SHREWSBURY HOUSESCHOOITRusfuMrrED iiiusrEES' REPORT ANDACCOUNTS FOR THEYE4RENDED31AiJGUST2022 Registered Company Number.. 01411417 Registered Charity NLJrnber.' 277324
SHREWSBURY HOUSE SCHOOL TRUST LIMITED CONTENTS Page Report of the Trustees Incorporating the Strategic Report Report of the Auditors 10-12 Statement of Financial Activities 13 Balance Sheet 14 Statement of Cash Flows 15 Notes to the Accounts 16-27
SHREWSBURY HOUSE SCHOOL TRUST LIMITED REPORT OFTHETRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022 The Trustee5, who are also the Directors of the Company for the purposes of company law, present their annual report, incorporating the 5trateglc report and financial statements for the year ended 31 August 2022. The report covers the activities of Shrewsbury House Preparatory School, Shrew5bury House Pre-Preparatory School and The Rowan5 School. The Trustees confirm that the financial statements comply with current statutory requirements. those of the governing documents and the requirements of the Statement of Recommended Practice'Accounting and Reporting by Charities, 2019- Second edition. REFERENCE ANDADMINISTRATIVE INFORMATION Shrewsbury House School Trust Limited (the Trust) 15 a registered charity (number 2773241. The legal statu5 of the harity is a company limited by guarantee, without share capital, company number 01411417. The liability of each of the member5 of the company is limited to an amount not exceeding £5. The Registered Office and principal address of the Company is.. 107 Ditton Road Surbiton Surrey KT6 6RL United Kingdom Trustees The Trustees. who are also all members. have held office from I September 2021 to the date of this report, unles5 otherwise stated are as shown below.. D. johns Chairman A.L. Lee M.A.K. Clèeys S. Clarke Deputy Chairman retired 0611212022 retired 0611212022 P.D. Gibbon V. Laville J. Le Grice H.A. Lowe l.S. Mulr D. Sanders C. Thorneycroft R. Whlte appointed 0611212022 Key Management Personnel Executive Head of Shrewsbury House School Trust, Head of Shrewsbury House School Head of Shrewsbury House Pre-Preparatory School Mrj. Akhurst Head of The Rowans School Ms E. Spratt Mr R.A. Harper lappointed 19104120221 Mrs J.M. Hubbard DirecttsT of Flnance and Operations, Secretary to the Govemors Director of Finance and Resouices, Secretary to the Governors Mr P. Dart Iretired 31105120221 Senlor Deputy Head Director of Communications and Compliance Mr J. Albert Mrs J. Hand
SHREWSBURY HOUSE SCHOOL TRUST LIMITED REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022 Professlonal Adviser5 Bankers National Westminster Bank plc 5 Market Place l(ingston upon Thames Surrey KTI IJX Lloyds TSB Bank pl¢ 83 High Street Walton on Thames Surrey KT12 IDU Audltors Haysmacintyre LLP 10 Queen Street Place London EC4R IAG Lawyers Veale Wasbrough Vizards Orchard Court Orchard L3ne BSI 5WS Insurance Brokers Marsh Lim1ted Capital House 1-5 Perrymount Road West Sussex RH16 3SY Websites Shrewsbury House School Shrewsbury House Pre-preparatory School The Rowans School www.shrewsbur www.shrew5bur www.rowans.or house.net house .uk re re .net
SHREWSBURY HOUSE SCHOOL TRUST LIMITED REPORT OF THE TRIJSTEES FOR THE YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES The main object of the Trust. as set out in its Articles of Association, is to promote and provlde for the advancement of education, including the provision of financial SUPPOTt to those who cannot afford to pay tuitlon fees. It also provides for and promotes the use of its facilities to develop education and recreation for the local community as well as to support other edLJcational charities and local state schools. To achieve this, the Trust runs three Independent fee-paying day schools which seek to provide the best possible learnlne environment. These are Shrewsbury House Pre-Preparatoiy School and The Rowans School for boys and gir15 aged between 3 and 7, and Shrew5bury House School for boys aged between 7 and 13. For every child, the Trust aims to provide both an aeademic and a broad education. Thls is intended to draw out pupi15' abilities and academic potential, awaken and develop wider interests ir) life and motivate them for a successful and happy future. In particular, WÈ aim to live our schools, values and develop positive learning behaviours. The main objective of the Trustees is to ensure that all pupils are educated to a consistently high standard, which 15 a key element of the Trust's etho% and historic traditions. This is 8chleved by employing high quality, Committed teacher5 and relevant support staff to facilitate the teaching and learning experlence. The use of technology is a key enabler in delivering these results. The prlncipal activity of the Trust contlnues to be the provision of day schools for children aged between 3 and 13 years, old. In the year under review, the Tiust provided education for 551 pupils. In determining the Trust's objectives and plannin8 it5 activities. careful consideration eontinues to be given to the Charity Commission's general guidance on public benefit. The Trust clearly aims to.. Offer financial support through bursarSes to those pupils who would thrive on the broad education opportunities offered by the Trust. but whose parents are unable to afford the fees. In additlon, we look for senior schools who would be prepared to continue financial support. Play a part in supporting and assisting local state schools in providing a broad educatlon for their students,. Support local and overseas charities through fundralslng activities,. and Play a part in the local community, be aware of the needs of our neighbours, and to offer facilities and support where appropriate. The Trust Is Committed to working with the community and seek5 to increase pupil numbers travelling to school by minibus, coach or bicycle to minimise the impact on local traffic. The sports facility at Shrewsbury House Sport5 Ground and also the swimming pool, sports hall, music room5 and theatre at 107 Ditton Road are available to the local communilv. REVIEW OF ACTIVITIES AND PERFORMANCE FOR THE YEAR The three schools of the Trust showed Strong performances through the year across the curriculum. Pupils reiVed full curriculum throu8hout lockdown and through the return to school transition. resulting in good progress belng made in and out of the classroom. The Governors provided support and guidance to the schools throughout the year, particularly in connection with large- scale project5 and during inspections. More frequent visits by the Governors to the schools will be arranged to Increase their visibility and further build relationship5 Wlth the staff. Shrewsbury House School Despite the challenge5 of COVID-19 and economic uncertainty. the day-to-day experience of pupils and parents has been exceptionally strong. A full return to events has enabled us to snowcase the musical, sporting and creative talents of our pupi15. Academic achievements have been equally impre55ive thls year and we are very proud of the fourteen scholarships and awards gained by our senior boys. Visible changes. such as the new reception area and the sports pavilion at Shrewsbury House Sports Ground. mark the arrival of a new era at the School, where efficient processe5, good communication and a talented lead@Tship team are making a p051tive impact. A curriculum review has led to a change of timetable and the introduction of our new 'Discovery Programme, for senior yeai's, which will further enhance the offering for Year 7 and Year 8.
