R¢gistered ChArity Number 11271115 VENTURERS TRUST ENDOWMENT FUIYD Rtporl atyd Fln*thclal Statements 31 August 2024 VENTURERS TRUST ENDOWMENT FUND REPORT AND FINANCIAL STATEMENTS 2024 Contents TRUSTEE. OFFICERS AND PROFESSIONAL ADVISERS TRUSTEE'S REPORT INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE VENTURERS TRUST ENDOWMEwr FUND STATEMENT OF FINANCIAL AcfiviTIES BALANCE SHEEr 10 NOTES TO THE FINANCIAL STATEMEKrs VENTURERS TRUST ENDOWMENT FUND TRUSTEE, OFFICERS AND PROFESSIONAL ADVISERS TRUSTEE SfvIV Trustee Comparhy Limited Merchants. Hall Tlie Promenade Clifton Bristol BS8 3NH COVERNINC DOCUMENT Trust Deed dated 31 August 21)08 CONSTITUTION Unincorporaid Chari¢aWe Trusi REGISTERED OFFICE Merchanis. Hall The Protn¢nwJr Clifion Biisiol BS8 3NH BANKERS NatWc5t Bank plc Trinity Qiiay 2 2nd Floor Avon Street Bristol BS2 OPT SOLICITORS Womble Bond Di¢kinson IUKI LLP 3 Temple Quay Temple Back Easi Bristol BSI 6DZ INVESTMENT ADVISERS Evclyn Partners Poniyall Place Portwall Lane Brisiol BSI 6NA AUDITOR Bishop Fleii)ints¥ LLP 10 Teiiiple Back BSI 6FL VENTURERSTRVST ENDOWMENT FUND TRUSTEE'S REPORT The Tru51ce presents its at)nual report ar￿ the a￿li1¢d financial swem¢nts of ihe endowment fund for the yeat ended 31 Au8ih5t 2024. The Trumee has pAlopied the provisions of the Accoiiniing ond RepoTling by Choiyiies.. Siaienieni of Re¢oTrimeMdÉd Prociice applicable lo churilies w*pttring iheir acco￿￿15 accordanre itiih Fift￿￿¢101 Repoi'iing SiandardL7pplicable in ihE UKandRepubli¢ oflr¢lond(FR$ 102). in pr¢pating the annual teport and flnancial statements of ihe Charity. REFEREIYCE AND ADMINIStRATIVE INFORMATION VeniureTs Trusi Endowment Ful￿ (the Charity) 15 registered as a ¢barity. numkr 1127105 (EngIar￿ and Wales). D¢iails of ihe Trustte. oificers ond wofessional advisers and other infom)*iM ore sel Out on pa8e l. STRUCTURE GOVERNAIYCE AND MAiYACEMENT Governance Th¢ Charity is governed by a TTUSI Deal made on 31 Augu￿ 21x18 Wttich was amend¢d on 01 September 2012. 14 Nov¢mber 2012. 02 May 2019 and 04 July 2019. Str¥tture and M8nagemtnt t￿ling ihe year ended 31 August 2024. Ihe Trt￿¢¢ was Venturers Trust. In practice the Endowmeni Fund is managed by an Endowment and Fund Raising Committee. which repwted directly to the main Venturer5 Trust l*)ard. Commirtee members are apwiDted by the Trustees of Verhlurew5 TTUSL wÉih the Chair of the charity being independent of Ihe Venlur¢r5 T￿￿1 Board. The members of Ihis Committec are as follows.. MrT Smallw(yJd Mr M Boihamley Dr S Allpre55 Mr R Davis Mr J Laycock Mr C Patterson Chaim)aD IResigtKd I l O¢tober 20231 (Rc5igned 8 May 2024) On 1° ￿ptember 2024, the venture￿ Twu5t ￿h0O1$ joined the E-ACT Multi Academy Trust. In ac¢ordan¢e with the provisions in ¢he (*iginal Trust t)eed. on 9th Septcmber 2024 Veniurers Twst retired as Trustee ind appointed the Mas¢er Wardcns and Commonalty of M¢￿hant VeThturer5 of the City of Brisiol as Tnjstee. On 13" September 2024 ihe Master Wardens and CommOn￿ty of Merchant Veniurers of the City of Bristol rdired as Trvsiee and appointed SMV Trustee Company Limited. The members of the Entknwment and Fund Raising Committee remain the same. OBJEcfivES AND ACTIVITIES Ch¥rilAble Objectives During ihe y¢ar ended 31 AuBUSt 2024. the charity's objects w¢re to pn)vide funding for &tiviiies of Venturus Trusi to adyanceihe educational offerin8of the pupils. by providing