Company No. 10815140 Re8lstered In EnBland Charity No. 1174358 DULWICH PREP CRANBROOK ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31AUGUST 2021
DULWICH PREP CRANBROOK ANNUAL REPORT OF THE GOVERNORS FOR THEYEAR ENDED31AUGUST2021 The Governors present thelr annual reKX)rt togetherwith the audited flnaneial statements of Dulwkh Prep Cranbrook (the School) for the year ended 31 August 2021. The Governors conflrm that the annual report and financlal statements of the company comply with the Current statutory requlrements, the requlrements of the company's governing dotument and the provlslons of the Statement of Recommended Practlce ISORPI "Accounting and Reportlng by Charltles" Icharltles SORP FR51021. Ststus and admlnlstratlon The School is a company limtted by guarantee Icompany number 108151401 and Is reglstered wlth the Charrty Commission under charity number 1174358. The School, together wlth Dulwich Prep London, Is a subsidiary of Dulwlch Preparotory Schools Trust l.the Trusv'l, The Trust Is a150 a company limlted by 8uardntee and 15 a re8iStered Charity and the School lease5 It5 property from the Trust. Governors, responslbiNties The Governors (who are also dlrectors of the School forthe purposes of company lawl are responsible for preparing the Governors, report Ilncluding the 51rate8lc report) and the flnancial statements In accordance wlth appllcable law and Unlted Klngdom Accounting Standards (United Kingdom Generally Accepted AccountSng Practice). Company law requires the Governors to prepare flnanclal statements for each flnanclal year. Under company law the Governors must not approve the financlal statements unless they aye satisfied that they 8ive a true and fairview of the state of affalrs of the charitable eompany and of the Incoming resources and 8pplicatiort of resources, includlng the Income and expenditure. of the charltable company for that perlod. In preparlng these flnanclal statements, the Governors are requlred to: select suitable accountlrbg policies and then apply them (x)ns15tently.' obseNe the methods and prlnclples In the Charltles SORP; make judgments and accountln8 estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards have been followed, subjert to any material departures disclosed and explained in the ftnancial statements; prepare the financial statements on the golng concern basls unless It15 Inappropriate to . presume that the Charable company will continue in operation. The G0VeYno are responsible for keeping adequate accounting record5 that are suffiuent to show and explain the charitable company's transartlons and dlsclose wlth reasonable accuracy at any tlme the financlal poSitn of the charltable company and enable them to ensure that the flnancial statements comply wlth the Companles Act 2006. They are also responslble for safeguardlng the assets of the charitable company and hence fortakln8 reasonable steps for the preventlon and detectlon of fraud and other Irregularitles. Each of the persons who are Governors at the tlme when thls Govemors, report Ss approved has confirmèd that:
DULWICH PREP CRANBROOK ANNUAL REPORTOFTHE GOVERNORS FOR THE YEAR ENDED31AUGUST2021 so far as that each Governor Is aware, there Is no relevant aud Informatlon of whlch the charltable company's auditor is unaware, and that each Governor has taken all the steps that ought to have been taken as a Governor In orderto be aware of gny relevant audlt Informatlon and to establish that the charltable company's audltor Is aware of that Infom)atlon. srRUCTURE, GOVERNANCE AND MANAGEMENr The school was created as an Independent charlty governed by its own Artlcles of Assoclatlon with effect from I September 2017. The Articles reflect the Companles Act 2006 and the Charftles Act 2011 and were approved by the Charity Commission and passed by written resolutlon on 16th June 2017. Prior to that date the School was part Of. and effectlvely Boverned bvi the Artlcles of Association of the Trust. At Its Inception the umbrella charityi the Trust, donated the net assets and undertakirtgs necessary to fulfil its objects to the new charlty under a Transfer of Undertaklngs Agreement dated 1st September 2017. The 5chool1s SUPPOrted in the provlslon of educotion by the Trus¢ from which the School leases Its facllltles. Goyernlng Body The Govemors of the School are the charltytrustee5 under charity law and the Dlrectors of the charltable company. All Governor5 are "members" of the Trust and the S¢hooVs ChaSrman and one other Governor also serve as Trustees of the Trust. The members of the Governlng Body who Served in ofrice as Governors durlng the year are detalled below with addltlonal responslbllltles or focus shown In brackets.. AP Anderson11 Chalrman ITrustee of the Trust and of the Trust Penslon Scheme) M Stj Ashley (Trustee of the Trust, Trustee of the Trust Penslon Scheme, Member of the Trust Flnance Commltteel Mrs S Jenklns BEC Lynch S Miller Mrs SC Morgan Mrsc M Nash Mrs N Payne N Pears MrsSLRynehart ISafeguardln& Educatlonl (Educatlonl IBoardin81 IPRIMad<etlngl (Ear Yearsl (HR and Legall Mr N Pears resigned from the Governing Body on 25 October 2020. Mrs S Jenkins and Mr BEC Lynch were appointed on 25th November 2020 Key Management Personnel Headmaster: P A David BEd IHonsl Bursar and Clerk to the Governors.. F P Scanlon BSclHonsl, MSC, MBA, MIET
DULWICH PREP CRANBROOK ANNUAL REPORTOF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST2021 Professlonal Advlsers Sollcltors". Farrer & Co LLP, 66 Llncoln's Inn Flelds, London WC2A 3LH Audltor: Crowe U.K. LLP, 55 Ludgate Hlll, London, EC4M 7JW Management Structure The Govemlng Body meets a mlnlmum of three tlmes per year, nomially once per academic term. Sub- committees for specific purposes are establlshed as and when needed. The Headmaster and Bursar attend each of the full Govemlng Body meetlngs and any sub-committee meetlngs as requlred. The day- to-day management of the School is delegated to the Headmaster and Bursar, who collectively comprise the key management personnel and are supported by the School's Senlor Management Team. The Headmaster has overdll responsibilty for the appolntment and supervision of all staff, but delegates thls function to the BUar for most non-academic staff. Remunerntion is set by the Governlng Body wh the pollcy objective of providlng approprlate Incentwes to encourage enhanced performance and of rewarding fairly and responslbly Individual contrlbutlons to the School's success, The approprlaleness and relevance of the remuneratlon pollry is reviewed annuallyi Includlng reference to comparisons with other independent schools to ensure that the School remalns 5ensltlve to the bmader15sues of pay and employment conditions elsewhere, We aim to recrult, sublett to experlence, at the lower to medium point withln a band, provldlng scope for rewardlng excellence. Governlng Body Recrultment & Training The Governlng Body Is self-apwlntlng, wlth new Governors klentffted by the exlstlng Board. supported by the Headmaster and Bursar. and appointed by the Board followlng agreement by the TrLtst. Governors seNe for an initial term of four years, but may offerthemselves for re-elettlon for a Second term of four years and then a fSnal term of two years, making ten years in all. New members of the Governing Body are elected on the basls of the candldates, professional qualltles, experlence. personal competence and the specific needs of the School. New Governors are Inducted Into the worklngs of the charitable company vla a programme organlsed by the Headmaster and Bursar. The Bursar will a150 notify members of the Governlng Body of relevant external trustee tralnlng and infomiatlon courses and semlnars deslgned to keep them Infonned and updated on curvent issues In the sector and re8ulatory requlrements. Charlty Code of Governan Followlng Its Incorporatlon on 12th June 2017 the Schoovs Board of Governors has taken Its -govemance responsibilities serlou51y and, as a slgnlficant charfty, alms to have a governance framework that Is fft for purpose, compliant and efficient. The Board has established a 501id foundatlon In governance in which all of its Governors are clear about thelr roles and legal responsibllities. a committed to supporting the School in deliverlng object5 most effectlvely for the benefit of Its beneficiaries and contrfbuting to the Schooys contlnued Improvement. Overall the School's Board of Govemors meets a very slgnificant proportion of the recomm&nded and best practlce for governance contained within the Charity Governance Code a¢ro55 the seven areas and are comfortable there are no significant areas of revlew required. Arrangements will contlnue to be monltored against the best practice principles cor)talned wlthln the Code.
