Montpelier Foundation Limited (a Company Limited by shares and registered as a charity) Company Registration Number.. 07462731 Charity Registration Number.. l 139851 REPORT AND FINANCIAL STATEMENTS for the year to 31 December 2024
Mont elier Foundation Limited CONTENTS Page Trustees, Annual Report Report of the Independent Examiners Statement of Financial Activities Balance Sheet Cashflow Notes to the Financial Statements
Mont elier Foundation Limited Directors, ANNUAL REPORT for the period lo 31 De¢ember 2024 Monlpelier Foundation Limiled {the 'Foundalion'l is a chari(able company limited by share5 and incorporated as Company nUMr 07462731 on 7 December 2010 and listed on the Central RegisteT of Charities under regislration Charity number 1139851. The Found2tion was established under. and is governed by. its ArtIcS of Associalion. The directors of the Foundation are its Directors for the purposes of charity law and thioughoul this report are colle¢lwety referred to as 'lhe Directors,. As set out in the ArtiCS ol Association, the D1CtOrS. who shall number not tess than two bul shall nol be subject lo any maximum. may be appointed lor such terms as Ihoughl fil by the shareholder, in the case of shareholder appointments, or the Directors in the case of appoinlments made by the Directors. Reference and administrative information Directors Nicholas Cournoyef Richard Brass Secretary Temp SecTetaTral Limited Registered Office Third Floor. 20 Old Bailey London. EC4M 7AN Independent Examiners Moore Kingston Smrth LLP 9 Appold Street London, EC2A 2AP Investment Managers The Directors Bankers C Hoare and Co. 37 Fet SITeet London EC4P 4DQ Page 1
Mont elier Foundation Limited Directors. ANNUAL REPORT conl'd foi the period lo 31 December 2024 Report of the Directors for the period ended 31 December 2024 The Directors present their report along with the fin8n¢ial statemen15 OT the Foundation for the period from 1st January lo 31st December 2024. The financial stalemenls comply wth stalulory Tequ1mentS. Ihe memorandum and article5 of associalion and the Slalemenl of Recommended Pra¢li¢e- Accounting and Reporting by Charit$ and have been prepared in accordance wlh Companies Act 2fyJ6 and Charities Act 2011. Objects, Objectives, Governan¢e & Management The Foundation provides funding lo organisations whose Core focu5 IS to see meaningful income uplift for those who need il mosl, as well as lo conseNe nalufe. The support the Foundation provKles is mainly in the fom of granls, and funding decisions are always driven by the s131 and environmental impact, among crileria on organisalional sustainability. The Directors are responsible for the strategic direction and tx)li¢y of the Foundation and, subjeGt lo any prudent delegation lo advisers and agenls. make all sub513nlive decisions in relation lo the Foundation_ Activities and Achievements In the financial peri( ending 31 December 2024. AAonlpelier Foundation (MFI continued its gran14naking to rts long-standing partners in Ihe UK and internationalty. Total granl-making amtsunled to £1,398,529. while costs stood al £504.199 (this indudes Costs of generating funds, staff and support cosls, as well as governan costs). sin incepliori in 2011. i.e. over a Ihirteen-year period, the Foundalion has now dislribuled a total of £13 million in grants and prograrnme-related inveslmenls (nel of repaymen151. Future Plans The Foundation intends to continue rts work to promole sustainable development globany al similar granl-making leveLs which enable captial preseNation. Grant-Makng Policy The Foundation provKJes gTanls lo non-profrts WOTking to improve lThielihoods and lo protect the environment in the Global South and Ihe UK. The Directors reserve the righl lo make grants Ihal may fall outside of these areas in a slrict sense, as described In the Giant- Making Poliw approved by the Board. such as to combal hOmesSnesS or lo deal with a health or humanrtarian crisis. All grants are approved or pr&appfoved by Directors based on criteria such a5 iT¥Trpa¢t. leadership, and past and potential growih, following