2022-12-31-accounts

Registered Charity Nurnber 257237 The Cote Charity Annual report and financial statements for the year ended 31 December 2022

The Cote Charity Annual report and financial statements for the year ended 31 December 2022 Contents Page Report of the Trustee Independent auditor's report lo the Trustee of The Cote Charity Sialemenl of financi￿ activities 10 14 Balance sheet 15 Cash Flow statement 16 Principal accounting policies Notes lo the financial statements 17 19

The Cote Charity Report of the Trustee for the year ended 31 December 2022 The Trustee presents its report and audiled financial stslemenls for the year ended 31 December 2022. The financial slalements comply with currenl stalulory requirements. the Trust deed and the Slalemenl of Recommended Practice for Charities ISQRP 2019}. Trustee, officers and advisers The Trustee of the Charity is SMV Trustee Company Limited. Listed below are those members who have served on the Board of SMV Trustee Company Limited during the year.. PaIr￿k Despard Michael Bolhamley Robert Bovrns David Freed Gillian Carnm R05s Ancell Charles Grrfilhs Alan Lewis Mohammed Sadd Jonalhon Baker Martin Thatcher Dr Sieve Ajlpress Nick Baker Karl Tucker Katharine Finn David Powell Mark 8urchfield Heather Frankham {Rebred 10 NovemLw 20221 {ReDred 10 November 20221 (Retired 10 November 20221 IAF)poinled 10 November 2022) (Appointed 10 November 2022) IApkKJinled 10 Novembw 2022) Reglslwed address of the Charity Merchants. Hall The Promenade Clffton Bn'slol BS8 3NH Charity Number- 257237

The Cote Charity Report of the Trustee for the year ended 31 December 2022 (continued) Names and addresses of other relevant organisations Auditor KPMG LLP, 66 aueen Square. Bristol, BS14BE Banker NalWe51 Bank plc. 32 Ccrfn Stre81. Brisl(A, BS99 7UG Sollcitor Womble Bond Dickin50n (UK) LLP, 3 Temple Quay. TeM￿e Back East. Bristol. BS16DZ Investmént Manag¢r Evelyn Partners Investment Management LLP. PorWI Place. PorWII Lane, Bristol. BS16NA {via Merchant Venturers, Charities Inveslmenl Pod {MVCIP). Ch￿ty Number 1053459). Structure, governance and management Governlng document The Charity is constituted under a Charty Commission Scheme dated 8 October 1968 and is registered with the Charity Commission. number 257237. Governing b¢xly and organisational management The Trustee of the Charity is SMV Trustee Company Limiled. a company limited by guarantee. The Trustee meets lo consider. al leasl on a quarterty basis. Ihe broad strategy. direction and investment policy of the Charity. Assisting the Trustee are the Audit Sub£ommitlee and the Conflicts of Inleresl Advisory Sub-commillee. Day lo day running of the Charity is delegated by the Trustee lo a Sub-commillee {the Care of Older People Sub-committee). the Members of which who served during th& year were.. Or Jxqueline Comish (Chairl Caroline Duckworlh Anne Nisbel Charles Densham Mary Prior Charles Grrffrths Anthony Brown {Retired 27 Janijary 2023) Edward Ware David Marsh Sir Jay Tidmarsh {Apwnled 10 November 2022}

The Cote Charity Report of the Trustee for the year ended 31 December 2022 (continued) Governing body and oryanisational management (continued) The Care of Older Peo￿ Sub-comwnittee meets al least quarterty to oversee and ￿lminister the eff￿lent management of the Charity and lo consKler and subsequenuy recomme￿ lo. and gain approval from, the Truslee for t¥oad operational and strategic issues. as wdl as retKJrting lo the Trustee on all relevant operational mallers. The lenure of membership 15 3 years. re-electable for a further 3 years and, in speaal cirojmstances, tenu￿ can be extended. The inductwJn prcte5s for any app)inled member indudes an initial m8eling with the Chairman and subsequent meelirvJ and sile wth the Cote Manager. The Cole Manager assists Ihe Care of Older People Sub-committee in fvlfilliro the day-tfrday management of Ihe Charity. Accounting support is provKJed by the Merchant Venturers, FInar￿ department. The Merchant Venturers, Audit Committee is responsible for assessing the scope and effectiveness of the systems and processes established by management to idenlfy. assess. manage and monitor the financial and non-financial risks. The Conllicls of Interest Advisory Sub£ommittee ￿mpriseS of ￿¥0 indivKluals with no connecth)n lo either SMV or SMV TCL who can advise on areas where a corffi￿t of interest muht arise. As detailed in note 15, the Society of Merchant Venturers ky0v￿ed ￿MinIstrat￿e servw lo the charili8s of which SMV TCL was trustee and {as pwmitted by the Ch8Jty Commission) made a char9e for these. The Confiicls of Interest Advisryy Sub£ommillee has revithved these charges arKI made a T￿￿mmenda￿On lo the board of SMV TCL that ￿ rxoposed charges are. in the otxnK)n of the members of the SutFCommiltee appropnale. Recruitment and training of the Trustee The Directors of SMV Trustee Company Limited are elected annually from wthin the membership of the Society of Merchant Venlufers and are appraised of Ihe general dulles of a Iruslee. In the event of significanl changes lo legislation or best practice. further relevant (raining is undertaken. The management and strategy of the Charity are considered in greater detail by the Care of Older People Sub-commillee. The members of this Sub-commillee bring with them the necessary care. financial. and property and skills that enable them lo deal both with more immediate issues as well as lo assess. monilor and make Ihe necessary recommendations for Ihe future strategic direction and well-being of the Charity. They are inducted Ihrcwh meetings with the Chair and Ihe Cole Manag8r. Rlsk management In the light of the Corporate Govemance guidanee contained within the Statement of Recommended Practice 2019"Accounling and Reporting by Charities", the Trustee has examined the major risks faced by the Charity. The Trustee continues lo monitor and manage ongoing risks relating to areas such as Ihe achievement of the charitable objects and the protection of the charity's assets. Systems are in rAace to monitor arKI control these risks and lo miligale the impact that they have on the Charity. The risk register is reviewed and updated as required bvl not fewer Ihan on a bi-annu81 basis by Management and by the Care of Older People Sub-Commillee_ 11 is reviewed by the Merchant Venturets Audit Committee and is noted by the Tnjstee. The Charity is reliant on resident income and monitor5 closely the level of vacancies at Katherine House and Griffilhs House. This enables costs lo be managed as required and informs the working capital requirements. The Care of Older People Sub-commillee has viewed an outbreak of infection or infectious disease as a key risk. This risk was monitored closely during the COVID-19 pandemic with mitigation in ￿aCe such as." robust procedures and policies, ongoing staff training, regular reviews and feedback, as well al ulilising professional advice and support to ensure the Charity maintained pa￿ with the thanging guidelines.

