11111 *AC18MV3N* 12104r2023 COMPANIES HCiEE #135 Mercliant Taylors, Schools L'i'( ).s1i1' Annual Report & Accounts Forithe year ended 31st August 2022 Registered Company: 06654276 Registered Charity Number: 1125485 The Klerchant TO￿Or$. SCWLS. CrosDy Contents for Ihe Year E￿e￿ 31 A￿ust 2022 CONTENTS Page 1-23 REPORT OF THE GOVERNORS lincorporaling the Strategic Report) 24 STATEMENT OF GOVERNORS. REPONSIBILITIES 25-28 INOEPENDENT AUDITOR'S REPORT 29-30 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING THE INCOME AND EXPEND5TURE ACCOUNT 31 CONSOLIDATED ANO SCHOOL BALANCE SHEETS 32 CONSOLIDATED CASH FLOW STATEMENT 33-37 STATEMENT OF ACCOUNTING POLICIES 38-48 NOTES TO THE ACCOUNTS rhè Mwthani Taylors. Sthools. Cr05by Rep)rt ol Iht Goverws for Ihe Year Erted 31 AugL612022 The Governors are pleased lo present their annual ￿port for the year ended 31 Augusl 2022 under the Charities Act 201 J ancl the Companies Aci 2006. logether with Ihe audited accounls for the period, and confirm Ihal Ihe latter ¢omply wilh the requirements of the Acts. the Charity Comini5sion's Scheme and the Charities SORP 2019. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing Document- Constitution and Objects rhe School 15 a registered charity (regislered nurnbef 11254851 and is incorporated undei the Companies Act 2006 as 8 company limited by guarantee and not having a share capttal Iregistefed nufflber 66542761. The Charity is governed by the Memorandum and Articles ol Assoriab"on dated 15 July 2008. The School un(lertaking Èrtd experKJable assets ol Merchant Taylors. Scfv)ols ol the Foundation of John Hafnson {Ihe previous unincorporated charity regislefed under number 526681 }, were transferred lo the Company on I September 2008 to f￿rn part ol the corporate property of the Company. A Charity Commission Scheme was sealed on 28 August 2008 ar¥J came into effect on 1 September 2008. This Scheme replaces the fomier trusts ol the vnincoiporaled charity and renaffles il Merchant Taylors, Schools of the Foundab"on of John Harrison TWSL The Scheme appoints the Company as sole corporate Trustee ol Ihe unincorpor81ed charity and ihe Schools. pennanenl endowment properties and various prize and scholarship funds. The Scheme includes a uniting direction. so Ihai the unincoiporaled charily is trealed as lorming part of Ihe Company for the Pufposes of charily registration and accounling. Govèrning Body The Governing Body consisls of a maximum of three Ncmninaled GovemoTS and eleven Co-ople Governors. all of whofn afe appointed for ￿neWable periods of ihree years. The NominaleiS Governors are nominaled. one each. by ihe Merchanl Taylors. Company. the Commiiiee of the Merchanl Taylors, Old Gifls, Association and the Commillee of Ihe Merchant Taylois. Old Boys. Association. The Governors who served during Ihis financial year are listed on page 21. No employee of the Charity can be a Governor and no fee or other remuneration lolher than the repaymenl of reasonable expense5 incurred in relation lo their dulles for the Charity} is payable lo Governors. All Governors are also Directors of the C￿￿panY. Charity Govemance Code The Charity Governance Code is designed as a to(A to support continuous improvemenl. The Board. having reviewed the Code's key principles. considefs ils governance structure and arrangemenis to be appropriate for the nalure ol the School's operalrons, and as such has decided wt to forrnally adopt Ihe Code. The Board does however regLAarly revislt the Code's key principles lo ensure ihal the highest stsndards of govefnance are mainlained. Recruitment and Training of Govemors When a vacancy arises fof a Nominated Goyemor. the Boaid confers with the felevanl organi521ion to identify candidaies with Ihe spÈci31isl skills required. In Ihe case of the CTrOpted GoverrM)rs. when a v3carKy arises, the Govemors approach or advertise f candidates who they consider are appropriate and would widen the Board's represenlalion ano skills. Nominee$ are considered by the Nominations Committee who review their skills and suitsbility for the 7he Merchant Ta￿r$. Sc￿th. Cr05by ReFofi of the Governors fLV th8 Year Ended 3) Awt 2022 Governing Body befofe m¥kin9 a recommendation to the Board. Prospective Governor5 are then appointed lollowng an 8ffimiatNe vole by the Board and successful receipt of DBS check and character references. New Governors are provided vilh an induction pack conlaining the goveming docurnenls and other inforrnalion about 1he School. and infomab.on on the responsibilities of Governors. They also have the opportunity lo Meei ihe Execulive Team and olher Governors. tailored lo their specific iequiremenls. Abl Govefnofs lake part in annual training and briefings on lopscal subjects IncofPOTated Into the programme of Governois, Meetings. wlh extefnal speakersltrainers being bfought in as appropriate. Governors are also encouraged 10 attend training events run for the sector by exiernal bodie5 such as ihe Association of Governing 8odies ol Independenl Schools IAGBIS). The Board conducled an inleinal Governance Review exercise during the18sI academic year and Is acting on the recommendations as appropriate. Govemors afe also expecled lo regu13dy attend Board and sulKommtllee meetings. If appropriale, Ihe Chair will meel with individual Govemors 10 discuss their ￿ntribUtIOn and to the orgaftisalion as a •M)ole. Organisalional Management The Governors, as the Chariiis Trustees. are legally resp(nsible for the overall management and control of the School. They rneet as a full Board al lea51 lour times a year. The work of implementing their policies is carried out by 3 number of Ccmmittees. delai15 Of which are given on page 22. Each Commfftee meels al least once a term. The day lo day running ol the scho￿ is delegated to the Senior Officers. namely Ihe He3ds al each school within Mertthanl Toylors. (three in lolal) an(J the Chief Operating Offtcer ICOOI. They meet regularly as the Executive Management Team and are supported by thelr senioi management teams. The Heads and COO attend meelings of Ihe Governors and Ihelr Committees. The iemuneralion of the Senior Officer5 is reviewed annually. The Governors sel the femuneralion levels through benchmafking against levels in olher Schools of a stmilar size and character. available through external reports produced for Ihe seclor. and based on the perfomance ol the individua15 concerned. Group Structure and Relationships The School's fundraisin9 activities are (2rried out by a separate regisieied charity, The Merchant T8ylors' School Genefal Charitable Trust. for whom the School provides office accomrnodalion and other supwrt setvices. The Trustees are current Governors of the School. The School has close conlacl with their alumni aswcialions. Srmne financial assistance for bursarFes is given by the 01(J Boys Charilable Trusl, the Friends of Merchant Taylors. School Girls and the Mecchanl Taylors, Company. The School greatly values il5 connections w¢th these associatsons. A wholly owned Irading subsidi8ry. Merchanl Taylors, Schools Crosby Services Limited. prornotes ommercial aclivittes which use the School's assels to generate income_ Any piofil from these activities is gift aided to the School. The Merthttftl Tayl￿$. SC￿Ls. Crosby Report of Ine loi Ihe Year Ended 31 Awt 2022 08JECTS, AIMS. OBJECTIVES AND *CTIVITIES Charitable Object$ The CharIt￿S objects, as sel out in the MemoraThdum of AsSLKiation. are to advancg the education ol boys and gills by the provision of day andloi boarding schoo15 in or near C105by arKI by ancillary Of incidenial educational actiyilies and other associaled acbvilies for Ihe benefit ol the community. The School shall include instwclion in accofdance with the prinGiples of the Christian faith. excepl that any PUP51s may be exempteé from such insiruclion. in a¢cordan¢e wth afty policy sel by the Govemors from lime lo lime. Under the Charity Commission's Scheme. the Charily also has various permanenl endowment property and investments. as well as unendowed Iru51 funds held for special purposes in ¢onnecl*on with the development of Ihe School's facilits.es and for scholarships. bursaries and prizes. Aims and Public Benefit Wiihin these objecls, the School's aims are as follows". To sustain the School's reputation as one of the North West's lop academic schools. To conlinue lo providè a non-denominational Chrislian educalion f4Y local children from a wide range ol backgrounds. Ihrough the School's own Bursary Scheme. In addition to providing an academic. discipline(J edU￿tIon. 10 offe( a diverse range of exlra-curriculaf activilies, so Ihal Pupils leave as rounded, eonlident and balanced members of society. well prepared for lurther educalion and their careers. while also recognising their responsibilities lo the wider communrly. To employ g￿d quality teaching and support staff. In the furthering ol Ihese aims, the Governors. as Ihe Charity Trustees, have complied with the duly in s.17 of the Charitie5 Acl 2011 to have due regard to the Charity Commission's published gener31 and ielevanl sub-sector guidance concerning Ihe operation of the public benefil requiiemenl under Ihal Act. Principal aclivitivs of Ihe period The Charily principally provides education lo boys and gids Irom the ages of 4 10 18, in its Senior Boys,. Seniof Girts. and Sianfiekj Preparalory Schoot. Grant making policy The Governors are committed lo ensuring Ihal access lo ihe education the School offers is not res11icted lo Ihose who can afford Ihe fees. The Govemors, polw is to make bursary awards on Ihe basis of the individual's educalional ability. individual personal circumstances and Iheir parents. financial circumslances. svbject to any particular conditions imposed by Ihe original donor where the aw8rd is out of restricted funds. Bursary awards may also be made lo relieve hardship where an exisirng pupil's education would olherwse be at risk. for example in the case of bereavement or redundancy. W41h the exception of a limiied nufflber ol SC￿)18TshIps. all assisiance awarLfed is means-lesled and can amount lo 1000A of the luilion lee. rhe Mwchant Ta￿(￿$. S¢hoo15. Crosby Report of Ihe Goverrors Ihe Year EThJed 31 2022 Report on Mgrchanl TayloTS' Charitable and CommuTrity Activities and Public 8enefit Public Beneflt through Fundraising, Bursaries and Grant4naking The Governors have given regard lo Tho Charily Commi55ion-5 guidan¢e on public benefit. The Scl¥)ol is comrnitted lo open and inclusionary access for children iffespeclive of their finanaal background. Giving is a fundamental pillar of Ouf community. Giving is not a new concept for us". we were lounded Ihanks lo a generous legacy and the generosty of benefactors has contributed to many hundreds of bursary pupils passing through the School over the cenluries. We are working lo embed giving in the very fabric of the School. as we enter the next stages ol Ihe School's journey and Ihis element now fomis a key parl of Dur fIV￿year Strategic Pla 'Invesling in Polenlial 2022-27.. We wanl lo conlinue lo ensure thal the mosl academically able pupi15 from Ihe area should be able lo join our Merchanls. farnily. regardless ol iheir circumstance. We are foriunate to have a sirong and growng community of donors who 5UPPOrt our bursary piovision,. in 2021122 we increased the number of regular donors lo bufsaries by 50/¢ Ihanks lo our fi¥sl ever Tele11￿n. A team 01 11 recent leavers spoke lo over 350 alumni In August. raising over £80,000 for bursaries al the School. 