CHARITY REGISTRATION NUMBER: 307856 Dover College Financial Statements 31 August 2024 HOD NLLP Chartered accountants & statutory auditor Camburgh House 27 New Dover Road Canterbury Kent CT13DN Dover College Flnanclal Statements Year ended 31 August 2024 Page Trusto@s' annual report Independent auditor's report to the members Statement of Ilnancial activities 14 17 Statement of financial position Statement of cash flows 18 19 Notes to the financial statements 20 Dover College Trustees, Annual Report Year ended 31 August 2024 The trustees pr888nt their report and the linancial statemenis of Ihe charity for the year ended 31 August 2024. Reference and admlnlstratlve detslls Reglslered oharlty name Dover Co118ge Charlty reglstratlon numbèr 307856 Pvlnclpal otflce Dover College Eflingham Crescent Dover Kent CT17 9RH Unlted Klngdom The trusteas Dr C Scholfield-My8rs Mr M R Goodrldge MBE Mr A N Baker Ms D Glspan Mr A Walllker Mr P Tapsell Mr N Harris Mr D Taylor Bisliop T Willmolt Mr D Rolls Ms K Rogers Mr J G Ry81and (Resigned 29 February 2024) (Reslgned 29 February 2024) Audltor Burgess Hodgson LLP Chartered accouiitants & statutory audltor Camburgh House 27 New Dover Road Canterbury Kent CT13DN Dover College Trustees, Annual Report (contlnuedj Year ended 31 August 2024 structure, governance and manAgement The Governlng body is constituted under the College's Royal Charter. Governors are elected at the Annual General Meeting held In March each year. Up to 16 Governors. including a Chairman, are elected to the Council of Governors, which is responsible foi sotting the strategy and overs6eing the management ol the College, including the approval ol policies and monitoring of the College's Slralegic Development Plan. All Governors are also Trustees of the Charity. Unlll February 2023 the Bursar was also th6 Clerk lo the Governors, attending als meetSngs and responsibl6 for secretarial matters. From March 2023 a separate Clerk lo Ihe Governors was appointed. The Council ol Governors Is responsible fDr settlng the salaries Df the Headmaster and the Dlrector of Finance. They also approve the annual pay increase lev81 for all other stafl. The pollcy on remuneration is lo pay wages In keeping wlth the size ol tho College and the financlal resources available. The pollcy on annual pay increases reflecls the financial performance of the College as well as economic factors and foiecasls. For the 2023-24 Ilnancial year, Governors agreed to a salary increase. Teaching staff wer8 awarded increment-5evel advancament where appllcable. The slructure of Governance Is SUGh that four Commlttoes operat8 wilhSn Terms of Reference and delegated powei's agreed by Council: The Flnance and General Purpose Commitlee,. To monitor the financial positlon ol the College and its onward planning. to monitor marketing actlvity and its onward strategy. to oversee the investment ol Foundatlon Funds, lo monilor the College's building programmes. The Education Commilteo: To provide strategic input lo Ihe education provided by Dover College, monltorSng all aspects of that educatlon, Including pasloral, extra-curricular and staff development rnatters. Tlie Education Cornmittee Is also responsible for Governor tralnliig. Th8 Compllance aiid Risk Committe8- To monitor the College's policles relating to Educatioii, Nallonal Mlnimum Standards, Self-Evaluatlon Forms, Health & Safety, Employment aiid olher such sundry matters,. lo monltor rlsk. The Nominations Committee. To ensure the effectSve Governance of Dover College by overseeing the selection, appolntment and monitoring ol Governors and Ihe overall gov8riiance procedures. The Council of Governors meels four limes a ygar. All Coinmittees meet regularly Ihroughout the year. An Annual General Meeting is held in March for all Governors. Various members of staff are invited to attend the Commlttees to present. The Headmaster Is invlled to attend Governors, meetings. The Governors operate under an agreed voluntaiy code ol practice, which bullds upon the Bye-Laws detailed in the Royal Gharter. This code of practlc8 has established guidellnes for Governor terms of ofllce and provldes a structure for the regular revlew ol the effacliveness ol governanca. All Governors glve fre8ly of thair lime, and no remuneration was paid to Governors in the year. Governors are entitled to claim r8asonable Iravelling expenses lo attend meetings and overnight accommodation oosts If requlred. Governor Recruitment and Tralnlng The Nomlnatlons Commlttee oversees the r8crultment of Governors. On being inviled to join the govariiing body, iiew Gov8rnors are provided