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2024-03-31-accounts

Jeremy Coller Foundation

Annual Report and Financial Statements

31 March 2024

Company Limited by Guarantee Registration Number 09696841 (England and Wales)

Charity Registration Number 1163970

Contents

Reports

Reports
Reference and administrative information 1
Trustees’ report 2
Independent auditor’s report on the
financial statements 16
Financial statements
Statement of financial activities 21
Balance sheet 23
Statement of cash flows 24
Principal accounting policies 25
Notes to the financial statements 29

Jeremy Coller Foundation

Reference and administrative information

Trustees Jeremy Coller, Chair Steven Daniels Peter Leach David Marks Richard Rivlin Constantinos Yiannoulis (resigned 4 May 2023) Registered address Park House Level 3 116 Park Street London W1K 6AF Company registration number 09696841 Charity registration number 1163970 Auditor Buzzacott LLP 130 Wood Street London EC2V 6DL Bankers Barclays Bank UK PLC Leicester Leicestershire LE87 2BB Solicitors Womble Bond Dickinson (UK) LLP 4 More London Riverside London SE1 2AU

Jeremy Coller Foundation 1

Trustees’ report Year to 31 March 2024

The trustees present their annual report together with the audited financial statements of the charitable company for the year 1 April 2023 to 31 March 2024. The annual report serves the purposes of both a trustees’ report and a directors’ report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

OBJECTIVES AND ACTIVITIES

A. Policies and objectives

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance Public Benefit: Running a Charity (PB2).

The Foundation’s objective is to apply its income for general charitable purposes. More specifically, the Trustees have defined four key areas of focus:

Over the course of this year, the second of these areas has been a developing focus for the Foundation. Having previously concentrated on raising awareness through education and providing research, data and tools related to risks associated with industrial animal agriculture, commonly known as factory farming, it is now clear that the Foundation must also focus its efforts on raising awareness and educating on alternative methods of production and developing solutions to support a global sustainable food system.

The Trustees believe this focused effort on sustainable solutions could assist in reducing environmental impacts of emissions caused by intensive animal agriculture, which is contributing to climate change; ameliorate the risk to food supplies caused by unsustainable methods of intensive animal production, which contribute to food security issues and resource scarcity; mitigate the risks to human health, including the overuse of antibiotics used extensively in intensive animal agriculture; and limit, and ultimately seek to end, the cruelty caused to animals reared intensively in industrial livestock production.

Jeremy Coller Foundation 2

Trustees’ report Year to 31 March 2024

OBJECTIVES AND ACTIVITIES (continued)

A. Policies and objectives (continued)

The Trustees also have the objective of making the Foundation a self-sustaining charity, with a focus on long term investments to eventually cover the running costs of the Foundation. In 2022/23 an Expendable Endowment fund was set up in a move towards achieving this goal.

B. Strategies for achieving objectives

Educating on Risks related to Factory Farming

The Trustees are concerned that the current reliance on industrial animal agriculture, commonly known as factory farming, has a range of negative impacts on climate, resource scarcity and biodiversity loss, food security, human health and animal welfare. These risks and impacts are well documented by third-party research and include:

The Foundation established FAIRR, the Farm Animal Investment Risk & Return initiative in 2015 to educate investors about the environmental, social and governance (ESG) risks associated with intensive animal agriculture by providing research, data, tools and the opportunity to conduct engagements with companies on these issues. By educating investors and supporting them to engage as shareholders with companies in the global food supply chain, from protein producers to global retailers, on ESG risks ranging from antimicrobial resistance to climate risks, FAIRR aims to create a more sustainable global food system.

The Foundation also undertakes educational initiatives around industrial animal agriculture to reach general and specific segments of the population such as retail investors, university students, policymakers and other audiences in line with the Foundation’s objectives.

Developing solutions – sustainable agriculture and alternative proteins

The Foundation aims to encourage the development of sustainable agriculture practices, including alternative proteins as a sustainable source of healthy food and a solution to the risks posed by the over-reliance on industrially reared animals in the global food system.

Jeremy Coller Foundation 3

Trustees’ report Year to 31 March 2024

OBJECTIVES AND ACTIVITIES (continued)

B. Strategies for achieving objectives (continued)

Developing solutions – sustainable agriculture and alternative proteins (continued)

The Trustees believe that education and research will not be sufficient to secure a meaningful change away from the current industrial animal production which forms the bedrock of the global food system. Accordingly, this objective will be enhanced by the Foundation making carefully selected social investments to support entities with a business purpose closely aligned with this objective; specifically, those that are capable of developing and producing sustainable foodstuffs suitable as an alternative protein to the industrial animal-based products currently available.

Supporting the Coller School of Management

The Foundation entered into a long-term commitment on 9 May 2016 to endow the Coller School of Management and the Coller School of Venture at Tel Aviv University with up to $50m. This is subject to the University fulfilling all agreed requirements, at the donor’s sole discretion.

Supporting education, culture and other causes

The Foundation supports a number of registered charities whom it feels are aligned with its charitable objectives, many of which are focused on education and animal welfare.

C. Activities undertaken to achieve objectives

FAIRR Initiative

During the year the Foundation incurred expenditure related to the FAIRR Initiative of £5,549,770 (2023: £3,465,639). The main expense was in respect of employment costs of £2,701,979 (2023: £2,317,602).

Grants, education and other causes

During the year, the Foundation gave grants and donations totalling £2,802,206 (2023: £4,013,242). The key grants included:

D. Grant making policy

The Foundation currently only accepts applications for grants on a ‘by invitation only’ basis. Grants will be considered by the Trustees if they fit within the key objectives of the Foundation.

