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2025-03-31-accounts

Jeremy Coller Foundation

Annual Report and Consolidated Financial Statements

31 March 2025

Company Limited by Guarantee Registration Number 09696841 (England and Wales) Charity Registration Number 1163970

Contents

Reports
Reference and administrative information 1
Strategic report and trustees’ report 3
Independent auditor’s report on the
financial statements 17
Financial statements
Consolidated statement of financial
activities 22
Balance sheets 24
Consolidated statement of cash flows 25
Principal accounting policies 26
Notes to the financial statements 30

Jeremy Coller Foundation

Reference and administrative information

Trustees Jeremy Coller, Chair Steven Daniels Peter Leach David Marks Richard Rivlin Registered address Park House Level 3 116 Park Street London W1K 6AF Company registration number 09696841 Charity registration number 1163970 Auditor Buzzacott Audit 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 Investment Managers Coller Capital 116 Park Street London W1K 6AF Merrill Lynch, Pierce, Fenner & Smith Inc. One Bryant Park, 28[th] Floor New York, NY 10036 Morgan Stanley Wealth Management 1 New York Plaza, 7[th] Floor New York, NY 10004

Jeremy Coller Foundation 1

Reference and administrative information

Investment Managers UBS AG (continued) London Branch 5 Broadgate London EC2M 2AN

Jeremy Coller Foundation 2

Strategic report and trustees’ report Year to 31 March 2025

The Trustees present their annual report together with the audited financial statements of the charitable company for the year 1 April 2024 to 31 March 2025. 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).

OBJECTIVES AND ACTIVITIES

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:

The second of these areas has been a developing focus for the Foundation over the last few years. Having previously concentrated on raising awareness through education and providing research, data and tools related to risks associated with industrial animal agriculture, it is now clear that the Foundation must also focus its efforts on raising awareness of and educating on alternative methods of protein production and developing solutions to support a global sustainable food system.

The Trustees believe this focus on sustainable solutions will assist in reducing the environmental impacts of emissions caused by industrial 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 industrial animal agriculture; and limit, and ultimately seek to end, the cruelty caused to animals reared intensively in industrial livestock production.

Jeremy Coller Foundation 3

Strategic report and trustees’ report Year to 31 March 2025

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.

Strategies for achieving objectives

Educating on Risks related to Industrial Animal Agriculture

The Trustees are concerned that the current reliance on industrial animal agriculture 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 thirdparty research and include:

The Foundation established FAIRR, the Farm Animal Investment Risk & Return initiative, in 2015 to educate investors about the 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 on risks with the global food supply chain companies in which they are shareholders, FAIRR aims to create a more sustainable food system worldwide.

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.

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Strategic report and trustees’ report Year to 31 March 2025

The Trustees believe 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 protein and foodstuffs suitable as an alternative to the industrial animal-based protein products currently available.

Supporting the Coller School of Management

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

Supporting education, culture and other causes

Jeremy Coller Centre for Animal Sentience at the LSE

The Foundation has made a multi-year commitment of £4 million to launch the Jeremy Coller Centre for Animal Sentience at the London School of Economics & Politics (LSE), which was announced in March 2025. Under the leadership of its inaugural Director, Professor Jonathan Birch, the new centre – launching in autumn 2025 – will harness LSE’s interdisciplinary expertise across philosophy, veterinary medicine, evolutionary biology, comparative psychology, neuroscience, behavioural science, computer science, artificial intelligence, economics and law around a shared research agenda and a shared commitment to benefiting other animals. The Centre will develop guidance on how to shift public attitudes and behaviour and conduct research designed to help the emerging animal advocacy sector. The Centre will also work with stakeholders (in sectors such as science, tech and farming) to explore the ethical use of AI in relation to animals, aiming to develop a code of practice to support the AI industry in ensuring animals and their needs are not forgotten.

The Science Museum’s Future of Food Exhibition

The Foundation has also supported the Science Museum Group as Principal Funder of a major public exhibition on the future of food, which opened to the public in July 2025. Future of Food is designed to educate the public and raise awareness around the sustainability of global food systems. The exhibit will examine how science can help us find more sustainable ways to grow, produce and eat food, featuring more than 100 historic and contemporary objects that highlight major food milestones. The exhibition will explain how science enabled the growing global populations to be better fed in the 20th century, examining the ideas and technologies that transformed farming – such as the invention of synthetic fertilisers, pesticides and increasing yields – but have left a challenging legacy, contributing to exploitation of the sea, intensive factory farming and monoculture crops. After setting the scene, the exhibition will invite visitors to explore potential routes to a more sustainable future of food, revealing new scientific ideas and technologies, from cellular agriculture to agroecology and sustainable fishing, which may support future sustainable food production.

Jeremy Coller Foundation 5

Strategic report and trustees’ report Year to 31 March 2025

Coller FAIRR Ltd

The Foundation incorporated a wholly owned subsidiary, Coller FAIRR Ltd, on 31[st] January 2024, which began trading in April 2024. The principal activity of the company in the period under review was consultancy services. These services were in relation to providing a sustainability scoring framework and providing a self-assessment questionnaire against the ‘Coller FAIRR Protein Producer Index’. These services allow the subsidiary to work on more of a 1-to-1 basis with customers, whilst also generating funds to further support the continuation of the Foundation.

