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 #192 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 Pro￿510Th5 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 Du￿ch 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 Sch￿1 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 S￿t￿r￿ntS 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$0 r¢spon5ible for gfegvarding the assets of the Sch¢Jol and hence lor taking reasonable steps for the prevention and detection of fraud and other irregularities. Each of the persons who 15 a Governor tt the time when thi5 Governors, report 15 approved has tonfirmed that so far as each Governor 15 aware. there is no refwdnt a￿91t information of which the School's audttor 15 urravfdre: and DULWICH PREP & SENIOR ANNUAL REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 each Governor ha$ uken all the st4)s that ought to have been tsken as a Governor in order to be ayrdre of ary relennt oudit i￿ormatI1)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 suppor￿d in the prov￿10￿ 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 kh￿1 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 Deter￿er 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•$slonal Advis•rs Banktrs.. NatWe5t Bank pl¢ 120.122 FenchLrch Streei London EC3M 5BA Solidtors.. Farrer & Co LLP. 66 knncoln's IM F￿1￿ Lorbjon WC2A 3LH Storft KI￿ Boundary Hous¢ 91 Charterhtyjse Streei Lonth)n, EC IM 6HR Crowe U.K. LLP. 55 Lirdpte HilL London EC4M 7JW res￿￿ 27 AtWls¢ 2025 Haysmac LLP 10 Place. London. EC4R IAG appointed 28 Avgust 2025 Auditors.. Governanc¢ Strurture The Governing Body meets at least tyirce every temi. The Nominations and Remuneratlon Commlttee mee¢ when considering new aP￿intmentS to the board, pwfornur￿ of the Head Master and to consider annual pay awards. The Finance C¢￿mIttee meet5 ar least 01￿* a terni. The Head M&sier and Bursar & Clerk ¢0 the Governors attend the Govwning Body meetings and any sub-committee5 as required. The day-t041ay management of the SdK)d 15 delega¢ed to the Head Master and Bursar & Cknk to the Governors who collectively ¢c¥npri5e key management persoThiel and are supported by the Sthool's Senior Leadership Team. The Head Master has overall responsibility for the appointment and su￿rYI$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 G￿eming Body with the obiectsve of providing approprinte in¢encives ¢0 encouragé enhanced educational perf0ftna￿e and of rewarding fairty and responsibly indrv1d￿I 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 iSSL*S 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 id￿tIr1ed 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 indUC￿d inro the management and ethos of the Sthool a Pr0￿me D￿nISed 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 seC￿r 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 c￿r abovt their role5 and legal responsi￿lIties, 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 pro￿ded 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 i￿u¢$. STRATEGIC REPORT The remainder of the repr*t of the Governors also constrwtes the strategic report for the purposes of the CompanRs Act 200& Prin¢lpal actlvlty and objects of the School The objettives of the School as a charitable company are the ad*Ancement of educati¢)n of children in the United Kingdom and elsewhere for the public benefit princip￿lY through the operntion of Dulwich Prep & Senlor and 5UPPOrt ol the DPS Trust DULWICH PREP & SENIOR ANNUAL REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 The Governing Body Is mindlul of the Iwg-stanthng need to provide public benefit and of the reqvirements of rhe Charitie5 Art 2011. In this connection the Governing Body monitors the wjitrante on pvblic benefit produced by the Charity CwiiSSiOn. together with its swlemer*al guK4ance *)n advancing education and on fee-charyn& Aim The Governors. aim 15 that puw15 Should IRYe every opportunity to fulfil their potentrdl educational capability acr055 a fun range of acts¥rities.' academic. artistic. dramatic. musical. 