granis oroiher finaneial assislarKe to as515t pupils in finan¢ial need to undertake extra-curricular activities and provide awards, prizes or other rewards and provide direct grants io lh¢ 5chool$ for extra-curricular actLVLties. From I September. with ihe endingof th¢ V¢nnLrers T￿￿￿5 involvemeni in the s¢hools. theobjects of the Venturers Trust Endowment Fund reverted tothose provided for in the or&8irhal scherneand reflcdihe objeasof the Montpelier Colle8iat Tnjsi which are: To advance lh¢ education of youn8 people under ihe age of 25 through {1 l The provision, n)aintenance and 5upIKirl of Collegiate S¢hth)l and Montpeliu High School {21 The 5UPP)rt of edy¢aiional actLVLties anywhere in the area of ￿￿errt {31 The provision of bursaries, scholarships. grdnt5 or othtr payments io young people in need of finaThcKal assislanee to assist them in pursuing iheir ed￿￿10Th eithu at Collegiate School, Monwelier High School or elsewhere in the area of benefit. Objectlves for the ye*r The objectives for ihe year were to m&ximise income from investments arwj wovide grants and assistance (o Venwrws Trust schools in x¢¢Ndance with the ￿ThI1￿g Lyitrria of th¢ Tn￿. VENTURERS TRUST ENDOWMEP4T FUND TRUSTEE'S REPORT {conl•Trwedl OBJECTIVES AND AcfiviTIES IcoAlinued) Publk Beneflt Tlie Trusiet has had regard to the guidarKe coniairKd iii the Charity Commission's guNJan¢e on publi¢ benefil wl)eii reviewing the charity'5 aims and objeclives and in planning futUTC activities. Charity provtdes grnnls Lo assisi pupi15 ross all the schools within VenluTers Trust. Ivhich are schwls providing educaiional services. ai least equivaleni to local authority schools. and places are available for all paren￿Carers to apply for their Childmi. No complainis have been received froni the public. Ii) particular Ihc Tru51¢e considcr5 1)ow plann¢d xtivitie5 will conlTibut¢ to tIK ¢harity'S aims and Ihe objeciives they hAve set. Strategic Report The Trustee provided grants io all sch¢xyls aeross ihe Trnst during ihe year and funded OT partly funded activitie5 ranging rrom assistance iviih sch(#)l irips, resideniial trips, support for exira-curricular ellhbs and workshops r￿n in the schools. Golng Cotteer The Truslec believes that the charity will be able to ￿￿￿ntain positive c&%h flows for ihe fortseeable future. The fund has a healthy cash and inves¢rnent ￿llion which enables it to meel its obligations. As a resuli. Ihe going concern basis of accountlllg ha5 ken adopted. Fin*ncig1 Review gTrd results for the yt•r Income is derived from donations and i￿ome generated frLM invesied fw)ds. No inc4)m¢ 15 derived from ￿ndraISing from Ihe publi¢. The n¢i in¢om¢ g¢nerai¢d was distributed for ihe ¢nhan¢emeni of education for pupils of Veniurers Trust from low inromt fa¥nili¢5. In 2023 the volunlary incomr inrr¢ased a5 a r¢suli of a on¢•OtYdonatiott of £125,000. The one-off donation did not occur in 2024 and therefore volun(ary income wa5 lower Ihan in 2023. The Trusiec plan5 to spend this over 5 years. In 2024 £140,025 ivas provided to the Ventur¢rs Trnsi s¢hools l?023= £158,646) iji line with ihe schools, requirejnents. The in¢ieas¢ in 2023 wa5 primarily rtlated io in¢reas¢d donaiions to ¢h¢ hatdship fund, whicli seeks 10 assist pupils and (heir families experiencinB diffi¢uliies with costs of living_ Thcre ha5 been a 8.OW• increase in inveslment Vdlue during thc peri(Ml12023.. 