Registered Charity Number: 311737 Montpelier Collegiate Trust (formerly Colston's Hospital Trust) Annual report and financial statements for the year ended 31 December 2021
Montpelier Collegiate Trust (fonnerly Colston's Hospital Trust) Annual report and financial statements for the year ended 31 December 2021 Contents Page Report of the Trustee Independent auditor's reF)Ort lo the Trustee of Monlpelier Collegrdle Trust {formerly Colslon's Hospit Trust) Slalement of fi"nancia activities 11 Balance sheet 12 Principal accounting policies Notes lo the fi'nancia statements 13 15
Montpelier Collegiate Trust {formerly Colston's Hospital Trust) Report of the Trustee for the year ended 31 December 2021 The Trustee presents its report and audited financk41 slalements for Ihe year ended 31 December 2021. The financial slalemenls comply with current slalulory requirements. Ihe governing inslrvmenls and the Statement of Recommend8d Praclice for Charilies ISORP 20191. Trustee, officers and advisers The Trustee of the Charity is SMV Tnjstee Company Limile(5. Listed below are those members Ntho have served on the Board of SMV Truslee Company Limited during the year.. Davhl Freed Palfick Despard Michael Bolhamley Gillian Camm Ross ArKdl Tony Kenny Charfes Griffiths Cullum Mcmpine John Walson Gail Bragg Aan Lewis Robert Boums Mohammed Saddiq Jonalhon Baker Andrew Nisbel Martin Thatcher Roderick Davidson Steve Allpress Nick Baker Karl Tucker Kalharine Finn (Deceased 03 June 2021) (Retsred 10 November 2021 } (Retired io November 2021 } (Retwed 10 November 2021) (Relffed 10 November 20211 (Retired 10 November 20211 (Appoinled 10 November 2021) (Appointed 10 November 2021) (Appointed 10 November 2021) (Appjinled 10 November 2021) Reglstered address of the Charty Merchants. Hati The Promenade Clrfton Bristol BS8 3NH Charity Number: 311737
Montpelier Collegiate Trust (fomierly Colston's Hospital Trust) Report of the Trustee for Ihe year ended 31 December 2021 (continued) Names and addresses of other relevant organisations Auditor KPMG LLP. 66 Qmeen Square. Bristol. BS1 4BE Banker Nalwesl Bank plc. 32 Com Street. Br101. BSYJ 7UG Sollcltor Womble Bond Dickinson (UK) LLP. 3 Temple Quay. Temple Back East. Bristol. 8S1 6DZ Investment Manager Evelyn Partners Investment Management LLP. Porhvall Plxe, PorhNall LarE, Bristol, BS1 6NA {via The Merchant Venbjrers. Charities Investment Pool IMVCIPI Charity Number 10534591 Reference and admlnlstratlve information Until 31 December 2003 the Trust wa5 governed by a Charily Commission Scheme dated 15 February 1966, as amended by Scheme5 of 9 April 1970. 3 December 1984. 4 August 1988 and 29 November 1994 {°Ihe Scheme'l. During 2004 the full legal and accour)ling responsibility of Colslon's Collegiate School and Colslon's Girls. School Iransfefred from the Trust lo Colslon's School Limited (Company number 2792699 and Charity number 10795521 and Co15ton'5 Gids. School Limited (Company number 2792527 and Charity number 1079551) respectively. These transfers dKI not i[ude the land and buildings. which remain assets of the Trust and were leased to the two Scho(As on lease5 al a peppercorn rent. The new SGheme was dated and approved on 9 January 2004. On I September 2008 a new Academy school. Cdslon's G15. School Trust (Company number 6511936 and Charity number 11233171 opened and m05t of the exisb'ng operations of Colston's Girls. School were transferred lo this Academy, as a non-fee-paying school. As a result. the lease lo Colslon's Girls, School ceased and the Trust granted a new 125-year peppercorn lease for the benefit of Co151on's Girls. School Trust in respect of the land ané buildings occupie(I by them al Chellenham Road. BT15tol. Colston's Girls School Trust was subsequently renamed Venturers Trust on 1 Seplefflber 2017. Structure, governance and management Governing document The Trust is consliluled under a Trust deed dated 15 Febwary 1966 {see above} as varied by Schemes dated 22 Augusl 2008 and 3 January 2017 and is a registered charity. number 311737. Governing body and organisational management The Trustee of the Charity is SMV TnJslee Company Limited. a company lirnrted by guarantee. All the members of the Society of Merchant Venturer5' Standing Committee are Directors of SMV Trustee Company Limited. The Board of SMV Trustee Company Limited meets regularly and periodicalty reviews the operation and financial results of the Charity. A551sling the Trustee are the Ihe Investment Stralegy Group. the Finance and Investment Sub-commillee and the Confflicls of Interest Advh80ry Sub£ommillee.
