Company No. 10814894
Registered in England
Charity No. 1174356
DULWICH PREP LONDON
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020

DULWICH PREP LONDON
ANNUAL REPORT OF THE GOVERNORS
YEAR ENDED 31 AUGUST 2020
The Governors present their annual report together with the audited financial statements of
Dulwich Prep London I'the School") for the yearended 31 August 2020.
The Governors confimi that the annual report and financial statements of Ihe School comply with
the current statutory requirements, the requirements of the School's governing document and the
provisions of the Statement of Recommended Practice (SORP) "A¢counling and Reporting by
Charities" (Charities SORP FRS102).
Status and admlnistration
The School is a company limited by guarantee (Company Number 10814894} and is registered
with the Charity Commission under Charity Number 1174356. The School, togetherwith Dulwich
Prep Cranbrook, is a subsidiary of Dulwich Preparatory Schools Trusl ("Ihe Trust"), which is also
a company limiled by guarantee and a registered charity. from whi¢h it leases its property. The
thr8e entities are the Group.
Governors, responsibilities
The Governors (who are also d1￿CtOrS of the School for the purposes of company law) are
responsible for preparing the Governors, report {including the strategic report) and the financial
statements in accordance with applicable law and United Kingdom Accounting Standards (United
Kingdom Generally Accepted Accounting Practice). Company law requires the Govemors to
prepare financial statements for each financial year. Under company law the Governors must not
approve the financial statements unless they are satisfied that they give a true and fair view of
the state of affairs of the School and of the inGoming resources and application of resources,
including the income and expenditure, of the School for that period. In preparing these financial
slatemenls, the Governors are required to..
select suitable accounting policies and then apply them consistently-
observe the methods and principles in the Charities SORP.,
make judgments and accounting estimates that are reasonable and prudent,.
state whether applicable UK Accounting Standards have been followed, subject to any
material departures disclosed and explained in the financial stalemenls.,
prepare the financial statements on a going concern basis unless it is inappropriate to
assum8 thal the School will continue in operation.
The Governors are responsible for keeping adequate accounting records that are sufficient to
show and explain the School's transactions and disclose with reasonable accuracy at any time
the financial position of the School and enable them to ensure that the financial statements
comply with the Companies Act 2006. They are also responsible for safeguarding the assets of
the School and hence for taking reasonable steps for the prevention and detection of fraud and
other irregularities.
Each of the persons who are Governors at the time when this Governors, report is approved has
confirm6d that..
so far as each Governor is aware, there is no relevant audit information of which the
School's auditor is unaware, and
each Govemor has taken all the steps that ought to have been taken as a Governor in
order to be aware of any relevant audit information and lo establish that the School's
auditor is aware of that information.

DULWICH PREP LONDON
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
The School was created as an independent charity governed by its Articles of Association with
effect from 1, September 2017. The Articles reflect the Companies Act 2006 and the
Charities Act 2011 and were approved by the Charity Commission and passed by written
resolution on 16th June 2017. Prior lo that date the School was part of Dulwich Preparatory
Schools Trust I the Trust'l. Al its inception the umbrella charity, the Trust, donated the assets
and undertakings necessary to fulfil its objects to the new charity under a Transfer of
Undertakings Agreement dated 1st September 2017. The School is supported in the provision
of education by the Trust from which the School leases its facilities. The Trust with Dulwich
Prep London and Dulwich Prep Cranbrook make up the Group {"the Group").
Governlng Body
The Governors are the trustees of Ihe School under charity law and the directors of the School
under company law. All Govemors are'members" of the Trust and the School's Chairman and
one other Govemor also serve as Trustees of the Trust.
The members of the Governing Body who served in office as Governors during the year and
subsequently are detailed below..
Mrs C C Randell
T {to 31 August 2020)
T {from 1 September 2020)
Chaimian (to 31 August 2020)
Chairman {from 1 September 20201
Mrs E K Kelleher
Mrs L P H Carling
AFCrow
Appointed on 25 March 2020
Mrs L M Davidson
DrHCADeasy
J R Elzinga
Dr A Lall
Mrs M S Shale
Vice Chairman
D C S Smellie
Retired on 31 August 2020
JDHSteel
Trustee of the Trust
Trustee of the Trust Pension Scheme
Member of the Trust Finance Committee
Key Management Personnel
Head Master (from 1 September 2019).. Miss L A Davidson, BA (Hons), PGCE
Bursar & Clerk to the Governors (to 31 December 2019).. N B Holliday, MA (Honsl
Director of Finance & Clerk to the Govemors (from 1 January 2020): Mrs C A Skillings, ACA,
LLB {Hons)

DULWICH PREP LONDON
ANNUAL REPORT OF THE GOVERNORS {CONTINUED
FOR THE YEAR ENDED 31 AUGUST 2020
Professlonal Advisers
Bank8rs.' Nalwesl Bank plc, 120-122 Fenchurch Street, London EC3M 5BA
Solicitors.. Farrer & Co LLP, 68 Lincoln's Inn Fields, London WC2A 3LH
Audrtors.. Crowe U.K. LLP, 55 Ludgate Hill, London EC4M 7JW
Management Structure
The Governing Body meets a minimum ofthree limes a year, normally al least once every term.
Sub-committees for specific purposes are established as and when needed. The Head Master
and Clerk lo the Governors attend the Governing Body meetings and any sub-committees as
required. The day-lo-day management of the School is delegated to the Head Master and
Director of Finance who collectively comprise the key management personnel and are
supported by the School's Senior Management Teams. The Head Master has overall
responsibility for the appointment and supervision of all staff, but delegates this function lo the
Director of Finance for non-academic staff.
Remuneration is set by the Governing Body with the policy objective of providing appropriate
incentives lo encourage enhanced performance and of rewarding fairly and responsibly
individual contributions to the School's success. The appropriateness and relevance of the
remuneration policy is reviewed annually, including reference to comparisons with other
independent schools, lo ensure that the School remains sensitive to the broader issues of pay
and employment conditions elsewhere. The School aims to recruit, subject lo experience, at the
lower to medium point within a band, providing scope for rewarding excellence. Delivery of the
School's charitable vision 2nd purpose is primarily dependent on the senior leadership and staff
costs are the largest single element of the charitable expenditure.
Governing Body Recruitment & Tralning
New Governors are identified by the existing Board, supported by the Head Master and Clerk
to the Governors, and appointed by the Board following agreement by the Trust. Governors
serve for an initial term of four years, but may offer themselves for re-election for a second term
of four years and then a final term of two year5, making ten years in total, which may only be
exceeded in exceptional circumstances.
New members of the Governing Body are elected on the basis of the candidates, professional
qualities, experience, personal competence and the specific needs of the School. New
Governors are inducted into the management and ethos of the School via a programme
organised by the Head Master and Clerk lo the Governors. The Clerk to the Govemors also
notifies members of the Governing Body of relevant external trustee training and information
courses and seminars designed lo keep them informed and updated on current issues in the
sector and regulatory requirements.
Charity Code of Governance
The School's Board takes its governance responsibilities seriously and aims to have a
governance framework that is fit for purpose, compliant and efficient. The Board has established
a solid foundation in governance in which all of ils Governors are clear about their roles and
legal responsibilities, are committed to supporting the School in delivering its objects most
effectively for the benefit of its beneficiaries and contributing to the School's continued
improvement.

