CDfflp4iiy Regislratiou No. 03411540 {EngE]Lnil aiiil Walcs) Cli4rlÉy Registr4Ltloii ND.. IQ63740 Merchant Taylors, School (A company Ilinited by guarantee not havAng a share capital) Report and financial statements for the year ellded 31 August 2024
Merehant T&ylors' School (A compAiiy limltod by gu%Lratttee Thild Jiot h4Ying ¥ Sre eapiÉ¥LI) Cortteiits Pa Referenca and admlnlstratlon Governors, report (incorporstlng tha Strat6glc raport) 4-20 Independént auditors, raport 21-24 statement of flnanclal actlvities 25-26 Balance sheat 27 Cash flow statament 28 Notes to the financlal stat6monts 29-44
MerchaDt Tiiylors, School (A conipi?iiy linilted by giiai'&iite¢ and iiot havIll a sliAre iapltal) Reference nnil Adtniiiisli-atlon For tlie eAi' eiideil 31 Ali 115t 2024 Governors The Governors of Merchant Taylors, School are Dlre¢torg ofth8 Charftable Company I'the Company,) and Trust8es of the Charity I'the Charlty,). Miss P Barefoot, Bsc (Honsl Mr Michael Bond BA (Honsl Mr R J Brooman, MA, FCA {reBigned 5107124) Dr J M Cox, BSC, PhD {resigned 051071241 Cdre (Retdl A M Cree, CBE Royal Navy (Chalrm8n} Mr G B M H du Parc 8raham, MA, MPhil Mr D G M Eggar Eur,Ing, C.Eng, MICE, BSC, FRSA Ireslgned 051071241 Mr S J Eggs (appointed 121061241 Mr A Eastwood, Bcotnm, ACA (resigned 0510712024} Mr D Haria, FCA Mrs S Morgan, BA (Hons), MA, FCIPD The Hon R H E Newall, PICAM, FCSI Mr J C Qram, BA, Msc, NRICS iss L Orr, MA, Mst. Barri8ter-at-Law r V Paul, BA, Msc Mrs J K M Redman, LLB Mr J D R Twlnlng, MA IOxon} Mr C J Williams, MA, ACA (appointed 2211112023) Hoad Master Mr S J Everson. MA Bursar and Company Seclary Mr l D Williams BSC (Hons). MBA Contact address and reglsterad office Merchant Taylors. School Sandy Lodge Northwood HA6 2HT Wobsit6.' www.mtsn.org.uk Registered numbers Company registratlon number Charity registralion number 3411540 1063740 Bankers Barclays Bank PLC 62-64 Hlgh Street Watford H8rt8 W017 2BT Solicltors VWV LLP Narrow Quay Hou8e Narrow Quay Bristol 8S14QA Audltors Saffery LLP 71 Queen Victoria Street London EC4V 4BE Pdge 3 of 44
lercliaIit TRylurs' S¢liool (A eompany Ilii?Ited by guarantee havlng a share capltal) Goveriioi's. i'eport liiicorporAtlng tlit Sti'lteglc repDrt) For the tAr Qded 31 Au st 2024 INTRODUCTION The Governors of Merchant Taylors, School Ilhe School) present their annual report and audit8d financlal slataments of the Charity for the year ended 31 August 2024. The financial statements comply wlth the Companies Act 2006, Charities Act 2011, the Artlcles of Association, and Accounting and Reporting by Charities.. Stat@ment of Recomm8ndad Practlce appllcable to charities preparing their accounts In accordance With Flnanclal Reporting Standards applicable in the UK and Republlc of Ireland IFRS 102). STRUCTURE, GOVERNANCE AND MANAGEMENT The School was founded in 1561 by Ihe Merchant Taylors, Company, one ofthe GreatTwelve City of London Livery Companl88. In 1933, the School moved lo its present site al Sandy Lodge in Northwood. In 1967, the MerchantTayiors' Company appointed the MerchantTaylors' Educalon81 Trust (°MTET), a charllabla trust set up for educational putposes, to taka ovar the governanc8 of Marchant Taylors, School and St John's School. On 1 August 1997, MTS was Incotporatad as a private company limlted by guarantee and registered as 8 charity, taklng over the business, assets and Ilabllltles of Merchant Taylors, School. On 15 Octobgr 2015, the School merged with Northwood Prep School to form a combined Morchant Taylors, School, provlding pupils with an all-through aducatlon for boys aged 3-18. Govemlng documont Merchant T8ylors' School is govarnod by its Artlcles of Association, which were last updated on 9 M8y 2024. Recruitment and training of governors Thgre Shall be at least Six and a maxlmum oftwenty Governors, New Govemors are provided with th8 Articles of Assoclatton, Safeguardlng tralnlng, an induction vislt and an induction pack Stating their responsibllitles. Collective training and individual training 18 made avallable to Govemors, Including conferences, training courses and briefing p8P8rs. Manag8rn8nt and overslght The Governors, who are also the Charity trusteos, are responsiblg for tha overall managamant and ¢ontrol of the School. The Board of Gov8rnDrs meets at laast three times a year. Financial performance is monilor8d by the Finance Commlttee, chalred by The Hon, Richard Newall. The Education Committaa, chaired by Jane Redman, steers the management ofteaching and18arning across th8 School. Indlvldual Governors hold specific responsibility for Child Protection (Sarah Morgan), Health and Safety and Risk (Simon Eggs). An Estatos Commlttae, chalred by Jason Oram, provides strategic direction on the maint&nanc8 and development of tho School bulldlngs and grounds. A Development and Alumni Relatlons Committee, chalred by Chrtstopher Williams, provides strategic diracllon for fundraising and alumni activities. A Nominations Committ88 comprise$ four Governors and is chalred by Andrew Cree. Executivo day to day managemant of the School is delegated to the Head Master, Bursar and Head of Prap, supportèd by members of the School's Leadership Teams. The Clerk to the Governors coordinates Ihe work of Governors and Iheir Committees. All trusta6s glve fraaly of thalr tlma and no remuneration was pald during this period. Group structure and relatlonshlps The Charlty has a wholly owned nonwcharitabl8 subsidiary, Merchant Taylors, School Entèrprises Limited, which manages tha School's facilities when not in use by the School. Page 4 of 44
,lei'cli4nt Tii ylors, Seknool (.4 rompttiky limited by gii#r£tiitee #lid iiot liuviiiir re caI)Ital) Govei'noys I'opoi'i (liicoi'poi'adng tlie Strlltegic I'epoi'tl Foi. tlie eiir eiideil 3 1 Au ust 2024 CHARITABLE OBJECTS AND AIMS Charitable objects The objects of the School are to advance education by providing and malntalnlng In the Unllèd Kingdom or &lsewhere a board1ng or day School or schoo15 for the education of children Dr young persons. Mlsslon and Values Our Mlsslon We exist to help pupils develop into rounded individuals of good characl&r and to supportthém to dlscover Ih6ir full potential for 6XC6116nca in both academic work and beyond. Bellefs and Attltudes Our beliefs and attitudes dafino our approach to 8chleving our mission. At th8ir core Is the id8a that if we know each pupil individually and ancourage them to tske advantage of a wide ranga of opportunities in a culture whlch celebrates excellence but cherighes kindngss, then they wlll have ihe confidence to find their niche where Ihey can grow and develop. We believ6 that pupils thrive in a hannonious atmospher&, so wo valug klndness, collaboratlon and loyfulness. We belleve that each child is different and develops best when we know Ihem individually. so we valu8 srnall groups, long-term r8lationships and taking the time to get to know one another. We believe that everyone should be able to try everything, enjoy many things and excel at something. Our job is lo encourage each pupil to ffind those things and h8V8 Ihe world-class resourc8s necessary to 8UPPOrt them a8 far a8 they can go. We beligvg that excellence Is an ongolng journey, We value Ihe quiet confidence that comes from achievement, the self-knowledge to see where improvement lies, the innovation to take the next stgp fonmard and th8 humility that com88 from knowing the journay isn't over. We belleve that tho* with inquisitive minds enjoy more fulfilling and engaged lives. Our culture of scholarship inspires and nurtures self-d8valopm8nt, critical thinking. creativity and intellectual exploration. . Wa belleva that our pupils will become tomorrow's leaders., we want them to have the character and courage to lead with inspiration and integrity. tr Wa beliave that the school must be a po8]va pr8s&nce In the community. We value open, honest and Gollaborative partnerships between parent8, Staff and pupils, We support the wider community through 8har8d use of our facilitie8 and open up opportunities through our butsary sclieme. Values Our values undérpln avèrything we do: thay are tha charact&r of tha school. From the Haad Mastor's study to th8 classmom to the playing fields, these values are reinforced through praise and example. Craativity We are innovative In solving probl6ms and embrace change. We foster a sense Df curiosity. IJVe lry new things. We play and F3xplore. We are constdntly imagining ways to drive self-lmprovemant. Vve express our creativlty Inta11ectually, artistically amd in our outsook. Page 5 of 44
Mei'ch2£ Ilt T&2yIoL-S' Scliool IA liiiiÉted by guAr&iitee not IIAviiig a 5h41'e capltAI) Govei'iiors, i'epoi't (iIi£oi'porlltiiig Uke Strategic i'eporl} For tlie ear ejiiled 31 Ali 9¢ 2024 Courage It tskes Courage to dgmand more of oursglves: to overcome the fear of looliing foolish trying a new activity, and to find the grft to strive for exllenCe when we find we have PDtenlial for it. Moral courage is when we stand up forwhat we know 18 right, what6ver the odds. when W8 Ilve our valuas even if st would be easier not to. Confidence We fac8 the world with salf-knowledge and wlth the ground firmly secure under our feet. Our hallmark Is quiét ¢onfidence. We lak8 pride in our str6ngEhs 8nd 8tthiev6m&nt8, tèmpered by the humillty of knowing our weaknesses. Character We treat one another wlth kindness, respect and civlllty. Wé di8agre& but argue our cas6 and seek to influence with integrity. We courteous. We ar6 Interest8d and interesting. We are gralethl for our community and proudly serva It We conduct ourselves honourably and know that how you play thg gamg Is Important. Collaboratlon We work well together and brlng out the bast In each other. Academlc success Is the product of collaboration bebNeen staff. parents and puplls. We inspire one another to achieve a common goal. We are open, share Information and see oursolv8s as a happy community born of shared asplralons. Exco118nc We cglabrate axcallence. We enjoy finding our niche and devoloping our full pot8ntial. We recognise the hard worl( and ambition that drives 8cholar8hip. We appreclats the long hours oftraining, practice and teamwtsrk which r8suIt in success outsldè of academic endeavours. Bursary and scholar8hlp pollcles Governors are commttted to broadening access to lh8 School by off6ring means-testad bursatles to boys, whose families would oth8rwise be unabla to afford the fees. In addltlon to bursary Income drawn from charilable @ndowments and fundraising. Govemors stdke a balance beeell bursary beneflciarios and othar fee-paying parents, many of whom make considerable sacrific8s to support their child's education. Bursattes are available to bDyS who meat the School's entran requlrements and awards of between 5Yo and 100tr/o of tuition fe8s arè determlned through financial means testing. When required, further assistance Is provided to meet additional expenses including activities, transport, lunches, trips and unifomis. Hardship bursaries are awarded to parents of axisung pupils. whose continued educafjon18 jeopardised by a change In financial circumstances. Scholarships are awarded for excellence, as Stipulated by donors and irrespective of parental incomg. Through Scholarships, we aim to attract particularly able PLtpils, whether academic, muslc or sports, thereby raising overall aspirations and achi8vam8nt of both staff an(1 all pupils, In addition to fee discounts, recipients partlcipale in a broad Scholars, Enrichment Programme, as do bursary holders, when merited by thelr perfonranoe. During the year, 222 boys benafited from financial support from the School totalling £2,118,691. whlch rspr&sents 6.8D/o of fe6 income. 63 boys raceived means tested bursaries to the total value of £1,119,184. This provldad access to familles from our local community, who would othorwis& hava been unable to afford the fees. 24 of those boys {38D/.) received transformational bursary support between 80 % and 1000/Tr of their f88s. In addition to tuition faeg, financial support included coach transport and thé pff)vision of a Surface Pro tablet to support Iheir academic studies where required. In addltton. 161 boys ware awarded academlc scholarship8 based on educational merlt and potanlial, to a total value of £999,507. Page 6 of 44
ftrtei'chfkllt Tnylor8' Scliool (A tompany ITmlttd by guarttiitte Aiid iiot havliig a 51iore Lopitail Gov¢i'oDI's' report {lllcorpui-ftting the Stinlegi¢ rÉportl Foi. tlie eAi' elided 31 Au list 2024 Strategic r8port {incorporatlng Operatlonal Performance Revlew, Flnanclal Revlew, Reserves Policyi Risk Management Review and Future Plan8 on pages 7 to 181 4.1 Prlnclpal a¢tivltles of the year 2023-2024 Educational aGtivitigs were carri&d out as an independant day school ft)r boys from the age of 310 18. The School continuéd lo achieve high academic standards, whilst maintaining an outstanding level of pastoral care and co- cu1¢Ular aclivltie8. Th& School contlnu6d to devalop strong links wilh the local educatlonal and wider communities. 4.2 Obj8ctlves for the year 2023.2024 The School Improvement Plan I'SIP I provldes an Offective framework for the School's stratéglc goals. The SIP Is framed by flve Glear objectives for d6v8lopment'. Davoloping links with local 8chool8', Consolidation of progress made in self-evaluation and teachlng: Excellence In academic and pastoral matters. Improvement of facilities; and Ouiward Facing Work {marketing, alumnl and admissions). 4.3 Operatlonal pérformance revlew 2023-2024 4.3.1 Academic Last yaar saw the launch of a new Ihree-year academic developmenl plan. The primary focus in 2023-24 was to target NA. and 819 borderllne candidates to r81se th8 proportion ofA' and 9 grades at A Lev81 and GCSE. Thls saw improved outcomes In public examinations for both A Level and GCSE. Another key focus was flnallsation of the 11 + initiative and re-struthjre of the Lower School C1¢u1um. Teachar tralnlng continued alongsid8 ongoing CPD for existing staff, The Senior Tutor supported nine Early CareerTeachers through thalrtrainlng and hosted PGCE sludents from UCL and KCL for their school-basèd phases of training. A L8v81 & Pre-university More th8n one In eight puplls achieved a'claan-swaep ofA°s, and 56¢kn were awarded at least one A, grade. Nearly half (48010) of this yeals pup11s had all 5ubjerts marked as A or A.. Nine pupils accepted places at Oxford or Cambridge and another nine to read Medicine. Rasult 2024 2023 2022 2021 2020 2019 2018 2017 35.6 32.35 34,38 58.71 42.72 33.71 29.24 31.68 71.1 69.98 76.46 86.45 80.18 76.40 70.09 68.53 91.6 88.58 95.00 g6.9g 95,95 91.46 92.41 87.58 97.3 95.98 99.79 99.57 99.32 97.98 98.44 96.69 98.5 98.73 109.00 loo.00 100.00 99.33 99.33 98.76 99.8 99.58 ioo.oo 100,00 loo.00 100.00 99.78 99,38 Still 91eva(ed TAGS CAGS Table 1- A Level Fiesults in overview (Cumulative percentages) GCSE and IGCSE GCSE results were excellent with an inGrea8e in the highest gradas when comparéd to 2023. The most commonly award8d gradé was a grade 9. Eight boys achieved grade 9's in all tèn GCSE subjects. 7 OF44
