C•bpAny No. lJ341t510 IEngJaDd and W41es1 Chrity Rt8i5trition No: 106374 Merchant Taylorsg School (A company limited by guarantee and not having a share capita Report 2nd fthan¢ial ststements for the year ended 31 August 2025 *AF0A3LM• 1&CA12026 ¢OWANIES HOUSE 35
Mtrthnt Taylor5. Scltotsi IA Company IIDwted by guranttt•nd h*vln8• 5bareupii CoNt¢ntS Referere and administratic Govemors. report lirWpwati the Slratsgi¢ rewjrti 4-20 Independent auditors. rep)rt 21-24 stst$menl offfinawal actM"bes 2&26 Balaneo sheet 27 Cash flow slaternent 28 Notes lo the financial stalements
Mtr¢hJbt Taylors. Schofyl IA compAny Ilffllted by gtharallttt Nd n•t hviNg share (•pil•D RtltrertteADd AdDIStratIO Fortht arended 31 Au 5t 2015 Governor8 The G0morS of Mgrchant Taylcrfs, Schcd a threctors ofthe Chaiitable Comwy I' C¢mp8ny'} and Trust of the Charity I'the ChariiY}. Miss P Barefoot, Bsc {Honsl Mr Michael Bond BA IHons} Mr Paul Burgess (apwnted 31StAugust 2025) Cdre (Retdl A M Cree. CBE Royal Navy {Chainian) Mr G B M H du P8rc 8rnham. MA Mph MrSJEgJs Mr D Haria, FCA Mrs S MoDJan, BA (Honsl. MA. FCIPD (reSigd • July 2025) The Hon R H E Newall, PICAM. FCSI MrJ C thm, BA. MSC, KIRICS Miss L Qr. MSI. 8arrister-at-Law Mrv Paul, BA. Msc J K M Redman. LLB Mr H B K Shah (appointed IP Novemtr2025) MT J D R Twining. MA (Oxonl Mr C J Williams, MA. ACA Head Master Mr S J Everson. MA Bursar and CoMpY Swetary Mr l D Williats BSC (Hr). MBA Ire$igned 31st December 20Z5) Mr Jam•s POYn lakvsinted 2fvJ Febnjary 20261 Contact address anql w(sternd >ffle• Merchant TaOIS. Schoc4 Sandy Lodge HA6 2Frr Website: NYw.mtsn.opJ.uk R•gist•r•d numb•rg Compary regi8trab.on number Charity registrab.on Thjmber 3411540 1063740 Bankers Barclays Bank PLC 62-64 Hbgh Street Watfo Herts WD17 28T Solicitors VWIV LLP Narrow Quay House Narrow Quay Brisld BS140A Auditors Saffery LLP 71 Quaen Vthiia Street Lond EC4V 48E Page3 of 44
Merebtyt T•yl•rs' Seb•ol
IA company Ilmjted by iThd not h¥vlngi sh•reupitaD
Covernors. report (inrprAt1Stt SÈrtogi¢ rry•rt)
Forthe er tThdÈd 31 Au
st 2025
INTRODUCTION
The Govem¢ys ol Merrhant Tay1ry5' SthoDI {thè School) present their annual report and audit
financial statements of the Chawrty fc¥ Ihe yearended 31 AwJust 2025. finat)cial statemenis compty
with the Companies A£t 2006. Charities Act 2011. the Artides of AsxKiats", and A¢couThting and
Reporting by Charities.. Slatement of Recommended Practice applicaUe to chanbes preparing their
accounts in accordarKe with Financiat Repwtiro Starylanjs applicabte in the UK and Republic of
Ireland IFRS 1021.
STRUCTURE. GOVERPIANCE AND MANAGEMENT
The Sthool was found8(l in 1561 by the Merthant T8ykns' Compy. one of the Great Twelve City of
London Livery Companies. In 1933, the Schcd moved to its present gte at Sandy Lodge in Northwood.
In 1967, the Merchanl Taykys, Company apwnled Ihe MerthHnl Taylors. Educational Trust I"MTET'I.
a tharitable trust set up for educati(Thl purwses. to tske over the 9ovemance of Merchanl Taylors.
School and St John's Schooj. On 1 August 1997. MTS was incorporated as 8 private company limite(J
by guarantee and regier¢d as a ¢harity, I8ng over the bu&ness, 85sets and liabilib.es of Merchant
Taylors. School. On 15 October 2015. the Sch1 merged Northwood Prep School to form
combined Merchant Taftrf5' School. prov¢diTrJ pupils an 8114hrough etlucion for boys aged 3-18.
11
Govemlng document
Mer¢hantTWors' Schoc4 Is gv)verrnd by its Ajtides ofAs9allOn. were Last updated on 9 Play
2024.
2.2 R•crullménl and tratnlng of govèmors
Th$r8 shall be at least and a mwimum ofhvènty GOVernS. Nèw Govemors we prowded wth the
Articth ofAssociation. Safeguarding trainiThJ. an InduCt)n vis¢ and an induclion pack their
resporbsibilities. Collecfive training and individual trainirg are made avaiiqb59 to Govemors, including
cle[ers. tsainry courses and lfiry papews.
Man4ggm8nt and oversight
The Govemors, who are also Ihe Charity twstees. are rewsible for the ¢)verall management and
control oftha School. The Board ofGov¢mors mè•ts at least b"m•s a year. Financial
perfona is monitor&Y by the Finance Committee, thaired by The Hon. RKharf Nèwall. The
EduGaix)n Committee, chaireil by Jane Reilman, steers the managennt ol teaching and leaming
across the School. Indwidual Governots hokl specffjc Tri$1b11ty for Child Proteclion (Sarah
Morgan), Health and Safety and Risk Isimon Eggs). Aft Estatès Commrttee, chaired by Jason Oram.
providès strategic dirctKsn on the maintenance and deVel)efit ofthe School buildings and grounds.
A Development and uMn1 Relatw)ns Committee. chaired by Christopher Williarns. provides strategic
direction for ftjndrdisng and alumni actiwtses. A )MIna"0ftS Commiltee cunprises fr)ur Govemors
and is chared by AThJrew Cw.
Executiv8 day to day manayemenl of the Sthtsjl is t1degated to thè Hèadmaster, Bursar and Head of
Prep, supptsrted by members oflhe SclKKJI's Leadership Teams. The Clth to the GoverTh)rs
coordinates the work ofGovemors and their Crxnmittees. All trustees give fretrty ofthÈir time. and no
ramuratiOn was paid duiing this perKxl.
2.4 Group structure and relationshlps
The Charity has a whc4fy owned 1x)n
Mer¢h4ni Tftylors, School IA eompny lirnlied by guArAtee and Nol knvillia 5bar¢ £ptsI) ""ctirAtirs, report-Oneorpornlln8tbt"Stratryi¢ rrpprt)- rtb ear ended Jl A $12025 CHARITABLE OWECTS AND AIMS Charltable obl•cts The objects ofthe Schoc4 are to adva1 educatth by provhjing and maintairing in the Unit80 Kingdom or eknvherè 8 boarding daY Xho or schcds for the edu(31ion ofthildw oryoun9 Persons. 3.2 Mission and Values Our Mission INe exi5tto htrlp pupilsdevelop into rounded individualsofgood tharacteTd lo supportth¢m to discover thèir full potenb.al for excellence in both ac8dern work and beyor. 8•ll•ts and Attltudes Our beliets arKI attstudes definè ojrapyoxh to achieviThJ our Mis. At theircor8 is th¢ idèa that ifwe know each pupil indiwdually and erwurwJe them lo tske vantage of a ¢ range ol opportunitles in a %thich celebrdles excellen¢e but ¢herishes kindness. then they wll have the nfidence lo find Iheir nidle %there Ihey can glow and develop. • We believe that pupils Ihrive in a haC05 atmosph8r8. so w8 valu9 klThJness. ¢dIabcati0n aThJ joyfuknes& . We believe that each chikj is different and develops best when wtr know them indwidualty. so we value small groups, br¥4enn TeltionshipS and taking the time to to kr¥Jw one aThJther. • Wg believ¢ that eryOn should be ae to try everylhiry, enjoy many things and excel at somethiThJ. Ourjob is to eFwuf3ge èath puw"I to those things and have Ihe wowkdass resource5 necessary to gjpport them as far as they can go. • We beliwe that excelterth i8 an oryoirMJ joWY. We value th$ quTrgt confidence that comes from achievement, the Sdf-kn0edye to where impfovement lies. the innovalion to lake the next step lonvard and the humility that come5 from knowiNJ thejoumtry isn'l over. . We belIe that those vith irh]uisbve mind¥ orioy more fulfillir¥J and eryJaged lives. Our culttjre of %holarship inwres and nWtrJ$ seK4levelowenl. 11¢#1 Ihinkin9. creatsvty and intellttctual expbrnb"on. • We believe that ow pwils tom¢)w$ leaders.. want them to have the character and courdge lolgad wtth irtspiratron and integrity. . We bèli8v& that the sthjol musl be a postive prewe in the communty. We value open. honest and cdlat)raive partnerships ttween paients, staff and pvpxis. We support the wder communty thrrxgh shared use of our faulitie5 and opgn up OPFbJnltses through our bwwry s¢h9me. V•lu¢¥ Our values underpin everylhiTrJ do.. tlw are thè charr of the school. From Ihg Head Masierfs study to the dassn)om to the playing fidds. these values are reinforced thrOh praise and example. Cr•ativity We arg inTrJvative in pwUem$ and 9mbrnce dHry. We foster a sense ofcuiiosty. We try new thir¥Js. We [aY and explore. We are constsntty im•3iniThJ ways to drive Se4Mp)¥erneftt. We expre55 our ¢reativty int8llectualty. artistically and in our ouyotsk. Pape 5of44
Mtrch¥n¢ TNylDr51 (A company limited by 8uArXDtrt ttot hvittg sharntpltl) Governors, rtport1Sn¢orporatiNg ihe StrAtryic rtprt) rthe r ended 31 Au 2025 Courage Et takes courage to demaThJ of OLKsthes'. to overcixne Ihe fear ofloong foolish tyirvJ a new activity. and to find Ihe gnt to strive for exc¥llewK when we find we have rrf)tenti#l for il. Moral couwe is when we stsrKI up forwhat we know is i¥Jht. wh8ievwlhè odds, when we INe ourvalLW even rf it woukl be easier notto. Conffiden¢e We face the wcKfd with sdf-krw awKJ wth thè grr¥Jnd fifftY swjre under our fe¢t. Our hallmark rs quièt confidence. We tske fft in our strervJlh$ arwj ath"ev7 tempered by the humility of kno%%ng ourweaknesses. Charact•r Wè trèat (Th anothwwith knndmss. respect and ovihty. We disagree but argue ourc8se and seek to influence wh integrity. We are oyjrteous. We are interested and intèresting. We are gralefvl for our communty and pUty IL Wè ¢onduct ¢xwselves hOurablY and know Ihat how yw aY Ihe game is importanl. Collaboratlon We ¥wrk logelher and br1 the best other. ACadn w¢tsss is the product ofcdlabvalion beknn slaff. parenis and w15. We inspirè one another to achieve a ommon goal. We are open, shar¢ infonnatw)n and see cwjrselves as a happy communty tr4)m of shared aspirations. Exetllene• We celebrate excellence. We ensw firKling our nKthe and deVek1n9 our hjll potential. We recognise the hard work and ambtb.on that drives holarShIp. We apkKeuate the kMvJ hours oftraining. practice and teamvNk whKh result in suwess of %Jemic end8avours. Bursary and scholarship polici•s Govemors arg rnrnitted lo bTh)3dening acc8SS to the Schod by offering means4ested buwsariès to boys. whose lamilies W1 olhemse be unable to afford the fees. In addition to bursary income drnwn from charitable endowments and fvndraising. Governo stsike a balancè totween bursary beneficiaries and olher fee-paying parents. many ofwhom make Considerab sacrifices to supp)rt their chld's educatK. Burs83 a availakje to boys vtho meet Ihe S(K)d's eNtrae qU1ments and award5 of betweèn 5¥0 aThJ 100% of tuition fees are detemiined th1oh finanoal means tesltru. When required. further assistan is provided to meet addonal exFense5 induding a¢bvitièS. transF4)rt, lunches. trips and uniforns. Hardship bursaries are awarded to parents of exist¢ng pupils. •those continued education is ieopardised by a changg in finan¢ial circumstances. Scholarships are awarded for eXcdler, as stilated by dontys and irrespective of pants1 inwnè. Through sch(Aarshsps. we aim to altrdcl partlarlY aLle pu, whether academsc. music or $ports. thereby raising overall asF¥rations and achievement of both siaff and all pupils. In addth.on to fee discounts. ipIentS parbcipate in a broad Sdda. EnrKhment Pmgr3mme. as th• tsjrsary hddtrrn. when rneriled by their performan¢tr. OurirwJ the year, 234 W benefited from finarla1 SUPkM)rt frryn thtr scho tolalling £2.638,807, which represents 8°/• of fee income. 63 boys received mèans tested bursaries to the totsl value of £1,105,076. This prowded access to families from our Ictal communty. w? would otherwise have beèn unable to afford Ihe fees. 31 of those tws146°Al received tran5formabonal bursary support befften 800 and 100% ofthwr fees. In additson to lUon fees. finarrial support induded coach Iran5PX)rt and the provision of 8 Surface Pro tablet to pport their academic sludies wher8 r8quirèd. In additson. 167 boys were awarded aCad*m xh01lipS bas&J e(kjcatsaI merit and Fthntial. to a lolal value of £1,023.103. Pw6of44
Merchant Tylor5'
IA cftmpany limiled by 8¥#r#Blrt•Nd A•t share c•pitsl)
-Governor5' report fi•¢oryoratinE ihe StrtCW Ttwrt)
or the
IA
Strateglc report lincorporatlng oTational Perf0MnCe Revlew, F5nanclal Revi•w, R¢Ty88 Polley. Risk
Managernt Rgview and Future Plan$ on pag•s 7 to 18)
4.1 Principal acti¥iti•s of the ytsr 20242025
Educational tIe5 were carried Jt as an Indepdent day schcd for boys from the age of 3 to 18. The School
continue(I 10 8¢hi6ve htgh academK standards. whilst maintaining an outstanding level olpastoral ¢arè and co-
curricular actsviti&s. The School cmtinued to develop strcrfig links with the local educational and wider
mmunitie$.
