Company No. 10814894
Regislered in England
Charily No. 1174356
DULWICH PREP LONDON
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021

DULWICH PREP LONDON
ANNUAL REPORT OF THE GOVERNORS
YEAR ENDED 31 AUGUST 2021
The Governors present their annual rewl tcxJether with the audited financial statements of
Dulwich Prep London {'the School I for the year ended 31 August 2021.
The Governors confirm that the annual report and financial statements of the School comply with
the current statutory requirements, the requirements of the School's governing documenl and the
provisions of the Statement of Recommended Practice ISORP) "Accounting and Reporting by
Charities" (Charities SORP FRS102}.
status and admlnlstration
The School is a company limited by guarantee {Company Number 10814894) and is registered
with the Charity Commission under Charity Number 1174356. The School, together with Dulwich
Prep Cranbrook, is a subsidiary of Dulwich Preparatory Schools Trust I'the Trust"), which is also
a company limited by guarantee and a registered charity, from which the School leases its
property.
Govemors. responslbilities
The Governors {who are also directors 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 A¢￿pted Accounting Practice). Company law requires the Governors 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 incoming resources and application of resources,
including the income and expenditure, of the School for that period. In preparing these financial
statements, the Governors are required to..
select suitable accounting policies and then apply them consistently.,
obseNe 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 lo any
material departures disclosed and explained in the financial slalements..
prepare the financial slalements on a going concern basis unless it is inappropriaté lo
assume that 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 Iransactions and disclose with reasonable accuracy al any time
the financial position of the School and enable them to ensure that the financial statements
compSy 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 dete¢tion of fraud and
other irregularib'es.
Each of the persons who is a Governor at the time when this Governors, report is approv6d has
confirmed thal..
so far as each Governor is aware, there is no relevant audbt information of which the
School's auditor is unaware., and
each Governor has taken all the sleps that ought to have been taken as a Governor in
order lo be aware of any relevant audit information and to 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 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
The School was crealed as an independent charity governed by its Articles of Association with
effect from 111 September 2017. The Articles reflect the Companies Act 2006 and the Charrties
Act 2011 and were approved by Ihe Charity Commission and passed by written resolution on
161h June 2017. Prior to that date the School was part of the Trust. Al the School's inception,
the Trust donated to the School under a Transfer of Undertakings Agreement dated 161
September 2017 the assets and undertakings necessary to fulfil ils objecls. The School is
SUPPOrted in the provision of education by the Trust from which the School leases its facilities.
The Trust. Dulwich Prep London and Dulwich Prep Cranbrook make up the Group l.the Group").
Governing Body
The Governors are the trustees of the School under charity law and the directors of the School
under company law. All Governors are "members" of the Trust and the School's Chairman and
one other Governor also setve as Trustees of the Trust.
The members of the Governing Body who served in Offi￿ as Govemors during the year and
subsequenlly are detailed below..
C C Randell
Retired 31 August 2021
Chairman {from 1 September 2020)
E K Kelleher
T {from 1 September 20201
L P H Carling
AFCrow
L M Davidson
DrHCADeasy
J R Elzinga
H Humphreys
Dr A Lall
Appointed on 9 June 2021
M S Shale
Vice Chairman
JDHSteel
Trustee of the Trust
Trustee of the Trust Pension Scheme
Member of the Trust Finance Committee
Key Management Personnel
Head Master..
Bursar & Clerk to the Govemors..
L A Davidson, BA {Hons), PGCE
C A Skillings, ACA, LLB IHons}

DULWICH PREP LONDON
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
Professlonal Advisers
Bankers.. Natwest Bank plc, 120-122 Fenchurch Street. London EC3M 5BA
Solicitors.. Farrer & Co LLP, 66 Lincoln's Inn Fields, London WC2A 3LH
Stone King, Boundary House, 91 Charterhouse Street. London, EC1M 6HR
Auditors.. Crowe U.K. LLP. 55 Ludgale Hill, London EC4M 7JW
Management structure
The Governing Body meets a minimum of three limes a year and. since 1 September 2020, at
least twice every term. Sub-committees for specific purposes are established as and when
needed. The Head Master and Bursarlclerk to the Governors attend the Governing Body
meetings and any sub-committees as required. The day-to-day management of the School is
delegated to the Head Master and Burs8rlClerk to the Governors who collectively comprise the
key management personnel and are supported by the School's Senior Leadership Team. The
Head Master has overall responsibility for the appointment and supervision of all staff, bul
delegates this function to the Bursar and HR Director for non-academic staff.
Remuneralion is set by the Governing Body with the policy objective of providing appropriate
in￿ntiveS to encourage enhanced performance and of rewarding fairly and responsibly
individual contributions lo 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. During 2021 there has been an external review of pay
and benefits for all staff. The School aims to recruit. subject to experience, at the lower to
medium point within a band, providing scope for rewarding excellence. Delivery of the School's
charitable vision and purpose is primarily dependent on the senior leadership. Staff costs are
the largest single element of the charitable expenditure.
Goveming Body Re¢ruitment & Training
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 lefm of four years, bul may offer themselves for re-election for a second term
of four years and then a final term of two years, making len years in lolal. 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 to the Governors. The Clerk to the Governors also
notifies members of the Governing Body of relevant external Iruslee training and information
ourses and seminars designed to keep them informed and updated on current issues in the
sector and regulalory requirements.
Charity Code of Governance
The School's Board takes its governance responsibilities seriously and aims lo 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 its Governors are clear about their roles and
legal responsibilities, are committed to supporting the School in delivering its objects most

