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2021-07-31-accounts

Charity number: 528415

SHREWSBURY SCHOOL FOUNDATION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

SHREWSBURY SCHOOL FOUNDATION

CONTENTS

Page
Reference and administrative details of the charity, its Trustees and advisers 1
Trustees' report 2 - 10
Independent auditor's report on the financial statements 11 - 13
Statement of financial activities 14
Balance sheet 15
Statement of cash flows 16
Notes to the financial statements 17 - 38

SHREWSBURY SCHOOL FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2021

Trustees J D C Pitt, Chairman1
J Arthur1
J E M Cross QC
J D Dickson
M C Kerr
A Haining
D Perks
E M Parfitt Gurden
T Haynes
E G Hodgson (appointed 16 June 2021)
1
Investment Committee member
Charity registered
number
528415
Principal office
The Schools
Shrewsbury
SY3 7BA
Director
Mr Oliver Jackson-Hutt
Independent auditor
Crowe U.K. LLP
Fourth Floor
St James House
St James Square
Cheltenham
GL50 3PR
Bankers
Handelsbanken Plc
Michael Place, Anchorage Avenue
Shrewsbury Business Park
Shrewsbury
SY2 6FG
Investment advisors
Sarasin & Partners
Juxon House
100 St. Paul's Churchyard
London
EC4M 8BU

Page 1

SHREWSBURY SCHOOL FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2021

The Trustees present their annual report for the year ended 31 July 2021, under the Charities Act 2011, together with the audited accounts for the year and confirm that the latter comply with the Act, the Charity's governing document, and the provisions of the SORP ‘Accounting and Reporting by Charities’, the Charities SORP (FRS102) effective January 2019.

Reference and Administration Information

Shrewsbury School Foundation ("The Foundation") is registered with the Charity Commission under Charity Number 528415. The Foundation's Trustees, Officers, principal address and professional advisors are listed on page 1.

Objectives and Activities

Summary of the purposes of the charity as set out in its governing document

The principal objects of the Foundation are to foster, promote and advance:

Mission and Methodology

The Foundation's Mission

Development Office’s Mission

Method: Impact Assessment / Achievement Metrics

Principal Activities of the Year

The Foundation's principal activity continued to be that of fundraising in order to enable it to meet its charitable objectives.

Summary of the main activities in relation to those purposes, in particular, the activities, projects or services identified in the accounts

Administration throughout the period came under the auspices of the incumbent Director of Development, OA Jackson-Hutt (OAJ-H) and Chairman, JDC Pitt (JDCP).

Page 2

SHREWSBURY SCHOOL FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

Campaign 2010 – 2020 formally concluded on 31.07.20, but administration associated with the conclusion, recognition and onwards stewardship of donors continued to 31.12.20. such as securing the final components of gifts, or appropriate payment plans, which had been undertaken as part of this campaign.

Campaign 2020 – 2030 formally launched on 01.08.20, with the initial focus of serving the School’s aspiration to increase the number of young people attending the School who would be able to take full advantage of the unique opportunity a Shrewsbury education can provide, were it not for their financial circumstances. Within this strengthened focus on social responsibility, we seek to increase the number of Transformative Means Tested Bursaries the Foundation is able to offer.

Our definition of ‘Transformative Means Tested Bursaries’ is those which enable young people requiring 75% – 110% remission of fees to attend the School.

Fundraising continues to form a vital part of the School’s capacity to deliver its mission, influencing positively a number of the School’s strategic objectives to 2030. Our ten year global Advancement strategy sets out an ambitious campaign, with an initial focus of supporting Means Tested Bursaries, whilst retaining the ability to welcome new and additional projects alongside in the years ahead. We are progressing with confidence toward the School’s commitment to meet its strategic objective of increasing the number of Transformative Means Tested Bursary recipients to a target of 40 pupils annually by 2030.

Within the 10 year strategic plan for Development, the new 1552 Legacy Society Strategy was pursued, and its new methods of approach, cultivation and solicitation have gained prompt traction, securing a range of new and additional quantified legacy pledges adding nearly £1m to the quantified legacy pledge sum in year.

An Internship Programme was launched, competitively recruiting and selecting current pupil sixth formers to work for a year long, professionally managed and project-led internship in the Development Office, contributing to a range of activities, including a bespoke telephone engagement programme for elderly alumni throughout the year.

Following the successful implementation of the new cloud based MIS Software platform, a dynamic training programme for colleagues was devised and introduced, forming a ‘user group’ and engaging with online, in person, and certificated training courses developing skills and enhancing expertise throughout the department.

The new software also enabled new digital giving methods to be introduced through our website, and a new e- marketing tool, which provides high quality digital outreach functionality, with granular reporting.

Working in close collaboration with the Finance Office, an iterative approach to fund rationalisation and consolidation was introduced. The first and boldest step of this work was the creation of The Means Tested Bursary Fund, as an amalgamative successor to the previous House Foundation Awards Funds, and the Headmaster’s Bursary Fund – consolidating and increasing the flexibility and size of the fund, whilst providing administrative efficiencies of management accounting, reporting, and marketing.

A high quality publication was produced both in print matter and as a digital flicking book: the Annual Report & Donor Roll 2020 – 2021 has been distributed globally to 8515 recipients in print, and to 8607 digitally.

The Development Office continued to respond flexibly to the impact of restrictions associated with the global pandemic. The most pronounced impediment was on travel, limiting the frequency and depth of engagement which was possible at times, locally, nationally, and internationally.

In November 2020 an entirely digital ‘in remote’ affinity telephone campaign was undertaken, engaging with a call pool of 3000 alumni, friends and supporters, and providing a connection to the School and introducing the new Campaign, while taking on feedback and ideas for the next period of the administration, seeking information on engagement preferences, seeking to grow and cultivate the donor base.