DULWICH PREP LONDON
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
The Charity Governan￿ Code has seven principles.. Organisational purpose, Leadership,
Integrity, Decision making risk and control, Board effectiveness, Diversity and Openness and
accountability. Complying wlh the Code is not a legal or regulatory requirement and the Code
describes its aims as 'deliberately aspirational, The Board of Governors meets a very significanl
proportion of the recommended and best practice for governance contained within the Charity
Governance Code across the seven areas.
Employment policy
The School is an equal opportunities employer. Full and fair consideration is given to job
appli¢ations from disabled persons and due consideration is given to their training and
employment needs. Consultation with employees, or their representatives. has continued al all
levels with the aim of taking the views of employees into account when decisions are made that
are likely to affect their interests. Employees are made aware of the financial and economic
performance of the School.
Employees are also aware of the public benefit necessarily provided by the School as a charity
and of their part in supporting the School's contribution to the local community.
Communication with employees continues through normal management channels in a variety
of foms and also through exceptional Channels to make staff aware of current issues.
STRATEGIC REPORT
The remainder of the report of the Governors also constitutes the strategic report for the
purposes oflhe Companies Act 2006.
Princlpal activity and objects of the School
The objects of the charitable company are the advancement of education of children in the
Uniled Kingdom and elsewhere for the public benefit principally through the operation of Dulwich
Prep London and support ofthe Trust.
The Governing Body is mindful of the long-standing need lo provide publi¢ benefit and of the
requirements of the Charities Act 2011. In this connection the Governing Body has monitored
closely the guidance on public benefil produced by the Charity Commission, together with its
supplemental guidance on advancing education and on fee-charging.
Aim
The Governors, aim is that pupils should have every opportunity to fulfil their potential
academic, artistic, dramatic, musical, sporting, social and moral - by providing a rich and
dynamic curriculum, inspirational teaching, building their self-confidence, supporting their
emotional, physical and intellectual needs and by inculcating a desire lo contribute to the wider
community and providing the pupils with a launch pad for th8 Opportunities, responsibilities and
experience of later life.
Primary objectives
The School seeks to achieve ils aim through the following primary objectives..

DULWICH PREP LONDON
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
To welcome pupils from all backgrounds.. economic status, ethnicity, ra￿, religion or
disability do not fomi part of the selection process.
To be committed to safeguarding and promoting the welfare of the pupils and to expect
all staff and volunteers lo share this Commitment. The School places great importancè
on pastoral care, fostering a sense of community and good citizenship.
To define how the S¢hool can educate and develop pupils lo the best of their potential
and in line with the general standards achieved by their peers.
To provide pupils with the opportunity to gain new experiences and take advantage of a
variety of co- and extra-curricular activities to develop all aspects of their character.
To welcome staff from all backgrounds.. economic status, gender, ethnicity, race, religion
or disability do not form part of the selection pro￿sS.
To sel the fees at a level to ensure the financial viability of the School and al a level that
is consistent with the aim of providing a first class education lo boys and girls.
To provide financial support to enable children whose parents would not otherwise be
able to afford the fees to benefit from an education at the School.
To maintain a clear and effective management structure and the necessary support
framework to meet the needs of staff and pupils alike.
Strategies to achiove the primary obje¢tlves
The School's Strategic Development Plan is updated and reviewed annually with input from the
Governing Body.
The Plan defi'nes investment initiatives and major projects in pursuit of the primary objectives.
The LowerS¢hool project, which was started in July 2017 and comprised two main phases, was
completed in July 2019. This project, which cost in the region of £13.5 million, was funded by
the Trust. During 2019-2020 the largest project undertaken was the replacement of the Concert
Hall sealing with retractable seating lo enable the hall to be used more flexibly.
Publi¢ benefit
The School remains committed to the aim of providing public benefit in accordance with its
founding principles.
The School actively supports the attainment of the highest standards of education through
rigorous and continuous evaluation of quality and perfomiance. the application of best practice
and a widespread desire lo improve standards. We co-operate with local schools and
educational bodies in ongoing endeavours to widen public access to the schooling provided, lo
optimize the use of the cultural and sporting facilities and to awaken in the pupils an awareness
of the social ¢onlext of the all-round education they receive at the School.
During the periods of closure or partial closure of schools due to COVID-19, the School has
continued to provide on-site education for the children of key workers and for those
children identified as vulnerable.
Bursaries
This year the School awarded means-tested bursaries tolalling about £275,000 to 23 pupils
(2019.. £325,00010 27 pupils), including 12 for 70 % or more of full fees. The School continues

DULWICH PREP LONDON
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
to refine means-testing through a rigorous and detailed process which includes a home visit.
During the year the sch¢)ol awarded hardship bursaries of about £45,000 in total to families who
were affected by Goronavirus.
Emotional well-bein
and mental health
The School places great importance on the quality of its pastoral support and was the first
preparatory school in Ihe UK to introduce Place2Be. a charity which provides embedded support
for the School's pupils and provides child menlal health awareness to parents and staff. In
September 2020 the School appointed a full time School Counsellor to enhance this support
and the School's safeguarding provision.
The School had a number of families who were bereaved by COVID-19 during lockdown and
provided emotional support Whe￿ possible and desired. The School also supported five
families where pupil mental health was becoming affected by lockdown.
Facilities and resources
The School has engaged in a range of partnerships with local maintained schools. making
facilities available to those schools and including them in teaching and educational events.
French and Italian language and cultural s¢hools use the facilities on Saturdays throughout
the year.
The School is currently involved in sev8ral initiatives. including support of a new primary
school, Paxton Green School, part of the Gypsy Hill Federation, with the involvement of senior
management, the recruitment and training of teachers and the provision of a music outreach
programme. Local schools and sports Clubs also use the playing fields, swimming pool {and
swimming teacher) and sports hall on a regular basis.
During lockdown the school provided its kitchens and worked in partnership with its catering
provider Thomas Franks to support Social Kitchen, which provided lunches to vulnerable
children around London.
Charitable fundraisin
Pupil fundraising for charitable causes is encouraged and in 2019 over £40.000 was donated
to local and national charities as a result of pupil driven initiatives. The school ran a very
successful H2MO event, where pupils, staff, parents, old boys and members of the community
were invited to partake in a 24-hour swimathon. The school raised over £20,000 for
Movember and was the highest fundraising school in the country. Moreover, the Friends of
Dulwich Prep London raise funds for charity as well as making donations to the School. The
School is very grateful to the Friends for all that they do. During lockdown and on going
restrictions in relation to COVID-19 the school continued to fundraise remotely, including
raising funds to provide laptops to a local school.
The school does not engage with any external third party fundraisers. There have been no
complaints in the period regarding inappropriate or intrusive contact in relation to fundraising
activities.

