Company No. 10814894 Registered in England Charicy No. 1174356 1885 Dulwich Prep & Senior ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
DULWICH PREP & SENIOR ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 The Governors present cheir annual report together with the audiced financial statements of Dulwich Prep & Senior (the "School") for the year ended 31 August 2024. The Governors confimi chat the annual report and financial statements of the School comply with the current statutory requirements, the requirements of the School's governing document and the provisions of the Statement of Recommended Practice 'Accounting and Reporting by Charities" (Charities SORP FRS102). STATUS AND ADMINISTRATION The School is a company limited by guarantee (Company Number 10814894) and is registered with the Charity Commission under Charity Number 1174356. Its registered office is 42 Alleyn Parl Dulwich. London SE217AA. The School, cogether with The Dulwich School Cranbrook (previously Dulwich Prep Cranbrook), is a subsidiary of Dulwich Preparatory Schools Trust (the 'DPS Trust"), which is also a company limited by guarantee and a registered charity. The School leases ics property from the DPS TrusL The School changed its name to Dulwich Prep & Senior from Dulwich Prep London on 3 September 2024. GOVERNORS. RESPONSIBILITIES The Governor5 (who are also directors of the School for the purposes of company law) are responsible for preparing the Governors, report (including che scrategic report) and the financial statements in accordance with applicable law and United Kingdom Accounting Srandards (United Kingdom Gener7lly Accepted Accounting Practice). Company law requires che 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 chey give a crue and fair view of the state of che financial position of the School and of the incoming resources and application of resources, including the income and expenditure, of the School for chat period. In preparing these financial statements, 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 accounring 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 statements. and prepare che financial sratements on a going concern basis unless it is inappropriate to assume thac the School will continue in operation. The Governors are responsible for keeping adequate accounting records that are sufficienc ro show and explain the School's transactions and disclose wich reasonable accuracy at any time the financial position of the School and enable chem co ensure chat the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets ofthe School and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Each of the persons who is a Governor at the time when this Governors, report is approved has confirmed chat.. so far as each Governor is aware. there is no relevant audit inforniation of which the School's auditor is unaware. and
DULWICH PREP & SENIOR ANNUAL REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 each Governor 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 to establish that the School's auditor is aware of that information. STRUCTURE, GOVERNANCE AND MANAGEMENT The School was created as an independent charity governed by its Articles of Association with effect from I Seprember 2017. The Articles reflect the Companies Acc 2006 and the Charicies Acc 2011 and were approved by the Charity Commission and passed by written resolution on 16 June 2017. Prior that date the School was part of the DPS TrusL The School is supported in the provision of education by the DPS Trust from which the School leases its facilities. The DPS Trust, Dulwich Prep & Senior and the Dulwich School Cranbrook make up the Group (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 School's Trust and the School's Chairnian and one other Governor also serve as Trustees of the DPS Trust. The members of the Governing Body who served in office as Governors during che year and subsequencly are detailed below". E K Kelleher T N F Chaiman L P H Carling Retired 5 July 2024 AFCrow PF I DrHCADeasy Dr C B R Fairtiurst Appointed 14 June 2024 H Humphreys WMALand J Lovecc N Martel Appointed 20 November 2024 J R Rhodes Appointed 15 November 2023 M S Shale Vice Chairman. retired 19 March 2024 S Smich JDHStrel N Kolorneva Appointed 31 January 2024. retired l O May 2024
DULWICH PREP & SENIOR ANNUAL REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Trustee of che DPS Trust Member of the DPS Trust Finance Committee Trustee of the DPS Trust Pension Scheme Member of che Finance ComMite Member of the Nominations and Remuneration Committee Key Management Personnel Head Master: L A Davidson, BA (Hons). PGCE C A Skillings, LLB (Hons), ACA Bursar & Clerk co the Governors: Professional Advisers Bankers: Natwesc Bank plc, 120-122 Fenchurch Stree¢ London EC3M 5BA Solicitors: Farrer & Co LLP, 66 Lincoln's Inn Fields, London WC2A 3LH Scone King. Boundary House, 91 Charterhouse Stree¢ London, ECI M 6HR Crowe U.K. LLP. 55 Ludgate Hill, London EC4M 7JW Auditors: Governance Structure The Governing Body meets ac least twice every term. The Nominations and Remunerntion Committee meet when considering new appointments to the board and co consider annual pay awards. The Finance Commiccee meec once a term. The Head Mascer and Bursarlclerk to the Governors attend the Governing Body meetings and any sub-committees as required. The day-to-day managemenr of the School is delegated to the Head Master and Bursarlclerk co the Governors who colleccively comprise the key managemenc personnel and are supporced by the School's Senior Leadership Team. The Head Master has overall responsibility for the appointment and supervision of all staff, but delegates this function to the Bursar and HR Director for non-academic soff. Remuneration policy is set by the Governing Body with the objective of providing appropriate incentives to encourage enhanced educational performance and of rewarding fairly and responsibly individual concribucions to che School's success. The remunerntion policy is reviewed annually, including reference to comparisons with other independent and maintained schools, to ensure that the School remains sensitive co che broader issues of pay and employment conditions elsewhere. Following an external review of pay and benefits for all staff, and a scaff consultauon, che Governors approved a new Pay Policy which came into effect on I September 2022. The School aims to recrui¢ subject to experience, at the lower to medium poinc within a band, providing scope for rewarding excellence. Delivery of the School's charicable vision and purpose is primarily dependent on che Head Master and senior leadership team. Staff costs are the largest single element of che charicable expendirure. Governing Body Recruitment and Training New Governors are identified by the existing Governing Body, supported by the Head Master and Clerk ro the Governors, and appointed by the Governing Body following agreement by the DPS TrusL
DULWICH PREP & SENIOR ANNUAL REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Governors serve for an initial term of four years, but may offer themselves for re-election for a second ierm of four years and then a final term of two years. The total of ten years may only be exceeded in exceptional circumstances. New members of the Governing Body are elected on the basis of the candidates, professional qu21itie5. experience. personal competence and the specific needs of the School. New Governors are inducted inco the managemenc and echos of the School via a programme organised by the Director of HR and Clerk to the Governors. The Clerk to the Governors also notifies members of the Governing Body of relevanc internal and external trustee training and infomation courses and seminars designed to keep them informed and updatrd on current issues in the sector and regulatory requirements. Charity Code of Governance The School's Governing Body takes its governance responsibilities seriously and aims to have a governance framework thac is fit for purpose. compliant and efficienL The Governing Body has established a solid foundation in governance in which all of its Governors are clear about cheir roses and legal responsibilities. are committed to supporting the School in delivering its objects mosc effectively for the benefit of its beneficiaries and to concributing co the School's continued improvement The Charity Governance Code has seven principles: Organisarional Purpose, Leadership. Integrity. Decision M2king. Risk and Control. Board Effecciveness, Diversity and Openness and Accountability. Complying with the Code is not a legal or regulatory requirement and the Code describes its aims as 'deliberately aspirational,. The Governing Body meets a very significant proportion of the recommended and best practice for governance concained 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 applications from persons with any of the seven protecced characteristics and due consideration is given co their training and employment needs. Consultation with employee5. or their represencatives, has continued at all levels with the of taking the views of employees into account when decisions are made that are likely co 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 managemenc channels in a variety of forms and also through exceptional channels co make staff aware of current issues. STRATEGIC REPORT The remainder of the report of the Governors also constitutes che strategic report for the purposes of the Companies Acc 2006. Principal activity and objects of the School The objects of the charirable company are the advancement of education of children in the United Kingdom and elsewhere for the public benefit principally through the operdtion of Dulwich Prep & Senior and support of the DPS Trust.
