2024-06-30-accounts - The Sherborne School Foundation

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

The Sherborne School Foundation

ANNUAL REPORT AND FINANCIAL STATEMENTS

for the year ended

30 June 2024

Registered Company Number: 3686309 Registered Charity Number: 1073522

The Sherborne School Foundation REPORT AND FINANCIAL STATEMENTS for the year ended 30 June 2024

CONTENTS	PAGE
Trustees, officers and advisers	1-2
Annual Report of the Trustees	3-7
Independent Auditor’s Report	8-10
Statement of Financial Activities	11-12
Balance Sheet	13
Statement of Cashflows	14
Notes to the Financial Statements	15-25

Registered Company Number: 3686309 Registered Charity Number: 1073522

The Sherborne School Foundation TRUSTEES, OFFICERS AND ADVISERS for the year ended 30 June 2024

TRUSTEES AND DIRECTORS

The members of the Board of Trustees listed below are, for the purposes of company law, directors of the Foundation and, for the purposes of charity law, trustees of the Foundation.

All Trustees, unless otherwise stated, served throughout the year and, at the date of signing this report are:

A J Small (Chairman) M L French J A Carroll A Kardooni W S Paul R E L Pittman J D W Pocock (Sherborne School Governors’ representative) R S Powe A J D Pralle (Sherborne School Governors’ representative) M M Ritchie G N Smibert M N B Thompson R T de V Welchman M J Whittell

HEAD OF THE FOUNDATION:

R M Hunt

SECRETARY:

P A Baker

REGISTERED OFFICE:

Sherborne Schools Group Abbey Road Sherborne Dorset DT9 3AP

Registered Company Number: 3686309 Registered Charity Number: 1073522

The Sherborne School Foundation TRUSTEES, OFFICERS AND ADVISERS (continued) for the year ended 30 June 2024

ADVISERS

Auditor:

HaysMac LLP 10 Queen Street Place London EC4R 1AG

Bankers:

Lloyds Bank Plc 1[st] Floor Sedgemoor House Deansgate Avenue Taunton TA1 2UF

Solicitors:

Stone King LLP 13 Queen Square Bath BA1 2HJ

Investment advisers:

Cazenove Capital Management Limited 12 Moorgate London EC2R 6DA

Registered Company Number: 3686309 Registered Charity Number: 1073522

The Sherborne School Foundation ANNUAL REPORT OF THE TRUSTEES for the year ended 30 June 2024

The Trustees of the Sherborne School Foundation present their annual report and audited financial statements for the year ended 30 June 2024 and confirm that they comply with the requirements of the Charities Act 2011, the Statement of Recommended Practice for Charities (SORP 2015) (Second Edition, effective 1 January 2019), the Companies Act 2006 and the Memorandum and Articles of Association of the Foundation.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Background and Constitution

The Foundation was established in 1998 to promote the charitable purposes of Sherborne School in Dorset and to promote any other charitable purpose connected with or otherwise associated with the School.

The Foundation is registered with the Charity Commission for England and Wales (registration number 1073522). It is incorporated and registered in England and Wales under the Companies Act 2006 as a company limited by guarantee and not having a share capital (company number 3686309).

The constitution and principal objects of the Foundation, and the regulations concerning its management, are embodied in its Memorandum and Articles of Association dated 21 December 1998 (as amended on 1 July 2008) as lodged with the Registrar of Companies. The Trustees govern the charity in accordance with its Memorandum and Articles of Association. The Trustees ceased to be members of the Foundation when, on 1 July 2008, Sherborne School became the Foundation’s sole corporate member. The charitable companies of Sherborne School and Sherborne Girls merged to become the Sherborne Schools Group on 1 July 2024.

Trustees, Officers and Advisers

Details of Trustees, officers and advisers are set out on pages 1 and 2.

Appointment and re-appointment of Trustees

Trustees are elected by the Foundation Board once approval has been granted by the nominations and executive committees of the Foundation and after discussion with the Headmaster of Sherborne School. They are identified by existing Trustees or by the Head of the Foundation from former pupils, parents and past parents of Sherborne School who have expressed an interest in supporting the School and whose backgrounds and experience provide the balance of skills needed to guide and manage the affairs of the Foundation. In addition, the Governors of Sherborne School are entitled to nominate two Trustees. Candidates are considered by a nominations committee comprising the Chairman and two other Trustees and, where approved, their appointment is subject to confirmation by the full Board of Trustees.

Induction and training of Trustees

Induction for new Trustees is organised by the Head of the Foundation. In addition to knowledge gained through attendance at meetings, Trustees are provided with initial briefing material on their legal obligations under charity and company law and on the content of the Memorandum and Articles of Association. Guidance is also available to Trustees from the Foundation’s advisers and from the officers of Sherborne School to help familiarise them with the aims of the Foundation and their statutory duties.

