OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Sherborne Schools Group

2025-06-30-accounts

f pay © SHERBORNE SCHOOLS GROUP

----- Start of picture text -----
a De Ni Pe.‘ oF ii i. Ba =
SS - ‘%s, ‘ ¢ 7 bs .
fie ee [spk] aes a We dekia Ph wy fir §)
MERLE [Ea Be elie
:
, ° 7 ~ ° ae )
; : os be ry >
----- End of picture text -----*

Registered Charity Company limited by Guarantee

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2025

|

}

CONTENTS

PAGE

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Governors|and|Charity|Trustees|2-3| |Key|Management|Personnel|&|Advisers|4| |Annual|Report of the Governors|5-19| |Independent|Auditor’s|Report|20-23| |Consolidated|Statement of Financial|Activities|24-25| |Consolidated|Statement of Financial|Position|26| |Consolidated|Statement|of Cashflows|27| |Notes to the|Financial|Statements|28-64|

----- End of picture text -----

Sherborne Schools Group For the year ended 30 June 2025

| |

GOVERNORS AND CHARITY TRUSTEES

The Governors of Sherborne Schools Group are the Charity Trustees and Company Directors of Sherborne Schools Group (“the Charity”, “the Schools”, “the Company”, “the Group” and “Sherborne”). They have all served in office throughout the year except where indicated. They are:

Executive Chair Mr Christopher Hadley Samler MA (Oxon) MBA (appointed 11 November 2024) Co-Chair Lt Gen David Leakey CMG CVO CBE MA Cantab (until 10 November 2024, resigned 31 December 2024) Co-Chair Mrs Louise Drummond Hall (until 10 November 2024, appointed 1 July 2024, resigned 13 January 2026) Vice Chair Mrs Amanda Louise Hughes, BSC (Joint Hons), ACA (appointed 1 July 2024)

Ms Juliet Sara Blanch (appointed 1 July 2024) Mrs Sally Ann Craig-McFeely, MB, BS, MRCGP, DRCOG (appointed 1 July 2024) Canon Nicola Jane Edwards, BSc (Hons), RACS, NPQH (appointed 1 July 2024) Mrs Amanda Louise Harris, FCA (appointed 1 July 2024) Mr Nicholas Charles Robert Isaac, BA, MBA, FCMA Mr Nigel Lawson Jones, BSc, FRICS, ACIArb Angela Claire Lane, BA, FCA Mr Robin Anthony Langley Leach, MA Mr George Marsh MA, Cert Ed (until 31 December 2025) Mrs Joanna Susan Massey, MA (Cantab), CEng, MlStruct (appointed 1 July 2024) Mr Anthony John Demainbray Pralle, MA Oxon Professor Simon Mark Spearing Esq, PhD Mrs Gillian Staley, BSc, MSc, CMIOSH (appointed 13 June 2025) Mr Matthew Christopher Taylor Esq, Ma Oxon (appointed 1 July 2024) Dr Allan Paul Williams, PhD (appointed 1 July 2024) Mr Michael Trevenen Wilson, BSc, QTS

Ex-Officio The Vicar of Sherborne, The Reverend Martin Paul Lee, Med, BA, Dip in Min

Members of Committees

Finance Committee Amanda Hughes (Chair), Angela Lane, Louise Hall (until 13 January 2026), Amanda Harris, Nicholas Isaac, Anthony Pralle, Matthew Taylor, Christopher Samler (from 11 November 2024)

Investment Sub-Committee Angela Lane (Chair), Guy Hudson (volunteer, Pro-Bono Adviser), Guy Hayward-Cole (volunteer, ProBono Adviser), Matthew Taylor, Louise Hall (from 1 January 2025)

Estates Committee Nigel Jones (Chair), Joanna Massey, Mark Spearing, Amanda Hughes.

Education Committee Mark Spearing (Chair), Nicola Edwards, Joanna Massey, Paul Williams, Michael Wilson, George Marsh.

Pastoral Committee Nicola Edwards (Chair), Sally Craig-McFeely, Robin Leach, Martin Lee, Gillian Staley (from 1 July 2025).

aTT

Sherborne Schools Group

For the year ended 30 June 2025

oe

Hanford Committee (disbanded 31 December 2024)

Sally Craig-McFeely (Chair), Nicola Edwards, Amanda Hughes, Martin Lee, George Marsh.

SPS Committee (disbanded 31 December 2024)

Robin Leach (Chair), Sally Craig-McFeely, Amanda Hughes, George Marsh, Michael Wilson.

Commercial Committee

Nicholas Isaac (Chair), Nigel Jones, Robin Leach, Paul Williams, Michael Wilson, Christopher Samler

Governance and Nominations Committee Anthony Pralle (Chair), Juliet Blanch, Louise Hall, Amanda Harris, Angela Lane, Robin Leach, Christopher Samler

Remuneration Committee

Robin Leach (Chair), Sally Craig-McFeely, Juliet Blanch, Amanda Hughes and Christopher Samler

Marketing and Admissions Committee (formed in April 2025) Paul Williams (Chair), Joanna Massey, Anthony Pralle, Michael Wilson, Christopher Samler

The Governing Board is a self-appointing body. Service on the Governing Board is for a period of five years, subject to re-election for a further term.

Address Abbey Road Sherborne Dorset DT9 3LF

Website https://sherborneschools.group

3 SSE

Sherborne Schools Group

For the year ended 30 June 2025

KEYMANAGEMENT PERSONNEL
Mr C H Samler Executive Chair
Dr RM Sullivan Head Sherborne Girls
DrDA Luckett
Mr MI Jamieson		 HeadmasterSherborne Boys (toOctober2024)
Headmaster (interim) Sherborne Boys(November2024— March
2025)
MrS Heard HeadmasterSherborne Boys (from April 2025)
MrsALGent Head Sherborne Prep
MsH Phillips
MrsSAJ Blewitt
DrDCCole		 Head Hanford Prep (until February 2026)
Head (interim) Hanford Prep (from February 2026)
ChiefOperating Officerand ClerktotheGovernors (toAugust
2025)
Mr S$CWorthy ChiefOperating Officerand Clerk totheGovernors (fromAugust
2025)
Mrs KA E Massey Director ofExternal Affairs
ADVISERS
Bankers Lloyds Bank Plc
2" Floor,
8 Royal Parade,
Plymouth
PL1 1LX
Solicitors Farrerand Co
66 Lincoln’s Inn Fields
London
WC2A 3LH
IndependentAuditor Crowe U.K. LLP
4" Floor, StJames House
StJames Square
Cheltenham
Gloucestershire
GL50 3PR
InvestmentAdvisers Cazenove Capital Management
Schroder& Co. Limited
1 London Wall Place
London
EC2Y 5AU
Insurance Brokers Hettle Andrews
Eleven Brinley Place
2 Brunswick Square
Birmingham
COMPANY NUMBER
REGISTEREDCHARITYNUMBER
ee

|

|

Sherborne Schools Group

For the year ended 30 June 2025

ANNUAL REPORT OF GOVERNING BOARD

The Members of the Governing Board, who are also directors of the Charity, submit their annual report under the Charities Act 2011, incorporating the Report of under the Governing Board and the Strategic Report June 2025.the Companies Act 2006, together with the audited financial statements for the year ended 30

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Sherborne Schools Group (“SSG”) is a leading charitable educational organisation based in the historic town of Sherborne, Dorset.

We offer a distinctive and dynamic blend of single-sex and co-educational learning for pupils aged 3 to 18, rooted in tradition but driven by a forward-thinking, values-based vision for education.

Formed in July 2024 through the merger of two long-established charitable trusts, SSG brings together a family of exceptional schools, each with its own identity but united by a shared educational philosophy:

Group Highlights Key Metrics
YE 30.06.2025
Total Pupils (UK) 1,259 pupils acrossfourUK schools
Group Formation 2024 merger ofSherborne Girls and Sherborne Boys (including
Sherborne Prep and Hanford Prep)
International Presence 6 schools in Qatarand Saudi Arabia
Founded1550(SherborneBoys)and1899(SherborneGirls)

On 3 May 2024 it was announced publicly that the Sherborne School for Girls would merge with Sherborne Boys to establish the SSG - comprising Sherborne Boys, Sherborne Girls, Sherborne Prep and Hanford Prep.

SSE

5

Sherborne Schools Group

For the year ended 30 June 2025

| |

The creation of SSG was a strategic move to harness greater possibilities for pupils and staff through shared resources, enhanced facilities, richer collaboration, and a broader educational offering. Since formation, the Board and the Group Executive Committee have refined the long-term ambition, establishing clear strategic goals to guide sustainable growth.

As a result of the merger, in addition to the name of the Group changing, minor amendments were made (following Charity Commission approval) to the Articles of Association and charitable objects. The merger was successfully completed on the 1 July 2024, when Sherborne School for Girls donated all its trade and assets to SSG, to coincide with the start of this financial reporting period.

A new Executive Committee for the Group has been established comprising a newly created position of Executive Chair, the Heads of[the][ schools,][ a][ Chief][ Operating][ Officer][ and][a][Director][ of][ External][Affairs.]

SSG Charitable Objects

SSG’s Object, 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 boys and girls. In furtherance of its Object, Sherborne maintains its heritage endowment, being the estates of the schools, with their many listed buildings. There are also endowed funds which contribute towards the provision of scholarships, bursaries and prizes.

SSG Vision

SSG’s vision is to be recognised as one of the UK’s leading groups of independent schools, renowned for a transformative, values-driven approach that blends academic excellence, character and wellbeing, and 21st-century skills, preparing every pupil to thrive, lead, and shape society as ethical innovators, courageous thinkers, and global citizens.

Mission

SSG is committed to providing a broad and enriching full boarding education that nurtures the unique talents of every pupil within a supportive community. The mission is to send out into the world individuals of character, commitment and compassion who are able to think clearly and creatively, choose wisely, and have the courage to make a difference.

SSG Strategic Aims

A set of three Strategic Goals guides the Group's progress and supports the achievement of our vision:

  1. Deliver a Transformational Education

We will enable all SSG schools to deliver distinctive, future-ready education through a unified framework spanning academic excellence, character, wellbeing, and leadership. By leveraging our unique Separate Yet Together model, driving flagship initiatives, and tracking outcomes rigorously, we will ensure every pupil benefits from an exceptional, innovative Sherborne education.

2. Ensure Financial Resilience and Growth

We will ensure a sustainable, high-performing Group by strengthening governance, operational efficiency, and financial resilience to enable long-term investment in excellence. Through

a

Sherborne Schools Group For the year ended ended 30 June June 2025 eee

For the year ended ended 30 June June 2025

diversified revenue, growing philanthropy, and international expansion, we will secure the resources to fund transformational initiatives, while developing flexible estates, driving Net Zero leadership, and leveraging our global networks to extend Sherborne's reach and reputation worldwide.

3. Develop and Enhance Our Community Culture

We will nurture a high-performing, people-first culture by developing transformative educators through Group-wide leadership programmes, CPD, and pedagogical innovation. By fostering staff wellbeing, strengthening Group identity, and leveraging our alumni, parent, and external networks, we will empower our people to lead, innovate, and inspire — driving excellence across every Sherborne school.

Five Core Pillars

These goals are reinforced at the school level by a framework of Core Pillars and Strategic Priorities, which define the schools' educational focus and specific initiatives, ensuring alignment with the Group's overarching objectives.

  1. Character & Wellbeing

We will cultivate resilient, ethical, and socially aware leaders, embedding character and wellbeing across all aspects of school life.

2. Academics & Futures

We will deliver personalised, high-quality learning experiences that equip pupils with the knowledge, skills, and mindset to thrive in a complex, rapidly changing world.

3. Innovation & Entrepreneurship

We will embed creativity, entrepreneurial thinking, and future-ready skills across all years as a core element of our Transformative Education.

4. Partnership & Community

We will cultivate dynamic local, national, and international networks that empower pupils to co-create transformative projects with tangible impact.

5. Sustainability & Humanity

We will equip pupils to become ethical, environmentally conscious, and globally responsible leaders.

The Governors measure the success of the strategy through a comprehensive review of the Group’s strategic, operational and development plans and through scrutiny and discussion of the Heads’ termly reports and performance indicators.

In setting the aims and objectives, and planning the activities, the Governors have given 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-charging.

7 $m

Sherborne Schools Group

For the year ended 30 June 2025

REVIEW OF THE YEAR

SSG are proud to be the pioneers of a unique and evolving model: Separate Yet Together. What began as a groundbreaking partnership between Sherborne Girls and Sherborne Boys has grown into a wider vision, now embedded across our Group of schools.

The SSG approach brings the best of both worlds. We preserve the proven advantages of single-sex education where it matters most — in creating focused, tailored environments that support academic confidence and personal growth. At the same time, we intentionally create opportunities for meaningful co-educational experiences — in learning, in leadership, in the arts, in service, and in everyday social life —- where shared perspectives and collaboration enrich the development of every pupil.

Senior Schools: Educational and Academic Performance

Sherborne Boys

Sherborne Boys delivered another strong set of GCSE outcomes, building on a tradition of academic excellence. In 2025, 54% of all entries were graded at 9-7 (A*/A equivalent), with 34% at grades 9-8 and around one in seven grades at the very highest level (grade 9).

Sherborne Boys’ Upper Sixth leavers achieved excellent A-Level results, with nearly a third of grades awarded A/A, one in six pupils achieving straight A/A, and one in six securing at least one A grade. All six pupils holding offers from Oxford or Cambridge met or exceeded their offers, including those requiring multiple As.

BTEC results were equally strong, with every pupil attaining at least a merit and nine in ten achieving distinction (equivalent to A*/A). The majority of leavers secured places at first-choice universities, including Newcastle, Durham, Imperial, Bristol, Exeter, and other Russell Group institutions, with a small number pursuing studies abroad at Ivy League schools. Pupils’ chosen courses spanned Business, Economics, Engineering, Geography, Modern Foreign Languages, Computer Science, Politics, International Relations, Biomedical Sciences, as well as competitive music and art programs or degree apprenticeships.

