C•Jwuy R*r*iknn Nr•.0341154O aDd W*l#J Ckarity Rt8lstrAtlollN•: IW740 Merchant Taylors9 School (A company limited by guarantee and Dot baving g share capital) Report and f￿anCial statejnents for the year eDded 31 .4ugust 2023 T#ylor5' Srbool {A CoMp￿Y Ilmited by gu￿￿￿tetARd nol bAf¥ltsg* 5ktyecaplt*l) CoRtent5 Pa Raf8r8nc8 8nd adrninrstra￿on Gov&mrs' report lincorporabrty the Strategic rarK)rt} 18 IndapèrKlanl 8udttors' report 19-22 ststement of finanda a¢tsvibes 23-24 Balance sheet 25 Cash flow stat￿ent 26 Notes to the fina￿la1 ststements 2742 MerchRllt T4yiort' Stknl (A comp#ny Ildted by guaraDtseaDd • Bh￿£1￿1￿1) Reftre*¢eand Adml]JtstritkntL or tbe r ellded 31 A us¢ 211 Govemot¥ The Gov8mDrs of Merchant Taylors. Sch￿1 ar& Dir&Xors of the Cha)ilaNe CoTnpany I'the Company,) and Trust8e8 of tho Charlty Ilhe ChariV}. Mr D G M Eggar (Chairman), Eur.1￿. C.Ery. MICE, BSC, FRSA Miss P Ba￿fOol. Bsc Mr Michael Bond (appointed 12106r20231 Mr RJ Brooman, M4 FCA DrJ M Cox, BSC, PhD Cdr8 A Cree, CBE Roya Navy MrG B M H du Parc Braham, MA Mphil Mr A Eastwood. Bcomrn. ACA Mr D Haria. FCA Mrs S Morgan, BA (Honsl, FCIPD The Hon R H E Newall. PICAM, FCSI MrJ C Oram, BA, MSC, MRICS Miss L Orr, MA. Mst. Barrister-at-L8w Mrv Paul. BA. Msc Mr8 J K M Redman. LLB Mrj D R Tw¢ning. BA, MA Mr C J Willlams, MA, ACA lappoirrtsd 22111r2023) Hgad Mast•r Mrs J EveTyJn, MA Bursar and Company Secretary Mr l D Williams BSC. MBA Contart addmss and reglstered offlco Merchant Ta￿oTr, School Sandy LodgB NOrthw￿d HA6 2HT Website.. ￿¥m.mtsn.o￿.uk Reglster8d numb•rs Company registration numb&r Charity registration number 3411540 1063740 Banker8 8arGlays Bank PLC 244 Street Watford Herts WD17 2BT Sollclt+DfB Chartes Russdl SFeechlyB LLP 5 Fleet Pl Lotmlcm EC4M 7RD Auditors Saffery LLP 71 Ql￿en Wictoria Street Lond EC4V 48E Page3 of42 MÈrth4RtTaylors' S¢JLMI IA cTrtDpany Jl]nitod by gu&raDtte atsd 5kn ¢*pltsil Govermors, rwrt OncorporatlDgthÈ Strthgic rep•rt) Ffjr the erLded31 Au 2023 INTRODUCnON Thè Govemors of Methnt Taylors, School (th8 SC￿01) presenttheir annual report and oudttgd financial S￿tem￿*S tsf the Charity for the year gftded 31 August 2023. The financial statem6nts com ￿Y Ih the Comp2ni&g Act 2006. CharitEs Act 2011, the Aitidas of Association. and Ae¢wnting and Reporbng by Charities: Stslement of Re¢￿￿T￿ended Pract￿ 8pplitrAbl8 to charities p￿paring their accounts in accordance wlth FInarri￿ Rap￿Ir¥J StaTrdards apPlIGab￿ in the UK and Rgpublic of Irdand IFRS 102). STRUCTURE. GOVERNANCE AND IAAMAGEMENT The School was founded in 1581 by th& MgrchantTaWors' Company, one ofthe GNot Twelve Clty of Lond￿ Livery Companies. In 1933. thè SchtK)I rrKJved to tts present srte at Sandy Lodga in Northwood. In 1967. the Marehant TaOors' Cornpwry 8ppcMnted the Merthant Taylors. Ed￿tiOnal Truyt I'MTEri. a char[ta￿e trust sèt up for &lucatk)nal purposes. to take over th8 governan￿ of MerGh8nt Taylors, School and St John's School. On 1 August 1997, MTS was incorporated as a ￿vate Gompany limit&1 by guarantee and was registered as a charity, taknTrJ over Ihe busin8ss, assets and liabilthes of Merchant Taylors, School. On 15 October 2015. the s￿)￿1 merged ￿th NorthwocKI Prep Schod to fomi a combinèd Merchant TaylDr5' School, txovidiro pupi18 Wth an a114hrcwh expan￿¢e of edUca￿On for boys 8g8d >18. Govarnlng d¢)cument Merchant Te￿Or¥, School Is goveme(J by it8 AJtsdes ofAssociation, whlch We￿ last updated on 28 June 2018. R8crultmènt and tralnlng of g1)vemi)rn There shall bg 81 least six a MaX￿nUM 0fts￿ty Govèrnor5. New Govemors provided wlth th8 Artides of AE80ciation. Safeguarding training. an indLKlion v¢sit and an IrTrduction pack sta11r￿ thalr responsibifities. ColleclNe trainlng arTrd indivhlual trainiru is made availablè to Govemors. The trainlng indudes a¢c8SS to conferen￿. training coutses and iKiefiru papers. 2.3 Manag0ment and ovorsight The Govèmors, who are also thè Charity Irustees. are rewnsible forthè 0￿ra11 management 8nd control ofthè School. The Board of Govemors meets at If)ast three times 8 yaar underthe lead¢th￿ ol ils Chaimian, Duncan E￿ar. Financial [erfOrma￿ is monitored by the Tinance Committèe, chaired by The Hon. Richard Newall. The EdLration Commtttee, chaired by Jane Redman, steers th& management of teaching And 18aming across the Sch(KA. Individual Gov&mors hokj specific respoftsibility for Child Protèctkn Isarah Morgan), Risk and Heamh & Safèty Iman Ea51woodl. An Estatas Committee, chaired by J8wn Oram. provkles strategic dI￿tiOn on thtr mainlenanTr and dovolopment of the scho￿ kKtildirvJs and grourKls. A Develop￿ent and Alumni Relations Committee, thaired by Deepak Haria, prwdes strategic diwtiffi for fvndralslng and alumni activities. A Nominations Committe8 Ix)mprises fwr Govemows arvJ (thi￿d by Dun(zn Eggar. Exécufve day to day m8nagemenl ofthè S(thod is delegated tr) thtr H&8d Masler. Bursar and Head of Pr&p, supported by merDbers ofthe S(M's Laadership Teams. Thg Clert to the Gov6mors Goordina18S the wortt of Govemors and Iheir Committees. Al Tnjstees give freew of their tim6 8nd no reMUnerat￿n was paid dumg this pwiod. 2.4 Group struciuro and rdat5on5hlps The Chajity has a wholly owned non-charrt8bl8 SUb￿diary, Mèrchant Taybrs, ScFKJol Enlarprises Limited, which man8g8s the Schotsj's faCIl￿eS when not In use by the Schod. Tr s¢F￿0% has closè links with St John's Preparatory Scho(A in Northwood, by ViTiuo of common control, mutual support and shared financial administration. St John's is a private company limited by guarantèè and a separate registered chartty, whith can be conta¢tgd at Potter Street Hill, NorttThvood. Middlesèx. HA6 3QY IWvJw.st-lohns.￿g.ukI. Pagc4of42 mertba￿tTIykjTS. SchpDI IA oompAny ]Imhled by b4vitt¥* G￿VErnDr8, report Ollcorpor&tingtheStrateglt rep•rtl For ihe ear elldod 31 A4 CHARITABLE OWECTS AND AIMS Charltablè obl•cts The obje¢ts ofthg Sthod a￿ lo adv8n(* ￿u¢￿tioN by pwwding and maintaining in the United Kingdom or elsmyherv a boarding orday 8clwxl or knthe education ofchildren or your persons. 3.2 Mlsslon and Valu•$ Our Mlssion W8 a￿st to ￿1p ptjplls dèvèlop into rOUrK￿ ithduals of chardcterand to support them to discovar thalr full pOt￿ti￿ ft>r exc8Hen¢e in bolh academic Work and beyond. Bèllèts and Attrlud¢s Our belws and 8thtudes defin9 our 8PPrt*¢h to **i8wlrvJ our Mis￿n. Al their core is the Kjea that ifwg know e8th pupil indNidualty and er￿OU￿e them lo take advanl3ge Dfa W￿de rangè of trpportun￿eS in a cuRur8 which ￿lebrateS ex￿llenCe but cheriBhes kindr￿8. than thay wlll havè thè ¢x>nfldan¢e to firKI theirniche wh8r8 they can grDW and dgvelop. • We believe that FKJpils thrive in 8 ha￿￿10￿8 atsnosphe￿, so value kindness, colwotation and joyfulTW. We b8llw8 that èatth child is diff8rerrt and develop5 best when we know them Indivl(hJally, $0 wo valuè sm811 groups, kxyterrn ￿la￿onshIpS and takirpJ the tirne lo get lo know one anoth9r. • W& bel5￿8 that èvèryonè shoxjkl ￿ able to ty ev8Wing, enjoy many things and excel at somèthiro. OUr￿b is to ￿n￿Ur￿ 8ath pupil to find those things and have thg world4lass rgs(>urces n8th8ry to wppxxithem as lar as they can go. • W6 beliève that exGdlen¢e is an oruoing pumey. We value Ihe qu￿1 Confiden￿ that comes from acNèvÈmènC thè seW-kn(r•A8dg8 to se8 Vrt￿re improvemerkt lies, the innovation to t8kè thè naxt StÈp forward and the humilty that C4)me5 from knowing the j(MJmey isn't over. • We bdlèv& that thc>se with irwuithe miTKls enjcTry more tulfillirYJ and ergaged lives. Our culturè of pLholaTBhip inskNres and nurtures se￿-deve￿pMenL crikncal IhinknTrJ. cwtivty and inlallo¢lual exploralon. . We bdieve that ¢)ur pupils wll beco￿￿ ti)rnorr(r#s leadws., we want them toTr have Ihè ¢har*r ar￿ courage to lead wth inspiration and ￿tegrity. • We b￿1¢￿ that the s¢ly)ol must be 8 w)sibve pre*nce in the ￿MmUnty. We value open. honest atKI collaboralive p3th8rship8 t￿￿Ve8n paren￿ staff and pupil& We support the wider communty through shared use ofour frdcAlities and open up opportuni188 through our iw¥sary scheme. Valu•s Ourvalues urthrpin everything we do: they are the char￿ter tsfthe sthool. From the Head Masterfs study to th8 cl8ssrocKTr lo the playiThJ fidds. these values are reinfO￿d through pralse ar￿ example. Croatfvlty Wè ara innov8bv8 In solvsrYJ probkns and embrace change. We foster a sense of curiosty. We try new thing8. Wo play and explore. We are constanlty imagining ways to drfve se￿4mprOVem8￿l We express our Gr8a￿'vIty inl8lleclualty. arbStI￿1￿ a￿j in our ouuook. Pog¢ 5of42 Mercbant THyknrs' S¢hoD] (A rompxlly Ilmited by goamteÈ8ud 6h8r¢ c•ph*D Gov¢rnfyr8' report (IAttyrpordflDg thestsytets rtpDrt) For the ear end 31 Courage It lak8s couRge lo detnand more of ￿J[selVeS. to overcome the fw of lookiru foolish trying a new activrty. and to find Ihe grll to stiiv$ for ex<*llpnc8 when we fjnd we have potential for it. Moral courage Is when we stand LP forwhat we km4 is righL whatever the odds, whèn we Itvg our values even rf tt would &ader TK)t to. Confldanc• Wg lace the wodd with 8df-kn0￿ge and with the ground firni￿ underour feeL Our hallmark is quNg1 cornfide￿e. We take ￿lde in our streThJths arKI achievements, tempered by the h¢Anllity of knc¥wir@ ourw8aknews. Charact•r We treal one another ￿ndn&%8, respeGI and dwlty. Wè disagree but argue our ¢889 and seek to infiuence wlh Integtity. Wè are wrtews. We a￿ ￿terested and inleresUng. W8 are grat&ftJl for¢ur community and proudty serve it We ctNKJuct rjursdves honcmjrably and know that how you play the game is irnFK)rtanL Collaboratson We work ￿11 trg8ther and brlng out tho b88t in each othèr. A￿ad￿n￿ succE&s is the product of collabor8fi(>n be￿een staff, patgnts and pupils. We hspire one another to aBhi8vg a cornmon 9081. We are open. share infonnation and ￿ ourselv85 as a happy cotnrnunity bDm of shared aspirations. Exeèllène• We cdebrate eX￿llenCe. We anjoy firvjirtg ryjr nlchg and dtsvekpiro ourfull potential. We recognise the hard wod( and ambltion that drivès scholarship. We appreclate thè long hours of tralnlng. practice and teamvK)rk which result in succes5 Out￿de of academffic 6ndèavcTrurs. Bursary and scholarshlp polideB Govemor8 are commitled to bnadéniro accEss tr) the School by offeriro maans-testsd bursaries to boys, whose famllies would 0th8wse be unable to afford the fees. In additk)n lo bursary income d]3vffl from charitable endovments and fundrai8ing, Gov8moJs strike a balance between bursary bon8fici8ries and Other￿￿pa￿1ng parents. many of whom make considerable sacrifices lo support Iheir thild's ed￿tir￿. Bursaries are avallable to boys who meet thè Schod's entrdnce requir&men18 and awall15 of between 5Yp and 1W¥o of tU￿On fees are determined through financHI means testing. When required, fvrther assistance is pn)vided to ￿et additional ex￿n$&$ incjuding ady￿eS, trips and unifomis. Hardshlp bursaries are award￿1 to parents of exisbng PUFxls. whctse COn￿nU$d e(lucation is ieopardised by a changg in finan¢Aal or¢urnstance& Scholarships are awarded for eXL￿IenCe. as sllwlal&l by th)nors and iTresp8the of paren121 Iwme. Through scholarships, we aim to attrart part￿UIaty a￿e pupils, whether academic, mussc or sports, thereby raising ovérall aspirations and aGhKverr￿t of both staff ar￿ all pupils. In addibon lo fe8 discounts, ¥ecipients p8rb'cipate in a broad Scholars. Enrichmonl Programme, as dD tyjrsary holders, when merfted by th9ir perfomianr*. During tha y&8r, 221 boys beneffted from finanaal yjpport from the School totalling £1,900,643, ￿lch sents ovgr 7% of total expendtiure. 