The Sedbergh School Foundation REPORT AND FINANCIAL STATEMENTS For the year ended 31 August 2023 Charity number. 1176189 The Sedbergh School Foundation PROFESSIONAL ADVISORS Bankers Barclays Bank Pk i•1 Floor 3 HaAlman SITeei Spinnin8fields Man¢h¢st¢r M3 3HF Natxinal W¢simin5ter Bank PiL- Commercial Banking I Spinnin8fKkl8 Squar¢ Man¢hcsteT M3 3AP Auditors HaysmJ¢intyre LLP 10 ￿¢¢n Street Place London EC4R IAG Property Adviso Hackney & Leigh 3 Markei Square, Kit*by Lonsdak. Lancashire. LA6 2AN Inv¢stmeni Managers RufferLLP 31 Charloiie Square Edinbur EH2 4ET The Sedbergh School Foundation TRUSTEES, REPORT The T￿st¢eS ptegent thew rtport fortht yearended 31 August 2023. COliSTITurIoy The Sedbergh School Foundation is regJsi¢red a5 a Chorilabk Incorporared or￿nisat￿)n ICIOI, Regst¢rtd Numbcr 1176189. Fonnedy The Okl Scdbcrgh￿￿ Trnsi Fund119531. rt wa5 then constituted by D¢cd of Ttust establtshed on 24 Septcmber I￿3 as a r¢gsl¢ttd charity, number 529904. unti128 June 2018 when it b¢camc the current CIO. The 8ranl makujg aclivi¢ics of th¢ Trnsl are approv¢d by lh¢ Twstee¥ at full committee meetiDgs. Th¢ princyal offi¢¢ of the charity is al Sedb¢rgh SrhL)ul, Sedbergh, LAIO 5RY TRUSTEES Mr M C BakcT. Mr D Beny (Chainian of the OS Club) ex vfficK> member lappoti)ted 13 June 20231. Mr I I￿￿tt$ (Governor of Sedbergh School) - Chain8ti. Mr R tiledhill {Chaimian vf theGoVerno￿ of Sedb¢r8h S¢hool Chaitman oftheExecutiveCommiiteeof Sedber8h &hool} ex officio member. Mr D J Ha￿lsOll (Ileadmaster of S¢dbergh School) ex off￿￿ member. MrA W Smith. Mr J A Siott. Mr J C Van d¢r V¢ld¢ (Chaimian of the OS c.lub) ex officio m¢mber {￿s7￿cd a5 C.haiTman of the OS c.lub 30 January 2023 and TTusiee 30 January 2023}. Day to day management of ihe CIO is dekgated to the FoundatKTrn Dtiyctor. OBJECTIVES To promotc and support the educaiion of youn8 people and parti¢uknrly the pupiL% at SedbeT8h School {"the School") IhTough.. la} Iht ftsJan¢iJl support and a55iStancc of the School andlor wryd¢r¢ducalional inrtialiN'¢s and other assoLb2ied arliviiies for the benefit of the ¢(Immunrty lin 5ucccssion to ihe charity as th¢ Sedbcrgh School Foundation Trust Ino.. 52990411; (bl promotingthe educat#)n of pupds educated at ihe School I'lhe Beneficia￿$") who ar¢ in need of financial &ssisiance by aw3[d￿8 lo th¢ beneficiaries scholarships, ¢xhibiliun&, butsari¢s. tnalljlenance allowan¢¢s or8ranis tenable al the School or ai any univejsily. college of education, oroiher lljstilut￿￿ of further educat￿￿. (cl the fman¢ial $uppofl of School projects lo.. provc buikiin8s used or to be used by the SchooL' a¢ouir¢ land or ereei tlew buildings for the use of the School or wider educaiional iniiiaiive%: and mao)iain, r¢paiT. extend or improve athy propeny owned by the chariiy wheiher in ihe occupation of Ihe Sch(Trol or rtol. The Sedbergh School Foundation TRUSTEES, REPORT STRUCTiJRE. COVERNLNCE AND MANAGEMEIYT Org*nl$itlonal Struethre The Boar(l uf TNst¢e5 usually meets thJE¢ or four times a year. The Board ret¢ive pap¢TS a week in advance of each mceti?8 whi¢h in¢lude a report from the Directorwhi¢h uicotporat¢5 thc Finance Repon in¢ludo)g ihc management accounts. Retrulkn¢ut of Tru5¢ee5 The CIO has three Ex￿ffICKl posts. these being.. Ihe He2dm8$i¢ruf S¢db¢rgh SchooL thechauman ofthe Gowemots Execulivc Committee and Ihe Chaitman uf Ihe OS Club. The Chaimian of the Foundalion n]usi a]80 b¢ a G(Ivernor of sedbe￿ School and tiovernors have th¢ authoiity to appoint one oiherTnkstee. TnJsi¢e$ are &ppoJntcd for a thre¢-yeai iemi aThd arc expected to sland down after the￿ %cond tern unless there are spetifJ¢ reasons foT nol doing so. Recruitmeni of Tru$t¢¢5 15 caTTied out by askin8 for nom]nalions frprt) eXi￿ling and T¢liring Tmsiees, Ihe OS Club, th¢ H¢adTna51erand thc School's G(Ivemors. Pot¢ntialncw Trustees are bri¢fed by Ihe Chawman and ihe Director provided ihe chanly's Slatulory dvcumenlsand recent papets, and Tekvanl Charity Commission publicaii*>ns,' and adVI￿J wheTe to make fttrth¢r¢n4U￿¢s foT fLirmal IrallJingavailabl¢ Ihrou¥h Dii¢Llvry of soc￿1 Change and Oih¢rih￿dp0rt7c$. Training of nem. Trustees is adm￿lStejEd Ihtough in-house evenls led by the School (particularly lo fuWiJ required Child Proteeiits Irditiing) and a150 throu￿ P￿mOted othline irdining Settlng of Pay for Key Managemenl The pay slrnciur¢ of eTnployees of the CIO follo￿ the Non-Teaching Staff pay stTU¢ture as sel out by Sedbergh School. Delegated Authority The Director hascenain powers of delegal¢d3uthoriiy tornn the oJwani$aiion on a day-to4aybasis. These d¢kg8tedpower5 are vi¢wed and set by ihe Board of Trusttes und¢T the Scheme of Delegation. Statrment on Publ1¢ Beneflt The Trnsice$ have ￿Ven careful considerntion to thc Charity Commission's general guidance on pubb'c benefji and hav¢ ompkned w?Ih the duly