2023-06-30-accounts - Sherborne Schools Group

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CONTENTS	PAGE
Annual Report ofthe Governors —Review ofthe Year	2-6
Annual Report ofthe Governors	7-13
Independent Auditor's Report	14-16
Consolidated Statement ofFinancial Activities	17-18
Balance Sheets	19
Consolidated Statement ofCashflows	20
Notes to the Financial Statements	21-54
Governors, Officers and Advisers	55-56

							2023	2022
			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:
School fees			4	24,421			24,421	22,946
Donations:
Transfer ofassets in respect of
Sherborne Preparatory	School		15	5			5
Other donations, legacies and grants			5	47	532		579	791
Other trading octlvltles:
Commercial trading operations				935			935	849
investments				175	218		393	343
Other:
Other income				429			429	201
Total income				26,012			26,762	25,130
Expenditure on:
Raising funds:
Commercial trading operations			6	918			918	866
Net share ofloss in joint	venture		30	18			18	15
Fundraising costs					81		81	123
investment management	fees				29		29	29
Total expenditure on raising funds			12	936	110		1,046	1,033
Charitable activities:
Educational activities				26,068	196		26,264	24,384
Expenditureon charitableactivities			12	26,068	196		26,264	24,384
Totalexpenditure				27,004			27,310	25J17
Net income/(expenditure)	and	net
movement in funds before gains and
losses on investments				(992)	444		(548)	(287)
Net gains/(losses) on investments					(64)	34	(30)	(386)
Net income/(expenditure)	before
taxation				(992)	380	34	(57$)	(673)
Tax on profit/(loss) on ordinary		activities	13
Net income/(expenditure)	after taxation			(992)		34	(57$)	(673)
Transfers between funds			23b	1,000	(1,000)
Net income/(expenditure)	befare
other recognised gains	and losses
carried forward				8	(620)	34	(578)	(673)

for the year ended 30J	une 2	023
							2023	2022
			Unrestricted		Restricted	Endowed	Total	Total
				Funds	Funds	Funds	Funds	Funds
		Notes		E'000	E'000	E'000	E'000	E'000
Net income/(expenditure)	before
other recognised gains and
losses brought forward				8	(620)	34	(578)	(673)
Remeasurement ofdefined
benefit pension scheme			28	(487)			(487)	(293)
Net movements in funds				(479)	(620)	34	(1,065)	(966)
Reconciliation offunds
Total Funds brought forward				36,198	904	7,493	44,595	45,561
Total funds carried forward			23	35,719	284	7,527	43,530	44,595

as at 30June 20	23
				Group			School
				2023	2022	2023	2022
				f'000	f'000	6'000	f'000
			Notes
Fixed assets
Tangible assets			14/15	53,454	49,136	53,453	49,133
Investment assets			16	7,731	8,936	7,577	8,282
Total fixed assets				61,185	58,072	61,030	57,415
Current assets
Stocks				362	316	177	107
Debtors			17	3,114	2,829	3,787	3,480
Cash				4,129	1,831	3,825	1,397
Total current assets				7,605	4,976	7,789	4,984
Liabilities
Creditors: amounts	falling due	within one year	18	(7,119)	(6,713)	(6,985)	(6,565)
Net current assets/(liabilities)					(1,737)		(1,581)
Total assets less current liabilities				61,671	56,335	61,834	55,834
Creditors: amounts	falling due	after more
than one year			20	(17,620}	(11,280)	(17,620)	(11,280)
Net assets excluding	pension	liability		44,051	45,055	44,214	44,554
Defined benefit pension scheme liability			28	(521)	(460}	(521)	(460)
Total net assets				43,530	44,595	43,693
The funds ofthe group:
Endowed funds			23(a)	7,527	7,493	7,527	7,493
Restricted funds			23(b)	284	904	56	58
Unrestricted funds:			23(c)
Accumulation fund				36,240	36,658	36,631	37,003
Pension reserve				(521)	(460)	(521)	(460)
				35,719	36,198	36,110	36,543
Total funds			23	43,530	44,595	43,693	44,094