4.2 Oblectlves lor the y•ar 202&2025
The School lrnprovement Plan I"SIWI provtdes an effective frJn8th forthe Schr5 strategi¢ g)als. The SIP Is
framed by five clear obje(Jive$ for devek)pmont:
Developir¥J links with Ial fLhools
Consolidab'on of prcyjress rnale in self-evaluation and ieachwu:
Excellence in a¢ademic and pastoral matter5:
Improvement of lacililres- and
Chjfvrnrd Facing Work (marketing. alumni thwssionsl.
4.3 Op•ratlonal wformance rnvi•w 2ts24-202S
4.3.1 Adern1
The 202<2025 academ year marked the second year of the School's three-year acadern development plan.
during which sustained pwrgss was mad& in dèlivering hwjwahty academic out¢tynès and StngthenIng the
curriculum offer. Public examination resutts were excellent at A L8vel and GCSE. with GCSE outcomes
represèntiNJ the stroryst topW8 parfOMwe IOe
Merchant TAylon' Seb1
(A ¢ompany limited by guranittBTrd Thot h¥MThg• sb•re
For the
rertdod 31 Au
ust
25
GCSE Outcomes
GCSE results in 2025 We Imghly pogbve. deffKJnstratirJ im[o¥eMent at wery maiorgrnde boundary
compared with 2024. Gradg 9 was th& most frequenty warfed grade, and eight plIS hi¢ved grade
9 in al ten of their sutiects-an exceptio1 VKINKlual a0)ynIshMeftI within a lanje year group.
Value-added performance remained parb'culaty simTr3. ALPS placèd the Schod wlhin the top 1% of
schools nationalty for GCSE Value a¢Jded. wth a score of 1.29 (ythe 1.0 presents expected
prO9$s}. This reflects the impacl of the S(thool's taTrJeted academic SUPF¥Jt str31egies and cutticulum
planr4ro.
Table 2.. GCSE Resufts in OverVW (cuMulthpeert8gesj
RESULTS
fv7
2025
73
97
100
2024
39
70
87
96
97
2023
2022 Islill
elevate
77
93
100
2021 (TAGs}
53
95
100
2020 ICAG$l
74
1(Kl
100
2019
97
11X)
100
2018
87
100
4.3.2 Universlty AdmI10n
Of the 156 pupils who cornpleted tsir &udies in 2025. 153 applied for university pLaces through the
202<25 UCAS cyde. 01 these. 103 Secu their firsi
MerthntTylors' Sthtstsl
IA ¢omp4Dy liThitEd by guArnthttta#d Aot shareapit
"-Cty¥enwrs' report (IncorptirAt4TrgthèStrttèic report) -
ear ended 31 A
$12025
3.4 Sw1
Sports conlinue to play an In[rtant Te in the Schcd'5 charitable aclwth$ and putyic b8nefil.
providiThJ extensive opportunities for parbupatkm. community engagement and acce&% to hKJh-quality
f'1ibeS. DurirvJ 2024125. wpils loc part in than 450 compèbtNe fixbjres across all age groups,
with stron9 perfom78nce in the Schocl's core sports ol nby. h¢xkey a1 ¢ri¢kèt. Notabty. the U15
cricket team secured the National C, the S¢Fwfs first national titlè sirte 2017.
The School's wder sp)rts prryrammè continued to develop. with competitive OpptUnItieS offerèd in
8ddib.onal activrties indudiThJ baskeiball. squash. tennis. cross-country. golf and Sixth Fomi football. Tho
golf programme achVed national representation. ano one pupil Secu a scholarship to a leading
uftiverwty in the Unile
me4¢ T•yloT5' (A <omp#ny limit by ty•rnrttrtrtd rtot kvin8 * sh•rtt•ptsii Governors, ttport Ilncorporaltng thtStrttgi¢ rtportl For ihe ear ended 31 Au sr 2025 n place. Participation acmss sports continued to be hpJh. refiecling Ihe Sthool's emphasis on ensuring that all pupils have access to regular physical &tMty r8gardk&8 of ability or experience. This year marked the inibal phase oftransiiion towarfs the vised schcwjl structure. underwhith Nlerch8nt TaWows' PrEp wll condude at Year6. CurrTculum trfanniThJ has ther8forÈ focusad on embedding Core physical literacy. teamwork and $port-sfiC foundations earfier within the prograrnme. This work aims to ensu that all pupils continue to T8 a broad arnl developmentslty appropriate sporting experience as the Schcd for the stwlural change. The current Year 8 co)rt %ill be the lafjt lo access the full upper-wep spgrts pThison. In svpport ofwder e(lucali8I and perw81 devebpmenl. wpils continued to access exfemal fa¢ilibe$. including Bray Lake Water Sports Centre, the MTS Lake, Julian Hill Cricket Club and the Senior School's swmmiThJ and athletS amenitses. Enrichmenl acb"vibes Main an integral aspect ofthe prograrnmè. with planned trip$ indut1ing Ihe St Gaor'S Park rvidential (January 20251, the Skn Ilaly 2025 lourand a new Comwall Wateworts Resdential for leavers. These ath"wb"es support the School's publi¢ b8n&fit objècti by trIlting to (asilrts. teamth and Fersonal grtyvth. Ovèrall, Ihè 202<2025 yè¥ rnpresentèd conb.nued woJress in strning sport and physical education at Merchant Taylors. Pfep. The improvements to tscilrties. curriculum design and participai)n structu$ support ihe Schwl in ddNeriro an inclusive. safe and hKJh-quality programme 81igned to its charitsbk aims. and wthr benoffits paed undw the Charity Commission's publ beneffit reqU1Ments. 4.3.$ MusSc The 202k25 academic year s&¥ ¢clInld developnent ofthe MTS Musr Departmenl, with a rich and varied progrdrnme of perfoThnances. cduqbordtions and leamin9 OPPgrtunib"es across the School. The year opened major events." the TrinIal servi at St Paul's Calh8dral and a lae-Scale mu&cal production delNered jointty with a pather Sch1. 80th invdved extensive parb'cipabon frn pupils acros5 year groups and demonstrated the strength of erbsèmble and choral provi90n. The deparbment wiewed its n81 concwt strtrJre to broaden performance xtess. A new Lthver School Concert was intrcxjuced to gNe all new pupils an early opportunity to perform, while tr estsblished Autumn cOnrt repostioned as the Wint¢rConcert. The Joint Schools, Concert, held al the end of the Spring Term. browJht tr)Jether pupTrls trom Several %hools tr) perfomi a major choral wth, and the annval cOrrt at the Merchant Tayth, Hall contmued lo thowrase l$adirYJ •nsèmbles. Thè SummÈr Ser8nadè COrL1#d wth rf0mrtes frcth maiN instfumental chordl groups. perfonan opportunities We further supported throLpJh a series olcompetthons and infimal corKerts. whith continued lo attraci strong levels of partKipation. Thè T8atimÈ Concert series introduce(J widen a¢c8ss io atIOn$ for develoiyng musfyans. conb.nued to grow in popularity. Choral aclwity remained pmminenL wth the chaMrChoIr perforning servKe5 and events both within and beyond the School. The annual Carcd knice 1n involved overone hundrEd ngèrs and wekomed a large ¢on9r8gatsw. Instwmental leamiry remained a CO coMpc#t of ts departmenf5 work. Nearfy th6 hundred indNidval lessons were each week by Ihe sch.$ viSts" stnJMenIaI and vocal teachers. suprted by wghleen enSernes hearSIng regulaty. sthemg offering introductory thsons on selected instruments continued to enrage wder engagement. wth many pupils choosin9 lo pursue further study. The School hosted six day5 of ABRSM 8xaminab.ons during the year. SLWOrted by adthbonal Iheory and aural bjibon. The dwrtmant provided a range ofenrichm•nt "¥"6$. irKluditYJ organ recitals, instwmentsl workshops. extemal wsits, and a Gamelan TrAothsh¢)p for all Third Fonn pupils. Otrtrsa¢h eontinuèd through the annual Orthestral Aftemoon. whh welcomed pupils frryn lo¢al schools for ensemble coachiThJ and 8 concluding perfonnance. Suppryl from the scho.$ music SIety remained stroThJ, particularty through fundtsigry and assistar¢cé at concerts. Preparation also conb'nued forthe eXpd in demand for lnstnmnIal ond vctal tuthon arising from Ihe expansion of the Third Fomi_ Planning work offtrtur* mu%c facilth.es is underway to ensu appropriat8 teaching spacè and staffirvJ t3plty in the slv)rt temi. alongside lOnger4e con5iderdlion. P¥Re IoofI4
Mer¢hanl Taylors, sel0 {A rompany bthittd by guar#tet ntsi hatAtt8 a5kn¢pil ..GTrv¢rllDr5' report fincoryTrralI tht"Strategl¢"rep•rt) - ellded The MUS Department 8t MTP conbnued to experience strorKJ growth thè 2024-25 wdèmic year. Participation in in¢JtVK1LMI insbijwrental and %nging lessons athed a new h¥Jh. with sixty per cent of eligible purmls re¢eMrvJ tuOn. EThJagement in co-curr>)Jlar cFK)ral and ensemble activrts also Increased, rising to fify pef cent ol digiblè pupils follow.ng a review of thè Pfogramme. Uptske for th8 Year 1 Orchestral Instnjmenls pramMe remained robu# with seventy-nine per cent of pupils enrolled. A varièd calendar of¢oncèrts and èvents was delrvertd throughout the year. Thè departrnent introduced a new Music Departrnent shCase for parents, providing an I)VeN oflhe curric¢Jlum and an interactive prath.cal session. The Caml SeThice was held for a second year in the Great Hall at MerChantTayls, School. and the summer temi saw Leavers, R¢tsIS, ensuring performancg opportunibes for puyls in bolh Year 6 and Year 8. The esWish8d prc¥Jrnmme continued wilh thm ABRSM examination SeSC$. regular temily realals for cand¢dates. and the annual wies of Christsmas. SpriThJ and Summer Concerts. Puwls also parb'cipated in the Merchant Taylo. YouroJ MUSlan of the Year Competition. the Merchant Taylows. Halj CorKert, the Jcnt Chwdl C(wrt partner schD)l& and ihe Prep Sdwl$' Or¢hestsl Concert. 4.3.6 Drama Drama contin1 to play a 9nnI role across thè Prèp and sert)r Schods throughout thè 202<25 academic year. with pupils engagiNJ in a wrde range of perfomiarte. enrichmènt and co<urricular opporlunities. At Mer¢hant Ta0. Prep. pupd$ parfiLipated in a fvll prc•JrarDme of age-aW)ropriale pr¢ltiOnS and perfoanCe work. Yojnger pupils presented a muscal prcrfjuctwjn. while Year S developed skills in physical theatre through mask wor, ¢yJlminaliNJ in a devised pgrfomancè. Ohjer year groups undertcx)k more arnkntic drarna projects. irWjjirYj ens8mble pr(KIOn$ InWd by da&sic literature and a luS1-scale Year 8 pY to math pupils, trartsition to senM)r schcx)l. The final cohort of Year 7 puwls completed their LAMDA exwninabons strorvj results. and a number of pupils secured Drama Scholarships to seniw schcds. Theatre and curriAUm41nke1I fvrther broad8n•d puiyls. ¢xp¢sufy to Ihe pwformirvJ arts. At the Senior School, the year opened with three perfrnn¢es oftheirynt mu&cal. Wèst Sido Story. staged in the Gat Hall wilh a large cast and orchestra and signrfunt levels of community engagement. The wxjuction was rEccfjnised at a natiCal school theatre award and represented rnajor collaborative achwernent. In the Spring Tern. L(Mer School pupils staged Sèasons 01 Shakespea, presenb"ryJ extracts from a range of plays. Pupils across the Schod engaged in workshops, thealre dubs. lethnical thealre activtties and backstwJe programs at profe$onal vensjes, and several secufed Fyaces with nthonal yJth theatre orgar¥salions. Preparatory wort also began for the play SCI1 for the fotltiwng academi¢ yèar. Together. these arvths wovKled wpls 0s5 both ¥¢hods with extenw opportunili&s to develop perfOanCe skills. atiVity and cOnfyYee. and refièctèd Ihe Continu strength and badth ofthe S¢hool'$ drama provision. 4.3.7 Outd)or Educatlon and Exirn4uthcul•r The OLttth)or EL1•)n Departmenl eonlmiued to prowde a br(th pmgrwnffe of adventurous 8ctivtt Ihal support the School's tharifabb pUrSe by promob.ng physical dwebpment, personal resslience, and community engagement. Durirw the academic year. pupils Partpat in rowiry, sailirKJ. kayakin9. C8noeiThJ, stsnd-up p&dlets)arding, archery. rille shootirnJ, and mountsin bikiryj as part of the regular timgtsbb. The programmè extended twond thè School tenn thrOLh %ekend white.water kayaking trlps and several regdential opportunibes. includij gJrfir#J in Moro(zo. th trip5 to Canada and ltsty. and a while.water kayaking eXpedon in Wales. Outreach activty mained a slmng featu of the departmt'S work. Stand-up Paddleboarding ISUPI and bushuaft sesgons were delivered for ktsl youth groups including 1si Ameisham Common Scouts. Hertfordshire Vdunteer Poke Cad8 aThJ 1st RiL*m8n9 Scouts. Community orgaft1satior such Pay 11 of 44
Mtrihxnt Tiylvr5' Srhwl (A company lithittd bYeAall1d b1yeuP1I11) Covernor5' report (Incorporntrry ihe 5trategtc repDrt) Far th¢ c4reffjded 31 A¥ 11512025 as the 14th12nd Bushey and Oxhey Sea Scouts continuetl to use the School lakè and equipment for SUP sessions. Extemal partners, irKludiThJ 8runel Universty and the BSDRA Thames Vafiey Champortship. made use ofthe SchocA'8 Firefy thleS at Datchet. Tha Ouk8 of Edinbufgh's Award sch8me continued to flwrith. morè than 120 pupils urertakIng Bronze, 12 beginning Silver, and 12 pro9rè&sin9 tr) Gdd levd. All expeditions were completed under traditional outdoor conditions. Partjp8nts Contribu 2.015 voluntewing hours to the communty, representing a Social Value of £12.895. The Cornbwd Cadet Forte ICCF) continued to OelNer core train¥vJ each week. supported by gllabordtion wilh Sl Helen's School. ktivibes irKluded rnng& days at Bisley, fieldcraft weekends, and a week-1¢X summer Central Canw at Lor¥Jmoor. RAF cadets partvpaled in the Roy81 Air Squadr Trophy. hosted the Wgst Essex Cup CornpetitK. and undertook Experience Flights at RAF Benson. A totsl of 40 cadets ic)k part in inth stydNir¥J. and 16 cornp 31alic41 parachule jLryS al Netherdvon. Cadets so gaged in charitthle fundraisirJ. raisiryJ £795 for Cothl Stress thrwgh a March in March event. On ANZAC Day, a contirgerbt was Invle to fomi a Guard of Honourat St Paul's Cathedral for the Gallipoli AsscK)"on and latef Pled at th6 Cenotaph. representirrfJ UK Cadel Forces natIld8. 4.3.8 Alumni R•lati<)n$ Alumni supwt ernbraces all forn1 pu15 (OMTS). prOry OprtunItI$ for SE, social gatherings. nelworking, m8ntoring and buwness affinty groups. programme has drawn fom)er pupils back to the School and jpP0rted Ihe Caer devekjpment of both OMTS arkj currenl pupil$. A broad range of events aims to cater lo the interests of all alumni. Events are held at Sch(KA. at various locations around the UK and ov8rse8s. A communution5 pwrdmme. induding an anr¢ual magazine and ternly e- newsletters, runs alwJ&de our events programme to keep our CmnIty up to date on all lh8 a¢tNiti8S school offers. 4.3.9 Fundralslng Thè Sthool so¢ks philanthropK fvThlirwJ from a varitrty of constiivw)cies irtluding alumni,. parents of school pupils: parents of alumni; fnends ofthe School: corpryales: and Charitale trusts and foundations. Our approach to each constituency is congdered and petsonal. We act in accOrdae thè Codè of Fundrain9 Practre set out by the Fundraising Regulator and a committed to meeting high fundraising standards. The Irustees take their respongbilityes under the Charibes IProt8Ction and Social Investrnentl N<t 2016 seru$1Y have c(red Ihe implicah.ons thereof on their fundrassng tivities. The Sd1 raises theY for tr¥Jrsas. providiTrJ free re(lu¢J fe& pla¢es for applicants vthose families arg un8ble to affor(J the fvll fee. We also Seek to rtise money for catal projects, ¥thich benefit the Sthjol and wdercommunity, vrith a paiticulaf focus in 2023-24 on ratgng funds for an Indwr Cricket Centre. which was compleled and opened in January 2024. No complaints were rp¢¢rv$d in relation to fvndrai5ing activtties caryied out dwing the year. 4.3.10 Infrastructure The Schoc4 invested to iftyove teachiThJ and leaming facilibes at both the SenKJr and the Prep School. At MTS. addibonal classrooms were provided in time for the surge in puiyl nurnir$ anticipated from Septernber 2025. A leStrian footpath was laKI akyu the Long Drive to improve pupil safety, whdst duong traffic at the S¢hool's main entrarw ijuring peak periods. The DinwrfJ Hall vms upgraded to increase cooking capauty and the seNery was reluthshed, to reduce queueiry time. The runnirty tra¢k was resed and reryientate to increase spectalor 5pa¢e. At MTP. a n&¥ entrance c8nopy #tthe Maw PrePPp Nursery improved the arrival experience for pupils. parents and $tOrS. Ould¢)or ¥Y arx1 recreational aa were impnjved and claswooff refurbished. P•k¢ 12 of44
MtrchAnt Tiylors. S¢hoDI
IA tompany lirniled by 8uaraNt¢e ind nvt hDTriNg 1 5h•ret•pitsl}
Governors. report lillwrp•r•knThi Ikt Str¢e8it rwit)
For the
r tudtd 31 Au
5t 2025
4.4 Publlc b•n•fit and ¢xrtr•ach
Public benefit has been integral lo the Schcofs ethos sin¢ the MerchantTaOrS. Company founded
the School in 1561. During their strat89ic KAanniThJ. Govemors considered the Charity Commi58iOrn'$
general guidance on publK beneffit in deudiThJ vthich activities the School should undertakg. In the year
under review, we continued to make a full contriLyJtion to the aCadeffl community across UK society.