7.IVo decrease) a 4.2Vo dividend yield 12023.. 4.5Vol. The Trust has a loiv io moderate atvroach io risk. The Endoivrnenl Furhd ha5 apEK>itLled ilie Society of Merchani Veniurers 10 assisi wilh oversighi of the Investmeni Advisers and 10 nioniior investment perfornlance. RESERVES POLICY Under the terms of Ihe Deed of Gift dated 31 August 21KJ8 the permanent elemeni of the Trt￿l Deed ioialling £1 milli cannot be spelll unle55 approved by the Charily Commi55ion. Addiliorhally. £109.624 of the an)ouni tTansferred in froit) Merchaiils. Academy Endowfflenl Fund is a permanent endowjnenl and may only be Sp￿11 on such t¢rJn5 for Ilie replacement of the amoLlllt spent as the Charity Commission may approve in advaiiee. The Trust aims io disiribuie its income in accordance ivith the criieiia as ￿aTed in its Obj￿(1ve5. INVESTMENT POLICY The Trusi's invesiineiii policy 15 to inaximise income available aThd gcnerate capithl appreciation to siipport Ihe on-goiiis educaiion and advAncemeni ofpupils at th¢ s¢hools arnl to ens￿re Ihat it sufficieni rcsources to meet its eiirrenl #nd fiiture aciivities effectively. The inveslTnenl policy balarbce5 lon&-lerm capilal gro1￿h. lo preserve the ￿[ManeNt elemerhl of the EiidoiviM¢nl Fund. iviih shorl-ierm rellinis to enhance Ihe aciiviiies of Ihe Trust. C.RAN'fMAKING POLICY During the year ended 31 August ?0?4 all gran15 arc made to Venturers Ttusi. The Endownieni and Fund R14 ISIII& Coiniiiillee receive5 grant reque5l5 from the schools and decide5 on holy niuch lo granl and aiiy r¢slrict10115 iiiiposed oji the graiils. The level 15 dependenl oil t1￿ inve51Meni illcome and doiiation5 received during the year. VENTURERSTRUST ENDOWMENT FUND TRUSTEE'S REPORT (nsibilities $￿emenl Ihe trustee is responsible for the preparation of the financial statements and for b¢ing satisfied that they give a and fair view. and for such internal control as the trustee d¢terrnine5 is ne¢essary io enable the preparati￿ of firw￿la1 M*emeAts ihat are free from material misstat¢m¢nt, whether due to fraud or error. In prep￿Ing the financial statements, the inJMee is responsible for assessing the charity's ability to ¢oiitinue as a goijig ¢on¢em, disclosin& &s applicable. rnattets r¢laL¢d iogoing c￿cern and using th¢going concern basis ofaccounting unless the rrvste¢s ¢ither intend to liquidate the charity or to cease ¢yatioNs, or have no realistic alterndtive but to do so. Auditor's respo•sibllities for the awdil of tht fith•Ki•l statements We have beffl app)inied &$ urmler section 144of th¢ Charities Act 2011 and report in ￿ordance with re8ulations made u[￿er stttion 154 of thal Act. Ourobjective5 arc loo￿aIn reasonable assurdnce about whetherthe financial ststements ￿ a whole are frtt from material misstatement. whether due io fraud or error. and to issue an audiior's report that includes our opinion. Reasonabl¢ assurance is a high level of ￿sUrance iwt is r￿1 a guarantee that an audii ¢ondu¢ted in accordance wilh ISAS IUKI will always detect 8 material missta*merJi wh¢n it exists. Misstatefflenis can aris¢ from fralhd or error aThJ are consid¢r¢d material if. individually or in the aggr¢gai¢, they could reasonably be cxpected 10 it)fluence the ccoThomic detisions of usets iakert c￿ the basis of these financial siatemen [￿egularItIe* including fraud, are instances of Th)n•compl1an￿ with laws ar￿ regulations. We Iksign