2021-08-31-accounts - Merchant Taylors School

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			Page
Reference and administration
Governors' report (incorporating		the Strategic Report)	4-25
Independent auditors'	report		26-29
Statement offinancial	activities		30-31
Balance sheet			32
Cash flow statement			33
Nates to the financial	statements		34-57

			MERCHANT TAYLORS'		Emlsslons
			SENIOR SECR		calculation
					per CO2e
Energy Source			Consumption	Scope	2021
Gas —total kWh (kilowatt-hours)	from		4,330,635kWh {gross Cy (calorific	Scope 1	793.t
gas bills			value))
Electricity -total kWh electricity	bills		1,223,719kwh	Scope 2	259.83t
Transport —Mini-bus			26,958 miles	Scope 1	12.37t
Business travel land (average car)			2,615miles	Scope 3	0.71t
Business travel land (taxi)			32 km	Scope 3	0.0048t
Business travel land (rail)			174km	Scope 3	0.026t
Hotel Stay			13.9 kgCO2e	Scope 3	0.0139t
Diesel (100%mineral diesel)			18,825 I	Scope 1	509.3t
Propane —Total Litres			13,558 I	Scope 1	20.9t
Water Supply			18,984 m3	Scope 3	2.83t
Water Treatment			15,630m3	Scope 3	4.25t
Waste Disposal - Metal			0.583t	Scope 3	12.41t
Waste Disposal —WEEE Mixed			1.79t	Scope 3	38.12t
Waste disposal -Batteries			0.355t	Scope 3	7.56t
Waste Disposal —Paper and board: mixed			4.360t	Scope 3	92.8t
Waste Disposal - Glass			0.432t	Scope 3	9.2t
Waste Disposal -Refuse /Commercial		and	63.3t	Scope 3	1,347.9t
industrial waste
Waste Disposal - Paper			6.3t	Scope 3	134.15t
Total					3,245.51t
Intensity ratio			Emissions data (tCO2e) per pupil		2.7t CO2e per
			&FTE		pupil &FTE

		MERCHANT TAYLORS	PREP SECR		Emissions
					calculation
					per CO2e
Energy Source		Consumption		Scope	2021
Gas —total kWh (kilowatt-		151,711kwh		Scope 1	27.78t
hours) from gas bills
Electricity —total kWh electricity		200,389kwh		Scope 2	42.5t
bills
Water Supply		1,853m3		Scope 3	0.276t
Water Treatment		1,735m3		Scope 3	0.504t
Transport —Mini-bus		14,287 miles		Scope 1	4.0lt
Waste Disposal—		39t		Scope 3	18.21t
Refuse/Commercial	and
industrial waste
Waste Disposal —Paper and		1.88t		Scope 3	0.04t
board: mixed
Total					93.34t
Intensity ratio		Emissions data (tC02e) per pupil	and FTE.		0.202t C02e
					per pupil & FTE

			Unrestricted				2021	2020
		Unrestricted		Designated	Restricted	Endowment	Total	Total
			funds	funds	funds	funds	funds	funds
		Notes	E
Income from:
Charitable Activities
School fees		2	23,446,472				23,446,472	22,136,119
Registration/admissions
Fees		3	131,813				131,813	138,571
Other charitable	activities
-Insurance		3	8,381				8,381	12,227
Rents received		3	251,083				251,083	244,388
Government grants					289,322		289,322	909,909
- Other		3	97,872				97,872	86,099
Other trading activities
Donation from MTSEL		3	104,075				104,075	56,826
Investments		3	1,797	41,198	36,117		79,112	130,683
Donations &fegaaes
Donations					230,353		230,353	85,157
Development campaign
income		3	47,185		1,347,828	10,500	1,405,513	243,134
Total income:			24,088,678	41,198	1,903,620	10,500	26,043,996	24,043,113
Expenditure on:
Raising funds
Alumni Relations	and
Development			190,544		2,424		192,968	229,847
Iiivestrnent management				10,315	7,710		18,025	14,850
Finanang costs			11,511	4,267			15,778	26,820
			202,055	14,582	10,134		226,771	271,517
Charitable activibes
School and grant	making		22,335,420	189,884	694,792		23,220,096	22,221,677
Total expenditure		5	22,537,475	204,466	704,926		23,446,867	22,493,194
Net income/(expenditure)
before investment	gains		1,551,203	(163,268)	1,198,694	10,500	2,597,129	1,549,919