its schools and universities. As part of this contribution. numerous le8¢hiro arKI gJJpport stsff seNed as
govemors of IcKal schools and othw3 5UPFKMt ¢omnwfity as So)ut L¢adets. Par Councilorfs
other IrKal chants •rnleavours.
At MTP. charitable activity was woven Ihroughout the academi¢ year. Pupils slaff raised over
£4,000 thrvugh leIY apppals and wcial evts. supp by substantial donations of bwks,
clothing. IcKJd aThJ toys. The Harvest CollectJn ak8 a van Walford F(yx1banK while
Wear2Share Oays, Poppy Appeal eollethons. Red Nose Day parhapation and the Greal Daffodil
Appeal further strengthened charitable eThJagemenL Aiklitional support fw the London Childrèn's Book
Project invoe
MtrcbaTht TaylTrr5' &hwl IA compxtty limlttd by ytAr2ntee •d Trot h2tAllt * shreeWtsl) Governors. report(iTrcorpontiry8 thc Strait8i¢ r¢pTrrtl he r tnded 31 A st 25 EducatH)n making regular use of the SCho.s st3 he$. swimmiNJ wol. grounds and dassrcJms to deliver a¢tNTties for kal childrèn. Support for local primary schools also continuèd. I[ludir0 St Mary's School Rickmartsworth. The Sthool's lake arKI surr(MJnding areas were regularly us&J by 120 Soulh Oxhey Sea Scouts for weekty activities, vthile Ihe RI(norIh and Watlord Sea Scouis used the wrnrning pool Igr kayak training. The Rickmansworth FI Department also ulili5ed Ihg Lqke for e&senb"al ¢yew training days. Local athlelics clubs, induding Chiltem Haryiw5 and Watf(Yd Jc93ers, made rc11& use ofthe athletics track Irdining. R8ddiford Sthool accessed the School's "1ib"e$ for PE aTrJ wes sessKms, and Sl John's ¢onlinued to use the swimming pod for thwr wmffliryj lèssons. London Hockey remained valued partner, making exiensNe use ofthe sd's pitches for trainirrfJ and corn"¥e ffixtures. indudiry tho new hk•Y astm. During the Easter holKlays. Ihe Schrd partrwe(l rylh BatctrhKrfth Community to offèrfrèè football activity days for 100 young wdents from the Batchworth Ward. Parbripants benefrtte(J from hvJh- quality coa¢hing. opwjrtunitiès to erKJage rn th"Il ¢Jevelopm8nt and match play. and, for many, their first expwience ol organised SkX)rt. The prograrn su(rxssfully promotsd confidence. social interact. and physical actNity amcry mMJht otheThe have h&Y Iwniled ac¢oss to su¢h opporhjnities. The Sthool's long.thdirvJ partnethp MKldlesex Cwnty CritA•t Club continued to thrive. The School supported a full summer ofuicket acbvibes. induding youth devdopmenl pr(NJrammes. men'$ 8nd 1men'S fixturns. and a County ChamF¥onship match. Winter usage oflhe Julian Hill Crbcket Centre remained slrong. 22 local Criet clubs and two kxal thls 8¢cessing Ihe faulity for training and development. indu¢JiNJ pmgrammes promoting girfs. crtht. A growing partnerthip with Ihè London S¢hool$ CrieJt$t Assocth'on afso provKled stwwJur¢d (wortuiwlies kn young players to train in a high- quality enwronment. Thè Sch( continuèd to supwrt the North)d ttwh use of ihe athletics traca for filne55 le5ting an(J training. Whi HMS Wildfire once again hekj a famity event at the Schoc4. Hertlordshire Fire and Rescue used the lake for resoJ8 trainry throughout the year. Thè Sch1 was also fvsed to host Moor Park 10k and Fun Run. whth raised fvTrJs for the Mount Vemon Cancer Centre. The School has supported the l¢xal communty by prowding access lo a wide ofswrts fècilttses since moving lo the site in 1933. Ttss remains an imrK)rtant part of the Sch's as a community hub and Govèmors svill make every effort lo maintain this contribub.on desle the political and economic Pssu applied by the introduction ofVAT on schod fees and the MoV31 ofmandaw charitsble relief on business rates. F5nandal f•vl•w During the year under review, the SthLMJ's incoming resources wgre £31.8m12024.. £31.6ml and total charitable expendibJre was £29.7m12024.. £28.7ml, generatiNJ a suwus before investment gains of £1.7m12024". £2.6ml. The prinupal source of I(Me was schod fees. accounted tor £29.5m 192%1,12024.. £29.3m193°AII. £0.5m12ff24.. £0.7ml was raised thrwgh the Devek)pment for bursaries and School developmenl, with £0.4m total ¢osl Of raisirtg funds12024'. £0.4ml. DuriThJ the year. the Schwl's eXpendthJ Sch(Aah1ps bursa$ was £2.6m12024.. £2.5m). Capital expenditure of £4.3m (2024: £5.2ml and revenue expendilure of £0.7rn {2024.. £0.6ml we invested in the School infrastructur8. At MTS. this incIle the Julian Hill Indoor Crickel Cenire, classroom and changing room reluth"shment, rcof works and PlaceMen1 of boirS and lohting. aloTrJ&de Cycl placement of IT equiw*nt. At MTP. dassr(w& kilthen and bathro facilit$ were refurbhed. alongde upgrades to boilers and ewics. 4.6 ROTr•s poll¢y The reserves poficy is rtKJnitor8d by the Fina Commitiee and reviv4spd annu¥ty to ènsui8 that thè Schod ha5 access to suffiryent liquid assets ¢0 rneet its non-discr8tK)nary financial oblvJations during riods of crisis. Fuluffj devekyrrenl plans will bè lurwjèd by a cOmba.0 of cash flow. fundraising and tx)rrowng. Pjge 14 of44
Merchwthi Tylors' S¢hotyl (A comp4Ny lirnitEd by 8urnwi¢e kAlng sht4P11) C•¥tr•ot$' ttyort Ott¢orpotAtlngtht Strntieic rep•rt) rth¢ txréndtd 31 Au U5t 202S Total reserves as al 31 Aust 2025 were £52.Om (2024.. £50.0rnl. ofvthi¢h £1.3m rèlat&s to Rèstslclg(J fvnds12024.' £1.1ml arKI £2.frfn to Ihe Endowment FurKJ12024.. £2.5rn1. Unrestricled reserves totalled £48.3m {2024.. £46.4ml. ofvAu¢h £9.Sm {2024: £9.3m) wa$ de$KJnal•d lor speafic purposes. as outlined in Note 15 to Ihè %counts. The Scho(J aims to ma)1a adequae free. eSed reserves to Spond to unforeseen events arwj to meet up to three mi)nths' rK)rTr4iscrefr"onary eXn[lUre {approximatety £6m}. On 31 August 2025, free unrestn'cied SerVeS were £7.12024: £7.8ml. These are defineil as UnStrted funds and 8XnablE endowment that is available at ihe discrelion of Govemors. less red assets, addbng ba¢k any oulthding loans, ifidud&s inveslments a¥aabl• f0rconvérs1c into cash. R'J Risk Management Govemorn have established efflIve risk manageThnt frame40th. which has bB¥n updated throughoui the year in response to Fditical. eCOrnic. swal. tschnokgKal. 18gal aThJ enwironmental developments. The Rtsk Management Commiltee. from across the School, has revtewed emerging risks 8rK1 updated the Schod's Risk Register to identify Ihe likelihood and impxt of foreseeable risks to th& School's operats)n& As ihe Govemor responsible for Fosk Managelnent, Alan Eashyood attended regular meeb'ngs of trKbth Ihe Flsk ManagÈfflent C(Mnmittee and the Heatth and Safety Comrnittee and ensured ihal Ihe Governin9 B(Kly was urx1atsd when required. This sPLsibIlity was handed over lo Simon Egys in July 2024. The Risk Regisier is scrutinised by the School's Finance Cornmittee annually. before thg key slrategic risks are reyith%Ed by Goverrhy5. The key risks vulneralylrfies wlentified during this pewiod We.. Polit1 risk. FinancAal risk. Fire. Cyber-sewrity. and saf8gUaing. Govemors have appk'ed a range olrneasures to manage anL1 mitwJatè these risks. Govemors identified the emtrrgirvJ ri ofVAT on school fees. enSlI¥j that fees are adjusled to mituale the finan(ial impact on parents and that the necessary professKJnal expertisè was applied to ¢rtsU VAT cornplkance. They also antiopated the removal oftharitaiAe relief on bu&n&ss rates from April 2025 and responded to the inrJease bn Employers. NatK)nal Insurance contsibutions. In response to economK pressure. Governors scrulinised &X[mI111e and reduced operatiTrJ costs vthere possible to Corttr fee in¢aSe$. This will conb.nue to limit the fjnarra1 wnpacl on fee p8yiny parents. Fire risk assessments were urKlaled al Lvth thg Senr aThl Prep Schools in August 2024 and Governor5 w¥ enswe that 811 adK)n Ftints arè athlrèssed. The IT Tèam wored cthety ith exiemal specialists to manage the Sthool's infomation systems address the growirg Cyber-security Risk. Adive threal detsction systèms remain in ace and cyber- serity measures arp conlinualy ukmlated in best induslry practice. The S¢hwl continues to implement the Safer RnJitia Action Plan to enwre that all appointments comply with Keeping chrtdn Safe in EducatK•n and meet the ISI regulat¢Jy fequirements. The Single Central Register and associated personnd filgs were scrulinised every terni by the Safegjarding Govemor to ensure c>)mpliarKe. 4A R•mUn•rnort pollcy The Remunerabon Committee. ¢haired by the Chairman of Govenx)ts, meets annually to review th• remuneration of tea¢hirtrJ staff, support stsff and Ihe Leadership Team. The Remuneration Cornmittee considers all exlemal environmentsl factors. which influence recruibng and rètention. These includ& rèferencè to indepeThJent benchmarkiro Sltrveys. induding HaysmaGintyre and Baines4CuUer. The recommendations ol the RemuneraiM)n Ccmmittee are presented lo the main Goveming Body for endorsement, befo being implerrenled fr(xn Seplember. Support Staff salaries a aloned using 8 framewort developed from an extÈmal job evaluats.on prrte&%. which is upjated annually to flect thanges to individual ro$. Any ¢hanges to le9islabon are inwemented withoul delay. including annual increases to the NalK)nal Minimum Wage. Inv•stm•nt pollcy The MTS InvestMt Commiitee, Chai by Jame5 Tw7niry oversees the [rOala oflhe School's investment portfolio. In liatson wih Ralhbones. the SGhool's investment managers, the b318nGe of risk and retum reflected in the asset allocats.on adopte(l is rev*wed in the light of external eveftts and adjusted, as necessary. This Continues to bè a volalile peric¥J for the markets. but Ihtr Inveslment Committee h88 worked vAlh Rathb(85 to w)tect the Iwtemi capital value ofthe Schrs Page 15 of44
Merchwnt Taylor51 S¢bool IA ¢omp•Try limited byguArThtet tttst * sbr¢ Governors, repfrrt (IncorporAting the Striegi¢ report) For the rended 31 Aw ust 2025 endowment (unds from inflation and martel volatrfty. v&hilsl iwikjing deggnated and endowment fvnds to support fvture bursary awards and other commslments. 4.10 Future an$ MerchantraOIS. S¢hool aims to b& int1eperthnt day schod ofthoice for boys agad &18 in the Northwest LoThJon aa. prowding an excelknt all-round edLtiOn. We wth to enable pupils t(> tiv• fulfilled INes Ihat contril)ute to society. To meet ourvisKin, v•ill.' treai the wellbeiThJ and safeguwdirJ of our slaff and as th& foremost congderation.. empty and retain th8 best staff avaiLgble h)r the job: maintain the highest academ stardS. $t SUPF4Jrtirg a holts¢ education: Sew pupils derwe litelorg befft from the a&rrvJnd edallOn offered; enswe that an apwopriate nurnber ofxhdathip5 and bu$ a targeted to provide outslanding elltional oppOrt[be$ for notably 9ifted toys and toys from disadvarbtw baekgrounds., $ustsin a dwse and wwortive emrwment It1 alknws staff and pupils to thrive witFw)ut ffj9ard to background, faith, gender. Sp1 d5, dtsabilibes or sexual Ontation. maintain and devèbp buildiThJs, gn)urK1s aTh1 knlrfies to the hwJhesl stsndards and lo shape plans thal meet eM1j e&"Onal needs.. be mindtul of our histoit thaiilabtè foundabon arml pmmote wder public benefft in ouractNib'&s.' ensurt that management of the SCho,s finances is effiryent and that expenditurè tskes account of affordability, recognisry tr[ pwents make s•3ntrtantfinartial sacrifices to educate their boys al thè ScJ)ool. 4.11 Section 172 Statement As an Independenl Sch1 in Northw0c. MeTchanl Taykys, SdK>ol dewds on the Injst confidence of its slakehdders to opere sustainably in thè Ic9 term. Govemors Pla the wellb8ir¥J. safeguarding and ediational needs of the boys and staff forernosl as well as providing support in the local commnity. The Govemors of Merchant Taylors, School have acted in ac0)rdare with their dube$ ¢odtfi8d in law, which indude their duty io act in the way in which they constder, in go(NJ farth. would bo most likety io promote the success of the School for the benefii of puFNls and staff. having regard to the stakeholders and mattgts sot tyjt in S8clion 17211) ofthe cOmp•eS Aci 2CQ6. Section 172 consideraDons are embedded in the Sth¢x)I'$ Strateg decisKsn-makirrfJ process led by Govwnors and thrtyjghout the 0rab"onal pknniThJ pwcess by the Executive. 1ssuÈ$, fact¢Jrs and Stakeh)lde. whth the Govemors have congdered when dcharging thèir t1uty undef section 172111 are worded in Govgmtsts. mee11r papèrs and lFred to thwhout this Annual Report. These includè consi¢Jerations rélating to inter alia.. mneration- pension provigon.. fee discounts an¢J bursaries", capital expendrture management and posy"Ue charges to polw. Our visim, purwse. values and aims a set out in seth.on 3.2 and are fvrther illustrated in this Strategic report. whth can be found at seth.on 4.1 - 4.8. The key risks facing the S¢hool and the frame*th 0fthr mw&Jer1rt and liMtigati arB in tiOn 4.7 oflhe Strategic reporL Our ènvimnmental. s¢xia and 9ovemance prac11S are described in sedion 4.4 (Public benefit and outreach) and the extent of bursary suppM)ri for pupils vthose f8mili88 are unabba to pay the school fees are primarily set out at seciion 4.5 (Financial revtewl. For thé fourth yeai, Merchant Taylors, School is reting key eneryy and cartx)n usago infomiation. aThJ this can be found below in 5ecbon 4.12 IEnvironmenta perfommnce). Pag¢ 16of44
