Company No. 10815140 Registered in England Charity No. 1174358 DULWICH PREP CRANBROOK ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
DULWICH PREP CRANBROOK ANNUAI REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 The Governors present their annual report tO8ether with the 8udlted fift8n¢lal statements of Dulwi¢h Prep Cranbrook Ithe School) for the year ended 31 August 2022. The Governors confirm that the annual report and financial statements of the company comply Vth the current statutory requirements, the requirements of the company's governlng document and the provisions of the Statement ot Recommended Practice ISORPI "Accounting and Reporting by Charltles" Icharltles SORP FRS1021. Statss and admlnlstratlon The School is a company limited by guarantee (company number 108151401 and is re8lStered with the Charity Commission under charity number 1174358. The School. together with Dulwich Prep London, ts J subsidiary o* Dulwich Proparatory Schools Trust I"thc Trust"). The Trust is also a company limited by guarantee and is a reglstered Charity and the School leases Its property from the Trust. Governors, responslbllftles The Govemors (who are also dlrectors of the School for the purposes of company lawl are responsible for preparing the Governors, report linclvding the strategic report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountin8 Practice). Company law requires the Governors to prepare financial statements for each financial year. Under company law the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application ot resources, includin8 the income and expenditure, of the tharitJble company for that period. In preparing these financial statements, the Governors are required to.. select suitable accounting policies and then apply them consistently: observe the methods and principles in the Charities SORP,. make judgments and accounting estimates that are reasonable and prudent; stilte whvthEI appliioble UK Aicountin8 Staridards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial Statements on the going concern basis unless it 15 inappropriate to presume that the charitable company will continue in operation. The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the tharitable company's transactions and disclose with reasonable atturacy at any time the financial position of the charitable company and enable them to ensure that the financial statements Comply with thc Companics Act 2006. They are also responslble for safeguafdin8 the assets of the charitable company and hence for taking reasonable step5 for the preventlon and detection of fraud and other irregularitie5. Each of the persons who are Governors at the time when this Governors, report is approved has confirmed that..
DULWICH PREP CRANBROOK ANNUAL REPORT OFTHE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 so far as that each Governor is aware, there is no relevant audit information of which the harit3ble company's auditor is unaware, and that each Governor has taken all the steps that ought to hève been taken as a Govemor In order to be aware of any relevant audit information and to èstablish that the rharit3ble company's auditor is aware of that information. STrUCTURE, GOVERNANCE AND MANAGEMENY The School was created as an Independent charity govemed by Its own Articles of Association with èffèct from I Septgmber 2017. The Articles reflect the Companies Act 2006 and thc Charities Act 2011 and were approved by the Charity Commission and passed by Written resolution on 16th June 2017. Prior to that date the School was part of, and effectively governed by, the Articles of Association of the Trust. At its inception the umbrella charity, the Trust, donated the net assets and undertakings necessary to fulfil its objects to the nèw charity under a Transfer of Undèrtakings Agreement dated 1st September 2017. The School is supported in the provision of education by the Trust, from which the School leases its facilitles. Governln8 Bothy The Governor5 of the School are the charity trustees under charity law and the Dlrertors of the haritable company. All Governors are °members' of the Trust and the School's Chairman and one other Governor also serne as Trustees of the Trust. The members of the Governing Body who seNed in office as Governors durin8 the year are detalled below with addttional re5pon51billtle5 or focus shown In bracket5: Mrs S L Rynehart Mrs S Jenkin3 Chairman (HR and LegaS} 15Jfe8Lsardin81 (Finance) ISafeguardin& Education} (Education) (Boarding) IPRIMarketinRI (Financel (Trustee of the Trust and ot the Tfust Pension Scheme) (Trustee of the Trust, Trustee of the Trust Penslon Scheme, Member of the Trust Finan Committee) BEC Lynch S Miller Mrs S C Morgan Mrs C M Nash Mrs N Payne TM Durie AP Anderson 11 M Stj Ashley S Miller resigned from the Governing Body on 23 May 2022. AP Anderson 11 resigned from the Governing Body on 8 July 2022. M SU Ashley resigned from the Governing Body on 31" Ottober 2022. MrTM Durle was appolnted on 24" March 2022. Key Management Personnel Headmaster.. P A David 8Ed IHonsl Bursar and Clerk to the Governor5: F P Scanlon BS¢lHonsl, Msc. MBA, MIET
DULWICH PREP CRANBROOK ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 Prolesslonal Advlsers Solicitors: Farrer & Co LLP. 66 Lincoln's Inn Fields, London WC2A 3LH Auditor: Crowe U.K. LLP. 55 Ludgate Hill. London, EC4M 7JW Management Structure Thè Governing Body meets a minimum of three times per year, normally once per academic tcrni. 5ub- committees for specific purposes are established as and when needed. The Headmaster and Bursar attend each of the full Governing 8ody meetings and any sub-committee meetings as requlred. The day- to-day management of the School is delegated to the Headmaster and Bursar. who collertfvely ¢ompri5e the key management personnel and are supported by the School's Senior Management Team. The Headmaster has overall responsibility for the appointment and supervision ot all staff. but delegates this function to the Bursar for most non-academic staff. Remuneration is Set by the Governin8 Body with the pollcy objertive of providing appropriate incentlves to encourage enhanced performance and of rewardlng falrly and responsibly individual contributions to the School's success. The appropriateness and relevance of the remuneration poli is reviewed annually, including reference to comparison5 With other independent schools to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere. We aim to recruit. subject to experlence, at the lower to rnedium point within a band, providing scope for rewarding excellence. Govemln8 8ody RLYrnttment & Tralnlng The Governing Body is self-appointin& with new Govcmors idcntificd by the existing Board. supported by the Headmaster and Bursar, and appointed by the Board following agreement by the Trust. Governors serve for an initial term of four years, but may offer themselves for re-election for second term of four years and then a final term of two years. making ten years in all. New members of the Governing Body are elected on the basis of the candidates. professional qualities. experience, personal competente and the specific need5 of the School. New Governor5 are indurted into the workings of the charitable company via a programme organised by the Headmaster and Bursar. The Bursar will also notify members of the Governing Body of relevant external trustee training and Information courses and semlnars designed to keep them informed and updated on current issues in the sector and regulatory requirements. Ch•rlty Code ol Govern•n¢e Following its incorporation on 12th June 2017 the School's Board of Governors ha5 taken its governance responsibilities seriously and. as a significant charity. aims to have a governance framework that is flt for purpose. compliant and efficient. The Board has established a solid foundation in governance in which all of its Governors are clear about their roles and legal responsibilities, are committed to SUPPOrtin8 the School in dellverin8 Its objects most effectively for the benefit of its beneficiaries and contributing to the School's continued improvement. Overall the 5chod'5 Board of Govemors meets a very 518nificant proportion of the recommended and best prartice for governance contained within the Charity Govemance Code acr055 the Seven areas and are comfortable there are no significant areas of review required. Arrangements will continue to be monitored a6ainst the best practice principles contained within the Codc.
DULWICH PREP CRANBROOK ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 Employment pollcy The School is an equal opportunities employer. Full and fair consideration is given to job applications from disabled persons and due consideration is given to thelr tralning and employment needs. Consultation wlth employees, or their representatives, has continued at all levels wlth the aim of taking the views of employees into account when decisions are made that are likely to affect thelr interests. Employees are made aware of the financial performance of the School through an annual brlefit48 Siven by the Bursar. ETnployee5 aware of the public beneflt nece5sarlly provlded by the School as a charity and of their part in supporting the School's contribution to the local ommvnity. Communlotion with employees continues through normal management channels in a variety of forms and also through exceptional channels to make staff aware of current 155ues. srRATEGIC REPORT The remainder of the report of the Governors a150 constitutes the strategic report for the purposes ofthe Companies Art 2ry)6. Prlndpal artivlty and obJert5 of the charltsble company The principal activity of the charitable company 15 the operation of a preparatory school at Cranbrook, Kent. The objects of the charitable company are the advancement of education by the Pfovision and conduct of the school for boys and and by ancillary or incidental educational activities and other associated activities for the benefit of the community. The Governing Body has referred to the guidance contained in the Charity Commission's general 8uidan¢e on public benefrt. and in particular to its supplementary public benefit guidance on advancin8 education and on fee chargin& when reviewing future aims and objectives. Alm The Governors, aim is that pupils should have every opportunlty to fulfil their potentlal - academic, artisttc, dramatic, musical, sportin& social and moral - by providing a rich and dynamic curriculum, inspirational teachin& building children's self-confidence by supporting their emotional, physical and intellertual need5, and inculcating a desire to contribute to the wider community. By the time hildren leave the school our aim 15 that they will have developed the ski115 and inner confidence to flourish in the next stage of their journey, ready to embrace the opportunities the world outside has to offer.
