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 pre￿dIng 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 othe￿iS8 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 re￿1ve 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