Registered Charity Number 257237 The Cote Charity Annual report and financial statements for the year ended 31 December 2023
The Cote Charity Annual report and financial statements for the year ended 31 December 2023 Contents Page Report of the Trustee Independent auditor's report lo the Trustee of The Cole Charity Statement of linancial activities 11 14 Balance Sheet 15 Cash Flow statement 17 Principal accounting p(Aicies Notes lo the financial statements 17 20
The Cote Charity Report of the Trustee for the year ended 31 December 2023 The Trustee presents ils report and audiled financial slalemenls for the year ended 31 December 2023. The financial statements comply with current slatulory requirements, the Trust deed and the Statement of Recommended Practice for Charities ISORP 20191. Truste•, officers and advisers The TnJstee of the Charity is SMV Trustee Company Limited. Listed below are those members who have Served on the Board of SMV Tnjslee Company Limrted during the year.. Michael Bolhamley Robert Boums Jonalhon Baker Palrick Despard David Freed Gillian Camm Ross An1 Martin Thatcher Dr Steve Allpress Nk Baker Kart Tucker Katharine Finn David Powdl Mark 8urchfiekl Heather Frankham Profess Sir Steven Wesl Laura Marshall Tracey Killen IRet*ed 10 November 2023) (Retired 10 Novemter 2023) IRetTrd 10 November 2023) (Appointed 10 November 20231 (Appointed 10 November 20231 (Appointed 10 Novernber 20231 Registered address of the Charlty Merchants, Hall The Promenade Bn-slol BS8 3NH Charity Nurnbgr.. 257237
The Cote Charity Report of the Trustee for the year ended 31 December 2023 (continued) Names and addresses of other relevant organisations Auditor Bishop Fleming LLP, 10 Temtle Back. Brislcd. BS16FL Banker NatWe5t Bank plc. 32 Cryn Slreet. Brisld, BS99 7UG Solicitor Womble Bond Dickinson IUK) LLP, 3 TemFAe Quay. Temple Back East, Bristol. BS16DZ Investment Manager Evelyn Partners Investment Management LLP. PorWI Pla, P(thal Lane, Bristol. BS16NA Ivia the Merchant Venturer5' charit Inve51menl Pool {MVCIP). Charity Number 1053459). Structure. governance and management Governlng document The Charity is consliluled under a Charty CommiSsK Scheme dated 8 October 1968 and is registered with the Charity Commission. number 257237. Goveming body and organisational management The Trustee of the Charity is SMV TnJstee Company Limrted, a company limited by guarantee. The Trustee meets lo consider. al least on a quarterly b2SiS. the broad strategy, direction and investment policy of Ihe Charity. Assisling the Trustee are the Audit Sub-commitiee and the Confiicls of Interest Advisory Sub£ommittee. Day lo day running of the Charity is delegated by the Trustee to a Sub-commillee (the Care of Older People Sub-Commillee}. Ihe Members of which who served during the year were.. Dr JquelIne Cornish ICha¥l Caroline Duckworth Anne Nisbel (Resigned 10 November 20231 Charles Densham {Resigned 10 November 2023) Mary Prior (Resigned 10 November 20231 Charles Grrffilhs Anthony Brown {Rekn'red 27 January 20231 Edward Ware David Marsh Sir Jay TKlmarsh Chris Pallerson (Apwinled 10 November 2023) David Freed {Appoinled 10 November 20231 Helen Curyie (Appointed 10 November 2023)
The Cote Charity Report of the Trustee for the year ended 31 December 2023 (continued) Governing body and organisational management {continued> The Care of Older People Sub-commiitee meets at least quarterly lo oversee and administer the efficient management of the Charity and lo consider and subsequenlly recommervj lo. and gain approval from, the Trustee for Lyoad operational and strategic i%sues. as well as rewtirKJ to the TnJ51ee on all relevant operational mallers. The tenure of memLwship is 3 years. rtre1ectab for a further 3 years and, in special circuwnslances, tenure can be exlerKled. The inductK)n prLWS for any apwnled member includes an initial meeting with the Chairman and subsequent meelirrfJ and sile visils th the Cole Manager. The Cole Manager assists the Care of Older People Sutpcommittee in fulfilling the day-lo• mana9emenl of the Charity. Accounb'ng support is provided by the Merchant Venturers. Finance department. The Merchant Venturers, Audit Committee is resKN)nsible for assessing the scope and effectiveness of the systems and processes established by management lo idenlrfy. assess. manage and monitor the financial and non-finanoal risks. The Conflicts ol Interest Advisory SulFCommrttee comrKises of tsvo iThJivKluals wth no conneclKsn lo alher SMV OT SMV TCL who can advise on areas where a confiict of intwest might arise. As detailed in rle 15, the SocEty of Merchant Venlurers Ffovided adminislralive services lo charities of which SMV TCL was trustee and las permitted by the Charity Commtssion) made a Char for these. The Conflicts of Inleresl Advisory Sutrfvcommittee has revi&%Ed se charges and made a recommendation to the board of SMV TCL that the protx)sed charges are. opinion of the members of the Sub£ommrtlee appropriate. Recruitment and training of the Trustee The Directors of SMV Trustee CoTnpany Limited are elected annualty from within the membership of the Society of Merchant Venturers and are appraised of the general dulTres of a trustee. In the event of significant thanges lo legislation or best practice. further relevant training is undertaken. The management and strategy of the Charty are considered in greater detail by the Care of Older People Sub-commillee. The members of this sU0mmittee bring with them the necessary care, financial, and property and skills that enable them to deal both wrth more immediate issues as well as lo assess, monitor and make the necessary recommendatlOll5 for the future Strateg direction and well-being of the Charity. They are inducted through meetings with the Chair and the Cole Manager. Risk management In the light of the Corporate Governance guidanee contained wilhin the Slalemenl 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 the athievement of the charitable objects and the protection of the charity s assets. Systems are in Pla lo monitor and onlrol Ihese risks and lo miligale the impact Ihat they have on the Charity. The risk register is reviewed and updaled as required bul not fewer than on a bi-annual basis by Management and by the Care of Older People Sub-commillee. 11 is reviewed by the Merchant Venturers Audit Committee and is nole¢Y by the Trustee. The Charity is reliant on residenl income and monilors closely the level of vacancies al Kalherine House and Griffilhs House. This enables costs lo be managed as required aThJ informs the working capital quIreMen1s. The Care of Older People Sub-commillee has viewed an outbreak of infection or infeclious disease as a key risk_ This risk was monitored closely during the COVID-19 pandem with miligalion in place such as- robusl procedures and policies. ongoing staff training, regular reVIeTrs and feedback, as well al ulilising professional advice and support lo ensure the Charity maintained pace with the changing guidelines.