in seclion 17 of the Charities A¢t 2011. Tru5tccs have stud￿￿ the guidarkc¢ i&4u¢d by the C.haixy Cotnmission and are s41isfi¢d that th¢ charity continues ro prov￿¢ public bcnefii ihrough its work ￿th Scdbergh School, p4rticularty in fundr8ismg forbutsurie5 an(J in ihe provisionlrefurtjiqhmentof k¢y facilities, many of wh￿h a￿ important ford local ttrmmunityasweu as for the School, The FoUnd&t￿tI aL%o he￿5 rhe pupib of th¢ SchLioI lo fundraLse for oiher¢hariiabk causes as part of ihercducation. RETrIEW OF AcfJviTIES AND FUTURE DEVELoPMETr￿s Th¢ Trustees aim lo pri>vid¢ sele¢iiv¢. targeted, fmaneial &nd other 5UPPOrt for the work of the ￿￿00] iti the £ommurLities it seThes. In th¢ peiiod und¢rrevi¢w. the FLiundaiion'8 Plineipal a¢tivrties included.. The Roger Lupton StholArship Appell The Foundal]on cont￿￿ed lo raise funds tor Ihe Ro¥eT Lupton Scholarshjps provxiing up io l OOfj/o of the fees of pupJi8 wh wou]d not oihcnvLse be abk io rccciv¢ an educalN)n ai Sedbetsh. Th¢ appea I was Lgunched June 2012 2n(1 ha5 raised over £1.2m to date.Thcre wcff eight young peopiewho were ben¢t']ciaTi¢5 Of Rug¢T Lupion SchoIarshipspte$eni iti ih¢ School during th¢ p¢rK)d. This iThc]udcd th￿¢ pllpi]s m.ho were prcviouslj educai¢d al Seiil¢berk School, a stait school ]ocaied in S¢db¢rgh prov1d￿8 edu¢aiioTr up to the age of 16 and also Ihiee Ukraujian pupds. The Give Chri¥imas Chaitengt again provKl¢d lh¢ uppvrtunity to generate swiificant funds towards ihe seholarshjp pr0￿MMe in Decemb¢r 2022,raising £9202. The D¢¢¢mb¢r2023 programme rdised £75.000 ihanksto the geThcrous supp of d<)nor5. Othtr M•jor Activitie5 In adTr'aJJce ()fihe School's 5001h Anniversary in 2Q25.the Foundation has bunched a 41k￿£t￿ten&ry carnpai￿ to rai8e fundsfor # number of School projetis ￿clUding a TechnoIogy Centr¢, and g Green Fund 10 focus ott reducing CUTbon ¢mi5sions across both ihe Seniorand Prep Schoob.. Ai 31 August 2023, the fund stands at £3.158m. The Sedbergh School Foundation TRUSTEES, REPORT Casttrton Stdbergh Prep Sthool The Friend$ of Casierton PTCP School continue to raise funds forprojecis at Casterton S¢dbeJEh Pw School. In the5ummerof2021, 8 £50,OOOappealfoTOutdoor Leamujg capitalworks was Jaunched,eniitkd"The P]ay to L¢am Futtd" The fund rai%ed£66,577 iti totaland wasp8￿ acrtsss asa grdnt tothe Prep School oncompl¢tionof th¢ (hjidoor L¢aningpJYTrj¢¢i. The 1525 Legacy Sotltty Laun¢h¢d in 2002. The 1525 Society recogn￿¢$ thos¢ Sedberghons and Friend5 who wish to supportthefuturedevelopment of the School. {or indivMlua]s Ihwugh Ihe Rog¢r Lllpion pl0￿MMe), thruuBh thetr legacy. The 1525 Society has becorne one of the largest kgacy societies of any ￿dependent schoolin Ihe country. Hvw¢v¢r, by ils nalur¢ such i5 UllPTcdirlabk, in Ih current yearl¢￿¢Y income atnourLt¢d io £1.733,500 compara to the prjor ycarof £35,546. Ini'estmeTrt5 DuTing th¢ ycar the Foundation ¢ontinu¢d to use ihe seiwices of Ruffer Invcstmcnl Co io maintain a rnixed portfolio to ¢nsu Ihe reiurns and5ecurily ofinvestmenis areMaxin￿ed. There are Iwu huld￿g5 in ihe fund.. the f￿51 hokls th¢ ¢ndowed fund for hoIaJships and bursaries where income generdi¢d ￿ used 10 support pupils who would not oiherwise be able lo afford ihe Itt property in¢(￿e at £52.00(I peronDum. wthich 15 in excess of the reseTh'es policy. The Sedbergh School Foundation TRUSTEES. REPORT STATEMENT OF TRusfEES' RESPONSIBILITIES The Trustees are responsible for preparhng the Trustees, Report and the fmancialstalements in accordancewrth applicabk la w and Unitcd Kmgdom Accounilljg Standards IUnrt¢d Kmgdom Gcncrauy Acceptcd Accounting Practice). The law #ppbcabk to ch#rities iti EngIand & Wales ffquire5 the trnsiees to prepar¢ fman¢tsl$iatemeni$ forea¢h fman¢ial y ear whiLh blve a twe and fiiir view of Ibe state of &ffay¥vf the Lharity anduf the m¢omitig resouY¢e$ and app￿ation of resou wes ofihe ehality for thai perM)d. In prepanng Ih¢se ftt)anc￿l slaiemenls, Ihe iruslees are required to.. kcl 5Uitablc accounlingpolicies and then apply thcm COTbSiStentty,' obs¢The ihe meihtsds and prin¢wl¢$ iti ihe Charit*s SORP; mak¢ Judwenis and ¢Siimai¢s thai ar¢ reasonable and pwdenl; state whether applicable accouniing standards have been followed. subjeei to any material departures disclos￿ and expialljed In Ihe fujancial 51at¢menis', and preparethe fLnancialstatem¢ntson thegoin8conc¢m basis unkssit is inappropriat¢to presurne Ihatth¢charily continue tn bu5ine5S. The Trustees are responsJTr)le for keeping proper accounting records Ihat disck)se with reasonable accuracy at any tllne the financ￿1p0S1tIOTr of the charity and enable Ihern to ensure ihatthe f￿ancIal %lalern¢ntscompty with th¢ Chariti¢s Acl 2011, the Charity IAccount5and R¢portslR¢guL8tions2008 and th¢ prov18￿nsOr Ihetrust d¢td. Th¢y ar¢ also respon51bk forsaf¢guatdiJg the ass¢t.