2024-06-30-accounts - Sherborne Schools Group

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,¥1¥ SHERBORNE SCHOOLS GKOUP ANNUAL REPORT AND Co)NSC)LIDATED FINANCIAL STATEMENTS For the year ended June 2024 SHERBORNE Registered Company Number: 4002575 Registered Charity Number.. 1081228

Sherborne Schools Group CONTENTS for the year ended 30 June 2024 CONTENTS PAGE Annual Report ofthe Governors- Review of the Year Annual Report ofthe Governors 8-14 Independent Auditor'5 Report 15-17 Consolidated Statement of Financial Activities 18-19 Balance Sheets 20 Cons01id3ted Statement of Cashflows 21 Notes to the Financial Statements 22-54 Governors, Officers and Advlsers 55-57 Registered Company Number.. 4002575 Registered Charity Number.. 1081228

Sherborne School ANNUAL REPORT OF THE GOVERNORS- REVIEW OF THE YEAR for the year ended 30 June 2024 The Governors of Sherborne Schools Group I'the Group") present their annual report and audited accounts for the year ended 30 June 2024 and confirm that they comply with the requirements of the Charities Act 2011, Sherborne's constitution, the Statement of Recommended Practice for Charities ISORP 20151 {Second Edition, effective l January 20191, and the Companies Act 2006. REVIEW OF THE YEAR In May 2024 the Governors of Sherborne School announced that It was plannin8 to merge with the Sherborne Gir15 School Group to establish the Sherborne Schools Group, comprisin8 Sherborne School, Sherborne Gir15 School, Sherborne Preparatory School and Hanford. Based on 2024 numbers the four schools would have capacity for approximately 1,400 pupils, with provlslon from Nursery to A-Level/BTEC13-181. Additionally, the Group would employ approximately 850 staff and could be expected to have an annual financial turnover of between £55 and £60m. The project was overseen by a joint Steering Grou p with representatives Igovernors and staff) of both charlties. A new Executlve Committee for the Group was established comprising the Heads of the respectlve senior schools (who also have responslbility for their respective preparatory schoolsl, a 8roup-wide Chief Operating Officer and newly created posltlon of Executlve Chair. As a result of the merger, In addltion to the name of the Group chan8ln8, mlnor amendments were made (following Charity Commission approval) to Its Articles of Assoclatlon and charitable objects. The mer8er was successfully completed on the l July 2024 to coincide with the end of the Financlal Year for Sherborne School land therefore the productlon of these Accounts). Prlnclpal Achlevements and Performance Educotlonal Performonce The boys once again did very well In thelr publlc examinations. 20% of their A levels were graded A. {compared to 9% nationally) with 43% belng awarded A. and A 8rades127% nationally). Over 70% were graded A'_B and over 90% A. to C. A quarter of the boys achleved stral8ht A. and A grade5. The BTEC results were again exceptional with 86% Distinction /Distinction (with Distinction bein8 equlvalent to an A at A level and Distinction to an A 8radel. Most of our boys were successful In securing thelr preferred university places. Of the 115 who made UCAS applications, 82 were accepted by their first and 15 by their second-choice Institutions. Destinations include high-tariff UK Instltutions such as Bath, 8rlstol, Durham, Edinburgh. Exeter, Imperial, Manchester, Newcastle, Oxford, Southampton and UCL. Others secured places at top oversea5 institutions includin8 MCGIII, Montréal, Canada; the Unlversity of No'rth Carolina, Chapel Hill, USA,, and l E Business School, Madrld. The degrees for which they will be studying include Medicine, Veterinary Science, Architecture, Law, Natural Sciences, En8ineerin8, Languages, History, Business, Geography, Music, Economics, Psycholo8y, Computer Science, Horo108y and Yacht Design. This yearfs GCSE results were equally good. Rou8hly a third were awarded the top 8rades of 9 and 8 and around half were graded 9 to 7 lequivalent to the old A. and A grades). Of the 46 Year 8 leavers from Sherborne Preparatory School ISPS) 12 received academic scholarships at Sherborne School or Sherborne Girls, as well as at Canford, King'5 Bruton, Downe House and Millfield. Additionally, a further fifteen children achieved further scholarships and awards in Drama, Performing Arts, Music and Sport. Sportlng Achlevements On the sporting front, our football squads enjoyed success in their ISFA cup competitions, our Athletes enjoyed succe55 at the South-west Championships, a large number of boys were involved in pathway programmes with Bath Rugby Academy, the Bath and England Hockey Talent Academies and various county cricket clubs. One Upper Sixth Form pupil became the Ukrainian national mountain biking champion. In addition to school records being broken on the athletics field and in the pool, the U18 won the Rugby 7s Plate at the West of England 7s. Two of our boys won the senior doubles plate at the West of England Schools Fives Registered Company Number.. 4002575 Registered Charity Number: 1081228

Sherborne School ANNUAL REPORT OF THE GOVERNORS- REVIEW OF THE YEAR for the year ended 30 June 2024 Championships and two won medals in the junior boulderin8 category at the Independent Schools Climbing Championships. In skiing, two boys came flrst and second respectively in the under-14 unregistered category at the DHO British Ski Racing Championships, our sailors were runners up in the Schools, National Keelboat Championships and reached the final of the BSDRA Western Area Team Racing Championships and our Golfers reached the Southwest final of the South-west ISGA Singles Competition. The Arts The Arts continue to flourish at Sherborne. Our Music scholars, spanning Third to Upper Sixth Forms, achieved two ATCL Diploma5 lone with Distinction), four ARSM Diplomas. 51M Grade 8 Distinctions and seven Grade 8 Merits between them. Our musicians staged an outstandin8 Joint Schoo15' Musicol Showc05e and individua15 performed throughout the year in public recitals and concert5 a5 well as the Halliday Cup and the Patrlck Shelley Music Competition for Advanced Instrumentalists, this year adjudicated by the Director of Music at Exeter Cathedral, Timothy Noon. The Chamber Choir regularly sang in Sherborne Abbey as well as leading Choral Evensongs in Salisbury and Exeter Cathedrals. The Sherborne Schools Choral Society gave it5 annual concert in Sherborne Abbey. The Brass Band gave concerts at the town's Christma5 Festive Shopping Day and played at the CCF Biennial In5PÈCtion, the Brass Quintet participated in the annual Pro Corda Music Competition. The Joint Schools, Musical Production was 3 magnificent staging of Legally Blonde. Closely followed by an outstanding junior production of The Three Musketeers. The Green staged Concelled, Abbeylands staged Between Mouthfuls and Gosforth Park, Wallace staged Blue Remembered Hills and The Digby sta8ed DNA. Our Drama Scholars devised an original piece called It's up to the Jury. Our LAMDA pupils secltred 17 Distinctions and 9 Merits for the year in all levels up io and includin8 Grade 8. Co-currlcular Through participation in over 50 club5 and various other activitie5, ou r pupils hone their abilities to plan, think, lead, critique sources and news, analyse situations and behaviour and debate. Examples include the Model United Nations, Amnesty. Debatin8, Community Service, CCF, Environmental Action, Che55, Codin8 and various Pupil Voice Committees. The Duke of Edlnbur8h's Award continues to 80 from Strength to strength with 180 participants across the three award levels. The Cornbined Cadet Force continued to nurture high standards of leadership and teamwork. Cadets went on visits/field trips to Scraesdon Fort, Salisbury Plain, Portsmouth and Lympstone. The Royal Navy section undertook a Field Gun Day and went to Portsmouth for adventure trainin8 activities and mountain biking in Queen Elizabeth Park,. our Royal Marines Vlslting CTC Lympstone,. and our Army Section being hosted by 6 Rifles in Exeter. In addition, Army cadets competed in the Rifles Cadet Cup, securing a highly commendable fourth place. The Royal Marines competed in the Royal Marines Pringle Trophy. The cadets secured second place overall. One of our Upper Sixth Form was appointed as His Majesty's Lord-Lieutenant'5 Cadet for Dorset. The Combined Cadet Force Biennial Inspection passed off successfully in the presence of the Inspecting Officer Major General Nick Perry, OSO, MBE. The afternoon be8an with a ceremonial parade and the inspection was accompanied by military music played by the pupils. Twenty boys completed the Ten Tors Challen8e in May. Many of our boys have not only been mindful of the need5 of others but have taken practical steps to help and support those most in need. A Current Upper Sixth Form pupil ha5 been working with Car54Ukroine, a volunteer organisation in Kyiv that Supports civilians in donating second hand pickup trucks for use in delivering humanitarian aid. casualty evacuation and medical and ration resupply. Having raised £18,000, he and his father drove in a convoy taking three trucks and large quantities of medical supplies lo Ukraine. They also took donations of warm weather clothes, sleeping bag5 and beddin8 which were given to an orphanage in Kherson to support some of those who have lost thelr homes a result of the fighting in the east of Ukraine. Registered Company Number.. 4002575 Registered Chaflty Number= 1081228

Sherborne School ANNUAL REPORT OF THE GOVERNORS- REVIEW OF THE YEAR for the year ended 30 June 2024 Another Sixth Form pupil set himself the extraordinary challenge of running a series of ultra-marathons for charity. In January 2024, he ran IOOkm in one day. He then covered 200km in 30 hours in March. He Is also planning to run 400km in four days and then 700km in seven days. The CCF ran a pupil-led initiative to raise money for veterans, charitles (the Royal Naval Assoclation, the Royal Marines Charity and the Army Benevolent Fund) through a silent auction running from late January until 7 February 2024. In addition, boys were busy collecting for the Sherborne Food Bank and other local charities, whi15t staff. boys and parents from The Green took part in a Iokm run in aid of Movember. A comprehensive review of co-curricular activitie5 throughout the year is included in the Shirburnlan which is available from the Sherborne School Marking Department. A summary which shows the breadth and depth ofacademic and co-curricular achievement may be found in The Record of Achievement 2023-2 Recent Developments Since approval of the Development Plan 2023-28, a number of initiatives have been taken forward, Including rationalisation of our GCSE and A level curricula; the development of a skills based Third Form curriculum. and the creation of a rin8fenced time for tutors to see their tutees. We have also developed our neurodlversity provision including through an in-house training course for staff led by our ADHD lead, The two-year Sports Centre redevelopment project was completed and the new facilities opened to the public on 28 October 2023. During this accountlng perlod the followln8 project and refurbishment works were seen across the E5tate'. In the Summer of 2023: Four new single slxth-form study rooms were created in Lyon House,. Three fourth-form dorms in Lyon House were refurbished to allow each boy to have a desk space alon8side their bed,. A new kitchen was fltted In Lyon whlch gave the communal area a significant lift,. The BSR boiler underwent a full refurbishment making it more efflcient and effectlve in heatin8 this space,. Refurbishment of a large shower and toilet block in Abbeylands was completed. In the Christma5 holidays along wlth roof repalrs acr055 several House5, the rooms on the second floor of School House saw si8nlflcant refurblshment wlth fire doors belnB replaced and redecoration throughout. In the Easter holidays, roof repairs continued across some areas of the school including School House, The Green and the Health Centre. The boy5, toilet5 in the dinlng room underwent a full refu rbishment and two new boilers were put Into The Green to replace the old system. The School's heatlng engineer refurbished the boilers in the Pilkington block which should extend the life of thi5 heating system for some years. In April 2024, the specialist repair5 to the Drama Cupola were completed with further roof repairs and 8Utterin8 carried out by the School's Estates team. Throughout the year ongoing fire risk assessment works were completed throughout many of the school buildings. The Sherborne School Foundatlon The Foundation continued to en8a8e OS and Parents to raise funds to support key a5pect5 of the School. In the last year these have included completing the fundraising for the School'5 new Sports Centre in the heart of the campus which was formally opened by the Lord Lieutenant of Dorset in June 2024. Looking ahead the Fou ndatlon will enable OS and Parents to support the ambitions for the School a5 the Group develops the vision for education in Sherborne and beyond. Registered Company Number.. 4002575 RegiSted Charity Number.. 1081228

Sherborne School ANNUAL REPORT OF THE GOVERNORS- REVIEW OF THE YEAR forthe year ended 30 June 2024 Compllonce Neither school was subject to a regulatory inspection by the Independent Schoo15 Inspectorate during the year but both devoted resources to ensuring that Staff remained up to date with the regulatory requirements and that processes and procedures were updated to reflect any changes. Overseas Actlvltles Sherborne Qatar completed its fourteenth year of operation and continues to provide a high-quality education based upon the tradltional principles and ethos established in Sherborne. In January 2024, Sherborne Qatar announced a reorganisation of the Doha schools. The group of schools has expanded to include an all-throu8h co-educ3tion31 school,. boys, school,. glrls. school,. prep School; and special needs provision. Sherborne Schools Worldwide Limited ISSW) welcomed representatives from Sharaka Education Isherborne School's partner in Qatarl and Shurfah for a visit to Sherborne and to formally sign the partnership agreement between SSW, Sharaka and Shurfah which will lead to the establishment of Sherborne-branded schools across the Middle East and North Africa. Marketlnq ond Recrultment The key to stability and security to sustaining pupII numbers In both Sherborne School and Sherborne Preparatorv School. The Third Form entry to Sherborne School wa5 108 and numbers on roll increased to 5861546 Boarders.. 40 Dayl at the start of the year compared to 579 the previous year. In the summer of 2022, Sherborne School successfully relaunched its highly re8arded surrmer holiday courses at Sherborne International. Following a year of targeted recruitment activities, enrolments in 2023 reached approximately 85% of pre-pandemic levels, representing 950 student weeks. This resulted in a surplu5 exceedin8 £300,000. The course5, held between 5 July and 16 August 2023, catered to student5 aged 8 to 17 and maintained an academic focus, offering international students an immersive British boarding experience. With participation from over 20 nationalities in 2023, the pro8ramme also provided pastoral employment opportunities for manv former Sherborne School students. The positive feedback received from attendees reinforces the expectatlon that some students may consider Sherborne schools for their future education. Durin8 the Easter holiday5, the Newell Grange campus hosted a GCSE spring revision course. Running over three weeks, this programme generated a surplus of approximately £ 11,000 and received excellent feedback from both students and parents, particularly for its focus on academic content and examination techniques. The increase in marketing and recruitment activity was sustained throughout the year. The School continued to expand its programme of overseas visits with the aim to slightly increase the nurnber of boys we admit from range of international markets. The School developed its overseas recruitment strategy, including through an expanded programme of visits to established international markets lincluding Hong Kon8, China, Bermuda and Cayman) whllst developin8 our presence in the Middle East, Kenya, Malaysia, Japan, Thailand and Singapore. Overseas travel {in su pport of recruitment} included attendance at recruitment fairs and/or hosting receptions in China (September 20231, Bermuda Iseptember 20231 Hon8 Kon8 and Japan Ioctober 20231, Grand Cayman and Bahama5 (November 20231, Seoul, Korea (February 20241, Dubai (February 20241, Kenya (April 20241. India (New Delhi, Mumbai and Kolkatal IApril 20241, Istanbul on behalf of Sherborne International IApril 20241, Jersey (May 241. The School continued to reach target markets with workshops, sports tournaments, Prep School Fairs. Open days, Prep Head visits and visits to Prep Schools as well as continuing with the well-established newsletler and the Shirburnian. The School achieved success in bein8 awarded the Best of the 8e5tfvr Co-curricular at The Week Magazine 2023 Awards and were finalists in the Tatler 2024 Awards for a Lifetime achievement Award. Corbon Energy Report The Charity is reporting under the reouirements of the Companies IDirector5' Report) and Limited Llabilitv partnerships {Energy and Carbon Reporting) Regulations 2018. The Charity has followed the Environmental Reporting guideline5.' including streamlined energy and carbon reporting guidance March 2019 and used the GHG Reporting Protocol Corporate Standard for quantifying and reporting energy use. The UK Government Conversion Factors for Company Reportin8 have been used in the calculation. Re8lstered Company Number.. 4002575 Registered Charity Number- 1081228

