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2025-07-31-accounts

Charity number: 528413

SHREWSBURY SCHOOL

GOVERNORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

SHREWSBURY SCHOOL

CONTENTS

Page
Reference and administrative details of the Charity, its Governors and advisers 1 - 2
Governors' report 3 - 12
Independent auditor's report on the financial statements 13 - 16
Consolidated statement of financial activities 17 - 18
Consolidated balance sheet 19 - 20
Charity balance sheet 21 - 22
Consolidated statement of cash flows 23
Notes to the financial statements 24 - 64

SHREWSBURY SCHOOL

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 JULY 2025

Governors J.D.C. Pitt, MBA, BSc (Co-opted member), Chairman1,2,4 JC Berndt (Co-opted member)6 R. Boys-Stones, BSc, FCA (Co-opted member)1,4 D Chance MBA (Co-opted member)1,2 S.F.D. Ellis (Co-opted member)6 G. Hammer DL (Appointed by the Lord Lieutenant of Shropshire)1 S.L.Hankin BA (Co-opted member)5 C. Howarth LLB, MA (Co-opted member)2,6 Dr S. Jones-Perrott BA, MBBS, FRCP (Co-opted member)3,5,7 W. Kenyon MA, FCA (Co-opted member)3 J.M.H. Moir, BA, MBA (Co-opted member)1,4 Councillor D. Morris BA, (Appointed by Shropshire Council - term ended July 2025)3,6 Councillor C.M. Motley BA (Appointed by Shropshire Council - term ended July 2025)1,2,7 F.L. Schofield BA, PGCE (Co-opted member - resigned July 2025)5,7 Canon J. Leigh MA, FRSA (Co-opted member)5,6 D.R. Stacey DL (Co-opted member)1,3,7 G. Walters BBLS (Co-opted member)6 C Ward (Co-opted member)5

Charity registered number 528413

Principal address and The Bursary Registered Office Kingsland House Shrewsbury School The Schools Shrewsbury SY3 7AA

Headmaster

N L Winkley, MA, MEd (Open), PGCert Bus Admin (Open)

The Bailiff, Bursar and R.M. Schofield (Interim August 2024-April 2025) Clerk to the Governing Dr. N.J. Dodd BA, MSc (from April 2025) Body

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SHREWSBURY SCHOOL

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Independent auditor Crowe U.K. LLP Fourth Floor St James House St James Square Cheltenham GL50 3PR Bankers Barclays Bank Plc 44/46 Castle Street Shrewsbury SY1 2BU Handelsbanken Plc 1st Floor, Willow House West Shrewsbury Business Park Shrewsbury SY2 6LG Lloyds Bank Plc 1 Pride Hill Shrewsbury SY1 1DG Investment Advisors Sarasin & Partners LLP Juxon House 100 St. Paul's Churchyard London EC4M 8BU

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SHREWSBURY SCHOOL

GOVERNORS' REPORT FOR THE YEAR ENDED 31 JULY 2025

The Governors present their annual report for the year ended 31 July 2025, under the Charities Act 2011, together with the audited accounts for the year, and confirm that the latter comply with the Act, the Shrewsbury School Statutes and the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities", the Charities SORP (FRS102) effective 1 January 2019.

REFERENCE AND ADMINISTRATIVE INFORMATION

Shrewsbury School was founded in 1552 as "The Free Grammar School of King Edward VI" and is registered with the Charity Commission under charity number 528413. The Governors, Officers and principal address and particulars of the Charity's professional advisers are as listed on pages 1-2.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Shrewsbury School is governed in accordance with the Shrewsbury School Statutes, approved by the late HM Queen Elizabeth II in Council on 12 October 2016.

Recruitment and Training of Governors

The Governing Body consists of both appointed and co-opted members.

The Master of St John's College, Cambridge is an ex-officio member of the Governing Body. The current Master of St John’s has decided not to take up her post as a Governor of Shrewsbury School in line with the policy of the College council. Three members are appointed to the Governing Body by persons or a body of persons as specified in Shrewsbury School's Statutes and effectively provide an informal link with Shrewsbury Town and its County. One member is elected by the Assistant Teachers of Shrewsbury School (Common Room).

Fourteen members (maximum) are co-opted by the current Governors, their names being brought forward for appointment by the Nominations and Remuneration Committee of the Governing Body. There is a regular audit of Governors' qualifications, skills and experience. Governors are encouraged to attend appropriate training courses and seminars. and certain training requirements are mandatory.

New Governors are introduced to the workings of the Charity and the Governing Body largely by past financial statements, management accounts, minutes of Governor and sub-committee meetings, and a day's visit to Shrewsbury School, including meeting representatives of staff and employees. General information is provided in Statutes, the School Handbook, information for pupils, and Charity Commission regulations. Specific issues are addressed at an academic-year-end strategy meeting with the Headmaster. Governors are encouraged to keep abreast of new regulations. All Governors are required to undergo a Disclosure and Barring check for child protection purposes.

Organisational Management

The members of the Governing Body, as Trustees of the Charity, are legally responsible for the overall management and control of both schools and meet as the full decision making Governing Body at least three times a year.

There are seven committees to which powers of investigation and recommendation are delegated, and which meet regularly under their respective chairmen. Minutes are kept of all meetings of the Trustees and of the Committees. Draft minutes are circulated to all Governors for discussion at meetings of the full Governing Body.

The Finance and General Purposes Committee (F&GP) is the working Committee responsible for making recommendations on the financial and operational policy to the Governing Body and for ensuring that the decisions and policies of the Governing Body are implemented. The F&GP meets at least three times a year, prior to full Governing Body meetings. The F&GP during the year was chaired by R Boys-Stones.

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SHREWSBURY SCHOOL

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

The other committees are the Nominations and Remuneration Committee, chaired by D Chance. The International Development Committee, chaired by C Howarth; the Audit Committee, chaired by W Kenyon; the Investment Committee, chaired by M Moir; the Education and Safeguarding Committee, chaired by J Leigh; and the Prep School Committee, chaired by C Motley. Each Committee meets at least once a year.

The Governing Body has approved the terms of reference for each of the committees. The day-to-day running of Shrewsbury School itself is delegated to the Headmaster, who is supported by the Bursar and their various management teams. The Packwood Haugh School Headmaster reports into the Headmaster of Shrewsbury School, and is supported by the Packwood Bursar and Packwood Leadership Team. These groups form the key management personnel.

The Shrewsbury Headmaster and the Shrewsbury Bursar attend Governing Body and F&GP Committee meetings, and the meetings of other committees as appropriate. Other teaching and support staff attend Governing Body and committee meetings on an ad hoc basis to advise and inform Governors on specific areas of the Shrewsbury School’s and Packwood’s activities.

Policies and guidelines for the effective governance and management of Shrewsbury School are regularly reviewed by the Audit Committee and their recommendations passed to the F&GP and the Governing Body for action. The Prep School Committee performs a similar function for Packwood.

The remuneration of the key management personnel of both schools is set by the Nominations and Remuneration Committee. The policy objectives are to provide appropriate incentives to encourage enhanced performance and to reward fairly and responsibly individual contributions to the success of both schools.

The appropriateness and relevance of the remuneration policy is reviewed annually, including references to comparisons with other independent schools to ensure that the Charity remains sensitive to broader issues of pay and employment conditions elsewhere.

Group Structure and Relationships

During the year, the Charity had two wholly owned subsidiaries:

The activities of these companies are discussed later in this report.

In addition, the Charity pays the employment, administrative and other costs, and expenses of Shrewsbury School Foundation. These costs are categorised as fund raising costs within the Consolidated Statement of Financial Activities. The Governors have agreed that the Charity will incur these costs to the extent that Shrewsbury School Foundation exercises and continues to exercise its charitable objects (the "Shrewsbury School Charitable Objects") as set out in the Foundation Trust Deed. Shrewsbury School and Packwood Haugh School both operate within the Shrewsbury School charity.

Risk Management

The Governing Body is responsible for the management of the risks faced by both schools. Detailed analysis of the risks is delegated to the Audit Committee, who in turn delegates review of each risk type to the relevant subCommittees. In this review, the Governing Body sub-Committees are assisted by the leadership team from each school. Risks are identified, assessed and controls established throughout the year. The risks are identified under the following headings: mission and objects; law and regulations; governance and management; external factors; marketing/pupil recruitment; academic factors; operational factors; human resources; environmental; technological and financial. A formal review of the major risks facing the Charity and the concomitant risk management processes is performed annually by the Governing Body.

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SHREWSBURY SCHOOL

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

The key controls used by the Charity include:

It is recognised that these control systems provide a reasonable, but not an absolute, assurance that risks are being managed properly. The Governors are satisfied that the major risks being faced by both schools this year have been identified and are being adequately addressed in order to avoid each, or to mitigate the effects of an unavoidable occurrence.

OBJECTS, AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES

Charitable Objects

The Objects of the Charity are the advancement of education, including the provision of boarding and day schooling.

Within these Objects the Charity has a number of permanent endowed funds held for special purposes in connection with the development of Shrewsbury School's facilities and for scholarships, bursaries, prizes and other educational purposes.

Public Benefit Aims and Intended Impact

Shrewsbury School was founded in 1552 by Royal Charter to provide charitable education in the Shrewsbury area. Shrewsbury attracts entrants from all over the United Kingdom - and also from abroad - whilst still retaining its strong links with the town and its citizens. Since August 2019, Packwood Haugh School has been part of the overall Shrewsbury School charitable entity.

Our aim is that a Shrewsbury education will educate and empower each individual to flourish in life and contribute positively to the world around them. Shrewsbury School delivers whole person education in a thriving and inclusive boarding and day school community that champions the individual. We believe that the true purpose of education is the cultivation of inner virtues, life skills and character strengths that equip our young people with the confidence and direction to pursue meaningful and successful lives.

Packwood Haugh School operates as an independent boarding and day Preparatory School for boys and girls aged from 4 to 13. Packwood covers all that is required by the National Curriculum Key Stages 1 and 2, and the first two years of Key Stage 3 and substantially more. Packwood aims for the highest quality of academic tuition and pastoral care and the development of wider sporting, artistic and social skills in all its pupils, while offering an environment in which each pupil can develop and fulfil their potential.

In setting both schools' objectives and planning of activities, the Governors have given careful consideration to the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and fee charging.

Shrewsbury and Packwood provide substantial public benefit not only to the recipients of educational grants but also to the local community and a wider public. A member of the Shrewsbury School Leadership Team has specific responsibility for Partnership and Community Engagement in order to focus the different strands of activity in this area and to measure the impact on beneficiaries.

