A Bristol independent school is launching its 300th anniversary year with a foundation to help more young people from less well-off backgrounds attend the school.

Colston's School wants to set up more bursaries giving financial support to boys and girls from families with modest incomes.

Details were announced this week by headmaster Peter Fraser and the chairman of governors David Marsh at a reception hosted by the Society of Merchant Venturers.

As trustees of Edward Colston's original endowment, the Merchants have managed and supported the school since it was founded on the site now occupied by the Colston Hall.

The school moved to its present 30-acre site at Stapleton in1858, when the Merchants bought the Bishop's Palace and surrounding land.

Mr Fraser explained: "The aim is very simple – to create a sustainable income to support bursaries designed to widen access to a Colston's education."

David Marsh said: "explained that the school had started the re-engagement with former pupils last summer with a telethon. Sixth formers were trained and employed to call all known Old Colstonians.

"Some of us watched them at work," he said. "They were great, really professional, and did the groundwork for building up an electronic database in a format which is going to last for the next 300 years."

Mr Marsh praised the Foundation, and emphasised that the school's financial success had generated the funds to carry out major building developments over the past three years.

"Colston's School is in good health financially and academically," he added. "It is flourishing because of its record of providing a balanced and rounded education, bringing out the best in every pupil."

Mr Fraser added: "The Foundation will seek to invite all former pupils who are able and willing to enable others to access a Colston's education which will have been a major influence in their lives.

"Their generosity will, I hope, reflect the tradition set by those who have supported the school over the last 300 years."

He recorded his appreciation for the generosity shown in recent times by Paula Spielman, Kenneth Hilborne, Roger Newport, the Old Colstonian Society and the Society of Merchant Venturers.

Tercentenary celebrations began last Saturday with a concert at the Colston Hall where 300 musicians and singers performed.