%of the ¢harity and h¢n¢e foitakitig reasonab￿ $tep$ forihc prcveniion artd d¢te¢tiott of frayd and other irregularilies. The Trustees are responsible forthe maint¢nanceand inte￿lY of the charily and fmancial lljfornialion in¢hsd¢d otl the charity'5 wcb51t¢. L¢gi5]ation in Ihc Unit¢d KingdoTJ) gov¢muJg th¢ preparalion and di55¢[N￿OI10n of financialslat¢merttsmaydifferfr>m It￿1allOn in other juri¥diction5. In so faras the Tnjsiees are aware.. • there is no Televani audii infonnaiion of wthich the chsritable company's auditor i% unaware- and * the Tnjstees hxve tttkcn all &ttps Ihat they ought to have taken lo make themselves aware of any rtlcvani audrt infomiation and 10 estgbb.sh thai the audrtor ts aware of thai infonnaiion. This r¢port s approved by th¢ Boa]d of TTU5tee5 and sjgned OIL its behalf by.. I W Dllrrdns Chairman Da¢e'. 25lh June 2024 The Sedbergh School Foundation AUDITOR'S REPORTTO THE TRUSTEES OF THE SEDBERGH SCHOOL FOUNDATION CHARITY OplThlon We have audited the fu)anridl 5t4teTn¢ntsof th¢ S¢db¢rgh School Foundation forthe y¢ar¢ndcd 31 Augthst 2023 whKh compTiS¢ the Sialement of Fimdtt¢ial ActiviliES. Balance Shcct. Statcmcni of Cash Nows. attdnoi¢8 10 the finon¢olstatement5,including a summary of SI￿)if￿all1 accouniti)g p4)11¢￿$. Th¢ fuJanLial reporting framework thai has been apphed u) the￿ preparation is appb¢able iaw'and Unitcd Kjngdom A¢¢ountingStxndard5, inc]uding Fujancial Reporting Standard 102 TheFinan¢ialR¢ponmg Standard apphcabic in the UK Repubbc of Ir¢bnd IUnil¢d Kingdom Generally Accepted Accounting Pra¢iKel. In ouropuiion, Ihc financial slatemet)tS'. ve a INe aT)d fawvi¢w of the 51atc of ihe charity's affatrsas 8131 August 2Q23 andof ¢h¢ chaTiIy'5 nct movem¢nt in fund$ foT lh¢ y¢arih¢n ended., have been prop¢rly pr¢par¢d in ar¢ordanc¢ wth UTriled Knigdom fjenerduy Ac¢¢pi¢d A¢¢ouniing PJa¢¢i¢e: and have been Prepared in accordathLe with Ihe Tequw¢tn¢nts uf the Charities Act 2011. Basis for •plnloD We havebeen appoinied#s8uditorunders¢ction 144 oftheCharrtiesAtt2011 and report tyi a¢¢ordancei4i¢h the Act aThd relevant rcguialions made or having eff¢cl ihcrcundcT. We eonducicd our audii irt accordance with Intcrnalionalstandardson Auditing IUKI IISAS (UKII and appkncable law. OUT respon51bilrties under those standards are fllrther destnThed in the AuditOT'S spon.%ibililies for the audit ofihe rmanC￿l siaiemellis $e¢iion of ourTeport. We are independeni of the ehariiy m accordanc¢ ryth the ¢thicg1 requwemenls thai are relevani io our audii of the financial stal¢ments in the UL lljcluding ihe FRC'S Ethical Standard,and w¢have fulfilkd ouroih¢r cthical responsibiliiics in 2ccordan¢ethiih Ih¢s¢ ￿qUIrements. We believe that Ihe ev￿enCe we have obtained i% suffi¢icni and appropriate lo provide a basis forouropinion. Cont]￿$10￿9 relating lo golAg ¢on¢¢rn In auditing the fmancial statements, we have concmded ihat ihe tn15tees' use of ihe going conccrn basis of atcoutttingin th e preparntlOD of the financial slaiemenls is appropriate. Based on the WOTk w¢ have perforn)ed, we have not Ml¢niifi¢d any moteti#l uncertainties reialing to events or condiiN)ns ihaL indivmlually or colleclt%'¢ly, may rast Si￿lfIcan1 doubt on the charity's abdrty to Continue as a going conc¢rn for a pemd of ai lea51 iwclyc monihs from when the finan¢ial 5tatemcnls arc euthorised for issue. OUT Tespon51bi]iiics andtheresponsibilrties of thc trustees wryth rc5peci 10 80ill8 concem dcscnbed in the rekvan¢%c li0115 of Ihis repon. Other Informgtto The Trustees resy41nsibl¢ forlh¢0th¢iinfotn)at￿n. Theotherjnfomiaiion ¢omprisesthe mfomiation includ¢d llj the Tnsslecs. Rcport. Our opinion on the fman¢thlstaiementsdoesnot coveriheoiherinfonnaiionand,¢x¢ept to ihe exieni oiherwiseexplKitty stated in ourreport, wc do not express any fom) of a5surancc concbjsion Ihereon. In ¢onn¢ctKkn with our audit of the fman¢ial $iatemenis, our responsibility j5 ro read ihe other ￿torMal￿)ll and, llj do￿8 50, considerwb¢th¢r ihe o¢h¢ruJfo]7naiion i5 matcrially uJconsisi¢rti with ihc fthan¢o1 slat¢ments, orour knowkdge obiamed iti lh¢ audil or othenvi%e app¢ats 10 b¢ mai¢tidlly Tnisstat¢d. If we ideniify such material ￿l￿n8￿41¢￿rit& vr apparent matCTHI miistalernenis, we are requir¢d io deietmitL¢ wh¢ther there is a materialM￿SId1emenl in th¢ fthartiial Sldl¢TtL¢n15 or a male￿] mis51alcmenl of the otherinfomiaiion. Il'.ba8vd vn thew0￿ w¢ hav¢ perfuwrned.we concludeihaiihere isa malerialmissiaiqnffll of thi4 oih¢r o)form•iKin, w¢ ar¢ rcquircd to report ihal faci. Wc hav¢ nothing lo reporf in thi￿ reward. Matttrs on whith wt ar¢ r¢qMlr¢d to rtport by exception We have noihing io report m ￿SpeCt of the folbwing matters in r¢laiiort to which ¢h¢ ChantKs (Account5 and Reports) Regulation5 2008 reqU￿e us lo report 10 you if, ith our op01￿￿.. adwuale aceounling Tecords have not