2021-06-30-accounts - The Sherborne School Foundation

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CONTENTS	PAGE
Trustees, officers and advisers	1-2
Annual Report ofthe Trustees	3-7
independent Auditor's Report	8-10
Statement ofFinancial Activities	11-12
Balance Sheet	13
Statement ofCashflows	14
Notes to the Financial Statements	15-25

			Unrestricted	Restricted	2021	2020
		Notes	Funds	Funds	Total	Total
			6	E	6	E
income
Donations, legacies and grants		2b, 3	304,635	387,171	691,806	1,094,291
investments		2b	205	183	388	4,523
Total income			304,840	387,354	692,194	1,098,814
Expenditure
Costs of raising funds			75,375		75,375	120,284
Expenditure on charitable	activities:
Donations to Sherborne School Operational costs			981,147 100,345	1,086,807	2,067,954 100,345	181,480 128,915
Total expenditure		2c	1,156,867	1,086,807	2,243,674	430,679
Net income/(expenditure)	and net movement
in funds before gains and losses on
investments			(852,027)	(699,453)	(1,551,480)	668,135
Net gains/(losses) on investments						2,022
Net movement in funds			(852,027)	(699,453)	(1,551,480)	670,157
Reconciliation offunds
Total funds brought forward			1,452,302	817,638	2,269,940	1,599,783
Total funds carried forward		12, 13	600,275	118,185	718,460	2,269,940

Detailed Statement of Financial Acti	vities for the year ended 3	0June 2020:
		Unrestricted	Restricted	2020
	Notes	Funds E	Funds f	Total E
income Donations, legacies and grants	2b, 3	513,660	580,631	1,094,291
investments	2b	3,359	1,164	4,523
Total income		517,019	581,795	1,098,814
Expenditure Costs of raising funds		120,284		120,284
Expenditure on charitable activities: Donations to Sherborne School Operational costs		7,967 128,915	173,513	181,480 128,915
Total expenditure	2c	257,166	173,513	430,679
Net income/(expenditure) and net	movement
in funds before gains and losses on investments		259,853	408,282	668,135
Net gains/(losses) on investments		2,022		2,022
Net movement in funds		261,875	408,282	670,157
Reconciliation offunds Total funds brought forward		1,190,427	409,356	1,599,783
Total funds carried forward	12,13	1,452,302	817,638	2,269,940

					2021	2020
				Notes	6	6
Fixed assets
Tangible assets				8		283
Investment assets				9	654,741	736,741
					654,741	737,024
Current assets
Debtors				10	6,302	241,515
Cash at bank and in	hand				65,564	1,299,663
					71,866	1,541,178
Creditors: amounts	falling due within one year			11	(8,147)	(8,262)
Net current assets					63,719	1,532,916
Total net assets					718,460	2,269,940
The funds ofthe charity:
Restricted funds				12	118,185	817,638
Unrestricted funds				12	600,275	1,452,302
Total charity funds					718,460	2,269,940
The financial statements		were approved	and authorised	for issue by the Board on	J) 0/r I)2 I	and signed
on its behalf by:

as at 30June 2021
				2021	2020
			Notes	6	6
Cash flows from operating	activities:
Net cash provided by/(used	in)
operating activities			14	(1,316,099)	392,828
Cash flows from Investing	activities:
Purchase ofinvestments					(1,900,047)
Proceeds from sale ofinvestments				82,000	1,214,840
Net cash provided by/(used	in) investing		activities	82,000	(685,207)
Change in cash and cash equivalents		in the
reporting period				(1,234,099)	(292,379)
Cash and cash equivalents	at the beginning
ofthe reporting period				1,299,663	1,592,042
Cash and cash equivalents	at the end	ofthe
reporting period				65,564	1,299,663
Cash and bank balances				65,564	1,299,663

Income fr	om donations and legacies
		2021	2020
		f	f
Donations
Committed	giving	67,281	58,557
Donations		254,687	415,851
Legacies		196,269	321,068
Grants received		11,941	12,217
Donation	ofservices	161,628	237,086
Donations	as shares		49,512
		691,806	1,094,291

Analysis	of	expenditure	on	charitable activit	ies
						Donations
						to
					Staff	Sherborne	Support
					Costs	School	Costs	Total
					E	f	E	E
Charitable	Activities:
Donation	to	Sherborne	School			2,067,954		2,067,954
Operational		costs			55,525		44,820	100,345
Total - year		ended 30	June	2021	55,525	2,067,954	44,820	2,168,299
						Donations
						to
					Staff	Sherborne	Support
					Costs	School	Costs	Total
					E	E	f	f
Charitable	Activities:
Donation	to	Sherborne	School			181,480		181,480
Operational		costs			82,440		46,475	128,915
Total - year		ended 30	June	2020	82,440	181,480	46,475	310,395
Net Income/(expenditure)				for the year
This is stated after charging:
							2021	2020
							f	f
Depreciation							283	283
Auditor's	remuneration		for	audit ofthe financial statements			5,220	5,040

	2021	2020
	E	E
Gross salaries	101,650	133,970
Social security costs	10,110	11,906
Pension costs	11,208	12,602
	122,968	158,478
The number of higher paid employees was:
	2021	2020
	No.	No,
E60,000 - E70,000