104 pecple chose lo transform lives by making a gift. Bursaries form an integral parl of life at the scho￿., we invesl over £1m por year in offering means lesled places lo academically excellent pupils who deserve lo be part of our communty. During this year. lolal bursaries. grant5 and allowances lolalled £1.147,629 per note la (2021= £1.094.852). benefitting 255 pupils. Of this. £168.059 came fiom external fundiftg including support from Old Boys. Trust and Friends of MTGS as well as the June Floyd and Glasgow Bursaries. £979.570 came from Ihe School's ovm resources and equales to 6.4YK ol gross fee income. Our aim is lo continue lo increase the impact of our bur53ry support each yeaf. by increasing the number of tTansfofmational bursaries we offer. Transformational bursaries are Ihose where 85-110'/D funding is awarded, often covering not only lees. but extras such as lunches. buses and uniform loo. Theie were 51 pupils al Ihe School on Iransforrnational bursaries in 2021-22.. there were 100 pupils in receipt of some kind of financial svpport. We awarded 1 Oyo more tiansfoimalional bursarles than the previous year. Public Benefit through Educalional Excellence The School's exarninalion resvrts are again 8morKJ the best in the Northwest of England. The percentage ol A"_B grades al A Level was 6001• for Ihe girls. senior sthool and 71./. for the boys seniof school In Surnmer 2022 exam boards sei Ihe grade boundaries based on a profile that reflected 8 midpoint between 2021 and pre-pandernic grading {SurnrneT 2018120191. The applic21ion of marking schemes ¢Jid r)ot change.. grading dIfferen￿$ were enacted posl-marking Ihrough the stal1st￿al process of setting Ilowei) grade boundaries. Value added. as indicated by Ihe CEM measure5. 15 slatislically nomial at the senior schools. The majority of the eohort secured their first choice places al Russell Group or pre-1994 Group universilies and an increasing number are constdering taking up appienliceships or goin9 inlo emptoyment ralhei Ihan opting lo undertake degree courses. The school continues lo see a signtficant number of pupils Studying and doing well in the STEM subjects as well as those 5tudwng IAodern Foreign Languages which is The Mtrthanl Ta￿￿s, Sthwls. Cfosby Report (rf the Govemtys for I1* Year EndgJ 31 AIMJL6t 2022 declining al a national. level. InC￿asInglY pupils are engaging ￿th more vocational courses such as feal eslale management at higher education. AI GCSE. more than SOYO of the exam grades alla￿ed were al A"_AJ9-7. The School accepts pupils Irom average and above in the ability range and strives io seek lo add significanl value. ThÈ results above atte51 to this happening. Within Slanfield. we have created a more r&flects"ve value-adde(J rneasure and introduced online PIRA Ireadingl and PUMA {maihemati¢sl tesling to ensure Ihal we have a go(xl set of data lo build upon as pupils move inlo the sènK)r schools. The School also does well in providing value for money. having one of the lowest fee levels for top performing independent day sCh￿IS in the country, as well as providing a significant number of me3ns- tesled bursaries. allowing local children lo access Ihe schools irrespective of parenlal income. The academic provision al the Schwl has been further enha￿ed by our Digital Leaming Slrale9y. We were shortlisted for an award by Lrverpool Chamber of Commerce in Ihis respect. in Ihe Skills & Employability cale90ry of their InTr)vaLion in Business Awanjs. We also invesl in the potential ofour exlraordinary staff th[0￿h the provisioll of regular CPD opportunilies. the way we oversee Early Career Teachers and development of staff generalty. The School continue5 to perform ￿￿11 in a wide range of 5POrts. includin9 alhlelics. cricket, CTOSS-counlry. football, hockey. neiball, orienteering, rowing. rugby. wmming and lemis. Teams reach county and regiLbnal finals in a number of these team sports thile individual pupils al vaftous age5 have alt3ined. county, regional and national honours. There is also a ￿de amount ol participation across the sports ensuring Ihat our pupils are living a heatthy and acthve lifestyle and we have ensured Ihal the provision for 9irls' sporl in parliculaf has been enhanced. The School h35 sought lo develop more OPk)Ortunilies fof greater collaboration between Slanfield and Ihe senior schools for pupils lo participale in co-curricular aclbvlties and evenls. There is a150 a 5tTor¥J focus on musical and dramab"c performarKes in Ihe School. wilh last yearfs show, a Joint senior prodLtction ol Litlle Shop of Horrors alongside a number of school spectfic and joint concerts havin9 taken place. The Amabile Choir undertook a music lour lo Iialy in the summer and as part of the school's 4001h year celebration, a community choif sang al Liverp￿1 Calhedièl. Thus. we are able lo provide 5ubstanlial opportunities for crealivily among our pupils. The Combined Cadet Force ICCFI. togelher with the Ouke of Edinburgh Award Scheme, the Community Seryice Units. V*ider volunleefing programme and varioLhS nalional individual suty.ecl compelilions conlinue lo give pupils a wide rarYJe of opportunities lo develop leadership skills and those associated wilh being global cilszens of the 21st century. As such. pupils do recognise the role they have to play and Ihe conlribulion they can make lo society. Public Benefit through P4rtner$hip The Schod engages in many other aclivities Ihal provide benefit lo the PLknIic.. We launched ovr new Siralegic Plan in January 2022. wlh a renewed f(xus on slrenglhening our position as 'a school that is al Ihe heart of ihe community., We plan lo map and enhance Ouf community activity as we move fonvards. with the comrnon purpose that we share across all of Ihe School community. The Merchanr Ttyeis. Scn¢xls. Crosby Repon d th¢ Govemors f¢¥ the Yea¥ En¢e(131 Awl 2022 The Governors do attach g￿81 imp)rt8nce to the School's ￿kil￿onshiP wilh the local community and aclively seek ways in sthtch the School's expertise. resources and facilities can be used for Ihe public benefit. Across the year, the School continued to play an adive role in the communily. Our partnership with Marine in Ihe Comrnunily Cfealed volunleÈring opporlunilies for our pupils. including leading technology skills for older people. and gardening projects. Pupils chose to fundraise fw a wide range ol charilies. from local lo nalional. Our girls underiook the first ever whole s¢hool sponsored wa5k in aid of Young Lives vs Cancer, raising over £4,7CQ in Ihe process. We continued to wetcome our local pariners into the School to shaTe our facilits'es - including Ihe Waleik)o Prbmary Sports Day, and special showings of our the2lrical performan¢es for local schools. Ouf Merchants Masleiclasses invite pupils from aw)ss the area lo Come in and enjoy a new subjecl, whilsl our popular Harry Poltef evening provided a magical opportunty for Chlldren lo engage with drflerenl activtties. At Christmas. we created 1 L)0 food hampers lo gift lo families in need in our local area. The School welcomes the local community lo use their facil￿"eS w11￿ut charge or al subsidis8d fdles. including in the following ways.. Pupils from local maintained schools are invited lo attend a variety of age-specific lessons, workslK)PS or olher educational events. such as those relating to careers and higher education ￿viseS Local maintained schools are invited to attend Ouf academic leclure series (Emrys Jones. leclures) lo hear distinguished speakers Scheduled hosting of Ogden Primary School Physics Day Idue lo Covid. this was poslponed unld the summer 0120221 Teaching Mandarin lessons in l(Thl primary schools Helping local schods to prepare sludenls for Oxbridge Allowing members of our tgaching 51aff lime to parlicipate and OT9anise events for various nalional organisaiions, such as one teacher being Ihe Royal Society of Chemislry RepresenlatNe for the Norlh ol England Sharing sports facilities such as our lenThs courts and sporls fiekls wilh a number of local Sch￿Is, including Walerloo Primary School The School's Sports Centre has significant communty use - it is open to the public during evenings and weekends and includes a gym and 3 programme of dance and fitness dasses which any member of the public can attend. 8eing a regK)nal hub for the MCC Cricket Foundation A strong relationship with Waterloo RFC a￿1 Marine FC including providing use of f3cililies Providing fInar￿la1 support and use of facilities lo Northern Hockey and Cricket Club Hosiing a variety of sporting events for ¢hiklren at lo¢al and reg￿￿81 level Hosling regional chess loumamenls The N48r(*ant Ta￿or$, SCFKKYS. Crosby Report ol If* GoverThys ihe Year Ended 31 WI 2022 Pupils from local mainlained schoots a￿ invtted lo attend music81 and dramatic productions duriry Ihe course of Ihe year, including speryal malinee performances exclusivety for them. Pupils from local maintained schools are invited lo attend drama and music event5 across the School. Sharing the concert hallllhealfe and the dance stLKiio wilh outside users. The School's pupils undertake weekty Community service placemenls in local SCI￿15. local charities and local nursir¥J homes, including visiting Thornlon Hall Residenlial Care Home. The School is partnering with Marine in the Community lo provide support foi variou5 venlLKe5. This includes plawn9 in concerts for senior cilizens and local primary school children. Members of 51aff serve as Govemors in maintsined schools. A communrty and charitable ethos is also encouraged throughout Ihe School and each year Ihey support numerous local and national charities, raising in the region of £25.000, through the combined efforts of pupils, parents and stsff. This is generated through a combinalion of aciivilies from clothes days lo concerts. coffee mornings, cake sales. collections. raffles and sports even15. charib.es that were supported this year included Ihose offering sUPPOrt io the homele55. oPPOrtunit￿S for underprivileged children and those providing mental health care- all aceas that the School feets strongly a￿￿1. The Mefchanl Tayhjrs. Sch¢xA5. Crosby Rew ol the Gcr4erMws ff* Year End&[ 31 knJLtsI 2032 STRA TEGIC REPORT REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Operational performance ofThe Merchant Taylws. Schoo15. Crosby In addition lo the continuing excelEenl academic resulls. a number of objeclives were met.. Pasloral reviews carried out al both serNN scho(rfs saw changes lo the slructure in each ol the schools. A new ConliNJent Commander was appointed to lead the very successful CCF contingent and abbreviated summer camps for the Amy and RAF sections occurred al local bases. A new SSI will be appointed for the 2022123 year. There was Gonlinued success on the sportir¥J fronl, most I￿￿ablY as the U14 Cricket Team 81 MTBS reached Ihe Semi-Finals of Ihe National Cup Regular attendance conlinued al the Sefton Children servI￿s and the School's Cell Meeting lo inforni and be informed about Ihe local educatK)nal situalion £0.6m investment in Stanfield PTepar310ry School delivered new outdoor 13cililies including full refurbishment of ihe playground facililies, a new multi-use games area aTrJ ouldwr classroom facilities. Future Slraleglc Olrection In Seplembei 2022 a Diamond Model of Learning wll be implemented throughout the School. The senior leadership 51ruclure will be changed lo the sch￿1 having one overarchin9 Eyecutive Head across the schools. a Chief Operating Officer and four Heads of School {co-educational Slanfield Preparatory School, single sex Boys and Girls for pupils in Years 7 10 11 and a co-edLTrcalional Sixth Forml. (This new slruclufe is detailed on page 201. This structure wll allow u5 lo provKJe the besi advantages of co-educational and single-sex educalion al differenl slages. 