Registered Charity Number.. 311737 Montpelier Collegiate Trust Annual report and financial statements for the year ended 31 December 2023
Montpelier Collegiate Trust Annual report and financial statements for the year ended 31 December 2023 Contents Page Report of the Trustee Independent Examinerfs Report to the Trustee of Montpelier Collegiate Trust Statement of financial activities Balance sheet 10 Principal accounting policies Notes to the financial statements 13
Montpelier Collegiate Trust Report of the Trustee for the year ended 31 December 2023 The Trustee presents its report and audited financial statements for the year ended 31 December 2023. The financial statements comply with current slalutory requirements, the governing instruments and the Stalemenl of Recommended Practice for Charities (SORP 20191. Trustee, officers and advisers The Trustee of the Charity is SMV Trustee Company Limited. Listed below are those members who have served on the Board of SMV Trustee Company Limited during the year: Michael Bothamley Robert Bourns Jonathon Baker Patrick Despard David Freed Gillian Camm R05s Ancell Martin Thatcher Dr Steve Allpress Nick Baker Karl Tucker Katharine Finn David Powell Mark Burchfield Heather Frankham Professor Sir Steven West Laura Marshall Tracey Killen (Retired 10 November 2023} (Retired 10 November 2023) (Retired 10 November 2023) (Appointed 10 November 2023) {Appointed 10 November 2023) {Appointed 10 November 2023> Reglstered addross of the Charlty Merchants, Hall The Promenade Clifton Bristol BS8 3NH Charlty Number: 311737
Montpelier Collegiate Trust Report of the Trustee for the year ended 31 December 2023 (continued) Names and addresses of other relevant organisations Independent Examiner Bishop Fleming LLP, 10 Temple Back, Bristol. BS16FL Banker Natwesl Bank plc. 32 Com Street, Bristol, BS99 7UG Solicltor Womble Bond Dickinson (UK) LLP, 3 Temple Quay. Temple Back East. Bristol, BS16DZ Investment Manager Evelyn Partners Investment Management LLP, Pothall Place, Portwall Lane, Bristol, BS16NA (via The Merchant Venturers, Charities Investment Pool (MVCIPI Charity Number 1053459) Reference and administrative information Until 31 December 2003 the Trust was governed by a Charity Commission Scheme dated 1 S February 1966, as amended by Schemes of 9 April 1970, 3 December 1984, 4 August 1988 and 29 November 1994 (°the Scheme"). During 2004 the full legal and accounting responsibility of Collegiate School and Montpelier High School transferred from the Trust lo The Collegiate School Bristol Limited (Company number 2792699 and Charity number 1079552) and Venturers Trust Limited (Company number 2792527 and Charity number 1079551 > respectively. These transfers did not include the land and buildings, which remain assets of the Trust and were leased to the two Schools on long leases at a peppercorn rent. The new Scheme was dated and approved on 9 January 2004. On 1 September 2008 a new Academy school, Venturers Trust (Company number 6511936 and Charity number 1123317) opened and most of the exisling operations of Monlpelier High School were transferred to this Academy, as a non-fee-paying school. As a result, the lease to the School ceased and the Trust granted a new 125-year peppercorn lease for the benefit of Venturers Trust in respect of the land and buildings occupied by them al Chellenham Road, Bristol. Structure, governance and management Governing document The Trust is constituted under Schemes dated 22 August 2008, 3 January 2017 and 18 March 2022 and is a registered charity, number 311737. Governing body and organisational management The Trustee of the Charity is SMV Trustee Company Limited, a company limited by guarantee. All the members of the Society of Merchant Venturers, Standing Committee are Directors of SMV Trustee Company Limited. The Board of SMV Trustee Company Limited meets regularly and periodically reviews the operation and financial results of the Charity. Assisting the Trustee are the Investment Strategy Group, the Finance and Investment Sub-committee and the Conflicts of Interest Advisory Sub-committee.