The Cote Charity Report of the Trustee for the year ended 31 December 2022 (continued) Objectives and activities Objects of the charity The Trustee confirms that it has referred lo the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities. The objects of the Charity. defined in ￿ Trust deed. wlith should be referred lo for exact details, are". (a) to provKle a resKlential home or homes or a combinal¢on or Combinat￿Th5 of a residential home and a nuising home for eldedy ￿rSOnS over 60 years of age who through infirmty or financial need5 are unatAe lo provide a home for Ihemsefves" lo pay pensions, annuib'es or gran15 to eldety persons over eKI years of age Iwhelher or not residents of the homes) and who through infirfflity or finar)cial need are unat4e to provide the necessities or comforts of lrfe." and for general charitable wrposes. (bl Icl Trre have been no changes made lo the objects in ihe year. Aims and Intended Impact The aim of the Charity is to provKle reskyential homes of high qualty for peop￿. Where appropriate. older F*ople in redijced ryrcumslances are offered support lo enaLle them lo access the services. The Trustee h25 gwen careful constderalion to the levd of fees sel for Katherine House and Griffilhs House lo ensure that they are fair. ObJeetlv•s for the year This year the principal objectwes of the charity have been: lo continue to Fyovide a high standard of r•e arKI support ￿v￿eS Mi good accommodation: lo lel units at Cote House arKI Robinson Place on a sh)rt lemi basis lo generate funds to further the Charty's 0￿eCtiVes.. lo continue to develop a plan lo enable Cole H(xJse army ils wnds lo be used lo further the Charl￿$ objectives and meet the expectations of cu￿nI and future res￿ents. Volunteers The weffare of the Cole reS￿entS. whilst overseen by the Cole managemenl leam and staff, also benefits from the suppcKt provKJed by the Merchant Venturers, VEiling Group. a team of volunteers. who regularly vK8it the Homes. In 2022 due lo the on￿ing inpact of the COVID-19 pandemic, less visils were alAe lo lake place in person, however monlhty in person vists resumed lowards the en(1 of 2022. Wherever possitAe aclivilies al the homes have continued in a covid safe manner. Exam ￿e$ indude.. volunteers participating in shared reading with resKlenls and"singirvJ for the brain". as wdl as outdoor c￿)￿rtS. Work experien placements ¥Mlh local schools and colleges have now also resumed.

