Registered Charlty Number 257237
The Cote Charity
Annual report and financial statements
for the year ended 31 December 2021

The Cote Charity
Annual report and frnancial statements
for the year ended 31 December 2021
Contents
Page
Report of the Trustee
Independent auditor's report lo the Trustee of The Cote Charity
Stalemenl of financial aclivilies
10
14
Balance sheet
Cash Flow slalemenl
Principal accounting policies
Notes lo Ihe financial statements
19

The Cote Charity
Report of the Trustee
for the year ended 31 December 2021
The Trustee presen15 Ils re￿￿)rt and audited financia statements for the year ended 31 Oecember 2021.
The financial slalemenls comply with current stalulory requirements. the Trust deed and the Statement of
Recommended Practice for Charities (SORP 20191.
Trustee, officers and advisers
The Trustee of the Charity is SMV Trustee Company Limrted.
Listed below are Ihose members who have served on the Board of SMV TrLsslee Company Limited during
the year".
David Freed
Patrick Despard
Michael Bolhamley
Gillian Camm DL
Ross Ancell
Torry Kenny
Charles Grrffilhs
Cullum M&41pine
John Walson
Gail Bia9J
Alan Lews
Roberl Bourns OL
Moharnmed Saddiq
Jonalhon Baker
Andrew Nisbel
Martin Thatcher
Roderick Davidson
Steve Ajlpress
Nick Bakef
Karl Tucker
Kalharine Finn
(Dwsed 03 JU￿ 20211
(Rel*ed 10 Novemt*r 2021}
(Retired 10 NovemLw 2021)
(Retired 10 November 2021}
(Reli￿￿ 10 November 2021}
(Retir￿￿ 10 NovemLEr 2021}
IAppx)inted 10 November 20211
IApwJinled 10 Noverrbber 2021)
(Apwinled 10 November 2021)
IApp)inled 10 November 2021)
Registered address of the Charlty
Merchants, Hall
The Promenade
Clifton
Bristol
BS8 3NH
Charlty Number: 257237

The Cote Charity
Report of the Trustee
for the year ended 31 December 2021 (continued)
Names and addresses of other relevant organlsatlons
Auditor
KPMG LLP, 66 aueen Square, Brisld. BS148E
Banker
Nalwesl Bank plc, 32 Corn Street. Bristol. 8S99 7UG
Sollcltor
Womble Bond Dickinson {UKI LLP. 3 Temple Quay. TemFAe Back East. Bristol. BS1 60Z
Invostmènt Manager
Evelyn Partners Investment Management LLP. Pothvall A3￿. Portwall Lane. Bristol, BS16NA (via the
Merchant Venturers, Charit￿$ Investment Pool {MVCIP). Charity Number 10534591.
Structure, governance and management
Governing document
The Charity is consliluletl under a Charity Commission Scheme dated 8 October 1968 and is registered
with the Charity Commission. number 257237.
Governing body and organisational management
The Trustee of the Ch*ity is SMV Trustee Company Limrted. a ￿MpanY limited by guarantee. All the
members of the Society of Merchant Venturers. Standing Committee a￿ Directors of SMV Trustee
Company Limited.
The Trustee meets lo consider. al least on a quarterly basis. the broad strategy. direction and investment
policy of the Charity.
Assisling the Trustee are the Audit Sub-committee and the COn￿￿t$ of Interest Advisory Sutkcommittee.
Day lo day running of the Charily is delegated by the Trustee lo a Sub-commillee {the Care of Older
People Sub-Commillee}. the Members of which who served during the year were..
Dr Jacqueline Cornish {Chairl
John Laycock IRetired 10 November 20211
Stephen Parsons {Relired 10 November 20211
Caroline-Jane Duckworth
Anne Nisbel
Chades Densham
Robert Davis (Retired 10 November 20211
Chris Pople {Relired 10 November 2021)
Mary Prior
Chades Grrffilhs
Jullian Telliru (Retired 10 November 2021)
Anthony Brown
Edward Ware IAppoinled 10 November 20211
David Marsh {Appointed 10 November 20211