Sherborne School ANNUAL REPORT OF THE GOVERNORS- REVIEW OF THE YEAR for the year ended 30June 2024 UK GREENHOUSE GAS EMISSIONS AND ENERGY USE DATA 2023124 2022123 Ener8y¢onsumptlon (kwh) used to calculate emissions (kwh) Gas Electricity Transport fuel 9,006,659 4,284.409 168,680 6,988,123 4.161.865 108,920 Total ener8y consumptlon (kwh) 13,459,748 11,258,908 Emlsslons In metrlc tonnes C02e Gas consumption Owned transport - minibuses, car and vans 1,647.30 42.17 1,397.62 27.23 Emlsslons In metrlc tonnes C02e Purchased electricity 887.00 861.81 Emlsslons In metr1¢ tonnes C02e Business travel in employee owned vehicles 19.75 19.84 Total gross eml551ons In metrlc tonnes C02e 2,596.22 2,306.50 Intenslty ratlo Tonnes C02e per pupll-total number of puplls 797 i 12023: 818) 3.26 2.82 Overall gross emlsslons for 2023-24 Is up slgnlficantly112.5%1 from the previous year. Coupled with a reduction in pupil nurnber5 this ha5 resulted in the Inten51ty Ratio rising by 15.6%, The most Significant contributor to this Increase has been the volume of gas used by the schools, predomlnantly to fuel their Central Heating systems lin maln school bulldings and Boarding Houses). In addltlon, the School completed the refurblshment of the Sports Centre, whlch has been highly energy intensive. To slem the Increase in gas usage, the School has embarked on a programme of repair and. if needs be, replacement of its a8in8 boilers. Across the course of the year, the main school boiler in the BSR was replaced lat 3 Cost of £286kl, and that in The Green Boarding House completely overhauled. Work was also begun on replacin8 the Carrlngton boller towards the end of the year In time for the boy5, return in September 2024. Further replacement5 (Dinin8 Hall, The Digby Boarding House and the Drama School) have been built Into the Group's capital expenditure plannin8 for the next two years. Sustainability has been Identlfied as one of the plllars of the 2023-28 Development Plan. Sherborne School has a well-established Environmental Action Group IEAGI who meet with the Senior Deputy Head regularly to dlscuss potential ener8y savin8 initiatives. In addition, the School owns two principal equity holdin8s, managed by Cazenove Capital. By far the largest of these relates to Scholarships and Prizes. As at 30 June 2024, Cazenove provided an overall assessment as to the carbon impact of the School's holdings of 405 tonnes C02 Irelative to a benchmark of 506 tonnes/C021 up from 353 tonnes C02 in 2023. n.b. the figures representing an aggregate of the annual scope l and 2 carbon emissions lin tonnes) that can be attributed to the School's holdings of the companies in which we are invested (Source: Schroders Su5tainExl. PUBLIC BENEFIT Bursorfe5 and Scholorshlps This year Sherborne School provided assistance with fees to 250 pupils12023: 2791 to the value of £4.068k12023: £3,892kl which represented 15.4% ofthe School's gross fee income, which is 0.5% lower than the previous year. 111 pupi1s12023'. 1261 received means treated bursaries to the value of £2,510k representing a decrease of 5.9% 1£158k) on 2023. 13 pupi1512023'.151 received means tested assistance (including Scholarships as appropriatel Registered Company Number.. 4002575 Registered Charlty Number.. 1081228

Sherborne School ANNUAL REPORT OF THE GOVERNORS - REVIEW OF THE YEAR for the year ended 30 June 2024 of 100%, of these three are members of the HMC Scholarship scheme and a further three through Springboard. A further thirteen pupils12023.' ten) received remi55ions of between 90% to 99% of termly fees. Five pupi15 received bursaries funded by the Old Shirburnian Soclety. 124 pupi1s12023: 1311 received remitted scholarships based on their merit, with a total value of £554k Idown from £585kl. Scholarships represented 2.1% of the gross fees12023: 2.4%). Of thi5 number, 36 (the same as last yearl also qualified for means-tested bursary support and are included in the figures relating to bursary awards. In addition, the Sherborne Preparatory School provided fee assistance to 122 pupil$148 of whose parents work at either Sherborne School, Sherborne Girls School or Sherborne Preparatory School}. Remittances totalled £648k for the year119.5% of gross fee income) down from £687k121.5%1 in 2023. 42 pupils received means- tested bursaries12023 - 271, 7 of whom were also in receipt of a scholarship. The total value of means-tested bursaries for the year was £257k12023 - £225kl. A further 16 children were in receipt of scholarships. The School also supported 4 displaced Ukranian children on 100% bursaries for the year. FUTURE PLAN5 As referenced previously15ee Review of Yearl the governing bodies of the Sherborne School and Sherborne Gir15 School Groups agreed to merge their charitie5, effective from l July 2024, enabling not just operational efficiencies and synergies to be realised across the Group a5 a f unction of scale but also establish a more agile governance structure to ensure the Group continues to thrive in increasingly uncertain times. Work has already been undertaken to bring together the Support functions of the various schools to create single Professional Services division under the leadership of the Chief Operating Officer for the Group, throu8h which savings are already bein8 found which are contributing to the Group's ability to partially mitigate the future effects of the introduction of VAT to fees (from January 20251, Governors and the Executive have commenced work on defining a new Group wide strategic plan (supported by Internal business plans) with the intention of definin8 the next phase of the Group's journey. Alongside this review of the Brand strategy for the Group has been undertaken to ensure that the benefits of "Separate yet Together" are both promoted and optimised. Registered Company Number.. 4002575 Re8lStered Charity Number.. 1081228

Sherborne Schools Group ANNUAL REPORT OF THE GOVERNORS for the year ended 30June 2024 OBJECtS. AIMS, OBJECTIVES AND ACTIVITIES Charltable Objects ondAlms Sherborne'5 School's Objett, as set out in its Articles of Association, is to advance education, by carrying on in or near Sherborne a boarding and day School for boy5 and girls. In furtherance of its Object, Sherborne maintains its heritage endowment, the School, wlth its many listed buildings. There is also an endowed Prize and Scholarship fund which contributes towards the provision of scholarships, bursarie5 and prizes. Within this Object, the School's core vision is to foster a community of decent, thoughtful, hardworking pupils who value and take full advanta8e of the opportunities they are given. Individualised care and support will allow them to feel safe and secure within our community; known and valued as individuals,. and possessed of open minds that allow them to celebrate difference and diversity. When faced wlth challenges, they will be proactively and sensitively supported. No pupil will ever be overlooked. The schools aim to enthuse and prepare children for onward s¢hoolin& life and the dynamic world of work in the twenty-first century. They wlll engage posltively with their studies, make strong progress In all that they do, and embrace co.curricular and charitable opportunities. They will be ambitious for themselves and plan sensibly and thoughtfully for their futures. Our curriculum will be dynamlc, flexible and responsive to individual needs. Our puplls will develop aesthetic sensibilities and physical wellbein8. We will provide pupils with a world-class, forward-lookin8 education, irnpartin8 the knowled8e, skllls and attitudes needed for fulfllment and success. Such is the pace of technologlcal and social change that we cannot be sure how the future workplace will look. Whilst traditional professions such as law, accountancy and medicine will remain important, success in those fields is likely to require a different blend of skills from those demanded In the past. At the same time, new, more diverse career paths will continue to emerge, including occupatlons that we cannot currently envlsage, many requirlng high levels of mathematical, scientific and technological competence. There will be fewer lobs for Ilfe and youn8 people will need flexibility and resilience to adapt successfully to change, To help our pupils succeed, the schools, academic provision must be first-rate. It must be flexlble enough to serve the indivldual needs of the chlld, whatever their aptitudes and Interests, and sufficlently adaptable to meet the changing demands ofeducatlon, universitles and employers. Much ofwhat we have done in the past remains relevant, but we must be prepared to Innovate, Impart new skllls, offer new subjects and adopt new ways of teachin8 and learning. Excellent academic qualifications will remain important, but they will not be sufficient for a fulfilling life and career. A Browing body of research indlcates that employers of all types, from technology giants to professional services, are looking for much more than just a strong academic record. The most SOU8ht-after employees are likely to be those who demonstrate the abllity to think critically, creatively and flexibly. They will be able to solve complex problems. They will possess adaptability. resllience. good judgement, emotional intelllgence and the ability to work cooperatively with others. They will be trustworthy, likeable and enga8in8. These, then, are the attributes that we most need to foster throu8h our curricular, co-curricular and pastoral provision. We must also ensure that, as they mature, our puplls can forge posltlve, mutually respectful and productive relationships with all. We wlll, therefore, continue to work closely with our partner school. Sherborne Girls, to provide an ever-richer ran8e of opportunities to learn from them, collaborate wlth them and form respectful, meaningful friendships appropriate to the twenty-fir5t century. We will focus upon the delivery of ethical education so that our pupils not only understand issues of global Slgnificance but make good choices in support of the environment, equality, diverslty and the creation of a fairer and better world. The schools will itself establish ambitious and binding environmental targets. Our staffwill be proud of working at Sherborne, committed to the welfare and wellbeing of those around them and ea8er to contribute to the continued success of the School. Each will feel valued for the contribution thev make to our community and appreciative of those made by others. whatever their role or position. The School will support them in their professional and personal development goals. Above all, we will be a group of 5choo15 based upon value5. Kindness will be our watchword. embraced by all as our core value and manifested in our relationships with each other and our daily interactions. Empathy, Registered Company Number.. 4002575 Registered Charity Number.. 1081228

Sherborne Schools Group ANNUAL REPORT OFTHE GOVERNORS for the year ended 30 June 2024 generosity of spirit and integrity will permeate our community and our boys and staff will be concerned not slmply with their own success but with the wellbeing of others at School. in the local community and further afield. They will en8age proactively in charitable works to support the poorest. most vulnerable and those in greatest need. Because of all these thing5, our pupi15 will emerge from the schools as empathetic, mature, thoughtful and likeable and their parents will consistently and unreservedly recommend the schools to others, providin8 3 compelling answer to the question Why Sherborne? 5herborne Preparatory School's strategic aim is to be widely acknowledged as the outstanding school in the South West of England where every child is nurtured by individualised care, enjoys a happy chlldhood experience and is supported in making the transition to achieve a successful, productive and self-awaf e life, The school's motto ofNon Nobissolum means'not for ourselves alone, and there has never been a more pre5sin8 need for future generations to be active global citizens who are willing and equipped to make a contribution to the world around them. At Sherborne Prep we believe in learning to think imaginatively, to work both collaboratively and independentlv and to care sincerely for others and for ou r world. We seek, through workin8 hard, to discover all we are capable of doing and being, and the joys of life and of learnin8. The school aims to: foster the best possible work ethic in each child by encouraging passion, curiosity, initiative and a joy of learning,. help children to discover and develop their own personalities and talent5,' ensure that children are well grounded and develop a social and cultural awareness which enables them to understand their place and their responsibilities in the wider worlcl,. welcome parents into 3 partnership which embraces trust, u nderstanding, a shared vislon and mutual support; encourage children to see their education as a staging post to lifelong learning, discovery and achievement, Oblectlves and Publlc 8eneAIt Sherborne's objectives are set to reflect its educational aims and ethos. In setting objectives, the Governors have 8Iven careful consideration to the Charity Commission's general guidance on public benefit and in particular to its Supplementary public benefit guidance on advancing education and on fee.char8in8. In furtherance of these objectives the Governors, as charity trustees, have complied with the duty in section 17 of the Charities Act 2011 to have due re8ard to the Charity Commi55i0n's published general and relevant sub Sector guidance concernin8 the operation of the Public Benefit requirement under the Act. Our Ethos, Stroteqy and Pollcle5 The Governors are responsible for setting 5trategie5 for both schools to achieve the objectives they have set. The focus of the strategy 15 on the development of pupils, their continued high levels of academic and co- curricular achievements and to further widen access to the education the School provides. In taking the strategy forward the School implements the following policies. Sherborne is a charity which seeks to benefit the public through the pursuit of its stated object. Fees are Set at a level to ensure Sherborne's financial viability and at a level that is consistent with its educational aims. The School welcomes pupils from all backgrounds but needs to be satisfied that It wlll be able to educate and develop all prospective pupils to the best of their potential and in line with the general standards achieved bv their peer5. Entrance interview5 and assessments are undertaken to satisfy the School that potential pupils can cope with the pace of learning and benefit from the education provided. Sherborne is an equal opportunity organisation and is committed to a working environment that is free from any form of discrimination on the grounds of colour, race, ethnicity, religion or belief, sex, trans-gender status, marital or civil partnership status, sexual orientation or disability. Sherborne will make reasonable adjustment to meet the needs of staff or pupils who are or become disabled. Registered Company Number.. 4002575 Registered Charlty Number: 1081228

Sherborne Schools Group ANNUAL REPORT OF THE GOVERNORS forthe year ended 30 June 2024 Sherborne is committed to safeguarding and promoting the welfare of its pupils and expects all staff and volunteers to share thi5 commitmÈnt. This commitment is embedded throughout Sherborne's policies, procedures and working practices. Acce55 Pollry The Governors are committed to ensuring that access to the education offered is not restricted to those who can afford fees. The bursary policy together with the link5 Wlth other Schools in the area and the local community contribute to a widening of access to the education provided by Sherborne. The Governors consider that bursaries are important in ensurin8 that boys from families who would otherwlse not be able to afford the fees can acce55 the education offered. Bursary award5 are available to those who meet the general entry requirements and are made on the basis of parental means or to relieve hardshlp where an existing pupil's education and future prospects would be at risk, for example, in the case or bereavement or redundancy. In assessin8 means, the School takes a number of factors into consideration includln8 famllv income, investments and savings and family circumstances. However, Sherborne does not have a large endowment and in funding bursaries the School ha5 to be mindful of ensurln8 a balance between fee-payin8 parents, many of whom make considerable personal sacrifices to fund their children'5 education, and those benefitting from the awards. Bursarles are available for up to IOOYO of termly fees. They are advertised in the local press and through HMC Projects in Central and Eastern Europe. Further details of the bursary policy and how to apply are provided on the School web51te. Bursarles are subject to annual review so that the School can ensure that Support is only provlded to those that requlre it. The Governors, through the Initiatives explained above, intend that the proportlon of means tested bursary support compared to merit awards should increase over the comin8 year5. Scholarshlp Pollcv The purpose of scholarships and awards at the Schools is to recognise high academlc potential or the ability to excel In Music, Sport, Drama, Art or Design and Technolo8y {primarily Music and Sport at SPSI. Scholarships and awards are awarded wlth a flxed remlssion of fees between 5% and IO%. Where a5slstance is requlred, awards may be supplemented by a means tested bursary. Further detalls about scholarshlps and awards are available on the Schools, websltes. Asslstan¢e to Teachlnq Staff As part of Sherborne's ernphasls on attractln8 and retalnln8 hl8h callbre staff, members of the teaching staff of both schools who choose to educate their children at Sherborne School, Sherborne Preparatory School or Sherborne Girls receive a fee discount. FINANCIAL REVIEW AND RESULTS FOR THE YEAR A5 a full boardln8 operation, Sherborne School has contlnued to be exposed to slgnificant inflationary pressures, In particular in fuel and food costs, incorporated into the planning assumption for the year that informed the fee increase18.6%1 announced in April 2023. Additionally, the headwlnds faced by all preparatory schools In the current flnancial climate, resulted in Sherborne Preparatory School making a further, though much reduced, operatlng loss for the year. Plans have been approved to continue deficit reduction for 2024-25. but further reform of the business model for the school will be needed for it to thrive in the way it had previously. Good progress continues towards the establishment of a significant commercial Income stream to offset the schools, reliance on fee income, with Sherborne School {Tradingl Limited making a retained profit for the year of £39k on a turnover of £829k; it was able to gift £7k to Sherborne School, havin8 now covered past trading losses. The completion of the Sports Centre redevelopment mean5 that Sherborne School (Leisurel Limited is now 8eneratin8 commercial income, althou8h the delayed completion referenced elsewhere prevented the company achieving it5 expected result for the year: however, with renewed focus the expectation for the year ahead is greatly improved. Registered Company Number.. 4002575 Registered Charity Numbei: 1081228 io

