Company number.. 05869779 Charity number: 1117024 Sherborne Sports and Leisure Limited FINANCIAL STATEMENTS for the year ended 31 Au8U5t 2021 CONTENTS Page Legal and Administrative Information Trustees, Report Independent Auditols Report Statement of Flnanclal Activlties io Balance Sheel li Accountlng Pollcies 12-14 Notes to the Financial Staternents 15-19 Sherborne Sports and Leisure Limited LEGAL AND ADMINISTRATIVE INFORMATION TRUSTEES Ms J S 8lan¢h- IResigned 28 Octobei 20201 Mrs F J L Clapp Mrs A L Harris Mr A W G Harrison Mr I W Mcclary Or R M Sullivan Mrs M Win8fleld Dl8bv COMPANY SECAETARY Mr S H P Spurway- (Resigned 31 August 20211 M1s5 C A Barnett- (appointed I September 20211 COMPANY NUM8EA- 05869779 CHARITY NUMBER - 1117024 REGISTERED OFFICE Sherborne School for Girls Bradlord Road Sherborne Dorsel DT9 3QN INDEPENDENT AUDITOR Crowe V.K LLP 4" Floor, St James House St james Square Cheltenham Gloucestershire GL50 3PR BANKERS National Westminster Bank plc 2 Hendford Yeovil Sorner5et 8A20 ITN SENIOR MANAGEMENT S Klrk 5 Hurley Company Registration No.05869779 Charity Registration No. 1117024 Sherborne Sports and Leisure Limited TRUSTEES, REPORT The Trustees, who are a150 director5 of the charity for the purpose5 of the Cornpanles Act. preseni thelr report and the financlal statements of Sherborne Sport5 and Leisure Limited for the year ended 31 August 2021. ORGANISATION AND STRUCTURE Sherborne Sports and Lelsure Llmited Is constituted as a company limlted by guarantee (Company registratlon number 058697791. It is governed by a Memorandum and Articles of A5SOClation, which was last amended on 7 july 2006. The company 15 a wholly owned subsidiary of Sherborrne School for Girls, a company limited bv guarantee and a registered charity INote 121. Sherborne Sport5 and Leisure Limited was established 35 charlty on 28 November 2￿6 (Charity re8lStration number 11170241. Sherborne Sports and leisure Limlted has three commlttee meeting5 each year, where financial and operational management informallon Is provided and discussed. Future plannlng is then carried out, based on this Informallon. REVIEW OF AcnviTIES AND FUTURE PLANS 5herborne Sports and Leisure Limited is an arms-length charitable company operated by Sherborne School for Girls. The Companvs sports centre IThe Oxley Sports Centrel at Sherborne School for Girls is operated as a full 'dual use. faclllty for the benefit of boih ihe School and the local community. The local communlty has access lo ovèr 66% 01 the Centre's openln8 hour5. Durin8 the year, online classes were launched through the Myzone app and were recelved posltlvelv. The Centre was able to continue to operate until November 2020 when the Government Imposed a further lockdown for everyone bar schools. This allowed use of the facilities by She¥borne Girls School. During Decernber 2020 the Centre was able to reopen. however the Governrnent then imposed a tier system and the Centre found itself In between tlers, Sornerset, and Dofset, whlch complicated members ability to acces5 the Centre depending on whlch couniy (hey lived in. The New Year saw the Centre close again for 4.5 months and reopen on the 12 April 2021. Throu8hout this time the online cla55es continued, with a discounted membershSp lee as the members had access to the online classes which enabled the Centre to continue to generate some income whllst closed. From April 2021 the Centre was able to reopen to the public once more, with some COVID restrlctlons Sn place, but as thè months pro8ressed these eased and the Centre 15 now operaling normally. PRINCIPAL OBIECTS. AIMS AND STRATEGIES The charitable objects ol Sherborne Sports and Leisure Llmited, a$ Set out in ihe Memorandum and Artlcles of Association are to.. "provide or assist in the provlslon of facilities and Services for recreational, sporting or other leisure time occupation in the intere5t5 0150cial wellare,- such facilities belng provided lo Sherborne School for Gir15 and to the public at large, save that speclal facilities may be provided for persons who bv reason of thelr youth. age, infirmary or disability, poverty