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 ComMit￿e
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 commit￿d 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 regIS￿r 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 ma￿rIal 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 sta￿Ments, 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 ￿l￿d 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￿ Srn￿ments
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.
DeprecIa￿On 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
am0￿Sed 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
A￿ls
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