Activities undertaken to achieve objectives

FAIRR Initiative

During the year the Foundation incurred expenditure related to the FAIRR Initiative of £7,931,427 (2024: £5,549,770). The main expense was in respect of employment costs of £3,794,991 (2024: £2,701,979).

Grants, education and other causes

During the year, the Foundation gave grants and donations totalling £3,395,267 (2024: £2,802,206). The key grants included:

Grant-making policy

The Foundation currently 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.

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

The Trustees have had due regards to the Charity Commission’s public benefit guidance when exercising their powers and duties.

FAIRR Initiative

During the year, FAIRR has remained resolutely focused on its objective of raising awareness about the material risks and opportunities in the intensive animal agriculture sector across the whole investor community. By filling the knowledge gap around material 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 risks ranging from climate change, waste and 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.

Jeremy Coller Foundation 6

Strategic report and trustees’ report Year to 31 March 2025

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 topics and participated in multilateral policymaking forums. The initiative now has over 410 institutional investor members, representing over $90 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:

ACHIEVEMENTS AND PERFORMANCE

Key financial performance indicators

The Foundation recorded income of £29,197,396 (2024: £54,837,703) for the year ended 31 March 2025. This predominantly came from a donation of shares from Jeremy Coller of £21,733,154 (2024: £40,165,030) to which no gift aid claim was applicable (2024: £10,041,252). The donation was not subject to any restrictions imposed by Jeremy Coller.

The Foundation incurred expenditure of £12,982,655 (2024: £9,336,223). It made grants and donations of £3,395,267 (2024: £2,802,206), incurred expenses directly related to the FAIRR Initiative of £5,642,341 (2024: £5,549,770), direct expenses related to educational and other grants of £877,735 (2024: £641,320), and support costs of £2,588,014 (2024: £1,242,346). After gains on investments of £3,570,338 (2024: £4,064,653), this resulted in net income for the year of £19,679,648 (2024: £49,435,344).

Review of activities

FAIRR Initiative

This year, FAIRR has been successful in raising awareness of material 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.

Jeremy Coller Foundation 7

Strategic report and trustees’ report Year to 31 March 2025

Interest in these issues have grown, as evidenced by FAIRR’s increase in membership of 28 members and $6.1 trillion in members’ assets over the period to reach more than 400 members representing in excess of $90 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 industrial animal agriculture on the ability to meet climate and nature goals set by governments around the world.

FAIRR research, data and tools

Corporate Engagements

opportunities. Support for this year’s engagement grew to 73 investors with $11.5 trillion in combined assets. So far, 95% of companies acknowledged receipt of investor letters and 70% agreed to participate in a FAIRR-facilitated dialogue with investors.

Jeremy Coller Foundation 8

Strategic report and trustees’ report Year to 31 March 2025

Educating the market

FAIRR continues to lead 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 nearly 20 proprietary events for investors and members, spoken at more than 40 third-party conferences and hosted and participated in high-level discussions with policy makers at COP16, COP29, NYC Climate Week, the World Agrifood Innovation Conference, The Economist’s World Ocean Summit in Tokyo, the UN’s PRI in Person, and many other forums around the world.

Jeremy Coller and the FAIRR team have conducted numerous media interviews, placed opinion pieces in publications worldwide, and secured high-quality press coverage in titles including the Financial Times, The Wall Street Journal, Forbes, Bloomberg, FT’s Moral Money, FT Sustainable Views, Reuters, Nikkei, Responsible Investor, ESG Investor, PA Future, Environmental Finance, Business Insider, L’Agefi, and Yahoo Finance.

FAIRR currently has more than 18,000 social media followers on X/Twitter and LinkedIn and distributes its newsletter to an audience of more than 5,000 members, interested parties and supporters.

Jeremy Coller Foundation 9

Strategic report and trustees’ report Year to 31 March 2025

Coller School of Management

In its ninth year, the Coller School of Management at Tel Aviv University has continued to make progress on a number of fronts. The period of activity was impacted by the terrorist event of 7 October 2023, and the subsequent ongoing war, which has impacted enrolment and some activities as noted below.

The 3 winners for 2024 were:

  1. DeepTech: Luma Biophotonics (Home Diagnosis)

  2. FoodTech: Rosalind Bioculture (Accelerating Fermentation)

  3. OnlineTech: Bright Forensic (Forensic Identification)

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Strategic report and trustees’ report Year to 31 March 2025

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).

DeepTech MBA : The School has completed the development of a 2-year global MBA program focusing on DeepTech (to be called the Coller DeepTech MBA) and, as of April 2025, has received all University approvals. The program is scheduled to launch in January 2026.

Undergraduate Honors Program : Although not directly tied to the School’s core focus on venture, innovation, and entrepreneurship, the Coller School launched its new Undergraduate Honors Program in March 2025. The program offers two distinct tracks: one focused on leadership development, and the other on research excellence.

The Coller Pensions Institute

In line with the Foundation’s longstanding commitment to education, the Foundation will expand its remit from business and venture education to raising awareness around financial inclusion, namely pensions coverage. The Foundation’s latest initiative, The Coller Pensions Institute, is an independent, non-profit pension action tank. Its mission is to develop and implement innovative policies to expand pension coverage, promote sustainable economic growth and reduce old-age poverty, targeting underdeveloped economies. In the period covered by this report, the Institute issued two whitepapers looking at the challenges and solutions related to expanding pension coverage, as well as recruiting an Executive Director and Advisory Committee.