SHREWSBURY HOUSE SCHOOL TRUST LIMITED REPORTOF THETRUSTEES FOR THE YEAR ENDED31 AUGUST2022 It has been a very busy perlod for engagement with our senior schools, both through vi51ts and also with attendance at their events. These visits have served to reinforce some very strong relationship5 and built on fledging relationship5 with a wider range of schools. Many more visits are already planned for the new atademlc year. Our inaugural Admis5ion5 Directors, Information Sharing Morning was hosted at the School in May. The purpose of this event, was to bring together thÈ Admissions Directors at schools from a wider geographical area to Share Ideas, best working practice5 and to empha5ise the value of receiving our boys at 13+. The event wa5 very well received by representatives from each of the schools. We are very proud of all the boys for their diligence through the scholarship pro55. I'hey have achieved 100% SUC55 at entrance on scholarship. The School has supported several charlties over the course of the year with the maln charity chosen by pupils being Momentum Children's Charity and, through pupil-focused fund raising and initiative5, the Shrewsbury House Assodation made a donatlon to the redecoration of rooms at Kingston Hospital. Shrewsbury House Pre-Preparatory School An Independent School Inspectorate regulatory compliance inspection took place in May 2022. The results endorsed the school's policies and procedures and there was eKtrèmely positive feedback about the school itself. WÈ are grateful that COVID-19 restriction5 have been lifted.. we have taken full advantage of this wlth many events and opportunities to actively engage the whole school community. It is noticeable how well-supported all of our events have been by parents and wider family, eager to catch up on lost time. Nursery numbers are still growing and interest in the School remain5 strong. The Rowans School The School has had a busy and productive year. The gradual easing of COVID-19 restrictions allowed foi a full return to focusing on in-class teaching as well as a full resumption of termly outings and events. LAMDA results were, once again, exceptionally strong with 25% of Year l athievinE Merit and 75% Dlstlnction, and 100% of Year 2 galned Distinction. We have retained our National Online Safety accredited school statu5 and work with parent5, Staff and children to educate our community about internet safety. We have also retained our Gold Travel Award from TfL and our Junior Travel Amba55adors have worked with parents and the local community to prorrote safe and sustainable travel throughout the year. We have gained reaccreditation with the British Countil International Schools Award in recognition of our very strong international ethos and programme that Is woven thToughout our curriculum. We have also been working on an application for an Artsmark award. Artsmark 15 the only creative quality standard for schools and education settings, a¢¢redlted by Arts Council England. An Independent School Inspectorate Educatlonal Quality and Focused Compliance Inspection took place in February 2022. The School meet5 a11 the standards in the schedule to the Educatlon Ilndependent School Standards) Regulations 2014 and associated requiremp.nt5 and no further actions is required as a result of this inspection. We were delighted to rel¥e'excelIent, judgments for both the'quality of the pupils, academic and other achievements, and the'quality of the pupils, peTsonal developwent., We remain actively reflective over our CLtrriculurn, taklng on board feedback from our recent IndÈpendent School Inspectorate inspection and current educational research. Recognising the importance of values, mental health awareness and Ilfe skills are all kèy factors in thi5 area, and The Rowans School has much to showcase in regard to these. Thi5 year the School has supported St George's Hospital Charity and WaterAid through various whtsle-school fundraising FUNDRA151NG All fundraising activlty across the Trust tontinues to be managed In an open and iran5p8rent fashion with the clear objective of being respectful, responsible and accountable so that potential and existing supporters of our work have complete confidence in their giving to the Trust. There were no complaints received by the Trust during the reporting period about its fundrai5Ing practices.
SHREWSBURY HOUSE SCHOOL TRUSTLIMITED REPORTOF THETRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022 We are grateful to parents who donated towaTds developing the infrastructure of the schools and also to the planting around the new pavilion at Shrewsbury House Sport5 Ground. an important contributTron to the area's biodiversitv. FINANCIAL RESULTS AND RESERVES POUCY Shrewsbury House School and The Rowans School continue to see strong pupil numbers. Shrewsbury House Pre- Preparatory School is recoverlng from the high level of withdrawals caused by COVID-19, but more slowlv. Net income of the Trust for the year amounted to £624,03312021'. £782.1231, the decrease reflecting a shortenine of the anticipated useful economic life of some fixed assets and an impairment of the value of constructlon in progre55. The impact of COVIO-19 resulted in the Trust applying for and securing a Coronaviru5 Business Interruption Loan of £1,450,000 last year. Interest payments and repayments on this loan commenced in July 2022. At the end of July 2022, in accordance with the asset purthase agreement, the Trust paid deferred consideration of £482,00012021.. £Nill to the Corporation of King's College School for the purchase of The Rowans School. The Board of Governors continues to plan for surplus net income every year, which is added to reserves to enable reinvestment in the future to meet the objectives of the Trust's capital development plans. The fund5 at the year-end totalled £11,684,40212021.' £11,060,369), which included £11,668,763 of unrestricted funds12021'. £11,055,669) and £15.639 of restricted funds12021.' £4,700). These include fund5 for the Shrewsbury House Sports Ground landscaplne and major projects. The Board of Governors continues to monitor the financial risks affecting the Trust to ensure that it continues to meet its charitable objectives, remains financially sustainable and a going concern. Its long-term cash flow is being stre55- tested and reviewed periodically. The Board does not see any indication that the Trust is unable to rneet its future obligations as they fall due, but recognlses that we continue to need bank loans to fund our existing facilities and servicing the obligations as a result of the acquSsition of The Rowans School and its 51te in Wimbledon. PUBLIC BENEFIT The Trust ha5 adopted a multi-faceted approach to public benefit a5 is reflected in its Articles of Association, provldlng education to pupi15 who would otherwise be educated at public expense. The Trust is committed to providing bursarie5 to those families whose children, whilst being of the ability and persor)ality to thrive at Shrewsbury House School, may not be able to afford to send their children here. Fundamental to the bursary policy, enshrined in the Trust's ethos, is that the child is placed first and the parent5. means second. The approach to bursarie5 covers new and existing puplls and has been used to provlde financial assistance In the event of unforeseen financial difficultie5 faced by existing P3rent5. Bursaries are normally awarded each academlc year and are means-tested. Further detai15 are included in the 'About U5, section of Shrewsbury House School's web51te ènd interested parent5 should contact the Sthool for additional informatlon. Currently 612021.. 101 pupils hold means-tested bursaries, varying in value frorn 30% to 100% of annual fees, of which 3 are life-changing at 80% or above. In total terms. concessions inclusive of staff fee discounts have been accorded to 1812021.. 241 pupils at a tost to the Trust of E155,69112021'. £131,522). The Trust aim5 to use school facilities for education and recreation for the local community. The use of school facllities Increased this year due to the lifting of COVID-19 restrictions and the Trust has continued to support its wide range of comrllunity and commercial clients. The Trust has maintained its relationship with two local state schools and use of the swirnming poo1 facility is provided free of charge, supporting around 90 children per week, with potential to widen its availability further. Our transport service provides minibus and coach use to local scout groups. supporting over 127 children. Commercial clients use the Sports facilities at each slte and a local dance school is now based at schools wlthin the Trust, supporting over 400 children each week. Shrewsbury House School's facilities in particular are used by many clubs during school holidays. New busine55 iemains a focus for members of the lettings team, who continues to forge local links with state schools and community groups. PLANS FOR THE FUTURE We have secured planning consent for the master plans submitted for all three sites from the Royal Borough of Kingston, the Royal 8orough of Meiton and Elmbridge Borough Council. However, given the continuing uncertain econornic landscape, the Trustees have paused the development at 107 Ditton Road and 3t The Rowans School for the time being. The Trustees will continue to asse55 the timing of the cornmencement of works.