Jeremy Coller Foundation 4

Trustees’ report Year to 31 March 2024

OBJECTIVES AND ACTIVITIES (continued)

E. Main activities undertaken to further the Charity’s purposes for the public benefit

FAIRR Initiative

During the year, the FAIRR initiative has remained resolutely focused on its objective of raising awareness about the material ESG risks and opportunities in the intensive animal agriculture sector across the whole investor community. By filling the knowledge gap around ESG issues in industrial animal agriculture, FAIRR empowers investors to engage as shareholders and debt holders with companies in the global food supply chain – from protein producers to global retailers – on ESG risks ranging from climate, pollution and labour issues to antimicrobial resistance. In doing so, FAIRR aims to harness the power of capital markets to build a more sustainable and equitable food system.

FAIRR has hosted and participated in a range of investor educational events and conferences, produced research reports and briefings on different issues in the sector and continued to directly engage the investor community and companies in the sector. The initiative has also strengthened its efforts to educate and engage policymakers in the US, UK, Europe and Asia across a number of issues and participated in multilateral policymaking forums. The initiative now has over 400 institutional investor members, representing over $75 trillion in assets under management.

Coller School of Management

With the Foundation’s support, the Coller School of Management is seeking to become a leading institution in postgraduate management education globally. There are four principal strands to this initiative:

Jeremy Coller Foundation 5

Trustees’ report Year to 31 March 2024

ACHIEVEMENTS AND PERFORMANCE

A. Key financial performance indicators

The Foundation recorded income of £54,837,703 (2023: £57,863,443) for the year ended 31 March 2024. This predominantly came from donations from Jeremy Coller of £40,165,030 (2023: £44,895,838) and gift aid of £10,041,252 (2023: £11,257,225). The donation was not subject to any restrictions imposed by Jeremy Coller, but he has expressed a wish that part of the donation be invested in appropriate Social Investments, as mentioned above, and in a portfolio of other investments to ensure that the Foundation has a robust financial base to ensure its continued effectiveness.

The Foundation incurred expenditure of £9,336,223 (2023: £7,079,704). It made grants and donations of £2,802,206 (2023: £4,013,242), incurred expenses directly related to the FAIRR Initiative of £5,549,770 (2023: £ 3,465,639), direct expenses related to educational and other grants of £641,320 (2023: £627,290), and support costs of £1,242,346 (2023: -£1,026,467). This resulted in net income for the year of £49,435,344 (2023: £51,466,569).

B. Review of activities

FAIRR Initiative

This year, FAIRR has been successful in raising awareness of ESG risks and opportunities in intensive animal agriculture through offering our investor members access to our research, data, tools, and opportunities to engage with corporates on these issues as outlined below.

Interest in these issues have grown, as evidenced by FAIRR increased membership which has grown by 48 members and $3.2 trillion in members’ assets over the period to reach over 400 members, representing over $72 trillion in assets under management. The level of public interest in FAIRR’s key issue areas has also grown largely due to increased awareness of the impact of ESG risks of industrial animal agriculture to attaining climate and nature goals set by governments around the world.

During the period from April 2023 to March 2024, the FAIRR team grew to 35 employees (45 including Foundation employees working on projects outside of FAIRR) and continued to build on their successes, undertaking the following key activities, which are further described in fuller detail in this report:

FAIRR research, data and tools

Jeremy Coller Foundation 6

Trustees’ report Year to 31 March 2024

ACHIEVEMENTS AND PERFORMANCE (continued)

B. Review of activities (continued)

FAIRR research, data and tools (continued)

Corporate Engagements

Jeremy Coller Foundation 7

Trustees’ report Year to 31 March 2024

ACHIEVEMENTS AND PERFORMANCE (continued)

B. Review of activities (continued)

Corporate Engagements (continued)

Educating the market

FAIRR experts led and contributed to the global discussion around key topics of interest to the Foundation, raising FAIRR’s profile and reputation as a thought leader and expert in its areas of focus. Experts from FAIRR have hosted more than 15 proprietary events for investors and members; spoken at more than 60 third-party conferences and hosted and participated in high level discussions with policy makers at COP28, the UN Food Systems Summit, NYC Climate Week and other forums around the world.

Jeremy Coller, Chair of FAIRR, and the FAIRR team more broadly have also conducted numerous interviews and placed opinion pieces with media throughout the period, continuing to educate on the issues associated with intensive animal agriculture. FAIRR featured in highquality press coverage in publications including the Financial Times, The Wall Street Journal, Forbes, Bloomberg, The Times, FT’s Moral Money, New York Post, The Hill, Reuters, Nikkei, Time, Responsible Investor, ESG Investor, ESG Clarity, Environmental Finance, Business Insider, L’Agefi, and Yahoo Finance. FAIRR currently has over 18,000 social media followers on Twitter and LinkedIn and distributes its newsletter to an audience of over more than 4,500 FAIRR members, interested parties and supporters.