DULWICH PREP & SENIOR ANNUAL REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The Governing Body is mindful of the long-standing need to provide public benefic and of the requirements of the Charities Act 201 l. In this connection the Governing Body has monicored closely the guidance on public benefit 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 pocential educational capability across a full range of aciivities: academic, artistic. dramatic. musical, sporcing, social and moral. Thi5 is achieved by providing a rich and dynamic curriculum, inspirational teaching, opporrunities co build self-confidence and supporc for pupil's inrelleccu31, physical and emotional capaciry. The School inculcates a desire to contribute to the wider community and provides pupils with a secure foundacion for the opportunities. responsibilities and experience of lacer life. The School supports this by using its value5 35 a basis around which the curriculum and pastoral care are developed. Primary objectives The khool Seeks to achieve its aim through the following primary objectives: co welcome pupils and staff from all backgrounds: economic status, ethnicity, race, religion or disability, amongsi ocher things, do not form part of the selection process. to be commitd to safeguarding and promoting the welfare of the pupils and to expect all staff and volunteers to share this commitmenL The School places great importance on pascordl care, fostering a sense of community and good ciiizenship; to provide pupils with the opportunity to gain new experiences and tske advantage of a variety of co- and excra-curricular artivities to develop all aspects of cheir character; to set the fees at a level to ensure the financial viability of che School and at a level that is consistent with the aim of providing a first-clas5 education co boys throughout the khool and girls in our Fledgling and Nursery classes: to provide financial supporc 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 governance and management structure and the necessary support frdmework to meec the needs of staff and pupils alike: to reflect equality, diversiry and inclusion objectives- and to enhance the sense of belonging for pupils, staff and the wider school community Strategies to achieve the primary objectives The School's Strategic Development Plan (the "Plan") is updated and reviewed annually with input from the Governing Body. In May 2023 the School announced its intention to extend co age 16. It is intended that this will provide support for a number of the boys wichin the School co relieve pressure on the exams required to move schools at I l+ and 13+ The announcemenc will require some building work to be undertaken co provide appropriate premises for the older age range. Plannin8 consent was given {23 October 2023) regarding the development of the Pre-Prep building and the BeNs Building. The Betws building works commenced in July 2024 and it is anticipated that these will be compleced in May 2025 in time for the
DULWICH PREP & SENIOR ANNUAL REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Senior School to open in September 2025. The building costs for this are being supported by the TrusL The works co the Reception. Pre-Prep and No. 42 Alleyn Park were completed during the year. The Plan defines investment initiatives and major projects in pursuit of the School's primary objectives. During 2024 the main premises works were: new reception area at the main sire. two new classrooms in the Pre-Prep building; adjustmencs in No. 42 Alleyn Park to create a new classroom and toilets- new roof at No. 38 Alleyn Park. swimming pool refurbishment including tiling the pool. PUBLIC BENEFIT The School remains committed to the aim of providing public benefic in accordance with its founding principles. The School actively supports the attainment of the highest standards of education through rigorous and continuous evaluation of qualiry and performance, the application of best practice and a widespread desire co improve standards. We co-operate with local schools and educational bodies to widen public access to the schooling provided, to optimise the use of che cultural and sPOrting facilities and to awaken in pupils an awareness of the social coniexc of the all-round education they receive at che School. Bursaries This year the School awarded means-cesred bursaries Eotalling £427.152 to 25 pupils {2023: £409,120 to 25 pupils). including 19 where the bursary exceeded 70% of full fees. The School conducts means- testing through a detailed process which includes a home ViSiL Sharing 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. Regular French and Italian language and cultural schools use the facilities on a Saturday. The School 15 currently involved in several initiatives, including support of a primary school, Paxton Green School. part of rhe Gipsy Hill Federacion, with the involvement of senior managemenL the recruitment and training of teachers and the provision of a music outreach programme. Local schools and sports clubs also use che playing fields, swimming pool (and swimming teacher) and sports hall on a regular basis. Charitable fundraising Pupil fundraising for charitsble causes is encournged and is strongly underlined by the School's values. Highlights from 2023124 include: Big Night Out - a group of Year 8 boys slept outside to raise money for homeless charicies. a regular Park Run raising money for a variety of different charities;
