2025-12-31-accounts

Docusign Envelope ID: A15D2863-CF00-88D0-803E-51EBB6ECA05D

Registered Charity Number: 311737

Montpelier Collegiate Trust

Annual report and financial statements for the year ended 31 December 2025

Docusign Envelope ID: A15D2863-CF00-88D0-803E-51EBB6ECA05D

Montpelier Collegiate Trust

Annual report and financial statements for the year ended 31 December 2025

Contents

Contents
	Page
Report of the Trustee	2
Independent Examiner's Report to the Trustee of Montpelier Collegiate Trust	8
Statement of financial activities	9
Balance sheet	10
Principal accounting policies	11
Notes to the financial statements	13

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Docusign Envelope ID: A15D2863-CF00-88D0-803E-51EBB6ECA05D

Montpelier Collegiate Trust

Report of the Trustee for the year ended 31 December 2025

The Trustee presents its report and financial statements for the year ended 31 December 2025. The financial statements comply with current statutory requirements, the governing instruments and the Statement of Recommended Practice for Charities (SORP 2019).

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:

Jonathon Baker Katharine Finn Laura Marshall David Freed Robert Bourns Michael Bothamley Patrick Despard David Powell Mark Burchfield Heather Frankham Professor Sir Steven West Tracey Killen Dr Jacqueline Cornish Gail Bragg Martino Burgess Sue Blatchford Fiona Francombe Lee Gardhouse Anita Kimber

(Deceased 23 June 2025)

(Retired 10 November 2025) (Retired 10 November 2025) (Retired 10 November 2025)

(Appointed 10 November 2025) (Appointed 10 November 2025) (Appointed 10 November 2025) (Appointed 10 November 2025)

Registered address of the Charity

Merchants’ Hall The Promenade Clifton Bristol BS8 3NH

Charity Number: 311737

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Docusign Envelope ID: A15D2863-CF00-88D0-803E-51EBB6ECA05D

Montpelier Collegiate Trust

Report of the Trustee for the year ended 31 December 2025 (continued)

Names and addresses of other relevant organisations

Independent Examiner

Bishop Fleming Audit Limited, 10 Temple Back, Bristol, BS1 6FL

Banker

NatWest Bank plc, Trinity Quay 2, 2nd Floor, Avon Street, Bristol, BS2 0PT

Solicitor

Womble Bond Dickinson (UK) LLP, 3 Temple Quay, Temple Back East, Bristol, BS1 6DZ

Investment Managers

Rathbones Investment Management, 30 Gresham Street, London, EC2V 7QN LGT Wealth Management, 15 Queen Square, Bristol, BS1 4NP (via The Merchant Venturers’ Charities Investment Pool (MVCIP) Charity Number 1053459)

Reference and administrative information

Until 31 December 2003 the Trust was governed by a Charity Commission Scheme dated 15 February 1966, as amended by Schemes of 9 April 1970, 3 December 1984, 4 August 1988 and 29 November 1994 (“the Scheme”). During 2004 the full legal and accounting responsibility of Collegiate School and Montpelier High School transferred from the Trust to 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 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 new 125-year peppercorn lease for the benefit of Venturers Trust in respect of the land and buildings occupied by them at Cheltenham Road, Bristol.

On 1st September 2024, the Venturers Trust schools joined E-Act Multi Academy Trust and included within this transfer was Montpelier High School. On 29[th] August 2025 a lease was granted to E-ACT.

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.

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Docusign Envelope ID: A15D2863-CF00-88D0-803E-51EBB6ECA05D

Montpelier Collegiate Trust

Report of the Trustee

for the year ended 31 December 2025 (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 to the charities listed in note 14 of which SMV TCL was trustee and made a charge for these. The Conflicts of Interest Advisory SubCommittee 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 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 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 the systems and processes established 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 Trustee 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 to them and to charge the property 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 met these objectives during the year.

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Docusign Envelope ID: A15D2863-CF00-88D0-803E-51EBB6ECA05D

Montpelier Collegiate Trust

Report of the Trustee for the year ended 31 December 2025 (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 terminable 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 that 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 Colstonian 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 time 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 to widen access to educational opportunities.

On 1st September 2024, the Venturers Trust schools joined E-Act Multi Academy Trust and included within this transfer was Montpelier High School. On 29[th] August 2025 a lease was granted to E-ACT in respect of the Montpelier High School site.