72 boys18%1 ra￿1vad means tested butsarios to the total value of £1,0%,259, which representèd 5% ofthe Scfthl's gross fee income. This provided access tr> families from our local communty, who wryjld Dtherws9 have been unable to aff(>rd th8 fee& 26 of thosè boys136.hl received transfrxmational bursary suprK)rt of between 80% and IOOO/ts oftheir fees. In addition to tuition fees, financial support Ir￿lUded coacth transwrt and the provisitin of 8 Surface Pr tsblet to support their academlc stud￿5 sthere r4uired. In addit￿n, 149 bcTryS were award8d ￿deMIC scholarships based on educAtlonal merit and potents"al. lo a totsl value of £844.3B414'10 of gross feel. Py6of42 MerdLantTAY￿I$. S¢hool IA compajky Jirtkitedby gH*r*lltse￿d sh*r¢ Gvvetu•tY' roport ODcofpDratiN8 the Str4t¢* ryN)rt) r the vear ellded31 A 8t 2023 Stratsgl¢ rnport Ilncorwatlng operation￿ Pwrom￿Ce Review. Flnandal Revlew. R•serve# Pollw, Rlsk ManageTr￿t Revlew and Futurn Plans ￿ pa￿ 7 to 181 Princlpal actlvltles of the year 2022-2023 Edu¢ational actNiÉies were carried out as an IrKJwndent day sthool fDt bws from the age of 3 to 18. Average pupll numbeTS remainèd sllghdy above the bjdget thel throughout the p￿iDd with 946 boys 12022.. 9321 at MTS and 370 boy812022.. 3681 at MTP. The Schod c(Mrtinuèd to achieve high acad8miG standards, whilst maintsining the outStaTKliw lovd of pasloral carÈ and co-CUrriCLtlar acl'viti8S that underpinned all ￿t￿lIbeS. The School COn￿nUed to develop stror¥J links with local educab'onal and hw(Jercommunrfles. Objèctlves for the yoar 2022-2023 The Schoij Improvement Plan I"SIV} proTrAdes an effective fram8w¢Mk for Ihe School's 3tr3tegic goals. The SIP is framed by fve dear obiecbves for d8v8k)rMne Dèveloping links wth Iwal ￿h(X)Is.. Cc>nsolidatlon of progress ma(k in seif-&va1uatic￿ arKI teachlng. Excellence in academic and ￿$10rd1 maltars: Improvement of fac￿￿.88; arKI oUb￿ard F3ctTrJ WortK {rnark8ting, Jumni and &JmissiryL4). OpèratIon￿ perforfflar￿e T￿eW 2022-2023 4.3.1 Academlc Thi8 y88r saw the launch of a new thre&year￿deMIC deVel0F￿nt plan, buildirg on the SUCC&￿ of th6 previous periLbd 20192022. The pian fows6d on many are85 id8ntfvd by The Tirnes Edu¢thon Commisslon Report. which were alr8ady &mbe(k1ed within the MTS ￿UCatiOn. Sp8cifie2lly. the use of18chrK)logy in d&8srcM)rn was extendèd by th& pmvision of a tablet for all puplls from Years 9-1310 use in every lewn. Eath departsrenl devdop&d a bl￿d oftechT)ic* and human $knlls to help puF(Isto flourish in thè world of Ihe m￿21* century. They worked with th8 Carè6rs team to gulde pupils on th8 optiorts ts￿n lo them and h)wtheiracademic studies would prep8ro tham ft>r their fubjre. Concurrenuy, inveslment In staff devekkpment continuèd by wek0rnir￿ Iwer a dozen new teaching staff and suppthng six Earfy Careef T9￿h￿IS Ihrough their trdining. as wdl as hos#ng a fijrther six PGCE students during Iheirschool-bagad phases of trainirKJ. SUMM￿ examinations ￿ 2023 Saw a tkpartsnentfor Educati)n detist￿ tr) return to 2019 staridards in Engl8nd. This meanl that natvjnalty r¥￿ttS wère expected lo be Wn￿derabty bdow those seen in 2020 Icentre Assessed Grades), 2021 (tèaehèr A8sessed Grades) and 2022 (where there was some advanced InfomHtion, more q)tion81ty and k)wer tthndaries}. In this oont8xL our rAJpi1s perfomied admirabw, and we are proud of th8m arKS IheirleatheTS facilitatsd thèir Succ￿. A Lovèl & Pre-unfverslty For reasons axplalned above, for Ihe A LtsveVPre-lJ cohotts this was theirfirst èxperiencE of public examinÈtlons and they perfomied strongty. There were a numberofwholè cohort intetventions during è yÉ8r to undertine the level of challenge they vK)￿d face, akJrffJ with m8ny indivNdual conversations and 8UPFX)rt platts. %%thid) had the desired effecl As in PTèViOUS yèars. Ihere were some impressive indNidual pth[Ma￿ 15 of our pup¢ls aL*)ieved solely A, grades, 9 boys receNed 4 A"s18 in 20Z21 and 23 b)ys wer8 awarded 3 or more A"s119 in 20221. Table q.. A Level and Ftre-u Rosulls in oveftvlew CumulatW8 èrc8nta Result 2023 2022 2021 2020 2019 2018 32.35 34.48 58.71 42.12 33.71 29.24 69.98 76.46 8e.45 80.18 76.4 70.09 88.58 95.00 95.98 99.79 .57 99.32 97.98 98.44 98.73 100 100 100 99.33 99.33 99.58 TAGS CAG$ 100 100 100 99.78 95.95 91.46 92.41 Ee 7 of42 MeTchAntTa}lors' IA coJllpAn> Ilmltedby 8￿￿tre *xd ttoi b*vl*8 • eApltsl) Goveruor5' report (LIIC4btTrDYatiJxthe StrAtegl¢ ￿t￿rt) radedJlA st 2013 0￿ratIOnal perfonnane• revlew 2022-2023 l¢¢nttnu•dl GCSE and IGCSE WhllsE resutts were expected lo be puthd b8(* to 2019 *ndards, It was r8assurfng to See our GCSE regjlis excpeding 2019 Atthe top end vAfh mor8 W8 equivalent graijes than ever In public examinations. Tabla 2.. GCSE Resufts Nn ov8rview cumulati RESULTS 2023 2022 2021 2020 94 99.8 100 100 100 100 100 36.0 51 53 93 95 93 AGS CAGS 82 74 100 100 100 97 2018 87 As at A Level, ther& warè many supth irK1mdu￿ perf0rn18n¢x5 which we ¢g18br8te; Df 172 pupils in the yèar group.. 19 stLKtents admeved 91th& hvJhest p0￿ble grnde) n eiqhl or nv)re subjects 55 Pupi￿ achEved 5 or mor8 gs. 71 pupils. awarded 8 or more 8-9 grades. Every pupil In tha yeargroup tIK)k Maths" 91% alt8ln8d an 8 or g. 3.2 Unlverslty Admlsslons Of our 147 leavers. 103 secured at theirfirsl24 thrO￿h the a(Idrfoon of RGS High Wycombe and Bishop's Slortford amoro others. Rugby Vveek was a high profiSe success. undedining the continued popularity of the SPJTL Implgmentstion of the RFU'S new tacklè helghl rules and our conlnuBd partnership ¥￿th Concus￿0￿ speualists, ReturrQP18y,198VSS US W911 placed to play th¢ game safely and comp6titivety next season and beyond. Our Hockey cAJtreach programme has gro￿ thisyearto widen access to di$￿¥￿n￿ed chlldrBn. T boys have taken a lead on coaGhiro. which ha5 devek)ped Iheir ￿￿￿e[ship d)aractÉrfsUcs in particU￿r. On the hockey pltch. we played some eX￿￿t matches strong parli￿patioft at 811 agès and lav8ls from A to E teams. Our relationship Old Merchant TaY￿T$. H(they continugs to gmw and plann Improvements in facilit*s and coaching staff wll allow Hockey to develop fvrther. In Cricket, almost every year group reached the ffinal stsge5 of cup COM￿ti￿.0n8, 8 gr8at aGhIeveM￿rt, gSven tha strrmg competitive standard within ￿Jr region. The 1 st Xl rga¢hed tt)& qLsart6r finals of the nationa T20 and were one game away from Finals, Day 81 Awndel Casue. We have a number of players representiro ￿￿1 counties, wrlh senK)r player5 ￿p[?￿n￿ng Middlesex 2nd Xl this season. The strong ￿lationShip between the School and MIdd￿seX County Crickèt Club will enha￿ed by the ccmplekn ofthe rEw indoor crKket centre, which 18 duè to opèn Sn January 2024. At the Prep School, following Ihe d¢sruptrm of Covid and the re4ntroducti(M of the competilFve calendar, wa Improved our major sports programme for the 2022-2023 season. By swtchitu ¢)ur Rugby and FgQtball lemis and increasing to Iwo lemis ol hockey. we have incre8sed thg davèlopment opportunM&s and quality of fixtures alongsde the SenK)r Scknol to pursue our sharèd vishon of a saamle&g sptsktng frjumey from &18. This has also benefited the summer ￿ll*￿t programmg. wth incrBaSllg Inte￿￿1 from other schools to establish ftthres and relati￿shIps. Tours and Msits were ￿nSlated In SprfThJ 2￿23. Fulty indusve twry Manch6Star City IFootball Tourl and the ttalian Dolom(tes (Ski Wisrtl. CNJr wJt8r sport¥ pr(yJryamme dev¢loped with futhor use ofthe MTS Watersports C8ntre, whiLst wr Year8 pupils continued their development at the Bray Lake Water Sports Cents in Windsor. 4.3.5 Muslc 2022-23 was another Suc￿sS￿J1 acad￿￿ year for MUSK at Ihe Prep SclKK)I ￿th r9cord ￿l￿nber5 taking instrumental or singing ￿￿n${l31 w￿1$. or 51% of eluible pupilsl- Ourft)ur choirs arKI fiv8 instrumental ensembles were well suppKJrted1119 pu￿15, or46% of eligib18 pupllsl, spurrèd by strong uptake for ouryear 1 0￿hestral Instrurrenls ProgrJmm8133 pupils ft>r Septemtkr2023. or 850 of sligiblg pupils). wh￿h has InC￿aSed patticipation in mugc from a young8r ￿. At the Senior Schwl. an exC￿r￿j and *idwanging programme of concerts and events conunuèd throughout the 2022-23 academic year. and grew lo indude a Carol Sar*￿ and Chrfstmas Concert., thè House MusSc Competition., th& introduction of temty ABRSM Candidates, R8(xt8ls for puplls Sitting m￿C eXamina￿n$ lin which our boys achieved very pleasing results over three 5essiorTsI,' and an appearance al the Lord Mayorfs Show lo celeLYale the apwntment of NiGhola5 Lyons la member ofthe Merchant Taylors, Ccmpanyl as Lord Mayor of London. Other highluhts l￿jUdèd our 8nnual Spring and Summer Concerts, Merchant Taykxs, YourKJ Musician of the Year Competition, Mgrchanl Taylors, Hall Concert Jolnt Concert with MTS. St Hekn's aThl StJohn's Scho&s, and parb¢ipalK>n in the MTS Prep Sehods, Orchestral ConcerL The Depathent in¢wsed the range of ￿lS￿bleS that rehea￿e on a basis to 18 in 2022-2023 tD offer musical op[x)rtuni￿S to a wder s￿￿1M of mLKed aj￿r0￿? musicians premised upon musical ability. The practka of having the Chambw Choir ￿ng attsvo Choral Evensoros was rep88ted in tre Summer Temi, one at