or social and economic clrcumstances may have need of special facilities and service5: andlor such other charitable purp05e5 beneficial to the community consistent with the objects èbove as the Trustee5 shall in their absolute discretion determine." Cornpany Re8i5tration No.05869779 harily Registralion No. 1117024 Sherborne Sports and Leisure Limited TRUSTEES, REPORT Icontinuedl In providing the local community with increased a¢ce55 to 5POrt5 facilities and in Creatin8 new opportunities for di5advanta8ed members of the community and local schools. the Trustees feel that charitable object5 have been met, although it is recognised that more can still be done. The objectives for the next financlal year are as follows.. Objective l.. continue to Improve servlces and facllitles and ensure the tentre fulflls its charltable obligations. Objective 2.. increase participation across the spectrum of activities delivered by the O¥ley and explore new activities. Objective 3.. increase the numbèr of full members. Obleetive 4.. to continue with Quest actredltation. Objective 5.. to further develop partnershlps with Sherborne School for Glr15, offerln8 a Bre8ter ran8e of actlvities for pupils to participate. An important measure of thèse objectivès wlll be membership numbers and the relention of these membefs. A member satisfaction survey will provide a qualitative response to the objectives. Publlc benellt In settln8 our objectives and plannin8 our activities the Trustees have Biven careful Consideratlon to the Charity Commisslon's general 8uldance on public benelit. TRUSTEES The followin8 trustees have held office 51nce I September 2020.. Ms J S Blanch- IResl8ned 28 October 20201 Mrs FJ Lclapp Mrs A L Harris Mr A W G Harrlson Mr I W Mcclarv Dr R M Sullivan Mrs M Wingfleld Digby RECRUITMENT AND TRAINING The malorlty of the Company's Trustees are member5 of staff and Governors for Sherborne School for Girls. Two tru5tee5 are appolnted from the local community. On appointment these trustees receive an information pack, whlch focuses on the role and responsibilily of a Trustee, and introductory briefin8S. The day to day runnln8 of the Charity Is delegated to the senior management. Senlor rnanagement's remuneration is decided by the Trustees. Factors taken into consideration are the re5pon5ibilitie5 of the role. comparison to industry average, sector performance and Inflation rates. FINANCIAL REVIEW The results lor the year are shown in the attached flnan¢ial statements. Sherborne Sports and Leisure Limited made a net surplu5 for the year of £6,32812020.' £55,594 net lossl. The company maintains a sound financial position. Capital investment will be mainly in the Pool plant room this year potentially replacin8 Air Handling Unit and the pool filters which are now due. In the meantime. Company Registration No.05869779 Charity Registration No. 1117024 Sherborne Sports and Leisure Limited TRUSTEES, REPORT Icontinuedl Sherborne Sports and Leisure Limited will continue to iden¢lfy rrore efficient way5 to operate to increase its operational surplus. RESERVES POLICY The eumulative surplus on unrestricted fund5 at the year end was £239,02512020.' £236.3431. Projected cash flows over the next year are considered sufficient by the Trustees to cover the ilsks and uncertalnties of operating as a Sport5 and Leisure facilitv. The policy is to build resèrves, to reinvest in future development5 and to settle outstanding loans. RISK MANAGEMENT The Trustees identlfy key areas of rlsk and seek to rnltl8ate these through established reportln8 and monilorSng systems. The Board reviews the company's risk register annually and recelves reports from management of key areas of risk to the Sports Centre. The risk re8lSter15 a comprehensive Ilst ol Internal and external rlsks such as reputational risk, compliance rSsk and financial rlsk. Each risk has an owner and mitigating strategles. Some of the rlsks whlch challenge Sherborne Sports and Leisure Llmiled are listed below.. Chan8es in Charitable Rate Relief legislation. Provlslons have been built Into the budget to account for the