with an extens5ve information pack, which Iiicludes information about the College and its operatlon and Ihe luncllons and responsibilities of belng a Governor, They also undergo all necessary Safer Flecruilment procedures. Dover College Trustees, Annual Report (conllnu8d) Year ended 31 August 2024 Once those procedures are completed, they formally join the Governlng Body. Management Day-to-day management of the Collego 18 dalegated to the Headmaster. He is responsible for all aspects ol Ihe Co118ge's operatlon. To *acililat8 good communicatlon and effectlve management throughout the College, th8 lollowing structure for managern8nt commlttees Is In place: Senior Leadership Team {weeklyl Safeguarding and Child Protection Commlltee Iwe8kly> Heads of Depai'tment Committeg (half lermly) Support Slafl Management Committge {w99klyl Health & Safely Commlllee (termlyl HousemasterslHousemislresses Committee {weekly) Staff Meglings {gv8ry Monday) Rlsk Management Dover College has Implemented a cornprehenslve rang8 of risk managemenl to protect both the Collage and its puplls and Staff. The Collego Is secure and complianl wSth all regulations following the approprlate Government an(4 associated ISI dlreclives. Th8 Governors are f8sponsibl8 for overs88ing the risks faced by ihe College. The Governor Compliance and Risk Commltte8 lias reviewed Ihe College's complSance wllh all rogulalions and carefully monitored risk factors. Thi'ough the risk management processes established for the Co116ge, the Governors are satisfied that th8 81gnif Scant risks idenlifled have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assuraiice that major risks have been adequately managed, A published Flisk Assessment Policy details how the Colleg8 approaches the assessment and recording of rlsk for all aspects of the College. These range from the inherent risks of our campus buildings to school activities and trips. Risk Assessments are Gantrally published lo enable easy access and reference by all statf members. A detailed Risk Reglsler is maintained, whlch descrlbes each of Ihe majoi, risks faced by the College, divided into clear categories {Governance, Managemenl, Finance, Employment, Teaching and Physicall- Risk levels are ascribed logether with Ihe coiilrols and mitigations we have pul Into reduciiig either the incldence or the potontial impacl ol these iisks. A significant reducllon In pupil numbers, which resulls In a substanlial reduction in Income that could jeopardise the financlal vlability of the College. The College controls Ihls rislc by ensuring that we offer an educatSon that Ss attractive to prospactive pupSls and parents, by ensuring the Colleg8 has an effeclive recruilinenl strategy, includlng the resourcing of th8 Adrnissions and marl(eling department., ensuring that the College has an effective pupil retention strategy. investing in the faC￿litI8S ol the College and preserving and developing the good reputation of the College. The College falls to malntain sufficient financlal solvency and Is deemed lo no longer be a viable going concern by audilors. The College addresses this iisk by s8tting annual budgets wth positive cash flow targets and carefully moniloring net cash reserves by the Finance & General Purpose Committee. Loss ol Trusted Status for the issuing of CAS forms resulting in us being unable to sponsor and thgrefore recruit pupils from outside ot Ihe EU land following BREXIT Irom outside ol th6 UK). This risk is controlled through th9 delailed review of Iiidlvidual applications, requlilng payment of a year's fees in advance and ensuriiig the tlmely ronewal ol the facllity. The College has angaged a Ihlrd-party Dover College Trustees. Annual Reporl {conllnu8d) Year ended 31 August 2024 organlsatlon lo support thls process. Failure to arrange adequate insurance leaves the College exposed to signlflcant financlaS loss in th8 8vent ol a major accident or incident. The College controls this risk through the use of professional advisers, Including an annual review of coverage and an annual r8view ol the insurance renewal by th8 Compliance & Risk Comrnittee, A serious breach of the College's Safeguarding Policy could lead to signSficant reputational damage. The College controls thls rlsk through aiinual safeguarding tralnSno for all slafl, ensuring stall are aware of Iheir responsibility to reporl any concerns,, strict adherence to procedures set oul in Ihp Safeguarding Policy in an Incldent. and strict adherence to the Safer Recruitmeiil PolScy. The College Is sublecl to a securlty breaGh by an indlvidual or Individuals intent upon causing damage or