DULWICH PREP LONDON
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
Safeguarding
The School has its own designated Safeguarding Governor and there is regular
communicaliorl between this Governor and the School's Designated Safeguarding Lead
(DSL). The DSL reports to the Board once a term and there is also an annual safeguarding
audit. All Governors receive full safeguarding training when they join the Board. All ar8
required to scrulinise and approve the School's Safeguarding Policy annually.
Whilst the Governors are respectful of the boundary between governance and management,
they exercise appropriate oversight of safeguarding and are deliberately more visible to staff
and parents, attending many school events and getting lo know notjust the Head Master and
Senior Leadership team, but staff in all areas of the School. The annual safeguarding audit
has provided another opportunity for personal conlacl ￿tween Governors and staff, including
support staff.
As well as modelling a culture of greater openness, Govemors have in recent years prioritised
thanges to make the School not only compliant but, on broader practical and cultural levels, a
Safer place for the pupils.
During the pandemic the School updated Safeguarding & child protection, behaviour, rewards
and bullying policies, adding appendices to reflect the remote teaching and learning position.
Online safely, 1..1 luilion and live streaming all required consideration and revision lo protect
staff and pupils. Staff were trained lo be vigilant through live lessons. Monitoring absence.
attendance and engagement was imperative for pupil safely and wellbeing. Key worker pupils
were monitored by those staff on site taking into consideration hours attending, parent job
anxiety, general health and wellbeing.
ACHIEVEMENTS AND PERFORMANCE
In 2020, 92 Year 8 boys went on to 22 different senior schools12019.' 88 and 22).. all
destinations can be seen on the School website. The Year 8s of 2020 received a total offer of
8512019.. 62) scholarships and awards. The School has always considered the Importan￿ of
a broad education alongside academic achievement and half of the awards offered by these
senior schools were for art, design and technology, music or sport. A further 22 boys left at
the end of Year 6.
The Independent Schools Inspectorate (ISI) visited in October 2018 to conduct a Focused
Compliance and Educational Quality Inspection on the School. All eight standards required
under the Complian￿ section were mel,. in respect of the educational quality element of the
Inspection, the S¢hool achieved the highest grade. Excellent,.
In February 2020 the School closed for two days following a suspected COVID-19 case. which
allowed a deep clean of the buildings. The closing of the School prepared staff for what they
would need to do for students in order lo provide remote learning when the School was
required to close and move fully online from 20 March 2020. The School launched an
immediate programme for the final week of the Spring Term and launched DPL@home for the
following term, which provided an impressive array of learning through different platforms such
as exercises lo carry out at home, pre-recorded videos and live teaching. This was supported
by regular conlact between staff and pupils and their parents. The online platform was also
used by the children who attend Key Worker School, who returned to the School between
March and July. From 1st June, following detailed risk assessments, a phased return of non-

DULWICH PREP LONDON
ANNUAL REPORT OF THE GOVERNORS ICONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
keyworker children by age groups took place. All but two year ere given the opportunity to
attend school before the end of the Summer Term and the overwhelming majority did so.
There is a wide variety of sport on offer at many different levels, as well as a packed list of
fixtures for football, rugby and cricket. The Autumn Term saw Tribe football and rugby
tournaments, inter-school fixtures, water polo matches. a biathlon, cross country, and
swimming galas. During the Spring and Summer Terms, sport was hindered by the pandemic,
but live Zoom keep fil sessions were held by the sports department for the boys and their
families, as well as Mind Gym, which consisted of a series of lessons and podcasts which help
to improve mental strength and wellbeing. The sports day this year was held virtually with
boys competing independently by completing a range of tasks such as a 1 kilometre run,
jumping, plank challenge and sports quiz,. the scores were then submitted and recorded to
announce the winning Tribe.
Once again there were some wonderful performances in the Year 8 drama pieces based on a
variety ofthemes in Ihe Autumn and early Spring Term.. First Wortd Warand Time. Christmas
shows included Tis the Season, Nativities and Rock the Baby. The summer productions were
not able to go ahead due lo the pandemic.
Music remains very strong at the School. A substantial proportion of the boys leam an
instrument, some more than one. The Autumn Term began as usual with pupil concerts and a
Remembrance Service in which the choir and musicians performed. Unfortunately a concert at
Soulhwark Cathedral was cancelled due to safety concerns; a terrorisl attack at London
Bridge on 29 November caused uneasiness about the safety of pupils, staff and parents
travelling to central London. A Christmas Service was held at St Stephen's church nearby.
Due to growing concerns about the coronavirus, the Spring Concert at Southwark Cathedral
was postponed and the subsequent restrictions imposed in the UK meant that all
performances were cancelled during the Summer Term.
Trips and tours, whether lo¢al, national or international, are a regular feature of the School's
calendar. There were the usual residential trips lo Sayers Croft for Year 3, Sheringham for
Year 5. York for Year 6 and Pembrokeshire for Year 7. The Year 4 and Year 8 summer trips
were cancelled as a result of the pandemic.
Overseas destinations inc5uded Sceland and Sorrento during the Autumn Term. Other
destinations closer to home included Crystal Palace Park, Eastbourne for a geography field
trip. several trips to the theatre, Chessington Zoo. Rochester Castle and the Royal Courts of
Justice.
These visits were complemented by a very full programme of Prep+ events, together with thé
Leake Lecture series and other visiting presenters and speakers during the Autumn Temi.
The Board's commitment to maintaining Ihe School's eX￿llen￿ is reinforced by a planned
capital investment programme. As previously reported the redevelopment of the Lower School
was completed in July 2019. The Lower School moved back into all its new facilities in time for
the academic year 2019120.