The Cote Charity Report of the Trustee for the year ended 31 December 2023 (continued) Objectives and activlties Objects of the charity The Trnstee confirms that il has referred lo the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objeclNes and in planning future activities. The objects of the Charity. defined in the Trust deed, whh shId be ref5 to for exact details, are.. (a) lo provKle a residential home or homes or a MbinatIon or (x)mbinalions of a Tesidenlial home and a nursing home for elderfy persons over 60 years of age who through infirmity or financial needs are unable lo Eyovide a home for 1heMsees. lo pay pensions. annuiiies or grants to ddedy persons over 60 years of age Iwhelher or not residents of the homesl and who through infimity or financial need are unae lo provide the ne551t1es or cwnforts of lrfe,. and for general charitable purposes. Ib) (c) There have been no change5 made lo the objects in the year. Aims and intended Impact The aim of the Charity is lo tYOVKle resKlents"al homes of high qualty for older people. Where approkviale. der people in reduced arcumstanS we offered support to enatAe them lo access ts services. The Truslee has given careful con51dat1o lo the bevel of fees set for Kalhenne House Griffilhs House lo ensure Ihal they are fair. Objectlves for the year This year the rxincipai objectives of the charity have been.. lo conlinue lo provide a high standard of we and suptfv)rt in good accommodation.. lo let units al Cole House and Robinson Place on a sh(wt temi ba515 10 9erberale fijnds lo further the Charity's 0tr4'ectNes', to conlinue lo develop a an to enable Cote Hse arKI ils gounds to be Ltsed lo further the Charity's CleCte$ and meet the expectations of (Jjrrent and future residents. Volunteers The welfare of the Cole reswjenls. whilst ovwseen by the Cole management team and staff, also benefits from the support pyovtded by the Merchant Venlurws. Visiting Grwp. a team of volunleets. who regularly visit the Homes.
The Cote Charity Report of the Trustee for the year ended 31 December 2023 (continued) Achievements and perfonnance The Charity continues lo provide an excellent seryice thal meets Ihe varying demands of ils residents at Kalhefine House and Griffilhs House_ Levels ol care a favourably commented upon by residents. their families and independenl inspectors. Their success was demonstrated by the 2020 inspection by the Care Quality Commission which rated Katherine House 'Good' in all categories, wrth 'Oulslanding' for the 'responsive' category and the 2021 inspects'on by the Care Quality Commission which raled Griffilhs House 'Good' in all categories. Financial review The Charity produced a net surplus on unrestricted funds {detali ed on page 141 of £399.107 {2022.. £86.563 nel SurUSI. The COVID-19 pandem has had a significant effect on the Care sector as residents are vulnerable to the disease. The team has been Wofking hard to restore ocajparw lo pre pandemic levels. The budgeted occupancy for 2023 for Katherir House was 87% and the thl occupancy was 93%. The budgeted occupancy for 2023 for Griffh$ House was 93% and &tual (Kcupancy wa5 100%. 0panCY levels will nlinue lo be a key fccus for 2024. During th8 year. the Charity match funded doriation5 of £34.636 12022.. £nil) tQ SUPPKKt dder people in the Greater Bristol ea ¥Mlh the cost of Imng crisi5. Investment policy and perforniance The Trustee has delegated investment management lo the Merchant Venturers. Finance and Investment Sub-commillee for the investment and performance of the financial assets.. the appointment of appropriate Fund Manager. mon11clng their performance. and lo recommend to the Trustee the optimum strategy for financial investment. The Charily continued lo invest in Ihe Merchanl Venturers. Charities Investment Pool {MVCIPI {Charily number 10534591 during Ihe year. The SComMIttee.s E¥)licy is to WOVKle income whilst preserying the real value of the inveslmenls. The income pYovKles unrestitted funds to enable Ihe Trustee lo pursue the objects of the chlty. including plans for the fuiure. Reserves policy The Trustee's policy takes account of lal the lialitieS wwkl be faced by the chtY rf il were lo cease operaling, Ib) the financial 'cushion' rt would need in order lo have lime lo respond lo a serKJus bul possible funding crisis wilhoul immediately losing capxty. aThl (c) any longer lemi objectNes which might require significant investment. The prinupal accounting fX)liaes on pages 16 10 17 descxibe the vwK)us funds of the Charity. The Tnjslee has the polw lo maint&n reserves of unreslricled funds to a level that provides an operational contingency ol approximately 6 months, running costs. Any surplus unrestricted reserves would be used for the redevelopment of Cole House and its grounds or into the inveslmenl portfolio to provide additional income lo support the objects. Al 31 December 2023 the unrestn.cled funds wwe £2.446,186 which is signrfnIhY h@her than 6 months. running costs. In additKJn, DeSnated funds were £,1)XI and e for reacement of the lrft. Al 31 0mber 2023 striCted funds were £201.W1 and pemianenuy endowed funds were £2,967,679 The policy Is reviewed on an annual basis by the Trustee lo lake account of Ihe development of the charity and a review of the changing risks it faces. particularly in respecl of income.