DULWICH PREP & SENIOR ANNUAL REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 the Friends organised the Laser fireworks show and also rnised funds through two second hand uniform sales. The Friends donated funds to the School for che bursary fund and different areas of the School. The School is very grateful to the Friends for all thac they do. The School does not engage wich any excernal third-party fundraisers. There have been no complaints in the period regarding inappropriate or intrusive contact in relation w fundrnising activities. PENSIONS The School joined the Aviva Pension Trust for Independent Schools with effect from I September 2021. Teaching staff are parc of a salary sacrifice scheme, which means that all pension contributions were paid by the employer in the year for the teachers. Non-teaching staff were given the option during the year to be part of the salary sacrifice scheme. SAFEGUARDING The School has a designated Safeguarding Governor and there are regular communication and meetings between this Governor and the School's Designated Safeguarding Lead ("DSL"}. The DSL reports to the Governing Body once a tsrm. There is an annual safeguarding audit and che Single Central Record is inspected by the Safeguarding Governor on a cernily basis. All Governors receive full safeguarding training when they join che Governing Body. All Governors are required to scrutinise and approve che School's Safeguarding (Child Protection) Policy annually. Whilst the Governors are respecrful of the l)oundary between governance and managemenc they exercise appropria oversight of safeguarding and are deliberately visible to Staff and parents, by attending many school events and meeting not just the Head Master and Senior Leadership Team. but Staff in all areas of the School. As well as modelling a culture of openness. Governors have in recent years prioriused changes co make the School not only compliant but, on broader practical levels a safer place for the pupils. EMOTIONAL WELL-BEING AND MENTAL HEALTH The School place5 great importance on the quality of its pastoral support and has a full-time counsellor on site. The counsellor provides child mental health awareness co parents and stsff. The School has developed a well-being suite to provide a calm and relaxing space for the children to visiL The counsellor runs I: I sessions with a few pupils as a need is idencified. The School has crained a number of staff as mental health first aiders to support both the pupi15 and their colleagues. There is wide reaching pastoral suppor¢ which is led by the Head5 of Sections. ACHIEVEMENTS AND PERFORMANCE In 2024. 109 Year 6 and 8 boys went on to 23 different senior schools (2023.. 96 and 27)- all destinations can be seen on the School websice. The Year 5 to 8 leavers of 2024 received a total offer of 41 (2023: 42) scholarships and awards. The School has always considered the importance 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 spofL
DULWICH PREP & SENIOR ANNUAL REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The Deparrment for Education has approved material changes to allow flexi boarding and to adjust the age rnnge of the school from 3-13 to 2-16. The School competed in a considerable number of compecitive sporrs fixtures. There was a rdnge of drama perforniances including Bugsy Malone, Christmas nativities and shows and the Year 8 drnma projects. Music remains very strong at the School. Throughout the year, the School held regular Pupil Concerts and seasonal events in che School Concert Hall. The School also held a Chrisimas Service at Southwark Cathedral, a Spring Chornl Concert at Fairfields Hall and a Summer Serenade on che School grounds. Three sessions offace to face Associated Board of the Royal School of Music and Trinity College music exams cook place with a near l OOYO pass rate and a high percentage of merit and distinccion passes. The School ran a variety of different single day and residenoal trips, including: a Year I trip to Crystal Palace Park. a Year 2 trip to the Tower of London; a Year 6 residential to YorK' a ski-crip; and a Year 7 and 8 trip co Iceland. FINANCIAL REVIEW The income for the year was £17,577,537 (2023.. £16.910.969) and expenditure of £18,093,719 (2023: £16.646.357). The net book value of fixed assets amounted to £2,757,698 (2023: £2,170,907). In addition to the income it receives in respect of school fees the School seeks to enhance its income through letting its facilities and through rents received for residential properry. Besides casual lettings of sports facilities. classrooms and halls, the School also operates a holiday club, which provide5 a wide variety of holiday activities for children between the ages of 4 and I l. In the year. the School donaced £830,000 to its parent DPS Trusi leading ro a deficit for the year of £564.282. This cost is included wichin the expenditure for che year. This donation was made from surpluse5 relating to 2022-23. The DPS Trust supports the School with development of the School's assets. Reserves The Governor5 aim co maintain a positive level of reserves and for che unrestricted reserves, excluding the pension reserve, co be maintained at the approximace level of ac least one month'5 expenditure co meet the day to day running costs of the School including the coscs associated with the maintenance of its buildings. This allows the School co ensure sufficient liquidicy for normal operations. Unrestricted reserves held at the year-end totalled £2,861,812 (2023: £3,439,697). The year end funds were sufficient to cover two months. expenditure of the day to day running costs of the School.