Sherborne Schools Group ANNUAL REPORT OF THE GOVERNORS for the year ended 30 June 2024 Sherborne School (Overseas Trading) Limited ISSOTI provided educational and management services to Sherborne Qatar. It made an operating profit of £161k12023'. £161kl which it was able to gift to Sherborne School. this being additional to the annual royalty from the Qatar relationship of £166k. The combined result of all the above created a net surplus (before taxation) of £66k12023'. 548k loss) Investment Poll¢y qnd Performonce The Board of Governors aims to maximise incorne whilst at a rninimum continuing to preserve the real value of endowed investments. In pursuance of this approach, the Board of Governors also aims to maximi5e the total investment return whilst adopting a prudent investment P05ture. It also plans to match the return on invested Advance Fees Scheme monies In Ilne with the maturation profile of the related liability to provide schooling in future years. The investment objective of the Scholarship and Prize Fund is to preserve the real value of the capital of the Fund and to generate income to fund scholarships awarded by the School. This means that even in difficult markets the Fund will remain substantially ir)vested and will ride out short term fluctuations in market investment values. The Fund achieved a cumulative return of 12.4%12023: 2.3%) over the year against an investment objective of between 3% and 3.5% p. Fundralslnq Perfom?ance The School does not fundralse directly,. this is carried out by the Sherborne School Foundation IRe8lStered Charitv No 10735221 of which Sherborne is the sole member. No external fundraislng bodles are used. The Board of Governors has reviewed the Foundation'5 practices and is satisfied that its fundraising is compliant with the recognised standard5 of fundraising (set out in the Code of Fundraising Practice} as well as those required under charity law and wlder law,. no complaints have been received during the year. The main focus of fundraising for the 2023-24 financial year has continued to be the Sports Centre redevelopment, for which almost £4m has been raised. Resen5 Pollcy Sherborne's policy is that unrestricted reserves should not be accumulated from year to year other than in anticipation of an identified capital project and that any surpluses generated from the runnin8 of Sherborne will be Invested in developin8 Its buildings, equipment and resources. 5herborne therefore holds no free reserves, with a negative £{16,982kl12023'. £116,499kll on unrestricted funds. The situation is largely attributable to the liability for holiday pay which is accrued because the main nine-week holiday period falls just as the financial year ends, and the defined benefit pension liability. Governors do not consider that either of these liabilities are likely to result in an immediate impact on cash f low. Total funds held at 30 June 2024 amounted to £44,616k lup £1.086kl, which included £386k of restricted funds lup £102kl. Sherborne operates a defined benefit pension Scheme for 50me of it5 support staff. This scheme was closed to new entrants in 2002 and the Governors closed the scheme to further acciual in september 2011. The pension liability Is included in the unrestricted funds as required by FRS 102. The scheme deficit has decreased during 2023-24 to £203k at 30 June 202412023: £521kl. The corresponding liability does not result in an immedlate cash flow impact. Contributions into the pension plan are met through planned income. Further information can be found in note 28 to these financial statements. RISK MANAGEMENT The Board of Governors is responsible for the management of risks faced by the Charity. The Governing Body approved the introduction of a new Risk Management Framework for the Group in June 2021. Within that framework, strategic risks to the Group are reviewed termly by the Full Governing Body with separate risk registers being considered by sub-committees as appropriate. In addition to Finance. HR, ICT, Estates and Health & Safety registers loverseen by the Finance & General Purposes, Estate5 and Infrastructure and Health & Safety Committees respectively), the School also now manages registers for academic and pastoral ri5k5, as well registers Specific to each individual Boardin8 House Ithrou8h the Pastoral Committee). Risks and uncertainties are identified, assessed and controls established and monitored throughout the year. Registered Company Number.. 4002575 Registered Charity Number: 1081228 li

Sherborne Schools Group ANNUAL REPORT OF THE GOVERNORS for the year ended 30 June 2024 The overall risk appetite of the School has reduced during the course of th15 flnanclal year with Several strategic risks having to be considered and managed. Whilst the cu rrent economic climate has significantly increased the cost base of the Group, it has also increased pressu re on parents for whom the decision to send their children to an independent school was marginal - identified as a key risk. Additionally, significant time and effort has been Spent considerin8 another key risk the potential impact on the Group land how it might ameliorate) should a Labour 8overnment be formed and the VAT-status of independent schools changed. REFERENCE AND ADMINISTRATIVE INFORMATION The Governors of Sherborne are the Group's charity tru5tee5 under charity law and the directors of the chaf Itable company. The Group's Governors, advisers and key staff are set out on pages 55 to 57. STRucfLIRE, GOVERNANCE AND MANAGEMENT Governlng Document Sherborne Is a charltable company limlted by guarantee and not having a share capital, incorporated and registered In England and Wales under the Companies Act (company number 40025751 and registered with the Charity Com mi55ion for England and Wales {registration number 10812281. Its current Articles of Association are dated 26 May 2000 as revised by Special Resolutions passed on 26 November 2005, 26 November 2011, 12 September 2013, 3 May 2014, 28 November 2020 and 2 May 2024. Sherborne administers two associated charltable trusts, the Sherborne School Prize and Scholarship Fund and the Sherborne School Trust that are regulated by a Charity Commission Scheme sealed on 26 June 2000. Board of Governors The structure of the Charity consists of a Board of Governors, the details of which are explained on pages 55 to 57, together wlth Information on how the members of the Board of Governors are appointed to office. The 8oard of Governors aims to comply with the Code of Good Governance and reviews their performance on an annual basis. Recrultment and Tralnlng OA Governors New Governor5 are appointed to the Board on recommendatlon of the Nominations Committee. As and when vacancies become available. the main criterion on the search for suitable candidates is the need to maintain the best possible balance of relevant skills, expertise and experience. Induction for new Governors is organlsed by the Clerk to the Governors and briefin8 and discussions on topical subjects take place at Governors, meetings each term. External trainlng courses, for example through the Association of Governing Bodies of Independent Schools IAGBISI and the Boardin8 Schools Association, are made available to Governors. All new Governors are required to attend the AG81S seminar for New Governors, Orqanlsatlonol Management The Governor5. a5 charlty trustees, are le8ally responsible for the overal5 management and control of Sherborne, which consists of the School, 5herborne Preparatory School, Sherborne International and (through Its sole shareholdings) tradin8 subsidiaries and meet at least three times a year. The work of reviewing many of their policies is carried out by the members of the Finance and General Purposes Committee IF&GPCI, who meet three weeks before each meeting of the full Board. In particular this committee revlews the budget and finalise5 the audited financial statements and annual report for approval by the Board. The Chairman of Governors Is member of the F&GPC which was chaired for the year by Mrs Angela Lane. The other principal committees are the Investment Sub-committee, chaired by Mr Guy Hayw3rd-Cole, the Estates and I nfrastructure Committee, chaired for the first part of the year by Ms Vicki Cotter and thereafter by Mr Aubrey Capel, the Academic Committee chalred by Mr George Marsh, the Pastoral Committee chaired by Dr Max Jona5. The Remuneration and Nominations Committees are chaired by the Chair of Governors. Other committee members are listed on pages 55 to 57. Each of these committees meets at least termly other than the Remuneration and Nominations Committees which meet as required. The day to day running of Sherborne is delegated to the Chief Executive who is also the Headrn35ter of Sherborne School. He is supported by the Bursar (Chief Operating Officer from l July 20241 and the Head ISPS) and the Senior Leadership Teams of each school. The Headmaster, the Bursar and the SPS Head attend meetin8s of the Board of Governors. Registered Company Number.. 4002575 Registered Charity Number.. 1081228 12

Sherborne Schools Group ANNUAL REPORT OF THE GOVERNORS for the year ended 30 June 2024 As noted elsewhere within this report multiple changes were effected to the governance arrangements of the charity as 3 result of the mer8er with Sherborne Girls at the beginning of July 2024. These have also meant changes to the organisational management of the Group. Rather than duplicate commentary here please refer to pages 5S to 57 for the changes made. Pay PollcvAor Key Management Staff The Governors consider the Board of Governors who are a150 directors of the company and the charity's trustees. and the Group Executive team to comprise the key management personnel of the charity in char8e of directing and controlling, runnin8 and operating Sherborne on a day-to-day basis. All Gover nors give of their time freelv and no Governor received remuneration in the year. Details of Governors, expenses and related party transactions are disclosed in notes 9 and 29. The pay of the Headmaster and Chief Executive, the Bursar and the SPS Head is reviewed and determined annually by the Governors through the Remuneration Committee. Consideration is given to performance and benchmarked against comparable schools, details of which are available in reports produced for the Independent school sector by AG815 and Baines Cutler. The pay of the other members of the Senior Leadership Teams is reviewed annually by the Headmaster and Chief Executive with reference to performance, average increases in earnings, inflation and sector benchmarks. Recommendations are made to the Governors who make the final decision. Group Structure ond Relotionshlps The Charity had three wholly owned non-charitable subsidiaries.. Sherborne School (Trading) Limited, Sherborne School (Leisurel Limited and Sherborne School Ioverseas Tradin8} Limited, whose activitie5 and Lrading performance are discussed in note 6. On l July 2008 Sherborne School became the sole member of the Sherborne School Foundation, registered company number 3686309 and re8lStered charity number 1073522. The principal objects of the Sherborne School Foundation are to promote the charitable purposes of Sherborne School in Dorset and to promole any other charitable purpose connected with or otherwise associated with the School. The financial statements for the Sherborne School Foundation, for the year ended 30 June 2024 have been consolidated with the 8roup financial statements of Sherborne School. The Charity (to 30 June 20241 wa5 also a joint member of Sherborne Schools Worldwide ISSW}, the other member bein8 Sherborne Girls School. At the point the two charities mer8ed, the Sherborne Schools Group became the sole member of that companv. Related and connected party transactions are detailed in notes 29 and 30. EMPLOYEE INFORMATION Sherborne follows all legislative requirements relating to recruitment and employment and operates specific policles for the following areas: Disciplinary and Grievance Capability Accessibility Health and Safety Whistle blowing Discrimination and Equality A regular appraisal programme is in place for all academic and most support staff and the personal and professional development of all staff is supported. Employees are kept up to date with the plans for the School, its performance and matters of concern through verbal and written briefings, staff meeting5 and newsletters. EMPLOYEE INVOLVEMENT The School encourages the involvement of its employees in its management through re8ular meetin8s of the academic and support Staff representative 8roups which have responsibility for the dissemination of information of particular concern to employees and for receiving their views on importanl matters of policy. Registered Company Number.. 4002575 Registered Charity Number.. 1081228 13

Sherborne Schools Group ANNUAL REPORT OF THE GOVERNORS for the year ended 30 June 2024 DISABLED PERSONS The School will employ disabled persons when they appear to be suitable for a particular vacancy and everv effort is made to ensure they are given full and fair consideration when such vacancie5 arise, There is a training scheme in operation so that employees who have been injured or disabled durin8 the course of their employment can, where p055ible, continue in employment with the School. During employment the School seeks to work with employees, considerlng their personal circumstances. to ensure appropriate training, development and advancement opportunitie5 are available to enable thern to reach their full potential. The number of disabled persons employed by the School durin8 the year was 1212023.11). STATEMENT OF GOVERNORS, RESPONSIBILITIES The Governors (who are also dlrectors of Sherborne Schools Group for the purposes of company law) are responsible for preparing the Annual Report of the Governors land the incorporated Strategic Report) and the flnancial statements in accordance with applicable law and United Kln8dom Accounting Standards (United Klngdom Generally Accepted Accounting Practicel. Company law requires the Governors to prepare financial statements for each financial year whlch 8ive a true and fair view of the state of affair5 of the charitable company and the group and of the Incomln8 resources and application of resources, includlng the income and expenditure, of the charitable group for that period. In preparing these flnancial statements, the Governors are required to.. select suStable accountlng pollcles and then apply them consistentlv,. observe the methods and principles in the Charities SORP; make judgments and estimates that are reasonable and prudent,. state whether applicable UK Accountln8 Standards have been followed, subject to any material departure5 di5c105ed and explained in the financlal statements; and prepare the financial statements on the golng concern basis unle55 It is inapproprlate to presume that the charitable company will continue in business. The Governors are responsible for keeping proper accounting records that dlsclose wlth reasonable accuracy at any time the financial position of the charltable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable step5 for the preventlon and detectlon of fraud and other Irregularltles. 50 far as the Governors are aware, there Is no relevant audit information of which the Charitvs auditor is unaware. The Governors have each taken all the steps that they ought to have taken as Governors in order to make themselves aware of any relevant audlt information and to establish that the Charity's auditor is aware of that information. AUDITOR On 18 November 2024 the company's auditor chan8ed its name from Haysmacintyre LLP to Haysmac LLP. Haysmac LLP have indicated their willingness to continue in office. A re501ution to reappoint Haysmac LLP as the School's auditor will be made at the Annual General Meetin8. The Annual Report of the Governors land the incorporated Strategic Report) were approved by Board of Governors of Sherborne Schools Group on JJ)JQ,t204and 518ned on its behalf by.. C H Samler Executive Chair of Governors Registered Company Number.. 4002575 Registered Charlty Number: 1081228 14

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHERBORNE SCHOOLS GROUP forthe year ended 30 June 2024 Opinion We have audited the financial statements of Sherborne Schools Group for the year ended 30 June 2024 which comprise the Con501idated Statemerbt of Financial Activities, the Consolidated and Charity Balance Sheets. the Consolidated Statement of Cashflows and notes to the financial statements. including a summary of significant accounting policie5. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financiol Reporting Stondurd upplicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accountin8 Practicel. In our opinion, the flnancial statements.. glve a true and fair view of the state of the group's and of the parent charitable company's affairs as at 30 June 2024 and of the group'5 net movement in funds, includlng the income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kln8dom Generally Accepted Accountin8 Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. 8asl$ for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities u nder those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with Ihe ethical requirements that are relevant to our audit of the financial statements in the U K, includin8 the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslon$ relatSn8 to 8oln8 concern In auditin8 the financial statements, we have concluded that the Governors, use of the going concern basis of accounling in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent charitable company's ability to continue a5 a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Governors with respect to goin8 concern are described in the relevant sections of this report. Other Informatlon The Governors are responsible for the other information. The other information comprise5 the information included in the Annual Report of the Governors. Our opinion on the financial statements does not cover the othef information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent wSth the financial statements or our knowledge obtained in the aUdt or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material misstatement in the financial statements or a material mlsstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of thi5 Other information, we are required to report that fact. We have nothin8 to report in this regard. Opinlons on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit: Registered Company Number.. 4002575 Regislered Charity Number.. 1081228 15

INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF SHERBORNE SCHOOLS GROUP for the year ended 30 June 2024 the information given in the Annual Report of the Governors Iwhlch incorporates the strategic report and the directors, report prepared for the purposes of company lawl for the financial year for which the financial statement5 are prepared is consistent with the financial statements; and the strategic report and the directors, report included within the Annual Report of the Governors have been prepared in accordance with applicable legal requirement5. Matter5 on whlch we are requlred to report by exceptlon In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material mi55tatements in the Annual Report of the Governors (which incorporates the strategic report and the directors, report). We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept by the parent charitable company; or the parent charitable company financial statements are not in agreement with the accounting records and returns; or certain disclosures of Governors, remuneration speclfled by law are not made.. or we have not received all the information and explanations we require for our audlt. Responslbllltles of Governors for the flnan¢lal $tatement$ As explained more fully in the Statement of Governors, Respon5ibilitles on pa8e 14, the Governors (who are also the director5 of the charitable company for the purposes of company lawl are re5pon5ible for the preparation of the financlal statements and for being satisfied that they give a true and fair view, and for such internal control a5 the Governors determlne15 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparln8 the financlal statements, the Governors are responsible for assessin8 the 8roup's and the parent charltable company'5 abllity to continue as a 80ing concern, dlsclosin8, as applicable, matters related to 80ing concern and usin8 the 80in8 concern basls of accounting unle55 the Governors either intend to Ilquidate the 8roup or the parent charitable company or to cease operations, or have no realistic alternative but to do so. Audltorfs responslbllltles lor the audlt of th• financlal statements Our oblectlves are to obtaln reasonable assurance about whether the flnancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our oplnlon. Reasonable assurance Is a hi8h level of assurance, but Is not a guarantee that an audit conducted in accordance with ISAS IUKI wlll always detect a material mi55tatement when it exists. Mlsstatements can arise from fraud or error and are considered material if, individually or In the a88regate, they could reasonably be expected to influence the economic declsions of users taken on the ba515 of these financial statements. Irre8ularities, including fraud, are Instances of non-compliance with laws and regulatlons. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irre8ularlties, includin8 fraud. The extent to whlch our procedures are capable of detectin8 irre8ularitles, Including fraud is detailed below: Based on our understanding of the 8roup, the parent charltable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and re8ulations related to the Education (independent School Standards) Regulations 2014, safeguarding regulations, health and safety requirements, GDPR, employment law and Charity Commission's general guidance and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and re8ulations that have a direct impact on the preparation of the financial 5tatement5 such as the Companies Act 2006. the Charities Att 2011, Sherbofne School Group's Constitution, the Statement of Recommended Practice for Charitie5 {50RP 20151 (Second Editlon, effective l January 20191, and consider other factors such as payroll taxes and VAT. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements {including the risk of override of controls), and determined that the principal risks were related to Re8lStered Company Number= 4002575 Registered Charity Number- 1081228 16

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHERBORNE SCHOOLS GROUP for the year ended 30 June 2024 posting inappropriate journal entries and management bias in certain accounting estimates and judgements such as the valuation of investment property. Audit procedures performed by the engagement team included.. Inspectin8 correspondence with regulators and tax authorities,. Inspecting the outcomes of any regulatory inspections; Discussions with management including consideration of known or suspected instances of non- compliance with laws and regulation and fraud,. Evaluatin8 management's controls designed to prevent and detect irregularities.. Identifying and testing journals, using a number of risk metrics to focus our sample on higher risk entries; and Ch3llen8in8 assumptions and judgements made by management in their critical accountin8 estimates and challenge of the underlyin8 assumptions. Because of the inherent li mitations of an audit, there is a risk that we will not detect all irregularities, including those leading to material misstatement in the financial statements or non-compliance with Tegulation. This f isk increases the more that compliance with a law or regulation is removed from the events ancl transactions reflected in the financial statements. as we will be less likely to become aware of instance5 of non-compliance. The risk is also greater regarding irregularities occurrin8 due to fraud rather than error, as fraud involves intentional coneealrnent, forgery, collusion. omission or misrepresentation. A further description of our respon5ibi5itie5 for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.fr .or audit rsr onsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance wlth Chapter 3 of Part 16 of the Companies Act 2006. Ou r audit work has been undertaken so that we might state to the charitable company's members those matters we are required to State to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for ou r audit work, for this report, or for the opinions we have formed. Lee Stoke5 (Senior Statutory Auditor) For and on behalf of Haysmac LLP, Statutory Auditor Date.. 221112025 10 Queen Street Place London EC4R IAG RegiSted Company Number.. 4002575 Registered Charity Number.. 1081228 17

Sherborne Schools Group CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating a Consolidated Income and Expenditure Account) for the year ended 30 June 2024 2024 Total Funds £'ooo 2023 Total Funds £'ooo Unrestricted Restrlcted Funds Funds £'ooo £'ooo Endowed Funds £'ooo Notes Income from: Charitable Activities.. School fees 26,944 26,944 24,421 Donation5,' Transfer of assets in respect of Sherborne Preparatory School Other donatlons, legacies and grants 15 io 348 358 579 Other troding octlvlties.. Commercial trading operations 1,253 1,253 935 Investments 195 261 456 393 Other,. Other income 369 369 429 Total Income 28,771 609 29,380 26,762 Expendlture on: Raising funds.. Commercial tradin8 operations Net share of loss In Jolnt venture Fundraising costs Investment mana8ement fees 1,183 1,183 918 18 81 29 30 88 29 88 29 Total expendlture on ralslng funds 12 1,192 117 1,309 1,046 Charltuble activitles., Educational activities 27,770 235 28,005 26,264 Expendlture on charltable actlvltles 12 27,770 235 28.005 26,264 Total expendlture 28.962 352 29,314 27,310 Net Incomel(expendlturel and net movement In funds before 8alns and losses on Investments 1191) 257 66 {5481 1301 Net 8ains/llossesl on Investments 161 657 651 Net Incomel(expendlturel before taxation 11911 251 657 717 1578) Tax on profit/llossl on ordinary activitles 13 Net Incomellexpendlturel after tamatlon 11911 251 657 717 (578) Transfers between funds 23b 149 1149) Net Income/{expendlturel before other reco8nlsed galns and losses arrled forward (421 102 657 717 (578) Registered Company Number.. 4002575 Registered Charity Number: 1081228 18

Sherborne Schools Group BALANCE SHEETS as at 30 June 2024 Group School 2024 £'ooo 2023 £'ooo 2024 £'ooo 2023 £'ooo Note5 Flxed assets Tangible a55et5 Investment assets 14115 16 53,947 7,958 53,454 7,731 53,946 7.804 53,453 7,577 Total flxed assets 61,905 61,185 61,750 61.030 Current assets Stocks Debtors Cash 297 8,138 8,047 362 3,114 4,129 158 8,677 7,560 177 3.787 3,825 17 Total current a55ets 16,482 7.605 16,395 7,789 Uabllltles Creditors: amounts falling due withln one year 18 111,8891 17,1191 111,6091 16,9851 Net Current assets 4,593 4,786 Total assets le Current Ilabllltle5 66,498 61,671 66,536 61,834 Credltor$.' amount5 falling due after more than one year 20 121,6791 117,6201 121,6791 {17,6201 Net assets ex¢ludln8 penslon Ilabllltv Defined benefit penslon scheme liabllity 44,819 44,051 44,857 44,214 28 12031 (5211 12031 (5211 Total net assets 44,616 43,530 44,654 43,693 The funds of the group: Endowed funds 231al 231bl 231cl 8,184 7,527 8,184 7,527 Restricted funds 386 284 52 56 Unrestrlcted funds: Accumulation fund Pension reserve 36,249 12031 36,240 {521) 36,621 12031 36,631 (5211 36,046 35,719 36,418 36,110 Total funds 23 44.616 43,530 44,654 43.693 The net income of the School for the year to 30 June 2024 was £592k12023: £86kl. The notes on page5 22 to 54 form part of these financial statements. The financial statements were approved and authorised for issue by the Board of Governors of Sherborne Schools Group on J>Jikn6(J and signed on its behalf by: C H Samler (Executive Chairman) Registered Company Number.. 4002575 Registered Charity Number.. 1081228 20

Sherborne Schools Group CONSOLIDATED STATEMENT OF CASHFLOWS as at 30 June 2024 2024 £'ooo 2024 £'ooo 2023 £'ooo 2023 £'ooo Notes Net cash generated froffl/{used by) operatln8 actlvities 26 (2,8201 1967) Cosh flowsfrom Investlng actlvltles.. Investment income Proceeds from sale of property, plant and equipment Proceeds from sale of investments Purchase of property, plant and equipment Purchase of investments Purchase of endowed fund Investment5 456 248 2,363 12,790} 393 621 3,842 16,4231 11,9331 12,6581 Net cash used Sn Inve5tln8 actlvltles (1,656) (4,225) Cash flow5 Arom Alnanclnq actlvltles.. Cash inflows from borrowin8 Cash inflows from new advance fee contracts Cash repayments of advance fee contracts 1,000 7,423 1291 6,SOO 990 Net cash provlded by financlng actlvltles 8,394 7,490 Change In cash and cash equlvalents In the reportlng perlod 3,918 2,298 Cash and cash equlvalents al the beginning of the year 4,129 1,831 Total cash and cash equlvalents at the end of the year 8,047 4,129 Cash and bank balances 8,047 4,129 8,047 4,129 The notes on pages 22 to 54 form part of these financlal statements. Registered Company Number.. 4002575 Registered Charity Number.. 1081228 21

Sherborne Schools Group NOTES TO THE FINANCIAL STATEM ENTS for the year ended 30 June 2024 General Informatlon ShÈrborne School I'the Company'l is a charitable company limited by guarantee and not havlng a share capital. incorporated and reglstered in En8land and Wale5 under the Companies Act Icompany number 40025751 and registered with the Charity Commission for England and Wales (registration number 10812281. It merged with Sherborne School for Girls Icompany number.. 0306828. charity number.. 307427) at l July 2024, to become the Sherborne Schools Group, retaining the Sherborne School registered numbers. The address of the Company's re8lStered office and princlpal place of business is Sherborne School, Abbev Road, Sherborne, Dorset, DT9 3LF. To 30 June 2024 the Group consisted of Sherborne School and all of its subsidiaries - Sherborne School (Trading) Limited. Sherborne School (Leisurel Llmlted, Sherborne School Foundation and Sherborne School (Overseas Trading) Limited. The Company's prlnclpal activity is to advance education, by carrying on in or near Sherborne a boardin8 and day school for boys and girls. The subsidiary companies operate to support 5herborne School's prlncipal activity, The principal actlvlty for each subsidiary15 detailed In note 6. The Company had entered into a joint venture arrangement wlth Sherborne Girl, with each School owning a 50% interest in Sherborne Schools Worldwide Llmited, incorporated to support the princlpal activities of both Schools. Following the merger at l July 2024, the Sherborne Schools Group owns 100% of the share capital. Further Informatlon on this joint venture is detailed in note 30. Accountln8 pollcles Basls of accountlng The flnanclal statements have been prepared in accordance with the Flnanclal Reporting Standard applicable in the UK and Republlc of Ireland (FR5 1021, the Companles Act 2006 and the Statement of Recommended Practice applicable to charities preparing thelr accounts in accordance with Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021 (Second Edition, effective I January 20191. The financial staternent5 have been prepared under the historical cost convention as modified by the inclusion of listed investments and investment property at fair value. The financial statements have also been prepared on a golng concern basis. In common wlth other Schools, Sherborne School faces uncertainties arising from current economic conditions including Inflationary risks and interest rate rises. After making due enquiries, Includin8 review of the latest financial data and future projection5, the Governors have a reasonable expectation that the School and Group have adequate resources to continue in operational existence for the foreseeable future. For thls rea50n they continue to adopt the going concern basis in preparin8 these financial statements. Fees and slmllar Income Fee5 receivable and charges for services and use of premises are accounted for in the period in whlch the service is provided. Fees receivable are in respect of the provision of education to pupils in Sherborne School and Sherborne Preparatory School are stated after deductin8 allowance5, scholarships, bursaries and other remissions 8ranted. Registered Company Number- 4002575 Registered Charity Number.. 1081228 22

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2024 Accountin8 policies fcontinued) Advance Fees Scheme Sherborne school offers parent5 the opportunity to pay for up to five years tuition fees in advance. The amount received is invested and interest is accrued to contracts. Thi5 15 treated as deferred income until the pupll join5 the School whereupon the fees for each School term are transferred to income. (d) Fee extras Sherborne School collect5 monies in respect of trips and pupils, personal living expenses and pay5 these monies out in full to third parties. As these funds do not represent income for the School, they are not accounted for in the Statement of Financial Activities. Donatlons and legacles Donations are recognised once the Charity has entitlement to the income, It is probable that the donation wlll be received and the amount can be measured reliably. Donations received for the general purposes of the Charlty are credited to the accumulation fund. Donations for purposes restricted by the wishes of the donor are taken to 'restricted funds" where these wishe5 are legally binding on the Governors. Donations required to be retained as capital in accordance with the donor's wishes are accounted for as "endowments" perrnanent or expendable according lo the nature of the restriction. For legacies, entitlement 15 taken as the earlier of the date on which either.. the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executorlsl to the Charity that a distribution will be made, or when a distribution is made from the estate. Receipt of a legacy, in whole or In part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make 3 distribution. Where le8acies have been notified to the Charity, or the Charity is aware of the granting of probate, and the criteria for income recognition have not been met, the legacy is treated as 3 contingent asset and disclosed if material. Income from Commerclal tradln8 actlvltle$ Turnover from Commercial tradin8 activities comprises revenue recognised by the company in respect of services supplied, exclusive of Value Added Tax and trade discounts. Tanglble flxed a55ets and depreclatlon The carry forward value5 of tan8ible fixed assets are shown in notes 14 and 15 to these financial statements. The basis for determining these carry forward values is historic cost except for the School's properties, which were revalued in the period to 30 June 2000, and this is now their deemed cost. Furnishings and equipment costin8 less than £5k are written off to the Statement of Financial Activities as an expense as acquired. Buildin8 projects costin8 less than £SOk are written off to the Statement of Financial Activities as an expense as acquired. Depreciation is calculated to write off the cost less estimated residual value of fixed assets on a strai8ht line basis over their currently estimated useful lives. Re8iStered Company Number.. 4002575 Registeied Charity Number: 1081228 23

