2020-12-31-accounts - The Colt Foundation

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

THE COLT FOUNDATION

REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

(Charity Number 1190167)

THE COLT FOUNDATION

REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

INDEX

----- Start of picture text -----
Reference and administrative information 1
Trustees Report 2 to 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Accounts 8 to 9
----- End of picture text -----

THE COLT FOUNDATION

REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

REFERENCE AND ADMINISTRATIVE INFORMATION

Charity number

Registered Charity 1190167

Trustees

appointed 1 January 2021 Professor David Coggon OBE MA PhD DM FRCP FFOM FFPH FMedSci appointed 1 January 2021 Mrs Clare Gilchrist appointed 1 January 2021 Mrs Patricia Lebus appointed 1 January 2021 Dr Ira Madan MBBS(Hons) MD FRCP FFOM appointed 1 January 2021 Professor Sir Anthony Newman Taylor CBE FRCP FFOM FMedSci (Chairman) appointed 11 March 2021 Mrs Christina Fitzsimons appointed 11 March 2021 Dr Alex Jones MChem PhD MRSC

Charity Director

Mrs Natasha Heydon

Scientific advisers Dr Alex Jones MChem PhD MRSC, National Physical Laboratory Dr Rodger Duffin BSc (Hons), PhD, MRCPath, FRSB, University

of Edinburgh

Professor Paul Cullinan MD, FRCP, FFOM, National Heart and Lung Institute, Imperial College, London

Investment advisers Mr Royston Fox FPFS

Charity address

Unit E The Old Bakery Golden Square Petworth West Sussex GU28 0AP www.coltfoundation.org.uk Email tash@coltfoundation.org.uk

Bankers Lloyds Bank Ltd, 34 Moorgate, London EC2R 6PL

Solicitors Farrer & Co, 66 Lincoln’s Inn Fields, London, WC2A 3LH

Accountants TC Group, 3 Acorn Business Centre, Northarbour Road, Cosham, PO6 3TH

Investment managers Quilter Cheviot Investment Management, One Kingsway, London, WC2B 6AN

THE COLT FOUNDATION

REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

TRUSTEES’ ANNUAL REPORT

The Trustees present their first report and the financial statements of the charitable incorporated organisation (CIO) for the charity’s first period from its registration on the 29th June 2020 to 31st December 2020

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the charity’s trust deed and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

This report represents the first for The Colt Foundation as a newly incorporated charitable organisation. The Trustees made the decision in early 2020 to commence the process of closing The Colt Foundation (a registered charity numbered 277189) and forming instead a charitable incorporated organisation (CIO) under the same name, to continue the charitable purposes of The Colt Foundation. This decision was driven primarily by the desire to take advantage of the separate legal personality and limited legal liability for trustees. The new CIO was registered with the Charity Commission as a CIO on 29th June 2020, and on the 1st January 2021 the original The Colt Foundation (registered charity numbered 277189) was closed, with all of its assets transferred into this new CIO, The Colt Foundation (registered charity numbered 1190167).

The Trustees have taken the decision to change the financial period of the CIO, to align with the original charity, whose financial period runs 1st January to 31st December each year. These first financial statements of the new CIO, The Colt Foundation (registered charity numbered 1190167), therefore report the period from 29th June 2020 to 31st December 2020, being immediately prior to the cessation and transfer in of the original charity’s assets, and hence these financial statements report no income and expense for the period ended 31st December 2020.

Objectives and Activities

The primary purpose of The Colt Foundation is to promote and encourage research into social, medical and environmental problems created by commerce and industry.

The Colt Foundation considers applications for funding high quality research projects in the field of occupational and environmental health, particularly those aimed at discovering the causes of illnesses arising from conditions at the place of work. The work is monitored by our Scientific Trustees and Advisers and by our External Assessors to achieve the maximum impact with available funds. The Trustees prefer to be the sole source of finance for a project. Grants are not made to the general funds of other charities.

The Foundation also makes grants through selected universities and colleges to enable students to take higher degrees in subjects related to occupational and environmental health. PhD Fellowships are advertised each year, and the Foundation is committed to support the MSc course in Human & Applied Physiology at King’s College, London.

Application Process

The Trustees have a well-established system for the use of expert advisers to assist in decisions on which research applications to fund, and to advise on policy issues in various fields. Grants are awarded in competition with other applications and by peer review. Applicants must submit a formal application which is then sent to reviewers who provide written reviews.

In common with all research applications received, those involving Trustees or Scientific Advisers are assessed externally, and if a Trustee or Adviser, or their institution, is involved in any aspect of the application, he or she takes no part in the discussions or subsequent decision-making by the Board of Trustees.

THE COLT FOUNDATION

REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

TRUSTEES’ ANNUAL REPORT (CONTD.)