l*lerchatit T#ylrirs' School (A ¢oinp&iiy IlinlLed by guitrant¢e aiid iiot 2Vill£ a share rayitall Govei'rtOl'5' report (iucoi-yoi'otlrig the Sti'aleglc report) Foi. tlic ear oiided 31 A st 2024 Table 2,. GCSE Resul18 in ov8nilew (cumujativo parc8ntage8} RESULTS 2024 39 70 87 96 2023 2022 (still el6vatad 36 68 86 96 99.5 99,8 50 77 93 98 99.9 100 2021 (TAGS) 53 82 95 99 100 100 2020 ICAGS) 45 74 93 100 100 2019 66 88 97 100 10Q 2018 64 87 98 100 100 Thare war8 many superb Individual perform8nces' of185 pupils in the year group., 20 pupils achieved seven or more grade gs. Maths remalns a strenglh, Every pupil in the year lakes Maths and 61 /0 achieved a grade 9 wilh 92°/0 achievlng 8-9, equivalent to tho old A. grade. Sci8nce subj@cts continue to be a strength wlth Chemistry achigving 62Yo grade 9s, Blology 57/0 grade 9s and Physics wilh 490A grad8 9s. Greek achievèd 540/0 grade 9s and E)rama excellgd with 47Qlo of stud6nts achieving a grade 9. 4.3.2 Unlverslty Admissions Of our 146 leavers, 109 securod places at thelr first-choice university, 9 acc8Pted thelr insurance cholce and 14 w8re placed through Clearlng. Two students chos@ places at US univérsities {Brfgham Young Universlty, Camegie Mellon University)., 121gav8r8 chose to tak8 gap years. 4.3.3 Prep School Outcomes The high quality of aducation provided at MTP was confirmed by tha successful ISI Inspection in May 2024. MTP puplls achieved noiable succ88s in securfng places and scholarships at leading instilulion8. 32 puplls were offered places at Merchant Taylors, School, along with one place at John Lyon and on place at Shiplake. Scholarshlp awards reflected the exceptional acadgmlc 2nd co-curricular achievements of the students. At Merchant Taylors,, 3 Academic Scholarshlps and 5 Academlc Exhibitions were award8d in Year 6. providing eady recognition of acadèmic excellence. Year 8 students secur8d 1 Sports Scholarship, 1 Sports Performance Pathway, 1 Music Scholarship, and 1 Orama Scholarship. At John Lyon, a Sports Scholarship was awarded in Year 8. 4.3.4 Sport Sport play8 a pivotal role in the school's charitsbla oulr68ch, altracling mor8 Visitors lo campus than any othar aspèct of school lifo. In 2023124, the school hostgd 506 sports fixtures, with approximately half held on-slte, welcoming an asllmated 2,700 @xternal visitors. The school's stste-of-lhe-art facilities rfval lop university offerings, generallng signlficant interest from external organisations. Cor& sports such as Gricket, hockey, and nJgby actiV61y angage with local communities. fostering partnerships with local schools, clubs, and organisations. Nighlights include the partn8rship with Middle8ex County Ciickal Club (MCCCI, which utilises MTS cricket facilities year-roLtnd, and the annual Ul O Lamb Crlck8t Festival, which welcomed 160 pac$panIS from local schools. The School also hosted the inaugLiral U11 IAPS hardball tournamenl and the National School Under 18 Girts 100-ball finals, Hockey remalns ihe largest participation sport at MTS, with 27 t8ams and a third AstroTurf pitch increasing capacity for both school us8 aiid rmmunity engagement. 8 primary schools attended Pdge 8 of 44
Mei'clitiit T#ylors' SclioDI (A Coiiiyniiy liviiteEI by guaYAlltee aiid iiot Iiavliig a share ciplt¥LII GovLrbiOi, i'eporl IIJLcorporatlIw tlie Strateglc report) rioi. the elided 31 Ali 1st 2024 coaching s6ssion8 at MTS and the Strik8rs Cup extended opportunlties to local schools, while partnerships with Mlddlesox, Hertfordshire, 8nd London Hocl(ey enhance the reach of the program. In recognition of Its facllitles and community engagement, MTS has been selected lo host the IAPS U13 national finals In 2025. Rugby outrèach culminates in the Barbarians @vent durlng Rugby Wegk, bringing together over100 young players for a communlty toumamant. Throughout Rugby Week, nearly 1,000 playèrs and their families visit the campus, while evenlng avonts wllh local clubs further strengthen ties with tho community. Béyond core sports, the PE department supports local schools with swlmming18ssons and athletics events. The school's fadlitles, including ils athletlcs track. cricket centre, Swlmming pool, and tennig courts, are regularly utilized by local schools, club5, and organlzations, r8inforclng the School's rolg as a hub for community sport and development. In the 2023-2024 acad8rnic year, MTP continued to enhance the sports programme, building on th6 transformative Ghangas Inlroduced iwo years ago. Grounded in a commilment to incluslon and excellence. our approach ensures that every pupll, from Nurs8ry to Year 8, has access to a diverse and enriGhlng physical education curriculum dellvered by 8 taam of dgdicatad Spacialists. The str8tegic reallgnmont of our sports 8e2gon8, Wlth Football now In the Autumn Term, Rugby in the Lent Term, and an expanded iwo-term focus on Ho¢k8y, has significantly benefited player dev8lopm8nt. This restructuring allows for more lallored training, an anrlched competition schedule, and greater opportuniti8s for pupils to excel. Plans to further elevate the cricket programme are also underway, with refurbishment oflhe MTP Astro and six ouldoor cricket nets due to be complated by 2025. These enhancement5, along wlth the use of premier faciliti8s el the Senior School, continue to position pupils for success. The year also saw signtficant progress in Ihe pathway performance programme, whlch supports the developmgnt of hlgh-level tsl&nl 8cros8 multiple sports. I"his initiative reflects th& strength of the School's commltment to fostadng excallence and ensuring pupils are provided wllh opportunities to excel at the highest levels. Efforts to strengthen partn8r8hips with other schools have further expandad tho fixtur8 list, offering pupils access to hlghar lev&ls of competition and 8 broader Trnge of opponents. These davelopments ensure that all puplls, regardless of abilty. are both cha118ngBd and supported in Ihelr sporting loumeys. Inclusivity r8mains a cornerstone of the programme, with enrlchment opportunities ensuring all puplls ben8fit froin divers8 and memorable experiences, Hlghlights from Éhe year Include a football trip to Manchester Clly, whore pupils engaged in elite-level coaching., a skiing trip to th8 Itallan Dolomites, offering sktll development for all abilitias,. and an expanding waler sports programme al MTS Lako at)d Bray Lake Water Sports Centre. Looklng ahead, further growth is plann8d, including a Ski Italy 2025 trlp and a r6sidential vi8lt to St. George's Park, the home of Engllsh football. These experi8nGes foster Pgrsonal growth, teamwork, and lif81ong 8ngagementwtth sport. This year's achievements underscore the School's dedlcalon to deltvering a dynamlc sports programm8 that balances inolu8iVity with excellence. By continually expanding opportunitles and investing In facilities and expèrtlsa, th6 programme ensures every pupil develops Ihelr physiGal literacy, nurtures a Ilfglong passion for sport, and has the opportunity lo reach th8ir full potential. The school remalns committed to providing an inclusive, well-rounded, and high-achiavlng sport8 environmenl that prepares pupils to Ihrive both on and Dff th8 field, 4.3.5 Muslc Th8 2023.24 2eademic year saw continued growth forthe Music Department at MTP and reflect a thrivlng and dynamic music81 cultur8. A record 52010 of eligible puplls were enrolled In individual instrumental or singing lessons by September 2024, wlth 430/0 participating in co-curricular choral and ansemble activities. The Year 1 Orchestral Instruments Programme also achieved its highest uptake, with 95,/0 of eligiblg pupils involved. Th@ department delivered a varied ancl succassful programme ol events, including the rclocation of lh8 Carol SgNice to Ihe MTS Great Hall. A new Infornial Soloists, Rècllal was added in the summer terrri to increase perfotynance opportunities. Other highlights induded three ABRSM axam ses8ion8 with excellent resulls, the c.hristmas. Spring, and Jumm@r Concerts, Ihe Mprr,hant' T8ylors' Young Musician ol t118 Year Competilion, and collaborative event8 wllh otlier school8. AL the Senior Scliool, an exciting and wide-ranging piogramme of concerts and evÉ>nts continued throughout the 202J-24 academic y8ar. 14iglilights included th8 concerl at the Merchant Taylors, Hall. In P&ge 9 of 44
lercliaijt Tayloi3' School IA eonip¥LiV Ilmited . gu&i'anteo TlQt IkBving i sli4Lre chplloll Govei'iior5' report fill20ri)(bratliig tlie Slrategle reptsi%l For Ilie vear elided 31 Ali ust 2024 which musici8ns from MTS loined boys from Merchant Taylors, Pr8p School and Sl John's School, and th8 Joint Schools. Conc8rl, whlch brought together ne8rfy 200 puplls and parents from nelghbouring schools. The Summer term saw the return of th8 Summgr Seranade, for the first time since 2016. This muslcal extravaganza included performances from the School Choir, Symphony Orchestra, and Concèrt Band. The annual cycle of the House MusiG Competition continu, the three component competltions taking place IF) thg Spring and Summer tonns, Each was j'udged by a visiting adjudlcalor and provlded xpert advice from succés8fv1 professional musicians, The Concort Band had a successful year, rgcglving a silver medal al the Reglonal Festival of the National Concert Band Festival. Followlng this, a naw addition this yearwas'No Strings Attachad,. a concert of wlnd, brass, and percussion music. This Included performances from both ensémbles and soloists and featured Ihe CCF band for the first time in a concert. Another innovation saw the first Team& Concert. whose earlier tlme has proved popularwith parenls and 6tsff. The Chamber Cholr continued th8 Iradltion ofslnglng at Choral Even80ng8 in the SummarTarm, one at Guildford Cathedral and one at Universlty Collego, Oxford. In addition, the Chamber Choir performed at Vernon's SetvIc6, and the Thomas While Sing8r8 provic16d tha muslcal InterlLide at Doctors, Dinner. The annual Carol Seryice involved over one hundred singers and welcomed a congragadon of abouttwo hundred. Each week nearly thra& hundred indivldual muslc lessons are taught, and eighteen ensombles rahearse in the music d8partment, offerfng musical opportunities to boys with a whole rangg of abilities. The 'Rare Bread, 8ch9me provldès free lessons lo boys who 8xpr88s an Inlerast in taking up an Instrument, and each year several choose to continue lesson8 aftetwards. Many boys ch005e to take ABRSM 8xams, and success In these continues, aided by the additional theory and aural classes offor8d. The Music Department provlded further musical opportunilies during 2023-24, Including a Field Day trip to Oxford, a Muslc Scholars, trip to the English National Opera, and a Gamelan w0$hOP for a113rd Form students. The School also received institullonal accredilatlon from the Royal College of Organists, recogrilslng the excellenc8 of teaching. An organ reGltal was held to mark this in March 2024, wh6n tha School was presented with a ¢ertlficat6. The school organists have giv8n organ r8Citals at Ald&nham- to celebrate International Organ Day- and Abbots Langley, raising monoy for local churGhes. Our Or¢hestral Afternoon provided local Schools wllh an opportunlty lo have specialised ensemble workshops glven by MTS staff, culminallng In a performance attended by parents. Th8 worf( of the Serenaders Music Support Group contEnued, by fundraising for the d8partment and servlng r8fr8shm8nts al concarts. Their bNO annual events, Quiz Night and Jazz Night, were characteristically wo11 att8nd&d. Our Director of Music organized tWD"Leading Notgs" hollday Chamber Music Courses al MTS (one during the October half-lerm and th& othar during the Easter holiday). These three-day non- residentlal courses were available to studants from MTS and local schools, off8ring high-quality tuitlon for advanced and devaloplng string players to explore chamb8r music and anJoy music at MTS. 4.3.6 Drama This year's MTP drama saason in The Lalani New Barn Th8atr8 wa8 packod wlth axcitement and talent. Year 3 and 4 dazzled audiences with their Wild W8st musical Ye-Hal Year 5 explored mask work, perfomiing inventive sketches showcasing their maslary of physical theatre using Trestle Theatre Company masks. Their special assembly was a hit with pupils, parents, and Staff. l-he Year 6 production of Bugsy Maloné brought prohlbition-era New York to life. Tha Year 8 leavers, adaptatlon of Arablan Nights was a maglcal retelling of 1001 Nights. Other highlights Included Year 7 LAMDA exams, with 29 Distinctions and 4 Merits. a Year 7 trip to the Royal Shakespeare Companls My Noighbour foforo, and a Drama Scholarship awarded to an exceptional Y6ar 8 studant. Al the Senior School, the year began wlth the MTS House Drama Competition which saw larg& nijmbers of boys collaborate in their Houses, under the leadership of Sixth Form Directors, to cr8ate devised pioc@s. There followed the Joint Senior Play, Enron, by Lucy Prabble, a particulady challenging and thought-provoking plece whiGh stretched both actors and tgchniGians alike. In the Spring Term, a large cast and crew of Lower School boys brought Willy Russell's Our Day Out from page to stage in the Junior Drama Production. Boys across the school enjoyed devising wotkshops with Frantic A8s8mbly, prlvate backstage tours of Shakespeare's Globe and Theatre Royal, Drury Lane, perfomanceltechiiical clubs and a range of exciting th&alre vlslts. There was further success for MTS boys gaining places in the prestigious National Youth Theatre. Auditions, workshops and preparations tlien began in earnest for the Joint Muslcal, West Slde Story School Edition. P88e 10 Df 44