The Cote Charity Report of the Trustee for the year ended 31 December 2022 (continued) Achievements and perfomiance The Charity continues lo provide an excellent service that meets the varying ¢Yemands of its residents al Katherine House and Griffilhs House. Levels of care are favourabty commenled upon by residents, their families and independent inspectors. Their success was demonslraled by the 2020 inspection by the Care Quality Commission which raled Kalherine House 'GoDd' in all categories. with 'Oulslanding' for the 'responsive' category and the 2021 inspection by the Care Quality Commission which rated Griffilhs House 'Good' in all categories. Flnancial review The Charity produced a nel surplus (detailed on page 141 of £71,56312021.' {£153.5041 net deficill. The COVID-19 pandern￿ has had a svJniftcant effect on the Care seclor as residents are vulnerable lo the disease. Due to the restiiclions necessary lo protect resKJents and staff, new residents have not come into the homes in line wlh previous years aThJ this led lo hwjher than usual vacancies al the siart of the year. The team has been WOTkiThJ hard lo ￿Slore oc£upancy lo pre pandern￿ levds. The bud9eled occupancy for 2022 for Katherine House was 81Qk and the actual ctcupancywas 83%. The budgeted occuparty for 2022 f¢y Grrfilhs House was 90% arKI the actual rxcupaw was 1￿%. Some costs are variatAe and therefore were lower than budgeted. Occupanw levels continue to be a key f(￿j￿S for 2023. Investment policy and performance The Trustee has delegated investment management lo the Merchant Venturers. Finance and Inve51menl Sub-committee for the investment and perfomiance of the financi21 assets,. the appointment of appropriate Fund Manager, monitoring their performance. arKI to recommend lo the Trustee the optimum strategy for financial investment. The Charity continued to invest in the Merchant Venturers. Chartlies Investment Pool (MVCIP) (Charity number 10534591 during the year. The Sub£ommillee's is to fflainlain income whilst preserving the real value of the inveslmenls. The income provides unresiitted fuwM15 to enab￿ the Trustee to pursue the objects of the Charity, including tAans for future. ReseThes policy The Trustee's tdicy lakes aCc￿￿t of {a) the Iwbilth'es which would be faced by the charity if il were lo cease oper21ing, {bl the financial 'oJshion' rt would need in order lo have lime to respond lo a serious bul possible funding crisis wlhoul immediately losing capacity, arKJ Icl any longer lem) objectives wh￿h might require swJnificanl investment. The principal ac(thnliru polKies on pages 16 10 17 describe the various funds of the Charity. The Trkjslee has (he polw lo maintain reserves of unreslricled funds lo a level that provides an operational contingency of approximately 6 months. running cosls_ Any surplus unreslricled reserves would be used for the redevelopment of Cole House and its grounds or into the investment portfolio lo provide additional income lo suppcKt the objects. Al 31 December 2022 the unreslricted fuThJs were £2.C62.079. which is $Wrf￿anllY higher than 6 month5, running costs. Al 31 December 2022 restricted funds were £198.032 and peMia￿nUY endowed funds were £3.053,809. The policy is reviewed on an annual basis by the Trustee lo take accounl of the development of the charity and a review of Ihe changing risks ti faces. particularly in respect of income.

The Cote Charity Report of the Trustee for the year ended 31 December 2022 (continued) Golng concem The financial slalemenls have been wepared on a 9)mg concem basis whth Ihe Trustee considers lo be appropriate for the followng reasons. The Trustee has Prep￿ed cash flow fore￿IS for a perKMI of 12 months from the date of approval of these financial slalemenls which indicate that. lakJ"rvJ a(xounl of reasonably possible downsides, the charity 4MII have SLrfficienl furKls to meet its lia￿litES as they fam due for Ihal pericKI. The Trustee conS￿er$ that (lemarKI for Katherine House Griffiths H(NJse remains strong and wll conl4iue for the foreseeabk future. In addition, the charity ￿eNeS general rental income from tke units al Robinson Place and unils al Cote Padd￿k. The charity has a strong cash posilKJn. Consequently, Ihe Truslee is confident that the Charity wll have suffitt￿nt funds to ￿ntinue lo meet ils liabilities as they fall due for al leasl 12 months from the date of apwoval of ts financial statements and therefore has prepared the finanaa slalemenls on a wng coneem basi8. Future plans To continue lo provide high quality serv￿eS to the residents al Katherine House and Gritfilh5 House by: Continuing to allracl and retsin an exceptional workforce Continuing to deliver a varied and engaging actwils prcyafflme to our resKJenls Striving lo achEve 'Outstanding' care ac¥oss al cateyThs as rated by CQC. To continue to let the two hwses at Rthnson Place lo generate fuThJs lo supwrt the Charity's objectThies. To implement ihe first phase of FAan lo redevdop Cote House aThJ its wThJs. indud1￿ working in partnership wilh other charils arml developiro an overall plan for the sile which W￿ld further the Charity's objectives and be mindfvl of its herrtage.

The Cote Charity Report of the Trustee for the year ended 31 December 2022 (continued) Accounting and reporting responsiblllties Statgmgnt of Trustee's responsibSlltle8 In respect of the Report of the Trustee and the flnanclal statgments Under charity law. the Iruslees a￿ responsitAe for preparing a Trustees. Annual Report and the financial slalemenls in accordance with appl￿ble law arKJ regulalions. The Iruslees are required to prepare the financial slalemenls in accordance wth UK Accounting Siandards. iThJuding FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The financial statements are required by law lo give a true 2nd fair view of the stsle of affairs of the charity and of the incoming resources and application of resources for that period. In preparing these financial stalemenls. generally ￿Cepte(l xcounling practice entails that the trustees.. sdecl suitable accounting poliC￿S and then apply them consistently., make judgements and estimates that are reasonable and wdent". slate whether appI￿able UK Accounting Standards and the Statement of Recommended Practice have been followed, subject lo any material departures disdosed and explained in the financial slalements.. $lale whether the financial statements comply ￿th the trust deed, subject lo any material departures disclosed and explained in the financkql statements.. assess the charity's ability lo continue as a gryng co￿rn. disclosing. as applicable. matters related lo going concern.. an¢J use the going concern basis of accounting unless they erther intend lo liquidate the charity (ff lo cease operations, or have no realislic altemative bul to do so. The Iruslees are require(I to acl in accordance with the trusl deed of Ihe charity. within the framework of trust law. They are responsible for keeping accounting records which are sufficient lo show and explain the charily's transactions and di5c105e at any time. with reasonable accuracy, the financial position of the chafily al that lime. and lo enable the trustees lo ensure Ihal. where any slalemenls of accounts are prepared by them under seCt￿n 132{11 of the Charities Act 2011. those slalements of accounts comply with the requirements of regulations under that provision. They are responsible for such internal control as they éelermine is necessary lo enable the preparation of financial slalemenls Ihal are free from material misslalemenl, vthelher due lo fraud or error. and have general responsibility for taking such steps as are reasonably open lo them lo safeguard the assets of Ihe charity and lo prevent and delecl fraud and other irregularities. The Iruslees are responsible for the maintenance and integrity of the financial and other information included on the charity's website. Legislation in the UK governing Ihe preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Slgn for an on behalf of thg Trustee Patri Despard Dirgctor M9rchant$' Hall. The Promenade. Cllfton. Bristol, 8S8 3NH Oale.. .TVLY aa23