Sherborne Girls

Sherborne Girls maintained excellent academic standards at GCSE. In 2025, approximately 50% of entries achieved grades 9-7 (A*/A equivalent) and 69% achieved grades 9-6 (A/B). These outcomes reflect strong performance both at the very highest levels and across the wider cohort, demonstrating the school’s commitment to supporting every pupil to reach her potential.

Sherborne Girls achieved another outstanding set of A-Level results in 2025, with 29% of pupils earning at least one A grade, nearly 40% of all examinations awarded A or A, and 16% of pupils securing straight A*/A results. University progression was exceptional, with 94% of applicants gaining places at preferred institutions including Oxford, Cambridge, KCL, Bristol, Edinburgh, Durham, and Newcastle, pursuing a wide range of ambitious courses from French, Law, English Literature & Language, Liberal Arts, and Classical Studies to Economics, Land Economy, Engineering, and Biological Sciences. | Social Sciences and Languages saw a resurgence alongside continued strength in STEM, with strong performances in Spanish, History, History of Art, English Literature, Psychology, Geography, Fine Art, and Chinese.

A third of the cohort completed EPQs, 63% of which were graded A*/A, and several pupils opted for alternative pathways, including music and drama courses, competitive degree apprenticeships, or taking time to gain further experience before deciding next steps.

a -rrrenee

Sherborne Schools Group ForTo the year ended 30 June 2025

Senior schools: Co-Curricular Achievements

Sport

Sport continues to be a defining strength across Sherborne Girls and Sherborne Boys, with pupils achieving outstanding success within a broad, inclusive and ambitious sporting programme. At Sherborne Girls, significant numbers of pupils were selected for county, regional and national performance pathways in hockey, cross country, lacrosse, netball and cricket, including representation at international and elite academy level. School teams reached regional and national finals, and individual pupils competed at the English Schools’ Championships, reflecting both excellence and depth of provision.

At Sherborne Boys, the completion of the Sports Centre has further enhanced an already strong programme, supporting high levels of participation and performance across rugby, football, hockey, cricket, tennis, swimming and water polo, alongside a wide range of additional activities including sailing, cycling, climbing and squash. Across both schools, sport plays a vital role in promoting physical wellbeing while developing leadership, teamwork, discipline and resilience.

Music

Music is a clear and shared area of distinction across Sherborne. Pupils from both schools achieved national recognition through selection for the National Youth Orchestra and National Youth Choir, alongside exceptional success in prestigious external competitions such as the Mid Somerset Festival and Rotary Young Musician of the Year.

Throughout the year, a notably high volume of pupils achieved Grade 7 and 8 outcomes, including many distinctions and performance diplomas across ABRSM, Trinity and LAMDA examinations. An extensive programme of concerts, recitals, ensembles, services, masterclasses and festival performances reflects a flourishing musical culture, characterised by both individual excellence and collective ambition.

Drama, Speech and Performance

Pupils across both schools demonstrated high levels of engagement and achievement in drama, speech and performance. At Sherborne Girls, outcomes in Speech and Drama were consistently strong, with a significant number of pupils attaining Grade 8 qualifications, many with distinctions and merits, highlighting exceptional standards of communication and confidence.

At Sherborne Boys, pupils made a sustained and highly valued contribution to drama through productions and individual performance, with awards recognising excellence, creativity and commitment.

Across Sherborne, the performing arts continue to play a central role in developing confidence, collaboration and expressive skill.

Combined Cadet Force (CCF)

The Combined Cadet Force remains a flagship programme for leadership and character development across both schools. Pupils participated in demanding programmes of training, competition and field exercises, achieving notable success in nationally prestigious competitions including the Pringle Trophy and the Rifles Cadet Cup.

Individual achievements were particularly impressive, with the award of Army Scholarships to senior cadets and an Army Officer Sixth Form Scholarship confirming progression to officer training at Sandhurst. These outcomes reflect the exceptionally high standards of leadership, teamwork and commitment fostered through the CCF.

$e

9

For the year ended 30 June 2025

Sherborne Schools Group

Duke of Edinburgh’s Award and Ten Tors

Participation in the Duke of Edinburgh’s Award remains a significant strength across Sherborne, with large cohorts successfully completing Bronze, Silver and Gold awards. Several pupils were invited to receive their Gold Awards at Buckingham Palace, a notable recognition of sustained commitment, service and perseverance.

Pupils from both schools also successfully completed the demanding Ten Tors Challenge, including the 35-mile and 45-mile routes. These achievements exemplify endurance, teamwork, self-discipline and leadership in challenging outdoor environments.

Preparatory Schools

Sherborne Prep

The 2024/25 academic year was marked by considerable success for Sherborne Prep across academic, co-curricular and pastoral provision. Almost half (46%) of Year 8 pupils secured scholarships to their chosen senior schools, spanning academic, creative and sporting awards.

Sporting participation reached a record level, with fixtures and tournaments across a wide range of sports, and individual excellence was highlighted by a pupil achieving third place in the National IAPS Swimming Competition. A number of pupils gained County places in cricket, hockey and swimming.

The school continued to offer a rich and inclusive programme of enrichment. The performing arts flourished, with ten productions staged and every child involved in at least one, complemented by a strong programme of concerts, chapel services and a Summer Art Exhibition.

Parental engagement and pupil leadership remained strong, with themed learning days and numerous pupil led charitable initiatives. Year 8 pupils demonstrated confidence, creativity and maturity through their production of Hamlet, Business and Skills Week activities, and the SPQ Exhibition.

Hanford

Hanford Prep enjoyed a year of academic and co-curricular success, coupled with all that makes life at the school unique. It was a strong year for academic success and 80% of year 8 pupils who applied were successful in securing scholarships to their chosen schools, across academic subjects, sports and the arts.

Participation and performance grew across a variety of sports in the local area. Hanford Prep has individual pupil success with a pupil qualifying for the Dorset Cross Country team and gaining a sports scholarship their chosen senior school as a result.

Riding (and the ponies) continued to be at the heart of the school with nearly all girls in school riding during term time across various disciplines, using both the refurbished indoor school and cross-country paddock, as well as the miles of off-road hacking available. An individual pupil represented Hanford Prep at the National Schools Equestrian Association (NSEA) National Showjumping championships and the School subsequently qualified teams for the NSEA National Championships for the following year.

Service and Community Contribution

Service to others remains central to life at Sherborne. Pupils demonstrated a strong and sustained commitment to volunteering, charitable activity and leadership within their schools and the wider | community.

10

Sherborne Schools Group aaFor theee yearWES ended 30 JuneSe2025

Collectively, these contributions reflect the schools’ shared commitment to developing responsible, outward looking young people of strong character, fully aligned with Sherborne’s core values of service, responsibility and leadership.

The schools also nurture global citizenship through international exchanges, mentoring, leadership trips, and partnerships that broaden cultural awareness and adaptability. These experiences complement programmes like the Duke of Edinburgh’s Award and the Combined Cadet Force, reinforcing teamwork, initiative, and resilience.

Awards In the 2025 Sherborne Girls was named Sixth Form of the Year by The Week and wasa finalist for Best Pupil Wellbeing in the Independent School of the Year awards. Sherborne Boys wasa finalist for Boys’ School of the Year in the same awards and won the Alumni Relations Champion category in the School House Awards. These accolades reflect the schools’ ongoing commitment to outstanding education, student wellbeing, and community engagement.

Our Pupils

The Group welcomes pupils from all backgrounds but needs to be satisfied that it will be able to educate and develop all prospective pupils to the best of their potential and in line with the general standards achieved by their peers. Entrance interviews and assessments are undertaken at the senior schools to satisfy them that potential pupils can cope with the pace of learning and benefit from the education provided.

International Pupils Numbers SSG is proud to welcome families from across the globe.

Currently at Sherborne Boys and Sherborne Girls just under 16% of pupils are foreign nationals and approximately 10% British expatriates. This creates a warm, multicultural community where, as it is for our UK students, every pupil feels known and supported.

At Sherborne Prep, 10% of pupils are foreign nationals. Meanwhile, Hanford welcomes a greater proportion of international pupils with significant interest from Spanish nationals for short-term placements. In addition, we continue to welcome children aged 8-17 from overseas to study short-course education programmes during the Easter and Summer holidays.

Financial Performance

During the year, the Group’s total reserves increased significantly to £75,717k (2024: £44,616k). This increase was largely attributable to a one-off donation of £30,901k received in connection with the Group’s merger.

The governing bodies of the Sherborne School and Sherborne Girls School Groups agreed to merge their charities, effective from 1 July 2024. The merger transaction is treated as a donation from Sherborne School for Girls of all its trades, assets, liabilities, and reserves to SSG.

The donation has enabled not just operational efficiencies and synergies to be realised across the Group as a function of scale but also established a more agile governance structure to ensure the Group continues to thrive in increasingly uncertain times. It has also materially strengthened the balance sheet ofthis entity and provides a more robust financial platform for the future. The Governors consider this enhanced reserves position to be an important foundation for long-term sustainability and strategic investment. wl $e

Sherborne Schools Group For the year ended 30 June 2025

The operational performanceofthe schools reflected the continued challenges facing the independent education sector. Taken together, the Group returned a small surplus for the year (excluding the merger donation) of £200k (2024: £1,086k), the reduction is driven by rising cost pressures and a modest decline in pupil numbers. This position was supported by positive contributions from the Group’s subsidiaries and overseas operations (£800k), together with a profit arising from the disposal of surplus property (£746k). These favourable items were, however, more than offset by a non-cash impairment charge relating to the Westcott refurbishment project that has been paused following a review of future requirements and affordability (£1,188k).

Pupil numbers decreased slightly during the year, consistent with wider demographic and economic trends. The introduction of VAT has had a mixed financial impact: while the Group is now able to recover a greater proportion of input VAT, the need to charge output VAT has increased costs for families. In this context, the Governors have taken a cautious and measured approach to fee setting and have not increased net fees by the full amount required to offset cost inflation, prioritising affordability for families while carefully managing financial pressures.

The Governors remain focused on maintaining financial resilience while ensuring that resources are directed towards delivering high-quality education. The strengthened balance sheet, together with ongoing contributions from diversified income streams, provides confidence that the Group is able to manage medium-term pressures and continue to invest in its schools for the benefit of current and future pupils but that adjustments to its cost base will be needed in the near term to ensure the Group is best placed for overcome challenges.

Future Plans

We are conscious of the broader challenges facing the sector, including changing UK demographics, affordability pressures for families, and increased operating costs arising from inflation and recent VAT changes. These factors form an important part of the context in which SSG operates. The Governors continue to monitor the external environment closely to ensure that the Group remains financially secure and well placed to support pupils both now and in the future.

The Governors recognise that pupil numbers may reduce over the coming years due to factors affecting the independent schools. This reinforces the importance of careful planning and long-term thinking to ensure the Group remains strong and sustainable.

Financial stability is central to the Group’s strategic aim, enabling continued investment in pupils’ education. Attracting and retaining pupils remains a key focus, alongside maximising the benefits of the merger, making effective use of the Group’s assets, and maintaining efficient, well-managed operations that are designed to support the Group’s future for the benefit of current and future families and the wider community.

In response to this evolving landscape, we are committed to remaining flexible, forward-looking, and responsive to the needs of families. A new strategic plan has recently been launched, setting out a clear vision for the Group’s future and priorities for transformative educational excellence and enhancing our community culture. This plan provides a strong framework for decision-making and ensures that SSG can adapt confidently to change while staying true to its Christian values and educational ethos. We believe the creation of the merged group has significantly strengthened the position of our schools. SSG benefits from a stronger presence in the local market, shared expertise and resources, and more streamlined management structures, all of which support investment in teaching, learning and pastoral care. A broader asset base also provides greater stability and flexibility, enabling the schools to focus on delivering an outstanding educational experience for pupils.

SSG’s strong academic reputation remains central to its appeal, complemented by its distinctive model of single-sex education alongside co-educational co-curricular opportunities. This blended approach continues to attract families seeking academic focus combined with rich personal development.

12

Sherborne Schools Group For the year ended 30 June 2025 a rr

International engagement also continues to play a positive role in the Group’s future plans. A new overseas franchise partnership commenced in 2025, extending our global reach and strengthening our international profile.

We continue to seek to diversify our income and establish commercial operations which are in line with our charitable objectives.

Our Ethos and Our Policies

We are committed to safeguarding and promoting the welfare of our pupils and expect all staff and volunteers to share this commitment. This commitment is embedded throughout Sherborne’s culture, policies, procedures, training and working practices.

Access Policy

The Governors are committed to ensuring that access to the education offered is not restricted solely to those who can afford fees. The bursary policy together with the links with other schools in the area and the local community contribute to a widening of access to the education provided by the Group.

The Governors consider that bursaries are important in ensuring that pupils from families who would otherwise not be able to afford the fees can access the education offered. Bursary awards are available to those who meet the general entry requirements and are made on the basis of parental means or to relieve hardship where an existing pupil’s education and future prospects would be at risk, for example, in the case or bereavement or redundancy. In assessing means, the Group takes a number of factors into consideration including family income, investments, savings and family circumstances.

However, the Group does not have a large endowment and in funding bursaries the Group has to be mindful of ensuring a balance between fee-paying parents, many of whom make considerable personal sacrifices to fund their children’s education, and those benefitting from the awards.

Bursaries are available for up to 100% of termly fees. Further details of the bursary policy and how to apply are provided on the Group’s website. Bursaries are subject to annual review so that we ensure that support is only provided to those that require it.

Scholarship Policy

The purpose of scholarships and awards is to recognise high academic potential or the ability to excel in Music, Sport, Drama, Art or Design and Technology (primarily Music and Sport at SPS). Scholarships and awards are awarded with a fixed remission of fees between 2% and 10%. Where assistance is required, awards may be supplemented by a means tested bursary. Further details about scholarships and awards are available on the Group’s website.

