Peter Coates Foundation (limited by guaraiilee) TRUSTEE REPORT AND UNAUDITED FtNANCIAL STATEMENTS For the year ended 31 M£ireh 2025 Coinpaiiy Registration No. 13738665 Registered Charity No. 1202729
Peter Coates Foundation CONTENTS TRUSTEES REPORT STATEMENT OF TRUSTEES, RESPONSIBILITIES INDEPENDENT EXAMINER'S REPORT STAI'EMEN'I, OF FINANCIAL ACTIVITIES BALANCE SHEET SI'ATEMENT OF CASH FLOWS 10 ACCOUNTING POLICIES NOTES TO THE FINANCIAL STATEMENTS 13
Peter Coates Foundation TRUSTEES, REPOR1" REFERENCE AND ADMtNISTRATIVB DETAILS Charity NLimber'. 1202729 Company Number.. 13738665 Ti'UStees'. P Coal¢s JE While EF Barnes (r¢sign¢d 23 May 2025) Sl-l Gall¢il¢y (appointed 23 May 2025) OR Adaii)s {appointed 23 May 2025) Accountanl.. RSM UK Tax and Accounting Limited Fcslival Way Festival Park Siok¢-on-Trent Slafford5hire STI 5BB Bankers: HSBC UK Bank PIC 28 Borough High Street Southwark London SEI IYB Unitsd Kingdom RegisteredlPrincipal Office: bet365 House Media Way Stoke-on-TTent STI 5SZ Page I
Peter Coates Foundation TRUS'I"LES' RL,POR'I' Foi. the yeai- cnded 31 Mai'ch 2025 The Triistees present their annu21 report togethcr with the financial statements gf thc chai'ity for the year ending 31 Majrh 2025 which arc also prepared lo mcct th¢ rcquircrneiils foi. a director5, report and ac¢ounts for Companies Act purposes. The financial statements comply with ihe Charities Act 2011, the Companies Act 21M16, the Memoranduin and Articles of Associalioii, and Accounting and Reporting by Cliarilies.. Stateinenl of Recoininendcd Practicc applioablc lo chai'ilies prcpai'iiig Ilieir accouiils in accordance with tlie Finaiicial Repoi'ting Standard appli¢able in Ihe UK and Republic of Ireland (FRS102) issued in October 2019. STRUCTURF,, GOVERNANCE AND MANAGEMENT Goveini17g Documenl The organisation 15 a charitable coinpany limited by guai'anlee. Tlie coinpaiiy was graiiled charitable status on 14 April 2023. On that date, conipany's director5 also became cliai'ity Ti'uslees. The coinpany was established under a Meinorandum of A550ciation, which established the objects and powers of the chai'itable company and is governed under its Articles of Association, dated I l Novembei. 2021. In the event of thc cornpany beii)g wound UP* Imeinbeis alE IEquircd to coiitribute an ainount not exceeding £1. RLJc'p'uilmenl andAppoi171inenl of TriiA'lees Tlie directors of the coinpany are its Trustees for the purpose of Charity Law and throughout this report are collectively referred to as the Trustees. The charitable company must have a minimum of 2 Trustees at any time and is not subject to any maximuin numbei.. Trustees are appointed by resolution of the Board of Trllstees. 'fhe first Ti'ustees hold office for life and subsequent Trustees are appointed for a term of 3 years after which they are eligible for reappointment for lip to a fiirther two terms. Trustees are appointed as Members on appointment as TNstee. All decisions regarding management of the Foundation and the distribution of its funds are Inade by the Trustees. 'fhe Foundation has no employees and is not chaiged for the Trustees. time. However, the Foundation receives administrative 5UPPOrt through a related patty. for which there is no charge. Ti'iislee Jnduclion and Ti-oining New Trustees are supplied with the Charity Commission publicatioti, 'The Essential Trustee.. What You Need to Know,, along with the Memorandiim and Articles aiid the lalesi financial stalemenls. Each year appropriat¢ training is supplied to keep the Board apprised of relevant changes in regul81ion. Should any additional specialised training be requii'ed for the existing, or any newly appointcd Trust¢cs, tlicn appTOPI'iate ITaiiiiiig arraiigemcnls will be put in placc. Triislees, indeinnity insurance The Foundation holds Iruslee indemnity insuran¢e, the cost of this was £1.086 (2024: £1,086). Relaledparlies The Foundation received admsnistrative support froin be1365 Group Limited during the period. Two of the Foundation's Trustees are Directors of bet365 Group l.imited. and this entity is IherefoiE deetned to be a Irlated party. Risk Manc7geinenl The Ti'uslees liave ¢onsidered in detail the risks fa¢ing the Charity, the Controls in place to mitigate those I'i5ks and action plans lo deal witl) those aieas where controls could be enhanced. The Trustees believe that they liaye appropriate controls in place, commensurate with the size of the organi5alion and Iheii. cost cff¢cliv¢ncss, to initi¥ate the rigkg identified. The Trustees i'eview and update the gs%5smcnl of Ihc risk5 facing th¢ Charity, log¢th¢r with an assessment of the contiblg on a regular ba51S. Page 2