Independent auditor's report to the Trustee of The Cote Charity Oplnlon We have audited Ihe financial statements of The Cote Ch2rty ("the charty") for the year ended 31 December 2022 which comprise Ihe slalement of financial activities. balance sheet, cash flow statement and related notes, including the accounting policies on pages 17 to 18. In our opinion the financial statements.. give a true and fair view of the s18te of the charity's affairs as at 31 December 2022 and of 115 iT￿0M}ng resources and applicalion of resources for the year then ended,. have been properly prepared in accordance with UK accounts.ng standards. including FRS 102 The Financial Reporting Standard opplicable in the UK and Republi¢ of Ireland.. and have been prepared in accordance wilh the reqU￿eMentS of the Charities Act 2011. Basis for opinion We have been appointed as auditor under section 145 of the Charities Act 2011 lor 119 prede¢essorsl and report in accordance with regulalions made under section 154 of that Act. We conducted our audit in accordance with International Staridards on Auditing {UK) {"ISAs {UKI"l and applicable law. Our responsibilities are described below. We have fulfilled our elhical responsibilities under. and are independent of the chartty in accordance with. UK ethical requirements induding the FRC Ethical Standard. We believe that Ihe audii evidence we have obtained is a sufficient and appropriate basis lor our opinion. Golng concern The Iruslees have prepared the financial stslements on the wng rAJncern basts as they do not intend lo liquidate the charity or lo cease ils operalions, and as they have concluded thal the charity's financial position means that this is realistic. They have also concluded Ihal there are no material uncerlainlies Ihal coul(1 have cast signrficanl doubl over ils abilily lo continue as a going concern for at least a year from the dale of approval of the financial statemenls ("Ihe going con{￿n perio(r). In our evaluation of the Iruslees, conclusions. we considered the inherent risks lo the charity's business model and analysed how Ihose risks mi9ht affect the charity's financial resources or ability to colllinue OP8ralions over the going concern period. Our conclusions based on this ¥vork.. we consider Ihal the Iruslees. use of the going corKwn basis of accounliThJ in the preparation of the financial slalemenls is appropriate", we have not identified. and concur with the Iruslees. assessment that there is not. a material uncertainly related lo events or conditions that, individually or collectively. may cast significant doubl on the charity's ability lo continue as a g(Hng concem for the going concem period. However, as we cannot predicl all future events or condilions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable al the time they were made. the above conclusions are not a guarantee that the tharity will continue in operation. 10

Independent auditor’s report to the Trustee of The Cote Charity (continued)

Fraud and breaches of laws and regulations – ability to detect

Identifying and responding to risks of material misstatement due to fraud

To identify risks of material misstatement due to fraud ("fraud risks") we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

• Enquiring of management as to the charity's high-level policies and procedures to prevent and detect fraud as well as whether they have knowledge of any actual, suspected or alleged fraud.

• Reading SM Trustee Company Limited board, audit committee, and investment committee meeting minutes.

• Using analytical procedures to identify any unusual or unexpected year on year movements.

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards, and taking into account our overall knowledge of the control environment we performed procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries.

On this audit we did not identify a fraud risk related to revenue recognition due to the simple recognition criteria and limited scope for judgement. We therefore assessed that there was limited opportunity for management to manipulate the income that was reported.

We did not identify any additional fraud risks.

In determining the audit procedures we took into account the results of our evaluation and testing of the operating effectiveness of some of the fraud risk management controls.

We also performed procedures including:

• Identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documentation. These included unusual accounts combinations.

Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations.

As the Charity is regulated, our assessment of risks involved gaining an understanding of the control environment including the entity’s procedures for complying with regulatory requirements.

We communicated identified laws and regulations throughout our team and remained alert to 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 subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including charities legislation) and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Charity is subject to many other laws and regulations where the consequences of noncompliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, employment law, and certain aspects of charity legislation recognising the financial and regulated nature of the Charity’s activities and its legal form.