DULWICH PREP CRANBROOK ANNUAL REPORT OF THE GOVERNORS FOR THEYEAR ENDED 31 AUGUST2021 Employment poll The School Is an equal opportunltles employer. Full and falr conslderatlon Is glven to lob appllcatlons from disabled person5 and due conslderation is glven to thelr training and employment needs. ConSUallOn with employees, orthelr representatives, ha5 contlnued at all levels with the aim of taking the vlews of employees into account when declslons ale made that are Ilkely to affect thelr Interests. Employee5 are made aware of the financial performance of the School through an annual brieflng Biven by the Bursar. Employees are also aware of the publlc benefk necessarlly provlded by the School as a charity and of their part In supporting the School's contrlbution to the local communlty. Communicatlon with employees contlnues through normal management channels In a varlety of forms and also through eXpIlonal channels to make staff aware of current issue5. Good examples of effective communiotlon and staff consultatlon were demonstrated throughout the perlod and evldenced by the very effectlve redeployment, overthe Chrlstmas hollday period, of our remote learning arrangements for the second Covld lockdown In January 2021. In addition, durlng the prevlovs year, the School had Identlfled a need to make a small number of posltion5 redundant from the end of the Summer temi 2021 and so, durlng the Sprlng term lockdown a transparent and thorough consultatlon process with stbff was required. Much of thls had be conducted by the Headmaster and HR Manager overzoom meetings rather than In person and so needed particularty sensitive handling. The bu51ness need for the process was clearly articulated and understood& questlons and concerns were fully addressed and answèred and the process was completed successfully wlthout alienation of the staff affetted or their remair)Ing colleagues. STRATEGIC REPORT The remalnder of the report of the Governors also constltutes the strategic report for the purposes of the Companle5 Act 2006. Piinapal activity and djjects of the charitable companv The prlnclpal actlvlty of the charltable company Is the operatlon of a preparatory school at Cranbrook, Kent. The objects of the charltable company are the advancement of education by the provlslon and conduct of the school for boys and girls and by anclllary or Incldental educatlonal actlvltles and other assoclated attlvltles for the benefft of the communlty.The Governing Body ha5 referred to the guldance contalned In the Charlty Commisslon's general guldance on publlc benef, and in partlcular to Its supplementary public beneflt 8uldance on advanclng education and on fee chargingy when revlewlng future aims and objettlves. The Governors, alm Is that puplls should have every opportunlty to fvlfll thelr potentlal- academic, artlstic, dramatlc, mu51cal, sportlng, soclal and moTrl- by provldlng a rlch and dynamlc (rrICUlum, inspirational teachln& buildin8 children's self-tt*fifidence by supporting thelr emotlonal, physlcal and Intellertual needs, and Inculcating a de51re to contribute to the wlder communlty. By the tlme children leave the school our aim is that they will have developed the skills and inner eonfldence to fktrurlsh In the next stage of thelrjourney, ready to embrace the opportunftles the world outside has to offer.
DULWICH PREP CRANBROOK ANNUAL REPORTOFTHE GOVERNORS FOR THE YEAR ENDED 31 AUGUST2021 Prlmary objectlves The School Seeks to achleve its alm through the following prlmèry objectwes: To contlnue to welcome puplls and staff from all backgrounds. To continue to develop our exceptlonal pastoral care. To continue to develop the breadth and depth of what we offer so each chlld can dlscover new passions, develop theirtalent5, and stretch themsefves. To contlnue the professlonal development of all staff, so they are leaders In thelrfleld. To continue to develop our academlc currlculum so that chlldren have the skllls and mlndset they need to flourish. To nurture good cltlzenshlp and encourage children to be ¢ontributln8 members of their mmunlty and soclety general. To contlnue to Improve ourfacllitles, technology and resources. To continue to develop and strengthen our relatlonshlp with local schools and the wlder communlty, To Set our fees at a level to ensure the flnanclal vlabllty of the School and at a level that Is conslstent with our alm of provldlng a flrst class educatlon to children. To provide financial support to enable chlldren whose parents would not othen¥lse be able to afford th@ fees to beneflt from an educatlon at the School. To malntaln a clear and effective mana8ement structure and the necessary SUPPOrt frdmework to meet the need5 of staff and pupils alike. Strategles to achleve the prfmary objectlves The Governing Body ha5 reviewed the Strate8lc Development Plan forthe School. A new plan whlch wa5 inltiated in 2016 and reviewed In 2018 Is now well advanced. The Plan defines educatlonal and Investment Inltiatives and major projects, subject to avallable fundin& In pursult of the prlmary objective5. The 5trategl¢ review reco8nlsed the need forthe School to adlust to the changlng local market, partlcularly as a result of Cranbrook School's decision to admit pupils from Year 7 and so diminish our own Year 7 and 8 pupll nurnbers. In response to thls. besldes an extensfve rebrdndlng programme completed durlng 2017, an extension of the School's bursary and scholarshlp programme wa5 implemented wlth bursaries now belng offered from Year 3 onwards. AddItIonal, the consequent redurtlon In demand for boardlng In Years 7 and 8 enabled the School to consolldate boarding accommodation Into one house, The Manor, from September 2018. Thls freed The Lodge Boardlng house and surloundlng land for dlsposal by the parent Trust. The Trust recelved planrting permlssion for a small residential development on thSs slte durlng the year and It was sold to a local developer In August 2019. However. the Impact of the COVID-19 pandernlc whlch hlt the country In early March 2020 stalled piogres5 on the remaining Initiatlves and resulted In a fundamental rtrexamlnatlon of the school's market position, priortties and finance. Based on thls, and backed by a comprehenslve SUTvey of parents the School is now developlng an excltlng plan to repurpose exlsting surplus teachlng accommodation and extend provlslon to GCSE In Year 11. If the pmposal15 approved, the School alms to announce the development durlng the Spring term 2022 and admit the fltst cohort of Year 9 pupils In Septernber 2023.
DULWICH PREP CRANBROOK ANNUAL REPORT OFTHE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 Public benefit The School remalns commltted to the aim of providing public beneflt In accordance wlth Its foundlng prlnciples. The Sehool actlvely SLSPPOrts the attainment of the hlghest standards of educatlon through rlgorous and contlnuous evoluatlon of quallty and performance, the application of best practi and wldespread deslre to Improve standards. We cooperate with local schools and educatlonal bodies In our ongolng endewours to wlden publlc access to the 5choDling we provide, to optimise the use of our cultural and sportlng faclllties and to awaken in our puplls an awareness of the soclal context of the all-round education they re1ve at the School. However, opportunitie5 to further thr5 have been restricted during the year a5 a cor)5equence of the COVID-19 pandemi Thls year the School awarded means-tested bursaries totallins £156K to 17 puplls12020: £142K to 15 pupils), Includln8 412020: 41 for 75% or more of full fees. Awards are fully means-tested through a rlgorous and detalled process whlch intludes home vlsit5 when approprlate, Emotlonal well-belng and mental health During the at8demie year 2020-21 the school has contlnued to promote the Importance of a focus on p05itwe mental health. Our work wlth the wlder community has b@en interrupted owing to COVID-19 and a5 a result we have been unable to host face to face events on the school premlses. However, we retaln strong link5 wlth Mental Health Flrst Aid UK who are able tD provide mental health training opportunitie5 for teachlng and support staff based In local malntalned and Independent schools. Faclllties and resour The School contlnues to foster Strong relationships with many of our local state malnta5ned schools and endeavours to share best practlce and provlde support wherever possible. Unfortunately, the Covid-19 Ye5trlctions this year have limlted th15 and a number of our regular events and planned support programrnes could not take place. However, all these events, including the very popular 'Rawllnson Run. in which over 200 local primary and prep school pupils participate, are scheduled to resume In academlc year 21122. In spe of the Covld restrlrtions we were pleased to be able to provlde work experience opportunitles In our PE Department for several local grammar school puplls durlng the Summer term. The School ha5 8 desi8nated member of staff responsible for Ilalson with and support for k)cal schools. Strong relationshlps have been establlshed as a consequence and the School contlnues to actively seek opportunltles for c105e co-operation wherever posslble. Local state schools are encouraged to approach the School for sUPPOrt and assistance wherever they feel we may be In a posftlon to provKle It. Charltable fundralslng Pupll fundralslng for charltable causes Is also encouraged artd whilst Covid 19 rèstrictions limlted the opportunities agaln this year, approxlmately £1.5K was donated to natknnal charltles as a result of pupll led Inltlatlves. Staff charity fundraising ventures were also curtailed as were those of the Frlends Assodatlon which, besides 5UPPOrtlng the School, seeks to ralse funds for a range of charltles.
