Company No. 579923
Registered in England
Charity No. 312715
DULWICH PREPARATORY SCHOOLS TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020

DULWICH PREPARATORY SCHOOLS TRUST
ANNUAL REPORT OF THE TRUSTEES
YEAR ENDED 31 AUGUST 2020
The Trustees present their annual report together with the audited financial statements of the
Dulwich Preparatory Schools Trust (the Trust) for the year ended 31 August 2020.
The Trustees confirm that Ihe annual report and financial statements of the Trust comply with the
current stalulory requirements, the requirements of the Trust's governing document and Ihe
provisions of the Slalemenl of Recommended Practice (SORP) "Accounting and Reporting by
Charities" {Charities SORP FRS1021.
Status and admlnistration
The Trust is a company limited by guarantee (Company Number 579923} and is registered with
the Charity Commission under Charity Number 312715.
Trustees. responsibilities
The Trustees (who are also directors of Dulwich Preparatory Schools Trust for the purposes of
company lawl are responsible for preparing the Trustees. report {including the strategic report)
and the financial statements in accordance with applicable law and United Kingdom Accounting
Standards (United Kingdom Generally Accepted Accounting Practice}. Company law requires
the Trustees lo prepare financial statements for each financial year. Under company law the
Trustees must not approve the financial statements unless they are satisfied that they give a true
and fair view of the slate of affairs of the Trust and of the incoming resources and application of
resources, including the income and expenditure, of Ihe Trust for that period. In preparing these
financial statements, Ihe Trustees are required to..
select suitable accounting policies and th@n apply them consistently.,
observe the methods and principles in Ihe Charities SORP.,
make judgments and accounting estimates that are reasonable and prudent.,
state whether applicable UK Accounting Standards have been followed, subject to any
material departures disclosed and explained in the financial statements.,
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the Tru51 will continue in operation.
The Trustees a￿ responsible for keeping adequate accounting records that are suffi'cient to show
and explain the Trust's transactions and disclose with reasonable accuracy al any time the
financial position of the Trust and enable them lo ensure that the financial statements comply
with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust
and hence for laking reasonable steps for the prevention and detection of fraud and other
irregularities.
Each of the persons who are Trustees at the time when this Trustees, report is approved has
confirmed that..
so far as each Trustee is aware, there is no relevant audit information of which the Trust's
auditor is unaware. and
each Trustee has taken all the steps that ought to have been taken as a Trustee in order
to be aware of any relevant audit information and to establish that the Trust's auditor is
aware of that inlormalion.

DULWICH PREPARATORY SCHOOLS TRUST
ANNUAL REPORT OF THE TRUSTEES
YEAR ENDED 31 AUGUST 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trust is the parent charity of two independent school charities, Dulwich Prep Cranbrook and
Dulwich Prep London I'the Schools'l - togelher.lhe Group" The Trust supports the provision of
educalion by the two Schools and the two Schools lease their facilities from the Trust. Members of
the Trust comprise the Trustees of the Dulwich Preparatory Schools Trust. logether with all the
Governors of the Schools.
The Trust's Articles reflect the Companies Act 2006 and the Charities Act 2011. The length of
tenure for Members of the Trust Board is limited lo three terms of office, not to ex￿ed a total of
ten years except in exceptional circumstances. These changes were approved by the Charity
Commission and passed by written resolution on 161h June 2017.
Trust Board
The Trustees of the Trusl are charity Trustees under charity law and Directors of the Trust for the
purposes of company law.
The members oflhe Trust Board who seNed in Offi￿ as Trustees during the year and subsequently
are detailed below..
Mr D H Nelson
Independent Chairman
Nominated by the Governing Body of Dulwich Prep Cranbrook
Independent Trustee
Nominated by the Goveming Body of Dulwich Prep London..
appointed from 1" September 2020
Nominated by the Governing Body of Dulwich Prep London..
retired on 31¥l August 2020
Nominated by the Governing Body of Dulwich Prep Cranbrook
Nominated by the Governing Body of DuSwich Prep London
Independent Trustee
Mr M StJ Ashley
Dr S J Bailey
Mrs E K Kelleher
Mrs C C Randell
Mrs S L Rynehart
MrJDHSteel
Mr M J Tiplady
OfficeryJ
Secretary to the Trustees..
N B Holliday
Professlonal Advlsers
Bankers.. Natwest Bank plc, 120-122 Fenchurch Street, London EC3M 5BA
Solicitors.. Farrer & Co LLP, 66 Lincoln's Inn Fiekls, London WC2A 3LH
Auditor.. Crowe U.K. LLP, 55 Ludgate Hill, London EC4M 7JW

