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← The Dulwich School Cranbrook

2024-08-31-accounts

Company No. 10815140 Registered in England Charity No. 1174358 THE DULWICH SCHOOL CRANBROOK ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

THE DULWICH SCHOOL CRANBROOK ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 The Governors present their annual report together with the audited financial statements of The Dulwich School Cranbrook (the School) for the year ended 31 August 2024. The Governors confirm that the annual report and financial statements of the company rnmply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice ISORP) "Accounting and Reporting by Charities" (Charities SORP FRS102). Status and administration The School is a company limited by guarantee Icornpany number 108151401 and is registered with the Charity Commission under charity number 1174358. Its registered office is Coursehorn, Cranbrook, Kent, TN17 3NP. The School, together with Dulwich Prep & Senior, is a subsidiary of Dulwich Preparatory Schools Trust I'the DPS Trust"). The Trust is also a company limited by guarantee and is a registered Charity and the School leases its property from the Trust. Governors. responsibilities The Governors (who are also directors of the School for the purposes of company law) are responsible for preparing the Governors, report (including the strategic report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standardg (United Kingdom Generally Accepted Accounting 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 incorning resources and application of resources. including the income and expenditure. of the charitable company forthat period. In preparing these flnanclal statements, the Governors are requlred to: selett suitable accounting policies and then apply them consistentlyi obSe￿e the methods and principles in the Charities SORP. make judgments and accounting estimates that are reasonable and prudent; State whether applicable UK Accounting 5tand8rd5 have been followed, subjett to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unles5 it is inappropriate to presume that the charttable company will continue in operation. The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statement5 comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps forthe prevention and detection of fraud and other irregularities. Each of the persons who are Governors at the time when this Governors, report is approved has confirmed that: so far as each Governor is aware, there is no relevant audit information of which the charitable company'5 auditor 15 unaware, and

THE DULWICH SCHOOL CRANBROOK ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 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 charttable company's auditor is aware of that infomiation. STRucfuRE, GOVERNANCE AND MANAGEMETr The School was created as an independent charity governed by its own Articles of A550ciation with effect from I September 2017. The Articles reflect the Companies Act 2006 and the Charities Act 2011 and were approved by the Charity Commission and passed by written re501ution on 16 June 2U17. Prior to that date the School was part ot, and effectively governed by, the Articles of Association of the Trust. At its inception the umbrella charity, the Trust, donated the net a55ets and undertakings necessary to fulfil its objects to the new charity under a Transfer of Undertakings Agreement dated I September 2017. The School is 5UPPOrted in the provision of education by the Trust, from which the School leases its facilities. Governing Body The Governors of the School are the charity trustees under charrty law and the Dirertors of the charitable company. All Governors are "members" of the Trust and the School's Chairman and one other Governor also serve as Trustees of the Trust. The members of the Governing Bodv who served in office as Governors during the year are detailed below with additional responsibilities or focus shown in brackets: MrTDurie Mrs Sjenkins MrB Lynch Mrj Hunt Mrs S C Morgan Mrs C M Nash Mrs N Payne Miss N Gyane Mr P PuNis Chair (Finance, Health and Safety) (Safeguarding) (Finance) (Health and Safetyl (Education) (Boarding and Early Years Foundation Stage (EYFSII (Public Relations, Marketing) 15afeguardin& Legal and Human Resources) {Education} Mr Purvis was appointed on I September 2024. Key Management Personnel Head: 5 Brad5h3w Director of Finance and Operations and Clerk to the Governors: A 8rimelow Professional Advisers Solicitors: Farrer & Co LLP, 66 Lincoln's Inn Fields, London WC2A 3LH Auditoi: Crowe U.K. LLP, 55 Ludgilte Hill, London, EC4M 7JW Management Structure The Governing Body meets a minimum of three times per year, normally once per academic term. Sub- committees for specific purposes are established as and when needed. The Head and Director

THE DULWICH SCHOOL CRANBROOK ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 of finance and Operation5 (DFOI attend each of the full Governing Body meetin8s and any SUEF Committee meetings as required. The day- to-day management of the School is delegated to the Head and DFO, who collectively comprise the key management personnel and are supported by the School's Senior Management Team. The Head has overall responsibility for the appointment and supervision of all staff. hut dp.Ip.8Atp.£ thi% func.tinn to thp. r)FO for most nnn-acadp_mic staff. Remuneration is set by the Governing Body with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding fairly and responsibly individual contributions to the School's success. The appropriateness and relevance of the remuneration policy 15 reviewed i41111U<illyi iIILludiii¥ relereiiie Iu LVITIP¢ifi5U115 willi vllier iiidepeTideiil 5uliools lo eiisure that the School remains sensittve to the broader issues of pay and employment conditions elsewhere. We aim to recruit, subject to experience, at the lowerto medium point within a band. providing Scope for rewarding excellen￿. Governing Body Recruitment & Training The Governing Body is self-appointing. with new Governors identified by the existing Board, supported by the Head and DFO, and appointed by the Board following agreement by the Trust. Governors serve for an initial term of four years. but may offerthemselves for re-election for a 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 competence and the specific needs of the School. New Governors are inducted into the workings of the charitable company via a programme organised by the Head and DFO. The DFO will also notify members of the Governing Body of relevant external trustee training and inforrnation courses and seminars designed to keep thern informed and updated on current issues in the sector and regulatory requirements. Charity Code of Governance Following its incorporation on 12 June 2017 the School's Board of Governors has taken its governance responsibilities seriously and, as a significant charity, aims to have a governance framework that is frt for purpose. compliant and efficient. The Board has ostablished a solid foundation in governance in which all of its Governors are clear about their roles and legal responsibilities, are commttted to supporting the School in delivering its objects most effectively for the benefit of its beneficiaries and contributing to the School's continued improvement. Overall the School's Board of Governors meets a very significant proportion of the recommended and best practice for governance contained within the Char5ty Governance Code across the seven areas and are comfortable there are no significant areas of review required. Arrangements will continue to be monitored against the best practice principles contained within the Code. Employment policy 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 theirtraining and employment needs. Consultation with employee5, or their representatives. has continued at all levels with the aim of taking the views of employees into account when decisions are made that are likely to affect their interests. Employees are made aware of the financial performance of the School through an annual briefing given by the DFO. Ernployees are also aware of the public benefit necessarily provided by

