Re8iStered Company Number 01411417 Re8iStered Charity Number.. 277324 SHREWSBURY HOUSE SCHOOL TRUST LIMrrED CONTENTS Page Report of the Trustees incorporating the Strategic Report i-io Report of the Auditors 11-13 Statement of Financial Activities 14 Balance Sheet 15 Statement of Cash Flows 16 Note5 to the Accounts 17-28 SHREWSBURY HOUSE SCHOOL TRUST UMITEO REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 The Trustees, who are also the Direttors of the Company forthe purposes of company law, present their annual report, incorporating the strateEic report and financial statements for the year ended 31 August 2025. The report covers the activities of Shrewsbury House Preparatory School. Shrewsbury House Pre-Preparatory School and The Rowans School. The Trustees confirm that the financial statements comply with current statutory requirements. those of rhe governing documents and the requirements of the Statement of Recommended Prartice'Accounting and Reporting by Charities. 2019- Second edition. REFERENCE AND ADMINISTRAnVE INFORMATION 5hrewsbury House School Trust ￿Mited (the Trust) is a re8iStered chèrity (number 2773241. The le8al status of the charity is a company limited by guarantee, withoui share cèpital. company number 01411417. The liability of each of the members of the company is limited to an amount not exceedin8 £5. The Registered Office and principal address of the Compary is.. 107 Ditton Road Surbiton Surrey KT6 6RL United Kin8dorn Trustees The Trustees, who are also all members, have held offite from i September 2025 to the date of this report, unless otherwise stated are as shown below.. D. Johns P.D. Gibbon S.E. Cunnane Chairman S, Kapoor V. Laville l.S. Muir PJ. Richards D. Sanders A,N. Tate C. Thorneycroft R. White Key Management Personnel Executive Head of 5hrewsbury House School Trust, Head of Shrewsbury House School Mrs J.M. Hubbard Head of Shrew5bury House Pre-Preparatory School Mr J. Akhurst Head of The Rowans School to 3110812025 Ms E. Spratt Mi55 R. Fooke5 to 3111212025 from OII0112026 Attin8 Head ol The Rowans School Direttor of Finance and Operations, Clerk to the Governors Miss R. Fookes from 01/0112025 to 3111212025 Mr R.A. Harper Senior Deputy Head Mr J. Albert Director ol Communications and Compliance Mr5 J. Hand to 3110812025 SHREWSBURY HOUSE SCHOOL TRUST UMITEO REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 Professional Advisers Bankers National Westminster Bank plc 5 Market Place Kingston ukM)n Thames Sufrey rillx Lloyd5 TSB Bank plc 83 High Street Walton on Thames Surrey r121DU Audltors Alliotts LLP 3 London Square Cross Lanes Guildford GUI IUJ Lawyers Veale Wasbrough Vizard5 Orchard Court Orchard Lane Bristol BSI 5WS Insurance Brokers Marsh Limited Capital House I-S Perrymount Road West Sussex RH16 35Y Websltes Shrewsbury House School The Rowans School WWbV.shrewsburyhouse.net Ww￿.10wanS.Or8.uk SHREWSBURY HOUSE SCHOOL TRUST UMITEO REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 STRATEGIC REPORT MS. OBJEcllvES AND PRINCIPAL AcnviTIES The main object of the Trust. as set out in its Articles of Association. is to promote and provide for the advancement ol education, including the provision of financial support to those who cannot afford to pay tuition lee5. It also provides for and promotes the use of it5 facilitie5 to develop education and recreation for the local corntnunity a5 well a5 to 5UPPOrt other educational charitie5 and local state Schools. To achieve this, the Trust runs two Ipreviously three) independent fee-paying day schools which seek to provide the best possible learning environment. These areThe Rowans Schcx)I for boys and girls aged between 3 and 7, and Shrewsbury House School for boys aged between 3 and 13. For every child, rhe Trust aims to provide both an academic and a broad education. This is intended to draw pupils, abilities and academic potential, awaken and develop wider interests in life and motivaie them for a successful and happy future. In part￿Ular. we aim to live our schools, values and develop posltive learnin8 behaviours. The main objective ol the Tru5tee5 IS to ensure that all pupi15 are educated to a con51Stently high standard, which 15 key element of the Trust's ethos and historic tradition5. This 15 achieved by ernployin8 high quality, comrnitted teachers and relevant support staff to facilitate theteachin8 and learnin8 experiente. The use of technolo8y is a key enabler In deliverin8 these results. The princlpal activity of the Trust continues to be the provision of day schools for children a8ed between 4 and 13 years, old. In the year under review, the Trust provided education for 505 pupils. In determinin8 the Trust's objectives and