The Cote Charity Report of the Trustee for the year ended 31 December 2023 (continued) Going concem The financial ststemenls have been prep*ed on a going corKwn basis the T¥uslee considers to be appropriate for the fdlowng reasons. The Trustee has prepwed cash flow forecasts for a peTK)d of 12 months from the date of appmval of these financial slalements whth indicate that. taking atxount of reaSonaY possilje downsides. the charity will have Sufficient funds lo meet its liatx"lrties a5 Y fall due ts that pertsj. The Truslee conwders that demand for Katherine House and Griffiths Hwse remains strong will continue for the foreseeable fulure. In additn. the charity receives general rental income from the units al Fiobinson Place ijnils al Cole P&ldock. The chwty has a stroThJ Cash Frf)sib"on. Consequenuy, the Trustee is confident thal the Charty will have sufficient funds to continue lo meet ils liabilities as they fall due for al least 12 months from the dale of approvd of the finarrial statements and therefore has prepared the financial stslements on a )Ing concern basis. Future plans To conb'nue lo provhje high qualty SerVS to the resmlents at Katrine House aThJ Grrffilhs House by: Continuing lo allrdct arKJ retain an exceptional wcffkforce Continuing lo deliver a varied and engagiro aclNrties programme to (Njr resKienls Striving lo achieve 'Outstanding' care 0s$ all categories as rated by CQC. To continue lo let the houses at Robin50n Pl to generale funds to Supp the Charty's 0.e¢l1VeS. To implement the frst phase of the plan lo redevelop Cole House and ils wunds. rludIng working in partnership with other chairties and developing an overdll rAan for the sile which would further the Charl5 objectives and be mirKlful of its hefitage.
The Cote Charity Report of the Trustee for the year ended 31 December 2023 (continued) Accounting and reporting responsibilities Statement of Trustee's responslbllitles In respect of the Report of the Trustee and the financial slatements Under charity18W. the trustees are resrK)nsible for preparing a Trustees, Annual Report and the financial slalemenls in accordance with appluble law and regulations. The trustees are required to prepare the financial statements in accordance wlh UK Accounting Standards. including FRS 102 The Financial Reporting Standard applicable in the UK arKI Republic of Ireland. The financial slalemenls are required by law lo give a Inje and fair view of the slate of affairs of the charity and of the incoming resources and application of resources for that period. In preparing these financial statements. generally actspled accounting practice entails that the trustees.. selecl suitable accounting leS and then apply them consistently.. make judgements and eslimales Ihat are reasonable arKI prudent-, slate whether applicable UK Arxounling Standards and the Statement of Recommended Practice have been followed. subject 10 any material deparlures disdosed and explained in the financial stalernenls- slate whether the financial statements comply wlh the trust deed. subject lo any malerial departures disclosed and explained in the financial slalemenls,. asses5 the charty's ability to continue as a g(Mng concern. disdosing, as applicable, matters related to going concern- and use the going concern basis of accounting unless they either intend lo Iw]uidate the charity or lo cease operations. or have no realistic allernalive bul lo do so. The Iruslees are required lo act in acwrdance with the trust deed of the charity. within the framework of ITUSI law. They are responsible for keeping accounting records which are sufficient to Show and explain the charity's transactions and disclose al any lime. wth reasonale accuracy. the financial position of the charity al that lime. arKI lo enable the Iruslees to ensure that. where any statements of accounts are prepared by them under seclion 13211 } of the Charities Act 2011, those statements of accounts comply with Ihe requirements of regulations under that provision. They are responsible for such internal control as they determine is necessary lo enable the preparation of financial statements that are free from material misslalement. whether due lo fraud or error. and have general responsibility for taking such steps as are reasonably open lo them lo safeguard the assets of the charity and to prevent and detect fraud and other irregulanlies. The Iruslees are responsible for the maintenance and inlegrity of the financial other information included on the charity's website. Legislation in the UK governing the preparation and dissemination of financial slalemenls may differ from legislation in other jurisdiclions. Slgned for an on behall of the Trustee 1-6 tLL4 Mlchael Bolhamley Dlrector Mgrchants, Hall, The Promenade. Clifton. Bristol. 8S8 3NH Dale.. I fLtsJE g03•(