M¢r¢hant Triylors, School IA tonip8Iiy liEiiited by giEnl'4tIitee niid uot Siavliig Y¢ sh*i'e ¢fjipltl11) Goveniors, i'eptsi't (iiieoryor%Lting tlie Sti'ategic repoi't) For tlie eAr ejided 31 ALL 2024 4,3.7 Outdoor Education and Extra.Curricular The MTS Outdoor Educatlon Deparlmant provided opportunities for the boys to participate in adventurous pursults b8yond the Iradltlonal school sports oplions. During the School tlm&tablo, boys participated in rowing, salllng, kayaking, canoeing, stand-up paddlebtsarding, archery, rifle shootlng, and mountain blklng. During the school holid8ys, week-long school lrips included a surflng trip to Fuertevenlura, a skl trip to Jasper, Canada, and s canoo camplng expedition on the River Wye. Outr8ach actlvllE88 by Ihe Head of Outdoor Educatlon included Stand-up Paddlaboardlng (SUP} $8ssions for puplls at the Royal Masonlc School for Gids, 11th Hlgh WyGombe Cubs, 1 sl Amarsham Common Scouts, and Hertfordshire Volunteer Polic6 Cadets. 14th12nd Bushoy and Oxhey Sea Scouts run SUP 88ssions on the lake from MTS Watersports Centre and rnade full use of the SChcl, equipment. The BSDRA Thames Va118y Championshlp used the school'8 Firefly dinghios at Datchèt. The Duke of Edlnburgh Award programme saw over 80 parUcipants compl8tlng thalr Bronze level, and 12 embarking on their Silv8r Award. All completed tlio Expadilion section under Iradlllonal conditions: Bronze participants wallced and catTiped in th6 Chilterns for two clays- Silver participants trained in lh8 Kent Downs and went on thelr quallfying venture In the Ngw Forest for three days. MTS DofE participants contrfbuted 1,924 hours volunteeiing in the community wlth a Social Value of £10,157. The Combined Cad8t Force ICCFI continued to d611v8r core Iralnlng on Frldays with 8tud8nts from St Helen's Girls School joining MTS cadets. Amy Gadets attended Range days at Bisley. Fieldcraft weekends and 8 wegk-long summer Central Camp at Longmoor Camp. RAF Cadets took part in the Royal Alr Squadron Trophy and our unit hosted th@ West Essex Cup CompetitEon Involving 50 Gadets across the Dlstrlct. 16 RAF cadets also flew Grob Tutor fixad-wlng aircraft on Alr Experlence Days at RAF Benson. 16 cadets from across the thr60 slngle-seryice sectlons completed static-line parachutB jumps at Nelheravon. On Armistice Day, the CCF Contlngent took part in the Ypres Armistice Parade, In Belgium, r&prgsentlng UK Cadet For¢es, and went on a First World War Battlefiglds Tour. Teams of cadets from the CCF raised over £l.000 for Combat Stress, the veterans, mental he<h charity, through a March in March. On ANZAC Day. a squad from the Contingent was invited to ft)rm a Guard of Honour 8t Sl Paul's Cathadral for the Galllpoli Association, and then paraded at th8 Cenotaph, representlng UK Cadet Forces. The Contingenl Command8r conducted leadorshlp and tsamwork training for HMS WILDFI RE using the School lake and grounds. 4.3.8 Alumni Relations umni support embraces dll former pupils IOMTs}, providing opportunltles for sport, social galherlngs, networklng, mentoring and business affinity groups. The programme has drawn former pupils back to the School, and supported th8 car&er davelopment of both OMTS and current pupils. A broad rang8 of events aims to cat6r to the interests of all alumni. Events are held at School, at various locatlons around tha UK and overseas. A communications programme, including an annual magazine and termly e- newslelters, runs alongside our eventg programme to ke&p our Gommunity up to date on all the activities the school offers. 4.3.9 Fundralslng The School seek5 philanthropic fundlng from a varlaty of constituencies including.. alumni- parents of school puplls,. parents of alumnl,, frfends of the School,. corporal8s', and charitabla trusts and foundations. Our approach to each Gonstituency is considor6d and personal. Wo acl in accordance wlth the Code of Fundralslng Practice set out by thé Fundraising Regulator and are committed to meeting high fundraising standards. Tha trustees tak& thelr responsibilities under th8 Charities (Protsction and Soclal Inv&8tment) Act 2016 sertously and have Gonsid8red the implications Ihareof on their fundralsing advltles. The School raises monay for bursarias. provlding free and reduced f89 places for applicants whosè families are unable to afford the full fee. We also se8k to raise money for capital projects, which benefit the School and wider community, with a particular focus in 2023-24 on ralsing funds for an Indoor Cricket Centre, which was compl818d and opened In January 2024, The School ¢onfirm5 no complaints W8r8 received in relation to its fundraising activities during the financial year. The school maintains robust governance and compliance procedures to ensur8 all fundraiooing actlviti65 ar@ coiiducted accordance with applicab114 regulations, stdndards. arid ethical praGlices Pagellof
Mei'cliant T#)'loi's' Stht)O (A conkpllny liinit'ed by guatolll'ee 41Jd IiDt Ikllviiig h sihoi'e eAyltal) Goveiiiors, i'epoi't (liicoi'poi?Ilng tlke Sts'i2tegic i-eport) Foi. tlie endod 31 Ali ust 2024 4.3.10 Infrastructure Inv8Stm8nt In MTP infrastructure included the fourth phase of classroom rafurblshment: reconfiguring a Science Lab and adjoining Science Preparation Room. Informatlon technology Investments Included insta118tion of n8w 65-inch touch scre8ns for EYFS and in the new Science room., upgrading interactive whlteboards to touchscreens,. full upgrade to Windows 11. The East Barn roof was ren8W@d, Astro turf resurfaced and repalrs conducted alongslde GycliG internal and external decoration. At the Senlor School, cyclic classroom r6furbishm8nl contlnuod wlth 4 maths classrooms. Offices were refurbished and flat roofs rgsurfaoed. Swimmlng pool changing was upgraded and work commenced to refurbish the boys changlng rooms, which wlll create a new fitness room by April 2025. Crittal windows wore replaced wlth double glazed unlts and solar panels were fitted lo the Sports Hall and Ground8 Shed roofs, An air source heat pump replaced a Calor gas system and a shelter was installod at thè archery range. The Lecture Theatre was refurbished, increasing seatlng capaclty to 180, and the Special Educational Ne8ds Dapartment was moved Into new facilitles. Th& 5 lane Jullan Hill Cricket Centre was opened in January 2024 and a 3rd Astro pitch was installed to meet growing demand for hockey from both the School and the local community. Publlc beneflt and outreach Public benefit has been integral to the School's gthos sinc8 the Merchant Taylors, Company founded the School in 1561. During their strategic planning, Governors considered the Charity Commission's general guidance on public benetit In dacldlng whiGh activltles Ihe School should undertake. In the year und8r review, we conllnu8d to make a full contribution to the academic community across UK soci8ty, its schools and unlversitles. As part of this contribution, numerous t8aching and 8UPPOrt staff Served as govemors of local schools and oth&r5 SUPPOrt the community as Scout Laadars, Parlsh Councillors and other local charitable endeavours. At MTP, over £4,700 was raised by the school community for a range of local and international charitif48. Pupils supported th8 Royal Brltlsh Legion Poppy Appeal and wore bow tl8s I'Bowvemb8r') duririg November In ald ofthe Movember Mgn's H@alth Foundation. Daffodils w6r6 bought to support Marie Curie, and donations were mad8 to wear red socks and tsll jokes for Comlc Rellef. 'Muftl days, supported "The World Wildllf6 Fund. insplred by the plight of the snow leopard, and Save the Children, inspired by the confllct In the Middle East. Collectlons of food at Hatvest time supported the Walford Food Bank, 'socks and ¢hoc5' al Christmas supported the Haven Homel&ss Centre. and books durlng Naticinal Book Week supported Ihe London Childr8n's Book Prol@ct. Puplls pariiclpatsd in the Moor Park Fun Run in aid of the Mount Vernon Cancar Cèntre and staff vlslted Uganda durlng their summer holiday lo pmvide 8XPOrtlsa and support for the Jlnla Educational Trust, As part ofMTP outreach, Minlmasks frorn the Tr8stte Theatre Company wer@ donatad to Mapla Cross School following a shared workshop. Scignco aquipment was donated to the Reach Free School. Additionally, four MTP staff are gov8mors of local prlmary schools, contributing operational and educational 8xpertise whllst créating important links for collaboration. The Jinja Educational Trust (JET) creates schools and teacher team8 capable of transformlng the education and welfare of young p80ple in Uganda so they acquire the necessary ski15s for a successful 8nd fulfilling future. MTP t6a¢hing and support staff have support@d JET over the past10 y&ars. Thls summar. iwo Pre-Prep staff visiled ljganda to teach phonics, the buildlng blocks of reading. Pcs and laptops were doneted along with cabling for solar panels. The MTS IT Team donatad PCS to Parkfields School in Toddington. Chartridg8 School in Chasham. Colnbrook SGhool in South Oxhey, Bushey Heath Primary School, Cèdar Part( School in Hazlemero, Radletl Lodge Autistic School, Rosary Priory Convent in Bushey. AV support was provided to a family funeral at Sacred Heart Church in Bushoy. The MTS Charity Drfve raised ftjnds for Mind UK and Phab this y8ar, réfteeting the school's commltmant to rnental health awareness and communlty support. The yearfeaiured a variety of events, including a football tournament for younger students. staff v siudent matches. and a well-received film night screening. Soasonal Initiatives included the Christmas foodbank collection, which gather8d ovgr 300 kilograms of donations, and a sports kit collection for Kit Aid. The flagship event, Sleepout for New Hope, saw 30 studer)ts pai-licipate iii an overnighL &xp&rienca on campus, raising ovei- £1,200 fcir homele.ssness support. Non-uniform days. Krispy Kreme sales and refreshment stands duiing Sports Day and other schocil events raised funds and awareness of the chosen charities. PAge 12 of 44
Meroliant Toyloi's, Scliool (A otmpRiiy limtted by gitAfAILtee iiot liaviiig *1 sliiire eapltal) Goviiriior5 repDrt (Incoi'porAtiiig tlie Str<egic report) FOL- tILE ear elided 3A Ali ust 2024 In collaboration with Ph2b, the teani supported key events including 24 Hours of Music and First Night Llghts, strengthening ties with the school's longstanding charity. Togeth@r, those Inltlativ&s highlighted Ihe students, dedication, creativity, and passion for Mang a meaningful irnpaGt both wllhln the school and Ihe wider community, PHAB is a long-standlng Inltiative that promotes Inclusion and friend8hip b8hveen young peoplo of all abilities. It brings together studeiits from differ8nt Schools and guosts with disabilities for a week of shared experionces, fun activities, and communlty bulldlng. The pro5ect fosters understanding, respect, and lifelong connections through Ils unlque blend of creativity, teamworl<, and compassion. Phab 2023-2024 was a year of vibrant fundraislng and heartFelt celebration, culmlnating In a memorab16 Phab Week held on the School site during tha Eastar holidays. The Phab team's craallvè 6vants included a quid(y netball match agalnst st Helen's, a Ilvely Frlday Ni9ht Lighls rugby game, and a gru&lling 12-hour marathon walk from Rlckmansworth to Covent Garden. Seasonal fundraisers like the MTS Carol setvice and festtva activities at Wa1trose, along with springtime football matches and Ihè Wingo wine-lasung event, brought the community together. A Phab Fa$tlV81 tslent show wlth RMS students marked a triumphant end to their efft)rts. A bi-weekly Phab Club provide5 PHAB guests wlth a range of aclivities. illcluding arts and crafts, table tannls, art end music. Phab Weak was packed with loy and connection. Highlights included bowling, tréasure hunts, a drama workshop, vislts from firemen, swimming, campfires. hor88back riding, and an anlmal costuma disco. Guests sang with Electric Umbr611a, roasted marshmallows, and bonded over bingo and exotic anlmal 6ncounter8. The w88k end8d with a hoartFelt breakfast and prlzeolving ceremony. With over 52 years of traditlon at Marchant Taylors., Phab reflects the School's enduring spirit of Inclusion and camaraderi@. Communlty a¢Gess to facilities Gov8mor8 malntained support to the local communlty, providing weekly access to over 2,500 memb8r8 of thè publlc from more than 66 sportTng and social organisations of all aggs. Support to local primary Schools conllnued, Including St Mary's School in Rickmansworth, who enjoy&d woekly swtmmlng sesslons delivered by MTS PE staff followed by lunch in the School dinlng hall. Activate Sports, Klngs Camps, FunTech, V8mDn School ofcrlcket, Maximum Performances, The Hlve, and Future Star Education (Young Engln8Ér$l provided hollday activltles for local children, utilising School sports pitches, the swimming pool, grounds and classrooms. Warren Dell and Oxhey Wood Stat8 Primary Schools usèd tha athletics track for thelr annual sport5 day. Children and adults from tha loGal communlty were able to swim with Aquarius Swim Club- A8h18y La Grange Swim AGademy', Bushey Swim Club., Champions Swim School,. Flippers Swim School; Hilllngdon Swlm Club, Sea Monkeys Swim School., and Prasad Aqua Style. Sports facllities were used by Excel Sports., Northwood FC., Cricket Tikes; David Goodchlld CriGk8t', Vemon School of Crlcket,. OMTCC., OMT Colts Crfckel Club., OMT Hockey Club,. London Hockey. Friends Badminton,. Actlve Tralnlng World,, Your Advantage T&nnis Acaderny and Maximum Performanc8S. 120 South Oxhey Sea ScotAts used the MTS Lake and wat8r sports equipment, alongslde olher scouting activities within Iho school grounds. Thè Rickmansworth Fire Department made use of the lake for tralnlng days with their fire crews. Hillingdon Outdoor Activity Centre (HOAC} based thèir summar kayak courses 81 Ihe MTS Watersports Centre, whilst Rickmansworth & Watford Saa Scouts usod the Swirnmlng pool for kayak training. Chiltern Harriors Athletlcs Llub, Watford Joggers and Jel Stream Triathlon Club Irained on tha athlétics track, Reddiford School used the School's sports facilities for PE lessons and aftemoon games, whlch included athletics, cricket. and rounders. St. John's School contlnued Ihair use of the MTS swimming pool for th61r swlm lessons. London Hockey conts'nued lo use the Astro-turf pitch8s during practice sesslons and competlttve matches agalnst other counti88 and are now making good us8 oftha new hockey astro pitch, a welcome addition. The Strong partnership with Mlddlesex County Crlcket Club developed further during a full summer of ¢ricket, which inGluded Youth crlckel, the Men's 1 st & 2nd Xl teams playing fixtures. The School hosted a 50 Over One Day Cup fixtur& and a 4-day County Championship fixlure. Mlddles&x CCC, Middlesex Academy and The Sunris&$, made full use of tha Julian Hill Ciicke.I Centre throughout the wlnter, The local MOD Northwood Base used the athletics track for Individual fitness tests and training sesslowis. HMS Wildfire held a families @vpnt in th8 F.xam Hall and the Flertfordshire Fire and Resciie teams used the MTS lake for their rogular water rescue trainlng. PagL 13 of 44
