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2021-07-31-accounts

DULWICH COLLEGE

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

Haysmacintyre LLP Chartered Accountants London

Company Number: 8208764 Registered Charity Number: 1150064

DULWICH COLLEGE

FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2021

CONTENTS Pages
Report of the Governors 1 - 22
Independent Auditors' Report to the Board of Governors 23 - 25
Consolidated Statement of Financial Activities 26 - 27
Consolidated Summary Income and Expenditure Account 28
Balance Sheets 29
Consolidated Cash Flow Statement 30 - 31
Notes to the Financial Statements 32 - 56

DULWICH COLLEGE

REPORT OF THE GOVERNORS

YEAR ENDED 31 JULY 2021

REFERENCE AND ADMINISTRATIVE DETAILS

Governors

Governors who served during the year and to the date the report and accounts were signed were:

Date appointed
Term		 Date retired
as a Governor as a Governor
Chairman
The Rt Hon Peter Riddell CBE *#Ø D(Chair until 31 July 2021) 1 August 2009
Second		 31 July 2021
Mrs Jayne Hill # (Vice-Chair until 31 July 2021) 1 August 2009
Second		 31 July 2021
Dr Irene Bishop CBEØ S 1 August 2012
Second
Dr Adrian CarrD(Chair from 1 August 2021) 1 August 2019
First
Mr Keri Elborn * 1 August 2019
First
Ms Karen FowlerS Ø 1 January 2019
First
Mr Surojit Ghosh *D 1 August 2011
Second		 31 July 2021
Ms Randa Hanna # 1 August 2018
First
Mr Howard Kerr * 1 August 2019
First
Mr David Parfitt #D 1 January 2018
First
Professor Richard ParishØ 1 November 2016
First		 14 October 2020
Mr Tim Pethybridge *D 1 December 2015
First
Mrs Catherine PolliØ S 1 August 2019
First
Dr Malik Ramadhan OBES 1 August 2019
First
Mr Fred Binka *D 1 August 2021
First
Mr Ben Dean 1 August 2021
First
Ms Kirsty Rutter *# 1 August 2021
First

The Governors of Dulwich College Trust are also the Governors of Dulwich College.

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DULWICH COLLEGE

REPORT OF THE GOVERNORS (continued)

YEAR ENDED 31 JULY 2021

REFERENCE AND ADMINISTRATIVE DETAILS (continued)

Officers

The Master Dr Joseph Spence Chief Financial Officer Mr Byron Hoo (appointed 15 February 2021) Chief Operating Officer Mr Simon Yiend Clerk to the Governors Ms Katy Jones Deputy Master Academic Mr Damian King Deputy Master Co-curricular Mr Iain Scarisbrick (to 31 July 2021) Deputy Master Pastoral and Co-curricular Mr Elliot Read (from 1 August 2021) Deputy Master External Dr Cameron Pyke Deputy Master Pastoral Mrs Fiona Angel Director of Admissions Libraries & Archives Dr Nick Black Director of Communications Ms Jane Scott Director of Finance Mr Nigel Prout (retired 31 March 2021)

Other

Registered Charity Number 1150064
Company Number 8208764
Address Dulwich College
Dulwich Common
London
SE21 7LD
Advisers
Auditors Haysmacintyre LLP
10 Queen Street Place
London EC4R 1AG
Bankers Barclays Bank plc
1 Churchill Place
London E14 5HP
Investment Advisers BlackRock Investment Management (UK) Limited
33 King William Street
London EC4R 9AS
Veritas Investment Management LLP
Elizabeth House
39 York Road
London SE1 7NQ
Ruffer Investment Management
80 Victoria Street
London SW1E 5JL
Sarasin & Partners LLP
Juxon House
100 St Paul’s Churchyard
London EC4M 8BU

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DULWICH COLLEGE

REPORT OF THE GOVERNORS (continued)

YEAR ENDED 31 JULY 2021

Dulwich College is descended from the College of God’s Gift founded at Dulwich in 1619 by Edward Alleyn.

The College is a company limited by guarantee and a registered charity. It operates under a scheme made by the Charity Commission on 30 January 2013, which regulates the College as a charity, defines its charitable object and specifies the constitution, powers and duties of the Governors.

The College is the corporate trustee of Dulwich College Trust, which administers certain endowment assets and funds. Dulwich College Trust is a subsidiary charity of the College which is subject to a uniting direction and has a charity registration number 1150064-1. The College is also the corporate trustee of the Dulwich College Awards Fund, which is also subject to a uniting direction and has a charity registration number 1150064-13. Neither Dulwich College Trust nor Dulwich College Awards Fund is required to prepare separate financial statements.

Organisation

The College has a governing body consisting of not less than nine and not more than 14 Governors, who are the directors of the company and the trustees of the charity.

The Board has the following committees and groups:

The Board and each Committee meet termly.

The Master is the chief executive of the College and is responsible for the implementation of the strategy and policy approved by Governors. He is assisted by the College Leadership Team (which consists of the Master, the four Deputy Masters, the Chief Operating Officer, the Chief Financial Officer, the Clerk to the Governors, the Director of Communications and the Director of Admissions, Libraries and Archives), the Senior Management Team (which consists of the ten previously mentioned executives, the five Heads of School and the Director of Development) and the Education Leadership Team (which consists of the Master, the Deputy Master Academic and the five Heads of School).

The College aims to provide competitive salaries and allowances for staff. These are benchmarked against surveys and other relevant market data from time to time.

The College provides information to its employees on the staff intranet (MyDulwich). Communication with staff is also conducted through mid-morning whole staff announcements from the Master and senior colleagues (twice a week, with key messages repeated by e-mail), at regular but less frequent intervals through committees of teaching and operational staff and through the Master’s addresses to all staff.

The College provides employment, training and development to disabled persons on the same basis as to its other employees.

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DULWICH COLLEGE

REPORT OF THE GOVERNORS (continued)

YEAR ENDED 31 JULY 2021

Governors’ duties under Section 172 of the Companies Act 2006

Section 172(1) of the Companies Act 2006 requires that a director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole and in doing so have regard to:

The Governors have regard to the interests of the College’s employees and have a designated Staff Liaison Governor (Mr Parfitt). The Staff Liaison Governor visits the College regularly, meets with both teaching and operational staff and liaises with the President of the Common Room and the Chair of the Operational Staff Committee. The appropriate Governor committee is made aware of any significant staff issues at its termly meetings. These are also reported to the Board.

In response to the COVID-19 pandemic the College utilised the Coronavirus Job Retention Scheme, which paid for 80% of the salaries of furloughed staff (up to a maximum of £2,500 per month). Governors agreed that all permanent employees should receive 100% of their pay whilst on furlough, so the College made-up the shortfall.

In consultation with staff representatives, Governors also authorised significant expenditure to put in place Covid measures on site for the protection of both staff and pupils.

Governors have regard to the need to foster the College’s business relationships with its suppliers (including by ensuring that suppliers are paid in a timely manner). Throughout the COVID-19 lockdown, there was no change to the College’s payment practices, so relationships with suppliers were maintained.

Governors have regard to the need to foster the relationship with the parents of the pupils at the College. In response to the COVID-19 lockdown, the Governors provided fee rebates during this academic year. The Governors also provided additional hardship bursary support as described in more detail later in this report.

Recruitment and Training of Governors

Governors are appointed by the Board in accordance with the College’s Articles of Association. They are normally appointed for a five year term of office and most Governors serve two such terms. No fee or other remuneration is payable to Governors, other than reimbursement, if claimed, of reasonable costs incurred in attending meetings.

The Board looks to have a diversity of Governors, including (amongst others) Old Alleynians (alumni of the College) and parents. In the first half of 2021 there was a major recruitment exercise for the appointment of new Governors, which resulted in the appointment of three new Governors (effective 1 August 2021) and the appointment of 3 individuals to Governor Committees and subsidiary boards.

All new Governors are invited to spend an induction day at the College, which includes meetings with Senior Management Team members. Newly appointed Governors are given written briefing material on the duties of a Governor and on the College and its operations and are briefed on the College’s financial position by the Chair of the Finance Committee and the Chief Financial Officer. Each Governor is invited at least once a year to spend a half-day visiting departments within the College (both academic and operational) in order to extend their knowledge of the College and its staff.

All Governors are encouraged to undergo relevant training (including safeguarding training). Training is provided to the full Board on their strategy days.

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DULWICH COLLEGE

REPORT OF THE GOVERNORS (continued)

YEAR ENDED 31 JULY 2021

The College maintains trustee indemnity insurance. This covers claims made against the College in respect of Governors’ liability arising from any negligent act, error or omission committed in good faith. The premium for the insurance is included in the College’s public liability premium.

Group Structure and connected charities

Dulwich College is one of the beneficiaries of the Dulwich Estate. The Estate’s charitable purpose is to enable education, sheltered homes for the elderly and provide a place of worship in the community. The other beneficiaries include Alleyn’s School and James Allen’s Girls’ School. Each beneficiary is managerially and financially independent. The Estate’s charitable scheme sets out that two of its trustees are nominated by the College. All three Dulwich schools receive an income distribution from the Dulwich Estate each year.

The Estate owns the freehold of some of the College’s operational properties for which the College pays rent. Other than in its role as landlord, the Estate does not have any influence on the operations of the College.

The College has two wholly owned trading subsidiaries, Dulwich College Enterprises Limited (DCE) and Dulwich College Enterprises Overseas Limited (DCEO). There is more information about DCE and DCEO later in this report.

OBJECT, AIMS, OBJECTIVES AND ACTIVITIES

Charitable Object

The charitable object of the College is the advancement of education of children for the benefit of the public by:

Aims

The College has four principal aims, as enunciated in the Strategic Development Plan, 2018-2022 (SDP):

It is also the College’s responsibility to enable Alleynians to be thoroughly well prepared for the challenges of the 2020s.

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DULWICH COLLEGE

REPORT OF THE GOVERNORS (continued)

YEAR ENDED 31 JULY 2021

Objectives for the year

The Governors’ objectives for the year under review were:

With COVID-19 still prevalent, the Governors continued:

Strategies to achieve the year’s objectives

The Governors’ strategies for achieving these objectives during the year have been:

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REPORT OF THE GOVERNORS (continued)

DULWICH COLLEGE

YEAR ENDED 31 JULY 2021

Principal activities for the year

Education - The education of pupils in the broadest sense has been the principal activity during the year, delivered on campus and remotely during the various periods of lockdown in the Michaelmas and Lent terms with a strong sense of achievement for pupils and teachers alike. In addition to its core academic activities the College has provided a wide range of sporting, musical, dramatic, artistic, supra-curricular[1] and co-curricular pursuits at College and then online through Teams and Zoom webinars. The College has sought to attract pupils from a variety of backgrounds and has made grants in the form of bursaries to this end. The Educational Leadership Team (ELT) has maintained its programme of regular lesson observations and the checking of Schemes of Work of all academic departments and has provided extensive feedback. The College has led and contributed to a significant number of educational initiatives outside the College, both locally and more widely, although many of these were, most unfortunately and necessarily, curtailed or cancelled as a result of lockdown. Where possible, we introduced alternative remote opportunities (about which there is more information below).

Free Learning is learning that extends beyond and is free from a syllabus and free from examination, and that challenges pupils to think for themselves. It is fed by intellectual curiosity, often supported by the interest and enthusiasm of a teacher or peermentor. Free learning is often interdisciplinary in nature; it breaks through the compartmentalisation of learning that subject syllabuses can impose. It allows the possibility of failure, from which pupils can learn important lessons. It is about making connections, challenging what we know and about learning how to avoid following the herd in an unquestioning and accepting way. We study free learners in history who have made their mark and look to inspire the free learners of the present to challenge their peers, their communities and their teachers. This type of learning is not new to us.

Under lockdown in Spring 2020 we launched Thinking About , a series of live online lectures with Q&As for students in Years 10 and above with guests from the Arts, Sciences and Humanities. Thinking About is a partnership between Dulwich College and Southwark Schools’ Learning Partnership (SSLP), bringing together pupils from 13 maintained schools and four independent schools across or adjacent to the borough and offering an opportunity to listen and talk to experts sharing exclusive insights into their professional lives. Contributors included David Lammy on Thinking About… Identity , Lord Browne on Thinking About… LGBTQ+ in the corporate world and Sarah Govett on Thinking About… Dystopian Fantasy, and talks ranged from topics on Journalism, Human Rights, Biodiversity, Climate Change through to Marketing and Consultancy.

A further example of Free Learning at Dulwich is the A Level Plus programme. In addition to their A level subjects, Year 12s follow an A Level Plus programme of two courses over three terms, providing an opportunity for them to fire their enthusiasm and become connoisseurs in areas that lie just beyond the reach of the normal curriculum. The programme offers exciting, crosscurricular courses which frequently straddle multiple subject areas in their explorations of knowledge, culture and invention. They are unexamined, and their independence from defined syllabuses allows teachers’ personal subject enthusiasms and expertise to connect with pupils’ own academic interests, stretching their intellectual horizons. The courses are varied: some culminate in essay responses, whilst others invite pupils to produce mechanical, technological or cultural artefacts and, in some enter external competitions; all, though, are showcased in an evening for parents, other students and staff for pupils to present inventions, artefacts, experiments and mini-lectures which demonstrate their intellectual journeys. A Level Plus gives pupils depth: their choice of courses complements their A level choices and deepens their knowledge beyond syllabuses, often to nearundergraduate standard.

Highlights from the year included activities and awards spanning debating, writing and researching and idea generation.

1 supra-curricular is the exploration of a pupil’s chosen subject through wider reading and other related activities beyond their GCSE and A Level curricula

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DULWICH COLLEGE

REPORT OF THE GOVERNORS (continued)

YEAR ENDED 31 JULY 2021

The CCF

Although training was interrupted by the pandemic, the CCF continued to provide all participating College and JAGS pupils with a rewarding and challenging Cadet Experience. In 2021, all residential expeditions and competitions were regrettably cancelled by the MOD, but in lieu of our usual Summer Camp, two full packed one day outings were undertaken. These ‘trips’ gave cadets the opportunity to take part in activities that, unfortunately, due to Covid protocols at a National and College level had made impossible. As Covid restrictions relaxed, several CCF Officers were able to commit to their continued professional development and attended courses to help maintain the skills and competencies necessary to deliver the extensive range of activities offered to pupils. Two of our Senior Cadets were successful in their applications to secure Army Sixth Form Scholarships.

Music

Despite the logistical challenges, the Music Department created live and online performances that were enjoyed by the community throughout the year.

