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The | Sherborne School Foundation ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 30 June 2025
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Registered Company Number: 3686309 Registered Charity Number: 1073522
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The Sherborne School Foundation REPORT AND FINANCIAL STATEMENTS for the year ended 30 June 2025
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|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|
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Registered Company Number:3686309222 ~~~ Registered Charity Number: 1073522
The Sherborne School Foundation TRUSTEES, OFFICERS AND ADVISERS for the year ended 30 June 2025
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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) ML French (resigned 25 November 2025) J A Carroll A Kardooni WS Paul REL Pittman JD W Pocock RS Powe AJ D Pralle (Sherborne School Governors’ representative) M M Ritchie GN Smibert M NB Thompson (resigned 6 June 2025) RT de V Welchman M J Whittell (resigned 25 November 2025) HEAD OF THE FOUNDATION: R M Hunt
SECRETARY:
P A Baker (resigned 31 January 2026) S Reynell (appointed 1 February 2026)
REGISTERED OFFICE:
Sherborne Schools Group Abbey Road Sherborne Dorset DT9 3AP
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nn Registered Company Number: 3686309 1 Registered Charity Number: 1073522
The Sherborne School Foundation
TRUSTEES, OFFICERS AND ADVISERS (continued) for the year ended 30 June 2025
ADVISERS
Auditor:
Crowe U.K. LLP 4th Floor St James House St James Square Cheltenham GL50 3PR
Bankers:
Lloyds Bank Plc 1* Floor Sedgemoor House Dean Gate Avenue Taunton TA1 2UF
Solicitors:
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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
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The Sherborne School Foundation ANNUAL REPORT OF THE TRUSTEES for the year ended 30 June 2025
The Trustees of the Sherborne School Foundation present their annual report and audited financial statements for the year ended 30 June 2025 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 School for Girls merged on 1 July 2024, to become the Sherborne Schools Group, and that company (formerly Sherborne School) is the Foundation’s sole corporate member.
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 Boys. They are identified by existing Trustees or by the Head of the Foundation from former pupils, parents and past parents of Sherborne Boys 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 Boys 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 Boys 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.
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Principal funding sources
The principal funding sources for the charity are currently the alumni and parents of the School.
a Registered Company Number: 3686309 3 Registered Charity Number: 1073522
The Sherborne School Foundation ANNUAL REPORT OF THE TRUSTEES (continued) for the year ended 30 June 2025
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 Boys 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 Boys 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 Boys 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 ofactivities, principally:
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organising fundraising events, reunions, meetings and other receptions;
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e the use of the telephone, email and mail for direct marketing;
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e the production and publication of newsletters, guides, campaign literature and donation forms; and
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¢ 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
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The Sherborne School Foundation ANNUAL REPORT OF THE TRUSTEES (continued) for the year ended 30 June 2025
REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR
The Foundation supports Sherborne Boys through the funding of capital and other projects which underpin its charitable mission.
The principal focus for the Foundation during 2024-25 was development of the legacy giving group and supporting the School through the merger with Sherborne Girls.
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 the Foundation will undertake its first Telethon for over ten years and review how to best support the Schoo! and the Group through philanthropy.
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.
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NNN Registered Company Number: 3686309 5 Registered Charity Number: 1073522
The Sherborne School Foundation ANNUAL REPORT OF THE TRUSTEES (continued) for the year ended 30 June 2025
FINANCIAL REVIEW AND RESULTS FOR THE YEAR
The results for the year are set out in the statement offinancial activities on page 11.
In the year ended 30 June 2025 the Foundation’s income, after including the School's contribution towards running costs of £237,795 (2024: £174,820), was £505,870 (2024: £535,739) with the result that, after making donations to Sherborne Schools Group of £250,000 (2024: £250,000) and costs of £238,817 (2024: £179,442) there was a surplus of £17,053 (2024: £106,297).
