2020-07-31-accounts - Dulwich College

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CONTENTS				Pages
Report ofthe	Governors			1-28
Independent	Auditors'	Report tothe Board ofGovernors		29-30
Consolidated	Statement	of Financial Activities		31-32
Consolidated	Surnrnary	Income and Expenditure	Account	33
Balance Sheets				34
Consolidated	Cash Flow Statement			3S-36
NOtes tothe	Finanaal	Statements		37-61

Governors wha s	erv	ed d	uring the year and to the da	te the report and accounts	were signed were:
				Date appointed	Term	Date retired
				as a Governor		as a Gavernar
Chairman The Rt Hon P I R	Riddeg		CBE MA FRHlsts*¹ an	1August 2009	Second
Vice Chair
I M HBI MA¹				1August 2009	Second
Dr I Bishop CBEBEd		MA	LLD a'	1August 2012	Sccand
Dr A J Carr PhD n				1August 2019	First
KJ Elbarn BA FCA *				1August 2019	First
K Fowler MA S n				1January 2019	Fn'sl
SGhosh BA MA *o				1August 2011	5econd
R Hanna BAAA dipl		RIBA y		1August 2013	First
H R Kerr MA MBA *				1August 2019	First
Dr A H Kdttering D I Parfitt¹'	BScM5c DPhil *			1April 2013 1January 2018	Second First	31December 2019
Professor R J Parish		MA	DPhil n	1 November 20i6	First
TJ Pethybridge"'				1December 2015	First
C HPolli LLB e'-				1August 2019	First
Dr M Ramadhan	OBE'			1August 2019	First

REFERENCE AND ADMINISTRATIVE	REFERENCE AND ADMINISTRATIVE	REFERENCE AND ADMINISTRATIVE	REFERENCE AND ADMINISTRATIVE	REFERENCE AND ADMINISTRATIVE	REFERENCE AND ADMINISTRATIVE	REFERENCE AND ADMINISTRATIVE	DETAILS	(continued)
Offlcers
The Master								Dr 1 A FSpence BA	Php
Chief Opcrau ng Officer								SJ Yi end MA
Clerk ta	the	Governors						KJones LLB
Deputy	Master		A cademic					D A P King MA
Deputy	Master		Pastoral					F M Angel BA
Director	of	Finance						N J Prout BA ACA
Deputy	Master		External					Dr C 56 Pyke MA MMus			PhD
Deputy	M a ate r Co-4 urricu					la r		I L H Scarisbrick BSc
Director	of	Cammunicatiaris						J M Scott MA MBA
Director	of	Admissions			Libraries &		Archives	Dr N D Black MA PhD
Other
Registered		Charity		Number				1150064
Company Number								8208764
Address								Dulwich College
								Dulwich Common
								London
								SE217LD
Advisers
Auditors								Haysrnacintyre LLP
								10Queen Street Plare
								I.an don EC4R 1AG
Bankers								Barclays Bank pic
								1 Churchill Place
								Lon don E145HP
Investment		Advisers						BlackRock Investment		Management			(UK) Limited
								33 King William Street
								L on do n EC4R 9 AS
								Veritas Investment	Management			LLP
								Elizabeth House
								39york Road
								Eon do n 5E17NQ
								Ruffer investment	Management
								80Victodia Street
								Landon SW1E5JL
								5arasin & Partners	LLP
								suxan I-louse
								1D0St Paul's Churchyard
								Landon EC4M BBU

The per	ce	ntages. compare	d	with the percentages a	chieved in the previous	four years, ar	e set out in th	e table below
					2016	2017	2018	2019	2020
Entries	at	A Level achieving		A"	26%	31%	29%	29%	39%
Entries	at	A Level achieving		A"or A	63%	64%	62%	65%	75%
Entries	at	A Level achieving		A", Aor 8	90%	87%	88%	86%	94%
Entnes	at	GCSE achieving	A*		55%	59%	57%
Entries	at	GCSE achieving	9					37%	45%
Entnes	at	GCSE achieving	9	or8				65%	73%
Entries	at	GCSE achieving	A* or A		86%	88%	84%	85%	91%
Entries	at	GCSE achieving	A", Aor 8		98%	98%	97%	99%	99%

		2016	2017	2018	2019	2D2D
Pupil numbers		1,751	1,736	1,756	1,742	1,763
Fee increases		4.75%	3.75%	3.95%	4 0%	39%
Day/boarding	split	12.6i1	12 7'1	13.2.1	12.5:I	11.9:1
Pupil/tearher	ratio	9.3:1	9.0:1	8.9:1	8.8'1	8.7:1
Average direct	teaching cost per teacher	f94,000	E100,000	E102,I300	f104,000	f106,000

			2020	2019
UK energy use	(kWh)		7,909,798	Not required	Gas, oil, eiectricit			and fuel
Associated greenhouse		gas e missions	Scope 1:1,042	Not required
(Tannes CO2 e	uivalent)		Scope 2.528
Intensity ratio:	Floor area		0.043tonnes	Not required	The intensity		ratio	measures	energy usage
			per rn2		compared	with an		appropn	ate business
					metric.