procedures in line with OUT responsibilities, outlined alx>ve. ￿ dete¢¢ matuia] misstatement5 Ln T￿peCt of iTTegulariiies, Includin8 fraud. The extenl to which our procedures are c4pable of del¢rting irregulariiies. including fraud is detailed below: In identifying and assessirtg risks of maierial mi5Statemcnt in respe¢iof inrgularities. including hud and th0n-compli￿￿e with laws and re8ulation% we considered the following.. the nature of the sedoi, control environment and ihc Clwity's wfomiance. r¢sults olourenquirie5 of manag¢men(and theTru5tee board. includingthe ¢cmmitteeseharBed with govemance over the Charity's finance and Control. ab)vi their own identif1￿110ll and assessment ofthe risk5 of irregulari¢ie& any mattets we identified having obtained and reviewed the Charity's documen￿[10￿ of their tK)licies and procedures relating to idcntifying. evaluwing, and wmplying with laws and regJlaiions and whether they were aware of any instances of non-complian¢¢. deie¢¢ing and resrthdin8 to the risks of fTaud and whether they have knowledge ofany actual. suspcckd or alleg￿ fra￿A- the internal controls established lo miiigaie risks of fraud OT nLwKompliance with laws and re8ulation$- As a result of these procedures. we considered the orvjrtunitits and incentives that may exist within the organisalion for fraud, which included incorre¢i recognition of revenue. managemeni override of controls using manual journal eniiie W¢ identified the greatest p)¢eniial for frnud as incorrect rw)gllitioo of ￿VenUe and management ovcrride using manual journal ¢niries. VENTURERSTRUST ENDOIVMENT FUND INDEPENDENT AUDITORS. RLPORTTO THE TRUSTEES OF THE VEIYTURERS TRUST ENDOWMENT FUND{conliThutd) In coniimon with all audits under ISAS (UKI. ive awe also WqUiTed to perforni specifie procedures io rcspond to rhe risk of managenieni override. W¢also otAain¢d an underslandhn¥ ofthe legal aiid resulalory fraineivorks thai the Charity operaies in, foeusin¥ on provisions ofthose laws and regulations Ihai had a dire¢1 ¢ffe¢i on the d¢ierniinaiioD of niaierial amoiiiit5 and disclosures in ihe financial 5¢at¢ments. The key laws and regul￿10Ths we considered in this ¢on*KI included the Charities A¢¢ 201 l and i&Y legislation. In addbtion. we considered wovisions of other laws and iegulaiiolls thai do not have a direct etrect on the financial slat¢ineiils but conipliance with which may be fulldamenlal lo Ihe Charity"s ability to operate or to avoid a maierial penalty. These included safegvarding regulalion5, data protection regulaiions, oceupaiional health and safety regulatio[￿, education and insp¢¢iions legislation. building legislalion and employmenl legislation. Our procedures io respond to risks identifled included the following= reviewing the financial siaiemeni dis¢losures and iesting to 5UPI)orting documentation to asses5 coJnplian¢e with provisions of relevant laws and regulaiiofis d¢%ribEd a5 having a direcl effecl on the finaacial sialenienis. reviewing ihe financial sthiemeni disc105ure5 and testin8 lo supportin8 documenlalion to assess the re¢ognititsn of r¢venue- enquiring of Twsiee and management and those charged with gov¢man¢e con¢eming aciual and ￿tentIal liligatioTr and claims- performing procedures lo confirni maiLYial ¢ornplianE¢ with the requirement5 of it5 rt8ulators- performing analytical pn)cedur¢s (o idet)iify any unusual or unexpecttd