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 $8tting objectives and planning lor aclivilies, th8 Trustees have given éu8 consideralion lo g8neral guidance
published by tho Charlly Commission rglailng lo public benelll, including thè guldance 'Public benelil.. runnSng a
charity IPB21'.
b. Grant-maklng p¢llclo8
The Trust has established ils grant making policy lo achievg ils objectiv¢s lor the public benelil. Thg Tiusl's aim
Is lo roducè the Incidencè ol laialilles and sarlous Inlurlos as well as poor health outcomès from car￿n
monoxide exposure and ils vision is lo mak8 a roal difference lo those most in need.
The bèneficiaries ol our granl-making programm8 are principally UK residents although w8 wll consider
appliealion$ 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
stru￿ur•, 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$od in the accounts,
Trustees are required lo disclose all relevant interests and register them v￿th the Chief Execulivé and in
accordance with the Trust'6 policy wlhdraw from decisions wher8 Ihgre May be a conflict ol interest.
¢. FlnaneSal rl•k rnanagem•nl
The Trustees have assessed the major risks lo whlch the Group and the Charity are exposed, In parllcular those
related lo th& operations and finances ol the Group and the Charity and are satisfied Ihal systems and
proc8dur6s aré in place lo miligalè 8xposure lo th8 major risks.
Plan8 tor lulure p6rlod•
Tho Trust Is th8 UK'S principal grant awarding CO research charity. The core ol the Iru$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 Strat￿Y, 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 ex￿PtIon
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 lO￿ard
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