Denise Coates Foundation (A company liiniled by guai'antee) REPORT AND FINANCIAL STATEMENTS 30 March 2025 Cotnpany Rcgi5tration No. 08191619 RegisteTed Cliarity No. 1149110
Denise Coates Foundation CONTF,NTS REPORT OF THE TRUSTEES INCLUDING STRATEGIC REPORT STA TEMENT ob 'rRusi'EES' RESPONSIBILITIES INDEPENDF.NT AIJDITOR'S RElRT TO THE MEMBERS OF DENISE COATES fouNDATION 12 STATF.MCNTOF FINANCIAL ACTlVI'fiES {INCLUDING INCOMC AND EXPENDITURE ACCOUNT) 15 STA TEMEwf OF FINANCIAL POSITION 16 STATEMENT OF CASH FLOWS 17 ACCOUNTING POLICIES 18 NOTES TO THE FINANCIAL STATEMENTS 22
Denise Coates Foundation REPORT OF THE TRUSTEES INCLUDING STRATEGIC REPORT REFERENCE AND ADMINISTRATIVE DETAILS Cliarity Nuinber.. 1149110 Coinpany Nuinber.. 08191619 Trusteeslcompany Directors.. D Coates CBE JF Coates P Coates SH Galletley JE Wliite OR Adains Aiidilor.. RSM UIC Aiidit LLP Chai'tered Accountants Festival Way Festival P21'k Slokc-on-Trent Staffordshii STI 5BB Inveslmenl Manager: Stonehage Flemiiig 6 St Jam¢s's Square London SWIY 4JU United Kiiigdom RegisleredlPrin¢ipal OtTI¢¢: be1365 Hous¢ Media Way Stoke-oii-Trent Staffoi'd51)ire STI 5SZ Status: Denise Coates Foundation is a eompany limited by guarantee. It is a registered charity ai)d goveimed by the piDvisioiis of its Meinoranduin and Ai'ticl¢s of Association dated 24 August 2012 as amended by special resolution on 30 Novembei. 2012 and 4 bebnkary 2016. Page I
Denise Coates Foundation REPORT OF THE TRUSTEES INCLUDING STRATEGIC REPORT The Trustees are pleased to present their report togeilier with the financial stalemei)ts of the cliaritable ¢oinpany ("tlie Foundation"} for tlie pei'iod ended 30 March 2025. This I'eport also contains a directors, report and strategic report as IEquired by coinpany law. PRINCIPAL ACTIVITIES The principal a¢livily of the Foundation is tlie provision of fui)ding lo charities that will use the resources to enrich the lives of those that they exist lo support. STRUCTURE, OOVERNANCE AND MANAGEMENT Governing document Deni5¢ Coates Foundation is a coinpany limited by giiarantee and does not have any share capital. It is a noii-profit making organi53tion and registejrd charity governed by its Memorandiiin and Articles of AssoLialion daled 24 AuLJU512012 & ainended by speLidl iysolution 011 30 Noveinbei. 2012 aiid 4 February 2016. In the event of the ¢oinp8ny being wound up meinbers are Iwuired to conti'ibute an amount not exceedillg £10. Organisational structure All decision5 regarding n)anagemenl of the Foundation and the distribution of ils funds are made by the Triistees. The Foundation has no employees and is not ¢harg¢d for the Ti'uslces, lim¢. Howevei.. the Foundation rcceivcs administrative suppoit Ilii'oiigh a related pariy, foi. which ihere is iio charge. AppoiNtJnent of Trustees The skill set of the Board of Trustees is frequently reviewed aiid Compared lo the requirements of ih¢ Foundation to achieve it5 obje¢tives. Wheit there air gaps the Ti'ustees seek to make appiDpriate appointments of iiidividuals with tli¢ Itquired skills aiid expei'iences by an open recrnitment process to fill any gaps. The Trustees are satisfied with the Current skill s¢1 of thc board. Trustee induction and trai7g All new Trustees attend an induction m¢cting with one of the existing Trustees, observing how th¢ Foundation'5 objectives are achieved. Trustees arc bricfcd on Ihcir Icgal obligation5 under Gharily aiid company law, along with the PTo¢esses and piD¢edures of the Foundation. Ti'aining for the Trustees is regularly under review and ideiitifies any developinenl that ne¢ds lo b¢ addi.ced. Annually, Ihe appropriate training is supplied to keep the Boaid apprised of relevant changes in regulation. Should any additioi)al specialised tiaining be requircd for the existin& or any newly appointed Tru51¢es, thei) appropi'iate training arrangeineiits will be put in place. Relxted parties The Fouiidation receivcd donations from bc1365 GIDup Limited and Hillside {Media Setvi¢es) Limited diii'ing tl)e period. The Fouiidatioii also ieceivcd adininisti'alivc 5uppoII, PTimai'ily acooiii)lancy support, from Hillside (Shared Service5 2018) Liiniled. Two of the Foundation's Trustees air Directors of Hillside (Media Services) Limited and Hillside (Shared Service5 2018) Liinited and three of the Trusle¢s are Dii'ectors of the ultimate holding coinpany, be1365 GTOUP I,imited, which is under the control of Denise Coates CBE. Therefore, thc5c entitles air dccmed to bc relalcd parties. Page 2
Denise Coates Foundation REPORT OF THE TRUSTEES INCLUDING STRATEGIC REPORT Trustees Indemnity insurance The Foiiiidalioii holds trustee indeinnity insurance. the cost of this was £5,443 (2024.. £5,443). Rislc mngeMent The Trustees a¢knowl¢dge their responsibility for managing risk. Tliey regularly IEview tlie risk manaEeinenl process adopted and amend procediires as and when it is deemed necessaiy. OBJECTIVES AND ACTIVITIES The objective.8 of the Foundation and poli¢les employed lo aehiev¢ the objeelives Thc oyerall ai111s aiid objectives of the Denise Coateg Foiindation as set oiit in the goveming docliment is to PTOlllOte cliaritable pui'poses anywhejr in the woi'ld, foi. the piiblic benefit, as are exclusively chai'ilable piii'poses according lo the laws of England and Wales, and as the Ti'iistees may in tl)eir absolute discretion determine, in parti¢ular, bul not ¢x¢lusively. Ilir()ugh Il)e provision or assistance in the provision of facilities foi. the piomolioT) of coininunity participation in healthy rc¢reation. The ts'ustees review the aims, obje¢tives and activities of tlie Charity annually. This report looks at what the Chai'ity has achieved and the OU0m¢S of ils work in the repoi'ling period. The trustees repoi't the success of each key activity and the benefits tlie Charity lias brought lo those groiips of people that it is sel up to lielp. The review also help5 the trustees ensur¢ the Charity's aims. objectives and aclivili¢s remained focused on its slat¢d pul'p05. The trustees have referred to the guidance ¢onl8in¢d in the Chai'ity Commission's general guidance on public benefit when IEviewing the Chai'ily's aims and objectives and in planning its future activities. In particular, the trustees considei. how planned activitie5 will conliibul¢ lo the aims and objecliv¢s that have been set. Grant Maliing Policy The Foundation identifies cliarities locally, nationally or intemalionally (registered throiigh UK ch8rilies) that it wislies to siipport, il also wclcomes applications. Contact is Inade with these charities proactively, to discuss any projectslprografflmes tliat Ih¢y arc looking to undertake Iliat the Foundation may be in a position to support. These chai'ities are tlien inviied to present lo Ilie foundation's Trustees wilh a pi'oposal detailing how a gi'ant would be of usc lo the charity and th¢ benefits that il would delivei.. Given that the boundation's objectives arc broad, tlie Trustees will consid¢r most grants that have a ¢harit8ble purpose but pailicular consideralioT) is giv¢ii in areas of health and welfare, ¢ominunity development, medical IEsearch ai)d development, education aiid training. ails aiid cultur¢ aiid disa5tcr recovciy. Tli¢ Trustees assess how each piY)posal aligns lo the Foundation's objectives in ordei. to detci'iniiie wl)eiher the grant is to be suitably awarded and considers iflwliat Londilions sliould be allached lo lh¢ grants, in particular biit not exclusively to Inulti-year grants. During the Financial Period £16.7m (2024.. £11.3m) was expendedlcominitted to charitable giving. Finan¢ial due diligence assessments of the potential IEcipients are undertaken, evaluating Key Pei'formance Indicators from th¢ latest filed Statutory Accounts, to verify the financial position of the cl)ai'ity. Once a gj'anl has been approved, a foiThal Grant Making Agreeinent is signed by both parties docuinenting the amount due. any conditions attached to the grant, and the piirpose the funds must be iised for. Procedures air in place to monitor bank accouiits and IrcotLcil¢ all li'ansactions back lo Trust¢¢ approved cliaritable gi'ants and donations. This include5 a review system to monitor grants and condilional grants are only continued if set Inilestoiies and set Ieview conditions al'e In¢l. These are monitoird in a¢¢ordan¢e with the conditions set OLIt in the grant agreernents, which incliide reviewing progress reports and the financial positiOT) of Ihc proje¢t. Page 3
Denise Coates Foundation REPORT OF THE TRUSTEES INCLUDING STRATEGIC REPORT Public Benefit Tlie Tru%lees have referred to the giiidance contained in the Chai'ity Coinmission's general giiidance on PLiblic bciiefit whcii r¢Yiewiiig Il)e Fioundation's aims and objectives and planniiig flltiire activitics. In pai'ticular, the Truslec5 Considei. how planned activities will coiilribute to ihe aims and objectives that have been set. Tlie Trustee.E bclicv¢ tl)al the foiindalion meets the principles relating to cliai'ities aiid piiblic beiiefit dcsci'ibed iii Ihc Cliai'ity Coiiimi55ion giiidan¢e and that this Ti'iistees, Anniial Report deinonstrates the Foundatioi)'s contribution. Future Pl4n5 The foundatioii plans to contsnue to appiY)acli chal'ities and review potei)tial pi'oposal applications for flinding and will continue to Providc 8raiils 21)d donalioi)s that Ineet the Foiindation's chai'ilable objectives. A website has been created lo higl)lighi the Foundation's grant making activity and lo encourage a greatei. nlimber of chai'lties to apply for funding. Page 4
