part 4 01 lh8 Charities (Accounts and Reporlsl Regulations 2008. Our audit work has been undertaken so that we mighl slate lo tho charitable Company's Irusloos those matters we are roquirod lo slai¢ 10 them in an auditors, report and lor no other purpose. To the lullesl exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and ils members, as a body, lor our audit work, lor this report, or lor the opinions wg have formed. Page 11
THE CO RESEARCH TRUST IA company Ilmll•d by guAranlo01 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF TPIE CQ RESEAFICH TRUST ICONTINUEDI Andr•w Hlll Senior SlalulLiry Audltor Ilor and on Dehall ol Xeinadin Audll Limlladl 8th Floor Beckei House 36 Old Jowry London EC2R 8DO XèinAdln Audll Limiiad ara 81iglbl& 10 aci as 8udiiof8 In terms ol g&cilon 1212 01 th8 Companies Act 2008, Page 12
THE CO RESEARCH TRUST {A eompany Ilmitèd by guarant00 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAA ENDED 31 MARCH 2025 Unrestricted funds 2025 Tot81 fund$ 2025 Total funds 2024 Noto Income Irom: Donations and legacies Other trading activities Invesimtrnis 16,540 641,633 232,450 16,540 e41,633 232,450 9,178 602,035 231,520 Total Incom 890,623 890,623 842, 733 Expondlturo on: Flaising funds Charitable activities 419,460 665,597 419,460 66S,597 262,712 363,276 Total oxpendllure 1,085,057 1.085,057 625,988 Not lexpendltur8lllncome bgfore nel1108808}Igaln8 on Investment8 N81 Iloss8siigains on inv8slmèn18 1194,4341 1140,5781 1194,4341 1140,5781 216,745 273,546 Not mov•ment In fund• 1335,0121 1335,0121 490,297 Roeonelllitlon al tund*', Tolal funds brought lOard Net movement In funds 4,598,978 1335,0121 4,598,978 1335,0121 4,108,685 490,291 Total fund$ ¢arrlèd fonvard 4,263,964 4,283,964 4,598,976 The Con801idaled slaiemanl ol financial aclivili8s includ8s all gains and losses recognised in the year. The noies on page6 20 10 36 form pan ol these financial slaiemenls. Page 13
THE CO RESEARCH TRUST IA cornpany limited by guarantee) SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Tolal funds 2025 Total funds 2024 Not• Incomè ILossesl/gains on investments 890,62S 1140.5781 842, 733 273,546 Gro•• Income In th• roportlng perlod Less., Total expondiluiè 750,045 11,08S,0571 1, 116,279 1625,988) Not exp•ndliurolllncomo) tor the roportlng porlod 1335,0121 49Q,291 The notes on pages 20 10 36 form part ol Iheso Ilnancial siaiem9nlS. Page 14
THE CO RESEARCH TRUST IA company limiled by guarantee) REGISTERED NUMBER.. 05492850 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Flx8d assèts InlanGib18 ass8ts Inv8slm8nts 15 16 18 4,770,786 18 5.021,848 4,770,784 5,021,866 Current a•s•l• Debtors Cash al bank and In hand 17 259,822 837,233 285,381 1,068, 780 1,097,055 1,354, 161 Current Ilabllltles Cr8dilor8.' amounts lalling due within one year 18 11,175,611) (854,558) Nel Current Ilabllltlo8 10880ts 178,5561 499,603 Tolal assots lèsi currént Ilabllltle8 4,692,228 5,521,469 Creditors.. amounts falling due after more than one year 19 1428,2641 (922,493) Total nel 08$0t8 4,263,964 4,598,976 Charlly lund• Reslricled funds Unreslriclgd funds 21 21 4,263,964 4,598,976 Total lund• 4,263,964 4,598,978 Page 15
THE CO RESEARCH TRUST (A company Ilmltèd by guaranteé) REGISTEAED NUMBER: 05492850 CONSOLIDATED BALANCE SHEET ICONTINUEDI AS AT 31 MARCH 2025 The Charity was enlilled lo gxgmplion from audit und8r section 477 01 the Companies A¢1 2006, The member$ have not required the enlily lo obtain an audit lor the year in quoslion in a¢¢ordance wilh section 476 01 the Companies A¢1 2006. How•v•r. an audit is rgquired in accordance with $8elion 151 01 Ihg Charilios Aei 2Q11. The Truslges acknowledge Iheir responsibilitiès Icr complying with the requirements ol the Act wllh rèspect lo accounting ra¢ords and prèparation ol financial slal8m8nl$. Thè financial slalemenls have been prepared in accordance with Ihg provisions applicable lo entities sublecl lo th8 small companies r8gime. Thè linancial 8lalemenl8 Were approved and aulhorised lor issue by the Tru318es and signed on their behalf by.. Firotesior droW Shaw Chair rjaul Everall Deputy Chair Dal8.'4 November 2025 The nolgs on pages 2010 3e form part ol thesè financial slalemgnts, Page 16
