2023-08-31-accounts

Company No. 10815140 Registererl in England Charity No. 1174358 THE DULWICH SCHOOL CRANBROOK ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2023

THE DULWICH SCHOOL CRANBROOK ANNUAL REPORT OFTHE GOVERNORS FOR THE YEAR ENDED 31 AUGUST2023 The Governors present thelr annual report together wlth the audited financial statements of The Dulwlch School Cranbrooli Ithe School) for the year ended 31 August 2023. The Governors confirm that the annual report and flnanclal statemer)t5 of the company coTrnply with the current statutory requlrements, the requirements of the company's 8overnln8 document and the provlslons of the Statement of Recommended Practice ISORPI Accountlng and Reportlng by Charlties" ICharitle5 SORP FR51021. Status and admlnlstration The School Is a company limited by guarantee (company number 108151401 and is reglstered with the Charity Commi5510n under charity number 1174358. The School, together with Dulwich Prep London, Is a subsldlary of Dulwlch Preparatory SchoolsTrust I'the DPS Tru5t°l. The Trust Is also a company limited by guarantee and 15 a registered Charity and the School leases its property from the Trust. On June 1st 2023, the School rÈcelved approval from the Department of Educatlon to extend the age range to include pupils aged 2 to 16 which was required to enable the school to expand from September 1, 2023 into a new senior section for Years 9 to 11. In addition Companles House gave approval on AuEust 31 2023 to chènge the School name from Dulwlch Prep Cranbrook to The Dulwlch School Cranbrook. Th15 change was also notSfied to the Charity Commlssion. Gt)vemors' responslbllltles The Goverrsors Iwho are a150 dlrectors of the School for the purposes of company lawl are responsible for preparing the Governors, repx)rt lincluding the strateglc report) and the financial statement5 In accordan￿ with appllcable law and United Kingdom Accounting Standard5 Iunited Kingdom Generally Accepted Accounting Practice). Company18w requlres the Governors to prepare flnanclal statements foreach flnanclal year. Under company law the Governor5 mu51 not approve the financial statements unless they are satisfied thatthey give a true and fairview of the state of affairs of the charltable company and of the incoming resources and application of resources, including the income and expenditure, of the charltable company for that period. In preparlng these flnanclal statements. the Governors are requlred to.. select sultable accounting pollcle5 and then apply them conslstently,. ob5eNe the method5 and prlnclples In the Charltles SORP; make judgments and accounting estimates that are reasonable and prudenL state whether applicable UK AccountinB Standard5 have been followed, subject to any material departures dlsclosed and explained in the financial 5tatemerbts: prepare the financlal statements on the Eoing concern basis unless It is irkapproprlate to presume that the charitable company will continue in operation, The Governors are responslble for keeplng adequate accountlng records that are sufflclent to show and explaln the charitable company's transaEtlons and disc105e wlth rea50nable accuracy at any time the financlal position of the charitable company and enable them to ensure that the financial statements comply wlth the Companles Act 2006. They are also responsible for safeguarding the assets of the charitsble company and hence for taklng reasonable 5tep5 for the preventlon and detectlon of fraud and other irregularities,

THE DULWICH SCHOOL CRANBROOK ANNUAL REPORTOFTHE GOVERNORS FOR THE YEAR ENDED 31AUGUST2023 Each of the persons who are Governors at the time when this Governors. report is approved has confirmed that.. so Pdr as that each Governor Is aware, there is no relevant audit Information of which the charitable company's audltorls unaware, and that each Governor has taken all the steps that ought to have been taken as a Governor in order to be aware of any relevant audit information and to establish that the charltable company's auditorls aware of that Informatlon. STRUCTURE, G0VEftNAN￿ AND MANAGEMENT The School was created as an independent charfty governed by Its own Artlde5 of Assoclation with effect from I September 2017. The Articles reflect the Companles Act 2006 and the Charitie5 Act 2011 and were approved by the Charity Commission and passed by wrltten resolution on 16th June 2017. Prior to that date the School wa5 part of, and effectively governed by, the Articles of Association of the Trust. At its inception the umbrella charSty, the Trust, donated the net assets and undertakings necessaryto fulfil its objecls to the new charlty under a Transfer of Undertakin85 Agreement dated 1st September 2017. The School Is supported in the provlslon of educatlon by the Trust, fmm which the School leases its facilities. Goveming Body The Governors of the Sthool are the charity trustees under charity law and the Directors of the charitsble company. All Governors are'members" of the Trust and the School's Chairman and one other Governor also seNe as Trustees of the Trust. The members of the Governlng Body who served in offlce a5 Govemors during the year are detslled below wlth addltlonal responsibllitles or focus shown In brackets: S L Rynehart S Jenkins BEC Lynch J Hunt Scmorga CMNash N Payne TM Durie N Gyane Chair (HR and Legall Isafeguardlngl IFinancel IHealth & Safety) IEducationl (Boarding) IPRIMarketingl IFinBnce, Health & Safety) ILe881 and HR) N Gyane and J Hunt were appointed on 24 November 2022. Key Management Personnel Head.. S Bradshaw Bursar and Clerk to the Governor5: J E Barlow BA IHonsl, CGMA AIMA Professlonal Advisers Sollcitors: Farrer & Co LLP, 66 Lincoln's Inn Fleld5, London WC2A 3LH Audltor.. Crowe U.K. LLP, 55 Ludgate Hlll. London, EC4M 7JW

THE DULWICH SCHOOLCRANBROOK ANNUAL REPORTOFTHE GOVERNORS FOR TriEYEAR ENDED 31AUGUST2023 Management Structure The Governlng Body meets a mlnlmum of three tlmes per year, normally once per academlc term. Sub- committees for speclflc purposes are established a5 and when needed. The Head and Bursar attend each of the full Governing Body meetlngs and any sub-commlttee meetSngs as required. The day- to-day management of the School is delegated to the Head and Bursar, who collectively comprise the key management persDnnel and are supported by the School's Senlor Management Team. The Head has overall responsibility for the appointment and supervision of all staff, but delegates thls functlon to the Bursar for most non-academic staff. Remuneration is set by the Governlng Body w￿h the pollcy objectlve of provlding appropriate incentives to encourage enhanced perforrnan￿ and of rewarding falrly and responslbly individual tontributlons to the School's success. The approprlateness and relevance of the remuneration policy is reviewed annually, Including reference to comparlsons wlth other independent schools to ensure that the School remalns sensitive to the broader issue5 of pay and employment condition5 elsewhere. We alm to recrult, subject to experIen￿, at the lower to medlum point withln a band, providing scope for rewarding excellence. Govemlng Body Recruitment &Tralnlng The Governing Body Is self-appolntln& with new Govemors identlfied by the existing Board, supported by the Head and Bursar, and appointed by the Board following agreement by the Trust. Governors seNe for an initial term of four years, but may offer them*lves for re-election for a second tèrm of four years and then a final term of two year5, maklng ten years In all. New members of the GovernlnE Body are elected on the basis of the candldates, profe55ional qualltles, experIen￿, personal competence and the speclfSc needs of the School. New Governors are inducted Into the worklngs of the charitable company via a progrdmme organlsed by the Head and Bursar. The Bursar will also notlfy members of the Governlng Body of relevant extemal trustee trdininB and Information courses and seminars designed to keep them infomied and updated on current15sues In the settor and regulatory requlrements. Charity Code of Governance Followlng Its Incorporatlon on 12th June 2017 the School's Board of Governors has taken Its governance re5ponsibllities Seriously and, as a slgnlflcant charlly, aims to have a governance framework that Is flt for purpose. compliant and efflcient. The Board has established a solid foundatlon In governance in which all of Its Governors are clear about thelr role5 and leBal responsibllltles, are committed to supporting the School in delivering its objects most effectlvely for the benefit of its beneficiarie5 and contribLrting to the School's contlnued Improvement, Overall the School'5 Board of Goverftots meets a very 5ignifieant proportion of the recommended and best practice for govemance contalned withln the Charity Governance Code acro55 the seven areas and are comfortable there are no significant areas of revlew required. Arrangements wlll continue to be monltored agalnst the best practice prindples contalned wlthln the Code. Ernployment pollry The Sihool Is an equal opportunltles employer. Full and falr conslderatlon Is given to job applicatlons from disabled persons and due considerdtion is given to their training Bnd employment needs. Corksultatlon with employees, Ol thelr repre5entative5, has contlnued at all levels wlth the aim of