Denise Coates Foundation RfpoRT OF THE TRUSI'EES INCLUDING STRATEGIC REPORT STRATEGIC REPORT Achievements and performnnce Duringi the Fiiiai)cial Pei'iod ilie Foundalioi) coininitted £16.7m (2024= £11.4in) of grniils and doiiations to siipport charitable activities locally. nation1£ Ily aiid iiiternationally. All donations wei'e made tlii'uugh UK registered eh81'iti&q in line with the Foiindation's goveiming principles. Examples of those commilments are siiininarised below. Medical Reseap'eh and Developipienl The University Hospitals of North Midlaiids Charity (UHNMC), whicl) raises charitable fuiids for the Royal Stoke Uiiivei'sity Hospital, Coui)ty Hospital and Staffoi'dshiir Cl)ildrei)'s Hospital at Royal Stoke, rec¢ived two giants of £3.9in and £2.5m. 'fhe gii'ants will pi'ovide fundii)g foi. a range of esseiitial equipment, including a surgical IDbot for spinal procedures, additioiial technology (o extend its fun¢lionality lo lung qurgery, spinal and frauilla surgery equipment, 185 specialist beds and n)attres5es, and 77 specialist ch¢inotl)erapy chairs for patienls. Cancel. Reseairh UK, a cl)ai'ily dedicated to beatii)g cancel. tlll'ough reseai'ch. received a grant of £0.6m to support a 3-yeai' project testing a iiew vaccine foi. ovai'ian cancel.. A grant of £0.6m was given to The Royal Marsden Cancer Charity, a charity that SLlPPOrts The Royal Marsdcn 1.105pilal, a world-leading caneer centir. This gJ?nt will contribiite to the 3-year lease of a 'Symani System, facilitating ¢lini¢al and translatioiial studies in robotic reconstruetive mici'osurgery. Alzheimevs Research UK, a leading AlzheimePs research charity aiming to find a cure for dementia received a grant of £0. I tn to fund two innovative projects at the University of Sheffield. The first, Lising lab-giown bj'ain cells to undersland how diabetes increases deineiitia risk,. and the second, simulating proteiii biiild-up iii Frontoleinpoi'al Deineiitia iisinLJ liglit. The Foundation maintained ils eoinmitment to the ChiDnic Disease Research Foundation, an independent medical rescairh cliai'ity. A giant of £O.Im was made to flind pilot projects, offering fellowsliips to appropriatc ¢aiididates whilst supporting PIID students and related project grants. The Foundation also continued ils support of a local medical research charity, North Staffordshire Medical Institute. The donation helped the Institute to fund various research pmjects. Ediicalion aiid Trai17ing The Foundation coi)tinued ils funding for bursaiy and scholaiship schemes at three univei%ities. Keele University, Staffordshire University and the University of Sheffield each received £0.2in to fund bursary schemes for utidergraduates from disadvantaged backgrounds. In addition> grants were awarded to other educational institutions. tile largest of wliich was £3.8m. Healih and Welfai'e The FoLindalioii continLied its suppoit of tlie Dougla5 Macmillan l.lospice. a Hospice providing services free of charge to adults, young adults and cliildren living with a life-limiting illness in Stoke-on-Trent. North StaffoiLlsliiiE aiid surrounding villages. Two Lyrants of £1. I m and £0.2m were Inade lo suppoit the continiied integration of the Hospice with ai)oih¢r lo¢al entily, the Donna Louise Ti'ILqt. The grants also funded Ilie cost of a specialist medi¢al car¢ team, ensuring the delivery of high-quality care to patients. Page 5
Denise Coates Foundation REPORT OF THE TRUSTEES INCLUDING STRATEGIC REPORT The Uiiiversity Hospitals Biiininghain Charity (UHB) supports foul. of Bii'iniiighain's largest1105pilals and the Birmingl)am Cl)csl Clinic. UHB Charity works across the hospital sites to suppo11 patieiits, families, and 51aff by pi'oviding items that air 'over and above, that wliich al'e funded by the NHS. Tlie charity reccivcd a grant of £0.5in to suppoi'l 'The Bimiingham Trdnsplant Ceiitre, project, wliicl) will traT)sfoi'in an existing buildiiig iiito a n¢w facility, Irplariiig tl)ree decoinmissioiied wards. 'I'lie UHB Cliai'ily has statsd tlie iiew Iransplani ¢¢nlre will 'bi'inL? all of the specialist cal'e available to ihe pa(ieiit. takiiig away a Iilige amount of 5tIESS aiid IheitfoiE spe¢ding up recovery lime, Tlirive at Fiv¢ is a coll¢¢tivc imp2Ct iiiitiative conceived aroLind a vision of a society that chei'ishes cliildiElI'S developillent in th¢ cai.ly ycats. A grant of £0.6in was provided to suppori a 2-year project extension of the original T])i'ive al Five pathfinder piDject iii Bentilee and Abbey Hulton. Newfi'iar5 College. a special needs ¢ollege in Stoke-on-Trent. received a grant to cover the capital costs to fund a Spa l.ift Ulh'a hoist al Ncwfriais College. Coinnluiiity Develowiienl Edmund Rice Development, a PTojecl providing donoi. funding to partner projects across Africa. India and Latin America focu5scd on allcvialing povrrty aiid Iniiiimising injiistice received two grants of £0.2m and £O.Iin. These fuiids will 5UPPOIt a 3-ycai Thc W¢st¢rn Cluster Project" which aiins to empower niai'g?inalised coininuiiilies in thc Western PIDvince of Zambia aiid a 3-year pi'oject"Einpower Her" pi'oject wliich aims to etnpower the households of people with disabilities in the Kibera infomial settleinenL Kenya. As in previous periods, the New Vic Thcalrc, a piDducing thcatre woi.kiiig in the comn)unity of Stoke-on- TIEnt and Nortl) Stafford5hii'e. receivcd £0. I IM towards ils award-winninL Borderlines iniliative. This progi'ainme uses theatre to help individuals discover new and positive ways to undei%land theinselves and their communities, challenging de5tTuclive behaviours while fost¢i'ing self-aw8reness and positive attitudes. YMCA Noi'ih Staffoiylsliii'e, a UK I'egislei'ed cliai'ity I'esponding to th¢ n¢eds of local childitn, yoiiiig people, tEieir fainilies and their cointnLlllitie5. received a grani of £0. I m to covei. tlie fit-out costs of a new development hub for tlie Stoke-on-Trent community. The aim of th¢ piDj¢cl is to help regenei'ate the area. providing opportunities for coinmunity engagement and access lo high-quality activities. New Vic Appetite, a piK)ject woi'king with a range of local and national artists and communities to dev¢lop an appetite for the arts in Stoke-on-Trent, IEceived a gYTanl to support ils 'A Cliristmas Gift foi. Middleport, pioject. A community venue and park weiE ti'ansformed to Create a frce magical light cv¢ni foi. Middleport residents and the wider City. The Foundation provided a granl to Wishing Well, a charity offering a range of coininunity-bascd hcalth and wellbeing services in Cheshire. The grant conti'ibuted towaiyls a 3-year project wlii¢h aiins to slrengtlien the 'Age Well, provision and deliver greater impact to the communities in which il operates. A grant was awarded to Sandbach Foodbank, which provid¢s cm¢i'g¢ftcy food pair¢ls for individuals and famili¢s who are in financial need in the area of Sandbach. Arls th7d Culiure A grant of £0.4m was given to New Vic Theatre, to fund thc installation and upgrade of sound equipment ai)d infrastruclui'e. 'fhe theatlE anticipates that these iinprovemenls will ¢nhaiic¢ ils rcsilicncc aiid capacity lo dire¢1 Irsources towards artistic goals while engaging new and diyetse audiences. Page 6
Denise Coates Foundation RF.PORT OF T14E TRUSTEES INCLUDING STRATEGIC REPOR'r The Foundation also pi'ovided a grant to The Parocliial Cl)urcl) Council of the Ecclesiastical Pai'isli of Stoke-oii-Trent and Fenton. The grant supported ihe refurbishment of Stoke Minster, including the installalioii of a new boilei. system. Prlor perfiod projeet llpdateg Financial perio(12023124 A graiil of £0.3in was provided to The ZooloL)ical Society of Loi)don (2SL) to puirhase vital equipinent to siipport ils wildlife health sei'vices piDgrainine. This new, state of the ari vetei'inary equipnient has now r¢plac¢d old¢i' ileins, some of which liad been used for over two deeades. The funding also facilitated coiiservalion ediicalion for a dive15e raiige of stiidents at all levels, both iii the UK and ii)ternationally ¢qiiipping them with tlie tools to inspiir the iiext generalioii of conservationists. I'his new eqiiipinent has SlgTnificantly enhan¢ed ZSL'S underslanding OF wildlife, fosteriiiLY collaboralion with the global zoological colmmunily and supporting tUre iilitiatives. Financial period 2022123 mothe152inothei% (In2in) was awarded a gi'ant of £1.5m to fuiid a 3-year programme to siipport the iinplemenlation of its 'Menlor Mothei" model which helps to support women, adolescent gil'ls and cliildren's healtli and wellbeing in Lilongw¢ Dislri¢l, Malawi. According to the latest m2m anniial repoi't, the project I'caclied 81,635 cli¢iils (900/¢ of tlie aiinual target of 90,500). Diiring ihe implementation period. 26 Mentor Mothcrs and 20 Adolescent Peer Mentors were traiiied and deployed in five health facilities. In total, the Adolescent Peer M¢ntoi% rcached 16,654 adoles¢enls providing a wide range of serviLes. including fa¢iliialing access to male Contraception, long-tenn and shoit-tei'm fainily planning Inethods, disti'ibuting HIV self-t¢st kits, and offering STI treatment services. FillncIal peTiod 2021ll2 Tlirive at Five was awarded a £l.O n)illion grant lo lauii¢h ils first ihiye-year paihfindei. project ii) Beiitile¢ and Abbey Hulton, Stoke-on-TIEnl. Th¢ piDj¢ct focused on biiilding 8 robust support network foi. families with young childreii, concenlratiiig on four key ai'eag.. ¢i)gagii)g parents of babies, boosting liome learning and languag¢ developmcnt, suppoitinE 3-5 year olds. and strengthening the local support system. To achieve these aims, the project tw.. Implemellled for the second year, an effective language support programme for all children who reqiiii'ed 'cat¢h up, suppoit. 2. Suppoi1ed nurseries aiid scliools to iinplcincnl Talking Time training. designed lo creat¢ envii'onments that suppoi't the developinenl of expressive langTuagFe. 3. Strengthened the eai'ly yeais workfoi'ce IhiDugh training pra¢lioners in PF.EP Leaming Together. an evidence-based progiamine designed to iTnpiove the l)ome learning ¢nvin)nment. 4. Continued to siipport the dcvclopinent of pairnt, baby and toddlcr groups with the latcsl opening at Our Lady St Beiiedict School in Abbcy l.lulton. 5. Rolled out the Iliird year of Ready Steady Stoke. to support all children under five in a smooth transition itito nursery and s¢l)ools. 6. Engaged parents at scale thix)ugh a growing Facebook cominunity and at free community events in partnei'ship with other organisations. 7. Recruited local parents as 'Par¢iit Conn¢¢tors, paid parcnt champions who ar¢ breaking down barriers amongst pareiils lo create bettei. 5UPPOrt system5. Page 7