Drama

The Drama, Theatre and Dance Department responded dynamically to the challenge of teaching remotely with creativity. Selftaping, webinars, news reporting, audio drama, digital theatre and the honing of production design skills were practiced by all age groups. Distance dance resulted in pupils inventing their own choreography inspired by Matthew Bourne, Stomp and Zoo Nation. Pupils from DUCKS to Year 13 were involved in live performance, wherever possible, or ambitious film-making projects. Year 7 participated in the Echo-Eternal commemorative arts engagement programme inspired by Holocaust survivor testimony, which included a feature in the nationally screened Holocaust Memorial Day Horizons film. The movement piece Shine was selected for Trinity Laban’s London Regional UDance 2021.

A record number of Upper School pupils performed in House competitions, and nearly 100 GCSE and A level pupils created and staged scripted adaptations and ambitious new devised work. Contributory performances were made to Black History Month, International Women’s Day and in response to the work of the Aegis Trust during Refugee Week. A Year 9 open-air promenade production of Shakespearean vignettes, and an ensemble scratch production for Year 8 based on themes from Our Day Out were staged.

280 pupils have continued to engage with the co-curricular LAMDA programme working towards Acting grades and Acting medals as well awards for public speaking.

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DULWICH COLLEGE

REPORT OF THE GOVERNORS (continued)

YEAR ENDED 31 JULY 2021

Sport

The space created through the loss of competitive sport opportunities was filled with a new programme of House competitions, monthly challenges, webinars and weekend online fitness classes for families. Staff benefited from an increased focus on physical health, enhancing their own wellbeing. The return to competitive sport in the Summer Term saw over 40 cricket teams representing the College alongside 200 athletes, 90 tennis players, and 120 boys rowing on the Thames. A week of sport was staged for the Year 13 leavers and the 1[st] VIII were invited to row at Henley.

Art and DT

A range of clubs, societies and events were delivered throughout the year, on campus and during lockdown, which included webinars Art and Architecture, Aspiring Engineers and Click, Make, Draw . Diversity and Inclusion were central to both classroom learning and our wider curriculum, and visiting speakers included Jade Fadojutimi, the youngest artist to have her work purchased by the Tate.

Dulwich in Lockdown

During 2020-21 periods of lockdowns, our online offer retained its range of distinctive Free Learning elements, fostering a love of learning within and beyond the syllabus and helping to nurture independent learning. Throughout London and across the world where our 138 boarders were at home, Alleynians and their teachers continued to work with energy and enthusiasm.

Old Alleynians, the Dulwich College alumni community, continued to make their contribution with their own established OA Stories encompassing a broad array of experiences and talents.

Charities Act 2011 and public benefit

The Governors are cognisant of their responsibilities in providing public benefit. The College continues to demonstrate a significant number of areas of public benefit within its core charitable objective of conducting at Dulwich a day and boarding school for boys in which there is provided a practical, liberal and religious education. The identifiable benefits include the provision of meanstested bursaries, which totalled £4,208,464 in the year, the provision of subsidised access to College facilities for community and educational purposes, pupil fundraising for external charities and a significant number of community and partnership activities involving current students and staff. The key elements of these activities and their relation to the College’s educational and charitable mission are set out in the community activities section of this report.

Grant making policy

The College grants bursaries to provide financial support to parents whose sons have been awarded a place at the College but cannot afford full tuition fees. Bursaries are funded by the College’s Bursary Appeal Fund or by the income distributions from the Dulwich Estate. In addition to entry bursaries, temporary bursaries may be offered where a family faces unexpected financial hardship (for example, as a result of the death of a parent and the creation of the Covid hardship fund in the recent pandemic). The College particularly seeks to support boys in such circumstances during public examination years.

College scholarships are awarded at entry points. These are largely academic but there are also scholarships for Sport, Music and Art. College scholarships are not means tested but a number of scholarships go to boys who would otherwise receive bursaries.

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DULWICH COLLEGE

REPORT OF THE GOVERNORS (continued)

YEAR ENDED 31 JULY 2021

STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

Operational performance

The extent to which the College achieves its aims cannot be measured by examination results alone. There is a range of indicators (not all measurable in quantitative terms) which show how well the College is providing an academic environment in which pupils acquire a good work ethos and a love of learning; an appropriate academic challenge which enables each pupil to realise their full potential; a wide range of activities through which pupils can develop a breadth of interests and learn to work co-operatively; a caring, supportive and well-ordered environment in which pupils from a variety of backgrounds can feel secure and equally valued and an ethos which encourages spiritual and personal development.

The main academic key performance indicators are the percentage of entries at A Level achieving grades A, A or B and the percentage of entries at GCSE level achieving 9, 8 or 7 (the grading changed in 2019 from A to G to 9 to 1 and grade 7 is comparable with the old A grade). The College aims to maintain at least 90% of entries at A Level achieving grades A, A or B and 95% of entries at GCSE level achieving 9 to 5 grades (A, A or B). These are demanding performance indicators given the large size of year groups at the College and the absence of less challenging subjects in the curriculum. In 2021 96% of entries achieved A, A or B grades at A Level and 99% of entries at GCSE level achieved (A, A or B).

The percentages, compared with the percentages achieved in the previous four years, are set out in the table below.

2016 2017 2018 2019 2020 2021
Entries at A Level achieving A* 26% 31% 29% 29% 39% 58%
Entries at A Level achieving A* or A 63% 64% 62% 65% 75% 85%
Entries at A Level achieving A*, A or B 90% 87% 88% 86% 94% 96%
Entries at GCSE achieving A* 55% 59% 57% - -
Entries at GCSE achieving 9 - - - 37% 45% 55%
Entries at GCSE achieving 9 or 8 - - - 65% 73% 81%
Entries at GCSE achieving 9-7 (A* or A) 86% 88% 84% 85% 91% 93%
Entries at GCSE achieving 9-5 (A*, A or B) 98% 98% 97% 99% 99% 99%

In 2021 pupils in England received teacher assessment grades for A level and GCSE results in line with the decision reached by the Government and Ofqual.

The College’s financial performance is measured against the budget for the year through termly management accounts which compare actual and budgeted income and expenditure. The College’s budget for the year includes income from its trading subsidiaries, DCE and DCEO and the performance of DCE and DCEO is continuously monitored. Governors are alerted quickly to any material variances from budget, including any appropriate actions that are being taken.

Apart from the main academic performance indicators, the performance of the College is also measured using a number of other indicators, which are based on on-going assessment of the College’s educational and charitable objectives and financial constraints. The table below compares performance in the year under review with performance in the previous four years (all the indicators exclude the DUCKS kindergarten).

2017 2018 2019 2020 2021
Pupil numbers 1,736 1,756 1,742 1,763 1,819
Fee increases 3.75% 3.95% 4.0% 3.9% 0.0%
Day/boarding split 12.7:1 13.2:1 12.5:1 11.9:1 12.3:1
Pupil/teacher ratio 9.0:1 8.9:1 8.8:1 8.7:1 9.0:1
Average direct teaching cost per teacher £100,000 £102,000 £104,000 £106,000 £106,000

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REPORT OF THE GOVERNORS (continued)

DULWICH COLLEGE

YEAR ENDED 31 JULY 2021

The Governors believe that the College’s good performance during the year was the result of a number of factors including the excellence of the teaching provided by the teaching staff, the support provided by the operational staff and the initiative and energy shown by the Master and his management team.

Maintenance Projects

The COVID-19 pandemic continued to limit and impact operations, and projects and budgets were prudently scaled back at an uncertain time while the College focused on delivering a high-quality education online. Opportunities were taken, however, to carry out works in compliance with Covid-19 restrictions at a time when the campus was unoccupied. In the year under review the College delivered £1,159,000 (2020: £2,027,000) of specific minor buildings projects, including security enhancements to the DUCKS perimeter (£102,000), repairs and refurbishment of the external fabric of Elm Lawn (£16,000), enhanced fire management and prevention measures in the boarding houses and DT (£260,000), upgrades and automation of plant rooms, including data logging (£156,000), surveys and spot repairs of the Barry Buildings roofs (£72,000), DUCKS playground replacement (£71,000), and refurbishment of 80 Ivyholme and Blew boarding house bedrooms (£67,000);

Detailed design and planning works continued for the major refurbishment the Lower School and a new Hall for the Junior School. Planning permission was obtained for an ambitious plan to convert the College’s main heating systems from gas to sustainable energy from Ground Source Heat Pumps (GSHP), requiring some 120 boreholes to be drilled in Ellerbank playing fields. However, the current uncertain economic environment and the operational risks of delivering in time to qualify for government’s Renewable Heat Incentive (RHI), meant that the project had to be postponed, until the risks could be addressed and resources were available. This meant that the opportunity to benefit from the RHI had to be permanently surrendered.

IT

The robustness and high quality of the College’s IT infrastructure ensured trouble-free and seamless delivery of online learning, and enabled us to respond with commendable agility to the demands imposed by the pandemic, including the provision of mobile devices to pupils on bursary support and staff working from home.

Sustainability

The College’s Sustainability Action Plan continued to be delivered, albeit at a more limited extent than had been planned, due to the pandemic. The College’s first ESG Impact Audit was completed by an external assessor, achieving a score of 47%, well above the average score of 20-25% expected for a first ESG audit. A continued focus on deliberate and detailed actions to bring lasting improvements to the College’s carbon footprint will see this score improve progressively. The College’s strategy is based on carbon measurement through detailed data capture across all facilities and activities, and carbon reduction by targeted, specific measures, together with clear pans to ensure that new building developments are net zero for embodied carbon and operational carbon. The priority is to take CO[2 ] out of the atmosphere and certifiable c arbon offsetting via the Gold Standard for Global Goals will be explored when practical measures for reduction that are within our control have been taken.

Work was begun in this year to install 18 electric charging points for staff vehicles as an incentive to change from fossil fuel to more sustainable travel, and a programme to electrify the College’s fleet of service vehicles was also begun, with two vehicles purchased and others on order. 90% of projects were completed to deliver detailed data-logging and capture in each building to support and inform targeted programmes for energy savings by the entire community. The College’s electricity supply comes from 100% green sources, secured by a three-year contract (expiry 2024) to protect against anticipated fluctuation in energy prices.

Carbon and Energy Reporting Regulations (SECR) are a statutory reporting requirement for large companies in the UK. The Companies Act defines a company as large if it exceeds any two of the following i) Total income >£36M, ii) Gross assets >£18M, iii) Employee numbers >250. The information below is based on the amount of gas, electricity and fuel consumed by the College during the year. Recorded kilowatt hours were converted to tonnes of carbon emissions (tCO[2] e) using standard methodology approved by DEFRA as part of its Environmental Reporting Guidelines. The College’s energy use for 2020-21 was less than might normally be incurred, due to the impact of Covid-19 lockdowns.

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DULWICH COLLEGE

REPORT OF THE GOVERNORS (continued)

YEAR ENDED 31 JULY 2021

2020-2021 2019-2020
UK energy use (kWh) 9,777,615 7,905,758 Comprises gas, electricity and diesel.
Associated greenhouse gas gross
emissions (tonnes CO2equivalent)		 Scope 1: 1,401
Scope 2: 483
Gross total: 1,884		 Scope 1: 1,086
Scope 2: 528
Gross total: 1,615
Associated greenhouse gas net
emissions (tonnes CO2equivalent)		 Scope 1: 1,401
Scope 2: 0
Net total: 1,4011		 Scope 1: 1,086
Scope 2: 528
Net total: 1,615
Gross Intensity ratio: Floor area 0.052 tonnes per
m2		 0.044 tonnes per
m2		 The intensity ratio measures energy
usage compared with an appropriate
business metric.

Notes:

  1. Net total tCO[2] e for 2021 is less than 2020 because electricity supply is now 100% from renewable sources.

  2. Usage for 2021 increased against the base year of 2020 because there was greater occupancy of the College site after Covid19 lockdowns of 2020.

COVID-19 Impact

The effects of the Covid-19 pandemic and government-imposed restrictions were a constant feature of all activity during this reporting year. All projects and plans were formally reviewed, and revisited through the year, with conservative financial forecasting and prudent economies being made wherever possible. Core activities and essential health and safety and maintenance projects were prioritised, while other projects were placed on hold and the minor projects budget reduced.

Formal Covid-19 risk assessments were completed and regularly updated in response to the changing situation and government guidance. During lockdowns, core operational departments maintained a skeleton staff onsite to ensure the security and maintenance of the site and its buildings. Educational delivery was transferred online and conducted by teaching staff from their homes. Despite the restrictions and due to the exceptional efforts of teaching staff, virtual teaching was highly successful and greatly appreciated by parents, as evidenced in the results of a Remote Learning Survey undertaken by an independent third party research agency. On the return to school in the summer term, an effective and comprehensive programme of testing of all eligible pupils was swiftly put in place and twice weekly Lateral Flow Testing delivered to all staff and pupils thereafter.

Non-Teaching Staff During Covid-19

More than 60% of non-teaching staff were placed on furlough at certain times during the pandemic, whilst core services and facilities management and support was maintained. For staff morale and to ensure delivery of essentials services and maintenance, departments maintained small core teams on rotation of furloughed staff within government regulations, ensuring that all staff were kept engaged within the limitations of the pandemic. As part of its commitment to valuing staff, furloughed staff were paid at 100% and volunteering opportunities for those otherwise kept at home were encouraged.

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DULWICH COLLEGE

REPORT OF THE GOVERNORS (continued)

YEAR ENDED 31 JULY 2021

Bursaries

The Governors pay particular attention to the College’s means-tested bursary provision. The table below shows the main indicators used to measure performance.

2017 2018 2019 2020 2021
Total number of bursaries 162 175 191 195 190
Number of 100% bursaries 44 64 62 77 83
Number of 75% to 100% bursaries 106 126 123 134 141
Percentage of boys in Year 7 and above receiving bursaries 11.4% 12.3% 13.0% 13.2% 12.6%
Bursaries as a % of gross fees in Year 7 and above 8.4% 9.2% 10.0% 12.1% 10.9%
Scholarships provided to boys with bursaries as a % of
gross fees in Year 7 and above 0.4% 0.5% 0.5% 0.4% 0.3%
Total bursaries and related scholarships as a % of
gross fees in Year 7 and above 8.8% 9.7% 10.5% 12.5% 11.4%
Total bursaries and related scholarships as a % of
total gross fees 8.0% 8.7% 9.5% 11.4% 10.4%

Value of bursaries (see Note 2 to the financial statements on pages 36 and 37):

Bursaries funded from general funds £2,262,000 £2,565,000 £2,892,000 £2,892,000 £3,346,000
£3,364,000		 £3,346,000
£3,364,000
Scholarships provided to boys with bursaries £118,000 £150,000 £152,000 £124,000 £106,000
Total bursaries funded by the College from general funds £2,380,000 £2,715,000 £3,044,000 £3,470,000
£3,470,000
Bursaries funded by the Bursary Appeal Fund £357,000 £396,000 £482,000 £681,000 £559,000
Total value of bursaries £2,737,000 £3,111,000 £3,526,000 £4,151,000
£4,029,000

The totals of bursaries include scholarships provided to boys with bursaries on the basis that if they hadn’t been awarded scholarships, then they would have received bursaries instead. The amounts for this year also include £173,000 of COVID-19 hardship support provided for Summer Term 2020. In addition, grants are provided to bursary holders to cover the costs of uniform and, where necessary, coach travel. The College has also provided suitable devices to bursary holders, according to need, to enable them to participate in remote learning.