11 wll also enable us lo deliver high-q4Jalily. sophislicaled and tailo¥ed teaching which reflecls dirfeTenl learning slyles and inleresls. is appropriate lo their age and emotional malurily and is per$on81i5ed to each indivKJual. Thi5 will be supported by the continued commitment lo invesimenl in our estate and facililies lo ensure the School provrdes dedicated facililies lor all its pupils. Underpinnlng ihis is the launch of the organisalion s five-year Stralegic Plan (in January 20221-Investiftg in Polential.. This plan has been published and is aVaila￿e lo read on our website al htt s'.flwww.m rchanti rs.com/slral l. The plan is Ihe resuh of signilicanl research and extensive erngagement wilh all oui stakeholders and it is inlended to provide a stron9 loundalh)n for the future svccess of the School, ils staff and its pupils. The School 5eek$ 10 continue lo broaden ils charitable activities by supporting the local community whether Ihal is through use ol ils facilities or access to ils academic oi CO-CUFricular expert5se and also through the development of partnerships bmth slakelKtrlder5. Flnancial Review and Resuhs for the Year The accounis for the ￿rIOd show a less favourable oul-lum compared lo the prior year, wilh olher unreslricted funds showing nel incoming resources beforè transfe￿ of £440.102, which represent$ 3.0°/0 ol fees ieceivable. This decrease Irom previous years is due io a relurn to normal Iiading after COVID 19 which has resulted in increased costs army the impacl of signrficant inflationary pressures during 2021122. Tha Mwchanl Taylors. Stho¢As. Cr05by Report of Ihe GoverrKKs Yor Yew Ended 31 Auwst 2022 r.riKItt. Tuition fee income has increased by 3_7Q/. Iroffl last year. Olhei income has reduGeé slightly mainly due to oneaoff donalions being made directly into the Char[ta￿e Trust from the 2021122 academic year onwards. Employment costs. which represent 70°h ol total exFendilure, have remained level with prior year. Inleresl received has remained in line ￿th lasl year due to inlerest rates contin[Ji￿ lo remain low. The School's trading company Imefchanl Taylors. Schools Crosby Services Limiled} contirbues lo hire out fa¢ilitie5 during the holidays and outside school bjurs as well as runniTh9 the Sports Cenlfe and delivering holiday camps and speaalisl sport camps. This has generaled a £71.079 surplus {2021'. £161 surplus), this has occurred because the Sports Cenlre had a relum lo full opening having Sh￿ in 2020 to Ihe general public due lo Covid 19. The School is well ￿$OUrCe￿. induding increased expendilure on Sporting and olhei co-curricular activities. Inveslmenl in inlorm81ion technology including SOf￿re, infrastructure and digital leaching learning through Ihe18unch of a pupil 1-. 1 device scheme which is planned for September 2022. Significant work has also gone into maintenance of the eslale. in order to estabtish a 501id base from which to pursue future capilal development. The School is invesled In an oNJoirvJ capital expenditure plan to albw buildings to be updated. The School's buildings V￿re value(I for insurance purF(>ses al £66.5 million in Maich 2016, representing the eslimaled rebuilding costs, fees and VAT. There was a tjeficil on the School's investments 01 £541.378 {2021 gain o( £1.659,6621. This is due lo a fall in Ihe stock maikels following the impact of Covid. tne Ukraine war and the forecasl global recession. CapFlal commitments are shown in note 20. Thefe have been no signif￿an1 events since the year end affecting the Company. External Factors Pupil numbers were slightly ahead ol the 2021122 foiecasl, with 2021122 delivering the highesl year on year gr0￿h in pupil numbers in recent years. The SchL)ol's success in delivering remote teaching and learning during the COV￿-19 pandemic has in part driven increased pupil numbers. Higher than budgeted fee ir￿Orne. robust forecasting. planning and cost management has enabled the School io deal with the signific3nl inflalionary pressures that have been pievalent in 2022. Reserves Policy As al 31 August 2022. the School had lotal funds of £28.819k {2021- £29.682k ). These are set oul in notes 14-18 01 these accounts. Of ihese funds. £11.114k {2021.' £11,768) ale reslricled. primarily for use for granls and bursaries, and £2,778k12021.- £2.924k l are treated as a permanent endowment, part of which is invesled in land and buildings. Unrestricted lunds lolalling £ 14,926k {2021.' £14.713k l are lied up largely In fixed assels. Ouf balance of free ieserves currently slands at £1.2m. 'This includes approxim31ely 4 weeks of anlicrpaled expenditure plus a contingery lor polenlial 105ses of £70k. There ale therefore limiled free reserves. wi(h Ihe policy being lo reinvest in developing buildings, facilities and fesourGes. whi15t also ensuring that cashflow over311 remains posilive. The Governors are salisfied that the School has sufficient financing available lo meet its working capital reqLJirernenls. The Merchani Taylo￿. S¢hwLs. Crosby Rewl ol the GoverrTh5 ihe Yew Ended 31 AugJ512tr22 The Goverrmxs have considered Ihe level of reserves and finanoal forecasts in detemiining that The Merchant Taylors. Schools, Crosby is a going concern. The Gov8mor5 are reviewing the Reserves Policy in 202W23. Streamlined Enèrgy and Carbon Repgrtin9 (SECR) 12 months to 31 August 2022 A review of energy and carbon usage was undertaken by Amber Energy during the 2021122 academic year. Their findings were reported as folk)ws'. Total UK energy u5elGreen House Gas emissions= Grid Eleclricity.. Natural Gas.. Meichanl Taylor5. Minibuses {Oiesel Fuel).. Fuel reimbuTSÈd: 835.710 kwh 2.912.582 kwh 32.379 kwh Okwh 176 GHG emi55ion5 589 CHG emissions 8 CHG emissions O GHG emissions Intensity Ratio To convert absolute emissiOllS to an emissions intensity metric. Merchant Taylors, IMTS) have calculated emissions per a relevanl measufe. An inlensily ratio is a way of defining MTS emi5sion5 data in relation lo an appropriale metric. such as lonnes of C02e per sales revenue, or lonnes of C02e per lolal square melres of floof space. This allows comparisons of energy efficiency performance over lime and with similaf types ol organisalions SECR inlensily ralios are calculated by dividing MTS emissions by ils organisalion specific metric. In this instance the inlensity raiio vsed for MTS is square melerage of sehcM)I buildings based on the lollowng information- NorTnalising Metric M2 of Mefchanl Taylofs. buildirys: 20,701 M? the Inlensily Ratio lor 2021122 - 37 KgC02dM2 The review highlighted Ihal Ihe figures quoled within the review report had been SLrpplie¢Y directly from Merchant Taylors, and includes invoices lor electricity. nalural gas and business mileage claims. Conversion factors used were taken fr¢Jn the .2021 UK Government GCH Conversion Factors lor Company Reporting lo calculate erni55ions for Scopes 1. 2 and 3 as follows: Scope 1.. 597 GHG emissions . Scope 2.. 162 GHC emissiDns Scope 3.. 15 GHG emissions (incl Electrw T&D) For'Grey Fleet. bu&ness mileage claims an average consumpiion figure of 5.05111OOKm had been use(i along vAlh an average pelrolldise3se CV conversion of 10.02kWII and the'unknown fuel. figure taken from the .2021 UK Government's GCG Conversion Faclors for Company Reporting. rhe review concluded thai Merchant Taylois. continues lo slrtve for energy and carbon reduction arising Irom their acliviltes. Duiing Ihe reporting period. no specific energy reduction measures were undertaken. 10 The Meicharn Tay1ry5' Schools. Crosby Peport oflhe Go¥errK)r5 lor the Yw Ended 31 Awl 2022 Risk Management The Board of Govemors is fesponsible for the management of the slralegic risks faced by Ihe School. The School has a Stralegic Risk Register in place. il is reviewed at every Board Meeting and also by each sub-commrttee lo ensure Ihere is suffKienl oversight of key slralegic risks and their ongoing management. The monitoring and re•forecaslirKJ of the ongoing imparl of exlernal infialionary pre55ures on finances has had increased focus over the last academic year and will conlinue lo do so. Alongside this. on90ing modelling and review is in place to ensure the School has a clear View of the impacl 01811 the potential fegulalory and legislative changes that Ihe School may face in the lulure. such as the removal of Charitable Status. In addilion, a fofmal reV￿W of the Charity's fisk management processes is undertaken on an annual basis, using a risk register template. Through Ihe risk man8gemeni prctesse5. the Govemors are sab"sfied that the major risks identified are adequately mili9ated where necessary. 11 is re¢(¥nised that syslern5 can only provide reasonable bul not absolute assurance that risks have been adeqLtately managed. The key Controls used by the Charity to manage risks include-. formal agenda5 for all Committee and 8oard Meelings lo focus Governors, discussions., delailed Terms of Reference lor all Committees to ensure that role8 and re5wnsibilities a￿ clearly identified and all operational areas are covered.. comprehensiv8 strategic planning. budgeting and management accountiry, enabling financial performance lo be monitored anJe of practice. We have received no complaints in rel*ion to fundrai5tng aclivities. INVESTMENT REPORT Investment Policy and Objectives The School's inveslmenis are managed on behalf of the Board of Govemors in accordance with the Trustee Act 2000. CCLA Inveslmenl Management Limited were appointed as the Schod's Inve51menl Manager in October 2020 with inyeslmenls held in Iheii COIF Charity Funds. The Governois accept Ihal the atl?inment of the bng-lemi inveslmenl 0￿ettiveS requires the acceplance of a certain level of risk which manifests ilsell in the volatility ol. and ¢xcasional declines in. the capilal value of Ihe funds. The Governors seek to minimise the risks in a manner which is consislenl wilh the 8tt8inment of the investment obieGlives. It) order to achieve these objectives. the Investment Manager is required lo ensui8 an adequate degree of diversification across a range ol assel classes of varying degrees ol risk. The degree of risk to which the portfolios are exposei1 will vary from lime-lo-time in accordance with economic and markel condition5 and Ihe Investment Manager's views Ihereon. but in order lo conlrol the IiTnils of Tigk tolerance. Ihe Govèrnors have agreed a set of ranges for the level of snveslmenl in each asset class. The overall portfolio will be benchmathed againsl a fange ol agreed bespoke benchmarks. Report Irorn the School's Investment Manager ICCLA Investment Manag¢menl Limited) The initial spike in inflatson Ihat was observed in the latter months of 2021 conlinued into 2022 and has proven problemalic for cenlial banks and governmenls lo conirol_ This has been exacerbaled by the Russian inv2sion of Ukraine in February 2022, and the subsequent sanctions imposed which have caused further widespread disruption to the provision ol oil and gas and other commodities lo ffluch of Europe. This. in addition to Ihe already well dC￿Me￿Ied supply chain issues caused by Ihe Covid pandemic. as well as m8ny ye8r5 01 ullra-loose monetary policy have seen inflatson reach the highe51 level in more Ihan Icrty yeais in the UK an(5 elsevthere. As a consequence. central banks in Ihe UK. USA and the EU have siÉadily increased inlefesl rales lor the firsl lime since the global financi31 crisis which in addition to conlinued Covid-relaled shutdowns in China, have taken its toll on economies and aisel class returns. In particular, 2022 has been a problemati¢ year for the UK Gilt markel which has suffeced with the rising Tale environrnenl on accounl of the relalionship be￿een r15ing yields and falling prices. For Ihe twelve months Up lo 31 August 2022. the UK Gills in aggregate had lallen by more than 209/0. In conlrasl, the return5 ffom UK commercial propety over the same pefKKI were impressive at over 20Q/.. with the sector benefilting from the ￿S1-cOV1d bounce back having been particularly badly affected by lockdown rneasures and government legi￿all0n lo protect businesses which was al Ihe time to the detriment ol landlords. Subseouenl Io ihe period under review. however. in Ihe lalef months of 2022 piopety valuations declined markedly in respofw to the rising inieresl rate enviionmenl. 12 The Merchant Taybrs. Schools. Cmsby Fleport ol the Gryvefnors for Ihe Yw End8d 31 Awl 2022 Equities have had a mixed peri￿, with the fetums from UK comp8ny shares in aggregate exceeding those ol their global counterparts. Thi5 is in part the resull of the strength seen in the commodity sector. whi¢h fomis a large part 0( the UK equty market, as well as the benefit that weak sterling has on the profilabilily of multinational businesses which are lisled in the UK and report in the domestic currency. Over the ￿1Ve-Month period to 31 August 2022. Ihe SchcKJl's inveslmenls (in the COIF Chafilies Investment Fund (COIF IF)), retumed -1.91% vs the comparator which over the sarne period fell by - 2.060A. This was a pleasing relative performance although against the formal benchmaTk of CPl+4 10 nel, the COIF IF unsurprisingly underFerfomed given the rate of inflation, wilh Ihe former having registered a +13.81•h rise. Considering Ihe difficult eC￿￿MiC backdrop. during the month of August. the equity exposure in the COIF IF was further reduced via laigeled reductions in exislir)g positions that have rallied and look more expensive (for exampl8 Synopsys. 