Denise Coates Foundation RFPORT OF THE TRUSTEES INCLUDING STRATEGIC REPORT Finaneial review A Statemeiit of the Financial Activities of the Fouiidation 15 giveii on pagc 15. Tl)¢ total incoining resouires for ilie period weiE derived fi'oin iiiterest aiid inveslineiil IEturn5 of £14.Om (2024: £13.3in) ai)d chai'ilable doi)alions of £130.Om (2024.. £120.Om) resulting in total incoming IEsources of £144.Oin {2024: £133.3in). Diii'ing the Financial Pei'iod £16.7in {2024.. £11.3in) was expendedlcoinmitted to chai'ilable giving. Aftcr allowii)L for byoveriiaiice cosls of £O.I In (2024.. £0. Iin), ii)vestmeiit Inanageineiit costs of £2.2m (2024.. £1.7m) aiid taking into a¢¢oiint iiivestinent gain of £27.2in (2024: Gain of £91.9in). tliis IESLilled in net in¢om¢ for the pei'iod of £152.2m12024.. £212.1 In) whicli when added to the funds broLight foiward gave I'ise to £1,094.5n) {2024'. £942.3m) of funds c811.ied foi'ward to the following Financial PcTiod for applicalioii ii) pursuaDQ¢ of Ilie cl)aritable objectives of the Foundation. At the end of the Financial Period there were £1 1.9in (2024.. £10.Im) of outstanding unconditional cninmitm¢nls in relatinn ta twelve donationslgrants coininitted but not Inade a5 at the Slateinent of Financial Position dale. In the view of the Trustees, tlie funds held at 30 Mairh 2025 were available and adequate to fulfil its existing obligations. In respect of non-financial key perfom)an¢e indi¢atoi%, the Trustees Inonitor the level of grants issued each period against previous periods, this is detailed in note 3. During the period 27 (2024- 20) donations and grants were made to 22 (2024.. 15) institutions. Donation On 21 March 2025 the fouT)dation rec¢ived two donations totalling £130.Om reported within the Financial Siatemeiils a5 Eiidowineiit funds. This sum will be held as an expendable eiidowment aiid held as a loiig- tei'in inve51niei)t, Ilie rcturn froin wliich will be disti'ibiited to Slipport eharilieslcl)aritable activities tl)at align to the objectives of the Foundation. As at the balance sheet date the £130.Om of donations reeeived were held in an interest bearing current account ahead of tlie fuiids bcing ti'aiisf¢rr¢d to. and invested by, an investinenl management company with a loiig-standii)g track IEcord of funds ITJanagcJn¢nt. Investment policy The Ti'ustees, inyestinent policy is to Jnaintaii) tlie real value of the Endowment Fund through a strategic balance of equity risk and fixed iiicoine iElurn, coiisistcnt with ils reserves poliLy With anlicipated fiinds being transfei'red to Unresti'icted Funds. The expendable ei)dowmenl funds are Inanaged as a balanced 'niodei'ate" risk portfolio oli a discretionaiy basis to achieve the Trustees, investmeiit goals to mlMise the portfolio's return witliin the constrain15 of the maiidate gi'ant¢d by the Trusle¢s. When identifying tl)ird party fund InanageT5. Stoii¢hage ficining {"SFIM") place importance upon environmental, social and goveTnance factors ("ESG") as pail of An extensive due diligei)ce process. The manageis selected exliibit good stewardship practices and show awareness of ESCI factors consistent with their investment appioach. SFIM'S commitment to rewarding good pra¢tice is recognised in Ihern being a signatoiy to the UK Stewardship Code and Iheii. affiliation with the UN Principles of Responsible Inveslment. ESG issues forin a key assessment of the quality and culiiirc ofihe biLqiness' manabieinent. Companies not actively addi'essing their ESG Tisks are less likely to generate future sustainable growth. SFIM follows an iiivestineiit pliilosophy tliat pi.iori115es tl)¢ long-term pitsei'vation and gi'owth of real wealth. This approacli 15 Itflecled in a sti'ateLY that avoids speculation and empliasises effective Pa%e 8
Denise Coates Foundation REPORT OF TI4E TRUSTEES tNCLUDING STRATEGIC REPORT diversification across multiple factors. Diversification is achieved tl)IDugli asset classc5, iiicluding cash, fixed incoine, public equities, alternative sti'ategies, coiiiinodities, aiid pi'ivate capital, a5 w¢ll as through CLirreiicy exposure, eiiabliiig a globally oi'ieiitaled ii)vestiiient 5ti'a(egy. Additionally, sfim incorporates process diveisification by blending ti'aditioiial active Inaiiage13, passive iiidex sti'ategies. and diiE¢l inveslineiits in eqiiities and bonds, ensliring a balanced and resiliei?t portfolio construction. Investment pej'forniance As at 30 Marcli 2025 the total investment rK)Itfolio stood at £975.Om nel of accrued inveslmeiit management ¢liai'ges (2024: £830.Om), £145.Om higher than at the end of the previous Fiiiancial Period. In the pei'iod a total of £120.Om was transferiEd fi'oin cash at baiik to the Endowment Fund part of the poi'tfolio, ttnd £13.Oin wds withdrawn froin tlie Unrestrieted Funds part of tl)e portfolio to fund grantldonalioii disti'ibution. Taking in-year transfers tolfrom the investment portfolio into account. over the Financial Period, the investinent portfolio has delivered an investinent gain of £38.1 In, 4.1 % (2024.. Gain of £102.7m, 14.4%). Duriiig the same pei'iod. FTSE 100 index increased 8.90/ r'rsE 250 index decitased O. Il/J o S&P 500 index iiicreased 6.2Yo As at 30 March 2025 the value of the Eiidowment Fund element of the investment portfolio was £947.6m (2024.. £805.7in) net of accrued iiivestment maiiag¢ment cliarges. Over the course of the fiiiancial Period the Eiidowinent Fuiid eleinent of Ilie iiivestmenl portfolio deliveird a gain of £37.Om. 4. lQ/o (2024.. Gain of £101.7m, 14.6%). The UK aniiLial inflalioii ral¢, RPI, was 3.2Q/¢ for March 2025. Reserves policy The policy of tlie Trustee5 is to Inaiiitain tlic real value of thc Eiidowment (including iiiflation), being the doiiations received to date of £981.7m {2024.. £851.7m) plus inflatioii, but otherwise to disti'ibute dll of the Foundation's realised income and gaiiis within 11)e short/in¢diiiin leijn, ¢oi)sidered lo be 1-5 years. This policy should allow the Foundation to operate on an enduring basis wiihoul being dependent upon donations from any paitiCLilar source. The Triistces have Itviewed the reserves policy and have agreed that the level of reserves is assessed annually in oidei. to Initigalc current aiid fiitiire I'isks as well as ei)abling Denise Coates Foundation to achieve its objectives. As al 30 March 2025. Ihe a¢tual reserves wer¢ £1.094.5m (2024.. £942.3m). During the Period the 'l'rustees, at theii. discrction, decided to transfer a total of £15.9m (2024: £10.5in) from expendable Endowment Fiinds to UnrcstTiCted fui)ds to fuitlicT tli¢ foundation's ability to provide donations that meet its charitable objectives. The level of Unrestricted Funds at 30 March 2025 was £16.8m (2024.. £16.5m) and these funds al'e retained at this level to allow the Trustees, at their di5¢retion, to award an appi'opi'iate level of gi'ants in line with the agreed budgels set for the following financial pcriod. The level of Endowment Funds at 30 March 2025 wa5 £1,077.7m (2024.. £925.8m). As at 30 March 2025 the level of Free Reserves, as defined by the Charity Commission, are its Unrestricted Fiinds and amounted to £16.8in (2024.. £16.5m). The policy of the Trustees is to liold a lev¢1 of Free Reserves that allows tliem to set appiDpi'iate biidgels for Ihc following financial rIOd for gi'ant making of £16.Sm (2024.. £16.3in) and govei'nance costs. The Trustees ai¢ satisfied with this level of Free Reserves and it is tlieir intention to disti'ibule all Free Reserves through charitable giving. Page 9
Denise Coates Foundation REPORT OF TFIE TRUSTEES INCLUDtNG STRATFGIC REPORT Principal risks And uncertainties The principal I'isk faced by the Foiiiidalion is tlie ¢iDsion of Ihc valu¢ of its long-tei'm investinen(. The Trustees are satisfied that the iiivestment maTtageineiit compai)y has Sufficiently deinoiislraled tl)at it has the expeitise lo maiiage the investinent of tlie Eiidowmeiit Fund in accordaiice with Ihc Truslces, requireinents. In addition, the Ti'L15tees provided will) sufficient financial data to ¢nabl¢ them lo assess tlie onLFoing perfoi'inai)ce of the iiivestmeiit. The 'fi'ustecs keep tlie iiivestmeiit niaiiag¢in¢nl con)P2ny's performai)ce under ongoing IEYiew. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS Tl)e dii'ectors who were in office oli Ilie date of appiDval of these finaiicial statemeiils liavc ryTrnfs1'med, as far as they are awaiE, that ti)eie is no IElevaiit audit informatioii of wliich tlie chai'itabl¢ coinpaiiy's aiiditors are unaware. Each of the direct013 have confirmed tliat tliey liave takeii all sieps that tl)ey ouglil to have taken as directors in ordei. to Inake tliemselves aware of any relevant audit information and to establish that it has then been communicated to the auditor. AUDITOR RSM UK Audit LLP, Chaitered Accountants, were appointed auditors by the coinpany on 2 SepteTnbei' 2013. PursLiant to section 487 of the Companies Act 2006, the aLiditors will be deemed to be re-appointed and thcr¢fore RSM UK Audit LLP will continue in office. The Repoit of th¢ Trustees and Strategic Report were appi'oved by the Trustee5 and signed on their behalf by: Deni.ie Coxte5 CBE Trustec and Diiertoi 19 November 2025 Page 10