Jeremy Coller Foundation 11

Strategic report and trustees’ report Year to 31 March 2025

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 unrestricted reserves is unnecessary as the Foundation is building its expendable endowment fund to secure its economic future. The Trustees do however consider it prudent to retain unrestricted reserves to cover approximately six months of estimated operating expenses.

During this year, Jeremy Coller donated £21.7 million (2024: £40.2 million) to the Foundation. The donation 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 £21.7 million should be set aside as an Expendable Endowment (2024: £35 million), which will be invested in financial investments. In respect of Designated Funds, as the Foundation is 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. In the year, the Foundation received two restricted grants, however as these were received towards the end of the year and mostly relate to future work, these funds are carried forward in restricted funds at year end. The remainder of the reserves are held as General Funds and represent at least six months of operating expenses, in line with the Reserves Policy.

At the end of the year, the Foundation held reserves of £175,591,029 (2024: £155,911,381). This was comprised of an Expendable Endowment Fund of £110,042,990 (2024: £89,662,302), Designated Funds of £56,487,741 (2024: £58,472,723), Restricted Funds of £312,147, and General Funds of £8,748,151 (2024: £7,776,356).

Investment policy

The Foundation has an Investment Policy that 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).

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Strategic report and trustees’ report Year to 31 March 2025

At the end of the financial year, £153,992,905 (2024: £88,088,696) had been deployed in financial investments, including a range of equity and bond investments under the discretionary mandate given to three investment banks, and in private equity and credit investments with a fund manager. Deployment to social investments at the year-end amounted to £4,088,267 (2024: £2,954,399). Investment income for the year amounted to £6,556,405 (2024: £4,264,524). Investment gains on financial investments during the period of investment amounted to £3,570,338 (2024: £4,064,653) whilst FX loss and impairment on social investments amounted to £105,431 (2024: £130,789).

Principal risks and uncertainties

A large share of the Foundation’s investments are held in foreign currencies. It is the Foundation’s policy not to undertake hedging due to a number of factors, including the source of funds are received in mixed currencies, funding commitments are fulfilled in mixed currencies, and the Foundation’s investments are being held with a long-term view. However, this does mean the investment portfolio is exposed to the currency fluctuations, which is being monitored should the Foundation decide to take a different approach.

The Foundation’s success depends upon the continued service of key personnel with specialist skills and experience, and thus, staff turnover can pose a risk. This risk is mitigated through a dedicated talent programme which focuses on succession planning, career development and the retention and motivation of staff.

Principal funding

During the year, Jeremy Coller donated £21,733,154 (2024: £40,165,030), to which no gift aid claim was applicable (2024: £10,041,252).

Employees

Between April 2024 and March 2025, the Foundation grew its staff to 57 employees (2024: 45), 53 of which are dedicated to FAIRR (2024: 35), reflecting the growth of FAIRR’s membership and activities, as well as new projects undertaken by the Foundation.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The Jeremy Coller Foundation was incorporated as a company limited by guarantee in England and Wales on 21 July 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.

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.

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Strategic report and trustees’ report Year to 31 March 2025

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 1. 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.

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.

Key Management Personnel

The Trustees do not receive any remuneration or benefits. Trustee expenses are disclosed within note 11 of the financial statements. All senior staff have regular appraisals and are remunerated in line with comparable employees in the not-for-profit sector. Those staff comprising key management personnel and their remuneration is set out in note 10 of the financial statements.

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 risks related to intensive animal agriculture 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 expects to 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.

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).

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Strategic report and trustees’ report Year to 31 March 2025

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:

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Strategic report and trustees’ report Year to 31 March 2025

AUDITORS

The auditors, Buzzacott Audit 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.

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

Jeremy Coller Trustee

Date: 03/11/2025

Jeremy Coller Foundation 16

Independent auditor’s report on the financial statements 31 March 2025

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 parent company’) and its subsidiary (the ‘group’) for the year ended 31 March 2025 which the comprise the group statement of financial activities, the group and charitable parent company balance sheets and group 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 group 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.

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Independent auditor’s report on the financial statements 31 March 2025

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report and financial statements, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 group and the charitable parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report including the strategic 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:

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Independent auditor’s report on the financial statements 31 March 2025

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 group’s and the charitable parent 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 group or the charitable parent 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:

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Independent auditor’s report on the financial statements 31 March 2025

Auditor’s responsibilities for the audit of the financial statements (continued) We assessed the susceptibility of the group’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 for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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Independent auditor’s report on the financial statements 31 March 2025

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 Audit LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

5 November 2025

Jeremy Coller Foundation 21

Consolidated Statement of financial activities (incorporating income and expenditure account) Year to 31 March 2025

Notes
Unrestricted
funds
£		 Restricted
funds
£
 Endowment
funds
£
21,733,154

—

—
21,733,154

331,867

—

331,867
21,401,287
—
3,497,172
24,898,459
(4,517,771)
20,380,688
89,662,302
110,042,990		 2025
Total
funds
£

