2022-12-31-accounts

Reglstered Charity Number.. 311737 Montpelier Collegiate Trust Annual report and financial statements for the year ended 31 December 2022

Montpelier Collegiate Trust Annual report and financial statements for the year ended 31 December 2022 Contents Page Report of the Trustee Independent auditor's report to the Twslee of Monlpelier Colleghqte Tnjst Statement of financial a¢b"vit￿$ 12 Balance sheel 13 Principal accounting policies Notes to the financial statements 14 16

Montpelier Collegiate Trust Report of the Trustee for the year ended 31 December 2022 The Trustee presents ils r8POrt and audited financial slalemenls for the year ended 31 December 2022. The financial statements comply with current stalulory requirements. the governing instrumenls and the Stslement of Recommended Practice for Charf(ies {SORP 20191. Trustee. officers and advisers The Trustee of the Charity is SMV Trustee Company Limiled. Listed below are those members who have served on the Board of SMV Trustee Company Limiled during the ye8r'. Patrick Despard Michael Bolhamley Robert Bourns Dav￿ Freed Gillian Camm Ross Ancell Charfes Giffilhs Alan Le￿S Mohammed Saddiq Jonalhon Baker ma￿'n Thatcher Dr Sieve Allpress N￿k Baker Karl Tucker Katharine Finn David Powell Mark Burchfield Heather Frankham (Relired 10 November 20221 (Relired 10 November 20221 {Relired 10 November 20221 IAppoinle(110 November 20221 (Appointed 10 November 20221 IAppoinle(J 10 November 20221 Reglstered addroS5 of thg Charity Merchants. Hall The Promena¢Je Clrfion Bristol BS8 3NH Charity Number; 311737

Montpelier Collegiate Trust Report of the Trustee for the year ended 31 December 2022 (continued) Names and addresses of other relevant organisations Auditor KPMG LLP. 66 ￿een Square. Bristol. BS148E Banker Natwesl Bank pla 32 Com Streel, Brisld, BS93 7UG Sollcltor Womble Bond Dickinson IUKI LLP, 3 Temple Quay. Temple Back East. Bristol. BS1 6DZ Investment Managèr Evelyn Partners Investment man￿￿en1 LLP, Porw Place. Portwall Lane. 8rK8ld, BS1 6NA (via The Merchant Venturers. Charilies Investment Pod (MVCIP) Charity Number 10534591 Reference and administrative inforniation Until 31 December 2003 the Trust was govemed by a Charity Commission Scheme dated 15 February 1966. as amended by Schemes of 9 April 1970. 3 December 1984, 4 August 1988 and 29 November 1994 l.the Scheme"). During 2004 the full legal and accounting responsibility of Collegiate School and Monlpelier High School transfe￿ed from the Trust lo The Collegiate School Bristol Limited (Company number 2792699 and Charity number 10795521 and Venlurefs TnJst Limited (Company number 2792527 and Charity number 1079551) respectively. These transfers not include the larKI and buildings, which remain assets of the Tnjsl and were leased to the ￿ Schools on long ￿aSeS at a peppercorn rent. The new Scheme was dated and approved on g January 2004. On 1 September 2008 a new Academy schod, Venturers Tnjst {Company number 6511936 and Charity number 1123317) opened and most of the existing operations of Monlpelier High School were transferred lo this Acaéemy. as a non-fee-paying school. As a resuh. the lease lo the Sehool ceased and the Trust granted a new 125-year peppercorn lease for the benefit of Venturers Trust respect of the land and buildings occupied by them al Chellenham Road. Bristol. Structure* governance and management Governing document The Trust 1$ ¢onsliluled under a Trust deed dated 15 February 1966 Isee above) as varied by Schemes dated 22 August 2008 and 3 January 2017 and is a registered charity. number 311737. Governing body and organisational management The Trustee of the Charity is SMV Trustee Company Lirniled, a company limited by guarantee. All the members of the Sociely of Merchant Venturers, Standing Committee are Direclors of SMV Trustee Company Limited. The Board of SMV TNslee Company Liffliled meels regularly and periodically reviews the operalioll and financial results of the Charity. Assisting the Trustee are the Investment Siralegy Group. the Finance and Investment Sub-commillee and the Conflicts of Interest Advisory Sub-commillee.

