2025-07-31-accounts

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C Charity number: 528415 SHREWSBURY SCHOOL FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION CONTENTS Page Reference and administrative details of the Charity. its Trustees and advisers Trustees. report Independent auditor's report on the financial statements Statement of financial activities 2-10 Balance sheet 16 Statement of cash flows Notes to the financial statements 18-38

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2025 Trustees J D C Pitt, Chairman1 J Arthuri S G Charlesworth-Jones (resigned 13 October 20251 JEMCrossQC J D Dickson A Haining (resigned 20 November 20241 P M Russmeyer MCKerr E M Parfitt Gurden D Perks C E Lesile Williams lappointed 20 November 20241 Investment Committee member Charlty reglstered number 528415 Prlnclpal offlce The Schools Shrewsbury SY3 7BA Olrector Mr Oliver Jackson-Hutt Independent audltor Crowe U.K. LLP Fourth Floor Sl James House Sl James Square Chellenham GL50 3PR Bankers Handelsbanken PIC Michael Pla￿, Anchorage Avenue Shrewsbury Business Park Shrewsbury SY2 6FG Investment advlsers Sarasin & Partners Juxon House 100 St. Paul's Churchyard London EC4M 8BU Page 1

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2025 The Trustees 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 eonfirm that the 18tter comply with the Act, the Charity's governing document, and the provisions of the 'Ch8rities SORP IFRS1021', 2nd Edition, effeetive January 2019. Reference and Administration Infomiation Shrewsbury School Foundation I"The Foundation'l is registered with the Charity Commission under Charity Number 528415. The Foundakn'on's Trustees, Officers, principal address and profession81 advisers are listed on page 1. Objectives and Activities Summary ofthe purposes of the charity as set out in its goveming document The principal objects of the Foundation are to foster, promote and advan￿". Such charitable purposes connected with Shrewsbury School 8s the Trustees shall from lime to lime in their absolute discretion determine, and l or Such other charitable purposes Iwhether or not connected with the advancement of edue8tionl as the Trustees shall in like manner determine. Mission and Methodology The Foundation's Mission To champion Shrewsbury School's unique identity and advance Shrewsbury School as 8 national and world leader in whole person boarding and day co-educalion. Development offl￿'S Mission Development at Showsbury School exists lo strengthèn the School's position as one of the finest coeducational boarding schools in the country with a powerful global reach. It extends the reputation of the School and ils Headmaster through means of inspiring and enabling the active participation of the School's global community in phi18nthropic and engagement activities which serve lo confirm and St￿ngthen the School's futu￿. Method." Impact Assessment l Achievement Metrics Providing funds for bursaries and scholarships, enabling pupils lo attend sh￿WSbury School who would otherwise not have the financial resources lo do so, and Providing funds to Shrewsbury School lo undertake and assist in large c8pi181 projects for the improvement of the School's edue8tional and other facilities which the School might otherwise not be able to undèrtake. Principal Activities of the Year The Foundation's principal activity continued to be that of fundraising in order lo enable il to meet its ch8rit8ble objectives. Page 2

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 JULY 2025 Summary of the main aetivities in relation to those purposes, in particular, the activities, projects or services identified in the accounts Administration throughout the period came under the auspiees of the incumbent D1￿clOr of Development, OA Jaekson-Hutt and Chairman, JDC PitL Campaign 2020 - 2030 launched in August 2020101.08.20201 and completes in July 2031 131.07.20311, with the principal focus of serving the School's aspiffttion to increase the number of young people allending the School who would be able to take full advantage of the unique opportunity 8 Shrewsbury education can provide, were it not for their financi81 circumstances. The vehicle used to achieve this aim remains." The Means Tested Bursary Fund. Additionally, throughout Campaign 2020 - 2030 phi18nthropic support is also welcomed to other areas and aspects of School Life, mainly through The Infraslruclure Fund, and The School's Current Area of Greatest Need Fund. The Means Tested Bursary Fund provides support with fee remissions through Iwo sub-channels lil for pupils quiring 11 OA - 74010 fee remission assistance I'Help With Fees Programme'l and lill 750/0 - 11 OOA fee remission assistance I'Transform8tive Means Tested Bursary Progomme'l. Our definition of 'Transform8tive Means Tested Burs8ries' is those which enable young people requiring 750 1100/0 remission of fees to attend the School. Fundraising eontinues to form 8 vital part of the School's c8P8eity lo deliver ils mission, influencing positively 8 number of the School's strategic objectives to 2030. Our ten-year, global Advancement strategy is an ambitious Campaign, with a focus of supporting Means Tested Bursaries, whilst also welcoming additional projects alongside each year. A newty devised strategy within Campaign 2020 2030 has significantly enhanced our Planned Giving Programme, The 1552 Legacy Society, priorilising il within the 10 year stffttegic, oper8tional and activity plans for the Development Office to 2030, and this has been pursued to good effect. Its new methods of appr08ch, cullivalion and solicit8tion have now secured 8 range of new and additional qu8nlified legacy pledges. Following the successful implementation and integration of our cloud-based MIS I SQL I research software platforms a the beginning of the campaign, the dynamic tfftining program for Development Staff has been maintained, with the user group continuing lo engage with online, in person, and certific8ted training courses, developing skills and enhancing expertise throughout the Development Offiee. Efficiencies have been realised through the implementation of new and enhanced digital giving methods and e- communication techniques which are providing high-quality digital outreach funclion81ity, 8nd quanlitalive results, with granular tracking and reporting. Working in close collaboration with the Finance Office, our ileralive approach to fund rationalisation and consolidation has continued. The successful implementation of The Means Tested Bursary Fund, as an amalgamative successor lo the previous House Foundation Awards Funds, and the Hèadm8Ster's Bursary Fund consolidating and increasing the flexibility and size of the fund, whilst providing administrative efficiencies of m8n8gement accounting, reporting, and marketing continues to yield efficiencies and results. The Shrewsbury School Foundation Annual Report & Donor Roll publication is in production at press in both digital and print matter formals for global distribution at 1 December. L8St year the reach rate accuracy of this exercise was 99.80/D, and this annual exercise remains valu8ble in testing the integrity of our da18 and processes whilst keeping in touch with our global community of alumni, parents, friends and supporters. Page 3