DULWICH PREP CRANBROOK ANNUAL REPORT OFTHE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 Prlmary oblectlves The School seeks to achieve its aim through the following primary objectives- To continue to welcome puplls and staff from all back8round5. To continue to develop our exceptlonal pastoral care. To continue to develop the breadth and depth of what we offer so each chlld can discover new passions. develop their talents. and stretch them5elve5. To continue the professional developrnent of all staff, so they are leaders in their field. To continue to develop our academic curriculum so that children have the skills and mindset they need to flourish. To nurture 8ood citizenship and encourage children to be contributlng members of thelr community and society generally. To continue to improve our facilities, technology and resour5. To continue to develop and strengthen our relationship with local schools and the wider community. To set our fees at a level to ensure the financial viability of the Sthool and at a level that is consistent with our aim of providing a first clas5 education to children. To provide financial support to enable children whose parents would not otherwlse be able to afford the fees to benefit from an education at the School. To maintsin a clear and effettive mana8ement strutture and the necessary support framework to meet the needs of staff and pupils allke. Strategle5 to athleve the prfmary oblertlves The Governing Body has reviewed the Strategic Development Plan for the khool. The revised Plan is now well advanced and defines the educational and investment initiatives and major projects, subject to available fundin& in pursuit of the primary objertive5. The strategic review recognised the need for the School to adjust to the changing local market, pailiLuldwly ilie deilirie in thy Iifjditiottal piep School model of education through to Common Entrance examination at a8e 13, and the in¢rea5ing wish of parent5 for their children to transition to a Senior School at age 11. In response to this, and following extensive market research and a comprehensive survey of current parents, it was decided to repurpose existing surplus teaching accommodation to enable the addition of a senior school and extension of provision to GCSE at Year 11. Funding for the development was approved by the Parent Trust and fvll plans prepared over the Autumn term. Full planning approval was received in the Summer term and the development announced to parents and staff. Building work is scheduled to commence in January 2023 and the first cohort of Year 9 pupils will join In september 2023. Publlc benefit The khwl retnain5 committed to the aim of providing public beneflt In accordance wlth its foundlng principles. The School attively supports the attainment of the highest standards of educatlon throu8h rigorous and continuous evaluation of quality and performance, the application of best prortice and a widespread desire to improve standards. We cooperate with local schools and educational bodies in OUI VII¥Obll8 eiideavouis io wideii puL)IiL aLLes5 lu ilie 5ilityJliwi¥ we provide, LO opliiviise Llie use t)f
DULWICH PREP CRANBROOK ANNUAL REPORT OF THE GOVERNORS FOR ThE YEAR ENDED 31 AUGUST 2022 our cultural and sporting facilities and to awaken in our pupils an awareness of the social context of the all-round education they receive at the School. This year the khool awarded means-tested bursaries totalling £150K to 18 pupils12021'. £156K to 17 pupilsl, including 312021.. 41 for 75% or more of full fees. Awards are fully means-tested through a ri8orou5 ond detailed proce33 which includes home visits when appropriate. Emotl¢inal Well-be1 and mental health During the academlc year 2021-22 the school has contlnued to promote the importance of a focus on positive mental health. We have a well-established partnership with Place2Be in the school and the Children, staff and parents are all able ta acce35 thi5 service. Place2Be a150 offers trainin8 opportunities and support for family groups. In January 2022 we ran our third Wellbeing Week and used this to focus on and promote a sense of positive mental health acr055 the school community. Our links with the Sam West Foundation have also continued and staff and parents have been able to access MHFA trainin& generously supported by the toundation. In the summer term 2022 we created a sensory garden for the children. The project was supported by people within the school community who Rave their time and skllls to enable thls to come to fruition. A8 part of this process, children in Ltttle Stream were engaged in willow weaving workshops and they helped to create the covered seat where they can slt and talk, read, cuddle their new pet guinea pigs or just take some time out in a beautiful space. Fadlltles and resources The School continues to foster strong relationships with many of our local state maintained 5ch¢)015 and endeavour5 to shore best practice and provide support wherever possible. With COVID-19 restiiilions ri(>w eased, we were able to re5unie m05t events for our lo(al schoo15. Our Cr055 Country run. FDOtball tournament. Hotkey Festival and Cricket afternoons all went ahead. Over 350 pupils, from 12 different primary schools benefitted from these events and over 2IXI staff hours were committed to orgènise and run them. In addition, we continued to offer work experience to local secondary school pupils throughout the year. These are for Duke of Edinburgh. GCSE and pre degree experience. wtth each pupil requiring time for checks, liaison with their school and supervision throughout their placement. Fourteen plaoments were hosted this year. Charltable fundralsln8 Pupil fundraising for charitsble G4uses continues to be encouraged and over the year just over £4K was raised by pupil led initiatives and donated to national charlties. In addition to thi5, the Friends Association's fundraising activities held in the school enabled external donations totalling £5.4K wlth beneficiaries includin8 RefLb8ees, The Disasters Emergency Ukraine Appeal. Kent Kindness and Action Aid. The school does not en8a8e with any •xt8rnal third party fvndralsÈrs. There have been no complaints in the period regarding inappropriate or intrusive contact in relation to fundraising activities.