THE DULWICH SCHOOL CRANBROOK ANNUAL REPORTOF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 the School as a charlty and of thelr pan In supportlng the School's conirlbutlon to the local community. Communication with employees continucs through normal management channels in a variety of forms and also through exceptional channels to make staff aware of current issues. STRATEGIC REPORT The remainderof the report of the Governors also constitutes the strategic report forthe purposes of the Companies Act 2006. Principal activity and objects of the charitable company The prinr_ipal artivity of the charitable company is the operation of a school for children from age two to 16 years old, at Cranbrook, Kent. The objerts of the charitable company are the advan￿rnent of education by the provision and conduct of the school for boys and girls and by ancillary or incidental educational activitie5 and other associated activities forthe benefrt of the community- The Governing Body has referred to the guidance contained in the Charity Commission's general guidance on public benefit, and in particular to its supplementary public benefit guidance on advaiicing edU￿[lOn and 011 fee chaigin& when reviewing future aitn5 and objectives. Aim The Governors, aim for Dulwich Cranbrook is to inspire and develop confident, capable, and compassionate young people to be the change makers of the future. Pupi15 should have every opportunity to fulfil their potential- academic, artistic, dramatic, musical, sporting, social and moral. The School supports this aim by providing a rich and dynamic curriculum. inspirational teaching, building children's self-confidence by supporting their emotional, physical and intellectual needs, and inculcating a desire to contribute to the wider community. By the time children leave the school our aim is that they will have developed the skills and inner confidence to flourish in the next stage of theirjourney, ready to embrace the opportunities the world outside ha5 to offer. The School airn5 to be: Forward Thinking: like the pioneering founders of the School, we challenge the norm with original ideas, forward thinking and a fresh approach. Caring." The School is nurturin& inclusive, kind and supportNe. We ensure that we understand the unique needs and wellbeing of each and every family. Encouraging: We encourage our children to explore and enjoy a wide variety of incredible experiences and opportunities. Inspiring.. Enquiring minds and creative imaginations are developed alongside the pride and power of teamwork, to build confidence and character. Empowering: Whichever path they choose, we offer a wonderfully well-rounded education to ensure that each child has the skills and confidence to navigate their own educational journey

THE DULWICH SCHOOL CRANBROOK ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 Public benefit The School remains committed to the aim of providing public benefit in accordance with its founding principlps_ Thc School activcly support5 thc attainmcnt of the highc5t 5tandard5 of cducation through rigorous and continuous evaluation of quality and performance, the application of best practice and a widespread desire to improve standards. We cooperate with local schools and educational bodies in our ongoing endeavours to widen public access to the schooling we provide, to optimise the use of 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 School awarded means-te5ted bursaries totalling £488k to 58 pupils (2023: £164k to 19 pupils). Award5 are fully means-te5ted through a rigorous and detailed process. Emotional well-being and mental health During the academic year 2023-24 the School has continued to promote the importance of a focus on positive mental health. We have continued our partnership with Place2Be in the School and the chlldren, Staff and parents are all able to access thls servlce. Place2Be also offers tralnlng opportunities and support for family groups. Working with the l(Kal community Dulwich continue to lead the Wealden Partnership which includes two independent schools, one state secondary school and 16 state primary schools. This year, ten events were held which benefitted over a thousand pupils across the partnership. The partnership benefits from Dulwich Cranbrook grounds and facilities as well as abotrt 400 staff hours a year. Charitable fundraising Pupil fu ndraising for charitable causes continues to be encouraged, and over the year pupil led initiatives generated £4.9k which was donated to national charities. In addition to this, the Friends Association's fundraising activities held in the school enabled external donations totalling £3.2k with boneficiaries including Tenterden Big Wrap. Hypo Hounds and Porchlight. The school does not engage with any external third partyfundrai5er5. There have been no complaints in the period regarding inappropriate or intrusive contact in relation to fundraising activities. ACHIEVEMENTS AND PERFORMANCE School Expansion In September 2023 our Head Elect became Head and the school structure became a Fledgling to Year 6 Prep School, feeding into a Year 7 to Year 11 Senior School. In September 2023 our first GCSE cohort began Year 9 and went through their first options process. In August 2024, a permanent Director of Finance and Operations was appointed.