THE CO RESEARCH TRUST (A company Ilmlted by guarantee) REGISTERED NUMBER: 05492850 CHARITY BALANCE SHEET AS AT 31 MARCH 2025 2023 2024 Not• Flx8d assets Invoslm•nts 16 5,336,305 5,587,387 5,336,305 5.587,387 Curront asse1• Debtors Cash al bank and In hand 17 280,018 360,128 437,658 489,300 840,144 926,958 Curront Ilabllltles Crodilors.. amounts falling duo within one yéar 18 11,104,220) (812,874) N•t current Ilabllltlgs l a88Ots 1464,0781 114,084 Total aJaet¥18sg ¢urr•nt Ilabllltle$ 4,872,229 5, 701,471 Cradilors,. ameunls lalllng duè aft&r mora than one year 19 1428,2641 (922,493) Total not a•sot• 4,443,965 4, 778,978 Charlty tund• Reslrlcled funds Unreslricl8d funds 21 21 4,443,965 4,778,978 Total lund8 4,443,965 4,778,978 Page 17
THE CO RESEARCH TRUST IA Company limited by guaranleel REGISTERED NUMBER: 05492850 CHARITY BALANCE SHEET ICONTINUEDI AS AT 31 MARCH 2025 Tho Charity was &nlill8d lo exemption from audit under section 477 01 the Companies Act 2006. The members have nol required the enlily 10 obtain an audil lor the year in question in accordance with section 476 01 ihe Companies Act 2006. Howevér, an audit is rèquir6d in accordance with Section 151 ol the Charities Aci 2011, The Trustèes acknowledg8 théir r8sponsibili118s lor complying with the requir8monls ol the Act with respect lo accounllng records and preparation ol linan¢Sal siatèmenl8. The financial slalemenls have been prepared in accordance wilh the provisions applicable to entllies subie¢l lo the small companies regirn8. The financial slalemenls were approved and aulhorised lor i88LJe by the Tru8188s and signed on Ih8ir bèhalf by,. C£,.JL F•rolo••or kndrow Shaw Chair Paul Evorall Deputy Chair Dale.. 4 November 2025 The notes on pages 20 to 36 form part ol Ihgse financial slalemenls. Page 18
THE CO RESEARCH TRUST IA company Ilmlted by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash Ilows from operatlng acllvltles Nel cash used in operating activities 1573,8621 (133,383) Ca8h flow• from Investlng actlvltlo8 Dividends, interests and rents from investments Procè8ds from salè ol investments Purchase ol investments 232,449 158,936 149,0701 291,520 9,098 (190,197) Nèl ca8h provldad by Inv08tlng actlvitlo8 342,315 SO,421 Changè In ea•h Ind ciih •qulvilonti In tho yolr Cash and cash equiva18nls al the beginning ol th8 y8ar 1231,5471 1,068,780 182,9621 1, 151, 742 Ca•h and ¢••h •qulvalenlg al th• •nd of the y•ar 837,233 1,068, 780 The notes on pages 20 10 36 form part ol Ihese financial slalemenls Page 19
THE CO RESEARCH TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General Informallon Thè charity is an individual privatè charity limited by guaranlee incorporaled in England and consequently does not have share capital. Ea¢h ol Ihe Iruslees is Ilable to coniribule an amount not exceedlng £1 ltswards the a5séis ol the charity in the 8V8nl ol liquidation. The address ol ils registerèd ollicè is.. CO Research Trust, Suile 2 H8aley House, Dene Road, Andover, Hampshirè, SP10 2AA Accounllng poll¢lo8 2.1 Ba818 ol proparatlon of flnanclal •iat•m8ni8 The financial slalemenls have been prepar9d in accordance with the Charities SORP IFRS 1021 Accounting and