DULWICH PREP LONDON
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
effectively for the benefit of its beneficiaries and to contributing to the School's continued
improvement.
The Charity Governan￿ Code has seven principles.. Organisational Purpose. Leadership,
Integrily, Decision making. risk and control, Board effecliveness, Diversity and Openness and
accountability. Complying with the Code is not a legal or regulatory requirement and the Code
describes ils aims as'deliberately aspirational,. The Board of Governors meets a very significant
proportion of the recommended and best practice for governance contained within the Charity
Governan￿ Code across the seven areas.
Employment pollcy
The School is an equal opportunities employer. Full and fair consideration is given to job
applications from persons with disabilities and due consideration is given lo their training and
employment needs. Consu51ation with employees, or their representatives, has continued at all
levels wilh 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 Ihe 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 conlribulion to the local community.
Communication with employees ¢onlinues through normal management channels in a variety
of forms 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 of the Companies Act 2006.
Prlncipal actlvity and objects of the School
The objects of the charitable company are the advancement of education of children in the
United Kingdom and elsewhere forthe public benefit principally through the operation of Dulwich
Prep London and support of the Trust.
The Governing Body is mindful of the long-standing need to provide public benefit and of the
requirements of the Charities Act 2011. In this connection the Governing Body has monrtored
closely the guidance on public benefit produced by the Charity Commission. together with ils
supplemental guidance on advancing education and on fee-charging.
Aim
The Governors, aim is that pupils should have every opportunrty lo fulfil their potential
academic, artistic, dramatic, musical, sporting, social and moral by providing a rich and
dynamic curriculum, inspirational teaching, opportunities lo build their self-confidence and
support for their emotional, physical and intellectual needs. The School inculcates a desire lo
conlribute to the wider community and provides the pupils with a launch pad for the
opportunities, responsibilities and experience of later life. The School supports this by using its
values as a basis around which the curriculum and pastoral care are developed.

DULWICH PREP LONDON
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
Prlmary obje¢tlves
The School seeks to achieve ils aim through the following primary objectives..
To welcome pupils and staff from all backgrounds.. economic status. elhnicity, race,
religion or disability do not form 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 importan
on pastoral care, fostering a sense of community and good citizenship.
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 set the fees al a level lo ensure the fi'nancial viability of the School and at a level thal
is consistenl with the aim of providing a first class education to boys and girls.
To provide financial support lo enable children whose parents would not othetwise 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 achieve the prlmary oblectives
The School's Strategic Development Plan (the "Plan l is updated and reviewed annually with
input from the Governing Body.
The Plan defines investment initiatives and major projects in pursuit of the PTimary objectives.
During 2021 the main developments were: li} the Pre-Prep extension, which provided ￿0
additional classrooms., and liil surrender of the lease of Brightlands, which was used as a wrap
around care facility, and establishment of a wrap around care facility at the main school sile.
Public benefit
The School remains committed to the aim of providing public benefit in accordan￿ with ils
founding principles.
The School actively supports the attainment of the highest standards of education through
rigorous and continuous evaluation of quality and performance, the application of best practice
and a widespread desire to improve standards. We co-operate with local schools and
educational bodies in ongoing endeavours lo widen public access lo the schooling provided, lo
optimise the use of the cultural and sporting facilities and to awaken in the pupils an awareness
of the social context 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
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-lested bursaries lotalling approximately £286,856 to 21
pupils (2020.. £275,608 to 23 pupils), including 15 for 700/0 or more of full fees. The School
continue5 to refine means-lesting through a rigorous and detailed PrO￿$S which includes a
home visit. During the year the School awarded hardship bursaries of approximately £65,990
(2020.. £46,425} in total to families who were affected by COVID-19.

DULWICH PREP LONDON
ANNUAL REPORT OF THE GOVERNORS {CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
Sharin
our 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.
During this year there has been limited possibilities of having our regular French and Italian
language and cultural schools on Saturdays but we are delighted to see them returning in the
academic year 2021122.
The School is currently involved in several initiatives, including support of a primary school,
Paxton Green School. part of the Gypsy Hill Federalion, 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 ils catering
provider Thomas Franks to support Social Kitchen, which provided lunches to vulnerable
children around London.
Charitable fundraisin
Pupil fundraising for charrtable causes is encouraged and is strongly underlined by the School's
values. During 2020121 the traditional methods of fundraising were curtailed due to COVID-19
but the boys did, along with the Friends of Oulwich Prep London Ilhe "Friends") and staff." (i)
wrap individual gift parcels for elderly neighbours and deliver them {as an alternative to the
Harvest festival and the Christmas Party),. and {ii) set up an online Advent Calendar to show the
boys
achievements
and
to
encourage
Christmas
fundraising push
Ihllp.'Ilww.dpladvent.onlinel. The School also ran clothes collections to help raise funds and
donale in kind for the Aegis Trust and the Soulhwark Day Centre for Asylum seekers.
The Friends raised funds through two second hand unrform Sales and donated funds to the
School for the bursary fund and different areas of the School. The School is very grateful to the
Friends for all that they do.
The School does not eroage with any external third party fundraisers. There have been no
complaints in the period regarding inappropriate or intrusive contact in relalion to fundraising
activities.
Pensions
Following an increase in the employers, contribution lo the Teacher5, Pension Scheme I'TPS'I
in September 2019, the Governors commenced consultation with employee representatives on
potential withdrawal from the TPS and joining of the Aviva Pension Trust for Independent
Schools in April 2020. The consullation was concluded in January 2021 and the decision was
made to leave the TPS with effecl from 1 September 2021.
Changes to fa¢illties
In September 2020 the Trust signed agreements for 50 year lease extensions until 2081 for the
school sites at 3842 Alleyn Park, Grange Lane and the Early Years with the Du￿Vich Estate.