The Governors pay particular attention	to	the	College's	means-tested	bursary provision	bursary provision	The table	The table	belaw	shows	the main
indicators used ta measure performance
				2016	2017		2018		2019		2020
Total number ofbursaries				165	162		175		193		195
Number of 100%bursaries				36	44		64		62		77
Number of 75%oto 100%hursanes				94	106		126		123		134
Percentage ofboys in Year 7 and abave	receiving bursaries			11.5%	11.4%		12.3%		13.0%		13.2%
Bursa Des as a %ofgross fees in Year 7 and above				7.9%	8.4%		9.2%		100%		32.3%
Scholarships provided to boys with bursaries		as a %of
grass fees in Year 7 and above				04%	0.4%		0.5%		0.5%		0.4%
Tatal bursaries and related scholarships	as a	%of
grass fees in Year 7 and abave					88%		9.7%		10.5%		12.59o
Total bursaries and related Sahalarahips	as a	%of
total grass fees				7.8%	80%		8 7%		9.5%		11.49o
Value Of buraanes )see Note 2 ta the finandal		Statements		on pages 35and	36):
Bursanes funded from general funds				E2,105,I300	E2,262,000	E2,565,000		E2,892,000		E'3,346,000
Scholarships provided ta boys with bursa ries				E120000	E118000	E150000			E152000		6124 I300
Total bursaries funded by the College from general Bursaries funded by the Bursary Appeal Fund Total value ofbursaries			funds	E2,225,000 E2,380,000 E2,715,000 E310000 E357000 E396 000 E~2535000~~				E3,044,000 f482 000 ~2		E3,470,000 E681000 ~E4 1511300

DULWICH COILEGE REPORT OF T14E GOVERIVORS lcontlnuedl YEAR ENDED 31 JULY 2Q20 ACfrIEVEMENTS AND PERFORMANCE IcontlllUEd) Durswleg Irontlwedl Dwing Ihe ye4ra rotal ol 572 bursaries and scholarships were provided amon6sr 513 boys. Sorne 35.2%12019., 34.9%] of boy5 in YeBr 7 affld above received a$sistan£e with fee& from bursèries and 5cholar5hips. The total vèlue Of bursarle5, sihDlarships an d pr12es arnOuntÈd ts£5,089,OCpO12019,' E4,624.OC#II and represenied 14.0%12019". 12.5%1 tsl gm55 fee5 for the year. Thè Collegé alm5 tD promDte open access ènd the¥Èfor¢ tsrfjlcomes lTrcrea$e5 in the T)uMbe(5 01 bursary IKlder5 and the vdue of bursariés pre¥ldÉd year by year. The 195 bur&èrlos provlded durlng the yea( enabled bcy5 who5E paretrt5 could not otherwlge pflord 10 StMd thEm to the College to take ¥dv)t)toÈÈ of Its tducèlion. Bur56rie5 IfE lunded either Irom the CDlleg¥s 8wsEry AppÈal Fd or from IhE Income dlstrlbutions Irorn The Dulwlth E$tatÈ. Sinie It5 inception the Bursary Appegl Fund has contrlbuted a tatal of E4.553,QOOtowards L)ur5¥1e$ aw6rded 8t thè College. ComThunlly •£tMtI•i stritEiy•nd ratlon•l• ThE ColleKe'$ 5trotegic apprpoch 10 community-ba3ed activltiej 15 based upon a ronsuliative zpprD•¢h with p8rtnors, We 4im to Identify and under514nd e8ch oiher'5 slreniihj and coTrtextUJl cha112nKes. When we can mAtch • par[r,5 rnéed toour strewths we can de516n Dnd Implement actiylties which have a rneDnlnBful and fJr-reèchlffl& impott on the cornw.unlty. Wherè we èsre? to undertake •ctlvit115 We s•t hi8h pectItionS for Jchievement and 5UStiinabillty, wg hopg our qxperlenc88 can ser¥e rnodel ol ni11p1 b5t praclice, Our loc¥1 portThership 4ctlvity •t prlmary JihoDI èle Is cenifed an the ongolng SUPPQrt of the Southw Cornmunlty EdLKit1onal Ch?rltylSCECI snd onihedevelopffleni oftht Cre4tiveSaturdaySchool. ForSo¢ondsry$chosOWwors focubed Dn cont5nuiry leadln8 role within the Southwark SchDols' Learrnini Pzrtnership And developind Dur educationul par:Thership wllh Clry HelAht5 E-ACT Academy in TulsE Hill. Our Involvemefii wlth both n4tlono15CIW pfodrammes ¢ontSnve5 tD tr4in Il£h-cillbrE ieichers with exper58rtce In bDth State and prl¥ate educètlonwl gstwbli$hmeni$. Prfmiry Educatlon Southwath CamnvJnltyEducatlonal ¢h4rlty I$¢KI SCEC 55 3 rÈglsterÈd ckn9rli y whl¢h operotes thret schemè5 of enrichment classes èi Dulwlch Foundlon Scmols fof Ou0112 at 12 partlE5patire 5ouihwsik 9tate prlm&ry schools. See The scheme held èt the ColleÈe SItUTdiy mDTnlllg5 inlroduie5 children Year 6 lo practKal laborutory science. hyith the alm of stlm¥laiiiiÉthe pupi15' interest in 51ience and boostinKiheir confidep)cebefere Ilieir fDrlhcomiw move to secondzry School. The t18$se$ art hEld in ThE Laboratory, the Coll(tQ'5 fully equipped science la¢ilitV, Jnd pupi15 are introduced tn 50mc bas concepis d BlOV, ChEffl15try and Phy3iCsandto thepTinciple5 of ihe scienrilrc method, overscme 36 FyJur5 offreetuiri¢7n durin8 IheyEar. The Callege PrOdeS ficilities, equipment. refreshfflEnt5 and *J fully trainEd rnembgr of siall io Dverseè (he schème on Saturdav mornings. The Collegefurtherprovides Ihe SCEC with Èratis leEal support, aroundoncday per wok of 3amiiistr3tive Support and payroll Seie5. During 2019-20, the 8overTrance ol SCEC was %tren8thgnod by It5 becomin8 an Incerporated Charltable Qrganisation. The ColleBe provides iwDtrustEe5, its Deputy Master Extornsl and Head ol Junior 5thool, to slt Dn the board ol the Charity, In 2019-20, 38% of the children on the 53iurday sciwce s¢hem8 re Sn receSpt of pupll prernlum at thelr prlmllry 5choc4& The schernE represents a valuable opportunity for ihg$4 pwils to sain skills and CDnfldence thrOh enrlthment opp0riuftitS thai they mi8ht otherwise not be able to enjoy. Some 20 old8r pupils from the CX>lle£E acl 35 vrAunteer Mentors On the 5d)erye. 5UPP)rtin& pupi15 ill thE classroom and carrying out admI$[ratIva tasks. 13