The income distribution by the Dulwich Estate continues to support the College’s charitable objects. All of it is used to fund the means-tested bursaries at the College.

During the year a total of 602 bursaries and scholarships were provided amongst 570 boys. Some 38.6% (2020: 35.2%) of boys in Year 7 and above received assistance with fees from bursaries and scholarships. The total value of bursaries, scholarships and prizes amounted to £5,356,000 (2020: £5,089,000) and represented 13.8% (2020: 14.0%) of gross fees for the year.

The College aims to promote open access and therefore welcomes increases in the numbers of bursary holders and the value of bursaries provided year by year. The 190 bursaries provided during the year enabled boys whose parents could not otherwise afford to send them to the College to take advantage of its education. Bursaries are funded either from the College’s Bursary Appeal Fund or from the income distributions received from the Dulwich Estate. Since its inception the Bursary Appeal Fund has contributed £5,112,000 towards bursaries awarded at the College.

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Community activities

Strategy and rationale

The College’s strategic approach to community-based activities is based upon a consultative approach with partners. We aim to identify and understand each other’s strengths and contextual challenges. When we can match a partner’s need to our strengths we can design and implement activities which have a meaningful and far-reaching impact on the community. Where we agree to undertake activities we set high expectations for achievement and sustainability, and we hope our experiences can serve as a model of national best practice.

Our local partnership activity at primary school age is centred on the ongoing support of the Southwark Community Educational Charity (SCEC) and developing our partnership with Dulwich Wood Primary School. For secondary schools our work has focused on continuing a leading role within the Southwark Schools’ Learning Partnership and developing our educational partnership with City Heights E-ACT Academy in Tulse Hill. Our involvement with both national SCITT programmes continues to train high-calibre teachers with experience in both state and private educational establishments.

Primary Education

Southwark Community Educational Charity (SCEC)

SCEC is a registered charity which operates three schemes of enrichment classes at Dulwich Foundation Schools for pupils at participating state primary schools in Southwark, Lambeth and Lewisham. See https://scec-uk.org/.

Normally, the scheme, held at the College on Saturday mornings, introduces some 50 children in Year 6 to practical laboratory science, with the aim of stimulating the pupils’ interest in science and boosting their confidence before their forthcoming move to secondary school. The classes are held in The Laboratory, the College’s fully equipped science facility, and pupils are introduced to some basic concepts of Biology, Chemistry and Physics and to the principles of the scientific method, over some 36 hours of free tuition during the year.

During 2020-21, with Covid restrictions in place for much of the year, the trustees of the charity took the decision not to run its enrichment schemes in person. It had been hoped that classes might have a delayed start, but in the event, no in-person tuition could take place. Instead, the College devised an innovative scheme to help the registered children to explore some key scientific concepts at home in conjunction with a series of online tuition sessions held by two members of the College's science staff. Children and tutors met online by Zoom on Saturday mornings; scientific topics were introduced and the children were given instructions, in the form of an engaging Microsoft Sway, on carrying out experiments at home. The following Saturday, the results of the experiments were discussed and then a new topic presented.

The online sessions took place over six Saturdays in the latter half of the Lent term. More than 40 children from ten Southwark primary schools took part; over 30% of those children were on Pupil Premium. With many children having very restricted access to learning during the pandemic, the online sessions were greatly appreciated as a valuable enrichment opportunity and a chance to interact with other children.

In the course of 2020-21, the College took the opportunity to reflect on how the Saturday School scheme held at its premises might best achieve local impact. Plans were made to adapt the scheme for 2021-22, so that a continuing Science scheme might be offered in the Michaelmas term and a Creative scheme offered in the Lent term. It was felt that participation might be widened to a group of schools in close proximity to the College where numbers of children on Pupil Premium are high. These plans are coming to fruition in 2021-22, with a welcome return to in-person teaching in the College's bespoke science laboratories from September. The scheme remains open to children of all abilities, who are selected by the participating schools.

When hosting a Saturday School scheme, the College supports SCEC by providing facilities, equipment, refreshments and a fully trained member of staff to oversee the scheme on Saturday mornings. The College further provides SCEC with gratis legal support, around one day per week of administrative support and payroll services. The College provides two trustees, its Deputy Master External and Head of Junior School, to sit on the board of the Charity and oversee its safeguarding and strategic direction.

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YEAR ENDED 31 JULY 2021

Dulwich Wood Primary School

The Music Department started a new partnership with Dulwich Wood Primary in September 2020, in which 10 pupils from Dulwich Wood Primary take part in a group violin class led by our Head of Strings. The boys and girls learn to play the violin using the Colourstrings methodology and they meet every Friday during term time, for 35 minute lessons.

Professional Development

Dulwich College and JAGS jointly funded the professional development of SSLP aspiring middle leaders this year. We held a total of four sessions, all were online with guest trainers. Fifty two teachers signed up for the training, with 41 of them completing at least three of the four sessions. Fourteen schools benefited from the training.

Anti-Racism Project

The SSLP Student Voice project for 2020-21 focused on Anti-Racism. The project was a collective response to Black Lives Matter and went alongside the anti-racism work taking place in our own schools.

Throughout the spring and first half of the summer term, our pupils worked with those from two other local schools to share their message about racism in our communities. We were one of four groups (each a mixture of state and independent schools) who during weekly online meetings successfully produced a short film and an accompanying lesson-plan aimed at a Year 8 audience. This culminated in a film screening at Theatre Peckham.

Educational Partnership with City Heights E-ACT Academy in Tulse Hill

The College has acted as an educational partner to the Academy since its opening in September 2013. The College aims to provide support for its educational work and to establish links and activities that benefit both schools through shared experience and good practice. The campuses of the College and City Heights are just two kilometres apart, which supports regular interactions between staff and pupils.

We have recently drawn together a MOU for the education partnership that exists as we strive to cement our partnership with the academy under the newly appointed Headteacher, Errol Comrie.

The Assistant Head External is now the Chair of the Ambassadorial Group for the Academy and the Deputy Master External remains a trustee of E-ACT Multi-Academy Trust, where he serves as a member on both the Education and Personnel Committees and advises on matters related to community engagement and SEND. See https://www.e-act.org.uk/.

A joint bid from the College and the Academy secured funding from the Worshipful Company of Actuaries for Mathematics enrichment. With the cash element of the bid, City Heights were able to fund Action Tutoring for two Year 11 classes and specialist resources to enhance numerical outcomes for SEND pupils.

One highly qualified teacher from the College, with maintained-sector experience, attended the Academy one afternoon per week to support the top Year 11 mathematicians. All pupils enjoyed improved examination performance and three quarters of the group opted to study the subject further at other schools and sixth forms. In the absence of formal GCSEs to prepare for, the group were also able to devote time to some A-Level preparation.

Year 12 mathematicians from the College gave further assistance to the Academy’s GCSE cohort via the Colet Mentoring mobile app. City Heights pupils connected virtually during scheduled ‘homework hours’ with our trained Year 12 mentors providing 1:1 support with challenging GCSE examination questions.

The partnership has wider provided opportunities to share expertise. The College was able to offer senior Academy staff a tour of our Covid testing centre ahead of schools’ re-opening in September. The Director of Art has offered in-person support relating to GCSE Art coursework when the Academy had no trained Art teacher in-situ.

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REPORT OF THE GOVERNORS (continued)

YEAR ENDED 31 JULY 2021

School Centred Initial Teacher Training (SCITT)

Mathematics and Physics

Dulwich College is the largest regional Hub (of which there are now 10) of the National Mathematics and Physics SCITT (NMAPS), which was founded in 2018 to target the acute shortage of maths and physics teachers. In 2020-2021 we recruited, trained and arranged school placements for 13 teachers. Trainee numbers in our hub have grown rapidly: 23 trainees started with the Dulwich Hub in September, the majority of whom are undertaking school placements within the Southwark Schools' Learning Partnership. Many of our trainees have been permanently appointed by their placement schools.

Modern Languages

The National Modern Languages SCITT is now in its fifth year. This year we have mentored fourteen full-time and two part-time trainees completing placements at both state and independent schools in the South London area. Last year’s cohort of 15 fulltime trainees went on to find jobs at a range of schools, including two at SSLP schools.

Community Action

Due to the restrictions imposed by Covid, our normal programme of Community Action was suspended. However, our College community sought opportunities to help those in need during the various lockdown periods. Posters with directives for appropriate involvement and clear instructions for necessary safeguarding awareness were shared electronically across the school. We received many emails and photographs that demonstrated compassion in action during this difficult time.

Enrichment Partnership Activity

In addition to the key-partnerships detailed above, the College has a range of important partnerships which support raising aspirations in our own and partner schools. We are able to provide both educational consultancy services, where we provide guidance in support of curricular delivery, and educational tuition, where we deliver academic tuition directly to pupils in other schools.

Educational Consultancy

Dulwich College Junior School hosted a meeting of SENCOs to discuss and share experiences of remote learning and beyond. The requirement for TAGs in 2021 meant we also provided moderation to local schools in a range of subject areas including GCSE Classical Civilisation for The Elmgreen School and Polish and Russian scripts at St Michael’s Catholic College. Our Head of Mathematics worked with his counterpart at St Michael’s to develop a programme for their potential Oxbridge Mathematicians.

We have continued to support the charity Physics Partners with teacher training, having delivered multiple sessions to Bedford School, Buxton School, Harris Academies and Robert Clack School this academic year.

Educational Tuition

As part of their Wellbeing curriculum time, Year 3 pupils learn about the rights of the child and about children who might struggle to have their voices heard. They collaborated with Highshore Special Needs School in Camberwell. Under the direction of Echo Eternal Year 4 and Year 7 pupils also engaged in a collaborative educational project with Judith Kerr Primary School.

Our Director of ICT undertook the teaching of Year 12 and 13 Computer Science A-Level classes at the Elmgreen School for eight weeks whilst they were without an appropriate member of staff during a period of remote learning; he also assisted in moderation as part of the CAG process.

The College’s careers support team created a new section on the website containing resources about universities and videos from current undergraduates and professionals talking about their experiences. To launch the website, we ran a week of 10 webinars, related to university applications and post A level options which attracted 388 attendees from other schools. The website and recordings of the webinars remain a resource for all schools to use.

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YEAR ENDED 31 JULY 2021

Dulwich College made use of webinar technology with a series of eight sport-related talks that were open to schools and the wider community. Invited guests came from different fields and talked to us about science in sport, mental health and social media. Approximately 1,000 viewers joined the talks from outside the College.

Community Access to Facilities

Dulwich College facilities are made available to members of the community when not in use by the College. This availability was regrettably restricted during Covid but we were still able to facilitate some access, often for new purposes.

Our general facilities were used for health professionals needing additional space for two school-aged immunisation clinics and six drive-through flu vaccination clinics. We also hosted a polling station. Our sports facilities were utilised by London Schools Cricket, Surrey CCC, the Baraka Charity Cricket Match, the Ace Programme Community Cricket day and OAAFC Football.

As we were unable to facilitate primary school visits to see the James Caird boat and to hear the story of Shackleton, a 12-minute film and accompanying teacher and pupil resources were produced with primary school audiences in mind and made available to our usual visitors. See https://www.dulwich.org.uk/about/history/the-james-caird

Staff Voluntary and Trustee Work

Staff at the College hold 30 positions of governorship or trusteeship. This voluntary school governance and trustee work undertaken by members of staff, including senior leaders, enriches educational outcomes through shared learning and skills in different environments.

Commercial activities

The commercial activities of the College are operated through its wholly owned trading subsidiaries, DCE and DCEO. DCE manages the College’s UK commercial activities. DCEO manages the College’s overseas commercial interests.

There are a number of separate departments within DCE: Events (which lets out College facilities), the Commissariat (the School Shop), the Sports Club, the Outdoor Centre and the Foundation Schools Coach Service.

COVID-19 had a significant impact on the activities of DCE, with trading curtailed during the national lockdowns; almost all activity had to cease and staff were furloughed. Apart from limited revenue from contracts for film location work on the campus, Events revenue was reduced to nominal levels, although much work continued to retain clients through deferred bookings. The Sports Club carried out a very limited programme of online activities and memberships were suspended for a large part of the academic year. However, the relaxation of restrictions in latter part of the reporting period saw a pleasing rapid uptake of new memberships and engagement with the Sports Club and the beginnings of a surge in demand for event bookings.

DCEO licenses the College’s name and intellectual property to Dulwich College Management International (DCMI), which operates international schools in China (including Shanghai, Beijing and Suzhou), South Korea (Seoul) and Singapore. Besides these schools, DCMI also operates two Dulwich High Schools in China for Chinese students in Suzhou and Zhuhai, in partnership with established Chinese schools.

The overseas business generates an income from royalty fees based on a proportional share of the international schools’ total fee income and a fixed annual fee for each school. The arrangements are governed by a ‘World Charter’ signed in August 2014. DCMI and the international schools it operates are owned and run independently of the College and DCEO.

Despite the impact of Covid-19, DCMI’s schools continued to deliver a high quality education online, achieving significant satisfaction ratings from parents. Enrolments continued at an excellent level and most schools either grew or maintained their numbers. DCMI’s budget was adjusted in response to the effects of the pandemic but the new targets were exceeded. As a result of the military coup in Myanmar, it was no longer possible to maintain the international schools in Myanmar and all their activities were suspended for the foreseeable future, with a loss to Dulwich College revenues of £90,000.

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DULWICH COLLEGE

REPORT OF THE GOVERNORS (continued)

YEAR ENDED 31 JULY 2021

FINANCIAL REVIEW

The accounts for the year reflect the income generated and the expenditure incurred by the College and its subsidiary companies in the year.

General fund income increased by £0.9 million, from £41.7 million to £42.6 million. Fee income increased £1.9 million, from £31.7 million to £33.6 million, as a result of an increase in pupil numbers and lower levels of COVID-driven rebates in the year reflecting the quality of the virtual learning and lower degree of disruption. Tuition fees were unchanged from previous years. However, many areas of other income were affected by COVID, particularly in catering, expeditions, outings and investment income. We also reduced our reliance on the Coronavirus Job Retention Scheme, with the gradual reopening of our school and other activities. General fund expenditure was broadly unchanged year on year, with no general pay increase awarded at the start of the academic year. As a result, the surplus before transfers on the general fund increased by £0.7 million, from £1.7 million to £2.4 million.