Organisational management

The Board of Trustees meets at least three times a year to determine strategy, set objectives and targets, agree policies and review progress. The day to day running of the Foundation is delegated to the Head of the Foundation, who operates from an office at Sherborne School and who carries out the policies of the Trustees as determined at meetings of the Board of Trustees, subject to the constraints of standing orders. The Board has established an executive sub-committee, comprising the Chairman and two Trustees which meets as and when necessary with the Head of the Foundation to deal with matters arising between formal meetings of the Board.

Principal funding sources

The principal funding sources for the charity are currently the alumni and parents of the School.

Registered Company Number: 3686309 Registered Charity Number: 1073522

The Sherborne School Foundation ANNUAL REPORT OF THE TRUSTEES (continued) for the year ended 30 June 2024

Risk management

The Board of Trustees assesses the risks facing the Foundation and reviews the effectiveness of the controls to monitor and manage the risks. A Risk Management Register is maintained and formally reviewed annually by the Board. The key controls used by the Foundation include:

Formal agendas for all Board meetings
Strategic planning, budgeting and management accounting
Clear authorisation and approval levels

OBJECTIVES, AIMS AND ACTIVITIES FOR THE PUBLIC BENEFIT

The statutory objects of the Foundation are to promote the charitable purposes of Sherborne School in Dorset and to promote any other charitable purpose connected with or otherwise associated with the School.

All surpluses generated by the Foundation are donated to Sherborne School for a range of projects and initiatives which support the School in meeting its charitable, including public benefit, objectives and which are agreed with the Foundation’s Trustees. Accordingly the Trustees confirm that they have complied with their duty under section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

In pursuance of its objectives the Foundation’s continuing aim is to support Sherborne School through soliciting voluntary donations, primarily from former pupils and parents. Donations received by the Foundation may be restricted to purposes specified by donors or unrestricted, in which case the donations may be used for any purpose, including the Foundation’s running costs, as determined by the Trustees.

The Foundation is engaged in a range of activities, principally:

organising fundraising events, reunions, meetings and other receptions;
the use of the telephone, email and mail for direct marketing;
the production and publication of newsletters, guides, campaign literature and donation forms; and
visits to potential and current supporters at their homes, mutually convenient locations and places of business.

Secondary activities include the management of voluntary income thus raised and liaising with the School to ensure the accurate application of these sums in line with the wishes of donors.

Registered Company Number: 3686309 Registered Charity Number: 1073522

The Sherborne School Foundation ANNUAL REPORT OF THE TRUSTEES (continued) for the year ended 30 June 2024

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

The Foundation supports Sherborne School through the funding of capital and other projects which underpin its charitable mission.

The principal focus for the Foundation during 2023-24 was the completion of the fundraising for the School’s transformative new Sports Centre. The Centre was formally opened in June 2024 by the Lord Lieutenant of Dorset.

PLANS FOR THE FUTURE

The merger has given the Foundation and the School an opportunity to review the ambition for the School and where philanthropy can best support the activities. It is envisaged that 2024-25 will be a valuable year in planning and preparing for a new fundraising campaign.

RELATED PARTY TRANSACTIONS AND CONNECTED ENTITIES

Details of related party transactions and connected entities are shown in notes 16 and 17 to the financial statements.

Registered Company Number: 3686309 Registered Charity Number: 1073522

The Sherborne School Foundation ANNUAL REPORT OF THE TRUSTEES (continued) for the year ended 30 June 2024

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The results for the year are set out in the statement of financial activities on page 11.

In the year ended 30 June 2024 the Foundation’s income, after including the School's contribution towards running costs of £174,820 (2023: £116,041), was £535,739 (2023: £666,739) with the result that, after making donations to Sherborne School of £250,000 (2023: £1,136,500) and costs of £179,442 (2023: £148,551) there was a surplus of £106,297 (2023: deficit of (£618,312)).

At 30 June 2024 funds held amounted to £333,882 (2023: £227,585) which comprised unrestricted reserves of £123,827 (2023: £52,509) and restricted reserves of £210,055 (2023: £175,076).

RESERVES

At the end of the 2023/24 reporting period the Foundation held unrestricted funds of £123,827 and restricted funds of £210,055.

The Foundation’s policy is that unrestricted reserves should not be accumulated from year to year and only retained until such time as suitable projects are identified and that any surpluses generated should be donated to Sherborne School in furtherance of its charitable objectives. However, to ensure its ability to continue operations during a period in which finance becomes limited the Foundation’s policy is to retain 5% of the unrestricted fund or a minimum of £10,000.