THE DULWICH SCHOOL CRANBROOK ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 School Hlghllghts Highlights of the year include; three top 10 finishers at the IAPS Swimming championships, a National 200m athletics champion, and a stunning interactive performance of Treasure Island. Onward De5tination5 Success at Il+ and 13+ continued this year with 26 pupils in Year 6 and 15 children in Year 8, achieving places at schools of their choice. These included selective grammar schools (Cranbrook, Judd and Maidstonel and competitive independent schools. 12 of these pupils achieved scholarships to their chosen school. Drama As well as a stunning performance of Treasure Island, we continued to have LAMDA success. Unusually, all children in the year take LAMDA exams as part of their Drama curriculum, rather than as an optional co-curricular activity. This make5 our results all the more impressive. In the SummerTerm all our Year 7 children, many new to the school in September 2023, took Grade 2 in Acting, Speaking of Verse and Prose, or Public Speaking. The average mark was 83, a Distinction. Music Music continued to be a strength of the school with over half of the children in the school involved in Co-curricular music. 56 pupils sat a music exam during the academic year achieving 27 Distinctions 148%) and Merits (34%). sport In addition to our usual programme of nearty 6CQ sporting fixtures, we introduced two new events to further expand opportunities for our pupils. We hosted the Goodman and Hutching5 Mixed Relay Cr055 Country Race, a unique event that mixed yeargroups and sexes from Year4 up to Year 8. Additionallv, we partnered with the Weald Triathlon Club to host the first Dulwich Cranbrook JuniorTriathlon. Over 120 children participated, including 31 Dulwich students. For many of them, it was their first triathlon. FINANCIAL REVIEW The operating surplus for the year ended 31 August 2024 was £283.932 compared to a defictt £700,323 in the previous year. Total income in the year was £7.894.285 and expenditure wa5 £7.610.353 compared with total income in the previous year of £6,107,569 and expenditure of £6,807,892. Total income for the year included a donation from the DPS Trust of £1,736,387 {2023 £455,084). The net book value of fixed assets amounted to £742,52812023 £658,368). In addition to revenue from School fees, the School seeks to enhance its income through letting its facilities and through rents received for staff residential properties. Besides casual lettings of sports facilities, classrooms and halls for birthday parties etc.. regular hirers of the School's facilities include local children's dance company who hire the main school hall at weekends throughout the term and a children's holiday activities company who hire a range of facilities to operate a day camp for two weeks in the Easter holiday and four weeks during the Summer holidays. Additionally, there are normally nu mber of holiday activities run by the school's own staff and available to current pupils including sports camps, chef school and a summer holiday activity camp foryounger children.

THE DULWICH SCHOOL CRANBROOK ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 Reserves The School's reserves policy 15 to maintain its unrestricted reserves {excluding pension liabilities or a<%p.t£) brnxdly at thp Ip.vp.I nf one month's expenditure in order to mppt day tn day rijnning r_osts nf the School and the costs associated with the maintenance of the fabric of its buildings. This allows the School to ensure sufficient liquidity for normal operations. In addition, the School may hold additional reserves to support anticipated capital expenditure and its longer term liabilities in particular its pension fund obligations. At the year end. the School had a deficit on free unrestricted reserves of £l.000,81212023- £1,038,084) excluding pensions liabilitie5 and £l,000.81212023- £1,038,084) including peiision liabililies. At this level tlie flee reseives fall well below tlie level required by the reserves policy. Despite this. the Governors have considered the reserves policy in light of 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. Going Concern Having reviewed the cash position of the School together wrth the anticipated growth in demand for places and the School's future projecied cash flows, together with 5UPPOrt avallable from the DPS Trust, the Governors have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties overthe school's financial viabilwty. Accordingly, they continue to adopt the going concern basis in preparin8 thefinancial statements. PRINCIPAL RISKS AND UNCERTAINTIES The Governors consider the principal risks to the School to be those associated with Safeguarding of children and those associated with continued economic and political turbulence. Safeguarding and Health and Safety To ensure continuity of communication between the governing body and the School, two governors hold designated responsibility for5afeguarding and two governors for health and safety. The designated safeguarding governors attend termly safeguarding meetings with the School's safeguarding team comprisingthe Designated safeguarding Lead IDSL) and two deputy DSLS. The DSL provides a written report to the Board of Governors at each temi'5 Board meeting. The designated governors conduct an annual Safeguarding Audit which normally takes place either during the Autumn or Spring term. All governors receive 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 policies of the School at least annually. In addition to this, all governors are required to complete any further necessary training such as annual updates on Keeping Children Safe in Education. Where appropriate, this is provided online and a full record of training is held by the HR Manager. Safeguarding continues to be the highest priority forgovernors and the School staff. In addition to the day-to-day attention given to ensure the School remains a safe place for pupils, governors maintain oversight of out of school actNities undertaken by pupils. Safeguarding meetings are held