SHREWSBURY HOUSE SCHOOL TRUST LIMITED REPORTOFTHETRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022 The Trust continues to Invest significantly In ensurSng that the IT infra5trueture and hardware in all our schools is fit for purpose and creates the enabling learning environment needed to equip our puplls for a fast-changin8 technological world. The Trust has a robust platform for the delivery of the curriculum via di5tancÈ learning should thi5 prove necessary again. PRINCIPAL RISKS AND UNCERTAINTIES The Board of Governor5 is responsible for the management of all risks faced by the Trust. Governors are supported by the Trust Executive Committee. Risks are identified, assessed and contro15 e5tabli5hed to mitigate the risks Identified. The Trust's Risk Register is reviewed by the Legal & Estates Committee on a termly basis and a summarv tabled to the Board of Governors. The principal risks identified by the Governors are categorised under the following headings.. External factors Including political, environmental, legal and regulatory and economic,. Financial,. Operational,. Compliance; Human Resources,. and Governance. External factor5 The Trust is constantly assessing the effects of the changes in political and economic factor5 that may affect the operation of the schools and delivery of it5 offÈring in the short, medium and longer term. The key responsibilities of the sub Committees are Set out under the section 'Organisation and Managemènt. The Finance Committee. in onjunction with the Director of Finance and Operotions, is respon51ble for developing and stress-testing financial models, whitli are regularly reviewed. There are factors outside the control of the Trust such as political uncertainty, Brexit, COVID-19 and the war in Ukraine. The Board of Governors, Legal & Estates Committee and the Trust Executive Committee closely monitor the potential impact of these risks. The Trust follows Government guidance with regards to restrictions and preventative measures. Comprehensive risk assessments have beell developed and published on each of the schoo15' websites. The major risks are that pupil numbers will fall andlor that parents will be unable to continue paying the schools, fees. Pupil numbers and outstanding fees are closely monitored. The Trust continues to look for indicators of financial hardship and offer assistance where possible. Financial There is a risk that pupll numbers may not be sufficient to maintaln the Trust's long-term plan. The Trust mitl8ates this risk by producin8 a 10-year cash flow projection, reviewed at least termly. This is supported by bank borrowing, repayable in between 2- 3nd 10-years' time. Another key risk 15 the expected increase in Èmployer contribution5 to the Teachers, Pension Scheme ITPSI. Employer contribution rates increased from 16.48% to 23.68Yi from 15eptember 2019, an increase of 43.7%. This had a significant impact on the Trust's 2020-21 and 2021-22 performance. There is a very strong likelihood of a further material increase in employer contributions once the actuarial valuation has been completed. This is likely to be implemented from April 2024. A5 a result, the Board of Governor5 decided that a withdrawal from the TPS is prudent. After an extensive consultation process, It was agreed that this would take place at 31 August 2023, with the TPS replaced by a defined contribution scheme with a combined contribution and benefit rate of 16.5%. erational Educational success across the curriculum demands employin8 committed staff with current, up-to-date teaching and learning facilities to ensure that pupils arÈ able to progre55 in a le3rning-friendly environment. The risk of not achieving educational success is managed by partnering with parents, encouraging reÉular communication a5 the child progresses, combining attractive Salaries for staff and on-going investment in the estate and infrastructure.
SHREWSBURY HOUSE SCHOOL TRUST LIMITED REPORTOFTHE TRUSTEES FOR THE YEAR ENDED31 AUGUST 2022 Com lian The Trust's success has been built upon Its reputation for the education and wellbeing of it5 pupils. The risk of damage to the Trust's reputation is managed though the regular implementation and monitoring of safèEuarding and staff recruitment policies, P3Storal support for both pupils and staff plus the actlve identification and resolution of health and safety issues. The Trust also takes it5 compllance with General Data Protection Regulation IGDPRI and UK Data Protection Regu13tions very seriously. All staff are briefed in how to minimi5e the risk of Ios5e5 or accldental release of personal data on regular basi5. Human Resource5 Recruitment and retention of high-quality staff membèrs Is a top priority for thè Trust Executive Committee. The terms and conditions for teaching staff are reviewed regularly to ensure that these are in line with those of similar independent schools. A full programme of staff development 15 in place to ensure that Staff are kept abreast of the best possible practice and they have scope to fully develop their experience whilst at the Trust. Governance Details of the recruitment, trainin& skills and structure of the Board of Governor5 and its sub-committees are provided under the 'Structure, Governance and Management, section. Key controls used by the Trust to manage rlsk include.. Formal agendas for all cornmittee and Board activity- Detailed terms of reference for all committees., Cornprehensive strategic plannlng. budgeting and management accounting information,. E51ablished orEanisational structure and lines of reporting* Formal written policies on all aspects of activity,. and Vetting procedures as required by law for the protection of the vulnerable. Throueh the risk managernent processes establlshed for the Trust, the Governors are 5atlsfied that the major risk5 identified have been adequately mitigated where possible. It is recognised that systems can only provide reasonable, but not absolute. assurance that major risks have been suitably managed. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The governlng document of the Trust is its Articles of Assodation. Governlng Body A Board of Governors. whose mernber5 are also Directors of the Company (herein referred to as frustees"), governs the Trust. The Trustees meet regularly in the manner prescribed in the Articles of A550Clation and meet a5 a full board at least once a term. The sub-committees IFinance, Strategy. Education and Lee31 & Estatesl meet at least once a term. The normal term of office for a Governor is three years. A Governor Is eligible for re-èlecrlon for further torrns of office. The Trustees are authori5ed to appoint new rnembers provided they do not exceed the maximum of 15 prescribed bv the Articles of Association. The Board of Governors aims to recruit Trustee5 whts have a range of specialist skills, in order to maintain a strong balance of expert15e. Current members include experts in education, financlal management, law, banking, property and estates, rlsk and insurance. No Trustee has any beneficlal interest in the company. Trustee Inductton and Trainlng All new Trustee5 receive an induction pack, which explain5 thelr role. the role of the Board of GDvernor5, and details of Charity Commi55ion and Companies House requirernents. They are also given background information on previous Board decislons, Board papers and general informatlon about the 5choo15. The new Governorfs Induction Programme includes a meeting with the Executive Head, th@ Deslgnated Safeguarding Lead and the Clerk to the Governors to ensure that there is a thorough understanding of how the schools fulfil iheiT rÈgulatory obligation5. All Governors are Informed of relevant courses available to them throughout the year. including courses and conferences run by the Independent School Inspectorate, Assoclation of Governing Bodie5 of Independent Schoo15, the Independent Association of Prep Schools. the Independent Schools, Bursars A550ciation, the Independent Schools Council and our auditors.
SHREWSBURY HOUSE SCHOOL TAUST LIMITED REPORTOFTHETRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022 Organlsatlon and Management The Trustees determine the general policy of the Trust, meeting each term to receive reports from the heads of each school and the chairs of the sub-¢ommlttees. The Education Committee reviews all matters relating to the delivery of the curricula within each School and policies whlch are entirely pupil-centied. The Legal & Estates Committee reviews a wide range of topics including estates development, health and safety, supplier and staff contractual rnatters, general regulatory matters, complaints and the single central register of appointrllent%. The Finance CommitleÈ revlews the Trust's on-going financial position and examines recommendations from the other tommittees for development projects prior to seeking maln board approval. It manages, at an executive level, the budgets of the Trust, including remuneration policy and fee levels which are approved by the main Board. Key Management Personnel The day-to-day runnlne of the Trust is delegated to the Executive Head and the Director of Finante and Operations, who are Supported by the Trust Executive Committee and the Governors.. together this group are the key management personnel, as set out on page l of this document. The Governor5 give of their time freely and the remuneration of the senior staff is set by the Finance Committee and kept under annual review. The Executive Head's remuneration is also reviewed annually. but by the Chairman and Deputy Chairman who submit their proposals for consideration to the full Board of Governors. The criteria used in reviewing and setting pay are.. The nature of the role and breadth of re5ponsibllities,' Participation in salary surveys providing a range of relevant cornparable data,. Competitor salarie5 in the region where thi5 15 avallable.. and Overall trends in pay. Group Structure and Relatlonshlp5 The Trust IS the corporate structure throueh which the schoo15 are organised and managed. There is an Executive Head. who is also the head of Shrewsbury House School in Surbiton, and two other heads, one at Shrewsbury House Pre- Preparatory School in Esher and another who manages the affair5 of The Rowans School in Wimbledon. Shrew5bury House School benefits from the support of the Shrewsbury House Association, Shrewsbury House Pr@- Preparatory School from the support of Shrewsbury Pre-Preparatory Association and The Rowans School from the support of Friend5 of The Rowans School. ThesÈ bodies are organised by representatives of the parents and raise fund5 to provide additional benefits to the pupils.
