Regisiered Company Number.. 01411417 Registered Charity Number= 277324 IINU AWiM12 *198 COMPANIES HOUSE
SHREWSBURY HOUSE SCHOOITRusf IlMtTED CONTEP4TS Pa8e Report ol the Trvstees incorporaling the Strate8ic Repwl Report ofthe Auditors 10-12 Statement of financial ACtItieS 13 BalaficÈ Sheet 14 ststement of Cash Flows 15 Notes to the Actounts 16-27
SHREWSBURY HOUSE SCHOOL TRUST LIMITED REPORTOF THE TRUSTEES FOR YEAR ENDED 31 AUGUST 2023 The Trustees. who are also the Oirectors of the Company for the purposes of wmpany law. present their annual report. incorporating the strategsc report and finanoal statements for the year ended 31 August 2023. The report cover5 the activities of Shrewsbury House Preparatory School. Shrew5bury House Pre-preparatory S¢h¢)ol and The Rowans Sthool. The Trustee5 confirm that the financial statements comply with current statutory requirements. those of the governing documents 3nd the requirements of the Staiement of Recommended Practice'Accountin8 and Reporting by Charities, 2019- Second edition. REFERENCE AND ADMINISTRAmr INFORMATION Shrewsbvry House S(hool Trust ts"mited (the Trust) is a registered charity Inumber 2773241. The legal status of the tharity is a cornpany limited by guarantee. without share capiial. company number 01411417. The liability of each of the members ol the company is limited to an amount not exceeding £5. The Registered Offite artd prinopal address of the Company is". 107 Ditton Road Surbiton Surrey KT6 6RL United Kingdorn Trustee5 . The Trustees. who are also all members. have held office from I September 2022 to the date of this report. unless otherwise stated are as shown below.. D. Johns A.L. Lee Chairman retired 21/112023 retired 0611212022 retired C/12/2022 M.A.K. Claeys 5. Clarke P.D. Gibbon S. Kapoor V. Laville appointed 2V0612023 J. Le Grice retired 0511212023 H.A. Lowe l.S. Mvir PJ. Richards appointed 2V0612023 D. Sanders C. Thorneycroft R. White appointed 0611212022 Key Management Personnel Execvtive Head of Shrew5bury House Sthool Trust J.M. Hubbard Head of Shrewsbury House School Head of Shrewsbury House Pre.Preparatory Stho Head ofThe Rowans Sthool Mr J_ Akhurst Ms E. Spratt Director ol Finance and Operaiions, Setretary to the Govemors Mr RA. Harper Senior Oeputy Head Mrj. Albert Director of Communications and Compliance Mrs J_ Hand
SHREW58URY HOUSE SCHOOITRUST LMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 Professlonal Advlsers Bankers National Westminster Bank plt 5 Market Pla Kin8sion upon Thames Surrey lux Uoyds TS8 Bank plc 83 High Street Walton on Thames Surrey Kf12 IDU Auditors Alliotts LLP Friary Court 13-21 High Street Guildford Sutsey GUI 30L lawyers Veale Wa5brou8h Vyards Qrchard Court Orchard Lane Bristol BSI 5WS Insur¢* Brokers Marsh lJ"rniied Capital House I-S Perrymount Road West Sussex RH16 3SY Websites Shrewsbury House School Shrewsbury House Prtrpreparatory Sthool The Rowans School www.shrewsbu www.shrew5b .rowans.or house re re .net
SHREWSBVAY HOUSE XHOOL TRusf LWITED AEPORT OF ThE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 STRATEGIC REPORT AIMS. OWECTIVES AND PRINCIPALACTIVlnES The main objett of the Trust. as set wt in its Artides of Asyjciation. is to promote and provide for the advancement of education. including the provision of finanoal support to those who cannot afford to pay ltIOn fee5. It also prowdes for and promotes the use of its facilities to develop education and recreation lor the local community as well as to support other educational charities and local state Schools. To achieve this. the Trust run5 three independeni fee-paying day schools whith seek to provide the best Possible learning environment. These are Shrewsbury House Pre-Preparatory School and The Rowans School for boys and girls a8ed between 3 and 7, and Shrewsbury House School for boys ageé between 7 and 13. For every child. the Trust aims to pr¢)vide boih an academic and a broad education. This is intended to draw out pupils, abilities and atèdemic potential, awaken and develop wider interests in liFe and motivate them for a successful and happy future. In particular. we aim to live our sthools, value5 and develop positive learning behaviours. The main objettive oFthe Trustees is to ensure thal all pupils are educated to è consistently high standard, which is a kèy element of the Trusys ethos and historic traditions. This is achieved by employing high quality. comrnitted teachers and relevant support staff to lacilitate the teaching and leamin8 experience. The use of technology 15 a key enabler in deliverin8 these results. The principal activity of the Trust continues to be the provision of day schoo15 for children aged between 3 and 13 years, old. In the year under review. the Trust provided educaiion for 549 pupils. In determining the Trust's objectives and planning its activities, careful consideration tontinues to be 8iven to the Charity Commission's 8eTheral guidance on public benefit. The Trust dearly aim5 to.. Offei finan£i31 support throu8h bursaries to those pupi15 who would thrive on the broad education opportunities offered by the Trust. but whose parents are urtable to afford the fees. In addition. we look for Senior 5thoo15 who would be prepared io continue financial support- Play a part in supporting and assisting local state sch¢)ols in Providing 3 broad education f¢x their students- Support local and overseas charities through fundrais4ng activiiies,. and Play a part in the IcKal community. be aware of the needs of our neighbours. and to ofler facilitie5 and support where appropriate. The Trust is committed to workingwith the comrnunity and seeks to IncaSe pupil numbers travelling to school by minibus, coach or bicycle to minimise the impact on local traffic. The sport5 fatility at Shrewsbury Hovse Sports Ground and also the Swimming pool, sports hall, music rooms and theatre at 107 Ditton Road are available to the local ornmunity. AEVIEW OF ACTIVITlfS AND PERFORMANCE FOR THE YEAR The thiee schools of the Trust showed stron8 performances through the year auoss the turriculum. Pupils made sirong progress and attained excellent results in 311 age groups. We were delighted to formally open the Shrew5bury House Sports Ground at the start ofthe academicyear. The Governors provided support and guidance to the 5choo15 throughout the year, parti¢vlafly in connection wilh13r8e- scale projects and strategic direction. Opportunities for vissts by the Gove¥nors to the schoo15 have been increased, for Governors to See the scho5 in artion as well as io have termly dialo8ue with staff.