11

Independent auditor's report to the Trustee of The Cote Charity (continued) Auditing standards limit the required audrt procedures to identfy non-compliance with these laws and regulations lo enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore rf a breach of operational regul8tK)ns is not disclosed lo us or evident from rdevanl correspondence. an audit wll not delect that breach. Context of the abilty of the 8udit to delect fraud C￿ breaches of law orregulation Owing to the inherent limitations of an audil. there is an unavoidable risk that we may not have detected some material misstalemenls in the finanoal stalemenls, even though we have properly planned and performed our audit in accordance with auditing standards. For example. the further removed non• compliance with laws and regulations is from the events and transactions refiecled In the financial slalemenls. the less likely the inherently limited procedures required by auditing standards would idenlfy In addilDn, as with any audit, there remained a higher nsk of non4eleclion ol fraud. as these may involve collusion, forgery. intentional omissions. misrepre5enlalions. or the override of inlemal controls. Our audit procedures are designeé lo delecl material mis5tatemenl. We are nol responsible for preventing non- compliance or fraud and cannot be expected lo detect rNyKomplian¢e %Mth all laws and regulations. Oth•r information The trustees are responsible for the olher information, which comprises the Report of the Tru51ee. Our opinion on the financial slalemenls does not cover the other inforrTbation and. accordingly. we do not express an audit opinion or. except as explicilly stated below. any form of a55uran¢e conclusion thereon. Our responsibility is lo read the other information and, in (Joing so. consider whelher. based on our financial slalements audit work, the information therein is materially misslaled or inconsislenl with the financial slalemenls or our audit knol￿edge. We are required lo report lo you if.. based soldy on that work, we have identified material misstatements in the other infcKmalion.' or in our opin￿n. the information gwen in the Trustee's Annual Report is Ir￿nSiStenI in any material respect with the financial statements. We have nothing to report in these respects. Matters on whlch we are requlred to report by exception Under the Charities Acl 2011 we are required lo repcKt to you rf. in our opinion= the charity has not kept sUff￿￿nI accounting records.. or the financial statements are not in agreemenl wilh the accounting records.. or we have nol received all the infom81ion and explanations we requi￿ for our audit. We have nothing lo ￿port in these respects. Trustees, responsibilities As explained more fully in Iheir statement sel out on page 9. the trustee5 are responsible for.. the preparation of financial statements wh￿h give a true and fair view-, such intemal control as they determine is necessary lo enable the preparation of financial slalemenls that are free from material misslalement. whether due lo fraud or error". assessing the charity's ability lo continue as a going concern, disclosing. as applicable. mallers related lo going concern," and using the going concern basis of accounting unless they either intend to liquidate the charity or to cease operations. or have no realistic alternative bul lo do so. 12

Independent auditor's report to the Trustee of The Cote Charity (continued) Audltor's responslbllitiés Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstslemenl. whether due lo fraud or error, and lo issue our opinion in an audilorfs report. Reasonable assurance is a high level of assurance, bul does not guarantee that an audit conducted in accordance with ISA5 (UK) will a￿VaYS delecl a malerial misslalemenl when il exists. Misstalemenls can arise from fraud or error and are considered material if, individually or in aggregate. they could reasonably be expected lo influence the economic decisions of users taken on the basis of the financial slatemenls. A fuller description of our ￿SponsIbl11ties is wovided on the FRC'S websile al www.frc.or .uklaudilorsres onsibilitie& The purposé of our audit work and to whom we ¢)we our responsibilities This report is tnade solely lo the charity's Iruslees as a body. in accordance wtth section 145 of the Charities Act 2011 {or its predecessors) and regulations made under section 154 of that Act. Our audit work has been undertaken so that we mighl slate to the charity's Iruslees those matters we are required lo slate lo them in an auditor's report and for no other purpose_ To the fullest extent permilled by law. we do not accept or assume responsibility lo anyone other than the charity and ils Iruslees. as a body. for our au(lil work. for this report, or for the opinions we have fomied. Jonathan Brown for and on behalf of KPMG LLP. Statutory Auditor Chartered AcGounlanls 66 Queen Square Bristol BS1 4BE Dale: iJLY 2tr23 KPMG LLP is elwible to 1 as an 8uditc fft terms of sedH)n 1212 of the Gompanies Act 2006 13

The Cote Charity Statement of financial activities for the year ended 31 December 2022 Permanent endowmènt fund Ur￿&￿tr￿ted d5 Restricted funds Total 2022 Tolal 2021 Nole Income from.. Donations 1,219 1,219 3.483 Covid-19 Grant Inc 31.591 31.591 2,181,777 50.025 Charitable acltviti85 2.181.777 1.633,538 Investments 22.461 22,461 11,583 Total Income 2,204,238 32.810 2,237,048 1.698,629 Expendltur* on". Charitable activities 12,026.718) (5.7431 {31.5911 {86.130} 12.118.591) 11.909,8641 131,5911 {50,0251 {5.4111 15.4211 186,13)) 12.155.593) 11,965,3101 Covs(k19 Grant Expenses Other 15.411) (2,032.129) Totsl èxpèndltu ILossesygains on investment assets {37.334) {1rMI.$46) 71.563 1100,5461 {19,0911 22,697 Net Incom&llexpendlturel Tran$fo¥s between fuJ)ds 14.524) 186,1JJl 1243.9841 12 Net movement In funds 71.563 14,524) 186.1301 119.0911 {243,9841 Reconclllatlon of fund$= Total fttrK15 brought fO￿ard Total funds carrled forward 1.￿).516 3.139,939 5,333,011 5,576,995 12 2,062,079 198,032 3,053,809 5.313,920 5.333,011 The slalement of financial activit￿$ includes all gains and losses recognised in the year. All incoming resources and resources expended derive from conlinuiro aclivilies. The accompanying notes form part of ihe fina￿la1 slalements. 14