DULWICH PREP LONDON
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
Part of the agreement was that the Trusl would hand back Brightlands to the Dulwich Estate.
As a condition of the surrender of Brightlands and the grant of the new leases, the Trust carried
out substantial work to build a new entrance into the Early Years car park, which completed
towards the end of January 2021 and the new leases between the Dulwich Estate and the Trust
were signed on 16Vb February 2021.
Safe
uardln
The School has its own designated Safeguarding Governor and there is regular communication
between this Governor and the School's Designated Safeguarding Lead l 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 are required to scrutinise and
approve the School's Safeguarding Policy annually.
Whilst the Governors are respectful of the boundary between governance and management.
they normally exercise appropriate oversight of safeguarding and are deliberately more visible
to staff and parents, by attending many school events and getting to know not just the Head
Master and Senior Leadership Team. bul staff in all areas of the School. The Safeguarding
Governor met regularly with the Designated Safeguarding Lead. During the academic year
2020121 school activities have been very limited and access to the site has been restricted due
to the pandemic with a reduction in school events and opportunities for the Governors lo attend
them. The academic year 2021122 has seen a reversion to previous activity. In the national
lockdowns the school was closed to all except keyworker Children and safeguarding meetirvJs
between the safeguarding governor and the DSL took place remotely twice a term during this
period.
As well as modelling a culture of greater openness. Govemors have in recent years priorilised
changes 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 the Safeguarding (Child Protection) Policy. the
Behaviour. Rewards and Sanctions Policy and the Anti-bullying Policy, adding appendices lo
reflect the remote teaching and learning provision. Online safety, 1..1 tuition and live streaming
all required consideration and revision to protect slaff and pupils. Staff were trained to be vigilant
through online lessons. Monitoring absence, attendance and engagement was imperative for
pupil safety and wellbeing. Key worker pupils were monitored by those staff on site taking into
consideration hours attending, parent job anxiety, general health and wellbeing.
Emotional well-bein
arKI mental health
The School places great importance on the quality of its pastoral support and now has a full-
time counsellor on sile. The Counsellor provides child mental health awareness lo parents and
staff. The School has developed a well-being suite lo provide a calm and relaxing space for the
children to visit. The Counsellor runs 1..1 sessions with a few pupils as the need is identified.
The School has trained a number of staff as mental health first aiders to support both the pupils
and their colleagues. There is wide reaching pastoral support led by the Senior Deputy Head,
Sarah Brownsdon.

DULWICH PREP LONDON
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
ACHIEVEMENTS AND PERFORMANCE
In 2021, 81 Year 8 boys went on to 25 different senior schools (2020.. 92 and 221.. all destinations
can be seen on the School web511e. A further 22 boys left at the end of Year 6 going to 19
different schools. The Year 5 10 8 leavers of 2021 received a total offer of 75 (2020.. 851
scholarships and awards. The School has always considered the Importan￿ of a broad
education alongside academic achievement and over half of the awards offered by these senior
schools were for art, design and technology. music or sport.
The Independent Schools Inspectorate I'ISI") visited in October 2018 to conduct a Focused
Compliance and Educational Quality Inspection on the School. All eight standards required
under Ihe compliance section were met., in respect of the educational qualily element of the
Inspection, the School achieved the highest grade.. 'Excellent'.
The School opened in September 2020 with a detailed risk assessment for COVID-19. The
pupils were taught up to Year 5 in classroom bubbles and Year 6 to 8 were laught in year group
bubbles. Throughout the year the set up was varied depending on government guidance. In
January 2021 the School prepared for COVID-19 testing of the Year 7 and 8s. The School
closed except to key worker children in January 2021 and the whole school moved to the online
learning platforms where lessons were delivered through a mixture of formats including live
lessons, pre-recorded messages and pre-set work with teachers commenting as work was
submitted. During this lime a number of staff, mainly support, were furloughed. The School re-
opened in early March and COVID-19 lesling for the Year 7 and 8s was carried out.
Internal sport at the School was very energetic, the pupils competed against each olher where
they could and sports days went ahead for all year groups. However. there were no external
matches during the year due lo the restrictions in place. During the Spring Term sport was
hindered by the pandemic, but live Zoom keep fit 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 are designed to help lo improve mental strength and wellbeing.
Drama performances were done and recorded for parents. They showed a fantastic range of
skills, including the Pre-Prep children using sign language instead of singing in their Harvesl
festival. There were also a range of performances including the Year 4 doing "A Chadie Brown
Christmas" and the Year 8 drama projects.
Music remains very strong al the School. Throughout the periods of home schooling, class
music continued using Music Technology projects and most boys were able to continue
instrumental lessons via Zoom. In those periods where bubbled schooling was allowed, we
managed a virtual Christmas Concert, involving bubbled groups and orchestras, a somewhat
premature End of Ifirsll Lockdown Concert and there were virtual pupils, concerts recorded in
school for each year group for Years 5- 8. The Lower School had an end of year voluntary
concert where virtual submissions were made from home. The Abrahams Piano Competition
took place with Classes 1 & 2 submissions coming from home and Class 3 participants being
recorded in School. The competition was adjudicated remotely by the Head of Keyboard
studies at Dulwich College and then the recordings were released as concerts. In the Summer
term we used the outdoor stage for some live music including a Pre Prep Strings
Concert. Doorstep musicians from Years 3 - 8 offered a morning instrumental greeting on the
steps at the front of school on most mornings when the School was open. Two sessions of face
to face ABRSM and Trinity College music exams were able lo take place with a near 100 % pass
rate and a high percentage of merit and distinction passes.

DULWICH PREP LONDON
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
The Year 8 boys were able to do their residential trips at the end of the Summer Temi. The
olher year groups took part in Challenge days where they worked as teams and these Wofked
very well.
FINANCIAL REVIEW
The income forthe yearwas£14,358.01912020'. £14,658.903) and expenditure of£13,864,041
(2020: £13,797,724). The net book value of fixed assets amounted to £976,816 {2020.'
£786,376). Income and expenditure in the year were lower as a result of the pandemic. The
Governors agreed to reduce fees for the Spring term by £465 per pupil for pupils in Reception
and above (Nursery year group was not required to close). There was a further reduction in the
Summer term of £95 for all pupils in Reception and above and also a reduction in fees for pupils
in years 4 to 7 to reflect the changes to the school residential trips.
In addition to the income it receives in respect of school fees the School seeks lo enhance ils
income through letting its facilities and through rents received for residential property. Besides
casual lellings of sports facilities, classrooms and halls, the School also operates a holiday
activity club, AVP, which provides a wide variety of holiday activities for children between the
ages of 4 and 11. During 2020121 there were significant restrictions on what the School could
offer to hire and run with a consequential drop in income.
Reserves
The Governors aim to maintain a positive level of overall reserves and for the unrestricled
reserves, excluding the pension rese￿e, to be maintained al the approximate level of at least
one month's expenditure lo meet the day lo day running costs of the School and the costs
associated with the maintenance of the fabric of its buildings. This will allow the School to ensure
sufficient IiqLJidily for normal operations.
Funds held by the School at the year-end totalled £3,419,01912020: £2,875.8411. At the year
end funds were sufficient lo Cover two months, expenditure of the day to day running costs of
the School. Followng the end of the academic year the School operates an ongoing policy of
donating any excess surplus to the Trust lo permit capital expenditure in support of the Trust'5
schools.
The Governors have considered the reserves policy in light of Ihe COVID-19 pandemic and
have concluded that no adjuslmenls to Ihe policy need lo be made.
Having assessed the School's financial position, ils plans for the foreseeable future, the fisks lo
which il is exposed and the support available from the parent Trust. the Governors are satisfied
that it is appropriate to prepare the statements on a going concern basis.
Post balance sheet events
In November 2021, following the extension of the leases between the Dulwich Estate and the
Trust in February 2021, new leases were entered into between Dulwich Prep London and
Dulwich Preparatory Schools Trust. This included the surrender of the lease for the Belws
Building and Sports Hall dated 1st Seplember 2017 due lo expire in 2067 and the grant of a new
lease, so that all leases held by the School will expire in 2081. The new leases took into account
the building works that had been carried out on the Lower School (¢irca £14ml and the Pre-
Prep I£0.5ml which were completed in August 2021.

