2023-08-31-accounts

SHERBORNE GIRLS SG Sherborne School for Girls (Company limited by Guarantee) Reglstered Charity ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 August 2023 Company Number Registered Charity Number IX)306828 307427

Sherborne School for Girls for the year ended 37 August 2023 CONTENTS Page Governors, Trustee5 and Advisors Annual Report of Council 3-17 Statement of Council Members, Responslblllties 18-19 Independent Audltols Report 20-21 Consolidated Statement of Flnancial Activlties 22-23 Consolldated and Charlty Balan￿ Sheets 24 Consolidated Cash Flow Statement 25 Accountlng Policies 26-30 Notes to the Flnanclal Statements 31-53

Sherborne School for Girls REPORT OF THE COUNCIL for the year ended 31 August 2023 GOVERNORS AND CHARITY TRusfEES The Sherborne School for Girls, Governor5 are the charlty trustees of Sherborne School for Girls 1.the Charlty" 'The School" "Sherborne Girls'l. They have all served in office throughout the year except where inditated. They are.. Mrs L D Hall (Chair from 15 August 20221 {Chair of the Investments and Governance & Nominations Committees) Lady P Arthur Ivlce-chalrl '>+ (until 22 Dec 20221 Ms J S Blanch Ichair of the Pastoral Committee from Jan 20231 >A Dr S G Connors (Chair of the Education Commltteel Dr S Craig-McFeely #l Canon N Edwards #l The Rt Revd K M Gorham # Mrs A Harrls (Chalr of the Finance Committeel>A MrsA Hughes Ichalr of the Hanford Committee) MrRALLeach#< Mrs J Massey-# Mrs K M Saker#l lappointed 8 September 20231 Mr J M Scott'<1 lappolnted 8 September 20231 Mr M CTaylor < Mr P C Ward + # > luntll 310ecember 20221 Dr A P Williams +lChalr of the 8usine55 Development Committee) Mr5 M Wlngfleld Digby-< Mr N J S Wordie (Chalr of the Estates and Infrastructure Commltteel-< Mr S H Wingfleld Digby (Llfe President) Member of the Flnance Commbttee + Member of the Educatlon CommSttee

Member of the Pastoral Committee

A Mèmber of the Inve5tment5 Committee Member of the Estates and Infrastructure Committee

Member of the Governance and Nominatlons Commlttee <Member of the Business Development Committee / Member of the Hanford Commlttee lflrst meetin8 to be held 7 November 20231 The Council is a self-appointing body. SeNice on the Council Is for a period of five years, subject to re- election for a further term. Ad(Iress Bradford Road Sherborne Dorset DT9 3QN Website www.sherborne.com

Sherborne School for Girls REPORT OF THE COUNCIL for the year ended 31 August 2023 KEY MANAGEMENT PERSONNEL Dr R M Sullivan Mrs F J L Clapp Mrs LJ Orton Mrs J Briggs Mr l Mcclary Head 8uisar and Clerk to the Governors Senioi Deputy Head Oeputy Head (Pastorall Oeputy Head (C￿cUrrIcUlar and Planning) ADVISERS Bankefs Natlonal Westmln5ter Bank plc 2 Hendford Yeovll 5omerset BA20 ITN Solicltors Farrer and Co 66 Llncoln's Inn Flelds London WC2A 3LH Independent Audltor Crowe U.K. LLP 4, Floor. St James House St James Square Cheltenham Gloucestershlre G150 3PR Investment Advlsers Ca2enove Capital Mana8ement Schroder & Co. Limlted l London Wall Place London EC2Y SAU Insurance Broker5 Hettle Andrews Eleven Brinley Place 2 Brunswick Square Birmingham 812LP COMPANY NUMBER 306828 REGISTERED CHARITY NUMBER 307427

Sherborne School for Girls REPORT OF THE COUNCIL for the year ended 31 Augusl 2023 ANNUAL REPORT OF COUNCIL The Members of the Councll, who are also directors of the Charity, Submit their annual report under the Charities Act 2011, incorporating the Report of the Council and the Strategic Report under the Companies Act 2006, together with the audited financial statements for the year ended 31 Au8USt 2023. REFERENCE AND ADMINISTRATIVE INFORMATION Sherborne Girls was founded as a Church of England School in 1899. The Charitable Company limited by guarantee was set up on 7 November 1935. OBJECTS, AIMS, OBJECTIVES AND AcllviTIES Charitable Objects The Object5 of the Charlty are, for the PLtrbllc benefit, to carry on a School in Sherborne In the county of Oorset provSding a Sound and systematic education and training for girls andlor boys, whereln shall be taught the duties and doctrines of Christianity as the same are recelved, understood and taught by the Church of England,. and/or such other charitable purposes or ancillary educational activities beneflcial to the community consistent with these Objects as the Governors in their absolute discretion determine. These same Objects underlle all aspects of the day-to-day runnln8 of the School. Vlslon To be the leading tull boardlng girls, School for all-round personal development and academlc fuifilment, and to create a communlty of empowered learners who will be an influence for good In challenging world. Mlsslon To provide a broad and enriching full boarding educatlon that develops the unique talents of every girl within a supportive community. To send out into the world girls of character, cornmitment and compa55ion who are able to think clearly and creatlvelyi choose wisely and have the courage to make a difference. Stn7teglcAlms The current strategy focuses on Flve Key Alms which will help ensure that the educational philosophy is embedded throughout the School. These aims also provide a framework to drfve the khool forward and allow the reallzation of the vislon. Sherborne Girls will.. l. Enhance it5 Position as a leading full-boarding school 2. Develop women ofthe future 3. Cultivate a culture of aspiration and ambition 4. Foster both collaboration and communication with the wider communitv S. Provide meaningful opportunities for pupil leadership

Sherborne School for Girls REPORT OF THE COUNCIL for the year ended 31 August 2023 The five key values of Curious. Courageous. Compassionate. Adaptable and Spiritual underpin and are embedded within all aspects of the School's Strategic Plan and remain at the core of all activity. The School is also committed to academic strength allied to a full boarding ethos. Partly in co- operation with Sherbome School, Sherborne Girls maintains a full, balanced curriculum which enables each member of it5 community to flourish. The Governors measure the success of the strategy through a comprehensive review of the School, strategic, operational and development plans and through scrutiny and discussion of the Head's termly reports. In settlng the aims and objectives and planning the activities, the Govemors have given careful consideratlon to the Charity Commission's genera1 guidance on public beneflt and in particular to its Supplementary public benefit 8uidance on advancing education and on fee-chargin8. REVIEW OF THE YEAR Objertlves The 5trateEic emphasls for the year 2022123, followed a number of key themes whlch support the over-arching plllars of the School strategy. Perforn?once ogalnst Oblertlves The independent sector faces increased uncertalnty wlth geopolitical factor5 influencln8 and impacting on the abillty or appetite to send children to boarding school. Against this backdrop, Sherborne Girls has focused on the following four areas over the academic year120221231, to future proof it and ensure both pupil roll and financlal stability remain 5tron8. al Enhance the School's p051tlon as a leadlng-full boardSng School. As fewer schools nationally offer a trtse full boarding experience Sherborne Glrls has further enhanced the offering. Worklng wlth our brother school, Sherborne School, strengthen5 our national standing and offers cholce wlthin the market place. The broad curriculum encourages academic excellence and personal development, alongside life skills and social responsibility. The two schools remain independent but also co.exi5t and collaborate in a remarkable way to offer pupils exciting, joint co-curricular options such as Combined Cadet Force, sailing, orchestras. drama productions and sports, alongside joint socials and a busy weekend programme. bl Instlgate a bold and progressive Sustainability Actlon Plan The appointment of a Sustainability, Environmental and Ecologist in Residence who started in September 2022 and a Governor with a Specific remit for sustalnability, is developing the knowledge and understanding of this topic amongst pupils, Staff and Governors, helping to create a shift in culture. Sherbome Girls has worked with Planet Mark to assess the Carbon footprint of the School and provide ongoing support for staff and pupil engagement. As the GSA representative on the recently established ISC Sustalnability Group, the Head is at the forefront of developing simple and effective Strategies for schools to help tackle this critical issue.

Sherborne School for Girls REPORT OF THE COUNCIL for Ihe year ended 31 August 2023 cl Review all areas of provision to enhance the broad, challengln8, rewardlng and stimulating educatlonal experience. During the year there has been renewed emphasis on working alongside pupi15 to develop opportunities. both physical and digital, for the girls, views and ideas to be challenged, celebrated and shared. In November 2022 the first Press-Pau5e Day took place where lessons were suspended and the whole community joined together for a vast range of activities ranging from bird-watching and running to basket weaving and quizzing. Following from this celebratory event new initiatives are bein8 developed, thereby helping equip girls for life both at and beyond school. dl Wlden and develop the Sherborne Glrls Outreach prograrnme Prudent financial management has allowed Sherborne Girls to offer greater means- tested bursary SUPPOrt, including to a Ukrainian refugee and a Looked After child. Enrlchin8 our pupil body with girls from a breadth of socio-demo8raphic and economlc backgrounds enhances the holistic educational experience of all, as greater knowledge, understanding and respect of our cultures, values, differences, and similarities develops. This has been particularly evident as our pupil from Ukraine has worked with local primary schools to offer translation for other Ukralnian chlldren. We have continued to build partnerships within the local communlty which provide a rewarding experience for the girls and strengthen our commitment to seNice. Academk Teaching and Learnin8 has benefited from the enhanced use of digital technologies and the School was awarded Microsoft Showcase Status 2022-23. Building on the gradual implementation of the use of mobile tablets in le550ns over the last three years, we use pen-enabled devlces, this facilitate improved teacher feedback, quality use of prep lime, and more creative individual organisation. Microsoft Office 365 technology is used to provide powerful learnin8 experlences and quick access to resources from anywhere in the world, as well as developing the digltal skills of our whole school community. There is a clear distinction between techno108y for learning and social media, wlth mobile phone5 are left in the boardin8 houses during the school day. Examlnation results for 2022123 were excellent with the majorlty of candidates achieving places at their first choice of university. Results are considerably above national average ol GCSE and A Level. Value added scores demonstrate pupils achieving above expectatiori5. The School has continued to attract new pupi15 to the Sixth Form due to the breadth of currlculum and considerable academic enrichment opportunities. Five pupils were successful in achieving Oxbrldge places: Cambridge IGeoBraphy and Modern and Medieval Languages) and Oxford IFine Art. Modern History and PPE IPolitics, Philosophy and Economicsll. The Sixth form pupils were inspired bv presentations and talks from o variety of speaker5 during National Apprenticeship Week and are informed of these alternative pathways post school. As part of our commitment to environmental education and sustainability Nature and Rewilding has been added to the lower School curriculum and is delivered by the Ecologist in Residence. Staff engage with parents. who are invited to the School regularly and attended online and in person parents, rneetlngs. The School provides webinar5 and seminars for parents at key points durlng a