THE DULWICH SCHOOL CRANBROOK ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 taklng the vlews of employee5 into account when decislons are made that are likely to affect thelr interests. Employees are made aware of the flnanelal perf0rrnan￿ of the School through an annual brleflngElven by the Bursar. Employee5 are also aware of the public benefit ne￿ssarilY provided by the School as a charity and of thelr part In supportlng the School's contributlon to the local communlty. Communication with employees contlnues through nom)al management channels In a variety of forms and also throjjgh exceptional channels to make staff aware of current issues. STRATEGIC REPORT The remainder of the report of thè Governors also constitutes the 5trdtegic report for the purtM)ses of the Companles Act 2006. Prlnclpal actlvlty and objects of the charltable company The principal activity of the charitsble tornpany Is the operdtlon of a school for children from aEe 2 to 16 years old, at Cranbrook, Kent. The objects of the charitable company are the advancement of education by the provlsion and conduct of the school for boy5 and glrls and by anelllary or Incidentsl educatlonal actlvltles and other assoclated activities for the beneftt of the community. The Governin8 Body has referred to the Euldance contained In the Charlty Commlsslon'5 general suldance on publSc benefit. and in particular to its supplementsry public benefit guldance on advancing education and on fee chargln& when reviewln8 future alms and obje￿ives. Alm The Governor5, aim is that puplls should have every opportunlty to fulfil thelr potential- academlc, artistic, dramatlc, musical, sporting, social and moral- by provldlng a rich and dynamlc currlculum, Inspiratlonal teBchin& building chlldren's self-confidence by supportlng thelr emotional. physlcal and intellectual needs, ènd InculcatinE a deslre to contribute to the wider community. By the tlme children leave the school our alm Is that they will have developed the skllls and Inner confSdence to flourlsh In the next stage of theirloumeyi ready to embrnce the opportunlties the world outslde ha5 to offer.

THE DULWICH SCHOOL CRANBROOK ANNUALREPORTOFTHE GOVERNORS FOR THE YEAR ENDED 31 AUGUST2023 Prlmary objectlves The School seeks to achleve Its aim through the followlng prlmary oblectlves.. To continue to welcome pupi15 and staff fmm all backgmunds. To contlnue to develop our exceptional pastoral care. To contlnue to develop the breadth and depth of what we offer so each thlld can dlscover new pas5ion5, develop their talents, and stretch themselves. To continue the professlonal developmpnt of all staff, so they are leader5 In theirfield. To continue to develop our academic curriculum SD that children have the skills and rnindset they need to flourish, To nurture good cltlzenship and encouraBe children to be contrlbutlng members of thelr community and society generally. To continue to Improve our facllltles, technology and resource5. To continue to develop and strengthen our relationship with local schoo15 and the wlder comrnunlty. To set our fees at a level to ensure the financial viablllty of the School and at a level that Is consistent with our alm of provldlng a first class education to children. To provide flnancial 5UPPOrt to enable children whose parents would not otherwlse be able to afford the fees to beneflt from an educatlon at the School. To maintsin a Clear and effectlve management structure and the neces5Bry SUPPOrt framework to meet the needs of staff and pupils alike. Strategles to achleve the prlmary obJectlve5 The Governlng Body has revlewed the Strateglc Development Plan for the School. The revised Plan Is now well advanced and deflne5 the educational and investment Inltlatnie5 and major projects, subject to avallable fundirK in pursuit of the prlmary obJectlves. The strateglc revlew recogni5ed the need for the Sd)ool to adlust to the changing local market, particularly the decline In the tradltlonal prep school model of edurdtion through to Common Entfance examinatlon at age 13, and the increasing wish of parents for thelrchl1d￿n to transltlon to a senior school at age 11. In response to thls, and following extensive market research and a comprehenslve survey of current parent5. it w85 declded to repurpose existing surplus teachlng accommodation to enable the addition of a senior school and extension of provision to GCSE untll Year 11. Fundlng for the development was approved by the DP5 Trust. Work was completed to schedule and the first cohort of Year 9 puplls jolned the School Sn September 2023. Publlc benefft The School remalns commltted to the aim of providing public benefit in accordance wlth Its founding principles. The School actlvely supports the attaSnment of the hlghe5t standards of education throu8h rigorous and contlnuous evaluation of quality and performance, the appllcation of best prBCtice and a widespread deslre to Improve standards. We cooperate wlth local schools and educational bodie5 Ill our ongoing endeavours to widen public access to the schooling we provlde, to optimi5e the use of our ctsltural and sporting facilitie5 and to awaken in our puplls an awareness of the soclal context of the all-round education they re￿1ve at the School.

THE DULWICH SCHOOL CRANBROOK ANNUAL REPORTOFTHE GOVERNORS FOR THE YEAR ENDED 31 AUGUSf 2023 This year the SchoDI awarded means-tested bursarles totalllng E164K to 19 puplls12022.' £150K to 18 pupllsl. Awards are fully means-tested through a rigorous and detalled process which include5 home visits when appropriate. Emotlonal well-belng and mental hoaEth Durlng the academic year 2022-23 the school has continued to promote the importance of a focus on posltive mental health. We have continued our partnership with Place2Be In the school and the chlldren, stsff and parents are all able to access thls 5eNice. Place28e a150 offers trainlng opportunities and support for family groups. Working with the local eommunlty The School continues to foster strong relatlonshlps with many of our local State maintaifted schools and endeavours to share best practlce and provlde SUPPDrt wherever posslble. Events Included the WSP Football festival with participants from 14 primary schools, Netball festival with 5137 children) particlpating schools and cross country. In addltion the Schtsol encourages the use of faclllties by local community sports club5. Charltable fundralslng Pupil fundraising fiir charitable cause5 continues to be encouraged and over the year there wÈre 16 pupil led inltlatives whlch generated £4.9k donated to national eharltle5. In addition to this, the Friends Assoclatlon's fvndralslng actlvftles held In the school enabled external donations totalling £3.2K with beneficiaries Including Tenterden Big Wrap, Hypo Hounds and Porchlight. The school does not engage with any external third party fundralsers. There have been no complalnts In the period regardlnB Inapproprlate or Intruslve contsct In relatlon to fundralsing attivlties. ACHIEVEMENTS AND PERFORMANCE School Inspectlon In February 2023 we recelved notlce of our combined1S1 Inspectlon. In additlon to meeting every polnt In the Regulatory Compliance Inspection, Dulwlch CranbrDok a150 achieved the hlghest outcome of 'LxcellenY for both Pupilg Academic and othèr Achievements and Pupils, Personal Development, The report noted In particular our pupll's excellent communlcatbon and collabordtlon and their impressive levels of Self-confiden￿ and self-understandlng. As well as judging our educational quality as 'Excellent' the inspectors also approved our applicatlon for material change to extend the ase range to 16, meanlnB our chlldren now have the optlon to remaln wlth us until GCSE. School Expanslon An ambltlous and exciting development prolect was undertaken and completed In this academic year, the re4eslgned Coursehom bulldiftg. This wlll enhance the teaching of puplls In our new Senlor School and Includes 7 state of the art classrooms and a GCSE 5clence Laboratory.