DULWICH PREPARATORY SCHOOLS TRUST
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2020
Management Structure
The Board meets a minimum of three times per year, normally once per academic term. There
are three Independent Trustees, including the Chaimian, and each of the Schools nominates
two of its Governors (normally including the School's Chairman) as Trustees. The Board has a
Finance Committee which meets a week or two prior to Trust Board meetings, and at other
times when necessary, lo discuss financial matters on which il advises the Board. The Trust
considers the performance of each School. their future plans. budgets and operation, together
with applications for capital investment.
Trustee Recruitment & Trainlng
The Board is self-appoinling, with new Trustees identified and appointed following agreement
from all current Trustees. Trustees serve for an initial term of four years. bul may offer
Ihemselves for re-election for a second term of four years and then a final term of two years,
making len years in total, except in exceptional circumstances.
New members of the Board are elected on the basis of the candidates, professional qualities,
experience. personal competence and the specific needs of the Trusl. New Trustees are
inducted into the workings of the charitable company via a programme organised by the
Secretary. The Secretary will also notify members of the Board of relevant external Trustee
training and information courses and seminars designed to keep them informed and updated
on current issues in the sector and regulatory requirements.
Charity Code of Governance
The Board takes its governance responsibilities seriously and the Group aims to have a
governance framework that is fit for purpose, compliant and efficient. The GroLJP has established
a solid foundation in governance in which all of ils Trustees are clear about their roles and legal
responsibilities, are commilled Io sUPPOrting the Trust in delivering ils objects most effectively
for the benefit of ils beneficiaries and conlribuling to the continued improvement of the Schools.
The Group meets the key outcomes set out in the seven areas of the Charity Governance Code.
The structure of the Group and the relationship between the Trust and the two Schools are
designed in such a way as lo ensure that recommended practice is observed and, where
specific aspects a￿ delegated lo the Schools, these aspects are regularly monitored.
Employment policy
The Trust and each of the Schools is an eqLral opportunities employer. Full and fair
consideration is given lo job applications from disabled persons and due consideration is given
lo their training and employment needs. Consultation with employees. or their representatives.
has continued at all levels with the aim of taking the views of employees into account when
decisions are made that are likely to affect their interests. Employees are made aware of the
financial and economic performance of the relevant School.
Communication wrth employees continues through normal management channels in a variety
of forms and also through exceptional channels lo make staff aware of current issues.

DULWICH PREPARATORY SCHOOLS TRUST
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2020
STRATEGIC REPORT
The remainder of the report of the Trustees also constitutes the ￿rategiC report for the purposes
of the Companies Act 2006.
Prlncipal activlty and objects of the charitable company
The principal activity of the Trust is the advan￿ment of education in the United Kingdom and
elsewhere, currently through the support provided to the two Schools.
The Board is mindful of the long-standing need lo provide public benefit and strives to do $0
through the support of development in education generally, through bursaries (mainly provided
by the Schools), through working with other educational bodies and the promotion of best
practi￿.
Alm
The Trustees, aim is that pupils at the Schools should benefit from the provision of first class
facilities to enable them to fulfil their potential on all fronts- academic, artistic, dramatic, musical,
sporting, social and moral.
Prlmary objective
The Trust is a charitable trust which promotes the advancement of education in a broad context
and in particular at its two Schools in London and Kent.
Strategles to achleve the prlmary objectlve
The Trust seeks to achieve its primary objective through the implementalion of the following
strategies-.
By providing an excellent education at Dulwich Prep Cranbrook and Dulwich Prep
London.,
Through the provision of bursaries and other financial support to enable children whose
parents would not othenNise be able to afford the fee$ to benefit from an education at
the Schools.,
By raising funds in support of education and organising, or making grants towards,
lectures, seminars, broadcasts or courses of instruction..
By considering ways in which technology can be can be used to enhance teaching and
learning.,
Through the provision of classrooms and buildings generally in connection with
education al Dulwich Prep London and Dulwich Prep Cranbrook and elsewhere.,
Through the provision of playing fields, games courts, recreational grounds and
pavilions, swimming pools and other facilities in connection with sports, games and
recreational activities of all kind5 at Dulwich Prep London and Dulwich Prep Cranbrook
and elsewhere.,