DULWICH PREP LONDON
ANNUAL REPORT OF THE GOVERNORS {CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
PRINCIPAL RISKS AND UNCERTAINTIES
The Governors consider lil the current economic and political turbulence, especially that arising
from the COVID-19 crisis, {ii) the affordability of fees for parents and (iiil senior school entrance
procedures across the independent sector to be the principal risks faced by Ihe School. Pupil
numbers were marginally lower in 2020121 than 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 September 2021 by 4.0%. Fees had been frozen for the year beginning
September 2020.
Health and Safely is always a significant area for risk management. The risks range from
pandemic. fire and infrastructure to personal risks Imost notably when away from the campus
on trips and expeditions). The Sevel and breadth of activity at the School is impressive and the
risks associated with all activities are minimised by thorough planning and risk assessment.
Detailed consideration of risk is undertaken forthe School by the Governors, in conjundion with
the Head Master, Bursar and Senior Leadership Team. A risk register is maintained. reviewed
temily by the Govemors 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 terrorist activity in London is being kept
under close review.
The generic controls used by the School lo minimise risk include:
detailed tems of referen￿ together with formal agendas for Board activity.,
strategic development planning, reviewed annually by the Board,.
comprehensive budgeting and management accounting-,
established organisalional structures and lines of reporting.,
formal written policies including clear aulhorisalion and approval levels; and
velting procedures as required by law for the protection of the vulnerable.
The Governors regularly review the effectiveness of Gurrent 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 Strategic Report contained therein, and signed
on its behalf by..
Mrs
Kelleher
Chairman
Lc>
10

DULWICH PREP LONDON
INDEPENDENT AUDITORS REPORT
FOR THE YEAR ENDED 31 AUGUST 2021
Independent Auditor's Report to the Members of Dulwich Prep London
Oplnion
We have audited the financial slalemenls of Dulwich Prep London, the 'charilable company, for
the year ended 31 August 2021 which comprise the Statement of Financial Activrties, the
Balance Sheet, the Slalement of Cash Flows and notes to the financial statements, including
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 AC￿pted Accounting Practice).
In our opinion the financial statements..
give a true and fair view of the stale of the charitable Company's affairs as at 31 August 2021
and of its income and expenditure, for the year then ended..
have been properly prepa￿d in accordance with United Kingdom Generally AC￿pted
Accounling Practice., and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinlon
We conducted our audit in accordance with International Standards on Auditing IUK) (ISAS
{UKII and applicable law. Our responsibilities under those standards a￿ further described in
the Auditor's responsibilities for the audit of the fi'nancial statements section of our report. We
are independent of the charitable company 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 approprlate to provide
basis for our opinion.
Conclusions relating to going concern
In auditing the financial statemenls, we have concluded that the trustee's 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
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 trustees with respect to going concern are
described in the relevant sections of this report.
Other Information
The trustees are responsib16 for the other information contained within the annual report. The
other information comprises the information included in the annual report, other than the
financial slalements and our auditor's report thereon. Our opinion on the financial statements
does not cover the other information and, except lo the extenl othe￿iSe explicitly stated in our
report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other infomiation and, in doing so, consider whether the other
11

DULWICH PREP LONDON
INDEPENDENT AUDITORS REPORT
FOR THE YEAR ENDED 31 AUGUST 2021
information is materially inconsistent with the financial statements or our knowledge obtained in
the audit or olhenmise appears lo be materially misstated. If we identify such material
inconsistencies or apparent material misslatemenls, we are required lo determine whether this
gives rise to a material misstatement in the financial statements themselves. 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.
Oplnlons on other matters prescribed by the Companies 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 directors, report and Ihe
strategic report prepared for Ihe purposes of company law, for the financial year for which
the financial slalemenls are prepared is consistent with the financial statemenls,. and
the strategic report and the directors, report included within the trustees, report have been
prepared in accordance with applicable legal requirements.
Matters on whi¢h we are required to report by exceptlon
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 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=
adequate and proper 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 trustees
As explained more fully in the trustees, responsibilities statement sel out on page 4, the trustees
(who are also the directors of the charitable company for the purposes of company lawl 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 trustees determine is necessary lo
enable the preparation of financial statements that are free from material misstatement. whether
due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charrtable
company s ability to continue as a going conceni, disclosing, a5 applicable. matters related to
going concern and using the going concern basis of accounting unless the trustees either intend
to liquidate the charitable company or to cease operations, or have no realistic allernalive but
to do so.
Auditor's responsibilities for the audit of the flnancial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misslatemenl. whether due to fraud or error, and to issue an
12