Sherborne School for Girls REPORT OF THE COUNCIL for the year ended 31 August 2023 pupll's time at the school. These include academic seminars on subject selection at GCSE and A Level and on examinations and results procedures. Teaching and learning continued to be monitored arbd supported throughout the academlc year. The Assistant Head ITeaching and Learning) has obseNed every teacher. Peer and line manager lesson observations and collaboration regarding schemes of work and the sharin8 of best practices, resources and digital experiences remain key strengths of the School. Since September 2022, there have been a greater variety of professional development opportunities available to staff, enhanced by ihe appointment of an Assistant Head Profe551onal Development. These have included a re-structuring of INSET days to include a wider ran8e of opportunities for Staff to engage with meanlngful and persona115ed learnin8. Staff have had greater choice of areas on whlch to focus, which ha5 allowed for excellent staff engagement. Teachin8 and learnlng focused staff development has been embedded into the day-to-day life of the school to a greater degree, with teachers working In action research based 8roups focused on ten different areas of learnin8 and teaching. The findin85 of this work was shared with staff from both Sherborne School and Sherborne Prep School at combined professional development twi158ht sesslons. Pustorol Core A key area of focus for the academic year was on wellbeing, with our inaugural Press Pause Day In November where all staff and pupi15 were off tSmetable for a day to participate In wellbeing activitie5. Each member of our community designed their own bespoke wellbeing programme for the day wlth activities ranging from birdwatching to gardening, spinning to ballroom dancing, reading to running, and many more besldes. It was a really positive day for our community and provided lots of opportunities for pupil leadership and input. Over the course of the year we a150 developed our health and wellbeing offering to pup115 Wlthin the School's Health Centre by working closely with external therapists such as a nutritlonist and reflexologist to offer pup115 more speclalist support, Phase l of a multlphase building project created additional bed space and social spaces for the U6 Year was completed on time and has been very well received, as have refurbishments to the spaces for day pupils wlthin three of the seven boarding houses. Joint pastoral and PSHEE sesslons with Sherborne School on key toplcs such as vapin& consent and relationships were well received by the pupils at both Schools and help as we continue to strengthen our felationship across both Schools. We also further developed our offering of Parents, Pastoral Seminar5 for parents of Sherborne Girls, Sherborne School and The Gryphon School. The changes to the Ljpdated National Minimum Standards for Boarding came into effect on 5 September 2022. The Hou5erni5tre55/ma5ter5 IHMs1 Ljndertook speclfic training and familiarisation on these new standards to ensure that they were belng implemented effectively. Safeguarding trainlng also continued throughout the year wlth all staff receiving KCSIE 2022 training In September and Safer Working Practices training, which wa5 delivered by Dorset County Council in january 2023. The appointment of an Operational Safeguarding Manager, to start in September 2023, reflects the School's commitment to ensuring that safeguarding procedures and practices are continually developed for the benefit of all in our community.

Sherborne School for Girls REPORT OF THE COUNCIL for the year ended 31 August 2023 c￿currkU1Qr Prov151on The School offers an extensive range of co-currlcular options for its pupils and, where appropriate, extends those opportunitie5 to children from other schools in the local area. The Sport department dellvered activities ranging from golf to lacro55e, personal fitness classes to football and participated in almost 500 competitive fixtures during the course of the year. The Year 10 Sports Leader5 programme is well attended, and pupils use these skllls to a5515t in hostlng tourr)aments for local primary schools in netball and hockey as part of our outreach programme. This sits alongside our busy learn-to-swim programme ond free pool access for prlmary schools. Particlpation in the CCF remains popular and there are over 100 pup115 attendlng training each week and engaging in field trlps and adventurous activities such as parachuting, ab5eilin& archery and Sailing. The school took part in the annual Ten Tors event with girls successfully competln8 in both the 35-mile and 45-mile challenge. Duke of Edinburgh'5 Award expeditions took place during the year to The Purbeck5, Quantocks, Exmoor, Snowdonia and The Great Glenn in Scotland at Bronze, Silver and Gold level. Through this scheme the pupils collectlvely contributed over 2,700 hours of volunteering in support of their community. Around 50 clubs and socletles operated during the year along wlth a very healthy number of off-site trlp5 relatlng to a range of academic subjects, adventure, leadership and 50cials. An increasinB number of pupils are particlpating in lolnt clubs and socletie5 wlth Sherborne School. Pupils and staff have enjoyed a range of thought-provoking Friday lectures this year, including: Dr Guy Sutton from Nottingham University who spoke about the Future of the Braln; Ollvia Ackland shared her experience as a journalist In the Congo; Nathan Mayne spoke to the girls about Astrophy51c5; we had a very thought-provokin8 lecture on the Danger of Vaping by Arik Sigmund,. and a wonderful Introduction to The Power of Art in our Lives delivered by Bryony Bricknell. Our three drama productions were very well received.. the Joint Schools. senior production of Animal Farm; the L5 play Matida and the West production of The Witches. A full programme of musical events wa5 also offered, ranglng from small-scale lunchtime recltals to the Joint Schools, orchestral concerts, regular seNlces in Sherborne Abbey and our usual sulte of end-of-year performances. Parents are encouraged to visit their daughters throughout the course of the year and are regular supporters at fixtures, Abbey services, concerts and plays. Enerqy and Emls5ions Report Environmental sustainablllty has become a central consideration and it is now included as a standing agenda item in relevant Governors, committee meetings. In 2022, Sherborne Girls began workin8 with Planet Mark to measure the carbon footprint of the school. This followed the publication in 2021 of the 'Envlronmental and Sustainability Strategy and Action Plon, stating commitment to 'acting to minimi5e our ne8ative impart on our environment and society by focusing on five key target areas: Waste, Operational energy use, Estate development, Transport and Investmeny. These combined actlons have provided a template to facilitate understanding for staff and pupils across the School and opportunities for the whole community to participate in environmental initiatives. These Include replacement of lightbulbs with LED bulbs, new electric vehicles, more energy efficient boilers

Sherborne School for Girls REPORT OF THE COUNCIL for the year ended 31 August 2023 and a revision to the School menu to focus on local and seasonal food with a reduction in waste. The school is targeting a 5% reduction in emissions for 2023124. The Merritt Centre's ground-souTce heat pump is in use. and the Oxley Sport5 Centre continues to use PV thermal to heat the swimming pool. Smart meters are now bein8 used effectively to measure and monitor energy consumption. Usage.. Fuel Ga5 Ikwhl Electric Ikwhl ransport Ikwhl otal consumption 2022123 3,807,520 2,028,786 55,255 5,891.561 2021122 4,166,997 1,615,875 54,185 5.837,057 Emissions 2022123.. Fuel tCOZe tC02e per pupll 1.43 0.97 0.03 2.43 Gas Electric Transport Total 700.09 472.99 15.50 1,188.58 The tonnes of C02 emi55ions per pupil have been calculated using 493 pupils. Approximately 30 members of staff live on campus and including these within the calculation would significantly reduce the tonnes of C02 emissions to 2.24 per per50n. Although the tonnes per pupll have increased marginally, there has been a notable shift to the use of electricity rather than gas. Electricity purchased by the school is either from renewable sources or from nuclear power and therefore It could be argued that by removing the electricity factor the figure should be revised downwards to 1.45 per pupll. PUBLIC BENEFIT STATEMENT Publk Benejlt Statement The Governors are mindful of the need to provide public benefit and the requlrements of the Charity Act 2011 and, In setting the School aims and objectives and planning the School's activities, the Governors have given carefvl consideration to the Charity Commission's guidance on public benefit. The Council of Governors confirms that they have complied with thelr duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charlty Commission for England and Wales. The School provides benefit to the public in accordance with its widely drawn Objects clause and has paid due regard to the Charity Commisslon Buidance in deciding what activities the Charitv Should undertake. In advancln8 education, the School relieves public funds of conslderable expense and provides means-tested awards that allow attendance by those who would otherwise not be able to benefit from the outstanding educational opportunities offered by the School. In term5 of ancillary and educational activities and other associated activities for the benefit of the community. the School is proactive and during the reporting year has again 50U8ht to make a

Sherborne School for Girls REPORT OF THE COUNCIL for the year ended 31 Augus12023 significant contributlon to the benefit of the publlc. More detail 15 provided in an earlier Section of this report. Bursary Pollcy In line with the objertives of the Charity, the Governors of Sherborne Girls are committed to offering to eligible parents/guardians means-tested financlal 5UPPOrt with the payment of school fees to enable a pupil to attend Sherborne Girls who otherwise would not be able to do so. Such support is known as a 8ursary and may be awarded ift the form of a discount of up to 100% of school fees depending on the financial, compassionate or other pertinent circumstances of applicants. The School's 8rant-makin8 policy is to make awards on the basis of thelr educational value and the potential of the recipient. This is overlaid by an assessment of the mean5 and circumstances of the Individual, subject to any particular conditions laid down in the Trust deeds. At the heart of the School's Bursary Awards Policy Is the need to ensure that puplls from families who would otherwise not be able to afford the fees can access the education offered at the School. The value of means tested awards totalled E923,82512022'. £812,351) and represented 5% of the School's gross fees. These awards provlded a5$1Stance to 85117%112022'. 88118%11 pupils. Candlelight Bvrsarles are awarded to candldates for whom the experience of boardlng will be transformational and who qualify for 100% 5UPPOrt. Candidates are usually identified via the Royal National Springboard Foundation. The School is committed to supporting additional Candlelight pupils and to that end, from 2019, the Foundatlon has been focusing on fundraising for Candlellght Bursarles. Four Candlelight bursary recipient5 have now completed their studies at Sherborne Girls, one of whom was Head of School for the 2020121 year. For the 2022123 year, the Sherborne Glrls Foundatlon supported four girls withln the School. One further CandleliBht bursary recipient joined the School in September 2023. In addition to the Candlelight bursary scheme, a number of bursary awards are made each year by the School to support both hardship and pastoral needs. With the war in Ukraine causing families to be displaced across Europe, Sherborne Girls has played its part with two Ukrainian pupils startlng on full bursaries in September 2022. In addition, by workSng with a local prep school, we have Introduced a full bursary scheme, to be known as a Wessex Bursary, to share the responsibility in supporting a local pupil from year 7 to the end of secondary school. The Wessex Bursary pupil will be educated at a local prep school until the end of year 8 at whlch point, they will join Sherborne Girl5. The first We55e¥ Bursary recipient will join Sherborne Girls in September 2024. Communlty Collaboratlon Sherborne Girls work5 closely with the Sherborne Area Schools, Trust ISA5TI and has developed strong link5 to deliver a range of shared programmes and experiences. In the last academic year this has included Latin lessons delivered by a teacher from Sherborne Gir15, sponsorship by Sherborne Girls of the '1 can, l am, pastoral workshop on building self-esteem. joint Oxbridge preparation and shared History and Science lectures. The Head was a trustee of SAST until 8 March 2023. There are also links with numerous other local Schools and many Sherborne Glrls staff mernbers give their tlme acting as Governors, Trustees and other officlals. Work with local primary schools has been reinvigorated with one member of staff going to primary schools to lead assemblies. acts of worship,