Although virtual, continuing engagement took place with the established industry professional associations with which memberships are held: The Institute of Development Professionals in Education (IDPE) and the Council

Page 3

SHREWSBURY SCHOOL FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

for the Advancement and Support of Education (CASE).

During the period work was undertaken in partnership with Wilsons Solicitors LLP to review and update the Foundation’s Trust Deed, to make it better suited to the necessary contemporary powers for administration, such as virtual meetings.

Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit:

In setting such aims, objectives, and in planning activities, the Trustees gave careful consideration to the Charity Commission's guidance on public benefit.

Policy on grant making

The Trustees' policy is primarily to support Shrewsbury School, and pupils who attend the School.

During the year total grants of £664,129 (2020: £1,252,093) were made, to fund specific bursaries, scholarships, capital projects and prizes for pupils attending Shrewsbury School.

Monies raised for specific purposes, as directed by the donors, are held in restricted reserves until either the project commences or a suitable recipient is identified. The Trustees have discretion to use unrestricted donations, as they see fit, provided the use falls within the objects of the Charity.

Policy on social investment including program related investment:

The social investment and program related investment activity of Shrewsbury School is supported, directly, by Shrewsbury School Foundation.

Contribution made by volunteers

In the period, the impact of COVID-19 has limited the charity’s ability to benefit from volunteers, although for where this has been possible their contributions are recognised and thanked here.

Achievements and Performance

Summary of the main achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole.

Statement on the impact of COVID-19

COVID-19 again had a significant impact on operations. It has not been possible to hold any fundraising events, and there were limited opportunities to undertake, discovery, cultivation or solicitation meetings in person. The impact on the Foundation’s income in both the short, and the medium term is a known unknown.

Impact Assessment

Immediate beneficiaries of the achievements are pupils and staff of the School.

Wider beneficiaries of the achievements are donors, families, sponsors, and friends of pupils and staff of the School, some wider members of the local community, and some members of the global community.

Page 4

SHREWSBURY SCHOOL FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

Achievements against objectives set:

The Foundation raised £582,446 (2020: £532,845) during the year. The main fundraising activity was for the provision of means tested bursary support for pupils attending Shrewsbury School and the completion of the Capital Campaign. Larger sums raised were as follows:

The Foundation made grants during the year of £664,129 (2020: £1,252,093). Grants were for the following purposes:

• £490,812 (2020: £541,261) was granted to Shrewsbury School to provide bursaries to pupils in accordance with donors' wishes when they donated the funds to the Foundation. The grants supported 24 (2020: 28) pupils, of which 6 received 100% bursaries funded by the Foundation.

Investment performance against objectives

Interest income amounted to £231 and investment income amounted to £99,821.

These sums contributed to the overall provisions the charity was able to make as detailed above.

Financial Review

Review of the charity’s financial position at the end of the period

The Foundation's reserves at the end of the period totalled £5,895,495 (2020: £5,432,317).

Page 5

SHREWSBURY SCHOOL FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

Statement explaining the policy for holding reserves stating why they are held

Through its fundraising document, the Foundation has clearly established how funds are to be used in future.

Unless specifically stated, donations to the Foundation are allocated to Unrestricted Funds to be used at the discretion of the Trustees in providing support to Shrewsbury School.

Donations for specific use will be designated to either Restricted Funds or Endowment Funds and used in the manner prescribed.

The Trustees believe that the Foundation has a robust reserves policy that will enable it to support Shrewsbury School in an effective manner in the years to come.

Amount of reserves held

At the year end the Foundation's free reserves stood at £1,425,986 (2020: £1,379,520).

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. COVID-19 impacted on the donations that the Foundation has received and the future grants that can be made to Shrewsbury School. The Trustees make grants only when there are cash resources available. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

The charity’s principal sources of funds (including any fundraising)

In the period, the charity’s principal sources of funds are the proceeds of fundraising, with secondary sources of funds through a managed investments portfolio, with tertiary sources of funds from interest accrued on balances and investments.

Fundraising

The Foundation undertook a wide range of fundraising activities during the year, aimed at meeting its objectives. Some of the activities undertaken were as follows:

All of the Foundation's fundraising activities are specifically targeted and, in all cases, potential donors were informed that they would be contacted prior to any contact being made, such that they could de-request or change their contact preferences.

The Development Office and its staff are members of the Institute of Development Professionals in Education

Page 6

SHREWSBURY SCHOOL FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

and the Council for the Advancement and Support of Education. Staff regularly attend both virtual and in person conferences locally, regionally, nationally, and internationally designed to promote best practice in the field of fundraising.

ln the period, there have not been any breaches or failures to comply with fundraising regulatory standards of any regulatory body governing fundraising protocols. In the period, there have not been any formal complaints against the Foundation.

Investment policy and objectives including any social investment policy adopted

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

The Trustees review on a regular basis the investment profile of the Foundation, the risks and returns achieved and likely future performance. The current policy is to produce a regular and growing income stream, together with capital growth.

The policy of the Foundation with regard to investments is to ensure that they produce a regular and growing income stream, together with capital growth. During the year the Foundation undertook a review of investment managers, and as a result appointed Sarasin & Partners to replace Rathbone Investment Managers, early in 2021. As a result of this decision the investment held by Rathbones were sold, and the proceeds reinvested in the Sarasin Endowments Fund Class A Income Fund, a global multi-asset portfolio with an integrated socially responsible investment policy. The transfer of funds took several months. 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 Foundation’s investments increased in capital value by 13.1% over the previous year.

A description of the principal risks facing the charity

The Trustees are responsible for the management of risk faced by the Foundation. Trustees review annually the Foundation's risk management process, to ensure risks are identified, assessed and controls established.