The Foundation has not designated or otherwise committed any material funds at the end of the reporting period but is working with Sherborne School on a variety of potential projects which it is expecting to fund. As projects often take several years to come to fruition it is not possible to give a firm timescale within which unrestricted funds will be committed. However the Foundation expects that suitable projects will enable its unrestricted funds to be committed within five years.

There are currently no amounts that can be realised from the disposal of tangible fixed assets or programme related investments.

INVESTMENT POWERS, POLICY AND PERFORMANCE

The Foundation’s investment powers, along with regulations concerning its management, are embodied in the Memorandum and Articles of Association.

All cash reserves are kept in short term investment accounts with minimal risk attached, accounts being agreed in advance by the Board of Trustees.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also directors of The Sherborne School Foundation for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgments and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

Registered Company Number: 3686309 Registered Charity Number: 1073522

The Sherborne School Foundation ANNUAL REPORT OF THE TRUSTEES (continued) for the year ended 30 June 2024

STATEMENT OF TRUSTEES’ RESPONSIBILITIES (continued)

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as the Trustees are aware at the time the report is approved:

There is no relevant audit information of which the company’s auditors are unaware, and
The Trustees have taken all steps that they ought to have taken to make themselves aware of the relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

On 18 November 2024 the company’s auditor changed its name from Haysmacintyre LLP to HaysMac LLP. HaysMac LLP have indicated their willingness to continue in office. A resolution to reappoint HaysMac LLP as the Foundation’s auditor will be made at the Annual General Meeting.

The Report of the Trustees has been prepared in accordance with the provisions applicable to charitable companies entitled to the smaller charitable companies provisions in the Statement of Recommended Practice for Charities (SORP 2015) (Second Edition, effective 1 January 2019).

Approved by the Board of Trustees on 12 November 2024 and signed on their behalf by: A J Small ed JU M L French[Ga] Chairman Trustee

Registered Company Number: 3686309 Registered Charity Number: 1073522

INDEPENDENT AUDITOR’S REPORT TO THE MEMBER OF THE SHERBORNE SCHOOL FOUNDATION for the year ended 30 June 2024

Opinion

We have audited the financial statements of The Sherborne School Foundation for the year ended 30 June 2024 which comprise the Statement of Financial Activities incorporating the Income and Expenditure account, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the charitable company’s affairs as at 30 June 2024 and of the charitable company’s net movement in funds, including the income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements 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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this repor t.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report of the Trustees. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Annual Report of the Trustees (which includes the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

Registered Company Number: 3686309 Registered Charity Number: 1073522

INDEPENDENT AUDITOR’S REPORT TO THE MEMBER OF THE SHERBORNE SCHOOL FOUNDATION for the year ended 30 June 2024

the directors’ report included within the Annual Report of the Trustees’ has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Annual Report of the Trustees (which incorporates the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the charitable company; or
the charitable company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on pages 6 and 7, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to Charity Commission’s general guidance, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities Act 2011, the Statement of Recommended Practice for Charities (SORP 2015) (Second Edition, effective 1 January 2019), the Memorandum and Articles of Association of the Foundation and consider other factors such as taxation.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates and judgements. Audit procedures performed by the engagement team included:

Inspecting correspondence with regulators and tax authorities;

Registered Company Number: 3686309 Registered Charity Number: 1073522

INDEPENDENT AUDITOR’S REPORT TO THE MEMBER OF THE SHERBORNE SCHOOL FOUNDATION for the year ended 30 June 2024

Discussions with management including consideration of known or suspected instances of noncompliance with laws and regulation and fraud;
Evaluating management’s controls designed to prevent and detect irregularities;
Identifying and testing journals; using data analytics to focus on higher risk entries; and
Challenging assumptions and judgements made by management in their critical accounting estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's member, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's member those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's member, as a body, for our audit work, for this report, or for the opinions we have formed.

Ie

Lee Stokes (Senior Statutory Auditor) For and on behalf of HaysMac LLP, Statutory Auditor Date: 22 / 1 / 2025

10 Queen Street Place London EC4R 1AG

Registered Company Number: 3686309 Registered Charity Number: 1073522

The Sherborne School Foundation STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) for the year ended 30 June 2024

