|CONTENTS|PAGE|
|---|---|
|Annual
Report ofthe Governors —Review ofthe Year|2-8|
|Annual
Report ofthe Governors|9-16|
|Independent
Auditor's
Report|17-19|
|Consolidated
Statement ofFinancial Activities|20-21|
|Balance Sheets|22|
|Consolidated
Statement ofCashflows|23|
|Notes tothe Financial Statements|24-57|
|Governors, Officers and Advisers|58-59|
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|Carbon Energy Report|Carbon Energy Report|||||||||
|---|---|---|---|---|---|---|---|---|---|
|The Chadty
is reporting
under the requirements
of the|||Companies||(Directors'|||Report)
and|Limited
Liability|
|partnerships
(Energy
and Carbon
Reporting)|Regulations||2018.|The|Charity||has|followed
the|Environmental|
|Reporting guidelines:
including
streamlined
energy and carbon reporting guidance March 2019and used the GHG||||||||||
|Reporting
Protocol —Corporate
Standard
for quantifying|||and|reporting||energy||use.
The
UK Government||
|Conversion
Factors for Company
Reporting
have been used|||in the|calculation.||||||
|UK GREENHOUSE GAS EMISSIONS AND ENERGY USE DATA||||||||2020/21|2019/20|
|Energy consumption
(kWh) used to calculate|emissions|(kWh)||||||||
|~
Gas||||||||7,509,799|7,758,312|
|~
Electricity||||||||2,302,892|1,883,678|
|~
Transport
fuel||||||||34,612|260,146|
|Total energy consumption
(kWh)||||||||9,847,303|9,902,136|
|Emisslons
in metric tonnes CO2e||||||||||
|~
Gas consumption||||||||1,393.64|1,434.07|
|~
Owned transport-
minibuses,
car and vans||||||||6.74|43.54|
|Emlssions
in metric tonnes CO2e||||||||||
|~
Purchased
electricity||||||||488.97|439.16|
|Emissions
in metric tonnes CO2e||||||||||
|~
Business travel
in employee owned vehicles||||||||1.56|35.70|
|Total gross emissions
in metric tonnes CO2e||||||||1,891.91|1,952.47|
|Intensity ratio Tonnes CO2e per pupil —total|number of|pupils||614(2020:||||3.0813|2.9809|
|655)||||||||||
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||||||||2021|2020|
|---|---|---|---|---|---|---|---|---|
||||Unrestricted||Restricted|Endowed|Total|Total|
|||||Funds|Funds|Funds|Funds|Funds|
|||Notes||E'000|E'000|E'000|E'000|E'000|
|Income from:|||||||||
|Charitable
Activities:|||||||||
|Schoolfees|||4|21,017|||21,017|21,920|
|Donations:|||||||||
|Transfer ofassets in respect of|||||||||
|Sherborne
Preparatory|School||15|5,180|5||5,185||
|Other donations,
legacies and grants|||5|1,200|530||1,730|1,988|
|Other trading activities:|||||||||
|Commercia! trading operations||||428|||428|1,083|
|Investments||||168|217||385|485|
|Other:|||||||||
|Other income||||146|||146|113|
|Total income||||28,139|752||28,891|25,589|
|Expenditure
on:|||||||||
|Raising funds:|||||||||
|Commercial
trading operations|||6|585|||585|905|
|Net share of loss in joint|venture||30|3|||3|9|
|Fun dra ising costs|||||75||75|119|
|Investment
management|fees||||28||28|28|
|Total expenditure
on raising funds|||12|588|103||691|1,061|
|Charitable
activities:|||||||||
|Educational
activities||||23,513|226||23,739|23,720|
|Expenditure
on charitable activities|||12|23,513|226||23,739|23,720|
|Total expenditure||||24,101|329||24,430|24,781|
|Net income and net|||||||||
|movement
in funds before gains and|||||||||
|losses on investments||||4,038|423||4,461|808|
|Net gains/(losses)
on investments|||||(67)|846|779|(514)|
|Net income/(expenditure)|before||||||||
|taxation||||4,038|356|846|5,240|294|
|Tax on profit/(loss)
on ordinary||activities|13||||3|(5)|
|Net income/(expenditure)|after taxation|||4,041|356|846|5,243|289|
|Transfers between
funds|||23b|1,903|(1,903)||||
|Net income/(expenditure)|before||||||||
|other recognised
gains|and losses||||||||
|carried forward||||5,944|(1,547)|846|5,243|289|
|for the year ended 30J|une 2|021|||||||
|---|---|---|---|---|---|---|---|---|
||||||||2021|2020|
||||Unrestricted||Restricted|Endowed|Total|Total|
|||||Funds|Funds|Funds|Funds|Funds|
|||Notes||f'000|E'000|f'000|f'000|f'000|
|Net income/(expenditure)|before||||||||
|other recognised
gains and|||||||||
|losses brought
forward||||5,944|(1,547)|846|5,243|289|
|Remeasurement
ofdefined|||||||||
|benefit pension scheme|||28|533|||533|(447)|
|Net movements
in funds||||6,477|(1,547)|846|5,776|(158)|
|Reconciliation
offunds|||||||||
|Total Funds brought
forward||||30,499|2,328|6,958|39,785|39,943|
|Total funds carried forward|||23|36,976|781|7p804|45y561|39p785|
##
|||||Group|||School|
|---|---|---|---|---|---|---|---|
|||||2021|2020|2021|2020|
|||||E'000|f'000|E'000|E'000|
||||Notes|||||
|Fixed assets||||||||
|Tangible assets|||14/15|42,466|37,379|42,461|37,372|
|Investment
assets|||16|8,835|7,944|8,182|7,208|
|Total fixed assets||||51,301|45,323|50,643|44,580|
|Current assets||||||||