Jeremy Coller Foundation 8

Trustees’ report Year to 31 March 2024

ACHIEVEMENTS AND PERFORMANCE (continued)

B. Review of activities (continued)

Coller School of Management

In its eighth year, the Coller School of Management has continued to make good progress on a number of fronts:

a) The Coller Start-up Competition: Now in its eighth year, the Coller Startup Competition (for TAU students, alumni, and early-stage entrepreneurs) continues to grow and enhance its offerings. As in previous years, the competition features three tracks: Deeptech, Online Tech, and Foodtech, each awarding a $100k investment to the winner. This year, we've also introduced a new research component within the FoodTech Track – the “Fresh Research Track,” specifically designed for researchers conducting groundbreaking studies that have the potential to revolutionize the food industry and its future. Due to the ongoing war, the number of submissions has naturally decreased to 90, down from a record 160 last year. Of these, 60 met the initial eligibility criteria, 30 advanced to the semifinals, and 9 competed in the final event on July 31st.

The 3 winners are:

Additionally, one paper reached the finals of the FoodTech Research track: Tasty and Healthy by Dr. Maayan Gan and Dr. Daniel Bar (Tel Aviv University).

Jeremy Coller Foundation 9

Trustees’ report Year to 31 March 2024

ACHIEVEMENTS AND PERFORMANCE (continued)

B. Review of activities (continued)

Coller School of Management (continued)

b) The Coller Ignite Entrepreneurship Student Club: Despite the ongoing war, the Club succeeded in running multiple activities throughout the past year. In fact, in light of the challenges created by the war, the Club launched a platform facilitating job placements to cover for employees mobilized for reserve duty. The Club also collaborated with the Coller Startup Competition, organizing workshops for semi-finalists focusing on such topics as branding, legal considerations, startup development, and pitching strategies.

C. Factors relevant to achieve objectives

Whilst taking into account the current considerable reserves, the Trustees are aware that in order to maintain and fulfil its long-term objectives, the Foundation is likely to be dependent on the continued support from the initial settlor.

FINANCIAL REVIEW

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Reserves policy

The Trustees have determined that holding a large quantity of reserves is unnecessary as the sole benefactor is able to provide additional funding as requirements dictate and there is currently a large reserves balance. The Trustees do however consider it prudent to retain reserves to cover approximately six months of estimated operating expenses.

Jeremy Coller Foundation 10

Trustees’ report Year to 31 March 2024

FINANCIAL REVIEW (continued)

Reserves policy (continued)

During this year, Jeremy Coller donated £40.2 million (2023: £45 million) to the Foundation. The funds donated this year and last are, along with the requirements to meet ongoing operating expenses, donated to the Foundation with the aim of investing funds in both financial investments to yield ongoing returns to the Foundation and in social investments that support the Foundation’s new focus of developing sustainable agriculture and alternative protein solutions.

Having reviewed the available funds and future requirements of the Foundation, the Trustees have determined that an additional £35 million should be set aside as an Expendable Endowment (2023: £50m), which will be invested in financial investments. In respect of Designated Funds, as the Foundation is now based in rented premises, the Trustees have designated £12 million towards this ongoing expenditure. The Social Investment Fund has seen a small outflow on investments over the course of the year and the Coller School of Management Fund has reduced accordingly following payment of this year’s commitment. The remainder of the reserves are held as General Funds and represents at least six months of operating expenses, in line with the Reserves Policy.

At the end of the year, the Foundation held reserves of £155,911,381 (2023: £106,476,037). This was comprised of an Expendable Endowment Fund of £89,662,302 (2023: £50,682,830), Designated Funds of £58,472,723 (2023: £48,000,000) and General Funds of £7,776,356 (2023: £7,793,207).

Investment policy

The Foundation has an Investment Policy, which covers the making of both financial investments (to generate long-term capital growth and income generation) and social investments (to generate a return and to directly further the Foundation’s purposes).

At the end of the financial year, £88,088,696 (2023: £32,122,126) had been deployed in financial investments, including a range of equity and bond investments, under the discretionary mandate given to two investment banks. Deployment to social investments during the year amounted to £3,085,188 (2023: £nil). Investment income for the year amounted to £4,264,524 (2023: £1,242,403). Investment gains during the period of investment amounted to £4,064,653 (2023: £682,830).

Principal risks and uncertainties

The Foundation has relied on donations from Jeremy Coller in order to fulfil its charitable activities. The existing large reserves have significantly reduced this reliance, however Jeremy Coller has confirmed his undertaking to continue to make further donations in order to support as required all future known and anticipated commitments.

Jeremy Coller Foundation 11

Trustees’ report Year to 31 March 2024

FINANCIAL REVIEW (continued)

Principal funding

The initial settlor, Jeremy Coller, has committed to donate sufficient monies to the Foundation to enable it to meet all its known obligations for the foreseeable future. During the year, Jeremy Coller provided funding of £40,165,030 (2023: £44,895,838), which was increased by a claim for Gift Aid of £10,041,252 (2023: £11,257,225).

Premises

In the 2023/24 year, the Foundation operated from surplus office space on a non-chargeable, non-specific, unsecured tenancy basis, provided by a company controlled by Jeremy Coller. An amount of £137,000 has been recognised in the accounts as donated office space, equating to the market rental of that space. From the start of the 2024/25 year, the Foundation relocated its staff to serviced office premises on a two year lease, given the increase in headcount and in order to support the ongoing growth of the Foundation.

STRUCTURE, GOVERNANCE AND MANAGEMENT

A. Constitution

The Jeremy Coller Foundation was incorporated as a company limited by guarantee in England and Wales on 21July 2015 with company number 9696841. The company is also a charity registered in England and Wales with number 1163970.

The principal object of the Foundation is to apply its income for general charitable purposes.

B. Methods of appointment or election of Trustees

The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. During the year, one Trustee resigned, leaving the board with five Trustees all of whom are experienced professionals.