		2023	2023	2022	2022
	Notes	f.'000	6'000	6'000	6'000
Net cash generated from/(used	by)
operating activities	26		(967)		1,269
Cash flows from investing activities:
Investment income		393		343
Proceeds from sale ofproperty,	plant and equipment	621		363
Proceeds from sale ofinvestments		3,842		2,728
Purchase ofproperty, plant and	equipment	(6,423)		(8,580)
Purchase ofinvestments				(1,357)
Purchase ofendowed fund investments		(2,658)		(1,849)
Net cash used in investing activities			(4,225)		(8,352)
Cash Jfows/rom financing activities:
Cash inflows from borrowing		6,500		4,500
Cash inflows from new advance	fee contracts	990		1,251
Cash repayments ofadvance fee contracts				(55)
Net cash provided by gnancing	activities				5,696
Change in cash and cash equivalents in the
reporting period			2,298		(1,387)
Cash and cash equivalents atthe beginning
ofthe year			1,831		3,218
Total cash and cash equivalents ofthe year	atthe end		4,129		F1
Cash and bank balances			4,129		1,831
			4,129		1,831

4.	School fees	School fees
(a)	School Fees								2023	2022
									f'000	f'000
	School				-Boarders				22,997	22,532
					- Day boys				1,400	1,155
	Preparatory		School		-Prep				2,759	2,615
					-Pre-Prep				451	305
	Total School fees								27,607	26,607
	Sherborne	International			-Short Course Fees				834
	Other				- Registration			fees	155	79
	Total fees								28,596	26,686
	Less:Total	scholarships,		bursaries,		grants		and discounts	(4,596)	(4,128)
									24,000	22,558
	Add back: Scholarships			and discounts			paid for by restricted funds		126	105
									24,126	22,663
	Music fees	received							295	283
	School fees		per Consolidated		Statement			ofFinancial Activities	24,421	22,946
(b)	Awards, prizes, ond discounts paid					for	by	Restricted Funds comprised:	2023	2022
									f'000	f'000
	Scholarships								106	83
	Advance fees discount								20	22
									126	105
5.	Donations,		legacies and grants
									2023	2022
									r000	f'000
	Committed		giving						69	92
	Donations								349	648
	Legacies								161	36
	Grants									15
									579	791

						2023	2022
					Income	Expenditure	Income	Expenditure
					E'000	E'000	E'000	E'000
Sherborne	School	(Trading)	Limited		585	511	502	565
Sherborne	School	(Leisure)	Limited		175	393	172	288
Sherborne	School	(Overseas	Trading)	Limited	175	14	175	13
					935	918		866

			2023	2022
			E'000	E'000
Turnover			723	614
Cost ofsales			(632)	(654)
Gross profit/(loss)			91	(40)
Administration			(35)	(36)
Operating profit/(loss)			56	p6)
Other operating income
Profit/(loss) on ordinary activities before taxation			56	(76)
Tax on (loss)/profit	on ordinary	activities
Progt/(loss) on ordinary activities after taxation			56	(76)
Gift Aid distribution
Gross Assets
Gross Uabilities			(278)	(360)
Shareholder's (Defidt)/funds			(39)	(94)

			2023	2022
			E'000	E'000
Turnover			337	363
Administration			(408)	(302)
Operating (loss)/profit			P1)	61
Other operating		income		1
(Loss)/profit	on	ordinary activities	(71)	62
Gift Aid distriibution				62
Gross Assets			28	82
Gross liabilities			(98)	(81)
Shareholder's	(Defidt)/funds		(70)	1

		2023	2022
		E'000	E'000
Turnover		175	175
Administration		(14)	(13)
Profit on ordinary activities		161	162
Gift Aid distribution		161	162
Gross Assets		181	181
Gross Uabilities		(166)	(166)
Shareholder's	Funds	15	15