R6pofiing by Chari116s.' Siai6menl ol Recomm8nd6d Practice applicabl6 10 charili8S preparing their accounts in accordance with th9 Financial Reporting Standard applicable in the UK and Flepublic ol Irgland IFRS 1Q21 lellactive 1 January 20191, the Financial Fi8POrting Standard applicablè in the UK and Flèpubllc ol Irèland IFRS 1021 and the Compani8s Act 2006. The CO Research Trust meets the d8llnilion of a public benelll enllty under FFIS 102. Assèts and liabilities are initially recognised al historical cost or transaction value unless otherwise slated in the relevant accounting policy. The consolldaled slalemenl ot financial activllies ISOFAI and consolidated balance sheet consolidate Ihg linanGial sl81gmgnls ol the Charily and ils Subsidiary undertaking. Thtr r$sulls ol the subsidiary are consolidated on a line by line basis. Thè Charity has lakan advantage ol the exèmption allowed under section 408 01 tha Companies Act 2006 and has not presenied ils own slalemenl ol financial aclivilles in Ihese linan¢ial slalemenls. Th8 financial 81alèm8nls ar8 prèpar8d in sterling. which 1$ th8 lunclional currency ol the Charity, monetary amounts in these financial slalemenls are rounded lo the neare81 £. 2.2 Income All incomè is r8cognisèd once thè Charity has 8nli118mènl lo th8 incom8, 11 is probable that the incom8 will be r8e8ived and th8 amouni ol incomè receivabl8 can b8 m8asur8d r81iably. Don8llon$ and leg&¢lés Donations. grants, sponsorship and gills are recognised when receivable. In the event that a donation 15 subject lo lullilling performance condilitsns b¢l¢r¢ Ihg Charity is enlille 10 the funds, the income 1$ d91err8d and not recognised until il is probable that Ihosg Conditions will bo lullillèd in the reporting perio#. Income from Gill Aid lax reclaims is recDgni5ed lor any donations with relevant Gill Aid ¢ertili¢ales re¢ognised in income lor the year. Any amounts ol Gift Aid not receiv8d by the year end are ac¢ounled lor in in¢ome and accrued in debtors. Other tr8dlng aetlvltl•s Incoming resources Irorn charitab18 trading aclivili88 and fundraising activities are accounted lor whén 8arn8d. Invo$tmont Income Investment income is accounted lor on a received basis. Page 20
THE CO RESEARCH TRUST IA company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles Iconllnuedl 2.3 Expendlture Exptrndiluio is rocognised on¢0 Ihore is alogal or ¢onslruelive obligation lo Iranslor &conomic benefit lo a third party. il is probable that a Iransler ol economie benefits will be required in selllemeni ancl the amouni ol the obligation can be measured reliably. Exp9ndilure is classified by aclivily. Thg costs ol each activity are made up ol the lolal ol direct costs ancl shared costs, including support costs involved in undertaking each aciivily. Diroci eosis attribulabl8 lo a single activity are allocated directly t¢ that aclivlly. Expèndliure on rai$5ng funds Sncludès all èxpenditure incurred by the Group 10 raisè funds for Ils ¢harilabl8 purposes and includ8$ Gosls ol all fundraising aclivili85 pvenls and non.charilable trading. Expendllure on charliable a¢livllie$ Is in¢urred on dir¢¢lly und¢rlaking Ihe a¢llville$ whl¢h further th¢ Group's objectives, a8 w811 as any associated support costs. Grants payable are charged in the year when the o11gr is made except in those cases where the oller is conditional, such grants being recognised as expgndilure when the conditions attachlng arg lulli118d. Granls oll&red subjecl lo conditions which hav& not b8&n m81 al th8 year end are noted as a ¢ommllmenl, bul not ac¢rued as expendllure. All expendllure is inclusive ol irrecoverable VAT. Allocatlon of support and governance costs Support cos15 have been allocated between aclivi1195. Governance ¢osls comprise all co$1$ involving the puolic aceounlability ol Ihg charity and its oomplianco with rggulallon and good pracllca. 