22,526,565
6,556,405
114,426
29,197,396


409,053
12,573,602
12,982,655


16,214,741

(105,431)
3,570,338
19,679,648

—
19,679,648


155,911,381

175,591,029		 2024
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 (expenditure)/income before
gains (losses) on investments
Impairment and foreign exchange on
social investments
13
Net gains and foreign exchange on
investments
13
Net (expenditure)/income

Transfers between funds
16
Net movement in funds

Reconciliation of funds
Total funds brought forward

Total funds carried forward
419,938

6,556,405

114,426
373,473

—

—		 50,564,756
4,264,524
8,423
7,090,769
373,473		 54,837,703

77,186
12,512,276
—

61,326		 135,869
9,200,354
12,589,462
61,326		 9,336,223
(5,498,693)

(105,431)

73,166		 312,147
—
—		 45,501,480
(130,789)
4,064,653
(5,530,958)

4,517,771
312,147

—		 49,435,344
—
(1,013,187)
66,249,079
312,147

—		 49,435,344
106,476,037
65,235,892
312,147		 155,911,381

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

The notes on pages 30 to 45 form part of these financial statements.

Jeremy Coller Foundation 22

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

Notes Unrestricted
funds
£

15,564,756

4,264,524

8,423
19,837,703

43,919

9,200,354
9,244,273
10,593,430
(130,789)
(6,769)
10,455,872
55,793,207
66,249,079		 Endowment
funds
£		 2024
Total
funds
£
50,564,756
4,264,524
8,423
54,837,703
135,869
9,200,354
9,336,223
45,501,480
(130,789)
4,064,653
49,435,344
106,476,037
155,911,381
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
12
Net (losses) gains and foreign exchange
on investments
12
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 35,000,000
—
—
35,000,000
91,950
—
91,950
34,908,050
—
4,071,422
38,979,472
50,682,830
89,662,302

Jeremy Coller Foundation 23

Consolidated Balance sheet 31 March 2025

Notes
Group
2025
£		 Group
2024
£		 Charity
2025
£		 Charity
2024
£
Fixed assets
Investments
13
Investment in subsidiary

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
Restricted funds
16
Unrestricted funds
. Designated funds
16
. General funds
16
Total unrestricted funds
16
Total funds
 158,081,172
—		 91,043,096
—		 158,081,172
1		 91,043,096
—
158,081,172
10,670,598
8,178,166		 91,043,096
10,433,988
55,115,364		 158,081,173
10,662,380
8,118,203		 91,043,096
10,433,988
55,115,364
18,848,764

(1,338,907)		 65,549,352
(681,067)		 18,780,583
(1,324,502)		 65,549,352
(681,067)
17,509,857 64,868,285 17,456,081 64,868,285
175,591,029 155,911,381 175,537,254 155,911,381
110,042,990

312,147
56,487,741

8,748,151		 89,662,302
—
58,472,723
7,776,356		 110,042,401
312,147
56,487,741
8,694,965		 89,662,302
—
58,472,723
7,776,356
65,235,892 66,249,079 65,182,706 66,249,079
175,591,029 155,911,381 175,537,254 155,911,381

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

Jeremy Coller Chair

Date: 03/11/2025

Company registered number: 09696841

The notes on pages 30 to 45 form part of these financial statements.

Jeremy Coller Foundation 24

Consolidated Statement of cash flows Year to 31 March 2025

Note 2025
£		 2024
£
Cash flows from operating activities
Net cash provided by operating activities
A
Cash flows from investing activities
B
Dividends and interest from investments
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		 10,185,873 42,473,490
6,450,098
59,188,233
(121,522,103)
(1,239,299)		 4,076,341
30,847,298
(82,759,216)
(3,085,188)
**(57,123,071) ** (50,920,765)
(46,937,198)
55,115,364		 (8,447,275)
63,562,639
8,178,166 55,115,364

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

2025
£		 2024
£
Net income for the year (as per the statement of
financial activities)
Adjusted for:
Loss on write back of fixed assets
Gain on investments
Dividends and interest from investments
Decrease in debtors
Increase in creditors
Net cashprovided by operating activities		 19,679,648
—
(3,464,907)
(6,556,405)
(130,303)
657,840		 49,435,344
33,636
(3,933,864)
(4,264,524)
1,076,004
126,894
10,185,873 42,473,490

B Analysis of cash and cash equivalents

2025
£		 2024
£
Cash in hand 8,178,166` 55,115,364

C Analysis of changes in net debt

At 1 April
2024
£		 Cash flows
£
(46,937,198)		 At 31
March
2025
£
Cash at bank and in hand 55,115,364 8,178,166

Jeremy Coller Foundation 25

Principal accounting policies 31 March 2025

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 consolidated into the financial statements on the basis of preparation.

Basis for consolidation

The group financial statements consolidate the financial statements of the Jeremy Coller Foundation and its wholly owned subsidiary Coller FAIRR Limited for the period ended 31 March 2025. Consolidation is on a line by line basis and eliminates intercompany transactions.

A separate Statement of Financial Activities for the charitable company itself is not presented because the charitable company has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006. During the period, the parent charitable company made a surplus of £16,160,965 (2024: £45,501,480).

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 probable that the income will be received, and the amount of income receivable can be measured reliably.