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SHREWSBURY SCHOOL

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Educational grants to widen access to Shrewsbury School and Packwood.

Scholarships, bursaries and other awards are made available from three sources: funds controlled by the Governing Body as Trustees; funds managed by the Trustees of the Shrewsbury School Foundation; and the general income of both schools. In the year, 372 (2024 - 375) Shrewsbury pupils were assisted of whom 205 were means tested (2024 - 204). The value of this means tested support at Shrewsbury was £3,822,689 (2024 - £3,541,684). This figure includes 10 pupils (2024 - 12) who were in receipt of 100% means tested remissions.

Packwood offered £306,254 (2024 - £368,082) in bursary and scholarship support in 2024-25, of which £176,679 (2024 - £237,443) was means tested.

Such a significant level of fee support is in keeping with the aims of the schools and underscores the charitable purpose.

Charitable Activities The Shewsy

Shrewsbury School engages in substantial charitable fundraising for both local, national and international organisations. Of special interest is the on-going financial support for Shrewsbury House, known as ‘The Shewsy’, a youth club in Liverpool established by Shrewsbury School in 1903 to serve the needs of the socially and economically disadvantaged community in Everton. During 2024-25, significant fundraising by students and the wider Salopian community took place in support of The Shewsy’s annual ‘Big Give’ campaign at Christmas, with over £100k being raised to help provide further support for youth programmes. Planning for the 5 yearly whole-school sponsored walk in September 2026 has begun.

In addition to fundraising during the period, Shrewsbury School is actively involved in governance with the Headmaster as Chair of Trustees and two teachers also on the Board. The School has provided human resources and marketing advice and other services related to audit and risk, free of charge, to Shrewsbury House.

In the last academic year, all new Year 9 Shrewsbury School pupils visited The Shewsy as part of the volunteering component of their BASE programme and worked in the ‘Everton in the Community’ garden and in Junior Club. Themed residential visits to Liverpool were offered to Lower Sixth Form Students – covering Law, Medicine, Business and Politics.

Over 850 hours’ of staff and pupil time (planning and delivery) is estimated to have gone into the above programme.

Case Study 1 – Thursday Volunteering – primary schools, specialist school, Homework club

Volunteering in Primary Schools proves to be the most popular of our weekly volunteering activities. With new Primary Schools joining our partnership programme each year we now have 106 students assisting in local Primary Schools, the Refugee Homework Club and the Severndale Specialist Academy. In total 66% of our volunteering students opt to work with younger children gaining skills in empathy, kindness, patience and creativity. The students also have to adapt to an ‘adult world’ in which they have a responsibility for safeguarding and motivation.

The Primary Schools that we supported during 2024-5 were; Oakmeadow Primary School, The Grange Primary School (both in the Marches Academy Trust), The Cathedral School (Our Lady of Christians Catholic Academy Trust), Woodfield Infants School (Empower Multi Academy Trust), Radbrook Primary School (Severn Bridges Multi Academy Trust), Martin Wilson (SHINE Academies Trust) and Bowbrook Primary School (3-18 Education Trust). Plans to add Long Mountain School for 2025-6 have reached fruition. When working with younger years, the Shrewsbury School students are paired up with students to act as readers, listening and patiently helping infant learners to aid development of literacy skills. At Severndale Specialist Academy the student volunteers display exemplary flexibility and resilience working with disabled students aged between 3 and 18 years old. In our Homework Club our student volunteers have to be versatile in adapting to differing guest attendance and

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SHREWSBURY SCHOOL

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

needs each week. The 16 volunteering members of staff work hard to ensure that good communication and high standards are maintained in order to uphold both Shrewsbury School and partnership school values.

Case Study 2 – STEM Potential with Shropshire schools and Imperial College London

The School’s STEM Potential project celebrated its first full cycle this academic year with students who joined us in Yr10 from state secondaries and sixth form colleges across the county gaining their A levels and, in many cases, moving on to study STEM subjects at leading UK universities including Imperial, Oxford and Cambridge. With entry points for GCSE and A Level recruitment is strong and targets students who meet Imperial’s criteria for widening access. As well as voting with their feet on Saturdays (attending STEM classes and Futures events throughout the year), students’ feedback was unanimously positive about the value and impact of gaining extra practical experience alongside other similarly ambitious and talented scientists. Sessions are designed to be enriching and to provide academic stretch. For Yr10 students, there is a day visit to Imperial where they learn about the application process, the range of courses on offer and life as a student. All students have access to our Futures Department with career advice, support with work experience and applications. Students (and their parents) are invited to attend STEM-related the School’s ‘Dialogues’ programme, the Higher Education Fair and Medical Conference where they joined our own pupils. In total, over 200 hours of tuition was provided by 50 staff to 100+ pupils. students.

Case Study 3 – Symphonic Sunday and Sinfonia

Symphonic Sunday and Sinfonia go from strength to strength and are a jewel in the crown of Shrewsbury’s wider cultural partnership programme. Under the passionate and strategic leadership of the Director of Music, Maria McKenzie, close to 200 musicians and singers from state and independent schools, aged 7-17, were brought together from across Shropshire, Telford and Wrekin, Cheshire and mid-Wales to rehearse and then perform in a stunning summer Gala Performance held in the Alington Hall before an audience of around 400 proud supporters. This work opens up opportunity for partnership cross-sector at primary and secondary levels and is inclusive of all abilities, from beginners to advanced students preparing for Grade 8 exams. Private sponsorship has been secured to purchase instruments which have then been used in a target fashion to give opportunity in local schools where provision would not otherwise be possible. Shrewsbury musicians and choir leads supported the programme throughout and eight pupils helped with the choir and six pupils augmented the orchestra for the final rehearsal and concert. Feedback from partner schools and the participants’ parents has been glowing in terms of recognition of the opportunity and collective achievement of the musicians gathered together.

Other community engagement:

A detailed inventory of the School’s Partnership and Community Engagement work can be found at https://www.shrewsbury.org.uk/pce

As well as supporting charitable fundraising by pupils and staff, the School regularly makes available its facilities to various external charities, either at no cost to the charity or at heavily discounted rates to cover school costs – in particular the Food Bank+ where pupils volunteer throughout the year.

School staff are encouraged to participate in the local and wider community, providing their time free of charge. Such participation ranges from acting as governors or trustees of local primary, secondary and specialist schools, to volunteering for local charities, to taking part in environmental projects.

The School’s annual concert series is open to the public and is well attended by members of the local community and community choir continues to thrive.

Fundraising

Shrewsbury School did not participate in any fundraising activities on its own account during the year and therefore there are no fundraising disclosures necessary under S162A of the Charities Act.

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SHREWSBURY SCHOOL

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Objectives for the Year

This year, the focus has been on:

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Operational Performance of the schools

This year, Shrewsbury School numbers averaged 827 (2024 - 839) pupils of whom 631 (2024 - 617) were boarders and 196 (2024 - 222) were day pupils. Packwood Haugh School numbers averaged 195 (2024 – 217) of whom 48 (2024 – 54) were boarders.

Shrewsbury School pupil numbers at the start of the 2024/25 academic year were 830, and Packwood Haugh had 193 pupils.

A Level and GCSE results both reflected a national tightening of grade boundaries. 77.0% of A Level candidates received the equivalent of A* to B, and these results enabled 87% of our leavers to take up their first choice university destination. At GCSE 60.0% of candidates received grades 9 to 7.

Grants and Awards

The Charity in total awarded bursaries, scholarships and allowances of £5,392,936 (2024 - £5,210,662). Shrewsbury School, despite not possessing a large endowment reserve, continues to support and assist pupils to come to Shrewsbury. During the year Shrewsbury School awarded a total of £5,086,682 (2024 £4,842,579) of scholarships, grants, bursaries and other allowances to pupils, of which £807,796 (2024 - £779,968) came from restricted funds, including £796,674 (2024 - £760,914) from Shrewsbury School Foundation. Packwood made awards to pupils totalling £306,254 (2024 - £368,082).

Shrewsbury School holds a scholarship competition for suitably qualified candidates under the age of 14 each year. It awards up to four Butler Scholarships to a value of 30% of fees; up to four Kennedy Scholarships; and two Moss Scholarships worth up to one-fifth of fees; and up to seven Alington Exhibitions worth £2,000 per year. There are also up to four Music Scholarships worth up to 30% of fees, each year, and two Art Scholarships worth one-fifth of fees.

For entrants to Shrewsbury at Sixth Form level, there are a range of academic, music and sporting awards. In addition, the School offers two means tested Sixth Form sporting scholarships, worth up to 100% of fees.

Foundation bursaries are awarded to pupils who will make a significant contribution to the School whether it be academically in sport or through the arts. The funding for these awards comes from Shrewsbury School Foundation. In total, Shrewsbury School Foundation financially supported 23 pupils (2024 - 27 pupils) of whom 10 pupils (2024 - 9 pupils) received 100% funding.

The Governors publish a detailed grant making policy on Shrewsbury School's website. In short, the Governors' policy is to make bursary awards on the basis of the individual's educational ability and his or her family's ability to pay, subject to the particular conditions imposed by the original donor where the award is taken from restricted funds.

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SHREWSBURY SCHOOL

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Financial Review and Results for Year

The financial statements reflect the activities and results of the Charity (Shrewsbury School and Packwood) and its two subsidiary companies, Shrewsbury School Enterprises Limited and Shrewsbury School Trading Company Limited.

The group had net outgoing resources of £275,367 (2024 net incoming resources £767,169) for the year.

The School's strategic plan assumes the following means of financing the continued investment in the School's facilities:

Net assets decreased to £48,971,015 from £48,795,814. The decrease comprised net outgoing resources of £275,367; an increase in the market value of Charity’s investments of £493,568; and £43,000 actuarial loss relating to Shrewsbury School's defined benefit pension scheme under FRS 102.

The School's defined benefit scheme valuation under the requirements of Financial Reporting Standard 102 (FRS102) showed that the scheme was in surplus at 31 July 2025, the Charity did not regard it as prudent to record the asset on its balance sheet.

Capital expenditure totalled £2,104,316. £743,241 was spent on the completion of refurbishment of Churchills and Ingrams, £435,616 on the refurb of School House £345,752 on other refurb projects, £198,232 on IT projects, and £381,475 on other fixtures, fittings & equipment.

The Charity's two subsidiary companies continued to trade during the year. Shrewsbury School Enterprises Limited remained the vehicle through which Shrewsbury School conducts its overseas school business; Shrewsbury School Trading Company Limited, continued to operate the School shop, sporting and leisure activities and commercial lets of the School premises.