For the year	en	ded	31A	ug	u	st 2021	st 2021
						Unrestricted				2021	2020
				Unrestricted			Designated	Restricted	Endowment	Total	Total
						funds	funds	funds	funds	funds	funds
		Notes				5	6	6	6	6	6
Net gains on
investments							657,850	46,766	392,301	1,096,917	198,205
Net income						1,551,203	494,582	1,245,460	402,801	3,694,046	1,748,124
Transfers			8			(1,874)	1,874
Net movement	in
funds						1,549,329	496,456	1,245,460	402,801	3,694,046	1,748,124
Fund balances at
31August 2020						27,610,493	9,430,366	800,814	1,703,660	39,545,333	37,797,209
Fund balances at			14			29,159,822	9,926,822	4046,274	2,106,461	43,239,379	39,545,333
31August 2021
Summary Income		and Expenditure				Account
										2021	2020
										6
Total mcome										26,033,496	24,036,058
Total expenditure										23,446,867	22,493,194
Unreaiised/realised		gains	and	losses						704,616	157,952
Net income for the year										3,291,245	1,700,816
All amounts relate		to continuing			operations.

							2021	2020
			Notes				f	f
Fixed assets
Tangible fixed assets							33,657,981	33,334,517
Investments							7,556,653	5,919,464
Fees ln Advance	investments							143,346
Current assets
Stocks					22,395			47,914
Debtors				10	354,733			405,358
Cash at bank and	in hand				6,321,623			4,748,981
					6,698,751			5,202,253
Current liabilities
Creditors: due within one		year		11	(3,923,143)			(4,227,894)
Net current assets							2,775,608	974,359
Total assets less	current
Liabilities							43,990,242	40,371,686
Creditors: due after more		than
one year				12			(750,863)	(826,353)
Total net assets							43,239,379	39,545,333
Unrestricted funds				15			39,086,644	37,040,859
Restricted funds				16			2,046,274	800,814
Endowment				17			2,106,461	1,703,660
Total funds							43,239,379	39,545,333
The financial statements their behalf by:		were	approved	by the Governors		on	g(fi ~dbftgf~	2022 and were signed on
D G M Eggar							A G Moss
Director							Director

				2021		2020
		Notes		f		6
Net cash flows from
operating activities		18		4,513,670		2,766,664
Cash flows from investing
activities
Investment mcome			79,112		130,683
Purchase ofproperty, plant and
equipment			(1,932,670)		(2,533,003)
Proceeds from sale of
investments			2,701,842		1,767,185
Purchase ofinvestments			(3,769,628)		(2,021,910)
Net cash used in investing				(2,921,344)		(2,657,045)
activities
Cash flows from financing
activities
Movement in final deposits			(66,800)		(20,400)
Repayment ofinterest on loans					(15,830)
Repayments ofborrowing			(529,725)		(66,517)
Net cash used in financing
activities				(596,525)		(102,747)
Change in cash and cash
equivalents in the reporting
period				995,801		6,872
Cash and cash equivalents	b/f	19		5,426,446		5,419,574
Cash and cash equivalents	c/f at
31August		19		6,422,247		5,426,446

School Fees
							2021	2020
The School's fee	income corn pnsed.
Gross fees							25,789,646	25,157,268
Less 2021Spring	term			discounts			(715,679)	(1,444,842)
Less: Total bursaries,			grants and allowances				(2,032,965)	(1,829,328l
							23,041,002	21,883,098
Add back Scholarships,				grants and allowances		paid for
by restricted funds		held		by MT Company	and	MTET	405,470	253,021
							23,446,472	22,136,119
Other income
							2021	2020
Other educational		charitable activities
Registration fees							115,663	112,971
Admission fees							16,150	25,600
							131,813	138,571
Other charitable	activities
Insurance							8,381	12,227
Rents receivable							251,083	244,388
Deposits forfeited,		fees		m keu, music income		and other
misc. income							97,872	86,099
MTSEL donation							104,075	56,826
Government grants							289,322	909,909
							750,733	1,309,449
Investment income
Bankinterest							850	22,016
Investment income							77,315	98,519
Interest on late fees							947	10,148
							79,112	130,683

her income	(continu	ed)
				2021	2020
Donations
MT Company	Donation			42,550	56,994
Scholarship	Income			8,267	28,163
MTET Endowment		Fund		179,536
Other donations
				230,353	85,157
Development	campaign		income	1,405,513	243,134
				1,635,866	328,291

penditure
			2021	2020
Support	costs of schooling included:
Auditors'	remuneration	for audit services	26,850	24,000
Auditors'	remuneration	for other services		3,942
			26,850	27,942
Total staff costs comprised:
Wages and salaries			12,583,098	12,159,692
Social security costs			1,299,690	1,248,520
Pension	contributions		2,351,130	2,284,946
Termination costs			80,498
			16,314,416	15,693,158