C. Organisational structure and decision making

The Foundation is governed by its Memorandum and Articles of Association, dated 17 July 2015, by a Board of Trustees, who are recorded on page one. The Trustees are responsible for the management of the Foundation’s business, however they have formed various committees, to whom they have delegated some of these responsibilities. The Trustees are responsible for setting policies and strategy and approving budgets for the Foundation.

D. Policies adopted for the induction and training of Trustees

All Trustees must have had experience of managing businesses at a senior level and are required to undertake any relevant courses on the structure and operation of charities as are deemed necessary.

Jeremy Coller Foundation 12

Trustees’ report Year to 31 March 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

E. Key Management Personnel

The Trustees do not receive any remuneration or benefits. Trustee expenses are disclosed within note 10 of the financial statements. All senior staff have regular appraisals and are remunerated in line with comparable employees in the not-for-profit sector.

F. Risk management

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

PLANS FOR FUTURE PERIODS

It is the Trustees’ intention to continue the work of the FAIRR Initiative over the coming years, to undertake further initiatives to support general education around the ESG risks related to intensive animal agriculture, factory farming, while also raising awareness around opportunities such as the development of solutions around sustainable agriculture and alternative proteins. As noted above, social investing to support the development of sustainable agriculture and alternative protein solutions to industrial animal agriculture has become an additional area of focus and will continue to be so over the coming years.

The Foundation will also maintain its ongoing commitment to Tel Aviv University, looking to deepen that relationship, and will also continue to support specific educational and cultural charities. Finally, financial investing, deploying the Expendable Endowment and other available funds, in financial investments to achieve capital growth and (in the longer term) produce ongoing annual income to fund operations, will continue to be an area of focus to ensure the financial stability of the Foundation in the long term.

Jeremy Coller Foundation 13

Trustees’ report Year to 31 March 2024

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are Trustees at the time when this Trustees’ Report is approved has confirmed that:

Jeremy Coller Foundation 14

Trustees’ report Year to 31 March 2024

AUDITORS

The auditors, Buzzacott LLP, have indicated their willingness to continue in office.

A resolution to reappoint Buzzacott as our auditors will be put to the Trustees at the next Annual General Meeting of the charitable company.

The above report has been prepared in accordance with the provisions applicable to the small companies regime as set out in part 15 of the Companies Act 2006.

Approved by order of the members of the Board of Trustees and signed on their behalf by:

Jeremy Coller Trustee

Date: 02/12/2024

Jeremy Coller Foundation 15

Independent auditor’s report on the financial statements 31 March 2024

Independent auditor’s report to the members of the Jeremy Coller Foundation

Opinion

We have audited the financial statements of the Jeremy Coller Foundation (the ‘charitable company’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in in the relevant sections of this report.

Jeremy Coller Foundation 16

Independent auditor’s report on the financial statements 31 March 2024

Other information

The other information comprises the information included in the trustees’ report other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Jeremy Coller Foundation 17

Independent auditor’s report on the financial statements 31 March 2024

Responsibilities of Trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

Jeremy Coller Foundation 18

Independent auditor’s report on the financial statements 31 March 2024

Auditor’s responsibilities for the audit of the financial statements (continued)

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

As a result of our procedures we did not identify any key audit matters relating to irregularities.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Jeremy Coller Foundation 19

Independent auditor’s report on the financial statements 31 March 2024

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Alison Pyle (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 5 December 2024

Jeremy Coller Foundation 20

Statement of financial activities (incorporating income and expenditure account) Year to 31 March 2024

Notes
Unrestricted
funds
£
Endowment
funds
£
2024
Total
funds
£		 2023
Total
funds
£
Income from:
Donations and legacies
1
Investments
2
Other income
3
Total

Expenditure on:
Investment management costs
4
Charitable activities
5
Total
Net income before net gains on
investments
Impairment and foreign exchange
on social investments
13
Net (losses) gains and foreign
exchange on investments
13
Net movement in funds

Reconciliation of funds
Total funds brought forward

Total funds carried forward
 15,564,756

4,264,524

8,423		 35,000,000

—

—
50,564,756

4,264,524

8,423		 56,598,120
1,242,403
22,920
19,837,703 35,000,000 54,837,703 57,863,443

43,919

9,200,354
91,950

—


135,869

9,200,354		 —
7,079,704
9,244,273
91,950
9,336,223		 7,079,704
10,593,430

(130,789)

(6,769)		 34,908,050

—
4,071,422

45,501,480

(130,789)

4,064,653		 50,783,739
—
682,830
10,455,872
55,793,207		 38,979,472
50,682,830		 49,435,344


106,476,037
51,466,569
55,009,468
66,249,079 89,662,302 155,911,381 106,476,037

The statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 29 to 40 form part of these financial statements.