a slandardised due diligence process. We do not accept unsoltiled Proposals. Public Benefit As required by the Charities Act 2011, the Dire¢tors have referred lo the Charity Commission's general guKlance on public knefrt when making grants and ProgTamme- Related Investments. Financial Review The Foundation received £123,17612023'. £137,1)131 in interest and dividend income. and did not re1ve any grants and donations12023". £1.253.3291. Outgoings Comprised of charilable donations of £1.398,529 {2023: £1,609.6711 and running costs of £504,199 12023.. £389.308). In addilion, Ihe Foundation had unrealised and realised net gains on its investments lolalling £709,81512023." £730.0111. li gained £11,395 on foreign exchange12023.. 105s of £16,457). As a result, Ihe nel rnovement of funds was an outgoing of £1,069,73812023.' incoming of £121,367}. and the Foundation ended the year wth Capital and Reserves of £4,967.766 12023. £6,026,109). Paoe 2
Mont elier Foundation Limited Directors, ANNUAL REPORT conl'd lor the period to 31 December 2024 Risk Management The major risks to which the Foundalion is exposed, as identified by the Dire¢lors. have been reviewed and the Direciors are satisfied that Ihe s5Stems in place mitigate those risks. A Risk Poli¢y was approved by Ihe Directors as part of this process. The Risk Register was updated as of DecembeT 2024. The major risks as idenlrfied by the Direclors in the Ri8k Register are". Investment Risk in Endowment. The risk is mitigaled by a diversified portfoliL¥ of assels maintained in accordance wlh sound investment policy and fidtjciary duty with appropriate risklreward criteria for Foundation's long term investment goals. Extensive inveslment experience of Founding Trustee further reduces risk. Risk of harm for grantees working in conflicl-affecled areas or in olherwse sensitive Gonlexls. For risk miligalion. each grant is carefulty examined for Ihe risk it poses lo grantee staff, and the Foundation assesses granlees. ovm risk management processes. Investment Policy and Performance Under the Foundalion'g Articles of Association. the Directors have wide powers of investment in respecl of the Foundation's asseis. In Te¢ognilion of Iheir general duty of pruden¢e and Ihe need lo have proper rard lo the surtability of inve51menls and Ihe need lo conshder dweistf1¢31ion, Ihe Directors have adopled Ihe current investment policy lo maintain a certain level of income and capilal growih while avoiding speculalive or hazardous inveslmenls such as futijres or tfade(l options. The prudent investment of the Foundation's assets ¢ontinued wilh a balance of cash and investments provkling bolh income and the poÈential for capital appreciation. The Directors reviewed the posilions of the non-PRI inveslmenl portfolio and noted Ihe diversification in terms tsf asset class, sector, geography, and currency exposure. The inveslmenl portfolio had a good performan¢e in calendar yeaT 2024 with an XIRR of 11.82°k. This return remained conslant foT the overall period that the Foundalion has existed. at 11.92% for the period from 14 September 2011 10 31 Decemter 2024. ProgTarr*me Related Investment IPRII activity is now small and continues lo decrease. It was valued at £51,359 in 2024. Charity Governance Code The 8oard h8ve noted the updates lo the Charity Governance Code. The Foundation funds organisalions of high integrity and looks lo choose grantees who have parti¢ip3tory practices (such as communty-led development, representation of the people served by the charity in processes and advisory boards. etcl. Reserves Policy The Trustees have delemined that MF shoukl maintain 500A of ils annual slaff. support costs and goveman¢e cosis in reserves_ This figure amounts lo £244.06212023". £186.6551, which is sufficientty covered by unrestricted funds lolalling £4,967,76612023'. £6,026,109). Appointment of New Directors New Directors may be appointed by Ihe shareholders or by the Directors themselves. lo fill a vacancy or as an add'onal Director_ In respect of fuluTe appointments, the Foundation sh811 sekct appropriate Directors and proVe them wlh the necessary materials and training to acquaint them vAlh the governance and policies of the Foundation as well as wilh what is expected of them. Addrtional infomation is provKled lo the Directors on an ongoing basis. Independent Examiners Moore Kingston Smith LLP have indicated their wllingne5s lo continue in Offi and in accordance with the provisions of the Companies Act, il is proposed that they be re- appointed audilors or independent examiners, dependant on slalutory requirements, for the ensuing year. Page 3