Montpelier Collegiate Trust Report of the Trustee for the year ended 31 December 2023 (continued) Governing body and organisational management (continued) The Conflicts of Interest Advisory Sub-committee comprises of two individuals with no connection to either SMV or SMV TCL who would advise on areas where a conflict of interesl might arise. The Society of Merchant Venturers provided administrative services to the charities listed in note 13 of which SMV TCL was truslee and made a charge for these. The Conflicts of Interest Advisory Sub- Committee has reviewed these charges and made a recommendalion to the board of SMV TCL that Ihe 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 appriased of the general duties of a trustee. In the event of significant ch8nges to legislation or best practice, further relevant training is undertaken. They are also made aware of the specific responsibilities associated with the Trust. Risk management In the light of the Corporate Governance guidance contained within the Statement of Recommended Practice 2019 "Accounting and Reporling by Charities" the Trustee examined the major risks faced by the Charity. The Trustee continues to monitor and manage ongoing risks relating lo areas such as the achievemenl of the charitable objects and the protection of the charity's assets. Systems are in place to monilor and control these risks and to mitigate the impact that they may have on the charity in the future. The Merchant Venturers, Audit Committee is responsible for assessing the scope and effectiveness of the systems and processes established by management lo identify, assess, manage and monitor the financial and non-financial risks. The risk register is reviewed and updated as required and no less frequently than twice per year by Management and by the Merchant Venturers, Audit Committee and is noted by the Trustee. The Charity is reliant on the income from its investments lo enable il lo fund donations in the furtherance of ils charitable objectives. Should investment income fall, there would be a corresponding reduction to the donations to the Schools. Objectives and activities The Trustee confirms Ihal il has referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities. Objects of the Trust The objects of the Trust are the advancement of the education of young people under the age of 25 by (1) the provision of maintenance and support of Collegiate School and Montpelier High School and (2) the support of educational aclivilies anywhere in the area of benefit and (3) the provision of bursaries, scholarships, grants or other paymenls to young people in need of financial assistance lo assist them in pursuing their educalion either at Collegiate School or Montpelier High School or elsewhere in the area of benefit. In addition, the Scheme empowers the Trust to lease the land and property held in trust on behalf of the schools to them and lo charge the properly as security for any borrowings. The area of benefit of the Trust is the City of Bristol and the surrounding area formerly comprised in the County of Avon. The Trustee has mel these objectives during the year.
Montpelier Collegiate Trust Report of the Trustee for the year ended 31 December 2023 (continued) Aims and intended impact On 27 January 2004, the Trust granted a 125-year peppercorn lease to Montpelier High School. and on 23 April 2009 the Trust granted a 125-year lease for the benefit of Venturers Trust, over the properties utilised by the Schools. These leases include a reverter clause whereby the lease is lerminable if the premises cease to be utilised by the schools in the pursuance of their objects. Separate 125-year peppercorn leases were granted over eight residential properties within the grounds of Collegiate School in order to enable these properties to be offered as security for borrowings by thal School. There are no reverter clauses in these leases and the freehold interests continue to be held by the Trust. In July 2009 the lease of the main site was further varied to 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, wilh the consent of the Trust, offered as security to the Trustees of the Old Colslonian Charitable Trust in relation to loans made to Collegiate School by that trust. There is separate provision for the payment of compensation to the Department for Education ("DfE") in respect of work carried out to the premises by DfE in the event of the lease for the benefit of Venturers Trust being brought to an end, but with such compensation being calculated by reference to the benefit from any improvements flowing to the Trust at that time. This provision is lime limited 10 30 years from 2008. The Trust therefore provides properties from which both Collegiate School and Montpelier High School operate. In addition, it provides endowment income, grants and bursaries which are dislribuled for the benefit of both schools to widen access to educational opportunities. In 2021 the Charity acquired the freehold of the former Kitto