Jeremy Coller Foundation 26

Principal accounting policies 31 March 2025

Income (continued)

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.

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.

Income in relation to Gift Aid tax refunds are recognised at the time the associated donation(s) is received, if accompanied by a valid gift aid declaration

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.

Jeremy Coller Foundation 27

Principal accounting policies 31 March 2025

Foreign currencies (continued)

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

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.

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.

Jeremy Coller Foundation 28

Principal accounting policies 31 March 2025

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 pension scheme 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 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.

Restricted funds are subject to specific conditions imposed by donors or grant providers. The charity accounts for restricted income separately from unrestricted income to ensure it is used in accordance with the donor’s wishes.

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 in the prior year office space), the valuation of social investments, the allocation of costs between activities and estimating future cash flows for the purpose of assessing going concern.

Jeremy Coller Foundation 29

Notes to the Financial Statements Year to 31 March 2025

1 Income from donations and legacies

Unrestricted
funds
£		 Restricted
funds
£		 Endowment
funds
£		 2025
Total
funds
£
21,768,704
—
384,388
—
373,473
22,526,565		 2024
Total
funds
£
Donations
Donated office space
Donated services
Gift aid
Grant income		 35,550
—
384,388
—
—		 —
—
—
—
373,473		 21,733,154
—
—
—
—		 40,165,030
137,000
221,474
10,041,252
—
419,938 373,473 21,733,154 50,564,756

In the prior year £35,000,000 was recognised in the endowment fund with the remaining amount in unrestricted funds.

2 Investment income

Investment income
Unrestricted
funds
£		 2025
Total
funds
£
4,229,944
2,326,461
6,556,405		 2024
Total
funds
£
Dividends
Bank interest received		 4,229,944
2,326,461		 1,024,264
3,240,260
6,556,405 4,264,524

Dividends
Bank interest received		 Unrestricted
funds
£		 2024
Total
funds
£
1,024,264
3,240,260		 1,024,264
3,240,260
4,264,524 4,264,524

3 Other income

Other income
Unrestricted
funds
£		 2025
Total
funds
£
29,476
84,950
114,426		 2024
Total
funds
£
Recharges and other income
Provision of services		 29,476
84,950		 8,423
—
114,426 8,423

Recharges		 Unrestricted
funds
£		 2024
Total
funds
£
8,423 8,423
8,423 8,423

Jeremy Coller Foundation 30

Notes to the Financial Statements Year to 31 March 2025

4 Expenditure on investment management

Investment management costs
Total		 Unrestricted
funds
£		 Endowment
funds
£
331,867
331,867		 2025
Total
funds
£		 2024
Total
funds
£
77,186 409,053 135,869
77,186 409,053 135,869
Investment management costs
Total		 Unrestricted
funds
£		 Endowment
funds
£		 2024
Total
funds
£
135,869
135,869
43,919 91,950
43,919 91,950

5 Analysis of expenditure on charitable activities

Summary by fund type

FAIRR
Education and other
Provision of services		 Unrestricted
funds
£
7,931,427
4,571,930
8,919
12,512,276
Restricted
funds
£
—
61,326
—
61,326		 2025
Total
£		 2024
Total
£
7,931,427
4,633,256
8,919		 5,549,770
3,650,584
—
12,573,602 9,200,354
FAIRR
Education and other		 Unrestricted
funds
£
5,549,770
3,650,584
9,200,354		 2024
Total
£
5,549,770
3,650,584
9,200,354

Jeremy Coller Foundation 31

Notes to the Financial Statements Year to 31 March 2025

6 Analysis of grants

Analysis of grants
Grants to
Institutions
£		 2025
Total
funds
£		 2024
Total
funds
£
Grants and other education 3,395,267 3,395,267 2,802,206

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

2025 2024
£
Name of institution £
Coller School of Management, Tel Aviv University (contractual amount)
Tel Aviv University, other donations
Coller Institute of Venture, Tel Aviv University
The JC Eudaimonia Foundation
London School of Economics
The Good Food Institute, Inc.
The Portland Trust
The Science Museum Group
The University of Manchester
Awards under £100,000 (25) (2024: 22)		 1,403,806
480,832
317,839
230,000
189,138
120,125
—
100,000
100,000
453,527		 1,345,895
411,389
317,108
—
—
118,755
120,000
—
—
489,059
3,395,267 2,802,206

7 Analysis of expenditure by activities

Activities
undertaken
directly
£		 Grant
funding of
activities
£		 Support
costs
£		 2025
Total
funds
£
FAIRR
Education and other
Provision of services
Education and other - restricted
2024 Total funds		 5,642,341
877,735
8,919
61,326		 —
3,395,267
—
—		 2,289,086
298,928
—
—		 7,931,427
4,571,930
8,919
61,326
6,590,321 3,395,267 2,588,014 12,573,602
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

Jeremy Coller Foundation 32

Notes to the Financial Statements Year to 31 March 2025

8 Analysis of support costs

Analysis of support costs
2025
Total
funds		 2024
Total
funds
£
£
Staff costs
Write back of fixed assets
Audit fees
Donated office space
Rental costs
Bank charges
Consultancy fees
Loss on foreign exchange
Legal and professional fees
IT
Insurance		 427,598
—
39,450
—
544,097
4,843
408,144
989,139
84,258
81,399
9,086		 307,666
33,145
30,000
137,000
—
3,567
337,805
265,331
67,371
53,874
6,587
2,588,014 1,242,346

