ARDUUS AD
SQLEM
FoS-
DRAGON SCHOOL TRUST LIMITED
GROUP ACCOUNTS FOR THE YEAR ENDED
31 AUGUST 2024
CONTENTS
Summary Review by the Chair of Governors and Head
Govemors, organisational structure, officers and advisors
Governors, Annual report (including strategic report)
Auditorfs report
Group statement of financial activities
Group and charity balance sheets
Statement of cash flows
Notes to the gioup accounts
vi-xx
9-25.
Company number: 524331
Re8lStered charity number.. 309676
*AE0sF24R*
1910412025
COMPANIES HOUSE
#310

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
SUMMARY REVIEW BY THE CHAIR OF GOVERNORS AND HEAD
Summary Review by the Chalr of Governors and Head
After many years of planning and fundraisin& construction of the new Music & Performing Arts
facility concluded under budget, and in time for the start of the Autumn TenTh in September 2024.
The building has been named Skipper's, after the School's Inspirational founding Head, Skipper
Lynam. With the school deliverin8 on average 750 music lessons per week Skipperfs will make a
significant difference to opportunities available to our pupils. In addition, we very much look
forward to the wider opportunities for outreach and social impact that the new building will
provide, We have already seen the joy and shared benefit that music and drama can bring through
our existing partnerships with primary schools. This new facility will serve to enhance the wider
public benefit that Dragon School can enable.
The construction of Skipper's also enabled us to replace the adjoining astro turf and to improve the
areas surroundins the building and Lane House. Other improvements across the estate included
refurbishing 2 of our boarding houses, Strads and No14, as well as ongoing maintenantt to all our
properties.
We concluded the installation of solar PV across the estate during the period which, alongside our
LED installation, are big steps towards our Net Zero goals. We continue to promote sustainable
travel to our parents and colleagues and have invested in new bicycle shelters to tmprove the
School's provision for cyclists. The Home to School Bus Service continue to grow over the year
with the introduction of a 5th route. A 6th route and an afternoon service will be introduced from
September 2025.
The Summer holiday also saw the School host a residential camp provided by Summer Boarding
Course, as well as a day camp provided by Ultimate Activity Camps. Both proved husely
successful and the latter was of particular benefit to Dragon families.
Positive outcomes for each individual Dragon are ￿ntral to every deasion we take.
The pupil roll is strong and there has been a sisnificant uplift in flexi boarding due to a shift in our
offering. Our boarding strategy has ensured the Dragon remains the largest boarding community
in the Prep Sector.
Hi8hlights for this year include:
Record number of scholarships to national schools 80+ in total across the disciplines:
academic, music, art and drama.
Our charity fundraising was in excess of £150,000 across the year through a mix of pupil
and community led projects
Outstandin8 c￿cUrrICUlar opportunities including an incredible production of Sister Act
and Alice in Wonderland and an Original script perfonned at the Edinburgh Fringe
Festival. A consistently high rate of attendance for Quest our enrichment activity
Page i

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
SUMMARY REVIEW BY THE CHAIR OF GOVERNORS AND HEAD
programme on a Saturday moming, record numbers of sporting fixtures supported by the
installation of a new astroturf.
Development initiatives including a trip to Bangkok to engage with alumni as part of a
menu of reunion opportunities.
A growing programme of parent forums to support parents covering areas such as how to
keep your child safe on-line to how to mana8e anxiety in younger children.
We published our Aims and Tar8ets for 202415 and are available to see on our website
www.
Page u

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
GOVERNORS, ORGANISATIONAL STRUCTURE. OFFICERS AND ADVISERS
Dragon School Trust Limited ("Dra8on School" or "Trust") is a company registered under the
Companies Act 2006 and a registered charity. It is a company limited by guarantee. the liability of
members of the company is limited to £1 each. The Governors of Dragon School are trustees of the
charity, and directors and members of the company. Those serving during the year are as follows:
C Alexander
M Breen
J C Edmondson
Dr H R Gurprashad
D C Goatman
(resigned 21 June 2024)
S&MH"
FR&C"
EM&A
N L Helliwell
CIM Jones
S J Kerr-Dineen
Dr M Letts OBE
FGSIlnt+°
Iresigned 30 November 2024)
(resigned 7 November 20241
ESI
N Millard
N D Portwood
G S&MH
Int
R C W Rambaut
I A Van Every
W Awebb
M Witherick
R&C +°
M&A R&C SI.
SIInt'
P Cameron Watt
W Goldsmith
Flnt.
(appointed 12 March 2024)
(appointed 18th October 2024)
Committee memberships and other 8roups (as at the end of year):
Education Committee
S&MH Safe8uarding & Mental Health
Committee
Int
International Committee
Dragon School Tradin8 Ltd
Old Dragon
Current parent
Former parent
Finance Committee
Governance Committee
51
Social Impact Committee
M&A Marketing and Admissions
Committee
R&C Risk and Compliance Committee

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
GOVERNORS. ORGANISATIONAL STRUCTURE, OFFICERS AND ADVISORS (continued)
Board and Committees
The Board of Governors is a self-appointing body. Governors hold office for six years, whereupon
they may be reappointed. Governors nonnally retire at the ase of 70. There may be no more than 20
and no fewer than seven Governors. All committees and groups report to the main Board. The Board
and other committees and gTOUPS routinely meet three times a year and at other times as necessary.
The Education Committee is the forum for all educational purposes and decision making in which
Governors and staff participate equally.
The Social Impact Committee ensures the implementation of the School's Sl strategy and
programme. It is also responsible for approving all applications for means tested awards and grants
on behalf of the Full Governing Body.
The Finance Committee has particular responsibility for the School's finances and financial strate8y.
The Risk & Compliance Committee is the custodian of the School's risk strategy and management
matrix. It is also the primary committee to consider the School's compliance obligations.
The Governance Committee, previously Nominations and Remuneration Committee, is tasked with
reviewing the membership of the Governing Body• recommending new Governors for GB approval,
and for reviewing the perfonnance and remuneration of Head and Chief Operating Offi￿r,
reporting via the Chainnan to the Board of Governors.
The Safeguarding and Mental Health Committee ensures Board-level review and responsibility for
all safe8uardin& mental health and pastoral matters; its remit also includes boarding.
The Marketing and Admissions Committee is responsible for ensuring a coherent approach to the
School's pupil recruitment strategy
The International Committee comprises governors who are also directors of the newly fornied
Dragon Sthool International Ltd. This sroup is responsible for the School's considerations relating
to expansion overseas.
Page iv

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
GOVERNORS. ORGANISATIONAL STRUCTURE, OFFICERS AND ADVISORS Icontinued)
Advisors
The Trust appoints professional advisors to deal with specialist matters from time to time. All
contracts are subject to periodic review as circumstances merit.
Architects..
Auditors..
TSH Architects
Crowe U.K LLP
Oxford
Cheltenham
Bankers..
Barclays Bank
Natwest Bank
Coutts & Co
Marsh Brokers
Succession Wealth
Freeths
Vealewasboroughvizards
Ingleton Wood
Oxford
Oxford
London
Haywards Heath, West Sussex
Aylesbury, Buckinghamshire
Oxford
London
Oxford
Insurance brokers..
Pension advisors:
Solicitors,.
Surveyors..
Re8lStered oflice and address for correspondence..
Dra8on School
Bardwell Road
Oxford
OX2 6SS
Web-site..
ons
l.or
e-mail contact:
Bursa
dra
onsch l.or
The Head is E Goldsmith.
The Chlef OperatAng Officer and Company Secretary is M R Johnson.
Page v

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
GOVERNORS. REPORT
The Governors present their annual report and audited accounts for the year ended 31 August 2024
in compliamce with current statutory requirements for companies and charities and the company's
Memorandum and Articles of Assoaation. ThAS report, tO8ether with the precedin8 pa8es,
incorporates the infonnation required for the directors, report and strategic report under the
Companies Act. Comparative figures in the accounts are for the year ended 31 August 2023.
REFERENCE AND ADMINISTRATIVE INFORMATION
Dragon School was founded in 1877. It was incorporated in 1953 as a company limited by guarantee
and registered at Companies House, number 524331. It is registered with the Charity Commission
under charity number 309676. The Governors, principal executive officers and advisers, together
with contact details for the School, are given on pages li to iv.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governins Document
Dragon School is governed by its Memorandum and Articles of Association datin8 from 1953 and
last amended in November 2008.
Governing Body
Overall responsibility for Dragon School rests with the Governors, who are listed on page li together
with information regarding their tenure and committee membership.
Recruitment and training of Governors
New Governors are appointed at a meetin8 of the Board on the basis of recommendations made by
the Governance Comrnittee (GC). Recommendations are made following an interview Pro￿S$ with
members of the GC and on the basis of the requirements of the Board in terms of skills and expertise.
New Governors receive an introduction and induction led by the Chief Operating Officer on behalf
of the Chair of Governors. This covers a range of information including seneral sovemance matters,
together with more detailed discussions of strategic priorities and finances. Further opportunities
to attend appropriate seminars and training events are offered when they occur.
Organisation and management
The Governors, as the trustees of the Charity, are legally responsible for the overall management
and control of the School. The Board of Governors meets at least once a terni receivin8 reports from
committees whith meet with similar frequency.
The day to day running of the School is delegated to the Head and Chief Operating ofli￿r,
supported by the Senior Leadership Team and staff. Generallyi the Head and Chief Operating
Officer attend all Governors, and Committee meetings, except those of the Governance Committee
and when restricted business is discussed.
Page vi