Merchatit Tiiylors, SLliool (A compllny lÉziiited by giEliI-aJltce alld iiot liavliig & sliare eapltall Goyet'iiois, report CTncoiyoi'sLtiiig tbe Str&tegic i'epoi'tl For tlie egr elided 31 AIL ust 2024 The School hosted the start and finish of the Moor Park 10k and Fun Run, which r8ised funds for the local Mount Vemon Cancer Centre. Carpender's Park Angling Club continue to enjoy full accass to the School's18kes and River Coln8, providing important recreatlonal activity to the looal community. Local Stato Prfmary Schools Warren Dell and Oxhey Wood Primary were hosted for Harry Potter themed activity days, making wands and hats (Art and DT}, making potions (science exp8riment81 and quidditch IPE lessons). Thls included coach transport and lunch. The D&T departm6nt host&d a sari8s of STEM aftemoons for Sarratt Church of England School; Bu6hey Heath Primary School., and Easlbury Park Farm. Local Primary Schools including Eastbury Farm and St Mary's School, attended a Science Challanga day involving a rotatlon of acfvitias across the three sclences. They also attended a joint musical with members of thelr communilles. An annual Medics Convention includes attendanc8 from local state schools and local primary schools were included in the annual maths ¢hallénga. Bushcraft sessions were provldéd to Maple Cross JMI School, St Peterf$ C of E Primary School and Bushey Haalh Primary School, maklng good u88 of the School grounds. Th18 Included raft building and laadarshlp sasslons. The Economlcs Department hosted 8 conference for over100 students from local schools including St Helens, Rickrnan8WOrth School, Joan ofArc, Northwood, Cl8ment Danes and Watford Boys. Students from Clement Danes School received Oxbridge intsrviaw practlca. alongside students from St Anne's School in Enfield. IT equlpmant was provided lo Bushey Heath Primary School, who rec8lV8d a numbBr of Pcs and Apple Macs. The School has supported the local community by providing 8CC8SS to 8 wid8 range of 8POrts facilities sinGe moving to the site in 1933. This remains an important part ofthe School's rolo as a community hub and Governors will make every efFort to maintaln thls contribution despite the polltlcal and economic pre8sur8 8pplied by the Introduction of VAT on school fees and the removal of mandatory charitable réllef on buslnass rates, Flnancial review During the y8ar under rovl&w, thé School's incomlng resources were £31.6m (2023., £29.4m) and lotal diarttabla 6xp&ndlture was £28.7m (2023. £26.4m}, generating a surplus before inveslment gains of £2.Gm {2023.' £2.7m}. The prinGipal source of income was school fo68, which accDunt8d for £29.3m (93 %), (2023,. £26.9m (910/0}}. £0.7m {2023'. £1.Oml was raised through the Dav8lopment Office for bursaries and School d8v8lopment, wlth £0.4m total cost of raising ftjnds (2023: £0.3m), Durtng the yaar, tha School's expenditure on scholarships and bursaries was £2.5m (2023.. £2.3ml. Capital expendlture of £5.2m (2023- £4m) and revenu8 8xp8ndilur& of£O.6m (2023.. £0.7m) wera invested in the School infrastructur8. At MTS, this included the Jullan Hill Indoor Cricket Centre, classroom and ch8nging room r6furblshm(4nt, roof works and replacement of bollers and Ilghting, alongside cyclic raplacament of IT equlpment. At MTP, Glassroom8, kitchen and bathroom facilities were rafurbished, alongslde upgrades to boilers and electrics. Reserves policy The reseNe5 pollcy Is monitored by the Flnance Committee and review8d annually to 8n8ure th8t the School has access to sufficienl liquid assets lo me&t its non-discretionary flnancial obligations during periods of Grisis. Future development plans wlll ba fun¢ed by a combination of cash flow, fundraising and borrowing. Total reserves as at 31 August 2024 were £50.Om (2023: £46.7m}, ofwhich £1.1m r81atas to Restricted funds {2023', £1,2rn1 and £2.5m to the Endowment Fund (2023.. £2.Om>. Unrestricled raserves totslled £46.4m (2023: £43.5ml, of which £9.3m (2023,. £8.gm} was designated for specific purposes, a8 OLttlined in Note 15 to the accounts. The School aims to maintain adoquala fr88, unr88tricted reserves to respond to unfor8saan èvents and to meet up to three months, non-discretionary expenditura (approxlmately £6m)- On 31 August 2024, free unreBtriGled reserves were £6.4m12023'. £7.4m}. These ar@ defined as unrestricted funds and axpendable endowment that is available at the dlscrefion of Governors, less fixed assets, adding back any outstanding loans, but Includes investhients available for conversion Into Cash, Risk Management Governors have @8lablishod an effective sk management frainework, whlch hes been updated throughout the ygar in response to polltical, economic, social, technological, legal and environmental developments. PagE 14 tif 44
Iwlercballt Tll}JloYs' Seliool
(A coinpAiy limited by £iiAI'aiitÈe. Rtid Ewt IIRviiig 4 $linre eapltall
Goyei'rtors, I'eyort liiicoi'poi'atlng the Stntegie repoi-tl
Foi. tlip
e¥r ondÈd 31 All
st 2024
Th8 Risk Managemont Commlttee, drawn from across th8 School, lias reviewed emerging rlslable risks to the
School's operations. As th8 Governor rasponsibla for Risk Management. Alan Eastwood attended
r8gular meetings of both tha Risk Management Commtttee and the Health and Safety Committee and
ensured that the Govarning Body was updated when required. This responsibility was handed over to
Simon Eggs in July 2024.. The Risk Register is scrulinised by the School's Financ6 Commlllea annually,
baforo the key strategic risks are reviewed by Governors.
The key ri8ks and vuln&rabilili88 idenlfiad during thls period were: Political risk, Flnancial risk, Fire,
Cyb6r-secur(ty, and Safeguardlng. Govemor8 have applied a rangg of measLire8 to manage and
mitigate these risks.
Governors id?ntified the emerging risk of VAT on school fees, ensuring that fees are adjusted to
mitigate the financial Impact on parant$ and that the necessary professional exportise was applied lo
ansura VAT compllanco. They also antlclpated the removal of charitable relief on business rat8s from
Aprll 2025 and responded lo the increase in Employ&rs' National Insurance Gonts1butions. In rasponse to
economlc pressure, Govemors sGrutÈnised èxpenditure and raducad opérating costs where posslble lo
control fee increases. This work wlll contlnua to limit the financial impact on fee paying parents.
Flro tlsk assessments were updated at both the Senior and Prep Schools In Augusl 2024 and
Governors will ensu that all action points ar8 addr8ssed.
The IT Team worked closely with extamal specialists to manage the School's information systems and
addr88s the growing Cyber-security Rlsk. AGtive Ihreal detection systems rernain in place and cyber-
s8curlty measures are contlnually updated in line with b8St industy practic8.
The School continues to impl8ment tho Safer Rae.rullng Action Plan to ensure that all appointments
comply with K8(4ping Childran Safe in F.ducatlon and meet the ISI regulatory requirements. Th@ Single
Canlral Reglst6r and associated personnel files were scrutinised every tarm by the Saf8guarding
Governor lo ensure compliance,
Remuneration policy
Thg Remunaration Commlttee, chaired by the Chainnan ofGovernor8, m88t8 8nnually to review the
remuneration ofteaching staff, support staff and the School Lead&rshlp Taam. Th6 Rèmuneration
Commillee considers all extem818nvironmental factors, which influence recrultlng and retention. These
nclud8 r@farence ta ind&pondanl benchmarktng SUNeys, including Haysmacintyre and Bain88-Cutler.
Th& r6comm6ndations of the Remuneration Commiltee are pres6nted to th8 main Governing Body for
endorsement, before belng implemented from S8Ptember. Support staff salarles arg allgnad using a
framework developed from an ext8mal job &valuatlon process, which Is updated annually to reflect
changes to individual roles. Any changes to leglslatlon are implementsd without delay, including annual
Increases to th& Natlonal Minimum Wage,
4.9 Investment pollLy
Tha MTS Invastment Commltt¢a8, chaired by Rlchard N?wall (James Twining with effect from 22
November 2023), oversees the perform8nce of the School's Investm&nt portfollo. In Ilaison with
Rathbones, the School's investm@nt managers, thè balance of rlsk and retlim reflected in the asset
allocation adopted is r&v1awed in the light of &xtemal events and adjusted, as necessary. This continues
to b& a volatil8 period for the markets, bul the Inveslrnent Committee has worked with Rathbonas lo
protect the long tem capltal value of the School's endowment fvnds from inflation and markot volatllity,
whilst bulldlng designated and e.ndowment funds to supportfutur8 bursary awards and other
commitments.
4.10 Future plans
Mérchant Taylors, School aims to be the independent day school of choice for boys aged 3-18 in thg
North West London aréa, providlng an excellent all-round 8duc8tion. W8 wish to en8ble pupils to Ilva
fulfllled Ilves that contributo to society. To m66t tsur vision, we will:
treat the wellbeing and 8afeguarding Df our Staff and puplls as ths forémost consideration.,
employ and r&ldin the begt staff available for the job.
maintain the hlfjhest academic st<gndards, whilst supportlng a holistic &ducation',
select pupils who will derive 5ifeloiig benefit froni tlie all-round eclucation offered.,
PagL 15 rjf 44
Merc11t Taylors, Sclkool (A coinpAJiy Ilmlted by guar&iite¢ SLILd not lJAvlllg a Sliare eapltRII Goveirykors, repoi't (iiicorpoi'lltiEig Ébe Sti'ategie reyoi't) 40r tILe oar ended 31 Au ust 2024 ensure that an approprfata number of scholarships and bursaries are targeted lo provlde outstanding educational opportunitlos for nDlably gifted boys and boys from disadvantaged backgrounds. sustaln a divarse and supportlve envlronment that allows staff and puplls to thrive without regard to bacl<ground, falth, gender, special educational needs, di8abiliti88 or s8xual orientation,. maintain and develop our bulldings, grounds and facllllles to the highest standards and to shape plans that maat 8merging educational needs., be mlndful of our historic Gharilable foundation and promota wld8r public b8nefit In our activities; remain a competitive fee-paying school in the independent sector; and ensure that manag6m8nt of the School's finances is effiGient and that expenditure lakes account of affordability, recotinlsing that parents make significant financial sacrifices to educate th6ir boys at the School. 4.11 Sectlon 172 Statèment As an Independent School in Northwood. Merchant Taylors. School d8p8nds on th8 Iru8t and confidence of its stakeholders to operate SLAStainably in the long term. Governors place tho wollb61ng, safeguarding and educalional n8ed8 of the boys and staff for6mogt as w811 as providing support in the local CDmmunity. The Governors of Merchant Taylors, School have acted in accord8nc8 With th8ir duti88 codifi8d in law, which inolude their duty to acl in Ihe way in which they consider, in good faith, would b8 most Ilkely to promote Ihe success of the School for the bengfit of puplls and staff, having regard to the stakeholders and matt8r8 Set out in sgciton 172{1 l of the Companies Act 2006. Seclion 172 conslderatlons are embedded in the School's strategic dgcision making process18d by Govemors and throughout the operational planning proce8s led by the Executivg. Issugs, factors and stak8hold8rs, which th8 Govemors havG consldared whén discharging their duty under sectlon 17211 } ara recorded in Governors, méeting papers and referred to throughout this Annual Report. These Include Gonsideralions relating to Inter alia- remuneration. pension provision., fee discounts and bursaries., capltal expenditure management and possibl8 future changes to fi8C81 policy. Our vision, purpos&, valu6s and alms ara set out in section 3.2 and are further Illustrated In this Strat6gic raport, which Gan be found al sectlon 4.1- 4,8. The key risks facing the School and Ihe framework of thelr management and mitigation are outlined in section 4.7 of th8 Strategic report. Our environmental, social and govamanc8 practlGes are doscrlbod in saction 4.4 (Public b8nafit and outréach) and th& 8Xt8nt of bursary support for pupils whose families are unable to pay the school fees are prlmarily set out at section 4.5 {Financial review). For the third y8ar, Merchant Taylors, School is reporting key energy and carbon usage information and this can be found below In section 4.12 {Environmental perfomiance). Page 16of44
i'cliaiLt T'aylor$' Scliool (A compan} litnited by giiai'.Illtee Rnd Elot IIAviiig n sbni'e cpitlI Goveriioi's, report (5uwrpoi'attDg Ilie Sts'&tEeie rei)orl) Foi. tli elli. elided 31 Au list 2U?4 4.12 Envlronm&ntal Pbrformance MTS SECR Reportlng Period.. Septemb8r 2023- September 2024 2024 2023 Emlssicns calculatlon tcoe Emi$8ion6 calculatlon tcoe Energy Source Consumption Scope Gas- lolal kwh {kllowatt-hours) from gas bills 3,244,026 kwh (gross CV (calorific value Scope 1 593 460 Tran$port- Mlnl-bus 26,300 miles Scope 1 10.58 8.25 Diesel {1000/0 mlneral diesel) 11.500 litres Scopa 1 30.81 23.67 Propane- Total Litres Eleclrlclty- total kwh electricity bi118 for the school 1,318 Iltras Scope 1 2.03 3.70 1,401,266 kwh Scop& 2 290 249 Business travel (average Gar) 3598 milos Scope 3 0.98 0.18 Business travel land Ilaxi} 47.5 km Scope 3 0,01 0.29 Busin8SS travel land (rail) 5.502 km Scope 3 0,20 0.03 Buslness travel (alr short haul} 1,895 km Scope 3 0.36 0.13 Business travel (alr dornestlc) 2,096 km Scopg 3 0.57 Hotel Stay 10.4 kg C02e Scope 3 0.02 Water Supply 29,114 m3 Scopa 3 4.67 Water Tr88lm8nt 214,330 m3 Scope 3 4.47 Wasts Disposal - Metal 1.5 lonnes Scope 3 18.59 31.9 Waste Disposal - WEEE Mixed 0.45 tonnes Scope 3 9,57 Waste dlspo8al - Batterle8 0.02 tonnes Scope 3 0.06 0.42 Waste Disposal - P8per and board.. mixed 2.98 tonnes Scope 3 29 Waste Disposal - Gla& Waste Disposal - Refusel Commefcial and industrial wasta 5.39 tonnas Scope 3 28 115 35.75 tonneo Scope 3 387 761 Waste Disposal - Paper D tonnes Scope 3 72 Total 1,472 1,742 Emlssions data ItC02e} per pupil &FTE 1.2t C02e per pupil & FTE 1.4t C02e par pupll & FTE Intens ratlo P&tre 17 ul'44