Mont elier Foundation Limited Directors, ANNUAL REPORT eont'd for the period to 31 December 2024 statement of Directors. responsibilities The Directors (who are also directors of the Montpelier Foundation Limi(ed for Ihe Pufposes ol company lawl are responsible lor preparing the Directors. Report and the financial slalemenls in aG¢ordance wlh applicable law and Unrted Kingdom Accounling Standards (Uniled Kingdom Generalty ACpIed Accounling Practice.) Company law required Direclors lo prepaTe financial statements for each finanual year which give a true and fair v*w of the slate of the affairs of the charitable company and of the incomingloutgoing resources and application of resources, including the income and expenditure. of the charitable Company for Ihal period. In preparing these financial slalements, Ihe Oireclors are required to". select Suitab accounting polic5 and then apply them Gonsistentty., observe the methods and principles in the CharitTes SORP.. make judgements and estimates that are reasonable and pnjdenl". slate whelher applicable UK Accounting Standards have been followed. subject lo any material departures disclosed an explained in the financial slatemenl5", prepaTe the financial slalemenls on Ihe going ¢oncem basi5 unless it is inapp¥oprrale lo presume that the charitable company will continue in business. The Directors are responsible for keeping proper accounting re¢ords Ihat disclose with reasonable aUraCY al any lime the financial position of the charitable company and enable them to ensure that the financial slalements Compty wlh the Cornpanies Act 2006. They are also responsible for safeguardiNJ the assets of the ¢harrt3ble company and hence for18king reasonable steps foT the prevention and delection of fraud and other irregularities. These accounts have been prepared in accoidance wlh the provisions of Part IS of the Companies Ad 20[ Telaling lo small companies and in accordance wf(h Ihe Financol Repotknng Standards for Smaller Enlilies leffective April 20081. Approved by the Directors on.. and 5vJned on Iheir behav by-. Dale.. Director Page 4
Independent Examiner's Report to the Trustees of Montpelier Foundation Limited I report to the charity trustees on my examination of the accounts of the Company for Ihe year ended 31 December 2024. Responsibilities and basis of report As the charity's trustees of the Company land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 {'the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independenl examination. I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Acl 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515) (bl of the 2011 Act. Independent Examiner's Statement I have completed my examinalion. I confim) that no matters have come to my attention in connection with the examination giving me cause to believe= 1) accounling records were not kept in respecl of the Company as required by section 386 of the 2006 Act., or 2) the accounts do not accord with those records: or 3) the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'tnJe and fair view which is not a matter considered as part of an independent examination", or 4) the accounts have nol been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities. I have no concerns and have come across no other matters in connection with the examination to which attenlion should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ocfje LLP Adam Fullerton (FCA DChA) for and on behalf of Moore Kingston Smith LLP Chartered Accountants 9 Appold Street London EC2A 2AP Date. 16 May 2025 Page 5