The Cote Charity (Charity Number 257237) Balance sheet as at 31 December 2022 2022 2021 Notè Fixed assets Tangible assets Investments 4.147,882 659.371 4.807.253 4,188,065 359.917 4.547.982 Current assets Debtors Cash al bank 60.138 869.393 929,531 40,499 1,035,830 1.076,329 Cr•ditor5- arnounts falling dug within ono ygar Not current assets Total assgts less currgnt Ilabilllles Creditors- amounts falling due after morg than one year Net assets 10 {422,864) 506,667 5,313,920 1291,3001 785.029 5,333.011 11 5 313,920 5333011 Funds Unreslricled Reslricled Permanent endowment 12 12 12 13 2,062,079 198.032 3,053.809 5,313.920 1,990,516 202,556 3,139,939 5.333,011 The financial slalemenls on pages 14 to 25 were approved by the Trustee on 07 JULY w23 ané were signed on ils behaw by.. 14kn4 trlck Oespard tor Michael Bothaml•y DITector DI The accompanying notes form parl of the financial slalements. 15

The Cote Charity Cash flow statement for the year ended 31 December 2022 Notes 2022 2021 Cash Ilows from 0￿ratIng aetlvitles: Net Incom¢ for Ihe roportlng year Adlustments for: Deprecia￿on charges Lossesllgainsl on investrnents Dividends and inlerast f￿M inves1m￿ts 119.0911 {243,9841 112.530 100,546 122,461) (19,639) 131,564 117.488 {22,6971 (11.5831 113,923) 76,673 Ilncréa581 in debtors Increase in creditors Nèt cash provided by operntlng a¢UvlUes 283,449 198,026) a$h llow from finan(xng actlvitles: Repayment of B￿k Loan Net cash used In Ilnan¢lrtg a¢U¥tti¢$ 161.3141 161,314) Cash fl¢xvs from investing activities: t*vidends and Interest fr(xn lrNestrT￿ts 22.461 1400,0001 172.3471 1449,8861 11.583 Purchase of investrnent in MVCIP Purchase of pro￿ty. plant and equipmenl Net ¢ash usod In Invesllng actlvfths {82,1641 {70.5811 Change in cash and ¢ash equivalents in the year Cash and cash equivalents al the beginning of the year Cash and cash equlvalents at the end of the year {166,437) 1.035.830 (229,9211 1.265,751 1,035.830 809.393 The accompanying notes form part of the financial stalemenls. 16

The Cote Charity Principal accounting policies Basis of preparation The accounting policies that the Charity has adopted lo determine Ihe amounts induded in respect of mater￿1 ilems shown in the balan￿ sheet and also to determine Ihe income and expenditure have been applied consistently and are shown bdow. The Cole Chanty meets the deffinilN)n of a publ￿ benefil entity under FRS 102. Assets aThY Ikgbililies are initrdlly wognised at hislori(al cost (K trans&lion value urde55 Otkvwise slated in Ihe relevant accounting policy. Basis of a￿OUntIng The financial slalements have been prepared under the historical c05t convention as modified by the revaluation of certain tangible fixed assels and fixed assel inveslmenls. in accordar￿e with the Statement of Recommended Practice 'Accounting and Rewrtiro by Charities ISORP 20191. applicable lo charities preparing their accounts in accwlance vth Finanaal RekK¥ling Standard lo the UK and Republ of Ireland IFRS1021. Goln9 Con¢•m The Trustee has consKJered whether the use of g(MThJ ¢￿￿rn approprkqte. i.e. whether there are any material uncertaints related lo events ￿ ￿nd1th)n$ that may cast sl9nff￿anI doubl on the ability of the charity to continue as a going concem. The Trustee makes thi5 assessmenl for a period of hvdve rnonlhs from the dale of apFiroval of the financial statements. Under all the scenarios reV[ev￿. the ch*ity has suffiaent re5eives lo enable il lo ￿ntinue as a goirvJ concern for the foreseeable future. For this reason rt continue5 to adopt the going concern basis in preparing the finanaal statements. Critlcal accounting judgements and key sources of estimation uncertainty In applying the charity's accounting wlicies. the Trustee is required lo make judgemenls, eslimales and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these eslimales. Incomlng resources- donations Donations to the Charity are included in Ihe financial statements in the year in which they are receivable. Incoming resources- Investments Interest on bank deposits is included as income in the financial statements on an accruals basis. Dislribulions from the investment in the Merchant Venturers, Charities Investment P¢)ol {'MVCIP"l are Irealed as income in the year in which they accrue. InGomlng resources- charltable actlvltles 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 accruals basis. Expenditure All expendilure is accounled for on an accruds basis a￿1 is recowised when there is a legal or conslruclive obligation lo pay for expenses. All costs have been directly attributed lo one of the functional caleg(Kies of resources expended in Ihe Slalement of financial activities. {a) Charitable activities ￿lateS lo the costs incurred in running and supporting the day-to-day care of the eldefly activities in the execution of the Charity's objects. (b) Other costs relate to the strategic management of the Charity and its assets. and compliance with s121ulory requirements. Irrecoverable VAT Any irrecoverable VAT is charged lo the slalement of fInar￿la1 actNilies or capitalised a$ part of the cost of the related assets where apwopTiate. 17