Portsmouth Cathedral and one al St Catherine's CollgJe, Cambridge,. a MTS musical tsdib'on has now bw) estrbfished. In addition to the wular schedule of concerts, Famel The MUS￿31 was produced in ¢o118bNafjon with thè Drama Department linvofving pupils from Sl Hden's sc￿￿}. The Chamber Choir $3r¥J 81 Vemon's Sérvleè. thè Thomas Imiite Singers at Doctors, Thnner. a music aftemoon was h8ld for pupils from St Martin's Prep.. and a seNce of thanksgi￿n9 marked ￿ years at SarKly Lodge, to which 8 numb8r of OMTS were in￿led. Pa￿90( 42 lerehATht TAylor¥' 5¢Jkool (A compilly IItDJtd bY￿Ar￿n￿lInd ]MTrt sbAre GOv￿r5, retmprt QJ¢orp•r#iirJ8 the Strat4lr repDrt) the r eDded31 A ¥t 2025 Oporatlonal perfornHn¢e revlew 2022.2023 lcontin￿d) Th8 Muslc Departmenl pwded fvrther musteal oppothnllies duri1￿ 2022-2023, indudlng a Field Day trip to vi&t the Royal Colbge of Muslc. A Levd Music trtps to St MartiNn-th&Fiekls and the Royal Festival Hall, a Gamelan workshop for all the Foryrers. Mu&c Scholars, trips ID $00 the Lion King Mud¢al, organ reclials in wh￿h PUFitls performed in churches at Adenham and Bushey, and the partlcipalion of a 4tr Fottn pupil in a Strlligs M8st8rctass vAlh Ta$rY￿n Little. For the first time sirKe Covid, our Choirs lou￿￿ spa￿ and Frane8. Our DiredDr of Music organised kn"Lèadiw Notes" hDliday Chamber mU￿e Courses at MTS lona during the Oettsber half lemi., the othèr duriro the Eastor holiday). The &day non- reskyential coutses weTe availa￿8 to students from MTS and loc818chools, 0￿ring high qualtty tu￿0￿ for 8dvanc6d and developing strirg players to explore chawnber mupic. and lo enjoy music at hKfS. 4.3.8 Drama A memorable season In the Lalanl New Bam Thealre at MTr began wmh an entertraining tswst as our in- house 5tsff penned a new Pre+r6p Ntitiwty. The Year 3 and 4 musica produ¢tion of'Hoodwinked' lollowed in Febmary, wth our young6r ix)ys relishirvJ the opportunity to portray Robin Hood and his Mery Men. The Sprfng Term included Year 6's pulsating adaptation of the classic ￿mIng-of-age r￿Ve1 'Emil and the Detectfv88' by Erlch Kastrw. Meansthilè. Yèar5 spent the SpritvJ Tern eworfng tho physical demands of mask tethnlque. In March 2023 MTP roceNed an Artgn8rk G￿d Award from the Arts Council of England in recognition of our commitm8ntto buildiro young pgople's conffid&nc8, Character and re511ien¢8 through arts and CUl￿ra1 education. MTP joined force5 Wth Trestle Thaatrè Company to hdp d¢￿gn a brand-n8w set of hair masks aimed s(lely at younw chiklren. Tresue Theatre Company have visited NdTP three tlmes lo offer Y&Y6 half-mask workshopsto develop thelr prottsty￿ mask #Jeas. vthlth we continue to offer to local primary 8chools. Finally. the Ye8r 8188ve￿. prixluction in June was the stage adapI3tk￿ of 'Arwnd the Wojld In Eighty Days, by Jules Verne. The end ofthè Summer Temi saw the final cohort ofyear 7 LAMDA candidates undertake thelr Grade 3 commun￿￿.￿n exams in Tr Speaking ofvem 8nd Prose,. In addilion lo enhancing thèir public confidence and selfryestaem. the pupils, hard work and tslent was rewarded with 27 Disb"n¢ts'ons and 4 Merits. One Year 8 pupil was awarded a Dtama S¢trK)larship to MerchantTaylors' Schooj. At the Swior School. the year b8gan wth three specthular performa￿$ of the Jolnt MusiGal. Fame In the Great Hall. Around fify studorts from MTS and St Helen's We￿ irwofved, wlh over 1000 audien membets. In the Spring Tem, a larsE cast and crèw (rf LO￿ School boys bmughtwllllam Golding's Lord ofthe Fliss Éo life. Boys ￿rO$S the s￿￿)1 enjoyed the DLsologues Competraon, Oewsin9 workshops wth Frdntic Assèmbty, a wivate b3thst8ge ttsurof the National Theatre. pÈrfomianceltechni￿1 dubs and a range of &xcitsns thgatre wsits. Th8re was ￿ther suGGess for MTS ys gaining places in the ￿5b'giOuS Na1XJn￿ Youth Ttrwtre and ong of the A Level Th88tty Studles YS W8s offer8d a place to study Whting Deggn at ￿ Royal Central School of Speech and Drama. 4.3.7 Outdoor Educallon and Extr&Cunfjcular Tho MTS Outdoor Edwbon Department rmld8d opport￿meS fDrthe tx)ys lo parudpate in adventurous pursuitg bèy(wKI ihe tradiknonal sport5 Options. During the SchoL)I tim6tsble, ￿yS participate¢J in rowng, sailing, kayaking.. Ganoeing, stand-up p8ddleboaréing, archery, (Tfie shooJng, and mountsin biking. Merthant Taylors, School Rwllg Club was re-s￿radI1ed by thè Home Office as a rggistered Natk)nal sMal￿re Rifie kn￿8*10n (NSRAI dub. Regular vthtt& W8tèr kaya￿ng trips ran over the weekends. Durir¥J the school holidays, week4or trips i￿lUd$d a suthng tn'p to Fuerteveniufa, a r8Ctng and general ski trip to Sestsier&. and a residentlal while wg18r kayak week In Snv*Tlonra. Outreach by the Depathenl Includ￿ Stsnd-up PaddletK)artlirvJ {SUPI se9s￿n$ for BDarding pupils at the Royal Mastsnlt Schod for Girls, SUP training for Northwood College PE D&partment, OUtd￿r Education Days for merchantTa￿OIS, Prep School. and BLJshcraft and orienfrering sessions for Maplg Cross SchDoI. The South Oxhey Sè8 Scouts O￿tinued to w the WatèrsKx)rts Centre during their evening sessiorts after school. Page 10 of42 MÈrthBotT&>iors' se1￿1 {A ¢oWJpa￿Y Ilrnittd by * sh*r¢ utltal> GoverAorJ' repgrt (s#¢pfp￿￿Athg the Strategicreportl Forthe ear endthl 31 A• st2 Opwatjonal ￿rf0rrna￿￿ Tevlgw 2022-2023 {contIn￿d) The Duke of Edinburgh Award pmgramme allowed 80 partripatts to ¢omplete their Brortzè Kgwl, and 20 b)ys embarkad on thèlr Gold Award, all ccfftpl￿.r￿ their ExpeditK)n section. Br￿ztr patlcipants w￿ked and ¢8mpod in thg Chiltems for days: Gold part￿￿nts tsalngd In the Br8con Beacor￿ and completed their qualifying exrthltion in Snowjonia for dayg. MTS DOE parbopants contribLJted 871 hours of voluntsoring to thelr community wilh 8 Sory81 Value of£4.188. The Cornbin#d C*lat Force ICCFI. at Krs, has continued b ddivÈrweekty training on Fridays Students IrLxn Sl H￿on'$JoinIng MTS cadels. Cadets attenw 8 w8ak4ong adven￿re trainin9 summer camp in Bala. North Waks. Cadets regularty undertake slatic4in8 parachute jumps at Netheravon, wlth 30 cadets jumwng during the year. 27 cadets Ilew Grob Tutor plan95 on Air Experience D8y$ 81 RAF Benson. 7 cadets gnjDy8d 8 Glidiw eX￿7enCe at RAF Kenley. 10 Royal N2vg cadets g8in8d thar RYA LeveI 2 Powerboat corttfi¢at&. ¥thilsl others attended an Off-sho￿ sailing weekend on the Isbg of Wight. On ANZAC Day, th8 Contingeyrtwas invlted to form a Guard of Honwr at St Paul's Cathedral forthe Gallipoli Association, and then parat*d at the Ce￿trph. r8pres9ntirHJ Cadet Forces. A squad of Royal Navy cadets supportad HMS Wildfirè. the local Royal Navy Reserye unlt based al Nothwo(Kl HQ. during Ih8ir annual Ceromonial DivisK)n& The Contingent Cornmandèr conducted leadership and teomwork training for HMS wildfi￿ on the lake and within the school grounds. The Royal Navy s￿110￿ officers 8UPFK>rted HarTQW Schod's CCF Navy secaion with an 8knt traintrKJ day on Ihe lake. The CCF tommand tèam were invited by London Norlh West Universlty HBallhcaTe ILNWUHI NHS Tnjst trt repre8enl the Arrned Forces. al(Ko&de thal military Reservè unlis, on Remembrance Day ot Northvack Park Hospital. The ContirKJent Ccfflmander host8d a LOndon￿lde CCF and Army ￿MMunity cadets CyberFirs1 Adventurers cours& for 20 cadets aThJ 15 ￿lull inslruG¢ors. 4.3.8 Alurnni Rol•tlon$ AlumTh support 8ffjbra￿ all former pupils {OMTs}, w0v￿1r￿ op￿rtunitIES for sport, social g8thèrfngs, networking, m8ntodng and busin￿ affinity groups. The PWTamme has drawn fomier puplls back to the School, and SUp￿rted the career devebprnent of Ix)th OMTS and current wpils. A broad tange of events, both on5ino and in person. aims to cater lo the interest5 of all alumnl. Events are h8ld at School. at various locations around the UK and overseas. A cJ)mmUn￿￿tionS programme. induding an annu81 magain8 and lemty e-newsletters, runs ak)ng5idB our ev8nts pr(¥Jramme to keep our wmmunty up to date cn all th8 acIMles Ihe sch￿￿ offers. 4.3.9 Fundraislng The SCFKJOI 8eeks phllanthyoplc from a variety of conslituenoies including.. alumni; parènts of school pupils", p8r8nts of alumnl: fr￿dS ofthe Schod" corFyxates', and charFtab5e trusts & foundations. Chjr apprwh to each constituency is COn￿der￿d and petsonal. We act in acwrdancp with the C(xl8 of Fundraising PrnCt￿ set oul by the Fundraigng Règulator and are committed to meeting high fundraising standards. The Truslees take their Tesponsibilili&s underthe Charities IPrt)tection and Soaal Investsllenll Act 2016 sèrlousty have considered the iFllpliGab'ons thweof on theIr￿ndrAisIng activib'es, The School rar6es money for bursarfes, provirfiTrJ free and Tvducèd fèè places for applicants wh(b8Q families are unable lo afford the fijll fee. We also seek to raise m(￿Y for Gatmtrl projects, which benefft the School and wder wmmunHy. wrth a parb'cular focus in 2022-23 on raisfo funds for an Indoor Crfcket Centre, s81 to opèn in 6arfy-2024. 4.3.10 Infrastructure The School continued to invest In Inftastnthre during the year in ortlerto maintaln and improve educational f3cilrtie$. Al th& Senior School. the infrastructure pry)grammè was dominaled by ¢onstrudion of the Julian Hill Indoor Crickpl Centre, whith is due lo open in January 2024. Thls £4.7m kiroject was managed by Sports Clubhouses Ltd. and tyjilt by Boom Con$trnJ¢lion Ltd. The centre wll meet Ihe highest professional standards of the Eroland Cr￿ket Board and prvvide 5 lartes wlh surfaces optlmised for spin, m8tth play and fast trx)vAiThJ, supported by changing fa¢ilrfties and a viewing gallery. Tha balcony overfLX)ks on8 of tho ho¢key pitd)es, Ythich was resurfaced this y8Ar. The proj8Ct costs have been cover8d entirgly by the Sch(KA aTrJ its donors but the facility wll be open to the comrnunity out￿de school hours. Once the 0￿ratiE¥j costs and contribution l(Trwards (xpital costs have been covergd, surplus lèttinos Sncome wll conbibule IvwaTd6 bursaries to support boys whos8 tsmilitss would otherwisè ￿ unaNe to afford Ihe fees. Pa8t 11 tsf 42 Merth*nt T*ylor5' sch1￿1 (A rompAny IITllitsd by guaraRtteAMd NothaviDg * shar¢ t*￿1# Gover]￿]%, r¢wbrt OllrorporatiDgtheStrAIc8yr report) For the tarelldÈd JA Operatlonol PBrformance ￿￿•W 20224023 {conttnued Other Investments Included upJrddes tr) t*)1￿T$ and el8Ctrf(s,' new buitt-m Stordge {with appropriate ectrical f&eds arKI charying points) ts putyl IPADS and storage in the Reception dlning area. Intemal and extemal ￿e￿rat1)n conunued. I￿]UdIr￿j timber r8paits lo listed barns at MTP. At the Prep SCh(x￿. dassrwm r&furbiÈhments contSnLTred fve dassmms lE￿lIsh, Classlcs. History and G80gr8phy). At the Manor of the Rose the bathrwm fdcilrfies and the klanor krtchen we upgrad￿, whith induded signknnl deGtrKal upgrad&s. During the MTS $urnmeT works progr8mm8, the refurbishmgnt of thanging moms ￿an and will conl'nue next year. Cydic dassroom rèfurbi5hmenl ¢onb'nu8d wth Maths and thè CCF and single glazed Cdttal wndows were replaoed wth double g&zed unts to irnprove energy èffidancy. The Great Hall Roof gLfft8ts were repaired and boilers were uwradèd woss the schcd. Drama studio lightsng was upgraded 8nd the Counsdlors rtK)ms and Prayer Rwns were refvrbished. Publlc bènefft and outreach Publlc bengfit h8s been intsgral to the sC￿￿'s elhos &n(* the Merchant TayloTg Compary found the School in 1￿1. During thdr Strateg￿ planniNJ. Govemors ￿n￿der￿d ￿ Charity Commission's general guidarKe on p￿￿1C benèfft in deading whth aGbwbgs the SChC￿l should undertake. In the year under r8vl8w. we continued to make a full contsfjtrNJlon to the academic commLJnlty 8¢ross UK socièty, Its schools 8nd uniVerst￿s. As part of Ihis contritxrtlon. 