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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<br>and Expenditure|Account|33|
|Balance Sheets||||34|
|Consolidated|Cash Flow Statement|||3S-36|
|NOtes tothe|Finanaal|Statements||37-61|





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|Governors<br>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<br>The Rt Hon<br>P I R|Riddeg||CBE MA FRHlsts*¹<br>an|1August 2009|Second||
|Vice Chair|||||||
|I M HBI MA¹||||1August 2009|Second||
|Dr<br>I Bishop CBEBEd||MA|LLD a'|1August 2012|Sccand||
|Dr A J Carr PhD<br>n||||1August 2019|First||
|KJ Elbarn<br>BA FCA *||||1August 2019|First||
|K Fowler MA S n||||1January 2019|Fn'sl||
|SGhosh<br>BA MA *o||||1August 2011|5econd||
|R Hanna<br>BAAA dipl||RIBA y||1August 2013|First||
|H R Kerr MA MBA *||||1August 2019|First||
|Dr A H Kdttering<br>D I Parfitt¹'|BScM5c DPhil *|||1April 2013<br>1January 2018|Second<br>First|31December 2019|
|Professor<br>R J Parish||MA|DPhil n|1 November<br>20i6|First||
|TJ Pethybridge"'||||1December 2015|First||
|C HPolli<br>LLB e'-||||1August 2019|First||
|Dr M Ramadhan|OBE'|||1August 2019|First||





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|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<br>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<br>Number||||||||8208764||||||
|Address||||||||Dulwich<br>College||||||
|||||||||Dulwich<br>Common||||||
|||||||||London||||||
|||||||||SE217LD||||||
|Advisers||||||||||||||
|Auditors||||||||Haysrnacintyre<br>LLP||||||
|||||||||10Queen Street Plare||||||
|||||||||I.an don EC4R 1AG||||||
|Bankers||||||||Barclays Bank pic||||||
|||||||||1 Churchill<br>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<br>House||||||
|||||||||39york Road||||||
|||||||||Eon do n 5E17NQ||||||
|||||||||Ruffer investment|Management|||||
|||||||||80Victodia Street||||||
|||||||||Landon SW1E5JL||||||
|||||||||5arasin<br>& Partners|LLP|||||
|||||||||suxan<br>I-louse||||||
|||||||||1D0St Paul's Churchyard||||||
|||||||||Landon<br>EC4M BBU||||||





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|The per|ce|ntages.<br>compare|d|with the percentages<br>a|chieved<br>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<br>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|





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||||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<br>ratio:|Floor area||0.043tonnes|Not required|The intensity||ratio|measures|energy usage|
||||per rn2||compared|with an||appropn|ate business|
||||||metric.|||||





