Sherborne School for Girls (Company limited by Guarantee) Re8lStered Charitv ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 Au8U5t 2021 Company Number Re8i5tered Charity Nurnber IJ0306828 307427 Sherborne School for Girls for the year ended 31 August 2021 Pa8e Govefnors, Trustees and Advisors Annu31 Report of Council 3-12 Strategic Report 12-18 Statement of Council Members, Responslbllltles 18-19 Independent Audltorfs Report 20-23 Consolidated Statement of Flnancial Activities 24 Consolidated and Charity Balance Sheets 25 Consolidated Cash Flow Statement 26 Accountlng Policles 27-30 Notes to the Flnancial Statements 32-52 Sherborne School for Girls REPORT OF THE COUNCIL for the year ended 31 August 2021 fjOVERNORS AND CHARITY TRUSTEES The Sherborne School for Girls. Governor5 are the charity trustees of Sherborne School for Girls I'the Charltv~. he School~, -Sherborne Glrls~l. They have all serve(l in office throughout the year except where indicated. They are.. Mr R W Strang (Chair ol Governors) A > Lady P Arthur (Vice-chairl Ichair of the Pastoral Commltteel '>+ Ms J S Blanch (Chair of the Flnance Commltteel >"~ Mrs l A C Burke +# Dr S G Connors (Chair of the Academic Cornmitteel Mr W J A Gordon Ireslgned March 20211 The Rt Revd K M Gorham # Mrs L D Hall Ivice-chairl (Chair of the Invesiments Committee I ' > Mrs A Harris * A MfRALLeach# Mfs l Ma5sey~ lappointed November 20201 Mr R de G Pilkington Mrs A L M Simon + # Iresl8ned lune 20211 Mr M Taylor ' (appointed June 20211 MrPCWard+#> Dr A P Wllllams '+ Mrs M Winglield Dlgbv~ Mr N I S Wordie (Chair of the Estate5 and Infra5truclure Committee) < Mr S H Wlngfield Dlgby (Llle Presldentl • Member of the Finance Committee + Member of the Academic Commlttee # Member ol the Pasioral Committee A Member of ihe Investmellts Comrnlttee Member of the Estates and Infrastructure Committee > Member of the Governance and Nomination5 Committee The CoLJncil is a self-appolntlng body. Service on the Councll 15 for a period of live years, subject to re-election for a further term. OFFICERS Head Dr R M Sullivan Bursar and Clerk to the Governors Mrs F J L Clapp Address Bradford Road Sherborne Octr5et DT9 3QN Web51te www.sherborne.com Sherborne School for Girls REPORT OF THE COUNCIL (continued) for the year ended 31 August 2021 KEY MANAGEMENT PERSONNEL OrR M Sullivan Mrs F J L Clapp Mrs L J Orton Mrs J Briggs Mr l Mrclaiv Head Bursar and Clèrk to the Governors Senior Deputy Head (Acadernicl Deputy Head IPa5torall Deputy Head IC04vrflcular and Plannlngl ADVISERS Bankers Natlonal Westmlnsler Bank plc 2 Henford Yeovil Somerset 8A20 ITN Sollcltors Farrer and Co 66 Lincoln's Inn FSelds London WC2A 3IH Independent Audltor Crowe U.K. LLP 4, Floor, St james House St James Square Chellenham Glouceslershlre GLSO 3PR Investment Advlsers Cazenove Capital Management Schroder & Co. limlted 12 Moor8ate London EC2R 60A Insurance Brokers Hettle Andrews Eleven Brinleyplate 2 Brunswick Square 8rinleyplacè Birmingham 812LP COMPANY NUMBER 00306828 REGISTERED CHARITY NUMBER 307427 Sherborne School for Girls REPORT OF THE COUNCIL (continued) For the year ended 31 August 2021 ANNUAL REPORT OF COUNCIL The Members of the Council. who are a150 dire£tor5 of the Charity, submit their annual report under the Charltles Aci 2011. incorporating the Report of the Council and the Strate8ic Report under the Companies Art 2006. together with the audite(J financial statements for the year ended 31 August 2021. REFERENCE AND ADMINISTRATIVE INFORMATION Sherborne Girls was founded as a Church ol England School In 1899. The Charitable Company limited by guarantee wa5 Set up on 7 November 1935. The Council of Governors, princlpal executives, key mana8ement and professlonal advisers are Ilsted on pa8es land2. GOVERNANCE AND MANAGEMENT Governlni I￿uMents The Schoolls governed by Sts Memorandum and Articles of Association whlch were last amended In November 2011, fjovernln9 Body Members of the Council ol Governors are selected to provlde a balance of skills. experience and prole55ional expertlse, as well as a willingne5$ 10 serve, and a deep Int￿reSt in, Ihe School, Council members serve lor up to two 5-year periods. Recrultment and Tralnlnq oJGovernors Appointment to the Council of Governors is considered and conducted by the Councll on the basi5 of advice nd recommendation from Its Governance and Nominatlons Commiftee. Followlng the Review of Governance carrled out by AGBIS in June 2019 the procès5 for recruitment has been reviewed and a clear job descriptlorn for Governors has been created, Mrs lo Massey was elected to the Governors in November 2020 and Mr Matthew Taylor joined the Governors in June 2021. Both attended an induction sesslon with thè Clerk to the Governor5 and undertook the AGBIS New Governors. course. The indu¢tion process follow5 an individually tailored and siruciured format. The proce55 comprises a 'New Governor. induction day, which Iocu5e5 on the role and responsibility of being a Trustee, and introductory brieflngs. This is conducted al the School by the 8ur5ar. All new Governors would be expected to attend. 5ubjeci to availability, a New Governor training course wiihin six months of their appointment. Detai15 of AGBIS Seminars for Governors and seminars and conferences offered by prole5sional bodies are circulated to all members of Council. New and existing Governtsr5 have attended a wide range of general and specific external training courses from both AGBIS and the BSA throughout the year. Followin8 AGBIS recommendations training opporrunltles have been published more prominently ro Governors. Employment Policy The School is an equal opporiunities employer. Full and fair consideration 15 given to job applications from all applicants with protected characteristics and due consideration is given to their training and employment needs. Consultation with employees, or their representatives, has continued at all leve15 With the aim of taking the views of employees into account when decisions are made that are likely to affect their interests. Employees are made aware of financial and economic performance ol the School. Q)mmunication with Sherborne School for Girls REPORT OF THE COUNCIL (continued) For the year ended 31 August 2021 employee5 continues through normal management Channels in a variety ol lorrn5 and throu8h exceptional channels to apprise staff of current 155ue5. During ihe 2020121 year a consultation on Teacher Pensions took place. The resultlng decision was to continue to offer the Teacher Pension but to also ofler an alternative so as to Intrease the choice lor teachers. Orqonlsatlon ondstrurture The School's governance Structure underpins the Governlng Bodvs work. Committees meet as follows In the vear.. Finance Committee- at least three times. Acadèml£ Committee- four times. Pastoral Comrnittee- three times. Investment Committee- once. Nomlnations and Governance Committee- three tlmes. Esiaies and Infrastructure Comrnittee- three times. DurinB the 2020121 year the continued global COVID-19 pandemlc has had wide-reachSng consequences and the independeni 5choo15' sector has felt its share of the impact. The School has hod to make extensive changes to the operallonal norm5, and this has necessiiaied an Increase in the frequency ol meetlngs for a number of Governor5. Commlttees. The full Council meet5 on a rnlnimum of three occasions per year., the majority of it5 bu51nes5 will have been scrutinised by one of the slx 51andlng commillees. The day-to day runnlng of the School is delegated to the Head. the Bursar and the senior Leadership Tearn, Implementation of the Council's decisions is the responsibility of the Head. Remuneration ol the School's senior staff Is Considered by Courn¢il annuallv. Grovpstructure and Relotlonshlps The School has a who11y-owned non-charitable subsldlary. Mulllner Trading Isherbornel Lirnlted Icompany number 032307911. The principal activity of the Company is the management ol the trading activlties on behalf of Sherborne Glrls. Another wholly-owned charitable trading subsidlary, Sherborne Sports and Leisure Limlted (company number 05869779, Charity number 11170241, rnana8e5 and operates the swSmmlng pool and other sports ènd leisure facilities for the benefit of the School and the local community. Another controlled charitable 5ub5idiary is The Sherborne Girls Foundation. which manage5 the khool's fund- raisin8 activity. PROMOTION OFTHE SUCCE55 OF THE ORGANISATION TO BENEF￿ ITS MEMBERS The Directors. who arè thè Governors of Ihe School, conlirrn that in accordance wlth Section 172111 ol the Companles Act they act in a way they consider most likely to achleve the purposes of the Company. In making this assessment, the Governor5 consider the relevant actlons of the 8oard described thrc*ughout the Report of the Council. Taking the areas required for disclosure in turn.. The Ilkely consequences of any declslon In the long terni The long-term sustainabilily of the operating model is ¢tsnsidered by the Governors as set out In the Going Concern section of the Report of the Council. Specifically, the Governors consider both operating results and financial projections and the key risks that could ne8atively impact the 5U5tainability of the School. The Finance Committee and the Council review management information. budgets, Sherborne School for Girls REPORT OF THE COUNCIL (continued) For the year ended 31 August 2021 forecasts, cashflow projections and progress against budget on 3 regular basis. Risk mana8ement and the level of reserves are also discussed furthei in the report. The Interests ofthe comp¢7nV'5 employees In relatlon to employee enEagement. the Governors receive regular reports from management on the mood ol the employees and speak directly to representatives on a frequent basis. Further details of employee involvement are discussed furthei the report. The need tofoster the company s business relrtlonshlps wlth suppllers, customers ond others In relation to key stakeholder enga8ement, the Governors work closely with Ihe famllies of the chlldren in the School and a number of Governors are ordlnarily parent5 or former parent5. The Governors communicated wl¢h families directly through information passed via the SLT and throu8h letters from the Chairman durin8 the pandemic. The Foundation Trustees provide a second link to the community along with the le55 formal parent task force. The time and resources the School's communilv of volunteers dedlcate to the School and the Impact ol that Éenertssity is well recognlsed. In accordance with the School's standard payment term5, supplier payment is due wlthln 30 days after the School r￿ceiVe$ the invoice from the supplier. rhe Impact olthe company s operotlons on the communlty ond the envlronment The Governors have commissloned an independent review of energy use and have provided a review of greenhouse gas emissions later in the report in compliance with the Streamllned Enèrgy and Carbon Reporting ISECRI Report. The Director5 are proud ol the community service activltles of the students whlch are described in more detail in that seciion ol the Trustees, report. The deslrablllty oAthe company mointainlng a reputationfor hlgh stondords of buslness ¢ondu¢t The School take5 a zero-tolerance approach towards dlscrlrnination, fraud, bribery and corruption. It Is committed to complying with all applicable laws and regulations relating to discrimination. fraud. bribery and corruption. The need to octfvlrly os between members of the compony. The Directors understand the Charity ComrnlssioN requirements and understand the need io avoid and manage ptstentlal conflicts of interest. The Company is limlted by 8uarantee so does not have share capital. Issues relatin6 to Director shareholders or relatlon5 between rnajorlty and mlnorlty shareholders therefore do not apply. OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES Charltable Objects The Objects ol the Charity are, lor the public benefit, to carry on a School In Sherborne in the County of Oorset for providing a sound and systematlc education and training for girls and/or boys, wherein shall be taught the duties and doctrines of Christianity as the same are received. understood alld taught by the Church of England,. andlor such other charitable purpose5 or ancillary educational a¢tivitie5 beneficial to the community corisisient with these Object5 as the Governors In their absolufe discretion determine. These same Objects underlle all aspects of the day-to-day running of the School. Visioft To be the leadin8 full boarding girls, School for all-round personal development and academic fulfilment. and to create a community ol empowered learners who will be an Influen￿ lor good in a challenginE world. Sherborne School for Girls REPORT OF THE COUNCIL (continued) For the year ended 31 August 2021 Mi55iOn To provide a broad and enriching full boarding education that develops the unique talents ol every Birl wlthln a supportive communlty. To send out Into the world glrls of character, commitment and compassion who are able to think clearly and creatively. choose wisely and have the courage to make a difference. Strnteok Alms The strategy focuses on Five Key Alms which will help ensure that the educational phi1050phy is embedded Ihroughour the School, These aims also provide a framework to drive the School forward. Sherborne Girls will.. Enhance the Posltlon as a Leading Full-8oarding School Develop the Future Generarion of Twenty-Firsi Century Women Cultivate a Culture ol Asplratlon and Ambillon Foster both Collaboration and Comrnunication with the Wider Communitv Provide Meanln8ful Oppoftunltle5 lor Leadershlp and Management The live key Value5 of Curlous, Coura8eous. Compasslonate, Adaptable and Splrltual underpln and are embedded within all aspects of the School's Strategic Plan and remain at the core of all activlty. The Charity 15 a150 committed io academic stren8th allied to a full boardin8 ethos. Partly in co-operatlon with Sherbo¥ne School, the Charity maintains a full, balanced currlculum which enables each member of Its community to flourlsh. The prlmary medium to lonB term objectives of the School'5 Strategy are to.. be nationally and internationally recogni5ed as one of the top girls. boarding schools in the UK. by developin8 a reptstation as a boarding school wlth excellence in pasi¢ral, academic and co-curricular provision and an industry leader for Social and environmental re5ponsibilily within a culture of philanthropy key elements ol whlch wlll be the transformational Candlellght Bursarie5 and work wlthln the community. promote the School's unlque offerln8 of 'Separaie yet Together, by enhanein8 further the relatlonship wlth Sherborne School. develop and promote academic excellence. a challengln& broad and approprlate curriculum where girls learn to be independEnt thinkers develop pupil resilience and equlp them with the skills and tools to maintain slron8 mental and physical health within an uncertain and rapidly evolving landscapè. in the short-term, develop an Esrares Masrerplan that will address aspects of sustalnabllity and envlronmental responsibility and a financial strategy that will reflect the School's ambition to provide pupils with outstanding provision, ensure that Members of the Governing Councll receive relevant on-ÉrJing trainlng and that the diversity and ski115-5et of Members ol the Council is appropriate. continue to build partnership5, locally, nationally and internationally. for the benefit of the gir15, the School, the community and all others involved. develop the skills of the staff, particularly in the use of digital