Company No. 10814894 Registered in England Charity No. 1174356 1885 Dulwich Prep & Senior ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Illllllllll AF2EKYOR 19105r2026 MPANIES HIME
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DULWICH PREP & SENIOR ANNUAL REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 The Governor5 presenl thtyr annual report CO8ether with the authted fir4N¢ statements of Oulwich Prep & Senior (¢he"Sthod'J for the yw ended 31 August 2025. The Governors confirni that the 3nnual report and finaKRI statemEnts of the School cornply wlth the current statutory requirements, ¢he requiremenrs d the Sthool's governing document and the Pro510Th5 of the Srarement of Ret¢)mmended Prdctice 'Accountin8 and Reporting by Charitse5" (Chat*les SORP FR5102). STATUS AND ADMINISTRATION The schts Is a compny Ilmlted by yarantee (Company Nun4Jer 10814894> and 15 reglstered with the Charity Commission under Charity Number 1174356. Its registered office is 42 Alleyn Pari Dulwich, London SE21 7hA. The School. together with The Dulwth School Cranbrook (pre¥iously Duch Prep Cranbrook). is a subsidiary of Dulwith Preparntory Sthools Trust (the "DP5 Trust" or"Trnst"l. which is so a conNxny linKed by guirantee and a registered charity. The Sch1 changed its name to Dulwith Prep & Senior from Dulwich Prep London on 3 September 2024. GOVERNORS., RESPONSIBILITIES The Governor5 (who are a150 direcwr5 of the School for the pwposes of comF4ny kw) are re5ponslble for preparin8 the Governors, report {including the strdtege report) and the financMI $tstements in accordance wth applicable law and United Kingdom Accounting Standards (Uniied Kingdom Generally Accepted Acc¢yJnting Pracuce). Company requlres the Govemors ro prewe financral statements for each finanaal year. Under tompany layi the Governors mtsst not approve the financval statements unless they are satisfjed that they give a true and far view ol the of the financrdl p051tion of the School and of the iocominEre$ource5 and apptlation of resourc includingthe Income and expendiwre. of the School for that period. In preparing these finanoal Ststem the Gownors are required t selert 5uiubte accounting pa&ries and thEn aPPty them Consisten. observe the methods and prlrKiples in the Charityes SORP, Ake jud¥ynenrs and accountyn8 esnmates (hat art rtasonak4e anij pruden¢ state whether applicable UK Accounting Standards have been followed, subject to any m3¢erial dep3rtur¢5 di5d05ed and exphined in the 5tarem¢nts: on prepare the finanml StrntS on a going concern basis unless it 1$ inapproprrate to o$sume that the School wll continue i) operatio The Governors are re5pons11 >le for ke¢png ade(pRte accounting records. that Is recor& that are sufficient to showand explain the School'5 rransacuons and di5dose With re350nablE accuracy atany tirTre the financial position of rhe Schod and ertable them ro ensure th2¢ the ffinanclal statemenrs comply with the Companles Att 2006. They are al$0 r¢spon5ible for gfegvarding the assets of the Sch¢Jol and hence lor taking reasonable steps for the prevention and detection of fraud and other irregularities. Each of the persons who 15 a Governor tt the time when thi5 Governors, report 15 approved has tonfirmed that so far as each Governor 15 aware. there is no refwdnt a91t information of which the School's audttor 15 urravfdre: and
DULWICH PREP & SENIOR ANNUAL REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 each Governor ha$ uken all the st4)s that ought to have been tsken as a Governor in order to be ayrdre of ary relennt oudit iormatI1)n and to estsblish that the School's auditor is aware of that infommdon. STRUCTURE, GOVERNANCE AND MANAGEMENT The School Nvas ereated a5 an independent thariry governed by its Arricle5 of Assotiation with effect from I September 2017. The Articles rÈfiert the CoryaAies Art 2006 and the Charities Act 2011 and were approved by the Charity Commission and passed by written resolution on 16lune 2017. Prior to that date the School was part of the DPS Trust. The School is suppord in the prov10 of education by the DPS Trust from which the School lease5 irs facilitie5. The OPS Trus¢ the School and the Duhvith Sch¢ol Cranbrook make up a group of corypanie5 (the "Group?. Governing Body The Governors are the trustee$ of the kh1 under ch¥iry law and the dlrertors of rhe Schod under company law. All Govemors are "members" of the DPS Trust and the Sthool'$ Chairnnn and one other Governor also serve as Trustee5 of the DPS TrusL The member$ of the Goverrung Body who seryed In office as G¢)vernors ¢Juring the year and subsequent are detailed belowr. E K Kelleher T N F Retlred as Chairrron of the Sthool and Trvstee of the DPS Trust on 31 Juty 2025 l Lovett T N F Appointed Chaimwi of the School and Trustee of the DPS Trust on I August 2025 AFCrow P F l T Appoi)ted Trustee of the DPS Tnjst on 17 Deterer 2025 DrHCADeasy Retired 31 D¢c•nb¢r 2024 D'r C B R Falrhurst H G C Humphreys WMALand Retlred I l 2026 N R Martel Appoln¢ed 20 November 2024 J R Rhodes SJ Smith IDHSteel Retired 17 Dec 2015 A M Gddeard Awointed 8 April 2026
DULWICH PREP & SENIOR ANNUAL REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Key.. Trustee of the DPS Trust Membw ol the DPS Trust linance CorThnittee Trustee ofthe DPS TnJ5t knsion Scheme Member of the Finance Cormiittee Member of the NomInatior Remurmtion CoThnittee Key Management Personnel Head Mastw. L A Davidson. BA (H$). PGCE C A Sknllinzx LLB (H$). ACA H C BoThJ. U (Hons> Bursar & Clerk to the Governors." aerk to the Governors (from 27 April 2026) Prof•$slonal Advis•rs Banktrs.. NatWe5t Bank pl¢ 120.122 FenchLrch Streei London EC3M 5BA Solidtors.. Farrer & Co LLP. 66 knncoln's IM F1 Lorbjon WC2A 3LH Storft KI Boundary Hous¢ 91 Charterhtyjse Streei Lonth)n, EC IM 6HR Crowe U.K. LLP. 55 Lirdpte HilL London EC4M 7JW res 27 AtWls¢ 2025 Haysmac LLP 10 Place. London. EC4R IAG appointed 28 Avgust 2025 Auditors.. Governanc¢ Strurture The Governing Body meets at least tyirce every temi. The Nominations and Remuneratlon Commlttee mee¢ when considering new aPintmentS to the board, pwfornur of the Head Master and to consider annual pay awards. The Finance C¢mIttee meet5 ar least 01 a terni. The Head M&sier and Bursar & Clerk ¢0 the Governors attend the Govwning Body meetings and any sub-committee5 as required. The day-t041ay management of the SdK)d 15 delega¢ed to the Head Master and Bursar & Cknk to the Governors who collectively ¢c¥npri5e key management persoThiel and are supported by the Sthool's Senior Leadership Team. The Head Master has overall responsibility for the appointment and surYI$l0n of all staff. but delega this functiw to the Bursar and HR Direcror for non-academic sttff. Remuner2t•)n pollcy is set by the Geming Body with the obiectsve of providing approprinte in¢encives ¢0 encouragé enhanced educational perf0ftnae and of rewarding fairty and responsibly indrv1dI contributtons to the School's success. The remuneravon policy is reviewed annual. inclLwJing reference to comparisons with other independent and maintained schoot& toensure that the Sthool remains sensittve to ¢he broader iSSLS of pay and empk)>ment conditions elsewhere. Delivery of the School'5 charitable vlsion and purp)se is primarily dependent on the Head Master and Senior Leadwship Team. Staff costs are the largest single element of the charitsble expenditu Governing Body Recruitment and Traininz New GoverTh)rs are idtIr1ed by the Nominations aThl Remuneration Commit. suppcYTrd by the Head Master and Clerk to fhe Goverrh)rs. and appointed by the Governing Body fdlowing agreement by the DP5 Tru5L Govwnors serve for an initial twm of four year& but may offer thwnsejves lsy re-ekc¢ion fc
DULWICH PREP & SENIOR ANNUAL REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 a second term of four years and then a final terni of two years. The total of ten years may only be exceeded In exceptionil circumstances. New members of the Governing Body are eletted on the ba5r5 01 the candtdate5' profe5Stonal qualitie5, experience, personal competence and the specifK needs of the Schwl. New Governors are indUCd inro the management and ethos of the Sthool a Pr0me DnISed by the HR Director and Clerk to the Governors. The Clerk to the Governors alsts notrfie5 members of the Governing Body of releyant intemal and external trustee traSning and inforn)aDon courses and $In•r$ desi& to keep them informed and Updated on cwrent Issues in the seCr and regulatory rewirements. Chartty Code of Governance The School's Governing Bcdy take5 its goverrrance responsibilities seriously and aims to have a govemance frarnework that 15 fit for prysq compliant and efficienL The Governing Body has esrablished a solid foundation in governance in which all of its Governor5 are cr abovt their role5 and legal responsilIties, are commiited fo supporring the School in delrvtring its obi¢cu most effeetryety for the benrfit of its beneftclaries and to con¢ribudng to the School's conty.nued irnprovemenL The Chariw Governance Code has seven principles-. Organi5ational Purp05e- Leadership.. Integritr. Deci5Tr0n Making, Risk aAd Control- Board Effertivene55'. C>wer5iw and IDclv5ion- and OpeTrnes5 and Accountability. Complying with the code is not a leDI or reguP4tory requirement and ¢he Cgde describes its aims as 'deliberately a5F4rational'. The Governing Body meets a very signffjtcant prowticffi of the recommended and besi prnttite for govtrnance contained within the Charity Governance Code acr055 the seven areas. Employment po14Cy The School is an equal opportunities ernployer. Full and fair con5iderdtion 15 given to job application5 frorn persons with any of the protecred cForacreristycs anty tjue consideration 1$ yven to their trnining and employment needs. Consultatttin wth employee& or their representa¢ive% has con¢inued at all levels with the aim of taking the views of employees into account Nyhen dectsions are made that are likety to affect their interesrs. Employee5 are de aw7re of the firranci and economic perfornHnce of rhe khool. Employees are also aware of the public benéit necessarity proded by the Sthool as a charlty and of their part in 5UPPOrting che Schod's contribution to the loc community. Cornmunication with employees coniinues through nornial managemenr channels in a variety of form5 and also thrwgh excePU0n channels ro make staff of currtnr iu¢$. STRATEGIC REPORT The remainder of the reprt of the Governors also constrwtes the strategic report for the purposes of the CompanRs Act 200& Prin¢lpal actlvlty and objects of the School The objettives of the School as a charitable company are the adAncement of educati¢)n of children in the United Kingdom and elsewhere for the public benefit principlY through the operntion of Dulwich Prep & Senlor and 5UPPOrt ol the DPS Trust
