C•*bpAny No. lJ341t510 IEngJaDd and W41es1 Ch*rity 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 Mtrth*nt Taylor5. Scltotsi IA Company IIDwted by gu*ranttt•nd h*vln8• 5bareupii CoNt¢ntS Referer￿e and administratic Govemors. report lirWpwati￿ the Slratsgi¢ rewjrti 4-20 Independent auditors. rep)rt 21-24 stst$menl offfinawal actM"bes 2&26 Balaneo sheet 27 Cash flow slaternent 28 Notes lo the financial stalements Mtr¢h*Jbt Taylors. Schofyl IA compAny Ilffllted by gtharallttt *Nd n•t h*viNg* share (•pil•D RtltrertteADd Ad￿DIStratIO Fortht arended 31 Au 5t 2015 Governor8 The G0￿morS of Mgrchant Taylcrfs, Schcd a￿ threctors ofthe Chaiitable Comwy I'￿ C¢mp8ny'} and Trust￿ of the Charity I'the ChariiY}. Miss P Barefoot, Bsc {Honsl Mr Michael Bond BA IHons} Mr Paul Burgess (apwnted 31StAugust 2025) Cdre (Retdl A M Cree. CBE Royal Navy {Chainian) Mr G B M H du P8rc 8rnham. MA Mph MrSJEgJs Mr D Haria, FCA Mrs S MoDJan, BA (Honsl. MA. FCIPD (reSig￿d • July 2025) The Hon R H E Newall, PICAM. FCSI MrJ C thm, BA. MSC, KIRICS Miss L Q*r. MSI. 8arrister-at-Law Mrv Paul, BA. Msc J K M Redman. LLB Mr H B K Shah (appointed IP Novemt*r2025) MT J D R Twining. MA (Oxonl Mr C J Williams, MA. ACA Head Master Mr S J Everson. MA Bursar and CoMp￿Y Swetary Mr l D Willia￿ts BSC (Hr￿). MBA Ire$igned 31st December 20Z5) Mr Jam•s POYn￿ lakvsinted 2fvJ Febnjary 20261 Contact address anql w(sternd *>ffle• Merchant Ta￿OIS. 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 Mereb*tyt T•yl•rs' Seb•ol IA company Ilmjted by iThd not h¥vlngi sh•reupitaD Covernors. report (in￿rp￿rAt1￿St￿t SÈr*togi¢ rry•rt) Forthe e*r 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' Comp*y. 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 regi*er¢d as a ¢harity, I8￿ng over the bu&ness, 85sets and liabilib.es of Merchant Taylors. School. On 15 October 2015. the Sch￿1 merged Northwood Prep School to form combined Merchant Taftrf5' School. prov¢diTrJ pupils an 8114hrough etluc*ion for boys aged 3-18. 11 Govemlng document Mer¢hantTWors' Schoc4 Is gv)verrnd by its Ajtides ofAs9￿allOn. 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 GOVern￿S. 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 c￿le[er￿s. tsainry courses and ￿l￿firy 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 perfo￿na￿ is monitor&Y by the Finance Committee, thaired by The Hon. RKharf Nèwall. The EduGaix)n Committee, chaireil by Jane Reilman, steers the managen*nt 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 dir*ctKsn 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 ramu￿ratiOn was paid duiing this perKxl. 2.4 Group structure and relationshlps The Charity has a whc4fy owned 1x)nrts 8rKI1¥sure fracih'ties. generaliThJ adthtsonal income for bursawies. Pa8t4 of44 Mer¢h4ni Tftylors, School IA eomp*ny lirnlied by guAr*Atee and Nol knvillia 5bar¢ £*ptsI) ""cti￿rAtirs, report-Oneorpornlln8tbt"Stratryi¢ rrpprt)- rtb ear ended Jl A $12025 CHARITABLE OWECTS AND AIMS Charltable obl•cts The objects ofthe Schoc4 are to adva1￿ educatth by provhjing and maintairing in the Unit80 Kingdom or eknvherè 8 boarding ￿daY Xho￿ or schcds for the edu(31ion ofthildw oryoun9 Persons. 3.2 Mission and Values Our Mission INe exi5tto htrlp pupilsdevelop into rounded individualsofgood tharacteT*d lo supportth¢m to discover thèir full potenb.al for excellence in both ac8dern￿ work and beyor￿. 8•ll•ts and Attltudes Our beliets arKI attstudes definè ojrapyoxh to achieviThJ our Mis￿￿. At theircor8 is th¢ idèa that ifwe know each pupil indiwdually and erwurwJe them lo tske *vantage of a ¢ range ol opportunitles in a %thich celebrdles excellen¢e but ¢herishes kindness. then they wll have the ￿nfidence lo find Iheir nidle %there Ihey can glow and develop. • We believe that pupils Ihrive in a ha￿C￿0￿5 atmosph8r8. so w8 valu9 klThJness. ¢dIabc￿ati0n aThJ joyfuknes& . We believe that each chikj is different and develops best when wtr know them indwidualty. so we value small groups, br¥4enn Tel￿tionshipS and taking the time to to kr¥Jw one aThJther. • Wg believ¢ that ￿eryOn* should be a￿e to try everylhiry, enjoy many things and excel at somethiThJ. Ourjob is to eFwuf3ge èath puw"I to those things and have Ihe wowk*dass resource5 necessary to gjpport them as far as they can go. • We beliwe that excelterth i8 an oryoirMJ joW￿Y. We value th$ quTrgt confidence that comes from achievement, the Sdf-kn0￿edye to ￿ where impfovement lies. the innovalion to lake the next step lonvard and the humility that come5 from knowiNJ thejoumtry isn'l over. . We belI￿e 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 t*tween paients, staff and pvpxis. We support the wder communty thrrxgh shared use of our faulitie5 and opgn up OPF￿bJnltses through our bwwry s¢h9me. V•lu¢¥ Our values underpin everylhiTrJ do.. tlw are thè char*r of the school. From Ihg Head Masierfs study to the dassn)om to the playing fidds. these values are reinforced thrO￿h 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 Se￿4Mp￿)¥erneftt. We expre55 our ¢reativty int8llectualty. artistically and in our ouyotsk. Pape 5of44 Mtrch¥n¢ TNylDr51 (A company limited by 8uArXDtrt ttot h*vittg* sharnt*plt*l) Governors, rtport1Sn¢orporatiNg ihe StrAtryic rtprt) rthe r ended 31 Au 2025 Courage Et takes courage to demaThJ of OLKsthes'. to overcixne Ihe fear ofloo￿ng 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 fifft￿Y swjre under our fe¢t. Our hallmark rs quièt confidence. We tske fft in our strervJlh$ arwj ath"ev￿7￿ 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 w￿h integrity. We are oyjrteous. We are interested and intèresting. We are gralefvl for our communty and p￿U￿ty IL Wè ¢onduct ¢xwselves hO￿urablY and know Ihat how yw ￿aY Ihe game is importanl. Collaboratlon We ¥wrk logelher and br1￿ the best other. ACad*n￿ w¢tsss is the product ofcdlabvalion beknn slaff. parenis and w￿15. 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 deVek1￿n9 our hjll potential. We recognise the hard work and ambtb.on that drives ￿holarShIp. We apkKeuate the kMvJ hours oftraining. practice and teamv*Nk 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 W￿1￿ 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￿. Burs8￿3 a￿ availakje to boys vtho meet Ihe S(*K)d's eNtra￿e ￿qU1￿ments and award5 of betweèn 5¥0 aThJ 100% of tuition fees are detemiined th1o￿h finanoal means tesltru. When required. further assistan￿ is provided to meet add￿onal 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 sti￿lated by dontys and irrespective of pa￿nts1 inwnè. Through sch(Aarshsps. we aim to altrdcl part￿larlY aLle pu￿￿, whether academsc. music or $ports. thereby raising overall asF¥rations and achievement of both siaff and all pupils. In addth.on to fee discounts. ￿ipIentS parbcipate in a broad Sd￿da￿. EnrKhment Pmgr3mme. as th• tsjrsary hddtrrn. when rneriled by their performan¢tr. OurirwJ the year, 234 W benefited from finar￿la1 SUPkM)rt frryn thtr scho￿ tolalling £2.638,807, which represents 8°/• of fee income. 