Registered Charity Number.. 311737 Montpelier Collegiate Trust Annual report and financial statements for the year ended 31 December 2024
Montpelier Collegiate Trust Annual report and financial statements for the year ended 31 December 2024 Contents Page Report of the Trustee Independent Examinels Report to the Trustee of Monlpelier 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 2024 The Trustee presents its report and financial statements for the year ended 31 December 2024. The financial statements comply with current statutory requirements, the governing instruments and the Slatemenl 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: Robert Bourns Jonathon Baker Katharine Finn Michael Bothamley Patrick Despard David Freed Gillian Camm Nick Baker Karl Tucker David Powell Mark Burchfield Heather Frankham Professor Sir Steven West Laura Marshall Tracey Killen Dr Jacqueline Cornish Gail Bragg Martino Burgess (Deceased 23 June 2025) (Retired 10 November 2024) (Relired 10 November 2024) (Retired 10 November 2024) (Appointed 10 November 2024) (Appointed 10 November 2024) (Appointed 10 November 2024) Registered address 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 2024 (continued) Names and addresses of other relevant organisations Independent Examiner Bishop Fleming Audit Limited, 10 Temple Back, Bristol, BS16FL Banker Natwest Bank plc, Trinity Quay 2, 2nd Floor, Avon Street, Bristol, BS2 OPT Solicltor Womble Bond Dickinson (UK) LLP, 3 Temple Quay, Temple Back East, Bristol, BS16DZ Investment Manager Ralhbones Investment Management, 30 Gresham Street, London. EC2V 7QN LGT Wealth Management, 15 Queen Square, Bristol, BS14NP Evelyn Partners Investment Management LLP, Pothall Place, Portwall Lane, Bristol, BS16NA (via The Merchant Venturers, Charities Investment Pool (MVCIP) Charity Number 1053459) Reference and administrative information Untll 31 December 2003 the Trust was governed by a Charity Commisslon Scheme dated 1 S February 1966, a5 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 Trusl to The Collegiate School Bristol Limited (Company number 2792699 and Charity number 1079552) and Venlurers 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 existing operations of Montpelier 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 rsew 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 Limiled. The Board of SMV Trustee Company Limiled 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 2024 (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 interest might arise. The Society of Merchant Venturers provided administrative services lo the charilie5 listed in note 14 of which SMV TCL was trustee and made a charge for these. The Conflicts of Interest Advisory Sub- Committee has reviewed these charges and made a recommendation to 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 appraised of the general duties of a trustee. In the event of significant changes lo 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 "Accountlng and Reporting by Charities" the Trustee examined the major risks faced by the Charity. The Trustee continues to monitor and manage ongoing risks relating to areas such as the achievement of the charitable objects and the protection of the charity's assets. Systems are in place to monitor 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 Ihe systems and processes eslablishad by management to 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 to enable it to fund donations in the furtherance of its charitable objectives. Should investment income fall, there would be a corresponding reduction to the donations to the Schools. Objectives and activities The Truslee confirms that it 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 activities anywhere in the area of benefit and {3) the provision of bursaries, scholarships, grants or other payments to young people in need of financial assistance to assist them in pursuing their education 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 lo them and to charge the property as security for any borrowings. The area of benefil of the Trust is the City of Bristol and the surrounding area formerly comprised in the Counly of Avon. The Truslee has met these objectives during the year.