DULWICH PREP & SENIOR ANNUAL REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Following rhe end of the academic year the School operates an ongoing policy of donating any excess surplus to the DPS Trust to permic capital expenditure in support of the DPS Trust's schools. In evaluating the amount of any donation, the School's Governing Body need to balance its objectives of supporting che Trust with those of maintaining che viabiliry of the School and delivering its other charitable objectives for education. The donacion co the DPS Trust is at che discretion of the Governing Body in accordance with the Governors, obligacions as directors of the School. Therefore, the School has a free reserves policy which is formally assessed ac least annually as part of the preparation of the financial results. This a150 provides comforc char any donation being made is covered by distributable profits in accordance with Company Law requiremencs. Going concern Having assessed the School's financial position, its plans for the foreseeable future. the risks to which it is exposed and the support available from the DPS Trust, the Governors are satisfied that it is appropriate to prepare the statements on a going concern basis. Post balance sheet events In October 2024 the Trusc purchased the bungalow at Mary Datchelor and acquired che lease of the Mary Datchelor playing fields from Southwark Council. The freehold is held by the Dulwich Estate. PRINCIPAL RISKS AND UNCERTAINTIES The Governors consider the principal risks faced by the School to be: (i) the financial changes arising from che government's October 2024 budget including changes to the taxation regime as they affect schools: (li) the affordabilicy of fees for parents: and (iii) entrance procedures for senior schools within che maintained sector, (iv) the education offering of local maincained schools. Pupil numbers were marginally lower in 2023124 with 809 pupils There are further challenges in respect of pupil numbers following the announcement by the Chancellor of the introduction of VAT on independent school fees from January 2025. The Governors anticipate that the change in age range will support the pupil numbers going forwards: (i) che iniroduccion of Fledglings in September 2024; and (li) the incroduction of a Year 9 class in September 2025. Fees were increased in September 2023 by 6.5% to recognise the high levels of inflation on the school's cost base. After the year end fees were increased by 15.5% in response to the introduction of VAT. Healch and Safety is always 2 significant area of risk. The risks range from pandemic, fire and infrasiructure to personal risks (most notably when away from the campus on trips and expedicions). The level and breadth of activity at the School is extensive and therefore risks associaced with accivities are minimised by thorough planning and specific risk assessmencs. Overall consideration of risk is undertaken by the Governors, in conjunction with the Head Master. Bursar and Senior Leadership Team. A risk regISr is maintained, which is reviewed termly by the 10
DULWICH PREP & SENIOR ANNUAL REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Governors and updated as necessary. The risk management review process results in a risk register that identifies risks, as5e5se5 their impact and likelihood. and. where necessary, recommends controls to mitigate and monitor those risk5. The generic controls used by rhe School to minimise risk include: detailed terms of reference together with formal agendas for Governing Body activity. a strategic development plan, which is reviewed annually by the Governing Body: comprehensive budgeting and management accounting; established organisarional structures and lines of reporting. formal written policies including clear authorisation and approval levels: and vetting procedures as required by law for maintaining safeguarding standards. 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 & Senior. including. in their capacity as company directors, approving th Directors. and Strategic Report contained therein, and signed on its behalf by: elleher Chairman Date: 2810512025
DULWICH PREP & SENIOR INDEPENDENT AUDITORS REPORT FOR THE YEAR ENDED 31 AUGUST 2024 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DULWICH PREP & SENIOR Opinion We have audited the financial statements of Dulwich Prep & Senior, the 'charitable company, for the year ended 31 August 2024 which comprise the Statemenc of Financial Activicies. the Balance Shee¢ rhe Statement of Cash Flows and notes co the financial staiements, including significant accounting policies. The financial reporting frdmework ¢hac has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland (United Kingdom Genernlly Accepted Accounting Practice). In our opinion the financial statemencs: give a true and fair view of the stace of the charitable company's affairs as at 31 August 2024 and of its income and expenditure, for the year then ended; have been properly prepared in accordance with Unired Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Aci 2006. Basis for opinion We conducted our audic in accordance with Internacional Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those stand2rds are further described in the Auditor's responsibilities for the audit of che financial statements section of our reporc. 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 haye fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial staoments, we have concluded that the governors, use of the going concern basis of accounting in the preparation of the financial statements is appropriace. Based on che work we have performed. we have noc idencified any material uncertainties relating to events or conditions tha4 individually or collectively, may casc significant doubt on the charitable company's ability to continue as a going concern for a period of ac least cwelve months from when the financial socements are authorised for issue. Our responsibilicies and che responsibilities of the governors with respect co going concern are described in the relevant sections of this reporL Other information The governors are responsible for the other information contained within the annual reporL The other information comprises the inforniation included in the annual repor¢ other than the financial statements and our auditor's report thereon. Our opinion on che financial statements does not cover the oiher
DULWICH PREP & SENIOR INDEPENDENT AUDITORS REPORT FOR THE YEAR ENDED 31 AUGUST 2024 informacion and, except to the extent otheThvi5e explicitly stated in our reporL we do not express any form of assurance or conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whether the other information is materi211y inconsistrnt with the financial scacements or our knowledge obtained in the audit or otherwise appear5 to be materially misstated. If we identify such material inconsistencies or apparent matsrial misstatements. we are required to deterniine whether this give5 rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude thac there is a material misscarement of this other inforniation, we are required co report that facL We have nothing co report in chis regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audit the inforniation given in the govemors, repor¢ which includes the directors, report and the Strategic report prepared for the purposes of company law. for the financial year for which the financial ststements are prepared is consistent with the financial statements; and the strategic report and the directors, report included within the governors, report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In light of the knowledge and understanding of the charitable company and its environment obtained in che course of che audit, we have nor identified materi21 misstarements in the strntegic report or the direccors. reporr included wichin the governors. reporL We have nothing to report in respecr 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 noc been kep4 or the financial statements are noc in agreement wich the accounting records and returns. or certain disclosures of governor5, remuneration specified by law are not made. or we have not received all the information and explanacions we require for our audit Responsibilities of Governors A5 explained more fully in the governors, responsibilities statement set out on page 2, the governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being sacisfied that they give a crue and fair view, and for such internal control as the governors decemiine is necessary w en2ble the preparation of financial statements that are free from marIal misstatemenE whether due to fraud or error. In preparing the financial statements, the governors are responsible for assessing che charitable company's ability co continue as a going concern. disc105ing. as applicabl< matters related co going concern and using che going concern basis of accounting unless the governors eicher intend to liquida the charicable company or to cease operations. or have no realisuc alcernarive but co do so.