		Unrestricted	Restricted	2024	2023
	Notes	Funds	Funds	Total	Total
		£	£	£	£
Income
Donations, legacies and grants	2b, 3	247,524	276,237	523,761	609,631
Other trading income	4	-	-	-	38,412
Investments	2b	4,636	7,342	11,978	18,696
		------------------	------------------	------------------	------------------
Total income		252,160	283,579	535,739	666,739
		=========	=========	=========	=========
Expenditure
Costs of raising funds		88,049	-	88,049	81,588
Expenditure on charitable activities:
Donations to Sherborne School	5	1,400	248,600	250,000	1,136,500
Operational costs	5	91,393	-	91,393	66,963
		------------------	------------------	------------------	------------------
Total expenditure	2c	180,842	248,600	429,442	1,285,051
		=========	=========	=========	=========
Net income/(expenditure) and net	movement
in funds before gains and losses on
investments		71,318	34,979	106,297	(618,312)
Net gains/(losses) on investments		-	-	-	-
		------------------	------------------	------------------	------------------
Net movement in funds		71,318	34,979	106,297	(618,312)
Reconciliation of funds
Total funds brought forward		52,509	175,076	227,585	845,897
		------------------	------------------	------------------	------------------
Total funds carried forward	13, 14	123,827	210,055	333,882	227,585
		=========	=========	=========	=========

The full Statement of Financial Activities for the year ended 30 June 2023 is set out on page 12.

The notes on pages 15 to 25 form part of these financial statements.

Registered Company Number: 3686309 Registered Charity Number: 1073522

The Sherborne School Foundation STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) for the year ended 30 June 2024

Detailed Statement of Financial Activities for the year ended 30 June 2023:

		Unrestricted	Restricted	2023
	Notes	Funds	Funds	Total
		£	£	£
Income
Donations, legacies and grants	2b, 3	290,443	319,188	609,631
Other trading income	4	-	38,412	38,412
Investments	2b	7,570	11,126	18,696
		------------------	------------------	------------------
Total income		298,013	368,726	666,739
		=========	=========	=========
Expenditure
Costs of raising funds		81,588	-	81,588
Expenditure on charitable activities:
Donations to Sherborne School	5	774,113	362,387	1,136,500
Operational costs	5	66,963	-	66,963
		------------------	------------------	------------------
Total expenditure	2c	922,664	362,387	1,285,051
		=========	=========	=========
Net income and net movement
in funds before gains and losses on
investments		(624,651)	6,339	(618,312)
Net gains/(losses) on investments		-	-	-
		-------------------	------------------	-------------------
Net movement in funds		(624,651)	6,339	(618,312)
Reconciliation of funds
Total funds brought forward		677,160	168,737	845,897
		-------------------	------------------	-------------------
Total funds carried forward	13, 14	52,509	175,076	227,585
		==========	=========	==========

The notes on pages 15 to 25 form part of these financial statements.

Registered Company Number: 3686309 Registered Charity Number: 1073522

The Sherborne School Foundation BALANCE SHEET as at 30 June 2024

		2024	2023
	Notes	£	£
Fixed assets
Tangible assets	9	260	520
Investment assets	10	154,741	154,741
		------------------	------------------
		155,001	155,261
		------------------	------------------
Current assets
Debtors	11	17,889	15,599
Cash at bank and in hand		170,252	64,378
		-------------------	-------------------
		188,141	79,977
Creditors: amounts falling due within one year	12	(9,260)	(7,653)
		-------------------	-------------------
Net current assets		178,881	72,324
		-------------------	-------------------
Total net assets		333,882	227,585
		==========	==========
The funds of the charity:
Restricted funds	13	210,055	175,076
Unrestricted funds	13	123,827	52,509
		-------------------	-------------------
Total charity funds		333,882	227,585
		==========	==========

The financial statements were approved and authorised for issue by the Board on 12 November 2024 and signed on its behalf by:

A J Small Chairman

M L French Trustee

The notes on pages 15 to 25 form part of these financial statements.

Registered Company Number: 3686309 Registered Charity Number: 1073522

The Sherborne School Foundation STATEMENT OF CASHFLOWS as at 30 June 2024

		2024	2023
	Notes	£	£
Cash flows from operating activities:
Net cash provided by/(used in)
operating activities	15	105,874	(566,767)
		------------------	------------------
Cash flows from investing activities:
Purchase of property, plant and equipment		-	-
Proceeds from sale of investments		-	500,000
		------------------	------------------
Net cash provided by/(used in) investing activities		-	500,000
		------------------	------------------
Change in cash and cash equivalents in the
reporting period		105,874	(66,767)
Cash and cash equivalents at the beginning
of the reporting period		64,378	131,145
		-------------------	-------------------
Cash and cash equivalents at the end of the
reporting period		170,252	64,378
		==========	==========
Cash and bank balances		170,252	64,378
		==========	==========

The notes on pages 15 to 25 form part of these financial statements.