8roadcom. and NextEral. This resulied in Ihe already elevated c3sh position al Ihe start of 2022, rising even lurlher lo beljveen 1 Ck1111/0_ More broadty. the equity positioning remains focused on quality and secular gr0￿h where Companies be better suited lo wilhslanding the economic pressures of slowing 9iowih and high iriflation. Followng the steepening of Ihe slerling yield curve, Ihe decision was made in the latter part of the twelve- monlh perilxl to invesl a proportion ol the cash held {approx. 3 /9) into short-term Certificates of Deposit lan insliumenl regularly used Mlhin Ihe CCLA deposil funds). These looked attractive due to a 51gnific3nl yiel(J pickup (between 3.5010-3.6Yo yield for paper wilh a maturity of less Ihan 1 year). whilst exposing the COIF IF lo very little capital risk. 'EQUAL OPPORTUNITIES The School welcomes pupils from all baekgrounds. To admii a prospective pupil. we need lo be salisfied thal Ihe School will be able lo educate and develop them to the best of their polenlial and in line wlh the general standards achieved by their peers_ Enlrance assessments are undertaken lo satisfy ourselves and parents that polents.al pupils ¢an cope wtih the pace of leaming and benefit from the edvcalion we provide. An individual's economic slalus. gender. ethnicity. race. religion or disability do nol form part ol our assessment processes. The School is an equal Op￿￿nitY organisatson and are comrnilled lo a worting environment that is free fiom any form of discrimination on the ground of colour. race, ethnicity. relrgion. sex. sexual orienlalion or disabilily. We will make reasonable adjustmenis to meet the needs of staff or pupils who are or become (lisabled. The School is commrtied lo safeguarding ènd promoling the welfare of ils pupils and expecls all stsff and volunteers lo share this commilmenl. In the last Thvo separate Ind8pendent School Inspeclorale reports. the pastoral cafe piovided by our Form Tutors. Heads of House and Year, was described as 'exc2llenl'. Parents are given regular information aboul their children's social and academic progress through parent evenings in addition to the Iradilional end ol term and year reports_ We rnainlain regulai contact with parents Ihroughoijl ihe year Ihrough inlomal conlacts and thfough our newsletter. All pupils have a Class Teachef or Form Tutor resKM)nsible for pastoral care and academsc development. We also have syslems of peer suppcrt in assisling leaching skff in enforcing the Sctw)01'5 very vKJoious ant￿bUllYIng policy. 13 The Merthanl Ta￿urs. S¢hoc4s. CrosDy Repori ol Ihe Gtr4ernrMs lor the Year Ended 31 AwJust 2022 STAFF The Governors are very apprecialive of the dedicaiÈd contribution made by all Ihe School's staff. wilhoul whom the high standard and achiev￿nentS would not have been possible. AUOITORS Crowe UK LLP were appointed as auditors in September 2021. So far as each of the Govemors is avore at the time the report is approved: Iheie is no relevanl informalion of which the School's audilois a￿ unavtsre and Ihe Goveinois have laken all steps that they OLKJhl to have iaken lo make Ihemselves aware ol any relevant audit information and lo eslalAish thai the avdilors are aware of ihat inlomialion. Report of the Governors. incorporalin9 a slfalegic report. approve(J by Ihe Board of Governors. as the company dire¢tors. on 2023 and signed on behall of the Board by.. MF P J Marshall KC Chair of the Board of Governors 14 The Mwchanl Ta￿¢Y$, Schw5s. Qosby Report of Ihe Governws IP* Year End￿ 31 Awt 2022 80ARD OF GOVERNORS Mr P J Marshall KC- Chair of tho Board of Go¥efnors Philip is the immediale past Joinl Head ol Chambers at 1 King's 8enchWafrt in London 2013.20201. haviry been camed to the bai in 1989 *)d apw"nt8d a OC in 2012. His various professional accd3¢Jes incJL*Je being past Secretary. Vice-chairman an Chalfman. and now an Honorary Life Vire Pre5NJenl ofthe Family Law Bar Associalion and also a Felow of Ihe Intemational Academy of Family Lawyers. He bs also a proud Old Boy ol the School11978-19851 and an alumnus of LNerpool University. whefe he gfaduated in Law n 1988. Philip has devoted his lime 10 his lo)rmer school for rnany years. serving as Prestdenl ol the Old Boys. Association. a Trustee ol the Merchani Taylors. Old Boys Chariiable Trust and as a GoverrK)r. before becomi19 Chair ol Ihe 8oard of Govèrnors in July 2020. Dr M Agarwal Manoj is a Consultant Psyclialrist and practices at the Selton Suile in Liverpod. Passionale al)oul his vK*k. during his extensive career as a Consultant. Manoj has always been lnvofved in postgraduate medical edu¢a¢K>n, having hdd posioons of Director of MèdKal E0ucat￿n and Head ol School ol Psychiatry in the Meisey Deanery. He has Posi Gtadval¢ Certificates in Teaching and Leaming in Clinteal PraclJ"ce. and Cognilive 8ehaYiour Therapy. M¢•noj ha5 had a l¢yw associalion with Ihe School. ￿th b)Ih his children havin9 attended the scho￿ from the Reception years. As an aclivè Rotarian, Manoj ts omrnitted to ils motto. Service Atjove Sell. Mr C CowlirvJ. Bsc, FIA. FIMA, Csci. Cmath harfes allenderj Merchant TaOois- Boys. School be￿8e￿ 1975 a￿1 1981 before going to Ourham Unwetsity lo read mathematiC5. He qualified as a Fellow of Ihe Instilule ol AGtuaries and was a worltJ*ide partner al Mercec in Liverpcw)I ￿[¢re laksng up hi5 cuirenl lo￿ as a direrlorol JLT In Manchestei. He is also a FEllow ol Ihe Institute ol M31hematiC5 8nd ils Applicaiions and is a Pasl Masler of Ihe Worshipful Company ol Actuaries. Chades t5 rnar[￿d io an Okl Girf has four Ghild¥en. He is a keen S￿ger and also a runnef. and re9ularly runs maralhons lor charity. He is also Chair of Trusteès at Manna House. Kendal. Chartes is a Liveryman ol the Merchanl Taylors. Company and is their ￿e￿eSenIatl¥e M the Board ol Goveinofs. 15 The ljeffjharnt Tayor5' Sthois. Crosby Retx)r1 of the Goverrw l¢y the Year Ended 31 A￿U51 2022 Miss Emmo F4y Emma is an Girl of Ihe school {2002-2009). After lintshing school Emma studied BA Hons Biomedic￿ ScEnce at The un￿e{si1Y of Shetfdd before pining Glaxo Smslh Kline. Since joining GSK Emma has held ffluttiple sales, markeling and Operat￿n$ roles across the UK and Europe. lrfused on ￿￿enIng patl8nt artd healthcare access io innovative medicines. Emma is PfoaGiNely enga9ed in multiple eou¥lity. inclusK¢n and divefgly wojects al GSK thfough the Wornen's Leadership Team. one ol the most innovative aThJ fo￿ard- thinking nèiworks in Ihe UK io ehampK)n gender equality. Emma has been rK)minated lor sever81 awdrds Ni ihe phamateutical indusiry, most noiably as a Flsin9 Star by WeAreTheQty in 2020. Othside of wowk you wll find Emma playin9 hothey. cycl￿g. or atlempling some amalevr DIY as she renovales her first house. Mr Simon Fowlèr. Bsc (Honsl Simon I￿rked in Ihe John Lewts Partnership for 34 years in numerotss senior roles incfu(Sing as Managing Direelor of both London Flagship depanmenl stores Peter Jones John Lewis. OXI￿￿ Street. Most recenity he hel¢J the posi of Oifector ol Communitalions. operètin9 at Executive Director level. As Direclor ol Cornrnunb¢alx)ns. Simon was responsbble lor the communications strategy for the John Lewrys Partnership. leading a team wth responsibility lor Govemmeni and media TeIalhx￿. internal communieaiK>ns. Ihe business Archives and thè Partnership's weekly rnagat1￿. The Ga2ette. ¥thth. ai over 100 Yea￿ Is Iiie Worsd's longesl running irkknu5e publicatiofi. Simon is also a Member D*ecior of the Liverpool Instilule for Perfoming Arts. art Execuiive Coach ￿Nth Ihe Governmenl inspired organisotion. Be the Bu5snes5 and has prèviously been Chair ol the UK'S EmF4oyee Ownership Association. Simon was in Thailand and spenl his eafly ytars in Central Africa before movin9 to the Cot5wolds. He ￿ad bio109y at Portsmouth University and has lived in Blundellsan¢Js 417th his lamily since 2009. He is a keen 9ardener and beekeeper. Mrs S Gascoi9n• B.Ed {Hon51 Hawn9 gained a B.Ed Hons from Si Marfin5 Lancasier. Sandi laU9hl in three primary schools acr055 Soulh Manchester lor 15 years. during whi¢h Iirne she was responSi￿e for SEN and Salegu8rding. She tavghl Yèar 6 for nine years. preparing the children lor Iheir 11+ examK¢alions. and was a D¢puty Head lof six year$. Sandi move(1 lo Southport in 20CQ and boughl Yarrow House Nursery wilh her husband. whKh they owned lor IS years. ¢Yvring time they undertook huge expansiws and a relocaiion. and achieved an Oulslanding Ofsied in 2015, prior lo selling the nursery io a chain ol nurseries Later in 2015_ Whilsl having Ihe nursery, Sandi also studied and gained Earfy Years Prolessional Status specialising in Eady Yeafs, and formed an ongoin9 tink ￿1h Eoge Hil Teachef Training. t6 The Merthani Tal￿. Sclthys. Crosby Rewi ol Ihe Govornor5 fty the Year 31 AugLSi 2022 Since then S8fK1i enpys part twtie Stspp￿ teaching fof Sefton in a variety of schools. sltll enjoying the prifflary Scho￿ environfflent. and says she -is not reaoy to be a housewife just yetl". Sandi brings with her pre¥￿u$ expenence of bÈiThJ boih 8 Teacher Govemor. and a Parent Governor. Sandi and her husband have two tjoys, both ol whom atiended Mefchant Tayknrs, Seniw Boys. School. Miss A G¢fvasoni MBA. BHSC IHon$l, ALCM, LLCM Anna. 15 Vice Chair of the Board of Ggvernors. ¥llended Mecchanl Taylors. GirLs' School be￿een 1986 and 1993 an¢J left to Pufsue 3 career in thè NHS as an Occupalson81 TherarAsl belore Ihen gainlng hei MBA an¢Y sw¢ch￿g palhs to run her fafflily's business. After fffteen year5 81 the helm of thal company, she now speerali5es in new business venlures wilhin the hO$￿talIty induslry. focusing on opening new s*ies ènd luming exi51in9 businesses afowid. Anna is also a qUalif￿d mLbSiC pertormei and iÈather. She enjoys hiking and cooking and 15 a member of Forrnby Ladies Golf Club. Anna is a lormer p￿￿￿ent of the Old GÉrls' AS￿l8t10n an¢J 15 Iheir represent81ive on Ihe Board of Governofs. Mr Chris Green Chris curreniiy hokjs the position of Assistant Chief Con51able. Mersey5ide Police leadin9 Ihe Nonh Wesi Reyiot)01 Organi5ed.Ctirne Unit & re9wal specialis1 pol￿11)9 ollaboraiions and represent5 the iegitin on 3 number of national policing bD3rds. He h35 serye¢J with Merseyside Police IDr over 27 years. serving in every rank as a Deleclive. Chris is an experienced homic?dé invesligalor. sirategic firearms cornmandef aThJ menior io a number of leaders wilhFn Ihe organisalion. Chris has lived, slvdied and worked in Ihe Merseyside arèa all his life. He has a 8A IHonsl in Geography and having a thirst lor conlinuous improvetnent he st(tdied for his asler's degree in leadership whilst serwng and in 2019 spent three months attending the F81 National Academy senK>r leatjetship programme in Ou8nl>co. In his spare time Chris enjoys all swrts, the outdoors and maintains a diminishiftg desire 10 one more maTatrTh. Mr GeoT9e Hartley Currently holding Ihe powlion ol Headmasler al The Kry'5 Sch￿1 Chester. George's prewous Posilions irrlude Principal ol Elizabeth College Guernsey. Hea*Ymasler ol Sixth Form al 8erkhamsted scho￿ Hertl¢yOshire, and Teacher ai Highgait Sthool London and Eton College_ GEorge was educate¢1 at Cranbroc4( SchorA Keni athj s1 Catharine's College Carnbridge. vtheTe he read Geography. He subsequeniiy complete¢J an Msc in Enwronmenlal Science al Imperial College Lon¢y￿. George currentjy Chairs the HMC Aembèrship CommilleE and has camed oui many HIAC accredil8tK)n v&sits al schoo15 aeross Ihe UK. He is also a Governor of Rudd Heath Academy in Northwi¢h and a Trustee of the 'Rarfofm for Lite. charity in Chester vhFich provides mèntal health counselSng lor lamilies ol k)w income. The Merchanl Ta￿015, Schod$. Crosby Roport ol the Gt)vernows lor the Year End￿ 31 ALWt 2022 8c¥n