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 JULY 2025 The Development Office has moved with speed and confidence in this year's marketplace. The frequency and depth of engagement has been subslanlive across local, regional, national and international markets, with 35 weeks spènt in the year 'on the road, engaging with the School's global network of alumni, parents, friends and supporters. Digital engagement activities have also been used, and their capacity lo amplify stewardship, if not solicitations, continues to be proven. Continuing engagement took place throughout the period with the established industry professional associations with which memberships are held. The Institute of Development Professionals in Eduealion IIDPEI and the Council for the Advancement and Support of Education ICASEI, The Institute of Fundraising IloFI, the Charity Commission, the Information Commissionerfs offi.￿, and the Fundraising Regulator. Additional professional development engagement took place during the period in partnership with Wilsons Solicitors LLP to keep up to date with legislative developments pertinent in the sector. Statement eonfimiing 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 considemtion to the Charity Commission's guidan￿ on public benefit. Policy on grant making The Trustees, policy is primarily lo support Shrewsbury School, and pupils who attend the School. During the year tol81 gmnls of £939,43812024". £869,252) were made. These gmnls funded specific bursaries, scholarships and prEes for pupils attending Shrewsbury School, along with eapital projects undertaken by the School. Monies raised for specific purposes, as directed by the donors, are held in reslrieled 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 the Foundation. Contribution made by volunteers The Foundation has benefited extensively from the inputs of volunteers across its sphere of activity, and their many contributions are recognised and thanked here. Aehievements and Perfomiance Summary of the main achievements of the charityy identifying the difference the charity's work has made to the eircumstances of its benefieiaries and any wider benefits to society as a whole. The main achievements of the charity, and the qu81itative and quanlitalive measurements of the charity s work in making 8 difference to the circumstances of ils beneficiaries and wider benefits to society as a whole are detailed herein. Impact Assessment Immediate beneficiaries of the Foundation's work achievements a￿ pupils and staff of the School. Wider beneficiaries of the 8chievementS 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

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 JULY 2025 Aehievements against objectives set: The Foundation raised £1,353,02712024". £973,377> 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 C8mp8ign. Larger sums raised We￿ as follows". £241,056 - Means tested bursaries at Shrewsbury School for talented pupils in financial need. £58,835 - Bursary awards for pupils attending Shrewsbury School, as specified by the donors. £940,628 - Projects at sh￿WSbury School School1£661,732 for Padel Courts, £136,168 for the Golf Cenlre, and £142,728 on a number of smaller projects). £112,508 - was given in an unrestricted manner for the Foundation to direct lo Shrewsbury School's current areas of greatest need. The Foundation made grants during the year of £939,438 12024". £869,252). Grants weo for the following purposes". £796,674 12024". £787,034) was gmnled to Shrewsbury School to provide bursaries to pupils in accordance with donors, wishes when they donated the funds lo the Foundation. The grants supported 23 12024". 231 pupils, of which 15 received transformational bursaries funded by the Foundation. £132,122 was granted to Shrewsbury School for capital projects, that were completed in previous years or ongoing, and new equipment for the Boat Club. £10,642 was gr8nled lo Shrewsbury School in relation lo expenditu￿ incurred on smaller projects. Investment performanee against objectives Interest income amounted lo £3 and investment income 8mounted to £120,044. These sums contributed to the overall provisions the charity was able to make as detailed above. Financial Review Review of the charty's financial position at the end of the period The Foundation's reserves at the end of the period lotalled £7,560,01312024. £6,893,372). Endowment Funds - £2,810,963, an increase of £85,541 over the previous ye8r. This increase was due to an increase in the market value of the investments that support the fund of £85,541. Restricted Funds- £1,923,905, an int￿aSe of £669,782 over the previous year. The ine￿aSe in funds was due to donations and investment income received during the year exceeding the grants made from these funds of £665,775 and an increase in the m8rket Value of investments of £4,007. Unrestricted Funds - £2,825,145, a decrease of £88,682 on the previous ye8r. The decrease in funds was due to grants made exceeding donations received by £132,139 offset by an increase in the market V81ue of investments of £43,457. Statement explaining the policy for holding reserves stating why they are held Through its fundraising document, the Foundation has clearly established h()w funds are to be used in future. Unless specifically stated, donations lo the Foundation are allocated lo Unreslricled 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 sh￿WSbury School in an effective manner in the years to come. Page 5

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 JULY 2025 Amount of reserves held At the year end the Foundation's f￿e reserves stood 8t £1,529,09912024." £1,617,785). Going eoneern After making appropriate enquiries, the Trustees have a reasonable expec18tion that the charity has adequate resources lo continue in operational existence for the foreseeable future. The Trustees make grants only when there are cash resources 8V8ilable. 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 eharity's principal sources of funds lineluding any fundraisingl 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 8 wide range of fundraising activities during the year, aimed at meeting ils objectives. Some of the activities undertaken were as follows". Prospect identification research, considering br08dly individuals and groups who may be interested in engaging with, and supporting, the work of the Development Office. Qualification research, selecting and taking forward individuals and groups who may be interested in engaging with, and supporting, the work of the Development Office. Discovery meetings, both virtU818nd in person, inviting people to engage with the work of the Development Office. Cultivation activities, through a wide range of engagement. Solicitation activities, inviting people to become, renew, or increase their philanthropic eommitmenl lo the School through the Foundation, in individu81, sm811 group, large gathering, and event conlexls. Stewardship aclivilies, thanking, honouring, and ocognising those who have given historically, or have made or renewed commitments lo current or future gifts I pledges. All of the Foundation's fundraising 8Ctivities are specifically targeted and, in all eases, potent181 donors were informed that they would be contacted prior to any con18Ct being made, such that they could opt out or change their Contact preferences. The Development Office and ils staff are members of the Institute of Development Professionals in Education and the Council for the Advancement and Support of Education. Within and beyond these bodies, staff regularly attend both virtual and in person conferences, information exchange and training opportunities locally, regionally, nationally, and internationally designed to promote best pr8ttti￿ in the field of fundraising. In the period, the￿ have not been any breaches or failures lo comply with fundraising regulatory st8nd8rds of any regulatory body governing fundraising protocols. In the period, there have not been any formal complaints against the Foundation. Page 6