2.4 Taxatlon Th& Charily Is consid8r9d 10 pass the 1O$1s s81 out in Paragraph 1 Schedule 6 01 the Finanee Aci 2010 and Iherelorg Il meets the definition ol a charitable company lor UK corporation lax purposes. Accordingly, Ihe Charily is potentially exempl from laxaiion in respect ol income or capital gains racaivèd within calagorig$ covèrad by Chapter 3 Part 1101 thè Corporation Tax Act 2010 or Soclion 256 01 the Taxation ol Chargeable Gains Act 1992, to the exlenl that sueh Inc¢m8 or gains are applied exclusivèly 10 charitablè purposes. 2.5 Trademarks The trading cornpany, Cofai Services Limited, included in the consolidated accounts has a lolal 0118 trademarks in place. The policy is lo write oll all legal and renewal costs lor ils trademarks in the period thai they are incurred, thè Iradino company has a total 0118 trademarks In place that arè held al notional value. Page 21
THE CO RESEARCH TRUST IA Company Ilmlted by guarantoel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 202S Accounllng poll¢lg8 Icontlnuodl 2.6 Investmen18 Investments ara a form ol basic financial inslrum&nls ancl are initially recognised al Iheir Iransaclion value and subsoquenlly measured al their lalr value as ai the balance sheet dale uslng the closing quolod market priGe. Th8 Stalemanl ol lin8ncial activities include8 the n81 gains and lossgs arising on revaluation and disposals throughout Ine y&ar. The Trust does not acquirg put options, derivativés or other complex Ilnanclal inslrumenls, The main form of linanclal risk laced by the charity Is that ol volaillity In ffjulty markets and investment mark915 du9 to widor oGonomi¢ ¢ondilions, tha aiiilude ol investors lo investment risk, and chang8$ in sèniimèni conc8rning èquili88 and within particular 8eclor8 or sub sectors. All gains and losses are taken lo th8 Sialemenl ol Financial Activities 8$ they arise. Realised gains an¢J losses on inveslmenls are calculai¢d as the dlfferen¢e between sales proceeds and Iheir opening carrying valuè or their purchase value il acquirgd subsequent to th8 first day ol the financial year, Unrealised galns and losses are calculated as the difference b8lwèan the lalr value al the yoar end and their carrying valug. Rtralised and unr&ali$8d investment gains and Ioss8s are combined in the Sialemenl ol Flnanclal Acllvllles. 2.7 Debtors Trade and other debtors arg r8cognised al the settl6m8ni amount aller any trade discounl ollered. Prepayments are valued al the amount prepaid nel ol any trade discounts due. 2.8 Ca•h 8t bank •nd In hand Cash al bank and in hand includos cash and shorl.l•rm hlghly Ilquld Snveslm&nls wllh a short malurlly ol three months or18ss Irorn the dale ol acquisilion or opening ol the deposit or Similar account. 2.9 Ll•billtlè# and provi•lon• Liabilities are r8¢ognised when there is an obligation al the balance sheet dale as a result ol a past ev&nl,11 Is probable that a Iransler ol economlc benelil will be required in settlement, and the amount ol the selllemeni can bè esiimaled roliably. Liabilili8s ar8 r8cognis8d al the amount that Ihe Charity anlicipales il will pay lo sellle lh8 debt or the amount il has ro¢0ivgd as advanc8d paymgnls lor tho goods or gervicés il musi provide. 2,10 Flnanclal Inslrumenl• The Group only has financial assèts and financial liabilities ol a klnd that qualify as basic financial inslrumenls. 8asi¢ financial instruments are initially recognised al transaction valuo and subsaquenlly measured al their selllemenl value with the exception ol bank loans which are subsequently measured ai amorlised cost using the 8ffeciive interest method. 2.11 Operatlng leasos Fienlals paid under operating leases are charged to the consolidated slatemenl ol financial a¢livilies on a slraighl line basis over the lease term. Page 22