DULWICH PREP LONDON
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
FINANCIAL REVIEW
The net income for the year was £14.658,90312019.' £15,544,257) and expenditure of
£13,797,72412019.' £15,499,209). The net book value of fixed assets amounted lo £786,376
{2019-. £582,189). Income and expenditure in the year were lower as a result of the
pandemic. The Governors agreed lo reduce fees for the Summer term by £1,550 per pupil
which created a range in the reduction. depending on age, of 23-340h. There was an
additional reduction for pupils in year 8 and year 4, who were unable lo attend their residential
trips and for whom the School was able lo obtain refunds.
In addition to the income il receives in respect of school fees the School seeks lo enhance its
income through letting its facilities and through rents received for residential property. Besides
asual lettings of sports facilities, classrooms and halls, Ihe School also operates a holiday
activity club, AVP, which provides a wide variety of holiday adivities for children between the
agesof4and 11.
Reserves
The Governors aim to maintain a positive level of overall reseryes and for the unrestricted
reserves, excluding the pension reserve, lo be maintained at the approximate level of al least
one month's expenditure to meet the day to day running costs of the School and the costs
associated with the Maintenan￿ of the fabric of its buildings. This will allow the School to
ensure sufficient liquidity for normal operations.
Funds held by the School at the year-end totalled £2,754,741 (2019-. £1,908,862). At the year
end funds were sufficient lo ¢over two months expenditure of the day to day running costs of
the School. Following the end of the academic year the School operates an ongoing policy of
donating any excess surplus lo the Trust lo permit capital expenditure in support of the Trust's
Schools.
The Governors have considered the reserves policy in lighl of the Covid-19 pandemic and
have concluded that no adjuslmenls to the policy need to be made.
Having assessed the School's financial position, its plans for the foreseeable future, the risks
to which it is exposed and the 5UPPOrt available from the parent Trust, the Governors are
satisfied that il is appropriate lo prepare the statements on a going concern basis.
Post balance sheet events
In September 2020 thé Trust signed a 50 year lease extension until 2081 for the school site at
38-42 Alleyn Park, Grange Lane and the Early Years with the Dulwich Estate. Part of the
agreement was that the Trust would hand Brightlands back to the Dulwich Estate and work has
commenced to build a new entrance into the Early Years car park.
Following an increase in the employers, contribution to the Teachers, Pension Scheme ('TPS'I
in September 2019, the Governors commenced consultation on potential withdrawal from the
TPS and joining the Aviva Pension Trust for Independent Schools in April 2020. The
consultation was concluded in January 2021 and Ihe decision was made to leave the TPS with
effect from I September 2021.

DULWICH PREP LONDON
ANNUAL REPORT OF THE GOVERNORS {CONTINUED
FOR THE YEAR ENDED 31 AUGUST 2020
PRINCIPAL RISKS AND UNCERTAINTIES
The Governors considered the current economic and political turbulen￿, especially those
arising from the COVID-19 crisis. the affordability of fees for parents as well as senior school
entrance procedures across the independent sector to be the principal risks faced by the
School. Pupil numbers are marginally lower in 2020121 Ihan in 2019120 and there is therefore
no room for complacency. In order to continue to deliver an excellent standard of education
the Governors increased fees in Septemb8r 2019 by 4.0%. Fees have been frozen for the
year beginning September 2020.
Health and Safely is a5ways a significant area for risk management. The risks range from
pandemic, fire and infrastructure lo personal risks (most notably when away from Ihe campus
on trips and expeditions). The level and breadth of activity at the School is impressive and the
risks associated with all activities are minimised by thorough planning and risk assessmenl.
Detsiled consideration of risk is undertaken for the School by the Govemors, in conjunction
with the Head Master, Director of Finance and Senior Leadership Team. A risk register is
maintained, reviewed termly by the Governors and updated as necessary. The risk
management process and the resulting register identify risks. assess their impact and
likelihood and, where necessary, recommend controls lo mitigate and monitor those risks
which are assessed as high. In particular the threat arising from the increased level of lerrorisl
activity in London is being kept under close review.
The generic controls used by the School to minimise risk include..
detailed terms of reference together with formal agendas for Board activity-,
strategic development planning. reviewed annually by the Board.,
comprehensive budgeting and management ac¢ounting',
established organisational structures and lines of reporting.,
formal written policies including clear authorisation and approval levels.,
vetting procedures as required by law for the protection of the vulnerable.
The Governors regularly review the effectiveness of current plans and strategies for managing
all identified major risks for the School.
Approved by the Governing Body of Dulwich Prep London, including, in their capacity as
company directors, approving the Directors, and Slr8tegic Report contained therein, and signed
on its behalf by..
rs K Kelle
Ch
Date:
10

DULWICH PREP LONDON
INDEPENDENT AUDITORS REPORT
FOR THE YEAR ENDED 31 AUGUST 2020
Opinion
We have audited the financial statements of Dulwich Prep London for the year ended 31
August 2020 which comprise the Statement of Financial Activities, the Balance Sheet. the
Cash Flow Slatement and notes lo 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..
give a true and fair view of the state of the charitable company's affairs as at 31 August
2020 and of its incoming resources and application of resources, including its income
and expenditure for the year then ended.,
have been properly prepared in accordance wilh United Kingdom Generally Accepted
Accounting Practice., and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basls for opinion
We conducted our audrt in accordan￿ with International Standards on Auditing {UK} {ISAs
IUKI) 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 charitable company in accordance with the ethical requirements that
are relevant to our audtt 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 lo provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAS (UK)
require us to report to you where..
the trustees, use of the going concern basis of accounting in the preparation of the
financial statements is not appropriate., or
the twstees have not disclosed in the financial statements any identified material
uncertainties that may cast significant doubl about the charitable company's ability to
continue to adopt the going concern basis of accounting for a period of al least twelve
months from the date when the financial statements are authorised for issue.
Other infomiation
The trustees are responsible for the olh8r information. The other information comprises the
information included in the annual report, other than the financial statements and our auditor's
report thereon. Our opinion on the financial statements does not cover the other information
and, except to the extent olhetwise explicitly staled in our report. we do not express any form
of assurance conclusion thereon.
11