injury. The College controls thls r181< through physlcal barriers such as fencing, railings and gales. electronlc access controls to external entrances and main doors to Boarding Houses. CCTV. and following protocols sel out in the Crlsls Managemenl Plan. There is a termly aud51 programmo to check that the Health and Safely Policies are followed. The reports of these audits are scrutlnised by the Compliance & Risk ComiMllte8. We rlgoyously adhere to the reporting requlrements of RIDDOR (Repoi'ting of Inluries, Diseases and Dang8¥ous Occurrences RegLilations directive dated 2013) and take acllon where such repDrts indlcate Improvements in OLir processes or illlrastructure is required, Envlronmental Responslblllly The College has a policy, where it is reasonable and practicable, of purchasing food Iiom local suppliers, providlng local employment and reducing the Impa¢t on Ihe environment ol transporting food long distances. We continue with a programme of replacing old windows with new double-glazed units to improve insulation and transition to electric radiators and LED lighting. Wo also exÈeiislvely use recycling prograirmes. IncludSng card, paper waste, tood and 81ectrlcal Items. A full-site energy audit was conduct6d lo renew th8 Collego's commitrnenl lo reduclng ihe impacl of Its operations on the environmenl. The College's dally mlnlbus runs provide valuable servlce foi. parents who liva at the furlhesl exlenl of the day lootprint and hglp reduce the Colleoa's acological fooiprii)t caused by day pupils being drlven to school. Parents are eiicouiaged to considei uslng ihe service, lake advantage of publlc transport, or promote bicycling and walking lo reduce the volume of car journeys lo and from sohool. Communlty Sgrvlce The College has a very active Charity Commlltee, which supports a specific charity each year. Thls year ihe chosen Charity was Riverside Centre, and £1,461 has been raised. Llnks wlth the Community The College lakes its role in the local communily very sariously. Wh8re academic commitment8 allow, we make our hisloric site and its facilities available frge of charge or at cost. Safeguardlng consideratlons limil the spaces and times Ihal USB the main school slte lor outreach aclivitles. The College has also contributed to other tennls-r8lated initiatives in East Kent. We have built solid relationships with Dovei. District Council's development and cornmunlly olllc8rs, their digital and communications teams and the KCC representatives. We have made a conscious effort to brlng th8 communily together by using our lacilities, of which we are fortunate to have points throughout Dov8r (Town. Maxlon and Farthingloe). We have ofl8red faci5ities to the following local organisations and initiatives: Dover College Trustees, An nual Report (eontlnu•d) Year ended 31 August 2024 Whlttield Juniors FC South East Gulls Disabiliiy FC - Dover and Deal Schools FA Other usual links with and support for local state schools would Include.. Providlng use of our minibus9s f ree of charge lor local 8chools Provldlng free use of our sports tacllltl88 to several pre-8chools and primary schools in the area to enable them to hold sports days In terms ol wlder public beneflt, the College educates over 200 UK pupils who would olherwlse have to be educated at the expense of the Stale. We maintaln a slte of historic Importance with iwo Scheduled Ancient Monuments. The local economy benefits from the money sp9nt by our puplls, particularly those from overseas. Our bursary programm8 and community links also create a social assel without cost to taxpay8r8. Reterence to admlnislrative delalls Plea88 se8 d8ta118 on page 1. Dover College Trustees, Annual Report (conllnuèdj Year ended 31 August 2024 Oblectlves and actlvltles OUY othos Dover College was founded In 1871 and is situated on the histarlc site of the 12tli Century Prlory of Sl Martln In tha cenlre of Dover. 11 was granted a Royal Charler by HIS Majesty, King George V, in 1923 and a further Royal Charter In 1975 by Her Majesty, Queen Elizabeth 11, which extended the original Charler lo include girls. Her Majesty granted a new Royal Chart8r to commamoi'ale the College's 150th Anniversary on 15th Jun8 2020. The Corporation of Dover College is a registered charlly, numbar 307856. The objects of the Goll8ge are sel out in tull in the Charler. In summary, the main objects are.. The conduct of a collega for Boys and Girls in which they may receive a sound r8llgious, classl¢al, mathomallcal, scientific and general education. To create and administer and to assist in the creation and administering of