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2024-06-30-accounts

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Sherborne School for Girls
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(Company limited by Guarantee) Registered Charity

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

For the period ended

30 June 2024

Company Number 00306828 Registered Charity Number 307427

Sherborne School for Girls

for the period ended 30 June 2024

CONTENTS Page
Governors, Trustees and Advisors 2-3
Annual Report ofCouncil 4-16
Statement ofCouncil Members’ Responsibilities 17-19
Independent Auditor’s Report 20-23
Consolidated Statement of Financial Activities 24
Consolidated and Charity Balance Sheets 25
Consolidated Cash Flow Statement 26
Accounting Policies 27-32
NotestotheFinancialStatements 33-55

REPORT OF THE COUNCIL For the period ended 30 June 2024

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Sherborne School for Girls

GOVERNORS AND CHARITY TRUSTEES

The Sherborne School for Girls’ Governors are the charity trustees of Sherborne School for Girls (“the Charity”, “The School”, “Sherborne Girls”). They have all served in office throughout the year except where indicated. They are:

Mrs L D Hall (Chair) (Chair of the Investments and Governance & Nominations Committees) * MsJ S Blanch >#<

Dr S G Connors +(resigned 30 June 2024)

Dr S Craig-McFeely (Chair of the Pastoral Committee)+/ Canon N Edwards (Chair of the Education Committee)#/ The Rt Revd K M Gorham# (resigned 30 June 2024) Mrs A Harris (Chair of the Finance Committee)>“ Mrs A Hughes * ~ (Chair of the Hanford Committee) Mr RAL Leach #<

MrsJ Massey ~+ Mrs K M Saker#/ (resigned 30 June 2024) Mr JM Scott</ (resigned 30 June 2024) Mr MC Taylor <4 Dr A P Williams (Chair of the Business Development Committee) + Mrs M Wingfield Digby ~#< (resigned 30 June 2024) Mr N JS Wordie (Chair of the Estates and Infrastructure Committee) < (resigned 30 June 2024)

Mr S H Wingfield Digby (Life President)

* Member of the Finance Committee

~“ MemberMember of ofthe the InvestmentsEstates and CommitteeInfrastructure Committee > Member of the Governance and Nominations Committee <Member of the Business Development Committee / Member of the Hanford Committee (first meeting held 7 November 2023)

The Council is a self-appointing body. Service on the Council is for a period of five years, subject to reelection for a further term.

Address Bradford Road Sherborne Dorset DT9 3QN

Website www.sherborne.com

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REPORT OF THE COUNCIL For the period ended 30 June 2024

Sherborne School for Girls

KEY MANAGEMENT PERSONNEL

Dr RM Sullivan Head
Mrs FJ L Clapp Bursar and Clerk to the Governors (resigned 30June 2024)
Mrs LJ Orton Senior Deputy Head (Academic)
MrsJ Briggs Deputy Head (Pastoral)
MrsJDart Deputy Head (Co-curricular and Planning)
ADVISERS
Bankers National Westminster Bank plc
2 Hendford
Yeovil
Somerset
BA20 1TN
Solicitors Veale Wasbrough Vizards
Narrow Quay House
Narrow Quay
Bristol
BS1 4QA
Independent Auditor Crowe U.K. LLP
4** Floor, StJames House
StJames Square
Cheltenham
Gloucestershire
GL50 3PR
Investment Advisers Cazenove Capital Management
Schroder & Co. Limited
1 London Wall Place
London
EC2Y 5AU
Insurance Brokers Hettle Andrews
Eleven Brinley Place
2 Brunswick Square
Birmingham
B1 2LP
COMPANY NUMBER 00306828
REGISTEREDCHARITYNUMBER 307427

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Sherborne School for Girls REPORT OF THE COUNCIL For the period ended 30 June 2024

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ANNUAL REPORT OF COUNCIL

The Members of the Council, 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 period ended 30 June 2024.

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.

POST BALANCE SHEET EVENT

On 3 May 2024 it was announced publicly that Sherborne School for Girls would join the Sherborne Schools Group, registered in England No 4002575, Charity number 1081228. Sherborne School for Girls gifted its trade and assets to the Sherborne Schools Group on 1 July 2024.

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charitable Objects

The Objects of the Charity are, for the public benefit, to carry on a School in Sherborne in the county of Dorset providing a sound and systematic education and training for girls and/or boys, wherein shall be taught the duties and doctrines of Christianity as the same are received, understood and taught by the Church of England; and/or such other charitable purposes or ancillary educational activities beneficial to the community consistent with these Objects as the Governors in their absolute discretion determine. These same Objects underlie all aspects of the day-to-day running of the School.

Vision

To be the leading full boarding girls’ school for all-round personal development and academic fulfilment, and to create a community of empowered learners who will be an influence for good ina challenging world.

Mission

To provide a broad and enriching full boarding education that develops the unique talents of every girl within a supportive community. To send out into the world girls of character, commitment and compassion who are able to think clearly and creatively, choose wisely and have the courage to make a difference.

Strategic Aims

During 2023-2024, following a year of planning, Sherborne Girls launched its latest Strategic Plan, with goals defined as: Educational Offering; Financial Resilience, and Sustainable Development. These goals are underpinned by six core pillars which serve to ensure we remain focused on financial

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Sherborne School for Girls REPORT OF THE COUNCIL For the period ended 30 June 2024

prudence, resilience, and viability, as VAT on school fees and loss of Business Rate Relief threaten the sector.

The current strategy is under-pinned by Six Key Aims which will help ensure that the educational philosophy is embedded throughout the School. These aims also provide a framework to drive the School forward and allow the realisation of the vision.

Sherborne Girls will:

  1. Enhance its position as a leading full-boarding school.

  2. Cultivate a culture of aspiration and ambition.

  3. Embrace latest technologies to enhance learning, develop future skills and drive efficiencies.

  4. Lead in practising and educating on sustainability.

  5. Foster both collaboration and communication with the wider community.

  6. Strengthen a people-first culture.

The five key values of Curious, Courageous, Compassionate, Adaptable and Spiritual underpin and are embedded within all aspects of the School and remain at the core ofall activity.

The School is also committed to academic strength allied to a full boarding ethos. Partly in cooperation with Sherborne School, Sherborne Girls maintains a full, balanced curriculum which enables each member of its community to flourish.

The Governors measure the success of the strategy through a comprehensive review of the School's strategic, operational and development plans and through scrutiny and discussion of the Head’s termly reports.

In setting the aims and objectives and planning the activities, the Governors have given careful consideration to the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and on fee-charging.

REVIEW OF THE YEAR

Objectives

The strategic emphasis for the year 2023/24, followed a number of key themes which support the over-arching pillars of the School strategy.

Performance against Objectives

The independent sector faces increased uncertainty with geopolitical factors influencing and impacting on the ability or appetite to send children to boarding school. Against this backdrop, Sherborne Girls has focused on the following four areas over the academic year (2023/24), to future proof it and ensure both pupil roll and financial stability remain strong.

a) Enhance the School’s position as a leading-full boarding School As fewer schools nationally offer a true full boarding experience, Sherborne Girls has further enhanced its offering. Working with our brother school, Sherborne Boys, strengthens our national standing and offers choice within the market place. The broad

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Sherborne School for Girls

curriculum encourages academic excellence and personal development, alongside life skills and social responsibility. The two schools remain independent but also co-exist 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.

Academic

The ISI inspected the School in January 2024 and the report is a wonderful reflection of everything we do at Sherborne Girls in providing the pupils with a superb educational experience. The report can be found at www.sherborne.com/about-us/key-information/reports-policies.

This was our first inspection under the new style which is fundamentally different to previous reports and does not have descriptors attached. Instead, it simply states we have met all the necessary criteria.

Teaching and learning has benefited from the enhanced use of digital technologies since the School was awarded Microsoft Showcase Status 2022-23. Pen-enabled devices continue to be used in lessons, with Microsoft Surfaces recommended to parents and pupils as the most versatile device for classroom use. This facilitates improved teacher feedback, quality use of prep time, and more creative individual organisation. Microsoft Office 365 technology is used to provide powerful learning

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Sherborne School for Girls REPORT OF THE COUNCIL For the period ended 30 June 2024

experiences and quick access to resources from anywhere in the world, as well as developing the digital skills of our whole school community. There is a clear distinction between technology for learning and social media, with mobile phones left in the boarding houses during the school day.

Examination results for 2023/24 were excellent with the majority of candidates achieving places at their first choice of university. Results are considerably above national average at GCSE and A Level. Value added scores demonstrate pupils are consistently achieving above expectations.

The School has continued to attract new pupils to the Sixth Form due to the breadth of curriculum and considerable academic enrichment opportunities. Four pupils were successful in achieving Oxbridge places: one at Cambridge to read Modern and Medieval Languages and three at Oxford — two to read Classics and one to read Theology & Religion. Other popular destinations amongst our pupils include Bristol, Oxford Brookes, Cardiff, Durham, Exeter and Edinburgh. The Sixth form pupils were inspired by presentations and talks from a variety of speakers during National Apprenticeship Week and are informed of these alternative pathways post school. They also continue to benefit from Friday evening academic lectures throughout the year.

Staff engage with parents, who are invited to the School regularly and attend online and in-person parents’ meetings. The School provides webinars and seminars for parents at key points during a pupil’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 continues to be monitored and supported throughout the academic year. The Assistant Head (Teaching and Learning) carries out frequent lesson walks and observations, and throughout the course of the year observes every teacher. Peer and line manager lesson observations and collaboration regarding schemes of work and the sharing of best practices, resources and digital experiences remain key strengths of the School. Teaching and learning focused staff development continues to be embedded into the day-to-day life of the School. This year the action research groups have worked on four overarching skills that are based around UNESCO-IBEs key future competencies that young people need to develop during their education: Creativity, Critical Thinking, Communication, Collaboration. There has been a drive to implement these within our curriculum and the Heads of Departments and teachers worked to embed these over the course of the year, culminating in the development and trial of ‘matrix’ tasks for the L4, U4 and L5th forms.