been kepi by the ch?Tity.' or Suff￿lent ar¢ounling r¢cord5 have not b¢en kept. or the charity ftt)ancial siatemenis are not In agT¢emeni wih the accouniin8 Te¢ords and rclurn5,' or wc hav¢ noi received Iht irtfomiotion and exptsnaiions we requwe for ouraudÈt. The Sedbergh School Foundation AUDITOR'S RF.PORT TO THE TRUSTEES OF THE SEDBERGH SCHOOL FOUNDATION CklARITY Re5pon5ibilifles of Trustee5 for the flnAnclgl stAt¢m¢Dts As ¢xpJain¢d more fully in rhetrnstees, Tesponsibililics siaicmcni, the irnsie¢5aT¢ tesponsibl¢ fOrth¢p￿Par4tIon of lh¢ f￿anCI>l 5tatem¢Dts and for be￿g satisfied that they gjvc a Iwe and fair view, for &urh BJl¢ynal ronlrol 35 Ihe Iwst¢¢5 determ￿¢ i necessary lo enable the p￿paratiOn of financial statcmcnis that are free fn)m maicNI mjssiaiemcrtl. wheih¢rdu¢ lo fraud or ¢TfoT. In prcpatmgihe financial Siatemfflts. IhetTUSte¢5arercsponsiblc fOrasscss￿g Ihceharily'sabiliiy 10 coniti)u¢ asa goin g ¢onccm, disclosing, as app]Kable, mailers r¢lai¢d 10 ¥vin¥ ¢VllC¢Tll and using lh¢ goirhg concem basks of accounlillgunless Ihe i Nstees ¢ith¢T iriterld 10 b'quidate the chariiy or 10 cease operdiK>ns, QT hav¢ DO T¢alis1* ¥li¢nJ3tive bu¢ lu dLI 50. Audit•T'S respon5ibilitie5 for the audit of the flnantlal stAtethents (h]r objective5 are to obtain reasonable assurance aboui wheihtr Ihe fm2n¢ial sialemenl% as a whole are fTce mal¢rnl mi%staiement, wh¢th¢rdue iii fraud or ¢Tror. and to J85u¢ an auditor's report that includes ouropinion. Reasonable assuran¢¢ is a high level ofassurartce bul i% n(>1 a guardniee that an audrt conducted in accordance wryih ISAS IUK} wqll always delecta maleiial mi%slaitmeni when Li eX￿{s. M￿sial¢M¢nisl￿ry att5¢ fJvm fraud oretror and aT¢ eonsidercd malcrial if. individually or the awegal¢. they eould reasonably be expected 10 ￿flUenCe lh¢ e¢onom* decisions of us¢r5 taken on the basis of these [￿anCial slat¢menls. ltsegukntiiie*. It)¢luding fraud. are inslance50fn(Innsthathave a direct inpaci on Ihtpreparation of the f￿3￿¢￿1$t31¢tne￿ts Such as the Charirics Aci 2011 We eva h]aicd monagemeni's inceniiv¢%and opportunit1¢5 for frauduicnt manipularion of the fmancialstatcmcntslitichjdmg the risk of override of contro]sl and deiern)ined that ih¢prin¢Jpa lri¥k.4 WeTe rela¢edto posiing tnappropTÈat¢ journalcntricsio income atLd t￿3￿￿￿rn¢￿t bias in accoulliing ¢slunat¢s. Audii proccdures perfomied by the eng8¥eTnent team includ¢d.. Inspe¢ling co￿¢$pondence wryih r¢gu]aiors', Ih"scussions ￿th manag¢tn¢nt ￿¢￿Id￿jg Con$￿tration of know￿ or susp¢tied mstances of non40mpb"art¢e with Jaws and regulation and fralld: Ei'aluaiing managemeni's contml% d¢sign¢d to PTcv¢n¢ and detect wr¢guiaLiti¢5: l(l¢nlifying and t¢5ting journals cntric5.' and Challengmg assumpiiTrn5 3nd judgernen15 m&de by managemenl in the￿ accouniing¢sionaies. BcLau5evf the irtheTent iimitalK>ns of an audii,Ih¢re is a ritsk thai we will noideie¢i all irr¢guldnties, ￿Clud￿g th05¢ leadingto a maierial mi8siaicmenl m Ihe fInan¢￿1 slal¢m¢Trls 01 non-compIJ3nce with regulaiion. This risk tiJcJYases ihe moo thai LOTnplianccwith a taw OT regll]alJon is rcmov¢d th¢ ¢veD15 and IrJnsaclions rcflccled Ln the f￿ancial51a(¢mcnls, as M'e w be kss bkcty to bccome awarcol msiancesofn0n-¢ompl￿nte.ThC atso grealcr regarding irregularities occuning dueio fraud raih¢T than ¢trvr. as fraud invofves inicniional conccabneni, forgery, eollu$x)n, omi55iOll OT misTcprcs¢ntaiion. A fumher descr4)iion of our r¢sponsbiknti¢s f4)I th¢ audii of Ihe f￿ancial staiemenis is lo¢aied on lh¢ FLnanC￿lI Reporting Cuuncij s webbiie at.. www.fr¢.org.uklaudiiur¥ie$pvE15ibllilie¥. This d¢¥cription fornis part ofour auditor's report. Ust of our r¢port Thi% rcport i8 madc 501cty lo Ihc charity's Truslccs. as a body. in actOTdanc¢ wih scclion 144 of ihe C'hgrilies Act 2n1 l aNI regu]aiions made under section 154 of that Act. ￿T audii w'ork ha$ been undertaken so that we mighi stale lo the charity's TTusiees Ihose maii¢ts we aTe ￿qUired tTr State lo thern ￿ an Audil0rf5 Tepon and for no oiher pu4)ts.%e. To the fullest exlcnl P¢Tmitied by lam. we do not accept or assume r¢sponsJbJ]iiy 10 anytsne oiherthan the chariiy'5 Tnlsiees as a body for ollr audi Wotk. for this Teport, or for Ihe opinions we have fomjed. LLLR Ilaysmaciniyrc LLP StaiutoT)' AuditOTS Date.. 28 June 2024 l O Queen Sirtci Plate London EC4R IAG Haysmacintyr¢ LLP is eligryble to ¥cl as an audilor ￿ iern)s of section 1212 of th¢ Comp¥ni¢s Art 2006 The Sedbergh School Foundation STATEMENT OF FINANCIAL ACTIVITIES For ihe year ended 31 Au st 2023 UnTe5trkted REstrItted Fund5 Funds 2023 2•13 Eftdowo Funds TO1￿ Fundi Tot41 F¥nd$ 2023 2021 No1¢5 INCON￿ AND EYDOWMENTS FROM: Don￿￿5 and I¢ga￿e5 ,761.I16 104.