DULWICH PREP CRANBROOK ANNUAL REPO1 OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST2021 The school does not engage wlth any external thlrd party fundr4is&rs. There have been no complaint5 in the perlod regardlnB Inapproprlate or Intruslve contact In relatlon to fundralslng activlties. ACHIEVEMENTS AND PERFORMANCE Art With all children returning to school In September 2020, the Art Department made It thelr mlsslon to create work which would be very difficult to produce at home. Lar8e acrylic canvases, TaMiC work and textlle5 dominated the schemes of work ft)r the Autumn Term. When lockdown loomed once agaln durlng the wlnter months, The department saw it as an excellent opportunity to do Something different. Whilst the Llttle Stream Children explored art through storles and books, Upper School puplls concentrated on learnSng about careers in the Art and Deslgn world. Each week a new area was discussed and introduced to the children, then a hands-on workshop would follow, allowlng the puplls to experlence each career In turn. When returnlngto school, emphasls was back onto challenglng projects whlch stretched the chlldren's skllls and enhanced thelr love for the subject. Musl¢ We are so proud of what we achleved durlng the academle year, 2020-21. As a Musk Department. we provlded the children with a comprehenswe muslc educatlon, both onllne and In the classroom. Whilst our re5triction5 were plentiful, Ino singing). we adapted our approach considerably and were stlll able to provlde the chlldren wtth much-needed performance experlence. Our trips within the community were somewhat curtailed. but in-house. we were able to prepare for all the biR events that traditionally ihe school has always presented- lalbelt vla recordlngs, ratherthan to Ilve audiences.) The lolnt Harvest Festival, la new initiative), the Upper School Winter Concert, Upper School and Little Stream contrlbutlons to the Carol SeNlce, the Year l Natlvlty, the Year 2 Chrlstmas Play, the Year 3 Concert, as well as all the usual informal concerts, all took place. Unexpectedly. all of these recordlngs, gave us more opportunStles to reach out to the wlder community, allowlng more people to enjoythe children's achievements. Two masterclasses during lockdown, enabled us to maintain our links with the Dlrector of Muslc at Sevenoaks Senlor School and the opera 51nger, Gilllan Kelth. Whllst the Young Voices Cuncert did not 80 ahead, we hope to be celebrdtinglts 25th Annlver5ary In 2022 and contrlbutlng to the Teenage Cancer Charlty and Place2BeP During our onllne learningi the Doctoi Who theme was performed by our orchestra and provlded a chance for the chlldren to play 'virtually' together. The summer temi saw the return of the Wind/Bra55 ensemble, Jazz Band and Rock School, as well as the Senlor Choirsi performing to parents at several open alr events. In addition to the performlng arts scholarshlp lo Claremont* pupils obtalned music scholarships to Sutton Valence School and A5hford School. Our school communlty was celebrated in sound, through the collaboratlon of Year 8 and Paul Cheese, a local sound recordist. The Sounds of Dulwlch Is a lasting testimony of all that we do here. De5plte much of the year havlng a virtual blas, the children were able to benefrt great from the musical opportunltles the school was able to offer. 15pace This year, four Year 7 and 8 children took part In the Ispace Advlsory Board. an opportunlty for representatlves from varlous schools to dlscuss wellbelng in schools and how we can help, whlch
DULWICH PREP CRANBROOK ANNUALREPORTOFTHE GOVERNORS FOR THEYEAR ENDED 31 AUGUST2021 included contributions from Wellbelng actfvist Hgpe Vir80, Slnce then our pupils have eontrlbuted to the Forward of the Government Whlte Paper, which Paula Talman, (the creator Df i5pacel 5ubmtied to the Government, outlinin8 the necessity for all children to receive a'mental heah and w@Ilbelng' educatlon. As part of this caus@ a video of our Year 3 performlng a 'Planet Heads Up routlne,, was sent to Mlms Davles MP, to hiEhllght the work that we are dolng and how Impactful wellbeSng educatlon Is. The school has recelved considerable Interest In thls aspect of our currlculum, and has featured in the national magazlne The School Report, descrlbln8 Involvement In the ispace currlculum, along wlth Its benefits. Drama Respondlng to the Covid restrictlons and guidelines, the Drama Department had to be inventive and innovatfve this year. From the magScal professlonally fllmed and edited Year 6 Grimm Tales to the fun, fast and fantastic online drama and dance workshops held during lockdowni puplls were engaged and thelr inner diva was kept allvel Explorlng varlous forms of new performance genres not only enabled pupils to rontinue tf) experience the wonder5 of performln& but also sewed the seed for future exciting ventures where the possibllties of InteractNe audiences and immersive experien$ could intertwine wlth more familiar formats. Thrown into the mix were a few flrm favourlt@s such as the Year 8 Revue and the Year 5 Showcase, performed In the John Leaky Hall,. It was good to be bacL treading the boords, after so many months. Sport With the chlldren returnlng In full In the Autumn term, many trlbe events were held and this became a maln focus as fixtures against other schools were curtalled. Events Included tribe cross-country, hockey, football, rugby and lacrosse. We competed In the Natlonal Prep School Cmss Country Competltlon and produced some excellent tlmes, although they did not actualty announce any winnets this year. During the Sprlng term lockdown, Dulwlch comblned a variety of In school and onllne learnlng, creatlng excellent resources from Nash house through to the senlor age group. The chlldren were fully engaged wlth a programme of online PE and Games ihcluding xoom PE lessons, fltness vldeos, challen8es, IAPS vlrtual sports, zoom football sesslons. dance lessons to name but a few. The thlldreri, 5taft and pupils were encouraged to log any dlstahces travellèd during onllne learnlng. Thls could be runnlng, walkln& cycllng, horse rldln& cartwheellng etc. The comblned total for thls challenBed was 8 massive 25,936 miles. Dulwich also won two of the IAPS virtual football and hockey challenges. Children a150 used the time at home tu discover their own sportlng and actlve passlons wlthln their surroundings. Gir15' cricket is now running across the school, with irtter4chool flxtures and tournaments held during the summer. Over 80 cricket fixture5 were completed duylng the 5urnmer tenm desplte the COVID disruptions. The U12 glrls won the Coursehorn Cup critket tournament which is held at Dulwlch and wa5 one of the flrst girls only cricket tournaments set up on the local clrcuit. The U13 1st Xl boys leam was partlcularly strong with them winnlng all but 2 of their fixtures. The girls have been movlng on to hard ball wh the seniors, readyto compete from the stsrt of next season. Contlnued Educati¢ under COVID-19 On the 7th August 2020, the Department for Educatknn IDfEI publlshed Euldance for the full opening of schools In September 2020, lollowlng the partlal re-openlng that some schools effected durlng the second half of the Summer Term 2020, Further guldance was throughout the summer holidays
DULWICH PREP CRANBROOK
ANNUAL REPORT OF THE GOVERNORS FOR THE VEAR ENDED 31 AUGUST 2021
relating to safe working in education, transport and, most recently, in respect of face coverings in education, following a statement published by the World Health Organization.
This guidance extended the framework that had been adopted in schools to minimize the risk of potential transmission of the coronavirus (COVID-19) through a system of controls building on a hierarchy of protective measures that had been in use throughout the coronavirus (COVID-19) outbreak.
Leading into the beginning of the Autumn Term 2020 it was recognised that there could not be a 'one-size-fits-all' approach where the system of controls describes every scenario. In reviewing all the government guidance, the school leadership team reflected on the school's excellent site, buildings and teaching environment and made informed judgments about how to balance delivering a broad and balanced curriculum within the measures needed to manage risk.
The system of protective measures was similar to those adopted in the Summer Term 2020 and included a requirement that people who display even the mildest symptoms of coronavirus (COVID19) stay at home, robust hand and respiratory hygiene, enhanced cleaning arrangements and active engagement with NHS Test and Trace. Formal consideration was also gi'-(en to how to reduce contacts and maximise distancing between those in school wherever possible and minimise the potential for contamination. During this period the school was able to operate a full programme of lessons without compromising pupil learning, curriculum breadth or pastoral support In the lead up to Christmas, creatively adapting planned events such as Nativity plays, concerts and even delivering an online Carol Service.
A directive from the government on the 5th January indicated the need for all schools to close until at least half term and, as a result of the new lockdown imposed, a further period of online learning commenced at the beginning of the Spring Term. Having learnt a great deal from the summer experience the school issued Phase 4 of its Dulwich Virtual Learning arrangements. This included Remote learning Guidelines for Parents, Remote Learning Guidelines for Children, guidance for Teaching and Learning, Pastoral Support and Co-Curricular activities and an Online Learning Zoom Help Guide.
The full reopening of schools on the 8th March required a 'Testing Task Force' to be put in place to plan, prepare and deliver an asymptomatic test regime for children in Years 7 and 8 and all staff prior to term commencing. The willingness and flexibility of staff to train, rehearse and provide this service in school, prior to the 8th March, allowed the school to open With a full range of clubs and after school activities with no delay. Despite continuing separation in the form of year group 'bubbles', the school was able to resume face-to-face teaching whilst effectively managing the inevitable.positive COVID-19 cases which emerged throughout the Spring and Summer Terms. As lockdown arrangements relaxed further towards the end of the summer term, the school gradually opened up to parents with spectators watching home sports matches and carefully managed performances, albeit with limited occupancy. Parental response to the school's provision throughout the COVID-19 period has been extremely positive.