planning its aciivities. careful consideration coniinues to be given io ihe Charity Commission's general guidance on public benefit. The Trust clearly aims ro.. Offer financial support throu8h bursèries to those pupils who would thrive on the broad education opportunities offered by the Trust, but whose parents are unable to afford the lees. In addition, we look for senior schools who would be prepared to continue finantial support.. Play a part in supportin8 and assisting l¢Kal state schools in providing a broad education for their student5.' Support local and overseas Charities throu8h fundraisin8 activities- and Play a part in the l¢xal community. be aware ol the needs of our nei8hbours, and to offer facilities and support where appropriate. The Trust 15 committed to working with the community and seeks to increase pupil numbers travelling to school by minibus, coach or bicycle to minimise the impact on I￿al traffic. The sporrs faciliiv at Shrewsbury House Sporrs Ground and a150 the swirnming pool. sports hall. Music rooms and theatre at 107 Ditton Road are available to the local comrnunitv. REVIEW OF ACTivmES AND PERFORMANCE FOR THE YEAR The schools of the Trust showed stron8 performances throu8h the year across the curriculum. Pupils made 8ood progress and attained excellent results in all è8e 8roups. The Governors provided support and guidance to rhe schools throughout ihe year. particularly in connection with large- scale projects and srraregic di￿¢t10n. Governors visir ihe schools in acrion as well as to have termly dialogue with staff. Shrewsbury House School Thi5 ye3r Saw a record number of events in all areas.. competitions, fixlures, senior school en8a8ements and calendar events lor both pupi15 and parents. The School had the strongest Set Of 5chtslaT5hip re5uIt5 With pupils achievin8 36 awards to their chosen senior 5choo15, acr055 academic 5ubjett5. SPOrt5. art. DT, drarna and rnusic. We are very proud of all the boys for their diligence through the scholarship process. Additionally. pupils achieved l(K)Yo success at entrance to their chosen senior sch￿1 via the Common Entrance ro￿e. lrnprovements to the premises, including new playground areas. refurbishment of classroorn areas, new locker5 and continued investment in tT hardware have provided the pupils Wlth ever increasing opportunities to develop curriculum strengths as well as their wellbeing. The Discovery Programrne and Serninar Series for Years 7 and 8 has proved highly successful. These lessons 80 beyond the regular curriculurn and appeal to the curiosity ol the boy5. Each option encourages the pupi15 to ask qu￿tiOnS, SHREWSBURY HOUSE SCHOOL TRUST UMITEO REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 encourage lively discussion about topical issues and the wodd around them. It also allows them to make choices. taking ownership of their learnin& nurturing the variety of interests and talents of our pupils and building their confidence. It has been a very busy period for engagement wilh our senior schools. through visits and also with attendance at their events. These visits have served to reinforce stron8 relationships and we work closely with both feeder and destination schools to 5UPPOrt the boys, educational journev. SHS ha5 SUPPOrted several charities over the course ol the year with the main charity chosen by pupi15 bein8 Shootln8 Star Children'5 H05pice which provide5 care for babie5. children and young people with life-litnitlll8 conditions, and their families. Through pupil-focused fundraisin& the School and Shrewsbury House Association made significant donations to improve the lives of others. The School Council has been active and, along wth the Pupil's Perspettive's Committee and Eco Committee. they have continued to show their stron8 leadership and commitment to developin8 The Rowans School The School ha5 had a busy and productive year. LAMDA results were, once again, extremely stron8 Wlth 52% of Year l athievin8 Oistinction and 82% of Year 2 8ainin8 Disrinction. All orher children 8ained a meril. We have retained our Gold Travel Award Irom TfL and our JuniorTravel Ambassadors haveworked with parents and the local community to promote sale and sustainable travel throughout the year. The School has gained reaccreditation with the British Council International Schools Award in recognition ol our very 5tron8 international eth05 and prograrnrne that Is woven throughout our curriculurn. We a150 maintained our Silver Artsrnark award. Art5mark is the only creative quality standard for schools and education settings, accredited by Arts Council England. We remain aciively reffective over our curriculum, taking on boafd feedback from our recent