				Unrestricted	Funds	Rainrlct	Endowment	Total	Tots I
				School	Other	Funds	Funds	2028	2019
			Notes	6	E	E	E	E	E
IIIICOIVIE AND ENDOWMENTS		FROIVE
Chaditable acovities
Fees zeceiva hie			2	35,986,884				35,9S6,884	36.598,334
Grants, awards and prizes			2	(4,309,830)				(4,309,830)	(4,040,384)
Net fees receivable				31,677,054				31,677,054	32,557,950
Cateding income				1,246,585				1,246,585	1,603,665
Otherincorne			3	708,459				708,459	1,122,410
Othertradlng income
Lettings, events and spons	club
Income				940,443				940,443	'1,933,148
Transport and Commissariat		income		1,071,020				1,071,020	1,498,415
International schools income				2,469,944				2,469,944	3,253,849
Voluntary income
The Dulwich Estate distributions			4	2,365,999				2,365,999	2,540,251
Donations received				52,819		296,235	1,088,578	1,437,632	1,679,643
Coronavirus lob Retention	5cheme
grants				1,175,586				1,175,586
Investments
Listed Investments						537,193	573,191	1,110,384	907,937
Bank and otherinterest				33,450		1,928		35,378	59,214
Total income and endowments				41,741,359		835,356	1,661,769	44,238,484	47,156,482
EXPENDITLI BE ON:
Raising funds
Letongs, events and sports	club costs			1,161,235				1,161,235	1.559,080
Transport and commissariat		cash		1,243,333				1,243.333	1.577,367
International schools costs				126,609				126,609	1,189,900
Fundraising costs				478,542				478,542	529,559
Finance costs			8	556,346				556,346	619,915
				3,566,065				3,566,I365	5,475,821
Charitable Activities
Teaching costs				25,752,671	55,566			25,808,237	25,086,911
Welfare and catering costs				1,859, 133				1,859,133	2,007,918
Premises costs				7,704,790			2,936,745	10,641,535	11,294,280
Boarding and medical costs				1,134,434				1,134,434	1,161,426
Grants, awards and prizes						779,250		779,250	583,811
				36,451,029	55,566	779,250	2,936,745	40,222,590	40,134,346
Total expenditure			8	40.017,094	55,566	779,250	2,936,745	43,788,655	45,610,167
Net income/(expenditure)	before
investment Rains and transfers				1,724,265	(55,566)	56,106	(1,274,976)	449,S29	1,546,315
(Losses)/gains on investments			11		(195,739)		(l,l352,539)	l1,248,278)	1,4S8,5I31
Net Income/(expenditure)	before
transfers				1,724,265	(251,305)	56,106	(2,327,515)	(789,449)	3,034,816
				31

				Unrestricted	funds	Restricted	Endowment	Total	Total
				School	Other	Funds	Funds	2DED	2019
				6	E	6	6	8	E
Net income/(expenditure)
before transfers				1,724,265	(251,305l	56,106	(2,327,515)	(789,449)	3,034,816
Transfers between		funds	18	(3,182,700)	944,735	(139,509)	2,377,474
Pension scheme	actu	an el	19
(losses)/gains				(4,472,000)				(4,472,000)	(868,000)
NET MOVEMENT	IN	FUIIID5		(5930435)	693,430	183.403)	49,959	(5,270,449)	2,166,816
Funds brovght forward at 1August			1S	(13,821,023)	2,125,768	155,835	89,309,466	77,770,046	75,603,230
FUNDS CARRIED	FORWARD
AT31JULY				fi19,751,458)	62,819,198	f72,432	f89,359,425	672,499,597	677,770,046

		2020	2D19
		E	6
INCOME
Unrestricted funds		41,741,359	44,673,622
Restricted funds		835,356	810,077
Investment gains/(losses)	other than endowrnentfunds	(395,739)	5,509
GIIOSS INCOME IN THE REPORTING PERIOD		42,380,976	4S,489,208
EXPENDITURE
Unrestricted funds		40,017,094	41,508,566
Designated funds		55.566	51,964
Restricted fun ds		779.250	583,811
TOTAL EXPENDITURE		40,851,910	42,144,341
NET INCOME BEFORETAX FOR THE REPORTING PERIOD		1,529,066	3,344,867
Tax payable
NET INCOME FOR THE FINANCIAL YEAR		61,529,066	E3,344,867

								2019
					6	6
Operating activities	(Note A)					6,226,105		6,990.066
Investing activities
Investment income	and interest			received	1,145,762		967,151
Cash inflow (rom redemption			of	investments	3,762,074		24,378,55ii
Payments to acquire	tangible		fixed assets		(4,270,050)		(6,265,281)
Payments to acquire	investments				(4,608,548)		(28,084,709)
						(3,970,762)		(9,004,289)
Financing activities
Interest paid					(436,373(		(496,615)
Repay ment of Io an s					(818,926)		(975,322)
						(1,255,299)		(1,471,937)
Increase in cash and	cash	equivalents				1.000.044		(3,486,160)
Cash and cash equivalents		at	1August			5.072.698		8,558,858
Cash and cash equivalents		at	31July			66,072,742		65,072,698
Analysis ofcash and	cash equivalents
Bank and cash						6,072,742		5,072,698
						66,072,742		65,072,698
							ZD19	2019
Note A							6
Net cash inflow from operating				activities
Surplus for the year							449,829	1,546,315
Investment income and interest				receivable			(1,145,762)	(967,1S1)
Interest payable							436,373	496,615
Depr en i at in n oherBe							4,106,295	4,650,210
Pension costs							1,112,000	1,293,000
							4,958,735	7,218,989
Increase in stack							(57,285)	19,348
(Increase)/decrease	in debtors						(411,078)	(96,591)
Increase in creditors							1,735,733	48,320
							66,226,105	66,990,066