Shrewsbury School Trading Company Limited results include the second year of running Shrewsbury School Summer School, which attracted pupils from overseas to attend a two week bioscience, geoscience and maths courses.

International School Developments

Income from our international schools grew by 10.6% this year with net income contributing to current bursarial support as well as accruals into a designated fund to underpin transformative bursaries of 100% and above.

The regular rotation of Advisory Board meetings took place this year, featuring active UK Governor participation and valuable engagement with international principals, staff, pupils, and parents.

In January, we hosted recruitment weeks for our international schools at both Shrewsbury and Packwood – a valued aspect for international partners of belonging to the Shrewsbury Family of Schools.

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SHREWSBURY SCHOOL

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Shrewsbury International School India remains on track to open in August 2025, while Shrewsbury International School Phnom Penh, is progressing with the design and construction of the Sen Sok Main Campus, with Secondary provision scheduled to open in September 2026.

A summary of progress across our current international family of schools is given below: Bangkok Riverside - remains in a strong position, with enrolment continuing to grow strongly despite increased competition. The pupil roll stands at 2,023 with Principal Rob Millar carrying on the excellent legacy of the school. Bangkok City Campus - enrolment continues to grow with 549 pupils on roll. Principal Amanda Dennison continues to lead a strong team.

Hong Kong - Enrolment stands at 335 students, and Principal Ben Keeling and his senior team continue to do an excellent job leading the school. Following a successful recruitment process, Priya Kanthan has been appointed as the new Principal and will assume the role from Ben in September 2025.

Cambodia - The Primary School campus lead by Principal Toby Waterson for students aged 3 to 11 successfully opened in September 2024. Construction is now underway on the main Sen Sok campus, which will house the Secondary School as well as Early Years and Primary. Design and construction are underway for the new 17-acre campus, set to open in September 2026, which will feature impressive facilities, including a Performing Arts Centre, Aquatics Centre, running track, and fives courts.

India - Shrewsbury International School India remains on track to open in August 2025 and recruitment drive for the first cohort of pupils is underway. The founding Headmaster, Dominic Tomalin, has been appointed, together with several key members of the Leadership Team. Dominic recently completed an immersion programme at Shrewsbury School in the UK to ensure that Shrewsbury’s high standards of academic excellence, pastoral care, and ethos are firmly embedded within the Bhopal campus.

Set on a breathtaking 140-acre purpose-built campus, the co-educational full boarding school for students aged 11 to 18 will embody Shrewsbury’s distinctive Floreat philosophy of whole person education.

Closely modelled on Shrewsbury School in the UK, the India campus will offer state-of-the-art academic, cocurricular, and residential facilities, providing an exceptional educational journey leading to GCSE and A Level qualifications. The school is also in the process of becoming accredited by COBIS (the Council of British International Schools).

Fundraising Performance

The School received donations of £1,166,975 during the year (2024 - £905,050).

Shrewsbury School Foundation (a separate Charity) raises funds to donate to the School for bursary support, capital and educational projects. In the current year the School received from the Foundation a total of £939,437 of this £796,674 was to support bursaries.

RESERVES POLICY

The School does not possess large endowment reserves to generate income to assist in the financing of the School.

At the year-end Endowed Funds totalled £1,588,407 and Restricted Funds totalled £729,699, because of the particular spending constraints attached to them they are not available for funding the general operations of the School. Unrestricted Funds totalling £46,652,909 are expendable in accordance with the Objects of the School. The School has no current free reserves as the unrestricted reserves are less than the net book value of fixed assets. Given our plans for new buildings, this nil balance will continue for several years.

This is in accordance with the long-term plans of the Trustees for the development of the School and they are satisfied that the resources available to the School through external bank finance are adequate for its projected requirements. In addition to the operational land and buildings, the School owns residential properties for housing some of its staff.

There are also artefacts and works of art, which have been acquired and accumulated over very many years. These are of huge educational and wider cultural benefit to the School community and some are made available, under appropriate conditions, to external researchers and scholars. They are not revalued in the Balance Sheet

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SHREWSBURY SCHOOL

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

and the Governors are of the view that there is no benefit to be gained from incurring the costs of valuations other than for insurance purposes.

The annual revenue expenditure requirements of the School are generally met from annual income. Prudent budgeting and tight financial control are designed to ensure that adequate but not excessive cash headroom is maintained, and this is supported by a seasonal overdraft facility.

The Governors are confident that the capital development plan can be achieved by the policies set out above, supported by prudent borrowing and support from Shrewsbury School Foundation on selected projects.

The Governors have established a designated fund, which aims to provide bursarial support to enable pupils to attend the School. The intention of the Governors is to allocate a proportion of the School's commercial income each year, based on an agreed calculation, subject to operating requirements. The intention is to build up the fund over the forthcoming years, with income from it being used to provide bursarial support to pupils attending the School. During the year, the Trustees not allocated anything to the fund. At the year end the value of this designated fund was £5,205,084.

INVESTMENT POLICY

The Governors, as Trustees, have wide powers to invest in property and securities, including stocks and shares.

The Governors review, on a regular basis, the investment profile of the School, the risks and returns achieved and the likely future performance.

The fees in advance funds have been transferred to cash funds, in order to reduce the possibility of loss of capital and take advantage of the current high interest rates. These investments support the fees in advance liabilities.

The policy of the School with regard to endowed and designated investments is to ensure that they produce a regular and growing income stream, together with capital growth. The School’s investments are managed by Sarasin & Partners. The School funds are held in the Sarasin Endowments Fund Class A Income Fund, a global multi-asset portfolio with an integrated socially responsible investment policy. The fund seeks to provide growth (in terms of investment value and growth) of 4% per year more than the CPI over a rolling five-year period. The

PRINCIPAL RISKS AND UNCERTAINTIES

As explained above, the Governors have considered the principal risks and uncertainties facing the School. The economic climate affects the ability of parents to afford the school fees, and the affordability of fees is considered as an important factor in the long-term financial planning. The imposition of VAT on school fees from January 2025, impacted both pupil numbers and the number of requests for financial assistance needed to attend Shrewsbury. In terms of unexpected costs, the Governors ensure that insurance is in place for known and insurable risks. With a large built estate, the School also monitors and plans for foreseeable future building repairs.

The management team also carefully monitors the level of scholarships and bursaries to ensure that grant commitments are maintained at a sustainable level, carefully reviewing the future grant funding available from Shrewsbury School Foundation.

The School has also considered non-financial risks. As the health and safety of the pupils and staff is paramount, the Trustees consider any potential breach of health and safety to be a principal risk. To mitigate the School has developed policies to ensure the regulations and guidelines for the welfare of pupils and staff are observed.

Page 11

SHREbVSBURY SCHOOL GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2025 FUTURE PLANS Focus Dn fijnding arkl increasing th8 number Df m8ans tssted transformalvg bursaries175% 10 110% off f68sl. The ￿ntInued development of a CroS￿eCtor progrydmme of partheTshlp and ¢xMnmunlty enuagement. D&tailed medlum term finand81 nKKlelling of tho impact of VAT on the School's fir¢ances and cash b8lanca$ the actI￿S required in orderto rna1nt￿n a flnanryalty stable environm&nL Bullding on the SUCC￿ of Shrèwsbury s(4￿ Summer Scltool, to offer 8 wlder prowsion of coursé8 and Iheréby attract rTh)re parti￿pants. F(Alowing the mergw and a￿Ulsi110n of tsvo prep sthools, afjgn all our pcAlc￿S 8nd prfndple5 to develop Iho Shrewsbury F8mily of S¢hoots. ACCOUNTING AND REPORTING RESPONSIBiullES The Governlng Boty Is requlred by W to pwparg )Inancial 8ts1ements for &ath finan¢ial year, whlch give a true 8nd falr w8w of the finandal aCtiV￿eS of the Charity and of financAal position at thg gnd of that yèar. In preparfng those financial statements tho Govomlng B(ty Is required io.. select suitable accountlng wlicies and ap￿yth&M (X￿518t8nUy. makeludgBments 8rTd gstim8tes that are reasonable and PTudenL slate wh8ther appllcable accounting standards have been folk)W￿. subleGt to any materfal deparbJre8 discknsed and explaingd in thè finan¢lal statgments. prepare the financlal statements on going corKsm ba8is unles5 It 1$ Inappropriats lo) presume that th8 Charitywill o)ntinu8 in businèss. TakSng into account the spectfic economlc and gwwllU¢zl risks. the Governing Body has reviewed future school shflow8 and18 confident that ft apyropriale to produce finanual statements on a going (x)nc8m b8sls. The (vemlng Body Is re￿on￿ble for kee￿ng proper aC￿￿￿tIr￿￿ re(x)rds which disdose, wKh r6890nable accuracy at any time, th& financial p￿￿On of the ¢hadty and enable it to ensur6 Ihal the financial 8talements mply with the Chartties Act 2011 and the Shrewsbury Sthool Stslules, approved by the IBte HM Queen Elizabeth 11 in CouncAI on 12 October 2016. ft 5s also re5pon5ible for safeguarding assets of the Charity and hO[￿e for taking raasonable steps fcY1he preventh)n and detection of fraud and clher iryutarllles. In d?￿rnFnlllg hiw amounts prgserrt8d in [r￿S in the statement of financial acti￿￿e$ 2nd balan sheet. the Governors have regard to the Substan￿ of lh8 f&K￿ed transactlw¢ or 8irangemeTrt, in accordanc ith g8ner81ty 8¢¢epted acwuntiry prindples or prath￿. So far88 èad) oftho Gov8mors h aware at the ljme the rep(￿￿ Is approved: There L4 no relevarrt a￿1[1 lllfomation of whi( the compatys au¢Jitorg are unaware: Bnd The Govemors have taken all steps Ihat they ought to have taken to nwke thems&lves aware of any rolevarrt a￿lit inforrnation and to e5tabfish thatthe audilors ar0 aware of that inf0m￿tIon. Audhors Crowe U.K. LLP have Indi(zI￿1 thgir wllingness to remain in offlco. This repc¥twas approvgd byth8 (knem(￿S arKI Sfvjn￿ their b8h8lf by. Approv8d by order ofth8 m8mb8rs oftha board of(knmors and signed ¢)n thoir b8haTrrty. J.D.C. Pltt Chair (t.1.2a PwJe 12

SHREWSBURY SCHOOL

INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF SHREWSBURY SCHOOL

Opinion

We have audited the financial statements of Shrewsbury School (the 'parent charity') and its subsidiaries (the 'group') for the year ended 31 July 2025 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Governors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.