Financial review

The Statement of financial activities is set out on page 9. During the year, the 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 unrestricted income was distributed as follows (see note 2):

		2025	2024
		£	£
4/5	to Collegiate School	8,030	8,343
1/5	to Montpelier High School	2,007	2,085
		10,037	10,428

The income from the restricted funds was distributed independently to the schools in line with the relevant restrictions.

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Docusign Envelope ID: A15D2863-CF00-88D0-803E-51EBB6ECA05D

Montpelier Collegiate Trust

Report of the Trustee for the year ended 31 December 2025 (continued)

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 Venturers’ Finance and Investment Sub-Committee’s policy is to increase income whilst preserving the real value of the investments. The income provides unrestricted funds to enable the Trustee to pursue the objects of the Charity, including plans for the future.

After a global sell-off in April 2025, equity markets recovered sharply, keeping valuations at historically high levels. Market cap indexes remained highly concentrated in large tech names, as concerns about tariff impacts were more than offset by enthusiasm for Artificial Intelligence.

The performance of the portfolio for 2025 is summarised below:

Adviser LGT Rathbones Benchmark (ARC charity steady growth) Total return 2025 +7.41% +8.9% +8.6%

The total return of the investment portfolio in 2024 was a gain of +3.4% versus the UK CPI+3% target of +5.4%.

Reserves policy

At 31 December 2025 the charity’s endowment fund comprised £737,696 of financial asset investments. 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.

During the year the Permanent Endowment Fund loaned the Unrestricted fund £652,918 and this was used to repay a bank loan. This loan will be repaid from investment income over a period of less than 20 years and a Charity Commission Order authorised the expenditure of capital subject to replacement under the power given in section 105 of the Charities Act 2011.

Restricted funds at 31 December 2025 totalled £382,241 and are used in accordance with the specific restrictions imposed by donors (see note 10).

The deficit on the unrestricted fund has arisen due to costs incurred for rental properties following the properties being vacant due to maintenance works required and the impairment in value of an investment property asset. It is planned for future investment income to be credited to the unrestricted fund.

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, including 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 date 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.

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Docusign Envelope ID: A15D2863-CF00-88D0-803E-51EBB6ECA05D

Montpelier Collegiate Trust

Report of the Trustee for the year ended 31 December 2025 (continued)

During the year the Permanent Endowment Fund loaned the Unrestricted fund £652,918 and this was used to repay a bank loan. This loan will be repaid from investment income over a period of less than 20 years. The deficit on the unrestricted fund will be recouped over a number of years as investment income will be credited to the unrestricted fund.

Consequently, the Trustee is confident that the Charity will have sufficient funds to meet its 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.

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 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 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, subject to any material departures disclosed and explained in the financial statements;

• 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 charity or to 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 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 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 the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Signed for and on behalf of the Trustee Jonathon Baker, Director

Merchants’ Hall, The Promenade, Clifton, Bristol, BS8 3NH Date: 9/6/2026

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Docusign Envelope ID: A15D2863-CF00-88D0-803E-51EBB6ECA05D

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 2025.

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 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.

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 charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to 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 with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

2. the accounts do not accord with those records; or

3. 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 part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention 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 charity's Trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustee those matters I am required to state to them in an Independent Examiner's 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 Trantham FCA Bishop Fleming Audit Limited Chartered Accountants 10 Temple Back Bristol BS1 6FL Date: 22/6/2026

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Docusign Envelope ID: A15D2863-CF00-88D0-803E-51EBB6ECA05D