SHREWSBURY HOUSE SCHOOL TRUST LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIE5 The Trustee5 (who are also directLif5 of Shrewsbury House School Trust Limited for the purpose of Company Lawl are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kinedom Accountin8 Standards (United Kingdom Generally ACpted Accounting Practice). Company law requires the Trustees to piepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resource5, including the income and expenditure. of the charitable company for that period. In preparing these financial statements, the Trustees are required to.. select suitable accountln@ policies and then apply them consistently,. observe the method5 and principles in the Charities SORP,. make ludeements and estimates that are reasonable and prudent,. state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concem basls unless it is inapproprlate to presume ihat the charitable company will continue in busine5S. The Trustees are responsible for keeping proper accounting records that dlsclose with reasonable accuracy at any time the financial posltion of the charitable company and enable them to ensure that the flnancial statements Comply with the Companies Act 2006. They are also responsible for safeguarding the asset5 of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as we are aware.. There 15 no relevant audit information of which the charit3ble company's auditor 15 unaware.. and The Trustees have taken all steps that they ought to have taken to make them aware of any relevant audit informatlon and to establish that the auditor 15 aware of that information. ON BEHALF OFTHE BOARD The Trustees, Report incorporating the Strategic Report was approved and authorised for issue by the Board of Trustees on 6 December 2022 and 518ned on their behalf by.. D. johns A.L. Lee
SHREWSBiJRY HOUSE SCHOOL TRUSTLIMITED INDEPENDENT AUDITOR'S REPORTTOTHE MEMBERS OF SHREWSBURY HOUSE SCHOOL TRUST LIMITED Oplnion We have audited the financial Statements of Shrewsbury House School Trust Limited for the year ended 31 August 2022 which comprise Statement of Financlal Activities, Balance Sheet, Statement of Cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting frameworl( that has been applied In their preparation is applicable law and United Kingdom Accounting Standards, Including Financial Reporting Standard 102 The Financial Reportlng Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinlon, the financial 5tatement5.' give a true and falr view of the state of the charitable company's affairs as at 31 August 2022 and of the charitable company's net movement in funds, including the Income and expenditure. for the year then ended; have been properly prepared in accordance with United Kln@dom Generally Accepted Accounting Practice,. and have been pre.pared in accordance with the requirements of the Companie5 Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IuKI115A5 IUKII and applicable law. Our responsibilities under those standard5 are further described in the Auditorf5 responsibilities for the audit of the financial statement5 section of our report. We are independent Of the charity in atcordance with the ethical requirements that are relevant to our audit of the financial statement5 in the UK, including the FRC'S Ethical Standard, and wp have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suffici@nt and appropriate to provide a basis for our opinion. Conclu51ons relatlng to Boing concern In audlting the financial Statements, we have concluded that the trustees, use of the golng concern basis of accountin8 in the preparatlon of the financial statements 15 appropriate. Based on the work we have performed, we have not identifled any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company'5 ability to continue as a going corncern for a period of at least twelve months from when the financial statements are authori5ed for Issue. Our responsibilities and the respon5ibilitles of the trustees with respect to 8OTng concern are described in the relevant sections of this report. other Information The tru5tee5 are responsible foi the other information. The other informatlon comprises the Information included in the Report of thÈ Trustees. Our opinion on the financi31 statements doe5 not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any forrn of assurance coNclu5ion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and, in doSng so, consider whether the other information 15 materially inconsistent wlth the financial statements or our knowledge obtained in the dudit or otherwise appears to be rnaterially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial Statements or a materlal misstatement of the other information. If. based on the work we have performed, we conclude that there is a material mlsstatement of thls other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prèscrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given iii the Report of the Trustees Iwhich includes the strategic report and the directOTS' report prepared for the purposes of company lawl for the financial year foT which the financial statements are prepared 15 consistent with the finanelal statement5', and the strategic report and the directors. report included within the Report of the Trustees have been prepared in accordance with applicable legal requirements. -io-
SHREW5BURY HOUSE SCHOOL TRUSTLIMITED INDEPENDENT AUDITOR'S REPORTIOTHE MEMBERS OF SHREWSBURY HOUSE SCHOOL TRUST LIMITED Matters on which we are requlred to report by exceptlon In the light of the knowledge and understanding of the charitable tompany and it5 environment obtained in the course of the audit, we have not identified material mlsstatements in the Report of the Trustees (which incorporate5 the stratÈglc report and the directors, report). We have nothing to report In respect of the following matter5 in relation to which the Companies Act 2006 requlres us to report to you if, in our opinion.. adequate accounting record5 have not been kept by the charitable company,. or the charitable company financial statements are not in agreement with the accounting records and returns,. or certain di5c105ure5 of trustees, remuneration specified by law are not made,. or we have not received all the information and explanation5 we require for our audit. Responslbilities of trustees for the financial statements As explained more fully in the tru5tees' responsibilities statement set out on paee 9. the trustee5 (who are a150 the directors of the charitable company for the purposes of cornpany lawl are responslble for the preparation of the flnancial statements and for being sat15fied that they give a true and fair view, and for such internal control as the trustees determine 15 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosSn& as applicable, matters related to goinE concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or lo cease operations, or have no realistic alternative but to do 50. Auditor's responsibllitie5 for the audlt of the linanclal 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 IUKI will always detect a material misstatement when1t 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. Irregularities, includlng fraud. are instances of non-compliante with laws and regulatlons. We desi8n procedures in line with our responsibilities, outlined above, to detect material misstatements in re5pett of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below.. Based on our understanding of the charitable company and the environment in which it operate5, we identified that the principal risks of non-compliance with law5 and regulations related to The Education Ilndependent School Standards) Regulations 2014, safeguarding regulations, health and safety requirements, GDPR, employment law and charity law and we considered Ihe extent to which non-compliallce might have a materlal effect on the financlal statement5. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companie5 Act 2006 and Charities Act 2011, and considered other factors such as payroll tax and sales tax. We evaluated management's incentives and opportunities for fraudulent manipulation of the flnancial statements (including the risk of override of controls), and determined that the principal Tisks were related to posting inappropriate journal entries to income and mana8ement bias in accountin8 estimates. Audit procedures performed by the engagement team included: Inspecting correspondence with regulators and tax authorities.. Discus5ion5 Wlth management intluding consideration of known or suspected instances of non-compliance with laws and regulation and fraud., Evaluating management's controls designed to prevent and detect irregularitie5; Identifying and testing journals. in particular Journal entries posted with unusual account combination5, Postings with unusual amounts or descriptlons. and postings wlth unusual date charaeteristics,. and Challenging assumptions and judgement5 made by management in their critical accounting estimates li-
SHREWSBURY HOUSE SCHOOL TRUST LIMITED INDEPENDENT AUDITOR'5 REPORTTOTHE MEMBERS OF SHREWSBURY HOUSE SCHOOL TRUST LIMITED Betause of the inheTent limitation5 of an audit, there Is a risk that we wlll not detect all irregularities, including those leading to a material mi55tatement in the financia5 statements or non-compliance with regulatlon. This risk increases the more that compliance with a law or regulation is removed from the event5 ènd transaction5 reflected in the financial statements, as we will be les5 likely to become aware of instances of non-compliance. The risk is a150 greater regarding irregularities occurring due to fraud rather than error, a5 fraud involves intentional concealment, forgeiy, colluslon, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statement5 is located on the Financial Reporting Council'5 website at: www.frc.or audltorsres onsibilities. This description ftsrms part of our auditorfs report. Use of our report This report 1% made solely to the charitable company's members, as a body, in accordance with Chapter 3 01 Part 16 of the Companie5 Att 2006. Our audit work has been undertaken 50 that we might state to the charitable company'5 members those malter% we are required to state to them In an Auditor'5 report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibi5ity to anyone other than the charitable company and the charitable company'5 members as a body, for our audit work. for this report, or for the opinions we have formed. Tracey Young (Senior Statutory Auditor) For and on behalf of Hay5macintyre LLP, Statutory Auditors 10 Queen Street Place London IC4R IAG Date.. 20 December 2022 12-
SHREWSBURY HOUSE SCHOOL TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022 Ilncorporating income and expendlture accountl Notes Unrestflcted Restrlrted General Fund Fund Total 2022 Total 2021 INCOME FROM.. Income from charltable acllvlty School fees Ancillary trading income other trading activities Rental and letting5 income Investment Income Bank and other interest Voluntary sources Grant5 and donations Coronaviru5 Job Retention Scheme Other Income other Income 9,597,047 897,306 9,597.047 897,306 9,051.987 590,928 111,291 111,291 91,419 3.475 3,475 1,910 3,744 16,179 19,923 44,793 33.412 16,607 16,607 4,501 Total Income 10.629,470 16,179 10,64S,649 9,818,950 EXPENDIWRE: Costs of ralslng fund5: Financing costs Charitable acttvltv: Education 254,179 254,179 198,199 9,766,897 540 9,767,437 8,838,628 Total Expendlture 10,021,076 540 10.021,616 9,036,827 NET INCOME 608,394 15,639 624,033 782,123 Transfers between funds 4,700 14,7001 NEfMOVEMENT IN FUNDS 613,094 10,939 624,033 782,123 Fund balance brought forward 3t I September 2021 Fund balances carried forward at 31 August 2022 11,055,669 4,7(KJ 11.060,369 15,639 11,684,402 10,278,246 11,060,369 14 11,668,763 The results for the year and the prior year are derived from continuing activities. The comparative statement of f5nantial activitie5 is notè 21. The notes on page$ 16 to 27 form part of these financial statements. 13-
SHREWSBURY HOUSE SCHOOL TRUST LIMITED BALANCE SHEET AS AT31 AUGUST2022 COMPANY NUMBER: 01411417 2022 2021 Notes Fixed assets Tangible assets Current asset5 Debtors Cash at bank 17,601,836 15,365,915 io 322,276 1,810,375 221,252 4,614,619 4,835.871 2,132.651 Current liablllties Creditors- due within one year li 12,726.4271 1593.7761 17,008,060 15,323.6581 12.670.855) 2,165.016 17,530,931 16,470.5621 Net current Iliabilitiesllassets Total assets less current liabllltles Creditors- due after more than one year 12 Net a55ets 11,684,402 11,060,369 Represented by.. Unrestricted fund5 Restricted funds 14 14 11,668,763 15,639 11,05S,669 4,7(KJ 11,684,402 11,060,369 The financial statements were approved and authorlsed for issue by the Board of Trustees on 6 December 2022. and were signed below on its behalf by.. O. Johns Trustee5 A.L. L The notes on pages 16 to 27 form part of these financial statements. -14-
SHREW5BURY HOUSE SCHOOL TRUST LIMITED STATEMENTOF CASH FLOW FOR THE YEAR ENDED 31 AUGLIST2022 2022 2021 Notes Cash flows from operating activitles: Net cush provlded by opewting octlvlties Cash flows from investing activities.. Bank interest Purchase of tangible fixed assets Sales proc@ed5 from sale of tangible fixed assets Net cosh provlded by/(u5ed Inj Investing Lyctlvltles Cash flows from financing activities: New borrowing Repayments of borrowin6 Net cush provided by/(used inJAinonclng uctlvitles ChLTnge in cosh undcush eq(Jivulents In the reportlng period Cash and cash equivalents at the beginning of the reporting period C35h and cash equlvalents at thè end of the ieportlnB period 16.A 1.249,495 1,731,996 3,475 13,607,097) 3,500 1,910 11,002,527) 13,600,122) 11,000,617) 1,450,000 1420,2891 1,029,711 1453,6161 1453.6161 12,804,244) 4,614,619 1,761,090 2,853,529 16.B 1,810,375 4,614,619 The notes on pages 16 to 27 form part of these financial statements. 15-
SHREWSBURY HOUSE SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 CHAR5TABLE STATUS The Trust is a Public Benefit Entity re81Stered as a charity In England and Wales and a company limited bv guarantee and does not have any share capital. It was incorporated on 25 January 1979 Icompany number.. 014114171 and reElstered as a Charlty on 20 Fèbruary 1979 Ich3rity number.. 2773241. ACCOUNTING POLICIES The financial statements have been prepared in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021, the Companies Act 2a06 and the 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 IFRS 1021- effective l January 2019. The financial statements are drawn up under the historical cost convention. The funetlonal currency of the Trust is considered to be GBP because that is the currency of the primary econorllic environment in which the Trust ciperate5. Critical accounting judgements and key sources of estlmatlon uncertalnty In the application of the accounting policies. Trustee5 are required to make judgement, estimate5, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experier)ce and other factors that are considered to be relevant. Actual results may differ froni these estimates. The estimates and underlying a5sumption5 are reviewed on an ongoing basis, in particular, the carrying value of the construction In progress totalling £4,862,68512021.. £1,696,924). Revision5 to accounting estimates are recognised in the period in which the estimate is revlsed if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods. In the view of the Trustees, other than those identified above, no other assumptions concerning the future or estimation uncertainty affecting