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
GOVERNORS, REPORT Icontinued)
Key Manasement
Key management personnel are defined as the Head, Chief Operating Officer, Head of Pre-Prep and
the Deputy Heads.
Remuneration
Remuneration is set by the Goveming Body with the overall objective of ensuring appropriate
recognition and incentive to encourage exceptional performance. Remuneration must be fair and
responsible, and the appropriateness of the School's remuneration is reviewed periodicallyi this
includes benchmarkin8 with other schools in both independent and maintained sectors. We aim to
recruit. subject to experience, at the lower to medium point within a band, providin8 scope to
develop and grow.
Group strncture and relationships
Dragon School has a wholly owned trading company, Dragon School Trading Limited {company
number 1379919), which is used to generate income for the School thTOU8h the hire of facilities, the
sale of Dragon-related souvenirs and second-hand clothin8. All residual profits are paid to the Trust
under gift aid.
Dragon School International Ltd (company number 15782163) was incorporated on the 16th June
2024 and is a wholly owned subsidiary of the Dragon School Trust. Dra8on School International
Ltd's objects are to expand the Dragon School's provision of education to children and young adults
internationally. This company was donnant for the period endins the 3131 August 2024.
For many years the Dragon School has had a relationship with the 'Lynam Educational Fund,
(274993) whose objects included assistance with school fees in cases of need. On the 7ih November
2023, The Lynam Educational Fund passed a deed of gift transferring all the Fund's assets to the
Dragon School. The deed requires the Dragon School to hold the Gift as part of the School's
RestTlCted Bursaries Fund and to be applied for the sole purpose of providing fee support for pupils
at the School. The value of the 8ift is shown in the accounts as £672,516.
Dragon School continues to have a relationship with'The Dragon Christmas Charity Sale, (1106073),
which raises money for charities helping children and families. The School provides support in the
form of staff time to these charities buL as the School does not control this charities, its activities and
financial results are not included within these reports and accounts, eX￿pt to the extent that it has
donated to the School.
The School actively supports the independent schoo15' sector. and contributes to the furtherance of
educational standards and the quality of pastoral care. through partiapation in and subscription to
umbrella org3Jiisations suth as IAPS and BSA and through exam setting and curriculum review
piocesses. The School has also developed links with a number of schools and charities overseas both
throu8h regular contacts and as opportunity and need arise.
Page vu

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
GOVERNORS. REPORT (continued)
The School continues to promote the use of its facilities at a discounted rate or, where appropriate,
gratis, for wider public benefit. ThAS includes the use of playin8 fields, astro-pitches, Lynam Hall
and music facilities by local schools and other community groups and charities and, in particular,
those involved in educational or child-related activities.
CHARITABLE OBJECTS. AIMS AND OBJECTIVES
Charitable objects
Dragon School's charitable objects are set out in the Memorandum and Articles of Association. The
primary object is to advance the education of the public by acquiring and carryins on any school or
schools for the education of children and young adults and by ancillary or incidentsl educational
activities and other associated activities for the benefit of the community. In pursuit of these objects
the School operates the Dragon Prep School at Bardwell Road for boys and girls from 8 to 13 years
old and the School's Pre-Prep, Dragon Pre-Prep¢ on a separate site. Dragon Pre-Prep takes boys and
girls from the age of 4.
In setting the School's objectives, and planning its activities, the Govemors have given careful
consideration to the Charity Commission's general guidance on public benefit as updated in
September 2013, The School's commitment to providing financia] support to pupils whose parents
could not otherwise afford to consider a Dragon education predates the 2006 Charities Act and
subsequent guidance from the Charities Commission, The pursuit of wider access to the School is
held to be of benefit to all Dragon pupils. To support with these goals, the School manages a number
of restricted funds to be used in connection with the development of the School's facilities, and the
provision of Bursaries, prizes and other educational purposes.
Aim$
The DTa8on intends to provAde a wide-ranging educational experience for all children. stretching all
to the best of their respective abilities in academie, artistic, sportin& cultural and social activities.
Although excellence is achieved by pupils in many fieldsi particularly academic, the School is most
proud of its liberal ethos, the inclusivity of its educational provision and its pastoral care for all. In
addition, the School aim5 to play a full and effective part in its local community.
Objectives for the year
The Diagon's primary objective this year was to continue to provide the best possible education and
care for each and every pupil, ensuring that those leaving for other schools achieve the pla￿S
desired. In addition, the School has sought to widen access and increase its social impact.
Page viii

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
GOVERNORS, REPORT (continued)
Stratesies used to achieve the year's objectives
The School continues formal self-reviews of all areas of operation so as to improve methods and
procedures, particularly of teaching and pastoral care, but additionally in the process of monitoring
and assessing its own procedures. Specialist externaI reviews are also sought when deemed
valuable. Specific coachin8 was provided to leavers tailored to the schools of their choice, and the
pupils, abilities, to ensure their applications were successful.
The school monitors several key perforniance indicators throughout the year to assess performan
against objectives, includin& but not limited to, monitoring success in reaching first Choi￿ school,
average set size, number of extra-curricular music and drama lessons taken, academic and other
awards achieved and results achieved at CE, including number of high performing results.
POLICIES
Grant making
The School is particularly sensitive about the costs associated with deltverin8 first class education,
and seeks to extend its facilities as far as possible to those who might not otherwise be able to afford
such an education. In particular it continues to carry out specific fund-raisins to enable means-tested
Bursaries to be awarded, in appropriate circumstances, which cover all or nearly all of the fees.
Currently the School provides up to 25 Bursary places at up to IOOOA grant under its '125th
anniveTsary' scheme, Other awards are made with respect to short-term hardship arisin8 Erorn
significant life-changes.
In general, grants are made from the Bursaries, general and other specific funds to provide financial
help with the fees. Where significant financial help may be Tequired, the School consider all
circumstances involved in a 8rant application. This misht include, Whe￿ appropriate, means
testin& interviews and home visits, with a view to making grants as fairly and as effectively as
possible. All grants are made subject to annual review. Governors hold the responsibility to endorse
all recommendations for fee assistance.
Risk management and key risks
The Governors are responsible for ensuring the management of the risks fa￿a by the Dragon. This
is delegated to the Risk and Compliance Committee, who review regularly a summary of the
primary strategic risks thought most likely to materialise or have the 8reatest effect, together with
the actions to mitigate those risks. The process followed is one of mitigating all gross risks, through
testing the School's processes, policies and procedures, so that the net risk is understood and further
managed by the School. On an operational basis, this is managed by the Senior Leadership Team
and Schs)ol's Compliance Officer.
Page ix

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
GOVERNORS, REPORT (continued)
Rlsk mitigating controls
The highest priority is placed on appropriate controls and processes to mitigate risks. Strict
adherence to safer recruiting protocols, staff trainin& and a climate of open communication are
fundamental to mitigating safeguarding risks in our School. Operational finance risks are mitigated
through in-house oversight and checking. More broadly, risks associated with The Dragon's
borrowings of greater than l-year were mitigated through appropriate hedging financial
instruments where appropriate. Considered financial plannin& together with comprehensive
mana8ement accountin& reporting and budgetary control, ensures the School maintains adequate
reserves. Robust governance, strong policies, and effective communication (both internal and
external) underpin the School's overall risk mitigation strategy. Internal monitoring of the School's
risk and compliance is led by the Compliartce Officer on behalf of the Chief Operating Officer and
Head.
Reserves
The Governors review the restricted and designated reserves regularly. The specific objects of
restricted funds are as follows:
a) The Endowment fund represents ajnounts given with a restriction on the disbursement of the
capital amount. The income is used for general purposes. The Trust's endowment fund derives
from a small group of gifts in about 1997. The reserve stood at £3k at the end of the year. No aim
for holding the fund is required as it is used when appropriate opportunities arise.
b) The Endowed Bursaries fund provides fee support from income arising from donations whose
capital expenditure has been restricted by the donors. Otherwise funds are administered as for
other Bursaries. The ￿SerVe stood at £493k at the end of the year. No aim for holding the fund
is required as it is used when appropriate opportunities arise.
c) The Knatchbull Memorial fund provides funding for travel and exploration activities of former
pupils ('Old Dragons,). It has specific trustees who review the application of resources. The
reserve stood at £124k at the end of the year. No aim for holding the fund is required as it is used
when appropriate opportunities arise.
d) The Bursaries funds are for the provision of fee support for pupils. The funds include donations
for named Bursaries; the costs of Bursary support are deducted from these sums as appropriate.
The funds are administered by the Bursaries Committee who review the application of resources.
Additional fee concessions and support are provided fiom the general fund. The reserve stood
at £1,059k at the end of the year. No aim for holdin8 the fund is required as it is used when
appropriate opportunities arise.
e) The Development fund includes sums raised for specific purposes through the 'annual giving
progranime,, other campaigns and unsolicited gifts. Some of these donations are restricted to
specific projects, though most are not. tn some cases general donations are received without even
Page x

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
GOVERNORS, REPORT Icontinued)
apparent restrictions with respect to the School's development programme, but the Trust infers
a restriction in these cases on the principle that such donations probably originated from
literature soliciting funds for such purpose. The balan￿ carried forward on the fund represents
unspent donations for specific purposes. The reserve stood at £349k at the end of the year. No
aim for holding the fund is required as it is used when appropriate opportunities arise.
The 'Capital fund, represents unspent donations raised for building projects
primarily the
Music School. Amounts spent on the specific buildings are transferred from the Capita] fund to
the general fund in the year the expenditure is incurred. The reserve stood at zero at the end of
the year as the building work relating to the donations made to the fund had progressed
sufficiently.
8) The Prepaid Fees fund represents income and expenditure with respect to amounts paid in
advan￿ for fees. Investments and cash deposits are held against the future liabilities. The reserve
stood at zero at the end of the year as the aim is for the assets to match the liabilities.
None of the restricted funds are limited by their objects as to the expenditure OE capital except the
Endowed Bursaries and Endowment funds. All surpluses tO8ether with borrowin85, e8 bank loans,
are reinvested to improve the School's resources. Comparative financial information for the funds
can be found in notes 25 & 26.
At the year end the School had a deficit in free reserves of £19,765 mainly represented by land and
buildings, which have been financed by the School's accumulated surpluses and supplemented by
bank borrowings. In the absence of free reserves, working capital and cash flow are monitored
closely, The Governors, policy is to continue building up reserves out of operating surpluses, subject
to the requirements for further capital expenditure. The School's working capital is considered to be
sufficient to meet its liabilities as they fall due.
Investment
The Trust's investment powers are governed by its Memorandum and Articles of Association. These
pennit funds to be invested in such investments, securities or property as may be thought Eit. The
School invested more of its general funds during the year. As these assets are intended to perform
over a relatively long terni period. targets will be set based on performance of the funds against
comparators over a rolling three year period, with comparisons made against alternative investment
vehicles each full year.
Piepaid fees funds are invested at the School's discretion An cash deposits or Govemment stocks so
as to match individual schemes, requirements,
Investments per£ornied as expected during the year, with total gains of £600k; in line with
comparable indices.
Page xi