Denise Coates Foundation STATEMENT OF TRUSTEES, RFSPONSIBILITIF.S Tl)e Trust¢es (who are also directors of Deiiise Coates Foundation foi. the purposes of company law) aiE If5POll5ible for pi'eparing the Repoi'l of il)e Ti'ustees incliiding the Sti'ategic Repoi't aiid Directors, Report aiid Ili¢ financial statejntiils ij) accoi'dance witli applicable law aiid Uiiited Kiiigdom AccoLiritlllg Standaids iiicliidiiig fiiian¢ial R¢poiting Standaid 102: '1'lie Financial Repoitingy Siai)dai'd applicable iii tlie UK and Republic of Ii'eland (United Kii)Edom Generally Accepled Accounting Pra¢lice). Coinpany law requiirs the Ti'LlStees to pirpai'¢ fiiian¢ial staleinenls for each financi81 pei'iod which give ti'ue and fail. view of thc slate of 2ff8i1s of the chk)I'itable coinpany and of the incoine and expeiiditure, of the charilable coinpaiiy foi. that pcriod. In prcpai'iiig Ill finaiicial slatejnents the 1 rllstees al'e i'equiied to: select suitable accolinting policies aiid then apply them consistently. observe the methods and principles in the Charities SORP- Inake judgeinents ai)d accounting estiin2les that are reasonable and prudent. slate wliether applicable UK Aecoiiiiting Standards have beeii followed, SLibjccl to any malcrial departuies disclosed aiid explained in tlie finaiicial slatemeiits, and preparc the finaiieial slatemenls on the goiiig concern basis unless it is inappropriate to presume that the cl)aritablc WlDpany will continue in business. The Trustees ale Itsponsiblc for maii)taininL' proper accounting recoi'ds wliich disclose with I'easonable accuTacy al any lim¢ the fin8ncial position of the charitable company and to eiiable thein to ensure tliat the finallcial statemen15 coinply with the Companies Act 2006. They are also responsible foi. safeguarding the as5et5 of tlic chai'itablc company and hei)ce for taking reasonable steps for the preveiition and detection of fi'aud and oihcr irirgularilies. Pugell
INDKI)LNDENT AUDITOII'S IlfiPORT TO THE MEMBERS OF DKNISI COATES FOUNDATION Opinion We have audited tlie financial statements of Denise Coates Foundation (tlie 'charitable coinpany,) for the pei'iod elided 30 March 2025 which coinprise the Stateinent of Financial Activities (incliidiiig Incoine and Expendiliire Accoiint), the Stateinent of Financial Position, the Stateineiit of Cash Flows and notes to the financial stateinents, incliiding significant accounting policies. The financial reporting fraineivoi'k that has beeii applied in tlieii. prepaiation is applicable law and United Kingdoin Accoiinting standalS. including FRS 102 'The Financial Reporting Standard applicable in the UK and Repiiblic of Ireland" (United Kingdoin Generally Accepted Accounting Practice). In oiir opinion the financial stateinents- give a ti'ue and fair view oftlie slate of tl?e chai'itable coinpany's affairs as at 30 March 2025 and of its ineoming resources and application of resources, including its incoine and expenditure, for the period then ended., have been propej'ly prepaitd in aceoi'dai)ce with United Kingdoin Generally Accepted Aceoiiiiting PJ7Qtice,' and have been prepared in accordance with the requirements of the Coinpanies Act 2006. Ba515 for opiuion We conducted our audit in accordance with International Standaixis on Auditiiig (UK) (ISAS (UK)} and applicable law. Our responsibilities linder those standards are fiirther dei.1bed in the Auditor's responsibilities for the audit of the financial statements section of oui. IEport. We are independent of the charitable coinpany in a¢coi'dan¢e with the etliical Irquirements that are i¢levant to oui. aiidit of the fInaii¢ial Statements in tlie UK, including the FRC'S Ethical Standail and we have fvlfill¢d our other ethical 1¢5poiisibilities in ac¢ordance with these requiiEinents. We believe that the audit evidence we have obtaiiied 15 sufficient and appTopriate to provide a basi5 for our opinion. ConclusioN5 relRting to going concern In auditing the fiiiancial stateiments, we have concluded that the Tnjstees. use of the going. concem basi5 of accounting in the pr¢paixtion of the financial statements is appi'opriate. Based on the work we have perforimed, we have not identified arty Imaterial uncertainties relating to eYent5 or condition5 that, individually oi. collectively, Inay cast significant doubt on the chai'itable coinpany's ability to continue as a going concern for a period of at least twelve montl)s froim when the financial stateillcnts are authoi'ised for issue. Oiii. responsibilities and the resw)nsibilities of the Trustees with respect to going Concern air dewTibed in the r¢levant se¢tioiis of this rep)Tt. Olhei. information The other infomiaiion comprises the inforination included in the Annual Report other than the financial stateinents and our auditor's report thereon. The TTU5tees air responsible for the other infoTmation contained within the Annual Report. Oiir opinion on the finallcial stateinents does not coveT the othci. infoi'ination and, except to the extent otherwise explicitly stated in our report, we do not express any forin of assurance conclusion Ihereon. Our JEsponsibility is to read the othei. information and, in doing so, consider whethei. the other inforjnation 15 materially inconssstent with the financial statements or oiir knowledge obiairted in the course of the audit or otheTwise appeals to be m8terially Ini5Stated. If we identify such Imaterial inconsistencies oi. appaitnt imaterial misstateiments, we are required to deteTmsne whether thi5 gives rise to a illaterial misstatement in the finai)ciRI statements tl)em5elves. If, based on the woi'k we have perfo])ed, we concliide that there 15 R material misstateiment of this other infoi'mation, we are requiird to report that fact. We have nothing to report in this regard. Page 12
INDEPENDEINT AUI)ITOR'S REIPORT TO THf, Mfi.MIJEJIS OF D£if415F. COATF.S FOUNDATIOTrI (CONTINUED) Oplnlons on other mallers prescribed by tlie Companies Ael 2006 In our opinion. based on (he woi'k Iindertaken in the coiirse of the aiidit.. the ttifoi'jnation givcn in the Report of the 'fi'ustees, wliich includes the DiiEctors' Repojt and the Strategic R¢part piepaied foi. tlic puipos¢s of coinpany law, for th¢ fjjiancial p¢riod foi. whicli the financial stateineiits al'e prepared is coiisi5toiit with th¢ financial stateineJits- and t]ie Directors. Report aiid ihe Sti'aiegic Reporl ii)cluded within the Report of the Trustees have been PIEpared in accord41nce wilh applicable lebial requireinenis. Matters on ivhicli we are requii'ed to iyporl by e%ceplion In (he li¥hi of the knowledge and understandiiig of Ilie chai'ilable coimpany aiid its envii'oiiinent obtaiiied in the course of ihe audit. we Iiave Iiot identified Inatei'ial Inisstateiiienls iii t]ie Directors, Report oi. the Sti?tegi Repoil included within the Report of the Ti'ustees. We have nothing lo report in respect of the following Inatters where the Companies Act 2006 requires Lis to repoit to you if, in our opinion- adequate accounting records have not been kept, or r¢turn5 adequate for our audit have not been received froin branches not visited by Iis. OT the fjnancial 51ateinents are not in agireiment with the accounting record5 Rnd retum5' or cei'lain disclosures of trustees, IEinuiieiBtion specified by law are not made. or we l)ave not rec¢iv¢d all th¢ infom)ation and explanations we require for our alldit. Responsibilities oftrustees A5 explained mole fiilly in the Stateinent of Trustees, responsibilities set out on page I l. the Trustees (who are a150 the director5 of the charitable company for the piii'poses of coinpany law) are responsible loi. the prepaTation of the fIrtancÉal statements and for being satisficd that they give a ti'ue and fair view. and for such internal control 35 the tTllStee5 deterniine is necessary lo enable the preparation or rinancial stateinents that are fire fix)m imaterial IMis5tatement, whether due to fi'aud or errol.. In preparing thc fiiiancial stateinent5, the M15tees are Tesponsible for as5e5sing the eliai'itable COlMPciny's ability to continue as a going conc¢rn, disclosing, as applicablc, IMatter5 irlated to going concern and using the going concern basis of accoiinting unles5 the triistces either intend to liquidate the chai'rtable company or to ceas¢ operations, or have no rcalisti¢ alt¢mativc but to do so. Auditor's responsibÉlities for tlie audit of the fiiiancial statements Our objective5 air to obtain reasonable assurance about whether thc financial stateinents as a whole are free froin Inatei'ial Inisstatemenl, whether due to fraud or errol.. and to issue an auditor's report that includes OUT opinion. Reasonable assurance is a high level of assiirance, but is not a giiarantee that an audit conducted in accoixlance with ISA5 (UK} will always detect a material inisstateillent when it exists. Misslateinents Can ai'ise froin fraud or erix)r and are considered Inaterial if. individually oi. in the aggregate, they coiild reasonably be expected to inflilence the economic decisions of users taken on the basis of these financial statements. The extent to iyhich the xudit was eonsldered eapable ofdeteeting iri'egulllrities. ineluding fraud IrregulaTltie5 are i115tances of non.compliance with laws and regulations. The objectives of our audit are to obtain suffIcient appropriate audit evidence regarding coinpliance with laws alld regulations that have a direct effect on the deterimination of matei'ial amounis and disclosures in the financial stateinents, to perforin aiidit procedures to help identify instances of non-compliance with other laws and regulations that Inay have a IMateri81 effect on the financial statements. and lo respond appropriately to identified or suspected non- compliance with laws and regulations identified during the audit. In r¢lalion to fraud, the objectives of our audit are to identify and assess the risk of maierial misstatement of the rinan¢ial stateincnts due to fraud, to obtain siifficient appropriate aiidit evidence reg1( i'diiig the a55e55ed risks of Inat¢rial misstatein¢nt due to fraud throiigh designing and iinpleillenting appropi'iate re5pon5e5 and to respond appropriately to fi'aud or siispected fraud identified during the aiidit. Pt7ge 13