Grants awarded for periods in excess of one year are reviewed annually by a committee comprising one or more of the Trustees, the Director and a Scientific Adviser, and occasionally including one of the external assessors as well, before the Trustees agree to continue the grant.

Public Benefit

The Trustees are particularly keen to support work which is likely to make a difference to legislation, public policy or working practices, and thus improve the health of the global workforce. The Trustees, through the original charity The Colt Foundation (registered charity numbered 277189), have invested in research in many fields of occupational and environmental health, the impact of which is often most felt by those most disadvantaged in society. A significant sum has been invested into research into the effects of toxic, fine and ultrafine particles and fibres, including lung and cardiovascular disease, adding to the knowledge base over a long period, and helping identify hazards in the workforce and the wider population with a view to eliminating them or controlling the associated risks to an acceptable level.

Achievements and Performance

These first financial statements of the new CIO, The Colt Foundation (registered charity numbered 1190167), report the period from 29th June 2020 to 31st December 2020, being immediately prior to its replacing the original charity, The Colt Foundation (registered charity numbered 277189), and hence these financial statements report no activities for the period ended 31st December 2020.

For information on the achievements and performance of the original charity during 2020, please refer to the financial statements of The Colt Foundation (registered charity numbered 277189).

Financial review

For information on the financial performance of the original charity during 2020, please refer to the financial statements of The Colt Foundation (registered charity numbered 277189).

On the 1st January 2021, the new CIO was donated all of the assets of the original charity, The Colt Foundation (registered charity numbered 277189), to continue its charitable purpose of promoting and encouraging research into social, medical and environmental problems created by commerce and industry.

The donation received into the charity on the 1st January 2021 comprised:


comprised:	£
Listed investments comprising a portfolio of diverse equity	31,723,13
investments	0
Fixed term bank
deposits	1,004,546
Liquid cash balances	300,220

33,027,89 6

Reserves policy

Grants made by The Colt Foundation take the form of a commitment which may extend for as long as ten years, reviewed on an annual basis. To ensure that these commitments can be honoured, it is necessary to hold appropriate reserves. Such reserves have been created over a period of years by retaining a part of the investment income. The Colt Foundation does not seek contributions from the public. The fund is represented by £33,027,896 in quoted investments and cash deposits held as an investment.

THE COLT FOUNDATION

REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

TRUSTEES’ ANNUAL REPORT (CONTD.)

Investment Policy

The Investment Committee decided to appoint Quilter Cheviot Investment Management to handle the investments, with the primary investment objective being to maintain wealth and protect against inflation with emphasis on capital growth and income over the medium to the long-term.

In the spirit of the socially responsible nature of The Colt Foundation, an investment constraint of not directly investing in tobacco manufacturers has been laid down by the Investment Committee on behalf of the Trustees. The Colt Foundation does everything possible to minimise expenses.

Recruitment and Appointment of Trustees

The power relating to the appointment of Trustees is vested in the Trustees for the time being of The Colt Foundation. Potential new Trustees are considered by the entire Board of Trustees and a unanimous decision is required to ratify any new appointment.

Trustee Induction and Training

Potential new Trustees are provided with copies of the charity’s governing documents. These documents explain the purpose, objectives and activities of The Colt Foundation and an indication of the guiding principles and values of the charity. Potential new Trustees are also provided with copies of the minutes of recent Trustee meetings and have an interview with the Chairman of the Trustees and the Charity Director at which time any queries can be raised. Charity Commission guidelines covering the duties and responsibilities of Trustees are also made available to new Trustees.

Risk Assessment

There are three major risks to The Colt Foundation: the lack of sufficient funding to meet grant commitments; the risk of claims from third parties; and the risk to the reputation of The Colt Foundation. These risks have been reviewed by the Trustees:

It is the Trustees’ policy when approving grants to ensure that reserves are sufficient to cover forward commitments for grants without taking account of future income.

The Trustees hold indemnities from all Grantees in respect of any possible third party claims arising out of the research.

Everything possible is done to mitigate the risk to The Colt Foundation’s reputation: before agreeing to funding, the work is assessed by a number of experts in the particular field. A panel of Trustees, Scientific Advisers and the Charity Director then visit the research group to assess the capability of the group, the individuals, and the institution to carry out the work. Annual visits are made after the start of the research to monitor progress, and reports are requested on a regular basis.

THE COLT FOUNDATION

REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

TRUSTEES’ ANNUAL REPORT (CONTD.)

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).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.

In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP (FRS 102);
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Declaration of Trust. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees have complied with the duty in the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

On behalf of the Trustees

…………………………………..