Merebamt Tyl•rs? S¢bool (A company limited by8¥rTrtttnd •otknvl¥E * shrt u•il Governor5'."r¢port Ilotorwr•titsg th¢Strt¢Ot tep•rt) For the ren IA st 4.12 Envlronmental Perforn MTS SECR Reportlng Perfod: S•plember 2024- September 2025 2025 2024 Emission$ alculation tcoè Emlssions ¢alculation tcoe Energy Source Consumptlon Gas- total kWTh Ikil¢Jwattthoursl from gas bills 3.244.026 kwh (gross CV (Cal)r value Scope 1 651 593 TrarbSPOrt- Mini-bus 26.300 mites S¢ow 1 10.$8 Dia8el11CQ% mineral ijiesell 11.YKI litrps 30.60 30.61 Prop8ne- Tot81 Lilles Electricity- total kwh efectricty bills for the h0o1 1.318 Irt S¢ope 1 1.09 2.03 1,401.266 kwh S¢opo 2 276 290 Business travel (average carl 3598 miles Scope 3 0.98 0.98 Business travel land (taxi) 47.5 km Scope 3 0.001 0.01 Business travel land {raill S,12 kn1 spe 3 0.19 0.20 Business travel {alr short ha} 1.895 kn1 Scope 3 0.36 Business travel {airdomesti¢) 2.W kn) Scope 3 .57 Hotèl Stay 10.4kg C02e Scope 3 0.02 Water Supply 29.114 m3 Scopo 3 3.97 4.67 Water Treatment 214.330 m3 Sto 3 4.47 Waste DisFosal- Metsl 1.5 tomes $pe 3 0.02 18.59 Wasto Disposal- WEEE Mixed 0.45 knnes Scope 3 Waste disposal- Batteries 0.02 tne$ 11.06 Waste Disposal. Paper and board.. mixed 2.98 tonn95 0.02 29 Waste Oisposal- Glass Waste 's[m)Sa1- Refusel Commercial and industrial waste 5.39 tonne5 Scope 3 0.02 28 35.75 tonn8S Scope 3 387 Waste Disposal- Paper O tonrs Scope 3 0.05 72 Total 978 1,472 Emisgons dala ItC02el per wpil &FTE 0.75 tC02e per pupil & 1.21 C02t r pupS1 & lrttengty ratho Pagc 17 of44
Mtrchant Taylors, School (A wmpany limited by gu•rntse ¥Nd shrt ¢A•iIAI) CoveYMYs' trt(L¢ry0lafSNtfkn0 StYieek report) For ihe tar Ènded 31 A 5t 2025 MTP SECR Reportlng Perlod: September 2024- PteMber 2025 2025 2024 Emissions calculation tcoe Emlsslons calculation t¢0• Energy Sourc• C¢)nsurnpllon Gas- total kwh Ikikn¥attthoursl frc¥n gas 421.057 kwh (gross CV calorif valu 20.72 Transport- Mini-bus 7.515 rne$ Scope 1 3.02 Eleclricity- total kwh used frlrthe year. taken the ¥l¢ctritity knlls lorlh• school Water Su Watef Tfeatment Wast8 Disposal - Refuselcommercial aThJ industrial waste Waste Ois al-Pa r and b)ard.' mixed Waste Ois al- Metsl Waste Ois al-o anic locrfj Business travel ave ecar Business travel 218.114 kvth Scope 2 32.90 45 2,487 m3 1.964 m3 0.43 0.47 0.36 10.01 tonnes 0.045 64.55 3.68 tonnes 1.3 tonnes 11.76 290 mIS 209 km 0.014 0.017 0.16 0.18 o.os 23 Sco Sco Sco 75.38 0.08 0.008 Tot 289 EMisS•y data ItC02el comparèd wrth an appropriate ness actNity (pupil nurnk% as Autumn census 0.25t C02e per pupll &FTE 0.79t C029 pwr pupil & FTE Intensity ralh) Quantlfication and R•portlng M•thodology This melho(knlogy follows thè 2019 HM Govèmment Environmental ReFoth"ng Guidelines. We have also used SECR Reportirvj proto and ffte 2024 Govemment Emisyon Conver5w FactOf5 for Company Reporting (condensed set). We have adopted the rrneed lntengty aSureMent forthe sector, which is toial gross emissw$ in triC tonn&s C02$ pèr staff and pupJ"l. Scope 1 refers to direct business greenhouse gas emissions genwed including from fumac8$ or heating equipm( Scope 2 covers ind¥ect emissicS from trKity. which a needs. but which come frorn source5 CWtsKJe the ntrol of S¢lKxY indudiThJ power stations.. and Scope 3 cover5 emissions (not dasd as SCpe 2} that ar8 a c(YlS8qU8nce of our actions but a not unt1erthe cfjntrd of the School. Pknures Tak•n to Impro Energy Effid•n The School continues to implement measures to improve enenJy effiriency and rsducè its enmmnmentsl impact through a c¢)rnbInat of infrastw¢ttJre investment and staff èr@ayèment. During the year, sdar photovoifaic panels were installed across both sites on Sports HalLs and grounds buildings. contributing to on-Ste fynewable energy generat. Air source heat pumps have been installed where appropriale, replacing older plant and improviThJ healing effiuency. Building Management Syslems have been enh8nce(J to imprn Control Mon1%1ft9 of ecinuty. gas and water consumplK)n. The Schod con1ml to invest in LED IMJhtiThJ. and a kwcJramme to uwJraJè èxisting Crittall windows to improve therrnal perfwnance and redu¢x heal loss. M8asure$ have also been introduced to support improved vrater managernenl and reduced vraler consumption. paiticJJlarfy in highSe areas across the estate. The School recycled 64Oh more waste Ihan sn the previous year with 100% of cardboar(1. glass, general waste and food wasle 1rj senl to rewth ¥e$s1n9 or recydiry. Pw 18 of 44
Mer¢hant Tiylorsy School (A compaHy knmbted by guarantee and h•¥iDu• sknr•pitsll - Governor4. rtp•rt (iu¢orpor4ttN¢ tht s1£11¢)-.""- For rhe Qarend 31 A 512025 Staff engagement remains a key cornponent olthe Schtx)1'5 approath. th enefJ¢ y and water awareness training delivered to encour gocJ prth in th& IJay4tsday uso of buddings and ewipmenL These acti5 reflt the Schry)I's orffjoing ¢ommilment to its carbon footprint and managirrfJ resources responsiWy in supp)rt of ts chaiitable objectives. MTS remains commiited lo rgJuciTrJ its Cart fcrtthrint enhanuryj sustainat41ty. ErnnJy-saving meaSUS are monitd, energy o)nsumpD'on carefvlty re¢oriled and anased. Govemors oversee the enepJy tendering proce8& ensuring 8lwJnmenl thg Sdwl's suslainability objectives. Tho Suslainability Commtitee mains PNotsI. miewng ancs implementsrwj eMronmÈnt81 pracke across the site. This reflects Sch1.$ commiknent to responsibk energy management and envSronmental stewardshlp. ertsurirvJ m&Ingl progwB5S twrd a Ire sustainablo future. PBe 19 of44
Merchant Txylors. School {A company limlted by guirntee•Thd not hvine• sh•re uwl•rJ Co¢rnor$' reptrrt fintorportlnE the Strtrpt rty•rt) For the earettdEd 31 A ust 2025 4.14 Stat•m•nt of Trustees, sPonSIbl11eg The Sthoofs Govemors are Direth ofthe Chantable Company and Tw$léos 0ftr Chadty. They are sponsible for ppann9 the Annual report and ihe Financial Statwnènts in aCCordce ilh applicabl8 law and United Kirodorn Generally Aeptell A¢c(xJntiNJ Pfacb"ce. Compary law requires L)irectcrfs to pree nal1 tem8nts, vthth Prnde a true and fair wew of the affairs ofthe Cornpany and the profft orloss forthat yw. In pffepng those finarKial StateThnts. tho D¥irS afe requir6d to: s•lect suitable accounting pofficies and appty them consistenty: observe the methods aTrJ principles in the ChariD'es SORP. make judgements estimates that are asOnab and prudent,. state whether aywlicable accounb"rKJ standards have been followed. Sublt lo any matethal depariures disclosed and expiqined in the financial statements: and prepare the ffinancial statements on 8 grt9 (xjncem bass. The Director5 are responsible for keepiTh3 prcper awountiry r8¢ord$ 4vhich di8dose with SOnab accuraty, the finanual pogtion ofihe Company aThJ %¥hich enable them to ensure that the financial statements cc¥npty with the Companies Act 2006. They a also responsible for safegua19 the assets ofthe Cornpany and for tang steps for the prevention and detection of fraud and other irregularities. In th8 rasè ofall persons arg irÈctors atthè vthen ttws rep)rt ss apwoved. the follwTrJ applies.. so far as the Director is avtare. there is no relevant authl inlomi¥)n ofwhich the Companys audito ar¢ unaware.. an bl he I she has tsken all the step5 that h¢ l * OLNJht to have tsken as a director in order to makè himself I hersejt aware of any rel8nt audit infomaticffl to estsblish that thtr Company's audsiors are awa olthat romon. 4.15 DlsabS11ty sLment The Sthool continues lo gNe fvll and trdir con5iderats.on to disabled persons applwng for ernploym8nt, havirKJ fijll regafd to their parbcularapth"tLM1es and athlis. Full and fair considerdtion will bo gN8n to the continuing employment and appropriale training of per¥S vA)o beLome disabbed. The School provides equal OPKX)rtunibès to all stsff on the basis of objective criteria and personal meril. 4.16 AudFtors Saffery LLP have in(kated their vAllingness to o)ntinue offra. By order olthe Boa Cdre IRel¢Jl A M Cree, CBE Chaim)an Date 18.03. P4e20of44
Merchant TAylor4' School IA tofflpany limited by8UWWltttAAd o•1 hAviD8 * 5bJr¢ts1) FDr tht cxr¢ndttl 31 A We have audited the hnartial stateffents of Merchant Taylor5. School for the year ended 31 Augu$l 2025 which cnprise stement offinancial tiVleS, balance sPteet. Staternent of cash flr)ws and notes lo the financial statements. indudin9 &gnificant accounling poliues. financial repth.ng framework that has be&n applied in their preparation is appluble law and United Kingth)m AcccwJnlrKJ Standards. inclLvJing Financial Reporbng Standard 102. the Finanaal R&porbrs Standard applKable in the UK and RepU1C of Iland (United lQrrfJdom Generalty Accepted fv£cwnting PraCbl. In our opinion thtr finanoal mwts: gvè a true aTrJ fair Mew oflhe chafitable companVs state ofaffairs as at 31 August 2025 and of its incomiThJ resources and aFWication of resources. indudiThJ its irKome and expenditure. ' for the year In ended., have been wopofly wepared accordce vth Kirysyn Genernlty knpted Accounting Prncbce: and have been prepared in accordance with the Conyiies Act 2006. Basss for oplnlon We cOndLted ow audit in e0rdance Intemational Standards on Audibng IUKI IISAS IUKII and applicable law. OLtr sponsIlrt uTwJer those stsndards are fvrther described in the Auditorf$ responsibilitses for the audtt ofthe finawal slatements sec11r of our reFrt)rt. We arè independent ofthe charitable MpanY in accordance with the eth1 wu1ments that a reVant lo our audit ofthe finala1 staternents in the UK. indudir¥J the FRC'S Ethical Standard. and we have fulfilled our other ethical resp)nsibilities in aCrdan these requtreffents. We believe that the audit evid8rKe wè have obtairted is SU?1 and approwiate lo provid& a basis lor ovr opinion. Concluslons relating to going concern In auditing thè finarrial statemonts, we have cortluded that the truste&£' tsse of Ihe going concem basi5 of accounting in the preparation of the financiJ statemenls is appropriate. Based on the wottt we have porfomwd. we have not idenbW any material uncertainties relating lo events or conditions that. indiwdualty or colleclivety. may cast svJnificant doubl on the charilable company's abilty lo ntinue as a lij o)ncem a sEriod ofat least Nvdve rn$ from when tho finanoal StateMts are aLtthiyise(I for tSSUe. Our wnsitslities and the responsibl1rt ofthe Iwstees respect to goirKJ con¢em ar• described in Ihe relevant se¢litins of this rep Other Snformatkn The Irustees are rospongbl6 forthe olher inlomation. T1 olher infomation comprises ihe infomiation included in the annual POrt. oth&rthan the finanual statements and oui auditorfs report Ihèrèon. Our Opin2 on the financial statements does nol coverthe othèr inf0Mti¢ and, èxcept to the extent otheNse expliatty 518led in our repcrt we th) not express any fom of aUnCe conclusion thereon. Our S¢)nsibl1ty is to read other infom7ation aThY. in doing 30. considervhther Ihe other infomabon is malerially inconsistent vAth the financkql ststem¢nts or our knoedge oblained in the course of the audit or Othl$e appears to be materialty misstated. If we KJÈntrfy such material in¢M$1$tO&S or apparent material misstatements, we a qUId lo detemine whether this gives rise to a material misstatement in tr* finanual statements themselves. If. based on the woth we have perfomed, we nClUde that there i8 a malerial Miternent ofthis other infomation we are required to repyt that facL W8 have rthIj to repjrt in Ihi$ w8gard. PJ8e21 of 44