FINANCIAL REVIEW
The operating deficit for the year ended 31 August 2021 was £583,326 compared to £28,562 surplus in the previous year. Total income of £5,535,584 and expenditure of £6,118,910 in the year compared with total Income of £5,886,966 and expenditure of £5,858,404 in the previous year. Although income was supported by the receipt of £83,733 in furlough grants (2020 £233,933)
DULWICH PREP CRANBROOK ANNUAL REPORT OFTHE GOVERNORS FOR THE YEAR ENDED 31 AUGUST2021 through the Government Coronavlrus Job Support Scheme, the redUd level of Income 15 prlmarlly ttributable to the reduction In pupll roll and the reduction by 25% In fees charged durlng the flrst half of the Sprlng term when the School was requlred to revert to remote learnlng. The net book value of flxed aets amounted to £160,45311020 £166,917). In addltlon to revenue from school fees, the School seek5 to enhance Its Income through lettlng tts facllities and through rents recelved for staff resldentlal properties. Besides casual lettlngs of sports facilities, classrooms and halls for blrthday parties etc., regular hlrers of the School's facllltles Include a local children's dance company who hlre the maln school hall at weekends throughout the term and a chlldren's hollday actlvitles company who hire a range of facllltles to operate a day camp over a period of four weeks during the School's summer holidays. Covld-19 restrictions resulted in reductlon In the extent of both these lettlngs thls year. Addltlonally. In normal clrcumstances there are a number of holiday actlvities from which income is earn@d that are run by the School's Dwn stsff and avallable to current puplls Includlng sports camps, chef school and a summer hollday actlvlty carnp foryounger chlldren. These acthlties were not pOlble thi5 year. Reserves The School's reserve5 policyls to malntaln Its unrestrlcted reserves (excludin8 penslon Ilabllltles ol assets) broadly at the level of one month's expenditure In order to meet day to day runnSng costs of the School and the costs assoclated with the malntenance of the fabrlc of its bulldlngs. This allows the School to ensure sufficient liquldity for nornial operation, In addltion, the School may hold addltlonal reserves to support antlclpated capital expendlture and longer tem) Ilabllities in particular Its pension fund obllgatlons. Free reserves held at the year-end totalled £432,38612020- £845,887) eKcludlng penslon Ilabllltles and £13,68112020.' £437.987} Sncludlng pension liabilities, At Ih15 level the free fESe¥ve5 fall below the level requlTed by the reserve5 pollry. De5Ptie th15, tlie Governors have considered the reserves pollcy in light of the Covld-19 pandemic and have concluded that no adlustments to the polbcy need to be made. At the year end fund5 were sufficient to support the Governors alms. GoinB Concern Havlng reviewed the cash posltlon of the School together wlth the expected ongoing demand for places and the School's future projected cash flows, Includlng the ongoln8 effects of Covid-19 and potential lockdowns, together with 5UPPOrt avallable from the parent Trnst, the Governors have a reasonable expectatlon that the School has adequate resources to contlnue It5 actlvities forthe foreseeable futuye and consider that there were no material uncertaintles over the School's flnanclal vlablllty. Accordlngly. they contlnue to adopt the golng concern basls In preparlng the financial statement5. PRINCIPAL RISKS AND UNCERTAINTIES The Governors conslder the principal rlsks to the Sthool to be those assoclated with Safeguardlng of children and those associated with cuntinued economic and polltlcal turbulence. partlculady those arising from the Covid-19 crisis. Safeguarding and Health and Safety To ensure continuity of communlcation between the govemin8 body and the School, one governor holds designated responsibility for Safeguardlng and Health and Safety. The designated governor attend5 termty safeguarding meetings with the School'5 Safeguardin8 team tomprisinE the io
DULWICN PREP CRANBROOK ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31AUGUST 2021 Deslgnated Safeguardlng Lead IDSLI and four deputy DSLS and, together whh ihe DSL reports to the Board of Govemors at each Board meeting. The des18nated governor also conducts an annual Safe8uardlng Audlt whlch nomially takes place durlng the Sprlng temi. All Governors recelve full safeguarding tralnlng when theyjoln the Board and recelve regular updates as necessary from the DSL. All are requlred to scrutlnlse and approve the safeguarding policie5 of the ScFK)ol at least annually, In addltlon to thls all governors are requlred to complete any further necessary tralnlng such as updates on Keeping Chlldren Safe In Edu(xtlon. Where appropriate, thls15 provided onllne and a full record of tralnlng Is held by the DSL and the HR Manager. Safe8uardlng contlnues to be the hlghest prlorfty for govert)ors and the School staff. In addltlon to the day-to-day attentlon given to ensure the School rernalns a safe pla foi pupSlsi governors malntsin oversight of out of school activltles undertaken by puplls. Full safeguardlng meetlngs are held in advance of any resldentlal trlps and appropriate adjustment5 to orrangements and staffinB are made for pupils wlth additional need5. Whllst the Governors are respectful of the boundary between governance and management, thev contlnue to work to make thernselve5 VIble to staff and parents, attendlnB as many school event5 as possible and getting to know not just the Headmaster and Bursar, but staff In all areas of the School. Their Presen is welcomed by the whole community. The annual safeguarding audtts have provided a particularly good opportunlty for personal contart between Governors and staff - Including support staff. The School's manasement of more general Heah and Safety rlsks are also closely monltored by the Board, The rlsks range from fire and Infrastructure to personal risks Im05t notably when pupif5 are away fmm the campus on trlps ènd outdoor actNltiesl. The level and breadth of these activitles at the School Is ImpreSse and the rkS assoclated wlth all are mlnlmlsed by thorough plannlng and risk assessment by the School's deslgnated External Visits Co-ordinator. In addition, since the onset of thé COVID-19 pandemic, a full COVID specific rlsk assessment has been Implemented and Is updated and reviewed on a regular basls and In Ilne with Government guidance. The Boar(I has scrutlnlsed the assessment in detall andls fully apprlsed of any changes as they become e$sary. The School's Health and Safety Committee comprlses representatives from all sectlons of the School and reports, via the Bursar, to the Governors on a termly basls. The School also employs an external Health and Safety advlser who provldes detailed advice when necessary as well as providing audit and reportin8 in specific areas when requlred. Economlc and Political Turbulence The Governors consider the contlnulng economlc turbulence of recent years and the affordabSllty of fees by parents across the Independent sector to represent signrflcant risks to the School. This risk was hehtened by the contlnulng financlal Impact of Covld-19 through the year and by the reductlon in pupll numbers attending the school which made It necessary to reduce stafflnB levels by means of a small redundancy programme comblned wlth non-replacement of some retirees. By dolng thls the school has ensured that staff leve15 ore appropriately matched to pupil numbers and that the deflclt experlenced In 201211$ not repeated In 21122 or beyond. Although the rlsks assoclated wlth continulng increases in Teachers, Penslon contrlbutlons were fulty mltlgated by the Schools, wlthdrawal from the TPS In November 2019, other eeonomlc and polltical risks, Including the potentlal loss of charltable stau5 and the removal of bu51ness rates rellef currently enjoyed by li