a55ets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. Going concern As highlighted in the Report of the Trustees, having assessed the Trust's financial position, the plans for the foreseeable future, the risks to which the Trust 15 exposed and the detailed cash projections. the Trustees are satisfied that it remains appropriate to prepare the financial statements on a going concern basis. The followlng principal accounting policies have been applied.. Income All income is recognised when the criteria of entitlement, measurement and probability of receipt have been satisfied. Fees ttndslmllur income Fees receivable and charges for services and use of the premises are accounted for In the year in whlch the services are provided. Fees receivable are stated after deducting bursaries, scholarships and other remlssions allowed by the Trust. Regi5tratlon fees are non-refundable and are credited to income when recelved. Deposits are included as a liability until refunded or, on ceasing to be refundable, are credited to Income. Advance fees are credited to income a5 and when the fèes fall due. Rentttl und Investment Income Rent5 are stated gross and are included on an accruals basis. Interest received Tepresents gros5 interest derived from cash deposits held and credit balanS and 15 atcounted for on a receivable ba51S. 16-
SHREWSBURY HOUSE SCHOOL TRUST LIMITED NOTESTO THE ACCOUNT5 FOR THE YEAR ENDED 31 AUGUST2022 Donotions and legucies undothervoluntary Income All donations,1egacies and other voluntary income are accounted for as and when entitlemenl arises. the amount can be reliably quantified and the economic benefit to the Trust is considered probable. Donations received for the general purposes of the Trust are credited to Unre5trlcted Fund5. Donations Subject to specific wishe5 of the donors are credited to the relevant Restricted Funds. Government gronts The Coronaviru5 Job Retention Scheme ICJRSI resulted in cash payments from government to compensate ernployers for part of the wages, a5soclated national insurance contributions (NIC51 and employer pension contributions of employees who were placed on furlough Ithat is, placed on a temporary leave of absence from working for the employer). This is accounted for in accordance with Section 24 of FRS 102 and the performance model is used to recognise these grants. Expenditure Expenditure 15 accounted for on an accrua15 basis where there Is a legal or ctsnstructive obligation to make a payment to a third party and the amount of the obligation can be measured reliably. Charitable expenditure represents the costs of running the Trust including salaries, catering, premises and welfare cost5. Costs of raising funds include financing costs. Charitable expenditure is allocated to the appropriate headings relevant to the charitable activities on a direct basis. Support costs mainly represent office administration. Irrecoverable VAT is charged to the Statement of Financial Activitie5 as incurred. Governance costs comprise the costs of runnin8 the Trust, Including strategic planning for its future development, external audit, legal advice and all the costs of complying with constitutional and staturory requirements. Opèratlng leases The annual rental for operating leases is charged to the Statement of Flnancial Activities on a straight-Ilne basis over the lease term. Staff Benefits including pension costs The Trust contributes to the following schemes- The Trust contributes to the Teachers, Pension Scheme. This is a multi-employer pension scheme and1t is not P05slble to identify the Trust's Share of the underlying assets and liabilities on a conslstent and reasonable basis. Therefore, as required by FRS 102, the Trust accounts foi the scheme as if it were a defined contribution scheme. The Trust's coniributlons, which are In accordance with the recommendation5 of the GovernTnent Actuary, are charged in the period in which the salarie5 to which they relate are payable. The Trust also operates a defined contribution 5eheme- Aviva pension scheme. Contributions to the plan are made in accordance with the rules of the plan and are charged to expenditure when they are payable. Short term beneflts Short term benefits, including holiday pay, are recognised as an expense in the period in which the service is received. Employee tErmlnotlon benefttS Termination beneflts are accounted for on an accruals basis and in accordance with FRS 102. Funds Restricted- where the purpose for which the funds may be used has been restricted by donors,. and Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Trustees in furtherance of the general charitable objects. 17-
SHREWSBURY HOUSE SCHOOL TRUST LIMITED NOTESTOTHE ACCOUNTS FOR THE YEAR ENDE031 AUGUST2022 Fixed Assets All assets purchased 3re included at thelr purchase price. Assets with a tost below £50Q are not capitalised. Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation has been piovided on the straight-line method by reference to the anticipated useful lives of the assets concerned at the fo15ow1n@ rates.. Land Not depreciated Freehold property buildings 2% per annum Property impi"ovements Up to 15 years Motor vehicle5 20% per annum Plant, equipment and computers 20% to 25% per annum No depreciation is Charged to a55et5 under con5tiuction. Assets are reviewed for impairment on an annual basi5 and any charges are expensed to the Statement of Financial Activities. Flnancial Instruments 8asic financial instruments are Inltially recognlsed at transadion value and subsequently measured at amortised cost. Financial assets held at amortlsed cost comprise cash at bank and cash equivalents, together with trade and other debtors. A specific provision 15 made for deb15 for which recoverability is in doubt. Cash at bank and cash equivalents Is defined as all cash held in instant access bank attounts and used as working capital. Financial liabllities held at amortised c05t comprise all creditors except social security and other taxes and provisions. Cash and casli equivalents Cash and cash equivalents include cash in hand. deposits held at banks, other short-term highly liquid investrnents with original maturities of three montlis or less. Bank overdrafts, when applicable, are shown withln current Debtors Trade and other debtors are recognised at the settlement amount due for the provlsion of servi5 delivered. Prepayments are recognlsed at the amount prepaid or the amount paid in advance. Creditors Creditors are recognised where the Trust has a present obligation resulting from a past event that will probab result in the transfer of funds to a third party and the amount due to settle the obliEatlon can be measured reliably. Amounts are iecoenised at their Settlement amount. Deferred con5ideratlon Shrew5bury House School Trust Limited has agreed to pay a deferred consideralion to The Corporation of King'5 College Wimbledon following the acquisition of The Rowans School on 31 July 2017. The deferred consideration has been discounted to present value and is shown under Creditors. Bank borrowlngs Liabilities for borrowing5 which are subject to a market rate of Interest are measured at the value of the 3mount advanced, less capital repdyrnent5. CHARITABLE ACTIVITY- SCHOOL FEES RECEIVABLE 2022 2021 Gross school fees Less: COVID-19 summer term discounts 9,752,738 9,339,020 1130,1761 9,752,738 1155,6911 9,208,844 1156,8571 Le5s.' Total bursaries, grants and allowances 9,597,047 9,051,987 18-