63 boys received mèans tested bursaries to the totsl value of £1,105,076. This prowded access to families from our Ictal communty. w￿? would otherwise have beèn unable to afford Ihe fees. 31 of those tws146°Al received tran5formabonal bursary support befften 800￿ and 100% ofthwr fees. In additson to lU￿on fees. finarrial support induded coach Iran5PX)rt and the provision of 8 Surface Pro tablet to ￿pport their academic sludies wher8 r8quirèd. In additson. 167 boys were awarded aCad*m￿ xh01￿lipS bas&J e(kjcats￿aI merit and Fthntial. to a lolal value of £1,023.103. Pw6of44 Merchant T*ylor5' IA cftmpany limiled by 8¥#r#Blrt•Nd A•t share c•pitsl) -Governor5' report fi•¢oryoratinE ihe Str*tCW Ttwrt) or the IA Strateglc report lincorporatlng o￿Tational Perf0M￿nCe Revlew, F5nanclal Revi•w, R¢￿Ty88 Polley. Risk Managern￿t Rgview and Future Plan$ on pag•s 7 to 18) 4.1 Principal acti¥iti•s of the ytsr 20242025 Educational ￿tI￿￿e5 were carried ￿Jt as an Indep￿dent 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$. 4.2 Oblectlves lor the y•ar 202&2025 The School lrnprovement Plan I"SIWI provtdes an effective frJn8th forthe Sch￿r5 strategi¢ g)als. The SIP Is framed by five clear obje(Jive$ for devek)pmont: Developir¥J links with I￿al 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 A￿dern1 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 St￿ngthenIng the curriculum offer. Public examination resutts were excellent at A L8vel and GCSE. with GCSE outcomes represèntiNJ the stroryst topW8 parfOMw￿e I￿O￿e26. Staff r￿UItment arhj professional devdopmenl aLso remained key wiorities. The Schod ¢ontinu8d to invest in htgh-qU81ty induction and trainirs through Earty Career T8aGher prc¥Jrammè and maintained its partnershlps with UCL and King's College London by hostirnJ PGCE traine0$. These initiativ8$ support the School's commitsnent to d￿e10￿r@ the next generation oftsachws and c￿tributi￿j to the *ider educational eommunty. A L•¥el Outcomes The Summer2025 A Level exafflinatiws asse55ed against pre￿deMiC grarje standards, wth 2019, 2023 and 2024 Se￿i￿a as the princpal cornparator5. ALPS anatyss confirmed that pupils made pro9rèss in line with expedab.ons at A Level. building on th• strong valug athled dèmonstrated at GCSE. Twelve academic athents ach*veiJ value-added scores within the top quartile of the national ALPS dat8set. Targeted intervention and support prDJrammes remained a central featu￿ ofthe School's approach, 0￿ring bèspoke academic guidance to pupils prepariTrJ for examinations. Nine pupils securefj places to study Medicine. th a fijrther gaining places through c￿aring. Nine pupls acLepled offers from the univ8rwts.es of Oxftsrd or Cambridge. Nearfy halfof the cohort athieved A orA" grades across all subiÈcts. refSectiThJ both indiv¢dual hard wtyk and Ihe Sch￿1,¥ sustsined focus on ￿adem￿ ¥x¢olknc•. Result 2025 2024 2023 2022 2021 2020 2019 2018 71 71 70 7fj 97 97 100 99 99 100 100 100 99 100 100 100 loo lOQ 100 100 100 32 34 59 42 89 95 97 SI￿ 818valgd 100 CAGS 76 70 91 92 98 98 29 Table 1: A Lavel Rewlts in overview Icumulalive per¢entsysl Pagc 7 of44 Merchant TAylon' Seb￿1 (A ¢ompany limited by gu*ranittBTrd Thot h¥MThg• sb•re For the rertdod 31 Au ust 25 GCSE Outcomes GCSE results in 2025 We￿ Imghly pogbve. deffKJnstratir*J im[￿o¥eMent at wery maiorgrnde boundary compared with 2024. Gradg 9 was th& most frequenty warfed grade, and eight p￿lIS *hi¢ved grade 9 in al ten of their sutiects-an exceptio￿1 VKINKlual a0)yn￿IshMeftI 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￿$s}. This reflects the impacl of the S(thool's taTrJeted academic SUPF¥Jt str31egies and cutticulum planr4ro. Table 2.. GCSE Resufts in OverV￿W (cuMulthpe￿ert8gesj RESULTS fv7 2025 73 97 100 2024 39 70 87 96 97 2023 2022 Islill elevate 77 93 100 2021 (TAGs} 53 95 100 2020 ICAG$l 74 1(Kl 100 2019 97 11X) 100 2018 87 100 4.3.2 Universlty AdmI￿10n 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 firsi3ressw to senK)r yJKM)Is remained robust. Ihe majority of pupi15 moving on to IAerthant Taytors, Schwl supported by nOta￿e su(￿esS bn Sc￿)larShip awards across academic. ¢re81ive ar￿ performanctr ￿l￿pIlA¢s. In Ye8r8, thity-one put*ls completed iheir 8ttKIÉ•¥ Pw. Of Ihese. thwty se¢ured Flaces at Merchanl Tayh)rs' Schod and one pupil prcrfJ￿sSed to St Margaret's. Scholarship oulcorns$ in¢ludgd three A¢aJ8rnic Scholarships. three ExhilNliDns and Entrance Stholarships. Further awards comprised Art Scholarships, ￿e DesbJn & Tthnolo9y SGhoL4rship and one PAusic Exhitstion. In Year 6. thirty-nine pupils transfe￿ed to senior schools. ThTrrty pupils prcgressed to PAerchant Taylors. School. Scholarship awards reflected Ihe breadlh of pupl %hievemenl. These *icluded four Academic Scholarships to Merchant Taylo￿. Sch￿1 together one Academic Exhibits￿ arKI one Art SchoLarshy. Additional awards cc¥mprised ￿ Drwna Sctholarships and a Sports Por10m￿nce Pathway award. Pty¢8of44 Merth*ntT*ylors' Sthtstsl IA ¢omp4Dy liThitEd by guArnthttta#d Aot shareapit "-Cty¥enwrs' report (IncorptirAt4TrgthèStr*ttèic report) - ear ended 31 A $12025 3.4 Sw1 Sports conlinue to play an In[￿rtant T￿e in the Schcd'5 charitable aclwth$ 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 n￿by. h¢xkey a￿1 ¢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 Opp￿tUnItieS offerèd in 8ddib.onal activrties indudiThJ baskeiball. squash. tennis. cross-country. golf and Sixth Fomi football. Tho golf programme ach￿Ved national representation. ano one pupil Secu￿ a scholarship to a leading uftiverwty in the Unilen lo kxal wrb.ng d￿loPMent The School continues to prioritsse the professional develowrent of its Sports and PE staff, exploring methods to enhance knowle(hJe and pwtice in a ￿$I.effeCtive manner to ensure the continued dèlivèry ofa high44ualty, indusive arbj comrThffiity.frtUS8d programme across the 11-18 age rangè. Sport 8nd physi¢81 educab.on c￿tir￿￿O to make an ¥nportant contribution to MTP'S charitable purpose by SUp￿rtIng pupils, physical develoKThenL %%fllbwng and persthial confidertt. Dvring thè 2024-2025 acadeffi￿ ytrar, the Schcd invested in strengthening ils ts01￿eS and curriculum to bmaden access and enhance ihe quaty Ofprovi￿On for all pupls. Signifficant ¢aFital improvements were cOMp￿ted thjiiro the year. A six4ang wldoor cricket training facAity was Instal￿￿. enabling èn éxtertded and more siructttred cricket prcgramme for younger pupils. This has $upport¢d earlièr skill acqui&tion and greater continuty of ￿8¢hIng throughout the spriro and summer tenns. The AstroTurf pttches *Ere ￿Urf&e￿ and redeswJned to create 