DULWICH PREP & SENIOR ANNUAL REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 The Governing Body Is mindlul of the Iwg-stanthng need to provide public benefit and of the reqvirements of rhe Charitie5 Art 2011. In this connection the Governing Body monitors the wjitrante on pvblic benefit produced by the Charity CwiiSSiOn. together with its swlemeral guK4ance )n advancing education and on fee-charyn& Aim The Governors. aim 15 that puw15 Should IRYe every opportunity to fulfil their potentrdl educational capability acr055 a fun range of acts¥rities.' academic. artistic. dramatic. musical. 5POrtin& 50cinI and moral. Thi5 is achieyed by prowding a rich and dynamic curricubJnK inspirational teachi oppprtunitles to build self-confidence support for puFl's intellectual. physical emorional Capacity. The School aim5 to inspire exrellence and develop character, to prioritise Y11-bein& learning and enrichment and to empower future-ready and re5pon5ible world citiiens. The Schod supports these aims by using its values-led etho$ as a b1$ around wNth the currtcM and p•sroral rare a developed. Primary objertives The khopl seeks to achieve its aim through the foNowin¥ primary obfectivetr. to welcpme pupils staff from all background& economic 5taW5, ethnKlty. rat. rellglon or diAbili¢y. amongst other things, ¢kn not form part of the selKtion process: to be tornmitted to $feguarding and promoting the welfare of the pupils and to expec¢ all stsff and volun¢eers to share t$ comrnitmenL The khool pe$ great importance on pastornl car fostering a sense of community and good otizenship.. to prwde pupa$ the OFPOrtunity to gain new experiences and take dntage of a variety of cfy and extra-curricular acthues to devetop all aspects of thelr tharacter: to Set the fees ata level to ensure ther1rrclal viability of the khool artd at a level that Is CL)nsls¢ent wlth the alm of providing a first-cla5s education to boy$ throo8houc the Sthool and girls In our Fledgling and Nursery cla55e5- to provide financi support to enable thildren whose parents wodd not otherWe be able to afford the fee5 to benefrt frorn an eduotion ar the School.. to rnainoiTh a dear and effectlve governance and managernent strucDJre and the necessary support framework to meet the needs of staff and pupls alike.. to reflect equality diyersity and Inclusk)n objectiv4 and to enhance the sense of belonging for pupils Staff and the wider school communiLy. StratekYes to achieve the primary 06je¢tive$ The School's Strategic Development Pknn (the "Plan.) is upthted and reviewed annllY input frcrtn the Governin8 Body. Future Plans for Future Periods In May 2023 the School announced its incentyon to extend to age 16. It wa5 intended that thi5 would provide support for a Dumber of the boys wi¢hin the Sch¢)ol to relieve pressure on the exams required to move schoo15 at I l+ and 13+ The announcement required Some l¥Jilding work to be undertaken to provide appropriate preml$es for the older age ranp PEanning tons*nr vrds wen (23 October 20231 regarding
DULWICH PREP & SENIOR ANNUAL REPORT OF THE GOVERNORS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 the development of the Pre-Prep bvildlng and the Betw5 BldIng. The Pre-Prep buildlng works were completed in tyme for opening in Septernber 2024. The Be building YrkS commenced in july 2024 and were completed in May 2025 in time for the SeTrr Sthool to open In September 2025. The buik4ing cost5 for this were 5UPPOrted by the Tru$L The Governors. current direction and plan for the futyre 15 to develop a sthool from age 2 to 16. This will bt achieved thrcwgh the development of the Senior School a5 the boy5 who entered Year 9 move up to Year 10 {2026127) and Year 11 (2027128). whilst maintaining Tt5 excellent Prep school. The Schod is recruiung and trninin8 sraff to ensure that they have the r4uired skills to support thls.developnt. We a150 welcomed our first children aged 2 into our w"Fledg1Ings" class from SepterTtser 2024. The School ses Inslghts gained from $¢ and current activmes to dirtt shape future planning and inform resource allocation. ensurfng investments are targed vthere thry will have the grearest iryct. The School ha5 unched a wn$ukatirJn to look at the redevelopment of the Mary Datchelor playing fields and rtCOBnists that it need ¢0 fvndraise to support this developmenL Projects The Ran defines Investmen¢ iniiiaDYes and ftwor projects in pursuit of the School'5 primary objecrNe5. Durlng the year to 31 AUS5[ 202S the nwn premises work5 wer swirnrning pod rtfvrbishment induding til#)g the pod.. drlnage 4¢ Grange Lane playing fields- development of a screnyh and con¢thtionlng sulte. In Ottober 2024 the DPS Trutt purthased the freehold of the bungalow at Mary Datthelor and acquired the lease of the Mary Datchdor phying fidds from SouthwaA( Cowl. The freehold of the Mary Datchelor playing fiel& is held by the DVIch Esu¢e. PUBLIC BENEFIT The School rertmins commitred to the aim of pdg public berfit in accordance it5 founding prsnuple& The School actyvely Supports the attainrnent of the hheSt standards of edu¢avon through rigorou$ and continuous eyaluation of qualty and perforwrAnc& the appliotion of best prnttice and a wldespread desire to improve standards. We ¢O•operate local sthools and educational bodie5 to widen public access io the education provKfed. to optiftmse the use of the cultural and sporting fac¢lities and to awaken in pupi15 an awareneu of the $0¢4J context of the a11-nd educaticffi they recve at the Schooi. Bursaries In the year to 31 August 2025 the school awarded mean5-te5ted bursaries to¢alling £460,214 to 28 puplls {2024.. £427.151 to 2S pupils). including 19 where the tr*Jrsiry exceeded 70% of lull fee5. The School cldUctS means.testing through a detailed process whith May indude a home ViSiL
DULMCH PREP & SENIOR ANNUAL REPORT OF THE GOVERNORS {CONTINUED) FOR THE YEAR ENDED 31 AUGUSf 2025 Sharing our facllitles and resources . The School ha5 engaged in a range of prtner5hip5 local maintained 5th001& makin8 facdities avwlable to those schools and inclth4ing them in teathing and educatitinal events. This ineludes alltswng a local primary school Du1Ch Wood. to use our swirTwning pDol on basis as well as regu12r French and Italian ngUage 2nd cultural xhods who use the Sthoofs facilities on a Satyrday. The SehoDI is de¥doping Virt1 Teacher ExdAnges and joint pupil webinars Sparrow School Foundation in South Afric3. wch is one of the DPS chosen charities. The School provides rnu51Cnn5 lor the annual Sparrow Charity Celebrauoll of Chr1$ lfi the Rordl Hosprul Chelse& and $4>porrs its annual Golf Day at Dulwch and Sydenham Hill Golf Cl. Charltable IndrAisIng Pupil fundraising for tharitable cau5e5 Is encouraged and 15 srrongty underlined by the School'$ value5. HighllKht5 from the year to 31 August 2025 indud g Noht Out- a group of Year 8 boys slept outside ro raise money lor h¢Jme5ess charStle% A regular Park Run ra1[¥ money for a variety of different ctrAritie5. Fundraislng practlces Currently. the Schoc4 is exploring option5 to t[rOve the Mary Datchebr PlaTr¥fieIS in partnership with Kingsdale Foundation Sthool I'KFS.). These playing fiekI5 are used by over 3.5CKS pupils from the School and KFS and proposed enhancErnenrs wll mean that the site 11 be abk to offer year-round use to both pupils and the l¢xal cornmunity whilst protetting this imp)rtant green space. The School engaged a fundraising consultant to prowde expert advice and 5UPPOrt for its fundraising Strate and a profe55ional advlsor to better understand the School's supporrer database. Thi $eThice helps identlfy wpporters with the potentrdl to make significant donations and carried out in conWiaThce with data protection regulations to ensure transparency and respect lor 5uPFer privacy. The trustees monitored the attNities of all these partie5 to ensure fuThJraising and rdated actIleS were conducted appropriatelyb and no conylaints were recetyed in rtion io these activities. Me35ure5 to protect vulnerable per$on5 and the public were folbwed in line cPr4rity policie5 and fundraislng $tandards. During the year, the Sthool also engaged a fundraising eOffPary to facili(ace the auction at its 140th Anniversary Ball. The company a thSrd-pary professional fvndrdiser who acted ¢)h behalfol the tharity and Is commilted to adhering to rhe voluntary Code of Fundraising Practic The Schod reglstered wirh the Fundnisin8 Regdator for the 2025126 acaderrfc year. PENSIONS The School operates the A¥lva P?sion Trust for Inderdent Sthools for teaching Suff and an Avi pension scheme for nOn-teach8 staff.