Total income increased from £44.2 million to £44.4 million, reflecting the £0.9 million increase in general fund income, offset by a decrease of £0.5 million in restricted and endowment fund donations and a decrease of £0.1 million restricted and endowment fund investment income. The College had total net incoming resources of £0.9 million, which was £0.5 million above the previous year. The net incoming resources contributed to the funding of £2.3 million of capital expenditure in the year.

The Governors are grateful for the income distribution of £2.3 million received from the Dulwich Estate, which was used to fund means-tested bursaries and widen access to the College.

Generally, the Governors believe that the College is in a strong financial position to meet its future plans and commitments. The Masterplan for the site in particular is modular in nature and individual projects can be rescheduled or deferred if money is not available in later years. The two major projects planned for 2021 remained on hold in light of the ongoing financial uncertainty caused by the COVID-19 pandemic.

The net assets of the College are financed by the endowment fund, by other restricted funds and by unrestricted funds which have accumulated over the years in line with the College’s policy of generating a modest surplus from its operations each year to fund on-going capital developments. The total funds of the College have increased in the year from £72.5 million to £80.4 million. This reflects the net incoming resources of £0.9 million, gains on investments of £5.6 million and an actuarial gain on the pension scheme of £1.5 million.

The movement in fixed assets during the year is shown in note 10 to the financial statements on pages 41 to 42.

The Governors are satisfied with the current and ongoing financial position of the College.

Asset cover for Funds

Note 18 to the financial statements on pages 47 to 52 sets out an analysis of the College’s assets attributable to the various funds. These assets are sufficient to meet the College’s obligations on a fund by fund basis.

Reserves Policy

Details of the funds and the movements on them in the year are shown in note 18 to the financial statements on pages 47 to 52.

Free reserves are defined by the Charity Commission as total funds less endowment, restricted and designated funds, pension reserves and unrestricted funds which could only be realised by disposing of tangible fixed assets. At 31 July 2021 the College had unrestricted funds of £0.5 million (excluding designated funds and pension deficit). Taking into account the operational fixed assets (net of related loans) of £4.1 million, it had negative free reserves of £3.6 million. This is consistent with previous years and Governors regard the reserves position as appropriate in view of the College's SDP and, in particular, the Masterplan for the site. The Masterplan for the site sets out projects over the next 10 years and beyond, as necessary. Whilst the College does not currently have the resources required to fulfil the entire plan it is aiming to generate and acquire such resources during the period of the plan.

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YEAR ENDED 31 JULY 2021

A major use of additional unrestricted funds generated over the period of the Masterplan will be to provide funds for the new projects. These funds will not increase the level of free reserves of the College as they will be primarily represented by fixed assets. In addition, it is expected that the timing of the funds generated will match the timing of the capital expenditure; thus leaving minimal additional free reserves at any stage over this period.

The Governors believe that the College is able to operate with a deficit on free reserves and wish to continue expanding the facilities of the College through increasing surpluses, thereby furthering its charitable objectives. In assessing the viability of the College’s financial plans and strategies the Governors consider more appropriate indicators such as cash flow and working capital requirements and the impact on operating surpluses.

There is a great deal of uncertainty around the ongoing impact of the COVID-19 pandemic, but the College’s forecasting and modelling and the actions taken, such as the delay of planned capital projects, give Governors confidence that the College will be able to manage through the uncertainty.

The College participates in a defined benefit pension scheme administered by the London Pensions Partnership, which at the balance sheet date showed a deficit of £19.6 million (2020: £19.9 million). The Governors note this deficit, which is further analysed in note 19 to the financial statements on pages 53 to 55. The College closed the Scheme to new members on 31 July 2010. The Governors are aware that the deficit on the scheme will fluctuate with changing market conditions and that their responsibility is to meet the required contribution rates, which are built into the annual budgetary processes of the College. They do not consider this deficit to represent an immediate demand on the College’s funds and do not, therefore, consider that there are any resultant limitations on resources available for general application or on the application of any restricted income funds. The restricted income funds have limitations that mean that they cannot be used to contribute towards any additional resource requirements of the College’s unrestricted funds arising from the pension scheme deficit.

The College’s major restricted and designated funds comprise the Dulwich College Awards Fund and the Bursary Appeal Fund. The income arising on these funds is applied to bursaries, scholarships and other awards in line with the College’s grant making policy described on page 9.

This policy is monitored by the College’s Finance Committee and reviewed annually. In particular the policy will be re-evaluated if additional free reserves become available.

Dulwich College Enterprises Limited and Dulwich College Enterprises Overseas Limited

DCE and DCEO are wholly owned subsidiaries of the College, responsible for non-charitable operations. The results of DCE and DCEO are consolidated in the financial statements of the College set out on pages 26 to 56.

During the year under review DCE returned £0.2m (2020: £0.2m) to the College and DCEO returned £1.8m (2020: £2.6m), including rent, management charge, royalties and Gift Aid payments.

Investment Policy

Following a review of their investment strategy carried out by Governors in the previous year, the College reorganised its investments and made changes to its investment policy from 1 August 2018, including a move to a total return approach for investments held in the Dulwich College Investment Fund (DCIF).

The majority of the College’s investments are held in the DCIF. This fund has four investment portfolios managed by investment managers on behalf of the College. The investment managers for the DCIF during the year were BlackRock Investment Management (UK) Limited (BIML), Veritas Investment Management (Veritas), Ruffer LLP (Ruffer) and Sarasin & Partners LLP (Sarasin). BIML managing approximately 30% of the fund, Veritas 15%, Ruffer 15% and Sarasin 40%. The portfolio managed by BIML provided security of £9.3million to the London Pension Partnership in respect of the College’s Local Government Pension Scheme funding deficit. The College’s investments held in the Bursary Appeal Fund (BAF) and Dulwich College Awards Fund (DCAF) are in a portfolio managed by BIML.

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REPORT OF THE GOVERNORS (continued)

YEAR ENDED 31 JULY 2021

The College also has a small holding in an agricultural unit trust held in the Dulwich Schools Common Investment Fund (DSCIF), a pooled fund managed by Baring Asset Management Limited on behalf of the College, Alleyn’s School and James Allen’s Girls’ School. DSCIF and its corporate trustee, Dulwich Services Limited, will be wound up once the future of this holding has been resolved.

The Governors will not be prescriptive about asset allocation but reserve the right to impose a mutually agreed constraint on the level of risk within the portfolios. Fund managers are expected to be prudent and to avoid risks such as a concentration of investment in the securities of any one company. The Governors will consider as eligible for investment the securities of any issuer all of whose businesses are lawful and would be lawful if carried on in the UK. The Governors believe, however, that organisations that manage Environmental, Social and Governance (ESG) factors effectively are more likely to create sustainable value over the long-term than those that do not. Whilst being required to meet the investment objectives given, the investment managers are to consider and integrate ESG risks and opportunities into their investment decisions.

For the DCIF the objective is to maximise total return and currently for the College to withdraw 3% of capital based on a 5 year average of capital value. For the BAF and DCAF the objective is to maximise the income whilst maintaining the real value of the capital, as the Governors believe that this gives the liquidity and certainty of income needed to fund bursaries and scholarships as they fall due, with the prospect of capital growth. The current performance benchmark for all portfolios is CPI plus 3%, although investment managers also have other more tailored benchmarks.

Investment performance

In the 12 months to 31 July 2021 the performance benchmark of CPI plus 3% was 5.0%. The investments of the DCIF under the management of Veritas, Sarasin and Ruffer had total returns of 23.9%, 14.3% and 12.6% respectively against this benchmark. Ruffer follow an absolute return approach, focused on the preservation of capital and with a long-term focus, rather than focusing on performance against benchmarks. The investments in the pension security portfolio managed by BIML had a total return of 11.7% against a benchmark return of 2.7%. The investments of the BAF and DCAF under the management of BIML had a total returns of 14.0% and 16.5% respectively against a benchmark return of 14.5%.

Risk Management

The Master and the College Leadership Team (CLT) review risk to the College through a comprehensive risk assessment document, which is updated annually and presented to Governors for approval in the Michaelmas term each year. This assessment identifies the major risks to which the College is exposed, the likelihood of the risks occurring and the potential impact on the College. At the end of the year the Finance Committee reviews a report from CLT on progress in the year to control and mitigate risk.

In this reporting year the Governors considered the major risks facing the College to be:

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REPORT OF THE GOVERNORS (continued)

YEAR ENDED 31 JULY 2021

The Governors identified and have continued to monitor general controls to mitigate the risks and the specific actions to be taken in each year. The key controls in response to these major risks included:

As part of the Governors’ annual review, the risk assessment document was presented to the Governors for their review and approval in November 2020. This was followed in the Summer term 2021 by a report to the Finance Committee on implementation and confirmation from the Chief Operating Officer that the College Leadership Team believed that the College’s risk management controls were appropriate and effective.

There were additional risk discussions as the COVID-19 pandemic developed during the year. No new risks were identified but a number of additional actions were taken to mitigate the specific impacts of COVID-19 on the College.

FUTURE PLANS

The College has continued to deliver against the Strategic Development Plan 2018-22. A new 2022-24 SDP, concentrating on strategies to support the College’s re-emergence from the constraints of the pandemic, will be developed from September 2021. The educational focus of the work will continue to be structured around three elements:

While we are circumspect about investing in major capital projects in the present climate, it is hoped that further work on the campus to address the needs of the Lower and Junior Schools and to enhance the physical environment will be undertaken in the near future together with the roll out of our significant sustainability plans.

The drive towards improving the chances of access to Dulwich College for pupils from less affluent families will be seen in the continued implementation of the fundraising strategy - with an emphasis on the Bursary Appeal Fund - led by the Master and Director of Development; by maximising revenue generation from the commercial hire of the College facilities in support of its educational aims; and through DCEO and DCMI, where we are creating the best of British education overseas, enhancing the Dulwich brand worldwide and securing a substantial and reliable annual income to support Alleynians now and in the future.

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REPORT OF THE GOVERNORS (continued)

YEAR ENDED 31 JULY 2021

The College’s commitment to equality, diversity and inclusion is promoted in the work of the Diversity and Inclusion Alliance (with a focus in 2021-22 on Anti-Racism, Gender Equity and LGBTQ+ rights) and the reporting of our progress in these areas is communicated through the dynamic Equality and Respect page of the College website (see https://www.dulwich.org.uk/about/equality-and-respect).

In March 2021 allegations of abuse by current and former pupils and former staff were made in the form of an Open Letter from a recent alumnus and allegations were also posted on the website Everyone’s Invited. The College was one of many independent and state schools named in extensive media reporting. Led by the Master and Senior Deputy, the College has undertaken a great deal of work in relation to the allegations, including making direct contact with all those who themselves contacted the College. Actions and progress have been made public and updated regularly on the Equality and Respect page noted in the paragraph above. In May the College was visited by Ofsted as part of their national review of sexual abuse in schools and colleges and the INEQE Safeguarding Group were commissioned by the College to carry out an Independent Review of Behaviour, Culture & Safeguarding. INEQE’s team was led by Jim Gamble, a former Chief Police Officer and the founding Chief Executive of CEOPS (the Child Exploitation and On-line Protection Centre). The review’s findings will be shared in November 2021.

STATEMENT OF GOVERNORS’ RESPONSIBILITIES

The Governors are responsible for preparing the Report of the Governors (incorporating the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

Laws applicable to charities in England and Wales require the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the College and of the profit or loss of the College for that year. In preparing those financial statements, the Governors are required to:

The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the College’s transactions and disclose with reasonable accuracy at any time the financial position of the College and enable them to ensure that the financial statements comply with applicable law. They are also responsible for safeguarding the assets of the College and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each of the Governors is aware at the time the report is approved:

AUDITORS

A resolution proposing the re-appointment of Haysmacintyre LLP was approved by the Governors at their meeting on 25 November 2021.

In approving the Report of the Governors, the Governors are also approving included herein in their capacity as company directors.

Approved by the Governors on 25 November 2021 and signed on their behalf by:

Adrian Carr

Dr Adrian Carr Chairman

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DULWICH COLLEGE

Opinion

We have audited the financial statements of Dulwich College for the year ended 31 July 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Statement of Cashflows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Governors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s and parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.

Other information

The Governors are responsible for the other information. The other information comprises the information included in the Annual Report of the Governors. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Annual Report of the Governors (which incorporates the strategic report and the directors’ report).

24

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DULWICH COLLEGE (continued)

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Governors’ for the financial statements

As explained more fully in the Governors’ responsibilities statement set out on page 22, the Governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Governors are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group, the parent charitable company and the environment in which it operate, we identified that the principal risks of non-compliance with laws and regulations related to the independent school regulations, safeguarding regulations, health and safety requirements, GDPR, employment law and Charity Commission’s general guidance and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities Act 2011, the Statement of Recommended Practice for Charities (SORP 2015) (Second Edition, effective 1 January 2019), and consider other factors such as payroll taxes and VAT.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in certain accounting estimates and judgements. Audit procedures performed by the engagement team included:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

25

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DULWICH COLLEGE (continued)

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Weaver (Senior Statutory Auditor) 10 Queen Street Place For and on behalf of Haysmacintyre LLP, Statutory Auditor London Date: 02/12/2021 EC4R 1AG

26

DULWICH COLLEGE

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 JULY 2021

Unrestricted Funds Unrestricted Funds Restricted Endowment Total Total
School Other Funds Funds 2021 2020
Notes £ £ £ £ £ £
INCOME AND ENDOWMENTS FROM:
Charitable activities
Fees receivable 2 38,249,276 - - - 38,249,276 35,986,884
Grants, awards and prizes 2 (4,686,072) - - - (4,686,072) (4,309,830)
---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ----------------------
Net fees receivable 33,563,204 - - - 33,563,204 31,677,054
Catering income 1,329,596 - - - 1,329,596 1,246,585
Other income 3 326,066 - - - 326,066 708,459
Other trading income
Lettings, events and sports club
income 640,149 - - - 640,149 940,443
Transport and Commissariat income 1,292,583 - - - 1,292,583 1,071,020
International schools income 2,383,967 - - - 2,383,967 2,469,944
Voluntary income
The Dulwich Estate distributions 4 2,284,407 - - - 2,284,407 2,365,999
Donations received 126,707 - 321,080 536,754 984,541 1,437,632
Coronavirus Job Retention Scheme
grants 657,532 - - - 657,532 1,175,586
Investments
Listed investments 5 - - 462,886 517,231 980,117 1,110,384
Bank and other interest 47 - 11 - 58 35,378
---------------------- ---------------- -------------------- -------------------- ---------------------- ----------------------
Total income and endowments 42,604,258 - 783,977 1,053,985 44,442,220 44,238,484
---------------------- ---------------- -------------------- ------------------- ---------------------- ----------------------
EXPENDITURE ON:
Raising funds
Lettings, events and sports club costs 1,151,394 - - - 1,151,394 1,161,235
Transport and commissariat costs 1,442,314 - - - 1,442,314 1,243,333
International schools costs 77,503 - - - 77,503 126,609
Fundraising costs 435,952 - - - 435,952 478,542
Finance costs 8 457,625 - - - 457,625 556,346
--------------------- ---------------- ---------------- ---------------- --------------------- ---------------------
3,564,788 - - - 3,564,788 3,566,065
--------------------- ---------------- ----------------- ------------------- --------------------- ---------------------
Charitable Activities
Teaching costs 25,542,310 59,349 - - 25,601,659 25,808,237
Welfare and catering costs 2,014,374 - - - 2,014,374 1,859,133
Premises costs 7,898,108 - - 2,680,013 10,578,121 10,641,535
Boarding and medical costs 1,153,498 - - - 1,153,498 1,134,434
Grants, awards and prizes 2 - - 670,255 - 670,255 779,250
------------------------ ---------------- ------------------- --------------------- ----------------------- -----------------------
36,608,290 59,349 670,255 2,680,013 40,017,907 40,222,590
---------------------- ---------------- ----------------- -------------------- ----------------------- -----------------------
Total expenditure 8 40,173,078 59,349 670,255 2,680,013 43,582,695 43,788,655
---------------------- ---------------- ----------------- -------------------- ----------------------- -----------------------
Net income/(expenditure) before
investment gains and transfers 2,431,180 (59,349) 113,722 (1,626,028) 859,525 449,829
(Losses)/gains on investments 11 - 341,804 - 5,218,755 5,560,559 (1,248,278)
--------------------- ---------------- ----------------------- --------------------- ---------------------- ----------------------
Net income/(expenditure) before
transfers 2,431,180 242,455 113,722 3,592,727 6,420,084 (789,449)