technology to SUPPOrt and enhance learning. The Governor5 rrea5ure the success of the strategy through a ¢omprehen5ive review of the School's strategic. operational and development plan5 and through di5CU55ion of the Headmistress's termly reports. Sherborne School for Girls REPORT OF THE COUNCIL (continued) For the year ended 31 August 2021 In settlng the objectlves and planning the actlvitSes, the Governors have glven careful conslderation to the Charity Commission'5 8ener31 guidance on public benefit ènd in particular to It5 Supplementary public benefit guidance on advancing education and on fee-char8ing. Obiertive5 The strategic emphasis for the year 2020-2021. followed five key themes which support the over-archin8 pillar5 01 the School 5trategv. Performance aqain5t Oblectlves The emphasis from Governor5 was on the followin8 key areas.. l. The Adm155ion5 Proce55 and the Marketing Strate8y The admissions process was reviewed durln8 the early part of the academlc year and additional resources were allocated to ensure that sulliclent nurnbÈrs of Quality puplls are attracted to Sherbctrne Girls. The pupil roll remained ahead of budget throughout the acadernlc year and the number5 for Septembe¥ 2021 equate to pre-pandemic levels. Increased emphasis has been placed on linkin8 With the strategic aim to enhance the School's posltlon as a leadlng.full boardlng school. Admlsslons has been supported by a strong markeiinB strategy focused on a Breater diglral presence and more targeted communl¢atlons. The aim is thai boarding should be seen as a lifestyle choice rather than a geographical nece551ty. To Support thls a refurbishment proces5 Wlthln the boarding houses ha5 begun. Opportunltles for Puplls to have thelr ¥ol¢es heard The Diverse Voice5 initiative, #SherborneGirlsVoice, whlch wa5 Started In 2019, 8ained further momentum In this academlc Year, with excellent particlpation from pupils, culmlnatlng In impresslve end of year speeches Irom the Head Gir15. This project enabled opportunitie5 for pupils within the School to have their voice5 heard and be directly involved in 5hapin8 and achieving the School's vlsion. The initiative included various channels of debate and dlscusslon including Ask the Head sessions. Debating Mattèrs competitions, LGBTQ+ survèys and activities lor Black History month. The objective ol Empowering the gir15 to voice their opinion5 ond shore idea5, directly leeds into ihe strategic alm to Cultlvate a Culture of AsplratSon and Ambltlon and also facilitates the aim lo Provlde Meanlngful Opportunltles for Leadershlp and Manalement. Pup51 and Staff Wellbeln8 The objeciive of 'Reviewing ond refining the Structure of the 8oording House Teums, a5 Stated in the 5trate8ic aim of enhancing the School'5 posltlon as a leadln8-full boardln8 khool wa5 not Possible in the 2020121 academic year due to the restrictions requlred to operate a lull boardin8 School withln the COVID guideline5. However, it W35 P055ible to a55ess the impact of single-year-group boardin8 houses as this was a control rneasure implemented lor the Michaelmas term to support the 'educational bubbles.. Desplte 50rne posltlve outcornes, the varied community of the vertical house structure remains the prÈfeience for Sherborne Girls, where older girls can stjpport and guide the younger members of the boarding house. There have been widespread reports of the pastoral Impact of the pandemic on young people and Sherborne Girls has not been immune to this. The School continues to focus on pupil support, striving to create an environrnent of pastoral excellence. Sherborne School for Girls REPORT OF THE COUNCIL (continued) For the year ended 31 August 2021 Staff development has been enhanced through the introduction of th? Middle-Leaders programme. The opportunities to en8age with staff throu8h onllne sessions has increased the reach and scope of training opportunities. Digltal Strategy Following the outstanding remote learning response during the first term of lockdown. this year digital learnin8 was embedded in all aspects of the School's teaching and learning. The curriculurn provided an enhanced lea¥nlng experience lor each girl with increased engagement, stretch and challenge supportlng the alm to develop the future 8eneratlon of 21$1 century women through the speclflc objective of 'Ensuring every girl is comfortoble rJnd competent with Digitol Technology,. 81ended lea¥nin8 was developed allowing seamless access for each pupil to partlcipate In the currlculum regardless of whether remotely or In person. 5. Communlty Outreach Strengthening the School's tommunlty outreach programme and enhancing the School's offering as part ol the Charltable status remains an important oble¢tive lor Sherborne Girls. The soclal distancin8 rules and the limits on gatherings curtailed much ol the usual activlty durin8 the 2020121 year. The airn to Foster both Collaborailon and Communlcatlon w5th the Wlder Communlty ha5 had to have a dlgltal locus. Some very creative and imaginative initiatlves helped to lor8e new Ilnks and enhance those that already exlsted. Examples includefj the 'Carin8 Call Campaign, with over 400 phone ca115 to Old Gir15 made by recent leavers. Sherborne Girls continues to work very effectlvely with the other schools in the local area and has been a vital source ol support and shared experience durln8 the pandemic. Re5pon5e to the Pundemk Much of the summer of 2020 was spent in preparatlon for opening the School in September 2020, A very thorou8h risk assessment was undertaken and a plethora ol control measures was put in plate to keep the School cornrnuniiv safe. Measures included ihe move to single-aged boardin8 house5, the creation of academic iones, the use of a one-way systems. and new dellvery and collectlon systems. Quarantlne arran8ements were put in place as well. All control measures were conveyed 10 parent5 and pupils iri comprehensive communications. Academic and pastoral stall received training in an extended INSET period. Return to School went very smoothly and measure5 were Teviewed perlodically and relaxed as approprlate. Many Day Girls converted to boarding lor the period in order io be with their peers. Some bursarial support wa5 oflered in a few cases where boarding was related to pastoral need. The School purchased a SAMBA 11 PCFI testing machine to carry out on-site tests, thu5 reducing the isolation period for puplls. During the full academi¢ year there were no cases of COVID in the School wlthln the ptjpil body. In December 2C120 the Governmet)t introduced regular testing for Schools which meant a new Set of guideline5 and procedures for which to prepare, occupying a Substantial period ol the Christmas break. Unfortunatelv, january 2021 saw the second period ol School closure and so the testin8 re8ime focused initially on Staff. Durin8 this period some staff were furloughed although the proportion was rnuch 5rnaller than in April 2020, and many undertook a portion of work through the flexl-furlough option. Parents were asked to pay the full Leni fee with a decision on any adjustment delayed until the costs and saving5 could be a55es5ed. Following a number of Finance committee meetings, the Governors Opted to provide a credit on the Trinity term fees to reflect the adjustment for the Lent term. The adjustment was calculated such that savings balanced the reduction in fee revenue. Communication wilh parent5 and pupils wa5 well-planned and executed in a timely fashion. The clarity of the deciston-rnakin8 processes was verv muth appreciated by parent5 Sherborne School for Girls REPORT OF THE COUNCIL (continued) For the year ended 31 August 2021 The activities of the tradin8 5ubsidiarie5, Mulliner Tradin8 and Sherborne Sports and Leisure were. once again, affected by the pandemic. The Oxley Sports Centre was closed intermittently ihroughoul the year and there were no 5umrner let5. Income in both cases has been substantlally reduced for ihe year. Bursary Policy The School's grant-making polbcy 15 to rnake awards on the basis of their educatlonal value and the potentlal of the recipient. Thi5 15 overlaid by an assessment ol the means and circumstances of the Individual, stsbject to any particular conditions laid down in the Trust deeds. In line with the objectives of rhe Charity, rhe Governors of Sherborne Glrls are committed to offering to ellglble parentslguardians means-te5ted financial support with the payment ol School lees to enable a pupil to attend Sherborne Gir15 who otherwise would not be able to do so. Such support is known as a Bursary and rnay be awarded in the lorm of a dlscount of up to 100% of School fee5 dependln8 on the financial, compassionate or other pertinent circumstances of applicants. The Governors are committed to the principle of public benelit and to broadening access to the School through the application ol bursary funds and, in partlcular, throu8h the Candlelight Bursary scheme. Bursaries are a150 avallable to scholars and other award holders anij lor ex15ting puplls where a change in parents'/guardians' clicumstances has rèsulted in difficulty In meetin8 terrnly fees and may result in the pupll beln8 Wlthdrawn part way through a stage ol education. At the heart of the School's Bursary Awards Pollcy Is the need tts ensure that pupi15 from families who would otherwise not be able 10 afford the lees can access the education offered at the School. The value of means tested awards ioialled £784,45812020'. £682,452) and represented 5% of the School's gross fees. These awards provided asslstance to 8812020.. 1101 pupils. The School does not have a large endowment from which to make award5,' indeed, the malorlty of bursary awards are funded from fèè Income. In its Bursary Policy. therefore, the School is mindful of a balance between fee-payin8 parents, many ol whom make considerable personal sacrifice5 to fund their child's educalion, and those benefiting from such awards. To underlirne the value the School place5 on continuity fol families. the School offers small discount5 where parents have more than two children al the Sherborne Schools1Sherborne Gir15. Sherborne School and Sherborne Preparatory School). Candlelight Bursaries are awarded to candidates lor whom the experience ol boarding will be transformational and who qualify for 100% support. Candidates are usually Identlfied via the Royal National Springboard Foundation. The School is committed to supporting additional Candlellght pupils and to that end, from 2019, the Foundation has been focu5in8 on fundraisin8 for Candlelight Bursaries. Admlsslons und EquL71 Opportunltle5 Pupils are welcomed to Sherborne Girls from all backgrounds. Before aclmittlnB a prospectivè pupil, the 5¢hcol needs to be satisfied that it will be able to educaie and provide the development opportunities for that pupil that will allow her io flourish and maximise her potential in lirne with the general Standards achieved by her peers. Entrance interview5 and a55essments are undertaken to satisfy not only the School, but also parent5. providing the a55urance that their child will be able to cope with the pace of learnin8 and will benefit from the education provided. An individual's economic statu5, ethnicity, race, religion, gender identity or physical disability do not form part of the School's assessment proces5. Sherborne School for Girls REPORT OF THE COUNCIL (continued) For the year ended 31 August 2021 The 5ch¢ol is an equal opportunity or8anisation and is committed to a workinB environment that is free from ny form ol discrimination on 8rounds ol colour, race, reli8ion, sex, sexual orientation or physical disability. The School makes reasonable adjustments to meet the needs of staff or pupils who are or become disabled oi undergo gendef rea55i@nment. Public Penefit Stotement The Governors are mlndful ol the long-standing need to provide public benefit and the requirements of the Charity Act 2011 and, In settlng the School aim5 and objectives and planning the School's activifies, the Governors have given careful consideration to the Charity Commission's guidance on public benefit. The Board confirms that they have complied with theif duty in Section 17 01 the Charitie5 Act 2011 to have due regard to publlc benefit guidance published by the Charlty Commission for En8land and Wales. PU8LIC BENEFIT The School provldes benefit to the publlc In accordance with its wbdely drawn Object5 c1au5e and has pald due regard to the Charity C¢mmission 8uldance In decidin8 what activities the charitv should undertake. In dvancinB education, the School relieves public funds ol considerable expense and provides means-tested awards that allow attendance by those who would otherwise not be able to benefit from the outstanding educational opporiunltles olfered by the School. In terrns of anclllary and educational acrivities and other assoclated actlvlties for the benefit of the communlty, the School Is proactlve and durin8 the reportlng year has again sought to make a Significant contribution to the benefii ol the public. The effects of the pandèmi¢ have been wide-reachin8 and have curtalled many areas of comrnunity outreach during the 2020121 year. Nevertheless. Sherborne Glrls has remained true to the valuos and ideals upon which the School was established and the promotion of èducation and community are central to Its philosophy. Many staff took the opportunity to volunteer for work within the vaccination initiative or in community support groups such as the Royal Voluntary Service INHS responders), Sherbornè Community Kitchen and Friends of Sherborne Hospital. Bursory Support In 2013 Sherborne Girls establlshed a new bursary scheme to 5upporl pupils lor whom boardin8 w¢uld be life-chan8in8 experience. The Scheme is known as the Candlelight Bursary scheme and offer5 100% bursary support. The School works with the Royal National Springboard Foundation to identify 5Ultable 100% bursarv candidates. Three Candlelight bursary recipients have now completed their studies at 5herborne Girls. One of the Head Girls for the 2020121 year was a Candlelight 8ursary reciplent. The Sherborne Girls Foundation reviewed it5 term5 of reference in 2017 placing more emphasis on ttrie promolion of social responsibility and supporting the lundrai5in& efforis towards increasing the number of Candlelight bursaries on offer within the School. It aims to flnd nèw ways for Sherborne Girls to provide active support io the community. For the 2020121 year. the Sherborne Girls Foundatlon supported three girls within the School, each of whorn received Candleli8ht bursaries. This number 15 intended to grow over tirne. In addition to the Candlell8ht bursary scheme, a number of bursary awards are made each year by the School to support both haidship and pastoral needs. Bur53ry support was Increased during the pandemic to reflect the changing circumstances of the Sherborne Glrls community. In particular, a number of Day Girls were offered the oppurtunity to board to promote Social inclusion. io Sherborne School for Girls REPORT OF THE COUNCIL (contAnuedJ For the year ended 31 August 2021 Estobllshed PL7rtnershlps 5herborne Gir15 works c105ely with the Sherborne Area Multl-Academy Trust and has devèloped strong link5 to deliver a ran8e of shared programmes and experiences. Although much of the norrnal activity was impossible due to restrictions. communication and support between the Schoo15 reduced the irnpact ol the challenges faced when implementing Government COVID guidelines for education, Some joint activity was possible online, including Latin lesson5, Japanese conversation, the Thinkers, Society. and Mini