|Stocks||||352|453|138|117|
|Debtors|||17|3,452|3,389|4,085|3,740|
|Cash||||3,218|3,695|2,899|2,228|
|Total current assets||||7,022|7,537|7,122|6,085|
|Liabilities||||||||
|Creditors: amounts|falling due|within one year|18|(5,308)|(5,149)|(5,222)|(5,027)|
|Net current assets||||1,714|2,388|1,900|1,058|
|Total assets less current liabilities||||53,015|47,711|52,543|45,638|
|Creditors: amounts|falling due|after more||||||
|than one year|||20|(6,887)|(6,499)|(6,887)|(6,499)|
|Net assets excluding|pension|liability||46,128|41,212|45,656|39,139|
|Defined benefit pension scheme liability|||28|(567)|(1,427)|(567)|(1,427)|
|Total net assets||||45,561|39,785|45,089|37,712|
|The funds ofthe group:||||||||
|Endowed
funds|||23(a)|7,804|6,958|7,804|6,958|
|Restricted
funds|||23(b)|781|2,328|62|57|
|Unrestricted
funds:|||23(c)|||||
|Accumulation
fund||||37,543|31,926|37,790|32,124|
|Pension reserve||||(567)|(1,427)|(567)|(1,427)|
|||||36,976|30,499|37,223|30,697|
|Total funds|||23|45,561|39,785|45,089|37,712|
||||2021|2021|2020|2020|
|---|---|---|---|---|---|---|
|||Notes|6'000|6'000|6'000|6'000|
|Net cash generated
from/(used|by)||||||
|operating
activities||26||5,153||(2,864)|
|Cash flows from investing
actlvltlesr|||||||
|Investment
income|||385||485||
|Proceeds from sale of property,|plant|and equipment|8||7||
|Proceeds from sale ofinvestments|||4,240||2,634||
|Purchase ofproperty,
plant and|equipment||(6,783)||(1,362)||
|Purchase ofinvestments|||(744)||(1,900)||
|Purchase ofendowed
fund investments|||(3,594)||(958)||
|Net cash used in investing
activities||||(6,488)||(1,094)|
|Cash flows from financing
activities:|||||||
|Cash inflows from borrowing|||500||2,500||
|Cash inflows from new advance|fee contracts||402||1,159||
|Cash repayments
ofadvance fee contracts|||(44)||(22)||
|Net cash provided
by financing|activities|||858||3,637|
|Change
in cash and cash equivalents||in the|||||
|reporting
period||||(477)||(321)|
|Cash and cash equivalents
at the beginning|||||||
|ofthe year||||3,695||4,016|
|Total cash and cash equivalents|at the end||||||
|ofthe year||||3,218||3,695|
|Cash and bank balances||||3,218||3,695|
|||||3,218||3,695|
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|4.|School fee|s||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|(a)|Schoo/Fees|||||||||2021
6'000|2020
6'000|
||School|||-|Boarders|||||20,109|18,102|
|||||-|Day boys|||||1,142|948|
||Preparatory||School|-|Prep|||||931||
|||||-Pre-Prep||||||107||
||Total School fees|||||||||22,289|19,050|
||Sherborne|International||-|Fees|||||1,889|5,137|
||Other|||-|Registration|||fees||71|77|
||Tota Ifees|||||||||24,249|24,264|
||Less:Total|scholarships,||bursaries,||grants||and discounts||(2,852)|(2,595)|
|||||||||||21,397|21,669|
||Add back:|Scholarships||and discounts|||paid for by restricted||funds|(585)|58|
|||||||||||20,812|21,727|
||Music fees|received||||||||205|193|
||School fees||per Consolidated||Statement|||of Financial Activities||21,017|21,920|
|(b)|Awards,
prizes, and discounts||||paid|for|by|Restricted Funds|comprised:|2021
6'000|2020
6'000|
||Scholarships|||||||||(608)|29|
||Advance fees discount|||||||||23|29|
|||||||||||(585)|58|
|5.|Donations,||legacies and grants|||||||||
|||||||||||2021|2020|
|||||||||||6'000|6'000|
||Committed||giving|||||||67|59|
||Donations|||||||||296|489|
||Legacies|||||||||196|321|
||Grants|||||||||1,171|1,119|
|||||||||||1,730|1,988|
##
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|||||||2021|2020||
|---|---|---|---|---|---|---|---|---|
||||||Income|Expenditure|Income|Expenditure|
||||||E'000|E'000|E'000|E'000|
|Sherborne|School|(Trading)|Limited||218|289|556|495|
|Sherborne|School|(Leisure)|Limited||(21)|278|314|399|
|Sherborne|School|(Overseas|Trading)|Limited|231|18|213|11|
||||||428|585|1,083|905|
||||||2021|2020|
|---|---|---|---|---|---|---|
||||||E'000|E'000|
|Turnover|||||403|813|
|Cost ofsales|||||(457)|(726)|
|Gross (loss)/profit|||||(54)|87|
|Administration|||||(24)|(36)|
|Operating
(loss)/profit|||||(78)|51|
|Other operating|income||||39|44|
|(Loss)/profit
on|ordinary||activities before taxation||(39)|95|
|Tax on (loss)/profit||on ordinary||activities|5|(5)|
|(Loss)/profit
on|ordinary||activities after taxation||(34)|90|
|Gift Aid distribution||||||75|
|Gross Assets|||||235|370|
|Gross Liabilities|||||(254)|(355)|
|Shareholder's
Funds/(Deficit)|||||(19)|15|
##
||||2021|2020|
|---|---|---|---|---|
||||E'000|f'000|
|Turnover|||231|213|
|Administration|||(18)|(13)|
|Profit on ordinary||activities|213|200|
|Gift Aid distribution|||218||
|Gross Assets|||233|68|
|Gross LIabilities|||(218)|(46)|
|Shareholder's|Funds||15|22|
##
|with
the School.