At 30 June 2025 funds held amounted to £350,935 (2024: £333,882) which comprised unrestricted reserves of £156,453 (2024: £123,827) and restricted reserves of £194,482 (2024: £210,055).
RESERVES
At the end of the 2024/25 reporting period the Foundation held unrestricted funds of £156,453 and restricted funds of £194,482.
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 Boys 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 Boys 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).
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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 viewofthe state of affairs of the charitable company andof 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;
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® observe the methods and principles in the Charities SORP; e make judgments and estimates that are reasonable and prudent; e state whether applicable UK Accounting Standards have been followed, subject to any departures disclosed and explained in the financial statements; and
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@ 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
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The Sherborne School Foundation ANNUAL REPORT OF THE TRUSTEES (continued) for the year ended 30 June 2025
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:
- e® There is no relevant audit information of which the company’s auditors are unaware, and e 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
Crowe U.K. LLP has indicated its willingness to continue in office and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. A resolution to reappoint Crowe U.K. 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 24/03/2026
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AJ Small
Chairman
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and signed on their behalf by:
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J D-W Pocock
Trustee
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ee Registered Company Number: 3686309 7 Registered Charity Number: 1073522
INDEPENDENT AUDITOR’S REPORT TO THE MEMBER OF THE SHERBORNE SCHOOL FOUNDATION for the year ended 30 June 2025
Opinion
We have audited the financial statements of The Sherborne School Foundation for the year ended 30 June 2025 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:
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e give a true and fair view of the state of the charitable company’s affairs as at 30 June 2025 and of the charitable company’s net movement in funds, including the income and expenditure, for the year then ended;
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e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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e 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 charitable company 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 report.
Other information
The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
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 this gives rise to a material misstatement in the financial statements themselves. 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.
Registered Company Number: 3686309 Registered Charity Number: 1073522
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBER OF THE SHERBORNE SCHOOL FOUNDATION for the year ended 30 June 2025
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 our audit:
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e the information given in the trustees’ report, 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
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e the directors’ report included within the trustees’ report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In 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 directors’ report included within the trustees’ report.
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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:
- e adequate accounting records have not been kept; or
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e the financial statements are not in agreement with the accounting records and returns; or
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e certain disclosures of trustees' remuneration specified by law are not made; or
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e we have not received all the information and explanations we require for our audit or
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e the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemption in preparing the trustees’ report.
Responsibilities of trustees
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.
Registered Company Number: 3686309 Registered Charity Number: 1073522
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBER OF THE SHERBORNE SCHOOL FOUNDATION for the year ended 30 June 2025
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:
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and Taxation legislation.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals and reviewing accounting estimates for biases.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
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 members as a body, for our audit work, for this report, or for the opinions we have formed.
Guy Biggin
Senior Statutory Auditor
For and on behalf of
Crowe U.K. LLP
Statutory Auditor 4th Floor St James House St James Square Cheltenham GLSO 3PR
25 March 2026
Registered Company Number: 3686309 Registered Charity Number: 1073522
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The Sherborne School Foundation
STATEMENT OF FINANCIAL ACTIVITIES
(Incorporating an Income and Expenditure Account) for the year ended 30 June 2025
| Unrestricted | Restricted | 2025 | 2024 | ||
|---|---|---|---|---|---|
| Notes | Funds | Funds | Total | Total | |
| £ | £ | £ | £ | ||
| Income | |||||
| Donations, legacies and grants | 2b, 3 | 269,361 | 226,310 | 495,671 | 523,761 |
| Othertrading income | 4 | . | - | - | - |
| Investments | 2b | 4,582 | 5,617 | 10,199 | 11,978 |
| Totalincome | 273,943 | 231,927 | 505,870 | 535,739 | |
| Expenditure | |||||
| Costs ofraising funds | 128,520 | . | 128,520 | 88,049 | |
| Expenditure on charitable activities: | |||||
| Donations to Sherborne School | 5 | 2,500 | 247,500 | 250,000 | 250,000 |
| Operational costs | 5 | 110,297 | - | 110,297 | 91,393 |
| Total expenditure | 2c | 241,317 | 247,500 | 488,817 | 429,442 |
| Net income/(expenditure) and net | movement | ||||
| in funds before gains and losses on | |||||
| investments | 32,626 | (15,573) | 17,053 | 106,297 | |
| Netgains/(losses)oninvestments | - | . | - | - | |
| Netmovementinfunds | 32,626 | (15,573) | 17,053 | 106,297 | |
| Reconciliation offunds | |||||
| Total funds broughtforward | 123,827 | 210,055 | 333,882 | 227,585 | |
| Totalfundscarriedforward | 13,14 | 156,453 | 194,482 | 350,935 | 333,882 |
The full Statement of Financial Activities for the year ended 30 June 2024 is set out on page 12.