DULWICH PREP CRANBROOK ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENOED 31 AUGUST 2022 ACHIEVEMENTS ANO PERFORMA14CE The Art Department contlnues to be a stren8th of the School and the quallty of woik achleved by ihe pupils is wid@ly admirpd and A real credit to the staff. The department is wèll gtmrtured and provldes for the ran8e of pupil ages taught with constantly changing and inspiring Schemes of Work which flow and build upon previous 5ki115 learnt. When new children join the school, It15 rare to find them with better skills than the children of the Year group they are joining. During the year, all year group5 benefitted from an Art workshop in either ceramics or gel printing from three high regarded artists. In Year 8, five pupi15 sat Art Scholarships, all five were successful, re5ultin8 in 2 full scholarships and 3 awards or Exhibitions. Art Clubs were back in full-5wing with an gxtr3-curricLilar artivity provided for all Year groups in Uppèr #thool_ At the end of the year it was wonderful to see the Art Exhibition in all its glory once again. in tittle Stream. Upper School and as an all-consumin& cross-curricular experience in Nash House. Mu$lc The Music Deparrment has been as busy as ever, with the 2021-22 academic year getting as close to 'normal' as it ha5 done for over two years. Nash House put on a wonderful Nativity, with the majority of the children performing in front of a live audience for the first time. Other occasions where Nash House pupils performed songs Wlth artions to help their understanding and language developmeni included Harvest Festival and in the Summer Showlng. From their fabulous performances of the Nativity and the Christmas Play. through to their accomplished performances at the Years l and 2 concert in the summer term. it was easy to see the pro8iess thai had beeii Inade in Little stream this year. The Year 3 children celebrated Christm65 1 their concert with singln& drum and ukulele playlne. Recorder Karate was re-lntroduced after the Covid restrictions. Year 3 also enjoyed a workshop led by Tom Chaplin, Ilead-5inger of Keanel. who helped them compose and record a song. One of our parents, a professional musician, ran a session on di8ltal music. enabling the children to create great sounds, and their own track. Further, we were delighted to participate in the Young Voices Concert in London in May. To round t)ff a successful year, Year 4 children sang with great enthusiasm in their play, 'Oh What a Knighv at the end of the Summer Term. Upper school pupils undertook a Choir trip to Eastbourne Singl and shared the joy of Christmas with Carolling at the Winter Wealden Fair. The Winter Concert was a mowng celebration of live music, ond we additionally put on a Year 5 Concert to allow them to perform in the John Leakey Hall.. the first time some pupils had performed in public since their Nativtty in year 21 The Year 6 play was a raucous celebration of singing but. with Covid numbers risin& the decision was taken to cancel the Carol Service. Undeterred, the Senior Chamber Choir recorded caro15 in an empty st Dunstan's Church which brought the traditional cheer to other end of term proceedin and included beautiful solo verse in "Once in Royal Oavid's CIV by one of our Yr 7 girls. Orchestral Workshops took place under the expert batons of the Dirertors of Music from Benenden School and The King's School, Canterbury as well as masterclasses by the latter ond a choral workshop with a well renowned professional singing teacher. The Upper School Musical was the Addams Family* the notoriously difficult score was tackled with bravery and extremely well performed. The hèll was
DULWICH PREP CRANBROOK ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 packed to the rafter5 for the Summer Concert and, together with performances for the Year 5 Showcase, the Year 8 Revue and Open Dayi was very well received by the audbence. Sport Despite the relaxation of Covid restrictions and a return to inter school fixtures still being plagued by positive case spikes, over 230 fixtures and tournaments took place over the year as well as internal Tribe competitions from Yr2-8 in all team 5POrts, including Cross-country. Fixtures included 12 Football teams playing over SO matches. 20 Hockey teams in over I) matches. 12 Netball team5 playing over 70 matches, 13 Rugby sides in over 30 matches and 6 Swimming teams in 4 galas. Cross Country success continued. Ull Boys were 3 at the Regional Cross Country at Somerhill.U9 Girls were 2 and Bty5 3 at the Dobson Trophy. The team were runners up at the Brenchley Relays with one of our girls taking the fastest lap, running an age grade older. Hockey also showed good nd su¢ce55, U13 Girls finished 2. in the Plate at the IAPS qualifiers and the Ull Boys also finished 2 in the Plate at the IAP5 qualifiers. Four Year 8 girls and Two boy5 were selected for the Kent Hockey Academy. One of our Yr 7 boys was hugely successful in 5wimmin& winning a Bronze medal in the 200m backstroke at the Kent Swimming Championships. In Cricket, 2 Year 6 Boys were selected for the Southern Spartans Cricket Squad. Athletics 31so hi8hlighted thi5 year were 6 gold, I silver and I bronze medals at the Kent Championships and I silver medal at the National Championships. ISpa¢e Now in its 3 year. the iSpace curriculum is becoming more established throughout the school. Through stories. assemblies. attivities and discussions, ispace tontinues to provide the children. with 'tools' to help them cope with challen8in8 Situations. It aims to help all children, to be resilient, kind and good citizens. Entouragin8 thildren to talk about their worries, is also at the centre of thls. It IS tompliant with the recent RSE updates and much work has been done to ensure that the curriculum covers all these statutory requirements. Information is available to parents, to allow a 360 approath. This is all done whilst working alon8side Place2Be. The Qualitles Trees are used in Little Stream to celebrate the children's kindne55. helpfulness, determination and honesty and Wellbeing Seniors are now regular visitors to the iSpa¢e assemblies at Little Stream. A check-llst has been devised across the LS and US, to ascertain the children's understanding of the topics, through verbal contributions and thelr written work. Drama The gradual relaxation of the ctid restrirtion5 over the Autumn Tem enabled a very welcome return to the full range and breadth of drama activity across the school. Across Nash House and Little Stream the youngest pupils enjoyed nine Drama Workshops. five scripted performances to a live audience in addition to form showings. 4ydeoed sketches and Tribe Poetry competitions. There were countle55 0PPOrtunities for pupils to become involved and develop their confidence and presentation skills. Upper School was able to revert to a full programme of four performances, LAMDA examlnations for all y@ar 8roups and a wonderful trip to the Troubadour Wembley Park Theatre to watch The Curious
DULWICH PREP CRANBROOK ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 Incident of the t)og in the Night-Time. Following this inspirational trip. Year 7&8 Senior Drama Club creoted a FianiiL AsSEtwibly in5PITed performance durlng Open Mornlng- a thrillin& energetic and uncompromising physical theatre piece. Over all, it has been a very successful year for the department and a joy to see pupils rediscover their creative and perforrning talents with such enthusiasm. We were a150 very proud to have achieved eight drama scholarship5 or exhibitions, awarded by senior schools to our departing pupils from Year 8. Academ1¢ Academic success continued throughout the School. Leavers from Year 6 and from Year 8 galned 37 Scholarships, Exhlbltion5 and Awards. The School has always consldered the importance of a broad education alongside academic achievement and many of these awards were for art, deslgn artd technology, drama, sports and music. 25 children who were successful at Common Entrance or scholarship joined twelve dtfferent senior independent schools. In addition. 14 children were suttessful in the selertive examlnation for Year 9 entry to Cranbrook School and a further 20 children from Year 6 joined six local grammar schools via the Il+ route. In Years 7 and 8 Further development of our Dulwich Colours- a new, dynamlc, intellertually- stimulatln8 and immersive curriculum, in the Humanitles subjects, runninB alongside Common Entrance in Years 7 & 8 now includes Uulwith International Colours for the immersive development of Modem Foreign Languages (French and Spanish). We see this a5 excellent preparation for senior school study and GCSE. In April a change of the Schools Management Information System occurred; replaclng Pass13SYS th ISAMS. This will provide the paCIty required for our senior school developments and the •xpansion of tgachin8 into academic yèar 8roups 9, 10 and 11 over the comin8 years e.8. ISAMS student tracking module will be used to ensure faster analysis of assessment data to support teachin8 and learning intervention. Mana8lng the residual effects of the COV1[19 pandemlc To mitigate the impact of the COVID-19 pandemlc restrlrtions includln8 lockdowns on 5tandard5 of literacy, New Group Reading Tests INGRTI were introduced during the Spring Term 2022 across Years 4-8 to enable closer monitoring of reading and comprehension ability. A focus on reading and omprehension including the development of regular reading habits. book recommendations. library lessons, form time readin& literature circles and reading groups has been implemented. LAMDA exams have been introduced in Year5 5, 6, 7 and 8 la rcplacement of ESB examsl to promotc a greater range of public speakin& presentation, reading wlth expression and performance throughout Upper School. A range of targeted masterclasses have also been implemented durin8 the year. These support groups of children with literacy and numeracy knowledge and skills development, where gaps have been identified.