DULWICH PREP & SENIOR ANNUAL REPORT OF THE GOVERNORS {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2025 SAFEGUARDING The School has a deslgnated Sthguarding Governor and there are regular cL)mmunication5 and rneetir be¢ween thls Govtrnor and the School's Desgnated Safeguar&ing Lead {"DSL'). The DSL reports to the Governing Wy once a terrtk There is an annual safeguarding audit and the Single Central Record is inspected by the Safegvarding Governor on a trrmty basis. All Governors receive full safeguarding trainlng when they join the Governing Body and subsequtty underuke annual safeguarding training. All Governors are required to relitw and appr)ve the 001.$ Safeguarding (Child Pro¢ectK3nl Policy annually. Whitst the Go¥ernor5 are respectfid of the drflwence in role$ and re5ponsbi ilities betwe governance artd rYAnagement. they exerose appropriate oversight of safeguarding and are deliberakly visible to staff and parents. by attending many school evertts and meeting Trot just the Head Master and Senior Leadership Team, but staff in all areas of the Sch¢)tsL As wen as modelling a tultvre of openness. Go¥em)rs have in recent years prioriti5ed change5 to make the School not only complrant on broader practid leve15, 3 Safer place for the puwl& EMOTIONAL WELL-BEING AND MENTAL HEALTH The School places great importance on the quality ol its pastoral support and has a temi.tirne rounsellor cjn $ite. The coyn5ellor prwdes child menfl health %wareness tr•ning and zuidance to parents and staff. The khool has developed a wdl-being suite to provide a calrn and relaxing space for the thildren to Vi51t. The counsellor runs l.. I sessions with pupi15 is a need 1$ identified. The Schcd has trained a number of suff a$ m¢ntl hearth fwst aiders to support both the puwk and their collewes. There is wde reaching P05tordl 5UPPOrt. which is led by the Heads of Section5. ACHIEVEMENTS AND PERFORMANCE In 2025. 93 Year 6 and B boys went on to 27 &ifferent senlor 5ch¢xts12024.. 106 and 231- destlnatlons can be seen on the Schod'5 webm. The Year 6 to 8 leavers of 2025 rer4ed a tocal Offer of $912024.. 41) scholarshlps and ayrdrds. The 5chog1 has 8y$ considered the importance of a broad eduotion alongside academle achievement and over half of the awards offered by these SerOr Schools were for ar¢ design and tech[10. nyjsic or 5porL . In September 2025 we wdcomed our first cohort of Year 9 student The School's tcUrrUl&r offer rerT4ined popuhr and ineredibly varied. The boys to part in cookin81 skattboardtng. LED Sword yoga and thess to name but a few of the tltsbs. This wide offer allows the br)ys access to wt4t moy become lifelong hobbles or to enhance their already established abilities. The School also offers the opwtunity for children to join VT¥>-around care from 7am to 7.30pm and flexi- boarding if required. Ther¢ was a range of thanu perfOrn?n wKFu&ing Matild4 Chrisrrw vItieS and show5 and the Year 8 drama projetts. Music remains very strong at the School and conunues to be wlndow for excellence In 8roup5, ensembles and choirs . as well as providing a thorough classroom preparation for music in future years. Over 500 1ndN1dl musSc le550ns are taught weekty. Throughout the year, acros$ 41 sections of the School. regular Pupll Con¢er¢s and several seasonal events were PerfOrn in the Sch¢1 Concert H1, culmir4ting in
DULWICH PREP & SENIOR ANNUAL REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Gaja Summer Serenad< showcasing the work of senw musKians. DPS led the music at the annual community Kemembrantt Service at St Stephen'5 churc D1th. The Sthool held its Christrnas Carol Service at St Stephen's Church and a Spring cho and Instrumental Contert in SouthvArk Cathedral. Over 2C¥) children t¢xsk ABRSM and Trinity music exams achieving a heakhy p5 rats and a hh pertentage of merit and dirtinction passes. Senior musicians were awarded four full Mu51t Seholarships. plu$ one Exhibityon, to sthools induthng St Paul's and Dulwich Colleg The 2024125 academic year was outsttnding for DPS sprt showosing excellencq inclusivity, and an extensive fixture pro8ramme of 662 matches wr(h a overall Mnldraw rate. Puplls excelled nationally across footbill. rugby. crickeL Mmmin& and athlwics. with hhlIghts such as the 1st Xl football team's unbeaten seas¢n. Ul I Peli¢an Cup werories in both football and crickeL U10 and Ul I Surrey Ru8by 7's titles. and a U10 swirnming national recr)rd. underlinir the depth and breadth of the khool's sporrin8 success. Equally important 15 the Schod's commitment to iThdusi¥ity. ensuring that every PUF¥I vffjhing to represent the Schod had the opportunity to do so, refiected in the Subsranrial number of fixtures across 011 year groups and abilities. consrsrent across aN three temis. 7Mth rugby and football setting the tone Sn autumn. the spring tem delivering the knrge5t number of fixtures and Summer producing national triurnph5 in athletics. trickeL and swimrnin8. year confirnied DFS spory as b¢th a pkatform for national- level excellence and a Community vthere 1 pupils benrf The School a varlety of different siryle day and reswknt41 uips. indudiw. a Year I trip to Cry5ts1 Pakne Park- a Year 2 trip to the Tower of London,. Year 6 residenoal to York.. a skn-trip* and a Year$ 5 ¢0 8 vrdter sports trip to Lanurot& FINANCIAL REVIEW The Bicome for the year wa$ 118.364,469 12024.. 117.577.537) and expentthture of 11&152.087 (2024.. £18,093.7191. The net book lue of frxed assets amounted to £3,085,071 12024: £1757,698). In addition to the inc(xne receryed In re5pett of fees the 5¢hool seeks t¢+enhance Its income through lecting its (acili¢ies and through rents received for resrdential property for some tfdching staff. Besides lettings of sports facilities. classrooms and hal. the Sch¢Jol also operate5 a holiday Clu which pro¥ltJe5 a wide variety ol holiday activities for Children beiween the ages of 4 ond I l. In the year, the Schod has an operdung surplus of £212.382 {2024.. defiut of £51&182 following a donation of 1830,000 ¢0 DPS Tru$r from surpluses for the 2022123 yrdr)- Reserves The Governors aim to malntaiTr a positNe level of reserves and for the vnre5trstted reserves. exduding the penSic reserve. to be maintained at the approxite level ol at least one month's expenditure to meet the day to day runnin8 costs of the School including the costs assocar¢d the n4intenaKe of Its buildings. This aNows the Sthool to ensure $uffiaent liquidity for n¢Jrnul operatic 10
DULWICH PREP & SENIOR ANNUAL REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Unrestricted re5erYe5 held aE the yearthend totslkd £3.024.130 (2024: Q.861.812). The year end funds were srfiaent to cover two months. expendityre of thy to dly runnuhg costs of the School. The Sthool operdtes an on80ing policy of donating surpkn to the DPS Trust to permit apltal expenditsjre in support of the DPS Trust's schools. In eydluating the amount of any LbnatioD, the Schod'5 Governin8 Body need$ to bance its obiectives ol supporting the Trust those of Mainta1 the vRbility of the School and delivering its other charitable objecuves for education. In the frnanaal ye¥ ending 31 August 2025 no donation 7s made. The dorthtion to the DPS Trn$t 1$ at the ¢xretityi of the Governing Body in accordance with the Governors. obligations As directors of the School. The School has a free reserves policy whKh is formally assessed at least annually as part of the preparation of the financMI resulrs. This also prOdeS comlort that any donation being mide 15 covered by ¢Ytstribuublt profits in accorda2 wlth company law requirements. Golng concern Having assessed the SthocA's financ position, its pkns for the foreseeable future. the riiks to whKh it is exposed and the 5UPPOrt aValble from the DP5 Trus( the Governors are satirfied that r£ is appropriite to prep3rt the stacements on a gtring concern