scholarships, exhlbltions and prizes lor the encouragement of study and learning. To support and subscribe lo any charltable or public objecl and any institutlon, socSety or club whlch may be for thg benefit of the College. The Palron of the College is Ihe Lord Warden of the Cinque Ports. The HeadTnaster Is a member of the Society ol Heads. The College is a member of the Boarding Schools Associatlon (BSA) and the Independent Schools Council {ISC). It is also an associate niembei. of Round Square. Dover College malntains Ihe original characterislics of its Inc8Ption a school whlch caters not only for a broad rango (both academically and socially) of local puplls, keeping ils lees affordable to achlev8 this, bul also caters for a significant mlnoi-ily of pupils from ovarseas, It is a College wlth an ethos based on ¥egular worship In the Chap81 In the Church ol England tradilions. This ieiiiforces the ethos of friandllness and openness that is now w8118Stablished - il is vary Inuch part of the value of a Dover Collage education. Dover College is an academically non-seleclive, co-educational boarding and day school. It provides educatlon to some 329 puplls, boarding and day, from 3 to 18. The Colleg8 also runs an Internatlonal Study Centre to support tlie integration of overseas students into the Collgge. Entry into the School Is generally at pre-reception, reception, 7+, 11+, 13+ or 16+, However, pupils are welcome to join the College at any age. We believe wholehearledly in developing confid8nce in young men and women, giving them opporlunilies they perhaps would have never experienced and encouraglng them to excged Ih8Sr expectations. We're proud of being a family school whère pupils are known individually, Our community spirit is central to this; we have several familles ol staff members living on-site. Tholr wamlh of walcome and incluslvily eiicourages a liome from hoine lor boarders and day pupils alike. Our Pr8p Scliool is a beacon of oxc811ence and has a warm and w8lcomlng atmosphere. The highly tralned and molivated staff focus oli the individual child's needs. The Senior School is stalfed by superb teachers who conslstenlly dalivei. 8xcellent results in the classroom, emphasising academic rlgour alongslde developing a lové of learning. On top of this, our wide and varled activities programme is designed to encourage teamwork, develop stamina. and provlde a heatthy body alongside an inquliing mlnd. Dover College is proudly International, represenling a sllce ol our interconnected and diverse so¢laiy. Day pupils live alongside boardors in our houses and ben81it from the oppoilunities and facllilies of a 2417 boarding Énvironrnenl, We are an equal opportuniiy organisation com mitled to a worklng environment Iree from dlscrimiiiation based on coloui., race, ethnicity, religion, sex, sexual orientation or disabilily. We make Dover College Trustees. Annual Report (contlnued) Year ended 31 August 2024 reasonable adjustments to meet tlie needs of slalf or puplls who have become disabled. The College takes ils responsibility for safe£iuarding very seriously and is committed to providing a sale and secure environmenl for our pupils to Ilourish. Our alms are.. To provlde a demandlng bui floxlble academic curriculurn challgngino for pupils ol a wlde ranga ol abilities, leadiiig to good acad8mic quallfications on departure. To ensure an academi¢ envlronment wh&r& all children can reallse their full potential. TO enab18 puplls to achleve batter exam grades than tho88 achieved natlonally by pupils of slmllar Intellectual capacity. To concentrate on leadership and personal development through a wall-structured extra-currlcular prDgramm8 of aclivlties such as music, sports and drama, whlch promotes the developmenl of the individual and engagement with th8 wider world. - To maintain strong inlernational Ilnks. To creale a disciplined, safe, and friendly envlronment of wld6 cultural and social dlven81ty. To ensure an ethos Ihal encourages Ihe Indlvidual's splrltual, soclal, and personal devalopment. To provlde the necessary personal skllSs and Confidence to make puplls allractive to a future employer. To develop all members of academic and support Stall, as well as pupils, In th8se aims. Our Objectlves Our mission is to be a school of exceptional academlc achievement at Ihe heart of the Dover ¢ommunily where confidence is nurtured, innovatlon is celebrated, curioslty Is encouraged, Indlviduality Is embraced, and crealivity is fostered. Dover College Trustees. Annual Report {conlliiuedJ Year ended 31 August 2024 Achlevements and performance Pupll Numbers and Fees The