in Pre51on. George is now married ￿th thildren. A loNJ-sufferry fan ol Preston North End FC Iwth visions of the Premier League!). George's olhar inlefesis include rugby. Clicket. mountaineering. rM)eiry. singing. cooking and wne. Mrs Glynis Johnston An Èxperienced leather. holding an M.E¢J. from Liverpool Universily. Glynis spent her rinal 10 years ol leaching at Sianfiekl. In 2￿)0 she pined her husband in a new Ecooomts ConsU￿artY Pracitce as Finarre Manager- a posilion she continu¢s 1¢) hold. Since 1995 Glynis has been a magislraie, charring aduli Gourts bul 815Q 5Fecialising dorneslic abuse. Ha￿r￿ lived in 8lundellsands l¢y many years she is Chair ol Blundellsands Park Trust. locally as The Key Pafk. She believes passionately in conseThin9 this beautiful place for fulure generations. Glynis's inleresl in ¢hikJren and ¢hildren's weKare led her lo becomln9 a Trustee ol Akler Hey Children's Charity, silting on FinancelAudit and HR Committees. Hei hobbies mclude reading. Iravd and cooking bui she likes nothsng more than spendin9 tirne with her four grand¢hil¢Jren. one ol vthom attends MTGS. Mr Gar•th MaWds￿Y Gareth ts an Old cr05telan119￿-l997l. Alter leèwng school. he speni 25 years as a 109151iGs officer in the Royal Navy. 5erwng ashore and afloal all arounon@mtbs@merchÈnitaylors.com Website.. i.merchènNa kjr 22 The Merchant Ta￿or5. S#wls, Crosby Report orthe Goverr¥)rs for ￿ Year Efided 31 ￿lj$1 ZU22 riiTI PRINCIPAL ADVISERS Architects 1 Oarchilecl Ltd 12 Hilton Streel Manchester M1 1JF Audit￿5 Crowe UK LLP The Lexicon Mount Street fvlanchesler M2 5NT Banker5 Barclays Bank PLC 20 Chapel Street Liverpool L3 9AG Insurance Brokers Grtifilhs & Amiour Drury House 19 Water Street Liverpool L2 ORL lftvestmenl Adviser5 CCLA Investment Management Limiled One Angel Lane London EC4R 3AB Legal advisors Weighlmans LLP No 1 Spinningfields Manchester M3 3E8 23 Thtr Merchani Tay1ty5' sch)￿$. Crosby Siaieffwi rf G0vem0￿. Resr*Mibilities for Year Endeo 31 Auwsl 2022 STATEMENT OF GOVERNORS. RESPONS181LmES The Governofs are responsible for preparing the Strategic Rep(xt the Annual Report and the Financial Slalemenls in a¢￿ydanCe with applicable law and regulatti)ns. Company law requires the Governors lo prepare financial slalemenls for each fina￿{34 year in accordance with United Kingdom Generally Accepled Accounting Pracb"ce (United Kingdom Accounting Standards and applicable lawl. Under company law the Governor5 must not approve Ihe finanual stslemenls unless they are satisfied that they give a tfue and fair vrew of Ihe s181e of affairs of the oroup and charily and of the incoming resources and application of resources. including the income and expenditure. ol the gioup for that period. In preparityJ these financial statements Governors ale required to= • select suitabje accounling policies and then apply them consislenlly.. make judgernenls and accounting e51imales that are reasonaNe and prudent. • stale wheiher applicable UK Accounting Slandafds have been lollowed. subject lo any maierial departures disc105ed and explained in the financTral slatemenls". prepare Ihe financial slatemenls on the going concern basis unless il is inappropriate lo presume Ihal the charily wiif continue in business. The Governors are fe5ponsible for keepirsg accounting fecords Ihal are sufftcbenl lo show and explain the charity's Irans8clions and disclose %Mlh reasonable accuracy al any lime the financial posilion of1he charity and enable them lo ensure that the financial staiemenls Comply wilh the Companies Act 2006. They are also responsible for saleguarding ihe assets ol Ihe charily and hence for taking reasonable sieps fof the prevenlion and detection of fraud and olher irregularilies. 24 The MeTch3nl T3ft*s' SchooL5. Crostsy Ind$peniJenl Reportts Ihe Year Ended 31 A￿￿$1 2022 INDEPENDENT AUDITOR:S REPORT TO THE MEMBERS OFTHE PAERCHANT TAYLORS, SCHOOL, CR0S8Y We have audited the financ4al 51alemenis of The Merchanl Taylofs. Schools, Crosby I'lhe charitable company l and ils subsidiaries Ilhe group,) for the year ended 31 Augusl 2022 which comprise Ihe Con501i¢Yaled Slalemenl of Financial Aclivilies including the Income and Expendilure Accounl. the Consolidaled 2nd Schoo15' 8al2nce Sheets. the consol￿ated Cash Flow Slalemenl, the Slalemenl of Accounting Policies and notes lo the finarKial sLilemenls. including significant accounting policies. The financial reporting framework Ihal has been 2pplied in their preparation is applicable law and United Kingdom Accounting Slandards, I￿u￿1ng Financial Repo￿"ng Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclice). In our opinron the financial slalemenls". give a true and fair view of Ihe sLqle of the group s and the charita￿e company's affair5 a5 at 31 August 2022 and of the group s income and expendilufe. for the year then ended., have been propefly prepared in accordance with United Kingdom Generalty Accepled Accounting Practice.. and have been prepared in accordance wlh Ihe requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accor(iance wlh InternalM)nal Standards on Auditing (UK) IISAS (UK)) arKJ applicable law. Our re5oonsibilities under Ihose slandards are further described in the Auditor's responsibilities for the audit of the financial sialemeils seclion of our report. We are independent of ihe haritable group in accordanGe ￿th Ihe ethical requirements ihal afe relevanl lo our audil of Ihe fifianci31. siatemenls in Ihe UK. including the FRC s Elhic81 Standard. 2nd we have fulfilled our other ethical responsibilities in accordance with these requirernenls. We believe that the audil evbdence we have ob13ined is sufficient and appropriate lo provide a basis for our opinion. C4nclusion5 relaling lo going concern In auditing the firiancial slatements. we have conclu(Jed that ihe Governors. use of the going cOr￿e1n basis of accounting in Ihe prepafalion of the financial statements is appropriate. Based on (he work we have performed, we have nol identified any material uncertainli85 relating lo evenls or conditions that. individually or collectively, may cast significant doubl on the charitable company's or the group's abilily lo continue as a going concem for a period of al leasl iwelve months from when the financi81 slalements are aulhorised for issue. Ouf responsibilities and the responsibilities ol the Governors with respect lo going concem are described in the relevanl sections of this ies)ort. Olher Infofnialion The Governors are responsible for Ihe other infom)ation conlaifted within the annual ieport. The other information comprises the infoTmation included in the annual report. other Ihan the fJn3ncial $181emenls and our audilorfs report thereon. Our opinion on Ihe financial slatemenls doés not cover the olhef inlormalion and. excepl lo the exlenl Dlhefwise expI￿ltIY staled in our report. we do not express any lorm of assurance conclusion Ihereon. Our responsibility is lo read the olher information and. in doing so. consider whether Ihe other infoimation is materially inconsislenl wilh Ihe financial slalements or our k￿￿edge obtained in Ihe audil or olherwise appears lo be malerially misslzled. 11 we idenb.fy such material inconsistencies or apparenl material misslalemenls, we ale required lo delermine whether this gtves rise to a malerial misslatemeni in Ihe 25 The Mgrth*i Taykns. Schtty*. C￿$bY Independent Rwn for the Year Ended 31 Awjusl 2022 financial slalemenls themselves. If. based on ihe work we have Ferforffled, we conclude that there is a material misslalemenl of Ihis other infofmalion, we are required lo rep)rt thai facl. We have nothing lo report in Ihis regard. Opinions on other matters prescribed by the Companies Acl 2006 In our opinion based on the WO￿ undertaken in the course of ¢)ur audit the inlormalion given In the Trustees. report. sthich includes the diredors. report and Ihe slralegic report prepared for the purposes of company law. for the f6nancial year for wh￿h the financial slalemenls are prepared is consislenl with Ihe fina￿lar slatemenls.. and the slralegic report and the directors. report included wlhin the TfUStees' report have been Prepared in accordance with 8pplicable legal requirements. Mallers on which we are required io report by excepllon In lighl of the knowledge and undersianding of the group and charitable company and their environment obtained in the course ol the a￿￿11, we have not identified malerkAI misslalements in the strategic report or Ihe directors, report included wthin Ihe Trusiees. reporf. We have nolhirKJ to report in respect of the follobmng rnatte￿ in ielation lo which Ihe Companies Act 2006 requires US to report to you if. in Ouf opinion-. a(Jequale and proper accounting ￿cOrdS have nol been kepl. or the financial slalements are not in agreement wilh the 8ccounling records anLI relurns,. or certain disclosures of Truslees. remuneration specified by law are not made.. or we have not received all the infwmalion and explanation5 we require for our audit Responsibililies ol Governors As explained more lully in Ihe Governors. resw)nsibilities slalemenl sel oul on p8ge 22, the Governors (who are also the direclors of Ihe charitable company foi the purposes ol company lawl are fesponsible for the preparation of the financial slalemenls and fof being satisfied Ihal they give a true and fair view, and forsuch internal ¢onlrol as the Govemors delemine is rhecessary lo enable Ihe preparation olfinancial siatements Ihal are free from material misslalemenl, whelher due to ffaud or error. In prep3rin9 the financial s181emeAtS. Ihe Govemor5 are resrx)nsible for assessing the charitable cornpany's abilily lo continue as a going concern, disclosing. as ap￿￿ble. matters related lo going concern and using the going co￿ern basis Of accounting unless rhe Governor5 either intend lo 11qvid?le the Charitable cornpany or to cease operations. or hav8 ￿ reahstic alteinative bul lo do so. Audltor's responsibilities for the audit ol the financlal statemènts Our objectives are lo obtain reasonable assurance about whelhef the financial slalemenls a5 8 whole are free from malerial misslatemenl. whether due lo fraud or eiror. and lo issue an auditor's ieport that includes our opinion. Reasonable assurance is a high level of assurance. but is nol a guarantee that an audit conducted in accordance wilh ISAS IUKI will always delecl a malerial misslaiemenl when il exisls. Mi5slalemenls can arise from fravd or error and are considered matwial rf, individually or in the aggregale. they could reasonably be expected lo inlluence the econom￿ deasions of users taken on the basis of these fin8ncial slalemenls. Details ol Ihe exlenl lo which the audit was consKJered capabie ol delecling iiregularilies, including Iraud nd non-compliance with laws and regulations are sel out below. A further descriplion of our responsibilities for the audit of the fifiancial slatemenls is located on the Financial Reporting Council's website at.. www ffC.O dilofsr nsibililies. This description foims part of our auditor's report. 