bas. P05t balance sheet events In March 202& the trustees of the non.teaching staff defined benefit 5theme entered ITh a pensKin buy-in arrangemenL Yiih a premium of £2.3m paid out from scheme assets to * third-party pension risk transfer business. Following the buy-in, the khool 15 expected to rnake further contributsons to the wsion Scheme under the prewlously •greed Sthedule ol Contributions. PRINCIPAL RISKSAND UNCERTAINTIES The Governors consider the principal risks faced by the School to ) safeguarding of the pupils lill the affordability of fees for F4rents followng change5 in t&yaiion reyme and more generally wlthin a climate of rising co {ii)r changes to entrance v¢XedurnYear ol thission for senior schoo15 both in the private and state seetor. (iv) the education offering of local maintsined sch(5. and Iv) health and safety. The Sch1 15 Yery aware of the prtssvres M the Charitable sthtsofs, seccor from the inyosivon of VAT on fee5 and general infiaiion. We are cofflffliitd ro convnulng io ensure that we prode a first-rate edutation to our boys anij enable them ro flourlsh. wthiLrt baFanung value for mgney and fiTranckil 5U5tainabilicy and increasin8 our wder charirable reach. The Governors c105ely monitor chaTrges in the priYa¢È school sector and the potential for stratwc oppomnitie5. Pup51 nurnbers were m¥ginaly lower in 2024n5, by crryarison with 2023ll4, Yfflh 809 P115. The Governor5 anticipate that the change in aze range will support the pupil numbers golng forw¥ds due to.. li) the intmduction ol Fledgling5 from Sep*rnber 2024- lil) the introduction of a senior school from September 2025.
DULWICH PREP & SENIOR ANNUAL REPORT OF THE GOVERNORS {CONTINUED) FOR THE YEAR ENDED 31 AUGUSf 2025 Fees were incrwdsed in September 2024 by 3% to reCogne the wnpact of hi levd5 of inflation on the Schoof$ overheads. During the year fees were increased by 15.5% Trn response to the intrtsduction of VAT on school fees with effect from l January 2025. Athough representing a signifitant increase, the Governors £arelully consider fee increases io enwre the S¢hool remn$ cgmpetitively priced in the private sector, but also that the eduotion provision continues to be of the highert qualrcy. To further malntain affordability for our parents and fee payers we continue to expbre vrays to minwnise the change to fee5 and ehar8es. This indudes an Increased loc On cos¢ control and soving& revlew and better use ol our laciliiies and an intreased focu5 on fundraising opportunitie% Health Salery is ajways a si8nifKant area of risk The risks raw from pandemlG fire and faStructUre to personal risks (most noubty when away fr¢Am the campus on irips and expediti¢)nsl. The level and breadth of attiyity at the Schod is extensive and therefore risks a5s0aated with acti¥itie5 art minimised by thorough planning and specifK risk a5sessrnent> Over411 considerntion of risk is undertaken by the Governors. in coThjvnctioft with the Head Master. Bursar and Senior Leadership Tearn. The risk ffran3gement review proce55 reyJlt5 in a risk regisier that identifies risks, a55esses their ifflpatt and likelih¢)od. and. where necessary. recoftmnends controls to mitigate and monitor those risks. The risk register is reeyd tern)ly by the Governor5 and updated following this review. The generlc confrots used by the Schotrl ¢0 mlnimise rtsk Indud detailed terrns of reference together wrth fomul agendas for Governing Body advSty'. a strategic development plan. which is reeWed annually by the Governing Body,. comprehensive budgeting and rnanagent aecounti established organisational strutture5 and lines of reporti Instruction ol exrnal ¢on5ultants ro provide a1Ce. fonnal written policies including clear authorisation and approval levdi and Yetting procedures a5 required by law for maintainin8 safewArding standards. The Governors reguhrty review the effecti¥rss of current phn5 and strategies for managing all identified major risk5 for the School. Approved by the Governing Body of Du1Ch Prep & Senior, includirt& in their cap3cTty as wmpany direccors. approvwjg che Director5. and Str3regic Report conwned thereln. and signed wi Its behalf br. J Lovett Chalrman Oate 27 ApvLL 2016 12
DULWICH PREP & SENIOR INDEPENDENT AUDITORS REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Independent audltor's report to the members of Dulwlch Prep & Senlor Opinion We have audited the finanrial staternents of Dvlw•ich Prep & Senior for the year ended 31 Augus1 2025 which comprise rhe Sorement of FirtancAI Actsvityes the Balance Sheei the Sratement of Ca5hfiows and note5 to the financial Stst¢Men Uding • $umThqry of significant accounting policies. The financlal reporting fryamework that has been applied in thr preparation is applicable law and United Kingdom Acwjnting Standard5, Including Financial Reporring Standard 102 The P0001 RePOrtrnE Swftdard Opcoble tn the UK ond RePublK of Irelond (United Kingdom Generally Ac£epted Accounting Praitlce). In opinion. the financial statemen give a true and fair wew of the state of the Charit coryany's affairs a5 at 31 AuKu$¢ 2025 3nd of the charitable companys net rrKwernent in funds including the income and expenditure. for the year then ended.. have been properly prepared w) accordan with UTh¢ed Kingkn Generally Accepted Accounting Practice,. and have been prepared In accordance wlth the requemenu of the Companles Att 2006. Basis for opinton We Conducted our audit in accordance Incernational Standards on Auditing (UK) {ISAs {UKI) and pplicable Llw. Our responsibilities under those stsndards are further d¢scribed in the Auditor's responsibilities for the audit ol the financial statements settk)n of our reporL Wt are independent of the chariry in accordance ith the ethical reqvirements thatare relevant to ouraudit of thefinancral statements in the UK. including the FRC'S Ethr¢31 Standard. and we have fulfilled our other ethical responsibilities in actordance vith these requirements. We believe that the audrc dence we haye obtained is srfieient and approprfacè to provide a basis for our opinion. Condu$Son5 relating to zoin8 concern In audting the financral statements. we have concluded that the tru5tees' Use of the going concern basis of accounting in the preparation of the fjnanoal statements is appropro Based on the Ymrk we have ptsMd, we have no¢ idertrified any material uncertainties rthting to events or eondityons thaL Individually or collectively. may cast significaiit doubt on the ¢haritsble company's ability to continue as a going corKern for a pericd of at least twthe month5 from when the financial statement5 are authorised for issue. Our re5ponsibilltles and the re5ponslbitstyes of the trustees ¥Ath respett to g&ng concern are dexribed in the relevant section5 of this reporL Other informatl•n The trustees are reSpObIe for the other tnformation. The other information comprises the information Included In the annual report. Ovr ¢)pinion on the finncAI sr1ments does nor ¢o¥er the ¢xher information and, except to the exnt otherwise explicidy 5ttted in our reporL Vrt do not expre55 any form of a$5urance coKluston thereffi. In connectK)n YAth our audit of the financtal statements. our responsibility is to read the other inforniation and, in dolng 50, consider whether the other infornmtion is materAIty inconsS$tent with the financial statements or our knowledge cbtarned in the audit or othemse appears to be materially rnis5¢ated. If we identify such MrIal inconsistencies or apparent Th4terial rni5Statements. vrfe are required tg determiThe whether there is a materral mi5Statement in the financinl statements or a maierial misstatement of the other information. If, based on the work we have performed. we conclude that there 15 a maferial mi$staiement of this other InforffrduorK we are requlred to report tl4t f¥L We have to report in thi5 regard.
