Denise Coates Foundation
(A company limited by guarantee)
REPORT AND FtNANCtAL STATEMENTS
31 March 2024
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COMPANIES HCIJSE
#211
Cornpany Regislrnthon No. 08191619
Registered Charity No. 1149110

Denise Coates Foundation
CONTENTS
REPORT OF THE TRUSTEES INCLUDING STRATEGIC REPORT
STATEMENT OF TRUSTEES. RESPONSIBILITIES
rNDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
DENISE COATES FOLfNDATION
12
STATEMENT OF FfNANCIAL ACTIVI￿s {tNCLUDtNG tNCOME AND EXPENDITURE
ACCOLfNT)
STATEMENT OF F￿ANCIAL POSITION
16
STATEMENT OF CASH FLOWS
17
ACCOUNTtNG POLICIES
18
NOTES TO THE FINANCIAL STATEMENTS
22

Denise Coates Foundation
REPORT OF THE TRUSTEES INCLUDING STRATEGIC REPORT
REFERENCE AND ADMfNISTRATIVE DETAILS
Charity Number..
1149110
Company Number..
08191619
Trusteeslcompany Directors."
D Coates CBE
JF Coates
P Coate5
SH Galleiley
JE White
OR Adams
Auditor..
RSM UK Audit LLP
Festival Way
Festival Park
Stoke4)n-Trent
Stafford5hire
STI 5BB
Inv¢strn¢nt Manager."
Stonehage Fleming
6 St James's Square
London
SWIY4JU
United Kingdom
RegisteredlPrincipal Office..
bet365 House
Media Way
Stoke-on-Trent
Staffordshire
STI 5SZ
Status..
Denise Coates Foundation is a company limited by guarantee. It Is a
registered charity and govemed by the provisions of its Metnorandum
and Articles of Association dated 24 Augusi 2012 a5 amended by
special resolution on 30 Novemkr 2012 and 4 February 2016.
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Denise Coates Foundation
REPORT OF THE TRUSTEES INCLUDING STRATEGIC REPORT
The T￿￿te¢S are pleased to pre5eni their report together with the fir￿)CIal ststements of the charitsble
company Clhe Fow)dationJ for the peTiod ended 31 March 2024. This report also contsins a directors.
report and strategic report as required by company law.
PRtNCIPAL ACTIVITIES
Th¢ principal adivity of the Foundaiion is the provision of funding to ¢I￿lI]eS that will use th¢ resour¢es
to ¢nrich the lives of those they exisi to sUP￿rt.
STRUCTURE. GOVERNANCE AND MANAGEFAEKr
Govtrnittg dotum¢Dt
Denise Coales Foundation is a company limited by guarantee and (trs noi have any share c4)itAI. It is a
non-profit making org#nisation and registered charity govemed by its Mernordndum and Articles of
Association dated 24 Au8USt 2012 as amendd by special resolution on 30 November 2012 and 4 February
2016. In the event of the cotnpany berng wound up members a￿ rwuired to contribute an amount not
ex¢¢¢din8 £10.
Org*#isatlonal stry¢tsre
All decisions rEgarding management of the FiyJndation and the di5thbutitin of its funds are rnade by the
Trustees. The Foundation h&8 no employtts and is not charged for the Trustees. time. However, the
Foundation receives administrative support through a rel*d party. for which there is no charge.
Appoinlm¢nt of Trns¢ees
The skill set of the Board of Trustees is frequently reviewed and compared to ihe requirements of the
Foundation to xhieve its objectives. WThere there are gaps the TTUStees Seek to make appropriate
appointTnents of individu￿$ with th¢ required skills and experi¢n¢es by an open reuuitm¢nt pro¢e5S to fill
any gaps. The Trustees are Satisfied with the cwreni skill s¢t of the board.
Trnstee induetiOD and trAining
All new Trustees att¢nd an inductioT] m¢eling with one of the existing TnLSt¢e4 observing how ¢h¢
Foundation's objectives ar¢ achieved. Trustees are briefed on their legal obligations under charity and
company law. along with the processes and procedures of the Foundation. Training for the Trustees is
regularly under review and identifies any development that needs to be addressed. Ea¢h year, th¢
appropriate training is supplied to keep the Board apprised of releTrrdnt changes in regulation. Should any
additional specialised training be requ]red lor the exisiin& or any newly appointed Trustee5. then
appropriate training 8rrangemenL8 will be put in place.
Rel*ted parties
The Foundation received donations from bet365 Group Limited ar¢d Hillstde (Media Services) Limited
duTing the period. The Foundation also received administrdtive sUPPOrt. primarily a¢countan¢y suppor
from Hillside (Shared Services 2018) Limited. Two of the Foundation's Tn&ees are Directors of Hillsid¢
{Media SeTvice5) Limited and Hillside {Shared S¢rvice$ 2018) Limited and three of the Truslee5 are
DirectOTS of the ultimate holding ¢ompany. Ett365 Group Limited, which is under the control of Denise
Coates CBE. Therefore, these entities are deemed to be related parties.
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Denise Coates Foundation
REPORT OF THE TRUSTEES tNCLtJDtNG STRATEGIC REPORT
Tr¥stees' indemnity insuranc
The Foundation holds trustee indemnity insurance. the c05t of this was £5,443 (2023: £5,184).
Risk m•nagem¢nt
The Trusrees acknowledge their responsibility for managing risk. They regularly review the risk
managernent process adopted and amend prc¢eduTes as and wh¢n li is deemed nxessary.
OB￿CTIVEs AND ACTIVITIES
The objectives of the Foundation policies employed to *¢hievt tht objective5
The overall aims and objective5 of the t)enise Coates Foundation as set out in the governing document is
to promole charitable PUTpose5 anywher¢ in the world for the public benefi( a5 are exclusively charitable
PUTPOS¢S according io the laws ol England and Wales. and as the Trus￿eS may in their absolute discretion
detern)ine, in particular. but not exclusively. through the provision or assistance in the provision of
facilities for the promotion of community participalion in healthy recreation.
The tru5tee5 review the aim& objectives and activities of the Charity each year. This report looks at what
the Charity has #chieved and the ouicornes of its work in the reporting period. The trustees report the
succe55 of ¢ach key activity and the benefits the Charity has brought w ih05e gTOUPS of people that il is set
up to help. The review also h¢lp$ the trustee5 ensure th¢ Ch¥rity'$ aims. objective5 and #¢tivitie5 remained
focused ort its slated purposes.
The ttustees have refeTred io the guidance contained in the Charity Commission's general guidance on
public benefit when reviewing the Charity's aims and objectives and in planning its fijture activiiies. tn
particular. the mL8iees consider how planned aciivilies will contribute io the aims and objectives thai have
been set.
Grant MakiDg Policy
The Foundation identifies charities IoL711y. nationally or internationally (registered through UK charilies)
thal it wishes to support and a150 w¢l¢omes application5. Contaet is made with these charities proactively,
to dis¢uss any proJeCt￿prograMme5 that they are looking to undertake that the Foundation may be in a
position 10 5UPPOrt. These ¢hariti¢s are then invited to present to the Foundation's Tmstees with a
prop05al detsilin8 how a grant would be of us¢ to the charity and th¢ benefits that it would d¢liv¢r. Given
that the Foundation's obj£ctive% are broa￿ the Trustees will consider most grants that have a charitable
Purpose bui particular consideration is given in ar￿ of health and welfare, COTnmunity developTnenL
medical research and development, education and tAining. arts and culture and dithsier recovery. The
Trustees assess how each pn>posal aligns ¢0 the Foundation's objedives in order to detennine whether the
grant is to be suitably awarded and consider5 iflwhat condition5 thould be attached to th¢ grants, in
partitular but not exclusively to mulii-yrar grdnts. During the Financial Pertod £1 1.3rn (2023.. £1 l.Om)
was eXpe￿ded1¢0Mrnittc￿ to ehariiable giving.
Finaneial due diligence assessments of the potential recipienis are undertaken, evaluating Key Performance
Indicators from the latest filed Statutory Accounts, to verify the financial position of the charity. Onc¢
grant ha5 beffl approvel a formal Grant Making A8reement is Sign￿ by both parties documenting th¢
amount due. any ¢ondilions attached io the grdnL and the purpose the funds musi be used for.
Procedures are in place to monitor bank accounts and rewncile all ttansactjon5 back to TTU5tee approved
charitable grants and donations. This in¢ludes a review system to monitor grants and conditional grdnts
are only continued if Set milestones and set Teview wndition5 ar¢ met. These are monitored in a¢¢ordanc¢
with the conditions set out in the grant a8reemeft￿ which include reviewing progress reports and the
financial position of the project.
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Denise Coates Foundation
REPORT OF THE TRUSTEES INCLUDtNG STRATEGIC REPORT
Public Benefil
The Trustees have referred to the guidance eontsined in the Chan"ty Commission's genernl guidance on
public benefit when reviewing the Foundation's aims and objectives and plaTthing future activities.
particular, the Trustees conslder how planned 3ctivitie5 will contribute to th¢ airn5 and obje¢live5 that have
been set.
The TTusiees believe that the Foundation meets the principles relating to charilies and public benefit
d¢￿ribed trt the Charity Cornmission 8uidan¢¢ and that this T￿￿te¢s. A[￿Ual Report demonstrates the
Fowidation's contribution.
Future Pl**s
The Foundation plans to continue to approach charities and Yeview FK)tential proposal applÈcations for
fimding and will continue to provide 8Tants and donations that meet th¢ Foundation's charitable objectives.
Poge 4