SHREWSBURY HOUSE SCHOOL TRUST LIMITED NOTESTOTHE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 ANCILLARY INCOME 2022 2021 Re815tiation fee5 School fee5 insurance School fee5 draw Extras Minibus charges 45,900 15,307 16,575 560,015 259.509 42,900 17,4S4 19,964 326,121 184,489 897,306 590.928 INCOME FROM VOLUNTARY SOURCES 2022 2021 Oonations and grants Less.. Hardship discounts offered to parents 19,923 59,444 114,6511 19,923 44,793 ANALYSIS OF TOTAL EXPENDITURE Staff C05t5 other Depreclatlon Ilmpalrment Total 2022 Total 7.ozi Costs of raising funds.. Flnancing costs Charitable actlvily: Teaching Premises Welfare Support Costs- Other Support C05t5- governance Total 254.179 254,179 198,199 4,434,708 352,959 689,891 1,049,965 494,097 252,150 16,431 200,191 1.135,344 5,324,790 2,538,268 494,097 1,393,851 16,431 5,267,164 1,893,283 382,653 1,280,125 15,403 1,141,701 5,929,368 2,756,713 1,335,535 10,021,616 9,036,827 2021 COMPARATIVES staff C05t5 other Depreclatlo Total 2021 Costs of raising funds.. Financing costs Charitable actlvity: Teaching Premises Welfare Support C05ts- other Support costs-governance 198,199 198,199 4,497,923 359,386 555,099 1.019,799 382.653 232,482 15.403 214,142 514,098 5.267,164 1.893,283 382,653 1,28C>.125 15,403 1,047.643 Total 5.904,952 2,403,635 728,240 9.036,827 Support costs include the costs borne by the Trust for the administrative functions and includÈ Compliance, Human Resour5, Facilities, Finance, Inform3tion TechnoloEY, Marketing and Minibuse5. 19-
SHREWSBURY HOUSE SCHOOL TRUST LIMITED NOTESTO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2022 ANALYSIS OF TOTAL EXPENDITURE Icontlnuedl 2022 2021 GOVERNANCE COSTS Audit fees Trustee expense5 16,090 341 15.050 353 16,431 15,403 NETINCOME FOR THE YEAR 2022 2021 This is stated after charging.. Auditors. remuneration Audit (excluding VATI other fee5 (excluding VATI Operating leases (excluding VATI 16,090 4,900 139,914 15,050 1,500 134,956 STAFF COSTS 2022 2021 Wages and salaries Social Security cost5 Other pension costs Other staff costs Redundaney and termination payments 4,641,124 487,594 767,368 25,018 8,264 4,620.320 472,964 778.520 22,665 10,483 5,929,368 5.904,952 2022 Number 2021 Number The average number of persons employed by the school during the year was.. Teaching staff and teachlng assistants Support and other Staff and gap students Minibus drivers- part-time 85 45 15 88 38 14 145 140 The number of employees who received emoluments and benefits in the following range5 were.. £60,001- £70,000 E70.001- £80,000 £80,001- £90,000 £90,001- £100,000 £120,001- £130,000 £140,001- E150,000 io The school made employerfs pension contributions totalling £164,04512021: £219,107) on behalf of the higher paid employees. Aggregate employee benefits of key management personnel Senior management team 885,182 879,604 -20-
SHREW5BURV HOUSE SCHOOL TRUST LIMITED NOTESTOTHEACCOUNTS FOR THEYEAR ENDED 31AUGUST2022 TANGIBLE FIXED ASSETS Freehold Property Leasehold Property Freehold Property Improvement5 Constructlon In Progress Equlpment, CornputÈrs and vehicles Total Cost or Valuatlon At I September 2021 Additions Disposals 14,021,072 82,350 3,921,851 84.973 1268.5381 2,715,086 3,279,273 2,100,622 242,851 1117,2791 22,840,981 3.607,097 1385,8171 At 31 August 20?2 14,021,072 82,350 3,738,286 5,994,359 2,226,194 26.062,261 Depreciation At I September 2021 Charge for the year Impairment Disposals 2,970,637 179,387 1,818,836 591,365 251,081 1244.1551 1.018,163 1,667.430 200.191 7,475,066 970,943 364,592 1350,1761 113.511 1106,0211 At 31 August 2022 3,150.024 2,417,127 1,131,674 1,761,600 8,460,425 Net Book Value At 31 August 2022 10,871.048 82,350 1,321,159 4.862,685 464,594 17,601,836 At 31 August 2021 11,050,435 82,350 2,103,015 1.696,924 433,192 15,365,915 National Westmin5teT Bank plc hold a first legal charge over the freehold property dated 19 July 1994 in respect of 107 Ditton Road, Surbiton, KT6 6RL. Lloyds T58 Bank PIC hold a first legal charge over the freehold property dated September 2011 In respect of 22 Milbtsurne Lane, Esher, Krio 9E Lloyds Bank plc hold a first legal tharge over the freehold property dated 31 july 2017 In respect of 19 Drax Avenue, Wimbledon Common, London. SW20 OEG. Lloyds Bank plc also has a debenture dated 12 March 2021 in the form of a floèting charge over all the properties of the Trust and a negative pledge. The Corporation of King's College School holds a f1rst legal charge over the freehold property dated 31 July 2017 in respect of 54 Ditton Road, Surbiton, KT6 6RB. 10. DEBTORS 2022 2021 Due within one year.. Trade debtors other debtors Prepayments and accrued income 99,731 62,348 160.197 24,784 34,863 161,605 322,276 221,252 21-
SHREWSBURY HOUSE SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 11. CREDITORS: Amounts falllng due wlthln one year 20Z2 2021 Bank loans Isee note 131 Deferred consideration Trade creditor5 Social securitv Costs and otheT taxation Other creditors Accruals Pupil dep051ts Fees In advance 734,142 465,006 364,549 119.211 118.037 172,752 214,287 538,443 513,311 463.462 404,918 140,335 191,008 313.497 200,682 443,642 2,726.427 2.670,855 12. CREDITORS.. Amounts falllng due after one year 2022 2021 Bank loans (see note 131 Deferred consideration Pupil deposlts 4.290,997 4,965,444 445,652 1,059,466 1,032,661 5,323,658 6,470,562 Pupil deposits are refundable when a pupil leaves the school. Shrewsbury House School Trust Limited has agreed to pay a deferred consideration to The Corporation of Klng's College Wimbledon following the acquisition of The Rowans School on 31 July 2017. An amount of £482,000 was paid on 31 July 2022 and a further £482,000 is payable on or before 31 July 2023. The total deferred consideration has been discounted to present value at a discount rate of 4%. An amount of £465,006 Is shown under Creditors falling due within one year. 13. BANK LOANS 2022 2021 The bank loans are repayable by Instalments Due after five years Due within two to five years Due within one to two years 1,870,347 1,682,162 738,488 2,063,420 2,017,755 884,269 4,290,997 734,142 4,965.444 513.311 Due within one year (note 111 5,025.139 5,478,755 Shrewsbury House School Trust Limited has a bank loan wlth Natwest Bank which wa5 taken out in March 2004. The current rate of interest paid 15 Base Rate plus 1% and the loan 15 repayable in termly instalments until Mav 2024 when the loan will be fully repaid. Shrewsbury House School Trust Limited has a Coronavirus Business Interruption Loan ICBILI with Lloyds Bank which was drawn down on 17 May 2021. The CUTrent rate of interest paid on the loan is fixed at 3.91%. The loan is repayable in monthly instalment5 Startine June 2022 until May 2027 when the loan wlll be fully repaid. Shrewsbury House School Trust Limited ha5 a bank loan with Lloyds Bank which was diawn down on 31 July 2017. The current rate of interest paid on the loan Is fixed at 4.12%. The loan is repayable in termly instalrnents starting in September 2019 until July 2032 when the loan will be fully repaid. 22-
SHREWSBURY HOUSE SCHOOL TRUST LIMITED NOTESTOTHE ACCOUNTS FOR THE YEAR ENDED 31AUGUST2022 14. FUNDS Balance at I September 2021 Balan at 31 August 2022 Income Expendlture Transfers Unrestrictedfund.. General fund 11,055,669 10,629,470 110,021,076) 4,700 11,668,763 Restrictedfund.. Infrastructure & equipment 4,700 16,179 15401 14,7001 15,639 TOTAL FUNDS 11,060,369 10,645,649 110.021,6161 11.684,402 The transfer of fund5 relate5 to a laser cutter for Shrewsbury House School. 2071 COMPARATIVES Balance at I September 2020 Balance at 31 August 2021 Income ExE)èndlture Transfers Unrestrictedfund.. General fund 10.265,133 9.797,937 9,033.354 25,953 11,055.669 Re5trictedfund.' Infrastructure & equipment Hardship 3,700 15,775 5,238 3,473 111.3021 114,6511 4,7(M) Total Re5trlcted fund 13,113 21,013 3,473 125,9531 4,700 TOTALFUNDS 10,278,246 9,818,950 9,036,827 11,060,369 15. NEfASSETSOFTHE FUNDS Net Current Assets Foxed Assets Long-Term Total Unrestricted fund Reslricted fund 11,601,836 1609,4151 15,323,6581 15,639 11,668.763 15,639 TOTAL FUNDS 17,601,836 1593,7761 15.323,6581 11,684,402 2021 COMPARATIVES Fixed Assets Net Current Assets Long-Term Total Unrestricted fund Restricted fund 15.365,915 2,160,316 4.700 16,470,562) 11,055,669 4,700 TOTAL FUNDS 15,365.915 2,165.016 16,470,562) 11,060,369 23-