Mer¢hani Taylors. School IA CfmpA Try limlted by guarantee aDd noi h•viDp sknreupitsl) For the tartllded jl Au St 2025 Opinion$ on other mattern w•serfbed by the C1¢8 Act 200S In onion. based on the th dertaken in thè course of the wthl.. the infom)aIl given in Ihe TNstees' Annual ReFKMtvknith inclth the Directors. RepNt and the Stralegic Rert for ihe financial year forvthich the fancial ststements are prspargd is consistent th8 financial ststemènts; and the Twstees. Annual RepL which includes the Dirsctors. Resxl and the StraK¥c Report has been prepa in accordan wilh awlicatle legal reqU¢m¥n. Matters on whlch w• ar• rnqulr•d to report by ex¢eptio In the light of the knowle(J& and understanding of the charifable (x)mpany and ils environment obtain&J in the course of the audrt. we have not kyentified materi81 mi&slatemeTrts in the Tru5tee5' Annual Roport Strateg¢ Report. We have nothing to rewrt in res ofts foll¢MirwJ matters the Cryanies Act 2rx16 requiies us to report to you rf. in rOpIr0n. adequate ac£ounbr¥J ¢0Yrts have not bwi kw, or rotums a(quate for our a1t have not bèèn feceived from branches not visted by us.. or the finanryal staiements are nol in Teement with thè accountiThJ records and retums" or ¢$rtairb dixbsures oftrustes$' rèmunerab.on specified by law a not made: or VA hav8 not rec8N8t1 all the infom)ation arwj expnationS requirt forour audit. Re¥pw#ibiliti•s of trystees As exained more fulty in the Trustees. ResFmsbilities Statement set oul on page 20 the trustees Iwho are also directors of the ch8ril8ble ctxnpany for the ww)ses of company lawl are responsible for the preparation of the financsal statemt$ and for besng satisfied Ihat they give a truè and fair vTrew. and for such intemal control as the trustees determTrne is necessary to ene Ihe preparation of financAal statemènts that arè freè fr(Mn matèrial misststement. wheiher due lo fraud or em)r. In PTeFwng the finarKial ststements. ihe truslees are respowwe for assassing Ihe chaiitale mpanV$ ability to wtinue as 0 tyjing concem, discIJ. as appIable. matters related to going concem and using the goiThJ concem basis of actountsThJ Un55 the trusleès •tth•r intend to liquidate the chariiable company or to cease operations, or have no wlistic aliemabve to do s. Audltor's responslbllttles forthe audlt of the fin01 stalerr*nts We havè beèn appoiftt8d as 8uditrMs underthe CompaniesAct 2C(16 aThJ report in accordance with ulthns made under that Our obje¢tiv&s a to obiain reasonats a&%urance at1 whether the financial statements as a who are free from material misstalement. whether due to fraud or error. and to tssue an audittsrfs report that includes our opinion. Reasonable assurarte is a hwjh Ve1 of 3ssurarK8 but is nol a guaranlee that an audit wnducted in awrilance with ISAS IUKI wll ahS deteci a material misstatement when it $xi$ts. Misstatemernts can arise from traud Of efror and a considered material if. indwidualty or in th8 aggregate, they coukl reasonabty be expthj lo In1kCe e¢xrfKyni¢ of Ltsers tskeTh on the basis ofthese ffinanual statements. IgULaritieS, IldIrj fra. a instances of rrfjnvccvnpkance wth laws and regulth"ons. We design procedures in line with our reskM)nsilylitEs. ouyined above. to dttect material missiatements in respecl of irregularitiès. iluding fraud. The s"fiC procedures forthis ervJagement and the extent to which these are capae ofde"j IrrerItIes, Iuding fraud are detsibed betryw. Pa8e22of44
Mer¢hant Tayior5' school A t•mptty limired by guarnlltee•lld not hvity¢ share tApitD -Ind¢ptAdeni audliors'.repDrt (£oniiNued).- Forthe rendtd 31 Au 5t 20Z5 Auditorfs r•sponsilMlitl•s for the audlt of the flnandal S•ments (continued) Iden'n9 and assess¢ng risks Tdaled to IrreguL4re& We assessed the gjscepbbility of the charitable compan$ finan(ial statsm¢nts to material misstaternenl and how fratjd mNJht occur. irduding throLvJh discu&sions with the trustees, discussions within our audf( ttram plannrrwJ meeb"rrfJ. updalin9 record of intemal controlsand ensuring Ihese controls operated a5 intended. We evaltjated po"ble incentives and opportunittes for fraudulent manipulation ol thè finanoal st2tements. We entified ki¥Ys and regulations that are of SignifanCe in the context ol the charitable company by discussions with trustees and uwlatiny our urKlerslanding ol the sector in whKh the charitalje company operates. Laws and regulati3 of direct significare in the (xjrtsxt of the charitable company include The Companies Act 2006. arKI guidance issued ty the Chaifity Commission for England and Wath. Further. th$ ¢haritablg ¢crfnpany is subject to other laws and regulations where the ¢onsequen¢8$ of non-compliance ctyjld have a mateiial effect on amounts or disclosures in the financial ststements. through ggnificant fine. litvJatton or restriclion5 on the th8ritalAe ¢ompany's operations. We identified ihe most sKJnificanl LAWS and regulati$ to bÈ the IndepeThJent School Standards as found in the Education and Sknlls Act 2008 and guidm ISSU by th& 0&pathnt for Education. Audit Ss>)nSe to ri8 identifd: We consdered the extent of compliance wilh these laws aThl r6guLations as part of our audil procedures on the related ffinantsal Ststeml itèms inclut1iNJ a fev¢ew of financial statement di8¢lo$urès. We iewed Ihe charitsble CoMpanS records of breaches of law5 and regulations, minutes of meetings and coriespondence with relevanl authorities lo i(Jentify kxjlential matenal MISStatt$ arising. We discussed ihe charitable companys poli¢itrs and prO¢Ur&S for comlance laws and wulalions with members of managemwt r¥sKy)nb for compliance. During the anDIrj meeting wlh the alit team, engagent partner drew attentIC to the key areas whth mwJhl invofve non-compliance with la and regulations or fraud. We enquired of managernent whether thgy were awam of any instarKes ol non-cOmlanCe wth laws and wulations or knOeth)e ol any acbjal. SLwected or alleged fraud. We addres thè risk offraud Ihrough management override ofcontrols by testing the apWoprIenÈsS of journal entrS and identfyin9 any significant trJn58ctions that were unusual or OLtside ihe norn1 course of bugness. W8 assessed Whether1u(8rnefits madè in making accounting estimaies gave rise to a possible indiGatK)n of rnanagèrnent bias. At the Comebon stage ofthe audit. the engagement partnefs miew induded ensuring that the team had approached th8irwork with appmpriate professional scepticism arKJ thus the Caplty to i¢Jentsfy Th)n-MpIrdCe vith and regulabons and fraud. There ar8 inherent limitab.ons in the audit Procedu de5rJibed above and the furthèr removed non- compliance laws and regulations is from the events and Iransactions refiected in the financkl statements, the $5 likety we would teome aware of IL Aso. the risk of not delecling a matsrial misstalerrEnt due to fraud 15 hvjherthan thè risk of not detecting one tesulbTrJ from error, 8$ fraud may involve deliberate C(Xlment by. fOre¥PIe. forgery or intentional rnisrepresentstions. or through Ilu$KJn. A further desCrytTr of OUT respon$ixlilies is 8vailatAe (m Ihe Fla1 Reporting Counul's tr$i at.. htt ..Ilww4.frc. .ukJauditorsre5 ongbilitTes This description foms part ofour auditorfs report Pa8e23 of44
M¢reb•ry¢ T#Yr$, S¢hwl IA CompAY limited by guarantee Dd Dot hvini • 5b•rnwiil•l) Jndepcndent uditor5' report Iwniiuuedl Us• of ¢)ur rport This r8POrt is made solety to the th¥it>le G(Nnpany'$ mèmbers, as a body. in x¢ordarKe vrith Chapter 3 of Pari 16 01 the Companies Ad 2CrfJfj. Ojraudrt has been undertaken so that wè might state to tho Gharitablè company's membets those matters we a wuired lo statè to Ihem in an auditorf3 report and for no other purpose. To the 151 extent pernitttd by I1. we ¢Jo not accept or assume re$pon$ibiltty to anyofte othèr than the charrtabk company and the charitable oompanvs members as a bo(ty, forour audrt th. forthis reFxI. orfor the Opin$ have formeij. Cara Turtinglon {Senior Statutory Aj1¢T) for on bèhalf of Saffery LLP Statuw Auditors 71 Queen Victoria Street London EC4V 48E Dat8.. IS Apnl202L Saffery LLP 1$ gI1b18 to act a$ authlor in tems of sliC 1212 of the crynpan A¢t 2006 P4e24of44
M¢rrhntTyltyts' School (A ¢omp$uy lithii¢d by gur•t¢¢Attd n•t hviN8skareupitsl) StatemeAt of flTran¢iil •rfivitse& (iAeorportsng tht illthm"AtttfiPEthre ¢¢o¥•t)- r tnded 31 A 2025 In¢¢)m¢ frtyn: Charitabl• acliviti•s School Fees 29.510,Lf 29.510,062 29,723.767 ReglstsallonlAdmSssns Fees 119.413 119.413 126.333 Oth•r chaiiiable xtivibes Other 3nrillary iThXNne. Insurarte Other anullary IrKame- Rwls Recwved Other 1.216 ,Q8? 2MI,087 268,016 236.401 236A01 127,610 Othgr trlin9 Klivili•5 DatIon IrDm MTSEL 249.gJ3 249.903 139,805 Pfit on Sale of assets 122 501140 199.797 701,937 722,888 Donatlonsa legaclo8 Oonatior 252.810 252,110 312.479 Oevpm8nt Campaljn In¢cffie 86.827 352,135 25.(KXJ 463,962 663.114 Total Income- 30.973.833 199.797 604.945 25,000 31.803.575 31.fj35,550 Expondltur• on: Raising funds ni Relatiors and Oevefvjpmert 36,132 212.426 3S8,154 Investrn8nlmarwJement 7,407 23,1 31.301 22,142 Finanur#J costs 33.159 33.159 22,792 23.901 36.132 S.893 403,088 Charftablo Act1¢1#5 School and grant Man) 29.27t.379 189,885 266.6n 29,727.937 28.679.896 Tolal expEndir# 29.568.239 213.7a6 302.805 30,084.830 29.082.984 Net IncomeUexp8ndlturel belo Investment 96 1.405,594 {13.989) 302,140 25,000 1.T18,745 2,552.566 P*E¢25 of44
MtrchNnlT•ylors' &hool IA ¢ompny knthited by gthr*nt¢e•Thd ntyi b¥vinE• Jh8rec•pitsl) Stlltementof finA Tr(i•l activiiios Itontlnuedl rthe re5 1151 025 Notss unl1cted Deslgnat•d R•strlct nnanent Endowm•nt 2025 2024 Net gainl{los$} on investrnents 102.186 278.535 122.110 502,831 736,807 Net Incorne 1.507.780 264.546 302.140 147.11 2.221.576 3.289.373 Transfers 204.819 (93.1) 1111.8181 Net mov¢msnt In funds 1.712.S99 171.545 190.322 147.110 2.221.576 3.289.3T3 Fund balance$ at 31 August 2024 37.095.109 9.341,167 1.11YJO02 2,454.171 49.991,249 46.701.876 Fund balan¢e$ at 31 Au9USt 2025 14 38.807.708 9.512.712 1,291.124 2,601281 S2.212,825 49.991.249 Summary Income arHJ EXrtUre Acccwjnt 2025 2024 Total In¢ome 31.778.575 31.370,098 Total Expenditurè Unrealisgdlroalised gain$ and110$8esl 30.084.831 29,082.984 380.721 S21,285 Net Income for the year 2.074,466 2.808,399 All amounts relate lo continuing operations. The noles on pages 2944 foryn part ofthese fmartial statements. F260t44