26 The Mwthani Ta￿OrS. Schoots. Crosby In(JepervJent knitorfs Report lor Ilje Year 31 A￿L￿1 2022 Eltenl to which the audit was coftsidered capable of detectrng irregularitles, includlng fTaud lifegularilies. including fraud, are instances of non*compliance with laws and regulations. We identified and assessed the risks of material mi551alemenl of the financial slatemenls Irom irregularili8S, whether due to fraud or error. and discussed Ihe5e be￿een our audit team members. We then designed anij performed audi1 procedures responsive lo those risks. incl￿j1ng oblainin9 audit evi¢Jence sufficienl and appropriate lo provide a basis for our opinion. We obiained an understanding of Ihe leg81 and Tegulalory framewofks wtthin which Ihe charitable company and group operates. focusing on those laws and regulations that have a direct eflect on the determination of material amounts and disclosures in the financial staiemÈnis. The laws and regulations we considered in this context were the Companies Act 2006. laxalion legislation. together with the Charilies SORP IFRS 102). We assessed the fequired comFAiance wrth these laws and regulallons as part of our audit procedures on the related financial ststement rtems. In addition. we considered provFsions of other laws and regulations that do not have a direct effect on Ihe financial slalemenls but compliance WTth which might be fundamenlal to the charrtable companys and the 9roup's ability to operale or lo avoid a malenal ￿nalLY. We also ¢onsidered the opportunities and incentives that may exist within the chari1able cornpany and the group for fraud. The laws and regulalions we considered in this conlext for the UK Opera￿"on$ were The Education {Independenl School SiaThJ3rdsl Regulations 2014, Employmenl Legislation and Health and Safely Legislation. Auditing slandards limit the required audit p¥ocedures to idenirfy non￿Omplianee vrrilh Ihese laws and regulations lo enquiry of the Truslees and other managemenl and inspection of fegulalory and legal corfespondence. il any. We identified Ihe gre31esl risk ol m8lerial impact on the financial slalemenls from irregiilarities. including fraud. lo be within the liming of ¥ecognition of other incoffie and ihe override of conlrols by management, Our audit procedures to respond lo these risks inclu(Jed enquiries of management aboul their own idenlificalion and assessment of Ihe risks of irregularities. sample lesiing on the poslir¥J ol journals, reviewing accounting eslimale5 for biases, reviewin9 regulalory correspondence wilh the Charity Ctsmmission, Independent Sch(yJ s InSt￿l0(ale. sample testing of other income and reading minutes of meetings ol Ih05e charged ￿th 9overnance. Owing lo the inherent limitations ol an audit. there is an unavoidable risk Ih21 we may not have deleeted sorne material misslalem*nlS in the linancial stslemenls, even though we have property planned and performed our 2udil in accordance with audiling standards. For example, Ihe further removed non- compliance with laws and regulatiors {irregulafities) is from the e¥enls and tran5actictrns 18flected in Ihe financial statements. the less likely the inherently limited procedures required by audiling standards would idenirfy it. In addition. as with any audit, there remained a higher fisk of non-delection ol Ifregularilies, as Ihese may involve collusion. forgery. inlentional omissions, misrepre5enlalions, or Ihe override of inlernèl conlro15. We are not resFonsible for prevenling ￿n-CoMplI8n¢e and cannot be expected lo deleGI non. compliance wilh all laws and regulalions. Use ol our report This report is made solely lo the Gharilable company s members. as a body, in accordance wilh Chapter 3 of Pan 1fj of the Companies Act 2006. Our audil work has been undertaken so that we might stale lo the charitable company's members those mallers we are required 10 51ale lo them in an audilor's report and for no oiher pufpose. To the fullest exlenl peimitted by law. we do not accepl or assume responsib41ily to anyone other than the charilable company and Ihe charitable company s rnembers as a body, for our auclil work, for Ihis reporl, or for Ihe opinions we have lomed. 27 The Merchant Ta￿or$. Sch￿15. Ciosby In*Jepen¢WI Auditc¢s ReF#Yt for the Year Ended 31 AlwJu￿ 2022 Vicky Szulisl Senror Stalulory Auditor FOT and on beham of Crowe U.K. LLP Slalulory Auditor The Lexicon Mounl Sireel Manchesiér 25NT Dale 30th March 2023 28 The Merchant TaykKs' Schools. Crosby Consoldaied Statement of Finantial AclNitE5 Iry Ihe YeHr ETr1e(131 W 2022 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {includingthe income and expendlture accountl as at 31 August 2022 Tol* F¥nts pi t2 c￿￿4ftd Fets 14.W.2 57]. 13J16 .StsJ&O 14m3.964 571MG J49.151 398.710 JQ?.*J8 46.037 hy GLtytinm•rt&4nl 4S.g19 4S.*IP fQJY J5J65ts•5 •L15* 15.717.M4 £*#tnditur*thi'. 86.744 7%130 Ch•t5t¥blo 9.4￿$13 .1?6AP i.i2o.ytyJ e5 1.154.402 179Y*J 179.710 74J 13449? 57BJ91 co%t% 61.&J 74.Ok5 AEs1f￿I￿r¥(o¥1s TOu1ft150ur￿$￿PÉ￿4yd 16.110.065 N&T INCOMINGjlOUTGfAIIGI PISCVAiE5 8E*OAf GA1I45AIOSSJ￿I￿WEs7IlE￿s 40 Joi IW.P701 151SJ•ll ItsS9.661 NrriNCOmINGAfiJTGO￿J PEOURCtsetrioriETRAtISFÉRS uziJJsi J.94ry 347 1¢55.56OJ NÉr IMCOMIN4iioiytsoitlGI E5CUHCES U5.4411 iJ]s) 165)3441 In.6*Jl 1.981.4th7 TYEt MovÉMIMrit4 FUNOS 115WI I65jJ￿ 3￿9] 1,98lJ17 li.￿7 i]p 185L298 .6U.I 27.699.6&0 t59aJ6* AI.IA4.493 2B￿lI.4&￿ 29 Th8 Merthant Tafvs. st￿￿7$. Crosby Consol¢daied Staiemert ol Fvianual AciNilie5 fur Year Er¥Jed 31 knJus12D22 CONSOLIOATEO STATEP4qENT OF FINANCIAL ACTIVITIES {including the income and expenditure accounl? as at 3.1 August 2021 S¥nd5 Fth¢S 3x140 ty9 a53.382 257319 75&639 H?J39 J07.6a• -kl7SCi4xby5tf¥tA Limtted 41.>)1 OthvF 9l65I Yi.691 234,14P t6.311.￿) 14.656Jll 75JA 165J68 9.4W913 749J5k 9.42J,DJO 67W3 J.9ty%9J7 177.76B 7•9457 PT¢fft￿e5 i.J91.q 7J.69J IY.497 154A97 094.8$2 24)Sl4 U7Y.biU 476.S30 1.5&4.W .iJJ .M15 S.J7S 4Y 14.I71.54l XET IpicoiAIt4G'50ufGaf4G}RE50JICÉ5 #EF¢qE64114511L055IOT1tr41ESTV.IIITS Ll51391 57J)l J) [716911 IPINS 301 WEW114COiI*IGI(oufwNGI REOURCf5 •EIthIÉ IAANSFtAS lJ53.6I1 lSJJ97 4J9th1 ITI.5•3 Ji.J06 T11Th51ersbrtwe￿ 1141.34Jl IIEWIPICOM•GI(OVTf•NGI *ESOUAtEs i.pr&. 31.> MEffviovEME￿ IFI FI*MOS V.Y7 31.X* IoMss4 I9B4.951 17.SSI554 .>•7.46> 7.715.SD5 19.6•1.207 17.$99. Tne Merchani Ta￿￿$. 5(*ools. Ciosby Cons¢Sidal¢d and Mefolanl Tayth. Baance Sheets lor ts Year ETrJed 31 ￿jgI￿1 2022 CONSOLIDATED AND SCHOOL BALANCE SHEETS 31 AUGUST 2022 {Company number 06654276) CoD5011d•ted School 2011 2021 2021 NoTes FJXEOASSET5 S(h¢Jol buiklinAs aod wthpment Investment ProptrtiÈs Listèd Invesirnents IS.6￿03? Is.6￿.69? 150. 11.fjJ5.175 15.66tt.QJ2 140 11.WMBI 15W,697 180.rn) 17.615.17S li 27Jll.IlJ 28,455.B72 I?M12.IX3 28.455.B72 CURRE1￿ ASSETS Debiw5 Stock Bank Oep051t a￿scUrrent aCc￿niS Iz 1214.136 1369.618 558.336 36.528 2.206.698 27.487 2.23£634 2.079.848 2.OMX*I 3JZD.765 1824J30 3,354207 2.791562 CLIAAEMT IIABILITIES 13 {2.314.4101 IL597J951 11317,8511 II555.S251 14ETCURAÉNT ASSETS J.226.335 1.th355 1.23&037 TOTAI NET A55ET5 14B18A68 29.682.2D7 28.811468 29.691.909 fNOOWEO FUNDS Sveii31 Investment IBHS Capi131 14 61J.403 I.J95.845 Y24.050 6Jk,403 1.295WS fySO,3S7 1.195.84S 150.1$7 I.Z9S.84S .914.090 Land & Byildln6 Reserve AE5TRKTEO FUN05 11.114.493 11.767 837 IJ.114J93 11.767,837 VNRESTRICTED FIIND5 Oeslgnaitd Land and Buildin85 REseA* Reiaincd Surplus 16 17 17 2594369 115.074 12,216.927 2.715.fy)5 ILS.074 12.232.393 2.5Y.365 lIs￿lI IZ.716.91? 2.719.SOS J 15.074 12,24a,195 . TOYAL FUNOS 18 11.B18.469 19.681207 28.818.46K 29.691,gJ9 Approved and aulhorised for issue by the Governors on behalf by 3a 2023. and sigrTred on their C Cowling Finance Governor The slalemenl of accounting wlicies and notes on pages 33 10 48 fom) part of Ihese accounts. The School has taken adv3nlage of 3n exemption as per section 408 of Ihe Companies Acl 2006 froffl presenling Ihe irKlividual income and expendilure account. The defiryt for ihe year for School, is £863.739 12021.. Surplus £1.982.347). 31 Th8 Merchanl TaWors' Sdwls. Cmsby Consthidaied Cash Flow Slatemwii Ihe Yw EfwJèJ 31 2022 CONSOLIOATEO CASH FLOWSTATEMENT Aesiated 2021 Ilet tash piovidEd by opetatini aClivitièslseÈ owl 15B.539 11.234 8221 Cash flgws liom lftvestlrbi ¥ii¥•tles DryidenLSs and inreresl Irom hivesirnenL5 Purchase ortan8*￿e fixe¢ asseis Purcha5eof inveslments Proceeds from sale of Invesi(neTrts Proceed5 (rom sale of fixed a55ets 349.258 I764￿83) 307,638 11.Z41.6435 C45h pithikled by5nvestinry •rni¥iiies 14153151 (934.W51 (hanie in ia5h and cash egVi¥*nts¥b) the reportirt8 period {J5&7861 12.158.8271 Cash art¢ ¢ash ewlvalents at Ihe be81thThrtÉ ovthe reporting period ZJ6.634 4.4OS.461 Cash t?sh equivalents at the èhd d the reportlng perlo 1079W8 Z.236.634 Retortcili¥iion of rtscwrces to nei cè5h inllvw frorn opeiations Nei rnowemen¢ in fuiids InvE5tment if￿*y￿e receivab Bank iniecest ieceivab Oepreciation of bL'ildin85 Oetiietiation ol equipn*nl IlncTe4sel/decrea5e In ttebtOf5 Decieèse In stock Increaselldetreaselin ciEditors Lgsses/lGainsl on invesimw Gains on invEsrment properties Ner Casb inllth+4 IrcAh opefaLlng actTr¥ities 1863.7391 1326.1211 113.1161 389.524 367.724 1653.9171 706 716.415 651.C81 1.987.347 1297.8391 19.7991 379.993 360.800 362.182 12.352.844) 11.659.662) 158.539 11.234.8221 Anatysls of change nei *JelJt 01.09.21 11.08.12 Bank deposit current accounfs 2.236.634 I15￿7$6) 1.079.848 Tothl 2.236.634 1156.7786 2.079.84B The Gash flow for 2021 has been reslaled lo reflecl the impacl of the reslaled financial slalement5 of 2020. 32 The Merchani Taylors. Se￿1$. Crosby stsietrrtni (A Accouniry Pol￿16$ Ihè Year Ended 31 2022 STATEMENT OF ACCOUNT]PIG POLICIES Accounling Policles The Principal accounltro policies adopled. judgemenis and kèy sources of eslimalion unortainly in the preparalion of the financial statements are as follow5." Basis ot Accounting The School is limited by guaranlee and has no share capital The financial statements have been prepared in accordance wilh Ihe Statement of Recommended PraCt￿e applicable lo Charities preparing Iheir accounts in accordance wilh the Financial Reportin9 Slandard 3pplicable in the UK and Republic of Ireland IFRS 1021 effective 1 January 2019 {Charilies SORPIFRS 102)). Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102). the Companies Acl 2006 and the Charities Act 2011. The financial slalemenls have been prepared in accordance with the hisloriGal cost convention. ffl¢xJified by the revaluation of investments and investment prOpert￿S Yth￿h ar8 included 21 lair value. The Trustees confimi that Ihe Charity meets the definition of a public benefit entity under FRS 102. The group financial stalemenl cons(Aidales the finanaal slalèments of the School and its subsKliary undertaking Merchants Taylors Crosby Services Limited. All inlei group transaclions are eliminated lully on consolidation. No separate stalemenl ol financial ?ctivities has been prepared fof the charily as advanlage of the exemption afforded by $408 of Ihe Companies Act 2006 has been taken. Flnanclal Instrumenls Financial assels and financial liabilities are recognised when Ihe enlity becomes a party lo the ¢onlrgclual provisions of the instrument. All financial assets and liabilities are initially measured al Iransaclion KKice. The School only has firffjncial assets and liabilities of a kirKI ihal qualify 35 basic financial instruments. Basic financial inslrumenls are inilialty recognised at transaclion value ar*J 5ubsequenlly measured at their setuement value. Trade and other debtors are recognised al Ihe semlemenl amount after any trade discount offerBd. Prepayments are valued al Ihe amount prepaid nel of any discounts_ Credilors and provisions are recognised whe.. e the School h8s a pieseni obligalion resulting from a pasl evenl Ihal will probably result in a transfer of funds lo a third party and the amount lo settle the obligalion can be rneasured ￿ estimated reliably. Creditors and provisions are recognised al their setllemenl amount allowing for any trade discounts. Judgements in applying a¢¢ounting policies and key sources of estimation uneertainty In preparing the financial siaiemenls. the Goveinors are required lo make eslimales and iudgemenls. The malleis consideied below ace considered lo be th8 most importanl in undeislanding the judgements that are involved in preparing the finarKial slalements and the uncertainiies that would impa¢1 Ihe amounls reFX)rted in the results ol operations. financial tM)silions and cash Ilows.. 