5POrtin& 50cinI and moral. Thi5 is achieyed by prowding a rich and dynamic curricubJnK inspirational teachi￿ oppprtunitles to build self-confidence support for puF*l's intellectual. physical emorional Capacity. The School aim5 to inspire exrellence and develop character, to prioritise Y￿11-bein& learning and enrichment and to empower future-ready and re5pon5ible world citiiens. The Schod supports these aims by using its values-led etho$ as a b￿1$ around wNth the currtc￿￿M 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 p*e$ great importance on pastornl car fostering a sense of community and good otizenship.. to prwde pupa$ the OFPOrtunity to gain new experiences and take *d￿ntage of a variety of cfy and extra-curricular acthues to devetop all aspects of thelr tharacter: to Set the fees ata level to ensure ther1rr￿clal 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 otherW￿e 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 ann￿llY 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$es for the older age ranp PEanning tons*nr vrds wen (23 October 20231 regarding DULWICH PREP & SENIOR ANNUAL REPORT OF THE GOVERNORS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 the development of the Pre-Prep bvildlng and the Betw5 B￿ldIng. The Pre-Prep buildlng works were completed in tyme for opening in Septernber 2024. The Be￿ building Y￿rkS commenced in july 2024 and were completed in May 2025 in time for the SeTr￿r Sthool to open In September 2025. The buik4ing cost5 for this were 5UPPOrted by the Tru$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.develop￿￿nt. We a150 welcomed our first children aged 2 into our ￿w"Fledg1Ings" class from SepterTtser 2024. The School ses Inslghts gained from ￿$¢ and current activmes to dirtt￿ shape future planning and inform resource allocation. ensurfng investments are targe￿d vthere thry will have the grearest iryct. The School ha5 ￿unched a wn$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 AUS￿5[ 202S the nwn premises work5 wer swirnrning pod rtfvrbishment induding til#)g the pod.. dr*lnage 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 DVI￿ch Esu¢e. PUBLIC BENEFIT The School rertmins commitred to the aim of p￿d￿g public ber￿fit in accordance it5 founding prsnuple& The School actyvely Supports the attainrnent of the h￿heSt 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 $0¢4J context of the a11-￿nd educaticffi they rec*ve at the Schooi. Bursaries In the year to 31 August 2025 the school awarded mean5-te5ted bursaries to¢alling £460,214 to 28 puplls {2024.. £427.151 to 2S pupils). including 19 where the tr*Jrsiry exceeded 70% of lull fee5. The School cl￿dUctS means.testing through a detailed process whith May indude a home ViSiL DULMCH PREP & SENIOR ANNUAL REPORT OF THE GOVERNORS {CONTINUED) FOR THE YEAR ENDED 31 AUGUSf 2025 Sharing our facllitles and resources . The School ha5 engaged in a range of prtner5hip5 local maintained 5th001& makin8 facdities avwlable to those schools and inclth4ing them in teathing and educatitinal events. This ineludes alltswng a local primary school Du￿1Ch Wood. to use our swirTwning pDol on basis as well as regu12r French and Italian ￿ngUage 2nd cultural xhods who use the Sthoofs facilities on a Satyrday. The SehoDI is de¥doping Virt￿1 Teacher ExdAnges and joint pupil webinars Sparrow School Foundation in South Afric3. w￿ch is one of the DPS chosen charities. The School provides rnu51Cnn5 lor the annual Sparrow Charity Celebrauoll of Chr￿￿1$ lfi the Rordl Hosprul Chelse& and $4>porrs its annual Golf Day at Dulwch and Sydenham Hill Golf Cl￿. Charltable I￿ndrAisIng Pupil fundraising for tharitable cau5e5 Is encouraged and 15 srrongty underlined by the School'$ 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 ra￿1[¥ money for a variety of different ctrAritie5. Fundraislng practlces Currently. the Schoc4 is exploring option5 to t[￿rOve the Mary Datchebr Pla￿Tr¥fie￿IS 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* $eThice helps identlfy wpporters