|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|
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|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|
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||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|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|
|(a)|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|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||||