The Cote Charity
Report of the Trustee
for the year ended 31 December 2021 (continued)
Governing body and organisational management (continued)
The Care of Older People Suwmmiltee meets al least quartety lo oversee and administer the effiaenl
manaJemenl of the Charity and lo consKJer arKI subsequenlty recommend lo. a￿1 9ain approval from, the
Trustee for broad OperalK￿al a￿1 stralegr issues, as well as reporting lo the Trustee on all relevant operational
mallers. The tenure of mem￿rship is 3 years. re-electthe for a further 3 years and, in speaal circumstances,
tenure can be extended. The induclKJn pro￿$ for any nthy apwnled member I￿￿deS an inrtial meeting
with Ihe Chairnian and subseqvent meeting arKJ site VLsits with Ihe Cote Manager.
The Cole Manager assisls the Care of Older People Sub-committee in fulfilling the day-IIHlay mark2gement
of the Charity. Accouniing suprx)rt is provided by Merchant Venturers, FInar￿ department.
The Merchant VenlLtrers' Audil Committee is responsible for assessing the scope and effectiveness of the
systems and processes established by management lo idenlfy, assess. manage and monitor the finanrial
and non-financial risks.
The Conflicts of Interest Advis(ry Sub£ommittee was estat￿&Shed in 2021 and comprises of two individuals
with no connection to eilher SMV or SMV TCL who can adV￿e on are85 where a corfflicl of interest might arise.
As delailed in note 15. the S(xiety of Merchant Venturers provided alministralive services lo the charil*s of
%thich SMV TCL was trustee and las perfflrtied by the Charity CommissK)nl made a charge for these. The
Conflicts of Interest A<fvisory SutFCommittee has rev￿￿ these Char￿ and rnade a recommerKlalK)n lo the
board of SMV TCL that the protK)sed charsEs are. {wir￿on of the [r￿berS of the Sub-committee)
appropriate.
Recruitment and training of the Trustee
The Directors of SMV Tnjslee Company Limited are elected anThJally from within the membership of the
Society and are appraised of the general ¢Julies of a tnjstee. In the event of significant changes lo
legislation or best practice. further relevant training is ur￿ertaken. The management and strategy of the
Charity are considered in greater detail by the Care of Older People Sub-committee. The members of
this Sub-committee bring with them the necessary financial. woperty and care skills that enable them lo
deal both with more immediate issues as well as lo assess. monitor and make the necessary
recommendations for the future strategic direction and well-being of the Charily. They are inducted
through meetings wilh the Chair and Cote Manager.
Risk management
In the light of the Corporate Govemance guidance conlained within the Slalemenl of Recommended
Practice 2019 'Ac¢ounling and Reporting by CharilEs". the Trustee has examined the major risks faced
by the Charity.
In addition lo managing the reswnse lo COVID-19. the Trustee continues to monitor and manage
onwing risks relating lo areas such as the a¢h￿veMent of the charttable objects and the protection of the
charity s assets. Systems are in place to monitor and control these risks and lo miligale the impact that
they have on the Charity.
The risk register is reviewed and updated a5 required but not fewer than on 2 bi-anThJal basis by
Management and by the Care of Older People Sub-committee. 11 is reviewed by the Merchant Venturers
Audit Committee and is noted by the Trustee. As part of managing the response to COVID-19. the Care
of Older People Sub-commillee has reviewed the risk regisler al every meeting during 2021. The Charity
is reliant on resident income and monitors closely the level of vacancies al Katherine House and Griffilhs
House. This enables costs to be managed as required and informs Ihe working capital requiremeT)Is.
The Care of Older People s￿￿COmMIttee has viewed an outbreak of infectbon or infectious disease as a
key risk. This is being monitored closely during the COVID-19 pandemic wilh mitigation in place such as.,
robust procedures and policies, ongoing staff training. ￿gUlar reviews and feedback, as well al ulilising
professional advice and support lo ensure the Charity maintains pace wtlh Ihe changing guKlelines.

The Cote Charity
Report of the Trustee
for the year ended 31 December 2021 (continued)
Objectives and activities
Objects of the charity
The Trustee confirms that rt has referred lo the guidance contained in the Charity Commission's general
guidance on public benefit when reviewing the Charily's aims and objectives and in planning future
aclivilies.
The objects of the Charity, defined in the Trust deed. whith shoukl be refeTTed lo foT exacl delails. are:
la)
to prov*Je a resthlltial horne or homes or a combination or Combinations of a re￿￿ential home aTrJ a
nursing home for dderly persons over 60 years of age who through infirmity or financial needs are
unable to provhle a home for themsthes.,
to pay pensr)ns, annuit￿ or grants to elderty Fersons over EA) years of age Iwhelher or ml residents
of the homes) and Ytho through infim)ty or finaneial need are unaL4e lo provide the necessities or
comforts of Itfe." and
Icl
for general charitatAe wrwses.
There have been no Char￿ fflwje to the obiects year.
Aims and intended impact
The aim of Ihe Charity is to WOVKle residenti￿ ￿Me$ of h￿h quality for older people. Where appropriate,
older people in reduced circumstances are offered supt*yi lo enable Ihem lo access the services. The
Truslee has given careful consmleralion to the level of fees sel for Katherine House arKI Gnffilhs House lo
ensure that they are faw.
Objectlves for the year
This year ts prirbcipal objectNe$ of Ihe d￿rity have been:
to continue lo provide 8 high starKJard of care and supwt serV￿e5 in good accommodation.,
lo let units at Cote H(wJse RotM"nson Place on a sh￿1 term basis to 9eneraie funds lo furlher the
Charty's obiedNes'.
to continue lo develop a ￿an lo enatrAe Cote House arKI its grounds to be used to further the
Charity's obJ8thes and meet Ihe expeclalions of current and future reskjents.
Volunteers
The welfare of the Cole residents. whilst overseen by Ihe Cole management team and staff. 8150 benefits
from the sUPWrt tKovided by the Merchant Venturers. V15rting Group. a team of vdunleers, who regularly visit
the Homes. In 2021 due lo the COVID-19 pandem￿. limrted visits have been able lo lake ￿aCe in person.
Wherever possitAe activities al the homes Ikgve (x)ntinued in a COVKJ safe manner. Examples include..
volunteers participating in shared reading Nwlh residents and"singiro for Ihe brain-, as well as outdoor
Con￿rtS.