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2024 Accountlng pollcies fcontinued) Tan8lble fixed assets and depreclatlon {continuedl Lond ond building5 The Charity owns a number of building5 wlthin the town of Sherborne. Properties that have no ascertainable historical c05t and cannot be valued without undue expense are excluded from the financial Statements as allowed by FRS 102. Buildings are depreciated over their estimated remainin8 useful lives that are initially calculated to be within 30-50 years. Land and a55ets under constructlon are not depreciated. Plant, equipment ond motorvehlcles Plant, equlpment and motor vehicles includes School equipment, boardlng house fixtures and fittin8S, computer equipment, vehlcles and kitchen and sport5 equipment, They are depreciated at the following initial rates,. Computer equipment Vehicles and playin8 fields equipment Kitchen and sports equlpment All other Item5 25% 20% 15% io% Stocks Sherborne School holds stocks for malntenance purposes, catering and other consumables. The School Shop holds stocks for resale. All stocks are valued at the lower of cost and net reallsable value. Taxatlon Sherborne Schools Group Is a registered charity, and as such is entitled to tax exemptions on all its income and 8aSns, properly applied for its charitable pu rposes. Tax charges may arise in subsidiary companies where the level of Gift Aid payments are insufficient to eliminate all taxable profits. Sherborne School Is not re8lStered for VAT, and its expenditure 15 inclusive of VAT incurred. Where Broup companies are VAT registered, expenditure is reported net of recoverable VAT. Flxed asset Investments Llsted investments are classified as financial instruments and valued at falr value, equivalent to bid price at the year end. Changes in the valuation of listed investments durin8 the year are shown a5 unrealised gains or losses. Gains and losses arlslng from the disposal of assets are disclosed as realised, being the difference between the sale proceeds and the market value at the be8innin8 of the year. In the separate accounts of the company, on transltion to FRS 102. Sherborne School elected to hold its interests in subsidiaries at cost, and subsequently measured at cost less any accumulated impairment losses. Interests in 5ub5idiarie5 are assessed for impairment at each reportin8 date. Any impairrnents, losses or reversals of Impairment losses are recognised immediately in the Statement of Financial Activitles. Registered Company Number.. 4002575 Registered Charity Number: 1081228 24

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2024 Accounting policies (continued) Investment propertles Investment properties are initially measured at cost and subsequently measured at fair value whi15t a reliable measure of fair value is available without undue cost or effort. Changes in fair value are recognised in the Statement of Financial Activities. Flnan¢ial Instruments Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised tost with the exteption of investment5 and the pension scheme liability which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, trade and fee debtor5, other debtors and accrued income. A specific provi5i0n 15 made for debls for which recoverability is in doubt. Cash and cash equivalent5 are defined a5 all cash held in instant access bank accounts and used as workin8 capital. Financial liabilitles held at amortised cost comprise deposlt5, fees in advance, trade creditors and other creditors. (ml Permanent Endowment Fund As detailed in note 23 the Charity holds assets donated u nder permanent endowment. Where such an asset is sold, the proceeds of the sale are treated as capital receipts and are taken directly to the Permanent Endowment Fund, Income arising on general purpose Permanent Endowment Fund investments is treated as general income, within u nrestricted funds, of Sherborne School. In) S¢holarshlp and Prlze Funds Legacies and donations are recognised as receivable under this heading once receipt is considered probable and are invested to provide scholarships and prizes for the benefit of pupils at Sherborne School. {0) Operatln8 leases Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the statement of financial actlvltles on the strai8ht Ilne basls over the lease term. Employee beneflts The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be reco8nised as part of the cost of stock or are capitalised as an intangible fixed asset or a tangible fixed asset. The best estimate of the expenditure required to settle an obligation for termination benefits Is recognised immediately as an expense when the Group Is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Registered Company Number.. 4002575 Registered Charity Number.. 1081228 25

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2024 Accounting policie$ (continued) Retirement beneflts Deflned contrlbutlon plans Sherborne School operates a defined contribution scheme for support staff. The amount charged to the Statement of Financlal Activities is the contributions payable in the year. Differences between contributions payable in the year and contributions actually pald are shown as either accruals or prepayments. Defined beneflt plans 5herborne School operates a defined beneflt retirement plan, which closed to future accrual from 31 Au8USt 2011, The cost of providin8 benefits is determlned usln8 the projected unSt credit method. A55et/Liability The net defined benefit assetlliability represents the present value of the defined benefit obligatlon mlnus the fair value of plan assets out of which obligation5 are to be settled. Any asset resulting from this calculatlon is limlted to the present value of available refunds or reductions in future contributions to the plan. The rate used to discount the benefit obli8ations to their present value Is based on market ylelds for high quallty corporate bonds with terms and cu rrencles consistent wlth those of the benefit obli8atlons. Galns/Losses Gains or losses recognised In net Income., The change In the net defined benefit liability arlslng from employee servlce during the year is recognised as an ernployee cost. The cost of plan introductions, beneflt changes, settlements and curtallments are reco8nlsed as Incurred. Net interest on the net deflned beneflt assetlliabllity comprlses the interest cost on the defined beneflt obllgatlon and Interest income on the plan assets, calculated by multiplylng the fair value of the plan a55ets at the be8innin8 of the period by the rate used to discount the benefit obli8ations. Gains or losses reco8nised after net Income: Actuarial gain5 and losse5. The difference between the interest Income on the plan assets and the actual return on the plan assets. Multl-employer plans Sherborne School contributes to the Teachers, Pension Defined Beneflts Scheme at rates set by the Scheme Actuary and advSsed to the Board by the Scheme Adrninistrator. Contributions are recognised in the Statement of Financial Activities in the period to which they relate as there is insufficient information available to Use defined benefit accountin8. RegIsted Company Number= 4002575 Registered Charity Number.. 1081228 26

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2024 Accountlng policies {continued) Expendlture Expenditure is recognised once there is a legal or constructive obligation to make a payment to 3 third party, it 15 probable that settlement will be required and the amount of the obligation can be measured rellably. Expenditure is allocated or apportioned to the applicable expenditure heading on a direct cost basls, Wlth staff costs bein8 allocated accordin8 to the estimated time spent by staff working in relevant departments and is classified under the following activity headin8S'. Commercial trading activitie5 comprise the costs of commercial tradin8 Includin8 the lettings activlties and leisure centre activities,. Fundraising activitie5 includes all fundraising costs of Sherborne School Foundation to promote the charitable purpose5 of Sherborne school. and Expenditure on educational activities includes the costs incurred in respect of the provision of education to pupils and other ed utational activities undertaken to further the purposes of the charity and their associated support costs. Irrecoverable VAT Is charged as a cost against the activlty for which the expenditure was incurred. Basls of consolldatlon The 8roup financial Statements consolidate the financlal statements of the charity and It5 wholly owned subsidiary undertakings, Sherborne School (Trading) Limited, Sherborne School (Lelsurel Limited, Sherborne School (Overseas Tradin81 Limited and Sherborne School Foundation made up to 30 June 2024 and all Inter group 5ale5 and profits are eliminated fully on consolldation. A5 permitted by section 408 of the Companies Act 2006, the parent company's income and expenditure account has not been included in these financial statements. The charity merged with Sherborne School for Girls Icompany number: 0306828,. charity number.. 3074271 at l July 2024 to become the Sherborne Schools Group, continuin8 under the former Sherborne School company and charity numbers. The 5ub5idiaries of Sherborne School for Girls have become subsidiaries of the Sherborne Schools Group with effect from l July 2024, and will be consolidated into the Group financial statements for the 2024-25 year. Jolnt venture The Charity had a 50Yo share In a jointly controlled entity, Sherborne Schools Worldwide Limited. This entity's audited accounts have been drawn up to 30 June 2024. The Charity provided loan fundin8 to the entity, which has been incorporated into debtors as an amount due from a joint venture undertaking. The Charity's share of the entity's income and expenditure, assets and liabilitie5 at 30 June 2024 has been incorporated into these financial statements using the equity method. Following the merger with Sherborne School for Girls on l July 2024, the Sherborne Schools Group now own5 100% of the entity's share capital, which will be reflected in the 2024-25 financial statements. Further information in respect of the year ended 30 June 2024 is provided in note 30. lu) Fund accountln8 Unrestricted fund5 are funds that are available for use at the discretion of the Governors in furtherance of the objects of the Charity. Desi8nated funds are unrestricted funds which have been set aside by the Governors for specific purposes. The aim and the use of the designated fund5 are set out in the notes to the financial statements. Restricted funds are to be used in accordance with specific restrictions imposed by the donors or which have been raised by the Charity for particular purpose5. The aim and use of the restricted funds are set out in the notes to the financial statements. Transfers between funds are made either where there is a (Jeficit on a restricted fund or where funds have been raised for a restricted project but expenses incurred have been made from unrestricted funds. Registered Company Number.. 4002575 Registered Charlty Number.. 1081228 27

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS forthe year ended 30 June 2024 Critical accounting estlmates and areas of Judgement In the application of the Group's accounting policies, which are described in note 2, mana8ement is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and u nderlying assumptions are based on historical experlence and other factors that are considered to be relevant. The estlmates and underlying assumptions are reviewed on an ongoing basis. Revislons to accounting estimate5 are recognised in the period in which the estlmate Is revised if the revision affects only that period, or in the period of the revlsion and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a signlflcant effect on the amounts reco8nised in the financlal statements are de5crlbed below, Tongiblefixed ossets- e5timatlon of usefvl life Tangible fixed assets represent a slgnificant proportion of the Group's total assets. Therefore the estimates and assumptions made to determlne their carrying value and related depreciation are crltlcal to the Group's flnanclal position and performance, The charge In respect of periodic depreciation 15 derived after determlnlng an estlmate of an a55et's expected useful life and the expected resldual value at the end of its life, Increasing an asset's expected Ilfe or Its resldual value would result in a reduced depreclation charge In the Consolidated Statement of Financlal Activitles. The useful Ilves and residual values of the Group's assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The Ilves are based on hlstorical experience with similar assets as well as anticipation of future events whlch may impact their Ilfe such as changes in technology. Historically changes in useful Ilves and resldual values have not resulted in material changes to the Group's depreciation charge. Bad debt provislons The Group has re¢ogni5ed bad debt provisions where there is uncertainty whether specific accounts receivable are collectible. The judgements, estimate5 and a550ciated assumptions necessary to calculate these provi5ion5 are based on historical experience and other reasonable factor5, Voluotion of defined benefit retirement plan The present value of Sherborne School's defined benefit retirement plan depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost for pensions include the discount rate. Any changes in these assumptlons, which are disclosed in nole 28, will impact the carryin8 amount of the pension Ilability. Registered Cornpany Number.. 4002575 Registered Charity Number.. 1081228 28

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2024 School fees lal School Fee5 2024 £'ooo 2023 £'ooo School Boarders Day boy5 Prep -Pre-Prep 24,921 1,422 2.860 466 22,997 1.400 2,759 451 Preparatory School Total School fees Sherborne International Other 29,669 1,452 113 27,607 834 155 Short Course Fees Re815tration fees Total fees Less.. Total scholarships, bursaries, grants and discounts 31,234 14,716) 28.596 14,5961 26,518 140 24,000 126 Add back.. Scholarships and discount5 paid for by restricted funds 26,658 286 24,126 295 Music fees received School fees per Consolldated Statement of Flnanclal Actlvltle$ 26,944 24,421 Ibl Awords, prizes, ond discounts paid for by Restricted Funds comprised.. 2024 £'ooo 2023 £'ooo Scholarships Advance fees discount 116 24 106 20 140 126 Donatlon$ and le8acles 2024 £'ooo 2023 £'ooo Committed givlng Donations Legacies 61 216 81 69 349 161 358 579 Income from subsldlarles, trading artivities Sherborne School (now Sherborne Schoo15 Group) owns the whole of the share capital of three of its subsidiaries which are Sherborne School ITradin81 Limited (company no. 27479011, Sherborne School (Leisurel Limited (company no. 43327241 and Sherborne School IOver5eas Trading) Limited (company no. 068170421. The Sherborne School Foundation (company no. 3686309 and charity no. 10735221 is a subsidiary charity of Sherborne School as the School 15 the sole corporate member of the Foundation. Registered Company Number.. 4002575 Registered Charity Number.. 1081228 29

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2024 Income from subsidiaries, trading actlvltle5 (continued) The income and expendlture, net of inter-group transactions, from commercial trading operations was as follows: 2024 Expendlture £'ODO 2023 Income £'ooo Income £'ooo Expendlture £'ooo Sherborne School ITradin81 Limited Sherborne School (Leisurel Limited Sherborne School (Overseas Tradln81 Limlted 671 407 175 606 563 14 585 175 175 511 393 14 1,253 1,183 935 918 lal Sherborne School (Trading) Limited's principal activity continues to be that of the operation of the School's sports and uniform shop, the Hub cafe and the provision of lettlng and educational services. Its trading results for the year, as extracted from the audlted financial statements, are summarised below: 2024 £'ooo 2023 £'ooo Turnover Cost of sales 829 17431 723 16321 Gross proflt Administration 86 1401 91 1351 Operatln8 proflt Other operating income 46 56 Proflt on ordlnary actlvltle5 before taxatlon Tax on proflt on ordlnary actlvities 46 56 Proflt on ordlnary artlvltle5 after taxallon 46 56 Glft Ald dlstrlbutlon Gross Assets 203 239 Gross Llabllltle$ 1203) (278) Shareholder's IDefScltl/funds (39) Included in turnover are ¢ommi55ion payments to Overseas Agents that have been invoiced to Sherborne School amounting to £IOOk12023.' £78kl and departmental sales amountin8 to £58k12023'. £60kl. These balances have been eliminated on consolidation. Included in administration expenses are £19k {2023: £18kl of management char8es, comprisin8 accountin8 fees £16k12023'. £15kl, insurance £lk12023: £lkl and management charges £2k (2023- £2kl paid to Sherborne School. These balances were all eliminated on con501idation. Registered Company Number: 4002575 Registered Charlty Number.. 1081228 30

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2024 Income from sub5idiaries' tradlng actlvltles (continued) Sherborne School (Leisurel Limited's principal activity is that of the provision of leisure facilities. Its trading results for the year, as exlracted from the audited financial statements, are 5ummarlsed below.. 2024 £'ooo 2023 £'ooo Turnover Administfation 616 1610) 337 14081 Operatlng profltlllossl Other operating income (711 Proflt/l1055) on ordlnary actlvltles {71) Glft Ald dlstrlbutlon Gross Assets 28 Gross Llabllltles 1231) 198) Shareholder's (Deflcltllfunds 163) (701 Included Sn turnover 15 £207k12023.' £ 162kl of income in relation to the use of the sports centre by pupils of the schools, received from Sherborne School. This balance was eliminated on consolidation. Included in administration expenses are £47k 12023.. £ISkl of management char8es, comprising accounting fees E9k12023'. £6kl, insurance £lk12023.' £ Ikl, mana8ement charges £lk12023: £ Ikl and rent £36k12023'. £7kl paid to Sherborne School. These balances were all eli minated on consolidation. Icl Sherborne School {Overseas Trading) Limlted's principal object5 are to promote the charitable purposes of Sherborne School in Qatar and to promote any olher charitable purp05e connected with or otherwise associated with the School. Its trading results for ihe year, as extracted from the audlted financial statements, are summarlsed below.. 2024 £'ooo 2023 £'ooo Turnover Administration 175 {141 175 114) Proflt on ordlnary actlvltles 161 161 Gift Ald dlstrlbutlon 161 161 Gross Assets 181 181 Gross Llabllltles 1166) (166) Shareholder's Fund5 Is 15 Registered Company Number.. 4002575 Registered Charity Number: 1081228 31