THE DULWICH SCHOOL CRANBROOK ANNUAL REPORTOFTHE GOVERNORS FOR THE YEAR ENDED 31 AUGUST2023 We also undertook a smaller, but no le55 excitlng, project to Introduce a Fledglings room to Nash House. Our beautiful new classroom, with its own outdoor learnlng space caters for our 2 and 3 year olds. School Operatlons In January 2023, Dur Head Elecl lolned the school. to allow a two-term handoverwith our outEolng Head and to facllitate mbust pl8nnlnB for our Senlor SchoDI opening In September 2023. In May 2023 a newly appointed Interlrn Bursarlolned the School to provide flnance and operations support untll the end of the 2023-24 academic year at which tlme a permanent Oirector Flnance and Operatlons wlll be In pla￿. School Highlights Hlghllghts of the year include; double Prep Kent Cross Country Champions, IAPS trlathlon champlon, and a stunning performance of Matllda.

THE DULWICH SCHOOL CRANBROOK ANNUAL REPORTOF THE GOVERNORS FOR THE YEAR ENDED 31AUGUST2023 FINANCIAL REVIEW The operatlng deficlt for the year ended 31 August 2023 was £700,323 compared to £14,898 In the previous year. Total income of £6,107,569 and expenditure of £6,807,892 in the year compared with total income In the previous year of £5,963.860 and expendlture of £5,978,758. The net book value of fixed assets amounted to £658.36812022 £213,501). In addillon to revenue from school fees, the School seeks to enhance its income through letting its facilitles end through rents recelved for staff resldential propertles. Besldes casual lettlngs of sports facilitles, classrooms and halls for birthday partie5 etc., regular hirers of the SchtM)I's facilities include a local chlldren's dance company who hi￿ the main school hall at weekends throughout the term and a children's hollday activities cornpany who hlre a ranEe of facllities to operate a day tamp for two weeks In the Easter hollday and four weel(s during the Summer holidays. Additionally, there are normally a number of holiday activltles run by the school's own staff and avallable to current pupils includlng sports camps, chef school and a summer holiday artlvlty camp for younger children. Reser¥es The School's reserves policy Is to maintain Its unrestrtcted reseThes lextludln8 penslon Ilabllitles 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 costs associated with the malntenance of the fabrlc of Its bulldlngs. Thls allows the School to ensure stsfFicient Ilquidity for normal operation. In addition, the School may hold additlonal re5e¥ve5 to support antlcipated capltal expendlture and Its longer term Ilabllltles In particular its pension fund obligations. Free reseNe5 held at the year-end totalled-£282,56412022.. £251,959) excluding pension liabilities and-£282,56412022.' £251,959) Including penslon liabllllle5. At thi5 level the free reserves fall well below the level required by the reserves pollcy. Desplte thls, the Governor5 have considered the reseNes policy in light of the support commitment glven by the DPS Trust and have concluded that no adjustments to the policy need to be made. At the year end funds were sufficlentto support the Governors aim5. Golng f￿ncern Havlng reviewed the trdsh posltlon of the School together with the anticlpated growth in demand for places and the School's future proJected cash flows, together wlth support avallable from the parent Trust, the Governors have a reasonable expectatloTr that the School has adequate resource5 to continue its activlties for the foTesee3ble future and conslder that there were no material uncertainties over the School'5 financlal viability. Accordingly, they continue to adopt the Eolng concern basls In preparing the flnanclal statements. PRINapAL RISKS AND UNCERTAINTIES The Govemors considerthe prlncipal risks to the School to be those assoclated wlth SafeEuarding of chlldren and those assodated wlth contlnued economlc and politlcal turbulence.

THE DULWICH 5CHOOLCRANBROOX ANNUAL REPORTOFTHE GOVERNORS FOR THE YEAR ENDED 31AUGUST2023 Safeguardlng and Health and Safely To ensu￿ continuity of communication between the governin8 body and the School, two governors holds designated responsibility for Safeguarding and two governors for Health and Safety. The deslgnated Eovernor attends termly safeguarding meetlngs wlth the School's SafeBuBrdlng team compri51ng the Designated Safeguarding Lead IDSLI and two deputy DSLS. The DSL provide5 a written report to the Board of Governors at each term's Board meeting. The designated governor conducts an annual Safeguardlng Audlt whlch normalty takes place either during the A￿UMn or the Sprin8 tem). All governors re￿5Ve full safeguardlng trainlng when they join the Board and they recetve regular updates and trainin8 as necessary from the DSL. All governors are required to scrutini5e and approve the safeguardino policies of the School at least annually. In addltlon to thls, all governors are required to complete any further necessary traSninE such as annual updates on Keeping Children Safe In Educatlon. Where appropriate, this is provided onllne and a full record of tralnlnB Is held by the HR Manager. Safeguarding contlnues to be the highest priority for governors and the School staff. In addltlon to the day-to-day attention given to ensure the School remains a safe place for pupSls. governors maintain oversight of out of school art*vitie5 undertaken by pupils. Safeguarding meetings are held In advance of all resldentlal trlps and appropriate reasonable adjustments to arrangements. Including stsffln& are made for pupi15 With additional need5. Whllst the governors are respettful of the boundary between Eovernance and management, they continue to work to make themselve5 vislble to staff and parents. attending as many school events as possible and gettlng to know not just the Head and Bursar, but staff In all areas of the School. Thelr pre5ence15 welcomed by the whole communlty. The School'5 management of more general Health and $3fety risks are also closely monltored by the Board. The risks Tange from fire and infrastructure to personal risl(s (most notably when pupils are away from the campus on trips and outdoor activities). The level and breadth of these artivltles at the School Is impressive and the ri5k5 a550clated wlth all are mlnlmlsed by thorough planning and rlsk assessment by the SchDoI's deslgnated External Vi51ts Co-ordinator. The Board is fully apprlsed of ar¢y changes as they become necessary, The School's Health and Safety Commlttee comprlse5 representatives from all sectlons of the School and report5, via the Bursar, to the Governors on 3 termly basls. The commlttee meet5 once a tenn and the meetlngs are attended by the governors deslgnated for Health & Safety. The School also employs an external Health and Safety adviser who provides detalled advice when necessary a5 well as providlng audit and reportlng In speclfic areas when requlred. Economlc and Polltlcal Turbulen rhe Governors conslder the contlnulng economlc and polltlcal turbulence together wlth the affordabillty of fee5 by pH￿ntS acmss the Independent sector to represent 51gnlficant risks to the School. These risk5 have been heightened by increased UK inflationary pressures and slow economlc growth partly due to the ongoing volatility in global energy m8rkets and confllcts In the Ukraine and Middle East. To mitigate contlnulng rlsks, the School has from September 2023 extended the School's provision to GCSE by adding Year5 9, 10 and 11. Other economic and political rlsk5, Includlng

THE DULWICH SCHOOL CRANBROOI<

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023

the potential loss of charitable status and the removal of business rates relief currently enjoyed by the School as a charity 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.

Detailed consideration of risk is undertaken for the School by the Governors in conjunction with the Head and Bursar. A risk register is maintained, reviewed termly by the Governors and updated as necessary. The risk management process and the resulting report identify risks, assess their impact and likelihood and, where necessary, recommend controls to mitigate and monitor those risks which are assessed as high. The generic controls used by the School to minimise risk include:

• detailed terms of reference together with formal agendas for Committee and Board activity;

• • strategic development planning, reviewed annually by Board of Governors;

• comprehensive budgeting and management accounting;

• established organisational structures and lines 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 regularly review the effectiveness of current plans and strategies for managing all identified major risks for the School.

