Company registration number. 00818973 Charitsble company registration number. 310218 Marchant-Holliday School Limited (A company Ilmlted by guarantsel Annual Roport and Financial Statements for th9 Year Ended 31 August 202S
Marchant-Holliday School Llmlted Contents Trustees, Report 1108 Independent Auditors, Report 9t012 Slatement of Flnancl81 Aclowties 13 Balance Sheet 14 statement of Cash Flows 15 Noles lo the Financtal Statements 16to28
Marchant.Holliday School Limited Trustees, Report Tha Board of Govemors has pleasure in submitting its Annual Reptsrt together with th& audited financial statements for the charty for the period ended 31 August 2025. The financial statements have been prepared in accordan wth c#Jrrent statutory requirements. Background to Marchant41olllday School Marchantolliday School is an independenL residential and doy special school, opproved by the Department for Education IDIEI for boys aged five to thirteen who sent with Social, Emotional and M&ntal Health ISEMH} needs, I[uding aspects of autistic spectrum disorder and other corHlitson8. The school r6c8ivas raf6rrals from Local Aulhortl8s throughout th8 Southw6St of England for both day and boarding placements. The school sits in beautiful grounds in 8 rural area of South Somerset on the border wth Dorsel and Wiltshirg. It is well locate(J lo local raiKYay stations and is wthin dose proximity to the major road of the A303 providing gwd accessibility From its inception, the school has aimed to provid& the very best standard of education and care to help pupils develop their full polenb.al for social. emotional and intellectual growth. The original vishin of Mr Marchant-Holliday was that the boys coming to the s¢hool $hould find a kind. ¢aring. tolerant arKI supportive environment that would help them recover their self4vcth and SeVonfidenCe. as well as continuing lo develop essential acadomic and life skills. mlsslon Cflterla Al pupils referred tr) the school have an Education. Health and Care Plan (EHCPI- Prior to entry. a thorough assessment of th8 negd¥ of 8ach pupil is carriod r)ut. Oncg g pla¢gmgnt is agrge¢J, bgspoke leaming and behaviour plans are drawn-up based on the outcomes iderrtrfied in the EHCP. The school's ultimate aim 15 to make children feel safe and happy, and subsequently to achieve excellent academic progress. positive behoviour pattems and well developed interpersonal skills. PurpowJ and Objectives Our approach at the MarChant-111daY School. kn support of the EHCP, is lo provide an innovalfve, stlmulaling and engaging rrilum whi(J) wlll glve the puplls a love of leamlng and the skills to Ihrlve in later life. The pupils referred to us have often had limited access to wider leaming opporbjnities. At mahan1-HO1lIdaY S¢h¢Jol. we pla¢¢ great emphasis on the wider ujrriculum lo develop the whole thikj. We provKJ& a curriculum linked and social programme of excursions. visits and experienees off srte for all pupils. At tha and of their time at Marchantolliday School. pupils either retum to mainstream education or are placed in secondary specialist provision whichever best suits their needs. We focus on the transition process and see it as a Mtal aspect of our pmvision invofving parentslcarers. Local Authoritie8 and potential new schools to make the transitions as successful as possible. Vve believe making this process as robust and comprehensive as possibl8 SUPPOrts the pupils and leads to better outcomes for our pupils. Pa90 1
Marchant-Holliday School Limited Trustees, Report Public Benefft archant-HOllaY School offers a nurturSng educallonal envlronment for children wth SEMH ne8ds. TYplty. these children hav8 found coping In mainstreaffl schools challenging and have not thrlved personally or progressed academically. Marchant-Holllday Sehool offers a high teacher.. pupil ratio wilh defined structures and approaches whlch enobles each Sndlvidual chlld lo thrive. Al pupiL8 anive at Marchanl-Holliday School from a Local Authority provislon whereby their SEMH needs have been identrfied as having had an adverse effect on Ihelr progress, achlevement. their peers, parenlslcarers and the wider community. Our small dedicated classroom based provision 1$ supported by speciallst teams ranging from 1..1 support in addition to specific negds in terms of Speech and Language Therapy. The school offgrs public benefit by reducing the impact on local authority prowsion for children with SEMH needs and provides other opportunttiès to progres5 in ways that have proved difficult in their previous settlngs. This in tum enables our chiltjren to become happy, and independent and thereby wntribule to sodety as they grow up. Whilst th& School's primary aim is to prode for our Childn,$ neads in order for them lo thrive we oqually a¢knoedge, and support the important role of th8ir parenl$lcarors. Social InVestMt At Marchanl HOlldaY Schcol, we are dedicatèd to public b8nefrt as a Ch supporting disatlvantsged pupS1s. Our community involvement includes Iltter plcking and maintaining the local village dog walklng field, whlch fosters environmental stewardship and community spirit among our students. We also extend our expertise lo headt8achers and senior leaders in academies, maintsined school5, and independent special schools, sharing best practlces to enhance educational standard5. Through collaborative meetings and tailored guidance. we support effective school impTovement plans. creating a rpe effect that benefits countless students beyond our immediate community. Our social investment strategy includes the IAarchant Holliday Outreach Team. which collaboralgs with school staff lo dgvelop 8tralegies for improving attendance, progress, and outcomes for pupils with SEMH and SLCN difficulties. Support is tailored lo individual needs, ranging from on8-off sIts to tim9-limited programs. ensuring strategles are effecllvely monltor8d and adjusted as necessary. The School demonstrates flexibility, prowding emergency respite boarding care, where appropriate to support pupils and families in need. The school provides Ihls support th no addlllonal costs lo th6 relevant aulhority on a short-temi basis. The School hosts Parenvcarer forum meetings which take place in School On each lemi16 times a yearl. These are co-ordinated by a senior member of staff wth the support from our Govemors. Page 2