DULWICH PREP CRANBROOK ANNUAL REPORTOF THE GOVERNORS FOR THE YEAR ENDEO 31 AUGUST2021 the School as a charlty together wlth itte potentlal Introductlon of VAT on school fees, remain. Invprnnrf rg.main alprt tn thg impArt nf thpsp both on the School'5 supply costs and to the livelihoods of the parents who pay fees. Enrolment at the School remained strong through the year with a significant number of new joiners moving to the local area from London. However, the School continues to adjust to the impact of the ¢IIL TEdSeLI pivpuilivri ul pupi15 ih0051r58 to leave at Ilt, often to loln local state grammar schools. As a consequence, Years 7 and 8 have been reduced from three to two forms per year group. Pupil numbers are now considered to be stable although continued economic uncertainty and political threat leaves no room for complacency. Detailed consideration of risk is undertaken for the School by the Governors in conjunction with the Headmaster and BursBr. A risk re815ter is maintained, reviewed termly by the Governors and updated a5 necessary. The risk manaRement proces5 and the resulting report identify risks, assess their impact and likelihood and, where necessary, recornmend controls to mitlgate and monitor those risks whlch are assessed a5 high. The generic controls used by the School to minimise risk inr.Itidp'. detailcd tcrms of rcfcrcncc tosether with formal a8enda5 for Committee and BoBrd activity- strategic development planning, reviewed annually by Board of Governors: cornprehensive budgeting and management accounting,. established organisational structures and line5 of reporting,- formal written policies including clear authorisation and approval levels,. vetting procedures as required by law for the protection of the vulnerable. The Governors re8ularly review tho offectlvon•ss of current plan5 and strategies for manaBin8 311 identified major risks for the School. Approved by the GoverninR Body of Dulwich Prep Cranbrook. including. in their capacity as companv directors, approving the Directors, and Strategic Report contained therein, and signed on its behalf by.. MStJA5 Governor ley Date 3ts 12
DULWICH PREP CRANBROOK ANNUAL REPORTOFTHE GOVERNORS FOR THEYEAR ENDED31AUGUST2021 Indepèndent Auditorfs Report to the Members of D[ch Prep Cranbrook Opinion We have audlted the financlal statements of Dulwleh Prep Cr8nbrook, the 'charitable companv for the year ended 31 AuEust 2021 whlch comprlse the Statement of Flnanclal Atthltles, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, includlng slgnlflcant accounting policies. The financlal reporting framework that has been applied In their preparatlon is appllcable law and United Kingdom AccountSng Standards, including Flnanclal Reportlng Standard 102 The Financial Reportin8 Standard applicable in the UK and Republic of Ireland Iunited Klngdom Generally Accepted Accountlng Practicel. In our opinlon the finandal statements: give a true and folr vlew of the state of the charltable companls affalrs as at 31 AuEU5t 2021 and of $ Income and expendlture, forthe year then ended: have been properly prepared In accordance wlth Unfted Klngdom Generally A¢¢epted Accountlng Practlce: and have been prepared In accordan wlth the requlrements of the Companles Ad 2006. Basls for oplnlon We conducted our audtt in accordance wfih Internatlonal Standard5 on Auditing IUKI IISAS IUKII and applicable law. Our responsibilitie5 under those standard5 are further described in the Audltorfs responsibilities for the audit of the financlal statements sectlon of our report. We are independent of the Charable company In actordanee with the ethical requiremÈnts that are relevant to our audlt of the flnanclal statements In the UK including the FR¢5 Ethical Standard, and we have fulfilled our other ethical responslbilities In accordance with these requirements. We believe that the audlt evldence we have obtained15 sufficlent and appropriate to provide a basi5 for our oplnlon. Conclwlons relallng to golng concern In auditlng the flnanclal statements, we have concluded that the trustee's use of the going concern basls of accounting In the preparatlon of the financial statements is appropriate. Based on the work we have performed, we have not IdentlFied any material uncertaintles relatlng to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a goln8 concern for a perlod of at least twelve months from when the financial statements are authorised for issue. Our responslbilltles and the re5ponslbllStSes of the trustees wlth respett to golng concern are descrlbed In the relevant sectlons of thls report. Other inforniatlon The trustees are responslble forthe other information contalned wlthln the annual report. The other information comprlses the InfDrmatlon Included in the annual report. other than the financial statements and our audltorfs report thereon. Our opinion on the financlal statements does not cover the other Informatlon and, except to the extent otheiSe explicltly stated in our report, we do not express any form of assurance conclusion thereon.
DULWICH PREP CRANBROOK ANNUAL REPORTOF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST2021 Our responslblllty Is to read the other Informatlon and, In dolng so, conslder whether the other Informatlon Is rnaterIal Intonslstent with the financial statements or our knowledge obtained in the audit or othese appear5 to be Material mlsstated. If we Identlfy such material Inconslstencles or apparent material misstatements, we are required to determlne whetherthis gSves rlse to a materlal mlsstatèment in the financlal statement5 themselves. If. based on the work we have perfomied, we conelude that there Is a materlal m15Statement of ihls other Information, we are requlred to report that fact. We have nothing to report in thls regard. Opinlons on other matters pre5crlbed by the Companles Art 20C6 In our oplnlon based on the work undertaken in the course of our audit the Infomiation given in the tru5tees' report, whlch Include5 the directors. report and the Strategic r@port prepared for the purposes of company law, for the financial year for whlch the flnanclal statements are prepared 55 con51stent wlth the financial statements,. and the strategic report and the dlrectors, report Sncluded wlthln the trustees, report have been prepared In accordance with applicable legal qUIreMents. Matters on whlch we are required to report by exceptlo In Ilght of the knowledge and understanding of the charitable company ond it5 environment obtained in the course of the audlt, we have not Identlfled materlal mlsstatements In the strateglc report or the dlrectors, report Included wlthln the trustees, report. We lilwe iiuiliiii¥ tu repuit Iii re5PECt of the fullowln8 matters In relatlon to whlch the Companles Act 2006 requlres us to report to you If. In our opinlon: adequate and proper accountlng records have not been kept,. or the flnanclal statement5 ore not in a8reement wlth the accountlng records an(1 returns,. or certain disclosures of trustees, remuneratlon specifled by law arè not made,. or we have not recelved all the information and explanations we require for our audit Responslbllltles of trustees As explalned more full¥ In the trustees, re5ponslbllitie5 Statement set out on page I, the trustees (who are also the directors of the charktable company for the purposes of company lawl are responslble for the preparatlon of the financial statements and for being satlsfied that they give a true and fair view, and for such Internal control as the trustees determlne is necessary to enable the preparatlon of flnanclal statements that are free from material mlsstatement, whether due to fraud or error. In preparlng the financlal Statements, the trustees are responsible for assesslng the charltable compan(5 ability to contlnue as a going concern, disclosin& as applicable, matters related to going conrn and uslng the golng concern basis of accounting unless the tIU5tees either intend to liquldate the charltable company or to cease operatlons, or have no reallstlc alternatlve but to do go. 14
DULWICH PREP CRANBROOK ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 Audltorfs responslbllltles lor the audlt of the finanelal statements Our oblectlves are to obtain reasonable assurance about whether the financlal statements as a whole are free from material m15Staternent, whether due to fraud or error, and to Issue an audltorfs report that Includes our opinlon, Reasonable assurance Is a hlgh level of assurance, but is not a guarantee that an audlt conducted in accordance wtth ISA5 IUKI will ahmays detect a materlal mlsstatement when It exists. Misstatements can arise from fraud or error and are consldered materlal If, Indlvldually or In the aggregate, they could reasonably be expected to Influence the economlc declslons of users taken on the basis of these financial statements. Detalls of the extent to whlch the audit was considered capable of detectin8 Irre8ulartties, indudins fraud and non-compliance with laws and regulatlons are set out below. A further descrlptSon of our responsibllilie5 for the audlt of the financlal statements Is located on the Flnanclal Reportlng Councll's webSe at.. www.frc.org.uklaudltorsresponsibllltles. Thls descriptlon forms part of our audltorfs report. Extent to whS¢h the audlt was con51dered capable of detectlnB Irre8ularltles, Includlng Iraud IrregUlarleS. Includlng fraud. are