The number of higher	2021	2020
F60,001 - 670,000	33	35
670,001 - E80,000	13	7
680,001 - E90,000	4	4
6100,001 - 6110,000	1
F110,001-6120,000	1
E120,001 - f130,000	1
6190,001-6200,000	1

			Staff	Other	Depreciation	Total
			Costs	Costs		2021
			6	6		6
Raising funds
Financing costs/bank		interest		15,778		15,778
Investment management				18,025		18,025
Development office			177,726	12,818		190,544
			177,726	46,621		224,347
Charitable activities
Teaching			12,574,150	1,297,413		14,157,943
Welfare			720,638	378,891		1,099,529
Premises			1,118,120	2,968,965	850,912	4,937,997
Support costs ofschooling			1,723,823	423,420	568,410	2,429,273
School's operating	costs		l6,136,731	5,068,689	1,419,322	22,624,742
Bursaries paid for by
restricted funds				405,470
						405,470
Alumm Relations and		Development		2,424		2,424
OMT sports facilities					189,884	189,884
				407,894	189,884	597,778
Total expenditure			16,314,457	5,523,204	1,609,206	23,446,867

			Staff	Other	Depreciation	Total
			Costs	Costs		2020
			6	6		6
Raising funds
Financing costs/bank		interest		26,820		26,820
Investment management				14,850		14,850
Development office			160,704	40,570		201,224
			160,704	82,190		242,894
Charitable activities
Teaching			11,939,676	1,198,657		13,138,333
Welfare			524,625	340,226		864,851
Premises			906,027	2,748,980	790,819	4,445,826
Support costs ofschooling			1,252,217	604,027	563,608	2,419,852
School's operating	costs		14,622,545	4,891,890	1,354,427	20,868,862
Bursanes paid for by
restricted funds				1,162,930		1,162,930
Alumni Relations and
Development				28,623		28,623
OMT sports faalities					189,885	189,885
				1,191,553	189,885	1,381,438
Total expenditure			14,783,249	6,165,633	1,544,312	22,493,194

Tangible fixed assets
	Land	Assets under	Furniture and	Total
	and	construction	equipment	2021
	buildings
	E
Costs or revaluation
1September 2020	41,945,184	1,778,947	7,787,734	51,511,865
Additions	219,985	1,257,161	461,524	1,938,670
Transfers	1,778,947	(1,778,947)
Disposal	(6,000)			(6,000)
31August 2021	43,938,116	1,257,161	8,249,258	53,444,535
Depreciation
1September 2020	12,786,083		5,391,265	18,177,348
Charge for year	1,040,796		568,410	1,609,206
31August 2021	13,826,879		5,959,675	19,786,554
Net book value
31August 2021	30,111,237	1,257,161	2,289,583	33,657,981
31August 2020	29,159,101	1,778,947	2,396,469	33,334,517

Investments
			2021	2020
Investment	in subsidiary		100	100
investment	portfolio		7,556,553	5,919,364
Fees In Advance		investments		143,346
			7,556,653	6,062,810

	2021	2020
Gross profit	181,666	220,504
Gross expenditure	(77,591)	(163,678)
Net surplus before donating to MTS	104,075	56,826

				Quoted
				investments
Investments	at	31August 2021were:
Fixed Interest				114,252
Overseas Bands
UK Equities				123,200
UK Investment		Companies		1,989,115
Overseas investment			Companies	4,367,733
Pnvate Equity				4,360
Alternatives				657,269
Cash				100,624
				7,556,553

	Transfer between	Transfer between	funds					2021	2020
	Designated	Funds:
	Transferred	to/(from)		Unrestricted	Funds	re Housing	Fund	6,999	(15,417)
	Transferred	to/ (from)		Fees in Advance				(5,125)
	Net transfer	to/(from)		Designated	funds			1,874	(15,417)
9.	Stocks
								2021	2020
	Consumables	(including		textbooks)				16,212	33,797
	Goods for resale							6,183	14,117
								22,395	47,914
10.	Debtors
								2021	2020
	Trade/fee debtors							54,252	22,093
	Amounts owed from Related Undertakings					(See Note	23)	108,453	64,236
	Prepayments	and	accrued income					112,464	81,715
	Other debtors							79,564	237,314
								354,733	405,358