Assistance to Staff

As part of the Group’s emphasis on attracting and retaining high calibre staff, staff who choose to educate their children at Sherborne Boys, Sherborne Girls or Sherborne Prep are eligible to receive a fee discount at the discretion of the Governors.

Compliance

None of our schools were subject to a regulatory inspection by the Independent Schools Inspectorate (ISI) during the year under review but all 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. Following the year end, three schools were inspected. Hanford was inspected in December 2025 and they met the required standard in all areas, receiving very positive feedback. Sherborne Boys and

ee

13

For the year ended 30 June 2025

.

Sherborne Schools Group

Sherborne Prep were inspected in January 2026, and at the time of writing, the outcomes of these inspections have not been made public.

Investment Policy and Performance

The Board of Governors aims to maximise income whilst at a minimum continuing to preserve the real value of endowed investments. In pursuance of this approach, the Board of Governors also aims to maximise the total investment return whilst adopting a prudent investment position. The Group’s investment powers are governed by the Memorandum and Articles of Association, which permits the Charity’s funds to be invested in any security listed on the London Stock Exchange. 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 Group. This means that even in difficult markets the Fund will remain substantially invested and will ride out short term fluctuations in market investment values.

Fundraising Performance

The Group does not fundraise directly; this is carried out by The Sherborne School Foundation (Registered Charity No 1073522) and The Sherborne Girls Foundation (Registered Charity No 1164053) of which SSG is the sole member. No external fundraising bodies are used. The Board of Governors has reviewed the Foundations’ practices and is satisfied that their fundraising is compliant with the recognised standards of fundraising (set out in the Code of Fundraising Practice) as well as those required under charity law and wider law; no complaints have been received during the year.

The Sherborne School Foundation recognised a surplus of £17k and The Sherborne Girls Foundation a deficit of £6k in the year.

Reserves Policy

The Group’s policy is to not hold any free reserves; all operating surpluses are invested in fixed assets in order to ensure the continued development of the Group. Investment in the Group’s infrastructure and facilities remains essential to ensure momentum is maintained in the recruitment of healthy pupil numbers. A general reserve has been retained to provide a buffer against fluctuations in income resultant from any significant adverse variations in pupil numbers.

Risk Management

The Board of Governors is responsible for the management of risks faced by the Charity. The Governing Body operates a Risk Management Framework for the Group. Within that framework, strategic risks to the Group are reviewed termly by the Governing Body with separate risk registers being considered by sub-committees as appropriate. In addition to Finance, HR, ICT, Estates and Health & Safety registers (overseen by the Finance, Estates and Infrastructure and Health & Safety Committees respectively), the Group also manages registers for academic and pastoral risks, as well registers specific to each individual Boarding House (through the Pastoral Committee). Risks and uncertainties are identified and assessed, with mitigations implemented and monitored throughout the year.

Our Staff As we review our first period following the merger, the Governors express their thanks to all members of staff for their exceptional dedication and support throughout the year. Their enthusiasm, care and professionalism underpin every aspect of the Group’s work and makea lasting difference to the lives of pupils. The Governors are deeply appreciative of the commitment shown by staff in supporting our mission and values.

ere

For the year ended 30 June 2025

Sherborne Schools Group

Employee Information

SSG follows all legislative requirements relating to recruitment and employment

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 Group, its performance and matters of concern through verbal and written briefings, staff meetings and newsletters.

Employee Involvement

The Group encourages the involvement of its employees in its management through regular meetings of the academic and support staff representative groups which have responsibility for the dissemination of information of particular concern to employees and for receiving their views on important matters of policy.

Equality and Inclusion

SSG is an equal opportunity organisation and is committed to a working environment that is free from any form of discrimination on grounds of colour, race, religion, gender identity, sex, sexual orientation or physical disability. The Group makes reasonable adjustments to meet the needs of staff or pupils who are or become disabled or undergo gender reassignment.

During employment the Group seeks to work with employees, considering their personal circumstances, to ensure appropriate training, development and advancement opportunities are available to enable them to reach their full potential.

The number of disabled persons employed by the Group during the year was 11 (2024:12).

Pensions

SSG offers all employees the opportunity to join a defined contribution pension scheme after the successful completion of an initial period of service. Different schemes operate for teaching staff and professional support staff.

SSG operates a defined benefit pension scheme for some of its staff. For some teaching staff, the Group contributes to the multi-employer Teachers’ Pension Scheme (TPS). For support staff, the scheme was closed to new entrants in 2002 and the Governors closed the scheme to further accrual in September 2011. The pension liability is included in the unrestricted funds as required by FRS 102. The scheme deficit has increased marginally during 2024/25 to £262k at 30 June 2025 (2024: £203k). The corresponding liability does not result in an immediate cash flow impact. Contributions into the pension plan are met through planned income. Further information can be found in note 30 to these financial statements.

Group Structure and Relationships

The Charity has nine wholly owned subsidiaries; three charitable and six non-charitable. Sherborne School (Trading) Limited, Sherborne School (Leisure) Limited, Sherborne School (Overseas Trading) Limited, The Sherborne School Foundation and a dormant entity Sherborne (Overseas Education) Limited were part of the Group before the merger. Mulliner Trading (Sherborne) Limited, Sherborne Sports and Leisure Limited and The Sherborne Girls Foundation were donated on 01 July 2024. Prior to 01 July 2024, the Group was a joint member of Sherborne Schools Worldwide Limited (SSW), the other member being Sherborne School for Girls. At the point the two charities merged, the SSG became the sole member of that company. The Sherborne School Foundation, The Sherborne Girls Foundation, and Sherborne Sports and Leisure Limited are charitable entities. The activities and trading performances of the subsidiaries are discussed in note 7. Our subsidiaries gifted a surplus to SSG of £430k in the period.

Sennen

15

Sherborne Schools Group

For the year ended 30 June 2025

Related and connected party transactions are detailed in notes 31 and 32.

The Sherborne School Foundation and Sherborne Girls Foundation

The Foundations continued to engage former pupils and Parents to raise funds to support key aspects of the schools.

It is expected that a merger between the two Foundations will occur during 2026 to create a single Group focussed Foundation and which will merge the alumni databases

Trading Subsidiaries

Sherborne School (Trading) Limited and Mulliner Trading (Sherborne) Limited continue to operate shops on the schools’ sites, and they made a retained profit for the year of £56k (2024: £39k) and of £134k (2024: £2k) respectively.

Sherborne School (Leisure) Limited and Sherborne Sports and Leisure Limited (SSLL) provide sports and leisure facilities for the schools and local community, and they retained profit for the year of £167k (2024: £39k) and £66k (2024: deficit £26k) respectively.

Overseas Activities

Our well-established partnership with Sherborne Qatar completed its sixteenth year of operation and continues to provide a high-quality education based upon the traditional principles and ethos established in Sherborne.

Sherborne Schools Worldwide Limited (SSW) welcomed representatives from Sharaka Education (Sherborne School's partner in Qatar) 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. In September 2025, this partnership opened to its first pupils in Jeddah, Saudi Arabia.

Sherborne School (Overseas Trading) Limited (SSOT) provided educational and management services to Sherborne Qatar. It made an operating profit of £160k (2024: 161k) which it was able to gift to SSG, this being additional to the annual royalty from the Qatar relationship of £166k (2024: £166k).

Energy and Carbon Reporting

We recognise the importance of responsible environmental stewardship and transparent reporting. Where applicable, the Group has reported its energy consumption and associated greenhouse gas emissions in accordance with the UK Streamlined Energy and Carbon Reporting (SECR) requirements.

Energy Consumption and Carbon Emissions

----- Start of picture text -----
||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |The|Group’s|energy|consumption|during|the|year|comprised|electricity,|gas,|oil|and|transport|fuels| |used|in the|UK. Total energy usage and the|resulting greenhouse gas emissions are summarised|below:| |UK GREENHOUSE GAS EMISSIONS AND ENERGY USE DATA|2024/25|2023/24| |Energy consumption|(kWh) used to calculate|emissions (kWh)| |e|Gas|13,138,978|9,006,659| |e|Electricity|5 705,036|4,284,409| |e|Oil|44,127|a| |e|Transport fuel|360,211|168,680| |Total energy consumption (kWh)|19,248,353|AB AS,|

----- End of picture text -----

16

For the year ended 30 June 2025

Sherborne Schools Group

Emissions in metrictonnes CO2e Emissions in metrictonnes CO2e
e Gas consumption 2,403.91 1,647.30
e Transport 141.95 61.92
e Oil 10.89 0
e Purchased electricity 1,009.79 887.00
Total grossemissions in metrictonnes CO2e
3,566.54 2,596.22
Intensity Ratio (tonnes CO2e per pupil)—total numberofpupils 2.75
1,299 (2024:797)

In absolute terms, the gross emissions for 2024/25 are up (43.3%) from the previous year. This is due to the increase in activity due to the merger. However, the Intensity Ratio decreasing to 2.75% (2024: 3.26%) highlights that the emissions per pupil have reduced during the period. The most significant contributor to this is a reduction in gas usage at the Sherborne Boys’ and Sherborne Prep sites.

Methodology and Assumptions

Energy consumption data has been collated from utility invoices and internal records for the reporting period. Greenhouse gas emissions have been calculated using the UK Government’s published greenhouse gas conversion factors for the relevant year.

Investment strategy shift: The reduction in the portfolio’s carbon footprint between 2024 and 2025 also reflects a change in the underlying investment strategy for the Scholarship & Prize Fund, to align with the Girls’ school portfolios. All portfolios are now invested in Cazenove’s charity Sustainable Multi-Asset Fund.

Actions Taken to Improve Energy Efficiency

We remain committed to improving energy efficiency and reducing the Group’s environmental impact over time. During the year, actions taken included:

These measures are intended to reduce energy consumption while maintaining a high-quality learning environment. Further opportunities for improvement continue to be assessed as part of ongoing Operational planning.

The Governors believe that a measured and proportionate approach to sustainability supports the Group’s long-term resilience and aligns with its wider strategic objectives.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

SSG is a charitable company limited by guarantee and not having a share capital, incorporated and registered in England and Wales under the Companies Act (company number 4002575) and registered with the Charity Commission for England and Wales (registration number 1081228). Its current Articles

eee

L7

Sherborne Schools Group

For the year ended 30 June 2025

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. SSG administers associated charitable trusts as described in the ‘Investment Policy and Performance’ section above.

Board of Governors

The structure of the Charity consists of a Board of Governors, the details of which are explained on pages 2 to 4, together with information on how the members of the Board of Governors are appointed to office. The Board of Governors aims to comply with the Code of Good Governance and reviews their performance on an annual basis.

Recruitment and Training of Governors

New Governors are appointed to the Board on recommendation 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 organised by the Clerk to the Governors and briefing and discussions on topical subjects take place at Governors’ meetings each term. External training courses, for example through the Association of Governing Bodies of Independent Schools (AGBIS) and the Boarding Schools Association, are made available to Governors. All new Governors are required to attend the AGBIS seminar for New Governors.

Organisational Management

The Governors, as charity trustees, are legally responsible for the overall management and control of SSG and they meet at least three times a year.

The other principal committees are; the Finance Committee, the Investment Sub-Committee, the Estates Committee, the Education Committee, the Marketing and Admissions Committee, the Commercial Committee, and the Pastoral Committee, and the Governance and Nominations Committee. Other committee members are listed on pages 2 and 3. Each of these committees meets at least termly other than the Governance and Nominations Committee which meet as required.

The day to day running of Sherborne is delegated to the Executive Chair and the Heads of the Schools. They are supported by the other Executive Committee members; being the Chief Operating Officer (‘COO’) and the Director of External Affairs, in addition to the Senior Leadership Teams of each school. The members of the Executive Committee attend meetings of the Board of Governors.

Pay Policy for Key Management Staff

The Governors consider the Board of Governors who are also directors of the company and the Charity’s trustees, and the Group’s Executive Committee to comprise the key management personnel of the charity in charge of directing and controlling, running and operating of SSG on a day-to-day basis.

With the exception of the Executive Chair, all other Governors give of their time freely and none received remuneration in the year. The disclosures relating to the remuneration of the Executive Chair are shown in note 11 to these financial statements. Details of Governors’ expenses and related party transactions are disclosed in notes 11 and 31. The pay of the Executive Chair, the Heads, the COO and the Director of External Affairs is reviewed and determined annually by the Governors through the Remuneration Committee which meets as required. are available in reports produced for the independent school sector by AGBIS and Baines Cutler. | Consideration is given to performance and benchmarked against comparable schools, details of which

18

For the year ended 30 June 2025

Sherborne Schools Group

The pay of the other members of the Senior Leadership Teams is reviewed annually by the Heads and Executive Chair with reference to performance, average increases in earnings, inflation and sector benchmarks. Recommendations are made to the Governors who make the final decision.

STATEMENT OF GOVERNORS’ RESPONSIBILITIES

The Governors (who are also directors of SSG for the purposes of company law) are responsible for preparing the Annual Report of the Governors (and the incorporated Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable 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 steps for the prevention and detection of fraud and other irregularities.

So far as the Governors are aware, there is no relevant audit information of which the Charity’s auditor is unaware. The Governors have each taken all the steps that they ought to have taken as Governors in order to make themselves awareofany relevant audit information and to establish that the Charity’s auditor is aware of that information.

AUDITOR

Crowe U.K. LLP has indicated its willingness to continue in office. A resolution to reappoint Crowe U.K. LLP as the School’s auditor will be made at the Annual General Meeting.