The key controls used and being developed by the Foundation include:

The Trustees are satisfied that the major risks have been identified and managed where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

The ability and inclination of donors to maintain or increase their level of support for the Foundation's objectives is a principal risk along with the ability of the Foundation to attract new donors. Economic and personal factors can impact on the level of donations that the Foundation may receive. The Foundation maintains close contact with major donors, researches potential new donors and runs a full spectrum of discovery activity to interact with potential new donors.

Additionally, there is an inherent risk in the Foundation’s investment portfolio in terms of its exposure and return. Members of the Investment Committee monitor the performance of the investments with retained advisers.

The Foundation has also considered non-financial risks and in particular the way in which the Foundation carries out its fundraising activities. The Foundation has in place a series of protocols which ensure that any fundraising activities are carried out in accordance with best practice. The Director works closely with, and benefits from, the support and leadership of the Chairman of the Foundation and the direct line management of the Headmaster,

Page 7

SHREWSBURY SCHOOL FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

ensuring complete alignment between the activity and direction of the Foundation in its strategic approach to the furtherance of the School's objectives.

The Trustees will ensure that sufficient funds remain in the Foundation before making grants from unrestricted funds.

Structure, Governance and Management

Type of governing document, and how the charity is constituted

The Shrewsbury School Foundation is constituted under a Trust Deed, dated 18 May 1965.

Trustee selection methods including details of any constitutional provisions

In accordance with the Trust Deed, the Trustees are responsible for appointing new Trustees. Trustees review on a regular basis the relevant skills knowledge and experience of the Trustee Board as a whole. The Trustees aim to appoint new Trustees who have skills knowledge and experience that are relevant to the Foundation's needs.

Policies and procedures adopted for the induction and training of trustees :

New Trustees are inducted into the Foundation by way of individual meetings with the Chairman and other Trustees, as well as the Director. In addition, new Trustees are provided with minutes and papers of previous Trustee meetings to enable them to appreciate and prepare for the matters that the Trustees are currently considering.

Trustees, both existing and new, are made aware of suitable training opportunities.

The charity’s organisational structure and any wider network with which the charity works

The Trustees are legally responsible for the overall management and control of the Foundation and meet at least twice a year. At these meetings they:

There is an Investment Committee which monitors and reviews the Foundation's investment policy and performance.

The day-to-day running of the Foundation is delegated to the Director, who attends the Trustees' meetings.

The remuneration of the Key Management Personnel is set to provide appropriate incentives to encourage enhanced performance and to reward fairly and responsibly individual contributions to the Foundation's success.

Page 8

SHREWSBURY SCHOOL FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

Group Structure and Relationship

Shrewsbury School is a connected charity due to it being the main beneficiary from the Foundation's grants.

Shrewsbury School Foundation Inc. is also a connected charity due to its purpose being fundraising for the Foundation.

Future Plans

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Page 9

SHREWSBURY SCHOOL FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 Audftor The auditor, Crowe U.K. LLP, has Indic&ted his vllllngne5s lo ¢onlinuo in offKe. The designated Trust8e8 wil propose a motion reappointing the auditor at a meeting of the Trustees. Approved by order of the mambers of the board of Tru8te¢$ on 12 January 2022 and Signed on Ihelr behalf by: JDCPltt Page 10

SHREWSBURY SCHOOL FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SHREWSBURY SCHOOL FOUNDATION

Opinion

We have audited the financial statements of Shrewsbury School Foundation (the 'charity') for the year ended 31 July 2021 which comprise the Statement of Financial Activities, the Balance sheet, the 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).

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 charity 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 Trustees' 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 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 Trustees with respect to going concern are described in the relevant sections of this report.

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 Trustees 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.

Page 11

SHREWSBURY SCHOOL FOUNDATION

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

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 trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees 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 Trustees are responsible for assessing the 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 Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 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.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

Page 12

SHREWSBURY SCHOOL FOUNDATION

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

We obtained an understanding of the legal and regulatory frameworks within which the charity 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, 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 ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud.

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 within the timing of recognition of income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Trustees about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, designing audit procedures over income, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, 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.

Use of our report

This report is made solely to the charity's trustees, 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 trustees, 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: 20 April 2022

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

Page 13

SHREWSBURY SCHOOL FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2021

Note
Income and
endowments from:
Donations and legacies
4
Investments
5
Other income
6
Total income and
endowments
Expenditure on:
Raising funds:
7
Fundraising costs for
donations and
legacies
Less contribution
from Shrewsbury
School
Charitable activities:
8
Grants and bursaries
Total expenditure
Net
(expenditure)/income
before net
gains/(losses) on
investments
Net gains/(losses) on
investments
11
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 Unrestricted
funds
2021
£
62,028
69,175
231
131,434
276,833
(276,833)
221,417
221,417
(89,983)
136,449
46,466
2,675,566
46,466
2,722,032		 Restricted
funds
2021
£
519,418
30,646
-
550,064
-
-
442,712
442,712
107,352
12,780
120,132
609,407
120,132
729,539		 Endowment
funds
2021
£
1,000
-
-
1,000
-
-
-
-
1,000
295,580
296,580
2,147,344
296,580
2,443,924		 Total
funds
2021
£
582,446
99,821
231
682,498
276,833
(276,833)
664,129
664,129
18,369
444,809
463,178
5,432,317
463,178
5,895,495		 Total
funds
2020
£
532,845
100,811
2,199
635,855
369,324
(369,324)
1,252,093
1,252,093
(616,238)
(372,319)
(988,557)
6,420,874
(988,557)
5,432,317

The notes on pages 17 to 38 form part of these financial statements.