Montpelier Collegiate Trust Report of the Trustee for the year ended 31 December 2024 (continued) Aims and intended impact On 27 January 2004, the Trusl 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 includ@ a reverler clause whereby the lease is terminable if the premises cease to be utilised by the schools in the pursuance of their obiects. 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 Ihat 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, with 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 lo 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 lo the benefit from any improvements flowing to the Trust at that lime. This provision is lime limited to 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 distributed for the benefit of both schools lo widen access to educational opportunities. In 2021 the Charity acquired the freehold of the former Kitlo premises. which are strategically located between Montpelier High School and the Dolphin School and this was funded by way of a land swap, with a site fronting on lo Station Road and a balancing payment being made, financed by a loan from Natwesl bank. Consent was obtained from the DfE for the current lease to Venlurers Trust to be varied so as to exclude the sile sold to Kitto bul to include the premises acquired. At the same time, il was agreed by the DfE that the flats located above 180A - D Cheltenham Road be removed from the school's lease, and further thai Venturers Trust be permitted to sub-lease the office building on the Killo site to the Charity for 25 years to enable it lo refurbish and let these premises. The income generated from the flats will service the loan taken to purchase the Kilto site. with any surplus nel income being passed to Venturers Trust. On 1 st September 2024, the Venturers Trust schools joined E-Act Mulli Academy Trust and included within this transfer was Montpelier High School. It is anticipated that a long lease of the Monlpelier High School site will be granted to E-ACT in due course. E-ACT currently occupies via a licence from Venturers Trusl. to which the Charity has consented, whilst detailed terms in relation lo the transfer are finalised. Financial review The Statement of financial activities is sel out on page 9. During the year, the Trust has continued to make donations lo Collegiate School and Montpelier High School. The endowment income is distributed quarterly and, aflervarious charges on the fund, the residual unreslricted income was distributed as follows (see note 2).. 2024 2023 415 to Collegiate School 115 to Montpelier High School 8,343 2,085 10,428 5.074 1,269 6,343
Montpelier Collegiate Trust Report of the Trustee for the year ended 31 December 2024 (continued) The income from the restricted funds was distributed independently lo the schools in line with the relevant restrictions. Investment policy and performance The Charity continued to invest in the Merchant Venturers, Charities Investment Pool (MVCIP) (Charity number 1053459) during the year. The Merchant Venlurers, Finance and Investment Sub-committee's policy is to increase income whilst preserving the real value of the inveslmenls. The income provides unrestricted funds to enable the Trustee lo pursue the objects of the Charity, including plans for the future. Although markets concluded 2024 on a subdued note, equities demonstrated robust performance over the calendar year, with Ihe US as the standout performer largely driven by the "magnificent 7" mega cap tech stocks. Amid political instability in Germany and France, European equities, along with emerging market stocks struggled owing to concerns that proposed US tariffs might trigger a trade war and hinder growth in other regions. Meanwhile, bond markels reacted negatively to the pro-growlh, higher-inflation narrative. US elections, which ushered in Donald Trump's second administration significantly influenced markets. The lolal return of the investment porffolio in the yearwas a gain of 3.40/0 versus the UK CPl+30/o benchmark of +5.40/0 (2023.. gain of 5.050/0 versus the composite benchmark gain of 10.380/0). Reserves policy At 31 December 2024 the charity's endowmenl fund comprised £708,124 of financial asset investments, £745,276 of property assets held for sale and tangible fixed assets. The tangible fixed assets comprise the freehold land and buildings at Collegiate School and Montpelier High School Iparl of the E-ACT Mulli Academy Trust). The endowment investments comprise the original capital contributions plus any subsequent 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. The deficit on the unrestricted fund has arlsen due to costs Incurred for rental properties following the properties being vacant due to maintenance works required and the recognition of an impairment in value of a property asset. 11 is planned for future investment income to be credited lo the unrestricted fund. Restricted funds ai 31 December 2024 lolalled £364,512 and are used in accordance with the specific reslriclions imposed by donors (see note 10). The policy and target is reviewed on an annual basis by the Trustee to take account of the development of the charity and a review of the changing risks it faces, particularly in respect of income. Grant making policy Charitable donations, inc5uding supporting administrative costs, relate to the distributions 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 dale of approval of these financial statements which indicate that, taking account of reasonably possible downsides, the charity will have sufficient funds to meet its liabilities as they fall due for that period.