Its results
for the year,
as extracte
summarised
below:|d
from the audited
financial
statem|ents,
are|
|---|---|---|
||2021|2020|
||E'000|E'000|
|Income from:|||
|Donations,
legacies and grants
Investments|692|1,094
5|
|Totalincome|692|1,099|
|Expenditure
on:|||
|Raising funds|(75)|(120)|
|Charitable
activities|(2,168)|(311)|
|Total expenditure|(2,243)|(431)|
|Net Income/(Expenditure)|(1,551)|668|
|Gross Assets|726|2,278|
|Gross Liabilities|(8)|(8)|
|Total Charity Funds|718|2,270|
##
##
|||2021|2020|
|---|---|---|---|
|||E'000|E'000|
|Dividends
receivable||216|309|
|Qatar royalty||166|166|
|Bank interest receivable||3|10|
|||385|485|
|Other income||||
|||2021|2020|
|||E'000|E'000|
|Other ancillary|trading income|||
|Houses income||40|33|
|Junior common|room income||10|
|School events income||32|39|
|Sundry income||74|31|
|||146|113|
##
|Thisisstatedafter charging/(crediting):|||||
|---|---|---|---|---|
||||2021|2020|
||||E'000|E'000|
|Auditor's
remuneration:-
Fees payable for the audit ofthe parent
Fee payable for the audit ofsubsidiaries|charity and the consolidation
pursuant
to legislation||29
16|27
16|
|Fees payable to the group's auditors and
Corporation
tax services
Depreciation
(Profit)/loss
on disposal of fixed assets
Operating
lease costs - equipment
Stock recognised
as an expense
Interest on advance fee scheme
Loan interest|its associates|in respect of|4
1,696
(4)
13
242
23
73|3
1,655
(7)
20
185
29
48|
##
##
|Analysis ofstaff costs|, trustee remuneration,|and the cost of key m|anagement
personnel||
|---|---|---|---|---|
||||2021|2020|
||||E'000|E'000|
|Wages and salaries
Social security costs
Pension contribution|—defined contribution|scheme|13,336
1,181
1,896|12,922
1,230
1,826|
||||16,413|15,978|
|The number ofhigher|paid employees was:||2021|2020|
||||No.|No.|
|E60,000 - E70,000
E70,000 - E80,000
E80,000 - E90,000
E90,000 - E100,000
E110,000 - E120,000
E140,000 -E150,000
E260,000 - E270,000|||13
5
4
1|14
9
2
1
1
1
1|
##
||||||||||2021|2020|
|---|---|---|---|---|---|---|---|---|---|---|
||||||||||No.|No.|
||Educationalstaff||||||||191|192|
||Support staff||||||||318|366|
||||||||||509|558|
|12.|Analysis ofexpenditure||||||||||
||||||||||2021|2020|
||Year ended|30June 2021||||Staff costs
f'000|Other costs
f'000|Depreciation
f'000|Total
f'000|Total
f'000|
||Cost ofraising funds:||||||||||
||Commercial|trading operations:|||||||||
||Sherborne|School|(Trading)||Limited|114|173||289|495|
||Sherborne|School|(l.eisure)||Limited|201|76||278|399|
||Sherborne|School|(Overseas||Trading)||||||
||Limited||||||18||18||
||Net share ofloss in joint venture||||||||||
||Fundraising|costs||||68|||75|119|
||investment|management||fees|||28||28|28|
|||||||383|305|3|691|1,061|
||Charitable|activities:|||||||||
||Educational|activities|||||||||
||Teaching|||||11,068|513||11,581|11,374|
||Welfare|||||2,725|1,489||4,214|3,583|
||Premises|||||801|1,645|1,693|4,139|4,159|
||Support costs ofschooling|||||1,381|1I321||2,702|2,810|
||Education|and grant making|||||109||109|179|
||Operational
costs||—Foundation|||55|45||100|128|
||Financing|costs|||||422||422|815|
||Governance||||||237||237|140|
||Other expenditure||||||235||235|532|
|||||||16,030|6,016|1,693|23,739|23,720|
||Total expenditure||for Group|||16,413|6,321|1,696|24,430|24,781|
##
|Analysis of||expenditure
(|continued)||||||
|---|---|---|---|---|---|---|---|---|
||||||||2020|2019|
|Year ended||30June 2020||Staff costs|Other costs|Depreciation|Total|Total|
|||||f'000|f'000|f'000|f'000|f'000|
|Cost ofraising funds:|||||||||
|Commercial||trading operations:|||||||
|Sherborne||School (Trading) Limited||238|254||495|607|
|Sherborne||School (Leisure) Limited||271|126||399|439|
|Sherborne||School (Overseas Trading)|||||||
|Limited|||||11||11|8|
|Net share ofloss in joint venture|||||9||9|62|
|Fundraising||costs||76|43||119|151|
|Investment||management|fees||28||28|22|
|||||585|471|5|1,061|1,289|
|Charitable|activities:||||||||
|Educational||activities|||||||
|Teaching||||11,075|299||11,374|12,109|
|Welfare||||2,074|1,509||3,583|4,107|
|Premises||||791|1,719|1,649|4,159|4,913|
|Support costs ofschooling||||1,371|1,439||2,810|2,791|
|Education||and grant making|||179||179|135|
|Operational||costs —Foundation||82|46||128|106|
|Financing|costs||||815||815|195|
|Governance|||||140||140|127|
|Other expenditure|||||532||532|607|
|||||15,393|6,678|1,649|23,720|25,090|
|Total expenditure
for Group||||15,978|7,149|1,654|24,781|26,379|