Independent School Inspectorate inspection and current educational research. Reco8nisin8 the importance of Values, Mental health awarene55 and life skills are all key factors in this area. and The R¢)wans School has much to showcase in regard to these. Last academic year the School supported Deen fjty Farm and Startish Greathearts Foundation through various whole- School fundraisin8 initiatives. Shrèwsbury House Pre.Preparatary School The School continued io provide an ex£ellent education to its pupils, however, fallin8 birth rates and intreased costs meant that durin8 the financial year ended 31 Au8ust 2025, the Trvstees determined that Shrewsbury House Pre- Preparatory School should relocaie onto the site of Shrewsbury House School in Surbiion. This relocation took place over the summer period, ready for the new academic year in September 2025. The priority for the Trusiees and leadership team was the welfare and continued education of the pupils. We are pleased to report that most of the pupils from Shrewsbury House Pre-Preparatory School successfully iransitioned to our new Younger Years facility at Shrewsbury House School, ensuring continuity of educarional and pastoral support. We worked closely with all remaining families to facilitate placements at alrernative settings where preferred and are grateful to the staff for their immense prole55ionalisrn and dedication throu8hout this challenging period. FUNDRAISING All lundrai5in8 activity across theTrust continues to be mana8ed in an open and transparent fashion with the clear objeitive of bein8 respectful, re5POnsible and accountable 50 that potential and exi5tln8 SUPtJorter5 of our work have cornplete £onfidence ID theii givin8 to the Trust. There were no cornplaints receiveil by the Trust during the reportin8 period about rc5 fundrai5in8 pr3ctite5. We are grateful to parents who donated iowards developing rhe infrastrutture of the schools. SHREWSBURY HOUSE SCHOOL TRUST UMITEO REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 FINANCIAL RESULTS AND RESERVES POUCY Introduction Shrewsbury House School and The Rowan5 School continue to see 81)od pupil numbers. Net income of the Trust for the year amounted to £1.041.82112024: £1.243.1551. after an unrealised investment gain of £Nil12024.. £Nill. The Board of Governors continues to plan for surplu5 net income every year. which is added to reserves to enable reinvestment in the future to rneet the objectives of the Trust's capital development plans. The fund5 at the year-end ttstalled £14,962,62712024.. £13,920.8061, which iD£luded £14,874,973 of unrestricted fund512024.. £13,828,798) and £87,654 of restricted lunds12024.. E92,(MJ81. These include funds for major projects. The Board of Governors continues io monitor the financial risks affecting theTrust to ensure that it continues to meet its charitable objectives, remains financially sustainable and a goin8 concern. Irs lons-term cash flow is being stress- tested and reviewed periodically. The Board does not see any indication that the Trust is unable to meet its future obligarions as they fall due. but recognises that we continue to need bank loans to fund our existing facilities and servicing the obligations as a result of the acquisition ol The Rowans School and its site in Wimbledon. Closure of Shrewsbury House PrtrPreparatory School The financial activities for the year reflect the costs and consequences associated with the planned closure of 5hrewsbury House Pre-Preparatory School. The Trustees ensured that a comprehensive financial plan for the closure was in place before the final decision was ratified. The Staiement of Financial Activities ISOFAI includes a number of exceptional. oThe-off costs relating to the closure, principally staff redundancy and settlement Costs. and asset disposal and wind-down cost5. These exceptional c05t5 have been met primarily through the use of a planned drawdown from unrestricted general funds. Full details of the osts are provided in Note 22 to the account5. Asset Mana ement and Desi nated Funds Following the closure, the former Shrewsbury House P￿-PreparatOry School site is now classrfie(l as an asset held for sale. The Trustees confirm ihat all assets, includin8 any restricted lunds related to the site, have been dealt with in stritt compliance with the charity's 8overnin8 document and relevani charity law. Any proceeds from the eventual disposal of the site will be reinvested in core charitable activities, subject to any re8ulatory requirements. The Trustees confirrn that the decision to close one school slte and relocate the pupils to the prep school 51te ha5 Strengthened the long-term financial viabiliry ol the