Jeremy Coller Foundation 21

Statement of financial activities (incorporating income and expenditure account) Year to 31 March 2024

Notes
Unrestricted
funds
£		 Endowment
funds
£		 2023
Total
funds
£
Income from:
Donations and legacies
1
Investments
2
Other income
3
Total
Expenditure on:
Charitable activities
5
Total
Net income before net gains on investments
Net gains on investments
13
Net movement in funds
Reconciliation of funds
Total funds brough forward
Net movement in funds
Total funds carried forward
6,598,120

1,242,403

22,920		 50,000,000
—
—		 56,598,120
1,242,403
22,920
7,863,443 50,000,000 57,863,443

7,079,704		 — 7,079,704
7,079,704 — 7,079,704
783,739

—		 50,000,000
682,830		 50,783,739
682,830
783,739
55,009,468
783,739		 50,682,830
—
50,682,830		 51,466,569
55,009,468
51,466,569
55,793,207 50,682,830 106,476,037

Jeremy Coller Foundation 22

Balance sheet 31 March 2024

Notes 2024
£		 2024
£		 2023
£		 2023
£
Fixed assets
Tangible fixed assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Liabilities
Creditors: amounts falling due
within one year
15
Net current assets
Total net assets
Charity funds
Endowment funds
16
Unrestricted funds
. Designated funds
16
. General funds
16
Total unrestricted funds
16
Total funds		 10,433,988
55,115,364		 —
91,043,096		 11,321,809
63,562,639		 33,636
32,112,126
91,043,096
64,868,285		 32,145,762
74,330,275
65,549,352
(681,067)		 74,884,448
(554,173)
58,472,723
7,776,356		 48,000,000
7,793,207
155,911,381 106,476,037
89,662,302
66,249,079		 50,682,830
55,793,207
155,911,381 106,476,037

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Jeremy Coller Chair

Date: 02/12/2024

Company registered number: 09696841

The notes on pages 29 to 40 form part of these financial statements.

Jeremy Coller Foundation 23

Statement of cash flows Year to 31 March 2024

Note 2024
£		 2023
£
Cash flows from operating activities
Net cash provided by operating activities
A
Cash flows from investing activities
B
Dividends and interest from investments
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Purchase of social investments
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of theyear
D		 42,473,490 38,888,990
4,076,341
—
30,847,298
(82,759,216)
(3,085,188)		 1,242,403
(33,300)
698,140
(32,559,563)
—
**(50,920,765) ** (30,652,320)
(8,447,275)
63,562,639		 8,236,670
55,325,969
55,115,364 63,562,639

A Reconciliation of net movement in funds to net cash flow from operating activities

2024
£		 2023
£
Net income for the year (as per the statement of
financial activities)
Adjusted for:
Depreciation
Loss on write back of fixed assets
Gain on investments
Dividends and interest from investments
Decrease/(increase) in debtors
Increase in creditors
Net cashprovided by operating activities		 49,435,344
—
33,636
(3,933,864)
(4,264,524)
1,076,004
126,894		 51,466,569
24,304
—
(250,703)
(1,242,403)
(11,263,168)
154,391
42,473,490 38,888,990

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
2024
£		 2023
£
Cash in hand 55,115,364 63,562,639

C Analysis of changes in net debt

Analysis of changes in net debt
At 1 April
2023
£		 Cash flows
£
(8,447,275)		 At 31
March
2024
£
Cash at bank and in hand 63,562,639 55,115,364

Jeremy Coller Foundation 24

Principal accounting policies 31 March 2024

General information

Jeremy Coller Foundation is a charity and company limited by guarantee incorporated in England. The charity’s registered office is Park House Level 3, 116 Park Street, London, W1K 6AF.

Basis of preparation

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) – Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Jeremy Coller Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are prepared in sterling and rounded to the nearest pound.

The financial statements are the stand-alone accounts for the charitable company. The subsidiary, Coller FAIRR Limited, is not consolidated as it was incorporated on 31 January 2024 and was dormant for the period ended 31 March 2024.

Going concern

After making enquiries, the Trustees have a reasonable expectation that the Charity will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Income

All income is recognised once the Charity has entitlement to the income, it is probably that the income will be received, and the amount of income receivable can be measured reliably.

Donations are recognised when the Foundation has confirmation of the amount and date of receipt.

Investment income is recognised once the dividend has been declared and notification has been received of the dividend due.

Donated services provided to the charity are recognised in the period when it is probable that the economic benefits will flow to the charity, provided they can be measured reliably. This is normally when the service is provided/the facilities are used by the charity. An equivalent amount is included as expenditure.

Jeremy Coller Foundation 25

Principal accounting policies 31 March 2024

Income (continued)

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity’s objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the statement of financial activities.

Tangible fixed assets and depreciation

Tangible fixed assets are capitalised and recognised when future economic benefits are probable, and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition are included in the measurement of cost. Capital expenditure below £5,000 is written off in the year of purchase.

Jeremy Coller Foundation 26

Principal accounting policies 31 March 2024

Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Office equipment 33% Other fixed assets Depreciated monthly over 12 months

Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains (losses) on investments’ in the statement of financial activities.

The social investments held by the Foundation are mixed motive investments. Mixed motive investments are investments held that generate a financial return for the Foundation and also contribute to the Foundation’s charitable purposes through their activities. The mixed motive investments are recognised at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment, Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains (losses) on investments’ in the statement of financial activities.

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Jeremy Coller Foundation 27

Principal accounting policies 31 March 2024

Liabilities and provisions (continued)

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.

Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Pensions

The Charity operates a defined contribution pension scheme, and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Endowment funds represent funds held which must be held permanently by the charity. Income arising from the endowment fund can be used in accordance with the objects of the charity and is included in unrestricted income. Any gains or losses arising on the assets held by the fund form a part of the funds and any costs relating to the fund are charged against the fund.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Critical accounting estimates and areas of judgements

Preparation of the accounts requires the trustees and management to make significant judgements and estimates.

The key items in the financial statements there these judgements and estimates have been made are with respect to estimating the donated services and office space, the valuation of social investments, the estimated useful life of each class of asset used to determine depreciation, the allocation of costs between activities and estimating future cash flows for the purpose of assessing going concern.