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
GOVERNORS, REPORT (continued)
Section 172 of the Companies Act 2006
The Governors confirm that all relevant issues, factors and stakeholders have been included in this
report. They further confinn that regular en8agement by Governors has ensured that issues are
clearly understood and regular meetin8s continue to take place. Further, they confirm that key
decisions are made with appropriate input and guidance from the Governors.
Disabled applicants and staff
The School makes inclusion a thread which runs through all its activities. Dragon School seeks to
engage with the widest possible range of knowledge, skill and experience in all its activities. The
School's policies, therefore, facilitate the employment of disabled people and the provision where
appropriate of training and career development. Were an employee to become disabled whilst in
service, every effort would be made to retain them.
Communlcation with staff
Governors place considerable importance on infonning all staff of financial and other matters that
affect them, consulting with them where appropriate, The Head and Chief Operating Officer report
the outcome of Governors, meetings to staff throu8h the School's formal management struciure. All
other such matters are briefed to staff as they arise throush resular staff meetinss.
Staff are encouraged to discuss matters of concern within the staff meetin8s and any feedback is
discussed with the Deputy Heads, Head, Chief Operating Officer and Governors as appropriate.
This can then influence school policy in a number of areas.
Relationship with parents and pupAIs
Dragon School considers its relationship with its parents and pupils to be of the utmost
importance. The School prides itself on its open and transparent communication with its parents
and pupils and never has this been more important than during the pandemic.
Dragon Sthool issues regular bulletins on a weekly and termly basis and utilises social media to
communicate with agility. Parents are encouraged to approach the Sthool as required to ensure
effective two-way comrnunication.
Fundraising
During the year, the charity undertook fundraising activity with its supporters via direct mail,
fundraising events and email in line with the Fundraising Code of Practice set by Fundraising
Resulator.
When you support you can be sure of the following:
We will never sell your contact details to anyone.
We will only contact you if you have expressed an interest in our work.
Page xll

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
GOVERNORS. REPORT Icontinued)
If we phone you, we will always check you are happy to take the call.
If you ask us to change how we communicate with you, or stop, we will respect that.
We do not engage in cold-callin& door to door or street fundraising;
We try hard to ensure no one ever feels pressurised to support our work;
We are registered with the FundTaising Regulator and adhere to the Fundraising Code of Practice;
All our activities a￿ open, fair, honest and legal.
The charity did not work with any fundraisins partners in the academic year 2024.
The charity is registered with the Fundraising Regulator and a(Iheres to the standards of the
Fundraising Code of Practice. We did not receive any complaints about fundraising in 2024.
Dealin8 Wlth suppliers
Dragon School prides itself on working collaboratively with its suppliers, both lar8e and small.
The School has introduced a system to monitor supplier payment terms.
Carbon Reporting
As part of our new reporting requirements, the School has reviewed its greenhouse gas emissions
and energy use data to compile a report to meet the SECR reporting requirements. The overall
consumption of fossil fuels, direct and indirect, can be summarised as equivalent to production of
an amount of carbon dioxide ('C02e'), measured in tonne5. To do $0 we have used HM
Government's environmental reporting guidelines, the GHG Reporting Protocol and HM
Government's 2024 conversion factors for company reportin& and then expressed the tC02e per
pupil.
The table below summarises the energy use relatin8 to electricity, gas combustion and transport.
Electricity use
Gas Combustion
Transport
Total
1,266,680 (2023. 1,232,224) kwh
3,340,985 (2023.. 3,488,665) kwh
41,269 (2023.. 40,749) kwh
4,648,934 (2023.. 4,761,638) kwh
The greenhouse gas emissions associated with the energy use identified in the table above ale as
follows:
Electricity use
261.0 (2023.. 255.1) tC02e
Gas Combustion
611.1 (2023.. 628.0) tC02e
Transport
9.7 (2023.. 9.6) tC02e
Total
884.8 (2023.. 892.7) tC02e
The School consumed an average of 1.10 (2023.. 1.12) tC02e/pupil based on 805 (2023.. 800) pupils.
The majority of the change came from gas consumption, which is related to weather and
temperature during the year. The Dragon is committed to reducing its carbon footpiint and is
moving towards a Net Zero position through a number of workstreams.

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
GOVERNORS, REPORT (continued)
STRATEGIC REPORT
The School provided education to its pupils in accordance with its stated aims and motto arduu5 ad
solem. Demand for places continues to be high, in lar8e part due to the recognised high standards
achieved by the School. Durin8 the year the School had (on average) 808 pupils in total between the
Prep school and Dragon Pre-Prep.
The School was inspected by the Independent Schools Inspectorate (ISI) in December 2022 and the
achievement of the pupils, including their academic development, and the personal development
of the pupils was judged to be Excellent (the highest possible descriptors). The inspection also
included a Regulatory Compliance element and the School was assessed as meetin8 the
requirements in every respect. The full text of the inspection report can be found here:
www.isi.ne
re
?name=Dra
on
20
IN-YEAR ACHIEVEMENTS
Teaching numbers boast around 750 music lessons a week across wide-reaching disciplines. These
cover the full complement of western classical instruments as well as pop instruments and Music
Tech.
Our ensembles and pre-select music groups programme continues to thrive with 60 music groups
running weeldy across both sites, This gives a full range of styles and abilities over all our year
groups. Singing is once again running at capacity with our year group choirs well subscribed and
our pre-select choirs bursting at the seams, We are taking the choir on tour to Berlin this year and
the tour filled up on the first day of booking.
During the school year pupils took 238 music exams in total. Of these 43 were at Grade 5 or above
on many different instruments, with an averase of a 99.6% exam pass rate. 4310 of our pupils
achieved distinctions and 42 % achieved merits.
Musical outreach events are still very much a priority for us. Our Gamelan Days are proving a great
success with local primaries and is a termly fixture in our calendar. Last year we were able to host a
specialist SEN school which proved rewarding both for them and for our Dragons. Our DragonPhil
Days (this year catering for Wind and Brass) are also a popular annual event.
In Games, too, the School's vision of making sport accessible to everyone was embraced
enthusiastically by Dragons themselves with our aim being that every child has the chance to
represent the School in each major ternly sport. There are a variety of other sports available for the
children to participate in all year round with a breadth of activities on offer throush our clubs.
programme in addition to the curriculum sport.
We provide extensive opportunities for the pupils to represent the school at all levels regularly have
over 30 different teams playing on a match dayi Wlth oui more senior sides playing fixtures on
arguably the most competitive Prep-school circuit around. Furtherniore, a number of Dragons eam
Page xiv

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
GOVERNORS, REPORT (continued)
representative honours at district, county and regional level in an increasing number of sports,
realising the Sdiool's twin aims of promoting both participation and excellen￿.
Our leaving pupils sat Common Entrance in School again, achieving 75% A&B Grades- an excellent
comparison to previous years. Our leavers gained 82 awards to their senior schools, a School record
in recent times, including 38 academic Scholarships or Exhibitions.
The Dragon's Social Impact programme aims to teach children about service, philanthropy and
social entrepreneurship, inspiring them to think openly and critically about global issues. Pupils are
the driving force behind this activity, and every child is involved at some level during the year. Our
three School Charities of the Year are voted for by the pupJs and each year group holds a
fundraisin8 event during the academic year. from plant and cake sales to sporting challenges. This
framework allows children to develop deeper knowledge of their chosen charities through
sustained en8a8ement. Children are also invited to nominate charities for support from the annual
Dragon Christmas Charity Sale, in which they actively participate by running stalls.
Assemblies and Spectrum events give children the opportunity to learn more about charitable and
social initiatives, and these subjects are also woven into the curriculum where possible. Our A Block
(Year 8) Social Impact Ambassadors and Pre-Prep Changemaker Champions help to organise,
support and promote our activities across the year.
The School is maintaining progress with improving its infrastructure. With Skipper's, our new
Music & Perforniin8 Arts centre, having completed in September 2024, we continue with our
refurbishment progranune for our boarding houses and developing plans to make significant
enhancements to the Pre-Prep.
The Pre-Prepi on a separate site to the North of Summertown has around 215 pupils at the start of
their education. Here the foundations are laid in all areas of school life supporting the successes
Dragons athieve throughout their time at the school. Play facilities have recently been upgraded
providing exciting spaces for the children to develop physically and socially and the IT
infrastructure and equipment have been invested in to provide integrated learning opportunities
across the curriculum.
Operational perfonnance- Key Perfonnance Indicators
IOOYO of leaving children passed to their school of choice.
75¥0 of Common Entrance papers were graded A or B
82 academic, music, art, sporting and all-round awards were made to Dragon pupils by their
secondary schools.
Fee income was £22,453k
Donations and legacies were £1,472k
Staff costs were £12,619k
Page xv