Page 13

SHREWSBURY SCHOOL

INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF SHREWSBURY SCHOOL (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Governors are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of Governors

As explained more fully in the Governors' responsibilities statement, the Governors are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Governors are responsible for assessing the Group's and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the Group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Page 14

SHREWSBURY SCHOOL

INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF SHREWSBURY SCHOOL (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the Charity and Group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011, taxation legislation, employment legislation, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014, General Data Protection Regulation (GDPR), Health and Safety legislation and Employment legislation .

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Audit Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

Page 15

SHREWSBURY SCHOOL

INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF SHREWSBURY SCHOOL (CONTINUED)

Use of our report

This report is made solely to the charity's Governors, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its Governors, as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP Statutory Auditor Fourth Floor St James House St James Square Cheltenham GL50 3PR

Date: 29 May 2026

Crowe U.K. LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 16

SHREWSBURY SCHOOL

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2025

Note
Income and
endowments from:
Grants and donations
3
Charitable activities:
School fees
4
Other educational
income
5
Other ancillary trading
income
5
Other trading activities
6
Investments
7
Total income and
endowments
Expenditure on:
Raising funds:
Trading activities
8
Fundraising costs
8
Financing costs
9
Charitable activities:
10
Education and grant
making
Total expenditure		 Unrestricted
funds
2025
£
-
34,311,785
409,060
326,921
2,948,951
112,791
38,109,508
1,626,558
423,606
641,933
35,897,677
38,589,774		 Restricted
funds
2025
£
1,166,975
-
-
-
-
29,086
1,196,061
-
-
-
993,052
993,052		 Endowment
funds
2025
£
-
-
-
-
-
1,890
1,890
-
-
-
-
-		 Total
funds
2025
£
1,166,975
34,311,785
409,060
326,921
2,948,951
143,767
39,307,459
1,626,558
423,606
641,933
36,890,729
39,582,826		 Total
funds
2024
£
905,050
34,808,537
465,952
275,503
2,626,235
197,637
39,278,914
1,445,184
308,426
711,354
36,046,781
38,511,745

Page 17

SHREWSBURY SCHOOL

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Note
Net income before
net gains/(losses) on
investments
Net gains on
investments
Net income before
transfers
Transfers between
funds
21
Net movement in
funds before other
recognised losses
Actuarial losses on
defined benefit
pension schemes
26
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 Unrestricted
funds
2025
£
(480,266)
446,282
(33,984)
191,543
157,559
(43,000)
114,559
46,538,350
114,559
46,652,909		 Restricted
funds
2025
£
203,009
-
203,009
(191,543)
11,466
-
11,466
718,233
11,466
729,699		 Endowment
funds
2025
£
1,890
47,286
49,176
-
49,176
-
49,176
1,539,231
49,176
1,588,407		 Total
funds
2025
£
(275,367)
493,568
218,201
-
218,201
(43,000)
175,201
48,795,814
175,201
48,971,015		 Total
funds
2024
£
767,169
622,099
1,389,268
-
1,389,268
(75,000)
1,314,268
47,481,546
1,314,268
48,795,814

The notes on pages 24 to 64 form part of these financial statements.

Page 18

SHREWSBURY SCHOOL

CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2025

Note
Fixed assets
Tangible assets
13
Investments
14
Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
17
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
18
Net assets excluding pension asset
Defined benefit pension scheme asset
26
Total net assets		 278,798
2,764,356
3,222,733
6,265,887
(10,156,074)		 2025
£
52,503,742
13,099,235
65,602,977
(3,890,187)
61,712,790
(12,741,775)
48,971,015
-
48,971,015		 265,887
2,497,916
6,828,988
9,592,791
(11,585,025)		 2024
£
54,100,280
12,463,045
66,563,325
(1,992,234)
64,571,091
(15,775,277)
48,795,814
-
48,795,814

Page 19

SHREWSBURY SCHOOL CONSOUDATED BALANCE SHEET (CONTINUED) AS AT 31 JULY 2025 2025 2024 Nole Charlty funds Endowment funds Restiirted funds Unrestri¢lgd fund8 21 1.568.407 729.699 46.652.909 1.539,231 718.233 46,538.350 21 21 Totsl fvnds 48,971.015 48,795,814 The financial statements opproved and autlK)riwJ for i8sug by tho Governors aThJ slgned on thdr bohall by. J.D.C. Pltt. MBA Bsc (Ctropted m•mbgrl Ichalrl Fi Boys4ton Date: IE.g.ts The notes on pages 24 ttTr 64 fO￿n part of these finandal 5tat8m8nts. Page 2D

SHREWSBURY SCHOOL

CHARITY BALANCE SHEET AS AT 31 JULY 2025

Note
Fixed assets
Tangible assets
13
Investments
14
Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
17
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
18
Net assets excluding pension asset
Defined benefit pension scheme asset
26
Total net assets		 76,189
3,525,081
2,684,956
6,286,226
(10,167,092)		 2025
£
52,495,392
13,099,235
65,594,627
(3,880,866)
61,713,761
(12,741,775)
48,971,986
-
48,971,986		 85,475
2,999,347
6,253,645
9,338,467
(11,318,153)		 2024
£
54,086,192
12,463,045
66,549,237
(1,979,686)
64,569,551
(15,775,277)
48,794,274
-
48,794,274

Page 21

SHREWSBURY SCHOOL CHARrrY BALANCE SHEET {CONTINUEDI ASAT 31 JULY 2025 2025 2024 Not Charlty funds Endowment funds 21 1.588.407 l.S39.231 Re8lrict8d funds Unreslricled funds 21 21 729.699 45.326,853 718,233 46.538,810 Total funds 48.971.986 48.794274 The Ch8rftys net movement in fvnds for the yearwa5 £177.71212024- £1,318,335). The financial statements were approved and aulhorised for wue by the (>)vemors and signed on their b8h8 J.D.C. Pltt, MBA Bsc ICoHOPtod momber) (Chair) Date.. Th8 not8s on PBg8s 24 to 64 fomi part of these ffinan¢*l 8talements. P8g&22

SHREWSBURY SCHOOL

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025

Cash flows from operating activities
Net cash provided by operating activities
22
Cash flows from investing activities
Dividends and interest from investments
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing
Interest paid on borrowings
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
23		 2025
£
4,757
143,767
130,671
(2,104,316)
6,763
(153,147)
(1,976,262)
(1,307,260)
(331,252)
(1,638,512)
(3,610,017)
6,834,305
3,224,288		 2024
£
9,076,181
197,637
29,199
(5,473,432)
4,836,112
(8,099,600)
(8,510,084)
(1,271,131)
(400,099)
(1,671,230)
(1,105,133)
7,939,438
6,834,305

The notes on pages 24 to 64 form part of these financial statements

Page 23

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

1. Legal status of the Charity

The School is governed in accordance with the Shrewsbury School Statutes approved by the Queen’s Most Excellent Majesty in Council on 12 October 2016, whose registered office and primary place of business is Shrewsbury School, The Schools, Shrewsbury, SY3 7AA. It has no share capital. Its principal activity is the provision of boarding and day schooling. It is a registered Charity in England and Wales and its Charity registration number is 528413.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Shrewsbury School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

No separate SOFA has been presented for the Charity alone. The net result for the year relating to the School amounted to a surplus of £177,712 (2024 - £1,318,335).

2.2 Going concern

Having reviewed the funding facilities available to the School together with the expected ongoing demand for places and the School’s future projected cash flows, the Governors have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the School’s financial viability. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Accounting and Reporting Responsibilities on page 12.

Page 24

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

2. Accounting policies (continued)

2.3 Critical accounting estimates and areas of judgment

In the application of the accounting policies, Trustees are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.

Useful economic lives of tangible assets

The annual depreciation charges for the tangible assets are sensitive to changes in the estimate useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of the tangible assets and note 2.8 for the useful lives for each class of asset.

Impairment of debtors

The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the ageing profile of debtors and historical experience. See note 16 for the net carrying amount of the debtors.

2.4 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Governors in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Governors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes.

Endowment funds are donations required to be retained as capital in accordance with the donors’ wishes – permanent or expendable according to the nature of the restrictions. The costs of raising and administering such funds are charged against the specific fund.

The aim and use of each restricted and endowment fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 25

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

2. Accounting policies (continued)

2.5 Income

All incoming resources are included in the Statement of Financial Activities when the School has entitlement to the income, the amount can be quantified with reasonable accuracy and the economic benefit to the School is considered probable.

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided.

Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the School.

Income from other trading activities comprises revenue recognised by the School's wholly owned subsidiaries in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Voluntary income is accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable.

Voluntary income for the School’s general purposes is accounted for as unrestricted and is credited to the General Reserve. Where through the terms of an appeal or from the donor there is a trust law restriction on the use of any voluntary income, the income is credited to the relevant restricted fund or endowment. Gifts in Kind would be valued at estimated open market value at the date of the gift, in the case of assets for retention or consumption or at the value to the School in the case of donated services of facilities.

Investment income from dividends, bank balances and fixed interest securities is accounted for on an accruals basis.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Page 26

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

2. Accounting policies (continued)

2.6 Expenditure

Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

Expenditure is accrued as soon as a liability is considered probable discounted to present value for longer term liabilities and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources. Liabilities are recognised where there is a legal or constructive obligation committing the entities to the expenditure.

Fundraising costs are those incurred in seeking voluntary contributions in relation to Shrewsbury School Foundation, a connected charity (Charity number 528415). Provided that, and so long as, Shrewsbury School Foundation exercises and continues to exercise its charitable objects in furtherance of the objects (the “Shrewsbury School Charitable Objects”) set out in the Foundation Trust Deed, the School shall pay the employment, administrative and other costs and expenses of the Foundation in furthering Shrewsbury School's Charitable Objects.

Support costs are those costs that, whilst necessary to deliver an activity, do not themselves produce or constitute the output of the charitable activity. Included in support costs of the School are bursary costs, payroll administration, budgeting and accounting, information technology, human resources and finance. School trip expenditure is included under support costs.

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

Governance costs comprise the costs of running the charity including strategic planning for its future development, also internal and external audit, any legal advice for the Governors and all costs of complying with constitutional and statutory requirements such as the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability.

2.7 Government grants

Government grants are credited to the Consolidated statement of financial activities as the related expenditure is incurred.