The Sherborne School Foundation's	The Sherborne School Foundation's	The Sherborne School Foundation's	principal objects are	to	promote the charitable	promote the charitable	promote the charitable	purposes of	purposes of	Sherborne	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:
								2023			2022
								E'000			f'000
Income from:
Donations, legacies	and grants								610		1,016
Other trading income									38
Investments									19		1
Total income									667		1,017
Expenditure on:
Raising funds									(82)		(124)
Charitable activities								(1,203)			(766)
Total expenditure								(1,285)			(890)
Net (Expenditure)/income									(618)		127
Gross Assets
Gross Uabilities											(12)
Total Charity Funds

Investment inc	ome
		2023	2022
		E'000	E'MB
Dividends receivable		199	176
Qatar royalty		166	166
Bank interest receivable		28	1
		393	343
Other income
		2023	2022
		E'000	E'000
Other ancillary	trading income
Houses income		61	50
Junior common	room income	9	8
Schooi events income		69	43
Sundry income		290	100
		429	201

This is stated	after charging/(crediting)	:
					2023	2022
					E'000	E'000
Auditor's remuneration:-
Fees payable	for the audit ofthe parent		charity and the	consolidation	35	30
Fee payable	for the audit ofsubsidiaries		pursuant to legislatiam		19	17
Fees payable	to the group's auditors	and	its associates	in respect of
Corporation	tax services				6	4
Depreciation					2008	1,844
(Profit)/loss	on disposal offixed assets				(524)	(293)
Operating lease costs - ectutpment					17	31
Stock recognised as an estpense					279	384
interest on advance feescheme					20	22
Loan interest					409	126

				2023	2022
				E'000	E'000
Wages and salaries				13,324	12,356
Social security costs				1,288	1,208
Pension contribution	—defined contdibution		scheme	1,907	1,895
				16,519	15,459
The number ofhigher	paid employees	was:
				2023	2022
				No.	No.
E60,000 - E70,000				10	12
E70,000 - E80,000				13	11
E80,000 - E90,000				1	2
E100,000 - E110,000					1
I110,000 - 6120,000
E220,000 - E230,000
E250,000 - 6260,000

									2023	2022
									No.	No.
	Educational	staff							201	196
	Support staff								274	265
									475
12.	Analysis of	expenditure
									2O23	2022
	Year ended	30June 2023				Staff costs	Other costs	Depreciation	Total	Total
						f'000	f'000	f'000	f'000	f'000
	Costofraising funds:
	Commercial	trading operations:
	Sherborne	School	(Trading)		Limited	220	290		511	565
	Sherborne	School	ILeisure)		Limited	271	122		393	288
	Sherborne	School	(Overseas		Trading)
	Limited						14		14	13
	Net share ofloss in joint venture						18		18	15
	Fundraising	costs				25	56		81	123
	investment	management		fees			29		29	29
						516	529	1	1,046	1,033
	Choritabie activities:
	Educational	activities
	Teaching					11,619	985		12,604	11,598
	Welfare					1,642	3,352		4,994	4,406
	Premises					761	1,603	2,007	4,371	4,265
	Support costs ofschooling					1,957	1,285		3,242	3,305
	Education	and grant making					136		136	93
	Operational	costs	—Foundation			24	43		67	87
	Financing costs						554		554	457
	Governance						147		147	88
	Other expenditure						149		149	85
						16,003	8,254	2,007	26,264	24,384
	Total expenditure		for Group			16,519	8,783	2,008	27,310	25,417


12.	Analysis ofexpenditure		(continued)
							2022	2021
	Year ended	30June 2022		Staff costs	Other costs	Depreciation	Total	Total
				E'000	E'000	E'000	E'000	E'000
	Costofraising 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 ofloss injoint		venture		15		15	3
	Fundraising	costs		75	48		123	75
	Investment	management	fees		29		29	28
				480	550	3	1,033	691
	Charitable activities:
	Educational	activities
	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
13.	Taxation
							2023	2022
							E'000	E'000
	Tax on ordinary activities