Medical Interview pract15e sessions. The Head act5 as a trustee of the Sherborne Area Multl-Academy Trust. There are also links with numerous other local Schools and many Sherborne Girls stalf members 8ive their time acting as Governors and Trustees. Science outreach has forrned an Important pillar of the Sherborne Glrls community offerin8 In recent years, Two contribution5 were posslble In 2020121 with a Gases In Alr talk arranged lor Sherborne Primary School and some Science Week activilies lor Milbourne Port Primary School. Communlty Colljboratlon Sherborne Girls has a long tradition ol support fcr Music, Sport and other corrmunity events. Whilst most of these were not possible during the pandèmic, plannin8 lor new initiatives for 2021122 has continued. It Is expected that the Merritt Centre will play an important pèrt In supportlng community events. Eneroy ond Eml551ons Report Envlionmental sustalnability has become increasin8ly irrportant and It Is now Included as a siandln8 agenda item In Governors committee meetinBs. In 2020121. Sherborne Glr15 look a nurnber of energy elliciency actions. These included replacement ol lightbulbs wlth LED bulbs, new low emissions vehicle5 and electrlc vehicles replacing a8eing hi8h emission vehicle5, and a number of smaller boilers being replaced by more energy efficient versions. The Merritt Centre's ground source heat pump was in use, and the Oxley Sports Cènire Continues to Use PV therrnal to heal the swimming pool. Smart meters are installed across all sltes and the increased use of vldeo conferencin8 techno198y for staff has reduced the requirement for travel. Usage.. Fuel as Ikwh Electrlc Ikwhl ransport Ikwhl otal consumption 2021 3,260,380 1,265.212 21.658 4.547.250 2020 4,536,247 1.813.114 24,824 6,374,185 Emissions 2021.. Fuel Ga5 tC02e 599.49 294.97 6.08 900.54 tC02e er upll 1.25 0.62 o.oi 1.88 Tran5pori Total The tonnes of C02 emissions per pupll have been calculated using 479 pupi15. Approximately 30 rnembers of Staff live on campus. and includin8 these within the calculation would Significantly reduce the tonnes of C02 emi5510n5 to 1.77 per person. It is impossible to draw meanlngful conclusic*ns from the data lor 202012135 the School w35 closed during January and February whlch are hlgh usage months. li Sherborne School for Girls REPORT OF THE COUNCIL (continued) For the year ended 31 August 2021 STRATEGIC REPORT REVIEW OF AcfiviTIES AND ACHIEVEMENTS Managing COVID protocols ac¥oss the School, specifically yeai group academic zones. slngle a8e boarding houses and cleaning protocols. have been additional challen8es thi5 year. De5Plte this, the Staff committed to ensuring outstandln8 provision and education. Pupi15 continued to be exceptionally well supported by all at Sherborne Girls. De5Plte the strategic challenges of managing ihe pandemic, the School has continued to rnake 8reat strides in other areas of strategic development. Staff Development Thi5 academic year a revised Staff Development Revlew ISDRI 5YStem wa5 launched supporting all staff across the School. The main change was to ensure that staff retÈive a focused discussion with their line managers to ensure en838emeni, relle¢tion, appropriate support, development and clear objectives for every role in the School. Staff have continued to en8a8e with professional development opportunities. Providers have used online platform5 and provlded recordings which has enabled greater en8agement in many area5. The School subscribed to the National College of Teachin& a provider of a wide range ol recorded webinar5. A proaramme of training for Middle Leader5 across Academlc, Boarding and Support staff sectors ol ihe School was launched and, whilst on a smaller scale than origlnally planned pre-pandemlc. training se551ons focused on.. 50¢ial MedlalTwltter,' supporting Staff Wellbein8.' Effective use ol Data., and Understandin8 Team Dynamics. Thi5 pfoBrarnrne wlll continue into the next academic year with se5sion5 on Recruitment. Interviews and Selection, Cultural Leadership. Strale8ic Plannin8, Effective 8ud8etln6 and Takln8 Responsibility. A whole School approach to stall trainlng and support has been very well recelved and 84 stalf member5 have joined thè middle leader tralnln8 pro8ramme. The dS8ltal strategy continued to provide training and support to teaching staff. In particular, the strate8lc approach focused on supportin8 teachers In providin8 'hybrld cla55rooms' 35 Lhey catered for pupils both present In rhe classroom and learnlng from home, across the world. The School developed resources, encouraged collaboration, and adapted lesson observation practlce and feedback lo enable virtual le550n observaiions by line managers and peer professionals. The School Carried thrc>u8h the application lor Mlcrosoft Showcase Status and were 5ucce55ful in thi5 first stage being awarded Incubation Status. Acodemk The locus wa5 to contlnue to support staff with their di6ltal expertlse and development, enhan¢inB the creatlve use of software to Improve learning experiences, despite the challenges of hybrid cla55room5 and further periods ol khool c1ts5ure enlorced by the Government. The School year began with the academic areas dlvided into year group zones in order to protect pupils as much as possible from the spread of the viru5, Thi5 required more blended learning than we had anticipated. and the staff worked collaboratively to make adjustments and support pupi15 and each other. reachers worked diligently relinlng schemes of work and preparing rnateTial to engage pupi15 online and to also provide tasks that would take puplls away from devites. Pupils were unable to return to Schoul for the start of the Lent term 2021 as the Government announced, at very short notice, that Schools would remain closed from january 2021. Teachers provided online le550ns durin8 this period. Separate queslionnaires were sent to parenls and pupils to assess rhe qualSty of ¥emote earning during the first half of the Lent term. Feedback was extremely p051tive and responding to specific feedback enabled the School to continue to improve the learning experience. One hundred percent of parent5 who provided leedback felt ihat 'the quality of the remote le550n5 provided by the teachers. was excellent, very good or good. Eighty-two percent of pupils agreed or strongly agreed that '1 am happy with the style of 12 Sherborne School for Girls REPORT OF THE COUNCIL (continued) For the year ended 31 Au8USt 2021 teachin8 that the School ha5 provided,. Responses Irom the pupil que5tiannair8 established that teacher5 and tutor5 were helpful and supportive and that lessons were engaging. Pupil feedback also confirmed that the use of additional Microsoft feature5 such as'breakout rooms. had improved teaching and learnin8 by providing greater opportunities for group discussion and collaboration. Pupils returned to School on 8 March 2021 lor face-to-face teaching although 63 girls who wefÈ unable to rèturn contlnued to access le550n5 remotely. By cleverly crafting experiences lor pupi15 to engage with each other, teachers aimed to build a strong sense of communlty and belonging amongst each cla55, irrespective of the pupil's location, wttilst utilising the benellts ol most pupi15 being back in the classroom. Teaching and learning continued to be Monitored and supported throughout the academic year. Aernote peer and line manager lesson observations were possible with the use of technologies. The le55on observation process and form were revised to encourage collaboration amongst teacher5 and support with teachin8 5trate8ies. All Heads of Department observed thc&se they line rrana8e and all teachers observed a collea8ue during remote Schoolln8. Thts proved to be a Bood opportunSty for collaboratlon and the sharlng of best practices. resources and dlgital experiences. Staff engaged with parent5 and all Parents, Meetlngs during the last academic year were conducted onllne. Additional Parenls, Meetings were arran8ed for parents and pupils In U6 and U5 In order to ensure transparency on progress and achlevement during the perlod of internal assessmenis that replaced external examinatlons. Emumlnatlons Summer 2021 Wlth the cancellatlon of External Exarninatlon5, schools were requlred to Consider internal procedures lor awardin8 evldenced 8rade5 for GCSE. A Level and AS course5 lor awards summer 2021, and to produce a school policy on how the process was being handled for JCQ approval ITAG Policyl. Preparation for Alternarlve Grade Assessments required much time and consideration by the academlc SLT team and Heads of Department. Teachèrs were instrumental in creating and setting regulai assessments, and marking, moderatin8, and retainin8 evidence lor each pupil in each Subject, Pupi15 and parents were Informed of the assessment procedures via a sèries ol Q&A sessions. Further information from subject leads ensured pupi15 were aware of the assessment opportunities and how the School would collale the evidence of performance. Class time and additional internal assessment window5 provlded opportunities for a variety ol assessments to support puplls in demonstrating their knowledge and under5tandin8 01 variou5 toplcs. Pu5ton71 Care The School year be8an very clillerently with year 8roup boardln8 hrjuses, leading to gir15 and staff formin8 a range ol new relationships. Most pupi15 Opted ro be full boarders, temporarlly, in order to limit the movement between home and School, and thus keep the khool community COVID free. Although this positively helped to keep everyrjne safe, it resulted in abnormally large numbers in each house. and withgLtt the usual inter- house cornpetitions, sports matches. socials, town trips or any concerts and performances, the School felt very different to 'normal'. It was a challengirng time for girls and staff. Following the second national lockdown in November. all boardin8 houses remained open over the November exeat. Many pupils also ch05e to remain at School lor the September exeat and October half term. The School invested heavily in the quarantTrne provision for girls to return to School alr@r thè Christmas holiday, hiring Iwenty-three purpose built, bespoke, single cabins. However. responding at short notice to the third national lockdown, and the closure of all Schools in England resulted in the investment going unused. During the third national lockdown. the School Supported ten key workers, children and vulnerablo pupils, who lived together in one boarding house and received a mixture of face-to-face teaching and remote le550ns. The 13 Sherborne School for Girls REPORT OF THE COUNCIL (continued) For the year ended 31 Au8USt 2021 School was also able to offer quarantine for international pupils returning for Schools to re-open on 8 March. For those pupils who could not return until April, quarantine facilities were offered for the last ten da¥5 01 the Easier holidav. As the end of the Lent term approached, the School actively planned for a return to mixed age houses for the start of the Trinity term. This included creatin6 a number of mixed age house events and leadership challenge5 for the end of the Lent terfn. The staff and pupi15 were keen to return to their 'norrnal' house Setup and although the Trinity term operated under strict COVID protocols, the girls benefitted from being back with thelr original HMS. The pupi15 were keen to talk about the #everyone5invited web51te and In5taBram pa8e whlch grew in prominence followin8 thè murder of Sarah Everard. Ea¢h year group had an age-appropriate open discusslon with the Head and Deputy Head. The School put together a programme of resources to support further conversations in houses and reviewed the weekend socials prtsgramme. The LG8T+ surveys, PSHEE lessons and Parents, Pastoral Seminar were well received by pupi15 and the maloTItv of parents. Three members of the Diverse Voices Broup presented at the Parents. Pastoral Seminar and they enloyed this experlence. Sherborne Glr15 was 5hort115ted as a flnali5t In the BSA Wellbeln8 awafd, and as a result Mrs Jessica Bri885, Deputy Head (Pastorall, was asked to Pfesent at the BSA Health and Wellbeing Conference in July. on the toplc of supportin8 pupII wellbelng durlng the pandemic. She gave examples of how enhancin8 the pupil voice ancl supporting parent5 Ihrou8houl lockdown5 and remote learning kept the School together a5 a community. CTrCyrrkulor Provtslon The co-curricular programme ha5 thrived during a busy, creative and productive year, despite Covid. The School enjoyed three productions.. the senior play, Fohrenheit 451. was a binaural sound and film installalion,. Miles Aport was a comblnarion of playwrltlng, recordin8 and live performance,. and the junior play was a livelv promenadè productlon of Alice In Wontserlond. A range of online opportunities to engage with drama were a150 enjoyed by the pupi15. De5Plte musical activitie5 bein8 Severely curtailed this year, lessons continued femoiely and resumed in person as soon as possible, as did cholrs and ensembles. A number of smaller-scale, year group cctncerts were able to take place durirn8 the year and it was much appreclated by parents of performer5 that they were able to attend the three end of year concert5 and access recordings of these. Glven the challenges presented by constant changes to restrictions and guidance this year. the sport provision has been outstanding, with 3 range of 5umrner and wintef sports being offered alon85ide fitness classe5 and a very succe551ul 30-day online litne55 challen8e durin8 the third lockdown. A whole-school tearn challenge provided excellent leadership opportunlties. as did the Duke of Edinburgh's Award expeditiorns, which look place after much rescheduling. The newly formed CCF Contingent has also been extremely successful,. as the only joint activity 5UStained with Sherborne School thi5 year. it has been an important part of Sherborne Glrls, offering. Around 50 clubs and societles operated at various points during the year. though there was understandablv less interest in èngaging with these online during lockdown. Debating, in partlcular. has never been so popular. Although very lew off-site trip5 were able to take place, including the annual exchange prograrnmes to Australia. South Africa and Qataf. pupils were able to engage with online oppoituniti8s to get to know their counterpart5 In the Schoo15 Usually visited and hosted. Likewise. although members of the School were unable to mix with the local community, charity and outreach projects continued, for example. writing letters to rèsldents of local care homes and fundraising for organisations the School règularly supports, such 3$ ASHA. Pupils and staff have enjoyed a range of thought-provoking FTiday lecture5 thi5 year, rnostly via Teams, though some live attendance in year group bubbles wa5 Possible. Speaker5 included.. Ayla Holdom, transgender 14 Sherborne School for Girls REPORT OF THE COUNCIL (continued) For the year ended 31 August 2021 activist and former RAF pilot.. photographer and publisher lay Armstrong., Alex Lewis, who spoke about livin8 with a life-chan8in8 illness,. Paul Robben5, a props and special effects desi8ner', Soni6 Me88ie, who spoke about race and inclusion,. the BBC'S Europe Editor Katya Adler.. Jenny Morisetti, tru5tree of the Sambhali Trust. Rajasthan,. and Lucia Gore, who spoke to the pupils about exciting opportunities in the rapidly growing iech industfv. The School's weekend programme, though lar8ely house-based throughout ihe yèar, saw the girls enjoying a ange of active. creative and social activitie5, which helped to SUStain and challenge them