| REPORTOFTHETRUSTEESINCLUDINGSTRATEGICREPORT | |
|---|---|
| STATEMENTOFTRUSTEES'RESPONSIBILITIES | 10 |
| INDEPENDENTAUDITOR'SREPORTTOTHEMEMBERSOF | |
| DENISECOATESFOUNDATION | 11 |
| STATEMENTOFFINANCIALACTIVITIES(INCLUDINGINCOMEANDEXPENDITURE | |
| ACCOUNT) | 14 |
| STATEMENTOFFINANCIALPOSITION | 15 |
| STATEMENTOFCASHFLOWS | 16 |
| ACCOUNTINGPOLICIES | 17 |
| NOTESTOTHEFINANCIALSTATEMENTS | 21 |
| CharityNumber: | 1149110 |
|---|---|
| CompanyNumber: | 08191619 |
| Trustees/CompanyDirectors: | DCoatesCBE |
| JFCoates | |
| PCoates | |
| SHGalletley | |
| JEWhite | |
| ORAdams | |
| Auditor: | RSMUKAuditLLP |
| FestivalPark | |
| Stoke-on-Trent | |
| Staffordshire | |
| ST15BB | |
| Banker: | BarclaysBank |
| PallMallCorporateBankingCentre | |
| PallMallCorporateGroup | |
| 50PallMall | |
| London | |
| InvestmentManager: | StonehageFleming |
| 6StJames'sSquare | |
| London | |
| SW1Y4JU | |
| UnitedKingdom | |
| RegisteredOffice: | bet365House |
| MediaWay | |
| Stoke-on-Trent | |
| Staffordshire | |
| ST15SZ | |
| Status: | DeniseCoatesFoundationisacompanylimitedbyguarantee.Itisa |
| registeredcharityandgovernedbytheprovisionsofitsMemorandum | |
| andArticlesofAssociationdated24August2012asamendedby | |
| specialresolutionon30November2012and4February2016. |
REPORT OF THE TRUSTEES INCLUDING STRATEGIC REPORT
Denise Coates Foundation
Principal risks and uncertainties
The principal risk faced by the Foundation is the erosion of the value of its long-term investment. The Trustees are satisfied that the investment management company has sufficiently demonstrated that it has the expertise to manage the investment of the Endowment Fund in accordance with the Trustees' requirements. In addition, the Trustees are provided with sufficient financial data to enable them to assess the ongoing performance of the investment. The Trustees keep the investment management company's performance under ongoing review.
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
The directors who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit information of which the charitable company's auditors are unaware. Each of the directors have confirmed that they have taken all steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that it has then been communicated to the auditor.
AUDITOR
RSM UK Audit LLP, Chartered Accountants, were appointed auditors by the company on 2 September 2013. Pursuant to section 487 of the Companies Act 2006, the auditors will be deemed to be re-appointed and therefore RSM UK Audit LLP will continue in office.
The Rep01i of the Trustees and Strategic Report were approved by the Trustees and signed on their behalf by:
Denise Coates CBE Trustee and Director
15 December 2023
Page 9
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DENISE COATES FOUNDATION ( continued)
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of f[r] aud.
In identifying and assessing risks of material misstatement in respect of irregularities, including f[r] aud, the audit engagement team:
-
obtained an understanding of the nature of the sector, including the legal and regulatory frameworks that the charitable company operates in and how the charitable company is complying with the legal and regulatory frameworks;
-
inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
-
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011 and the charitable company's governing document. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Repo1t of the Trustees' and remaining alert to new or unusual transactions which may not be in accordance with the governing documents.
The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to any significant, unusual transactions and transactions entered into outside the nonnal course of business and challenging judgments and estimates.