25 teaching and support staff 88rved as govemors of l(xxl schools and oth￿5 gJPPOrt thè Ix)nMnunty as ScrArt Leadgrs, Parish Counclllorg and oth¢r local charita￿e end8av(MJts. As part of ￿[P.$ outreach. mirkibus wpportwas provided to a local primary school so that their pupils ould accéss regular Forest scho￿ sessions. MTP hosted over %J teachers from local primary 8eknools and nur8eries for speech and language training to hdp children whose speech was adversew affècted by p￿viouS lockdovms. SrA t6ach8r5 from MTP are go¥emor5 at ￿Mary schools, providing dueatifflal eypertkse and ¢re8tirvJ important lknks these sthools. At MTP, over£2,000 raised by the school (*)mmunity kn a of Bhariii8s including.. th& Marie Curie Daffodil Appeal.. Comic Relief, and the Mojrhanl Ta￿orS. Fwndation. Donations were coll￿ted fr)r the Children's Bwk hoiÉct and the Watford Fo(KJb8nk as part of our HaTvest Festlval arK1 Coronation celebrd￿n, and socks and chocolates WF3re colknled to support the New Hope Haven'8 work wtth local homeless people. In addition, MTP sUpFrf￿ed the M(w8mb8r Foundation, through our Bow-vember campalgn wheroby yourKJer pupils wear a bow Ue to *hool ifthey cannot grow a mou8tsche, and the Royal British Leglon forlho POFVY campaign. A Sleepout event rewnisod the urgerit issue of homelessnass, with ov8r 75 &udent8 and teachers S￿&ping outdoors to raise awareness. The event wes a powerhjl remirKler ofthe imwxtsn¢o of empathy and solidartty as w8 contributed to the loGal charity New Hope In théir MI￿On to address thi8 pr8ssing issue. Al the Senior School, a dg(IKated team of Tune musicians embarkéd on a challenge tr) play mu8iC continuousty for an antire 24-hour peri(xl. Whilst achievirg this musical feat they also managed lo rais8 substantlal funds fortr￿ Merchant To￿or5, Phab week. In November th9 School corridors were transf0m￿d Into a fe5tNe hub of actiwty for the annual Chrisbnas Baz8ar. All fijnds ralsèd were directed towards Hertfordshire Youw Minds: a l S¢bwl IA comp*rty litshlted by EoArantee ￿t a Sh￿£*pItal} Yernorg, report OncoTPOrntlng the Str*te* ryrt) (pr ihe veAr ￿ded 31 Au Operatlonal porformanc* rgvlow 2022-2023 Icontinwll Inv8strm•nt pollcy The MTS Investsnent CIKnmlttee, thaired by Rlchard Nvwatl (James TwinlTrJ with effectfrom 22 November 20231, oversees the pwfCffi)ar￿ of the Schod's inveslmenl portfol￿. In liaigon wtth Rathbot*s, the School's Snvestsn￿t managers, the balance of risk and retum refl8C￿ in th$ 8s$&t 8llocalon adoptad Is rèvlèwèd in th& light of @xtemal events and adjusted. as ne￿ssary. This continu98 lo ba a volatile period fof the markets, bLrt the Investsnent Committee has worked ¥￿th Raknbones lo prolpd the long tem ca￿tal value of the sCh￿￿'s en&)wThent fvnds from inflation and m8rkèl volatility, whilst b￿ldIng deslgnated and enth)￿nt fvTrJs to supportfirture bjrsary awaTd8 8fKI other ¢ommftments. 4.10 Futurg pl￿$ Merchant Ta￿￿$, Sttho(A aims to be the independent day sthool of choSce for boys aged >18 in the North West London atsa. pro￿dIng an excel￿nt dl-round education. We wish to enable pupils to live 1fl11￿ lfves that conlrtbut& to souety. To meet OUT ￿$￿)n. we wll: trttat thè Wall￿ng 8nd safeguardlng of (yjr staff and purAIs os the foremost congd8ration; employ and rètaEn the b&st staff aVaIlab￿ for thelob. ailltwn the highest standard$. whilst supporting a hollstk education., select pupils wn derivo lrfeloNJ benefft fmm the all-rr)uTrJ edl￿alton offered,. gnsurè Ihat an arwropriale nuM[￿r of s¢holaEships arKI ￿r$aries a￿ targeted to provlde outstsndirvj educationd opportUn￿S for tK)tsbly gtfted tws and Ws from disadvantaged baGkgrounds', 8U8tain a dNers8 and supporbve envIrt>nrT￿I that alkws staff and pupils to thrfve vAthout regard to background, fattrTr: gender, SFrcial edusational needs, disabilthès or sexual orientation,. Tnalitaln and ¢Jevelop our buildings. grwrKls aThJ faciltiiBs to the hvJhe51 Sta￿ardS and to shape plans Ihat meet emerging educational needs., b8 rnindful of our hisloric tharFtable fr>undation arvj promote wider publ￿ benefft In our activiues: rernain a competitsve fee*ayiru sch￿￿ in iho irWnd6nt 8&4or. and ensure that m8wement of the S¢h(MJl'¥ fina￿e$ ￿ effinnes C(Y2e perstaff and pupil. Scope 1 refers to direct l)u5ir*ss greenhouse gas emlssions generated In￿l￿Ing from fijmaces or heabng 8quipment. Scope 2 covers indirEct emissions from el￿tr¢￿. which a firm needs, but whlch come from S(￿￿S not under the control ofthe schry)l induding power stations., arKI Scop8 3 (xjvèrs emissions {not dassed as Scope 21 thaYa￿ a cor15equence of ' our aetiDns, but ar8 not underthe o)ntrd of the schcM)l. Thls mettv)dtslcxJy ft)IIDws the SECR Reporting Prolooxj and uses Ihe 2021 G0vemm￿l Emission Conversion Factors for Green￿)USe Gas Company R&por￿r#J. M￿sUr&S Takèn to Improve Energy Efficlency . Tho Sthool intr(Kluced an enwronmental campaign Illsing L&ss @ MTSI to rèduts c8rt>on èmigsions through stsff and student eruageTllenl. AgiThJ boiler plant has been replaeed and Air Sourcè Hèat Pumps have bé￿ installed where appropriate. Stand-alone Lw)ilers have been removed Its maximise tho Éfficiency of th8 dlstrict hs8tirg plant. Building Management Systems have been intrOdU￿d to ifnprvve ¢ontrol ovor aleGlric, 98s and water o)nsumpts'on. We contlnue to invesi in LED lighti￿ ar￿ a Conlracbr ha5 been instructod to instsll solar panels on the SFX)rts Hall roof. Page 17 of42 MÈroh•nt TayknYs> Srhwl IA ¢ompony Ilw1¢￿ by %w4ntsteexlld DDt kavJmgA Governors. rwrt fjJkto￿rXttss tb¢ Strxttgi¢ r4￿rt) For the ear ejmled 31 A st 2023 14 Statsment of Trustees. r•sponslbllits•s Th8 Sch(rfs Govemors a￿ Dtrectors ofthg charitab￿ Company and TnJst8es ofthg Charity. They are r&sponsible for preparing the Annual reFK)rt and Ihe FInar￿la1 Statemants In 8(xx)r(18nc* wth apFlicable law arTrd United Kingdom General￿ A(xwt8(l AccountiThJ Practi(2. Comp8ny18w requires Direct￿5 to prep8r8 fman¢i81 ststemenls. whlth prowuo 3 arvj fair of tha affairs of the Q￿panY and the profft or loss forthat year. In tIKJse financial Statements. the Directors are required to: 8elect suitable accounti￿ pc>littiÉs 8nd apply tr￿M consfsienuy,. observe the meth(xJs 8nd prirKlp￿S in the Charftles SORP., make judgements arKI e5timatss that are reasonBbl8 8nd pmd8nt', stste whether aptAle2ble ￿Qu￿br￿j slandards have befyn follow811, subject lo any materfal departures disclosèd and 8xpLqined in the finanoal statements.. and prepare the finanoal st8tem8nts on a ￿Tr9 con¢em basis. Th8 Directors are responsNe for keeping proper accoLtntiThJ records vthic* disdose vAth reasonablg accuracy. the ffinancial tK)slJon of the Company and vA)th trnable them to gnsure that the Inanoal statements comply ¥￿th thé c￿PanieS Act 21Th. They are also r8SPL￿slble for safeguarding th8 8ss8ts of the Gompany and for t8klng steps for the prwenlon and detection offraud and other irregulariuas. In the case of all persons who arp ￿Tr￿rS at the time thls report is approved, the following appl1&8: so far as thè Dirgrtor is aware. lhe￿ is no rglwant audit information ofwhich Company8 auditors ar8 Lmaware; and b) he I she has tsken all the steps that he l th8 ￿ght to have taken as a drector In order lo makè hhn5elf I herseK aware of any rèlèvant 8udit infomiation and to establL%h that tho Company's auditor5 are aware of that irrf(Thlion. 4.15 Dlsablllty statsmnt The School cx)ntlnues to give full and fair Cortsidera￿)n to disabled pewns applySng fDr employment, having full regard to their particutar aptitudes and abilities. Full and frdir con%deration wlll b& given lo the continuing emplDymgnt and apwDpriate trdlnlw of persons b9￿me disabled. The Sd)ool provides equal opportunities to all stalton the basis ofobb*fv& (thia and personal merit 4.16 Audlt4)rs Saffery LLP. Chartwèd ACCc￿ntant9. hav8 irKlit*d thewwillingness to continue In offi¢&. By orderofthe Board DGMEggar Chairnwn Date 28 fe￿£￿9 2024 Page 18 of42 Mtrch4Mt TiyiorJ'&ho•l IA £omJpatsyUmlted by 8u41Witee alld hAYiA8 * slwe uWt*l) tlldepElld¢ttt audttDrs' rep¢N For th¢ ellded31 We hav8 audited the final￿al statwnènts of Merchant Ta￿orS, School for the year endéd 31 August 2023 whith compri58 Statèmenl of finanoal activib8s, balance sheet. Statement of cash flows and note8 to the financial statèments. induding s¥Jnlficanl ac£t)unting rM)l￿eS. The ftnatKial reporting framework that has been ap￿l￿d In their preparati(x) k% appI￿￿elaW and United Kingdom Accountirw Standards, Including Financi81 Rep(xting standa￿ 102. the FinaThial Reporthng Stand8Td applicatAè In the UK and RepublSc of Irdand {United G￿¢￿?1￿ Accepted Accounti￿ PraOli￿). In ouropinlon tha fin8nclal stalernents- give a true and falr view of thè tharltable ￿ThPany'S slate of affai￿ 99 al 31 A￿ust 2023 and of its incoming resources and 8PFAication of resoU￿es, Ind￿lI￿a its Incomts and expenditure, for the yearthtrn ended., have been pr(W8fty prepared in accordance wilh Unrted KirvJdom G8￿rallY A￿pIed Accounti￿ PracliGe'. and have be￿ prepared In accordan¢8 vhth Ihe