Registered Charlty Number 257237 The Cote Charity Annual report and financial statements for the year ended 31 December 2024
The Cote Charity Annual report and financial statements for the year ended 31 December 2024 Contents Page Report of the Trustee Independent auditor's report lo the Trustee of The Cote Charity Statement of financial activit5 Balance sheet Cash Flow slatemenl Principal accounting wAicies Notes to the financial statements 17 19
The Cote Charity Report of the Trustee for the year ended 31 December 2024 The Trustee wesents its report and audited financial slalemenls for the year ended 31 December 2024. The financial statements comply with current slalulory requirements, the Trust deed and the Statement of Recommended Practice for Charities {SORP 20191. Trustee, offic•rs and advlsers 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.. Robert Bourns Jonalhon Baker Kalharine Finn Michael Bothamley Patrick Despard David Freed Gillian Camm Nick Bak Kad Tucker David Powell Mark Burchfield Heather Frankham Profess Sir Steven Wesl Laura Marshall Tracey Killen Dr Jacqueline Cornish Gail Bragg Martiw Burgess (Deceased 23 June 2025) (Retyed 10 November 2024} (Retired 10 November 2024} (Retred 10 November 2024} (Apwinled 10 November 2024) (Appointed 10 Novemb 20241 (Appointed 10 November 20241 Reglstered address of the Charity Merchanis. Hall The Promen Clifton Bristol BS8 3NH Charity Number: 257237
The Cote Charity Report of the Trustee for the year ended 31 Decamber 2024 (continued) Names and addresses of other relevant organisations Auditor Bishop Fleming LLP. 10 Temple Back. Bristol. BS1 6FL Banker Nalwest Bank plc, 32 Cn SlreeL Brisld. BS99 7UG Solicitor Womble Bond thckinson (UK) LLP, 3 Temple Quay. Temple Back East, Bristol. BS16DZ Invgstment Manager Rathbones Investment Management, 30 Gresham Sireet, LorKlon. EC2V 7QN LGT Wealth Management. 7 5 Queen Square, Bristd, BS14NP Evelyn Partners Inveslfflent Management LLP. PorNvall Place, Pothyall Lane. Bristol, BS16NA All via the Merchant Venturers. Chariiies Investsnent Pool IMVCIPI, Chwity Number 10534591. Structure, govemance and management Governlng document The Charity is consliluted under a Charity Commission Scheme dated 8 October 1968 and is registered with the Charity Commission. number 257237. Governing body and organisational management The Tnjslee of the Charity is SMV Trustee Cornpany Limited, a company limiled by guarantee. The Trustee meets lo consider. al least on a quarterly ba51S, the broad strategy, direction and inveslmenl policy of the Charity. Assisting the Trustee are the Audit Sub-committee and the COnfits of Interest Advisory Sub£ommillee. Day lo day running of the Charity is delegated by the Trustee to a SUCommittee (the Care of Older People Svb-Committee}. the Members of which who served during the year were.. Dr Jacqueline Cornish (Chair) Caroline Duckworth Chartes Griffilhs Edward Ware David Marsh Sir Jay Tidmarsh Chris Pallerson David Freed Hden Currie
The Cote Charity Report of the Trustee for the year ended 31 December 2024 (continued) Govemlng body and organisational management (continued) The Care of Older People Sub-committee m8els al least quarterly lo ovwsee and administer the efficient management of the Charity and lo consider and subsequentty recommend lo. and gain approval from. the Trustee for broad operattonal and Strateg issues, as wdl as reporting lo the Trustee on all relevant operational mallers. The tenure of membership is 3 years, re-elec¢able for a fUrtr 3 years and. in special cirojmslances. tenure can be extended. The induction process for any aptx)inled member indudes an initial meeting with the Chairman and subsequenl meeting and sile visits the Cole Manager. The Cole Manager assists the Care of Older PeorAe sutmMIttee in fulfilling the day-l¢>day manaGmenl of the Charity. AccounliThJ support provKled by the MpJthanl Veniurers. Finance department. The Care of Older Penpè Sub£ommitlee assesses Ihe scope and effectiveness of Ihe systems and processes established by management lo idenlrfy. assess, manag8 and monitor Ihe financial and non- financial Tisks. The Conflicts of Inleresl Advisory Sub£ommittee comprises of individuals with rKJ cor¢110n lo eilh8r SMV or SMV TCL who can advise on areas where a conflKt of interest might arise. As detailed in note 14. the Society of Merchant Venturers wovided admiriistrats.ve SerVS to the charities of which SMV TCL was trustee and las pemiitted by the Charity Commission) rnade a charge for these. The Contlicts of Interest Advisory Sub£ommittee has revwed these charge5 and made a recomrnendalion to the board of SMV TCL that the prowsed charges are. in the opinion of the members of the su0MmIttee appropriaie. Recruitment and training of the Trustee The Directors of SMV TnJ5tee Company Limited are elected annually from Nwlhin the membership of the Society of Merchant Venturers and are appraised of the general duties of a Iruslee. In the event of significanl changes lo legislation or best practice, further relevanl training is undertaken. The management and strategy of the Charity are considered in grealer detail by the Care of Older People Sub-committee. The membefs of this Sub-commiltee bring wilh them the necessary care, financial. and property and skills that enable them lo deal txilh wilh more immediate issues as well as lo assess, monilof and make the necessary recommendations for the future strategic direclion and well-being of the Charity. They are inducted Il*ough meelings with the Chair and the Cole Manager. Rlsk management In the light of the Corporate Govemance guidance contained within the Statement ol Recommended Practice 2019"Accounling and Reporting by Charities" the Trustee ha5 examined the major risks faced by the Charity. The Trustee continues lo monitor and manage ongoing risks relaliThJ lo areas such as Ihe achievement of the charitable objects and the protection of the charity'5 assets. Systems are in place to monitor and control these risks and lo mitigate the Impact that Ihey have on the Charity. The risk gIster is reviewed and updated as qUIred 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 Venlurers Audit Committee and is noted by the Trustee. The Charity is reliant on resident income and monitors closely the level of vacancies al Kalherine House and Griffilhs House. This enables costs lo be managed as required and informs the working capital requirements.