The notes on pages 15 to 25 form part of these financial statements.
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NN Registered Company Number: 3686309 11 Registered Charity Number: 1073522
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The Sherborne School Foundation
STATEMENT OF FINANCIAL ACTIVITIES
(Incorporating an Income and Expenditure Account) for the year ended 30 June 2025
Detailed Statement of Financial Activities for the year ended 30 June 2024:
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|Unrestricted|Restricted|2024|
|Notes|Funds|Funds|Total|
|£|£|£|
|Income|
|Donations,|legacies|and|grants|2b,|3|247,524|276,237|523,761|
|Investments|2b|4,636|7,342|11,978|
|Total|income|252,160|283,579|535,739|
|Expenditure|
|Costs|of|raising|funds|88,049|-|88,049|
|Expenditure|on|charitable|activities:|
|Donations|to|Sherborne School|4|1,400|248,600|250,000|
|Operational|costs|4|91,393|-|91,393|
|Total|expenditure|2c|180,842|248,600|429,442|
|Net income and net movement|
|i|nnvestments funds before gains and losses on|71,318|34,979|106,297|
|Net gains/(losses) on|investments|-|-|-|
|Net movement|in funds|71,318|34,979|106,297|
|Reconciliation|offunds|
|Total|funds|brought|forward|52,509|175,076|227,585|
|Total funds|carried|forward|13,14|123,827|210,055|333,882|
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The notes on pages 15 to 25 form part of these financial statements.
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Registered Company Number: 3686309 Registered Charity Number: 1073522
12
The Sherborne School Foundation BALANCE SHEET
as at 30 June 2025
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|---|---|---|---|---|---|---|
|2025|2024|
|Notes|£|£|
|Fixed|assets|
|Tangible|assets|8|-|260|
|Investment|assets|9|154,741|154,741|
|154,741|155,001|
|Current|assets|
|Debtors|10|13,706|17,889|
|Cash|at|bank and|in|hand|191,637|170,252|
|205,343|188,141|
|Creditors:|amounts falling due within one year|11|(9,149)|(9,260)|
|Net|current|assets|196,194|178,881|
|Total|net|assets|350,935|333,882|
|The|funds|of the|charity:|
|Restricted|funds|12|194,482|210,055|
|Unrestricted|funds|12|156,453|123,827|
|Total|charity funds|350,935|333,882|
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The financial statements were approved and authorised for issue by the Board on 24/03/2026 —_ and signed on its behalf by: alii:
fi JD W Pocock Trustee
AJ Small Chairman
The notes on pages 15 to 25 form part of these financial statements.
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NN Registered Company Number: 3686309 13 Registered Charity Number: 1073522
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The Sherborne School Foundation STATEMENT OF CASHFLOWS as at 30 June 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Cashflowsfrom operating activities: | |||
| Net cash provided by | |||
| operating activities | 14 | 21,385 | 105,874 |
| Cash flowsfrom investing activities: | |||
| Purchase ofproperty, plant and equipment | - | - | |
| Proceeds from sale of investments | - | - | |
| Net cash provided by investing activities | . | - | |
| Change in cash and cash equivalents in the | |||
| reporting period | 21,385 | 105,874 | |
| Cash and cash equivalents atthe beginning | |||
| ofthe reporting period | 170,252 oer cesta! |
64,378 pase las |
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| Cashandcashequivalents attheendofthe reporting period |
191,637 | 170,252 | |
| Cashandbankbalances | 191,637 | 170,252 |
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The notes on pages 15 to 25 form part of these financial statements. a Registered Company Number: 3686309 Registered Charity Number: 1073522
eee 14
The Sherborne School Foundation NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025
- 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 Boys in Dorset and to promote any other charitable purpose connected with or otherwise associated with the School.