MerththntTayloYs' SthMI (A t•mp•Thy bmited by ÉualOtttsd hAtAnAa sbre tapltal) -.B11ce.%b¢et- reDdedJlA 2025 2024 Flxed assets Tan9ible Frxe(l Assets Investments 41.376,741 10.075,225 39.193.814 8,023.607 Current s•ts Stocks $1,980 54.194 Debtors 10 2.724,191 642.892 Cash 9.949,836 14,705.425 12.726.007 15,402.511 . Current li•biliti•s Crnditors: due wlthln y¢or 11 (9.5202291 18.4750171 N•t curr•nt assets 3,205.778 6.926.694 Total assets less current li#bilitiè¥ 54.657.744 54.144.115 Creditors: due aftw mor• than •x• y 12 (2.444.919) {4.152.8661 Total n•t ass•ts 52.212,825 49,991.249 Unr¢strfcted fvnds 15 48.320,420 46,436.276 Restricted funds 16 1.2>1,124 2.801281 1,100.802 Endovmient 17 2.454.171 Total fvnds 14 52.212,825 49.991.249 The finaneial statements were approv•d ty the Goverr¥)rs on i % .03. 1 and were signed on their behalf by Cdre {Retd Diracior M Cree CBg R H E Nèw811 Dlrector Company Reglstratlon N 3411540 The notés on pages 2944 form part ol Ih&se finanoal #atemonts. P•Èe27 of14
M¢rthamt TyloTS' School IA ¢ompany Jjmlted byguAfAnthtlld shrecAplt* Cash $l•t¢JrtTrt For the tar Jl A 2025 2024 N•t flows from opgrating activiti 18 256.329 9.933.336 Cash flows from irtTrtsting activiti•s Investment income 701.937 722.888 Purchase of FA (4.291,867} 6.786.118 {5.233.2101 1.685.569 Proceeds from sale of inveslments Purchase of Investmts (8.300.396) 12.135.402) 122 Proceeds from sale Net cash used In Inve8tkng actlvltles {5.124.2081 14.960.033) Cash flows from finandng actlvltles Movement In final deposits New endovM&nt 101.800 23.600 25.0(M) Net cash used In flnanclng actlvltleg 126.800 23.500 Change in cash and cash equNalents in the leing peri(hJ (4.741.079) 4,996,802 Cash and eqvivalents as at 31 Augusl 224 19 14.726.8C6 9,730.004 Cash and equivalents as at 31 Augusl 225 19 9.985.727 14,726,806 The note$ on pages 2W forn part oflhese financial ststemen P4ge28 of44
MerththiTyiors' S¢lwol {A tsJmpny limlttd bY8Yrntt1ttA wt hvlDg sbAre upitsD Ntytesto th¢fiDncL•l ¥thtements:-=- . For tbt earended JI A USI 2025 Accwntln9 pollcles Ba$1$ of aeeounting The accounts have bèen prepared under ihe Companies Act 2Crf)6 and In accordance with the CharTtses ststement of Recommended Praci¢ce ISORPI and Finanrial Reporting Standar(J 102 IFRS1021. Thg act15 ar¢ drawn up C the historical cost basi5 ofaccounbrg, as modifd reVaation of prvportig$ an¢J olher investsments. The financial ststemtrnts are kYep8red Ni sterfiNJ. vA)th is fvn¢tTrwal currency of the Charity. Mone amounts in the88 finanual statements are round to the rest £. Thp Ch$rity i¥ a wblic b9nefft enlity. Having mieEd the fvnding faci1 av8itsUe to the 5th(x. the irn9 dunand for pes and the School's k¥ojected cash Ilows, Govemors have conduded that thè School has adequate resources to continue lo operate for the foreseealje future. AcuJftliNJty. tw conb.nue to adopt the going concem basis in preparing fin8n¢ial slerngnts. as (MAlined in th8 Statemant ofTrustees' Responsibilities on page 18. The financial informalw is presented for Merthant Tayk)rs' Schod as an ith.dual undert2klng and not for the group. The Trustee5 have taken aifvantage of the SORP and Companiès Act 2006 IS.4051211 exempon not prepare gr(KJp financial stalemènts as they con&derthe effecis ofchanges would be material to the finan¢ial ststem9nts of Mercht Taykjrs. SC. The following accounting pdicies have been 3pplEd dealing wilh items whth a considered material in rdation to the SdKK>I's ffinaryial stat8mènls. 1.2 Going Conc•m Tl)e Governvrs Gonsder that the key flnandal perfonnarè i1ltatOrS are those thai communicate the financial perfonnance and streryth of the Sch1 as a whole. those being Pu1 numbers, academic results lor the ygar. surplus for Ihe period. extra-cufficuL3r perfom)ances and aoications for places for ihe following year. Foi the period under review, pupil numbers conlinue to be at apble 1gv. thè financial result forthe wiod was good and registratiorTrs for fijture admissions rwnain strcry. The Govemo(s have a leaSble exFeclation that the tharity ha5 adequate resour¢e$ to continue its advits'es for the foreseeable future and consKler that there were rK) matsrial urertaIntieS over the School's ffinanctal viabilty. Accordingty. they conlinuo to adopt the 90ing c<xem basis in preparing the financial ststements as outlined in the SlaierTnl of Ateounting and ReporfitYJ ReSp(SibIlitieS on page 20. 1.3 Tanglble flxed assets The School entered into a leaso from the Merchant Taybrs. Company for a 128-year term efftiVe from 16 Marth 2011. Under the terms of this bas•. th• Schoc4 is for kwr¥J the properbes in a fit ant1 useful condition and these costs are expensed when incvrred. Subsequent additsons and material improvements by the Schod are capitslised on Mpletion and are depreciated as set OLrt in noie 1.3 below. Tang18 fixed assels vakjed at £7.thn ass(tiated wth MTP were acquired cffl 15 Cttobei 2015. Expendituro on the a(4uisib"on, C(strUctn or enhancement of land arhd building$ togtrthèr with vehicles, fuml1u. machinery. ICT infrastfuclure and otherequikrynt are ¢arrieil in the balan¢e sheet at historical cost. 1.4 Depreclatlon Depreciation is provthd lo wrib off Cost of all f818vant taiVJIe fixed assets less estimaled rewdual value basad on cUrrt maknt prices. in equal nal inslalments over their expect useful tet0mle lives as folknws.. Building and leasehold improvements 70% chargeil over50 years. 30•h charged over 20 years- the lattef to reflecl Comp0ntS that have a shorter life {e.g. fl roofs, elect1 wiring etc.) Fumiturè and 8quipm8nt over 10 year5 or 20 years Machinery and motor ¥eheS over 4 years Computef hardware over 4 years DeprerAation is nol tharged on assets under (xJrth¢tKJn or frgthdd land. InithvKlual items costing less than £500 are written off as an expgrw. as acquired. PaBe29of44
Merehanr Tylors' SCILODI IA company limiltd by tu•rnntet wnd h•tpiAi•skn¢•pitsl) Notes tt+ the finartiial stAtements{¢ontiAuedl rthe e•r ended 31 Accountlng pollcles Icorrtknuedl 1.5 Currnnt ass•ts Slocks consist oftethks. tsblets and oiher SCI[ consurnabl8s which have been wthased in ajvancg of the new academic year. Slock is rarried at the lower ol cost and net reali5able value. Fees and slmllar Income Fge5 receivable and charges for services and us8 olthe premises, less any alfvances, sth(Ilarships, bursaries granled by the Merchant TaOrS. Company against those fgè$. but including contributions receiveil from restrthd lunds. are aA)Unted for in the pericKJ in thè s•Mcè 1$ provided. Donatlon¥. legaclfjs. grants and other Voluntary Inc(xnè Voluntary incoming resources are acc(xJnted for as and when entiuemenl arises. the amoLmt be reliably quantifieil and the economic b8nefit to the School is COndered Proba. Voluntary income for the School's gènpral purp05e5 is accounted for as unrestricted and 15 credited to the General Reserve. Where the donLY¢r an appeal has imposed trust taw restsicti"ons, vduniary income is Gr8(Jited io Ihe relevant $triCted (und and in¢oming Ènth)Wnts are accounted for as pewmanentlntst caiilal or expertdaa trust Catal, accordirfj lo whelher the d(or intends retention is to be pemianenl or not. Investmts and Investment Sn¢om• Invesrment irKomtr fr(xn divK1end$. bank balances aTrJ fued intewèst Sè¢LWit$ is accounted for on an acLwal'$ basis. Listed investments a valued at mkknlarket V8lL as at the baance sheet ¢Jate. Unrealised gain5 and103S&S arising on the revaluation of inves(ments a crediled or tharged lo the Statement of Finawal Actsvities and a alltK4ted to the appropriate Fund according to Ih&"1>4vnership- ol Ihe undertying assets. 1.9 Exnltur Expenditure is accounted for on an actAual's bas. Expenditu is allocated to expense headings, eilher on a ¢Jirect cost basis, or apporb<)ned accordiThJ to Manernet estimates ofiime spent or sp8(* ¢wipied. as appropriate. Irrecoverable VAT is ilded within the of expense to which it relates. Gov8mancè cos& irtcluded wthin Support Costs of sthJolin9. c(Thprise èxt•mal audrtcosts aThJ costs incurred in latiOn to consbtubonal and ststut¢ry r•wiremeni 1.10 P•nsions The Schod's leaching stsff are mernrs ofthe TeaKhws' PenSK)n S¢h¢rne (England and Walas) (TPSI operat•d by T•achers' Pensons on behall of Ihe D¢partsnèntfor Education and Skills. This is an unfvnded multi-employer scheme govemed by Th8 Teachers, Pension Regulations 2010 las amended) and thè Teachers, Pension Schemg RegulalKJns 2014 las amended). IndNidual schoc4s are not able to ¥Jenttfy their share ol the undedyiThJ assets an¢J liabiliD"es of the Schemè. As QUid by FRS 102. the School accounts for this scheme as rfit were a defined contribub.on 9theme. From Septembèr 2021 an optic1 dèfined contribution pension scheme IAPTIS} was also made availabb to th• te&hiNJ stsff. Thg group personal p¢nsK)n plan IAPTISI tor eligibb 5UPPOrt slaff continueil to 0rat& duting the year under revièw and is detailed in note 20. The aS5(lated Pèn$ ccffib)"butions costs are charged io Ihe Statement of Financial actiwties as incuffed. 1.11 Rental Income Rental inrA)m8 15 a¢c(wnted fty M a receivatde ba515. P•8¢ 30 of44
Mer¢haAt T#ylor5' Sch•ol (A company limlted by Euaraitee Th•t h•viH85h•r ¢api181) For the ear ended 31 Au usi 201 A¢¢ountlng policlas (connUed) 1.12 Fund accounttng Funds hdd by the Company are: Unrestricted General Reserve.. These are ftjnds which can be in accordance 7ith the chitabt• objects at the divetson of Ihe Govemor5. Designaled Funds-. These funds, atthougth unrestricted. are used for sFeufic pu0$8$. Referto notg 15 for furfher details. Restricted Funds.. {il Pennanent ErthW Funds: The use ofthese funds has been restricted by the orwa donor aThJ onty the income arisiry is 8vailabfe to sperKI. {ii} Expendable EThJowed Fd5'. These funds are accounted for sirwmlaty. ex¢ept Ihat all (apital ¢an be converted into income for spending. either at the Governo. discr911. or UKK th8 Xrre& ofan event cortempkted by the dorKx. Sèa note 17 for fijrtherdetails Ofendrhd tuThJs. 1.13 Operatlng leases Rentals pay8bles are ¢harged M a Iwne b09s over the lease term. 1.14 Taxatlon The School is a registered chawity, and ils" irKome is ftOt118ble to tsxakn. as St is applied io wholty charil8ble purposes. 1.15 D•btors Trade and other debtcrt are recogniJ att setuement amount due after any di5coufbt offefyd. Pr8payments are valv&Y at the arnount. nel of any trale thxounts due. 1.16 Cash at bank and Sn hand Cash at bank and in hand i1deS cash arKJ slmyt h•Jhty IKiuld investrnents with a wrb8turity of thrèè months or Iw3s from the dale of a¢quisition or openiThJ of the deposit or similara¢count. 1.17 Cr•ditors Creditors are Tecognised whefy thè Chaitty has a present Obrigat resulting from a past event that 11 probably result in the transferof fun(Js to a third party and the amount due to settle the oblvJation can be measured or gstimaled reliabty. CredItS arn nonnaty rwnised at setuellnI amwnL after allowro for any tradè discounts due. 1.18 FSnanclal Instruments The Charity only has financial asset$ and finanaal liabileS of a kind that qualify as basic financial instfuments. 88sic finantsal instruments are inthally nised at iransaclion value and subwuentty measured at their sèttlèment value. with the exceptKJn of bank k)ans whth arp Subsu&NY Measu at amorbsed cost using the effective interest melhcJ. 1.19 Crltlcal accountlngjudgèmènt and •stimates The prep8r8b.on of thè finartial statements requi$ the Go¥wnor5 to m?kg ¢stimalg$ and assumptions ¢onceming Ihè fijturn. These c1 materially affect the carying amounts of assets and liabiliites within the next ffinanual yeai and inclL*Ye accruaLs. depreciation arKt revenue rewJnib"on. The accounting in these areas of the accounts requires manwjefflent to exercise juthJemenL Accruals are estimates as costs that will bo incurred based on contractual reqTernents For depreaation. e$limate$ are diivon by the useful econom lrfe of the associ asstrts. For revenue recognition, marwgemenl apleS1Vmgnts Trn de¢erminirvJ the wnt at vknich rBvenu8 should bg recognised as Irrne. PaEe31 of 44
