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
nUM￿r 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 ArtIc￿S 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 ArtiC￿S ol Association, the D1￿CtOrS. 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 F￿et 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 Tequ1￿mentS. 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 s￿131 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-Mak￿ng 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 hOme￿sSnesS 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 re￿1ve 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 r￿ard 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 proV￿e 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 AC￿pIed 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 polic￿5 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 a￿UraCY 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 aCknO￿edge 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 finan￿al 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
COn￿rn. 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 SeNi￿S 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 adVan￿d 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 De￿mber 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 h￿archy..
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 unobse￿ab1e 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
Le￿1 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 FO￿ard
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 fle￿ble student108ns to universily stvdent5 in Peru. The repayment received in 2024 exceeded the
value held on our books,. the eX￿sS 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 Fu￿reS 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 DeCem￿r
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