8 fl8xiNo, Mu11￿$￿)rt surfacè surtable for h¢x*ey, fwtball and crKkel. These devèwments have increased capaw for gmuftsneous group use. improved safety and surface quality. and SUPPDrted morè effa¢tiv8 curriculum ddivery. The tstilities have also been used by Merchant Tayksrs, Senior School for b1￿k flxtures, fvrther contributing to cThnmuiMty bsnofft wthin the wder (*arilable group. Pupil outcomes remaingd stmiwj. Unt1er-13 hockey team rexhed nalional ftnals and finished third overall-an achievement attnbutable to pUp￿s. commitsnent arK1 the stsuctured coaching fr8maw)Jlar cFK)ral and ensemble activrt*s also Increased, rising to fify pef cent ol digiblè pupils follow.ng a review of thè Pfogramme. Uptske for th8 Year 1 Orchestral Instnjmenls p￿ramMe 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 sh￿￿Case 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 MerChantTayl￿s, 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 SeS￿C￿$. regular temily realals for cand¢dates. and the annual wies of Christsmas. SpriThJ and Summer Concerts. Puwls also parb'cipated in the Merchant Taylo￿. YouroJ MUS￿lan of the Year Competition. the Merchant Taylows. Halj CorKert, the Jc*nt Chwdl C(wrt partner schD)l& and ihe Prep Sdwl$' Or¢hestsl Concert. 4.3.6 Drama Drama contin￿1 to play a ￿9n￿￿nI 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)ks. èncc¥Jraging readiThJ beyond the School community. The scho￿ also maintained a strong pastoral emphasis on ¢hildren'$ wellbeing thr(￿gh initiatives such as Scarfdschwl Day fcK Children's Mentsl Health W¢ek. Oulreach at MTP extended beyond ￿ndra￿lVJ. DwirrfJ the Manor refvrbithmenL thè School donated classr￿￿ fumilure. iyAdoorequipment and educational resourchs to several local schools, nurseries and communty groups. These Ir￿￿ded EYFS ftjmiturt. speech and laThJuage ￿adIr￿j t￿ks. construcli¢m toys, puzzb5 and a larye woodèn ¢￿tdOOr play set. *idenirrfJ access lo highrf4ualty leaming materials. Further duital fesovrces were prowdeij through th& donation of PCS and laptops to loisl schooL%. Intemab"oftal outreach remained strorg throlty the Jinja EdLicabonal Trust IJEtI. with staff visiting Uganda to deliver phon￿￿ tr4inirrfJ arKI shar8 best wactice. Donations of computers and ¢atAing supported th8 0)ntinu&J devdopment ofJEfs edsx*ionJ infrastwclijre. At the sen￿ Schcd. the Charity Drivtr continued to ¢hannel the enthusiasm of pupils from acfoss Ihe year groups. The programme supported Phab and Mind UK thr￿￿ a busy ￿lendar of events, including a Macmillan Coffee Momirvj rnising over£4￿. November cor￿lS generating over £300. and a Christmas foodbank collection c￿Ent￿j￿rg over 2(KJkg of donat¥￿$. The annual Sleepoul attracted more Ihan 80 pupil$ and rai$8d over£1.3LX) lor New Hope. while other popular events irKlud8d Ihe Dwali 8isuJit Sa￿, film nights. Sixth Fonn quiz eveniw¥J, staff-vèrsus-student sports cornpetilions. House Cross County and Ssx>rts Day also prowded opportunities for pu￿lS to run refreshment stals. raising additional fvnds and encouwir¥J younger pu￿1$ lo become involved in thariiable activi￿5. A concurrènt 24 Hours of Music event raised mcmey for e(lucabonal proieds in Nèpal. dee￿nIng the Schod's intemational parfnerships. The S¢hool's historic partn8rship Phab remained a significant hvJhltrJht. Fundraising throughout the year supported ihe ddivery of ar￿tsT vibrant arx1 inclusive Phab Week. rthy in its 53rd year. offering a programrne ofactiwtiès forguests of all abilities. The week's events. whth in¢ludÈd bowli￿J, music. swimming, campfires and creative wkshops, demonstrated the Stho(A'$ longstanding commiiment lo inclusion, friendship 8nd servtr. Engagement across the community-including pupils. parenis. staff and volunteèrs-underfined the endvrirg strength ofthi5 tharilabb tr￿lt￿)n. Tc*Jelher, these inthtwos illustratè the Schcd's Str￿ aThJ wstained ccffirrntrnenl to public benefit. flected through lundraising. sèrvice. resource-sharirrfj and communty partnership5. The b￿a￿lh and depth of ￿tiVity auoss both srtes hwjhloht the School's continued contribubon to the e¢Ju¢ational, social and charits￿e life ofthe vAder communty. Communlty ac¢ess to fa￿lItieS The SC*0￿ remained ￿MMitte(l to SUFwting Ihe hxal communty throLbJh ext￿$￿• ac¢gss to its facilities and ￿sOurces. Governors end0￿ed the ¢ontinuati1￿ of wde43ngirg community use, with weekty access provided lo ¥pproxirnately 3.000 members of the public from more than 70 local sporting and soi?al organi5ations ￿presenting all age groups. HolKlay aThJ weekend prc•Jrammes Cc￿tinUed to lknjrith. 7*Ath organisations such as Activate Sports, Kings Camps, FunTech, Vemon S¢hxl of CitkeL Maximum Performances. The HNe. arKI Future Stsr Pw 13 of44 MtrcbaTht TaylTrr5' &hwl IA compxtty limlttd by ytAr2ntee *•d Trot h2tAllt * sh*reeWtsl) Governors. report(iTrcorpontiry8 thc Strait8i¢ r¢pTrrtl he r tnded 31 A st 25 EducatH)n making regular use of the SCho￿.s st￿3 ￿he$. swimmiNJ wol. grounds and dassrc*Jms to deliver a¢tNTties for k￿al 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(￿￿n￿￿orIh 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 rc￿11& 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 h￿k•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 otheTh￿e 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 1￿men'S fixturns. and a County ChamF¥onship match. Winter usage oflhe Julian Hill Crbcket Centre remained slrong. 22 local Cri￿et 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$t Assocth'on afso provKled stwwJur¢d (wortuiwlies kn young players to train in a high- quality enwronment. Thè Sch(￿ continuèd to supwrt the North￿￿￿)d ttwh use of ihe athletics traca for filne55 le5ting an(J training. Whi￿ HMS Wildfire once again hekj a famity event at the Schoc4. Hertlordshire Fire and Rescue used the lake for resoJ8 trainry throughout the year. Thè Sch￿1 was also fvsed to host Moor Park 10k and Fun Run. whth raised fvTrJs for the Mount Vemon Cancer Centre. The School has supported the l¢xal communty by prowding access lo a wide ofswrts fècilttses since moving lo the site in 1933. Ttss remains an imrK)rtant part of the Sch￿'s as a community hub and Govèmors svill make every effort lo maintain this contribub.on des￿le the political and economic P￿ssu￿ applied by the introduction ofVAT on schod fees and the ￿MoV31 ofmandaw charitsble relief on business rates. F5nandal f•vl•w During the year under review, the SthLMJ's incoming resources wgre £31.8m12024.. £31.6ml and total charitable expendibJre was £29.7m12024.. £28.7ml, generatiNJ a suwus before investment gains of £1.7m12024". £2.6ml. The prinupal source of I(￿Me was schod fees. accounted tor £29.5m 192%1,12024.. £29.3m193°AII. £0.5m12ff24.. £0.7ml was raised thrwgh the Devek)pment for bursaries and School developmenl, with £0.4m total ¢osl Of raisirtg funds12024'. £0.4ml. DuriThJ the year. the Schwl's eXpendthJ￿ ￿ Sch(Aa￿h1ps bursa￿$ 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 incI￿le￿ the Julian Hill Indoor Crickel Cenire, classroom and changing room reluth"shment, rcof works and ￿PlaceMen1 of boi￿rS and lohting. aloTrJ&de Cycl￿ ￿placement of IT equiw*nt. At MTP. dassr(w& kilthen and bathro￿ facilit￿$ were refurb￿hed. along￿de upgrades to boilers and ewics. 