Tho Cote Charity
Report of the Trustee
for the year ended 31 December 2021 (continued)
Achievements and perfomiance
The Charity continues to Pfovide an excellent service that meets the varying demands of ils residents at
Katherine House and Griffilhs House. Levels of care are favourably commented by residents, their
families and independent inspectors. Their success was demonstrated by the 2020 inspection by the
Care Quality Commission which raled Katherine House 'Good' in all categories, wlh 'Oulslanding' for the
'responsive' category and the 2021 inspeclion by the Care Quality Commission which rated Griffilhs
House 'Good' in all categories.
Financial review
The Charity produced a nel def￿l (detailed on page 14) of {153.504) {2020.. £181.282 nel surplus).
The COVID-19 pandem￿ has had a signffi￿anI effect on the Cafe sectcK as residents are vulnerable to the
disease. Due lo the ￿Str￿1￿￿S necessary lo wolect resKJenls staff. new residents have not come into the
)mes in line with previ)us years and this has led lo higher than usual vacanc￿. The ￿dgeted (￿cupancY
for 2021 for Kalhefine House was 91 OA and the aclud oc(JJparwwas 74%. The buégeled occupancy for 2021
for Grrffilhs House was 9V/o and the actual occupanGy was 760A. Some costs are variatle and therefore were
lower than budgeted. Occupancy levels will continue lo be a key fccus f￿ 2022. Current forecasts su9Jesl
than although ￿¢upancY is bdow historic ￿eLs. 3 reduction in variable costs means there is sufficienl cash
available lo support the Charil￿S requirements_
Investment policy and perfonnance
The Trustee has ddegaled investmenl management to Ihe Merchant Venturers, Finance and Investmenl
Svb-committee for the inveslmenl and performance of Ihe financial assets,. the appointment of
appropriate Fund Manager, monitoring their performance. and lo recommend lo the Trustee Ihe optimum
stra18gy for financial inv8slmenl_
The Charity continued lo invest in the Merchant Venturer5' Charitie5 Investment Pool IMVCIPI (Charity
number 10534591 during the year. The Sub£ommittee'5 prAicy is lo maintain income whilst weserving the
real value of the investsnenls. The In￿Me provides unrestr￿ted lunds lo enable the Trustee to pursue the
objects of the Charity. indudirvJ pla￿ future.
Reserves policy
The Trustee's pdicy lakes acc￿nI of (a) the liabdilies v￿h would be faced by the tharity rf it were lo cease
operating, Ibl the financ4al '¢)JshKJn' it w¢JJld need in order lo have lime lo respoThJ to a serious tyjl possible
funding crisis wlhoul immediatdy kJsirwJ capacaty. {cl any longer t￿￿ Ot1￿t￿e9 Wh￿ might require
significant investment.
The prinrypal accounting ￿l￿eS on pw 16 10 17 dewbe varty)us funds of the Chwty.
The Trustee has Ihe policy to maintain reserves of unreslTiCted funds lo a level that provKJes an operational
contingency of approximately 6 months, running costs. Any surplus unrestricted reserves would be used
for the redevelopment of Cole HIHJse and ils grounds.
Al 31 Decembw 2021 the unrestrthd furnls were £1,W.516, whmth is sIgnrf￿an1IY higher than 6 months.
running Costs.
Al 31 December 2021 restn.cted funds were £202,556 and permanenuy erKlowed funds were £3,139.939.
The policy is reviewed on an annual basis by the Trustee to take accounl of the development of the
charity and a review of the changing risks li faces. partKulady in respect of income.

The Cote Charity
Report of the Trustee
for the year ended 31 December 2021 (continued)
Golng concern
The finanoal stalements have been prepared on a 9)iThJ concwn basis ￿lch the Trustee conskJers to be
appropriate for the followng reasons.
Th& Trustee has prepared rASh flow f(xecasls a perk)d of 12 monlhs from the dale of approval of these
financial statements which indule Ihal. iaking account of reasonably possible doWnS￿eS and Ihe anlicipaled
future impact of COVID-19 on operalk)ns and of its finar￿181 resources, the charity wdl have SuffiC￿nI funds lo
meet ils liabilities as they fau due for that perwxj.
The COVID-19 pandern￿ has had an effect on the Care sedor as residents are vulnerabie lo the
disease. However. all resKlenls wthin the homes have received the vaccine, Ihere 15 regular lesling availaNe
for staff, residents arKI nomwle(J ws11￿5 aTrJ ￿re we robust infection conlrd measures in place in the
IK)mes.
The Trustee considers that demand for Katherine House Griffrths H￿se remains strong and wll continue
for the foreseeable future. In a￿dit￿n. the charity receives general rental income from the units al Robinson
Place and units al Cole Paddock. The charity has a strong cash fxjsilion. and in the event of a signrficant
downlum in income or increase in costs. has the oplDn ulilisbng the ¢ash invested in a deposrt xcounl to
meet its liabilities.
Consequently. the Trustee 15 conffidenl that the Chty have 5ufftient funds lo continue lo meet ils
liabilil*s as they fall due for al least 12 months from the date of approval of the finano?al stalements and
Iherefore has prepared the financkal slalemen15 on a wing ￿nCern basis.
Future plans
To continue lo provKle high qua]ty serV￿S lo the residenls al Katherine Hc4Jse and Grrffilhs House by..
Continuing lo attract arKI retain an eX￿p1￿)nal workfor
Continuing lo ddNer a v*Ed and engagirg aclivths wografflme lo our residents
Striving lo achieve 'Outstanding' care a(xoss al CategKx￿ as rated by CQC.
To continue lo let the h)Jses al Rotmnson to gerErate funds to suppx¥t the ChariW5 objectives.
To implement the first phase of the plan lo redevelcy Cole H￿se and ils gr￿nds, ind￿1ng working in
partnership with other charities and developiw an for the sile which would further the Charity's
O￿.e¢￿'veS and be mindful of ils hentage.

The Cote Charity
Report of the Trustee
for the year ended 31 December 2021 (continued)
Accounting and reporting responsibilities
Statement of Trustee's responslbllltles In respect of the Report of the Trustee and the flnanclal
statements
Under charity law, the trustee is responsible for preparirKJ the Trustee's Annual Report and the financial
stslemenls in accordance with applicable law and regulations. The Iru51ee is required to prepare the
financial slalements in accordance wrth UK Aeeounting Standards. induding FRS 102 Th& Financ￿1
Reporting Standard appI￿able in the UK and Republic of Ireland.
The financial slalemenls are requKed by law to give a true and fair view of the slate of affairs of the
charity and of the incoming resources and application of resources for that period.
In preparing these financial slatemenls. generally accepted a¢xounting practice entails that the Iruslee:
selects suitable accounting policies and then apply them consislenlly-
makes judgements and eslimales that are reasonable and prudent..
slates whether applicable UK Ac(x)unling Siandards and the Statement of Recomrnended
Practice have been followe¢J, subject lo any material departures disclosed and explained in the
financial stalemenls..
slates whether the financial statements cofflply wilh the Irusl deed. Subject to any material
departures disclosed arKI explained in the financial slatementS.'
assesses the charity'5 abilty to continue as a going concem, (Jisclosing, as applicable, mallers
related lo going concem: and
uses the going concem basis of accounting unless they either intend to IiquKJale the charity or lo
ase operations. or have no realistic alternatwe bul to do so.
The Iruslee is required lo act in accordance wlh the trust deed of the charity. within the framework ol trust
law. They are responsible for keeping accounting records which are SUff￿len1 lo show and explain the
charily's transactions and disdose al any lime. with reasonable accuracy, the financial position of the
charily al that lime, and lo enable the trustees lo ensure that. where any slalemenls of accounts are
prepared by them under section 132111 of the Charities Acl 2011, those statements of accounts comply
with Ihe requirements of regulats.ons under that provision_ They are responsible for such internal control
as they determine is necessary lo ena￿e the preparation of financial slalemenls Ihal are free from
material misslalemenl, whether due lo fraud or error. and have general responsibility for taking such
steps as are reasonaiAy open lo them to safeguard the assets of Ihe charity and lo prevent and delecl
fraud and other irregularities.
Sign8d for an on behalf of the Trust
David Freed
Dlrector
Merchants. Hall. The Promenade. Clifton. Bristol. BS8 3NH
Dale.. 1¢ TV L