DULWICH PREP CRANBROOK ANNUAL REPORT OF THE GOVERNOPS FOR THE YEAR ENDED 31 AUGUST 2022 FINANCIAL REVIEW The operating deficit for the year ended 31 August 2022 was £14,898 compared to £583,326 in the previous year. Total income of £5,963,860 and expenditure of £5.978,758 in the year ¢ornpared with total Income In the previous year of £5,535,584 lincludin8 £83,733 received in furlou8h grants) and expendlture of £6.118.910. The net book value of fixed assets arnounted to £213,50112021 £160,453). In addition to revenue from school fees, the School Seeks to enhance its income through letting its facilities and throu8h rents received for staff residential properties. Besides casual lettings of sports facilities, classrooms and holls for birthday parties ett.. regular hirer5 of the school's facilities include a local children's dance company who hire the main school hall at weekends throughout the term and a children's holiday artivities company who this hire a range of facilities to operate a day camp for two weeks in the Easter holiday and four weeks durln8 the Summer holidays. Additionally. there a normally a number of holiday artivities run by the school's own staff and available to current pupils ineludtn8 Sports camps, chèf school and a summer holiday artivity Camp for youn8er children. These were limited this year by reduced staff availability and some post<ovid residual concerns. Reserves The School's reserves policy is to maintain its unrestrirted reseeS (excluding pension liabillties or assets) broadly at the level of one month's expenditure in order to meet day to day running costs of the School and the cost5 a550Ciated with the maintenance of the fabric of its buildings. This allows the School to ensure sufficient Ilquidity for normal operation. In addition. the School may hold additional reserves to support anticipated capital expenditure and its longer term liabilities in particular its pension fund obligations. Free reserves held at the year-end totalled £251,95912021.. £432.3861 excluding pension liabilities and £251.95912021'. £13,681) including pension liabilities. At this level the free reserves fall well loW the levèl required by thè rèsèrvès policy. Dttspite this. tho Governors have considered the reserves policy in light of the residual impart of the Covid pandemic and the support commitment given by the DPS Trust and have concluded that no adjustments to the policy need to be made. At the year end funds were sufficient to SUPPOrt the Governors aims. Goln8 Concern Having reviewed the cash position of the School tO8ether with the antlcipated growth in demand for places and the School's future projerted cash flows, tO8ether with support available from the parent Trust, the Govemors have a reasonable expectation that the School has adequate resource5 to continue its activities for the foreseeable future and consider that there were no material uncertainties over the School's financial viability. Accordingly, they continue to adopt the going concern basi5 in preparin8 the financial statements. PRINCIPAL RISKS AND UNCERTAINTIES The Governors consider the principal rlsks to the School to be those associated with Safeguarding of children and those associated with continued economic and polltical turbulence, particularly those arising from the Covid-19 crisls. io
DULWICH PREP CRANBROOK
ANNUAL REPORTOF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022
Safeguardlng and Health and Safety
To ensure continuity of communication between the goveming body and the School, one governor
holds designated responsibility for Safeguarding and Health and Safety. The designated governor
attends termly safeguarding meetings wlth the School'5 Safeguarding team comprising the
Designated Safeguarding Lead IDSLI and two deputy DSLS. The DSL provides a written report to the
Board of Governors at each term's Board meeting. The designated governor conducts an annual
Safe8uardin8 Audit which normally takes place either durin8 the Autumn or the Spring term.
All governors recelve full safeguarding training when they join the Board and they receive regular
updates and training as necessary from the DSL. All governors are required to scrutinise and
approve the safeguarding policie5 of the School at least annually. In addition to this. oll governor5
arp required to complete any further necèssary tr3inin8 such as annual updates on Keepin8 Children
Safe in Education. Where appropriate. this is provided online and a full record of trainin8 is held by
the HR Manager.
Safeguarding continues to be the highest prlority for govemors and the School staff. In addition to
the da¥-tdaY attention given to ensure the School remains a safe place for pupils, governors
maintain oversight of out of school activlties undertaken by pupils. Safeguarding meetings are held
in advance of all residential trips and appropriate reasonable adjustments to arrangements,
induding staffin& are made for pupils with additional needs.
Whllst the governors are respectful of the boundary betsyeen governance and management, they
ontinue to work to make themselves visible to staff and parents. attending as many school events
as possible and gettin8 to know not just the Headmaster and Bursar, but stsff in all areas of the
School. Their presence is welcomed by the whole community. The annual Safeguarding audits have
provided a particularly good opportunity for personal contart between goverftors and staff -
induding support staff.
The Sch
DULWICH PREP CRAN8ROOK ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 implemented to ensure that staff numbers are appropriate for a smaller school. Further. to mttigate the continuing risks. a decision wa5 made by governors durin8 the year to extend the 5chool'5 provision to GCSE by adding Years 9,10 and 11. The first Year 9 cohort will commence in September 2023. The addition makes better usc of the school's CXlStin8 built space and requlfes only minor refurbishment to allow for the older pupils. It is anticipated that this will yield a recovery In total pupil numbers to approxim3tely 470 within five years. However. other economic and political risks, includin8 the potential loss of charitable status and the removal of business rates relief currently enjoyed by the School as a charlty together with the potential introduction of VAT on school fees, remain. Governors remain alert to the impact of these both on the School's supply costs and to the livelihoods of the parents who pay fees. Enrolment at the School was steady through the year with a significant Increase in interest lacros5 all year groups) at the end of the year, when the extension to GCSE had been announced. Detailed consideration of risk is undertaken for the School by the Governors in conjunction wth the Headmaster and Bursar. A risk register is maintained. reviewed termly by the Governors and updated as necessary. The risk management process and the resultin8 report identify risks, assess their impart and likelihood and. where necessary, recommend controls to mitigate and monitor those risks which are assessed as hi8h. The 8eneric controls used by the S¢hool to minlmise risk Include.. detalled terms of reference tO8ether with formal agendas for Committee and Board artivity; 5trate8ic development planniri& revlewed annuolly by Board of Govemor5: comprehensive biidgeting and man38ement 3ccoiinttn8,' established organisational 5trurtures and line5 of reportin& formal written policies including clear authorlsation and approval levels; vetting procedures as required by law for the protection of the vulnerable. The Governors re8ularly review the effectiveness of current plans and strate8ies for managing all identified major risks for the School. Approved by the Governing Body of Dulwich Prep Cranbrook, includin& in their capacity a5 company dlrertors, approwng the Directors, and Strategic Report contained therein. and signed on its behalf Mrs S L flynehart Chair of Board Date 25 N <. 8723