and, importantly, 10 enable them to have Fun and mix safely with each other. A number of outdoor activities were able to take place. including a f055il hunting trip to Charmouth, big tree ¢limbin8, tag archery, and a falconry display. Towards the end of the year it was possible to organise some joint socials with Sherborne School, which were very well ieceived. The chaplaincy team continued to foster and enrich the splrltual life of the School, through inclusive and en8aging online services, and the School was dellghted to be able to hold a rescheduled Conf5rmatlon and Leaver5' services in She¥borne Abbey. Even though restrictions did not lift in lime for the School to enjoy the end ol year celebratlons in lull, the School was able lo record the Leavers, Service and livestream the Prize8iving on Commemoration Day to parent5. FINANCIAL REVIEW AND RESULTS FOR THE YEAR The result5 for the year are shown in the attached linanclal 5tatement5. The Group made a net surplus lor the vear of £512,00012020.' a surplus of E128,9861. the operatlng surplus for the group was £20,18312020.' E169.6011. In splte of the difficult economic clrcumstances, pupll number5 rernain stable and the School continue5 to invest in capital projects and existin8 infrastructure. Governors are satisfied with ihis year's financial performance. They tlosèly monitor the School's cash flow projections and are 3150 satisfied that the School will continue to 8enerate 5uificient cash lo meet requlrement5. The School continues to identlfy more ellicient Way5 to operate in order to enable it to further Improve its academic and pastoral standards and lacilllies, and to increase its operational surplus. Trodlng Companles A wholly-owned trading subsldiary, Mulliner Tradin8 Isherbornel Llmltèd, continues to operate the School Shop and hire ol the School'5 facilities throughout the year. The Company has contributed Enil12020.' Enill ro thè School's operating surplu5 due to maklng a surplus ihis year of £29,245 which has been used to offset the1055 01 £64,230 in the previous year. A further wholly-owned subsidiary, Sherborne Sports and Leisure Limited ISSLLI. provides sports and leisure facilities for the School and local community. SSLL made a small profli for the year of £2.68212020.' E55,594 lossl. The Sherborne Girls Foundation, a controlled entity of Sherborne Girls, manages the 5¢hool's fundraising. The Foundation made a nei loss for the year of £13,82512020'. nei1055 £40,910). Reserve5 Pollcy A5 stated in note 17 to the accounts, the funds are split a5 follows.. unrestricted fund £18.958,53612020: £18,696,076], restricted fund £1.310,12812020'. £1,129,639) and endowed funds E730.87912020'. £661,828). Sherborne Girls does not hold any free reserves., all operating surpluses are invested in fixed as5et5 in order ro ensure the continued development of the School. Investment in the School's inlrastruEture and facilities rernains essential to ensure mornenturn 15 maintained in the recruitment ol healthy pupil numbers. A general reserve has been retained to provide a buffer against fluctuations in intome resultant from any significant adverse variations In pupil numbers. Thi5 fund was not required during the challenges of the 202012021 year. 15 Sherborne School for Girls REPORT OF THE COUNCIL (continued) For the year ended 31 August 2021 Investment Polky The School's Investment powers are governed by the Memorandurn and Articles of A5SOClalion, which permits the Charity's funds to be invested in any Security listed on the London Stock Exchange. General Fund. The School a150 ha5 a General Funcl held within investments which represents a reserve to be called upon in case of emergenry. The Governor5 have deerned a suilable level for thls reserve to be no less than £1.8m and this value will be preserved over time in real terms. 11 is possible that Surn5 will be added to the fund should the School produce a surplus for a number of years. but withdrawals could then 5ubseouently be made to fund capital projects. Income from thls portfolio is not required therefoie the investment objective is to provide capital growth. Restricted Funds. Therè are flve funds set up lo provlde bursaries and scholarships.. Sherborne School for Gir15 Scholarship Fund, Thè Verdon-smith Sixlh Form Bursary Fund IEndowedl. Sherborne School for Girls PTize Fund. Mary Boughey's Leavin8 Scholarship Fund (Endowed). The 8ursaries and Scholarship Fund. The alm of these portfolios Is to produce sufficient Incorne ea¢h year to allow bursaries, sclolarshlps, and prlzes to be awarded in line with the underlying restTlcted purp05e5 of each trust. There are no speclllc incorne targets and income wlll not necessarily be distributed each year, but the real value of the incorne generated should be maintained over lime. The Investment Committee has adopted a prudent approach and aims to withdraw 3% per annum from these portfoli05. The assets within the Restricied Funds arè invested in the Charity Multl-Asset Fund managed by Cazenove Capital Mana8ement. This fund has a lar8et of RPI plus 4% and to accord with the deslre to withdraw only 3%, the Restricted Fund portfolios are invested 75% In the income units and 25% in the accumulation units. The income units pay Out 4% per annum. Thls aligns with the requirement lor these portfolios to produce a prudent level of income each year to Fund bursaries, scholarships, and prlzès. Development Funds. Other funds include.. Where the School needs It most. Scholarship & Bursaries. Annual Fund. Art Centre Fund. o The Harrlet Tory Fund. Buildings and Facllities. Candlelight Fund, for bur58ries. FUTURE PLAN5 Mindful of the continuing impact the pandemic has on the global economy as well as national and local businesses. the education sector and specifically the independent education sector, Sherborne Girls, focus for the coming academic yeèr12021-20221. will be to Strèngthen the School's Èducational offerlng, in turn increasing the pupll roll and generating greater financial stability, employee security and improved future- proofin8. Thi5 will be achieved with a particular focus on.. supportlng and promotlng Staff wellbelng 50 Ihat all employees feel the School is a true investor in people. where they are heard and listened to and where a more consultative approach is adopted. The School aims to equip staff with the skills and the environment in which to make inforrned 16 Sherborne School for Girls REPORT OF THE COUNCIL (continued) For the year ended 31 August 2021 decisions to help support their wellbèin8. A positive and engaged staff body will enhance the pupi experience and develop the School's reputation and Increase recrultment ol both excellent staff and pupils. continuing to enhance the School's posltlon as a leadlng-full boardlng School. Last year the School focused on securing a pupil roll of 475 by September 2021 which was athieved. For Septembèr 2022, thi5 figure has been Set at 490 of whom the School aims lor at least 88% to be full boarder5. The estates development plan will focus on the refurbishment of boardin8 accornmodation to enhance the experience and provide purposeful spaces to live and work. The provision for Sixth Form boarders will be reviewed to reflect the increased demand lor places and the alte[￿ study experlence crèated by the di8ital revolution. empowerln8 the School's puplls by IncreasinB the opportunities for them to engage in meanin8ful discussions, ask difficult and often contentlous questions. lead session5 and explore theii own understanding of Issuès faclng yrtrurng people today. This will be done by developing the pupil voice through the Diverse Voices Group which thi5 year will tackle i55ue5 related to, but not limited to, #everyone5invited, Black Lives Matter, and LGBTQ+ awarenes5. rebuilding the School's communlty outreach programme lollowlng the restrlctlons Imposed by the pandemic. Opènlng thè School's doors anLI events to the local comffiunity, esoecially those in sheliered housing and care hornes will Foster both Collaboratlon and Communlcatlon wlth the Wlder Communlly. This wlll provide meaningful opportunities and experiences for pupils and enhance the School's reputation as one that Ilves by Its values. 5. building upon the School's digltal strategy foundation5 and movement closer towards achievln8 Microsoft Showcase School status. Last year, a dlgltal strategy was ernbedcled wiihln the School. Thls year, the aim is that digital technology is used throughout the School and. where approprlate, for all èvents and activitie5. For pupils this will help the School develop the luture 8eneratlon of 21" Century women and lor staff this should allow tlme5aving with marking and feedback, parent meetings and resource planning. In turn, the School's reputation would strengthen and the wellbelng of our staff would improve as more time15 available for lile-balance activitle5. Rlsk Manoqement The Council ha5 ultlmate responsibillty for the management ol risk faced by 5herborne Gir15. Detailed consideration of risk is delegated lo the varlous sub-committees and the Senior Leadershlp Team. Rlsks are identified and asse55ed, and contro15 established,. thi5 proce55 15 continuou5 throu8hout the year. The Governor5 have reviewed the principal areas of the School's operations and considered the major risks faced in each area. The School believes the principal risks are a failure to meet the pastoral dutleS to pupils.. a lailure 10 recrult puplls in sufficient numbers,. and a failure to develop staff, la¢ilities and 5yStems in such a way as to enable the School to remain a leadin8 independent School, These risks are considered in detail by sub- committees each teim and by the full Council at least onEe a year. The key Contro15 Used by the Charitv include.. formal agendas for all Committee and Council activity.. detalled terms of reference for all Commitiees- comprehensive strategic plannin& budgeting and managernent accounting,. established orBani5ational structure5 and clearly recognised lines of reporling., formal written policies. clear authorisation and approval levels. vetting procedures as required by law for the protectlon of the vulnerable., and 17 Sherborne School for Girls REPORT OF THE COUNCIL (continuedj For the year ended 31 August 2021 appointment of persons with special responslbillties relating to the safeguarding and pastoral care of puplls and Staff. A specific risk assessment wa5 prepared to assess the risks p05ed by the COVID-19 pandemic across all areas of the School. Prior to re-opening in September 2020, the School'5 assessment of risk was reviewed by an external consultant. In the opinion of the Governor5, the School has establlshed resources and a review systern which should allow risk5 to be mitlgated to an acceptable level. Stutement olGovemors'Responslbllltle5 The purpose of this statement is to distlngulsh the responsibilities of the Members of the Council for the accounts Ifom those ol the auditor as stated in thelr report. The Members of rhe Councll (who are also directors of Sherborne Girls lor the purposes of company lawl. are responsible for preparing the Report of the Countil, includin8 the Strategic Report and the flnancial statements in accordance with applicable law and United Kingdom Generally Acceptod Accounting Practice Iunlted Kin8dorn Accountlng Slandards). Company law requires the Member5 01 the C¢uncil to prepare financlal statements for each Ilnancial year. Under company law the Members of the Councll Must not approve the flnancial statements unless they are satlslied that they give a irve and lalr view ol the state of alfalrs of the charitable company and the group and of the income and expenditure ol the charitable group lor that period. In preparin8 these financial statements, the Mernber5 91 the Councll reqtslred lo.. 5ele¢l suitable a¢counring pollcies and then apply them consistently* observe the method5 and principles In ihe Charities SORP., rnake judgements and estlmate5 that are reasonable and prudent,. state whether applicable UK Accountin8 Standards have been followed. subject to any materlal departures disclosed and explalned in the financial statements., and prepare the financial Statements on the going concern basis unless it is inappropriate to presume that the charitable group will continue in business. The Members ol the Council are responsible for keepln8 proper accounting records that are sufficient to show and explain the charltable Broup transactlons, disclose with reasonable accuracy at any time the financial P051tion of the charltable group and enable them to ensure that the financial Statements comply with the requirements of the Companies Act 2006 and the provision5 of the charity's conslliution. They are also respon51ble for safeguarding the asseis of the charitable company and the group and hence for takin8 reasonable Steps lor the prevenrion and detection of fraud and other irre8ularities. The Members of the Council conflrm that they have complied with the duty in 5ectlon 17 of the Charitie5 Act 2011 to have due regard to the Charity Commission'5 published general and relevant sub-5ector Buidance concernin8 the operation of the public benefit requirement under that Act. Relevont audlt Infomlotlon In 50 far a5 each of the Member5 of the Council of the charitable group at the date of approval of thls report Is aware, there is no relevant audit information (information needed by the charity's auditor In connection with preparing the audit report) of which the charitable group's auditor is unaware. Each CDunciI member has taken all the sieps that they should have taken as a Council mernber to make them5elve5 aware ol any relevant audit information and to establish that the auditor is aware of that information. 