lTrll)II J)ENDlIN'f AIIDI'I'OII'% REPORT TO THE MEIMBERS OF DENISE COATES FOUNDATION (CONTINUEI D) However, it IS the priiiiary responsibility of management, with thc oversight of those charged with goveiiianc to ensure that the entity's opciatioiis are conducted in accoixlance with the provisions of laws and regulations and for the prev¢ntion and dct¢¢tioii of fraud. In identifying and assessing risks of Inatei'ial Inisstat¢in¢nt in respect of ii'iEgulai'ities, includii)E fraud, the audit engageii)ent team.. obtained an understanding of the nature of the sector. including the legal and regulatory frameworks thal the charitable coimpaiiy opejates in ai)d how the charitable coinpany is coinplying willi the legal aiid Irgulatory fi'atiieworks. inqiiired of Inanageinent. and those cliai'ged with governance, about tlieii. own identificalioii ai)d assessinent of the risks of irregiilai'ilies. including aiiy known a¢tual, suspected oi. alleged instai)ces of fraud: disciis5ed matters about non-coinpliance with laws and regiilalions aiid how fiaud might occur including asws%incnt of how and wheTe the financial slaieinents may be susceptible to fraud. As a resiilt of these procedures we considei. the most significant laws and regulations that havc a diitct iinpact on the financial stateinents ale FRS 102, Charities SORP (PRS 102), Companics Act 2006, Charities Act 2011. the charitable company's goveming dociiiment. We perfoTrned audit proccduiEs to detect non-compliances which may have a Iiiatei'ial iinpact on the finaiicial stateinents which in¢luded rcvicwing thc financial 5taten)ents incliiding the Report of the Trustees. reinaining alert to new or ullusual trgnsa¢tioiis whi¢h imay not be in accordance with the governing documents. Tlie audit engageinent team identified the risk of inanageinent override of conti'ols as the aTea where the finan¢ial stateinent5 were m05t 5USCCPtible to 1natei.ial misstateinent due to fraud. Audit procedulES perforined included but wore not liinited to testing nianual journal entries and othei. adjiislments. evaluating the business rational¢ in Jelation to significant, uniisual tTansaction5 and hEnsaetions entered into outside the noi'inal course of biisiness, and challenging jiidgineiit5 and estimates. A further desci'iption of oui. Irsponsibilities foi. the audit of the financial 5tateinent5 is located on the financial Reporting Council's website at htt ..Ilwww.frc.oi' .Iik/aiiditoi'si'es Oll5ibilities. I'hi5 description foi'ins part of oiir aiiditor's repoil. Use ofour report I'his i'epoit is Inadc solely to tlie charitable coinpany's members. as a body, in accordance with Chapter 3 of Pail 16 of the Conipanies Act 2006. Our audit work has been iiiideilaken so that we Inight state to the chai'itable coinpaiiy's In¢inb¢rs those Inattei's we aiE requiTed to State to theiii in an auditor's repoi't and for no other purpose. To the fullest extent perimitted by law, we do iiot accept or a5suIMe responsibility lo anyone other than the charitable coinpany and thc charitable co¥Trpany'5 ineinbers as a body, for our audit work, foi. this repoit or foi. the opinions we have forined. Anna Sp8nG8r-Gray ANNA SPENCER-GRAY(Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP. Statutory Auditor Charteird A¢countants Festival Way Festival Park Stoke-on-Treni Staffordshire STI 5BB 21111125 Page 14
Denise Coates Foundation STATF,MfNT OF fiNANCEAL ACTIVITIE8 (INCLUDING INCOME AND EXPLNDJ'fuRE ACCOUNT) foi. Ilie 52 wccks ¢ndcd 30 Mareh 2025 Note Endowinei)t Unresti'icted Fui)d Funds Total Funds 52 ivccli Period en(led 30 Mai'cli 2025 £000 Total Fullds 53 week Period ended 31 March 2024 £oi)o INCOMC AND FNDOWMF.NTS'. DoT)alions' Gift of expeiidable endowineiit Inve51nient iiicome £000 £000 130,000 12,834 130,000 13,968 120,000 13,297 1,134 i'o'rAL INCOME 142,834 1.134 143,968 133.297 EXPENDITURC Raising fuiids. Iiivestmeiit maiiageinent costs Chol'itable activities (2.171) (2,171) (16019) (1,670) (11,370) {16,819) TOTAL EXPENDITURE (2,171) (16,819) {18,990) {13,040) NET INCOMEI(EXPENDITURE) BEFORE GAINS ON INVESTMENTS 140,663 (15,685) 124,978 120,257 Nel gains ow) investment assets 27.225 27,225 91,873 NET INCOMEI{EXPENDITURE) 167.888 (15,685) 152,203 212.130 TRANSFERS Gross transfeis between fund5 (15,934) 15,934 NET MOVEMENTS IN FUNDS 151,953 250 152,203 212.130 Recoiicilialion offunds Tolal fiinds biDiight forward 925,795 16,500 942,295 730,163 TOTAL FUNDS CARRIED FOR WAIU) 1,077,748 16,750 1,094,498 942,293 All incorne and expenditure derive from continuing aclivilies. Page 15
Denise Coates Foundation STATF.MF.NT OF FtNANCIAL POSITION At 30 Mai'cli 2025 Note 2025 2024 £000 £000 £000 £000 FIXED ASSETS Investmei)ts 975,542 830,428 CURRENT ASSETS DEB TORS Ainoun15 falling diie within one year Casli al bank aiid li) hand 133 131,372 142 122,307 TOTAL CURRENT ASSETS 131,505 122,449 CREDITORS Amounls falling due within one year (10,802) (5,628) Nf.T CURRENT ASSETS 120,70J 16,821 TOTAL ASSETS LF,SS CURRENT LIABILITIES 1,096,245 947,249 CREDITORS Ainounts falliiig due after one year (1,747) (4,956) TOTAL NET ASSETS 1,094,498 942,293 THE FUNDS OF THE FOUNDATION UNRI,STRICTED FUNDS General fuiids 12 16,750 16,500 ENDOWMENT FUND 1,077,748 925,793 TOTAL FOUNDATION FUNDS 12 1,094,498 942,293 The financial statements on pages 15 to 33 were approved by the board and auihoi'ised for issiie on 191h Noveinbei. 2025 and were signcd oli it5 behalf by.. Denise Coates CBE Ti'LlStee and Diiector Company Registralion No. 08191619 Registered Charity No. 1149110 Po¥e 16
Denise Coates Foundation STATEMENI" OF CASH PLOW8 for the 52 weeks ended 30 Mai'ch 2025 Note 30 Mai-cli 2025 31 Mah 2024 £000 £000 £000 NET CASH PROVIDFD BY opr.RATING ACTIVITIES 1,035 3,937 13 CASH FLOWS FROM INVESTING ACTIVITIES F.xpeiidablc endowmcnt invested TnSfe1. fioin invcstineiit Iiiterest received (12Q,QOO) 13,000 965 (98,000) 4,500 735 Net cash Lised in investing activities (106,035) (92,765) CASH FLOW FROM FINANCING ACTIVITIES Gift of expendable endowment Endowinent conversion 130,OIM> (15,935) 120,01)0 (10,514) Net cash provided by financii)g activities 114,065 109,486 C14ANGE IN CASH AND CASH EQUIVALENTS IN THE PEIIIOD 9,065 20,658 Cash and cash eqiiivalents at the beginning of the period 122,307 101,649 Total cash and casli eqliivalents at Ihe end of the period 131,372 122,307 Cash shown on ihe Statement of F inancial Position includes £130.Om (2024.. £120.Oin} related to casli held prioi. lo being ti'ansferird to the endowinent investments. Page 17
Denise Coates Foundation ACCOUNTtNG POLICIES The following accoiintiiig policies liave beeii applied coiisistently in dcaling with items wliich are considered Inatei'ial in relation to tlie Fouiidatioii's finaiicial slateineiils. LEGAL STATUS OF 'fHF. FOIJNDATION I'he Fouiidatioii is a pi'ivate coinpaiiy liniiled by guarantee, registered in Eiigland and Wales. aiid has no sli#re capital. In the eveiit of 11)c Foundation being wound up, the liability iii rcspect of the guarantee is lill)iled to £10 per Ineinber of the Fouiidalioii. The Fouiidation's address is be1365 14oiisc, Media Way, 8toke-on-Trenl, Sl'15SZ. BASIS OF PREPARAI'ION The financial stateineiits liave becn prcpaird in accoiylance wilh Accouiitiiig and R¢poitiiig by Cliai'ities.. Statement of Recoininended PiactiLe applicable to Lharities prepariiig theii. accoiiiits iii accoi'dai)ce with tl)e Financial Repoi1ing Staiidai'd applicable in the UK ai)d Republic of Iiylaiid (FRS 102) (effeclive I Jalluary 2019) (Chai'lties SORP (FRS 102)), th¢ Financial Reporting Standard applicable in the UIC and Rcpubli¢ of Ireland (FRS 102) and tlic Companies Act 2006. The Foui)dalion meets tl)e defiiiition of a publi¢ benttfit enlily linder FRS 102. Assets aiid liabilities alE iiiilially re¢ognised at histoi'ical cost or Iransaclioii value Linless othetwise stated in the relevai)t accoiinting policy iiot¢s. FUNCTIONAL AND PRESENTATIONAL CURRENCIES The fiiiancial slaleineiits ale preseiited in steTlingT wliioh is also the functional curiEliCy of thc foundation. Monctary amounts in these financial statements aiE rounded to the nearest whole £1,000 ex¢epl wheiE otliei'wise indioalcd. GOING CONCF.RN To ellsuiE tli¢ Foundation