2022-06-30-accounts - Sherborne Schools Group

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CONTENTS	PAGE
Annual Report ofthe Governors —Review ofthe Year	2-5
Annual Report ofthe Governors	6-13
Independent Auditor's Report	14-16
Consolidated Statement of FinancialActivities	17-18
Balance Sheets	19
Consolidated Statement ofCashflows	20
Notes to the Financial Statements	21 —54
Governors, Officers and Advisers	55-56

for the year ended 3	0	June	2022
								2022	2021
				Unrestricted		Restricted	Endowed	Total	Total
					Funds	Funds	Funds	Funds	Funds
			Notes		f'000	f'000	f'000	f'000	f'000
Income from:
Charitable Activities:
School fees				4	22,946			22,946	21,017
Donations:
Transfer ofassets in respect of
Sherborne Preparatory	School			15					5,185
Other donations, legacies		and grants		5	30	761		791	1,730
Other trading octlvltles:
Commercial trading operations					849			849	428
Investments					166	177		343	385
Other:
Other income					201			201	146
Total income					24,192	938		25,130	28,891
Expenditure on:
Raising funds:
Commercial trading operations				6	866			866	585
Net share of loss in joint	venture			30	15			15	3
Fundraising costs						123		123	75
Investment management		fees				29		29	28
Total expenditure on raising funds				12	881	152		1,033	691
Charitable activities:
Educational activities					24,186	198		24,384	23,739
Expenditure on charitable		activities		12	24,186	198		24,384	23,739
Total expenditure					25,067	350		25,417	24,430
Net Income/(expenditure)		and	net
movement in funds before gains and
losses on investments					(875)	588		(287)	4,461
Net gains/(losses) on investments						(75)	(311)	(386)	779
Net income/(expenditure)		before
taxation					(875)	513	(311)	(673)	5,240
Tax on profit/(loss) on ordinary			activities	13
Net income/(expenditure)		after taxatlon			(875)	513	(311)	(673)	5,243
Transfers between funds				23b	390	(390)
Net income/(expenditure)		before
other recognIsed gains	and losses
carried forward					(485)	123	(311)	(673)	5,243

for the year ended 30J	une 2	022
							2022	2021
			Unrestricted		Restricted	Endowed	Total	Total
				Funds	Funds	Funds	Funds	Funds
		Notes		E'000	E'000	E'000	E'000	f'000
Net Income/(expenditure)	before
other recognised gains and
losses brought forward				(485)	123	(311)	(673)	5,243
Remeasurement ofdefined
benefit pension scheme			28	(293)			(293)	533
Net movements in funds				(778)	123	(311)	(966)	5,776
Reconciliation offunds
Total Funds brought forward				36,976	781	7,804	45,561	39,785
Total funds carried forward			23	36,198	904	7,493	44,595	45,561

as at 30June 202	2
				Group			School
				2022	2021	2022	2021
				E'000	E'000	E'000	E'000
			Notes
Fixed assets
Tangible assets			14/15	49,136	42,466	49,133	42,461
Investment assets			16	8,936	8,835	8,282	8,182
Total fixed assets				58,072	51,301	57,415	50,643
Current assets
Stocks				316	352	107	138
Debtors				2,829	3,452	3,480	4,085
Cash				1,831	3,218	1,397	2,899
Total current assets				4,976	7,022	4,984	7,122
Liabilities
Creditors: amounts	falling due	within one year	18	(6,713)	(5,308)	(6,565)	(5,222)
Net current assets/(liabilities)				(1,737)	1,714	(1,581)	1,900
Total assets less current liabilities				56,335	53,015	55,834	52,543
Creditors: amounts	falling due	after more
than one year			20	(11,280)	(6,887)	(11,280)	(6,887)
Net assets excluding	pension	liability		45,055	46,128	44'554	45,656
Defined benefit pension scheme liability			28	(460)	(567)	(460)	(567)
Total net assets				44,595	45,561	44,094	45,089
The funds ofthe group:
Endowed funds			23(a)	7,493	7,804	7,493	7,804
Restricted funds			23(b)	904	781	58	62
Unrestricted funds:			23(c)
Accumulation fund				36,658	37,543	37,003	37,790
Pension reserve				(460)	(567)	(460)	(567)
				36,198	36,976	36,543	37,223
Totalfunds			23	44,595	45,561	44,094	45,089