4.6 RO￿Tr•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 cOmb￿a￿.0￿ of cash flow. fundraising and tx)rrowng. Pjge 14 of44 Merchwthi T*ylors' S¢hotyl (A comp4Ny lirnitEd by 8u*rnwi¢e kA*lng* sh*￿t4P1￿1) C•¥tr•ot$' ttyort Ott¢orpotAtlngtht Strntieic rep•rt) rth¢ txréndtd 31 Au U5t 202S Total reserves as al 31 A￿ust 2025 were £52.Om (2024.. £50.0rnl. ofvthi¢h £1.3m rèlat&s to Rèstslclg(J fvnds12024.' £1.1ml arKI £2.frfn to Ihe Endowment FurKJ12024.. £2.5rn1. Unrestricled reserves totalled £48.3m {2024.. £46.4ml. ofvAu¢h £9.Sm {2024: £9.3m) wa$ de$KJnal•d lor speafic purposes. as outlined in Note 15 to Ihè %counts. The Scho(J aims to ma*)1a￿ adequae free. ￿￿eS￿ed reserves to ￿Spond to unforeseen events arwj to meet up to three mi)nths' rK)rTr4iscrefr"onary eX￿n[￿lUre {approximatety £6m}. On 31 August 2025, free unrestn'cied ￿SerVeS were £7.￿12024: £7.8ml. These are defineil as Un￿Str￿ted funds and 8X￿n￿ablE endowment that is available at ihe discrelion of Govemors. less r￿ed assets, addbng ba¢k any oulthding loans, ifidud&s inveslments a¥a￿abl• f0rconvérs1c￿ into cash. R'J Risk Management Govemorn have established ￿ eff￿lIve risk manageThnt frame*40th. which has bB¥n updated throughoui the year in response to Fditical. eC￿Ornic. 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 ￿sPL￿sibIlity 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￿.. Polit￿1 risk. FinancAal risk. Fire. Cyber-sewrity. and saf8gUa￿ing. Govemors have appk'ed a range olrneasures to manage anL1 mitwJatè these risks. Govemors identified the emtrrgirvJ ri* ofVAT on school fees. enS￿lI¥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￿[mI11￿1e and reduced operatiTrJ costs vthere possible to Corttr￿ fee in¢￿aSe$. This will conb.nue to limit the fjnar￿ra1 wnpacl on fee p8yiny parents. Fire risk assessments were urKlaled al Lvth thg Sen￿r aThl Prep Schools in August 2024 and Governor5 w¥ enswe that 811 adK)n Ftints arè athlrèssed. The IT Tèam wor*ed 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- se￿rity measures arp conlinualy ukmlated in best induslry practice. The S¢hwl continues to implement the Safer R￿nJiti￿a Action Plan to enwre that all appointments comply with Keeping chrtd￿n 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•rn￿ort 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￿$. Any ¢hanges to le9islabon are inwemented withoul delay. including annual increases to the NalK)nal Minimum Wage. Inv•stm•nt pollcy The MTS InvestM￿t Commiitee, Chai￿ by Jame5 Tw7niry oversees the [￿rO￿al￿a oflhe School's investment portfolio. In liatson wih Ralhbones. the SGhool's investment managers, the b318nGe of risk and retum reflected in the asset allocats.on adopte(l is rev*wed in the light of external eveftts and adjusted, as necessary. This Continues to bè a volalile peric¥J for the markets. but Ihtr Inveslment Committee h88 worked vAlh Rathb(￿85 to w)tect the Iwtemi capital value ofthe Sch￿rs Page 15 of44 Merchwnt Taylor51 S¢bool IA ¢omp•Try limited byguAr*Thtet tttst * sb*r¢ Governors, repfrrt (IncorporAting the Str*iegi¢ report) For the rended 31 Aw ust 2025 endowment (unds from inflation and martel volatrfty. v&hilsl iwikjing deggnated and endowment fvnds to support fvture bursary awards and other commslments. 4.10 Future ￿an$ Merchantra￿OIS. S¢hool aims to b& int1eperthnt day schod ofthoice for boys agad &18 in the Northwest LoThJon a￿a. prowding an excelknt all-round edL￿tiOn. We wth to enable pupils t(> tiv• fulfilled INes Ihat contril)ute to society. To meet ourvisKin, ￿ v•ill.' treai the wellbeiThJ and safeguwdir*J of our slaff and as th& foremost congderation.. empty and retain th8 best staff avaiLgble h)r the job: maintain the highest academ￿ star￿dS. ￿$t SUPF4Jrtirg a hol￿ts¢ education: Sew pupils derwe litelorg be￿fft from the a&rrvJnd ed￿allOn offered; enswe that an apwopriate nurnber ofxhdathip5 and bu￿￿$ a￿ targeted to provide outslanding ell￿tional oppOrt￿[be$ for notably 9ifted toys and toys from disadvarbtw baekgrounds., $ustsin a dwse and wwortive emrwment It￿1 alknws staff and pupils to thrive witFw)ut ffj9ard to background, faith, gender. Sp￿￿1 ￿d5, dtsabilibes or sexual O￿ntation. maintain and devèbp buildiThJs, gn)urK1s aTh1 knlrfies to the hwJhesl stsndards and lo shape plans thal meet eM￿1￿j e￿￿&"Onal needs.. be mindtul of our histoit thaiilabtè foundabon arml pmmote wder public benefft in ouractNib'&s.' ensurt that management of the SCho￿,s finances is effiryent and that expenditurè tskes account of affordability, recognisry tr￿[ pwents make s•3ntrtantfinartial sacrifices to educate their boys al thè ScJ)ool. 4.11 Section 172 Statement As an Independenl Sch￿1 in Northw0c￿. MeTchanl Taykys, SdK>ol dewds on the Injst confidence of its slakehdders to oper*e sustainably in thè Ic￿9 term. Govemors Pla￿ the wellb8ir¥J. safeguarding and edi￿ational needs of the boys and staff forernosl as well as providing support in the local commnity. The Govemors of Merchant Taylors, School have acted in ac0)rdar￿e with their dube$ ¢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 0￿rab"onal pknniThJ pwcess ￿ by the Executive. 1ssuÈ$, fact¢Jrs and Stakeh)lde￿. whth the Govemors have congdered when d￿charging thèir t1uty undef section 172111 are worded in Govgmtsts. mee11r￿ papèrs and ￿l*Fred to thwhout this Annual Report. These includè consi¢Jerations rélating to inter alia.. ￿m￿neration- pension provigon.. fee discounts an¢J bursaries", capital expendrture management and posy"Ue charges to polw. Our visim, purwse. values and aims a￿ set out in seth.on 3.2 and are fvrther illustrated in this Strategic report. whth can be found at seth.on 4.1 - 4.8. The key risks facing the S¢hool and the frame*th 0fth￿r mw&Jer1￿rt and liMtigati￿ arB in ￿tiOn 4.7 oflhe Strategic reporL Our ènvimnmental. s¢xia and 9ovemance prac11￿S are described in sedion 4.4 (Public benefit and outreach) and the extent of bursary suppM)ri for pupils vthose f8mili88 are unabba to pay the school fees are primarily set out at seciion 4.5 (Financial revtewl. For thé fourth yeai, Merchant Taylors, School is re￿ting key eneryy and cartx)n usago infomiation. aThJ this can be found below in 5ecbon 4.12 IEnvironmenta perfommnce). Pag¢ 16of44 Merebamt T*yl•rs? S¢bool (A company limited by8¥*r*Trttt*nd •otknvl¥E * sh*rt u•il* Governor5'."r¢port