can operate on an enduring basis the Trustees have a policy to maintain the real value of tli¢ Endowment received to date and to disli'ibule from the realised gains in futui'e periods. The TrLlStees believc there air adequate iisources whicli will enable the Foiindation to meet ils liabilities as tliey fall duc for at least 12 montl)s fiDin tlic dale of sigiiing. Foi. this reason, the TriistC¢5 have adopted the goiiig concerii basis in preparing the finaiicial statemcnls. ACCOUNTING CONVLNTION The financial slateinents have beeii prepaird under the histoi'ical cost accoiintiiig rules except for the valuatioii of inv¢slinents ai)d are iii accordance with applicable dLCOUllting stai)dards. INCOME RLCOGNITION All inLoine is recogiiised oiicc tl)e Foundation has entitleinent to the income, il is probable that the income will be I'eceived and tlie amount of inLome I'eceivable can be IncasiiiEd reliably. Donations are recognised when the Foundation has been notified iii writinE of both t]ie ainount and settlement dafr and tlie donation has been received. Inteirst on funds held on d¢posits is included when receivable aiid the amount can be measured reliably by the Foundation; this is normally iipon notification of the interest paid oi. payable by ilie bank. Dividends 8r¢ recognised once tlie dividend has been declared and notificalion l)as been received of the divideiid due. this is noi'mally upon i)olification by our investment advisor of the dividend yield of the investineiit poitfolio. Notional interest represcnting the current retiims on bank deposits is allocated to the unrestricted funds, representing the unrcsti'icted element of investments held in thc investment fi]nd. Page 18
Denise Coates Foundation ACCOUNTING POLICIES EXPENDITURE RECOGNITION Liabilities air IEcogiiised a5 eKtxndilur¢ as soon as Il)cre is a legal oi. constructive obligalioii coininittiiig the Fouiidation to tliat expeiiditure, il is piDbabl¢ tliat setileinent will k reqllit and the ainount of the obligation can be IneasiilEd Teliably. All expeiidilure is accouiited for oli ai) accruals basis and ii)cludes atti'ibutable VAT which cannot be IE¢overed. ExpeiidituiE has been classified under the appropriate lieading. Goveniaiice costs are those costs associated with ihe governance ariaii&TLm¢nls of Ihe foiindation wliicli IElate to ils geneial iiiiiiiing. These iiicliide audit, in5111aiic¢ costs, aiid l¢gal advice foi. Trustees and eo.8ts associated witli constitiitional aiid statutory requiirmcnts siicli as the costs of TTUStee meetings and preparing the statutory fii)ancial staleinents. All costs are allocated between the expenditLlIE categoi'ies of the statement of financial a¢livilies (SOFA) on a basis designed to reflect the use of tlie resouwe. Costs relating lo a particiilar activity air allocated directly. ORAN'rs CJl'8llts payable aiE made by tlie Foundation based on forinal applications and presentaticjns to the Trustees. Single oi. Inulii-year grants aiE aceolinted for when the IEcipient has a reasonable expc¢lalion that they will r¢c¢iv¢ a grant. Gianl awards that are subject to tlie recipient fulfilling peifoi'tnance conditions are only accrued when the recipient has been iiotified of the grant and aiiy IEmaii)illg iintulfilled condition attached to that LTraiil has been satisfied. DONA TIONS Donalioiis ait paymeiils made in the period to third parties but initiated by the Triistees and are solely at the discitlion of the Trustees. Doiiations are not based on ally formal application or sel proccss. Donatsons are made lo iiistilulions by the '1 i'ustees where ihe Fouiidation coiisiders il is iii furthcrancc of tli¢ Foundalioji's obj¢¢tives. FUND STRUC'fuRE UJip'esli-FLledfiiiFd Genei'al accuTllLilated funds air iinir8lricled funds available to tl)e Fouiidation foi. ils genei?I purposes and incliide from tiine-to-tiine flind% d¢sigi)at¢d by the Foundation for particulai. purposes, the use of ai)y such dcsignated fiiiids I'emaining al all times at the discretion of the Trustees. Expe17dable endoivinenifvnd The Foundation has ali ¢xpendable endowinent fund wl)ich cornpi'ises of gift5 from ceilain coi'porate members of the bet365 GIDup. The in¢om¢ and Capital of this endowinent can be used by the Ti'ustees to finance their plaiined stTalegy of charitable grants, in a¢¢ordance with the Foiindation's objectives. GROSS TRANSFER The Foundatioi) has a tx>licy with regard lo transferring the total ieturns on the expendable endowineiit fund in eacli pei'iod, less the UK annual inllalion rate, RPI, lo tl)e unrestricted funds, howevei. tlie Trustees may, at their discretion. tian5fer an amount higher or low¢r ihan the retums on the expendable endowment, if they feel it is appiDpI'iate. This policy is maintained to seciire the long-tei'm capital base of tlie expendable endowment fund and lo support grant giving. TAXATION As a registeiEd chai'ity the Foundation is exempl from liability lo corporation tax on its income from charitable activities and capital gains and i)0 provision foi. taxation is therefore made. Page 19
Denise Coates Foundation ACCOUNTtNG POI.ICIES INVESTMENTS Inve51inents wliicl) furin a basic fiiiancial instrliinenl air inilially recogJ)ised at tl)eii' tiansactioi) Yalue aiid siibsequently measured at their fair valiie at the balai)ce sheet date as follows.. Uiilisted secui'ilies comprise boiids, pooled investment vehicles and Inanaged filiids that are nol traded biit have publish¢d pri¢¢s. Thcsc have be¢ii valii¢d usiiig Ihe elosiiig publislied price. Listed securilies coimpi'ise eqiiilies, bonds. pooled inv¢slin¢nl vehicles, and managed funds that aiE Iraded. Tliese have been YalLied using the closing bid Inai'kel price. Otlicr invcslineiit5 ¢oinprise oihcr funds and alt¢rnative slTalegy investments. These have been valiied using either closing bid market prices. publishcd priccs wh¢ir thcy exist, or a valuatioi) leclinique. Iiivestinenls have beeii split into Ihite categories. Level I unlistcd and listed se¢urilies, and oihei. investments where the f&ir valiie is based on quoted pi'ices in ali active illarket. Level 2 - unlisted private equity invc51illeiits, whcr¢ thc fair valu¢ is bas¢d on obsei'vable inputs from coinparnble market data. Level 3 unlisted private equity inveslmenls. where the fair value is based on other valuation techniqLies, in the absence of qiioted prices or observable inputs froin rnarkel data. Gaiiis and Losses are takeii lo the Statement of Financial Acliyilies a5 they ari5c. R¢alised gains and losses on inyeslmeiils aTe calculated a5 the differeiice between sal¢ pro¢¢eds and opening mark¢t value. Unrealised gains ai)d losses are calculated as the difference between the market value at the pei'iod end and opening Inarket valLie (or piirchase date if later). Reali5cd and unrealised gains and losw are not separated iii tlie Stateinei)t of Fiiiaiicial Activities. The Inain form of financial risk faLed by the Foundation is Ihal of volaiility in eqiiily markets and investinent markets dlie to widei. econoinic conditi0115, the attitude of invcstors lo invesiment risk, and clianges iii sentiineiit conceTnillg eqiiilies. FINANCIAL INSTRUMENTS The Foundation only has financial assets ai)d finai)¢ial liabilities of a kind that qualify as basic finan¢i81 instniments. Basic financial instTIITnents are initially recognised al transaction value and subsequently measuiEd at their settlement value. Cusl? ai bank ad 117 hand Cash at bank and cash in hai)d includes cash and short iei'm highly liquid inveslinenls with a short matui'ily of three montlis 01. less from the date of acquisition oi. openiTrg of the deposit or similar account. Cp'edi101s aJ?dpi'ovisiDns Ci'editors ai)d pi'ovisions aiE I'eco&J)ised where tl)e Foundation has a present obligatioii Ir5ulting froin a past event that will probably result in the ITansfei' of funds to a tliiitl party and tl)e amount due to settle the obligation can be measiiiEd oi. estimated I'eliably. Creditors and pi'ovisiolis aiE normally reco¥nised at theii. settlement amount. CONI'INGENT GRANT COMMITMENTS A contingent commitment is identified and disclosed for those grants resulting from.. a p055ible obligation wliich will only be cotifiimed by the occurrence of one or more unceilain future events not wholly wiihin the Truslees, conti'ol,. or a pre5eiit obligation following a grant offei. wheie settlement is either not considered probable. or the amount lias iiot beei) comiiiunioatcd in Ihc grant off¢i' and that ainount rannot be estimated reliably. Page 20
Denise Coates Foundation ACCOUNTING POLICIES CRITICAL ACCOUNTING ESTIMATF.S AND AREAS OF JUDGEMENT Estimates and judgeinenls are ¢oi)lii)iially evaliialed and are based oli liistorical experience and otlier factors, including expectations of fuliire eveiils that air believed lo be Irasonable iindei. the circumstances. Ci'Flical aecoiinliiig esliinales and assuinplions The Foundation Inakes estiinales and a55uinplions coiicti'iiing th¢ future. I'he IEsiiltiiig accoiintiiig eslimal¢s aiid assuinptions will, by defiiiitioii. seldoin equal the related actual resulis. There are no estiniales and assiimptioi)s tliat liave a significant I'isk of caiisiiig a Inatei'ial adjustment to the carryiiig amounts of assets and liabilities witliin tlie next financial period. Ci-ili¢L71 ai-eus ofiudgeiiienl Th¢ Trust¢es deein the key aiEa of judg?emenl in the financial slateineiits lo be ilie reLogiiition of gt2iit commilments. For eacli grant awarded by tlie Ti'LlStee5, whicl) l)as nol be¢n paid in tlie period, the I"riistees consider the status of the awai'd of tlie graiit, the conditi01ls attaching lo the nI and wliethei. there is ieasonable cei'taiiity tlie giaiit will be paid. Oiice evaluat¢d tlic gi'ant will be accrLied oi. disclosed as Itquired iv Ineet the requireineiits of Financial Repoitiiig Stalldai'ds ai)d Ihc Charities SOR[) Page 21