Since September 2023, there continues to be a variety of professional development opportunities available to staff, enhanced by the appointment of an Assistant Head Professional Development who has worked to develop a strategic overview of CPD across the School. These have included a restructuring of INSET days to include a wider range of opportunities for staff to engage with meaningful and personalised learning. Staff have had greater choice of areas on which to focus, which has allowed for excellent staff engagement.

Pastoral Care

Following the changes to KCSIE 2023, the safeguarding team and IT department completed a full audit of filtering and monitoring across the School site. An action plan was drawn up, developed and completed over the academic year. This included reviewing times when the internet was accessible to pupils and refining the monitoring categories. The School also reviewed its mobile phone policy and made changes to when pupils can access smartphones.

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Sherborne School for Girls REPORT OF THE COUNCIL For the period ended 30 June 2024

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The School Health Centre was the first in the country to be awarded the ‘Seacole Standard’ by Hieda, through the Boarding Schools Association.

As part of the School’s ongoing boarding house refurbishment programme, one boarding house has had a full internal refurbishment. Minor internal works have been carried out across other boarding houses to provide better social and communal facilities for the pupils.

The School's established series of parents’ pastoral seminars continues to be well received by Sherborne Girls parents, as well as parents of The Gryphon School, Sherborne School, Sherborne Prep and Hanford. The series has covered topics from vaping, how to have conversations with your child about alcohol or substance misuse and teenage nutrition.

The School’s diversity and inclusion strategy was refined and the new DEI (diversity, equity and inclusion) strategy was shared with Governors, staff and pupils.

In order to review and improve our pastoral practice and resources we trialled a pastoral course in one boarding house with one year group. Following reflection and feedback from staff, parents and pupils we committed to becoming a Girls on Board School by the end of the following academic year (2025).

Safeguarding training continued throughout the year with all staff receiving KCSiE 2023 training in September and Prevent update training in January 2024. In April, the School was awarded the prestigious BSA grant for work on developing safeguarding training for staff at boarding schools.

Co-Curricular Activities

The School offers an extensive range of co-curricular options for its pupils and, where appropriate, extends those opportunities to children from other schools in the local area.

The Sport department delivered activities ranging from golf to lacrosse, personal fitness classes to football and participated in almost 500 competitive fixtures during the course of the year. The Year 10 Sports Leaders programme is well attended, and pupils use these skills to assist in hosting tournaments for local primary schools in netball and hockey as part of our outreach programme. This sits alongside our busy learn-to-swim programme and free pool access for primary schools.

Participation in the CCF remains popular and there are over 100 pupils attending training each week and engaging in field trips and adventurous activities such as parachuting, abseiling, archery and sailing. The School took part in the annual Ten Tors event with girls successfully competing in both the 35-mile and 45-mile challenge. Duke of Edinburgh’s Award expeditions took place during the year to The Purbecks, Quantocks, Exmoor, Snowdonia and The Great Glen in Scotland at Bronze, Silver and Gold level. Through this scheme the pupils collectively contributed over 2,700 hours of volunteering in support of their community.

Around 50 clubs and societies operated during the year along with a healthy number of off-site trips relating to a range of academic subjects, adventure, leadership and socials. An increasing number of pupils are participating in joint clubs and societies with 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 Brain; Olivia Ackland

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Sherborne School for Girls REPORT OF THE COUNCIL For the period ended 30 June 2024

shared her experience as a journalist in the Congo; Nathan Mayne spoke to the girls about Astrophysics; we had a very thought-provoking 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 Matilda and Wests production of The Witches.

A full programme of musical events was also offered, ranging from small-scale lunchtime recitals to the Joint Schools’ orchestral concerts, regular services in Sherborne Abbey and our usual suite 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.

Energy and Emissions Report

Environmental sustainability 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 working with Planet Mark to measure the carbon footprint of the School. This followed the publication in 2021 of the ‘Environmental and Sustainability Strategy and Action Plan’, stating commitment to ‘acting to minimise our negative impact on our environment and society by focusing on five key target areas: Waste, Operational energy use, Estate development, Transport and Investment’. These combined actions 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 and a revision to the School menu to focus on local and seasonal food with a reduction in waste.

The Merritt Centre’s ground-source heat pump is in use, and the Oxley Sports Centre continues to use PV thermal to heat the swimming pool. Smart meters are now being used effectively to measure and monitor energy consumption.

Usage:
Fuel=
Emissions 2023/24:
Fuel
tCO2e
tCO2e per
ee
Electric

The tonnes of CO2 emissions per pupil have been calculated using 547 pupils. Approximately 30 members of staff live on campus and including these within the calculation would significantly reduce

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Sherborne School for Girls REPORT OF THE COUNCIL For the period ended 30 June 2024

the tonnes of CO2 emissions to 1.82 per person. 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 1.23 per pupil.

PUBLIC BENEFIT STATEMENT

Public Benefit Statement

The Governors are mindful of the need to provide public benefit and the requirements of the Charity Act 2011 and, in setting the School’s aims and objectives and planning the School’s activities, the Governors have given careful consideration to the Charity Commission’s guidance on public benefit. The Council of Governors confirms that they have complied with their duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission for England and Wales.

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The School provides benefit to the public in accordance with its widely drawn Objects clause and has paid due regard to the Charity Commission guidance in deciding what activities the Charity should undertake. In advancing education, the School relieves public funds of considerable 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 terms 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 sought to make a significant contribution to the benefit of the public. More detail is provided in an earlier section of this report.

Bursary Policy

In line with the objectives of the Charity, the Governors of Sherborne Girls are committed to offering to eligible parents/guardians means-tested financial support 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 Bursary and may be awarded in 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 grant-making policy is to make awards on the basis of their educational value and the potential of the recipient. This is overlaid by an assessment of the means 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 pupils 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 £973,917 (2023: £923,825) and represented 4% of the School’s gross fees. These awards provided assistance to 88 (19%) (2023: 85 (17%)) pupils.

Candlelight Bursaries are awarded to candidates for whom the experience of boarding will be transformational and who qualify for 100% support. 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 Foundation has been focusing on fundraising for Candlelight Bursaries. Four Candlelight bursary recipients have now completed their studies at Sherborne Girls, one of whom was Head of School for the 2020/21 year. For the 2023/24 year, the Sherborne Girls Foundation supported four girls within the School.

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REPORT OF THE COUNCIL For the period ended 30 June 2024

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 starting on full bursaries in September 2022 and they continue their education at School. In addition, by working 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 which point, they will join Sherborne Girls. The first Wessex Bursary recipient will join Sherborne Girls in September 2024.

Community Collaboration

Sherborne Girls works closely with the Sherborne Area Schools’ Trust (SAST) and has developed strong links 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 Girls, sponsorship by Sherborne Girls of the ‘I can, | am’ pastoral workshop on building self-esteem, joint Oxbridge preparation and shared History and Science lectures.

There are also links with numerous other local Schools and many Sherborne Girls staff members give their time acting as Governors, Trustees and other officials. Work with local primary schools has been reinvigorated with one member of staff going to primary schools to lead assemblies, acts of worship, workshops and spirituality days, and another visiting primary schools to deliver STEM outreach. The Sports Department is 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 schools and churches. This includes chamber music groups, the jazz ensemble, and the clarinet group. The choirs also perform in local parish churches. The Drama Department offered a matinee performance of the Railway Way Children for state primary schools. Sherborne Girls were delighted to support the Sherborne Abbey Festival, The Sherborne Festival Chorus and a series 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 advisors at the Sherborne Town Council.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The results for the 10-month period are shown in the attached financial statements. The Group (Sherborne Girls School and Hanford School) made a net surplus for the period of £10,757,203 (2023: annual surplus of £241,162), the operating surplus for the group was £10,311,656 (2023: £346,778). The adjusted net surplus (excluding Hanford) for the 10-month period was £2,841,882 (2023: annual surplus of £241,162) and the operating surplus for Sherborne Girls was £2,396,335 (2023: £346,778). Reporting for 10 months results in a mismatch income and expenditure in certain areas.

In spite of the difficult economic circumstances, pupil numbers remain 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 satisfied that the School will continue to generate sufficient cash to meet requirements. The School 11

Sherborne School for Girls REPORT OF THE COUNCIL For the period ended 30 June 2024

continues to identify more efficient ways to operate in order to enable it to further improve its academic and pastoral standards and facilities, and to increase its operational surplus.

The assets and liabilities of Hanford School as at 8 September 2023 were transferred to the School by way of a charitable merger deed dated 8 September 2023. Given the nature of the transaction, the transfer has been reflected in the School’s accounts as a donation. The results of the School reflect the assets and liabilities as transferred and the operations carried out by Hanford School since 8 September 2023.

During the period, the Charity shortened its year end. As a result, these financial statements are drawn up for the 10-month period to 30 June 2024 (30 June 2024), whilst the comparatives are for the 12 month period to 31 August 2023 (31 August 2023). Consequently, the comparatives amounts presented in the financial statements are not directly comparable.

Trading Companies

The Trading Companies also shortened the year end and consequently, the comparatives amounts presented in the financial statements are not directly comparable.

A wholly-owned trading subsidiary, Mulliner Trading (Sherborne) Limited, continues to operate the School Shop and hire of the School’s facilities throughout the year. The Company has contributed £2,431 (2023: £53,429) to the School’s operating surplus. The adjustment in year-end date meant that the high lettings season over the summer has been excluded from these results.