Marchant-Holliday School Limited Trustees, Report A¢hlevements and Perfomiance R&view of charitable activities undertaken The Schools ststed charitsble aim is the rare and education of as many vulnerable children as possible wrthin our defined capacity. Al Marchant-Holliday School 'vulnerable' relates lo children whose lrfe chanees may have be impacted by their SEMH needs. The School's Vision. Values and Culiure. as ouuined in our Strategic Plan. are all aligned with improving this situation for the pupils referred to us. The School continues lo function as a key provider of education and care for our boys wth SEMH needs throughout the South Wesl of England. We have good relationships with the relevant Local Authorfties and enjoy an excellent reputslion In our field of work. Placement of pupils have r6mained buoyant during this perNJd under review with numbers fluclualing belween 52 10 55 pupils. In line with current trends our btrarding requirement is decreasing which the Goveming Body are aware of and addressing in Iheir future strategy plans of the sch¢JoI. The continuing health and prosperity of the School depends on the on90ing flow of referrals from local authoritigs albeit the GoveTning Body is exploring other avenues to expand our provision. Key non-financial perfomianco indicator The ofsled Education Inspection carried out during March 2024 and Ofstad th8 Social Care Inspection in FebNary 2025 r8sull8d in 'Outstanding' judgements in all areas. The Education Inspection Team praised the work of the school and noled Iha( "Pupils thrive at Marchant Holliday School. Positive latiOnships. built on mutual respect and trust. help staff nurture pupils, self*sleem. talents and interests. Skn'lled staff teach a highly personalised and ambib.ous currieulum to méèt pupil$' SclaI edu¢ation81 needs 8ndlor disabilities ISENDI eXptIonallY well. Pupils beneflt from an excellent education" The Trustees believe that the school continues to deliver in tems of achievement of its charilable objectwes. In the past 12 months the School has maintsined number5 in an increasingly competitive markètpla¢e. The age profile of ¢hildron roferrod lo the School reflects tho increasing numbers of younger puplls thereby provldlng grealei opportunllies to influenc8 behaviour pattems at an eartier stage. Developments During this financial peritxl there has been significant investment in the school estate, wth major capital investrnent in the current buildirvj stock. Aging plant has been replaced wi(h more effie4ent modern equivalents. The School has also continued to explore and invest in energy efficient equipment and measures Plans for futur@por50ds The School is 6xploring Opportunities to furlh8r increase its capacity for expansion and to diversify rls curriculum offer. A k)ng term development plan is in the infancy of being created to 8xplore dèvalopm8nt of our sité to méèt our stratègic objéctivès. Projects under consideration are additional dassrooms. bespoke Intervention rooms. office space and facilities for our therapy provision. replacement Sports fadlities and nèw d8dlcated dinlng spa¢x. Pagè 3
Marchant-Holliday School Limited Trustees. Report Flnandal Review Th8 financial resuts for the year &nded 31 August 2025 aro sel out on pages 13 to 28 and ar8 summarised he. The results are not directty comparable wrth the previous year as the prevlous perfod covers the perfod from 1 April 2023 10 31 Au9usI 2024. They Iherefore include four lemis, income but 17 months, staff c051s. The schools, total income in 2024125 was £3,908,160 {2023124 - £4,567,190). We hav8 continued to dosely manage our expenditure and deliver value for money. Our total expenditure in 2024125 was £3,845,79112023124 - £4,760,182). We have ended tho financial ygar wth a surplus of Income over expgndlture of £62,369 12023124 deficit of £192,9921- Details of movements in fixed assets 8re show in note 11. Fixed assets relate to land and buildings, fixtures and fftb'ngs, motor vehicles and mpUter equipment. Policy on reserves The Board reviews the levels of reserves annually. Th8 school negds lo maintain anough unrestricled fvnds to cover variakn.ons in pupil number5 during the year whilst still meeting expenditure commitments. At 31 August 2025, totsl reserves stood al £6,209,91812024 - £6,147,549}. Of Ihis figure, nel current assets are £2.519.536 {2024 £1,423.921 restated) and cash resorves are £2,686.372 12024 £2.715.174 restated). 'Freè reseNes'. being unrestricted funds less tangible fixed assets. are £2.519.536 {2024 £2.575.6451. The school aims to provide for 8 wind-down reserve of £309,000 plus six-month's QP9rating costs of £1,922,896- fre8 reserves are thus ahead of policy. Of the total reserves of £6,209,918, all are unrestricted. Principal funding Sources Generally 99 % of the school's in(xJme 12024125 . 99Qhl is derived from fees charged to the Local Authorities for pupil plac8mènts. Investment. Policy and Objectwes The Board adopts what It considers to be a conservative Investment pollcy. 11 wll lake professional advice before implementing any changes lo its investment w)rtfolio. The school retains a proptsrtion of Its funds (typically £1 million) in long-term, low risk income-generaling investments, wth the aim of gen9raling addf(ional incom9 for the school. Now that financial mark8ts are rnor8 stable. the school aims to res8arth high8r int8r8st b8aring inv8stm8nl accounts in the new financial year. Pagg 4