premises, which are strategically located between Monlpelier High School and the Dolphin School and this was funded by way of a land swap, with a sile fronting on to Station Road and a balancing payment being made, financed by a loan from Natwest bank. Consent was obtained from the DfE for the current lease to Venturers Trust to be varied so as to exclude the site sold to Kitlo bul to include the premises acquired. At the same lime, il was agreed by the DfE that the flats located above 180A - D Cheltenham Road be removed from the school's lease, and further that Venturers Trust be permitted to sub-lease the office building on the Kilto site to the Charity for 25 years to enable it to refurbish and let these premises. The income generated from the flats and the office building will be used to service the loan taken to purchase the Kitlo site, with any surplus nel income being passed to Venturers Trust. On 1st September 2024, the Venturers Trust schools joined E-Act Mulli Academy Trust and included within this transfer was Montpelier High School. It is anlicipated that a long lease of the Montpelier High School sile will be granted lo E-ACT in due course. E-ACT currently occupies via a licence from Venturers Trust, lo which the Charity has consented, whilst detailed terms in relation to the transfer are finalised. Financial review The Statemenl of financial activities is set out on page 9. During the year, Ihe Trust has continued to make donations to Collegiate School and Montpelier High School. The endowment income is distributed quarterly and, after various charges on the fund, the residual unreslricled income was distributed as follows (see note 2).. 2023 2022 415 to Collegiate School 115 to Montpelier High School 5,074 1,269 5,520 1.380 6,343 6,900
Montpelier Collegiate Trust Report of the Trustee for the year ended 31 December 2023 (continued) The income from the restricted funds was distributed independently to the schools in line with the relevant reslriclions. Investment policy and performance The Charity continued to invest in the Merchant Venlurers. Charities Investment Pool {MVCIP) (Charity number 1053459) during the year. The Merchant Venlurers, Finance and Inveslmenl Sub-commiltee's policy is to increase income whilst preserving the real value of the investmenls. The income provides unrestricted funds to enable the Truslee to pursue the objects of the Charity. including plans for the future. During 2023 a tug of war between inflation and interest rates played out across continents. Many central banks had the delicale lask of curbing inflation without il stifling the economy. The UK grappled with sticky inflation, and this posed challenges lo both consumers and policymakers. Al the start of the year Consumer Price Inflation (CPI) hit a record 10.7 % by October it had declined to 4.6 % but il remained higher than the US (3.2 % ) and the eurozone (2.9 % ). 2023 saw the lowest percentage of slocks outperforming the index over the past 25 years, with the "Magnificent Seven" driving equity returns in 2023 with returns dwarfing the US and International market returns. Developed equity valuations (led by the US market) are close again to previous peaks. The total return of the Investment portfolio in the year was a gain of 5.05Q/o versus the benchmark of 10.38C/+ (2022: loss of 10.60/0 versus the benchmark loss of 8.19/0). Reserves policy At 31 December 2023 the charity's endowment fund was £707,595 and comprised tangible fixed assets and investments. The tangible fixed assets comprise the freehold land and buildings al Collegiate School and Montpelier High School (parl of the Venturers Trust). The endowment inveslmenls comprise the original capital contributions plus any subsequenl additions to capital and incorporate all unrealised surpluses and deficits. All income derived from the endowment fund is unrestricted and is distributed in full to the schools after the deduction of administrative charges. Restricted funds at 31 December 2023 lotalled £368,386 and are used in accordance with the specific restrlctions imposed by donors (see note 9). The policy and target is reviewed on an annual basis by the Trustee lo lake account of the developmenl of the charity and a review of the changing risks it faces, particularly in respect of income. Grant making policy Charilable donations, including supporting administrative costs, relale lo the dislribulions made or approved to Collegiate School and Montpelier High School. Going concern The financial statements have been prepared on a going concern basis which the Trustee considers to be appropriate for the following reasons. The Trustee has prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, the charity will have sufficient funds lo meel its liabilities as they fall due for that period. Consequently. the Truslee is confidenl that the Charity will have sufficient funds to meet ils liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore has prepared the financial statements on a going concern basis.