Page 27

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

2. Accounting policies (continued)

2.8 Tangible fixed assets and depreciation

Computer equipment costing more than £300 is capitalised and carried in the Balance Sheet at historical cost.

Major refurbishment expenditure, equipment, boats and vehicles costing more than £1,000 are capitalised and carried in the Balance Sheet at historical cost.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Depreciation is not charged on freehold land or assets under the course of construction.

Leasehold property is depreciated over the term of the lease.

Depreciation is calculated on a monthly basis.

The School owns a number of cultural and historic artefacts which are considered to be heritage assets. During the year ended 31 July 2023 a formal valuation of these assets was undertaken by Sotheby’s who valued the assets on both an insurance basis and an auction basis. The valuations provided ranged between £6.050M and £12.214M. Given the highly specialist nature of the items and the resulting broad valuation range, the Governors have concluded that there is insufficient information to recognise them with material accuracy and therefore no value has been attributed to them in the Balance Sheet and no depreciation charged, on the basis that reliable information is not available, as permitted by the Charity SORP.

2.9 Investments

Investments are stated at market value at the Balance Sheet date. The Consolidated statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.

Investments in subsidiaries are valued at cost less provision for impairment.

2.10 Operating leases

Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 28

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

2. Accounting policies (continued)

2.11 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

2.12 Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method, less any impairment.

2.13 Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.14 Fees in advance

Parents may, subject to contractual terms and conditions, pay to the School tuition fees in advance. The money may be returned, subject to specific conditions.

Investments are held to cover the next two years capital liabilities.

2.15 Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions. Assets and liabilities held in foreign currency are translated to GBP at the Balance Sheet date at an appropriate year end exchange rate.

2.16 Concessionary Loans

The loans from Shrewsbury School Foundation and Shropshire Council (see note 18) are considered to meet the criteria of concessionary loans under FRS 102. They have been recorded in the financial statements at face value.

Page 29

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

2. Accounting policies (continued)

2.17 Pensions

The School operates a defined contribution pension scheme for non-teaching staff (Shrewsbury School (2001) Retirements Benefits Scheme). This scheme gives exemption from the requirement to offer a stakeholder pension scheme. During the year the total contributions were £309,079 (2024 - £321,537).

The School also contributes to a personal pension scheme for the benefit of certain Packwood Haugh School employees. The scheme is a defined contribution scheme administered by Scottish Widows. During the year the total contributions were £47,709 (2024 - £46,338).

On 1 September 2021, Shrewsbury School and Packwood Haugh School, gave notice to the Teachers’ Pension Scheme, that they would be implementing the “phased withdraw” regulations. New teaching staff at both Schools would be enrolled into defined contribution pension schemes, at each School (Shrewsbury School 2021 DC Pension Scheme and Shrewsbury School – Packwood Haugh 2021 DC pension Scheme). The Schemes are administered by Legal & General. During the year the total contributions were £949,161 (2024 - £551,202)

The School contributes to a defined benefit pension scheme (final salary scheme) for the academic staff, which is a national scheme operated for the Department for Education and Skills, which requires contributions to be made to a separately administered fund. The total premiums paid during the year were £1,460,584 (2024 - £1,597,807).

In addition, the School operates a defined benefit pension scheme for non teaching staff (Shrewsbury School (1971) Pension and Life Assurance Scheme), which is closed to new members. The basis of contributions to the Scheme is calculated according to the advice of the Scheme actuary. During the year the total contributions were £14,426 (2024 - £13,474).

The School also contributes a defined contribution scheme administered by Standard Life. During the year the total contributions were £187,363 (2024 - £Nil).

Page 30

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

3. Income from grants and donations

Restricted
funds
2025
£
Donations
1,166,975
Total 2025
1,166,975
Total 2024
905,050
4.
Charitable activities - School fees receivable
The School's fee income comprised:
Gross fees
Less: Total bursaries, scholarships and allowances
Add back bursaries, scholarships and allowances paid for by Restricted
Funds		 Total
funds
2025
£
1,166,975
1,166,975
905,050
2025
£
38,896,925
(5,392,936)
33,503,989
807,796
34,311,785		 Total
funds
2024
£
905,050
905,050
2024
£
39,239,231
(5,210,662)
34,028,569
779,968
34,808,537

Scholarships, bursaries and other awards were paid to 451 pupils (2024 - 468).

Within this means tested bursaries totalling £3,999,638 paid to 234 pupils (2024 - £3,779,127 to 254 pupils).

Page 31

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

5. Charitable activities - Other income

Other educational charitable income
Entrance and registration fees
Courses and sub-lettings
Royalties received
Other ancillary activities
Commissions received
School trips
Late payment surcharges
6.
Other trading activities
Trading activities SSEL
Trading activities SSTCL		 2025
£
104,825
222,154
82,081
409,060
2025
£
12
326,709
200
326,921
2025
£
1,418,202
1,530,749
2,948,951		 2024
£
120,222
276,118
69,612
465,952
2024
£
1,334
273,769
400
275,503
2024
£
1,282,334
1,343,901
2,626,235

Page 32

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

Other trading activities (continued)

Shrewsbury School Enterprises Limited (SSEL)

The Charity owns the whole of the £1 ordinary share capital of Shrewsbury School Enterprises Limited (Company registration number 4535585), incorporated in England. The Company’s principal activity is the provision of consulting services to international Schools.

Its trading results for the period, as extracted from the audited accounts, are summarised below:

Turnover
Administration
Operating profit
Interest payable
Interest receivable
Profit for the year
Taxation
Profit after tax
Gift aid payment
Retained loss		 2025
£
1,418,202
(387,686)
1,030,516
(7,748)
-
1,022,768
(644)
1,022,124
(1,022,502)
(378)		 2024
£
1,282,322
(354,493)
927,829
(8,609)
12
919,232
-
919,232
(919,494)
(262)

Shrewsbury School Enterprises Limited approved a gift aid donation of £1,022,502 (2024 - £919,494) to Shrewsbury School during the year.

The net assets of Shrewsbury School Enterprises Limited at 31 July 2025 amounted to £1 (2024 – £379).

At the year end Shrewsbury School Enterprises Limited owed Shrewsbury School £1,134,699 (2024 - £1,044,638). Of this amount £137,635 (2024 - £137,635) is an unsecured loan, repayable with one year's notice and interest charges at 1% above Lloyds Bank Plc base rate.

The management charge from the School to Shrewsbury Enterprises Limited was £322,790 (2024 - £279,332). In addition there is a licence fee of £10,000 (2024 - £10,000).

Page 33

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

Other trading activities (continued)

Shrewsbury School Trading Company Limited (SSTCL)

The Charity owns the whole of the £100 ordinary share capital of Shrewsbury School Trading Company Limited (Company registration number 5580019), incorporated in England. The principal activity of the Company was the operation of the School shop and other recreational activities.

Its trading results for the period, as extracted from the audited accounts, are summarised below:

Turnover
Cost of sales
Gross profit
Administration
Operating profit
Interest receivable
Profit for the year
Taxation
Profit after tax
Gift aid payment
Retained loss		 2025
£
1,530,749
(768,336)
762,413
(462,854)
299,559
-
299,559
710
300,269
(302,402)
(2,133)		 2024
£
1,343,679
(681,549)
662,130
(401,032)
261,098
222
261,320
499
261,819
(265,624)
(3,805)

Shrewsbury School Trading Company Limited approved a gift aid donation of £302,402 (2024 - £265,624) to Shrewsbury School during the year.

The net liabilities of Shrewsbury School Trading Company Limited at 31 July 2025 amounted to £972 (2024 – £1,161 assets).

At the year end Shrewsbury School Trading Company Limited owed Shrewsbury School £511,018 (2024 - £410,580).

The management charge from the School to Shrewsbury School Trading Company Limited was £181,341 (2024 – £156,960).

Page 34

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

7. Investment income

Unrestricted
funds
2025
£
Interest
7,947
Income from listed investments
104,844
Total 2025
112,791
Total 2024
155,471		 Restricted
funds
2025
£
-
29,086
29,086
39,594		 Endowment
funds
2025
£
-
1,890
1,890
2,572		 Total
funds
2025
£
7,947
135,820
143,767
197,637		 Total
funds
2024
£
9,756
187,881
197,637

8. Expenditure on raising funds Trading costs of the subsidiaries

Unrestricted
funds
2025
£
Other costs
904,539
Staff costs
714,895
Depreciation
7,124
Total 2025
1,626,558
Total 2024
1,445,184		 Total
funds
2025
£
904,539
714,895
7,124
1,626,558
1,445,184		 Total
funds
2024
£
664,791
772,658
7,735
1,445,184

Page 35

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

8. Expenditure on raising funds (continued)

Fundraising for voluntary resources

Unrestricted
funds
2025
£
Other costs
147,908
Staff costs
275,698
Total 2025
423,606
Total 2024
308,426		 Total
funds
2025
£
147,908
275,698
423,606
308,426		 Total
funds
2024
£
110,337
198,089
308,426

9. Financing costs

Unrestricted
funds
2025
£
Fees in advance financing cost
220,949
Bad debts and debt collection
103,596
Bank and investment manager charges
28,136
Loan interest
331,252
Pension scheme financing cost
(42,000)
Total 2025
641,933
Total 2024
711,354		 Total
funds
2025
£
220,949
103,596
28,136
331,252
(42,000)
641,933
711,354		 Total
funds
2024
£
116,305
215,685
27,265
400,099
(48,000)
711,354

Page 36

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

10. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2025
£
Teaching
15,593,692
Welfare
5,835,165
Premises
9,016,747
Support and governance
5,452,073
Grants, awards and prizes
-
Total 2025
35,897,677
Total 2024
35,176,964		 Restricted
funds
2025
£
-
-
-
-
993,052
993,052
869,817		 Total
2025
£
15,593,692
5,835,165
9,016,747
5,452,073
993,052
36,890,729
36,046,781		 Total
2024
£
15,047,006
6,200,387
8,924,274
5,005,297
869,817
36,046,781

Summary by expenditure type

Teaching
Welfare
Premises
Support and governance
Grants, awards and prizes
Total 2025
Total 2024		 Staff costs
2025
Depreciation
2025
£
£
13,925,561
-
1,422,784
-
2,951,573
3,582,106
2,958,021
-
-
-
21,257,939
3,582,106
19,881,505
3,098,014		 Other costs
2025
£
1,668,131
4,412,381
2,483,068
2,494,052
993,052
12,050,684
13,067,262		 Total
2025
£
15,593,692
5,835,165
9,016,747
5,452,073
993,052
36,890,729
36,046,781		 Total
2024
£
15,047,006
6,200,387
8,924,274
5,005,297
869,817
36,046,781

Page 37

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

Grants, awards and prizes

From restricted funds:
Bursaries and scholarships
Prizes and awards
Governance included in support costs:
Remuneration paid to auditor for audit services
Remuneration paid to auditor for non- audit services
Other governance costs		 2025
£
807,796
185,256
993,052
2025
£
58,620
32,055
254,509
345,184		 2024
£
779,968
89,849
869,817
2024
£
55,800
29,940
172,871
258,611

Page 38

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

11. Governors' remuneration and expenses

During the year, no Governors received any remuneration or other benefits (2024 - £NIL).