relationships that may indicate risks of tnaterial misslatemeni dlle to fraud- reading minutes of meetings of those charged with govemance and reviewing internal Control reports; and in addre￿Ing ihe risk of fiaud ihrough management override of contro15. iesiin8 the appropriaieness of journal entries and oih¢r adjustments- and assessing wh￿her ihe judgemenis made ifj making a¢¢ounling estimate5 are indicative of a potential bias. We also comn)unicated relevani identified lawsand ¥tgulationsand po(ential fraud risks to all engagement team niembers. and reniained alert io any indi¢alions of fraud or n0n-comp1ia￿e with laws aiml re8ulation5 Ihroughoui the audiL Our aiidil procedures ivere designed to re5w>nd io risks of material missiaiemeni in the financial statetncnt5, recognising Ihai the risk of not deie¢iing a material misstaiemeni due to fraud is highet Ihan the risk of Not deieclillg one resuliijig rroni an error. as fraud may involve deliberdie concealment by. foT example. foTgtty. misrepresentations or Ihrough collusion. There are irhhererhl limithiions in th¢ abdii procedures PErfor¥ned aTrd thE further rellioved noii-conipliance with laws and re8iilaiions is from the events and Iransa¢tions renecled in ihe financial statements. Ihe less likely we would become aware of it. A further des¢ripiion 0f￿r resp)nsibilities 15 available on the FRC'S ivebsite ai.. hii ranc diior-s-res -for-Ihe-audit-of-the-fi This description foTniS part of our auditor's report. vMv.frc.or .uk audilors audit- onsibililies-for Use ofour report Tliis report is made solely io The ¢harity'S Intstce. as a body. in accordance iviih Part 4 of ihe Chariiics (Accounts and Reporisl Regulations 2008. Our audit work has be¢n und¢rtak¢o so thai we might state io lh¢ charity'5 ITiLslees those nialler5 ￿ are reqLI)Ted to slate io ihem in audit￿.$ t¢port and for no oiher pufj>ose. To the fullesl exielli peniiitied by laiv, we do not actepi or assume r¢sp)ll5Lbility lo Anyone oiher ihaii the cliarit) and ihe chariiy's irusiees as a body* foi our iiiidii iyork. fi)r Iliis T¢POTI. or for the opinions we have fornied. eiiivr Siaiuiory Auditor) Chartered Accouiilanis Statutory ALidilors 10 Teinple Back Brisiol BSI 6FL Dale". Bishop Fleming LLP is eligible 10 acl a5 audilor in ternis of scclion 1212 of the Companies Aci 20(￿. VENTURERS TRUST ENDOWMENT FUND STATEMEIYT OF FINANCIAL AcfiviTIFS Year ended 31 AugTASt 2024 Rulri¢ttd Totsl 2024 Total 2023 Not¢ fMThds Volut)wy inw 138.860 Invesimeni in¢oTh 13.051 111051 108.204 Tothl Intorning resoMr¢ Exptnditur¢ OA: Charilablt Xetil'lties 124.6SI 12&651 247.064 Donations to VeniureTS Tw (140.0251 I140￿25) {2,•221 Il42,9471 1158.6461 Governance costs 12.922) 12,8491 Tot*1 cxptndilure Net incomiNgAo*¢goi•g) rtsour¢¢s 1142.947) 1161,4951 118.2%) (182961 85.569 Nd IIos5y8ain inir*m¢nl &%seis 17.869 172.470 190JJY 181.0071 Nei m•Y¢m¢Nt in {427} 172.470 172,043 195,438 Re¢oneili•tio• of fu#ds'. Totsl funds broughi fonv•rd 499.643 3.797 2.124.353 2,627.793 2.723,231 Tol*1 fllnds cirricd fornyd 499316 3,797 2296823 2,799J36 2.627,793 The accomp￿Ying notes are an iniegral part of this stalemcnl OffiN￿¢1?1 xtivitie5. All tsf the above results derive from o)niiDuing a¢tivitie5. VENTURERSTRUST ENDOIVMEf4T FUiYD BALANCE SHEET Al 31 August 2024 No¢e 21b24 2023 FIXED ASSETS Investmetsts 2.549.310 2.358.971 CURRENT ASSETS Cash ai bank