DULWICH PREP & SENIOR INDEPENDENT AUDITORS REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Opinlons on other matters prescribed by the Companie5 Act 2006 In our oplnlon. based on the work undertaken In the course of the audltt the inlormation given in the Trvstees, Annual Report Iwhith iThclu&s the strate8it report and the directors. re prepared for the purposes of company P4wl for the finandal year for which the financial sraiements are prepared is consisten¢ with the financial statements- aTrd the s¢rarwc report and the directors. report included within the Tru5tees' Annwdl Report have been prepared in xcordance with applKthe legal requirew Matters on which we are required to veport by exception In the light of the knOed and understandin8 of thè charitable cornpany and tts environment obtained in the course of the audiL we have not identrfied matrrial missurements in Ihe TrusteÈs' Annual Report {whlch incorporates the 5tratwc report and the directors. report). We have nothtng to report in respert of the foJk>win8 matters in rdation to whrch the CDmpanle5 Art 2C4)6 requires us to repor¢ to you if. in Opin.. adeqLRte acctyjnting record5 have not been kept by the charitable c¢)rw.' or the tharitsble company'$ firmnclal s¢arements are not in agrewnent vith the aCCOLtnting record5 and return5: or certain disc105ures of trustee5' remuneravon yafied by law are not made" or we haye not reed all the infomth aThJ expPdnation5 we require for our audit ftesponsibilities of trustees for the financial statements As explained more fully In the governors. responsibilityes sutemert se¢ ¢yrt on page 2, the trustees (who are 1150 the dirKrors of the charitable company for the purposes of ¢¢Jnpany law) re respr¢5ible for the preparation of the financRI 5tstements and for bE¥n8 satysfied they give a true 3nd fair view. and for such internal contr& as the trustees determine is necessary to enthle the preparation of financial St1MentS that are free from material mis$tatemenL whether due to fraud or error. In preparing the finanaal Statemen the frustees are respn5Thi le fcf a55e55inK the charrtable coryany's ability to continue as # going concern. di5c105in& as applicable. matters relatsd to going concern and using the going concern basis cf accourkring unle55 the tyustees either intend to liqutdate the charitable company or to cease operations, or have no realistic Iternative but to do $0. Audltor's re$ponthilltles ft>r the aud1¢ 4)f the financial statements Our objectives are to obtain reasonable assurance about wlth the ffinartci $tatements as a whole •re free from m4terial misstatemen¢ whether due to fraud or error. and to ue an auditor's report that Includes our opinion. Reasonable assurance is a high level of assurK< but is not a guarantee that an audic conducted in accordance with ISAS {UK) WTII detett a rroterial mIs$tement when it exists. MisstatemeThts can arise from or error and are considered material rf. indidallY or in the aggrepte, they could reasonably be exFeCted to Mfflueo the e¢on(xnit decisions of users on the basts ofthese financial statwnents. Irregularitie& including frdud. are instances of non-tompliance laws and re8vlationL We deslgn procedures in our reswsibileS OU1ned above. to detect rnterol misstatements in respett of irregularities. Including fraud. The extent to whKh our procedure5 are capable of detectir¢ irregularities, Including fraud is detailed bdow.. Based on our understanding of the charifable company and the environrnert in which it oper2tes. we Identified that the principal risks of non-ccnpliance law3 and regulatic•s related to rhe Education (Independent SchocA Standard51 Regulation 2014. safegtwding retions, health ind Safety requirements, GDN eM0yEnt law aTrd <harity law. and we considered the extent to which n40MlIn¢e mlght have a material effect on the financial StatW We ajso Cored those kiw5 and regulations that have 14
DULWICH PREP & SENIOR INDEPENDENT AUDITORS REPORT FOR THE YEAR ENDED 31 AUGUST 2025 a dirert impact on the preparation ofthe financd wtements su¢h as the Charities Att 2011, and consider other factors such as payroll ox and sale5 We evaluated managements incentives and opporwnlries for fraudulenr Maniputi0ft of the finana Statements (ineluding the risk of override of con¢rols). and determined tha¢ the prindpat risks were related to irrproper recognition of revenue and management bias in a¢¢ounvng estimas. Audit procedure5 performed by the engagement tearn (lUdEd. In5petting corrtspondente vrith re8uhtors and tax authorities Dlscussions wth marggement including consh4eration of known or 5USPtcted instancts of non- compliance laws and regutIOn and fraud- EluatIng Managt'S controls deSied to prevent and thtert irrwdaritie% Identin8 and testing journals in parttojlar journal entries posted at the yfdr end.. and Challengirg assumptions and judgements made by management in their critical accounting e5umates Becau$e of the Inherent 11m1tatio of an audi( there is a risk that we 11 not detect all irreKularitie5, induding those leading to a ma¢erMI mi%statement in the financial $¢aiJnenrs or non40mpliance with regulation. This risk incre2se$ the more that compliance a law or regulation is removed from the events and transactions rdetted in the finan0 ststements, as we wi# be kss likely to become dre of insrances of non-complrtnce. The risk is also greater regarding irregularitie$ occurrn£ due ro fraud rather than error. as fraud invotves Intention concealmenL forgery collusion. omission or mrepreSentation. A further description of our respon51bilitie5 for the audit of the financbal Starents 15 lotated on the Financial Reporting Covncil's website at 1rc.or re This dcriPtIon forms part of our auitor's rewL Use of our report This report is made solety to the charitable tonwahls members. as a body. in accordartce wlth Chapter 3 of Part 16 01 the Cornpanie5 Att 21Y)6. Our audit work ha5 been undertaken $0 that we mi8ht state to the Charitab eompany'$ members those maÉter$ we are required to sta to them in an Auditor's report alld for no other PwPo To the fullesc txrenr perrnitttd by law. we do not accept or zssume responsiblllty to anYe other than the charitsble company •nd the tharroble TrTry.$ Merer$. as a body for our •udit work. for this repcrt ¢r fc the opinions we have formed Jane Askew (Senior Starvtory Au¢Jitor} For and on behaff of Hay5Mac LLP. Sututory Audiror 10 Queen Srreet Hce London EC4R IAG Date.. 0510512026 Is
DULWICH PREP & SENIOR STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 201S (Incorporating an income and èxpenditure account) Total funds 1025 funds 2025 1025 2024 Charltable attivitlE% School leti recelvab Other educath?nal in¢thnE ArktVLqry Incorr¢ Other trading activltSes 16.800.948 95J.872 240,ISS 16,100.948 953.&71 241.655 16,?27,478 918,410 291.206 78,169 78.169 75553 Investments Bank and other irrterest Volun¢4ry sources Donattons and des 84.601 B4,601 51.387 201n4 1$00 20S.224 13303 Tot*1 Incon 14300J69 18.364.409 17.S77.537 Expendlthr• on: Raising lunds Flnantif¢ costs (16.059) (16.059) 120.0651 Charitable actbvitie5 Eduratlot) (14lJ4.492) (1.530> (J8.136.02•) 118.073,65fj Totsl P•dItre (14150551) (1.536) (18.152,087) 18.093,719 Net Ineomellwiendltttre) 2101• 1364 211302 {47.71)0) (47.700) 148.lQ)I Nrt mov•m•trt In fwth l•r th• ytar 161318 2.364 164,6fi2 IS64,2811 Fund baknces bM I Sqjr 2024 2M61.812 52.194 l914.0&5 3,478,288 Fund ha1C•S 31 2025 3.024.130 54,55J 3,078,6fj8 2.914.W6 The n¢xes cn pyi 20to 32 1(vm part of these fAMncMI 5ratcments