Registered Company Number: 3686309 Registered Charity Number: 1073522

The Sherborne School Foundation NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2024

1. General Information

The Sherborne School Foundation (‘the Company’) is a charitable company limited by guarantee and not having a share capital, incorporated and registered in England and Wales under the Companies Act (company number 3686309) and registered with the Charity Commission for England and Wales (registration number 1073522).

The address of the Company’s registered office and principal place of business is Sherborne Schools Group, Abbey Road, Sherborne, Dorset, DT9 3AP.

The Company’s principal activity is to promote the charitable purposes of Sherborne School in Dorset and to promote any other charitable purpose connected with or otherwise associated with the School.

2. Accounting policies (a) Accounting convention

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition, effective 1 January 2019).

The financial statements have been prepared under the historic cost convention as modified by the revaluation of investments.

The financial statements have also been prepared on a going concern basis. In common with other Schools, the Sherborne School Foundation faces uncertainties arising from current economic and political conditions. After making due enquiries, including review of the latest financial data and future projections, the Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing these financial statements .

(b) Income

Income received by way of donations and committed giving is taken into account in the period in which the income is received. All other income is accounted for on an accruals basis.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is made from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution.

Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Where monies are received which are refundable in the event that conditions attaching to the receipts of the monies are not met by the Foundation, such monies, together with related interest accruing to them, are treated as deferred income until the conditions have been met.

Donated services

Donated services are included as voluntary income and comprise amounts paid by Sherborne School towards fundraising and operating costs.

Registered Company Number: 3686309 Registered Charity Number: 1073522

The Sherborne School Foundation NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 30 June 2024

2. Accounting policies (continued)

(c) Expenditure

All expenses are accounted for on an accruals basis.

Costs of raising funds

Costs of raising funds includes all travel and meeting costs as well as design costs, 75% of the salary costs for the Head of the Foundation, 100% of the salary costs of temporary telephone campaign staff and 25% of the salary costs for the remaining Foundation staff.

Charitable activities

Charitable activities consist of donations paid to Sherborne School and the operational costs incurred in the general running of the charitable company.

Operational costs also include the costs associated with the constitutional and statutory requirements of the charitable company and this includes 25% of the salary costs for the Head of the Foundation and 75% of the salary costs for the remaining Foundation staff, plus the support costs.

(d) Taxation

The Foundation is a registered charity, and as such claims tax exemptions for all its United Kingdom income and gains, properly applied for its charitable purposes.

The Foundation is not registered for VAT, and as such all expenditure is shown inclusive of irrecoverable VAT.

(e) Pension contributions

The Foundation contributed to the School’s defined contribution scheme on behalf of its employees. The amount charged in the income and expenditure account represents the contributions payable to the scheme in respect of the accounting period.

(f) Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less deprecation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Fixtures and fittings - 25% straight line

(g) Fixed asset investments

Listed investments are classified as financial instruments and valued at fair value, equivalent to bid price at the year end.

Changes in the valuation of listed investments during the year are shown as unrealised gains or losses. Gains and losses arising from the disposal of assets are disclosed as realised, being the difference between the sale proceeds and the market value at the beginning of the year.

(h) Funds

Restricted funds comprise income funds subject to specific trusts arising either from the donor’s wishes or the terms of a particular fundraising initiative.

Unrestricted funds comprise the charity’s funds, which are expendable at the discretion of the Trustees.

(i) Recognition of liabilities

Liabilities are recognised once there is a legal or constructive obligation that commits the charity to the obligation.

(j) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Registered Company Number: 3686309 Registered Charity Number: 1073522

The Sherborne School Foundation NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 30 June 2024

3. Income from donations and legacies

Income from donations and legacies
	2024	2023
	£	£
Donations
Committed giving	61,271	69,261
Donations	206,670	264,329
Legacies	81,000	160,000
Grants received	-	-
Donation of services	174,820	116,041
	------------------	------------------
	523,761	609,631
	=========	=========

Included within donations above are total donations of £2,103 from 4 Trustees of The Sherborne School Foundation (2023: £22,350 from 6 Trustees).

4. Other trading income

	2024	2023
	£	£
Sports dinner tickets	-	33,775
Raffle tickets	-	4,637
	------------------	------------------
	-	38,412
	=========	=========

5. Analysis of expenditure on charitable activities

		Donations
		to
	Staff	Sherborne	Support
	Costs	School	Costs	Total
	£	£	£	£
Charitable Activities:
Donation to Sherborne School	-	250,000	-	250,000
Operational costs	48,736	-	42,657	91,393
	------------------	------------------	------------------	------------------
Total - year ended 30 June 2024	48,736	250,000	42,657	341,393
	=========	=========	=========	=========
		Donations
		to
	Staff	Sherborne	Support
	Costs	School	Costs	Total
	£	£	£	£
Charitable Activities:
Donation to Sherborne School	-	1,136,500	-	1,136,500
Operational costs	23,491	-	43,472	66,963
	------------------	------------------	------------------	------------------
Total - year ended 30 June 2023	23,491	1,136,500	43,472	1,203,463
	=========	=========	=========	=========