During the year ended 31 July 2025, expenses totalling £11,971 were reimbursed or paid directly to 6 Governors (2024 - £28,103, 9). The expenses related to travel and accommodation.

12. Staff costs

Wages and salaries
Social security costs
Other pension costs (Note 26)
Capitalised labour		 Group
2025
£
17,547,300
1,959,737
2,741,495
22,248,532
-
22,248,532		 Group
2024
£
16,682,018
1,696,366
2,514,858
20,893,242
(40,990)
20,852,252		 Charity
2025
£
16,928,911
1,899,429
2,705,297
21,533,637
-
21,533,637		 Charity
2024
£
15,989,865
1,646,909
2,483,810
20,120,584
(40,990)
20,079,594

During the year there were redundancy or termination payments recognised which amounted to £146,541 (2024 - £161,784). There was £34,490 (2024 - £131,784) outstanding at year end.

The average number of persons employed by the Charity during the year was as follows:

Teaching
Welfare
Premises
Support
Other activities		 Group
2025
No.
251
62
128
79
14
534		 Group
2024
No.
248
64
125
78
13
528

Page 39

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

12. Staff costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2025 2024
No. No.
In the band £60,001 - £70,000 46 48
In the band £70,001 - £80,000 25 19
In the band £80,001 - £90,000 7 5
In the band £90,001 - £100,000 3 3
In the band £100,001 - £110,000 4 1
In the band £110,001 - £120,000 - 1
In the band £120,001 - £130,000 - 1
In the band £130,001 - £140,000 1 -
In the band £150,001 - £160,000 1 2
In the band £160,001 - £170,000 1 -
In the band £250,001 - £260,000 1 -
In the band £230,001 - £240,000 - 1
Aggregate employee benefits of key management personnel 1,863,874 1,723,121

Key management includes the Leadership team.

Page 40

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

13. Tangible fixed assets

Group

Assets in
course of
construction
£
Cost or valuation
At 1 August 2024
4,989,235
Additions
1,524,609
Disposals
-
Transfers between
classes
(6,243,479)
At 31 July 2025
270,365
Depreciation
At 1 August 2024
-
Charge for the year
-
At 31 July 2025
-
Net book value
At 31 July 2025
270,365
At 31 July 2024
4,989,235		 Freehold
Land &
Buildings
£
69,444,059
-
(111,623)
6,243,479
75,575,915
24,884,475
2,353,600
27,238,075
48,337,840
44,559,584		 Furniture,
Fixtures and
fittings
£
14,170,993
481,393
-
-
14,652,386
10,596,674
1,010,488
11,607,162
3,045,224
3,574,319		 Boats
£
1,289,780
37,421
-
-
1,327,201
941,148
68,985
1,010,133
317,068
348,632		 Ground
Machines
& Vehicles
£
1,484,558
60,893
-
-
1,545,451
856,048
156,158
1,012,206
533,245
628,510		 Total
£
91,378,625
2,104,316
(111,623)
-
93,371,318
37,278,345
3,589,231
40,867,576
52,503,742
54,100,280

Page 41

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

13. Tangible fixed assets (continued)

Charity

Assets in
course of
construction
£
Cost or valuation
At 1 August 2024
4,989,235
Additions
1,524,609
Disposals
-
Transfers between
classes
(6,243,479)
At 31 July 2025
270,365
Depreciation
At 1 August 2024
-
Charge for the year
-
At 31 July 2025
-
Net book value
At 31 July 2025
270,365
At 31 July 2024
4,989,235		 Freehold
Land &
Buildings
£
69,444,059
-
(111,623)
6,243,479
75,575,915
24,884,475
2,353,600
27,238,075
48,337,840
44,559,584		 Furniture,
Fixtures &
fittings
£
14,134,808
480,007
-
-
14,614,815
10,574,577
1,003,364
11,577,941
3,036,874
3,560,231		 Boats
£
1,289,780
37,421
-
-
1,327,201
941,148
68,985
1,010,133
317,068
348,632		 Ground
Machines
& Vehicles
£
1,484,558
60,893
-
-
1,545,451
856,048
156,158
1,012,206
533,245
628,510		 Total
£
91,342,440
2,102,930
(111,623)
-
93,333,747
37,256,248
3,582,107
40,838,355
52,495,392
54,086,192

Page 42

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

14. Fixed asset investments

Group and Charity
Cost or valuation
At 1 August 2024
Additions
Disposals
Net investment gains
Movements in cash deposits
At 31 July 2025
Net book value
At 31 July 2025
At 31 July 2024		 Designated
Fund
£
4,962,000
149,445
-
161,056
(1,757)
5,270,744
5,270,744
4,962,000		 Endowed
Funds
£
1,515,542
3,702
-
47,321
(454)
1,566,111
1,566,111
1,515,542		 Fees in
Advance
£
5,985,503
-
(6,762)
285,190
(1,551)
6,262,380
6,262,380
5,985,503		 Total
£
12,463,045
153,147
(6,762)
493,567
(3,762)
13,099,235
13,099,235
12,463,045

Investments are primarily held to provide an investment return to the School.

Investments at market value comprise:

Cash managed funds
Quoted stocks
Cash		 2025
£
6,262,361
6,835,319
1,555
13,099,235		 2024
£
5,983,933
6,473,795
5,317
12,463,045

Material investments

The following investments are held which represent more than 5% of the total market value of investments held:

investments held:
2025 2024
£ £
ICS - Sterling Liquidity Fund 4,777,404 4,566,651
Fidelity Sterling Fund 1,484,957 1,417,282
Sarasin Endowments Fund Class A Inc 6,835,319 6,473,795

Page 43

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

15. Stocks

Group Group Charity Charity
2025 2024 2025 2024
£ £ £ £
Goods for resale and consumables 278,798 265,887 76,189 85,475

16. Debtors

Due within one year
School fees
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
Deferred taxation		 Group
2025
£
874,680
-
1,345,339
543,128
1,209
2,764,356		 Group
2024
£
755,424
-
1,104,706
637,287
499
2,497,916		 Charity
2025
£
874,680
1,697,281
431,354
521,766
-
3,525,081		 Charity
2024
£
755,424
1,455,218
237,732
550,973
-
2,999,347

An impairment gain of £92,365 (2024 - £211,196) was recognised against the School fee debtors.

Included within amounts due from group undertakings is a loan to Shrewsbury School Enterprises Limited of £137,635 (2024 - £137,635). The is unsecured and repayable with one year's notice and is charged at 1% above Lloyds Bank Plc base rate.

Page 44

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

17. Creditors: Amounts falling due within one year

Trade creditors
Corporation tax
Other taxation and social security
Fee deposits
Fees in advance (see note 19)
Other creditors
Accruals and deferred income
Other loan
Term loan 1
Term loan 2
Term loan 3		 Group
2025
£
903,934
644
499,889
1,194,255
4,119,903
1,300,862
904,350
65,000
323,524
443,713
400,000
10,156,074		 Group
2024
£
1,205,204
-
446,849
1,223,405
4,481,250
868,928
2,052,129
65,000
418,031
424,229
400,000
11,585,025		 Charity
2025
£
900,004
-
704,269
1,194,255
4,119,903
1,287,113
729,311
65,000
323,524
443,713
400,000
10,167,092		 Charity
2024
£
1,196,793
-
402,304
1,223,405
4,481,250
855,481
1,851,660
65,000
418,031
424,229
400,000
11,318,153

Within other creditors is £340,199 (2024 - £286,750) payable in respect of pension contributions.

18. Creditors: Amounts falling due after more than one year

Loan from Shrewsbury School Foundation
Fees deposits
Fees in advance (see note 19)
Other loan
Term loan 1
Term loan 2
Term loan 3		 Group
2025
£
1,296,046
3,306,981
3,241,580
368,334
-
3,728,834
800,000
12,741,775		 Group
2024
£
1,296,046
3,200,213
5,149,613
433,334
323,524
4,172,547
1,200,000
15,775,277		 Charity
2025
£
1,296,046
3,306,981
3,241,580
368,334
-
3,728,834
800,000
12,741,775		 Charity
2024
£
1,296,046
3,200,213
5,149,613
433,334
323,524
4,172,547
1,200,000
15,775,277

The loan from Shrewsbury School Foundation is unsecured, interest free and has no fixed payment terms. The loan is considered a concessionary loan.

Page 45

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

Creditors: Amounts falling due after more than one year (continued)

Other loan

The other loan has been provided by Shropshire Council. The loan is repayable by April 2032 paid by monthly instalments. The loan is interest free and is secured on the following properties: Mosers Hall, The New House, 6 Ashton Road, 13 and 15 Ashton Road. This loan is considered to be a concessionary loan.

The other loan falls due as follows:

Between 1-2 years
Between 2-5 years
Over 5 years		 2025
£
65,000
195,000
108,334
368,334		 2024
£
65,000
195,000
173,334
433,334

Term loan 1

The loan from Handelsbanken is unsecured. The loan is repayable by April 2026 in 24 quarterly instalments. The interest rate is fixed at 3.63%.

The term loan falls due as follows:

2025 2024
£ £
Between 1-2 years - 323,524

Page 46

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

Creditors: Amounts falling due after more than one year (continued)

Term loan 2

The loan from Lloyds bank is secured over the freehold land and buildings at the Tudors, Tudor House, including Emma Darwin Hall. The loan is repayable by July 2033 in 40 quarterly instalments. The interest rate is fixed at 4.528%.

The term loan falls due as follows:

Between 1-2 years
Between 2-5 years
Over 5 years		 2025
£
463,613
1,521,886
1,743,335
3,728,834		 2024
£
443,713
1,455,440
2,273,394
4,172,547

Term loan 3

The loan from Handelsbanken is unsecured. The loan is repayable by June 2028 in 20 quarterly instalments. The interest rate is fixed at 6.07%.