Page 14

SHREWSBURY SCHOOL FOUNOATION BALANCE SHEET AS AT 31 JULY 2021 2021 2020 Note Flxed assfrts Inv8Stmenls Curr8nt ass•ts 11 3.963,643 3,387,612 Debtors.. amounts falliru due after more than one year Debtors.. amounts falling due within one year Cash at bank and in hand 12 12 1,298,046 31,946 619,853 1,296,046 2.247 1,031,480 1.947.846 2.329. T67 Credrtors: amounts falling due within one year 13 (5,8931 [2￿062} Not ¢urrnnt assets 1,941,952 2,044, 705 Total not assets 5,895,496 &432,317 Charfty funds End¢Jwment funds Restricted funds Unrestricted funds 14 2,443,924 729,539 2.722.032 2,147,344 609.407 2.675,566 14 14 Total funds 5,895A95 &432,317 The financial statements ￿re approved and authorised lor Issue by the Trustees on 12 January 2022 ond signed on their ￿h8￿ by.. JDCPItt JEMCrossQC The notes on pages 17 to 38 form part of these financial statements. Page 15

SHREWSBURY SCHOOL FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2021

Note
Cash flows from operating activities
Net cash used in operating activities
17
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from sale of investments
Purchase of investments
Net cash (used in)/provided by investing 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
18
The notes on pages 17 to 38 form part of these financial statements		 2021
£
(390,326)
99,821
3,963,441
(4,084,563)
(21,301)
(411,627)
1,031,480
619,853		 2020
£
(423,216)
100,811
498,784
(507,832)
91,763
(331,453)
1,362,933
1,031,480

Page 16

SHREWSBURY SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

1. General information

The Foundation is constituted under a Trust Deed dated 18 May 1965 and is a registered charity in England and Wales (Charity Number 528415). The Foundation's registered office and primary place of business is Shrewsbury School, The Schools, Shrewsbury, SY3 7BA.

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 2015), 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 on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Shrewsbury School Foundation 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.

2.2 Going concern

The Trustees have a reasonable expectation that the Foundation has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the charity's financial viability. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as outlined in the Trustees' Responsibilities on page 9.

2.3 Fund accounting

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

Restricted funds and Endowment funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

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

2.4 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Page 17

SHREWSBURY SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

2. Accounting policies (continued)

2.5 Expenditure

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

Liabilities are recognised when there is a legal or constructive obligation committing the Foundation to the expenditure.

Provided that, and so long as, the 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, then Shrewsbury School will pay the employment, administrative and other costs and expenses of the Foundation in furthering the Shrewsbury School Charitable Objects.

2.6 Investments

Investments are stated at market value.

Realised gains and losses on investments, calculated as the difference between the sale proceeds and their market value at the start of the period, or subsequent cost, are credited or charged to the SOFA in the period of gain or loss.

Unrealised gains and losses representing the movement in market values during the period are credited or charged to the SOFA in the period of gain or loss.

2.7 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.

2.8 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.

2.9 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value at the Balance Sheet date.

2.10 Concessionary loans

The loan due from Shrewsbury School is considered to meet the criteria of a concessionary loan under FRS102. The loan has been shown at face value.

Page 18

SHREWSBURY SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

3. Critical accounting estimates and areas of judgment

In the application of the accounting policies, the Trustees are required to make judgements, 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.

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

Page 19

SHREWSBURY SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

4. Income from donations and legacies

Unrestricted
funds
2021
£
Donations
62,028
Total 2020
83,709		 Restricted
funds
2021
£
519,418
449,136		 Endowment
funds
2021
£
1,000
-		 Total
funds
2021
£
582,446
532,845		 Total
funds
2020
£
532,845

5. Investment income

Unrestricted
funds
2021
£
Investment income
69,175
Total 2020
69,679		 Restricted
funds
2021
£
30,646
31,132		 Total
funds
2021
£
99,821
100,811		 Total
funds
2020
£
100,811

6. Other incoming resources

Unrestricted
funds
2021
£
Bank interest
231
Total 2020
320		 Restricted
funds
2021
£
-
1,879		 Total
funds
2021
£
231
2,199		 Total
funds
2020
£
2,199

Page 20

SHREWSBURY SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

7. Expenditure on raising funds

Fundraising costs

Unrestricted
funds
2021
£
Other costs
111,615
Staff costs
165,218
Total 2021
276,833
Total 2020
369,324		 Total
funds
2021
£
111,615
165,218
276,833
369,324		 Total
funds
2020
£
137,542
231,782
369,324

Contribution from Shrewsbury School

Unrestricted
funds
2021
£
Other costs
(111,615)
Staff costs
(165,218)
Total 2021
(276,833)
Total 2020
(369,324)
Fundraising costs include:
Auditor's remuneration: for audit		 Total
funds
2021
£
(111,615)
(165,218)
(276,833)
(369,324)
2021
£
6,960		 Total
funds
2020
£
(137,542)
(231,782)
(369,324)
2020
£
6,780

All fundraising costs were met by Shrewsbury School in accordance with the agreement referred to in note 2.5.

Page 21

SHREWSBURY SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

8. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2021
£
Grants and bursaries
221,417
Total 2020
180,177
Summary by expenditure type		 Restricted
funds
2021
£
442,712
1,071,916		 Total
funds
2021
£
664,129
1,252,093		 Total
funds
2020
£
1,252,093
Grants and bursaries
Total 2020		 Other costs
2021
£
664,129
1,252,093		 Total
funds
2021
£
664,129
1,252,093		 Total
funds
2020
£
1,252,093

Page 22

SHREWSBURY SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

9. Staff costs

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

2021 2020
No. No.
Staff 3 4
The number of employees whose employee benefits (excluding employer pension costs) exceeded
£60,000 was:
2021 2020
No. No.
In the band £80,001 - £90,000 - 1
In the band £90,001 - £100,000 1 -
2021 2020
£ £
Salaries 138,523 195,143
National insurance 16,306 23,128
Pension costs 10,389 13,511
165,218 231,782

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

Key management remuneration amounted to £65,340 (2020: £154,719) .

10. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .

During the year ended 31 July 2021, no Trustee expenses have been incurred (2020 - £NIL) .

Page 23

SHREWSBURY SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

11. Fixed asset investments

Valuation
At 1 August 2020
Additions
Disposals
Revaluations
At 31 July 2021
Net book value
At 31 July 2021
At 31 July 2020
Investments at market value comprise:
Listed investments
All the fixed asset investments are held in the UK.		 2021
£
3,953,543		 Listed
securities
£
3,387,612
4,084,563
(3,963,441)
444,809
3,953,543
3,953,543
3,387,612
2020
£
3,387,612

Page 24

SHREWSBURY SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

12. Debtors

Due after more than one year
Loan to Shrewsbury School
Due within one year
Shrewsbury School
Sundry debtors and accrued income		 2021
£
1,296,046
2021
£
2,015
29,931
31,946		 2020
£
1,296,046
2020
£
-
2,241
2,241

The loan to Shrewsbury School is interest free and there is no fixed repayment date. This loan is considered to be a concessionary loan.

13. Creditors: Amounts falling due within one year

Loan notes due in less than 1 year
Amounts owed to group undertakings
Other creditors		 2021
£
3,000
-
2,893
5,893		 2020
£
3,000
279,169
2,893
285,062

The loan notes are unsecured, interest free and were due to be repaid on 30 September 2007.

During the year £Nil (2020 - £Nil) of loan notes were redeemed at par.

Page 25

SHREWSBURY SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

14. Statement of funds

Statement of funds - current year

Balance at 1
August 2020
£
Unrestricted funds
General Funds
2,399,911
General Endowment Fund
Income
275,655
2,675,566
Endowment funds
Charles Wall Bursary
Endowment Fund
122,533
Gemini Scholarship
Endowment Fund
492,393
MLC Scholarship Endowment
Fund
131,864
E A Hector Dyslexia Fund
14,770
Shrewsbury House Endowment
Fund
191,440
General Endowment Fund
1,194,344
2,147,344		 Income
£
97,443
33,991
131,434
-
-
-
-
-
1,000
1,000		 Expenditure
£
(221,417)
-
(221,417)
-
-
-
-
-
-
-		 Gains/
(Losses)
£
Balance at
31 July 2021
£
136,449
2,412,386
-
309,646
136,449
2,722,032
16,729
139,262
69,621
562,014
18,347
150,211
2,036
16,806
26,102
217,542
162,745
1,358,089
295,580
2,443,924		 Gains/
(Losses)
£
Balance at
31 July 2021
£
136,449
2,412,386
-
309,646
136,449
2,722,032
16,729
139,262
69,621
562,014
18,347
150,211
2,036
16,806
26,102
217,542
162,745
1,358,089
295,580
2,443,924
2,722,032
139,262
562,014
150,211
16,806
217,542
1,358,089
2,443,924

The Charles Wall Bursary Endowment Fund represents capital sums donated to generate income for the restricted fund, the Charles Wall Bursary Fund.

The Gemini Scholarship Endowment Fund represents capital sums donated to generate income for the restricted fund, the Gemini Bursary Fund.

The MLC Scholarship Endowment Fund represents capital sums donated to generate income for the restricted fund, the MLC Scholarship Fund.

The E A Hector Dyslexia Fund represents capital donated to generate income for the restricted fund, the E A Hector Dyslexia Bursary.

The Shrewsbury House Endowment Fund represents a capital sum donated to generate income for the restricted fund, The Shrewsbury House Fund.

The General Endowment Fund represents capital sums donated to generate income for general, unrestricted purposes.

Page 26

SHREWSBURY SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

14. Statement of funds (continued)

Balance at 1
August 2020
£
Restricted funds
Endowed Income (see
breakdown below)
33,630
House Foundation Awards (see
breakdown below)
82,603
Other Bursary Funds (see
breakdown below)
335,175
Projects (see breakdown
below)
157,999
609,407
Total of funds
5,432,317		 Income
£
27,745
57,302
193,310
271,707
550,064
682,498		 Expenditure
£
(26,620)
(79,083)
(154,086)
(182,923)
(442,712)
(664,129)		 Gains/
(Losses)
£
Balance at
31 July 2021
£
-
34,755
-
60,822
12,780
387,179
-
246,783
12,780
729,539
444,809
5,895,495		 Gains/
(Losses)
£
Balance at
31 July 2021
£
-
34,755
-
60,822
12,780
387,179
-
246,783
12,780
729,539
444,809
5,895,495
729,539
5,895,495

Page 27

SHREWSBURY SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

14. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds
General Endowment Fund
Income
Endowment funds
Charles Wall Bursary
Endowment Fund
Gemini Scholarship
Endowment Fund
MLC Scholarship Endowment
Fund
E A Hector Dyslexia Fund
Shrewsbury House Endowment
Fund
General Endowment Fund
Restricted funds
Endowed Income (see
breakdown below)
House Foundation Awards (see
breakdown below)
Other Bursary Funds (see
breakdown below)
Projects (see breakdown
below)
Total of funds		 Balance at
1 August
2019
£
2,595,209
241,158
2,836,367
135,505
546,373
146,089
16,348
211,678
1,320,531
2,376,524
41,500
90,019
389,495
686,969
1,207,983
6,420,874		 Income
£
119,211
34,497
153,708
-
-
-
-
-
-
-
28,110
78,685
200,501
174,851
482,147
635,855		 Expenditure
£
(180,177)
-
(180,177)
-
-
-
-
-
-
-
(35,980)
(86,101)
(246,014)
(703,821)
(1,071,916)
(1,252,093)		 Gains/
(Losses)
£
(134,332)
-
(134,332)
(12,972)
(53,980)
(14,225)
(1,578)
(20,238)
(126,187)
(229,180)
-
-
(8,807)
-
(8,807)
(372,319)		 Balance at
31 July 2020
£
2,399,911
275,655
2,675,566
122,533
492,393
131,864
14,770
191,440
1,194,344
2,147,344
33,630
82,603
335,175
157,999
609,407
5,432,317