Montpelier Collegiate Trust (fornierly Colston's Hospital Trust) Report of the Trustee for the year ended 31 December 2021 (continued) Govemlng body and organisatlonal management (continued) The Conflicts of Interest Advisory Sub£ommillee was established in 2021 and comprises of Nvo individuals with no connection lo either SMV or SMV TCL who would advise on areas where a conflict of interest might arise. As detailed in note 13, the Society of Merchant Venturers provided adminislrab've services lo the charilies of which SMV TCL was Iruslee and made a charge for these. The Conflicts of Interest Advisory Sub- Commillee has reviewed these charges and made a recommendation to the board of SMV TCL that the proposed charges are appropriate. Recruitment and tralning of the Trustee The Board of SMV Twslee Company Limited are elected annually from within the membership of the Society of Merchanl Venturers and are apprised of Ihe general duties ol a Iruslee. In Ihe event of significant changes to legislalion 01 best practice, further relevant Iraining is undertaken. They are also made aware of the specific responsibililies associaled with the Trust. Risk management In the light of the Corporate Governance guKJance contained wlhin the Slalemenl of Recommended Practice 2019"Accounting and Reporting by Charities., the Truslee examined the major risks faced by the Charity. The Trustee continues lo monitor and manage oning risks relaliTrJ lo areas such as Ihe achievement of the charitable objects an(J the protection of the charity's assets. Systems are in place lo monitor and control these risks and lo miligale the impacl that they may have on Ihe charity in the future. The Merchant Venlurers, Audit Committee is responsible for assessing the Scope and effectiveness of the systems and processes established by management lo identify. assess. manage and monilor the financial and non-financial risks. The risk register is reviewed and updaled as required and no less frequently than twice per year by Management and by the Merchanl Venturers. Audit Committee and is noted by the Trustee. The Charity is reliant on the irKX)me from its investrnenls to enabfe it lo fund donations in the furlherance of ils charilatAe objectThies. Should investment income fall, Ihere would be a CorresF(lng reduction lo the donalK)ns lo the SchocAs. Objectives and activitles The Tnjstee confirms Ihal il has referred lo the guidance contained in the Charily Commission's general guidance on public benefit when reviewing Ihe Charity's aims and objectives and in planning future aclivilies. Objects of the Trust The objects of the Trust are the advancement of the educalR)n of young people under the age of 25 by 111 the provision of maintenance and support of Collegiate School Iformerly Colslon's School) and Monlpelier High School (formerly Colslon's Girls. Schooll12) the support of educational activities anywhere in the area of benefit and 131 the provision of bursaries. scholarships, granls or other payments lo young people in need of financial assistance lo assist them in pursuing their educatson either al Collegiate School (formerly Colslon's School) or Monlpelier High School (formerly Colston's Girts. School) or elsewhere in the area of benefrt. In addition. the Scheme empowers the Trust lo lease the land and properly held in Irvsl on behalf of the schools lo them an(J to charge the property as securily for any borrowings. The area of benefil of the Trust is the Cily of Bristol and Ihe surrounding area formerly comprised in Ihe County of Avon. The Trustee has mel these objeclNes during the year.
Montpelier Collegiate Trust (fornierly Colston's Hospital Trust) Report of the Trustee for the year ended 31 December 2021 (continued) Alms and Intended impact On 27 January 2004, the Tnjsl granle¢J 3 125-year peppercorn lease lo Monlpelier High Schwl Iformerly Colslon's Girls, School), and on 23 April 2009 the Trust granted a 125-year lease for the benefit ofvenlurers Trusl (formerly Colslon's Gids. School Trust). over Ihe properties utilised by the Schools. These leases include a reverler clause whereby Ihe lease is lerminable if the premises cease lo be ulilised by Ihe schools in the pursuance of their objects. Separate 12&year peppercorn leases were granted over eighl residenlial properties within the grounds of Collegiale School Ifofmerly Colslon's School) in order to enable these properties lo be offered as security for borrowings by that School. There are no reverter clauses in these leases and the freehold interests continue to be held by the Trust. In July 2009 the lease of the main sile was furlher varied lo release from il the properties known as Seabrook House and 2 Fry's Close and new leases of both these properties We granted on 24 July 2009 on terms similar lo those under which the eight residenlial properties mentioned above were lel. These properties were then, with the consent of the Trust, offered as security lo the Trustees of the Old Colslonian Charttable Trust in relation to loans made to Gollegiale School Iformedy Colslon's School) by that trust. There is separale provision for the payment of compensation lo the Department for Education I"DfE'I in respect of work carried out lo the premises by DfE in the event of the lease for the benefit of Venturers Trust Iformerty Colslon's Gids, SchcM)l Trust) being broughl lo an end. but wlh such compensalion being calculated by reference lo the beneffil from any improvemenls flowin9 to Ihe Trust al that lime. This ovision is lime limrte(I 10 30 years from 2008. The Trust therefore provides properties from whth both Collegiate School {lormedy Colslon's School) and Monlpelier High Schod {formerly Colslon's Girts. School) operate. In addition. li provides endowment income, grants and bursaries whth are distributed for Ihe benefrt of both schods to widen access lo educational opportunities. In 2021 the Charity wuired the freehold of the former Kitto premises, which are slralegically located between Monlpelier High School Ifomerty Colslon's Girls. School) and the Dolphin School and Ihis was funded by way of a land swap, with a sile fronling on lo Station Road and a balancing payment being made. Consent was obtained from the DfE for the currenl lease lo Venturers Trust lo be varied so as lo exclude the sile sold lo Killo bul lo include the new Kitlo premises. Al the same lime, il was agreed by the DfE that the flats located above 180A - D Chellenham Road be removed from Ihe school's lease, and further that Venturers Trust be permilled lo sub-lease the office building on the Killo sile to the Charity for 25 years lo enable il lo reTbIsh and let these premises. The income generated from Ihe flats and the office building will be used to service the loan taken lo purchase the Kilto sile, with any surplus nel income being passed lo Venturers Trust. Flnancial revi•w The Slalemenl of financial activrties is sel out on page 12. During the year. the Trust has continued lo make donations lo Collegiate Schwl Ifomiedy Cdslon's School) and Monlpelier High School (formerly Colslon's Gids. School). The endowment income is dislribJled quartefly and. aftervarious charges on thefund. the resNJual urweslricted income was distributed as follows {see note 2).. 2021 2020 41510 Collegiate School (formefly C(4slon's Schoc4) 115 to Montpelier High School Iformedy Cdston'5 Girfs. SChcl) 7.024 1,756 8,780 15.960 3.990 19,950 The income from the restricted funds was dislribuled independently lo Ihe schools in line with the relevant reslriclions.