Tangible fixed assets - School
			Plant,	Assets
	land and	Equipment	and	Under
	Buildings	Motor vehicles		Construction	Total
	E'000		f'000	000	E'000
Cost
At1July 2022	55,021		8,374	7,096	70,491
Additions	1,369		726	4,328	6,423
Transfers	8,191			(8,191)
Disposals	(120)		(383)		(503)
At 30June 2023	64,461		8,717	3l233	76,411
Depreciation
At 1July 2022	15,598		5,760		21,358
Charge for year	1,202		804		2,006
Disposals	(36)		(370)		(406)
At 30June 2023	16,764		6,194		22,958
Net book value
At30June 2023	47,697		2,523	3,233	53,453
At 30June 2022	39,423		2,614	7,096	49,133

Tangible fixed assets - G	roup
			Plant,	All	Assets
	land and	Equipment	and	Weather	Under
	Buildings	Motor Vehides		Pitch	Construction	Total
	E'000		E'000	E'000	f'000	f'000
Cost
At 1July 2022	55,021		8,476	439	7,096	71,032
Additions	1,369		726		4,328	6,423
Transfers	8,191				(8,191)
Disposals	(120)		(385)			(505}
At 30June 2023	64,461		8,817	439	3.233	76,950
Depreciation
At 1July 2022	15,598		5,859	439		21,896
Charge for year	1,202		806			2,008
Disposals	(36)		(372)			(408)
At 30June 2023	16,764		6,293	439		23,496
Net book value
At 30June 2023	47,697		2,524		3,233	53,454
At 30June 2022	39,423		2,617		7,096	49,136

	land and
	Buildings
	5'000
Cost	52,098
Accumulated depreciation	(10,984)
Net book value
At 30June 2023	41,114
At 30June 2022	31,832

						Scholarship
			Investment	Foundation	Advance	gr Prize
	Unlisted		Property	Fund	Fee Fund	Fund	Total
	6'000		6'000	6'000	6'000	6'000	6'000
At 1July 2022		1	150		1,965	6,166	8,282
Additions						2,658	2,658
Disposals at book	value				(728)	(2,584)	(3,312)
Unrealised gain/(loss)					(70)	10	(60)
Equalisation ofinvestments
Change in accrued	income
Total for Charity		1	150		1,176	6,250	7,577
Group transactions	added/
(eliminated) on consolidation				155			154
At 30June 2022			150	155	1,176	6,250	7,731
Investments listed	on the
Stock Exchange				155	1,176	6,250	7,581
Historical cost		1	5	155	1,274	6,095	7,530

Debtors
			Group		School
			2023	2022	2023	2022
			6'000	6'000	6'000	6'000
Due within one year:
Trade debtors			57	27	44	21
Tax recoverable			1	26
Fees due			1,218	1,121	1,218	1,121
Other debtors			119	146	94	92
Prepayments			1,719	1,509	1,719	1,509
Amount due from subsidiary	undertakings				432	494
Amount due from joint venture		undertaking			80	43
Due after more than one year:
Amount due from joint venture		undertaking				200
			3,114	2,829	3,787

Creditors: am	ounts falling due within one	year
			Group		School
		2023		2022	2023	2022
		E'000		E'000	E'000	E'000
Fees received	in advance	1,633		1,155	1,633	1,155
Trade creditors		1,078		1,345	1,060	1,289
Taxation and social security		358		352	334	346
Finance leases		108		116	108	116
Other creditors		237		330	161	252
Accruals		2,207		1,942	2,191	1,934
Pensions		278		271	278	271
Deposits held		420		404	420	404
		6,319		5,915	6,185	5,767
Advance fees	(see note 19)	800		798	800	798
		7,119		6,713	6,985	6,565