Montpelier Collegiate Trust Report of the Trustee for the year ended 31 December 2024 (continued) Consequently, the Trustee is confident 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 slatemenls on a going concern basis. 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 thal 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 Reporting Standard applicable in the UK and Republic of Ireland. The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the incoming resources and applicatlon 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 eslimales 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, subject to any material departures disclosed and explained in the financial slatemenls., assess the charity's ability to 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 to liquidate the charily or to cease operations, or have no realistic alternative but to do so. The trustees are required lo 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 accuracy, the financial position of the charity at that time, and to enable the trustees to ensure that, where any statements of accounts are prepared by them under section 132{1) of the Charities Act 2011, those stalements 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 slatemenls that are free from material misstatement, whether due lo 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 delecl fraud and other irregularities. The trustees are responsible for the maintenance and inlegrily of the financial and other information included on the charity's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Signe for and on behalf of the Trustee LLfv on Baker, Director Merchants, Hall, The Promenade, Clifton, Bristol, BS8 3NH Date.. 81 OC-fo6EII knis
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 2024. Responsibilities and basis of report As the Trustee of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act,). I report in respect of my examinalion of the charily's accounts carried out under section 145 of the 2011 Act and in carrying oul my examination I have followed all the applicable Directions given by Ihe Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charilies preparing their accounts in accordance with the Financial Reporling Standard applicable in the UK and Republic of Ireland (FRS 102) in preference lo the Accounting and Reporling by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulalions but has been withdrawn. l understand that this has been done in order for the accounts lo provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019. I have completed my examination. I can confirm that no matters have come to my attention in connection wilh the examination giving me cause to believe thai in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act., or Ihe accounts do not accord with those records,. or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as parl of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which allenlion should be drawn in this report in order to 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 with Part 4 of Ihe Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might stale lo the charity's Trustee those matters l am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullesl 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 Flemlng Audit Limited Chartered Accountants 10 Temple Back Bristol BS16FL Date.. 31 October 2025
Montpelier Collegiate Trust Statement of financial activities for the year ended 31 December 2024 Unrestrlcted funds Investments Unrestricted funds Rants Pernianent Restricted endowment fund fund 2024 Total 2023 Total Note Income from: Income 22,283 62,855 62,855 11,428 11,428 96.566 108,452 Total incom 22,283 96,566 108,452 Expenditure on: Charltable actlvlties Education: Collegiate School (18,202) (9,910) (28,112) (27,829) Montpelier High School {4,550) (1,487) (6,037) {5,757) Total charltable actlvltles (22,752) (3,708) (11,397) (34,149) {264,664 (33,586) (112,470) Other (260,956) Total resources expended (26,460) {260,g56) (11,397) {298,813) (146,056) Gainl(loss) on revaluation of investments 5&6 272 745.805 746,077 6,070 Transfer 4,177 (4,177) Net {expendlture)I income being net movement in funds 12 (198,101) 13,874) 745,805 543,830 (31,534) Reconciliation of funds: Total funds brought forward (75,8901 368,386 707,595 1,000,091 1,031,625 Total funds carrled fonvard 12 (273,9911 364,512 1,453,400 1,543,921 1,000,091 The statement of financial activities 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 net incoming resources for the year and Iheir historical cost equivalent.