Denise Coates Foundation
REPORT OF TFtE TRUSTEES fNCLUDtNG STRATEGIC REPORT
STRATEGIC REPORT
Achievements and perfonn4n¢e
During the Financial Period the Foundation committed to provide £1 1.3m (2023.. £1 l.Om) of grants and
donations to support charitable activities locally. nationally and intemationally through UK ￿gIs[ered
¢harities in line with the Foundation's swed principle purpose.
. Examples of l￿W the Foundation's charitsble giving ha￿￿11] be used are provided below.
Medical Research andDeveiopme
The Foundaiion maintained its commitsnent to the Chronic Disease Research Fotmdation. an independent
medical research charity. Two grants of £4.Im and £0. Im were made to 5Jnd a 5-year Ageing Research
project and pilot projects. offering fellowships to appropri*e candida*s whilst supporting PhD
students and relatrd project grants.
The Foundation also continued its support of a ILxal medical research charity. The donation helped the
Institute to fund research projects.
Healih and Welf(ye
The Foundation continued to 5UPW)rt the th)uglas Macmillan H05pice. a Hospice providing servȢe5 free of
charge to adults, young adults and children living with a life-limiting illness in Stoke-on-TTent, North
S¢affordshire and surn)unding villages. Two grants of £1.3m and £0.3m were ma(k to support the
¢ontinued integration of the Hospice with another local entity, the DOr￿a Louise Trust. The grants also
nded the annual cost of a new Wellbetng Progralnrne aimed * SUPFK)rtin8 palliative care re5kdents to find
pea¢e, comfort and fulfilment.
An additional grant of £l.Om was givet) to the Douglas Macmillan Hospice to support the launch of a
Specialist Out of Hour5 H05pice Rapid Re5pon5e Service. The grdnt will a150 SUPPOrt th¢ expansion of
Community Team for children and young adulrs covering Staffordshire and South Cheshtre 7 days a week.
the expansion of Dementia Services io service more users" and the fitout of a Wellbeing Room providing a
resrful space in the gardens of the children'$ hospice.
A grant of £O.Im was provided to Th¢ Children's Hospital Charity. a chariry that supports Sheffield
Children's Hospital, to ￿nd specialist pmvisions the NHS does not cu￿entlY offer. The grant will
cover the cosls of a bespoke garden for children and young people at the Hospital. The projeci aims
completely trdnsfomi a c￿￿entlY unusable area into a space that will capttire patients, needs, providing a
calm and relaxing retreat.
Edt4caiion and Training
The Foundation continued its funding for bursary and scholarship schemes at three universities. Keele
Uniyersity. Staffordshire University and the University of Sheffield each received £0.2m to fund butsary
5¢h¢mes for undergraduates from disadvantaged backwuftds.
Hand in Hand. a UK registered charity raising funds io educ*e. mentor. traÉn and empower orphan¢d and
vulnerabl¢ young people from E&8t Africa rxeived ¥ grant to suppiwt capitsl costs to fimd 4 compuler lab
by Teplacing the curyent librdrylscience laboratory.
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Denise Coates Foundation
REPORT OF THE TRUSTEES tNCLUDtNG STRATEGIC REPORT
Community DevelOPn￿￿1
Following on from previ(￿ commitments. £0.7rn was granted to The Land Trust. The Land Trust is a
charity that manages green open spaces on behalf of. and in partneTship Wit￿ local communitie5. The
grani was awarded a5 part of contintsed support for an on-gohng project at the Hassall Green Nature
Reserve. The programme this year has focused on continuing Grttn Angels ttaining courses and
developing more in-depth community engagement activiiies.
The Midlands Air Amlwlance Charity receiv￿ a grdnt of £0.5m io fvnd the remaining amount required to
purchase a replacement air ambulance. The new air ambulance will ensure thai The Midlands Air
Ambulance Charity can mainiain its helicopter-led setwice and continue saying lives throughout
Staffordshire and the wider Midlands region. The Midlands Air Ambulance Charity filnds and operates
three air ambulances and critical resporLse cars in the Midlands Tegion.
A grant of £0.3m was given io The Zwlogical Society of London ("ZSL"). an intemational conservation
charity working to ￿$tore wildlife. io provide funding for essential equipmeni to support ZSL'S Wildlife
Health Services programme. The grani helped ZSL io purchase essential items to enable them to continue
d¢liveTing iheir world-leadirtg work.
As in prevLOUS years. the New Vic Theatre. a producing theatre working in the community of Stoke-on-
Trent and North Staffordshire. received £O.Im towards its award-winning Borderlines iniiiative. The
scheme uses theatre to help people find new and posilive ways io undeTsrand themselve& their
communities and their responsibilities. It challenges destructive.and anli-so¢ial behaviour, build5 self-
awareness and self-worth develops positive 4ttitude5.
The Foundalion provided a grant of £O.I m to Fareshare Midlands. an independent chority that s(Trurce5 and
redistributes good quality. in-date, surplus food which would otherwise go to waste to 5UPPOrt families and
individua15. The grant covered ￿pital costs for the pw¢hase of 8 vans from Tesw's surplus van pool to
in¢r¢a5e it5 current 'owned' fleet of vans.
Edmund Rice Development, a charity ihat proactively SUPPOTts projects that tsckle the root causes of
stn]cturnl power imbalances thai have historically disadvaniaged women. received a grant towards a three-
year projeet. The project aims to conthlMJte io the soci(￿COnOMIC empowerment of 100 Vulnerable
Women, Yourh and Oui-of-school Adolescent Girls by providing them with life skills through vocational
skills training ai the Senan Kerrigan Vocational Centre.
New Vic Appetite. a Creative People and Place5 programme working with a range of local and national
artists and communities to deliver an expanding menu of artisiic projects to develop the appetite for the
arts in Stoke-on-Trent. received a grant lo support its 'A Magical Middleport Winter, by funding the
acquisition of two lar8e scale illumination insrallations.
Culiure
A grant of £1.2m was giveft io New Vic Theatre to provide support towards the capitsl costs of targeted
environmental improvements. refurbishment of backstage dressing rooffts and facilitie5 and the upgrade
and replacement of theatre lighting and sound ted￿Ology.
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Denise Coates Foundation
REPORT OF THE TRUSTEES tNCLUDtNG STRATEGIC REPORT
Prior period projert updales
FioaA¢ial period 2019nO
Leonard Cheshire Disability received a grnnt of £0.6m from the Foundation to support a three year
implementsiion of Assistive Technologies at the Hill HO￿ seryice in Sandbach. The project was recently
extended. It CWTenily h&% an estimated projed completion date of 31 December 2024. Leonard Cheshire
has successfvlly integrnted its inremally develop*d Assistive Tecllnology clinical pathways, assessmenl
and delivery processes, &8 well as tiered supKx)rt and training programmes for both users and staff, into Hill
House. The sensory room h&8 been updated and now has a much more age and ability appropriate range of
equipment and ha5 been very well received by the users and has been in daily use since 2023. In total. 8
sites and 94 residents are now supportod by the Htll House AssI￿l¥t Technology hub.
FinaoeiAI period 2021n2
Funds were provid￿ to Owa V¢ntur¢s to Sup[￿ its prodU￿10n of Ainadamar. whi¢h told the story of
playwright and poet. Federico Garcia Lorca and his friend and muse. Caulan actress Mar8arita Xirgu.
Opera ven￿r¢S informed the Foundation that the audience reach was 6.527. exceeding the proposed target
by 912 people, thus delivering on its aim of increasing engagement with the arts.
St John Ambulan¢e received a grdnt of £O.Im to fijnd the purthase of two new first aid vehicles. The new
vehicles are based at the charl￿5 Rugeley hub, which provides support and first aid training to the
residents of Staffordshire. Shrop5hire and Wolvethampton. A Community SupFrf)rt Unit and Ele¢tri¢
Supporf Car were purch&wJ in September 2022. In the year io September 2023. both vehicl¢s had covered
over 17,000 miles, helping io deploy 1.614 of the 14.000 r]rsi aiders frotn those areas. and their equipment.
to and from events.
Fin*tteial period 2022n3
mothers2mother5 (*n2m') was awarded a gTant of £l.Sm to fimd a 3-year programme to support the
implementation of its 'Mentor Motherf, model which helps to suppon women. 8dolescent girls and
children's health and wellbeing in Lilongwe District. Malawi. fkning m2m's 10-month worting wiod.
the project achieved a total Teach of 73,470 clients (91Yr* of the annual tsrget of 80.131). During the
implem¢ntation period. 26 Menior Mother5 and 20 Adolescent Peer M¢n¢or5 were trained and deployed in
five health facilities.
A grant of £0.4m Provided io Prewent Breast Cancer to cover the cosi of the refurbishrnent of a
Training Suite ai the Nightingale Centre at Wythenshawe Hospital. and Prevent Breast Canc¢r Research
Unit. The new rraining suiie was completed in January 2024. Between 3LK)- 5(Y) train¢es and staff fri)m
around the UK will benefit from the facility every year. with a medi¢al focus on breast can¢¢r p￿ventiOn,
diagnosis and treatmeni.
Tate received a grant of £0.3m to fijnd the Ywdom-B(thtye exhibition at Tate Britain. Th¢ airn was to
¢nsure that a new generation of children and young people were ¢xtrf)sed to the artist's work, ¢n￿Uraging
conversations in the galleries around ideniity. race. community and creativity. As of January 2024. Tate
Britain reached 26.034 visiiors.
Page 7