Ilotorwr•titsg th¢Str*t¢Ot tep•rt) For the ren IA st 4.12 Envlronmental Perforn MTS SECR Reportlng Perfod: S•plember 2024- September 2025 2025 2024 Emission$ 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 s￿pe 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 $￿pe 3 0.02 18.59 Wasto Disposal- WEEE Mixed 0.45 knnes Scope 3 Waste disposal- Batteries 0.02 t￿ne$ 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 tonr*s 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•r*ntse ¥Nd sh*rt ¢A•iIAI) CoveYMYs' t￿￿rt(L￿¢￿ry0lafSNtfkn0 StY*ieek 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 rn￿e$ 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 mI￿S 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 r￿rne￿￿ed 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 genw*ed including from fumac8$ or heating equipm￿( Scope 2 covers ind¥ect emissic￿S 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 das*d as SC￿pe 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 Mon￿￿1%1ft9 of e*cinuty. gas and water consumplK)n. The Schod con1ml￿ to invest in LED IMJhtiThJ. and a kwc*Jramme 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 high￿Se 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 ￿1r￿j senl to r￿ewth ￿¥￿e$s1n9 or recydiry. Pw 18 of 44 Mer¢hant Tiylorsy School (A compaHy knmbted by guarantee and h•¥iDu• sknr•pitsll - Governor4. rtp•rt (iu¢orpor4ttN¢ tht s￿1£11¢￿￿￿￿)-.""- For rhe Qarend￿ 31 A 512025 Staff engagement remains a key cornponent olthe Schtx)1'5 approath. ￿th enefJ¢ y and water awareness training delivered to encour￿ goc*J prth in th& IJay4tsday uso of buddings and ewipmenL These acti￿5 refl￿t the Schry)I's orffjoing ¢ommilment to its carbon footprint and managirrfJ resources responsiWy in supp)rt of ts chaiitable objectives. MTS remains commiited lo rgJuciTrJ its Cart￿ fcrtthrint enhanuryj sustainat41ty. ErnnJy-saving meaSU￿S are monit￿d, energy o)nsumpD'on carefvlty re¢oriled and ana￿sed. Govemors oversee the enepJy tendering proce8& ensuring 8lwJnmenl thg Sdwl's suslainability objectives. Tho Suslainability Commtitee ￿mains PNotsI. miewng ancs implementsrwj eMronmÈnt81 pracke across the site. This reflects ￿ Sch￿1.$ commiknent to responsibk energy management and envSronmental stewardshlp. ertsurirvJ m&￿Ing￿l progwB5S twrd a I￿re sustainablo future. P*Be 19 of44 Merchant Txylors. School {A company limlted by guir*ntee•Thd not h*vine• sh•re uwl•rJ Co*¢rnor$' reptrrt fintorpor*tlnE the Str*trpt rty•rt) For the earettdEd 31 A ust 2025 4.14 Stat•m•nt of Trustees, ￿sPonSIbl1￿1eg The Sthoofs Govemors are Direth ofthe Chantable Company and Tw$léos 0ftr￿ Chadty. They are sponsible for p￿pann9 the Annual report and ihe Financial Statwnènts in aCCord￿ce *ilh applicabl8 law and United Kirodorn Generally A￿eptell A¢c(xJntiNJ Pfacb"ce. Compary law requires L)irectcrfs to pre￿e ￿na￿l￿1 *tem8nts, v*thth Prn￿de a true and fair wew of the affairs ofthe Cornpany and the profft orloss forthat yw. In pffep￿ng those finarKial StateTh*nts. 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. Subl￿t lo any matethal depariures disclosed and expiqined in the financial statements: and prepare the ffinancial statements on 8 g￿rt9 (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 safegua￿1￿9 the assets ofthe Cornpany and for ta￿ng steps for the prevention and detection of fraud and other irregularities. In th8 rasè ofall persons arg i*rÈctors 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 rel￿8nt audit infomaticffl to estsblish that thtr Company's audsiors are awa￿ olthat ￿rom￿￿on. 4.15 DlsabS11ty sL*ment The Sthool continues lo gNe fvll and trdir con5iderats.on to disabled persons applwng for ernploym8nt, havirKJ fijll regafd to their parbcularapth"tLM1es and athli￿s. 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$l 2025 which c￿nprise st*ement offinancial ￿tiV￿leS, balance sPteet. Staternent of cash flr)ws and notes lo the financial statements. indudin9 &gnificant accounling poliues. financial repth.ng framework that has be&n applied in their preparation is appluble law and United Kingth)m AcccwJnlrKJ Standards. inclLvJing Financial Reporbng Standard 102. the Finanaal R&porbrs Standard applKable in the UK and RepU￿1C of I￿land (United lQrrfJdom Generalty Accepted fv£cwnting PraCb￿l. In our opinion thtr finanoal *mwts: gvè a true aTrJ fair Mew oflhe chafitable companVs state ofaffairs as at 31 August 2025 and of its incomiThJ resources and aFWication of resources. indudiThJ its irKome and expenditure. ' for the year I￿n ended., have been wopofly wepared ￿ accord*ce vth Kirysyn Genernlty knpted Accounting Prncbce: and have been prepared in accordance with the Conyiies Act 2006. Basss for oplnlon We cOndL￿ted ow audit in ￿e0rdance Intemational Standards on Audibng IUKI IISAS IUKII and applicable law. OLtr ￿sponsI￿lrt￿ uTwJer those stsndards are fvrther described in the Auditorf$ responsibilitses for the audtt ofthe finawal slatements sec11r￿ of our reFrt)rt. We arè independent ofthe charitable ￿MpanY in accordance with the eth￿1 wu1￿ments that a￿ re￿Vant lo our audit ofthe fina￿la1 staternents in the UK. indudir¥J the FRC'S Ethical Standard. and we have fulfilled our other ethical resp)nsibilities in aC￿rdan￿ 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 ￿li￿j o)ncem a sEriod ofat least Nvdve rn￿$ from when tho finanoal StateM￿ts 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 inf0M*ti¢￿ and, èxcept to the extent otheNse expliatty 518led in our repcrt we th) not express any fom of a￿U￿nCe 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 kno￿edge oblained in the course of the audit or Oth￿l$e appears to be materialty misstated. If we KJÈntrfy such material in¢M$1$t￿O&S or apparent material misstatements, we a￿ ￿qUI￿d 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 Mi￿￿ternent ofthis other infomation we are required to repyt that facL W8 have r￿thI￿j to repjrt in Ihi$ w8gard. PJ8e21 of 44 Mer¢hani Taylors. School IA Cf*mpA Try limlted by guarantee aDd noi h•viDp* sknreupitsl) For the tartllded jl Au St 2025 Opinion$ on other mattern w•serfbed by the C￿￿￿1¢8 Act 200S In o￿nion. based on the th ￿dertaken in thè course of the wthl.. the infom)aI￿l given in Ihe TNstees' Annual ReFKMtvknith inclth the Directors. RepNt and the Stralegic Re￿rt for ihe financial year forvthich the f￿ancial ststements are prspargd is consistent th8 financial ststemènts; and the Twstees. Annual RepL￿ which includes the Dirsctors. Resx*l 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 ￿rOpIr￿0n. adequate ac£ounbr¥J ￿¢0Yrts have not bwi kw, or rotums a(*quate for our a￿￿1t 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 exp￿nationS ￿ requirt forour audit. Re¥pw#ibiliti•s of trystees As ex￿ained more fulty in the