The Cote Charity Report of the Trustee for the year ended 31 December 2024 (continued) Objectives and activities Objects of the charity The Trustee confirms Ihal it has referred lo the guidance contained in the Charity Commission's general swidance on public benefit when revwing the Charity's aims and objeclNes and in planning future aclivilies. The objects of the Charity, defined in Trust deed, shwld be referred lo for eL%t details, are". (al lo provide a resKlenlo1 home or homes or a corntM"nalK)n or mbInat)nS of a residential home and a nursing home for déerly persons over 60 years of age who through nfirmity or finanaal needs are unable lo provKJe a home for Ihemsefves". lo pay pensions, annuit$ or grants to ddedy persons over 60 years of age (whether or not residen15 of the IKJmesl arKJ who through infimiity or financkal need are unable to provide the necessitses or comforts of lrfe" a1 (b) (c) for gener81 charitable wrpose5. There have been no changes made lo the oty'ects in Ihe y. Aims and intsnded impact The aim of the Charity is lo provhde rdent41 homes of quality for dder peLyle. Whwe appropriate, older people in reduced cireumslances offered support lo enable them lo access the services. The Trustee has given careful consideration lo the level of fees sel f(¥ Katherine House and Griffilhs House lo ensure that they are fair. Objectives for the year This year the w'ncipal objectrves of the have been.. to continue to provide a standard of (ye and Supp wvices in )0d accommodation.. to let units al Cote House arKJ Robinson Place on a short temi basis lo erate fvnd$ lo further the Charity's objectives-. lo continue lo devdop a plan lo enable Cote Hwse and its grour$ lo be used to further the Charity's obieclNe5 arKI meet th expeclalions of ujrrenl and fiJbJre residents. Volunteers The welfare of Ihe Cole residents, whi151 OVersn by the Cole management team and staff. also benefits from Ihe support prOVe by the Merchant Venturers, VBiting Group. a leam of vdunleers. who regularly visit the Homes.
The Cote Charity Report of the Trustee for the year ended 31 December 2024 (continued) Achievements and performance The Charity ntInueS lo provKle an excdlent service Ihat meels the varying demands of ils residents al Katherine House and Griffilhs House. Levels of care are favourably commented upon by residen15, their families and independent inspector5. Their S$S was demonslraled by Ihe 2020 inspection by the Care Quality Commission which rated Katherine House 'Good' in all categories. wilh 'Oulslanding' for the 'responsive' category and the 2021 inspecb.on by the Care Quality Commission which rated Griffiths House 'Good' in all calegofies. Financial review The Charity produced a nel sury)lus on unrestricled funds (detailed on pa9e 141 of £667,358 {2023'. £399. 107 nel surplus). The tXjdgel occupancy 2024 for Katherine Fh)use was 96% aThJ the actual ctcupancy wa5 97%. The txjdgeled occupancy 2024 for Grrffilhs House was 93% and the ual occupancy wa5 94%. During the year. the Charity match funded dOnatS of £30,250 (2023: 34.636) to SUPFK)rt ddeT people in the Greater Bristol Area with the cosl-of4iving (xisis. Investment policy and perforniance The Trustee has delegated investment management to the Merchant Venlurers. Finance and Investment Sub-committee for the investment and performance of the financial assets". the appointment of appropriate Fund Manager. monitoring their performance. and lo recommend lo the Trustee the optimum strategy for finarscial investment. The Charity continued lo invest in the Merchant Venturers. Charities Investment Pool (MVCIPI (Charity number 10534S91 during the year. The Sub-cofflmittee's wlry is to provKle income whdsl preserving the real value of the investments. The irthme provides unrestricled funds lo enable the Tnjslee lo pursue the objects of the Charity, indudiro plans for the fijture. Reserves policy The Trustee's pc4w lakes account of (al liabilit which woukl be faced by the charity if il were to cease operating, Ib) the financial 'cushion' rt would need in order to have lime lo respon(S lo a serious bul pK)55ible funding crisis wilh(xJl immediately losw capao"ty. and Ic) any longer lem 0CtIveS whh mKJhl require sYJnificanl investment. The principal accounting poIleS on pages 16 to 17 descxÉbe the var)us funds of the Charity. The Trustee ha$ the pcAicy lo maintain reserves of unrestricted funds to a level that provides an operational contingency of approximately 6 months. running costs. Any surplus unreslricled reserves will be used lo redevelop the grounds of the charity or into the investment portfolio to provide addilional income lo support the objects. Al 31 Decemb8r 2024 the UreStrted funds were £2.173.835 (excluding unrestricted re(l assets. bul IrlUding the desKJnaled lund) which is SnnIty higher than 6 months. running u)sls. DeSnated funds were £105.¢J)O and are designated for replacement of the lift. Al 31 December 2024 restricted lunds were £194,125 and Fwmanenlly end(hved fund5 were £2,881,569 The policy is reviewed on an annual basis by the Trustee lo lake accounl of the developmenl of the charity and a review of the changing risks it fa. partiojlarly in respect of income.