SHREWSBURY HOUSE SCK)OL TRUST LIMITED REPORT OF THE TRUSTf E5 FOR THE YEAR ENDÉO 31 AUGUST2023 Shiewsbury House School This year saw a record number ol events in all areas= competilions. rtttUs. seniw schcd engagements and calendar events for both pupils and parents. The school had ihe highest pupil numbers ever and the stron8esi set of scholarship results with pupils achieving 22 awards to their thosen senior schoo15. atross academic. sport5. art. drama and musit. We are very proud ol all ihe boys fortheii diligence through the scholarship process. They have achieved l(J)% success at entrance on scholarship. Improvements to the premises. induding new playground areas. refurbishment of dassrr)om areas. new lotkers and continued investment in IT hardware have provided the pupils with ever inueasin6 Opportunities to develop curriculurn Strengths as well as their wellbeing. We have introduced Ihe Shrewsbury House WaW. a positive guide to behaviour expectstions based on ovrvalltes system, which has been verywell received by all our community ènd the School Council had an attive role in creating it. The Discovery Pro8ramme and Seminar Series for Years 7 ènd 8 has proved highly successful. These le5SOaS 80 beyond the regular curriculum and appeal to the turiosity of the boy5. Eaeh option encourages the pupils to ask questions, encourage lively discussion about topical issues and the world arovnd them. It a150 allow5 them to make choices. tsking ownership ol their leamin& nurturin£ the variety of interesrs and talents of our pupils and building their tonfidence. li has been 3 very busy period for en8a8ement wilh our senior schools. both throu8h visits and 3150 Wlth 8ttertdan at their evènts. These vIts have served to reinforce 5tron8 relationships aAd we Work dosely with both feeder and destination schools to support the boys. educational journey. SHS h35 SUPPOrted several charitie5 over the course of the year with the main tharity chosen by pupils being The Change Foundation Charity. an award-winning charity that uses sport to change the INes ol marginalised young people. Throu8h pupil-focused fund raisi and initlatives. the Shrewsbury House A5sooation made significantdonations to improve the lives of other5. Shrewsbury House Pre-Preparaiory khool It has been a year to look back on with so much pride. as our thildren ha¥e had the mostwonderful 5th001 experience. Year 2 completed theirtime at SHPPS hawng achied so rT¥Jth. all movift8 On to their next schLM)l of thoice. The thildren have all enjoyed a vibrant turriculum including many trips and outings to further embed their in-dass learning. Our School TRACK values have been central to the children's development at SHPPS. helping them become confident. re5ilieni learner5. eager to give their best. The childn have excelled in competitions and assessments, with Year 2 winning a local Maths Competition, our Nursery and Recepiion groups takin8 prizes in a community Art project and all of the Year l and 2 thildren achieving Distinction or Merit irn their LAMDA exams_ The School has been granted permission from the D to expand its age-range to 2-7. creating an exoting opportunity to bring some younger thildren into the schod develop our Nursery provision. Whole community involvement has been incredibly stron& v4ith countles5 activities and events for the whole school and seveial notable ones for the local community- Our challble involvement has included the support ol a Home School Sports initiative. where a large group have used ourfielij free of char8e. twice a week and a free weekly community toddler group. We have actively raised fund5 and 5UPPOrted charities induding.. Macmillan Cancer Support, Ocean Stars Trust S¥1 Lanka and Auditory Verbal UK while also fully 5UPPOrting two lamilies from the Ukrabne. Thè Rowans School The School has had a busy and prOdUe year. LAMDA results were. onte again. extremefy strong vrrith 50% of Year l achievin8 Distinction and 79% 01 Year 2 Bainin8 Distincrion. We have retained ovr National Online Safety accredired school ststus and wod( with pOnts. stsff and children to edutate our community about intemet safety. We have also retained our Gold Travel Award from TfLand our Junior Travel Ambassadors have worked with parents and the local community to promote safe and sustainable travel throughout the year.
SHREWSBURY HOUSE SCHOOL TRUST LIMITEO AEPORT OFTHE TRUSTEES FOR YEAR ENDED 31 ALIGU5T 2023 We have an accreditation with the Brilish Counal International Sthools Award in 08n1110n of our Very strong international ethos and programme that bs woven thrOught our curriculum. We have a150 continued working on our application for an Artsmark award. Artsmark is the only ueative quality Standard for schools and education Settings, atcredited by Arts Council En6land. We remain artively reflertive over our curriculum. taking on board feedback from our recent Independent School Inspectorate inspertion and current educational Search. Recognising the importance ol values. mental health awareness and life sk¢115 are all key factors in thi5 area. 3né The Rowans Scht)ol has much to Sh¢CaSe in re8aré to Ihese. This year the School has supported Make a Wish Foundation and Warchild through various wholtrschool fundraising FUNDRAISING All fundraising activity across the Trust continues to be managed in èn open and transparent fashion with the clear objective of being respecrfvl, responsible and accountable so that potential and exi5tin8 5UPPOrter5 of our work have complete confidence in their giving to the Trust_ There were no complaints received by the Trust during the reporting pefiod about its fundraising prartices. We are grateful to parents who donated toward5 develowng the infrastructure of the schools and also to the planting around the new pavilion at Shrewsbury House Sports Ground. an important contribution to the area's biodiversity- FINANCIAL RESULTS AND RESERVES POUCY Shrewsbury House School and The Row3ns Sthool continue to see styong pupil numbers. Shrewsbury House Pre- Preparatory School is recovering from the high levd of withdrawals caused by COVID-19, but more slowly. Net income of the Trust for the year amovnted to É993.24912022.. £624.0331. after an unrealised investment gain of E327.668. At the end ol July 2023, in accordance with the a55et purchase agreement. the Trust paid delerred consideration of £482.0(K)12022.' £482,CQOI to the Corporation of Kin¢$ College Sthool for the purtha5e ofThe Rowans School. This was the final payment. The Board of Governors tontinues to plan for sury)lus net income every year. which is added lo reserves to enable reinvestrnent in the future to rneet the objective5 01 the Trusvs capita1 development plans. The funds at the year-end iota11ed £12,677,65112022: £11.684,4021, which induded £12.351.158 of unrestricted lunds12022.. EII.668,7631 and £326,493 01 restricted fund512022: £15.6391. These include funds for the all-weather sports surface at Shrew5bury House khool and other major projerts. The Board of Governors continues to monitor the finènaal risks affeciing the Trust to ensure that it continues ro meei its tharitable objectives, remains financially sustainable and a going concern. Its long-term cash fftow is being 5tre55- tested and reviewed periodically. The Board doe5 not see any indication that the Trust is unable to meet its future obli8ations as they fall due. but recognises that we continue to need bank loans to fund our existing facilifies and servicing the obligations as a result of the atquisition of The Rowans School and it5 Slte in Wimbledon. PUBLIC BENEFIT The Trust has adopled a multi-faceted approath to public benefit as is reflerted in its Article5 of Association. providing education to pupils who woukj otherwise be educated at publit expense. The Trust is committed to providing bursaries to those families whose children. whilst being of the ability and personallty 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 Trusys ethos, is that the child is placed f¢r5t and the parents. mean5 second. The approach to bur5arie5 covers new and existillg pupils and has been used to provide financial assistance in the event of unforeseen financial difficultie5 faced by existing parents. Bursaries are normally awarded each academic year and are means-tested. Further details are included in the 'About us. section of Shrewsbury Hovse khool's website and interested parents should tontact the Sthool for additional inlormation. Currently 712022.. 61 pupi15 hold means-tested bursaries. ¥aryin8 in valve from 20% to 100% of annual fees. of which 6 are life-chan8in8 at 80% or above. In total terms. concessions inclusive of staff lee discounts have been actorded to 2012022- 181 pupils at a tost to the TNs¢ of £185.30312022.' £155.6911.
