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 ACtI￿tieS 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 21/1￿12023 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 Inc￿aSe 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 scho￿5 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. rtttU￿s. 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 vI￿ts 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 achi￿ed 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 child￿n 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 chall￿ble 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 prOdU￿￿e 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 pO￿nts. 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 thrOugh￿￿t 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 Trus￿e5 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￿$sarY again. ' PRINCIPAL RISKS ANO UNCERTAINTIES The Board of Governors is responsible for the management of all risks ta£ed by theTru5t. Governors are supported by the Trust Executive Cornmittee. R￿kS are identified, assessed and controls esiablished to mitl8ate the risks identified. The Tru5Vs Rssk Regisier is reviewed by the Le8al & E$￿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. Bre￿t. 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 e￿h of the sthools. websites. The major risks are that pupil numbers will fall andlor that pa￿nts ￿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 I￿1ve 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 ell￿ble 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 Sh￿w$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 coMpan￿S 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 Sta￿ments 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 S￿￿1clent 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 mIss￿ted. 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 exJing 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 be￿een 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-