Montpelier Foundation Limited STATEMENT OF FINANCIAL ACTIVITIES {including income and expenditure account) for the year ended 310ecember 2024 2024 Totsl Funds 2023 Total Funds Unrestricted Funds Restricted Funds Note INCOME Investments Grants and donations TOTAL INCOMING RESOURCES 123,176 123,176 137,006 1.253,329 1,390,335 123,176 123.176 EXPENDITURE Generating Funds Charitable activities TOTAL RESOURCES EXPENDED 20,141 1.882.587 1.902,728 20,141 1,882,587 1.902,728 15,997 1.982.982 1,998,979 NET GAINSI(LOSSESI ON INVESTMENTS Realised Unrealised 11.1 11.1 128,001 602,010 730,011 709.815 709.815 709,815 709,815 NET INCOMEIIEXPENDITURE) {1,069.738) {1,069,738) 121.367 OTHER RECOGNISED GAINSIILOSSES) Gainslllosses) on foreign exchange 11.395 11,395 {16,457) NET MOVEMENT IN FUNDS 1.058,343 {1,058,343) 104,909 RECONCILLIATION OF FUNDS Total funds brought forward 15 6.026,109 6,026,109 5,921,199 TOTAL FUNDS CARRIED FORWARD 4,967,766 4.967,766 6,026,109 All of the chaiilvs activities relate to continuing operations The charity has no recognised gains and losses other than those shown in the slalement of financial activities. Page 6
Montpelier Foundation Limited BALANCE SHEET as at 31 December 2024 Note 2024 2023 FIXED ASSETS Tangible Assets Investments.. Investments Programme related investments 10 1,630 4.364 11.1 11.2 4,148,352 51,359 4,201,341 3,437,067 64,740 3,506,171 CURRENT ASSETS Deblors Cash at Bank and in Hand 12 14.190 777,627 791,818 15,807 2,534,892 2,550,699 LIABILITIES Creditors.. falling due Mnthin one year 13 {25,391) (30.760) NET CURRENT ASSETS 766,427 2,519,939 TOTAL ASSETS LESS LIABILITIES 4,967,767 6,026,110 CAPITAL AND RESERVES Share Capital Unrestricted reseNes Restricted Reserves 14 15 15 4,967,766 6,026,109 4,967,767 6,026,110 For the financial year in question the company was entitled to exemption under seclion 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audit of its accounts for the year in queslion in accordance wth section 476 of the Companies Act 2006. The directors aCknOedge their responsibility for complying wth the requirements of the Act wth respect lo accounting records and preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. Approved by the Directors and authorised for issue on.. 15 May 2025 and signed on their behalf by-. Date.. li 'zi Ric Director COMPANIES HOUSE NUMBER.. 07462731 The accompanying notes fomi part of these financial statements. Page 7
Montpelier Foundation Limited CASHFLOW STATEMENT Notes 2024 2023 Cash generated from operating activities- Nel cash provided by (used inl operating 3¢tivilies see below 11.895,871) 1722,2821 Cash flows from investing activitas: Dividends, inleresl and rents from investments Purchase of tangible fixed assels Purchase ol investments Proceeds from sale of of investments Investment Management Fees Net cash provided by investment investing activities 116.037 130,201 12.7981 11.470) 1422,7911 17.447 2,602,710 14,8021 15,4121 127,211 2,301,909 10 11_1 & 11.2 11.1 &11 2 Change in cash and ¢ash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Change in cash and cash equivalents due to exchange rate rnovements Cash and cash equvalents at the end of the reporting period 11.768,6601 2,534,892 11,395 777,627 1,579,627 971,722 116,4571 2,534,892 Reconciliation of net incomellexpenditurel net cash flow from operatlng activities 2024 2023 Net incomel lexpenditurel las per the statement of flnancial aGtivtiesl Adjustments for.. Depreciation charges Impairmenl charges Dividends, inleTest and rents from investments Lossiiprofitl on Ftsrex differences Revaluation of investrnenls Investment Management Fees Ilncreaselldecrease in debtors Increaselldecreasel creditors Net cash provided by (used in} operating activsties Notes SOFA 11,058,343) 104,909 10 11.2 2,734 {4.0661 1123,1761 1137.0061 111,3951 16.457 {709.815) 1729,6691 4,802 5,412 8.755 16801 15.3691 15,765 {1,895,8711 1722,2821 2,530 11.1 11.2 12 13 Analysis of Gash and cash equivalents 2024 2023 Total cash and cash equivalents 777,627 2,534,892 Page 8