DULWICH PREP & SENIOR INDEPENDENT AUDITORS REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemenL wheiher due co 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 guarantse 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 chese financial sratements. Details of the extent to which the audic was considered capable of detecting irregularities. including fraud and non-compliance with laws and regulacions are set out below. A further description of our responsibilities for che audic of che financial statements is located on the Financial Reporting Council's website at: www.frc.or . This description forms part of our auditor's report. Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularicies, including fraud, are instances of non-compliance with laws and regulations. We idencified and assessed che risks of material misstatement of the financial statements from irregularities. whether due to fraud or error. and discussed these between our audit team members. We then designed and perfomed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitsble company operates. focusing on those la and regulations that have a direct effect on the determination of material amounts and disclosures in the financial scatements. The laws and regulations we considered in this contextwere the Companies Act 2006, the Charities Aci 201 I, tsxation legislation. together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulation5 as part of our audit procedures on che related financial statement items. In addition. we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's ability to operate or to avoid a macerial penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulacions we considered in this contexc for the UK operations were The Education (Independent School Standards) Regulacions 2014, the Genernl Data Protection Regulation (GDPR), Health and safery legislacion and employment legislation. Auditing standards limit the required audit procedures to identify non-compliance wich these laws and regulations to enquiry of the Governors and ocher managemenc and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial ststements from irregularities, including fraud. to be within the override of concrols by managemenL Our audit procedures to respond 14
DULWICH PREP & SENIOR INDEPENDENT AUDITORS REPORT FOR THE YEAR ENDED 31 AUGUST 2024 these risks included enquiries of management and the Finance Commiciee about their own identification and assessment of the risks of irregularities. Sample testing on the posting of journals. reviewing accouncing estimates for biases, reviewing any regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance. Owing to che inherent limitation5 of an audiL there is an unavoidable risk that we may not have detected some material misstatements in the financial staMents, even though we have properly planned and performed our audit in accordance with auditing scandards. For example. the further removed non- compliance with laws and regulations (irregularities) is from the events and transactions reflected in che financial stacemencs, the less likely the inherently limiced procedures required by auditing standards would identify it. In addition, as with any audit. there remained a higher risk of non-detection of irregularities, as these may involve collusion. forgery. intentional omissions, misrepresentations. or the override of incernal concrols. We are not responsible for preventing non-compliance and cannot be expected to detecc non-compliance 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 wich Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so chac we might state to the charitable company's members those matters we are required to state to chem in an auditorfs reporc and for no ocher purpose. To the fullest extent permitted by law, we do not accept or assume responsibility ro anyone other chan the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinion5 we have formed. Tina Allison Senior Sratucory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor London Date 29 May 2025
DULWICH PREP & SENIOR STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 (Incorporating an income and expenditure account) Unrestricted Restricted Total Total Notes funds 2024 funds 2024 2024 2023 Income from: Charitable activities: School fees receivable Other educational income Ancillary income Other trading activities Non-ancillary trading income Investments Bank and other interest Voluntary 50urce5 Donations legacie5 16,227,478 918,410 287,206 16,227.478 918,410 291.206 15.636,968 880,670 240.209 4,000 75,553 75.553 78.050 Sl,387 51,387 39.572 594 12.909 13,503 35,500 Total Income 17.560.628 16,909 17,577,537 16,910,969 ExpÈnditure on: Raising fund5 Financing costs (20,065) (20.065) (16,041) Charitable artlvltles Educatyon {18,070,348) (3.306) (18,073,654) (16,630,316) Total expenditure {18,090,413) (3.306) {18,093.719) 11 &646,3571 Net {expenditure)Ilncomè (529.785) 13.603 (516,182) 264.612 Pension scheme actuarial loss (48,100) (48.11)O) 144.2C¥)) Net movement in funds for the year (577.885) 13,603 (564,282) 220.412 Fund balance5 ld I Sept 2023 15 3.439.697 38,591 3,478.288 3.257.876 Fund balances clfivd 31 Aug 2024 2.861,812 52,194 2,914,006 3,478.288 The notes on page5 20 to 32 form parL of these financi Srnments 16
DULWICH PREP & SENIOR BALANCE SHEET AS AT 31 AUGUST 2024 Notes 2024 2023 FIXED ASSETS Tangible assets 2,757,698 2.170,907 CURRENT ASSETS Debtors Cash at bank and in hand 10 4.683.321 2.540.375 7,223.696 4.152,626 1.029.843 5.182.469 CREDITORS: Amount5 falling due within one year (5.511,430) (3.875,088} NET CURRENT ASSETS 1,712.266 1,307.381 TOTAL ASSETS LESS CURRENT LIABILITIES 4,469,964 3,478.288 CREDITORS.. amounts falling due after more than l year NET ASSETS EXCLUDING (1,555,958) PENSION SCHEME LIABILITY 2.914.006 3,47&288 Defined benefit pension scheme liability 16 NET ASSETS INCLUDING PENSION SCHEME LIABILITY 2,914,006 3.478,288 CHARITY FUNDS Unre5trictrd funds Restritted fvnds TOTAL FUNDS 15 2,861.812 52,194 2914006 3.439.697 38.591 3,478,288 The financial statements were approved by th Governors on E K Kelleher 2810512025 and signed on their behalf by.. AFCrow Chaimian of Board Governor The notss on page5 20 co 2 forrn part o e5e financi st2tements Cornpdny Number.. 10814894 17
DULWICH PREP & SENIOR STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 AUGUST 2024 Note 2024 2023 Net cash inflow from operations Net cash provided by operating activities 2,380,746 306,652 Cash flows from investing activities: Additions to fixed assets (921.601) 51,387 (921,850) 39,572 Investment income and bank interest received Net cash (used in) investing activities (870.214) (882.278) Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of period .510,532 (575,626) 1.029,843 1,605.469 Cash and cash equivalents at the end of the reporting period 2,540,375 1,029.843 The notes on pages 20 to 32 form part of these financial statements
