2025-12-31-accounts

	Pages
INDEX
Charityinformation		1
Chairman'sLetter		2
TrusteesReport		3-10
Auditreport		11-14
StatementofFinancialActivities		15
BalanceSheet		16
Cashflowstatement		17
NotestotheAccounts		18-23

Charitynumber	RegisteredCharity1190167
Trustees	ProfessorDavidCoggonOBEMAPhDDMFRCPFFOMFFPHFMedSci
	ProfessorPaulCullinanMDFRCPFFOM
	MrsClareGilchrist
	ProfessorAlexJonesMChemPhDFRSC
	MrsPatriciaLebus
	ProfessorIraMadanMBBS(Hons)MDFRCPFFOM
	ProfessorSirAnthonyNewmanTaylorCBEFRCPFFOMFMedSci(Chairman)
	DrElaineWainwrightCPsycholPhDFHEAMScMA(Oxon)(appointed17thMarch2025)
	ProfessorRodgerDuffinBSc(Hons)PhDMRCPathFRSB(from17thMarch2025)
ChiefExecutive	MrsNatashaHeydon
InvestmentAdviser	MrRoystonFoxFPFS
Charityaddress	UnitE,TheOldBakery
	GoldenSquare
	Petworth
	WestSussex
	GU28OAP
	www.coltfoundation.org.uk
	[e-mail]
Bankers	CaterAllenPrivateBank,2TritonSquare,London,NW13AN
Solicitors	Farrer&Co,66Lincoln'sInnFields,London,WC2A3LH
Accountants	TCGroup,3AcornBusinessCentre,NortharbourRoad,Cosham,PO63TH
Investmentmanagers	QuilterCheviotInvestmentManagement,SenatorHouse,85QueenVictoria
	Street,LondonEC4V4A

		Unrestricted	Unrestricted
		Funds	Funds
	Note	Yearended	Yearended
		31Dec2025	31Dec2024
		£	£
Incomingresources
Investmentincome	3	1,065,992	1,047,876
Donationsreceived		10,564
Totalincomingresources		1,076,556	1,047,876
Expenditure
Expenditureonraisingfunds:
Investmentmanagementcosts	4	(134,267)	(126,816)
Expenditureoncharitableactivities:
Charitableactivities	4	(1,190,367)	(561,518)
Totalresourcesexpended		(1,324,634)	(688,334)
(Loss)/gaininmarketvalueoflisted investments		2,975,844	2,670,790
Netmovementinfunds		2,727,766	3,030,332
Reconciliationoffunds
Totalfundsatstartoftheyear		36,470,636	33,440,304
Totalfundsatendoftheyear		39,198,402	36,470,636

	31Dec2025	31Dec2024
	£	£
Fixedassets
Investments	39,716,665	36,713,295
Cashdeposits	1,376,818	1,155,709
	41,093,483	37,869,004
Currentassets
Debtors	1,200	1,200
Otherdebtors	109,950	83,498
Cashatbank	57,089	52,633
	168,239	137,331
Currentliabilities
Creditors:amountsfallingduewithinoneyear-grantspayable	(469,878)	(907,564)
Netcurrentliabilities	(301,639)	(770,233)
Creditors:amountsfallingdueafteroneyear-grantspayable	(1,593,442)	(628,135)
Totalnetassets	39,198,402	36,470,636
Thefundsofthecharity
Unrestrictedfunds	39,198,402	36,470,636
Totalcharityfunds	39,198,402	36,470,636

	31Dec2025	31Dec2024
	£	£
Reconciliationofnetincome/expendituretonetcashflowfrom	operatingactivities
Netincome/expenditurefortheyear	2,727,766	3,030,332
Investmentincome	(1,076,556)	(1,047,876)
Gainsoninvestments	(2,975,844)	(2,670,790)
Increaseindebtors	26,452	(2,775)
(Decrease)/increaseingrantcommitments	527,620	(90,601)
Netcashoutflowfromoperatingactivity	(770,562)	(781,710)
	31Dec2025	31Dec2024
	£	£
Cashflowfromoperatingactivities	(770,562)	(781,710)
Cashflowfrominvestingactivities
Purchasesofinvestments	(6,575,444)	(4,285,349)
Receiptsfromsaleofinvestments	6,505,579	4,427,338
Dividendsandinterestreceived	1,065,992	1,047,876
Netcashflowfrominvestingactivities	996,127	1,189,865
Netincrease/(decrease)incashduringtheyear	225,565	408,155
Cashandcashequivalentsbroughtforward	1,208,342	800,187
Cashandcashequivalentscarriedforward	1,433,907	1,208,342
Cashandcashequivalentsconsistsof:
Cashdeposits	1,376,818	1,155,709
Cashatbank	57,089	52,633
	1,433,907	1,208,342