DULWICH PREP LONDON
INDEPENDENT AUDITORS REPORT
FOR THE YEAR ENDED 31 AUGUST 2020
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 inconsislent
with the financial statements or our knowledge oblained in the audit or otherwise appears to be
materially misstated. If we identify such material inconsistencies or apparent material
misstatements, we are ￿qUired to determine whether there is a material misstalement in the
financial statements or a material misslatemenl 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 othèr matters prescribed by the Companles Act 2006
In our opinion based on the work undertaken in the course of our audit
the information given in the trustees, report, which includes the strategic report prepared
for the purposes of company law, for the financial year for which the financial statements
are prepared is consistent with the financial slatemenls., and
Ihe strategic report included within the trustees, report have been prepared in
accordance with applicable legal requirements.
Matters on which we are requlred to report by exception
In light of the knowledge and understanding of the charitable company and its environment
obtained in the course of the audit, we have not identified material misstatements in the strategic
report or the directors, report included within the trustees, report.
We have nothing io report in respect of Ihe following malters in relation to which the Companies
Act 2006 requires us to report to you if, in our opinion..
adequate accounting records have not been kept-, or
the financial statements are not in agreement with the accounting records and returns.
or
certain disclosures of trustees, remuneration specified by law are not made., or
we have not received all the information and explanations we require for our audit.
Responsibilities of trustses
As explained more fully in the trustees, responsibilities statement sel out on page 1, the trustees
{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
true and fair view, and for such internal control as the trustees determine is necessary to
enable the preparation of financial statements that are free from material misstatement, whether
due lo fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable
company's abilily lo continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going Con￿rn basis of accounting unless the trustees either intend
12

DULWICH PREP LONDON
INDEPENDENT AUDITORS REPORT
FOR THE YEAR ENDED 31 AUGUST 2020
to liquidate the charitable company or to cease operations, or hav& no realistic alternative but
to do so.
Auditorfs responsibilities for the audit of the financlal 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.
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.or
.uklaudilorsres
onsibililies. This
description forms part of our auditor's report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance
wilh Chapter 3 of Part 16 ofthe Companies Act 2006. Our audit work has been undertaken so
that we might stale 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.
Tina Ailison
Senior Statutory Auditor
For and on behaw of
Crowo U.K. LLP
Statutory Auditor
London
26 March 2021
13

DULWICH PREP LONDON
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 AUGUST 2020
(Incorporating an income and expenditure account)
Total
2020
Total
2019
Notes
Income from:
Charltable activities..
School fees receivable
other educational income
Ancillary income
Other tradlng activities
Non-ancillary trading income
Investments
Bank and other interest
Voluntary sources
Donations and legacies
Job retention scheme grant
13.248,691
304,234
255,832
14,387,512
580,448
456,265
106,417
88,376
5,048
5.153
18.912
719.769
26,503
Total income
14,658.903
15,544,257
Expenditure on:
Ralslng funds
Financing costs
10.485)
{10,244)
Total costs of raising f unds
10,485
{10,244
Charitable activities
Education
13,787,239}
15,488,965)
Total expenditure
113,797,724
115,499,209
Net Income
861,179
45,048
Pension scheme actuarial (loss}
15
15,300
97,600
Net movement in funds for the year
845,879
{52,552)
Fund balances brought forward at I September 2019
1,908,862
1,961,414
Fund balances carried forward at 31 August 2020
2,754,741
1,906,862
The notes on pages 18 to 29 form part of these financlal statements
14

DULWICH PREP LONDON
BALANCE SHEET
AS AT 31 AUGUST 2020
Noles
2020
2019
FIXED ASSETS
Tangible assets
786,376
582.189
CURRENT ASSETS
Debtors
Cash at bank and in hand
10
3,967.663
1,416,420
5,384,083
4,111,313
640,021
4,751,334
CREDITORS.. Amounts falling
due within one year
11
(3,260,853)
13.209.257)
NET CURRENT ASSETS
2,123,230
1,542,077
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS.. amounts falling due
after more than 1 year
2,909,606
2,124,266
12
133,7651
(78,2041
NET ASSETS EXCLUDING
PENSION SCHEME LIABILITY
2,875,841
2,046,062
Defined benefit pension scheme
15
121,100
{137,200)
NET ASSETS INCLUDING
PENSION SCHEME LIABILITY
2,754.741
1,908,862
CHARITY FUNDS
Unreslricled funds excluding pension reserve
Pension reserve
2,875,841
(121,1001
2,046,062
1137,2001
TOTAL FUNDS
2,754,741
1,908.862
The fina
beha
cial stale
enls were approved by the Governors on
£SYv4 202hnd s
igned on their
rs K Kell
airman
notes on pa
to 29 form part of these financial statements
ny Number.. 10814894
Th
Com
15

DULWICH PREP LONDON
STATEMENT OF CASH FLOW
FOR THE YEAR ENDED 31 AUGUST 2020
Note
2020
2019
Net cash inflow from operations
Nel cash provided by operating activities
1,105,206
414,859
Cash flows from investing actlvities:
Additions lo fixed assets
Investment income and bank interest received
1333,855)
5.048
1416,159)
5,153
Net cash {used In) investing activitles
1328.8071
{411,006}
Change in cash and cash equivalents in the reporting period
776,399
3.853
Cash and cash equivalents at the beginning of period
640.021
636.168
Cash and cash equlvalents at the end of
the reporting period
1,416,420
640,021
The notes on pages 18 to 29 form part of these financial statements
16

DULWICH PREP LONDON
STATEMENT OF CASH FLOW
FOR THE YEAR ENDED 31 AUGUST 2020
2020
2019
(il Reconciliatlon of net income to net
cash flow from operating activities
Nel incoming reSoUr￿S
Elimination of non-operating cash flows..
861.179
45,048
Depreciation and amortisalion charges
Investment income and bar)k interest
received
Decrease in debtors
{Decrease)Ilncrease in creditors
(excluding fees in advance scheme and
deposit)
Increasel{Decrease) in fees in advance
scheme creditors
Increase in parents, deposits
Movement in defined benefit pension
129,667
185,952
{5,0481
15,153)
143,650
107,080
(159,927)
71,935
155,027
175,995)
95,150
31,4001
37,000
134,100
244,027
369,811
Net ¢ash inflow from operations
1,105.206
414.859
2020
2019
(ill Analysis of cash and cash equlvalents
Cash at bank and in hand
1,416,420
640,021
17