Montpelier Collegiate Trust Report of the Trustee for the year ended 31 December 2023 (continued) Future plans The Trustee will continue to fulfil its duties as a responsible landlord in pursuit of the overall objectives of the Trust and also manage the endowment with the intention that income is maximised whilst preserving 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 statements in accordance with applicable law and regulations. The trustees are required to prepare the financial statements in accordance with UK Accounting Standards, including FRS 102 The Financial R8POrting Slandard applicable in the UK and Republic of Ireland. The financial statements are required by law lo give a true and fair view of the stale of affairs of Ihe charity and of the incoming resources and application of resources for that period. In preparing these financial statements, generally accepted accounting practice entails that the trustees.. select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards and the Statement of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements; state whether the financial statements comply with the trust deed, subjecl to any material departures disclosed and explained in the financial statements,. assess the charity's ability lo continue as a going concern, disclosing, as applicable, matters related to going concern,. and use the going concern basis of accounting unless they either intend lo liquidate the charity or lo cease operations, or have no realistic alternative but to do so. The trustees are required to act in accordance with the trust deed of the charity, within the framework of trust law. They are responsible for keeping accounting records which are sufficient to show and explain the charity's transactions and disclose at any time, with reasonable 8ccuracy, the financial position of the charily at that time, and lo enable the trustees to ensure that, where any slalemenls of 8ccounls are prepared by them under section 13211) of the Charities Act 2011, those statements of accounts comply with the requirements of regulations under that provision. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the financial and other information included on the charity's website. Legislation in the UK governing Ihe preparalion and dissemination of financial statements may differ from legislation in other jurisdictions. Slgned for and on behalf of the Trustee Michael Bothamley, Director Merchants, Hall, The Promenade, Clifton, Bristol, BS8 3NH Date: 11 oLtCPJEIK J6A
Independent Examiner's Report to the Trustee of Montpelier Collegiate Trust I report to the charity Trustee on my examination of the accounts of the charity for the year ended 31 December 2023. Responslbilltles and basls of report As the Trustee of the charity you are responsible for the preparation of th8 accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act.). I report In respact of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independont examlner's statsmenl Your attention Is drawn lo the fact that the charity has prepared the accounts In accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Iraland {FRS 102} in preferenc8 to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which Is referred to in the extanl regulations bul has been withdrawn. l understsnd that this has been done in order for the accounts lo provide a true and fair view in accordance with the Generally Accepted Accounting Praclice effeclive for reportlng periods beginning on or after 1 January 2019. I have completed my examination, I can confimi that no matters have come to my attention in connection wlth the examination giving m8 cause lo be118ve that In any matèrial rèspect: aGcounling records were not kept in resp8Ct of the charily as required by section 130 of the 2011 Act., or the accounts do not accord wlth those records; or the accounts do not comply with the 8pplicable requirements concerning the fonn and content of accounts set out in the Charities (A¢¢ounts and Reports) Regulalions 2008 other than any Qu1ment that the accounts give a Irue and falr. vl8w which Is not a matter consld8red as part of an Independ8nl 8xamlnatlon. I hav8 no conc8rns and have come across no oth8r matt8rs In conn8Ction wlth the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. This report Is made solely to the charily's Trustee, as a body, In accordance wlth Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so Ihal I might slate to the charily's Trustee those matters I am required to slate to them in an Independent Examinerfs Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustee as a body, for my work or for this report. Chris Tranlham FCA Bishop Fleming LLP Chartered Accountants 10 Temple Back Bristol BS16FL Date.. 18 October 2024
Montpelier Collegiate Trust Statement of financial activities for the year ended 31 December 2023 UnrestrScted funds Investments Unrestricted funds Rents Pèrmanent Restricted 6ndowment fund fund 2023 Total 2022 Total Note Income from: Income 27,283 67,156 14,013 14.013 108,452 127,692 Total income 27,283 67,156 108,452 127,692 Expendituro on: Charllable actlvltles Education: Collegiate School (15,720) (12,109) (27,829) (30,337) Montpelier High School (3,931) {1.826) (5,757) (5,376) Total charltable actlvltSes (19,651) (4,610) (13,935) (33,586) (112,470) (35,713) (92,435) Other (107,860) Total resources expended Gainl{loss} on revaluation of investments (24,261) (107,860) <13,935) (146,056) (128,148) 2,063 4,007 6,070 (161,391) Transfer (3,022) 3,022 Net (expenditure)I Income belng net movement In funds (40,704) 5,163 4,007 (31,534) {161.847) Reconclllatlon of funds: Total funds brought forward (35,186) 363.223 703,588 1,031,625 1.193,472 Total funds carried forward 11 (75,890) 368,386 707,595 1,000,091 1,031,625 The statement of financial activilies includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities. The accompanying notes form an integral part of these financial statements. There is no difference between the nel incoming resources for the year and Iheir historical cost equivalent.