with the potentrdl to make significant donations and ￿ carried out in conWiaThce with data protection regulations to ensure transparency and respect lor 5uPF￿er privacy. The trustees monitored the attNities of all these partie5 to ensure fuThJraising and rdated actI￿leS were conducted appropriatelyb and no conylaints were recetyed in r*tion io these activities. Me35ure5 to protect vulnerable per$on5 and the public were folbwed in line cPr4rity policie5 and fundraislng $tandards. During the year, the Sthool also engaged a fundraising eOffPary to facili(ace the auction at its 140th Anniversary Ball. The company a thSrd-pary professional fvndrdiser who acted ¢)h behalfol the tharity and Is commilted to adhering to rhe voluntary Code of Fundraising Practic The Schod reglstered wirh the Fundnisin8 Regdator for the 2025126 acaderrfc year. PENSIONS The School operates the A¥lva P?￿sion Trust for Inder￿dent Sthools for teaching Suff and an Avi pension scheme for nOn-teach￿8 staff. DULWICH PREP & SENIOR ANNUAL REPORT OF THE GOVERNORS {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2025 SAFEGUARDING The School has a deslgnated Sthguarding Governor and there are regular cL)mmunication5 and rneetir be¢ween thls Govtrnor and the School's Desgnated Safeguar&ing Lead {"DSL'). The DSL reports to the Governing Wy once a terrtk There is an annual safeguarding audit and the Single Central Record is inspected by the Safegvarding Governor on a trrmty basis. All Governors receive full safeguarding trainlng when they join the Governing Body and subsequ￿tty underuke annual safeguarding training. All Governors are required to relitw and appr*)ve the ￿001.$ 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¢nt*l 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¢x*ts12024.. 106 and 231- destlnatlons can be seen on the Schod'5 webm. The Year 6 to 8 leavers of 2025 re￿r4ed a tocal Offer of $912024.. 41) scholarshlps and ayrdrds. The 5chog1 has 8￿y$ considered the importance of a broad eduotion alongside academle achievement and over half of the awards offered by these Ser￿Or 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 t￿cUrr￿Ul&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 V*T¥>-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 1ndN1d￿l 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 H￿1, 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￿ D￿￿1th. 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 p￿5 rats and a h￿h 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 h￿hlIghts 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 approxi￿￿te 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 b￿ance its obiectives ol supporting the Trust those of Mainta￿1￿ 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 prO￿deS comlort that any donation being mide 15 covered by ¢Ytstribuublt profits in accorda￿2 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 aVal￿ble 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 Y*iih 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¢Xedurn￿Year 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 Sch￿1 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 pro￿de 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 P￿115. 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 reCogn￿e 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 rem*n$ 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 ￿f￿aStructUre 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 re￿ey￿d 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 re￿eWed annually by the Governing Body,. comprehensive budgeting and rnanage￿￿nt aecounti established organisational strutture5 and lines of reporti Instruction ol ex￿rnal ¢on5ultants ro provide a*1￿Ce. 