The Cote Charity Report of the Trustee for the year ended 31 December 2024 (continued) Going concern The financial slalemenls have been prepared (m a wing corwn basis whh the Trustee consKlers to be appropnale for the followro reasons. The Tru51ee has prepwed cash flow forecasls for a per of 12 months from Ihe dale of approval of these financial slalements which indKale that. taking account of reasonably Fossible downsides, the charity wll have SLsent funds to meet its lial[lieS they fall for that perKKI. The Trustee (xjnsiders that demand for Katherine House and Griffith5 Hwse remains slrong and wll conllnue for the foreseeatAe future. In addition. the charity recVeS general renial incorne from the units at Robinson Place and units al Cole Paddock. The charty has a stror¥J cash posityon. Consequenly, Ihe Trustee confident that the Charity will have su(ficienl funds lo continue lo meet ils liabilities as they fall due for at least 12 months from the dale of approval of the financial slalements and therefore has prepared the fnancial statements on a gmng corttm basis. Future plans To continue lo provide high oualty services lo residents at K8then"ne Hse and Grrffilhs House by.. Continuing lo allracl and relain an exceplKJnal workforce Continuing lo deliver a val1 and engaging activths programme lo cu residents Striving lo hieVe.01aTrJing. care aLTQSS catwes as rated by CQC. To continue lo let the ts¥o houses al Robirtson FI to generate funds lo support the Charity's objectives. To imrAement the first phase of the plan to redevdop Cote HCSe and ts grounds, induding working in partnership with other charities and devdoping an overall plan for the sile Vthh would fvrther Ihe Charity's objeth'ves and be mirKllul of its heritage.
The Cote Charity Report of the Trustee for the year ended 31 December 2024 (contlnued) Accounting and reporting responsibilities Ststement of Ttae'S responsibi1Stles In respecl of the Report of the Trustee and the finan¢lal statements Under charty law, the Iruslees are reSponsie for preparing a Trustees. Annual Report and the financial slalemenls in accofdance with applicable law and regulations. The trustees are required lo prepare the financial slalemenls in accordance vthh UK Accounting Standard5. including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The financial slalemenls are required by law to give a true and fair view of the slate of affairs of the charity and of the incoming resources and appIallOn of resources for that period. In preparing these financial statements. generally a¢cepled accounting pra¢b'ce entails that the Iruslees.. select suitable accounting po[leS and then apply them consistently. ake judgements and estimates that are reasonable and prudent,. slate whether ap1¢able UK Accounting Standards and the Slalemenl of Recommended Practice have been followed, subjecl lo any malerial departures disdosed and explained in Ihe financial statements., slate whether the financial slalemenls comply with the trust deed. subject to any material departures disclosed and explained in the finawal statements-. assess the charity's abilty to continLFe a5 a going concem, disdosing, as appluble, matters related lo going concem.. and use the going Conrn basis of accounling unless they either intend lo IK4uMlale the charity or lo cease operations. or have no realislic alternative but to do so. The trustees are reouired lo act in accordance with the Irust deed of the charity. within Ihe framework of trust law. They are responsible for keeping accounting records which are sufficient lo show and explain the charity's transactions and disdose at any lime. with reasonable accuracy. the financial position of the charity al that lime. arKI lo enable the Irustees lo ensure that. where any slalemenls of accounts are prepared by them under section 132111 of the Charitie5 Act 2011. IIK)se statements of accounts CoMY 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 misslalemenl, whether due lo fraud or error. arid have general responsibility for taking such steps as are reasonably open to Ihern to safeguard the assets of the charity and to prevent and delecl fraud and other irregularities. The trustees are responsible f(y the mainlenance and integrity of the financial and other informaliorn induded on the charily s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in oiher jurisdictions. Signed for an on bohalf of the Trust09 hon Baker Director Merchants, Hall, The Promenade, Clifton. Bristol, BS8 3NH Dale.. &&35
Independent auditor's report to the Trustee of The Cote Charity Oplnlon We have audited the financial statements ol The Cole Charity (Ihe'charty'} for the year ended 31 December 2024 which comprise the Sialemenl of Financial Aclsvits"es, Balance Sheet. Cash flow slalemenl arwj notes lo the financial slalemenls. induding Signrfnt accounting policies. In our opinion the financial statements.. give a true and fair view of the slate of the charity's affairs as al 31 December 2024, and of ils incoming resources and application of resources, for the year then ended." have been properly prepared in accordance with UK accounting slandards, ildIng FRS 102 The Financial Reporting Standard appIable in the UK and Republic of IreloTrY,' have been prepared in accordance with the Charities Ad 2011. Basis for oplnion We conducted our audit in accordance with Inlemalronal Slandards on Audib"ng {UKI {ISAs IUKII and applicable law. Our responsibilities under those standards are further deseTibed in the Auditor's responsibililies for the audit of the financial stslemenls section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to Liur audit of the financial