Marchant410lliday School Limited Trustees, Report Structure. Govemance and Management NaluTe of Governing Document The sdiool was in¢orKK>raled on 13 June 1959 as a mpally limited by guarantee and not having Sha capital (registered in Engl8nd and Wales, number 00618973). The goveming document is the Memorandum of ASSOUatn. The school cannot pay dividends and must utilise all its funds lo fijrther tis charitabl8 objectives. Recruitment and Apw)inknenl of Trustegs The sthool currenlty has a Goveming Board Gomprising of fwe members. The school continues trj recruit govemors wth skills Ihal will be of value to the goveming body. Standard appointment procedures are adopted in the same way thal they are applie(I lo paid staff. Induction and Training of Trustees I new Tnjstees follow a pre4ètèrmined induction programme which is an adapted forni of thal used for amployees. Aangements for Personnel Rernuneration The school adheres to framework documents referred to in staff contracts. In relation lo teaching staff.. The Teachers. Pay and Conditions document and statutory regulations affecting the employmenl and Conduct of leaching staff. For all other employees.. The National Joint Council for Local Government Services National Agreement on Pay and Conditions of Servi. An annual salary review is presented to the Governing Body tor their nSIdetIon and approval. Organisational Structure The Board of Gov8mors und8rtak8 deasions on all aspects of the school's activities as presented to them by the Headteacher and Chief Operating Officer. They meet at least six times a year and produce mlnutes of Ihelr meellngs. Relationships with related parties Other than the Trustees, the school has not worked with arty relatéd parbes during the year. None of the Trustees received remuneration or other benefits from their work whh the school. Major Risks and Management of those Risks The key identified sk to th8 continued prosperty of the schcx)l is a decline in pupil refèrrals occasioned by Local Authorlty chan98s of pollcy or Olher extemal factors. Management of this is pro-active in tem)s of ensuring that our provision remain5 of hlgh quality (as eviden(xd by Ofsted}. Ihat th& fee structure is appropriate and moreover that referrers continue to have confidence in our provision for our pupils. Maintenance of good working relationships with Local Authority commissioning officers and SEND Leaders is a key priority within this process. As stated above, reserve policies continuè to cater for contlnuation of the s¢JK)ol's business on reduced numbers for a period of 6 monlhs or more should that need ever arise. Governors a awa of these idenllfiable risks and are Working towards other streams of incomg in support of thg continuity of tho School. Page S
Marchant-Holliday School Limited Trustees, Report Trustees Mrs N E Hopkins Mr J S Mortimer (appolnted 28 January 20251 Lt General (Reldl AMD Palmer CB CBE Mrs N J Slade Miss J R Walk8r Mrs V Cotter {appoinled 28 January 2026) S•eretsry Mr S J Lusher Prlnclpal 0ffl¢g North Chorlton Tamplecombe Som$rsgt BA8 OAH Thg charitable company Is incorporated in England and Wabs. Company RegIstratrn Number 00618973 Charltablg ¢ompany R•gistration Numbor 310218 Auditor PKF Franas Clark Ground Floor Blackbrook Gate 1 Blackbrook Business Park Taunton Somerset TA12PG Solicitors: Veale Wasbrough Vizards LLP Narrow Quay House Narrow Quay Bristol BS14QA Dlsclosuro of infomiation to auditor Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the ¢haritsble compan*s auditor aware of that infomialion. The trustees confirm that there is no r8levanl information that Ihgy know of and of which they know the auditor is un8ware. Pog8 6
Marchant-Holliday School Limited Trustees, Report The annual report was approved by the ivjstees of the charitable company on .......... ......... $igned on its behalf by= and Lt General (Retdj AMD Palmer CB CBE Trustee Page 7
Marchant410lliday School Limited Trustees, Report Statèment of trustees. re8pon$ibllStles The trustees (who are also the diTeclor8 of Marchant-Holliday School Limited for the purposes of company lawl are responsible for preparing the trustees, report and the ftnanclal statements in accordance wth applicable law and Uniled Kingdom Accounting Standards (Uniled Klngdom Gener811y Apted Accounting Practice). including FRS 102 7he Finanaal Reporting Standard applicable in the UK and Republbc of Ireland". Company law requires thg Irustoes lo prepare financial stat8ments for each financi81 year. Undar company law the Irust88s must not approve the financial ststemenls unless they are 8alisfl8d that they give a true and fair view of the slate of affairs of the tharilable company and of the incoming resources and applicafjon of resources, Indulfig its income and expen(Jiture, of the charttsble compony for that period. In preparing Ih8se financial ststemenls, the trustees are required lo.. select Sultsb accounting policies and apply them ¢onsislently- observe the methods and prfnclples In the Charitiès SORP.. make judgements and estimates that are reasonable and prudent., slats whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explainèd in the financial statements,. and prepare the financial statements on the going concern basis unless It Is inappropriate to presume that the ¢harilable company will conlinue in businos$. The trustees are responsible for keeping proper 8ccounting reo)rds that can disclose with reasonable accuracy at any lime the financial position of the charitable company and enable them to ensure that the financial stslements comply wSth the Companies Act 2006. They are a180 responsible for Safeguarding the assets of the charrtable company and hence for taklng reasonable steps for the prevention and dgtsction of fraud and other iegular1tie$. Th8 trustees are responsible for the maintenance and inl8grity of the oxjrporate and fancIal infomalion induded on Ihg charitable Companls website. Legislation goveming the preparalM)n and dissemination of financial statements may differ from legislation in other jurisdknonS. Page 8