A further wholly-owned subsidiary, Sherborne Sports and Leisure Limited (SSLL), provides sports and leisure facilities for the School and local community. SSLL made a deficit for the period of £26,352 (2023: deficit of £127,912).

The Sherborne Girls Foundation, a controlled entity of Sherborne Girls, manages the School’s fundraising. The Foundation made a net surplus for the period of £68,544 (2023: net loss £47,014).

Reserves Policy

As stated in note 17 to the accounts, the funds are split as follows: unrestricted fund £30,348,849 (2023: £19,779,308), restricted fund £1,300,510 (2023: £1,176,641) and endowed funds £736,969 (2023: £673,076). 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 is maintained in the recruitment of healthy pupil numbers.

Investment Policy

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REPORT OF THE COUNCIL For the period ended 30 June 2024

Sherborne School for Girls

added to the fund should the School produce a surplus for a number 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 sustainability strategy, these assets have been moved into an investment fund with more emphasis on responsible investment to reflect the School’s commitment to sustainability.

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 are invested in the Cazenove Charity Sustainable Multi-Asset Fund.

FUTURE PLANS

During 2023/24, following a year of planning, Sherborne Girls launched its latest Strategic Plan, with goals defined as: Educational Offering; Financial Resilience, and Sustainable Development. These goals are underpinned by six core pillars which serve to ensure we remain focused on financial prudence, resilience, and viability, as VAT on school fees and loss of Business Rate Relief threaten the sector.

Following a successful ISI inspection in January 2024, we are developing our Special Educational Needs and Disabilities (SEND) provision along with our Careers offering to ensure that our pupils receive the most appropriate and targeted support in these areas which in turn should support pupil recruitment and retention.

Merging with Sherborne School, Hanford, and Sherborne Prep School to form the Sherborne Schools Group will enable us to broaden our offering, provide greater opportunities for pupils, and improve flexibility for staff. By pooling resources and expertise, we should become a more attractive option for many families, see increases in pupil recruitment and retention, and be able to effect cost savings without negatively impacting the quality and breadth of our offer.

The first stage of our support staff pay and reward review took place this year. Initial findings from this are now being reviewed across the group with the aim of rationalising and clarifying the

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Sherborne School for Girls REPORT OF THE COUNCIL For the period ended 30 June 2024 structure for all non-teaching staff within the group. Doing so will provide clarity and parity for those already employed and should allow for more efficient and effective budgetary control of support staff salaries year on year.

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GOVERNANCE AND MANAGEMENT

Governing Documents

The School is governed by its Memorandum and Articles of Association which were last amended in December 2015.

Governing Body

Members 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 members usually serve for up to two 5-year periods but this may be extended in special circumstances.

Recruitment and Training of Governors

Appointment to the Council of Governors is considered and conducted by the Council on the basis of advice and recommendation from its Governance and Nominations Committee. Newly appointed Governors attend induction sessions with the Clerk to the Governors and undertake the AGBIS New Governors’ course. The induction process follows an individually tailored and structured format. The process comprises a “New Governor” induction day, which focuses on the role and responsibility of being a Trustee, and introductory briefings. All new Governors would be expected to attend, subject to availability, a New Governor training course within six months of their appointment. Details of AGBIS seminars for Governors, and seminars and conferences offered by professional bodies, are circulated to all members of Council.

Governors 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 training session in August 2023.The event was held at the School and all sessions were tailored to the requirements for Sherborne Girls. Following AGBIS recommendations training opportunities have been published more prominently to Governors.

Organisation and Structure

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The School’s governance structure underpins the Governing Body’s work. Committees meet as follows in the year:

Business Development Committee — three times.

Hanford Committee - three times.

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Sherborne School for Girls

REPORT OF THE COUNCIL For the period ended 30 June 2024 a SSS,

The full Council meets on a minimum of three occasions per year; the majority of its business will have been scrutinised by one ofthe seven standing committees. The day-to-day running of the School is delegated to the Head, the Bursar and the Senior Leadership Team. Implementation of the Council’s decisions is the responsibility of the Head. Remuneration of the School’s senior staff is considered by Council annually.

Group Structure and Relationships

The School has a wholly-owned non-charitable subsidiary, Mulliner Trading (Sherborne) Limited (company number 03230791). The principal activity of the company is the management of trading activities on behalf of Sherborne Girls.

A wholly-owned charitable trading subsidiary, Sherborne Sports and Leisure Limited (company number 05869779, Charity number 1117024), manages and operates the swimming pool and other sports and leisure facilities for the benefit of the School and the local community.

Another controlled charitable subsidiary is The Sherborne Girls Foundation (Charity number 1164053), which manages the School’s fund-raising activity.

On 3 May 2024 it was announced publicly that the Sherborne School for Girls would join the Sherborne Schools Group, registered in England No 4002575, Charity number 1081228. Sherborne School for Girls gifted its trade and assets, and transferred control of this company, to the Sherborne Schools Group on 1 July 2024.

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 172 (1) of the Companies Act they act in a way they consider most likely to achieve the purposes of the Company. Taking the areas required for disclosure in turn:

a. The likely consequences of any decision in the long term

The long-term sustainability of the operating model is considered by the Governors. Specifically, the Governors consider both operating results and financial projections and the key risks that could negatively impact the financial sustainability of the School. The Finance Committee and the Council review management information, budgets, forecasts, cash flow projections and progress against budget on a regular basis. Risk management and the level of reserves are also discussed further in the report.

b. The interests of the company's employees In relation to employee engagement, the Governors receive regular reports from management on the mood of the employees and speak directly to representatives ona frequent basis. Further details of employee involvement are discussed elsewhere in the report.

c. The need to foster business reiationships with suppliers, customers and others In relation to key stakeholder engagement, the Governors via the Senior Leadership Team listen to the views of families of the children in the School and a number of Governors are former parents. The Governors communicate with families directly through information passed via the SLT, through letters from the Chair and surveys. The Foundation Trustees provide a second link to the community. The time and resources that the School’s community of volunteers dedicate

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REPORT OF THE COUNCIL For the period ended 30 June 2024

Sherborne School for Girls

to the School and the impact of that generosity is well recognised. In accordance with the School’s standard payment terms, supplier payment is due within 30 days after the School receives the invoice from the supplier.

d. The impact of the company's operations on the community and the environment The Governors have committed to a new environmental action plan and sustainability is now a standing item on committee agendas where appropriate. There is a review of greenhouse gas emissions elsewhere in the report in compliance with the Streamlined Energy and Carbon Reporting (SECR) Report. The Governors are proud of the community service activities of the pupils which are described in more detail in various sections of the report.

e. The maintenance of high standards of business conduct

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.

f. The need to act fairly as between members of the company

The Governors understand the Charity Commission requirements and understand the need to avoid and manage potential conflicts of interest. The Company is limited by guarantee so does not have share capital. Issues relating to Director shareholders or relations between majority and minority shareholders therefore do not apply.

Employment Policy

The School is an equal opportunities 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 with employees, or their representatives, has continued at all levels with the aim of taking the views of employees into account when decisions are made that are likely to affect their interests. Employees are made aware of 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.

Admissions and Equal Opportunities

Pupils are welcomed to Sherborne Girls from all backgrounds. Before admitting a prospective pupil, the School needs to be satisfied 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 general standards achieved by their peers. Entrance interviews and assessments are undertaken to satisfy 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 status, ethnicity, race, religion, gender identity or physical disability do not form part of the School’s assessment process.

The School is an equal opportunity organisation and is committed to a working environment that is free from any form of discrimination on grounds of colour, race, religion, gender identity, sex, sexual orientation or physical disability. The School makes reasonable adjustments to meet the needs of staff or pupils who are or become disabled or undergo gender reassignment.

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REPORT OF THE COUNCIL For the period ended 30 June 2024 a

Sherborne School for Girls

Statement of Governors’ Responsibilities

The purpose of this statement is to distinguish the responsibilities of the Members of the Council for the accounts from those ofthe auditor as stated in their report.

The Members ofthe Council (who are also directors of Sherborne Girls for the purposes of company law), are responsible for preparing the Report of the Council, including the Strategic Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Members of the Council to prepare financial statements for each financial year. Under company law the Members of the Council must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the income and expenditure ofthe charitable group for that period. In preparing these financial statements, the Members of the Council are required to:

The Members ofthe Council are responsible for keeping proper accounting records that are sufficient to show and explain the charitable group transactions, disclose 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 2006 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 operation of the public benefit requirement under that Act.

Relevant Audit Information

In so far as each of the Members of the Council of the charitable group at the date ofapproval[of][ this] report is aware, there is no relevant audit information (information needed by the Charity’s auditor in connection with preparing the audit report) which the charitable group’s auditor is unaware. Each Council member has taken all the steps that they should have taken as a Council member to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

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Sherborne School for Girls REPORT OF THE COUNCIL For the period ended 30 June 2024 a

RISK MANAGEMENT

The Council has ultimate responsibility for the management of risk faced by Sherborne Girls. Detailed consideration of risk is delegated to the various sub-committees and the Senior Leadership Team. Risks are identified and assessed, and controls established; this process is continuous throughout the year. The Governors have reviewed the principal areas of the School’s operations and considered the major risks faced in each area. The School believes the principal risks are a failure to meet the pastoral duties to pupils; a failure to recruit pupils in sufficient numbers; and a failure to develop staff, facilities and systems in such a way as to enable the School to remain a leading independent School. These risks, along with 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:

In the opinion of the Governors, the School has established resources and a review system which should allow risks to be mitigated to an acceptable level.

