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
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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