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 Char￿able 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 poSit￿n 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 BU￿ar for most non-academic staff.
Remunerntion is set by the Governlng Body w￿h 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.
ConSU￿allOn 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 eX￿pIlonal 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 re￿1ve 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 sp￿e 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 hea￿h 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 w￿h 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 redU￿d 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 a￿ets 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 pO￿lble 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 V￿Ible 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 Hea￿h 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 ImpreSs￿e and the r￿kS 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￿$sary.
The School's Health and Safety Committee comprlses representatives from all sectlons of the School
and reports, via the Bursar, to the Governors on a termly basls. The School also employs an external
Health and Safety advlser who provldes detailed advice when necessary as well as providing audit
and reportin8 in specific areas when requlred.
Economlc and Political Turbulence
The Governors consider the contlnulng economlc turbulence of recent years and the affordabSllty of
fees by parents across the Independent sector to represent signrflcant risks to the School. This risk
was he￿htened by the contlnulng financlal Impact of Covld-19 through the year and by the
reductlon in pupll numbers attending the school which made It necessary to reduce stafflnB levels by
means of a small redundancy programme comblned wlth non-replacement of some retirees. By
dolng thls the school has ensured that staff leve15 ore appropriately matched to pupil numbers and
that the deflclt experlenced In 201211$ 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 Char￿able 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 othe￿iSe 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 othe￿￿se 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
con￿rn 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 webS￿e 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
IrregUlar￿leS. Includlng fraud. are InStan￿S 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 I￿egUlar[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
ac￿pt or assume responsibillty to anyone other than the charitable company and the charitable
comp9n￿S 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 in￿rne 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 Y￿re 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$ts
Procaeds from sale offfiK8d assets
161,1821
119,0441
424
Net cash Iu88d Inl Inv8Stlng actlvklès
51.102
18,620
Changè In (ash and cash equlval8nts in lh& reportlng period
{13.139}
{18Q,917)
¢a8h and ￿&h 8qulv8￿nts atlhe beglnnlng of peilod
855.847
1,036,764
C88h 8nd ca8h 8qufvaK8nt8 ot thg 8Dd ofth• rfjportlng
perlod
84
Tho notss on pago$ 21 to 30 fomi part 0fth￿&￿￿on¢l￿l ¥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 le￿nself1￿Come
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
InC￿eaSe1(da￿a8?} In fees In advanc& ￿&m@ Gradttors
In¢rè89elldèerèas?l in par8nts' dapostts
Dlff*rgThc*betsv¢en penslon ￿￿t￿butionS 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 h￿d
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 Pract￿6 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, DuIW￿h, 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 Duk￿Ch 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 appl￿d 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 wh￿h 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 object￿e8 of th8 charity,
Including support of the Trust
Roslricled Fund5 may onty be spent on the Ghariloblg purpose SP￿1r￿￿ 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 Duh1￿Ch 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 project￿1 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 Con￿5S1On￿ 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 Ye￿were 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 A￿USt 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
Be￿een 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 D￿￿￿h 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 (co￿nNUED}
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$es) reoognis8d u) the year
155,000
{51,71X)I
) Prlncipal actuarial asSUmp￿0n$ at thè balanco $hg•t dato
Flnancl81 Assumpt￿nS
Dlscount ralo
RPI infl81ion Assumptlon
Rale of Increase of ponsions in payment
R81& of incraase of pen$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 r￿our¢&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 be￿een 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
ex￿nded
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