The term loan falls due as follows:

Between 1-2 years
Between 2-5 years		 2025
£
400,000
400,000
800,000		 2024
£
400,000
800,000
1,200,000

Page 47

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

19. Fees in advance

Parents may, subject to contractual terms and conditions, pay to the School tuition fees in advance. The money may be returned, subject to specific conditions but, assuming the relevant pupils remain in the School, advance fees will be applied as follows:

Within 1-2 years
Within 2-5 years
Over 5 years
Within 1 year		 2025
£
1,386,319
1,596,205
259,056
3,241,580
4,119,904
7,361,484		 2024
£
2,577,090
2,079,564
492,959
5,149,613
4,481,250
9,630,863

The balance represents the accrued liability under the contracts. The movement during the year was:

Balance at 1 August 2024
New contracts
Amounts accrued to contracts
Amounts utilised in payment of fees to the School
Balance at 31 July 2025		 2025
£
9,630,863
2,287,053
220,949
12,138,865
(4,777,381)
7,361,484		 2024
£
3,687,870
8,800,831
116,271
12,604,972
(2,974,109)
9,630,863

Page 48

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

20. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Tangible fixed assets
52,503,742
Fixed asset investments
11,533,124
Current assets
5,513,892
Creditors due within one year
(10,156,074)
Creditors due in more than one year
(12,741,775)
Total
46,652,909		 Restricted
funds
2025
£
-
-
729,699
-
-
729,699		 Endowment
funds
2025
£
-
1,566,111
22,296
-
-
1,588,407		 Total
funds
2025
£
52,503,742
13,099,235
6,265,887
(10,156,074)
(12,741,775)
48,971,015

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2024
£
54,100,280
10,947,503
8,850,869
(11,585,025)
(15,775,277)
46,538,350		 Restricted
funds
2024
£
-
-
718,233
-
-
718,233		 Endowment
funds
2024
£
-
1,515,542
23,689
-
-
1,539,231		 Total
funds
2024
£
54,100,280
12,463,045
9,592,791
(11,585,025)
(15,775,277)
48,795,814

Page 49

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

21. Statement of funds

Statement of funds - current year

Balance at 1
August 2024
£
Unrestricted
funds
Designated
funds
Designated
funds
4,940,228
Unrestricted
funds
General funds
41,596,582
Subsidiary
trading
1,540
41,598,122
Total
Unrestricted
funds
46,538,350
Endowment
funds
Capital
1,376,187
Re-endowment
fund
162,544
Hentschrew
Prize Fund
500
1,539,231		 Income
£
103,800
35,056,757
2,948,951
38,005,708
38,109,508
-
1,890
-
1,890		 Expenditure
£
-
(35,638,312)
(2,951,462)
(38,589,774)
(38,589,774)
-
-
-
-		 Transfers
in/(out)
£
-
191,543
-
191,543
191,543
-
-
-
-		 Gains/
(Losses)
£
Balance at
31 July 2025
£
161,056
5,205,084
242,226
41,448,796
-
(971)
242,226
41,447,825
403,282
46,652,909
44,401
1,420,588
2,885
167,319
-
500
47,286
1,588,407

Page 50

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

21. Statement of funds (continued)

Balance at 1
August 2024
£
Restricted
funds
Shrewsbury
School
Foundation
6,636
Guyer Family
Prize
190
Hentschrew Prize
80
Darwin
Scholarship
7,212
Hargreaves
Legacy
500
Salopian Club
-
Duffell Prize
Fund
4,940
Shrewsbury
School Parents'
Association
-
Consolidated
Fund:
Unappropriated
income
696,675
Art Fund
2,000
718,233
Total of funds
48,795,814		 Income
£

939,437
-
-
-
-
226,846
-
692
29,086
-
1,196,061
39,307,459		 Expenditure
£
(822,129)
(30)
-
-
-
(158,846)
-
(692)
(11,355)
-
(993,052)
(39,582,826)		 Transfers
in/(out)
£
(123,543)
-
-
-
-
(68,000)
-
-
-
-
(191,543)
-		 Gains/
(Losses)
£
Balance at
31 July 2025
£
-
401
-
160
-
80
-
7,212
-
500
-
-
-
4,940
-
-
-
714,406
-
2,000
-
729,699
450,568
48,971,015

Page 51

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

21. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Designated
funds
Designated
funds
Unrestricted
funds
General funds
Subsidiary
trading
Total
Unrestricted
funds
Endowment
funds
Capital
Re-endowment
fund
Hentschrew
Prize Fund		 Balance at
1 August
2023
£
3,774,113
41,585,633
5,607
41,591,240
45,365,353
1,285,921
122,027
500
1,408,448		 Income
£
125,742
35,579,721
2,626,235
38,205,956
38,331,698
-
2,572
-
2,572		 Expenditure
£
-
(35,011,626)
(2,630,302)
(37,641,928)
(37,641,928)
-
-
-
-		 Transfers
in/(out)
£
671,470
(607,131)
-
(607,131)
64,339
(30,123)
30,123
-
-		 Gains/
(Losses)
£
368,903
49,985
-
49,985
418,888
120,389
7,822
-
128,211		 Balance at
31 July 2024
£
4,940,228
41,596,582
1,540
41,598,122
46,538,350
1,376,187
162,544
500
1,539,231

Page 52

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

21. Statement of funds (continued)

Balance at
1 August
2023
£
Income
£
Expenditure
£
Restricted funds
Shrewsbury
School
Foundation
20,256
855,469
(807,492)
Guyer Family Prize
180
40
(30)
Hentschrew Prize
80
-
-
Darwin
Scholarship
7,212
-
-
Hargreaves
Legacy
500
-
-
Salopian Club
-
31,843
(29,101)
Duffell Prize Fund
4,940
-
-
Consolidated
Fund:
Unappropriated
income
672,577
39,594
(15,496)
Art Fund
2,000
-
-
Sabrina Club
-
13,783
(13,783)
External Bursaries
-
3,915
(3,915)
707,745
944,644
(869,817)
Total of funds
47,481,546
39,278,914
(38,511,745)		 Balance at
1 August
2023
£
Income
£
Expenditure
£
Restricted funds
Shrewsbury
School
Foundation
20,256
855,469
(807,492)
Guyer Family Prize
180
40
(30)
Hentschrew Prize
80
-
-
Darwin
Scholarship
7,212
-
-
Hargreaves
Legacy
500
-
-
Salopian Club
-
31,843
(29,101)
Duffell Prize Fund
4,940
-
-
Consolidated
Fund:
Unappropriated
income
672,577
39,594
(15,496)
Art Fund
2,000
-
-
Sabrina Club
-
13,783
(13,783)
External Bursaries
-
3,915
(3,915)
707,745
944,644
(869,817)
Total of funds
47,481,546
39,278,914
(38,511,745)		 Transfers
in/(out)
£
(61,597)
-
-
-
-
(2,742)
-
-
-
-
-
(64,339)
-		 Transfers
in/(out)
£
(61,597)
-
-
-
-
(2,742)
-
-
-
-
-
(64,339)
-		 Gains/
(Losses)
£
-
-
-
-
-
-
-
-
-
-
-
-
547,099		 Balance at
31 July 2024
£
6,636
190
80
7,212
500
-
4,940
696,675
2,000
-
-
718,233
- 48,795,814

Page 53

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

Statement of funds (continued)

Designated Fund

A fund established by the Governors to assist future pupils with bursarial support to attend the School.

Re-endowment Fund

A fund established in 1924 to contribute to the upkeep of the estate and to the support of pupils at Shrewsbury School who are in financial need.

Shrewsbury School Foundation

A registered charity supporting a range of educational objectives through financial contributions to Shrewsbury School and its pupils. Donations received totalled £939,437 (2024 - £855,469) of which £822,129 (2024 - £793,872) was given to support bursaries awarded to pupils and £123,543 (2024 - £61,597) for capital projects.

Guyer Family Prize

An annual prize for an outstanding contribution to the music department.

Hentschrew Prize

An annual prize to the boy in the School House who contributes most to the well running of the house, in a social rather than academic or sporting context.

Darwin Scholarship

A scholarship awarded to pupils attending the School from Hong Kong who are judged outstanding academically, in the arts, music or sport.

Hargreaves Legacy

A legacy left by an old boy, to be used for educational purposes.

Salopian Club Fund

The donations received from the Salopian Club to assist with costs relating to staff and the Salopian magazine.

Duffell Prize Fund

A donation received to fund a prize to a pupil who excels in design and technology.

Consolidated Fund

A consolidation of 70 small funds the income from which, is used to provide prizes, scholarships and bursaries to pupils at Shrewsbury School.

Art Fund

A donation received to support the Art Department.

Sabrina Club

A donation received to assist with the purchase of a boat.

External Bursaries

Donations received assist pupils who would not otherwise be able to attend Shrewsbury School.

Packwood - Redevelopment of Science Facilities

Donations received to assist with the redevelopment costs of the science facilities at Packwood Haugh School.

Page 54

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

Statement of funds (continued)

Transfers between funds

The transfer between restricted and general funds of £191,543 (2024 - £64,339) represents capital items purchased from restricted funds (capital items purchased are in accordance with the donors wishes).

The transfer between general and designated funds in prior year of £671,470 represents the transfer approved to the designated fund by the Trustees during the year.

22. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Gains on investments
Dividends and interest from investments
Profit on the sale of fixed assets
(Increase)/decrease in stocks
Increase in debtors
(Decrease)/increase in creditors
Pension scheme movement
Interest paid on borrowings
Net cash provided by operating activities		 Group
2025
£
218,201
3,589,231
(493,568)
(143,767)
(19,048)
(12,911)
(266,440)
(3,155,193)
(43,000)
331,252
4,757		 Group
2024
£
1,389,268
3,105,749
(622,099)
(197,637)
(26,280)
7,378
(356,461)
5,451,164
(75,000)
400,099
9,076,181

23. Analysis of cash and cash equivalents

Cash at bank
Cash held in investments
Total cash and cash equivalents		 Group
2025
£
3,222,733
1,555
3,224,288		 Group
2024
£
6,828,988
5,317
6,834,305

Page 55

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

24. Analysis of changes in net debt

Cash at bank
Debt due within 1 year
Debt due after 1 year		 At 1 August
2024
£
6,828,988
(1,307,260)
(7,425,451)
(1,903,723)		 Cash flows
£
(3,606,255)
1,307,260
-
(2,298,995)		 Other non-
cash
changes
£
-
(1,232,237)
1,232,237
-		 At 31 July
2025
£
3,222,733
(1,232,237)
(6,193,214)
(4,202,718)

25. Capital commitments

At 31 July 2025 the group and charity had capital commitments as follows:

2025 2024
£ £
Contracted for but not provided in these financial statements - 1,286,773

Page 56

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

26. Pension commitments

Teachers’ Pension Scheme

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff who joined pre September 2021. The pension charge for the year includes contributions payable to the TPS of £1,460,584 (2024 - £1,597,807) and at the year-end £165,923 (2024 - £210,533) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn.

