What does the cryptic crossword clue "Proposes factions come before Yank’s holiday in report (4,5)" mean?

The wordplay uses a homophone (sounds like). SETS (synonym="”factions”") + FORTH (synonym="FORTH") = SETSFORTH The answer is SETSFORTH.

Proposes factions come before Yank’s holiday in report (4,5)

Guardian Cryptic #29645 | 10 Across | 2025-03-18 flower