		2022	2022	2021	2021
	Notes	f'000	f'000	f'000	f'000
Net cash generated from/(used	by)
operating activities	26		1,269		5,153
Cash flows from investing activities:
Investment income		343		385
Proceeds from sale ofproperty,	plant and equipment	363		8
Proceeds from sale ofinvestments		2,728		4,240
Purchase ofproperty, plant and	equipment	(8,580)		(6,783)
Purchase ofinvestments		(1,357)		(744)
Purchase ofendowed fund investments		(1,849)		(3,594)
Net cash used In InvestIng activities			(8,352)		(6,488)
Cash flows from financing actlvltlesr
Cash inflaws from borrowing		4,500		500
Cash inflows from new advance	fee contracts	1,251		402
Cash repayments ofadvance fee contracts		(55)		(44)
Net cash provided by financing	activities		5,696		858
Change in cash and cash equivalents in the
reporting period			(1,387)		(477)
Cash and cash equivalents at the beginning
ofthe year			3,218		3,695
Total cash and cash equivalents	at the end
ofthe year			1,831		3,218
Cash and bank balances			1,831		3,218
			1,831		3,218


School Fees									2022	2021
									E'000	E'000
School				- Boarders					22,532	20,109
				- Day	boys				1,155	1,142
Preparatory		School		—Prep					2,615	931
				-Pre-Prep					305	107
Total School fees									26,607	22,289
Sherborne	International			- Fees						1,889
Other				- Registration			fees		79	71
Total fees									26,686	24,249
Less: Total	scholarships,		bursaries,		grants		and discounts		(4,128)	(2,852)
									22,558	21,397
Add back: Scholarships			and	discounts		paid for by restricted		funds	105	(585)
									22,663	20,812
Music fees	received								283	205
School fees		per Consolidated		Statement			of Financial Activities		22,946	21p017
Awards, prizes, ond discounts paid					for	by	Restricted Funds	comprised:	2022	2021
									E'000	E'000
Scholarships									83	(608)
Advance fees discount									22	23
									105	(585)
Donations,		legacies and	grants
									2022	2021
									E'000	E'000
Committed		giving							92	67
Donations									648	296
Legacies									36	196
Grants									15	1,171
									791	1,730

						2022	2021	2021
					Income	Expenditure	Income	Expenditure
					f'000	f'000	f'000	f'000
Sherborne	School	(Trading)	Limited		502	565	218	289
Sherborne	School	(Leisure)	Limited		172	288	(21)	278
Sherborne	School	(Overseas	Trading)	Limited	175	13	231	18
					849	866	428	585

Sherborne School	(Trading)	(Trading)	Limited's principal	Limited's principal	activity	continues	to be that	of the operation	of the operation	of	the
School's sports and	uniform		shop, the Hub cafe and the provision				of letting and	educational	services.		Its
trading results for the year,			as	extracted from the	audited	financial	statements,	are summarised		below:
								2022		2021
								E'000		E'000
Turnover								614			403
Cost ofsales								(654)		(457)
Gross (loss)/profit								(40)			(54)
Administration								(36)			(24)
Operating (loss)/profit								(76)			(78)
Other operating Income											39
(Loss)/profit on ordinary		activities before taxation						(76)			(39)
Tax on (loss)/profit	on ordinary			activities							5
(Loss)/profit on ordinary		activities after taxation						(76)			(34)
Gift Aid distribution
Gross Asse'ts								266			235
Gross Liabilities								(360)		(254)
Shareholder's Funds/(Def)cit)								(94)			(19)

			2022	2021
			E'000	E'000
Turnover			363	217
Administration			(302)	(288)
Operating profit/(loss)			61	(71)
Other operating	income		1	74
Profit on ordinary		activities	62
Gift Aid distribution			62
Gross Assets			82	18
Gross Liabilities			(81)	(17)
Shareholder's Funds

		2022	2021
		f'000	E'000
Turnover		175	231
Administration		(13)	(18)
Profit on ordinary activities		162	213
Gift Aid distribution		162	218
Gross Assets		181
Gross Liabgities		(166)	(218)
Shareholder's	Funds	15	15