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS forthe year ended 30 June 2024 Income from subsldlarles. tradin8 activities (continued) Idl The Sherborne School Foundation's princlpal objects are to promote the charitable purposes of Sherborne School in Oorset and to promote any other charitable purpose connected with or otherwise associated wlth the School. Its results for the year, as extracted from the audited financial statements, are summari5ed below.. 2024 £'ooo 2023 £'ooo Income from., Donations, legacies and grants Other trading income Investments 524 610 38 19 12 Total Income 536 667 Expendlture on: Raisln8funds 1881 {82) Charltable activltles 13421 11,203) Total expendlture {4301 11,285) Net {Expendlturelllncome 106 (618) Gro$$ Assets 343 235 Gross Llabllltles Total Charlty Funds 334 228 Included in donations and legacies incorne is £175k12023: £116kl received from Sherborne School as donated services that has been ellmlnated on consolidation, Included in expenditure is £250k12023: £1,137kl paid to Sherborne School,. £250k12023'. £1,137kl of this wa5 eliminated on consolidation. Investment Income 2024 £'ooo 2023 £'ooo Dividends receivable Qatar royalty Bank interest receivable 248 166 42 199 166 28 456 393 Other Income 2024 £'ooo 2023 £'ooo Other ancillary trading income Houses income Junior common room income School events income Sundry income 77 li 55 226 61 69 290 369 429 Registe Company Number.. 4002575 RegiSted Charity Number.. 1081228 32

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2024 Net income for the year This is stated after chargingllcreditin81: 2024 £'ooo 2023 £'ooo Auditor's remuneration:_ Fees payable for the audit of the parent charity and the consolidation Fee payable for the audit of subsidiaries pu rsuant to legislation Fees payable to the group's auditors and its associates in respect of Corporation tax Services Depreciation {Profitl/loss on disposal of flxed assets Operating lease costs - equlpment Stock recognised as an expense Interest on advance fee scheme Loan interest 38 21 35 19 2,149 iioo} 16 308 25 407 2.008 {524} 17 279 20 409 Seven Governors received reimbursement of out of pocket expenses for travel expenses, amounting to £1,434 in the current year12023.' £891, in respect of travel expense5 for five Governors). io. Analysls of staff costs, trustee remuneratlon. and the cost of key management personnel 2024 £'ooo 2023 £'ooo Wages and salaries Social securlty costs Penslon contribution - defined contribution scheme 13,850 1,321 2.068 13,324 1,288 1,907 17,239 16,519 The number of hi8her paid employees was: 2024 No. 19 io 2023 No. io 13 £60,000- £70,000 £70,000- £80,000 £80,000- £90,000 £110.000- £120.000 £130,000- £140,000 £250,000- £260,000 £260,000- £270.000 The calculation of staff costs for hi8her paid employees includes 8r05s salary and benefits in kind. The key management personnel of the parent charity and the grotsp comprise the Governors, the Chief Executive Officer and the member5 of the Group Executive. The total employee benefit5 of the key mana8ement personnel of the charity were £612k12023: £637kl, including benefits in kind, national insurance and pension contributions. The Governors are unpaid. Included within staff costs above are non-statutorylnon-contractual severance payments totalling £17k 12023: £Nill and Statutory severance payment5 of £2k12023: £3kl. Registered Company Number.. 4002575 Registered Charity Number.. 1081228 33

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2024 ii. Staff numbers The average number of staff employed by the charity durlng the year was as follows: 2024 No. 2023 No. Educational staff Support staff 201 276 201 274 477 475 12. Analysls of expendlture 2024 Total £'ooo 2023 Total £'ooo Year ended 30 June 2024 Staff cost5 Other costs £'ooo £'ooo Depreclatlon £'ooo C05t of roising funds.. Commerclal tradin8 operatlons: Sherborne school ITradingl Limited Sherborne school (Leisurel Llmited Sherborne School (Overseas Tradin81 Llmlted 200 383 406 180 606 563 511 393 14 14 14 Net share of loss in joint venture 18 Fundraislng costs 69 19 88 81 Investment management fees 29 29 29 652 657 1,309 1,046 Charitoble octivlties., Educational actlvltles Teaching Welfare Premises Support costs of schooling Education and grant making Operational costs- Foundation Financing costs Governance Other expenditure 11,651 1,948 799 2,140 1,192 3,126 1,997 1,350 136 42 598 618 210 12,843 12,604 5,074 4,994 4,945 4,371 3,490 3,242 136 136 91 67 598 554 618 147 210 149 2,149 49 16,587 9,269 2,149 28,005 26,264 Total expenditure for Group 17,239 9,926 2,149 29,314 27,310 Registered Company Numljer.. 4002575 Reglstered Charity Numbef= 1081228 34

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2024 12. Analysis of expendlture (contlnued) 2023 Total £'ooo 2022 Total £'ooo Year ended 30 June 2023 Staff costs Other costs £'ooo £'ooo Deprectation £'ooo Cost of roising funds.. Commercial tradin8 operations: Sherborne School ITradingl Llmited Sherborne School {Leisurel Limited Sherborne School {Overseas Trading) Limited Net share of1055 in joint venture 220 271 290 122 511 393 565 288 14 18 14 18 13 15 Fundraising Costs 25 56 81 123 Investment mana8ement fees 29 29 29 516 529 1,046 1,033 Choritable activitie5.' Educational activities Teachin8 Welfare Premises Support costs of schoolSn8 Education and 8rant making Operational costs - Foundation Financing costs Governance Other expenditu re 11,619 1.642 761 1,957 985 3,352 1,603 1,285 136 43 554 147 149 12.604 4,994 4,371 3,242 136 67 554 147 149 11,598 4,406 4,265 3,305 93 87 457 88 85 2,007 24 16,003 8,254 2,007 26,264 24,384 Total expenditure for Group 16,519 8,783 2,008 27,310 25,417 13. Taxatlon 2024 £'ooo 2023 £'ooo Tax on ordinary activities Registered Company Number.. 4002575 Registered Charity Number.. 1081228 35

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2024 14. Tangible fixed 355ets- School Plant, Assets Land and Equlpment and Under Bulldln8S Motor vehlcles Construction £'ooo £'ooo £'ooo Total £'ooo Cost At l July2023 Additions Transfers Disposals 64.461 523 4,558 11741 8,717 942 3,233 1,325 14,5581 76,411 2,790 12081 13821 At 30 June 2024 69,368 9,451 78,819 Depreciation At l July 2023 Char8e for year Disposals 16,764 1,273 1291 6,194 876 12051 22,958 2,149 12341 At 30 June 2024 18,008 6,865 24,873 Net book value At 30 June 2024 51,360 2,586 53,946 At 30June 2023 47,697 2,523 3,233 53,453 Included wlthin Plant, equlpment and motor vehicles above are assets held under lease and hlre purchase contracts with a net book value at 30 June 2024 of £99,78012023.' £139,357). The depreciation char8e for the year on these asset5 amounted to £104,02812023: £85,731). 15. Tanglble flxed assets - Group Plant, Land and Equlpment and Bulldln85 Motor Vehlcles £'ooo £'ooo Assets Weather Under Plt¢h Constructlon £'ooo £'ooo Total £'ooo Cost At l July 2023 Additlons Transfers Dlsposals 64,461 523 4,558 {1741 8,817 942 439 3,233 1,325 (4,5581 76,950 2,790 12541 (428) At 30 June 2024 69,368 9,505 439 79,312 Depreciation At l July 2023 Char8e for year Disposals 16,764 1,273 1291 6,293 876 12511 439 23,496 2,149 (280) At 30 June 2024 18,008 6,918 439 25,365 Net book value At 30 June 2024 51,360 2,587 53,947 At 30 June 2023 47,697 2,524 3.233 53,454 Included within Plant, equipment and motor vehicles above are assets held under lease and hire purchase contracts with a net book value at 30 June 2024 of £99.780 {2023: £139.3571. The depreciation charge for the year on these a55ets amounted to £104.028 (2023- £85,731). Registered Company Number: 4002575 Registered Charity Number- 1081228 36

Sherborne Schools Group GOVERNORS, OFFICERS AND ADVISER5 for the year ended 30 June 2024 15. Tanglble fixed assets - Group {continuedJ The comparable amount of land and buildings included above at deemed cost determined according to the historical cost accounting rule5 are as follows.. Land and Buildlngs £'ooo Cost Accumulated depreciation 57.005 {12,5991 Net book value At 30 June 2024 44.406 At 30 June 2023 41,114 In the period to 30 June 2000, the School's properties (with the exception of certain inalienable or historic building5 for which reliable valuations were not available without incurrin8 Costs considered to outwei8h the usefulness of the information to financial statements users) were revalued by Chesters, Chartered Surveyors, on the basis of their then current open market value or depreciated replacement cost las appropriatel. In accordance with the transitional provisions of FRS 102 these valuations have not been updated. The principal School buildings at Abbey Road, Sherborne, have no ascertalnable historical cost and cannot be valued without undue expense and are excluded from the financial statements. Registered Company Number: 4002575 Registered Charlty Number.. 1081228 37

Sherborne Schools Group GOVERNORS, OFFICERS AND ADVISERS for the year ended 30 June 2024 16. Investments Scholarshlp &Pri Fund £'ooo 6,250 1,933 11,5601 570 Investment Foundatlon Propertv Fund £'ooo £'ooo 150 Advance Fee Fund £'ooo 1,176 Unlisted £'ooo Total £'ooo 7.577 1.933 12,2811 569 At l July 2023 Additions Disposals at book value Unrealised 8ain/llossl Equalisation of investments Change in accrued income 17211 {ii Total for Charlty 150 460 7,193 7,804 Group transactions added/ leliminatedl on consolidation 155 154 At 30 June 2024 150 155 460 7,193 7,958 Investments Ilsted on the Stock Exchan8e Historical cost 155 155 460 543 7,193 6,410 7,808 7.114 Unlisted Investrnents The consolidated balance sheet shows the same investments as the School, with the exception of the unlisted investments of £1,00412023: £1,004) in Sherborne School (Trading) Limited. Sherborne School (Leisure) Limited, Sherborne School {Oversea5 Trading) Limlted and Sherborne Schools Worldwide Limited and the investments held within the Sherborne School Foundation of £155k12023: £155kl which are excluded. Investment Pmperty In July 2016, the investment property in Gillingham was revalued by Chesters, Chartered Surveyors, on the basls of its open market at a value of £150,000, The Governors have revlewed the valuatlon of the property and are satisfied that the value at 30 June 20241s not materlally different. This investment property has an historical cost of £5k. Listed Investments The market value of investments held outside the UK was £5,406k12023.' £4,273kl. 17. Debtors Group School Z024 £'ooo 2023 £'ooo 2024 £'ooo 2023 Due withln one year.. Trade debtors Tax recoverable Fees due Other debtors Prepayments Advance- SherbornÈ Girls Amount due from subsidiary undertakings Amount due from joint venture undertakin8 Due after more than one year: Amount due from joint venture undertaking 147 57 120 44 1,257 186 2,661 3.881 1,218 119 1,719 1,257 106 2,661 3,881 346 106 1,218 94 1,719 432 80 200 200 8,138 3,114 8,677 3,787 Registered Company Number.. 4002575 Registered Charlty Number-. 1081228 38

Sherborne Schools Group GOVERNORS, OFFICERS AND ADVISERS for the year ended 30 June 2024 18. Credltors: amounts falllng due within one year Group School 2024 £'oDo 2023 £'ooo 2024 £'ooo 2023 £'ooo Bank overdraft and loans Fee5 received in advance Trade creditor5 Taxation and social security Finance leases Other creditors Accruals Pensions Deposits held 1,000 2.588 1.047 376 81 266 2,332 273 496 1.000 2,588 1,013 351 81 170 2,207 273 496 1,633 1,078 358 108 237 2,207 278 420 1,633 1.060 334 108 161 2,191 278 420 8,459 3.430 6,319 800 8,179 3,430 6,185 800 Advance fees (see note 191 11,889 7,119 11,609 6,985 Details and security on the bank loan and overdraft facilities are disclosed in Note 20. 19. Advance fee payment5 Parents may enter into a contract to pay to the School up to the equivalent of five years, tuitlon fees in advance. The money may be returned Subject to specific conditions on the recelpt of one terrn's notice. Assumlng puplls will remain in the School, advance fees will be applied as follows.. 2024 £'ooo 2023 £'ooo After five years Within two to five years Within one to two years 409 2.291 2,008 455 252 462 4,708 3,430 1,169 800 Within one year 8.138 1,969 The movement during the year on advance fees were as follows.. 2024 £'ooo 2023 £'ooo At l July 2023 New advance fees received during the year Fees repaid durlng the year Amounts accrued for interest Amounts utilised in payrnents of fees 1,969 7,423 1291 24 11,2491 2,187 990 19 11,2271 At 30 June 2024 8.138 1,969 Registered Company Number: 4002575 Registered Charity Number.. 1081228 39

Sherborne Schools Group GOVERNORS, OFFICERS AND ADVISERS forthe year ended 30 June 2024 20. Creditors: amounts falllng due after more than one year Group School 2024 eooo 2023 £'ooo 2024 £'ooo 2023 £'ooo Advance fees (note 191 Bank loan Deposits Flnance leases 4,708 14,000 2,778 193 1,169 14,000 2,402 49 4,708 14,000 2,778 193 1,169 14.000 2,402 49 21,679 17,620 21.679 17,620 The bank loan and loan facillties are secured by way of legal mortga8e char8es dated 17 January 2001 and l November 2019 over certain propertles owned by Sherborne School. A £16M facility had been arranged with Lloyds Bank plc to provide funds for workin8 capital and the planned capital projects, to be drawn down through revolving credit agreements. £15M had been drawn down by 30 June 20241£14M at 30 June 20231. The total balance outstandin8 on all revolving credlt agreements h35 been converted to term loan at l November 2024, so termly repayments will be commencing In the 2024-25 year. £IM of the 2024 balance has therefore been included within Creditors.. amounts falling due within one year12023 £Nill, and the remaining amount E14M12023 £14MI has been included within Creditors: amounts falling due after more than one year. The Interest rate applicable to the loan facilities is 2.15% over Bank of England Base Rate. Registered Cornpany Number.. 4002575 Registered Charity Number.. 1081228 40

Sherborne Schools Group GOVERNORS, OFFICERS AND ADVISER5 for the year ended 30 June 2024 21. Consolldated Statement of Financlal Actlvltles for prlor year 2023 Total Funds £'ooo Unrestrlcted Restrlcted Funds Funds £'ooo £'ooo Endowed Funds £'ooo Income from: Charitable Activities.. School fees 24,421 24,421 Donations.. Transfer of assets in respect of Sherborne Preparatory School Other donations, legacles and 8rants Other trading octivities.. Commercial trading operations 47 532 579 935 935 Investments 175 218 393 Other.. Other income 429 429 Total Income 26,012 750 26,762 Expendlture on: Roising funds.. Commercial tradlng operations Net share of1055 in joint venture Fundraisin8 Costs Investment management fees 918 18 918 18 81 29 81 29 Total expendlture on ralslng funds 936 iio 1,046 Choritoble activities., Educational activities 26,068 196 26,264 Expendlture on char5table actlvltles 26,068 196 26,264 Total expendlture 27,004 306 27,310 Net Incomellexpendlturel and net movement In funds before 8alns and losses on Investments 1992) (548) Net gains/{lossesl on investments {641 34 1301 Net Incomel(expendlturel before taxatlon 19921 380 34 1578) Tax on profitlllossl on ordinary activities Net Income/(expenditurel after taxation 1992) 34 15781 Transfers between funds I,ooo 11,0001 Net Incomellexpendlture) before other re¢o8nised 8alns and losses carrled forward 16201 34 (578) Registered Company Number: 4002575 Registered Charity Number: 1081228 41