27

DULWICH COLLEGE

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (continued)

YEAR ENDED 31 JULY 2021

Unrestricted funds Unrestricted funds Restricted Endowment Total Total
School Other Funds Funds 2021 2020
£ £ £ £ £ £
Net income/(expenditure) before
transfers 2,431,180 242,455 113,722 3,592,727 6,420,084 (789,449)
Transfers between funds 18 (3,263,131) 64,509 (76,593) 3,275,215 - -
Pension scheme actuarial 19
gains/(losses) 1,493,000 - - - 1,493,000 (4,472,000)
--------------------- ------------------- -------------------- ---------------------- ---------------------- ----------------------
NET MOVEMENT IN FUNDS 661,049 346,964 37,129 6,867,942 7,913,084 (5,270,449)
Funds brought forward at 1 August 18 (19,751,458) 2,819,198 72,432 89,359,425 72,499,597 77,770,046
--------------------- ------------------ -------------------- ------------------------ ------------------------- -------------------------
FUNDS CARRIED FORWARD
AT 31 JULY £(19,090,409) £3,166,162 £109,561 £96,227,367 £80,412,681 £72,499,597
============ =========== ========== ============ ============= =============

All the above results are derived from continuing activities. There are no gains or losses other than those stated above.

The notes on pages 32 to 56 form an integral part of these financial statements.

28

DULWICH COLLEGE

CONSOLIDATED SUMMARY INCOME AND EXPENDITURE ACCOUNT

YEAR ENDED 31 JULY 2021

2021 2020
£ £
INCOME
Unrestricted funds 42,604,258 41,741,359
Restricted funds 783,977 835,356
Investment gains/(losses) other than endowment funds 341,804 (195,739)
----------------------- -----------------------
GROSS INCOME IN THE REPORTING PERIOD 43,730,039 42,380,976
----------------------- -----------------------
EXPENDITURE
Unrestricted funds 40,173,078 40,017,094
Designated funds 59,349 55,566
Restricted funds 670,255 779,250
----------------------- -----------------------
TOTAL EXPENDITURE 40,902,682 40,851,910
----------------------- -----------------------
NET INCOME BEFORE TAX FOR THE REPORTING PERIOD 2,827,357 1,529,066
Tax payable - -
----------------------- -----------------------
NET INCOME FOR THE FINANCIAL YEAR £2,827,357 £1,529,066
============= =============

29

Company number: 8208764

DULWICH COLLEGE

BALANCE SHEETS

AS AT 31 JULY 2021

Group Group Company Company
2021 2020 2021 2020
Notes £ £ £ £
FIXED ASSETS
Tangible fixed assets 10 62,346,377 63,788,255 10,467,013 9,457,802
Investments 11 49,258,693 42,019,038 2,871,857 2,551,184
Share of The Dulwich Schools
Common Investment Fund 11 3,628 3,628 - -
Investment in subsidiary undertakings 12 - - 4 4
----------------------- ----------------------- ----------------------- -----------------------
111,608,698 105,810,921 13,338,874 12,008,990
CURRENT ASSETS
Stock 13 252,407 241,076 12,953 13,911
Debtors 14 1,383,194 1,252,769 3,559,129 3,676,918
Cash at bank and in hand 5,256,346 6,072,742 8,700,554 8,623,020
----------------------- ----------------------- ----------------------- -----------------------
6,891,947 7,566,587 12,272,636 12,313,849
CREDITORS: Amounts falling due
within one year 15 (8,346,745) (9,623,414) (7,651,101) (8,462,116)
----------------------- ----------------------- ----------------------- -----------------------
NET CURRENT (LIABILITIES)/ASSETS (1,454,798) (2,056,827) 4,621,535 3,851,733
----------------------- ----------------------- ----------------------- -----------------------
TOTAL ASSETS LESS CURRENT LIABILITIES 110,153,900 103,754,094 17,960,409 15,860,723
CREDITORS: Amounts falling due
after more than one year
Loans 16 (6,140,569) (7,310,782) (5,797,800) (7,671,519)
Other creditors 17 (4,047,650) (4,091,715) (4,047,650) (4,091,715)
----------------------- ----------------------- ----------------------- -----------------------
(10,188,219) (11,402,497) (9,845,450) (11,763,234)
----------------------- ----------------------- ----------------------- -----------------------
NET ASSETS/(LIABILITIES) excluding pension deficit 99,965,681 92,351,597 8,114,959 4,097,489
Pension scheme funding deficit 19 (19,553,000) (19,852,000) (19,553,000) (19,852,000)
------------------------- ------------------------- ------------------------- -------------------------
NET ASSETS/(LIABILITIES) £80,412,681 £72,499,597 £(11,438,041) £(15,754,511)
============= ============= ============== ==============
ENDOWMENT FUND 18 96,227,367 89,359,425 10,626,480 8,671,922
RESTRICTED FUNDS 18 109,561 72,432 90,473 52,086
UNRESTRICTED FUNDS: - General 18 462,591 100,542 (5,768,156) (7,445,717)
- Designated 3,166,162 2,819,198 3,166,162 2,819,198
- Pension reserve (19,553,000) (19,852,000) (19,553,000) (19,852,000)
-------------------------- -------------------------- ------------------------- -------------------------
£80,412,681 £72,499,597 £(11,438,041) £(15,754,511)
============= ============= ============== ==============

The College’s net movement in funds for the year as an individual entity was £4,316,470 (2020: £652,736).

The financial statements were approved and authorised for issue by the Governors on 25 November 2021 and were signed below on its behalf by:

Adrian Carr

Keri Elborn

Katy Jones K Jones A Carr Clerk to the Governors Governor

K Elborn Governor

The notes on pages 32 to 56 form an integral part of these financial statements.

30

DULWICH COLLEGE

CONSOLIDATED CASH FLOW STATEMENT

YEAR ENDED 31 JULY 2021

2021 2020
£ £ £ £
Operating activities (Note A) 4,458,573 6,226,105
Investing activities
Investment income and interest received 980,175 1,145,762
Cash inflow from redemption of investments 38,669,267 3,762,074
Payments to acquire tangible fixed assets (2,336,088) (4,270,050)
Payments to acquire investments (40,348,363) (4,608,548)
---------------------- ----------------------
(3,035,009) (3,970,762)
Financing activities
Interest paid (342,704) (436,373)
Repayment of loans (1,897,256) (818,926)
-------------------- (2,239,960) -------------------- (1,255,299)
---------------------- ----------------------
(Decrease)/increase in cash and cash equivalents (816,396) 1,000,044
Cash and cash equivalents at 1 August 6,072,742 5,072,698
----------------------- -----------------------
Cash and cash equivalents at 31 July £5,256,346 £6,072,742
=========== ===========
Analysis of cash and cash equivalents
£ £
Bank and cash 5,256,346 6,072,742
----------------------- -----------------------
£5,256,346 £6,072,742
============ ============
2021 2020
Note A £ £
Net cash inflow from operating activities
Surplus for the year 859,525 449,829
Investment income and interest receivable (980,175) (1,145,762)
Interest payable 342,704 436,373
Depreciation charge 3,698,303 4,106,295
Pension costs 1,194,000 1,112,000
------------------------ ------------------------
5,114,357 4,958,735
Increase in stock (11,331) (57,285)
Increase in debtors (130,425) (411,078)
(Decrease)/increase in creditors (514,028) 1,735,733
------------------------ ------------------------
£4,458,573 £6,226,105
============ ============

31

DULWICH COLLEGE

CONSOLIDATED CASH FLOW STATEMENT (continued)

YEAR ENDED 31 JULY 2021

Note B
Analysis of changes in net debt Balance at Balance at
1 August 2020 Cash flows 31 July 2021
£ £ £
Bank and cash 6,072,742 (816,396) 5,256,346
Loans due within one year (1,939,500) 727,043 1,212,457
Loans due after more than one year (7,310,782) 1,170,213 (6,140,569)
------------------------ ------------------------ ------------------------
Net debt £(3,177,540) £1,080,860 £(2,096,680)
============ ============ ============

32

DULWICH COLLEGE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2021

1. ACCOUNTING POLICIES

a) Statement of compliance

The financial statements are prepared under the historical cost convention as modified to include the revaluation of investments. The format of the financial statements has been presented to comply with the Companies Act 2006, FRS102 The Financial Reporting Standard applicable in the UK and Ireland and the Statement of Recommended Practice Accounting and Reporting by Charities (Second Edition, effective from 1 January 2019). The College is a Public Benefit Entity as defined by FRS102.

b) General information

The College is a company limited by guarantee, incorporated in England and Wales (company number: 8208764) and a charity registered in England and Wales (charity number: 1150064). The College’s registered office address is: Dulwich College, Dulwich Common, London SE21 7LD.

c) Basis of Accounting

The financial statements have been prepared under the Companies Act 2006 on the historical cost convention as modified by the valuation of fixed asset investments at fair value, which is consistent with the prior year.

d) Basis of Consolidation

These financial statements consolidate the results, assets and liabilities of the College’s trading subsidiaries (Dulwich College Enterprises Limited and Dulwich College Enterprises Overseas Limited) and of the College’s subsidiary charities (Dulwich College Trust and Dulwich College Awards Fund) on a line by line basis.

The College’s own Statement of Financial Activities has not been presented, as permitted by section 408 of the Companies Act 2006.

e) Going concern

The Governors consider that there are no material uncertainties which would cast doubt on the College’s ability to continue as a going concern.

There are uncertainties in relation to the impact of COVID-19, but the College’s financial forecasting and planning, as described in the reserves policy on pages 18 and 19, gives confidence that these can be managed.

f) Significant judgments and sources of estimation uncertainty

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the College’s accounting policies. The key judgements that have been applied by management relate to:

33

DULWICH COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 JULY 2021

1. ACCOUNTING POLICIES (continued)

The following principal accounting policies have been applied:

g) Income and endowments

All income and endowments are recognised when the criteria of entitlement, measurement and probability of receipt have been satisfied.

Tuition and boarding fees, less any allowances, bursaries or scholarships awarded, are recognised in the period in which the service is provided.

Trading income, including Commissariat sales, transport services and other trading, is recognised in the period in which the goods are sold or the services are provided.

Grants, investment income, including interest receivable and other miscellaneous income are accounted for on a receivable basis.

Voluntary income, comprising donations and distributions from The Dulwich Estate are accounted for on a received basis. Gift Aid and legacies are recognised on a receivable basis, when the conditions of entitlement, certainty and measurement are met.

Grant income receivable under the Coronavirus Job Retention Scheme (“CJRS grant”) is recognised in the same period as the employment costs to which it relates.

Income from the endowment funds is split between restricted and unrestricted funds as follows: income from the Dulwich College Awards Fund, the Bursary Appeal Fund and the Dulwich College Facilities Fund is included in restricted funds; income from the Dulwich Schools Common Investment Fund is included in unrestricted funds; and income from the Dulwich College Investment Fund is included in endowment funds, in accordance with the Total Return basis of accounting which was adopted on 1 August 2018.

h) Expenditure

Expenditure is recognised as soon as the related liability is incurred and has been classified under headings that aggregate all costs relating to that category. Liabilities are recognised as soon as there is a legal or constructive obligation committing the College to the expenditure.

Expenditure on raising funds comprises trading costs (principally the expenditure of Dulwich College Enterprises Limited and Dulwich College Enterprises Overseas Limited), fundraising costs and finance costs. Finance costs comprise interest payable, bad debts and discounts allowed.

Expenditure on charitable activities comprises expenditure directly related to the provision of education.

Support costs represent indirect costs relating to raising funds and the College’s charitable activities. Support costs, including governance costs, are allocated to activities on bases that represent the Governors’ best estimate of actual use. The bases used to allocate costs to the above categories of expenditure are set out in note 8.

Governance costs comprise the costs of running the charity, including strategic planning for its future development, auditors’ remuneration, Clerk’s office costs, certain legal costs and all costs of complying with constitutional and statutory requirements, such as costs of Board meetings and of preparing the statutory accounts.

34

DULWICH COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 JULY 2021

1. ACCOUNTING POLICIES (continued)

i) Tangible Fixed Assets and Depreciation

Tangible fixed assets are initially recognised at cost. Items of furniture, apparatus and equipment, other than computers, costing less than £10,000 are charged against income in the year of purchase. Computer equipment costing less than £500 is charged against income in the year of purchase.

In 1995 the net book value of the buildings was transferred to the College, now Dulwich College Trust, from The Dulwich Estate and in accordance with that Scheme forms part of the endowment funds. The transferred net book value consisted of expenditure on building developments since 1944. Following the incorporation of the College, the endowed buildings have remained the property of Dulwich College Trust in accordance with the Charity Commission Scheme dated 30 January 2014. The Governors confirm that information relating to building developments prior to 1944 is not readily available as the College had at that time an accounting policy to write off any capital expenditure on buildings. Such buildings are treated as inalienable as the College is unable to dispose of them as they are endowed. The current valuation for insurance is £234.5 million (2020: £127.7 million), which reflects the cost of replacement of the buildings as new and excludes the value of land.