Analysis ofchanges	Analysis ofchanges	Balance at		Other	Balance at
		1August 2D19 f	Cash flows f	movements	31July 20ZD f
Bank and cash		5,072,698	1,000,044		6,072,742
Loans due within	one year	(1,206,716)		(732,784)	(1,939,500)
Loans due after	more than one year	(8,862,492)	818,926	732,784	(7,310,782)
Net debt		E(4,996,510)	61,818,970	fNil	6(3,177,540)

Depreciaoon is	provided on	fixed assets to write	fixed assets to write	off their cost less estimated
useful economic	life by equal	annual	instalrnents	es fogows:
College Buildings
Building				50years
Roof				20years
Building services and fixtures				lii to 20 years
Computer equipment				4 to 5 years
Fixtures, fittings,	equipment	and vehicles		3to 5 years

FEESRECEIVABLE	FEESRECEIVABLE			2020	2019
				6	E
Fees receivable	consist of.
Day fees				34,868,947	35,f138,774
Boarding fees				1,797,459	2,309,030
Otherfees				394,832	376,877
Less - discounts	and staff allowances			(l,l174,354l	(1,126,347)
				f35,986,884	f36,598,334
Grants, awards	and prizes consist of:
Aine unts funded	by the College from general	unrestricted	funds
Scholarships and prizes				839,656	996,969
Scholarships to	boys with bursaries			124,374	151,793
Bursaries				3,345,800	2,891,622
				4,309,830	4,D40,384
Amounts paid by other funds:
Scholarships and prizes				98,318	101,720
Bursanes				680,932	482,091
				f5,089,080	E4,624,195

2.	FEESRECEIVABLf (continued)	FEESRECEIVABLf (continued)	FEESRECEIVABLf (continued)																	202D f			2D19 E
b)	The total scholarships,	prizes and bursaries					received		from		other		funds consiin				of:
	instr)cted —Dulwich College Awards				Fund															98,318			101,720
	Restricted —Bursary Appeal		Fund																	680,932			482,091
																				f779,250			E583,811
	DTHER INCOME																			2020			2019
																				E			f
	Acovioes in the furtherance		ofthe chanty's				oblects:
	Outings and expeditions																			463,822			895,28I.
	Staff rents																			169,238			172,340
	Other																			75,399			54,789
																				E708,459		61.122,410
4.	THE OULWICH ESTATE	DISTRIBUTIONS																		202D			2D19
																				f			f
	Estate income distnbution																			E2,365,999		f2,540,251
5.	INVESTMENT INCOME																			2020			2D19
																				f			f
	Listed stacks and equities																			61,110,384			f907,937
	INCOIUIE FRoM TRADUaG		SUBSIDIARIES
	The Cogege has two wholly owned				trading		subsidiaries,				Dulwich			College		Enterprises			Limited (DCEI		and Dulwich College
	Enterprises Overseas	Limited (DCEO). DCE's principal								activities				in the		year	were		the letting of College				facilities, the
	operation ofthe Commissariat			(the	school		shop),	the		operation				of a sports club				and	an	outdoor centre and			the provision
	of transport for pupils	to	and	from the		Dulwich		schools.				DCEcys principal					activity		was the licensing of			the name and
	intellectual property of Dulwich			College to			Dulwich		College			Management				International				(DCMI), an independent company
	which runs a number	of	international			schools		DCE		and		DCEO donate				their		taxable		profits to Dulwich			College. The
	subsidiaries' trading results for			the	year,	as extracted				from		the	audited		finanual			statements, are summarised					below:
													DCE								DCEO
									2D2D						2D19					2020			2D19
	profit and loss account									E						f				f			E
	Turnover							2,377,504						3,644,g33						2,469,944		3,253,849
	Expenditure							(2,406,789)						(3,443,543)						(906,09ll		(1,686,778)
	Trading (loss)/profit								(29,285)						201.290					1,563,853			1,567,071
	Gift/covenant to Dulwirh		College							(79)					(200,000)					(1,880,924)		(1,415,410l
	Retained in subsidiary								E(29,364)						61.290					f(317,071)			E151,661

STAFF COSTS		2020	2D19
		6	6
Total resources expended	include:
Wages and salaries		21,648,406	21,119,713
Social security costs		2.153,249	2,069,264
Pen sion cont nb u on ns		3,699,953	2,910,355
Pension scheme cost		1,112,000	1,293,DDD
		f28,613,609	f27,392,332

ainounled to 61,109,229	2019:f1,0CI3,956).	The Govern	ors did not receive any	remuneration in the yea	r (2018:fNil).
				202D	2D19
the number of employees	whose emoluments	exceeded	66D,DDD were	No.	No.
660,001 —f70,000				41	54
670,001 —ESD,DDD				33	25
ESD,DD1-690,000 f90,001 - f100,000				9 3	5 5
E100,001-6110,000				4	3
f110,001 —6120,000				1
f130,I101 - f140,000 6200,001 - f210,000				1	1 1
6210,001 - 6220,000