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 JULY 2025 Investment poliey and objectives including any social investment policy adopted The Trustees have wide powers of investment to invest in propety 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 perfotmance. The Cu[￿nI policy is to produce 8 regular and growing income stream, t￿ether with e8pilal growth. The policy of the Foundation with ￿gard lo investments is to ensure that they produce a regu18r and growing income stream, together with c8Pital growth. The Foundation's investments are managed by Sarasin & Partners. The Foundation's funds are held in the Sarasin Endowment Fund Class A Income Fund, a global mulli-asset portfolio with an integrated soci811y responsible investment policy. The fund seeks to provide growth lin terms of investment value and growth) of 40/0 per year more than CPI over a rolling five-year period. The Foundation's investmènts increased in Capital value by £133,00613.10/ol over the previous year. A description of the principal risks facing the charity The Trustees are responsible for the management of risks faced by the Foundation. Trustees review annually the Foundation's risk management policy and processes, to ensure risks are identified, assessed and controls established. A new Risk Register with attendant Matrix was devised by the administration in 2024, reviewed and approved by the Trustees in the same year, and is in prevailing use. The key controls used and being developed by the Foundation include". Formal meetings al regular cadence, with 8gend8S and papers where appropriate for all Trustees, with detailed and conlempofftneous minute taking. A fomal risk m8nagemenl policy, with processes and matrix identifying, analysing, and where 8ppropriate mitigating risks. Comprehensive budgeting and m8n8gement aceounling. Established organis8tional managemènt structure and lines of reF)Orting. Clear authorisalion and approv81 levels for payments. The retention of professional administrative staff, including extern81 consullanls and advisers. The apFX)intmenl of extern81 auditors at regular cadence, ratifying the administrative suitability and compliance of all aspects of the management of the Foundation and ils execution of financial 8dminislralion. The Trustees are satisfied that the major risks have been identified and managed Whe￿ necessary. It is cognised that systems can only provide reasonable, bul not absolute assurance, that major risks have been adequately managed. The ability and inclination of donors lo maintain or increase their level of support for the Foundation's objectives is a principal risk along with the ability of the Foundation lo allract new donors. Eeonomic and person81 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 retum. In addition lo retained staff, members of the Investment Committee monitor the performance of the investments with retained advisers. The Foundation has also considered non-financi81 risks and, in particular the way in which the Foundation carries out its fundmising activities. The Foundation has in place a series of protocols which ensu￿ that any fundraising activities are Carried out in 8ccord8nce with best practice and detailed within the risk management policy, with processes and matrix identifying, analysing, and where 8ppropriale mitigating risks. Page 7

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 JULY 2025 The Director of Development works closely with, and benefits from, the direct ￿portIng, support and leadership of the Chairman of the Foundation, Chairman of the Governing Body, and the d1￿cl line management of the Headm8Ster ensuring complete alignment between the activity and direction of the Foundation in its strategic approach lo the furtherance of the School's objectives. The Trustees ensure that sufficient funds remain in the Foundation before making gr8nls from unrestricted funds. Structure, Governance and Management Type of governing document, and how the eharity is constituted The Shrewsbury School Foundation is eonslituled under a Trust Deed, dated 18 May 1965 and updated on 28 September2022. Trustee selection methods including details of any constitutional provisions In accordance with the Trust Deed, the Board of Trustees are responsible for appointing new Trustees to the Board. The Board of Trustees review on a regular basis the relevant skills, knowledge and experience of the Board of Trustees as a whole. The Board of Trustees aim lo appoint new Trustees who have skills, knowledge and experience that a￿ 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, Director of Development, and other Trustees. In addition, new Trustees are provided with minutes and papers of previous Trustee meetings lo enable them lo appreciate and prepare for the matters that the Trustees are currently considering. Mo￿0ver, Trustees, both existing and new, are invited to a programme of suitable training opportunities with both inlemal and extemal providers. 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". Review the long-term strategy and agree on how this strategy should be mel. Consider and propose short and medium term objectives. Receive reports from the Director which eonsider bul are not limited lo." Current fundmising activity and amounts raised. Proposals for future fundraising activities. Policy, protocol and strategy. Financial position, the income and expenditure to date, along with reviewing the performance of investments. Review and if suitable, approve the 8udiled financi81 s18tements and the annual charity commission return. Review and if suitable, approve the awarding of grants from the Foundation's funds. 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 lo the Director, who attends the Trustees, meetings. The remuneration of the Key Management Personnel is sel lo provide appropriate incentives to encourage enhanced performance and to reward fairly and responsibly individual contributions to the Foundation's success. Page 8

