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
Marchant*olliday 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 SeV￿onfidenCe. 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 ￿rri￿lum 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
ma￿han1-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 Marchant*olliday 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-HOll￿aY School offers a nurturSng educallonal envlronment for children wth SEMH ne8ds.
TYp￿lty. 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 pro￿de for our Child￿n,$ neads in order for them lo thrive we
oqually a¢kno￿edge, and support the important role of th8ir parenl$lcarors.
Social InVestM￿t
At Marchanl HOll￿daY 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 r￿p￿e 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$'
S￿claI edu¢ation81 needs 8ndlor disabilities ISENDI eX￿ptIonallY 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 ASSOUat￿n. 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.
A￿angements 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 ￿nSIde￿tIon 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 RegIstra￿trn 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$ibllStles
The trustees (who are also the diTeclor8 of Marchant-Holliday School Limited for the purposes of
company lawl are responsible for preparing the trustees, report and the ftnanclal statements in
accordance wth applicable law and Uniled Kingdom Accounting Standards (Uniled Klngdom
Gener811y A￿pted Accounting Practice). including FRS 102 7he Finanaal Reporting Standard
applicable in the UK and Republbc of Ireland".
Company law requires thg Irustoes lo prepare financial stat8ments for each financi81 year. Undar
company law the Irust88s must not approve the financial ststemenls unless they are 8alisfl8d that
they give a true and fair view of the slate of affairs of the tharilable company and of the incoming
resources and applicafjon of resources, Indu￿lfig its income and expen(Jiture, of the charttsble
compony for that period. In preparing Ih8se financial ststemenls, the trustees are required lo..
select Sultsb￿ accounting policies and apply them ¢onsislently-
observe the methods and prfnclples In the Charitiès SORP..
make judgements and estimates that are reasonable and prudent.,
slats whether applicable accounting standards, comprising FRS 102 have been followed, subject
to any material departures disclosed and explainèd in the financial statements,. and
prepare the financial statements on the going concern basis unless It Is inappropriate to presume
that the ¢harilable company will conlinue in businos$.
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 i￿egular1tie$.
Th8 trustees are responsible for the maintenance and inl8grity of the oxjrporate and f￿ancIal
infomalion induded on Ihg charitable Companls website. Legislation goveming the preparalM)n and
dissemination of financial statements may differ from legislation in other jurisd￿knonS.
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 repo￿ng fr8m8work that has b8en applied in
Ihgir preparation is applicable law and United Klngdom ACCOUn￿n9 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 finan￿al 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 A￿epted 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 infO￿atIon
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 COn￿M. disclosing, as applicable. matter5 related lo going
Con￿rn 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 $tstements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report
that Indudes our oplnion. Reasonable assurance is a high level of assurance. but Is not a guarantee
that an audit conducted in accordance with ISAS IUKI will always detect a material misslalement
when it exlsts. Misstatements can arlse from fraud or error and are considered material if. individually
or in the aggregate, they could reasonably be expected to influ8nc8 th8 econornic docisions of users
taken on the basis of these financial statements.
Irregularitigs, including traud, are inStar￿8$ 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. le￿QWed 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 prO￿ureS to idenlfy non-compliance with such
laws and wulations. Our procedures Invo￿9d 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.
. Ravi￿ed 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 sus￿ClOnS 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 r￿t closely ralated to evants and transactson$ refiocted In the
financial 8tslements.
A further de5Gription of our responsibilities is available on the Financial Re￿rting 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 Repor￿n9 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 COn￿M 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
InfOrMa￿On 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. cu￿ent 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 reC￿nised 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
pU￿oses. Acc£)rdingly. the charitsble company is potentialty exempt from taxation in respect of
income or capital gains r￿1Ved 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 a￿UmUlate¢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
cu￿ent 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 ￿$tricted
purposes.
Penslons and other post retlrernent obligatlons
The Cha￿tY operates a defined contrtbutlon penslon scheme. COn1￿bUt￿Ons payable lo the d)arfVs
penslon Scheme are charged to thè Statement of Financial Actwities in th6 period to whsch they r8lat8.
The Teachers, Pension Scheme ITPSI is a defined benefit scheme and the asse1$ 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
dIr￿tty
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}.
P￿8 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
Contrib￿lon 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 ca￿led 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
ex￿nded
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 follo￿n9 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