Assuming pupils w	ill remain i	n the School, advance fees will be applied as	follows:
			2023	2022
			E'000	E'000
After five years			455	415
Within two to five years			252	504
Within one to two years			462	470
			1169	1,389
Within one year			800	798
			1,969	2,187
The movement during the year on advance fees were as follows:
			2023	2022
			E'000	E'000
At 1July 2022			2,187	2,115
New advance fees received during the year			990	1,250
Fees repaid during	the year			(55)
Amounts accrued	for interest		19	22
Amounts utilised	in payments	offees	(1,227)	(1,145)
At30June 2023			1,969	2,187

Creditors: amounts falling due after mo	re than one year
		Group			School
	2023		2022	2023		2022
	f'000		E'000	f'000		E'000
Advance fees(note 19)	1,169		1,389	1,169		1,389
Bank loan	14,000		7,500	14,000		7,500
Deposits	2,402		2,259	2,402		2,259
Finance leases	49		132	49		132
	17,620		11,280	17,620		11,280

21.Consolidated Stateme	nt of	Financial Activities	for prior year
						2022
			Unrestricted	Restricted	Endowed	Total
			Funds	Funds	Funds	Funds
			f'000	f'000	f'000	f'000
Income from:
Charitable Activities:
Schoolfees			22,946			22,946
Donations:
Other donations, legacies	and grants		30	761		791
Other trading activities:
Commercial trading operations			849
Investments			166	177		343
Orheri
Other income			201			201
Total income			24,192	938		25,130
Expenditure on:
Raising funds:
Commercial trading operations			866			866
Net share ofloss in joint venture			15			15
Fundraising costs				123		123
Investment management	fees			29		29
Total expenditure on raising funds				152		1,033
Charitable activities:
Educational activities			24,186	198		24,384
Expenditure on charitable	activities		24,186	198
Total expenditure			25,067	350		25,417
Net income/(expenditure)	and	net
Movement in funds before gains and
losses on investments			(875)	588		(281)
Net gains/(losses) on investments				(75)	(311)	(386)
Net income/(expenditure)	before taxation		(815)	513	(311)	(673)
Tax on profit/(loss) on ordinary		activities
Net income/(expenditure)	after taxation		($75)	513	(311)	(673)
Transfers between funds			390	(390)
Netincome/(expenditure)	before other
recognised gains and losses carried forward			(485)	123	(311)	(673)

									2021
						Unrestricted	Restricted	Endowed	Total
						Funds	Funds	Funds	Funds
						E'000	E'000	E'000	E'000
Net income/(expenditure)		before other
recognised gains and losses brought forward						(485)	123	(311)	(673)
Remeasurement ofdefined
benefit pension scheme						(293)			(293)
Net movements in funds						(778)	123	(311)	(966)
Reconciliation offunds
Total funds brought forward						36,976	781	7,804	45,561
Total funds carried forward						36,198	904	7J93	44,595
22.	Analysis ofnet assets		between funds
(a)	Analysis ofgroup net		assets	between funds
						Net Current
					Fixed	Assets/	long Term	Pension	Fund
					Assets	(liabilities)	liabgitles	liability	Balances
					E'000	E'000	E'000	E'000	E'000
	Unrestricted
	Pension Reserve Designated			Fund				(521)	(521)
	Accumulation Fund				52,739	(48)	(16,451)		36,240
	Restricted funds								284
	Endowed
	Advance Fee Fund				1,176	(7)	(1,169)
	Edbrooke Scholarship		and Bursary		255				255
	Scholarship and Piize		Fund		4,250	257			4,507
	Scholarship and Prize		Fund —Eglington
	Bursaiies				2,000				2,000
	Endowed Property				765				765
	Group total at30June 2023				61,185	486	(17420)	(521)	43,530