organisation. Despite the exceptional costs incurred this year, the Trust remains a Goin8 Concern and ￿5 well-posit¢oThed. with a sound balance of operational incorne and reserves, to continue its core educational rni55ion. PUBLIC BENEFIT The Trust has adopted a multi-facwed approach to public benefft as is reflerted in its Arricles of Association, providing education to pupils who would otherwise be educated at public expense. The Trust is committed to providing bursaries to those families whose children. whilst being of ihe ability and persoThality ro thrive at Shrewsbury House School. may not be able to afford to send iheir children here. Fundamenial to the bursary SKJliry. enshrined in the Trust's ethos. is that the child is placed firsr and the parenis. means second. The approach io bursaries covers new and existing pupils and has been used to provide financial a5SlStance in the event of unforeseen financial difficultie5 faced by existing parent5. Bursaries are normally awarded each academic year and are means-te5ted. Further detai15 are included in the 'About U5, section ol Shrewsbury House Sch(M)1's website and interested parents should contact the School for dditional inforrnation. Currently 1212024.. 91 pupils hold means-testeil buTSaries, varying in value from 20% to 100% of annual fee5, of which 4 are life ·narrerr :Jotrn'S·(�t:·1t1;·2025, 5:41 pm)
D. Johns
P .. vl GJ:,bo,,,
Trustees
P �.1/!.�!R�.9.r:i.H?.��J.�,.�R?.?,. [1] 2 [:] 03pm)
P.D. Gibbon
**----- End of picture text -----**
The notes on pages 17 to 28 form part of these financial statements. -15 - SHREWSBURY HOUSE SCHOOL TRUST UMITEO STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 AUGUST 2025 2025 2024 Notes Cash fl¢)ws from operdtSn8 artN1t￿$. Net ¢oshprovided by operatrng ortivit Cash flow5 from investing aCtI￿tIeS.. Bank interest Property investrnent income Purchase of tangible fixed asset5 Sales proceed5 frorn sale of tangible fixed assets Netcash used In Investln9 Ortlvltles Cash flows from ffinancln£ attlyltles: New borrowing Repayments of borrowin8 Net cosh used InAlnon¢lng octlvltkis 17.A 776,733 5,075,(KM 118.S07 25,417 1905,3581 63.062 26,900 1374,9461 179 1761,4341 1284,8051 11.528,9001 11.528.900> 11,245,988) 11,245,988) Chonge In cush andc05h equlvolents In the reportlngper#xl Cash and cash equivalents at the beginning ol the reporting period 11.528,9001 5,855,874 3.544,611 2,311,663 Cash and cash equlvalents at the end of the reportlng perlod 17.8 4,342,273 5,855,874 The notes on pages 17 to 28 form part of these financial ststements. 16- SHREWSBURY HOUSE SCHOOL TRUST UMITEO NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2025 CHARITABLE STATU5 The Trusi is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee and does not have any share capital. It was incorporated on 25 January 1979 (company number.. 014114171 and registered as a charity on 20 February 1979 (charity number.. 2773241. ACCOUNTING POLICIES The financial statement5 have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021. the Companie5 Act 2(M)6 and the Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republi£ of Ireland IFRS 1021- elfective l January 2019. The financial statements are drawn up under the historical cost convention. The functional curren£y of the Trust is considered to beGBP because that is the curren(y of the primary economic environment in which the Trust operates. Critical accounting judgements and key sources of estimation uncertainty In the application of the accounting policies. Trustees are required to make judgement. estimates, and aS5UrnPtion5 about the carryin8 value of a55et5 and liabilities that are not readily apparent frorn other 50urce5. The e5timate5 and underlyin8 assumptions are based OTh historical experience and other factors that are considered to be relevant. Actual rt5ults may differ from these estimates. The estimates and underlyin8 assumptions are reviewed on an on8oin8 basis, in particular, the carryin8 value of the construction in pro8ress toiallin8 £Nil12024- £48.0211. Revisions io 8ccountin8 estimates are reco8nised in the period in which the estimate is revise(l if ihe revision amects only that period, or in the period of the revision and future periods if the revision affected current and future periods. In rhe vlew ol the Trusrees. other than those identified at*ive, no other assumpilons concernlng the lulure or estimation uncertainty affetting assets or liabilities ai the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. Golng toncern As hi8hli8hted in the Report of the Trustees, h8vin8 assessed ihe Trust's financial position. the plans lor the foreseeable future, the risks to which the Trust is ewosed and the detailed