Registered Company Number: 3686309 Registered Charity Number: 1073522

The Sherborne School Foundation NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 30 June 2024

6. Net income/(expenditure) for the year

This is stated after charging:

This is stated after charging:
	2024	2023
	£	£
Depreciation	260	260
Auditor’s remuneration for audit of the financial statements	6,480	6,000
Fees payable to charity’s auditors in respect of Corporation tax services	-	1,500
	=========	=========

7. Analysis of staff costs, trustees’ remuneration and expenses and the cost of key management personnel

	2024	2023
	£	£
Gross salaries	100,921	40,739
Social security costs	10,864	3,733
Pension costs	6,460	4,387
	------------------	------------------
	118,245	48,859
	=========	=========
The number of higher paid employees was:
	2024	2023
	No.	No.
£70,000 - £80,000	1	-
	=========	=========

The calculation of staff costs for higher paid employees includes gross salary and benefits in kind.

The key management personnel of the charity comprise the Trustees and the Head of the Foundation. The total employee benefits of the key management personnel of the charity were £88k (2023: £26k), including benefits in kind, national insurance and pension contributions. The Trustees are unpaid.

None of the Trustees received any emoluments or expenses from the Foundation during the current or prior year.

8. Staff numbers

The average number of staff employed by the charity during the year was as follows:

	2024	2023
	No	No
Management staff	1	1
Administrative staff	2	2
	------------------	------------------
	3	3
	=========	=========

Included in the above numbers are 2 (2023: 2) part time employees.

Registered Company Number: 3686309 Registered Charity Number: 1073522

The Sherborne School Foundation NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 30 June 2024

9.	Tangible fixed assets
			Fixtures and
			fittings
			£
	Cost
	At 1 July 2023		1,039
	Additions		-
	Disposals		-
			--------------------------
	At 30 June 2024		1,039
			--------------------------
	Depreciation
	At 1 July 2023		519
	Charge for the year		260
	Disposals		-
			--------------------------
	At 30 June 2024		779
			--------------------------
	Net book value
	At 30 June 2024		260
			============
	At 30 June 2023		520
			============
10.	Investments
			2024
			£
	At 1 July 2023		154,741
	Additions		-
	Disposals at book value		-
	Unrealised gain/(loss)		-
			--------------------------
	At 30 June 2024		154,741
			============
	Investments listed on the Stock Exchange		154,741
	Historical cost		154,741
			============
11.	Debtors
		2024	2023
		£	£
	Tax recoverable	5,817	805
	Other debtors	12,072	14,794
		------------------	------------------
		17,889	15,599
		=========	=========
12.	Creditors: amounts falling due within one year
		2024	2023
		£	£
	Accruals	9,260	7,653
		=========	=========

Registered Company Number: 3686309 Registered Charity Number: 1073522

The Sherborne School Foundation NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 30 June 2024

13. Analysis of movements in funds

==> picture [428 x 460] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Balance at|Investment|Balance at| |1 July 2023 Income Expenditure|Gains/(losses)|30 June 2024| |£|£|£|£|£| |Restricted Funds:| |Academic Life 14,578|550|-|-|15,128| |Andrew Yorke Sail Training Fund|1,457|1,429|-|-|2,886| |Art Department 12,565|-|-|-|12,565| |Boarding|35,015|1,862|(540)|-|36,337| |Bursary Programme|10,689|8,884|(16,567)|-|3,006| |Chapel Project|3,065|116|-|-|3,181| |Drama – Northern Campus 2|6,016|768|-|-|6,784| |Ed Moorhouse Fund|5,935|379|-|-|6,314| |Extra Curricular|11|-|-|-|11| |Foundation Fellows|24,147|4,000|-|-|28,147| |FOS|336|19|-|-|355| |Hardship Fund|51|27|-|-|78| |Inspirational Speakers|19,754|2,979|-|-|22,733| |Laser Cutter|806|106|-|-|912| |Music Master Class|318|12|-|-|330| |Music Outreach|3,262|200|-|-|3,462| |Music Studio Equipment|352|239|-|-|591| |Northern Campus|10,318|4,514|(11,770)|-|3,062| |Outward Bound Cottage|1,866|84|-|-|1,950| |Personal Development|-|-|-|-|-| |Sailing Centre|2,242|85|-|-|2,327| |Sailing Project 2004|5,514|208|-|-|5,722| |Scholarships|-|-|-|-|-| |Sports Coaching/Elite 14,740|3,362|-|-|18,102| |Sports Projects|133|253,273|(219,723)|-|33,683| |Travel and Tour Bursary Fund 1,700|475|-|-|2,175| |Upper Pavilion|206|8|-|-|214| |------------------|------------------|------------------|------------------|------------------| |175,076|283,579|(248,600)|-|210,055| |Unrestricted Fund:| |General Fund|52,509|252,160|(180,842)|-|123,827| |------------------|------------------|------------------|------------------|------------------| |Totals|227,585|535,739|(429,442)|-|333,882| |========== ==========|==========|=========|=========|