(K)8 449,966 2311,082 1•4,018 2,OIL035 5{950 Ib TOTAL If*COME ,865.124 449.966 UiS,090 2,06&985 EXPENDITURE ON: Raising fijnds Chorirabie activities Gov¢n￿¢t costs I90,6I3 412,708 15.658 71,067 555,076 261,680 967.784 IS658 165,617 247,960 IQ022 TOTAL EXPENDITURE 618,979 626,143 1,245,122 423,$99 NET IWCOME BEFORE GAI.WS ON IYVESTMEf*TS 1.246,145 1576.1771 1.069.968 1.643.386 Nel llossygams on thv¢$thxnts 17,2011 136J121 13,988 NET MOvE￿IE￿T IN FUNDS 1246.145 1205.288) 17.2011 1,033,656 1.657J74 RECONCILIATIOY OF FUNDS: Totsl ￿ndS brwghi forn'ard 2,042,961 3.704.733 194.306 S942,(M)O 4284.620 To¢alfunds ¢Anltd fonvArd 3.289,106 3,499.445 187,105 5.656 5,942,000 The a¢¢ounilligpolicies and notes on pa8¢612 10 20 fomi part of these Financial Stsi¢m¢nt$. The aciivilies of ihe Foundat¥)n are C￿SSed as eontinumg. The Sedbergh School Foundation BALANCE SHEET As at 31 August 2023 2023 2Q22 Notes FIXED ASSETS Investment PTOP¢rty InVe￿MentS 400.000 950248 400,¢M)O 986,560 1,350248 1,386,560 CURRENT ASSETS Cash and bank DebioTS 4.375.293 1.505.548 4.655.650 37.470 5.880.841 4.693.120 CREDITO1￿. amouttis fallllig due one year (255,4331 {137.680 I¥ET CURREYT ASSETS 5,625,408 4,555,440 TOTAL NET ASSETS 6,975,656 5,942,000 Unrestricted funds Re￿ricted funds Endowed funds 3.289.106 3.499,445 187,105 2.042,961 3.704,733 194,306 6,975,656 5.942.000 These fmancial s¢atements were appTov¢d by th¢ TTUStc¢s and $w¢d on th¢￿b¢ha￿.. I W Durtans T￿￿ttt Date= 25th June 2024 10 The Sedbergh School Foundation STATEMENT OF CASH FLOWS For the year ended 31 August 2023 2023 2022 OPERATIJ¥G A￿]VITIEs 1,069,968 1104,008} 1.468,0771 17.752 1,643,386 154.9501 .481.176 82.181 lrtwestmertt income received Iln¢reas¢llde¢reas¢ in deb¢ors lrt¢reas¢ in crnlito NET CASH (USED INyPROVIDF.D BY OPF.RATING ACTIVITIES 1384.3651 3,151,793 INVESTING ACTIVITIF.S Inv¢$imeni in¢om¢ 104.008 54,950 NET CASH PROTr7DED BY INVESTING A￿[VITIEs 104.(W8 54.950 CHANGE IN CASH AND CASH EQuIVALE￿s IN THE IEAR 280,3571 3206,743 CASH AND CASH EQUIVALEI¥TS AT THE BEGINNING OF THE YEAR 4.655,650 1,448.9Q7 CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 4.375293 4,655,650 REPRESENfED BY: Cash ai bank and in hand 4.375,293 4,655,650 AI%ALYSIS OF NET FUNI>S At I September 2022 At 31 August 2023 C*sh flowd Cash at bank and lli hand 4.655,650 1280,357) 4,375,293 The Sedbergh School Foundation ACCOUNTING POLICIES for the year ended 31 Augus12023 BASIS OF PREPARATION The rManc￿l $iai¢m¢nts hove been PT¢pa￿d in accordancc with Accounting and Reporting by Chanties.. Staiement of Recomjnended Ptzciice app]Jc8ble to charities pttparing their a¢¢otsnts in ac¢ordartce with the Financial Reportu]g Standa applicable in Ihe UK and Repubhc of I￿ (FRS 1021 Icffcciive l January 20191- IChJrities SORP IFRS 10211 and thc Financkil Reponin8 Standan4 apphcabl¢ in th¢ UKand Republic of I￿￿)rtd (FRS 102). The sedbt￿h School Foundation meelsihe defjniiionof a public benefiientlty und¢r FRS 102. Ass¢is and ]iabiti"ties ar¢ init iauy r¢(o￿l￿d at historical cost or IraTh5aclion value unless othenvise siaied in Ihe r¢levani ae¢ouniingpoh¢y not¢$. The accoun15 hav¢ b¢etL p￿PaTed lo give a 'lrue and far" view and hav¢ d¢parted from the Charities (Accounts and Rep0ft51 RcguJaiH)ns 2008 only 10 Ih¢¢xteni r¢quit¢d io provide a"Iru¢ and fair"vi¢w. This dcparturc hasinvolvcd folk>wing Accouni and RcpOri￿8 by Chariijes prepaiitjg th¢tr a¢¢vuntS lll JCCOTdanc¢ with the Financip l R¢port￿8 Standard appkabk UJ th¢ L and R¢public of Ireland IFRS 1021 leffeeiive l January 20191- (Chariiies SORP (FRS I02}} raiheT than the A¢¢oun¢ing aTrJ Repurtfft¥ Chatilits Sial¢m¢nt uf R¢cummended Practice effeciive from l Apri12005. which has been wiihdrawn. GOING CONCERN The Truslees have tortsider¢d ihe bkely kvel of nCOTn¢ and expend￿￿re for th¢ fore5eeabk fuiute. There are no maiernl unccrtauilies thich would jeopa￿lSe the n]nnthg of the CIO. As are only awarded to S¢dbeTgh School 5uffici¢ni fundsare available,this enables the Foundaiion loconiitiue 10 be a goirtg ¢oncem. The Tru%l¢es are satistied Ihatthccharity can meet lis oblig￿tIOnS as and wthen they fall due. AccoJ¥ill)8ly, the 80th8 concern basis of PTeparalM)n is apptopriaie f*)r th¢se rmanC￿l stat¢menis. INVESTMENf PROPERTY Ini'esimeni propeniey tijchjded irt thebalancesh¢¢l almaTk¢t value. All movements in value ariRing from a change in valu e, in ¢xce&s of ihcorigmal eosi of the propenies, arc sho￿￿ th (hc StOtemeDtof binanc￿lActiVJt￿4 as r¢va￿at￿)n gain5 OT losse5. Any diminution llj valu¢ below ori￿&1 cost is chargcd to ihc Statemeni of Fmantial Attikiiies a.q on unpatrmcnt. IMPAIRMENT OF FIXED ASSETS An a￿ssment ig mad¢ ai ea¢h reponing date of wh¢th¢i there are indications thai a fixed as5ei may be Dnpaired or ihai an impaiThnenl ioss PTeviousty r¢co8nised has fully or partia]ty ￿$¢￿ed. If su¢h indicalions exist. the TnJ51e¢s eslimaie ihe r¢cov¢rabk atnount of Ihat asset. VALUATION OF INVESTMENTS al Painimgs & books