Montpelier Collegiate Trust (Charity Number 311737) Balance sheet at 31 December 2024 2024 2023 Notes Tangible assets Investments 358,500 545,928 1,065,260 1,064,459 1,610,387 1,423.760 Current assets Asset held for sale 745,276 Debtors 28,286 33,266 Cash 41,972 51,090 815.534 84,356 Credltors: amounts falling due wlthln one year Net current assets {108,014) (106,886) 707,520 {22,530) Credltors., amounts falllng due after one year Net assets (587,359) 1,543,921 (587,766) 1,000,091 Funds Unrestricted fund Investmenls Unrestricted fund Rents 12 (273,991 364,512 (75,890) 368,386 707,595 1,000,091 Restricted funds 10 Permanent endowment fund 11 &12 1,453,400 1,543,921 The financial slalements on pages 9 to 18 were approved by the Truslee on 41 oeitse£fL and were signed on its behalf by.. David Freed Director Jonathon Baker Director The accompanying notes form an integral part of these financial statements. io
Montpelier Collegiate Trust Principal accounting policies Presentatlon of flnanclal statements The financial statements have been prepared in accordance with applicable Accounting Standards in the United Kingdom. the accounting regulations issued under the Charities Act 2011 and the Slatement of Recommended 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 items shown in the balance sheet and also lo determine the income and expenditure have been applied consistently in the current and predIng year and are shown below. Monlpelier Collegiate Trust meets the definition of a public benefit entily under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otheiS8 slated in the relevant accounling policy. BasS5 of accounting The financial statements have been prepared under the historical cost convention, as modified by the revaluation of fixed asset inveslmenls, and in accordance with the Statement of Recommended Practice "Accounting and Reporting by Charities (SORP 2019)" applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable lo the UK and Republic of Ireland (FRS 102). Going Concern The financial statements have been prepared on a going concern basis which the Trustees consider lo be appropriate. The Trusiees have reviewed the cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that the charity will have sufficient funds to meet ils liabilities as they fall due for that period. Consequently, the Trustee is confident that the charity will have sufficient funds to continue to meet its liabilities as they fall due for al least 12 months from the date of approval of the financial statements. Crltlcal accounting Judgements and key sources of estimation uncertainty In applying the charity's accounting policies, the Trustee is required lo make judgements, estimates 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 distributions 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. Expenditure (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 adminislralion costs, relate to the distributions made or approved to Collegiate School, Monlpelier High School and other enlities as detailed in the objects of the Trust. Governance cosls relate lo the strategic management of Ihe Charity's assets, and compliance with constitutional and slatulory 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 part of the asset where appropriate. Fund accountlng The Trust has three types offunds forwhich it is responsible, and which require separate disclosure. These are as follows.. Unrestrlcted funds Income arising from the endowment investments is credited to the unrestricted fund. These funds are expendable al the discretion of the Trustee in furtherance of the objects of the Trusl. Permanent endowment fund The permanent endowment fund comprises tangible fixed assets and investments. The tangible fixed assets comprise the land and buildings al Collegiate School and Montpelier High School. The inveslments 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 which are invested in MVCIP. The asset held for sale comprises 4 flats at 180a-d Cheltenham Road. Restricted funds Reslricled funds are funds which are to be used in accordance with specific reslriclions imposed by donors. The aim and use of each restricted fund are set out in the notes to the financial stalemenls. Investments The Trust's investments in MVCIP are stated at bid-market value at the balance sheet date in accordance wilh FRS 102. The slalemenl of financial aclivilies includes the nel gains and losses arising on revaluations and disposals throughout the period. Cash flow statement A statemenl of cash flows has not been prepared as the Charity has taken advantage of the exemption available in the SORP for smaller charities. Taxatlon Monlpelier Collegiate Trust is a registered charity and as such lax exemption applies to the income arising from and expended on charitable activities and to its investment income and gains. Flxed assets and depreclatlon Fixed assets are staled at cost less depreciation. Depreciation is calculated so as to wrile off assets on a slraight-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 depreciated. 