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 JULY 2025 Group Structure and Relationship Shrewsbury School is a connected charity due to il being the main beneficiary from the Foundation's grants. Shrewsbury School Foundation Inc. is also a connected charity due lo ils purpose being fundraising for the Foundation. Future Plans Continuing research lidentificationl and qualification of donor prospects, F)ooI befo￿ onboarding to the es18blished adminislralive pipeline I moves management system. Meetings with individual donors to cultivate, solicit or steward donations. Fundraising l Affinity Telephone Campaigns. Continuing execution of the len-year Development Strategic Plan to 2030, integral to the whole school Strategic P18n lo 2030." Shrewsbury". For Life. 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 Iunited Kingdom Generally Ac￿pIed Accounting Practieel. The law applicable to charities in England & Wales requi￿$ the Trustees to prepare financial statements for each financial year which give 8 true and fair view of the stale of affairs of the charity and of ils incoming resources and application of resources, induding its income and expenditure, for that period. In preparing these financial statements, the Trustees are reqUI￿d lo". select suitable accounting policies and then apply them eonsistently", observe the methods and principles of the Charities SORP IFRS 1021", make judgments and accounting estimates that are reasonable and prudent", stale whether applicable UK Accounting Standards IFRS 1021 have been foll()wed, subject to any material departures disclosed and explained in the financial statements, prepare the financial sL9tements on the going concem basis unless il is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate aceounling records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any lime the financial position of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity IAecounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for S8fegu8rding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 9

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 JULY 2025 Diselosure of infomiation to auditor Each of the persons who a￿ Trustees al the time when this Trustees, report is approved has confirmed that". so far as that Trustee is aware, there is no relevant audit information of which the charity's auditor is unaware, and that Trustee has taken 811 thè steps that ought lo have been taken as 8 Trustee in order lo be aware of any relevant audit information and to establish that the charity's auditor is aware of that information. Auditor The auditor, Crowe U.K. LLP, have indicated their willingness to continue in office. The Trustees will propose 8 motion ￿appoIntIng the auditor al a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by". 8bJn•dty. B815120AFFDF4EZ.- JDCPitt Dale.. 281512026 Page 10

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SHREWSBURY SCHOOL FOUNDATION Opinion We have audited the financial slalements of Shrewsbury School Foundation (the 'charity'l for the year ended 31 July 2025 which comprise the Statement of financial aclivilies, 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 A¢￿pted Accounting Practi￿1. 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 IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred lo in the extant regulations bul 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.. give a true and fair view of the slate of the charity's affairs as at 31 July 2025 and of ils incoming resources and application of resources for the year then ended., have been propedy prepared in accordan￿ with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordan￿ with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibilities for the audit of the financial stslements 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 eviden￿ we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concorn In auditing the financial slalements, we have concluded that the Trustees. use of the going concern basis of accounting in the preparation of the financial slalemenls 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 doubl on the charity's ability lo continue as a going concem for a period of at least I￿e1ve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees wth respect lo going COn￿M are described in the relevant sections of this report. Page11

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SHREWSBURY SCHOOL FOUNDATION ICONTINUEDI other information The other infomialion 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 lo the extent otherwise explicitly slated in our report, we do not express any form of assuran￿ conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misslaled. If we identify such material inconsistencies or apparent material misslatemenls, we are required to determine whether this gives rise to a material misslalemenl in the financial slalements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing lo report in this regard. Matters on which are required to report by exception We have nothing lo 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.. the information given in the Trustees, report is inconsistent in any material respect with the financial slalements., or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responsibilitios 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 ne￿SSary lo enable the preparation of financial stslements that are free from material misstatement, whether due lo 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 con￿rn and using the going COn￿M basis of accounting unless the Trustees either intend lo Iiquidale the charity or to ￿ase operations, or have no realistic alternative bul to do so. Page 12

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SHREWSBURY SCHOOL FOUNDATION ICONTINUEDI Auditorfs 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 Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslalement, whether due to fraud or error, and to issue an Audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslatemenl 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 lo influence the economic decisions of users taken on the basis of these financial stalemenls. Irregularities, including fraud, are InStan￿S of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delect material misstalemenls in respect of irregularities, including fraud. The exlenl lo which our prO￿dureS are capable of delecling irregularities, including fraud is detailed below.. A further description of our responsibilities for the audit of the financial slalements is located on the Financial Reporting Council's website al.. www.frc.or .uklauditorsres onsibililies. 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 InStan￿S of non-complian￿ with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due lo fraud or error, and discussed these he￿een our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate lo provide a basis for our opinion. 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 delerminalion of material amounts and disclosures in the financial slatemenls. The laws and regulations we considered in this context were the Charities Act 2011, together with the Charities SORP IFRS 1021. 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 lo avoid a material penalty. We also considered the opportunities and in￿ntiVeS that may exist within the charity for fraud. Auditing standards limit the required audit procedures lo identify non-complian￿ with these laws and regulations lo enquiry of the Trustees and other management and inspection of regulatory and legal corresponden￿, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, lo be within the liming of recognition of legacy income, and the override of controls by management. Our audit procedures lo respond to these risks included enquiries of management, and the Trustees about their own idenlificalion and assessment of the risks of irregularities, sample testing on the posting of journals, designing audit procedures over legacy income, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance. Page 13

Docusign Envelope ID: A8CCDE86-C2D8-85C0-8058-8A92E19FBA2C

SHREWSBURY SCHOOL FOUNDATION

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

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 non­ compliance 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: 29 May 2026

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

Page 14

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2025 Unrestricted funds 2025 Restricted Endowment funds funds 2025 2025 Total funds 2025 Total funds 2024 Note Income and endowments from". Donations and legacies Investments Other income 112,508 81,488 1,240,519 38,556 1,353,027 120,044 973,377 179,038 1,030 Total income and endowments 193,999 1,279,075 1,473,074 1,093,445 Expenditure on: Raising funds.. Fundraising costs for donations and legacies Less contribution from Shrewsbury School 423,607 423,607 298,247 {423,6071 326.138 {423,6071 939.438 {298,247) 869,252 Charitable activities 613.300 Total expendlture 326,138 613,300 939,438 869,252 Net lexpenditure}lincome before net gains on investments Nel gains on investments {132.1391 665.775 533.636 224, 193 43,457 4,007 85,541 133,005 340,805 Net movement in funds 88,6821 669,782 85,541 666,641 564,998 Reconeiliation of funds: Total funds brought forward Nel movement in funds 2,913,827 188.6821 1,254,123 669.782 2,725,422 85.541 6,893,372 666,641 6,328,374 564,998 Total funds carried forward 2,825,145 1,923,905 2,810,963 7,560,013 6,893,372 The notes on pages 18 to 38 form part of these financial statements. Page 15

