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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
RegiSte￿d 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.
Resen￿5 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,￿t￿204and 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 aUd￿t 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
RegiSte￿d 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
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
Net Incomellexpendlture) before
other recognlsed galns and
losses brought forward
(42)
102
657
717
(578)
Remeasurement of defined
benefit pension scheme
28
369
369
1487)
Net movements In funds
327
102
657
1,086
(1,065)
Reconciliotion of funds
Total Funds brought forward
35,719
284
7,527
43,530
44,595
Total funds carrled forward
23
36,046
386
8,184
44,616
43,530
All amounts relate to continuing operations.
The full Consolidated Statement of Financial Activlties for the year ended 30 June 2023 is set out at note 21.
The notes on pages 22 to 54 form part of these flnancial statements.
Registered Company Number: 4002575
Registered Charity Number.. 1081228
19

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.
RegIste￿d 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
RegiSte￿d 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
RegiSte￿d 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
RegIste￿d 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
RegiSte￿d Charity Number: 1081228
58