Jeremy Coller Foundation 28

Notes to the Financial Statements Year to 31 March 2024

1 Income from donations and legacies

Income from donations and legacies
Unrestricted
funds
£		 Endowment
funds
£		 2024
Total
funds
£		 2023
Total
funds
£
Donations
Donated office space
Donated services
Gift aid		 12,165,030
137,000
221,474
3,041,252		 28,000,000
—
—
7,000,000		 40,165,030
137,000
221,474
10,041,252		 44,895,838
137,000
308,057
11,257,225
15,564,756 35,000,000 50,564,756 56,598,120

In the prior year £50,000,000 was recognised in the endowment fund with the remaining amount in unrestricted funds.

2 Investment income

Unrestricted
funds
£		 2024
Total
funds
£		 2023
Total
funds
£
Dividends
Bank interest received		 1,024,264
3,240,260		 1,024,264
3,240,260		 20,756
1,221,647
4,264,524 4,264,524 1,242,403

In the prior year all investment income was unrestricted.

3 Other income

Unrestricted
funds
£		 2024
Total
funds
£		 2023
Total
funds
£
Recharges
Provision of services		 8,423
—		 8,423
—		 2,670
20,250
8,423 8,423 22,920

Other income received in the prior year was all unrestricted.

4 Expenditure on investment management

Unrestricted
funds
£		 Endowment
funds
£		 2024
Total
funds
£		 2023
Total
funds
£
Investment management costs
Total		 43,919 91,950 135,869 —
43,919 91,950 135,869 —

All expenditure on raising funds in the prior was incurred in the endowment fund.

Jeremy Coller Foundation 29

Notes to the Financial Statements Year to 31 March 2024

5 Analysis of expenditure on charitable activities

Summary by fund type

Summary by fund type
Unrestricted
funds
£		 2024
Total
£		 2023
Total
£
FAIRR
Education and other		 5,549,770
3,650,584		 5,549,770
3,650,584		 3,465,639
3,614,065
9,200,354 9,200,354 7,079,704

All charitable activities expenditure in 2023 was incurred in the unrestricted fund.

6 Analysis of grants

Analysis of grants
Grants to
Institutions
£		 2024
Total
funds
£		 2023
Total
funds
£
Grants and other education 2,802,206 2,802,206 4,013,242

The Charity has made the following material grants to institutions during the year:

Name of institution 2024
£		 2023
£
Coller School of Management, Tel Aviv University (contractual amount)
Coller School of Management, Tel Aviv University (new building costs)
Coller Institute of Venture, Tel Aviv University
Tel Aviv University, Other donations
The Portland Trust
The Good Food Institute, Inc.
Awards under £100,000 (22)		 1,345,895
—
317,108
411,389
120,000
118,755
489,059		 1,438,119
888,178
33,278
—
—
—
1,653,667
2,802,206 4,013,242

7 Analysis of expenditure by activities

Analysis of expenditure by activities
Activities
undertaken
directly
£		 Grant
funding of
activities
£		 Support
costs
£		 2024
Total
funds
£
FAIRR
Education and other
2024 Total funds		 4,514,482
641,320		 —
2,802,206		 1,035,288
207,058		 5,549,770
3,650,584
5,155,802 2,802,206 1,242,346 9,200,354
Activities
undertaken
directly
£		 Grant
funding of
activities
£		 Support
costs
£		 2023
Total
funds
£
FAIRR
Education and other
2023 Total funds		 3,465,639
627,290		 —
4,013,242		 —
(1,026,467)		 3,465,639
3,614,065
4,092,929 4,013,242 (1,026,467) 7,079,704

Jeremy Coller Foundation 30

Notes to the Financial Statements Year to 31 March 2024

8 Analysis of support costs

Analysis of support costs
2024
Total
funds
£		 2023
Total
funds
£
Staff costs
Depreciation
Write back of fixed assets (note 12)
Audit fees
Donated office space
Bank charges
Consultancy fees
Loss (gain) on foreign exchange
Legal and professional fees
IT
Insurance		 307,666
—
33,145
30,000
137,000
3,567
337,805
265,331
67,371
53,874
6,587		 —
24,304
—
18,000
137,000
1,813
326,807
(1,447,090)
44,287
—
5,412
1,242,346 (1,026,467)

Support costs have been allocated based on the time spent across charitable activities.

9 Net movement in funds

This is stated after charging:

2024
£		 2023
£
Staff costs (note 10)
Fees payable to the Charity’s auditor for the audit of the Charity’s
annual accounts (inclusive of VAT)
Fees payable to the Charity’s auditor in respect of:
Non-audit services (inclusive of VAT)
Write back of fixed assets(note 12)		 3,471,358
30,000
3,000
(33,145)		 2,798,574
18,000
571
24,304
Staff costs 2024
£		 2023
£
Wages and salaries
Social security costs
Contribution to defined contribution pension schemes
Agency staff		 2,710,927
314,151
313,927		 2,321,362
254,549
222,663
3,339,005 2,798,574
132,353 —
3,471,358 2,798,574

10 Staff costs

Jeremy Coller Foundation 31

Notes to the Financial Statements Year to 31 March 2024

10 Staff costs (continued)

The average number of persons employed by the Charity during the year was as follows:

2024
No.		 2023
No.
FAIRR initiative
Other staff
Admin		 35
7
3		 31
9
—
45 40

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

exceeded £60,000 was:
2024
No.		 2023
No.
In the band of £60,001 - £70,000
In the band of £70,001 - £80,000
In the band of £80,001 - £90,000
In the band of £90,001 - £100,000
In the band of £100,001 - £110,000
In the band of £110,001 - £120,000
In the band of £200,001 - £210,000		 2
—
2
4
3
1
—		 2
5
3
1
1
—
1

The key management personnel of the charity comprise the Trustees, CFO, Director of Corporate Affairs, Director of ESG Data and Research, Director of Marketing and Communications, Policy Director, Director Thematic Research & Corporate Innovation, HR Director, Director of Investor Outreach and the Finance Director. The total remuneration (including taxable benefits and employer’s national insurance contributions) payable to key management personnel during the year was £835,788 (2023: £nil). In the prior year, key management personnel comprised only the trustees. Following the growth of the management team, this has broadened to include the above listed Directors.