The Annual Report of the Governors (and the incorporated Strategic Report) were approved by Board of Governors of Sherborne Schools Group on 7.2 MARCH Zo2cand signed on its behalf by:

CH Samler Chair of Governors

Sa

19

Sherborne Schools Group INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS forthe20250 yearended30June

Opinion

We have audited the financial statements of The Sherborne Schools Group (‘the charitable company’) and its subsidiaries (‘the group’) for the year ended 30 June 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Statement of Cashflows and notes to the financial statements, including significant accounting policies. 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under 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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting 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 ability to continue as 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 trustees with respect to going concern are described in the relevant sections of this report.

| | | |

|

Registered Company Number: 4002575 Registered Charity Number: 1081228

20

Sherborne Schools Group INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS for the year ended 30 June 2025 ee,

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and directors’ report included within the trustees’ 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:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on pages 18 and 19, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Registered Company Number: 4002575 Registered Charity Number: 1081228

21

Sherborne Schools Group INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS forthe yearended30June20250

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial 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 opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, including financial reporting legislation and the Charity SORP (FRS 102), and [local] tax regulations. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be necessary to the group’s ability to operate or to avoid a material penalty. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within bursaries, scholarships and other discounts and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, designing audit procedures over fee concessions, discounts, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

| | |

tg TER a Registered Company Number: 4002575 22 Registered Charity Number: 1081228

Sherborne Schools Group INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS for the year ended 30 June 2025

In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our 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 our audit work, for this report, or for the opinions we have formed.

Guy Biggin Senior Statutory Auditor For and on behalf of Crowe U. K. LLP Statutory Auditor 4th Floor St James House St James Square Cheltenham GLS0 3PR

Date: 25 March 2026

23

Registered Company Number: 4002575 Registered Charity Number: 1081228

Sherborne Schools Group CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating a Consolidated Income and Expenditure Account) for the year ended 30 June 2025

for thetheyearended30 JuneJune2025
for thethe year ended 30 JuneJune 2025 2025 2024
Unrestricted Restricted Endowed Total Total
Funds Funds Funds Funds Funds
Notes £’000 £’000 £’000 £’000 £’000
Income from:
Charitable Activities:
School fees		 4 47,434 - - 47,434 26,944
Ancillarytradingincome 5 1,682 - - 1,682 308
Donations:
Transfer ofassets in respect of
Sherborne Girls merger
Otherdonations, legaciesand grants		 33
6		 28,853
5		 1,311
444		 737
-		 30,901
449		 -
358
Other trading activities:
Commercial tradingoperations		 a 2,636 - - 2,636 13253
Investments 8 678 174 - 852 456
Other:
Otherincome		 9 33 - - 33 61
Totalincome 81,321 1,929 737 83,987 29,380
Expenditure on:
Raisingfunds:
Commercial tradingoperations
Netshareofloss injointventure
Fundraising costs
Investmentmanagement fees		 7
32		 2,614
-
26
-		 -
-
129
47		 -
-
-
-		 2,614
-
155
47		 1,183
9
88
29
Totalexpenditureon raisingfunds 13 2,640 176 - 2,816 1,309
Charitable activities:
Educational activities		 50,190 431 - 50,621 28,005
Expenditureoncharitable activities 13 50,190 431 - 50,621 28,005
Totalexpenditure 52,830 607 - 53,437 29,314
Net income and net movement infunds
beforegainsand losseson investments		 28,491 1,322 737 30,550 66
Netgains/(losses) on investments 170. —. (21) 276 425 651
Netincome beforetaxation 28,661 1,301 1,013 30,975 717
Taxon profit/(loss) on ordinary activities 14 - - - - -
Net income before other recognised
gainsand losses		 28,661 1,301 1,013 30,975 717
Remeasurement ofdefined
benefitpensionscheme		 30 126 - - 126 369
NETINCOME 28,787 1,301 1,013 31,101 1,086
Netmovements infundscarriedforward 28,787 1,301 1,013 31,101 1,086
nnn.$e
RegisteredCompanyNumber: 4002575
24
RegisteredCharityNumber:1081228

|

Sherborne Schools Group CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating a Consolidated Income and Expenditure Account) for the year ended 30 June 2025

a

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |Unrestricted|_ Restricted|Endowed|Total|Total| |Funds|Funds|Funds|Funds|Funds| |Notes|£’000|£’000|£’000|£’000|£’000| |Net movements|in funds brought forward|28,787|1,301|1,013|31,101|1,086| |Reconciliation|offunds| |Total|Funds|brought forward|25|36,046|386|8,184|44,616|43,530| |Total funds|carried forward|64,833|1,687|9,197|75,717|44,616|

----- End of picture text -----

All amounts relate to continuing operations.

The notes on pages 28 to 64 form part of these financial statements.

Registered Company Number: 4002575 Registered Charity Number: 1081228

25

Sherborne Schools Group BALANCE SHEETS as at 30 June 2025

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Group|School| |2025|2024|2025|2024| |£’000|£’000|£’000|£’000| |Notes| |Fixed|assets| |Intangible|assets|15|5|-|5|-| |Tangible|assets|16/17|87,944|53,947|86,024|53,946| |Investment assets|18|15,535|7,958|15,381|7,804| |Total|fixed|assets|103,484|61,905|101,410|61,750| |Current|assets| |Stocks|457|297|250|158| |Debtors|19|2,890|8,138|6,072|8,677| |Cash|20|15,235|8,047|14,133|7,560| |Total|current|assets|18,582|16,482|20,455|16,395| |Liabilities| |Creditors: amounts|falling due within one year|= 21|(19,758)|(11,889)|(19,400)|(11,609)| |Net current|(liabilities)/assets|(1,176)|4,593|1,055|4,786| |Total|assets|less current|(liabilities)/assets|102,308|66,498|102,465|66,536| |Creditors:|amounts|falling|due|after|more| |than one year|22|(26,329)|(21,679)|(26,329)|(21,679)| |Net assets excluding|pension|liability|75,979|44,819|76,136|44,857| |Defined|benefit|pension|scheme|liability|30|(262)|(203)|(262)|(203)| |Total|net assets|75,717|44,616|75,874|44,654| |The funds|of the|group:| |Endowed|funds|25(a)|9,197|8,184|9,197|8,184| |Restricted funds|25(b)|1,687|386|1,262|52| |Unrestricted|funds:|25(c)| |Accumulation|fund|65,095|36,249|65,677|36,621| |Pension|reserve|(262)|(203)|(262)|(203)| |64,833|36,046|65,415|36,418| |Total funds|25|75,717|44,616|75,874|44,654|

----- End of picture text -----

The net income of the Charity for the year to 30 June 2025 was £31,094k (2024: £592k).

The notes on pages 28 to 64 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 253 MACH 2ozGand signed on its behalf by:

CH Samler (Executive Chair)

NN Registered Company Number: 4002575 Registered Charity Number: 1081228

|

26

Sherborne Schools Group CONSOLIDATED STATEMENT OF CASHFLOWS For the year ended 30 June 2025 a

2025 2025 2024 2024
Notes £’000 £’000 £000 £’000
Net cashgenerated from/(used by)
Operatingactivities 28 16,609 4,981
Cashflowsfrom investing activities:
Investment income received 812 456
Proceeds from sale ofproperty, plant and equipment 933 248
Proceedsfrom sale ofinvestments 8,382 2,363
Purchase ofproperty, plantandequipment
Purchase ofinvestments		 (1,583)
(10,884)		 (2,790)
(1,933)
Netcashused in investing activities (2,340) (1,656)
Cashflowsfromfinancing activities:
Cash inflows from borrowing - 1,000
Cash repayments ofborrowings (5,535) -
New hire purchase agreements 198 ~
Cash repayments ofhire purchase (130) -
Finance costs paid (1,614) (407)
Netcash provided byfinancingactivities (7,081) 593
Change in cash and cash equivalents in the
reportingperiod 7,188 3,918
Cash and cash equivalents at the beginning
ofthe year 8,047 4,129
Total cash and cash equivalents atthe end
oftheyear 15,235 8,047
Cash and bank balances 15,235 8,047
15,235 8,047

The notes on pages 28 to 64 form part of these financial statements.

Registered Company Number: 4002575 Registered Charity Number: 1081228

27

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025

Sherborne Schools Group (‘the Company’) is a charitable company limited by guarantee and not having a share capital, incorporated and registered in England and Wales under the Companies Act (company number 4002575) and registered with the Charity Commission for England and Wales (registration number 1081228). This entity acquired Sherborne School for Girls and its associated companies (company number: 0306828, charity number: 307427) on 1 July 2024.

The address of the Company's registered office and principal place of business is Abbey Road, Sherborne, Dorset, DT9 3LF.

The members of the Company are the trustees named on page 2. In the event of the Company being wound up, liability in respect of the guarantee is limited to £1 per member of the Company.

The Company’s principal activity is to advance education, by carrying on in or near Sherborne a boarding and day school for boys and girls.

To 30 June 2025, the Group consisted of SSG and all of its subsidiaries — Sherborne School (Trading) Limited, Sherborne School (Leisure) Limited, Sherborne School (Overseas Trading) Limited, Mulliner Trading (Sherborne) Limited, Sherborne Schools Worldwide Limited, Sherborne Sports and Leisure Limited, The Sherborne School Foundation and The Sherborne Girls Foundation. Sherborne School (Overseas Education) Limited is a dormant member of the Group.

The subsidiary companies operate to support SSG’s principal activity. The principal activity for each subsidiary is detailed in note 7.

The Company had entered into a joint venture arrangement with Sherborne Girls, with each School owning a 50% interest in Sherborne Schools Worldwide Limited, incorporated to support the principal activities of both Schools. Following the merger on 1 July 2024, the SSG owns 100% of the share capital. Further information on this entity is detailed in note 32.

2. Accounting policies

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition, effective 1 January 2019).

The financial statements 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 going concern basis. In common with other organisations, SSG faces uncertainties arising from current economic conditions including inflationary risks and interest rate rises. After making due enquiries, including review of the latest financial data and future projections, the Governors have a reasonable expectation that the Schools and Group have adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing these financial statements.

| a | Registered Company Number: 4002575 28 Registered Charity Number: 1081228

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025 Saa

  1. Accounting policies (continued)

  2. (b) —_Income recognition

  3. Income is recognised, excluding discounts and VAT, in the Statement of Financial Activities (“SOFA”) when the Group is entitled to the income, it is probable that the income will be received and the amount can be measured reliably.

School fees

Fees receivable, charges for services and use of premises are accounted, for in the period in which the service is provided. Fees receivable are in respect of the provision of education to pupils in Sherborne Boys, Sherborne Girls, Sherborne Prep and Hanford are stated after deducting allowances, scholarships, bursaries and other remissions granted.

Ancillary trading income

Income from ancillary trading activities is recognised in the SOFA where the Group acts as principal in providing goods or services (i.e. it controls the supply, is exposed to the significant risks and rewards of the trading activity and is responsible for fulfilment). The associated costs are recognised within expenditure.

Where the Group acts as agent for a third party (or otherwise receives funds as agent/custodian and does not control the supply of goods or services), amounts collected on behalf of the principal are not recognised as the Group’s income. In these circumstances, only any commission or fee receivable by the Group is recognised as income, and the related inflows and outflows on behalf of the principal are netted and presented within expenditure.

Income from commercial trading activities

Income from commercial trading activities comprises revenue recognised by the company in respect of non-educational services supplied.

SSG collects monies in respect of trips and pupils’ personal living expenses and pays these monies out in full to third parties. Where these funds do not represent income for the Group, they are not accounted for in the Statement of Financial Activities.

Donations are recognised once the Charity has entitlement to the income, it is probable that the donation will be received and the amount can be measured reliably.

Donations received for the general purposes of the Charity are credited to the accumulation fund. Donations for purposes restricted by the wishes of the donor are taken to “restricted funds” where these wishes 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” — permanent or expendable according to the nature of the restriction.

For legacies, entitlement is 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 executor(s) 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 a distribution. Where legacies 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 a contingent asset and disclosed if material.

erie eee Registered Company Number: 4002575 Registered Charity Number: 1081228

29

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025

  1. Accounting policies (continued)

  2. (f) Expenditure Expenditure is recognised, excluding trade discounts received and recoverable VAT, once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is allocated or apportioned to the applicable expenditure heading on a direct cost basis, with staff costs being allocated according to the estimated time spent by staff working in relevant departments and is classified under the following activity headings:

  3. e Commercial trading activities comprise the costs of commercial trading including the lettings activities and leisure centre activities;

  4. e Fundraising activities includes all fundraising costs of The Sherborne School Foundation and The Sherborne Girls Foundation to promote the charitable purposes of SSG; and

  5. e Expenditure on educational activities includes the costs incurred in respect of the provision of education to pupils and other educational activities undertaken to further the purposes of the charity and their associated support costs.

  6. (g) Intangible fixed assets and amortisation Intangible assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised at cost and are subsequently measured at cost net of amortisation and any provision for impairment. Amortisation is provided on intangible fixed assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life, as follows:

Trademarks

10%

(h) Tangible fixed assets and depreciation The carry forward values of tangible fixed assets are shown in notes 15 and 16 to these financial statements. The basis for determining these carry forward values is historic cost except for the Group’s properties, which were revalued in the period to 30 June 2000, and this is now their deemed cost. Furnishings and equipment costing less than £5k are written off to the Statement of Financial Activities as an expense as acquired. Building projects costing less than £50k 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 straight line basis over their currently estimated useful lives.

Land and buildings The Charity owns a number of buildings within the town of Sherborne. Properties that have no ascertainable historical cost and cannot be valued without undue expense are excluded from the financial statements as allowed by FRS 102. Buildings are depreciated over their estimated remaining useful lives that are initially calculated to be within 10-50 years.

Land and assets under construction are not depreciated.

Plant, equipment and motor vehicles Plant, equipment and motor vehicles includes equipment, boarding house fixtures and fittings, computer equipment, vehicles and kitchen and sports equipment. They are depreciated at the following initial rates:

| a | Registered Company Number: 4002575 30 Registered Charity Number: 1081228

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025 Sa

2. Accounting policies (continued)

@ Computer equipment 25-33% e Vehicles and playing fields equipment 20-25% e@ Kitchen and sports equipment 15% e All other items 10%

(i) Cash & Cash Equivalents Cash is represented by cash and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investment that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

(j) Stocks SSG holds stocks for maintenance purposes, catering and other consumables. The school shops hold stocks for resale. All stocks are valued at the lower of cost and net realisable value.