Depreciation is provided on fixed assets to write off their cost less estimated residual value over their estimated useful economic life by equal annual instalments as follows:

College Buildings:

College Buildings:
-
Building		 50 years
-
Roof		 20 years
-
Building services and fixtures		 10 to 20 years
Computer equipment
 4 to 5 years
Fixtures, fittings, equipment and vehicles 3 to 5 years

Leasehold property additions have been depreciated in order to write off their cost over the period of the lease.

The carrying values of tangible fixed assets are reviewed for impairment in accordance with the requirements of FRS102.

j) Investments

Investments held for the long-term to generate income or capital growth are carried at fair value as fixed assets.

Realised gains are the difference between sales proceeds and the carrying value of the investment. The carrying value is the fair value at the beginning of the year or the purchase cost where the investment was acquired during the year.

Unrealised gains are the change in value of investments after taking into account any movements in investment holdings such as purchases and disposals of investments.

Realised and unrealised gains are accounted for within the Statement of Financial Activities.

k) Stock

Stocks comprise finished goods and are stated at the lower of cost and net realisable value.

35

DULWICH COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 JULY 2021

1. ACCOUNTING POLICIES (continued)

l) Financial instruments

The College only holds financial instruments that qualify as basic financial instruments in accordance with section 11 of FRS102. All of the College’s financial instruments are measured on the amortised cost basis except for listed investments disclosed in note 11, which are carried at their fair value. Basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other accounts receivable and payable are accounted for on the following basis:

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within current liabilities.

Debtors and creditors

Debtors and creditors are measured at the transaction price less any provision for impairment. Any losses arising from impairment are recognised as expenditure.

Bank borrowings

Liabilities for borrowings which are subject to a market rate of interest are measured at the value of the amount advanced, less capital repayments.

Advance Fees Fund

The College has an advance fees scheme whereby parents and others make advance payments, which together with the discount accruing thereon, provide for a set contribution each term towards the pupils’ fees. The capital portion outstanding is recognised as a liability and the amount of discount crystallised in the year is included in the Statement of Financial Activities.

m)

Pensions

Contributions are made for staff to the Department for Education Teachers Pension Scheme (“TPS”), the London Pensions Partnership (“LPP”), formerly the London Pension Fund Authority (“LPFA”), Local Government Pension Scheme and the Dulwich College Pension Plan. For the purposes of complying with relevant accounting standards the TPS is accounted for as a defined contribution scheme, as the College is not responsible for or entitled to receive benefit from any deficit or surplus of the scheme. The LPP scheme is a defined benefit scheme and the Dulwich College Pension Plan is a defined contribution scheme.

The LPP scheme is accounted for as a defined benefit scheme in accordance with section 28 of FRS102, with the annually calculated notional deficit or surplus on the funding of the scheme shown as a designated fund entitled “Pension Reserve”, which is deducted from unrestricted funds in the balance sheet. Service costs, curtailments, settlement gains and losses, net financial returns and remeasurement gains and losses are included in the Statement of Financial Activities in the year to which they relate.

Changes in the assets and liabilities of the scheme in the year are disclosed and allocated as follows:

The assets, liabilities and movements in the surplus or deficit of the scheme are calculated by qualified independent actuaries as an update to the latest full actuarial valuation.

Details of the scheme assets and liabilities and major assumptions are shown in note 19.

36

DULWICH COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 JULY 2021

1. ACCOUNTING POLICIES (continued)

n) Leases

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

o) Funds

General funds comprise the accumulated surplus or deficit from the Statement of Financial Activities which is neither restricted nor designated funds. They are available for use at the discretion of the Governors in furtherance of the general objectives of the charity.

Designated funds comprise funds that have been set aside at the discretion of the Governors for specific purposes. The purpose and use of the designated unrestricted funds are set out in note 18.

Restricted income funds comprise unexpended balances of donations and grants held in trust to be applied for specific purposes.

Permanent endowment funds comprise trust funds which are subject to specific trusts declared by the donors or with their authority. The condition of the trust is that the capital element is not expendable. The income arising from the investments is applied only in accordance with the conditions imposed by the donors (where specified) or for the general purposes of the College. In addition the endowed funds include additions to the endowed land and buildings given to the College (see note 1i).

With effect from 1 August 2018, the Governors resolved to apply Total Return accounting for investments to the Dulwich College Investment Fund, which is one of the College’s permanent endowment funds. More information is provided in note 18(c).

2. FEES RECEIVABLE 2021 2020
£ £
a) Fees receivable consist of:
Day fees 37,118,529 34,868,947
Boarding fees 1,714,918 1,797,459
Other fees 508,264 394,832
Less - discounts and staff allowances (1,092,435) (1,074,354)
----------------------- -----------------------
£38,249,276 £35,986,884
============ ============
Grants, awards and prizes consist of:
Amounts funded by the College from general unrestricted funds:
Scholarships and prizes 1,216,183 839,656
Scholarships to boys with bursaries 106,377 124,374
Bursaries 3,363,512 3,345,800
--------------------- ---------------------
4,686,072 4,309,830
Amounts paid by other funds:
Scholarships and prizes 111,680 98,318
Bursaries 558,575 680,932
--------------------- ---------------------
£5,356,327 £5,089,080
========== ==========

37

DULWICH COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 JULY 2021

2. FEES RECEIVABLE (continued) 2021 2020
£ £
b) The total scholarships, prizes and bursaries received from other funds consist of:
Restricted - Dulwich College Awards Fund 111,680 98,318
Restricted - Bursary Appeal Fund 558,575 680,932
------------------ ------------------
£670,255 £779,250
========= =========
3. OTHER INCOME 2021 2020
£ £
Activities in the furtherance of the charity’s objects:
Outings and expeditions 79,632 463,822
Staff rents 144,617 169,238
Other 101,817 75,399
---------------------- ----------------------
£326,066 £708,459
=========== ===========
4. THE DULWICH ESTATE DISTRIBUTIONS 2021 2020
£ £
Estate income distribution £2,284,407 £2,365,999
========== ==========
5. INVESTMENT INCOME 2021 2020
£ £
Listed stocks and equities £980,117 £1,110,384
========== ==========
6. INCOME FROM TRADING SUBSIDIARIES

The College has two wholly owned trading subsidiaries, Dulwich College Enterprises Limited (DCE) and Dulwich College Enterprises Overseas Limited (DCEO). DCE’s principal activities in the year were the letting of College facilities, the operation of the 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. DCEO’s 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 financial statements, are summarised below:

DCE DCEO
2021 2020 2021 2020
Profit and loss account £ £ £ £
Turnover 2,378,755 2,377,504 2,383,967 2,469,944
Expenditure (2,449,945) (2,406,789) (650,732) (906,091)
--------------------- --------------------- --------------------- ---------------------
Trading (loss)/profit (71,190) (29,285) 1,733,235 1,563,853
Other operating income/(expenditure) 50,674 - (50,674) -
Gift/covenant to Dulwich College - (79) (1,300,000) (1,880,924)
-------------------- -------------------- -------------------- --------------------
Retained in subsidiary £(20,514) £(29,364) £382,561 £(317,071)
========== ========== ========== ==========

38

DULWICH COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 JULY 2021

7. STAFF COSTS

STAFF COSTS 2021 2020
£ £
Total resources expended include:
Wages and salaries 21,574,689 21,648,406
Social security costs 2,149,590 2,153,249
Pension contributions 3,792,868 3,699,953
Pension scheme cost 1,194,000 1,112,000
----------------------- -----------------------
£28,711,147 £28,613,608
============ ============

The full-time equivalent average number of employees for the year was 469 (2020: 469) of which 201 (2020: 203) were teaching staff, 74 (2020: 71) were teaching support staff, 14 (2020: 16) were kindergarten assistants and 179 (2020: 179) were other support staff. The average number of employees for the year on a headcount basis was 595 (2020: 600).

Included in total staff costs are termination payments amounting to £46,430 (2020: £11,700).

The aggregate remuneration of the College’s key management personnel, comprising the College Leadership Team, amounted to £1,145,985 (2020: £1,109,229). The Governors did not receive any remuneration in the year (2020: £nil).

2021 2020
The number of employees whose emoluments exceeded £60,000 were: No. No.
£60,001 - £70,000 50 41
£70,001 - £80,000 27 33
£80,001 - £90,000 9 9
£90,001 - £100,000 5 3
£100,001 - £110,000 4 4
£110,001 - £120,000 - 1
£130,001 - £140,000 1 1
£200,001 - £210,000 1 -
£210,001 - £220,000 - 1
==== ====

The number of higher paid employees for whom defined benefit pension scheme contributions were made was 90 (2020: 91).

39

DULWICH COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 JULY 2021

8. ANALYSIS OF TOTAL EXPENDITURE

ANALYSIS OF TOTAL EXPENDITURE
Allocated
Direct support
Staff costs costs costs Depreciation Total
2021 £ £ £ £ £
Raising funds
Lettings, events and sports club costs 959,040 120,160 63,256 8,938 1,151,394
Transport and commissariat
costs 243,541 1,098,881 97,211 2,681 1,442,314
International schools costs 56,841 9,999 10,663 - 77,503
Fundraising costs 296,047 107,150 32,755 - 435,952
Finance costs 38,243 410,728 8,654 - 457,625
Charitable activities
Teaching costs 21,880,082 2,443,346 744,924 533,307 25,601,659
Welfare and catering costs 1,351,969 542,997 71,342 48,066 2,014,374
Premises costs 3,130,914 3,859,242 491,591 3,096,374 10,578,121
Boarding and medical costs 754,470 351,540 38,551 8,937 1,153,498
Grants, awards and prizes - 670,255 - - 670,255
---------------------- ---------------------- ------------------- --------------------- -----------------------
£28,711,147 £9,614,298 £1,558,947 £3,698,303 £43,582,695
============ =========== ========= =========== ============
Allocated
Direct support
Staff costs costs costs Depreciation Total
2020 £ £ £ £
Raising funds
Lettings, events and sports club costs 1,028,931 72,647 50,509 9,148 1,161,235
Transport and commissariat
costs 321,025 871,740 47,824 2,744 1,243,333
International schools costs 56,147 65,490 4,972 - 126,609
Fundraising costs 340,494 117,237 20,811 - 478,542
Finance costs 38,695 513,336 4,315 - 556,346
Charitable activities
Teaching costs 21,749,644 2,865,733 645,284 547,576 25,808,237
Welfare and catering costs 1,301,927 444,742 51,144 61,230 1,859,133
Premises costs 3,032,721 3,895,161 237,294 3,476,359 10,641,535
Boarding and medical costs 744,024 352,480 28,782 9,148 1,134,434
Grants, awards and prizes - 779,250 - - 779,250
---------------------- ---------------------- ------------------- --------------------- -----------------------
£28,613,608 £9,977,817 £1,090,935 £4,106,295 £43,788,655
============ =========== ========= =========== ============

Staff costs include both direct staff costs and allocated support staff costs. Direct costs include both direct costs and directly attributed support costs.

Resources expended include:

Resources expended include:
2021 2020
Support costs (including management and administration): £ £
Staff costs allocated to activities 3,974,870 3,838,714
Costs directly attributed to activities 652,314 981,742
Costs allocated to activities 1,558,947 1,090,935
--------------------- ---------------------
£6,186,131 £5,911,391
=========== ===========

40

DULWICH COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 JULY 2021

8. ANALYSIS OF TOTAL EXPENDITURE (continued)

Support costs are allocated as follows:

2021 Lettings, events and Transport and International Fundraising Finance
sports club costs commissariat costs schools costs costs costs
£ £ £ £ £
Allocated staff costs £239,830 £108,319 £7,260 £296,047 £38,243
Directly attributed costs £Nil £Nil £Nil £107,150 £Nil
Allocated costs £63,256 £97,211 £10,663 £32,755 £8,654
========== ========= ======== ========== =========
Teaching Welfare and Premises Boarding and
costs catering costs
costs		 medical costs
£ £ £ £
Allocated staff costs £1,978,518 £277,736 £777,568 £251,349
Directly attributed costs £399,592 £35,326 £15,207 £95,039
Allocated costs £744,924 £71,342 £491,591 £38,551
============ ========= ========= ==========
2020 Lettings, events and Transport and International Fundraising Finance
sports club costs commissariat costs schools costs costs costs
£ £ £ £ £
Allocated staff costs £218,088 £100,564 £6,988 £340,494 £38,695
Directly attributed costs £Nil £Nil £20,636 £117,237 £Nil
Allocated costs £50,509 £47,824 £4,972 £20,811 £4,315
========== ========= ======== ========== =========
Teaching Welfare and Premises Boarding and
costs catering costs
costs		 medical costs
£ £ £ £
Allocated staff costs £1,914,203 £280,583 £705,781 £233,318
Directly attributed costs £654,101 £15,348 £15,261 £159,159
Allocated costs £645,284 £51,144 £237,294 £28,782
============ ========= ========= ==========
2021 2020
£ £
Finance costs
Interest payable 342,704 436,373
Bank charges 68,023 76,963
Allocated staff costs 38,243 38,695
Allocated support costs 8,654 4,315
------------------ ------------------
£457,624 £556,346
========= =========

41

DULWICH COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 JULY 2021

8. ANALYSIS OF TOTAL EXPENDITURE (continued) 2021 2020
Premises costs £ £
Fuel, light & facilities 2,345,122 2,265,323
Maintenance of buildings 2,175,451 2,269,812
Upkeep of grounds 1,007,022 1,004,038
Rent, rate & insurance 669,786 667,667
Allocated staff costs 777,568 705,781
Allocated support costs 506,798 252,555
Depreciation 3,096,374 3,476,359
-------------------- --------------------
£10,578,121 £10,641,535
========== ==========
Auditors’ remuneration
- for audit 35,300 39,500
- for other services 14,624 19,841
Operating lease rentals 426,215 485,776
Governors’ expenses reimbursed - -
======== ========

None of the Governors received any remuneration during the year (2020: £nil).

9. TAXATION

As a registered charity, the College is not liable to income tax or corporation tax on income or gains derived from its charitable activities.

10.

FIXED ASSETS – Group Freehold Leasehold Computer Fixtures, Fittings
Buildings Buildings Equipment & Vehicles Total
£ £ £ £ £
Cost
At 1 August 2020 89,537,042 7,436,031 5,479,123 7,503,796 109,955,992
Additions 1,531,798 220,564 358,279 145,784 2,256,425
Disposals - - (847,636) - (847,636)
----------------------- ----------------------- -------------------- --------------------- ----------------------
At 31 July 2021 91,068,840 7,656,595 4,989,766 7,649,580 111,364,781
----------------------- ----------------------- --------------------- --------------------- ----------------------
Depreciation
At 1 August 2020 30,775,005 4,717,689 4,184,279 6,490,764 46,167,737
Charge for the year 2,706,789 118,038 571,740 301,736 3,698,303
Disposals - - (847,636) - (847,636)
--------------------- --------------------- -------------------- --------------------- ----------------------
At 31 July 2021 33,481,794 4,835,727 3,908,383 6,792,500 49,018,404
---------------------- ---------------------- --------------------- --------------------- ----------------------
Net book value
At 31 July 2021 £57,587,046 £2,820,868 £1,081,383 £857,080 £62,346,377
=========== =========== ========= =========== ============
At 31 July 2020 £58,762,037 £2,718,342 £1,294,844 £1,013,032 £63,788,255
=========== =========== ========= =========== ============

The fixed assets include an amount of £1,143,845 (2020: £1,568,931) in respect of freehold buildings not yet in use, which have therefore not been depreciated.