ANALYSIS OF TOTAL EXPENDITURE
			Agocated
		Direct	support
	Staff costs	costs	costs	Depreciation	Tatal
2020	6	E	6	6	E
Raising funds Lettings, events and sports dub costs	1,028,931	72.647	50,509	9,148	1,161,235
Transport and cornmissarial. costs	321,025	S71,740	47,824	2,744	1,243,333
Internatianel schools costs	56,147	65,490	4,972		126,609
Fundra ising costs	340,494	117,237	20,811		478,542
Flnanre costs	38,695	513,336	4,315		556,346
Charitable activities
Teaching costs welfare and catering costs Premises costs	21,749,644 l,301,927 3,032,721	2,865,733 444,742 3,895,161	645,284 51,144 237,294	547,576 61,230 3,476,359	25,808,237 1,859,133 10,641,535
Boarding and medical costs	744,024	352,480	28,782	9,14S	1,134.434
Grants, awards and prizes		779,250			779,250
	f28,613,608	69,977,817	f1,090,935	64,106,295	643,788,655
			Allocated
		Dirert	support
	Staff costs	COSts	costs	Depreciation	Total
2019	E	6		E
Raising funds Lettings, events and sports dub costs	979,685	507,161	63,762	8,472	1,559,080
Transport and cornmissanat costs	381,415	1,104,822	88,589	2,541	1.577,367
In ternati a na I schools coHs	79,319	1,034,362	76,219		1,189,900
Fundra ising costs Finance costs	369,727 38,070	123,754 575,241	36,078 6,604		529,559 619,915
Charitable activities
Teaching costs Welfare and catering costs Premises costs	20,210,660 1,407,794 3,176,291	3,532,113 480,679 3,746,199	834,588 58,802 311,257	509,550 60,643 4,060,533	25,086,911 2,007,918 11,294,280
Boarding and medical costs Grants, awards and prizes	749,371	372,303 583,811	31,281	8,471	1,161,426 583,811
	f27,392,332	E12,060,445	E1,507,1SO	E4,650,210	E45,610,167

ANALYSIS OF TOTAL EXPENDITURE )continued)	ANALYSIS OF TOTAL EXPENDITURE )continued)	ANALYSIS OF TOTAL EXPENDITURE )continued)	ANALYSIS OF TOTAL EXPENDITURE )continued)	ANALYSIS OF TOTAL EXPENDITURE )continued)	ANALYSIS OF TOTAL EXPENDITURE )continued)	ANALYSIS OF TOTAL EXPENDITURE )continued)
5vpport	costs are	allocated	as follows:
2020			Lettlngs,	events		and	Transport and	Inta rnationa	I	Fun dra ising	Finance
			sports	club costs			commissariat costs	schools costs		COStS	costs
							f	E		f	f
allocated staff costs Directly altnbuted costs A0 otal ed costs				f218,088 fNil f50,509			E100,564 fNil E47,824	66.988 620.636 f4,972		f340,494 f117,237 620,811	E38,695 ENil E4,315
							Teaching	Welfare and		Premises	Boarding and
							COSts	catering costs		Coats	medical costs
							E	f		6	E
Agocated	staff casts						E1,914,203	6280,583		E705,781	E233,318
Directly	attributed	casts					f654,101	f15,348		E15,261	f159.159
Allocated	costs						3645,284	f51,144		E237,294	f28,782
2019			Lettings	events		and	transport and	Inta rnationa	I	Fvvdraising	Finance
			sports	dvb costs			commissariat costs	schools aasts		coats	COStS
				f			f	f		f	f
Allocated staff costs Directly attribvted costs				f264,		228 fNil	E115,194 fNil	E31,720 E5,845		E369,727 f123,754	638,070 fNil
Al Ioca ted	posts				663,762		E88,589	676,219		f36,078	E6,604
							Teaching	Welfare and		Premises	Bearding and
							costs	catering costs		COStS	medical costs
										f
Allocated staff costs Directly attributed costs							E1,872.399 f600.109	f333,927 621,436		f982,007 f29,646	E265,I349 E142,197
Agacated	costs						E834,588	f58,802		E311,257	f31.281
										2020	2019
										f	6
Finance costs
Interest	payable									436,373	496,615
Bank charges										76,963	78,626
Allocated	staff casts									38,695	38,I370
Agocated	support	costs								4,315	6,604
										E556.346	6619,915

ANALYSIS Premises	OF TOTAL EXPENDITURE (continued) costs	2020 f	2019 f
Fuel, light	8facilities	2,265,323	2,389,520
Maintenance of buildings		2,269,812	1,927,814
Upkeep ofgrounds		J,Bl4,038	948,400
Rent, rate	Binsurance	667,667	645,103
Agnested	staff costs	705,781	982,007
Agocated	support costs	252,555	340,903
Depreciation		3,476,359	4;060,533
		610,641,535	E11,294,280
Auditars'	remuneration
-for audit		39,500	34,969
-for other	services	19,841	36,831
Operating	lease rentals	485,776	533,806
Governors'	expenses reimbursed		437

FIXED ASSETS- Group	Freeha Id	Le a sebo kl	Computer	Fixtures Fittings
	Buildings f	Bugdings 6	Equipment f	&Vehicles E	Tubal f
Cast
At 1August 2019	87,110,441	6,864,784	4,954,376	7,002,753	105,932,354
Additions	2,426,601	571,247	524,747	501,043	4,023,638
At 31July 2020	89,537,042	7,436,031	5,479,123	7,503,796	109,955,992
Depreciation
At 1August 2019	27,820,085	4,577,840	3,597,366	6,066,151	42,061,442
Charge for the year	2,954,920	139,849	586,913	424,613	4.106,295
At 31July 2020	30,775,005	4,717,689	4,184,279	6,490,764	46,467,737
Net book value
At 31July 2020	E58,762,037	62,718,342	61,294.844	61,013,032	E63,788,255
At 31July 2019	659.290,356	E2,286,944	f1,357,010	6936,602	E63,870,912