|Taxation|||||||||
||||||||2021|2020|
||||||||f'000|f'000|
|Tax on ordinary
activities|||||||(3)||
##
##
|Tangible fixed assets - School||||
|---|---|---|---|
|||Plant,||
||Land andfqulpment|and||
||Buildings Motor vehicles||Total|
||E'000|E'000|E'000|
|Cost||||
|At 1July 2020|48,488|9,106|57,594|
|Additions|6,069|713|6,782|
|Disposals||(1,000)|(1,000)|
|At 30June 2021|54,557|8,819|63,376|
|Depreciation||||
|At 1July 2020|13,616|6,606|20,222|
|Charge for year|969|724|1,693|
|Disposals||(1,000)|(1,000)|
|At 30June 2021|14,585|6,330|20,915|
|Net book value||||
|At 30June 2021|39,972|2,489|42,461|
|At 30June 2020|34,872|2,500|37,372|
##
|Tangible fixed assets - Group|||||
|---|---|---|---|---|
|||Plant,|AII||
||Land andEquipment
and||Weather||
||BulldlngsMotor|Vehicles|Pitch|Total|
||E'000|E'000|E'000|E'000|
|Cost|||||
|At 1July 2020|48,488|9,262|439|58,189|
|Additions|6,069|714||6,783|
|Disposals||(1,000)||(1,000)|
|At 30June 2021|54,557|8,976|439|63,972|
|Depreciation|||||
|At 1July 2020|13,616|6,755|439|20,810|
|Charge for year|969|727||1,696|
|Disposals||(1,000)||(1,000)|
|At 30June 2021|14,585|6,482|439|21,506|
|Net book value|||||
|At 30June 2021|39,972|2,494||42,466|
|At 30June 2020|34,872|2,507||37,379|
##
||Land and|
|---|---|
||Buildings|
||6'000|
|Cost|42,194|
|Accumulated
depreciation|(10,117)|
|Net book value||
|At 30June 2021|32,077|
|At 30June 2020|26,712|
|||Fair value|
|---|---|---|
|||5'000|
|Fixed assets||5,660|
|Current|assets|144|
|Current|liabilities|(619)|
|||5,185|
##
##
|Investments||||||||
|---|---|---|---|---|---|---|---|
|||||||Scholarship||
||||Investment|Foundation|Advance|&Prize||
||Unlisted||Property|Fund|Fee Fund|Fund|Total|
||E'000||E'000|E'000|E'000|E'000|E'000|
|At 1July 2020||1|150||1,330|5,727|7,208|
|Additions|||||744|3,594|4,338|
|Disposals at book|value||||(523)|(3,502)|(4,025)|
|Unrealised
gain/(loss)|||||(30)|677|647|
|Equalisation
ofinvestments||||||||
|Change
in accrued|income||||14||14|
|Total for Charity||1|150||1,535|6,496|8,182|
|Group transactions|added/|||||||
|(eliminated)
on consolidation||(1)||654|||653|
|At 30June 2021|||150|654|1g535|6~496|8~835|
|Investments
listed|on the|||||||
|Stock Exchange||||654|1,535|6,496|8,835|
|His to rica
I cost|||5|654|1,571|5,900|8,131|
##
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|Debtors|||||||||
|---|---|---|---|---|---|---|---|---|
|||||Group|||School||
||||2021||2020|2021||2020|
||||E'000||E'000|E'000||E'000|
|Due within one year:|||||||||
|Trade debtors|||9||66|||65|
|Tax recoverable|||3||37||||
|Fees due|||1,092||758|1,092||758|
|Other debtors|||121||399|102||102|
|Prepayments|||2,227||2,129|2,227||2,129|
|Amount due from subsidiary|undertakings|||||428||465|
|Amount due from joint venture||undertaking||||27||88|
|Due after more than one year:|||||||||
|Amount
due from joint venture||undertaking||||200||133|
||||3,452||3,389|4,085||3,740|
|d
Company
Number: 4002575||||||||40|
##
|Creditors: amo|unts
falling due within one|year||||
|---|---|---|---|---|---|
|||Group||School||
|||2021|2020|2021|2020|
|||6'000|E'000|6'000|6'000|
|Fees received|in advance|653|1,339|653|1,339|
|Trade creditors||664|260|651|222|
|Taxation and social security||406|249|384|224|
|Financeleases||89|69|89|69|
|Other creditors||180|251|141|198|
|Accruals||2,113|1,520|2,101|1,514|
|Pensions||310|277|310|277|
|Deposits held||210|209|210|209|
|||4,625|4,174|4,539|4,052|
|Advance fees (see note 19)||683|975|683|975|
|||5,308|5,149|5,222|5,027|
##
##
||||2021|2020|
|---|---|---|---|---|
||||6'000|6'000|
|After five years|||456|357|
|Within two to five|years||520|875|
|Within one to two|years||456|641|
||||1,432|1,873|
|Within one year|||683|975|
||||2,115|2,848|
|The movement
during the year||on advance fees were as follows:|||
||||2021|2020|
||||6'000|f.'000|
|At 1July 2020|||2,848|2,811|
|New advance fees received during the year|||402|1,159|
|Fees repaid during|the year||(44)|(22)|
|Amounts
accrued|for interest||23|29|
|Amounts
utilised|in payments|offees|(1,114)|(1,129)|
|At 30June 2021|||2,115|2,848|
##
##
|Creditors:|amounts
falling due after mo|re than one year||||||
|---|---|---|---|---|---|---|---|
||||Group|||School||
|||2021||2020|2021||2020|
|||E'000||E'000|E'000||E'000|
|Advance|fees (note 19)|1,432||1,873|1,432||1,873|
|Bankloan||3,000||2,500|3,000||2,500|
|Deposits||2,259||1,905|2,259||1,905|
|Finance leases||196||221|196||221|