THE CO RESEARCH TRUST {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Iconlinued) 2.12 Pon8lan4 Employees ol the chariiablè group are enliiled io join a d8lin8d conlribulion 'money purchase, scheme. The charitable group contribution is reslricled lo the conlribulion$ disclosed in nol8 12. The costs ol the dolined contribution schem8 ar8 included within trading &xpen886 and charged lo the unreslricled funds ol the charitable group. The money purchase plans invest the contributions made by the employeè and 8mployer In an inv8slmenl fund 10 build up over the lerrn ol the plan. Th6 pension fund is then converted Into a pension upon the employee's normal retirement age which Is d81ined as when they are eligible lor a slate pension. The trust has no liability beyond making its coniribuilons and paying a¢ro$s the deductions lor the employee's conlribulion$. 2.13 Fund accountlng General funds ar8 unreslricled funds which are available lor use al Ihe discr81ion ol the Truste88 In lurtheranco ol the general obje¢live$ ol the Group and which have nol been designalod lor olhor purposes. DesiGnaled lund5 compri$¢ unreslricled funds that have been sel aside by the Truglees lor particular purposes. The aim and use ol each dèsignated lund is sei oul In the notes 10 thè Ilnanelal siai8monl8. Inv8slmènl income, gains and losses are allocated 19 the 8pprepriai8 fund. Incom• from donatlons ond l*gacle• UnroStrl¢tod lund8 2025 Tolil fund$ 2025 Total lund$ 2024 Donations . sponsorship 16,540 16,540 9,778 Total 2024 9,178 9,178 Ineomè trom othor tradlng a¢tlvltles Income from non charltable tradlng actlvktles Unrostrlctfjd funds 2025 Total funds 2025 Total funds 2024 Trading income 641,633 641,633 602,035 TotAI 2024 602,035 602,035 Page 23
THE CO RESEARCH TRUST (A Company limited by guarant681 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Inv¢sim•nl In¢om¢ Unr•8lrlctfjd lund$ 2025 Tol¥l lunds 2025 Total lunds 2024 Income Iiem lix&d assèt inv68lm6nls Inleiesl receivable 205,097 27,353 205,097 27,353 190, 197 41,323 232,450 232,450 251,52Q Tolal 2024 251,520 231,520 Exp•ndllur• on r•l•lrbg fund¥ Oth•r Ir•dlng •xp•n••• UnM8trleled lund$ 2025 Tolol lunds 2025 Tot&1 lunds 2024 Admlnisiraiion 8xp8n888 Admlnisiraiion staff co818 356,845 53,555 356,845 53.555 226,92S 27,51 I 410.400 410,400 254,434 Total 2024 254,434 254,434 Inv•¥lmenl manag?m•nt co•1• Unr•$lrl¢t•d funds 202S Total fund$ 2025 Total funds 2024 Inveslmeni rnanagemenl costs 9,060 9,060 8,278 Tol&l 2024 8,278 8,278 Page 24
THE CO RESEARCH TRUST IA company limited by guarantoel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis ol grants Grants lo In$tltutlon8 2025 Total tund$ 2025 rotal lunds 2024 Resèarch 335,382 335.382 100. 169 Total 2024 100, 169 100, 169 The Group has made the lollowing material grants lo inslitulions during the year,, 2025 2024 Nimo of In•lltullon Shellield Hallam University- The ellecls ol low-lgvel CO exposure on the adult and d8voloping brain Isupp18m8nll Manchester Melropolllan UnSversily - Characlerlsing the cell-specllic effects ol low-level carbon monoxide exposure during vertebrate cardiac developmeni UK Health Prolecllon Agency - Improving nallonal CO guldance lo Inform midwives and maternity staff (INFO Co-midl NPIS - NPIS Carbon Monoxide Sutveillancg Prole¢t- rglund ol funds remainSng on project East ol England Ambulancg Service Manchgsler Mel Univgrsily Developlng CV In pregnancy (Llam Rldgel Sl Georges EDCO-H IHèaih8r Jarmanl Sl Goorges EDCO-D (Matteo Paganini) SHU Plalelels IPra¢hi Slallordl Univgrsily of R8ading (Mark Dallasl 36,000 11,529 53.633 (993) 33,235 70,130 84,323 10,912 111,782 25,000 335,382 100, 169 Page 2S