Independent auditor's report to the Trustee of
The Cote Charlty
Opinion
We have audited the fin8nci81 slalements of The Cole Charity ("the charity'l for the year ended 31
December 2021 which comprise the statement of financial aclivilies. balance sheet. cash flow statement
and related notes. including the accounting policies on pages 16 10 17.
In our opinion the financial statements..
give a true and fair view of the slate of the charity's affairs as at 31 December 2021 and of Its incoming
resources and application of resources for the year then ended".
have been properly prepared in accordance with UK accounting standards. including FRS 102 Th8
Financ￿1 Rep￿ing Standard applicable in the UK and Republ￿ of Ireland: and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for oplnlon
We have been appointed as auditor under section 145 of the Charities Act 2011 {or its predecessors) aTh
report in accordance with regulations made under seclion 154 of that Act.
We ¢onducted our audit in acC￿danCe with Internaliond Standards on Auditing (UK} {-ISAs IUKI'I and
applicable law. Our responsibilities are described below. We have fulfilled our elhical responsibilities
under. and are independent of the charity in a(xordance with, UK eth￿al requiremenls including the FRC
Ethical Standard. We bdieve that the audit evidence we have obtained is a sufficient and appropriate
basi5 for our opinion.
Golng concem
The Iruslees have prepared the financial slalemenls on the going concem basis as they do not intend to
liquidate the charity or lo cease ils opeialions. and as they have conduded that the charity s financial
position means that this is fealislic. They have also concluded that there are no rnalerial uncerlainlies that
could have cast significant doubl over ils ability lo continue as a going concern for al least a year from the
dale of approval of the f5nancial slalements ('Ihe going concern perK)d-l.
In our evaluation of the trustees, condusions. we considered the inherenl risks lo the charity's business
model and analysed how those risks mvJht affKI the charity's financial resources or ability lo conlinue
operations over the going Con￿rn period.
Our conclusions based on this work..
we consider Ihal the trustees. use of the ￿Ing wncefn basis of accountin9 in the preparation of the
financial slatemenls is appropriale-,
we have not identified, and concur with the Iruslees. assessment thal there is not, a material ￿n￿rtainlY
related lo events or conditions that. individually or cdlectively, may cast significant doubl on the
charity's ability to continue as a going concern for the going concern period.
However. as we cannot predicl all future events or conditions and as subsequent events may result in
outcomes Ihal are inconsislenl with judgements Ihal were reasonable al the time they were made. the
above conclusions are not a guarantee that the chartty will continue in operation.
10

Independent auditorfs report to the Trustee of
The Cote Charity (continued)
Fraud and breaches of laws and regulations- ability to detect
Idenlifying and responding lo risks ofmaterial misst8fem8nl dua to fraud
To identify risks ol material misslalemenl due lo fraud I"fraud risks'} we assessed events or conditions
that coul(J ind￿ale an incentive or pressure lo commit fraud or provide an opportunrty lo commit fraud.
Our risk assessment procedures included-
Enquiring of management as to Ihe charity's high-level policies an(J procedures lo prevent and delecl
fraud as well as whether they have kno￿edge of any actual. suspected or alleged fraud.
Reading SMV Trustee Company Limited board. audtt committee. and investment committee meeting
minutes.
Using analyts'cal procedures lo identfy any unusual or unexpected year on year movements.
We communicaled idenlrfied fraud risks Ihroughoul the audii team and remained alert lo any indications
of fraud throughout the audft.
As required by auditing standards. and taking into account our overall knowledge of the control
environment we perform procedures lo addiess the risk of management override of controls and the risk
of fraudulent revenue recognition, in particular the risk that management may be in a position lo make
inappropriate accotjnling entries.
We did idenlify any additional fraud risks.
In delermining Ihe audit procedures we look into account the resulls of our evaluation and testing of the
operating effectiveness of some of the fraud risk management controls.
We also performed procedures induding-
Identifying joumal entries and other adjustments to lest based on risk criteria and comparing the
idenlrfied entries lo supporting documentation. These induded unusual accounts combinations.
Subslanlive testing of rental income and agreement to supporting evKlence.
Idenlifying and responding to r￿kS of material misslaten7ent due lo non-compliance ¥wth laws 8nd
regulations
We idenlrfied areas of18ws and regulations that eould reasonabty be expected lo have a material effect
on the financial slalements from our general commeraal and sector exper1er￿e and discussed wth the
directors and other management the policies and procedures regarding compliance ￿th laws and
regulations.
As the Charity is regulaled. our assessment of risks involved gaining an understanding of the control
environment i￿l￿dIng the enlily's procedures fcK complying with regulatory requirements.
We communicated identifi.ed law5 and regulations throughout our team remained alert lo any
indications of non-compliance throughout the audit.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Charity Is subj'ect to laws and regulation5 that directly affect the financial slalements including
financial reporting legislation {including charities legislalionl and taxation legislation and we assessed the
exlenl of compliance with these laws and regulalions as part of our procedures on Ihe related financial
ststemenl items.
Secondly, the Charity is subject lo many other laws and regulations where the consequences of non-
compliance could have a material effecl on amounts or disclosu￿S in the financial stalemenls, for
inslance through the imwsilion of fines or liligalK)n. We idenlrfie¢J the folkjwing areas as those most likely
lo have such an effect.. health and safety. employment law. and certain aspects of charity legislation
recognising the finanual and rewlaled nature of the Charity's aclivilie5 and ils legal form.