DULWICH PREP LONDON
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
1 ACCOUNTING POLICIES
1.1 Basis of preparatlon
The financial slalements have been prepared in accordance with the Financial Reporting
standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006
and the Statement of Recommended Practice applicable to charities preparing their accounts
in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of
Ireland IFRS 1021. The accounts are drawn up on the historical cost basis of accounting.
The School is a Public Benefit Entity registered as a charity in England and Wales (charity
number.. 1174356 and a company limited by guarantee, (company number.. 108148941.lts
registered office is 42 Alleyn Park, Dulwich. London SE217AA. The ¢harilable company
slarted trading on 1 September 2017.
The ultimate parent company and controlling party of Dulwich Prep London is DuSwich
Preparatory Schools Trust {"the Trust"), a charitable company incorporated in the United
Kingdom {company number.. 00579923). The accounts of the School have been consolidated
into the ultimate parent enlily s linancial slalements. Copies of these financial statements can
be obtained from the registered office, 42 Alleyn Park, Dulwich, London SE217AA. Control is
exercised by the parent company by virtue of board representation.
The principal activity of the Trust is the operation of preparatory schools at Duiwich London
and at Cranbrook Kenl. The objects of the Trust are the advancement of education primarily
by the provision and conduct of schools in Dulwich and Cranbrook for boys and girls and by
ancillary or incidental educational activities and other associated activities for the benefit of the
communities.
1.2 Going Concern
Having reviewed the cash position of the School together with the expected ongoing demand
for places and the School's future projected cash flows, the Governors have a reasonable
expectation Ihal the School has adequate resour￿$ to continue its activities for the
foreseeable future and consider that there were no material uncertainties over the Schools's
financial viability. Accordingly, they continue to adopt the going concern basis in preparing the
financial slalements.
1.3 Crltical accounting Judgements and key sources of estlmatlon uncertainty
In the application of the accounting policies, Trustees are required to make judgement,
estimates. aNd assumptions about the carrying value of assets and liabilities that are not
readily apparent from other sources. The estimates and underlying assumptions are based
on historical experience and other factors that are considered lo be relevant. Actual results
may differ from these estimates.
18

DULWICH PREP LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
1 ACCOUNTING POLICIES {CONTINUEDI
The estimates and underlying assumptions are reviewed on an on90ing basis. Revisions lo
accounting estimates are recognised in the period in which the estimate is revised if the
revision affects only that peri(Id, or in the period of the revision and future periods if the
revision affected current and future periods.
The School's liability for the Non-Te8ching Staff defined benefit pension scheme involves
number of assumptions as disclosed in note 16.
The following accounting policies have been applied consistently in dealing with items which
are considered material in relation to the School's financial slalemenls. In the view of the
Governors, no other assumptions Con￿rning the future or eslimalion uncertainly affecting
assets or liabilities at the balance sheet dale are likely lo result in a material adjustment to
their carrying amounts in the next financial year.
1.4 Income
All income is included in the slalement of financial activities when the School has enlillement
to the funds, receipt is probable and the amount Can be measured with sufficient reliability.
Fees consist of charges for the school year ending August, less bursaries and allowances.
Fees received in advance are deferred and released lo income in the period to which the fees
relate. Grant income is recognised as and when enlillemenl arises, which can be reliably
quantified and benefit is probable.
1.5 Expenditure
Expenditure is accrued as soon as a liability is considered probable, discounted lo present
value for longer-lerm liabilities and has beertr included under expense categories that
aggregate all costs for allocation to activities. Where costs cannot be directly allribuled to
particular activities they have been allocated on a basis consistent with the use of the
resources.
Support costs include all costs relating to the management, administration and running the
functions of the School. Governance costs are those incurred in connection with
administration of the charitable company and compliance with constitutional and slatulory
requirements.
1.6 Tangible flxed assets
Tangible fixed assets are staled al cost less depreciation. Depreciation is provided at rates
calculated to write off the cost of fixed assets, less their estimated residual value, over their
expected useful lives on the following bases. Fixed assets costing more than £500 are
capitalised.
Leasehold improvements
Motor vehicles
Fixtures and fittings
Computer equipment
20/0 reducing balance
25,/0 reducing balance
10010 straight line
25_500/0 slraighl line
19

DULWICH PREP LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
I ACCOUNTING POLICIES {continued}
1.7 Fund accountlng
General Funds are the accumulated surplus on Ihe Schools income and expenditu￿ account
which is available for use at the discretion of the Governors in furtherance of Ihe general
objectives of the charity including supporting the Trust.
1.8 Pension costs
Retirement benefits to employees of the School are provided through two pension schemes.
one defined benef￿1 and one defined contribution and the employerfs pension costs afe
charged in the period in which the salaries they relate lo are payable.
In addrtion the School has a legacy defi'ned benefit scheme "the Dulwich Preparatory Schools
Pension Scheme"
The two schemes are as follows..
(a) The Te8¢hers' Pension Scheme - This scheme is a multi-employer pension scheme.11 is
not possible lo identify the School's share of the underlying assets and liabilities of the
Teachers, Pension Scheme on a consistent and reasonable basis and therefore, as required
by FRS102, accounts for the scheme as if il were a defined contribution scheme. The Trust's
contributions, which are in accordance with the recommendations of the Government
Actuary, are charged in the period in which the salaries to which they relate are payable.
In January 2021 a decision was made to withdraw from this scheme with effect from 1
September 2021.
Ib) The Dulwich Preparatory Schools Trust Non Teaching Staff Group Personal Pension Plan
This is a defined contribution group personal pension plan with Aviva. Employer's pensions
costs are charged in the period in which the salaries to which they relate are payable.
The DU￿leh Preparatory Schools Pension Scheme - This is an occupational defined benefit
scheme for non-teaching staff. The scheme is closed so there are no current service costs,
other than adminislralion expenses which are borne directly by the Schools. The expected
return on the scheme assets less the scheme interest costs are credited within other ￿ntereSt.
The scheme actuarial gains and losses are recognised immediately as other recognised
gains and losses. The defined benefit scheme assets are measured al fair value al the
balance sheet dale. Scheme liabilities are measured on an actuarial basis at the balance
sheet dale using the projected unil method and discounted al a rale equivalent to the current
rate of return on a high quality corporate bond of equivalent term to the scheme liabilities.
The resulting defined benefit asset or liability is presented separately after other net assets
on the face of the balance sheet.
20

DULWICH PREP LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
1 ACCOUNTING POLICIES Icontlnued)
1.9 Operatlng leases
Rentals under operating leases are charged on a straight-line basis over the lease term.
1.10 Financial instruments
Basic financial instruments are initially recogni*d at transaction value and subsequently
measured at amortised cost. Financial assets held al amortised cost comprise cash at bank
and in hand, together with trade and other debtors. A specific provision is made for debts for
which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in
instant access bank accounts and used as working capital. Financial liabilities held al
amortised cost comprise all creditors except social security and other taxes and provisions.
1.11 Taxation
The School is a registered charity No. 1174356 and as such is not liable lo United Kingdom
income tax or Corporation tax on charitable activities.
21