poientlal increase in costs. Increasing dernand on Health and Safety le8islatSon. A health and safety audlt will be carrled out annually to mltlgale r15k in thSs area. Potentlal incrèase in competitlon from local competitors. Facllities will contlnue to be upgraded and wide variety of activilies will be offered to ensure tustomer satisfaction. Fallure ol the newly installed IT 5VStems and software. Timely malntenance of IT systems and pro¢edure5 are In place In case of fablure. STATEMEMT OF TRUSTEES, RESPONSIBILITIES The Tru5tee5 Iwho are also directors of Sherborne Sports and Leisure Limited for the purposes of company lawl are responsible for preparin8 the Trustees. Report and the financial statemèrnts in accordance with appllcable law and FAS102. rhe Financial Reportin8 Standard applicable In thè UK and Republic of Ireland. Company law requires the Trustees to prepare financbal statements for each llnan¢ial year which give a true and fair view of the state of affair5 of the charitable company and of the incoming resources and application of resources, Including Ihe income and expenditure, ol the charitable company for that period. In preparln8 those flnancial statements, the TfU5tees are required to.. select suitable accountlng policie5 and then apply them consislentlv,. observe the methods and principles in the Charitles SORP,. make jud8ements and estimates that are reasonable and prudent.. and prepare the flnancial statements on the going concern basis unless it 15 inappropriate to presume that the charltable company will continue in business. The Trustees are responsible lor keeping proper accountlng record5 that are sufficient to show and explain the charity's transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the requirements of the Companies Act 2006 and the provisions of the charrty's constitution. They are alsts responsible for safeguarding the asset5 of the charitable cornpany and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. Company Registration No.05869779 Charity Registration No. 1117024 Sherborne Sports and Leisure Limited TRUSTEES, REPORT Icontinuedl The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2006 to have due regard to the Charlty Comrni55ion's published general and relevant sub-sector guidance concernin8 the operation of the public benefit requirement under that act. In so far as each of the Trustees of the Charlty at the date of approval of thls report 15 aware,. there is no relevant audit inlormation Ilnformation needed by the chariws auditor in connection with preparin8 the audit reportl of which the charity auditor is aware, and that they have taken all the step5 they ought to have taken to make themselves aware of any relevant audit informatlon and to establish that the auditor5 are aware of that infofmatlon. CHARITYGOVERNANCE CODE Sherborne Sports and Leisure Limited Is a not for profit organisation whlch aims lo follow charity sector best practice, the Board members revlewed thè updated verslon of the Charity Governance Code Ithe 'Code"l in 2019. The Trustees consider thai Sherborne Sport5 and Leisure Limited'5 governance framework does ali8n with ihe Code. FUND RAISING STANDARDS Sherborne Sports and Lei5UTe Llmited doe5 not currently subscrlbe lo any specilic fundralsin8 Standards or scheme5 for fundralsln8 reBulation but cons1ders that it has sèt approprlatè standards lor the operation and rnanagement of Its lundraislng actlvltles. In particular, Sherborne Sport5 and Lelsure Limlted consideis that its processes and controls should ensure that vulnerable people and other members of the public are protected from any unreasonable intrusion on a person'5 privacy and that no fundraSsln& actlvltles would be unreasonably per51Stent or place undue pressure on a person to 8ive money or other property. SMALL COMPANY PROVISIONS This report has been prepaied Sn accordance wlth the provisions applicable to cownpanies entitled to the Small companles exemptlon. AUDITOR A resolution wlll be proposed at the annual general meetin8 to reappoint Crowe U.K LLP, who have Indlcated Iheir willin8ne5S to continue in