DULWICH PREP & SENIOR STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 (i) Reconciliation of net income to net cash flow from operating activities Net (outgoing)lincoming resources Elimination of non-operating cash flows- Depreciation and amortisation charges Loss on Disposal of Fixed Assets Investment income and bank interest received (516,182) 264.612 328.321 6.490 262,878 9,810 (51.387) (530.697) (39,572) (304,643) (Increase) in debtors (Decrease)lincrease in creditors (excluding fees in advance scheme and deposit) (1.976) 166,196 Increase in fees in advance scheme creditors Increasel(decrease) in pLrents' deposits Difference between pension contributions paid and charges made 3,077,377 116,900 52,561 (60,990) (48.100) (44,200) 2.896,928 42,040 Net cash inllow from operations 2,380.746 306,652 2024 2023 (li) Analysis of cash and cash equivalents Cash at bank and in hand 2.540.375 1,029.843
DULWICH PREP & SENIOR NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 I ACCOUNTING POLICIES l. l Basis of preparation The financial statements have been prepared in atcordance with the Financial Reporting Sfandard 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 accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The accounts are drawn up on the historical cost basis of accounting. The School is a Public Benefit Entity registrred a5 a charity in England and Wales (charity number. 1174356 and a company limited by guarantee, (company number: 10814894). Its registered office is 42 Alleyn Parl Dulwich, London SE217AA. The charitable company started trading on I September 2017. The ultimate parent company and controlling party of Dulwich Prep & Senior is Dulwich 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 entity's financial statements. Copies of these financial statements can be obtsined from the registered office, 42 Alleyn Parl4 Dulwich, London SE21 7AA. 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 Dulwich London and at Cranbrook Kent. The objects of the Trust are the advancement of education primarily by the provision and conduct of schools in Dulwich and Cranbrook for boy5 and girls and by ancillary or incidentsl educational acuvities and other associated activities for the benefit of the communitie5. 1.2 Going Concern Having reviewed the cash position of the School together with the expected ongoing demand for places and the School'5 future projected cash flows. the Governors have a reasonable expectLcion that the School has adequate re50urce5 to continue its activities for the foreseeable future and consider that there were no material uncertainties over the Schools's financial viabilicy. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. 1.3 Critical accounting judgements and key sources of estimation uncertainty In the application of the accounting policies, Trustees are required to make judgement. estimate5, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other source5. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The e5timate5 and underlying assumptions are reviewed on an ongoing basis. Revisions co accounting estimates 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 period5. 20
DULWICH PREP & SENIOR NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 I ACCOUNTING POLICIES (CONTINUED) .3 The School's liability for the Non-Teaching Staff defined benefic pension scheme involve5 a number of cont'd assumptions as disclosed in note 16. The following accounting policies have been applied consistently in dealing with item5 which are considered material in relation to the School's financial statements. In the view of the Governors, no other assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance 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 statement of financial activities when the School has entitlement to the funds. receipt is probable and the amount can be measured with sufficient reliability. Fees consist of charges for the school year ending Augus¢ less bursaries and allowances. Fees received in a(fvance are deferred and released to income in the period to which the fee5 rela. 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 dirertly attributed to particular activiues they have been allocated on a basis consistent with the use of the resources. Support costs include all costs relating to managemenL administration and running the nCtIonS of the School. Governance costs are those incurred in connection with administration of the charitable company and compliance with constitutional and statutory requirements. 1.6 Tangible fixed assets Fixed assets costsng more than £500 are capitalised. Tangible fixed a55ets are stated at cost less depreciation. DeprecIaOn is provided at rates calculated to write off the cost of fixed assets. less their estimated residual dlue, over their expected usefijl lives on the following bases. Leasehold improvements Motor vehicles 2% straight line 25% reducing balance l 0% straight line 25% straight line Fixture5 and fittings Computer equipment 1.7 Fund accounting Unrestricted Funds are the accumulated surplus on the School's income and expenditure account which is available for use at the discretion of the Governors in furtherance of the general objectives of the charity including supporting the Trust Restricted Funds may only be spent on the charitable purpose specified by the donor. 21
DULWICH PREP & SENIOR NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 I ACCOUNTING POLICIES (CONTINUED) 1.8 Pension costs Retirement benefits to employees of the School were provided in the year through two pension schemes eachers and Non-Teachers), both defined contribuuon schemes, replacing two defined benefit schemes. The schemes are as follows: Aviva Pension Trust for Independent Schools (APTIS} Teachers Pension plan, which Dulwich Prep & Senior joined with effect from September 2021. This is a defined contribution group personal pension plan, replacing the teachers defined benefit group (TPS). Employer'5 pensions costs are charged in the period in which the salaries to which they relate are payable. The Dulwich Preparatory Schools Trust Non-Teaching Sttff Group Personal Pension plan, which Dulwich Prep & Senior joined with effect from January 2005. 