Montpelier Foundation Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 st December 2024 1. ACCOUNTING POLICIES {al Basis of Preparation Montpelier Foundation Limited is a company limiled by shares (Company number 074627311. Its reglstered office is Third Floor, Old Bailey, London, EC4M 7AN. The financial stalements have been prepared in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). The Charilable Company is a public benefit entity for the purposes of FRS 102 and therefore the Charity also prepared its financial statements in accordance wth the Statement of Recommended Practice applicable to charities preparing their accounts in accordance Imth the Financial Reporting Standard applicable in the UK and RepubliG of Ireland (The FRS 102 Charities SORP), the Companies Act 2006 and the Charities Act 2011. The financial statements are prepared in sterling, thich is the functional currency of the company. Monetary amounts in these finanal statements are rounded to the nearest pound. Ibl Going concern The directors have assessed ether the use of the going concern basis is appropriate and have considered possible events or conditions that might casl significant doubt on the abiliiy of the charity to continue as a going COnrn. The directors have made this assessment for a period of at least one year from the date of approval of the financial statements. In parlicular the directors have considered the charity's forecasts and projections and have taken account of pressures on donation and investmenl income on the charitable company's activities. The charitable company has a significant unrestricted investment portfolio from which capital could be drawn upon if necessary to support these. After making enquiries the directors have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the forseeable future. The charity therefore continues to adopt the going concem basis in preparing its financial slatements. {cl Fund Structure Unrestricted Funds comprise those funds ¥thich the directors are free to use in accordance with the charitable objects. Restricted funds - these are funds that have restrictions imposed by donors and can only be applied for the particular purposes specified by donors. {d) Incoming Resources All income is recognised en there is enlillement to the funds, the receipt is probable and the amount can be measured reliably. The followng accounting policies are applied to different categories of income.. Grants and Donations Receivable Grants and donations are recognised in the SOFA then conditions for receipt have been complied with. Investment Income Investment income is accounted for when receivable and is stated gross of any redaimable taxation relief. {e) Resources Expended Liabilities are recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on the accruals basis and has been dassified ur]der headings that aggregate all cosls related to the category. Page 9
Montpelier Foundation Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st December 2024 I. ACCOUNTING POLICIES {CONTINUED) lfj Financial instruments The company has elected to apply the provisions of Section 11 '8asic Financial Instruments, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to to the contraclual provisions of the instrument. Basic financial assets Basic financial assets, which indude trade and other receivables and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest rnethod unless the arrangement constitutes a financing transaction, where the transaction Is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities Basic financial liabilities, including trade and other payables. bank loans and preference shares that are dassified as debt, are initially recognised at the transaclion Pri unless the arrangement constitules a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequenlly carried at amortised cost, using the effective interest rate melhod. Trade payables are obligations to pay for goods or SeNiS thart have been acquired in the ordinary course of business from suppliers. Accounts payable are