THE DULWICH SCHOOL CRANBROOK ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 in advance of all residential trip5 and appropriate reasonable adjustments to arrangements, including staffing, are made for pupils with additional needs. Whilst the governor5 are respectful of the boundary between governance and rnanagement, they continue to work to make themselves visible to staff and parents, attending as many school events as possible and getting to know notjust the Head and DFO, but staff in all areas of the School. Their presence is welcomed by the whole community. The School's management of more general Health and Safety risk5 are also closely monitored by the Board. The risks range from fire and infrastructure to personal risks {most notably when pupils are away frnm thp. cAmpus on trips and outdoor artivitiosl_ The level and breadth of these activities at the School is impressive and the risks associated with all are minimised by thorough planning and risk assessment by the School's designated External visits Co-ordinator. The Board is fully apprised of any changes as they become necessary. Tlie Sihvol'5 Health and Safety Comrnillee comprlses representatlves from all sectlons of the School and reports. via the DFO. to the Governors on a termly basis. The committee rneÈts once a term and the meetings are attended by the governors designated for health and safety. The School also employs an external health and Safety adviser who provides detailed advice when necessary as well as providing audit and reporting in specific areas when required. Economic and Political Turbulence The Governors considerthe continuing economic and political turbulence together wrth the affordability of fees by parents across the independent sector to represent signrficant risks to the School. These risks have been heightened by increased UK inflationary pressures and slow economic growth partly due to the ongoing volatility in global energy markets and conflicts in the Ukraine and Middle East. Other economic and political risks, including the removal of business rate5 relief currently enjoyed by the School as a charity, togetherwith the introduction of VAT on school fees, and an increase in the Employers National Insurance percentage and the National Minimum Wage have been confirrned by the Government. School fees frorn l January 2025 wlll Include VAT charged at 20%, and business rates relief will be cancelled from l April 202.4_ In mitl8ation of these additiona I financial burdens, the School has seen a significant increase in pupil numbers and fee income in 2024125 and in the level of registrations forthe 2025126 academic year. Detailed consideration of risk is undertaken forthe School by the Governors in conjunction with the Head and Director of Finance and Operations. A risk register is maintained, reviewed termly by the Governors and updated as necessary. The risk management process and the resulting report identify risks, asse55 their impact and likelihood and, where necessary, recommend controls to mitigate and monitor ihose risks which are assessed as high. Ihe generic contro15 Used by the School to minimise risk include". detailed tem15 of reference together with formal agendas for Committee and Board activity; strategic development plannin& reviewed annually by Board of Governors: comprehensive budgeting and management accounting: established organisational structures and linps of rp.pr)rting.' 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 effectNeness of current plans and strategies for managing all identified major risks for the School.

THE DULWICH SCHOOL CIIANBROOK ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 Approved by the Governing Body of The Dulwich School Cranbrook, includin& in their capactty a5 company directors, approving the Directors, and Strategic Report contained therein, and signed on its behalf by: MrTom Durie Chair of Board Date 2810512025

THE DULWICH SCHOOL CRANBROOK

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

Opinion

We have audited the financial statements of Dulwich Prep Cranbrook for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cashflows and notes to the financial statements, including significant 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and 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 audit 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.

Conclusions relating to going 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial he financial 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.

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THE DULWICH SCHOOL CRANBROOK

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement 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 this 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

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic rt.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

1, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable concern and using the going concern basis 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.

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THE DULWICH SCHOOL CRANBROOK

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement 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 statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the www.frc.org.uk/auditorsresponsibilities. This description

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed 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 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 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 determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011, taxation legislation, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable e also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014, Data Protection Regulation (GDPR), Health and safety legislation and employment legislation.

Auditing standards 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.

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THE DULWICH SCHOOL CRANBROOK

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

We identified the greatest risk of material impact on the financial 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 management and the Audit Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing any regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance.

Owing 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 accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Tina Allison

Senior Statutory Auditor

For and on behalf of

Crowe U.K. LLP Statutory Auditor London Date: 29 May 2025

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THE DULWICH SCHOOL CRANBROOK STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 (Incorporating an incom• and •xp•nditur• account) Unrestricted Funds 2024 Restricted Funds 2024 Total Total Notes 2024 2023 Income from: Charitable activitie5- School fees receivable Other educational income Ancillary income Other trading activities Non-ancillary trading income Bank and Other Interest Voluntary sources Donations and legacies Donation from Trust 5,831,539 168.584 107,676 5,831,539 168,584 107,676 5,445,609 94,178 88,196 23,435 23,100 23,435 23,100 22,589 3.564 3,564 1736 387 1,913 455,084 1736 387 Total income 7 890 721 7 894 285 6,107.569 Expenditure on: Raising funds Financing costs 8.625 Charitable activities Education 7 605 409 7 608 373 6,816,517 Total expenditure 7 607.389 7 610.353 6.807,892 Net incomel(expenditure) 283,332 600 283.932 {700,323) Transfer beiween funds 13 Pension scheme actuarial (losses) 15 (161.900) (161,900) (148.800) Net Tnovement in funds for the year 121,432 122,032 (849,123) Fund balances brought forward at 1 September 2023 (379.716) 1,956 (377,760) 471.363 Fund balances carried forward at 31 August 2024 {258,284) 2.556 (255,728) (377.760) The notes on pages 18 to 32 form part of these financial statements 14

