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 y*ld 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 t*en 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. 

9 



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