dassified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method. (gl Fixed Asset Investments Investments are stated at matl(et value at the balance sheet date and are primarily held lo provide an investment return. The SOFA indudes the net gains and losses on revaluation and disposals throughout the year. Programme Related investments are induded at the value of the loans adVand to beneficiaries less any provision against those deemed irrecoverable. {hl Realised and Unrealised Gains and Losses All gains and losses are taken to the SOFA as they arise. Realised gains and losses on investments are calculated as the difference bemeen sales proceeds and opening market value {purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase dale if later). {1) Tangible fixed assets Tangible fixed assets are induded al cost less accumulated depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value of each asset on a straight line basis over its expected useful economic life. The rates are as follows- Computer equipment and machinery straight line over 3 years Factory equipment and machinery straight line over 5 years Page 10
Mont elier Foundation Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st December 2024 1. ACCOUNTING POLICIES (CONTINUED) {Jl Foreign Exchange Assets and liabilities expressed in foreign currency are Iianslaled inlo sterling at appropriate rates of exchange ruling al the end of the financial year. Differences on exchange arising during the year are taken through the Statement of Financial Activities. {k) Critical accounting estimates and areas of judgement In preparing financial statements it is necessary to make certain judgements, estimales and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the trustees lo have most signfficant effecl on amounts recognised in the financial slalemenls.. The fair value estimations of Level 2 and Level 3 financial instrumenls are considered as estimalions due to the risks associated with the investments held. The year end valuation of the Programme Related Inveslmenls. and assessment for impaiment, which are made on the basis of assessment of the performar)ce of inveslments. 2. REMUNERATION OF TRUSTEES In Ihe financial period ended 31 Dember 2024. none of the Iruslees received any remuneration or had expenses reimbursed by the charity {2023.' none}. 3. INVESTMENT INCOME Year to 31 December 2024 Unrestricted Restricted Total lllcome from Investments Interest on cash deposits 45.588 77.588 123,176 45,588 77,588 123,176 Year to 31 December 2023 Unrestricted Restricted Total Income from Investments Interest on cash deposits 102,969 34,037 137.006 102,969 34,037 137,006 4. GRANTS AND DONATIONS Year to 31 December 2024 Unreslricted Reslricled Total Individual Donations Year to 31 December 2023 Unrestricted Reslricted Total Individual Donab'ons 1,253,329 1.253,329 1,253,329 1.253,329 Page11
Montpelier Foundation Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 st December 2024 5. COST OF GFNERATING FUNDS Year to 31 December 2024 Unrestricted Restricted Total Travel & Entertainment Subscriptions Bank Charges Investment Management Fees 7,993 6,835 512 4,802 20,141 7,993 6,835 512 4,802 20,141 Year to 31 December 2023 Unrestricted Restricted Total Travel & Entertainment Subscriptions Bank Charges Investment Management Fees 3,877 6,290 418 5,412 15,997 3,877 6,290 418 5,412 15,997 6. CHARITABLE ACTIVITIES Year to 31 December 2024 Unrestricted Restricted Total Analysis of donations and grants Green Alliance Right to Succeed Resurgo Trust Proximity Designs Drive Forward Foundation University College London Foreign Policy Centre Depaul UK British Red Cross {Sudan Appeal) Anonymous Disasters Emergency Committee 325,000 250,000 125,000 98,944 75,000 75,507 74.078 100,000 50.000 175,000 50,000 1.398,529 325.000 250,000 125,000 98,944 75,000 75,507 74.078 100.000 50,000 175,000 50,000 1,398,529 Three grantees have been anonymised for their protection. Impairment Costs Staff costs (see note 9) Support costs {see note 7) Governance Costs Total Charitable activities {4.066) 411,104 68,067 8.953 1,882,587 (4,0661 411,104 68,067 8,953 1,882,587 Page 12