College educated an average of 329 pupils over the year, 72 in the Prep School and 257 In the Senlor School, The pupil roll inci'eased by 3.5°k compared to the prevlous academic year. These Ilgures includ8 several short-stay pupils, with whom the scliool's popularlty has been Increaslng in recenl years. Fees for the year 2024-2025 were reduced by 4°/ before the introduclion of VAT. Despite Ihls, Dovgr College Gonlinu8S to achieve its aim of charging fees that are among the lowest olferod by independent schools in East Kent. This supports our oblective of ollerlng an allordable indopendent education lor boys and girls from Dover and the surroundlng areas, supported by a generous bursary and scholarshlp grants Irorn the Dover College Trusl. Academlc At GCSE, the pass rate (83.2°/o) was slightly lower than last ygar, but remains signilicaniiy higher than the nalional average167.6°/.l. The value added was +0.37 from a cohort with a slalldardised CAT4 score below the national avei'age (100). Results in the Sixth Form, including A Level and BTEC, were similarly irnpressive. Onoe agaln, pupils received excellent careers guidance and almost all of th8 pupils who applied to universily secured places at their first choice inslitulion. Universiiy destinations were mostly in the UK, including Durham, UCL, Medway School of Pharmacy. Nottingham, F18ading, University of Arts London, and the UnivBI'sily ol Westrninster. Several puplls took up places In France and the USA, including some scholarships. Co-currlcular Actlvlties The School is dedicated to Ihe all-l'ound development of its puplls, olferlng a broad range of after- school activities designed to provide them with diverse and enrichino experiences. Each year, our Clubs, societies, and activities are tailored lo reflect pupils, interests, drawing upoii our stall's expertise and personal passions lo enhance the opportunlties available. Our puplls continue to achi8ve outstandlng success in a varieiy of national compelitlons, including Youiig Enterprise and Young Wi'iters Gompgtillons, showcaslng their lalenl, creativity, and entrepreneurial spirlt on a national slage. Duke ot Edlnburgh's Award The Duke ol Edinburgh's Award schem8 remains a core part ol the school's co-curricular provision, with pupils aci'oss the S8nior School particlpatlng at Bronze, Silver, and Gold lev81s. Eiigagement continues to grow, with many studeiits eager to take on the challengo and develop valuable life skills. Through Ihe programme's Physlcal, Skills, and Volunteering sections, pupils not only bulld resilience and independence but also make meaningful conlrlbulions to the wider community. Thelr achievements are carefully monllor6d through a secure onlinB platform, allowing them to track thelr development throughout the award. Finance asslstance To support our charitable objectives and provlde wlder access lo a Dover College education, we hav8 policies and financial assistance programmes designed to help many parents. These are delailed in our Scholarship aiid Bursary Pollcy and are outlined below, Dover College Trustees, Annual Report (conllnued) Year ended 31 August 2024 Scholarshlp Policy Scholarships ale generally awarded for enlry Sn Shell {Year 7), Tliird Forrn (Year 9) and Filth Form (Year 11). However, Individua5 awards may be mad8 Outside thes8 entry points at the Headmaster's disc,relion. Scholarships are awarded strictly in accordance with the results of tests and evalualions d8slgnod to recognise high potential or the ability lo make a significant contiibulSon to the College in one or more areas. Thesa occur in the Mlchaelmas or Lent terms and are adverllsed locally and on our webslte. Scholarships are awarded based on a percentage of gross fees and are generally in the order of 100/.. This amount can rise to 20E/>o for students with extraordinary or multiple talents. Burs8ry Pollcy Bursarles aro means-t8Sted financial awards to provlde a Dover College education to able chlldren whose parents or guardians would not otherwise be able to afford il. BursarSes are a major part of our charitable objective and significant pub5ic benefit. The Collgge also offers financial assistance In cases ol unloreseen hardshlp, parlScularly where pupils are at a critlcal slage in Iheir educalion. Whilst the College does beneflt from some trusts and bequeaths, the College funds the majority of bursaries out of lee income. In making awards, we ar8 therefore conscious ol tlio circumstances of bursary applicants concerning full-fee-paying parenls. many ol whom make significant sacrilices to send their chlldren to Dover Colloge. Bursary