Peter Coates Foundation TRUS'fECS' REPORT For tlie ycai. ended 31 March 2025 OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT Chai'ilabl¢ ObjÈLliiyes Th¢ Charity's objectives. as set out in the govei'ning document, are restTicled spc¢ifi¢ally to the proinotion for th¢ benefit of the public of urban regenei'ation in tlie area of Stoke-on-Trent and North SlalToirfshire, an aira of social and economic deprivation, by all oi. any of the following mean.. (a) the relief of poverty and fiiiaiici41 hardship.. (b) the relief of unemployinent: (c) the advancemeiit of ediicalioii, training or ietraining in paiticular but nol exclusively, by the provision of fui)ding (iiicluding bUalY aiid gi'ant funding) for students who undertake postgraduate studies to develop their skills in business oi. ei)trepreneurship'. (d) the provision of financial assistance, technical assistance or biisiness advice OT COI)sultancy in order to provide Iraiiiing and cinployment opportunilies for iinemployed people in cases of financial or othei. cliarilable need tlirough hclp.. (i) iii setling up (heir own business, or {ii) to existing busine55es.' (c) th¢ crcalioii of training and employment oppoi'lui)ities by the provision of woi'kspace, buildiiigs, andlor land foi. Iisc on favourable terms: and (fj such other means as In&y be determiiied subject to the prior eonsent of the charily commissioners for F.ngland and Wales. Aclivilies During the year, tlie cl)arilable focus was on grants to Siaffordshire University to fund places on Tlie Peter Coates Msc in EnliEPIEneurship. The Foundaiion has worked with the Univeisity with regai'ds to tl)e development of the course and sludenl liaison edu¢ation. Activities also included awaiyling growth grants to suceessful applicants fiK)m tlie coiirse to support the growth of their local businesses. The gi'ants aTe aiined at providiiig capital equipmcnt to ncw bLisinesses, helping yoiing or new biisinesses seeking lo einploy a workfoire in tlie Stoke-oii-Tr¢nt area, and new oi. existing business owners who are experiencing poverty or financial hardship. Public Benefil The Ti'ustees confirm that Ihcy hav¢ r¢fetTed to the guidance contained in the Chai'ity Coinmission's general guidance on public benefit wlien r¢vi¢wing th¢ Charitable Compaiiy's aims and objectives and iii planning future activities and setting the grant makingy poli¢y for the year. The Ti'ustees believe that tlie Foiindation meets the principles JElating io ¢harilies and public benefit described in the Charity Commission guidance and that this Trustees, Annual Report demonslral¢s the Foundation's contribution. Giujii MukiJ?g Policy The Trustees are keen to 5UPPOrt activities which advan¢e the Objects in an etTective way. However. they recognise that a limited amoiint of fuiids al'e available lo disti'ibule each year. The Trustees have initially identified that economic growth and regeneration come5 from the ConntratiOn of lalenl a clustering force which makes a popiilation more productive, aiid in turn, generates incirascs in output and wealth. It is with this in mind that the Tru5tees' current funding prioi'ities arc to award gi'ants to Staffoi'dshire University, to Cover the tuition fees for their academic programme, the "Pelei. Coates Msc in Enlr¢pirneurship" This intensive course will provide graduates with specialist entrepreneurship and busincss skills and therefore attract. maximise and retain entrepreneurial talent for the long-lerm benefit of the economy in Stoke oli Trent and North Staffoi'dshire. Staffoi'dshirc Univcr5ity will iic¢d to Satisfy the Trustees ihat their selection criteria for the Msc is aligned witli the Chai'ity's Gi'ant