Sherborne School for Girls REPORT OF THE COUNCIL for the year ended 31 August 2023 workshops and spirituality days, and another visiting primary schools to deliver STEM outreach. The Sports Department are also actively involved running hockey sessions for local schools. Sherborne Girls has a long tradition of support for music, drama and other community events. The Music Department regularly leads outreach events in the community, with music in residential homes, local primary 5choo15 and churches. This includes chamber music groups. the jazz ensemble, nd the clarinet 8roup. The choirs also perform in local parish churches. The Drama department offered a matinee performance of for state primary schools . Sherborne Girls were delighted to support the Sherborne Abbey Festival. The Sherborne Festival Chorus and a serie5 of concerts by Ruth Rogers. Pupils from Sherborne Girls are encouraged to give their time and expertise generously and they have been involved in many other community activities, such as being youth adv150rs at the Sherborne Town Council. FINANCIAL REVIEW AND RESULTS FOR THE YEAR The results for the year are shown In the attached financial statements. The Group made a net surplu5 for the year of £241,16212022'. a surplus of £388,420 Irestatedll, the operating surplus for the group was £346,77812022: £603,777 Irestated}l. In spite of the difficult economic circumstances, pupil numbers remaln stable and the School continues to Invest In capital projects and existing infrastructure. Governors are satisfied with this year's financial performance. They closely monitor the School's cash flow projections and are also ￿tisfIed that the School will continue to generate sufficient cash to meet requirements. The School continues to Identify more efficient ways to operate in order to enable it to further improve Its academic and p05toral standards and facilities, and to increase Its operational surplus. rmdlnq Companles A wholly-owned trading subsidiary, Mulliner Trading Isherbornel Llmited, continue5 to operate the School Shop and hire of the School's facilities throughout the year. The Company has contrlbuted £53,42912022: £70,923) to the School's operating surplus. A further wholly-owned subsidiary, Sherborne Sport5 and Leisure Limited ISSLLI, provldes sports and leisure faclllties for the School and local community. SSLL made a loss for the year of £127,91212022.' loss of £60.4561. The Sherborne Glrls Foundation, a controlled entlty of Sherborne Glrls, manages the School's fundraising. The Foundation made a net deficit for the year of £47,01412022: net1055 £34,841). Reserwes Poll¢y As stated in note 17 to the accoLbnts, the fund5 are split as follows- unrestricted fund £19,779.308 12022.. £19,449,366 Ire5tatedll, restricted fund £1,176,64112022: £1.232,7971 and endowed funds £673,07612022.' £705,800). Sherborne Girls does not hold any free reserves,. all operating surpluses are invested in fixed assets in order to ensure the continued development of the School. Investment In the School's infrastructure and facilities remains essential to ensure momentum 15 maintairsed in 10

Sherborne School for Girls REPORT OF THE COUNCIL for the year ended 31 Augu512023 participation in the Teacher5, Pension Scheme where employer contributions are rising again with no additional benefit to the outcome for teachers. Merging with Hanford Prep School on 8 September 2023 provides greater opportunities for 5harlng resources, facilities and staff expertise across both schoo15 and builds on our existing strong relationship with Sherborne School where activities are designed to enhance the pupil offering whilst Containing costs. Wlth the independent school market likely to become ever more competitive. 2023124 will see work done via parental surveys and questionnaires to provide 3 better understanding of what current and prospective parents want from a senior school education. This will inform a refreshed and more effective marketing strategy for the school and a full review of our educational and pastoral offering. With new staff already appointed to key roles in the areas of academic enrichment and careers, a bold and exciting programrne will be introduced whereby pupils will be Inspired and encouraged to engage proactively with their personal development from an earlier stage in their academic journey. GOVERNANCE AND MANAGEMENT Governlnq Documents The School is governed by its Memorandum and Articles of Association which were last amended in December 2015. Govemlng Body Member5 OF the Council of Governors are selected to provide a balance of skills, experience and professional expertise, as well as a willingness to serve, and a deep interest in, the School. Council member5 usually serve for up to Iwo S-year periods but this may be extended in special circumstances. Following the appointment of the new Chair from 15 August 2022 the committee structure has been reviewed. The Academic Committee is now referred to as the Education Committee and a new Business Development Committee has been introduced to review and monitor all income generation. Terms of reference for all the committee5 have been reviewed and streamlined reporting has been introduced to include key performance indicators in each area. Recruitment and Trnlnlny of Governors Appointment to the Council of Governors 15 considered and conducted by the Council on the basis of advice and recommendation from its Governance and Nominations Committee. Newly appointed Governors attend induction 5es5ions with the Clerk to the Governors and undertake the AGBIS New Governor5, course. The induction process follows an individually tailored and structured format. The process compri5e5 a 'New Governorf, induction day, which focuse5 on the role and responsibility of being a Trustee, and introductory briefings. A11 new Governors would be expe¢ted io attend, subject to availability. a New Governor training course within Six months of their appointment. Details uf AGBIS seminars for Governors, and seminars and conferences offered by professional bodies. are circulated to all members of Council. 12

Sherborne School for Girls REPORT OF THE COUNCIL for the year ended 31 August 2023 the recruitment of healthy pupil numbers. A general reserve has been retained to provide a buffer against fluctuation5 in income resultant from any significant adverse variations in pupil numbers. Investment Policy The School's investment powers are governed by the Memorandum and Articles of Association, which permits the Charity's fund5 to be invested in any security listed on the London Stock Exchange. General Fund. The School ha5 a General Fund which represent5 a reserve to be called upon in case of emergency. The reserves policy was reviewed during the year and the Governor5 have deemed a suitable level for thi5 reserve to be no less than £l.Sm with this value preserved over time in real terms. It is Possible that sums will be added to the fund should the School produce a surplus for a nurnber of years, but withdrawals could then subsequently be made to fund capital projects. Income from this portfolio is not required, therefore the investment objective Is to provide capital growth. In line with the sustainabllitv Strategy, these assets have been moved into an investrnent fund with more ernphasis on responsible investment to reflect the School's commitment to Sustainability. Restricted Fund5. There are five funds Set up to provide bursarie5 and scholarships.. Sherborne School for Girls Scholarship Fund. The Verdon-smith Sixth Form Bursary Fund l£ndowedl. Sherborne School for Gir15 Prize Fund. Mary Bou8hey's Leaving Scholarship Fund (Endowedl. The Bursaries and Scholarship Fund. The Investment Committee has adopted a prudent approach and aims to withdraw 3% per annum from these portfolios. As for the General fund, the assets within the Restricted Funds were moved in the year from the Charity Multi-Assel Fund to the Cazenove Charity Sustainable Multi-A55et Fund. Development Funds held within the school include: Where the School needs it most. Scholarship & Bursaries. Annual Fund. Art Centre Fund. The Harriet Tory Fund. Buildings and Facilities. Candlelight Fund, for bursarie5. FUTURE PLANS Ouring 2022123, the Governors and Senior Leadership Team carried out a strategic review to develop plans to Shape the School's priorities for the next few years. With the external environment posing an increased threat to the independent sector, a key focus for 2023124 will be ofi financial resilience via a combination of disciplined cost control and Stable or improving levels of income through pupil recruitment. The roll-out of our new teacher pay structure, which came into effect from ISI September 2023, provides greater control over staff cost5. We have a150 committed to review and consult on our

Sherborne School for Girls REPORT OF THE COUNCIL for the year ended 31 August 2023 Govemors have attended a wide range of general and specific external training courses from both AGBIS the BSA and other organisations throughout the year. All Governors attended an AGBIS trainin8 session in August 2023.The event was held at the school and all se55ion5 were tailored to the requirements for Sherborne Girls. Following AGBIS recommendations training opportunities have been published more prominently to Governors. Orqonlsatloft andstructure The School's governance structure underpins the Governing Body's work. Committees meet as follow5 in the year: Finance Committee- at least three tlmes. Education Commlttee- four times, Pastoral Committee- three times. Investment Committee- once. Governance and Nomlnations Committee - three tlmes. Estates and Infrastructure Commlttee- three time5. Busine55 Development Committee- three times. The full Council meets on a minirnum of three occasion5 per year,. the majorlty of its buslness wlll have been 5crutinised by one of the seven standin8 committees. The day-to-day runnin8 of the School Is dele8ated to the Head, the Bursar and the Senior Leadership Team. Implementation of the Council's decislons is the responsibillty of the Head. Remuneratlon of the School's senlor staff15 considered by Council annually. 6roupStrurture and Relatlonshlp5 The School has a wholly-owned non-charitable 5ub5idiary, Mulllner Trading Isherbornel Limited (company number 032307911. The principal activity of the company is the management of tradSng activlties on behalf of Sherborne Girls. A wholly-owned charitable trading subsidlary, Sherborne Sport5 and Leisure Limited Icompanv rsumber 05869779, Charity number 11170241, mana8es and operate5 the swimmin8 pool and other sports and leisure facilities for the benefit of the School and the local community. Another controlled charitable 5ubsldlary Is The Sherborne Glrls Foundation Itharity number 11640531, which manages the School's fund-ralsing activity. PROMOTION OF THE SUCCESS OF THE ORGANISATION TO BENEFIT ITS MEMBERS The Directors, who are the Governors of the School, confirm that in accordance with Section 172111 of the Companies Act they act in a way they consider most likely to achieve the purposes of the Company. Taking the areas requlred for disclosure in turn: t7. The likely consequence5 ofony decision In the long term The long-term sustainabllity of the operating model is considered by the Governor5 as set out in the Goin8 Concern section of the Report of the Council. Specificallyi the Governors consider both operating results and financial projettions and the key risks that could negatively impact 13

Sherborne School for Girls REPORT OF THE COUNCIL for the year ended 31 August 2023 the financial sustainabillty of the School. The Finance Committee and the Council revlew management information, budgets, forecasts, cash flow projections and progress against budget on a regular basis. Risk management and the level of rese￿e5 are also dlscussed further in the report. b. The Interests oAthe ¢ompony'5 employee5 In relation to employee engagement, the Governors recelve regular reports from management on the mood of the employees and speak directly to representatives on a frequent bas15. Further details of employee involvement are discussed elsewhere In the report. c. The need tofvsterbu51ne55 relationships wlth suppliers, customers ond others In relation to key stakeholder engagement, the Governors via the Senior Leadershlp Team Ilsten to the views of families of the children in the School and a number of Governors are former parents. The Governor5 communicate with families directly through information passed via the SLT and through letters from the Chair. The Foundation Trustees provide a second link to the community. The time and resource5 that the School's community of volunteer5 dedicate to the School and the impact of that generoslty is well reco8nised. In occordance with the School's standard payment terms, supplier payment is due within 30 days after the School receive5 the invoice from the suppller. d. The Impact of the company's operotlons on the communlty and the envlronment The Governors have committed to a new environmental action plan and sustainability is now standing Item on committees agendas where approprlate. There is a review of greenhouse gas emissions elsewhere in the report in Compliance with the Streamlined Energy and Carbon Reportlng ISECRI Report. The Governors are proud of the community service activities of the pup115 which are descrlbed in more detail In varlous sections of the report. e. The molntenance oAhiqh standards of buslness condurt The School takes a zero-tolerance approach towards discrimination, 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 ortfairly as between members olthe compony The Governors understand the Charity Commi55ion requirement5 and understand the need to avoid and manage potentlal ¢onflicts of interest. The Company Is Ilmited by guarantee so does not have share capital. Issues relating to Director shareholder5 or relations between majority and minority shareholders therefore do not apply. Employment Policy The School is an equal opportunitie5 employer. Full and fair consideration is given to job applications from all applicants with protected characteristics and due consideration is given to their training and employment needs. Consultation wlth employees, or their representatNes, has continued at all levels with the aim of taking the view5 of employees into account when decisions are made that are likelv to affect their interests. Employees are made aware of the financial and economic performance of the School. Communication with employees continues through normal management channels in a variety of forms and through exceptional channels to apprise staff of current issues. 14