DULWICH PREP LONDON
INDEPENDENT AUDITORS REPORT
FOR THE YEAR ENDED 31 AUGUST 2021
auditor's report that includes our opinion. Reasonable assurance is a high level of assurance,
bul is not a guarantee that an audit conducted in accordance with ISAS (UK} will always detect
a material misstatement when it exist5. 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 finan¢i31 statements.
Details of the extent to which the audit was considered capable of detecting irregularities,
including fraud and non-compliance with laws and regulations are set out below.
A further description of our responsibilities for the audit of the financial statements is located on
the Financial Reporting Council's website al". ww.frc.or
.uklaudrtorsres
onsibilities. This
description fomis part of our auditor's report.
Extenl to which the audlt was considered Capable of detectlng Irregularitios. Including
fraud
Irregularities, including fraud, are inslances of non-compliance with laws and regulations. We
identified and assessed the risks of material misslatement of the financial statements from
irregularities, whether due to fraud or error, and discussed these between our audit team
members. We then designed and performed audit procedures responsive to those risks,
including obtaining audit evidence sufficient and appropriats to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the
charitable company operates, focusing on those laws and regulations that have a direct effect
on the determination of material amounts and disclosures in the financial statements. The laws
and regulations we considered in this context were the Companies Act 2006, the Charities Act
2011, taxation legislation, together with the Charities SORP (FRS 1021. We assessed the
required compliance with these laws and regulations as part of our audrt procedures on the
related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have a direct
effect on the financial slalemenls but compliance with which mighl be fundamental to the
charitable company's ability lo operate or lo avoid a material penalty. We also considered the
opportunities and incentives that may exist within the charitable company for fraud. The laws
and regulations we considered in this context for the UK operations were The Education
(Independent School Standards} Regulations 2014, Data Protection Regulation (GDPRI, Health
and safely legislation and employment legislation.
Auditing standards limit the required audit procedures lo idenlrfy non-compliance with these
laws and regulations to enquiry of the Trustees and other management and inspection of
regulatory and legal correspondence, rf any.
We identified the greatest risk of material impact on the financial statements from irregularities,
including fraud, to be within the override of controls by managemerll. Our audit procedures to
respond to these risks included enquiries of management and the Audit Committee about their
own identification and assessment of the risks of irre9ularities, sample testing on the posting of
journals, reviewing accounting eslimales for biases, reviewing any regulatory correspondence
with the Charity Commission, Independent Schools Inspe¢lorate, Otsled and reading minutes
of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have
detected some material misstatements in the financial slalements, even though we have
properly planned and performed our audit in accordance with auditing standards. For example,
the further removed non-compliance with laws and regulations lirregularitiesl is from the events
and transactions reflected in the financial statements, the less likely the inherently limited
13

DULWICH PREP LONDON
INDEPENDENT AUDITORS REPORT
FOR THE YEAR ENDED 31 AUGUST 2021
procedures required by auditing standards would identify it. In addition. as with any audit. there
remained a higher risk of non4eleclion of irregularities, as these may involve collusion, forgery,
intentional omissions, misrepresenlalions, or the override of internal controls. We are not
responsible for preventing non-compliance and cannot be expected to detect non-complian
with all laws and regulations.
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 ofthe Companies Act 2006. Our audit worf( has been undertaken so thal
we might slate to Ihe charitable company's members those matters we are required to slate to
them in an auditor's report and for no other purpose. To the fullest exlenl 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 Allison
Senior Statutory Auditor
For and on behalf of
Crowe U.K. LLP
Statutory Auditor
London
Date 26 May 2022
14

DULWICH PREP LONDON
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 AUGUST 2021
{Incorporating an income and expenditure account)
Total
2021
Totsl
2020
Notes
Income from:
Charitable actlvltles:
School fees receivable
Other educational income
Ancillary income
other trading activlties
Non-ancillary trading income
Investments
Bank and other interest
Voluntary sources
Donations and legacies
Job retention scheme grant
13,601,078
323,597
72,894
13,248,691
304,234
255.832
85,851
106,417
301
5,048
19,582
254.716
18,912
719,769
Total income
14,358,019
14,658.903
Expenditure on:
Raising funds
Financing costs
91,306
(10,485)
Total costs of raising funds
91,306
(10,485)
Charitable actlvltles
Education
13,772,735
{13,787,239)
Total expenditure
13,864,041
13,797,724
Net income
493,978
861,179
Pension scheme actuarial gainl{loss)
15
46,000
15,300
Net movemenl In funds for the year
539,978
845,879
Fund balances brought forward at 1 September 2020
2,754,741
1,908,862
Fund balances carried forward at 31 August 2021
3,294,719
2,754,741
The notes on pages 18 to 30 form part of these flnancial statements
14

DULWICH PREP LONDON
BALANCE SHEET
AS AT 31 AUGUST 2021
Notes
2021
2020
FIXED ASSETS
Tangible assets
976,816
786,376
CURRENT ASSETS
Debtors
Cash at bank and in hand
10 3,722,674
2,344,870
6,067,544
3,967,663
1,416,420
5,384,083
CREDITORS: Amounts falllng
due within one year
11 (3,606,681)
{3,260,853)
NET CURRENT ASSETS
2,460,863
2,123,230
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS.. amounls falling due
after more than 1 year
3,437,679
2,909,606
12
{18,6601
{33,765)
NET ASSETS EXCLUDING
PENSION SCHEME LIABIUTY
3,419,019
2,875,841
Dèfined benefit pension scheme
15
124,300
121,100
NET ASSETS INCLUDING
PENSION SCHEME LIABILITY
2,754.741
3,294,719
CHARITY FUNDS
Unrestricted funds excluding
P8nsion r8seNe
Pension reserve
14
3,419,019
124,300
3,294,719
2,875,841
15
121,100
2,754.741
TOTAL FUNDS
The financial statements were approved by the Governots on
beh
, by".
Qolzand signed on their
rsK
elleh
Mrlll S Shale
nofBoa
Vice Chairman of Board
The notes on pages 18 to 30 form part of these financial statements
Company Number.. 10814894
15

DULWICH PREP LONDON
STATEMENT OF CASH FLOW
FOR THE YEAR ENDED 31 AUGUST 2021
Note
2021
2020
Net cash inflow from operatlons
Net cash provided by operating activities
1,240,730
1,105,206
Cash flows from Investing activitles:
Additions to fixed assets
Investment income and bank interest received
(312,581)
301
1333,855)
5,048
Net cash (used inl investlng activltles
1312,280)
1328,807}
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of period
928,450
776,399
1,416.420
640,021
Cash and Cash equivalents at the end of
the reporting period
2,344,870
1.416,420
The notes on pages 18 to 30 form part of these financial statements
16