office. This Annual Report, prepared under the Charities Act 2011 ènd the Companies Act 2006, was approved by the Tru5tee5 01 Sherborne Sport5 and Leisure on Iqii/&i and is slgned and authorised on its behalf bv.. sFJLClapp stee Company Registration No.05869779 Charity Registration No. 1117024 Sherborne Sports and Leisure Limited Independent Auditors. Report to the trustees of Sherborne Sports and Leisure Limited Opinlon We have audited the financlal statements of Sherborne Sports and Leisure Limited lor the year ended 31 August 2021 which comprise the Statement of financial activities, the balance Sheet and the notes to the financial statements. includin8 significant accounling policies. The flnancial reportlng framework that has been applied in their preparation 15 applicable law artd United Kingdom Accounting Standards. including Financial Reporting Sl6ndard 102 The Flnancial Reporting Standard applicable in the UK and Republic of Ireland (United KinBdom Generally Accepted Accounting Practice). In our opinion. the financlal statement5'. give a true and fair view of the state of the charitable company's aflalrs as at 31 Au8U5t 2021 and of its Incomin8 re50urce5 and application of resources, includlng its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted AccountSn8 Practice,. have been prepared in accordance wl¢h the requirements of the Companies Act 2QO6, Basls for oplnlon We conducted our audlt in accordance with Internatlonal Standards on Audltlng IUKI IISAS IUKII and appllcable law. Our respon5iblllties under those standards are further described in the Auditor's responslbllities for the audit of the linancial statements section of our report. We are independent ol the charltable company in ccordance wlih the ethlcal requirement5 that are relevant to our audit of the flnanclal statements in the UK, Includin8 the FRC'S Ethl¢al standard, and we have luifilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained Is sufliclent and appropriate to provide a basis for our opinion. Concluslons relatin8 to 8olns concern In auditSn8 the financiol statements, we have concluded that the Trustees, use ol the golng con¢ern basis of accounting in the preparation of the financlal statements is appropriate. Based on the work we have performed, we have noi identlfled any material uncertaintles relatin8 to events or conditlons Ihat, individually or collectively, rnay cast significant doubt on the charitable company's ablllty to continue a5 a going concern foi a period of at least iwelve months from when the flnanclal statements are authorised for Issue. Our responsibllities and the responslbillties of the trustees Wlth respect to going concern are described in the relevant sections of this report. Other Irrformatlon 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 forrn of assurance conclusion thereon. Our responsiblllty is to read the other inforrnation and, in doing so, consider whether the other information Is materially inconsistent with the financial statements or our knowledge obtainèd In the audit. or otherwise Company Registration No.05869779 Charity Re8lStration Ng. 1117024 Sherborne Sports and Leisure Limited Independent Auditors. Report to the trustees of Sherborne Sports and Leisure Limited appears to be materially misstated. If we identify such malerial incon515tencie5 or apparent material misstatements. we are requlred to determine whether this gives rise to a material misstatement in the financial statements ihemselves. If. based on the work we have performed. we conclude that there is material misstatement of this other information, we are required to report that fact. We have nothin8 to report in this regard. Oplnion on other matter prescrlbed by th• Companles Act 2006 In our opinion based on the work undertaken In the course of our audlt the informatlon glven In the Trustees, report, whlch includes the dlrector5' report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is con515tent with the financial statements,. and the director5, report included wiihln the Trusiees, report has been prèpare NET ASSETS 239,025 236,343 Represented bv: General Unrestrlcted Fund li 239.025 236,343 These financlal statemenis have been prepared in accordance with the provi55ons appllcable to companles subject to the small companies regime. Approved and authori5ed for issue by the board on ...