Montpelier Collegiate Trust

Statement of financial activities for the year ended 31 December 2025

				Permanent
		Unrestricted	Restricted	endowment	2025	2024
		fund	fund	fund	Total	Total
	Note	£	£	£	£	£
Income from:
Investment income	1	100,973	10,986	-	111,959	96,566
Total income		100,973	10,986	-	111,959	96,566
Expenditure on:
Charitable Activities
Collegiate School	2	(13,756)	(9,543)	-	(23,299)	(28,112)
Montpelier High School	2	(3,438)	(1,430)	-	(4,868)	(6,037)
Total charitable
activities		(17,194)	(10,973)	-	(28,167)	(34,149)
Other	3	(103,140)		-	(103,140)	(264,664)
Total resources
expended		(120,334)	(10,973)	-	(131,307)	(298,813)
Net
income/(expenditure)
before Gains		(19,361)	13	-	(19,348)	(202,247)
Gain on revaluation of investments	5 & 6	-	17,716	34,419	52,135	746,077
Gain on disposals		-	-	120,918	120,918	-
Net income/expenditure		(19,361)	17,729	155,337	153,705	543,830
Transfer		-	-	-	-	-
Net movement in funds	12	(19,361)	17,729	155,337	153,705	543,830
Reconciliation of
funds:
Total funds brought
forward		(273,991)	364,512	1,453,400	1,543,921	1,000,091
Total funds carried
forward	12	(293,352)	382,241	1,608,737	1,697,626	1,543,921

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.

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Docusign Envelope ID: A15D2863-CF00-88D0-803E-51EBB6ECA05D

Montpelier Collegiate Trust

(Charity Number 311737)

Balance sheet

at 31 December 2025

Notes	£	2025 £	2024 £ £
Tangible assets 4 Investments 5		- 1,117,395	358,500 1,065,260
Current assets Asset held for sale 6 Debtors 7 Cash	334,764 306,408 32,699	1,117,395	1,423,760 745,276 28,286 41,972
Creditors: amounts falling due within one year 8	673,871 (93,640)		815,534 (108,014)
Net current assets		580,231	707,520
Creditors: amounts falling due after one year 9		-	(587,359)
Net assets		1,697,626	1,543,921
Funds Unrestricted fund 12 Restricted funds 10 Permanent endowment fund 11 & 12		(293,352) 382,241 1,608,737	(273,991) 364,512 1,453,400
		1,697,626	1,543,921

The financial statements on pages 9 to 18 were approved by the Trustee on and were 9/6/2026 signed on its behalf by:

Jonathon Baker Katharine Finn Director Director

The accompanying notes form an integral part of these financial statements.

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Docusign Envelope ID: A15D2863-CF00-88D0-803E-51EBB6ECA05D

Montpelier Collegiate Trust

Principal accounting policies

Presentation of financial 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 Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” issued in October 2019.

The accounting policies that the Charity has adopted to determine the amounts included in respect of material items shown in the balance sheet and also to determine the income and expenditure have been applied consistently in the current and preceding year and are shown below.

Montpelier Collegiate Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

Basis of accounting

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of fixed asset investments, 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 to 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 to be appropriate.

The Trustees 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 its 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 at least 12 months from the date of approval of the financial statements.

Critical accounting judgements and key sources of estimation uncertainty

In applying the charity’s accounting policies, the Trustee is required to 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 to pay for expenses.

• (b) Charitable donations, including supporting administration costs, relate to the distributions made or approved to Collegiate School, Montpelier High School and other entities as detailed in the objects of the Trust.

• (c) Governance costs relate to the strategic management of the Charity’s assets, and compliance with constitutional and statutory requirements.

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Docusign Envelope ID: A15D2863-CF00-88D0-803E-51EBB6ECA05D

Montpelier Collegiate Trust

Principal accounting policies (continued)

Irrecoverable VAT

Any irrecoverable VAT is charged to the statement of financial activities or capitalised as part 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 endowment investments is credited to the unrestricted fund. These funds are expendable at the discretion of the Trustee in furtherance of the objects of the Trust.

Permanent 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 all unrealised gains and losses arising on the revaluation of the investments, all of which are invested in MVCIP.

Restricted funds

Restricted 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 to the financial statements.

Investments

The Trust’s investments in MVCIP are stated at bid-market value at the balance sheet date in accordance with FRS 102.

The statement of financial activities includes the net 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 Charity has taken advantage of the exemption available in the SORP for smaller charities.

Taxation

Montpelier Collegiate Trust is a registered charity 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 depreciation

Fixed assets 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 depreciated.

Assets with a cost of less than £1,000 are written off to expenditure during the year.