cash projections, the Trustees are satisfied that it remains appropriate to prepare the financial statements on a 8oin8 concern basis. The followin8 principal accountin8 policies have been applied- Income All incorne is recognised when the criteria of entitlement. measurement and probability of receipt have been Fees #nd simikTrincome Fees receivable and char8es for seNces and use of the ￿￿miseS are accounted lor in the year in which the services are provided. Fees receivable are stated after deduttin8 bursaries, scholarships and other remissions allowed by the Trust. Registration fees are non-refundable and are credited io income when received. Deposits are included as a liability untll relunded or. on ceasing to be refundable. are credited to income. Advance fee5 are credited to income a5 and when the lee5 fall due. Rental ondinvestment iftcome Rents are stated gross and are included on an accruals basis. Interest received represents gross interest derived from cash deposits hdd and credit balances and is accounted for on a receivable basis. 17- SHREWSBURY HOUSE SCHOOL TRUST UMITEO NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2025 Donotlons undIeg￿leS other voluntsrylncome All donations, legacies and other voluntary income are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the Trust is considered probable. Donations received for thegeneral purposes of the Trust are credited to Unrestricted Funds. Donations subject to specrfic wishes of the donors are credited tothe relevant Restricted Funds. Expenditure Expenditure is accounted for an ￿rual5 ba515 where there 15 a legal or constructive obli8ation to make a payment to a third party and the amount of the obligation can be measured reliably. Charitable expenditure represents the costs of runnin8 the Trust includin8 sèlaries, catering, premises and welfare costs. Costs of raisln8 funds include financin8 Costs. Charitèble expenditure is allocated to the appropriate headin8$ relevant to the charitable activities on a direct basis. Support costs mainly represent office administration. Irrecoverable VAT is charged to the Statement of Financial Activities as incurred. fjovernance costs comprise the costs of running the Trust. includinÉ strategic planning lor its fvtvre development. external audit. legal advice and all the costs of complying with constitutional and statutory requirements. Operatlnt Itasès The annual rental for operating lease5 is char8ed to the Staterntnt of Financial Activities on a 5trai8ht-line ba51S over the lease terrn. Staff Beneffts Includln8 penslon Costs The Trust contributed to the following schemes- The Trust contributed io iheTeachers' Pension Scheme in the prior year. This Is a multi-employer pension scheme and it is noi p￿sIble io identify the Trust's share of the underlying assets and liabilities on a consistent and reasonable basis. Therefore. as required by FRS 102. the Trust aicounted for the Scheme as if it were a defined contribution scheme. The Trust's contributions. which are in accordance with the recommendations ol the Government Actuary. were charged in the period in which the salarie5 to which they related were payable. il. The Trust also operaies a defined contribution schL¥ne. formefly with Aviva, and then with APTIS from I September 2023 for all siaff. Contributions to the plan were made in accordance with the rules of the plan and are £har8etl to expenditure when they were payable. Short term beneflts Short term benefirs, including holiday pay. are recognised as an expense in the period in which the service is received. Employee termlnutlon benefits Termination benefits are accounted for on an accruals ba515 and in accordance with FRS 102. Funds Restricted- where the purpose for which the funds may be used has been restricted by donors.. and Unrestricted funds comprise aicumulaied surpluses and deficits on general funds. They are available for use at the discretion of the Trustees in furtherance ol the general charitable objects. SHREWSBURY HOUSE SCHOOL TRUST UMITEO NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2025 Tanglble Flxed Assets All assets purchased are included ai their purchase price. Assets wth a cost below E2LKI are not routinely capitalised. Tangible fixed assets are stated at cost less accumulated depreciatioTh. Depre(iation has been provided on the straight-line rnethod by reference to the anticipated useful lives of the a55ets concerned at the following rate5'. Land Freehold property buildin85 Property improvements Motor vehicles Plant, equipment and tomputers Not depreciated Up to 2Y4 per annum Up to 20 years 20% per annum 20% to 25% per annum No depreciation is thar8ed to assets under