Approved by the Governing Body ofThe Dulwich School Cranbrook, including, in their capacity as company directors, approving the Directors' and Strategic Report contained therein, and signed on its behalf by:

al Mrs S L Rynehart Chair of Board

Date 13/05/24

10

THE DULWICH SCHOOL CRANBROOK ANNUAL REPORTOFTHE GOVERNORS FOR THEYEAR ENDED 31 AUGUST2023 Independent Audltorfs Report to the Member5 of Dulwlch Prep Cranbrook Oplnion We have audlted the linancial statements of Dulwich Prep Cranbrook for the year ended 31 AuEust 2023 which comprise the Statement of Financial Activitie5, the Balance Sheet, the Statement of Cashfiows and notes to the flnancSal statements. Includlng slgnfflcant accountlng policies. The financial reportlng framework that has been applied in their preparatlon Is applicable law and United Kingdom Accounting Standards, illcludlng FSnanclal Reporting Standard 102 The Flnanclal Reportin8 Standard applicable In the UK and Republic of Ireland (United Kingdorn Generally Acceptsd Accountlng Practice). In our opinKJll the flnancial statements: give a true and falr view of the state of the charltable company'5 affairs as at 31 August 2023 and of its incoming resources and appllcatlon of resources, Includlng Its income and expendlture for the year then ended; have been properly prepared In attordance with Untted Kingdom Generally Accepted Accountlng Practice.. and havÈ been prepared in accordance with the requirements of the Companles Act 2006. Basls foroplnlon We conducted our audlt In accordan￿ with Intematlonal Standards on Audltlng {UKI11SAs IUKII and applicable law. Our responslbllitles under those standards are further described in the Auditorfs re5ponsibilitie5 for the audit of the financial stdtements section of our report. We are independent of the charitable company in accordance wfth the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responslbllities In accordonce with these requlrements. We belleve that the audit evldence we have obtained15 5ufflcient and appropriate to provide a basis for ouroplnlon. Conduslons relatlng to golng concern In audltlng the financial statements, we have concluded that the trustees, use of the golng concern b3515 of accountlng In the preparatlon of the flnancial statements Is approprlate. Based Dn the work we have performed, we have not identlfied any materlal Un￿rtaIntleS relating lo events or conditions that, individualw or collertively, may cast significant doubt on the charltable company's abillty to contlnue as a goinE concern for a perlod of at least twelve months from when the financial statements a￿ authorised for155ue. Our responsibilitles and the responsibillties of the trustees wlth respert to going con¢em are described in the relevant sectlon5 of thls report. li

THE DULWICH SCHOOLCBANBROOK ANNUAL REPORTOFTHE GOVERNORS FOR THE YEAR ENDED 31 AUGUST2023 Other Information The trustees are re5ponslble for the other Inforrnatlon contained within the annual report. The other informatlon comprlses the informatlon included in the annual repDrt, other than the financlal statements and our audltor's report thereon. Our oplnion on the flnancial ststement5 does not cover the other Information and, except to the extent otherwlse explicitly stated In our report, we do not expres5 any fomi of assurance conclusion thereon. Our respon5ibllity is to read the other informatlon and, In doing so, conslder whether the other Information is materially inconsistent wlth the financlal statements or our knowledge obtaSned In the audit or otherwise appears to be materially mlsstated. If we Identify such materlal Inconsi5tencie5 or apparent material misstatements, we are required to determlne whether this gives rise to a material mIsslate￿ent in the financlal statements themselves. If, based on the work we have performed, we conclude that there Is a materlal mlsststement of this other Information, we are requlred to report that fact. We have nothlng to report in this regard. Opinlons on other matters prescrlbed bythe Cornpanles Art 20 In our oplnlon based on the work undertaken In the course of our audlt the informatlon Elven In the trustee5' report, which includes the directorg reporl and the strategic report prepared for the purposes of company law, for the firhancial year for which the financial statements are p￿pared Is cons15tent wlth the financial statements; and the strategic report èlld the dIrectOr￿ report Included wlthin the trusteeg report have been prep3red in aceordance wlth applicable legal requlremerrts. Matters on whlch we are requlred to ieport by ex¢eptk In Ilght of the knowledge and understandlng of the charitable company and its envlronment obtalned in the course of the audlt, we have not identified material mlsstatements in the strateglc report orthe dlreetorg report Included withln the trustees, report. We have nothlnE to report In respect of the following matters in relatlon to which the Companies Act 2(L)6 requlres us to report to you if, In our opinion: adequate ac¢ounting record5 have not been kept; or the financlal statements are not In agreement wlth the accountlng records and returns; or rtain disclosures of tru5tees' remuneration specifled by law are not made; or We have not received all the Informatlon and explanations we require for our audit. Re5ponslbll1￿eS of trustees

THE DULWICH SCHOOL CRANBROOK ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST2023 As explained more fully in the trustees, ￿ spDnsibilitie5 Statement Set out Dn page I, the trustees (who are also the director5 of the charitable company for the purp05e5 of comp3ny13wI are responsible for the preparation of the financial Statements and for being satisfied that they gwe a true and fair view, and for such internal control a5 the trustee5 determine is necessary to enable the preparation of financial Statements that are free from material mi55tatement, whether due to fraud or error. In preparing the financial statements, Ihe trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basi5 of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltorfs responsibllities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due tD fraud or error. and tolssue an auditor's report that includes Dur opinion. Reasonable assurance 15 a high level of assurance, but is not guarantee that an 3udit conducted in accordance with ISAS IUKI wlll always detert a material mi5Statement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statement5. Irregularitie5, including frèud, are instances of non-compliance with laws and regulations. We deslBn procedures in line with our responsibilitie5, Outlined above, to detect materlal misstatements in respect of irregularities, including fraud. The extent to which our procedure5 are capable of detecting Srregularities, including fraud is detailed below.. A further description of our responslbilities for the audit of the financial statements 15 located on the Financial Reporting Council's web51te at.. www.frc.or auditorsre5 onsibilities. ThÈs description forms part of our auditols report. Extent to whlch the audit was consldered Capable of detecting IrregLtlarities, includlng traud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risk5 of material mi5Statement of the financial statements from irregularities, whether due to fraud or error, an¢J discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understandinE of the legal and regulatory frameworks within which the charitable Company operates, focusing on those laws and regulations that have a direct effect ¢Jn the determination of materi31 amounts and disclosures in the financlal statements. The laws and regulation5 we considered in thls context were the Companies Act 2006, the Charitie5 Act 2011. 13