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¥*r*ss of current phn5 and strategies for managing all identified major risk5 for the School. Approved by the Governing Body of Du￿1Ch 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 • $umThqry of significant accounting policies. The financlal reporting fryamework that has been applied in th*r preparation is applicable law and United Kingdom Acwjnting Standard5, Including Financial Reporring Standard 102 The P￿0￿001 RePOrtrnE Swftdard Op￿coble tn the UK ond RePublK of Irelond (United Kingdom Generally Ac£epted Accounting Praitlce). In opinion. the financial statemen give a true and fair wew of the state of the Charit￿ coryany's affairs a5 at 31 AuKu$¢ 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 requ*emenu 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 v*ith 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 p￿tsM￿d, 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 reSpO￿bIe for the other tnformation. The other information comprises the information Included In the annual report. Ovr ¢)pinion on the fin*ncAI sr1￿ments does nor ¢o¥er the ¢xher information and, except to the ex￿nt otherwise explicidy 5ttted in our reporL Vrt do not expre55 any form of a$5urance co*Kluston thereffi. In connectK)n YAth our audit of the financtal statements. our responsibility is to read the other inforniation and, in dolng 50, consider whether the other infornmtion is materAIty inconsS$tent with the financial statements or our knowledge cbtarned in the audit or othemse appears to be materially rnis5¢ated. If we identify such ￿M￿rIal 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$staiement of this other InforffrduorK we are requlred to report tl4t f¥L We have to report in thi5 regard. DULWICH PREP & SENIOR INDEPENDENT AUDITORS REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Opinlons on other matters prescribed by the Companie5 Act 2006 In our oplnlon. based on the work undertaken In the course of the audltt the inlormation given in the Trvstees, Annual Report Iwhith iThclu&s the strate8it report and the directors. re￿ prepared for the purposes of company P4wl for the finandal year for which the financial sraiements are prepared is consisten¢ with the financial statements- aTrd the s¢rarwc report and the directors. report included within the Tru5tees' Annwdl Report have been prepared in xcordance with applKthe legal requirew Matters on which we are required to veport by exception In the light of the knO￿ed￿ and understandin8 of thè charitable cornpany and tts environment obtained in the course of the audiL we have not identrfied matrrial missurements in Ihe TrusteÈs' Annual Report {whlch incorporates the 5tratwc report and the directors. report). We have nothtng to report in respert of the foJk>win8 matters in rdation to whrch the CDmpanle5 Art 2C4)6 requires us to repor¢ to you if. in Opin￿.. adeqLRte acctyjnting record5 have not been kept by the charitable c¢)rw.' or the tharitsble company'$ firmnclal s¢arements are not in agrewnent v*ith the aCCOLtnting record5 and return5: or certain disc105ures of trustee5' remuneravon yafied by law are not made" or we haye not re￿￿ed 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 St1￿MentS 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￿ $tatements as a whole •re free from m4terial misstatemen¢ whether due to fraud or error. and to ￿ue an auditor's report that Includes our opinion. Reasonable assurance is a high level of assur￿K< but is not a guarantee that an audic conducted in accordance with ISAS {UK) WTII detett a rroterial mIs$￿tement when it exists. MisstatemeThts can arise from or error and are considered material rf. indi￿d￿allY 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 reswsibil￿eS OU￿1ned 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-cc*npliance law3 and regulatic•s related to rhe Education (Independent SchocA Standard51 Regulation 2014. safegtwding re￿￿tions, health ind Safety requirements, GDN eM￿0y￿Ent law aTrd (J8.136.02•) 118.073,65fj Totsl ￿P•￿dIt￿re (14150551) (1.536) (18.152,087) 18.093,719 Net Ineomellwiendltttre) 210￿1• 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 ha1￿C•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 TIng￿e 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) Tr*T 