FIXEDASSETS —Group
	Freehold k		Fixtures, Fittings,
	Leasehold	Computer	Equipment 8
Fixed assets are an alysed	Bugdlngs	Equipment	Vehides	Total
between funds as fogows:	E	E		6
Endew ment	57,365,434			57,365,434
General	4,114,945	1,294,844	1,013,032	6,422,821
At 31July 2020	661,480,379	61.294.844	E1,013,032	E63,788,255

							202D	2019	2019
							E	E
	Amounts contracted for, relating to		future capital
	expenditure, at the year end						6326,00D	699D,000
11,	INVESTMENTS —Group and	Charity			Cost		Fair	Value
				2020		2019	202D		2019
				6		E	E		E
a)	The group and charity investments		are
	summa rised below:
	Dulwich College investments	(note	11b)	38,107,150		37,236,119	42,019,038	42,	420,842
	share ofDulwich 5choola Common
	Investment Fund (note 11c)			39,479		39,479	3,628		3,628
				E38,146,629		637,275,598	642,022,066	642,	424.470

Dulwich Col	lege investments
				Fair	Value
		2020	2019	2020		ZD19
		f	f			f
Charities Funds		38,106,874	37,235,843	42,I318,762	42,420,566
Investment	in Dulwich College Management
International	Limited	275	275	275		275
Investment	in Dulwich Services Limited	I	I	I
		E38,107,150	637,236,119	642,019,018	642,	424,842

Ofthe Charities	investments	listed	above 62,534,671(2018:E1,275,228l is held by the College and the remainder af	above 62,534,671(2018:E1,275,228l is held by the College and the remainder af
the group investments	are held by	Dulwich	College Trust.
			2020	2DI9
			f	f
AtI August 2019			42,420,842	37,226,182
Additions			4;608,548	28,084,709
Dispasa la Net gains			(3,762,074) (1,248,278)	(24,378.550) 1.488.501
At 31July 202I3			642,019,I338	642,420,842

INVESTMENTS IN SUBSIDIARY UNDERTAKINGS-Charity	INVESTMENTS IN SUBSIDIARY UNDERTAKINGS-Charity	INVESTMENTS IN SUBSIDIARY UNDERTAKINGS-Charity	INVESTMENTS IN SUBSIDIARY UNDERTAKINGS-Charity	INVESTMENTS IN SUBSIDIARY UNDERTAKINGS-Charity	INVESTMENTS IN SUBSIDIARY UNDERTAKINGS-Charity		2020		2019
							f		f
Investment	in Dulwich	College Enterpnses		Limited
Investment	in Dulwich	College Enterprises		Overseas	Limited
The balance	sheets of	the companies	are	surnmarised	as follows:
					Dulwich	College	Dulwich		College
					Enterprises	Limited	Enterprises	Overseas limited
					2020	2D19	2020		2019
Balance sheet					E	f	f
Fixed assets							275		275
Current assets					792,564	458,684	4,936,565		5,208,833
Creditors					(692,019)	(328,775)	(4,936,839)		(4,892,036)
Net assets					f100,545	f129,909	61		E3172O2

STOCK								Group		Company	Company
								ZD2D	2D19	2D20	2019
								f	f	f	f
College	Commissariat:
Sports	goods							196,073	141,366
Books	and	stationery						15,196	17,256
Other								29,807	25,169	13,911	8,989
								E241,076	E183,791	613,911	f8,989
DEBTORS								2020	2019	2020	2019
								f	f	f	f
Tuition	and	boarding		fees				379,142	36,736	379,142	36,736
Other debtors								166,756	240,086	96,103	42,750
prepayments			and accrued		income			706,871	564,869	384,003	515,694
Dulwich	College Enterpi'iaea				Limited					546,054
Dulwich	College Enterprises				Overseas		Limited			971,607	628,590
Inter-fund		loan (due from Dulwich				Cogege Trustl				1,300,009	4.366,439
								E1,252,769	f841,691	E3,676,918	E5,590,209

15.	CREDITORS'.amounts	CREDITORS'.amounts	Falling	Falling	due	Gra up	Gra up		Company	Company
	within one year					2020		2019 6	2020 f	2D19 f
	Loans for buildings	(nate 16)				1,939,500	1,206,716		840,763	795,671
	Fee deposits					2,995,795	3,074,962		2,995,795	3,074,962
	Tax, National Insurance			and	Pensions	983,894		34.820	1,080,779	86,595
	Other creditors					150,884		347.491	56,379	266,669
	Amounts due an capital			projects		243,070		489,482	243,070	489,482
	Accruals and deferred		interne			3,310,271	2,705,653		3,245,329	2,571,398
	Dulwich College Enterprises				Limited					35,075
						69,623,414	67,859,124		f8,462,116	67,319,853
16.	LOAN5 FOR BUILDINGS					De	vela p	ment	Non endow me nt
							Leans		Loans	Total
							f		E	E
	At 1August 2019					7,885,178			2,184,030	10,069,2I38
	Repaidin theyear						(635,049)		(183,877)	(818,926)
	At 31July 2020					67,250,129			f2,000,153	69,250,282
									2020	2019
									f	E
	Falling due for repayment'.
	-twa to five years								6,196,953	7,568,956
	thereafter								1,113,829	1,293,536
									7,310,782	8,862,492
	- within one year	(note		15)					1,939,500	1,206,716
									f9.250.282	f10,069,208


OTHER CREDITORS —Group and Charity	2020	2019
	E	E
Advance fees	1,594,004	1,492,255
Fee deposits	2,497,711	2,141,645
	64,091,715	E3,633,900
Falling due for repayment;
-two to five years	3,177,676	2,881,561
-thereafter	914,039	752,339
	64,091,715	63,633,900