A fu1ther description of our responsibilities for the audit of the financial statements is located on the Financial Rep01ting Council's website at ht://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been unde1taken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Anna Spencer-Gray
ANNA SPENCER-GRAY (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants Festival Way Stoke-on-Trent Staffordshire ST! 58B
Date: 18 December 2023
Page 13
| Note | Endowment | Unrestricted | Total | Total | |
|---|---|---|---|---|---|
| Fund | Funds | Funds | Funds | ||
| 52week | 52week | ||||
| Periodended | Periodended | ||||
| 26March | 27March | ||||
| 2023 | 2022 | ||||
| INCOMEANDENDOWMENTS: | £000 | £000 | £000 | £000 | |
| Donations; | |||||
| Giftofexpendableendowment | 1 | 100,000 | - | 100,000 | 100,000 |
| Investmentincome | 2 | 7,591 | 326 | 7,917 | 5,116 |
| TOTALINCOME | 107,591 | 326 | 107,917 | 105,116 | |
| EXPENDITURE | |||||
| Raisingfunds; | |||||
| Investmentmanagementcosts | 1,369 | - | 1,369 | 1,348 | |
| Charitableactivities | 3 | 11,074 | 11,074 | 18,946 | |
| TOTALEXPENDITURE | (1,369) | (11,074) | (12,443) | (20,294) | |
| NETINCOME/(EXPENDITURE) | |||||
| BEFOREGAINSON | |||||
| INVESTMENTS | 106,222 | (10,748) | 95,474 | 84,821 | |
| Net(losses)/gainsoninvestment | |||||
| assets | (33,270) | (33,270) | 14,796 | ||
| NETINCOME/(EXPENDITURE) | 72,952 | (10,748) | 62,204 | 99,617 | |
| TRANSFERS | |||||
| Grosstransfersbetweenfunds | 11 | (10,998) | 10,998 | - | |
| NETMOVEMENTSINFUNDS | 61,954 | 250 | 62,204 | 99,617 | |
| Reconciliationoffunds | |||||
| Totalfundsbroughtforward | 651,959 | 16,000 | 667,959 | 568,342 | |
| TOTALFUNDSCARRIED | |||||
| FORWARD | 11 | 713,913 | 16,250 | 730,163 | 667,959 |
Denise Coates Foundation
STATEMENT OF FINANCIAL POSITION At 26 March 2023
| FIXED ASSETS Investments CURRENT ASSETS Debtors: Amounts falling due within one year Cash at bank and in hand TOT AL CURRENT ASSETS CREDITORS: Amounts falling due within one year NET CURRENT ASSETS TOT AL ASSETS LESS CURRENT LIABILITIES CREDITORS: Amounts falling due afer one year TOT AL NET ASSETS THE FUNDS OF THE FOUNDATION UNRESTRICTED FUNDS General funds ENDOWMENT FUND TOT AL FOUNDATION FUNDS Note 6 7 8 9 12 12 12 |
£000 40 101,649 101,689 (2,356) |
2023 £000 634,115 97,834 731,949 (3,285) 730,163 16,250 713,913 730,163 |
£000 14 101,541 101,555 (7,104) |
2022 £000 573,886 94,451 668,337 (378) 667,959 16,000 651,959 667,959 |
|---|---|---|---|---|
The financial statements on pages 14 to 30 were approved by the board and authorised for issue on 15 December 2023 and were signed on its behalf by:
Denise Coates CBE Trustee and Director
Company Registration No. 08191619 Registered Charity No. 1149110
Page 15
| Note | 26March2023 | 26March2023 | 27March2022 | 27March2022 | |
|---|---|---|---|---|---|
| £000 | £000 | £000 | £000 | ||
| NETCASH(USEDIN)/ | |||||
| PROVIDEDBYOPERATING | |||||
| ACTIVITIES | 13 | (1,935) | (1,441) | ||
| CASHFLOWSFROMINVESTING | |||||
| ACTIVITIES | |||||
| Expendableendowmentinvested | (95,000) | (99,000) | |||
| Transferfrominvestment | 8,000 | 16,000 | |||