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Docusign Envelope ID: A15D2863-CF00-88D0-803E-51EBB6ECA05D

Montpelier Collegiate Trust

Notes to the financial statements for the year ended 31 December 2025

1 Incoming resources

1 Incoming resources
	2025	2024
	£	£
Investment income
Distributions from MVCIP	32,248	33,526
Rental Income	79,614	62,855
Bank interest	97	185
	111,959	96,566

2 Analysis of total resources expended

Donations from the unrestricted fund comprise:

	Direct	Support
	costs	costs	2025	2024
	£	£	£	£
Collegiate School	8,030	5,726	13,756	18,202
Montpelier High School	2,007	1,431	3,438	4,550
	10,037	7,157	17,194	22,752

All support costs have been allocated to one charitable activity (education).

The Trust has no employees and no staff costs (2024: 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.

3 Other costs

3 Other costs
	2025	2024
	£	£
Independent Examination fee	3,198	1,800
Professional Fees	2,076	3,427
Maintenance of residential properties	-	960
Loan Interest	60,044	64,034
Running cost	12,064	5,107
Depreciation	23,736	23,736
Impairment	-	163,692
Trustee’s indemnity insurance	2,022	1,908
	103,140	264,664

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Docusign Envelope ID: A15D2863-CF00-88D0-803E-51EBB6ECA05D

Montpelier Collegiate Trust

Notes to the financial statements for the year ended 31 December 2025 (continued)

4 Tangible fixed assets

4 Tangible fixed assets
	Investment	Freehold
	Property	land and
		buildings
	£	£
Cost or valuation
As at 1 January	593,400	6,693,509
Transfer	(593,400)	-
Total cost	-	6,693,509
Accumulated depreciation
As at 1 January	(234,900)	(6,693,509)
During the year	(23,736)	-
Transfer	258,636	-
Total depreciation	-	(6,693,509)
Net book value as at 31 December 2025	-	-
Net book value as at 31 December 2024	358,500	-

The beneficial use of the freehold land and buildings has been transferred to Collegiate School and Montpelier High School (part of E-ACT Multi Academy Trust). As a result of this the Trustee considers that it 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 property (174A Cheltenham Road) was transferred as an asset held for sale at 31 December 2025. See note 6.

5 Fixed asset investments

5 Fixed asset investments
	Investments
	in MVCIP
	£
Cost
As at 1 January and 31 December 2025	735,048
Revaluations
Unrealised gains at 1 January 2025	330,212
Gains arising on revaluation in the year	52,135
Unrealised gains at 31 December 2025	382,347
Net book value at 31 December 2025	1,117,395
Net book value at 31 December 2024	1,065,260

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Docusign Envelope ID: A15D2863-CF00-88D0-803E-51EBB6ECA05D

Montpelier Collegiate Trust

Notes to the financial statements for the year ended 31 December 2025 (continued)

Fixed asset investments (continued)

All investments are held in the MVCIP. The portfolio for MVCIP was structured as follows at 31 December 2025:

2025:
	%
Investment assets in the UK	30.1
Investment assets outside the UK	62.3
Alternatives & Multi-Asset	5.9
Cash	1.7
	100.0

6 Asset held for sale

During the year 174A Cheltenham Road was marketed for sale and an offer accepted. The fair value of £334,764 represents the agreed sales price less costs to sell. In 2024 180 a-d Cheltenham Road was held as an asset held for sale at a fair value of £745,276 and it was subsequently sold during 2025.

7 Debtors

7 Debtors
	2025	2024
	£	£
Accrued investment income	8,932	7,593
Prepayments	-	5,864
Other Debtors	297,476	14,829
	306,408	28,286

8 Creditors: amounts falling due within one year

	2025	2024
	£	£
Collegiate School	5,453	5,917
Montpelier High School	1,116	1,269
Other creditors	87,071	20,534
Bank loan due within one year	-	80,294
	93,640	108,014

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Docusign Envelope ID: A15D2863-CF00-88D0-803E-51EBB6ECA05D

Montpelier Collegiate Trust

Notes to the financial statements for the year ended 31 December 2025 (continued)

The Charity took out a loan with NatWest Bank during 2021 to finance the acquisition of the freehold of 174A Cheltenham Road (the former Kitto premises), which are strategically located between Montpelier High School and the Dolphin School. The loan had a balance of £nil at 31 December 2025 (£667,653 at 31 December 2024) and was secured on 180a, 180b, 180c and 180d Cheltenham Road with interest payable at 4.5% above base rate.

174A Cheltenham Road was treated as an Unrestricted Asset Held for Sale as at 31 December 2025 at a fair value of £334,764 (2024: £358,500 treated as an unrestricted investment property).