	Creditors: due within one year	Creditors: due within one year
				2021	2020
				6	E
	Amounts due to Related Undertakings		(See Note 23)		14,426
	Bank loans and overdrafts				529,725
	Final term deposits			89,200	75,2DD
	Trade creditors			375,481	78,106
	Accruals			1,193,021	1,461,487
	Exam deposits and Autumn	term pre-payments		1,956,388	1,700,216
	Other deferred income			1,150	12,791
	Fees In Advance Scheme			116,790	134,171
	Other creditors			191,113	221,772
				3,923,143	4,227,894
12.	Creditors: due after more than one year
				2021	2020
				E	E
	Final term deposits
	Within 1to 2 years			71,200	66,000
	Within 2to 5years			247,100	247,900
	After 5years			264,400	335,600
				582,700	649,500
	Fees In Advance:
	Withm 1to 2 years			128,111	136,927
	Within 2to 5years			40,052	39,926
	After 5 years
				168,163	176,853
				750,863	826 353

			f
Balance at31August 2020			311,024
New contracts			104,558
Discounts			4,176
			419,756
Amounts utihsed	in payment	offees	(134,803)
Balance as at 31	August 2021		284,953

		Fixed assets	Current	Current	Long term	Total
		and investments	assets	liabilities	liabilities	2021
Unrestricted	and
designated	funds	39,108,173	4,652,477	(3,923,143)	(750,863)	39,086,644
Restricted funds			2,046,274			2,046,274
Permanent	endowment
funds		1,547,690				1,547,690
Expendable	endowment
funds		558,771				558,771
Total		41,214,634	6,698,751	(3,923,143)	(750,863)	43,239,379

		Fixed assets	Current	Current	Long term	Total
		and investments	assets	liabilities	liabilities	2020
Unrestricted	and
designated	funds	37,693,667	4,401,439	(4,227,894)	(826,353)	37,040,859
Restricted funds			800,814			800,814
Permanent	endowment
funds		1,224,762				1,224,762
Expendable	endowment
funds		478,898				478,898
Tota I		39,397,327	5,202,253	(4,227,894)	(826,353)	39,545,333

					Transfers
					between
		Balance 2020	Income/gain	Expenditure	funds	Balance 2021
Undesignated:
General	Reserves	27,611,797	24,088,678	(22,537,475)	(1,874)	29,161,126
Designated:
Housing	Fund	61,456			6,999	68,455
Pension	Fund	121,580				121,580
Bursary	Fund	603,671	22,073			625,744
QMT Asset Fund		4,714,634		(189,884)		4,524,750
Durrants	Fund	3,906,623	676,975	(10,315)		4,573,283
Fees In	Advance
Scheme		21,098		(4,267)	(5,125)	11,706
		9,429,062	699,048	(204,466)	1,874	9,925,518
Total		37,040,859	24,787,726	(22,741,941)		39,086,644
Analysis	of unrestricted	funds —previous	year		Transfers
					between
		Balance 2019	Income/gain	Expenditure	funds	Balance 2020
				E
Undesignated:
General	Reserves	25,986,181	22,737,939	(21,096,906)	(15,417)	27,611,797
Designated:
Housing	Fund	46,039			15,417	61,456
Pension	Fund	121,580				121,580
Bursary	Fund	601,577	2,094			603,671
0MT Asset Fund		4,904,519		(189,885)		4,714,634
Durrants	Fund	3,702,084	212,969	(8,430)		3,906,623
Feesln Advance
Scheme		19,673	1,425			21,098
		9,395,472	216,488	(198,315)	15,417	9,429,062
Tota I		35,381,653	22,954,427	(21,295,221)		37,040,859

			Incoming	Resources
		Balance 2020	resources	expended	Balance 2021
		f	E	f	E
General donations		292,278	102,002	(278,261)	116,019
Government	grants		289,322	(289,322)
		292,278	391,324	(567,583)	116,019
Development	Fund
Bursary		433,674	544,283	(135,343)	842,614
Sports, art and school campus		19,261	14,779	(2,000)	32,040
Capital projects		55,601	1,000,000		1,055,601
		508,536	1,559,062	(137,343)	1,930,255
Total		800,814	1,950,386	(704,926)	2,046,274