- 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.
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(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 Boys towards fundraising and operating costs.
Registered Company Number: 3686309 Registered Charity Number: 1073522
15
The Sherborne School Foundation NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 30 June 2025 te a Pn TEE
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 Boys 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.
(i) 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.
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ee ee Registered Company Number: 3686309 16 Registered Charity Number: 1073522
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The Sherborne School Foundation NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 30 June 2025
3. Income from donations and legacies
==> picture [407 x 113] intentionally omitted <==
----- Start of picture text -----
|||||
|---|---|---|---|
|2025|2024|
|£|£|
|Donations|
|Committed|giving|45,635|61,271|
|Donations|211,741|206,670|
|Legacies|500|81,000|
|Grants|received|-|-|
|Donation|of services|237,795|174,820|
|495,671|523,761|
----- End of picture text -----
Included within donations above are total donations of £1,500 from 3 Trustees of The Sherborne School Foundation (2024: £2,103 from 4 Trustees).
4, Analysis of expenditure on charitable activities
==> picture [408 x 282] intentionally omitted <==
----- Start of picture text -----
||||||||||
|---|---|---|---|---|---|---|---|---|
|Donations|
|to|
|Staff|Sherborne|Support|
|Costs|School|Costs|Total|
|£|£|£|£|
|Charitable Activities:|
|Donation|to|Sherborne|School|-|250,000|.|250,000|
|Operational|costs|69,795|-|40,502|110,297|
|Total|-|year ended|30 June|2025|69,795|250,000|40,502|360,297|
|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|
----- End of picture text -----
Registered Company Number: 3686309 Registered Charity Number: 1073522
17
The Sherborne School Foundation NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 30 June 2025
|
5. Net income/(expenditure) for the year
This is stated after charging:
| This is stated after charging: | |||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Depreciation | 260 | 260 | |
| Auditor’s remuneration for audit ofthe financial statements | 3,600 | 6,480 | |
| 6. | Analysis ofstaff costs, trustees’ remuneration and expenses and the cost ofkey | ||
| management personnel | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Gross salaries | 130,853 | 100,921 | |
| Social security costs | 15,653 | 10,864 | |
| Pension costs | 9,514 | 6,460 | |
| 156,020 | 118,245 | ||
| The number ofhigher paid employeeswas: | |||
| 2025 | 2024 | ||
| No. | No. | ||
| £70,000 - £80,000 | - | 1 | |
| £80,000-£90,000 | 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 £94k (2024: £88k), 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.
- Staff numbers
The average number of staff employed by the charity during the year was as follows:
| 2025 | 2024 | |
|---|---|---|
| No | No | |
| Management staff | 1 | 1 |
| Administrative staff | 2 | 2 |
| 3 | 3 |
Included in the above numbers are 2 (2024: 2) part time employees.