Making Policy. The Truste¢s will also Consider providing funding each year to support otheT urball IEgen¢ralion aclivilies in Stokc on Trent which support its objectives. This Inay be in tlie form of funding for other registered cl)arities andlor organisations which provide training for the uneinployed, assist the unemployed with finding woi'k and provide workspace and buildings 011 favourable terms. The Tru51e¢s will take steps to actively identify projects which align with its objects J7tlier than accepting application5 for funding. Pi'ioi. to any grants being made lo any charity or organisation, the Ti'ustees will ensure due diligence is carri¢d out on any recipient charity or organisation and ensure that their work and the identified project furth¢rs Ilie Charity's objects. Page 3
Peter Coates Foundation TRUS'I'EES, REPORT For the year ended 31 March 2025 Gianl MakiFFg Policy (conlinued) The Truste may award grants that fall outsid¢ the prioriti¢5 5tatcd abovc provided that Ihcy are satisfied that the grant will further the Object5 and is an appropriate use of the Foundation's funds. ACHIEVEMENTS AND PERFORMANCE Th¢ Foundation made a grant to Slaffordsliiir University for it lo providc bursarics foT Studcnls atlellding the Msc iii Eiilrcpi'¢n¢uTsliip prograinii)¢ at SlatYordsl)ilT Uiiiversity. Total Cducalioiial gi'ant fundiiig Committed dui'ing the year was £253,000 (2024.. £440.000). This coveiE full tuition fees foi. 23 students. The Foundation has reived feedback from the University with regards lo the course design and usefulness. whKch was ¢Xtrcinrly positive. The Foundation lias worked closely with the University with regards to the successful piogramme design aiid met regularly with bursary recipients to provide additional business support lo students. The Ti'ustees monitor the number of bursaries awarded by the University to students each year. The Foundation awarded 5 (2024.. 0) applicant5 from the couise a growth grant of £20,10 each (2024.. 0) to support the gi'owth of their local businesses. FINANCIAL REVlbW AND RESULI'S FOR THE PERIOD A Statement of the Financial Activities of tlie Foundation is given on page 10. The income foi. the pei'iod was derived froin gift aid of £187,500 (2024.. £243,750), donations of £nil (2024.. £4,000,000) and interest received on gift aid of £2,829 (2024.. £nil). This included loans amounting to £nil {2024.. £475,000) which were converted into donations in the year with all I'l]tS to repayment accordingly waived. Duriiig the year, £501,408 (2024: £590,483) wa5 expended on direct costs relating to charitable activities. After allowing for govemance cosls of £60,514 (2024: £109,680) and support costs of £92,361 (2024: £94.204) this resulted in net expenditiire for the year of £463,954 (2024.. net incoine of £3,449,383) whicli was all unrestricted (2024: all unrestricted). On 17th June 2022, confimiation was given by the irlated paty donor of his commitment to donat¢ at least £4,000,000 to the Foundation if (hey achieved charitable status, which was achieved on tlie 14 April 2023. Takinb? accoiinl of the £1,725.000 received to date, at the end of the finan¢ial year there were £2.275.000 (2024.. £3,025.000) of committed donations due to the charity. Th¢re w¢ir oiit51anding unconditional Commitments due lo Ihc University of £1,028,500 (2024.. £775,500). Rclained fiinds at Ili¢ ycar-end w¢r¢ £2,152,970 (2024.. £2,616,924) con5lSting of unrcslricled funds only. In the view of the Trustees. the funds held at 31 March 2025 were sufficient to fulfil its existii obligalions. GOING CONCERN Al tlic litn¢ of approving the financial 5tatem¢nts. th¢ Truste¢s liavc an ¢xpe¢tation that the charity has adequate resources lo continue in operational existence for the foreseeable future. The Trustees have prepared forecasts which indicate tl)ul the level of donations, together with their associated gift aid claiins, will be sufficient lo cover charitable expenditur¢ for at least 12 Tnonihs from the date of signing the accounts. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the financial slalem¢nts. FUTURE PLANS The Foundation plans to ¢ontinu¢ lo work with Slaffordshire University and to provide grants to support ui'ban rcgcncration initialivcs. Thcy will conliniic lo piDvidc grants and donations that mecl tlie FoundatiQll'5 ¢harilable objcclives. Page 4