DULWICH PREPARATORY SCHOOLS TRUST
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2020
By setting rents al a level to ensure the financial viability of the Schools and at a level
that is consistent with future capital investment to provide a first class education to boys
and gids at the Schools.,
Through the maintenance of a clear and effective management structure and the
necessary support framework to meet the needs of the Schools.,
By acting as banker lo the Schools and by lending money to facilitate the cash flow of
each School.
The Trust considers bids for capital expenditure from the Schools to enhance the Schools,
facilities. The Lower School project in London was completed in July 2019 after a two year
programme which was funded by the Trust in support of Dulwi¢h Prep London. During the year
the Trust also sold surplus residential property in London and planned the sale of land al
Cranbrook as a residential development site.
Publlc beneflt
The Trust remains committed to the aim of providing public benefit in accordance wlh ils
founding principles. Charity legislation includes a requirement to demonstrate public benefit for
any charitable purpose where il had hitherto been presumed in the absence of evidence lo the
contrary. This calls in turn for commensurate disclosure of our public benefit aims.
The awarding of bursaries for the needy is a measurable means of providing public benefit. The
Board lakes the view that bufsaries awarded lo those who would not othewise be able lo afford
the fees are important, bul not to the exclusion of the much wider benefit that the Trust provides
within the ¢ommunily. The Trust's public benefit commitment is currently delivered primarily
through the two Schools, each of which has a bursary programme. Ouring the year the Trust's
Schools provided bursary support totalling £418k to 38 pupils {2019'. £482k to 46 pupils) of
which 16 were for 70 /0 or more of full fees. In addition there was support for local charities and
educational bodies through fund-raising activities, outreach programmes and the loall of
facilities. Both the Trust's Schools work with Place2Be promoting child mental health
awareness. Fifteen slate schoo15 benefited from the Trust's Schools in a variety of ways from
the use of facilities to support from staff.
The Trust does not engage with any external third party fundraisers. There have been no
complaints in the period regarding inappropriate or intrusive contact in relation to fundraising
activities.
Streamlined Energy and Caibon Reporting {SECRI
The Trustees have considered the requirements of The Companies (Directors, Report) and
Limited Liabilities Partnerships (Energy and Carbon Report) Regulations 2018. The two
Schools each meet two of the criteria for non-disclosure and therefore are not required to
produce a report. As a result, since the Trust, as the parent entity, does not produce any
emissions, the Trustees have concluded that the Group does not need to submit a return.
Section 17211} Report incorporatlng Statements of Employee and Stakeholder
engagement
The Trustees of the Trust, as Directors of the Company, act in the way they consider, in good
faith, would be most likely to promote the success of the Group for the benefit of its members
as a whole and in doing so have ￿gard to..