42

DULWICH COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 JULY 2021

10. FIXED ASSETS – Group
Freehold & Fixtures, Fittings,
Leasehold Computer Equipment &
Fixed assets are analysed Buildings Equipment Vehicles Total
between funds as follows: £ £ £ £
Endowment 56,437,782 - - 56,437,782
General 3,970,132 1,081,383 857,080 5,908,595
---------------------- ------------------ --------------------- ------------------------
At 31 July 2021 £60,407,914 £1,081,383 £857,080 £62,346,377
=========== ========= ========== ============

Fixed assets relating to the company amounted to £10,467,013 (2020: £9,457,802) and are wholly used for the direct charitable purposes.

2021 2020
£ £
Amounts contracted for, relating to future capital
expenditure, at the year end £450,000 £326,000
=========== ===========
11. INVESTMENTS – Group and Charity Cost Fair Value
2021 2020 2021 2020
£ £ £ £
a) The group and charity investments are
summarised below:
Dulwich College investments (note 11b) 44,142,437 38,107,150 49,258,693 42,019,038
Share of Dulwich Schools Common
Investment Fund (note 11c) 39,479 39,479 3,628 3,628
------------------------ ------------------------ ------------------------ ------------------------
£44,181,916 £38,146,629 £49,262,321 £42,022,066
============ ============ ============ ============

43

DULWICH COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 JULY 2021

11. INVESTMENTS – Group and Charity b) Dulwich College investments

INVESTMENTS – Group and Charity
Dulwich College investments
Cost Fair Value
2021 2020 2021 2020
£ £ £ £
Charities Funds 44,142,437 38,106,874 49,258,417 42,018,762
Investment in Dulwich College Management
International Limited 275 275 275 275
Investment in Dulwich Services Limited 1 1 1 1
----------------------- ----------------------- ----------------------- -----------------------
£44,142,437 £38,107,150 £49,258,693 £42,019,038
============ ============ ============ ============

Of the Charities Funds investments listed above £2,871,582 (2020: £2,550,912) is held by the College and the remainder of the group investments are held by Dulwich College Trust.

the group investments are held by Dulwich College Trust.
2021 2020
£ £
At 1 August 2020 42,019,038 42,420,842
Additions 40,348,363 4,608,548
Disposals (38,669,267) (3,762,074)
Net gains 5,560,559 (1,248,278)
------------------------ ------------------------
At 31 July 2021 £49,258,693 £42,019,038
============ ============
c) The Dulwich Schools Common Investment Fund

The College holds one share in Dulwich Services Limited which is the corporate trustee of the Dulwich Schools Common Investment Fund (DSCIF).

Following approval of the Scheme by the Charity Commissioners on 31 July 1995 in relation to the charities, Dulwich College, Alleyn's School and James Allen's Girls' School, the three schools agreed to pool the investments and monies transferred to them at the time by the Trustees of The Dulwich Estate (previously the Estates Governors of Alleyn's College of God's Gift) into the Dulwich Schools Common Investment Fund. The Fund was itself subsequently approved by the Charity Commissioners as a Scheme under the Charities Act 1993, Section 24.

Following the decision to wind up DSCIF in the year ended 31 July 2003, the shares of the fund at 31 July represent the small holding in an agricultural unit trust managed by Zedra Fiduciary Services (UK) Limited. Discussions with Zedra Fiduciary Services (UK) Limited about its treatment are continuing and once this has been resolved DSCIF will be wound up.

44

DULWICH COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 JULY 2021

12. INVESTMENTS IN SUBSIDIARY UNDERTAKINGS – Charity
INVESTMENTS IN SUBSIDIARY UNDERTAKINGS – Charity 2021 2020
£ £
Investment in Dulwich College Enterprises Limited 3 3
Investment in Dulwich College Enterprises Overseas Limited 1 1
======= ======
The balance sheets of the companies are summarised as follows:
Dulwich College Dulwich College
Enterprises Limited Enterprises Overseas Limited
2021 2020 2021 2020
Balance sheet £ £ £ £
Fixed assets - - 275 275
Current assets 1,062,696 792,563 4,341,995 4,936,564
Creditors (982,666) (692,019) (3,959,708) (4,936,838)
------------------ ------------------ ------------------ ------------------
Net assets £80,030 £100,544 £382,562 £1
========= ========= ========= =========

The College owns the entire share capital of Dulwich College Enterprises Limited which comprises 3 £1 shares. The company was incorporated in England and Wales (company number: 03039344) on 29 March 1996 and commenced trading on 1 April 1996. As at 31 July 2021 the company owed the College £291,698 (2020: 546,054). This usual trading balance is included within net current assets in the charity and company balance sheets.

The College owns the entire share capital of Dulwich College Enterprises Overseas Limited which consists of 1 £1 ordinary share. The company was incorporated in England and Wales (company number: 06294794) on 27 June 2007 and commenced trading in September 2010. As at 31 July 2021 the College owed the company £4,090,111 (2020: £3,951,751). This balance represents a loan of £3,938,867 and a usual trading balance of £151,244 included within net assets in the charity and company balance sheets.

13. STOCK Group Group Company Company
2021 2020 2021 2020
£ £ £ £
College Commissariat:
Sports goods 217,428 196,073 - -
Books and stationery 11,549 15,196 - -
Other 23,430 29,807 12,953 13,911
------------------ ------------------ ------------------ ------------------
£252,407 £241,076 £12,953 £13,911
======== ======== ======== ========
14. DEBTORS 2021 2020 2021 2020
£ £ £ £
Tuition and boarding fees 57,808 379,142 57,808 379,142
Other debtors 359,312 166,756 34,062 96,103
Prepayments and accrued income 996,074 706,871 713,742 384,003
Dulwich College Enterprises Limited - - 291,698 546,054
Dulwich College Enterprises Overseas Limited - - - 971,607
Inter-fund loan (due from Dulwich College Trust) - - 2,461,819 1,300,009
------------------ ------------------ ---------------------- ----------------------
£1,383,194 £1,252,769 3,559,129 £3,676,918
========= ======== =========== =========

45

DULWICH COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 JULY 2021

15. CREDITORS: amounts falling due Group Group Company Company
within one year 2021 2020 2021 2020
£ £ £ £
Loans for buildings (note 16) 1,212,457 1,939,500 889,226 840,763
Fee deposits 3,370,067 2,995,795 3,370,067 2,995,795
Tax, National Insurance and Pensions 1,059,731 983,894 1,126,629 1,080,779
Other creditors 296,219 150,884 174,652 56,379
Amounts due on capital projects 163,407 243,070 163,407 243,070
Accruals and deferred income 2,244,864 3,310,271 1,775,875 3,245,329
Dulwich College Enterprises Overseas Limited - - 151,244 -
--------------------- --------------------- --------------------- ---------------------
£8,346,745 £9,623,414 £7,651,101 £8,462,116
=========== =========== =========== ===========
16. LOANS FOR BUILDINGS Development Non endowment
Loans Loans Total
£ £ £
At 1 August 2020 7,250,129 2,000,153 9,250,282
Repaid in the year (1,707,897) (189,359) (1,897,256)
--------------------- --------------------- ----------------------
At 31 July 2021 £5,542,232 £1,810,794 £7,353,026
========== ========== ===========
2021 2020
£ £
Falling due for repayment:
- two to five years 5,242,650 6,196,953
- thereafter 897,919 1,113,829
----------------------- -----------------------
6,140,569 7,310,782
- within one year (note 15) 1,212,457 1,939,500
----------------------- -----------------------
£7,353,026 £9,250,282
=========== ===========

Details of the above loans are as follows:

Development loans - Outstanding balance of £192,268 unsecured.

The capital is repayable by 2022 in equal instalments three times per annum starting in February 2008. Interest is payable at a fixed rate of 6.07%

The capital is repayable by 2023 in equal instalments three times per annum starting in February 2009. Interest is payable at a fixed rate of 5.88%.

- Outstanding balance of £852,571 unsecured.

The capital is repayable by 2023 in equal instalments three times per annum starting in February 2009. Interest is payable at a fixed rate of 5.53%.

Capital repayments are made in any year following a year in which World Charter fees exceed £1,200,000. The capital repayment is half of the amount by which World Charter fees exceed this threshold. Interest is payable at a fixed rate of 1.00% or LIBOR, if LIBOR exceeds 3.00%.

46

DULWICH COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 JULY 2021

16. LOANS FOR BUILDINGS (continued)

Non-endowment property loans - Outstanding balance of £993,163 secured over the freehold deeds of Old Blew House. The capital is repayable by October 2029 in equal instalments four times per annum starting in July 2007. Interest is payable at a fixed rate of 6.03%.

17. OTHER CREDITORS – Group and Charity
OTHER CREDITORS – Group and Charity 2021 2020
£ £
Advance fees 1,450,214 1,594,004
Fee deposits 2,597,436 2,497,711
---------------------- ----------------------
£4,047,650 £4,091,715
=========== ===========
Falling due for repayment:
- two to five years 3,367,550 3,177,676
- thereafter 680,100 914,039
--------------------- ---------------------
£4,047,650 £4,091,715
=========== ===========

47

DULWICH COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 JULY 2021

18. FUNDS

a) The net assets of the company and of the group are held for the various funds as follows:

Unrestricted Funds Unrestricted Funds Unrestricted Funds
2021 Pension
Endowment Restricted Reserve Designated General Total
£ £ £ £ £ £
Tangible fixed assets - - - - 10,467,013 10,467,013
Investments - - - 2,871,861 - 2,871,861
Net other assets 10,626,480 90,473 - 294,301 (11,585,139) 573,885
Loans for buildings - - - - (5,797,800) (5,797,800)
Pension fund deficit - - (19,553,000) - - (19,553,000)
---------------------- -------------------- --------------------- ------------------ -------------------- -----------------------
Company total £10,626,480 £90,473 £(19,553,000) £3,166,162 £(5,768,156) £(11,438,041)
=========== ========== =========== ========= ========== ===========
Tangible fixed assets 56,437,782 - - - 5,908,595 62,346,377
Investments 46,420,487 - - 2,837,931 275 49,258,693
Dulwich Schools Common
Investment Funds 3,628 - - - - 3,628
Net other assets 1,369,521 109,561 - 328,231 (6,097,304) (4,289,991)
Bank loan (5,542,232) - - - (1,810,794) (7,353,026)
Pension fund deficit - - (19,553,000) - - (19,553,000)
Inter-fund loan (2,461,819) - - - 2,461,819 -
---------------------- -------------------- --------------------- ------------------ -------------------- -----------------------
Group total £96,227,367 £109,561 £(19,553,000) £3,166,162 £462,591 £80,412,681
=========== ========== =========== ========= ========== ===========
At 31 July 2021 the group funds comprised:
Unrestricted Funds
Pension
Endowment Restricted Reserve Designated General Total
£ £ £ £ £ £
Dulwich Schools Common
Investment Fund 3,628 - - - - 3,628
Buildings Fund 36,925,217 - - - - 36,925,217
Dulwich College
Investment Fund 42,502,718 - - - - 42,502,718
Dulwich College
Awards Fund 1,508,542 19,088 - 15,542 - 1,543,172
Bursary Appeal Fund 15,287,262 84,251 - 3,150,620 - 18,522,133
Dulwich College
Facilities Fund - 6,222 - - - 6,222
Pension Reserve - - (19,553,000) - - (19,553,000)
General Fund - - - - 462,591 462,591
--------------------- ------------------ ---------------------- ------------------ -------------------- ----------------------
£96,227,367 £109,561 £(19,553,000) £3,166,162 £462,591 £80,412,681
=========== ========= =========== ========= ========== ===========

48

DULWICH COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 JULY 2021

18. FUNDS (continued)

Unrestricted Funds Unrestricted Funds Unrestricted Funds
2020 Pension
Endowment Restricted Reserve Designated General Total
£ £ £ £ £ £
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) - - (19,852,000)
---------------------- -------------------- --------------------- ------------------ -------------------- -----------------------
Company total £8,671,922 £52,086 £(19,852,000) £2,819,198 £(7,445,717) £(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 Schools Common
Investment Funds 3,628 - - - - 3,628
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 deficit - - (19,852,000) - - (19,852,000)
Inter-fund loan (1,300,009) - - - 1,300,009 -
---------------------- -------------------- --------------------- ------------------ -------------------- -----------------------
Group total £89,359,425 £72,432 £(19,852,000) £2,819,198 £100,542 £72,499,597
=========== ========== =========== ========= ========== ===========
At 31 July 2020 the group funds comprised:
Unrestricted Funds
Pension
Endowment Restricted Reserve Designated General Total
£ £ £ £ £ £
Dulwich Schools Common
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 20,347 - 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
Facilities Fund
Pension Reserve - - (19,852,000) - - (19,852,000)
General Fund - - - - 100,542 100,542
--------------------- ------------------ ---------------------- ------------------ -------------------- ----------------------
£89,359,425 £72,432 £(19,852,000) £2,819,198 £100,542 £72,499,597
=========== ========= =========== ========= ========== ===========

The Bursary Appeal Fund comprises both capital endowment and restricted income donations, along with amounts designated by Governors from unrestricted funds. The balances also take account of gains and losses on investments and unspent investment income.

49

DULWICH COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 JULY 2021

18. FUNDS (continued)

b) Endowment fund movements during the year were as follows:

At 1 August Investment At 31 July
2020 Income Expenditure Transfers Gains 2021
£ £ £ £ £ £
Dulwich College
Awards Fund 1,332,345 3,641 - - 172,556 1,508,542
Dulwich Schools Common
Investment Fund 3,628 - - - - 3,628
Dulwich College
Investment Fund 39,201,530 517,231 - (650,642) 3,434,599 42,502,718
(note 19(c))
Buildings Fund 35,679,373 - (2,680,013) 3,925,857 - 36,925,217
Bursary Appeal Fund 13,142,549 533,113 - - 1,611,600 15,287,262
---------------------- --------------------- ---------------------- --------------------- ------------------- ----------------------
£89,359,425 £1,053,985 £(2,680,013) £3,275,215 £5,218,755 £96,227,367
=========== ========== =========== ========== ========= ===========
At 1 August Investment At 31 July
2019 Income Expenditure Transfers Gains 2020
£ £ £ £ £ £
Dulwich College
Awards Fund 1,464,599 1,150 - - (133,404) 1,332,345
Dulwich Schools Common
Investment Fund 3,628 - - - - 3,628
Dulwich College
Investment Fund 39,026,127 573,191 - (721,352) 323,564 39,201,530
Buildings Fund 35,514,492 - (2,936,745) 3,101,626 - 35,679,373
Bursary Appeal Fund 13,300,620 1,087,428 - (2,800) (1,242,699) 13,142,549
---------------------- --------------------- ---------------------- --------------------- ------------------- ----------------------
£89,309,466 £1,661,769 £(2,936,745) 2,377,474 £(1,052,539) £89,359,425
=========== ========== =========== ========== ========= ===========

The Dulwich College Awards Fund (DCAF) was set up on 18 April 1995 in order to pool together all of the College’s sundry scholarship, prize and miscellaneous trust funds within one scheme.