*£. Mrs F J L Clapp Trustee The accompanyin8 notes on pages 12 to 19 are an integral pari of thls Balance Sheet. li Company Registration No.05869779 Charity Re8lStration No. 1117024 Sherborne Sports and Leisure Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021 ACCOUNTING POLICIES al Charity Information Sherborne Sports and Leisure Lirnited is a re8iStered charity with the Charities Commlsslon EnÉland and Wales Icharity number.. 11170241 and an Incorporated private company limlted by guarantee (company number.. 058697791. The addre55 of its registered olllce Is Sherborne School for Girls, Bradford Road, Sherborne, Dorset, DT9 3QN. bl Basis of Preparation of Financlal Statements The financial statements have been prepared under the historical cost convention. The financlal statement5 have been prepared In accordance with Accounting and Reporting by Charities.. Statement of Flecommènded Practice appllcable to ¢harltie5 preparing their account5 in accordance with the Flnancial Reportln8 Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective I January 20151 Icharities SORP (FR5 10211 and the Flnancial Reptyrtin8 Standard applicable in the UK and Republlc of Ireland IFRS 1021. Sherborne Sports and Lelsure Llmited meets the deflnlllon ol a public benefit entity under FRS 102. cl Reduced disclosure exemptlons for subsidiaries FRS 102 allows a qualifyin8 entSty certaln disclosure exemptions, subject to certain conditlon5, which have been complled wlth, includlng notification of, and no oblections to, the used of exemplion5 bv the cornpany's immediate parent. The company has taken advantage of the followln8 exemptlon5', No statement of cash flows has been presented, as the wholly owned subsldlary is Included In the consolldated financial statements of the 8roup. Disc105ures in respect of the company'5 financial Instruments have not been presented as equivalent dlsclosures are ¢ncluded In the consolidated financlal Statements of the group In whlch the eniily is con501idated. dl Golng concern At the year end, the Company had net assets of £242,67112020'. net assets of £236,343). For long term finance the cornpany relies on loans provided by its parent undertakin8 disc105ed in note 10. The parent undertaking has confirmed it will not seek repayment of loan5 due to it for period of 12 months from rhe date of approval of these Ilnan¢ial statemenls without first considerin8 the abllity of this Company to meet its third party liabilities as they fall due. The Covid-19 global pandemic has temporarily impacted profit, which the companV5 parent 5herborne School for Girls will offer any required suppori over thi5 period. On this ba515 the directors conclude that it 15 appropriate to prepare the financial statements on the going concern basis. 12 Company Registration No.05869779 Charity Registratlon No. 1117024 Sherborne Sports and Leisure Limited NOTES TO THE FINANCIAL STATEM ENTS (continued) for the year ended 31 August 2021 el Income All income 15 recognised when the charlty Is legally entitled to the income and any performance conditions attached to the items of income have been met, it 15 probable that the income will be recelved and the amount can be measured rellablv. fl Expendlture All expenditure is accounted for on an accrua15 bas15 and has been classified under headings that a88regate all costs related to the category. Where costs cannot be directly attributed to particular headlngs they have been allocated to activltie5 on a basis conslstent with use of the re50urce5. gl TanBible flxed assets Tangible fixed assets are stated at cost net of depreciation and any provislon for impairment. Items costlng less than £1,000 are wrltten off In the year of purchase. Oepreclalion Is provided at the followin8 annual rates in order to wrlte ofl each asset over it5 estimated useful life.. Bulldln85 Computer equlpmenr Furniture. flxtures and equipment 2% on cost 5trai8ht line 33Yi% on c05t Straight Ilne IO% on cost stral8ht Ilne No depreclatlon Is provlded on assets In the course of con5tructlon. h) Stock Stocks are stated at the lower of c05t and net Teali5able value. il Debtors Short term debtors are measured at transaction prlce, less any Impalrment. 