Montpelier Collegiate Trust (fomierly Colston's Hospital Trust) Report of the Trustee for the year ended 31 December 2021 (continued) Investment policy and perfomiance The Chanly continued to Invest in the Merchant Venturers. Charilies Investment Poo5 IMVCIPI (Charity r¥Jmber 10534591 during the year. The Merchant Venlurers. Finartt and Investment Sub-commillee's policy is to increase Iorne whilst preserving the real value of Ihe inveslmenls. The income provides unreStrted funds lo enable the Trustee to pursue the oty.ects of the Charity. induding Pn5 for the future. As noled above, lunds continue lo be investeAI in MVCIP_ Over seven billion COVID-19 vaccines were administered worlthwide in 2021. helping life lo relum lo a semblance of normality. This helped lift real GDP by 5.90h, the fastest gowlh rale in over 40 years. Economie recovery drove optimism back into risk assets. Companies delivered strong earnings growth despite the pandemic lingering. Infiation was pushed higher by accommodative policy and penl-up demand al a lime when global supply chains were dismpted. and labour markets slrelched. The total return of the investment portfolio in the year was a gain of 10.31% versus the PIMFA Conservalive Index of 6.89% 12020.. loss of16.21 Yol versus the composile benchmark of (4.2Trh)l. Reserves policy Al 31 December 2021 the charity's endowment fund was £810,137 and comprised tangible fixed assets and inveslmenls. The tangible fixed assets comprise the freehold land and buildings al Collegiate School Iformerly Colslon's School) and Monlpelier High School Ifomierly Colslon'5 Girls. School, part of the Venlurefs Trusll. The endowmenl investmenls comprise the original capital contributions plus any subsequent aditions to capital and incorporate all unrealised surpluses and deficits. All income derived from the endowment fund is unreslricled an(J is distributed in full lo the sctrK)ols after Ihe (Jeduclion of administrative charges. Restricted funds al 31 December 2021 lolalled £419.267 and are used in accordance with the specrfic restrictions imposed by donors (see note 9}- The policy and largel is reviewed on an annual basis by the Truslee to lake account of the development of the charity and a review of the changing risks it la$. p3rticularfy in respect of income. Grant making policy Charitable donations. including supporting administrative costs. relale lo the distribulions made or approved lo colleate School Iformerty Colslon's School and Monlpelier High School (formelly Colslon's Girls, Schtx)11. Golng concern The financid slalemenls have been prepared on a g(yrvJ (x)rwn basis whth Ihe Trustee conSeTS lo be apprOprle for the following reasons. The Trustee has prepared cash flow feCaStS for a per of 12 months from the dale of approval of these financial slalements which indule that. taking a(£ounl of reaSonaY FSble downsides. the charity wiu have Sufflent funds lo meet lis liabilrties as they fall due fc that peric#J. Consequently, the Trustee is confident that the Charity wll have SU[t funds lo meet ils liabilities as they fall due al leasl 12 months from the dale of approval of the financial statements and therefore ha5 prepared the financial slalements on a wing concern basis.
Montpelier Collegiate Trust (fonnerly Colston's Hospital Trust) Report of the Trustee for the year ended 31 December 2021 (continued) Future plans The Truslee will continue lo fulfil its duties as a reswnSile estates. landlord in wrsuil of the overall objectives of the Trust and also manage the &xlowment th inlenlKsn that in¢))me is maximised whilst weservivJ the real value of the investments. In 2021 the charity acquired the freehold of the former Kitto premises, which are strategically located between Monlp81ier Hwh Sthool Ifomprfy Colslon's Girls. sch1) and the Dolphin School. As parl of this Iransaclion. management of 4 resKJenlial properties will be undertaken. wtth any nel income being donated ffx the benefit of Monlpeli8r HvJh School If0mrIY Colslon's Girls. School). In 2022 the fomier Kitto office premises will be refurbished and made avatlable for lelling. In 2022 the Iruslee sOlVe lo change the name of the chty to Montpelier Collegiate Tnjst to reflect the name changes of the respective schools il svpports. Statement of Trustee's responsibilities in respect of the Trustee's Annual Report and the financial statements Under charity law. the Iruslee is responsible for preparing t1 Trustee's Annual Report and the financial statements in accordance with applicable law and regu12ts"ons. The trustees are required lo prepare the rinancial statements in accordance with UK Accounting Standards. induding FRS 102 Th8 Finanthal Reporting Sl8nd8rd appIable in the UK anLI Republ of Ireland. The financial statements are required by law lo give a true and fair view of the slate of affairs of the charity and of rhe incoming resources and applicalion of resources for Ihal period. In preparing these financial slalemenls. generally accepted accounting Wac1 entails that the trustee.. sdecls suilable accounting [dicS and then apply them (Jnsistently'. makes judgements and eslimale5 that are reasonable and prudent.. stales whether applicable UK AcCntIng Standards and the Statement of Recommended Practice have been followed, subject to any materkql departures disdosed and explained in the financial stalemenls.. stsles whether Ihe financial statements comFly with the trust deed land rulesl. subject lo any material departures disdosed and eXained in the financial slalements.. assesses the charity's ability lo continue as a going concem, disclosing. as applicable. mallers related lo wing concern.. and uses the g)ing concern basis of acc¢xJnling unless they either intend lo liquidate the charity or to cease operations. oi have no realistic allemalNe bul to do so. The Iruslee is required lo act in accordance wth the trust deed of the chariiy. within the framework of trust law. They are responsible for keeping a¢countirbg records which are sufficient lo show and explain the charity s transactions arid disclose al any time, with reasonable accuracy. the financial position of the charity al th31 lime, and lo enable the Iruslees to ensure Ihal, where any statements of account5 are prepared by them under section 13211} of the Charitie5 Act 2011, those slalemenls of accounts comply with the requirements of regulation5 under that provision. They are responsible for such internal conlrol as they determine is necessary lo enae the preparation of financial statemenls that are free from malerial misslalemenl, whether dve to fraud or error. and have general responsibilily for taking such steps as are reasonably open lo them lo safeguard the assels ol Ihe charity and to pffevenl and delecl fraud and other irregularities. Slgn for on beh If of the Truste• Davi Merchants, Hall, The Promenade. Clifton, Bristol, 8S8 3NH Dale..