The details in relation to the Dulwich Schools Common Investment Fund (DSCIF) are disclosed in note 11.

The Dulwich College Investment Fund was set up in April 2003 in order to hold the investments returned from the DSCIF to be held directly by the College.

In accordance with the 1995 Scheme the Buildings Fund was set up as a result of a transfer of the net book value of buildings in 1995 from The Dulwich Estate. The Governors agreed, after seeking Charity Commission approval, to account for the fund as follows.

Additions on endowment buildings result in a transfer of funds from unrestricted funds to the Buildings Fund, unless a deficit would arise on the unrestricted funds where an inter-fund loan is established between the unrestricted fund and the Buildings Fund until such time as the unrestricted fund has sufficient resources to make the transfer. Bank loans and other short term borrowings for the purposes of improving the permanent endowment land and buildings are allowed to be set off against the Buildings Fund. Depreciation on endowment buildings is now charged against the Buildings Fund.

In accordance with this policy £3,849,264 (2020: £2,959,317) was transferred from unrestricted funds to the Buildings Fund in the year.

50

NOTES TO THE FINANCIAL STATEMENTS (continued)

DULWICH COLLEGE

YEAR ENDED 31 JULY 2021

18. FUNDS (continued)

In addition, £76,593 (2020: £142,309) was transferred from restricted funds to the Buildings Fund, in respect of the Dulwich College Facilities Fund money spent on the Barry Buildings and other developments.

The Bursary Appeal Fund comprises accumulated donations to provide an income stream to give financial support to parents whose sons have been awarded a place at the College but who cannot afford the full fees. All endowed donations received in the year have been included within this fund.

c) Dulwich College Investment Fund

With effect from 1 August 2018, the Governors resolved to adopt the Total Return accounting approach to the Dulwich College Investment Fund. Under this approach, the total value of the Fund as at 1 August 2018 was divided between the Trust for Investment, which represents the original capital value of the Fund on its inception in 2003 adjusted for CPI inflation and the effects of subsequent capital distributions from The Dulwich Estate that have been added to the Fund in the meantime, and the Unapplied Total Return, which represents capital gains on the Fund’s investments in excess of CPI inflation.

Under the Total Return approach, investment income and investment gains are credited to the Unapplied Total Return, where previously the investment income was credited to the College’s General Fund. The Governors’ policy, which is subject to review from time to time, is to apply CPI inflation to the Trust for Investment to maintain the real value of the Fund’s original capital. The allocation of Unapplied Total Return to the general fund for application represents the amounts withdrawn from investments during the year, in line with the Governors’ policy. The table below sets out the movements on the Fund during the current and prior years and its composition as at 31 July 2021.

Trust for Unapplied Total Total
Investment Return
£ £ £
Balance at 31 July 2019 33,500,379 5,525,748 39,026,127
Investment income - 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) -
Transfer to the General Fund for application - (721,352) (721,352)
---------------------- --------------------- -----------------------
Balance at 31 July 2020 £33,872,950 £5,328,580 £39,201,530
Investment income - 517,231 517,231
Investment gains - 3,434,599 3,434,599
---------------------- --------------------- -----------------------
33,872,950 9,280,410 43,153,360
Allocation to Trust for Investment (at CPI inflation) 683,048 (683,048) -
Transfer to the General Fund for application - (650,642) (650,642)
---------------------- --------------------- -----------------------
Balance at 31 July 2021 £34,555,998 £7,946,720 £42,502,718
============ =========== ============

51

DULWICH COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 JULY 2021

18. FUNDS (continued)

d) Restricted fund movements during the year were as follows:

At 1 August Investment At 31 July
2020 Income Expenditure Transfers Gains 2021
£ £ £ £ £ £
Dulwich College
Awards Fund 20,347 110,421 (111,680) - - 19,088
Bursary Appeal Fund 45,864 596,962 (558,575) - - 84,251
Dulwich College
Facilities Fund 6,221 76,594 - (76,593) - 6,222
--------------------- -------------------- ------------------ -------------------- ----------------- ---------------------
£72,432 £783,977 £(670,255) £(76,593) - 109,561
=========== ========== ========= ========== ======== ===========
At 1 August Investment At 31 July
2019 Income Expenditure Transfers Gains 2020
£ £ £ £ £ £
Dulwich College
Awards Fund 32,111 83,754 (98,318) 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
--------------------- -------------------- ------------------ -------------------- ----------------- ---------------------
£155,835 £835,356 £(779,250) £(139,509) £Nil £72,432
========== ========== ========= ========== ======== ===========

The Dulwich College Awards Fund (DCAF) was set up on 18 April 1995 in order to pool together all of the College’s sundry scholarship, prize and miscellaneous trust funds within one scheme.

The Bursary Appeal Fund comprises accumulated donations to give financial support to parents whose sons have been awarded a place at the College but who cannot afford the full fees. All restricted income donations received in the year have been included in this fund.

The Dulwich College Facilities Fund comprises donations received to help fund facilities developments less money spent on facilities developments. The balance at 31 July 2021 represents donations to support Music at the College.

52

DULWICH COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 JULY 2021

18. FUNDS (continued)

e) Unrestricted fund movements during the year were as follows:

At
1 August Investment At 31 July
2020 Income Expenditure Transfers Gains/ 2021
(Losses)
£ £ £ £ £ £
General Fund 100,542 42,604,258 (38,979,078) (3,263,131) - 462,591
Advance Fees Fund - - (59,349) 59,349 - -
Pension Reserve (19,852,000) - (1,194,000) - 1,493,000 (19,553,000)
Dulwich College Awards
Fund		 31,801 - - (16,259) - 15,542
Bursary Appeal Fund 2,787,397 - - 21,419 341,804 3,150,620
---------------------- ----------------------- ----------------------- -------------------- ---------------------- ----------------------
£(16,932,260) £42,604,258 £(40,232,427) £(3,198,622) £1,834,804 £(15,924,247)
============ ============ ============ =========== =========== ============
At
1 August Investment At 31 July
2019 Income Expenditure Transfers Gains/ 2020
(Losses)
£ £ £ £ £ £
General Fund 446,977 41,741,359 (38,905,094) (3,182,700) - 100,542
Advance Fees Fund - - (55,566) 55,566 - -
Pension Reserve (14,268,000) - (1,112,000) - (4,472,000) (19,852,000)
Dulwich College
Awards Fund		 34,100 - - (2,299) - 31,801
Bursary Appeal Fund 2,091,668 - - 891,468 (195,739) 2,787,397
---------------------- ----------------------- ----------------------- -------------------- ---------------------- ----------------------
£(11,695,255) £41,741,359 £(40,072,660) £(2,237,965) £(4,667,739) £(16,932,260)
============ ============ ============ =========== =========== ============

As agreed by the Governors in 2000 the balance of the Advance Fees Fund is transferred annually to the General Fund as the Governors do not wish to hold a balance in this fund.

The Dulwich College Awards Fund represents a designation made by Governors to the fund in respect of the surplus on fundraising events supported by the Friends of Dulwich College on which a decision is yet to be made as to how it is to be used.

The Bursary Appeal Fund represents designations made by Governors to the fund. The transfer of £21,419 (2020: £891,468) has been made to fund staff bursaries. The transfer in the prior year comprised £32,128 to fund staff bursaries and £859,340 of the increased income from DCEO in line with the Governors’ previous policy.

53

DULWICH COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 JULY 2021

19. PENSION ARRANGEMENTS

The College participates in three pension schemes.

The main scheme is administered by Teachers' Pensions, an executive agency of the Department for Education (DfE). Contributions to the scheme are determined by the Government Actuary and paid over to the Exchequer. Contribution rates for employees range from 7.4% to 11.7% (2020: 7.4% to 11.7%) depending on their salary. Employer contributions in the year were 23.68% (2020: 23.68%).

The second scheme is a defined benefit scheme for operational staff and is administered by the London Pensions Partnership (formerly London Pension Fund Authority) in accordance with the rules and valuations of the scheme. Contribution rates for employees range from 5.5% to 12.5% (2020: 5.5% to 12.5%) depending on their salary. Current employer contributions are 19.20% (2020: 19.55%). This scheme was closed to new members on 31 July 2010.

The third scheme is a defined contribution scheme for operational staff opened on 1 August 2010 with Aviva (formerly Friends Life). Contribution rates for employees range from 4% to 6% depending on their salary, with corresponding employer contributions of 5% to 8%.

The annual commitment under the three schemes is for contributions of £3,792,867 (2020: £3,817,452). Contributions totalling £447,698 (2020: £439,555) were payable to the schemes at the year end.

The defined benefit scheme was always a joint scheme for the College and its subsidiary undertakings. From 31 July 2006, the contracts of employment of the staff of Dulwich College Enterprises Limited were transferred to Dulwich College to simplify the pension arrangements.

As a result of this change, the responsibility for meeting the pension obligations rests with Dulwich College. The on-going costs, however, are met by Dulwich College Enterprises Limited through a secondment arrangement. Dulwich College Enterprises Limited obtained actuarial advice to quantify its liability using transfer values and using this information has estimated the quantum of the contingent liability (net of assets) to be in the region of £150,000, based on the actuarial valuation in 2004.

Governors have received actuarial advice. The overall expected rate of return on assets is based on the long term future expected investment return for each asset class as at the beginning of the year.

2021 2020
Analysis of amounts charged to activity cost categories: £ £
Charitable expenditure operating costs
Service cost 1,456,000 1,417,000
Administration expenses 34,000 33,000
------------------- -------------------
£1,490,000 £1,450,000
========= =========
£ £
Finance cost
Net interest on the defined benefit liability £265,000 £312,000
========= =========
Remeasurement of the defined benefit liability:
Return on fund assets in excess of interest (2,726,000) (811,000)
Other actuarial loss on assets - 332,000
Change in financial assumptions 2,522,000 4,716,000
Change in demographic assumptions (561,000) 383,000
Experience gain on defined benefit obligation (728,000) (148,000)
------------------- -------------------
Total remeasurement loss/(gain) £(1,493,000) £4,472,000
========= =========

54

DULWICH COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 JULY 2021

19. PENSION ARRANGEMENTS (continued)

Changes in present value of the defined benefits obligation are as follows: 2021 2020
£’000 £’000
Opening defined benefit obligation 46,143 39,453
Current service cost 1,456 1,417
Interest cost 619 823
Contributions 218 240
Change in financial assumptions 2,522 4,716
Change in demographic assumptions (561) 383
Experience gain on defined benefit obligation (728) (148)
Benefits paid (848) (741)
---------------- ----------------
£48,821 £46,143
======== ========
Changes in fair value plan assets are as follows: 2020 2020
£’000 £’000
Opening fair value of employer assets 26,291 25,185
Interest on assets 354 530
Return on assets less interest 2,726 811
Administration expenses (34) (33)
Contributions by members 218 240
Contributions by employer 561 631
Benefits paid (848) (741)
-------------- --------------
Closing fair value of employer assets £29,268 £26,291
======= =======

The major categories of plan assets are as follows:

Benefits paid
Closing fair value of employer assets
The major categories of plan assets are		 as follows: (848)
--------------
£29,268
=======		 (741)
--------------
£26,291
=======
Group share of Group share of
% of Fund value at % of Fund value at
Total plan 31 July 2021 Total plan 31 July 2020
2021 £’000 2020 £’000
Scheme Assets
Equities 56% 16,528 55% 14,440
Target return portfolio 22% 6,447 23% 5,982
Cash 4% 1,162 6% 1,615
Infrastructure 9% 2,642 7% 1,817
Property 9% 2,489 9% 2,437
------------- -------------
Total £29,268 £26,291
======= =======
2021 2020
£ £
Actual return on fund assets £3,080,000 £1,341,000
========= ==========

55

DULWICH COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 JULY 2021

19. PENSION ARRANGEMENTS (continued)

Per annum Per annum
Actuarial assumptions used: 2021 2020
Salary increases 3.80% 3.25%
Pension increases 2.80% 2.25%
Discount rate 1.60% 1.35%

Mortality Assumptions

Post retirement mortality is based on Club Vita analysis which has then been projected using the Medium Cohort projection, allowing for a minimum rate of improvement of 1%. Based on these assumptions, average future life expectancies at age 65 are summarised below:

31 July 2021 Males Females
Current pensioners 20.8 24.0
Future pensioners 22.7 26.1
31 July 2020 Males Females
Current pensioners 21.0 24.1
Future pensioners 23.1 26.2

20. COMMITMENTS

At 31 July 2021 the College had annual commitments under operating leases as set out below:

2021 2020
£ £
Operating leases which expire:
- within one year 223,330 81,208
- in two to five years 87,618 423,170
- in more than five years 209,206 220,333
----------------- -----------------
£520,154 £724,711
======== =========

56

DULWICH COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 JULY 2021

21. RELATED PARTY TRANSACTIONS

Dulwich College is controlled by the Board of Governors.

Mr T J Pethybridge is a director of Dulwich Services Limited, which is the corporate trustee and which manages the affairs of Dulwich Schools Common Investment Fund.

During the year Dr I Bishop was a trustee of The Dulwich Estate, a registered charity.

Balances and transactions with Dulwich Schools Common Investment Fund include: Investment share of the Fund £3,628 (2020: £3,628).

Transactions with The Dulwich Estate include: Income distributions received £2,284,407 (2020: £2,365,999). Property rent paid amounting to £244,494 (2020: £244,494).

Balances and transactions with Dulwich College Enterprises Limited include: Amounts owed to the College £291,698 (2020: 546,054). Rent and other charges £203,050 (2020: £228,650). Transport services used £471,571 (2020: £424,393). Gift/covenant received £nil (2020: £79).

Balances and transactions with Dulwich College Enterprises Overseas Limited include: Amounts owed £4,090,111 (2020: £3,951,751). Management charges and royalties £528,310 (2020: £682,479). Gift/covenant received £1,300,000 (2020: £1,880,924).

There are no other related party transactions (2020: £nil).

57