Denise Coates Foundation NOTES TO T14E FtNANCIAL STATEMENTS foi. the 52 weeks ended 30 March 2025 INCOMING RESOURCES Expendable eiidoivineni donalions Tlie Foundation IEceived doiialioiis dui'ii)g tli¢ pci'iod fi'oin bet365 GroLlP Liiiiited of £35.Om aiid Hillside (Media Seivices) Limited of £95.Om totslling £130.Oin (2024.. £120.OJn) allocated to expeiidable eiidowmeiit fiinds. 2 INVESTMENT INCOME Endowment fund £000 Unrestricted fuiid £000 Total 2025 £000 2025 Managed iiivestmcnts: Dividends and iiiterest- listed Dividends and inteirsl- unlisted Interest 011 casli Baiik inteiEsl on Cash deposits 5,764 5,061 ,083 926 509 448 96 81 6,273 5,5119 1,179 1,007 12,834 1,134 13,968 Endowment fund £000 Unirstricted fund £000 Total 2024 £000 2024 Managed investments: l)ividcnds and intest- listed Dividends and interest- unlisted InteRsl on casli Bank interest on cash deposits 4,735 4,991 1.774 691 417 440 156 93 5,152 5.431 1,930 784 12,191 ,106 13,297 Page 22
Denise Coates Foundation NO'I"LS TO TE4E rtNANCIAL STATEMLNTS foi" the 52 weeks ended 30 March 2025 3 RESOURCES EXPENDF,rJ: UNRESTRICTED 2025 AND 2024 1.lie Foundatioii iindeilakes IL8 ol)ai'itable activilies thi'oLlgh gi'ant making and awarded grniits to a nuinber of institiilioiis ii) fuil1)eraiicc of its charilable aclivities.. Total Total Period ended Period elided 30 March 31 March 2025 2024 £000 £000 Iiant funding £000 Support costs £000 Charitable activity- donations giants governance costs 25 16,701 25 16,701 93 25 11,279 93 16,726 93 16,819 11,370 Dui'ing the pei'iod donatioiis have been Inade to cliai'ities covering Ili¢ following key areas of activity.. Total Period ended Period ended 30 Ivlareh 31 March 2025 2024 £000 £000 Medical Rcsearch and Development 25 25 25 25 GraT)ts wnad¢ during the period to institLltions are splil between the following key are&s of activity.. Total Total Period en(led Period ended 30 Lvlareh 31 Mai'eh 2025 2024 £000 £000 Medical Researcli and Dcvelopment Healtli and Welfare Education and Training Cominunity Development Arts and CultUTe 7,816 2,428 5J02 726 429 4.177 2,580 1.601 1,759 1.162 16,701 11.279 Page 23
Denise Coates Foundation NOTES TO T14E FINANCIAL STATFMfNTS for the 52 weeks ended 30 March 2025 3 RESOURCES F.XPENDED: UNRESTRicfED 2025 AND 2024 (CONTINUF.D) Recipients of inslitiitioiial grant(s): Institution Fuiided Activity Ntsof gi'ants Total £000 University Hospitals of Fiinding for a Surgical Robot to bc iised foT spinal North Midlands SUIECIY and i'elat¢d additioiial functionality technology to allow foT lung 5llrgery and to tlie latest spinal aiid trauiiia navigation sui'gei'y, specialist beds including sp¢cialist inattresses and specialist patient chairs. 6,416 Stonyliurst College To 5uppoI1 the ¢xp8nsion of the ciirriculiim in aligninent with the Ti'iisvs ¢diicational objective5 and associated charitable endeavours. 3,750 Douglas Macmillan Hospice To support the fou1111 (flnal) year of integration of The f)onna IA)iiise Trust into th¢ Douglas Macinillan Hospice and to ¢ov¢r the cost of Inedical care foi. eleven beds on Red Teain and help to ¢ontinu¢ delivei'ing the level of care to patient5. 1,304 Stonyhur5t Foundation To suppoil the Stonyhurst F(Trundation'5 bursary pi'ogi'amine and associated ediicatioii and welfai'e support al Stonyhiirst Lolleg¢, wl)ich provides fundiiig to young peopl¢ that Inay not ordinarily be able to attend school due to the c05t of atteiidan¢e. 1,100 New Vic Theatre Funding for the installation and upgrade of Ncw Vic Theatre sound eqiiipinent and infra5ti'uctuir, to SILPPOrt the BoterlineS Service and to fund the New Vic Appetite prograinine 'A Cliristnias Gift for Middleporf in Deceinber 2024 and D¢ceillber 2025. 602 Cancer Re5¢ar¢h UK To 5ILPPOrt a three-yeai. project testing and trialling a new vaccine to prevent ovai'ian cancer. 593 The Royal Marsden Charity Contribute towards a thTee-year lease of a 'SyiMani Sy5teiM' to facilitate a progi?min¢ of ¢lini¢al and translational siiidies into robotic recon5tru¢tiY¢ niici'05urgery for cancer. 560 14,325 There were a fiirther 14 institutions who benefitted froill graRts to aid their charitable activities nd which are aligned to the Foundation's chaTi¢able objectives. 2,376 16,701 Page 24
Denise Coates Foundation NOTES TO THE FINANCIAL STATEMENTS for the 52 weeks ended 30 March 2025 3 RESOURCES EXPENDED.. UNRESTRICTED 2025 AND 2024 (CONTINUED) Conipttrisoii loprevioiispeiioil{2024) Recipients of inslitutioiial grant(s)'. Inslitulion Fuiided Activity Noof grants Total £000 Chi'oiiic Disease Reseai'¢h Fuiid the re50uJre for Agcing Research 5 yeai. Foundation pi'oject ajid 5UPPOIt aclivities related to the study of the Microbiojne and agein8. 4,177 Duug?las Macinillan Hospice To suppo11 the launcli of a Specialist Out of Hours Rapid Respoiise Service, expansioji of CoinJi)unity Teain foi. children and yoiiiig adults, expaiisioji of Demeiitia Sei'viees and the consti'uc(ioJi aiid fit out of a Wellbeing Roojn at the CliildiEn's Hospice. Also Iwo other graiits were to suppo11 the ¢hiJYi year of integiation of The Doiina l.ouise '[ rust iti¢0 tli¢ Douglas Macmillan Hospice and contribute towai'ds the annual cost of a new wellbeing progTainine. 2,533 New Vic Theatre Provide supw)rt towards the ¢apitsl costs to refurbish three key areas backstage, to sllppoi'l the Bvrderliiies Service and to fund the New Vi Appelite prograiniiie inslallalion of iwo large illuminations to support "A Middleport Wintej event. ,299 Stonyhur51 Foundation Support the Stoiiyhui3t Foundation's fvnding to assisl Ilie developinenl of its bu13ai'y pi'ograiiiin¢ and associated education and welfare suppoit Ot Sionyhui'sl College, which PJDvid¢s fundiiig to young people that Inay not ordijiai'ily b¢ able to attend school due to the cost of attendance. 1,100 Th¢ Land Trust Cojitiiiue support witli Green Angels ti'ainiiig cour5e5 at Hassall Green Nature Resei've site aiid develop Inore in-depth coininunity engag¢tneii¢ activities over a five year Prograinie. 698 Midlands Air Ainbulance Fund the i'einaining ainount for the purchase of a Chai'ity new replacement air ambul¢ince. 500 The Zoological Society of Provide fiinding lo puichase essential equiptncnt to London 5UPPOrt ZSL'S wildlife health services programinc. 323 10,630 Theie were a furilier 7 institutions who benefitted fi'oin gTants to aid their charitable activities and which are aligned to the Foujidation's cliai'itable objectives. 649 11,279 P¢7ge 25
Denise Coates Foundation NOTES TO THE FtNANCIAL STATEMENTS foi- Ihe 52 weeks ended 30 March 2025 3 RESOURCES EXPENDED.. UNRFSTRicfED 2025 AND 2024 (CONTINUED) Aiilllysi.f ofgoveriiuiiee eosls Uiireslricleilfiiiid Total 2025 £000 Total 2024 £000 Audit fees Legal aiid profes5ioiial Insurance 43 44 45 16 92 66 NET INCOMING RESOURCES FOR I'HE PERIOD N¢t incoming Irsources are arrived at after charging the following: 2025 £000 2024 £000 Auditor's remunei'alion.. Audit services Non aiidit seivices.. Taxatioii services 43 45 STAFF NUMBERS. STAfF COSTS AND KEY MANAGEMENT PERSONNEufRUSTEES' EXPENSES AND REMUNERATION The Foiindation did not have any staff in situ aiid the Ti'iistees, wl)o ait also considered to k the key manageinent personiiel, received iio reinuneration oi. expenses during tlie periixl. Page 26
Denise Coates Foundation NOTES TO T14E FtNANCIAL STATEMENTS foi. the 52 weeks ended 30 March 2025 6 FIXED ASSET INVESTMENTS Uiilisted Securities Listed Cash Otliei. investinei)ts Total £000 £000 £000 £000 £000 Moi'kel value At beginning of pei'iod 312.778 406,042 13,206 98,402 830,428 1'ransfer froin casli balaiices 107,000 (254,788) 107,000 Additions to investments at cost 74,700 155.374 24.714 Disposals at carrying value {15,000) (112,138) 137,105 {9,967} Inveslinenl iiicom¢ 6,273 3.478 506 2,704 12,961 Realised aiid uni'eali.8ed gains during the period 2,739 3,536 11.478 9,472 27,225 Expenses (see below ) (2.072) {2,072) At end of period 381,490 456.292 12,435 125.325 975,542 * Any expenses in¢urr¢d in the adinini%li'ati()n or piotection ofendowment investments are charged to capital. ainoiint of £0.5m (2024-. £0.4m) is included in acci'iials lo cover unpaid fees relating to 2025. T17e J'ealised and uniealisedgains a17dlosses delailed above can be analysedasfollows.. 2024 £000 £000 Unrealised gains on investments Realised gaills oll inyestmenls 25,725 91.828 45 27,225 91.873 The Inaii) I'isk to the Foundation, fioin financial instruinenls. lies in the combination of unceitaii) investinent mai'kets and volatility in yield. The foliiidation manages iiive5tinciit risk by rclaining cxpcrt advisors and opcrating an investment policy that pi'ovides for a l)ig]) degree of dive15ification of lioldii)gs witliii) investii)enl asset classes. Poge 27