	Year	Year
	ended	ended
	31Dec2025	31Dec2024
	£	£
Wagesandsalaries	86,750	84,800
Socialsecuritycosts	2,470	4,344
Employerscontributiontodefined contributionpensionschemes	5,784	5,686
	95,004	94,830

	Year	Year
	ended	ended
	31Dec2025	31Dec2024
	£	£
Dividendsreceived	1,041,484	1,028,462
Interestreceived	24,508	19,414
	1,065,992	1,047,876

4	Expenditure
		Yearended	Yearended
		31Dec2025	31Dec2024
	Expenditureonraisingfunds:
	Investmentmanagementfees	134,267	126,816
	Expenditureoncharitableactivities:
	Newgrantcommitmentsawardednetofreversalofexpiredgrantcommitments:
	02/92King'sMSc's	60,000
	05/06RSM,MilitaryMedicine		(3,838)
	03/18ImperialCollege,Vineis		(22,874)
	02/20UCL,Yates		(22)
	03/20Oxford,Holdsworth		(96)
	04/22Sheffield,Freeth	(344)
	03/23KCL,Smith		63,871
	01/24GSTT,Ntani	1,369	70,450
	02/24Swansea,Jenkins	215,843
	01/25KCL,Ledden	156,257
	02/25CarlReynolds	127,793
	04/25Manchester.Basinas	85,287
	05/25Aberdeen,Macfarlane	150,521
	StudentFellowships	245,188	322,059
		1,041,914	429,550
	Managementandadministration:
	Wagesandsalaries	95,005	94,830
	Officeexpenses	6,189	7,942
	Insuranceandsundry	8,301	3,229
	Travelandsubsistence	22,291	16,138
		131,786	122,139
	Lossonexchange	6,635
	Governancecosts	10,032	9,829
		1,324,634	688,334

Fixedassetinvestments
	Yearended	Yearended
	31Dec2025	31Dec2024
	Listed	Listed
	£	£
Marketvalueat31December2024	36,713,295	34,184,494
Additions	6,533,105	4,285,349
Disposals	(6,505,579)	(4,427,338)
Gains/(loss)inmarketvalueoflistedinvestments	2,975,844	2,670,790
Marketvalueat31December2025	39,716,665	36,713,295
Valueofinvestmentsat31December2025

Totalfixedinterestinvestments	6,510,700	6,153,907
TotalUnitedKingdominvestments	8,158,764	8,377,613
TotalNorthAmericaninvestments	11,489,582	11,236,438
TotalEuropeaninvestments(exUK)	4,908,858	3,982,866
TotalJapaneseinvestments	996,736	1,105,351
TotalAsianPacificinvestments(exJapan)	1,567,762	987,931
TotalEmergingMarketsinvestments	2,307,906	1,184,371
TotalGlobalinvestments	488,400	387,400
TotalAlternativeinvestments	3,287,957	3,297,418
	39,716,665	36,713,295

Debtors
	Year	Year
	ended	ended
	31Dec2025	31Dec2024
	£	£
Prepayments	1,200	1,200
OtherDebtors	109,950	83,498
	111,150	84,698
Creditors-grantspayable
	Year	Year
	ended	ended
	31Dec2025	31Dec2024
	£	£
Grantspayableasat31/12/2024	1,535,699	1,626,301
Grantsawardedduringtheyear	1,042,258	492,471
Grantobligationsreleasedduringtheyear	(343)	(62,921)
Grantspaidduringtheyear	(514,294)	(520,152)
Grantspayableasat31/12/2025	2,063,320	1,535,699