Independent auditor's report to the Trustee of Montpelier Collegiate Trust (fomierly Colston's Hospital Trust) Oplnlon We have audited the financial slalements of MonIpelr Collegiate Tnjsl (formerly Colslon's Hospital Trust) {'Ihe charity.) for the year ended 31 December 2021 which comprise the slalemenl of financial activities, balance sheet and related notes. including the accounting policies on pages 14 10 15. In our opinion the financial stalemenls-. give a true and fair view of the slate of the charity's affairs as al 31 December 2021 and of ils incoming resources and application of resoufces for the year then ended.. have been properly prepared in accordance wilh UK accounting standards, including FRS 102 The Financial Reporting Standard aPpIable in the UK and Republic of Ilal. and have been wopedy prepared in accordan with the requirements of the Charities Ael 2011. Basis for opinion We have been appointed as auditor under secknon 145 of the Charities Act 2011 {or ils predecessors) and report in accordance with regulations made un¢Jer section 154 of that Act. We eonducled our audit in aCcOrdar with Internation* Standards on Auditsng (UK) ("ISAs IUKI") and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities urKler, and are independent of the charity In accordance wilh, UK ethical requirements including the FRC Ethical Standard. We belEve that the audrt eviden we have oblained is a sLrfrinI and appropriate basis for our opinion. Going Concern The Iruslees have prepared the finanei81 statements on the going concern basis as they do not intend I liquidate the charity or lo cease ils operations, and as they have concluded that the charity's financial position means that this is realistic. They have also concluded that Ihere are no material uncertainties that coul(J have cast significant doubl over ils ability to continue as a going concern for at least a year from the date of approval of the financol stslemenls 1.the going concern period"). In our evalualion ol the trustees, condusions. we considered the inherent risks lo the charity's business model and analysed how those risks might affect the charity's financial resources or ability to continue operations over the going concern pefiod. Our condusion$ based on this work= we consider that the trustees. use of the going CanM basis of accounting in the weparation of the financial statements is appropriate.. we have not identified. and concur vAlh the truslees, asse55menl that there is not. a material uncertainly related lo events or conditions Ihal, individually or collectively. may cast significant doubl on the charity's ability lo continue as a Ing concern for the going concern period. However. as we canrK)I predict all future evenls or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable al the lime they were made, the above conclusions are not a guarantee that the tharily will conlinue in operation.
Independent auditor's report to the Trustee of Montpelier Collegiate Trust (fornierly Colston's Hospital Trust) (continued) Fraud and brgathgs of laws and regulations- ability to dotecl Identifying and responding to risks of m8f&rial misslalemenl due to fraud To identify risks of material misstatement due to fraud {"fraud risks") we assessed events or conditions Ihal could Indicate an incentive or pressure lo commit fraud or provide an opportunity lo commit fraud. Our risk assessment procedures inthded: Enquiring of management as lo the charity's high-level poIleS and procedures to prevent and delect fraud as well as whelheT they have knovledge of any actual. suspected or alleged fraud. Reading Standing Committee, audit committee. and investment committee meeting fTiinule5. Using analytical procedures to idenlfy any unusual or unexpected year on year movements. We Communicated idenlified fraud risks Ihroughoul the audit leam and remained alert to any indications of fraud throughout the audit. As required by auditing standards. and taking into account our overall kno%edge of the control environmenl. we perfomi procedures to address the risk of management override of controls and the risk of fraudulent revenue recognition, in particular the risk that management may be in a posilion lo make inappropriate accounting entries. We did not identify any addilional fraud risks. In determining the audit procedures we look into account the results of our evaluation and lesling of the operating effecliveness of some of the fraud (isk management controls. We also performed procedures induding.. Identifying journal entries and other adjustments to test based on risk criteria and comparing the identified enlries lo supporting documentation. These included unusual accounts combinations. Substantive testing of investment income arKI agreement to supporting evidence. Identifying and responding to risks of material misstatement due to non•compl1an with laws and regulations We identified areas of laws and regvlalrons that covkl reasonably be expected to have a material effect on the financial slalements from our general commerryal and sector experience and discussed with the directors and other management the policies arKI procedures regarding compliance with laws and regulations. As the Charity is regulated, our assessment of risks involved gaining an understanding of the control environment including the entity's procedures for complying with regulatory requirements. We communicated idenlified laws and regulations Ihroughout our team and remained alert lo any indieation5 of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial StatenIS varies considerably. Firstly. the Charity is subject to laws and regulalions that directly affect the financial slalemenls including financial reporting legislalion {including charities legislalionl and laxalion legislation and we assesse¢J the extent of compliance with these laws and regulalions as pwi of our procedures on the related financial statement items. Secondly. the Charity is subject lo many other laws and regulations where the consequences of non- compliance coul¢J have a fflalerial effect on amounts or disclosures in the financial slalemenls. for instance through the imposition of fines or liligalion. We identified the following areas as those most likely lo have such an effect.. certain aspects of charity legislation recognising the financial and regulated nature of the Charity's activities and its legal form. Auditing standards limit the iequired audil pfocedures lo identify non- compliance with these laws and regulations lo enquiry of the directors and other management and inspection of regulatory and legal correspondence, rf any. Therefore if a breach of operalional regulations is not disclosed to us or evi(Jenl from relevant correspondence. an audit will not detect that breach.