SHREWSBURY HOUSE SCHOOL TRusf UMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGusf 2023 The Trust aims to use school facilities loreducation and recreation for the local community- The use of school facilities increased thi5 year and the Trust has corttinued to supporl its wide range ol cornmunity and cornmercial clients. The Trust has maintained its relationship with two local state schools and use ol the swimmin8 pool faulity is provided free of charge. supportin8 around 80 thildfen per week. with potential ro widen its availability further. Our transport service provides minibus and coach use to local scout 8roups. supporting well over 10) children. Commercial client5 use the sports facilities at each site and a ILKal dance sthool is now based at schools wthin the Trust, supporting over 950 children each week. Shrewsbury House S(hool's facilities In particular are used by many dubs during school holiday5. New business remains a focus for members of the lettin85 team. who continues to for8e local links with state schools and community group5. PLANS FOR THE FUTURE We have secured planning consent lor the master plans Submitted for all three sites fr¢)m the Royal Borough of Kingston. the Royal Borough ol Merton and Elmbrid8e Borough Council. However. given the continuing uncertain economic landscape. the Trustees have paused the development at 107 Ditton Road and at The Rowans School for the time bein8. The Truse5 will continue to assess the timing of the commencement of works. The Trust continues to invest 5gnificanYy in ensuring that the IT infrastrutture and hardwa in all our sthotsls is fit for purpose and creates the enatrAinE leaming environment needed to equip our pupils for a fast-changing technological worlé. The Trust has a robust platform for the delivery of the curriculurn via disiance learniog shoulé this prove ne$sarY again. ' PRINCIPAL RISKS ANO UNCERTAINTIES The Board of Governors is responsible for the management of all risks ta£ed by theTru5t. Governors are supported by the Trust Executive Cornmittee. RkS are identified, assessed and controls esiablished to mitl8ate the risks identified. The Tru5Vs Rssk Regisier is reviewed by the Le8al & E$te5 Committee on a temity basis and a summary tabled lo the Board of Governors. The principal risks identified by the Governors are categorised under the following headings.- External laaors indudin8 kM)litical, en¥ironmental. legal and re8ulatory and economic.. Financial.. Operational.. Compliance: Human Resources- and Governance. External fartors The Trust Is constantty assessing the effects of the changes in political and economic fartors that may affert the operation of the sthools and delivery of its offering in the Short. medium and longer term. The key SponsIbl11t1eS of the sub committees are set out under the section'Organi5ation and Managemenv. The Finance Comrnittee. in conjunciion with the Oirector of Finance and Operations. is responsible for developing and stre55-testing finanoal models. whith are regularly reviewed. There are fattors outside ihe control of the Tnjst such as politital uncertainty. Bret. COVIO-19 and wars in Ukraine an*J the Middle East. The Board of Govemors. Legal & Estates Committee and the Trust Executive Committee closelv monitor the potential impact ol these risks. The Trv5t follows Government 8uidance with re8ards to restrictions and preventative measures. ComprehensNe risk a55e$5ments have been developed and published on eh of the sthools. websites. The major risks are that pupil numbers will fall andlor that pants 11 be unable to continue paying the sthools. fees. Pupil numbers and outstsndinB fee5 are closely monitored. TheTrust continues to look for indicators of hnancial hardship and offer assistance where possible. Fin3ncial There is a risk that pupil numbers may not be sufficient to maintsin the Trust's long-term plan. The Trust miligates this risk by producing a 10-year cash flow projection. reviewed at least termly. This 15 SUPPOrted by bank borrown& repayable in between l year anij Ioyears. time.
SHREWSBURY IIOUSE SCHOOITAUST UMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDEO 31 AUGUST 2023 Another key risk wa5 the expected intrease in employer contributions to the Teathers. P.ension Scheme ITPSI. Employer contribution rates increased from 16.48% to 23.68% from I September 2019. an increase of 43.7%_ This had a $18nificanr impact on the Trusvs 2020-21 and 2021-22 performance. There is a very strong likelihood of a further material increase in employer contributions once the artuarial valuation has been completed. Thi5 is likely to be implemented from April 2024. A5 a result. the Board of Governors decided thai a withdrawal from the TPS was prudent. After an extensive consultaiion process. thi5 took place at 31 August 2023. with the TPS replaced by 3 defined contribution scheme with a combined contribution and benefit rate of 18.5% from I September 2023. erational Educational 5ucces5 atr055 the curriculum demand5 employing eommitted staff with currenr, up-to-date teaching and learning facilities to ensure that pupils are able to progre55 in a learning-friendly environment. The risk ol not achieving educational success is managed by partnering with parenrs, encouraging regular communication a5 the child progre55e5, combining attractive salarie5 for staff and on-going investment in the estate and infrasiructure. Com The Trust's success has been built vpon its reputation for the education and wellbeing of it5 pupils. The risk of damage to the Trusrfs reputstion is mana8ed thou8h ihe fe8ular implementation and monitoring of safeguarding and staff recruitment policies. pastoral support for both pupils and staff plu5 the I1ve idenlification and resolution of health and safety issues. The Trust also takes its compliance wth General Data Proiection Re8ulaiion IGDPRI and UK Data Protection Regulations very seriously. AJI staff are briefed in how io minimise the risk of losses or accidental release of personal data on a regular basis. Human Resources Recruitment and retention of high-quality siaff members is a tC+P priority for rhe Trust Executive Committee. The terms nd conditions for teachin8 Staff are vieWed re8ularly io ensure that these are in line with those of similar independent schools. A full programme of staff development Is in place to ensure that staff are kept abreast ol the best possible practi and they have scope to fvlty develop their experience whilst at the Trust Governance Detai15 01 the recruitment. trainin& skills and structure of the Board of Governors and it5 sub-committee5 are provided under the Structure. Ggvernance and Managemenv sertion. Key contiols used by the Trvst to manage risk indude.. Fomial ageNdas for all committee and Board artivtty- Oetailed terms of reference lor all committees." Comprehensive strategic plannin& budgeting and management accountin8 information,. Established organisational Structure and lines of reportin& Fomial written policie5 on all aspects of art¢vity- and Vettin8 procedures as requi by law for the protection of the vulnerable. Through the risk management processes estsblished for the Trust. the Governors a satisfied that the major risks identified have been adequately mitigated where possible. It is recognised that 5VStems can only provide reasonable, but not absolute. assurance that major risks have been suitably managed. STRvcfuRE. GOVEANANCE AND MANAGEMENT Governing Document The 8overnin8 document of the Trust Is lis Artides of Assooation. Governing Body A Board of Governors. whose members are also th"re¢tors of the Company Iherein referred to as Irustees"I, governs the Trust. The Trustees meet regulèrly in the manner prescribed in the Articles of Association and meet as a full board at least once a term. The sub-committees (Finance. Strate8y. Education and legal & Eststesl meet at least once a temi.
SMREWSBURY HOUSE SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDEO 31 AUGUST 2023 The nomal term of office foi a Governor is three years_ A Governor is ellble for re*lertion for fvrther terms of office. The Trustees are authorised to appoint new members provided they do not exceed the maximum of 15 prescribed by the Articles of Association. The Board of Governors aims to recruit Trustees who have a range of specialist skills, in order to rnaintain a siron8 balance of expertise. Current members indude experts in education. financial management. law, bankin& property and estates. risk and insurance. No Trustee has any benelKial interest in the company. Trustee Induciion and Training All new Trustees receive an induction pack, which explains their role. the rde of the Board of Governors. and details of Charity Commission and Companies House requirements. They are also given background information on previous Board decisions. Board papers and general information about the schools_ The new Governorfs Induttion Pr¢wamme includes è meetkn8 Wlth the Execuiive Head. the Designated Safeguarding Lead and the Clerk to the Governors to ensure that there is a thorough understarbdin8 of how the schools fulfil their regulatory obligations. Al Governors are informed of relevant courses available to them throughout the year. includin8 courses and conferences run by the Independent School Inspectorate, Association ol Governihg Bodies of Independent Schools, the Independent Association of Prep Schools. the Independent Schools. Bursars Ass¢xiaiion. the Independent Schools Council and our auditois. OreanisatiDn and Management The Trustees determine the 8eneral policy of the Trus¢ meeting eath temi to receive reports from the heads of each schotsl and ihe thairs of the su¢)Mmittee$. The Education Committee reviews 311 rn3tters relatin8 to the delivery of ihe cuiricula wsthin each school and policies which are eniirely pupil-centred. The Legal & Estates Cofflmittee review$ 3 Witle range of topics including estate5 development. health and safety. supplier and staff contractual matter5. general regulatory matters. complaints and the single central register of appointment5. The Finance Committee ViewS the Trusvs on-going financial p051tion and examines recommendations from the other committees for development projects prior to seeking main board approval. It mana8es. at an executive level, the budgets ol the Tru5L induding remuneration polity and fee levels whith are approved by the main 8oard. Key Management Personrtel The day-to-day runnin8 of theTrust is delegated to the Executive Head and the Director of Finance ènd Operations. who are supported by the Trust Execulive Committee and the Govem(Ys.' tQ8erher this group are the key management personnel. as set out on page l of this document. The Governors 8ive of rheir 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 15 a150 reviewed annually. but by the Chairman and Deputy Chairman who submit their proposals forconsideration to the fvll 8oard of Gwernor5. The criteria used in reviewin8 and settin8 pay are.. The nature oFthe role and breadth of responsibilities- Participation in Salary survey5 providing a range of relevant Ctynparable data.- Cornpetitor salaries in the region where this is available- and Overall trends in pay. Group stw¢re and Relatlonshlps The Trust is the corpgrate Struaure through which the 5choo15 are or8anised and managed. There is an Executive Head. who is also the head oFShrewsbury House Sch¢)ol in Surbiton. and two other heads, one at Shrewsbury House Pre- Preparatory School in Esher and another who mana8es the affairs ofThe Rowans 5th001 in Wimbledon. Shrewsbury House School benefits from the support of the Shw$bury House Assot13tion. Shrewsbury House Pre- Preparatory School from the support of Shrewsbury Pre-Preparètory Association and The Rowans Sthool from ihe support of Friends of The Rowans Schod. These bodies are organi5ed by representabves of the parents and raisè funds to provide adtlitional benefit5 to the pupil5.