18,	FUNDS	FUNDS
a)	The net assets afthe company		and ofthe group	are held for	the variOua fundS	aa fO)IOwp
					Unrestdcted		Funds
	2070				Pension
			Endowment 6	Restricted f	Reserve f	Designated f		General f		Total f
	Tangible fixed assets							9,457,802		9,457,802
	Investments					2,551,188				2,551,188
	Net other assets		8,671,922	52,086		268,010		(9.232,000)		(239,982)
	Loans for buildings							(7,671,519)		(7,671,519)
	Pension fund deficit				(19,852,000)					(19,852,CKICI)
	Company total		E8,671,922	652,086	f(19,852,000)	f2,819,198 f(7,445,717)				f(15,754,511)
	Tangible fixed assets		57,365,434					6,422,821		63,788,255
	Investments		39,467,581			2,551,182			275	42,019,038
	Dulwich 5chaals	Common
	Investment Funds		3.628							3,628
	Capital danations (cash )
	Net other assets		1,072,920	72,432		268.016		(5,622,	410)	(4,209,042)
	Bank loan		(7,250,129)					(2,000,153)		(9,250,282)
	Pension fund defiat				(19,852,000)					(19,852,000)
	Inter-fund loan		(1,300,009)					1,300,009
	Group total		f89,359,425	f72,432	E(19,852,000)	62,819,19S		f100,542		672,499,597
	At 31July 2020	the group funds comprised.
					Unrestricted		Funds
					Pension
			Endowment	Restricted	Reserve	Design a ted		General		Total
			f	f		f		f		f
	Dulwich Schools	Camrnon
	Investment Fund		3.628							3,628
	Buildings Fund		35,679,373							35,679,373
	Dulwich College
	Investment Fund		39,201,530							39,201,530
	Dulwich College
	Awards Fund		1,332,345	2D.347		31,801				1,384,493
	Bursary Appeal	Fund	13,142,549	45,864		2,787,397				15,975,810
	Dulwich College			6,221						6,221
	Faalities Fund
	Pension Reserve				(19,8S2,000)					(19,852,DDD)
	General Fund							100,542		100,542
			E89,359,425	f72,432	E(19,852,000)	f2,819,198		f100,542		E72,499,597

FUNOS (continued)	FUNOS (continued)	FUNOS (continued)
					Unrestricted		Funds
2019					Pension
			Endowment	Restricted	Re sar ve	Designated		General		Tote I
			6	f	f	6		f
Tangible fixed assets								5,639,393		5,639,393
Investment s						2,024,	948		275	2,025,223
Net other assets			3,647,729	123,724		100,820		(5,212,599)		(1.340,326l
Loans for buildings								(8,463,537)		(8,463,537l
Pension fund deficit					(14,268,000)					(14,268,000)
Company total			63,647.729	f123,724	f(14,268,000)	f2,125,768		E(8.036,468)		f(16,407,247)
Tangible fixed assets			57,304.331					6,566,581		63,870,912
Investments			40,395,351			2,025,216			275	42,42II,842
Dulwich Schools		Common
Investment Funds			3.628							3,628
capital donations		(cash)	3,597,700							3,597,700
Net at her assets			260,073	155,835		100,552		(8,302,288)		(7,785,828)
Bank loan			(7,885,178)					(2,184,030)		(10,069,208)
Pension fund defiat					(14,268,000)					(14,268,000)
Inter-fund loan			(4,366,439)					4,366,439
Group total			689,309,466	6155,835	f(14,268,000)	62,125,768		f446,977		677,770,046
At 31July 2019	the group		funds comprised,
					Unrestricted		Funds
					Pension
			En dew me nt 6	Restricted 6	Reserve 6	Designated f		Ge n eral 6		Total 6
Dulwich Schools	Common
Investment Fund			3,628							3,628
Buildings Fund			35,514,492							35,514,492
Dulwich College
Investment Fund			39,026,127							39.026.127
Dul wich College
Awards Fund			1,464,599	32,111		34,100				1,530,810
Bursary Appeal	Fund		13,300,620	117,503		2,091,668				15,5I09,791
Dulwich College
Facilities Fund				6,221						6,221
Pension Reserve					(14,268,000)					(14,268,000)
General Fund								446,	977	446,977
			E89,309,466	6155,835	f(14,268,000)	E2,125,768		E446,	977	677,770,046

				Trust for	Unapplied Total	Total
				Investment	Return
				f	f
Balance as	at 1August 2018			32,848,379	5,213,404	38,061,783
Investment	income				427,667	427,667
Investment	gains				1.218,466	1,218,466
				32,848,379	6,859,537	39,707,916
Allocation to Trust for Investment			(at Cpi inflation)	652.000	(652,000)
Transfer to the General		Fund for	application		(681,789)	(681,789)
Balance at	31July 2019			f33,500,379	f5,525,748	f39,026,127
Investment	incame				573,191	573,191
Investment	gains				323,564	323,564
				33,500,379	6,422,503	39,922,882
Allocation to Trust for Investment			(at CPI inflation)	372,571	(372,571)
Tranafer ta	the General	Fund for	appliCaOOn		(721,352)	(721,352)
Balance at	31July 2020			E33,872,950	f5,328,580	f39,201,530

			At 1August				Investment	At 31July
			1019 f	Income E	Expendkure f	Transfers f	Gains f	2D2D f
Dulwich	College
Awards	Fund		32,111	83,754	(9S,318)	2,800		20,347
Bursary Appeal		Fund	117,503	609,293	(680,932)			45,864
Dulwich	College
Facilities	Fund		6,221	142,309		(142,309)		6,221
			f155,835	E835,356	f(779,250)	E(139,509)	fNil	E72,432
			At 1August				investment	At31July
			2D18 f	Income f	Enpendlture	Transfers f	Gains i	2019 f
Du(with	College
Awards	Fund		34,948	9S,S83	(101,720)			32,111
Bursary	Appeal	Fund	27,432	572,162	(482,091)			117,503
Dul wich	College
Facilities Fund			6,221	139,032		(139.032)		155,835
			f68,601	f810,077	E(583,811)	f(139,032)	fNil	E155,835