assistance is reviewed annually and parents are asked to advSse the school of any changes in tlieir circumstances, Mllltary Parents Where military parents r8ceSve the Continuity of Education Allowance (CEA), we Ilmll the parenlal contribution to I0°/v and glve lee remisslon toi. any amounl between that and the amounl r8ceived from th8 CEA. Sibllng Discounts To asslst pareiits who wlsh lo send more than one cliild to Dover College, we off er a 5°/0 discount for the second child and a IO¢/o discount for the third and any further siblings who altend the Colloge simultaneously. Asslslance for Staff To attract and retain high calibre staff, both teaching and support, we oller fee remission for pupils of stall in both the Prep School and Senior School, to enable Ihem to 8ducale their children at Dover College. Payment by Instalments Many ol our parents benelil from our Direct Debil facilily, which is Ihe College's preferred m8thod of payment ol fees. Buisary and Scholarshlp Awards 2023-24 During the current year, 69 (2023: 66) pupi18 received means-lested bursaries totalling £525,507 (2023.. £452,150). The average award was £7,616 (2023: 26,8511, and 8 (2023.. 7) pupils had tolal Dover College Trustees, Annual Report (contlnued) Year ended 31 August 2024 means-tested lee remlsslon worth 750A or more. The Co116ge oontinued to support mllltary and FCO parents in receipt ol the Conlinulty of Education Allowance (CEAI over the last year, wlth additional bursary support and Ihe CEA to ensure parental contribution did not exceed 10°/. Scholarships were awarded to 79 puplls (2023.. 76), amountlng to £212,409 <2023". £239,234). In addltion, the pupil nominated in the prevlou8 year for the Bostock-wheeler scholarshlp benelitled frorn £14,758 (2023: £32,799) of thelr fees belng met by the Bostock-wheeler Trust, The College granted fee remissions to 196 {2023: 151) pupll8 amountlng to £1,800,527 (2023: £1,031,994). This represents 23.4Yo of Gro&8 School Fees {2023.' 16.￿9 . Old Dovorlans Past pupils of Dover Colleg8 are known as Old Dovorians, many of whom contlnue to play an actlvg parl In Ihe succ8ss of the Collega. The College has introduced a networklng platform for Old Dovorlans called Dover College Connect. The aim is to keep all past puplls, parents and staff informed of developments at the Collega, current alfalrs and future events. Th8 developmeni of Ihe new Connect website has enabled all Dovorians, past and present, to connect and share news in a safe way online. Connect has the capabllllles to Ilst employmenl opportunltles, mentor recent leavers and allow Old Dovorlans to share slories of thelr fond memories at the Collage. 10- Dover College Trustees, An nual Report (contlnued) Year ended 31 August 2024 Flnanclal revlew Income and Exp&nditure Th6 Ilnan¢lal statements show that totat incomG far th8 year was £6,879,715 (2023: £6,175,914). Thg principal source of income Is fees, whlch accounled for 88.6 % {2023: 92.9°/0) of the lotal Income. These funds are used 8xcIu8lvely to advance our educational objectives as an educational charity. As a charity, W8 also banefil from cerlaln tax oxempiion8 and a reduction in business rates, the benefits from whlch are also used dSrectly to support our educatlonal purposes. Withoul these, fees would become unaffordable for many parents. The increase in income in 2Q24, compared to 2023, Is accountod for by an incr8ase in fees recelvable of 6.16/0 {2023-. increase of 18.4°k}. The accounts show an overall deficil of £72,775 {2023: dellclt of £803,074). Currenl Assets ended Ihe year al £3,499,004 (2028.. £3,837,988). During the period, Ihe College continued to pay off Ihe Coronavlrus Business Interruption Loan of £700,000. There are currently no other borrowings, The College has no pension liabilities other than the regular payment ol employer contrlbullons into these schemes. Reserves & Financial Health The Ilnances of Dover College are managed by the Director ol Finance and monSlored by the Finance and Gen81'al Purpose Committee. The Finance and General PLirpose Cornmlltee receives monthly management accounts, cash flow forecasts, and bi'oadar finaiicial updates. Iii Iln8 wllh its Charitable Objectives, the College's policy maximises income to deliver education lo current pupSls whilst providing capital projects to enliance Ihe facilities. Goveriiors do not believe It necessary to biiild up free roserves as a popular school with good cost controls, access to banklng lacilitles if required, and a clear developmenl plan for the future. Note 19 to the accounts,. the general reseNe amounled to £3.592,664 (2023: £3,671,640). RestriGt8d funds carried forward totalled £71,080 (2023.. £96,680). The closlng balanc8 ol nel assets was £2,728,844 (2023- £2,801,619). The Director of Finance aiid the F&GP committee regularly review this to minirnise the chariws financial risk and exposure. Arrangements for setting pay and Yeinuneratlon of key management personnel The key managernent personnel of the Gharily comprise the board of Governors, tha Headmaster and the Dlrector of Flnance. Governors set the rernuneration of the Head and Director ot Flnance following discussions at the committee level, including F&GP and Educatioii ¢ommitt8es. The Board and sub-cominille8s look at the success of executive goals, SMART tai'gets and external benclimarking in makiiig their awards lo key persoiin81. Fundraising Poll¢y The charity's approach lo fundraising is internally managed. It eiisures that recognised standards are upheld, any complaints are d8all willi promptly. and that campaigns are not perslstent, emphasising protecling vulnerable peopl8. The charlty revlews fundraising regularly and aye commilled to following 11 Dover College Trustees, Annual Report (conrinued) Year ended 31 Augusi 2024 best practlce wh8r8ver possSbl8. Future plans Short Term The prlorfiy lor the short lerm remalns Ihe rolllng programm8 ol restorlng and upgradlng the Colleg8'8 historic and more contemporary bulldings, Includlng roofs, windows and healing systems. We are building a sustalnable and functional Performlng Arts Centre to provide puplls and the local community with a v8rsatlle creatlve space. The Collage currently has no purpose-bulll performance space. Its educalional phllosophy and future growlh demand a sustainable and functional Perlormlng Arts Centre. Medlum Term The College has used the playing lields at Farthlngloe lor over 100 years. To keep them vibranl and relevant, we are looking to construct a floodlit SG Éootball fi81d at the sile. Thls wlll benefit the puplls directly and generate revenue througli exleriial letting lo support olher College projects. It will also provide a great resource for local groups and clubs. 12- Dover College Trustees, Annual Report (¢ontlnugd) Year ended 31 August 2024 Trustees, responslbllllles statement The trustees are responsible lor preparing th8 Truslees, Annual Report and the financial statements in accordanc8 with applicable law and Unlled Kingdom Accounting Standards (the United Kingdom Generally Accepted Accountlng Practice). The law applicable to charities in England & Wales requires the Irusiees to prepare financlal stat8rn@nts for each financial year which give a true and lair vlew of the state of aflalrs of the charlty and ol the Incoming resources and appllcalion ol resourcos of Ihe charliy for that period. In preparing Ihese financial slatements, the trustees are requlred to Select sultable accounting policies and then apply them consistently. Observ6 Ihe methods and prtnciples In the Charllies SORP 2015 {FRS 1021. Make judgements and estimates that are reasonable and prudenl. State whether applicabl8 accounting standards have been followed, subject to any malerial departures disclosed and axplained in tho Ilnancial statements,. and Prepare the financlal statements oli the golng concern basls unless it is inappropriate to presume thal the chariiy will conlinue in operation. The trustees are responsible for keeping proper acGounling records thal disclose wllh reasonable accuracy at any time the flnancial position of tho charity and enable them lo ensure that the flnancial statemenls cornply wilh the Charities Act 2011, th9 Charities (Accounts and Report81 Regulations 2008 and the provisions of the Royal Charler. They are also I'esponsible for safeguarding the charity's assets and tal (160,907) 1602,3441 2,482,274 899,572 3,381,846 2,919,182 2,689,084 337,777 413,616 3,256,959 3,102,700 17. Herllage ass918 In addltion to the capltallsed fixed assets held for the Charitls, own use, the College also has several assets which act as a permanent record of the College's history. These comprise ol a unlque collection of palntlngs, depl¢tlng the Collegè's Heads ovar the years, together with many other artlfact8 whose intrinsic value is also bound up with the College's history. Most of thes8 ar6 Irreplaceab18 originals to which no rellable value can be attributed and accordliigly these have not been capltalised in the accounts. The Governors lake the vi8w that disclosure of these assets would preludlce tlie ellicient working ol the Charity, and have Ilierefore deddgd that such delails should not be provided here, 18. Debtors 2024 2028 Trade debtors Prepayments and accrued income Other dobtors 1,102,898 557,952 110,523 1,088,525 76,222 68,991 1,233,738 1,771,373 -26- Dover College Notes to th8 Flnanclal Statements (contlnuad) Year ended 31 August 2024 19. Credltors: amounts talling due wlthln one year 2024 2023 Bank loans and overdrafts Trade creditors Soclal security and other taxes Other creditors 120,000 251,803 72,048 3,148,813 3,592,664 140,000 192,030 89,763 3,249,847 3,671,640 Included In bank loan8 and overdrafts is the Coronavirus Buslness Interruption Loan, whlch Is backed by the UK Government, who have guaranteed 800/• of the loan balance dlrectly wlth the lender. 