|||6,887||6,499|6,887||6,499|
##
##
|||||||2020|
|---|---|---|---|---|---|---|
||||Unrestricted|Restricted|Endowed|Total|
||||Funds|Funds|Funds|Funds|
||||E'000|E'000|E'000|E'000|
|Income from:|||||||
|Charitable
Activities:|||||||
|School fees|||21,920|||21,920|
|Donations
and legacies|||1,132|856||1,988|
|Other trading activities:|||||||
|Commercial
trading operations|||1,083|||1,083|
|Investments|||171|314||485|
|Other:|||||||
|Other income|||113|||113|
|Total income|||24,419|1,170||25,589|
|Expenditure
on:|||||||
|Raising funds:|||||||
|Commercial
trading operations|||905|||905|
|Net share of loss in joint venture|||9|||9|
|Fundraising
costs||||119||119|
|Investment
management|fees|||28||28|
|Total expenditure
on raising funds|||914|147||1,061|
|Charitable
activities:|||||||
|Educational
activities|||23,389|331||23,720|
|Expenditure
on charitable|activities||23,389|331||23,720|
|Total expenditure|||24,303|478||24,781|
|Net income and net movement|||||||
|in funds before gains and|||||||
|losses on investments|||116|692||808|
|Net gains/(losses)
on investments||||(72)|(442)|(514)|
|Net income/(expenditure)|before||||||
|taxation|||116|620|(442)|294|
|Tax on profit/(loss)
on ordinary||activities|(5)|||(5)|
|Net income/(expenditure)|after taxation||111|620|(442)|289|
|Transfers
between
funds|||938|(938)|||
|Net income/(expenditure)|before other||||||
|recognised
gains end losses carried forward|||1,049|(318)|(442)|289|
||||||||||2020|
|---|---|---|---|---|---|---|---|---|---|
|||||||Unrestricted|Restricted|Endowed|Total|
|||||||Funds|Funds|Funds|Funds|
|||||||E'000|E'000|E'000|6'000|
|Net|Income/(expenditure)|before|other|||||||
|recognised
gains and losses brought||||forward||1,049|(318)|(442)|289|
|Remeasurement
ofdefined||||||||||
|benefit pension scheme||||||(447)|||(447)|
|Net|movements
in funds|||||602|(318)|(442)|(158)|
|Reconciliation offunds||||||||||
|Total funds brought forward||||||29,897|2,646|7,400|39,943|
|Total funds carried forward||||||30,499|2,328|6,958|39,785|
|22.|Analysis ofnet assets between|||funds||||||
|(a)|Analysis ofgroup net|assets|between||funds|||||
|||||||Net Current||||
||||||Fixed|Assets/|Long Term|Pension|Fund|
||||||Assets|(Liabilities)|Liabilities|Liability|Balances|
||||||E'000|6'000|E'000|E'000|E'000|
||Unrestricted|||||||||
||Pension
Reserve Designated
Accumulation
Fund||Fund||42,250|748|(5,455)|(567)|(567)
37,543|
||Restricted funds|||||781|||781|
||Endowed|||||||||
||Advance Fee Fund
Edbrooke Scholarship|and Bursary|||1,535
255|(103)|(1,432)||255|
||Scholarship
and Prize
Scholarship
and Prize|Fund
Fund —Eglington|||4,496|288|||4,784|
||Bursaries
Endowed
Property||||2,000
765||||2,000
765|
||Group total at 30June 2021||||51,301|1,714|(6,887)|(567)|45,561|
##
##
|a)|Analysis ofgroup net assets|between fu|nds (continued/|nds (continued/||||
|---|---|---|---|---|---|---|---|
||||Net Current|||||
||||Fixed|Assets/|Long Term|Pension|Fund|
||||Assets
E'000|(Liabilities)
F.'000|Liabilities
E'000|Liability
E'000|Balances
E'000|
||Unrestricted
Pension Reserve Designated
Accumulation
Fund|Fund|37,246|(694)|(4,626)|(1427)
-|(1427)
31,926|
||Restricted funds|||2,328|||2,328|
||Endowed|||||||
||Advance Fee Fund
Edbrooke Scholarship
and Bursary
Scholarship
and Prize Fund||1,330
255
3,727|543
211|(1,873)||255
3,938|
||Scholarship
and Prize Fund —Eglington
Bursaries
Endowed
Property||2,000
765||||2,000
765|
||Group total at 30iune 2020||45,323|2,388|(6,499)|(1,427)|39,785|
|(b)|Analysis of School net assets between||funds|||||
|||||Net Current||||
||||Fixed|Assets/|Long Term|Pension|Fund|
||||Assets
E'000|(Liabilities)
E'000|Liabilities
E'000|Liability
E'000|Balances
E'000|
||Unrestricted
Pension Reserve Designated
Accumulation
Fund|Fund|41,592|1,653|(5,455)|(567)|(567)
37,790|
||Restricted funds|||62|||62|
||Endowed|||||||
||Advance Fee Fund
Edbrooke Scholarship
and Bursary
Scholarship
and Prize Fund||1,535
255
4,496|(103)
288|(1,432)||255
4,784|
||Scholarship
and Prize Fund
Bursaries
Endowed
Property|—Eglington|2,000
765||||2,000
765|
||School total at 30 June 2021||50,643|1,900|(6,887)|(567)|45,089|
||||||Net Current||||
|---|---|---|---|---|---|---|---|---|
|||||Fixed|Assets/|Long Term|Pension|Fund|
|||||Assets|(Liabilities)|Uabilities|Liability|Balances|
|||||E'000|E'000|E'000|E'000|E'000|
|Unrestricted|||||||||
|Pension Reserve Designated|||Fund||||(1,427)|(1,427)|
|Accumulation|Fund|||36,503|247|(4,626)|-|32,124|