Registered Company Number: 3686309 Registered Charity Number: 1073522
18
The Sherborne School Foundation NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 30 June 2025
| | | | | | | | | | |
| | |
| | | |
8. Tangible fixed assets
| 8. | Tangible fixed assets | ||
|---|---|---|---|
| Fixtures and | |||
| fittings | |||
| £ | |||
| Cost | |||
| At 1July 2024 | 1,039 | ||
| Additions Disposals |
- “ es |
||
| At 30June 2025 | 1,039 | ||
| Depreciation | |||
| At 1July 2024 | 779 | ||
| Chargeforthe year | 260 | ||
| Disposals | - | ||
| At 30June 2025 | 1,039 | ||
| Net book value | |||
| At 30June 2025 | = | ||
| At30June2024 | 260 | ||
| 9. | Investments | ||
| 2025 | |||
| ; | |||
| At 1July 2024 | 154,741 | ||
| Additions | - | ||
| Disposals at book value | - | ||
| Unrealised gain/(loss) | - | ||
| At30June 2025 | 154,741 | ||
| Investments listed on the Stock Exchange | 154,741 | ||
| Historical cost | 154,741 | ||
| 10. | Debtors | ||
| 2025 | 2024 | ||
| Tax recoverable | 1,611 | 5,817 | |
| Other debtors | 12,095 | 12,072 | |
| 13,706 | 17,889 | ||
| 11. | Creditors: amountsfalling due within one year | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Accruals | 9,149 | 9,260 |
|
eeeee Registered Company Number: 3686309 19 Registered Charity Number: 1073522
The Sherborne School Foundation NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 30 June 2025
| | | |
| | |
12. Analysis of movements in funds
| Balance at | Investment | Balance at | |||
|---|---|---|---|---|---|
| 1July2024 | Income | Expenditure | Gains/(losses) | 30June 2025 | |
| £ | £ | £ | £ | £ | |
| Restricted Funds: | |||||
| Academic Life | 15,128 | 461 | - | - | 15,589 |
| Andrew Yorke SailTraining Fund | 2,886 | 1,062 | (3,458) | - | 490 |
| Art Department | 12,565 | - | (12,565) | . | - |
| Boarding | 36,337 | 1,108 | _ | . | 37,445 |
| Bursary Programme | 3,006 | 13,621 | (14,294) | - | 2,333 |
| Chapel Project | 3,181 | 97 | - | - | 3,278 |
| Drama— Northern Campus 2 | 6,784 | 746 | - | ~ | 7,530 |
| Ed Moorhouse Fund | 6,314 | 347 | - | - | 6,661 |
| Extra Curricular | 11 | - | - | - | 11 |
| Foundation Fellows | 28,147 | 7,448 | - | - | 35,595 |
| FOS | 355 | 19 | - | - | 374 |
| Hardship Fund | 78 | 26 | (91) | - | 13 |
| Inspirational Speakers | 22,733 | 2,967 | - | - | 25,700 |
| Laser Cutter | 912 | 105 | . | . | 1,017 |
| Lyon House Fund | - | 4,000 | (4,000) | - | - |
| Music Master Class | 330 | 10 | = | . | 340 |
| Music Outreach | 3,462 | 119 | - | - | 3,581 |
| Music Studio Equipment | 591 | 243 | - | - | 834 |
| Northern Campus | 3,062 | 3,706 | - | - | 6,768 |
| Outward Bound Cottage | 1,950 | 73 | - | - | 2,023 |
| Sailing Centre | 2,327 | 71 | - | - | 2,398 |
| Sailing Project 2004 SportsCoaching/Elite Sports Projects Traveland TourBursaryFund Upper Pavilion |
5,722 18,102 33,683 2,175 214 |
175 3,293 191,752 475 3 |
- - (210,281) (2,594) (217) |
- - 7" - - |
5,897 21,395 15,154 56 - |
| 210,055 | 231,927 | =‘(247,500) | : | 194,482 | |
| Unrestricted Fund: | |||||
| General Fund | 123,827 | 273,943 | (241,317) | - | 156,453 |
| Totals | 333,882 | 505,870 | (488,817) | - | 350,935 |
Registered Company Number: 3686309 Registered Charity Number: 1073522
20
| | | |
.
