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





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|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|
||Emailtash@coltfoundation.org.uk|
|Bankers|CaterAllenPrivateBank,2TritonSquare,London,NW13AN|
|Solicitors|Farrer&Co,66Lincoln'sInnFields,London,WC2A3LH|
|Accountants|TCGroup,3AcornBusinessCentre,NortharbourRoad,Cosham,PO63TH|
|Investmentmanagers|QuilterCheviotInvestmentManagement,SenatorHouse,85QueenVictoria|
||Street,LondonEC4V4A|





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|||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<br>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|





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||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|





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||31Dec2025|31Dec2024|
|---|---|---|
||£|£|
|Reconciliationofnetincome/expendituretonetcashflowfrom|<br>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|





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



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





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|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|





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|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|





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|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|





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