Page 28

SHREWSBURY SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

14. Statement of funds (continued)

Endowed Income (restricted funds)

Balance at 1 Gains / Balance at 31
August 2020 Income Expenditure (Losses) July 2021
£ £ £ £ £
Charles Wall Bursary Fund 7,139 3,495 (5,210) - 5,424
Gemini Scholarship Fund 1,951 14,541 (13,866) - 2,626
MLC Scholarship 9,475 3,832 (7,544) - 5,763
E A Hector Dyslexia
Bursary		 2,588 425 - - 3,013
Shrewsbury House Income
Fund		 12,477 5,452 - - 17,929
Total 33,630 27,745 (26,620) - 34,755

House Foundation Awards (restricted funds)

Balance at 1 Gains / Balance at 31
August 2020 Income Expenditure (Losses) July 2021
£ £ £ £ £
Headmasters Fund 9,173 29,650 (38,763) - 60
Ridgemount 7,379 2,103 - - 9,482
Churchills 17,538 4,718 (6,000) - 16,256
Dayboys 4,088 413 (3,663) - 838
Ingrams 6,826 1,811 (6,354) - 2,283
Mosers 14,549 895 (8,196) - 7,248
Oldhams - 5,092 (5,092) - -
Riggs - 5,319 (2,000) - 3,319
School House 874 2,575 - - 3,449
Brookie Award 1,121 300 - - 1,421
Severn Hill 20,290 4,276 (9,015) - 15,551
Grove 110 - - - 110
Mary Sidney Hall 655 150 - - 805
Total 82,603 57,302 (79,083) - 60,822

Page 29

SHREWSBURY SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

Other Bursary Funds (restricted funds)

Balance at 1 Gains / Balance at 31
August 2020 Income Expenditure (Losses) July 2021
£ £ £ £ £
Masons Fund 12,124 365 (1,000) - 11,489
Moody Stuart Scholarship - 6,300 (6,000) - 300
Guy Lovett Award 2,359 250 (100) - 2,509
Art & Music Bursary 456 - - - 456
The Cassidy Sports
Scholarship		 11,055 72,428 (72,428) - 11,055
Michael Charlesworth
Bursary		 380 - - - 380
Shegog Bursary 115,698 2,903 - 12,780 131,381
Music Scholarship Fund - 1,125 (1,125) - -
Darwin Scholarship Fund 7,024 - - - 7,024
Severn Hill Hardship Fund 30 - - - 30
Excellence Bursary 3,299 - - - 3,299
Alex Wilson Bursary - 1,890 - - 1,890
Hong Kong Bursary 7 - - - 7
Art Bursary 1,428 - (1,086) - 342
The Richard and Patricia
Burbridge Fund		 50,050 25,000 (53,010) - 22,040
Music Bursary Fund 2,479 - (2,479) - -
RSSBC Scholarship 14,301 7,268 (10,858) - 10,711
The Case Scholarship 18,066 6,000 (6,000) - 18,066
Radbrook Bursary 27,605 - - - 27,605
MacDougall Brothers
Bursary		 68,814 6,250 - - 75,064
Means Tested Bursary Fund - 63,531 - - 63,531
Total
335,175
193,310
(154,086)
12,780
387,179

Page 30

SHREWSBURY SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

Projects (restricted funds)

Balance at 1 Gains / Balance at 31
August 2020 Income Expenditure (Losses) July 2021
£ £ £ £ £
Business Studies 31 25 - - 56
Oldhams General 6,391 - - - 6,391
Rowing 15,638 276 - - 15,914
Sabrina Supporters 15,235 4,518 - - 19,753
House Upgrades 2,083 - - - 2,083
Boat House Ergo Room 8,691 13,999 (22,690) - -
Mary Sidney Hall 1,756 - - - 1,756
Neville Shute Fund 22,621 1,920 (9,705) - 14,836
Shrewsbury House Fund 11 - - - 11
Sport Equipment Fund 3,660 - (3,660) - -
Academic Support Fund 5,989 - - - 5,989
Music Fund 474 - (474) - -
House Support - Ingrams
Fund		 738 - - - 738
Capital Campaign - General
Fund		 1 6,250 (6,251) - -
Fine Arts Education Fund 2,918 - - - 2,918
Theatre - Capital Campaign
Fund		 5,449 51,924 (42,524) - 14,849
Grand Piano Fund 256 - - - 256
Academic Block - Capital
Campaign Fund		 377 1,375 (1,377) - 375
T Barker Sporting
Excellence Fund		 6,359 - - - 6,359
Chatri Design Centre -
Capital Campaign		 1 10,000 (10,001) - -
Science Astronomy Fund 306 - - - 306
Library - Capital Campaign
Fund		 22,544 28,958 (50,444) - 1,058
Cabral Family Prize 1,422 - (100) - 1,322
Classics Department 956 787 - - 1,743
Pastoral Fund 7,637 - (4,242) - 3,395
Hudson Jazz Fund 6,435 - (6,435) - -
RSSBC New Boat 20,020 10,000 (25,020) - 5,000
Infrastructure Fund - 125,175 - - 125,175
The Sistene Chapel Fund - 16,500 - - 16,500

Page 31

SHREWSBURY SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

Endowed Income restricted funds

The Charles Wall Bursary Fund was set up to provide assistance with the fees of nominated pupils attending Shrewsbury School.