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

9 Net movement in funds

This is stated after charging:

2025 2024
£
£
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		 4,698,375
32,000
7,450
—		 3,471,358
30,000
3,000
(33,145)

10 Staff costs

Staff costs
2025 2024
£
£
Wages and salaries
Social security costs
Contribution to defined contribution pension schemes
Agency staff		 3,659,828
412,553
404,684		 2,710,927
314,151
313,927
4,477,065 3,339,005
221,310 132,353
4,698,375 3,471,358

Jeremy Coller Foundation 33

Notes to the Financial Statements Year to 31 March 2025

10 Staff costs (Continued)

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

2025 2024
No.
No.
FAIRR initiative
Other staff
Admin		 43
6
5		 35
7
3
54 45

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

2025 2024
No.
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 £120,001 - £130,000		 5
2
1
2
3
4
1		 2
—
2
4
3
1
—

The key management personnel of the charity comprise the Trustees, Executive Director, 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 £1,223,999 (2024: £835,788).

11 Trustees’ remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024: £nil).

During the year ended 31 March 2025, one Trustees had travel and subsistence expenses paid for by the charity of £12,012 (2024: £13,242 for one Trustee). These expenses were wholly in furtherance of the charitable purpose of the Foundation.

Jeremy Coller Foundation 34

Notes to the Financial Statements Year to 31 March 2025

12 Subsidiary financial results

Coller FAIRR Limited is a wholly-owned subsidiary of the Jeremy Coller Foundation which is incorporated in England and Wales. A summary of Coller FAIRR Limited’s results for the period to 31 March 2025 are shown below. Coller FAIRR Ltd has not provided for corporation tax as it intends to donate an amount equal to its taxable profits for the year to the Foundation within nine months of the end of its financial year.

Profit and loss account Period to 31
March 2025
£
Turnover
Cost of sales
Gross profit
Administrative expenses
Net profit
Taxation
Gift aid to parent charity
Retained in subsidiary		 84,950
(27,466)
57,484
—
57,484
—
—
57,484

13 Investments

Investments
Group
2025
£		 Group
2024
£		 Charity
2025
£		 Charity
2024
£
Social investments
Financial investments
Shares in subsidiary undertaking		 4,088,267
153,992,905
—		 2,954,399
88,088,696
—		 4,088,267
153,992,905
1		 2,954,399
88,088,696
1
158,081,172 91,043,095 158,081,173 91,043,096

Group and Charity Social investments

Global Food
Innovation
fund
£		 Savor Foods
£		 Xias Bio
£		 Alpen Bio
£		 Microlub
£		 2025
£		 2024
£
Fair value at 1 April 2024
Additions
Impairment charge (including
foreign exchange movement)
Fair value at 31 March 2025
Historic cost		 263,737
—
(47,816)		 2,690,662
—
(56,798)		 —
619,815
—		 —
194,480

(817)		 —
425,004
—		 2,954,399
1,239,299
(105,431)		 —
3,085,188
(130,789)
215,921
2,633,864		 619,815
193,663
425,004		 4,088,267 2,954,399
312,347
2,772,841		 619,815 194,480
425,004		 4,324,487 3,085,188

Jeremy Coller Foundation 35

Notes to the Financial Statements Year to 31 March 2025

13 Investments (continued)

Group and Charity Fixed asset investments

Group and Charity Fixed asset investments
2025
£		 2024
£
Market value at 1 April 2024
Additions
Disposal proceeds
Realised gains/(losses) on disposal
Unrealised gains (including foreign exchange movement)
Value at 31 March 2025
Historic cost		 88,088,697
121,522,103
(59,188,233)
221,887
3,348,451		 32,112,125
82,759,217
(30,847,298)
(49,102)
4,113,755
153,992,905 88,088,697
148,108,666 83,366,579

At 31 March 2025, the listed investments comprised the following:

2025
£		 2024
£
Overseas fixed interest
UK equities and unit trusts
Overseas equities and unit trusts
Cash Products		 31,781,982
3,531,331
67,482,913
1,467,390		 19,864,959
1,622,263
65,759,395
842,080
104,263,616 88,088,697

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 prior period.

2025
£
At 1 April
Additions
At 31 March		 —
1
1
2025
£
The aggregate of the assets and liabilities was:
. Assets
. Liabilities
At 31 March
Represented by:
. Profit and loss account
. Share capital		 90,437
(32,952)
57,485
57,484
1
57,485

Jeremy Coller Foundation 36

Notes to the Financial Statements Year to 31 March 2025

14 Debtors

Debtors
Due within oneyear Group
2025
£		 Group
2024
£		 Charity
2025
£		 Charity
2024
£
Trade debtors
Other debtors
Amounts owed by subsidiary
Prepayment and accrued income
VAT Reclaimable		 24,988
10,087,609
—
552,515
5,486
10,670,598		 —
10,058,060
—
375,928
—		 —
10,087,609
22,256
552,515
—		 —
10,058,060
—
375,928
—
10,433,988 10,662,380 10,433,988

Other debtors includes unpaid Gift Aid of £10,041,252 as at 31 March 2025 (2024: £10,041,252). The trustees consider that the gift aid tax refund is fully recoverable.