33 Th8 mercha￿ Taykws. SchooLs. Crosby siaierneni of Ac£oLM1￿9 Pofioes the Yew En¢ed 31 Augjst 2022 Valuaiion of investment property - investrnenl properly is held al fair value. In oroer lo determine the fair value. advice is taken from independenl qualffied valuer5. In this conlext. judgement is exercised in a number of afeas. including local market conditions and investcrf demand. Assumplions made lo dète￿Ine whether leases entered into afe operating or finance leases. These decisions depend on an a5sessmenl of whelhef the risk5 and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. Assumptions made lo delermine whether there are indicators of impaimienl of tangible assets. Factors taken into consideration in reaching such a decision include the ewnomic viabilily and expecleé future financial performance of ihe asset antJ where it is a cornponenl of a larger cash-generaling unil, the viabilily and expecied performance of Ihat unit. other key sources ol eslimalion urtertainty include.. Tangible fixed assets. olh8r Ihan investmenl properties. are deprecialed over their useful lives taking inlo accounl iesidual values, where appiopriate. The actual lives of the 8ssels and residual values are assessed annually and may vary dependiftg on a number of factors. In re-assessing asset lives, laclofs such as technological innovation. are taken into accounl. Residual value assessmenls Consider issues such as future market conditions and projected disposal values. Provision for bad debts" bad debts afe provided lor when there is objective evidence Ihal th8 debl will not be Tecover8ble. Going Concern In preparing these financial sialernenls, the Governors are required lo prepare the financial slalements on the. going concern basis unless il is inappropriate to presume Ihal the Groug will continue in busine55. In salisfaclion of this responsibilily, the Governors have considefed the Group's ability lo meel ils liabililies as Ihey fall due for a period of al leasl 12 months from Ihe si9ning of Ihe financial statement5. The financial slalemenls have been prepared on a going con¢em basis. which principalty assumes that the Group will conlinue lo receive fee income at a susiainable level. The Goveinors have conknnued lo consider Ihe impacl ol Covid 19 based on the lalesl 8vailable information and govefnmenl gLtidance, and have completed sensilivrty anafysis on the potential financial impact of the pandemic on future numbers arKJ fee Income which has been led into our financial plan. The Governors are satisfied with the pfoieclions. For the 2021122 academic year. the actu31 pupil numbers are in ex￿$5 of oiiginal foreGas1s. The Governors have also constdered the cash requirefflenls of ihe School lor al least 12 months from the date of ihis report and are satisfied that Sufficie￿ funds are available lo rneel the liabilrties as they fall clue taking into accoynl the strength of the balance sheet and leve15 of cash and unreslricied inveslmenls currently held of £2.2rn and £2.7m. as well as access lo an arranged overdraft of £1 m. A8 a result, Ihe Governofs believe that, whilsl uncertainly exists. this does r￿t pose a material vncertainly Ihal would cast doubl on the School's abilily lo continue as a going concem. The Govemors iherefore consider it appropriate lo prepare the finanual slatements on a going concern basis. Funds Structure The School has an endowed fund consisting of a Spe¢ral Inveslment Capital Fund which is a perm8nenl endowment fund originally eThlcwed in 1974. This fund is used to support ca￿131 and infra51rtscture investments In the School. The Merchani Tay4ys' S¢hcKJb. Crosby Staiemeni ￿AccoUn111￿j PdKies It* Year Ended 314WI 2022 Reslricted funds are fund5 which are to be used in accofdance with spec¢h"c resIrict￿ns imwsed by the donor. The prize and scholarshtp fund iepiesenls individual funds set up by a numberof donors for specific prizes or scholarships. The Granls and Bursaries fund5 are used lo provide assistance wilh fees, based on financial need, in Ihe form of bursafies. scholafships. school assisted places and awdrds to cerlain pupils. Unreslfictgd irfome funds comprise those funds which the Truslees are free lo use for any purpose in furtherance of the charilable objects. They include designaled lunds where the Trustees, at their discrets'on. have created a fund (or a specific purpose. The Governors have designated that the Grieve Hudson Fund should be used for providing finarKial assistance lo pupils in Ihe Boys, School and the Edilh Gillaspig Fund should be used for providing financial assistance to pupils in Ihe Girls, School. Fees and similar income Fees receivable and other income (including Irading 8cts"vities and edLKallonal income) are accounted for in the peiiod in which the seryice 15 provided. Fees receivable are s131ed after deducling allowances, scholarships and other remissions granled by the School. bul indude c4)nlTibutions received (rom reslricled funds for assisted pla¢es. bursaries, schoJarshiPS arKJ olher awards. Bank interest and listed investment income Bank ifileresl and listed investment Income. tO9elher with the recoverable taxaliorF. EITe accounted for ijn a receivable basis Liquid resources are represented by bank interest in Ihe Cash Flow Sialemenl. Donations and legacies 0on31ions and legacies received for the geneial purposes of the scho￿ are included as unreslricled designated funds. Donations and legacies subjeci to the specific wFshes of donors are carried to relevant reslricled lunds, lo endowed funds whefe the arnount Is required lo be held a5 pefmanenl capi(al. Resouices expended Resources expended are accounted for on an accruals basis. The irrecoverable element of VAT is included with Ihe item of expense to which il relates. Overhead and olher costs, not directly attribulable lo particular fUr￿tional aclivity categories, are apporlioned over the relevant calegories on Ihe basis of management estimales of the amounl attributable to that activity in the year, by refeien¢e to slafl lime. Costs o19eneraling funds include all financing support cosls. Charitable activities inclutle expendit￿re associated with the objects ol the School and include both Ihe direct cost5 and suppori costs of the activily. Governance costs comprise thè cosls of running the ch8rty. including audit fees. Governors, li2bilily insuran￿. reimbursed expenses and all the costs of Complying wilh conslilulional and 51alulory requirements. The Mefthant T3yl¢xs' sC￿lS. Siaiemeni of Aco)Unling Pobcies Year Entsd 31 W 2022 Finance Le•$es Assets obtained under finance leases are caprtalised as langible fixed assets. Assels acquired by finance leases are depreciated over Iheir useful lives. Finance leases are those where substanlially all of the benefils and risks of ownership are assvmed by ihe S¢horJ. Obligations under such agTeemenls are included in creditors nel of the finance charge allocaled to flrture peciods. The finance element of Ihe rental paymenl is charged lo the Statement ol Finanual Activilies. Operallng leases Rentsls pardble are charged on a lime bass over the lease tem. Pension schemes The School contributes lo Ihe Teachers. Pension Scheme at rates sel by the Scheme Acluary and advised lo Ihe Schtsol. The Scheme is a mulli-employei pension scheme a￿1 tl is not possible to identify the assets and liabilities of Ihe Scheme which are attribulaNe lo the School. In accordance FRS102 therefore, the Scheme is accounled for as a defined cortribvlion scheme. The School also contributes lo a defined conlribulion Admrnislrative Staff Pension Scheme for those who ish lo j(in it, al or 6% 01 annual bas￿ salary. Conlributions are also rnaoe to one individual's personal pension scheme. Finance and olher c05ts Olher cosls include deprecialion ol equipmenl and the running Cost of ihe SGhoof's buses. R8¢ognilion of liabilities Liabilities are recognised once ihefe is a legal or conslnJctive obligalion thal commits the School lo pay oul resources. Taxation As a regislefed charity, Ihe School is exempt from taxa140n on income and gains arising oul of Iheir charitable adivilies. School buildings and equipmenl Capltalisation and replacement Land and buildirvJs aré shown in Ihe accounls al hislortcal ¢ost. The Governors do not consider thal il is appropfiale lo apply a currenl day value to Ihe School's land and buildings. A number of Ihe properties are li51ed and the Governors are required lo keep the buildings in a goo($ slate of repair. The costs of minor rep8ir5 are written off as incurred. major refvibishmenls such as the roof al the Boys. School are ¢8pilali$ed. The Mwthènl Taylow5' Sth¢J)Is. Crosby Slatemenl cf AcrA)Wtirg Pclioes ihe Year Enoed 31 ￿￿%1 2022 Oepreeiation All buildings and sports facilities are depTecialed over 50 years, or over their useful life rf Ihis is considered to be less. The depreciation ol olher a55ets aims to write off the eosl over their e51imaied useful Irves. The rates of depre¢iation vsed are as foltows- Year Assets under conslruclion Buildings and S￿rtS facilrties 10-50 Motor vehicles Equipment Adminisiralion computers Teaching computers 3-10 34 34 Not all furniture is capilalised. but is written off in full when purchased. Individval capital items costing less than £SOO are wrillen off when acquired. Inveslrnent Propertie$ Inveslmenl properties are valued al open market value by an independenl qualified professional. Depreciation is not fNovided for on Ihese properfies and any movement is reflected in the Statement ol Financial Aclivilies. Listed investmenis and investment income Lisled inveslmenls are included al closing bid price value al the balance sheel dale. The value of gains or losses arising from disposa15 and Ihe unrealised value of market movernenls are in¢luded in the Slalemenl of Financial Aclivilies. Inveslmenl incorne is accounted for in the period in which Ihe School 15 entitled to receipt. Stocks Al the year end stock is accounted for on vending machines and catering food items. Granls and 8ufsafie5 Granls and bursaries etc from restricted lunds are If￿luded a5 restricted expendilure and unreslricled inGome in the period for which the award is given. AIIobYdwKes from unrestricted funds lowards school fees receivable afe treated a5 a reduction in those fees. The disc105ure of Ihese amounts is given in note 1 la}. Cash and Cash Equivalents Cash is repfesei11ed by cash in hand and deposits wilh fina￿la1 inslilulions repayable wilhoul penalty on notlce of nol more than 24 hou15. Cash eqLtivalenls are highly liquid investments that mature in no more Ihan three monlhs from the ijale of a¢quisrtion and that are readily convertible lo known amounts of cash with in&gnific8nl risk of ch8NJe in value. 37 The Merchant Taylors. Sch¢y)l. Cr05by Noies to Ihe AccA)unt5 the Year Ended 31 ALWI 2022 FEes RECEIVA8LE 2022 2021 lal Fees receNa￿e consist of.. Gross fegs Less". 15.093,915 14.058.408 Total gfanls. bursaries. Sc￿arS￿l￿s. awards and aUowance5 Covid 19 Disccrtjni 11,653,850? 7.434 13.432.631 11,094,852) 4.444 12.959.112 Add.. Bursaries. scholarships and awards paid lor by Restiicièd Funds 1.147.629 14.580.260 1.094,852 14.053.964 All fees receivable were l￿reStriCted ￿ the cuffent wior year. Movernen15 in deferre(S irKome Fee income delerred al 1.9.21 Fee illcome receivable in the year Fee income deferred ai 31.08.22 630.710 15,422,968 1959,7631 1.172.438 13.516,680 1630.7101 Gloss lees reco9nised in the yea Ibl The lolal arnounl paid by Reslrtted Funds constsls ol= School Assisle¢J Bursafies Scholarships Award5 15.093.915 14.058.408 852.197 217,732 77,700 61Q.116 187.918 296.818 Toi81 included in gross fee income Prlzes 8nd leaving award5 1.147.629 38.130 1.094,852 1.185.759 1,094,852 The 101o18rnotsnt pwd for by UnrestrKled Funds consists of: Prizes and schdarships 1.185.7S9 1.094.852 38 The MercThanl Tay¢YS' SCI￿01. Crosby Notes to the Acwunts Ine Year Ended 31 2022 OTHER INCOME 2022 2021 Educational a¢tlvitl•s Registration fees School buses 571.086 571.086 398,740 398,740 l irKorne Irom educaiional aclivrlies was unfestricted cvrrenl prior year. Other ancillary income 2022 2021 Miscellaneou5 iterns 45.919 91.691 60.890 152.581 Government gra)1 ￿ Furtough 45,919 All olhef anciThary income was l￿reSt￿le0 in Ihe ¢uNent an(J prior year. INVEST•AENT INCOME 2022 2021 ank Inlefesi 23,136 9.799 Lisied investment income 326,122 297,839 349.258 307.638 Inveslmenl income of £326,12212021". £297.8391 v¥as ie5t¥icted a)d nil12021.' nill wa5 designated. All othei inv&Slmenl income In Ihè current arTrd prior year was unieslricted. 