Montpelier Collegiate Trust Report of the Trustee for the year ended 31 December 2022 (continued) Governing body and organisational management (continued) The Conflicts of Interest Advisory Sub£ommitlee comprise5 of two individuals wilh no connection lo either SMV or SMV TCL who would advise on areas where a conflict of interest mighl arise_ The Society of Merchant Venturers provided administrative seThice5 to the charities lisled in note 13 of which SMV TCL was Iruslee and made a charge for these. The Conflicts of Inleresl Advisory Sub- Committee has reviewed these charges and made a recominendalion lo the board of SMV TCL that the proposed charges are appropriate. Recruitment and training of the Trustee The Board of SMV Trustee Company Limited are elected annually from within the membership of the Society of Merchant Venturers and are apprised of the general duties of a Iruslee. In Ihe event of signtficant changes lo legislation or best practice. further relevant training is undertaken. They are also maje aware of the specific responsibilities associated wilh the Trust. Risk management In the light of the Corporate Govemance ￿ldan￿ ¢ontained within the Siatemenl of Recommended Praclice 2019"Accounling and Reporting by Charrties.. the Trustee examined the major nsks faced by the Charity. The Trustee continues lo monitor and manage ongoing risks relating to areas such as the achievement of the charitable objects and the protection of the charity's assels. Systems are in place lo monitor and control these risks and lo miligale the impact that they fflay have on the charity in the future. The Mer¢hanl V8nlurers' Audil Committee is responsible for assessing Ihe scope and effectiveness of the systems and processes established by management to identify. assess, manage and monitor the financial and non-financial risks. The risk register 15 reviewed and updated as required and no less frequently than twice per year by Management and by the Merchant Venlurers. Audrt Commillee and is noted by the Trustee. The Charity is reliant on the income from its inveslmenls to enable it to fund donatN)ns in the furtherance of its charitable objecfives. Should investment wKome fall. there be a ￿rreSpondIr￿j reduction lo the donalions lo the Schools. Objectlves and activities The Trustee confirms that il has referred to the guidance contained in the Charity Commission's general guidance on pU￿1C benefit when reviewing the Charity's aims and objectives and in planning future aclivilies. Objects of the Trust The objecls of Ihe Trusl are the advancement of the educalion of young people under Ihe age of 25 by 111 the provision of maintenance and support of Collegiate School and Monlpelier High School and {2) the suppofl of educational activities anywhere in the area of benefit and {3) the provision of bursaries, scholarships, grants or other payments lo young people in need of financial assistance lo assist them in pursuing Iheir education either al Collegiate School or Monlpelier High School or elsewhere in the area of benefit. In addition. the Scheme empowers Ihe Trust lo lease the land and property held in trust on behalf of the schools lo them and lo charge the property as security for any borrowings. The area of benefit of the Trust is the City of Bristol and the surrounding area formedy comprised in the County of Avon. The Trustee has mel these objectives during Ihe year.

Montpelier Collegiate Trust Report of the Trustee for the year ended 31 December 2022 (contlnued) Aims and intended impact On 27 January 2004, the Trust granted a 125-year peppercom lease lo Monlpelier High School, and on 23 April 2009 the Trust granted a 125-year lease for the benefit of Venturers Trusl. over the properties ulilised by the Schools. These leases indude a reverter clause whereby the lease is lerminable if the premises cease lo be ulilised by the schools in the pursuance of their objects. Separate 125-year peppercorn leases were granled over eight residential properties within the grounds of Collegiate School in order to enable these properlies to be offered as security for borrowngs by that School. There are no reverter dauses in these leases and the freehold interests continue lo be held by the Trust. In July 2009 the lease of the main sile was further varied lo release from it the properties known as Seabrook House and 2 Fry's Close and new leases of both these properties were granted on 24 July 2009 on terms similar to those under which the eight residential properties mentioned above were let. These properties were then. with the consent of the Trust. offered as security to the Trustees of the Old Colslonian Charitable Trust in relation to loans made to Collegkgle Scho(A by that trust. There is separate provision for the payment of compensath?n to the Department for Education I'DfE"l in respect of work carried out lo the premises by in the event of the lease for the benefit of Venturers Trust being brought to an end, bul with such compensation being calculated by reference lo the benefit from any improvements flowing to the TnJst at that ts"me. This provision is time limited lo 30 years from 2008. The Trust therefore provides properties from which both Collegi21e School and Monlpelier High School operate. In addition, il provides endowment income. grants and bursaries which are distributed for the benefit of both schools lo wden access to educational opportunities. In 2021 the Charity acquired the freehold of the former Kitto premises. which are strategically located belween Monlpelier High School and the Oolphin SchiK)l and thi5 was funded by way of a land swap. wllh a sile fronting on lo Sialion Road and a balancing payment being made. Consent was obtained from Ihe DfE for the current lease lo Venturers Trust to be varied so as lo exclude the sile sold lo Killo bul lo include the premises acquired. At the same time. il was agreed by the DIE that the flats located above 180A- D Chellenham Road be removed from Ihe school's lease, and further that Venlurefs Trust be permilled lo sub-lease the office building on Ihe Killo sile lo the Charity for 25 years lo enable il lo refurbish and let these premises. The income generaled from the flats and the office building will be used lo service the loan taken lo purchase the Kitto site. wilh any surplus nel income being passed to Venturers Trusl. Flnancial review The Stsiemenl of financial activities is sel out on page 12_ During the year. the Trust has continued lo make donations lo Collegiate School and Monlpelier High School. The endowment income is distributed quarterfy arKI. after various charges on the fund. the residual U￿eStrICted income was di8iribuled as follows (see [￿le 2).. 2022 2021 41510 Collegiate School 115 to Montpelier High School 5,520 7.024 1,380 1.756 6,900 8,780 The income from the restricted funds was distributed independently to Ihe schools in line with the relevant restrictions.