| Interestreceived | 41 | 1 | |||
| Netcashusedininvestingactivities | (86,959) | (82,999) | |||
| CASHFLOWFROMFINANCING | |||||
| ACTIVITIES | |||||
| Giftofexpendableendowment | 100,000 | 100,000 | |||
| Endowmentconversion | (10,998) | (14,674) | |||
| Netcashprovidedbyfinancingactivities | 89,002 | 85,326 | |||
| CHANGEINCASHANDCASH | |||||
| EQUIVALENTSINTHEPERIOD | 108 | 886 | |||
| Cashandcashequivalentsatthe | |||||
| beginningoftheperiod | 101,541 | 100,655 | |||
| Totalcashandcashequivalentsat | |||||
| theendoftheperiod | 101,649 | 101,541 |
| 2023 | ||||
|---|---|---|---|---|
| Endowment | Unrestricted | Total | Total | |
| fund | fund | 2023 | 2022 | |
| £000 | £000 | £000 | £000 | |
| Managedinvestments: | ||||
| Dividendsandinterest—listed | 3,526 | 144 | 3,670 | 1,885 |
| Dividendsandinterest—unlisted | 3,650 | 149 | 3,799 | 3,219 |
| Interestoncash | 366 | 15 | 381 | 5 |
| Bankinterestoncashdeposits | 49 | 18 | 67 | 7 |
| 7,591 | 326 | 7,917 | 5,116 |
| ofinstitutionsinfurth | eranceofitscharitabl | eactivities: |
|||
|---|---|---|---|---|---|
| Total | Total | ||||
| Periodended | Periodended | ||||
| Grant | Support | 26March | 27March | ||
| funding | costs | 2023 | 2022 | ||
| £000 | £000 | £000 | £000 | ||
| Charitableactivity— | donations | 275 | 275 | 1,195 | |
| — | grants | 10,719 | 10,719 | 17,648 | |
| — | governancecosts | 80 | 80 | 103 | |
| 10,994 | 80 | 11,074 | 18,946 |
| Total | Total | |
|---|---|---|
| Periodended | Periodended | |
| 26March | 27March | |
| 2023 | 2022 | |
| £000 | £000 | |
| DisasterRecovery | 250 | 1,150 |
| MedicalResearchandDevelopment | 25 | 25 |
| CommunityDevelopment | 20 | |
| 275 | 1,195 |
| Total | Total | |
|---|---|---|
| Periodended | Periodended | |
| 26March | 27March | |
| 2023 | 2022 | |
| £000 | £000 | |
| HealthandWelfare | 3,856 | 3,189 |
| EducationandTraining | 3,191 | 2,011 |
| ArtsandCulture | 2,761 | 993 |
| MedicalResearchandDevelopment | 580 | 10,006 |
| CommunityDevelopment | 331 | 1,449 |
| 10,719 | 17,648 |
| Recipientsofinstitutionalgrant(s): | Recipientsofinstitutionalgrant(s): | ||
|---|---|---|---|
| Institution | FundedActivity | Noof | Total |
| grants | £000 | ||
| NewVicTheatre | SupporttheNewVicover5yearstobuildonits | 3 | 2,682 |
| currentstrengthsandsuccessesenablingittogaina | |||
| nationalreputation,fundtheNewVicAppetite | |||
| programmetosupporta"MiddleportChristmas | |||
| Event"andsupporttheBorderlinesService. | |||
| DouglasMacmillan | SupportthesecondyearofintegrationofTheDonna | 2 | 1,944 |
| Hospice(DonnaLouise | LouiseTrustintotheDouglasMacmillanHospice | ||
| Trusttakeover) | andprovidefundingfor12monthsofholistic`wrap | ||
| around'careincludingCounsellingandEmotional | |||
| Supportservices. | |||
| LibertyAcademyTrust | Supportaschoolexpansion/buildingextension | 1 | 1,599 |
| (FormallyknownasNAS | projectatChurchLawtonSchool. | ||
| AcademiesTrust) | |||
| mothers2mothers | Funda3-yearprogrammetofullysupportwomen, | 1 | 1,500 |
| adolescentgirlsandchildren'shealthandwellbeing | |||
| throughtheMentorMothermodelinLilongwe | |||
| District,Malawai. | |||