Denise Coates Foundation
REPORT OF THE TRUSTEES INCLUDtNG STRATEGIC REPORT
Financial review
A Staiement of the Finan¢ial A¢tivities of the Foundation is given on page 15. The total incoming
resour¢es for the period were derived from interest and in¥¢stment retums of £13.3m (2023.. £7.9m) artd
charitsble donations of £120.Om (2023.. £100.Om) resulting in tolal in¢orning r¢sour¢e5 of £133.3m (2023..
£107.9m)
During the Financial Period £1 1.3m (2￿23. £11.(tyn) was expendedlcommitted to charitsble giving. After
allowing for governance costs of £0. I m (2023.. £0.Im). investment management ¢osts of £1.7m (2023..
£1.4m) and taking into account invesThent gain of £91.9m (202J.. losses of £33.3m). this resulted in net
income for the period of £212.Im (2023= £62.2m) which when added to the fund5 brought fon¥ard gave
rise to £942.3m (2023.. £730.2m) of ￿ndS carried forward io the following Financial Period for applicaiion
in pursuance of the charitable objectives of the Foundation.
At the end of the Financial Period there were £IO.Im {2023: 5.2m) of outstanding unconditional
commitments in relaiion io nine donation￿grants cornmitted but nor made as at the Ststement of Financial
Posilion date. In the view of the TnJ￿ee$. the ffijnds held at 31 March 2024 were available and adequate to
fulfil its existing obligations.
In respect of rton-financial key perforniance indicators. the Trns*es monitor the level of grants issued each
year againsi previous years. this is detsiled in note 3.
During the year 20 (2023." 22) donation5 and grants were made to 15 Q023.. 17) in￿ltU110n5.
Dongtion
On 26 M?￿h 2024 ihe Foundation received two donations totslling £120.Om rewyrted within the Financial
Statements as Endowmeni Funds_ This sum will be held as an expendabl¢ endowment and held as a long-
terni inv¢stmenL the rewm from which will be distributed to support charitkeslcharitable activities that
align to the obje¢tives of the Found*ion.
As at the balance sheet date the £120.Om of donation5 received were held in an interest bearing current .
account ahrad of the filnds being transferred to, and invested by. an Inv￿lment management company with
a long-stsnding tra¢k ￿COrd of funds manag¢menl.
Inv¢s¢ment pollty
The Trustees, investhient policy is to rnaintain the real value of the Endowment Fund through a strategic
balance of equity risk and fixed incorne return, consistent with its re5erve5 policy with anti¢ipated fvnds
being transferred to Unrestri¢ted Funds. The expendable endowment funds are Tnanaged 05 a bal￿¢¢d
"modernte" risk portfolio on a discretionary basis to achieve the Trustees. investment goals to maximise
the portfolio's return within the constraints of the mandate granted by the Trustees.
When identifying third party fund marvdgers, Stonehage Fleming ("SFIMI place importance upon
¢nvironrnental, Social and governance factors fESG'? as part of an extensive due diligeD¢e process. Th¢
rnanagers selected exhibit good 51ewaTdship prd¢tice5 and show awarene55 of ESG factors consistent with
their investment appToach. SFIM's.commitment to rewarding goodpractice is re¢ognised in them being a
Si￿atOry to the UK Siewardship Co(k and th¢tr affiliation with the UN Principles of Reswnsible
Investment.
ESG issues fom) a key assessment of the quality and cul￿re of the business, managemenL Companies not
actively addressing their ESG risks are less likely to generaie ffijture Sustsinable growth. There are also
certain sectors thai are ￿tegor7eallY excluded. namely, tobacco. arms manufacturetS 8nd coal miners, not
only due to th¢ ham ¢aus¢d but also due io Uns￿￿7nabl¢ prosye¢ts.
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Denise Coates Foundation
REPORT OF THE TRUSTEES tNCLUDtNG STRATEGIC REPORT
Investmtttt ptrforni*Dee
As * 31 March 2024 the iot#l investh)eM portfolio stood at £830.Om net of ￿nIed investtnent
management charges (2023: £633.8m). £196.2m higher than at the end of the previous Financial Period.
In the period a total of £98.Om was tr￿5frrred from cash 3t bank to the Endowrnent Fund part of the
portfolio, and £4.5m was withdrawn from the Utw¢strt¢ted Funds part of ¢he portfolio to (￿d
grdntldonation distribution.
Taktng in-year transfer5 tolfrom the investrnent trfjrtfolio inlo account, over the Financial Period, the
investrn¢nt portfolio has delivered an investhient gain of £102.7m, 14.4Y. (2023.. Loss of £26.8rn. 4.OYp).
During the 5am¢ period.
FfsE I(M) index increased 7.4(A4
FfsE 250 index increased 7.5fA*
S&P 500 index increased 32.3
As at 31 March 2024 the value of the Endowment Fund element of the investment portfolio wa5 £805.7m
(2023.. £613.9m) net of acC￿￿d investment managemenl charges. Over the course of the Financial P¢riod
the Endowrn¢nt Fund element of th¢ investment portfolio delivered a gain of £101.7m, 14.6Qh (2023.. Los$
of £27.1 m, 4.20/0). The UK annual inflation Tate. RPI. w&5 4.3Yo for March 2024.
Reserves poliey
The policy of ihe Trustees 15 to maintain the real value of the Endowment {including inflation). being the
donations received io d￿e of £851.7m (2023". £731.7m) plus inflation. but otheNise io distribute all of the
Foundation's reali5ed Ir￿Qme and gains within the shortlmedium terni. considered to be 1-5 years. This
po12cy should allow the F(yJndation to operate on an enduring basis without being dependent upon
donations from any particular source. The TThMees have reviewed the reserves policy and have agreed that
the level of reserves is assessed annually ID ord¢r to mitigate current and futur¢ risks as well as enabling
Denise Coate5 Foundation to achieve its objectives. As at 31 March 2024, the aCtt￿l reserves were
£942.3m (2023. £730.2m).
During the Period the Trustees. at their di5CTetil)n, decided to transfer a total of £10.5m (2023= £1 l.Om)
from expendable Endowment Funds to Unreskncted Fund5 to further the Foundaiion's ability to provide
donations that meet its charitabl¢ objective5.
The level of Unrestriaed Fwjds at 31 MaTch 2024 was £16.5m (2023.. £16.3m) and thes¢ furmts are
retsined at this level io allow the Trustees, at their discretion, to awaTd art appropriat¢ l¢v¢l of grants in line
with the agrttd budgets set for the following financial period.
Th¢ l¢v¢l o(Endowment Funds #t 31 March 2024 w&$ £925.8rn (2023.. £713.9m).
As at 31 March 2024 th¢ level of Free Reserves, &% defined by the Charity Cornmis5ion, ar¢ its
Unrtstricted Funds and amounted to £16.Sm (2023.. £16.3rn). The p)licy of the Tru51et5 IS to hold a level
of Fre¢ Reserve5 that allows them to set appropriate budgets for the following financial period for grant
making of £16.3m (2023." £16.Om) and governance costs. The Tntstees are satisfied with this level of Free
Reserves artd il is their intention to distribute all Free Reserves through charitsble giving.
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Denise Coates Foundation
.REPORT OF THE TRUSTEES INCLUDING STRATEGIC REPORT
PriTr¢ipAI risk8 Ind uncertain¢i¢s
The principal risk faced by the Foundation is the erosim of the value of its lon8-tenn invéstment The
TNst¢e5 ￿ satisfied that ihe investment managemenl company has sufficiently d¢monstratèd thai 1¢ has
ie expertise 10 matu£¢ the investment of the Endoivfflenl Fund in ar￿￿jarKe with ihe Tru$i¢es'
requircrnents. In addition. the Truskcs arc provided with sufficient financial data lo enable them to a55¢SS
the ongoing perfoiin8nee of the investment. Th¢ Trustees keep th¢ investment manpgement company's
perfonnance underongoing rtview.
STA TEMENT AS TO DISCLOSURE OF tNFOIiMATION TO AUDITORS
The directors who were in offK¢.on the date of aPP￿Val of these financial ststements have confirmed. as
for as they are awar4 that there is no ￿leVant audit infomiotion of whieh the charitable company'5 auditors
are Linawa¥e. Each of thc diTXtor5 have confimied that they hav¢ tsken all steps that they ought to liave
taken as director5 in order to make theinselves aware of any relevanl audit inforn)aiion and ￿ establish ihat
it has then been communicaled to tIK a￿dI￿r.
AUDITOR
RSM UK Audbt LLP. Cbartettd AC￿Tr￿Nts. were appointed auditors by the ¢ompMny on 2 SePt￿nber
2013. PU￿Liant to section 487 of Ilie Companies Act 2006, the a￿lliOrS will ￿ deemed w be re-appointed
and therefore RSM UK A￿lt LLP will contin1* itl office.
The ReP￿t of ilx Trustees and Str*egic Report were approved by the Trnstees and signed on their beiialf
by..
Denise Coates CBE
Trustee and Dircctor
20 b&c£rtsX' 2024
Pa8e 10