DULWICH PREP LONDON
STATEMENT OF CASH FLOW
FOR THE YEAR ENDED 31 AUGUST 2021
2021
2020
11} Reconcillatlon of net Income to net
Cash flow from operating activities
Net incoming resources
Elimination of non-operating cash
flows..
493.978
861,179
Depreciation and amortisation charges
Investment income and bank interest
received
Decrease in debtors
(Decrease)Ilncrease in creditors
{excluding fees in advance scheme and
deposit)
Increase in fees in advance Scheme
creditors
Increase in parents, deposits
Differen￿ be￿een pension
Contributions paid and charges made
122,141
129,667
{301)
(5,0481
244.989
143.650
139,646
72,877
1159.9271
71,935
118,21XI
49,200
95,150
31,4001
746,752
244.027
Net cash inflow from operations
1,240,730
1,105,206
2021
2020
lil) Analysis of ¢ash and cash equivalents
Cash at bank and in hand
2,344.870
1,416,420
17

DULWICH PREP LONDON
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
1 ACCOUNTING POLICIES
1.1 Basis of preparation
The financial statements 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 charrties preparing their accounts
in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of
Ireland (FRS 1021. The accounts are drawn up on the hislorical cost basis of accounting.
The School is a Public Benef1t Enlily registered as a charity in England and Wales (charity
number". 1174356 and a company limited by guarantee, {company number.. 10814894}. Its
registered office is 42 Alleyn Park. Dulwich, London SE217AA. The charitable company
started trading on 1 September 2017.
The ultimate parent company and controlling paty of Dulwich Prep London is Dulwich
Preparatory Schools Trust ("the Trust"). a charitable company incorporated in the United
Kingdom (company number: 005799231. The accounts of the School have been Consolidated
into the ultimate parent enlily s financial stalemenls. Copies of these financial slalements can
be oblained from the registered office. 42 Alleyn Park, Dulwich, London SE217AA. Control is
exercised by the parenl company by virtue of board representation.
The principal activity of the Trust is the operation of preparatory schools at Dulwich London
and at Cranbrook Kent. The objects of the Trust are the advan￿ment of education primarily
by the provision and conduct of schools in Du￿1Ch 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 Golng 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 that the School has adequate resources to continue rts activities for the
foreseeable future and consider that there were no material uncertainties over the Schools's
financial viability. Accordingly. they conlinL¢e to adopt the going con￿rn basis in preparing the
financial statements.
1.3 Critlcal accountlng judgements and key sources of estlmatlon uncertalnty
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 Sour￿$. The estimates and underlying assumptions are based
on historical experience and other factors that are considered to be relevant. Actual resums
may differ from these estimates.
18

DULWICH PREP LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
1 ACCOUNTING POLICIES (CONTINUED)
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting eslimales are recognised in the period in which the estimate is revised if the
revision affects only that period, or in the period of the revision and future periods if the
revision affected current and future periods.
The School's liability for the Non-Teaching Staff defined benefrt pension scheme involves
number of assumptions as disclosed in note 16.
The following accounting policies have been applied consistently in dealing with items which
a￿ considered material in relation to the School's financial statements. In the view of the
Governors, no other assumptions Con￿rning the future or estimation uncertainty affecting
assets or liabilities al the balan￿ sheet date are likely to result in a material adjustment to
their carrying amounts in the next financial year.
1.4 Income
All income is included in the slalemenl of financial activities when the School has entitlemenl
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 bursarie$ and allowances.
Fees re￿iVed in advance are deferred and released to income in the period to which the fees
relate. Grant income is recognised as and when entitlement arises, when it can be reliably
quantified and benefit is probable.
1.5 Expenditure
Expenditure is accrued as soon as a liability is considered probable, discounted to present
value for longer-term liabilities, and has been included under expense categories that
aggregate all costs for allocation to activities. Where costs cannot be directly attributed to
particular activities they have been allocated on a basis consistent with the use of the
resources.
Support costs include all costs relating to management. administration and running the
functions of the School. Governance costs are those incurred in connection with
administration of the charitable company and Complian￿ with constitutional and slalutory
requiremenls.
1.6 Tangible fixed assets
Fixed assels costing more than £500 are capftalised. Tangible fixed assets are stated at cost
less deprecialion. 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.
Leasehold improvements
Motor vehicles
Fixtures and fittings
Computer equipment
2Q/D reducing balance
25Vo reducing balance
1 OVO Straight line
25-50'10 Straight line
19

DULWICH PREP LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
1 ACCOUNTING POLICIES (continued}
1.7 Fund a¢¢ounting
General Funds are the accumulated surplus on the School's income and expenditure account
which is available for use al the discretion of the Governors in furtherance of the general
objectives of the charily including supporting the Trust.
1.8 Pension costs
Retirement benefits to employees of the School were provided in the year through two
pension schemes, one defined benefit and one defined contribution and the employer's
pension costs are charged in the period in which the salaries they relate to are payable.
In addition Ihe School has a legacy defined benefit scheme "the Dulwich Preparatory Schools
Pension Scheme"
The two schemes are as follows..
lal The Teachers, Pension Scheme- This scheme is a multi-employer pension scheme. It is
not possible to 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, the School accounts for the scheme as if it were a defined contribution scheme.
The Trust's conlribulions, 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 Ihe School decided to withdraw from this scheme with effect from 1
September 2021.
(b) 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 Dulwich Preparatory Schools Pension Scheme- This is an occupational defined benefit
scheme for non-teaching staff. The scheme is closed so Ihere are no current service costs.
other than administration expenses which are borne directly by the Schools. The expected
return on the scheme assets less the scheme interest costs are credited within other interest.
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 at the
balance sheet date. Scheme liabilities are measured on an actuarial basis at the balance
sheet dale using the projected unit method and discounted at a rate equivalent to the currént
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 fa￿ of the balance sheet.
20

