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 activit￿5 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 C￿n 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 COnfi￿ts of Interest Advisory Sub£ommillee. Day lo day running of the Charity is delegated by the Trustee to a SU￿Committee (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 fUrt￿r 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 sut￿mMIttee in fulfilling the day-l¢>day manaG*menl 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 SerV￿S 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 rev*wed 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 su￿0MmIttee 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 rev￿wing 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" a￿1 (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 r￿dent￿41 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 OVers￿n by the Cole management team and staff. also benefits from Ihe support prOV￿e￿ 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￿￿$S was demonslraled by Ihe 2020 inspection by the Care Quality Commission which rated Katherine House 'Good' in all categories. wilh 'Oulslanding' for the 'responsive' category and the 2021 inspecb.on by the Care Quality Commission which rated Griffiths House 'Good' in all calegofies. Financial review The Charity produced a nel sury)lus on unrestricled funds (detailed on pa9e 141 of £667,358 {2023'. £399. 107 nel surplus). The tXjdgel￿ occupancy 2024 for Katherine Fh)use was 96% aThJ the actual ctcupancy wa5 97%. The txjdgeled occupancy 2024 for Grrffilhs House was 93% and the *ual occupancy wa5 94%. During the year. the Charity match funded dOnat￿S of £30,250 (2023: 34.636) to SUPFK)rt ddeT people in the Greater Bristol Area with the cosl-of4iving (xisis. Investment policy and perforniance The Trustee has delegated investment management to the Merchant Venlurers. Finance and Investment Sub-committee for the investment and performance of the financial assets". the appointment of appropriate Fund Manager. monitoring their performance. and lo recommend lo the Trustee the optimum strategy for finarscial investment. The Charity continued lo invest in the Merchant Venturers. Charities Investment Pool (MVCIPI (Charity number 10534S91 during the year. The Sub-cofflmittee's wlry is to provKle income whdsl preserving the real value of the investments. The irthme provides unrestricled funds lo enable the Tnjslee lo pursue the objects of the Charity, indudiro plans for the fijture. Reserves policy The Trustee's pc4w lakes account of (al liabilit￿ which woukl be faced by the charity if il were to cease operating, Ib) the financial 'cushion' rt would need in order to have lime lo respon(S lo a serious bul pK)55ible funding crisis wilh(xJl immediately losw capao"ty. and Ic) any longer lem 0￿CtIveS wh￿h mKJhl require sYJnificanl investment. The principal accounting poI￿leS on pages 16 to 17 descxÉbe the var*)us funds of the Charity. The Trustee ha$ 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 U￿reStr￿ted funds were £2.173.835 (excluding unrestricted r￿e(l assets. bul Ir￿lUding the desKJnaled lund) which is S￿n￿￿nIty higher than 6 months. running u)sls. DeS￿nated 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 wh￿h 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 SL￿￿sent funds to meet its lia￿l[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 rec￿VeS 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 H￿se and Grrffilhs House by.. Continuing lo allracl and relain an exceplKJnal workforce Continuing lo deliver a val￿1 and engaging activths programme lo cu residents Striving lo ￿hieVe.0￿￿1aTrJing. 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 HC￿Se and ts grounds, induding working in partnership with other charities and devdoping an overall plan for the sile Vth￿h 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 T￿￿tae'S responsibi1Stles In respecl of the Report of the Trustee and the finan¢lal statements Under charty law, the Iruslees are reSponsi￿e 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 appI￿allOn 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 ap￿1¢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 Con￿rn 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 CoM￿Y 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 Signrf￿nt 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, i￿l￿dIng FRS 102 The Financial Reporting Standard appI￿able 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 preparat￿n 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 Informal￿n 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 r￿1 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 p￿paratiOn 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 e￿Or and are considered material if, individually or In the aggregate, they Could reasonabty be expected lo inllUer￿e the economic decisions of users taken on the basis ol these financial stalemenls. 1rr8gu1aril￿s. including frauij, are instances of non-compliance wth laws and regulations. We design procedures in line with our responsibilities, outlined above. lo delecl mater￿1 misslalements in respect of irregularities, Including fraud. The exlenl lo which our pr￿edUreS are capable of delecling irregularities. including fraud is delailed below. In idenlifying and assessing risks of material misslalemenl in respect of Irregularit￿S, 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 otla1￿1 an understaThJry ol the legal and re￿181￿ framew￿ that the charty operdles in. ftKusiro on provIs￿nS of Ih)se and reguL8t￿$ that a direct effect on the delerminalion of malefial amwnls aTrJ di￿OSUreS 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(￿S￿lered EYovi8iorts of other ar￿ wl8tFons th81 do rv)t have a dwecl effect on the financial slalemenls bul comFAlar￿e wlh whth may ￿ fur¥Jamental lo the chanvs atN"lity lo o￿ale lo avoid a malerral Fenalty. Our prwedures lo rest(KKI lo r￿kS NJenlrf*d 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 y￿h 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 comMun￿at8￿ relevant ¥Jenlffied laws and r￿￿￿lionS and Fdentsal frdud rBks lo all ervJagemenl team memttrs, and ￿mained alert lo ary ind￿l￿)n5 of or with laws ￿ rewlalions Ihrougfwyjl the audit. Our audit txowjvres were deS￿ned lo restxJrKJ to r￿kS of malwia mr&sl*menl 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 frc*n an error. as fra￿ may invdve deliberate cor¢ealment ty. for example, forgery. Misrepresenta￿.0ns or throu￿ t￿￿0￿. There are inhuent limrtalx)ns in the audrt FYoce(knres perfcKmed and the further removed nONom￿larte wth law5 and regulatK)ns ts from Ihe events and tranwtiMs relected in the financ￿1 statements. the less likdy ￿ wwld b￿rne a•vare of it. Afurther desuipb.on of our responsibditEs is aVaila￿e tm FRC'S websrte at." htt ..1￿.frc.or .ukJaudilcxs1aL￿￿-3sSUrartt1audit￿-S-re5 nsibilrties-f￿-Ihe-aJdrt-of-lh￿fldeScri tiorFof-th sibilrt*s-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 s￿e￿ 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 0pm￿r￿ we h￿e fc¥med. 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 serVi￿S 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