|Restricted funds|||||57|||57|
|Endowed|||||||||
|Advance Fee Fund||||1,330|543|(1,873)|||
|Edbrooke Scholarship||and Bursary||255||||255|
|Scholarship|and Prize|Fund||3,727|211|||3,938|
|Scholarship|and Prize|Fund —Eglington|||||||
|Bursaries||||2,000||||2,000|
|Endowed
Property||||765||||765|
|School total|at 30June 2020|||44,580|1,058|(6,499)|(1,427)|37,712|
|Analysis o|f|movement|s
in permanent|endowed
fun|ds (Group a|nd School)|||
|---|---|---|---|---|---|---|---|---|
|||||Balance at|||Transfers and|Balance at|
|||||1July|||Investment|30June|
|||||2020|Income|Expenditure|Gains|2021|
|||||E'000|E'000|E'000|E'000|E'000|
|Endowed|Property|||765||||765|
|Edbrooke|fund|||255||||255|
|Scholarship||and Prize|Fund|3,938|||846|4,784|
|Scholarship||and Prize|Fund —Eglington||||||
|Bursaries||||2,000||||2,000|
|||||6,958|||846|7,804|
|||||Balance at|||Transfers and|Balance at|
|||||1July|||Investment|30June|
|||||2019|Income|Expenditure|Gains|2020|
|||||E'000|E'000|f'000|E'000|E'000|
|Endowed|Property|||765||||765|
|Edbrooke|fund|||255||||255|
|Scholarship||and Prize|Fund|4,380|||(442)|3,938|
|Scholarship||and Prize|Fund —Eglington||||||
|Bursaries||||2,000||||2,000|
|||||7,400|||(442)|6,958|
##
##
##
|Analysis ofmov|e|ments
in restricted fu|ments
in restricted fu|nds|||||
|---|---|---|---|---|---|---|---|---|
|||Balance at|||||Investment|Balance at|
|||1|July||||Gains|30June|
|||2020||Income|Expenditure|Transfers|/(Losses)|2021|
|||f'000||f'000|f'000|E'000|f'000|f'000|
|Advance Fee Fund||||91|(24)||(67)||
|Scholarship
and||Prize|||||||
|Fund||||126|(126)||||
|Andrew
Yorke Sail Training|||||||||
|Fund|||47|2||||48|
|Bursary Fund||||672||(672)|||
|Cricket Square|||||||||
|Hardship
Fund||||36||(36)|||
|Grand Piano|||||||||
|Shell House Fund|||||||||
|Upper Pavilion|Fund||||||||
|Sports Centre||||1,350||(1,350)|||
|SPS Restricted|Fund|||5||(1)|||
|CCF Field Gun||||6||(6)|||
|Other restricted||funds|1|2|(2)||||
|Charity|||57|2,290|(153)|(2,065)|(67)|62|
|The Sherborne|School||||||||
|Foundation||2,270||692|(2,244)|||718|
|||2,328||2,982|(2,397)|(2,065)|(67)|781|
|Eliminated
on|||||||||
|consolidation||||(2,230)|2,068|162|||
|Group||2,328||752|(329)|(1,903)|(67)|781|
##
##
|||Balance at|Balance at||||Investment|Balance at|Balance at|
|---|---|---|---|---|---|---|---|---|---|
|||1July|||||Gains|30June||
|||2019||Income|Expenditure|Transfers|/(Losses)|2020||
|||E'000||E'000|E'000|E'000|E'000|E'000||
|Advance Fee Fund||||112|(30)|(8)|P4)|||
|Scholarship
and|Prize|||||||||
|Fund||||197|(197)|||||
|Andrew
Yorke Sail Training||||||||||
|Fund|||37|11|||||47|
|Bursary Fund||||77||(77)||||
|Cricket Square||||||||||
|Hardship
Fund||||2||(2)||||
|Scholarships||||63||(63)||||
|IT Fund||||5||(5)||||
|Grand Piano||||1||||||
|Shell House Fund||||||||||
|Upper Pavilion|Fund|||||||||
|Foundation
Fellows||||18||(18)||||
|Lyon House Fund||||2||(2)||||
|Westcott House|Fund|1,000||||(1,000)||||
|Other restricted|funds||1|||||||
|Charity||1,046||489|(228)|(1,175)|(74)||57|
|The Sherborne|School|||||||||
|Foundation||1,600||1,099|(431)||2|2,270||
|||2,646||1,588|(659)|(1,175)|(72)|2,328||
|Eliminated
on||||||||||
|consolidation||||(418)|181|237||||
|Group||2,646||1,170|(478)|(938)|(72)|2,328||
##
##
##
##
|Analysis of|moveme|nts||in unrestricted
f|in unrestricted
f|in unrestricted
f|unds|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||Balance at|||Income|Expenditure|||Tax||Transfers and||Balance at|
|||||||1July||||||||Investment|30June|
|||||||2020|||||||Gains/(Losses)||2021|
|||||||f'000|f.'000|E'000|||E'000|||f'000|f'000|
|Pension reserve—||||||||||||||||
|designated|fund||||(1,427)|||327||||||533|(567)|
|Accumulation|fund|||||31,926|28,139|(24,428)||||3||1,903|37,543|
|Total||||||30,499|28,139|(24,101)||||3||2,436|36,976|
|The total transfers,||amounting
to E1,903k(2020-||||||E938k), represent|||transfers|||ofE1,903k (2020 - E938k)||
|from the accumulation|||fund|||to restricted|funds, as detailed||in|Note|23(b).||There is also E221k(2020-|||
|E191k)which
will be distributed
to Sherborne
School from two ofits|||||||||||trading||subsidiaries
which has been|||
|included
as|a Gift Aid||donation
in the accounting|||||year ended|30June 2021.|||||Please refer to|note 6 for|
|more information.||||||||||||||||
|||||Balance at|||Income|Expenditure|||Tax||Transfers and||Balance at|
|||||||1July||||||||Investment|30June|
|||||||2019|||||||Gains/(Losses)||2020|