DULWICH PREP CRANBROOK ANNUAL REPORTOF THÉ GOVERNORS FOR THE YEAR ENOED 31 AUGUST 2022 Independent Auditorfs Report to the Members of Dulwich Prep Cranbrook Opinion We have audited the financial statements of Dulwich Prep Cranbrook, the'charitable compan* for the year ended 31 August 2022 which compr1C thc Stotcmcnt of Financial ArtivitlCS, thc Balancc Sheet, the Statement of Cash Flows and notes to the financial ststements, includlng slgniflcant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and united Kingdom Accounting standards, Including Financial Reporting Standard 102 The Financi31 Reporting Standard applicable in the UK and Republic of Ireland Iunited Kin8dom Generally Accepted Accounting Prarticel. In our opinion thp financial Etatp.mp.nts: live a true and fair vlew of the 3tate of the charitable companVs 8ffair5 a5 at 31 Au8U5t 2022 and of its income and expenditure. for the year then ended: have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have bcen prcparcd in accordan¢e with the requirements of the Companies Act 21X)6. Basis for opinlon W• eonductÈd our audit in accordance with International Standards on Auditin8 IUKI IISAS IUKII aftd applicable law. Our responsibilities under those standards are further described in the AudStorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audlt of the financiAI statpmp.nts in the UK. SntlLJdin8 the FRC'S Ethical Standard. and we have tulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to goin8 ¢on¢em In auditing the financial statements, we have concluded that the trustee's use of the goin8 concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable CDrnpany'5 ijbilily 10 Lorilliiue as a 80ins concern for a period of at least twelve months from when thp. flnAncial statements are authorised for issue. Our responsibilitles and the responsibilities of the trustees with respert to goin8 concern are described in the relevant sertions of thls report. Oth•r InforntIOTr The trustees are responslble for the other information contained within the annual report. The other information comprises the information included in the annual report. other than the financial Statements and our auditorfs report thereon. Our opinion on the flnanclal statements does not cover the other information and. except to the extent otherwise explicitly Stated in our report, we do not express any form of assurance conclusion thereon. 13
DULWICH PREP CFLANBROOK ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statement5 or our knowledge obtained in the audlt or otherwlse appears to be materlally misstated. If we Identlfy such materlal inconsistencies or apparent material misstatements. we are required to determine whether this Ives rise to a materlal mlsstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material Misstatement of this other information. we are required to report that fact. We have nothing to report in thi5 regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audit the information given in the trustees, report which includes the dirertors, report and the strategic report prepared for the purposes of company law. for the financial year for which the financial statements are prepared is consistent with the financial statements; and the strategic report and the directors. report included within the tru5tees' report have been prepared in accordance with applicable le8al requirements. Matters on whlch we are requlred to report by exceptlon In Ilght of the knowledge and understandinA of the charitable company and its envlronment obtained in the course of the audit, we have not identified material misstatements in the strate8iC report or the dirertors. report included within the trustees. report. We have nothing to report In respect of the followlng matters In relation to whlch the Companles Act 2006 requlres us to report to you If, In our oplnlon-. adequate and proper accounting records have not been kept; or the finan£441 sttitements are not in agreement with the accountin8 records and returns. or certain disclosures of trustees, remuneration specified by law are not made: or we have not received all the information and explanations we require for our audit Responslbllltles of trustee5 As explained more fully in the trustees. responsibilities statement set out on page l. the trustees (who are also the dirertors of the charitable company for the purposes of company lawl are responsible for the preparation of the flnancial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine 15 necessary to enable the preparation of flnanclal statements that are free from material misstatement. whether due to fraud or error. In preparin8 the financial statements, the trustees are re5pon5ible for assessin8 thc charitable companrfs ability to continue as a going concern. di5closin& as applicable, matters related to going concern and using the 8oin8 concern basis of accounting unles5 the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 14
DULWICH PREP CRANBROOK ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENOEO 31 AUGUST 2022 Audltorfs re5ponslbllltles for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the flnantial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audltorfs report that Includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wiih15As IUKI will always detect a material misstatement when bt gxists. Mi55tat¢m•nts can arise from fraud or grror and are considergd material if, individually or in the aggregate. they could rea50nably be experted to influence the economic decisions of users taken on the basis of these financial statements. Details of the extent to which the audit was considered capable of detecting irregularities, includin8 fraud and non-compliance with laws and regulations are set out below. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uklauditorsresponsibilities. This description forn)s part of our ouditorfs rcport. Extent to whlch the audlt was consldered capable of detectlng Irregularltle5, Includlng fraud Irregularities. including fraud, are instances of non-compliance with laws and regulations. We identified and 455e55ed the risks of material misstatement of the financial statements from irregularities. whether due to fraud or error, and discussed these between our audit team members. We then desiened and performed audit procedures responsive to those risks. including obtainlng audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determinatTron of material amounts and disclosures in the financial statements. The laws and regu13tions we considered in thi5 context were the Companies Art 21J06. the Charities Act 2011, taxation legislation, together with the Charities SORP IFRS 1021. We assessed the required compliance wlth these laws and regularions as pan of our audlt procedures on the related financial statement items. In addilion, we considered provi51Qn5 of other laws and re8ulation5 that do not have a dirert effect on the finantial statements but compliance with which might be fundamental to the charitable companrfs ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in thi3 context for the UK operations were The Education Ilndependent School Standards) Regulations 2014. Dats Protection ReRulation IGDPRI. Health and safety legislation and employment legislation. Auditing Stsndards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, If any. We identified the greatest risk of materlal impact on the flnancial statements from irregularities. including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of manaRement and the Audit Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journal5. reviewing accounting estimates for biases, reviewing any regulatory correspondence with the 15