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 relatr are payable. The Dulwich Preparatory Schools Pension Scheme. This is an occupational defined benefit scheme for non- teaching stLff. The scheme closed on 31 December 2004 so there are no current service costs other than administration expenses which are borne directly by the Schools. The expected return on the scheme assets le55 the scheme interest Costs are credited within other interesL The scheme actuarial gains and1055es are recognised immediately as other recognised gains and losses. The defined benefit scheme assets are measured at fair value at the balance sheet date. Scheme liabiliues are measured on an actuarial basis at the balance sheet date using the projected unit method and discounted at a rate 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 sheeL 1.9 Operating leases Rentals under operating leases are charged on a straight-line basis over the lease rm. 1.10 Financial instruments Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised CQSt Financial assets held at amortised cost comprise cash at bank and in hand. together wth trade and other debtors. A specific provision is made for debts for which recoverability is in doubL 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 at am0Sed cost comprise all creditors except social securicy and other taxes and provisions. l. I l Taxation The School is a registered charity No. 1174356 and as such is not liable to United Kingdom income tsx or corporation rax on charitsble activities. 22
DULWICH PREP & SENIOR NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 2 FEES RECEIVABLE 2024 2023 Fees receivable consist ofr. School fees 16.787,385 (559.907) 16.227,478 16,197,659 (560,691) 15,636,968 Less= total awards and concessions Included within awards and concessions are means-tested bursaries totslling £427.152 which were paid to 25 pupils (2023: £409.120 for 25 pupi1s)- 3 OTHER EDUCATIONAL INCOME 2024 2023 Entrance and registration fees Extra-curricular activities 49,050 559,810 153,667 155.883 918.410 38.251 529,860 179.883 132,676 880,670 Courses and sub-lettings AVP sports activities income 4 ANCILLARY AND OTHER INCOME 2024 2023 School trip5. School shop, and Other income 291.206 240,209 5 OTHER TRADING ACTIVITIES 2024 2023 Rents receivable 75.553 78,050 23
DULWICH PREP & SENIOR NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 6 ANALYSIS OF EXPENDITURE Staff costs Depreciation Other costs Total Total (Note 7) (Note 9) 2024 2023 Raising funds Financing costs 20.065 20.065 16,041 Total costs of raising funds Charitable expenditure Teaching Welfare Premises 20.065 20,065 16,041 7,879,208 82.763 668,034 1,779.093 .311,262 1,405,888 2.927.934 861,151 830,000 9,190.470 ,488,651 3.924,289 2,640.244 830,000 8.794,579 1.361,673 3,516,813 2,187,251 770,000 328.321 Support costs Donations to parent enrity Total charitable 10,409,098 328.321 7.336.235 18,073.654 16,630,316 expenditure Total expenditure 10,409,098 328,321 7.356.300 18.093,719 16,646,357 Governance included in support costs: 2024 2023 Governor costs Remuneration paid to auditor for audit services 12,219 20.700 6.486 19,560 7 STAFF COSTS 2024 2023 The aggregate payroll costs for the year were as follows.. Wage5 and Salaries Social security Costs Other pension cost5 7.913,416 821,085 1,674,597 10.409,098 7,423.335 776,257 1.507.422 9,707.014 The total employment costs of key management personnel, who are considered to consist of the Headmaster and the Bursar were £301,661 (2022123 £280,562) including pension contributions of £40,524 (2022123 £36,475). The employer pension contribution includes salary sacrificed portion of salary. 24
DULWICH PREP & SENIOR NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 7 STAFF COSTS (Continued) 2024 2023 Number of higher paid employees in band5 ofr. £60.00 I to £70.000 £70.00 I to £80,000 £80,00 I to £90,000 £IOO.001 to £110,000 £130,00 I to £140,000 £140,00 I to £150,000 The salary bands are based on the pre-sacrifice salary bands. 12 The number with retirement benefits accruing in Defined Contribution schemes was of which the contributions amounted to The total employer contributions include the sacrificed portion of salary. 24 £396.226 15 £251.n9 The average number of the School's employees during the year, calculated on headcounL was.. 2024 2023 Teaching Domestic and estates Administrative 17 80 209 209 During the year there was one termination payment of £2,385 (2022123 £nil). TRUSTEE COSTS AND RELATED PARTY TRANSACTIONS During the year Governors received no remuneration. there was one expense for travel of £65 (2022123 travel and subsistence expenses £0). In 2023124 the School donated £830,000 to the Trust (2022123 £770,000). The School donated staff time to the Trust totalling £20,792 {2022123 £18,676) which has been recognised in these accounts as other costs. The School paid the Trust rentsl income of £1,787,400 for the use of its premises (2022123 £1,851.694). The school employed two family members of the Head Master during the year at a total cost to the school of £9,285 (2022123 £0) Cash resources for the Group are managed centrally by the Trust and a5 a consequence £4,125,886 was owed by the Trust at 31 August 2024 (2022123 £3,700.046) 25
DULWICH PREP & SENIOR NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 9 TANGIBLE FIXED ASSETS Furniture Leasehold Fixture5 and Computer Equipment Vehicle5 Total Improvements Equipment Cost At I September 2023 Additions Disposal in the year At 31 August 2024 ,035,129 692,357 838.221 120.046 (6,528) 951,739 964.196 109.198 {6.282) .067.112 114,601 2,952,147 921,601 (12,810) 3.860.938 1,727,486 114.601 Depreciation At I September 2023 Charged in year Disposal in the year At 31 August 2024 36,519 24.463 252,221 89.087 (38) 341.270 439,579 198,455 (6,282) 631.752 52,920 16,316 781.239 328.321 (6.320) 1,103,240 60,982 69,236 Net book values At 31 August 2023 At 31 August 2024 998,610 1.666.504 585.999 610,469 524.617 435,360 61.681 45,365 2,170,907 2.757.698 At 31 August 2024, the School had capitsl commitments of £ l 01,967. 10 DEBTORS 2024 2023 Fee debtors 178,557 14,956 263,920 4.125,886 4.683.319 131.921 118.731 201.928 3,700.046 4.152.626 Sundry debtors Prepayments and accrued income Amounts due from parent undertaking I I CREDITORS: amounts falling due within one year 2024 2023 Trade creditor5 Social security and other tsxation Fees in advance Other creditors Fee deposits Accruals and deferred income 696,353 206,662 2,971,000 21.097 1,486.425 129.893 5,511,430 715,153 205,986 1.449,581 24,861 1,369.525 109,982 3,875.088 26
DULWICH PREP & SENIOR NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 12 FEES IN ADVANCE 2024 2023 Within one year Within one to two years 2.971,000 1,SS5,958 1,449,581 Movements in fees in advance Opening fee5 in advance Amount released to income during the year Amount deferred during the year 1,449.581 (1,449.581) 4,526.958 4,526,958 1,397.020 (1,397,020) 1,449,581 1,449,581 13 OPERATING LEASE COMMITMENTS At 31 August 2024 the Company had future minimum lease payments under non cancellable operating leases a5 follows.. Land and Land and Other Other Buildings 2024 Buildings 2023 2024 2023 Within l year Between 2 and 5 years After more than 5 years ,953,105 8.145.240 104.978.120 86,469 247.600 10,437 1,728.399 8,079.535 106,996,930 53,455 282.823 The charge in the year wa5 £1,845,502 (2022123 £1.674,013). 14 SUMMARY OF MOVEMENTS ON MAJOR FUNDS At I Incoming resources Resource5 September 2023 Losse5 At 31 August 2024 expended Unrestricted Funds 3,439.697 38.591 3.478,288 17,560,628 (18.090.413) 16,909 {3,306) 17,577,537 (18.093.719) {48,100) 2.861.812 52.194 2,914.006 Restricted Funds (48,100) 27
DULWICH PREP & SENIOR NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 15 SUMMARY OF NET ASSETS BY FUNDS Unrestricted Funds Restricted Total Funds Funds 2024 Tangible Assets Net Current Assets 2,757.698 1,660.072 (1,555,958) 2.861.812 2.757,698 1.712,266 (1.555.958) 2.914,006 52.194 Long Term Creditors 52.194 2023 Tangible Assets Net Current Assets Long Term Creditors 2,170,907 1,268.790 2,170,907 1,307,381 38,591 3,439.697 38,591 3.478,288 16 PENSION SCHEMES Pen nTru for Inde endent Schoo15 Als Dulwich Prep & Senior joined the Aviva Pension Trust for Independent Schools IAPTIS), a defined contribution scheme, for their teaching staff with effec¢ from I September 2021. The pension charge for 2024 for the year including contributions payable to APTIS in respect of salary sacrifice was £1,269,562 (2022123 1.178,803) and at the year-end £107,151 (2022123 £101,613) was accrued in respect of contributions to this scheme. Aviva Su ort Staff Grou Personal Pension lan The pension cost charge in the year in respect of the support staff defined contribution scheme was £343,364 (2022123 £214.611). Non-teachin staff define benefit scheme The parent Trust operated this kheme (the Dulwich Preparatory Schools Trust Non-Teaching staff Pension Scheme), a defined benefit contribution pension plan. which was closed on 31 December 2004, both in respect of new members and accrual for existing members. On I September 2017 the Trust transferred the obligations to contribute to the Scheme to each of the Schools in proportions determined by the ictuary based on the staff who participated in the Scheme. The valuation in these accounts uses that proportion and has been derived by projetting the results of the last comprehensive actuarial valuation of the Scheme as at l January 2024 and has been prepared by an independent qualified actuary. 28
DULWICH PREP & SENIOR NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 16 PENSION SCHEMES (Continued) Following the latest actuarial valuation a revised Schedule of Contributions wa5 agreed between the Trus( the Schools and the Scheme Trustees with the aim of eliminating the deficit over a period of 5 years from I January 2024. Under this Schedule of Contributions the School expects to contribute £41,220 to the Scheme in 2024125 (2023124 £41,220). The FRS102 culation by the actuary calculated a scheme surplus of £103.80012022123 £113,500). However. in accordance with paragraph 28.22 of FRS102. an entity shall recognise a plan surplus as a defined benefit plan asset only to the extent that it is able to recover the surplus either through reduced contributions in the future or through refund5 from the plan. As such, it is not probable that any current surplus will lead to economic benefits being transferred to the entity as there are many variables which are likely to impact the value of the surplus in the period until the scheme is wound-up. The net pension Asset has been restritted and therefore become5 £nil. a) The amounts recognised in the balance sheet are as follows: 2024 2023 Present value of funded obligations Fair value of scheme assets (635,800) 739,600 (103,800) (573.100) 686,600 (113,500) Restricuon on recoverable surplus Net Liability b) Changes in the present value of the defined benefit obligatbon 2024 2023 Opening defined benefit obligation Interest cost 573.100 29,100 43.700 (10.100) 635.800 630.200 25,600 (69,400) (13,300) 573,100 Actuarial 8ainsl(losses) Benefits paid Closing defined benefit obligation 29
DULWICH PREP & SENIOR NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 16 PENSION SCHEMES (Continued) c) Changes in the fair value of the scheme assets 2024 2023 Opening fair value of scheme assets Interest income Return lower than the discount rate Contributions by employer Benefits paid Closing fair value of scheme assets 686,500 36,000 (14.000) 41.200 (10,100) 739,600 677,200 28,600 {47.200) 41,200 (13,300) 686,500 d) The amounts included within the Statement of Financial Activities 2024 2023 Interest on obligation Interest income Total amount charged to the Statement of Financial Activities 29.100 (36.000) (6,900) 25,600 (28,600) (3.000) Net actuarial (losses)Igains recognised in the year Restriction on recoverable surplus Pension scheme actuarial105S (57.700) 9.600 (48.100) 22,200 (66.400) (44.200) e) Principal actuarial assumptions at the balance sheet date 2024 2023 Financial Assumptions: Discount rate RPI inflation a55umption Rate of increase of pensions in payment Rate of increase of pensions in deftrment 5.0% 3.1% 3.4% 2.8% 5.2% 3.3% 3.6% 2.7% Assumed life expettancy in years at age 65.. Non Pensione Females Males 25.8 23.7 26.3 23.9 Pensioners Females Males 24.4 22.0 24.6 22.2 17 POST BALANCE SHEET EVENT In October 2024 the Trust purchased the bungalow at Mary Datchelor and acquired the lease of the Mary Datchelor playing fields from Southwark Council. The freehold is held by the Dulwich Estate. 30
DULWICH PREP & SENIOR NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 17 PRIOR YEAR COMPARATIVE NOTE (A) 2023 STATEMENT OF FINANCIAL ACTIVITIES Notes Unrestricted Restricted 2023 Total 2023 2023 Income from: Charitable activitie5: School fees receivable Other educational income 15.636.968 880.670 15.636.968 880.670 Ancillary income 235.209 5.000 240.209 Other trading activities Non-ancillary trading income Investments Bank and other intsrest Voluntary sources Donations and legacies 78,050 78,050 39.572 39,572 35500 35.500 Total income 16.870.469 40,500 16,910,969 Expenditur¢ on: Raising funds Financing costs (16,041) 116.041) Charitable activities Education and grant making (16,624,816) (s,5) 116,630.316) Total expenditure (16,640,85 {5.500) 16.646.357) Net income 229,612 35.000 264.612 Pension scheme actuarial rdins 19 (44.2001 (44,200} Net movement In funds for the 185.412 35.000 220,412 Fund balances blfvvd I September 2022 3.254.285 3.591 3.257,876 Fund balances clfwd 31 August 2023 3,439,697 38.591 3.478.288 31
DULWICH PREP & SENIOR NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 17 PRIOR YEAR COMPARATIVE NOTE {Contlnued) (B) 2023 SUMMARY OF MOVEMENTS ON MAJOR FUNDS Atl Incoming resources Re50urce5 Gainsl September 2022 Transfer At 31 August 2023 Los$e$ expended Unrestricted Restritted Total funds 3,254.2B5 3,591 3.257.876 16,870,469 40,500 16.910.969 116.640.857) 15,5001 116,646.357) 144.2001 3.439.697 3&591 3,478,288 144,2001 32