|||||||f'000|f'000|E'000|||E'000|||f'000|f'000|
|Pension reserve-||||||||||||||||
|designated|fund||||(1,370)|||390||||||(447)|(1,427)|
|Accumulation|fund|||||31,267|24,419|(24,693)||||(5)||938|31,926|
|Total||||||29,897|24,419|(24,303)||||(5)||491|30,499|
|Contracts and commitments||||||||||||||||
|At 30June 2021the||School|||had commitments
as follows:|||||||||||
|||||||||||||||2021|2020|
|||||||||||||||E'000|f'000|
|Contracted for but||not|provided
in these||||financial|statements||||||386|2,047|
|Authorised|but not|contracted||||||||||||22,948|19,633|
|Other commitments||||||||||||||||
|The total future minimum||||lease payments|||under non-cancellable|||operating||leases are payable|||as follows:|
|||||||||||||||2021|2020|
|||||||||||||||f'000|E'000|
|Within one year||||||||||||||2||
|After 1year|but within||5years|||||||||||52|15|
|||||||||||||||54|15|
|ed
Company|Number:|4002575|||||||||||||50|
##
##
|26.|Reconciliation
ofnet|in|com|e/|(e|xpend|iture)
to|net c|ash flow from|group operati|ng
activities||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||2021|2020|
||||||||||||f'000|f'000|
||Net income before investment|||||gains/(losses)|||||4,461|808|
||Adjustments
for:||||||||||||
||Investment
income||||||||||(385)|(485)|
||Finance costs||||||||||96|76|
||Equalisation
ofinvestments||||||||||(15)|(8)|
||Depreciation||||||||||1,696|1,655|
||(Profit)/loss
on disposal||of|property,|||plant and equipment||||(8)|(7)|
||Add back ofnon-cash|FRS102charge|||||to defined|benefit retirement||scheme|213|146|
||Less cash contributions||to|defined benefit retirement|||||scheme||(540)|(536)|
||Advance fees utilised||||||||||(1,113)|(1,129)|
||||||||||||4,405|520|
||Movements
in working capital:||||||||||||
||Decrease in stocks||||||||||100|20|
||(Increase)in debtors||||||||||(62)|(2,105)|
||(Decrease)/increase|in creditors|||||||||783|(1,252)|
||Cash (used by)/generated|||from||operations|||||5,226|(2,817)|
||Investment
income||||||||||||
||Interest paid||||||||||(73)|(47)|
||Net cash (used by}/provided||||by group operating|||activities|||5,153|(2,864)|
|27.|Reconciliation ofnet debt||||||||||||
||||||||||At||New|At|
||||||||||1July|Cash|Finance|30June|
||||||||||2020|Flows|Leases|2021|
||||||||||f'000|f'000|f'000|f'000|
||Cash||||||||3,695|(477)||3,218|
||Loans falling due after more than one year||||||||(2,500)|(500)||(3,000)|
||Finance lease obligations||||||||(290)|70|(64)|(284)|
||Total||||||||905|(907)|(64)|(66)|
##
##
##
||||2021|2020|
|---|---|---|---|---|
||||6'000|6'000|
|Present value offunded||obligations|(11,078)|(11,880)|
|Fair value|of plan assets||10,511|10,453|
|Deficit|||(567)|(1,427)|
|Amounts|in the balance|sheet:|||
|Liabilities|||(567)|(1,427)|
|Assets|||||
|Net liability|||(567)|(1,427)|
##
|||2021|2020|
|---|---|---|---|
|||6'000|6'000|
|Opening
defined|benefit obligation|11,880|11,529|
|Expenses||194|121|
|Interest cost||176|245|
|Actuarial
losses||(619)|855|
|Benefits paid||(553)|(870)|
|Closing defined benefit obligation||11,078|11,880|
|Changes
in the|fair value ofscheme assets are as follows:|||
|||2021|2020|
|||6'000|6'000|
|Opening fair value ofscheme assets||10,453|10,159|
|Interest income||157|220|
|Return on scheme assets less interest on net defined benefit||||
|pension scheme|liability|(86)|408|
|Contributions
by|employer|540|536|
|Benefits paid||(553)|(870)|
|Fair value ofscheme assets at end ofyear||10,511|10,453|
##
##
##
|The amoun|ts
included
within the Statement ofFinancial|Activities are as|follows:||
|---|---|---|---|---|
||||2021|2020|
||||6'000|6'000|
|Current service cost|||||
|Expenses|||(194)|(121)|
|Total charge|to net income||(194)|(121)|
|Net interest|on the net defined benefit pension scheme liability||(19)|(25)|
|Net finance cost|||(19)|(25)|
|Total amount|charged within net income||(213)|(146)|
|Remeasurement
ofthe net defined benefit pension scheme||liability|533|(447)|
|Total amount|charged to the Statement ofFinancialActivities||320|(593)|
##
|||2021|2020|
|---|---|---|---|
|Equities||||
|Bonds||||
|Fixed Interest Matching Assets||34%o|12%|
|Inflation|Linked Matching Assets|26%|18%|
|Managed|Growth|39%|69%|
|Other||1%o|1%|
|||||||2021|2020|
|---|---|---|---|---|---|---|---|
|||||||6'000|6'000|
|Actual|return|on|the|scheme|assets|71|628|
##
##
|The assets ofthe scheme have been included|The assets ofthe scheme have been included|The assets ofthe scheme have been included|in this year's|in this year's|financial|financial|statements|at|market|value and the|