Denise Coates Foundation
STATEMENT OF TRUSTEES. RESPONSIBILrrtES
The Tru51¢es (who are also director5 of Denise Coates Foundation for the PUTPQSes of tomp8ny law) ar¢
responsible for preparing the Report of the Trus￿e$ including the Strategic Report and Directors, R¢port
and the financixl statements in accordan¢e with applicable law and United Kingdom Accouniing Standards .
including Financial Repk)rting Standard 102.. The Financial Reporting Standard applicable in the UK and
Republic of Ireland (Uniioj Kingdom Generdlly Accepted Accounting Prnciice).
Company law requires the Tnjstees to prepare financial statements for each financial period which give a
true and fair view of the stste of affairs of the charithble cornpany and of ihe income and expenditure. of
the charitable company for that period. In preparing these financial stateTnents the Tnjsiees ar¢ required to..
seleet suitsble a￿ountIng plicies and then apply them consistenily"
ob5¢rY¢ th¢ methods and prin¢iples in the Charities SORP.
make judg¢menis and accounting estimates that are Teasonabk and prudenL
state whether applicable UK Accounting Standards have been followe￿ subject to any material
deparnires disclosed and explained in the fthanci￿ ststements. and
prepare the flnancial statements on the going concem basis unless it IS Lrtappropriate to presume that
the charitable Company will continue in busine5S.
The Trusrees are responsbl le for maintsining proper accounting records which disclose with reasonable
accuracy at any time ihe fmancial position of ihe charitable comwdny and io enable rhem io ensure thai the
financial statements Comply with the Companies Act 2(NJ6. They are also responsible for safeguarding the
assds of the charitable company and hence for tsking reasonable ￿epS for the preveniion and deiection of
fraud and other irregularities.
Page 11

tNDEPENDENT AUDITOR'S IiEPORT TO THE MEMBERS OF DENISE COATES
FOUNDATION
OpiDiOII
We have audited the financial statements of Denise Coates Foundation (the 'charithble company.) for the
period ended 31 March 2024 which comprise the Ststemenr of Financial Activities (including Income and
Expenditure Account), the Ststement of Financial Posltion. the Statement of Cash Flows and no(es lo the
rmancial statements, including significant accounting policies. The financial reporting framework that has
been applied in their preparation 15 applicable law and United Kingdom Accounting Stsndards. including
FRS 102 "The Financial Reporting Stsndard applicable in the UK and Republic of Ireland" (Uniied
Kingdom Generally Accepted Accounting PAetice).
In our opini¢)n the financial 5taiements'.
give a true and fair view of the state of the charitsble company's affairs 18 * 31 March 2024 and of
ils incoming resources and application of re￿UrCeS. irtluding its income and expendibjre, for the
period then ended.
have been properly prep￿ed in accordance with United Kingdom Generdlly Accepied Accounting
PractLe¢; and
have been prepared in accordance with the requirements of the Companies Act 2￿6.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and
applicable law. Our resp)nsibililies under those stsndards are turther described in the Auditor's
re5ponsibs1ities for the audit of the financial statements seciion of our report. We are independent of the
charitable company in accordance with the ethical requirements that are relevant to our audit of the
financial statemerLt5 ifl the UK. including the FRC'S Ethi¢al Standard and we hav¢ fvlfilled our other
ethical responsibilities in accordance wilh these requirements. We believ¢ that ihe audit ¢Yidence we have
obtsined is sufficieni and appropriate io provide a basis for our opinion.
Cotsclusions ￿lating to going ¢on¢ern
In auditing the f￿ancial statements. we have cryKluded that the Tntstees. use of the going concern basrs of
accounting in the preparation of the financial ststemthis is appropriate.
Bued on the work we have perfomied. we have not identifirAJ any material uncertainties relating to event5
or conditions that, individually or colleclively, may c&st 5ignifi¢ant doubt on the charitable cornpany's
ability to continue as a going concern for a period of at least twelve rtaonths frorn when th¢ fmancial
ststements are authori5ed for issue.
Our responsibilities and the responsibilitics of the TrU￿rts Wtth respect to going concern are described in
the relevant 5¢Ctions of this report.
Other infomatio
The other infomation comprises the infomiation included in the Annual Report oiher than the financial
5tsterneniS and our auditor's rqK>rt thereon. The T￿￿tee5 are responsible for the other infomiation
contained within the Annual RerA)rt. Our opinion on the financial statements does not cover the oiher
information and. except to the extent ￿erwISe explicitly slated in our reporL we do not express any fonn
of assurance conclusion thereon.
Our responsibility is to read the other infonnalion an(L in doing 50. ¢onsider whether the other infonnation
is materially inconsistent with the financial statements or our knowledge obtained Én the course of the audil
or othenvise appears to Ix materially misststed. If we identify such material incon5lStencies or appareni
material misstatements. we are required to deterniine whether this give5 rise to a material misstatement in
the financial statements themselves. If. b&5¢d on the work we have perfonned. we conclude that th¢r¢ is
material misstatement of thi5 other information. we are required to report that facL
We have nothing io re4JOrt in this re8ard.
Page 12

rNDEPENDEKf AUDITOR'S REPORT TO THE MEMBERS OF DENISE COATES
FOLfNDATION (continued)
Opinions other m*tttrs prescribed by the Comp*nies Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in th¢ R¢port of the Trustees. which include5 the Dir¢¢tor5' Report and the
Strategic Report prepaTed for the purpose5 of eornpany law, for the financial year for which the
financial stsiements are prepared is consistenl with the financial statements. and
the DirectOT5' ReFrfJrt and the Stsategic Report included within the Report of the T￿St¢t$ have
been prepared in ar￿￿ce with applicable legal requirements.
M*tters OD which we are req￿Ired to r¢port by exetptiott
In the light of the knowledge and understanding of the charitsble company and its environment obtsined in
th¢ course of the audit. we have not identified rnaterial rni5Statements in the Directots. Report or the
Strdtegie Report included within the Report of the T￿￿e¢s.
We have nothing to report in respect of th¢ following matters where the Companies Act 2006 requires us
to report lo you if, in tyjr opinion..
adequate awowjting records have been kepL or rett￿5 ado4Uate for our audit have not been
received from bran¢h¢s not Vl51ted by us. or
the flnancial statements Hre not in agreement with the accounting records and return5" or
certain disclosures of Tn￿tee5, remuneration sFrtifi¢d by law ate not made" or
we have not reeeived all the inforn)*ion and explanations we requir¢ for our 8￿J1t.
Responsibilities of Trnstees
As explained more fvlly in the Statement of Trustees, resp)nsibilittes Set out on page I I, the Trustees
(who are also the dir¢ctors of the ¢hariiable company for the puws of company law) ar¢ responsible for
the preparation of th¢ financia] statements and for being satisfied that th¢y give a true and fair view, and
for such intemal ¢ontrol a5 the Trusiees deiem)ine is necessary w enable the preparntion of financial
statements that are fr¢¢ froTn material misstaiemeni. whether due to fraud or error.
In preparing the financial statements, the T￿￿tte5 are re5pon5ible for asstssing the charitsble company's
ability to continue as a going cortcem. disclosing. a5 applicabl¢. matters related io going concern and using
the going concern b&sis of accounting unless the Tn￿te¢S either intend to liquidate the chariiable company
or to ￿se 0￿￿tions. or have no realistic altemative but to do so.
Auditor's r¢5ponsibilities for the *udit of the fiTran¢ial stst¢m¢nts
Our objectives are to obtain reasonable assurance about whether the financial ststements as a whol¢ are
free from materi#l missiateTnent, wheiher due to fraud or error. and io i55ue an auditor's report that
includes our opinion. Reasonable ￿uranCe is a high level of assurance. but Is not a guardntee that an audit
Conducted in accordance with ISAS (UK) will always detect a material Tni$5tst¢m¢nt when it exists.
Misstatements can aris¢ from fraud or error and are considerol material if. individually or in the aggregate,
they could reasonably be expe¢t¢d to inflUer￿¢ the economic decisions of l￿r$ taken on the basi5 of these
financial ststements.
The tytent lo which tbe audit w*s to*sidered capable ofdetecting irregMJariti¢s, 10cl￿dIng fraud
l)Tegularities are instances of non-¢ompliance with laws and regulations. The obje¢tiYe5 of our audit are lo
obtsin sufficient appropriate audit evid¢nce regarding compliance with laws and regulations that have a
direci effecl on ihe deternination of rnaterial amounts and disclosures in the financial ststements, to
perforrtj audit procedures to help identtfy instsnces of non-compliance with other laws and regulations that
Tnay have a material tffect on the financial slatementy and to resPO[￿ appropriately to identified or
5USP¢Cted non-compliance with laws and regulaiions identified during the audit.
In relation to hud, the objeciives of our audit are to idenlify and asse55 the risk of material misstaiement
of the financial ststements due to fraud, to obtsin sufficient appropriale audit eviden￿ regarding the
assessed risks of material mis5tst¢ment due to fraud through desLgnLng and implementing appropriate
responses and to respond appropriately to fraud or suspecied fraud ideniified during the audit.
Page 13

tNDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DENISE COATES
FOLfNDATION (continued)
However, it is the primary responsibility of Mar￿e[nen( with the oversight of those charged with
govemanee, to ensure thai the entity's operations are conducted in accordance with the provisions of laws
and regulations and for the preverttion and detection of fraud.
tn identifying and aws5ing risks of material misstatement in respect of iTTegulariti4 including fraud. the
audit engagement tram..
obtained an understanding of the nature of the seaor. including the legal and regulatory
frameworks that the Charitsble company operates in #nd how the Charitable company is complying
with the legal and regulatory frameworks.
inquired of management, and those tharged wtth governance. abwt their own idenlification and
assessment of the risks of irregularities, inclLwJing any known actual. suspected or alleged
instances of fraud.
discussed matters about non-complÉance with laws arwj regulations and how fraud might occur
including assessment of how and where the fina￿la1 statements may be susceptible to fraud.
As a result of these procedures we consider the most signifi¢ant laws 8nd regulations that have a direct
impad on the financial statements are FRS 102. Charities SORP IFRS 102), Companies Act 2006.
Charities Act 2011 and the charitable company's governing documenl. We perfortned audit procedures to
detect non-compliances which may have a material impact on the fiDan¢ial statements which included
reviewing the fmancial statements including the Report of the Trnsttts, and remaining alert to new or
unusual transadions which may not be in accordance with the governing documents.
Th¢ audit engagement team identified the risk of management override of controls ￿ the area where the
financial stslements were most susceptible to material misststem¢nt du¢ to fraud. Audit procvjureg
performed in¢luded bul were not limited to ￿tIng manual journal entries and other adjustsnents.
evaluating the business rationale in relation lo any Signifi￿nL unusual trdnsactions and transactions
tered into outside the nomial course of business and Challenging judgments and estimates.
A fijrther description of our responsibilities for the audit of the financial smements is located on the
Financial Reporting Council's website at h ..Ilwww.frc.or
.uklauditorsre5
onsibilitics. This description
forms part of our auditor's reporL
Use ofothrreport
This re￿rt is made solely to the charitsble company's rngrnber& #s # body. in accordance with Chapter 3
of Part 16 of the Companies Act 2006. Our audit work ha5 been undertaken $0 that we might state io the
charitable company's members those matters we are required to stste to them in an auditor's report and for
no othcr purpose. To the fvllest exrent pernitted by law. we do not accept or assume responsibility to
anyone other than the charitable company and the ¢hari¢able ¢oMp￿Y'S rnetnber5 #s a body. for our audit
work, for thAs report. or for the opinions we hav¢ foTmvJ.
g￿nGer-￿r4Y
AKNA SPENCER-GPAY {Senior Statlltory A￿di￿r)
For and on beh￿r of RSM UK AUDIT LLP, &atutory Auditsr
Chartered Accountants
Festival Way
F¢5tiv31 PaTk
Stoke.on-Trent
Siaffordshire
STI 5BB
Page 14

Denise Coates Foundation
STATEMENT OF FINANCIAL ACTIVITtES (tNCLUDtNG tNCOME AND
EXPENDITURE ACCOLfND
for the 53 weeks ended 31 March 2024
Note Endowment Unrestricted
Fund
Funds
Tt)t#l
Funds
53 week
Period thded
31 M*rth
2024
Total
Funds
52 week
Period ended
26 March
2023
£000
rNCOME AND ENDOWMENTS:
Donations-
Gift of expendable erKlowment
Investment incom¢
120,Cq)O
12.191
120,(
13397
100.(MK>
7.917
1.106
TOTAL tNCOME
132.191
133.297
107.917
EXPENDITURE
Raising funds.
Investment rnanagement costs
Charitsble activities
1.670
1,670
IlJ70
1.369
11,074
11.370
TOTAL EXPENDITURE
(1,670)
(11.370)
(13,040)
(12,443)
NET NCOMEI(EXPENDITURE)
BEFORE GAtNS ON
INVESTMENTS
130,521
(10264)
120257
95.474
Nei gains/(losses) on investtnent
assets
91.873
91.87J
(33.270)
NET fNCOMEI(EXPENDITURE)
222J94
(10.264)
212.130
62204
TRANSFERS
Gross trdnsfrrs betwttn fi￿d5
(10.514)
10.514
NET MOVEMENTS IN FUNDS
211,880
250
212.130
62204
Reconciliolion offynds
Totsl fijnds brought fonvard
713.913
16.250
730.163
667.959
TOTAL FUNDS CAtitUED
FOR WARD
925.793
16.51X)
942293
730.163
All ineome and expenditure derive from continuing activities.
Page 15

Denise Coates Foundation
STATEMENT OF FfNANCIAL POSITION
At 31 March 2024
NcAe
2024
2023
£00
£000
£(wo
£000
FIXED Ass&rs
Invesrinents
830.428
634.115
CURRBNT ASSETS
Debtors: Amounts fallii)g due within
one year
Cash al bank and Én h￿d
142
122J07
40
101.649
TUTAL CUKReNT ASSETS
J2L449
101,689
CREDITORS.. Amounts falling due
within one year
(5,628)
(2.J56)
NBT CURRwf ASSETS
116,82J
99,333
TOTAL ASSETS LESS CURRENT
LIABILITIES
947.249
733.448
CREDITORS: Amounts falling due
after olle year
(4,956)
{3,285)
TOTAL NEf ASSETS
942.293
730,163
THE FUNDS OF THE
FOUNDA TION
UNKESTRICTED FUNDS
Generai funds
12
Iwo
16250
ENDOWMENT FUND
12
92S793
713.913
TOTAL FOUNDA TION FUNDS
12
942293
730.163
The financial 5talements on pages l % trj 32 weTe aNYoveiJ by the knard and authorised ftsr issue on
IJLLÉ 2024 and were si8ncd or] its behalf by:
Deoi5e C04tes CBK
Tr￿tee and Director
Company ReEiSITation ND. 08191619
Registernj Charity No. 1149110
Page 16

Denise Coates Foundation
STATEMENT OF CASH FLOWS
for the 53 weeks ended 31 March 2024
Note
31 Ma￿￿ 21124
£￿0
26 March 2023
£000
NET CASH PROVIDED
B YIIUSED ￿) OPERA TtNG
ACTIVITIES
13
3937
(1.935)
CASH FLOWS FROM tNVESTtNG
ACTIVITIES
Expendable endowment invested
Transftr from investment
Interest recrived
(98,(M)O)
(95,000)
8,000
41
735
Nei cash used in investing activities
(91765)
(86.959)
CASH FLOW FROM FtNANCtNG
ACTIVITIES
Gift of expendable endowThent
Endowment conversion
120.OIXI
(IOJ14)
i 00,000
(10.998)
Net cash provided by financing activities
109.486
89,002
CHANGE tN CASH ANDCASH
EQUtV ALENTS IN THE PERIOD
20,658
108
Cash and cash equivalents at the
beginning of the period
101.649
101.541
Total cash and cash equivalents
the end of the period
122J07
101,649
In 2024 cash held on the balance sheet included £120.Om (2023.. £l￿_0m) related to cash held prior to
being transferred to the endowment investments.
Poge 17