Peter Coates Foundation TRUSTLES, REPORT For the year ended 31 March 2025 RESERVES POLICY It is tl)e inteiition of the Ttustees going forward that sufficient reserves will be held to finance all coininitted cliai'ilabl¢ activity and associated costs. The Trustees have reviewed the I'eserves policy and have agiEed thal the level of IEserves is assessed annually in order to mitigate current and fuluir I'isks as well as enabling Peter Coates Folindation to achieve its objectives. As al 31 March 2025, th¢ actual reserves were £2,152,970 {2024.. £2,616.924)- All funds are unrestricted. This report has been prepared in accordaiice with tl)e Stateinent of Recommended Praclice.. A¢counling and Repoiting by Charities (issued in Marcli 2005) and in accordance with the special provisions applicable to small companies under part 15 of the Companies Act 2006. By oilter of il)e board Petei. Coates Truslee 2025 Page 5
Peter Coates Foundation STATEMENT OF TRUSTEES, RESPONSIBILITICS Tlie Ti'LlStee5 {wlio are also the Dii'ectors of Peter Coates Foundation for Ilie pui'poscs of coinpaiiy law) are respoi)sible for PlEparing the Ti'ustees, Annual Report and the finai)¢ial slalements in accoi'dance with applicable law and United Kingdom Accounting Siandaixls (Unilcd Kingdoin Generally Accepted Accounting Practice). Company law requiiES the Charity Trlislees to prepair fii)ancial stateiiien15 foi. each year which give a true and fair view of the state of affairs of the charitable compaiiy and of the iiicoiniiig resources and application of IEsources, including tl)e income and ¢xpenditui'c foi. that pei'iod. In PTeparing the finaiicial statements. the trustees are required to: -select suitable accounting rx)licies and then apply tlietn consistently. -observe the methods and prin¢ipl¢s in the Chai'ities SORP. -make judgments and estimates that are I'¢asonable aiid prudent. -slate whethei. applicable ac¢ounting 5tandaTds have been followed, subject to any material departures disclosed and ¢xplaiii¢d in tlic financial statements; -pirpare tlie finan¢ial stat¢incnls on the goiiig concei'ii basi5 unless it is inappropriate to presume that th¢ Charily will Continue iii business. The Trustees are responsible for keeping proper accounting records thai disclose with reasonable acciiracy al any liillc tl)e financial position of the charity alld to enable them to ensure thal the financial Statements comply with thc Conipanics Aol 2006. They air also re5P0115ible for safeguai'dittg tJ)e assets of the Chai'ily and hence taking reasonable steps foT the preventioi) and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integi'ity of the coi'porate and financial infomialion included on the cl)aritable company's website. Legislation in the United Kingdom gov¢riiing the pi'¢paration and dissemiiiation of fii)ancial statements Inay differ from legislation in other jurisdietion5. Page 6
INDEPENDENT EXAMENER'S REPORT TO THE TRUSTEES OF PETER COATES FOUNDA'fioN I report to the trustees on my exainination of the financial slatemenls of Peter Coates Foundation {"the ¢ompaiiy") for the year ended 31 March 2025, which ale set OLIt on pages 8 to 19. RESPONSIBILITES AND BASIS OF REPORT A5 th¢ tl'U51ee5 of the company (and also its directors for the purposes of cotnpaiiy law) you air respoi)sible for the preparation of the financial statements in ac¢oi'dan¢e with the requiiEinents of the Companies Act 2006 {'the 2006 Act,). Having satisfied myself that the financial statements of Ilie ¢oJnpany are not Irquired to be audited linder Part 16 of the 2006 Act and are eligible foi. indepei)denl examinatioii I IEPOrt in respect of my examination of your charity's financial statements as cai'i'i¢d oul ui)der section 145 of the Charities Act 2011 I'the 2011 Act,). In cariying out my examination I have followed Ihc Directions given by the Charity Cominission under section 145 (5Xb) of the 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the malleis