4 DOMAnONS ANO LEGACIES These comprise sums received from v8rKJus *nth¥￿￿aI5 and org8nisalKJns. lor investment in Ihe Grieve Hudson. Edilh Gill¢sp*, Granis and Bwsaries or Prize and schO￿r5hip Funds_ In 2022 £nil12021: £40.OW} v*a5 receThFed Irom the Mefchani Tawors. General Charitablè Tnffjt. INvesTMENT IN SUBSIDIARY COMPANY The School has a 100°Jo iniÈresi in 115 trading subsidi3ryMerchanl Taylors. Ctosby SeThices Limited véhrh 15 ifKX)rporated in the United Kin9dom (Company number 08668764}. The principal aciiwly ol Merchanl Ta￿Or5. Crtssby SÈrv￿es Limited conlinves to be Ihat ol promoting cornmefcial 8eiivilies which use the School's assels to generate income from lettings and other activities. Its IraL1ing results for the year. as extracted from thè audited financial 5falemèn1s. are summarisèd below.. 2022 2021 Turnover 145.144 Expendilure 174,0651 Reiained1105sllprofit lor ihè year 71.079 The net asseis of the subsidiary at 31 Augu512022 amounted to £100 12021.. £100) 41.304 141,1431 161 The Ta￿Or$. Sthwl. Crosby Nole5 to the ArurtJrtt5 the EtsJe(131 knJLtsI 2022 EXPENDITURE Direcl charitable expenditu￿ indudes £19).75612021.. £1 $3.4981 speni on mai(w repairs and maintenance ol the Sehool's buikY¥igs and equipmenl. 2022 2021 Olher expendslufe inclvdes". Auditors. femuneration_' For audit Governors. lialm.lity insurance Inveslment managemeni fees Leasè payments 23,175 19,451 2S.OLKs 17.920 193.430 45,044 Total s(aff co$t$ were 8$ foUtsws-. Salaries Tax and Naiional Insurance costs Pènsion coniribu16ons (See Note 21} RèdunO8ntyl Seitlemen¢ agreements 7.710.085 7S2.258 1.457.113 140 724 10.060,180 7,095.791 704,620 1,362,724 120.267 9.283.402 Included in Ihe slalf costs ai• salaries of £51.28312021.. £16.1521. T8¥ and Nl of £1.04712021..£2.4091 and Pensv)n conlribulions 01 £1.83212021". £828) all relating to Ihe Tradtng Company. The number of empkiyees whose emotumenis excÉe¢1ed £60,000 weie.. 2022 2021 NL) £60,000-£70.0 £70.000-£80.000 £80.000-£90.000 £90.000-£100.000 £100.000-£110.000 £110.000-£120,000 £120.000-£130.000 £19D.000-£200.000 The average total nLfrmbef of employees in ihe year was 25612021-. 2571. ¥)cluding 117 12021- 1111 parl lsme staff. The average number of teaching and tea¢hin9 support staff employed by the School was 132 12021.. 1361. Included within these ernployee numbers are Staff relalirrtj io the Trading Company of 812021.. 71. contri￿li0nS weTe made 10 the Teachers pen$￿ft Scheme. 4•thich is a defined benefi15 scheme. fof 6 higher paid employees and contributions amountin9 to £12.87712021". £12.0791 were made lo a delined ci)nifib4Jlions scheme lor 2 ernployees. The key management personnel of Ihe School comprise¢J ihe Hea¢J ai ihe Boy's Senioi School. Ihe Head 81 the Girf's Senior Schotsl. the Head al the co-educaiional Sianfield Preparatory School and the Chief Operating OK￿r. The Total employee benefits ￿ce*Ve¢j by Ihe key mana9ement persorsnel foT their services to the charity were £565.62712021.. £637,424) Neithèr the Govemors n¢y per50fts conneciewnts the Year EThJed 31 PJJJu512022 ENOOWED FUNOS GROUP AND SCHOOL BaL￿ al 01.0921 Irw¢strnwi Movernwi Resour￿ Daprociaiw Exw)ded 8alance at 31.08.22 Spe&al Investment Capital Furwj Fixed Assets Land & Budoing Reswe 631.403 1.299.84S 631.403 1.295.845 850.357 2.777,605 173.693 73.6931 2,851.298 'rhe Special Investmenl IBH) Capital Fund fepresents a perrnanenl e4vJowment. as sptrilied in the Charity Commission's Scheme. The income arising Irom the investhients held in the Fund is aiieKaied to the Sp￿la1 Investment IBFII InciMne Fund, vA)i¢h is vsed to help firsance capital projects carried oul by Ihe School. RESTRICTED FUNOS- GROUP AND SCHOOL 2022 Resour￿$ Transfe¥s Exs)endeO INDie 91 IrNèSlmeni Movemwt BalancÈ at 31.08.22 Res￿r¢e$ 01_09.21 Pfize and Scholarship Funds Granl Funds 8ursaries Fund Glasgow Fund 5Vo Capital l•vy 378,685 591.498 9.677.471 1.120.183 5.887 384,572 591,498 ,513,077 1.069,7?8 555.568 11,114,493 422,159 11.110.929) ii(•).CV)01 1375.6241 150,4051 555.568 455.568 11.767.837 422,159 11.110.9291 1420.1421 The Prtze and Scholarship Funds represent indivklual trugl fun(Js set up by a number of ¢Jonors. including Ihe John Hanisty) Foundation acc(wJnt. The Grants and 8ur5aries FL*nd5 are used lo provide assi51Bnce wih lees. based on finan¢ial neeo. in the form of bursaries. scholarships. School 85sisled places and awari5s. The G135gow Fund was a legacy donalion used io pro¥ide ￿Jr$arjeS al ￿)e School. The T3ylors' School. Crosby rth)les 10 the Ac¢oun15 11* Year EThJe(131 AUJLSI 2022 15 UNResTRicfEO FUNDS OESIGNATEO GROUP ANO SCHOOL Z022 Ba*nee ai 01."09.21 R￿oUrCe Resources Exp•¥ded Transfe Invesimenl Movem• e#ian¢4 31 31.08.22 Spe¢ial Investment Income Fund Grieve Hudson Fund Edith GilleS￿e Fund Share capbtal 1.275,051 723,388 717.066 loo 2 715.605 157.3751 (32.0611 (31,8001 1.217,676 691.327 685.266 100 2 594 369 121,236 Details of Ihe Specbal Investment Incorne FLwid are given in nole 14. The Grieve Hudson and Edith Gillespie Funds were ¢siablished from general le9aGies received fof the Boys and Gids Schools respeclively. The Governors have d￿S￿o31e1j Ihat the Giieve Hudsof) Fund should be used for providing financial assisiance ¢0 pupils in Ihe Boys. School and Ihe Edith Gillespi& Fund should be used lor pro¥•Jing financial assi%tance 10 PU￿lS in the Gids. School. UNREsfRICTED FUNDS-OTHER Laid and Building ReseThe Retained Surplus Total Balance 81 1 September 2021 115.074 12.232.393 12.347,467 Nel incomtn9 iesources be[￿e transfeis Transfers between funds (note 9) 4dO,102 1455.5681 440.102 1455.5681 115.074 115.074 12.216,927 12.216.927 12.332.001 12.33Z,001 8alance at 31 August 2021 The LanLJ and 8uiJdings Reserve rèsuhs from the char￿e in accounling policy in 1997. conceming the depreciation of the School s buildings. 11 repiesenls Ihe &¢elerèted depreciètlon charged in P￿ViOuS years and hès been transle¥red to the Relained Surplus. 45 The fvlerchanl Taylofs, School. CIDsby Notes to Ihe Aets)unlS Ihe Year Er￿e£l 31 ￿4￿12022 48 ALLOCAIIOfrI OF THE CHARITYS NET ASSETS 2022 The nel assets were held in Ihe varic4Js Furtds a5 lotlgws.. Tan9it4e Fixed Assels Imie51menls Net Curneni Assets Total Endowed Funds Resiricied FuTrJs Unrestricted Furmjs 2.146.202 69,430 9,321.636 2.573.015 11.964.081 561.973 1.792,857 11.348.475 1.006.355 2.777,605 11.114.493 14.926 370 28,818.468 13.701.830 15,848.032 As part ol the Schools. incorporabon. the Chafily Commi5Ston determine(J that part ol Ihe School. properties shc>uld be treated as pemianenl endowment. This is sel out in the new Scheme dated 28lh Augusl 2008. 19 COMMITMENTS UNDER OPERATING LEASES: At 31 Au9usi 2022 the School had fulure minimum lease pawnents under non-cancell*)le operaling lea5e5 s follows.. 2022 2021 Operating leasès which expire-. Not lalei than one yeai Lale¥ than 1 and not laler Ihan 5 years IAore than 5 years 193.430 310.706 $71 45.044 30.974 16.920 504,707 92,938 Tho operating kases shown in Ihe iable above rdale to leases on phoiocopws, c¢mpulers. compvler ne￿rkS and minibuse5. 20 CAPITAL COPAMITMENTS . 2022 2021 Capital expendifure auihorised and £oniracted for is made up as follows.. Hall Road Developmenl I.5￿.0¢*] The Merchani Taylofs. Sth￿. Crosby Noles io Ihe Ac£wnls the Year Ended 31 2022 21 PENSION SCHEMES The School parficipales in the Teachers. Pension Scheme {"Ihe TPS-I lor ils leachFng staff. The pension char9e lor the year include5 ¢ontribulions payable to the TPS of Éi.262.732 12021.. £1.245.2291 and at Ihe year-end £143.60312021 - £144.8781 vrds acGru￿j in iespect ol conlribulirwis to this scheme. The TPS is an unfunde¢Y multi*mployer defined benefrts pension scheme governed by The Teachers, Pensions Regulations 2070 las amended) and The Teachers, Pension Scheme ReguL41ions 2014 18$ 8mendedl. klember5 contribute on a.pay as you go- basis wth contribulions from members and the emtloy being credite(J to the Exchequer. Reliremenl and oiher pensK)n benefits are paid by public funds provKJed by Parliament. The efflployer conlribution late is sei by Ihe Secretary ol Slaie folow"n9 schemè valuations undertaken by the Government Acluary's Department. The most reeefti actuarial valuation ol the TPS was prÈpared as at 31 fvlarch 2016 and the Valuation Repofl. ￿￿1¢h vrds published in March 2019. confirmed that Ihe employer conlribulion rale for the TPS increase Irom 16.4YD 10 23.6Yo from 1 September 2019. Emp10yer5 8re also requiied io pay a schèm* adminislration le￿ olO.08% gNilYJ a total employer contribution rate 0123.68%. The 31 March 2016 Valuation Repon was piepared in accordancc with the benefils sei oul in the scheme regulalions and under Ihe approach specrfied In ihe Directions. a5 Ihey applied al S Marth 3019. However. the assumptions k%tre considered and Set by the Oepartmeni for Education pritir lo the ruling in the 'McCloudlSargÈant case.. This case has T￿￿11ed Ihe courts lo COns￿er cases regafLling the implementation ol the 2015 rel(vms to Public Serw¢e PensKJns inclLrfJiThJ the Teachers. Pensions. On 27 June 2019 the SuprÈme C041ri denied the 9ovemméni permission to appeal the Court ol Appeal's judgment thal transilional provisions introduced to the refomied pension scheme5 in 2015 gave rise lo unlawful age discriminalion. The governmeni is respecting Ihe Court's iJeosKJn and has said tt wdl engage fully wilh the Employment Tribunal as well as ernployer and mèmber repfeserttatives 10 a9ree how the (Jiscriminalions ￿711 be remeijied. The governmenl announced on 4 February 2021 Ih81 Il Intends io proceed ￿th a deleried chthce underpin under which members will be able to choose either legacy oi ￿fornie￿ scheme benefits In respect ol theK seTrice Llvring the perw)d between 1 Aprrf 2015 ano 31 March 2022 at the Frf)int they become paYa￿e. The TPS Is subject lo a Cost eap mechanism which was put in place lo pwtstect taxpayers againsl unforeseen chan9es in Scheme cosis. The Chiel Secretary to the Tieasury. hawng in 2018 announced thai there would be a review of Ihis cost cap mechanism in January 2019 announced a pause to thè cosi eap mechanism folkJw¥ng the Court ol Appeal s ruling in the McCI(yJdlSargeanl case and until there is certainty abovl the value of pensions 10 em￿oYeeS from Awil 2015 onvtsrds. The pause was lifted in July 2020. and a consullalion was Lgunched on 24 Junè on proposed change5 to the cost control mechanism Idlowing a ￿VIeW by Ihe Government Actuary. Following the publiG consullatK¢n. the Government have acceple¢J Ihree key PTOP058ls reeommended by the Governmeni Aciuary. and are aiming 10 Imp￿Ment ihesè changes in lime for Ihe 2020 valuations. The 2016 cost conirol valuations have since been completed in January 2022. and Ihe resvRs ind￿Sted Ihal there would be no ehanges io benefils or mewnber coniributitsns requtred. The resulls of the cost cap valuation are not used to set the employer contrthlK)n rate. and Treasury has cmfirmed thai arTry changes io Ihe empbyer contribution rate resulting from the 2020 valuaty.ons wll lake effecl in AprA 2024. Until the 2020 valuation ts ¢ompleied it is noi possible io eoncaude on any financial impa¢1 or future changes lo the contribulion rates of Ihe TPS. Accordir#Jly. no provision fry any a(Iditional past benefil pènsion eosls ss included in these financial statements. 47 Th* IAerchani Tafvrs. sc￿￿. Crosby Noles to the Acwis Ihe Year E￿Ie0 31 knJu512022 22 RELATEO PARTIES The Scht>J's fvndr8*sing activities ale ￿rrIed oul by a separate registered charily. Ihe Mer¢h8nl Tayl¢r5' Gen8ral Charitable Trust. for vknorn Ihe School provides office accommodalion and other support serV￿es. The Trustees of ihe General Charitable Trust are current Govemors ol the School. The General Charita￿* Tmsl donaied tr￿1 in 202212021.. £40.000). Merehant Ta￿015. Schoc4s Crosby Swvices Limited, a wholty o*•med subsidiary. carries (MJI commercial livities and vses Ihe Schod'$ assets to generate ar￿rne from lettings other activibes. It5 year ena Is 31 Augus12022 and the surplJ$ OY £71.079 I2021-. £162- no grft a￿) win be gill aided back 10 the School. In Ihe financial year Ihere ¥%£re 3 Govemors {2021= 31 of Ihe School held oifice at least part of the year and who had children eniolled al Ihe Schod during Ihe yèar. The arrangements lor all children of Govèmors to be admilted lo Ihe SchcK)l are consistent with ilK15e lo¥ all othef thildren who gnter the Sthool.