Montpelier Collegiate Trust Report of the Trustee for the year ended 31 December 2022 (continued) Inveslment pollcy and p•rfomiance The Charity continued lo invest in the Merchant Venturers, Charities Inveslmenl Pool IMVCIP) (Charity number 10534591 during the year. The Merchant Venturers, Finance a￿1 Inveslmenl Sub-committee's pdicy is to increase ir￿orne whilst preserving the real value of the investments. The income wovides unrestricted funds to enable the Trustee lo pursue the 0￿.eCIS of the Charity. irthirKJ rAans for the fvjlure. The year ended 31 December 2022 was a tumultuous year on almost every facel and financial markets were deeply affected. There was mulli-decade record inllalion and central banks responded with rapidly tightening monetary policy. Rising interest rates saw the correlation between bonds and equities turn positive, conlribuling lo large decline5 across most asset dasses. Funds flows dtverted away from growth and momentum slralegtes, ané yld curves flallened. The total return of the investmenl portfolio in the year was a loss of {10.60hl versus the MSCI PIMFA Balanced Index loss of (8.1 Q/o}12021'. gain of 10.31 ¥0 versus the PIMFA Conservalive Index benchmark gain of 6.89%). ReseNes policy Al 31 December 2022 the charity's endowment furvj was £703.588 and ￿mprised tangible fixed assets and inveslmenls. The tangible fixed assets comprise the freehold land and buildings al Collegiate School and Monlpelier High School {part of the Venturers Trust). The endowment investments comprise the original capital conlribulions plus any subsequent additions to capital and incorporate all unrealised surpluses and deficits. All income derived from the endowment fund is unrestricted and is dislribuled in full to the schools after the deduction of administrative charges. Restricted funds al 31 December 2022 lolalled £363.223 and are used in accordartce with the specific restrictions imposed by donors {see note 9). The polry and targel is reviewed on an annual basis by the Trustee lo lake account of the development of the charity and a review of the changing risks il faces. particularly in respect of income. Grant making policy Charitable donations, including supporting administrative costs. relate lo the distributions made or approved lo Collegiale School and Monlpelier High School. Going concem The financial slalements have ten prepared on a g)irKJ concem basK8 whKh the Trustee constders lo be appropriate for the followng reasons. The Tru51ee has prepwed cash flow forecasts for a of 12 months from dale of approval of these finanryal slalemenls which indicate that, taking ac(xxJnl of reasonably possitAe ¢Yownsides. the charity will have sufficienl funds lo meet its liabilitie5 a5 they fall due for that period. Consequently, the Trustee is eonfhlent that the Charity will have Suff￿lent funds lo meet ils liabilities as they fall due for al least 12 months from the date of approval of the financd statements and therefore has prepared the financ￿1 statements on a wing coneem basis.

Montpelier Collegiate Trust Report of the Trustee for the year ended 31 December 2022 (continued) Future plans The Trustee will conliNe to fuffil ils dutses as a resFX)nsitAe landlord in pursuit of Ihe overall objectives of the Tiusl and also manage the endThvmenl wlh tr* Intenti(￿ that ￿cCIne is maximised whilst preseNing the real value of the investments. Statement of Trustee's responsibilities in respect of the Trustee's Annual Report and the financial statements Under charity law, the trustees are responsible for preparing a Trustees, Annual Report and the financial slalemenls in accordance with appluble law and regulations. The trustees are required lo prepare Ihe financial slalemenls in accordance with UK Accounting Standards. irtEuding FRS 102 The Financiol Reporting Standard applicable in the UK and Republic ollreland. The financial slalefflents are required by law lo give a true and fair view of the stale of affairs of the charity arKI of the incoming resources and application of resources for Ihal period. In preparing these financial statements, generally accepted a(￿ntIng practice entails that the Injslees.. sdect $uitsble Wjunting polioes and then apply them consislenlly- make judgements and estimates that are reasonable and prudent: slate whether applicable UK Accounting Stsndards and the Slalemenl of Recommended Practice have been followed. subject lo any material depariures disdosed and explained in Ihe financial slalemenls,. slate whelhef the financial slalemenls comply wilh the trust deed. subject lo any material deparlures disclosed and explained in the financial stalemenls., assess the charity's abilily lo conlinue as a going concem. d¢sclosing. as applicable, mallers related lo going concern., and use the going COn￿rn basis of accounting unless they either intend to liquidate the charity or lo cease operations. or have rio realistic alternative but lo do so_ The trustee5 are required lo act in accordance with the trust deed of the charity, wilhin the framework of ITUSI law. They are responsible for keeping accounling records which are sufficient lo show and explain the charity's transactions and disclose al any lime. with reasonable accuracy. Ihe financial position of the charity al that lime, and lo enable the trustees lo ensure that, where any slalemenls of accounts are prepared by them under section 132{11 of the Charities Act 2011. those statements of accounts comply with the requirements of regulalions under Ihal provIs￿n. They are responsible for such internal control a5 they determine is necessary lo enable the preparation of financial slalemenls that are free from material misslalemenl. whether due lo fraud or error, and have general responsibility for taking such steps as are reasonably open lo them lo safeguard the assets of the charity and lo prevenl and delecl fraud and other irregularities. The Iruslees are responsible for the maintenance and integrily of Ihe financial and other information included on the charity s webs1te. Legislation in the UK governing the prepwalion and dissemination of financial lalemenls may differ from legislation in other jurisdictions. Slgned f r and on behaff of the Trustee Patrlck pa , Director Mercha Hall, The Promenade. Cllfton. Bristol, BS8 3NH Dale: 01 JQLY