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 3.018￿88 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 C*aYmin 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$ t￿h 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¢¢h*d 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 equ￿alents 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 n*t ¢# flow trom opeThtsry*Ctl¥Stt*s n)Cen￿￿(OUVXryl res¢y*ces Elmir4ow af ash lknv Oeweclathx charyes Lw on D￿POs31 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¢￿r￿r¢Ue In lees In •d•Th¢¢ xhur 5.633 J09 23￿89 (1.410.7•2) 87.49S 3MI512 11&9 IncreuElléecfeJsel ￿ PVEnts' dEpoJSts Drfference betsY**th t￿tri￿￿j¢b?r￿ p•d and chrye5 rTh3dÈ (47.7QO) 1049.74$) 1896.928 N*¢ ¢••h n {coryJnr fftvithr.. fp)5799131. The accounts of the Scho(4 have ￿en t*nSC•5dxed intothÈ U￿rnate Parenten￿￿$ fmanclal sratements. Cowe5 of rhese fiNncial 5tsterTrenty <*n be c•taintdfrw the r¢y5wed 42 AIEyh P¥K Dulwlth SE21 7AA. eXerC￿ed by the pvent by ¥Twe ofbovd rrpr¢5¢nts￿Tr. The Princip￿ dthe Tryjtis the cgerytiw olpreparatory 5th¢)c15 at Lofid￿ and ar Cw Kent The obltas of the Trust are the 1thancementded￿af1OTr the proYl4on aThd condLK¢ of hoolskn thJPwi¢h and Cr•nbrotykfor bryfi •ndOrts￿ actikl*s and other a5$0O1ted aClkniiES lor the benef*ol thE CfJinrrrti￿ 1.2 Golng Concern re￿eWed the cath p051don ofthe sd￿ the dÈm•Thd br p&¢es Ind th¢ SchoL4's futurq Prol￿d cash ftovrt, the G￿￿mor$ reasonable e%pectacioTh thit the School has adeguate uncertaiTrtye5 ¢)Yer the Sc￿$.3 lia￿￿y. 1￿C<*d￿lY. c(¥Kwwe to go￿<0nCaTh ba5iS In prtyaring th¢ fi[￿nc￿ Sra1￿￿￿ 1.3 Crltkal judgements *nd key sources ofestlmatlon uThcert*lnty ITh the a￿kakn olthe xcoL￿tyrrf Pe￿￿, Governor5 I￿ reqL4red to rnake1u*￿L eSt1Th￿t￿ abDUtthÈ t*nyni tl*sset# Ind IlablliflÈs thatare not readty ¥prÈntfrom othw sow¢eL The t5tyrrAtes and unded￿nBasSu￿0oTr$ 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 d￿Ck￿e￿ 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 Sch￿1.$ 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 In￿me All income is hcluded In the statement of fir￿thI actThitks the Schth)J has entitlemert to the fu￿S. recelp¢ Is Probab￿ afid the amount can be me*sured wlth sufficiwt reliabilrty. Fees consist of charge5 for the School year endingAugu5c le55 bursar￿ and allovAnces. Fees recefved h *dvarKe are deferred and re￿Ised ¢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 prL*Jablo disCo￿ted to wesent value for kJngeT- terni 15ab11￿e$, and has been included under expense categor￿$ thataggrerdte all costs for allocatyon to a¢ti￿ties. Where tosts cannot be directty attritr•Jted to particuknr xtmties they have been aTh4xa￿ on a bas n$lsteiit t•Ath the use of the resources. Support C05ts IrKlude all costs relathg to admInistra￿On and running the funct￿￿$ 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 captsI￿ed. Tangible 25s¢ts are stated at C05t less deprECl*titsn. Deprecladon Is provided a¢ rate5 caku￿ted to write off the cos¢ of fixed ass¢ts. rtr*ir 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% stra￿t line 1.7 Fund accounting Unrestricted Fund5 are the arcumvla*d 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 thro￿1 tr40 defined tontribution scherne5 and one defmed benefit schm The Pensi￿ cost5 char8ed in Sotrnt of Fmncial AcDvities are de￿rnin¢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 p￿￿On plan. r. Enyloy*s pen5*)nS costs are tharged in the in whlch the salarie5 to whlch tly rdate are payaE4e. The Dulwith Preparatory Schcds Trwt NO￿TeaChIng Stsff Grthy Pffs¢Thl p￿n. which thJlich Prep & Senicf joined with effect frornjanuary 2N)5. Thi5 is a defined group personl pension pkn with A¥1￿ replacin8 the occupational definEd ¥htrnE for nofvre*th"ng staff which is dixussed further below. Eftyloyer's pensions costs are charged ￿ the penc4 in whKh the salarie5 to which ts rdate are payabl The D￿WiCh Preparatory 5chty)Is Pe￿on SchTh This is ￿ occupational defined benrfrt scherT* for r*Dn. teaching staff. The scheme d05ed on 31 DeceFrb¥ 