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 REl￿RT 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.
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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 trai￿7￿g
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.c￿ed. 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.
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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 m￿n￿geMent
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 OU￿0m¢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.
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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.
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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.
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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.
Fill￿ncIal 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.
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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 m￿lMise
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 standal￿S. 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 de￿i.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 Ma￿h 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
T￿nSfe1. 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 a￿d 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 inte￿st- 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 Bot￿erlineS 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 Prograini￿e.
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 Exp￿dItI1
£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
LX￿lId1iUre
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
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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.
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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