SHREWS8URY HOUSE SCHOOL TRUST UMITEO STATEMENT OF TRU5TEES' RESP014518ILrfiES The Tnfrstees Iwho are also directors of Shrewsbury House School Trust Lirnited for the purpose of Company Lawl are responsible for preparing the Trustees. Report and the finanoal statements in accordance with applicable law and United Kj'ngdorn AccounlinB Stand3rd5 Iunited Kin8dom Generally Accepted Accounling Practice). Company law requires the Trustees to prepare finanaal statements for each finaneial year which give a and fair view of the stale of affairs of ihe charitable company and of the incoming resources and application of resgur¢e5. including the intome and expenditure. of the tharitable tompany for that period. In prepanng these financial Statements. the Trustees are required to.. select suitable accounbng policies and then appty thern consistentlv- observe the Methods and prinaples in the Charitie5 SORP- make judgements and estimates that are reasonable and prudent.. state whether appliiable UK accounting 5tandafd5 have been followed, subject to any material departures éisdosed and explained in the financial statements-, and prepare the financial statements on the going toAcern basis unless tt is inappropriate to presume that the tharitable Company wll contrnue in business. The Trustees are responsible for keeping proper attounting retords that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Art 2(K)6_ They are also responsible for sèfeguarding the assets of the tharitable company and hence for takin8 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 whi(h the charitable coMpanS aLJditor is un3ware- and The Trustees have taken all steps that they ought to have taken to make them aware of any relevant audit information and to establish ihat the auditor is aware of that information. ON BEHALF OF THE BOARD The Trustee5' Report incorporattng the Strategic AeporttAas approved and authorised for issue by the Board gf Trustees on 5 December 2023 and si8ne¢J on its behalf bv: D. Johns P.D. Gtbbon
SHREWSBURY HOUSE SCHOOL TRUST UMITEO INDEPÉNOENT AUDITOWS REPORT TO THE MEM8f RS OF SHREWSBURY HOUSE SCfrIOOL TRUST UMITED Opinion We have audited the financial Staments of Shrewsbury House 5thool Trust Limited for the year ended 31 August 2023 which comprise Statemeni of Financial Attivities. Balance sheet. Statement of Cash flows and notes tothe financi31 statements. induding a svmmary of significant accovnting policie5. The financial reporting framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standard5. including Finaneial Reporting Standard 102 The Financial Reportin8 Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Prarticel. In our opinion. the financial statements= give a true and fair view of the state of the charitable compan$ affairs at 31 August 2023 and of the charitable companW5 net movement in funds. induding the intome and expendifure. frm the ye3r then ended- have been propedy prepared in accordance with United Kingdom Generally Accepted Accountin8 Prattice; and have been prepared in accordance with the requirements of the Companies Act 2LXJ6. Basis for opinlo We conducted our audit in accordance with International Standard5 ijn Auditin8 IUKI IISAS IUKII and applicable law. Our responsibilities underthose standards are further (Jescribed in the Auditorf5 reswsibilities for the audit of the financial 5taternents sethon of our report. We are independeni of the charity in xcordance with the ethical requirements that are relevant to our audit of the finanual statements in the UK, induding the FRC5 Ethical Standard. and we have fulfilled our other ethical respoJ)sibilities in accordance with these requirements. We believe that the audit evidence we have obtained is S1clent and appropriate to provide a ba&s for our opinion. Conclusions relating to going concern In auditing the finanu31 statements. we have conduded that the trustees. use of the going concern basis of accountin8 in the preparation 91 the financial staternents 15 appropriate. Based on the work we have performed. we have not identified any material uncertainlies relating to events or eondiEions that. individually or collertivdy. may cast significant doubt on the charirable company's ability to continue 35 a going concern for a period of at least e4Ve months from when the finantial statements are authorised for issue. Our responsibilities and the responsibilits.es of the trustees wirh respert to going tontem are deseribed in the relevant sections ol this report. Other inforrnation The trustees are responsible for the other bnformation. The other information comprises the inlormètion included in the Report ol the Trustees. Our opinion on the financial Statements does not cover the other inlomiation and. exeept to the extent otheThAse expliciuy srated in our repoo we do not expre55 any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to lead the other information and. in doing 50. consider whether the other information is materially inconsistent with the financial siatements or our knowledge obtained in the audit or otherwise appears to be materially mIssted. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the linancial statements or a material mi5Statement ol the other infonnation. If. based on the work we have performed, we conclude that there is a mateiial misstatement of this other information. we are required to report that fact. We have nothtng to report in this re8ard. Opinions on other matters prescribÈd by the CompaniesA¢t 2(A)6 In our opinion, based On the work undertaken in the course of ihe audit.. the information given in the Report of theTwsrees Iwhich indtsde5 the strategic report and rhe direttors. report prepared for the purposes of company lawl for the linanoal year for which the financial staternents are prepared is consistent with the finan(ial statements." and the strategic report and the directors, report included within the Report of the Trustee5 have been prepared in accordance with applicable legal requirements. io-
SHAEWSBURY HOUSE SCHOOITRUST LIMITED INDEPENDENT AUDITOIVS REPORT TO THE MEMBERS OF SHREWSBURY HOUSE SCHOOL TRUST LIMITED Matters on which we are required to report by ex<eption In the light of the knowledge and understandin8 of the charirable company and tts environment obtained in the course of the audir, we have not identified material misstaiements in the Report of the Trustee5 (which incorporates the strategit report and the diretrors. port1. We have nothin8 to report in re5ped of the lollowin8 matters in relation to which the Companies Aci 2(K)6 requires us to report to you if, in our opinion= adequate accountin8 records have not been kept by the charitable company.. or • the charitable company hnancial Statements are not in agreement with the accounting records and returns.. or certain disdosure5 of tru5tee5' remuneration specifie(I by law a not made." or we have not received all the information and explanaiions we require for our audit. Aesp0Th5ibilities of trustees for the thantial statements A5 explained more fully in ihe trustees. responsitrmlities statement set out on page 9. the irustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the finanaal statemenis and for bein8 Satisfied thal they give 3 rrue and fairview. ènd for such