Marchant-Holllday School Llmlted Independent Auditorfs Report to the Members of Marchant-Holliday School Limited Opinion We have audited the financial 8tstements of M8r¢hanl-Holliday S¢hool Limitgd Itha 'charttable company'l for the year ended 31 August 2025, which eomprisa th8 Statement of Finanaal Activities, Balance Sheet. Statement of Cash Flows, and Notss to the Financial Stsloments. including 8 summary of significant accounting policies. The fin8ncl81 repong fr8m8work that has b8en applied in Ihgir preparation is applicable law and United Klngdom ACCOUnn9 Standards. Including Flnanclal Reporting Standard 102.. The Financial Reptsrbng Stsndard applicablo in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounts"ng Practice). In our opinion the finanal statements.. give a true and fair view of the stste of the charltable compan$ affairs as al 31 August 2025 and of its in¢om& and expenditure for the year then ended.. have been properly prepared in accordance wllh Unlled Klngdom Generally Aepted Accounting Practice.. and have b68n prepared in 8ccord8nce with the requirements of the Companies Act 2006. B•$is for opinion We conducted our audit in accordance with Intemalbnal Stsndards on Audlting {UK) {ISAs IUK}l and applicable 18w. Our responsibilities under those stsndards are further described in Ihe auditor responsibilities for the audit of the finanaal slatements section of our report. We are independent of th& charitable company in o¢COrdan with the ethical reqlsiremenls that ar¥ r*l8vant to our audit of the financial ststemenls in Ihe UK. induding the FRC'S Ethical Standard. and we have fulfillèd our other ethical responslbilities in accordan wth these requirements. We believe that the audit eviden we have obtained is SLtfficient and appropriate to provide 8 basis for our opinion. C¢n¢lu$lon$ relatlng to going con¢•in In auditing the financial statements, we have concluded that the trustees use of th8 going con ba$1$ of accounting in the preparation of the financial $ts18mants is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the eharitable ¢ompany'8 ability to continu& as a going concem for a pgrfod of at least h¥elve months from when the origin81 financi81 stslemenls were aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this reporL Psge g
Marchant.Holliday School Llmited Independent Auditorfs Report to the Members of Marchant-Holliday School Limited Olh•T infOatIon The trusteas are responsible for the other infomiation. The oth9r information comprises tha information included in the annual report, olhar than the financial statements and our auditor's report Ihereon. Our opinion on the financial stat8mants doe$ not cover the other infomiation and, except lo thè extent otheTwl8e expliciuy staled in our report. we do not express any fomi of assurance conclusSon Ihereon. In connection with our audit of the financial statements. our respon5ibilty is to read the other information and, in doing so, consider whether the other infom)ation is materially inconsistent with th financial statements or our knowledge obtained in the audit or othemse appears lo be materially misslaled. If we identfy such material inconsistencies or apparent material misststemenls, we are required to delemine whether there is a material misstatement In the financi81 Ststements or a material misstatement of th8 other information. If, based on the work we have perfomied, we conclLKle th81 thère is a material misstatement of this other infomation, ar8 r8qulred lo report that fact. Wg have nothing lo rewrt in this rggard. Oplnlon on other mattor prescrlbfjd by tha Companle8 Act 2006 In our opinion, based on thè work undertaken in the course of the audlt.. the Information gN8n in the Trustees, Report for the financial year for which the financial statements are prepared is consistènt wth the financial stalemenls., and the Trustees. Rgport has been prepared in accordanc8 Wlth applicable legal requirement5. Matters on whl¢h wo are r•qulrod to r•port by excoptlon In the light of our knovAedge and understanding of the charitsble company and its environment obtained in the course of the audit, we havè not identified material misslalements in the Trustees, Report. We have nothing lo report in respecl of the followlng matters Whe the Companies Act 2006 requires us lo report to you if, in our opinion: adequate accounting records have not been kept, or return5 adequate for our audit have not been received from branches not visried by us., or the financial statements are not in agrsgment wth th8 a¢counling records and retums,. or certain disdosures of Iru8tees' remunerafjon spècified by law are not made; or we have not received all th8 inforniation and explanations we require for our audit. Responslbllltlg$ of tru•e$ As explained more fully in the set out on page 8, the trustees are responsible for the preparation of the financial ststements and for being satisfied that they give a true and fair vlew, and for such internal control as the trusteos determine is necessary to enable the preparation of financial statements that are free from malgrial misstatement, whether due to fraud or error. In preparing the financial statements, the Iruslees are responsible for assessing the charitsble companls ability to continue as a going COnM. disclosing, as applicable. matter5 related lo going Conrn and using the going concem basis of accounting unless the trustees either intend lo liquidate the charitabl8 eomp8ny or lo cease operations, or have no realistic altemativa bLrt to do so. Pa98 10