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION BALANCE SHEET AS AT 31 JULY 2025 2025 2024 Note Fixed assets Investments 4,413,159 4,023,688 Current assets Debtors". amounts falling due after more than one year Debtors.. amounts falling due within one year Cash al bank and in hand 12 12 1,296,046 70,321 1.803.687 1,296,046 782.174 1,492, 180 3,170,054 2,970,400 Current liabilities Creditors.. amounts falling due within one year 13 {23.200} fl00, 776J Net current assets 3,146,854 2,869,684 Total net assets 7,560,013 6,893,372 Charity funds Endowment funds 14 2,810,963 1,923,905 2.825,145 2, 725,422 7,254, 123 2,913,827 Reslricled funds Unrestricted funds 14 14 Total funds 7,560,013 6,893,372 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. s¥ntdty. n•d by.. BB15120A7FDF4E2... F>E1￿2￿6F6S4￿. JDCPitt JEMCrossKC Dale.. 281512026 The notes on pages 18 to 38 form part of these financial statements. Page 16

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025 2025 2024 Note Cash flows from operatlng actlvltles Nel cash used in operating activities 17 447.929 363.429 Cash flows from Investlng actlvltles Dividends, interests and rents from investments Purchase of investments 120.044 1256.466} 120,068 (7,068) Net cash (used inllprovided by investing activities 1136,422} 113,000 Change in cash and Cash equivalents in the year Cash and cash equivalents at the beginning of the year 311,507 476,429 1.492.180 1,015, 751 Cash and cash equlvalents at the end ofthe year 18 1,803,687 1,492, 180 The notes on pages 18 to 38 form part of these financial statements Page 17

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 General information The Foundation is constituted under a Trust Deed dated 18 May 1965 and updated on 28 September 2022 and is a registered charity in England and Wales (Charity Number 5284151. The Foundation's registered office and primary pla￿ of business is Shrewsbury School, The Schools, Shrewsbury, SY3 7BA. Accounting policies 2.1 Basis of preparation of financial ststements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities". Slalement of Recommended Practice applicable lo charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 JanLJary 20191, the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 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 departLJre has involved following the Charities SORP IFRS 1021 PLJblished in October 2019 rather than the Accounting and Reporting by Charities." Statement of Recommended Practice effective from 1 April 2005 which has Sin￿ been withdrawn. The Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are Initially recognised al historical cost or transaction value unless otherwise slated in the relevant accounb.ng policy. 2.2 Going concern The Trustees have a reasonable expectation that the Foundation has adequate resourTrs 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 concem basis in preparing the financial statements as outlined in the Trustees, Responsibilities on page 9. 2.3 Fund a¢¢ounting General funds are unreslricled 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 lo 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 sel out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Page 18

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Accounting policies Icontinuedl 2.4 Income All income is recognised On￿ the charity has entitlement lo the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing enlitlemenl, the probability of re￿Ipt and the ability to estimate with sufficient accuracy the amount re￿1Vable. Evidence of entitlement lo a legacy exists when the charity has sufficient eviden￿ that a gift has been left to them (through knowledge of the existen￿ of a valid will and the death of the benefaclorl and the executor is satisfied that the propety in question will not be required to satisfy claims in the estate. Receipt of a legacy musl be recognised when il is probable that il will be received and the fair value of the amount receivable, which will generally be the expected cash amount lo be distributed lo the charity, can be reliably measured. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the lime of the donation. 2.5 Expenditure Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating infomialion 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'l sel out in the Foundation's Trust Deed, then Shrewsbury School will pay the employment, adminislralive and other costs and expenses of the Foundation in furthering the Shrewsbury School Charitable Objects. 2.6 Investments Investments are staled at market value. Realised gains and losses on investments, calculated as the difference be￿een the sale proceeds and their market value al the start of the period, or subsequent cost, are credited or charged lo 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 lo the SOFA in the period of gain or loss. 2.7 Debtors Short term debtors are measured al transaction price, less any impairment. Loans re￿1vable are measured initially at fair value, nel of transaction costs, and are measured subsequently at amortised costs using the effective interest method, less any impairment. Page 19

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Accounting policies Icontinuedl 2.8 Creditors Short lemi creditors are measured at the transaction pri￿. Liabilities are recognised al the amount that the charity anticipates it will pay lo settle the debt or the amount il has re￿iVed as advanced payments for the goods or services it musl provide. 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 al their selllemenl value al 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. Critical accounting estimates and areas of judgement In the application of the accounting policies, the Trustees are required lo make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The eslimales 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 eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions lo 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 con￿MIng the future or eslimalion uncertainty affecting assets or liabilities al the balan￿ sheet date are likely lo result in a material adjustment to their carrying amounts in the next financial year. Page 20

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Income from donations and legacies Unrestricted Restricted Endowment funds funds funds 2025 2025 2025 Total funds 2025 Total funds 2024 Donations Legacies 112,508 1.240.519 1.353.027 924, 732 49,245 Total 2025 112,508 1.240,519 1.353,027 973.377 Total 2024 13f,962 594,884 246,531 973,377 Investmgnt income Unrgstrictod funds 2025 Restricted funds 2025 Total funds 2025 Total funds 2024 Investment income 81.488 38,556 120.044 119,038 Total 2024 81,950 37,088 119,038 Other Incomlng resources Unrestricted funds 2025 Total funds 2025 Total funds 2024 Bank interest 1,030 Total 2024 1,030 1,030 Page 21