CHARITY GOVERNANCE CODE

Sherborne School for Girls is a not-for-profit organisation which aims to follow charity sector best practice; the Members of the Council have familiarised themselves with the updated version of the Charity Governance Code (the “Code”) published in July 2017 and updated 2020. The Members of the Council, who are the Trustees of the Charity, consider that Sherborne School for Girls governance framework does align with the Code. A consideration of the Code was undertaken by the Governance and Nominations Committee. The Members of the Council have noted that increasing the diversity of the Council of Governors will be an objective. However, the Members of the Council believe Sherborne School for Girls is fully compliant with the Code.

FUND RAISING STANDARDS

Sherborne School for Girls does not currently subscribe to any specific fundraising standards 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 members of the public are protected from any unreasonable intrusion ona person’s privacy and that no fundraising activities would be unreasonably persistent or place undue pressure on a person to give money or other property. During the year there were no complaints recorded.

Sg

Date: 25 February 2025

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Sherborne School for Girls

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS FOR THE YEAR 30 JUNE 2024

Opinion

We have audited the financial statements of Sherborne School for Girls for the period ended 30 June 2024 which comprise the consolidated statement of financial activities, the consolidated and charity balance sheets, the consolidated cash flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities 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, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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Emphasis of matter — financial statements prepared on a basis other than going concern

We draw your attention to note 1 to the financial statements concerning the Charity's ability to continue as a going concern. On 2 May 2024 the Governors signed an agreement to transfer the trade and assets of Sherborne School for Girls to Sherborne Schools Group. It is intended the Charity will then undertake an orderly close down and cease trading. Accordingly, these financial statements are not prepared on a going concern basis. Our opinion is not modified in respect of this matter.

Other information

The Members of the Council are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, 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 material misstatement in the financial statements themselves. If, based on the work we

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Sherborne School for Girls INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS FOR THE YEAR 30 JUNE 2024 EEee eeeee ee ss Oe

have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

Matters on which we are required to report by exception

In light 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 material misstatements in the strategic report or the directors’ report included within the Annual report of Council and Strategic Report.

In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic 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 2006 requires us to report to you if, in our opinion:

Responsibilities of Governors

As explained more fully in the Governors’ responsibilities statement on page 17 the Governors/Members of the Council (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give 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.

In preparing the financial statements, the Members of the Council are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Members of the Council

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Sherborne School for Girls

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS FOR THE YEAR 30 JUNE 2024

either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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We obtained an understanding of the legal and regulatory frameworks within which the Charity and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations 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 which 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 within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) 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 within bursaries, scholarships and other discounts, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, the Bursar and the Finance Committee about their own identification and assessment ofthe risks of irregularities, sample testing on the posting ofjournals, reviewing accounting estimates[for][biases,] designing audit procedures over income, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations 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

22

Sherborne School for Girls

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS FOR THE YEAR 30 JUNE 2024

planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Guy Biggin Senior Statutory Auditor

For and on behalf of

Crowe U.K. LLP

Statutory Auditor 4th Floor, St James House St James Square Cheltenham Gloucestershire GLS0 3PR

Date: 26 February 2025

23

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Sherborne School for Girls

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (incorporating the consolidated income and expenditure account and total recognised gains and losses)

for the period ended 30 June 2024

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |10|months|12|months| |Unrestricted|Restricted|Endowed|to30June|to|31 August| |Notes|funds|funds|funds|2024|2023| |£|£|£|£|£| |Income|from:| |Charitable|activities| |School|fees|receivable|1|19,953,572|-|-|19,953,572|17,285,347| |Ancillary trading income|2|1,574,447|-|-|1,574,447|1,538,798| |Other|trading|activities| |Non-ancillary trading income|3|891,840|-|-|891,840|1,094,291| |Investments| |Investment income|and|interest|5|61,583|41,144|-|102,727|74,303| |Voluntary|Sources| |Donations|and|Legacies|4|15,809|177,669|-|193,478|94,474| |Hanford|merger|4|7,915,321|-|-|7,915,321|-| |Total|Income|30,412,572|218,813|-|30,631,385|20,087,213| |Expenditure|on|Raising funds| |Fundraising costs|47,974|-|-|47,974|77,204| |Non-Ancillary|trading|1,586,974|-|-|1,586,974|1,755,122| |Finance|costs|587,258|-|-|587,258|434,342| |Investment|management|costs|5,946|3,885|1,747|11,578|14,430| |Share|of Joint Venture|loss|25,772|-|-|25,772|30,796| |Charitable|activities| |Education|and grant making|17,893,850|166,323|-|18,060,173|17,428,541| |Total|Expenditure|6|20,147,774|170,208|1,747|20,319,729|19,740,435| |Net|income/(deficit) from|operations|10,264,798|48,605|(1,747)|10,311,656|346,778| |before investments|gains or losses|————|———|——|———.|oe| |Net|Gain/(Loss).|on|.investments|11|304,743|75,164|65,640|445,547|(105,616)| |Net income|for year|10,569,541|123,769|63,893|10,757,203|241,162| |Net movement|in funds|10,569,541|123,769|63,893|10,757,203|241,162| |Reconciliation|of funds:| |Total|Funds|brought forward|19,779,308|1,176,741|673,076|21,629,125|21,387,963| |Total funds carried|forward|17|30,348,849|1,300,510|736,969|32,386,328|21,629,125|

----- End of picture text -----

The notes on pages 33 to 55 form part of these financial statements.

en

Sherborne School for Girls

CONSOLIDATED AND CHARITY BALANCE SHEET

as at 30 June 2024- Company Number 00306828

Group Group Group Charity Charity
30June 31 August 30June 31 August
Notes 2024 2023 2024 2023
£ £ £ £
FIXED ASSETS
Intangible assets 9 8,555 11,846 8,555 11,846
Tangible assets 10 35,748,724 28,730,100 33,758,024 26,676,979
Investments 11 4,907,306 4,415,006 4,907,406 4,415,106
TOTAL FIXED ASSETS 40,664,585 33,156,952 38,673,985 31,103,931
CURRENT ASSETS
Stocks 12 171,694 164,336 102,841 96,953
Debtors 13 883,535 705,163 2,975,565 2,713,877
Cash at bank and in hand 8,372,776 2,431,980 8,155,110 2,340,942
TOTAL CURRENT ASSETS 9,428,005 3,301,479 11,233,516 5,151,772
CURRENT LIABILITIES: amounts
payable in less than one year		 14 (8,552,165) {8,822,560) {8,493,573) (8,704,118)
NET CURRENT
ASSETS/(LIABI LITI ES)		 875,840 (5,521,081) 2,739,943 (3,552,346)
TOTAL ASSETS LESS CURRENT
LIABILTIIES		 41,540,425 27,635,871 41,413,928 27,551,585
CREDITORS: Amounts payable in
more than one year		 15 (9,154,097) {6,006,746) (9,154,097) {6,006,746)
NET ASSETS 32,386,328 21,629,125 32,259,831 21,544,839
TOTAL FUNDS
Restricted funds 17 1,300,510 1,176,741 1,230,856 1,092,454
Unrestricted funds 17 30,348,849 19,779,308 30,292,006 19,779,309
Endowed funds 736,969 673,076 736,969 673,076
TOTAL FUNDS 17 32,386,328 21,629,125 32,259,831 21,544,839

The parent Charity's surplus for the period was £10,714,992 (for the year 2023: £415,985), which includes £7,915,321 from Hanford.

Approved by the Members of the Council and authorised for issue on 25 February 2025.

L D Hall A Harris

The notes on pages 33 to 55 form part of these financial statements.

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Sherborne School for Girls CONSOLIDATED CASH FLOW STATEMENT for the period ended 30 June 2024 OO

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |30 June|31|August| |Notes|2024|2023| |£|£| |CASH|FLOWS|FROM|OPERATING|ACTIVITIES| |Net|cash|provided;|by|operating.|activitieso.|22|7,657,695|3,174,967| |CASH|FLOWS|FROM|INVESTING|ACTIVITIES| |Payments|for tangible|fixed|assets|(532,215)|(2,742,240)| |Disposals|of tangible|fixed|assets|-|-| |Withdrawals from|securities|investments|portfolio|417,726|32,112| |Investment income and|bank|interest|received|61,583|21,839| |Net cash|used|in|investing|activities|(52,906)|(2,688,289)| |CASH|FLOWS|FROM|FINANCING|ACTIVITIES| |Repayment|of loans|(773,569)|(582,259)| |Repayment|of hire purchase|(303,165)|(98,740)| |Finance|costs|paid|(587,259)|(434,342)| |Net cash|used|in|financing activities|(1,663,993)|(1,115,341)| |Reconciliation|of net|cash|flow to|movement|in|net funds:|22| |Change|in|cash and|cash|equivalents|in the year|5,940,796|(628,663)| |Cash|and|cash|equivalents|at the|beginning|of the year|2,431,980|3,060,643| |Cash and cash|equivalents|at the end of the year|8,372,776|2,431,980| |The|notes|on|pages|33|to|55|form|part|of these|financial|statements.|

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26 eh

ACCOUNTING POLICIES for the period ended 30 June 2024

Sherborne School for Girls

CHARITY INFORMATION

Sherborne School for Girls (‘the School’) is a private charitable company limited by guarantee. The School is registered with the Charity Commission England and Wales (registered no: 307427). The Charity was incorporated as a company limited by guarantee with Companies House England and Wales (registered no: 00306828). Its registered and principal office is Bradford Road, Sherborne, Dorset, DT9 3QN. The members of the company are the trustees named on page 1. In the event of the Charity being wound up, liability in respect 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 sterling, which is the functional currency of the group, under the historical cost convention in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) — (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The statement of financial activities and balance sheet consolidate the financial statements of the School and its subsidiary undertakings, Mulliner Trading (Sherborne) Limited, Sherborne Sports and Leisure Limited and The Sherborne Girls Foundation. The results of the subsidiary undertakings are consolidated 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 (c) of the SORP. The net result of the parent (the Charity) is shown on the balance sheet.