THE CO RESEARCH TRUST IA company Ilmiled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysls of expondltur6 on charltable a¢tivi11gs Summary by tund lyPO Unrestrlct•d lund8 2025 Total 2025 Tolal 2024 CO Research 885,597 665,597 983,276 Total 2024 363,276 363.276 10. An&ly#l¥ ol axpondlturn by •¢llvltle8 A¢ilviile8 undertaken dlrecily 2025 Grant lundlng ot actlvltl88 2025 Support ¢ost• 2025 Total funds 2025 rolal lunds 2024 CO R8géarch 195,576 335,382 134,639 665,S97 363,276 Total 2024 167,192 100,169 95,915 363,276 Page 26
THE CO RESEARCH TRUST IA ¢ompany limited by guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Analy81• of expendlturo by actlvllle• l¢ontlnu•dl Analy818 of dlrect C08ts co R68o&reh 2025 Total tund8 2025 Total funds 2024 stall ¢0$19 PR & marketing Travel & subsistence Events & Communications Consultant Conleroncg antj Sandpit 8v&nl Special Proj&¢t ICD 11 Collabtsraiive workshops Strategy costs 98,330 37.606 10,812 98,330 37.606 10,812 62,804 24. 768 5,937 51,700 15,995 5,150 838 30,933 3,521 3,828 10,548 30,933 3,521 3,828 10,546 195,576 19S,576 167, 192 Toial 2024 167,192 167,192 Analy•l• ol •upport eo•ii co Total lunds 2024 R8•earch 2025 lund8 2025 Slatt costs Travel & subsistence Adminisiralionltstfice costs Legal & professional Management lee$ Insurances IT support Subscriptions Governance 52,948 25,227 6,627 1,332 25,383 3,774 8,807 81 10,460 52,948 25,227 6,627 1.332 25,383 3,774 8,807 81 10,460 33,818 73,853 3,030 1,114 22,801 3,701 6,325 993 10,280 134,639 134,639 95,915 Total 2024 95,915 95,915 Travel and subsistence aro allocalod 30..70 belwegn charitable activities and support Costs and refl¢cls the estimated time spent between the two activities. Page 27
THE CO RESEARCH TRUST (A company Ilmlted by guarant0è1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. Audltor$' romunoratlon 2025 2024 Fees payable lo the Charity's auditor for the audll ol the Charivs annual acetsunls 5,460 5,040 12. Staff co$t$ Group 2025 Group 2024 Charlty 2025 Charily 2024 Wagès and salariès Soclal $8curily costs Conlribulion lo defined conlrlbulion p8nslon sch8rn8S 183.531 13.600 112,287 6,126 136,399 8.403 87,779 4.022 7,702 5, 726 6.476 4,821 204,833 124,133 151,278 96.622 The average numb•r ol persons employed by the Gharlly durlng the year was as lollows., Qroup 2025 Group 2024 No. Ch•rlly 2025 No. Charily 2024 Admini61ralion The number ol •mployo98 wh¢80 8mpl¢yo• bgn91ils 19xcluding employer pension costs) exceeded £60,000 was.. aroup 2025 No. Group 2024 No. In Ihe band £70,001 £80,000 The key management personnel ol the charity compriso tho Iruslèes and the management team. The lolal employee benefits ol the key management personn81 ol the charity were £78,47512024 . £72,133). 13. Pen$lon $cheme The charitable group operates a dolined contribution pension scheme, During the y9ar the charitable group ¢oniribuied £7,70212024 - £5,726). Page 28
THE CO RESEARCH TRUST IA company Ilmlted by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. Truslees, r•munoralion and oxpensas During th• year, no Trusl••s r•c•iv•d any remun•raiitsn or other benefits (2024 £NIL). During the year ended 31 March 2025, exp8n808 lolalling £8,590 wer8 r8imburs8d or paid directly 10 7 Trustees 12024 - £2,309 10 6 fruslees), These expenses were made up ol Iruslees reSmbursed lor their trav81 èxpensès. 16. Intsnglblè a88è18 Group Tradgmark8 Cost Al 1 Aprll 2024 18 Ai 31 March 2025 18 Not book valuo Al 31 March 2025 18 At 31 March 2024 78 16. Flx•d a88•1 Inv•8lmonl• Other Ilxod assgt Inv6gtm8nt8 Group Co•t or valuailon Al 1 April 2024 Addilio>ns Disposals Revaluations 5,021,849 49,070 1158,9361 1141,2171 Al 21 March 2025 4,770,766 Not book valu• Ai 31 Mar¢h 2025 4,770,766 Al 31 March 2024 5,021,849 Page 29