Independent auditor's report to the Trustee of Montpelier Collegiate Trust (formerly Colston's Hospital Trust) (continued) Contexl of the ability of the audit to delpcl fraud (Y trea$ of law or regulation Owing lo the inherent limilalions of an audit, there is an unavoidable risk that we may not have detected some material misslalemenls in the financial slalements. even though we have [perlY planned and P8rfornied our audit in accordance with auditing standards. For example. the further removed non- compliance with laws and regulalions is from the events and transactions reflected in the financial stalemenls, the less likely the inherenuy limited procedures required by auditing siandards would identify In addition, as with any audit, there remained a higher risk of non-deteclion of fraud. as these may involve collusion. forgery, intentional omissions. misrepresentab"ons. or the override of internal controls. Our audil procedures are designed lo detect material misstalemenl. We are not respons1te for preventing non- compliance or fraud and cannot be expected to detect rK)rFcomrAiance with all laws and regulations. Othor information The Iruslees are responsible for the other information. which comprises the Report of the Trustee. Our opinion on the financial slalemenls does not cover the other information and. accordingly. we do not express an audil opinion or. excepl a5 expiicilly staled below. any form of assuran conclusion Ihereon. Our responsibilty is lo read the other informalion and, in doing so, consider whether, based on our financial 51alernenls audit work, the informats.on Iherein is materially misstated or inconsistent with the financial slalemen15 or our audit knowledge. We are requred to report lo you if. based solely on that work. we have identffied material misstalemenls in the other infomialion,. or in our opinion, the information given in the Report of the Tnjstees is inconsislenl in any material respect with the finanaal slatemenls_ We have nolhing lo report in these respects. Matters on whlch we are rèquirèd to report by exceptlon Under the Charities Act 2011 we are requred to report lo you rf, in our opinion: the charity has not kept Slrfflent accounting records.. or the financial statements are not in agreement syilh the accounting records." or we have not received all the information and explanations we require for our audit. We have nolhing lo report in Ihese respects. Trustees. responslbllltles As explained more fully in their slatement sel oul on page 7. the Iruslees are responsible for- the preparation of financial stalemenls which give a Inje and fair view.. such internal control as they delerffline is necessary to enable the preparation of financial statements that are free Irom material misslalemenl. whether due lo fraud or error.. assessing the charity's ability to continue as a going concern, disdosing, as applicable. mallers related lo going concem- and using the going concern basis of accounting unless they either intend to liquidate the charity or lo cease operations. or have no realistic allemative bul lo do so. 10
Independent auditor's report to the Trustee of Montpelier Collegiate Trust (formerly Colston's Hospital Trust) (continued) Auditor's responsibilitiOS Our objectives are lo obtain reasonable assurance al)oul whether Ihe financial slalemenls as a whole are free from material mis5talemenl. whether due to fraud or error. and to issue our opinion in an auditor's report. Reasonable assurance is a high level of assurance. bul does rKsl guarantee that an audit conducleé in accordance with ISAS IUKI will aayS dele¢l a material misslatemenl when il exists. Misstalemenls can arise from fraud or error and are considered materBI if, indwidually or in aggregate. they could reasonably be expected lo influence the economic decisions of users laken on Ihe basis of the financial slalemenls. A fuller description of our responsibilrties is provKled on the FRC'S website al ww.frc.or .ukJaudilofsres The purpose of our audit work and to vthom we owe our r•sponsibilities This report is made solely lo the charity's trustees as a L. in accOrdare with section 145 ofthe Charities Act 2011 lor ils predeSorSI and regulations made under seclion 154 of that Act. Our audit work has been undertaken so that we might slate lo the charity's trustees those matters we are required lo slate lo them in an auditor's report and for no other purpose. To the fullest exlenl permilled by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a l)ody. for our audit Wofk, for this report. or for the OpinnS have fofmed. give a true and fair view of ihe slate of the charity's affairs as at 31 December 2021 and of rts incoming resources and application of sourCeS for the year then ended.. have been properly prepared in accordance with UK Generally Accepted Accounting Practice,. and have been properly prepared in accordan with Ihe requirements of the Charities Act 2011. Jonathan Brown for and on behalf of KPMG LLP, Statutory Auditor Chartered Accounlanls KPMG LLP is eligible to acl as an audilw lerms of s8clion 1212 of Ihe Companies Act 2006 66 Queen Square Bristol BS14BE Date.. 21 July 2022
Montpelier Collegiate Trust (fomierly Colston's Hospital Trust) Statement of financial activities for the year ended 31 December 2021 Unrestricted funds Inv8Stments Unrestrided funds Rostrided Rents fund Permanent endowment fund 2021 Total 2020 Total Note Income from: Income 24.422 76.521 12.570 113,513 39,892 Total income 24,422 76,521 12,570 113.513 39.892 Expenditure on- Charitable activities Education= Collegiate School Iformerly Colslon's School) Monlpelier High School (formerly Colslon's Girls. School) Total charltable actlvltle8 111.268) {10,910) 122,1781 {28,7861 (2.817) (1.640) {4,457) {6.0911 {14.085> (7.938> (12,5501 126.635) {120,391) {34,8771 (4,7211 Other (112.453) Total resources expended (Lossllgain on revaluation of investments {22.023> (112.453) (12.5501 1147,026) {39.S981 26.043 50,598 76,641 1114,2101 Transfer 12.YJ91 2,399 Net lexpenditurey income being net movement in funds 135.932} 28,462 50.598 43.128 1113.9161 Reconciliation of funds: Total funds brought forward 3.805 759,539 1.150.344 1.264.260 Total funds carried forward 135,9321 419,267 810,137 1,193.472 1.150.344 The sialemenl of finart121 aelivilies indudes all gains army losses recognised in the year. Al incoming reSoUrS and resources expended derNe from continuing activilies. The accompanying rK)tes form an inlegral part of these finanaal stslemenls. There no difference behveen the net incomirwJ res1 fcrf the year a1 their historThl cost equivalenl.