The Gemini Scholarship Fund was set up to provide assistance with the fees of Eastern European Scholars attending Shrewsbury School.

The MLC Scholarship has been established to provide assistance with fees for nominated pupils attending Shrewsbury School.

The E A Hector Dyslexia Bursary provides financial assistance to pupils with dyslexia who attend Shrewsbury School.

Shrewsbury House Income Fund has been established to provide income to support a mutually beneficial educational and social programme between Shrewsbury House and Shrewsbury School.

House Foundation Awards

The House Foundation Awards have been established to provide financial support to pupils, attending Shrewsbury School who will make an exceptional contribution to their house and Shrewsbury School.

Other Bursary Funds

The Masons Fund was set up to provide an Old Salopian Lodge Bursary to a nominated pupil attending Shrewsbury School.

The Moody Stuart Scholarship has been set up to provide financial assistance to specific pupils attending Shrewsbury School as agreed by the donor.

Guy Lovett Award is awarded to the boy, attending Shrewsbury School, who in the opinion of the Headmaster and the Old Salopian Club Chairman has made a considerable contribution to School life despite a physical or other handicap.

Art & Music Bursary has been established to provide financial assistance to a pupil attending Shrewsbury School who excels in art or music.

The Cassidy Sports Scholarship has been established to provide up to 100% scholarships for pupils attending Shrewsbury School with outstanding sporting talent.

Michael Charlesworth Bursary has been established in memory of a former teacher and second master of the School who passed away in June 2008. The bursary is to provide financial assistance to pupils attending Shrewsbury School.

Shegog Bursary is to provide financial assistance for pupils to attend Shrewsbury School, who were either born in or attended a school in any part of Ireland.

Music Scholarship Fund has been set up to provide financial assistance to pupils attending Shrewsbury School who excel at music.

Darwin Scholarship Fund, a scholarship awarded to pupils attending Shrewsbury School from Hong Kong who are judged outstanding academically, in the arts, music or sport.

Severn Hill Hardship Fund, a bursary fund to provide financial support for pupils who attend Shrewsbury School and board at Severn Hill.

Page 32

SHREWSBURY SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

Excellence Bursary Fund has been established to provide financial assistance to pupils attending Shrewsbury School, who are outstanding in any subject or activity.

Alex Wilson Bursary Fund has been established in memory of Alex Wilson, ex-pupil, who died in November 2009. The fund will assist a day boy joining Shrewsbury School in the lower Sixth, who excels not only academically but also at football, cricket or rugby.

Hong Kong Bursary Fund was established to assist pupils from Hong Kong who would not otherwise attend Shrewsbury School.

The Art Bursary has been established to provide financial assistance to pupils attending Shrewsbury School who excel at art.

The Richard and Patricia Burbidge Fund has been established to provide financial assistance to pupils who would not otherwise be able to attend Shrewsbury School.

Music Bursary has been established to provide financial assistance to pupils attending Shrewsbury School who excel at music.

RSSBC Scholarship Fund, a bursary fund awarded to pupils attending Shrewsbury School who excel at rowing.

The Case Scholarship has been established to provide financial assistance to pupils attending the Shrewsbury School.

Radbrook Bursary has been established to provide a bursary for day pupils attending Shrewsbury School, who are in Radbrook House, at the School.

MacDougall Brothers Bursary has been established to provide bursaries for day pupils attending Shrewsbury School in the sixth form.

The Means Tested Bursary Fund has been established to provide bursarial support to pupils attending Shrewsbury School.

Project Funds

Business Studies, this fund has been established to provide a prize each year for a pupil attending Shrewsbury School who excels in Business Studies.

Oldhams General, this fund has been established to provide general support for a specific boarding house at Shrewsbury School.

Rowing and Sabrina Supporters funds have been established to provide financial support to rowing at Shrewsbury School.

House Upgrades, this is a fund to assist in the upgrading of the boarding houses at Shrewsbury School.

Boat House Ergo Room Fund represents donations received to assist Shrewsbury School in the building of a training room for rowers in the School’s boat house.

Mary Sidney Hall Fund, this fund has been established to provide general support for a specific boarding house at Shrewsbury School.

Nevil Shute Fund, the fund receives income from the estate of Nevil Shute and can be used either to support students who spend a gap year at Shrewsbury School, from Australia, or to provide financial assistance to pupils of Shrewsbury School who would not otherwise attend the School from the

Page 33

SHREWSBURY SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

Commonwealth.

Shrewsbury House Fund, this fund has been established to provide support for the appointment of Youth Workers at Shrewsbury House in Everton, a Charity supported by Shrewsbury School.

Sports Equipment Fund, this fund has been established to provide support to Shrewsbury School for the purchase of sports equipment.

Academic Support Fund represents donations received in order to provide support to Shrewsbury School to purchase academic resources to benefit pupils.

Music Fund, a donation received in order to provide support to the music department at Shrewsbury School.

House Support – Ingram’s Fund, the fund has been established to provide funding for expenditure relating to Ingram’s boarding house at Shrewsbury School.

Capital Campaign General Fund, the fund has been established as part of the Capital campaign being undertaken by the Foundation for the benefit of Shrewsbury School. The General Fund can be used to support any of the capital projects undertaken by the School.

The Fine Arts Education Fund has been established to support the teaching of fine arts at Shrewsbury School.