InStanS of non-compli?ntt with13w5 and regulatlons. We identified and assessed the r]sks of material mlsstatement Df the financial statements from Irregularftles, whether due to fraud or error. and discussed these between our audit team members. We then designed and perfomied audlt procedures responslve to those rlsks, Includlng obtainin6 audlt eVIden sufflclent and approprlate to provlde a basls for our oplnlon. We obtolned an understandln8 of the legal and regulatory framewo$ withln which the charltable company operates. focuslng on those laws and regulations that have a direct effect on the detem)inatlon of material amounts and dlsclosure5 In the financlal statements. The laws and regulation5 we considered in thls context were the Companles Act 2006, the Charltles Art 2011, taxation legi51atK)n, together wlth the Charltles SORP IFRS 1021. We assessed the required tompllance with these laws and regulations as part of our audlt procedures on the related flnancial statement Items. In addition, we consldered provlslons of other laws and regulations thai do not have a dlrect effect on the flnancial statements but complSance with which might be fundamental to th@ charitabl compan$ ability to operate orto avold a material penalty. We also considered the opportunlties and incentwes that may exist wlthin the charitable company for fraud. The laws and regulations we con51dered In thls context for the UK operatlons were The Education Ilndependent School standard51 Regulations 2014, Data Protectlon Regulatlon IGDPRI. Health and safety legislatlon and employment leg151ation. Audltlng standarits Ilmlt the requlred audrt procedures to Identify non-compllance wlth these laws and regulations to enquiry of the Trustees and other management and Inspectlon of regulatory and legal correspondence, If any. We Identlfled the greatest rlsk of materlal Impact on the financial Statements from Iryegularitles, Including fraud, to be within the overrlde of controls by management. Our audit procedures to respond to these rlsks Included enquiries of management and the Audit Committee about their own Identlflcatlon and assessment of the risks of IegUlar[t1e5, sample testlng on the postlng of journals, reviewing accountlng estimates for blase5, VIewIng any regulatory correspondence wlth the 15
DULWICH PREP CRANBROOK ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 Charlty Commission, Independent Schools Inspectorate, Ofsted and readlng mSnutes of meetln85 of those charged wlth governance. Owlng to the Inherent Ilmltatlons of an aud, there Is an unavoldable rlsk that we may not have detected some material mlsstatements In the flnancial Statements, even though we have pmperly planned and perfomied our audit in accordanee wlth audltlng standards. For example, the further removed non-compllance wlth laws and regulations IlThe8ularStiesI15 from the events and transactlons reflected In the financial statements. the less likely the inherently limited procedures requlred by auditinÉ standards would Identify it. In addltlon, as with ary audlt, there remained 8 hlgher risk of non-detectlon of Irregularities, as these may Involve collu51on, forgeryj Intentlonal omissions, mlsrepresentatlons, or the overrlde of Internal controls. We are not responsible for preventing non-compllance an(J nn0t be expected to detect non-compliance with all laws and regulatlons. Use of report Thls report Is made solely to the charltable company's members, as a bodyi In accordance with Chapter 3 of Part 16 of the Companles Act 2(KJ6. Our audit work ha5 been undertaken so that we mlBht state to the charitable companls members those matters we are required to state to them In an auditorfs report and for no other purpose. To the fullest extent penmitted by law, we do not acpt or assume responsibillty to anyone other than the charitable company and the charitable comp9nS members as a body, for our audit work, forthis report, or forthe oplnions we have formed. Tina Alllson Senlor Statutory Audltor For and on behalf of Crowe U.K. LLP statutory Audltor London 26 May 2022 16
DULWICH PREP CRAN8ROOK STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 AUGUST 2021 Ilncorporatlng an Income and expenditure account) Unrestrtct¢d Funds 2021 R¢strlctod Fund8 2021 Total Total Not&8 2021 2020 Income from: Charftable actfvitlos: School fee8 recelvable Other 8du¢ational inoom& Ancillary income Othor tradlng athltlos Non-anc1118ry trading Income Voluntary Sources t)onations and legacies Furfough grant inrne scheme 5,372,272 40,928 8,628 5,372.272 40,928 8.628 5,561,474 48,680 18,298 27,439 27h39 20,263 2,584 4,338 233,933 Totsl Income 5 533 1)00 Expendlture on: Raising funds Financing costs 280 741 280 741 Total ¢osts of raising funds 280 741 280 741 Charltable actlvld89 Education S 838 169 6 838.169 5,849,297 Total oxpondlturn 6 118910 6 118910 5 858 404 Net lexpendltureylncom8 (585,910 {683J26) 28,562 Transfer behyeen funds 140 Pension scheme actuarial gain81{Ios8es115 155,000 155,000 151,7001 Net movement in funds forthe year 1430,770} 1428,3261 123,1381 Fund balanc*s brought fomard at 1 September 2020 004,904 606,382 628,520 Fund balances carrled forward at 31 August 2021 174,134 2,922 177,058 605,382 The noto8 on pages 21 to 36 fomi part of these flnanclal statements 17
DLILWICH PREP CRANBROOK BALANCE SHEET AS AT 31 AUGUST 2021 Notes 2021 2020 PIXELI ASSETS Tangible assets 160,453 186.917 CURRENT ASSETS Debtors Gash at banK ana In han¢J 578,241 842,708 1,420,949 881,327 855,847 1.737.174 CREDITORS: Amount8 falling due wlthln one yoar fo 1935.6411 1890.8091 NET CURRENT ASSETS 435,308 846.385 TOTAL ASSETS LESS CURRENT LIABILITE8 EXCLUDING PENSION SCHEME LIABILtrY 69S,761 1,013,282 Defined benefit pension scheme liability 15 418,705 407,900 NET ASSETS INCLUDING PENSION SCHEME LIABILITY 177,056 606.382 CHARITY FUNDS Unré81ricled funds axduding penston r8seNe Pension reserve Restricted fund5 592.839 1418,YOS1 2,922 1,012,804 1407.9001 478 15 TOTAL FUNDS 177,056 605.382 The finandal Jtstemcnts Yre approved by the Governors on and signed on their behaw, by.. MStJ Gov8r Th• not•s on pago$ 21 to 36 form part of th0s0 financlal statemonts. 18
DULWICH PREP CRANBROOK STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 AUGLIST 2021 Nol8$ 2021 2020 Nottash Inllowllouffiowl from op8raUons Nei ¥h provldedjlusgdl tsy oper4tlng 38,043 1162,297) ash from Invosung a¢UvKkn'. AddRlon$ to fixed ass$ts Procaeds from sale offfiK8d assets 161,1821 119,0441 424 Net cash Iu88d Inl Inv8Stlng actlvklès 51.102 18,620 Changè In (ash and cash equlval8nts in lh& reportlng period {13.139} {18Q,917) ¢a8h and &h 8qulv8nts atlhe beglnnlng of peilod 855.847 1,036,764 C88h 8nd ca8h 8qufvaK8nt8 ot thg 8Dd ofth• rfjportlng perlod 84 Tho notss on pago$ 21 to 30 fomi part 0fth&on¢ll ¥tatempnts 19
DULWICH PREP CRANBROOK STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 111 ReconclNatlon of nèt IncoMb to net GaBh flowfrom operattng artlvttl8s N8t lenself1Come 1683,3261 28.562 Ellmlnallon ofnowratiro cash flo.. Depr¢¢lalon Ghorge Profft on disposal Dfflxed assets De(eHse in debtots Increaselldecrease} In credltors léxdudlng f888 In advan¢& seheme and deposill InCeaSe1(daa8?} In fees In advanc& &m@ Gradttors In¢rè89elldèerèas?l in par8nts' dapostts DlffrgThcbetsv¢en penslon tbutionS patd and tharg88 made 67.646 63,122 14241 115,491 303,086 87.463 5.369 2.000 165.8D5 1107.674} 1142,714} 113.0601 105,600 621 69 190,859 Not Ca8h Inflowllouthv> frthi oporatlon5 162.29 2020 1111 Anaty$ls of ¢h and ¢a¥h equlvalents Cash at bank in hd 855,847 2Q