Painilljgs & books are M)¢luded in investTnenls at cost. bl Lryc Listed Invesimenis AU u)Ve51m¢nts are valued al tnarket value as follows.. L￿ted llJv¢slmenls are valued al the b¥] value al the balance sheei date,. lil Fixed mt¢r¢si se¢unii¢$ 3r¢ valued al thc bid valuc at the ba lance shett dale.. All r¢al￿ed and unrealised 8ains and lo$s¢$ al th¢ p¢riod end reco￿ls¢d wihin the Stalem¢nt of Financial Activil￿s. 12 The Sedbergh School Foundation ACCOUNTING POLICIES for the year ended 31 August 2023 STATEMENT OF FINANCIAL ACTIVITIES Incomc at)d exp¢nditUT¢ are included as foiiows.. al Dividends r¢c¢ivabk are in¢]uded as ujcomc when rec¢ivablc. bl Donalionsdnd kgri¢5 arc reco￿lsed wljere Ih¢re is ¢niiikm¢n¢. certainly of rece￿1 and Ih¢amounlcan be measured with sufflcient Teiiabdiiy. l R¢nta l income Teceivable is reCO￿￿d op a slTaighi-lin¢ basis overihe iemj vf th¢ lea5¢. d) Fxp¢ndilure 15 char8Ld 10 Ihe Slal¢m¢nl ofF￿ancial Activities on an at¢rua]s' basis. il 15 nol set off against Income. e) Cosi.8 1)f nising fund.4are those costs Irtcu￿d in altraclingvulunlary lljcome. Chantableaclivilie5 include expenditure in the forn) of granis lo S¢db¢rgh School. Governante ¢0s15 include Ihosc incuned in the governance of the charily and its asseis and are prijnarily a5s0cialed with consirtutK)nal and statutory Tcquirements. n GTants payable arepaymenlSTnadeto third parties in the furtheoD¢eof Ihecharilableobjeciivesof the Foundation. GTant5 are accounted forwhen eiiherthe recipient hasa reasonable expectation ihai ihey receive a ￿nI and rheTmstees have a￿e¢d to pay the grani wiihoui cottdilN>n. QT lh¢ Tecipient ha5 a reasonable expe¢(ation that they will Tecejve a wdni aThl any condition attachingt(I the grant is oui$ide of the control of the Foundaiion. FUND AC.COUNTINCJ The Fund has Various types of funds forwhich it is responsil)Ic, 2nd which requ￿ 5epardte disclosure. These ajr 3s fol]ow5'. un￿$¢17ct¢d funds Funds which may be used forthe general purposes of the charity. Restricted fund$ Donaiions or lega¢i¢s ￿¢t1￿¢d which are eamiatltedby the dortOT forspecific purposes. Suth purposes are With￿ the overall auns of the chaniy. Endowed funds Funds given 10 ihe Chariiy where Ihe income may be used forgeneral or r¢stTKted pU￿oSe5. b Ihc Capital musi bc retained. LIABILITIES Liabdiiies a￿ re¢ognibe(I when Ihe Foundaiiotj has a p￿Sen1 or consitUns a￿ based on historical expenence and oiheT fa¢lors Ihai are COns￿ered io be relev3nl. Actual Tesulis may diffeT from these estwnaies. The egÈimaies and undertyin8 assumptiotts aff Teviewed on an onbx)in8 basts. KEY SOURCES OF ESTIMATlnN IJNCER TAJNTY The egi￿al¢$and a5sumpiions which hav¢ a Significant Tisk of causing a mai¢rial#dju5tmenl tothc canying amount of 4s5tts and I￿61]llI¢S as follow5 INII.STMLNT PROPERTIES The Trustces havevalucd th¢ iThveslmcnt PTopeny bascdon Ihe latest v3hLation perfomed in Jatluary 2020 and have deieTmii Ihai this r¢main5 the MO￿ accurdie i'aluation of th¢ PTOPCrty ai ihe year end. 13 The Sedbergh School Foundation NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023 a) Donatlons *nd lelaeltt: 2023 Totsl 2022 Total UnT¢strJ¢ted Restrl¢ted Genero1 Fund Le8acies Bursar*$ & Schotarships Hart Hou5¢ Puw¢ll House Sl'hool Hvu5e Sedg￿l¢k House Evans Hous¢ Lupton House Prep School Rugby Cii¢k¢t Chapel Friends of Prep School Eque%trian Shooling Soibng Cbaiity- Ukrnine At¢hives Hardship frund 500 Campai8n- Capital Proje¢ts )t the hyp School 5o0carnpa1￿- Capital Projeet5 ai the Seniorschool 500 Cgmpawi- Event SOO Carnpaigt)- Green Fund 500 C4mpJign- General 500 Carnpai￿- Rog¢rLupton S¢holarships 27.616 1.733.500 27.616 .733.500 121.4¥6 1.658 419 7.303 376 607 524 133,085 35.546 76.515 468 325 521 295 567 395 12,637 2,000 121.486 1.658 419 7 J03 376 607 524 1,375 l J75 2.076 3.912 518 9,701 1,106 40.493 899 30 5,276 97,936 30.635 55215 38.013 30.408 2.076 3.912 518 9,701 1.106 40.493 899 30 5276 97,936 30,635 55.215 38.013 30.408 1.581 6,143 793 691 5,166 1.537,445 9,439 159.461 26,040 2.919 1,761,116 449,966 2.211.082 2.012,035 b) Investment Snrom¢ 1$ an*lys¢d 85 follows: 2023 Total 2012 Total UTrre5tr1¢ted Restrleted Bank int¢￿st Renial income 52.008 52.000 52,008 52.000 2.950 52.000 104.008 104.008 54.950 orthedonaiion incomereceived llj the prk)ryearof £2,012.035.£168.351 was uttrt$tricted in¢omeatkd£ I,843,684w8STesiric￿I incorn¢. All inve$imerti income received in ihe prK)r year wa5 inc]uded wiihin unT¢siricted income. 14 The Sedbergh School Foundation NOTES TO THE FINANCIAL STATEMENTS for the year end¢d 31 August 2023 EXPENDITLQiE ON RAISING FUM)S 21123 2022 Cosi& of rdisifbg voknniary inrom¢". Staff ¢0$15 FuThd￿ isiog c05t5 Ir¢si]iGt¢d and un￿Stricted) Othcr 67,853 88,827 105,000 83.61 55,359 26.647 261,680 165.617 expendilureun rai¥ing fundsof £261,280{2022.. £165.6171,£190,613 (2022.. £127.32 Ilwa$unff$iriried and £71,06712022." £38,296) was rt51rKied. No Twslees or any persons cunneeied wiih Ihem have received any remuneration d￿ring the period (2022.. £nill. No expenses were pald lo Twstees tt) the year12022.. £1,047 to one TNstee reIatingto travel expenses). Staff costs relate lo 2 (2022.. 