THE DULbVICH SCHOOL CRANBROOK BALANCE SHEET AS AT 31 AUGUST 2024 Notes 2024 2023 FIXED A88ETS Tangible assets 742,528 658.368 CURRENT ASSErs Debtors h at bank ar￿ in hand 297.933 51110S 810.038 210.568 246,521 457.089 CREDITORS.. Amounts falling due within one year 10 (1.562.058) 11.493.217) NET CURI(ENT LIABILITIE5 752.020 1.036.128 TOTAL ASSETS LESS CURRENT LIABILtriE5 (9.4921 (377.7601 CREDITORS: amounts falling duè after more than one year 11 1246.2301 TOTAL ASSETS LESS CURRENT LIABILITES EXCLUDING PENSION SCHEME LIABILrrY {255.728) (377,7601 Dgfingd benofit pension scheme Ilability 15 NEf LIABILMES INCLUDING PENSION SCHEME LIABILir {255,728) 1377.7601 CHARITY FUNDS Unrestricted funds exduding pension reserve Pension resefve Restricted funds (258.284) 1379,716) 15 2,556 1.956 TOTAL FUNDS 255.728 377,760 The flnanclal ststements were approved by the Govemors on 2810512025 signed on their behalf. by.. Mr T Durte Chair of Board The notes on pages 18 to 32 forni part of these financlal statements. 15

THE DULWICH SCHOOL CRANBROOK STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Net cash inf]<)w from operations Nel cash provided by operating activities 485.598 324.249 Cash flows from investing activities: Additions lo fixed assets Pro￿ed5 from sale of fixed assets {220,014) 1543,8221 Net cash (used In) Investlng a¢tivitle$ 220.014 543.822 Change in cash and cash equivalents in the reporting period 265,584 1219.5731 Cash and cash equivalents at the beginniThJ of period 246,521 466,094 Cash and cash equivalents at the end of the reporttng period 512.105 246.521 The notès on pagÈ$ 18 to 32 forni part ol thèsè finaneial #tatÈmÈnts 16

THE DuL￿CH SCHOOL CRANBR(IOK STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 111 Reconciliation ol nei Income to net cash Ilow from operatlng aetivities Nel incomellexpense) 283.932 1700,3231 Eliminab'on of non-operating cash llows: Depreciation charge LosslProfil on disposal of fixed assets {Increaselldecrease in debtors IDecrease} Iincrease rxeditots (Èxtauding fees in advane£ ythème and deposill Increa?¢ in fees in advance sthem¢ Greditors Increase in parents. deposits Difference be￿een pension conlribution5 and charges made 125.660 10.195 187,3651 98.955 422.151 {257.6861 550,702 22,060 161.900 536.522 89.744 26,000 (148,800 201.666 1,024.572 Net cash infl*)w from 0￿rationS 485.598 324,249 2024 2023 1511 Analysis of cash and cash equlvalents Cash at bank and in hand 512,105 246.521 17

THE DULWICH SCHOOL CRANBROOK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 1 ACCOUNTING POLICIES 1.1 Basls of p￿ParatIOn The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). the Companies Act 2006 and the Statement of ReGommer)ded PraGtiGe appliGable to charities preparing their acGounts in aGGordanGe with the FinanGial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The accounts are drawn up on the historical cost basis of accounting. The School is a Public Benefit Enlity regislered as a charity in England and Wales (charity number: 1174358) and a company limited by guarantee, (company number. 10815140). Its rcgistcrcd offiGC is Coursehom. Cranbrook, Kent, England, TN17 3NP. The ultimate parent company and controlling paty of The Dulwtch School Cranbrook is Dulwrch Preparatory Schools Trust {the Trust). a charitable company incorporated in the United Kingdom (company number. 00579g231.The accounts of the School have been consolidated into the ultimate parent entity's financial statements. Copies of these financial statements can be obtained from the registered office. 42 Aleyn Park. Dulwich. London SE21 7A￿ Control is exercised by the parent company by virtue of board representats'on. The principal activity of the Trust is the operation of preparatory schools at Dulwch London and preparatory and senior at Cranbrook Kent. The objects of the Trust are the advancement of education primarily by the provision and conduct of schools in Dulwich and Cranbrook for boys and gids and by ancillary or incidentsl educational actiwties and other associated actiwties for the benefit of the communities. 1.2 Going concern Having reviewed the cash position of the School together wth the expected ongoing demand for places and the School's future projected cash flows. including the current economic crisis and cost of living, together with the support available from the parent Trust. the Govemor5 have a reasonable expectation that the School has adequate reSoUr￿S to contsnue its actsvitses 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 concem basis in preparing the financial statements. 1.3 Critical accounting judgements and key sources of estimation uncertainty In the application of the accounting policies. Trustees are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevanL Actual results may differ from these estimates. 18

THE DULWICH SCHOOL CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 1 ACCOUNTING POLICIES (continuted) The estimates and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period. or in the period of thp rpvtqion and fLlture periods rf the revision affected current and future periods. The School's liability for the Non-Teaching Staff defined benefit pension scheme involves a number of assumptions as disclosed in note 16. In the view of the Govemors. no other assumptions conceming the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. The following accouniing policies have been applied consistently in dealing wtth items which are considered material in relation to the Schools's financial statements. 1.4 Income l income is included in the statement of financial activities when the School has entitlement to the funds, receipt is probable 2nd the amount can be measured sufficienl reliability. Fees consist of charges for tha school year ending August. less bursaries and allowances. Fees received in advance are deferred and released to income in the period to which the fees relate. Furlough grant income is recognised as and then entilement arises vthich can be reliably quantified and benefit is probable. 1.5 Expenditure ExpenditLFre is accrued as soon as a liability is considered probable, discounted to present value for longer-term liabilities and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent wth the use of the reSoUr￿s. Support costs inGlude all costs relating to Ihe rT]anagement. administration and running the funclion5 of the School. GovernarTrce costs are those Incurred In connection with administration of the chantable company and compliance with constitutional and statutory requirements. 1.6 Tangible fixed assets Tangible fixed assets are stated at cost less depreciation. Depreciation is provtded at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases. Fixed assets costing more than £500 are capitalised. Leasehold Motor vehicles Fixtures and fittings Computer equipment 20kn straight line 25 1 reducing balance 10 /0 straight line ?&500/0 Straight line 19