Marchant-Holliday School Limited Independent Auditor's Report to the Members of Marchant-Holliday School Limited Auditor Tespon$ibilitit$ for the audit of the financial Statements Our objectives are lo obtain reasonable assurance about whether the financial $tstements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that Indudes our oplnion. Reasonable assurance is a high level of assurance. but Is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslalement when it exlsts. Misstatements can arlse from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influ8nc8 th8 econornic docisions of users taken on the basis of these financial statements. Irregularitigs, including traud, are inStar8$ of non-compliance wilh laws and regulations. We design proceduros in line with our responsibilities, oufjined above, lo detect material misstatements in respect of Irragularllles, Sncluding fraud. The extent to which our procedures arè capable of detecting irregularities. induding fraud is detailed below= As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the entity and the sector in which il operates to identty the key laws and regulations affecting the entity. As part of this assessment process we discussed with management the laws and re9ulalion8 appllcable to the company. leQWed certification identified on the company website and other communications and wnsidered findings from previous audits. The key laws and gulationS we id8ntlfiod were General Data Protection Regulations {GDPR}. ofsted InspectK)n. Safeguarding regulations and Employment Law. We also Considered those laws and regulations that have a direct impacl on the preparation of the financial statements, primarily Companies Act 2006. We discussed wth manag8menl how the compliance with these laws an¢J rfjgulations 1$ monitorod and discussed policies ané procsdures in pla. We also idenliried the individuals who have rasponsibility for ensuring that the entity complies with laws and regulations and deal with reporting any issues rf they arise. As part of our planning procedures, we 8$gtsssed the risk of any non-compllanee with laws and regulations on the entity's ability to continue trading and Ihe risk of malerial misstatemenl to the finan¢ial statements. Based on Ihls understanding we designed our audit prOureS to idenlfy non-compliance with such laws and wulations. Our procedures Invo9d th8 following-. Enquiries of management and those charged with govemance regarding their knowledge of any rh)nrycompli8nce with laws and regulats'ons that could affect the financial statements.. Revièwèd lègal an(1 professional costs to identify any possible non compliancg or lagal costs in respect of non eomplian¢e', * Revi9wed Board mlnutss,. • R8vi8W8d th8 most recent Ofsled Inspection report. . Ravied the Safeguardlng wllcy,. and . Reviewed the ICO website for any nolffications. As part of our 6nquiries we discussed management whether th&re have been 8ny known instances, allegations or susClOnS of fraud. We also evaluated the risk of fraud through management ovethde and r8v8nue recognition. In response to the klentffied risk. as part of our audit work we.. Page11
Marchant.Holliday School Limited Independent Auditorfs Report to the Members of Marchant-Holliday School Limited Used data anatytics lo tesl journal enlrS88 throughout the year. for appropriateness.. and Reviewed estimatès and judgements made in the financial stst8ments for any indicatson of bias and challenged assumptions usèd by management in making the estimates. Because of the inherent limitations of an audiL there is a risk that we wll not detect all Srregularflles, including those leading lo a material misslalement in tha financial statements. The risk of not detecting 8 material misststemenl due to fraud is hlgher than the risk of not detecting one resulting from error. as fraud may involve deliberate omlssions, collusion, forgèry, mlsrepresentstions. or the override of Internal controls. We arg also Igss likely to become aware of instane88 of non-compli8nc8 with laws and regulations that are rt closely ralated to evants and transactson$ refiocted In the financial 8tslements. A further de5Gription of our responsibilities is available on the Financial Rerting Council's website al- bvww.frc.org.uklaudilorsresponsibllitSes. Thls descrfptlfx) fom)s part of our auditor's report. Uso of our rèport This report is made solely to th8 charitable companls trustees. as a body. in acts)rdance wth Chapter 3 of Part 16 of the Companles Act 2006. Our audlt wort has be&n un¢Jertaken so that we might stste to the charrioblg wmpanls trustees those matters we are required to slate to them in an audblorfs report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the Charitable company and its trustees as a body, for our audit work. for this report. or for the opinions we have fom)ed. (L Martin Hobbs Bsc ACA (Senlor Statutory ALKlltorl PKF Franus Clark, Statutory Auditor GrouTKI Floor Blackbrook Gate 1 81ackbrook Business P8rt¢ Taunton Somerset TA1 2PG Date:. 29/.05/.2026 Page 12
) * co ¢5> O Ln 5IzE8 èka 8
Marchant410lliday School Llmlted (Registration number: 00618973) Balance Sheet as at 31 August 2025 (As r•$tatedl 2024 2025 Not• Fix8d assots Tangible assets 3.690.382 3.570.481 Current assgts Debtors Inv9Stments Ca8h at bank and In hand 12 13 14 360,553 1,543,275 2,686,372 4.590,200 928,516 357,299 2,715,174 4,000,989 Crndltors". Amounts falling due within one year Net Gurrent assets 15 2,070.664} 2,519,536 {1,423,9211 2.577,068 Net assets 6.209.918 6,147,549 Funds ¢f th• ¢harltable company: Restrict8d income funds Reslrict8d funds 1.423 Unr•strfcted Inc¢)me funds Unrestricted funds 6.209,918 6,146.126 Total funds 18 6.209,918 6.147,549 Thefi on cial I lements on pages 13 to 28 were approved by the trustees, and authorised for issue nd signed on their behaK by.. Lt General (Retdj AMD PalmerCB CBE Trustee Th$ not¥$ on pag$9 16 to 28 fomi an tntsgral part of these finanaal statements. Pago 14