Independent auditor's report to the Trustee of
The Cote Charity (continued)
Auditin9 standards limit the required audit procedures lo idenlrfy non-compliance with these laws and
regulations lo enquiry of the direclofs and other management and inSpeCt￿n of reLwlatory and legal
correspondence.
if any. Therefore rf a bre￿ of operalional re￿latIonS is not disclose(J lo us or evident from relevant
correswndence. an audit will not delecl that breach_
Context of the ats.lily ofthe audrf to detecl fraud L¥ breaches oflaw orregulalion
£￿ing lo the inherent limitations of an audit. there is an unavoKlable risk that we may not have delecled
some material misslalemenls in Ihe fInar￿la1 statements. even though we have properly planr)ed and
performed our audit in a(X0rdan￿ with audiling standards. For example, the further removed non-
compliance with laws and regulations is from the events an(J transactions reflected in the financial
slalements. the less likely the inherenuy limiled procedures required by auditing standards would idenlfy
In addition, as with any audit. there remained a higher risk of non-deleclion of fraud. as these may involve
collusion, forgery, intentional omissions, misrepresenlalions, or the override of internal controls. Our audit
procedures are designed lo delect material misslalemenl. We are not responsible for preventing non-
compliance or fraud and cannol be exF*Cted lo delecl non-compliance wilh all laws and regulations.
Other information
The Iruslees are responsible for the other informalK)n. which comprises the Reporl of the Truslee. Our
opinion on the financial slalements does nol cover the other information and, accordingly, we do not
express an audit opinion or, except as exF4iully stsled below. any form of assurance condusion Ihereon.
Our responsibility is lo read the other infomialK)n and. in doing so. consider whether. based on our
financial slalemenls audit work. the infomiation therein is materially misslaled or inconsistent with the
financial slatemenls or our audit knowledge. We are required to report to you rf:
based solely on that work, we have identified material mi8Stalemenls in the other information.. or
in our opinion. the irrformalion given in the Trustee's Annual Report is inconsi5tenl in any material
respect with the financial statements.
We have nothing lo report in these respects.
Matters on whlch we are requlred to report by exceptlon
Under the Charities Act 2011 we are required lo report lo you rf. fft our opinion-.
the charity has nol kept Suff￿lent accounting records". or
the financ¢al slalemenls are not in agreemenl with Ihe accounting records.. or
we have not received all the information and explanations we require for our audit.
We have nothing lo report in these respects.
Trustees. responslbilltles
As explained more fully in their slalemenl sel out on page g. the trustees are responsible for.. the
preparation of financial slalemenls which give 8 true and fair view- such intemal control as they determine
is necessary to enalje the preparalion of financial slatemenls that are free from material misslatemenl,
whether due to fraud or error.. 85sessing the charity s ability lo continue as a going eoncern, disclosing, as
applicable. mallers related lo going concern-. and using the going concern basis of accounling unless they
either intend lo IiquKJale the charity or lo cease operalions. or have no realistic allernalNe bul lo do so.
12

Independent auditor's report to the Trustee of
The Cote Charity (continued)
Auditor's responsibilitigs
Our objeclives are lo obtain reasonable assurance about vthelher the financial stslemenls as a whole are
free from material mi55lalemenl, whether due lo fraud or error. and lo issue our opinion in an auditor's
report. Reasonable assurance is a hi9h level of assurance. bul does not guarantee that an audit
conducted in accordance wilh ISAS IUKI will always delecl a material misslalemenl when il exists.
Misslalemenls can arise from fraud or error and are considered material if. individually or in aggregate,
they could reasonably be expected lo influence Ihe economic decisions of users taken on the basis of the
rinancial statements.
A fuller description of our responsibilities is provided on the FRC'S websile al
vMw.frc.or
.uklaudilorsres
onsibililies.
Th• purpos• of our audit work and to vthorn we ow¢ our responsibilili89
This report is made solely lo the chariWs trustees as a tthy. in accordance with section 145 of the
Charities Acl 2011 lor ils predecessors} and regulations made under section 154 of that Acl. Our audit
work has been undertaken so that we might stale to Ihe charity's trustees those mallers we are required
lo slate lo them in an auditc￿'S report arKI for no other purpose. To the fullest extent permilled by law, we
do not accepl or assume responsibility lo anyone other than the charity and ils Iruslees. as a body, for our
audit work. fly this report. or for the opinions we have formed.
Jonathan Brown
for and on behalf of KPMG LLP. Ststutory Audltor
Chartered Accounlanls
66 Queen Square
Bristol
BS148E
Dale..
21 July 2022
KPMG LLP is elwible lo act as an audilix in lerms of sect￿ 1212 of Ihe Companies AGt 2006
13

The Cote Charity
Statement of financial activities
for the year ended 31 December 2021
Perrnanenl
R8slrict8d endowmenl
funds
fund
UNestricted
funds
Total
2021
Tolal
2020
Nol&
Inttsm• from".
DOnat￿S
3.483
3,483
3.513
Covid-19 Grant Incomè
50.025
50,025
71,172
Charitable ￿1vilieS
1.633,538
1,633.538
2.029,035
Investments
11.583
11.583
15,309
To¢al income
1,645.121
53.508
1.698.629
2.119,029
Expendlture on:
Charitable actNlties
{l.815.￿lI
{22.2291
{50.025)
171.7341
11.909,B641
11.826,9971
150,0251
{71,1721
15.4211
15.7941
171.7341 11.965,3101 11.903.963)
Covid-19 Grant Expen8es
Othey
15,4211
11.821.322)
Total •xpendlture
(72.2541
ILoss85ygains on
investment assets
22,697
22,697
{33.7841
Net IncomellLossl
Transfers t￿een funds
1153.5041
118.7461
171.7341
1243,9841
181,282
12
Net movernent In funds
1153.5041
(18.7461
171.7341
1243,9841
181,282
R•conclllatlon of funds..
Total funds brought forward
Total funds carrfed
forward
2,144,020
221.YJ2
3211.673
5,578.995
5.395,713
12
1,990,516
202.5S6
3,139,939
5,333.011
5.576,995
The statement oi financial activilies indudes all gains and losses recognised in the year.
l incoming resources and resources expended derive from conlinuing activities.
The ?￿MpanyIng notes form part of the financBI slalements.
14