11 Cash and cash equivalents Cash Is represented by cash In hand and deposlls wlth financial instltutlons. kl Credltors Short term credltors are measured at the transactlon price. 11 Financial instruments The company only enter5 into basic financial instruments transactlons that result In the recognition of finantial assets and liabllltles Ilke trade and other account5 receivable and payable. Basic financial a55et5 and liabilities that are payable or receivable wlthln one year, typically trade payable5 or receivables, are measured. Inltially and 5ub5equently, at the undiscounted amount of the cash or other conslderatlon, expected to be pabd or received. See notes 8 and 9. 13 Company Registration No.05869779 Charity Registration No. 1117024 Sherborne Sports and Leisure Limited NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 Au8USt 2021 ml Finance and operatinB leases Rentals applicable to operating leases are charged to the SOFA over the period in which the c05t is incurred. Asset5 purchased under finance lease are capitalised as fixed assets. Obligations undef such agreement5 are included in creditors. rhe difference between the capitalised cost and the total obligation undèr the lease represents the finance charges. Finance char8es are wrltten-off to the SOFA over the period of the lease 50 as to produce a constant periodic rate of char8e. n) Pension contrlbutions The amounts char8ed to the proflt and loss account In respecl of penslon COS15 15 the contributlons payable In the year to a defined contribution pension scheme. ol Critical ac¢ounting lud8ement5 and key sources of esiimation uncerlaintv Preparatlon of the flnanclal 5tatement5 requires mana8ement to conslder rnaklnB any 51gnific3nt Judgements and e5timate5 whère necessary. There are no Ilerns In the flrtanclal statements where 51gnifi¢ant lud8ements and estimatlons have been made. 14 Company Registration No.05869779 Charity Registration No. 1117024 Sherborne Sports and Leisure Limited NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 August 2021 INCOME FROM CHARITABLE ACTIVITIES 2021 2020 Licence5 Memberships Pay and Plav External Lets Swimming Lessons Retail Rent HMRC- Job Retentlon Scheme 101.303 197,657 31,650 43,846 77.377 27.936 208,833 131,668 77,600 214,864 47,803 69.211 139.805 S7.508 206,233 139,071 Total 820,270 952,095 COST OF CHARITABLE ACTIVITIES Staff Costs Depieciation Total 2021 Total 2020 Other Suppor( costs Establlshment costs Governance costs 489,183 36,529 51,225 79,070 159.093 2,488 604,782 210,318 2,488 738,530 267,159 2,000 489,183 87,754 240,651 817,588 1,007,689 MOVEMENT IN FUNDS 2021 2020 This is stated after charging.. Depreclation and amount5 wrltten off tanglble fixed assets- Charge for the year Owned assèt5 Leased assets 78,556 9,198 74,239 9,198 Audltor's remuneratlon 2,080 2,000 15 Company Registration No.05869779 Charity RegistratiL)n No. 1117024 Sherborne Sports and Leisure Limited NOTES TO THE FINANCIAL STATEMENTS (continued) forthe year ended 31 August 2021 EMPLOYEES 2021 No 2020 No The average weekly number of person5 lincludin8 dlrectorsl employed by the Company durin8 the year was.. Centre management & coaches 50 78 2021 2020 Staff Costs for above persons.. Wages and salarles Social security costs Pension Costs 440,199 18,865 30,119 530,684 22.093 32,376 489,183 585,153 The Irustees retelved no remuneration or expenses durlnB the year12020.. nlll. No employees, emoluments exceeded £60,000 in the year. 2021 2020 RemuneratSon pald to Senlor Management 71,814 74,883 Senior Management Includes the Centre Mana8er and Deputy Manager. TAXAfioN The Company 15 a registered charity and, as such. is exempt from tax under Section $05 of the Income and Corporation Taxes Act 1988, so long as its income is applled