Sherborne Schools Group GOVERNORS, OFFICERS AND ADVISERS for the year ended 30 June 2024 21. Con$olidated Statement of Financlal A¢tlvltie5 for prlor year (continued) 2023 Total Funds £'ooo Unrestricted Restrlcted Funds Fund$ £'ooo £'ooo Endowed Funds £'ooo Net Income/(expendlturel before other reco8nlsed galns and losses brought forward (6201 34 (578) Remeasurement of deflned benefit pension scheme 1487) 1487) Net movements In funds 1479) (6201 34 (1,0651 Reconciliation offvnds Total funds brought forward 36,198 904 7,493 44.595 Total funds carrled forward 35,719 284 7,527 43.530 22. Analysls of net assets between funds Analys1$ of 8roup net assets betwe•n funds Net Current Flxed Asset$/ Long Term Assets ILI?bllltlesl Llabllltles £'ooo £'ooo £'ooo Penslon Llablllty £'ooo Fund Balance5 £'ooo Unre$trl¢ted Pension Reserve Designated Fund Accumulation Fund 12031 12031 36,249 53,231 1121 116,970) Restrlrted funds 386 386 Endowed Advance Fee Fund Edbrooke Scholarship and Bursary Scholarship and Prize Fund Scholarship and Prize Fund - Eglington Bursaries Endowed Property 460 255 5,194 4,249 14,709) 255 5,164 1301 2,000 765 2,000 765 Group total at 30 June 2024 61,905 4,593 (21.679) (203) 44,616 Registered Company Number.. 4002575 Registered Charity Number.. 1081228 42

Sherborne Schools Group GOVERNORS, OFFICERS AND ADVISERS for the year ended 30 June 2024 22. Analy515 of net assets between fund5 Icontinued} Analysls of 8roup net asset5 between funds (continued) Net Current Fixed Assets/ Long Term Assets (Llabllltles) Llabilities £'ooo £'ooo £'ooo Penslon Uablllty £'ooo Fund Balances £'ooo Unrestrlcted Pension Reserve Designated Fund Accumulation Fund 15211 15211 36,240 52.739 1481 116,4511 Restrlcted funds 284 284 Endowed Advance Fee Fund Edbrooke Scholarship and Bursarv Scholarship and Prize Fund Scholarship and Prize Fund - Eglington 8ur5aries Endowed Property 1,176 255 4,250 171 11, 1691 255 4,507 257 2,000 76S 2,000 765 Group total at 30 June 2023 61,185 486 (17,6201 15211 43,530 Ibl Analysls of School net assets between funds Net Current Fixed Assetsl Long Term Assets {Llabllltles) Llabllltles £'ooo £'ooo £'ooo Penslon Llabllltv £'ooo Fund Balances £'ooo Unrestrlcted Pension Reserve Desl8nated Fund Accumulation Fund 12031 12031 36,621 53,076 515 116,9701 Restrlcted funds 52 52 Endowed Advance Fee Fund Edbrooke Scholarship and Bursary Scholarship and Prize Fund Scholarship and Prize Fund - E81ington Bursaries Endowed Propertv 460 255 5,194 4,249 14,7091 255 5,164 1301 2,000 765 2,000 765 School total at 30 June 2024 61,750 4,786 (21,679) 1203) 44,654 Reglstefed Company Number.. 4002575 Registered Charity Number.. 1081228 43

Sherborne Schools Group GOVERNORS, OFFICERS AND ADVISERS for the year ended 30 June 2024 22. Analysis of net assets between funds (continued) Analysls of School net assets between funds Icontinuedj Net Current Flxed A$5et51 Long Term Assets ILlabllltles) Llabilitles £'ooo £'ooo £'ooo Pension Llablllty £'ooo Fund Balances £'ooo Unrestrlcted Pension Reserve Designated Fund Accumulation Fund IS211 15211 36,631 52,584 498 116,4511 Restrlcted funds 56 56 Endowed Advance Fee Fund Edbrooke Scholarship and Bursarv Scholarship and Prize Fund Scholarship and Prlze Fund Eglington Bursaries Endowed Propertv 1,176 255 4,250 171 11,1691 255 4,507 257 2,000 765 2,000 765 khool total at 30 June Z023 61,030 804 117,620) (5211 43,693 Of the above, the Scholarshlp and Prize Fund is a linked charity to the School. The other linked charitv, The Sherborne School Trust, remains dormant, 23. Analysls of charltable funds Analy$ls of movements In permanent endowed funds (Group and School> Balance at ljuly 2023 £'ooo Transfers and Balance at Investment 30 June GaSns 2024 £'ooo £'ooo Income Expendlture £'ooo £'ooo Endowed Property Edbrooke fund Scholarship and Prize Fund Scholarship and Prize Fund - Eglin8ton Bursaries 765 255 4,507 765 255 5,164 657 2,000 2,000 7,527 657 8,184 Balance at l July 2022 £'ooo Transfers and Balance at Investment 30 June Gains 2023 £'ooo £'ooo Income Expendlture £'ooo £'ooo Endowed Property Edbrooke fund Scholarship and Prize Fund Scholarship and Prize Fund - Eglington Bursarie5 765 255 4,473 765 255 4,507 34 2,000 2,000 7,493 34 7,527 Registered Company Number-. 4002575 Registered Charity Nurnber.. 1081228 44

Sherborne Schools Group GOVERNORS, OFFICERS AND ADVISERS for the year ended 30 June 2024 Registered Company Number.. 4002575 Registered Chaiity Number.. 1081228 45

Sherborne Schools Group GOVERNORS, OFFICERS AND ADVISERS for the year ended 30 June 2024 23. Analysls of charltable funds (continued) Analysis of movements In permanent endowed funds (Group and School) (continued) Endowed Property Land and property gifted to the School in furtherance of its Object, to advance education that 15 held on permanent endowment and is administered and managed by the Governors. Edbrookefund A fund, the income from which will be made available to the Headmaster and applied at his discretion from time to tlme, to benefit a pupll wlshing to attend the School who may have just missed a scholarship. Alternatively, a pupil currently at the School whose parents find themselves In financial difficulty. Scholorship ond Prize Fund The Scholarship and Prize fund endowment Is invested to provide scholarships and prizes for the benefit of the School. The total realised and unrealised gains and Ilossesl during the year amounted to £657k 12023 - £35kl. Scholarship ond Prize Fund- Eglington 8ur5aries The Scholarship and Prize Fund - E8lington Bursarles endowment was set up wlth a legacy from the late Charles Eglington. The fund is invested to provlde bursaries for the benefit of the School. (b) Analysls of movements In restrlcted funds Balance at l July 2023 £'ooo Investment Balance at Galns 30 June IILosses) 2024 £'ooo £'ooo Income Expendlture £'ooo £'ooo Transfers £'ooo Advance Fee Fund Scholarship and Prize Fund Andrew Yorke Sall Tralnlng Fund Bursary Fund Cricket Square Shell House Fund Upper Pavilion Fund Sports Centre SPS Restricted Fund Other restrlcted funds 105 1251 174) 144 11441 46 131 43 17 1171 232 12321 (i) Charity The Sherborne School Foundation 56 498 11721 1324) 161 52 228 536 14301 334 284 1,034 16021 1324) 161 386 Eliminated on consolidation 14251 250 175 Group 284 609 13521 1149) 386 Transfers from restricted funds to the accumulation fund correspond to income where the orl8lnal restriction of the fund has been fulfilled during the year. Registered Company Nurnber-. 4002575 RegiSted Charity Number.. 1081228 46

Sherborne Schools Group GOVERNORS, OFFICERS AND ADVISERS for the year ended 30 June 2024 23. Analysls of charltable funds (continued) (bl Analys15 of movements In restricted funds (continued) The transfer of £149k in the consolidated accounts represents a recla55ification between restricted and unrestricted funds. This adjustment is required to correct the balance held on restricted funds by ensuring the elimination of inter-company transactions between Sherborne School and the Sherborne School Foundation. The breakdown of restricted reserves of £334k for the Sherborne School Foundation is detailed in that Charlty's accounts. Balance at l July 2022 £'ooo Investment Balance at Gains 30 June IILosses) 2023 £'ooo £'ooo Income Expendlture £'ooo £'ooo Transfers £'ooo Advance Fee Fund Scholar ship and Prize Fund Andrew Yorke Sail Training Fund Bursary Fund Cricket Square Duke of Edinburgh Award Shell House Fund Upper Pavilion Fund Sports Centre SPS Restricted Fund Other restricted funds 66 {211 19 164) 133 11331 48 121 46 io iioi 1,125 11,1251 iii Charity The Sherborne School Foundation 58 1,335 {1571 11,1161 1641 56 846 667 11,2851 228 904 2,002 {1,4421 11,1161 1641 284 Eliminated on consolidation 11,2521 1,137 115 Group 904 750 {3051 11,ooii 1641 284 Transfers from restricted funds to the accumulation fund correspond to incoming resources where the original restriction of the fund has been fulfilled durin8 the year. The transfer of £l,OOOk in the consolidated accounts represents a reclassification between restricted and unrestricted funds. This adjustment is required to correct the balance held on restricted funds by ensuring the elimination of inter-company transactions between Sherborne School and the Sherborne School Foundation. The breakdown of restricted reserves of £228k for the Sherborne School Foundation 15 detailed in that Charity's accounts. Registered Company Number: 4002575 Registered Charity Number.. 1081228 47

Sherborne Schools Group GOVERNORS, OFFICERS AND ADVISERS for the year ended 30 June 2024 Analysls of charltable funds fcontinued) Ib) Analysls of movements In restrlcted funds (continued) Annuol Fund Bursories From the annual fund donations that are for bursaries in general and will help supplement the support for the Travel and Tour Bursaries, the Personal Development and High Flyer Fund and other bursaries offered by the Foundation in co-operation with the School. Bursary Fund To widen access to Sherborne School through a programme of means tested bursaries. Crlcket Squore To support the relaying of the cricket squares within the School and primarily those on the Upper square. Foundation Fellow5 Funds transferred by the 5herborne School Foundation to support and fund the enrichment and teaching of Fellows of the School. Music Project5 Fund5 transferred by the Sherborne School Foundation to contribute towards the varlous Music project5. Hordship Fund To support pupils within the School who fall on hard flnanclal times and who the School would like to remain in the School until they complete a key stage of their education. Scholarships Funds transferred by the Sherborne School Foundatlon to support and fund scholarships provlded by the School. Shell House Fund Funds ralsed for the restoration and upkeep of the Shell House, located in the 8arden of Harper House. sports Centre Funds raised by and transferred from the Sherborne School Foundation towards the redevelopment of the Sport5 Centre. Upper Pavilion The fund is for the refurbishment and extenslon of the Upper Pavilion. SPS Restricted Fund Donation made to Sherborne preparatory School for the benefit of Its staff and pupils. Other Restricted Funds These relate to several smaller restrlcted funds whlch have been donated during the year. The majorlty of the donations have been expended durin8 the year in accordance with the original donor's wishes- the remalning Élk wlll be expended next year. Re8lStered Company Number: 4002575 Registered Charlty Number.. 1081228 48

Sherborne Schools Group GOVERNORS, OFFICERS AND ADVISERS forthe year ended 30 June 2024 Analys15 of charitable funds (continuedj Analy51$ of movements In unrestrlcted funds Balance at l Julv 2023 £'ooo Income Expendlture Tax Transfers and Balance at Investment 30 June Galns/{Losses) 2024 £'ooo £'ooo £'ooo £'ooo £'ooo PensSon reserve - designated fu nd Accumulation fund 15211 36,240 1511 128,9111 369 149 12031 36,249 28,771 Total 35,719 28,771 (28,962} 518 36,046 The total transfers, amounting to £149k12023 £1,OOlkl, represent transfers of £149k120231 £1,OOlkl from the accumulation fund to restricted funds, as detailed in Note 23lbl. There is also £167k12023 £161k one trading subsidiary) which will be distributed to Sherborne School from two of its trading subsidiaries which has been included as a Gift Aid donation in the accountln8 year ended 30 June 2024. Please refer to note 6 for more information. Balance at l Julv 2022 £'ooo Income Expendlture Tax Transfers and Balance at Investment 30 June Galnsl{Losses) 2023 £'ooo £'ooo £'ooo £'ooo £'ooo Pension reserve- desi8nated fund Accumulation fund 14601 36,658 426 127,4311 1487} i.ooi 15211 36,240 26,012 Total 36,198 26.012 (27,0051 514 35,719 24. Corttracts and commltments At 30 June 2024 the School had commltments as follows: 2024 É'ooo 2023 £'ooo Contracted for but not provlded In these Ilnanclal statements 130 6,745 Authorlsed but not contracted 1,376 5.917 The £130k included above as Contracted for but not provided includes the balance of the contract in respect of the Sport5 Centre project. 25. Other commltment5 The total future rninimum lease payments under non-cancellable operatin8 leases are payable as follows: 2024 2023 £'ooo £'ooo Within one year After l year but within 5 year5 22 23 23 23 Reg15tered Company Number.. 4002575 Registered Charity Number- 1081228 49

Sherborne Schools Group GOVERNORS, OFFICERS AND ADVISERS for the year ended 30 June 2024 26. Reconciliation of net Incorne/(expenditurel to net cash flow from group operatln8 actlvltles 2024 £'ooo 2023 £'ooo Net incomellexpenditurel before investment 8ainslllosses) 66 15481 Adjustments for: Investment income Finance costs Equalisation of investment5 Depreciation IProfitl/loss on disposal of property, plant and equipment Add back of non-cash FRS102 charge to defined benefit retlrement scheme Less cash contributions to defined beneflt retlrement scheme Advance fees utilised 1456) 431 161 2,149 iioo} 196 11451 11,249} 13931 428 {91 2,008 15241 iii 15371 11,2271 886 16911 Movements in workin8 capital.. Decreasellincreasel In stocks Ilncreasel in debtors Ilncrease In creditors 65 15,025} 1,661 1461 12851 463 Cash (used byl/generated from operations 12,413) 15591 Investment Income Interest paid 1407) 14081 Net cash (used byllprovlded by group operating activities 12,820) 19671 27. Reconclllatlon of net debt At l Julv 2023 £'ooo New Flnan¢e Leases £'ooo At 30 June 2024 £'ooo Cash Flows £'ooo Cash 4,129 3,918 8.047 Loans fallin8 due after more than one year 114,0001 11,0001 Iis,000} Finance lease obligations 11571 81 1198) 1274) Total (10,028) 2.999 1198) (7,227) Registered Company Number.. 4002575 Registered Charity Number.. 1081228 50