and in hand Debtors 380,703 7.438 5.188 388,141 416,899 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (137,6151 1148,0771 NET CURRENT ASSETS 250.526 268.822 TOTAL NET ASSETS 2,799,836 2,627,793 FUNDS AND RESERVES Pcmianent endowment Unrestricted funds Resiri¢ied ￿p1th1 funds 2.296,823 499.216 3,797 2.124.353 499.643 3,797 TOTAL FUNDS 10 2,799,836 2,627,793 The financial siai¢m¢nis of V¢b)¢ur¢rs Trusi Endowmeni F￿d Idwily number 11271051 were approved by the Tnistee and auihorisrd foT 155u¢ on Sigrbed on behalf of the Board of SMV Trustee Company Limiied= R Bourn5 Director of the Tru$tee VENTURERS TRUST EIYDOWMEiYT FUND NOTES TO TIIE FINANCIAL STATEMENTS Y￿r ended 31 August 2024 ACCOUNTING POLICIES The finots¢i21 stalements have been prepared under the htsioricaj c05t convenlion. MCKlified to inclltde the revaluation of ¢¢rtain fixed asset investments. and in a¢cordance with applkcable United Kingdom a¢couniit)g standards. The financi￿ staiements havt been prq)ared in a¢cordan¢e with the Accounting and Reporting by Charilics.. Statement of Re¢ommend¢d Practice applicable to ¢harilies preparing their accounts in accordallee with the Financial Rep)rting Siandard applicable in the UK and Republi¢ of I￿[artd IFRS 1021 and in aC¢OTdan¢e with the Charities Act 2011 and applieable UThited Kingd(Mn a¢¢ounting standards. The Venturu5 TThst Endowment Fund mcets the definilion of a public btncfil cnlity under FRSIO2. The Endowment Fund is included within the consolidated financial statement$of Venturers Trusi, available from the address given on page l. and therefor¢ the eKempiion available under FRS 102 to prepare a cash flow atemeni has been taken. Going eo•¢ern The Trusttt believes ihat ihe charity will be able to maintain p)stiive cath flows for the fore5eeablt fulure. The fll[￿ has a healthy cash and investsnent tM)sition which enables li io m¢eL Lts obligations, certainly in ihe short terni wiihout atry reduction in grani l¢vels. As a resuli. thr goingcon¢errt b&%is of accountkn8 has been adopted. Fund &tto¥AtiThg The Endowment Fund is a permanent fund which is restricted. wlhereby the funds are lo be used in 8¢cordance with ihe speeific restrictions by Deed of Gift. The Resiricied Fund relates to other donation5 and investment income from the permanent endowmeni fund that can be ulilised by the Fund in accordance with the restri¢iions plac¢d upon them. DoTh*iknrts #nd gr#thts The Trust provides gtants or other financial &ssistsncc to a5SISI pupils in financial need to undertake extra- ¢urriciilar activiti¢5 and providc awards, pri2es or othcr reward5 and provides direci grants to the schools for extra-cuff icular activities. Donations and granis are recognised within the financial st￿ements once the transfer of funds are committed. The sole recipient of grdnt$ l5 Venturer5 Tntst and all grants are made in relaiion io the single charithble a¢livity of funding prizes and extra-curricular *tivilies for pupils in financial nced. Incoming rewurtes All incorning Tesources ar¢ included in the SOFA (Statement of Financial Aclivitie51 when the charity is legally entitled to the income and the amount caTh be quantified with ￿aSonable ￿t￿raCY. These specific policie5 apply lo the following caiegories of io¢ome'. donations and git15 are re¢ognised upon receipt: income from bank aecount& deposits held and dTrvid￿d income are acco￿ted for on i receivable basis. lllyestment vxlu•tion method Investments aTe staled a¢ lh¢ ¢losing bid-mgrket value as al th¢ balan¢¢ sheer date in accordance wilh FRS 102. Any realistd or unr¢alised gains and losses on revaluation ordi4M)sal are Combined in ihe statement of fina￿la7 a¢tivities. Twx*liort No lax h&5 been provided in the financia] sts*ments of Venturer5 Trust Endowneni Fund as the income of the ch￿lty is covered by the exemption gran*d by part 10 of the Incorne Tax Act 2007. 