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
GOVERNORS, REPORT (continued)
Operational perforniance - Widening Access and Social Impact
Bursaries and other grants:
Bursaries are at the heart of the Dra8on's public benefit provision. The Dragon has a target OE 25
Bursary awards across the School in the academic year and new grants per year have been
awarded each year to try to meet this target. Bursary awards (day and boarding) were on average
just over 75% of the fees at a cost to the School this year of £584k (2023.. 345k); a range of other
grants including staff, hardship and scholarship totalling a further £716k (2023.. £829k) were
awarded between 49 other pupils.
b)
Social Impact:
Our goal is to be pioneers in the area of social impact. As a school, we aim to develop curious and
empathetic pupils who understand the local and global challenges facing society today. And as a
whole organisation, we aim to undertake positive action to help address and alleviate those
challenges. This is built into our curricular and co-curricular activities, and every Dra8on pupil is
involved in our Social Impact programme.
Educational:
Partnership with 'Lumina' tutorin& offerin8 free of charge tutoring for children in care. surplus
equipment is donated to other schools or charities; some members of Dragon staff act as 8ovemors
on local and IEB boards; other links and ideas are built into the curriculum through visits,
demonstrations, lectures and debates.
d)
Music, Sport and Arts:
Dragon musicians have played and sung in public at a variety of charities. International visitors
have provided sporting as well as musical interaction. In addition, a range of local schools,
charities and local groups and clubs continue to use the School's facilities when available. The
provision of facilities for these purposes is valued at an approximate £22k (at the normal
discounted rates for charitable use).
Community.
During the year pupils raised funds for the three School Charities of the Year through wide-ranging
entrepreneurial activity. In addition, the Dragon Christmas Charity Sale distributed funds for
various charities from proceeds of the sale held at the end 0£ the Christmas term on the School's
premises, run by the parents with the assistance of pupils and staf£. Children and parents are also
encouraged to donate food to the two Drason Larders at the Piep and Pre-Prep sites, with over 100
boxes of food and essentials distributed to local food banks and community centres during the year.
Operational perforniance- FundraAsin8
The School raised £799k (2023.. £539k) to further its activities this year, comprising donations from
current parents, Old Dragons and former parents. The focus of our fundraising continued to be the
Transforniational Bursary Programme and the Music and Peiforniing Arts Centte, now known as
Page xvi

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
GOVERNORS. REPORT (continued)
Skipper's. Funds were raised through a ran8e of means, including targeted email appeals, fa¢e-tO-
face meetings and events.
On the 71h November 2023, The Lynam Educational Fund passed a deed of gift transferring all the
Funds assets to the Dragon School. The deed requAres the Dragon School to hold the Gift as part of
the &hool's Restricted Bursaries Fund and to be applied for the sole purpose of providing fee
support for pupils at the School. The value of the gift is shown in the accounts as £673k and is
included in the Bursaries figure in note 7 to the accounts.
Operational perfonnance- Financial
The Trust's accounts reflect its general success as a school. this underpins the School's ability to
service the private placement which finances the work of the School and replaced the initia]
financing to purchase the School's freehold.
Any operating surplus generated by the School 15 invested in the major capital projects needed to
keep the School at the forefront of preparatory education, and in the provision of subsidised
education for children otherwise unable to attend such a school. Inevitably, the demand for capital
investment continues to exceed available reSoUr￿S and in setting the fees the Governors have to
balance accessibility and fairness to current parents with the investment requirements of a leading
school. The School is increasingly reliant on fundraising for capital projects.
Fee income increased during the year due to an increase in the fees, related to increased inflationary
pressures seen in the UK. During the year £22,453k (2023.. £20,112k) was generated from fees, 90 /0
of its total income OE £25,038k (2023.. £21,529k).
The other significant element of income is donations and legacies of £1,472k (2023.. £539k)
The greatest part of the Trusys expenditure is on staff costs which at £12,619k {2023.. £11,585k)
represent 55¥. (2023.. 57 % ) of expenditure; and of these staff costs, £9,305k (2023.. £8,670k) are spent
on teachin& with an additional £1,340k (2023.. £1,536k) on welfare and pastoral functions.
Finance costs remain significant at £1,035k payable (2023.. £1,047k), mostly as interest on the School's
Private Placement issued Notes. Other non-staff costs include direct expenditure on teaching of
£1,206k (2023.. £1,195k), premises of £2,305k (2023.. £2,289k) and welfare of £2,627k (2023.. £2,474k).
Virtually all these costs, staff, finance and other, which are necessary for the charity to meet its
objects, represent semi-hxed overheads.
The School spent £10,160k (2023.. £6,641k) on fixed assets. This is mainly represented by the
continued investment in the new Music & Perfoming Arts buildin& the building of which was
completed and certified shortly after the year end and officially opened in early September 2024.
Numerous smaller equipment purchases, some funded by donation, have been made throughout
the teaching and boarding areas.
Page xvii

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
GOVERNORS. REPORT (continued)
The Trusys balance sheet is dominated by the net book value of its fixed assets, mainly freeholds
and buildings in progress, of £57,180k (2023.. £47,823k), includin81 in particular, the main site
purchased in January 2007 for £29,733k. The School's Private Placement was successfully issued in
2022 and this fonns the largest part of the liabilities at £30,OOOk (2023.. L30,OOOk). The other fixed
assets are long terni investments valued at £9,115k (2023.. £4,715kJ. The increase in long term
investments is largely due to a further £3.8m investsnent in a fund that aims to provide a long- temi
return comprising of growth in capital and income. This investment will be used to settle the Private
Placement debt when it becomes due for repayment. The current assets are comprised primarily of
cash at £12,860k (2023.. £21,381k) which offset the creditors due within one year of £7,353k (2023..
£5,677k) which are chiefly comprised of pupil deposits and fees received in advance relating to
pupils.
Going concern assumptions
The Governors closely monitor the current and future expected financial perfonnance of the School,
taking into consideration budgets, forecasts and the longer-tenn strategic business plan. Cashflows
and forecasts are regularly remodelled to reflect possible downside scenarios. Reviews Carried out
have confirmed that the cash reserves of the School are adequate to meet the charity's obligations as
they fall due and that the School is financially secure and able to operate effectively for the
foreseaable future.
The School continues to report a strong cash position as the year end together with healthy pupil
numbers for 2023124 and 2024125 giving the Governors confidence that the charity has adequate
resources to continue its activities for the foreseeable future, bein8 at least 12 months from the date
of approval of the financial statements.
Future plans
The School reviews its strategic framework regularly. With our 1501h Ar￿1VersarY falling in 2027, we
look forward to launching our ref reshed strategy of 2027 and Beyond. This will encompass aims and
objectives across the 3 strands of Campus, Curriculum and Community
Academic Development:
To raise a generation of Dragons who are academically rigorous, creative, independent and
ambitious free thinkers. To be a market leader in prep school education through curriculum
design, professional development of teaching staff and partnerships (please see the annual
stratesy document for our yearly targets).
Pastoral Development:
Create structures within the School that assist children, staff and parents to develop clear
identities.
Maximise all opportunities in the School to help provide children with the social skills to
develop positive relationships with others.
Page xviii

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
GOVERNORS, REPORT Icontinued)
Ensure that parents are fully involved in the School's pastoral and welfare initiatives.
Develop traAnin8 at all levels to help children, staff and parents develop strategies for
understanding and promoting good pastoral care.
ICT Development:
Implement a digital strategy to provide staff and pupils with an effective and efficient teaching
and learning platfonn at School and at home,
Ensure a safe and secure ICT environment for the Dragon community.
Further etthance the School's cyber-security posture and resilience.
Further pro8ress the School's tramsition to a cloud managed environment.
Social Impact and Public Benefit:
Increase the impact of the Transforniational Bursary Programme through larger awards.
Establish the School as a recognised leader in pupil-led service and social entrepreneurship.
Work closely with partner schools to develop initiatives that enhance existing provision.
Reflect sustainable development through policy and practice at a]1 levels.
Facilities Development:
To continue the School's progress towards net zero
To continue a refurbishment programme for the School's boarding houses
To provide residential accommodation to allow the School to Tecruit and retain the best
possible staff.
To redevelop the EYFS area to provide a more open plan and welcoming teachin8 and play
space for our youngest Dragons,
STATEMENTOF GOVERNORS. RESPONSIBILITIES
The Governors are responsible for preparing the annual report and the financial statements in
accordance with applicable law and regulations.
Company law requires the Govemors to PTepare financial statements for each financial year. Under
that law the Governors have elected to prepare the financial statements in accordance with United
Kingdom Generally Accepted Accountin8 Practice (United Kingdom Accounting Standards and
applicable law). Under company law the Governors must not approve the financial statements
unless they are satisfied that they Sive a true and fair view of the State of affair5 of the Trust and its
subsidiary ('the group,), and of the result of the group for that year.
In preparing these financial statements, the Governors are required to:
select suitable accounting policies and then apply them consistently.
observe the methods and prlnciples in the Charities SORP.
make judgments and accounting estimates that are reasonable and prudent;
Page xix

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
GOVERNORS, REPORT (continued)
state whether applicable UK Accounting Standards have been followed, subject to any
material departures disclosed and explained in the financiaj statements.
prepaie the financial statements on the going concern basis unless it Is inappropriate to
presume that the charitable company will continue in business.
The Governors are responsible for keeping adequate accounting records that are sufficient to show
and explain the Trust and subsidiary's transactions and disclose with reasonable accuracy at any
time the financial position of the Trust and subsidiary and enable them to ensure that the financial
statements comply with the Companies Act 2006. They are also responsible for safeguarding the
assets of the group and hence for taking reasonable steps for the prevention and detection of fraud
and other irregularities.
So far as each of the Governors is aware at the time the report is approved:
there is no relevant audit infonnation of which the group's auditors are unaware; and
the Governors have taken all steps that they ought to have taken to make themselves aware
of any relevant audit information and to establish that the auditors are aware of that
information.
The Governors are grateful for the tremendous parental support for the School in achieving all that
it does. It IS the commitment of parents, the leadership of the Head, the effort put into caring for the
pupils by the staff, and the energy of those pupils, and the dedicated work of the support staff in all
their fields of expertise, which make the School what it is today and enables it to face the future with
confidence.
This Governors, Report, which incorporates the Strategic Report, was approved by the Governors
and signed on their behalf by:
Andrew Webb, Chairman
2151 March 2￿25
Page xx