SHREWSBURY HOUSE SCHOOL TRUST LIMITED NOTESTOTHEACCOUNTS FOR THE YEAR ENDED31 AUGLJST2022 16. NOTES TO STATEMENT OF CASH FLOW 2022 2021 Reconclllatlon of net income to net cash Ilow from operatlng activities A. Net Income for the reportlng pèrlod las per the Statement of Financial Activltles Adjustments for: Depreclation charges Impairment charges Loss/lprofitl on disposal of fixed assets Bank interest Ilncreaselldecreasè in debtors IDecFeasellincrease in creditor5 excludinB bank loans 624,033 782,123 970,942 364,593 32,137 13,4751 1101,0211 1637,7141 728,240 16651 11,9101 13.849 210,359 Nèt cash provided by operating activities 1.249,495 1,731,996 B. Analysls of cash and cash equivalents Cash at bank and in hand 1,810,375 4,614,619 Total cash and cash equlvalents 1,810,375 4,614,619 C. Analysls of changes in net debt Balance at I September 2021 Cash Flows Transfers Balan at 31 August 2022 Cash Loans falling due within one year Loans falling due after more than one year 4,614.619 1513,3111 14,965,444) 12,8(14,2441 1,810,375 1734,1421 14,290,997) 1220,8311 220,831 453,616 TOTAL 1864,1361 12,350,628) 13,214,764) -24-
SHAEWSBURY HOUSE SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 17. PENSION COMMITMENTS The Trust participates in the Teachers, Pension Scheme 1.the TPS'I for it5 teaching staff. The pension charge for the year includes contributions payable to the TPS of £672,86212021: £680,175) and at the year-end £77.750 12021: £67,510) was accrued in respect of contrlbutions to this scheme. The TPS 15 an unfunded multl-employer defined benefits pension scheme governed by The Teachers, Pension5 Regulations 2010 las amended) and The Teachers. Pension Scheme Regulatioiis 2014 las amendedl. Members contribute on a "pay as you go" basis with contrlbutions from members and the employer being credited to the Exchequer. Retirement and other pension benefit5 are paid by public funds provided by Parliament. The employer contrlbution rate is set by the Secrelary of State following scheme vaSuations undertaken by the Government Actuarls Department. The most recent actuarial valuation of the TPS wès prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from I September 2019. Einployer5 are also required to pay 3 scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%. The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulation5 and under the approach specified In the Directions. as they applied at 5 March 2019. However, the assumption5 were considered and set by the Department for Education prior to the ruling in the 'McCloud/sargeant case, This case has required the courts to consider cases regardlng the implementation of the 2015 reforms to Public Service Pen5ion5 including the Teaehers. Pension5. On 27 June 2019 the Supreme Court denied the Eovernment permlssion to appeal the Court of Appeal's judgment that transitional provisions introduced to the reformed pension Schemes in 2015 gave rlse to un13wful age discrimination. The government is respecting the Court's decision and ha5 said it will engage fully with the Employment Tribunal a5 well as employer and member representative5 to agree how the discriminations will be remedied. The 8overnment announced on 4 February 2021 that It intends to proceed with a deferred choice underpln under which members will be able to choose either legècy or reformed Scheme benefits in respect of their service during the period between l April 2Q15 and 31 March 2022 at the point they become payab5e. The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, havlng in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal's ruling in the McCloud/sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 lune on proposed changes to the cost control mechanism following a review by the Government Actuarv. Following a public consultation, the Government have accepted three key prop0531s recommended by the Government Actuary, and are aiming to irnplement these Changes in time for the 2020 valuations. The 2016 cost control valuations have since been completed in January 2022, and the results indicated that there would be no change5 to benefits or member contributlons required. The results of the cost cap valuation are not used to set the emp5oyer contribution rate, and HM Treasury has confirmed that any changes to the employer contribution r3te resulting from the 2020 valuations will take effect in April 2024. Until the 2020 valuation is Completed it is not P055ible to conclude on any financial impact or future changes to the contribution rates of the TP5. Accordingly. no provision for any additional past benefit pension costs is included in these financial statements. The Trust also contributed to a pension scheme administered by Avlva for non-teaching staff. ThÈ charge totalled £87,61812021'. £86,249) and at year-end £11.82712021.. £12,618) wa5 accrued in respect of contributlons to this seheme. The Trust also makes contributions towards the prlvate scheme of 3 member of staff. 25-
SHREWSBURY HOUSE SCHOOL TRUST LIMITED NOTESTO THE ACCOUNTS FOR THEYEAR ENDED 31 AUGUST2022 18. COMMITMENTS UNDER OPERATING LEASE5 AND CAPITAL COMMITMENTS Assets other than land & bulldlngs 2022 2021 Due within one year Due between one to live years 134.990 134,990 128,817 128,377 269,980 257,194 Capital commitments contracted for but not provided in these accounts at 31 August 2022 were ENil12021'. £680,703). 19. INDEMNITY INSURANCE The Trust purchased insurance, at a cost of £79812021.. £7981 lor the Trustees during the year to indemnify them against any liabilities arising as a result of negligente on the Trust's behalf. 20. RELATED PARTY TRANSACTIONS No payments were made to Trustees during the year for reimbursement of expenses12021.. £Nill. Amount5 pa1d directly to third parties on behalf of Trustees during the year amounted to £34112021.. £3531. These expenses consisted of a working dinner for Trustees. During the year. payments made by a Trustee toward5 school fees amounted to £6,20112021.' £10,237). The amount billed by Shrewsbury House School to the Trustee was £9,009 12021.. £7.8591. An amount of £92612021.. £3221 was billed to a company related to a Trustee for the hire of the Sport5 Hall. Payments made by the company were £92612021.. £3221. During the year, the Shrewsbury House Association donated £6,260 towards the landscaping at Shrewsbury House School Sports Ground lof which £540 was Spent in the yearl and £2,016 to projects at Shrewsbury House School. The Frlends of Rowans donated £7,903 toward5 projects at The Rowans School. -26-
SHREWSBURY HOUSE SCHOOL TRUST LIMITED NOTESTOTHE ACCOUNTS FOR THE YEAR ENDED31 AUGUST2022 21. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES Unrestrlrted General Fund Restricted Fund Total 2021 Notes INCOME FROM: Intome from charitable actlvlty School fees Ancillary trading income Other trading activities Rental and lettings income Investment income Bank and othei interest Voluntary sources Grants and donations Coronavirus lob Retention Scheme other Income Other Income 9,051,987 59),928 9,051,987 590,928 91,419 91,419 L910 1,910 23,780 33.412 21,013 44,793 33,412 4,501 4,501 Total Inwme 9,797,937 21.013 9,818,950 EXPENDITURE: Costs of raising funds: Financing c05t5 Charltable activity: Education 198.199 198.199 8,835.155 3.473 8,838,628 Total Expenditure 9,033,354 3,473 9,036,827 NETINCOME 764,583 17,540 782,123 Transfers between funds 25,953 125,9531 NET MOVEMENT IN FUNDS 790,536 18,4131 13,113 782,123 Fund balance brought forward at I September 2020 10,265,133 10,278,246 Fund balances carried forward at 31 August 2021 14 11,055,669 4,700 11,060,369 27-