DULWICH PREP & SENIOR BALANCE SHEET AS ATJI AUGUST 2025 2025 2024 FIXED ASSETS TInge a55ets 3.085.071 2,757.698 CURAENT ASSETS Debtors Cath at b)k and kn h 10 9.865316 .469.771 I l.JJ5.087 4.683,321 ZS40J75 7.123.696 CREDITORS: Amounts fallbngdue withln one year (10.614.354) 15511.430) TrT CVftftENT AssEfs 710,733 1.712.266 TOTAL ASSETS LESS CURRENT LIA8ILITIES 3.805,•Q4 4,469.964 CRELXTOR&' ¥mounty •fr mort rh•fi l year 1727.110) {IS55.958) NET ASSETS EXCLUDING PENSION SCHEME UAWUTY 3.01888 2,914.006 Defmed bEnBfit PWSbJTr sthwnB liibi 16 NET ASSETS INCLUDING PENSION SCfrIEME LIA8IUTY J,078.68 2.914.006 CHARITY FUNDS Unre5triCted fijnth Ae5tricted funds TOTAL FUNDS 3.024,130 54.558 3.078.618 1861.812 51194 2.911.th)6 thEir behw br. J Lovett CaYmin ol Board AFCrow The notes on FqZE$ 20 to 32 fLYm partol these xatuncnty Compary 10814894 17
DULWICH PREP & SENIOR STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 AUGUST 2025 Rwar¢d 2024 102$ th InlJowfr•m operatSohs (437.36J) IMO.746 Cash Ilows from invortlng artiviti. AddirA7nS to fiM¢d *sers (717042) 8{601 (9ZI,6011 51J87 In¥esrrnenrln¢(#ne and bank Interest re¢¢hd Nrt fl15h (u¥ed in) in¥ertin¥ (6J3.241) 1870,214) C>4r¢t kn cash ¢ath equYAknu * the rnpprytre perfod Cash and c35h equTraknts atthe brwnwofpwiod (1.070.6W) 1510.532 1540J75 1x129,843 Cuh and cash equalents atthè ¢nd of th reportinR p4rlod 1.469.771 2540J75 18
DULWICH PREP & SENIOR rATEMENT OF CASH FLOW FOR THE YEAR ENDED J I AUGUST 2112S kestared 2Q4 20 01 Re(0[11•0 of net wKorne to nt ¢# flow trom opeThtsryCtl¥Stts n)Cen(OUVXryl res¢yces Elmir4ow af ash lknv Oeweclathx charyes Lw on DPOs31 ol Frrted A55rt5 lThvufment MKome W bink iThfornt 211362 [516,1821 34OJ70 I i.oJi 32&321 49D (84.101) (5.14J.228> 1.384 {53Q6971 OrKreasel in dÈbtort IrKreaSelldeu} ue&rtors (excfvJthr¢ [• In athince stherrt and d2po4t) (ere*S¢rr¢Ue In lees In •d•Th¢¢ xhur 5.633 J09 2389 (1.410.7•2) 87.49S 3MI512 11&9 IncreuElléecfeJsel PVEnts' dEpoJSts Drfference betsYth ttrij¢b?r p•d and chrye5 rTh3dÈ (47.7QO) 1049.74$) 1896.928 N¢ ¢••h <oLOWy1TfflOfrrn •pw¢kns (437.JéJ) 138q746 2025 2024 (11) Anlllpm ofcuh aml cash eqwvaknts Cash at and kn PAnd 1809.771 ts40375 (iii) AnAty5is vlrlMnKes in netdvbt Atlsryt 2024 Otlw no At JI Cash Ilo 2025 Cash gnd cath ¢Wval•rt 40J75 (1604) 1.469,7ri N¢¢ d¢L 1540,375 {Im6041 1.469.771 19
DULWICH PREP & SÈNIOR P40TES TO THE FINANCIAL STATEMENTS FOR THÉ YEAR ENDED 31 AUGUST 202S l AccoutrmNG POLICIES 1.1 Ba1 olprpvatlon The firweil statennts P4ve been prepved HI the FinclaI StsThdard •pkable lft the UK and RePU1C of Ireland (FRS 1021 the Act 21W63Trd 5tsterneDtol kntommended PrKD¢¢ Kable to thiwes prepary th¥r¥tounts in attorthce th¢ Fin1 Reporunz Sondard appllcit4E in the UK and Rtyuwir ofkthd (FAS 102). The accwntsar¢ ¢knin vp hisLorld The School v& a PUWK Ertty rey51ud •$ • chariry in WalES l¢hwiy fiumber. 1174356 and A ccryany Wted by yarante< Icryy mTher.. 1001489fj. Its rel[¢re office & 42 Allyn Park. Dvknth, London SE217M. The chrltthe stsrd trathr¥¢)n I September2017. Th ulDrrtte p¥ent tamwyaTrJ t(trlTIp3I d rknth fvtp & Sen6oriS Dth7th Preparatory khoo Trust I'the Trust). a charltswe ¢ompary the unl¢ KkntO>n {coryJnr fftvithr.. fp)5799131. The accounts of the Scho(4 have en tnSC•5dxed intothÈ Urnate Parenten$ fmanclal sratements. Cowe5 of rhese fiNncial 5tsterTrenty <n be c•taintdfrw the r¢y5wed 42 AIEyh P¥K Dulwlth SE21 7AA. eXerCed by the pvent by ¥Twe ofbovd rrpr¢5¢ntsTr. The Princip dthe Tryjtis the cgerytiw olpreparatory 5th¢)c15 at Lofid and ar Cw Kent The obltas of the Trust are the 1thancementdedaf1OTr the proYl4on aThd condLK¢ of hoolskn thJPwi¢h and Cr•nbrotykfor bryfi •ndOrts actikls and other a5$0O1ted aClkniiES lor the benefol thE CfJinrrrti 1.2 Golng Concern reeWed the cath p051don ofthe sd the dÈm•Thd br p&¢es Ind th¢ SchoL4's futurq Prold cash ftovrt, the Gmor$ reasonable e%pectacioTh thit the School has adeguate uncertaiTrtye5 ¢)Yer the Sc$.3 liay. 1C<dlY. c(¥Kwwe to go<0nCaTh ba5iS In prtyaring th¢ fi[nc Sra1 1.3 Crltkal judgements nd key sources ofestlmatlon uThcertlnty ITh the akakn olthe xcoLtyrrf Pe, Governor5 I reqL4red to rnake1uL eSt1Tht abDUtthÈ tnyni tlsset# Ind IlablliflÈs thatare not readty ¥prÈntfrom othw sow¢eL The t5tyrrAtes and undednBasSu0oTr$ are based on P¢5torical and othEr lactor5 th•r ¥ re recwtsod the perb)d in whKh the esiAmare Is fthised Ifthe reYthTr affetTS That or ITh the ptrfod vfthe rev15k anrj knur¢ pwiod5 re¥ aff¢ct¢d tyrreTht ndfvwr¢
DULWICH PREP & SENIOR NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 I ACCOUNTING POLICIES (CONTINUED) l J The khoof5 liability for the Ncffl-Teachiry Staff deffined benefit pension schEme irwolves a nurnber of ¢ont'd Pt>nS as dCke rfi note 16. ThE fcllowlng accounrlng pollcles have been applied Consistendy In dealing v•ith ern5 whKh are ronsidered m%terril in relation to the Sch1.$ financi statements. In tk view of the Go¥ernors. no other assufflptions concErning the fLrture or esthation uncertainty affecti assets or f4biliues at the baknc¢ Sheet date are likdy to result In a materknl adhtstwtht to their carryirffd nowts in the next fManc1 year. 1.4 Inme All income is hcluded In the statement of firthI actThitks the Schth)J has entitlemert to the fuS. recelp¢ Is Probab afid the amount can be mesured wlth sufficiwt reliabilrty. Fees consist of charge5 for the School year endingAugu5c le55 bursar and allovAnces. Fees recefved h dvarKe are deferred and reIsed ¢0 Sncome in the peréod to Nvhith the fees Grant hicome is recogTrlsed as and when entydernent arises. when It be retiabty quantsfied and benefit is probable. 1.5 Expendlture Expenditure15 ac¢rued as soon as a lia.1 is tonsidered prLJablo disCoted to wesent value for kJngeT- terni 15ab11e$, and has been included under expense categor$ thataggrerdte all costs for allocatyon to a¢tities. Where tosts cannot be directty attritr•Jted to particuknr xtmties they have been aTh4xa on a bas n$lsteiit t•Ath the use of the resources. Support C05ts IrKlude all costs relathg to admInistraOn and running the funct$ ofthe School. Govwnance costs are those WKurred in connEcDon tmth a¢knlntstrn of the chrltabje company and compliance with constitirtional stsfutory requirements. IA Tanglble Ilxed assets F6xed Sets costing more than £SOO are captsIed. Tangible 25s¢ts are stated at C05t less deprECltitsn. Deprecladon Is provided a¢ rate5 cakuted to write off the cos¢ of fixed ass¢ts. rtrir estimatsd residual ¥lue. over thelr expKted useful lives on the following h5e& Ltasehold Improvements Motor vehicles Fixwres and fbttings Computer ¢quiprnent 2% straitht line 25% r¢duting baknce IO% srrn¢ht lffte 25% strat line 1.7 Fund accounting Unrestricted Fund5 are the arcumvlad surp> on th¢ khoof¥ in¢txne and expenditure aceourtt whlch is available for use ac the th5cretion of the Governor5 in fvrthertrtte Of thé general oblectfves ol the ¢harfry incljding supportiry the Trust Restrkted Funds may onty be 5Pent on the dArirable pwpwe Specif by th* donor.