Sherborne Schools Group GOVERNORS, OFFICERS AND ADVISERS for the year ended 30 June 2024 Pen51on schemes Teoching Staff The School participates in the Teachers, Penslon Scheme {TPSI for it5 teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,638k12023.' £1.517kl, and at the year-end £214k12023 - £179kl was accrued in respect of contributions to this scheme. The TPS is an unfunded multi-employer defined benefits pension scheme governed by the Teacher5, Pensions Regulations 2010 las amended) and the Teachers, Pension Scheme Regulations 2014 {as amended). Members contribute on a 'pay as-you-80' basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the valuation report was published in October 2023. Following the Mccloud Judgement, the remedy proposed that when benefits become payable, eligible members can elect to receive them from either the reformed or legacy schemes for the period from I April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the 8reater benefits. and in preparing the 2020 valuation has valued the 'greater value, benefits for groups of relevant member5. The employer contribution rate for the TPS is 28.6Yo, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer conlribution rate of 28 68%. Teuching Staff Under the definitions set out in FRS 102, the TPS is a multi-employer pension scheme. Accordingly, the School has taken the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined-contribution scheme. The School has set out above the information available on the scheme, Support Staff Defined Contribution Scheme The Group operates a defined contribution pension scheme for all qualifyin8 employees in the United Kingdom. The assets of the scheme are held separately from those of the Group in an independently administered fund. The contributions payable by the Group charged to profit or loss amounted to £413k {2023'. £375kl. Contribution5 totallin8 £58k {2023.' £54kl were payable to the fund at the year end and are included in creditors. Support Staff Defined Benefit Scheme The company sponsors the Governors of Sherborne School Support Staff Pension Scheme which 15 a defined benefit arrangement. The Scheme closed to future accrual from I September 2011. A full actuarial valuation of this scheme was carried out by a qualified independent actuary at 31 August 2019 and updated by a qualified independent actuary to 30 June 2024. The contributions made by the employer over the financial year have been £145k12023'. £537kl. Registered Compary Number.. 4002575 Registered Charity Number.. 1081228 51

Sherborne Schools Group GOVERNORS, OFFICERS AND ADVISERS for the year ended 30 June 2024 Pension schemes (continued) a) Chan8es in the present value of the deflned benefit obligation are as follows: 2024 £'ooo 2023 £'ooo Present value of funded obll8ations Fair value of plan assets (7,2101 7,007 {7,563) 7,042 Deficit 12031 (521) Amounts in the balance sheet.. Liabilities Assets 12031 15211 Net liability 12031 15211 b) Chan8e$ In the present value of the deflned beneflt obllgatlon are as follows: 2024 £'ooo 2023 £'ooo Opening defined benefit obligation Current service cost Expenses Interest C05t Actuarlal losses Beneflts pald 7,563 li 157 400 14031 15181 8,751 ioi 329 {1,123) (495) Closing defined benefit obllgation 7,210 7,563 c) Chan8es In the falr value of scheme assets are a5 follows: 2024 £'ooo 2023 £'ooo Openin8 fair value of scheme assets Interest income Return on scheme assets less interest on net deflned benefit pension scheme liability Contributions by employer Benefits paid 7,042 372 8,291 319 134) 145 1518} 11,610) 537 1495) Fair value of scheme assets at end of year 7,007 7.042 Registered Company Number.. 4002575 Re8lstered Charlty Number.. 1081228 52

Sherborne Schools Group GOVERNORS, OFFICERS AND ADVISERS for the year ended 30 June 2024 Penslon schemes (continued) dl The amounts included wlthln the Statement of Flnanclal Actlvlties are a5 follows: 2024 £'ooo 2023 £'ooo Current service cost Expenses Iii} 1157) iioi) Total charge to net income 11681 iioii Net interest on the net deflned benefit pension scheme liabilitv 1281 iioi Net finance cost 1281 iioi Total amount charged within net income Remeasurement of the net defined benefit penslon scheme Ilability 11961 369 Iiiii 14871 Total amount charged to the Statement of Financial Activities 173 15981 e) The major cate8orles of scheme assets as a per¢enta8e of total scheme assets are as follows: 2024 2023 Equities Corporate Bonds Liability Driven Investments (formerly Fixed Interest Matching Assets and Inflation Linked Matching Assetsl Diverslfied Growth Funds Other Icashl 15% 42% io% 30% 41% 56% The scheme assets were switched to mana8ed growth following the c105ure of the scheme to future accrual. The actual return on the scheme assets in the year was: 2024 £'ooo 2023 £'ooo Actual return on the scheme assets 338 11,2911 Registered Company Number.. 4002575 Registered Charity Number.. 1081228 53

Sherborne Schools Group GOVERNORS, OFFICERS AND ADVISERS for the year ended 30 June 2024 28. Pension schemes (continued) Prlnclpal assumptlons at the balance sheet date (expressed as wel£hted avera8e5) The a55ets of the scheme have been included in this year's financial statements at market value and the liabilitles have been calculated using the followin8 principal actuarlal assumptlons.. 30 June 2024 30 June 2023 Inflation {RPII Inflation {CPII Salary increases Rate of discount Rate of increase in pensions in payment where CPI to a maximum of 5% applles Rate of Increase in pension5 in payment where CPI to a max of 2,5% applies 3.47% pa 3.12% pa nla 5.11% pa 3.12% 2.02% 3.51% pa 3.11% pa nla 5.42% pa 3.11% 1.96% Assumes Ilfe expectancles on retlrement age 65.. Retirin8 today- males Retiring today - females Retirin8 in 20 years - males Retiring in 20 years - females 19.8 22.3 21.0 23.7 20.6 23.0 22.0 24.5 29. Related party transactlons Transactlons between the School and other group companies that have been eliminated on consolldatlon are dlsclosed below.. 2024 £'ooo 2023 £'ooo Sherborne School {Tradlngl Llmlted Agents commission invoiced to School Departmental sales invoiced to School Profits 8lfted to School Support costs invoiced by School loo 58 78 60 1191 {181 Sherborne School (Lelsurel Llmlted Pupil usage of sports facilities invoiced to School Profit5 gifted to School Support and rental costs Involced by School 207 162 1471 1151 Sherborne School (Overseas Tradln8} Llmlted Profits gifted to School 161 161 The Sherborne School Foundatlon Donations to School Donated services from School 250 175 1,137 116 Sherborne Schools Worldwlde Limited Interest paid to the School 16 12 Details of balances due between these entities and the School at the year end are disclosed in debtors and creditors. Details of the joint venture undertakin& Sherborne Schools Worldwide Limited, are dlsclosed at note 30. Registered Company Number.. 4002575 Registered Charlty Number.. 1081228 54

Sherborne Schools Group GOVERNORS, OFFICERS AND ADVISERS for the year ended 30 June 2024 29. Related party transactlons (continuedj There were no transactions with Governor5 and direttorsltrustees of Group companies durin8 the year to 30 June 2024. There were no other related or connected party transaction5 during the year. 30. Jolnt venture Interest Sherborne School owned 50% of the share capital of Sherborne Schools Worldwide Limited {company no. 107301551, which was incorporated on 19 April 2017, and commenced trading on l May 2017. The company was jointly owned with Sherborne Gir15, and was incorporated to identify international opportunities, select. market to and enter into arrangements with third parties on behalf of the two Schoo15 jointly, to generate income, increase the value of the Schools, brands and enhance the Schools, reputations. Followin8 the merger on l July 2024 Sherborne Schools Group now own5 100% of the share capital of Sherborne Schools Worldwide Limited. Sherborne Schools Worldwlde Llmlted's trading result5 for the year ended 30 June 2024 are summarised below.. Year to 30 June 2024 £'ooo Year to 30 June 2023 £'ooo Turnover Administration 1191 1361 Operatln8 loss 119) 136) Interest payable 1331 1251 Loss for the year 1521 161) 50% share of loss 126} 1311 Shareholder's deflclt 1644) (5921 50% share of shareholder's deflclt (3221 1296) Sherborne School provided loan fundin8 to Sherborne Schools Worldwide Limited of £200k. Repayment5 were due to be made in three equal instalments during the years to 30 June 2021- 2023. However, potential projects were paused for an extended period as a result of the pandemic. so it has not been possible for the company to generate any income as yet, and this situation is likely to continue for some time. It is considered unlikely that the company will have sufficient funds to make any loan repayments until the 2026-27 year, so the whole of the loan balance at 301 une 2024 is included at note 17 - Debtors, shown as a balance due after more than one year from a joint venture undertaking. At 30 June 2023 the £200k balance was also included as a balance due after more than one year from a joint venture undertaking. The interest charged on the loan of £16k 12023 £12kl has been eliminated in the consolidated accounts when calculating the School's net share of loss in the joint venture. 31. Events after the reporttng period A5 reported elsewhere within these financi315tatements the charity (formerly Sherborne School) merged with Sherborne School for Girls Icompany registration: 00306828,. charity re8lStration: 3074271 on l July 2024 to form the Sherborne Schools Group, continuing with the company and charity numbers of Sherborne School. The former su bsidiary companies of Sherborne School for Girls are from l July 2024 100% subsidiaries of the Sherborne Schools Group. Registered Company Number.. 4002575 Registered Charity Number: 1081228 55

Sherborne Schools Group GOVERNORS, OFFICERS AND ADVISERS forthe year ended 30 June 2024 GOVERNORS AND CHARITY TRUSTEES Sherborne School Governors are the Charity Trustees and Company Directors of Sherborne Schools Group Charitv 1.the Charity"). They have all served in office throughout the year except where indicated. To8ether with past Governors who served in the year as indicated, they are: Executive Chalr Christopher Hadley Samler MA (Oxon) MBA (appointed 19 Au8USt 2024) Lt Gen David Leakey CMG CVO CBE MA Cantab Mrs Louise Drummond Hall (appointed l July 20241 Co<halr Co-chalr Vlce Chalrman Mrs Angela Claire Lane BA, FCA (resigned as Vice Chairman 30 June 2024) Ex-offlclo The Vicar of Sherborne, The Reverend Martin Lee Co-opted Ms Juliet Sara Blanch {appointed l July 20241 Aubrey John Capel Esq (resigned 30 June 20241 Mrs Vicki Cotter, LLB (Honsl, LLM {reslgned 4 March 20241 Mrs Sally Ann Crai8-McFeely (appointed l July 20241 Canon Nicola Jane Edwards (appointed l July 20241 Mrs Amanda Loulse Harrls {appolnted l July 20241 Guy Davld John Hayward-cole Esq, MA. MBA {resi8ned 30 June 20241 Mrs Amanda Louise Hu8hes {appointed l July 20241 Nicholas Isaac Or Max Jonas Iresl8ned 30 June 20241 Nlgel Lawson Jones Esq, BSC, FRICS, ACIArb Robin Anthony Langley Leach Esq, MA George Marsh Esq, MA, Cert Ed Mrs Joanna Susan Massey (appointed l July 20241 Dr Ruth Elizabeth Newman Iresi8ned 30 June 20241 John David William Pocock Esq, BEn8 (Honsl {resi8ned 30 June 20241 Anthony John Demainbray Pralle Professor Simon Mark Spearin8 Mrs Gillian Staley, BSC, MSC, CMIOSH (resigned 30 June 20241 Mrs Elaine Stallard JP (resigned 30 June 20241 Mr Matthew Christopher Taylor (appointed l July 20241 Dr Allan Paul Williams (appointed l July 20241 Michael Trevenen Wilson Esq, BSC, QTS Staff Namlnated Governor Matthew James Whittell Esq. MA. Msc (resigned 30 June 20241 Member5 of Committees Flnance Committee Louise Hall {from l July 20241, Amanda Harris {from l July 20241, Guy Hayward-cole (to 30 June 20241, Amanda Hughes {Chair frorn l July 20241, Nichola5 Isaac, Nigel Jones {to 30 June 20241, Angela Lane (Chair to 30 June 2024}, David Leakey Ito 30 June 20241, Anthony Pralle, Matthew Taylor (from l July 20241. Registered Company Number.. 4002575 RegIsted Charlty Number: 1081228 56

Sherborne Schools Group GOVERNORS, OFFICERS AND ADVISERS for the year ended 30 June 2024 Investment Sub-commlttee Guy Hayward-cole (Chairman, to 30 June 2024), Michael French Ivolunteer, Pro-8ono Adviser to 30 June 20241, Guy Hudson Ivolunteer. Pro-8ono Adviser}, Charles Griffiths (volunteer. Pro-Bono Adviser to 30 June 20241, Angela Lane {Chair, from l July 20241, Matthew Taylor {from l July 20241. Estates Committee Aubrey Capel (to 30 June 20241, Vicki Cotter (Chair, to 4 March 20241, Max Jona5 (to 30 June 20241. Nige5 Jones {Chair from 25 March 20241, Jo Massey (from l July 20241. John Pocock Ito 30 June 20241, Mark Spearlng (from l July 20241. Academlc Commlttee Nicki Edward5, George Marsh (Chairman to 30 June 20241. Jo Ma55ey (from l July 20241, Max Jonas Ito 30 June 20241, Robin Leach {to 30 June 20241, Mark Spearin8 (Chair from l July 20241, Paul Williams Ifrom l July 20241, Michael Wilson. Pastoral Commlttee Sally Craig-McFeely Ifrom l July 20241, Nicki Edwards Ichair, from l July 20241, Max Jonas Ichalr, to 30 June 20241. Robin Leach, Martin Lee, George Marsh (to 30 June 20241, Ruth Newman Ito 30 June 20241, Gilly Slaley (to 30 June 20241. Hanford Commlttee Sally Craig-McFeely (Chair, from l July 20241, Nicki Edwards Ifrom l July 20241, Amanda Hughes Ifrom l July 20241, Martin Lee (from l July 20241, George Marsh Ifrom l July 20241. SPS Commlttee Sally Crai8-McFeely Ifrom l July 20241, Amanda HuBhes (from l July 20241, Robin Leach Ichair, from l July 20241, George Marsh {from l July 20241, Michael Wilson Ifrom l July 20241. Commerclal Commlttee Nick Isaac (Chair, from l J uly 20241, Nigel Jones (from l July 20241, Robin Leach Ifrom l July 20241, Paul Williams (from l July 20241, Michael Wilson (from l July 20241. Nomlnatlons Commlttee Juliet Blanch Ifrom l July 20241, Vicki Cotter (to 4 March 20241, Louise Hall (from I l uly 20241, Amanda Harris Ilrom l July 20241, Angela Lane, Robin Leach (to 30 June 20241, David Leakey (Chair to 30 June 20241. Anthony Pralle (Chair, from l July 20241. The Board is a self-appointin8 body, apart from the Ex Officio Governors and the Staff Nominated Governor. Service on the Board is for a term of f ive years. Retirin8 Governors can be re-elected for a further five year term. OFFICERS Headmaster and Chief Executive Headmaster D A Luckett BA OPhil FRSA FHA (to 31 October 20241 Ml Jamieson BA (from l November 20241 Chief Operating Officer and Clerk to the Governors Dr D C Cole Bsc Msc PhD Address Sherborne School Abbey Road Sherborne OT9 3LF Webslte www.sherborne.Of8 ADVISERS Bankers Lloyds Bank PIC I" Floor Sedgemoor House Deansgate Avenue Taunton Somerset TAI 2UF Registered Company Number.. 4002575 Registered Charity Number-. 1081228 57

Sherborne Schools Group GOVERNORS, OFFICERS AND ADVISERS for the year ended 30 June 2024 Solicitors Stone King LLP 13 Queen Square Bath BAI 2HJ Auditor Haysmac LLP 10 Queen Street Place London EC4R IAG Investment Advisers Cazenove Capital Management Limited 12 Moorgate London EC2R 6DA Actuarie5 Mercer Limited l Tower Place West London EC3R 5BU Registered Company Number: 4002575 RegiSted Charity Number: 1081228 58