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF
DRAGON SCHOOL TRUST LIMITED
Opinion
We have audited the financial statements of Dragon School Trust Limited ('the charitable company,)
and its subsidiary ('the group,) for the year ended 31 August 2024 which comprise consolidated
statement of financial activities, group and charity balance sheets, consolidated statement of cash
flows 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 StandaTd applicable in the UK and Republic of Ireland (United Kingdom Generally
Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the charitable company's affairs as at 31
August 2024 and of the sroup's income and expenditure, for the year then ended.
have been properly prepared in accordance with United Kingdom GeneTally Accepted
Accountin8 Practice.. and
have been prepared in accordance with the requirernents of the Companies Act 2006.
Basis for opinlon
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK))
and applicable law. Our responsibilities under those standards are further described in the
Auditor's responsibilities for the audit of the financial statements section of our report. We are
independent of the group in accordance with the ethical requirements that are relevant to our audit
of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled
our other ethical 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 soing concern
In auditing the financial statements, we have concluded that the trustee's use of the goins 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 relatin8
to events or conditions that, individually or collectively, may cast significant doubton the charitable
company's or the group's ability tocontinue 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 inforniation
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
statements and our auditor's report thereon. Our opinion on the financial statements does not cover
the other infonnation and, except to the extent otherwise explicitly stated in our report, we do not
express any foim of assura￿￿ conclusion thereon.
Our responsibility is to read the other information and, in doin8 so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained in
Page I

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
DRAGON SCHOOL TRUST LIMITED
Icontinued)
the audit or otherwise appears to be materially misstated. If we identify such material
inconsistencies or apparent material misstatements, we are required to detennine 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 infonnation, 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
the information given in the governors, report, which includes the directors, report and the
strategic report prepared for the purposes of company law, for the financial year for which the
financial statements are prepared is consistent with the linancial statements. and
the strategic report and the directors, report included within the governors, report have been
prepared in accordance with applicable lesal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the group and charitable company and their
environment obtained in the course of the audit, we have not identified material misstatements in
the strategic report or the directors, report included within the trustees, report.
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 and proper 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 infonnation and explanations we require for our audit.
Responsibilities of trnstees
As explained more fully in the trustees, responsibilities statement set out on page xix, 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 linancial statements. the trustees are responsible for assessing the charitable
company's ability to continue as a going concern, disclosin& as applicable, matters related to going
concern and using the going Con￿rTh 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.
Auditorfs responsibilities for the audit of the financial statements
Our objectives are to obtain ieasonable assurance about whether the financial statenients as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor's report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
Page 2

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
DRAGON SCHOOL TRUST LIMITED
(continued)
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
decisior￿ of users taken on the basis of these financial statements.
Details of the extent to which the audit was Considered capable of detecting irre8ularities, including
fraud and non-compliance with laws and regulations are set out below.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description
forms part of our auditor's report.
Extent to which the audit was considered capable of detectins 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
audAt 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 and group 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, taxation legislation,
together with the Charities SORF (FRS 102). We assessed the required compliance with these laws
and re8ulations 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
company's and the gTOUP'S ability to operate or to avoid a material penalty. We also considered the
opportunities and incentives that may exist within the charitable company and the group for fraud.
The laws and regulations we considered in this context for the UK operations were The Education
(Independent School Standards) Regulations 2014.
Auditins standards limit the required audit procedures to identify non-compliance with these laws
and re8ulations to enquiry of the Trustees and other management and inspection of regulatory and
legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities,
including fraud, to be within bursaries, scholarships and other discounts, and the override of
controls by management. Our audit procedures to respond to these risks included enquiries of
management and the Finance Committee about their own identification and assessment of the risks
of irregularities, sample testing on the postins of journals, designing audit procedures over
bursaries, scholarships and other discounts, reviewing accounting estimates for biases, reviewing
regulatory correspondence with the Charity Commission, Independent Schools Inspectorate and
Ofsted, and readin8 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 linancial statements, even though we have properly
Page 3

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
DRAGON SCHOOL TRUST LIMITED
(continued)
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 lirnited procedures
required by auditing standards would identify it. In addition, as with any audit, there iemained a
higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of intemal 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
This report is made solely to the charitable company's members, as a body, in accordance with
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 Eor 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.
Guy Biggin
Senior Statutory Auditor
For and on behalf of
Crowe U.K. LLP
Statutory Auditor
Fourth Floor
St Jajiies House
St James, Square
Cheltenham
GL50 3PR
Date: 02 April 2025
Page 4

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
GROUP STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024
Note
Unrestricted Restricted Endowed
funds
funds
funds
Total
funds
2024
Tolal
fvnds
2023
£'ooo
£'ooo
£'ooo
INCOME FROM..
aritable activities
School fees
Other educational
Other ancillary trading
Other trading activities
Non-anallary trading
Investments
Investment income
Bank and other interest
Voluntary SoUr￿S
Donations and legaaes
Total income
22.453
38
30
22,453
38
30
20,112
39
185
185
54
857
857
781
1,472
1,475
1,472
25,038
539
21,529
23,563
EXPENDITUREON:
Raising fuJ)ds
Fundraising for voluntary resources
Trading
Other
Total costs of raisin8 funds
299
57
136
492
299
57
136
492
352
48
406
Charitable activities
Schools and grantmakin8
Schools- financing costs
Total costs of tharitable activities
20,190
1,035
21.225
1.209
21,399
1.035
22,434
18,974
1,047
20,021
1,209
Total expenditure
21,717
1,209
22,926
20,427
NET INCOME BEFORE NVESTMENT
GAINSIILOSSES)
Investment gains
NET INCOME
1,846
426
2.272
226
2.498
266
126
392
226)
166
2,112
600
2.712
1,102
64
1,166
15.
48
Transfers between funds
NET MOVEMENT IN FUNDS
2.712
1,166
Fund balances at I September 2023
FUND BALANCES AT31 AucusT2024
35,047
37,545
1,366
1,532
448
496
36,861
39,573
35,695
36,861
All activities are continuing. No separate income and expenditure account as r4uired under the Companies
Act 2006 has been presented, as there are no differences between that and the Statement of Financial
Activities presented above. The notes on pa8es 9 to 25 fonn part of these accounts.
Page 5

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024:
GROUP AND CHARITY BALANCE SHEETS AT 31 AUGUST 2024
Note
Group
2024
£'ooo
Charity
2024
£'ooo
2023
£'ooo
2023
£'Ot
Fixed assets
Tangible assets
Investments
12.
15.
57,180
9,115
66,295
47,823
4,715
52,538
57.180
9,115
66,295
47,823
4,715
52,538
Current assets
Stock
Debtors
Cash at bank and in hand
13.
14.
16.
1.658
12,860
14,519
17,353
783
21,381
22,171
(5,677)
1,632
12,714
14,346
7,310
764
21,379
22,149
(5,690)
Creditors: due within one year
Net current assets
17.
7,166
16,494
7,036
16,459
Total assets le55 current liabilities
73,461
69,032
73,331
68,997
Creditors.. due in more than one year
18.
(33,888)
(32,171)
33.888
(32,171)
Total net as5etS
26.
39,573
36,861
39,443
36,826
Endowment funds
Restricted funds
Unrestricted funds
496
1,532
37,545
448
1,366
35,047
496
1,532
37,415
448
1,366
35,012
Fund balances
25.
39,573
36,861
39.443
36,826
The notes on pages 9 to 25 form part of these accounts.
tn accordance with Section 408 of the Companies Act 2006, no separate Statement of Financial Activities is
presented for Dragon School Trust Limited. The Trust net income for the year was £2,617k (2023.. £1,195k).
The finanaal statements were approved and authorised for issue by the Board of Governors
On 2151 March 2025 and were signed below on it5 behalf by
Andrew Webb, Chairman
2151 March 2025
Company number: 00524331
Page 6

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
GROUP STATEMENT OF CASH FLOWS
Note
2024
2023
£'ooo
£'ooo
2,873
£'ooo
3,855
Net cash inflow from operations
(a).
Cash flows from investing activities
Interest paid
Interest received
Receipts from disposals of fixed assets
Receipts from disposa15 of investments
Payments for investments
Investment income receipts
Payments for tangible fixed assets
Net cash used in investins activities
(1,023)
857
29
(1,036)
781
63
(1.600)
(3,800)
10.160)
(6,641)
(14,094)
(8,424)
Cash flows from financlng activities
Receipts from prepaid fees scheme
Payments from prepaid fees scheme
Net cash used in financins activities
3,409
(709)
772
(720)
2,700
52
Change in cash and cash equivalents in the
reporting period
{8,521)
(4.517)
Cash and cash equivalents at ihe beginning
of the reporting period
21,381
25,898
Cash and cash equivalents at the end of the
reporting period
12,860
21,381
Charity law requires separate administration of the cashflows of endowed and other restricted funds of the
Trust. This constraint has not adversely affected group cashfiows as stated above.
a) Reconoliation of net income to cash
flow from operating activities
Net income
Investment (gain5)
(Gain5) on disposal of Eixed assets
Jnterest payable
Interest receivable
Investment income
2024
£'ooo
2,712
(600)
(29)
1,035
(857)
(3)
2023
£'ooo
1,166
(64)
1,047
1781)
(4)
Depreciation charges
Decrease ins Stocks
665
Decreasel(increase) in debtors
Increase in creditors
(875)
469
1,357
Net cash infiow from operatins activities
2,873
3,855
Page 7

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
GROUP STATEMENT OF CASH FLOWS
b) Analysis of cash flows and net debt
I Sept 2023 Cashllow
Other
movements
31 Aug 2024
£'ooo
£'ooo
£'O(M)
Cash at bank and in hand
Debt.. bank loans
21,381
30,000)
(8,619)
(8,521)
12,860
30,000
17,140)
(8,521)
The notes on pages 9 to 25 forn part of these accoumts.
Page 8