Met¢hattt TylorS' Stbool {A compny rnIted byguarnfee •d ntst kAViNt * sherp11) NDtt5 to the fina¢11 51ntettb¢ts It•Dti4uedl rtht rellded IAU uSt2 25 S¢h¢ol fo08 2025 2024 The Schwl's fee inc(Mne cJ)rnwsed: Gross Fees Less: Total Bvrsaries, Grants and [Oware3 31.882.1 2 638,807 29.243.389 31.355.418 2.511,499 28.843.919 Add bad(.. Scholarships, Grants an(J All(rwances paid ft by Restricted Funds held by." MT Co Chanbes Fund: MTET Endrnent Fund,. and Oevelcfjment Fundraisir 29 510 062 29 273 767 Other Incorne 2025 2024 Other educational charftable acllvlti Registration Fees Adrniss#M Fees 107,408 12.1)05 119.413 107.466 18,867 126,333 Other anclllary actlT4ttles Insurance Rents Receabl• Depo&ts Forfeited. Fees In Liau. MC Irthmè ¢j Olhef Misc Incorne MTSEL don8b.on Profit on sale ol ass8t 1.216 268.016 269.087 236.401 249,9)3 127.810 139.805 122 536.969 755.391 Inv•stment ineon Bank Intest Investment Income Interest on Late Fees 502,298 199.797 158 701,937 533.876 180,322 8.690 722.888 Donatlons MT Company Donatitin OMT Grfted Asset MTET Endowment Fund 10.080 61.649 240.750 312.479 252810 252,810 t)èvelopment Campaign IrK¥)me 463,*2 663.113 Pagc 32 of44
MtrchantTaylor4' School (A eofflpany Ilmited by¥uarttitta#d Mt ha4$ * sknrer•piill -Nole5"1o the fiwin¢ial ststwttt#ts(tontiAued)- Expendlture 2025 2024 Support costs of sthooling Included: Auditors. r¥muneralicm for audit semces Auditors. remunernticffj for other serv 31.OL 36.734 31.0 36.734 Total staff costs comprls•d: Wag88 and salaries Social security costs Pensii)n wntn"butions TeinatiOn costs 15.679,413 1.775.914 3,548,232 6.661 21,010,220 15,047.S43 1,542,804 3,203,463 19,827.572 Employ••s The average numberol M0y in the yearvras 398 {2024.. 397} of1Ch 159 (2024.. 1591 were teaching staff. The numberof higher paid employees was: 2025 2024 £80,001-£70,OJ £70.001-£80.000 £80.001-£9),000 £90,001-£100.000 [l.001-£ll0.000 £110.001-£120.000 £120.001-£130,000 £130.001-£140,000 £140,1)01-£150,000 £220.001-£230.000 42 29 37 15 Ninety-flve12024'. sty-nine) of Ihe above employees had retirnnI benefits accruiry in a Defined Benefft Scheme ITeacher3' Pensions Superannuation Scheme- empkjyer contributiOr paid at the rate of 28.68% of salary) and ten12024." &xl employees had benèfits ¢jing in the Gp Pemnal Pension Plan (with employer conlrkn paid at 15% {2024:15%1 of salary. The key managernenl peisonrtel ofthe School cornprisè thè Headmastér. thè Bursar and the Senior Leadership Team. Th¢ircOmned contractu b¢neffts lotaNed £2.07123512024: £1.868,7191. Governors. remuneration No Govemor, nor persons ¢onne¢ted with thern. T¢11 )y rerThJneration in the year ended 31 Augvst 202512024: Nil) and Govfymots are not indud8d in the numtr of employed given above. Page33 of44
Merchani Taylora, S¢hool (A CDmpgTry limired bygu•r•ntee •Nd hvini • sb•r¢ ¢pitll N•tt$ to the stAtemtbJts l£o•tl#tsed) For the earendedjl A usr 2025 Analysls of toial expendlture SLiff Costs Other Costs D¢pr•clatl Total 2025 Ralslng funds Financing costs I bank interest Investrnent management Development office lunrestrictedl 33.159 31.309 33,159 31.309 256.294 320.762 194. 194.e 126.156 Charliabl¢ xW¥lVes Teaching Welfa PromTrw$ Support Costs ol sch¢xlng 15.935.452 1.033.559 1,521.128 2.382 2.286276 627.187 3,089.949 18,221.728 1,660,746 5.748.166 3.640.738 1.137.089 School's op•raling costs 20.872.382 6.479.941 1,919,055 29,271.378 Bursaries pald for by Restficted Funds Development Campaign Restrided OMT Sports fadlits 266.673 36.132 266.673 36,132 189.885 189,885 302.805 1B9,885 492.690 Totsl Expenditurè 21.066.988 6,908.902 2.108.940 30 084 830 Analysis of total •xp•ndlknrn- prevk>us y•ar Staff Costs Other Cost8 Deprrtlatlon Total 2024 Ralslftg funds Financing costs I bank interest Investment management tlevelopment office lunrestricledl 22.792 22.142 S9.723 104.657 22,7W 22,142 239.424 239.424 344.081 Charltable ad¥lJ¢s Teachiny Wella¥e Premises Support Costs ofsthoolir¥J 15.165.516 922,521 1.325201 2.174.910 2.112206 732,704 3.580.316 341,222 17.277.722 1,655.225 5,905,510 3.221 706 705 574 School's OTatIng costs 19.S88.148 6.7e6.448 1.705.567 28.OeQ,163 Bursarios paid for by Resiricled Funds Oevelopment Campaign Restrid OMT Sports facilities 431.5 2,000 431.15 2.000 488,855 189.885 678.740 Total Exp8ndlturn 19.827.5r2 1,895 452 290K2 984 P•8e 34of44
Mtrchant Tmylors. S¢bool IA company limited by guarntse •Nd noi h#•iA¢ shaP•1} Notes to the finllnc 5tsteTheNts Itowtiwe4) re Tanglble tlxed assets Land and buildin A55ets under onstructlgn Furnliurè and •quipm•nt Total 2025 Costs or re¥aluatlons 1 Seplember 2024 Additions Transfers Disposal 31 August 2025 51.401,118 2.956.077 1.334.845 1.334.845 369,474 (1.334,8451 11,516.452 966.376 64.252,415 4.291.867 60.591 12 422.177 60,591 68,483 691 55.692.040 369.474 D•preciation 1 September 2024 Ch8rge for cuwentyear Disposal 31 Au9USt 202S 17.21{372 1.326,974 7,W,229 781,966 60.591 8.565,604 25,058.601 2,108,940 60,591 27.106.gSO 18541 345 Net book valuo 31 Augu$t 202S 37.150.694 369,474 3.858.573 41,376,741 31 Au911St 2024 3 672.223 39,193,814 Of thè toial net btr)k ¥8luè of knd lkIV Ivded ¥tovè. £8.208.108 1$ {£2.gXJ.OCLI laThJl aThJ £25.978.638 is leasehokj. In¥e¥tmBnts 2025 2024 Investrnent in subsidiary auote(J Investrnents Fees In advance Inveslments 100 10.075.125 100 8.023,$07 10 075.225 8 023,607 The irwestrnenl in subsidiary rglatès to Ihe Irading ¢pany. Methnt Taylors, School Entwprises Limited. The xtNitie$ of Ihis SdIary IrUe tr* Tuck Shop and the leth.ng of Sthcol faciliiies. The regJNs fijrthe year ar8 as follows: 2025 2024 Gross profit Gross expendituro Net sury)lu$ b•fcrfe donating to MTS 622,663 372,760 249.3 488.479 348,674 At the b8lanGe sheet date. the aggregate Ca and reseryes ofts subsidiary undertakirYJ £10012024.. £100). Inv•slments at 31 August 2025 TA•rn: Quotéd Investments FIX Interest Fixed Income UK Equities Overseas DeveloFéd Overseas Develowng Markets Glob81 Investments Infrastructure 2.329.183 416,565 1,557,479 2,386,535 303.105 2.157.054 111,282 780,326 35.891 10.075.125 Cash Pw35 of44
Merchant Tylors' Scbool IA company limlied by 8ur4ntee aud h•viThg• 5h¥rec¥pl¢• For tht tarendtd JI A ust 2025 Investments Note: Invèstments Opening Martet Value Addibons at cost Disposals Unrealiséd G8lf 8,002.126 8,300.396 16,786119 502831 10.039,234 35.891 10.075.125 Cash Market Value carried fOard Investr))ents in Ihe School's portknlio are managed prTharity ty Rathl)or. Transler bets¥een funds 2025 2024 Houslng Fund- tlesign8ted Bursary Fund- Designated Transfers to unrestricled Capitsl FurKJ- Restricted Net transfer tr{from) Funds 6,999 1100.(X)O) 204.819 111,818 6,999 190.859 197.856 Bufsary fuThJs Iwhth are found in notes 15. 16 and 17) are invested where the irKome is rvinstd èach year. ralher than being distribLrted. The income is recoanised in the statement offfinancial actithes in the restricied or designated bursary fvnd las appropriatel. as available to hJnd bursaries. Con5equenty, transfers above have made bets¥een funds to re¢ognisè the allocat of In$Trents. and any gains and losses thereon. The transfer of ftjnds Ihis ar has been in relation to a specffjc fundraising appeal and the captal work is cwnpleled and the restricliM has been lulfillgj. Refér to Notes 15. 16 and 17 forfurtrr anatys. stocks 2025 2024 Consumables linclLJir¥J textbocs) Goods for resale 19,372 32,608 51,980 20.141 54.194 10. D•btors 2025 2024 Trade l Fee Debto Amounts owed from Related UndertakKgs {see Note 23) Prepayments and ed income Olher debtors 2.153,729 213,946 269,275 87,241 2 724 191 106.09) 149,227 2fj5.914 121,661 11. Cr•dltorn: due wlthln onè year 2025 2024 Final tèm depts Trade creditors Accruals Exam detxjsts and Autumn term prwayrnents Feès In Advance Scheme VAT creditor Other cdIto1 178,600 2.229,357 443,022 1.825,648 1.865,356 1,620,504 1.357,742 9.520,229 76,8CX) 446,466 1,403.353 2,427.870 2,847,554 1.273.774 8 475.817 Page36of44
Mer¢hrLt Taylor5Y Schwl IA company limiled by Eusriiittt IA*ID#• th•r¢t•pikni) ..Note5 to tbe stste¢llts rthe nded 12. Cwwdit¢xs du• aft•r mor• than oTre year 202S 2024 Final t•rni d•poslts Within 1 to 2 years Within 2 to 5 years After 5 yea 58.0Th) 252,0 280,41X) 69.600 252.000 265 000 F••s In Advance Within 1 to 2 years Within 2 to 5 years After 5 yea 1.427,168 418,230 9,121 1854 519 2.669.441 848,461 3 566.266 13. F80$ In Ad¥ane• Sch•rn• Parents may enter into a coniract to pay the Senbor SchfKJl in a¢Ywance for fixed contribul¢ons towards the tuition fees for up to 7 years. The morw may be returned subject lo corKlits"ons on the r¢pl of notice. Assuming PLtpils remain in the School, fees fft advance bè Wied as dL8dosed Notes 11 and 12. 8bDve. balance represents the accrued liat#lity underthe c¥)ntrxts. The CathI Move duriThJ the year wety: Balance 3131 AugLKSt 2024 6.413,818 New contracts Discounts 167,128 117.623 6.463,323 Amounls LliSed payment offess 2 743 447 Balan¢• •t 31 August 2025 3 719 876 14. Analysis of nèt a88•ts Fixed as5¢ts and Currènt liabililies Long temi liaÈ41ity assets Total Unrestricted and dgnated funds Rastricted funds Pemianent endovmient funds Expendable endowment lund5 48.850.685 11.434,883 1.291.124 {9,520,2291 12.444.919) 48,320,420 1.291,124 2.406,081 555 200 2.046.081 555,200 Total 52212 825 P•g¢37 of44
Merchant Tayiors, Sehool IA ¢orNpaThy bygugrantee and Aot hvlnK sk•tetphl) Notes to the fiJba#tial slatemtDt5 IcoThtiTh•ed) rended3l A 2S Analy61s of net ass•ts- previous or and Investments Current awts Current Long temi Totsl Unreslricted and designatsd fund$ Rèstricted funds Permanent endowmenl fund ExperKl8ble end¢)wrrent fund 44.764.750 14.3LN).209 1.100.802 18,475.817) 14.152.866) 46,436,276 1.100,802 1.92S,962 528 209 1.924.462 528.209 Total 15402511 17 4 152866 49 991249 15. Analysis of unrestrict•d funds Balan 2024 Expgnditurn &lnslLoss Tran¥fers Bal4n¢• 2025 In¥tMents Undèsignat811 General Resewves 37.Q95.109 30.973.833 I29..239) 102.186 204.819 38,807.708 DesKJnated Housing Fund Pension FLd Bursary Fund OMT Asset Fund Durrants Fund Fees In Advanc8 Scheme 89.452 121,580 677.244 3,955,096 6.999 96.4S1 121.580 685,280 3,765.211 82,631 19.8991 1189.8851 {ioo.co)I 4,497.795 117.166 {14.Crf)21 243.231 4,B44,190 9512712 Tot 46 438 276 31 173,630 29.n2.025 380,721 111,B18 48 320,420 Refer lo Ncrte 8 for fijrther infcrntK)n regarfing transfèrs. Analysls of unrestrtcted funds- pretAous year Bolance 2023 Inwnthin$ Expendllure Transfern Balance 2024 Undesignat General Reserves 34.624.514 30.É63.142 (28.2.102) 190,859 37,095,109 Dsl9nat¢d H(yJsing Fund Pension Fund Bursary Fund OMT Ass81 Fund Durrdnts Fund Fees In Advance 82.453 121,580 608,108 4.144.981 6.999 89,452 121.580 677,244 3,955.096 69.136 1189.885) 3.953,455 9,031 556.147 122.1421 4,497.795 8919608 625.283 212.027 9341 167 43,544.122 31 288.425 28.594.128 197 858 46,436 276 P4t38 of44