Montpelier Collegiate Trust (fornierly Colston's Hospital Trust) (Charity Number 311737) Balance sheet at 31 December 2021 2021 2020 Tangible assets Inveslmenls 593,400 1219.780 1,143,139 Current assets Debl¢xs 19.760 107,589 127.349 8,336 8,002 16,338 Cash Crèditors: amounts falling duo within ong year Net current assets {21.481) (9.1331 105.868 7,205 CrltOrS. amounts falling du8 after oné year Net assets (725.576 1,193,472 1,150,344 Funds Unrestrrled fund Inves1nts uNstrICted fund Rents 10 (35,932} 419,267 Restricted fu$ 390,805 Permanent endowment fund 10&11 810,137 759,539 1.193.472 1.150.344 The financial slalements on pages 12 to 21 were approved by Ihe Truslee on 1£ and were signed on ils behalf by.. David Freed Dlrector Patrick Diroctor espard The accompanyng notes form an integral part of these financial statements.
Montpelier Collegiate Trust {forn)erly Colston's Hospital Trust) Principal accounting policies Presentation of financial stat•m•nts The financial slalemenls have been prepared in accordan with applubl8 Ac¢ounb"ng Standards in the Uniled Kingdom, the accounting relatIonS issued under the CharrtS Acl 2011 and the Slalement of Recommended Practice ISORPI"Actounting and RekKxb'ng by Charities. issued in October 2019. The &cwnling wIleS that the Charty has adopted lo determine the amounts induded respect of material items shown in the balance sheet and aso to determine the income and experKlilure have been applied consislenlly in the current arKi pleding year and are sh(ywn below. Colslon's Hospital Trust meets the definition of a pULl benefft ents.ty urKler FRS 102. Assets and liabilrties are initially iecognised al trus1¢x1 cost transath'on vaue unless otherwise stated in the relevant aecounbng policy. Basls of accountlng The financial statements have been prepared under the hi%torical cost conventth. as modrfieé by the revaluation of fixed asset investments. and in accOrdar with the Statement of Recommended Practice "Accounliro and Rewrting by Charities ISORP 2019}" applirAble lo charrtS preparing their accounts in rae wlh FnCIal RepK¥ling StaKlard ap[Aicale to the UK and Republic of Ireland (FRS 1021. Golng Concern The financial slalemenls have been prewed on a c%)ncem basi% whith tt)e Trustees consider to be )propriale. The Trustees have revwed the cash Ih)w fwasts for a perKKI of 12 months from the date of approval of these financial slalemenls indicate that the eharty wll have suffioent furKls to rneet ils liabilities as they fall due for that period. Consequently, the Trustee is confident that the charity will have 5ufftEntfunds lo e(mtinue lo meet its liabilities as they fall due for at least 12 months from the dale of approval of the financial statements. Crltlcal aeeountlng Judgements and key sour$ of estimation uncertainty In applying the charity's accounting pdiaes, Ihe Tnjstee is required lo make judgements. eslimales and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may drffef from these estimates. Investm?nt income Quarterly distribution5 from the inveslfflellt5 in MVCIP are treated as incorne of Ihe period in whiGh they accrue. Other in¢om• Other income is credited to the 51alemenl of financial activities on a receivable ba51S. Expendlture (al All expendilure is aecounted for on an accruals basis and is recognised when there is a legal or eonslruclive obligation to pay for expenses. Charitable donations. including supporting administration cosls, relale lo the dislribulions made or approved lo Collegiate School (formerly Colslon's School}. Monlpelier High School (formerly Colslon's Girls. School) and other enlities as delailed in the objects of the Trust. Governance costs relate to the strategic management of Ihe Charity's assets, and compliance with conslilulional and statutory requirements. Ib) Ic) 14
Montpelier Collegiate Trust (formerly Colston's Hospital Trust) Principal accounting policies (continued) Irrecoverable VAT Any irrecoverable VAT is charged to the slalemenl of financial activities or capitalised as part of the assel where appropriate. Fund accountlng The Trust has three types of fund5 for whtch il is responsible. and which require separate disclosure. These are as follows.. Unrestrlcted funds Income arising from the endowfflenl investments is credited to the unrestricted fund. These funds are expendable al the discretion of the Trustee in furtherance of Ihe obiecls of the Trusl. Permanent endowment fund The permanent endowment fuThY comprises tangible fixed assets aThl inveslmenls. The tangible fixed assets comprise the land and buildings al Collegiate School {formerly Colslon's School) and Montpelier High School (formerly Colston's Girls. School). The investments comprise the original capitsl contribution plus any addilions lo capital and incorporate all unrealised gains and losses arising on Ihe revaluation of the investments, all of which are invesled in MVCIP. Res¢riclod funds Reslricled funds are funds whh are to be used in accordance wlh specrfic restrictions imposed by donors. The aim and use of each restrtcled lund are set out in the notes lo the financial stalemenls. Invastmonts The Tnjsl's investments in MVCIP are stated al mid-market value at the balance sheet dale. This is not in aGcordance with FRS 102 which recommends bid value but is con5islenl with the enlity s performance management process. Using bKI v*ues would lead lo a movement in the valuation of these li51ed inveslrTients of an amount which is consKlered by the Tntstee lo be imfflaterwl. The statement of financial activilies indvdes the nel gains and losses arisiThJ on revaluations and dispo¥als throughout the period. Cash flow statement A 51alemenl of cash flows has not been prepared as the Charity has taken advantage of the exemption available in the SORP for smaller charitie5. Taxation Monlpelier Collegiate Trusl (formerly Colslon's Hospital Trust) is a registered charity and as such lax exemption applies lo the income arising from and expended on charitable aclivitses and lo ils inveslwnenl income and 9ains. Fixed a$s¢ts and deprKiation Fixed asse15 are sialed at cost less depreciation. Depreciation is calculated so as lo write off assets on a straigh14ine basis over Ihe expected useful econom INes of the assets collcemed. Tr annual rates used this purpose have been.. FehOld buildings and improvements 1 S 10 50 years Land and asse15 in the course of construction are not depreciated. Assets wlh a c4)sl of less than £1.000 a %wiiten off lo eX[drtUre during the year. 15
Montpelier Collegiate Trust (formerly Colston's Hospital Trust) Notes to the financial statements for the year ended 31 December 2021 Incoming resources 2021 2020 Investment Income Distributions from MVCIP 36.991 39.882 Rental Income 76,521 Bank interest 10 113,513 39.892 Analysis of total resources expended Donations from the unrestricted fuNJ comprise.. Direct costs Support costs 2021 2020 Collegiate School Ifomierly Colston's School) Monlpelier High School {formedy Colslon's Gids. School) 7.024 4.244 11,268 17,293 1.756 1.061 2.817 4.323 8.780 5.305 14.085 21.616 Al support costs have been allated to one charItae activty (eduCanI. The Trust has rw) employees and no staff cosls12020". nil). Fk)wer. a rechar is made by the Society of Merchant Venturers for staff as disclosed in note 11. Details of restricted expenditure durry the year *e FwovNJed on note g. Other costs 2021 2020 Audit fee 2.340 2.340 Professional Fees 19,510 64.971 31,410 2.160 2.370 Maintenare of residents'al properl Loan Interest Truslee's indemnity insurar 11 120.391 4.721 The audil fee excluding irrevelate VAT was £1,950 for 2021 (2020.. £1,950). 16
Montpelier Collegiate Trust (fornierly Colston's Hospital Trust) Notes to the financial statements for the year ended 31 December 2021 (continued) Tangible fixed assets Investment Propety Freehold land and bulldings Cost or valuation As al 1 January and Additions 6,693.509 593,4(K) Total cost 593.400 6.693.509 Accurnulated depreciation As al 1 January and 31 December 2021 Net b¢)ok value as at 31 Docember 2021 16,693,509) 593,400 Nel book value as al 31 December 2020 The beneficial use of the freehdd land and buildings has transferred lo Collegiate School {formerly Colslon's Sch(x)11 and Monlpelier High School Ifornierly Colslon's Girls. School), parl of Venturers Trust. As a result of Ihis the Trustee considers Ihal il is appropriate lo record a value of these assels in these financial statements as £nil. The freehold interest remains wih Monlpelier Collegiate Trust (formerly Colslon's Hospital Tiustl. Fixed asset investments Investments In MVCIP Cost As al 1 Januwy and 31 December 2021 Revaluations 735.048 Uniealised gains al 1 January 2021 Gain arising on revaluation in the year Unroalised gains at 31 Decemb8r 2021 Net book value at 31 December 2021 408,091 76,641 484.732 1,219,780 Nel book value al 31 December 2020 1,143,139 All investments are hdd in ihe MVCIP. The portfolio for MVCIP was sfvclured as follows al 31 December 2021.. Investment assets in Ihe UK 37.6 Investment assets oulshle the UK 43.2 Allernalives & Mulli-Assel 18.0 Cash 100.0
Montpelier Collegiate Trust (fomierly Colston's Hospital Trust) Notes to the financial statements for the year ended 31 December 2021 (continued) Debtors 2021 2020 Accrued investment iome 12.701 8,336 Prepayments 7,059 19.760 8,336 Creditors: amounts falling due within one year 2021 2020 Collegrale Schix)I Iformwty Cdslon's Sch(yJ) Montpelier High Schod Ifcffiiety Colslon's Girfs. sc1) Other credilors 4,053 753 5,122 1.050 16,675 2,961 21,481 9,133 Creditors: amounts falling due after more than one year 2021 2020 Age analysls of bank loan Due within one year Due after more Ihan one year- Between one and two years Between two and five years More than fwe years Total due after more than one year Total 56,549 59.832 609,195 669,027 725.576 The Charty look (wjl a loan with N2lWesl Bank during 2021 to finance the acquisition of the freehold of the former Killo premises. which are slralegically localed behveen Monlpelier High School (formerly Colslon's Girls, School) and the Dolphin School. The loan had a balance of £720,500 al 31 December 2021 l£nil al 31 December 2020). was secured on 180a. 180b. 180c and 180d Chellenham Road and interest was payable al 4.SVo above base rate. The Charity look advantage of a capital repayment holiday for 12 monlhs from the dale of inception. The loan will be repaid by monthly inslalmenls. Repayment is permilled over a shorter or longer period. ending no later than the final repayment dale of 19 Febnjary 2026. 18