Companl8sAc12006. easl8 for oplnlon We COnd￿d ourautht irh a￿ordarTh wlh Intemational Standards on Auditing IUKI IISAS IUKII and appllcabla law. Our responsibilftles under trose slandards arg further described In the Audltr)Is responsibilities for the audit ofthe finaw81 statements w*on ol our report. We are indgpendent ofthe charrtablp company in a¢eordance with the trthlcal requir8m9nts that are relevant to our audit of the financial slatements in UK: indurfing thè FRC'S EthKal Stsndard, and wè have fvlffilled our other ethical responsibilitses in awor{lan￿ with th￿ ￿uireMents. We believe thatthe aLhJit evid&r￿@ we have obtsined is sufficient appropriate to prowde a basis for our opinion. Concluslons relatlng to golng concem In audiliry the financial stat9rn￿ts, we have ￿￿l￿ded that Ihe trustees. u80 of the going ￿nCern basis of accountin9 in the preparalon ofthe finaTNio1 Stat￿nts 18 8ppropriate. Based on thg *rJrk wo ha￿ ￿rformed, ￿ have not identified any mat8ri81 unCertain￿eS relalng to events or conditions that, Indi￿lduallY or colw￿ly. may cast s￿n￿can1 th)ubt on the charitable company's abilty lo continue as a g￿r0 L¥Jncem for a period of at least rnonths from when the financial slalemenls are aU￿0￿sed for issue. Our reSpon￿bIlI￿aS and the r8spN)ngbilllies of the trustees respect to going concern are descrlbed In rel8vant sections of this rgp other Informayon The tnjstees arè r8spcThbS8 for th& other informallon. The other infomiation comprises the infom)Adon included in the annual report, other than the fjrtanckgl thtemnts and our audf(orfs report ther6on. Our opinlon on the financial statements (knes not (x)ver th& other infomation and. except lo the extont olhorwlse exprfirAUy In our do not exprw any fom of assurance (x)nduson th8r80n. Our ￿SponsIbl1￿ is to read the olher infom)ation a￿. In dthng so, wrwder whet￿r th? other nfomauon 15 matèrtalty incO￿lstent1￿th the fina￿181 statements or our knowledg8 obtslned in th& course of the au¢￿1 or otherw8e appears to ￿ matsrially misstatod. Ifwè idèntify such matedal incongstencies or 8pp8renl material mis8tat8ments. we are requlred to Elelem)Ine wheth8r this gives se to a material mi5Staternatt In the fin8noal Stat￿nents thèmselves. If, based on the wod( we have performed. we condude ljwt Ihere is a material misstatem8nt of this other infomiation we are required to report that fact. We have nothing to re[￿rt in Ihis regard. Page 19of42 MqrchaiitT&ylors' SthDDJ IA rowany tIDJlted by guArAnts¢aud not h*vliga*kn upllall de￿Nd￿nt iuditsrs, r¢port (W#liuDed) r ended31 A Oplnlons on oth•r mattays prescrlbod by th• Compan1•8 Aet 2006 In our oplnlon, based on tho %wrk Underta￿ In the course of th& 8udil.' the information glvan in the Twsiees, Amnual Report *l)ich includes the Lliraetors, R&port and the Straiegic R&port for Ihe fina￿￿1 yBarforYthich thèfinancial statements aro p￿parad 15 ¢on8iStent wth tho finowal statements., and the Tn￿tee8. knnual RetxirtvA)tch I￿UdeS the DIr￿rB. Report and th& Strateglc Raport has been pr￿par￿1 in accordance with aFWicablo legal reqUi￿rne￿ts. Matt•r8 on whlch we arn r•qulrèd to reix)rt by ?xcWlon In th& Ilght of the knoYAedge and uThYersianding ofthe charftable ¢omp8ny and its ￿n￿ronMent obtained In the wurs8 of audit, we havo not identified matèrial mlsstat&fgnts in the Trustees, Annual Report Bnd StratsgK Report. We hav8 nothing lo r8p)rt in res￿ ofth8 foll(Mlng rnatte￿ whwe Companies Act 2006 rwulres us to ￿port to you if, in our oiinion.. adequate accounting rnwrd5 have not been kept, or rthms adequats for our audit have not bean received from brdnches not vIgt￿l by us,. or thè ffinawal statements 8re not in agr0￿ent wlih the a¢cKJunting records and retum8,' or ¢wtsin thsclosures of twstees. Temuneration 8wfied by law arg not rnade,. or we have not recefved all Ihe infomwtion 8fKI explanath)ns wg requi￿ forour aydll. R•sponslbllltl•i of Irustee8 As exploirwl more fijlly in the Trustees. ResrK)nsbllb8s Statemènt set out on page 19. th8 tnjstees {who are alsts directors ofth& chafttable o)mpany forthe pu￿oSeS of (xmp&ry lawl are reg)onslbl8 for the preparalSon of the financial stat8m8nts and for beiru sabsfied that they giv8 a true and fair view, and for such intemal control as the trustses detemiine ts to enabl& th8 prtsparation offfinancial stalements lho18r8 Iree from material mi8stslemen( vA)ètherdue tc* frauij or errDr. In preparlro the fina￿al statements. the trustees arg rgsponwble for8sswng Ihe charftab19 compantys Bbllity to continue a$ a wlng cJ)rKem. dSgLl0sing, as applicabla. m8ttars related ID gDing concem and uslng tho goiTrJ con￿￿ bass of acLOLJnUng unlgss the tru*eBs 8ither intend io Ilquldale the charitabl$ company or to cease (yerdtions. or hav8 no realisllc allemative to do so. Audltorfs msponslblllties forth• 8tsdlt of the fIn￿da1 6tatwnents We have been 8pwJinted as auditoF8 ￿der th& Com￿leS Act and rwrt in accordan￿ wlh regulalifms mad8 under thatA Our Object￿8$ arg lo obtain assuranc¢ al￿￿1 vthether financial statements as a whol8 8r8 fr8a from material mlsststgment. whethw duè to fraud or error. and lo issve an audltorfs reFM)rtthat Indudos our opini￿. Reasonable assuranc& Ls a h￿Jh ￿Ve1 of assufarKe but is nol a guarant8e (hat an audlt conducted in accordanes ISAS IUK}will a￿ayS detect a matsrial nwsstatement whèn rt exists. isstalements can arise from fraud or errorand are considered mal6rial rf, individualty or in the aggwale, they could ro8sonatAy be ex￿￿1 to influenrk thè 8(x)ncKnic deuslons of usgTr taken on thè b8818 tsf these finarrial statsments. Irrogulartties, including fr8ud, are Ir￿anCeS of non-compliance vthh laws and regUla￿OnS. We design prOcedu￿S in line ￿th our responsibilrties. oullined abovè, to detecl material mis51818ments in respscl of irregularities: infjluding tra￿￿. The specJfic prO￿￿￿S for th19 e￿agement and the ext8nl lo whlch these are capable of detecting iTTegulariti8s, i￿udEr¥3 frauEI detailed below. P48e20rf42 Mtrcb4ttt TA)thM' SchDtsl IA CQllLPnlly litylted by 8u*rdnt¢e￿d Jmt skncapitsD Iod¢pthd￿t amditors. rwrt Iconiillued) For the gr euded 3 2023 Audltorfs r•sponslbllltl•8 forth• audlt of tho Ilnandal statem￿t8 Icorrtlnuedl Id?J)Ofylng and assesslro rtsks related to irregUlar￿e￿. We a&%essed the suscepttbS1ty of the charitable compan￿$ finan(xal st8tsm8nts to matsri8t mlsstatement and how fraLKJ might occur. it￿Udir0 through dipKu8SK)ns wlh th8 tsustees. discussions within our audit team Janning meet1r￿. updatirffJ our record of internal GontrDls and ensutlng thesè ¢ontrcls operated as inlended. We evalualed pOs￿￿e Ir￿entiveS and opportunibes for fraudulènt manlpulation Df the finandal statements. We h*ntifigJ laws and regu￿rts that arè of &gnificanc& in th6 context of the charitable company by discussions wrth trustees 8nd updating our ynderstsnding of the sector in the charitable o)mpany operates. Laws and regulations of direct Signif￿n￿ in the o)ntext of the charttable company Indud8 Thè CompanlBs Act 2(￿, and guldance issjjed ty the Charity Commission for England and Wales. Furthw, th& charitBblè company is subjed to other laws and regulations the consgquences of non-compliance could have a material effecl on amounts or disdosures in the financipl slatam6nts, Ihrtsugh slgnlficant fine, lkngauon or restrictions on the charttable company's opèr8tions. Wè IdenUfi8d tha most signfficanl laws and regulations to be the Independent scho(￿ Sl8nd8rds as found in the Education and Skuis Act 21M18 and guidan￿ issued by the Departmerrtfor Education. Audf( response to risks Id￿tt￿ed. W& eonsldered the extent of complIar￿a wth these kn and regulations 88 part of ouraudit prDcedur&s on the relaled finanaal statement items indudiro 8 revi8w of financial ststernent disBlosures. We r&viewed the charitable company's records of breaches of laws arKI regulation5, minutes of meètings and correspondence relevanl authorFties to i￿ntity potential Mat￿81 mi#stat￿ants arislng. Wè discussed the charftable company's polkles and prctedures for cX)rnp[iar￿ laws 8nd rÈgul8tlons mamb6rs ctrf manaJ8ment respon&ble for compliaThx. DuTing the ￿nnIng meeting wrth the audit team, the e￿Ja9ernent pather drew attenti(￿ to thè k&y areas which mlght Involve norpCom￿h1nCB vAth laws and regulations orfraud. Wè ènqwr6d of management whether they were awa￿ of any InStar￿ of non-¢ompliar￿￿ wth laws and ragulations or th0￿edge of any actuat, gjspecled or alleged fr8ud. We addressed the risk of fraud thmugh management override ol cOntr￿S by testiro the appropriateness ofpumal entries and identifying any significant transaciions that were unugjal or outsK18 th8 nomal c1)u￿ of buslnèss. Wa 98sessed whetherludgements made In makiTrJ accounting estimates gav8 ris8 Éo a po&4lbla Sndieation of man8gement bias. Al the Comp￿tion slage of the audiL the eng&Jement partn8rf8 r8vigw inGludgd 6nsurfng that the team had approached their work appropriate profession81 scepticism and thus th ¢apacity to identfy Trjnthcompliance vrtth kws and regLlations and fraud. There are knheMt1Smltalons In the authl prC￿￿lUreS described above and th& ftjrthar romoved non- compll8nce with laws ragulations is from the evenls and trdnsaction8 reflectgd in the f nancial ststaments. the less likely we woukj tEcome awa￿ of il. Also. the risk of not deteGting a material misstatement due to fraud is hoher than the risk of ￿t del￿ting one re￿￿tIng from errDr, as fraud rray invDlve deliberdte conGealment by, for example. fc￿ or irktentional misrepresgntstitsn8, or throLJgh Collu￿on. A further d8scrfptk)n of our r8swJn&tHlttses Ks available Dn the Finanaai Reporting CouncAI'8 website at.. hlt :Ilwww.fic.o .ukJauditor5tes n&b51thes Thi¥ das¢riplitin foms part of our aLKI￿orfS rerx)rt P4¢21 tsf42 Mer¢bautTaylor%' School (A compaiLy ￿￿te1j by guarAnteÈattd hxvillga sh*rewdtsi> Jmdependem a￿dItors, repDTt Ivjllthmedl eDded 31 A U$9 of our report This report Is m￿je soldy to the charitable ccmpany's mernter5, as a body. In acc[)￿an￿9 wlth Chaptèr 3 of Part 16 of the Companies Act 2W. Our audit work has been undèrtaken so that we might state lo the charitable company's mernbers those mattw5 we are required to stale to th8m in an auditorfs report and for no oth?r purpose. To the fulw extent permttted by law, we do nol vt or assume responslbilty to anyorTre other than the thartIab￿ wnpany and the thantable ¢ompany'¥ m&mbers as 8 body, for our audil ¥K)rk, for this repor( orforthè opinion5 we ha￿ formeil. Car8 Turtlngton (Seni utory Auditor} for and on behalfof s8￿ry LLP Charterpd A(wuntants 71 Queen Vi¢aoiia Street Lortdon EC4V 4BE Statutory AudNor8 DBte'. 