11[th] October 2021

Professor Sir Anthony Newman Taylor Chair of the Board of Trustees

THE COLT FOUNDATION

REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

STATEMENT OF FINANCIAL ACTIVITIES FOR THE 6 MONTHS TO 31 DECEMBER 2020

Incoming resources Total investment income Total incoming resources Resources expended Charitable activities Total resources expended Net gains/(losses) on investments Net movement in funds Reconciliation of funds Total funds at start of the period Total funds at end of the period	Unrestric ted Funds 2020 £ -	Unrestric ted Funds 2020 £ -
		-
		-
		-
		-
		-
		-
		-

These financial statements of The Colt Foundation (registered charity numbered 1190167), report the period from 29th June 2020 to 31st December 2020, being the period immediately prior to it replacing the original charity, The Colt Foundation (registered charity numbered 277189).

For information on the financial performance of the original charity during 2020, please refer to the financial statements of The Colt Foundation (registered charity numbered 277189).

The notes on pages 8 to 9 form part of these financial statements.

THE COLT FOUNDATION

REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

BALANCE SHEET AS AT 31 DECEMBER 2020

Fixed assets Investments Cash deposits Current assets Debtors Cash at bank Current liabilities Creditors: amounts falling due within one year Net current assets Total net assets The funds of the charity Unrestricted funds Total charity funds		2020 £ - -
		-
		- -
		-
		-
		-
		-
		-
		-

Approved by the trustees on 11[th] October 2021 and signed on their behalf by

………………………………….. Professor Sir Anthony Newman Taylor Chair of the Board of Trustees

The notes on pages 8 to 9 form part of these financial statements.

THE COLT FOUNDATION

REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

NOTES TO THE FINANCIAL STATEMENTS

1 Accounting policies

1.1 Statutory information

The Colt Foundation is a charitable incorporated organisation registered with the Charity Commission in England and Wales. The office address is Unit E, The Old Bakery, Golden Square, Petworth, West Sussex, GU28 0AP.

The purpose of the charity is to promote and encourage research into social, medical and environmental problems caused by commerce and industry.

1.2 Basis of preparation

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. Accounting policies are consistently applied to all years presented unless otherwise stated.

1.3 Investments

Listed Investments are included in the balance sheet at their market value, which is determined with reference to the quoted price of the listed investment at the financial period end.

The Trustees have unlimited investment powers and are advised by Quilter Cheviot Investment Management.

1.4 Investment income

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity, which is normally upon notification of the interest paid or payable by the bank. Investment income on all listed investments is recognised on a receipts basis. Related investment management costs are recorded separately within expenses.

1.5 Grants payable

Grants payable are made to third parties in furtherance of the charity’s objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the charity.

THE COLT FOUNDATION

REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

Grant awards are decided by a committee comprising one or more of the Trustees, the Charity Director, a Scientific Adviser and if necessary an external assessor, before the Trustees agree to fund the grant. Provision for grants is made once the charity’s committee has made a commitment and this has been communicated to the grantee. The charity’s committee reviews annually whether funding is to be provided in the subsequent years of a recurring obligation and retains the discretion to terminate a grant. For this reason, an immediate liability arises only for the first year of the funding commitment.

THE COLT FOUNDATION

REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

NOTES TO THE FINANCIAL STATEMENTS (CONTD.)

2 Employees

The Colt Foundation (registered charity numbered 1190167) had no employees during the period 29th June 2020 to 31st December 2020.

The employment of the one employee of the original charity, The Colt Foundation (registered charity numbered 277189), was transferred into the new CIO from 1st January 2021.

3 Transactions with connected persons

No Trustee received remuneration or was reimbursed expenses during the period.

There was no transactions with connected parties of the charity during the period 29th June 2020 to 31st December 2020. During this time, all expenditure relating to the incorporation, registration and administration of the new CIO, were met by the original charity, The Colt Foundation (registered charity numbered 277189)

4 Commitments, liabilities and contingencies

At 31st December 2020 the charity had no contractual commitments, liabilities, or contingent liabilities.

Following the receipt on the 1st January 2021, of the donated assets from the original charity, The Colt Foundation, the charity made commitments to fund grants amounting to £1,325,455.

Also on the 1st January 2021, the charity, took over the operating lease commitments of the original charity, The Colt Foundation. The future minimum lease payments on these non-cancellable operating leases amount to £4,000 falling due within the year ended 31st December 2021, and £3,000 falling due within the year ended 31st December 2022.

5 Control

The charity is under the control of its board of Trustees. There is no ultimate controlling party.

6 Subsequent events

The donation received into the charity on the 1st January 2021 comprised:

THE COLT FOUNDATION

REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

BER 2020
Listed investments comprising a portfolio of diverse equity investments Fixed term bank deposits Liquid cash balances	31,723,13 0 1,004,546 300,220
	33,027,89 6