F4lerchDTri Tayl•r5' Schl1 IA CoMnY bThuttd by tuarntctpd • Shrttplt1 For the Housing Fund The HousiTr3 Fund was sèt LV to grant interesl-free loans to members of stsff in School Ar£ommodation to assist in the purchase of IhÈir own propety. The vahje of Ihe fijnd 15 equal to the bal8nce of loa% currenuy outstandin9. n$ion Fund Historicalty the dèsignat Pensi Fund IHd been set LP tr) fvnd Ihe Sthoolts share of the 1cit in th8 Merch8nl Tayltys. Company Pen&on Scheme. During 2013 the Trustees completed a buy-out with Aviva Plc. and the School èntéréd into an agreement Ihe pripaI ernPer to indemnify lh8 rnembèrs against any loss not ¢ov¢rèd by the Pslon PTOtecbon Fund. shcwld Aviva not have SAAffiuènt assets to meet pension payments. This FuThJ is being maintsined wth 8 Mew tts meètiny any conb"NJent liability vthich may arise. The Govemors believe the likelihwd of liability arisirYJ to be minimal. The total ntingent Itability 8ttribulable to the cannot be quantified wth w)y ¢8tsinty at this b"me. Bursary Fund The Bursary Fund was created to assist with Ihe pVIsIon ofg8neral trsarieS to pupils attendirrfJ the SchooL The Fund was created usiNJ a rOptyti ofthg fvnds received fr( the sale of the OMT sports facilty 41 Durr8nts as nolod bBIow. OMT Asset Fund In 2011, the Old Mèrd)ant Taylors, Swety IOMTI rehxated s War Memorial SKvls Ground to Sandy Lodge. whero nèw facilities We buili on the sc gro5. The charge in the accounts of£189,885 reprv6ents the d8preuats.on charge on these new fltieS and reconci5 the fvnd balan¢e to the current net book value of the OMT sports faality. Durrants Fund Due to the %ze and ggnffican¢e ofthe frJnds re¢eiv&J from the sale of The War Memorial Sports Ground at Durrdnt5 lexdudiFVJ the amount which was recewed to the OMT tsrilty). Ihe Twsle¢$ agroed to cate a 9sgnaled fund the puw of mainlaining Ihe OMT swJrt$ farylrtigs. Fees In Advance Scheme This amount represents the assets relabThJ to the Fees In Advarv $dMe. Ply J9of44
MerchanlTylors' Seh•ol IA ¢ompaTry limited by E#rntetnd btyi slJrttpita Notes ¢0 the fiD4Trriil slt¢mtnt$ Ir•Th¢iiuedl For rhe rthd JIA st 2025 16. Analysls ol r•strict•d funds 8alaTrce 2024 Incomlng Rgsourc•s Expended Transf•rs Balance 2025 Gener Donal$ 200.079 200.079 170.179 170.179 2e*.673 266,673 103.58S 103,S85 Devdonant Fund Bursary Swrts. arts aThJ school caTrw Capital prc¥8cts 861,811 38.912 259,182 s8.3 116.681 1,120.993 66.546 131,269} 4.863 111.818 111 818 1299 3S7 Totsl 1.100 802 fj04.945 302.805 1291124 Relerto Nc48 8 for fvrther infornation regardwvj tsathrs. Analy$ls of restrict•d funds- pre¥lous y Bal4n¢8 2023 Incomlng Resotsrces Resources EXftdtd Transf•rs Balan 2024 Generdl t)onabons 178.762 178.762 327.154 327.154 305.837 305.837 200 079 200.079 Oevek)pment Fund Bursary Sports. arts aThJ schcd campus Caprtal projects 861.145 37.895 106.7S5 1.005.795 179.684 5.017 91.103 275,804 1179.018) 14.000) 861.811 38,912 197,858 197.858 183.018 900 723 Totsl 1 184 557 602.958 488.855 197858 1 100 802 17. Analy$i$ of endlyd funds Balanc• 2024 In¢(xnfylG3in• ExpenditurB Transfvrs Balanc• 2025 Developrnent Fund Pémianènt End(IWTnent Expendable Endowment 1,925.961 528209 120,119 26.991 2,046.081 555 200 Total 170 147 110 2 601.281 R8fer to Not8 8 for further infomation regardiry trJn5fers. Analysis of endowed funqls- prevlous year Baanc• 2023 IncomvlGalns Exwndlturn Transfgrs Balanco 2024 Development Fund Permanent Endowmenl Expendable EndovMent 1.497044 475.353. 428.118 1.925.962 528.209 Tot 1973197 480.974 2454 171 The Pennanènt Endowment was initiated in 2(K19 when the sch)1 launched its campatrw for l)ur5aries I'Fopward To Our Roots"). The expendable endowment also alows the funding of bursariès. Pa8e4Oof44
Merchant Tyhts' S¢htyol IA coMpAY kmlted by guarTrie•tsd * shrerapOlall - Note5 to ihe finandal sttemenls (conDilld)- rend 31A 25 18. Reconeiliation of n•t income to n•t cash II<MT fr(¥n opwing acllvltles 2025 2024 N¢t in¢ome for the repwung wiod 2.221.576 3.289.373 Depreciation New endowment Lo&sesllgainsl on investrnents Ilnvestment InCme) Incrèase in operaling creditors 8ccw Ilncreaseydeuease in debto l1ncreaseydecase in slock Loss on sale of asset Pfofit on sale of Asset Not cash II¢y4V from Opèming actlvltS¢s 2,108,940 125.0001 (502.831) 1701,937 1765.3341 12.081.299) 2,214 1,895.452 1265,4521 1736.8071 1722.8881 6,300,851 187,5361 15,5981 610 122 9.667.883 19. M•t debt r•conciliatlon At1 Cash Fl¢yws Other non cash chang•s At 31 August 2025 2024 Cash and cash equlvalents C8sh at bank and in han Cash at inveslm¢nt managers 14,705.425 21.384 (4.755.586} 14.507 9,949,836 Totsl 14 726 809 4 741079 9985727. Net debt Yec<>nclllatlon- pr•¥Sous year At1 SoptsMr 2023 Cash Fl< Other non h chan98S At 31 August 2024 Cash and •quiva•nts Cash at bank antj in hand Cash at investment marwrs 9.680.917 49.084 5.024.$05 27.7C() 14.705,422 21,384 Total 9.730.001 996,805 14,726 806 20. Penslon costs T•aching slaff Th8 Sehool participate$ in the Teachers. Penyon Scheme llhe TPS-} for its teachiThJ staff. The pension charge for the year indudes contributions payalje lo Ihe TPS of £2.737.52812024.. £2.492.5521 arky at Ihe year-end £314,23512024- £317.0121 was accrued reskwt 0fwtrbuti$ to this SCI. The TPS is an unfunded MutteMpYe1 defined benefits perts)n scheme govemed by The Teachers, Pensions Regulalw)ns 2010 las amended) and The TeachefS' Penson Scheme Regulations 2014 {a5 wnended). Membsrs contribute on a'pay as you go. basis with contributions from rneMt and the empbyer beiro credrted to Exchequ$r. R•brem$nt an(J other pension benefits a paA1 by funds provi¢led by PaF&"ament. P4ge41 off 44
Merchant Taylors, S¢hool IA c•mpany lirniied by8uir¥Tht¢e w•t $hrtt4pitBD tbe filbathtSalstAtemeftts l¢ontiAuedl r ended 31 A ust 2025 For ihe Penslon costs Icontlnued) The employer contribulion rate is set by the selary of State followTrJ scheme valuations undgrtsken by the Gov8mmgnl Actuary's Depaith*nt. The most rnt acluarial valuation of ihe TPS was prepared as at 31 2016 and the Valuaiion Report. %thich was pulJi5hed in Math 2019. As 8 result ol this valuation the TPS employer contitxJtK)n r3tg incr98j fr(xn 16.4WA to 23.68% fmm Septfftnber2019. The scheme wa5 last subject to en a¢tuarial vabjalron based on dats as at 31 March 2020 in aceon18nce wilh the updatéd v8rsion ofthe Directions. The outcome is thal frryn April 2024 the empknyer contribution rate will increase to 28.6%. Support staff Merchant Taylors. Company Penslon Scheme The Sthod was a rnember oflhe MerthantTayt0. C(xnpany Pension schen for some senitv non-teathiny staff. This scheme was closed to further accnjal on 30 April 2011. However. during that year. th¢ Truste&s completed a buy-out of liabilities with Aviva Rc. The School. subseqLtent to the buy-out. eniered into an agreement with Ihe principal employer to irKlemntfy the m¢mbets against any loss not covered by Ihe Pension Proteth'on Fund, should Aviva not have suffiu.ent assets to meet penson payments. Thi$ Fund. as detailed in note 15. will therefore be maintaine(I lo meet any conthngent liability whKh may arise. The Govemors believe the likeliFKx)d of such a liabilty ari&ng to t4 minimal. The tolal contingent liabilty attributable to the S¢hotsl cannot t quantified th any certainty at this b"me. Group Porsonal P•nsion Seh•m• The scho also contributes to a group perscwl pensi F48n in respect of it$ support staff. In toial, the Schwl's contributiorhs lo group personal pen$b xhwn&s forthe year amount&J to 2025.. £820,571 {2024.. £710.911). 21. Capltal commltm•nts Capital expenditurn contr&ted bul Tr)t provKknJ for the finarKial slalements tslhe Sthool. totalled £120.000 12024: £1.23ml. 22. Other financlal commllments At 31 AwJust 2024, the School had ouislanding ccthmitments for firture minimum lease wments under non- cancellable operabng leases, vthich fall due as folbws- 2025 2024 Within one ye8r 8etsYe8n 2 and 5 years In over 5 years 261,520 957.413 1fj.422.895 185.0S7 624,403 12,337,160 g¢42of44
Mrreb4tt1 Tylots' Sctrlotyl IA cDmpany limited by bd ttot shaYeeAplt*l) Ntitss ty ¢b¢ fiIiAOttsI wt¢i)X&ts IwotiQlledl"---_"--- 23. R•lat•d party transactlons 23.1 Merchant Ttyors. EdLTr¢8tK)nal Trust {MTEri The indmdual trustegs of M&rchant Taykxs, Edwb"onal Twst are each the members of Merchant Taylors. ScFKK)l in their p¢tsonal capacity and thereforo collectivefy ultimately control Merchanl Taylors, Schod and its subsidiary. Merchant Taylors, Schcd Enterprises Limited. However. there is no &rrfJle ulbmate controlling party. The members approve the appointment of the Cirectors and Govemcffs of the School, thereafter are responble for the OVeght of the Company. 23.2 MerchanlTWors' School Enterprises Limil¢il {MTSELk Ctynpany wistration no. 2275287 MTSEL is a wholty owned gjbsidiary of Merchant Taylors, School. The profil donated to the School was £249.90312024'. £139,805). The balare outstanding from MTSEL at the yearend was £213.94612024: £149.227). 23.3 Merchant Taylors. Comporhy MerchantTayk)rs' Company provides vaiioLLS to Merchant Taylors. School. The balqnce receivab from M¢rchantTaylors' Company in resFrtt of these servths at Ihe yeaTend was 2025.. £nil12024: £nill. The Merchant Taylors. Ctsmp8ny tswns the orwJinal land 8nd buiklinys flom vthth the Senior School operates. The School currently has a 128-year lease from 16 March 2011. at a c#JrTent annual rent of £133,54212024: £112.1561 to SLtJjedto r8vr8w. 23.4 Merchant Taytws. School arKI Sl John's SthrxA, No)rthTr•nod not share common administration during ihe year. An annual management lee of£NIL {2024.. £26.6671 as tharged this seNcE. 23.5 Governors do not receNe any mUneralI0n. but inodenlal expenses irKuffed and daiffled in thg wur¥e ofth8ir duties a reimbursed. The tr)tal amount of suth expenditurè in the year was £1.597 {2024.. £3.4771 paid to thrèè12024.. three) Govemors. The total amount ofdonalons receNed from ihe Govemor5 durirg the yearwas £5.698 paid by three GovemoTr12024.. £8.5201 IpaKI by five Go¥emors1. ofwhi¢h £3 was restricted to bursaries {2024.' £7,270, rèstrictèd to the Indcw)r cricket centre). 23.6 The Old Merchant Taylor5. SocAety contributes lwaIS the running o)sts ofthè Oky Mèrchant Taylors. War Mernorial Clubhouse. vknith is bcaled within the grounts of MerthantTaylors' School. At the end of the period under reviow. £35,957 was receivable from The Old Merchant Taylors. Socety {2024.. £41.3331. Pa8t43 of 44
MerchAnt TAylorn'Sthool IA Company Ilmlred by gurnt¢¢knd o•1 shrtupit Noies io the fittxrt¢i•l sthternellts (co1¢ ear endedjl AM 202S 24. Comparatlve Infom?atlon Unrestricted Pernian•nt 2024 Unvestriet•d Funds D•signat¢d Fwnds R•strf¢ted Funds Endowmèrtt Fund Total Fund$ Income from: Charitable adivities School Fees RegistrationlAdmi5$ion$ Fees Other charitabl• activiti•¥ Inrance - Rents rs¢¢Ned - Other Othèr tradlng xtlvitles Donation from MTSEL Profit on $318 of a%%gts Investments 29273.767 126.333 26.273.767 126,333 1216 268.016 127.810 1.216 266,016 127.810 139.W5 122 542.566 139.805 122 722,888 103.WJ8 76.324 Donations & l•gaei•$ Donations Developmènt Campargn Inco T¢)tal Income: 61.649 121.858 30.663.142 250.830 275.804 602.958 312,479 663,114 31,635,550 265.452 265,452 Expenditur• on: Ralslng funds Alumni Relations and l)evelopment Investment manag¢m$nt Finanong Costs 299.147 59.(KJ7 358,154 22,142 22.142 22.7W2 321.939 22.142 59.007 403.088 Charitable Activltles Sehool and grant maknng Loss on Sale ol Assets Total •xpenditure 28,060.163 189.885 429,848 28.679,896 28.382,102 212.027 488,855 29 082 984 Net Incomellexpendllure) before Investment gain¥ 2.281.1140 1108.029) 265,452 2,552,566 Net gain on investments 521 215522 736 807 Net income 2.281.1140 413256 114.106 480,974 3,289,373 Transfers 1.859 197.858 Ngt movwnent In fvn¢ts 1471.899 420.255 183.755} 480.974 3,289,373 Fund balanc4s al August 2023 34.623.210 8.920.912 1.184.557 1.973,197 46,701.876 Fund balances at August 2024 37 095.109 9 341 167 1 100 802 2,454,171 49 991,249 Page44 0(44