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 oLtC*PJEIK 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 ￿Qu1￿ment 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 ocre*6f£ 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 Con￿rn
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