constfuttion. Assets are reviewed for impairment on an annual basis and any char8e5 are expensed to the Statement of Financial Activities. Investments Investments are stated at market value as at the balance sheet date, and any 8ains and losses arisin8 on the revaluation of investments are crediteil or char8ed to the Statement of Financial Activities. Property Investments are valued using prolessional advice and on the basis of market value as defined In the RICS Appraisal anil Valuation Manual Iyhe Aed BooVI. Independent Valuaiions of relevant property investments have been carried our ar 31 Au8USt 202S. Flnanclal Instruments Basic financial instruments are initialty ￿￿OgniSed at transaction value aThd subsequently measured at amonised cost. Financial assets held at amortised cost comprise cash at bank and cash equivalents, together with trade and other debtors. A specific provision is made lor debts lor which retoverability is in doubt. Cash Jt bank and cash equivalent5 15 defined as all tash held in instant atcess bank atcounts and used a5 workin8 Capltal. Financial liabilitie5 held at arnort15ed tost comprise all creditors except S(Kial security and other taxes and provisions. Cash and cash equl¥alents Cash and cash eouivalenis include cash in hand, ￿e￿￿1t5 held at banks. other short-ierm hi8hly Ilquld Investments with ori8inal maturities ol three months or less. Bank overdrafts, when applicable, are shown within current Debtors Trade and other debtors are recognised at the settlement amount due for the provision ol services delivered. Prepayment5 are recognised at the amount prepaid or the amouTht paid ITh advance. Credliors Creditors are reco8nised where the Trust has a present obli8ation resultin8 from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured reliably. Amounts are recognised at theiT settlement amount. Bank borrowln85 Liabilities for borrowings which are subjeu to a market raie of inierest a￿ measured ai the value of the amount advanced, less capital repayments. SHREWSBURY HOUSE SCHOOL TRUST UMITEO NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2025 CHARITABLE ACTlVftY- sCH￿L FEES RECENABLE 2025 2024 Gross school fees Less.. Total butsaries, grants allowances 9,940,941 1216,0391 10,038,379 1174,4541 9,724,902 9,863,925 ANCILLARY INCOME 2025 2024 Re8lStration fee5 School fees insurance Extras Minibus charges 29,675 5,163 595,119 273,280 48.9C 8,286 584,517 270,890 903,237 912,593 INCOME FROM VOLUNTARY S 6.304,492 6,218,754 2025 Number 2024 Number The avera8e number of persons employed by ihe Trust durin8 the year was.. Teaching staff and teaching 3sSlStants Support and other staff and 8èP Students Minibus drivers- part-tirne 71 41 12 79 38 14 124 130 The number of employees who recebved emoluments and benefits in the followlng ran8es were: £60,001- £70,OC4J £70,001- £80,0(￿j £80,001- £90,0(￿j £90,001 - EIOO,(KJO £IIO,001 - E120,000 £130,(X)I - E140.000 £180,001- E190,000 £210,(K)1- £220.000 The Trust rnade employerfs pension contributionstotallinB £176.66612024.. £168.8431 on behalf of the higher paid ernployees. Aggregate employee benefirs of key management personnel Senior management team 1.035,517 995,385 -21- SHREWSBURY HOUSE SCHOOL TRUST UMITEO NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2025 TANGIBLE FIXED ASSErs Totsl Progress Comwfers and ¥ehkles ImpThements Cost or Valuation At I September 2024 Additions Disp05a15 17.644.488 82.350 4.146.947 816.720 48.021 2.446.342 88,638 144,2931 24.368.148 905.358 192.3141 148.0211 At 31 Au8U5t 2025 17.644.488 82.350 4.963.667 2,490,687 25.181,192 Depreclaifjon At I Septernber 2024 Char8e for the year Disposals 3.572.690 253,857 2.764.864 194,083 2,129,913 153,425 143,9491 8.467.467 601,365 143,9491 At 31 Au8USt 2025 3,826,547 2,958,947 2,239,389 9,024,883 Net Book Value At 31 August 2025 13,817.941 82.350 2.IyM.720 251,298 16.156,309 At 31 August 2024 14,071.798 82.350 1.382.083 48.021 316,429 15.9(K).681 Uoyds TS6 8ank PIC hold5 3 first legal charge over thefreehold propertydated September 2011 in respect 0122 Milbourne Lant, Esher, KTIO 9E Uoyd5 Bank plc hdds a first le8al charge Lwer the ffeehold property dated 31 July 2017 in respert of 19 Drax Avenue, Wimbledon Common, London, SW20 OEG. Iloyds Bank plc also has a debenture dated 12 March 2021 In the form ol a Iloatin8thar8e over all the properties ol ihe Trust and a negative pled8e. 10. INVESTMENTS In¥estynert 2025 Total Investment Property 2024 Totsl Market Value At I September 2024 RKlassification from tangible fixed asset ljnrealised gain 650.(XKI 650,(KQ 650.(XXI 650,000 At 31 August 2025 650.C 650,C 650,(Y)O 650,000 Attributlon to Funds Unrestricted funds Restricted funds 650.C 650,CO) 650.