internal control as the trustees determine is nece55ary to enable the preparation of financial ststements that are free from material misstatement, whether due to fraud or error. In preparing the finanti21 statements. the trustees are responsible for assessing the charitable company's ability to continue a5 3 going concern. disclosin& as applicable. mattefs related to going contem and vsirtg the going concem basis of accounting unless the trustees ther intend to liquidate the tharitable company or to cease operations, or have no realistic alternative but to do so. Audiiorfs responsibilities torthe audit of the financial statèments Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstaiement, whether due to fraud or errw. and Io i55ue an auditorfs report that includes our opinion. Reasonable assurance is a high level of a55urance. but is not a guarantee that an audit conducted in actordance wlth ISAS IUXI will alway5 detect a materièl mi55t3tement when it exists. Misstatements can arise from fraud or eiror and are tonsidered material if. individually 4y in the a88re8ate. they could reasonably be expecied to influence the economi decisions of users taken on the basis of these financial statements. IrSU1arItIes, includin8 fraud, ace instances of non-compliance with laws and regulations. We desi8n procedures in line with our responsibililies. outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procellures are capable of detetyng irregularities. includinB fraud is detailed below.. 8ased on our understanding of the charitable company and the environment in which it operates, we identified that the pnncipal risks of non-compliance with laws and regulation5 related to The Education Ilndependent School Standards) Regulations 2014. safeguarding regulations. healih and safety requirements. GDPR. employment law and charity law and we considered the extent to which non<ompliènce mieht have a material effect on the financial statements. We also considered ihose laws and re8ulations that have a direct impèct on the pparatIOn ol the financial statements such a5 the Companie5 Act 2006 and Charities Att 2011. and considered other factors such as payroll tax and sales tax. We evaluated management's incentives and opportunities for fraudulent manipulab.on of the financial statements linduding the risk of override of controls). and deterrnined that the principal risks were related to PgStin8 inappropriat journal entries to income and mana8ementbias in accounting estimates. Auditprocedures performed by ihe engagement team induded.. In5pectin8 correspondence with regulati)rs and tax aUthorit- Oi5cyssions with managernent intludin8 consideration of known or suspected in5tance5 of non-compliance with laws and regulation and fraud,. Evaluating managemenrfs controls desi8ned to prevent and detect irregularities- Identifyin8 and testing journ¥s. in particular journal entrie5 Posted wilh unusual account combinations. postin85 with unusual amounts or descriptions. and p05tings Wbth unusual date chararteristics.. and Challen8in8 assurnption5 and judgements made by mana8ement in their critlC31 acctyJntin8 estimates li-
SHREWSBURY HOUSE SC+IOOL TRUST LIMITED INDEPENDENT AUDITOR'S REPORTTO ThE MEMBERS OF SHREWS8URY HOUSE SCMOOL TRUST UMITED Because of the inherent limitations of an audit. the is a risk that we will not detert all irregularitie% induding those leading to a material misstatement in the financial statements or non-tompliance th re8ulation. This risk increases the more that compliance with a law or re8ulation is removed frorn the events and transactions refletted in the rinancial statements, as we will be less likely to become aware of ifi5tances of non-compliance_ The risk is also greater regarding irre8ularitie5 occurring due to fraud rather than error. as fraud invoKfes intentional tontealmenL forgery. collusion. omission or rnisrepre5entation. A further description of our re5pon5ib41ities forthe audit of the financial statements is located ¢)n the Financial Reporting Council's web51te at.. wv4w.fr .or - This description fom)s part gf our auditorfs report. Use of our rèport This report is made solely to the tharitsble company's members. a5 a body. in accordance with Chapter 3 of Part 16 of the Companies Art 2CI36. Our audit work has been undertaken so that we might st3te to the Charitable company's mernbers those matters we are required to state to them in an Auditor's report and foi no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than ihe charitsble company and the tharitable rnPany s members as a body. for our audit work. for this repo¢ orfor the opinions we have formed. Stephen Meredith 8A. FCA. DChA (Senior Ststutory Audiiorl For and on behalf of Alliotts LLP. Slatutory Auditor5 Frrdry Court 13-21 High Street Guildford Suttey GUI 3DL Date.. 1810112024
SHREW5BURY HOUSE SCHOOL TRusf UMITED STATEMENT OF FINANCIAIAcllviTIES FOR THE YEAR ÉNDED 31 AUGUST 2023 (incorporating income and expendrture at<ount) Noles Unre5trirted Restrthd General Fund Fd Totsl Total 2022 INCOME FROM: Income froffl charitsble a¢b¥ity School fee5 Ancillary tradin8 income Othertradin8 actitieS Rental and lettinBS Income In¥estrnent income Bank and other Inte$t Property investment income Voluntary sources Grants and donations Other Income Oiher Income 9,895.704 1.051.989 9.895.704 1.051.989 9.597.047 897.306 126.070 126.070 111,291 26.225 22.530 26.225 22,530 3.475 12.599 39S.388 4107.987 19.923 9.(62 9.092 16.607 Total Intome 11.144.2Q3 395.388 11.539.597 10.645.649 EXPENDITURE= Costs of raisirtg fvnds: Financing c05t5 Charitable artiNity. Education 203.570 203,570 254.179 10.645.156 25.290 10.670,446 9.767.437 Total Expenditu 10.848.726 25.290 IOA74.016 10.021.616 NET ITrXOME 8EFORE INVESTMENTGAINS ANOTW4SFEIS 295.483 370.098 665.581 624.033 Net investment gain Transfers betr4een fvnds 327.668 59.244 327.668 159,2441 NET mo1ME IN FUNDS 682.395 310.854 993,249 624,033 Fund balance brought forward at I September 2022 Fund balances carried fonmard ai 31 Au8USt 2023 11,668,763 15.639 11.684.402 11.06.0369 12.351.158 326,493 12.677.651 11.684.402 The results for the year and the prtoryear are derived from clnUIng artiviries. The comparative statement of financial acti¥itie5 is note 22. The notes on pages 16 to 27 fom part of these finanoal ststernents. 13-
SHREWSBURY HOV5E SCHOOL TRUST LMITED BALANCE SHEET A5 AT 31 AUGUST 2023 COMPANY NUMBER: 01411417 2023 2022 Flxed assets Tangible fixed assets Investment5" properties 16.149.228 650.( 17,601.836 io 16.799.228 17.601.836 Current assets Debtors Cash at bank li 295,388 2.311.663 322.276 1,810.375 2.607.051 2.132,651 Current liabilities Creditors- due within one year 12,204,619) 12.726.4271 1593.7761 17.008.060 15,323.6581 Net current assetsllliabilitie51 Total asseis less curreni liabilities Creditors- due after more than one year 402.432 17.201.660 14.524.CQ91 Net 355els 12.677,651 11.684.402 Represented bv: Unrestritted fund5 Restriued funds 12.351.158 326,493 IL668,763 15,639 12.677.651 11.684.402 The financi31 statements were approved and authorisedfor issue by the Board ofTrustees on S December 2023 and were 518ned below on it5 behalf bv.. D. Johns Trustees P.D. Gibbon The notes on page5 16 to 27 form part of these finanual statements_ -14.