DULWICH PREP CRANBROOK ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 Charity Commission, Independent Schools Inspectorate. Otsted and readlng minutes of meeting5 of those charged with governance. Owlng to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordaiicv willi audltlllg sldi141dlt15. Fvf exdtnplc, IIIE furiliEI removed non-compliance with laws and regulations lirregularitiesl is fmm the events and transattions refletted in the financial statements, the les5 likely the inherently limited procedures required by auditing standards would identify it. In addition, as With any audit, there remained higher risk of non-detertion of irre8ul4ritie5, a5 the3e may involve collusion. for8ery, intentional omisslons. misrepresentations. or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detert non-compliance with all laws and regulations. Use of our report This report is made solely to the charitable compan5 members, as a body, in accordance with Chapter 3 of Part 16 of the Companles Act 2006. Our audit work has been undertaken so that we iiiiglit sldle tg Llie ihdrilable coinpaiiy's riieinb¥¥> Iliose rii4tLer> w¥ rwuiied to slilte Iv them in n auditorfs report and for no other purpose. To the fullest extent permitted by law. we do not atcept or assume responsibility to anyone other than the charitable company and the charitable companvs members as a body. for our audit work. for this report. or for the opinions we have formed. rina Alli50n Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Audttor London 5 April 2023 16
DULWICH PREP CRANBROOK STATEMENT OF PINANCIAL ACTIWITIES FOR THE YEAR ENDED 31 AUGUST 2022 Ilncorporatlng an Income and expendtturn a¢¢ounl} Unrestrlct•d Funds 2022 Rostrlctsd Funds 2022 Total Notes 2022 2021 Income from: Charltablè actlvltlèA: School fees receivable oiner educaiional income Ancillary incom8 Other tradlng a¢tlvrtl85 Non-ancillary Iratling Income Voluntary soure•# DatiOnS and legacies Furlough grant income stheme 5,825.142 77,270 30.513 5,825,142 77,270 30.513 5.372,272 40,928 8,628 25,367 25,367 27.439 5,568 83.733 Total Income 5 963 860 Expondttur• on: Ralslng fund$ Financing costs Tolal ¢08ts of raIng lund• 280,741 Charttabl• actlvltl•& Education 5 971278 5 971278 5,838,169 T¢)lal 0Xpendur• 5 978 758 5 978 758 6.118,910 Not {oxp8ndttur¢)Iln¢ome (20.4661 114,8981 {583,326) Transfèr befvthn funds 13 2,587 (2,58n Penslon scheme acluarial galnsl{lossasl 1S 309,205 309,205 155,1))O Not movomont In lund• for Iho year 291,326 2,981 294,307 {428.326) Fund balances brought forward al 1 Seplemb8T 2021 174,134 2.922 177,056 605,382 Fund balanc•¥ carrl•d forw•rd •t 31 August 2022 465.460 5.903 471.363 177.056 Tho noles on pag•s 21 to 36 form part of th039 fln¥n¢lal stat•monts 17
DULMCH PREP CRM4BROOK 6ALAtr4CE SHEET AS AT 31 AUGUST 2022 2021 FIXED ASSET8 TangitAa 8SS•ts 213.501 160,453 CURRENT ASSErs 08blors C86h at benk 8nd in hand 032,719 578,241 842,708 1,420,949 1,098.813 CREDITORS: Amounts f•lllng wbthln on• y•ar io IB40,9$1) 1985,641} NET CURRENT ASS8 TOTAL A8SETS LESS CURRENT LILITEs EXCLVDING PEMSION SCHEME UA81UTY 471.383 S95.781 Defined tén8fi1 pensKffl liatmlty 15 418 705 NET ASSET8 INCLUDING PENSK)N SCHEME UABIUTY 471,363 1TT,056 CHARwfY FUNDS Unrestrkted futKls exdudlng pen$Son rB8• $92,839 1418,705) 2,922 15 Restricted funds 5.903 TOTAL FUNDS 471.383 177.056 fin8Trig1 ststom8nis were approved by the GovemLY5 LW 23 March 2023 and signed on their behalf. by.. Mis 8 L Rynehart Chair of Board Th• not•• On P•9•• 21 tr• 36 fonn part ofthH• Iln*ncb•l ¥t•l•m•. 18
DULcH PREP CRANBROOK aTATeMeNT OF GASH FLOW FOR THE YEAR ENDED 31 AUGUST 2022 Notes 2022 N•t cuh loufflowylnfiow frorn oporaUon• Ntst (sh wowdedllusedl by opèr&lln9 activ 1263.3561 C•h Ilow• from InvMtlng a¢llvltkn: Additlons to fix8d assels Prtwd8 frryn $e of fixod ass8ts {1133681 151.1821 N•t c••h lu••d Inl knbtlng •dl¥U 51.182 Change in cash and 8h equN8lanl8 in ts rekyUrHJ period 1376,614) 113,1391 Cash and ca8h ¥8108 althe WlnnlrKJ of riod 842.708 855.847 C••h and ¢••h •qulv•l•nt• •t th• •nd •lth• r•p•rtlr 842,708 Th• no¢•• on pay• 21 ts1 Jfj fom) part ofth•B• flR•nGFal stat1• 19
DULcH PREP CRANBROOK STATEMENT OF CA3M FLQYI FOR THE YUR ENDED 31 AUGUST 2022 2021 11) R•condllallon of ngt Incom• to n•t cuh Ilow from Nete¥p8n80 114,898) 1583,3261 Eliminab"on of rthoperatin9 C88h tY.. Depredation char Ilrtcr8aseydecroase in dablors IDec¥oaseytncrease in credilorn IexdlIJ in than¢• schwne and dawtl IDecreageyiruaase in f88s ln 8dvanc ts¢hW treditors IDecx8aseyincr8asÈ in parÈnts' drlIa e02111 154A781 303,086 (73.217) 1fj0.4731 87,463 5,369 165,805 621,369 M•¢ u•h loyfflowylnllow from op•r•tlon• 38,043 2021 Ull ATh•l• ol •h and ¢Mh •qulv4l•nts Cash al bank aThJ In hand 842,708
DULWICH PREP CRANBROOK NOTES TO THE FINANCIAL 8TATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 1 ACCOUNTING POUCIES 1.1 Ba•la of preparatlon The financial ststements have been prepared in accordance the Financi81 Reportlng Standard appllcable in the UK and Reputdi¢ of Irdoiid IFFts 1021. the Companles Aa 2(6 and the Staiemeni of Recommend&J Practtce 89plicable to charities prepanng their acctjjnts in accordance the Financi Reporting strrard aptAicable in the UK and RepU1C of Ireland IFRS 1021. The accounts ar6 dra up vii Ili¥ lii>lWiLI bdSiS of aGGounting. The School a Publ Benefft Enty reglslered as a charity in England and Wal&s (charty number.. 1174358) and a (y)mpany limited by guarantee, {company number: 10815140). Its re9iSt0rgd offic• is Coursehom, Cranbrcx)k. Kent. EnG4arxl. TN17 3NP. The ultimate parent company and controlling party of Du.Ch Prep Cranlxwk is Ouch Preparatory Schools Trust (the Tnjstl. 8 charrlable ccthpany incorporated in the United Kingdom (company number. 5799231.The accounts of the Schcrf)I have been consdidated into the ultimale parent 6nlWs financial statements. Copies of th8s6 financial statements can be obtained from the registered office, 42 Park, DuNvtch. London SE217AA Control is exercised by the parent company by Mrtue of board represèntation. Th? prinrypal actity of Ihe TnJ8t 13 the (peration of pieparaiory ¥Lh(th al Du11th Lwitkjn and 01 CranbrcM)k Kent. The ijbjects of the Trust are the advancement of education primarity by the wovision and conduct of schools in Dulv•ich and Cranbrcok for boys and girfs and by anclllary crf incidenta educalh)nal activtties and other as%Kialed activities for the benefit of the communities. 1.2 Golng ¢on¢•m Having revieNd the cash wsiti'on of th8 Schwl together Y1h the expected ongoing demand for 9C8S and the School's future projected cash flows, induding the curr8nl aconomlc crisis 8nd cost of INing, Ivg¥ltrior wih th¥ 14UPPUtI dvdilaLl¥ (roin Lhe Pdrent TTUSt, ihE G[JV8¥[ts have a rea50naLle exppGtatiDn that the Sch1 has adequate rosources to continue its activities for the IeSee8bIe future and ¢onsKler that there were no material uncertainties over the Schod's financial viakn'lty. AccordirvJly. they continue to adopt th8 goin9 concem basi5 in preparing the financial ststernenl5. 1.3 Crftl¢al aceounllng ludgomonts •nd key $our¢•s of •811matlon un¢•rtalnty In the apFAication of the acc¢)unling pdicies, Trustees are requirgd to make judgement, estimates, and assumptions abrmjl th& carrying value of assets and liabdities that are not r8adily apparent from othgr sourc98. The estimatès and undarfiqng 898umptiong arè bgsod on historical axporionc• and other facto that ar8 o)nshJ8red lo b8 rel8vanL Aclual r8sull3 may differ Irom these estimates. 21
DULIMCH PREP CRANBROOK NOTE15 TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 1 ACCOUNTING POLICIES {contlnul•dl The e51itnates and undertyng as5UWllPtlon5 are revlewed on an ongolng basb. Revlslons lo accounllng estlmales are recognis•d in the period in which the estimate is revtsed rf the revision affects only that Period, or in the pericmj of the revision and fvtur& perlods if the revision affected current and future P8rlods. The School's liability for the Non-Teaching Staff defined benefit pension scheme involves a number of assumptions as disclosed in noto 16. In ihe view of the Govemors, no other assumptsons concemiThJ the future or estimation uncerLginty affecting ass8ts or liabilities al th8 balanc8 sh8et dat8 ar8 likely to r8suIt in a material adjustment lo their cawying amounts in th8 next financial r. The following accounting wlicies have been applied consistently in dealing with items which ar8 CSIdered material in relali¢)n to the Schods's fin8n¢ial Ststements. 1.4 Incom• All income 15 induded in Ihe stalemenl of financial actiwties when the Schcol has entittement to the funds. receipt is probable and the amount can be measured with suffiuenl reliabilty. Fees consist of har9e- for th¢ sthool year ending August. loss bursarios and allowances. Fees roceivod in advan are def8rr8d and released to income in the peric¥J lo which the fe65 rdale. Furlough grant income is recognised as and when entFUement arisès whi¢h can be reliatAy quantsfled and benefit Is probable. 