(k) Taxation SSG is a registered charity, and as such is entitled to tax exemptions on all its income and gains, properly applied for its charitable purposes. Tax charges may arise in subsidiary companies where the level of Gift Aid payments are insufficient to eliminate all taxable profits.

SSG is a member of a VAT group registered in the UK and acts as the representative member, being responsible for completing and submitting a single VAT return and making VAT payments on behalf of all members of the group. All members of the VAT group remain jointly and severally liable for any VAT debts of the group. Supplies of goods and services within the VAT group are disregarded for VAT purposes and where group companies are VAT registered, expenditure is reported net of recoverable VAT. (I) Creditors: Deposits Received from Parents Deposits received from parents or guardians in respect of pupils are recognised as liabilities at the point of receipt, as they represent amounts received in advance for educational services to be provided in the future.

Such deposits are held on account and are not recognised as income until the related educational services have been delivered. In accordance with the school’s terms and conditions, deposits held are offset against the pupil’s final invoice when the pupil leaves the school. Until such time, deposits are included within creditors as amounts payable or deferred income, as appropriate.

Derecognition

Payables are derecognised when the obligation is settled, cancelled, or expires. Where deposits are offset against a pupil’s final invoice, the liability is reduced at the point of offset and the corresponding income or receivable is recognised in accordance with the charity’s income recognition policy.

Changes in the valuation of listed investments during the year are shown as unrealised gains or losses. Gains and losses arising from the disposal of assets are disclosed as realised, being the difference between the sale proceeds and the market value at the beginning of the year.

In the separate accounts of the company, on transition to FRS 102, SSG elected to hold its interests in subsidiaries at cost, and subsequently measured at cost less any accumulated impairment losses.

secrerere Registered Company Number: 4002575 31 Registered Charity Number: 1081228

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025

2: Accounting policies (continued)

(o) Financial instruments Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments 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 debtors, other debtors and accrued income. A specific provision is made for debts for which recoverability is in doubt. Cash and cash equivalents are defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise deposits, fees in advance, trade creditors and other creditors.

(p) Permanent Endowment Fund As detailed in note 25 the Charity holds assets donated under 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 unrestricted funds, of SSG. (q) | Scholarship and Prize 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 our pupils.

(r) Operating & Finance 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 activities on the straight line basis over the lease term. Assets purchased under finance lease are capitalised as fixed assets. Obligations under such agreements are included in creditors. The difference between the capitalised cost and the total obligation under the lease represents the finance charges. Finance charges are written-off to the SOFA over the period of the lease so as to produce a constant periodic rate of charge.

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.

(t) Retirement benefits - Defined contribution plans SSG operates a defined contribution scheme for support staff. The amount charged to the Statement of Financial Activities is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

32

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025 oe

2. Accounting policies (continued)

Asset/Liability The net defined benefit asset/liability represents the present value of the defined benefit obligation minus the fair value of plan assets out of which obligations are to be settled. Any asset resulting from this calculation is limited to the present value of available refunds or reductions in future contributions to the plan.

The rate used to discount the benefit obligations to their present value is based on market yields for high quality corporate bonds with terms and currencies consistent with those of the benefit obligations.

Gains/Losses

Gains or losses recognised after net income:

Multi-employer plans

SSG contributes to the Teachers’ Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator.

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 accounting.

The group financial statements consolidate the financial statements of the Charity and its wholly owned subsidiary undertakings; Sherborne School (Trading) Limited, Sherborne School (Leisure) Limited, Sherborne School (Overseas Trading) Limited, Mulliner Trading (Sherborne) Limited, Sherborne Schools Worldwide Limited, Sherborne Sports and Leisure Limited, The Sherborne School Foundation, The Sherborne Girls Foundation and Sherborne School (Overseas Education) Limited. All inter group sales and profits are eliminated fully on consolidation.

As 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 (company number: 0306828; charity number: 307427) at 1 July 2024 to become the SSG, continuing under the former Sherborne School company and charity numbers. The subsidiaries of Sherborne School for Girls have become subsidiaries of the SSG with effect from 1 July 2024, and are consolidated into the Group financial statements for the year under review.

(w) Business combinations Business combinations are accounted for using the purchase method (acquisition accounting) in accordance with FRS 102. The acquisition date is the date on which control is obtained. From that date, the results, cash flows and financial position of the acquired entity are included in the consolidated financial statements.

De ind ed N ——— Registered Company Number: 4002575 Registered Charity Number: 1081228

33

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025

:

|

Where the Group obtains control of another charity or undertaking for nil or nominal consideration and the transaction is, in substance, a gift, the excess of the fair value of the net assets acquired over any consideration paid is recognised as a ‘donation’ in the consolidated Statement of Financial Activities in the period of acquisition. In these circumstances, the Group does not recognise negative goodwill on consolidation. Merger accounting is applied only where the combination meets the Charities SORP criteria for a charity merger; where those criteria are not met, the combination is accounted for as an acquisition under the purchase method.

(x) Joint venture In the prior year, the Charity owned a 50% share in a jointly controlled entity, Sherborne Schools Worldwide Limited. Following the merger with Sherborne School for Girls on 1 July 2024, SSG now owns 100% of the entity’s share capital, which is reflected in the 2024/25 financial statements. Further information in respect of this acquisition is provided in note 33. The Charity provided loan funding 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 liabilities at 30 June 2024 has been incorporated into these financial statements using the equity method.

(y) Fund accounting Unrestricted funds are funds that are available for use at the discretion of the Governors in furtherance of the objects of the Charity. Designated funds are unrestricted funds which have been set aside by the Governors for specific purposes. The aim and the use of the designated funds 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 purposes. 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 deficit on a restricted fund or where funds have been raised for a restricted project but expenses incurred have been made from unrestricted funds.

  1. Critical accounting estimates and areas of judgement

In the application of the Group’s accounting policies, which are described in note 2, management 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 underlying assumptions are based on historical experience and other factors that are considered to be relevant.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Donated business combination at fair value

combination that did not meet the Charities SORP criteria for merger accounting and was therefore accountedDuring theforyearas antheacquisitionGroup obtainedunder FRScontrol102. Theof Sherborne assets acquiredSchoolandforliabilitiesGirls byassumed way wereof a broughtbusiness into the Group at their fair values at the acquisition date of 1 July 2024 and the resulting gain was recognised as donated income.

| |

rvs Registered Company Number: 4002575 34 Registered Charity Number: 1081228

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025 ean

  1. Critical accounting estimates and areas of judgement (continued)

Management exercised judgement in concluding that the transaction was, in substance, a gift of net assets to the Group and that the resulting gain should be recognised as donated income in the consolidated SOFA. This judgement was based on the terms of the transaction and the absence of consideration paid.

Management applied judgement in determining the assets acquired and liabilities assumed at the acquisition date, including assessing completeness of obligations requiring recognition and determining whether any items met the recognition criteria in FRS 102.

The amounts recognised in respect of the acquisition were based on management's estimates of the fair values of the identifiable assets acquired and liabilities assumed at 1 July 2024. Fair value measurement involves estimation uncertainty, particularly where valuations are derived using assumptions or where there is no active market. In determining fair values, the Group considered available market information and, where appropriate, obtained external advice for material balances.

Tangible fixed assets — estimation of useful life Tangible fixed assets represent a significant proportion of the Group’s total assets. Therefore the estimates and assumptions made to determine their carrying value and related depreciation are critical to the Group’s financial position and performance.

The charge in respect of periodic depreciation is derived after determining an estimate of an asset’s expected useful life and the expected residual value at the end of its life. Increasing an asset’s expected life or its residual value would result in a reduced depreciation charge in the Consolidated Statement of Financial Activities.

The useful lives 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 lives are based on historical experience with similar assets as well as anticipation of future events which may impact their life such as changes in technology. Historically changes in useful lives and residual values have not resulted in material changes to the Group’s depreciation charge.

Receivables

The Group has exposure to the collection of trade and fee income receivables. The provision for bad and doubtful debts is based on our estimates of the expected recoverability of debts. The assumptions underlying our estimate for bad debt provision are driven by the nature of the debtor, as well as the age profile of the component debts, and are based on historical experience and other reasonable factors.

Accruals The recognition and measurement of accrued liabilities requires management to make estimates and judgements regarding the amount and timing of expenditure incurred but not yet invoiced. These estimates are reviewed regularly and revised as necessary based on updated information.

Defined Benefit Pension Scheme - valuation The present value of Group’s net defined benefit obligation and pension cost is assessed in accordance with the advice of independent actuaries based on latest actuarial valuations and assumptions determined by the actuaries. Valuations of these assumptions can significantly influence the value of the liability (or asset) recorded. Any changes in these assumptions, which are disclosed in note 30, will impact the carrying amount of the pension liability.

RegisteredRegisteredj C harityompanyNumber: Number: 40025751081228.

35

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025

4. School fees

|

(a) SchoolFees 2025
£’000		 2024
£000
Total School fees
Less:Total scholarships, bursaries,grantsand discounts		 53,523
(6,678)		 31,234
(4,716)
46,845 26,518
Add back: Scholarships and discounts paid forby restrictedfunds 78 140
46,923 26,658
Musicfees received 511 286
School fees 47,434 26,944
(b) Awards, prizes, anddiscountspaidforbyRestrictedFundscomprised: 2025
£000
Scholarships
Advancefeesdiscount		 78
-		 116
24
78 140
5: Ancillarytradingincome 2025 2024
£’000 £’000
House income
Juniorcommon room income
Extras, eventsincome etc
Cateringincome
Sundryincome		 68
45
1,255
1
343		 77
11
55
13
152
1,682 308
6. Donations and legacies
2025 2024
£’000 £’000
Committed giving
Donations
Legacies		 46
402
1		 61
216
81
449 358

| ee Registered Company Number: 4002575 36 Registered Charity Number: 1081228

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025 atn

7. Income from subsidiaries’ trading activities

SSG owns the whole of the share capital of five of its active, non-charitable subsidiaries which are Sherborne School (Trading) Limited (company no. 2747901), Sherborne School (Leisure) Limited (company no. 4332724), Sherborne School (Overseas Trading) Limited (company no. 06817042), Sherborne Schools Worldwide Limited (company no. 10730155) and Mulliner Trading (Sherborne) Limited (company no. 03230791). Sherborne Sports and Leisure Limited (company no. 05869779 and charity no. 1117024), The Sherborne School Foundation (company no. 3686309 and charity no. 1073522) and The Sherborne Girls Foundation (company no. 09637231 and charity no. 1164053) are subsidiary charities of SSG as the Group is the sole corporate member.

The income and expenditure, net of inter-group transactions, from commercial trading operations was as follows:

2025 2024 2024
Income Expenditure Income Expenditure
£’000 £’000 £’000 £’000
Sherborne School (Trading) Limited 640 677 671 606
SherborneSchool (Leisure) Limited 597 562 407 563
Sherborne School (Overseas Trading) 175 15 175 14
Limited
MullinerTrading (Sherborne) Limited 300 188 - -
Sherborne SchoolsWorldwide Limited - 9 - -
Sherborne Sports and Leisure Limited 924 1,163 - -
2,636 2,614 1,253 1,183
Sherborne School (Trading) Limited’s principal activity continues to be that of the Operation of the
Sherborne Boys sports and uniform shop, the Hub cafe and the provision of letting and educational
services.
Its trading results for the year, as extracted
summarised below:		 from the audited financial statements, are
2025 2024
£’000 £’000
Turnover 754 829
Costofsales (651) (743)
Gross profit
Administration		 103
(47)		 86
(40)
Operating profit 56 46
Other operating income - -
Profit on ordinaryactivitiesbeforetaxation 56 46
Tax on profit on ordinary activities - -
Profit onordinaryactivitiesaftertaxation 56 46
GiftAid distribution 56 7
GrossAssets 186 203
Gross Liabilities (186) (203)
Shareholder’s (Deficit)/funds - -
RegisteredCompanyNumber:4002575 37

(a) Sherborne School (Trading) Limited’s principal activity continues to be that of the Operation of the Sherborne Boys sports and uniform shop, the Hub cafe and the provision of letting and educational services. Its trading results for the year, as extracted from the audited financial statements, are summarised below:

Registered Company Number: 4002575 Registered Charity Number: 1081228

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025

7. Income from subsidiaries’ trading activities (continued)

(b) | Sherborne School (Leisure) Limited’s principal activity is that of the provision of leisure facilities. Its trading results for the year, as extracted from the audited financial statements, are summarised below:

2025 2024
£’000 £’000
Turnover
Administration		 798
(631)		 616
(610)
Operatingprofit 167
-		 6
-
Other operating income
Profitonordinary activities 167 6
GiftAid distribution 103 -
GrossAssets 279 168
Gross Liabilities (278) (231)
Shareholder’sFunds/(deficit) 1 (63)
(c) SherborneSchool (OverseasTrading) Limited’s principal objects areto promote the charitable purposes
ofSSG inQatarandtopromoteanyothercharitablepurposeconnectedwithorotherwise associated with
the Schools.
Its trading results for the year, as extracted from the audited financial statements, are		 SherborneSchool (OverseasTrading) Limited’s principal objects areto promote the charitable purposes
ofSSG inQatarandtopromoteanyothercharitablepurposeconnectedwithorotherwise associated with
the Schools.
Its trading results for the year, as extracted from the audited financial statements, are		 SherborneSchool (OverseasTrading) Limited’s principal objects areto promote the charitable purposes
ofSSG inQatarandtopromoteanyothercharitablepurposeconnectedwithorotherwise associated with
the Schools.
Its trading results for the year, as extracted from the audited financial statements, are
summarised below: 2025 2024
£’000 £’000
Turnover
Administration		 175
(15)		 175
(14)
Profitonordinary activities 160 161
GiftAid distribution 160 161
GrossAssets 181 181
Gross Liabilities (166) (166)
Shareholder’sFunds 15 15

The subsidiary donates any profits to SSG each year under the Gift Aid Scheme.