DULWICH PREP & SENIOR
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
I ACCOUNTING POLICIES (CONTINUED)
1.8 Pension costs
Retirement benefits to empwes of Group are now pru¥#Jed thro1 tr40 defined tontribution scherne5
and one defmed benefit schm The Pensi cost5 char8ed in Sotrnt of Fmncial AcDvities are
dernin¢d a5 follow5..
The schenxs are as (ollows:
Ayiva Pension Trust for Independen¢ Schods {APTIS) Teathws F&n, Prep & Senlor
joined effert from 2021. Thi5 is a defin contributlon youp personal pOn plan. r
DULWICH PREP & SENIOR NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 2 FEES RECEIVABLE 2025 2024 ' Fees re¢•lvabJe consist ofr. School fee5 Less.. total awards and Concess5 17,362.610 (561,662) 16.800,948 16,787,385 1559,907 16.227.478 InclJded within awards and conce551ons are mean5-te5ted bursarie5 to¢atlkn¥ £460,214 whKh were paid to 28 pupil$12024-. £427.1 $2 lor 25 pupI1- 3 OTHER EDUCATIONAL INCOME 2025 2024 Entrance and registration lees EKtra-Curricuknr actwitses Courses and sub-lettings AVP 5por(s a¢fNities Income 44JS3 590,741 160.281 160.496 953.872 49.050 559.810 153,667 155.883 918,410 4 ANCILLARY AND OTHER INCOME 2025 2024 School ffips k)01 5hop* and Other YKorne 241.655 291.2t16 5 OTHER TRADING ACTIVITIES 2025 2024 R¢nts recehknk 78.169 75,553
DULWICH PREP & SENIOR NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 6 ANALYSIS OF EXPENDITURE staff costs Deprecmtlon Other costs (Note 9) Total Total (Note 7) 2025 2024 R•isrng fund Financing costs 16.059 16.059 20.065 Total costs of r¥ising funds Charitabl ¢xpenditwe Teaching Welfare 16.059 16.059 20.065 eJ36,402 8S.287 641.673 1035.109 1,265,627 1.43S.957 3.314.9B6 8eO,317 9.602,029 1.521.244 4.297.329 2.715.426 9.190.470 1.488.651 3.924,289 2.640.244 830,OC Premises Support costs DoThation5 10 parent entity Total charitable expendlture J40.670 10.898.471 340.670 6.096,887 18.136.028 1&073.654 Total oxpenditure 10.894471 340.670 6.912,946 18,152,087 18,093.719 GornIre included in suppgrt Costs: 2025 2024 Goyernors, expenses Remunerntron paid w audiror for autht sthrytts 0.584 19,000 12,219 20.700 7 STAFF cosrs 2025 2024 The ag8repte payroll ¢osts for the y•r were as fdlow&' Wage$ and salaries Sooal security costs Other Per ¢os 1.163.763 922.149 1.812J59 10,894471 7.913.416 11.085 1.674.597 10.409,098 Th totsl tmpltsyTrenL costs ol key n*r4gurw¥L personrf are considEred to consist of the Headmaster and thE Bursar were £306.173 (2024.. [301.6611 induding penston (ontriburtons tsf £67.13112024.. £4Q524). The employer pensk¥Tr contributlDn incbjdes 53Liry Atrth(ed portion ol salary. 24
DULWICH PREP & SENIOR NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR ThE YEAR ENDED 31 AUGUST 2Q25 7 STAFF COSTS IContlny¢d) 2025 2024 bknnber pid ryknyee5 ID band5 Ofr. 60.001 ta £70,(th7 É70.tyJl to tho.fJ>) 80.001 to (90.f) 90.001 to CIOO.OQO £100,005 w£llO.O £130.001 w £140.0 £14¢.001 £lSO,000 T * t4nth 3r¢ based on the Pre-w 45 12 The numbwwifh bw¢fuxtyuk - kn denned concritrvJtlon schemes w olwhrth the E¢) The rotrl etry>loytr cantrIFOnS kntlude the sacrthod c4Alary. 24 (396226 70.992 The numbervfthe cmrknTres ¢kn CD hEwnL 2015 2024 17 AdnNnlstrarl¥• Drir¢ the year thwewere no ternur4tkn Foents (2023n4 £1385 8 TRUSTEE COSTS ANO IIELATEO PARTY TIIANSACTIONS Dunng the year G(Nernors recwyed no refflunEraDon. there were no expenses lor travel (2024 travel and wbsist¢h¢e exp¢& £651. 4 Go%rnLYS and 3 partthtrsd Gtyerrw were a odtEt ro rh¢ khryA's 140th annr¥ersary tou. the lor a urket75 1140 arKS thiTamrmted to 3 oft of 9 Other ttyernor exwses In the current and Pre¥k yew rekte to rhÈetHw eos Duringthe year the sch dollated £0 to the Trust (2024: £830.(Wl. Prkjr yvjr thE Tr¥sr were mad¢ Irrm th¢ Sthods 45 a to th¥ deYelopmErtcosts olthe Schoofs whkh rÈ ovvseen by th¢ TrwL kn the year. the SthorA VE¢thtd a Ir¢Mn the Truttal 184.428 12024.. 101 The School donated stsff tknE to the Trv5t to11£ £21252 (A)24.. £20.7921 tAs been rwnlEed these as o¢her ¢ts Thts S¢k)¢4 ¢ Trwt rental knwrfe da031432 w¢ of#5 preThwses (4.. É1.787.4W. The Schod larnity mefflbtr ofthe Head fA5terdUrl the ata costto the schocl of£875 PQ24.. l929SI Cash rexources for the Grtyjp manayd centralty by the Tru# ds • tmst9jty 14.231188 VAS owed by the Tru5tat 31 2025 (2024.. t4.125M6}.