THE DVLWICH SCHOOL CRANBROOK ANNUAL REPORTOFTHE GOVERNOR5 FOR THE YEAfi ENDED31 AUGUST 2023 taxatlon legislation, together with the Charities SORP IFRS 1021. We assessed the requlred compliance wlth these law5 and regulation5 a5 part of our audlt prO￿dureS on the related flnancial 5tstement Items. In addltion, we considered provislons of other laws and regulations that do not have a dlrect effect on the flnancial statements but complianee wlth which might be fundamentsl to the cha￿table company's ablllty to operate orto avoid a material penalty. We also considered the opportunitles and Incentlves that may exist withln the charltsble company for fraud. The laws and regulatlons we considered In this context for the UK operations were The Educatlon Ilndependent School Standards) Regulations 2014, Data Protection Regulatlon IGDPRI, Health and safety legislation and employment legislation. AudltlnE Standards limit the required avdit procedures tu identify non-compllance wlth these laws and regulatlons to enquiry of the Trustees and other management and Inspectlon of regulatory and legal correspondence, If any. We identlf(ed the greatest risk of material impart on the financial ststements from Irregularlties, Includlng fraud, to be within the overrlde of controls by manaEement. Our audil procedure5 to respond to these risks included enquiries of management and the Audlt Committee about thelr own Identification and assessment of the Flsks of Irregijlarltles, sample testing on the posting of Journals, revlewing accounting e5timate5 for biases, revlewlng any regulatory correspondence with the Charity Commlssitsn. Independent Schools Inspectordte, Otsted and reading minutes of meetings of those charged wlth governance. Owlng to the Inherent limltstions of an audit, there15 an unavoidable rlsk that we may not have detected some mgterlal mi55tatements In the flnancSal statements, even though we have property planned and performed our audit in accordance with auditing standards. For example. the ftjrther removed non-compliance wlth law5 and regulatlon5 lirregularitie51 Is from the events and transactions reflected In the financial statements, the less Ilkely the inherently limited procedu￿5 required by audltin8 standards woulif identify It. In addition, a5 wlth any audit, there remained a higher risk of non-detectlon of Irregularitie5, as these may Involve collusion, forEery, Intentional omlssions, m15representatlons. or the override of Internal contro15. We are not responslble for preventing non-compliance and cannot be expected to dÈtett non-compliance with all laws and regulations. Use of our report Thls reportls made solely to the charftable companvs members. 85 a body, in accordancè wlth Chapter 3 of Part 16 of the Companies Art 2006. Our audit work has been undertaken 50 that we might State to the eharltable cornpanvs members those matters we are required to state to them i an aLtditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept oras5ume responsiblllty to anyone other than the charitable company and the charitable COMpan￿S members as a body, for our audlt work. for thi5 reporL or for the oplnlons we have formed. 14

THE DULWICH SGHOOL CRANBROOK STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023 (Incorporatlng an Income and expenditure account) Unre$trlctèd Funds 2023 Ra5trlcted Funds 2023 Total Total Notes 2023 2022 Incom9 from". Charhable activltles: School fees recelvable Other educatlonal itthme Anolllary incA)me other tradlng actlvities Non-ancillary trading InGome Voluntary sources Donations and legacles Donation from Trust 5,445,609 94,178 8B,196 5,445.609 94,178 88,196 5,825,142 77.270 30,613 22.589 22,569 25.367 1,913 5,568 Total Income 6 1115 856 6101569 5 963.860 Expenditure on: Raislng funds Flnanclng costs 7,480 Total costs of ralslng fvnds Charltable activities Educab'on 51 S17 5,971278 Total gxpgndlturg 6 807 892 6 807.B92 5 978,758 Net {expondlturg)IlncrAne (702,236) 1,913 1700,323) {14,8981 Transfer between funds 13 5,860 {5,860) Penslon scheme actuarfal (lossesygalns 15 {148,800) (148,8001 309,205 Net Movement In funds forth8 year (845,176) 13,9471 {849,123) 294,307 Fund bdanGes bmughl forward al 1 Seplembw 2022 465,460 5,903 471,363 177,056 Fund balances carrlgd forward at 31 August 2023 (379,716) 1,956 1377,760) 471,363 Tho not￿ on pages 19 to 34 forni part of thgsg flnanclal statoments 15

THE DULWICH SCHOOL CRANBROOK BALANCE SHEET AS AT 31 AUGUST 2023

		Notes		2023	2023		2022
			£	£	£	£	£
FIXED ASSETS
Tangible assets		8		658,368			213,501
CUR.RENT ASSETS
Debtors		9	210,568			632,719
Cash at bank and In hand			246,521			466,094
			457,089			1,098,813
CREDITORS: Amounts falllng due within one year		10	(1,493,217)			(840,951)
NET CURRENT LIABILITIES				{1,036,128)			257,862
TOTAL ASSETS LESS CURRENT
LIABILITES EXCLUDING PENSION	LIABILITES EXCLUDING PENSION			(377,760)			471,363
SCHEME LIABILITY
Defined benefit pension scheme liability		15
NET ASSETS INCLUDING PENSION SCHEME LIABILITY				(377,760)			471,363
CHARITY FUNDS
Unrestricted funds excluding pension reserve	Unrestricted funds excluding pension reserve			(379,716)			465,460
Pension reserve		15
Restricted funds				1,956			5,903
TOTAL FUNDS				(377,760)			471,363
The flnanclal statements were approved
by the Governors on 13/05/24	and
signed on their behalf, by:
Mrs S L Rynehart Chair of Board				/OW

The notes on pages 19 to 34 form part of these financial statements.

16

THE DULWICH SCHOOL CRANBROOK STATEkqENT OF CASH FLOW FOR THE YEAR ENDED 31 AUGUST 2023 Note$ 2023 2022 Net cash{outnL>wlllnfflow from opEratlonB Nelcgsh pro￿d&￿IllI8&II byoperaung o¢llvill 324249 {263.3561 Ca8h flows from Inve$Ung tht10¥: Additlvns to fixed assets Pro(xI￿S from $818 of fixed agsets 1543.B221 1113,2581 Nètca$h Iu89d In) InveBtlnu ortlvld85 543.822 Change In ¢ash atKI cgsh aqLlvalents In tho rgpoJUno porbd 1219,5731 1376.e141 Cash and Gash equlvalgnts at IhB boglnnlng ol perfod 466,094 B42,708 C￿h and cash 8qulvalBllt5 atthe ènd Df¢hg ￿￿Ort[￿ll pewlod 246,621 46e,094 The not8B pagas 19 to 34fomi part olthes¢ Ilnanclal slBtemant• 17

THE DULWICH SCHOOL CRANBROOK STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 111 ReGonGIIIHtlon of net In¢omo to not ¢ash flowfrom OP8ratlng actlvltlo$ Nattsxpanso {700,3231 114,8981 Ellmlnallon of non-operallry cash fk)¥vs'. Deprgdallon chargg Dgcreaselllncr8as81 In dabtot5 Incr8asdld8cf88s81 In cr￿jItOrs{8x￿￿dth9 f808 In advance 8ch8m8 and da￿811) Insrea$elldecreas91 In fe88 In 8dvanc* sch8m8 credlto Increagelld8cre8881 In par8nW d8poBIIE Dllfer8n¢e between pensbn ￿)nt￿￿knO￿8 Pa￿ and Charues made 98,955 422,151 60.210 154,4781 S36,522 89,744 26￿00 1A8 800 1732171 160,4731 111.0001 lo9￿00 1,024.$72 248,4S8 Not cash louthowllkrflow from oporthn8 2ff3,￿6 2028 2022 111} Analys18 of cash and cash oqulvalonts Cash at bgnk and rn hand 246.521 468.094 18