DULWICH PREP LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
1 ACCOUNTING POLICIES Icontinuedl
1.9 Operating 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 recognised at Iransaction value and subsequently
measured at amortised cost. Financial assets held at 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 Taxatlon
The School is a registered charity No. 1174356 and as such is not liable to United Kingdom
income lax or corporation tax on charitable activities.
21

DULWICH PREP LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
2 FEES RECEIVABLE
2021
2020
Fees receivable conslst of:
School fees
Less.. total awards and concessions
14,070,524
1469,446)
13,601,078
13,714,413
(465,723
13,248.691
Included within awards and concessions are means-tested bursaries lolalling £286,856 which
were paid to 21 pupils {2020'. £275,608 for 23 pupils). During the year, Covid hardship
bursaries totalling £65,990 were awarded to 11 pupils {2020. £46,425 for 23 pupils).
3 OTHER EDUCATIONAL INCOME
2021
2020
Entrance and registration fees
Extra-curricular activities
Courses and sub-lettings
AVP sports aelivities income
42.500
124,442
48.045
108,610
323,597
39,950
113,650
85,245
65,389
304,234
4 ANCILLARY AND OTHER INCOME
2021
2020
School trips, School shop. and Other income
72.894
255,832
5 OTHER TRADING ACTIVITIES
2021
2020
Rents receivable
85,851
106.417
22

DULWICH PREP LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
6 ANALYSIS OF EXPENDITURE
Other
Costs
Staff costs Depreciation
(Note 7>
{Note 9)
Totsl
2021
Total
2020
Raising funds
Financing costs
82.900
8,406
91,306
10,485
Total Costs of ralsSng
funds
Charitable expenditure
Teaching
Welfare
Premises
Support costs
Donations to parent
entity
Total charitable
expenditure
91,306
10,485
82,900
8,406
7,358,423
70,862
467,244
1,239,520
614,903
998,564
122,142 2,317.251
583,826
7,973,326
1,069,426
2.906,637
1,823,346
8,240,885
954,626
2,803,047
1.788,682
9,136.049
122,142 4,514.544 13,772,735 13,787.239
Total expenditure
9,218,949
122,142 4,522,950 13,864,041 13,797,724
Financing costs include a past Servi￿ cost of £81.300 in respect of pension equalisation which is
not expecled to recur, as detailed in note 15.
Governan¢e Included In support costs:
2021
2020
Governor costs
Legal & Consultancy fees
Remuneralion paid to auditor for audit SeNi￿S
6,931
4,932
16,000
5,684
3,780
15,120
7 STAFF COSTS
2021
2020
The aggregate payroll costs for the year were as follows..
Wages and salaries
Social security costs
other pension costs
7,123,632
732,328
1,362,989
9,218.949
7,202,426
748,483
1.300,852
9,251,760
The total employment costs of key management personnel. who are considered to consist of the
Headmaster and the Bursar (Director of Finan￿ from December 2019 until December 2020) wa5
£253,587 {2020'. £277,776) including pension contributions of £30.672 (2020.. £27,552).
23

DULWICH PREP LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2021
7 STAFF COSTS (CONTINUED)
2021
2020
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
11
14
The number with retirement benefits accruing
In Defined Contribution schemes was
of which the contributions amounted to
in Defined Benefit schemes was
£18.720
14
£15,844
15
The average number of the School's employees during the year, calculated on headcount, was..
2021
2020
Teaching
Domestic and eslates
Administrative
110
16
75
201
118
21
63
202
During the year there were redundancy or termination payments which amounted lo £15.000
(2020 £36.8931 of which £nil was outstanding for payment at the year end.
8 TRUSTEE COSTS AND RELATED PARTY TRANSACTIONS
During Ihe year, no Governors received any remuneration.
During the year one Governor received reimbursement of expenses for travel and subsistence
totalling £7812020.. one Govemor received £36)-
In the year there was £0 paid to any governors (£0 in 2020 to any governors}.
In 2020121 the School donated £0 (2020.. £0) to the Trust. The School donated staff time lo the
Trust totalling £21.14512020.' £48,618) which has been recognised in these accounts as other
costs. The School paid rental income of £1,164,733 {2020'. £1,235,600) for the use of its
premises. Cash resources for the Group are managed centrally by the Trust and as a
consequence at 31st August 2021 £3.345,310 {2020'. £3,587,422) was owed by the Trust.
24

DULWICH PREP LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
9 Tangible Fixed Assets
Leasehold
Furniture
Improve Fixtures and
ment
Equipment
Computer
Hardware
Vehicles
Total
Cosl
At 1 September 2020
Additions
Disposal in the year
At 31 August 2021
284,180
118,082
1,404,667
64,837
18,7751
1,460,729
731,038
138,437
73,397
2,493,282
321,356
8,775
2,805.863
402,262
869,475
73,397
Depreclation
At 1 September 2020
Charged in year
Disposal in the year
At 31 August 2021
2,564
6,516
1.050,214
44,320
1732
1,093,802
586,946
69,334
67,182
2,703
1.706,906
122.873
1732
1,829.047
9,080
656,280
69,885
Net book values
At 31 August 2020
At 31 August 2021
281,616
393,182
354,453
366.927
144,092
213,195
6,215
3,512
786,376
976,816
10 DEBTORS
2021
2020
Fee debtors
Sundry debtors
Prepayments and accrued income
Amounts due from parent undertaking
47,511
171,195
158,658
3,345,310
3,722,674
31,062
205,281
144.393
3,586,927
3,967,663
11 CREDITORS.. amounts falllng due wlthln one year
2021
2020
Trade creditors
Social security and other taxation
Fees in advan
Other creditors
Fee deposits
Accruals and deferred income
414.996
188,265
1.334,133
93,831
1,404,415
171,041
3.606,681
230.796
187.170
1,246,151
232,508
1,286,215
78,013
3,260,853
25