slalemenls in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe Ihal the audit evmdence we have obtained is suflicienl and appropriate lo provide a basis for our opinion. Concluslons relatlng to going conGem In auditing the financial slatemenls. we have Conduded that the Trustee's use of the going concern basis ol accounting in the preparatn of the financial slalemenls is appropriate. Based on the work we have performed. we have not identified any material uncertainties rel3ting lo events or condilrons Ihal. in¢Jtvidually or collectively, may casl $jniTI¢anI doubl on the charity's ability lo continue as a going concern for a period of al least Iwelve months from when the financial slalemenls are aulhorised for Issue. Our responsibilities and the responsibilities of the Trustee wtth SpeCt to going concem are described in the relevanl sections of this report. Other inforniatlon The other information comprises the Informaln induded in the Trustee's annual report, other than the financial slalemenls and our auditor's report Ihereon. The Trustee is responsible for the other information contained within the report. Our opinion on the financial stslemenls does nol cover the other information and. except lo Ihe exlenl otherwise explicitly slated in our report, we éo not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and. in doing so. consider whether the other infom)alion is materially inconsislent with the financial slalemenls or our knowledge obtained in the course of the audit or otherwise appear5 to be malerially misslaled. If we identify such material inconsislencies or apparent material misslatemenls. we are required lo determine whether this gives rise to a material misslalement in the linancial slalemenls Ihemselves. If. based on the work we have performed, we condude that there is a material misslalement of this other information. we are required lo report that fact. We have nothing lo re[ in this regard. 10
Independent auditor's report to the Trustee of The Cote Charity (continued) Matters on wthlch we are required to report by exceptlon We have nothing lo report in respect of Ihe followng mallers in relation to which the Charities {Accounls and Reports) Regulalions 2008 require us lo report lo you rf. in our opinion.. the information given in Ihe financial slalements is inconsistent in any malerial respect wilh the Trustee's Teporl-. or the charity has not kept adequate accounting records., or the finanryal slatemenls are nol in agreement wlh Ihe accounting records and relums.. or we have r1 received all the information and explanations we require for our audit. Responsibilities of tho Trustee As explained more fully in the Trustee's responsibilits.es statement. the Trustee is responsible for Ihe pparatiOn of financial slalemenls which give a true and fair view, and for such irblernal control as the Trustee delermines is necessary lo enable the preparation of financial Statements that are free from material misslatement. whether due lo fraud or error. In preparing the financial slalements. the Trustee is responsible for a55essing the charity's ability to continue as a going concern, disclosing, a5 applicable. matters related to going concern and using the going concern basis of accolsnling unless the Trustee either intends lo liquidate the charity or lo cease operations. or have no realistic alternative bul lo do so. Auditor's responsibilities for Ihe audit of the financial ststements We have been appoinled as auditor under section 144 of the Charities Act 2011 and report in accordance wrth regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misstatement, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable asSura[e is a high level of assurance. bul is not a guarantee that an audit conducted in accordance with ISAS (UK} will always delecl a material misslalemenl when Il exists. Misslalernenls can arise frorn fraud or eOr and are considered material if, individually or In the aggregate, they Could reasonabty be expected lo inllUere the economic decisions of users taken on the basis ol these financial stalemenls. 1rr8gu1arils. including frauij, are instances of non-compliance wth laws and regulations. We design procedures in line with our responsibilities, outlined above. lo delecl mater1 misslalements in respect of irregularities, Including fraud. The exlenl lo which our predUreS are capable of delecling irregularities. including fraud is delailed below. In idenlifying and assessing risks of material misslalemenl in respect of IrregularitS, including fraud and non-compliance with laws and gUlatiOns, we considered the following-. the nature of the sector. control environment and Ihe charity's performance.. results of our enquiries of management and the Trustee Board. including the commillees Charged with governance over the charity's finance and control. about their own idenlrficalion and assessment of the risks of irregularities-, any matters we identifie(I having oblained and feviewed the Charit$ documentation of their policies and procedures relaling lo. 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 they have knoYAedse of any actual, suspected or alleged fraud.. the internal controls established lo mitigate risks of fraud or noncompliance wlh laws and regulations". As a result of these procedures. we considered the opportunities and ineenlives that may exist within the organisalion for fraud. which included incorrect recognition of revenue. management oVer[e of controls using rnanual journal entries. We identified the greatest potential for fraud as incorrect recognition of revenue and management oveiride usirKJ manual journal entries.