2? Feb S8ff&ry LLP 1$ ell￿ble to act as an audttor in lerms of sadon 1212 of the Companles Act 2006 PwT2 0142 M£r¢bawt Tayltsrs, Stknol IA comp#ny tittht¢J by guarantee and Dot a 5bar¢cHplt St•t¢m¢nt of Il]JAD¢lal ACti￿ltieS liwmrpralills theixtotlltalld we]thre le￿ll￿tI or the eDded 31 A st 2023 Pemianent Endovmlenl 2023 2022 Incom6 fr￿Tr. Charftable a¢tlvltla8 School F8eS 2fj,923,971 26.923,971 25.242,337 RsglstslionlAdmisslorffj Fees oth¥r ¢horllabl8 actlvlties 123.702 123.702 IJO,587 Other ancillary intyme- Inssarr Other a￿dI￿ry kn￿me- Rents Reca￿ed 753 753 7.935 2￿512 256,512 240,815 oth 142.697 I42,￿7 166,464 Other tradlng ac￿¥111•$ t*Jnation fmm NrrsEL 156.588 156.58B 188,975 Profit on sale of assets 9.361 9,361 Inve¥tments 362.070 85,978 63.133 511.1B1 f29,062 Donatlons & Iboa¢Se$ Donatio 2ri.425 277.425 278,024 D&v810pm￿t Campaign IN))me 2S2,S 1,034,74T 423.65T Tothi Income: 28.1)$8239 85.978 1,030,220 252,500 29.436,937 26,807,856 Exp0nditure on: Ral$lng lunds umnl Rdaoons and Devdopment IftV￿￿8nt rnanag￿n￿t 256.143 7.331 265,474 279,433 18,941 20.707 Flnandng ¢05ts 19.227 19.227 19,393 275.370 18.941 7.331 303,e42 319,533 GharltaNe Activrbes SthLK)l and grant maknr 25.758.663 189.8&fj 431.905 28,380.453 24.578,034 Loss on sale of Assets 37,150 37,150 Total expendlture 071,163 200mfj 433.905 7.331 26,721,245 24,897,567 Net Incomellexpendlturel b&for8 Invastmont galns 1,997.056 1122,8481 .315 245,189 2.715.692 1,910,289 P*g¢23 of42 MerehaiitT*ylon' S¢hool (A cotrlpklly limiiÈd by guarxllteearld Dot 5knupitsl) Ststernent of fiDaDcial Xctivl¢lt$ ltyJntiJDed) Forthe par eDded31 A Note8 unr•striCt￿ DeSIgnat￿ Restrlcted P•m￿nant Endowm?nt 176.475} 1251.0911 2023 2022 N&t1108sI on inVestm￿ts {174,6161 (972,3Q3) Net Incom 1,997.058 1297W) 596,315 168.694 2,464,801 997,896 Transfers 1.687,309 8.gYJ {1.694,308) Net movom•nt In funds 3.084.365 {290,465) (1,097.9931 168,694 2.464,601 997,896 Fund balanres at 31 August 2022 30.938,845 9,211.377 2.282.550 1,804,503 44237,275 43,239,379 Fund balances at 31 August2023 14 34,623,210 8.920,912 1,184.557 1,973,197 46.701,87e 44,237,275 Summary Income and ExPend￿Ure knunt 2023 2022 Total Income 29,184.437 26.807,856 Total Expend[￿re UnrealisedlreBllsèd g8in8 and Ilossesl 26,721.245 (174.8161 24,897.568 1722,488) Net Incowg for the year All amounts relate to continuing O￿TatiOns. 2.288.576 1, 787,800 The notes on page8 2742 form part of these ￿narria1 statèmènts. Pag¢24of42 Mer¢hAtst Tayltsrs. SrlLouI (Arowp&ny llmlted by 8urnllts¢ ttot havlmgll 51wEfMWtoD B•lAnte sbttt rtbe ear elldtd 2023 2023 2022 Flxèd assèts Tangible Fixed Assets I￿V￿￿ts 35.856,668 33,5￿,891 6.733.087 6.864,667 Current assgts Stocks 48,597 555.357 104,S13 Debtors 10 707,910 Cash 9.680,920 8,842,859 10.284,874 g.655.382 Curr•nt Ilabillties Crndltors: duo wi¢hln one year 11 (5,551437) (4.893,276) Net ¢urrant assets 4,732A37 4,762,706 Ttyt81 ass•ts less current liabllltles 47,453,770 45,046,084 Creditors: due after morè than one year 12 1751.8941 (808,8Q9) Total ngt assets 46,701,876 44,237.275 Unr¢strEcted funds 15 43,$44,122 1,184557 40, I￿,222 2,282,55Q 1,804,￿3 Restr]cted funds 16 Endowmont 17 1,973.197 Totsl funds 14 44701,876 44,257,275 The finandal statements were approved by the Govemor5 on 1% Febru￿ 1024 and were slgned on thelr behalf by DGMEggar Dirèctor R H E Newall Dlrector Company Reglstration No. 3411540 The notes on pages 2742 fomi part of th&se finantsal slatemerts. P•&¢￿ of42 IVl¢rcbAllt Taylors". S¢knol (A llm1t￿ bygu•Thlltr¢znd ]￿t • $kncapit*t) C8sh ￿￿tel￿tRI Forth¢ ear el￿pd IAU It 2023 2023 2022 Not cash flow$ from operating actlvltièi 18 4,263,833 4.004,385 Ca$h Ilows fr¢)m Investlng actlvltie¥ Invèstm8nl income 511,181 129,062 Purchas@ of FA 13.559,7501 1.131.893 (1.531,583J 1.791,570 {f,754,970J Proceeds from sal& of Invèstments Purchastr of investments {1.718,925) 9.361 Proceeds from sale Not cash In inv¢$Yng aGtlvlties 3,626,240 {1,365,921J Cash flows from financlng advfti•s Movamènl in flnal de￿￿ts 23,5 8.2C Net cash us•d In financlng actlvStSe8 23,5 B,200 Change In ¢ath and cash equivalents in the reporbng P8f 661,093 2,646,664 Cash and equwalents bir 19 9.￿,917 6,422,247 Cash and oquivalenis Glff at 31 August 19 9.730,004 9.064911 The notes on pagès 2742 fomi part of the80 fin8r￿>al *at&monts. Pag¢26of42 MerchllntTB?lot8Y IA company MtnitEd by %wiwt¢È**d thotb*vkngi s￿¢￿￿11) Notes io the IJD2Ddal bt*tement tthe ear ellded 31 Au ust 2023 Accounllng pollciès 1.1 Ba$1$ of a¢¢ounllng . The accounts have bèen prepargd L￿der the Conpani&q Ad 2(K)6 and In accordance wfth the CharitiDs Statement of R8commetKled Practkè ISORPI 8nd FIna￿a R&w)rbng sla￿lard 102 IFRS1021. The accounts arè drawn up on the historirxl ￿$t basis of ac¢ountirKJ. a$ modffjth by the revaluatp)n of properties and other Investm&nts. The ffinarK>al statem￿lS are propar8d In stertlThJ. Is the funcU(xJal currency ofth8 Charity. Monetary amounts In these ￿nana31 statem8nts arè r￿nd￿l to lh8 near&st£. The Charlty is a publ￿ benell entsty. Ha￿7[￿ r8v(ewÈd tha funelng frddlftlès avallablè to the Sthool, the Increa￿ng demand for places and the Schoof5 projetttad cash flows, Govamors hav& (Mdud￿j that thè Sethool has ad￿llate resources to conlnuè lo operate for th6 fortrs9è0bl¢ fuiure. A¢wr{ling￿. lh￿ Ix)ntinutr Io adwt the going ¢￿¢￿M ba$is in ￿parir the financial stalpments, a$ ouUKned in the StathBnt of Twstees. Respon$bilities on page 18. The financial informalon Is prèsèntad for Maff*w)l Tayk>rs' Sd)(KA as an Individual Lmdèrtaktng and not for thè gr()up. Thè Trust8ès have takèn adv8nl8gè of thè SORP and CompBniès Act 2006 IS.4051211 exempticm not tr) prtrp8r8 group finanual staknents as they ¢ongderthe eff￿ ol charKJes would mt be matsrial to the financial statements of Merd)anl Taylors. SC￿. The following 8ecounUng polld6s hav& b88n applkd (xjnsls￿ty In d&allNJ wllh ￿emS are considered m8tsrial In rèlation to the Scho(A's finan(aal statements. 1.2 Tanglble fixgd 4ss0ts Th& &ntsr8d Into a16BSè from the M8Ycthont Tayk)rs' Company lor 8 128 year temi effective from 16 March 2011. J￿Ier the tenns c>fthis lease: the sd1(￿ is respon&b￿ for keeping the properbes in a fit and useful condilion and these costs are expensed when irKJJrred. Subsequent addftlons and materfal improvements ty the School are capitali%d on cotnpletion and are (Jep￿clated as set Imrt In note 1.3 bèlow. Taruib58 fixsd ass8ts v8lu8d at £7.(hm aS￿aLed with Krp w8rè acquired on 15 Oetobèr 2015. Expenditure on the acquistbon, constnKbon or en￿an￿meThI of land buildings tO9elher wtth vehides, fumtture, m8Ghinery, ICT infrastrudure and olher equipment are ¢arried in thp balance sheet at hlstorical cost. Depr8Ciati<)n Depreciation IS Pfovided to write off the ¢¢)st of all ￿￿ant tawitAe assets lesg eststraled rEsidual value based on current matkèt prices: in equal anftual in*alments ¢)ver their expected uselul economic Ilves as foll¢)ws.' Building and18asehold IMr￿vemerts 70% 1th8rgBd ovw 50 years. 30% d￿rged over 20 years- th lattgrto rofl8¢t ¢omwnents that have 8 shorter lrfe {?.g. flat rix)ts: electri￿1 et.} Fumilurg and equipment over 10 years or20 yèars Machinery and motor veh￿188 over 4 years CompLrter h8r(Iwarè ovar 4 years Depr8caation is [￿1 chaTyeollcles {continLMII Donatlon$.1ggacles, grants and other voluntary Incoff Vtsluntsry incomlng resources are accountÈd for as and Wh￿ Bnbil8m8nt arises. Ihè amount can be rellab quantsfted and the èeonornic benefft to tho &*ool is considered probable. Voluntsry incomè for the School's general purpos8s is accounted for as unTestriGt8d and is tt&￿1￿d to thg General RtrseNo. Wh8re the donor or an appeal has irnposed trust law restrictwJns, vduntary incom8 credited lo the relevant restricted fijnd and 'incorning endowmgnts are accounted for 8$ pemwnent trLtsI ¢8ptsl or expendable trLJSt Gapital, according to whether the donor intends retention is to ￿ permanent or noL Invgstments and Inv•stmgnt Incor Inv&slment income from dNltJ8nd3, bank baLaw 8nd fixed inter6st S8thribe5 is accounted for on an accruals basis. Llst8d investments are valued at mN&markèt valutr as at the balarKe sh98¢ dale. Unrealised galns and losses arising on the revaluatk)n of investments are cr¢dl(gd or charged to the Stalgment of Financlal Actfvfties and are allocated to the approprt8te Fund according to th8"ovmership" of Ihe Underf￿ng assets. Exp8ndrturg Expenditure is 8ccounled for on an ac(¥uals ba&s. Expendthjre is allocated tr) expgnse headings, either on a direct w81 bas18, or apporboned aC￿rd1￿j lo managamènt esb'males of time spent or space occupied, 88 appropriate. Irrgcovgfdble VAT Is Induded wilhin the of expensg to whlth rt rglate& Govemance costs, includ￿1 within Support costs of sthoding. compiise extemal audit costs and costs incurrad in re￿lIOn to constitubonal and statutory requirements. Penslons Th& Sc*ool's leachlng staff members ofth8 Teachers. Pen&on Sd)8m& (Eroland and Wale8} ITPSI operated by T￿her$. Pensions on beh8Wof the Department fot Ed￿110￿ and Sknlls. This 1$ an unfunded mUl￿-9MpIoYer schamè govemed by The T98chers' Penslon ReguLglx)ns 2010 las aMer￿adI and th& Toaohers. Pen&Dn Schème Regulations 2014188 amended). IndivKlual ￿hoolS are ntst ablo to Klenlify thelr $hare of the underfying 888ets and liablllbes of the sch￿￿. As r￿Uired by FRS 102, the School accounts for this scheme as if rt were a defined contribution scheme. From Septsmber 2021 an optiona] defined contribution penson Sch￿￿& IAPTIS) Wds also made 8V8ilable to the te&*iru slaff. The group personal p&nsitin plan IAPTISI for el￿Eble staff continued to operate during th8 year under r8Mew and is detailed in note 20. The ass￿at￿d pewon contribubon5 Costs are tha￿ed lo the Statement of Inancial activit'es as incuwrgd. 