Marchant-Holliday School Limited Statement of Cash Flows for the Year Ended 31 August 2025 (As restaled) 31 August 2024 31 August 2025 Note Cash flows Irom oporatlng adlvltles Nel Incomel{expendltu} 62,369 1192,9921 justmants to ¢a95h flows from nonwcash itsrns Depreclation Investment inoome 196,080 1121,0981 137.351 222.317 120,214 {90,8891 Working capital adjustmonts Dgcrease in stocks Decreasellincreas81 in d&btcKs Iricrease in creditors Increase in deferred Income 207 {842,552} 104,635 1,156,884 12 15 567,963 194,535 452,208 N&1 cash flows from opgrating advitl8S cash flows from Invgstlng actlvltles Purchase of tangible fixed assets S81è of tangible fixed 8ssets Investment incom& Cash movement on long tem) deKKssit accounts Net cash flows from investing actimtias Nel decrease in cash and cash 8quival8nts Cash and cash equivalents al 1 Sept8mb8r Cash and cash equivalents at 31 August 1,352.057 328,285 11 (315,9811 1355.2251 79 120.214 {357,299} 121,098 1,185,976) 1.380.859 592,231 28,8021 2.715.174 1263,946) 2.979.120 2.686,372 2,715.174 All of the cash flows are derived from continuing operations during the above tsvo pericKIs. The notes on pages 1610 28 fom an intagr81 part of these finanual ststemenis. Paga15
Marchant-Holliday School Llmlted Notes to the Financial Ststements for the Year Ended 31 August 2025 1 Company Inforniatlon The company is a registered charity and a company limited by guarantee without share capital incorporated in England and Wales. The guarantors a the members of the charity lo the exlenl of £1 each. The address of its registered office and principal place of business is.. North Cheriton Templecombe Somorset BA8 OAH 2 Accounting polici9$ Summary of slgnlflcant accountlng policies and key accounting estimates The principal accounting policie5 applied in the preparation of these financial ststemenls are set out below. These policies have been consistently applied lo all the years presented, unless otherwise staled. Statomènt of compllance The financlal statements have been prepared In accordance with Accountfng and Reporn9 by Charities: Stalem&nt of Recomm8n¢Jed Pracllce appllcable to charittes preparlng Ihelr accounts In accordance wtth thg Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 {effeclive 1 January 20191- (Charities SORP IFRS 10211, thg Financial Reporting Standard appllcable In the UK and Republic of Ireland (FRS 1021 and the Compan$ Act 2006. There are no material departures from FRS 102. Basis of preparation Marchant-Holliday School Limited meets the definitic¥) of a public benefit entity under FRS 102. Assèts 8nd liabilitiès ara initially rècognised at historical cost or transaction value unless otherwise slated in the relevant accounting policy notes. The functional Currency of the charitable cornpany Is considered lo be pounds sterting because this is the currency of the primary economlc environment in which thg charitsble company operates. and the financlal statements are presented to the nearest round pound. Going concern The trustees consider that Ihgro arg no material uncertainties about the tharilable compan1$ abilty to conts.nue as a going COnM nor any significant areas of uncertainty that affect the caryng value of assets held by the charitable company. DSs¢lo$ure of long or $hort period In the prior period. the charity extended its finanaal year end to 31 August 2024. The compaTative InfOrMaOn therefore covers a period of 17 months. Paga 16
Marchant.Holliday School Limited Notes to the Financial Statements for the Year Ended 31 August 2025 Prior peri errors The financial statem8nls hav8 b88n r8stat8d to updalg the disdosure of Charity funds betM4een investments. cuent asset investments and cash at bank and in hand. The restatement has no effect on the net assets of Ihe charlty and no effect on the stslement of financial adivilies. Income and endowments l income is recognised on¢8 tho charity has entill8m8nt to the incomo, it is probabk that the Income 11 be receNed and the amount of the income receivable can be measured reliably. SchLwJI fee income is reCnised in the period lo which it relat8s. Investm8nt income is recognised in Ihg period in which it is earned on a reCeIvab basis. Income received in advance is shown wilhin deferred income and Teleased in the period to which it relates. Expendlture Expendllure is recognised as soon as there is a legal or constructive obligation committing the Charity lo that expend(ture. il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can ba measured raliably. Expènditura is accountad for c¥) 8n accruals basis and has been classrfied under headings that aggregate all cost related lo lh8 category. Where costs cannot be directly attributed to particular headings they have been allocated to activtb8s on a basis consistent wilh the use of resources. Taxatlon The charitable company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporation tax pUoses. Acc£)rdingly. the charitsble company is potentialty exempt from taxation in respect of income or capital gains r1Ved within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of thg Taxation of Chargeablg Gains AGt 1992. to the extent that such income or gains are applied exclusively to charitable purposes. Tanglblg flx9d assets Tangible fixed assets are inilially recvrded at cost. less any subsequenl accumulaled depreciation and subsgquent aUmUlate¢j impairment losses. Assets are capitalisg¢J where the cost exceeds £500. Pagg17
Marchant+lolliday School Limited Notes to the Financial Statements for the Year Ended 31 August 2025 D•pr•¢latlon Deprg¢i*ion is provid8d on langlble fixed assets. except for land, so as to write off the cost or valuation, less any ostlmaled residual value. over theSr expectsd useful economic lif8 as follows.. A88•1 cla88 Freehold property Fixtures and fittings Motor vehicles Computer equipment Depreciation method and rat• 10 - 50 years straight line 3- 7 years straight line 25% reducing balan 3 years straight line Current asset Investments cuent asset investments consists of cash on dep¢)slt wlih a maturlty dale of greater than three months. Curront asset investments are valued at fair value unless they quality as 'basic' fin8ncial Stock Stock is valued at the lower of cost and nel reallsabfe value. being estlmatod selllng prlce le55 Costs to sell, after due for obsolete and slow moving stocks. Fund structure Unrestricted incorne funds are general funds that are available for use at the trustees dis¢yetion In furtherance of the objectives of the charitable company. UnrestriGled designaled fvnds are