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 re￿iVed
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 pro￿55. I'hey have achieved 100% SUC￿55
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
re￿l¥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 AC￿pted 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 balan￿S 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 servi￿5 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
Resour￿5, 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-