1.10 R•ntal In¢ome Rental income is ac£ountad fr)r on a recthable b8SiS. 1.11 Fund acwuntlng Funds held by the Company ￿.. Unrestricted Genaral Reserve: These are funds which can be used in a¢X0rdar￿e with thg (4wtable objects atthe discretlon of Ihe Govemors. Designat￿ Funds.. These funds, atthough unrestricted. are used for sp8cNlc purw)ses. Refer to nots 15 for ftjrther d9ts11 Restricted Funds: lil Pennan¢nt Endowed Funds.. The use oflhese funds has been r&8trthd by the original donor and only th& Sncom8 arisiro is available to SP8nd. lill Expendable Endowèd Funds.. These funds are a¢¢ounled for similarty. except that all rAphat CAn be converted inb income for spendlng, èither at the Govemgrs. di8creth)n, or uw)n the LKCUr￿￿e of an event contemplated by the donor. Se& note 17 for frjrther detsils of endowed fijnds. ge28 of42 Mer¢bant T*yltyri' Schr C4 comptyxy Ilmlted byguarnttt¢* *ttd llol ha￿8# Notes to tbe fillRnti#I¥tsteMe￿ts (coDtinuedl or the ear ell￿￿3 t 2023 AcC￿ntIng ￿1cleS Icontinu•d) 1.12 0￿r￿tIng lease$ Rent818 payable are £*a￿d on a time basis over the lease term. 1.13 Taxatlon The Schod is a Tegi8ter811 chartty and in¢m Is Mt liable to t8Mtion, as k is applled to %tholty charitab18 purposès. 1.14 0ebtQTS Tradè and other debtors are rwnised attha setdementanK•Ullt due after any discount Offe￿d. Prepayrnents afy v81ued at the amounL nèt of any trad8 diw£ounts due. 1.15 Cash at bank and In hand Cash èt bonk and in harhd Indud&s cash 8NI short tem hlghty liqutd inv&sbnents wlh a rnaturity of three months ￿ kss from the dalè of acquisrtb)n or opwirwJ Df the dewyt or slmllar aCr￿unt. 1.18 Credit¢r8 Creditors are ￿￿nIS￿ wh6r• the Charity h8$ 8 present O￿lgaliOn rewlung from a past event that will pn)bably result In Ihe ts¥nsFar ol fvnds to a third party and the amourtt du& to settle the otAigat]on can be measured or estim8t8d r￿lab￿. Creditor5 are ￿Mi811Y recognised 81 settle￿Ent am(xJnt. after allowng for any tradè dlscounts due. 1.17 Flnan¢ial Instruments The Chadty onty has financial as*ts and financial Itabiknties of a ￿nd that qualfy as b881c flnancial instrum8nts. Basie financial instruments are in￿allY rewnisod at transaction value and subsequgntty measured attheir settlèmant value, the excepUon of bank108ns v4hK4) a￿ sub5equènUy measured al amorbsed cost using the 8ffedve interest rnetr(xl. 1.18 Crltlc81 accounting judgoment and esllmatss The préparation ofthe finarKxal statements requiTes the Govemors to make estimates and assumptions conogming thg future. Th8sè could materially affed the carryiThJ amounts of assets and liabilttlès within the next finandal year and It￿l￿je acuuals. depreoation and revenue r8wntbon. The a¢tounlng in these areas ofthe accounts requir88 management to exeK4se I￿Je[rEnt Accruals are estlmates as costs Ihat wll be incurred based on contrath81 requirements For db￿￿ati0n, estimates are driven by th6 useful ecrmomic lrfe ofthe asswated awts. For revenua recognil'on, man&Jement applie5judgèm8nts in determirung th& point at whlch revenue should b9 recognis8d as incom8. P8ge29 of42 MercballtTY4)dori' Stho IA rojllpally limlted by ￿ar￿Al¢t and havlry• Notes to IIDancial stAteDMi$ (th•linu￿) Fort ed31A s¢2 School fees 2023 2022 Thg School'8 fee incom8 (a)mprised.' Gross Fees Le88'. Totsl Bursades. Grants and AJlow8n 28,757,194 2 265.128 26.492.066 26,808,834 1 986,066 24,822.768 Aild badt." Scholatshlps, Grants aThl Alovrances pald frx by Restricted Funds hekl by: MT Qi Chariti'es Fund: ￿rE[ Endowment Fund., and Development Furnlrdi&rg 26.923 971 25 242,337 oth•r Income 2023 2022 Other &￿￿￿tIonal charltablo actlvlttes Registrètlon Fees Admlsslon Fees 101,102 22,600 123.702 108,087 130,587 Other anclllary actlvltie8 Insurance Rents RerHvable Deposits Forfeltad, Fees In Ueu, mu￿ Incomg and Other Misc Income MTSEL donation Profft on Sa￿ of a88et 753 256,512 7,935 240.815 142,697 156,588 9,361 565.911 166,464 188,975 fQ4,189 Investment incom• Bank Interest Invéslm8nl Income Inl8re811)n Late Faes 329,073 149.111 32,997 511.181 18.207 109,834 1,321 129.062 Donations MT Company Donation MT Co Prtzès Scholarship Incorne MTET Endowment Fund 52,425 36,6 9,000 7,374 225 000 278,024 225,fX)O 2TI.425 Development Campaign I[￿)me 1.034,747 423,667 1.312,172 701,681 Pw 30of42 MerehAlit Taylors? SchDtsl {A eompgny li]￿lted by RuafwRfe¢ Jttd h*vi¥ • sknexpit•D NDtc$thb thE ftlla*ti*I ststÈwrLti Itontknued) ellded 31 A st 2023 ExpendltsTe 2023 2022 Support Costs gf schoding Includ•d: Auditors, r8numgratiort for audit seTVi¢eS Auditors, r8numgration for other services 31.864 28,984 31.864 28,984 Totsl $tsff costs comprlsed: Wagès and salarfes Social sècurtty costs Pension contllLthon$ T8Tmination costs 13.835, 1,460.239 2,718,762 12,888,982 1.383,326 2,551,441 11,327 1f,835,076 16,0￿,677 Employ¢ès Th8 avèrage number of employees in the yearwas 374 {2022: 3F2} of which 15112022.. 1521 were leaching staff. The number of hlghor paid employeeswas: 2023 2022 £60.001470.000 £70,001-£80,000 £80,0O1-£￿,o00 £90,001-£100,OCM) £110,001-£120,000 £120,001-£130,000 £130,001-£140,0 £21 CI,001-£220,0 £22Ck,001-£230,000 20 15 Slxty elght {2022'.fifty five) ofthe above employees had retlrement benefits accruir¥J in a Defined Benefft Scheme (Teachers, Pensions Superdnnuation Scherne- ernpk)yercontribukn'ons paid at thè rat8 of23.680/0 of salary) and four12022.'fourl ernployees had benefits awuing in the Group Person81 Pension Plan (with gmployer contrfbuUon paid at 15%12022'.15%} ofsatary. The key management personnel ofthe Schcd comprise the Headmaster, the Bursar arxl thg S￿l0r Leadershlp Team. Their combined contractual beneffts totalkd £1,699.49712022: £1,610,747). Govèmors, r•mun•ralon No Govemor. nor persons c1)nn￿kd vthh them. r￿8￿ any remuneration in1he year ended 31 August 2023 {2022:Nill and G(NemoTs aTe Th)t induded bn the number of Fewns emFloypd gN8n abovè. Pag¢31 of K2 Mertbaut THylors' 5cbotsl IA vJmpAAy Urulted by gllaraDtee *Dd shaTe eJplt*D Notes to the fjD*nd*l #4tcments 1cDnti*￿ed} For Ihe exr ￿derf IA U5t 20 Analy818 of totsl expendlturt Staff Costs Other Costs Depreclatlon Total 2023 Ral8lng fund¥ Financing cost8 / bank interest Inve¥trnenl managemenl Dèv81opmont office (unrestri￿) 19227 18,941 50.693 88,861 19.227 18,941 263.474 301.642 212.781 212,781 Charitablè a¢tr¥lUeB Tèathlng Welfare PreTllises Support Costs of schooliry 13,859,917 868,343 1.194,432 1.900.204 2.019.780 642,132 3.555,534 204,167 15,879.697 1,510.475 5,659,412 2 746,229 )9,446 641.858 School'8 operating costs 17.822,896 6,421.613 1,551.304 25,795,813 Burs8rf&s patd for by Restdcteil Funds Development Campalgn R&slriGted OMT Sports facli itses 431.905 2.000 431.905 2,000 189,885 189885 433.￿J5 189.885 823,790 Tolal Exwndlture 18.035.6TI 6.944,379 1741 189 26 721,24S Analy$15 of t¢)taJ expendliur•- previous year Staff Costs Other Costs Depreclatlon Total 2022 Ralslng funds Financing costs I bank interèst Investrnent management DavèlorKnenl officg (unrestricted) 19,393 20,707 69,408 109,508 19,393 20,707 273.D44 313,144 203.636 203.636 Charftablè activltles Teaching Welfaro Piemises Support Costs of schoollru 13.025,695 775.405 1.087,003 1.743,337 1.884.959 538.283 3.195,464 2S9.S16 14,910,654 1,313.888 5,190.8fj7 2 553.372 908.400 540,389 School's 0￿ratIng costs 16.631.440 5.888,352 1.448.789 23,968.581 Bursari&s paid for by Restrfcted Funds Dgv&loprr*nl Campaign Rèstrthd OMT Sports faalities 419,569 6.389 419,569 6,389 189,884 189,884 425,958 189,884 615,842 Total EXpend￿Ur0 16.835 076 6.423 818 1,638,673 24,897.567 Pag¢32of42 Mer¢h•nt Taylor5, Scho (A tomp*1￿ limlted by8ll#t#lltse#lld wt h*￿ttE1 th*retWJD Notti to thE fjA*nd•l st•tellbellt5 l¢orLfthuedl orthe ear eod 31 st 2023 Tanglbl• flxed a8setB Lar)d and bulld5ngB Ays•ts und•r construction Furnlture and •qulpment Total 2023 Costs or revaluatlons 1 September 2022 Addlts'ons Transfers Disposal 31 August 2023 45,649.121 26,995 2,967,670 9,300,002 1.118,445 54,976,118 4,084,115 33,866 45615255 6,430 10 410,017 994,665 59 019 937 D•pr•clatlon 1 Sèptember 2022 Charge for cuffent year Dlsposal 31 August 2023 14.925,163 1.099.331 6.500,064 641,858 21,425,227 1,741,189 3.145 23 163271 7 138777 Net book value 31 August 2023 29,590.761 2.994.665 3.271,240 35,856,666 31 August 2022 30,723,958 26,995 799,938 33,550 891 Ofthg total nel book value of land and t￿Ik￿[r¥J$ induded atrthe. £8.087,944 ￿ freehold {£2,900,000 landl and £21,502,817 is leasehold. Investmonts 2023 2022 Investmant In subsidiary Quoted Investments Fe8s In advancè Investrnenls 100 8,732.987 6,864.567 6,864,667 6,733.087 Thè investment in subsidiary relates to the tradlng company, Merchanl Ta￿Or￿, School Enter￿SeS Limrf(ed. The activittes of this subsidiary include ￿ Tuck Shop arKI the leth'ng of School laciliti8s. The wEsults ft>rthe year as fo51ows: 2023 2022 Gross profit Gross expendrture N6t suWus before donatiru lo Kfs 404,710 248 122 156,586 391,502 202 527 188,975 Al the balance sheet d8t&, tho aggregate share capStal and reserves of thts sub￿dIary undertakiro were £10012022:£1001. Inve6tmgnts at 31 August 2023 wer9= Quoted Investsnent5 Fixed Interest Ovgr58as Bonds Fixed Incomè UK Equilio5 Overseas Developed Overs888 Developing Martels Global Inv&sbnents Dlversffiers Cash 818,476 143,716 468,197 1,509,868 1,398,739 364,371 1,374,842 937,274 6,864,567 Investments in the Scho￿'s rx)rtfollo are mat)aged primarity by Rathbonos. Page33 of42 Mer¢lw)tT*%qors' SchDol IA company jirnit￿ by gll&fanttÈA￿dllQt b2vffi#go sh*rec*p Note5 to the likallrbjl ¥tst4me]tts (coll￿lled) Fortlie r ended31 A 2023 Transfèr betweon funds 2023 2022 Houslng Fund - Designated Transfers to unrestrirAed Bursary Fund- Desigroted Bursary Fund- Restrlcted Capital Fund- Restricted EndtJw8d Funds Net transfèr ltsllfrornl Funds 6,999 1,694,308 6,999 13,570 98,483 (1,694,308) 112053 6,999 6,999 Bursary funds (￿Ich arè found in notes 15, 16 171 arp invested whèrè the inca)me Is wirwesled each year, rathorthan belng distribut9d. The inttomè is recognIs￿ in the stat￿n￿l of financial activrties in thè restiTCted or desi9naled bursary fund las appropriatsl, as available to fijnd bursaries. Consequ8nJy, transfers abDve have madè belween fvnds lo) recognSs¢ the realloeatlort of invesbments. and any gains and losses th8r9(￿. The transfer of fvnds this year ha5 been in r8latiDn to 8 SP9￿fiC fundraising appèal and Ihe ¢aptt81 ¥KJrk ts ciHnpleted and th8 restrKknon has fvlfilled. R8f&r lo Notes 15, 18 and 17 for fvrther anatysis. Stocks 2023 2022 Con3umabtes ([r￿l￿11n9 