6.	Income from subsidiaries' trading	Income from subsidiaries' trading	Income from subsidiaries' trading	activities	(continued	j
(d)	The Sherborne School Foundation's			principal	objects 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.	Its results	for	the year,	as extracted		from	the audited		financial		statements,		are
	summarised below:
											2022			2021
											E'000			f'000
	Income from:
	Donations, legacies	and grants									1,016			692
	Investments											1
	Total income										1,017			692
	Expenditure on:
	Raising funds											(124)		(75)
	Charitable activities											(766)	(2,168)
	Total expenditure											(890)	(2,243)
	Net Income/(Expenditure)											127	(1,551)
	Gross Assets											858		726
	Gross Liabilities											(12)		(8)
	Total Charity Funds											846		718

Investment inc	ome
		2022	2021
		E'000	f'000
Dividends receivable		176	216
Qatar royalty		166	166
Bank interest receivable		1	3
		343	385
Other Income
		2022	2021
		f'000	f'000
Other ancillary	trading income
Houses income		50	40
Junior common	room income	8
School events	income	43	32
Sundry income		100	74
		201	146

This is stated	after charging/(crediting)	:
						2022	2021
						E'000	E'000
Auditor's remuneration:-
Fees payable	for the audit ofthe parent		charity and the		consolidation	30	29
Fee payable	for the audit ofsubsidiaries		pursuant	to legislation		17	16
Fees payable	to the group's auditors	and	its associates		in respect of
Corporation	tax services					4	4
Depreciation						1,844	1,696
(Profit)/loss	on disposal offixed assets					(293)	(4)
Operating lease costs - equipment						31	13
Stock recognised as an expense						384	242
Interest on advance fee scheme						22	23
Loan interest						126	73

				2022	2021
				E'000	E'000
Wages and salaries				12,356	13,336
Social security costs				1,208	1,181
Pension contribution	—defined contribution		scheme	1,895	1,896
				15,459	16,413
The number of higher	paid employees	was:
				2022	2021
				No.	No.
E60,000 - E70,000				12	13
E70,000 - E80,000				11	5
E80,000 - E90,000				2	4
E90,000 - E100,000					1
E100,000 - E110,000
E220,000 - E230,000
E260,000 - E270,000

								2022	2021
								No.	No.
Educational	staff							196	191
Support staff								265	318
								461	509
Analysis of	expendIture
								2022	2021
Year ended	30June 2022				Staff costs	Other costs	Oepreciation	Total	Total
					E'000	E'000	E'000	E'000	E'000
Cost ofraising funds:
Commercial	trading	operations:
Sherborne	School	(Trading)		Limited	204	360		565	289
Sherborne	School	(Leisure)		Limited	201	85		288	278
Sherborne	School	(Overseas		Trading)
Limited						13		13	18
Net share of loss in joint venture						15		15	3
Fundraising	costs				75	48		123	75
Investment	management		fees			29		29	28
					480	550	3	1,033	691
Charitable	activities:
Educationalactivities
Teaching					10,987	611		11,598	11,581
Welfare					1,525	2,881		4,406	4,214
Premises					749	1,675	1,841	4,265	4,139
Support costs ofschooling					1,677	1,628		3,305	2,702
Education	and grant making					93		93	109
Operational costs		—Foundation			41	46		87	100
Financing	costs					457		457	422
Governance						88		88	237
Other expenditure						85		85	235
					14,979	7,564	1,841	24,384	23,739
Total expenditure		for Group			15,459	8,114	1,844	25,417	24,430

12.	Analysis of		expenditure (	con	tinuedj
									2021	2020
	Year ended		30June 2021			Staff costs	Other costs	Depreciation	Total	Total
						E'000	E'000	8'000	6'000	6'000
	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	11
	Net share of loss in joint venture						3		3	9
	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	12,109
	Welfare					2,725	1,489		4,214	4,107
	Premises					801	1,645	1,693	4,139	4,913
	Support costs ofschooling					1,381	1,321		2,702	2,791
	Education		and grant making				109		109	135
	Operational		costs —Foundation			55	45		100	106
	Financing	costs					422		422	195
	Governance						237		237	127
	Other expenditure						235		235	607
						16,030	6,016	1,693	23,739	25,090
	Total expenditure for Group					16,413	6,321	1,696	24,430	26,379
13.	Taxatlon
									2022	2021
									E'000	E'000
	Tax on ordinary activities									(3)