DULWICH PREPARATORY SCHOOLS TRUST
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2020
al The likely consequences of any decision in the long run-
bl The interests of the Group's employees.,
cl The need to foster the Group s business relationships.,
dl The impact of the Group's operations on the community and the environment.,
e) The desirability of the Group maintaining a reputation for high standards of business
conduct.,
fj The need to act fairly.
The Trust achieves the success of ils wtder charitable purposes through the activities
undertaken by ils Schools, which are regularly monitored and assessed. This incorporates the
desire to meet the requirements of all stakeholders, whether pupils and the wider communf(y,
staff. donors, fee payers and suppliers,
The Trustees consider that they have promoted the Trust's charrtable purpose. as set out in
aims and objectives on page 4, in the following ways..
a} The likely Consequen￿ of any decision in the long run..
The Trustees have considered the long-term sustainability of the Schools, operations.
as set out in the Going Concern section of the Financial Review on page 9.
- The Board sets and approves strategic direction and policy, meets three limes each
year and additionally as required. The Board monitors the work of the Schools through
its Finance Committee and through reports from the Schools. representatives on the
Trust Board. The Finan￿ Committee reviews the Schools, financial plans on a termly
basis by monitoring income and expenditure against forecasts within the context of the
annual budgets and the rolling 5 year financial plans. Capital expenditure plans and
cash flow requirements are also closely reviewed, particularfy in the light of the Trust's
borrowing commitments and repayment requirements.
Risk management is incorporated into all of the Group's operations and robust risk
management procedures are well eslablished. The most significant risks are
discussed at each relevant Trust Board meeling. Further details are contained on
page 9.
The Trustees review and endorse all policies to ensure consistent long term
regulatory compliance.
b) The interests of the Group's employees..
- Authoritative and frequent communicalion with staff at the two Schools has been
essential. especially during the lockdown when many staff were working
remotely. This has been conducted by regular staff team meetings and routine weekly
wrillen communications lo staff and parents. Staff who have been furloughed have
been contacted by their own line management and through a series of newsletters and
other communications to maintain their awareness. Staff have been kept informed
about staffing, financial and strategic issues affecting them and the Schools.
Full details of the employment policy are contained on page 3.
The Trustees receive regular reports on staff matters through the Schools, termly
reports.
All senior managemenl are involved in the early stages of the strategic plan
development, and staff are updated on the plan and priorities at the start of each
academic year.

DULWICH PREPARATORY SCHOOLS TRUST
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2020
Meaningful engagement is encouraged through the staff forum at each School where
employees across all departments discuss and make recommendations direct to
senior management. A diverse programme of well-being activities is available lo all
staff.
At both Schools there was a full consultation programme prior to each Schools,
decision to withdraw from the Teachers, Pension Scheme.
e) The need to foster the Group's relationships with stakeholders..
The Group's beneficiaries and donors are the focus of all the Schools, operations.
A fair and consislenl selection policy ensures a diverse and thriving pupil body who
are fully supported throughout their education from nursery to external examinations
for the senior schools of their choi￿, enabling and preparing pupils for later life.
Robust recruitment of the best teachers and valuing staff supports slability and a high
standard of education.
A fair policy of bursary awards. consistently applied, supports families who may not
otherwise be able to access education al the Schools.
The parent contract forms the basis of the relationship with fee payers. This is
reviewed regularly to ensure best practice and then applied fairly and consistently.
Parental engagement is maintained through regular correspondence and termly
publications.
All suppliers are treated fairly and promptly with adherence to business terms.
The Group receives regular reports and updates in fundraising regulations through
the Schools,. the Schools do not engage with any external third party fundraiser5.
dl The impact of the Group's operations on the community and the environment..
The Group supports the Schools in undertaking a full provision of community and
partnership activity.
Full details are contained on page 5.
el The desirability of the Group maintaining a reputation for high standards of business
Condu￿..
The Schools, Bribery Policres set out the responsibilities for staff to report any
incidents or suspicion of fraud, bribery or corruption arisir7g in the course of Iheir work
and to cooperate fully with related investigations. The Schools take a zero tolerance
approach towards fraud. bribery and corruption. The Whistleblowing Policies 5UPPOrt
staff in this approach.
fj The need to act fairly..
All Trustees and Senior staff complete an annu81 Conflict of Interest Declaration.
There have been no reported incidents of unacceptable relationships.