Analysis of r	estricted funds —previou	s year
			Incoming	Resources
		Balance 2019	resources	expended	Balance 2020
		E		E	E
General donations		320,224	85,157	(113,103)	292,278
Government	grants		909,909	(909,909)
		320,224	995,066	(1,023,012)	292,278
Development	Fund
Bursary		376,008	217,435	(159,769)	433,674
Sports, art and school campus		25,552	8,901	(15,192)	19,261
Capital projects		37,420	18,181		55,601
		438,980	244,517	(174,961)	508,536
Total		759,204	1,239,583	(1,197,973)	800,814

17.	Analysis ofendowed	Analysis ofendowed	funds
			Balance
			2020	Income/gains	Expenditure	Balance 2021
				6	6
Fund:
Permanent		Endowment	1,224,762	322,928		1,547,690
Expendable		Endowment	478,898	79,873		558,771
Total			1,703,660	402,801		2,106,461
	Analysis ofendowed		funds —previous year
			Balance
			2019	Income/gains	Expenditure	Balance 2020
				6	6
Fund:
Permanent		Endowment	1,196,426	28,336		1,224,762
Expendable		Endownient	459,926	18,972		478,898
Total			1,656,352	47,308		1,703,660

					2021	2020
Net income for the reporting		period			3,694,046	1,748,124
Depreciation					1,609,206	1,544,311
(Gains) on investments					(1,002,898)	(276,935)
Investment income					(79,112)	(130,683)
Increase / (Decrease) in	operating		creditors	and accruais	216,284	(413,050)
Decrease in debtors					50,625	304,849
Decrease / (increase)in	stocks				25,519	(9,952)
Net cash flow from operating		activities			4,513,670	2,766,664

Net debt reconciliation
	At 1September	Cash Flows	Other non cash	At 31August
	2020		changes	2021
Cash and cash equivalents
Cash at bank and in hand	4,748,981	1,572,642		6,321,623
Cash at investment managers	677,465	(576,841)		100,624
	5,426,446	995,801		6,422,247
Loans falling due within one
year	(529,725)	529,725
Total	4,896,721	1,525,526		6,422,247
Net debt reconciliation —previous	year
	At 1september	Cash Flows	Other non cash	At 31August
	2019		changes	2020
Cash and cash equivalents
Cash at bank and in hand	4,448,659	300,322		4,748,981
Cash at investment managers	970,915	(293,450)		677,465
	5,419,574	6,872		5,426,446
Loans falhng due within one	(499,281)	66,517	(96,961)	(529,725)
year
Loans falling due after more
than one year	(96,961)		96,961
Total	4,822,858	73,389		4,896,721

	2021	2020
	f	f
Within one year	118,626	120,679
Between 2 and 5years	451,773	458,243
In over 5 years	12,673,628	12,785,748

					Unrestricted		Permanent	2020
				Unrestricted	Designated	Restricted	endowment	Total
				funds	funds	funds	funds	funds
				E	E	E	E	E
income from:
Charitable activities
School fees				22,136,119				22,136,119
Registration/admissions
Fees				138,571				138,571
Other charitable		activities
-Insurance				12,227				12,227
- Rents received				244,388				244,388
- FIMRC						909,909		909,909
-Other				86,099				86,099
Other trading	activities
Donation from	MTSEL			56,826				56,826
Investments				32,164	58,536	39,983		130,683
Donations ik legacies
Donations						85,157		85,157
Development	campaign		income	31,545		204,534	7,055	243,134
Total income:				22,737,939	58,536	1,239,583	7,055	24,043,113
Expenditure on:
Raising funds
Alumni Relations		and
Development				201,224		28,623		229,847
Investment management					8,430	6,420		14,850
Bankinterest				26,820				26,820
				228,044	8,430	35,043		271,517
Charitable activities
				20,868,862	189,885	1,162,930		22,221,677
Total expenditure				21,096,906	198,315	1,197,973		22,493,194
Net
income/(expenditure)						41,610	7,055	1,549,919

		Unrestricted	Unrestricted		Permanent	2020
		Unrestricted	Designated	Restricted	endowment	Total
		funds	funds	funds	funds	Funds
		E	E	E	E	E
Net gains on investments			157,952		40,253	198,205
Net income		1,641,033	18,173	41,610	47,308	1,748,124
Transfers		(15,417)	15,417
Net movement	in funds	1,625,616	33,590	41,610	47,308	1,748,124
Fund balances at
31August 2019		25,984,877	9,396,776	759,204	1,656,352	37,797,209
Fund balances at
31August 2020		27,610,493	9,430,366	800,814	1,703,660	39,545,333