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 An￿1
Martin Thatcher
Dr Steve Allpress
N￿k 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 J￿quelIne 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 r￿le 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 sU￿0mmittee 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 reVIeTr￿s 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, wh￿h sh￿Id be ref￿￿5 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 1heMse￿es.
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 una￿e lo provide the ne￿551t1es 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 arcumstan￿S we offered support to enatAe them lo access ts services. The
Truslee has given careful con51d￿at1o￿ 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 H￿se arKI ils gounds to be Ltsed lo further the
Charity's C￿leCt￿e$ 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 Sur￿USI.
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 Griff￿h$ House was 93% and &tual (Kcupancy wa5 100%. 0￿panCY 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. mon11c￿lng 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 S￿￿ComMIttee.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 ch￿lty. including plans for the fuiure.
Reserves policy
The Trustee's policy takes account of lal the lia￿litieS wwkl be faced by the ch￿tY 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 signrf￿nIhY h@her than 6 months.
running costs. In additKJn, DeS￿nated funds were £￿,1)XI and *e for re￿acement of the lrft.
Al 31 0￿mber 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 reaSona￿Y 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 addit￿n. 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 SerV￿S to the resmlents at Kat￿rine 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. r￿ludIng working in
partnership with other chairties and developing an overdll rAan for the sile which would further the Charl￿5
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 ￿l￿eS 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 reasonal￿e 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 Finan￿al 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 appI￿able 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 fU￿illed 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 expl￿dY 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 kno￿edge 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 res￿1 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 v￿w. 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 a￿ayS 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 noncom￿lanCe 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 I￿￿ded 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 rw4u*ed lo pafcm Spec￿ pr[￿edU￿ to respoThJ lo the
rEk of mar￿gen￿nI override. We also ot1a1￿ an UfKierstandr@ ofthe legal and Wlalcryfram￿(S that the
charity operates in. fwusing on [￿mS￿on$ of ￿e laws regulatic￿S tr￿t h&J a d￿t effect on I
delerrnirkilion of malwiJ amourbts and disdosures in fina￿￿4 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 r￿lat￿nS 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 ts￿81e or to av(xd 2 mal¥i
penalty.
r prcKedures to reS[￿rKI to risks KIentif￿￿ I￿uded 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 •de￿r￿ and rew1alK￿ and ￿enI￿al fra￿ rtsks to all erKJagement team
members, and remaine(J *rt to any offraLxI cff ncXKx)M￿1&￿ W￿1h laws aThJ rewlalN)ns thr￿g￿K￿lI
audr(.
Our audbt twdures were destry￿ to resp)ThJ lo risks of material misstalemenl in the fina￿la1 statements,
r￿gnisIng that the rBk of not delectiThJ a material mtsstatement due to fraud is h￿her than the risk of not
det￿11ThJ one resulting (r(￿n an wrc*, as fraud may invc4ve deliL*rale ￿MIment by. for eXam￿e. forgery.
misrepresentati0r￿ ￿ through collusM)n. Tf*re are inh&ent limita￿n$ in the audit txctedures pthrmed and the
rther removed nor￿(1)mpli3r￿ wlh lay￿ and re￿laIN)rts is from ihe events and transaciK)ns refl￿1￿ in the
fina￿tal sl*ements. the less likely we wc¥JkJ aware of l.
A further descript￿n of ¢JJr res[MM￿b71it*S ts avalakAe on the FRC'S wEbsrte al..
htt '.lkn.frc.of .ukJaudllorslaudil-assurancelaLNJilor-s-r
onsib1lit]es-f￿-1￿aUdIt-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 sO￿Y lo the c*•'s Trustee. as a Lxxty. ￿ ￿￿da[￿e ￿￿th Pwt 4 ofthe Charth'es (Accounts
a￿1 Rerthsl Regulations Our aAil work has L*en u￿lertaken so that we mi*hl 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 ex￿11 pemlitt￿ by Law. we do not &cept a&sume respor￿1b11ty lo ar¥yone ottrw than the ch￿ty and
ch*ity's TnJslee as a L￿. fcr t￿r 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 acti￿11&$
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 O￿TatIng actbvbtie8:
N•t Incom• for th• r•pOl￿n9 ￿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 Int￿St fmm Investm￿ts
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 inVestt￿t in MVCIP
Purthase of txoperty. plant and eqtjirrnent
N•tc•sh used In In￿StIng 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 put￿lC benefit entity under FRS 102. Assets and liabilrties are
inf(idly ￿ognISed at hi%lori(xl cost or tranS￿￿n 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￿.0￿5 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 SU￿￿ent reserves lo enable il lo continue as a going ¢0￿M
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 Ir￿Me 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)rda￿e 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 var￿S types of funds w￿ch 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 wh￿h 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 preM￿rn 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 don*M￿S gNen lo the Charity foi the benefil of residents al
Griffilhs House.
The Grrfilhs House building fund repreS￿ts 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 ir￿U[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 charit￿S. 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