Montpelier Collegiate Trust (Charity Number 311737) Balance sheet at 31 December 2023 2023 2022 Notes Tangible assets Investments 545.928 569,664 1,064,459 1,058,389 1,610,387 1,628,053 Current assets Debtors 33.266 16,083 Cash 51,090 111.958 84,356 128,041 Creditors: amounts falllng due within ona yéar Net current assets {106,886) (102,189) (22,530) 25,852 Credltors: amounts falling duo after one year Net assets (587,766) 1,000,091 (622,280) 1,031,625 Funds Unrestricted fund Investments Unrestricted fund Rents {75.890) 368,386 707,59S 1,000,091 (35,186) 363,223 703,588 1.031,625 Restricted funds Permanent endowmenl fund 10&11 The financial stalements on pages 12 to 21 were approved by the Truslee on 11 ocre6f£ 2 and were signed on its behalf by.. michao18othamley Director Robert Bourns Director The accompanying notes form an integral part of these financial statements. 10
Montpelier Collegiate Trust Principal accounting policies Presentatlon of flnanclal statemènts The financial statements have been prepared in accordance with applicable Accounting Standards in the Uniled Kingdom, the accounting regulations issued under the Charities Act 2011 and the Statement of Recoffltnended Practice (SORP) °Accounting and Reporting by Charities" issued in October 2019. The accounting policies that the Charity has adopted lo determine the amounts included in respect of material ilems shown in the balance sheet and also to determine the income and expendilure have been applied consislently in the current and preceding year and are shown below. Montpelier Collegiate Trust meets the definition of a public benefil entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. Basls of accounting The financial slalements have been prepared under the historical cost convention. as modified by the revaluation of fixed asset investments, and in accordance with the Slalemenl of Recommended Practice "Accounting and Reporting by Charities {SORP 2019)" applicable lo charities preparing their accounts in accordance with Financial Reporting Standard applicable lo the UK and Republic of Ireland {FRS 102). Golng Conrn The financial statements have been prepared on a going concern basis which the Trustees consider lo be appropriate. The Trustees have reviewed the cash flow forecasts for a period of 12 months from the date of approval of Ihese financial statemenls which indicate that the charity will have sufficient funds to meet its liabililies as they fall due for that period. Consequently, the Tru51ee is confident thal the charity will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. Crltlcal accountlng Judgements and key sources of estlmatlon uncertalnty In applying the charity's accounting policies, the Trustee is required lo make judgements, eslimales and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Investment income Quarterly dislributions from the investments in MVCIP are treated as income of the period in which they accrue. Other income Other income is credited to the statement of financial activities on a receivable basis. Expendlture (a) All expenditure is accounted for on an accruals basis and is recognised when there is a legal or constructive obligation lo pay for expenses. Charitable donations, including supporting administration costs. relate lo the distributions made or approved lo Collegiate School, Montpelier High School and other entities as detailed in the objects of the Trust. Governance costs relate to the strategic management of the Charity's assets. and compliance with constitutional and statutory requirements. (b) (c)
Montpelier Collegiate Trust Principal accounting policies (continued) Irrecoverable VAT Any irrecoverable VAT is charged lo the statement of financial activities or capitalised as parl of the asset where appropriate. Fund accounting The Trust has three types of funds for which it is responsible. and which require separate disclosure. These are as follows.. Unrestricted funds Income arising from the endowmenl investments is credited to the unrestricted fund. These funds are expendable al the discretion of Ihe Trustee in furtherance of the objects of the Trust. Pennanent endowment fund The permanent endowment fund comprises tangible fixed assets and investments. The tangible fixed assets comprise the land and buildings at Collegiate School and Montpelier High School. The investments comprise the original capital contribution plus any additions to capital and incorporate 811 unrealised gains and losses arising on the revaluation of the inveslmenls, all of which are invested in MVCIP. Rastricted funds Restricled funds are funds which are to be used in accordance with specific restrictions imposed by donors. The aim and use of each restricted fund are set out in the notes lo Ihe financial statements. Investments The Trust's investments in MVCIP are stated at mid-market value al the balance sheet date. This is not in accordance with FRS 102 which recommends bid value but is consistent with the entity's performance management process. Using bid values would lead to a movement in the valuation of these listed investments