(MX) 650,OQhl At 31 Au8USt 2025 650,C 650,LNY) 650,(MYJ 650,LVJO Net Book Value on Reclassffl¢atlon At I September 2024 Re(lassificarion from tangible fixed asset 322,332 322,332 322,332 322,332 At 31 August 2025 322.332 322,332 322.332 322,332 The net investment gain in the SOFA comprises an unrealised gain of £Nil12024= £Nill relating to a property let to an unrelated party on a commercial basis. SHREWSBURY HOUSE SCHOOL TRUST UMITEO NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2025 11. DEBTORS 2025 2024 Due within one year.. Trade debtors Other debtors Prepayrllents and accrued income 57,711 21,673 396,247 82,344 13,570 291,402 475,631 387,316 12. CREDITORS: Amounts falling due within one year 2025 2024 Bank loans (see note 141 Trade creditors Social security costs and other taxation Other creditors Accruals Pupil deposits Fees in advance 584,316 404.507 530,440 92,418 703,274 317,683 845.517 572,912 253,527 115,190 168,896 144,296 258,892 3,454,749 3,478.155 4,968,462 13. CREDITORS: Amounts fallln8 due after one yew 2025 2024 Bank loans (see note 141 Pupil deposits 2.395.281 788.150 2,979,597 925,006 3.183.431 3,904,603 Pupil deposits are refundable when a pupil leaves the school. -23- SHREWSBURY HOUSE SCHOOL TRUST UMITEO NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2025 14. BANK LOANS 2025 2024 The bank loan5 are repayable by instalments Due after five years Due within two to five years Due within one to two years 507,194 1,363,153 524,934 1,216,765 1,178,516 584,316 2,395.281 584,316 2,979,597 572,912 Due within oneyear (note 111 2.979.597 3,552,509 Shrew5bury House School Trust ￿rnited has a Coronavirus Business InterruptK)n Loan ICBILI wf(h Lloyd5 Bank which wa5 drawn down on 17 May 2021. The current rate ol interest paid on the loan 15 fixed at 3.91%. The loan is repayable in monthly in5talments startin8June 2022 until May 2027 when the loan will be lully repaid. Shrewsbury House School Trust bmiied has a bank loan with Uoyds Bank which was drawn down on 31 July 2017. The currenr rate of interest paid on the loan is fixed ai 4.12%. The loan is repayable in termly instalments siartin8 in September 2019 until July 2032 when the loan will be fulfy ￿paitI. 15. FUNDS lance •t 1 Stptemb•r 2024 Bal•n¢e at 31 August 2025 Gol Incomè Expendllure Transfers Unrestrl¢ted ]und.. General fund 13,828.798 10.957.592 19.922.713) 11.297 14,874,974 Restrictedfunds.. 92.LN)8 11,669 14,7271 111,2971 87,653 and equlpment TOTAL FUNDS 13,920,806 10,969.261 19,927.4401 14,962.627 The iransfer from the remrided fund aroseon the vseof funds on (opital expenditu￿ duriryg the year. 2024 COMPAIiAmVES Balance at I September 20Z3 Balance at 31 August 2024 Gak6 come Expendlture Transfers Unrestrttted lund.. General lund 12,351,158 11.012.113 19.858.410) 323.937 13,828.798 Re5trirterlAunds.' Infrastructure and equipment 326.493 94,297 14,8451 1323,9371 92,008 TOTAL FUNDS 12,677.651 11.106.410 19.863.255) 13,920,806 -24- SHREWSBURY HOUSE SCHOOL TRUST UMITEO NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2025 16. NET ASS￿5 OF THE FUNDS Net Current Assets ILiabilr(iesl Flxed Lon8-Temi LIabilit￿$ Ttstal Unrestricted fund Restricted funds 16,8(6.309 1.252,(P)6 87,653 13.183.431) 14,874,974 87,653 TOTAL FUNDS 16.8(%.309 1,338,749 13.183.431) 14,962,627 2024 COMPARATIVES Net Current Assets ILiabilitie51 Fixed Long-Tenn LIabilit￿5 Total Unrestricted fund Restricted funds 16.550.681 1,182,720 92,CM18 13.904.6031 13,828,797 92,008 TOTAL FUNDS 16,550.681 1,274,728 13,904,6031 13,920,806 17. NOTES TO STATEMENT OF CASH FLOW 2025 2024 Recondllatlon of net Incorne to net ￿5h fiow from operatlng acllvllles A. Net Incomt fof the reportln8 perlod las per the Statement of Flnandal Actlvltles) 1.041,821 1,243,155 Adjustments for.. Depreciaiion charges Impairmeni charges Lossllprofitl on disposal of fixed assets Bank interest Property investment incorne Inve5trnent gain IlncreasellDecrease in debtors IDecreasel/lncrease in creditors ex(ludin8 bank loans 601,367 48,023 340 1118,5071 125,4171 621,851 1,463 163,0621 126,9WI 188,3151 1682,5791 191,9281 3,390,425 Net cash provbded by operatlnz act￿lt￿$ 776,733 s,075,(X)4 B. Analysis of cash and cash equivalents Cash at bank and in hand 4.342,273 5,855,274 Total cash and cash equivalents 4.342,273 5,855,274 C. Anatysi5 of thangts in dtbt Balance at 15eptember 2024 Cash Flows Transters Balante at 31 Au8USt 2025 Cash Loans falling due within one year Loans falling due after morethan one year 5.855.874 1572.9121 12.979.5971 11,513.6011 4,342,273 1584,3161 12,395.2811 Ill,4(￿) 11,404 572.912 TOTAL 2.303.365 1940.6891 1.362,676 SHREWSBURY HOUSE SCHOOL TRUST UMITEO NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2025 