t8xtbooks) Gocxls ft)r r&8aS9 15,269 33,328 18,623 85,990 104 613 10. Debtors 2023 2022 Trad8 l Fee Debtors Amounts owed from Rela￿ Undertthngs {see Note 23) Prepayments and accru￿ irK(Kne Other dobtors 68.613 159.762 164,593 55.084 203.753 171,123 277,950 707910 11. Credltorts: due wlthln yoar 2023 2022 Amoun¢s tjue lo Related Und8rtaknngs {se8 Note 231 Flnal tenll deposits Trada creditors Accruals Exam depoBIts and Autumn term prwayments Other deferr8d incom8 Fees In Advance Schem8 Othèr creditors 97,100 864,2 811,352 2,430,722 1,150 202,942 1.144,886 s,￿2 437 73,6fM) 700,389 1,279,718 2,363,028 1,150 109,142 366.249 4,893 276 12. Creditors due after mor• than one ￿ar 2023 2022 Flnal term deposlts Wtthin 1 to 2 years Within 2 to 5 years Aftgr 5 years 76,400 246,￿0 219,eA)O 78,300 250,800 277.400 Fees In Advance Wlthin 1 to 2 years Within 2 to 5 years After 5 years 123,121 86.773 161.309 41,000 209.894 202 309 PA8¢ 34 of42 M￿Challt TAylor5' Srhwl {A compallyjinfjted by euar*nlee wt b*vix8A skn¢Aplt•l) otss kn thv filLA￿lI1 5tatejne￿ts {¢•nllnued) ForthÈ ellr ended 31 A 13. Fees In Adv•n¢o S¢hgn Parents may enter Into a contrd¢A to pay the Senior Schcd in advance contslbutions towards the tuition fees for up to 7 years. The rn(bney may be returned Subj￿ to sFwfic condrbons on of notKe. Assumlng pupils remain in th6 School, fe88 in 8dvance will LE applied as disdosed ￿ Notès 11 and 12, abovg. The balanc9 fBpresents the a￿￿jed liabillty undar the ￿n1racts. The movernènts during the y6ar were: Balance at 31 August 2022 311,451 New contracts Discounts 245,068 2.076 558.595 Amounts utili8ed in poyment of fess 145,858 Balan￿ a$ at 31 August 2023 412,737 1& Analysis of n•t assets Fixed assets and InvestsT￿nts Current a&q8ts Current Long temi Total UnrèstrKt6d and de51gnated fuT¥Js Restricted fU￿S Pertllanenl endovmientfurKIs ExperKlablè andowmenlfun¢ts 40,748.136 9.100.317 1,184,557 15.552,4371 1751.8941 43,544,122 1,184,557 1,497,844 475 353 1.497,844 475,3S3 Totsl 42.721,333 10,284874 5 $52 437 51.894 46.701.876 AnalysL8 of net as$8ts- prgviaus y•ar Fixed &8sets arKi Inveslments Currènt assets Current liabilrfaes LO￿ temi Tolal Unrestricted and des¥Jnatad funds Resthcted fvnds Permanant endovrnent fund Expandable endowment fund 38,479,475 7.372,832 2282.550 14,8932761 1808,8091 40,150,222 2,282,550 1,307,005 497 798 1.307,005 497,798 Totsl 9 655 382 {893 276 808,809 44,237 275 Page35 of42 Merehant TAylon"' Stknol IA iimit&l bypAr•llÈtt b) the fjllanrJal stxteuJerLt5 ltollttn￿C￿l For thè 31Au 2024 15. Analysls of unrestrl¢t¢d fvnds Balance 2022 IncomelGalns Exp•rtditur• TranBfers Balan¢0 2023 Undgsgnated General Reserves 30,940.149 28.￿239 26.071 183 1687 309 34 624,514 Desiqnated Housing Fund Penwon Fund Bursary Fund OMT Asset Fund Durrants Fund Fees In AdVar￿ Schsmg 75.454 121.580 639.314 4,334A66 4,029,828 9,031 9,210,073 6,999 82,453 121.580 608.108 4,144,981 3,953.455 9,031 8 919,608 I31,21￿} 1189,8851 I162,￿1> 85.978 85.978 6.999 Total 40,150,222 28 154,217 26,454 625 1,694308 43 544,122 Referto Note 8 for further infonyjation regardSng transf￿. Analy51s of unrnstrfcted fvnd8- prevlous year Balance 2021 IncomelGalns Exp•nditu Transfers Balance 2022 Undeslgnated General Reserves 29.161.126 26,044.180 {24.258.1581 {6.999} 30.940.149 Deslgnated Hou￿ng Fund Pension Fund Bursary Fund OMT Asset Fund Durrants Fund Fees In Advarte 68,455 121.580 625,744 4.524,750 4.573283 11,7( 9.925,518 6,999 75,4M 121,580 639,314 4,334,856 4,029.828 9,031 9,210.073 13.570 {189,8941 {610,2851 66.830 67.015 803.039 20,569 Total 39.086.644 26111195 25061 187 40 150,222 Page36 of42 M¢tthADtTaylors' Scknool (A Comp4￿ ]imlted by gvarnDtetalld nDI bllilDgA BbAr*tapithJ) Notes to thEfillawrI￿l ¥Otements {c•nd•ued) Forthe eRr eDded 31 A si 2023 Houslng Fund The HousirrfJ Fund was set up to gTant intsr98t-fr8& kjans to members ofstaff in School accommodatlon to 88slsl in the purchase oftr*lr ovm property. Th6 valua of the fund is equal to Iho balarts of loans currertty outslandiro. Penslon Fund Historically deslgnated Pension Fund had been *t up to fijnd the Sth(x)I's shore oflhe deficit in the Merchant Ta￿0￿, Company Pengon Scheme. During 2013 the TTUStees compléted a buy-out witr Avwg Pl¢. 2nd the School 8nter8d into an agreement the pri￿1paI ￿ployer to irKlgmnrfy the membgrs against any loss not covered by the PensIC￿ Pro￿tiN Fund. shodkl Avrva not have Suff￿lent assèts to meet pènsion pawm8nts, Thi5 FurKI is belng maintsined swth 8 view tr& meeting any ¢￿tir¥Jent Ilabilty which may arise. The Govemors bgliev8 the Ilkellhood of such a li8biltty arising fo be minimal. The total (x)nlngenl liability attribu￿bI to the School c8nnot ￿ quantifhed wrth any cethnty at thls time. 8ursary Fund The Bursary was Creat￿ to awAst wilh thg prt>vipAM ofgeneral t￿Tran￿8 to pupils attending thg Sch(x)l. The Fund was exeatad LLsirKJ a proportion of the funds rncelved from th8 sala ofthe OMT sports farylity 8t Durranls as notsd below. OMT Asset Fund In 2011, thé Old Klerchant Taykjrs. Soci8ty iowri reknrAted rb War Memtsrial Sports Ground to Sandy Lodgè, where new faci1th8s were built Dn the School grourKSs. The charge in the accounts of£189,884 represènlg th9 deprecAation Charge on these newtsi1th3 and r0¢oTh￿leS the tund balance to ths currant net book value ofth OMT sports facilrty- Durrants Fund Due to the sze and sv3nlffcance of the ftJnd8 roceTved from the sale of The War SpDrts Ground at Durrants (excluding tha Bmount which was reoewed tr> bjiid the OMT fa(xlityl. th8 Trustees agreed lo create a deslgnated fvnd for thè purpose Df maintaining the ONff stK)rls facilities. IndUd￿ WLthin the Durrants FU￿1, is a revaluatbjn resgry8 lotslling £213,8(X) in relatiw to fix8d asset investments. Fees In Advanco Schemo Thls arnount repr8sonls the net assets relating to Ihe Fees In Advance s£*￿9. PaEe37 of 42 M¢¢rhRILtTaylors' School IA tomp8ny Jljttltcd by gu*rallte¢ *thd knot b*vRDga th*rteawlaD Flotey to 51Atfmrnti (CO￿1$￿1¢dI For ih r euded 31 A st 2023 16. Analysls of reStrIct￿ fund$ Balan¢¢ 2022 Ineomlng R•sourcè$ Resour￿$ Expendgd Transfor8 Balancè 2023 Genoral Donations Furlough Incomg 115,629 127T.4251 178,762 2TT.425 178762 DevaloprTWt Fund Bursary Sports. arts and sc*oK)I campu$ Caplt81 prol8ct8 881,079 35,023 1.25(1,819 2.166,921 134,546 4.872 550,244 689.662 {154.4801 12.0001 861,145 37,895 106 755 1,005 795 1,694.308 1 694 308 156.480 Total 2.281550 1030220 433,905 1694 308 1 184,557 Refer to Note 8 ￿ fvrther Infomialk>n warding transfEr& Analysls of r•strithd funds- ￿￿￿Ou8 year B￿ance 2021 Incomlng Resourc8S Expend Transfers Balan￿ 2022 General Donadon8 116.019 116.019 278.023 278.023 278,413 278,413 115,629 115 629 Development Fund Bursary Sports, arts gLh¢x)I campus Capital prol&cts 842.614 209,639 8.983 2(K).016 1269,6571 16,0001 4,798 280,455 98,483 881,079 35.023 1,250.819 2,166,921 1,055,601 1,930,255 Total 2.046274 558,868 2 282 550 17. Analysls of ￿d0￿d lunds Bal#nce 2022 IncomelGains Expendlture Transfers Balance 2023 Development Funcj Permanent Enduwment Expendabla Endowment 1.307.005 497.498 252.YX) le1.6611 22.145 1,497.844 475 353 Total 1.804.S03 83.806 1973 197 Refer to Note 8 for further inf0m￿tion ￿art[ing trdnster& Analysls of •ndowèd funds- pre￿0￿$ ye•r Balance 2021 Iners' CLYnpany Pendm Scheme for some sènior non-tsaching staff. This scheme was closed lo further acuual on 30 AprR 2011. Howaver, during that year, the Tw61ges compl01￿ 8 buy-out of liablllties Aviva Ac. Tha SC￿, gjbsequenl to the buy-ouL entered Into an agre8ment wth the principol gmFloyer to indemnrfy the meM￿rS against any loss not covered by thè Penslon Prtstecl'on Fund, should Aviv8 not have suffiaent assets to pensK)n P8yTnents. This Fund. as dgtsiled in notè 15, will Ihergfore be maintsined to meet any contiiw liability may arise. The Govemors believe thè Ilkèllhood of 8uch a liabS1ty arising to be minimal. The total o￿tir￿dentI13bl￿ty a￿lbu￿ble to the School cannot bo quanffied with any certainty atthis time. Group Pernonal Pen8Eon S¢hem The School also contrTbtrtes to a group parsonal pension plan in rEspect of its support stsff. In total. the School's contributions to group ￿rSonal penston sthem88 forthe year amounted ID 2023: £621.42312022£583,7411. Capltal commltments 21. Capital expendllure ¢onl]xted but not provKled for in th& finan¢ial &atemenb for thè SeJ)ool, totalled £1.23 milllon12022.' £4.7m}. 22. Other flnandal commltments Al 31 August 2023, the sch￿ had outst8ndiry commltments for fu￿re minimum kas8 payments uTrJer non- cancellable 0￿ratir￿18sses. which fall due as follows= 2023 2022 ithin one yaar Betsyeen 2 5 yèars In over S years 185.057 750,843 11449,316 720,483 472,281 12,561,472 Pagc40of42 Merchartt T2>knrs' Scbwl IA CoWa￿Y llmltedby guArantee ijmi BDt ¢apfa Note5 to the fillallrl￿ ¥tatffli¢J)ts (rDlltittued) For tbevur st *123 Rglated party transactSon8 23.1 Merd)ant Tayk)￿, EdU¢%￿nal Trust (K[￿) TET approved the appcintment oftha tlirèctr)rs and (knmors of the School. who thereafter are resporTsibl8 forthe overswJht of the Cornpany. Th8 b818rKe outslarK11ThJ from NrrEf at the yearond was £Nil12022.. £Nill. 23.2 Merchant TayloTS' SchcKJl Enterprises Limf(ed IwfsELF Company rGglstraUon no. 2275287 MTSEL Is a wholty owned subwdw of M8rd)antTs￿orS. School. The profft donat￿ lo the School was £155,58812022: £188,975). Th8 bal8￿e outstandirKJ fwom MTSEL at the year end wa5 £l60.4￿(202?.. £196.5941. 23.3 Merthant Ta￿or5, cOmpa￿Y Merchant Taylors, Company provides vaTiDUS servw to Metth8rrt TaW(xs' St￿01. The balance r￿1Vable from MerchantTaylors' Company in resP8Ct ofthesa servw atthe yèar end vrds 2023: £nil12022.. £nill. The Merchant Taylors. Company owns thè Origin￿ land 8nd buiklirgs from Vth￿h the Schwl operate5. The Sthool currently has a 128 year leas8 frum 16 M8r¢h 2011, at a current annual renl of £112,15612022.' £112,156) to be subject to review. No amount was outs￿￿1[￿j at year end. 23.4 Merchant Ta￿or5. Scho(A and St John'8 sth￿l, Northwocxl are conn&Xed by c4Jmmn administr8tiDn. Some SUPPQrt staff of MerchantTayk)r3' Sch(K>l p8rfDm) similar dub6s for St John's School. An annual managemgnl feo forthls serwce is charged to Sl John%, whth amowted to £PA),00012022.. £80,000) forthe year ended 31 August2022, and the balance du8 from St John's Sch