Lei'eliaiit T&yl&L'$' Scbool (A conipAlly IlJKlted by giiiiraiitee iEd not linving a 51iare cRpitall Governora, i'epoL't OntorporfLtiJ]g the Strategle repoi*l 4or tlie eAr elided 31 Ali tLSt 2024 MTP SECR Reporting Perlod: Sept6mb8r 2023- September 2024 2024 2023 Emlsslons alculatlon tcoe Emlssiong calculation tcoe Energy Source Consumptlon Scope Gas- lotal kwh {kilowatt-hours} from gas 421,057 kwh (gross CV calorific valu6 Scope 1 77 68 Transport- Mini-bus Electricity- total kwh usad for the year, taken from tha electrtclty bill$ for the schoo5 Wat?r Su Water Treatment Waste Disposal - Réfuselcommarcial and industrial wasta Vvaste Dis osal - Pa er and board: mixed Waste Dis osal Metal Wa8t8 Dis osal anic food Business travel avera ecar Business trav81 7,515 miles Scope 1 3.02 2.80 218,114kWh Scope 2 45 46 2487m3 1,984 m3 Sco Sco 0.47 0.36 0.41 0,30 10.01 tonnes Scope 3 Sco So Sco Sco Sco 64.55 411 3.68 tonn8S 1.3 tonnes 11.76 290 mi18S 209 km 23 117 1.28 75.38 0.08 0.008 Total 289 847 Emisslons data {tC02e} compared with an appropriate business activity (pupil numbers as er Autumn cansus 0.7gt C02e per pupil & FTE Int8nsity ratio 1.42t C02e per pupil & FTE Quantification and Reporting Methodology Thls methDdDlogy follows the 2019 HM Government EnvironmeE)lal Reporiing Guid81ines. W8 hav8 also used SECR Reporting Protocol and the 2024 Government Emi88ion Conv&rsiDn Factors for Company Reporting (condensed set). We have adopted the r8commendod Intanslly mèasurement for tho sector, which is total gross emissions in metric tonnos C028 par staff and pupll. Scope 1 refers to direct busines8 greenhousa gas amissions generated including fram fumaces or heatlng aqulpmenl., Scope 2 Gover8 indirect emissions from electricity, which a flrm needs, but which com? from sources outside the control of the School including power stations. and Scop8 3 covers emissions (not Glassed as Scope 21 thafi are a consequence of our actlons but are not under the control of the School. Measures Taken to Improve Energy Efficlency The School Introduced an environmental campaign Iusing Less @ MTSI to reduce carbon emissions through staff and studsnt engag8ment. Aging boller plant has been replaced and Air SDufG8 Heat Pumps have been installed where appropriata. Stand-alone bollers have been removed to maxlrnlse the efficiency of the district heating plant. Building Management Syst8ms have been introduced to improva control over 8lectn'¢, gas and water consumption. We continuè to Invasl in LED lighting and have invested heavlly In Solar Panels across both sites. A prcigram to install nsw double glazed and better fitting crittal windows to halp reducè &missions and we are looliing to also redu our water consumption lo irrlgate 8POrts areas. MTS remains committed to reducing its carbon footpiinl and enhancing suslainability. Energy-saving easures are monitored, with pn8rgy consumptlon car8fully recorded and analysed. Govemors oversee th6 energy lendering proc8s8, ensuring aligniment wllh the School's suslainabilily objectives. Page 18 0144
lej'clillnt Txyloi's, Scliool (A eoiiipany 11nled by glltti'Allte¢ Riid Iifri Ii&viiig * ¥li*i'e Pltal) Govtriioi's, r¢port (IneorporTrtlryg tlie Sts'itegtc Lepoi't) Foi- tlie e#i' ended.11 Au ust 2U24 Over the pasl year, significant progress has b8gn mad&, Including the installation of photovoltaic cells at tho Pi-ep and Senior Schools, which has contributed to substantial energy productlon. Energy systems have bean optimisad by the Installation ofvariable Speed drives on water pumps, heat recovery systems in the swimmlng pool plaiit room, and enhancements lo Ihe building managem8nt 8y8t8m controls. Voltage optimisation and the use of a tx)ol cover have furth&r improved 6n&rgy 6fflc16ncy. Tha School has prlorltlsèd staff engagement through an 8n8rgy m8nagement program, encouraging good practlce Ilke th8 ovérnight shutdown of electronlc devices and appliancgs, Thesg initiatives, along wlth 5UStained efforts to optimise building operations, have made a meaningful impact on the School's overall energy consumption. Over the n8Xt thr8e years, the School plans further sust8inabillty impn)vements, Includlng the Installallon of high-performance double-glazed wlndows and conversion to LED lighting. Base el@clrical loads will be minimlsed as bulldlng seNice control strategies are refined, fostoring graater energy awaren6ss rOUgh largeled training and initialives. Th8 Sustalnablllty Committee remains pivotal, revIerng and implernenling environmental practice across the sile. This reflects Ihe School's cornrnitment lo responsible energy managemenl and environmentsl stewardship, ensuring meaningful prograss toward a more sustainable fLrture. Pagc 19 olm
I lercliaiii Tai'lors, Scljool (.4 comp2n%' liniired bi tru4raHlee aiid Etot haling a sh2re c2pii#II Goi'erttoi's. report {tEk¢orporating the Strategic report) For tlie Near ended 31 Au ust 2024 4.14 Statement of Trustees. responsibilities The School's Govemors are Directors of the Charitsble Company and Tnjstees of the Charity. They are responsible for preparing the Annual report and the Financial Statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Company law requires Directors to prepare ffinancial statements, which provide a true and fair view of the affairs of the Company and the profit or loss for that year. In preparing those ffinancial Statements, the Directors are required lo: S81ect suitable accounting policies and apply them consistently: observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on a going concem basis. The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy, the financial position of the Company and which enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and for taking steps for the prevention and detectson of fraud and other irregularities. In the case of all persons who are directors at the time when this report is approved, the following applies: so far as the Director is aware, there is no relevant audit infomation of which the Company's auditors are unaware- and bl he I she has taken all the steps that he I she ought lo have taken as a director in order to make himself I herself aware of any relevant audit infomation and to establish that the Company's auditors are aware of that information. 4.15 Dlsability statement The School continues lo give full and fair consideration to disabled persons applying for employment. having full regard lo their particular aptitudes and abilities. Full and fair consideration will be given to the continuing employment and appropriate training of persons who become disabled. The School provides equal opportunities to all staff on the basis of objective criteria and personal merit. 4.16 Auditors Saffery LLP, have indicated their wtllingness to conlinue in office. By order of the Board Cdre (Retd} A M Cree, CBE Chairman Date 14 NarLA 2025 20 0144
mel-clii Ilt TylDI's Scliool (A compaiiy liJKited by giiAr&iitee niid iiot liTrvtng # sliai'e cllpl1) liidepenilellt AuditDI's' report For th e&r eRd d 31 AIL U5t 2024 We have audited the financlal statements of Mercliant Taylor8, School for the year ended 31 August 2U24 which comprlse Statement of financial activities, balance sheet, statement of cash flows and notes to the financial stat&ments, including significant accounting policies. The financial reporting framework that has beén applied in thelr preparation is appllcable law and Uiiited Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard appIlbla In thè UK and Rttpubllc of Ireland Iunlted Klngdom Genarally Accepted Accounttng Practlc81, In our opinion th@ financial 8tatsm8nts'. give a true and fair view of tha charilabl& company'8 slate of affairs a8 at 31 August 2024 and of ils Incomlng resources and application of resour$, InGluding its inctsm8 and &xpendlture, for the year then ended., have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Praelic8', and hav& been prgpar6d in accordanc6 with tha Companles Act 2006. Basi8 for opinion We conducted our audit in accordanco wlth International Standards on Auditing IUKI {ISA8 IUKII and applicable law. Our re$ponslbillties under those standards are further described in the Audltor's responslbllitles for the audll of the financial statements sectton of our report. We are Independenl of th6 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial slatem8rits in the UK, induding the FRC'S Ethic81 Standard, and w8 have fulfilled our oth8r ethlcal responsibllides In accordance with th888 réqulrements. We ballave that tho audit gvldonco we have obtalned is sufficient and appropdate to provide a bas1s for our opinlon. Conclusions relatlng to going concern In audittng the financial statements, we have concluded Éhat the Injstees, use of the going concern basis of accounting In the preparatlon of the financial slatements is approptlate. BasBd on Ihe work we have performed, wa have not identified any material uncertainlies relating lo 8vents or conditions that, Indlvldually or co118Ctivaly, may cast signlflcant doubt on the charitsble companws ability lo continue as a golng conrn for a period of at least twelve months from whèn the financial statements are authorised for issue. Our respon8ibilitie8 and th8 responsibillties of the trusteos with respect to going Gonc8rn ar8 d8scribed In the relévant sactlons of this report. other Information The Iruste&s ara responslble for the other information. The other information comprlses tho informatlon included In the annual repnrt, other than the financial statements and our audltorfs report thereon. Our opinion on the finarscial statemenls does nat cover the other information and, except to the extent otherwise explicitly stated in our report, w& do not oxprass any form of assurance conclu8ion th&reon. Our responsiblltty Is to read the other information and, in doing so, consider whether the other information is materially inconsistent wil'h the financial statements or our knowledge obtained in the Goursa of the audit or otherwise appaars to be matotlally mlsstatèd. If w@ identify such material inconsistencies or apparent materfal mlsstat6m8nts, w& arè requlrod to detemiine whether this gives rise Lo a material misstatement in the flnanclal statements themselves. If. based on the work we have P8rfonMed, we Conclude that there is a material misstaLement of this oth@r information we are requir@d to r8port Ihat fact. We have nothing to report In thls regard. Page21 of44
Mer¢haot Tayloi'8' S¢liool (A tompAiiy Ilmited by giiaraiilee aThd iiot havlng fl slirtre capital} liidepeiideitt ludltors report {ContÈiiitIl Foi. tlie eui. euded 31 ALI I5t 2024 Opinlons on other matters prescribed by the Companle8 Act 2006 In our opinion, based on the work underiaken in the course of thg audit: the informallon givgn In the Tru5tees' Annual Report which includes tho Directors, Raport and the Straleglc Report for the financial ygar for which tho financial statements are prepared is conslslent with the financial statements., and the Trustees, Annual Raport which Includes the Directors, Report and the Strategic Report has b@en prepared In accordance with applicable legal requir@ments. Mattérs on whlch we are requlred to report by exceptlon In the Ilghl of the knowledge and understanding of tha charitable company and Ils envlronment obtained in the Gourse of the audit, w& have not id6ntlfiad material mlsstatements in tho Trust8es' Annual Report and Strategic R&port. W8 have nothing to report In respect of the following matters whera the Companies AGt 2006 requlres us to report lo you if, in our opinion,. adequate accounting records have not been kept, or returns adequat8 for our audit have not been received from branches not visited by us., or the financlal statements are not in agreement with tha accounttng reGords and returns,. or certain disclosures of trustees, remuneratlon speGified by law are not made- or we have not received all the information and explanations we require for our audit. R8sponslblllll88 of trustees As explained more fully in lh8 Tru81g8s' Responslbilities Statement set out on page 20 the trustees (who are also directors of the charitabl& company for the purposes of company lawl are responsible for the pr8P8ration of the financlal statements and for being satisfied that Ihey give a tru8 and fair view, and for such intemal control as the trustees determine is necessary to 8n8b18 the preparatlon of financial statements that are free from material misslalgment, whether dua to fraud or 8rror. In preparing the financial stat8ments, thé trustees are responsible for assessing the charitable company's ability to continua as a golng concern, disclosing, as applicabl8, matter8 r8lat8d to going concarn and uslng the going concem basis of accounting unle8S the trustees eithor In18nd to liquidate the charltable company or to cease operations, or havg no rèalistlc altemative to do so. Auditorfs r88PDnsibilltle8 for the audlt of the flnancial ststements We have been appointed as auditors under th8 Companies Acl 2008 and raport in acGordance wlth regulations made under that Act. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whol8 are free from materlal misstatemenl, whether due to fraud or error, and to issue an audilDfs report that includes our opinion. Reasonable assurance is a hlgh level of assurance bul is not a guarantee that an audit conducted in accordance th ISAS (LJK} will always detect a material misstatement when it exists, Mi88tstement8 can arfs6 from fraud or error and are consider8d materÈal if. individually or in Ihe aggregate, they could reasonably be expected lo influence the &conomic decisions of ijsers taken on the bas18 of these financial statements. Irregularities, including fr8ud. are Instances of non•complianGe with laws and regulations. W8 design procedures in line wlth our responslbilities. oudined abov&, to d6t6Ct material misstatements in respect of irregularities, includlng fraud. The specific procedures for this Ongagément and the extent to whlch these are Gapable of detecting irrègularities, Including fraud are detailed below. Puge 22 of44