----- End of picture text -----

Registered Company Number: 3686309 Registered Charity Number: 1073522

The Sherborne School Foundation NOTES TO THE FINANCIAL STATEMENTS (continued for the year ended 30 June 2024

13. Analysis of movements in funds ( continued)

==> picture [428 x 459] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Balance at|Investment|Balance at| |1 July 2022 Income Expenditure|Gains/(losses)|30 June 2023| |£|£|£|£|£| |Restricted Funds:| |Academic Life 13,589|989|-|-|14,578| |Andrew Yorke Sail Training Fund|25|1,432|-|-|1,457| |Art Department 1,352|11,213|-|-|12,565| |Boarding|32,640|2,375|-|-|35,015| |Bursary Programme|1,605|9,084|-|-|10,689| |Chapel Project|2,857|208|-|-|3,065| |Drama – Northern Campus 2|5,083|933|-|-|6,016| |Ed Moorhouse Fund|7,196|239|(1,500)|-|5,935| |Extra Curricular|10|1|-|-|11| |Foundation Fellows|20,147|4,000|-|-|24,147| |FOS|317|19|-|-|336| |Hardship Fund|25|26|-|-|51| |Inspirational Speakers|16,142|3,612|-|-|19,754| |Laser Cutter|676|130|-|-|806| |Music Master Class|296|22|-|-|318| |Music Outreach|2,966|296|-|-|3,262| |Music Studio Equipment|109|243|-|-|352| |Northern Campus|5,006|5,312|-|-|10,318| |Outward Bound Cottage|1,726|140|-|-|1,866| |Personal Development|5,887|-|(5,887)|-|-| |Sailing Centre|2,090|152|-|-|2,242| |Sailing Project 2004|5,140|374|-|-|5,514| |Scholarships|-|-|-|-|-| |Sports Coaching/Elite 11,188|3,552|-|-|14,740| |Sports Projects|31,248|323,885|(355,000)|-|133| |Travel and Tour Bursary Fund 1,225|475|-|-|1,700| |Upper Pavilion|192|14|-|-|206| |------------------|------------------|------------------|------------------|------------------| |168,737|368,726|(362,387)|-|175,076| |Unrestricted Fund:| |General Fund|677,160|298,013|(922,664)|-|52,509| |------------------|------------------|------------------|------------------|------------------| |Totals|845,897|666,739|(1,285,051)|-|227,585| |========== ==========|==========|=========|=========|

----- End of picture text -----

Registered Company Number: 3686309 Registered Charity Number: 1073522

The Sherborne School Foundation NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 30 June 2024

13. Purposes of restricted funds

Academic Life

To aid through the Annual Fund academic projects within the School outlined within and beyond the Annual Fund brochure.

Andrew Yorke Sail Training Fund

For the promotion of sailing within the School by offering high quality sailors the chance to undertake instructor and racing courses to improve their skills. Dedicated in the name of Andrew Yorke, the former master in charge of sailing who died in 2005.

Art Department

To support the future development of the art department through facilities, equipment, staffing and other resources.

Boarding

To support the development and enhancement of boarding facilities within the School.

Bursary Programme

To widen access to Sherborne School through a programme of means tested bursaries.

Chapel Project

To aid in the refurbishment of the School Chapel and to develop the spiritual life of the School.

Drama – Northern Campus 2

To support the development of a specific drama space on the School campus.

Ed Moorhouse Fund

To support Sherborne’s ‘high flying’ pupils to undertake enrichment courses which will help to develop their academic abilities in order to enhance applications to universities in the UK and overseas. Such pupils would also be encouraged to apply for Morehead-Cain Scholarships with Chapel Hill University of North Carolina. To also support other areas within the School that were undertaken by Ed Moorhouse (OS 1985-90) who died in 2006.

Extra Curricular

A fund to support extra curricular projects within the Annual Fund.

Foundation Fellows

To support and fund enrichment and teaching Fellows for the School.

Grand Piano

To support the purchase of a grand piano for the music department of the School.

Hardship Fund

To support pupils within the School who fall on hard financial times and whom the School would like to remain in the School until they complete a key stage of their education.

