Formating an Excel list

I’m using Excel 2003, I created a list on a separate worksheet, and named the list, then I used Data > validate to apply the list to a series of cells on a separate worksheet.

I want to apply a color to the cells or fonts in my reference list and have that formatting re-appear on the other worksheet, but every time I make formating changes to the reference list, it always reformats to black text and whatever background color I have the worksheet set to. How can I accomplish this?