The Cote Charity (Charity Number 257237)
Balance sheet
as at 31 December 2021
2021
2020
Note
Fixed assets
Tangible assets
Investments
4,188,065
359,917
4,547,9B2
4,223,389
337.220
4,560.609
Current assets
Debtors
Cash al bank
40,499
1,035,830
1,076,329
26.575
1.265.751
1,292.326
Creditors.. amounts falling duo
within one year
Net current assets
Total assets less currgnt liabilities
Creditors.. amounts falling due
after more than one year
Net a$¥ets
10
{291.300)
785,029
5,333,011
{275,9401
1,016,386
5,576,995
5,333,011
5.576.995
Funds
Unreslricled
Restricted
Permanent endowment
12
12
12
13
1,990,516
202.556
3.139.939
5.333.011
2,144.020
221.302
3.211.673
5,576,995
The financial statements on pages 14 10 26 were approved by the Trusl8e on Ig JVLY 9£4X and were
signed on ils behaw by..
Davld Freed
Director
Patrick Despard
Director
The accompanying notes form part of the financial statements.
15

The Cote Charity
Cash flow statement for the year ended 31 December 2021
2021
2020
Notes
Cash flow5 from operatlng actlvStles:
Net Income for thè rèporting yèar
1243,984)
181.282
Adlu$trr*nts for:
Dep￿latI(￿ cha
117,488
{22,6971
{11,5831
(13,9231
76.673
128,29)
(Gainsylosses on investmen15
33,784
115.3091
8,308
82.829
Div#lends aryj interest fr(*n investrnents
{DecreaseYinciease in debtors
Increase in creditors
Net provlded by oper•tlng acdvlde$
{98,0261
419.184
Cash ftow from Ilnandng a¢tlvlfl•s:
Repayment of B￿k Loan
Net used In Ilnanclng acdvltles
161.314)
161.314)
1113,8441
1113,8441
ash Ilows from Inv•s￿n9 actlvltl•s:
tividends and inierest Irc*)) inVestr￿ts
11.583
(82,1641
(70,581)
15,309
(22,380}
17.0711
Purch88e of property, pLin( and eq￿p￿t
Neteash US￿ In Inv•$iiffj éetlvlllts
Change In cash andcash equlwalents in the year
Cash and cash equivalenls al the beginning of Ihe year
Cash and cash equlvalents at the end of the year
{229,921)
1,265,751
298,269
967,482
1,035,830
1.265.751
The accompanying notes form part of the financial slalements.
16

The Cote Charity
Principal accounting policies
8asi$ of preparatlon
The accounting policies that the Charity has adopted lo determine the amounts included in respect of
materi21 items shown in the balan￿ sheer and also lo determine the irKome and expellditure have been
applth consislenlly and are shown below.
The Cole Charity ffleels the definition of a public benefit enhty u￿leT FRS 102. Assets and liablities are
initially recognised al historical cost or transactK)n vaue unles5 olheThYise staled in the relevanl acLounting
policy.
Basis of accounting
The financial slalemenls have been prepared under the historical cost convention as modrfied by the
revaluation ol certain tangible fixed assets and fixed asset investments. in accordance wlh the Slalemenl
of Recommended PraCtice"AcC￿jnIlng arHJ ReportJ"wvJ by Charities ISORP 20191. applicable lo charities
eparing Iheir accounts in &ce￿anCe ￿th Financial RekM)rts'rYJ Standard aprAicable lo the UK and Repu￿
of Ireland IFRS1021.
Golng Concern
The Trustee has considered whelher the use of g)ing concem is approwale, i.e. whether there are any
malerBI uncertainties related lo evenls ￿ conditions that may cast svJnrftanl doubl on the ability of the
charity lo c(Hilinue as a wng concern. The Twslee makes Ihis assessment for a period of ￿e1Ve months
from the dale of approval of the fIna￿aal slalemenls.
Under all the scenari05 review￿d. the charity has suff￿nt reserves lo ena￿e tt to CA)ntinue as a goiThJ COr￿ern
for the fLveseeatAe future. For this reason it continues to adopt the 9)iThJ concem basis in preparing the
financial slalemenls.
Critlcal accountlng Judgements and key sources of g$1imation uncertainty
In applying the charity's accounting policies, the Trustee is required to fflake judgements. e$limates and
85sumplions about the carrying amounts of assets and liabilities that are not readily apparent from other
sources. Actual results may differ from these estimates.
Incomlng resources - donations
Donations to the Ch&ity a￿ induded in the financial slalemenls in the year in which they are receivable.
Incomlng resources - investments
Interest on bank deposits is included as income in the financial statements on an accruals basis.
Dislribulions from the inveslmenl in the Merchant Venturers. Charities Investment Pool I"MVCIP'I are
Irealed as income in the year in which they accrue.
Incoming resources- charitab5e activlties
Incoming resources from care for the eldedy comprise rents and fees for the provision of accommodation
and care services. which are accounted for on an accnjals basis.
Expgndituro
All expenditure is accounted for on an accnjals basis and is recognised when there is a legal or
conslruclive obligation lo pay for expenses. All cosls have been directly attributed lo one of the functional
categories of resources expended in the Sialemenl of financial aclivilies.
la)
Charitable activities relates lo the costs incurred in running an(J supporting the day-to-day care of
the elderly activities in Ihe execution of the Charity's objects.
Ib)
Other costs relate to the strategic management of the Charity and ils assets, and compliance wilh
slalulory requirements_
Irrecoverable VAT
Any irrecoverable VAT is charged lo Ihe slalemenl of financial aclivilies or capilalised as part of the cost
of the related assets where appropriate.
17