Tangible fixed assets - School
			Plant,	Assets
	Land and	Equipment	and	Under
	Buildings	Motor vehicles		Construction	Total
	E'000		E'000	E'000	E'000
Cost
At 1July 2021	54,557		8,819		63,376
Additions	555		928	7,096	8,579
Disposals	(91)	(1,373)			(1,464)
At 30June 2022	55,021		8,374	7,096	70,491
Depreciation
At 1July 2021	14,585		6,330		20,915
Charge for year	1,040		801		1,841
Disposals	(27)	(1,371)			(1,398)
At 30June 2022	15,598		5,760		21,358
Net book value
At 30June 2022	39,423		2,614	7,096	49,133
At 30June 2021	39,972		2,489		42,461

Tangible fixed assets - G	roup
			Plant,	AII	Assets
	Land and	Equipment	and	Weather	Under
	Buildings	Motor Vehicles		Pitch	Construction	Total
	E'000		E'000	E'000	E'000	E'000
Cost
At 1July 2021	54,557		8,976	439		63,972
Additions	555		928		7,096	8,579
Disposals	(91)	(1,428)				(1,519)
At 30June 2022	55,021		8,476	439	7,096	71,032
Depreciation
At 1July 2021	14,585		6,482	439		21,506
Charge for year	1,040		804			1,844
Disposals	(27)	(1,427)				(1,454)
At 30June 2022	15,598		5,859	439		21,896
Net book value
At 30June 2022	39,423		2,617		7,096	49,136
At 30June 2021	39,972		2,494			42,466

	Land and
	Buildings
	8'000
Cost	42,658
Accumulated depreciation	(10,826)
Net book value
At 30June 2022	31,832
At 30June 2021	32,077

		Fair value
		6'000
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	f'000	f'000	F.'000
At 1July 2021			150		1,535	6,496	8,182
Additions					1,357	1,849	3,206
Disposals at book	value				(885)	(1,873)	(2,758)
Unrealised gain/(loss)					(51)	(306)	(357)
Equalisation ofinvestments
Change in accrued	income
Total for Charity		1	150		1,965	6,166	8,282
Group transactions	added/
(eliminated) on consolidation				655			654
At 30June 2022			150	655	1,965	6,166	8,936
Investments listed	on the
Stock Exchange				655	1,965	6,166	8,835
Historical cost		1	5	655	2,002	6,012	8,675

Debtors
				Group		School
			2022		2021	2022	2021
			E'000		E'000	E'000	f'000
Due within one year:
Trade debtors			27		9	21
Tax recoverable			26		3
Fees due			1,121		1,092	1,121	1,092
Other debtors			146		121	92	102
Prepayments			1,509		2,227	1,509	2,227
Amount due from subsidiary	undertakings					494	428
Amount due from joint venture		undertaking				43	27
Due after more than one year:
Amount due from joint venture		undertaking				200	200
			2,829		3,452	3,480	4,085

Creditors: amo	unts falling due within one	year
			Group		School
		2022		2021	2022	2021
		5'000		5'000	6'000	f'000
Fees received	in advance	1,155		653	1,155	653
Trade creditors		1,345		664	1,289	651
Taxation and social security		352		406	346	384
Finance leases		116		89	116	89
Other creditors		330		180	252	141
Accruals		1,942		2,113	1,934	2,101
Pensions		271		310	271	310
Deposits held		404		210	404	210
		5,915		4,625	5,767	4,539
Advance fees (see note 19)		798		683	798	683
		6,713		5,308	6,565	5,222

			2022	2021
			f.'000	6'000
After five years			415	456
Within two to five years			504	520
Within one to two years			470	456
			1,389	1,432
Within one year			798	683
			2,187	2,115
The movement during the year on advance fees were as follows:
			2022	2021
			6'000	6'000
At 1July 2021			2,115	2,848
New advance fees received during the year			1,250	402
Fees repaid during	the year		(55)	(44)
Amounts accrued	for interest		22	23
Amounts utilised	in payments	offees	(1,145)	(1,114)
At 30June 2022			2,187	2,115