THE DULWICH SGHOOL CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 I ACCOUNTING POLICIES (continuted) 1.7 Fund accounting General Funds are the accumulated surplus on the Schools income and expenditure account which is availble for use at the discretion of the Govemors in furtherance of the gener81 objoctives of the charity. including support of the Trust. Restricted Funds may only be spent on the charitable purtKise specffied by the donor. 1.8 Pension costs Retirement benefits to employees of the School are provided through ￿ defined contribiltion 8c.hp.mp.. and the employerfs pension costs are charged in the period in which the salaries they relate to are payable. The schemes are as follows: (a) The Dulwich Preparatory Schools Trust Non Teaching Staff Group Personal Pension Plan - This is a group personal pension plan with Aviva. (b) From 1 November 2019. the School's teaching staff have become members of the Aviva Pension Trust for Independent Schools vthich as its name implies is operated by Aviva for a number of private schools. In addition the School has histOriC211y prowded retirement benefits to non-teaching staff through a defined benefit scheme - The Dulwch Preparatory Schools Trust non-teaching Staff Pension Scheme. The scheme is closed so there are no current service costs. other than administration expenses which are borne directly by the School. The expected ￿tuM on the scheme assets less the scheme interest costs ale ciedited within olher interest. The scheme actuarial gains and losses are recognised immediately as other recognised gains and losses. The defined benefit scheme assels are measured al fair value at the balance sheet date. Scheme liabilities are measured on an acluarial basis at the balance sheet date using the projected unit method and discounted at a rate equivalent to the current rate of retum on a high quality Corporate bond of equivalent teTm to the scheme liabilities. The resulting defined benefit asset or liability is presented separately after other net assets on the face of the balance shaat. 1.9 Operating leases Rentals under operating leases are charged on a straight-line basis over the lease temi. 1.10 Financial Instrument Basic financial instruments are initialty recognised at transaction value and subsequently measured at amortised cost. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions. 1.11 Taxation The School is a registered charity No. 1174358 and as such is not liable to United Kingdom income tax or corporation tax on charitable acttvities. 20

THE DULWICH SCHOOL CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 2 FEES RECEIVABLE 2024 2023 Fees recelvable consist ot. School fees Less.. total awards and concessions 7.245.493 (1,413,954 5,831,539 6.065.485 619,876 5,445,609 Included within awards and 0)n￿ssIOnS are means-tested bursaries totalling £488,122 (2023 £163,515) which were paid to 58 pupils (2023: 19 pupils). 3 OTHER EDUCATIONAL INCOME 2024 2023 Entrance and registration fees Courses and sU￿lettIngS 13,315 155,269 168,584 7,935 86,243 94.178 4 ANCILLARY AND OTHER INCOME 2024 2023 School shop, School trips and Other income 107,676 88,196 5 OTHER TRADING ACTIVITIES 2024 2023 Rents recetvable 23,435 22,589 21

THE DULWICH SCHOOL CRANBROOK NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 6 ANALYSIS OF EXPENDITURE Staff costs Depreciatlon (Note 7) (Note 8) Other costs Total 2024 Total 2023 Raising funds Financing Gosls 1.980 1,980 (8,625) Total costs of raising funds 8.625 Charltable expendlture Teaching Welfare Premises Support costs 3,766,141 388,806 231.320 780,840 482,649 202.843 1,194.488 435,626 4,248,791 4,083,014 591,648 464,845 1,551,468 1.225,532 1,216,466 1.043,126 125.660 Total charltable expendlttsre 5 167 107 2 315.606 7.608.373 6.816,517 Total expendttur 5 167 107 125 660 2 317 586 7 610 353 6,807,892 Governance included in support costs: 2024 2023 Governor costs Legal and consultancy fees Remuneration paid to auditor for audit services 2,670 5,377 12,380 6,735 13,000 7 STAFF COSTS 2024 2023 The aggregate payroll costs for the year were as follows-. Wages and salaries Social security costs Pension costs and olher beneffts 4183.164 391,596 592,347 5 167 107 3.824.152 348,433 516,679 4,689,264 Aggregatg employa￿b&nOfit$ of koy manag9ment Porgonnèl amountèd to £377.814 {2023 £481,605) including pension contributions of £43.772 (2023 £80.671). 22