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
NOTES
I. ACCOUNTING POLICIES
a) General information
The School is a Public Benefit Entity, registered as a charity (tharity number: 309676) and company limited
by guarantee (company number.. 524331). The Sthool's registered office address is.. Drason School, Bardwell
Road, Oxford, OX2 6SS.
b) Basis of accounting
The accounts are prepared under the historical cost convention as modified by the revaluation of listed
investment5, in accordance with the Financial Reportins Standard applicable in the UK and Republic of
Ireland (FRS 102), the Companies Act 2006 and the Statement of Recommended Practice applicable to
charities preparing their accounts in accordance with the Financial Reporting Siandard applicable in the UK
and Republic of Ireland (FRS 102) - Second Edition, Effective l January 2019.
Having reviewed the funding faalities available to the Sthool together with the expected onsoins demand
for places and the School's future projected cash flows, the Governors have a reasonable expectation that the
Sthool has adequate resouIces to continue its activities for the foreseeable future. Accordingly, they continue
to adopt the going concern basis in preparing the finanaal statements.
The functional currency of the School is considered to be GBP because that IS the currency of the primary
economic environment in whith the School operates. The balances in the accounts are rounded to the nearest
thousand.
c) Consolidationl group accounts
The Trust has beneficial ownership of 100% of the share capital of Drason School Tradlng Limited and IOOV.
of the share capital of Dragon School International Ltd. The group accounts consolidate the results of these
subsidiary. which are summarised in note 28. As the subsidiaries pays any taxable profits to the parent, the
surplus dealt with in the parent company's accounts is identical to that shown on the sroup income and
expenditure account. The Trusys Governors represent the ultimate controllers of the group.
d) Critical accounting judgements and estimates and key sources of estimation uncertainty
In the application OE these accounting poliaes, the Governors are required to make judgements, estimates
and assumptions about the carrying value OE assets and liabilities that are not readily apparent from other
sources.
Estimales and judgements are continually evalualed and are based on historical experience and other factors,
induding expectations OE future events that are believed to be reasonable under the arcumstances. Althoush
these estimates are based on management's best knowledge of the amount, events or actions, actual results
may ultimately differ from those estimates. Revisions to accounting estimates are recogni5ed in the period
in which the estimate is revised if the revision affects only that period, or in the period of the revision and
future periods if the revision affects current and future periods. The Governors consider the following items
to be areas subject to estimation and judgement:
Depreciation..
The useful economic lives of tangible fixed assets are based on management's judgement and experience.
When management identifies that actual useEul economic Lives differ materially from the estimates used to
calculate depreciation, that charge is adjusted retrospectively. Although tangible fixed assets are SI￿1f1cant,
variances between aciual and estimated useful economic lives will not have a material impact on the
operating results. Historically. no changes have been required.
Page 9

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
NOTES
I. ACCOUNTING POLICIES (continued)
Impairment of debtors..
The School makes an estimate of the recoverable value to trade and other debtors. When assessing
irnpairment of trade and other debtors, management considers factors induding the ageing profile of debtors
and historical experien￿. See note 14 for the net carrying amount of the debtors.
The following accounting policies have been used consistently in dealing with items which are considered
material in relation to the Group's accounts.
e) tncome - fees and similar income
tncome is recognxsed. in general, only with respect to the period of account and are stated after deducting
Bursaries, stholarships and other remi55ions allowed by the School. Fees paid with respect to Euture terms
are carried forward as liabilities,. and donations of any sort are included only when resources are irrevocably
transferred. School fees include extras. Other Educational Income primarily consists of registration fees and
income from the hiring out of some OE the school's facilities al certain times during the year. Income Erom
such sources is recognised over the period in whith the relevant service is delivered.
o tncorne - donations
Donations are accounted for as and when entitlement arises, the amount can be reliably quantified and the
economic benefit to the Sch¢)ol is considered probable. Donations received for the general purposes of the
School are credited to Unrestricted Funds. Donations subject to specific wishes of the donors are credited to
the relevant Restricted Funds or Endowment Funds.
8) Income - legacies
Legacies are recognised and credited directly to the statement of Einanaal activities based on the earlier of
the setllement of the estate and issue OE Estate Accounts, or receipt of payment.
h) Income - investments
Interest Is included on an accrua15 basis. Dividends from investment funds are included as receivable on the
due dates.
i) Expenditure
With respect to resource5 expended running the school, 'property' includes costs of maintaining the
buildings used for educational purposes, while 'welfare' include boarding and catering cost5, Support.
represent5 other costs of Servicing the direct teaching function, includins governance costs. Irrecoverable
VAT is included with the item of expense to whith it relates in all cases. Overhead5 and other costs not
directly attributable to a fLllictional activity are apportioned on the basis of management estimates
consistently applied.
Redundancy and termination costs only occur where absolutely necessary and are accounted for on an
accruals basis when the commitment lo terminate a post on the srounds of redundancy has been made.
j) Fund accounting
The Sthool has three types of funds
Restricted - where the purpose for whith the fund5 may be used ha5 been restricted by donors;
Endowment- where the capital is held in perpetuity to generate distributable income,. and
UnrestTiCted - where the fLllid is not restricted as to use other than in furthering the objects of the
Sthool. These indude Designated Funds, where the funds are unrestricted but the Governors
have designated them for a specific purpose.
Page 10

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
NOTES
I. ACCOUNTING POLICIES (continued)
k) Tangible fixed assets
Land and buildings are shown at original cost. Fixtures and fittings are capitalised when they are included
in the Provision of additional facilities, such as when a buildins is extended or converted: other fixtures and
Eittings are charged to revenue in the year OE purchase. Equipment costing over £lk is capitaiised.
Depreciation is provided on all assets other than freehold land. Assets under constructions are not
depreciated until they are completed and brought into use. Freehold buildings are amortised on a straight
line basis, taking into account their estimaled residual value, which in the case of education-spectfic
buildin8s is considered negligible but in the case of residential property is expected to approximate their
Ori￿nal costs. Leasehold land and buildin8s are amortised over the period of the lease. With respect to other
assets depreciation is provided at straight line on cost,
The estimated lifetimes of various types of assets in use are".
Freehold buildings
50 years
Other
3-10 years
A review Eor impairment of a fixed asset is carried out if events or changes in circumstances indicate that the
carryins value of any fixed asset may not be recoverable. Shortfalls between the carryin8 value of fixed
assets and their recoverable amounts are recognised as impairments. Impairment 1055e5 are recognised in
the Statement of Flnanoal Activities.
k) Operating lease rentals
Rentals paid under operating leases are charged to the Statement of Financial Activities (SOFA) on a straight
line basis over the period of the lease.
l) Investments
Investments are a form of basic finanaal instrument and are initially shovm in the financial Statements at
market value. Movements in the market values of investments are shown as unrealised gains and losses in
the Statement of Finanaal Activities.
Gains and losses on the reaiisation of investments are shown as realised sains and losses in the Statement of
Financial Activities. Reallsed gains and losses are calculated as the difference between Sale proceeds and
opening carrying value or the purchase value if acquired subsequent to the first day of the financial year.
Unrealised Sains and10sses are calculated a5 the difference between the fair value of investments at the year-
end and thekr carrying value. Rea]ised and unrealised investment 8ains and losses are allocated to the
appropriate Fund according to the "ownership" of the underlying assets. Investment subsidiaries are valued
at cost less provision for impainnent.
m) Stock
Stock of consumables held at the year-end are valued at cost, subject to their usability. Stock held for resale
is valued at the lower of cost and net reaiisable value. Purchases of educational materia15 for the next
academic year are carried forward as prepayments.
n) Debtors
Trade and other debtors are reco￿lSed at the settlement amount due for the provision of servi￿$ delivered.
Prepayments are recognised at the amount prepaid or the amount paid in advance.
o) Cash at barth and in hand
Cash at bar￿ and in hand includes cash and deposlts with a short term maturity of six months or less from
the date of opening the deposit account.
Page 11

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
NOTES
I. ACCOUNTING POLICIES (continued)
p) Creditors
Creditors are recognised where the Sthool has a present obligation arisins from a past event that will
probably result in the transfer of funds to a third party and the amount due to settle the oblisation can be
measured reliably. Amounts are recognised at their settlement amount.
Financial instruments
Basic financial instruments are initially recognised at transaction value and subsequently measured at
amortised with the exception of investments which are held at fair value. Finanaal 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.
Financial asset5 1 liabilities held at fair value through the profit or loss comprise derivatives, Derivatives,
including interest rate swaps, are not basic finanaal instruments. Derivatives are initially recognised at falr
value on the date a derivative contract is entered into and are subsequently remeasured at their fair value.
Chanses in the fair value of derivatives are recognised in the SOFA as a fair value movement. The School
does not currently apply hedge accounting Eor interest rate swap derivatives.
r) Pension costs
Pension costs represent contributions under defined contribution schemes, costs in the current year.
2. CHARITABLE ACTtVITIES - SCHOOL FEES
2024
2023
£'ooo
£'ooo
School fees and extras
less scholarships, Bursaries and grants
22,544
1,300
21,244
1,209
22,453
20,941
(1,174)
19,767
345
20,112
Bursaries paid from restricted fund5
3. CHARITABLE ACTIVITIES- OTHER EDUCATIONAL
2024
£'ooo
2023
£'ooo
Registration fees
Courses & conferences
36
39
38
39
4. CHARITABLE ACTIVI￿Es - ANCtLLARY TRADING
2024
£'ooo
2023
£'ooo
Fund raising
Profit on sale of fixed assets
29
30
Page 12

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
NOTES
5. INVESTMENT INCOME
2024
£'oc()
2023
£'ooo
Listed and other investments
6. BANK AND OTHER INTEREST
2024
2023
£'ooo
Bank interest
Other
757
24
781
51
857
7. DONATIONS AND LEGACIES
2024
£'ooo
2023
£'ooo
Donations and legacies for:
Bursaries
Other
1,209
263
1,472
345
194
539
8a, ANALYSIS OF TOTAL EXPENDITURE
2024
Total
£'ooo
Staff costs
£'o
Depr'n
£'ooo
Other
£'ooo
Cost of raising funds
Fundraising for voluntary resources
Trading costs
Other costs
Total cost of raising funds
232
67
57
136
299
57
136
492
232
Charitable activities
Schools and grantmaking
Teaching
WeLfare
Premises
Support costs of schooling (including
govemance- note 8c)
Grants, award5 and prize5 (note 8b)
9,305
1.340
221
1,521
74
1,206
2,627
2,305
10,585
3,976
3,068
2,561
542
178
1,209
8,209
1,035
9,244
1,209
21.399
1,035
22,434
12,387
Schools- financing costs (note 9)
Total costs of tharitable activities
12,387
Total expenditure
12,619
9,504
22,926
No allocation has been made of senior management time spent on governance matters as such time is
additional to full time roles providing support to the School's teaching. Staff costs are further detailed in note
io.
Page 13