5MREWSBURY HOUSE SCHOOL TRUST LIMITED STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 Cash Ilows frorn operating artivitles: PletCoshprovldedbyopemtin9artivit•es Cash flowsfrom invertingartlvitie&" 8ank interest Property investment income Purchèse of tangible fixed assets Sales proceeds from sale of tangible fixed assets Plet cosh usedin investing ortivibes Cash flowsfrom financ0 artlvities: New borrowin8 Repayments of borrowing Netcosh ysed infinancingarti¥fties Chunge in clvsh ondtqsh equivqknts in the reportingpeiitid Cash and cash equivalents at the beginning of the reporting period 17A 1.406,755 1,249,495 26.225 22.530 1220.2451 165 3.475 13.607,0971 3,5(XJ 117L3251 13.6CM),1221 1734.1421 1734.1421 1453.6161 1453.6161 501.288 1,810,375 12,804,244) 4,614,619 Cash and cash equivalents at the end ol the tIng period 17.B 2.311.663 1.810.375 The notes on pa8es 16 to 27 fom) part of these finanaal staternents. Is-
SHREWS8URY HOUSE SCHOOL TRUST IIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 CHARITABLE STATUS The Trust is a Public Benefit Entity reaistered as a charity in England and Wales and a company limited bv 8u3rantee and does not have any Share capital. It was incorporated on 25 January 1979 (company number: 014114171 and re8isiered as a charity on 20 February 19791tharity number= 2773241. ACCOUNTING POUCIES The finanaal statements have beefi prepared in accordance wilh the Finanoal Reporting Standard applicablè in the UK and Aepublic ol Ireland IFRS1021, the Companies Acl 2CQ6 and the Statement of Retommended Practice applicable to ch3rities preparing th•r accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021- effeuive l January 2019. The financial statements are drawn up under the historical cost convention_ The functional turrenty of the Trust is considered to be GBP becavse that is the currency of the primary economic environment in which theTrust operates. Critical accounting judgements al key source5 of estirnation uncertainty In the application of ihe accounting policies, Trustee5 are required lo make judgement. estimate5. and assvmptions about the cafrying value OF assets and liabilit that are not readily apparent from other sources. The estimates and underlyin8 assumptions are based OA historical experience and other factors that are considered to be relevant. Actual results rnay differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basi5. in parkncular. the carrying value of the construction in progress totalling £48,02312022.. £4.862,6851. Revisions to accounting estimates are recognised in the period in whith ihe estimate is revised if the revision affects only that period. or in the period of the revision and future periods if the rew5ion aflecteij Current and ftsiure periods. In the view of the Trustee5. Other than those identified above. no other assumptions tMIng the future or estimation uncertainty afferting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the nexi finanoal year. Going concern As highlighted in the Report of the Trustees. having assessed theTrust's financial position. the plans for the foreseeable fUre. the risks to whith the Trust is exposed and the detailed cash projection5. the Trustees are satisfied that it remains appropriate to prepare the finanoal SleMentS on a goin8 concern basis. The following princip31 accountihg policie5 have been applied-. Imcorne All income 15 recogni5ed when the criteria of entitlemenL measurement and probability of receipt have been sarisfied. Fees ondsimiloyincome Fees receivable and charges lor semces and use ol the premises are accounted foc in the year in which the service5 are provided. Fee5 receivable are slated after deductin8 bursaries. 5tholarships and other remissions allowed by the Trust. RegistraDon fees a non-refundable and are uedited to income when received. Deposits are induded as a liability until refvnded or. on ceasing to be refvndable. are credited to income. Advance fees are credited to income as artd when the fee5 fall due. Rentt71ondinvestment income Rents are staled gross and ère included on an attruals basis. Interest received represent5 8r05s interest derived from cash deposit5 held and credit balances and ¢5 accounted for on a receivable basis. 16-
SHREV15BURY HOUSE SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENOED 31 AUGUST 2023 Donotlonsondlegucies undothervOtory1ficoN*¢ All donation5. legacies and other voluntary income are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit lo the Trust is considered probable. Donations received for the general purposes of theTrust are credited to Unrestritted Funds. Donations subject to specifit wishe5 of the donors are tredited to the rdevant Restrirted Funds. Governmentgnwnt5 The Coronavirus Job Reiention Scheme ICJRSI resulted in cash payments from Eovemment to compensate employers lor part of the wages, associaied national insurance contributions INIC51 antl employer pension tontributions of employees who were placed on furlough (that is, placed on a temporary leave of absence from working lor the employer). This is accounted for in accordance with Section 24 of FRS 102 and the performance model is used to reco8nise rhese 6rnnts. Expenditure Expenditure is atctsunted for on èn actruals basis where there is a le8al or constructive obliEation to make a payment to a third pzrty and the amount of the obligation can be measured reliably. Charitable expenditure represents the costs ol running the Trust including salaries. (atefin& premises and welfare Costs. Costs of raising funds include financing cosrs_ (haritable expendilure is allocated to the appropriate heading5 relevant lo the tharitable activitie5 on a direct basis. Support costs mainly represent office administration. Irrecoverable VAT is charged to the Statement of Finanoal Activitie5 as inturred. Govemance costs comprise the costs of running the Trust, includin8 Strategic planning for its luture development. external audit. legal advice and all the costs of complying with constitutional and statutory reqtsirements. Operating leases The annual rental for operating leases is ch3r8ed to the Statement of Financial Attivities on a stra$8ht-line basi5 over the lease tem. Staff BÈneffts including pen%on tosts The Trust Contribut to the following scheme5'. The Trusi coniributed to ihe Teachers. Pension Scheme. Thi5 15 a lnultiThpIoyer pension scheme and it is not possible to identify the Trusi's share of ihe underlying assets and liabilities on a ionsi5tent and reasonable basis. Therefore. as required by FRS 102. the Trusi acwnied for the scheme as if It were a defined contribution scheme. The Trusvs contfibutions. whi(h are in èc£ordance with the recommendations ofthe Government Artuary. were charged in the period in which the salaries to which they related were payable. TheTrust also operated a defined Contributi scheme- Aviva pension scheme. Contributions to the plan were made in accordance the ruks ofthe plan and are thar8ed to expenditure when they were payable. Short term benefits Short term benefits. indudin8 holiday pay. are recognised as ah expense in the period in which the service is eived. Employee temiinutlon beneffts Termination benefits are accounted for on an at(Yuals basis and in accordance wtth FRS 102. Funds Restricted- where the purpose for whith the funds may be used has been restricted by donors- and Unrestricted fund5 comprb5e accumulated surpluses and deficits on general funds. They are available for use at Ihe discretion of ihe Trustees in furtheraftce ol the general charitable object5. 17-
SHREWSBURY HOUSE SCHOOL TRUST LIPthTeD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 Tanglble Fimed A$5ets All assets pvrchased are included at their purchase price. Assets with a c05t below £2 a not capitalised. Tan8ible fixed assets are stated at cost less accumulated depreuation. Depreciation has been provideij on the straight-line rnethod by reference to the antiopated useful INe5 01 the a55ets concerned at the lollowing rates.. land Not depreciated FehOld property bu51th"n8S 2% per annum Property improvements Up to 20 years Motor vehicles 20% per annum Plant. equipment and computers 20% to 25% per afinum No depreoaiion is thar8ed io assets under constrvaion. Assets are reviewed for impairment on an annual basi5 and any charge5 are expensed to the Statement of Financial Artivities. Investments Investments are stated at market value as at the balance sheet date, and any 8ains and losses arising on the revaluation OF investments are cdited or charged to the Statement of Financial Activities. Property investments are valued using professional advice and on the basis of market value as defined in the RICS Appraisal and Valuation Manual (The Red Book-l. Independeni valuaiions ol relevant property investments have beern carried out at 31 August 2023. Financial Instruments Basic financial instruments are initsally t08n1$ed at transartion value and subsequently measured at amortised cost. Financial 35set5 held at amortised cost comprise cash at bank and cash equNalents. together with trade and other debtors. A specific provision 15 made for debts for which recoverability is in doubt. Cash at bank and cash eguivalents is defined as all cash held in instant access bank accounts and useLI as working capital. Financial liabilitie5 held at amortlsed cost comprise all creditors except sooal security and other taxes and provisions. Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held zt banks. other short-tem hiBhly liquid investments th original mètuiityes OF three months or less. Bank overdrafts. when applicable. are shown 1th1n current Debtors Trade and other debtors are recognised at the Seternent amount due for the provision of service5 delivered. Prepayments are recognised at the amount prepaid or the amount paid in a¢fvance. Creditors Creditors are reco8ni5ed where the Trust h35 a present oblieation resulting from a past event that will probably result in the transfef ol fvnds to a third party and the arnount due to settle the obli8atirJn can be measured reliabty. Amounts are recognised ai their setdemeni amount. DefeNed consider*ion Shrewsbury House School Trust Limite(I has agreed to pay a deferred consideration toThe Corporation of 1n5 College Wimbledon following the zcquisitson of The Rowans School on 31 2017. The deferred consideration as been discounted to present value and is shown undercreditors. 8ank borrowings Liabilities for borrowings which a subjett to a market rate of interest are measured at the value of the amount advanced. less capital repayments. 18-
SHREWSBURY HOUSE SCHOOL TRUST LIMITED NOTESTO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 CHARITA8LE ACWVITY. SCHOOL FEES RECEIVABLE 2023 2022 Gross school fees Less.. Total bursaries. grants ènd albwance5 10.081,007 1185,3031 9.752.738 1155,6911 9.89S.704 9.597,047 ANCILiAAY INCOME 2023 2022 Registration fees Sthool fees insurance 5th001 fees draw Extras Minibus charges 41.550 .8.570 11.9QKI 716,911 273.058 45.900 15,307 16,575 560,015 259,5Q3 L051.989 897,306 INCOME FROM VOWNTARYSOURCES 2023 2022 Donations and grants 4KJ7.987 19,923 ANALYSIS OF TOTAL EXPENDITURE Tttixl Totsi Ilmpairniv4 Costs of raising funds: Finanon8 costs Charitable actbvity: Teaching Premises Welfère Support cost5-other Support costs-governance Total 203.570 203.570 254.179 4.736.304 333.623 927,(K)4 1,101.266 627.686 331,818 16.021 182.664 L167.703 5,845,972 2,602,592 627,686 1,578,17S 16,021 5.324,7 2.538,268 494,097 1.393.851 16,431 1.246.357 6.316.284 3.207.365 1.350,367 10,874,016 10.021,616 2022 COMPARATIVES staff Costs Total 2022 Costs ol raising funds: Financin8 Costs Ch¥ftaWe actiw. Teaching Premise5 Welfare Support costs- other Support C05ts- governance Totsl 254.179 254.179 4.434.708 352.959 689.891 1,049.965 494.097 252.1 16.431 2.191 1.13S.344 5.324,790 2,538.268 494.097 1.393,851 16.431 1.141.701 5.929.368 2.756.713 1.335.535 10.021.616 Support costs ¢ndude the costs borne by theTrust for the administrative fvftCD5 and include Compliance. Human Resources, Facilities, Finance. Infomiatson Te(hndo8y. Marketing and Minibuses.