Trustees. ResF*msbilities 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 statem￿t$ and for besng satisfied Ihat they give a truè and fair vTrew. and for such intemal control as the trustees determTrne is necessary to en￿e 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, discI￿￿J. as appI￿able. matters related to going concem and using the goiThJ concem basis of actountsThJ Un￿55 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 fin￿01 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 at￿1 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 ah￿S 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 In1k￿Ce ￿ e¢xrfKyni¢ of Ltsers tskeTh on the basis ofthese ffinanual statements. I￿gULaritieS, I￿l￿dIr￿j 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. i￿luding fraud. The s￿"fiC procedures forthis ervJagement and the extent to which these are capa￿e ofde￿"￿j Irre￿￿rItIes, I￿uding fraud are detsibed betryw. Pa8e22of44 Mer¢hant Tayior5' school A t•mp*tty limired by guarnlltee•lld not h*vity¢* share tApit*D -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 IrreguL4r￿e& 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 Signif￿anCe 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 regulati￿3 of direct significar￿e 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&path￿nt for Education. Audit ￿Ss>)nSe to ri￿8 identif*d: We consdered the extent of compliance wilh these laws aThl r6guLations as part of our audil procedures on the related ffinantsal Ststem￿l itèms inclut1iNJ a fev¢ew of financial statement di8¢lo$urès. We iewed Ihe charitsble CoMpan￿S records of breaches of law5 and regulations, minutes of meetings and coriespondence with relevanl authorities lo i(Jentify kxjlential matenal MISStat￿t$ arising. We discussed ihe charitable companys poli¢itrs and prO¢￿Ur&S for com￿lance laws and wulalions with members of managemwt r¥sKy)n￿b￿ for compliance. During the ￿anDIr￿j meeting wlh the a￿lit team, engag￿￿ent 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-cOm￿lanCe wth laws and wulations or knO￿eth)e ol any acbjal. SLwected or alleged fraud. We addres￿ thè risk offraud Ihrough management override ofcontrols by testing the apWopr￿IenÈsS of journal entr￿S and identfyin9 any significant trJn58ctions that were unusual or OLtside ihe norn￿1 course of bugness. W8 assessed Whether1u(￿8rnefits madè in making accounting estimaies gave rise to a possible indiGatK)n of rnanagèrnent bias. At the Com￿ebon stage ofthe audit. the engagement partnefs miew induded ensuring that the team had approached th8irwork with appmpriate professional scepticism arKJ thus the Cap￿lty to i¢Jentsfy Th)n-￿MpIrd￿Ce v*ith 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 financk*l statements, the ￿$5 likety we would t*eome aware of IL Aso. the risk of not delecling a matsrial misstalerrEnt due to fraud 15 hvjherthan thè risk of not detecting one tesulbTrJ from error, 8$ fraud may involve deliberate C(X￿lment by. fOre￿¥￿PIe. forgery or intentional rnisrepresentstions. or through Ilu$KJn. A further desCryt￿Tr of OUT respon$ixlilies is 8vailatAe (m Ihe F￿￿la1 Reporting Counul's ￿tr$i￿ at.. htt ..Ilww4.frc. .ukJauditorsre5 ongbilitTes This description foms part ofour auditorfs report Pa8e23 of44 M¢reb•ry¢ T#Y￿r$, S¢hwl IA CompA￿Y limited by guarantee *Dd Dot h*vini • 5b•rnwiil•l) Jndepcndent *uditor5' report Iwniiuuedl Us• of ¢)ur r*port 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 ￿1￿51 extent pernitttd by I￿1. 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 reF*xI. orfor the Opin￿￿$ have formeij. Cara Turtinglon {Senior Statutory A￿j1¢￿T) for on bèhalf of Saffery LLP Statuw Auditors 71 Queen Victoria Street London EC4V 48E Dat8.. IS Apnl202L Saffery LLP 1$ gI￿1b18 to act a$ ￿ authlor in tems of s￿liC￿ 1212 of the crynpan￿ A¢t 2006 P4e24of44 M¢rrh*ntT*yltyts' School (A ¢omp$uy lithii¢d by gu*r*•t¢¢Attd n•t h*viN8*skareupitsl) StatemeAt of flTran¢iil •rfivitse& (iAeorpor*tsng tht illthm*"AtttfiPEthre *¢¢o¥•t)- r tnded 31 A 2025 In¢¢)m¢ frtyn: Charitabl• acliviti•s School Fees 29.510,Lf 29.510,062 29,723.767 ReglstsallonlAdmSss*ns Fees 119.413 119.413 126.333 Oth•r chaiiiable xtivibes Other 3nrillary iThXNne. Insurarte Other anullary IrKame- Rwls Recwved Other 1.216 ,Q8? 2MI,087 268,016 236.401 236A01 127,610 Othgr tr*lin9 Klivili•5 D￿atIon IrDm MTSEL 249.gJ3 249.903 139,805 P￿fit on Sale of assets 122 501140 199.797 701,937 722,888 Donatlonsa legaclo8 Oonatior 252.810 252,110 312.479 Oev*pm8nt Campaljn In¢cffie 86.827 352,135 25.(KXJ 463,962 663.114 Total Income- 30.973.833 199.797 604.945 25,000 31.803.575 31.fj35,550 Expondltur• on: Raising funds ni Relatiors and Oevefvjpmert 36,132 212.426 3S8,154 Investrn8nlmarwJement 7,407 23,￿1 31.301 22,142 Finanur#J costs 33.159 33.159 22,792 23.901 36.132 S￿.893 403,088 Charftablo Act1￿¢1#5 School and grant Ma￿n) 29.27t.379 189,885 266.6n 29,727.937 28.679.896 Tolal expEndi￿r# 29.568.239 213.7a6 302.805 30,084.830 29.082.984 Net IncomeUexp8ndlturel belo Investment 9￿￿6 1.405,594 {13.989) 302,140 25,000 1.T18,745 2,552.566 P*E¢25 of44 MtrchNnlT•ylors' &hool IA ¢omp*ny knthited by gth*r*nt¢e•Thd ntyi b¥vinE• Jh8rec•pitsl) Stlltementof finA Tr(i•l activiiios Itontlnuedl rthe re￿￿￿5 1151 025 Notss unl￿1￿cted Deslgnat•d R•strlct nnanent Endowm•nt 2025 2024 Net gainl{los$} 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 EX￿￿rtUre 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. F￿260t44 MerththntTayloYs' SthMI (A t•mp•Thy bmited by Éual*Ot*t*tsd hAtAnAa sb*re tapltal) -.B11￿ce.%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 T*yloTS' School IA ¢ompany Jjmlted byguAfAntht*lld shrecAplt* Cash $l•t¢JrtTrt For the tar Jl A 2025 2024 N•t flows from opgrating activiti 18 256.329 9.933.336 Cash flows from irtTrtsting activiti•s Investment income 701.937 722.888 Purchase of FA (4.291,867} 6.786.118 {5.233.2101 1.685.569 Proceeds from sale of inveslments Purchase of Investm￿ts (8.300.396) 12.135.402) 122 Proceeds from sale Net cash used In Inve8tkng actlvltles {5.124.2081 14.960.033) Cash flows from finandng actlvltles Movement In final deposits New endovM&nt 101.800 23.600 25.0(M) Net cash used In flnanclng actlvltleg 126.800 23.500 Change in cash and cash equNalents in the le￿ing peri(hJ (4.741.079) 4,996,802 Cash and eqvivalents as at 31 Augusl 2￿24 19 14.726.8C6 9,730.004 Cash and equivalents as at 31 Augusl 2￿25 19 9.985.727 14,726,806 The note$ on pages 2W forn part oflhese financial ststemen P4ge28 of44 Merth*thiT*yiors' S¢lwol {A tsJmp*ny limlttd bY8Y*rntt1ttA￿ wt h*vlDg* sbAre upitsD Ntytesto th¢fiD*ncL•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 act￿￿15 ar¢ drawn up C￿ the historical cost basi5 ofaccounbrg, as modif*d reVa￿ation 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$rity i¥ a wblic b9nefft enlity. Having mie*Ed the fvnding faci￿1￿ av8itsUe to the 5th(x￿. the ir￿￿n9 dunand for p*es and the School's k¥ojected cash Ilows, Govemors have conduded that thè School has adequate resources to continue lo operate for the foreseealje future. AcuJftliNJty. tw conb.nue to adopt the going concem basis in preparing fin8n¢ial sl*erngnts. as (MAlined in th8 Statemant ofTrustees' Responsibilities on page 18. The financial informalw is presented for Merthant Tayk)rs' Schod as an ith.dual undert2klng and not for the group. The Trustee5 have taken aifvantage of the SORP and Companiès Act 2006 IS.4051211 exemp*on not prepare gr(KJp financial stalemènts as they con&derthe effecis ofchanges would be material to the finan¢ial ststem9nts of Merch￿t Taykjrs. SC￿. The following accounting pdicies have been 3pplEd dealing wilh items whth a￿ considered material in rdation to the SdKK>I's ffinaryial stat8mènls. 