that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independeiit examination can provide. Consequently? I cxpress no opinion as to whether the finai)rial statements presenl a 'true and faiF view, aiid Iny report is liinited to those specific matters sel oiil in the independent examiner's statement. INDEPENDENT EXAMINER'S STA TEMCNT have completed my exainination. I confirm that no material matters have ¢ome to my attention in connection with the examination giviiig me reasonable cause to believe that in any materi81 respe¢l.' a¢countinE records were llol kept in respect of ihe company as required by section 386 of the 2006 2. the financial stateiTJcnts do iiot accord with those records. or the financial statements do iiol coThply with the accounting requirements of section 396 of the 2006 A¢t other il)an any requirement that the financial statements give a 'true and fair view, which is not a matter considered as pai1 of an independent examination. or 4. the financial slatcmenls have not been prepared in aceordance with the m¢thod5 and principles of the Stalemci)t of Rccoininended Practice.. Accounting and Eleporting by Chai'ities applicable to ¢harili¢s prcpai'iiig their fiiiancial statements in accoi'dance with the Financial Reporting Standard appli¢able li) the UK and IIElaiid (FRS 102}. I have no concerns and have corne across no other Inatters in connection with tlic exaTnination to which attciition sl)ould be di'awn in this report in order to enable a piDpei' under51andiiig of the financial statement5 to be reached. Naine.. Kerry GRIIAgher FCA DehA Name of applicable listed body.. The Institute of Chartered Accountants in England and Wales Relevant pi'ofessioiial qualification or membership of professional body.. Chartered Accountant ON BEHALF OF RSM UK TAX AND ACCOUNTING LIMITED Chartered Accountants Davidsoii House FoTbury Square Reading Berkshiir RGI 3EU Dale.. Page 7
Peter Coates Foundation STATF.MF.NT Ob FINANCIAL ACTIVITIES {INCLUDtNG tNCOME AND EXPENDITURE ACCOUNT) for the ear elided 31 Mai'ch 2025 Note Unrestricted Funds Yeai. ended Marcli 2025 Total Year ended Mareli 2025 Unrestricted Fiinds Year ei)ded March 2024 Total Year endcd March 2024 INCOMF Doiiations Intercsi Receivcd 187,500 2,829 187,500 2,829 4.243,750 4,243,750 TOTAL INCOME 190,J29 190,329 4.243.750 4.243,750 EXPENDITURE Charitable activities (654,283) (654,283) 1794.367) (794,367) TOTAL EXPENDITUR (654,283) (654,283) (794,367) {794,367) NEI T (FXPENDrruRE)I INCOME AND NET MOVW.Mfi Nl's IN FUNDS fiOR THE YEAR (463,954) (463,9S4) 3,449.383 3.449,183 RECONC.ILIATION or FUNDS Tolal funds brought fonvard 2,616,924 2,616,924 (832,459) (832.459) TOTAL fuNDS CARRIED FOR WARD 2,152,970 2,152,970 2,616,924 2.616,924 All fund5 air unTestricted. Tlicrc wcre 110 other recognised gains or losses for the yeai.. All income and expenditure derives fi'om continuing activities. For the year ended 31 March 2025. the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 (the Act) Irlating to small companies. The Trustees, and directors, responsibilities.. The members have not required the charitable coinpany to obtain an audit of ils financial statements for the yeai. in question in accordance with section 476 of the Act,. and The Trustees and directors acknowledge their iesponsibililie5 for complying with the requiremeTrts of (he Act with respect to accounting re¢oiYfs and the preparation of financial statements. Page 8
Peter Coates Foundation BALANCE SHEET At 31 Mai'¢h 2025 Notes 2025 2024 CURRENT ASSETS Debtois Cash at bank and in hand 2,276,086 1,064,524 3.269,836 276,244 3,340,610 3.546,080 CREDITORS.. Amounts falling due within one year (1,187,640) (929,156) NET CURRENT ASSETS 2,152,970 2.616,924 NET ASSETS 2,152,970 2,616,924 FUNDS Unrestricted funds 2,152,970 2,616,924 2,152,970 2,616,924 These financial statements have been piepared in accordance with the provisions appli¢able to ¢omp4nies Slibject to the small companies, regime. These financial statements were approved by Ihe Ti'ustees and authoi'ised for issue on14&.¥ IS aTJd are signed on its behalf by: P Coates Trustee Company Registration numbei.: 13738665 Regisler¢d Charity number: 120729 Page 9