SHREWS6URY HOUSE SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDÉD 31 AUGUST 2023 ANALYSIS OF TOTAL EXPENDfwRE Iconiinued) 2023 2022 GOVERNANCE COSTS Audit fees (excluding VAn Trustee expenses 15.5 521 16.090 341 16.021 16.431 NET INCOME FOR THE YEAR 2023 2022 This 15 Stated after charging.. - Auditors, remuneration - Audit lextluding VAT) - Otherfee5 lexduding VAT) Operaiin8 leases lexcludin8 VAT) 15.500 4.060 131.477 16,0 4.9th) 139.914 STAFF COSTS 2023 2022 Wages and salaries Social security costs Other pension costs Other staff costs Redundancy and termination paymenis 4.970.527 519,079 793.193 31.311 2.174 4.641.124 487,594 767.368 25,018 8,264 6,316,284 5,929,368 21)23 Number 2022 Number The average number of persons employed bythe 5th0ts1 during the yearwas: Teèching slaff and teathing asslstants Supporr and other staff and gap students Minibus dnvers- part-time 85 45 15 42 138 145 The number of employees who e1ved emoluments and benefits in the followin8 ranges were". £60,001- £70.OCKI É?0.001- £80,0(KI £80,001- £90.OC El(M).001- £IIO.C E140.001- £ISO.(X)) £150.001- £160,1)fKI The school made employerfs pension contril)utions totaling £182.60512022.. £164.0451 on behalf of the higher paid employees_ A8gre8are employee benefits of key mana8emeni personnel Senior managemenr team 714.477 885,182 .20-
SMREWS8URY HOUSE SCHOOL TRIJST UMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 TANGIBLE FIXED ASSET5 Frethold i*asehc4d Freehobj Construi+ in EquisThenL Prtyess Corn5 and T¢441 Cost or Valuation At I Septernber 2022 14.021AJ72 AddiDons Reclassilicèiron Di5posa15 82.350 3.738.286 96.213 5.994.359 1,167 14.070.722) 11.876.783) 2.226.194 26.062,261 122.865 220,245 36.640 1410.6661 11651 11.876,9481 3.623.416 At 31 August 2023 17.644.488 82.350 3.834.499 48.021 2,385.534 23.994,892 Depfetiaiion At I September 2022 Charge for the year Impairmertt Recla5silicatson Disposals 3,150.024 2S7.143 2,417.127 165.451 L131.674 L761.6CM) 182.664 .460,425 605,258 745,1(F) 188,3341 1111 11.876,7941 745.109 188.3341 IL876.7831 At 31 August 2023 3.318,833 2.582.578 1.944.253 7.845.664 Net Book Value At 31 August 2023 14.325.655 82.350 1.251.921 48.021 441.281 16.149.228 At 31 Au8ilSt 2022 10.871,048 82.350 1.321.159 4.862.685 464.594 17,601,836 Nationa1 Westminster 83nk plc hold a first legal charge (wei the freehold property dated 19 Jvty 1994 in respect of 107 Oitton Road, Surbiton. Kf6 6RL Lloyds TSB Bank PIC hold a fi¥st legal chae overthe freehold property dated September 2011 in respect of 22 Mi1bourne Lane. Esher, KTIO 9EA. Lloyds Bank plc hold a first legal charge overthe freehold property dated 31 Juty 2017 in respect.of 19 Drax Avenue, Wimbledon Common. London. SW20 OEG. Uoyds Bank plc also ha5 3 debenture dated 12 March 2021 in the form ofa floating tharge over311 the properties of the Trusi and a neeatNe pled8e. INVESTMENTS Irwe5tmwbt Prope 2022 Total Total Market Value At I September 2022 Reclassilication from tangible fixed asset Unrealised gain 322.332 327.668 322,332 327.668 At 31 August 2023 650.OLK) 650,(XY) Attribution to Fufids Vnresrricted funds Restricred funds 650.(KKI 650,IXX) At 31 August 2023 650,(XKI 650,CQO Net Book Value on Reclassification At I September 2022 Reclassification from tangible re asset 322.332 322,332 At 31 August 2023 322.332 322,332 The net investment gain in the SOFA comprises an unrealised gain of £327,668 relatln8 to a property held last year as a tsn8itAe fixed asset. whKh is now let to an unrelated party on a commertial basis. 21-
SMREWS8URY HOUSE SCHOOL TRUST LIMITED NOTES TO TrIE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST21)23 11. DEBTORS 2023 2022 Due within one year: Trade debtors Other debtors Prepayments and accrued income 63.212 6,908 225.268 99,731 62.348 160.197 295,388 322.276 12. CREDITORS: Amounts falling within one year 2022 Bank loans (see rte 131 Oelerred consideration Trade creditors Social security costs and other taxaiion Other treditors Accrua15 Pupil deposits Fees in advance 738.488 734.142 465,IJ06 364,549 119,211 118,037 172,752 214,287 538,443 220,692 119,461 192,330 184.541 212,887 S36.220 2,204.619 2.726.427 (REDITORS: Amounts falling dut after one year 2023 2022 Bank loan5 Isee note 131 Pupil deposits 3,552.509 971.5( 4,290,997 1,032,661 4.524.009 S.323.658 Pupil deposits are refvndable when a pupil leaves the 5chod. Shrewsbury House khool Trusr Limited a8reed to pay a deferred consideration to The Corporation of Kin6's College Wirnbledon following the acquisition of The Rowans Sthool on 31 Juty 2017. The final £482.000 was paid on 31 July 2023. The totsl deferred consideration Wa5 discOvn to present value at a discovnt rate of 4%. Last vear, an amount of £46S.oc was shown under Creditors falling due wrthin i)ne year. -22-
SHREW$8URY HOUSE SCHOOL TRUST LIMITED NOTES TOTHE ACCOUNTS FOR TE YEAR ENDED 31 AUGUST 2023 BANK LOANS 2023 2022 The bank loan5 are repayatAe by Instments Due after five year5 Due within two to five years Due within one to two years 1,550.275 L429.322 572.912 1.870.347 1,682.162 738.488 3.552.509 738.488 4,290.997 734.142 Duewithin one year (note 111 4,2.997 5.025.139 Shrewsbury House Sthool Trust b"mited has a bank loan vAth Natwest Bank which was taken out in March 2004. The current rate of interest paid is Base Rate plus 1% and the loan is repayable in termly instalments until Mav 2024 when the loan will be fully repaid. Shrewsbury House School Trust Limited has 3 CoronarUS Business Interruption Loan ICBILI with Lloyds Bank which was drawn down on 17 May 2021. The current rate of interest paid on the loan is fixed at 3.91%. The loan is repayable in monthly instalments Startin8June 2022 until May 2027 when the loan wll be fully repaid. 5hrewsbury House Sthool Trust Lirnited h35 3 bank loèn with Uoyds Bank which was drawn down on 31 July 2017. The current rate ol interest paid on the loan is fixed at 4.12%. The loan 15 repayable in termly instalments stsrting in September2019 until July 2032 when the loan will be fulty repa. -23-