Independent auditor's report to the Trustee of Montpelier Collegiate Trust Oplnlon We have audited the financial statements of Montpdier Collegiate Trust 1.the charity") for the year ende 31 Oecember 2022 which comprise the slatemenl of finanaal aclivilies, balance sheet and related notes. including the accounling policies on page 14. In our opinion the financial stalemenl$.' give a true and fair view of the slate of the charity's affair5 a5 al 31 December 2022 and of its incoming resources and applicab'on of resources for the year then ended.. have been propedy prepared in accordance with UK accounting standards, induding FRS 102 The Fin8ncAal Reporting Standard applicable in the UK and Republic of Ireland,. and have been prepared in accordance with the reqU￿ements of the Charities Act 2011. Basls for oplnlon We have been appointed as wdilor undw seckn'on 145 of the char￿eS Act 2011 (or its predecessotsl and report in accordance smlh regulat￿n5 made under section 154 of that Act. Vve conducted our audit in accordance wrth International Standards on Auditing IUKI {"ISAs IUK)") and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and aw independent of the charrty in accordance wth. UK ethical requirements induding the FRC Ethical Standard. We believe that the audit evidence we have obtained is a suffiaenl and appropriale basis for our opinion. Going concern The Iruslees have prepared the financial statements on the going concern ba515 as they do intend lo liquidate the charity or lo cease its operations. and as they have concluded that the charity's financial position means that this is realistic. They have also Concluded that there are no material uncertainties Ihal could have cast signrficanl doubl over ils ability lo continue as a going concern for al least a year from the dale of approval of the financia statements l.the going cOr￿M perK)d-l. In our evalu81ion of the ITUStees' Conclusions. 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 lo continue operations over the going concern period. Our condusions based on this work.. we consider that the trustees. use of Ihe ￿Ing concern basis of acLounling in the preparation of the rinancial slalemenls is appropriate,. we have not idenlilied. ané corTcur with the tnjslees. assessmenl that there is not, a material uncertainty related to events or conditions that. individually or collectively. may cast significant doubl on the charity's ability lo continue as a going concern Ihe g)irvJ concern period. However, as we cannot predicl all future evenls or conditions and as subsequent events may result in oulcomes that are inconsislenl wilh judgements Ihal were reasonable al the time they were made, the above conclusions are not a guaranlee that the charity will continue in operation. Fraud and brgachos of laws and regulations- abllity to detect Idenlifwng and responding lo risks offfl8teri81 misstalement due to fraud To identify risks of material fflisslalement due to fraud l-fraud risks-l we assessed events or conditions that could indicate an incentive or pressure lo commil fraud or provide an opportunity lo commit fraud. Our risk assessment procedures included- • Enquiring of management as lo the charily's high-￿¥￿ policies and wocedures to prevent and delecl fraud as wèll as whether they have kn￿edge of any aclual. suspected or alleged fraud.

Independent auditor’s report to the Trustee of Montpelier Collegiate Trust (continued)

• Reading SMV Trustee Company Limited Board minutes, audit committee, and investment committee meeting minutes.

• Using analytical procedures to identify any unusual or unexpected year on year movements.

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards, and taking into account our overall knowledge of the control environment we performed procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries.

On this audit we did not identify a fraud risk related to revenue recognition due to the simple recognition criteria and limited scope for judgement. We therefore assessed that there was limited opportunity for management to manipulate the income that was reported.

We did not identify any additional fraud risks.

In determining the audit procedures we took into account the results of our evaluation and testing of the operating effectiveness of some of the fraud risk management controls.

We also performed procedures including:

• Identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documentation. These included unusual accounts combinations.

Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and discussed with the directors and other management the policies and 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 identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the Charity is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including charities legislation) and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Charity is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to 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 required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