ee Registered Company Number: 4002575 38 Registered Charity Number: 1081228

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025 ee

7. Income from subsidiaries’ trading activities (continued)

(d) Mulliner Trading (Sherborne) Limited’s principal activity is that of the operation of the Sherborne Girls sports and uniform shop, Queenie’s cafe and the provision of letting and educational services. Its results for the year, as extracted from the audited financial statements, are summarised below:

for the year,the year,year, as extracted from the auditedaudited financial statements, are summarisedsummarised below:
2025 2024
£000 £’000
Turnover 696 .
Costofsales (591) -
Gross profit 105 -
Administration 7 -
Operating profit 112 -
Other operating income - -
Profit on ordinary activities before taxation 112 -
Tax on profit on ordinary activities - -
Profit on ordinary activitiesaftertaxation 112 -
GiftAid distribution 112 -
GrossAssets 208 -
Gross Liabilities (187) -
Shareholder’sFunds/(deficit) 21 -

Registered Company Number: 4002575 Registered Charity Number: 1081228

39

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025

|

|

----- Start of picture text -----
|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |(e)|Sherborne Schools|Worldwide|Limited’s|principal|objects|are to|promote the|charitable|purposes|of SSG| |overseas|and to promote|any other charitable|purpose|connected|with|or otherwise|associated|with|the| |Schools.|Its|results|for|the|year,|as|extracted|from|the|audited|financial|statements,|are|summarised| |below:|2025|2024| |£’000|£’000| |Turnover|-| |Cost|of|sales|-|-| |Gross|profit|-|-| |Administration|(9)|(11)| |Operating|loss|(9)|(11)| |Interest|payable|(31)|(31)| |Loss on ordinary activities before taxation|(40)|(42)| |Tax|on|loss|on|ordinary|activities|-|“| |Loss on ordinary activities after taxation|(40)|(42)| |Gift|Aid|distribution|-|-| |Gross Assets|1|al| |Gross|Liabilities|(685)|(645)| |Shareholder’s (Deficit)|(684)|(644)|

----- End of picture text -----

----- Start of picture text -----
||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |(f)|Sherborne|Sports|and|Leisure|Limited’s|principal|activity|is|that|of the|provision|of|leisure|facilities.|Its| |trading|results|for the year,|as extracted|from the audited|financial statements,|are summarised|below:| |2025|2024| |£’000|£’000| |Income|from:| |Charitable|activities|1,340|-| |Total income|1,340|-| |Expenditure|on:| |Charitable|activities|(1,299)|-| |Total expenditure|(1,299)|-| |Net (Expenditure)/income|41|-| |Gross Assets|2,313|-| |Gross|Liabilities|(2,247)|-| |Total Charity Funds|—SSS===66|}—___—-|

----- End of picture text -----

Registered Company Number: 4002575 Registered Charity Number: 1081228

40

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025

ag

7. Income from subsidiaries’ trading activities (continued)

(g) TheSherborneSchool Foundation’s principal objectsaretopromotethecharitablepurposes TheSherborneSchool Foundation’s principal objectsaretopromotethecharitablepurposes ofSherborne
Boys in Dorsetand to promoteanyothercharitable purpose connected with orotherwise associated with
the School.
Its results forthe year, as extracted from the audited financial statements, are summarised
below:
2025 2024
£’000 £’000
Income from:
Donations, legacies and grants 496 524
Other trading income - -
Investments 10 12
Totalincome 506 536
Expenditure on:
Raisingfunds
Charitable activities		 (129)
(360)		 (88)
(342)
Totalexpenditure (489) (430)
Net(Expenditure)/income 17 106
GrossAssets 360 342
Gross Liabilities (9) (9)
Total Charity Funds 351 334
(h) The Sherborne Girls Foundation’s principal objects are to promotethe charitablepurposes ofSherborne
Girls in Dorset and topromoteanyothercharitable purpose connected with orotherwise associated with
the School.
Its results for the year, as extracted from the audited financial statements, are		 summarised
below:
2025 2024
£7000 £’000
Income from:
Donations, legacies and grants 163 -
Other trading income - -
Total income 163 -
Expenditure on:
Raising funds - -
Charitable activities (169) -
Totalexpenditure (169) -
Net(Expenditure)/income (6) -
GrossAssets 81 -
Gross Liabilities (6) -
Total CharityFunds 75 -
Registered Company Number:4002575 41
RegisteredCharityNumber:1081228

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025

8. Investment income 2025 2024
£’000 £000
Dividends receivable
Qatar royalty
Bank interest receivable		 340
166
346		 248
166
42
852 456
9. Otherincome 2025 2024
£’000 £’000
Non ancillary trading income
Rentalincome		 33 61
33 61
10. Net income for the year
This isstated after charging/(crediting): 2025 2024
£000 £’000
Auditor’s remuneration:-
Feespayable fortheaudit ofthe parent charityandtheconsolidation
Fee payablefortheaudit ofsubsidiaries pursuantto legislation
Fees payabletothegroup’s auditors and its associates in respect of
Corporation taxservices
Depreciation
(Profit)on disposal offixed assets
Operatinglease costs -equipment
Interest on advancefeescheme
Bankloaninterest		 65
33
8
3,193
(746)
144
393
983		 38
21
4
2,149
(100)
16
25
407

All interest payable as included within financing costs, relates to interest on bank loans and overdrafts

| | | aRegistered Company Number: 4002575 42 Registered Charity Number: 1081228 |

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025

11. — Analysis of staff costs, trustee remuneration, and the cost of key management personnel

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2025|2024| |£’000|£’000| |Wages and|salaries|25,512|13,850| |Social|security costs|2,416|1,321| |Pension|contribution — defined|contribution|scheme|4,212|2,068| |32,140|17,239| |The|number|of higher|paid|employees|was:| |2025|2024| |No.|No.| |£60,000|- £70,000|22|19| |£70,000|- £80,000|17|10| |£80,000|- £90,000|3|5| |£90,000|-|£100,000|1|-| |£130,000|- £140,000|:|1| |£140,000|- £150,000|1|-| |£180,000|- £190,000|1|-| |£260,000|- £270,000|-|1| |£290,000|- £300,000|1|-|

----- End of picture text -----

The calculation of staff costs for higher paid employees includes gross salary and benefits in kind.

The key management personnel of the Company and the group comprise the Governors, the Executive Chair and the members of the Group’s Executive Committee (full time equivalent headcount 2025: 6.2; 2024: 3). The total employee benefits of the key management personnel of the charity were £1,111k (2024: £612k) including benefits in kind, national insurance and pension contributions.

Included within staff costs above are non-statutory/non-contractual severance payments totalling £70k (2024: £17k) and statutory severance payments of £nil (2024: £2k).

In accordance with the Charity’s governing document and section 185 of the Charities Act 2011, one trustee received remuneration from the charity during the year. This represents the first occasion on which the Charity has remunerated a trustee. The Charity Commission provided their consent for the change on 25 July 2024.

The trustee was remunerated for services provided in a non-trustee capacity as Executive Chair. The trustee concerned withdrew from all discussions and decisions relating to their appointment, remuneration and terms of engagement, and the remaining trustees considered the arrangement to be in the best interests of the charity.

During the year, one trustee (2024: nil) received remuneration totalling £20k (2024: Enil).

No other trustees received remuneration or other benefits from the charity during the year.

Trustees’ expenses of £2k (2024: £1k) were reimbursed during the year in respect of travel and subsistence costs incurred while undertaking trustee duties for 8 trustees (2024: 7 trustees).

Registered Company Number: 4002575 Registered Charity Number: 1081228

43

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025

| | |

12. Staff numbers

The average number of staff employed by the Charity during the year was as follows:

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |2025|2024| |No.|No.| |Educational|staff|310|201| |Support|staff|558|276| |868|477| |13.|Analysis|of expenditure|2025|2024| |Year ended|30 June 2025|Staff costs|Other costs|Depreciation|Total|Total| |£’000|£’000|£’000|£’000|£’000| |Cost of raising funds:| |Commercial|trading|operations:| |Sherborne School|(Trading)|Limited|194|483|-|677|606| |Sherborne|School|(Leisure)|Limited|393|169|-|562|563| |Sherborne|School|(Overseas|Trading)| |Limited|-|15|-|15|14| |Mulliner Trading|(Sherborne)|Limited|174|13|1|188|~| |Sherborne|Schools|Worldwide|Limited|-|9|-|9|-| |Sherborne Sports and|Leisure|Limited|654|424|85|1,163|-| |Net share|of|loss|in|joint venture|-|-|-|-|9| |Fundraising|costs|86|69|-|155|88| |Investment management fees|-|47|-|47|29| |1,501|1,229|86|2,816|1,309| |Charitable|activities:| |Educational|activities| |Teaching|20,659|1,202|-|21,861|12,843| |Welfare|3,025|6,018|-|9,043|5,074| |Premises|1,834|4,531|3,107|9,472|4,945| |Support costs|of schooling|5,051|2,271|-|7,262|3,490| |Education|and|grant making|-|96|-|96|136| |Operational|costs — Boys|Foundation|70|40|-|110|91| |Operational|costs — Girls|Foundation|-|168|-|168|-| |Financing|costs|-|1,614|-|1,614|598| |Advance|fee|discounts|-|299|-|299|-| |Governance|-|405|-|405|618| |Other expenditure|-|291|-|291|210| |oe|———————|ST|eee| |30,639|16,875|3,107|50,621|28,005| |ccna|pene|me| |i| |Total|expenditure|for Group|32,140|18,104|3,193|53,437|29,314|

----- End of picture text -----

|

aRegistered Company Number: 4002575 44 Registered Charity Number: 1081228

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025

eee

13. Analysis of expenditure (continued)

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |2024| |Year ended|30 June 2024|Staff costs|Othercosts|Depreciation|Total| |£’000|£7000|£’000|£’000| |Cost of raising funds:| |Commercial|trading|operations:| |Sherborne School|(Trading)|Limited|200|406|-|606| |Sherborne|School|(Leisure)|Limited|383|180|-|563| |Sherborne|School|(Overseas|Trading)| |Limited|-|14|-|14| |Net|share|of loss|in|joint|venture|-|9|-|9| |Fundraising|costs|69|19|-|88| |Investment|management|fees|-|29|-|29| |652|657|-|1,309| |Charitable|activities:| |Educational|activities| |Teaching|11,651|1,192|-|12,843| |Welfare|1,948|3,126|-|5,074| |Premises|799|1,997|2,149|4,945| |Support|costs|of schooling|2,140|1,350|-|3,490| |Education|and|grant|making|-|136|-|136| |Operational|costs — Foundation|49|42|-|91| |Financing|costs|-|598|-|598| |Governance|-|618|-|618| |Other|expenditure|-|210|-|210| |16,587|9,269|2,149|28,005| |Total|expenditure|for Group|17,239|9,926|2,149|29,314| |14.|Taxation| |2025|2024| |£’000|£’000| |Tax|on|ordinary|activities|-|-| |No corporation tax|is payable|in|either the current|or preceding year as|all|profit chargeable to corporation| |tax|has|been|covered|by payments|under deed|of covenants|to Sherborne Schools Group.|

----- End of picture text -----

=a SpnnT -nneeIprneersereeeerr meee Registered Company Number: 4002575 Registered Charity Number: 1081228

45

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025

| | | |

15. Intangible fixed assets - Group and Schools

Intangible fixed assetsassets - Group and SchoolsGroup and Schoolsand SchoolsSchools Intangible fixed assetsassets - Group and SchoolsGroup and Schoolsand SchoolsSchools 2025 2024
£’000 £’000
Cost
- -
At 1 July 2024
Sherborne Girls merger		 9 -
Additions - -
Disposals - -
At30 June 2025 9 -
Depreciation “ -
At 1 July 2024 - -
Introduced
Charge foryear		 4 -
Disposals - -
At30June 2025 4 -
Net book value
At30 June2025		 5 -
- -
At 30 June 2024
Tangible fixed assets—Schools
Plant,
Land and
Buildings
£’000		 Equipment and
MotorVehicles
£’000		 AssetsUnder
Construction
£’000		 Total
£’000
Cost
At 1July2024
Sherborne Girls merger
Additions
Disposals		 69,368
32,342
455
(300)		 9,451
1,206
1,207
(538)		 -
166
104
(152)		 78,819
33,758
1,766
(990)
At30June2025 101,865 11,326 118 113,353
Depreciation
At 1 July2024
Chargeforyear
Disposals		 18,008
2,012
(113)		 6,865
1,094
(538)		 -
-
-		 24,873
3,107
(651)
At30June2025 19,907 7,421 - 27,329
Net book value
At30 June2025		 81,958 3,905 118 86,024
At30June2024 ooo
51,360
————_		 a
2,586
 —————————— 5$$]
-
mF

16. Tangible fixed assets — Schools

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 2025 of £115,480 (2024: £99,780). The depreciation charge for the year on these assets amounted to £75,420 (2024: £104,028).

I Registered Company Number: 4002575 46 Registered Charity Number: 1081228

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025 ee

17. ‘Tangible fixed assets - Group

‘Tangible fixed assets - GroupGroup
Plant,
Landand Equipment and AssetsUnder
Buildings MotorVehicles Construction Total
£’000 £’000 £’000 £’000
Cost
At 1July2024
Sherborne Girls merger
Additions
Disposals		 69,807
34,975
455
(300)		 9,505
1,677
1,222
(540)		 -
166
104
(152)		 79,312
36,818
1,781
(992)
At 30 June 2025 104,937 11,864 118 116,919
Depreciation
At 1July2024 18,447 6,918 - 25,365
Acquired
Charge foryear
Disposals		 783
2,064
(113)		 287
1,129
(540)		 -
-
-		 1,070
3,193
(653)
At 30 June 2025 21,181 7,794 - 28,975
Net book value
At30June2025 83,756 4,070 118 87,944
At30June2024 51,360 2,587 - 53,947

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 2025 of £115,480 (2024: £99,780). The depreciation charge for the year on these assets amounted to £75,420 (2024: £104,028).