21.Consolidated Statem	e	nt	of Financial Activities	for prior year
							2021
				Unrestricted	Restricted	Endowed	Total
				Funds	Funds	Funds	Funds
				E'000	E'000	E'000	E'000
Income from:
Charitable Activities:
School fees				21,017			21,017
Donations:
Transfer ofassets in respect			of
Sherborne Preparatory	School			5,180	5		5,185
Other donations, legacies		and grants		1,200	530		1,730
Other trading activities:
Commercial trading operations				428			428
Investments				168	217		385
Other:
Other income				146			146
Total income				28,139	752		28,891
Expenditure on:
Raising funds:
Commercial trading operations				585			585
Net share ofloss in joint	venture			3			3
Fundraising costs					75		75
Investment management		fees			28		28
Total expenditure on raising funds				588	103		691
Chorl table activities:
Educational activities				23,513	226		23,739
Expenditure on charitable		activities		23,513	226		23,739
Total expenditure				24p101	329		24,430
Net income and net movement
In funds before gains and
losses on investments				4,038	423		4,461
Net gains/(losses) on investments					(67)	846	779
Net income before taxation				4,038	356	846	5,240
Tax on profit on ordinary		activities
Net Income after taxation				4,041	356	846	5,243
Transfers between funds				1,903	(1,903)
Net Income/(expenditure)			before other
recognised gains and losses carried forward				5,944	(1,547)	846	5,243

										2021
							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		5,944	(1,547)	846	5,243
Remeasurement ofdefined
benefit pension scheme							533			533
Net movements In funds							6,477	(1,547)	846	5,776
Reconciliation offunds
Total funds brought forward							30,499	2,328	6,958	39,785
Total funds carried forward							36,976	781	7,804	45,561
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	E'000	6'000	6'000	E'000
	Unrestricted
	Pension Reserve Designated			Fund					(460)	(460)
	Accumulation Fund					48,920	(2,371)	(9,891)		36,658
	Restricted funds						904			904
	Endowed
	Advance Fee Fund					1,966	(577)	(1,389)
	Edbrooke Scholarship		and Bursary			255				255
	Scholarship and Prize		Fund			4,166	307			4,473
	Scholarship and Prize		Fund —Eglington
	Bursaries					2,000				2,000
	Endowed Property					765				765
	Group total at 30June 2022					58,072	(1,737)	(11,280)	(460)	44,595

					Net Current
				Fixed	Assets/	Long Term	Pension	Fund
				Assets	(Liabilities)	Liabilities	Liability	Balances
				E'000	E'000	E'000	6'000	E'000
Unrestricted
Pension Reserve Designated			Fund				(567)	(567)
Accumulation	Fund			42,250	748	(5,455)		37,543
Restricted funds					781			781
Endowed
Advance Fee Fund				1,535	(103)	(1,432)
Edbrooke Scholarship		and Bursary		255				255
Scholarship	and Prize	Fund		4,496	288			4,784
Scholarship	and Prize	Fund —Eglington
Bursaries				2,000				2,000
Endowed Property				765				765
Group total	at 30June 2021			51,301	1,714	(6,887)	(567)	45,561

					Net Current
				Fixed	Assets/	Long Term	Pension	Fund
				Assets	(Uabilities)	Liabilities	l.iability	Balances
				E'000	E'000	E'000	E'000	E'000
Unrestricted
Pension Reserve Designated			Fund				(460)	(460)
Accumulation	Fund			48,263	(1,369)	(9,891)		37,003
Restricted funds					58			58
Endowed
Advance Fee Fund				1,966	(577)	(1,389)
Edbrooke Scholarship		and Bursary		255				255
Scholarship	and Prize	Fund		4,166	307			4,473
Scholarship	and Prize	Fund —Eglington
Bursaries				2,000				2,000
Endowed Property				765				765
School total	at 30June 2022			57,415	(1,581)	(11,280)	(460)	44,094

Analysis of	School ne	t assets	between f	unds (cont	inued)
					Net Current
				Fixed	Assets/	Long Term	Pension	Fund
				Assets	(Liabilities)	Liabilities	Liability	Balances
				E'000	E'000	E'000	E'000	E'000
Unrestricted
Pension Reserve Designated			Fund				(567)	(567)
Accumulation	Fund			41,592	1,653	(5,455)		37,790
Restricted funds					62			62
Endowed
Advance Fee Fund				1,535	(103)	(1,432)
Edbrooke Scholarship		and Bursary		255				255
Scholarship	and Prize	Fund		4,496	288			4,784
Scholarship	and Prize	Fund —Eglington
Bursaries				2,000				2,000
Endowed Property				765				765
School total	at 30June 2021			50p643	lp900	(6~887)	(567)	45~089