The School has entered into a joint venture arrangement with Sherborne School. Each school owns 50% interest in Sherborne Schools Worldwide limited. Further information on this joint venture is detailed in note 20.

During the period, the Charity shortened its year end. As a result, these financial statements are drawn up for the 10 month period to 30 June 2024, whilst the comparatives are for the 12 month period to 31 August 2023. The comparative amounts presented in the financial statements are therefore not directly comparable.

GOING CONCERN

in the best long-term interests of the Charity, post year end the Governors made the decision for Sherborne School for Girls School to join the Sherborne Schools Group. On 2 May 2024 the Governors signed an agreement to transfer the trade and assets of Sherborne School for Girls to Sherborne Schools Group. The Sherborne School for Girls Charity will then undertake an orderly close down and be dissolved. As such, these accounts are not prepared on a going concern basis and have been prepared on a basis other than going concern. The Governors have reviewed the assets and

27

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Sherborne School for Girls ACCOUNTING POLICIES for the period ended 30 June 2024

liabilities presented in the financial statements as the activities, assets and liabilities will be transferred in their entirety. The preparation ofthe financial statements on a basis other than going concern has not led to any changes in accounting policies for recognition, measurement or presentation.

DONATIONS AND FUND ACCOUNTING

Donations are accounted for as 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 earliest of the School being notified of an impending distribution or the legacy being received.

General funds are unrestricted 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 designed for other purposes.

Donations received for the general purposes of the School are included as unrestricted funds. Donations for activities restricted by the wishes of the donor are taken to “restricted funds” when these wishes are legally binding on the Governors.

Endowed funds generate income from two Trust Funds. The incoming resources from endowed funds are restricted.

The assets and liabilities of Hanford School as at 8 September 2023 were transferred to the School by way of a charitable merger deed dated 8 September 2023 at fair value. Given the nature of the transaction, the transfer has been reflected in the School’s accounts as a donation. The results of the School reflect the assets and liabilities as transferred and the operations carried out by Hanford School since 8 September 2023.

Assets and liabilities transferred at 8 September 2023 at fair value

Fixed assets: £7,806,611
Investment: £434,913
Debtors: £123,899
Cast at bank: £723,398
Creditors: (£1,173,500)
Netdonation: £7,915,321

INCOME

All income is included in the SOFA when the School is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Gross School fees comprise gross fees receivable and fees for extra tuition etc. after deducting introductory commission.

All other incoming resources are accounted for on an accruals basis.

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Sherborne School for Girls ACCOUNTING POLICIES for the period ended 30 June 2024 oT

ADVANCE FEES SCHEME

The School offers parents the opportunity to pay for up to seven years’ tuition fees in advance in accordance with a written contract. The amount received is invested and interest is accrued to contracts. This is treated as deferred income until the pupil joins 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 has been classified under headings that aggregate all costs 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 irrecoverable element of VAT is included with the item of expense to which it relates.

All costs associated with the provision of education are allocated to Charitable Activities. Only the costs 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 planning for its future development, external audit, and all other costs of complying with constitutional and statutory requirements. Trading costs are costs that link directly to the generation of trading income.

INTANGIBLE FIXED ASSETS

Intangible assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised at cost and are subsequently measured at cost net of amortisation and any provision for impairment. Amortisation is provided on intangible fixed assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life, as follows:

Trademarks

10% of cost

29 eS

Sherborne School for Girls ACCOUNTING POLICIES for the period ended 30 June 2024

FIXED ASSETS AND DEPRECIATION

Fixed assets are held for charitable purposes and are shown in the balance sheet at cost less accumulated depreciation and accumulated impairment losses. All assets costing more than £1,000 are capitalised, those costing less are written off in the year of acquisition unless they form part of a larger project.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Buildings, including swimming pool 2-10% of cost Fire precautions 5% of cost Boilers 10% of cost Furniture, machinery and equipment 10% of cost Vehicles 20-25% of cost Computer and office equipment 33.3% of cost *included within furniture, machinery and equipment

No depreciation is provided on freehold land or assets in the course of construction.

Fixed assets are reviewed for impairment if events or changes in circumstances 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 realisable value. Stock consists of goods held for sale and other consumables.

INVESTMENTS AND INVESTMENT INCOME

Investments listed on a recognised stock exchange are valued at the market value at the balance sheet date. Any gain or loss on revaluation is taken to the SOFA. Investment income 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’ Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The Scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the School. In accordance with FRS102 therefore, the scheme is accounted for as a defined contribution scheme. The Charity also contributes to individual personal pension schemes for non-teaching staff.

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Sherborne School for Girls ACCOUNTING POLICIES for the period ended 30 June 2024

FINANCE AND OPERATING LEASES

Rentals applicable to operating leases are charged to the SOFA over the period in which the cost is incurred. Assets purchased under finance lease are capitalised as fixed assets. Obligations under such agreements are included in creditors. The difference between the capitalised cost and the total obligation under the lease represents the finance charges. Finance charges are written-off to the SOFA over the period of the lease so as to produce a constant periodic rate of charge.

EMPLOYEE BENEFITS

The costs of short-term employee benefits is recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when committed to terminate the employment of an employee or to provide termination benefits.

DEBTORS

Trade debtors, other debtors and accrued income are recognised 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

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within current liabilities.

CREDITORS AND PROVISIONS

Creditors and Provisions are recognised when the Charity has a present obligation as a result of a past event, these are measured at amortised cost less 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 has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value (see note 16).

JOINT VENTURE

The School has a 50% share in a jointly controlled entity, Sherborne Schools Worldwide Limited. The School recognises its interest in the joint venture using the equity method. Further information is provided in note 19.

31

|

ACCOUNTING POLICIES for the period ended 30 June 2024

Sherborne School for Girls

JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The items on the financial statements where these estimates and judgements have been made include the following:

Useful economic lives

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of assets. See note 10 for the carrying amount and useful economic life of each class of asset.

Recoverable value of fee debtors

The company makes an estimate of the recoverable value of trade and other debtors. 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 historical experience. See note 13 for the carrying amount for fee debtors.

32

Sherborne School for Girls

NOTES TO THE FINANCIAL STATEMENTS for the period ended 30 June 2024 TT

1 CHARITABLEACTIVITIES—FEES RECEIVABLE 30June2024 31August2023
£ £
Fees receivable consist of:
School Fees
Less: Bursaries, Scholarships&allowances		 22,034,031
(2,196,861)		 19,240,726
(2,054,850)
Add
backbursariesandotherawardspaidforby
restricted funds		 19,837,170
116,402		 17,185,876
99,471
19,953,572 17,285,347
Scholarships, bursariesand otherawardswere paidto245 pupils (2023: 248). Within this,
means-tested bursariestotalling£973,917were paidto88 pupils (2023: £923,825 to85 pupils).		 Scholarships, bursariesand otherawardswere paidto245 pupils (2023: 248). Within this,
means-tested bursariestotalling£973,917were paidto88 pupils (2023: £923,825 to85 pupils).		 Scholarships, bursariesand otherawardswere paidto245 pupils (2023: 248). Within this,
means-tested bursariestotalling£973,917were paidto88 pupils (2023: £923,825 to85 pupils).
CHARITABLEACTIVITIES—ANCILLARYTRADING INCOME 30June 2024 31August2023
2 Extras
Trips
Registration fees		 £
1,359,893
144,978
69,576		 £
1,182,560
300,119
56,119
1,574,447 1,538,798
OTHERTRADINGACTIVITIES 30June2024 31 August2023
3 Non-Ancillary
Trading Income		 £ £
SherborneSchool forGirls
SherborneSports& Leisure Ltd
Mulliner Trading (Sherborne) Ltd		 58,454
714,790
118,596		 211,182
822,115
60,994
891,840 1,094,291
VOLUNTARY SOURCES
4 30June2024 31August2023
Donations
Hanford merger		 £
193,478
7,915,321		 £
94,474
-
8,108,799 94,474

33

Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the period ended 30 June 2024

ee

On 8 September 2023 the assets and liabilities of Hanford School were transferred to the School by way of a charitable merger deed dated 8 September 2023. Given the nature ofthe transaction, the transfer has been reflected in the School accounts as a donation.

5 INVESTMENTINCOME 30June 2024
31August		 30June 2024
31August		 August 2023
£ £
Dividends received
Interest		 41,144
61,583		 52,364
21,939
102,727 74,303
6 (a) ANALYSIS OF EXPENDITURE
30June 31 August
Staff costs Other Depreciation 2024 2023
£ £ £ Total Total
£ £
Charitable
expenditure
Teaching costs 5,731,906 1,060,074 87,609 6,879,589 6,950,565
Support atid
governance costs		 2,002,172 903,745 200,249 3,106,166 _—-2,915,324
Establishment costs 936,593 1,961,410 963,566 3,861,569 3,235,271
Commission on fees - 79,631 - 79,631 50,332
House expenses 1,069,819 2,946,997 - 4,016,816 4,177,577
Grants and awards - 116,402 - 116,402 99,471
Expenditure on raising funds -
Fundraising costs - 47,974 - 47,974 77,204
JointVenture - 25,772 - 25,772 30,796
Financing costs - 587,258 - 587,258 434,342
AVERUEIETSE
management costs		 - ‘11,578 : 11,578 14,430
9,740,490 7,740,841 1,251,424 18,732,755 17,985,312
Subsidiary
expenditure		 657,274 857,631 72,069 1,586,974 1,755,123
Group 10,397,764 8598472 1,323,493 20,319,729 19,740,434