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
NOTES
8a. ANALYSIS OF TOTAL EXPENDITURE (cont'd)
Prior year comparative inforniation
2023
Total
£'O(K)
Staff costs
£'ooo
Depr'n
£'ooo
Other
£'ooo
Cost of raising funds
Fundraising for voluntary resources
Trading costs
Other costs
Total cost of raising funds
256
96
352
48
150
48
406
256
Charitable activities
Schools and srantmakins
Teaching
Welfare
Premises
Support costs of schooling (including
govemance - note 8c)
Grants, awards and prizes (note 8b)
8,670
1,536
171
952
36
1,195
2,474
2,289
677
9.901
4,019
2.856
1,853
396
224
345
6,980
1,047
8,027
345
18,974
1,047
20.021
11,329
665
Schools - Einancing costs (note 9)
Total costs of charitable activities
11,329
665
Total expendilure
11,585
665
8,177
20.427
8b.GRANTS, AWARDS AND PRIZES
2024
£'ooo
2023
£'ooo
From Restricted Funds..
Bursaries and other grant5 and awards
1.209
1.209
345
345
8c. GOVERNANCE COSTS
2024
2023
£'ooo
Auditors, remuneration- audit (Group)
Auditors. remuneration - audit (subsidiary)
Auditors, remuneration- non-audit
Reimbursement of expenses to Govemors
Other governance costs
26
25
69
loo
58
88
Page 14

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
NOTES
9. FINANCING COSTS
2024
£'ooo
2023
£'ooo
Interest payable is due on:
Bank loans and overdrafts
Discounts allowed on prepaid fees
1,023
12
1,036
li
1.047
1,035
Financin8 Costs are induded in costs of charltable activities as part of the operation of the School.
10. EMPLOYEES
2024
£'o
2023
£'ooo
Staff costs-.
Wages and salaries
National tnsurance
Pension costs
Severance pay
10,247
1.036
1,311
25
12.619
9,344
946
1,215
80
11,585
The numbers of employees whose remuneration was over £60k
(including severance pay) Eell into the followins bands:
£60- £70k
O- £80k
£80- £90k
£90- £IOOk
£IOO-£IIOk
£ll￿£]20k
£120-£130k
£I3￿£]40k
£150-£160k
£170-£180k
No.
13
No,
io
These liigher paid staff had defined
contribution pension sthemes, total cost:
£'ooo
227
231
Total pension costs were made up of..
DeEined contribution sthemes
£'ooo
1,311
1,311
£'ooo
1.215
1.215
The tolal employment costs of key management personnel, durin8 the year was £832k (2023.. £738k).
The Governors did not receive any remuneration. The account5 do not estimate the value of their time and
expertise in governance and Support roles, though this is considerable. Two (2023.. Three) Governors received
travel and caring expenses during the year totalling £0.5k (2023.. £2k).
Page 15

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
NOTES
10. EMPLOYEES (continued)
The averase number of employees, based on
head count, excluding Govemors, was:
Teaching
Pensioners
Support staff
Development
2024
2023
211
197
99
112
319
315
I I. TAXATION
As a registered charity the Trust does not pay Corporation tax on surpluses arising from its charitable
activities. The Trust's subsidiary, Dragon Sch¢)ol Trading Limiled, pays corporation tsx on profits, but these
are nil for tax purposes after allowing for the payment of profits to the parent company as a tharse.
The Trust suEEers irrecoverable VAT on all purchases other than those made by its subsidiary trading
company. Irrecoverable VAT pald to HMRC totalled approximately £665k (2023.. £620k) during the year.
12. TANGIBLE FIXED ASSETS (group and parent company) for own use..
Assets in
Freehold
Motor
Course of Property
vehicles
Construction
Other
TOTAL
£'ooo
£'ooo
£'ooo
£'ooo
Cost
al I September 2023
additions
disposals
at 31 August 2024
6,146
8,396
48,556
831
7,440
924
62,322
10,160
(80)
72,402
(80)
109
14,542
49,387
8,364
Depreciation
al I September 2023
charge
released on disposal
at 31 Ausust 2024
7,832
336
180
6,487
465
14,499
(80)
102
(80)
15,222
8,168
6,952
Net book value
t7t I Seplember 2023
at 31 Ausust 2024
6,146
14.542
40,724
41,219
953
1,412
47,823
57,180
The rebuild cost of properties included in freehold was approximately £94,617k at the most recent insurance
review (December 2024) though this does not include the value of the land itself. Govemors are of the opinion
that the current market value of freeholds is considerably in excess of the historical cost shown. With respect
to other assets {fixtures. h'ttings and equipment), these are ir￿[ed for £5.118k. These values are cited merely
for comparison with the historical cost figures shown above. The Sthool does not own any heritage asset5.
Virtually all assets held are used for the purposes of the School's operation. some small proportion is used
for management and tradin& but identification of the amounts involved is not practicable.
Page 16

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
NOTES
13. STOCKS
. Grou
2024
£'ooo
Parent com
2024
2023
£'ooo
2023
£'ooo
Goods for resale
Consumables
14. DEBTORS
Grou
2024
£'ooo
Parent com
2024
£'ooo
2024
£'ooo
2023
£'ooo
Trade debtors
Amount owed by subsidiary
Loans
Prepayments
Accrued income
553
466
551
li
io
370
690
1.632
447
io
405
690
1.658
13
236
68
783
13
236
68
764
15. INVESTMENTS
Group and parent
compan
2024
£'ooo
2023
£'ooo
Investments are shown at market value:
Other U.K, listed investments held as fixed assets
9.115
9,115
8,269
4.715
4,715
4.300
Historical cost..
Value of investments..
brought forward
disposals at value brought forward
acquired
change in unreaLised values
carried forward
4.715
3.116
(63)
1.600
62
4,715
3,800
600
9,115
16. CASH AT BANK AND IN HAND
Grou
2024
Parent com
2024
£'ooo
2023
£'O(
2023
£'ooo
Cash on dep051t
Current bank accounts and petty cash
12,118
742
12,8EQ
21.357
24
21,381
12,118
596
12,714
21.357
22
21.379
Page 17

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
NOTES
17. CREDITORS: DUE WITHIN ONE YEAR
Grou
2024
£'ooo
Parent com
2024
£'ooo
an
2024
£'ooo
2023
£'ooo
Trade creditors
Amount owed to subsidiary
Taxation and social security
Accruals
Deferred income
fees received in advance
deposits held
- prepaid fees stheme
1,881
1,493
1,875
1,493
19
265
862
289
1.238
265
868
264
1,226
1,605
670
1,670
7.353
1,729
644
678
5,677
1,605
670
1,670
7,310
1,729
644
678
5,690
18a. cRED￿OR5.. DUE IN IN MORE THAN ONE YEAR
Group and parent
compan
2024
£'ooo
2023
£'ooo
Bank loan5
Deferred income.. prepaid fee5
Deposits held
30,1]])
2,000
30,000
280
1,891
32,171
33.888
18b. ANALYSIS OF LONG TERM CREDfTORS
Lons term creditors are due in less than five years except as follows:
Bank loans..
due within one year
due between two and five years
due in more than Eive years
30.000
30.000
30,000
30,000
Deferred income- prepaid fees
due within one year
due between two and five years
due in more than Eive years
19.
1,670
1,848
152
3,670
678
165
115
958
Deposits held=
due within one year
due between two and five years
due in more than five years
670
1,196
692
2,558
644
1,441
450
2,535
Pase 18

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
NOTES
18c. LONG TERM CREDITORS: EXPLANATORY NOTES
On 18 Marth 2022. the Sthool issued £30m of Senior Secured notes in a Private Placement to Canada Life
Limited and Canada Life Assurance Company. These Notes have a fixed interest rate of 3.41% and are due
for Tepayment on 29 April 2050. The School gianted a legal charge over the following properties as security
for the loans. Dragon Prep School, Dragon Pre-Prep School. Sthool House. 30132 Bardwell Road, Cherwell
House, 26128 Bardwell Road, I Charlbury Road, 3 Charlbury Road, 5 Charlbury Road, 6 Chadlington Road,
Lane House and Rithard'5 Cottase.
19. PREPAID FEES ACCOUNT
Group and parent
compan
2024
£'ooo
2023
£'ooo
Balance at the beginnin8 of the year
New contracts
Amounts accrued to contracts as debt-financing costs
Amounts used in payment of fees
- to the School
to other Schools
Balance at year end
958
3,409
12
895
772
li
(709)
(663)
(57)
958
3,670
20. PENSIONS
Up to I September 2021, the majority of the staff partiapated in one OE two pension schemes.. the Teachers.
Pension Scheme (TPS) run by the Teachers, Pension Asency specifically for teaching staff. and a defined .
contribution scheme for other staff, with Scottish Widows.
On I September 2021, the Sthool left the TPS scheme and the defined contribution scheme with Scottish
Widows was closed. The sthool operates a defined contribution scheme with Royal London whith all staff
can join. The assets of the stheme are held separately from the Trust in an independently administered fund.
The employer contributes up to 16.4810 corresponding to employees, chosen contribution rates.
Included within salary costs are Pa￿entS to certain fornier staff members or their spouses whose pension
provision prior to the School adopting the TPS was inadequate during their employment. The total amount
paid was £9k (2023.. £12k). The Trust is under no legal oblisation to continue with these payments and
accordingly the accounts do not indude any estimate. actuarial or otherwise, of a possible total future
commitment.
21. RELATED PARTIES
Six (2023.. Five) of the Governors had children at the School during the year, for which they are charged
normal fees and extras a5 agreed in the standard parent-sdiool contract.
In addition to assisting the school in raising funds, Governors themselves make charitable donations to the
sthool fvom time to time, but there is no requirement to do so. The total charitable contributions in the year
from Governors was £lk(2023.. £5k).
One of the Governors is also a Governor of St Edward's School, Oxford (0116784). During the year the School
paid St Edward's £lk Éor the hire of sports facilities and received £123k towards school fees for 10 pupils.
Page 19