Inspirational Speakers

To support and fund inspirational speakers coming to the School to enrich and prepare the pupils for the wider and changing world beyond, and to enhance their academic education.

Laser Cutter

To aid in the funding of a laser cutter and other CNC equipment for design technology teaching and practice.

Music Master Class

To support music master classes within the School.

Registered Company Number: 3686309 Registered Charity Number: 1073522

The Sherborne School Foundation NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 30 June 2024

13. Purposes of restricted funds (continued)

Music Outreach

To provide the opportunity for local youngsters to have one instrumental music lesson each week during term time.

Music Projects

To aid the music department in the advancement of the teaching and performance of music.

Music Studio Equipment

To aid in the equipping of a music recording studio within the School.

Northern Campus

To aid in the funding of the School’s plans for the redevelopment of the Northern Campus area of the School.

Outward Bound Cottage

Support for the proposed plan to provide a permanent facility as a base for the School’s Outward Bound activities.

Personal Development Fund

To support the development of the business and personal skills development of boys within the School and develop their academic skills to a higher level. Primarily but not solely aimed at the development of other skills.

Sailing Centre

To support the development of sailing in the School.

Sailing Project 2004

To support the purchase of boats and other sailing equipment for the School Sailing Club from 2004 onwards.

Scholarships

To support and promote academic excellence at the School through the provision of scholarships.

Sports Coaching and Elite Sportsman Fund

To support the coaching of Sherborne School sport through additional coaching and conditioning across all sports and, where necessary, sports tours. In addition, to encourage and support elite sportsmen in the furtherance of their abilities.

Sport Projects

To support sport within the School including future development and promotion of sports facilities and the purchase of new equipment for the department.

Travel & Tour Bursary Fund

A fund for supporting those in the School who show a high level of achievement in the sports, arts or academic life of the School who deserve to go on School expeditions and trips but could not otherwise afford to do so. Funding can be given to candidates with the approval of the Headmaster.

Upper Pavilion

The fund is for the refurbishment and extension of the Upper Pavilion.

Registered Company Number: 3686309 Registered Charity Number: 1073522

The Sherborne School Foundation NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 30 June 2024

14. Analysis of net assets between funds

	Unrestricted	Restricted
	Funds	Funds	Total
	£	£	£
Fixed assets	133,087	21,914	155,001
Current assets	-	188,141	188,141
Current liabilities	(9,260)	-	(9,260)
	------------------	------------------	------------------
Total at 30 June 2024	123,827	210,055	333,882
	=========	=========	=========
	Unrestricted	Restricted
	Funds	Funds	Total
	£	£	£
Fixed assets	60,162	95,099	155,261
Current assets	-	79,977	79,977
Current liabilities	(7,653)	-	(7,653)
	------------------	------------------	------------------
Total at 30 June 2023	52,509	175,076	227,585
	=========	=========	=========

Registered Company Number: 3686309 Registered Charity Number: 1073522

The Sherborne School Foundation NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 30 June 2024

15. Reconciliation of net movements in funds to net cash flow from operating activities

	2024	2023
	£	£
Net movement in funds	106,297	(618,312)
Adjustment for:
Depreciation	260	260
	------------------	------------------
	106,557	(618,052)
Movements in working capital:
(Increase)/decrease in debtors	(2,290)	55,624
Increase/(decrease) in creditors	1,607	(4,339)
	------------------	------------------
Cash generated from/(used in) operations	105,874	(566,767)
	------------------	------------------
Net cash provided by/(used in) operating activities	105,874	(566,767)
	=========	=========

16. Related party transactions

Transactions between the company and its parent, Sherborne School, are disclosed below:

	2024	2023
	£’000	£’000
Donations to parent	250	1,137
Donated services from parent	175	116

There were no other related or connected party transactions during the year.

17. Connected entities

As well as working to encourage giving in the UK, the Foundation has a sister organisation in the United States of America. The focus there is to help individuals to maximise the impact of their giving by providing tax efficient services and advice.

18. Pension

The Foundation previously contributed to a defined contribution personal pension scheme on behalf of one of its employees. There was no pension cost charge for the year in respect of contributions payable by the charity to the scheme (2023: £2,889). The contribution to the School’s defined contribution scheme on behalf of three employees was £6,460 (2023: £1,498).

19. Ultimate parent undertaking and controlling party

The Foundation is a wholly owned subsidiary charity of Sherborne Schools Group, a company incorporated and registered in England and Wales. A copy of Sherborne Schools Group financial statements is available from its registered office at Abbey Road, Sherborne, Dorset, DT9 3LF.

Registered Company Number: 3686309 Registered Charity Number: 1073522