The Cote Charity Principal accounting policles (continued) Taxation The Cole Charity is registered as a charity and as such lax eXeMpl￿n applies lo the income arising from and expended on charitable activities and lo its investment income and gains. Fixod assets and dopreciatlon Fixed asset investments are slated al cosl less depreciation. Depreciation is calculated so as lo ￿lIe off assets on a straigh14ine basis over Ihe expected useful ￿OnOMiC lives of the assets concerned. The annual rates use(J f￿ this pwpose have been.. Freehold buildings and improvements Fixtures, fillings and office equipment Motor vehides 15 10 50 years 3 10 5 year5 S year5 Land a￿1 assets in the course of (x)nstruclion are not deprecratgj. Assets with a cost ol less than £1,(￿ are wriiten off to expenditure during the year. Investments Fixed asset investments are sL4ted al bid4narkel value at the balance sheet dale in accordance with FRS102. The slalement of financial activities indude5 the nel gains and losses arising on revalualions and disposals throughout the year. Fund accounting The Charity has various types of fvrKts Wth￿h it is responsille. which require separate disclosure. These are as fdlows: Unrestricted funds Funds which are expendable at the discretion of the Trustee in furtherance of the objec15 of the Charity. In addition to expenditure on care homes. such funds may be held in order lo finance capital investment and working capital. Restricted funds Donations or legacies which are eam)arked by the donor for specthc purposes. Such purposes are within the overall aims of the organisalion. Pernjanent endowment fund The permanent endowmenl fund incorporates the original endovdTnents 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 which cannot be distinguished from the original endowment property. Penslon costs The Charity makes conlritKJtions lo employees. personal pensions in accordance with the auloenrolmenl provisions. The payments to the defined contributions scheme are charged to the statement of financial activities in the period in which Ihe obligalion to make contributions arises. 18

The Cote Charity Notes to the financial statements for the year ended 31 December 2022 Investment income 2022 2021 Dislribulions from MVCIP 21.344 1,117 22,461 10,915 Bank interest 11.583 Analysis of charitable expenditure - care for older people Support costs Total 2022 Total 2021 costs Staff costs 1.138.391 56,713 1,195,104 454.289 1,093.125 262,183 423.384 Running costs Mainlenarbce and depreciation Management and adminislralion 454.289 317.823 317,823 25.900 125,475 151,375 131,172 1,936,403 182.188 2.118.591 1,909,864 I the support costs have been allocated to one charitable actNity {care for the elderly). Other costs 2022 2021 Audit fee 5.316 5,316 Trustee's indemnity insuranc8 95 105 5.411 5,421 Net incomelexpenditure 2022 2021 Net incomelexpenditure is stsled after charging.. Audit fee 5.316 5,316 Deprecialion 112.530 117,488 The audit fee exduding irrecoverable VAT was £4.43012021'. £4,430). 19

The Cote Charity Notes to the financial statements for the year ended 31 December 2022 Staff costs The average number of persons ernployed on a full and part-time basis by The Cote Charity during the year, analysed by category. is as follows: 2022 2021 Residenlial care 47 Management and administration 51 50 The wegate payroll costs of these persons We￿ as follow5: 2022 2021 Wages and salaries Social security costs Pension costs 1,081.321 88.540 996,977 76.333 25.243 19,815 1.195.104 1.093,125 No individual employee received emoluments exceeding £60.000 during 2022 or 2021. A recharge is made by the Society of Merchant Venturers for staff as disclosed in note 14. The Directors of SMV Trustee Company Limited Trustee are considered lo be the only key management personnel of the Charity. See note 6 below. Trustee's remuneration No director of SMV Trustee Company Limited received remunwalion or re1Mbu￿ernenl of expenses for Iheir seNices lo the Charity during the year12021'. £nill nor had any benef￿14 interest in any contract wlh the Chty during the year12021.. £nil}- A professional indemnity Insuran￿ premium of £9512021.. £105) pabj by ￿ Charity on behalf of the Trustee. 20

The Cote Charity Notes to the financial statements for the year ended 31 December 2022 Tangible fixed assets Fixtures. Assets in the Freehold ffttlngs course of land and and office construction l)uildings equlpment Motor vehicles Total Cost or valuation Al 1 January 2022 Additions 233.238 5.083,364 50,032 259.106 29.290 5.604.998 22.315 72,347 5,677,345 At 31 December 2022 283,270 5.083.364 281,421 29.290 D¢prg¢iation At 1 January 2022 Charge for year At 31 December 2022 1.140.795 246.848 29.290 1,416,933 112.530 104,038 8.492 1.244.833 255.340 29,2 1,529,463 Nat book value At 31 December 2022 283.270 3,838.531 26.081 4.147.882 Al 31 December 2021 233.238 3.942,569 12,258 4.188.065 21

