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 actwil*s 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 charil*s 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 v*th 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 uncertaint*s 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