Independent auditor's report to the Trustee of The Cote Charity Opinlon We have audited the financial slalemenls of The Cole Charity (the 'charity') for the year ended 31 December 2023 which comprise the Statement of Finanal Activilies, Balance Sheet. and notes lo the financial slatemenl$. induding signthcanl accwnting policies. In our opinion the financial statement$= give a true and fair view of the state of the charity's affairs as al 31 t)ecember 2023. and of ils incoming resources aThJ application of resources. for the year then ended: have been propedy prepared in a¢cordance with UK accounting standards. including FRS 102 The Financial Repcyting Standard appIable in the UK and RepubliG of Irpland.. have been prepared in ac(x)rdance wth the Charilies Act 2011. Basls for oplnlon We conducted our audil in aCcOrdar with Inlemalionaf Standards on Auditing (UK) (ISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilili8s for the audit of the financial stalemenls section of our report. We are independent of the charity in accordance wilh the elhKal requirements that are relevant lo our audit of the financial sialemenls in the UK, induding Ihe FRC'S Ethical Standard. and we have fUilled our other ethical responsibilities in accordance wilh these requiremenls. We believe thal the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. ConGlusions relating to going concern In auditing the financial stalemenls, we have concluded that the Trustee's use of the going concern basis of accounting in the Preparation of the finanryal statements is appropriate. Based on the work we have perforffled. we have not identrfied any material uncertainties relating to events or condilrons that. individually or collectively. may east signtficant doubt on the charity s ability lo continue as a going concern for a period of al least twelve months from vthen the financial slalemenls are aulhonsed for issue. Our responsibilities and the responsibilities of the Tnjstee with respecl to wing corKem are described in the relevant sections of this report. Other information The other information comprises the information included in Ihe Trustee's annual report, other than the financial slalemenls and our auditor's report thereon. The Trustee 15 responsible for the other information contained within the repoil. Our opinion on the financial slalemenls does nol cover the olhef information and, except to the extent olherwse expldY slated in our report, we do nol express any form of assurance conclusion Ihereon_ Our responsibility is lo read the other information and. in doing so. consider whether the other information is materially inconsislenl wth the financial statements or our knoedge obtained in the course of the audit of otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required lo determine whether this gives rise lo a material misslalemenl in the financial statements themselves. If. based on the work we have performed. we conclude that there is a material misstalemenl of this other inforniation, we are required to report Ihal fact. We have nothing lo report in this regard. 10
Independent auditor's report to the Trustee of The Cote Charity (continued) Matters on which we are required lo report by ex¢eptlon We have nothing lo in respect of the following matters in relatron lo which the Charities (Accounts and Reports) Regulations 2008 require us lo report lo you rf. in our opinion- Ihe irrformalion given in Ihe finanryal statements is inconsislenl in any material res1 wilh the Trustee's report,. or the charity has not kept adequate accounting records.. or the financial slalemenls are nol in agreement wlh Ihe accounting records and relums., or we have not received all the informalion and explanations we require for our audit. Rosponslbllltlgs of thg Trusteg As explained more fully in the Trustee's resKM)nsibililies stalemenl. the Trustee is responsible for the preparation of finanaal statements which give a true and fair vw. arKI for such internal control as the Trustee delem)ines is necessary to enable the preparation of financial slalemenls that are free from material misslalemenl. whether due lo fraud or error. In preparing the financial statements. the Trustee is resrM)nsible for assessing the charity's ability lo continue as a going concern, disdosing. as applicable, matters related to Ing concem and using the going concern basis of accounting unless the Trustee either intends to liquidate the chafily or to cease operations. or have no realistic allemalive but lo do so. Audltor's rgsponsibilitigs for the audit of the flnanclal statements We have been appointed as auditor under section 144 of the Charilies Acl 2011 and report in accordance with regulations made under section 154 of Ihal Act. Our objectives are to obtsin reasonable assurance about whether the financial slalemenls as a whole are free from material misslalement. whether due to fraud or error. and lo issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conducted in accordance with ISAS {UK) will aayS detect a material misslalemenl when il exists. Misslalemenls can arise from fraud or error and are considered fflateri81 rf, individually or in the aggregate, they could reasonably be expected to infiuence the ecollom decistons of users taken on the basis of these financial slalements. Irregularities. including fraud. are instances of non-comtAlan with laws and regulations. We design procedures in line with our responsibililEs, ouuined above. lo delecl material mis5talemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of delecling irregularities, including fraud is detailed below. In idenlrfying and assessing risks of material misslalemenl in respect of irregularities. inclijding fraud and non-compliance with laws and regulations, we consKlered Ihe following_. the nature of the sector. control environrnenl and the charity's performance.. results of our enquiries of management and