| StonyhurstFoundation | SupporttheStonyhurstFoundation'sfundingto | 1 | 1,100 |
| assistthedevelopmentofitsbursaryprogrammeand | |||
| associatededucationandwelfare supportat |
|||
| StonyhurstCollege,whichprovidesfundingto | |||
| youngpeoplethatmaynotordinarilybeableto | |||
| attendtheschoolduetothecostofattendance. | |||
| ChronicDiseaseResearchFundtheAgeingResearch5yearprojectand | 2 | 758 | |
| Foundation | supportactivitiesrelatedtothestudyofthe | ||
| Microbiomeandageing. | |||
| PreventBreastCancer | CovercostoftherefurbishmentofaTrainingSuite | 1 | 411 |
| attheNightingaleCentreandPreventBreastCancer | |||
| ResearchUnit. | |||
| Tate | Fund the upcoming Lynette Yiadom-Boakye |
1 | 261 |
| exhibitionatTateBritain. | |||
| 10,255 | |||
| Therewereafurther7institutionswhobenefittedfromgrantstoaidtheircharitable andwhicharealignedtotheFoundation'scharitableobjectives. |
activities | 464 | |
| 10,719 |
| Unrestrictedfunds | Total | Total |
|---|---|---|
| 2023 | 2022 | |
| £000 | £000 | |
| Legalandprofessional | 42 | 74 |
| Auditfees | 33 | 23 |
| Insurance | 5 | 5 |
| Bankcharges | - | |
| 80 | 102 |
| 2023 | 2022 | |
|---|---|---|
| £000 | £000 | |
| Auditor'sremuneration: | ||
| Auditservices | 33 | 23 |
| Nonauditservices: | ||
| Taxationservices | 6 | 5 |
| Unlisted | Listed | Cash | Other | Total | |
|---|---|---|---|---|---|
| Securities | Securities | investments | |||
| £000 | £000 | £000 | £000 | £000 | |
| Marketvalue | |||||
| Atbeginningofperiod | 316,705 | 184,638 | 14,804 | 57,739 | 573,886 |
| Transferfromcashbalances | - | 87,000 | - | 87,000 | |
| Additionstoinvestmentsat | 90,442 | 93,429 | (203,953) | 20,082 | |
| cost | |||||
| Disposalsatcarryingvalue | (89,376) | (18,008) | 107,384 | ||
| Investmentincome | 3,799 | 2,316 | 380 | 1,355 | 7,850 |
| Realisedandunrealised | |||||
| gains/(losses)duringthe | (25,092) | (13,990) | 7,345 | (1,533) | (33,270) |
| period | |||||
| Expenses(seebelow*) | (1,351) | - | (1,351) | ||
| Atendofperiod | 296,478 | 248,385 | 11,609 | 77,643 | 634,115 |
| 2023 | 2022 | |
|---|---|---|
| £000 | £000 | |
| Unrealised(losses)/gainsoninvestments | (25,827) | 14,709 |
| Realised(losses)/gainsoninvestments | (7,486) | 87 |
| RealisedGainsoncurrencyandmoneymarkets | 43 | |
| (33,270) | 14,796 |
| 2023 | 2022 | ||
|---|---|---|---|
| £000 | £000 | ||
| Level1 | |||
| - | UnlistedSecurities | 296,478 | 316,704 |
| - | ListedSecurities | 248,385 | 184,638 |
| - | OtherInvestments | 53,843 | 44,104 |
| Level2 | |||
| UnlistedSecurities | |||
| ListedSecurities | |||
| OtherInvestments | |||
| Level3 | |||
| UnlistedSecurities | |||
| ListedSecurities | |||
| OtherInvestments | 23,800 | 13,636 | |
| 622,506 | 559,082 |
| 7 | DEBTORS:Amountsfallingduewithinoneyear | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £000 | £000 | ||
| Accruedincome-interest | 40 | 14 | |
| 8 | CREDITORS:Amountsfallingduewithinoneyear | ||
| 2023 | 2022 | ||
| £000 | £000 | ||
| Accruals | 407 | 371 | |
| Donationandgrantcommitments | 1,949 | 6,733 | |
| 2,356 | 7,104 | ||
| 9 | CREDITORS:Amountsfallingdueafteroneyear | ||
| 2023 | 2022 | ||