for charitable purposes only. 16 Company Registration No.05869779 Charity ReElStration No. 1117024 Sherborne Sports and Leisure Limited NOTES TO THE FINANCIAL STATEMENTS (continuedj for the year ended 31 August 2021 TANGIBLE FIXED ASSETS Furniture. fixtures and equipment Buildings Total Cost.. At I September 2020 Addltlons 2.561,228 425,238 16,948 2.986,466 16,948 At 31 August 2021 2,561,228 442,186 3,003,414 Depreclallon.. At I September 2020 Charged in the year 58S,960 51,225 218,487 36,529 804,447 87,754 At 31 August 2021 637,185 25S.016 B92.201 Net book value At 31 August 2021 1,924,043 187,170 2,111,213 At 31 August 2020 1,975,268 206,751 2.182,019 Included within the fixed assets Is £20,05412020- £29,2521 relatlng to assets held under flnance lease a8reements. The depreciation char8ed to the flnonclal statements in the year in respect of such assets amounled to £9,19812020- £9,1981. DE8TCRS 2021 2020 Due from group undertakln85 Other debtors 18,563 31,422 18,563 31,422 CREDITORS.. Amounts fallln8 due within one year 2021 2020 Other creditor5 and accruals Taxation and 5Licial 5ecuritv Due to 8roup undertakin85 46,426 2S,265 11,726 28,528 37.008 71,691 77,262 17 Company Registration No.05869779 Charity Registration No. 1117024 Sherborne Sports and Leisure Limited NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 August 2021 io CREOITORS.. Amounts fallln8 due after one year 2021 2020 Loan from group undertakln8S 1.908,945 1,948,945 Durlng the year. the corrpany malntained it5 loan from Sherborne School for Girls, At the year end this amounted to £1,908.94512020.' £1.948,9451. The loan is secured over the property and assets of the company, with interest bein8 charged at 1.25% above base. Interest amounted to £25,67112020'. £33,3151 in the year. li UNRESTRICTED FUNDS 2021 2020 Brought forward Nei movement in funds 236,343 2,682 291,937 15S.5941 Carrled forward 239.025 236.343 12 PARENT UNDERTAKING The ultlmate parent undertaking is 5herborne Schoo1 for Glr15, a reglstered charity Icharlly number.. 3074271 and registered company (company number., 003068281 in the United Klngdom. Re8i5tered offiEe, Bradlord Road, Sherborne. Dorset, OT9 3QN. The School provldes educatlon for 8irls andlor boy5. The largest and smallest 8roup in which the results of the company are con5011dated Is headed by the parent undertaking, Sherborne School for Glrls. A copy of the consolldated flnanclal statements are available from Cornpanies House Cardlfl. 13 TRANSACTIONS INVOLVING TRUSTEES Each of the following dIr￿torS were Involved In the management of Sherborne School for Girls during the year as follows.. M5 1 S Blanch Mrs FJ Lclapp Mrs A L Harris Mr IW Mcclary Dr R M Sullivan M Wingfield Digbv Governor Bursar Governor Deputy Head Co-curricular Headmistress Governor There were no transactions between the company and the above parties In the year. 18 Company Registration No.05869779 Charity Registration No. 1117024 Sherborne Sports and Leisure Limited NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 August 2021 14 RELATED PARTY TRANSACTIONS al Transactions with Trustees Durlng ihe year the company pald no remuneration or expenses to Trustees of the corrpanv. bl Related Parties Sherborne Sports and Lelsure Limlted Is wholly owned by Sherborne School for Glrls. The Company wa5 owed £Nil from12020.' £NII, was owed froml Sts parent undertakln8 for servlces Ihrou8hout the year which is repayable on demand. The Company owe £1.908,94512020.' £1,948,945) to it5 parent undertaking for a loan issued by the parent. However, the parent ha5 given assurance that this is not repayable for at least 12 months from the si8nin8 ol these accounts. The company has sold £310,134 12020.. £283,833) worth of service5 and good5 to its parent undertaking durln8 the year. The company has purchased £56,815 12020.. £62.0921 worth of servlces and goods from Its parent undertaklng durlng the year. The company owe5 £12,602 to12020'. £3?,￿8) Its parent undertakln8 for services throughout the vear which Is repayable on demand. 19 Company Registration No.05869779 Charity Registration No. 1117024