merel( Tttyltri¥' Seliool (A eonipairy liiiiited by gtsii-aiilLe aiid iiot Iiawiiig A sl)ii-e cRgitg1} Iiidepelldertt audlloi'5' l'epoj't ILOlItiJLiieiti roi. the oir ottded 31 Ali 1st 2024 Audltor's responsibilities for the audlt of the financial 8tat6ments (continued) Idenlifying and a58e8sing rtsks related lo irregularitlos: W9 8ss8ssed the susceptlbility Df thg chaiitable company's financlal statements to malerial misstaternent and how fraLid mlght occur, including through discusslons with the trustees, dlscusslons wlthln our audit team plannlng meeting, updating our record of Internal contro18 and ensuring these conlrols oper8ted as intended. We evaluat6d possible InGentlves and opportunlll68 for fraudulent manipulation of the financial statements. We identified laws and regulations that are of signific8nc6 in the contaxl of thg charftsble Gompany by discusslons with trusl8es and updatlng our understanding of Ihg sector In which the charitable company operates. Laws and regulations of dlrecl slgnificance In the context of the charitabl8 company include Tlio Companies Act 2006, and guidance issued by the Charfty Commisslon for England and Wales. Furthér, the charitable company Is subject lo other laws and ragulallons where the con86quenGes of non-compliance could have a material effect on amounts or disclosures in th8 financlal $181emenl8, through significant fine. Iltigallon or restrictions on thè charitable company's operations. We identifigd the most significant laws and regulations to bè the Independent School Standards as found in the Educallon and Skills Act 2008 and guldance issued by th& Department for Educatlon. Audit re5pon8e to rfsks Idéntified- IIV8 con8id9red the extent of compliance these laws and r8gulation5 as part of our audlt proc&dures on tha ralaled flnancial statement Items Including a revi8w of flnancial stalemenl disclosures. We reviewed the charitable company's records of brgaches of laws and regulations, minutas of meetings and Gorrespondence wlth relevant aulhorities to idantify potential material misstatements arislng. We discus88d the charitable company'8 pollc16s and procedures ft)r compllanGe wllh laws and regulations with membars of m2nagem8nt responsible for compliance. Durlng the planning m&eling wth the audit team, th& ongagement parln8r drew att&ntlDn to the key areas which might involve non-compliance with laws and regulations or fraud. We enqulred of management whether they wgre aware of any Instances of non-compliance with laws and r@gulatlons or knowledge of any actual, suspected or alleged fraud. We addressed th8 risk of fraud through management overrld8 of controls by testing the appropr1ateness of journal enlrlas and Identifying any significant transactions that were unusual or outside th8 nonnal course of business. W8 ass88S8d whether judgements made in maklng accounting estimates gave rise lo a possible indication of manag6menl blas. At the complation stage of the audit, tha &ngagement partnerfs review InGluded ensuring that the team had approached their work with appropriate professional scepticlsm and thus the capacity to identify non-compliance with laws and rogulations and fraud, There are Inherent Ilmitallons in the audit procedures d6SCTtbed above and the further r8moved non- compliance wlth laws and r&gulalions Is from the ev8nts and transactions reflect8d in th& financial statements, the less likely we would become awaro of it. Also, the risk of not del8cting a malerial misst8t8ment dua to fraud is higher than the risk of not detecting one resulting from error, as fraud may involva deliberate concealrnent by, for example, forgery or intentional mlsrepresentalions, or through collusion. A further descrlption of our responsibillties is avallable on Ihe Financlal Reportlng Councll's websita at.. htt .'IIwNvV.ffC.oroulvd',Idilorsré nsibililies Th18 description fomis part of our auditor's report PÉige 23 0144
merc1111'f8ylol.s, Scliool (A coinpally Umlted by guaiwijtee 4Eid liaviiig n sliAre L'ftpitfil) IDdependeul auditors, i'epoi't {coiitiThiied) For tlie Yf R2. endcd 31 A Llst 2024 Use of our report This rgporl is made solely lo the charitable company's memb8r8, as a body, In accordance with Chapter 3 of Part 16 ofth8 Comp8ni8s Act 2006. Our audit work has been undertaken so that wg might state to the charitabla company's members thos8 maller8 we are required to Stale to them in an auditor's réport and for no oth&r purpose. To th8 fullèst axtent p&rmitted by law, we do not accept or assumo responslbility to 8nyon6 other than the chatltsble company and the charitabl8 Company's members as 8 body, for our audit work, for this report, or for the oplnlons wg havg formad. Cara Turtington (Seni Statutory Auditor) for and on behalf of Saffsry LLP 71 Qu8en Victorta Str66t London EC4V 4BE ststutory Auditors 26 Saffgry LLP Is ellgible to act as an auditor in terms of sectlon 1212 of the Companies Act 2006 Page 24 014
Mei'¢lil1 nt TaylDI'sI S'LhoDI (Il e4)mPAtL} linii(ed by giillrttiilee aud Iiot lijlvtiig n sh&i'e cfipltall Stntemeiit of fiuaiiciAI ftetiyities (lllcorpoi'nlliig the iiiconie Jill exyciidlLiii'e account) Foi. tILe ear u$t2 Note5 Unr8Strlcted Dgslynated R88trlcted P8rManènl Endowment 2024 2023 Income from,. Charltable actlvltles School Fees 29,273,767 29,273,767 26,g23,971 RegislratlonlAdmlsslons Fe6S 126,333 126,333 123, 702 Other charitahle acllvltlès Other ancillary income- InstJran¢e Other ancillary income- Rents Recelved Other 1,216 1,216 753 268,016 268,016 256.512 127,810 127,810 142,897 Olh¢r Iradlng activltlés Donation from MTSEL 139,805 139,805 156,588 Profil on sale of assets 122 122 9,361 Investments 542,566 103,998 76.324 722.888 511, 181 Donatlons & legacies Donallons 61.649 250,830 312,479 2TT,425 Development Campaign Incomg 121,858 275,804 265,452 83,114 1,034.747 Total Income.. 30,663,142 103,998 602,958 265,452 31,633,550 29.436,937 Expendituro on: Ralslng funds Alumnl Relations and Developm8nl Investment management 299,147 59,007 358,154 265,474 22,142 22,142 18,941 Financing costs 22.792 22,792 19,227 321,939 22,142 59,007 403,088 303, 642 Charitable Activltlgs School and grant maklng Loss on sale ol Assets 28,060,163 189.885 429.848 28.679,89 26,380,453 37,150 Total expendllur 28,882,102 212.027 488,855 29,082,984 26,721,245 Net incomel{exp8ndlluro1 b¢fora investment uains 2,281,040 1108.0291 114,103 265,452 2,552,568 2, 715,692 Page 25 of 44
fvlerelisiil Tnyloi's, SLhool IA cOn]P1 ny limltod by gu%Li'alltee aiid not shar¢ eapltall Stateineiit of tlnmiicknl A¢tlvhties (eolltiIiuedl Foi. the ear elided 31 Au 1st 202 Not88 Unrestrlcted Deslgnat6d R6strlct8d Permanent Endowment 215.522 2024 2023 Nat gainl{106sl on Investments 521,285 736,807 (26f,091) Not Incomè 2,281,040 413,258 114,103 480,974 3,289,373 2,464,601 Transfers 190,859 8.999 1197,8581 Net movement In funds 2,471,89g 420,255 (83,7551 480,974 3,289,373 2,464,601 Fund balanc88 at 31 August 2023 34,623,210 8,920,912 1,184,557 1,973,197 46,701,876 44,237,275 Fund balances at 31 August 2024 14 37,095,109 9,341,167 1,100,802 2,454,171 49,991,249 46,7Ql,876 Summary Income and Expenditure Account 2024 2023 Total Income 31,370,098 29,184,437 Tolal Expendlture Unreallsedlr8alls6d gains and (lossos} 29,082,984 521,285 26,721,245 {176,616J Nèt Income forth8 year All amounts relate to Gontlnulng operations. 2,808,399 2,288,576 Thg notes on pages 29-44 fom part of th8$e financlal statGments. PagE 26 oE44
(..1 fottip?i ki limited bi. giirantee not hAIllg a share capital) For tlje lear ended 31 Au ust 2024 Notes 2024 Fixed assèts 2023 Tangible Fixed Assets Investments 39,193.814 35, 856,666 8.023,607 6.864,667 Curront assets Stocks 54,194 48.597 Debtors 10 642.892 555,357 Cash 14,705,425 9,680,920 15.402,511 10,284,874 Current liabilities Credltors: due wlthin one year (8,475,817) (5,552,437)) Net current assets 6,926,694 4, 732,437 Total assets less current liabilitles 54,144.115 47,453.770 Creditors: due after more than one year 12 (4.152,866} (T51, 894) Total net assets 49.991,249 46, 701,876 Unrestrlcted funds 15 46,436.276 43,544,122 1, 184,557 Restricted funds 16 1,100.802 Endowment 17 2.454,171 1,973,197 Total funds 14 49,991,249 46, 701,876 The financial statements were approved by the Govemors on (q 2oiS and w8re signed on their behalf by Cdre {Retd) A M Cree CBE Director R H E Newall Director Company Registration No. 3411540 The notes on pages 29-44 form part of these financial statements. Paue 27 of44
lei'clixiit Tnylors, Schotsl (A comp21 11? Ilmited by guai'oiJtèÉ fjiid iioÈ lifiviiig.I slitrcb capltal) Cnslk Ilow stnteineIit Foi- tlie '¢AJ' ellded 31 All Ust 2024 Not8S 2024 2023 Net cash flows from operatlng actlvltles 18 9.g33,335 4,263,833 Cash flows fi'om Investlng activlties Investmant income 722,888 15,233,210) 1,685,569 511, 181 Purchase of FA (3,559, 750) 1, 13f,893 {1, 718, 925) 9,361 Proceeds from sal8 of Inveslmgnts Purchase of investments (2.135,4021 122 Proceeds from sal Net cash In Investlng actlvlties 14,980,033) (3,626,240) Cash flows from financlng aGtlvitles Movement in flnal deposits 23.500 23,500 Net cash used in flnanctng activities 23.500 23,500 Change in cash and cash 8quivalents in the reporting perfod 4,996,802 661,093 Cash and aquivalents blf 9,730,004 9,068,911 Cash and equivalents clf at 31 AugL¢St 19 14,726,806 g, 730,004 The notes on pages 29-44 form part of Ihese financlal statemenls. Page 28 0544
MeYLh#yl Tw191's' SLliool (A coinprtiJ& liInktod by gulli'rtiilee Allil llot likviiig & slJAI'e cllpitlll) Note5 to the fillaiielal 5t&l¢mellts FOL. tlie eur eitded 31 Ali 15St 2024 Accountlng pollcles Basis of accountlng Tha accounts have been preparod under tha Companles Act 2008 and In accordanca wlth the Charll16S Statement of Recornmended Practice ISORPI and Flnancial Reporting Standard 102 IFRS1021. The accounts are drawn up on Iha hlstorlcal cost basis of accounting, as modified by the revaluation of properties and other investments. The financlal stat&ments ar6 prepared In stèrling, which is the functional currency of the Charity. Monetary amounts In these financlal slat&m&nts are roundèd to the naarast £. The Charity is a public benefit onlity, Havlng revi8wed the funding faciliti98 availabl6 to the School, tho Increaslng dgmand for places and the School's projected Cash flows, Governors have concluded that the School has adequate resources to continue lo operate for the foreseeable future, Awordingly, they Gontinue to adopt the going concern basis in preparing the financial statements, as outlined in the Statemenl of Trustees, Responsibilities on page 18. The financial Informatlon Is pr8sent8d for MerGh8nt Taylors, School as 8n individual undertaking and not for the group. The Trustees have taken advantage of the SORP and Companies Act 2006 IS.405(2}} exemption not to prepare group financial $18temenls as they consider the effects of changes would not b@ material to the financial statements of Merchant Taylors. School. The following ac¢ounting policies have been applled conslstenlly In deallng wllh items whlch are considered material In relallon to the School's financial statements. 1.2 Tanglble flxed assets The School entered into a lease from the Merchant Taylors, Company for a 128 year lemi effeciive from 16 March 2011. Under the torms of this lease, the School is responsible for keeping the properties in a fit and useful condition and these costs are expens8d when incurred. Subsequent additions and material Improvements by the School ar& capitalised on compl&tlon and are dgpreclatod as sol out In note 1.3 below. Tangible fixed assets valuad at £7.Om assoclated with MTP were acqulred on 15 October 2015. Expenditure on the acquisition, construction or enhanment of land and buildings togeiher with vehicles, fumiture, machin8ry, ICT infrastructure and othgr equipment ar8 carried in Ihe balance sheet at historical cost. Depreclatlon Depreciation is provid8d lo write off the cost of all relevant langible fixed assels18ss estimated residual valu8 basad on currant markat prices. In 8qual annual instalments over thair expèct8d useful economic livas as follows: Bulldlng and leasehold improvements 700/D charged over 50 years, 30 % charged over 20 years- the latter to reflect components that have a shorter life le.g. flat roofs, eleGIIiGal wiring etc.) Furniture and equipment over 10 Yea or 20 years Machinery and rnolor vehicles over4 years Computer hardware ovar4 yaars Dgpreciation is not charged on asseis under construction or fraohold land. Individual ttems costing less than £500 are written off as an expense, as acquired. 1.4 Current assats Stocks consist of textbooks, tablets and other school consumables whlch have been purchased In advance of the new academic year. Stock is carr(ed 81 the lower of cost and net realisable value. 1.5 fees and slmllar Income Fees receivable and charges for %ervices and use of the premises, less any allowances, scholarships, bursaries granl?d by the Merchant Taylors, Company agalnst those foes. but includlng contributions recoived from restricted funds, are aGGoiinted for in the period in which the service is provided. Pagt 29 of44