15 Creditors: amounts falling due within one year

Group
2025
£		 Group
2024
£		 Charity
2025
£		 Charity
2024
£
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 100,135
297,901
45,558
895,313		 77,617
85,310
33,276
484,864		 67,429
297,901
45,558
913,614		 77,617
85,310
33,276
484,864
1,338,907 681,067 1,324,502 681,067

Jeremy Coller Foundation 37

Notes to the Financial Statements Year to 31 March 2025

16 Statement of funds

Group Statement of funds – current year

Balance at 1
April 2024
£
Income
£
Expenditure
£
Transfer
in/out
£		 Gains
(losses)
£
 Balance at
31 March
2025
£
Unrestricted funds
Designated funds
Coller School of
Management
Social Investing fund
Rental fund
General funds
General funds
Total unrestricted
funds
Restricted funds
Moore Grant
WWF Grant
Total Restricted funds
Endowment funds
Expendable Endowment
Total funds		 9,654,105
36,825,292
11,993,326
—

—

—
(1,304,481)

—

(648,236)
—

—
—
—

(105,431)

73,166
8,349,624
36,719,861
11,418,256
58,472,723
—
(1,952,717)		 —
(32,265)		 56,487,741
7,776,356
7,090,769		 (10,636,745) 4,517,771
—
8,748,151
66,249,079
7,090,769		 (12,589,462) 4,517,771
**(32,265) **		 65,235,892
—
—
361,473

12,000
(49,326)

(12,000)
—
—
—

—
312,147

—
—
373,473
(61,326)		 —
—
312,147
89,662,302 21,733,154
(331,867)		 (4,517,771) 3,497,172 110,042,990
155,911,381 29,197,396 (12,982,655) — 3,464,907 175,591,029

Jeremy Coller Foundation 38

Notes to the Financial Statements Year to 31 March 2025

Charity Statement of funds – current year

Balance at 1
April 2024
£
Income
£
Expenditure
£
Transfer
in/out
£		 Gains
(losses)
£
 Balance at
31 March
2025
£
Unrestricted funds
Designated funds
Coller School of
Management
Social Investing fund
Rental fund
General funds
General funds
Total unrestricted
funds
Restricted funds
Moore Grant
WWF Grant
Total Restricted funds
Endowment funds
Expendable Endowment
Total funds		 9,654,105
36,825,292
11,993,326
—

—

—
(1,304,481)

—

(648,236)
—

—
—
—

(105,431)

73,166		 8,349,624
36,719,861
11,418,256
58,472,723
—
(1,952,717)		 —
(32,265)		 56,487,741
7,776,356
7,005,820		 (10,604,982) 4,517,771
—
8,694,965
66,249,079
7,005,820		 (12,557,699) 4,517,771
(32,265)		 65,182,706
—
—
361,473

12,000
(49,326)

(12,000)
—
—
—

—
312,147

—
—
373,473
(61,326)		 — —
312,147
89,662,302 21,755,410
(354,712)		 (4,517,771) 3,497,172 110,042,401
155,911,381 29,134,703 (12,973,737) — 3,464,907 175,537,254

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 office space.

Restricted Funds

Moore Grant – These funds have been received from the Gordon and Betty Moore Foundation on a restricted basis to be used towards mobilization of investor engagements with seafood companies on the implementation of traceability and sustainable practices.

WWF Grant – These funds have been received from the World Wildlife Fund Inc on a restricted basis to be used towards building investor capacity to effectively incentivize corporate implementation of robust, full-chain, digital traceability commitments and monitor and report on progress of collaborative engagements over time to demonstrate the value of investor action.

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 39

Notes to the Financial Statements Year to 31 March 2025

16 Statement of funds

Statement of funds – prior 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

17 Summary of funds

Group

Group
Designated funds
General funds
Endowment funds
Restricted Funds		 Balance at 1
April 2024
£
Income
£
Expenditure
£
Transfer
in/out
£		 Gains
(losses)
£
 Balance at
31 March
2025
£
58,472,723
7,776,356
89,662,302
—
—

7,090,769

21,733,154

373,473		 (1,952,717)
(10,636,745)

(331,867)

(61,326)
—

4,517,771
(4,517,771)
—
(32,265)

—
3,497,172

—		 56,487,741

8,748,151
110,042,990

312,147
155,911,381
29,197,396		 (12,982,655) — 3,464,907 175,591,029
Balance at 1
April 2023
£
Income
£
Expenditure
£
Transfer
in/out
£		 Gains
(losses)
£		 Balance at
31 March
2024
£
Designated funds
General funds
Endowment funds		 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

Jeremy Coller Foundation 40

Notes to the Financial Statements Year to 31 March 2025

18 Summary of funds (continued) Charity

Designated funds
General funds
Endowment funds
Restricted Funds		 Balance at 1
April 2024
£
Income
£
Expenditure
£
Transfer
in/out
£		 Gains
(losses)
£
 Balance at
31 March
2025
£
58,472,723
7,776,356
89,662,302
—
—

7,005,820

21,755,410

373,473		 (1,952,717)
(10,604,982)

(354,712)

(61,326)
—

4,517,771

(4,517,771)
—
(32,265)