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Independent auditor's report to the Trustee of Montpelier Collegiate Trust {continued) In addition. as with any audit. there remained a higher risk of non4election of fraud, as these may involve collusion. forgery, inlenlional omissions. misrepresentations. or the override of internal controls. Our audit proceéures are designed to delect material misslatemenl. We are not responsible for preventing nOn-comt￿lan¢e or fraud and cannot be expeded to delect r￿n-cOMplIarte with all laws and regulations. Other InformatSon The trustees are responsible for the other informalion. which comprises the Report of the Tru51ee. Our opinion on the financial statements does rK)I cover the other information and, accordingly, we do not express an audit opinron or. ex￿p1 as eX[￿IcitIY slated below. any form of assurance condusion Ihereon. Our fesponsibilily is to read the olher infomalion and, in doing so. consider whether, based on our financial slalements audit work, the information therein is materially misslaled of ineonsislent with the financial statements or our audit knoyledge. We are required lo report to you rf: based solely on that work, we have identified malerrdl misslalements in the other information., or in our opinion, the infomialion given in the Trustees. Annual Report is inconsislenl in any material respect with the finanual stalemenls. We have nothing lo report in these respects. Matters on whlch we are requlred to report by except5on Under the Charities Act 2011 we are required lo ￿port lo you rf, in our opinion.. the charity has not kept sufficient accounting records.. or the financial stalemenls are not in agreement with Ihe accounting reeords.- or we have not received 811 the information and explanations we require for our audit. We have nothing lo report in these respects. Trustees. responsibilities As explained more fully in their statement sel out on page 7, the trustees are responsible for.. the preparation of financial slalemenls which give a true and fair view.. such inlemal control as they determine is necessary to enable the preparation of financial slalements that are free from malerial misslalemenl. whether due to fraud or error., assessing the charity's ability lo continue as a going concern, disdosing. as applicable, mallers related lo going concern,. an¢J using the going concern basis of accounting unless they either intend to liquidate the charity or lo cease operations. ￿ have no ￿lIstIC allemalive but lo do so. Auditor's responsibllities Our objectives are lo obtain reasonable assurance aboul whether the financial statements as a whole are free from malerial misstalemenl. whether due to fraLJd or error. and to Issue our opinion in an auditor's report. Reasonable assurance is a high level of assurance. bul does nol guaranlee that an audit conducted in accordance with ISAS {UKI will always detect a material misslatemenl when il exisis. Misslalemenls can arise from fraud or error and are considered material if, indtvidually or in aggregate, they could reasonably be expected to infiuence the economic decisions of users taken on Ihe basis of the financial statements. A fuller www.frc.or description of our resp)nsibdilies .ukJaudilorsres onsibililies. provided on Ihe FRC'9 website al 10

Independent auditor's report to the Trustee of Montpelier Collegiate Trust (continued) The purpose of our audit work and to whom we ow• our responsibilities This report is made solely lo the charity's Iruslees as a body. in acCOrdar￿ with section 145 of the Charities Act 2011 lor ils predecessors) and regulations made under seCt￿n 154 of thal Act. Our audit work has been un(Jertaken so that we might slate lo the ch3rity's tTUStees those matters we are required lo stale lo them in an auditor's report and for no other purpose. To the fullest exlefil permitted by law, we do not accept or assume responsibility lo anyone other than the charity and ils Iruslees. as a body, for our audit work, for this report, or for the opynions we have f¢xmed. Jaathan Brown for and on behalf of KPMG LLP, Statutory Auditor Chartered Accountants 66 Queen Square Bristol, BS1 4BE Date.. o? 2023 KPMG LLP is eligible to act as an audi1￿ in temyd of se¢tton 1212 of the Companies Acr 2006

Montpelier Collegiate Trust Statement of financial activities for tha year ended 31 December 2022 Unrestricled funds Investments Unrestricted Permanent funds Restrlcted endowment Rents fund fund 2022 Total 2021 Total Note Income from: Income 25,910 25.910 88.451 13.331 127.692 113,513 Total income 88.451 13.331 127.692 113.513 Expgnditurg on: Charltable actlvltles Education= Collegiate School Monlpelier High hool {17.9391 (12.398) 130,3371 122,1781 (4.485) (891) {5,376) {4,457} Total charltable actlvlties (22.424) (4.730) (13.289) 135.713) {92,435) 126,6351 {120.3911 Other 187.705) Total resources expended (Lossygain on revaluation of investments (27,154) 187,705> {13.289) {128,1481 {147,0261 154,842) {106.5491 1161.3911 76.641 Transfer 1.244 {1.2441 Net lexpenditure)I income being net movement in funds 746 (56,0441 1106,5491 1161.847) 43.128 Reconclliation of funds- Total funds brought forward 135.932) 419.267 810.137 1.193.472 1.150.344 Total funds carrled forward 135.186) 363.223 703,588 1,031.625 1,193,472 The statement of financial acltvilies indudes all gains aThJ losses reecrfJnised in the year. l incoming resources and resources exper￿e￿ derive from continuing actwilies. The accompanying notes fomi an integral part of these financial slalements. There is no difference between the nel incoming resources for the year and Iheir histor￿1 cost eqUIva￿l. 12

Montpelier Collegiate Trust (Charity Number 311737) Balance sheet at 31 December 2022 2022 2021 Noles Tangit4e assets Investments 569.664 593,4C(I 1.058.389 1,219.780 1.628.053 1,813,180 Current assets Debtors 16.083 19,760 Cash 111.958 107,589 128,041 127,349 Credltors: amounts falllng due wlthin one year Net current assets {102.189> {21.481 } 25,852 105,868 Creditors: amounts falling due after one year Net assets {622,280) 1.031.62S {725,5761 1,193,472 Funds Unrestricted fund Investments Unreslricled furKI Rents 11 135,186) 363,223 135.9321 419,267 810.137 Restricted fvnds Permanent endowThent fund 10&11 703,588 1.031.625 1.193.472 The financial statements on pages 12 10 21 were apwoved by the Trustee on ot 2D23and were signed on ils behalf by.. 14L4 Patr Dlre ck Despard or Michael 8othamlgy Diroctor The att￿panY1ng r￿leS fom an integral part of these financial stalemenls. 13