DULWICH PREP & SENIOR
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAA ENDED 31 AUGUST 201S
g TATr4GIBLE FIXED ASWS
Leasehok
VthKks
È9L
Cost
At I Septernber 2024
Addlu$
capi¢ Goo& xhwne
D15pusal year
Ar 35 ALVSt 2025
1.727.416
470.024
(J•.71
9SI,7Jg
121.678
1.067,112
120.140
J.160.9Jt
717,H2
{30,7671
{22.9591
4,517.051
121.•591
91,fj11
2.104,743
,073,417
.187,252
D¢proclatSon
I Slpternhr 2014
153ryed In yw
Dlsposal theye¥
At 31 Awst 2W25
00.9BI
37.Q16
Jll.270
94157
6Jl,752
.IOJ.24ri
JlQ.670
9&008
4J•.727
4M.•43
47J05
1.431.983
N•¢ book¢5
At31 AlUsi2024
At31 Awsi2025
1.66&504
2.066.735
61Q469
63)90
435J60
J6OJOg
4sJ65
24JJ7
I757M18
3.085.071
At JI Aueust2025. the School FAd (2021. £101.96n
10 DEBTORS
2025
2024
Ft¢ d¢b¢er5
Sundry debtors
Prepaytknen #nd accrued
Capltal Fod5 khemk
Amounts due Ir¢m For¢
5.045,024
108.740
440.$97
38.767
.112.18•
9.16SJ16
171557
114.958
263.9X•
.115m6
4h83.321
Included kn (a1 0th s
DULWICH PREP & SENIOR NOTES TO THE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED JI AUGUST 2025 Restated 12 FEES INADVANCE 2025 2024 Withln one year Within ¢)he to years 877,é14 n7.110 1,495,554 I J55.958 OpenE lees kn advan¢e Amcvnt released to income during thty knourt deferred durvry the 3.051.512 {1,495.554) 48,772. 1,004.730 3.OS1512 3,051511 Prior year trtditors 11 thJE ohe been re5fattd. Onty fees kn advance F4id the sdrs fee$ adv¢¢ scheme be kndLkd In note 11 Anyfee5 thatwert in thancE for the avwmn term haYE been included in dkned Iorne. The adjustment to the prior year. therekn. has been to reanfv 1,475.446 Ir4)m fees in 3d¥ance due withih one year to xcrLth éeleryed incom? ¢Jue one year. The eempIr>t csMow norts 4$0 kn Lpdated for thE effects restatemert I J QPERATING LEASE COMMITMENTS At 31 Aubwrt 2025 tht ComF4nY had hJrur lease F4pments rrt)n cancelbJe leases as Land and Other 2025 Other 2025 2024 2Q14 Within l year 8etsveen 2 and 5 yeavs After than 5 rears 1139.610 .279.240 104.047.140 136.461 403.614 10.939 1.953.105 .145.240 104,9N120 86.469 247,600 I43? cFArye in the year a.059.01712024.. £1.8455021. 14 SVMMARY OF MOVEMENTS ON MAJOR FUNDS At JI August 2015 1024 Unre5tdctsd Funds Re#ri¢red Fund¥ 1861.812 52,194 2.914.006 1&360,569 (14150.5SII 11.5361 18.1 S2.087) {47.7 3.014,130 S4,5S 3,078,68B 18.364,469 (47.700} 27
DULWICH PREP & SENIOR NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 15 SUMMARY OF NET ASSETS BY FUNDS Unrestrltted Restricted Funds Total Funds Funds 2025 Tan&ble A55ets Net Current Assets Long Term Creditors ' 3.085.071 666.175 {727.116) 3,024.130 3.085,071 720.733 {n7.116) 3,078.688 54.550 54.558 2024 Tangible Atssets Net Current Assets Long Term Credltors 1757.698 1,660.on (1555.958) 2.861,812 1757,6 1.711266 11,555.9581 2.914.006 51194 52,194 16 PENSION SCHEMES Duhich Prep & Senlor lolned the Avivd Penskin Trust for Independent schoo {Affns). * defined contribu0ft scheme, for thetr tsachlng stsff with effectfrLxm I September 2021. The pension charye for 2025 for the year inCludg contrib¢Jts"ons payaè4e to APTIS in respett 01slry sacrifice was Ll,32&690 12024 £1,269,562) and at the YW- £10&404121r14 £107,151) VA5 xcrued kn respert OfcontriJt1Q to thls 5ckm¥ The pension cost cwe in the year in respect ol the 5W¥t staff defined ContA scheme was £408,727 f2024.. £343.3641. The part Trust operated this Stheme (the OU1ch Prwatory Sthools Trust Non.Texhkni sraff PeThsion Scheme). a defined beTheffi contrilyrtioTh pension pkn. whKh wa5 d05ed on 31 December 2004. both In respect of mlerS and accrual for exring rnWThbe. On I Sep*mber 2017 the Tntst transferred the {gatiOns to contriiKrte ID the Stherne to eath of the schools in propOrtn d&ermkned by the xtuary Imsed on the staff who participated in the stheme. The ValOn in these accounts uses that proportion and has been deriyed by proiecung the results of the last tomprehenswe acugrnl valuation of the Scheffle è5 at I january 2024 and has bew prepared by an independent qualified acwary.
OULWICH PREP & SENIOR NOTES TO THE FINANCIAL STATEMENTS (CONTINVED) FOR THE YEAR ENDED 31 AUGUST 2025 16 PENSION SCHEMES (Cw¢lnu•d) F0knW thq Life5t acworiJl a Yt¥lsed SthethA¢ of Contrbutlons was agreed betweEn the TruSL the schoolE and the kheme Tru5tet5 the L4ekmirrtting the over a peritid of 5 years from I lanvary 21n4. Lknder SChede of Contthtms rhe School pkJ the <41 J Jn 2024ns. In M3r<h 2026. the trv5tees ol the non-teachiigstaff ere0 benef 5chevw Inio a pensbn trwy.ln arrangem¢nL wth a preUM of a.3m p¢d out from xheme a55eu to * tIrdSrrY p¢n risk transfer twsfjness. the IY4 the not eXPted to make fvrthEr contri05 to peoslon sch ¥Thl¢r the pre¥W ¥eed Schethk o[Contrtjns. The FRS102 duJkntioTh by the actuary calculated a hwne Surp of (234500 P024.. £103.01. Howvrtr. In accordance with parAgrJph 28.22 01 FASIOI an txity shall recwi5e a pkn sUtF4LS * a defined befir plan asset to the extent thit ab to recch%r thE surphJs wther redured (¢tNh)r& the fvrwe or thr(w8h refitnts trofft the plarL As swh. is f#X probable that any current swpkn5 wil ¢Cgnomlr benefirs beh8 trnnsferred to the as there are mmyvarlabkn ir• IW to kn¥s•(r th• value of the SUrF In the perlod uwl the sdwfi¢ is The net pension asset ha5 been restricted and thereforn become$ ) The amounts retognhed th the balan¢ shet rn as follows: 202S 2024 Prostntrdlue 4ffvnded ¢bW¢w Fair le d stheme ets Res¢rlctiChry on recoverablEyJrp Net Lkbihty (510.71JII) 708,ZOO {191.500) 163S.8ry)1 7J9ffjfyJ 1103iLb)I t¥) Chanys In tha pr•s•Tht value olthe defined benefrt obllgatloTh 2014 Opening defined b¢n¢fir ¢*Ngats)n Inrerest cost AcLvar+al galnslowsesl pwld 4JS,800 30,700 (130,100) (19.000) 516.7110 573.100 29.100 43,7 110,1001 6)S.o 29
DULWICH PREP & SENIOR NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 14 PENSION SCHEMES (Contlnued) c) Chanses In th¢ falr value of the scheme a55ets 2025 2024 OpenTng fair Rlue ol schem¢ assets Interest inc¢Yne Return lower th¥n the thsttyJnt rate ConeTibution5 by employer Benefits paid C105ing of sthemt asstts 739.61X) 37.too (90.700) 41.200 19.000) 708.200 68&500 36,0ty) 114.000) 41,2C 10.100 739.600 The amounts lThtluded within the Statement of 2025 2W44 Activities Interest 0Jgation Interest incoffle Tts amount re¢owasd the &af¥nt of hrwKtsI A¢offiies 30.700 (J7.100 29.1 36,IXIOI NB[ xtuadal110ssqsyIs recogn158d In the year Restrfctlon on reroverable surpluF Pffisle scheme a<tsJartrdl loss 40.000 87.700 (47.700 IS7.700) 9,6eO {48.1001 •) PrSnclpl aduarial assumptlons at the balhee sheetdate 1025 2024 Ananci Assumption Dlscount ra RPI Infladon 3SSitfflption Rare of Increase ol pertskns In paym( te of Increase of perskns fn deferment 6.1% 2.9% 3.2% Z.3X 3.1% 3.4% 2.8% Assumed Ilfe expectancy in years at y 65: Non pens% Females Males PensrS Ferne& Ne5 25.9 25A 24.4 22.0 21.1 17 POST BALANCE SHEEf EVENT In March 2026. tht irustees of the non.teathing sraff dthed benefit sckne entwed into i PelOn buyqn arrangernL Wlth a premium of £L3m out from sehtrne ets to a third-party pension r(sk irnnsfer business. Follwng the buy-ln. the Schod 15 not expetted to make fvrther corthbution5 ¢ts the pwsion scheme ufider the pous agreed Schedde af Contrution
DULWICH PREP & SENIOR NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 l e PRIOR YEAR CQMPARATIVE NOTE IA) 1024 ¥fATEMÈNT OF FINANCIAL ACTIVITIES Total 2024 X124 2024 e(vM from: Charltable actIve School feEs r8¢Wle Other edUCaor1 lrtome 1&227.178 914410 1&227.478 91B.410 Ancilyy income 287.206 291.Irt6 Other trarfin¥ 4¢ti¥ities Non4nciHary tradi income Investments nk and txher knrtrest Voluntary sources Doratbjns 75553 7S.553 51.387 51,387 594 12,>J9 13.S03 Totsl IncomE 17560.628 16.909 17.577.537 Expendlturo •r< Nnanthq c05 0.0651 (20,0651 Charlible xtfvl¢l•s Educatkn al&rant makkng 11&07Q318) PJ06) {IQ073,6S4) Tot41 wjendlturn 18.090.413 13.306 114093.719 Net (529.7851 13103 15141821 19 (4(ICI)I Net mo¥4mwrt In fimds for the {577I851 13A03 1564,2VII Fund I Sept*thber 1023 3,439,697 38.591 3,478.288 Fund balarte5 rifwd 31 Auytst 2024 2M61,812 51194 2,914,006 31
DULWICH PREP & SENIOR MOTES TO THE FINANCIAL STATEMENTS (COMTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 ]• PRIOR YEAR COMPAIIATIYE NOTE {ced) {B) 21114 SUMMARY OF MOVEMEi¥f5 ON IqAIOR FUNDS Atl IncomlnR GalThsl At JI 2024 1023 14n.697 38J91 7JéQ618 l&*J9 17J77ts37 la61811 51,194 1914.006 R•5ty1c¢ IW3,7191