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Expenditure on raising funds Fundraising costs Unrestricted funds 2025 Total funds 2025 Total funds 2024 Other costs 147,909 275.698 147,909 275.698 100, 158 198,089 Staff costs Total 2025 423,607 423.607 298,247 Total 2024 298,24T 298,247 Contribution from Shrewsbury School Unrestricted funds 2025 Total funds 2025 Tot81 funds 2024 Other costs staff costs {147,9091 1147,909} {275.6981 1275.698} (100. 758) (198,089) Total 2025 {423,6071 1423,607} (298,247) Total 2024 (298,247) (298,247J Page 22

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Fundraising costs include.. 2025 2024 Auditorfs remuneration.. for audit Auditorfs remuneration.. for accounts preparation 9.500 850 9,000 800 All fundraising costs were met by Shrewsbury School in accordance with the agreement referred to in note 2.5. Anatysis of expenditure on charitable activities Summary by fund type Unrestricted Restricted funds funds 2025 2025 Total 2025 Total 2024 Grants and bursaries 326.138 613.300 939.438 869,252 Total 2024 369,330 499,922 869.252 Summary by expenditure type Other costs 2025 Total 2025 Total 2024 Grants and bursaries 939,438 939,438 869,252 Total 2024 869,252 869,252 Page 23

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 staff costs The average number of persons employed by the Charity during the year was as follows.. 2025 No. 2024 No. Staff The number of employees whose employee benefits lexciuding employer pension costs) ex￿eded £60,000 was. 2025 No. 2024 No. In the band- £120,001 - £130,000 £150,001 - £160,000 2025 2024 Salaries National insuran Pension costs 230.098 29.325 16,275 165,430 20,644 12,015 275,698 198.089 Key management remuneration amounted to £188,956 (2024.. £144,822). 10. Trustees. remuneration and expenses During the year, no Trustees re￿iVed any remuneration or other benefits (2024- £NIL). During the year ended 31 July 2025, no Trustee expenses have been incurred (2024- £NILJ. Page 24

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 11. Fixed asset investments Listed securities Cost or valuatlon At 1 August 2024 Additions Revaluations 4,023,688 256,466 133,005 At 31 July 2025 4,413,159 Net book value At 31 July 2025 4.413,159 At 31 July 2024 4,023,688 Investments at market value comprise: 2025 2024 Listed Investments 4.413.159 4,023,688 All the fixed asset investments are held in the UK. Page 25

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 12. Debtors 2025 2024 Due after more than one year Loan to Shrewsbury School 1.296,046 1,296.046 2025 2024 Due wlthln one year Shrewsbury School Sundry debtors and accrued income 32,267 149,90T 70.321 70.321 182, 174 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 2025 2024 Loan notes due in less than 1 year Amounts owed to group undertakings Other creditors 3,000 18,344 1.856 3,000 97,716 23.200 100, 716 The loan notes are unsecured, interest free and were due to be repaid on 30 September 2007. During the year £Nil (2024 - £Ni4 of loan notes were redeemed al par. Page 26

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 14. Statement of funds statement of funds - current year Balance at 1 August 2024 Gainsl Balance at (Losses) 31 July 2025 Income Expenditure Unrestricted funds General Funds - all funds General Endowment Fund Income 2.489,369 153.440 {326.1381 43.457 2.360,128 424,458 40,559 465,017 2,913,827 193.999 {326.1381 43.457 2,825,145 Endowment funds Charles Wall Bursary Endowment Fund Gemini Scholarship Endowment Fund MLC Scholarship Endowment Fund 141,242 4,408 145,650 570,250 18,343 588,593 152,381 17,047 4.834 536 157,215 17,583 E A Hector Dyslexia Fund Shrewsbury House Endowment Fund General Endowment Fund The Sturdy Scholarship Endowment 220,629 1,377,342 6,877 42,879 227,506 1,420,221 246.531 7.664 254.195 2,725,422 85,541 2,810,963 Page 27

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 14. Statement of funds (continued) The Charfes Wall Bursary Endowment Fund represents capital sums donated lo generate income for the reslricled fund, the Charles Wall Bursary Fund. The Gemini Scholarship Endowment Fund represents capital sums donated to generate income for the restricted fvnd, the Gemini Bursary Fund. The MLC Scholarship Endowment Fund represents capital sums donated to generate income for the reslricled fund, the MLC Scholarship Fund. The E A Hector Dyslexia Fund represents capital donated to generate income for the reslricled fund, the E A Hector Dyslexia Bursary. The Shrewsbury House Endowment Fund represents a capital sum donated lo generate income for the reslricled fund, The Shrewsbury House Fund. The General Endowment Fund represents capital sums donated lo generate income for general, unrestricted purposes. The Sturdy Scholarship Endowment represents a capital sum donated lo generate income for the provision of bursary support for a pupil allending Shrewsbury School who has a particular aptitude for sport. Balance at 1 August 2024 Gainsl Balance at (Losses) 31 July 2025 Income Expenditure Restricted funds Endowed Income (see breakdown below) Other Bursary Funds (see breakdown below) Projects (see breakdown below) 50,633 34.783 134.8551 50,561 889,793 303,664 {429,6811 4,007 767,783 313,697 940,628 {148,7641 1,105,561 1.254,123 1.279.075 {613.3001 4.007 1.923,905 Totsl offunds 6,893,372 1,473.074 {939,4381 133.005 7,560,013 Page 28

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 14. Statement of funds (continued) statement of funds - prior year Balan￿ at l August 2023 Gains/ Balanc8 at (Losses) 31 July 2024 Income Expenditure Unrestricted funds General Funds - all funds General Endowment Fund Income 2,566, 700 174, 153 (369,330) 117,846 2,489,369 383,669 40, 789 424,458 2,950.369 214,942 (369,330) 117,846 2,913.827 Endowment funds Charles Wall Bursary Endowment Fund Gemini Scholarship Endowment Fund MLC Scholarship Endowment Fund E A Hector Dyslexia Fund Shrewsbury House Endowment Fund 129,238 12,004 141,242 520,294 49,956 570,250 139,216 15,586 13, 165 1,461 152,381 17,047 201,900 1,260,565 18,729 716,777 220,629 1,377,342 General Endowment Fund The Sturdy Scholarship Endowment 246,531 246,￿/ 2,266, 799 246,531 212,092 2, 725,422 Page 29