Montpelier Collegiate Trust Prlncipal accounting policies Presgntation of flnanclal statements The financial slatemenls have been prepared in ae(x)rdance wilh a￿lca￿e Accounting Standards in the United Kingdom, the ￿lun[ing regulalk)ns issued under the Charilies Act 2011 and the Slalemenl of Recommended Practice ISORP}"Accounling and Reporting by Charities" issued in October 2019. The accounting [￿iC￿S that the Charity has adopted lo determine Ihe anv)unts induded in reswt of material items shown in the balar￿ sheel and also lo determine the irKome and expenditure have been applied consistenlly in the current and preceding year aThJ *e skK)vffl bel￿￿. MontpElier Collegiate Trust meets the definibon of a putlic benefit entity under FRS 102. Assets and liabilities are inilialy rewnised at hislorical cost or transxtion vaue unless Oth￿￿￿e s(aled in the rdevanl &c(yJnling policy. Basis of accounting The financial statements have been prepared under the histori(zl cost Convent￿n, as modrfied by the revalualKJn of fixed asset inveslments. and in ￿ldance with ￿ Slalement of Recommended Practice "Accounlirmj and RetxKting by Charilies ISORP 20191" applutAe lo charities preparirKJ their accounts in accordarKe with Financial Re￿rtIng StWKlard applicable lo the UK and Repubjic of Ireland {FRS 1021. Golng Concern The financial stalefflenls have been prepared on a ￿Ing ￿nI￿7 basis which the Trustees consider lo be appropriate. The Trustees have revwed the cash flow forecasts a peri(xl of 12 months frC￿ the dale of approval of Ihese financial statements which indicate that the charity wll have sufvenl funds lo meet rts liabililtes as they fall due for that period. Consequently, the Trustee is confidenl that the charity wll have sufficient lunds lo ccffilinue lo meet its liabilities as they fall due for al least 12 months from the dale of approval of the finarrial stalemenls. Crltlcal accounting judgernents and key sources of estlmation uncertainty In applying the charity'5 accounting polic￿$, the Trustee is required lo make judgemenls, eslimales and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Investment incom• Quarterly dislribulions from the inveslmenls in MVCIP are treated as income of the period in which they accrue. Other Sncom• Other income is credited lo the statemenl of financial activities on a reCeiVa￿e basis. Expendlture {al All expenditure is accounted for on an accwals basis and 15 recognised when there is a legal or conslruclive obligation to pay for expenses. Charitable donations. Including sUPPOrting adminislralion costs, relate to the dislribulions made or approved lo Collegiate School, Monlpelier High School and other enlilie5 as dela￿led in the objects of the Trust. Governance cosis relate to Ihe strategic management of the Charity's assets. and compliance with constitutional and slalulory requirements. Ib) Icl 14

Montpelier Collegiate Trust Principal accounting policies (continued) Irre¢overable VAT Any irrecoverable VAT is charged lo Ihe slalemenl of finartial aclivilies or capitalised as part of the asset where appropriale. Fund accounting The Trust has three types of funds forwhth it is responsible. and which require separate disdosure. These are as follows.. Unrestrlcted lunds Income arising from the endowment investmen15 is credited lo Ihe unresiricled fund. These funds are expendable al the discretion of the Trustee in furtherance of the 0￿.ecIS of the Trust. Following Ihe acquisilton in 2021 of the former Kilto premises and the removal from the school's lease las agreed by the DfEI of the flats localed above 180A- D Chellenham Road the charity has respon5ibilily for oversighl of the flats. Due lo required maintenar￿e spend. a nel operating expenditu￿ was generated by the rents in 2021 and 2022. The Trustee expects this to generate a net operating income in Ihe future. Permanent endowment fund The permanent endowment fund comprises tangible fixed assets and inveslmenls. The tangible fixed asset5 comprise the land and buildings al Collegiate School and Monlpelier High School. The investments comprise the original capital contribution plus any additions lo capital and incorporate all unrealised gains and losses arising on the revaluation of the investments, all of wh￿h are invested in MVCIP. Restrlcled funds Reslricled funds are funds which are lo be used in accordance with Specif￿ restrictions imposed by donors. The aim and use of each reslricled fund are set out in the notes lo the financial slatemenls. Investments The Trust's investments in MVCIP are staled at mid-markel value al the balan￿ sheet date. This is not in accordance with FRS 102 which recommends bid value but is consislenl with the entity's performance management process. Using bid values would lead to a movement in the valuab.on of Ihese listed inveslwnenl$ of an amount which is considered by the Trustee to be immaterial. The statement of financial activities includes the nel gains and losses arisiThJ on revaluation5 and disposals thr(HJghoul the pwiod. Cash flow statement A slalemenl of cash flows has not been prepared as the Charity has taken advantage of the exemption available in the SORP for smaller charities. Taxation Monlpelier Collegiate Tnjst is a regtslered charity and as such tsx exemption applies to the income arising from and expended on charitable aclrvities and lo its inveslmenl income and gains. Flxed assets and depreclatlon Fixed assets are staled al cost less depreciation. Depreciation is calculated so as lo write off assets on a straight4ine basis over the expected useful economic lives of the assets concemed. The annual rates use(I for this purpose have been.. Freehold building5 and improvements 15 10 50 years Land and assets in the course of conslrLthn are rKJI dewerj'aled. Assets with a (x)sl of less than £l.OCrf) are written off lo experKlitiJre during ￿ year.