DULWICH PREP CRANBROOK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 I ACCOUNTING POLICIES 1.1 Basls of preparatlon The financial statements have been prepar8d in acGordanG8 th the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}. tho Companies Act 2006 and the Statement of Recommended Pract6 applicable to charities preparing thelr &¢ounl$ in a¢cordance with the Financial Reporting Standard applicable in the UK and Republio of Ireland IFRS 102). Tho accounts are drawn up on the historical cost basis of accwntlng. The School is a Public B8nefil Entlty registered as a chartty in EnglarK1 and Wales (charity numb8r'. 1174358) and a company limited by guarantee, {¢ompany number.. 10815140>. Ils raglstered Off is Coursehom, Cranbroc41, Kent, England, TN17 3NP. The ultimate parent company and conlrolliny party of Dulwich Prep Cranbrook Is Duhvich Preparatory Schools Trust (the Trust), a charitable company incorporated in the United Kingdom (company number.. 00579923).The accounts of the School have been consolKlaled into the ultlmale parent entify's financial statements. Copies of these financial statements can be obtained from the registered office, 42 Allwn Park, DuIWh, London SE217AA. ControI Is exercised by the parent company by wrtue of board representation. The prfnclpal acllvtty of the TTu8t 1$ the operation of preparatory schools at DukCh London and al Granbrook Kant. Th& objects of tha Trust are th8 advancement of &lucation primariW by the provision and conduct of 8choo18 in Dulwich and Cranbrook for btsys and glrts and by an¢ilkry or incidentsl educational activities and other Assoeigted @ctiirities for th8 bonafit of tha eommunitir)s. 1.2 Going concèrn HaviThJ reviewed the cash position of the School together with the expected ongoing demand for places and the School's future projgcled cash flows. including the ongoing effects of CovKI-19 and polenlEal lockdowns, together with the support gvailable from the parent Trust, th9 Gov8rnors hav8 a r8a50nable expectation that the School has ad8qual& resources to continue its activrtles for the for8seeable future and consider that there were no material uncertainties over the School's financial wability. According, they conlinue.lo adopt the golng concem basL8 In preparfng the financi8J 8tatements. 1.3 Ciitical accounting judgements ond key sourc8s of estlmatlon uncartalnty In the applicat of the accounting policies, Trustee8 are requlred to make judgement, estimatas, and assumptions about the canyng v8lu8 of 88so1s and liabili118S that are not readily apparènt from oth6r Source8. The estimate8 and undertying assumptions ara based on historical experience and other factors that are considered to be relevanl. Actual results may differ from thgs8 estimates. 21
DULWICH PREP CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2021 1 ACCOUNTING POLICIES (Gonllnutèdl The &slimales and und&rlyirKJ 8ssumptlDns are reviewed on an ongoing basis. Revislons lo accounting estimates are recognised in the period in which the 8Stima& is revised if the revision affects orsty that perlod, or in tho poriod of the revision and fvture periods rf the revision aff8ct8d current and futurè period$. The SGhoof$ liablllty for the Non-T&aching Staff defined b8n8fi1 p8nBion scheme Involvas a number of assumptions as disclosed in note 16. In the wew of the Governors. no olh8r assumptions concernlng the future tsr estimation uncertalnty affecting assets or liabilities at the balance sheet date ar8 likety tr> resuyt in a material adjustsnent to their carrying amounts in the next financial year. The following accounting policies have been appld oonsistantly in dealing with items whKh are consldered material in relation to the S¢hool$'s financial statements. 1.4 Incomo All income is included in the statement of financial a¢livities when the School has entitlement to Ihe funds, receipt is probable and the amount can be measured with sufficient reliability. Fees consist of charges for the school year ending August, less bur$arl&s and allowances. Fees r8ceivpA in advance are deferred and released to income in the lo whh the fees relate. Furfough grant incom8 18 LyJni8ed as and when 6ntitlement aris8$ which can be reliab quantffi8d and benefit is probablè. 1.5 Expondhur¢ Expenditure is accrued a8 800n as a liabilty is consid6red probable, discounted to present value for long8r-tsrm liabilitles and has been included under expense categories that aggregate all costs for allocation lo activiti. Where costs cannot be directly attribu18d to particular aCtwit$ they have been allocated on a ba¥18 consislenl wth the use of the resourc88. Support costs include all costs relating to the managemen( administration and running the function$ Of the School. Governance costs are those incurred in conned with administration of the charitable company and compliance with Gonslituti¢Mal and $latulory requirements. 1.6 Tanglble tlxed assets Tangible ffix a88ets are stated at Cost less d8preoialion. DepreGialion is prov¢ded at rates caloulated lo wite off the cost of fixed assets,18s8 their eBtimated residual value, over their expectèd useful INes on th8 following ba$e8. Fixed assets costing more than £200 are capilallsed. Leasehold Molor vehicles Fixtures and fittings Computer equipment 20A straight lin6 25V/ts reducing balanc& 10V/o straight line 2&500h straight line 22
DULWICH PREP CRANBROOK NOTES TO THE FINANCEAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 1 ACCOUNTING POLICIES Icontinuted) 1,7 Fund accounfjng General Funds ar& tho accumulated surplus on thè Schools Income and expenditure accounl which is availble for u8e at the discretion of the Governor8 in furthorance of the g&neral objecte8 of th8 charity, Including support of the Trust Roslricled Fund5 may onty be spent on the Ghariloblg purpose SP1r by the donor. 1.8 PBn$lon costs Retirement benefits to emplo¥ of the School are provided through kn defined contrlbutlon scheme8 and the employeffs pension costs are ch8rged in the period in which the salaries th8y r81at8 lo ar@ payable. The two schemes are as folbws.. (al The Duh1Ch Prepardtory Schools Trust Non T8aching Staff Group Per80nal Pen8K)n Plan- This is a group p8rsonal pension plan with AVN Ib) From 1 November 2019, tho School's leaching staff have become member8 of the Aviva Pension Trust ft)r Independent Schools which a8 name implles 18 operated byAvivg for a number of private schools. In gddiiion the SGhool has historicafiy provided retirement beneftt8 to non-teachlng staff through a defined bgnefit scheme- The Dulwkh Preparatory Schotsls Twsl Mn.tsaching Staff Pension Scheme. 23
DULWICH PREP CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 1 ACCOUNTING POLICIES (contlnutod) The scheme is clos8d so thore are no curmnl $8nri¢8 costs, other than admini81ralion expenses which are borne directly by th& School. The expected retum on the scheme a88els less the schem& int8r69t CO8ts are credfted within olhsr inlgrèst. Thg sch&me actuarial gains and loss&s are recLNJnised immediatety as other recognised gains and losses. Tha dèfinèd benefrt scheme assets aro measured 81 fair value al the balance 8heèl date. Scheme Ikabllmes ara measurod on an actuarial basis al thè balance Sheet dale using the project1 unit method and discounted al a rate equivalent lo the current rale of return cffl a high quality corporate bond of equivalent term to th& scheme liabilitie8. Thg r88utting d8finod b8n8frt asset or liabilty is preBented separatdy after other net assets on thg face of the balance sheet. 1.9 Op8ratlng leas8S Rentals under operating leases ar6 charged on a straight-llne bas18 over the18ase temi. 1.10 Taxatlon The Sch¢Jol Is a reglstered Charity No. 1174358 and as such is not liable to United Kingdom Income tax or corporation tax on charilabig activities. 24
DULWICH PREP CRANBROOK NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 2 FEES RECEIVABLE 2021 2020 Foo8 ro¢olvabl$ ¢SISt of.. School f8&s Lo88: total awwds and )ncessionS 5,953,eS0 6,183,800 881,378 622,3261 5 372 272 5.561,474 INAuded thIn awards and Con5S1On are mean>test¢d bursarfes totalllng £156.358 <2020 £142,110) whlch were pald to 17 pupil$12020.' 15 wpilsl. 3 OTHER EOUCATIONAL INCOME 2021 2020 Entrance and reGqstration fees Coursas and SLtsl8tting8 4,760 36,168 3,140 45,520 48,660 4 ANCILLARY AND OTHER INCOME 2021 2020 School shop, Schcol IrSps and Other Income 18,298 5 OTHER TRADING ACTIVITtES 2021 2020 Rerts recelvable 27,439 20,263 25
DULWICH PREP CRANBROOK NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 AUGUST2021 6 ANALYSIS OF EXPENDITURE staff costs Depwlatlon (Notè 7) (Nots 91 othor $ts Totsl 2021 Total 2020 Rals5ng funds Financing St5 279,105 1,636 280,741 9,107 Total costs ot raitsing funds 279 105 Charftablg oXPgndMura Teathlng W8lfare Pramis8S Support costs 3,374,713 263,017 163,457 551,369 299,098 99.621 799.796 229.452 3,673,811 3.669,508 362,638 364,113 I.Q20.899 1,036,191 780,821 779,485 57.646 Total ¢harltablo $xpondilure 4 352 556 1427 967 5 838 169 5,849 297 Total oxpondlturn 4 631661 6118910 5 858 404 Gov•mancè Includèd In Support costs.. 2021 2020 Govemor costs Legal and consultancy fees Remuneration paid to audrtor for audit services 175 8,010 9,380 £932 10,100 Finaii(Iriy inL4udB a past 6erv6GE C05t uf £273.700 In ie5PPGt of pen51on equa115atlon whlGh Is not expect to recur, a$ dola11 in nots 15. 7 STAFF COSTS 2021 2020 The aggregate payroll co3ts forthe Yewere as follows.. Wages and salarleB Social Security costs Penslon costs and othèr benèfits 3,625.108 306.105 801 48 4 631661 3,513,683 310,207 571,412 4,395 302 . Aggregate empIoyeepbenefils of key management personnd amountsd to £266,829 (2020 £271,258) illduding pen8ion contribution8 of £35.711 {2020 £38.5151.