of an amount which Is considered by the Trustee to be immaterial. The statement of financial activities includes the nel gains and losses arising on revaluations and disposals throughout the period. Cash flow statement A statement of cash flows has not been prepared as the Charlty has taken advantage of the exemption available in the SORP for smaller charilies. Taxation Montpelier Collegiate Trust Is a registered charlty and as such tax exemption applies to the income arising from and expended on charitable activities and to its investment income and gains. Fixed assets and depreclatlon Fixed assels are stated at cost less depreciation. Depreciation is calculated so as to write off assets on a straight-line basis over the expected useful economic lives of the assets concerned. The annual rates used for this purpose have been.. Freehold buildings and improvements 15 to 50 years Land and assets in the course of construction are not depreciaied. Assets with a cost of less than £1,000 are written off to expenditure during the year. 12
Montpelier Collegiate Trust Notes to the financial statements for the year ended 31 December 2023 Incoming resources 2023 2022 Investment income Distribulions from MVCIP 41,153 39.218 Rental Income 67,156 88,451 Bank interest 143 23 108,452 127.692 Analysis of total resources expended Donations from the unrestricted fund comprise- Direct costs Support costs 2023 2022 Collegiate School Montpelier High School 5,074 1,269 10,646 2,662 1S,720 3,931 17,939 4,485 6,343 13,308 19,651 22,424 All support costs have been allocated lo one charitable activity (education}. The Trust has no employees and no staff costs (2022.. nil). However, a recharge is made by the Society of Merchant Venturers for staff as disclosed in note 12. Details of restricted expenditure during the year are provided in note 9. Other costs 2023 2022 Audit fee 2,340 Independent Examination fee Professional Fees 1,994 7,009 8,643 11.897 Maintenance of residential properties Loan Interesl 16.230 35,490 61,567 Running cost Depreciation Trustee's indemnity insurance 6,905 23,736 2,616 352 23,736 2,390 112,470 92,435 The audit fee excluding irrecoverable VAT was £nil for 2023 as the Truslee has appointed an Independent Examiner (2022: £1.950). 13
Montpelier Collegiate Trust Notes to the financial statements for the year ended 31 December 2023 (continued) Tangible fixed assets Investment Property Freehold land and buildings Cost or valuation As at 1 January Additions 593,400 6,693,509 Total ¢o$t 593,400 6,693,509 Accumulated depreciation As at 1 January During the year Total depreclatlon Net book value as at 310ecembar 2023 (23,736) (6,693,509) (23,736) (47,472) (6,693,509) 545,928 Nel book value as at 31 December 2022 569,664 The beneflclal use of the freehold land and buildings has been transferred to Collegiate School and Montpelier High School (part of Venturers Trust). As a result of this the Trustee considers thai il Is appropriate to record a value of these assets in these financial statements as £nil. The freehold interest remains with Montpelier Collegiate Trust. The investment properly1174A Cheltenham Road) is recorded at cost less accumulated depreciation. Fixed asset investments Investments In MVCIP Cost As at 1 January and 31 December 2023 Revaluations 735,048 Unrealised gains al 1 January 2023 Gains arising on revaluation in the year Unrèalised gains at 31 December 2023 Net book value at 31 December 2023 323,341 6,070 329.411 1.064,459 Nel book value at 31 December 2022 1,058,389 14
Montpelier Collegiate Trust Notes to the financial statements for the year ended 31 December 2023 (continued) Fixed asset investments (continued) All investments are held in the MVCIP. The portfolio for MVCIP was structured as follows at 31 December 2023.. Investment assets in the UK 39.6 Investment assets outside the UK 44.3 Alternatives & Multi-Assel 14.8 Cash 100.0 Debtors 2023 2022 Accrued investment income 9,617 19,003 4,646 33,266 10,685 Accrued insurance claim income Prepayments 5,398 16,083 Creditors: amounts falling due within one year 2023 2022 Collegiate School Montpelier High School Other creditors 3,284 4.611 555 857 13,967 89,080 18,938 77,783 Bank loan due within one year 106,886 102,189 The Charity took out a loan with Natwesl Bank during 2021 to finance the acquisition of the freehold of the former Kitto premises, which are slralegically located between Montpelier High School and the Dolphin School. The loan had a balance of £676,844 al 31 December 20231£700,063 at 31 December 2022), was secured on 180a, 180b, 180c and 180d Chellenham Road and interest was payable at 4.50/0 above base rate. The Charity took advantage of a capital repayment holiday for 12 months from the date of inception. The loan will be repaid by monthly instalments. Repayment is permitted over a shorter period ending no later than the final repayment date of 19 February 2026. 15