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|The Governors<br>pay<br>particular<br>attention|to|the|College's|means-tested|bursary<br>provision|bursary<br>provision|The table|The table|belaw|shows|shows|the<br>main|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|indicators<br>used ta measure<br>performance|||||||||||||
|||||2016|2017||2018||2019|||2020|
|Total number<br>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<br>provided<br>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<br>and related scholarships|as a|%of|||||||||||
|grass fees in Year 7 and abave|||||88%||9.7%||10.5%|||12.59o|
|Total bursaries<br>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<br>provided ta boys with<br>bursa ries||||E120000|E118000|E150000|||E152000|||6124 I300|
|Total bursaries funded<br>by the College from general<br>Bursaries funded<br>by the Bursary Appeal<br>Fund<br>Total value ofbursaries|||funds|E2,225,000<br>E2,380,000<br>E2,715,000<br>E310000<br>E357000<br>E396 000<br>E~2535000~~||||E3,044,000<br>f482 000<br> ~2|||E3,470,000<br>E681000<br>~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 F￿d 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 coTrtextU*Jl 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 ni11p￿1 b*5t 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$cho￿sOWwor￿￿￿s focubed Dn cont5nuiry
leadln8 role within the Southwark SchDols' Learrnini Pzrtnership And developind Dur educationul par:Thership wllh Clry HelAht5
E-ACT Academy in TulsE Hill. Our Involvemefii wlth both n4tlono15CIW pfodrammes ¢ontSnve5 tD tr4in Il£h-cillbrE ieichers with
exper58rtce In bDth State and prl¥ate educètlonwl gstwbli$hmeni$.
Prfmiry Educatlon
Southwath CamnvJnltyEducatlonal ¢h4rlty I$¢KI
SCEC 55 3 rÈglsterÈd ckn9rli y whl¢h operotes thret schemè5 of enrichment classes èi Dulwlch Foundl￿on 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 B￿lO￿V, ChEffl15try and Phy3iCsandto thepTinciple5 of ihe scienrilrc method, overscme 36 FyJur5 offreetuiri¢7n durin8
IheyEar.
The Callege PrO￿deS 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 Se￿i￿e5. 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$4 pwils to sain skills and CDnfldence thrO￿h enrlthment opp0riuftit￿S thai
they mi8ht otherwise not be able to enjoy. Some 20 old8r pupils from the CX>lle£E acl 35 vrAunteer Mentors On the 5d)erye.
5UPP)rtin& pupi15 ill thE classroom and carrying out admI￿$[ratIva tasks.
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|||||Unrestricted|Funds|Rainrlct|ed|Endowment|Total|Tots I|
|---|---|---|---|---|---|---|---|---|---|---|
|||||School|Other|Funds||Funds|2028|2019|
||||Notes|6|E|E||E|E|E|
|IIIICOIVIE AND ENDOWMENTS||FROIVE|||||||||
|Chaditable<br>acovities|||||||||||
|Fees zeceiva hie|||2|35,986,884|||||35,9S6,884|36.598,334|
|Grants, awards<br>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<br>income||||1,246,585|||||1,246,585|1,603,665|
|Otherincorne|||3|708,459|||||708,459|1,122,410|
|Othertradlng<br>income|||||||||||
|Lettings, events and spons|club||||||||||
|Income||||940,443|||||940,443|'1,933,148|
|Transport<br>and Commissariat||income||1,071,020|||||1,071,020|1,498,415|
|International<br>schools income||||2,469,944|||||2,469,944|3,253,849|
|Voluntary<br>income|||||||||||
|The Dulwich<br>Estate distributions|||4|2,365,999|||||2,365,999|2,540,251|
|Donations<br>received||||52,819||296,235||1,088,578|1,437,632|1,679,643|
|Coronavirus<br>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<br>and commissariat||cash||1,243,333|||||1,243.333|1.577,367|
|International<br>schools costs||||126,609|||||126,609|1,189,900|
|Fundraising<br>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<br>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<br>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<br>Rains and transfers||||1,724,265|(55,566)|56,106||(1,274,976)|449,S29|1,546,315|
|(Losses)/gains<br>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|||||||





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|||||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<br>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<br>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|





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|||2020|2D19|
|---|---|---|---|
|||E|6|
|INCOME||||
|Unrestricted<br>funds||41,741,359|44,673,622|
|Restricted<br>funds||835,356|810,077|
|Investment<br>gains/(losses)|other than endowrnentfunds|(395,739)|5,509|
|GIIOSS INCOME IN THE REPORTING PERIOD||42,380,976|4S,489,208|
|EXPENDITURE||||
|Unrestricted<br>funds||40,017,094|41,508,566|
|Designated<br>funds||55.566|51,964|
|Restricted<br>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|





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|||||||202D|||2019|
|---|---|---|---|---|---|---|---|---|---|
||||||6||6|||
|Operating<br>activities|(Note A)||||||6,226,105||6,990.066|
|Investing activities||||||||||
|Investment<br>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<br>to acquire|investments||||(4,608,548)|||(28,084,709)||
||||||||(3,970,762)||(9,004,289)|
|Financing<br>activities||||||||||
|Interest paid|||||(436,373(|||(496,615)||
|Repay ment of<br>Io an s|||||(818,926)|||(975,322)||
||||||||(1,255,299)||(1,471,937)|
|Increase<br>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<br>income and interest||||receivable||||(1,145,762)|(967,1S1)|
|Interest<br>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<br>in creditors||||||||1,735,733|48,320|
|||||||||66,226,105|66,990,066|





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|Analysis ofchanges|Analysis ofchanges|In net debt|Balance at||Other|Balance at|
|---|---|---|---|---|---|---|
||||1August 2D19<br>f|Cash flows<br>f|movements|31July 20ZD<br>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)|





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|Depreciaoon<br>is|provided<br>on|fixed assets to write|fixed assets to write|off their cost less estimated|residual|value over their 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<br>equipment||||4 to 5 years|||
|Fixtures, fittings,|equipment|and vehicles||3to 5 years|||