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 14. Statement of funds (continued) Restricted funds Endowed Income (see breakdown below) Other Bursary Funds (see breakdown below) Projects (see breakdown below) 40,910 33,292 (23,569) 50,633 704, 120 544,941 (370, 135) 10,867 889, 793 366, 7 76 53, 739 (106,218) 373,697 1,111,206 631,972 {499,922) 10,867 1,254, 123 Total of funds 6,328,374 1,093,445 1869,252) 340,805 6,893,372 Endowed Income (restricted funds) Balance at 1 Balance at 31 July 2025 August 2024 Income Expenditure Charles Wall Bursary Fund Gemini Bursary Income Fund MLC Scholarship E A Hector Dyslexia Bursary Shrewsbury House Income Fund sturdy Scholarship Income Fund Total 11,069 4,169 17,351 4,573 507 {14,2731 110,0001 110,5821 965 7,351 1,059 4,975 34.533 7,068 4,468 28.028 6,505 Page 30

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 other Bursary Funds (restricted funds} Balance at 1 Gains l Balance at 31 August 2024 Incomo Expenditure {Lossesl July 2025 Masons Fund Moody Stuart Scholarship Guy Lovett Award Shrewsbury House Scholarship Art & Music Bursary The Cassidy Sports Scholarship Michael Charlesworth Bursary Shegog Bursary Music Scholarship Fund Darwin Scholarship Fund Severn Hill Hardship Fund Excellence Bursary Alex Wilson Bursary Hong Kong Bursary K Nq Bursary RSSBC Scholarship The Case Scholarship MacDoug811 Brothers Bursary Means Tested Bursary Fund Total 8,559 8,700 4,259 8,559 18,7001 4,259 750 {7501 {4561 456 163.764 {41.1861 122.578 380 143,970 3,594 7,024 30 (3801 3.774 1,200 4,007 151.751 300 14,4941 17,0241 1301 13,2991 3,299 2.757 1.185 3.942 50,000 108,726 6,066 50,000 6.449 125,0001 {45,7631 16,0001 75.000 69.412 66 32,314 345 137 {19,5001 267 0991 429 681 12,814 319 094 241056 889 793 767 783 Page 31

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Projects (restricted funds) Balance at 1 Gains l Balance at 31 August 2024 Incomo Expenditure {Lossesl July 2025 Business Studies Oldhams General 24 25 1241 25 6,391 70,600 6,391 Infrastructure - Golf Centre 136,168 {65,5681 Packwood.. Admissions, Marketing & Development Fund 10,000 375 10.000 375 Modern Language Fund Cricket 3,000 15.879 3.000 15.879 1.756 25,995 17,342 2,918 Boat House Ergo Room Mary Sidney Hall Neville Shute Fund Academic Support Fund Fine Arts Education Fund 15.073 1,756 19,396 5,989 2,918 115.0731 12,599 44,708 16,0001 133,3551 Theatre- Capital Campaign Fund 979 1,310 12,2891 Grand Piano Fund 256 256 T Barker Sporting Ex￿llen￿ Fund Science Astronomy Fund Cabral Family Pryze Classics Department Pastor81 Fund 6.359 306 6.359 306 1,322 2,306 7,214 154,345 21,250 24,044 43.769 1.322 2,494 2,297 154,543 21.250 24.594 83.386 654 473 188 14,9171 Infrastructure Fund 198 Taylor Library Fund The Chapel Organ Fund The RSSBC Rowing Fund Padel Courts 2,620 550 12,6201 51,276 661 732 {11.6591 Total 1 105 561 Page 32

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Endowed Income restricted funds The Charles Wall Bursary Fund was set up lo 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 lo provide assistance with fees for nominated pupils attending Shrewsbury School. The E A Hector Dyslexia Bursary provides financial assistance to pupils with dyslexia who allend Shrewsbury School. Shrewsbury House Income Fund has been established lo provide income to support a mutually beneficial educational and social programme between Shrewsbury House and Shrewsbury School. other Bursary Funds The Masons Fund was set up lo 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 lo 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 Chaimian has made a considerable contribution lo School life despite a physical or other handicap. Shrewsbury House Scholarship has been established to provide financial support for pupils attending Shrewsbury School from Shrewsbury House, in Everton. Art & Music Bursary has been established lo provide financial assistance lo a pupil allending Shrewsbury School who excels in art or music. The Cassidy Sports Scholarship has been established lo provide up lo 100Qkn scholarships for pupils attending Shrewsbury School with outstanding sporting talent. Michael Charfesworth 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 lo pupils attending Shrewsbury School. Shegog Bursary is lo provide financial assistance for pupils lo attend Shrewsbury School, who were either born in or attended a school in any part of Ireland. Music Scholarship Fund has been set up lo provide financial assistance to pupils allending Shrewsbury School who excel al music. Darwin Scholarship Fund, a scholarship awarded to pupils allending Shrewsbury School from Hong Kong who are judged outstanding academically, in the arts, music or sport. Severn Hill Hardship Fund, a bursary fund lo provide financial support for pupils who attend Shrewsbury School and board at Severn Hill. Page 33