The comparable amount of land and buildings included above at deemed cost determined according to the historical cost accounting rules are as follows:

The comparable amount of landland and buildings included above
the historical cost accounting rules are as follows:		 above at deemeddeemed cost determined according to
Land and
Buildings
£’000
Cost 92,136
Accumulated depreciation (19,234)
Net book value
At30June2025 72,902
At30June2024 44,406

In the period to 30 June 2000, the School’s properties (with the exception of certain inalienable or historic buildings for which reliable valuations were not available without incurring costs considered to outweigh 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 (as appropriate). In accordance with the transitional provisions of FRS 102 these valuations have not been updated.

A number of principal School buildings owned by SSG have no ascertainable historical cost and cannot be valued without undue expense and are excluded from the financial statements.

Registered Company Number: 4002575 Registered Charity Number: 1081228

47

f
By
az
TD
o
:		 ic)
zetm
ECE ER
mars
9 elico
Toe
a23
4		 3
a
3
a
uy
ea		 :
wn
mn
w
0		 wn Ww
Na
ine
ino
acd		 a
=
z
3
is
sz
5
2
5
£s
i
:
.
Ww
B28
5
8
25 &
~
<a
2a
c
a0
2
7 O°
FRESR
ae
ae
fp)
Roe’
efEBe co
= &
GQom
~ Oo
3
™~ o
=
x2		 Pe
w
Ss
un
j
a
oy
o		 i
Ww
wn
&
&
G
oO		 BS
in ©
~ Oo
BF
ae
eae
oO oO		 +
=
:
53
:
£2
o
5
E
oO
=
<2
A
53
-
i
a
a
-
os
o.
te
Ge
a5
£8
;
ae
2
of
3
a
3
as
s
ic
©
o


Y
om
DS w
.
Ww
un
Ok
n,n
n
ode
as
onos3
G3
ze
a
YZ
oie
cre
ee
Oos
Qrs$ 2
ors
£ot
ss
[rm
VY)		 2
5
s
o
-
:
0
a		 a
a
a
Pe
%
q
gee
x
a
3
oo
w
sEgg
egEe
ae SEES
2a”
,m”
un 2S
Ze
peyeo'uwi'
sc
wo
"So!
58
:
s—*
a
Ww
.
epes''
uy
-
So
of
no]
Gt
<
3
~
>
eFssii
CT)
ow
o
!
ego"
n
Sou
a
mo
> o
me]
:
.
1)
7
E
;
3
SRE
22%
<
gee
<
a5
Ao
w= 09&
Segee2 8s
STE
Seeeks
SBe9S8 2
AfSeEs
.
as
ges		 oO
'
S
lo)
aq
aos
el
—
N
m
1
5
5
lo)
=)
58
2
a]
38
o
S38
ow
.
,
wn
a
in ©
in wn
:
Ww
uw
mn

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025 ma ai naa

19. Debtors

Group School
2025 2024 2025 2024
£’000 £’000 £’000 £’000
Due within one year:
Trade debtors 164 147 132 120
Tax recoverable 2 6 - -
Feesdue 1,511 1,257 1511 1,257
Other debtors 206 186 170 106
Prepayments 1,007 2,661 986 2,661
Advance—Sherborne Girls - 3,881 - 3,881
Amount duefrom subsidiary undertakings & joint ventures —- - 807 452
Due after more than one year:
Amount duefrom subsidiaryundertakings - - 2,466 -
Amount due from jointventure undertaking - - - 200
2,890 8,138 6,072 8,677

20. Cash and cash equivalents

Cash and cash equivalents
Group School
2025 2024 2025 2024
£’000 £’000 £’000 £’000
Cash atbank 9,601 6,676 8,541 6,222
Cash at investment manager 5,634 1,371 5,592 1,338
15,235 8,047 14,133 7,560
Creditors: amounts fallingdue within oneyear
Group School
2025 2024 2025 2024
£’000 £’000 £’000 £’000
Bank overdraftand loans 1,000 1,000 1,000 1,000
Fees received in advance
Trade creditors		 2,645
1,846		 2,588
1,047		 2,645
1,752		 2,588
1,013
Taxation and social security 2,208 376 2,175 351
Finance leases 115 81 115 81
Other creditors 363 266 258 170
Accruals 4,314 2,332 4,188 2,207
Pensions 428 273 428 273
Deposits held 815 496 815 496
Advancefees (see note 23) 6,024 3,430 6,024 3,430
19,758 11,889 19,400 11,609

21. Creditors: amounts falling due within one year

Details and security on the bank loan and overdraft facilities are disclosed in Note 22.

Registered Company Number: 4002575 Registered Charity Number: 1081228

49

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025

22. Creditors: amounts falling due after more than one year

Creditors:amounts falling duefalling duedueaftermorethan one yearyear
Creditors: amounts falling duefalling duedue after more than one yearyear Group School
2025 2024 2025 2024
£’000 £’000 £’000 £’000
Advance fees (note 23)
Bank loan
Deposits
Finance leases		 8,227
13,333
4,542
227		 4,708
14,000
2,778
193		 8,227
13,333
4,542
227		 4,708
14,000
2,778
193
26,329 21,679 26,329 21,679
The bank loan is repayable by instalments:
Group School
2025 2024 2025 2024
£’000 £’000 £’000 £’000
Due after morethan fiveyears
Duewithintwoto fiveyears
Duewithin onetotwoyears		 9,333
3,000
1,000		 10,000
3,000
1,000		 9,333
3,000
1,000		 10,000
3,000
1,000
13,333 14,000 133333 14,000
Duewithin oneyear 1,000 1,000 1,000 1,000
14,333 15,000 14,333 15,000

The bank loan and loan facilities are secured by way of legal mortgage charges dated 17 January 2001 and 1 November 2019 over certain properties owned by SSG. A £16m facility had been arranged with Lloyds Bank plc to provide funds for working capital and the planned capital projects, which were drawn down through revolving credit agreements. £15m had been drawn down by 30 June 2024. The total balance outstanding on all revolving credit agreements was converted to a term loan at 1 November 2024, and termly repayments commenced during the year to 30 June 2025. The interest rate applicable to the loan facilities is 2.15% over the London Interbank Offered Rate.

nnnoor Registered Company Number: 4002575 50 Registered Charity Number: 1081228

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025 Cr

23. Advance fee payments

Parents may enter into a contract to pay to the Schools up to the equivalent of five years’ tuition fees in advance. The money may be returned subject to specific conditions on the receipt of one term’s notice. Assuming pupils will remain in the Schools, advance fees will be applied as follows:

2025 2024
£’000 £7000
Afterfiveyears 719 409
Within two to fiveyears 4,136 2,291
Within onetotwo years 35372 2,008
Within oneyear 8,227
6,024		 4,708
3,430
14,251 8,138
The movement duringthe year on advance fees were as follows:
2025 2024
£’000 £’000
At 1July2024 8,138 1,969
Sherborne Girls merger 7,066 -
New advance fees received duringtheyear 6,657 7,423
Fees repaid duringtheyear
Amounts accrued for discount		 (437)
384		 (29)
24
Interest paid to parents 3 -
Amounts utilised in paymentsoffees (7,560) (1,249)
At30June2025 14,251 8,138

Registered Company Number: 4002575 Registered Charity Number: 1081228

51

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025

24. Analysis of net assets between funds

(a) Analysis of Group net assets between funds

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Net|Current| |Fixed|Assets/|Long Term|Pension|Fund| |Assets|(Liabilities)|Liabilities|Liability|Balances| |£’000|£’000|£’000|£’000|£’000| |Unrestricted| |Pension|Reserve|Designated|Fund|-|-|-|(262)|(262)| |Accumulation|Fund|94,721|(3,297)|(26,329)|-|65,095| |Restricted|funds|-|1,687|-|-|1,687| |Endowed| |Edbrooke Scholarship|and|Bursary|255|-|-|-|2595| |Scholarship and|Prize|Fund|4,986|434|-|-|5,420| |Scholarship|and|Prize|Fund — Eglington| |Bursaries|2,000|-|-|-|2,000| |Endowed|Property|765|-|-|-|765| |Verdon-Smith|Fund|340|-|-|-|340| |Boughey Trust|417|-|-|-|417| |Group total at 30 June 2025|103,484|(1,176)|(26,329)|(262)|75,717| |Net|Current| |Fixed|Assets/|Long Term|Pension|Fund| |Assets|(Liabilities)|Liabilities|Liability|Balances| |£’000|£’000|£’000|£’000|£’000| |Unrestricted| |Pension|Reserve Designated|Fund|-|-|-|(203)|(203)| |Accumulation|Fund|53,691|4,237|(21,679)|-|36,249| |Restricted|funds|-|386|-|-|386| |Endowed| |Edbrooke|Scholarship|and|Bursary|255|-|-|-|255| |Scholarship|and|Prize Fund|5,194|(30)|-|-|5,164| |Scholarship|and|Prize|Fund —|Eglington| |Bursaries|2,000|-|-|-|2,000| |Endowed|Property|765|-|-|-|765| |Group total|at 30 June 2024|61,905|4,593|(21,679)|(203)|44,616|

----- End of picture text -----

a— ere Registered Company Number: 4002575 52 Registered Charity Number: 1081228

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025 ee

24. Analysis of net assets between funds (continued)

(b) Analysis of Company net assets between funds

Net Current
Fixed Assets/ LongTerm Pension Fund
Assets (Liabilities) Liabilities Liability Balances
£’000 £’000 £’000 £’000 £’000
Unrestricted
Pension Reserve Designated Fund
Accumulation Fund		 -
92,647		 -
(641)		 -
(26,329)		 (262)
-		 (262)
65,677
Restricted funds - 1,262 - - 1,262
Endowed
Edbrooke Scholarship and Bursary 255 - - - 255
Scholarship and Prize Fund
Scholarship and Prize Fund—Eglington		 4,986 434 . - 5,420
Bursaries
Endowed Property		 2,000
765		 -
-		 -
-		 -
-		 2,000
765
Verdon-Smith Fund 340 - - - 340
Boughey Trust 417 - - - 417
School total at30June2025 101,410 1,055 (26,329) (262) 75,874
Net Current
Fixed Assets/ LongTerm Pension Fund
Assets (Liabilities) Liabilities Liability Balances
£’000 £’000 £’000 £’000 £’000
Unrestricted
Pension Reserve Designated Fund
Accumulation Fund		 -
53,536		 -
4,764		 -
(21,679)		 (203)
-		 (203)
36,621
Restricted funds - 52 - - 52
Endowed
Edbrooke Scholarship and Bursary 255 - - - 255
Scholarshipand Prize Fund
Scholarship and Prize Fund—Eglington		 5,194 (30) - - 5,164
Bursaries 2,000 - - - 2,000
Endowed Property 765 - - - 765
Schooltotalat30June2024 61,750 4,786 (21,679) (203) 44,654

Registered Company Number: 4002575 Registered Charity Number: 1081228

53

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025

25. Analysis of charitable funds (a) Analysis of movements in permanently endowed funds (Group and Company)

Balance at Balance at Transfersand Transfersand _Balance at
1July Investment 30 June
2024 Income Expenditure Gains 2025
£’000 £’000 £000 £’000 £’000
Endowed Property
Edbrookefund
Scholarship and PrizeFund		 765
255
5,164		 -
-
-		 -
-
-		 -
-
256		 765
255
5,420
Scholarship and Prize Fund— Eglington
Bursaries
Verdon-Smith Fund
BougheyTrust		 2,000
-
-		 -
331
406		 -
-
-		 -
9
11		 2,000
340
417
8,184 737 - 276 9,197

Endowed Property Land and property gifted to the Sherborne Boys in furtherance of its Object, to advance education that is held on permanent endowment and is administered and managed by the Governors. Edbrooke fund A fund, the income from which will be made available to the Headmaster of Sherborne Boys and applied at his discretion from time to time, to benefit a pupil wishing 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.

Scholarship and Prize Fund The Scholarship and Prize fund endowment is invested to provide scholarships and prizes for the benefit of Sherborne Boys. The total realised and unrealised gains and (losses) during the year amounted to £256k (2024 — £657k).

Scholarship and Prize Fund — Eglington Bursaries The Scholarship and Prize Fund — Eglington Bursaries endowment was set up with a legacy from the late Charles Eglington. The fund is invested to provide bursaries for the benefit of Sherborne Boys. Boughey Trust, Verdon-Smith Fund

The Endowed funds comprise of The Verdon-Smith and Boughey funds whose income is applied towards the award of bursaries. The total realised and unrealised gains and (losses) during the year amounted to £20k.

nn—— ne Registered Company Number: 4002575 54 Registered Charity Number: 1081228

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025 oe

25. Analysis of charitable funds (continued)

(b) Analysis of movements in restricted funds

Balance at Investment Balance at
1 July Gains 30June
2024 Income Expenditure /(Losses) 2025
£’000 £’000 £7000 £’000 £’000
SBScholarshipandPrizeFund - 108 (108) - -
Bursary Fund - 14 (14) - -
CricketSquare 4 - - - 4
Shell House Fund 2 - - - 2
Upper Pavilion Fund 2 - (2) - -
Sports Centre - 199 (199) - -
Verdon-Smith Fund - 18 - (11) Z
BougheyTrust - 79 - - 79
SG Scholarships - 410 - (1) 409
SG Prizes - 118 - 3 121
SG Bursaries - 491 - (2) 489
Tory Masterclass - 114 - (10) 104
Other restricted funds 44 116 (114) - 46
Charity
TheSherborneSchool Foundation		 52
334		 1,667
506		 (437)
(489)		 (21)
-		 1,261
351
TheSherborne Girls Foundation - 244 (169) - 75
Eliminated on consolidation 386
-		 2,417
(488)		 (1,095)
488		 (21)
-		 1,687
-
Group 386 1,929 (607) (21) 1,687

The breakdown of restricted reserves of £351k for the Sherborne School Foundation, and restricted reserves of £75k for the Sherborne Girls Foundation are detailed in each Charity’s accounts.