1.2 Going Conc•m Tl)e Governvrs Gonsder that the key flnandal perfonnar*è i1￿ltatOrS are those thai communicate the financial perfonnance and streryth of the Sch￿1 as a whole. those being Pu￿1 numbers, academic results lor the ygar. surplus for Ihe period. extra-cufficuL3r perfom)ances and aoications for places for ihe following year. Foi the period under review, pupil numbers conlinue to be at a￿p￿ble 1gv*. thè financial result forthe wiod was good and registratiorTrs for fijture admissions rwnain strcry. The Govemo(s have a leaS￿￿ble exFeclation that the tharity ha5 adequate resour¢e$ to continue its advits'es for the foreseeable future and consKler that there were rK) matsrial ur￿ertaIntieS 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 SlaierT*nl 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 eff￿tiVe 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. Tang￿18 fixed assels vakjed at £7.thn ass(tiated wth MTP were acquired cffl 15 Cttobei 2015. Expendituro on the a(4uisib"on, C(￿strUct￿n 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 taiVJI￿e fixed assets less estimaled rewdual value basad on cUrr￿t maknt prices. in equal ￿n￿al inslalments over their expect￿ useful tet￿0mle lives as folknws.. Building and leasehold improvements 70% chargeil over50 years. 30•h charged over 20 years- the lattef to reflecl Comp0n￿tS that have a shorter life {e.g. fl roofs, elect￿1 wiring etc.) Fumiturè and 8quipm8nt over 10 year5 or 20 years Machinery and motor ¥eh￿eS 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 T*ylors' 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 Ta￿OrS. Company against those fgè$. but including contributions receiveil from restrthd lunds. are a￿A)Unted for in the pericKJ in thè s•Mcè 1$ 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 COn￿dered 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 ￿$triCted (und and in¢oming Ènth)W￿nts are accounted for as pewmanentlntst caiilal or expertda￿a trust Ca￿tal, accordirfj lo whelher the d(￿or intends retention is to be pemianenl or not. Investm￿ts and Investment Sn¢om• Invesrment irKomtr fr(xn divK1end$. 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 Ex￿n￿ltur* Expenditure is accounted for on an actAual's ba￿s. Expenditu￿ is allocated to expense headings, eilher on a ¢Jirect cost basis, or apporb<)ned accordiThJ to Man￿erne￿t estimates ofiime spent or sp8(* ¢wipied. as appropriate. Irrecoverable VAT is i￿l￿ded 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 mern￿rs 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 ￿QUi￿d by FRS 102. the School accounts for this scheme as rfit were a defined contribub.on 9theme. From Septembèr 2021 an optic￿1 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 0￿rat& 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•viH8*5h•r* ¢api181) For the ear ended 31 Au usi 201 A¢¢ountlng policlas (con￿nUed) 1.12 Fund accounttng Funds hdd by the Company are: Unrestricted General Reserve.. These are ftjnds which can be in accordance 7*ith the ch*itabt• objects at the divetson of Ihe Govemor5. Designaled Funds-. These funds, atthougth unrestricted. are used for sFeufic pu￿0$8$. 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 F￿d5'. 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 ￿X￿rre￿& ofan event cortempkted by the dorKx. Sèa note 17 for fijrtherdetails Ofendrh￿d 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 recogni*J 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 i1￿￿deS 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. CredIt￿S arn nonnaty rwnised at setuell￿nI amwnL after allowro for any tradè discounts due. 1.18 FSnanclal Instruments The Charity only has financial asset$ and finanaal liabil￿eS 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 Subs￿u&N￿Y Measu￿ at amorbsed cost using the effective interest melhc*J. 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 c￿￿1￿ 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 req￿Ternents For depreaation. e$limate$ are diivon by the useful econom￿ lrfe of the associ￿ asstrts. For revenue recognition, marwgemenl ap￿leS1V￿￿mgnts Trn de¢erminirvJ the wnt at vknich rBvenu8 should bg recognised as Ir￿rne. PaEe31 of 44 Met¢hattt T*ylorS' Stbool {A comp*ny ￿rnIted byguar*nfee *•d ntst kAViNt * sh￿er￿p1￿1) NDtt5 to the fina￿¢1￿1 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 ￿[Owar￿e3 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 End￿rnent 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 Rece￿abl• Depo&ts Forfeited. Fees In Liau. M￿C 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 Inte￿st 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¥uar*ttitta#d Mt ha￿4$ * sknrer•pii*ll -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 Te￿inatiOn 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 ￿M￿0y￿ in the yearvras 398 {2024.. 397} of￿1Ch 159 (2024.. 1591 were teaching staff. The numberof higher paid employees was: 2025 2024 £80,001-£70,O￿J £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'. s￿ty-nine) of Ihe above employees had reti￿rn￿nI 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 G￿￿p 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¢ircOm￿ned 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 numt*r of employed given above. Page33 of44 Merchani Taylora, S¢hool (A CDmpgTry limired bygu•r•ntee •Nd h*vini • sb•r¢ ¢*pit*ll 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¢x￿lng 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 fadlit*s 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 O￿TatIng 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 guar*ntse •Nd noi h#•iA¢* sha￿￿P•￿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$t 202S 37.150.694 369,474 3.858.573 41,376,741 31 Au911St 2024 3 672.223 39,193,814 Of thè toial net btr)k ¥8luè of knd ￿lkI￿V I￿vded ¥tovè. £8.208.108 1$ {£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 S￿￿dIary Ir￿U￿e 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 T*ylors' Scbool IA company limlied by 8u*r4ntee 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 fO￿ard 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 rvin￿st*d 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￿$￿Trents. and any gains and losses thereon. The transfer of ftjnds Ihis ￿ar has been in relation to a specffjc fundraising appeal and the captal work is cwnpleled and the restricliM has been lulfillgj. Refér to Notes 15. 