THE DULWICH SCHOOL CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 7 STAFF COSTS (CONTINUED) 2024 2023 Number of higher paid employees in bands ot. £60,001 to £70,000 £90,001 to £100,000 £100,001 to £110,t)00 £130.000 to £140.000 £180,000 to £190,000 The number with retirement benefrts accruing - in Defined Contribution schemes was of which the contributions amounted to - in Defined Benefit schcmcs was 43,772 70,976 The average number of the School's employees duriro the year, calculated on headcount. VRS: 2024 2023 TeachirvJ Domestic and eslates Administrative 99 32 20 151 87 23 17 127 During the year tetmination payments totalled £1,136 (2023 £140.000). of which £nil was outstanding at the year end {2023 £45.000). 23

THE DULWICH SCHOOL CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 8 Tangible Fixed Assets Leashold Fumtiure Land and Fixtures and Buildings Equipment Computer Hardware Vehides Total Cost At 1 September 2023 Additions Disposals At 31 August 2024 380,468 53.342 799,810 104,031 9,996 893,845 470.￿ 62.641 198 533,142 53.114 1,704,091 220.014 10,194 1.913,911 433,810 53,114 Depreciation At 1 Soptembor 2023 Charged in year Disposals At 31 AugiJ.sl ?.0?4 10.342 8,677 627,821 39.527 1,000 666.3a8 360,009 77.064 47.551 1,392 1.045,723 126,660 1,000 1.171,383 19.019 437.073 a8.943 Net book valu88 At 31 August 2023 At 31 Augusl 2024 370 126 414,791 227.497 96,069 4,171 742,528 g DEBTORS 2024 2023 Fee debtors Sundry debtors Prepaymonts and accrued income Amounts due trom parent undertaking 102,810 18,525 116,355 60,243 297,933 69,637 22,742 118.189 210.568 10 CREDITORS: amounts falling due wlthln one year 2024 2023 Trdde L￿{1110K5 Social security and other taxation Fees in advance Other creditors Amounts due to parent undertaking Fee deposits Accruals and defe￿ed incorne 118,153 103,820 790,101 111,230 183,752 82,311 485,635 158,294 276,368 193,940 112,g17 1,493,217 216,000 221754 1,562.058 24

THE DULWICH SCHOOL CRANBROOK NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 11 CREDITORS: amounts falling due after more than one year 2024 2023 Fees in advance 246.236 246,236 FEES IN ADVANCE 2024 2023 Beyond one year 246,236 Within one year 790.101 1,036,337 485.635 485,635 Movements in fees in advance Opening fees in advance Amount released to income during the year Amount d@.fprrp.d during the year 485,635 395,891 (485,635) (395.891) 1.036.337 485,635 1,036,337 485.635 12 OPERATING LEASE COMMITMENTS At 31 August 2024 the school had future rninimum lease payments under non-cancellable operating leases as follows: Land and Buildings 2024 Other 2023 2024 2023 Within 1 year Be￿een 2 and 5 years After more than 5 years 616,060 508,000 2.464.240 2.032.000 23,410.280 19.812,000 40.798 25.979 26,939 47,143 The charge in the year was £656,858 (2023 £527.799). 25

THE DULWICH SCHOOL CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 13 SUMMARY OF MOVEMENTS ON MAJOR FUNDS September 2023 Incoming rasourcas ReSoUr￿S expanded At 31 August 2024 Actuarial gains Transfer Unrestricted Funds Restricted Funds (379,716) 7.890,721 1,956 3,564 (7.607,389) (2.964) (161,900) 1258,284) 2,556 Total funds (3TI,760) 7,894.285 {7,610,353) {161.900) (255,728) A transfer of £2,964 (2023 £5.860) has been made during the year to reflect restricted income spent from the Bursary Fund. The comparative figu￿$ are shown in riote 17 IB). 14 SUMMARY OF NET ASSETS BY FUNDS Unrestricted Restricted Funds Funds Total Funds 2024 Tangible Assets Net Current Assets Long Temi Credltors 742,528 (754,576) (246.236) (258,284) 742,528 (752.020) 246,236 255,728) 2.556 2,556 2023 Tangible Assets Net Current Assets Long Term Creditors 658,368 (1,038.084) 658,368 (1,036,128) 1.956 (379,716 1,956 377,760 15 PENSION SCHEMES Retirernent benefits to employees of Ihe School are provided through defined wntribution sGhetnes, which are funded by both the School and employees, contributions. In addition the School has previously provided retirement benefits through a defined benefit scheme. as detailed in accounting policy 1.8. Defined contribution schemes The pension cost charge in the year in respect of the defined contribution schemes was £538,229 (2023 £508,298). 26

THE DULWICH SCHOOL CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 15 PENSION SCHEMES (CONTINUED) Non-teachin Staff defined benefit scheme The parent Trust operated this Scheme (the Dulwich Preparatory Schools Trust Non-Teaching Staff Pension Scheme), which was closed on 31 December 2004, both in respect of new members and accrual for existing members. On 1 September 2017 the Trust transferred the obligations to contribute to the Scheme to each of the Schools in proportions determined by the actuary based on the staff who participated in the Scheme. The valuation in thase accounts uses that proportion and has bccn dcrivcd by projecting thc rcsults of the last comprehensive actuarial valuation of the Scheme as at 1 January 2024 and have been prepared by an independent qualtfied actuary. Following this latest actuarlal valuatlon a revised Schedule of Contributions was agreed be￿een the Trust. the Schools and the Scheme Trusteés with thp. aim of p.liminating the deficit over a period of 5 years from 1 January 2024. Under this Schedule of Contrlbutlons the School contributed £138,780 to the Scheme in 2023124 (2022123 £138,780). 27