10 VENTURERSTRUST ENDOWMENT FUND NOTES TO THE FIiYANCIAL STATEMENTS Year ended JI August 2024 TRUSTEE AND AUDITOR REMUNERATION The Triistee neither received nor waived any emolumenis duTing ihe year ￿ the pTior year. No oui-of.po¢ket expenses were reimbutsed tts Ihe irusTee. The fees payable lo ihe fund's iuditor. ex¢luditLg V A T. for thc audit of the annual a¢￿U￿￿ is £1.590 {2023.. £15401. VOLUNTARY INCOME Volunlary income COmPTiSe5 th)nation5. gills and legacies received from ihe following sources.. 2024 2023 Individuals Charitsble Trusts 1.787 9.813 6.285 132,575 11,600 138,860 INVESTME￿[ INCOME 2024 2023 Interest receivable Invesiments listed on a recognised stock exchange 4.965 108.086 2.302 105,902 lJ,051 108,204 INVESTMENTS Investments placed by the Trust at the year-end comprised= 2024 2023 Sterling Bonds OveTseAS Fixed Inicresi inVe￿￿t￿ls Aliernative inv¢simeni funds Global equil¥e5 UK eqiiities Overseas equiiies Fiinds on deposii aivaiting irbve5tment 296.940 102.430 435.045 408,172 682.591 590.699 33.433 292,220 98.461 441.794 375.588 592.353 526,340 32.215 2.549.310 ? 358.971 Analysis of movemthis of investments= Market value al begiiining of year Additions in the year Disp05als in the year Gainlloss) on revall￿tIO Nei movemeni in cash held in w)rtfolio 2.358.971 101,527 {102,173 190.139 646 ? 539.980 507.758 15(k4,0601 1181.0071 13.7001 Markel value at enil of year 2.549,310 ?,358,971 VENTURERS TRUST ENDOWMENT FIJND NOTES TO THE FINANCIALSTATEMENTS Ye*r endtd 31 August 2024 INVESTMENTS (continued) 21124 2023 InvKtments held overseas Invesimenis held in the UK ,101,301 1.448.009 1.000.391 lJ58,580 2.549.310 1358,971 Debtors 2024 2023 Accrued income 7.438 5,188 7.438 5,188 CREDITORS.. AMouKfs FALLING DUE WITHIN ONE YEAR 2024 2023 Amounts due io Venturers Tw5t Acen￿% 136,025 1.590 146.537 1.540 137,615 148,077 TOTAL FUNDS Net movement in funds 2023 2024 Pemjanent endowThent fund Resiricied Funds Unresiricted funds 2.124.353 3.797 4W,643 172,470 2.296.823 3.797 499.216 (427) 2,627,793 172.043 2.799.836 The pemianent endowmcnt fund was iniiially provided by Montpelier High Sch(K)I Ifomierly Colston's Girls. S¢h(K)l Academy) and the Society of M¢r¢haDi Venturers and was added to in September 2017 with the uansfer of the Mer¢hanis' Academy Endowmeni Fund on the merger of the Merchant5, Academy Trust inio Colston's GtTls' Schth)l Academy Trust lo fomi Vcnturers Trust. The original deed si*es that ihe endowment fund income must be used in the enhancement of wpils. edu￿110￿ for pupils from low income families. 