34 ee

NOTES TO THE FINANCIAL STATEMENTS for the period ended 30 June 2024

Sherborne School for Girls

6 (b) GOVERNANCE COSTS INCLUDED IN SUPPORT COSTS

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |Group|Charity| |30June|31|August|30|June|31|August| |2024|2023|2024|2023| |£|£|£|£| |Auditor’s|remuneration|30,750|24,750|25,200|17,950| |Auditor's|remuneration|—|additional|6,140|11,525|3,240|9,500| |services| |Legal|&|Professional|327,435|142,545|327,435|142,545| |Reimbursement|of personal|expenses|545|1,781|SAS|1,781| |to|Trustees| |364,870|180,601|356,420|171,776| |Travel|expenses|were|reclaimed|by|2|members|(2023:|4)|of the|governing|body.| |STAFF|COSTS| |Group|Charity| |30|June|31|August|30|June|31|August| |2024|2023|2024|2023| |£|£|£|£| |Wages|and|salaries|8,289,604|8,259,550|7,710,298|7,599,771| |Social|security|costs|696,082|719,996|665,099|686,881| |Teachers’|pension|costs|518,302|766,440|518,302|766,440| |Other|pension|costs|893,776|634,406|846,791|581,765| |10,397,764|10,380,392|9,740,490|9,634,857|

----- End of picture text -----

7 STAFF COSTS

The average weekly number of employees during the year was as follows:

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Group|Charity| |30|June|31|August|30|June|31|August| |2024|2023|2024|2023| |£|£|£|£| |No.|No.|No.|No.| |Teaching|staff|113|117|113|117| |Administrative|and|domestic|staff|etc.|301|238|240|175| |414|355|353|292|

----- End of picture text -----

35

NOTES TO THE FINANCIAL STATEMENTS for the period ended 30 June 2024

8 PENSIONS

Sherborne School for Girls

The number of employees whose emoluments as defined for taxation purposes amounted to over £60,000 in the year was as follows:

30June 31 August
2024 2023
£ £
£60,001 - £70,000 1 1
£70,001 - £80,000 - 3
£80,001 - £90,000 1 1
£90,001 - £100,000 2 -
£190,001 - £200,000 1 1
30 June 31 August
2024 2023
£ £
Aggregate employee benefits of key 701,593 787,975
managementpersonnel

The Key Management Personnel — Head, Bursar, Senior Deputy Head, Deputy Head — Cocurricular and Planning, Deputy Head - Pastoral and Director of Studies and Head of Hanford

During the year there were 3 (2023: 3) termination payments which amounted to £11,824 (2023: £44,209). These amounts relate to agreements made with employees to end employment contracts. There was £Nil amount outstanding at the year-end (2023: £Nil)

TEACHERS’ PENSION SCHEME

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £518,302 (2023: £766,400) and at the year-end £28,621 (2023: £103,717) was accrued in respect of contributions to this scheme.

|

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023.

36

Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the period ended 30 June 2024 oor

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 period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation has valued the ‘greater value’ benefits for groups of relevant members.

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration 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’ Pension Scheme. The assets are held separately from those of the group in an independently administered fund.

The pension charge for the period represents contributions payable by the group and amounted to £893,776 (2023: £634,406). At the year end, the group had a pension creditor of £145,744 (2023: £52,820).

9 INTANGIBLE FIXED ASSETS
GROUPANDCHARITY 30June 31 August
2024 2023
£ £
Cost:
1September2023 anAah 39,486
Amortisation
1September2023 27,640 23,691
Charge forYear 3,291 3,949
30June 2024 30,931 27,640
Net Book Value
30June 2024 8,995 caailiha
31August2023 suai 15,795

ee

37

NOTES TO THE FINANCIAL STATEMENTS for the period ended 30 June 2024

Sherborne School for Girls

10 TANGIBLE FIXED ASSETS

Furniture,
machinery Assets in the
GROUP Freehold Swimming and course of
land Buildings pool equipment construction Total
£ £ £ £ £ £
Cost:
;— 17,256 39,211,085 2,222,675 5,551,943 733,370 47,736,329
Additions - 128,005 - 307,782 96,428 532,215
Disposal - - - (5,113) - (5,113)
Hanford - 7,700,000 - 106,611 = 7,806,611
Merger
Transfers into
use		 664,023 (664,023)
30 June 2024 17,256 47,703,113 2,222,675 5,961,223 165,775 56,070,042
Depreciation:
1 September - (14,033,943) (723,000) (4,249,286) - (19,006,229)
2023
Charge foryear - (949,005) (40,693) (330,504) - (1,320,202)
Disposal - - - 5,113 - 5,113
30June 2024 - (14,982,948) (763,693) (4,574,677) - (20,321,318)
Net book
values:
30June 2024 17,256 32,720,165 1,458,982 1,386,546 165,775 35,748,724
31August2023 17,256 25,177,142 1,499,675 1,302,657 733,370 28,730,100

At 30 June 2024 the group has authorised future expenditure of £720,814 (2023: £nil) but not committed.

Included in the above are assets with a total net book value of £nil (2023: £636,768) that are held under hire purchase contracts. Depreciation charged on these assets in the year amounted to £36,305 (2023: £48,416).

38

Sherborne School for Girls

NOTES TO THE FINANCIAL STATEMENTS for the period ended 30 June 2024

10 TANGIBLE FIXED ASSETS (continued)

Furniture, Assets inthe
Freehold Swimming machinery course of
CHARITY land
£		 Buildings
£		 pool
£		 equipment
A		 construction
€		 Total
£
Cost:
1 September
2023		 17,256 38,656,293 188,014 5,085,599 733,370 44,680,532
Disposals - - - - - -
Additions - 128,005 - 298,134 96,428 522,567
Hanford - 7,700,000 - 106,611 - 7,806,611
merger
Transfers into - 664,023 - - (664,023) -
use
30June 2024 17,256 47,148,321 188,014 5,490,344 165,775 53,009,710
Depreciation:
;ae - (13,941,938) (75,086) (3,986,529) - (18,003,553)
Disposals - - - - - -
Charge foryear - (946,556) (3,933) (297,644) - (1,248,133)
30June 2024 - (14,888,494) (79,019) (4,284,173) - (19,251,686)
Net Book
values:
30June 2024 17,256 32,259,827 108,995 1,206,171 165,775 33,758,024
31August2023 17,256 24,714,355 112,928 1,099,070 733,370 26,676,979

At 30 June 2024 the group has authorised future expenditure of £720,814 (2023: E£nil) but not committed.

Included in the above are assets with a total net book value of £nil (2023: £636,768) that are held under hire purchase contracts. Depreciation charged on these assets in the year amounted to £36,305 (2023: £43,817).

39

Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the period ended 30 June 2024

11 INVESTMENTS
Group 30June 2024 31 August 2023
£ £
Listed Investments broughtforward 4,415,006 4,514,800
Reinvested income 41,144 52,364
Additions through business combination 434,913
Withdrawals from investments (429,304) (46,542)
Net revaluation gain/(loss) 445,547 (105,616)
Group 4,907,306 4,415,006
Investment in subsidiaries 100 100
Transfer = -
4,907,406 4,415,106
Charity _
12 STOCK
Group Charity
30 June 31 August 30June 31 August
2024 2023 2024 2023
£ £ £ £
Finished goods 171,694 164,336 102,841 96,953
13 DEBTORS
Group Charity
30 June 31 August 30 June 31 August
2024 2023 2024 2023
£ £ £ £
Fees and extras less provision fordoubtful
debts		 474,859 344,284 474,859 344,284
Other debtors 157,153 182,658 96,171 99,743
Prepayments and accrued income 251,523 178,221 170,223 158,864
Amountsowed by subsidiaries - - 2,234,312 2,110,986
883,535 705,163 2,975,565 2,713,877

|

At the year end the School loan to its subsidiary, Sherborne Sports and Leisure Limited, amounted to £2,081,104 (2023: £2,002,250). The loan is secured over the property and assets of the company, with interest being charged at 1.25% above the base rate. The whole debtor is due greater than one year.

a

NOTES TO THE FINANCIAL STATEMENTS for the period ended 30 June 2024

Sherborne School for Girls

ee

14 CREDITORS

Group Group Charity Charity
Amounts payable within one year: 30June
2024		 31 August
2023		 30June
2024		 31August
2023
£ f£ £ £
Advanced feesscheme
Bank loan
Social securityand othertaxes
Trade creditors
Othercreditors and accruals
Fees received in advance
Fee deposits
Hire purchase creditor
Owed tojointventure
Owed togroup undertakings		 2,197,279
582,228
463,564
1,066,798
611,783
1,378,961
2,186,325
-
65,227
-		 739,707
582,228
421,744
1,133,883
197,787
3,770,161
1,826,675
93,944
56,431
-		 2,197,279
582,228
404,773
972,761
596,435
1,378,961
2,186,325
-
65,227
109,584		 739,707
582,228
346,034
1,043,930
190,318
3,770,161
1,826,675
93,944
56,431
54,690
8,552,165 8,822,560 8,493,573 8,704,118
Group Charity
Amounts payable in more than one 30June
2024		 31August
2023		 30June
2024		 31 August
2023
year: £ £ £ £
Advanced feesscheme
Bank loan
Hire purchase creditor		 4,868,470
4,285,627
-		 975,313
4,822,212
209,221		 4,868,470
4,285,627
-		 975,313
4,822,212
209,221
9,154,097 6,006,746 9,154,097 6,006,746

41

|

Sherborne School for Girls

NOTES TO THE FINANCIAL STATEMENTS

for the period ended 30 June 2024

15 CREDITORS (continued)

CREDITORS (continued)
30 June 31 August
Repayable by instalments 2024 2023
£ £
Bank loan:
within one year 582,228 582,228
between two and five years 1,592,912 1,822,909
after five years 2,692,715 2,999,303
4,867,855 5,404,440
Hire purchase:
within one year - 93,944
between two and five years
afterfiveyears		 -
-		 209,221
-
- 303,165

At the year end all borrowings are secured with fixed charge over the property of the School in favour of the bank. Borrowings have a mixture of both fixed and variable interest rates, with the rates ranging from 4.77% - 6.2% for fixed rates and 1.9% - 3.96% above base rate/SONIA for variable rates and the capital repayment profiles of 5-25 years.