Independent auditor's report to the Trustee of The Cote Charity (continued) In common wilh all wdits under ISAS (UKI. V are dso requwed to wform spth procedures lo respond to the k of management overrKle. We aL80 otla11 an understaThJry ol the legal and re181 framew that the charty operdles in. ftKusiro on provIsnS of Ih)se and reguL8t$ that a direct effect on the delerminalion of malefial amwnls aTrJ diOSUreS in financial slalements. The key lavts and regulations we (x)nsidered in this context induded the Chanties Act 2011 and tax legslakn"on. In addilKJn, we C(Slered EYovi8iorts of other ar wl8tFons th81 do rv)t have a dwecl effect on the financial slalemenls bul comFAlare wlh whth may fur¥Jamental lo the chanvs atN"lity lo oale lo avoid a malerral Fenalty. Our prwedures lo rest(KKI lo rkS NJenlrfd the fdkw"ThJ'. reviewing the financial stalemenl disdosures and testing to supporting documentation lo assess compliance with provisions of relevanl laws and regulations described as having a direct effect on the financial slalefflenls.. reviewng the financial statement disdosures and lesling lo suptmyting documentation to assess the recognilion of income", enquiring of the Tmslee and management and those charged with govemance concerning actual and potential liligalion and daims,. perfom)ing procedures lo confirm material compliance with Ihe requirements of its regulators,. perforniing analylical procedures lo identrfy any unusua or unexpected relationship5 that may indbcale risks of material misslalemenl due lo fraud: reading minute5 of meetings of those charge(I yh govemance and reviewing internal control reports.. and in addressing the nsk of traud l1vou management override of controls. testing the appropriateness of journal entries and other adjustments." and assessing whether the judgements made in making accounting eslimales are indicative of a potenb.al bias. We also comMunat8 relevant ¥Jenlffied laws and rlionS and Fdentsal frdud rBks lo all ervJagemenl team memttrs, and mained alert lo ary indl)n5 of or with laws rewlalions Ihrougfwyjl the audit. Our audit txowjvres were deSned lo restxJrKJ to rkS of malwia mr&slmenl n the financial statements. recognising that risk of not detect.ng a maferk4 mi%stalemenl due io fraud i8 than the risk of not delecling one resulting frcn an error. as fra may invdve deliberate cor¢ealment ty. for example, forgery. Misrepresenta.0ns or throu t0. There are inhuent limrtalx)ns in the audrt FYoce(knres perfcKmed and the further removed nONomlarte wth law5 and regulatK)ns ts from Ihe events and tranwtiMs relected in the financ1 statements. the less likdy wwld brne a•vare of it. Afurther desuipb.on of our responsibditEs is aVailae tm FRC'S websrte at." htt ..1.frc.or .ukJaudilcxs1aL-3sSUrartt1audit-S-re5 nsibilrties-f-Ihe-aJdrt-of-lhfldeScri tiorFof-th sibilrts-for.This desoiptk)n fcths part of wr auditor's report. 12
Independent auditor's report to the Trustee of The Cote Charity (continued) Use of our r8p(wi This rew1 ts made se lo the Tntslee. as a Lthy. in Pwt 4 ofthe Charities {Ac£ounts and Rep)rtsl Regulations 2(KJ8. OLf dit has trEen undertaken so thal we muht state lo the ¢ty'S Trustee those matters we e to slate to ttEm in an audilcw's an(1 fcf no olher purt#)se. To the fullest exlenl permitted by lav. we do rK)t p1 cff assume resp)nsibilty lo anyone olher than the ch*ity ¥¥J the ¢hanty's Trustee as a , f our audit wtwk, thi% retKrt lx the 0pmr we he fc¥med. <J Chris Trantham FCA (Senior Statutory Auditor) For and on behalf of Bishop Fleming LLP Chartered Accounlanls Slalutory Auditors 10 Temple Back Bristol BS16FL Dale.. 17 July 2025 Bishop Fleming LLP is elwible to art as an audit in terms ofseclion 1212 of ¢he Companies Acl 2006 13
The Cote Charity Statement of financial activities for the year ended 31 December 2024 Permanent Restitte(l endowTnent l)85wJn8led furKIs nd fund urttell (unds Total 2024 Total 2023 Note Incom• fmm.. Don81ions 697 697 10,901 Charitsble acb'wlies 3.040.575 3.040,575 2.690,551 Investments 50.$04 41,089 Total In¢om6 3,091.079 697 3.091.77fj 2,742,541 Expgndlture on: Charitable activibes (2.385.415) 17.5731 186,1101 12.479,0981 12,387,005) Donation Winter Crisis Fund I30.21) {8.5551 130,2501 134.6361 18.S551 18,7351 12,517,903) 12,430.3761 Othèr Total expendlture 12,424,220) {7.5731 186,1101 Gainslllossesl on investment assets 499 499 3.781 Net Ineomtrllexpenditur¢) 667.358 {6,8761 186,1101 574.372 31 S,946 Transfer8 between funds 12 I15.0) 652,358 15.IXIO Net movemgllt In funds {6,8761 {86.1101 15,C()O S74.372 315.946 Reconclllallon of funds: Tolal funds brought forward 2.446.186 201.(KJ1 2.967.679 90,0(XI 5,704,860 5,388.920 Total funds carri•d forward 12 3,098.544 194.125 2,881.569 105,000 0,379.238 5.704.866 The slalemenl of financial aclivilies indudes all gains and losses recognised in the year. AJI incoming resources and resources expended derive from continuing activities. The accompanying nole5 form part of Ihe financial slatements. 14