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 2024 Incoming resources 2024 2023 Investment income Distributions from MVCIP 33,526 62,855 185 41,153 Rental Income 67,156 Bank interest 143 96,566 108,452 Analysis of total resources expended Donations from the unrestricted fund comprise: Dlrect costs Support costs 2024 2023 Collegiate School Montpelier High School 8,343 9,859 18,202 15,720 3,931 2,085 2,465 4,550 10,428 12,324 22,752 19,651 All support costs have been allocated to one charitable activity (education). The Trust has no employees and no staff costs12023.' nil). However, a recharge is made by the Society of Merchant Venturers for staff as disclosed in note 13. Details of restricted expenditure during the year are provided in note 10. Other costs 2024 2023 Independent Examination fee Professional Fees 1,800 1,994 3,427 7,009 8,643 Maintenance of residential properties Loan Interest 64,034 61.567 Running cost Deprecialion Impairment Trustee's indemnity insurance 5,107 23,736 163,692 6,905 23,736 1,908 2,616 264,664 112,470 13
Montpelier Collegiate Trust Notes to the financial statements for the year ended 31 December 2024 (continued) Tangible fixed assets Investment Property Freehold land and bulldings Cost or valuatlon As al 1 January Additions 593.400 6,693,509 Total cost 593,400 6,693,509 Accumulated depreciation As at 1 January During the year Impairment Total depreclatlon Net book value as at 31 December 2024 (47,472) (6,693,509) (23,736) {163,692) (234,900) (6,693,S09) 358,500 Net book value as at 31 December 2023 545,928 The beneficial use of the freehold land and buildings has been transferred to Collegiate School and Monlpelier High School (parl of E-ACT Multi Academy Trust). As a result of this the Trustee considers that il is appropriate to record a value of these assets in these financial slatemenls as £nil. The freehold interest remains with Monlpelier Collegiate Trust. The investment properly (174A Cheltenham Road) is recorded at fair value. The property has been marketed to sell. The impairment recognised in the year represents the anticipated fair value less costs lo sale and is based on offers received post year end. Fixed asset Investments Investments in MVCIP Cost As at 1 January and 31 December 2024 Revaluatlons 735,048 Unrealised gains at 1 January 2024 Gains arising on revaluation in the year Unrealised gains at 31 December 2024 Net book value at 31 December 2024 329,411 801 330,212 1,065,260 Net book value at 31 December 2023 1,064,459 14
Montpelier Collegiate Trust Notes to the financial statements for the year ended 31 December 2024 (continued) Fixed asset investments (continued) All investments are held in the MVCIP. The portfolio for MVCIP was structured as follows al 31 December 2024.. Investment assets in the UK 26.5 Investment assets outside the UK 66.8 Alternatives & Mulli-Asset Cash 100.0 Asset held for sale During the year 4 flats at 180 a-d Cheltenham Road were marketed for sale. An unrealised gain of £745.276 has been recognised in respect of the property held for sale al the balance sheet date which had been previously included within fixed assets at £nil. The unrealised gain of £745,276 represents fair value less of costs of sale relating to the 4 flats al 180 a-d Cheltenham Road. Debtors 2024 2023 Accrued investment income 7,593 9,817 19,003 4,646 Accrued insurance claim income Prepayments Other Debtors 5,864 14,829 28,286 33,266 Creditors: amounts falling due within one year 2024 2023 Collegiate School Montpelier High School Other creditors 5,917 1,269 20,534 80,294 3,284 555 13,967 Bank loan due within one year 89,080 108,014 106,886 The Charity took out a loan with Nalwesl Bank during 2021 to finance the acquisition of the freehold of 174A Cheltenham Road (the former Killo premises), which are strategically located between Montpelier High School and the Dolphin School. The loan had a balance of £667,653 al 31 December 2024 (£676,844 at 31 December 2023), was secured on 180a, 180b, 180¢ and 180d Cheltenham Road with interest payable al 4.5 % above base rate. The Charity took advantage of a capital repayment holiday for 12 months from the date of inception and for a period of 6 months from 19 June 2024. The loan will be repaid by monthly instalmenls. 15