18 Sherborne School for Girls REPORT OF THE COUNCIL (continued) For the year ended 31 Au8USt 2021 CHARITY GOVERNANCE CODE Sherbo¥ne School for Girls is a not for proflt organisatlon whlch aims to follow charlty sector best practice.. the Members of the Council are farnlllarising themselves wlth the updaled version of the Charity Governance Code Ithe"Code'l published in July 2017 and updated 2020. The Member of the Council, who are the Trustees ol the Charity, consider that Sherborne School lor Girls governante framework does ali8n with the Code. A consideration of the Code was undertaken by the Governance and Nominatlons Commirtee. The Members of the Councll have noted that increasing the diversity ol the Council of Governors will be an objective. However, the Members of the Council believe Sherborne School for Girls is fully compliant with the Code. FUND RAISING STANDARDS Sherborne School lor Girls does not currently 5ubscrlbe to any specific fundralsln8 Standards or 5cheme5 for fundraisin8 re8ulatlon but consider5 that it has Set appropriate Standards lor the operation and rnanagement ol Its fundraising activities. In particular, Sherborne School for Girls considers that its processes and controls should ensure that vulnèrable people and other member5 of the public are protected from any unreasonable Intrusion on a person'5 privacy and that no fundraising activitles would be unreasonably per51stent or place undue pressure on a person to 8ive money or other property. During the year there were no complalnts recorded. AUDITOR A resolution will be proposed al the annual general meetlng to reappolnt Crowe U.K. LLP, who have Indlcated thelr willlngness to continue In office. The Report of ttte Councll was approved by the board of Shèrborne School for Glrls on 26 November 2021 In their capaclty as company dirertor5, approving the Report of the Council and the Strate8ic Report contained therein. and sl8ned on Its behalf by.. R W Strang Chairrnan 19 Sherborne School for Girls INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS Opinion We have audited the financial statements ol Sherborne School for Girls ltsr the year ended 31 August 2021 which comprise the consolidated statement of financial a¢tivitie5, the consolidated and charity balance sheets, the consolidated cash flow stalement arbd notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Xin8dorn A£countin8 Standards, includin8 Financial Reportin8 Standard 102 The Flnanclal Reporting Standard applicable in the UK and Republlc of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: Rive a true and fair view of the state of the 8roup's and the charltable company's allairs as at 31 August 2021 and of the group's incoming resources and application of fesources, including its income and expenditure lor the year then ended.. have been properly prepared in accordance wlth Unlted Klngdom Generally Accepted Accountin8 Practice., and have bèern prepared in accordance with the requiiements ol the Cornpanies Act 2006. Bas15 for oplnlon We conducted our audit in accordance with International Stèndards on Auditlng IUKI IISAS IUKII and applicable law. Our responsibllllles under those siandard5 are further described in the Auditor's responslbllities lor the audit of the financial statements section ol our report. We are independent ol the group in accordance with the ethical fequirement5 that are relevant to our audit ol the financial statements in the UK, including the FRC'I Ethical Standard, and we have fulfilled our other ethlcal responsibi15tle5 In accordance wlth these requirement5. We believe that rhe audit evldence we have otstained Is sufficient and appropriate to provide a basis for our oplnlon. Con¢luslon5 relatln8 to 8olng concern In auditin8 the flnanclal staternent5, we have concluded that the Council Members, use of the going concern basls ol accountin8 in the preparation ol the financlal statements is app¥opriate. Basèd on the work we have performed. we have not identified any material uncertainties Telatln8 to evenis or conditions that, indivSdually or colleciively, rnay cast SlBnilicant doubt on the group's or charitable company's ability to continue as a goin8 concern for a period ol al least twelve months from when the financial statements are authorlsed forlssue. Our re5pon5ibilities and the responsibilities of the Members ol the Council with respect to goinB concern are described in the relevant section5 of this report. Other Information The Members of the Council are responsible for the other Information contained within the annual report. The other information comprises the information includèd in the annual report, other than the financial Statements and our auditor's report thereon. Ou¥ 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 lorrn of assurance conclusion thereon. Our re5pon5ibility is to read the other informatlon and, in doing $0, ¢onsider whether the other information is materially inconslstent with the financial statements or our knowledge obtained in the audlt or otherwise appears to be materially misstated. If we identify Such material inconsistencies or apparent rnaterial misstatement5, we are required to determine wttether this gives rise to a material mi55tatement in the flnanclal 20 Sherborne School for Girls INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS statements themselves. If. based on the work we have perftsrmed, we conclude that therels a material misstalement of this other information. we are required to report that fact. We have nothing to report in thi5 regard. Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion based on the work undertaken in the course of our audit the information glven in the Annua5 report of Councll and Strategic Report. which includes the directors. report and the Strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statement5, and the strategic report and the dlrectors. report Included wlthln the Annual report of Council and Strategic Report have been prepared in accordance with appllcable legal requirement5. Matters on whlch we are requlred to report by exceptlon In Ilght of the knowledge and understanding of the group and the charitable company and their envlronrnent obtained in the course ol the audit, we have not identified material misstatements in the strategic report or the directors, report included within the Annual report of Councll and Strategic Report. In li8ht of the knowled8e and understandin8 of the charbtable corrpany and their environment obtained In the course of the audit, we have not identllled materlal misstatements in the strate8lc report or the dlrectors, report Included wlthln the Report of the Council. We have nothln8 to report in respect of the followlng rnatters in relation to whlch the Companles Act 2006 requires US to report to youll, in our oplnlon.. the parent company has not kept adequate accounting records.. or the parent company financial statemenis are not in agreement with the accounting records and returns,. or certain disclosures of the Mernber5 ol the Council rernuneratlon specified by law are not made., or we have not received all the Information and explanations we require for our audlt. Responslbllltles of Governors As explained more fully in the Goveinor5' responsibilities statement on page 18 the Governor5lMembers of the Council Iwho are a150 the director5 c*1 the charitable company for the purp05e5 01 company lawl are responsible lor the preparation ol the financial statements and for bein8 satisfied that they give a true and lair view, and for such internal control a5 the Members ol the Council determine 15 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the flnanclèl statements, the Members of the Coun¢il are responslble for assesslng the charitable company's ability to continue a5 a goin8 concern, di5cIosing, a5 applicable, matters related to goin8 concern and using the going concern basis of accounting unless ihe Members of the Council either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responslbllltles for the audlt of the flnanclal statements Our objectives are to obtaln 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 auditorfs reptsrt that includes our 21 Sherborne School for Girls INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS opinion. Reasonable assurance is a high level of assurance, but 15 not a guarantee thai an audit conducted in accordance with ISAS ILJKI will always detect a material rni55tatement when it exists. Mlsstaiements can arise frorn fraud or error and are considered material if. individually or in the aggregate. they could reasonably be èxpected to influence the economic decisions of users taken on the basis of these flnancial statements. Extent to whl¢h the audlt was consldered capable of detertln( irregularltles. In¢ludlng fraud Irre8ularities. including fraud. are instances of non-compliance with laws and regulations, We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, includin8 fraud. The extent to which our procedures are capable of detecting irregularities. includin8 fraud 15 detailed below.. We obtained an understandln8 of the legal and regulatory frameworks within whlch the charlty and 8roup operates, focusing on those laws and regulations that have a direct effect on the determination ol material amounts and disclosures in the financial Statements. The laws and regulations we considered in this context were the Charities Acr 2011, tO8ether with the Charitles SORP IFRS 1021. We assessed the required compliance wlth these laws and re8ulatlons as palt of our audii procedures on the related 1Snancial statement Items. In addition, we considered provlslons ol other laws and regulatlons that do not have a dlrect effect on the rinancial sratements but compliance with whlch ml8ht be fundamental to the charity's and the 8roup'5 ability to operate or to avoid a material penalty. We al50 considered the opportunitiès and incentives that rnay exist within the charitable company and the group for fraud. The laws and regularions we considered in this context for the UK operatlons were The Education Ilndependent School Standard51 Re8ulation$ 2014. health and safety and employment le8i51ation. Audltlng standards limlt the required audit procedures to identify non-compliance wlth these laws and reBulatiohs to enquiry of Members ol the Council and other rnanagement and Inspection of re8ulatory and legal correspondence, if anv, We identilied the greatest risk of material impact on the financial statements from irre8ularltle5, includlng fraud, to be wlth the completeness and accuracy ol income. and the overrlde of tontrols by management. Qur audlt procedures to respond to these ri5k5 included enquSries ol rnanagement. the Bursar and the Finance & General Purposes Committee about their own ideniificalion and assessment ol the ri5k5 of irre8ularities, sample te5tin8 on the postlng ol Journa15, reV￿eWing accounting estimates lor biases, designing audlt procedures over Income, reviewin8 regulatory correspondence with the Charity Commlssion. Independent hools Inspectorate, Ofsted and reading mlnutes ol meetings of those charged with governance. Owlng to the inherent Ilmitations 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 perlormed our audit in accordance wlth auditing standards, For exarnple. the further removed non-compliance wlth law5 and regulation5 Ilrregularities) is from the event5 and tr3nsaclion5 reflected in the financial statement5, the less likelv the inherently limited procedures required by auditing standards would Identify it. In addition, as with any audit, there remained a higher risk of non-detection ol irre8ularitie5. as these may involve collusion, for8ery, intentiona omissions, mi5repre5entations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance wlth all laws and regulations. A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council's website at.. www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditorfs report. 22 **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS** ## **Sherborne School for Girls** ## **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 Gloucestershire GLS0 3PR Date: 19 January 2022 23 Sherborne School for Girls CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (incorporating the consolidated income and expenditure account and total reco8nised gains and losses) for the year ended 31 August 2021 Unrestricted funds Restricted funds Endowed fund5 Total 2021 Total 2020 Notes Income from: Charitable activitie5 School fees receivable Anclllary tradlng income Other tradlng actlvltles Non-Ancillary Trading income 3 Investments Investment Income and Interest 5 Voluntary Sources DonaliDns and Legacie5 13.987,431 1.057,598 13,987,431 13,064.229 1.057,598 1,084.192 899,401 899,401 1,582,327 105,395 95.869 201,264 197.954 16.361 32,327 48,688 204,829 Total Income 16,066,186 128.196 16,194,382 16,133,531 Expendltufe on Ralsln¥ funds Fundralsin8 C05t5 Non-Ancillary Tradlng Financin8 ¢0$1$ Investment rnanagement C05tS Share of Joint Venture Ios5 28,607 1.015,127 394,720 6,957 9,554 28,607 1,015,127 394,720 12,269 9,554 54,606 1,253,774 427,246 11,180 15,542 3,180 2,132 Charitable activities Education and 8rant makin8 14,607,702 106,220 14,713,922 14,201,582 Total expenditure 16.062,667 109,400 2,132 16,174,199 15,963,930 Nèt Incomelldèflcltl from opÈratlons before Investments 8alns or105se5 3,519 18,796 12.1321 20,183 169,601 Net Ilossl/gains on investments 11 241,220 179.414 71,183 491,817 140,6151 Net Incomellexpendlturel lor y•ar Transfers 244.739 17,721 198,210 117,7211 69,051 512,000 128,986 Net movement in funds 262,460 180,489 69,ClS1 512.000 128,986 Reconclllatlon of funds.. Total funds brought forward 18.696.076 1,129,639 661,828 20,487.543 20.358,557 Total funds carrled forward 17 18,958.536 1,310,128 730.879 20,999,543 20,487.543 All of the group's activitles are classed as continuing. The notes on pa8e5 27 to 52 lorm part of these financial statements. 24 ## **Sherborne School for Girls** ## **CONSOLIDATED AND CHARITY BALANCE SHEET as at 31 August 2021- Company Number 00306828** ||||_Group_||_Charity_| |---|---|---|---|---|---| |||2021|2020|2021|2020| ||_Notes_|£|£|£|£| |FIXED ASSETS|||||| |Intangible assets|9|19,744|23,692|19,744|23,692| |Tangible assets|10|27,433,525|28,219,463|25,321,971|26,037,038| |Investments|11|4,663,790|4,052,400|4,663,890|4,052,500| |TOTAL FIXED ASSETS||32,117,059|32,295,555|30,005,605|30,113,230| |CURRENT ASSETS|||||| |Stocks|12|140,322|153,429|89,791|89,707| |Debtors|13|131,098|364,518|2,160,736|2,457,809| |Short term cash deposits|||||| |Cash at bank and in hand||2,784,632|170,476|2,657,784|22,999| |TOTAL CURRENT ASSETS||3,056,052|688,423|4,908,311|2,570,515| |CURRENT LIABILITIES: amounts payable in|||||| |less than one year|14|(6,624,671)|(5,425,959)|(6,611,099)|(5,353,243)| |NET CURRENT (LIABILITIES)||(3,568,619)|(4,737,536)|(1,702,788)|(2,782,728)| |TOTAL ASSETS LESS CURRENT LIABILITIES||28,548,440|27,558,019|28,302,817|27,330,502| |CREDITORS: Amounts payable in more than|one yearlS|(7,548,897)|(7,070,476)|(7,548,897)|(7,070,476)| |NET ASSETS||20,999,543|20,487,543|20,753,920|20,260,026| |TOTAL FUNDS|||||| |Restricted funds|17|1,310,128|1,129,639|1,285,864|1,091,549| |Unrestricted funds|17|18,958,536|18,696,076|18,737,177|18,506,649| |Endowed funds||730,879|661,828|730,879|661,828| |TOTAL FUNDS|17|20,999,543|20,487,543|20,753,920|20,260,026| The parent charity's income was £15,654,858 (2020: 15,422,567) and expenditure was £15,652,779 (2020: £15,132,846) which with unrealised gains on investments of £491,815 results in a surplus of £493,894 (2020: £289,721). y the Members of the Council and authorised for issue on 26 November 2021. R W Strang �.LL J S Blanch The notes on pages 27 to 52 form part of these financial statements. 25 Sherborne School for Girls CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 August 2021 Notes 2021 2020 CASH FLOWS FROM OPERATING Acriv￿lES Net cash provided by Dperating activities 22 2 874 122 1164 323 CASH FLOW5 FROM INVESTING ACTIVITIES Payments for tangible fixed assets Disposals of tangible fixed assets Additions to securlties Investments portfolio Withdrawals ffom 5ecuritie5 investments portfolio Investment income and bank Interest receSved Transfer in cash with investment manager 1426.3211 1465,3231 9,287 1125,7741 1138,9581 17.527 54,721 201.264 197,954 111,1621 12,0771 Nèi cash used in investin8 activities 1344.4661 1344,3961 CASH FLOW5 FROM FINANCING ACTIVITIES New loan5 Repayment of loan5 New Hlre Purchase Aepayment of hlre purchase Finance costs paid Investment manager charges 1,380.000 1241,3711 1219,1511 192,4791 193,9441 1394,7201 1427,2461 112,2691 111,1801 Net cash provlded byllused inl financlng activities 639,161 1751,5211 Reconclllatlon of rtet cash flow to movement In net funds: 22 Change In cash and cash equivalents In the year 3,168,817 68,406 Cash and cash equivalents at the beginnlng of the year 1384,1851 1452,5911 Cash and Cash equl¥alents at the end Df the ye•r 2,784,632 1384,1851 The notes on pages 27 to 52 form part of these financi315tatemeni5. 