1.5 Eyndlturo Expenditure is acttued as soon as a liability is considered probable. discounted to present value for longer-temi liabilities and has been included under expen38 categories thal aggregate all costs for allocation to activiti. Where costs cannot be dlrèetly attrlbuled to particular 8CtNities they have been allocated on a basls consislent with the use of the resour. Support costs includ8 all costs relatlng to Ihe management. administration arKI running tho function$ of the School. Governance costs are those incurred in connection admlnistratlon of Ihe charitsble company aTh compliance wrtn ¢onsDMional an41 Stslury requirements. 1.6 Tanglble fixod a$•ots Tangible fixed assets are stated at cost less depreciatlon. Depreciatlon is provided at rates calculat&J lo wnte off tne cost of fixe(l assets, less thelr estimated resldual value, over thelr expecled useful lives on the fdlowing bases. Ftxed assets costing more than £200 are capttalised. Leasehold MoioT vehides Fixtures and fittings Computer equipment 2Yo straight Ilne 25% reduclng balance 10% straight line 2&50% straight line
DULWICH PREP CRANBROOK NOTES TO THE FINANCIAL 3TATEMENT8 (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 I ACCOUNTING POLICIES leontlnuted) 1.7 Fund accountlng General Funds are the accumulated surplus on tho Schools IrMe and expltUra account 18 availble for use at tha dlscretlon of the Govemors in fvrtherance of the general obj'ectives of the chadty. irKluding support of the Trust. Restrlcbj Funds may only be spent cffi the charitatde PUTFQS8 SP8CtfiwJ by the donor. 1.8 Penslon colts Rotirement benefts lo amployees of the Schcol are provrdod through ts¥0 defined contrlbution schem8S and the eM0Y8s Pension costs are charged in th8 pefi¢)J in which the sala8 they relat8 to are payable. The two scli¥niv¥ or¥ 4¥ fvJlvw5." lal The Dulvlch Preparatory Schools Trust Non Teacning siaff Gmup Personal Pens1 Plan- This Is a group personal pension plan with Aviva. (b) From 1 Novemb8r 2019. the Sclmiol's t8ae.hing %t#ff h4vo hocom8 m8mlxrs of t Avfva Pension Trust for Indepen¢Jenl Sth¢)ols which as its name ImleS is 0rated by Aviv8 for a number of private schcols. In addiii.on Ihe Sch¢)ol has his10TrlIY provKled rets"rement benefits 10 noTrteaching staff Ihmugh A dèfinAd h(nÈfft qehemfv - The DiJlwie.h Pr8paratory Schools Trust nonThl8achir¥J Staff Pension Scheme. 23
DULWICH PREP CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 1 ACCOUNTING POLIGies (wntlnutod) The sch8m8 is closed 80 ther6 are no cuff8nt service costs. other than administration expenses sthkh arè bom8 dIrlY by the School. Th• expgctgd r•tum on thè sehèrnè assgts less the scheme intert costs are credited within oth8r interesL Th8 scheme actuarial gains and losses are recognised immediately as other recognised gains and losses. Thè defined benefit scheme assets ar8 measured at fair valug at tho balanco sht data. S¢hgmg Ihabilities are measurod on un acluarial basis 8t the balance sheet date usin9 the projected unil method and discounted at a rats equivalent lo the current rale of retum on a high qualty corporate bond of equivalent term lo the scheme liabilities. Tho resulting defined bènefit a¥sct or liabilty is presente¢J s¢paratdy after other net assets on the laGe of the balance sheet. 1.9 Opgrntlng l•aao• Rentals under op?rJting leasos are charged on a straigm-line basis over the lease teim. 1.10 Taxallon The Schwi is a registered charity No. 1174358 and as such is not liatle lo United Kingdom income tax or ccwation tax on charitable activities. 24
DULWICH PREP CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR Et4DED 31 AUGUST 2022 2 FEES RECEIVABLE 2022 2021 F••8 r•Golvablo con•l•l of: Sclth fèes Less: total awar(Is and cxYK*sslon$ 378,982 5,953.650 553,840 581,378 S 825 142 S,372,272 Inc4uded wiihln awards and ConceSonS are meanlested buysaries lolalllng £149.97112021 £156,358) which were paid to 18 pupils12021.' 17 pupils). 3 OTHER EDUCATIONAL INCOME 2022 2021 Entrance and registratiC fees Courses aThJ sutAetlirvas 4,sr5 72,695 4.760 36.168 40,928 4 ANCILLARY AND OTHER INCOME 2022 2021 S¢hcd $hop. Schcd trips and Other inc£rfn8 30,513 8.628 5 OTHER TRADING AcTivmES 2022 2021 Rents rectsivabb 25.367 27,439 25
DULMCH PREP CRANBROOK NOTES TO THE FINANCIAL STATEMENTS ICOIrnNUED) FOR THE YEAR ENDED 31 AUGUST 2022 6 ANALYSIS OF EXPENDrnJRE Slaff co•t• D•prnclatlon CXh•r C1$ (Not• n IN¢)t• 9) Totsl 2022 Tot4 2021 Ralslng lund• Financing Ixssts 280,741 Yotsl costs of r•l•lng fund• Charltsbl• •xp•ndltur• TeachirrfJ Welfare Premises Supw)rt cos 3220,128 251,688 153,490 87,9QO 376.341 154.734 823,830 342.951 3,S96,469 3.673.811 406A22 362.638 1.037,528 1.020,899 93tl,85¥ T15U.1521 Total chafltablo •xp6ndltur• 4213214 1697 856 5 971278 5838 189 Total eyndltUTe 4 219 414 5 978 758 6118910 Gov•rnanc• Includèd In •upport ¢o•ts: 2022 2021 100 2.679 10,800 Legal armj tt)nsultancy fees Remuner811on paid to auditor for audlt services 4,932 10,100 Financing costs irdudè a past sorvlcè eosl of £nd (2021 £273.7051 In rgspect of p8nsion equali5atv which was not exrécted to recur. as detalFed in note 15. 7 STAFF COSTS 2022 2021 The 8ggregaie payrdl Costs for thè y¢* were Ès foiitrws.. Wages an¢J salaries Srxial security costs Pension costs and other b8nefits 3.358,542 3,525,108 312,034 305,105 4219414 4631681 Aggregat• emDy0&bfits of koy manwm•nt p•rgMnd gmount•d to £270.48612021 £266.8291 Indding peiOn contritrffjjti of £31.772 (2021 £35.711).
DULWICH PREP CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 7 STAFF COSTS {CONTINUED) 2021 2021 Number of tiher paid amployees in bands of.. £70.00110 £80,OC#) £80,001 to £,0[) £120.001 to £130,(KJ) £130,000 10 £140,CKi) The number relir8menl beneffts a(x1n9 - in Defined Contribution schemes wa5 of which the contributions omounled to - in Defin&J Benefit xtsmes was 35,711 35.711 The avwage number of the S¢hoofs omployoes the year, calculated M h88dcount. w88." 2022 2021 Tgaching Domestlc and estst88 Admlnlstr8tive 81 24 17 16 Dunng the year terminatson paymonts tcrtalbOU £3.5QQ12021 £49.31. of v#hth £nl was (wjtstanding at the y8ar 8nd12021 £nNI. 27
DULWICH PREP CRANBROOK NOTE5 TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2022 8 Tanglblo FIX A¥sots Leastwjld Fumilure Land and Flxtures and Bulldings Equipment Computer Hathare Vehides Cost Al 1 Septèmb8r 2021 Additsons Di$posal$ Al 31 August 2022 24,128 40.161 674.734 13,867 316.853 59.230 13,598 362,485 53.114 1.C68.829 113.258 13.598 53,114 1.168.489 64,289 688.601 Depreclatlon At I September 2021 Chargtsd in year Disposals At 31 Augusl 2022 1.447 1.286 $63,540 29.025 3iKI,166 27,425 43.223 2.474 8.376 60.210 13.598 954.988 2,733 592.565 313,993 45,697 N•t book valu•• Al 31 August 2021 Al 31 Augusi 2u22 22,681 fj1,55fj 111,194 Y6,036 16,687 48.49Z 9,891 7.417 160.453 113,501 g DEBTORS 2022 Fee debtors Sundry dobtors PrepayTnents and accrued income Amounts due from parent undertaklThJ 52.610 62,102 115,395 402,612 632,T19 63,418 9.825 102,586 402,612 578,241 10 CREDITQRS: amounts falllng du• wllhln ono yur 2022 2021 Trade credrtors Social security and olhgr taxation Fees in advance Other credrtors Fee deposits Accwals arwj deferred irtome 63,602 74,521 395,891 68,752 167,940 70,245 840,951 49,366 78,997 456,364 156,768 178,940 65,206 985,641 28
DULWICH PREP CRANBROOK NOTE8 TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2022 11 FEES IN ADVANCE 2021 Withirb year 395.891 395.891 456,364 OpeniThJ foes in adv8 Amount rele8sed to income during the year Amount dèferred duriry the yoaf 456,364 450,995 {456.3641 (450,9951 395,891 456,364 395,891 12 OPERATING LEASE COMMITMENTS At 31 August 2022 the Trust had future minimum 1ga* payrilts UfKtsr operating leases as folkph8.' Land and Bulldlngs 2022 Othar ?021 2022 wrthln 1 year BetWon 2 and 5 years Aft•r mtye than S yea 403,500 403.500 1.614,000 1,614,CM)O 10.140.1)1)0 16.543. 21,612 21.612 27.012 Tho in the year was £425,11212021 £408.9871.