Unrestricted	Unrestricted	fund movements	fund movements	dunng the	year were asfollaws:	year were asfollaws:
				At
				1Aege*				Irw est me	nt	At31July
				2019	Income	Expenditure	Transfers	Gains/		2019
								(Losses)
General	Fund			446,977	41,741,359	(38,905,094)	(3,182,700)			10D,542
Advance	Fees	Fund				(55,566)	55566
Pens ian	Reserve		(14,268,000)			(1,112,000)		(4,472,000)		(19,852,DDDI
Dulwich Fund	College		Awards	34,100			(2,299)			31,801
Bum ary	Appeal		Fund	2,091,668			891,468	(195,739)		2,787,397
			f(11,695,255)		E41,741,359	f(40,072,660)	E(2,237,965)	E(4,667,739)		f(16,932,260)
				At
				1August				Investment		At 31July
				2018	Income	Expenditure	Transfers	Gains/		2019
								(Losses)
									f
Gen era	I Fun d			294,026	44,673,622	(40,215,566)	(4,305,105)			446,977
Ad va nca Fees Fun d						(51,964)	51,964
Pe nsio n Reserve			(12,107.000)			l(1,293,000)		(868,00I3)		(14,268,0DD)
Dulwich Awe rds	College Fun d						34,100			34,100
Bursary	Appeal		Fund	1,431,157			655,002	5,509		2,091,668
			E(10381817)		144,673,622	f(41,560,530)	f(3,564,039)	E(862,491)		E(11,695,255)

As a result ofthis change, the responsibility	As a result ofthis change, the responsibility		for meeting	for meeting	the pension	the pension	the pension	obligations	obligations	rests	rests	with	Dulwich Cagege. The on-going	Dulwich Cagege. The on-going	Dulwich Cagege. The on-going
oosts, however, are met by Dulwich	College		Enterprises			Limited	through		a secondment				arrangement.		Dulwich College
Enterprises Limited abtained actuarial	advice to quantify					its liability		using	transfer		values		and	using this	information has
estimated the quantum of the contingent		liability		(net	af assetsl		to	be in	the region			of f150,009, based			an the actuarial
valuation in 2CID4.
Governors have recewed actuarial advice.		The overall			expected rate			of return		on	assets is		based on the		lang term future
expected investment return for each asset dass as				at the bcginninF			afthe		year.
														2020	2il19
Analysis ofamounts charged to activity cost categories:														E	E
Charitable expenditure operating costs
5ervice cost													1,417,000		1,633,000
Administration expenses														33,000	29.000
													1,450,I30I3		E1,662,000
															6
Finance cost
Net interest on the defined benefit	liability													E293,000	6312,00D
Remeasurement afthe defined benefit liability:
Return on fund assets in excess ofinterest														(311,000l	(1,643,000)
Other actuarial lass on assets														332,000
Change in financial assumptions													4,716,000		4,395,000
Change in demographic assumptions														3II3,0IJD	(1,879,000)
Expenence gain on defined benefit	obligation													(146,00I3)
Total remeasurement loss/(gain)													E4,472,000		E868,000
						58

Changes	in present value oFthe defined	in present value oFthe defined	obligation	are as folknes:	2D20	2D20	2D19
					E'000		f'000
Opening	defined benefit	obligaoon			39.453		34,742
Current	service cost					1.417	1,317
Past service cost							316
Interest	cost					823	916
Contnbutions						240	245
change	in finanoal assumptions					4,716	4,395
change	in demographic	assumptions				383	(1,879)
Expenence gain on defined benefit obligation						(148l
eenefits	paid					(741l	(599)
					646,143		639,543
Changes	in fair value plan assets are as fogows:				2D20		2019
					E'000		E'ODO
Opening	fair value ofemployer assets				25,185		22.63S
Interest	on assets					530	604
Return on assets less interest						811	1,648
Administration expenses						(33)	(29)
Contributions by rnernbers						240	245
Cont rib uti on s by em pl oyer						631	681
eenefits	paid					(741)	(599)
closing fair value of employer assets					626,291		E25,185
The major categories ol'		plan assets are as follows:
				Group share of			Group share of
			%of	Fund value at	%of		Fond value at
			Total plan	31July 2020	Total	plan	31July 2019
			2D20	6'IXID	2019		6'000
Schem e	Assets
Equities			55%	14,440	55%		13,724
Target return portfolio			23%	5,982	25%		6,396
Cash			6%	1,615	5N		1,328
Infrastructure			7%	1,817	6N		1,443
Property			9%	2,437	9%		2,294
Tota I				E26,291			625,185
					2D20		2D19
					6		E
Actual return on fund assets					61,341,000

		Per annum	Per annum
Actuarial assuinptions	used:	2020	2D19
Salary increases		32sss	3.90SC
Pension increases		2.2536	2.40N
Discount rate		1.35%	2.10N

31July	2D20	Males	Females
Current Put u re	pens le ne ra peation era	21.0 23.1	24.1 26.2
31July	2019	Males	Females
Current	pen sinners	202	23.7
Fut u re	pens ion era	220	25.6

AI 31July 2020the College had annual commitments under	operating leases as set out below
	2020	2019
	6	E
Operating leases which expire:
- within one year	81,208	85,158
- in two to Five years	423,170	581,129
- in more than five years	220,333	235,437
	E724,712	6901,724