26 Sherborne School for Girls ACCOUNTING POLICIES for the year ended 31 Au8U5t 2021 CHARITY INFORMA TION Sherborne School lor GSrls I'the School'l is a private charitable company Ilmiied by guarantee. The School is registered with the Charity Commlssion England and Wales (registered no.. 3074271. The charily was incorporated as a company limited by guarantee with Companies House EnBland and Wales Iregisiered no.. W3068281. IIS registered and principal office 1$ 8iadlofd Road. Sherborne, Dorset. DT9 3QN. The members of the cornpany are the tru5tee5 named on pa8e l. In the event ol the Charity being wound up, liability in respect ol the guarantee 15 limlted to £1 per member ol the Charity. BASIS OF PAEPAKATION AND CONSOLIDATION The con501idJied financial 5tatemenis have been prepared in sterling. which is the functional currency of the group, under the historical c05t convention in aciordance with Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable to charities preparing their accounts in accordance wlth ihe Flnanclal Reportin8 Siandard applicable In the UK and Republic ol Ireland IFRS 1021- (Charities SORP IFRS 10211, the Financial Reporting siandard applicable In ihe UK and Republic of Ireland IFRS 1021 and the Companie5 Act 2006. The School mee15 the delinition ol a public benelit entily under FRS 102. Assets and Iiabilitles are Inliiallv reco8nised at hlstorical cost or transaction value unless otherwlse 5taied in the relevant accounilng pollcy notes. The statement ol financial activitie5 and balance sheet con501idate the financial statements ol the School and its subsidiary undertakin65, Mulliner Tradin8 Isherbornel Limited, Sherborne Sporls and Lelsure Limlted and The Sherborne Girls Foundation. The resulis ol the 5ubsidlary undertakln85 are consolidaied on a Ilne by Ilne basls. No separate slatg.ment of financial activities has been presenled for the School alone as permitted by Sectson 408 01 the Companie5 Act 2006 and para8raph 1.12 Icl ol ihe SORP. The net result ol ihe parent Iihe chariiyl Is shown on the balance sheet. The S¢hool ha5 entered into a joint venture arrangement with Sherborne School. Each school own5 50% interest in Sherborne Schools Worldwide Ilmited. Further information on this joint venture is detailed in note 20. GOING CONCERN The Governors have assessed whelher the use ol the aoing concern basls Is appropriate and have considefed possible events or conditions ihai might cast 518nificani doubi on the ability of the Charitable grotsp to coniinue as a 80in8 concern. The Governors have made thls a55e55ment fow è period of at least one year from the date of approval ol the financial staternents. The governors have prepared a numbor of scenarios thai consider our cash position, sources of income and planne{1 expenditure Th15 intlude5 the impatt ol the pandemic on operation5 together with assumptions around recovery thereafter. These scenarios conslder feduced pupil numbers, delayed fee payment, reduced fees and potential bad dèbis as well a5 impa¢1 on costs from the measures taken $0 lar. Sen51tivity around these assumption5 has also been considered in our forecasting. Results of this cash flow and sensltlvily analysis Indicate that the cash re5eive5 of the charity are adequate to meet the charity's obligations as they fall due. Having regard to the above, the 8overnors believe it approprlate to adopt the going concern ba515 of accounting in preparing the financial 5tatement5. 27 Sherborne School for Girls ACCOUNTING POLICIES for the year ended 31 August 2021 DONATIONS AND FUNDACCOUNTING Donations are accounted for as and when entitlement arlses. the amount can be reliably q￿antIfied and the economic benefit to the 5choollgroup is considered probable. For leÉacles, entltlement 15 the earliest of the school being notified of an Impending dlstributlon or the legacy being received. General funds are unrestricted funds which are available lor use at the dlscretlon of the rrustees in furtherance ol the general objectives of the School and which have not been designed for other purposes. Donatlons feceived for the general purpose5 01 the School are included as unrestricted funds. Donations for activities restricted by the wishes ol ihe donor are taken to 'restricted funds" when these wi5he5 are le8ally binding on the Governors. Endowed funds generate income fr¢m two Trust Funds, the incoming resources from endowed funds are restricted. INCOME All income is included In the SOFA when the School is legally entitled to the Income and the amount can be quantlfied wlth reasonable accuracv. Gros$ school fees comprlses gross lee5 receivable and fees for extra tuitlon etc. after deductln8 introductorv commission. All other incomlnB resource5 are accounted lor on an accruals ba51s. ADVANCE FEES SCHEME The School offers parents the opportunlty to pay for up to seven years tuitlon lees In advance In accordance wlth a written contract. The amount received Is invested and interest is accrued t¢ ¢ontracts. This is treated as deferred income until the pupil joins the School whereupon the lees lor each School term are charBed against the remainln8 balance and taken to Income. Any shortfall is treated as a deduction from School fee income and any excess accrued Is treated as additlonal School income. EXPENDITURE All expendlture is accounted lor on an accruals basis and has been c135sifled under headin85 that aggregate all costs related to the category. Where cost5 cannot be directly attributed to particular heading5 they have been allocated to activitie5 on a ba515 con515tent with usè of the resources. The irrecoverable element of VAT is included with the item of expense to which it relate5. All costs a5SOClated with the provision of education are allocated to Charitable Activities. Only ttte costs directly 15SOCiated with, or incurred 501ely in, Charitable Activitie5 are allocated to this category. Support and governance Costs comprise the c05t5 of runnin8 the khool, including strategic planninB for its future developrnent, external audit. and all oiher costs of complying wirh constltutlonal and statutory requirements. Trading costs are costs that link directly to the generation of trading incorne. 28 Sherborne School for Girls ACCOUNTING POLICIES for the year ended 31 August 2021 INTANGIBLE FIXED ASSETS Intangible asseis are capltalised and fecognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. lrntangible assets are initially recognised at Cost and are sub5equentlv measured at cost net ol amoriisation and any provision for impairment. Amorlisation is provided on intangible fixed assets ai rate5 cBlculated to write off the cost ol each asset on a strai8ht-line basis over its expected usèful Ille, as follows.. Trademarks IO% of cost FIXED ASSETS AND DEPRECIATION Fl¥ed assets are held for charitable purposes and are shown In the balance sheet at cost less accumulated depreciation and accumulated Impairment losses. All asset5 C05tin8 more than £1,000 are capitalised, those COsLin8 less are wrltten off in the year of acquisition unles5 they form part of a larger project. Depreciatlon Is provlded at the following annual rates in order 10 write off each assei over Its estlmated useful Buildin85. including swlmmlng pool Flre precautions Boileis. Ftjrniture, machinery and equipment Vehicles. Computer and office equipment 2-10% of cost 5% of cost IO% of c05t IO% ol cost 20-25% of c05t 33.3% of c05t included within furniture, machinery ond equipment No depreciatlon is provided on freehold land or assets in the course of construction. Fixed assets are reviewed for Impalrrnent If events or changes in clrcumsiances Indlcate thar the ¢arryinB amount may rnot be recoverable or as otherwise requlred by relevant accountln8 Standards. srocKS Stocks are valued at the lower of cost and net realisable value. Stock tonsists o18oods held for sale and other consumables. INVESTMENTS AND INVESTMENT INCOME Investments listed on a reco8nised stock exchange are valued at the market value ai the balance sheei date. Any 8ain orloss on revaluation is taken to the SOFA. Investment income Is accounted lor in the peric>d in which ihe charity is entitled to receipt. Provision is made for any permanent dlminutlon in the value vf fixed asset investments. Investments in subsidiarie5 are stated at C05t. PENSION CONTRIBUTIONS The Charity Contributes to the Teachers. Pension Defined Benefits scheme at rares get by the Scheme Acluary and advised to the Board by the Scheme Administrator. The Scheme is a multi-employer pension Scheme and it is not possible to identify the a55et5 and liabilities of the scheme which are attributable to the School. In accordance with FRS102 therefore. the scheme is accounted for as a defined contribution scheme. The Charlty also cunlributes to individual personal pension schemes for non-ieaching stalf. 29 Sherborne School for Girls ACCOUNTING POLICIES for the year ended 31 August 2021 FINANCE AND OPERATING LEASES Rentals appllcable to operatlng leases are charged to the SOFA over the period in which the cost is incurred. Assets purchased under firnan¢e lease are capitaSised as fixed assets. Obli8ations under such aBreement5 are included in creditors. The difference between the capitalised cost and the total obligation under the lease represents the finance charges. Finante charges aTe written-off to the SOFA over the period of the lease so as to produce a constant periodic rate of charge, EMPLOYEE BENEFITS The costs of short-term employèe benefits are reco8nised as a Ilabllity and an expense. The cost of any unused holiday entitlement is re¢o8nised in the period In whlch the ernployee's services are received. TermSnation benefTts are recognlsed immediately a5 an expense when ¢ommltted to terminate the employment of an employee or to provlde termination benefit5. DEBTORS Trade debtors, other debtors and accrued income are reco8ni5ed at the settlement amount due after any trade discount which is measured at amortised ¢osi less any impairment. Prepayments are valued at the amount prepaid nel of any trade discounts due. CASH AND CASH EQUIVALENTS Cash and cash equivalents include, cash In hand, deposlts held at call with banks, other 5hort-term Ilquld investments wlth ori8inal maturlties of three months of less, and bank overdrafts. Bank overdrafts are shown CREDITORS AND PROVISIONS Credltor5 and Provisions are recognised when the charity has a present obllgation as a result of a past event, these are measured at amortIS￿ cost less any irnpairment, it Is probable that a transfer of economic benefits wlll be requlred to settle the obligation, and a reliable estimate can be made of the amount of the obli8ation. BASIC FINANCIAL INSTRUMENTS The School ha5 financial assets and financial liabilities ol a kind that qualify as basic financial in5trurnents. Baslc financial Instruments are InStlally reco8nised at transaction value and subsequently measured at their settlement value (see note 161. JOINT VENTURE The School has a 50% share in a lolntly controlled entity. Sherborne School Worldwide Limited, The school recognises its interest in the joint venture u5in8 the equity method. Further inforrnation is provided in note 19. JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY Estimates and judgement5 are continually evaluated and are b35ed on historical experlence and other factors, includin8 expectations ol future events that are believed to be reasonable under thè circumstances. The items on the financial statements where these esrimaies and judgements have been made include the following-. 30 Sherborne School for Girls ACCOUNTING POLICIES for the year ended 31 August 2021 Useful economic lives The annual depreciation charge for property, plant and equipment is Sensit￿Ve to changes in the estimated useful economic lives and residual value5 Qf the assets. The useful economlc lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimate5, based on technological advancement. future inve5tment5, economic utilisation and the physical condition of assets. See note 10 for the carrying amount and useful economlc life of eath class of asset. Recoverable value of fee debtors The company rnakes an estlmate of ihe recoverable value of trade and other debtors. When assessing impairment of trade and other debtor5, management considers factors includln8 the turrent credit ratin8 of the debtor. the ageing profile of debtors and historical experience. See note 13 for the carrying amount for fee debtors. 31 ## Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021 |1|CHARITABLE ACTIVITIES|
FEES||| |---|---|---|---|---| ||RECEIVABLE|||| ||||2021|2020| ||||£|£| ||Fees receivable consist of:|||| ||School Fees||16,809,343|16,582,230| ||Reduction: amended Trinity term fees||-|(2,101,085)| ||amended Lent term fees||(1,108,539)|-| ||Less: Bursaries, Scholarships & allowances||(1,781,064)
|(1,522,765)
| ||||13,919,740
|12,958,380| ||Add back bursaries and|other awards paid|67,691|105,849| ||for by restricted funds|||| ||||13,987,431|13,064,229| ||Scholarships, bursaries and other awards were paid||to 240 pupils (2020: 252). Within this, means-tested|| ||bursaries totalling £784,458 were paid to 88 pupils (2020: £682,452 to 110 pupils).|||| |2|CHARITABLE ACTIVITIES|
ANCILLARY||| ||TRADING INCOME|||| ||||2021|2020| ||||£|£| ||Extras||858,158|865,946| ||Trips||142,382|169,395| ||Registration fees||57,058

|48,851
| ||||1,057,598|1,084,192| |3|OTHER TRADING ACTIVITIES|||| ||||2021|2020| ||||£|£| ||Non-Ancillary Trading Income|||| ||Sherborne School for|Girls|319,046|831,689| ||Sherborne Sports & Leisure Ltd||510,135|668,262| ||Mulliner Trading (Sherborne) Ltd||70,220
|82,376
| ||||899,401|1,582,327| |4|VOLUNTARY SOURCES|||| ||||2021|2020| ||||£|£| ||Donations||48,688|204,829| 32 ## Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021 ## 5 INVESTMENT INCOME |Dividends received
Interest
Total|2021
£
113,256
88,008

201,264|2020
£
91,710
106,244
197,954| |---|---|---| ||6 (a)|ANALYSIS OF EXPENDITURE||||||| |---|---|---|---|---|---|---|---|---| ||||||||2021|2020| ||||Staff costs||Other|Depreciation|Total|Total| |||||£|£|£|£|£| |||Charitable expenditure||||||| |||Teaching costs|5,592,546||509,287|78,987|6,180,820|6,379,475| |||Support and|2,144,409||881,479|180,542|3,206,430|3,157,643| |||governance costs||||||| |||Establishment costs|546,419||1,365,740|868,860|2,781,019|2,474,259| |||Commission on fees||-|28,475|-|28,475|37,427| |||House expenses|430,884||2,018,604|-|2,449,488|2,046,928| |||Grants and awards||-|67,691|-|67,691|105,850| |||Expenditure on raising||||||| |||funds||||||| |||Fundraising costs||-|28,607|-|28,607|54,606| |||Joint Venture||-|9,554|-|9,554|15,542| |||Financing costs||-|394,720|-|394,720|427,246| |||Investment||-|12,269|-|12,269
|11,180| |||management costs||||||| ||||8,714,258||5,316,426|1,128,389|15,159,073|14,710,156| |||Subsidiary expenditure|594,148||333,159
|87,819|1,015,126|1,253,774| |||Group|9,308,406||5,649,585|1,216,208|16,174,199|15,963,930| ||(b)|GOVERNANCE COSTS INCLUDED IN SUPPORT|||COSTS|||| ||||||_Group_||_Charity_|| ||||||2021|2020|2021|2020| ||||||£|£|£|£| ||||||20,300|22,080|15,010|16,780| |||additional|||1,000|1,000|1,000|1,000| |||services||||||| |||Reimbursement of personal|expenses|to|95|1,214|95|1,214| |||Trustees||||||| ||||||21,395|24,294|16,105|18,994| 6 (b) GOVERNANCE COSTS INCLUDED IN SUPPORT COSTS Travel expenses were reclaimed by 1 members (2020: 6) of the governing body. 33 ## Sherborne School for Girls ## NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021 |7|STAFF COSTS||||| |---|---|---|---|---|---| |||_Group_||_Charity_|| |||2021|2020|2021|2020| |||£|£|£|£| ||Wages and salaries|7,296,018|7,423,806|6,824,680|6,786,272| ||Social security costs|669,771|685,212|649,021|656,354| |||929,985|968,440|929,985|968,440| ||Other pension costs|343,184|297,460|310,572|255,174| |||9,238,958|9,374,918|8,714,258|8,666,240| The average weekly number of employees during the year was as follows: |Teaching staff
Administrative and domestic staff etc.|_Group_
2021
No.
118
199

317|2020
No.
112
217
329|_Charity_
2021
No.