Analysis o	f	movements in permanent	endowed fun	ds (Group a	nd School)
			Balance at			Transfers	and	Balance at
			1July			Investment		30June
			2021	Income	Expenditure	Gains		2022
			E'000	E'000	E'000	E'000		E'000
Endowed	Property		765					765
Edbrooke	fund		255					255
Scholarship		and Prize Fund	4,784				(311)	4,473
Scholarship		and Prize Fund —Eglington
Bursaries			2,000					2,000
			7,804				(311)	7,493
			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

Analysis ofmov	e	ments in restricted fu	nds
		Balance at				Investment	Balance at
		1July				Gains	30June
		2021	Income	Expenditure	Transfers	/(Losses)	2022
		E'000	E'000	E'000	E'000	E'000	E'000
Advance Fee Fund			66	(23)	32	(75)
Scholarship and		Prize
Fund
Andrew Yorke Sail Training
Fund		48	1				48
Bursary Fund			44		(44)
Cricket Square
Art Project					(3)
Grand Piano					(4)
Music Projects					(1)
Shell House Fund
Upper Pavilion	Fund
Sports Centre			625		(625)
SPS Restricted	Fund				(3)
Other restricted		funds
Charity		62	855	(136)	(648)	(75)	58
The Sherborne	School
Foundation		718	1,018	(890)			846
		780	1,873	(1,026)	(648)	(75)	904
Eliminated on
consolidation			(935)	679	256
Group		780	938	(347)	(392)	(75)	904

		Balance at				Investment	Balance at
		1July				Gains	30June
		2020	Income	Expenditure	Transfers	/(Losses)	2021
		E'000	E'000	E'000	E'000	E'000	E'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		1					1
Shell House Fund		2					2
Upper Pavilion	Fund	2					2
Sports Centre			1,350		(1,350)
SPS Restricted	Fund		5		(1)		4
CCF Field Gun			6		(6)
Other restricted	funds	1	2	(2)			1
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

Analysis of	movement	s in unrestricted	funds
		Balance at	Income	Expenditure	Tax	Transfers and	Balance at
		1July				Investment	30June
		2021				Gains/(Losses)	2022
		E'000	E'000	E'000	E'000	E'000	E'000
Pension reserve—
designated	fund	(567)		400		(293)	(460)
Accumulation	fund	37,543	24,192	(25,467)		390	36,658
Total		36,976	24,192	(25,067)		(97)	36,198

	Balance at	Balance at	Income	Income	Expenditure	Tax	Transfers and	Transfers and	Balance at
		1July						Investment	30June
		2020					Gains/(Losses)		2021
		E'000	E'000		E'000	E'000		E'000	E'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
Contracts and commitments
At 30June 2022 the School		had commitments		as follows:
								2022	2021
								E'000	E'000
Contracted for but not provided in these financial					statements			6,745	386
Authorised	but not contracted							5,917	22,948

							2022	2021
							E'000	E'000
Within		one	year				2	2
After	1	year	but	within	5	years	18	52
							20	54

									2022	2021
									6'000	6'000
Net income/(expenditure)			before investment		gains/(losses)				(287)	4,461
Adjustments for:
Investment income									(343)	(385)
Finance costs									147	96
Equalisation ofinvestments									(9)	(15)
Depreciation									1,844	1,696
(profit)/loss on disposal		of	property,	plant and		equipment			(296)	(8)
Add back ofnon-cash	FRS102charge			to defined		benefit retirement		scheme	137	213
Less cash contributions		to	defined benefit retirement				scheme		(537)	(540)
Advance fees utilised									(1,146)	(1,113)
									(490)	4,405
Movements in working		capital:
Decrease in stocks									36	100
(Increase) in debtors									622	(62)
(Decrease)/increase	in creditors								1,227	783
Cash (used by)/generated			from operations						1,395	5,226
Investment income
Interest paid									(126)	(73)
Net cash (used by)/provided			by group operating			activities			1,269	5,153
Reconciliation ofnet	debt
							At		New	At
							1July	Cash	Finance	30June
							2021	Flows	Leases	2022
							6'000	6'000	6'000	6'000
Cash							3,218	(1,387)		1,831
Loans falling due after more than one year							(3,000)	(4,500)		(7,500)
Finance lease obligations							(284)	111	(75)	(248)
Total							(66)	(5,776)	(75)	(5,917)