Registered Company Number: 4002575 Registered Charity Number: 1081228

55

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025

25. Analysis of charitable funds (continued)

(b) Analysis of movements in restricted funds (continued)

Balance at Investment Balance at
1July
2023		 Income Expenditure Gains
/(Losses)		 30June
2024
£’000 £’000 £’000 £’000 £’000
Scholarship and Prize Fund
Bursary Fund
CricketSquare
Shell House Fund
UpperPavilion Fund
SportsCentre
SPS Restricted Fund
Other restricted funds		 -
-
4
2
2
-
1
47		 144
17
-
-
-
232
-
-		 (144)
(17)
-
-
-
(232)
(1)
(3)		 -
-
-
-
-
-
-
-		 -
-
4
2
2
-
-
44
Charity
TheSherborneSchool Foundation		 56
228		 393
536		 (397)
(430)		 -
-		 52
334
284 929 (827) - 386
Eliminated on consolidation - (425) 425 - -
Group 284 504 (402) - 386

Transfers from restricted funds to the accumulation fund correspond to incoming resources where the original restriction of the fund has been fulfilled during the year.

The breakdown of restricted reserves of £334k for the Sherborne School Foundation is detailed in that Charity’s accounts.

| | aRegistered Company Number: 4002575 56 Registered Charity Number: 1081228

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025 Se

25. — Analysis of charitable funds (continued)

(b) Analysis of movements in restricted funds (continued)

Bursary Funds, including SB and SG

To widen access to Sherborne Schools Group through a programme of means tested bursaries.

Cricket Square

To support the relaying of the cricket squares within the School and primarily those on the Upper square.

Hardship Fund

To support pupils within the School who fall on hard financial times and who the School would like to remain in the School until they complete a key stage of their education.

Scholarships and prizes, including SB and SG

Funds transferred by the Foundations to support and fund scholarships and prizes provided by Sherborne Schools Group.

Shell House Fund

Funds raised for the restoration and upkeep of the Shell House, located in the garden of Harper House.

Sports Centre Funds raised by and transferred from the Sherborne School Foundation towards the redevelopment of the Sports Centre.

Upper Pavilion

The fund is for the refurbishment and extension of the Upper Pavilion.

SPS Restricted Fund

Donation made to Sherborne preparatory School for the benefit of its staff and pupils.

Boughey Trust, Verdon-Smith Fund

To provide bursaries and scholarships for girls attending the School.

Tory Masterclass

To establish an annual Music Masterclass and Concert at Sherborne Girls in memory of Harriet Tory.

Other Restricted Funds

These relate to several smaller restricted funds. The majority of the donations are expended during the year in which the donations are made, in accordance with the original donor’s wishes.

Registered Company Number: 4002575 Registered Charity Number: 1081228

57

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025

|

25. Analysis of charitable funds (continued)

(c) Analysis of movements in unrestricted funds

----- Start of picture text -----
||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Balance|at|Income|Expenditure|Tax|Investment|Balance|at| |1 July|Gains/(Losses)|30 June| |2024|2025| |£’000|£’000|£’000|£’000|£’000|£’000| |Pension|reserve|—| |designated|fund|(203)|-|(185)|-|126|(262)| |Accumulation|fund|36,249|81,321|(52,645)|-|170|65,095| |Total|36,046|81,321|(52,830)|-|296|64,833| |There|is|£431k|(2024|- £168k — two|trading|subsidiaries)|which|will|be|distributed|to|Sherborne|Schools| |Group from four|ofits trading subsidiaries which has been included as a Gift Aid donation|in the accounting| |year ended|30 June|2025.|Please|refer to|note|7 for more|information.| |Balance|at|Income|Expenditure|Tax|Investment|Balance|at| |1 July|Gains/(Losses)|30 June| |2023|2024| |£’000|£’000|£’000|£’000|£’000|£’000| |Pension|reserve|—| |designated|fund|(521)|-|(51)|-|369|(203)| |Accumulation fund|36,240|28,876|(28,861)|-|(6)|36,249| |Total|35,719|28,876|(28,912)|-|363|36,046| |26.|Contracts|and|commitments| |At 30 June 2025 the School|had commitments as follows:|2025|2024| |£’000|£’000| |Contracted|for but not provided|in these financial|statements|-|130| |Authorised|but not contracted|-|1,376|

----- End of picture text -----

There were no commitments at the year end due to the completion of all major capital projects. In the prior year £130k was contracted for but not provided, which comprised the balance of the contract in respect of the Sports Centre project.

27. Other commitments

The total future minimum lease payments under non-cancellable operating leases are payable as follows:

----- Start of picture text -----
|||||| |---|---|---|---|---| |2025|2024| |£’000|£’000| |Within one year|134|1| |After 1 year|but within|5 years|207|22| |a|———es| |341|23|

----- End of picture text -----

Oe Registered Company Number: 4002575 58 Registered Charity Number: 1081228

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025

28. Reconciliation of net income/(expenditure) to net cash flow from group operating activities

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |2025|2024| |£’000|£’000| |Net|incoming|resources|31,101|1,086| |Adjustments|for:| |Investment income|(852)|(456)| |Finance costs|1,614|425| |Investment (gains)/losses|(425)|(651)| |Investment management|charges|47|83| |Amortisation|4|=| |Depreciation|3,193|2,149| |(Profit)/loss|on|disposal|of property,|plant and|equipment|(746)|(100)| |Impairment|of tangible|fixed|assets|152|-| |Add:|non-cash|FRS102|charge|to|defined|benefit|retirement scheme|185|196| |Less:|cash|contributions|to|defined|benefit|retirement|scheme|-|(145)| |Merger Acquisition|(net|of cash)|(22,528)|-| |11,745|2,587| |Movements|in|working|capital|(excluding|merger|impact):| |(Increase)/decrease|in|stocks|12|65| |Decrease /(increase)|in|debtors|6,132|(5,025)| |Increase/(decrease)|in|creditors|(1,155)|7,806| |Increase/(decrease)|in|deposits|(125)|(452)| |4,864|2,394| |Net cash|(used|by)/provided|by group|operating|activities|16,609|4,981|

----- End of picture text -----

29. Reconciliation of net debt

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |At|At| |1|July|Cash|30June| |2024|Flows|2025| |£’000|£’000|£’000| |Cash|and|cash|equivalents|8,047|7,188|15,235| |Loans|(15,000)|667|(14,333)| |Finance|lease|obligations|(274)|(68)|(342)| |Total|(7,227)|7,787|560|

----- End of picture text -----

Registered Company Number: 4002575 Registered Charity Number: 1081228

59

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025

30. Pension schemes

Teaching & Support Staff Defined Contribution Scheme The Group operates a defined contribution pension scheme for all qualifying 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 £1,080k (2024: £413k). Contributions totalling £120k (2024: £58k) were payable to the fund at the year end and are included in creditors.

Teaching Staff Defined Benefit Scheme The Group participates in the Teachers’ Pension Scheme (TPS) for some of its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,646k (2024: £1,638k), and at the yearend £203k (2024 — £214k) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” 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. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn.

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28 68%. Under the definitions set out in FRS 102, the TPS is a multi-employer pension scheme. Accordingly, the Group 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 Group has set out above the information available on the scheme.

Support Staff Defined Benefit Scheme

The Group sponsors the Governors of Sherborne School Support Staff Pension Scheme which is a defined benefit arrangement. The scheme closed to future accrual from 1 September 2011. A full actuarial valuation of this scheme was carried out by a qualified independent actuary as at 30 June 2025. SSG made no contributions to the scheme in the financial year (2024: £145k).

oD | Registered Company Number: 4002575 60 | Registered Charity Number: 1081228 |

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025

ee

30. Pension schemes (continued)

a) Changes in the present value of the defined benefit obligation are as follows:

----- Start of picture text -----
|||||| |---|---|---|---|---| |2025|2024| |£’000|£’000| |Present value of funded|obligations|(6,682)|(7,210)| |Fair value|of plan|assets|6,420|7,007| |Deficit|(262)|(203)| |Amounts|in|the|balance|sheet:| |Liabilities|(262)|(203)| |Assets|sa|-| |Net|liability|(262)|(203)|

----- End of picture text -----

b) Changes in the present value of the defined benefit obligation are as follows:

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2025|2024| |£’000|£’000| |Opening|defined|benefit|obligation|7,210|7,563| |Current|service|cost|-|atl| |Interest|cost|358|400| |Actuarial|losses|(473)|(403)| |Benefits|paid|(413)|(361)| |Closing|defined|benefit|obligation|6,682|7,210|

----- End of picture text -----

c) Changes in the fair value of scheme assets are as follows:

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |2025|2024| |£000|£’000| |Opening|fair value of scheme|assets|7,007|7,042| |Interest|income|343|372| |Return|on|scheme|assets|less|interest|on|net|defined|benefit| |pension|scheme|liability|(347)|(34)| |Expenses|(170)|(157)| |Contributions|by employer|-|145| |Benefits|paid|(413)|(361)| |Fair value of scheme|assets|at end|of year|6,420|7,007|

----- End of picture text -----

Registered Company Number: 4002575 Registered Charity Number: 1081228

61

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025

30. Pension schemes (continued)

d) The amounts included within the Statement of Financial Activities are as follows:

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |2025|2024| |£’000|£’000| |Current|service|cost|-|(11)| |Expenses|(170)|(157)| |Total|charge to|net income|(170)|(168)| |Net|interest on the|net defined|benefit|pension scheme|liability|(15)|(28)| |Net finance|cost|(15)|(28)| |Total amount charged within|net income|(185)|(196)| |Remeasurement|of the|net|defined|benefit|pension|scheme|liability|126|369| |Total|amount|charged|to the Statement|of Financial|Activities|(59)|173|

----- End of picture text -----

e) The major categories of scheme assets as a percentage of total scheme assets are as follows:

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |Equities|-|-| |Corporate|Bonds|14%|15%| |Liability|Driven|Investments|(formerly|Fixed|Interest|Matching Assets|39%|42%| |and|Inflation|Linked|Matching|Assets)| |Diversified|Growth|Funds|42%|41%| |Credit|default swaps|2%|-| |Other|(cash)|3%|2%|

----- End of picture text -----

The scheme assets were switched to managed growth following the closure of the scheme to future accrual.

The actual return on the scheme assets in the year was:

----- Start of picture text -----
|||||| |---|---|---|---|---| |2025|2024| |£’000|£7000| |Actual|return|on the scheme assets|(4)|338|

----- End of picture text -----

OD Registered Company Number: 4002575 62 Registered Charity Number: 1081228

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025 ae

30. Pension schemes (continued)

f) Principal assumptions at the balance sheet date (expressed as weighted averages)

The assets of the scheme have been included in this year’s financial statements at market value and the liabilities have been calculated using the following principal actuarial assumptions:

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |30 June|30|June| |2025|2024| |Inflation|(RPI)|3.21% pa|3.47% pa| |Inflation|(CPI)|2.86%|pa|3.12%|pa| |Salary|increases|n/a|n/a| |Rate|of discount|5.63%|pa|5.11%|pa| |Rate|of increase|in|pensions|in|payment where CPI|to|a maximum|of 5% applies|2.86%|3.12%| |Rate of increase|in|pensions|in|payment where|CPI|to|a|max of 2.5%|applies|1.91%|2.02%| |Assumes|life|expectancies|on|retirement|age|65:| |Retiring|today — males|19.8|19.8| |Retiring|today|- females|22.3|22.3| |Retiring|in|20 years|-|males|21.1|21.0| |Retiring|in|20|years|- females|23.8|23./|

----- End of picture text -----

31. Related party transactions

The Group has taken advantage of the exemption within FRS102 Section 33 (Related Party disclosures) and has not disclosed transactions with wholly owned subsidiaries.

The majority of Governors of Sherborne School for Girls (company no. 00306828, charity no. 307427) are also Governors of SSG. Except for the donation of assets, there has been no transaction between Sherborne School for Girls and SSG during the year.

Staff members may receive fee remission and discounted membership to one of the Leisure Centres at an agreed rate.

In any year, certain Trustees may have children at one of the Schools and/or be members of one of the Leisure Centres. In both instances Trustees pay normal fees.

The Old Shirburnian Society (the ‘Society’) is an independent organisation whose members are former pupils of Sherborne Boys. A member of the Old Shirburnian Committee sits on the Board of Trustees. Included in School fees is £24k (2024: £27k) from the Society in respect of bursaries payable.

There were no other related or connected party transactions during the year.

32. Joint venture interest

This entity owned 50% of the share capital of Sherborne Schools Worldwide Limited (company no. 10730155), which was incorporated on 19 April 2017, and commenced trading on 1 May 2017. The company was jointly owned with Sherborne Girls, and was incorporated to identify international opportunities, select, market to and enter into arrangements with third parties on behalf of the two Schools jointly, to generate income, increase the value of the Schools’ brands and enhance the Schools’ reputations.

Following the merger on 1 July 2024 SSG now owns 100% of the share capital of Sherborne Schools Worldwide Limited, at which point the joint venture accounting policy ceased to apply. At the acquisition date, the net current liabilities of Sherborne Schools Worldwide Limited were £244k, with total net liabilities/shareholders deficit of £644k. No goodwill has been recognised.

Sn y-cenersreeeereee Registered Company Number: 4002575 Registered Charity Number: 1081228

63

Sherborne Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2025

33. Merger Acquisition

The assets and liabilities of Sherborne School for Girls as at 1 July 2024 were transferred to SSG by way of a charitable merger deed dated 2 May 2024 at fair value. Given the nature of the transaction, the transfer has been reflected in SSG’s accounts as a donation. The results of SSG reflect the assets and liabilities as transferred and the operations carried out by Sherborne School for Girls School since 1 July 2024.

Assets and liabilities transferred at 1 July 2024 at fair value:

£’000
Fixed assets: 35,757
Investments: 4,907
Stocks: 172
Debtors: 884
Cash at bank: 8,373
Creditors: (18,870)
Shareofjoint venture deficit: (322)
Netdonation: 30,901

34. Events after the reporting period

No material events occurred after the reporting period.

| Registered Company Number: 4002575 64 Registered Charity Number: 1081228