THE CO RESEARCH TRUST IA company Ilmlted by guaranleel NOTES TOTHE FINANCIAL STATEMENTS FOA THE YEAR ENDED 31 MARCH 2025 16. Flx8d assét Invegtm8nls ieonilnuèdl Inv681m•nti In Othèr flxod subsldlary asso1 companies Inv08tmonls Total Charlly Co$t or valuallon Al 1 April 2024 Additions Disposals Rgvaluailons 727,794 5,021 ,849 49,070 1158,9361 1141,2171 5,749,643 49,070 1158,9361 1141,2171 Al 31 March 2025 727.794 4.770,766 5,498,560 Impalrmont Al 1 Aprll 2024 162,255 162,255 Al 31 March 2025 162,255 162,255 N•t book valu• Al 31 March 2025 565,539 4,770,766 5,336,305 Ai 31 March 2024 565,539 5,021,849 5,587,388 Dalalls 018ubsldlary undartaklngs All enlilies have a year end 0131 sl March. Corgl Servlces Llmlted The charity holds 10001. ol the ordinary shares ol Corgi Services Limited, a Company incorporated in England and whos• principal activity is brand and data liconsing. The profil lor the financial poriod ol Corgi SeNi¢es Limited was £nil after paylng charitable gill aid payment to holding company and the aggregaie amount ol capital and reserves al Ihg end ol the period was £385,S40. Th8 Corgl Tru8t The charity is the sole member ol The Corgi Trust, a dormant company limilgd by guarantee and incorporated in Enaland. En•rgy Safely Trust The charity is the sole momber ol The Energy Saleiy Trust, a dormant company limited by guarantee and incorporated in England. Tho Gas Salely Trust The Charity is the sole ember ol The Gas Safety Trusl, a dorrnanl company limited by guarantee and incorporated in England. Page 30
THE CO RESEARCH TRUST IA company Ilmlled by guarantee) NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. 08btor8 Group 2025 Group 2024 Charlty 2025 Charity 2024 Due wllhln ono year Trade debtors Amounts owecl by group undertakings Oiher dèbtors Propaymonls and accrued incomg 23,895 27,145 15,900 360, 116 253 61,389 241,043 1,378 37,597 1,376 234,551 253 257,983 259,822 285,381 280,016 437,658 18. Credltors: Amounts lalllng due wlihln one year Qroup 2025 Group 2024 Ch•rlty 2025 Charity 2024 Grants committed not yel pald out Trade creditors Other laxalion and soclal socurlty Othèr cr8dilor8 Accruals and deferred income 856,408 263,137 22,640 9,310 24,116 723,553 72.518 28,911 4,629 24,947 856,408 234,036 723,553 60,983 2,410 4,243 21,685 8,226 5,550 1.175,611 854,558 1,104,220 812,874 19. Credltors: Amounts falllng due after more Ihan one yoar Group 2025 Group 2024 Charlty 2025 Charity 2024 Grants commilled not yel paid oui 428,264 922,493 428,264 922,493 Page 31
THE CO RESEARCH TRUST IA ¢ompany Ilmlled by guarantee) NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Flnancial Instrum8nt8 Group 2025 Group 2024 Charlty 2025 Cljarily 2024 Flnanclal assots Financial assets measurgd al lair value through inctsme and expendilura 4,770,766 5,021,848 5,336.305 5,587,387 Group 2025 Group 2024 CharSty 2025 Charity 2024 Flnanclal Ilabllltl•• Financial liabilitie8 measured al amorti88d cost 1,603,875 1, 777,051 1,532,484 1,735,367 Financial assets measur•d ai lair value through income and expenditure includes investmonls. Financial assets that ar9 debt in61rum9nls measurod al amorlised cost includes debiorB and cash al bank and in hand. Financial liabilities measur8d ai amortised cost include trade creditors. lax and soclal security, ac¢ruals and olher creditors. Items ol income. expens8, gains or lossès Nét galn8 111088881 Incomg 2025 Financial assets measured al lair value through in¢ome and expenditure Financial assets measured ai amortised cost 205,097 27,353 1140,5781 2024 Financial assets measured al lair value through income and gxpendilure Financial assets measured al amortised cost 190,197 41,323 273,546 The lolal intere81 income lor financial assets not measured ai lair valu8 through income and expenditure is £27,35312024 - £41,323). Page 32
