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