Sherborne School for Girls REPORT OF THE COUNCIL for Ihe year ended 31 Augus12023 Admlsslons and Equol Opportunltle5 Pupils are welcomed to Sherborne Girls from all backgrounds. Before admitting a prospective pupil, the School need5 to be satlsfied that it will be able to educate and provide the development opportunities for that pupil that will allow them to flourish and maximise their potential in line with the 8eneral standards achieved by thelr peers. Entrance interviews and a55essments are undertaken to 5atlsfy not only the School, but also parents, providing the assurance that their child will be able to cope with the pace of learning 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 process. The School 15 an equal opportunity organlsation and is comrnltted to a working envlronment that is free from any form of discrimlnation on grounds of colour, race, religion, 8ender identity, sex, sexual orientation or physical disability. The School makes reasonable adjustments to meet the needs of staff or pupils who are or become dlsabled or under80 gender reassignment. Statement of Goverftors, Responsibllltles The purpose of thls statement is to distlnguish the responsibilities of the Member5 of the Councll for the accounts from those of the auditor as stated in thelr report. The Members of the Council (who are also directors of Sherborne Girls for the Pltrposes of company lawl. are responsible for preparin8 the Report of the Council, including the Strategic Report and the financial statement5 ifb accordance with applicable law and United Kin8dom Generally Accepted Accountln8 Practlce Iunlted Kingdom Accounting Standards). Company law requlre5 the Members of the Councll to prepare financSal statement5 for each financial vear. Under company law the Members of the Council must not approve the financlal 5taiements unless they are satisfled that they give a true and fair view of the state of affairs of the charitable company and the group an(i of the income and expenditure of the charitable grovp for that period. In preparing these financial statements, the Members of the Council are requlred to.. select suitable accounting pollcies and then apply them con515tently' obseNe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent- state whether applicable UK Accounting Standard5 have been followed, subject to any material departures disclosed and explalned in the financlal statement5,' and prepare the financial Statements on the going concern basi5 unless It is inappropriate to presume that the charitable group will continue in business. The Members of the Council are responsible for keeping proper accounting records that are sufficient to show and explain the charitable group transactions, disc105e with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial statements comply with the requirements of the Companies Act 2tXJ6 and the provisions of the charitrfs COf)stitution. They are a150 responsible for safeguarding the assets of the charitable ompany and the group and hence for taklng reasonable steps for the prevention and detection of fraud and other irregularities. 15

Sherborne School for Girls REPORT OF THE COUNCIL for the year ended 31 August 2023 The Members of the Council confirm that they have complied with the duty In section 17 of the Charities Act 2011 to have due regard to the Charity Commission's published general and relevant sub-sector guidance concerning the operatlon of the public benefit requirement under that Act. Relevont oudlt Infvnnation In so far as each of the Members of the Council of the charltable group at the date of approval of this report Is aware, there 15 no relevant audlt Information linfom)ation needed by the charity'5 auditor in connection with preparing the audlt report) which the charitable group's auditor15 unaware. Each Council member has taken all the steps that they should have taken as a Council member to make themselves aware of any ￿levant audlt Information and to establish that the auditor is aware of that information. RISK MANAGEMENT The Council has ultimate responsibllity for the management of rlsk faced by Sherborne Girls. Detailed consideration of rlsk Ss delegated to the various sub-committees and the Senior Leadership Team. Rlsks are Identified and assessed, and controls established; thls process is continuous throughout the year. The Governors have reviewed the principal area5 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 duties to pupi15; a failure to recrult pupils in sufflcient numbers; and a failure to develop stsff, facilitles and systems in such a way a5 to enable the School to remaln a leading independent School. These fisks, along wlth others, are considered In detail by sub-committees each term and by the full Council at least once a year. The key controls used by the Charity Include.. formal agendas for all Committee and Council artlvity detoiled term5 of reference for all Committees,. comprehensive strategic plannin8, budgeting and management accountin8: established organi5ational Structures and clearly recognlsed Ilnes of reportin8,' formal written policies,. clear authorisation and approval levels,. vetting procedures as required by law for the protection of the vulnerable,. appointment of persons with special responsibilltles relating to the safeguarding and pastoral care of pupils and staff,. and risk5 are viewed by Individual committees and key high risks, which include recentlv identified cyber ri5k5 are brought to Council for discussion. In the opinion of the Governor5, the School has established resources and a review system whlch should allow risk5 to be mitl8ated to an acceptable level. CHARITY GOVERNANCE CODE Sherborne School for Girls is a not-for-profit organi5ation which aims to follow charity sector best practice- the Members of the Council have familiarised themselves Wlth the updated version of the Charlty Govemance Code Ithe"Code"I published in Juty 2017 and updated 2020. The Member5 of the Council, who are the Trustees of the Charity, consider that Sherborne School for Girls governance framewo￿ does align with the Code. A consideration of the Code wa5 undertaken by the Governance 16

Sherborne School for Girls REPORT OF THE COUNCIL for the year ended 31 August 2023 and Nominations Committee. The Members of the Council have noted that increasing the diversity of the Council of Governors will be on objective. However, the Members of the Council believe Sherborne School for Gir15 is fully compliant with the Code. FUND RAISING 5TANDARD5 Sherborne School for Girls does not currently subscribe to any specific fundraislng standard5 or schemes for fundraising regulation but considers that it has set appropriate standards for the operation and management of its fundraising activities. In particular, Sherborne School for Girls considers that its processes and controls should ensure that vulnerable people and other member5 of the publlc are protected from any unreasonable intruslon on a person's privacy and that no fundraising activitles would be unrea50nably persistent or place undue pressure on a person to glve money or other property. During the year there were no complalnts recorded. POST BALANCE SHEET EVENT On the 8 September 2023 Sherborne School for Girls merged wlth Hanford School acquirln8 the trade and a55ets of the Hanford Charity. Hanford School wlll continue to run as an aijtonomous prep school under the leadership of Its Head. This merger should serve to enhance the educational proposition for both Hanford School and for Sherborne Girls as efficiency savings are made across the two Sites. AUDITOR A resolution wlll be proposed at the annual general meetln8 to reappoint Crowe U.K. LLP, who have indicated their wlllingness to continue in offlce. The Report of the Councll was approved by the board of Trustees of Sherborne School for Girls on 24 November 2023 in their capaclty as company directors, approving the Report of the Councll and the Strategic Report contalned thereln, and signed on Its behalf bv: LDHall Chair

Sherborne School for Girls INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS FOR THE YEAR 31 AUGUST 2023 Opinlon We have audited the financlal statemer)t5 of Sherborne School for Girls for the year ended 31 August 2023 which comprise the consolidated statement of financial activities, the consolidated and charitv balance sheets, the consolidated cash flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reportin8 framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reportlng Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: 8ive a true and fair view of the state of the 8roup'5 and the charitable companvs affalrs as at 31 August 2023 and of the 8roup's incomlng resources and application of resource5, includin8 Its income and expendlture for the year then ended,. have been properly prepared in accordance wlth United KlnBdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2LKI6. Basls for oplnlon We conducted our audit in accordance wlth International Standards on Auditing IUKI IISAS IUKII and applicable law. Our respon5ibilitie5 under those standards are further descrlbed in the Auditorfs responsibilitie5 for the audit of the financial statements section of our report. We are Independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial Statements in the UK, includin8 the FRC'S Ethical Standard, and we have fulfilled our other ethlcal responsibilities in accordance with these requirement5. We believe that the audlt evidence we have obtained is 5ufficlent and appropriate to provide a basis for our opinion. Conclusions relatlnq to golng concern In auditing the financial statements, we have concluded that the Council Members, use of the going concern ba515 of accountin8 in the preparatlon of the financial statements is approprlate. Based on the work we have performed, we have not identified any materlal uncertainties relatin8 to event5 or condltions that. individually or collectively. may cast significant doubt on the group's or charitable company's ability to continue as a 8olng concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Members of the Council with respect to going concern are described in the relevant section5 of this report. Other informatlon The Members of the Council are responsible for the other information contained withln the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information arbd, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance concluslon thereon. 18

Sherborne School for Girls INDEPENDENT AUD￿OR,5 REPORT TO THE MEMBERS FOR THE YEAR 31 AUGUST 2023 Our responsibility is to read the other information and, in doing 50, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a materlal mSsstatement in the flnancial statements themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothlng to report in this regard. Oplnlons on other matters prescribed by the Companles Art 2006 In our opinion based on the work undertaken In the course of our audit the information given in the Annual report of Council and Strateglc Report. whlch includes the directors, report and the strategic report prepared for the purposes of company law, for the financial year for whlch the financial statements are prepared is consistent with the flnancSal statements,. and the strategic report and the dlrectors, report included wlthln the Annual report of Councll and Strategic Report have been prepared In accordance with applicable legal requirements. Matt¢rs on whlch we are requlred to report by exceptlon In li8ht of the knowledge and understanding of the group and the charitable company and their environment obtained in the course of the audit, we have not Identified materlal mlsstatements in the strategic report or the dirertors, report included withln the Annual report of Council and Strate8lC Report. In light of the knowled8e and understandinB of the charltable company and thelr envlronment obtained in the course of the audit, we have not identified material mi5Statements in the strateglc report or the directors, report included within the Report of the Council. We have nothing to report in respect of the following matters In relation to which the Companies Act 2C*J6 requires us to report to you if, in our opinion.. the parent company has not kept adequate accountlng records,. or the parent company financial statements are not In agreement with the accounting records and returns; or certain disclosures of the Members of the Council remuneration specified by law are not made,. or we have not ￿￿e1Ved all the information and explanations we requi￿ for our audit. Responslbllltles of Governor5 As explained more fully in the Governors. responsibilities statement on page IS the Governors/Members of the Council (who are olso the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statement5 and for being satisfied that they gNe a true and fair view, and for such internal control as the Members of the Council determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Sherborne School for Girls INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS FOR THE YEAR 31 AUGUST 2023 In preparing the financial statement5, the Members of the Council are responsible for assessing the charitable company's ability to continue as a going concern. disclosin& as applicable, matters related to going toncern and usin8 the going concern basis of accounting unles5 the Members of the CoLsncil either intend to liquldate the charitable company or to ceasè operations, or have no realisti alternative but to do so. Audltorfs responsibilities for the audlt of the fiThancl31 statements Our oblectives are to obtain reasonable assurance about whether the financlal statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an audltor's report that Includes our opinion. Reasonable assurance Is a high level of assurance but is not a 8uarantee that an audit conducted in accordance with1SA5 IUKI will always detect a material mi55tatement when it exists. Misstatements can arise from fraud or error and are considered material If, Individually or in the a88re8ate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financlal statements. Extent to whlch the audit was consldered capable ol detectln8 Irre8ularltles, In¢ludln8 fraud Irregularities, Including fraud, are instances of non-compliance with laws and regulations. We design procedure5 in line with our responsibilities, outlined above, to detect material mlsstatements Sn respect of irregularltles, includlng fraud. The extent to which our procedures are capable of detectlng irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks within which the charlty and group operates, focusing on those laws and regulation5 that have a direct effect on the determination of material amounts and di5c105ures in the financlal statements. The laws and regulations we considered in this context were the Charities Act 2011, together with the Charities SORP IFRS 1021. We assessed the requlred compliance with these laws and regulation5 as part of our audit procedures on the related financial statement items. In addition. we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with whlch might be fundamental to the charity's and the group's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist wlthln the charitable company and the group for fraud. The laws and regulations we considered in thi5 context for the UK operations were The Educatlon Ilndependent School Standard51 Regulations 2014. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of Members of the Council and other management and inspection of regulatory and legal correspondence. if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be wlthin bursaries, scholarships and other discounts, and the override of controls by management. Our audit procedures to respond to these risks included enqulrles of management. the Bursar and the Finance Committee about their own identification and assessment of the rlsks of irregularities, sample testing on the posting of journals. reviewing accounting estimates for biases. designing audit procedures over income, reviewin8 re8ulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Of5ted and reading minutes of meetings of those charged with governance.