Montpelier Collegiate Trust Notes to the financial statements for the year ended 31 December 2023 (continued) Creditors: amounts falling due after more than one year 2023 2022 Age analysls of bank loan Due within one year Due after more than one year.. Between one and two years Between two and five years More than five years Total due after more than one year Total 89,078 77,783 89,078 498,688 77,783 544.497 587,766 622,280 676,844 700,063 Restricted funds Net incomingl {outgoing} resources Gain in market value of investment Asat 31 December 2023 Asat 1 January 2023 RSW Clarke 46,933 15,233 15,907 190,810 269 47,202 15,320 15,998 191,904 83,515 10,270 4,177 368,386 CS Trusts 87 CS Prize CS Bursaries and Scholarships F A Clark 1,094 476 83,039 A M Mcwatlers 10,146 1,155 70 54 Transfer 3,022 363,223 3,092 2,071 The RSW Clarke Fund was established lo provide travel for teachers at Montpelier High School. The CCS Trusts, Prize, and Bursaries and Scholarships Funds each consist of a number of small personal donations to provide scholarships. bursaries, prizes and other assistance to pupils at Collegiate School. The income from the F A Clark Fund is to be used at the discretion of the Trustee and Governors of Collegiate School for special projects at that School. The A M Mcwatters Fund was established to provide a history travel prize for pupils at Collegiate School. 16
Montpelier Collegiate Trust Notes to the financial statements for the year ended 31 December 2023 (continued) 10 Permanent endowment fund The permanent endowment fund comprises the Trust's investment in MVCIP excluding the restricted investments transferred from Collegiate School and Venturers Trust, the value of which was £703.431 at 31 December 2023 (2022: £699,424). The fund also contains the Trust's freehold land and buildings which were valued al £26,941,250 on 31 December 2003 by Alder King in accordance with the RICS Appraisal and Valuation Standards in particular in accordance with UK practi Statement 1 and Financial Reporting Standard 15. On 27 January 2004 and 23 April 2009, the Trust granted 125-year peppercorn leases over these assets thereby transferring the beneficial use lo the two schools. As a result of this the Trustee considers that il is appropriate to record the value of these assets in these financial statements al £nil. 11 Analysis of funds Unrestricted funds Renl Unrestricted funds Investment Income Restricted Permanent funds endowment fund Total At 1 Janu8ry 2023 Net movement in funds (35,186) {40,704) 363,223 2,141 3,022 368,386 703,588 1,031,625 (31,534) 3,022 (3,022) 4,007 Transfer At 31 December 2023 (75,890) 707.595 1,000,091 Represented by Investments 361,709 702,748 1,064,457 545,928 84,356 (17,806) (676,844) 1,000,091 Tangible fixed assets Current assets 545,928 60,703 (5,677) (676,844) (75,890) 5,697 980 17,956 (13,109) Current liabilities Long Term liabilities 368,386 707,595
Montpelier Collegiate Trust Notes to the financial statements for the year ended 31 December 2023 (continued) 12 Trustee's remuneration The Trustee did not receive remuneration or reimbursement of expenses for their services lo the Trust during the year, nor held any beneficial interest in any contract with the Trust during the year (2022- £nil). The Society of Merchant Venturers charged £6,357 {2022.. £6,188) to the Charity lo recover costs incurred on behalf of the charity. Of this, £1,589 is outstanding at Ihe year-end (2022.. £nil). 13 Related party transactions The Trust had a number of related party transactions with the following organisations.. The Soclety of Merchant Venturers The Society of Merchant Venturers recharged the charity £6,951 during the year (2022- £6,044) in relation to costs associated with school functions. Of this, £4,200 is outstanding at the year-end (2022., £6,044). Venturers Trust and Colleglate School The schools are connected organisalions (note 14>. The Trust holds Investments for the benefit of the Collegiate School and Monlpelier High School, Ihe income from which is paid to the schools. For details of donations paid to the schools see the statement of financial activities. For details of outstanding balances at the year-end see note 7. Merchant Venturers, Charities Investment Pool (MVCIP) The Trustee is also the Trustee for MVCIP. For details of the investments held and income received from these investments see notes 1 and 5. Al the year-end £9,617 was outstanding from MVCIP {2022: £10,685). 14 Connected organisations Collegiate School and Venturers Trust are connected organisations, with governor nomination rights from the Society of Merchant Venturers. Collegiate School can be contacted at Bell Hill, Stapleton, Bristol, BS16 1BJ and Venlurers Trust can be contacted at Gatehouse Avenue, Bristol, BS13 9AJ. For details of transactions with those entities see nole 13. 15 Post balance Sheet Events On 1 st September 2024, the Venturers Trust schools joined E-Act Multi Academy Trust and included within this transfer was Montpelier High School. 11 is anticipated that a long lease of the Montpelier High School site will be granted lo E-ACT in due course. E-ACT currently occupies via a licence from Venturers Trust, lo which the Charily has consented, whilst detailed terms in relation to the transfer are finalised. 18