In 2025 the charity sold 180 a-d Cheltenham Road which was part of the Permanent Endowment and resulted in a realised gain of £120,918 in the year.

During the year the Permanent Endowment Fund loaned the Unrestricted fund £652,918 and this was used to repay the bank loan. This loan will be repaid from investment income over a period of less than 20 years.

9 Creditors: amounts falling due after more than one year

	2025	2024
Age analysis of bank loan	£	£
Due within one year	-	80,294
Due after more than one year:
Between one and two years	-	80,294
Between two and five years	-	507,065
More than five years	-	-
Total due after more than one year	-	587,359
Total	-	667,653

10 Restricted funds

10 Restricted funds
		Net	Gain/(loss)	As at
	As at	incoming/	in market	31
	1 January	(outgoing)	value of	December
	2025	resources	investment	2025
	£	£	£	£
RSW Clarke	47,238	-	2,312	49,550
CS Trusts	15,332	-	750	16,082
CS Prize	16,010	-	784	16,794
CS Bursaries and Scholarships	192,048	-	9,399	201,447
F A Clark	83,578	-	4,090	87,668
A M McWatters	10,306	13	381	10,700
	364,512	13	17,716	382,241

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Docusign Envelope ID: A15D2863-CF00-88D0-803E-51EBB6ECA05D

Montpelier Collegiate Trust

Notes to the financial statements for the year ended 31 December 2025 (continued)

• 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, 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.

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 £737,696 at 31 December 2025 (2024: £703,960).

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 with UK Practice 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 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 at £nil.

The fund also contained an asset held for sale at 31 December 2024 which was subsequently sold during 2025, the value of which was £745,276 at 31 December 2024 and represented fair value less costs to sell.

During the year the Permanent Endowment Fund loaned the Unrestricted fund £652,918 and this was used to repay a bank loan. This loan will be repaid from investment income over a period of less than 20 years and a Charity Commission Order authorised the expenditure of capital subject to replacement under the power given in section 105 of the Charities Act 2011.

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Docusign Envelope ID: A15D2863-CF00-88D0-803E-51EBB6ECA05D

Montpelier Collegiate Trust

Notes to the financial statements for the year ended 31 December 2025 (continued)

12 Analysis of funds Unrestricted fund £	Restricted funds £	Permanent endowment fund Total £ £
At 1 January 2025 (273,991) Net movement in funds (19,361)	364,512 17,729	1,453,400 1,543,921 155,337 153,705
At 31 December 2025 (293,352)	382,241	1,608,737 1,697,626
Represented by Investments - Asset held for sale 334,764 Current assets 26,519 Current liabilities (1,717) Inter fund loan (652,918)	379,699 - 5,512 (2,970) -	737,696 1,117,395 - 334,764 307,076 339,107 (88,953) (93,640) 652,918 -
(293,352)	382,241	1,608,737 1,697,626

The deficit on the unrestricted fund has arisen 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. One property was sold in 2025 and one is expected to be sold in 2026. Income arising from the permanent endowment investments will be credited to the unrestricted fund to repay the deficit.

18

Docusign Envelope ID: A15D2863-CF00-88D0-803E-51EBB6ECA05D

Montpelier Collegiate Trust

Notes to the financial statements for the year ended 31 December 2025 (continued)

13 Trustee’s remuneration

The Trustee did not receive 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 (2024: £nil).

14 Related party transactions

The Trust had a number of related party transactions with the following organisations:

The Society of Merchant Venturers

The Society of Merchant Venturers charged £7,157 (2024: £6,658) to the Charity to recover costs incurred on behalf of the charity. Of this, £nil is outstanding at the year-end (2024: £nil).

The Society of Merchant Venturers recharged the charity £nil during the year (2024: £5,666) in relation to costs associated with school functions. Of this, £nil is outstanding at the year-end (2024: £5,666).

Venturers Trust and Collegiate 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 activities. For details of outstanding balances at the year-end see note 8.

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. At the year-end £8,932 was outstanding from MVCIP (2024: £7,593).

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 appointed. Collegiate School can be contacted at Bell Hill, Stapleton, Bristol, BS16 1BJ and Venturers Trust can be contacted at Gatehouse Avenue, Bristol, BS13 9AJ. For details of transactions with those entities see note 14.

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