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: 

- 4 

- and of its incoming resources and application of resources, including its income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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. 

10 



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 

- strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- prepared in accordance with applicable legal requirements. 

## **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: 

- adequate accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees' remuneration specified by law are not made; or 

- We have not received all the information and explanations we require for our audit. 

## **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. 

11 



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. 

12 



## 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 

13 



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