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 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 ex￿lS not only academically but also al football, cricket or rugby. Hong Kong Bursary Fund was established to assist pupils from Hong Kong who would not otherwise attend Shrewsbury School. K Ng Bursary, a donation re￿iVed to provide bursarial support for a girl attending Shrewsbury School. RSSBC Scholarship Fund, a bursary fund awarded lo pupils attending Shrewsbury School who excel at rowing. The Case Scholarship has been established lo provide financial assistance lo pupils attending the Shrewsbury School. Radbrook Bursary has been established lo provide a bursary for day pupils attending Shrewsbury School, who are in Radbrook House, at the School. MacDougall Brothers Bursary has been established lo provide bursaries for day pupils attending Shrewsbury School in the sixth form. The Means Tested Bursary Fund has been established lo provide bursarial support lo 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 ex￿1$ in Business Studies. Oldhams General, this fund has been established to provide general support for a specific boarding house at Shrewsbury School. House Upgrades, this is a fund lo assist in the upgrading of the boarding houses al Shrewsbury School. Boat House Ergo Room Fund represents donations received lo assist Shrewsbury School in the building of a training room for rowers in the School's boat house. Mary Sidney Hall Fund, this fvnd has been established to provide general support for a specific boarding house at Shrewsbury School. Nevil Shute Fund, the fund re￿iVeS income from the estate of Nevil Shute and can be used either lo support students who spend a gap year at Shrewsbury School, from Australia, or to provide financial assistance lo pupils of Shrewsbury School who would not otherwise allend the School from the Commonwealth. Shrewsbury House Fund, this fvnd has been established to provide support for the appointment of Youth Workers al Shrewsbury House in Everton, a Charity supported by Shrewsbury School. Academic Support Fund represents donations received in order lo provide support to Shrewsbury School lo purchase academic resources lo benefit pupils. Page 34

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 House Support- Ingram's Fund, the fund has been established lo provide funding for expenditure relating lo Ingram's boarding house al Shrewsbury School. The Fine Arts Education Fund has been established lo support the teaching of fine arts al 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 lo 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. T Barker Sporting EX￿llenCe Fund has been established to provide awards for pupils attending Shrewsbury School who represent the School in the first team in three sports. Science Astronomy Fund, donations re￿iVed to support astronomy activities al Shrewsbury School. Cabral Family Prize, donations received lo provide book prizes al Shrewsbury School's annual prize giving. Classics Department Fund has been established lo provide resources for the Classics Department at Shrewsbury School. Pastoral Fund has been set up lo provide additional pastoral support to all pupils al Shrewsbury School. Padel Courts fund, a donation re￿iVed lo assist Shrewsbury School with the construction of padel courts Iplanning stagel. Infrastructure Fund has been established to provide grants to Shrewsbury School lo assist with infrastructure projects. Taylor Library Fund this fund is to assist with projects in Shrewsbury School's ancient library. The Chapel Organ Fund has been established lo assist Shrewsbury School with Maintenan￿ and repair of the Chapel oryan. The RSSBC Rowing Fund has been established lo provide financial assistance to Shrewsbury School with regard lo new boats and equipment. Infrastructure - Ingrams Fund has been established to provide support for Ingrams Boarding House at Shrewsbury School. Transfer between funds The prior year transfer from the unreslricled fund to the RSSBC Scholarship Fund and the RSSBC Rowing Fund represents the reallocation of a legacy re￿iVed in the current and previous year. Page 35

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 15. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted Restricted Endowment funds funds funds 2025 2025 2025 Total funds 2025 Fixed asset investments 1.437.945 1,296,046 114,354 {23,200} 132,562 2.842.652 4.413,159 1,296,046 131,689) 1,874,008 23.2001 Debtors due after more than one year Current assets Creditors due within one year 1,791,343 Totsl 2,825,145 1,923,905 2,810,963 7,560,013 Anatysis of net assets between funds - prior year Unrestricted funds 2024 Restricted Endowment funds funds 2024 2024 Total funds 2024 Fixed asset investments Debtors due after more than one year Current assets Creditors due within one year 1,391.343 1,296,046 232,599 (6, 161) 128,296 2,504.049 4.023.688 7,296,046 1,674,354 (100, 716) 1,220,382 (94,555) 221,373 Total 2,913,827 1,254, 123 2, 725,422 6,893,372 Page 36

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 16. Financial instruments 2025 2024 Financial assets Financial assets measured at fair value 4.413.159 4,023.888 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.. 2025 2024 Total investment income for financial assets measured at fair value Nel gains on financial assets measured at fair value 120.047 133,005 120,068 340,805 17. Reconciliation of net movement in fvnds to net cash flow from operating activities 2025 2024 Nel income for the year las per Statement of Financial Acliviliesl 666,641 564,998 Adjustments for: Gains on investments Dividends, interests and rents from investments Decrease in debtors IDecreaselllncrease in creditors 1133.005} 1120,044} 111,853 177,516) (340,805) (120,068) 164,450 94, 854 Net cash used in operating activities 447.929 363,429 18. Anatysls ofcash and cash equlvalents 2025 2024 Cash al bank and in hand Cash held in investments 1.803.128 559 7,490,316 1,864 Total cash and cash equlvalents 1,803,687 1,492,180 Page 37

DoGusign Envebpe ID." A8CCDE86-C2D845CO4058-8A92E19FBA2C SHREWSBURY SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 19. Analysis of changes in net debt At 1 August 2024 Cash flows At 31 July 2025 Cash al bank and in hand Debt due within 1 year 1,492,180 13.0001 311.507 1,803,687 13.0001 1,489,180 311,507 1,800,687 20. Related party transactions During the year, the Trustees made donations of £65,116 (2024 - £22,362) lo the Foundation. 21. Post balance sheet evgnts On 25 February 2026, the Foundation received a share donation valued at £113,089. Although a potential donation was identified in the year ended 31 July 2025, il will be recognised as donation income in the year ended 31 July 2026, as donation income is recognised on cash re￿ipt. 22. Connected charities Shrewsbury School (Charity Number 5284131 is a connected charity due lo 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. Contributions from Shrewsbury School lo the Foundation's expenditure amounted to £423,607 (2024 £298,247) Grants to Shrewsbury School amounted to £939,43812024 - £855,469). Page 38