21 sraff members up until 31 January2023. From l Febn]8ry 2023, staff memberswere employ&i by Sedbcrgh School i¥tho mak¢a charg¢ioih¢ Foutbdation in re5pecl oltimc spent by its empjoyeesin r¢5pect of the Foundation s busti)ess. Included ￿thin $iaff ¢osis aboN'e #r¢ ¢mploy¢r s naiwnal irtsuraD¢¢ ¢OrttnTruiions of £2,245 12022.. £4,369) employer's pension ¢ontributiottsof £2,70312022." £6,106laod a lo$$ of offi¢¢ paymetti io th¢outgoirtg Found3iKFn dtre¢¢or of £28,106. Govemancc cost5 includc auditor's rcmuncration totaUm8 £11,580 and oihcr scrviccs totalling £3,880 {2022.' auditor's remuneration £9.9221 and all unrcstrKted cxpcnditUT¢. Cosls No employe¢s ￿¢¢IVed emolum¢ni$, iti¢ludtyJ8 ben¢fii$ m kind, whi¢h ex¢¢eded £60,000 {2022.' non¢l. Key Th¢ Foundalion considered ils key mana8em¢nl personTh¢l up until 31 January 2023 to be the Foundation Dwecior. The iotsl ¢mpioymcnl bcncfits including cmpk)ycr NIC and pcnsion contribuiions of thc kcy managcmcnt PCT50nnel during this per￿ad were £58.15912022.. £63,733I.This inc)udes a105% of office payment of£28.106. Subscqucnt lo l FcbTuary 2023, Ih¢ Foundati)n consider the key rnan#g¢m¢nt personnel to b¢ th¢ new Foundation DLr¢clor. who 15 Cmployed by Sedb¢rgh School and whose costs are JY¢harged from School. The ioial ¢mploymeTht ben¢fiis includit)g employer NIC and pension conlnl)uix)ns r¢¢harged during ihis peiiod wer¢ £55.449. EXPENDITURE ON CHARITABLE ACTITrITIES The following wdnt5 lotfjjkng £967,784 W¢Tr mad¢ duTingthc y¢aT12022.. £247,960}. Sthool 2023 Other 2023 Sehool 2022 Other 2022 S¢holaTship & BuT5ary Funds Spurt5 Funds Ilard8hy 2Q20 Orphana8C C.astenon Sedbergh Prep School Ar¢hive Hous¢ Fund% Ener8y-savth8 project Astro project c.harity- L￿raine appcal Other 241.917 12,915 130.444 20.854 9,591 5.709 800 66.577 369 7.409 531 3,000 9.199 600 64.979 400,000 169.469 780 3,221 916559 34.545 11.493 247 160 25 800 The Sedbergh School Foundation NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023 EXPEI¥DITURE ON CHARITABLE ACTIIITIES ICONfiNUED) Of toral payments of £967.784 12022.. £247.960k £412,708 12022.. £11.4931 was unrestricted and £555,076 12022.. £236.4671 was r¢stri¢i¢d ¢xp¢nditur¢. I]¥VESTMENT PROPERTY ond Buildings- GNldreyLodge 21123 2022 Market Value gt I S¢piember2Q22 400,000 400.000 Market Va]ue at 31 Au8USt 2023 400.000 400,000 Ini'estment prop¢ry u)¢lud¢ the owiersh4) of fjuid￿Y Lodge. The Trnsiees ititend io hold this investment forthefuture betleft of ihe School and the cuTheni lease n]n5 for 99 years. A fomiolvaluation WaSCa￿led0￿tasat 17January2020by Ha¢knry& Lei¢b. Charte￿d Surveyor& on rhebasis of open makn atu¢ ba$¢don Ihe assuined Tenancyuf kdbergh School and thi5 value was incO￿OrdI¢d into the 2019 accoun15.The TTus¥ee$ have a8reed ihai ih¢valuationof ¢hesuryey ¢onducted in Jonuary2020 wouhj represent the Market Value 1$ at 31 Au8USt 2023. IpThEsrMENrs UK Llsted PolThtlng5 & Inv¢slm¢Dts ioks 2023 Totsl 2022 Totsl Markct Valuc ai I September2022 Unrealised 8aiD on invesrmenis 979,854 {36.3121 6,706 986,560 {36.312) 972,572 13,988 Market Valuc at 31 Au8USt 2023 943,542 6,706 950248 986,560 Materral inve$tm¢nis ￿7th]n th¢ ponfokno consist of.. 2023 2022 Multi-Ass¢i OEIC - RufferAbsoiut¢ Reiurn Fund 943 J42 979.854 943,542 979.854 AMObThTS HELD AT BANKS 2023 2022 Cash 81 bank 4,375,293 4,655.650 4,375,293 4.655.650 16 The Sedbergh School Foundation NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023 DEBTORS 2023 2022 Grft awj OD donations reclaimabk Prepayments and a¢cNed income Other d¢biors 12245 1,493,182 37.470 ,505.548 37.470 CREDITO1￿. Amouwfs FALLING DUE WITHIN ONE IEAR 2023 2022 Trad¢ Crediiors AceNots and deferr¢d income Amounts owed io sedb¢￿ khool{noie I I I Other iaxes and soei&l Security Other ¢TeditoYs 3,535 240,343 11,514 120.462 10264 5,626 1,328 41 255.433 137.680 ALLOCATION OF THE CHARITY'S NET ASSETS Investment Propert). Other Invt$thients Net eurrent assets Totsl At 31 AuBU¥t 2023.. Unre51ricied funds RestTiCted fund5 Endowed fund5 400.000 6,706 756.437 187.105 2,882.400 2,743,008 3.289,106 3.499.445 187,105 400.000 950248 5.625.408 6,975.656 Inwtitment property Other Investments Net eurrettt iuets Totsl Ai 31 August 2022.. UnT¢$trKt¢d funds ReslTiCt¢d funds Endvw¢d fund5 400.000 6.706 785.548 194.306 1.636.255 2,919.185 2.042.961 3.704.733 194.306 400,000 986.560 4.555.440 5,942.000 17 The Sedbergh School Foundation NOTES TO THE FINANCIAL STATEMENIS for the year ended 31 August 2023 io FU￿7)s Balances it