20. Credltors: amounts falllng du8 aftér more ihan one year 2024 2023 Bank loans and ovgrdrafts F98s received in advance 160,000 274,455 434,455 280,000 187,429 467,429 Under c8rtaln clrcumstances, tlie contract wlth parenls provldes for the payment of an additional term's feos In advance (beyond the current t8rm) to ensure Ihe fees payable in lieu of notice can be collected. These sums at'a normally applled In satlsfacllon of the Iliial lerm's fees when leaving the College. 21. Analysls of charltable funds Unrestrlcted funds At 1 September 2023 At 31 August 20 24 Income Expendlture General funds 2,704,939 6,867,194 (6,914,869) 2,657,764 At 1 September 2022 Al 31 August 20 23 Income Exp8nditure General fund8 3,008,704 6,168,664 (6,467,429) 2,704,939 The general fund represants accumulated income from the College's actlvities and Olher sources that are available lor the general purposes of tlie College. .27. Dover College Notes to the Fi nanclal Statements (conllnued) Year ended 31 August 2024 21. Analysls of charltable funds (contlnu8dJ Restrlcled funds At 1 Sapt8mber 2023 Al 31 August 20 24 Income Expenditure Lecture Ihealre seallng Music school Other restrlctad funds Cobb centre 5,337 20,400 46,523 24,420 96,680 (1,333) {10,200) (24,9591 11,6291 (38,1211 4,004 10,200 34,085 22,791 71,080 12,521 12,521 At I Septembor 2022 At 31 August 20 23 Income Expenditure Leclure theatre seating Music school Other restricted funds Cobb cenire 6,670 30,600 34,299 24,420 95,989 (1,333) (10,200} {26) 5,337 20,400 46,523 24,420 96,680 12,250 12,250 (11,5591 Individual lunds r@pres8nt fixed asset additions fiiianced by donations for their 8pecillc purpose. The annual depreciation charge ielating to tliese Ilxed assets is Iransferred Irom Ihe geneyal lund, and offset against the balance carrled forward In r8Stricted funds. Other resliicted lunds ¥epiesent gifts r8ceived Irom exlei'nal donors for 8pecific purposes. Expendilure directly financed by such glfts is shown under restricted funds. 22. Analysls of net assets between funds UnrestriclGd Fuiids RestriGted Total Fundg Funds 2024 Tangible fixed assets Current assets Creditors less Ihan 1 year Creditors greater than 1 year Net assets 3,185,879 3,499,004 (3,592,664) 1434,4551 2,657,764 71,080 3,256.959 3,499,004 (3,592,664) {434,455) 2,728,844 71,080 Unrestrlcted Funds Restrlcted Total Fund8 Funds 2023 Tangible lixed assets Current assets Credilors less than 1 year Credilors greater than 1 year Net assets 3,076,989 3,767,019 (3,671,640) (467,429) 2,704,939 25,711 70,969 3,102,700 3,837.988 13,671,640) {467,429) 2,801,619 96,680 .28- Dover College Notes to the Flnancial Statements fconllnu6dJ Year ended 31 August 2024 23. Analysls of changes In net debl At At 1 Sep 2023 Cash Ilows 31 Aug 2024 Cash al bank and in hand Debt du8 wlthin one year Debt due aller one year 2,604,250 (140,000) (280,000) 2,184,250 (876,619) 1,727,631 20,000 {120,000) 120,000 (160,000) (736,619) 1,447,631 24. Operatlng lea88 commltments The total future mlnimum lease payments under non-cancellable operallng leases ar8 as follows: 2024 2023 Not later Ihan 1 year Laler than l year and not later Ihan 5 years Later than 5 years 124,643 239,434 1,189 365,266 105,167 224,333 329,500 25. Related parlles Mr S Flsher, Headmast8r, paid school tees tor the year totalllng £8,957 {2023 £6,847). At th8 y&ar end £nil (2023 £nil} was outstandlng. Mr S Fisher r8ceived a discount on ihe school fees paid. Mr D Taylor, Parenl Governor, paid school fees for th6 year totalling £12,213 (2023 £12,014). AI the year end £nil {2023 £nill was outstanding. Mr D Taylor recelved a scholarship on the school fees paid. Contributions towards the lees amountlng to £14,758 (2023 £32,799) for eligible puplls were made by the charlty, the Dover Collego Scholarship and Prize Fund. Several of the Trusieos ol Dover Colleoe are also Trustees of thls charily. The objectives of this charity are lo further the education ol the pupils attendlng Dover College. 29-