—
3,497,172
—		 56,487,741

8,694,965
110,042,401

312,147
155,911,381
29,134,703		 (12,973,737) — 3,464,907 175,537,254
Balance at 1
April 2023
£
Income
£
Expenditure
£
Transfer
in/out
£		 Gains
(losses)
£		 Balance at
31 March
2024
£
Designated funds
General funds
Endowment funds		 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

18 Analysis of net assets between funds

Group

Unrestricted
funds
£
48,038,182
18,536,617
(1,338,907)
65,235,892		 Restricted
funds
£
—
312,147
—
312,147		 Endowment
funds
£
2025
Total
£
Fixed asset investments
Current assets
Creditors due within one year
Total		 110,042,990158,081,172
—
18,848,764
—
(1,338,907)
110,042,990175,591,029

Charity

Unrestricted
funds
£
48,038,771
18,468,437
(1,324,502)
65,182,706		 Restricted
funds
£
—
312,147
—
312,147		 Endowment
funds
£
2025
Total
£
Fixed asset investments
Current assets
Creditors due within one year
Total		 110,042,401158,081,172
—
18,780,584
—
(1,324,502)
110,042,401175,537,254

Jeremy Coller Foundation 41

Notes to the Financial Statements Year to 31 March 2025

18 Analysis of net assets between funds (continued)

Group and Charity

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

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 £305,188 (2024: £313,927). A balance of £45,558 (2024: £33,276) was payable to the fund at the balance sheet date and is included in the creditors.

20 Operating lease commitments

At 31 March 2025 the Charity had the following operating lease commitments:

Office lease 2025
£		 2024
£
514,645
548,721
1,063,366
Within one year
Between one year and five years		 548,721
—
548,721

Jeremy Coller Foundation 42

Notes to the Financial Statements Year to 31 March 2025

21 Grant commitments

At 31 March 2025 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:

2025
£		 2024
£
Within one year
Between one year and five years
In more than five years		 2,575,531
8,663,427
4,028,932		 1,751,452
5,938,886
2,675,174
15,267,890 10,365,512

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

Jeremy Coller Foundation 43

Notes to the Financial Statements Year to 31 March 2025

22 Related party transactions

During the year, the charity received a donation of shares with a value of £21,733,154 (2024: £40,165,030 - cash) with £nil Gift Aid (2024: £10,041,252) from Jeremy Coller, a Trustee. The charity received a gift in kind in office space rental from Coller Capital of £nil (2024: £137,000) and donated services from Coller Holdings of £384,388 (2024: £221,474). There were recharges from Coller Capital in respect of third party expenses borne on the Foundation’s behalf, which totalled £93,538 (2024: £53,960).

In the year £7,785,852 was invested in Coller Private Equity Secondaries Opportunities and £14,916,234 was invested in Coller Private Credit Secondaries, funds managed by Coller Capital (2024: £nil and £nil). During the year, a gift with a value of £21,733,154 was received in respect of shares in Coller Secondaries Private Equity Opportunities Fund, managed by Coller Capital (2024: £nil). At the year end, balances in Coller Capital managed funds totalled £49,729,289 in respect of these investments (£2024: nil).

During the year the charity received dividend income of £2,633,413 from funds managed by Coller Capital (2024: £nil).

The Foundation granted £230,000 to The JC Eudaimonia Foundation, a charity and company limited by guarantee incorporated in England, an entity in which some of the Foundation’s trustees also serve as trustees. There were no such transactions in the prior year.

The charity incurred expenditure of £11,502 (2024: £14,352) 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 arm’s length.

Coller FAIRR Limited is wholly owned trading subsidiary of the charity. During the year, the Jeremy Coller Foundation recharged costs of £18,547 to the subsidiary. At the year-end, a balance of £18,547 was due from the subsidiary to the parent charity. There are no comparative figures as the subsidiary was incorporated on 31 January 2024, therefore this is the first period of trading. All transactions were conducted on an arm’s length basis.

Jeremy Coller Foundation 44

Notes to the Financial Statements Year to 31 March 2025

22 Related party transactions (continued)

The Foundation invests in a number of widely held investment funds managed and advised by the Coller Capital Group. It does so because of the enhanced returns the Trustees consider can be realised on such investments compared to direct investment into public markets. Within these Funds the Foundation’s holdings are subject to advisory fees which are payable by the Fund to the Coller Capital Group. In addition, there are underlying transaction costs incurred on transactions within the funds, and these are shared by all investors, including the Foundation. As Jeremy Coller and his related interests also hold investments in the same funds, this, in theory, reduces the underlying transaction costs incurred by Mr Coller’s interests. Further, due to Jeremy Coller’s ownership percentage of the Coller Capital Group, an element of the advisory fees payable would pass through to Mr Coller. As the Articles of Association of the Foundation prohibit any direct or indirect benefit being provided to Trustees, the Foundation required Mr Coller to agree to reimburse the Foundation for any benefit he and his related interests may have obtained, by reason of the investment made by the Foundation.

For the year ended 31 March 2025, Mr Coller will reimburse $15,213 in advisory fees borne by the Foundation and $18,689 in transaction costs (total $33,902 (2024: £nil)) and this is included as a debtor in the financial statements.

23 Controlling party

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

Jeremy Coller Foundation 45