THE DULWICH SCHOOL CRANBROOK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 I ACCOUNTING POLICIES 1.1 Bas18 of preparatlon The fin8nclal slalemenls have been prapar8d in accordance wlth tho Flnanc1al Roportlng Standard appllcable In the UK and RepubllG of Ireland IFRS 102), thB Companle8 Act 2006 and the Slal8ment of Recommended Pracllce 8ppIIGable lo charille5 preparing Ihelr accounts In accordance ￿th the Flnancial Raportlng Standard appllcable In th@ UK and Republic Df Ireland {FRS 102}. The accounts are drawn up on the hlslorfcal cost basls of accounung. The Sd)oiA is a Publlc Benefll Enllty reglslered as a charty In England and Walès (charity number.. 1174358) and a company limlled by guarantee, (company number., 10815140>. Its regislèrod office is Cour88hom, Cranbrook. Ken¢ England. TN17 3NP. Tho ultimat6 parent company and conlrolllno party of Dulknrich Prep Cranbrook Is Dulwich Preparatory Schools Trust Ith9 Trust), a charltable company Incorporated In th8 United Klngdom (company numb8r'. 00579923).The accounts of the School have boen consolidated Into the ulllmale parent entltys flnanclal slalemenls. Cople5 of these finanoial stalèmonls can be obtained from the registered offlca, 42 Alleyn Park, DU[￿¢h, London SE217M. Control Is exerdsed by the parenl company by vlrlue of board representallon. The prlnclpal aclwlly of the TTUSI is the operation of prep&ratory schools al DU1￿￿h London 8nd 81 Cranbrook Kent. The Obl￿ts of Ihg Trust are the advancoment of edijaauon primarily by the provlsion and conduct of sohools in Dulwloh and Cranbrook for boys and girls and by ancillary or Incldenlal educallonal advltles a￿1 other a88ociated athlties for the beneflt of the communlties. 1.2 Golng concern Havlng revlgwed th8 cash positlon of th& School togeth8r wllh the expeclad ongolng demand for places and the School'8 future prolecled cash flows, Including the current economic cri818 and cost of livlng. logelherwith th8 support avallable from the pargnl Tru81, th6 Governors have a reasonable exp8oiaUon that the School has adequate resources lo conllnue its activilles for the for8seeable futur6 and conslder that there were no malerlal uncertainties over the School's flnanclal viabllity. Accordingly, they conllnue to adopt the golng Goncern basls In preparing tho financial slalgments. 1.3 Crltlcal accountlng Judggmonts and koy 8ource5 of estlmatlon uncertainty In the application of th8 aocounllng pollcie5, Trustees are required to make ludgement, esllmalos, and assumpllons about th6 carwng valuè of assets and Ilabilities that are r￿1 readlw apparent from olh8r sources. The esllmales and underlwng assumpllons are based on hislortC81 experien¢0 and olherfactors that are conslder8d lo be relavanl. A0￿81 re5ulls may dtffer from these estimates. 19

THE DULWICH SCHOOL CRANBROOK NOTES TO THE FINANCIAL STATEMENTS ICONTINUED} FOR THEYEAR ENDED 31 AUGUST 2023 1 ACCOUNTING POLICIES Icontlnuted) The @stlmales and UnderI￿ng assumpllons aro reviewed on an ongolng basis. Rovlslons lo accounting eslimales are recognised In the pe￿0d In whlch the e81imal6 Is revlsed11 the revlslDn afle¢ts only that period, or In the perlod of the r@vislon aMI future perfods If th6 revlslon affo¢1gd t>Jrrenl arkd future period8. The School's liab￿l￿fOr th& Ntsn-Teachlng St8ff defined ben6fl1 penslon scheme Involva8 a number of assumptions as disolo8ed in note 16. In the wew of thè Governors, no other assumpllons concernlng the future or esllmation uncerlalnty affecting assets or liab￿rti85 al the balance sheet date are likelyto result In a malerfal ailJuslmenl lo thelr carrylng amounts in the next flnanolal year. The following accounllng pollcles have b86n applied consislentyy In deallng with items which ar& considered material in relation lo the Schools's financial stal8ments. 1.4 Ineome All income rs induded In the statement of flnanclal acllvilles when the Scliool has enlillemenl lo the funds, ￿C61p115 probable and the amount can be measured ￿th 5ufflc18nl re112bllily. Fees con8isI of chargès for the soho(Il year endlng August, le88 bursar]es and alloWa￿eS. Fees recelvad in advance aro d8ferred and released lo Income In the perfod lo whlch the fees relate. Furlough grant incom8 Is rècognlsed as and when entlllemenl aris8s whlch can be rollably quant(fied and benefit 18 probabl8. 1.5 Expenditurè Expenditure Is accrued as soon as 8 ILgblllty Is con8ldered probable. dlscounled to pregent value for longer-torm liabilities and has bgen Irtclvded under expense categorles that aggregate all costs for looation lo acllvlUè8. Where costs canrK)t be dlre¢t(y allrlbul6d to p￿tIOU10r activKl88 they have been allocated on a basis consistent wlth the use of the resources. Support Gosls indude dl costs relating to the rnanag&menL admlnlstrallon and Tunnlng the functlon8 of tho School. Govemance costs aTe those Incurred In connecuon wtlh admlnlstrallon of th8 charitsble comparty and cO￿p11￿n0O wllh conslitutional and stalulory requlrements. 1.6 Tanglblo flxed assgts Tanglble fixed assets are slated at (X)St le88 depreclallon. Depredatlon Is provlded 81 rates cal￿J1ated to WTlle off the cost of frAad assets. less th8lr estimated resldual value, over their expected usoful Ilvgs on the followlng bases. Fix6d assgls costing more than £200 are capitallsed. Leasehold Motor vghldes Flxlures and fitttngs Computer equlpménl 2% slralghl Ilne 25Vk rgduclng balanc& 10% stralghl Ilne 25-50% 81ralght Ilne

THE DULWICH SCHOOL CRANBROOK NQTES TO THE FINANCIAL STATEMENTS IGONTINUED) FOR THEYEAR ENDED 31 AUGUST2023 1 AGCOUNTING POLICIES Icontlnuted) 1.7 Fund aGcountlng Gonoral Funds are tho 8ccumulatod surplus on the Schools Income and èxp8ndltur8 account which18 availbl8 for use al the discrellon of the Govemor8 In furtherance of th& ganeral obleclives of the charity, Includlng 8UPPOrt of th8 Trust. Rsslrlcled Fund8 may only be spent on the charitabla purpDSe specified by the donor. 1.6 Penslon costs Raurèmenl benefits lo employees of the School are provkled through defined oonlrlbutlon schern8s and the employer's penslon c08ts charged In the period in which the salarles they retate to ar8 payable. The two schemes ars as lollow8.' {8) The Dulwith Preparalury Schools Tnjsl Non Teaohlng Stafl GTOUP Person?1 Penslon Paan- Thls Is a group person￿ penslon plan wlth Avlva. Ib) Frorn 1 November 2019. th& School's teachlng staff have become membors of the Amva Penslon Tfust for Ind8pond8nl Schools whlch as its name implleg l¥ operat8d by Avlva for a number of prlvat8 schools. In addltton the School has hlslorically provlded retlrernenl b8n8flls lo non-leachlng staff through a dgfined b8nefit schem8- Tho Du1￿ch Preparatory Schools Trust non-leachlng staff Penslon Scheme. 21

THE DULWICH SCHOOL CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 I ACCOUNTING POLICIES (contlnutad) The schemo Is closed so there are no current sèrvloe ¢osl8, Other than admlnlstralion oxponse5 whl¢h 2re born8 directly by thè Sohool. The expected r&ttJrn on thè scheme assets les8 the schemtr Intsr681 co815 are credlled w41hln other Interest. The 5chem8 8Ctuarfal gglns and losses are recognlsed lmm8dialely as other recognlsed galns aTrd10sses. Thè defined benefit schgme ass818 are measured al fair value al the balance sh881 dale. Sch?mo l￿bIlitIeS are measured on 8n actuarial b881s al the balanc8 she81 ¢Jate uslng th8 projected unll method and dlseounled al a rate equivalent lo the current rdle of r6turn on a hlgh qualllycorpDrale bond of equivalonl lèmi lo fhe schema Ilabllllles. The resulllng defined benefit asset or Ilabillly Is presented 8eparal@Wafter other not assets on the face of th& balanc8 8h88L 1.9 Operatlng leases Rentals under oporatlng18ases are d)arged on a slralghl-llne basls ovgr th8 lease lem. 1.10 Taxatlon The School Is a regislerod charlty No. 1174358 and as such Is not liable lo Unllod tangdom Ino)me tax or corporallon tax on charitable actl￿tIes.