Montpelier Collegiate Trust Notes to the financial statements for the year ended 31 December 2022 Incoming resources 2022 2021 Investment income Distributions from MVCIP 39.218 38,991 76.521 Rental Income 88,451 Bank interest 23 127.692 113,513 Analysis of total resources expended Donations from the unre51ricted fund comprise.. Dlrect Support costs 2022 2021 Collegiate School Monlpelier High School 5.520 12,419 3.105 17.939 11,268 1,380 4,485 2.817 6.900 15,524 22,424 14,085 I SUPPK)rt ¢osls have been alocated lo one tharrtable activity leducattin). The Trust has no em￿oYeeS 2nd no staff costs12021'. nl). H¢y4vever. a recharge is made by the Swiely of Merchant Venturers for staff as discloged in note 11. Details of restricted expeThJibse during the year we ￿0vided on note 9. Other costs 2022 2021 Audit fee 2.340 2.340 Professional Fees 11,897 16,230 35,490 19,510 64,971 Maintenance of resKlenlial propert*s Loan Interest 31,410 Telephone and Fax Depreckglion Trustee's indemnity inSUra￿e 352 23,736 2,390 2,160 92,435 120.391 The audit fee excluding irrecovwthe VAT was £1.￿0 for 202212021.. £1.9501. 16

Montpelier Collegiate Trust Notes to the financial statements for the year ended 31 December 2022 (continued) Tanglble fixed assets Investment Proporty FfOOhold land and buildings Cost or valuation As al 1 January arKI Additions 593,400 6.693.509 Total ¢o$l 593.400 6,693,509 Accumulated depreciation As al 1 January As at 31 December 2022 {6,693,5091 123,7361 569.664 Net book value as at 31 D•c•fflbgr 2022 Nel book value 85 al 31 December 2021 593,400 The beneficial use of the freehold land and buildings has been transferred lo Collegiate School and Monlpelief High School {part of Venturers Trusll. As a result of this the Trustee considers that il is appropriat8 lo record a value of these assels in Ihese financial statements as £nil. The freehold interest remains wlh MonlFelier Collegiate Trust. Fixed asset investments Investmènts In MVCIP Cost As al 1 January and 31 December 2022 Revaluatlons 735.048 Uniealised gains al 1 January 2022 Losses arising on revaluation in the year Unreallsed gains at 31 December 2022 Net book value at 31 December 2022 484,732 1161,391) 323.341 1,058,389 Nel book value al 31 t)ecember 2021 1.219.780 All investments are held in the MVCIP. The portfolio for MVCIP was structured as follows al 31 December 2022. Investment assets in Ihe UK 39.1 Investment assets outside the UK 42.6 lernalwes & Mulli-Assel 16.8 Cash 100.0 17

Montpelier Collegiate Trust Notes to the financial statements for the year ended 31 December 2022 (continued) Debtors 2022 2021 Accrued investment income 10,685 12,701 7.059 Prepaymenls 5,398 16.083 19,760 Creditors: amounts falling due within one year 2022 2021 Col*iate School Monlpelier High Sch(x)I Other creditors 4.611 857 4.053 753 18,938 16,675 Bank loan due witlin one ye Tl,783 102.189 21,481 Creditors: amounts falling due after more than one year 2022 2021 Age analysis of bank loan Oue wlhin one year Due after more Ihan one year". Be￿een one and Iwo years Belween two and five years More than five years Total due after more than one year Total 77.783 56.549 77,783 59.832 544.497 609,195 622.280 669,027 725,576 71X).063 The Charty look out a loan with Nalwesl Bank during 2021 to finance Ihe acquisition of the freehold of the former Killo premises, which are strategically located befften Monlpelier High School and the Dolphin School_ The loan had a balance of £700.063 al 31 December 20221£725.576 al 31 December 20211, was secured on 180a. 180b. 180c and 180d Chellenham Road and interest was payable al 4.5% above base rate. The Charity look advantage of a capital repayment holiday for 12 months from the dale of inception. The loan will be repaid by monthly inslalmenls_ Repayment is permilled over a shorler or longer period, ending no later than the final repayment dale of 19 February 2026. 18