| £000 | £000 | ||
| Grantcommitments | 3,285 | 378 | |
| Movementinrecognisedfundingcommitmentsduringtheperiod | |||
| Grantanddonations | |||
| commitmentsaccrued | |||
| 2023 | 2022 | ||
| £000 | £000 | ||
| Donationsandgrantcommitmentsrecognisedatstartoftheperiod | 7,111 | 4,276 | |
| NewdonationandgrantcommitmentschargedtoSoFAinperiod | |||
| (seenote3) | 11,341 | 18,947 | |
| Unutilisedamountsreversedduringthereportingperiod | (347) | (103) | |
| Donationsandgrantspaidduringtheperiod | (12,871) | (16,009) | |
| Donationandgrantcommitmentsrecognisedattheendoftheperiod | 5,234 | 7,111 |
| 2023 | 2022 | |
|---|---|---|
| £000 | £000 | |
| Financialassets: | ||
| Instrumentsmeasuredatcost | 40 | 14 |
| Instrumentsmeasuredatfairvalue | 634,115 | 573,886 |
| FinancialLiabilities: | ||
| Measuredatamortisedcost | 5,641 | 7,482 |
| At27 | Losseson | At26 | ||||
|---|---|---|---|---|---|---|
| March | revaluationof | Transferof | March | |||
| 2023 | 2022 | Income | Expenditure | investments | Funds | 2023 |
| £000 | £000 | £000 | £000 | £000 | £000 | |
| UNRESTRICTED | ||||||
| FUNDS | ||||||
| Generalfund | 16,000 | 326 | (11,074) | 10,998 | 16,250 | |
| ENDOWMENTFUND | ||||||
| Expendable | 651,959 | 107,591 | (1,369) | (33,270) | (10,998) | 713,913 |
| TOTALFUNDS | 667,959 | 107,917 | (12,443) | (33,270) | 730,163 |
| At28 | Gainson | At27 | ||||
|---|---|---|---|---|---|---|
| March | revaluationof | Transferof | March | |||
| 2022 | 2021 | Income | Expenditure | investments | Funds | 2022 |
| £000 | £000 | £000 | £000 | £000 | £000 | |
| UNRESTRICTED | ||||||
| FUNDS | ||||||
| Generalfund | 20,249 | 23 | (18,946) | 14,674 | 16,000 | |
| ENDOWMENTFUND | ||||||
| Expendable | 548,093 | 105.093 | (1,348) | 14,796 | (14,674) | 651,959 |
| TOTALFUNDS | 568,342 | 105,116 | (20,294) | 14,796 | 667,959 |
| 2023 | Endowment | Unrestricted | Total |
|---|---|---|---|
| fund | Generalfunds | funds | |
| £000 | £000 | £000 | |
| Investments | 614,227 | 19,888 | 634,115 |
| Cashatbankandinhand | 100,000 | 1,649 | 101,649 |
| Creditorsduewithinoneyear | (351) | (2,005) | (2,356) |
| Creditorsdueafteroneyear | (3,285) | (3,285) | |
| Debtorsduewithinoneyear | 37 | 3 | 40 |
| Totalnetassets | 713,913 | 16,250 | 730,163 |
| 2022 | Endowment | Unrestricted | Total |
| fund | Generalfunds | funds | |
| £000 | £000 | £000 | |
| Investments | 552,285 | 21,601 | 573,886 |
| Cashatbankandinhand | 100,000 | 1,541 | 101,541 |
| Creditorsduewithinoneyear | (333) | (6,771) | (7,104) |
| Creditorsdueafteroneyear | (378) | (378) | |
| Debtorsduewithinoneyear | 7 | 7 | 14 |
| Totalnetassets | 651,959 | 16,000 | 667,959 |
| 26March | 27March | |
|---|---|---|
| 2023 | 2022 | |
| £000 | £000 | |
| Incomeaftergainsandlossesoninvestments | 62,205 | 99,617 |
| Giftofexpendableendowment | (100,000) | (100,000) |
| Endowmentconversion | 10,998 | 14,674 |
| Investmentincome | (7,918) | (5,116) |
| Investmentmanagercosts | 1,369 | 1,348 |
| (Increase)/Decreaseincreditors | (1,859) | 2,832 |
| Netlosses/(gains)oninvestments | 33,270 | (14,796) |
| Netcashusedinbyoperatingactivities | (1,935) | (1,441) |