The Cote Charity (Charity Number 257237) Balance sheet as at 31 December 2024 2024 2023 Not Fixed assgts Tangible assets Investments 4.088.008 663,651 4.751.659 4,113,511 663,152 4,776.663 Current assets Debtors Cash al bank 145,591 1,648.009 1.793.600 266,021 1.527.579 6.279.238 70,364 1,138,616 1,208,980 280,777L 928.203 5.704,866 Creditors.. amounts falli Nel current assets Not assets due within one ew 10 Funds Designated Unreslricled Reslricled Permanent endowment 105,000 3.098.544 194,125 2.881.569 6 279 238 90,000 2.446,186 201,001 2.967,679 5 704,866 12 The financial slalemenls on pages 14 to 25 were approved by the Trustee on 06 Jvt4E 2ttsand were signed on ils behalf by.. Jonathon Baker Director Katharlne Flnn Director The accompanying notes form part of the fInaral slalements. 15
The Cote Charity Cash flow statement for the year ended 31 December 2024 Notes 2024 2023 Cash fl¢M from operating activities: Net income forthe reportlng ye Adlustmènts for. 574,372 315,946 Depreciation charges IGainsylossès orb investment5 117,498 {4991 {50,5041 {75,2271 {14,7561 550,884 115,744 {3.781) {41,0891 {10,227} {67,086} 309.507 Dividends and interest frc*n investmenis Ilncreasel in debtors (Decrease) in credito Nel coshproyldedby operatlng actlvltles Cash flows from Inv•sting activities.. Dmdends and intet from investments 50,504 41.089 Purchase of propety. and equipm1 Net cash used In Invesung actlvitlos 191,995) 141.491) 181,3731 140,2841 Change In cash and cash equlvalents in the year Cash and cash equivalents al the beginning of the year Cash and cash equivalents at the end of the year 509.393 1,138.616 269.223 869,393 1,648.IJ09 1.138.616 The accompanying notes fom part of the financial slatemenls. 16
The Cote Charity Principal accounting policies Basls of preparation The accounting policies that the Charity has adopted lo determine the amounts induded in respect of material items shown in the balance sheel and also lo determine the income and expenditure have been applied con51s1enlly and are shown below. The Cole Charity meets the defbnilion of a public nefit enlty Under FRS 102. Assets and liabilitses are initially recognised al historiGa ¢osl or transthin vaue olhewse staled in the relevant accounting policy. Basis of a¢counting The financial slalemenls have been pyepared under the hislorul cosl nventIon as Modif by the revaluation of certain tangible fixed as5els and fixed asset inveslmenls. in accordance wth the Slalemenl of Recommended Praclice"Acc(NJnling and ReportiThJ by Charit$ ISORP 20191" ap1¢able lo charities rKeparing their accounts in &cordance with FinanaJ Reporting Slandard aP[l¢able lo the UK and Republic of Ireland IFRS102). Golng Concem The Trustee has considered whether the use of ng concem is appropnate, i.e. whether there are any rnalerial uncertainlies related lo events condiiions that may cast snnI doubt on the ability of the charity lo continue as a going concern. The TnJstee maes this assessment for a Femd of Iwthe months from the dale of apFwoval of the financial slalemenls. Under all the Snar reviewed, the tharity has SLrffKtenl reserves to enable il lo continue as a gotng concern for the foreseeable future. For this reason it conknnues to adopt the going concem basis in preparing the finanual stalemenls. Crltlcal accountlng ludgemonts and key sources of estimation uncertalnty In applying the charity s accounting pOle5, Ihe Trustee is required to make judgements. eslimales and assumptions about the carrying amounts of assets and liabilities Ihal are not readily apparent from other sources. Actual results may drffer from these eslimales. Incomln9 resources- donations Donations lo the Charity a induded in the financial statements in the year in which Ihey are receivable. Incomlng resources - inveslmènts Interest on bank dep051t5 is included a5 income in Ihe finanryal slalemenls on an accruals basis. Disiributions from the inve51menl in the Merchant Venturers. Charities Inveslmenl Pool I'MVCIP") are Irealed as incorne in the year in which they accrue. Incoming resources - charltable activities Incoming resources from care for the eldedy compnse rents and fee5 for the provision of accommodalion and care services. which are accounted for on an accruas basis. Expenditurg l expenditure is accounted for on an accruals basis and is recognised when there is a legal or conslruclive obligation lo pay for expenses. All costs have been directly attributed lo one of the functional categories of resources expended in the Statement of fi.nancial aclivilies. lal Charitable activities relates lo the costs incurred in running and supporting the day-104*ay care of the elderly activities in the execution of thè Charity's objects. Ibl Other costs relate lo the strategic management of the Chartty and ils assets, and compliance with slalulory requirements. Irrecoverable VAT Any irrecoverable VAT is charged lo the slalement of financ1 aelNilies or caprtalised as parl of the cost of the related assets where appropriate. 17