THE DULWICH SCHOOL CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 2 FEES RECEIVABLE 2023 2022 FeeB recelvable consist of: School fees Less.. total Bwards and concesslons 6,065rt65 6.378,982 819 878 553,8401 5,445 809 5,825,142 Included awards and concessions are m&ans-tssled bursatles toldllng £163,5fj5 {2022 £149,971} whlch ￿re pald to 19 puplls12022.' 18 pupllsl. 3 OTHER EDUCATIONAL INCOME 2023 2022 EnlranL* and r8glstrafjon fees Courses and sU￿letting$ 7,935 4,575 72,695 77,270 4 ANCILLARY AND OTHER INCOME 2023 2022 School shop. School trtps and Other Ing)me 30,613 5 OTHER TIiADING ACTIVITIES 2023 2022 Rents recelvable 22.589 25,367 23

THE DULWICH SCHOOL CRANBROOK NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 AUGLIST 2023 6 ANALYSIS OF EXPENDITURE Staff costs Dapraclatlon (Note 71 {Noto 91 Other costs Total 2023 Total 2022 Raislng funds Fin8nGlng costs {10,0001 1,375 {8,6251 7,480 Total costs ol ralslng funds 10,000 Charftablg oxpendlture re￿hIng Welfar& Premlse8 Support coslg 3,619,344 287,274 148.564 646.OB2 463,670 177,571 9BO,014 397,043 4,083,014 3,506,469 464,B4S 406,422 1,225.532 1,037,528 1,043.126 930.859 98.955 Total Gharftsble •xponditurè 98.955 2 018 298 6 816 517 5 g71278 Totsl expendltura 4 680 264 2 019 673 6 807 892 5.978 758 Governanc8 Includ¢d In support Costs: 2023 2022 Gov6mor costs Legal and consultancy fees Rgmunerauon paid lo auditor for audlt 8eMceg 2,(70 S,377 12,3BO 100 2.679 10,600 Fln8ncing costs Indud& a past Serv1￿ CQs1 of £nil12022 th51} In respect of penslon equ81158llon whlch was not expeoted lo re¢ur, as detsi19d in note 15. 7 STAFF COSTS 2023 2022 The aggregate payroll costs forthe yearwer8 as follows: Wages and salarfes Social securlly costs Penslon costs 8nd other ben8fils 3,B24,152 3,358,542 348,433 312.034 516 679 548.838 4 669,264 4 219.414 Aggregate employee-banefils of key management p8rsonn818mounted to £508,836 {2022 £270.4881 Includlng penslon conlrtbuu￿s of £80,671 (2022 £31,772). 24

THE DULWICH SCHOOL CRANBROOK NOTES TO THE FINANCL4L STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2023 7 STAFF COSTS ICONTINUEDI 2023 2022 Number of hlgher p81d èmployees In bands of.. £60.001 to £TO,000 £80.00110 £90,000 £100,001 to £110,000 £130,000 to £1410.000 £180,000 10 £190,000 The numberwlh retirement beneflts accrulng - In Defined Contrlbutton schemes wa5 of which thg contrlbulions amountsd to - In Defined Benèfit schemes w95 70,976 35,711 The 8verage number of the School's employees durTng the year. cdcu58tad on hgadcounl, WdS-. 2023 2022 Teachlng Domeslic and estates Adtnlnlstrstive B7 23 17 127 78 22 18 116 Durlng the ygartermination payment8 lotalled £140,000 (2022 £3,500), ofwhich £45,IX)O was outstandlng al the ervJ12022 £nlll- 25

ThE DULWICH SCHOOL CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 8 Tangible Flxed A888ts L6ashold Furnllure Land alld Hxtijres and Bulldlngs Equipmonl Computer Hardwar& Vehlcles Ttstal Cost Al 1 September 2022 Addlttons Dlsposals Al 31 August 2023 64,289 316,179 88,801 111,20g 362,485 116.434 8,220 470 899 53,114 1.168.489 543,822 8.220 53,114 1704,091 380.488 799,810 Depreclatlon Al 1 Saplomber 2022 Charg6d In year Dlsposals At 31 August 2023 2,733 7,609 592.565 35,256 313.993 64,236 8,220 360,009 45.697 1,854 954,988 98.955 8,220 1,045,723 27,821 Not book values Al 31 August 2022 Al 31 August 2023 61,556 370.126 96,036 171.989 48,492 110,fj90 7.417 5,563 213.501 658.368 9 DEBTORS 2023 2022 F88 debtors Sundry doblors P(ep8ym8nts and accTued Incom& Amounts due fmm parent undertak4ng 69,637 22,742 118.169 52,610 62,102 115,395 402,612 632.719 210,568 10 CREDITORS: amounts falllng du8 wtthlTr ono yoar 2023 20 Trade creditor8 S(Klal security and other taxallon F88s In advance other credSlors Amounts duè lo paTenl undertaktng Fee deposits AccnJ818 and daf8rred Incom8 183.752 B2,311 485,635 158,294 276,368 193,940 112,917 1,493,217 63.602 74,521 395,891 68,752 167,940 70.245 840,951

THE DULWICH SCHOOL CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 11 FEES IN ADVANCE 2023 2022 Withln one year 395,891 395,801 485,635 Movements In feos in sdvaric8 Oponlng fees In advance Amount released lo income durfng the year Amount defgrred durlng the yoar 395,891 456,364 {395,8911 1456,3641 485 635 395,891 485,635 395,8g1 12 OPERAMNG LEASE COMMITMENT3 At 31 August 2023 Iho Trust had future mlnlmum lèase payments und¢r w1-can￿lIable opèrating lèa88s as follows: Land and Bulldlngs 2023 Othar 2022 2023 2022 Withln l year Balween 2 and 5 yqar8 After more than 5 yews 508,000 403,frfJO 2,lJ32,000 1,614,000 19￿12.000 16.140,OIK) 26,939 47,143 21,812 5,402 The chargè In the ye8fwdS £527,7g912022 £425,112). 27

THE DULWICH SCHOOL CRANBROOK NOTES TO THE FINANCIAL STATEIViENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 13 SUMMARYOF MOVEMENTS ON MAJOR FUNDS At1 S8Pt8mber 2022 Inoomlng R6source8 resources èxpendgd At 31 August 2023 Actuarfal galns Transfer Unrethoted Funds RgsM¢ted Funds 465.460 5,903 6.105,656 16,807.8921 1,913 1148,8DO} 5,860 {5,8601 1379,7161 1.956 TotBI funds 471.363 6,107,569 IQ80Y,8921 {148,800 377,7801 A transfer of £5,86012022 £6.2981 has b8en made during the year lo rd@ct restslclgd Incom• spant frorn the Bursary Fund {2022 Conlaln$d Oulbreak Management Fundl..The ￿[nparalV6 Ilgur95 ar0 ghown In not8 17 IBI. 14 SUMMARY OF NET ASSETS BY FUNDS Unre$trfctod Restrlcted Fund8 Fund8 Tofal Funds 2023 Tanglbja AA88ts Net Curront A8s9ts Long Tem) Greditors 658,368 (1.038,084) 658,368 (1,036.128) 1,956 379.716 1,956 377,7601 2022 Tanglble Assets Net Currenl Assets Long Terffl Crediiors 213,501 251,959 213,501 257,862 5,903 4e5,460 5,903 471,363 10 PENSION SCHEMES Retirement beneflls to employe8$ of the School are provided through two d6fln8d wntribution schemes, whlch ara funded by both th& School and employees, conlrlbullons. In addilion the School has previously provldod retlrement benefits through a defined benefit sohome, as detalled In a(xountlng pollcy 1.8. Dofined contrfbutlon schemes The pension cost charge In the year In respeci of the ¢Jeffned contrlbutlon schame8 was £508,29812022 £454,598). 28