2(#M so there are no current ser¥lce cosrs other than adnwnistration expenses whith art borne directy ty the S(hool and f￿￿W group school in cranbr￿k. The expeeted retum on the scheft* assets less the Sch￿ intwest costs are credited within other interesL The scheme acEuarral gwns and losse$ are rrfognised in¥nedArety a5 other recoxnised gain5 and105ses. defined benefir xheme assefs ￿ measured a¢ Iwr value at the baknce sheet da￿ Stherne liabilirie5 are rT*asuréd on an a¢tuirial b•$is at the balance sheet date usini the wolec￿d unit method and thsethffited ar a rdte equwaleni to the current rate of return on a high quality Corpora￿ b￿d of eqUTrA￿nc term to the scheN* liabiliues. The resulvng defined benefii asset lx Irabily is wesented separntety after ￿her net assets on the face of the balance sheet. A defined benefjt plan asset will be recognised to the eX¥￿t that ir ts able w recover the surplus thr) 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 cantrIF￿￿OnS kntlude the sacrthod c4Alary. 24 (396226 70.992 The numbervfthe cmrknTres ¢kn￿ CD hE*wnL 2015 2024 17 AdnNnlstrarl¥• D￿rir¢ the year thwewere no ternur4tkn Fo￿￿ents (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 urket*75 1140 arKS thiTamr*mted 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 to￿11￿£ £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# *d*s • 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 A￿lUsi2024 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.$97 38.767 .112.18• 9.16SJ16 171557 114.958 263.9X• .115m6 4h83.321 Included kn (a￿￿1 ￿0th sYarwd l >T¥. Fe• debtors Ih th* eurreKy¢ar kntr*aied althk Term 102S I**. COrresp)ndln￿y, d&err¢d Incm Fqs IrKrta5e¢l kn cred1W￿ F* dup wlthkn onE ye¥ to th? Det e oftheae le￿ Ythh the VATdue Irs (thr 15 • chay arWr¢frdM • In the nature Jrrnyrner￿ as a reA4¢ofthe dVATw KWfee5 anil as SV * Wor pÈdod idluS￿*￿Toth not tordkleled r*cwwry. Restsred I I CREOITORS: amountsfaminz duewlthtn OnBye** 2025 Trade CrE¢ktors 1.117.789 1.159,529 177.614 la.613 1.573,920 S.106.M9 10,614,J54 69I3S3 20&662 1.495.SS4 21.097 1.48&425 1.605.)39 Fees In advance Other Credkors Fae d*posi¢% knwals and dthrred knroffle DULWICH PREP & SENIOR NOTES TO THE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED JI AUGUST 2025 Restated 12 FEES INADVANCE 2025 2024 Withln one year Within ¢)he to years 877,é14 n7.110 1,495,554 I J55.958 Ope￿nE lees kn advan¢e Amcvnt released to income during thty knourt deferred durvry the 3.051.512 {1,495.554) 48,772. 1,004.730 3.OS1512 3,051511 Prior year trtditors ￿11￿ thJE ohe been re5fattd. Onty fees kn advance F4id the sd￿rs fee$ adv￿¢¢ scheme be￿ kndL*kd In note 11 Anyfee5 thatwert in thancE for the avwmn term haYE been included in dkned I￿orne. 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￿ c*sMow 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 cancel*bJe 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 I￿43? 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 contribu￿0ft scheme, for thetr tsachlng stsff with effectfrLxm I September 2021. The pension charye for 2025 for the year inClud￿g contrib¢Jts"ons payaè4e to APTIS in respett 01s￿lry sacrifice was Ll,32&690 12024 £1,269,562) and at the YW-￿ £10&404121r14 £107,151) VA5 xcrued kn respert Ofcontri￿Jt1Q 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 par￿t Trust operated this Stheme (the OU￿1ch 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 m￿lerS and accrual for ex￿ring rnWThbe￿. On I Sep*mber 2017 the Tntst transferred the ￿{gatiOns to contriiKrte ID the Stherne to eath of the schools in propOrt￿n￿ d&ermkned by the xtuary Imsed on the staff who participated in the stheme. The Val￿￿On 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 SChed￿e of Contthtms rhe School p*kJ the <41 J Jn 2024ns. In M3rJ9 13.S03 Totsl IncomE 17560.628 16.909 17.577.537 Expendlturo •r< Nnanthq c05 0.0651 (20,0651 Charli*ble xtfvl¢l•s Educatkn a￿l&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 {c￿￿￿ed) {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