The Cote Charity Principal accounting policies (continued) Taxation The Cole Charity is registered as a charity and as such lax exemption applies lo the income arising from and expended on charitable activities and lo its investment income and gains. Flxed assets and depreclatlon Flxed asset investments are staled al cost less deprecialion. Depreciation is caleulated so as to lIe off assets on a s1[ahl-11ne basis over the exk*Cted usefijl economic lives of the assets (x}nCernl. The annual rates used fcK this purpose have been". Freehold buildings and improvements Fixtures. fillings and office equipmenl Motor vehides 15 10 50 years 3 to 5 years 5 years Land and assets in the course 0fnstrUct are deprerialed. Assets with a cost ol less than £1,0 afe written off lo expenditure dUrIj Ihe year. nvgstmgnts Fixed asset investments are slated at bid-markel value al the balance sheet date In accordance with FRS102. The slalemenl of financial activities indudes the net gains and losses arising on revaluations and disposals throughout the year. Fund accountlng The Charity has various types of funds for whth it is responsible. arKI Nthich require separate disdosure. These are as ff10.. Unrestricted lunds Funds which are expendable al Ihe diScretn of the Trustee in furtherance of the objec15 Of the Charity. In addition lo expenditure on care homes. such funds may be held in order to finance capital investment and working capital. Designated lunds Funds which designated for a purpose and are expendable al the discretion of the Trustee in furtherance of the objects of the Charity. Restricted funds Donations or legacies which are earmarked by the dorK)r for SpeCrf purposes. Such purposes are within the overall aims of the organisalion. Permanent endowment ffund The permanent endowment fttnd incorporates the original endowments of £100 and the operational properties, together with the surplus or deficit arising from the revaluation of the property Isee note 71 and capital a(Jdilions lo the property which cannot be distinguished from the original endowmenl properly. Pension costs The Charity makes contributions lo employees, personal pensions in accordan with the aulo-enrolmenl provisions_ The payments lo the defined contributions scheme are charged lo the slalemenl of financial activities in the peri¢)d in which the obligation to make contributions arises. 18
The Cote Charity Notes to the financial statements for the year ended 31 December 2024 Investment income 2024 2023 Dislribulions from MVCIP 20,887 29.617 25,639 15,450 41,089 Bank interest 50,504 Analysis of charitable expenditure - care for older people Direct costs Support costs Total 2024 Tol81 2023 Staff costs 1.486,696 367.952 57.949 1.544.645 1.391.182 Rullning costs Mainlenance and depreciatn Management and administration 367.952 464.489 393,526 393.526 333.889 23.247 149.728 172,975 2.479.098 197,445 2.271.421 207.677 2.387.005 AJI the support costs have been allocated lo one charitable aclivty (care for the eldertyl. Other costs 2024 2023 Audit fee 8,400 8,594 Trustee's indemnity insurance 155 141 8.555 8.735 Net incomelexpenditure 2024 2023 Nel incomelexpendilure is slated after charging: Audit fee 8.400 8.594 Depreciation 117.498 115.744 The audit fee exduding irrecoverable VAT was £7,000 {2023= £7.162)- 19
The Cote Charity Notes to the financial statements for Ihe year ended 31 December 2024 Staff costs The average number of persons employed on a fvll and part-lime basis by The Cole Charity during the year. analysed by category, is as follows: 2024 2023 Residential care 52 Management and administration 57 The aggregate payroll costs of these persons were as follows: 2024 2023 Wages and salaries Social securily costs Pension cosls 1,395,575 117.499 1,255.229 106.414 31.571 29,539 1.544.645 1,391.182 No individual employee received emoluments exceeding £60.000 during 2024 or 2023. A recharge is made by Ihe Society of Merchant Venturer$ for stsff as disclosed in te 14. Trustee's remuneration No director of SMV Trustee Company Limited r1Ved reffluneralK)n or reimbursement of expense5 for their seryices lo the Charity durirvJ the year12023.' £nl) Th)r had any beneficial interest in any conlraci with the Charily during the year12023.. £nil). A professional indemnity inswance premium of £15512023: £141) was paKI by Ihe Charily on behalf of the Trustee. 20
The Cote Charity Notes to the financial statements for the year ended 31 December 2024 Tangible fixed assets Fixtures. fittings and office equlpment Assets in the Freehold course of land and constructlon buildings Motor vehScles Total Cost or valuatlon At 1 January 2024 Additions 356.270 5.083.364 289.794 29.290 5.758.718 31,434 14,346 (6.360) 297.780 46.215 91,995 Disposals At 31 December 2024 16,3601 5.844.353 387.704 5.083,364 75,505 Depreciation At 1 January 2024 Charge for year Disposals At 31 December 2024 1.348,871 267.046 29,290 1.645.207 117.498 104,018 11,169 16.360) 271.855 2.311 16,3601 1.756,345 1.452.889 31,601 Net book valug At 31 Oecember 2024 387.704 3.630.475 25.925 43,904 4,088,008 Al 31 December 2023 356.270 3.734.493 22.748 4,113.511 21