Sherborne School for Girls INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS FOR THE YEAR 31 AUGUST 2023 Owing to the inherent lirnitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements. even though we have properly planned and performed our audit In accordance with auditing standards. For example, the further removed non-compliance with law5 and regulatlons lirregularitiesl 15 from the events arbd transactlons reflected in the financial statements, the less likely the inherently limited procedure5 required by auditing Standards would Identify it. In addition, as with any audit, there remained hlgher rlsk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, mi5representation5, or the override of internal controls. We are not responsible for preventing non<0mplian￿ and cannot be expected to detect non-compliance with all law5 and regulations. A further description of our responsibilities for the audit of the financial statement5 is available on the Flnancial Reporting Council's website at: www.frc.or8.uvauditorsresponsibilities. This description form5 part of our auditor's report. Use ofour 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 $0 that we mi8ht state to the charitable company'5 members those matter5 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 Date.. For and on behalf of Crowe U.K. LLP Statutory Auditor 4th Floor, St Jame5 House St Jame5 Square Cheltenham Gloucestershire GL50 3PR 21

Sherborne School for Girls CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES lincorporating the consolidated income and expenditure account and total recognised gains and losses) for the year ended 31 August 2023 Restated Total 2022 Unrestricted Restricted Endowed fund5 funds funds Total 2023 Notes Income from: Charltable actlvltles School fees receivable Ancillary trading income other tradlng actlvltles Non-Ancillary trading income Investments Investment income and interest Voluntary Sources Donatlons and Legacle5 17.285,347 1,538,798 17,285,347 16,192.634 1,538,798 1.384,312 1,094,291 1,094,291 838.351 22,024 52,279 74.303 91,325 25,298 69,176 94,474 105,067 Total Incom¢ 19,965,758 121,455 20,087,213 18,611,689 Expendlture on Ralslng lunds Fundralslng Costs Non-Ancillary tradin8 Finance costs Investment management costs 77,204 1,755,122 434,342 7,726 77,204 1,755,122 434.342 14,430 27,143 1,451,462 368,389 15,770 4,407 2,297 Share of Jolnt Venture loss Charltable actlvltles Education and grant making 30,796 30,796 21,849 17,296.957 131,584 17,428.541 16,123,299 Total Expendlture 19,602,147 135,991 2,297 19,740,435 18,007,912 Net Incomelldeficltl from operatlons before investments ialns or losses 363,611 114,5361 12,2971 346.778 603,777 Net110551 on investments li 133,6691 141.5201 130,4271 1105,6161 1215,357) Net Incomel{expenditurel for year 329,942 156,0561 132,7241 241.162 388,420 Transfers Net movement in fvnds 329,942 156,0561 132,7241 241.162 388,420

Sherborne School for Girls CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (incorporating the consolidaled income and expenditure account and total recognised gains and losses) for the year ended 31 August 2023 Reconciliation of funds: Total funds brought forward las previously statedl PrSor year ad5ustment Total Funds brought forward las restated) 19,734,096 1,232,797 705,800 21,672,693 20,999,543 1284,7301 1284,7301 19,449,366 1,232,797 705.800 21,387.963 20,999.543 Totsl funds carrled forward 17 19,779,308 1,176,741 673,076 21.629,125 21,387,963 All of the group's actlvltles are cla55ed as continuin8. The notes on pages 31 to 53 form part of these flnanclal statements. 23

Sherborne School for Girls CONSOLIDATED AND CHARITY BALANCE SHEET as at 31 August 2023- Company Number 00306828 Group Chorlty Restated 2022 Restated 2022 Note5 2023 2023 FIXED ASSETS Intanglble assets Tangible assets Investments 11,846 28,730,100 4,415,TrJ6 15.795 27,357.776 4,514,81)0 11,846 26,676,979 4,415,106 15,795 25,271,143 4,514,900 li TOTAL FIXED ASSETS 33.IS6,952 31,888,371 31,103,931 29,801,838 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 12 164,336 705,163 2,431,980 117.860 752,962 3,060,643 96,953 2.713.877 2,340,942 76.544 2,750,008 2,917,832 13 TOTAL CURRENT ASSETS 3,301,479 3,931,465 5,151,772 5,744,384 CURRENT LIABILITIES.. amounts payable In le55 than one year 18,822,560) 17,506,5391 18,704,118) 17,492,034) 14 NET CLIRRENT ILIASILITIESI 15,521,081) 13,575,074) 13,552,346) 11,747,650) TOTAL ASSETS LESS CURRENT LIABILTIIES 27,635,871 28,313,297 27,551,585 28,054,188 CREDITORS.. Amounts payable in more than one year 16,006,746) 16,925,334) 16,IJ06,7461 16,92S,3341 Is NET ASSETS 21,629,125 21,387,963 21.544.839 21,128,854 TOTAL FUNOS Restritted funds Unrestrlcted funds Endowed funds 17 1,176,741 19,779,308 673,076 1,232,797 19,449.366 705,800 1,092,454 19,779,309 673,076 1,173,685 19,249,369 705,8C 17 TOTAL FUNDS 17 21,629,125 21,387,963 21,544,839 21,128,854 The parent charity'5 surplus for the year was £415.98512022.' £388,420 re5tstedl. Approved by the Members of the Council and authorised for i55ue on 24 November 2023. LDHall A Harris The notes on pages 31 to 53 form part of these financial statements. 24

Sherborne School for Girls CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 August 2023 Restated 2022 2023 Notes CASH FLOWS FROM OPERATING AcfiviTIES 3,174,967 2,523,883 Net cash provided by operatlng actlvities 22 CASH FLOWS FROM INVESTING ACTIVITIES Payment5 for tan8ible fixed assets Disposals of tangible fixed assets Withdrawals from securities investments portfolio Investment Income and bank Interest recelved 12.742,2401 11.182,6611 14,736 44,324 39,083 32,112 21,839 Net cash used in Investing actlvities 12,688,289) 11,084,520) CASH FLOWS FROM FINANCING AcfiviTIES Repayment of loans New Hlre Purchase Repayment of hlre purchase Flnance costs pald 1582,2591 1697,4451 198,7401 1434,3421 197,5181 1368,3891 Net cash used In financ5ng a¢tlvities 11,115,341) 11.163,352} Reconclllatlon of net cash flow to movernent In net fund$: Chartge In cash and cash equivalents in the year Cash and cash equlvalent5 at the beginnlng of the year 12 1628,6631 3.060,643 276,011 2.784,632 Cash and cash equlvalents at the end of the year 2.431,980 3,060,643 The notes on pages 31 to 53 forrn part of these financial Statements. 25

Sherborne School for Girls ACCCUNTING POLICIES for the year ended 31 August 2023 CHARITY INFORMATION Sherborne School for Girls I'the School'l is a prlvate charitable company limited by guarantee. The School is registered with the Charity Commission England and Wales Ire8istered no.. 3074271. The charity was incorporated as a company limited by guarantee with Companies House England and Wales (registered no: 003068281. Its registered and principal office is Bradford Road, Sherborne. Dorset, DT9 3QN. The member5 of the company are the trustees named on page l. In the event of the Charity bein8 wound up, liability in respert of the guarantee is limited to £1 per member of the Charity. BASIS OF PREPARATION AND CONSOLIDATION The consolidated financial statements have been prepared In sterllng, which15 the functional currency of the 8roup, under the hlstorlcal c05t convention in accordance with Accounting and Reportlng by Charities.. Statement of Recommended Practlce appllcable to charltle5 preparin8 their accounts in accordance wlth the Flnancial Reportin8 Standard applicable In the UK and Republlc of Ireland IFRS 1021- (Charities SORP IFRS 10211, the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companles Art 2￿6. The School meets the definltion of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwlse stated in the relevant accounting policy notes. The statement of financial activities and balance sheet consolldate the financial statements of the School and its subsidiary undertakings, Mulliner Trading1Sherbornel Limited, Sherborne Sports and Leisure Llmlted and The Sherborne Girls Foundation. The results of the subsidiary undertakings are con501idated on a line by line basis. No separate statement of financial activities has been presented for the School alone as permitted by Section 408 of the Companies Act 2006 and paragraph 1.12 Icl of the SORP. The net result of the parent Ithe charity) is shown on the balance sheet. The School has entered into a joint venture arrangement with Sherborne School. Each school owns SO% interest in Sherborne Schools Worldwide limited. Further information on this joint venture is detailed in note 20. GOING CONCERN The Governors have a55e55ed whether the use of the 8olng concern basls Is appropriate and have considered possible events or conditions that Might cast significant doubt on the ability of the charitable group to continue as a going contern. The Governors have made thls assessment for period of at least one year from the date of approval of the financlal statements. The Governors have prepared a number of scenarios that consider our cash position, sources of income and planned expenditure. This includes the impact of inflation and the cost of living on operations together with assumptions around recovery thereafter. These scenarios consider reduced pupil numbers, delayed fee payment, reduced fees and potential bad debts, higher staff costs, energy and catering costs, a5 well as impact on cost5 from the measures taken so far. Sefisitivitv around these assumptions has also been considered in our forecastin8. Results of this cash flow and 26

Sherborne School for Girls ACCOUNTING POLICIES for the year ended 31 August 2023 sen51tivity analysls Indicate that the cash reserves of the charity are adequate to meet the charity's obligations as they fall due. Having regard to the above. the governors believe it appropriate to adopt the goin8 concern basis of accounting in preparin8 the financial statements. DONATIONS AND FUND ACCOUNTING Donations are accounted for a5 and when entitlement arises, the amount can be reliably quantified and the economic benefit to the school/group is considered probable. For legacies, entitlement is the earllest of the school being notified of an impendin8 distributlon or the legacy belng recelved. General funds are unrestrlcted funds which are available for use at the discretion of the trustees In furtherance of the general objectives of the School and which have not been deslgned for other purposes. Donatlons received for the general purpose5 of the School are Included as unrestricted funds. Donatlons for actSvities restricted by the wlshes of the donor are taken to "restricted funds" when these wlshes are leBally blnding on the Governors. Endowed funds generate income from two Trust Funds, the incomin8 resources from endowed funds are restricted. INCOME All income is included in the SOFA when the School is legally entltled to the Income and the amount can be quantified with reasonable accuracv. Gr055 School fees comprises gross fees receivable and fees for extra tultion etc. after deducting introductory commisslon. All other Incoming resources are accounted for on an accruals basis. ADVANCE FEES SCHEME The School offers parents the opportunity to pay for up to seven years tuition fee5 in advance in accordance wlth a written contract. The amount received is invested and interest is accrued to contracts. Thi5 15 treated as deferred income until the pupll jolns the School whereupon the fees for each School term are charged against the remaining balance and taken to income. Any shortfall is treated as a deduction from School fee income and any excess accrued is treated as additional School income. EXPENDITURE All expenditure is accounted for on an accruals basis and ha5 been classified under heading5 that aggregate all cost5 related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. The irrecoverèble element of VAT is included with the item of expense to which it relates. 27