Mei'clinnt Taylors, S¢liool IA coinpaiiy liAiiÈtd by ¥1181'1Llltee Iiot linvliig Vé iliai'e c&pltAI) Notes LD the lliillnclRI stllteineiits IcontiiiuÈdl rior Éhe e&r elided 31 Ali LE5t 2024 Accounting pollcles (contlnuedl 1.6 Donatlons, legaclesi grants and other voluntary incomg Voluntary Incomlng resources are accounted for as and when entitlement arises, th6 amount can b8 reliably quantified and the economic benefit to the School is considered probabl8. Voluntary Income for the School's general purposes is 8ccounted for as unrestriGled and Is credlted to the General Reserve, Where the donor or an appeal has imposed Irust law restrlctlons, voluntary incorne is credited to the relevant restricted fund and incoming andowmgnls aro account8d for as permanent trust capital or expendable trust capital, according to whether the donor Intends retention is lo be permanent or not. Investments and Investment income Investment income from dividends. bank balances and fix8d intérèst s8curitles is accounted for on an accruals basis. Llsled investments ar& valued at mid-markot valu8 38 at the balance sheet date. Unrealised gains and1088es arising on th8 r8valuation of Invastments are credited or charged to the Ststement of Financial Activities and ar& allocated to the appropriate Fund according to the "ownership" of the undedying ass8ts. Expendlture Expendlture Is accounted for on an accruals basis. Exp8nditure is allocated to expense headlngs, 8lthar on a direct cost basis, or apporiioned according to managamant estimates of lime spent or space occupled, as approptiat8. Irrecov8rable VAT Is Includad wÉthin the item of expense to which it relate6, Governance costs, includod within Support costs of schoollng, comprise external audit costs and costs incurr&d in rèlallon to constitutional and statutory requirements. Penslons The School's teachlng staff are members ofthe T8ach8r8' Pen8ion Scheme (England and Walasl (TPSI operated by Teachers, Pensions on b8half r)f tho Dapartm8nt for Education and Skllls, Thls Is an unfunded multi-employer sch8me governed by Tha TèaGhers' Penslon Regulats'ons 2010 las amended) and the Taachers, P8nsion Schama Regulations 2014 las amended), Individual schools are nol able lo identify Ih8ir share of th6 undarlylng assets and liabilities of the Scheme. As required by FRS 102, the School accounts for this scheme as if it were a defined contribution sch8me. From Septembar 2021 an optlonal defined contributlon pension scheme IAPTIS) was also made availabl& to the teaching staff. The group personal p8nsion plan (APTISI for eligible support staff contlnued to operate during the year under revlew and is detailod In nota 20. The assoclated pension contributions costs are charged to the Statem8nt of Financial activltiés as incurred. 1.10 Rental Income Rentsl income Is accounted for on a receivabl6 basls. 1.11 fund accounting Funds hBld by the Company are: Unrestricted General Rgs6Ne'. These 8rg funds which can be used in aGcordance with the charitable obl6cis al the discration of the Govemors, O&slgnated Funds.. These funds, 81thDugh unrestrlcted, are used for speGific purposes, Refer to note 15 for further details. Restrtcted Funds,. (i) Penmanent Endowed Funds.. The use of these fijnds has bean réstricted by the orlginal donor and only the Income arlslng Is available to spend. (li) Exp&ndabla Endowed Funds.. These funds are acGounted for similarly, except that all capital can be convertad Into Incom8 for spending, either al the Governors, discr8tion, or upon the occurrence of an event contemplated by the donor, S&e note 17 for furthor details of endowed funds. Pagc 30 of 44
Mei'cliAiit Taylor3, Scliool (A cowpauy ilnilted by EUdifAlltee iiot IiTrvtiig 8 5hnre CFtpitI Notes to tlie finniicknl stat¢moiits (eoiitiniIed) F rtlie r elided 31 Ali U5t2 Accounting pollc168 (continued) 1.12 Operatlng leases Rentals payable are charged on a time basis over the loa88 term. 1,13 Taxation The School is a registered charlly and its income Is not Ilable to taxation, as It Is applied to wholly charilablo purposes. 1.14 Debtors Trade and other debtors are recognised al Ihe settlement amount due after any discount off&red. Prepayments are valued al the amount, net of any trade discounts due. 1.15 Cash at bank and In hand Ca$h at bank and in hand Indudes cash and short lerm highly liquld investments wllh a maturity of three months or less from th6 date of acqui8itlon or opening of th6 dep0811 or similar account, 1.16 Cr8dltors Credllors are recognised where the Charity has a present obllgalion resulting from a past event that will probably result in tha transfer of fund8 to a third party and the amount du8 to settlg the obligatlon Can bo measured or Gsllmated reliably. Crodltors are normally recognlsed at thgir settlernenl amount, 8ft6r allowing for any trad6 discounts due. 1.17 Flnancial Instruments Th8 Charlty only has financial 8ssels and financi81 liabilities of a kind that qualify as basic financial Instruments. Basic flnanttial Instruments aro Initially recognised at transaction valug and subsequently moasurod al their settlement value, with tho axception of bank loans which are subsequenlly measured at amortised cosl using the effective int8rest method. 1.18 Critlcal accountlng judg8ment and estimates The preparation of Iti6 financlal statemenls requires th8 Gc)v&rnors to make 88timales and assumptions concgrning tho future. These could materially affect tha carrylng amount8 of assets and liabiliti88 withln the next financlal year and includ8 accruals, depreciation and revenuf) racognltion. The accounting in these areas of the accounts requir88 management10 8xerclse judgement. Accruals are esllmates as costs that 1[ be Incurred basèd on contractual requlrements For depreciatton, estimates aro driven by the useful economlc1rf8 of the associated assets. For revenue recognltton, managernont applies Judgements In detomining the point at whloh revenuo should be recogni8erJ as Incomo. Page31 ot44
lei'clian¢ Tknylor5' Sclioo (A eovnpany tlmlÉed by guRrArttee Aiid Aot Iiovtiig R sli&J'e tai)it&l) NDte$ to tlkt tliiniici21 statemellts (contlllttedl For tlie eare ust 2024 School f8e8 2024 2023 The School's fe8 income comprlsed.. Gross Fees Less: Total Bursarles. Grants and Allowances 31,355,418 2 511,499 28,843,919 28, 757,194 2,265 128 28, 492,066 Add back- Scholarships, Grants and Allowances pald for by Rastricted Funds hald by.. MT Co Charities Fund-, MTET Endowment Fund. and Developmont Fundralsing 429 848 431,905 29,273 767 26 923 971 Other Income 2024 2023 other aducational charltable activltles Registration Fees Admlssion Fees 107,466 18,867 126 333 101,102 22,600 123,702 Other anclllary activities Insurance Rents Recelvable Deposits Forfeited, Fees In Llou, Mu8ic Income and Other Mlsc Income MTSEL donation Profit on sale of ass&t 1,216 268,016 753 256,512 127,810 139,805 122 536 969 742,697 156,588 9,381 565,911 Investment Income Bank Inlere5t Investment Income Interest on Late Fees 533,876 180,322 8,690 722.888 329,073 749,111 32,997 511181 Donatlons MT Company Donation OMT Gifted Asset MTET Endowm8nt Fund 10,080 61,649 240,750 312,479 52,425 225,000 277,425 Development Campaign Income 663,113 1,034,747 975,592 1312,172 PagE 32 ot 44
lerclidltit TAylors' Scliool IA eotnpaiiy Ilmlted by giiardintÈÈ not IVilig a slitti-e eAyÉlal) Notos to tlie liiiaEiclol stotenieiits Iconliniie(fJ ear nded 31 AIL I15t 2024 Expenditure 2024 2023 Support costs of 8choollng included: Auditors, renum@ration for audit seNices Auditors. renumotstion for other servic8S 36,734 31,864 Total staff costs comprlsed.. Wages and salaries Social security costs Pension contributions Termination cosls 36.734 31,864 15.047,543 1,542,604 3,203,463 13,835,880 1,46D,239 2,718,762 20,796 18,035,677 19.827,572 Employees Th@ av8rage number of employaas in the yearwas 397 (2023., 3741 ofwhich 159 (2023., 151) were teachlng staff. The number of highar paid amployees was.. 2024 2023 £60,001-£70,000 £70,001-£80.000 £80,001-£90,000 £90,001-£100,000 £100,001-£110,000 £110.001-£120,000 £120,001-£130,000 £130,001-£140,000 £220,001-£230,000 42 29 44 20 Sixty nine12023-sixly 8ight} of the above 8mploy@ès had retirement b8n@ffits accrulng in a 08fin8d B8n&fit Schem& (TBachers' Penslons Superannuatlon Scheme- employer contributions paid at the ralo of 28.68 /0 of salary) and slx (2023-fourl employees had benefits accruing In the Group Personal Pension Plan (wlth employer ¢ontrlbutiDn paid at 15 /. {2023'.150/0l of salary. The key man8gemGnt personnel of th8 School comprise the Headmaster, the Bursar and the Senlor Leader8hip Team. Their combined contractual benefits totalled £1,868,719 (2023- £1,699,497}. Governors, remuneratlon No Governor, nor parsons connected with thèm, received any remun8ration In the year 8nded 31 August 2024 (2023.'NII) and Govemors are nol included in the number of persons employed givon above. Page 33 of 44
l¥lei-chant Tayloi's, School (A cotnyRxi}, limitod by guar&iitee not hNviiig a slinre cRpital} Note5 to tlie fiiianclRI stateiiiellts (eoiit'iiiued) For eni. elided 31 st 2024 Analysls of total expenditure staff Costs other Costs Dopreclation Total 2024 Ralslng funds Financlng costs I bank Interest Investm8nt management Development offic8 lunrestrlcled) 22,792 22,142 59,723 104,657 22,792 22,142 299,147 344,081 239,424 239,424 Charitable actlvltle8 T&aching Welfare Prami8es Support Costs of schooling 15,165,516 922,521 1,325,201 2,174 910 2,112,206 732,704 3,580,318 341,222 17,277,722 1,655,225 5,905,510 3 221706 999,993 705,574 School's operating costs 19,588,148 6,766,448 1,705,567 28,060,163 Bursarie5 pald for by Rt*Stricted Funds Dev8lopment Campalgn Restricted OMT Sports facilities 429,848 59,007 429,848 59,007 189,885 189,885 488,855 189,885 678,740 Total Expenditure 19,827 572 7 359,960 1,895,452 29,082,984 Analysls of total expendlture- pr8vIous year Staff C08ts Other Costs Depreclatlon Total 2023 Ralslng funds Financing (x)sts I bank interest Investment management Development office (unr88trictedl 19,227 18,941 50,693 88,861 19,227 18,941 263,474 301,642 212,781 212,781 Charitable actlvltlas Taaching Welfare Premises Support Costs of schooling 13,859,917 868,343 1,194,432 1,900,204 2,019,780 642.132 3,555,534 204 167 15,879,897 1,510.475 5,659,412 2 746,229 909,446 641,858 School's operatlng costs 17,822,898 6,421,613 1,551.304 25,795,813 Bursaries paid for by Restricted Funds Dévolopmant Carnpaign Restiicted OMT Sports faollit16S 431,905 2,000 431,905 2,000 189,885 189,885 433,905 189.885 623,790 Total Expéndlture 18,035,677 6,944 379 1,741189 2e 721,245 Page 34 of44
i¥lercli&2Ilt Taylor59 Seliool IA compony liniited by giinrsLKtee gtid iiot Iiavlng fj ilillre C41)Itl Notes to tlie fillli iicial sttLtemeiits (tolitirIed) t 2024 Tanglble flxed assets Land and bulldlngs Assets uiider onstructlon Fumlture and equlpment Total 2024 Costs or revaluatlons 1 September 2023 Addltions Transfers Disposal 31 August 2024 45,615,255 2,791,198 2,994,665 2,994,685 1,334.845 (2.994,8851 10,410,017 1,107,167 59,019,937 5,223,210 732 11,516,452 732 64 252,415 51401118 1,334,845 Depreclatlot) 1 Soptembar 2023 Charge for current year Disposal 31 August 2024 18,024,494 1,189,878 7,138,777 705.574 122 7,844,229 23,163,271 1,895,452 122 25 058,601 17,214,372 Net book value 31 August 2024 34,186,746 1,334,845 3,672,223 39,193,814 31 August 2023 29 59D 761 2,994,665 3,271.240 35,856,666 Of the total net book valu8 of land and buildlngs Included above, £8.208,108 is freehold (£2,900,000 land) and £25,978,638 is leasehold. Investments 2024 2023 Investment In subsidiary Quoted Investments Fees In advance Investments 100 8,023,507 100 6,864,567 8,023,607 6,864 667 The Investment In subsidiary relates to Ihe trading company, Merchant Taylors, SGhool Enterprises Llmlted, The acllvitie8 of this subsidiary include the Tuck Shop 8nd the letttng of School facilitips. The results for the year are as follows: 2024 2023 Gross profit Gross expendituré Net suryilus before donating to MTS 488,479 348,674 139,805 404,"110 248 122 156,588 At Ihe balance sheet data, the aggregate share capit81 and res8e8 of the subsldiary undertaking wgre £1 00 {2023,'£1001. Investrnents at 31 August 2024 were: Quotod Investments Fixed Interest Fixed Incom& UK Equities Ov8rseas D8veloped Overseas Developing Mark8t8 Global Investm@nts Diversifi6r8 Cash 731,192 616,630 1,569,088 1,951,501 365,714 2,047.178 720,823 21,381 8,023,507 Page A5 of 44
Mei'clthiit T#ylors' Scliool (A conipaiiy ILEi?Ited by giiarantee And iiot liiviiig a sIt-g cllplf) NTrte5 to tlie lillkiiclal ytateiiietits (coKtlniied) For tlie eai. elided 31 Au IlSt 2024 Investments Note: Investm6nt8 Opening Marf(et Value Additions at cost Disposals Unrealls&d Galns 6,815,484 2,135,404 11,685,569) 736,807 8,002,126 21,381 8 023 507 Cash Market Value carried forward Inv8Stmants In tha School's portfolio are managed primarily by Rathbones. Transfer between funds 2024 2023 Housing Fund - Designated Transfers to unrestricted Bursary Fund- Deslgnated Bursary Fund- Fiestricled Capital Fund - Restrict8d Endowed Funds Nel transfer tol(froml Funds 6,999 190,859 6,999 1,6687.309 {197,8561 (1,694,308) Bursary funds (which ar& found In notes 15. 16 and 171 are Invested where Ihe income 15 reinvested each year, rath8r than belng dlstributed. The income Is recognised in the statement of financial activities in thB restrict8d or d8signalad bursary fund (as appropriatel, as avallable to fund bursaries. Consequently, transf8rs 8bove have made been funds to recognlse the reallocation of investments, and any g8in8 and lossas thereon. The transfer of funds thls year has been in rel8llon to a SP8cific fundraising appeal and th8 capital work Is compl8t8d and the restriction has been fulfllled. Refer to Notes 15, 16 and 17 for further analysis. stocks 2024 2023 Consumablas (Including textbooks} Goods for resale 20,141 34,053 15,269 33,328 48,597 10. Debtors 2024 2023 Trade l Fee Dabtors Amounts owed from Related Undertakings {see Note 23) Prepayments and accrued income Othgr debtors 106,090 149,227 265,914 12.1661 642,892 66,613 159,762 164,593 164,389 555 357 11. Credltors.. due wlthln one year 2024 2023 Flnal tgrm doposits Trado craditors Accruals Exam deposits and Autumn term pra-paymants Othar dafarr6d incom6 F8as In Advance Schema other credltors 76,800 446,466 1,403,353 2,427,870 97,100 864,285 811,352 2,430,722 1,150 202,942 1,144,886 5.552,437 2,847,554 1,273,774 8,475 817 Pagt 36 of 44
Merchant T8ylui's' School {A eonipuiiy Ilmlted by giiiTrfillltee an(1 itut lillviiig a s1]l-e capit4I1) Note5 tts tli¢ titiaiiclol gtateitieiits leontl]iited} Fot. L.lie ellr ended 31 Ali l15t 2024 12. Credltor8 due after more than on6 y6ar 2024 2023 Fina5 temi dep08its within 1 to 2 years Within 2 to 5 y&atE After 5 years 69,600 252,000 265 OOQ 586,600 76,400 246,000 219.600 542,000 Fees In Advance Wlthin 1 to 2 y82r8 Within 2 to 5 yeatE Aftor 5 years 2,669.441 848,461 48,364 3 566 266 123,121 86,773 209,894 13. Fees In Advance Schame Parents may enter into a contract lo pay th8 S8nior School in advan for fixed oontributions towards th8 llion fegs for up to 7 years. Th& money may be relumed subjgct to SP8clflc condltlons on tha r8caipt of notlce. Assumlng puplls rémain in the School, feas In advance will bè applled as disdosed in Notes 11 and 12, above. The balance represents the accrued liability under tho contracts. The capital movemonls during the y6ar werè.. Balance al 31 August 2023 412,737 New contracts Discounts 6,230.648 6.646.765 Amounts utili88d in payment of fess 232 947 Balance as at 31 August 2024 6,413,818 14. Analys18 of not assets Flxed assets and Investments Current assets Currant Long t8m liabilty Total Unrestricted and design8ted funds Rostricted funds Pennanent endowmant funds Expendable endowment funds 44,764,750 14,300,209 1,100,802 1,500 18,475,817) 14,152,866) 46,436,276 1,100,802 1,925,962 528,209 1,924,462 528,209 Total 47,217 421 15402 511 8 475 817 4,152 866 49 991,249 l)age 37 of 44