118
144
262|
202
No
11
13| |---|---|---|---|---| |||||25| The number of employees whose emoluments as defined for taxation purposes amounted to over £60,000 in the year was as follows: |60,000 in the year was as follows:||| |---|---|---| ||2021|2020| ||No.|No.| |£60,001 - £70,000|3|2| |£70,001 - £80,000|-|-| |£80,001 - £90,000|1|2| |£90,001 - £100,000|1|-| |£130,001 - £140,000|-|-| |£140,001 - £150,000|1|1| Contributions amounting to £106,709 (2020: £112,445) Scheme, which is a defined benefit scheme, for five higher paid employees (2020: five employees). Contributions amounting to £31,085 (2020: £Nil) were made to an alternative defined contribution scheme for one higher paid employee (2020: nil employee). No emoluments were paid to the trustees in respect of their services to the School during the year, nor have they received any other form of disclosable trustee benefit (2020: £Nil). 34 ## Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021 ||2021|2020| |---|---|---| ||£|£| |Aggregate employee benefits of key management|717,748|616,099| |personnel||| The Key Management Personnel Headmistress, Bursar, Deputy Head Teaching and Learning, Deputy Head Co-curricular and planning, Deputy Head - Pastoral and Director of Studies. During the year there were 2 termination payments made which amounted to £14,092 (2020: £15,384). These amounts relate to agreements made with employees to end employment contracts. There was £Nil amount outstanding at the year-end (2020: £Nil) ## 8 PENSIONS ## TEACHING STAFF - The School participates in The pension charge for the year includes contributions payable to the TPS of £929,985 (2020: £968,440) and at the year-end £109,216 (2020 - £114,819) was accrued in respect of contributions to this scheme. The TPS is an unfunded multi2014 (as 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 as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%. The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling On 27 June 2019 the judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to sion and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between 1 April 2015 and 31 March 2022 at the point they become payable. 35 ## Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021 The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cos is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. Following a public consultation, the Government have accepted three key proposals recommended by the Government Actuary, and are aiming to implement these changes in time for the 2020 valuations. In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation. Until the cost cap mechanism revision is completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements ## NON TEACHING STAFF The group operates a defined contribution scheme for non-teaching staff. The assets are held separately from those of the group in an independently administered fund. The pension charge for the period represents contributions payable by the group and amounted to £343,184 (2020: £297,460). At the year end the group had a non-teaching staff pension creditor of £36,315 (2020: £29,296). 36 ## Sherborne School for Girls ## NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021 ## 9 INTANGIBLE FIXED ASSETS |GROUP AND
CHARITY
Cost:
1 September 2020
Amortisation
1 September 2020
Charge for Year
31 August 2021
Net Book Value
31 August 2021|2021
£
39,486
15,794
3,948
19,742
19,744|2020
£
39,486
-
15,794| |---|---|---| |||15,794

23,692| ## 10 TANGIBLE FIXED ASSETS |||||Furniture,||| |---|---|---|---|---|---|---| |||||machinery|Assets in the|| |GROUP|Freehold||Swimming|and|course of|| ||land|Buildings|pool|equipment|construction|Total| ||£|£|£|£|£|£| |Cost:||||||| |1 September|17,256|36,717,621|2,222,675|6,312,644|123,109|45,393,305| |2020||||||| |Additions||||||| |Transfers into|-|280,608|-|50,999|94,714|426,321| |use|-|22,528|-
|47,986|(70,514)|-
| |31 August 2021|17,256|37,020,757|2,222,675
|6,411,629|147,309|45,819,626
| |Depreciation:||||||| |1 September|-|(11,368,613)|(587,148)|(5,218,081)|-|(17,173,842)| |2020||||||| |Charge for year|-|(867,669)|(45,412)
|(299,178)|-|(1,212,259)
| |31 August 2021|-|(12,236,282)|(632,560)
|(5,517,259)|-|(18,386,101)
| |Net book values:||||||| |31 August 2021|17,256|24,784,475|1,590,115|894,370|147,309|27,433,525| |31 August 2020|17,256|25,349,008|1,635,527|1,094,593|123,109|28,219,463| At 31 August 2021 the group was contracted to future expenditure of £Nil (2020: £Nil). 37 ## Sherborne School for Girls ## NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021 Included in the above are assets with a total net book value of £744,597 (2020: £795,917) that are held under hire purchase contracts. Depreciation charged on these assets in the year amounted to £53,609 (2020: £52,614). ## 10 TANGIBLE FIXED ASSETS (continued) |||||Furniture,|Assets in the|| |---|---|---|---|---|---|---| ||Freehold||Swimming|machinery|course of|| |CHARITY|land|Buildings|pool|equipment|construction|Total| ||£|£|£|£|£|£| |Cost:||||||| |1 September|17,256|36,191,054|188,014|5,848,983|123,109|42,368,416| |2020||||||| |Disposals|-|-|-|-|-|-| |Additions|-|280,608|-|34,051|94,714|409,373| |Transfers into|-|22,528|-|47,986|(70,514)|-| |use||||||| |31 August 2021|17,256|36,494,190|188,014
|5,931,020|147,309|42,777,789
| |Depreciation:||||||| |1 September|-|(11,308,488)|(61,313)|(4,961,577)|-|(16,331,378)| |2020||||||| |Disposals|-|-|-|-|-|-| |Charge for year|-|(857,137)|(4,719)
|(262,584)|-|(1,124,440)
| |31 August 2021|-|(12,165,625)|(66,032)
|(5,224,161)|-|(17,455,818)
| |Net Book values:||||||| |31 August 2021|17,256|24,328,565|121,982|706,859|147,309|25,321,971| |31 August 2020|17,256|24,882,566|126,701|887,406|123,109|26,037,038| At 31 August 2020 the Charity was contracted to future capital expenditure of £Nil (2020: £Nil). Included in the above are assets with a total net book value of £724,543 (2020: £766,666) that are held under hire purchase contracts. Depreciation charged on these assets in the year amounted to £44,411 (2020: £43,416). 38 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021 ## Sherborne School for Girls |11|INVESTMENTS||| |---|---|---|---| ||Group|2021|2020| |||£|£| ||Listed Investments at market value||| ||Brought forward|4,010,523|3,957,687| ||Acquisitions at cost|125,772|138,958| ||Increase/(decrease) in market value|491,817|(31,401)| ||Disposals at market value|(17,527)|(54,721)| ||Carried forward|4,610,585|4,010,523| ||Cash held by investment manager|53,205|41,877| ||Total investments (excluding subsidiary shares)|4,663,790|4,052,400| ||Charity||| ||Shares in subsidiary trading company at cost|100|100| ||Total Fixed Asset Investments|4,663,890|4,052,500| ||Summary|2021|2020| |||£|£| ||Unrestricted:||| ||General investments|2,654,082|2,302,828| ||Restricted funds:||| ||Other specific funds (Scholarship & Prizes)|523,581|463,935| ||Boughey Trust|49,591|33,919| ||Verdon-Smith|17,400|12,613| ||Bursaries & Scholarships|490,806|437,639| ||Tory fund|197,451
|139,638| ||Endowed funds:||| ||Boughey Trust|400,909|365,140| ||Verdon-Smith|329,970
|296,688| |||4,663,790|4,052,400| Restricted Investments are held in respect of specific restricted funds. For full analysis of funds please refer to Note 17. 39 ## Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021 ## 12 STOCK |||_Group_|_Group_||_Charity_|_Charity_|| |---|---|---|---|---|---|---|---| |||2021||2020|2021||2020| ||||£|£||£|£| ||Finished goods|140,322||153,429|89,791||89,707| |13|DEBTORS||||||| |||_Group_|||_Charity_||| |||2021||2020|2021||2020| |||£||£|£||£| ||Fees and extras less provision for doubtful||||||| ||Debts|43,062||102,395|43,062||102,395| ||Other debtors|65,856||90,376|49,990||46,733| ||Prepayments and accrued income|22,180||171,747|8,129||161,972| ||Amounts owed by subsidiaries|-||-|2,059,555|2,146,709|| |||131,098||364,518|2,160,736|2,457,809|| At the year end the school loan to its subsidiary, Sherborne Sports and Leisure Limited, amounted to £1,908,945 (2020: £1,948,945). The loan is secured over the property and assets of the company, with interest being charged at 1.25% above the base rate. The whole debtor is due greater than one year. ## 14 CREDITORS ||_Group_|_Group_||_Charity_|_Charity_|| |---|---|---|---|---|---|---| ||2021||2020|2021||2020| |Amounts payable within one year:|£||£|£||£| |Bank overdraft|-||554,661|-||554,661| |Advanced fees scheme|828,142||626,892|828,142||626,892| |Bank loan|744,557||321,228|744,557||321,228| |Social security and other taxes|297,852||359,882|263,325||314,399| |Other creditors and accruals|823,429||435,522|831,753||405,260| |Fees received in advance|2,258,383|1,816,349||2,258,383|1,816,349|| |Fee deposits|1,553,946|1,197,883||1,553,946|1,197,883|| |Hire purchase creditor|95,410||93,944|95,410||93,944| |Owed to joint venture|22,952||19,598|22,952||19,598| |Owed to group undertakings|-||-|12,631||3,029| ||6,624,671|5,425,959||6,611,099|5,353,243|| 40 ## Sherborne School for Girls ## NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021 |15
CREDITORS (continued)
_Group_
Amounts payable in more than one year:
2021
£
2020
£
Advanced fees scheme
Bank loan
1,205,297
5,939,587
1,348,232
5,224,287
Hire purchase creditor
404,013
497,957
7,548,897
7,070,476
Repayable by instalments
Bank loan:
within one year
between two and five years
after five years
Hire purchase:
within one year
between two and five years
after five years|_Charity_
2021
£
2020
£
1,205,297
5,939,587
1,348,232
5,224,287
404,013
497,957
7,548,897
7,070,476
2021
£
2020
£
744,557
321,228
2,328,912
1,284,912
3,610,675
3,939,375
6,684,144
5,545,515
95,410
93,944
404,013
375,776
-
122,181
499,423
591,901| |---|---| ||| At the year end all borrowings are at a fixed rate and are secured with a fixed charge over the property of the School in favour of the bank. Borrowings have fixed interest rates ranging from 3.45% - 6.24% and capital repayment profiles of 5-25 years. Interest and other similar charges on bank loans and overdrafts totalling £246,401 (2020: £268,480) were incurred in the year. This includes a Covid Business Interruption Loan raised in 2020 for £1,308,000. The loan is repayable over 5 years after the Business Interruption Period (BIP) has passed. During BIP (12 months from the draw down date) the interest is paid by the UK Government. The loan is repayable monthly and the interest rate is fixed at 4.24% 41 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021 ## Sherborne School for Girls ## (a) ADVANCED FEES SCHEME Advance fees scheme represents amounts paid in advance to the School which will be credited to incoming resources in more than one year. In the event of a pupil not being offered a place, or who leaves early, a repayment of the advanced fee will fall due upon notice by the parent. Assuming pupils will remain in the School advanced fees will be applied as follows: |**Summary in movements in liability**
Balance at 1 September 2020
New contracts
Returned payments
Amounts used to pay fees
Amounts accrued to contract as debt financing cost
**Balance at 31 August 2021**
After more than five years
Within two to five years
Within one to two years
Over more than one year
Within one year (see note 13)
Balance at 31 August 2020|2021
£
1,975,124
811,004
-
(803,259)
50,570
2,033,439
2021
£
-
644,754
560,543
1,205,297
828,142
2,033,439|2020
£
2,010,251
811,883
(33,399)
(866,381)
52,770
2020
£
137,293
791,472
419,467
1,348,232
626,892
1,975,124|2020
£
137,293
791,472
419,467| |---|---|---|---| |||1,975,124|| ## 16 FINANCIAL INSTRUMENTS |NCIAL INSTRUMENTS||||| |---|---|---|---|---| ||_Group_||_Charity_|| ||2021|2020|2021|2020| ||£|£|£|£| |Financial assets measured at Fair Value|4,663,790|4,052,400|4,663,790|4,052,500| |Financial assets measured at amortised|2,893,550|481,785|4,810,391|2,437,372| |cost||||| |Financial liabilities measured at amortised|9,583,894|8,345,080|9,604,849|8,317,847| |cost||||| Financial assets measured at fair value includes assets held as investments. Financial assets measured at amortised cost comprise of trade and other debtors, accrued income, amounts owed from subsidiary undertakings, bad debt write off and movement in bad debt provision. Financial liabilities measured at amortised cost comprise of cash, trade creditors, pension contributions due, obligations under finance leases, accruals, fee deposits, amounts owed to group undertakings and bank overdrafts and loans. 