the Tru51ee Board, induding the committees charged wilh governance over the charity's finance and control. about their own idenlificalion and assessment of the risks of irregularities-. any matters we identified having obtained and reviewed the charily s documenlalton of their policies and procedures lating to.. identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance.. detecting and responding lo the risks of fraud and whether Ihey have knowledge of any aclual, suspected or alleged fraud,. the internal controls established lo mitigate risks of fraud or noncomlanCe wf(h laws and regulations., As a result of Ihese procedures. we considered the opportunities and incentives that may exist within the organisalion for fraud, which Ided incorrect recognition of revenue, management override of controls using manual journal entries. We identified the greatest polenlial for fraud as incorrecl recognition of revenue and management override usirwJ manual joumal entries. 11
Independent auditor's report to the Trustee of The Cote Charity (continued) In common with all audits urKler ISAS IUK}. V we aso rw4ued lo pafcm Spec pr[edU to respoThJ lo the rEk of margennI override. We also ot1a1 an UfKierstandr@ ofthe legal and Wlalcryfram(S that the charity operates in. fwusing on [mSon$ of e laws regulaticS trt h&J a dt effect on I delerrnirkilion of malwiJ amourbts and disdosures in fina4 stslements. The key and reguLqb'orts we o)nsidered in this conlext ¥uded Ch3ritEs 2011 aThJ tax Watth. In addition, we conshJered provis)rE of other lavts and rlatnS that do rKJt have a diecl effeci on the financial statements bul coMF41an with whth may te fundamentsi lo the dw"ty's ablty to ts81e or to av(xd 2 mal¥i penalty. r prcKedures to reS[rKI to risks KIentif Iuded the fdlo•ViNJ: reviewing the financial slaternent (Jisdosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direcl effect on the financial slalemenls-. reviewing the financial statement disclosures and testing to supporting documentation lo assess the recognition of income., erNuiring of the Trustee and management and those charged with govemance conceming actual and potential litigation and claims.. performing procedures to confsrm material compliance with the qUirementS of its regulators,. performing analytical procedures to Klenlrfy any unusual or unexpected relationships that may indicate risks of material misslatemenl due lo fraud,. reading minutes of meetings of those charged with governance and reviewing intemal control reports,. and in addressing the risk of Iraud through management override of controls. testing the appropriateness of journal entries and other adjustments". and assessing whether the judgements made in making accounting eslimales are indulive of a potential bias. We also communThled relevant •der and rew1alK and enIal fra rtsks to all erKJagement team members, and remaine(J rt to any offraLxI cff ncXKx)M1& W1h laws aThJ rewlalN)ns thrgKlI audr(. Our audbt twdures were destry to resp)ThJ lo risks of material misstalemenl in the finala1 statements, rgnisIng that the rBk of not delectiThJ a material mtsstatement due to fraud is hher than the risk of not det11ThJ one resulting (r(n an wrc, as fraud may invc4ve deliLrale MIment by. for eXame. forgery. misrepresentati0r through collusM)n. Tfre are inh&ent limitan$ in the audit txctedures pthrmed and the rther removed nor(1)mpli3r wlh lay and relaIN)rts is from ihe events and transaciK)ns refl1 in the finatal slements. the less likely we wc¥JkJ aware of l. A further descriptn of ¢JJr res[MMb71it*S ts avalakAe on the FRC'S wEbsrte al.. htt '.lkn.frc.of .ukJaudllorslaudil-assurancelaLNJilor-s-r onsib1lit]es-f-1aUdIt-ol-lhfvfod nsibililEs-for.Thi5 descriptK)n forr7Ks part of ow audil(K's report. 'on-of4he- 12
Independent auditor's report to the Trustee of The Cote Charity (continued) Usa of our report This report is made sOY lo the c•'s Trustee. as a Lxxty. da[e th Pwt 4 ofthe Charth'es (Accounts a1 Rerthsl Regulations Our aAil work has Len ulertaken so that we mihl state to the charty's Trustee those matters we are required lo state lo them in an ajdrtrfs rewi and rKJ olher purpose. To the fullest ex11 pemlitt by Law. we do not &cept a&sume respor1b11ty lo ar¥yone ottrw than the chty and chity's TnJslee as a L. fcr tr this rw( (Y Ihe q)inK)ns we have fcfflied. Chris Trantham FCA (Senlor Statutory Auditorl For and on behalf of Blshop Floming LLP Chartered Accountants Slalulory Auditors 10 Temple Back Bristol BS1 6FL Date.. Q JULq 1021 Bishop Fleming LLP is plwible to acl as an oudilor in terms of seclion 1212 01 the Companies Acl 2006
The Cote Charity Statement of financial activities for the year ended 31 December 2023 Pernanent Restricled èndowfflent De¥wale(J fund furt As restated Total 2022 Unrestitted funds Total 2023 Nole In¢om• from.. Donations 10.W1 10.901 1.219 Covid-19 Grant Income 31.591 Charitable acti11&$ 2.6.551 2,690.551 2.181.777 Investments 41.089 41.089 22,461 Total incomg 2.731,640 lo,1 2.742.$41 2.237.048 Exp•ndltur• on: Charitablè a¢tivthgs 12292,943> {7.932) 186,1301 {2,387,0051 12.103.591) Covid-19 Grant Expenses 131,5911 Donation Winter Crisis Fund (34.636) 18.735) 12.336.314) {34,6361 18.7351 15,4111 12,430,376) 12.140.593) Oiher Total expendlturo Gainslllossesl on investment assets {7.932) 186.1301 3.781 3,781 (100.5461 N•t In¢¢mgllexpendlturnl 399.107 2.969 186.1301 315.946 14.0911 Transf•fs b•tw8en funds 12 115.CN))) 384.107 15.C((I Nvjt movement In funds 2.969 186.1301 15,000 315.946 14.0911 R•conclllatlon of funds". Total funds brought forward 2.062.079 198.032 3.053.809 75,OThJ 5,388,920 5.393.011 Total funds carried forward 12 2,446,186 201,001 2,967,679 90,000 5,704.866 5,388,920 The slalemenl of financial acts"vilies inclu(Jes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing aclivilies. The accompanying note$ form part of the financial slalements. 14