The Cote Charity
Principal accounting policies (continued)
Taxation
The Cole Charity is registered as a charity and as such tax exemption applies lo the income arising from
and expended on charitable activities and to 115 inveslfflenl I￿)Me and gains.
Flxed assets and depreciation
Fixed asset investments are slated al cosl less depreciation.
DeprecialKin is calculated so as lo write off assets on a siraigh14ine basis over the eX￿ted useful economic
lives of the assets concern￿. The annual rates used for Ihi% purpose have been..
Freehold building5 and ifflprovemenls
Fixtures. fillings and office equipment
Motor vehicles
15 10 50 years
3 to 5 years
S years
LarKI and assets in Ihe ctyJrse of constr￿IK)n are not derncialed.
Assets wth a cosl of less ihan £1.C(10 are WTitten off to expetKliture duriThJ the year.
Investments
Fixed asset investments are staled at mid-market value al the balance sheet date. This is not in
accordance with FRS102 which recommends bid value but is consislenl with the entity's perfom)ance
management process. Using bKI values w¢wld lead to a reduction in the valualron of these listed
inveslmenls of an amount which is conS￿ered by the Trustee lo be immaterial.
The statement of financial activities indudes the nel gains and losses arising on revaluations and
disposals throughout the year.
Fund aceountlng
The Charity has vamus types of furKls bthich it i5 respork5ible. and whith require separate disdosure.
These are as follows:
Unrestrlcted funds
Funds which are expendable al rhe discretion of the Trustee in furtherance of the objects of the Charity.
In addition lo expenditure on care homes. such fijnds may be held in order to finance capital investment
and working capital.
Restrlcted funds
Donations or legacies are earmarked by the dorK)r for Specif￿ purposes. Such purposes are withi
the overall aims of Ihe organisalion.
Permanent endowment fvnd
The permanent endowmenl fund incorporates the cviginal endowments of £100 and the operational
properties, together with the Surplus or deficit arising from the revaluation of the property (see note 71 and
capital additions lo the property vthich cannot be distinguished from the original endowment properly.
Pension costs
The Charity makes contributions lo employees, personal pensions in accordance with the auto-enrolmenl
provisions. The payments lo the defined conlribulions scheffle are charged lo Ihe statement of financi81
aclivilies in the period in which the obligalion lo fflake contributions arise5.
18

The Cote Charity
Notes to the financial statements
for the year ended 31 December 2021
Investment income
2021
2020
Distributions from MVCIP
10,915
11,768
Bank interest
3,541
11.583
15,309
Analysis of charitable expenditure - care for older people
Direct
costs
Support
costs
Total
2021
Total
2020
Staff costs
1.036.245
56.880
1,093.12S
262.183
423.384
1,186,966
Running costs
Maintenance and deprecialK)n
Management and administration
262.183
423.384
249,755
285,795
104,481
16,127
115,045
131,172
1.737.939
171.925
1.909.864
1,826,997
All the support costs have been allocated to one charitable actNity (care for the elderty).
Other costs
2021
2020
Audit fee
5,316
5.316
Tnjslee's indemnily insuran
105
478
5.421
5,794
Net incomelexpenditure
2021
2020
Net incomelexpenditure is slated after charging:
Audit fee
5.316
5.316
Depreciation
117.488
128,290
The avdil fee exduding irrecoverable VAT was £4.430 (2020". £4.430).
19

The Cote Charity
Notes to the financial statements
for the year ended 31 December 2021
Staff costs
The average number of persons employed on a full and part-lime basis by The Cote Charity during the
year. analysed by category, is as follows:
2021
2020
Residential care
48
Management and administration
52
The aggregate payrdl costs of these persons were as follows:
2021
2020
Wages and salaries
Social securily costs
Pension costs
996.977
1,082,858
76.333
82,797
19.815
21,311
1,093.125
1,186,966
No individual employee received emdumenls exceeding £62.000 during 2021 or 2020.
A rechar9e is made by the Society of Merchant Venturers for $￿ff as disdosed in note 14. The Trustee is
considered lo be the only key management personnel of Ihe Charity. See note 6 below.
Trustee's remuneration
No director of SMV Trustee Company Limited receNed rernUnerat￿n or reimbursement of expenses for their
services lo the Charity during Ihe year12020- £nil) nor had any beneficial inleresl in any contract wlh the
Charity during the ye¥ {2020'. £rdl).
A professional indemnity insurance premium of £10512020.. £4781 was paid by the Charity on behalf of the
Trustee.
20

The Cote Charity
Notes to the financial statements
for the year ended 31 December 2021
Tangible fixed assets
Fixtures.
Assets in the Freehold
fittings
course of land and
and office
construction buildings equipment
Motor
Vohiclg$
Total
C08t or valuation
Al 1 Januwy 2021
Additions
158.429 5.083,364
251.751
7.355
29.2
5,522,834
74.809
82.164
Transfers
Disposals
At 31 December 2021
233.238 5.083.364
259.106
29,290
5.604,998
Depreclatlon
Al 1 January 2021
Charge for year
Disposals
At 31 December 2021
1.036.681
233.474
29.2
1,299.445
117.488
104,114
13,374
1.140,795
246,848
29,290
1.416,933
Net book valu•
At 31 December 2021
233.238 3.942,569
12,258
4.188,065
At 31 December 2020
158.429 4.046,683
18,2T7
4,223,389
21

The Cote Charity
Notes to the financial statements
for the year ended 31 December 2021
Fixed asset investments
Total
Cost
At 1 January and 31 December 2021
Revaluatlons
165,890
Unrealised gains at 1 January 2021
Nel gain arising on revalualK
Unrealised gains at 31 December 2021
Net book value
171,330
22,697
194,027
At 31 December 2021
359.917
Al 31 December 2020
337,220
All investments are hdd in the Merchant Ventur8rs' Charities Investment Pool, which was structured as
follows at 31 December 2021-.
Investment assets in the UK
37.6
Investment assets outside the UK
43.2
Alternatives & Mulli-Assel
18.0
Cash
100.0
Debtors
2021
2020
Rents and fees
11.924
28,575
40,499
1,592
24,983
26.575
Other debtors and prepaymenls
22