Interest and other similar charges on bank loans and overdrafts totalling £318,249 (2023: £303,982) were incurred in the period to 30 June 2024. This includes a Covid Business Interruption Loan raised in 2020 for £1,308,000. The loan is repayable over 5 years after the Business Interruption Period (BIP) has passed. During BIP (12 months from the draw down date) the interest is paid by the UK Government. Thereafter, the loan is repayable monthly and the interest rate is fixed at 4.24%.

All loans were repaid on 1 July 2024 with funds from Sherborne Schools Group of £3,881,091.

a

Sherborne School for Girls

NOTES TO THE FINANCIAL STATEMENTS for the period ended 30 June 2024

15 CREDITORS (continued)

(a) ADVANCED FEES SCHEME

Advanced fees scheme represents amounts paid in advance to the School which will be credited to incoming resources in more than one year. In the event of a pupil not being offered a place, or who leaves early, a repayment of the advanced fee will fall due upon notice by the parent.

Assuming pupils will remain in the School advanced fees will be applied as follows:

30June 31 August
2024 2023
£ £
After more than five years 370,572 -
Within two to five years 2,602,125 527,964
Within one to two years 1,895,773 447,349
Overmore than one year 4,868,470 975,313
Within one year (see note 14) 2,197,279 739,707
Balance at 30 June 2024 7,065,749 1,715,020
Summary in movements in liability 30June 31 August
2024 2023
£ £
Balance at 1 September2023 1,715,020 2,027,680
New contracts 6,333,180 840,406
Returned payments - (271,241)
Amounts used to pay fees (1,074,979) (923,148)
Amounts accrued to contract as debt financing cost 92,528 41,323
Balance at 30 June 2024
7,065,749 1,715,020

43

Sherborne School for Girls

NOTES TO THE FINANCIAL STATEMENTS for the period ended 30 June 2024

16 FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS
Group Charity
30June 31 August 30June 31 August
2024 2023 2024 2023
£. £ £ £
Financial assets measured at FairValue 4,907,406 4,415,006 4,907,406 4,415,106
Financia assetsmeasuredatamortised 9,001,181 2,958,922 10,956,844 5,391,336
Financial liabilitiesmeasured af
amortisedcost		 7,731,190 8,922,381 7,715,842 9,470,031

Financial assets measured at fair value includes assets held as investments.

Financial assets measured at amortised cost comprise of cash, trade and other debtors, accrued income, amounts owed from subsidiary undertakings, bad debt write off and movement in bad debt provision.

Financial liabilities measured at amortised cost comprise of trade creditors, pension contributions due, obligations under finance leases, accruals, fee deposits, amounts owed to group undertakings and bank overdrafts and loans.

|

44

Sherborne School for Girls

NOTES TO THE FINANCIAL STATEMENTS for the period ended 30 June 2024 Se

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |17|STATEMENT|OF|FUNDS| |At|Incoming|Resources|Investment|At| |1 September|—|Resources|expended|Gains/|30 June| |2023|Transfers|2024| |£|£|£|£|£| |Unrestricted|funds:| |General|19,780,233|30,367,757|=|(20,114,867)|304,743|30,337,866| |Where|the|School| |Needs|te|Mast|(925)|44,815|(32,907)|10,983| |Restricted|Funds:|19,779,308|30,412,572|(20,147,774)|304,743|30,348,849| |Verdon-Smith|19,550|8,061|(9,409)|-|18,202| |Boughey Trust|70,953|12,203|(4,007)|-|79,149| |Scholarship|Fund|378,894|8,345|(10,824)|33,766|410,181| |Prize|Fund|106,407|2,828|(245)|8,957|117,947| |Bursaries &|Scholarships|454,223|10,012|(14,371)|41,565|491,429| |Development|funds:| |ScholarshipBursaries|&|564|2,933|:|3,497| |Annual|Fund|1,600|(1,600)|-|-| |Arts|Centre|Fund|5,664|-|-|-|5,664| |Tory|Masterclass|129,891|4,327|(11,146)|(9,124)|113,948| |Buildings and|Facilities|2,205|-|(2,205)|-|-| |Candlelight|Fund|6,790|170,104|(116,401)|-|60,493| |Total|Restricted|Funds|1,176,741|218,813|(170,208)|75,164|1,300,510| |Endowed|funds:| |Verdon-Smith|301,927|-|(733)|29,687|330,881| |Boughey Trust|371,149|-|(1,014)|35,953|406,088| |Total|Endowed|Funds|673,076|-|(1,747)|65,640|736,969| |Total funds|21,629,125|30,631,385|(20,319,729)|445,547|32,386,328|

----- End of picture text -----

45 Sennen

NOTES TO THE FINANCIAL STATEMENTS for the period ended 30 June 2024

|

Sherborne School for Girls

17 STATEMENT OF FUNDS (Continued)

At Incoming Resources’ Investment At
1 September resources expended Gains/ 31 August
2022 Transfers 2023
£ £ £ £ £
Unrestricted funds:
General 19,433,572 19,906,047 (19,525,717) (33,669) 19,780,233
Where the School 15,794 59,711 (76,430) - (925)
Needs It Most
19,449,366 19,965,758 (19,602,147) (33,669) 19,779,308
Restricted Funds:
Verdon-Smith 18,492 9,331 (8,273) - 19,550
BougheyTrust 58,042 12,911 - - 70,953
Scholarship Fund 395,025 11,023 (10,926) (16,228) 378,894
Prize Fund 110,486 2,999 (2,661) (4,417) 106,407
Bursaries& Scholarships 473,524 13,226 (13,108) (19,419) 454,223
Development funds:
Scholarship& 13,129 2,535 (15,100) - 564
Bursaries
Annual Fund 1,600 - - - 1,600
Arts Centre Fund 5,164 500 - - 5,664
Tory Masterclass 130,110 2,789 (1,552) (1,456) 129,891
Buildings and Facilities 2,205 - - ~ 2,205
Candlelight Fund 25,020 66,141 (84,371) - 6,790
Total Restricted Funds 1,232,797 121,455 (135,991) (41,520) 1,176,741
Endowed funds:
Verdon-Smith 316,653 - (976) (13,750) 301,927
BougheyTrust 389,147 ‘ (1,321) (16,677) 371,149
Total Endowed Funds 705,800 - (2,297) (30,427) 673,076
Totalfunds 21,387,963 20,087,213 (19,770,435) (105,616) 21,629,125

a

Sherborne School for Girls

NOTES TO THE FINANCIAL STATEMENTS for the period ended 30 June 2024 a

17 STATEMENT OF FUNDS (Continued)

The Where the School Needs It Most fund is the accumulation of donations for the School’s development with no other specific restrictions.

The restricted funds comprise Bursaries & Scholarships, Prizes and Development funds.

The Endowed funds comprise of The Verdon-Smith and Boughey funds whose income is applied towards the award of bursaries.

The Bursaries & Scholarships, Verdon-Smith and Boughey Trust funds provide bursaries and scholarships for girls attending the School. The Prize Fund provides prizes in recognition of either academic or artistic excellence.

The Development Funds were set up to receive donations from individuals. The donors select an option on how the money can be spent. The various funds are as follows:

a) ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Unrestricted|Restricted|Endowed| |funds|funds|funds|Total| |£|£|£|£| |Fund|balances|at|30 June|2024|are| |represented|by:| |Intangible|fixed|assets|8,555|-|-|8,555| |Tangible|fixed|assets|35,748,724|-|-|35,748,724| |Investments|2,869,827|1,300,510|736,969|4,907,306| |Current|assets|9,428,005|-|-|9,428,005| |Current|liabilities|(8,552,165)|-|-|(8,552,165)| |Long term|liabilities|(9,154,097)|-|-|(9,154,097)| |Total funds|30,348,849|1,300,510|736,969|32,386,328|

----- End of picture text -----

47 ee

Sherborne School for Girls

NOTES TO THE FINANCIAL STATEMENTS for the period ended 30 June 2024

17 STATEMENT OF FUNDS (Continued)

b) ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS RESTATED

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Endowed| |funds|funds|funds|Total| |£|£|£|£| |Fund|balances|at|31|August|2023| |are|represented|by:| |Intangible|fixed|assets|11,846|-|-|11,846| |Tangible|fixed|assets|28,730,100|-|-|28,730,100| |Investments|2,565,189|1,176,741|673,076|4,415,006| |Current|assets|3,301,479|-|-|3,301,479| |Current|liabilities|(8,822,560)|-|-|(8,822,560)| |Long term|liabilities|(6,006,746)|-|-|(6,006,746)| |Total|funds|19,779,308|1,176,741|673,076|21,629,125| |18|RECONCILIATION|IN|NET|DEBT| |At|1|Sept|2023|Cash|Flow|At|30 June|2024| |£|£|£| |Reconciliation|in|net|debt| |Cash|at|bank|and|in|hand|2,431,980|5,940,796|8,372,776| |Debt|due|within|one|year|(676,172)|93,944|(582,228)| |Debt|due|over one|year|(5,031,432)|745,805|(4,285,627)| |Total funds|(3,275,624)|6,780,545|3,504,921|

----- End of picture text -----

a-

Sherborne School for Girls

NOTES TO THE FINANCIAL STATEMENTS for the period ended 30 June 2024

a

19 NET INCOME FROM ACTIVITIES OF THE SUBSIDIARIES

All subsidiary entities have the same registered office as the School which is detailed on page 1 of these financial statements. The Charity has three wholly owned subsidiaries, Mulliner Trading (Sherborne) Limited (Company Registration Number: 03230791), Sherborne Sports and Leisure Limited (Company Registration Number: 05869779, Charity Registration Number: 1117024), and The Sherborne Girls Foundations (Company Registration Number: 09637231, Charity Registration Number: 1164053), which are all incorporated in England and Wales. Mulliner Trading (Sherborne) Limited manages the trading activities of the School, Sherborne Sports and Leisure Limited manages the School Sports Centre and The Sherborne Girls Foundation controls fundraising activity for the School. A summary of the trading position is shown below. Audited accounts have been filed with the Registrar of Companies.