DULWICH PREP CRANBROOK NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 13 SUMMARY OF MOVEMENTS ON MAIOR FUNDS September 2021 Incoming Resourc8S resources expended At31 Augu#t 2D2Z Aduarial galns Trèn5fer Unièslricted Funds Restricted Funds 174,134 2.922 5,958,292 5.568 15.978.758) 309.205 2,587 {2,$87 465.460 5,903 Totsl funds 177,056 5.963,860 15,978,758) 309.205 471.363 A transfer of £2.58712021 £1401 has been made during the year to r8fl8ct rastriclèd IntMe #pent from tha Cont8ined Oulbreak Management Fund {2021 Musieal Instruwits1. The comparative figures are shown in note 17 IBI. 14 SUMMARY OF NET ASSEfs BY FUNDS Unre8trl¢ted Rostrl¢tsd Funds Fund¥ Total Fund• 2022 Tangible Assets Net Curront Assets Long Tfrnn Croditor• 213.501 251,959 213.501 257,862 5,903 465.460 5.903 471.363 2021 TangiL4e Assets N8t Ciirrant Ass8ts Long Te Creditors 160,453 432.386 418,705 174,134 160,4531 435.308 418,705 177.056 2.922 2,922 15 PENSION SCHEMES Retirement benefits to ernoe$ of the School are provided through defined contribution schemes, vthich are funded by both Ihe School and employees. contributions. In addition Ihe School has previously provided retirement benefits through a deffined benefrt scheme, as detailed in acownting rolicy 1.8. Dofinod contrlbutlon $ch•m•s The pen510n (ij5t tharye in thc JE<ir in rebPVLt DI tlie defined (3)iitributiuwi £454.598 (2021 £493,252). 30
DuLCH PREP CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 15 PENSION SCHEMES (CONTINUEDI N Trt hin The parent Trust operated this Scheme (the Dulwith Preparaty Schools Trust Non-Teaching btatt Pension Scheme), vthich was dosed on 310e¢ember 21)J4, both In respect of new Momr8 and accrual for oxisting members. On 1 S8Piember 2017 the Trust transferred the obligations to contribute to th6 Schemè to each of the Sch(M)Is in proportions determined by the actuary based on the stsff vtho participated in the Scheme. The valuation in these (Icwunib- ubes that proportion and has been demved by projècting the results of the last comprehensive actuarial valuation of the Scheme as at 1 January 2021 and have been prepar8d by an independent qualified actuary. Following this latest actuarial valuation a r8vised Schedule of Contributi¢Jns was agreed betsyeen the Trust, the Schools and the Scheme Trustees with the aim of elimin8ting the doficit over a period of 5 years from 1 January 2021. Under this Schedule of Contributions the School extwds to contribute £138.780 to the Scheme in 2022123 12021122 £123,938}. The schcKJl has recognis&J a past S8Nlce cost in respect of 8qualisabon ests'mated al £nil {2021 £273.705). 31
DuLCH PREP CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 15 PENSION SCHEMES {CONTINUED) 2022 2021 a} The amounts r•wnls•d In th• b•lanco sh••t •r• u follow8 Present value of funded oblualion8 Fair value of sCheff assets Restriclions on recoverable Surplus (2.074.805) {2.394.705) 2.232.800 1,976,000 I,995 Ngt knability 418.70S b) Chang•s In th• pr8vnl v•lu• of th• dofin•d b•rt•fit obllgatlon Opening defined ben8fft oblbga Prior service c£)st Inleresl cost Actuarial {profrtsyIoss8S Benefts paid 2,394,705 2.210.400 273.705 35.500 (104.SY)O) 20.c0 40.91JO {343,1001 17.700 2,074,805 2.394,705 c) Clo•lng lalr Val of h•m• Opening lair value ol scneTr assets Interest incomo Retum greaterlllower) than the discount rate Contributions by erylloyer Benefits paid 1,970,(N)o 34,71)0 124,100 115,700 17.700 1,802.5CM) 30,1crf) 50,100 113,300 20.000 ctosing fair value of assets 2.232,800 1,976,(*)O The FRS102 calculation by the actuary calculates a scheme suwus of £157,995. Hov•ever. in accordance wth paragraph 28.22 of FRS102, an entity sh811 rerAgnlse a plan surFlus as 8 defined benefit plan asset only to the &x1enl that it able lo recover the surplus ether through reduced contributions in the fulure or through refunds from tho ptan. As such, it is not probable that any currenl surplus will lead to economic benefits being transferred lo the entity as there are many variables whlch are Ilkdy to Imp8ct the value of the surplus in the period untll the scheme is ndp. The net penslon asset has been restrfcted and therefore becoms £nll. 32
DULWICH PREP CRANBROOK NOTES TO THE PINANCIAL STATEMENTS IGONTINUED) FOR THE YÉAR ENDED 31 AUGUST 2022 IS PENSION SCHEMES ICONTINUEDI 2022 2021 d) Tho amounts Includ wlthln th• s•M•nI of Flnanclal ActMtle• Past sérv6¢9 cost Intere51 on lgation Interest itw 273,706 35,500 130,1001 40.900 134,700) Totsl 8rnnt charggd to the Statement of Financ1 Activiti8S 279,105 Net acluanal gainsl{lossesl reccJnised In the year UnrecL)Jniseo SUru8 eme assets Total gainsl{lossesl r8¢(xJnised In the yoar 467,200 157,995 309,205 155,0 155.000 o) Prlnclpal actuaflal a¥sumptloM at tho balan sh••t d•• Financial Assumpu.S Discount rale RPI inllalion 8ssumpb.on Rate of ireaSe of pensions in payTrMI Rate of increase of pensions in defefment 3.4% 3.7% 2.6% 4.0% 3.5•A Assumed lrfe èxpectancy in years at agè 65.. Non Pensioners Femal68 Males 26.2 23.8 23.7 P8nsionws Females Mtil¥3 24.5 22.1 24.4 33
DULWICH PREP CRANBROOK NOTES TO THE FINANCIAL 8TATEMENT8 (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2022 16 RELATED PARTY TRANSACTIONS AND GOVERNORS COSTS Th8 SCI1 paid rental expenditure of £403.500 (2021 £387.375) to th8 TnJsL Gash resources for the Group are managed centrally by the Trusl and as a rx)nsequence at 31 Au9USt 2022 £402,612 {2021 £402,612) w89 dug from the TnJsL During the year no Govemors receTrved any remuneration, expenses of £100 were incurred in re18tion to training (2021.. £nill. Thè Charity received aggr8gate donations from Go¥en In 2022 lotalling £1fy) {2021 £nll). These were received without conditions or restrictions. Th8r8 W8r8 no oth8r re1818d paty tr8ns#ctions in tho pgriod.
DULWICH PREP CRANBROOK MOTES TO THE FINANCIAL STATEMENTS (CONTINueD) FOR THE YEAR ENDED 31 AUGUST 2022 17 PRIOR YEAR COMPARATIVE NOTE (A) 2021 STATEMENT QF FINANCIAL ACTMTIES Unrèstrictsy Funds 2U21 Restricted Funds 2021 Total Noi8S 2021 Income Irom: Charftable actlvltlos: School Iges r8ceivable Other educational income Anullary income Other tradlng actlvlllgs Non-ancillary trading income Volunlary sources Donalons and legaCS Furh)ugh grant income S(*Me 5.372,272 40.928 8,628 5,372,272 40.928 8.628 27.439 27,439 83.733 Tolal Incom• 5,535,584 Expondltur• on: Ralslng funds FinanciThJ costs 280.741 Toui of rnl•lng lunds 2tIU, 141 215U,141 Charftable actlvltles Education 5,838,169 5,838,169 Totsl frxpendtturn 6,118 910 6118910 N•t {•xp•ndllur•lnn¢om• 1585.910) (583.3261 Transf8r bothen funds Ponsion schgmg actuarial g¥in$ 13 15 140 155,CM)O (140) 1 SS.LKN) Not movom•nt In fund• tor thfr y•ar (430.770) (428,326) Fund balances brought foThvard at 1 September 2020 478 605.382 Fund balances carrled fonvard at 31 August 2021
DULWICH PREP CRANBROOK NOTES TQ TrIE FINANCIAL STATEMENTS ICOPlllNUED) FOR THE YEAR ENDED 31 AUGUST 2022 17 PRIOR YEAR GOMPARATIVE NOTE IGONTINUEDI IBI 2021 SUMMARY OF MOVEMENTS ON MAIOR FUNDS Septemb 2020 IrmIng At31 gu•¢ gains Transfer Unrostricted Funds R95mGted Fun(ts 604.904 478 5,533,CrflO (6,118.910) 155,IX)O 140 1140) 174.134 2,922 Totsl 605,382 5,535.584 6,118,910 155,01)0 177.056 36