The Cote Charity Notes to the flnancial statements for the year ended 31 December 2022 Fixed asset Investments Total Cost At l January and 31 Dacember 2022 Revaluations 565.890 Unrealised gains at 1 January 2022 Nel loss arising on revaluation Unréalisèd gain$ at 31 December 2022 Net book value 194,027 1100.5461 93,481 At 31 Decembor 2022 6S9.371 At 31 December 2021 359,917 All investments are held in the Merchant Venturers. Charitbes Investment Pool, which was structured as follows al 31 December 2022.. Inve51menl assets in the UK 39.1 Investment assels oulsKle the UK 42.6 Alternatives & Mulli-Assel 16.8 Cash 100.0 Debtors 2022 2021 Rents and fees 21.480 11.924 Other debtors and prepayments 38,658 28.575 60,138 40,499 22

The Cote Charity Notes to the financial statements for the year ended 31 December 2022 10 Creditors: amounts falling due within one year 2022 2021 Trade creditors 151,139 22.210 69,439 20.479 Other taxes and S￿la1 security costs Other creditors 128.849 111,633 9.033 77,638 85.304 Accruals Covid-19 Grant 38,440 291,300 422.864 11 Funds Balan￿ at 1 January 2022 Transfers Balance at be￿en 31 December funds 2022 Ir￿mIng Res(MIr￿ Investment resources expended Losses Unrestrlcted General fund 1,￿),516 2.204,238 (2,032.129) (100.546) 2,062,079 Restrict Staff fund (981 1,091 {1,415) 14221 Katherine House amenity fund Katherine House building fund Grtth'lhs House amenity fund Residents Personal Allowances 13,997 27 (330) 13.694 137.584 (3,618) 133.966 553 101 654 520 {380> {31.591) 140 Covid-19 Grant 31.591 Griffiths House building fun Total Restricted 50.000 50,000 202.556 32.810 (37.3341 198,032 Pemanent endowment 3.139.939 (86.1301 2.237.048 (2.155.593) 1100,546) 3.053,809 Total 5.333,011 5.313,920 The General fund indudes £93,481 12021.. £194.027} rdating lo unrealised gains in Ihe value of fixed asset inveslmenls. The Staff fund represents donations gNen lo Charrty for the benefrt of slaff. The Katherine H¢JJse amenty fun(J rerKesents donati￿$ gwen lo the ChaTty for Ihe benefit of the residents al Katherine H¢JJse. 23

The Cote Charity Notes to the financial statements for the year ended 31 December 2022 The Katherine House building fund represwts donatk)ns towards the wst of buildwig Katherine House nel of related depreciat￿n. The GTrflf(hs House amenty fund rerffesents donatKJns grven lo Charity for the benefit of residents al Griffilhs House. The Grrfffths House buikling lund represents donatK)ns tthvards the cost of t￿lId1r0 Grrfths House nel of related depreckalion. The Per[T￿Ne￿I erKlowment fund Tewesents part of tl* larKI I￿lkI1ngS of the Charity nel of year end bank loan and dePre￿atiOn. The Covid-19 Grant represents specia fundiw provided by the L¢)cal Aulh(ty to herp the charity with ils response to the pandern￿ and was ulilised in line COlMJrtions specrfEd. Any unulilised funds al the end of the grant lemi wll be retumed in accordanee th the cond1th￿S of fundiro. 12 Analysis of funds balance Pemianent endowment Unrestricted Restridgd Total Fixed assets 910,108 659,372 183.965 3,053,809 4.147.882 Fixed asset investments 659,372 506.666 Nel current assets 492.599 14,067 Long lerm creditors Net assets 2.062.079 198.032 3.053.809 5.313.920 24

The Cote Charity 13 Transactions with related parties Soclety of Merchant Vonturws The Charity incurred a charge for the reallocalk)n of salaries ￿ overt)eads of£52,09212021.' £51.8261 from the Society of Merchant Venbjrers. lo cover the Serv￿ il provides in relation lo the management a￿1 administrat￿n of the Charity. of whth £nil {2021.' £nil} was txjtstanding al the year e￿1. Merchant Venturern, Charities Investment Pool {MVCIP) SMV Trustee Company Limited is the Tn￿lee of MVCIP and the ullifflale contrcAling paty of The Cole Charity. For details of investrnenls hdd an(J income recewed from MVCIP see notes 1 and 8. Al 31 De￿mber 2022 £6,657 was oulslanding from MVCIP {2021". £2.776}. 14 Connected charities The Society of Merchant Venturers. Almshouses Charity {Registered Charity Number 2021521 15 a connected charity under the definition of Ihe Chartties, SORP 2019 as il has the same Trustee as The Cole Charity. Further information can be obtained from the Charities, registered address detailed on page 1 of the Trustee's ￿POrt. The Cole Charity made a charge of £4,187 {2021." £4,604} for the services of the Colston's Almshouse Manager and a charge of £5.610 for a maintenance officer (2021.. £5.411110 the SMV Amshotjses Charity. Al 31 December 2022 £nil12021.. £nill was owing by the SMV mshouses Charity lo the Cole Charity reialing to these services. The SMV Almshouses Charity provided the services of a Chaplain lo The Cole Charity al a cost of £1,054 12021.. £275) of which £46 (2021.. £138) was oulslanding at 31 December 2022. 15 Analysis of changes in net debt At 1 January 2022 At 31 December 2022 Cash flow Cash and cash equlvalents Cash 1.035,830 1035.830 166,437 166,437 869,393 869,393 Total 1.035.830 (166,437) 869.393 25