September 2022 B#l*nees at 31 August 2023 Investmtmt Oossl ID¢ome Expethditure CurreDI Year Movtmt#ti Unrcslricled fund5 keslrKied fuJ)ds Endowed fund5 2.042.961 3.704.733 194,306 1.865.124 449.966 1618,9791 1626,143) 3289,106 3.499,445 187,105 172011 5,942,000 2,315,090 {1245.122} 136,312) 6.975.656 Bglances #t I Stptethbtr 21121 Bala￿CeS at 31 August 2022 Inve$tmeDt Itt¢omt Expendfi￿re Prior Yt8r MovEments VnresitKi¢d fund5 Restricted fvnds Endowed fund5 1,968,496 2,124,598 191,532 223.301 1.843,684 1148.8361 1274.7631 2,042.961 3,704,733 194,306 11214 2,774 4,284,626 2.066.985 1423,5991 13,988 5.942.000 The SedbeTgh School Foundation has VaTiOUS types of resttxied t'und$ for whKh it 15 responsible, and whi¢b requ￿¢ separa di$closure. These are as follDWS'. Investment 1055 CurrttttYe&r FMnd> 2012 Income Expenditure Tr*n$fei 2023 Restricted funds i) schotsrSh￿ and Bursary Funds jil House Funds ill) Crickel Appeal Funds iv) Friends of Prep School VI 5001b Cafftpaign Funds vil Charity Funds vil} Rugby 2020 viiil Hardship 2020 ixl Indivi(lual Funds 323,116 107.073 6,143 9.569 3219.118 860 23,305 151.894 10.887 1241,917 {26,488} {9031 132491 299.9651 136.0551 112.9151 16,257 121,6221 220.239 69,650 5240 10,232 3.153,668 5.298 10,390 30 24,498 3,912 229.150 40,493 5,365 30 13.600 15,549 14.6$1) 3.704.733 449,966 1626.1431 3,499.445 Investment cUrre￿t Yt*r Fund$ 21122 Income Expenditure 2023 Perniantnt Endowed funds il S¢ho]aTshJp Ind Bursary Funds xl Sedgwick C.onsetvation 186,806 7,500 17201} 179,605 7.500 194,306 {7,201) 187.105 18 The Sedbergh School Foundation NOTES TO THE FINANCIAL STATEMENTS ror the year ended 31 August 2023 io FUNDS (C'()NTJNUEDI Inve5trnent gglns Prlor Year Fund5 2021 Ineomt Exptndlturt 2022 Restric*d fund5 Ll Scho13Tship and Bursary Funds ill Hous¢ Fund5 iiil Citket Appeal Fund5 Iv} Fnends of PTCP &hool v} 500th Campaigrt Fund8 vil Charitv Funds ") Rugby 2020 l HaTdship 2020 ixl Individual Funds 370.142 162.813 6,141 76,515 15,209 {134,755} 170,949) 11214 323,116 107,073 6,143 9,569 3,219,118 860 23.305 6.143 1.736.885 280 {3,2271 133.9851 18001 (15,4781 19,592) 15,9771 1.516.218 1..380 38,783 9,592 12.876 8,650 15.549 2,124,598 1,843,684 {274.7631 11214 3.704.733 InvestThent gains Prlor Ye#r F￿n￿5 2021 Income Exptndltyre 2022 Endov¢ed futtds i) Schoiarshw and Bursary Fund$ xl Sedgwi¢k Con&¢Tvalion 184,032 7,500 2,774 186.806 7,500 191,532 2,774 194,306 The fulkTrwing make up restricted funds.. Thc Scholarship and Bursary Funds are uscd lo proV￿e fee assigiartc¢ forsp¢rit'K pupds at s¢dber￿ khool. The 14ousc Fund.% arc uscd 10 h￿Pport bujsaries and trnprov¢m¢nts lo boaTding houses of S¢db¢r8h School. Th¢ Crickcl Appcal Funds arc uscd for specific pmjecls assocLqlcd with crLckci. The Fri¢nJb vfptep S¢huol Fund is u5¢d lo improve facllilies, prov￿¢ cqujpmcnt and supporl acttviiies ai th¢ Prep School. The Capital Funds represeni donations io deveknp th¢ fa¢iliii¢s ai th¢ &.h4)uls. IWJ¢T¢ PTvj¢Ll& ar¢ cLirnpl¢ted Ihe babncc of funds are Iransferred lo appropiialc active funds wliich bear a ubjeclive. Thjs perH)d show5 signifKanl wwth in incoinc due lo Ihe conlinualx)n of majorgifi lundraism¥ fur IhL' upcvmin¥ 5001h Anniv¢tsary Campaign which was publicly lauD¢hed ID 2n22. Chariiy Funds ore reslricied forspecific ¢hariiie$ Ihal Are beiD¥ 5uppilrt¢d by the School OT indi¥'iduaLs. namely Air Ambulanct and Kenya Orphanage and will be di%bur8ed when futuff Schnol gctivitics include these chariiies. The Rugby 2020 Funds ar¢ used to 5uppon rugby aCti￿lI1eS at Sedber&y) School. The Ilardship Funds used io supporf .8¢db¢rgh familie5 suffering from flljancia I hardship as a result of the pandemic. Other funds comprise various Sepa￿te fund$, all for the henefil of the School OT pupIb. Th¢ Sedgwryck ConseTvaiion Society Fund i8 a pcmianeni endowThent and is lls¢d io fund environmental pn)Je¢ts and s¢hool tllps a550ciat¢d the study of ecok>gy. 19 The Sedbergh School Foundation NOTES TO THE FINANCIAL STATEMENTS for the year end¢d 31 August 2023 RELATED PARTY TRANSAcrioNs IALrin8 Ihe year, bThnts amoyntingto £916,55912022.. £247.1601 were payabk to Sedber￿1 School I'th¢ SLhool"X an ¢nttiy thich is Telaied by virtu¢ of fiv¢ ¢ommon trustees. TTansactionswith S¢dber￿) khool oi¢lud¢d exp¢ndilur¢ of £112.9051202Z: £11.7761. As at 31 Au8USt 2023. £11,514 wa$ ow¢d to the S¢hool12022.. £10.264 was owed to rhe Seljooll. Thc Foundationhasa lease 88Teement with the S¢hool foriber¢nialof Guklrey Lod8e, at a ¢ll￿en1 rent of £52.000 p.a.This has bten tiivoiced and pavj by ihe SchoolduIing the period. As $¢1 oui lli th¢ Trn51e¢& Rvpvfl and Nut¢ 2 tLI th¢5¢ arLvun¢51h¢ khovl prowide$ a thumb¢rLif 5¢rviLe& lu ih¢ Fvund?tion. In addition, the Fuund#Lion Dwe¢ivrand siaff ar¢ ¢mp]uyed by S¢db¢r8h S¢hool and ih¢w¢vsis ar¢ re¢harg¢d Iv the Fuundatiort. 20