Denise Coates Foundation
ACCOUNTfNG POLICIES
The f()IIowiDg accovnting policies h*v¢ been applivj con5iSlently in (kaling with items which #r¢
considered material in rel*ion to the Foundation'5 financial statements.
LEGAL STATUS OF THE FoifNDATION
The Foundation is a private company limited by guaTantee. registered in England and Wale& and has no
share capital. In the event of the Foundation being wound up. the liability in resFeCt of the guarantee is
limited to £10 per member of the Foundation. The Foundation's address is bet365 House, Media Way,
Stoke-on-Tr¢nt. STI 5SZ.
BASIS OF PREPARATION
The financial statements have teen prepared in accordance with Accounting and Reporting by Charities..
Statement of Recommended Practice applicable to charities preparing their accounts in accordance with
the Financial Rew)rting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective I
January 2019)- (Charities SORP (FRS 102)). the Financial Reporting Stsndard applicable in the UK and
Republic of Ireland IFRS 102) and the Companies Aci 2￿.
The Foundation meets the defmition of a public benefii entity under FRS 102. Assets and liabilities are
initially recognised at historica] cost or transaction value unless otherwise S￿ed in th¢ relevant accounting
policy note5.
FLfNCTIONAL AND PRESENTATIONAL CURRENCIES
The financial ststements are presented in Sterling which is also the fimctional curren￿ of the Fowidation.
Mon¢tary 3inounts in these fin8ncial thtements are rounded to the nearest whole £1,000 except wher¢
otherwi5¢ indicated.
fjO￿fj CONCERN
To ensure the Found*ion can operate on an enduring basis the Ttustees have a p)IKy to maintain the real
value of the Endowment received to date and to distribuie from the realised gains in ￿tUre periods. The
Trustees believe there are adequate resources which will enable the FoUnd￿lOn to meet its liabilities as
they fall due for at least 12 months from the dare of signing_ For this reason. the Tn￿teeS have adopted the
going concern basis in preparing the financial statements.
ACcoU￿r￿G CONVEKfioN
The financial statements have been prepared under the historieal Cost aceounting rules ex¢¢pt for the
valuation of investments and are in accoTdance with applicable accounting standards.
rNCOME RECOGNITION
All income is recognised once the Foundation has entitlement to the income. it is probable that the income
will be rec¢ived and the amouffj of in¢orne receivable be measured reliabty.
Donation5 are reco￿lS¢d when the Found*ion h&5 bEen notified in writing of EA)th the amount and
s¢ttl¢mertt dale and th¢ donation h&8 been rx¢ived.
Interest on funds held on dewjsits is included when receivable and the amount ean be measured reliably by
the Foundation. this is norrnally upon notification of the interest paid or payable by the bank. Dividends
ar¢ recognised once th¢ dividend has been declared and notification has teen received of the dividend due.
thi5 is nortnally UPOD notification by our investtnent advisor of the dividend yield of the inve5tm¢nt
portfolio. Notional interest representing the current returns on bank deposits is allocated to the unrestricted
nd& representing the unrestricted element of investments held in the investrnent fund.
Page 18

Denise Coates Foundation
ACCOUNTfNG POLICIES
EXPENDITURE RECOGNITtON
Liabilitie5 are recognised as expendittwe as s(¥)n as there is a legal or consts￿¢tive obligation committing the
Foundation to that expenditur¢ it is prc4)able that settiement will be wuired and the amount of the obli8aiion
¢an be m￿sured reliably.
All expenditure is accounted for on an accruals basis and includes attributable VAT which cannot be
recovered. Expendifure has been cl&8sified under apFYopria* headiftg.
Govemance costs are ihose costs associated with the gowemance arrangements of the Foutthtion which
relate to its general nnning. These include audit. ins4mce cosrs. and legal advice for TNstees and costs
associated with constittltional and • rniuirements such * the costs of Tn￿et meetings and preparing
the staNiory financial statements.
All costs are allo¢￿ed between the expend¢DJrt categories of the stsiement of financ5al activities (SOFA) on a
basis desi￿ to reflect the use of the resourtt. Costs relating to a particular aciivity are allocated directly.
GRANTS
Grants payable are made by the Foundation based on formal applications and presentation5 to the Tnjstees.
Single or multi-year grants are accounted for when the recipient ha5 a reasonable expectation that they will
receiv¢ a grant. Grant award5 that are subject ￿ the recipient ￿lfilling performance conditions are only
accrued when the rrfipient has been Dthified of th¢ grant and any remain￿8 unfulfilled condition att￿h¢d to
that ￿ant has been 5atisfi¢d.
tX)NATIONS
D(Trnations are payments made in the PEfiLwJ to third partKs i￿1 ini¢i*wJ by the Tn￿tee5 and are solely at th¢
discretion of the Tn￿[ees. Donations are not b￿d on any ftimal application or set process. Donations are
made ro instilulions by the Tr￿￿teS Whe￿ the F(wJndation considEf5 it is in fitttheranee of the Foundaiion's
objectives.
FUND STRucfuRE
Unrestriciedfund5
Genernl accurnulated funds are unrestricted fvnds available to ihe Foundation for its general purposes and
include from time-to-ttme fvnds desi￿ated by the Foundation for kmrticular purposes, the use of any such
d¢signated fijnds remaining at all time5 at the discretion of ihe T￿￿te¢s.
Erpendable endowmentfvth
The Foundation has an txpendable endowment fimd which comprises of gift5 from ctrtain corporate
member5 of the bet365 Group. The income and capital of this endowrnent can be used by the Truslees lo
finance their planned strategy of ¢haritable grants. in a¢¢ordxnce with th¢ Foundation'5 objectiv¢s.
GROSS TRANSFER
The Foundation has a policy with regard to transferring the total reDmis on the expendable endowrnent
nd in each perio¢L less the UK annual inflation rate, RPI. io the unrestrbcted however the Trustee5
may. at their discretion. tyansfer an amouni higher or lower than the retums on the expendable endowrnen(
if they feel it is appropriate. This policy is maintsinol to secure the long-tem) capital base of the
expendable endowment fund and io support grant giving.
TAXATION
As a regisiered charity the Foundation is exemw from liability to eoriKITation lax on its incorne frotn
charitsble activities and capital gains and rKTr provision for taxation is therefore made.
Page 19

Denise Coates Foundation
ACCOLfNTtNG POLICIES
rNVESTNENTS
Inv¢sttn¢niS which fonn a basic fina￿la1 insth]m¢nt are initially recognis¢d 41 their tr4nsa¢tion value and
subsequently measured at their fair v￿u¢ at the balance shed date as follows..
Unlisted srfurities comprise bonds. pooled inVeS￿ent vehicles and managed fvnds that are not trnded but
have published prices. These have t*en valued usin8 the closing published price.
Listed securities comprise equities. bonds. pooled investsnent vehicles. and managed funds that are trdded.
These have ￿en valued using the closing bid market price.
Other investments comprise other funds and alternative strdtegy investments. These have been valued
using either closing bid market prices, published price5 wher¢ they exist, or a valuatiort technique.
Investm¢nts have been split in¢0 thrte eategories.
Level I
unlisted and lisied securities. and other invcstm¢nts wh¢ff the fair value is based on quot¢d
prices in an a¢live markel.
Level 2 - unlisted private equity inv¢5tsnents. where the fair value is based on obs¢rY•ble inputs from
¢ompar4ble market dats.
o Level 3
unlisted private equity investments, where the fatr value is based on other valuation
t¢¢hn]qL￿S. in the absenc¢ of quoted prices or observable inputs frorn market dats.
Gain5 and Losses are taken to the Statement of Financial Activities as they arise. Realised gains and105s¢5
on investrnents are Calculated as the difference lthveen sale pr(Keeds and open5n8 market value.
Unrealised 8ain5 and losses are calculated as the difference b¢tween the rnarket value at the period end and
opening market Yalue (or purch&se date if later). Realised and unrealised gains and losses are not
s¢pJfdted in the Ststement of Fitwicial Activities.
The main form of financial risk faced by the Foundation is that of volatility in equity markets and
investmenl markets due io wider economic conditions, th¢ attittlde of inveAors io investmeni risk. and
changes in s¢ntiTnent conceming equilies.
FINANCIAL tNSTRUMENTS
The Foundaiion only has financial assets and financial liabilities of a kind that qualify as basic fitw)cial
instruments. Basic financial insttuments are initially reco8Aised at transaciion value and subsequently
measured at their settlement value.
Cask ai bank and in hand
Cash at bank and cash in twid includes cash and short terni highly liquid investsnents with a short matrjrity
of three months or less from the dale of aquisition or opening of the deposit or similar account.
Crediiors andprovisiofrts
Creditors and provksions are recognised Whe￿ the Foundation has a present obligation resulting froin a
past event that will probably result rn ihe transfer of ￿nits to a third party and the amount due to settle the
obligation can be me&%uTed or estimated reliably. CreditOTS and provisions are nornially recognised at
their settlement amount.
CONTtNGENT GIiAKf COMMITMENTS
A contingent commitment is identified and disclosed for those 8rwts resulting from..
a possible obligation which will only be confirnjed by ihe ocoJrrerKe of one or more uncertain fikture
events not wholly within the Ttusttts. control- or
a present obligation following 8 grant offer where settlement is either not considered probabl¢- or
the amount has not been communic*ed in th¢ gr4nt offer and ihat amount cannot be estirnated
reliably.
Page 20

