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. Br￿101. 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 G￿15. 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 on￿ing 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 re￿TbIsh 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. SChc￿l)
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 I￿orne whilst preserving the real value of Ihe inveslmenls. The income provides unreStr￿ted
funds lo enable the Trustee to pursue the oty.ects of the Charity. induding P￿n5 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 colle￿ate 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 conS￿eTS lo be
apprOpr￿le for the following reasons.
The Trustee has prepared cash flow f￿eCaStS for a per￿￿ of 12 months from the dale of approval of these
financial slalements which indule that. taking a(£ounl of reaSona￿Y F￿S￿ble downsides. the charity wiu
have Suff￿lent 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 reswnSil￿e 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. sch￿1) 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 If0m￿rIY 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 ch￿ty 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 appI￿able 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 [dic￿S and then apply them (*Jnsistently'.
makes judgements and eslimale5 that are reasonable and prudent..
stales whether applicable UK AcC￿￿ntIng 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 eX￿ained 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 ena￿e 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 MonIpel￿r 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 aPpI￿able in the UK and Republic of I￿la￿l. 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 sLrfr￿i￿nI 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 Can￿M 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 poI￿leS 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 State￿￿nIS 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 respons1t￿e 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 Slrff￿lent 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 a￿ayS 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 accOrdar￿e with section 145 ofthe Charities
Act 2011 lor ils prede￿SorSI 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 Opin￿nS 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 reSoUr￿S 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 res￿1￿ fcrf the year a￿1 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
Cr￿ltOrS. amounts falling du8
after oné year
Net assets
(725.576
1,193,472
1,150,344
Funds
Unrestrrled fund Inves1n￿ts
uN￿strICted 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 re￿latIonS issued under the Charrt￿S Acl 2011 and the Slalement of
Recommended Practice ISORPI"Actounting and RekKxb'ng by Charities. issued in October 2019.
The &cwnling wI￿leS 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 ple￿ding 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¢x￿1 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 charrt￿S preparing their accounts in
r￿a￿e wlh F￿￿nCIal RepK¥ling StaKlard ap[Aical￿e 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 wh￿h 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..
F￿ehOld 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 all￿ated to one charIta￿e activty (eduCa￿nI.
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
Maintenar￿e of residents'al properl
Loan Interest
Truslee's indemnity insurar
11
120.391
4.721
The audil fee excluding irre￿velat￿e 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 i￿ome
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. sc￿1)
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
I￿rease
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 Cla￿e 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 fur￿5
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 MonIpel￿r 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 C￿￿ent 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 m0nlpd￿r High SchcM)l (formerfy Colston's Girls.
Schooll-
21