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

Shrewsbury School (1971) Pension and Life Assurance Scheme

The School has a defined benefit pension scheme for certain support staff (Shrewsbury School (1971) Pension and Life Assurance Scheme) and its assets are invested in pooled, bond and guilt funds with Legal & General Investment Managers. The scheme has been closed to new members since 2001.

The amounts in the financial statements for the year ended 31 July 2024, relating to pensions, are based on a full actuarial valuation dated 31 May 2022.

The valuation, as of 31 May 2022, revealed a funding deficit of £759,000. Subsequent to the valuation date, there was a significant improvement in the Scheme’s funding position and the Trustees of the Scheme and the School, agreed and implemented a de-risking investment strategy, holding 100% of matching assets in order to protect the funding surplus and reduce any funding volatility. As a result of this strategy, the Scheme is now in surplus, and the statutory funding objective has been met.

This post valuation experience has resulted in the following:

  1. The school paid contributions of 23.8% pf pensionable salaries up to 31 August 2023, and from 1 September 2023, 23.5% of pensionable salaries, to meet the cost of future accrual for active members of the Scheme, in line with the Schedule of Contributions dated 24 August 2023.

  2. In accordance with the Schedule of Contributions dated 24 August 2023, the School paid additional contributions of £138,000 a year to 31 August 2023. As from 1 September 2023, these additional contributions are no longer required as the Scheme is in surplus.

In addition, with the agreement the Trustees of the Pension Scheme and the School, the administration expenses of the Scheme could be borne by the Scheme, up to £100,000 a year, if not the School will continue to meet the administrative expenses of the Scheme.

The Trustees of the Pension Scheme, have a charge over he is following School properties: 33 Porthill Road, 23 and 23a Ashton Road.

Page 57

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

26. Pension commitments (continued)

Principal actuarial assumptions at the Balance sheet date (expressed as weighted averages):

Discount rate
Future salary increases - pre 2030
Future salary increases - post 2030
Inflation assumption (RPI) - pre 2030
Inflation assumption (RPI) - post 2030
Inflation assumption (CPI) - pre 2030
Inflation assumption (CPI) - post 2030
Pre 6/4/1997 (fixed 3%)
Post 6/4/1997 (RPI min 3%, max 5% - Option A members) - pre 2030
Post 6/4/1997 (RPI min 3%, max 5% - Option A members) - post 2030
Post 6/4/1997 (CPI min 3%, max 5% - Option B members) - pre 2030
Post 6/4/1997 (CPI min 3%, max 5% - Option B members) - post 2030
Mortality rates (in years)
- for a male aged 65 now
- at 65 for a male aged 45 now
- for a female aged 65 now
- at 65 for a female aged 45 now		 At 31 July
2025
%
5.55
2.05
2.75
2.95
2.75
2.05
2.75
3.00
3.50
3.45
3.25
3.45		 At 31 July
2024
%
4.95
2.25
2.95
3.15
2.95
2.25
2.95
3.00
3.60
3.55
3.30
3.55
At 31 July
2025
Years
21.8
22.8
24.1
25.2		 At 31 July
2024
Years
21.5
22.4
24.0
25.1

Sensitivity analysis

At 31 July At 31 July
2025 2024
£ £
Discount rate +0.25% (122,000) (143,000)
RPI rate +0.25% 37,000 45,000
CPI rate +0.25% 20,000 22,000
Assumed life expectancy age 65 - increase by 1 year 255,000 273,000

Page 58

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

26. Pension commitments (continued)

The Group's share of the assets in the scheme was:

Bonds
Insurance annuities
Cash
Total fair value of assets		 At 31 July
2025
£
5,014,000
848,000
85,000
5,947,000		 At 31 July
2024
£
5,516,000
968,000
45,000
6,529,000

The actual return on scheme assets was £(167,000) (2024 - £198,000).

The amounts recognised in the Consolidated Statement of Financial Activities are as follows:

Current service cost - within Schools and grant making
Net interest on pension scheme liabilities - within finance charges
Total amount recognised in the Consolidated Statement of Financial
Activities		 2025
£
13,000
(42,000)
(29,000)		 2024
£
12,000
(48,000)
(36,000)

Movements in the present value of the defined benefit obligation were as follows:

Opening defined benefit obligation
Contributions by scheme participants
Actuarial gains
Benefits paid
Current service cost
Interest cost
Closing defined benefit obligation		 2025
£
5,686,000
3,000
(357,000)
(432,000)
13,000
271,000
5,184,000		 2024
£
5,705,000
3,000
(2,000)
(321,000)
12,000
289,000
5,686,000

Page 59

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

26. Pension commitments (continued)

Movements in the fair value of the Group's share of scheme assets were as follows:

Opening fair value of scheme assets
Interest income
Actuarial losses
Contributions by employer
Contributions by scheme participants
Benefits paid
Closing fair value of scheme assets
Reconciliation of funded status:
Opening deficit
Employer contributions
Charge recorded in Statement of Financial Activities
Actuarial loss received in Statement of Financial Activities		 2025
£
5,686,000
312,000
(400,000)
14,000
3,000
(431,000)
5,184,000
2025
£
-
14,000
29,000
(43,000)
-		 2024
£
5,705,000
337,000
(77,000)
39,000
3,000
(321,000)
5,686,000
2024
£
-
39,000
36,000
(75,000)
-

Page 60

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

27. Operating lease commitments

At 31 July 2025 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Group and Charity Amounts payable:
Within 1 year
Between 1 and 5 years		 Group and
Charity
2025
£
51,318
101,795
153,113		 Group and
Charity
2024
£
69,627
178,422
248,049

The following lease payments have been recognised as an expense in the Statement of financial activities:

Group and Group and
Charity Charity
2025 2024
£ £
Group and Charity
Operating lease rentals 60,117 53,293

Page 61

SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

28. Financial instruments

Group Group Charity Charity
2025 2024 2025 2024
£ £ £ £
Financial assets
Financial assets measured at fair value
through income and expenditure 13,099,235 12,463,045 13,099,235 12,463,045

Financial assets measured at fair value through income and expenditure comprises investments in UK listed securities.

The Group’s income, expense, gains and losses in respect of financial instruments are summarised below:

Group Group Charity Charity
2025 2024 2025 2024
£ £ £ £
Total investment income for financial assets
measured at fair value through income and
expenditure 143,767 197,637 143,767 197,637
Net (gain)/loss on financial assets measured
at fair value through income and expenditure (493,568) (622,099) (493,568) (622,099)
Impairment loss on financial assets measured
at amortised cost 92,365 211,196 92,365 211,196
Total interest expense for financial liabilities
held at amortised cost 331,252 135,376 331,252 400,099

29. Related party transactions

During the year Shrewsbury School had various transactions and balances outstanding at the year end with its two wholly owned trading subsidiaries, Shrewsbury School Enterprises Limited and Shrewsbury School Trading Company Limited. These are disclosed in note 6.

Governors' remuneration and expenses are disclosed in note 11 and key management personal remuneration is disclosed in note 12.

There are no other related party transactions to disclose.

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SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

30. Consolidated Statement of Financial Activities for the year ended 31 July 2024

Income and endowments from:
Grants and donations
Charitable activities:
School fees
Other educational income
Other ancillary trading
Other trading activities
Investments
Total income
Expenditure on:
Raising funds:
Trading activities
Fundraising costs
Financing costs
Charitable activities:
Education and grant making
Total expenditure
Net gains in investments
Net income before transfers
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward
Actuarial losses on defined benefit
pension schemes
Net movement in funds before
other recognised losses
Net income before net losses on
investments		 Unrestricted
funds
Restricted
funds
Endowment
funds
Total funds
2024
2024
2024
2024
£
£
£
£
-
905,050
-
905,050
34,808,537
-
-
34,808,537
465,952
-
-
465,952
275,503
-
-
275,503
2,626,235
-
-
2,626,235
155,471
39,594
2,572
197,637
38,331,698
944,644
2,572
39,278,914
1,445,184
-
-
1,445,184
308,426
-
-
308,426
711,354
-
-
711,354
35,176,964
869,817
-
36,046,781
37,641,928
869,817
-
38,511,745
689,770
74,827
2,572
767,169
493,888
-
128,211
622,099
1,183,658
74,827
130,783
1,389,268
64,339
(64,339)
-
-
1,247,997
10,488
130,783
1,389,268
(75,000)
-
-
(75,000)
1,172,997
10,488
130,783
1,314,268
45,365,353
707,745
1,408,448
47,481,546
1,172,997
10,488
130,783
1,314,268
46,538,350
718,233
1,539,231
48,795,814

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SHREWSBURY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

31. Post balance sheet events

On 1 August 2025, a merger took place between Shrewsbury School and Terra Nova School Trust Limited (company number 00554799). Terra Nova School Limited is a preparatory school for pupils aged between 4 and 13 based in Cheshire. The assets, liabilities and trading activities of Terra Nova School Trust Limited were transferred to Shrewsbury School.

The merger will be accounted for in the School's financial statements for the year ended 31 July 2026, with the total value of the funds being transferred being treated as a donation in the consolidated Statement of Financial Activities. The total value of funds as at 1 August 2025 to be transferred has yet to be finalised, but the total value of funds held by Terra Nova School Trust Limited at 31 August 2024 was £1,410,435. Further details regarding the merger can be found in the Trustees report.

On 10 October 2025, Shrewsbury School acquired the shares of Prestfelde School Limited (company number 05023969). Prestfelde School Limited is a preparatory school for pupils aged between 4 and 13 based in Shropshire. The assets, liabilities and trading activities of Prestfelde School Limited were transferred to Shrewsbury School. The investment in subsidiary will be accounted for in the School's financial statements for the year ended 31 July 2026, with the total value of the funds being acquired and the balance of consideration accounted as goodwill. The total value of funds as at 10 October 2026 to be transferred has yet to be finalised, but the total value of funds held by Prestfelde School Limited at 31 August 2024 was £4,523,359. Further details regarding the share purchase can be found in the Trustees report.

Page 64