					Net Current
				Fixed	Assets/	Long Term	Pension	Fund
				Assets f'000	(Uabilities) f'000	Liabilities F.'000	Liability f'000	Balances f'000
	Unrestricted
	Pension Reserve Designated		Fund				(460)	(460)
	Accumulation Fund			48,920	(2,371)	(9,891)		36,658
	Restricted funds							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 30tune 2022			58,072	(1,737)	(11,280)	(460)	44,595
(b)	Analysis ofSchool net assets		between	funds
					Net Current
				Fixed	Assets/	Long Term	Pension	Fund
				Assets	(Uabilities)	Uabilhies	Uability	Balances
				f'000	E'000	f'000	f'000	f'000
	Unrestricted
	Pension Reserve Designated		Fund				(521)	(521)
	Accumulation Fund			52,584	498	(16,451)		36,631
	Restricted funds				56			56
	Endowed
	Advance Fee Fund			1,176	P)	(1,169)
	Edbrooke Scholarship	and Bursary		255				255
	Scholarship and Prize	Fund		4,250	257			4,507
	Scholarship and Prize	Fund —Eglington
	Bursaries			2,000				2,000
	Endowed Property			765				765
	School total at 30June 2023			61,030	804	(17,620)	(521)	43,693

Analysis of	School ne	t assets	between f	unds (cont	inued J
					Net Current
				Fixed	Assets/	Long Term	Pension	Fund
				Assets	(Uabgltles)	Uabilities	Uability	Balances
				f'000	f'000	f'000	f'000	f'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
Endowed Property				765				765
School total	at 30June 2022			57&15	(1p581)	(11 280)	(460)	44J094

Analysis o	f	movements in permanent	endowed fun	ds (Group a	nd School)	nd School)
			Balance at		Transfers and		Balance at
			1July			Investment	30June
			2022	Income	Expenditure	Gains	2023
			f'BM	E'000	f'000	f'000	f'000
Endowed	Property		765				765
Edbrooke	fund		255				255
Scholarship		and Prize Fund	4,473			34	4,507
Scholarship		and Prize Fund —Eglington
Bursadies			2,000				2,000
			7/93				7427
			Balance at			Transliars and	Balance at
			1July			Investment	30June
			2021	Income	Expenditure	Gains	2022
			F.'000	f'000	f'000	f'000	f'000
Endowed	Property		765				765
Edbrooke	fund		255				255
Scholarship		and Prize Fund	4,784			(311)	4,473
Scholarship		and Pdize Fund —Eglington
Bursadies
						(311)	7~93

	Balance at				Investment	Balance at
	1July				Gains	30June
	2021	Income	Expenditure	Transfers	/(Losses)	2022
	E'MO	E'OM	E'000	E'000	E'OM	E'000
Advance Fee Fund		66	(23)	32	PS)
Scholarship and	Prize
Fund
Andrew Yorke Sail Training
Fund	48					48
Bursary Fund				(44)
Cricket Square
Art Project				(3)
Grand Piano				(4)
Music Projects				(1)
Shell House Fund						2
Upper Pavilion	Fund					2
Sports Centre		625		(625)
SPSRestricted Fund				(3)		1
Other restricted	funds		(1)			1
Charity	62	855	(136)	(648)	(75)	58
The Sherborne	School
Foundation	718	1,018	(890)			846
	780	1,873	(1,026)	(648)	P5)	904
Eliminated on
consolidation		(935)	679	256
Group	780	938	(347)	(392)	PS)	904

Analysis of	moveme	nts	in unrestricted f	in unrestricted f	unds
			Balance at		Income	Expenditure	Tax Transfers and		Balance at
				1July				Investment	30June
				2022				Gains/(Losses)	2023
				f'000	f'000	E'000	f'000	f'000	f'000
Pension reserve—
designated	fund			(460)		426		(487)	(521)
Accumulation	fund			36,658	26,012	(27,431)		1,001	36,240
Total				36,198	26,012	(27,005)		514	35,719
The total transfers,		amounting tof390k			(2021 - E1903k), represent		transfers ofE390k(2021-E1903k)
from the accumulation			fund to restricted		funds,	as detailed in Note	23(b).	There is also 6224k (2021-
E221k)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 2022. Please refer to			note 6for
more information.
			Balance at		Income	Expenditure	Tax	Transfers and	Balance at
				1July				Investment	30June
				2021				Gains/(lasses)	2022
				f'000	f'000	f'000	6'000	f'000	f'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	(25W7)		97	36,198
Contracts and commitments
At 30June 2023the School				had commitments as follows:
								2023	2022
								f'000	f'000
Contracted for but		not provided in these			Bnandal statements			1,719	6,745
Authorised	but not contracted							5,762	5,917