The Sherborne School Foundation NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 30 June 2025
12. Analysis of movements in funds (continued)
| Balance at | Investment | Balance at | |||
|---|---|---|---|---|---|
| 1July2023 | Income | Expenditure | Gains/(losses) | 30June2024 | |
| £ | £ | £ | £ | £ | |
| Restricted Funds: | |||||
| Academic Life | 14,578 | 550 | - | - | 15,128 |
| Andrew Yorke Sail Training Fund | 1,457 | 1,429 | - | - | 2,886 |
| Art Department Boarding Bursary Programme Chapel Project Drama—Northern Campus 2 |
12,565 35,015 10,689 3,065 6,016 |
- 1,862 8,884 116 768 |
- (540) (16,567) - = |
- > - . - |
12,565 36,337 3,006 3,181 6,784 |
| Ed Moorhouse Fund | 5,935 | 379 | - | - | 6,314 |
| Extra Curricular | i1 | : | - | - | 11 |
| Foundation Fellows | 24,147 | 4,000 | - | - | 28,147 |
| FOS | 336 | 19 | - | - | 355 |
| Hardship Fund Inspirational Speakers Laser Cutter |
51 19,754 806 |
27 2,979 106 |
- - - |
- - - |
78 22,733 912 |
| Music Master Class | 318 | 12 | - | - | 330 |
| MusicOutreach | 3,262 | 200 | - | - | 3,462 |
| MusicStudio Equipment Northern Campus Outward Bound Cottage |
352 10,318 1,866 |
239 4,514 84 |
- (11,770) - |
* . - |
591 3,062 1,950 |
| SailingCentre Sailing Project2004 Sports Coaching/Elite Sports Projects Travel and Tour Bursary Fund |
2,242 5,514 14,740 133 1,700 |
85 208 3,362 253,273 475 |
- - . (219,723) - |
- - . - - |
2,327 5,722 18,102 33,683 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 |
a Registered Company Number: 3686309 21 Registered Charity Number: 1073522
The Sherborne School Foundation NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 30 June 2025
12. 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 ofthe[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
22
The Sherborne School Foundation NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 30 June 2025
- 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.
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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 showa high level of achievement in the sports, arts or academic life of the School who deserve to go on Schoo! 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.
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een eee Registered Company Number: 3686309 23 Registered Charity Number: 1073522
The Sherborne School Foundation NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 30 June 2025
13. Analysis of net assets between funds
| Unrestricted | Restricted | ||
|---|---|---|---|
| Funds | Funds | Total | |
| £ | £ | £ | |
| Fixed assets | 154,741 | - | 154,741 |
| Current assets | 10,861 | 194,482 | 205,343 |
| Current liabilities | (9,149) | - | (9,149) |
| Total at30June 2025 | 156,453 | 194,482 | 350,935 |
| 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) |
| Totalat30June2024 | 123,827 | 210,055 | 333,882 |
Registered Company Number: 3686309 Registered Charity Number: 1073522
24
|
The Sherborne School Foundation _ NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 30 June 2025
14, Reconciliation of net movements in funds to net cash flow from operating activities
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----- Start of picture text -----
||||||||||
|---|---|---|---|---|---|---|---|---|
|2025|2024|
|£|£|
|Net movement|in|funds|17,053|106,297|
|Adjustment|for:|
|Depreciation|260|260|
|17,313|106,557|
|Movements|in|working|capital:|
|(Increase)/decrease|in|debtors|4,183|(2,290)|
|Increase/(decrease)|in|creditors|(111)|1,607|
|Cash|generated from/(used|in)|operations|21,385|105,874|
|Net|cash|provided by/(used|in)|operating|activities|21,385|105,874|
|Related|party transactions transactions|
|Transactions|between the company and|its|parent,|Sherborne|School,|are|disclosed|below:|
|2025|2024|
|£’000|£’000|
|Donations|to|parent|250|250|
|Donated|services from parent|238|175|
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15. Related party transactions transactions
There were no other related or connected party transactions during the year.
16. 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.
17. Pension
The contribution to the School’s defined contribution scheme on behalf of three employees was £9,514 (2024: £6,460).
18. 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.
|
|
ee Registered Company Number: 3686309 25 Registered Charity Number: 1073522