Theatre Capital Campaign Fund has been established as part of the Capital Campaign being undertaken by the Foundation for the benefit of Shrewsbury School. The donations can be used to assist Shrewsbury School with the capital works on the School theatre and also on future marketing activities as agreed by donors.

Grand Piano Fund has been established to assist Shrewsbury School with the purchase of a new grand piano.

The Academic Block Capital Campaign Fund has been established as part of the Capital Campaign being undertaken by the Foundation for the benefit of Shrewsbury School. The donations can be used to assist Shrewsbury School with capital works on the new academic block (Hodgson Hall).

T Barker Sporting Excellence Fund has been established to provide awards for pupils attending Shrewsbury School who represent the School in the first team in three sports.

Chatri Design Centre Capital Campaign Fund has been established as part of the Capital Campaign being undertaken by the Foundation for the benefit of Shrewsbury School. The donations can be used to assist Shrewsbury School with capital works on the new design and technology building.

Science Astronomy Fund, donations received to support astronomy activities at Shrewsbury School.

Library Capital Campaign Fund has been established as part of the Capital Campaign being undertaken by the Foundation for the benefit of Shrewsbury School. The donations can be used to assist Shrewsbury School with the reconfiguration of the Moser Library.

Cabral Family Prize, donations received to provide book prizes at Shrewsbury School’s annual prize giving.

Classics Department Fund has been established to provide resources for the Classics Department at Shrewsbury School.

Pastoral Fund has been set up to provide additional pastoral support to all pupils at Shrewsbury School.

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SHREWSBURY SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

Hudson Jazz Fund has been established in the memory of an old boy of the School, and is used to fund equipment purchases related to the Music department of Shrewsbury School.

RSSBC New Boat has been established to assist Shrewsbury School to purchase a new boat.

Infrastructure Fund has been established to provide grants to Shrewsbury School to assist with infrastructure projects.

The Sistene Chapel Fund has been established to purchase a 3-volume set of books, for Shrewsbury School.

15. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2021
£
Fixed asset investments
1,366,974
Debtors due after more than one year
1,296,046
Current assets
64,905
Creditors due within one year
(5,893)
Total
2,722,032
Analysis of net assets between funds - prior year
Unrestricted
funds
2020
£
Fixed asset investments
1,193,801
Debtors due after more than one year
1,296,046
Current assets
242,421
Creditors due within one year
(56,702)
Total
2,675,566		 Restricted
funds
2021
£
126,073
-
603,466
-
729,539
Restricted
funds
2020
£
107,512
-
730,255
(228,360)
609,407		 Endowment
funds
2021
£
2,460,496
-
(16,572)
-
2,443,924
Endowment
funds
2020
£
2,086,299
-
61,045
-
2,147,344		 Total
funds
2021
£
3,953,543
1,296,046
651,799
(5,893)
5,895,495
Total
funds
2020
£
3,387,612
1,296,046
1,033,721
(285,062)
5,432,317
Analysis of net assets between funds - prior
Fixed asset investments
Debtors due after more than one year
Current assets
Creditors due within one year
Total

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SHREWSBURY SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

16. Financial instruments

2021 2020
£ £
Financial assets
Financial assets measured at fair value 3,953,543 3,387,612

Financial assets are measured at fair value through income and expenditure comprise investments.

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

2021 2020
£ £
Total investment income for financial assets measured at fair value 100,052 103,010
Net losses on financial assets measured at fair value (444,809) (372,319)

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

Net income/(expenditure) for the year (as per Statement of Financial
Activities)
Adjustments for:
(Gains)/losses on investments
Dividends, interests and rents from investments
Profit on the sale of investments
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Net cash used in operating activities		 2021
£
463,178
(443,734)
(99,821)
(1,075)
(29,705)
(279,169)
(390,326)		 2020
£
(988,557)
372,319
(100,811)
-
14,783
279,050
(423,216)

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SHREWSBURY SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

18. Analysis of cash and cash equivalents

Cash at bank and in hand
Cash held in investments
Total cash and cash equivalents		 2021
£
617,747
2,106
619,853		 2020
£
910,514
120,966
1,031,480

19. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year		 At 1 August
2020
£
1,031,480
(3,000)
1,028,480		 Cash flows
£
(411,627)
-
(411,627)		 At 31 July
2021
£
619,853
(3,000)
616,853

20. Related party transactions

Donations from related parties amounted to £34,427 (2020 - £7,250)

21. Connected charities

Shrewsbury School (Charity Number 528413) is a connected charity due to being a main beneficiary from the Foundation's bursaries.

Shrewsbury School Foundation Inc. is also a connected charity due its purpose being fundraising for the Foundation.

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SHREWSBURY SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

22. Statement of Financial Accounting for the year ended 31 July 2020

Unrestricted
funds
2020
£
Income and endowments from:
Donations and legacies
83,709
Investments
69,679
Other income
320
Total income and endowments
153,708
Expenditure on: Raising funds:
Fundraising costs for donations and legacies
369,324
Less contribution from Shrewsbury School
(369,324)
Charitable activities:
Grants and bursaries
180,177
Total expenditure
180,177
Net income/(expenditure) before
investment gains
(26,469)
Net gains in investments
(134,332)
Net movement in funds
(160,801)
Total funds brought forward
2,836,367
Total funds carried forward
2,675,566		 Restricted
funds
2020
£
449,136
31,132
1,879
482,147
-
-
1,071,916
1,071,916
(589,769)
(8,807)
(598,576)
1,207,983
609,407		 Endowment
funds
2020
£
-
-
-
-
-
-
-
-
-
(229,180)
(229,180)
2,376,524
2,147,344		 Total
2020
£
532,845
100,811
2,199
635,855
369,324
(369,324)
1,252,093
1,252,093
(616,238)
(372,319)
(988,577)
6,420,874
5,432,317

Page 38