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 ¥ S￿re 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 Sec￿lary 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 Q￿ded 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 ex￿llenCe 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 be￿eell 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- cu￿1¢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 C￿￿1¢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 pa￿c$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 r￿mmunity 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 Tea￿m& 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 SChc￿l, 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 Ma￿ng 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