DULWICH PREP LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
2 FEES RECEIVABLE
2020
2019
Fees receivable consist of:
School fees
Less.. total awards and concessions
13,714,413
{465.723
13,248,691
14,890,667
(503.155}
14,387,512
Included within awards and concessions are means-tested bursaries totalling £275,608 which
were paid lo 23 pupils12019'. £324,996 for 27 pupils). During the year, Covid hardship
bursaries tolalling £46,425 were awarded to 23 pupils.
3 OTHER EDUCATIONAL INCOME
2020
2019
Entrance and registration fees
Extra-curricular activities
Courses and sub-lettings
AVP sports activities income
39.950
113,650
85,245
65,389
304,234
31,200
182,302
178,205
188,741
580,448
4 ANCILLARY AND OTHER INCOME
2020
2019
School trips, School shop, and Other in¢ome
255,832
456,265
5 OTHER TRADING ACTIVITIES
2020
2019
Rents receivable
106,417
88,376
22

DULWICH PREP LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
6 ANALYSIS OF EXPENDITURE
Other
costs
staff costs Depreciatlon
(Note 7}
(Note 91
Total
2020
Total
2019
Raising funds
Financing costs
2,300
8,185
10,485
10,244
Total costs of ralsing
funds
Charitable expenditure
Teaching
Welfare
Premises
Support costs
Donations lo parent
entity
Total charitable
expenditure
2,300
8.185
10,485
10,244
7.405.338
98,375
567,181
1,178.566
835,547
856,250
2,235,866
460,449
8,240,885
954,626
2.803,047
1,788,682
8,473,879
1,180,579
2,881,761
1,802,746
129,667
1,150,000
9,249,460
129,667 4,408,112 13.787,239 15,488,965
Total expenditure
9,251.760
129,667 4,416,297 13,797,724 15.499,209
Governance Included In support costs:
2020
2019
Governor costs
Legal & Consultancy fees
Remuneration paid to auditor for audit seNiees
5,684
3,780
15,120
7,566
3,780
14,750
7 STAFF COSTS
2020
2019
The aggregate payroll costs for the year were as follows..
Wages and salaries
Social security costs
Other pension costs
7,202,426
748,483
1,300,852
9,251,760
7,228,266
740,847
922.730
8,891,843
The total employment costs of key management personnel, who are considered to con51sI of the
Headmaster and the Director of Finance18ursar until December 20191 was £277,77612019.'
£318,936) including pension contributions of £27.55212019'. £22,412).
23

DULWICH PREP LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
7 STAFF COSTS {CONTINUED)
2020
2019
Number of higher paid employees in bands of..
£60,001 to £70,000
£70,001 to £80,000
£100,001 to £110,000
£120,001 to £130,000
£150,001 to £160.000
14
The number with reliremenl benefits accruing
in Defined Contribution schemes was
of which the contributions amounted to
in Defined Benefit schemes was
£15,844
15
£0
10
The average number of the School's employees during the year. calculated on headcount, was..
2020
2019
Teaching
Domestic and estates
Adminislrative
118
21
63
202
131
22
57
210
During the year there were redundancy or termination payments which amounted to £36,893
12019 £0) of which £nil was outstanding for payment at the year end.
8 TRUSTEE COSTS AND RELATED PARTY TRANSACTIONS
During the year, no Governors received any remuneration.
During the year one Governor received reimbursement of expenses for travel and subsistence
tolalling £3612019.. one Governor received £1601.
In the year there was £0 paid to any governors1£525 in 2019 paid to L M Davidson, a governor
of the school, for assistance with the assessment of children in Early Years).
In 2019120 the School donated £012019.. £1.1 million) to the Trust. The School also donated
staff time to the Trust totalling £48,61812019'. £63,605} which has been recognised in these
accounts as other costs. The School paid rental income of £1,235,600 (2019.. £1,225.706} for
the use of rts premises. Cash resources for the Group are managed centrally by the Trust and
as a consequence al 31st August 2020 £3,587,42212019'. £3.665,3411 was owed by the Trust.
24

DULWICH PREP LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
9 Tangible Fixed Assets
Leasehold
Furniture
Improve Fixtures and
ment
Equipment
Computer
Hardware
Vehicles
Total
Cost
Al 1 September 2019
Additions
Disposal in the year
At 31 August 2020
89,940
194,240
1.351.822
52,845
644.268
86,770
96.615
2,182.645
333,855
123,218
2,493,282
23,218)
73,397
284,180
1,404.667
731,038
Depreciation
Al 1 September 2019
Charged in year
Disposal in the year
At 31 August 2020
100
996,322
53,892
518,228
68,718
85,807
4,593
23,218)
67,182
1,600,457
129,667
123,218
1,706.906
2,564
1,050,214
586,946
Net book values
At 31 August 2019
At 31 August 2020
89,840
281,616
355,501
354,4S3
126,040
144,092
10,808
6,215
582,189
786.376
10 DEBTORS
2020
2019
Fee debtors
Sundry debtors
Prepayments and accrued income
Amounts due from parent undertaking
31,062
205,281
144,393
3,586,927
3,967,663
31,708
130,730
283,234
3,665,641
4,111,313
11 CREDITORS.. amounts falling due within one year
2020
2019
Trade creditors
Social security and other taxation
Fees in advance
Other creditors
Fee deposits
Accruals and deferred income
230.797
187,170
1,246,151
232,508
1.286.215
78,013
3,260,853
304.599
195,406
1,129,777
226,443
1.191.065
161,967
3,209,257
25

DULWICH PREP LONDON
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
12 FEES IN ADVANCE
2020
2019
Within one to Iwo years
33,765
78,204
Movements in fees in advance
Opening fees in advance
Amount released to income during the year
Amount deferred during the year
78,204
144,439}
78,204
78,204
33,765
13 OPERATING LEASE COMMITMENTS
At 31 August 2020 the Company had future minimum lease payments under non-cancellable
operating leases as follows..
Land and
Bulldings
2020
Other
Land and
Buildings
2019
other
2020
2019
Within 1 year
BebNeen 2 and 5 years
After more than 5 years
1,250,225
4,939,400
33,599,200
164,455
258,196
1.235.600
5.044,775
34,844.050
140,691
310,215
The charge in the year was £1,395,434 {2019'. £1,417,745).
14 SUMMARY OF MOVEMENTS ON MAJOR FUNDS
A11
September
2019
At31
August
2020
Incoming
resources
Resources
expended
Losses
Unre51rieted Funds
1.908,862
14,658,903 113,797,724)
115,3001 2.754,741
15 PENSION SCHEMES
Teachers, Pension Scheme
Dulwich Prep London participates in the Teachers, Pension Scheme ('Ihe TPS'I for their
teaching staff. The pension charge for the year includes contributions payable to the TPS of
£1,201,18412019. £745,932) and at the year-end £132,70912019.' £102,268) was accrued in
respect of contributions lo this scheme.
26