resources set asSd6 for spedfic purpos88 at the dl8cralon of the trusloes. Restricted funds ¢an only be used for particular restricted purposes within the objects of the charity- Restrictions arise when specified by the donor or when funds are raised for particular $tricted purposes. Penslons and other post retlrernent obligatlons The ChatY operates a defined contrtbutlon penslon scheme. COn1bUtOns payable lo the d)arfVs penslon Scheme are charged to thè Statement of Financial Actwities in th6 period to whsch they r8lat8. The Teachers, Pension Scheme ITPSI is a defined benefit scheme and the asse1$ are hekj separately from those of the charlty. The TPS is a multi-employer scheme and there is insufficient infomiation available to use defined bènefit accounting. The TPS is therefore treated as a defined contribution scheme for accounting purposes and the ¢gntributions re¢ognized in the period to which they relatè. Further detsils are provided in Note 16. Pag818
Marchant-Holliday School Limited Notes to the Financial Statements for the Year Ended 31 August 2025 Flnanclal Instruments Classilicatitin The charity holds the following financAal instruments.. . Short tem) trade and other debtors and creditors.. . Bank deposits., and . Cash and bank balances. RecDgnition and mgasurgmgljt Financial instruments are recognised when the charity becomes paty to the contractual provis)ons of the instrument and derecognised when in the case of assets, the conlraciual rights lo cash flows from the assets expire or sub8tanlially all the risks and rewards of ownership are IransfeThed lo another paty, or in the case of liabilities, when the charity's obligations are discharged, expire or arg can¢alled. 3 Incorne from donatlons and legacles Year ended 1 Aprll 2023 31 August to 31 August 2025 2024 Donallong 85 4 Income from Charltablo aetlvltles Total Yèar to 31 August 2025 Unrestrl¢tsd funds Rostri¢t•d funds Sthool fees Pupil premium 3.766.907 3.766.907 2,580 3.769,487 2,580 2,580 3.766.907 Total 1 April 2023 ReS¢t@d to 31 August funds 2024 Unrestrlctad funds School fees Pupil prernium 4,440.923 9Sf) 4,141 4.441,913 4,141 4.440.923 5.131 4.446.054 Paga 19
Marchant-Holllday School Limited Notes to the Financial Statements for the Year Ended 31 August 2025 5 Investment Income Total Ygar to 31 August 2025 Unrestrlcted funds Interest receivable and similar income. Interest receivable on bank deposits Other investment Income 38.398 82,700 38.398 82,700 121,098 121.098 Total 1 Aprll 2023 Unrestri¢t•d to 31 August fund$ 2024 Interest receNable and similar income., Interest receivable on bank deposits Other investrn8nt income 71,301 48.913 71,301 48.913 120.214 120.214 6 (Xh•r Incomo Totsl Year to 31 August 2025 Unr¢strl¢tod funds Olher income Rental income 9,879 7.696 9,879 7.696 17.575 17,575 Total 1 Aprfl 2023 to 31 August 2024 Unr•strlct•d fund$ Othèr incom8 837 837 P8g& 20
Marchant-Holliday School Llmlted Notes to the Financial Statements for the Year Ended 31 August 2025 7 Expenditure on charitable activities 1 April 2023 to 31 August 2024 Actlvlty undertaken dIrtty Actlvlty support ¢o$ts Year to 31 August 2025 Costs of running school 3.599.906 245,885 3.845.791 4.760.182 8 Net Incomelexpendllure Net in¢omellexpenditurel for the year includes- 1 April 2023 Year to 31 to 31 August August 2025 2024 Depreciation of fix8d assats Auditors, remuneration Auditors, remuneration for non-audit services Accountancy services 196.080 19.000 10,800 2,830 222,317 12,000 1,900 1,757 9 Tru$t•¢$ remunoration and axpens•s No Iruslees, nor any persons connected with them, have rec8lv8d any remuneratlon from the charity during the current or previous year. See Note 21 foT expenses reimbursed to trustees during the current year. Paga 21
Marchant-Holliday School Limited Notes to the Financial Statements for the Year Ended 31 August 2025 10 Staff costs The aggregatg payToII costs were as follows: Year to 1 Aprfl 2023 31 August to 31 August 2025 2024 Wages and 5alarie$ Social security rx)51s Pension costs 2.514,924 253,619 302.073 3,057,222 282,568 382,233 3,070.616 3.722,023 The monthly average number of persons lincluding senior management leaml employed by the charitable company during the year was as follows.. 2025 No 16 20 2024 No 15 Teaching stsff Care staff Teaching asslslants Domestlc staff Office staff 67 70 The number of employees whose emolum$nts fvll wilhin lh¢ following bands was". 2025 No 2024 No £60.001- £70,000 £70,001- £80,000 £90,001 - £100,000 £110.001- £120,000 The total employee benefits of the key management personnel of the charttable company were £355.99912024- £655,020). Paga 22
Marchant-Holliday School Limited Notes to the Financial Statements for the Year Ended 31 August 2025 11 Tanglblo fkn(gd assots Land and Fixtures and bulldlngs Ilttlngs Motor vehlcles Computer equlpment Total Cost Al 1 September 2024 Additions 4,608,773 230.690 617,227 64.871 144,091 19,707 153,546 5.523.637 713 315.981 At 31 August 2025 4.839,463 682,098 163,798 154,259 5,839,618 Depreclatlon At 1 September 2024 Charge for the year 1,320,812 368,344 112,041 151.969 1.953.156 118.130 67,095 10.641 214 196.080 At 31 August 2025 1,438,942 435,439 122,682 152,173 2,149,236 Net book valuo At 31 August 2025 3.400,521 246,659 41,116 2,086 3.690,382 At 31 August 2024 3,287,961 248.883 32,050 1,587 3.570.481 Page 23
Marchant-Holliday School Limited Notes to the Financial Statements for the Year Ended 31 August 2025 12 Debtors 2025 2024 Trade debtors Olhgr debtors Prepayments aNI accrue¢Y income 291.143 885,027 8,112 35,377 69,401 360.553 928,516 13 Current asset investments (As T8Stated) 2024 2025 Lon9-temi deposlts 1.543,275 357,299 14 Cash and ¢a$h u1Val0nts (As re$taled 2024 2025 Cash on hand Cash at bank Short-lerm deposits 582 2,638,180 47,610 505 1,769,509 945,160 2,686.372 2,715,174 15 Credltor8: amounts falllng due within one year 2025 2024 Trade Grodilors other taxation and social secJJrity Other creditors Amals Deferred income 139.563 84.799 14.994 27.681 1.156.884 352,054 37.507 18,807 1.609.092 2.070.664 1.423,921 16 Penslon $¢hfrmos Definod contribution p•nsion ¥ch•m• The th8rftsble ctsmpany operates a defined contrfbution pension schgme. The pgnsion cost ¢harg& for the year represenls contributions payable by the charitable company lo the scheme and amounted to £286,190 {2024- £358,730}. P8 24