2021	2020
No	No

Management	staff
Administrative	staff

8.	Tangible fi	xed asse	ts
					Fixtures and
					fittings
					E
	Cost
	At 1July 2020				1,134
	Additions
	At 30June	2021			1,134
	Depreciation
	At 1July 2020				851
	Charge for	the year			283
	At 30June	2021			1,134
	Net book value
	At 30June	2021
	At 30June	2020			283
9,	Investments
					2021
					E
	At 1July 2020				736,741
	Additions
	Disposals at book value				(82,000)
	tfnrealised	gain/(loss)
	At 30June	2021			654,741
	investments	listed	on the Stock Exchange		654,741
	Hi sto rica I cost				654,741
10.	Debtors
				2021	2020
				E	E
	Tax recoverable			2,741	37,390
	Other debtors			3,561	204, 125
				6,302	241,515
11.	Creditors: amounts		falling due within one year
				2021	2020
				E	E
	Accruals			8,147	8,262

			Balance at	Balance at			Investment		Balance at
			1July 2020		Income	Expenditure	Gains/(losses)		30June 2021
				E	E	E		E	E
Restricted Funds:
Academic Life				7,559	12				7,571
Andrew Yorke Sail Training		Fu	nd	1,002	1,000	(1,990)			12
Art Department				188					188
Boarding				81,944	(49,685)				32,259
Bursary Programme				8,812	13,468	(21,797)			483
Chapel Project				2,702	121				2,823
CCF Field Gun				588		(588)
Drama —Northern	Campus	2		4,024	527				4,551
Ed Moorhouse Fund				8,106	154	(414)			7,846
Extra Curricular				7,225	3	(7,228)
Foundation Fellows				12,091	4,056				16,147
FOS				279	19				298
Grand Piano				2,799	1				2,800
Hardship Fund				99	36,475	(36,573)			1
Inspirational Speakers				10,664	2,932				13,596
Laser Cutter				525	75				600
Music Master Class				296					296
Music Outreach				2,801	1				2,802
Music Projects				2,327	1	(1,152)			1,176
Music Studio Equipment				881	220				1,101
Northern Campus			158,704		4,868	(163,572)
Outward Bound Cottage				1,697	14				1,711
Personal Development				5,876	3				5,879
Peter Currie Commemoration			Fund
Sailing Centre				2,014					2,015
Sailing Project 2004				5,131					5,133
Scholarships
Sports Coaching/Elite				4,404	3,551				7,955
Sports Projects				484,433	369,060	(853,493)
Travel and Tour Bursary Fund				275	475				750
Upper Pavilion				192					192
			817,638		387,354	(1,086,807)			118,185
Unrestricted Fund:
General Fund			1,452,302		304,840	(1,156,867)			600,275
Totals			2,269,940		692,194	(2,243,674)			718,460

Analysis ofmovem	ents In	fun	ds (continued j	ds (continued j
			Balance at				Investment	Balance at
			1	July 2019	Income	Expenditure	Gains/(losses)	30June 2020
				E	E	E	E	E
Restricted Funds:
Academic Life				7,442	117			7,559
Andrew Yorke Sail Training		Fu	nd	11,907	1,002	(11,907)		1,002
Annual Fund Bursaries				109		(109)
Art Department				188				188
Boarding				675	81,269			81,944
Boissier Bursary				10		(10)
Bursary Programme				77,323	8,812	(77,323)		8,812
Chapel Project				2,576	126			2,702
CCF Field Gun					588			588
Drama —Northern	Campus	2		3,460	564			4,024
Ed Moorhouse Fund				7,938	168			8,106
Extra Curricular				2,219	5,006			7,225
Foundation Fellows				75	23,007	(10,991)		12,091
FOS				260	19			279
Grand Piano				2,593	206			2,799
Hardship Fund				2,266	99	(2,266)		99
Inspirational Speakers				7,912	2,752			10,664
IT				4,870		(4,870)
Laser Cutter				449	76			525
Lyon House Fund				1,743		(1,743)
Music Master Class				295	1			296
Music Outreach					2,801			2,801
Music Projects				742	1,585			2,327
Music Studio Equipment				660	221			881
Northern Campus			153,458		5,246			158,704
Outward Bound Cottage				1,681	16			1,697
Personal Development				5,863	13			5,876
Peter Currie Commemoration			Fund	1,003		(1,003)
Sailing Centre				2,009	5			2,014
Sailing Project 2004				5,119	12			5,131
Scholarships				62,616		(62,616)
Sports Coaching/Elite				1,056	3,348			4,404
Sports Projects				40,173	444,260			484,433
Travel and Tour Bursary Fund				475	475	(675)		275
Upper Pavilion				191	1			192
			409,356		581,795	(173,513)		817,638
Unrestricted Fund:
GeneralFund			1,190,427		517,019	(257,166)	2022	1,452,302
Totals			1,599,783		1,098,814	(430,679)	2,022	2,269,940

		Unrestricted	Restricted
		Funds	Funds	Total
		6	6	6
Fixed assets		608,422	46,319	654,741
Current	assets		71,866	71,866
Current	liabilities	(8,147)		(8,147)
Total at	30June 2021	600,275	118,185	718,460
		Unrestricted	Restricted
		Funds	Funds	Total
		6	f	6
Fixed assets		737,024		737,024
Current	assets	723,540	817,638	1,541,178
Current	liabilities	(8,262)		(8,262)
Total at	30June 2020	1,452,302	817,638	2,269,940

Reconciliation of	net movem	ents in funds	to net cash flow from	operating activities
				2021	2020
				E	E
Net movement in	funds			(1,551,480)	668,135
Adjustment for:
Depreciation				283	283
Donation received	as shares				(49,512)
				(1,551,197)	618,906
Movements in working capital:
(Increase)/decrease	in debtors			235,213	(228,526)
Increase/(decrease)	in creditors			(115)	2,448
Cash generated from/(used		in) operations		(1,316,099)	392,828
Net cash provided	by/(used	in) operating	activities	(1,316,099)	392,828

		2021	2020
		E'000	E'000
Donations	to parent	2,068	181
Donated	services from parent	162	237