42 ## Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021 ## 17 STATEMENT OF FUNDS ||At||||At| |---|---|---|---|---|---| ||1 September|Incoming|Resources|Investment|31 August| ||2020|resources|expended|Gains/|2021| |||||Transfers|| ||£|£|£|£|£| |Unrestricted funds:|||||| |General|18,696,076|16,044,931|(16,044,590)|258,941|18,955,358| |Where the School Needs|-|21,255|(18,077)|-|3,178| |It Most|||||| ||18,696,076|16,066,186|(16,062,667)|258,941|18,958,536| |Restricted Funds:|||||| |Verdon-Smith|12,613|12,917|(8,130)|-|17,400| |Boughey Trust|33,919|15,673|-|-|49,592| |Scholarship Fund|364,617|15,198|(10,701)|40,319|409,433| |Prize Fund|99,318|4,148|(303)|10,985|114,148| |Bursaries & Scholarships|437,639|18,101|(12,839)|47,906|490,807| |Development funds:|||||| |Scholarship & Bursaries|34,732|2,145|(25,000)||11,877| |Annual Fund|1,600|-|-||1,600| |Arts Centre Fund|-|17,721|(13,529)||4,192| |Tory Masterclass|139,638|2,204|(469)|62,483|203,856| |Buildings and Facilities|2,205|-|-||2,205| |Candlelight Fund|3,358|40,089|(38,429)||5,018| |Total Restricted Funds|1,129,639|128,196|(109,400)|161,693|1,310,128| |Endowed funds:|||||| |Verdon-Smith|296,688|-|(929)|34,211|329,970| |Boughey Trust|365,140|-|(1,203)|36,972|400,909| |Total Endowed Funds|661,828|-|(2,132)|71,183|730,879| |Total funds|20,487,543|16,194,382|(16,174,199)|491,817|20,999,543| 43 ## Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021 ## 17 STATEMENT OF FUNDS _(Continued)_ ||At||||At| |---|---|---|---|---|---| ||1 September|Incoming|Resources|Investment|31 August| ||2019|resources|expended|Gains/|2020| |||||Transfers|| ||£|£|£|£|£| |Unrestricted funds:|||||| |General|18,530,365|15,865,156|(15,830,558)|131,113|18,696,076| |Where the School Needs|2,755|13,589|(16,344)|-|-| |It Most|||||| ||18,533,120|15,878,745|(15,846,902)|131,113|18,696,076| |Restricted Funds:|||||| |Verdon-Smith|8,024|12,812|(8,223)|-|12,613| |Boughey Trust|20,850|15,569|(2,500)|-|33,919| |Scholarship Fund|365,629|15,103|(13,227)|(2,888)|364,617| |Prize Fund|98,930|4,114|(2,938)|(788)|99,318| |Bursaries & Scholarships|438,994|17,960|(15,869)|(3,446)|437,639| |Development funds:|||||| |Scholarship & Bursaries|32,903|1,829|-|-|34,732| |Annual Fund|1,600|-|-|-|1,600| |Arts Centre Fund|-|131,399|-|(131,399)|-| |Tory Masterclass|165,563|3,117|(1,255)|(27,787)|139,638| |Buildings and Facilities|2,205|-|-|-|2,205| |Candlelight Fund|21,389|52,883|(70,914)|-|3,358| |Total Restricted Funds|1,156,087|254,786|(114,926)|(166,308)|1,129,639| |Endowed funds:|||||| |Verdon-Smith|300,059|-|(922)|(2,449)|296,688| |Boughey Trust|369,291|-|(1,180)|(2,971)|365,140| |Total Endowed Funds|669,350|-|(2,102)|(5,420)|661,828| |Total funds|20,358,557|16,133,531|(15,963,930)|(40,615)|20,487,543| 44 ## Sherborne School for Girls ## NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021 ## 17 STATEMENT OF FUNDS _(Continued)_ with no other specific restrictions. Differences between the fund balances and the corresponding investment accounts are represented by cash held in the The restricted funds comprise Bursaries & Scholarships, Prizes and Development funds. The Endowed funds comprise of The Verdon-Smith and Boughey funds. The Bursaries & Scholarships, Verdon-Smith and Boughey Trust funds provide bursaries and scholarships for girls attending the School. The Prize Fund provides prizes in recognition of either academic or artistic excellence. The Development Funds were set up to receive donations from individuals. The donors select an option on how the money can be spent. The various funds are as follows: - The Scholarship and Bursaries Fund is used to pay out scholarship and bursaries. - The Annual Fund provides relatively small, every day, enhancements to the pastoral and/or academic functions of the School. - The Arts Centre Fund has been used to finance a high quality performance venue covering the needs of music and drama, therefore these funds have been transferred to unrestricted funds. - The purpose of the Tory Masterclass fund is to establish an annual Music Masterclass and Concert at the School in memory of Harriet Tory. - The Buildings and Facilities fund is f buildings. - The purpose of the Candlelight Fund is to support socially disadvantaged children (with the promise and character to thrive at Sherborne Girls) in order to give them a greater chance in life. ## a) ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS ||_Unrestricted_|_Restricted_|_Endowed_|| |---|---|---|---|---| ||_funds_|_funds_|_funds_|_Total_| ||£|£|_£_|£| |Fund balances at 31 August 2021 are||||| |represented by:||||| |Intangible fixed assets|19,744|-|-|19,744| |Tangible fixed assets|27,433,525|-|-|27,433,525| |Investments|2,622,783|1,310,128|730,879|4,663,790| |Current assets|3,083,826|-|-|3,083,826| |Current liabilities|(6,652,445)|-|-|(6,652,445)| |Long term liabilities|(7,548,897)|-|-|(7,548,897)| |Total funds|18,958,536|1,310,128|730,879|20,999,543| 45 ## Sherborne School for Girls ## NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021 ## b) ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS - COMPARATIVE |||_Unrestricted_|_Restricted_|_Restricted_|_Endowed_|| |---|---|---|---|---|---|---| |||_funds_|_funds_||_funds_|_Total_| |||£||£|_£_|£| ||Fund balances at 31 August 2020 are|||||| ||represented by:|||||| ||Intangible fixed assets|23,692||-|-|23,692| ||Tangible fixed assets|28,219,463||-|-|28,219,463| ||Investments|2,260,933|1,129,639||661,828|4,052,400| ||Current assets|688,423||-|-|688,423| ||Current liabilities|(5,425,959)||-|-|(5,425,959)| ||Long term liabilities|(7,070,476)||-|-|(7,070,476)| ||Total funds|18,696,076|1,129,639||661,828|20,487,543| |18|RECONCILIATION IN NET DEBT|||||| ||||||_Other non_|| |||_At 1 Sept_|||_cash_|At 31 Aug| |||_2020_|_Cash Flow_||_changes_|2021| |||£|£||_£_|£| ||Reconciliation in net debt|||||| ||Cash at bank and in hand|170,476|2,614,156||-|2,784,632| ||Short term cash deposits|-|-||-|-| ||Bank overdraft|(554,661)|554,661||-|-| ||Debt due within one year|(415,172)|415,172||(839,967)|(839,967)| ||Debt due over one year|(5,722,244)
(1,461,323)|||839,967|(6,343,600)| ||Total funds|(6,521,601)|2,122,666||-|(4,398,935)| 46 ## Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021 ## 19 NET INCOME FROM ACTIVITIES OF THE SUBSIDIARIES All subsidiary entities have the same registered office as the school which is detailed on page 1 of these financial statements. The charity has three wholly owned subsidiaries, Mulliner Trading (Sherborne) Limited (Company Registration Number: 03230791), Sherborne Sports and Leisure Limited (Company Registration Number: 05869779, Charity Registration Number: 1117024), and The Sherborne Girls Foundations (Company Registration Number: 09637231, Charity Registration Number: 1164053), which are all incorporated in England and Wales. Mulliner Trading (Sherborne) Limited manages the trading activities of the School, Sherborne Sports and Leisure Limited manages the School Sports Centre and The Sherborne Girls Foundation controls fundraising activity for the school. A summary of the trading position is shown below. Audited accounts have been filed with the Registrar of Companies. |(i) Mulliner Trading (Sherborne) Limited|2021|2020| |---|---|---| ||£|£| |Profit and loss account||| |Turnover|314,253|243,671| |Cost of sales|(277,134)
|(299,963)| |Gross profit|37,119|(56,292)| |Administration|(7,874)|(7,938)| |Investment income|-
|-| |Net profit|29,245
|(64,230)| |Distribution to Parent Company|-
|-| |Retained in subsidiary|29,245|(64,230)| |The aggregate of assets, liabilities and funds was:||| |Assets|169,692|107,927| |Liabilities|(187,260)|(154,740)| ||(17,568)|(46,813)| |Representing:||| |Share capital (100 ordinary shares of £1 each)|100|100| |Profit and loss account|(17,668)|(46,913)| ||(17,568)|(46,813)| 47 ## Sherborne School for Girls ## NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021 19 NET INCOME FROM ACTIVITIES OF THE SUBSIDIARIES _(continued)_ |(ii) Sherborne Sports and Leisure Limited|2021|2020| |---|---|---| ||£|£| |Incoming resources|820,270|952,095| |Cost of charitable activities|(817,588)|(1,007,689)| |Net movement in funds|2,682|(55,594)| |The aggregate of assets, liabilities and funds was:||| |Assets|2,219,661|2,262,550| |Liabilities|(1,980,636)|(2,026,207)| ||239,025|236,343| |Represented by:||| |General funds|239,025|236,343| |(iii) The Sherborne Girls Foundation|2021|2020| ||£|£| |Incoming resources|109,953|227,677| |Cost of charitable activities|(123,778)|(268,587)| |Net movement in funds|(13,825)|(40,910)| |The aggregate of assets, liabilities and funds was:||| |Assets|25,015|79,595| |Liabilities|(750)|(41,505)| ||24,265|38,090| |Represented by:||| |Restricted funds|24,265|38,090| 48 ## Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021 ## 20 JOINT VENTURE INTEREST The School owns 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 is jointly owned with Sherborne School, and has been incorporated to identify international opportunities, select, market to and enter into arrangements with third parties on behalf of the two the 2 month period to 30 June 2021, are summarised below: ||2021|2020| |---|---|---| ||£|£| |Turnover|-|50,000| |Cost of sales|-
|-| |Gross profit|-|50,000| |Administration|(19,108)
|(81,084)| |Net (loss)|(19,108)
|(31,084)| |50% share of loss|(9,554)|(15,542)| |The aggregate of assets, liabilities and funds was:||| |Assets|1,008|15,248| |Liabilities|(487,864)|(482,996)| ||(486,856)|(467,748)| |Representing:||| |Share capital (2 ordinary shares of £1 each)|2|2| |Profit and loss account|(486,858)|(467,750)| ||(486,856)|(467,748)| |50% share of|(243,428)|(233,874)| 49 ## Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021 ## 21 RELATED PARTY TRANSACTIONS - a) Transactions with Governors During the year the company paid no remuneration to Governors. Travel expenses were paid to 1 (2020: 6) Governors of £95 (2020: £1,214). - b) Related Parties Sherborne School for Girls wholly own Sherborne Sports and Leisure Limited. The company was owed £12,602 to (2020: £37,008, owed to) its subsidiary for services and goods throughout the year which is repayable on demand. The company was owed £1,908,945 (2020: £1,948,945) from its subsidiary for a loan. However, assurance has been given and this is not repayable for at least 12 months from the signing of these accounts. The company has sold £56,815 (2020: £62,092) worth of services and goods to its subsidiary during the year. The company has purchased £310,135 (2020: £283,833) worth of services and goods from its subsidiary during the year. Sherborne School for Girls wholly own Mulliner Trading (Sherborne) Limited. Sherborne School for Girls owed £79,318 (2020: £3,029) to Mulliner Trading (Sherborne) Limited for services and goods throughout the year which is repayable on demand. The company was owed £150,000 (2020: £120,000) from its subsidiary, for a loan made during the year. The company has purchased £240,386 (2020: £161,295) worth of services and goods from its subsidiary during the year. The Sherborne Girls Foundation is a controlled entity of Sherborne School for Girls. During the year the company gifted £28,743 (2020: £27,977) of services to The Sherborne Girls Foundation. The company is owed £nil (2020: £40,755) from The Sherborne Girls Foundation. The company received donations of £93,299 (2020: £239,375) from The Sherborne Girls Foundation during the year. 50 ## Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021 22 RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH FLOW FROM OPERATIONS ||||2021|2020| |---|---|---|---|---| ||||£|£| |Net incoming resources|||512,000|128,986| |Investment income|||(201,264)|(197,954)| |Finance Costs|||394,720|427,246| |Investment (gains)/losses|||(491,883)|31,401| |Investment management charges|||12,269|11,180| |Depreciation charges|||1,212,259|1,242,449| |Amortisation of intangible asset|||3,948|15,794| |(Increase)/decrease in stock|||13,107|(3,529)| |(Increase)/decrease in debtors|||233,420|89,737| |(Increase)/decrease in creditors (excluding fees in advance scheme and deposit)|||329,134|(25,953)| |Increase in fees in advance scheme creditors|||500,349|(783,869)| |(Increase)/decrease in parents deposits|||356,063|228,835| ||||-------------------------|-------------------------| |Net cash inflow from operations|||2,874,122|1,164,323| |Analysis of changes in net funds||||| ||At|1|Cash flows|At 31| ||September|||August| ||2020|||2021| |||£|£|£| |Cash at bank|170,476||2,614,156|2,784,632| |Overdraft|(554,661)||554,661|-| |Short term cash deposits||-|-|-| |Total funds|(384,185)||3,168,817|2,784,632| 51 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021 ## Sherborne School for Girls 23 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES COMPARATIVE FIGURES BY FUND |||Unrestricted
|Restricted
|Endowed|Total|Total| |---|---|---|---|---|---|---| |||funds|funds|funds|2020|2019| ||_Notes_|£|£|£|£|£| |**Income from:**||||||| |**Charitable activities**||||||| |School fees receivable|1|13,064,229|-|-|13,064,229|14,473,926| |Ancillary trading income|2|1,084,192|-|-|1,084,192|1,200,892| |**Other trading activities**||||||| |Non-Ancillary Trading income 3||1,582,327|-|-|1,582,327|1,131,105| |**Investments**||||||| |Investment income and interest 5||
129,279|68,675|-|197,954|191,834| |**Voluntary Sources**||||||| |Donations and Legacies|4|18,718|186,111|-|204,829|721,220| |||-------------------------|-------------------------|-------------------------|-------------------------|------------------------| |**Total income**||15,878,745|254,786|-|16,133,531|17,718,977| |||------------------------|------------------------|-------------------------|-------------------------|-------------------------| |**Expenditure on**||||||| |**Raising funds**||||||| |Fundraising costs||54,606|-|-|54,606|70,411| |Non-Ancillary Trading||1,253,774|-|-|1,253,774|1,540,737| |Financing costs||427,246|-|-|427,246|384,448| |Investment management costs||
5,234|3,844|2,102|11,180|8,589| |Share of Joint Venture loss||15,542|-|-|15,542|69,497| |**Charitable activities**||||||| |Education and grant making||14,090,500|111,082|-|14,201,582|15,012,943| |||-------------------------|-------------------------|-------------------------|-------------------------|-------------------------| |**Total expenditure**|6|15,846,902|114,926|2,102|15,963,930|17,086,623| |||-------------------------|-------------------------|-------------------------|-------------------------|-------------------------| |**Net income/(deficit) from operations**||||||| |**before investments gains**|**or losses**|
31,843|139,860|(2,102)|169,601|632,354| |||-------------------------|-------------------------|-------------------------|-------------------------|-------------------------| |Net gains on investments|11|(286)|(34,909)|(5,420)|(40,615)|(80,803)| |||-------------------------|-------------------------|-------------------------|-------------------------|-----------------------| |**Net0incomeeforeyear**||31,557|104,951|(7,522)|128,986|551,551| |Transfers||131,399|(131,399)|-|-|-| |||-------------------------|-------------------------|-------------------------|-------------------------|-------------------------| |**Net movement in funds**||162,956|(26,448)|(7,522)|128,986|551,551| |||-------------------------|-------------------------|-------------------------|-------------------------|-------------------------| |**Reconciliation of funds:**||||||| |Total funds brought forward||18,533,120|1,156,087|669,350|20,358,557|19,807,006| |||-------------------------|-------------------------|-------------------------|-------------------------|-------------------------| |**Total funds carried forward**17||18,696,076|1,129,639|661,828|20,487,543|20,358,557| |||=========|=========|=========|=========|=========| 52