DULWICH PREP LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
12 FEES IN ADVANCE
2021
2020
Within one to two years
18,660
33,765
Movements in fees in advance
Opening fees in advance
Amounl released to income during Ihe year
Amount deferred during the year
33,765
133.765)
18,660
18,660
78,204
144.439)
33,765
13 OPERATING LEASE COMMITMENTS
Al 31 August 2021 Ihe Company had future minimum lease payments under non- cancellable
operating leases as follows..
Land and
Buildings
2021
Other
Land and
Buildings
2020
Other
2021
2020
Within 1 year
Belween 2 and 5 years
After more than S years
1,122.850
4,451.400
31,644,350
132,114
145.819
1,250.225
4,939.400
33,599,200
164,455
258,1
The charge in the year was £1,318,06712020'. £1.395,4341.
14 SUMMARY OF MOVEMENTS ON MAJOR FUNDS
A11
September
2020
A131
August
2021
Incoming
resources
Resources
expended
Gains
Unrestricted Funds
2.754,741
14,358,019 (13,864,041
46,000 3,294,719
15 PENSION SCHEMES
Teachers, Pension Scheme
DuSwich Prep London participated in the Teachers. Pension Scheme {"Ihe TPS,) for their
teaching staff. The pension charge for Ihe year includes contributions payable to the TPS of
£1,084,953 (2020.. £1,201,184) and at the year-end £0 {2020.' £132,709) was accrued in
respect of contributions to this scheme. The school left the TPS with effeot from 1 September
2021.
26

DULWICH PREP LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
15 PENSION SCHEMES (Continued)
Defined benefit scheme
The TPS is an unfunded mulli-employer defined benefits pension scheme governed by The
Teachers, Pensions Regulations 2010 (as amended) and The Teachers, Pension Scheme
Regulations 2014 las amended). Members contribute on a °pay as you go" basis with
contributions from members and the employer being Credited to the Exchequer. Retirement and
other pension benefits 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, confi'mied that the employer contribution rate for the TPS would increase from
16.4.10 to 23.6 /0 from 1 September 2019. Employers are also required lo pay a scheme
administration levy of 0.080/0 giving a total employer contribution rate 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 'McCloudlSargeanl case,. This case has required the courts
to 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 to appeal the Court of
Appeal's judgment Ihal transitional provisions introduced to the reformed pension schemes in
2015 gave rise lo 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 rernedied. The govemmenl
announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under
which members will be able to choose either legacy or reformed scheme benefits in respect of
Iheir Servi￿ 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 to protect laxpayers
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 to the cost cap mechanism following the Court of Appeal's ruling in the
Mccloudlsargeant case 2nd until there is certainty about the value of pensions to employees
from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched
on 24 June on proposed changes to the cost control mechanism follow￿ng a review by the
Government Actuary. Following a public consultation, the Government have accepted three key
proposals recommended by the Government A¢tuary. and are aiming lo implement these
changes in time for the 2020 valuations.
27

DULWICH PREP LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED}
FOR THE PERIOD ENDED 31 AUGUST 2021
15 PENSION SCHEMES {CONTINUED>
In view of the above wlings and decisions the assumptions used in Ihe 31 March 2016
Actuarial Valuation may become inappropriate. In this scenario, a valualion prepared in
accordance with revised benefits and suitably revised assumptions would yield different results
to 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.
Deflned contr5butlon scheme
The pension cost charge in the year in respecl of the non-teaching staff defined contribution
scheme was £167.42412020'. £156.1291.
Non-teaching defined benefit scheme
The parent Trust operated this Scheme (the Dulwich Preparatory Schools Pension Scheme),
which was closed to new entrants from 1 January 2005, both in respecl of new members and
accrual for existing members.
On 1st September 2017 the Trust transferred the obligations to contribute lo the Schème to
each of the Schools in proportions determined by the actuary based on the staff who
participated in the scheme. The valualion in these accounts uses that proportion and has been
derived by projecting the results of the lasl comprehensive actuarial valuation of the Scheme
as at 1 January 2018 and has been prepared by an independent qualified actuary.
Following the latest actuarial valuation a revised Schedule of Contributions was agreed
between the Trust, the Schools and the Scheme Trustees with the aim of eliminating the deficit
over a period of 5 years from 1 January 2021. Under this Schedule of Contributions the
School expects to conlribule £36,810 to the Scheme in 2021122 {£33,663 2020121) The
school has recognised a past service cost in respect of equalisation estimated at £81,300.
The amounts recognised In the balance sheet are as
follows
2021
2020
Present value of funded obligation$
Fair value of scheme assets
Net (Liability)
1725,3001 (670,600)
601000
549,500
(124,3001 (121,100)
28

DULWSCH PREP LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2021
15 PENSION SCHEMES (CONTINUED)
b) Changes In the present value of the deflned benef it
obllgation
Opening defined benefit obligation
Interest cost
Psst service cost
Actuarial Igains}Ilosses
Benefits paid
Closing defined benefit obligalion
2021
2020
670,600
10,500
81,300
131,100>
6.000
725,300
663.500
11.700
8,900
{13,5001
670,600
¢) Changes In the fair value of the scheme assets
2021
2020
Opening fair value of scheme assets
Interest income
Return 9￿ater[(lOWer) than the discount rate
Contributions by employer
Benelils paid
Closing fair value of scheme assets
d) The amounts included within the Statement of Flnancial
Actlvities
Interest on obligation
Interest income
Past service cost
Total amount Charged to the Statement of Financial Activities
549,500
8,900
14,900
33,700
6.000)
601.000
526,300
9,400
16.400)
33,700
{13,500
549,500
2021
2020
10.500
{8.9001
81,300
82,900
11,700
{9,400}
2,300
Net actuarial gainsl(lossesl recognised in the year
e) PrincSpal actuarial assumptions at the balance sheet date
46.000
(15,300
2021
2020
Financial Assumptions
Di$eounl rate
RPI inflation assumption
Rate of increase of pensions in payment
Rate of increase of pensions in defemient
1.70
3.4.
3.70/.
3.0%
Assumed life expectancy in years at age 65..
Non pens￿nerS
Females
Males
Pensioners
Females
Males
26.2
23.7
25.4
23.4
24.4
22.0
23.9
21.9
29

DULWICH PREP LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2021
16 POST BALANCE SHEET EVENT
In November 2021 Dulwich Prep London signed new leases, effective from 1 September
2021, with the Dulwich Preparatory Schools Trust. The rent will increase over the next 5
years. In 2021-22 the rent will be £1.715,988 and this will increase lo £2.018,810 in 2025-26.
30