Marchant-Holliday School Limited Notes to the Financial Statements for the Year Ended 31 August 2025 Teachers. Penslon Scheme The Teachers. Pension Scheme ITPSI is a statutory, contributory. defined benefit scheme. govemed by the Teachers. Pension Sch8Tne Regulations 2014. These regulations apply lo teachers in schools. colleges and other educational establishments. Membership is automatic for tea¢hers and bcturers at eligible inslitutions. Teachers and lecturers are able to opt out of the TPS. The TPS 18 an unlunded scheme and members contribute on a 'pay as you go. basi5 these cnntributions, along with those mad8 by 8mplDyers. ar8 er&dit8d lo thg Exchequer under arrangements govemed by thg above Act. Ratiremant and oth9r p9nsion bgngfits arg pald by publlc fijnds provided by Parliament. Under the definitions set out in FRS 102 {28.111, the TPS is a multi-employer pen$Son plan. Th8 college is unable to iderklify its share of the undedying assets and liabilities ollhe plan. Accordingly. the college has taken advantage of the exemption in FRS 102 and has accounlad for its contributions to the scheme as if it were a deffined-wnlribution plan. The college has set out above the infomialion available on the plan and the implications ft)r the college in terms of the anti¢ipaled Contriblon rates. The valuation of the TPS is carrigd out in line with regulations made under the Publlc Servlce Ponsion Act 2013. Valuations credit the t8a¢hgrs' pension account with a real rale of return assuming funds are invested in nolional investments that produce that real rate of reluTn. The lalesl actuarial review of the TPS was caled out as at 31 March 2020. The valuation report was publishod by the Department for Education in October 2023. The valuats'on reported total scheme liabilities (pensions currenlly in payment and the estimated cost of tuture benefilsl for Servi lo thg effective date of £262 billion, and notional assets {estimated future contributions together wth the notional investments held al the valuation dale) of £222 billion giwng a notional past setvice deficit of £40 billion. As a result of the valuation. naw employ8r contribution rates were set at 28.6Yo of p9nsh)n8b pay from April 2024 onwards (compared to 23.680A from September 2019 to March 20241. A full copy of the Yalualion report and supporting documentsllon can be found on the Teachers. Pension Scheme website. 17 Charltable Company status The charitable company Is limited by guarantee, incorporated in England and Wal88, and o)nsequently does not hav& sharè capital. Each of th8 Members is liable to CA)ntribute an amount not exceedlng £1 towards the as5els of the charitable company in the event of liquidation. Page 25
Marchant-Holliday School Limited Notes to the Financial Statements for the Year Ended 31 August 2025 18 Funds Balanc• at Balance at 31 August 2025 Septemb•r 2024 Incoming Resources resourcos exnded Transfers Unrestricted funds Genwal General fund 6.146.126 3.)5.580 (3.843.211) 1.423 6.209,918 Restricted funds School fund Pupil premium 1.423 {1.4231 2.580 2,580 Total restrlctad funds 1,423 2,580 1.423 Total funds 6,147.$49 3,908.160 3,845,791 6,209,918 Balance at 1 ApTII 2023 Incoming resourcos Resources Balance at 31 oxpgnd8d August 2024 Unrestrlcted funds General G8n9ral fund 6.339.051 4.561.974 {4,754,899) 6,146,126 R•stri¢tod School fund Pupil premium 2.566 4,141 11.1431 15,6311 1.423 1,490 Total re$trl¢ted funds 1,490 6,707 16,7741 1,423 Total funds 6.340.547 4,568,681 4,761,673 6,147,549 Page 26
Marchant-Holliday School Limited Notes to the Financial Statements for the Year Ended 31 August 2025 The specifl¢ purposes for which the funds are to be applied are as follows.. Reslrictod funds.. School funds are donations made specrfically for the benefrt of the boys. and the fijnds are ulilised to provide items for the benefit of the boys. The boys eam tokens for good behaviour and can then spend them on a Friday al the shop. Funds are typicalty lIsed on an ad*oc basis over the period gach pupil is enrolled in the School. Pupll premlum fund8 are received to prowde additional support for eligible pupils. The funds are used lo provide addilional learning resources and one-to-one educatson and emolKsnal support for dis8dvants9ed childien over the pgriod each rel&vant pupil is enrolled al the School. In some cases thls may not be possible (notably where local authority systems delay payment of the sums duel and the balance rnay remain outstanding when the pupil leaves. In such circumstances. arrangomenls are made whenever possible to transfer the funds to the successor school in order Ihat tha young person continues to receive benefrt from the allocation made. Page 27
Marchant-Holliday School Limited Notes to the Financial Statements for the Year Ended 31 August 2025 19 Anatysls ol net assets between funds Unr•$trf¢ted fund8 Tt)tsl ftind$ at 31 August 2025 Tangible fixed assets Current assets Current liabilities 3.690,382 4.590.200 2,070,664 3,690.382 4,590.21)0 2.070.664 Total net assets 6.209.918 6,209.918 Totsl funds at 31 August 2024 (restated) Unrestricted funds Restricted Tangible frxed assets Current assets Current liabilities 3,570,481 3,999.566 1,423,921 3,570,481 4,0.989 1,423,921 1.423 Total net assets 6,146,126 1,423 6,147,549 20 Rglatsd party transactlon$ Durlng the year. the charlty m8d8 the follon9 transactlons wlth tnjstees.. £77312024- £198) of gxpenses wero reimbursod during th8 year. No trustees. nor Ony persons connected with them, have received any rernuneration during the year. No tnjstees have received any olhgr b8nefits from the charty during th8 y8ar. Pag8 28