18. PENSION COMMITMENTS The Trust participated in the Teachers. Pension Scheme l-the TP5-1 for its teaching staff until 31 August 2024. The TPS is an unfunded multi-employer defined benefits pension schemegoverned by The Teacher5, Pensions Regulations 2010185 amended) and The Teachers, Pension kheme Regulations 2014 las amended). Member5 contribute on a.pay as you Bo. basls Wlth contribution5 from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parfiament. The employer contribution rate for the TPS is set by the Se(retary olstate followin8 scheme valuations undertaken by the Government Attuarfs Department. The employer contribution rate was 23.6% from I September 2019. Employers are also required to pay a scheme administration levy of 0.08%, $0 a total employer contribution rate of 23.68 The Trusi also contributed to a pension scheme administered by Aviva for non-teaching staff until 31 August 2024. The Trust withdrew from the TPS at 31 August 2024. replacing it with a defined contribution scheme, APTIS, for both teaching and non-teachin8 Staff. 2025 2024 Contributions payable to APTIS for teachint and non-teathin8 Staff 7CIJ,907 692,052 2025 2024 A¢¢rued at 31 Ay8USt with respect to APTIS for teaching and non-teaching staff 2,522 19. COMMITMENTS UNDER OPERATING LEASES AND CAPITALCOMMITMENTS Assets other than land & bulldlnBs 2025 2024 Due wiihin one year Due between one to live years 87,878 43.303 91,468 62,132 131,181 153,600 Capital comrnitrnents contrarted lor but not provided in these *counts at 31 Au8U5t 2025 were £Nil12024.. £Nill. 20. INDEMNrrY INSURANCE The Trust purchased insurance. at a cosi of £23512024-. £9801 for ihe Trustees during the year to indernnify them against any liabilities arisin8 as a result of ne81igence on ihe Trusr's behalf. -26- SHREWSBURY HOUSE SCHOOL TRUST UMITEO NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2025 21. RELATED PARTY TRANSACTIONS No payments were made to Trustees during the year for reimbursemeni of expenses12024.. £Nill. Amounts paid direttly to third parties on behalf of Trustees during the year amounted to £Nil12024.. £Nill. During the year. the Shrewsbury House Association donated £1.416 towards projerts at Shrewsbury House School. The Shrewsbury House Prtrpreparatory Association donated £2,028 to projects at Shrewsbury House Pre- Preparatory School. The Friends of Rowans donated £4.851 towards projects at The Rowans School. 22. MATERIAL EVENT-CESSATION OF AcnvmES AT SHREWSBURY HOUSE PRE-PREPARATORY SCHOOL 2025 2024 Exceptional expenditure Iclosure c05ts1 Stall redundancy and 5ettlernent costs A55et disposal and wind-down c05t5 £34,961 £24,505 £59,466 All income and expenditure relating to the operation of Shrewsbury House Pre-Preparatory School up to the date of closure is in£luded within the respective cate8ories on the face of the Statement ol Financial Activities. The net result ol the closure. includin8 the exteptitinal items, is E59.466 lor thefiThantial year. 23. EVENTS AFTER THE ENO OF THE REPORTING PERIOD Subsequent to the year end 131 Au8usI 20251, the Charity will complete a material chan8e to ils 8overnance framework. On l January 2026. the membership of the Tr￿1 will be rransferred to St Paul's School Icharitv Re8lsiraiion No.. 11196191. This transfer of membership will be efferted through an amendment to the Trust's 8overnin8 document, whiih was approved by the Trustees. The chan8e is intended io siren8then the lon8-ierm strategic direction and oversight of theTrust. This is a non-adjustin8 Post-balance sheei event. -27- SHREWSBURY HOUSE SCHOOL TRUST UMITEO NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2025 24. COMPARATIVE STATEMENT OF FINANCIAL ACTivrnES Unrestricted General Fund Restritted Fund Total 2024 INCOME FROM.. Income from Charital￿e aclivitv School fees Ancillary trading income Othertradingzctiviéies Rental and lettings income Inve￿rn*nt Income Bank and other interest Property Investrnent intome Voluntary sources Grants and donaiions Other Income Other Income 9863.925 912,593 9.863,925 912,593 133,488 133,488 63.062 26,9fy) 63,062 26,900 2,211 92,851 95,062 9,934 1,446 11,380 Totsl Income 11,012,113 94,297 11,106,410 EXPENDMJRE.. Cosis of ralslng lunds: Financing costs Charhable act￿￿v. Education 156.564 156,564 9,701,846 4,845 9,706,691 Totsl Expendlture 9,858,410 4,845 9,863,255 NET INCOME BEFORE INVESTMENT GAINS ANO TRANSFERS 1.153.703 89,452 1.243,155 Net investment gain Transfers between funds 15 323.937 1323,9371 MOVEMENT IN FUNOS 1,477,640 1234,4851 326,493 1,243,155 Fund balance brou8hi forward ai i September 2023 12,351,158 12,677,651 Fund balances carried forward at 31 Au8USt 2024 15 13,828,798 92,008 13,920,806