Peter Coates Foundation STATF.MENT OF CASH FLOWS for the yeai. ended 31 March 2025 Note Year ended 2025 Year ended 2024 NET CASH PROVIDED BYIIUSED IN) OPERATING AC'I'lVI'fiES 15 788,280 199.471 CHANGE IN CASH AND CASH EQUIVALENTS IN THE PERIOD 788,280 199,471 Cash and cash eqiiiyalenls at the beginning of tlie period 276,244 76.773 Total ¢a5h and casli equivalents at ihe end of the period 1064,524 276.244 Poge 10
Peter Coates Foundation ACCOUN"I"ING POLICIES CHARITABLE COMPANY INfoiiMATION Petci. Coates Foundatioli 15 a privatc rompany limited by guarantee and is registered and incorpoi'ated in England and Wales. The registered orrice 15 bet365 Hoiise. Media Way, Stoke-on-Trent. STI 5SZ, under the ¢ompanies registered number.. 13738665 and the Chai'ity Commission IEgislered number.. 1202729. BASIS OF P]iEPARATION The finaiicial statemeiils have been prepared in accordance with applicable accounting Standards under the historical convention with assets and liabilities initially recogiiised at historical cost. The financial statements have been prepared in accordance with the re¢ommcndation5 of the Stateinent of Reeommei)ded Practice 'AccoLinting and Reporting by Cliarities,, PTcpariiig theii. accoLints in accordance with tlie Financial Keporting Siandard applicable in tlie UK and Republic of Iicland (FRS 102) issued October 2019, (Charities SORP FRS 102) and the Companies Act 2006. Tlie principle accounting policies adopted in the preparation ofihe financial slat¢ments are sel out below. The financial statements air prepared in stei'ling* which is the functional currency of the company. Moiietary ainounls iii Iliese finaiicial statements al'e i'ounded to tl)e nearest £. The Charity constitutes a public benefit entity as defined by FRS 102. REPORTING PERIOD Thc financial Statements are prepaird for the year ended 31 Mwrh 2025. GOING CONCERN At the time of approving the fiiiancial statements, the Trustees liave 8n expectation tliat tlic chai'ity lias adequate resources to contiiiue in operational exislenee for the foreseeable futur¢. T])¢ TTUStees Iiave PIEpared foi'ecasts which indicate that the level of donations, together with Iheii. assoeialed gift aid claims. will be suificient to cover charitable expenditure for at least 12 months from the date of signing the accounts. Thus, the Ti'ustees continue to adopt the going concern basis of accounting in pitpai'iiig Ihc financial statements. INCOME All in¢ome is recognised once the charity has enlillement to the income, there is sufficient certainty of ¢eipt and so il is probable that the incoille will be received, and the aTnount of income receivable can be m¢asiired Irliably. EXPENDITURE Liabilities are recognised as expenditure as soon as there is a legal or consti'iiclive obli¥ation cominitting the charity to that expenditure, it is probable that settlement will be reqLiiird, and Ihc ainount of the obligation can be measured reliably. All expenditure is accounted foi. on an accruals ba515. Irrecoyerable VAT is charged as a cost against the activity for which the ¢xpenditure was incurred. GRANTS Grants payable ale payments made to third parties (i.e. Staffordshire University) in the furth¢raDc¢ of the charitable objectives of the Charity. Gi'ants are accoiinted for when Ihejr is a Icgal or consti'uctive obligation to the recipient and thal any condition attaching to the grant is outside of the control of t]ie Charity. Piovisions for grants are made when the intention to Inake a grant has been cominunicated to the recipient but there is uncertainty about either the tiinii)g of Ihe grant oi. the amount of grant payable. Costs of charitable activities include grants made which are shown in not¢ 4. Pagell