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|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<br>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<br>paid by other funds:||||||
|Scholarships<br>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<br>f|||2D19<br>E|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|b)|The total scholarships,|prizes and bursaries|||||received||from||other||funds consiin||||of:|||||||
||instr)cted<br>—Dulwich College Awards||||Fund|||||||||||||||98,318|||101,720|
||Restricted<br>—Bursary Appeal||Fund|||||||||||||||||680,932|||482,091|
|||||||||||||||||||||f779,250|||E583,811|
||DTHER INCOME|||||||||||||||||||2020|||2019|
|||||||||||||||||||||E|||f|
||Acovioes<br>in the furtherance||ofthe chanty's||||oblects:|||||||||||||||||
||Outings<br>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<br>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<br>(DCEI||and Dulwich<br>College|||
||Enterprises<br>Overseas|Limited<br>(DCEO). DCE's principal||||||||activities||||in the||year|were||the letting<br>of College||||facilities, the|
||operation<br>ofthe Commissariat|||(the|school||shop),|the||operation||||of a sports club||||and|an|outdoor centre and|||the provision|
||of transport<br>for pupils|to|and|from the||Dulwich||schools.||||DCEcys principal|||||activity||was the licensing of|||the name and||
||intellectual<br>property of Dulwich|||College to|||Dulwich||College|||Management||||International||||(DCMI), an independent<br>company||||
||which<br>runs<br>a number|of|international|||schools||DCE||and||DCEO donate||||their||taxable||profits to Dulwich|||College.<br>The|
||subsidiaries'<br>trading<br>results for|||the|year,|as extracted||||from||the|audited||finanual|||statements,<br>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<br>(loss)/profit||||||||(29,285)||||||201.290|||||1,563,853|||1,567,071|
||Gift/covenant<br>to Dulwirh||College|||||||(79)|||||(200,000)|||||(1,880,924)||(1,415,410l||
||Retained<br>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<br>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<br>did not receive any|remuneration<br>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<br>f90,001 - f100,000||||9<br>3|5<br>5|
|E100,001-6110,000||||4|3|
|f110,001 —6120,000||||1||
|f130,I101 - f140,000<br>6200,001 - f210,000||||1|1<br>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<br>Lettings, events and sports dub costs|1,028,931|72.647|50,509|9,148|1,161,235|
|Transport<br>and cornmissarial.<br>costs|321,025|S71,740|47,824|2,744|1,243,333|
|Internatianel<br>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<br>activities||||||
|Teaching costs<br>welfare and catering costs<br>Premises<br>costs|21,749,644<br>l,301,927<br>3,032,721|2,865,733<br>444,742<br>3,895,161|645,284<br>51,144<br>237,294|547,576<br>61,230<br>3,476,359|25,808,237<br>1,859,133<br>10,641,535|
|Boarding and medical costs|744,024|352,480|28,782|9,14S|1,134.434|
|Grants, awards<br>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<br>Lettings, events and sports dub costs|979,685|507,161|63,762|8,472|1,559,080|
|Transport<br>and cornmissanat<br>costs|381,415|1,104,822|88,589|2,541|1.577,367|
|In ternati<br>a na I<br>schools coHs|79,319|1,034,362|76,219||1,189,900|
|Fundra ising<br>costs<br>Finance costs|369,727<br>38,070|123,754<br>575,241|36,078<br>6,604||529,559<br>619,915|
|Charitable<br>activities||||||
|Teaching costs<br>Welfare and catering costs<br>Premises<br>costs|20,210,660<br>1,407,794<br>3,176,291|3,532,113<br>480,679<br>3,746,199|834,588<br>58,802<br>311,257|509,550<br>60,643<br>4,060,533|25,086,911<br>2,007,918<br>11,294,280|
|Boarding and medical costs<br>Grants, awards and prizes|749,371|372,303<br>583,811|31,281|8,471|1,161,426<br>583,811|
||f27,392,332|E12,060,445|E1,507,1SO|E4,650,210|E45,610,167|



## 



## 

## 

|8.|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<br>and|Inta rnationa|I|Fun dra ising|Finance|
|||||sports|club costs|||commissariat<br>costs|schools costs||COStS|costs|
|||||||||f|E||f|f|
||allocated<br>staff costs<br>Directly altnbuted<br>costs<br>A0 otal ed costs||||f218,088<br>fNil<br>f50,509|||E100,564<br>fNil<br>E47,824|66.988<br>620.636<br>f4,972||f340,494<br>f117,237<br>620,811|E38,695<br>ENil<br>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<br>and|Inta rnationa|I|Fvvdraising|Finance|
|||||sports|dvb costs|||commissariat<br>costs|schools aasts||coats|COStS|
||||||f|||f|f||f|f|
||Allocated staff costs<br>Directly attribvted<br>costs||||f264,||228<br>fNil|E115,194<br>fNil|E31,720<br>E5,845||E369,727<br>f123,754|638,070<br>fNil|
||Al<br>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<br>Directly attributed<br>costs|||||||E1,872.399<br>f600.109|f333,927<br>621,436||f982,007<br>f29,646|E265,I349<br>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 <br>Premises|OF TOTAL EXPENDITURE (continued)<br> costs|2020<br>f|2019<br>f|
|---|---|---|---|
|Fuel, light|8facilities|2,265,323|2,389,520|
|Maintenance<br>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<br>Fittings||
|---|---|---|---|---|---|
||Buildings<br>f|Bugdings<br>6|Equipment<br>f|&Vehicles<br>E|Tubal<br>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|