THE DULWICH SCHOOL CRANBROOK NOTES TOTHE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 15 PENSION SCHEMES (CONTINUED) 2024 2023 a) Tho amounts recognised In the balance sheet are as folloth Present value of funded obligations Fair value of scheme assets (2,094,200} (1.882,900) 2.443,400 2.264.500 (349,200 (381,600) Restrictions on recoverable surplus Net Liability b) Changes in the present value of the defined benefrt obligation Opening defined benefit obligation Interesl cost 1.882,900 97.900 147,300 133,900) 2,074,800 86,400 (233,600) 44.700 Actuarial lossesl{profits) Benefits paid 2,094.200 1.882,900 c) Closing falr value of scheme assets Opening fair value of scheme assets Interest income Retum {lowerJ than the discount rate Contributions by employer Benefits paid 2,264,500 121.000 {47,000) 138,800 33,900 2.232.800 96.400 {158.800) 138,800 44,700 Closing fair value of scheme assets 2,443,400 2,264,500 The FRS102 Calculation by the actuary calGuSates a si*eme surplus of £349,200 (2023 £381,600). However, in accordance with paragraph 28.22 of FRS102, an entity shall recognise a plan surplus as a defined benefit plan asset only to the extent that it is able to recover the surplus either through redU￿d contributions in the future or through refunds from the plan. As such, it is not probable that any current surplus wll lead to economic benefits being transferred to the entity as there are many variables which are likely to impact the value of Ihe surplus in the period until the scheme is wound-up. The net pension asset has been restricted and therefore becomes £nil. 28

THE DULWICH SCHOOL CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 15 PENSION SCHEMES (CONTINUED) 2024 2U23 d) The amounts Included within the Statement of Financial Actlvities Pasl serviGe G051 Interest on obligation Interest income 97.900 {121,000) 86.400 (96,400) Total amount charged to the Ststement of Financial Activities 23,100 10.000 Net actuarial {losses)Igains reco3nised in the year Unrecognised surplus scheme assets Total (los8e8) recogniBed in the year (194,300) 32,400 161,900 74,800 223,600) 148,800 e) Principal acluarlal assumptions at the balance sheet date Financial Assumptions Discounl rate RPI inflation assumption Rate of increase of pensions in payment Rate of increase of pensions in deferment 5.oyo 3.1Yo 3.4Yo 2.8% 3.3% 3.6°/0 2.70/0 Assumed lrfe expectancy in years at age 65: Non Pensioners Females Males 25.8 23.7 26.3 23.9 Pensioners Females Males 24.4 24.6 29

THE DULWICH SCHOOL CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 16 RELATED PARTY TRANSACTIONS AND GOVERNORS COSTS During the year to 31 August 2024 the School incurred rental expenditure of £616,060 {2023 £508,000) to the TrLlSt. During the year to 31 August 2024 the School receiv&J donations of £1.736.387 (2023 £455,084) from the TrusL As part of the central management of fund5. £60.243 of this totsl was outstanding at the year end. Cash resour￿5 tor the Group are managed ¢entralty by Ihe TrusL During the year no Govemors rec￿Ved any remuneration, expenses of £468 were inCu￿ed (2023.. £2,670). During the year the daughter of a member of the Senior Management Team was employed by the School and received remuneration of £2.106 {2023= £nil), and the sister of a member of the Senior Management Team was employed by the School and received remuneration of £14.106 <2023.. £3,633) There were no other related party transactions in the period. 30

THE DULWICH SCHOOL CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 17 PRIOR YEAR COMPARATIVE NOTE (A) 2023 STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Funds 2023 Restricted Funds 2023 Total Notes 2023 Income from: Charitable activities.. School fees receivable Other educational In￿Me Ancillary income Other tradlng activities Non-ancillary trading income Voluntary sources Donations and legacies Donation fmm Tnjst 5.445,609 04,178 88,196 5,445,609 94,178 88.196 22.589 22.589 1.913 1,913 455.084 455.084 Total Income 6.105.656 1.913 6.107,569 Expenditura on: Raising funds Financing costs 8,625 8,625 Total costs of raising funds 8,625 8,625 Charitable activitbes Education 6.816,517 6.816,517 Total expendlture 6,80K.8Y2 b,801,892 Net (expenditure)lincome (702.236) 1.913 (700.323) Transfer between funds Pension scheme actuarial gains 13 15 5.860 (148.800) (5.860) {148.800) Net movement in funds for the year (845.176) (3,947) (849.123) Fund balances brought forward at 1 September 2022 465.460 5.903 471.363 Fund balances Carri￿ forward at 31 August 2023 379.716 1,956 377.760 31

THE DULWICH SCHOOL CRANBROOK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 17 PRIOR YEAR COMPARATIVE NOTE (CONTINUED) (B) 2023 SUMMARY OF MOVEMENTS ON MAIOR FUNDS At1 September 2022 Ir￿mIng At31 August 2023 Resources expend Actuarial gains Transfer Unrestrided Funds RvbliiGlvd Furisjb 465,460 5,903 6.105,656 1,913 {6,807.892) {148.800) 5,860 (5.860) (379,716) 1.956 Total funds 471,363 6,107,569 (6,807.892) (148,800) (377,760) 32