The Cote Charity Notes to the financial statements for the year ended 31 December 2024 Fixed asset investments Total Cost At 1 January and 31 December 2024 Revaluations 565,890 Unrealised gains at 1 January 2024 Nel gains arising on revaluation Unraallsed galns at 31 Docembor 2024 Net book value 97.262 499 97.761 At 31 December 2024 663.651 At 31 Dec*mber 2023 663,152 AJI investments are held in the Merchant Venturers, Charities Inveslment Pool, which was slruclured as follows al 31 December 2024.. Investment assets in the UK 26.5 Investment assets outside the UK 66.8 Altemalwes & Multi-Asset Cash 100.0 Debtors 2024 2023 Rents and fees 90.114 28,861 Other debtors and prepayments 55.477 41,503 145,591 70,364 22
The Cote Charity Notes to the financial statements for the year ended 31 December 2024 10 Creditors: amounts falllng due withln one year 2024 2023 Trade creditors 71.854 85.884 Other laxes and socia secunty costs Other creditors 28.001 123,717 33,416 9.033 27,173 119.701 Accruals 38.986 9.033 Covid-19 Grant 266,021 280,777 11 Funds Ba18nce at 1 January 2024 Transfers Balance at between 31 December funds 2024 Incoming Resources resources expended Inveslment Gains Unrestrlcted General fund 2.446.186 3.091.079 (2.424.220) 499 115,000) 3,098.544 Desl nated Lift Replacement 90.000 15,000 105,000 RestTiCted Staff fund 4.209 {3,506) 703 Katherine House amenity fund 14,544 248 14,792 Katherine House building fund 130.348 {3,618) 126,730 Grrffilhs House amenity fund 657 1449) 210 Residenls Personal Allowances 1.243 447 1.690 Griffilhs House building fund Total Restricted 50,000 50.000 201,001 697 (7,573} 194,125 Permanent endowment 2,967.679 186,110) 3.091.776 (2.517.903} 2,881.569 Total 5.704,866 499 6.279.238 23
The Cote Charity Notes to the financial statements for the year ended 31 December 2024 The General fu1 indudes £97.761 {2023.' £97.262} relaling lo unrealised gains in the value of fixed asset investments. The Designated fund represents a sinking a nv4V Irft. The Staff furKI psents donations given to Charity for ts beil of staff. The Kalherine House amenity fund represents donations gNen lo the Chanty the benefit of residents al Kaiherine House. The Katherine House tMJilding fund rwesenls donatnS towards the cost of buddiry Katherine House nel of rdaled depreciation. The Grrffilhs House amenty fund rerffesenis donabons gven to the Charity for the benefit of residents at Griffrths House. The residents pwsona allowances rewesents fvnds residents from family memLws. The Griffilhs House buding fund represents donatnS trmards the cost of building Grrffilhs House nel of related deprecIatn. Th8 Permanent elldowmenl fund represents part of L4nd and Ixjildwus of the Charty net of year end bank loan and deprecialK>n. 12 Analysis of funds balance Permanent endowment Designated Unrestricted Restricted Total Fixed assets 1.029.709 176.730 2,881,569 4.088.008 Fixed asset investments 663.651 663.651 Nel current assets 1,405,184 17.395 105.000 1.527,579 Nel assets 3.098.544 194.125 2.881.569 105.000 6,279,238 13 Transactions with related parties Society of Merchant Venturers The Charity incurred a charge for the reallocation of salaries and overheads of £59.49) {2023.. £.329) from the Society of Merchant VenlureT5. to cover the serViS il provwjes in relalion lo Ihe management and admini5tralion of the Charity. of which £nil12023.. £nill was outstandirvJ al the ye¥ end. Mgrchant Venturers. Charities Investment Pool {MVCIP) SMV Trustee Company Limited is the TnJslee of MVCIP and the ultimate conlrolling party of The Cole Charity. F(x details of inveslmenls held and income receNed from MVCIP see notes 1 and 8. Al 31 December 2024 £4.730 was oulslanéing from MVCIP (2023.. £5,991). 14 Connected charities 24
The Cote Charity The Society of Merchant VenlureTS' Almshouses Charity {Registered Charity Number 2021521 is a connected charity under the definition of the Charilies. 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 rep(Kt. The Cole Charity made a charge of £4.65012023'. £4.421) for the services of the Colslon's Almshouse Manager and a charge of £5.457 for a maintenance officer12023.' £5.289} 10 the SMV Almshouses Charity. Al 31 December 2024 £2.527 {2023-. £nill was owing by the SMV Almshouses Charity lo the Cole Charity relating lo these servi¢x. The Cole Charity provided the services of a Chaplain to SMV Almshouses Charity al a cost of £nil12D23'. £2751 of which £nil12023.' £nill was outstanding at 31 December 2024. The SMV Almstriouses Charity provided Ihe services of a Chaplain lo The Cole Chanty at a cost of £nil {2023.. £nill of which £nil12023.. £nill was outstanding al 31 December 2024. 15 Analysis of changes in net debt At 1 January 2024 At 31 D¢c¢rnber 2024 Cash flow Cash and cash gqulvalents Cash 1.138,616 1.138,616 509,393 509,393 1648 009 1,648,009 Total 1,138,616 509,393 1.648.009 25