Montpelier Collegiate Trust Notes to the financial statements for the year ended 31 December 2022 (continued) Restricted funds Net incomingl loutgoingl resoL¢Tces Loss Asat in market 31 value of December investment 2022 Asat 1 January 2022 RSW Clarke 54.090 17,157) 12.323) 12,425) (29,096) 112,663) {1,214) 46,933 CCS Trusts 17.556 15.233 CCS Prize 18.332 219.906 15,907 CCS Bursaries and Scholarships F A Clark 190,810 95.702 83,039 A M Mcwallers 11.282 78 10,146 Transfer 2.399 11.2441 11.1661 1,155 419.267 154,878) 363.223 The RSW Clarke Fund was established to provide travel for teachers at Monlpelier High School. The CCS Trusts, Prize, and Bursaries and Scholarships Funds each consist of a number of small personal donations lo provide scholarships. bursaries. prizes and other assistance lo pupils al Collegiate School. The income from the F A Clark Fund is to be used al the discretion of the Trustee and Governors of Collegiate School for special projects at that School. The A M Mcwatters Fund was established to proV￿e a hislory travel prize for pupils al Collegiate School. 10 Permanent endowment fund The pemianent endovdinenl fund Comprises the Trust's inveslmenl in MVCIP exdvding the restricted investments transferred from Collegiate Schwl and Venlurers Trust. the value of which was £699,424 al 31 December 202212021.. £805,291}. The fund also contains the Trust's freehold land and buildings which were valued at £26.941,250 on 31 December 2003 by Ader King in accordance with the RICS Appraisal and Valuation Siandards in particular in accordance with UK Practice Sialemenl 1 and Financial Reporting Standard 15. On 27 January 2004 and 23 April 2009, the Trust granted 125-year peppercorn leases over Ihese assets thereby transferring the beneficial use lo the two schools. As a result of this the Truslee considers that Il is appropriate lo reccKd the value of these assets in these financial statements al £nil. 19

Montpelier Collegiate Trust Notes to the financial statements for the year ended 31 December 2022 (continued) 11 Analysis of funds Unreslrided funds Rent Unrestricted funds Inveslfflenl Income Restricted Pemianenl funds endowment fund Total At 1 JaThAary 2022 Nel movement in fvnds (35,932> 746 419,267 810,137 1,193,472 {106,5491 1161,8471 (1,244) 1.244 (54.8001 {1.2441 363,223 Transfer Al 31 December 2022 135.186) 703,588 1,031,625 Represented by Inveslmonls 359.647 698.742 1.058.389 569,664 128.041 Tangible fixed assets Current assets 569.664 105.768 5.974 16,299 Current liabilities (10.555) (700,0631 135.1861 12.398 {11,4531 124.4061 (700.0631 1,031.625 Long Tem) liabilities 363.223 703,588 12 Trustee's remuneration The Trustee did not r￿1ve remuneration or re1mL￿r5eMent of expenses for their services lo the Trust during the year. nor held any beneficial interest in any ¢ontracl with Ihe Trust during the year12021.. £nil). The Society of Merchant Venturers charged £6.188 {2021.. £2,624) to Ihe Charity lo recover costs incurred on behalf of the charity. Of this, £nil is outstanding at the year*rKI12021.- £nil). 20

Montpelier Collegiate Trust Notes to the financial statements for the year ended 31 December 2022 (continued) 13 Related party transactions The Trust had a number of related party transactions with the following organisalions: The Socloty of Merchant Venturers The Society of Merchant Venturers recharged the charity £6.044 during the year {2021." £6,586) in relation to costs associated with school functions. Of this. £6.044 is outstanding al the Year￿1(2023". £6,586). Venturers Trust and Collegiate Scht)ol The schools are connected organisalions Inole 14). The Trust holds investments for Ihe benefit of the Collegiate School and Monlpelier High School, the income from which is paid lo the schools. For details of donations paid to the schools see the statement of financi activit￿5. For details of outstanding balances al the year-end see note 7. Mgrchant Venturers, Charities Investment Pool IMVCIP) The Truslee is also the Trustee for MVCIP. For details of the inveslments held and income received from these inveslments see notes 1 and 5. Al the yearorKS £10,685 was oulstanding from MVCIP 12021.. £9,408). 14 Connected organisations Collegiate School and Venlurers Trust are connected organi8alions, with govemor nomination rights from the Society of Merchant Venturers. Collegiate School can be contacted al Bell Hill, Siaplelon, Bristol. BS16 1BJ and Venturers Trust can be contacted al Gatehouse Avenue. Bristol, BS13 9AJ. For details of transactions with those enlilies see note 12. 15 Kitto Project During 2021. the Charity acquired the freehold of the former Kitto premises, which are slralegically lo¢aled between MonlpelEr High School and the Dolphin School. This was funded by way of a land swap, with a sile fronling on lo Slalion Road and a balancing payment being made, financed via a bank loan from Nalwest Bank Plc. Consent was obtained from the DfE for the current lease to Venturers Trust lo be varied so as lo exdLJde the sile 501d lo Killo bul lo include the new Killo premises. Al the same lime il was agreed by the DfE that the flals located above 180A- D Cheltenham Road be ￿MOVed from the School's lease. and further that Venturers Trust be pefmitted lo sutFlease the office building on the Killo sile lo the Charity for 25 years. The income generated from the flats and the office building will be used lo service the loan taken lo purchase the Killo sile. with any surplu5 nel income being passed lo Venturers Trust for the benefit of Monlpelier High School. 21