Denise Coates Foundation NOTFS TO THF FINANCIAL STATEMENTS foi. the 52 weeks ended 30 Mai'ch 2025 FIXED ASSET INVESTMENTS (CONTINUED) 2025 £000 2024 £000 Level I Uiilisted Securities Listed Seciirities Otlier Iiiveslments 381,490 456,2l)2 62,164 312,778 406,042 57,426 Level 2 Unlisted Securities Listed Securities Other Investments Level 3 Uiiliqled 8ecurities Listed Securities other Investinenls 63,161 40,976 963,107 817.222 Inveslinents ii) Iinlisted trade investinents aiE categorised as level 2 wl)eiE the sale agi'eeinent foi. an ideiitical or siinilai. asset pi'ovides evidence of fair value or when it can be demonsti2ted that the last transaction price, subject to an appropriate but insignificant adjushnent to reflect a change iti economie ciirumstances or a lapse of time, is a good estiinate of fair value. Investinents in uiilisted pi'ivate equity aJE eategorised as level 3 where there is no active mai'ket foi. the fiiiaiicial instriiment ai)d, tlieiEfore, an estimate of fair value is dei'ived by using a valuation leclinique. Valuations techniqiies used foi. the Folindatioii's Level 3 investmeiits incliide Mliltiples and IndLlStIy Valiiation Benchinarks, in accordance with the Inteiiialional Private Equity and VentLire Capital guideline5. As at 30 March 2025. a fuil1)er £35.Om is coininitted to be invested in Level 3 unlisted private equity. over the next 5 years. This commitment will be funded ftyim the available cash balances held within the investment portfolio. Puge 28
Denise Coates Foundation NOI'LS TO TIIE rtNANCIAL STATEMENTS for the 52 weeks ended 30 March 2025 7 DEBTORS.. A Tnounts falling due witliin one year 21)25 £000 2024 £000 Acci'Lied in¢oine- interest Fiinds due lo Foundation 133 89 53 133 142 8 CREDITORS.. Amoui)ts falling due within one yeai. 2025 £000 2024 £000 Accruals Donation and granl ¢ommitmenls 631 10,171 499 5,129 10,802 5,628 9 CREDITORS.. Amounts falling due after one year 2025 £000 2024 £000 Cirant commitments 1,747 4.956 Moveinent in recognised fundiiig cominitJncnts during the period Grant and donalioiis ¢ommilm¢nls accrued 2025 2024 £000 £000 Donatioiis and grant cominitments recognised at siari of the period Ncw donatioi) and grant commitineilts chaiEed lo Slalemenl of Finaiirial Activities in pei'iod (see iiote 3) Uiiulilised ainounls reversed during tlie repoitillg period Donations and grants paid during the period 10,085 16,727 5.234 11,357 (i) {14,893) {6,506) Donation and gi'ant ¢ommitments recognised at the end of the period 11,918 10,085 Those grant coinmitineiits which have not been accrued due to the level of un¢ertainty are dis¢ussed in note 15. Page 29
Denise Coates Foundation NO'I'ES TO "I'HE FINANCIAL STAI'EMENTS for the 52 weeks ended 30 Mai'ch 2025 10 riNANCIAL INSTRUMENTS Tl)e caryii)g value of the Foundation's financial instNmei)Is ai tlie period end were.. 2025 £000 2024 £000 Financial assets.. Instl'Liments Ineasured at cost Instriimeiits Ineasured at fair valiie 133 975,542 142 830,428 Finaiicial Liabiliti¢S'. Mcasuird al aTllOrtised ¢ost 12,549 10,584 Fiiiancial assets measiired at cost include accrued income and inve5tiMenls. Financial liabilities measured at amortised cost include grant commitinents and accruals. I I STATEMENT OF FUNDS Atol April 2024 £000 Gains on r¢valiialion or invc51mcllls At30 MArch Tran5Feror 2025 Incoinc ExpdItI1 £o(M) £(M)O 2025 £000 £000 £0 UNRESI'R]CTED General fund 16,500 15,934 16.750 .'NtX)WMCN'I' fuND Expendable 925,793 142,834 27.225 115.934} ,077,748 TOTAL FUNDS 942,293 143.968 118,9901 27,225 1,094,498 Ai26 March Gaitis on rcvaliialion of invcstincnis At31 March Transfer of 2024 2023 £000 Income LXlId1iUre 2024 £000 £O(M) £(x)o £000 £0 UNRE.STRICTED UNDS GeneT81 fund 16250 1,106 10,514 16,500 F.NmWMF.NT FIJND Expendable 713,913 131191 11,6701 91.873 925,793 TiyfAL FUNDS 730,163 133.297 113,0401 91.873 942,293 Page 30
Denise Coates Foundation NOTES TO THE FINANCIAL STATEMENTS foi. the 52 weeks ended 30 March 2025 I I STATEMENT OF FUNDS (CONTINUED) Uni'eslricted Funds The gJeii¢r81 funds represent the unreslricted fuiids of tlie Fouiidation that are not designated for parti¢Lilar purposes. E%peDdable Iindowmenl Fund Tli¢ expeiidable endowineni fLiiid was establislied ii) Mai'ch 2014 by an ii)itidl fi'om coi'porate meTnbei'5 of the bei365 Group, tl)eii by additioiial gifts in tl)e siibseqiient fiiiancial periods. Thi% lias been iiicreased during tlie pei'iod by furtlier donations totalliiig £130.Om {2024: £120.Oin). Tliis brings tlie total donations fi'oin the corporate meinbers of the bet365 Group to £981.7m (2024: £851.7m). Tlic Tru5tccs have thc power to speiid i)otli the capital and ti)e ii)come. Transfer of Funds Tlie board of Ti'ustees at their discretion have decided to Irdnsfer an amount of£15.9m (2024: £10.5m) to make available furtliei. fiinds foi. gi'ant payments. 12 ANALYSIS OF NET ASSETS BETWEEN FUNDS 2025 Endowment Unresti'icted fLind General funds £000 £000 Total flind5 £000 Iiivestinents Cash al bank and in hand Creditors due within one yeai. Ciedilors due aftci. oli¢ yrar Debtors due withiii one year 948,170 130,000 (547) 27,372 1,372 (10.255) (1.747) 975,542 131,372 (10,802) (1,747) 133 125 Total net assets 1.077,748 16,750 1,094,498 2024 Endowment Unrestricted fund General fiinds £000 £000 funds £000 Investments Cash al bank ai)d in hand CIEdit015 due within one year Creditors diie after one year Debtors due within one year 806,158 120,000 (448) 24,270 2,307 (5,180) (4,956) 59 830,428 122,307 (5,628) {4,956) 142 83 Total nel assets 925,793 16,500 942,293 Page31
Denise Coates Foundation NO"fES TO "I'HE FINANCIAL STATEMENTS for the 52 weelcs ended 30 MarLh 2025 13 RECONCILIATION OF NET INCOME TO CASFI FLOW FROM OPERATING ACTIVITIES 30 Mareh 2025 £000 31 March 2024 £000 Iiicoiiie aft¢i' gain5 on iiivestments Gift ofexpendable endowineiit Eiidowinenl ¢oiiveisiOll Iiivcstinent income Iiivestincnt mallager costs Increase in ¢iEditoi's Decreasel(Iiiciease) in debtors Net {gaiiis) oli inYestTnenls 152,203 (130,000) 15,935 (13,968) 2,171 1,866 53 (27,225) 212,130 (120,000) 10,514 (13,297) 1,670 4,846 (53) (91,873) Net cash provided by operating activities 1,035 3.937 14 RELATED PARTY TRANSACTIONS The Trustees coiisidei. that Hillside (Shared Scrvires 2018) LiJnilcd, l.lillside (Media Services) Liinited and bet365 Groiip Limited are related parties of the Foundatioi) by viriue of cotnmon diirctors and that theii. ultiinale holding company. be1365 Group Liinited. is under the control of fJciii8e Coales CBF. The Foiindation received donations of £35.Om from bet365 CJiY)up Limitcd (2024- £35.Oin) and £95.Oin froin Hi115ide (Media Sei'vi¢e5) Limited (2024.. £85.OTll) duriiig the period. No balaiices wei'e ow¢d to or from Irlaled parties al the period end (2024.. £nil). The foundation irceives support from the be1365 Group Limited gioup of companies iii respect of office space ai)d othei. costs including manag¢n)enl time. bul tl)¢ Ti'ustccs belicye that this support is not Inalri'ial to disG105¢ In tlie p¢i'iod or pi'ior pcriod. Page 32
Denise Coates Foundation NOTES TO THE FINANCIAL STATEMENTS foi the 52 wceks ended 30 Mai'ch 2025 15 CONTINGF.NI' GRANTCOMMITMENTS As al 30 March 2025 - The TTUStees intend to make the following grdnls. A grant to pmvide fivc-ycar loiig-term fLindii)g of medical IEseairh includii)g pilot piK)jecls, fellowships, and PhD sliideiits. The inslilLtlioi) over5e¢iiig thi5 project has beeii iiiformed of the Folindatioii's iiitention lo fuiid ai) award of £2.8in. Tv date tlie institutioii has rec¢iv¢d £O.Oin towards Iliis project, howev¢i' the remainiiig awai'd of £2.8in is coiitiiigent iipon the ciirrenl Medical Directoi. slill beiiig in positioi) and ilie trustees being conteiil witl) Ihc nature and extent of prowr55 lowaiKIs tl)e intended deliverables. A gi'ant to provid¢ fiyc-year loiig-term fundinLi of Imedical research iiicluding pilot projects, fellowsliips, ai)d PhD studeiits. Tlie iiistitulion ove15eeiiig this project lias becn iiifoi'iiied of tlie Foui)dation's ii)tenlioii to fund an award of £1.2m. To date the iiistitiition has received £0.7ill towai'ds this pioject. however tlie reinaining award of £0.5in 15 contingei)t upoi) il)e ciii'reiit Medical Director still being in position and the ti'iistees beii)g contcnt will) the iiature and extent of piDgres5 towards the inteiided delivei'ablcs. A grant to support a four-yeai. commlinity oulrea¢h programme in Stoke-on-Trenl and Slaffoi'dshire. The institution overseeing tl)is project has been ii)formed of tlie Foiindatioji's intciition to fund an Rward of £0.5m. To date tlie instittltioii lia5 received £0.4m towards thi5 piojecl, l)owever the reinaining award of £0. I m, is contingent upon the project Teceiving Nalional Portfolio OTganisations funding from tlic Arts Council, and Ihe trustees being conlent with the nature and extent of progress towards il)e intended deliverables. Pp'evious pei-iod (2024) nolefoi. p'efei'ejiee As at 31 Mairl) 2024- The Trustees intend lo make the following grants. A gtxnt to provide five-year long tei'm funding of Inedical Irseai'ch includii)g pilot PiDjects, fellowships, and PhD students. The institutioii uvet3eeing this project has beeii informed of the Fouiidalioi)'s intentioii to fund an awaiyl of£o.8Tll. To-date the institLltioii has re¢civcd £0.6in towaids this project, however the remaining award of £0.2m is contingent LlPOlI tlie currcnt Mcdical Directoi. still being in p(1Sition and the ti'iistees being contcnl with 11)e Iiatiire and extent of progJEss towai'ds the intend¢d deliverables. A grant lo support a four-year community outreach programme in Stoke-on-Trent and Staffordshire. The inslilution overseeing this project has been infoi'ined of the Fioundation's intentioii to fund an awai'd of £0.5m 'lo-date the institiition has received £0.2m towards tliis project, however the remaiiiiiig award of £0.3m, is coi)tingeni upon tlie pi'oject Irceiving National Poi'lfolio Oi'gaiiisalions fundii)g fi'oin tlie Arts Council, and the ti'uslees beiTrg content with th¢ nature and extent of progress towards the intended deliverables. Page 33