THE CO RESEARCH TRUST IA company limited by guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21. Slalement of fundg Statement of funds - ¢urr•nl year 8al4nce at 31 March 2025 Balance at 1 Aprll 2024 Galnsl {LoJso81 Income Exp¢ndliuro Unrestrlcted lund8 D•8lgnatod fund8 Designated Funds 2,645,500 2,645,500 Gen•ral lund• G$neral Fund5 1,953,478 890,623 11,085,057) 1140,5781 1,618.464 Total UnM#trletod fundj 4,598,976 890,623 11,085,057) 1140,5781 4,263.964 Stil•m•nt of lundj. prlor y•Ar Balanc8 31 31 March 2024 Balance al l April 2023 Gain (Losses) Income Expandilure Unrestrlctad fundi D•81gn8l•d fundi O•$ignalgd Funds 2,645,500 2,645,500 General fund# General Funds 1,463, 185 842, 733 (625,988) 273,546 1,953,478 Total Unrostrlcled lunds 4, 108,685 842, 733 f625,988J 273,546 4,598,976 The designated fund comprises of £2,645,500 lor th8 purpose ol generating investment income lo support the Charitable aims ol the Trust. Page 32
THE CO RESEARCH TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 22. Analysls of nel assets between funds Analy81• ot nel 488Ot8 between fund•. ¢urront yoir Unrostrlctod tund8 2025 Total fund$ 2025 Intangible lixed assets Fixed asset investments Current assets Creditors due within one year Crgdilors due in more than ono year 18 18 4,770,766 4,770,766 1.097,055 1.097,OS5 11,175,611) 11,17S,6111 1428.2641 1428,2641 Total 4,263,964 4,263,9E4 Analy818 of not a88et8 between lunds. prlor year Unr8strici8d lunds 2024 To181 lunds 2024 Inlanglble fixed ass8lS Fixed asset inveslmenls Current assèts Cr8dltors du8 within one year Credltcrs due In more than one year 18 5,021,848 1,354,161 1854,558J (922,493J 18 5,021,848 1,354, 161 1854,558) (922,493) Total 4,598,976 4,598,976 Page 34
THE CO RESEARCH TRUST IA company limited by guaranteel NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2025 23. Roeonclll4tion of net movement in funds lo nel cash flow Irom operatlng actlvltlo8 Group 2025 Group 2024 Nei Incornelexpendliure lor the year las pgr Statement ol Financial Acliviliesl 1335,0121 450,291 Adlu8tm•nt8 lor.. IGainsiiLosses on investments Dividends, interests and renls Irom investments IlncreasellDecrease in debtors InereasellDecreasel In creditors 141,216 1232,4491 25,559 1173,1761 f273,546) (231,520) (76,772) (41,836) Not ¢a*h ugod In oporotlng octlvltle$ 1573.8621 (133,383) 24. AnalyslB of cash and cash equlvalenls Group 2025 Group 2024 Cash Sn hand 837,233 1,068,780 Total cagh and ca•h oqulvalonlj 837,233 1,068,780 25. Analy818 ol chongo• In not dobt At 1 Aprll 2024 Cash flow• At 31 March 2025 Cash al bank and in hand 1,068,780 1231,5471 837,233 1,068,780 1231,5471 837,233 26. Controlllng party The group and company was controlled throughout Ihe period and the previous by the Iruslees. Page 35
THE CO RESEARCH TRUST IA Company limitgd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 27. Prlnclpal subsldlaries Thè following was a subsidiary und6rtaking ol the Charity.. Nam• Company numbèr Cl•$8 of Holdlng shares Corgi Services Limited 03288198 Ordinary 1 OOV• The financial results ol the subsidiary lor th• yoar were.. N8m Incom• Expondlluro ProfltllLossl tor the year Nel 0888t8 Corgi S&rvic•s Limi18d 657,391 1410,4011 246,990 385,540 Page 36