Montpelier Collegiate Trust (fonnerly Colston's Hospital Trust) Notes to the financial statements for the year ended 31 December 2021 (continued) Restricted funds Irease Asat in market 31 value of December investment 2021 Asat 1 January 2021 Nel incoming resources RSW Clarke 50,691 16.453 3,399 1.103 54,090 17.556 CCS Trusts CCS Prize 17.180 1,152 13,817 18,332 219.906 CCS Bursaries and Scholarships F A Clark 206.089 89.689 6,013 510 95.702 A M Mcwalters 10.703 69 11.282 Transfer 2.399 2.399 3.805 2.468 25.994 419.267 The RSW Clae Fund was established to provide travel for teachers al Montpelier High School (formerly Colslon's Gids. School). The CCS Trusts. Prize. and Bursarie5 and Scholarships Funds each consist of a number of small personal donations to provide scholarships. bursarie5. prizes and other assistance lo pupils al Collegiate School {formerly Colston's School). The income from the F A Clark Fund is lo be used at the discretion of the Trusleo and Govemors of Collegiate School Iforfflerly Colslon's School) for special projects al that School. The A M Mcwallers Fund was established lo provide a hislory travd prize for pupils al Collegiale School Ifornierfy Colslon's Sch(x)11. 10 Permanent endowment fund The permanent endowinent lund comprises the Trust's investment in MVCIP excluding the reslricled investments transferred from Collegiate School Iformerty Colston's School) and Venturers Trust. the value of which was £805.291 al 31 December 2021 12020.. £754.692> The fund also contains the Trust's freehold land and buil(Jings which were valued al £26,941.250 on 310ecember 2003 by Alder King in accordance wth the RICS Appraisal and Valuation Standards in particular in accordance wilh UK Praclice Slatemenl 1 and Financial Reporting Standard 15. On 27 January 2004 and 23 April 2009, the Trust granted 125-yeaf peppercorn leases over these assets Ihereby transferring the beneficial use lo ihe tsvo schools. As a result of this the Trustee considers that il is appropriate lo record the value of these assels in these financial statemen15 al £nil. 19
Montpelier Collegiate Trust (fomierly Colston's Hospital Trust) Notes to the financial statements for the year ended 31 December 2021 (continued) 11 Analysis of funds UnrestrKle Unreslricle d funds d funds Rent Inveslmenl Income Reslricled Permanent funds enéowmenl fund Total Al 1 January 2021 Nel movement in fur5 39).805 26.063 759,539 50,598 1.150.344 43,128 135.932} 2.399 Transfer {2.3991 2,399 Al 310ecember 2021 {35.9321 419.267 810,137 1.193,472 Represented by Investments 414,489 805,291 1.219,780 593,400 Tangible fixed assets Current assets 593.400 103.994 5.507 17,848 127,349 {21.481} 1725.5761 1,193.472 Current liabilities 17.750) {725,576} 135,932) {7291 113.0021 Long Term liabilities 419.267 810.137 12 Trustee's remuneration The Trustee did nol receive remuneration or reimbursement of expenses for Iheir services lo the Trust during the year, nor hdd any beneficial interest in any contrxl with the Trust during the year12020.. £nil). The Society of Meichanl Venturers charged £2,624 12020_' £1,676) to the Chariiy as a reallocation of salaries and ovefhead costs. Of this, £nil is outstanding al the year-end12020.' £nill. 20
Montpelier Collegiate Trust (formerly Colston's Hospital Trust) Notes to the financial statements for the year ended 31 December 2021 (continued) 13 Related party transactions The Trust had a number of related paty transactions wilh following organisations". The Society of Merchant Venturers The Society of Merchant Venturers recharged Ihe charity £6.586 during the year12020.. £nill in relalion lo Costs associated with sth)d functions. or thi5. £6.586 is oulslanding at the year-end {2020.. £nill. Venturers Trust and Collegiate School (formerly Colston's School) The schools are connected organisalions Inole 14). The Trust holds inveslmenls for the benefit of the Collegiate School Ifomierty Colston's School) and MonIpelr High School Ifom)edy Colslon's Girls School), the income from which is paid lo the schools. For delails of donations paid lo Ihe schools see the slalemenl of financial activities. For details of oulstsnding balances al the year-end see nole 7. Merchant Venturers, Charltles Investment Pl[ (MVCIP) The Trustee is also the Trustee for MVCIP. For details of the investments held and income recerved from these inveslments See notes 1 and 5. At the year-end £9,408 was outstanding from MVCIP12020.. £8,336). 14 Connected organisations Collegiate School Iformerly Colston's School) and Venturers Trust are connected organisalions. with governor nofninalion rights from the Society of Merchant Venlurers. Collegiate School {lormerly Colslon's School) can be contacted al Bell Hill. Slaplelon. Bristol. BS16 1 BJ and Venturers Trust can be contacted al G8lehouse Avenue, Bristol, BS13 9AJ. For details of transactions wth those enlilies see note 12. 15 Kitto Project During the year. the Charity acquired the freehold of the former Kitto premises. which are strategically located between Monlpelier High School {formedy Colslon's Girts. School} and the Dolphin School. This was funded by way of a land swap, with a site fronting on lo Siation Road and a balancing payment being made, financed via a bank loan from Natwest Bank Pl¢. The loan from Nalwesl Bank PIC is for £720.500 and interest is chargeable on this al 4.50h per annum over base rate. There w&5 a capital repayment holiday of 12 monlhs from inceplion. Consent obtained from the DfE for the Cent lease to Venturers Trust lo be varied so as to exclude the sile sold lo Killo bul lo include the new Killo premises. Al the same lime il was agreed by the DfE that the flats l(Kaled above 180A- D Chellenham Road be removed from the School's lease. and further that Venturers Trust be permitted lo sub-lease the office building on the Killo sile lo the Charity for 25 years lo enable il to refurbish and let these premises. The income generated from the flats and the office building will be used to service the loan taken lo purchase Ihe Killo sile. with any surplus nel income being passed lo Venturers Trust for the benefit of m0nlpdr High SchcM)l (formerfy Colston's Girls. Schooll- 21