Montpelier Collegiate Trust Notes to the financial statements for the year ended 31 December 2024 (continued) Repayment is permitled over a shorter period ending no later than the final repayment date of 19 February 2026. It is planned to sell 174A Chellenham Road with the nel proceeds being used to repay the loan. with any balance to be refinanced. Creditors: amounts falling due after more than one year 2024 2023 Age analysis 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 80,294 89,078 80,294 507.065 89,078 498,688 587,359 587,766 676,844 667,653 10 Restricted funds Net Gainl(loss) Asat incomingl in market 31 (outgoing) value of December resources investment 2024 Asat 1 January 2024 RSW Clarke 47,202 15,320 15,998 36 47,238 15,332 CS Trusts 12 CS Prize 12 16,010 192,048 83,578 CS Bursaries and Scholarships F A Clark 191,904 83,515 10,270 144 63 A M Mcwatters 55 (19) 10,306 Transfer 4,177 (4,177) (4.122) 368,386 248 364,512 The RSW Clarke Fund was established to 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, bufsaries, prizes and other assistance to pupils al 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 Ihal School. The A M Mcwatters Fund was established to provide a history Iravel prize for pupils at Collegiate School. 16
Montpelier Collegiate Trust Notes to the financial statements for the year ended 31 December 2024 (continued) 11 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 £703.960 at 31 December 2024 (2023.. £703,431). The fund also contains the Trust's freehold land and buildings which were valued at £26,941,250 on 31 December 2003 by Alder King in accordance with the RICS Appraisal and Valuation Standards in particular in accordance wilh UK Practice Statement 1 and Financial Reporting Standard 15. On 27 January 2004 and 23 Apri 2009, the Trust granted 125-year peppercorn leases over these assets thereby transferring the beneficial use to the two schools. As a result of this the Trustee considers that it is appropriate to record the value of these assets in these financial statements al £nil, The fund also contains an asset held for sale, comprising 4 flats at 180a-d Cheltenham Road, the value of which was £745,276 at 31 December 2024 (2023.. £nil) and represents fair value less costs lo sell. 12 Analysis of funds Unrestricted funds Rent Unreslricled funds Investment Income Restricted Permanent funds endowment fund Total At 1 January 2024 Net movement in funds (75,890) (198,101) 368,386 (3,874) 707,595 1,000,091 $43,830 745,805 Transfer At 31 December 2024 (273.991) 364,512 1,453,400 1,543,921 Represented by Investments 361,983 703,277 1,065,260 358,500 762,250 815,534 (12,127) (108,014) (587,359) 1,543,921 Tangible fixed assets Current assets 358,500 48,230 (93,362) (587,359) (273,991) 5,054 {2,525) Current liabi1ilies Long Term liabilities 364,512 1,453,400 The deficit on the unrestricted fund has arisen due lo costs incurred for rental properties following the properties being vacant due to maintenance works required and the recognition of an impairment in value of a property asset. It is planned to sell the property. Income arising from the permanent endowment investments will be credited to the unrestricted fund lo repay the deficit. 17
Montpelier Collegiate Trust Notes to the financial statements for the year ended 31 December 2024 (continued) 13 Trustee's remuneration The Trustee did not re1ve remuneration or reimbursement of expenses for their services to the Trust during the year, nor held any beneficial interest in any contract with the Trust during the year (2023: £nil). The Society of Merchant Venturers charged £6,65812023'. £6,357) to the Charity to recover costs incurred on behalf of the charity. Of this, £nil is outstanding at the year-end12023.. £1,589). 14 Related party transactions The Trust had a number of related party transactions with the following organisalions: The Society of Merchant Venturers The Society of Merchant Venturers recharged the charity £5,666 during the year {2023: £6,951) in relation to costs associated with school functions. Of this, £5,666 is outstanding al the year-end (2023: £4,200). Venturers Trust and Coll•glata School Venturers Trust and Collegiate School are connected organisations (note 15). The Trust holds investments for the benefit of the Collegiate School and Montpelier High School, the income from which is paid to the schools. For details of donations paid to the schools see the statement of financial activitie5. For details of outstanding balances at the year-end see note 8. Merchant Venturers, Charltles 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 £7,593 was outstanding from MVCIP (2023; £9.617). 15 Connected organisations Collegiate School and Venturers Trust were connected organisations during the year, with governor nomination rights from the Society of Merchant Venturers. On 18 July 2024 the Merchant Venturer members on the Venturers Trust Board resigned and unconnected Directors were appoinled. Collegiate School can be conlacled at Bell Hill, Stapleton, Bristol, BS16 1 BJ and Venlurers Trust can be contacted at Gatehouse Avenue, Bristol, BS13 9AJ. For details of transactions with those enlilies see note 14, 18