THE DULWICH SCHOOL CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONIINUED) FOR THE YEAR ENDED 31 AUGUST 2023 15 PENSION SCHEMES ICONTINUEDI Non-teachln stsff defined benefll Scheme The par6nt Trust op8rated thls Scheme (the Dul%Mch Preparatory Schools Trust N(In-Teachlng staff Penslon Scheme), whlch was closed on 31 December 2IKI4, both In re8pect of new memb8rs and accrual for exlstlng members. On 1 September 2017 tho Trust transferred the obllgatlons to contrlbute to the Sch8m6 to 8ach of the Schools In proportions determined by the a¢luary based on th0 81aff who participated In the Sch&mg. The valuatSon in these accounts uses that proportion and has beeii dedved by projecting the results of the last comprehensive acluarlal valuatlon of the Scheme as at 1 January 2021 and hav8 been prepared by an independent quallfled actuary. Following thls latesl actuarial valuation a revised Schedule of Conlributlons was agreed between the Trusl, the Schools and the S¢h9me Trusteas with the alm of eliminallng the d8flcil over a perfod of 5 years from l January 2021. Under thls Sch8dul6 of Contrlbutions the School expe¢ts to contrlbutg £138,780 to tho Schem8 In 2023124 {2022123 £138,780). 29

THE DULWICH SCHOOL CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2023 15 PENSION SCHEMES ICONTINUEDI a) The amounts rgcognlsèd In the balanc8 sheet aro as follows 2023 2022 Present value offund8d obllgaUon$ Falr value of8¢he￿@ assets Restdollons on racL)verable 8urplus (1,882,900} {2,074.8051 2,264,500 2,232,800 381,600 157,9951 Nel Liablllly b) chang￿ In tho presant valuo of thè dgftned banefit obllgatlon Opgning deflned benefll obligation Pttor servlce cost Intsr6st cost Actuarfal (profft8yIoss08 Benefits paid 2,074,800 2,394,705 86AOO 1233,GOO) 44,700 40,900 (343,100) 17,700 1,882.900 2 074,805 c) Closlng falr value of scham& assets Opèning falr valug of 8ch8m& a859ts Inloresl Income Return greaterl(lowerl Ihan the dI￿ount rats Conlrfbutions by empby8r Benefilg pakl 2,232,800 96,400 1158,800) 138,800 44,700 1,976,000 34,700 124,100 115,700 Closing falr valug of schem8 assets 2,264,500 The FRS102 Gelculation by th8 actuary Ca1￿lateS a scheme surplL¢S of £381.600 {2022 £157,995). However, In accordance ￿th paragraph 28.22 of FRS102, entity shall recognise 8 plan surplus as a deflnad bengfit plan asset only to the extent that11 Is abl6 to recover the surplus elther through reduced ￿ntributIonS in the fulurg or Ihruugh refunds from the plan. As such,11 is not probable thal any curronl surplus will lead lo economlc bonefils b6lng tr#nsfgrrgd to tha entity as Ihfyrg are many varfables whid) are Ilkely lo Impact th8 value of the surplus In the p6rfod unlll the 8cheme is )und-up. The nel penslon assgt has bagn r88tricted 8nd Iharefor8 become8 £nll. 30

THE DULWICH SCHOOL CRANBROOK NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 IS PENSION SCHEMES ICONTINUEDI 2023 2022 dl The 8mounts IIiGlud6d wlthln thè Stat8m8nt of Flnanclal A¢llvltlg9 Pasl servlcg cost Interest on obllgatlon Inl8ro$1 Incorne 86,400 {96,4001 40.900 134,7001 Totsl amount charg￿j to the Slalemenl of FlnonGlal A¢￿￿ties 10,000 8,200 Ng1 actuarl81 gaIn￿{lO$S￿s) r6¢ognlsed In the year Unre¢ognlsed SLErplus scheme 8S881s Total galnsl{losse81 recognlsed In the ye8r 74,800 223,600 148,800 467,200 157.9951 309,205 e) Prlnclpal actuarlal 898umptlon5 at th8 balance sheet datg nanclal Assumptlons Discount r819 RPI Infla￿0￿ 8ssumpllon Rate of IncreAse ol pgnslons In paymant Rats of Increase of pon5ion8 In defemient 52% 3.3% 3.fj% 2.7% 4.2% 3.7% 4.0% 3.5% AssLKned Ilfe expectancy In years al ttge 65- Non Per)51oner8 Females Males 26.3 23.9 26.2 23.8 Pension&rs Fernales Males 24.5 31

THE DULWICH SCHOOL CRANBROOK NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 16 RELATED PARTY TRANSACTIONS AND GOVERNORS COSTS During the year lo 31 August 2023 thè School Incurred Tental oxpendllure of £508,00012022 £403,500) b the Trust, of whloh £239,000 was oulslandlng at the year end. During th8 yeaT to 31 August 2023 the School received don8llons of £455,08412022 £nil) from the Trust, of whlch £nll was outstanding at the year end. Cash resouroes for th8 Group are managed ￿ntrallY by the Trust and as a consequence al 31 August 2023 £276,368 was due lo the Tru5112022 £402,612 was due from Ihg Trusll. Thls balance Includes a loan of £100,000 Ihal was made lo the School durfng the year arbd was oulstandlng al th? year end. Durlng the yoar no Governors received any remuneration. oxpenses of £2,670 Incurred In ralalion lo tralnlng and travel {2022: £1001. The Charlty receiveij agg￿gate donations from Governors In 2023 toialllng £nll12022 £100). These ware recelved withoul condltions or restrictions. There wère no other related party transaollons In the perbd.

THE DULWICH SGHOOL CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 17 PRIOR YEAR COMPARATIVE NOTE {A) 2022 STATEMENT OF FINANCIAL ACTniiTIES Unreslrlct6d Fund8 2022 Reslrlcted Funds 2022 Total Notes 2022 Income from-. CharStable actlvltle5: School fees recelvable Other educ2lonal Incom8 Anclllary Income Other tradlng aotlvltles Nonryancillary Iradlng Income Voluntary sourcas DonallL)ns and legacie8 5,825,142 77,270 30.513 5,825,142 77,270 30,513 25,367 25,387 5,568 5.568 Total In¢om• 5 958 292 5.963.880 Exp£ndlturè on: Ralslng fund8 Flnancing co8ls 7.480 7,480 Total costg of ralslng funds 7,480 Charltablo actlvltles EduG31ion 5,971278 5 971278 Total 8xpendlture 5.978 758 5,971278 Nat {oxpendlture)nncome (20,488) 5,568 (14,8981 Transfer between fund8 Penslon sGheme aGluarlal gains 13 15 2,587 309,205 {2,5871 309,205 Net movgmgnt In funds for tha yaar 291,326 2,981 294,307 Fund batanc88 brought foN8xl at 1 Septemb8r 2021 174.134 2,922 177,056 Fund balanc88 carrfed forward at 31 August 2022 465 460 471363

THE DULWICH SCHOOL CRANBROOK NOTES TO THE FINANCIAL STATEMENTS {CO￿rINuED) FOR THE YEAR ENDED 31 AUGUST 2023 17 PRIOR YEAR COMPARATIVE NOTE (CONTINUED) IB} 2022 SUMMARY OF MOVEMENTS ON MAJOR FUNL>S Atl September 2021 Incomlng resources Resources expèndad At31 August 2022 Actuarl gJins Transfer Unrèslrlcled Funds Reslrfcled Funds 174,134 2,922 5,958,292 5,568 (5.978,758} 309,205 2,587 (2,587) 465,460 5,903 Total funds 177,056 5,963,86 5,978,758 309 205 471,363