										2023	2022
										6'000	6'000
	Net income/(expenditure)			before investment		gains/(losses)				(548)	(287)
	Adjustments for:
	Investment income									(393)	(343)
	Finance costs									428	147
	Equalisation ofinvestments									(9)	(9)
	Depreciation									2,008	1,844
	(Profit)/loss on disposal		ofproperty,		plant and		equipment			(524)	(296)
	Add back ofnon-cash	FR5102charge			to defined		benefit retirement		scheme	111	137
	l.ess cash contributions		to	defined benefit retirement				scheme		(537)	(537)
	Advance fees utilised									(1,227)	(1,146)
										(691)	(490)
	Movements in working		capital:
	Decrease in stacks									(46)	36
	(Increase) in debtors									(285)	622
	(Decrease)/increase	in creditors								463	1,227
	Cash (used by)/generated			from operations						(559)	1,395
	Investment income
	Interest paid									(408)	(126)
	Net cash (used by)/provided			by group operating			activities			(967)	1,269
27.	Reconciliation afnet	debt
								At		New	At
								1July	Cash	Rnance	30June
								2022	Flows	leases	2023
								6'000	6'000	6'000	6'000
	Cash							1,831	2,298		4,129
	Loans falling due after more than one year							(7,500)	(6,500)		(14,000)
	Finance lease obligations							(248)	119	(28)	(157)
	Total							(5,917)	(4,083)	(28)	(10,028)

		2023	2022
		E'000	6'000
Present value offunded	obligations	(7,563)	(8,751)
Fair value ofplan assets		7,042	8,291
oeficit		(521)	(460)
Amounts in the balance sheet:
Liabilities		(521)	(460)
Assets
Net liability		(521)	(460)
Changes in the present	value ofthe defined benefit obligation are as follows:
		2023	2022
		6'000	6'000
Opening defined benefit	obligation	8,751	11,078
Expenses		101	130
Interest cost		329	207
Actuarial losses		(1,123)	(2,126)
Benefits paid		(495)	(538)
Closing dehned benefit obligation		7,563	8,751
Changes in the fair value ofscheme assets are as follows:
		2023	2022
		6'000	E'000
Opening fair value ofscheme assets		8,291	10,511
Interest income		319	200
Return on scheme assets	less interest on net defined benefit
pension scheme liability		(1,610)	(2,419)
Contributions by employer		537	537
Benefits paid		(495)	(538)
Fair value ofscheme assets at end ofyear		7,042	8,291

			2023	2022
			8'000	8'000
Current service cost
Expenses			(101)	(130)
Total charge to net	income		(101)	(130)
Net interest on the	net defined benefit pension scheme liability		(10)
Net finance cost			(10)	(7)
Total amount charged within net income			(111)	(137)
Remeasurement of	the net	defined benefit pension scheme liability	(487)	(293)
Total amount charged tothe Statement of Financial Activities			(598)	(430)
The major categories ofscheme assets as a percentage oftotal scheme assets are asfogows:
			2023	2022
Equities
Corporate Bonds			10SS
Liability Driven Investments		(formerly Fixed Interest Matching Assets	30fo	58%
and Inflation Unked Matching Assets)
DiversiTied Growth	Funds		56%	409fi
Other(cash)			4%	296