The Cote Charity (Charity Number 257237) Balance sheet as at 31 December 2023 As restated 2022 2023 Note Fix8d assets Tangible assels Inveslmerbts 4.113.511 663.152 4,776,663 4,147,882 659.371 4,807,253 Current assets Debtors Cash at bank 70.364 1.138.616 1.208,980 280.777 928.203 5,704,866 60,138 869.393 929,531 347.864 581.667 5,388.920 Creditors.. amounts fallin Net current assets Net assets due within one 10 Fund5 Oesignaled Unrestricted Reslricled Permanent endowTnent 90.000 2,446,186 201.001 2.967.679 5,704.866 75.000 2,062,079 198.032 3.053,809 5,388,920 11 11 12 The financial slalements on pages 14 10 25 were approved by the Trustee on q A)14 and were signed on its behalf by.. 14L4 hJ_ Mlchael 8othamlgy Director Robert Boums Director The accompanying notes form part of the financial slatemenls. 15
The Cote Charity Cash flow statement for the year ended 31 December 2023 As reslaled 2022 Notes 2023 Cash flowB from OTatIng actbvbtie8: N•t Incom• for th• r•pOln9 ar Adjustments for. DepreCk81i tharges Lossesllgainsl on invesknents 315.946 55.909 115,744 (3.781) {41,089) (10.227) {67,086) 309,507 112,530 100,546 22,4611 119.6391 56,564 Dividends and IntSt fmm Investmts Ilrveasel in debl(xs (Decwse in crgjitors) Not eash provid•dby opeRtsry aclivitses 283.449 Cash flows from Invesung aCtIv•s. Dividend¥ aNI inlgrest fr(xn investments 41,089 22.461 1400,000} 172,3471 1449,8861 Purchase of inVesttt in MVCIP Purthase of txoperty. plant and eqtjirrnent N•tc•sh used In InStIng acllvlll•s 181,373) 140.284) Change in cash and cash equlvalents in the year Cash and cash equivalents al the beginning of Ihe year Cash and cash equivalents at the end of the year 269.223 869.393 1166,4371 1,035,830 1,138,616 869,393 The accompanying notes form part of the financial statements. 16
The Cote Charity Principal accounting policies Bas18 of preparatlon The accounting policies that the Charily has adopted lo detem)ine the amounts induded in respect of material items shown in the balance sheet and also lo delemiine the income and expenditure have been applied consistently and are shown below. The Cote Charity meets the definition of a putlC benefit entity under FRS 102. Assets and liabilrties are inf(idly ognISed at hi%lori(xl cost or tranSn value unless otherwise staled in the relevant accounting policy. Basis of accounting The financial statements have been prepared under the hislorKal cost convenlion a5 modified by the revaluation of certain tangible fixed assets and fixed a55el inveslmenls, in aCc(dan with the Slalemenl of Recommended Practice'Accounting and Re)rtIng by Charities ISORP 20191" applicable lo charities preparing their accounts in accordance th Financial Reporting Stsndard apFdicable lo the UK and Republic of Ireland IFRS1021. Going Concem The Truslee has consKlered whether the use of g)ing a)ncem is approwiale. i.e. whether there are any material uncertainties related lo events LV Cond.05 that rnay cast swJnificant doubt on the ability of the charity lo continue as a wng concem. The Trustee makes Ihis assessfflent for a wiod of tsvelve months from Ihe dale of apKYoval of the financial slatements. Under all the scenarios reviewed, the chwty has SUent reserves lo enable il lo continue as a going ¢0M for Ihe foreseeable future. For ihis ieason il continues to adopt the going concem basis in preparing the financial stslemenls. Critical a¢¢ounting judgorngn¢$ and kgy sources of estimatlon uncertalnty In applying the charity's accounting policies, the Trustee is required lo make judgements, eslimales and assumptions about the carrying amount5 of assets and liabilibes thal are not readily apparent from other sources. Actual results may drffer from these estimates. Incomlng resources- donations Donations lo the Charty are included in the financial statements in the year in which they are receivable. Incoming resources- investments Interest on bank deposits is included as IrMe in the financial statements on an accruals basis. Dislribulions from the investment in the Merehanl Venturers, Charibes Investment Pool I'MVCIP") are treated as income in the ye& in which they accnJe. Incoming resources- charitable activities Incoming resources from care for the elderly comprise rents and fees for the provision of accommodation and care services. which are accounted for on an accruals basis. Expendituro All expenditure is accounted for on an accruals basis and is recognised when there is a legal or ¢onslruclive obligalron to pay for expenses. Al costs have been directly attributed lo one of the functional alegories of resources expended in the Stsiemenl of financial acltvilies. {a) Charilable aclivilie5 relates lo the costs incurred in running and SUPFrtxting the day-to-day care of the elderty aclivilies in the execution of the Charity's objects. {b) Other costs relale to the strateg management of the Charity and ils assets. and com lance with slalulory requirements. Irrecoverable VAT Any irrecoverable VAT is charged to the statement of financial aclivilies or capitalised as part of the cost of the related assets where appropriate. 17