DULWICH PREP LONDON
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED
FOR THE YEAR ENDED 31 AUGUST 2020
15 PENSION SCHEMES {Contlnuedl
Defined benefit scheme
The TPS is an unfunded multi-employer defined benefits pension scheme governed by The
Teachers, Pensions Regulations 2010 (as amended) and The Teachers, Pensiors Scheme
Regulations 2014 las amended). Members contribute on a "pay as you go" basis with
contributions from members and Ihe employer being credited to the Exchequer. Retirement and
other pension benefrts are paid by public funds provided by Parliament.
The employer contribution rate is set by the Secretary of State following scheme valuations
undertaken by the Government Actuary's Department. The most recent actuarial valuation of
the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in
March 2019, confirmed that the employer contribution rate for the TPS would increase from
16.40A lo 23.6 /0 from 1 September 2019. Employer5 are also required lo pay a scheme
administration levy of 0.08 /0 giving a total employer contribution rale of 23.680/0.
The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in
the scheme regulations and under the approach specified in the Directions, as they applied at 5
March 2019. However, the assumptions were considered and set by the Department for
Education prior lo the ruling in the 'M¢CloudlSargeant case,. This case has required the courts
lo consider cases regarding the implementation of the 2015 reforms to Public Service Pensions
including the Teachers, Pensions.
On 27 June 2019 the Supreme Court denied the government permission lo appeal the Court of
Appeal's judgment that transitional provisions introduced to the reformed pension schemes in
2015 gave rise to unlawful age discrimination. The government is respecting the Court's
decision and has said it will engage fully with the Employment Tribunal as well as employer and
member representatives to agree how the discriminations will be remedied. A consultation was
launched by the government on 16 July 2020, and closed to responses on 11 October 2020. As
a result of the consullalion. the government annoUn￿d on 4 February 2021 that il intends to
proceed with a deferred choice underpin, under which members wll be able lo choose either
legacy or reformed scheme benefits in respect of their service during the period between 1 April
2015 and 31 March 2022, at the point they become payable.
The TPS is subject to a cost cap mechanism which was put in place lo protect taxpayers
against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in
2018 announced that there would be a review of this cost cap mechanism, in January 2019
announced a pause lo the cost cap mechanism following the Court of Appeal's ruling in the
Mccloudlsargeant case and until there is ￿rtainlY about the value of pensions to employees
from April 2015 onwards. The pause was lifted in July 2020 and the government is preparing to
complete the Cost control element of the 2016 valuations, which is expected lo be completed in
2021.
27

DULWICH PREP LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2020
16 PENSION SCHEMES {CONTINUED)
In view of the above rulings and decisions the assumptions used in the 31 March 2016
Actuarial Va5uation may become inappropriate. In this scenario, a valuation prepared in
accordance with revised benefits and suitably revised assumptions would yield different results
than those contained in the Actuarial Valuation.
Until the cost cap mechanism review is completed it is not possible to conclude on any
financial impact or future changes to the contribution rates of the TPS. Accordingly no
provision for any additional past benefit pension costs is included in these financial statements.
Defined contrlbution scheme
The pension cost charge in the year in respect of the non-teaching staff defined contribution
scheme was £156,12912019'. £104,689)
Non-teaching deflned benefit scheme
The parenl Trust operated Ihis Scheme (the Dulwich Preparatory Schools Pension Scheme),
which was closed to new entrants from 1 January 2005, both in respect of new members and
accrual for existing members.
On 1 sl September 2017 the Trust transferred the obligations to conlribule to the Scheme to
each of the Schools in proportions determined by the actuary based on the staff who
participated in the scheme. The valuation in these accounts uses that proportion and has been
derived by projecting the results of the last comprehensive actuarial valuation of the Scheme
as al 1 January 2018 and has been prepared by an independent qualified actuary.
Following the lalesl actuarial valuation a revised Schedule of Contributions was agreed
between the Trust, the Schools and the Scheme Trustees wilh the aim of eliminating the deficit
over a period of 10 years from 1 January 2018. Under this Schedule of Contributions the
School expects to ¢onlribule £33.663 to the Scheme in 2021122 {£33,663 2020121}.
The amounts recognised In the balance sheet are as
follows
2020
2019
Present value of funded obligations
Fair value of scheme assets
Net {Liabililyl
{670.6001 (663.500}
549.500
526.300
{121.1001 (137,2001
28

DULWICH PREP LONDON
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE PERIOD ENDED 31 AUGUST 2020
15 PENSION SCHEMES {CONTINUED)
bl Changes in the present value of the deflned beneflt
obligation
2020
2019
Opening defined benefit obligation
Interest cost
Actuarial losses
Benefits paid
Closing defined benefit obligation
663,500
11,700
8,900
{13,5001
670,600
543.900
13,800
109,500
13,7001
663,500
¢1 Changes in the fair value of the scheme assets
2020
2019
Opening fair value of scheme assets
Interest income
Return Ilowerllgreater than the discount rate
Contributions by employer
Benefits paid
Closing fair value of scheme assets
526,300
9,400
16,4001
33,700
113,500)
549.500
470,200
12,400
11,900
35,500
{3,700
526,300
d) The amounts included wlthin the Statement of Financial
Activities
2020
2019
Interest on obligation
Interest income
Total amount charged to the Slalement of Financial Activities
11,700
19.400}
2,300
13,800
{12,400)
1,400
Net actuarial {lossesl recognised in the year
(15.300)
{97,6001
e) Prtncipal actuarlal assumptions at the balance sheet date
2020
2019
Financial Assumptions
Discount rale
RPI inflation assumption
Rale of increase of pensions in payment
Rate of increase of pensions in deferment
1.6/0
3.010
2.2¥9
2.2¥.
3.2010
Assumed life expectancy in years al age 65..
Non Pensioners
Females
Males
Pensioners
Females
Males
25.4
23.4
25.4
23.4
23.9
21.9
23.9
21.9
29