The Cote Charity
Notes to the financial statements
for the year ended 31 December 2021
10 Creditors: amounts falling due within one year
2021
2020
Trade creditors
69.439
66,148
Other taxes and social securily costs
Other creditors
20.479
22,098
54,068
77.638
Accruals
8S.304
38.440
60,807
11,505
Covid-19 Grant
Bank loan
61,314
291.300
275,940
11 Creditors: amounts falling due after more than one year
2021
2020
Age analysis of bank loan
Due within one year
Due after more than one year.
Behmeen one and two years
Between two arKI five years
More Ihan five years
Total due after more than one year
Total
61,314
61,314
The Charity had a loan with Nalwesl Bank wilh 3 balance of £nil al 31 December 2021 (£61,314 al 31
December 20201. which was secured on 19 Cole Paddock. The interest rate wa5 1.60/9 over base rate
and there was a capital repayment holiday until February 2018. The final repaymenl was made in Augvsl
2021.
23

The Cote Charity
Notes to the financial statements
for the year ended 31 December 2021
12 Funds
Balance al
1 January
2021
Transfers
Balance at
between 31 December
funds
2021
Incoming Resourc8S
resources
expended
Investment
Gains
Unrestricted
General fund
2,144,020
1,645.121 (1.821.322)
22.697
1,990.516
Restrlcted
Staff fund
52
2.218
{2.368)
(981
Katherine House
amenity fund
Katherine House
building fund
Grrffiths House
amenity fund
Residents
Personal
lowances
14.367
745
{1.115)
13,997
155.674
118.090)
137.584
1.139
70
1656)
553
70
450
520
Covid-19 Grant
50.025
(50,025)
Griffilhs House
building fund
Total Restrict•d
50.WO
50.000
221.302
53.508
{72.2541
202,556
Permanent
ondowment
3.211.673
{71.734)
1,698.629 11.965.310)
3.139.939
Total
5.576,995
22,697
5.333.011
The General fund indudes £194.02712020." £171.330) relaliNJ to unrealised gans in the value of fixed asset
investments.
The Staff fund represents donalK)ns given lo the Charity for the benefit of staff.
The Katherine House ￿enity fvnd represents donalM)ns given to the Charity f￿ the benefit of the residents
al Katherine House.
The Katherine House ￿lIdIng furKI represents donatk)ns t(wffjrds Ihe cost of building Katherine House nel of
related depreryaI￿n.
The Grrffiths House amenity fvjnd represents donations gNen lo the Ch￿tY for the benefii of residents al
Grrffilhs House.
The Grrffiths House buildwu fund rewesents donat￿nS Icwar(Is the cost of bU￿dIr0 Grrffiths House nel of
related deprecialK)n.
The Permanent endcywmenl fund rewesenls part of the &nd E￿ildI￿JS of Ihe Charity net of year end bank
loan and depreck8tion.
The Covid-19 Grant represents SI￿121 fundiThJ provKled by the Local Authority lo hdp the charrty with ils
response lo the pandemic and was Util￿ed in line Nwth Condit￿nS specified. Any unulilised funds al the e￿1
of the grant term will be returned in accordance wlh the ￿rKlItiOnS of fvThYing.
24

The Cote Charity
Notes to the financial statements
for the year ended 31 December 2021
13 Analysis of funds balance
Permanent
endowment
Unregtrlctod
Restrlcted
Total
Fixed assets
860.543
359.917
770.056
187.583
3,139.939
4.188,065
359,917
Fixed asset investments
Nel current assets
14.973
785,029
Long term cre(Silors
Net assets
1.￿.516
202.556
3.139.939
5,333,011
14 Transactions with related parties
So¢lety of Merchant Venturers
The Charity irKurred a charge for the realocation of salaries and OVert￿ad$ of£51.82612020.. £49,107) from
the Society of Merchant Venturers, lo cover the services il provides in relation lo the management and
administralw)n of the Chwity, of whth £nl12020". £nil) was ¢JJtstanding al end.
Merchant Venturèrs. Charitios Investment Pool IMVCIP)
SMV Trustee Company Limited ts the Trustee of MVCIP and the ultimate controlling paty of The Cole
Charity. For details of inveslments hdd and income receNed from MVCIP S￿ Mles 1 and 8. At
31 December 2021 £2.776 was ¢JJtstaThSiThJ from MVCIP12020.. £2.4601.
15 Connected charities
The Society of Merchant Venturers. Almshouses Charity {Regislered Charity Number 2021521 is a
connected charity under the definition ol the Charilies. SORP 2019 as it has the same Trustee as The
Cole Charity. Further information can be obtained from Ihe Charities, registered adéress detailed on
page 1 of the Trustee's repori. The Cole Charity made a charge of £4.60412020.' £4.569) for the services
of the Colslon's Almshouse Manager and a charge of £5.411 for a maintenance officer {2020.. £5,377110
the SMV Almshouses Charity. Al 31 December 2021 £nil (2020.. £2.4871 was owing by the SMV
Almshouses Charity to the Cole Charity relating lo these serwices.
The SMV Almshouses Charily provided the Serv￿ of a Cha￿aIn lo The Cole Charity al a cost of £275
{2020.' £5871 of which £13812020. £nill was (yjlslanding al 31 December 2021.
25

The Cote Charity
16 Analysis of changes in net debt
At 1 January
2021
At 31 December
2021
Cash flow
Cash and ¢ash equivalents
Cash
1.265.751
1,265,751
-1229.920
1229,920}
1 035 831
1.035.831
Borrowlng5
Debt due within one year
Debt due after one year
(61,314)
61.314
Total
1,204.437
1168,6061
1,035,831
26