Denise Coates Foundation
ACCOUNTtNG POLICIES
CRtTICAL ACCOUNTfNG ESTIMATES AND AREAS OF JU[￿EMENT
Estimates and judgements are continually evaluated and are based on histori￿1 experience other
factors. ineluding eX￿￿tionS of fuDJre events thai are l*lieYed io be reasonable under the circumstances.
Critical accounting esiimales &Thlas5umplions
The Foundation makes estitnates and assumptions corKerning the future. The resulting accounting
¢Slimaies and assumptions will, by deflnition. seldom ¢qu#l th¢ related a¢￿al results. There ar¢ no
esiimatrs and ￿umptIonS thai have a significant risk of Ca￿SIng a m*erial adjusmient to the earying
amounts of assets and liabÈlities within the nexi financial periiKI.
Crilicol oreas ofiudgement
Th¢ Trusle¢s deem the key area of judg¢ment in the financial ststements to be the recognition of grant
Otnmitments. For each grant awarded by the Tntsiees, which has not been paid in the period, the TTUStees
onsider the staws of the award of the grdni the condiiions attaching to the grdnt and whdher there is
reasonable certainty the grant will be paid. Once evaluated the grant will be accrued OT disc105ed as
required to meel the r¢quirements of Financial Reporting Stsndard5 and the ch￿ltieS SORP.
Pagé21

Denise Coates Foundation
NOTES TO THE FtNANCtAL STATEMENTS
for the 53 weeks ended 31 March 2024
rNCOMING RESOURCES
Expendable en&Mment
The Foundation rtLeived donations during the wiod from bet365 Group Limited of £35.Om and Hillside
(Media Services) Limited of £85.Om totalling £120.Om (2023.. £1(M).Om) allocat&l to expendable
endowment fiuvJ&
2 tNVESTMENT ￿CoME
Endowment
filnd
u[￿Stricted
fund
£￿0
Total
2024
2024
Managed inv&tsnents.'
Dividends and inteTest- list
Dividends and intrTest- unli#ed
Interest on cath
Bar￿ interest on cash &posilS
4,735
4.991
.774
691
417
440
156
93
5,152
S.431
1,93(1
12,191
1.106
13.297
Endowment
fund
£￿0
Unrestricled
Tothl
2023
2023
£000
Managed inv¢5trn¢nts:
Dividends and interest- listed
Dividends and inter¢st- unlisted
Interest on ¢85h
Bank interesi on cath
3.526
3.650
366
49
3.670
3.799
381
67
149
15
18
7.591
326
7,917
Page 22

Denise Coates Foundation
NOTES TO THE FtNANCtAL sTATEME￿[s
for the 53 weeks ended 31 March 2024
3 RESOURCES EXPENDED. UNRESTRicfED 2024 AND 2023
The Foundation undertakes its CI￿lIable xtivities through grant making and awarded grdnts to a number
of institutions in furth￿¢¢ of its tharithble activities..
Totsl
Tota]
Period eDd¢d PeTiod ended
31 Ma￿h
26 March
2024
2023
£000
Support
costs
fijnding
Charitable activity- donations
- grants
- governance costs
25
11279
25
11.279
275
10.719
80
IIJ04
I lJ70
11,074
During the period don*ions have been made to charities covering the following key areas of activity:
To¢*1
Toial
Period ended Per50d ended
31 March
26 March
2024
2023
£000
£000
Medical RewArch and Dev¢loprnent
Disaster R¢covery
25
25
250
25
275
Grants made during the period between institutions aye as follows..
Total
Total
Period ended Period endrAI
31 Mar¢b
26 March
2024
2023
£000
£000
Medical Research and Development
Health and Welfare
Communiry Development
Education and Trnining
Arts and Culbjre
4.177
2580
1.759
1,601
1.162
580
3.856
331
3.191
2.761
11.279
10.719
Page 23

Denise Coates Foundation
NOTES TO THE FtNANCtAL STATEMENTS
for the 53 weeks ended 31 March 2024
3 RESOURCES EXPENDED: UNRESTRtcfED 2024 AND 2023 (CONTtNUED)
Recipients of inslitytional grJnl(s).'
Fund¢d Activity
Noof
grant5
Total
£000
Chronic Disease Research Fund the resourcc for Ageing Resc8rch 5 year
Foundatio
project and suptxjrt activities relatrd to the 5tsdy of
the Microbiome and ageing.
4.177
Dougl&% Macmillan
H05pice
To supwrt the launch of a Speci￿1$1 Out of Hour5
Rapid iie5ponse Service. expgnsion of Community
Team for children and young adults. expansion of
Demenlia Services and the construction and fli oui
of a Wellbeing Room at the Children's Hospice.
Also two other grants were w supw>rt th¢ third year
of integrdtion of The tknna Louise Trusi inio the
Dougl￿ Macmillan Hospice znd contyibui¢ ￿WardS
the annual cost of a new wellbeing programme.
2.53J
New Vic Theatre
Provide sUp￿rt ￿wardS the capitsl. ￿$ts to
refurbish three key areas baeksta8t. io support lh¢
Borderlines SeThi¢e and ￿ fund th¢ New Vic
Appeiitr programme instailatkon of Thvo large
illuminations io $￿p[K)rt "A Middl¢wr Winter"
evenL
1399
Stonyhur5t Foundation
SupFQrt the Stonyhursi Foundation's fundins lo
isi the development of its bursary programrne and
a$￿￿lated education and welfare support at
s10nyhur￿ College. which provides fundins to
young people that may not ordinarily be able to
attend school due w ihe cost of attendance.
Thc Land Trust
Continue 5UPF￿rt with Green Ange15 training
OUT5es * Hassall Green N3￿re Reserve site and
develop rnore in-depth community enga8emtnt
activities over a five year pro8fdmme.
698
Midlands Air Ambulance Fund the remaining amount for the purch￿ of a
Charity
new replacement air ambulance.
The Z￿l081Ca] Society of Provide fundin8 ￿ purcha5t essential equipmtnt
London
5UPPOrt ZSL'S wildlife health service5 programme.
323
10,630
There were a further 7 institutions who benefitted grants w aid their rharithble a¢tiviiies
aod which at¢ aligned to the Foundation's chari¢able objectives.
649
11379
Page 24

Denise Coates Foundation
NOTES TO THE FINANCIAL STATEMENTS
for the 53 weeks ended 31 March 2024
RESOURCES EXPENDED: UNRESTRtCtED 2024 AND 2ff23 (CONrtNUED)
Coryarison loprEvio¥sye4r
During the Financial Year 26 March 2023. the Foundation ¢omrnitt¢d to provide £1 l.om of gTants to 15
stitutions supporting 22 rauses to support charitable activities Iijcally, nationally and internationally
through UK registffed charities. Further de¢ai15 of prior year grdnl making activity can k found in
Anatysis ofz0verno￿co5ts
Unreslncledfundf
Total
2024
£000
Totsl
2023
£000
Audir fte5
Leg21 and professional
Insurance
4S
16
33
42
66
80
NET fNCOMfNG RESOURCES FOR THE PERIOD
Nel in¢omin8 resources are aTrivrJJ * afttt charging the followirtg..
2024
£(KJO
2023
3£000
Auditor'5 remw)eration=
Audit 5ervi¢es
Non audit servi¢e5=
Taxation services
45
33
STAFF NUMBERS, STAFF COSTS AND KEY MANAGEMENT PERSONNEL￿RUsTEEs.
EXPENSES AND REMUNERATION
Th¢ Foundation did not have any 5tsff llj situ and th¢ Tntstee4 who are also considered to be the kty
m#nagemertt pwnnel, re£¢ive41 no remuneratth OT ¢xpenses during the penod.
Page 25

Denise Coates Foundation
NOTES TO THE FtNANCIAL STA TEMENTS
for the 53 weeks ended 31 March 2024
6 FIXED ASSET fNVESTMENTS
. UnliAed
Securilies
LI￿ed
Securities
Cash
Totsl
investtnents
£000 .
Market volue
At ￿£gInning of period
296.479
248,385
11,609
77,642
634,115
Transfer from cash balances
93,500
1242.099)
93,5110
Additions to investments at
eost
23.950
180249
37,900
Disposals ai carying ¥Alue
Investment income
{37.528)
(79.472)
139,819
(22,819)
5.152
3.508
1,591
2.263
12.$14
Reali5ed and unrealised
gains during the period
24.725
53.372
10,359
3.417
91,873
Expenses (see below.
(1,574)
{lJ74)
At end of
312.778
406,042
13205
98,403
830.428
Any expense5 incurred in the athninistration or protecti¢)n of endowment investrjents are charged to
capital. An amount of £0.4m {2023: £0.4m) is included in atcruals to cover unpaid f¢¢s r¢lating ¢0
2024.
The reali5eddnd unreolisedgains andlosses ddailedalx)ve can be aMfyseda5follows.'
2024
2023
£000
Uftrealised gain￿(lOS£es) on tnvesttnenrs.
Realised gainO(losses) on inyestsnents
Realised gain5 on currency and money markets
91.828
45
(25,827)
(7.486)
43
91m3
(33270)
The main risk to the Foundation. from financial insirumeTJts. lies in the combination of uncertain
investment markets and volaiility in yield.
The Foundatron manages iftvesthieftt risk by retainrng expert &dvisots and operating inyesthient
policy that provides for a high degree of diversifjcation of holdings within investment asset classes.
Poge 26