11 Trustees’ remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023: £nil).

During the year ended 31 March 2024, one Trustee had travel and subsistence expenses paid for by the charity of £13,242 (2023: £8,859 for one Trustee). These expenses were wholly in furtherance of the charitable purpose of the Foundation.

Jeremy Coller Foundation 32

Notes to the Financial Statements Year to 31 March 2024

12 Tangible fixed assets

Tangible fixed assets
Office
equipment
£		 Other fixed
assets
£		 Total
£
Cost or valuation
At 1 April 2023
Written back
At 31 March 2024
Depreciation
At 1 April 2023
Depreciation on write back
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 70,850
(70,850)		 1,178
(1,178)		 72,028
(72,028)
— — —
37,705
(37,705)		 687
(687)		 38,392
(38,392)
— — —
— — —
33,145 491 33,636

Following the increase of the capitalisation policy to £5,000, which the charity has applied retrospectively, assets with a cost below the threshold have been written back to the Statement of Financial Activities.

13 Investments

Investments
2024
£		 2023
£
Social investments
Financial investments
Shares in subsidiary undertaking		 2,954,399
88,088,696
1		 —
32,122,126
—
91,043,096 32,122,126

Social investments

Social investments
Global
Food
Innovation
fund
£		 Savor
Foods
£		 2024
£		 2023
£
Fair value at 1 April 2023
Additions
Impairment charge (including foreign
exchange movement)
Fair value at 31 March 2024
Historic cost		 —
312,347
(48,610)		 —
2,772,841
(82,179)		 —
3,085,188
(130,789)		 —
—
—
263,737 2,690,662 2,954,399 —
312,347 2,772,841 3,085,188 —

Jeremy Coller Foundation 33

Notes to the Financial Statements Year to 31 March 2024

13 Investments (continued)

Fixed asset investments

Fixed asset investments
2024
£		 2023
£
Market value at 1 April 2023
Additions
Disposal proceeds
Realised losses on disposal
Unrealised gains (including foreign exchange movement)
Value at 31 March 2024
Historic cost		 32,112,125
82,759,217
(30,847,298)
(49,102)
4,113,755		 —
32,559,563
(706,051)
—
258,614
88,088,697 32,112,126
83,366,579 29,763,878

At 31 March 2024, the listed investments comprised the following:

2024
£		 2023
£
UK fixed interest
Overseas fixed interest
UK equities and unit trusts
Overseas equities and unit trusts
Cash Products		 —
19,864,959
1,622,263
65,759,395
842,080		 —
32,113,126
—
—
—
88,088,697 32,113,126

Shares in subsidiary undertaking

The charitable company owns the entire issued ordinary share capital of Coller FAIRR Limited, a company registered in England and Wales (Company Registration No. 15455766). The subsidiary was dormant in the period.

2024
£
At 1 April
Additions
At 31 March		 —
1
1
2024
£
The aggregate of the assets and liabilities was:
. Assets
. Liabilities
At 31 March
Represented by:
. Profit and loss account		 1
—
1
1
1

Jeremy Coller Foundation 34

Notes to the Financial Statements Year to 31 March 2024

14 Debtors

Debtors
Due within oneyear 2024
£		 2023
£
Trade debtors
Other debtors
Prepayment and accrued income		 —
10,058,060
375,928		 20,250
11,266,078
35,481
10,433,988 11,321,809

Other debtors includes unpaid Gift Aid of £10,041,252 as at 31 March 2024 (2023: £11,257,225).

15 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2024
£		 2023
£
Trade creditors
Other taxation and social security
Other creditors
Accruals		 77,617
85,310
33,276
484,864		 149,960
70,967
22,636
310,610
681,067 554,173

Jeremy Coller Foundation 35

Notes to the Financial Statements Year to 31 March 2024

16 Statement of funds

Statement of funds – current year

Balance at 1
April 2023
£		 Income
£		 Expenditure
£		 Transfer
in/out
£		 Gains
(losses)
£		 Balance at
31 March
2024
£
Unrestricted funds
Designated funds
Coller School of
Management
Social Investing fund
Rental fund
General funds
General funds
Total unrestricted
funds
Endowment funds
Expendable Endowment
Total funds		 11,000,000
37,000,000
—		 —
—
—		 (1,345,895)
(43,919)
—		 —
—
12,000,095		 —
(130,789)
(6,769)		 9,654,105
36,825,292
11,993,326
48,000,000 — (1,389,814) 12,000,095 (137,558) 58,472,723
7,793,207 19,837,703 (7,854,459) (12,000,095) — 7,776,356
55,793,207 19,837,703 (9,244,273) — (137,558) 66,249,079
50,682,830 35,000,000 (91,950) — 4,071,422 89,662,302
106,476,037 54,837,703 (9,336,223) — 3,933,864 155,911,381

Designated funds

Coller School of Management – these funds will be used to meet the charity’s commitment to the Coller School of Management.