Peter Coates Foundation ACCOUNTING POLICIES GOVERNANCE COSTS Goveriiancc costs air rclated lo the gov¢i'nance of tlie charityy such as the costs of preparing the financial slaleineiils and statuloi'y compliance. TAXATION Tlie coinpaiiy is exempt from iiicome tax under section Part I l of the Corporation Tax Act 2010. No tax charges have ai'isen in the Charity. FUND AccouKfiNG The uniesti'icted fund coinpi'ises those fLinds which the Trustees are free to Lise in accordance with tl)e charitable objectives. All funds Iield by the Charity are unrestricted. There are no restriLted oi. designat¢d funds. FINANCIAL INSTRUMENTS The tTUSt only has financial assets and liabilities of a kind that qiialify as basic financial instruments. Ba51C financial instruinents are initially recognised at transaction value and subsequently measured at amoltid cost using the efrective interest method. Cash ai b47nk and ipl hand Cash at ballk and in haT)d includes cash only. Crediloi's Creditors are recognised wheiE the Folindation has a present obligation resulting from a past ev¢nt that will probably resLIIt in tlie transfer of fiinds to a third party and the amount due to settle the obligalion can be measulEd or estimated reliably. Creditols are normally I'eeognised at their settleinenl amount. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of the eharity's accounting policies, the trustees are required lo make judgemenls, estimates and assumptions about the earrying amount of assets and liabilities that are not readily apparcnt from othei. sources. The estimates and associated assumptions al'e based on historical experienc¢ and other factors tliat are considered to be relevant. Actiial results Inay diffei. from ihese eslimates. The ¢stimates and underlying assumptions ure IEviewed on an on-goiiig basi5. Revisions to accolinting ¢stimates are recognised in the period in which the e%timale is revised wheir the revision affects only that pcriod, or in the p¢i'iod of the r¢viEion and fuluir periods wliere Ilie Irvision affccts botl) cuirent ai)d fllture periods. Aeei'£ied incoine i'ecognilio On 17th June 2022, confirmation was given by the related party donor of his commitment to doiiatc at Icast £4,000,000 to the Foundation if they acliieved eharitable status, which was achieved on the 14 April 2023. Taking account of tlie £1,725,000 already received, at the end of the financial year thei'e wer¢ £2,275,000 (2024.. £3,025,000) of committed donations diie lo the charity. The trllste¢s have taken Il)e jiidgeinent that they were entitled to these donations on the basis that full entitlement was met when chai'ilable statiis was obtained, following the verbal agi'eement. Given that the related party donor is a founder membcr of thc charity, and as reeeipt is probable and rneasurable, the income has been accrlied within the accounts. Page 12
Peter Coates Foundation NOTFS TO THE FtNANCIAL s'fATEMENTS for Ihe year ended 31 Mai'ch 2025 EMPLOYEES The average tnonthly numbei. of persons (including Trustees) employed by the charitable Foundation during the year was nil {2024'. nil)- 2 DONATIONS Unrestricted fiinds Year ended Marcli 2025 TotAI Year ended 2025 Unr¢stricled funds Year ended March 2024 Total Ycar ended 2024 I)onation5 from loan conveJEions Donations Gift aid 475,000 3,525,000 243,750 475,000 3,525,000 243,750 187,500 187,500 187,500 187,51KI 4.243.750 4,243,750 Page 13
Peter Coates Foundation NOTES TO THE FtNANCIAL S-L'ATEMENTS foi. the yeai. ended 31 March 2025 3 TOTAL EXPENDII"URE Unrestricted fun(Is Year ended areh 2025 Total Year ended 2025 Unreslricted funds Year ended March 2024 Total Year cnded 2024 Diircl costs (iiote 4) Support costs Govemance cost (note 5) 501,408 92J61 60,514 501,408 92,361 60,514 590,483 94,204 109,680 590.483 94,204 109,680 654,283 654,283 794.367 794,367 2025 2024 Management fe¢s Insurance Compiiter running costs Sundiy Bank charges 90,960 1,086 72 200 43 92,232 1,086 538 279 69 92,361 94,204 Unrestrieted Funds Unirstricted Funds Year ended 2025 Year ¢ndcd 2024 Fees payable to RSM UK Audit LLP and RSM UK Tax aiid Accounting limited.. Fees for Statutoiy Audit of accounts Fees foT iion-audit services 24,000 6,167 38,122 38,122 30.167 Page 14