12 VENTURERSTRUST ENDOWMENT FUND NOTES TO I'HE FINANCIALSTATEMENTS Year ended 31 August 2024 NET ASSETS BY FUND 2024 Ptrm*ntni Endowrnen( fund Unrestrieied Re￿rIcted fund fund Tolal Inv¢stmenls Net ciirrent assets 239,322 246.729 2.309.988 2,549.310 250,526 3.797 Tolal 486.051 3.797 2.309.988 2.799.836 NET ASSETS BY FUND 2023 Permanent Endowment Cythd Unrestricted Restricted fund fund TotAI Inves(ments Net current as￿15 234.618 265.025 2,124.353 2J58,971 268,822 3.797 Total 499.641 3.797 2.124,353 2,627,793 VENTURERS TRUST ENDOWMENT FIJND NOTES TO THE FINANCIALSfATEMENTS Year ended 31 August 2024 2023 STATEMENT OF FINANCIAL ACTIVITIES Perrnanthi U•rtstritte4 f#*ds Res¢rid¢d Tol*l 2023 •ds In¢omi•g r¢sowrre5: Volw)iary In￿Me 138.860 13V60 Investment irton 108.204 108304 Toial intoming resour¢ 247,W 247,064 Expetsdiiwre o•: Ch#rit*blt *etiviti¢5 Doniiions h) Vthiurers Trnst 1158.646) 1158,646) (2*49) Goyernathre tosts (2,849} Tolzl cxpenditure {161.495} 85,569 {161,495) 85,569 sourros Net gainlliossli)n irtvtsimeni *ss¢ls (181.0071 (181,007) Nel rnovtweAI ith funds 85.569 (181.IKJ71 (9S438) Re£ontili*tion of luttdj: Total fun¢Js bwu8hi fonyard 414.074 3,797 2.305,360 2.723,231 Total fuThd5 t*rritd for**Y 499.643 3,797 2.124J53 2,627,793 ACCOUNTING ESTIMA TES AND Ju[￿EMENTs Ci-llirol otcoiinli4tygjiidgemeNs andkey s￿1￿ceS olesliniGiiOn iinceriainty In applying the ¢harity's aceounting policie% the Trus*e is required to rnake judgemen￿ e5timalc5 and a5SUtnplion5 about ¢h¢ Carrying amounls of a5set5 and liabililies that are tKTri readily apparent from other SOUTCCS. Actual results may dsfTer from Ihese estimate5. The Trustee does noi ¢onsider that there are any critical aecounting judgements made in ihe preparation of the financial siaiemenis. 14 VENTVRERS TRUST ENDOWMENT FUND NOTESTO THE FINANCIALSTATEMENTS Year ended 31 August 2024 IJ. RELATED PARTY TRANSACTIONS )e Sponsors of the Venturers Trust during the year and prioryear were the Society of Merchant Venturer5 and Ihe University of BTjSlol. No donalion5 WeTe direcily received from the Society of Merchant Venturers or the Univetsity of BTislol during Ihe yeaT12023.. £nill. DLiring the course oftheyearthe Endowmtnl Fund made donation5 of£1 40,02512023= 146.5371 iothe Veniurers Trust in accordance wilh ils declared Iwsts. On 6, May 2020 The So¢idy of Merthani Veniurers was ap￿)1￿[¢d io perfomi a¢couniing service5 f￿ ihe Endowm¢nt Fund. During th¢ year £1.331 was paid 10 The St￿lety of Met¢hant Venlurers for these service5 12023.. £1.309). ULTIMA TE PAEiEKf UNDERTAKING AND CONTROLLING PARTY During the year. the Directors of the Tn￿tte consider that ihe charity is controlled by ihe Society of Mcrchant Veniurers as it nominates the majority of the DiTectOTS of the Trustee. Venturets Trust. which consolidate5 this Endowment Fund illlo ils group financial slalem¢nt5. Followins Ihe changes d￿alled in note 16, Ihe uliimaie controlling pany is the Socieiy ofmerchani Vethtuters as sole inembcr of SMV Trustee Company Limited_ All ihe Di]tciors of SMV Trusiee Company Ltd are required 10 be membcrs of Ihe Society of Merchant Venturers Stallding Committee. POST BALANCE SHEET EVENTS On I. September 2024, the Veniurers 5ch¢y)Is joined ihe E-Acf Multi Academy Tnjsl. In accordance WLth the wovisions in ihe original Trus¢ Deed. on 9ih September 2024 Veniurers Trust reiired as TTUStee and aPPOlDied the Masier Wardens and Commonaliy of MeT¢har)i Ver)lureTS of ihe City of Bristol a5 Tru51ee. O 13, Sew¢niber 2024 Ihe Masier Wardells and Conimoll31ty ofmerchanl VeThlurers of the City of Bristol retired as Trustee and appointed SMV TTUStec Company Limit￿. The niembeT5 of the Endowment and Fund Raisin8 Cottllliittee remain the same. 15