Denise Coates Foundation
NOTES TO THE FtNANCtAL STATEMENTS
for the 53 week5 ¢nd¢d 31 March 2024
FIXED ASSET INVESTMENTS (CONTINUED)
2024
2023
£000
Level I
Unlisted Securities
Listed Securities
Other Investtnents
312.778
406.042
57.426
296,478
248,385
53.843
Level 2
Unlisted Securities
Listed Securities
OtheT Investhients
Level 3
Unlisted Securities
Li*ed Securiiies
Other Investhients
40.976
23.8(K)
817222
622,506
Investments in unlisted trade invesknents are ￿esOn$ed &% level 2 where the sale agTeemeni for an identical
or similar &%set provides evidence of fair value or when it can be demonsinted that the lasi transaciion pnce,
subject to an appropriate but insignificant adjusttnent IO reflect a change in e¢0￿MiC circumstances or a
lapse of time. is a 8ood estimate of fair value.
Investments in unlisted private equity are categoriwj as level 3 where there 15 no active mad(et for the
financial instrument an4 therefore, an estimate of fair value is derived by using a valuation technique.
Valuations techniques used for the Foundation's Level 3 inve5knents include Mult2ples and Industy
Valuati{￿ Benchmark& in aC￿rdanc¢ with the international Privale Equity and veDttJ￿ Capi¢al guidelines.
As at 31 March 2024. a fi￿h¢r £25.7tn is committed ￿ be inv¢￿ed in Lev¢1 3 unlisted trade investments.
over the next 5 years. This ￿1mMitMent will be ffimdwj from th¢ available balances held within the
investment ￿rtfOlIO.
Page 27

Denise Coates Foundation
NOTES TO THE FtNANCIAL STATEMETrrrs
for the 53 weeks ended 31 March 2024
7 DEBTORS.. Amounts falling due within one yeaT
2024
£￿0
2023
£000
Ar¢rued income- interest
Fund5 due to Foundation
89
40
142
40
8 CREDITORS.. Amounts fa]ling due within one year
2024
2023
£000
Accruals
Donation and grani commitments
499
5,129
407
1.949
5.628
2.356
9 CREDITORS.. Amounts falling due after year
2024
£000
2023
£000
Grant commitments
4,956
3,285
Movement in ￿￿gnis¢d (undin8 wmmitm¢nts durin8 the ￿Lod
Grant and donations
eommithienis accrued
2024
2023
£0
£000
Donations and grani commirments reeognised at start of the period
New donation and grant commitments charged io SOFA in period
(see note 3)
Unutilis¢d amounts reversed during the reEM)rting wiod
Donations and grants paid during the period
7.111
IlJ57
11,341
(347)
(12.871)
{6A06)
Donation and grant commithients recognised at the end of the period
10,085
5,234
Those grant comrnitsnents which have Dot beth accrned thle to the level of u￿thInty art di%ussed in
note 15.
Page 28

Denise Coates Foundation
NOTES TO THE FtNANCIAL STATEMENTS
for the 53 weeks ended 31 March 2024
10 FINANCtAL INSTRUb￿EKrs
The ca￿Ing value of the Foundation's financial instruments * the peric4J cmd were..
2024
£000
2023
£000
Financial ass¢ts:
Inst￿Ments measured at W5t
Insthjments measured at fair value
142
830.428
40
634.115
Financial Liabilities..
Measured at amortised co
10,584
5.641
Fll)ancial &ssds measured at CO4 include accnkd I￿orne and investtnents.
Financial liabiliiies measur•J at amortised cost inclL¥Je grnnt commitrnents and accnJal
I I STATEMENT OF FLfNDS
At26
LO￿ OTh
rtvaluatK)nof
Ex￿￿1￿￿¢ in¥esLtLents
At3l
March
Transftrof
FuTras
2024
2023
2024
FUNDS
Gene￿ fiJThJ
16250
1.106
(I lJ70}
10.514
165iM)
ENDOWME￿[ FUND
Ext¢ndabk
713,913
131191
11.670}
91.873
(10.5141
925,793
TOTAL FUNLYS
730.163
133.297
(13,¢J40)
91A73
942.293
A127
MaTeh
2022
Gain50n
It￿u￿tIOn of Trathrfttof
InQVTh￿ ExFtKiiEUTe Investyn￿ty
Funds
At26
2023
2023
£o(M)
UNRESTBJcfED
C*ncral fvTht
16,(*X)
326
(I t.0741
10,998
16250
expendabk
651.959
107.917
{1.3691
133.2701
(10,998)
713,913
TOTAL FUNDS
667.959
107,917
(12,4431
133.2701
730.163
Page 29

Denise Coates Foundation
NOTES TO THE FINANc￿L STATEMENTS
for the 53 week5 ended 31 March 2024
I I STATEMENT OF FUNDS (CONTINUED}
Unrestrieted Funds
The general fund5 represent the unrestricteAI fijnds of the Foundation th￿ are noi desigTiated for
particular pu￿05¢S.
Expendable Endowment Fund
The expendable endowment fijnd wa5 estsblished in March 2014 by an initial gift from corpordte
members of the bet365 Group. then by additional gifts in the subsequent financial years. This has been
increased during the period by further donaiions totalling £120.Om (2023.. £100.Om). This brings the
iotal donations from the corporate members of the be￿65 Group to £851.7m (2023.. £731.7m)." Th¢
Trustees have the w)wer to Sk￿nd the capital and the income.
Transfer of Funds
The EM)ard of Tn￿l¢eS at their discreti¢)n have decided to transftr an amount of £IO.Sm (2023.. £1 l.Om)
to make available further thds for grant payments.
12 ANALYSIS OF NET ASSETS BETWEEN FUNDS
2024
Endowment
Unrestricted
fund Genernl fithds
£000
Total
ruThds
£ofyo
Investments
C&5h at bank and in hand
Creditors due within one year
Creditors due after one year
Debtors due within one year
806,158
120.0(K)
(448)
24,270
2,307
(5.180)
{4.956)
59
830.428
122J07
(5.628)
(4.956)
142
83
Total nei assets
925.793
16,5
942393
21ll3
Endowment
Unrestricted
fund General funds
£￿0
Totsl
funds
£000
Investments
Cash at bank and in hand
Creditors due within one year
Creditors du¢ after one year
Debtors due within one year
614227
100.0
(351)
19,888
1,649
(2,005)
(3285)
634,115
101.649
(2J56)
{3.285)
40
37
Total net assets
713.913
16250
730,163
Page 30

Denise Coates Foundation
NOTES TO THE FtNANCtAL STATEMENTS
for the 53 weeks ended 31 March 2024
13 RECONCtLIATION OF NFr tNCOME TO CASH FLOW FROM OPERATING ACTlVtTIES
31 M*reh
2024
£000
26 March
2023
£000
Income after gains and losses on invesiments
Gsft of expendable endowment
Endowment conversion
Investhjent income
Inv¢stm¢nt manager eosL%
Decreasel{Incre&se) in creditOf5
(In¢rea5¢)IDecrease in debtors
N¢t (gainsylosses on investments
212.130
(120,0(N>)
10,514
(13,297)
1,670
62,205
(100,000)
10,998
(7,918)
1,369
(1,859)
(53)
(91073)
33.270
Net cash provided byl{used in) operating activities
3,937
(1.935)
14 RELATED PARTY TRANSACTIONS
The Trusttts consider that Hillside (Shared Services 2018) Limited, Hillside (Media Services)
Limited and bet365 Group Limited are related parties of the Foundation by virtue of common
directors and that their ultimate holdin8 company. i￿t365 Group Limited. is under the control of
Denise Coates CBE.
The Foundation received donations of £35.Om from Eet365 Group Limited (2023.. £20.Om) and
£85.Om from Hillside (Media Services) Limited (2023.. £80.Om) during the period. No balances were
owed to or from related parties ai the period end (2023.. £nil).
The FOU￿tion receive5 SUPPOrt from the bet365 GrOl￿ Limited group of companies in respect of
office space and other costs including management time. but the Trustees believe that this support is
noi material to disclose in the periiwj.
Page31

Denise Coates Foundation
NOTES TO THE FtNANCtAL STATEMENTS
for th¢ 53 wttks ended 31 March 2024
15 CONTINGENT GRANT COMMITMETrrrs
The Trustee5 intend to make the following grant&
A grant to provide five-yeu long term fvnding of medi￿7 research including pilot proj￿1%
fellowship5. and PhD s￿dents. The insti￿tIOn overseeing this project has been informed of the
Foundation's intention to fimd an award of £0.8m. To-date the in511￿tIOn ha5 received £0_6m towords
this projecu however the remaining award of £0.2m is contingent upon the current Medical Direclor
still being in position and the trUS￿eS being content with the naiure and extent of progress towards the
intended deliverables.
A grant to support a four-year community outreach programme in Stokeffjn-Trent and Staffordshire.
The institution overseeing this project has been infornied of the Foundation's intention to ￿nd an
award of £0.5m To-date the Insti￿tiOn has received £0.2rn towards this projecL however the
remaining award of £0.3m, is contingent up)n the project re¢¢iving National Portfolio Organisations
funding from the Arts Council. and the tritstees being content with the nature and extent of progress
iowards the intended delivernbles.
Page 32