Social Investing Fund – these funds will be used to invest in opportunities that support the development of sustainable agriculture and alternative protein solutions.

Rental fund – these funds have been set aside and invested with the purpose of generating sufficient income to cover the future rental payments for the new offices.

Endowment funds

Expendable Endowment – these funds have been given with intention of securing the longevity of the charity. Income generated by these endowments are to be used at the charity’s discretion.

Jeremy Coller Foundation 36

Notes to the Financial Statements Year to 31 March 2024

16 Statement of funds

Statement of funds – prior year

Balance at 1
April 2022
£
—
—
—
55,009,468
55,009,468

—
55,009,468		 Income
£		 Expenditure
£		 Transfer
in/out
£		 Gains
(losses)
£		 Balance at
31 March
2023
£
Unrestricted funds
Designated funds
Coller School of
Management
Social Investing Fund
General funds
General funds
Total unrestricted
funds
Endowment funds
Expendable Endowment
Total funds		 —
—		 —
—		 11,000,000
37,000,000		 —
—		 11,000,000
37,000,000
— — 48,000,000 — 48,000,000
7,863,443 (7,079,704) (48,000,000) — 7,793,207
7,863,443 (7,079,704) — — 55,793,207
50,000,000 — — 682,830 50,682,830
57,863,443 (7,079,704) — 682,830 106,476,037

17 Summary of funds

Designated funds
General funds
Endowment funds		 Balance at 1
April 2023
£		 Income
£		 Expenditure
£		 Transfer
in/out
£		 Gains
(losses)
£		 Balance at
31 March
2024
£
48,000,000
7,793,207
50,682,830		 —
19,837,703
35,000,000		 (1,389,814)
(7,854,459)
(91,950)		 12,000,095
(12,000,095)
—		 (137,558)
—
4,071,422		 58,472,723
7,776,356
89,662,302
106,476,037 54,837,703 (9,336,223) — 3,933,864 155,911,381
Designated funds
General funds
Endowment funds		 Balance at 1
April 2022
£		 Income
£		 Expenditure
£		 Transfer
in/out
£		 Gains
(losses)
£		 Balance at
31 March
2023
£
—
55,009,468
—		 —
7,863,443
50,000,000		 —
(7,079,704)
—		 48,000,000
(48,000,000)
—		 —
—
682,830		 48,000,000
7,793,207
50,682,830
55,009,468 57,863,443 (7,079,704) — 682,830 106,476,037

Jeremy Coller Foundation 37

Notes to the Financial Statements Year to 31 March 2024

18 Analysis of net assets between funds

Unrestricted
funds
£		 Designated
funds
£


Endowment
funds
£		 2024
Total
£
Fixed asset investments
Current assets
Creditors due within one year
Total		 —
8,457,423
(681,067)		 14,947,725
43,524,998
—		 76,095,371
13,566,931
—		 91,043,096
65,549,352
(681,067)
7,776,356 58,472,723 89,662,302 155,911,381
Unrestricted
funds
£		 Designated
funds
£


Endowment
funds
£		 2023
Total
£
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 33,636
—
8,313,744
(554,173)		 —
—
48,000,000
—		 —
32,112,126
18,570,704
—		 33,636
32,112,126
74,884,448
(554,173)
7,793,207 48,000,000 50,682,830 106,476,037

19 Pension commitments

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £313,927 (2023: £222,663). A balance of £33,276 (2023: £22,636) was payable to the fund at the balance sheet date and is included in the creditors.

20 Operating lease commitments

At 31 March 2024 the Charity had the following operating lease commitments:

Office lease 2024
£		 2023
£
Within one year
Between one year and five years
In more than five years		 514,645
548,721
—		 —
—
—
1,063,366 —

Jeremy Coller Foundation 38

Notes to the Financial Statements Year to 31 March 2024

21 Grant commitments

At 31 March 2024 the Charity had commitments as follows:

Commitments in respect of grants approved for projects which have not been accrued in the financial statements but will form part of grants:

financial statements but will form part of grants:
2024
£		 2023
£
Within one year
Between one year and five years
In more than five years		 1,751,452
5,938,886
2,675,174		 1,375,125
5,500,501
5,500,501
10,365,512 12,376,127

The charity had the following material grant commitments at the year-end:

22 Related party transactions

During the year, the charity received donations of £40,165,030 (2023: £45,032,837) as well as £10,041,252 Gift Aid from (2023: £11,257,225) from Jeremy Coller, a Trustee. The charity received gift in kind in office space rental from Coller Capital of £137,000 (2023: £137,000) and donated services from Coller Holdings of £221,474 (2023: £308,057). There were recharges from Coller Capital which totalled £53,960 (2023: £nil).

The charity incurred expenditure of £14,352 (2023: £Nil) in respect of services provided by Bladonmore Ltd and there were no amounts payable at year end. Richard Rivlin, a trustee of the charity, is a shareholder and director of Bladonmore Ltd. The Trustees approved the expenditure and were satisfied that these services were provided at arms length.

23 Post balance sheet event

On 1 April 2024 the charitable company received a donation of shares with a value of $27,463,122 (£21,732,667) from Jeremy Coller, a Trustee.

Jeremy Coller Foundation 39

Notes to the Financial Statements Year to 31 March 2024

24 Controlling party

During the year the affairs of the Charity were managed and controlled by its Trustees.

Jeremy Coller Foundation 40