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
NOTES
The School also had transactions with its subsidiary company, Dragon Sthool Trading Limited, which are
detailed in note 28.
There were no other related party transactions in the current or previous year.
22. CAPITAL COMMtTMENTS
The School had capital commitments of £158k (2023.. £6.192) with resped to building contracts in progress at
the year-end. There were no amounts committed but not yet contracted.
23. FINANCE LEASE COMMITMENTS
The School has no future minimum lease commitments under non-canceuable finance leases.
24.OPERATING LEASE COMMITMENTS
The School had total future minimum lease commitments under non-cancellable operating leases as follows:
Group and parent
compan
2024 .
£'wo
2023
£'ooo
Other
Due within l year
Due 2-5 years
68
247
179
The total operating lease expense recosnised in the SOFA for the year is £70k (2023.. £36k).
Page 20

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
NOTES
25. FUNDS.. DETAILED MOVEMENTS
Balance at Incoming Outsoing Investment Transfers Balance at
I Sept
resources
resources
gains
between
31 Aug
2023
funds
2024
£'ooo
£'O(M)
£'o
£'ooo
£'o
ENDOWMENT FUND
EN￿wED BURSARJES FifND
445
448
493
496
48
RESTRICTED FUNDS
Knaichbull Memorial fund
Bursaries funds
Capital fund
Development Eund
105
948
15
111
124
1,059
1,209
207
55
(1,209)
{207)
19)
226
313
349
126
UNREsTrIcfED FUNDS
Prepaid fees
General fund
(12)
(21,648)
(21,660)
12
249
261
35,010
35,010
23,378
23.378
426
426
37,415
37,415
CHARrrY total funds
36,824
24,853
22,869
600
35
39,443
Non-charity trading funds
GROUP
37
36,861
185
25,038
57
(22,926
(35)
130
39,573
Prior Ji ear comparative
infvrmation
Balonce at
I Sept
2022
£'ooo
Incoming Outgoing
resources
resources
Investment
8Ains
Transfers Balance at
between
31 Au8
fvnds
2023
£'ooo
£'ooo
£'ooo
£'ooo
ENDOWMENTFUND
ENDOWED BURSARIES FUND
445
448
445
448
RESTRICTED FUNDS
Knatchbull Memorialfvnd
Bursariesfvnds
Copitftlfvnd
Deuelopmentfvnd
73
933
3,663
266
4,935
24
345
127
47
543
105
948
(345)
15
(3,790)
313
1,366
(345)
23
13,790)
UNRESTRICTED FUNDS
Prepaidfres
Generalfvnd
(li)
120,054)
(20,065)
li
3.836
3.847
30,255
30,255
20,932
20,932
41
41
35,010
35,010
CHAIUTY totalfvnds
35,638
21,475
(20,410)
57
36,824
Non-charihj tradingfvnds
GROUP
57
35.695
54
21,529
117)
(20,427)
157)
37
36,861
Page 21

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
NOTES
26. FUNDS.. NET ASSETS
Fixed
Assets
Invest-
ments
Other net Long terni Total net
current
liabilities
Assets at 31
assets
Aug 2024
£'ooo
£'ooo
£'o
£'O(K)
£'o(
ENDOWMENT FUND
ENDOWED BURSARIES FUND
468
468
25
28
493
496
RESTIUCTED FUNDS
Knatchbull Memorial fund
Bursaries funds
Development fund
78
1.096
46
(37)
349
358
124
1.059
349
1,532
1.174
UNRESTRICTED FUNDS
Prepaid fees
General fund
1,847
4,803
(1.847)
32,041
(33,888)
57,180
57,180
7,473
7,473
37,415
37,415
CHARfTY total funds
57,180
9.115
7,036
33,888
39,443
Non-charity tradins funds
CROUP
130
7,166
130
39,573
57,180
9,115
33,888)
Prior ijear comparative infvnnation
Fixed
Assets
Invest-
menls
Other net
ciirrent
Long terni
liabilities
Total net
assets at 31
assets
Aiig 2023
£'ooo
£'ooo
£'ooo
£'ooo
ENDOWM£hlTFUND
ENDOWED BURsAR￿s FUND
420
25
445
420
28
448
RESTRICTED FUNDS
Knotckbull Memorialfiind
Bursariesfvnd5
Developmenlfvnd
63
985
42
(37)
313
105
948
313
318
UNRESTRICTED FUNDS
Prepoidftes
Generalfvnd
165
(165)
(32,006)
(32,171)
47,823
47,823
3,247
3,247
15,946
16,111
35,010
35,010
CHARtTY totalfvnds
47,823
4,715
16,457
(32.171)
36,824
Non-charihj tradingfvnds
GROUP
37
37
47.823
4.715
16,494
(32,171)
36,861
Page 22

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
NOTES
27. FUNDS.. EXPLANATORY NOTES
a) The Endowment fund represent amounts given with a restriction on the disbursement of the capital amount.
The income is used for general purposes. The Trust's endowment fL￿d derives frofft a small group of glfts
in about 1997.
b) The Endowed Bursaries fund provides fee support from income arising from donations whose capital
expenditure has been restricted by the donors. Otherwise funds are administered as for other Bursaries.
c) The Knatthbull Memorial fund provides funding for travel and exploration activitie5 of former pupils ('Old
Dragons,). It has specific trustees who review the application of resources.
d) The Bursaries funds are for the provision of fee support for pupils. The funds indude donations for named
Bursaries,. the costs of Bursary support are deducted from these sums as appropriate. The fund5 are
administered by the Bursaries Committee who review the application of reSoUr￿s.
Additional fee concessions and support are provided from the general fLmd.
e) The Development fund indudes Sums raised for Sp￿IfiC purposes throush the 'annual siving programme,,
other campaigns and unsoliated giEt5. Some of these donations are restricted to specific projects, though
most are not. In some cases general donations are received without even apparent restrictions with respect
to the school's development programme, but the Trust infers a restriction in these cases on the principle that
such donations probably origrinated from liteTature soliciting funds for suth purpose. The balance carried
forward on the fund represents unspent donations Eor specific purposes as funds are transferred to the
General fund when spent.
Q The 'Capilal Eund'represented unspent donations raised for building projects - primarily Ihe Music School.
Amounts spent on the specific buildings have been transferred Erom the Capital fund to the general fund in
the year the expenditure is incurred and the balance As zero at the year end due to the fart that the Music
School and other projects are sufficiently advanced to have incurred the relevant expenditure.
s) The Prepaid Fees fund represents income and expenditure with respect to arnounts paid in advance for fees.
Investments in government stocks and cash deposits are held against the future liabilities.
Page 23

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
NOTES
28. TRADING SUBStDIARIES
The Trust holds 100 ordinary shares of Él each, representins IOOVO of the issued share capital of Dragon
School Trading Limited, a company incorporaled in England and Wales. The value OE the investment as
determined by the equity method is £100. These shares are induded on the parent company balance Sheet as
investments held a5 Eixed assets..
2024
2023
Shares in subsidiary company at cost
loo
loo
The Trust advances worklng capilal as necessary to the trading company to finance its operations. Interest
is charsed on the amount outstanding from time to time at the same rale as charged by the Trust's bankers.
The Trading company's results for the year, and balance sheet at the year end, from the audited account5,
are summarised below..
2024
£'ooo
185
53
132
2)
130
130
2023
£'ooo
Turnover
Cost OE sales
Gross Profit
Administration expenses
Profit for the finanaal year
To be paid to Dragon Sthool Trust Ltd under 8ift aid
54
(6)
48
(13)
35
35
Generated for parent company:
Surplus above
Management tharges from Trust
130
35
133
39
Current assets
tntercompany account
Current liabilities
Net assets
183
(li)
(42)
130
21
19
(5)
35
Called up share capital
General reserves
130
130
35
35
The Trust holds l ordinary shares of £1 eadi. representing Ic￿yO of the issued share capital of Dragon School
International Ltd. a company incorporated in Ensland and Wales. The value of the investment as determined
by the equity method is £1. These shares are included on the parent company balance sheet as investments
held as fixed a5sets'.
2024
2023
Shares in subsidiary company at cost
Dragon Sthool Intemational was dormant during the year ended 31 August 2024.
Page 24

DRAGON SCHOOL TRUST LIMITED
ANNUAL REPORT AND ACCOUNTS 2024:
NOTES
29. CONSOLIDATED STATEMENT OF F￿NANCiAL ACTtVlTIES - COMPARATIVE FIGURES BY FUND TYPE
Unrestricted Restricted
fvnds
fvnds
Endowed
fvnds
Tolal
fvnd5
2023
£'ooo
£'ooo
£'ooo
INCOME FROM..
Charitoble octivities
Schoolfres
Other educational
Other ancillanj Irading
Other trading activities
Non-ancillt7nJ troding
Inveslments
Investment income
Bank ond other interest
Voluntanj Sources
Donations and legacies
Tolol income
20,112
39
20,112
39
54
54
781
781
539
543
539
21,529
20,986
EXPENDITURE ON..
Raisirtgfiinds
Fiindraisingfor voluntanj resources
Trading
Other
Total costs of raisingfvnd5
352
352
48
406
48
406
Charitable actiwtie5
Schools and grantmak7ng
Schools -financing costs
Totol cost5 of C}￿rItAble activit￿5
18,629
1,047
19.676
345
18,974
1,047
20,021
345
Total expenditure
20,082
345
20,427
NET INCOME BEFORE INVESTMENT
GAINSI(LOSSES)
Investment gainsl(10sses)
NETINCOME
904
41
945
198
23
221
1,102
64
1,166
Fair Value goins
Transfers betweenfynds
NET MOVEMENTIN FUNDS
3,790
4.735
(3.790)
(3.569)
1,166
Fund balances ot I September 2022
FUND BALANCES AT31 AUGUST 2023
30.312
35.047
4,935
1.366
448
448
35,695
36,861
Page 25