						2023	2022
						8'000	g'000
Actual	return	on	the	scheme	assets	(1,291)	(2,219)

liabilities have been calcula	t	ed using the	following principal actuar	ial assumptions	:
					30june	301une
					2023	2022
Inflation (RPI)					3.51%pa	3.54%pa
Inflation (CPI)					3.11%pa	3.09%pa
Salary increases					n/a	n/a
Rate ofdiscount					5.42% pa	3.84%pa
Rate ofincrease in pensions		in payment	where CPI to a maximum	of5%applies	3.67%	3.63%
Rate ofincrease in pensions		in payment	where CPIto a max of2.5%applies		1.96%	2.07%
Assumes life expectancies	on retirement		age 65:
Retiring today —males					20.6	20.7
Retiring today - females					23.0	23.1
Retiring in 20years - males					22.0	22.0
Retiring in 20years - females					24.5	24.6

Transactions between the School and other group companies that have been eliminated	Transactions between the School and other group companies that have been eliminated	on	consolidation
are disclosed below:
	2023		2022
	6'000		6'000
Sherbome School (Trading) Umited
Agents commission invoiced to School		78	63
Departmental saies invoiced to School		60	50
Profits gifted to School
Support costs invoiced by School		(18)	(13)
Sherborne Schooi (leisure) Umited
Pupil usage ofsports facilities invoiced to School		162	192
Profits gifted toSchool			62
Support and rental costs invoiced by School		(15)	(15)
Sherborne School(Overseas Trading) Umited
Progts gifted to School		161	162
The Sherborne School foundation
Donations to School	1,137		679
Donated services from School		116	256
Sherborne Schools Worldwide limited
Interest paid tothe School		12
Details ofbalances due between these entities and the School at	the year end are disclosed		in debtors
and creditors.

Sherborne	Schools Worldwide	Schools Worldwide	Schools Worldwide	results for the year ended 30June 2023are	summarised
below:
				yearto	yearto
				30June	30June
				2023	2022
				E'000	E'000
Turnover
Administration				(36)	(30)
Operating	loss			(36)	(30)
Interest payable				(25)	(14)
Lossforthe year				(61)	(44)
50%share	ofioss			(31)	(22)
Shareholder's		defidt		(592)	(531)
50%share	ofshareholder's		defidt	(296)	(265)

Sherborne	School Governors are the Charity Trustees and Company Directors of	School Governors are the Charity Trustees and Company Directors of	Sherborne School Charity	Sherborne School Charity	Sherborne School Charity	Sherborne School Charity	("the
Charity" ).	They have	all served in office throughout the year except where	indicated.		Together	with	past
Governors	who served	in the year as indicated, they are:
Chairman		Lt Gen David Leakey CMG CVO CBEMA Cantab
Vice Chairman		Mrs Angela Claire Lane BA, FCA(appointed as Vice Chairman		1July	2022)
Ex~telo		The Vicar ofSherborne, The Reverend Martin Lee
Co-OPted		Mrs Isabel Anne Cooper Burke, MB, BS,MRCGP (resigned	2July 2022)
		Aubrey John Capel Esq
		Mrs Vicki Cotter, LLB (Hans), LLM
		Michael Levick French Esq, FCA (resigned 31December 2022)
		Tim Hague Esq, FCCA, CTA (resigned 31December 2022)
		Guy David John Hayward-Cole Esq, MA, MBA
		Nicholas Isaac (appointed 1March 2023)
		Dr Max Jonas
		Nigel Lawson Jones Esq, BSc,FRICS,ACIArb
		Robin Anthony Langley Leach Esq, MA
		George Marsh Esq, MA, Cert Ed
		Dr Ruth Elizabeth Newman (appointed 1September 2022)
		John David William Pocock Esq, BEng (Hons)
		Anthony John Demainbray Pralle (appointed 6January 2023)
		Professor Simon Mark Spearing (appointed 26 May 2023)
		Mrs Giliian Staley, BSc,MSc, CMIOSH
		Mrs Elaine Stallard JP
		Robert Jan Temmink Esq, QC, MA, BL, FCIArb (resigned 21October			2022)