## 

|1D.|FIXEDASSETS —Group|||||
|---|---|---|---|---|---|
|||Freehold k||Fixtures, Fittings,||
|||Leasehold|Computer|Equipment<br>8||
||Fixed assets are an alysed|Bugdlngs|Equipment|Vehides|Total|
||between<br>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<br>contracted for, relating to||future capital|||||||
||expenditure,<br>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<br>below:|||||||||
||Dulwich<br>College investments|(note|11b)|38,107,150||37,236,119|42,019,038|42,|420,842|
||share ofDulwich<br>5choola Common|||||||||
||Investment<br>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<br>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|Funds|investments|listed|above 62,534,671(2018:E1,275,228l is held by the College and the remainder<br>af|above 62,534,671(2018:E1,275,228l is held by the College and the remainder<br>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<br>Net gains||||(3,762,074)<br>(1,248,278)|(24,378.550)<br>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<br>6|2020<br>f|2D19<br>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<br>Insurance|||and|Pensions|983,894||34.820|1,080,779|86,595|
||Other creditors|||||150,884||347.491|56,379|266,669|
||Amounts<br>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<br>me nt||
||||||||Leans||Loans|Total|
||||||||f||E|E|
||At 1August 2019|||||7,885,178|||2,184,030|10,069,2I38|
||Repaidin<br>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<br>6|Restricted<br>f|Reserve<br>f|Designated<br>f||General<br>f||Total<br>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<br>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<br>Funds||3.628|||||||3,628|
||Capital<br>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<br>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<br>Schools|Camrnon|||||||||
||Investment<br>Fund||3.628|||||||3,628|
||Buildings<br>Fund||35,679,373|||||||35,679,373|
||Dulwich College||||||||||
||Investment<br>Fund||39,201,530|||||||39,201,530|
||Dulwich College||||||||||
||Awards<br>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<br>Fund||||||||||
||Pension<br>Reserve||||(19,8S2,000)|||||(19,852,DDD)|
||General<br>Fund|||||||100,542||100,542|
||||E89,359,425|f72,432|E(19,852,000)|f2,819,198||f100,542||E72,499,597|





## 

## 

|18.|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<br>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<br>Funds|||3.628|||||||3,628|
||capital<br>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<br>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<br>me nt<br>6|Restricted<br>6|Reserve<br>6|Designated<br>f||Ge n eral<br>6||Total<br>6|
||Dulwich Schools|Common||||||||||
||Investment<br>Fund|||3,628|||||||3,628|
||Buildings<br>Fund|||35,514,492|||||||35,514,492|
||Dulwich College|||||||||||
||Investment<br>Fund|||39,026,127|||||||39.026.127|
||Dul wich College|||||||||||
||Awards<br>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<br>Fund||||6,221||||||6,221|
||Pension<br>Reserve|||||(14,268,000)|||||(14,268,000)|
||General<br>Fund||||||||446,|977|446,977|
|||||E89,309,466|6155,835|f(14,268,000)|E2,125,768||E446,|977|677,770,046|





## 

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## 

## 




## 

## 

|||||Trust for|Unapplied<br>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<br>f|Income<br>E|Expendkure<br>f|Transfers<br>f|Gains<br>f|2D2D<br>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<br>f|Income<br>f|Enpendlture|Transfers<br>f|Gains<br>i|2019<br>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|





## 

## 

|e)|Unrestricted|Unrestricted|fund movements|fund movements|dunng the|year were asfollaws:|year were asfollaws:|||||
|---|---|---|---|---|---|---|---|---|---|---|---|
||||||At|||||||
||||||1Aege*||||Irw est<br>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 <br>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<br>Awe rds|College<br> 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)|





## 

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## 

## 

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





## 

## 

|Changes|in present value oFthe defined|in present value oFthe defined|benefits|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<br>assumptions||||||4,716|4,395|
|change|in demographic|assumptions|||||383|(1,879)|
|Expenence gain on defined<br>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<br>expenses|||||||(33)|(29)|
|Contributions<br>by rnernbers|||||||240|245|
|Cont rib uti on s by em pl oyer|||||||631|681|
|eenefits|paid||||||(741)|(599)|
|closing fair value of employer<br>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<br>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<br>Put u re|pens le ne ra<br> peation era|21.0<br>23.1|24.1<br>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<br>commitments<br>under|operating<br>leases as set out below||
|---|---|---|
||2020|2019|
||6|E|
|Operating<br>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|





## 

##