The Cote Charity Principal accounting policies (continued) Taxation The Cole Charity is registered as a charity and as suth tax exemption applies lo the income arising from and expended on charitable activities and lo ils investment ir*come and gain5. Fix8d assets and depreclatlon Fixed asset investments are staled al cost less depreciation. Depreciation is ealculaled so as lo write off assets on a straN)h14ine basi8 over the exmed useful economic lives of the assets concerne(J. The annual rates used for thi% tXKFxJse have been: Freehold buildings and improvemenls Fixtures. fittings and office equipment Motor vehicles 15 10 50 years 3 10 5 years 5 years Land and assets in the course of conslructDn are t dewecialed. Assets wlh a cost of less than £1.(KXI are written off to exFendilure duriNJ the year. Investments Fixed asset inveslmenls are staled al bid4narket value at the balance sheet dale in ac(y)rdae with FRS102. The slalemenl of financial aclivilies include5 the net gains and losses artsing on revaluations and disposals Ihrovghoul the year. Fund accounting The Charity has varS types of funds wch it i8 responsible. and which require separate disclosure. These are as follows.. Unrestricted funds Funds which are expendable at the discretion of the Truslee in furtherance of the objects of the Charity. In addition lo expenditure on eare homes, such funds may be held in order to finance capiial investment and working capital. Designated funds Funds which designated for a purpose and are expendable at the discretion of the Trustee in furtherance of the objects of the Charity. Rostrlcted funds Donation5 or legacies which are earmarked by the donor for specrfic purposes. Such purposes are within the overall aims of the organisalK)n. Permanent endowment lund The permanenl endowment fund incorporates the original endowments of £100 and the operational properties, together with the surplus or deficit arising from the revaluation of the properly (see note 7) and apilal additions lo the property whh cannot be distinguished from the original endowment property. Pgnsion costs The Charity makes conlribulions lo employees. personal pensions in accordance with the aulo-enrolmenl provisions. The payments to the defined contributions scheme are charged to the statement of financial activities in the period in which the obligation lo make contribulions arises. 18
The Cote Charity Notes to the financial statements for the year ended 31 December 2023 Investment income 2023 2022 Distributions from MVCIP 25.639 21.344 Bank interest 15.450 1,117 41,089 22,461 Analysis of charitable expendituro - care for older people As reslaled Total 2022 Direct costs Support costs Total 2023 Stsff costs 1.330,546 464.489 60.636 1.391.182 1.195.104 Running costs Maintenance and depreciation Management and administration 464,489 333,889 454,289 302.823 333,889 22.619 174.826 197,445 151.375 2.151,543 235.462 2,387.005 2.103.591 All the support costs have been allocated to Or charilable activity (e for the elderly). Other costs 2023 2022 Audit fee 8.594 141 5,316 95 Trustee's indemnity insurance 8,735 5.411 Net incomelexpenditure 2023 2022 Nel in¢omelexpendilure is slated after charging.. Audit fee 8.594 5.316 Depreciation 115,744 112,530 The audit fee excluding iirecoverable VAT was £7,16212022' £4,430)- 19
The Cote Charity Notes to the financial statements for the year ended 31 December 2023 Staff costs The average number of persons employed on a full 2nd part4ime basis by The Cote Charity during the year. analysed by category. is as follows.. 2023 2022 Residential care 47 Management and adminislralion 56 51 The aggregate payroll cosls of these persons were as follows: 2023 2022 Wages aThJ salaries Swal security costs Pension costs 1.255.229 1,081.321 88.540 106.414 29.539 25.243 1.391.182 1,195,104 No individual employee received emclumenls ex(xeding £60.000 during 2023 or 2022. A recharge is made by Ihe Society of Merchant Venturers for staff as disdosed in note 14. The Directors of SMV Trustee Company Limited Trustee are nSIdered to be Ihe only key fflanagemenl personnel of the Charity. See note 6 below. Trustee's remuneration No director of SMV Trustee Company Limited received remuneratK)n or reimbursement of expenses for their services lo the Charity during the year12022". £nil) nor had any benefiaal interest in any contract with the Charity during the year {2022. £nill. A professional indemnity insurarte preMrn of £14112022.. £95) was paKI by Ihe Charity on behalf of th8 Trustee. 20
The Cote Charity Notes to the financial statements for the year ended 31 December 2023 Tangible fixed assets Fixtures. Assets in the Froehold frttings course of land and and office constructlon buildings equipment Motor vehicles Total Cost or valuation At 1 January 2023 Additions 283.270 5.083.364 73.000 281.421 29.290 5.677.345 8.373 81,373 At 31 December 2023 356,270 5.083.364 289.794 29.290 5,758.718 Depreciation Al 1 January 2023 Charge for year At 31 December 2023 1,244,833 104.038 255,340 11.706 29.2 1,529,463 115,744 1,645,207 1.348.871 267.046 29.2 Net book value At 31 Dècember 2023 356.270 3.734,493 22.748 4,113,511 Al 31 December 2022 283.270 3.838.531 26.081 4.147.882 21