16 and 17 forfurtr*r anaty*s. stocks 2025 2024 Consumables linclL*Jir¥J textboc*s) Goods for resale 19,372 32,608 51,980 20.141 54.194 10. D•btors 2025 2024 Trade l Fee Debto Amounts owed from Related UndertakKgs {see Note 23) Prepayments and ￿ed income Olher debtors 2.153,729 213,946 269,275 87,241 2 724 191 106.09) 149,227 2fj5.914 121,661 11. Cr•dltorn: due wlthln onè year 2025 2024 Final tèm dep￿ts Trade creditors Accruals Exam detxjsts and Autumn term prwayrnents Feès In Advance Scheme VAT creditor Other c￿dIto1￿ 178,600 2.229,357 443,022 1.825,648 1.865,356 1,620,504 1.357,742 9.520,229 76,8CX) 446,466 1,403.353 2,427.870 2,847,554 1.273.774 8 475.817 Page36of44 Mer¢h*rLt Taylor5Y Schwl IA company limiled by Eusriiittt*￿ IA*ID#• th•r¢t•pikni) ..Note5 to tbe stste￿¢llts rthe nded 12. Cwwdit¢xs du• aft•r mor• than oTre year 202S 2024 Final t•rni d•poslts Within 1 to 2 years Within 2 to 5 years After 5 yea 58.0Th) 252,0 280,41X) 69.600 252.000 265 000 F••s In Advance Within 1 to 2 years Within 2 to 5 years After 5 yea 1.427,168 418,230 9,121 1854 519 2.669.441 848,461 3 566.266 13. F80$ 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 Ca￿thI Move￿ duriThJ the year wety: Balance 3131 AugLKSt 2024 6.413,818 New contracts Discounts 167,128 117.623 6.463,323 Amounls L￿liSed ￿ 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 d￿gnated 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 h*vlnK* sk•tet*phl) 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 FL￿d 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 D*sl9nat¢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' Schl￿1 IA CoM￿nY bThuttd by tuar*ntct*pd • Sh*rtt*plt￿1 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$ion Fund Historicalty the dèsignat￿ Pensi*￿ Fund IHd been set LP tr) fvnd Ihe Sthoolts share of the 1￿cit in th8 Merch8nl Tayltys. Company Pen&on Scheme. During 2013 the Trustees completed a buy-out with Aviva Plc. and the School èntéréd into an agreement Ihe pri￿paI ernP￿er to indemnify lh8 rnembèrs against any loss not ¢ov¢rèd by the P￿slon PTOtecbon Fund. shcwld Aviva not have SAAffiuènt assets to meet pension payments. This FuThJ is being maintsined wth 8 Mew tts meètiny any conb"NJent liability vthich may arise. The Govemors believe the likelihwd of liability arisirYJ to be minimal. The total ￿ntingent Itability 8ttribulable to the cannot be quantified wth w)y ¢8tsinty at this b"me. Bursary Fund The Bursary Fund was created to assist with Ihe p￿VIsIon ofg8neral t￿rsarieS to pupils attendirrfJ the SchooL The Fund was created usiNJ a ￿rOptyti￿ ofthg fvnds received fr(￿ the sale of the OMT sports facilty 41 Durr8nts as nolod bBIow. OMT Asset Fund In 2011, the Old Mèrd)ant Taylors, Swety IOMTI rehxated *s War Memorial SKvls Ground to Sandy Lodge. whero nèw facilities We￿ buili on the sc￿ gro￿￿5. The charge in the accounts of£189,885 reprv6ents the d8preuats.on charge on these new f￿l￿tieS and reconci￿5 the fvnd balan¢e to the current net book value of the OMT sports faality. Durrants Fund Due to the %ze and ggnffican¢e ofthe frJnds re¢eiv&J from the sale of The War Memorial Sports Ground at Durrdnt5 lexdudiFVJ the amount which was recewed to the OMT tsrilty). Ihe Twsle¢$ agroed to c￿ate 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 $d￿Me. Ply J9of44 MerchanlT*ylors' Seh•ol IA ¢ompaTry limited by E#*r*ntet*nd btyi slJ*rtt*pita Notes ¢0 the fiD4Trriil sl*t¢mtnt$ 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 Devdo￿nant 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$ls of restrict•d funds- pre¥lous y Bal4n¢8 2023 Incomlng Resotsrces Resources EX￿ftdtd Transf•rs Balan￿ 2024 Generdl t)onabons 178.762 178.762 327.154 327.154 305.837 305.837 200 079 200.079 Oevek)pment Fund Bursary Sports. arts aThJ schcd campus Caprtal projects 861.145 37.895 106.7S5 1.005.795 179.684 5.017 91.103 275,804 1179.018) 14.000) 861.811 38,912 197,858 197.858 183.018 900 723 Totsl 1 184 557 602.958 488.855 197858 1 100 802 17. Analy$i$ of endly￿d 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 T*yhts' S¢htyol IA coMpA￿Y kmlted by guar*Trie*•tsd * sh*rerapOlall - Note5 to ihe finandal st*temenls (con￿Dilld)- rend 31A 25 18. Reconeiliation of n•t income to n•t cash IInclllatlon- pr•¥Sous year At1 SoptsM￿r 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 Mutt￿eMp￿Ye1 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 *$h*rtt4pitBD tbe filbathtSalstAtemeftts l¢ontiAuedl r ended 31 A ust 2025 For ihe Penslon costs Icontlnued) The employer contribulion rate is set by the s￿elary of State followTrJ scheme valuations undgrtsken by the Gov8mmgnl Actuary's Depaith*nt. The most r￿nt acluarial valuation of ihe TPS was prepared as at 31 2016 and the Valuaiion Report. %thich was pulJi5hed in Math 2019. As 8 result ol this valuation the TPS employer contitxJtK)n r3tg incr98￿j fr(xn 16.4WA to 23.68% fmm Septfftnber2019. The scheme wa5 last subject to en a¢tuarial vabjalron based on dats as at 31 March 2020 in aceon18nce wilh the updatéd v8rsion ofthe Directions. The outcome is thal frryn April 2024 the empknyer contribution rate will increase to 28.6%. Support staff Merchant Taylors. Company Penslon Scheme The Sthod was a rnember oflhe MerthantTayt0￿. C(xnpany Pension schen￿ for some senitv non-teathiny staff. This scheme was closed to further accnjal on 30 April 2011. However. during that year. th¢ Truste&s completed a buy-out of liabilities with Aviva Rc. The School. subseqLtent to the buy-out. eniered into an agreement with Ihe principal employer to irKlemntfy the m¢mbets against any loss not covered by Ihe Pension Proteth'on Fund, should Aviva not have suffiu.ent assets to meet penson payments. Thi$ 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 T*ylots' 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 respon￿ble for the OVe￿ght 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 balar￿e 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 l￿waI￿S 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 gu*r*nt¢¢knd o•1 sh*rtupit Noies io the fittxrt¢i•l sthternellts (co￿￿1￿¢￿ 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•¥ In￿rance - 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