Montpelier Foundation Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st December 2024 6. CHARITABLE ACTIVITIES {CONTINUED) Year lo 31 December 2023 Unrestricted Restricted Total Analysis of donations and grants Green Alliance Right to Succeed Resurgo Trust BOMA Proximity Designs Drive Forward Foundation University College London Medha Depaul UK British Red Cross (Libya Flood Appeal) Global Retums Project Anonymous Disasters Emergency Committee - Turkeylsyria Earlhqua 325.000 150,000 125,000 101,428 103,503 75.000 73.884 60,857 100,000 30,000 25.000 410,000 30,000 1,609,672 325,000 150.000 125,000 101,428 103,503 75.000 73.884 60,857 100,000 30,000 25.000 410,000 30,000 1,609.672 Staff costs (see note 91 Support costs (see note 7) Governance Costs Total Charitable aclivilies 296,555 58,437 18,319 1,982,982 296,555 58,437 18,319 1.982,982 7. ALLOCATION OF SUPPORT COSTS Year to 31 December 2024 Generating Funds Charitable Activities Total Office Use re-charge Computer Support Depreciation Postage Supplies Insurance Couriers Legal and professional fees Telephone 45,329 754 2,734 45,329 754 2.734 539 2,882 539 2,882 15,672 15,672 156 68,067 8,953 77,020 68,067 8,953 77,020 Govemance Cosls Page 13
Montpelier Foundation Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st December 2024 7. ALLOCATION OF SUPPORT COSTS (CONTINUED) Year lo 31 December 2023 Generating Funds Charitable Activities Total Office Use re-charge Computer Support Depreciation Postage Supplies Insurance Couriers Legal and professional fees Telephone 33,689 754 2,530 33,689 754 2,530 944 1,664 944 1,664 18.710 144 58,437 18,319 76,756 18.710 144 58,437 18,319 76,756 Governance Costs 8. ANALYSIS OF GOVERNANCE COSTS 2024 2023 Accountancy Auditor's fee Independent Examinerfs fee Legal and professional fees 1,140 7,080 733 8,953 17,160 426 733 18.319 9. STAFF COSTS 2024 2023 Gross salaries Social securily costs Private Health Insurance Pension Contributions {Scottish Widows Workplace Pension Scheme) 347,413 37.773 10,284 15,634 411,104 250,305 25,399 9.440 11,411 296,555 The average number of staff employed by the Foundation fof the year was 5.19 (2023= 4.32). See below for breakdown of employees who received remuneration greater than £60,000. Key management personnel leg Trustees, Chief Exec etc) include 2 Trustees. The total employee benefits of the charitrfs key management personnel was £0 (2023'.£0). 2024 Remunera- tion bracket Employees 2023 Remunera- tion bracket loyees £60,000 - £70.000 £70,000 - £80,000 £80,000- £90,000 £90,000 - £100,000 £60,000- £70,000 £70,000- £80,000 £80,000- £90,000 £90.000 - £100,000 Page 14
Montpelier Foundation Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st December 2024 10. ¢IVED ASSETS Tangible Assets Cost or Tarket value At 1 January 2024 Additions At 31 December 2024 15,858 15,858 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 11.494 2,734 14,229 Net book value At 31 December 2024 1,630 At 31 December 2023 4,364 11.1. FIXED ASSET INVESTMENTS Listed Investments Quoted Investments 2024 Quoted Investments 2023 Balance brought forward Acquisitions at cost Less.. disposal proceeds Net Realised (Losses)Igains on disposals Nel Unrealised (loss)Igain on revaluation Market Value Carried Forward Historical Cost 3,437,067 1,470 4,886,975 422,791 (2,602,710) 128,001 602,010 3,437,067 1, 489,999 709,815 4.148,352 1,491.469 Geographical Analysis United Kingdom investments Overseas investments 724,611 3,423,741 4,148,352 708,663 2,728,403 3,437.067 Page15