		2022	2021
		E'000	f'000
Present value offunded obligations		(8,751)	(11,078)
Fair value	of plan assets	8,291	10,511
Deficit		(460)	(567)
Amounts	in the balance sheet:
Liabilities		(460)	(567)
Assets
Net liability		(460)	(567)

		2022	2021
		E'000	E'000
Opening	defined benefit obligation	11,078	11,880
Expenses		130	194
Interest	cost	207	176
Actuarial	losses	(2,126)	(619)
Benefits	paid	(538)	(553)
Closing defined benefit obligation		8,751	11,078
Changes in the fair value ofscheme assets are asfollows:
		2022	2021
		E'000	E'000
Opening	fair value ofscheme assets	10,511	10,453
Interest	income	200	157
Return on scheme assets less interest on net defined benefit
pension	scheme liability	(2,419)	(86)
Contributions by employer		537	540
Benefits	paid	(538)	(553)
Fair value ofscheme assets at end ofyear		8,291	10,511

					2022	2021
					E'000	E'000
Current service cost
Expenses					(130)	(194)
Total charge to net income					(130)	(194)
Net interest on the net	defined	benefit pension scheme	liability			(19)
Net finance cost					(7)	(19)
Total amount charged	within net income				(137)	(213)
Remeasurement ofthe	net defined benefit pension scheme			liability	(293)	533
Total amount charged	to the Statement of Financial Activities				(430)	320
The major categories	ofscheme assets as a percentage of			total scheme assets are as follows:
					2022	2021
Equities
Bonds
Fixed Interest Matching	Assets				32%	34%
Inflation Linked Matching Assets					26%	26%
Managed Growth					40%	39%
Other					2%	1%

						2022	2021
						E'000	6'000
Actual	return	on	the	scheme	assets	(2,219)	71

The assets ofthe scheme have	The assets ofthe scheme have	been included	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	30June
									2022	2021
Inflation (RPI)									3.549o pa	3.5%opa
Inflation (CPI)									3.09%pa	3.0%opa
Salary increases									n/a	n/a
Rate ofdiscount									3.84%pa	1.996pa
Rate ofincrease in pensions	in	payment	where	CPI	to a maximum		of	596applies	3.63%	3.696
Rate ofincrease in pensions	in	payment	where	CPI	to a max	of2.5%		applies	2.079o	2.05%
Assumes life expectancies on retirement			age 65:
Retiring today —males									20.7	20.7
Retiring today —females									23.1	23.1
Retiring in 20years - males									22.0	22.0
Retiring in 20years - females									24.6	24.6

Transactions between the School and other group companies	Transactions between the School and other group companies	Transactions between the School and other group companies	that have been eliminated	on	consolidation
are disclosed below:
			2022		2021
			6'000		6'000
Sherborne School (Trading) Limited
Agents commission invoiced to School				63	101
Departmental sales invoiced to School				50	85
Profits gifted to School
Support costs invoiced by School				(13)
Sherborne School (Leisure) Limited
Pupil usage ofsports facilities invoiced to School				192	238
Profits gifted to School				62	3
Support and rental costs invoiced by School				(15)	(10)
Sherborne School (Overseas Trading)	Limited
Profits gifted to School				162	218
The Sherborne School Foundation
Donations to School				679	2,068
Donated services from School				256	162
Sherborne Schools Worldwide Limited
Interest paid to the School				7	6
Details of balances due between these entities		and the School at the year end are disclosed			in debtors
and creditors.

below:
				Yearto	Yearto
				30June	30June
				2022	2021
				E'000	E'000
Turnover
Administration				(30)	P)
Operating	loss			(30)	(7)
interest payable				(14)	(12)
Lossforthe year				(44)	(19)
50%share	ofloss			(22)	(9)
Shareholder's		deficit		(531)	(487)
50%share	ofshareholder's		deficit	(265)	(243)

Headmaster	and Chief Executive	D A Luckett BA	DPhil	FRSA FHA
Bursar and	Clerk to the Governors	Dr D C Cole BScMSc		PhD
Address		Sherborne School
		Abbey Road
		Sherborne
		DTB3LF
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
		12 Moorgate
		London
		EC2R EDA
Actuaries		Mercer Limited
		1Tower Place West
		London
		EC3R 5BU