(i) MullinerTrading (Sherborne) Limited 30June 31 August
2024 2023
£ £
Profit and loss account
Turnover 482,186 594,828
Cost ofsales (454,838) (527,366)
Gross profit
Administration		 27,348
(24,917)		 67,462
(14,033)
Net profit 2,431 53,429
Distribution to ParentCompany (2,431) (53,429)
Retained earnings at start ofthe year 21,550 21,550
Retained in subsidiary 21,550 21,550
The aggregate ofassets, liabilities and funds was:
Assets
Liabilities		 237,495
(215,845)		 235,516
(213,866)
21,650 21,650
Representing:
Share capital (100 ordinary shares of£1 each) 100 100
Profitand loss account 21,550 21,550
21,650 21,650

49

NOTES TO THE FINANCIAL STATEMENTS

|

Sherborne School for Girls

for the period ended 30 June 2024

19 NET INCOME FROM ACTIVITIES OF THE SUBSIDIARIES (continued)

(ii) Sherborne Sports and Leisure Limited 30June 31 August
2024 2023
£ £
Incoming resources 1,080,127 1,158,153
Cost ofcharitable activities (1,107,479) (1,286,065)
Net movement in funds (26,352) (127,912)
The aggregate ofassets, liabilities and funds was:
Assets 2,181,197 2,121,767
Liabilities (2,156,892) (2,071,110)
24,305 50,657
7
Represented by:
General funds 24,305 50,657
(iii) The Sherborne Girls Foundation 30June 31 August
2024 2023
£ £
Incoming resources 217,852 128,887
Cost ofcharitable activities (149,308) (175,901)
Net movement in funds 68,544 (47,014)
ee
The aggregate ofassets, liabilities and funds was:
Assets 84,086 13,360
Liabilities (3,450) (1,268)
80,636 12,092
Oo Oo
Represented by:
Restricted funds 69,654 13,018
Unrestricted Funds 10,982 (926)
80,636 12,092

50

Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the period ended 30 June 2024

20 JOINT VENTURE INTEREST

The School owns 50% of the share capital of Sherborne Schools Worldwide Limited (company no. 10730155), which was incorporated on 19 April 2017, and commenced trading on 1 May 2017. The company is jointly owned with Sherborne School, and has been set up to identify international opportunities, 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 School’s brands and enhance the Schools’ reputations.

Sherborne Schools Worldwide Limited’s trading results for the 12 month period to 30 June 2024, are summarised below:

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2024|2023| |£|£| |Turnover|-|-| |Cost|of|sales|-|-| |Gross|profit|-|-| |Administration|(51,544)|(61,591)| |Net|(loss)|(51,544)|(61,591)| |50%|share|of|loss|(25,772)|(30,796)| |The|aggregate|of|assets,|liabilities|and|funds|was:| |Assets|1,008|1,008| |Liabilities|(644,697)|(593,153)| |(643,689)|(592,145)| |Representing:|a|a| |Share|capital|(2|ordinary|shares|of £1|each)|2|2| |Profit|and|loss|account|(643,691)|(592,147)| |(643,689)|(592,145)| |50%|share|of shareholder’s|deficit|(321,845)|(296,073)|

----- End of picture text -----

51

NOTES TO THE FINANCIAL STATEMENTS for the period ended 30 June 2024

Sherborne School for Girls

During the year the Charity paid no remuneration to Governors. Travel expenses were paid to 2 (2023: 4) Governors of £545 (2023: £1,781).

Sherborne School for Girls wholly own Sherborne Sports and Leisure Limited.

The Charity owed £66,522 (2023: £nil) to its subsidiary for services and goods throughout the period which is repayable on demand.

The Charity was owed £2,081,104 (2023: £2,005,250) from its subsidiary for a loan. However, assurance has been given and this is not repayable for at least 12 months from the signing of these accounts.

|

The Charity has received £32,407 (2023: £4,915) of loan interest from its subsidiary.

The Charity has sold £37,946 (2023: £145,339) worth of services and goods to its subsidiary during the period.

The Charity has purchased £392,153 (2023: £307,050) worth of services and goods from its subsidiary during the period.

Sherborne School for Girls wholly own Mulliner Trading (Sherborne) Limited.

Sherborne School for Girls owed £43,062 (2023: £27,233) to Mulliner Trading (Sherborne) Limited for services and goods throughout the period which is repayable on demand.

The Charity has sold £213,108 (2023: £124,383) worth of services and goods to its subsidiary during the period.

The Charity was owed Enil (year 2023: £20,000) from its subsidiary, for a loan made during the period.

The Charity has purchased £362,101 (2023: £404,336) worth of services and goods from its subsidiary during the period.

The Charity will receive a Gift Aid donation of £2,431 (2023: £53,428).

The Sherborne Girls Foundation is a controlled entity of Sherborne School for Girls. During the period the Charity gifted £25,464 (2023: £31,885) of services to The Sherborne Girls Foundation.

The Charity is owed £nil (2023: £nil) from The Sherborne Girls Foundation.

52

Sherborne School for Girls

NOTES TO THE FINANCIAL STATEMENTS for the period ended 30 June 2024

a

21 RELATED PARTY TRANSACTIONS (continued)

The Charity received donations of £116,401 (2023: £129,643) from The Sherborne Girls Foundation during the period.

22 RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH FLOW FROM OPERATIONS

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |30|June|31|August| |2024|2023| |£|£| |Net|incoming|resources|10,757,203|241,162| |Investment|income|(102,727)|(74,303)| |Finance|costs|587,259|434,342| |Loss|on|disposal|of tangible|fixed|asset|-|6,260| |Investment|(gains)/losses|(445,547)|105,616| |Investment|management charges|11,578|14,430| |Amortisation|of intangible|asset|3,291|3,949| |Depreciation|charges|1,320,202|1,363,656| |(Increase)/decrease|in|stock|(7,358)|(46,476)| |Decrease/(increase)|in|debtors|(23,466)|47,899| |(Increase)/decrease|in creditors (excluding fees|in advance scheme|(4,996)|365,010| |and|deposit)| |Increase|in|fees|received|in|advance|creditors|2,394,529|659,886| |Increase|in|parents’|deposits|359,650|53,536| |Merger|of Hanford|School|(net|of cash|acquired)|(7,191,923)|-| |Net|cash|inflow from|operations|7,657,695|3,174,967|

----- End of picture text -----

Analysis of changes in net funds

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |At|1|September|Cash|At|30| |2023|flows|June|2024| |£|£|£| |Cash|at|bank|2,431,980|5,940,796|8,372,776| |Total|funds|2,431,980|5,940,796|8,372,776|

----- End of picture text -----

53

a

|

Sherborne School for Girls NOTES TO THE FINANCIAL STATEMENTS for the period ended 30 June 2024

23 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES - COMPARATIVE FIGURES BY FUND

|

Unrestricted Restricted Endowed Total
funds funds funds 2023
Notes £ £ £ £
Income from:
Charitable activities
School fees receivable 1 17,285,347 - - 17,285,347
Ancillary trading income 2 1,538,798 - - 1,538,798
Othertrading activities
Non-ancillary trading income 3 1,094,291 - - 1,094,291
Investments
Investment income and interest 5 22,024 52,279 - 74,303
Voluntary Sources
Donations and Legacies 4 25,298 69,176 - 94,474
Total Income 19,965,758 121,455 - 20,087,213
Expenditure on Raising funds
Fundraising costs 77,204 - - 77,204
Non-ancillary trading 1,755,122 - - 1,755,122
Finance costs 434,342 - - 434,342
Investment management costs 7,726 4,407 2,297 14,430
Share of Joint Venture loss 30,796 - - 30,796
Charitable activities
Education and grant making 17,296,957 131,584 - 17,428,541
Total Expenditure 6 19,602,147 135,991 2,297 19,740,435
Net income/(deficit) from operations 363,611 (14,536) (2,297) 346,778
before investmentsgains or losses ——__. ——___. —__. —___.
.
Net (loss) on investments		 11 (33,669) (41,520) (30,427) (105,616)
Net income/(expenditure) foryear 329,942 (56,056) (32,724) 241,162
Transfers - - - -
Net movement in funds 329,942 (56,056) (32,724) 241,162
Reconciliation offunds:
Total funds brought forward
;
(as previously stated)		 19,734,096 1,232,797 705,800 21,672,693
Prioryear adjustment (284,730) - - (284,730)
Totalfunds broughtforward
(as restated)		 19,449,366 1,232,797 705,800 21,387,963
Totalfundscarriedforward 17 19,779,308 1,176,741 673,076 21,629,125

a

Sherborne School for Girls

NOTES TO THE FINANCIAL STATEMENTS for the period ended 30 June 2024

24 POST BALANCE SHEET EVENT

On 3 May 2024 it was announced publicly that the Sherborne School for Girls would join the Sherborne Schools Group, registered in England No 4002575, Charity number 1081228. Sherborne School for Girls gifted its trade and assets, and transferred control of this company, to Sherborne Schools Group on 1 July 2024.

a

55