The Cote Charity Notes to the financial statements for the year ended 31 December 2023 Fixed asset investments Total Cost At 1 January and 31 D¢¢gmber 2023 Revaluations 565,890 Unrealised gains 211 January 2023 Nel gains arising on revalualM)n Unrealised gains at 31 December 2023 Net book value 93.481 3,781 97,262 At 31 December 2023 663,152 At 31 December 2022 659,371 AJI investments are held in the Merchanl Venturers. Charities Inve51menl Pool, which was structured 85 follows at 31 December 2023.. Investment assets in the UK 39.5 Investment assets outside the UK 44.2 Allernalives & Mulli-Assel 14.8 Cash 100.0 Debtors 2023 2022 Rents and fees 28,861 41,503 21.480 38,658 60.138 Other debtors and prepayments 70.364 22
The Cote Charity Notes to the financial statements for the year ended 31 December 2023 10 Creditors= amounts falling due within one year As restated 2022 2023 Trade creditors 85,884 151,139 Other taxes and social security cos1$ Other credittxs 27,173 119,701 38,986 9.033 22,210 128.849 Accruals 36.633 Covid-19 Granl 9,033 280,777 347.864 11 Funds As restated Balan al 1 January 2023 Transfers Balance at between 31 December funds 2023 Incoming Resources resources expended Investment Gains Unrestricted General fund 2.062.079 2.731,640 (2.336.314) 3,781 {15.000) 2.446,186 Desl nat#d Lrfi Replacement 75,000 15.000 90,000 Restricted Skff fund {422} 8.835 (4.204) 4,209 Katherine House amenity fund Katherine House building fund Griffilhs House amenity fund Residents Personal Allowances 13.694 {110) 14,544 133,966 13.618) 130,348 654 657 140 1,103 1,243 Griffilhs House building fund Total Restricted 50.000 50,000 198,032 10.901 {7.932) 201,001 Pem)anent endowment 3,053.809 (86.130) 2,742.541 {2.430.3761 2.967,679 Total 5,388.920 3,781 5,704,866 23
The Cote Charity Notes to the financial statements for the year ended 31 December 2023 The General fund includes £97,26212022." £93.481) relating to unrealised gains in the value of fixed asset investments. The Designated fund represents a sinkiro fvThJ for a ne4Y lift. The Staff fund represents donalKJns gwen lo the Charity fc¢ the benefft of staff. The Katherine House amenity fund rewesenls donations gwen to Charity f the benefit of the residen15 at Katherine House. The Katherine House building fijnd rewesents donations towards the cosl of buildiThJ Kalherine House nel of related depreciation. The GTiffilhs House amenty fund rewesents donMS gNen lo the Charity foi the benefil of residents al Griffilhs House. The Grrfilhs House building fund repreSts donatM)n5 towards ts cost of buldirMJ Griffths House nel of related depreciath)n. The Pemianenl endowment fund represents part of the land aThl Ixjiklings of the Charity n81 of year end bank loan and depreckqtson. 12 Analysis of funds balance Permanent •ndowmont Dgsignatgd Unrestrict•d Rostri¢tod Total Fixed assets 965.485 180.347 2.7.679 4,113.511 Fixed asset investments 663,152 663,152 Nel current assets 817.549 20.654 90,OC(I 928.203 Net assets 2.446.186 201.001 2,967,679 90,0 5,704,866 13 Transactions with related parties Society of Merchant Venturews The Charity irU[red a charge for the realthalion of saaries and overheads of £56.32912022." £52,092) from the Society of Merchant Venturers. lo cover the services it provKles in rdalK)n to the fflanagement arHJ adminislralion of the Charity, of which £nil12022- £nil} was outstarKling al the year end. Merchant Venturers. Charities Inve5tm¢nt Pool IMVCIP) SMV Trustee Company Limited is the Trust of MVCIP arKI Ihe ultimale controlling paty of The Cole Charity. For details of inveslmenls held and income received from MVCIP see notes 1 arKI 8. At 31 December 2023 £5,991 was oulstandiThJ from MVCIP12022'. £6,657). 24
The Cote Charity 14 Connected charities The Society of Merchant Venturers, Amshouses Charity (Registered Chartty Number 202152) is a connected charity under the definition of the charitS. SORP 2019 as il has the same Trustee as The Cole Charity. Further informalion can be obtained from the Charilies, fegislered address detailed on page 1 of the Trustee's report. The Cole Charity made a charge of £4,42112022." £4.187) for the services of the Colslon's Almshouse Manager and a charge of £5,289 for a maintenance officer12022.. £5.610110 the SMV Almshouses Charity. Al 310ecember 2023 £nil (2022". £nil) was owing by the SMV Am5houses Charity lo the Cole Charity relating to Ihese servKes. The Cole Charity provtded the services of a Chaplain lo SMV Almshouses Charity al a cost of £275 {2022.' £nill of which £nil12022' £nill was oulslanding at 31 December 2023. The SMV Almshouses Charity provi(led the services of a Chaplain to The Cole Charity at a cost of £nil (2022.. £1.0541 of which £nil (2022.. £46) was outstanding al 31 December 2023. 15 Analysis of changes in net debt At 1 January 2023 At 31 December 2023 Cash flow Cash and cash equlvalents Cash 869,393 269 223 269 223 1.138,616 1 138.616 Total 869.393 269,223 1.138.616 16 Prior year adjustment The accounts have been restated lo incorporate the reversal of a provision for £75.000 which had been miscla5srfied previously. The change has resulted in a reduction lo both creditors and exp8nditure by £75.000. The increase lo dosin9 funds has been recognised as a designated fund al the year end. 25