Montpelier Foundation Limited NOTES TO THE FINANCIAL STATEMENTS foi the year ended 31 st Oecember 2024 11.1. FIXED ASSET INVESTMENTS Icontinuedl Fair value determination The fair value offinanoal Instrumwts has been estimated using the folknmng fair valuè harchy.. Level 1 The unadjusted quoted Pri in an aclive market for idenlical assets or liabilities thal the elllity can assess at the measurement date. Level 2 Inputs other thaTr quoted prices induded in level 1 that are obsÈrvable li.e. developed using markel datal for the asset Dr liability. either directty or indirecly. Level 3 Inputs are unobseab1e li.e. for whith market dala is unavailable) for the asset or liability. The Scheme's inveslment assets have been faiT valued using Ihe above hierarchy categories as follows.. As at 31 December 2024 Levèl 1 Le1 2 Level 3 Total M8n8ged funds Programme related investments 4,148.352 4.148,352 51.359 51,359 Total 4.148.352 51,359 4.199,711 As at 31 December 2023 Level 1 Level 2 Level 3 Total Managed funds Programme related investments 3,437,067 3.437.067 64,740 64.740 Total 3,437.067 64.740 3.501.807 11.2. FIXED ASSET PROGRAMME RELATED INVESTMENTS Progyamme relaied Investments Total 2024 2023 Balance broughl fonuard Reversal of impaimenis Capital Repayments FX Revaluation Market Value Carrbed FOard 64,740 4,066 {17.4471 65,082 3421 64,740 51.359 2024 Total 2023 Toial 13,381 325 41,362 9,672 64.740 Programme Related Investments Talent Fund Peru FutureShape15lSheffieldl' Ingabo Plant Health Rumbuka Seeds 325 41.362 9,672 51,359 Talent Fund Peru prowdes fleble student108ns to universily stvdent5 in Peru. The repayment received in 2024 exceeded the value held on our books,. the eXsS was therefore offset agarnst prior impaimenl. Similarly. any future repayments received will be offset againsl this. Futureshapers is a past investment into a Social Imp8cI Bond led by youth ¢*arity Shelfield FureS to improve the educational attainment of at-risk secondary sthool pupils. The project is now complete but MF retains £325 in equity until the domant holding company can be lTrquidated in 2025. Ingabo Plant Health and Rumbuka Seeds are sooal buslnesses operating in Rwanda to serve smallholder farmers with agricultural inputs le.g. Seeds and lertilizerl. MF holds equity posibons. 12. ANALYSIS OF ASSETS Dèbtors falling dut wlthin one year 2024 Total 2023 Total Accrued Interest 7,139 7,051 14,190 6.805 9,002 15,807 Prepayments Page 16
Mont elier Foundation Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 sl December 2024 13. ANALYSIS OF LIABILITIES Creditors falling due within one year 2024 Total 2023 Total Acciu81s 8,367 17,024 25.391 18,249 12,511 30,760 Othèr credilors 14. SHARE CAPITAL Allocated, Called Up and Fully Paid Authorised ordinary shares of £1 eath al 1 January and 31 December 2024 15. MOVEMENT OF RESERVES 1st January Incoming 2024 R•sources Outgoing Resources Gains & Fund ILossesl Transfèrs 31st DeCemr 2024 Unrèstrlcted Funds= Unreslricled general funds 6.026.109 123,176 11.902.728) 721.210 4.967,7S6 Total Funds 6,026,109 123.176 {1.902,728 721,210 4,967,766 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS Year to 31 December 2024 Unrestrictèd Restricted Funds Funds Total 2024 Fixed assèts and investments Current assets 4.201,341 791.818 4,201,341 791,818 Creditors {25,3911 125,391) 4.967.767 4,967,767 Page 17
Montpelier Foundation Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st December 2024 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS {CONTINUED) Year to 31 December 2023 Unrestricted Restricted Funds Funds Total 2020 Fixed assets and investments 3,506,171 3,506,171 Current assets Creditors 2,550.699 (30,760) 2,550,699 (30.760) 6,026,110 6,026,110 17. COMMITMENTS As of 31 December 2024, the Foundation has £540,153 in potential commitments for 2025 to partners like Right to Succeed, University College London. Foreign Policy Centre and Green Alliance. and another potential commitment for 2026 of £325,000. The Foundation has full discretion over Ihese commitments. The Small Grants Fund was approved for 2025 at a level of maximum £50,000 per grantee for a maximum total of £250,00012024. maximum £50,000 per grantee for a maximum total of £200,000}, of which £12,000 was used as of 9 April 2025 and another £50,000 is planned for later the year. 18. POST BALANCE SHEET EVENTS As of 9 April 2025, the Foundation wenl ahead in 2025 with grant paymenls of $125,000 to Proximity Designs and of £325,000 to Green Alliance. 19. RELATED PARTY TRANSACTIONS There were no related-party transactions in 2024. Page18