|---|---|---|---|---|---|---|---|---|---|---|
|liabilities
have been calculated
using the||following||principal|actuarial||assumptions:||||
||||||||||30June||
||||||||||2021||
|Inflation
(RPI)|||||||||3.596pa|3.216pa|
|Inflation
(CPI)|||||||||3.096pa|2.6516pa|
|Salary increases|||||||||n/a|n/a|
|Rate ofdiscount|||||||||1.916pa|1.516pa|
|Rate ofincrease
in pensions|in payment|where CPI||to a maximum||of|SS6applies||3.616|3.4516|
|Rate ofincrease
in pensions|in payment|where CPI||to a max|of2.5%||applies||2.0596|1.9S6|
|Assumes
life expectancies
on retirement||age 65:|||||||||
|Retiring today- males|||||||||20.7|20.7|
|Retiring today - females|||||||||23.1|23.0|
|Retiring
in 20years- males|||||||||22.0|22.0|
|Retiring
in 20years - females|||||||||24.6|24.5|
##
##
|Transactions
between the School|and other group companies that have been eliminated|and other group companies that have been eliminated|and other group companies that have been eliminated|and other group companies that have been eliminated|on|consolidation|consolidation|
|---|---|---|---|---|---|---|---|
|are disclosed below:||||||||
|||||2021|||2020|
|||||f'000|||f'000|
|Sherborne School (Trading)
Limited||||||||
|Agents commission
invoiced to School|||||101||256|
|Departmental
sales invoiced to School|||||85|||
|Profits gifted to School|||||||95|
|Support costs invoiced
by School|||||P)||(10)|
|Sherborne School (Leisure) Limited||||||||
|Pupil usage ofsports facilities invoiced to School|||||238||165|
|Profits gifted to School|||||3||115|
|Support and rental costs invoiced|by School||||(10)||(19)|
|Sherborne School (Overseas Trading)||LImited||||||
|Interest
paid to the School||||||||
|Profits gifted to School|||||218|||
|The Sherborne
School Foundation||||||||
|Donations to School||||2,068|||181|
|Donated services from School|||||162||237|
|Sherborne
Schools Worldwide
LimIted||||||||
|Interest
paid to the School|||||6||7|
|Details of balances
due between|these entities||and the School at|the year end are disclosed|||in debtors|
|and creditors.||||||||
##
##
|Governors who|served
in the year as indicated, they are:|served
in the year as indicated, they are:|served
in the year as indicated, they are:||||||
|---|---|---|---|---|---|---|---|---|
|Chairman|Roger Stewart Fidgen Esq, FRICS (resigned 4July 2020)||||||||
||Lt Gen David Leakey CMG CVO CBE MA||Cantab (appointed||Chairman|4July 2020)|||
|Vice Chairman|Guy Andrew
Hudson
Esq, MA||||||||
|Ex-Officio|Her Majesty's
Deputy
Lord Lieutenant||for the County|of|Dorset, Russell Lucas-Rowe|||DL|
||(resigned 4 July 2020)||||||||
||The Vicar of Sherborne,
The Reverend||Canon
Eric Woods||DL, MA, FRSA (resigned||4|July|
||2020)||||||||
|Co-Opted|Mrs Isabel Anne Cooper Burke, MB, BS,||MRCGP||||||
||Aubrey John Capel Esq||||||||
||Mrs Vicki Cotter,
LLB(Hons), LLM||||||||
||Michael Levick French Esq, FCA||||||||
||Tim Hague Esq, FCCA, CTA
(appointed|8|June 2021)||||||
||Guy David John Hayward-Cole
Esq, MA,||MBA||||||
||Dr Max Jonas||||||||
||Nigel Lawson Jones Esq, BSc,FRICS, ACIArb (appointed|||1April 2021)|||||
||Mrs Angela Claire Lane BA, FCA||||||||
||Robin Anthony
Langley Leach Esq, MA||||||||
||George Marsh Esq, MA, Cert Ed||||||||
||John David William Pocock Esq, BEng (Hons) (appointed|||3|August 2020)||||
||Mrs Gillian Staley, BSc,MSc, CMIOSH||||||||
||Mrs Elaine Stallard JP||||||||
||Robert Jan Temmink
Esq, QC, MA, BL,|FCIArb|||||||
||Michael Trevenen
Wilson Esq, BSc,QTS||||||||
|Staff Nominated|Governor
Matthew James Whittell|Esq, MA, MSc|||||||
##
##
##
##
##
|Headmaster|and Chief Executive|D A Luckett BA|DPhil|FRSA FHA||
|---|---|---|---|---|---|
|Bursar and|Clerk to the Governors|Mrs L A Robins|BScMRICS (until||31December 2020)|
|||Dr D C Cole BScMSc||PhD (from|1January 2021)|
|Address||Sherborne
School||||
|||Abbey Road||||
|||Sherborne||||
|||DT9 3LF||||
|Website||www. sherborne. org||||
|ADVISERS||||||
|Bankers||Lloyds Bank Pic
1"Floor Sedgemoor||House||
|||Deansgate
Avenue||||
|||Taunton||||
|||Somerset||||
|||TA1 2UF||||
|Solicitors||Stone King LLP||||
|||13Queen Square||||
|||Bath||||
|||BA1 2HJ||||
|Auditor||Haysmacintyre|LLP|||
|||10Queen Street Place||||
|||London||||
|||EC4R 1AG||||
|Investment|Advisers|Cazenove Capital Management|||Limited|
|||12Moorgate||||
|||London||||
|||EC2R 6DA||||
|Actuaries||Mercer Limited||||
|||1Tower Place West||||
|||London||||
|||EC3R SBU||||