|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| ## |(d)|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|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|Limited's trading|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)||| ## ## ## ## ## ## ##