Mer£birtt T&ylor8' School (A COmPLgiiy liillsted by guLraiitee lid iiot lirtviiig 4 sliai-e eapltllll Notes to tlie titt#nelal $tateJn¢ttt5 {coiitltiuedl For tlie oarended31A 5t 20?4 Analysls of net ass8ts- prevlous year Fixed a886ts and Investments Current assets Current liabilities Long lemi liability Total Unrestricted and designated funds R8striGtfjd funds Permanent endowment fund Expondabla endowmant fund 40,748,136 9,100,317 1,184,557 15,552,437) 1751,8941 43,544,122 1,184,557 1,497,844 475 353 1,407,844 475,353 Total 42 721,333 10,284 874 5 552 437 751894 48,701,876 15, Analysis of unr6strlcted funds Balance 2023 IncomèlGalns Expendlture Transfers Balance 2024 Undesignaled Goneral Ras8tves 34 623,210 3Q 663,142 28 382 102 190 859 37,095,109 Designated Houslng Fund Pension Fund Bursary Fund OMT Asset Fund Durrants Fund Fe68 In Advanc8 Schgm8 82,453 121,580 608,108 4,144.981 3,963,790 6,999 89,452 121,580 677,244 3,95fJ 096 4,497,795 69,136 1189,885) {22,142) 556,147 8 920,912 625,283 212,027 6,999 9 341167 Total 43 544 122 31,288,425 28,594,129 197,858 46,436 276 Refer to Note 8 for further inft)rmatlon regarding transfers. Analysi8 of unrestricted funds- previous year Balance 2022 IncomelGains Expenditu Transfers Balance 2023 Undesignated GeneTrl Resee5 30,940,149 28,088,239 126,071,183) 1,687,309 34,624,514 Deslgnated Housing Fund Pension Fund Bursary Fund OMT Ass8t Fund Durranl8 Fund Fees In Advance 75,454 121,580 639,314 4,334,866 4,029,828 9,031 9,210,073 6,999 82,453 121,580 608,108 4,144,981 3,953,455 9,031 8,919 608 131.208) (189,885) (162,3511 85,978 85,978 383,442 6,999 Total 40 150 222 28,154 217 26,454,625 1,694,308 43 544 122 Page 38 or
Mei-eb&iit Taylor5, Scliool (A compaY timiÉed by guiir9111ee nol liaylng a sliai'e ¢ai)ItÉill Notes to tIEo fiiilliiciAI stgtoinertts (coiitlEiued) ioi. tlie 31 ust 2024 Housing Fund The14ou8ing Fund was set up to grant inlor8St-free loans to m6mb6rs of staff in School accommodation lo asslgt in th8 purchase of their own property. Th6 valu6 of th8 fund Is equal to the balance of loans currently oulstandlng. Penslon Fund Historically the designated Pension Fund had b@en set up to fund thg School's share of the deficit in the Merchant Taylors, Company Pension Schama. During 2013 the Trustees completed a buy-out with Aviva Plc. and the School entared Into an agreement wlth the principal employer to indemnify the members against any Ioss not covered by the Penslon Protection Fund, should Aviva not hava sufflcient assets to m8et pgnsion payments. Thls Fund is being maintalned with a view to meeting any continggnt Ilabillty whlch may arlsa. The Gov6mors believe the likellhood of Such a liabllily ari$ing to be rlllnimal. The total contlngent liabllity attrlbutable to the School cannot be quantlflad with any certainty at this time. Bursary Fund The Bursary Fund was created to asslst wlth Ihe provislon of general bur¥artes to pupils attending the School. Tha Fund was cr8atod uslng a proportion of the funds received from the sale ofthe OMT sports facility at Durrants as noted below. OMT Asset Fund In 2011, tha Old Mèrchant Taylors, Soclely IOMT) relocated its War Memorial Sports Ground to Sandy Lodgé. where new facllltles were built on the School grounds. The charge in the accounts of £189,885 roprgsenls the depreciation charge on these n8w facilities and reconcllos th6 fund balance lo the Gurrent net book value of the OMT Sports facilty. Durrants Fund Due to the size and significance of the funds received from the sale ofThe War Memorial Sports Ground at Durrants (excluding the amount whlch was r8Geived to bulld the OMT faGilityl, Ihe Trustees agreed to create a designated fvnd for the putpose of malntalning the OMT sports facililies. Included within the Durrants Fund, 18 a revaluatlon reseNe totalling £722,928 in r&lalion to fix@d assgt investment8. Fe8s In Advance Scheme Thls amount represents the net assets relating to the Fees In Advance 8ch8me. Page 39 of 44
Mei'£liant TAylor$' Sclioo (A compAiiy liniitod by euai'antee Kol hrtving 51Liryl'e capitRI) Notes to tILe liiiaiiellll $ta(ements {coiitlnu¢d) eni. elid1 31 A ust 2024 16. Analy81s of restrlcted funds Balance 2023 Incoming Resource5 Resourcos Expended Transfer6 Balanca 2024 General Donations 178,762 178 762 327,154 327,154 305,837 305.837 200,079 200 079 Development Fund Bursary Sports, arts and Bchool campus Capital proj8Cts 861,145 37,895 106,755 1005,795 179.684 5,017 91.103 275,804 {179,0181 (4,0001 861,811 38,912 197,858 197,858 183 018 900,723 Totsl 1,184,$57 602 958 488 855 197 858 1100,B02 Refer to Note 8 for further informatlon regarding transfers. Analysls of r88trlct6d funds . previous year Balan 2022 Incomlng R8sources Resources Expended Transf6rs Balanca 2023 Genaral Donations 115,629 115,629 340,558 340,558 277 425 277,425 178,762 q78762 Dovelopment Fund Bursary Sports, arts and school campus Capital projects 881,079 35,023 1,250,819 2,166921 134,546 4,872 550,244 689,662 (154,480) {2,0001 861,145 37,895 106,755 1,005,795 1,694,308 1,694,308 156 480 Total 2,282,550 1,030,220 433 905 1694 308 1,184,557 17. Analysls of endowed funds BalanGe 2023 IncomelGains Exp6nditure Transfors Balancé 2024 D8V8lopment Fund Permanent Endowment Expendabl8 Endowmanl 1,497.844 475 353 428,118 52,856 1,925,962 528,209 Total 1,973,197 480 974 2,454,171 R8fer to Note 8 for fvrther information regarding transf&rs. Analysls of 6ndow8d funds - previous year Balance 2022 IncomelGaln$ Expendlture Transfèrs Balance 2023 Dev8lopmant Fund Permanent Endowment Expendable Endowment 1,307.005 497,498 252,500 {81,661) 1,497,844 475 353 Total 1804,503 252,500 83,806 1973,197 The Permanent Endowment wa8 Initiated in 2009 whsn thè School launchad Ils campaign for bursarl&s I"Forward To Our Roots") Th6 expendable ondowment alsD allows the fundlng of bursaries. Pag& 40 of 44
Mei'clmiit T8ylors' School (Il comp#ny Ilmlt¢d by lr&ILe? fiiid liuvliig a slL#re ellpital) Notes to tlie Ilnallcllll 51atemetil$ (eolltliiueiil Voi. tlie eai. eiided 31 Ali Lst 2024 18. Reconclllation of net income to net cash flow from op&ratlng actlvlt16S 2024 2023 Net income for the reportlng perlod 3,289,373 2,464,601 Dopreclalion Lossesllgains) on Investm6nl8 Ilnvestment In¢omg1 Increase in operating creditors and accruals {Increaseydecr@ase in debtors (Incraasaydecraase in stock Loss on salo of asset Profit on sale of Asset Net cash flow from oporatlng actlvltl8s 1,895,452 {736,807} {722,888) 6,300,851 (87,5361 {5,598} 610 122 9,933,33S 1,741,189 278,484 (511,181) 54,381 152,554 58,016 37,150 9,361 4,283,833 I P. Net dèbt raconclllatlon At1 September 2023 Ca8h Flows Other non cash changes At 31 August 2024 Cash and cash equivalents Cash at bank and in hand Cash at investment managers 9.680,920 49,084 5,024,505 27,700 14,705,425 Total 9 730 004 4 996 805 14 726,809 Net debt reconcillatlon - previous year At1 Septomb6r 2022 Cash Flows Other non cash changes At 31 August 2023 Cash and cash equivalents Cash al bar7k and in hand Cash at Investment m8nagers 8,842,859 226,052 838,061 176,968 9,680,920 49,084 Total 9 068,911 661 093 9,730,004 20. Penslon costs Teaching staff Thg School paitcipat86 in the Teach@rs' Pansion Sch6ma I'thé TPS'I for its teachlng staff. Tha panslon charg8 for the year includes contributions payabl8 to Ihe TPS of£2,492,552 (2023.. £2,097,339} and at the yaar-and £317,01?.12023 - £254.4371 was accrued in respect of contributions to thi5 scheme. Th& TPS is an unfunded multi-amployar dafinf*d bènefits pension sGheme govemed by The Teachers, P6nslons Regulations 2010 {as amended) and The T8achars' Pension Schéme Regulalions 2014 {as am8nd8d). Members Contribute on a'pay as YDU go. basls wlth contributions from members and the employer being Gredited to the Exchequer. Retlrement and other pension benefits are paid by public funds provided by Parliam6nt. Pagc 41 of44
Mei'cliifj n¢ Taylor5, S£lkooI (A compthiiy liiiiited by gulli'oiitc£ and Tlot a 5bAI'e capltftl) Note5 to the fin4111cl¥11 stalemeitts {coi)tliiiied) Foi. tlie e&i' piided 31 Au ust 2024 Pen8lon costs (contlnuèdl The employer contdbutlon rate is set by the Secretary of State following schame valuations undertaken by the Government Actuary'8 Departmont. The most recent actuarial valuation oflhe TPS was prepared as at 31 March 2016 and the Valuation Report, whlch was published in March 2019, As a result of this valuation the TPS employer contrlbutlon rate Incrèased from 16.48 /0 to 23,68010 from September 2019. The Scheme was last subject lo an actuaiial valuation based on data as at 31 MarGh 2020 in accordance with th8 updated version of th8 Directions. Th6 Outcome is that from April 2024 the employer contribution rate will Incroaso to 28.60/0 Support staff Merchant Taylors, Company P6nslon Schemo Tha School was a m&mb8r of the Merchanl Taylors, Company Pension Schame for som8 Senior non-taachlng Staff, This scheme was closed to further 8ccru81 on 30 AprTI 2011. How8ver, during that year, the Tntstees Gompleted a buy-out of liabilities with Aviva Plc. Tha School, subsequent to thg buy-out, entered Inlo an agreement with the princlpal employerto indgmnlfy th8 members agalnst any loss not covered by the Penslon PrD18ction Fund, should Aviva not have sufficient assets to meet pension payments. This Fund, 8s d8tai18d in not6 15, wlll ther&for8 be malneained to meet any contingent liability which may ari88. Th8 Governors ball&vè the Ilkelihood of such a liability arfslng to be minimal. The tolal contingent liability attdbutablè to the School cannot be quantified with any certainty at this tim8. Group Personal Penslon Schom The School also contrlbutes to a group personal p8nsion plan in respect of Its suppori staff. In total, the School's contributions to group personal pension sch8mes forth& y6ar amountsd to 2024., £710,911 {2023-£621,423}, 21. Capltal commltments Capltal expendlture contracted but not provided for in th8 financial statem&nts for the School, tolalled £nll million 12023- £1.23m). 22. Other flnanclal commltments At 31 August 2024, tho School had outstanding cDmmitm8nts lor futur8 minlmum lease payments under non- cancellable operating leases, which fall due as follows.. 2024 2023 Within one year Between 2 and 5 years In ovar S yaars 185,057 624,403 12,337,160 185,057 750.843 12,449,376 42 of 44
Mer¢liaut TAylors' Scliool (A tornpAiiy ILTEILted by guai'aAl¢e Alid nol litc TrTriig a slhllre tThpitAII Notes to tl)e flikaTrcial stntemeiits {ctsntlnv¢dJ Foi. the e#r elided 31 Au usl 2024 23. Related party transactions 23,1 Merchanl Taylors, Educational Trust (MTETI The Individual tru5t@fjs of Merchant Taylor8, Educational Trust 8re each the members of Merchant Taylors, School in thelr personal capaclty and th8refore collectively ultimately control Mèrchant Taylors, School and Its subsidiary, Merchant Taylors, School Entorprlses Llmited. Thèy approve the appolntmenl of the Directors and Governors ofthe School, who thereafter are responsible for the oversight ofthe Company. The balance outstanding from MTET at Ihe year-end was £Nil (2023.. £Nil}. 23,2 M8rchantTaylors' School Enl8rpr18e8 Limited IMTSELI- Company registration no. 2275287 MTSEL is a wholly owned subsldlary of Merchant Taylors, School, The profit donated to the School was £139,80512023- £156,5881- Th8 balance outstanding from MTSEL at the year end was £149,227 {2023- £160,490). 23,3 Merchant Taylors, Company M8rchanl TaylDrs' Company provldes various s&rvlcas to Morchant Taylors, School. The balance receivable from Marchant Taylors, Company In respoct of thase seNlcas at tha year end was 2024.. £nil (2023: £nill. The meharnt Taylors, Company owns Ihe original land and bulldings from whlch the Senlor School operates. The School currently has 8 128 year lease from 16 March 2011, at a cuyrenl annual rent of £150,669 (2023.. £112,156) to be subj8Ct to r8view. 23.4 Mer¢hantTaylors' School and St John's School, Nothwood shared common administration during the year, Finance staff at Merchant Taylors, School provided professional support to St John's School. An annual management fee of £26,66712023'. £80,000) wa8 charged for this 8arvlc&. 23.5 Governors do not rec&lva any r8munerdtion but incidental expenses incUed and Glaimèd in the course of tliéir dutses are lMburSed. The lotal amount of such expenditure in the yearw8s £3,477 (2023: £2,144) paid lo three (2023.. three) Governors, The total amounl ofdonalions r8c61v6d from tha Govemors during thè yearwas £8.520 paid by five Governors {2023.. £6,104} (paid by five Governors), of whlch £7,270 was restrlcted to Ihe Indoor Gricket centr8 (2023: £5,804). 23.6 Tha Old Marchant Taylors, Socioty contrlbutes towards the runnlng costs ofthe Old Merchant TaylDrs' War Memorlal Clubhouse, whlch Is located within the grounds of Merchant Taylors, School. At the and of tha p8riod under review, £41,333 was reGeivable from The Old Merchant Taylors, Society (2023: £28,001). Page 43 Df 44
me1711t I'Liylg1%' SchoDI (A £oInpiLLy liinitèd b), giinraiiteÈ Aiid iiot bavillg 8 51iThre capltal) Notes to the Illlan¢lal stntcnJents {coiitii)ued) For the i- ejided 31 Ali ust 20?4 24. Comparatlve Informatlon Unrostricted Pèmianent 2023 Unrestrlcted Funds Deslgnated Funds Restricted Funds Endowment Funds Total Funds Income from: Charitable activities School Fees RaglstratlonlAdmlsslons Faes Other charltable actlvltles Insuran Rents roGeived other Other tradlng actlvltles Donatlon from bATSEL Profit on sale of assets Investments 26,923,971 123,702 28,923,971 123,702 753 256,512 142,697 753 256,512 142,697 158,588 9,361 362,070 156,588 9,361 511,181 85,978 63.133 Donatlons & legacles Donations Development Campalgn Income Total Income: 277,425 689,662 1,030 220 277,425 1,034,747 29,436 937 92,585 28,068.239 252,500 252,500 Expendlture on: Raising funds Alumni R818tians and Development Inv&stment managoment Flnanclng costs 256.143 2.000 7,331 265,474 18,941 19,227 303,642 18,941 19,227 275,370 2,000 7,331 Charltable Actlvltles School and grant maklng Loss on Sale ofAgsets Total exp&ndlture 25,758,663 189,885 421,905 26,380,453 26,071183 208,826 433 905 7,331 26,721,245 Net Incomel(expendlture} before investment gains 1,997,056 {122,848) 596.315 245,169 2,715,692 Net loss on Inv@stmgnts 174616 251091 Net Income 1,997,056 1297,464) 596,315 168,694 2,464,601 Transfers 1687,309 1,694,308 Net movement In funds 3,684,365 (290,465) (1,097,993) 168,694 2,464,601 Fund balanca8 at August 2022 30,938,845 9,211,377 2,282,550 1,804,503 44,237,275 Fund balances at August 2023 34,623 210 8,920,912 1184 557 1,973,197 48,701,876 Page 44 of 44