SHREWS8URY HOUSE SCHOOL TRUST LIMITED NOTES ro THE AccouKfs FOR THE YEAR ENDED 31 AUGUST 2023 FUNDS alance at I Septembor 2022 Balance at 31 August 2023 Incon ExpeThJiture liossesl Transfer5 Ufitrirted fvnd.. General fund 11.Efj8.763 11.144.2C8 110,848.7261 327,668 59.242 12.351,IS6 Restrirtedfvnds.. Infrastructure and equiprrÉnt 15.639 395.388 12S.2901 159,2421 326.495 TOTAL FUNDS 11.684.402 11.539.597 110874.0161 327,668 12.677.651 2022 COMPARATD Ba¢*81 Isepternber 1021 Balance at 31 August 2022 Garns hitome E¥perxliwre IL055esl Trnnsfers Unfestricted fvrtd.. General ftsnd 11,055,669 10.629.470 110.021.0761 4.7 11.668,763 Restricredfunds.. Infrastructure and equipment 4.700 16.179 15401 14,7(M)I 15.639 TOTAL FUNDS 11.060.369 10.645.649 110.021.6161 11,684.402 16. NET ASSETS OF THE FVNDS Nèt Cufft Long-Term iiabiliti (Liabih'ties) Total Unrestrirted fund Restiitted furnds 16.799.228 75.939 326.493 14.524.OC81 12.351.158 326.493 TOTAL FUND5 16.799.228 402.432 14,524.0(XJl 12,677.651 2022 COMPARATIVES Net Current Long.Term iiabtlities IllabileS) Total Unrestricted fund Restricred funds 17.601.836 Ifth,4151 15,639 15.323.6581 11,668,?63 15,639 TOTAL FUNDS 17.601.836 1593.7761 15,323,658) 11,684,402 24-
SHREWS8URY HOUSÉ SCHOOL TRUST UMITED NOTES TO ThE ACCOIJNTS FOR THE YEAR ENDED 31 AUGUST 2023 17. NOTES TO STATEMENT OF CASH FLOW 2023 2022 Reconciliation of net income to net<ath Ilow from operating artbtr$ A. Net intornt lor thè rèporting period las per the St*ement of Fwiancial Acii¥ities) 993.249 624.033 Adjustments for.. Depreciation charges lrnpairment charge5 IProfitl/loss on disposal of fixed 3S5ets Bank inrerest Property investment income Investment gain Decrease Ilncreasel in debtors (Decrease) in creditors excluding bank loans 605,259 745,108 Iiii 126.2251 122.5301 1327.6681 26.888 1587,3151 970,942 364,593 32,137 13.4751 1101.0211 1637.7141 Netca5h pro¥i¢led by operatirq arti¥ities 1.406.755 1.249.495 B. Analysis of (ash and cash equivalents Cash at bank and in hand 2.311.663 1.810.375 Total cash and cash equilents 2,311,663 1.810.375 Q Analygs of chanzes in net debt Balance at Cash Flows Transfers I Septernber 2022 Balan¢e at 31 August 2023 Cash Loans falling due within oneyear Loans falling due after more than one year 1,810,375 1734.1421 14.29).9971 501,288 183,S58 550.584 2.311.663 1738.4881 13,552,509) 1187.9041 187,904 TOTAL 13,214.7641 1.235.430 11.979.334) 25-
SHREW56URY HOUSE SCHOOL TRUST UMifED NOTES TO ThE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST21)23 18. PENSION COMMITME15 The Trust partiopated in the Teathers. Pension Scheme l-the TPS-I for its teaching stalf. The pension char8e for the year sncludes contributions payable to the TPS of £692.03212022= £672.8621 and at the year-end £81.033 12022.. £77.7501 was accrued in respert of contributions to this stheme. The TPS is an unfunded multi-employer defined benefits pension stheme governed by The Teachers. Pensions Regulations 2010 las amended) and The Teachers. Pension Scheme Regulation5 2014 la5 amended). Members contribute on a-pay as you go- basis with contributions from members and the employer being credited to the Exchequer. Retirernent and other pension beneftts are paid by public funds provided by Partiament. The employer contribution rate is set by the Secretary of State follown8 scheme valuations undertaken by th2 G¢)vernmenr Attuarfs Departmeni. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report. which w35 PLtblished in March 2019. conhrmed that the employer c(x)tributyon rate for the TPS would intrease from 16.4% to 23.6% from I September 2019. Employers are 31so required to pay a scheme administration levy of 0.08% giving a total employer contribulion rate of 23.68%. The Trust withdrew frorn the TPS at 31 August 2023. replaane it by a defined contribution scheme with a combined contributson and benefit rate of 18.5%. The Trust also contributed to a pension scheme atlministered by Aviva for non-teachiig staff. The charge totalled EIOO.97312022= £87.6181 and at year-end £Nil12022.. £11.8271 was acuued in respect of contributicffis to this scheme. 19. COMMITMENTS UNOEII OPERATING LEASES ANDCAPITALCOMMITMENTS Assets othwthan land & buildings 2023 2022 Due within one year Due between one tts fwe years 122,347 91.468 134,990 134,99) 213.905 269.980 Capital commitments cc*)tracted for bui not prOded in these accounts at 31 August 2023 were £Nil12022.. £Nill. 20. INDEMNITY INSUPANCE The Trust purchased insurance. at a c05t ol E98012022= £7981 for the Trvstees durin8 the year to indemnify thern a8ainst any liabililies arising as a result of negligence on the Trusvs behalf. 21. RELATED PARTY TRANSAcfioNS No payments were made to Trustees during the year for 1mbur$ement of expenses12022.. £Nill. Amounts paid direttly to rhird parties on behalf of Trustees during the year amounted to £521 12022.. £3411. These expenses tonsisted of a working éinner and refreshments ar rhe Full Governing Board meeting for Trustees. An amounr of £Nil12022.. £9261 wa5 billed to a company related to a Trustee for the hire of the Sports Hall. Payments made by the company were £Nil12022.. £9261. Durin8 the year. the Shrewsbury House Assooation donated £8.749 towards projects at Shrewsbury House 5(hool. The Shrewsbury House Pre-Prep3r3tory Assooation donated £4.719 to projects at Shrewsbury House Pre- Preparatory School. The Friend5 of Rowan5 donated £11.431 towards projerts at The Rowans School. 26-
SHREWSBURY HOUSE SCHOOITAVST UMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AIJGUST 2023 22. COMPARATIVE STATEMENT OF FIP4ANCLALAcfp4mES General Fund Restricted Fund Total 2021 INCOME FROM: Income from charitable activity 5choo1 lees Ancillary trading income Other Ir>Jing artivities Renral and letiin¥ income Investment income Bank and orher interest Voluntary sources Grants and t10nati$ Other kncome Other Incorne 9.597,047 897.306 9,597.047 897,306 IIL291 111.291 3,475 3.475 3.744 16.179 19,923 16,607 16.607 Totsl Income 10.629.470 16.179 10.645.649 EXPENDITLIRE: Costs of rai5inB fund& Financing costs Charitable arti¥ity: Educatyon 254.179 254.179 9.766.897 540 9.767.437 Total Expenditure 10.021,076 10.021.616 NET INCOME 608.394 IS.639 624.033 Transfers beeen funds 4.7(A) I4.?)) NET MOVEMENT IN FUNOS 613,094 10,939 624.033 Fvnd balance brou8htforward at I Seprember 2021 11.055.669 4,7Tr) 11.060,369 Fund baiaThce5 carried forward at 31 August 2022 11.668.763 15,639 11.684,402 27-