DULWICH PREP CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 7 STAFF COSTS {CONTINUED) 2021 2020 Numbar of highèr p8id employees In bands of.. £70,001 ID £80,OQO £120,001 to £130,000 The numberwth retirement benefjts accNlng - In Defined Contribution schemes wa5 of which the contribution8 amounted lo - in Defined Senefil schemes was 35,711 34,313 Tho gvgrago nurnbgr of the Sthool'8 employee8 durlng the yèar, caltrjlaled on headcount, a$. 2021 2020 TeaL*ing Domesthc and e8tatss Adn7ini8trative 81 24 17 122 83 28 17 128 During the year redund8ncy payments lolalled £49,903 {2020 £nl. ofwhich £nil way OLtstsndirKJ at the year and (2020 £nill. 27
DULWICH PREP CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 8 Tanglblo Flxed Assots Lgashold Furniture L8nd and Fixlures and Bulldlngg Equlpmont omputer HardvRre Vehl(4e8 Totsl Cost At 1 September 2020 AddSllon$ Disposals At 31 August 2021 19,060 5,068 6S1,128 23,606 308.067 22.S08 13.722 316,853 53.114 1,031,369 51,182 13,722 1,068,829 24128 674,734 53.114 D•prnclatlon At 1 September 2020 Charged In year Dlsposals At 31 August 2021 530,220 33,320 293,341 20,547 13,722 300,166 39,927 3.296 864,452 57,646 13,722 908,376 483 1,447 563,540 43,223 Nèt book values At 31 AUSt 2020 At 31 AwJust2021 120.908 111.194 14,726 16,687 166 917 160.453 22.681 9,891 9 DEBTORS 2021 2020 Fee debtors Sundry debtor8 Prepayrnenls and accrued income Amounts due from parent undertakiThJ 63,418 9,625 102,S86 402,612 578,241 100,235 128,479 105,955 646,858 881,327 10 CREDITORS: amounts falllng dug wlthln one ygar 2021 2020 Trade creflitors Soclal Security and Dther taxation Fees In advance Other cr&dlloTS Fee dewstts Acwals and deferred Income 49,366 78,997 456,364 156,768 178,940 65,206 42,123 71,891 450,995 44,795 176.940 104,065 890,809 28
DULWICH PREP CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 11 FEES IN ADVANCE 2021 2020 withln one y88r 4S8,364 450,995 450,995 ovemBnts in fee8 in advance Opening fee8 in advance hrnount released lo income durtng the year Arnounl deferred duriro the ye 4SO.995 593,709 (450.9951 <552,154) 456 364 409,440 456.364 450,995 12 OPERATING LEASE COMMITMENTS At 31 August 2021 the Trust had luture mlnlmum lease payments under non-canc811ab opèrating le888s as foliows.. Land and Bulldlng$ 2021 Othor 2020 2021 2020 Withln 1 year Beeen 2 pnd 5 yea After m¢)re than 5 year8 403,500 387,875 1.614.000 1,616,000 16.543 $00 16,968,000 21.612 27.Tr12 18,599 16,726 The chargè In thè year wats £408,Q8712020 E422,3621. 29
DULWICH PREP CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2021 13 SUMMARY OF MOVEMENTS ON MAJOR FUNDS Ati September 2020 Incomlng Regourcas r8sour expended At31 August 2021 Actuarial galn Transf UnrestrlL#ed Funds Restiiclad Funds 604,904 478 5.533.000 2,584 (6,118.9101 155,000 140 (140) 174,134 2.922 Total funds 605.382 6,535,584 6,118,910) 1SS,000 177.058 A transfer of £14012020 £2,000) has ba@n made durlng the year lo reflect restricted spent on Musical In$truments12020.' Bursary awards). The CL¥nparative ffigures are sh¢)wn In not¢ 17 (Bl. 14 SUMMARY OF NET ASSETS BY FUNDS Unrestrlcted Restrfctsd Funds Funds Total Funds 2021 Tanglble Assets Net Current Assels Long Torm Credltors 160N53 432,386 418,705 174.134 160N53 435,308 418,705 177,OS6 2.922 2,922 2020 Tangible Assets Net Current Assets Long Temi Creditors 166.917 845,887 407,900 6114,904 166,917 846,365 407,900 605,382 478 478 16 PENSION SCHEMES Retirement benefits to empk)yees of the School are provided through kno defined contribution schemes, which are funded by both the School and employees, contributions. In addition the School has previously provided retirement benefits through a defined benefft scheme, as detailed in accounting policy 1.8. Definod ¢ontrlbutlon schemes The pension cost charge in the year in respect of the defined contribubon schemes was £493,252 12020 £444,566). 30
DULWICH PREP CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 15 PENSION SCHEMES (CONTINUED) on-leachin staff d6flned benefrt schome The parent Trust operated this Sch8me (the Dh Preparatory Schools Trust Non-Teaching staff Pension Sch8m8). which was closed on 31 De¢ember 2004. both in re$pe¢t of new member8 and accrual for existing members. On 1 September 2017 the Trust transferred the obligations lo contribu18 to the Scheme to each of the Schools in proportions delemiined by the actuary bas8d on th8 Staff who partiGipaled in the Stheme. The valuatson in these accounts uses that proportion and has been dertved by projecting the results of the last comprehensive actuarial valualion of the Scheme as at 1 January 2021 and have been prepared by an independent qualified actuary. Following this lalest actuarial valuation a revised Schedule of Conlribution8 wa8 agreed between the Trust, the Schools and the Scheme Trustees wlth Ihe alm of ellminating the deficit over a period of 5 years from 1 January 2021. Under thi8 Schedule of Contributions the School expects to contribute £123,938 to the Scheme in 2021122 (2020121 £113,300). The school has recognised a past service cost in respect of equalisation estimated 8t £273,705. 31
DULWICH PREP CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 15 PENSION SCHEMES (CONTINUED) 2021 2020 a) Tho amounts recoynlsed In Ihe balance sheet are a$ follows Present value of fundèd obllgallons Fairvalue of 8ch8me a986ts 12,3947051 {2,210,400) 1976.000 1,802,600 Net Llability 418,706 407.900 b) Changes In tho present valuè of tha daflned benefSt obllgatlon Oponing deffned beneffil obllgallon Prior servlc6 cost Int8rest cost Actuarial Iprofilslll088es Benefits pald 1210AOO 273,706 35,500 1104.900) 20,000 2,186,500 39,300 30.100 2 394.705 2210,400 Gl Clo¥lng falrvaluo of scheme assets Opening falr valu8 of scheme assets Intoresl income 1,802,500 30,100 50,100 113,300 20,0001 1,724,700 31,800 121,6001 113,300 Retum grealerlllowerl than the discount rale Conlrfbutions by employer Bengfils paid Closing fair value of s¢h8me assets 1,978,000 1802,500 32
DULWICH PREP CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (conNUED} FOR THE YEAR ENDED 31 AUGUST 2021 15 PENSION SCHEMES {CONTINUED) 2021 2020 dl Thè amounts included wlthln the Ststgmont of Flnan¢lal A¢tlvldes Past semce cost Interest on obligallon Intere81 In¢om& 273,705 35,500 130,1001 39,300 (31.60DI Total amount charged to tho Slaternenl of Financial Activities 279.105 7.700 Nel acluarlal gainslOoB$es) reoognis8d u) the year 155,000 {51,71X)I ) Prlncipal actuarial asSUmp0n$ at thè balanco $hg•t dato Flnancl81 AssumptnS Dlscount ralo RPI infl81ion Assumptlon Rale of Increase of ponsions in payment R81& of incraase of pen$lons In defemknl 1.6% 3.0% 3.3% 2.2% 3.4% A88umed Ilfe expectancy in years at agè 65.. Non Penaionera Femaltss Malés 26.2 23.7 25.4 23.4 Pensioners Females Males 24A 22.0 23.9 21.9 33
DULWICH PREP CRANBROOK NOTES TO THE FINANCIAL STAfEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 16 RELATED PARTY TRANSACTIONS AND GOVERNORS COSTS Th& School paid rental expenditure of £387,37512020 £400,750) to the TrusL Cash rour¢&S for tha Group are managed centralw by the Trust and a consequenc8 at 31 August 2021 £402,61212020 £546,658) was due frgm the Trust. Durlng the year no (knrnors received any remuneration or Mmbursemenl of expen8es for travel or subsistence {2020.' £nill. There were no other r8ktsd party tran8action8 in the period. 34
DULWICH PREP CRANBROOK NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 17 PRIOR YEAR COMPARATIVE NOTE {AI 2020 STATEMENT OF FINANCIAL ACTIVITIES Unrèstrfcted Funds 2020 Reslrkted Funds 2020 Total Not&s 2020 In¢ome from: Charltable actlvltles: School f¢6s receivabla other educational income Ancillary income other tradlng actlvltleg Non-anclllary trading incclne Voluntary sources Donations and legacies Furlough grant income soheme 5,561,474 48,660 18,298 5,561,474 48,660 18,298 20,263 20,283 2,000 233,933 2.338 4.338 233,933 Total Income 5 884 628 5 886 966 Expendlture on: Ralslng fund8 Financing costs Total costs of ralslng funds 9,10 Charltable actlvltles Educatioii 5 849 297 Total expendhu 5 858 404 5 858 404 Not InGom¢ 26,224 2,338 28,562 Transfer beeen fund8 Penslon 8cheme 8Ctuarial1038e8 13 15 2,000 {51.7001 (2,000) (51,7001 Nèt movemant In funds forth& year {23,4761 338 (23,138) Fund balances brought foTrwBrd at 1 September 2019 628,380 140 628,520 Fund balances carried forward at 31 August 2020 604.904 478 605,382 35
DULifiIICH PREP CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 17 PRIOR YEAR COMPARATIVE NOTE (CONTINUED) IB} 2020 SUMMARY OF MOVEMENTS ON MAJOR FUNDS At1 S8Ptembor 2019 ArtU8rial losse8 At31 Augusl 2020 ITKomlng resour¢e8 Resour¢e8 exnded Tran8fer Unre8tr1clod Funds Réslricted Fund8 628,380 140 5,884,628 2,338 (5,858,404) 151,7001 2,000 {2,0001 604,904 478 Total furKIs 628,520 5,886 966 5,858h04 51,700 605,382