Sherborne School for Girls ACCOUNTING POLICIES for the year ended 31 Augusl 2023 All costs associated with the provision of education are allocated to Charitable Activities. Only the C05ts directly associated with, or incurred solely in, Charitable Activities are allocated to this category. Support and governance costs comprise the costs of running the School, including strategic plannin8 for its future development, external audit, and all other costs of complying with constitutional and statutory requirements. Trading tosts are costs that link directly to the generation of trading income. INTANGIBLE FIXED ASSETS Intangible assets are capitallsed and reco8ni5ed when future economic beneflts are probable and the cost or value of the asset can be measured reliably. Intan8ible assets are initially recognised at cost and are 5ub5equently measured at cost net of amortlsation and any provision for impairment. Amortisation is provided on Intanglble fixed asset5 at rates calculated to write off the cost of each asset on a straight-line basi5 over its expected useful life, as follows.. Trademarks IO% of cost FIXED ASSETS AND DEPRECIATION Fixed assets are held for charitable purpose5 and are shown in the balance sheet at cost less accumulated depreciation and accumulated impairment losses. All assets costing more than £l,(XJO are capltalised. those costin8 less are written off In the year of acquisition unless they form part of a lar8er project. Depreciation is provided at the following annual rates in order to write off each asset over Its estimated useful life. BuSldings, including swlmmlng pool Flre precautlons Boiler5 Furniture. machlnery and equipment Vehicles Computer and office equipment 2-10% oft05t 5% of cost IO% of cost IO% of cost 20-25% of cost 33.3% of cost *lncluded withinfvrniture. mochinery and equipment No depreclatlon Is provided on freehold land or assets In the course of construction. Fixed assets are reviewed for irnpairment if events or changes in circumstance5 indicate that the carrying amount may not be recoverable or as Otherwise required by relevant accounting standards. STOCKS Stocks are valued at the lower of cost and net reali5able value. Stock consists of goods held for sale and other consumables. 28

Sherborne School for Girls ACCOUNTING POLICIES for the year ended 31 August 2023 INVEsfMENTS AND INVESTMENT INCOME Investments listed on a recognised Stock exchange are valued at the market value at the balance sheet date. Any Bain or1055 on revaluation is taken to the SOFA. Investment Sncome is accounted for in the period in which the charity is entitled to receipt. Provision is made for any permanent diminution in the value of fixed asset investments. Investments In subsidiaries are stated at cost. PENSION CONTRIBUTIONS The Charity contributes to the Teachers, Penslon Deflned Benefits Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Admlnistrator. The Scheme is a multi-employer pension Scheme and it Is not possible to identlfy the assets and liabilities of the Scheme which are attrlbutable to the School. In accordance wlth FRS102 therefore, the scheme is accounted for as a defined contrlbution scheme. The Charity also contributes to Individual personal pension schemes for non.teaching staff. FINANCE AND OPERATING LEASES Rentals applicable to operatlng leases are charged to the SOFA over the perlod in whlch the cost is Incurred. Assets purchased under finance lease are capitallsed as fixed a55ets. Obligations under such agreements are included in creditor5. The difference between the capitalised c05t and the total obligatlon under the lease represents the finance charges. Finance charges are written-off to the SOFA over the period of the lease $0 as to produce a constant periodic rate of charge. EMPLOYEE BENEFITS The costs of short-term employee benefits are recognlsed as a liability and an expense. The cost of any unused hollday erstitlement is recognised in the perlod in which the employee, services are received. Termination beneflts are recognised immediately as an expense when committed to terminate the employment of an employee or to provide termination benefits. DEBTORS Trade debtor5, Other debtors and accrued income a￿ recognlsed at the settlement amount due after any trade discount which is measured at amortised cost less any impairment. Prepayments are valued at the amount prepaid net of any trade discounts due. CASH AND CASH EQUIVALENTS Co5h and tash equlvalents include cash in hand, deposits held at call with bank5, Other short-term liquid investments with original maturities of three months of less. and bank overdrafts. Bank overdrafts are shown within current liabilities. 29

Sherborne School for Girls ACCOUNTING POLICIES for the year ended 31 August 2023 CREDITORS AND PROVISIONS Creditors and Provisions are recognised when the charlty has a present obligation as a result of a past event, these are measured at arnortised cost le55 any impairment, it is probable that a transfer of economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. BASIC FINANCIAL INSTRUMENTS The School ha5 financial assets and financial liabilities of a klnd that qualify as ba51c financial instruments. Basic financial Instruments are Initlally reco8ni5ed at transaction value and subsequently measured at their settlement value Isee note 161. JOINT VENTURE The School has a 50% share In a l0Sntly controlled entlty, Sherborne School Worldwlde Llmlted. The school reco8nises its interest in the joint venture usin8 the equity method. Further information is provlded in note 19. PRIOR YEAR ADJUSTMENT Prior year adjustments are made when there Is a change in accounting policy or when material error5 are found In the prlor year financial statements. JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY Estimates and Judgements are contlnually evaluated and are based on historlcal experlence and other factors, includin8 expectation5 of future events that are believed to be reasonable under the circumstances. The items on the financial statements where these estimates and jvdgements have been made include the followlng: Useful economlc Ilves The annual depreciation charge for property, plant and equlpment Is sensitive to changes in the estimated useful economic lives and resldual values of the a55ets. The useful economic lives and residual values are re-a5se55ed annually. They are amended when necessary to reflect current e5tim4tes, based on technological advancement, future Investments, economic utili5ation and the physical condition of assets. See note 10 for the carrylng amount and useful economic life of each class of asset. Recoverable value of fee debtors The tompany makes an estimate ofthe recoverable value oftrade and otherdebtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and hlstorical experience. See note 13 for the carying amount for fee debtors.

Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023 I CHARITABLE ACTIVITIES- FEES RECEIVA8LE 2023 2022 Fees receivable conslst of: School Fees Le55: Bursaries, Scholarships & allowances 19,240,726 12.054,8501 17,9C(1,356 11.841,9171 17,185,876 16.058,439 Add back bursaries and other awards paid for by restricted funds 99.471 134,195 17,285,347 16,192,634 kholarshlps, bursarles and other awards were paid to 248 pup11512022.' 2441. Within thls, means-tested bursaries totalling £923,825 were pald to 85 puplls12022.. £812,351 to 88 pupllsl. CHARITABLE ACTIVITIES-ANCILLARY TRADING INCOME Restated 2022 2023 2 Extra Trlps Registration fees 1,182,560 3C(1,119 56,119 1.128,102 190,694 65,516 1,538,798 1,384,312 OTHÉR TRADING ACTIVITIES 2023 2022 3 Non-Ancillary Trading Income Sherborne School for Glr15 Sherborne Sports & Leisure Ltd Mulliner Trading1Sherbornel Ltd 211,182 822,115 60,994 72,178 728,515 37,658 1,094.291 838,351 VOLUNTARY SOURCES 2023 2022 Donations 94,474 105,067 31

Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for Ihe year ended 31 August 2023 5 INVESTMENT INCOME 2023 2022 Dlvldends rece6ved Interest 52,364 21,939 78,372 12,953 74.303 91,325 ANALYSIS OF EXPENDITURE lal 2023 Total 2022 Total Staff costs Other Depreciation Charltable expenditure TeachlnB costs Support and governance costs Establishment costs Commisslon on fee5 House expenses Grants and award5 Expenditure on raising funds Fundraising costs Jolnt Venture Financln8 COSt5 Investment management Costs 5,741,945 1,121,597 2,040,120 676,295 87,023 198,909 6,950,565 2,915,324 6.644,591 3.048,057 698,884 1,583,088 50,332 3,023,669 99,471 953,299 3,235,271 50,332 4,177,577 99,471 2,909,067 80,342 3.307,048 134.194 1.153,908 77.204 30.796 434,342 14,430 77.204 30,796 434.342 14,430 27,143 21,849 368.389 15.770 9,634,857 7,111.224 1,239,231 17,985,312 16,556,450 Subsidiary expenditure 745,535 885,162 124,425 1,755,123 1,451.462 Group 10,380,392 7,996,386 1,363,656 19,740,434 18.007.912 32

Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 Augusl 2023 6 Ibl GOVERNANCE COSTS INCLUDED IN SUPPORTCOSTS Group 2023 Charity 2023 2022 2022 Auditorfs remuneratlon Audltorfs remuneration- additional services Legal & Professional Relmbur5ement of personal expenses to Trustees 24.750 21,600 17.950 15,650 11,525 3,740 1,680 142,545 142,545 1,781 746 1,781 746 180,601 26.086 171,776 18,076 Travel expenses were reclaimed by 4 members12022.' 41 of the governln8 body. srAFF COSTS Group 2023 Charity 2023 2022 2022 Wages and salaries Social security costs Teachers, pension costs Other pension costs 8,259,550 719,996 766,440 634,406 7,712,831 727,448 836,589 477,750 7,599,771 686.881 766,440 581.765 7,103,549 694,064 836,589 432,813 10,380,392 9,754.618 9,634,857 9,067,015 The average weekly number of employees during the year was as follows: Group 2023 No. Chority 2023 No. 2022 No. 2022 No. Teaching staff Admlnlstrative and domestlc staff etc. 117 238 116 219 117 175 116 156 355 335 292 272

Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 Augusl 2023 The number of employees whose emoluments as defined for taxation purposes amounted to over £60,CKJO in the year was as follows.. 2023 No. 2022 No. £60,001 . £70,CO) £70.001- £80,C(K) £80,001- £90,1X £140,001- £150,000 £190,001- £200,000 2023 2022 Aggregate employee benefits of key management personnel 787,975 710,346 The Key Management Personnel- Headmistress, Bursar, Senior Deputy Head, Deputy Head - Co-currlcular and Planning, Deputy Head - Pastoral and Director of Studles. Durin8 the year there were 3 temination payments which amounted to £44,20912022.' £34,862). These amounts relate to agreements made with employees to end employment contracts. There was £NII amount outstanding at the year.end12022: £Nill PENSIONS TEACHERS, PENSION SCHEME The School partlcipates in the Teachers, Pension Scheme I'the TPS'I for its teaching staff. The pension charge for the year includes contributions payable to the TPS of E766,44012022: £836,589) and at the year-end £103.71712022'. £95,598) was accrued in respect of contributions to this scheme. The TPS Is an unfunded multi-employer defined beneflts pension scheme governed by The Teacher5, Pensions Re8ulations 2010 las amended) and The Teachers, Pension Stheme Regulations 2014 las amended). Members contribute on a 'pay as you go" basis with contribution5 from member5 and the employer being credlted 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 followlng scheme valuations undertaken by the Government Actuary's Department. The most recent artuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, which was published in October 2023. 34

Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023 Following the Mccloud Judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the perlod l April 2015 to 31 March 2022. The actuarles have assumed that members are likelv to choose the optlon that provides them with the greater benefits, and in preparing the 2020 valuation have valued the 'greater value, bersefits for groups of relevant member5. The valuation confirmed that the employer contribution ratè for the TPS would Increase from 23.6% to 28.6% from l April 2024. Employers are also requlred to pay a scheme admini5tratlon levy of 0.08% giving a total employer contribution rate of 28.68%. ROYAL LONDON SCHEME The group operates a defined contribution scheme for all staff not In the Teachers, Penslon Scheme. The assets are held Separately from those of the group In an Independently administered fund, The pension char8e for the period represents contributlons payable by the group and amounted to £634,40612022.' £477,750). At the year end, the group had a penslon creditor of £52,82012022: £46,952>, INTANGIBLE FIXED ASSETS GROUP AND CHARITY 2023 2022 C05t: I September 2022 Amortisatlon I September 2022 Charge for Year 39,486 39.486 23,691 19,742 3,949 3,949 31 August 2023 27,640 23,691 Net Book Value 31 Au8USt 2023 11,846 15.795 35

Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023 io TANGIBLE FIXED ASSErs Furniture, machinery Assets in the and course of equlpment construction GROUP Freehold land Swimming pool Buildings Total Cost: I September 2022 Additions Disposal Transfers into use 17,256 37,480,513 2,222,675 6.794,706 434,618 46,949,768 219,547 624,982 11,955,679) 1,897,711 2,742,240 11,955,679) 1,511,025 87,934 11.598,9591 31 August 2023 17,256 39,211,085 2,222,675 5,551,943 733,370 47,736.329 Depreciation.. I September 2022 Charge for year Dlsposal 113,115,674) 1677,7801 15.798,5381 119,591,992) 1918,2691 145,2201 1400.1671 1,949,419 11,363,6561 1,949,419 31 Au8USt 2023 114,033,943) 1723,1XQl 14,249,286) (l9,C￿6,229} Net book values.. 31 August 2023 17.256 25,177,142 1,499,675 1,302,657 733,370 28,730,100 31 Au8USt 2022 17,256 24,364,839 1.544,895 996,168 434.618 27,357,776 At 31 August 2023 the group has authori5ed future expenditure of £nil12022.' £1.091MI but not committed. Included in the above are asset5 wlth a total net book value of £636,76812022: £691,442) that are held under hire purchase contracts. Depreclation charged on these assets In the year amounted to £48,41612022- £53,1551. 36

Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023 io TANGIBLE FIXED ASSETS Icontinuedl Furniture, machinery equipment Assets in the course of construction Freehold land Swimmin8 pool Buildings Total CHARITY Cost: I September 2022 Dlsposals Additions Transfers into use 17,256 36,953,946 188,014 6,250,193 434.618 43,844,027 11,810,696) 558,168 87,934 11,810,696) 2,647,201 191,322 1,511,025 1,897,711 11,598,959) 31 August 2023 17,256 38,656,293 188.014 5,085,599 733,370 44,680,532 Depreciatlon: I September 2022 Disposals Charge for year 113,034,485) 170,5591 15,467,840) 1.808,562 14,5271 1327,2511 118,572,884) 1,808,562 11,239,2311 1907,4531 31 August 2023 113,941,938} 175,0861 13,986,529) 118.003,5531 Net Book values: 31 August 2023 17,256 24,714.355 112,928 1.099,070 733,370 26,676,979 31 August 2022 17,256 23,919,461 117,455 782,353 434,618 25,271,143 At 31 August 2023 the group has authorised future expenditu￿ of £nil12022'. £1.091MI but not committed. Included in the above are assets With a total net book value of £636,76812022: £680,585) that are held under hire purchase contracts. Depreciation charged on these assets in the year amounted to £43,81712022: E43,9571. 37

Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023 li INVESTMENTS Group 2023 2022 Total 4.514,800 Listed Investments brou8ht forniard 4,663,691 Relnvested Income Withdrawals from investment5 Net revaluatlon loss 52,364 146,5421 1105,6161 52,242 160,1471 1140,9861 Group 4,415,006 4,514.8(K) Investment In subsidiaries Transfer loo 100 4,415,106 4,514,900 CharSty 12 STOCK Group 2023 Charity 2023 2022 2022 Flnlshed goods 164,336 117,860 96.953 76,544 13 DEBTORS Group 2023 Chority 2023 2022 2022 Fees and e¥tra5 less provislon for doubtful Debts Other debtors Prepayments and accrued income Amount5 owed by subsldiaries 344,284 380,708 344.284 380,708 182,658 178,221 187,140 185,114 99,743 95,297 158,864 167,874 2,110,986 2,106,129 705,163 752,962 2,713,877 2,750,(K)8

Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023 At the year end the school loan to it5 5ubsidiaryi Sherborne Sport5 and Leisure Limited, amounted to £2,002,25012022: £1,908,945). The loan is secured over the property and assets of the company, with interest belng charged at 1.25% above the base rate. The whole debtor is due greater than one year. 14 CREDITORS Restated Chority 2023 Group 2023 2022 2022 Amounts payable wlthln one year: Advanced fees scheme Bank loan Social securlty and other taxes Trade Creditors Other creditors and accruals Fees received In advance Fee deposit5 Hire purchase credltor Owed to joint venture Owed to group undertakings 739,707 816,434 739,707 816,434 582,228 582,228 582,228 582,228 421,744 207,499 346,034 163,637 1,133,883 822,553 1,043,930 755,959 197,787 376,790 190,318 360,064 3,770,161 2,797,615 3,770,161 2,797,615 1,826,675 1,773,139 1,826,675 1,773,139 93,944 92,288 93,944 92,288 56,431 37,993 56,431 37,993 54.690 112,677 8,822,560 7.506,539 8,704.118 7,492,034 Group 2023 Chority 2023 2022 2022 Amounts payable in more than one year-. Advanted fees scheme Bank loan Hire purchase creditor 975,313 4,822,212 209,221 1,211,246 5,404,471 309.617 975,313 4,822,212 209,221 1.211,246 5,404,471 309,617 6,Ll)6,746 6,925,334 6,006,746 6,925,334 39

Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023 15 CREDITORS Icontinuedl Repayable by Instalments 2023 2022 Bank loan.. within one year between two and five years after fve years 582,228 1.822,909 2,999,303 582,228 2,328,909 3,075,562 5,404,440 5,986,699 Hire purchase.. within one year between two and five years after five years 93,944 209,221 92,288 309,617 303,165 401,905 At the year end all borrowlngs are secured with fixed charge over the property of the School in favour of the bank. Borrowing5 have a mlxture of both fixed and varlable interest rates, with the rates ranBin8 from 4.77%- 6.2% for fixed rates and 1.9%- 3.96% above base ratelSONIA for variable rates and the capital repayment proflles of 5-25 years. Interest and other simllar charge5 on bank loans and overdrafts totallin8 £303,98212022'. £258,886) were incurred in the year. This includes a Covld Buslness Interruption Loan raised in 2020 for £1,308,OCMJ. The loan is repayable over 5 year5 after the Business Interruption Period IBIPI has passed. Durlng BIP112 months from the draw down datel the interest is pald by the UK Government. Thereafter. the loan Is repayable monthly and the Interest rate is fixed at 4.24%.

Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023 15 CREDITORS Icontlnuedl lal ADVANCED FEES SCHEME Advance fees scheme represents amounts pald in advance to the School whlch will be credited to Incoming resources in more than one year. In the event of a pupil not bein8 offered a place, or who leaves early. a repayment of the advanced fee will fall due upon notice by the parent. Assumin8 pupils will remaln in the School advanced fees wlll be applied as fo51ows'. 2023 2022 After more than five years Within two to flve years Wlthln one to two years 75,417 635,307 500,522 527,964 447.349 Over more than one year Wlthin one year (see note 141 975,313 739,707 1,211,246 816,434 1,715,020 2,027,680 Balance at 31 August 2023 Summary In movements In Ilablllty 2023 2022 Balance at I September 2022 New contracts Returned payments Amounts used to pay fees Amounts accrued to contract as debt flnanclng cost Balance at 31 August 2023 2,027,680 840,406 1271,2411 1923,1481 41,323 2,033,439 855,995 1914,4561 52,702 1,715,020 2,027,680 41

Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023 16 FINANCIAL INSTRUMENTS Group 2023 Chority 2023 2022 2022 Financial assets measured at Fair Value Flnancial assets measured at amortised cost Financial liabilities measured at amortised cost 4,415,006 4,514,899 4,415.106 4.514,899 2,958,922 3,441,351 4,895,955 5,391,336 8,922,381 9,470,031 8,879,649 9,470,031 Financial assets measured at fair value Include$ asset5 held as investments. Financial a55ets measured at amortised cost comprlse of cash. trade and other debtors, accrued income, amounts owed from subsldiary undertakings. bad debt write off and movement In bad debt provlslon. Financial Ilabllltles measured at amortised cost comprise of trade credltorsi pension contributions due, obligations under flnance leases, accruals, fee deposit5, 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 2023 17 STATEMENT OF FUNDS RESTATED At I September 2022 Incoming resoijrces Resources Investment expended Galns/ Transfers At 31 August 2023 Unrestricted funds: General Where the School Needs It Most 19,433,572 19,906.047 15,794 59,711 119,525,717) 176,4301 133,6691 19,780,233 19251 19,449,366 19,965,758 119,602,147> 133,6691 19,779,308 Restrlcted Fund5'. Verdon-smith 8oughey Trust Scholorship Fund Prize Fund 8ursaries & Scholarshlps Development funds: Scholarship & 8ursaries Annual Fund Arts Centre Fund Tory Masterclass Buildings and Facllities Candlelight Fund 18,492 58,042 395,025 110,486 473,524 9,331 12,911 11,023 2,999 13,226 (8,2731 19,550 70,953 378,894 106,407 454,223 110,9261 12,6611 113,1081 116,2281 14,4171 119,4191 13,129 2,535 11S.IiXJI 564 1,600 5,164 130,110 2,205 25,020 1,600 5,664 129,891 2,205 6,790 5CQ 2,789 11,5521 11,4561 66,141 184,3711 Total Restrlcted Funds 1,232,797 121,455 1135,9911 141,5201 1,176,741 Endowed funds: Verdon-smith Boughey Trust 316,653 389,147 19761 11,3211 113,7501 116,6771 301,927 371,149 Total Endowed Funds 705,800 12,2971 130,4271 673,076 Total funds 21,387,963 20,087,213 119,770,435) 1105,6161 21,629,12S 43

Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023 17 STATEMENT OF FUNDS (Contlnuedj Restated Restated At 31 August 2022 At I September 2021 Incoming resources Resources expended Investme nt Gains/ Transfers Unrestricted funds.. General Where the School Needs It Most 18,955,358 18,344,919 117,769,618) 197,0871 19,433.572 3,178 98,638 186,0221 15.794 18,958,536 18,443,557 117,855,640) 197,0871 19,449.366 Restricted Funds: Verdon-smith Boughey Trust Scholarship Fund Prize Fund Bursaries & Scholarshlps Development funds.. Scholarship & Bursaries Annual Fund Arts Centre Fund Tory Masterclass Building5 and Faclllties Candlelight Fund 17,4 49.592 409,433 114,148 490,807 9,339 11,451 11,061 3,CQ2 13,238 18,2471 13,0011 111,2451 114,2241 12,7921 13,8721 113,4921 117,0291 18,492 58,042 395,025 110,486 473,524 11,877 1,884 16321 13,129 1,600 5,164 130.110 2,205 25,020 4,192 203,856 2,205 5,018 7,323 57,693 16,3511 170,4241 161,0151 53,141 133,1391 Total Restricted Funds 1.310.128 168,132 1149,3231 196,1401 1,232.797 Endowed funds: Verdon-smith Boughey Trust 329,970 4LXI.909 11,2701 112,0471 11,6791 110,0831 316,653 389.147 Total Endowed Funds 730.879 12,9491 122,1301 705,800 Total funds 20,999,543 18,611,689 118,007,912) 1215,3571 21,672,693 44

Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023 17 STATEMENT OF FUNDS (Continuedj The Where the School Needs It M05t fund is the accumulatlon of donations for the School's development wlth no other specific restriction5. The restricted funds comprise Bursarles & Scholarships. Prizes and Development funds. The Endowed funds comprise of Thè Verdon-smith and Boughey funds whose Income Is applied towards the award of bursaries. The Bursaries & Scholarships, Verdon-smith and BouBhey Trust funds provlde bursarles and scholarships for girls attendlng the School. The Prize Fund provides prizes in recognition of either academic or artistic excellence. The Development Funds were set up to recelve donatlons from individuals. The donors select an optlon on how the money can be spent. The various funds are as follows.. al The Scholarshlp and Bur5arles Fund is used to pay out scholarship and bursarles. bl The Annual Fund provides relatively small, every day, enhancements to the pastoral and/or academic functions of the School. cl The Arts Centre Fund has been used to finance a high-quality performance venue coverlng the need5 of muslc and drama, therefore these funds have been transferred to unrestricted funds. dl The purpose of the Tory Masterclass fund is to establish an annual Muslc Masterclass and Concert at the School in memory of Harriet Tory. el The 8uildlngs and Facilities fund is for capital expenditure and malntenance of the School's bulldings. The purpose of the Candlelight Fund is to support socially disadvantaged children Iwith the promise and character to thrive at Sherborne Glrlsl in order to give them a greater chance in life, al ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS Unrestricted Restrirted Endowed funds funds funds Total Fund balances at 31 Au8U5t 2023 are represented by-. Intangible flxed asset5 Tangible fixed assets Investments Current assets Current liabilities Long term liabilities 11,846 28,730,100 2,565,189 1,176,741 3,301,479 18,822,560) 16,006.7461 11,846 28,730,IiX) 4,415,006 3,301,479 18,822,560) 16,006,746) 673,076 Total funds 19,779,308 1,176,741 673,076 21,629,125 45

Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023 17 STATEMENT OF FUNDS (Continued) bl ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS RESTATED Unrestrirted Restrlcted Endowed funds fund5 funds Restated Totol Fund balance5 at 31 August 2022 are represented bv.. Intangible fixed assets Tan8ible fixed assets Investments Current assets Current liabilities Lon8 term liabllitles 15.795 27,357,776 2,576,203 3,931,465 17,506,539) 16,925,334) 15,795 27,357,776 4,514,800 3,931,465 17,506,539) 16,925,334) 1.232.797 705,8(K) Total funds 19,449,366 1,232,797 705,800 21,387,963 18 RECONCILIATION IN NET DEBT Other non cosh chonges At I Sept 2022 Cosh Flow At 31 Aug 2023 Reconciliation in net debt Cash at bank and In hand Debt due within one year Debt due over one year 3,060,643 1628,6631 1674,5161 11,6561 15,714,088) 682,656 2,431,980 1676,1721 15,031,432) Total ftbnds 13,327,961) 52.337 13,275,624) 46

Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023 19 NET INCOME FROM AcfiviTIES OF THE SUBSIDIARIES All subsidiary entitles have the same registered office as the school which is detailed on page l of these flnancial statements. The charity has three wholly owned subsidiaries, Mulliner Trading Isherbornel Limited (Company Registration Number: 032307911, Sherborne Sports and Leisure Limited Icompany Re8lStration Number.. 05869779, Charity Registration Number: 11170241, and The Sherborne Girls Foundations (Company Registration Number.. 09637231, Charity Registration Number: 11640531, which are all incorporated in England and Wales. Mulliner Tradin8 Isherbornel Limited manages the trading actlvities of the School, Sherborne Sport5 and Leisure Llmited manages the School Sports Centre and The Sherborne Girls Foundation controls fundralsing activity for the school. A summary of the trading position15 shown below. Audited accounts have been filed with the Reglstrar of Companies. lil Mulliner Trading Isherbornel Limited 2023 2022 Proflt and loss account Turnover C05t of sales 594,828 469,457 1527,3661 1371,3551 Gross proflt Adminlstration 67,462 114,0331 98,102 19,5111 Net profit 53,429 88,591 Dlstribution to Parent Company 153,4291 149,3731 Retained earnings at start of the year Retained in subsidiary 21,550 21,550 117,6681 39,218 The aggregate of assets, liabilities and funds was: Assets Liablllties 235,516 246,761 1213,8661 1225,1111 21,650 21,650 Representing.. Share capital1100 ordinary shares of £1 each) Profit and loss account 100 21,550 loo 21,550 21,650 21,650 47

Sherborne School for Girls NofES TO THE FINANCIAL STATEMENTS for the year ended 31 Augu512023 19 NET INCOME FROM AcfiviTIES OF THE SUBSIDIARIES (contlnued) 1111 Sherbome Sports and Lelsure Limited 2023 2022 Incomlng ￿sOUrceS Cost of charitable activitles 1,158,153 1,059,761 11,286,065) 11,120,217) Net movement In funds 1127,9121 160,4561 The aBgregate of assets, Ilabllltles and funds was: Assets Liabilities 2,121,767 2,187,484 12,071,110) 12,008,915) 50,657 178,569 Represented by.. General funds 50,657 178,569 liiil The Sherborne Girls Foundatlon 2023 2022 Incomln8 resources Cost of charitable activities 128,887 160,985 1175,9011 1126,1441 Net movement in funds 147,0141 34.841 The aggregate of asset5, liabllitle5 and fund5 was: A55etS Liabilities 13,360 64,927 11,2681 {5,8211 12,092 59,106 Represented by: Restrlcted funds Unrestricted Funds 13,018 19261 43,314 15,795 12,092 59,106

Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023 20 JOINT VENTURE INTEREST The khool owns 50% of the share capltal of Sherborne Schools Worldwide Limited (company no. 107301551. which was incorporated on 19 April 2017, and commenced tradlng on l May 2017. The company 15 jointly owned with Sherborne School, and has been set up to identlfy international opportunlties, select, market to and enter into arrangements with third parties on behalf of the two Schools jointly, to generate income, Increase the value of the khi)ol's brands and enhance the Schools, reputations. Sherborne Schools Worldwide Limited's tradin8 results for the 12 month period to 30 June 2023, are summarised below.. 2023 2022 Turnover Cost of sales Gross profit Admin15tratlon 161,5911 143,6981 Net (Ioss) 161,5911 143,6981 50% share of loss 130,7961 121,8491 The a88re8ate of a55ets, liablllties and funds was: A55et5 1,008 1593,1531 1531,5621 1592,1451 1530,5541 Representing: Share capital12 ordinary shares of £1 each) Profit and loss account 1592,1471 1530,5561 1592,1451 1530,5541 50% share of shareholderfs deficlt 1296,0731 1265,2771 49

Sherborne School for Girls NofES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023 21 RELATED PARTY TRANSACTIONS Transactlons wlth Governors During the year the charity pald no remuneration to Governors. Travel expenses were paid to 412022.. 41 Governors of £1,78112022.' £7461. During the year there were no transaction with the Gryphon School12022'. £350), which is related party transaction due to a trLbStee belng in a position of significant control. Related Parties Sherborne School for Girls wholly own Sherborne Sports and Leisure Limited. The Charity owed £nil12022: £54,639) to its subsidiary for servi￿5 and goods throughout the year whlch is repayable on demand. The charlty was owed £2,CQ5,25012022: £1,930,907) from Its subsidiary for a loan. However, assurance has been glven and thls Is not repayable for at least 12 months from the $18nln8 of these accounts. The charity has received £4,91512022: £36,756) of loan interest from Its subsldlary. The charity ha5 sold £145.33912022'. £132,793) worth of services and 8oods to its subsidlary during the year. The charity ha5 purchased £307,05012022.' E331,2461 worth of services and goods from Its 5ubsidlary durlng the year. Sherborne School for Girls wholly own Mulliner Trading Isherbornel Limlted. Sherborne School for Girls owed £27,23312022: £58,038) to Mulliner Tradin8 Isherbornel Limited for services and goods throughout the year whlch Is repayable on demand. The charity ha5 sold £124,38312022: £63,155) worth of Se￿iCe5 and goods to Its subsidlary durin8 the year. The charity Wa5 owed £20,00012022: £151.5911 from Its Subsidiary, for a loan made during the year. The charity has purchased £404,33612022: £362,314) worth of seNlces and goods from it5 subsidiary durlng the year. The charity will receive a Gift Aid donation of £53,42812022: £49,3731. The Sherborne Gir15 Foundation is a controlled entity of Sherljorne School for Glrls. Durlng the year the charity gifted £31,88512022'. £29,105) of services to The Sherborne Gir15 Foundation. The charity is owed £nil12022: £nill from The Sherborne Girls Foundation. 50

Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for Ihe year ended 31 August 2023 The charity recelved donation5 of £129.64312022: £94,6301 from The Sherborne Girls Foundation durin8 the year. 22 RECONCILIATION OF NET INCOMING RESOURCESTO NET CASH FLOW FROM OPERATIONS 2023 2022 Net incoming resources 241,162 388,420 Investment Income Finan¢e costs Loss on disposal of tanBible fixed asset Investment losses Investment management charges Amortlsatlon of intangible asset Depreciatlon charges Ilncreaselldetrease in stock Oecrease/llncreasel in debtors Ilncreaselldecrease In creditors (excludin8 fee5 in advance scheme and deposit) Increase In fees received In advance credltors Decrease In parents deposits 174,3031 434,342 6,260 105,616 14,430 3,949 1,363,656 146,4761 47.899 191,3251 368,389 140,986 15,922 3,949 1.243,676 22,462 1621,8641 365,010 300,602 659,886 53,536 533,473 219,193 Net cash Inflow from operations 3,174,967 2,523,883 Analysis of chan8es In net funds Atl September 2022 Cash flows At31 August 2023 Cash at bank Overdraft Short temi cash deposits 3,060,643 1628,6631 2.431,980 Total funds 3,060.643 1628,6631 2,431,980 51

Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023 23 CONSOLIDATED STATEMENTOF FINANCIALAcfiviTIES- COMPARATIVE FIGURES 8Y FUND Aestated Total 2022 Unrestricted fund5 Restricted funds Endowed funds Notes Incom• from.. Charitable actlvltles School fee5 recelvable Ancillary tradlng Income Oth•r tradln8 actlvltles Non-Ancillary trading income Investment5 Invèstrnent income and Interest Voluntary Sources Donatlons and LeBacles 16,192,634 1,384,312 16,192,634 1,384,312 838.351 838,351 13,652 77.673 91,325 14.608 90,459 105,067 Total I￿orne 18,443,557 168,132 18,611,689 Exp•ndlture on Ralslni funds Fundralslng costs Non-Anclllary tradlng Flnance costs Investment management C05ts Share of lolnt Venlure loss Chafltabl¢ Jdlvltles Education and grant maklng 27.143 1,451,462 368,389 7.888 21,849 27,143 1,451,462 368,389 15,770 21,849 4,933 2.949 15,978,909 144,390 16,123,299 Total Expendltur• 17,8S5,640 149,323 2,949 18,007,912 P4et Incom•lld•fidtl from operatbons before lrniestment5 galns or10s5es 587,917 18.809 12,9491 603.777 Net Ilossll8alns on investments li 197,0871 196,1401 122.1301 1215,3571 Net Incomellqxpendlturel for year Transfer5 490,830 177.3311 125,0791 388,420 P4et movement In fund5 490.830 177.3311 125,0791 388,420 Re¢onclllatlon of funds: Total funds brouBht forward 18,958,536 1,310,128 730,879 20,999,543 Total lunds ¢arrled forward 17 19,449,366 1.232.797 705.800 21.387,963 52

Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023 24 POST BAL4NCE SHEET EVENT The School merger with Hanford School Charity Trust on 8 September 2023. The net assets of £16,814,348 were acquired for £nll consideration. 25 PRIOR YEAR ADJUSTMENT The adjustment relates to a cut-off error relating to the summer term fee extra5 that were incorrectlv adjusted in the prevlous year and is not consldered material to the accounts. GROUP As previously Adjustment reported As restated at 31 Au8USt 2023 Changes to the balan¢e sheet Current Llabllities 17,221,809) 1284,7301 17.506,5391 Total Funds Unrestrlcted 19,734,096 1284,7301 19,449,366 Chanses to the Statement of Flnanclal Artlvltles Ancillary Tradlng Income 1,669,042 1284,7301 1,384,312 CHARITY A5 previously Adjustment reported As restated at 31 Au8USt 2023 Changes to the balance sheet Current Liabilitles 17,207,304) 1284,7301 17,492,034) Total Funds Unrestricted 19,534,099 1284,7301 19,249,369 Changes to the Statement of Flnanclal Arti¥ities Ancillary Tradlng Income 1,669,042 1284,7301 1,384,312