Peter Coates Foundation NOTF.S TO"fHF fiNANCIAL STATEMENTS for the yeai. end¢d 31 Mai'cli 2025 4 ANALYSIS or DIRECTCOSTS 2025 2024 Educatioiial Grants Growth Grants Management of bursary progJ2m 253,000 loo,000 148,408 440.000 150,483 $01,408 590,483 2025 2024 During the period donations have been made ¢ovci'ing thr following key areas of activity.. Education Relief of need due to financial hardship Relief of unemployment 253,000 60,000 40,000 440.000 353,000 440,000 2025 2024 Grants made during the period between institutions are as follows.. StaffordshilE University (Niimber of grants- 253,000 440,000 253,000 440,000 Tolal Grant funding ¢oinmitted at the year-end was £1,028,500 (2024-. £775.500)- This covers full tuition fees for 94 students. including 31 Studeiit5 Ill the first cohort, 40 students in the second cohort and 23 students in tl)¢ IhiiLI cohoit. All wants are payable to Staffordshire University. wilh no amoui)ts yel paid. Page 15
Peter Coates Foundation NOTES TO THE FINANCIAL STATEMENTS foi. the ye- ended 31 Mai'ch 2025 GOVERNANCE COSTS Ye#rended 2025 Year ended 2024 Ac¢ountan¢y fees Aiidil f¢es Legal and professional fees 30,052 8,070 22,392 6,167 24.000 79,513 60,514 109,680 TRUSTEES No Trustees received remuneration, expenses or pellsi0i1 benefits in eitl)er year. DEBTORS 2025 2024 Prcpayment5 Donations receivable Othei. debtors 1,086 2,275,000 1,086 3,025,000 243,750 2,276,086 3,269,836 Wliile no fOla] titneline ha5 been agreed on payment of the donations. the donor has confirmed that funds will be Jnade available a5 needed to fund expected outflows. CREDITORS- Amounts falling due within one year 2025 2024 Trade creditors Accruals Granl accruals Other creditors 140,426 13,514 1,028,500 5,200 55,588 92.868 775,500 5,200 1,187,640 929.156 Page 16
Peter Coates Foundation NOTES 'fo THE FINANCIAL STATEMENTS for the year ended 31 March 2025 9 MOVEMENT IN UNRESTRICTED FUNDS 2025 Balaiice at the end of the perind Balanc¢ at stsrt of yeai. Incoming resouires Resources expended Unrestricted Funds 2,616,924 190,329 654,283 2,152,970 TOTAL FUNDS 2,616,924 190.329 654,283 2,152,970 2024 Balance at start of year Incoining resources Resou]res Balance at the expended end of the period Unreslri¢led Funds (832.459) 4,243.750 {794.367) 2,616,924 TOTAL FUNDS (832.459) 4.243,750 (794,367) 2.616,924 10 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted fund5 2025 Unrestricted funds 2024 Curreiil &%sets Current liabilities 3,340,610 (1,187,640) 3,546.080 (929,156) 2,152,970 2,616.924 Page 17
Peter Coates Foundation NO'I"ES 'fo 'i"HE blNANCIAL STATEMENTS foi. the year ended J l March 2025 I I MEMBERS, LIABILITY T])e coinpany is limited by guaTantee. not having a shaiE capital and con5equcntly the liability of membe1% is limited, subjcct to undcitaking by each membei. lo contribute lo the net assets oi. liabililies of the company on winding up such amoLints as may be required, not exrediiig £1. 12 TRUSTEE TRANSACTIONS In the prior year, the TTUSlees waived the right to IEpayment of tl)e loans of £475,000 and so the loans were converted lo donations. These Iocins were interest fire, with no fixed terni, prior to their ¢onv¢tsioii. t)UTing the year, the Trustee made a donatioii of £750,000 (2024.. £500,000). At tlie y¢ar end, the Ti'usltt had coininittcd to a further £2,275,000 {2024'. £3,025,1)00) of donations, and th¢se are included in donations receivable. Ai the period end £5,200 (2024.. £5,200) was due lo the TrusleelDireclor. 13 TAXATION The Charity 15 exetnpt from tax on income and gains under sectioi)s 466 to 493 of the Cotyoi?lion Tax Act 2010 to the extent that these are applied lo lis cha]'ilable objects. 14 RECONCILIATION OF NEI. EXPENDITURE I(INCOME} TO CASH FLOW FROM OPERATING ACTIVII'IES 2025 2024 NET {EXPENDITURE)I INCOME FOR THE REPORTING YEAR Decreasel (iiicrease} in debtors InciEase in creditors (463,954) 993,750 258,484 3,449,383 (3,269,836) 19,924 Net cash pmvided by opcrating activities 788,280 199.471 Page 18
Peter Coates Foundation NOTES TO THI=, FINANCIAL STA'I'EMENTS for the ycai. cndcd 31 March 2025 15 ANAI.YSIS OF CHANGES IN NET UNRESTRICTED FUNDS As at 31 March 2024 As at 31 March 2025 Cashflow Non-cashflow Cash at bank and in hand 276.244 788,280 1,064,524 16 RELATED PARTY TRANSAC'I"IONS The Foundation IEceives support from Ihe bc1365 Group Litnited group of companies in respect of office space and other costs including iiianagcmeiit time, but the Trustees believe that this suppoit is not Inaterial to disclose in the period. Page 19