DULWICH PREPARATORY SCHOOLS TRUST
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2020
ACHIEVEMENTS AND PERFORMANCE
Rèview of achievements and performance for the year
The year was split into two very different six month periods. During the first six months the Trust
was concerned with pursuing the snagging and final account in respect of the Lower Sch¢)ol
projed. This project was a clear demonstration of the Trust's commitment to maintaining the
Schools, excellence through its extensive capital investment programme. The redevelopment
of the Lower School in London, including new kitchens and a new servery was completed in
July 2019 in time for the School to be in occupation at the start of the academic year 2019120.
The project was funded by the Trust in support of Dulwich Prep London at a cost in the region
of £13.5 million. This cost was partly covered through the sale of surplus residential property in
London, which completed on 3, July raising £81 Ok gross, and partly through a bank loan of £5
million s8cured on olher freehold residential property. The Trust only drew down £4.3 million of
the loan.
The second six months of the year was characterised by the Covid-19 pandemic and the Trust's
Schools, in common with all other schools in the UK, were obliged to close from 24 March.
Both Schools rolled out on-line learning platforms incorporating a mixture of home exercises,
pre-recorded videos and remole teaching. In addition, both Schools provided key workér
teaching from March to July. From 131 June, and following extensive risk assessments, certain
Year Groups were able to return to school.
At the end of the academic year the Trusl's Schools sent 189 pupils to over 30 different senior
schools. including many of the lop schools in the UK. Between them these pupils gained the
offer of 115 scholarships and awards. The Trust's recognition of the importance of providing a
first class education was demonstrated by the variety of these awards which were achieved not
only for academic success, but also for art. DT, music and sport.
Following a full consultation process Dulwich Prep Cranbrook withdrew from the Teachers,
Pension Scheme and initiated a new allernative defined contribution pension arrangement with
effect from 181 November 2019
FINANCIAL REVIEW
The Group's net income for the year ended 31 August 2020 amounted to £1,020,818 {2019'.
£1,986,237). The nel cash generated from operations was partially used lo pay for the Trust's
capital expenditure on the Lower School project in support of Dulwich Prep London. The net
book value offixed assets amounted to £42.625,05312019.' £43,409,714).
The Trust receives income through the rents received from the Schools for their use of
educalional and residential property. 11 also benefits from donations of surplus funds from the
Schools when the Schools. reserves policies permit.

DULWICH PREPARATORY SCHOOLS TRUST
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2020
Reservos
The Trust's reserves policy is to maintain its free unrestricted reserves al a minimal level given
Ihe confidence it has in its continuing income stream from the Schools, both from renls and from
any surpluses. At any lime, however, il may build up reserves in anticipation of a future capilal
project to support the Schools or to support ils other charitable objectives. Alternatively, as at
present. it may be prepared to borrow funds for the short to medium term to invest in capital
projects to support the Schools. At the year end, therefore, the Trust had negative free
unrestricted reserves of £7,304,575 (2019.. £8,447,307).
The Trust's reseNes policy is influenced by the level of reserves at subsidiary undertaking level
and the Trust and subsidiary undertakings may, from time to lime, build up reserves in
anticipation of a future capital project at either school or to meet other charitable objectives.
Funds held by the Group at the year end lolalled £37,740,666 {2019'. £36,719,848) with negativé
free unrestricted reserves including pension rese￿e$ of £4,898,22712019.' £6,703,368).
The Trustees have considered the reserves policy in light of the Covid-19 pandemic and have
concluded that no adjustments to the policy need to be made.
Post balance sheet events
Having completed consultation with teaching staff in respect of the School's continued
membership of the Teachers, Pension Scheme, the Board of Dulwich Prep London made the
decision on 271h January 2021 to withdraw from the Scheme on 31° Augusl 2021.
While much of the Trust's property is freehold il leases parts of its London facilities from th8
Dulwich Estate. In September 2020 a 50 year lease extension to 2081 was secured on the main
srte which extends the Trust's leases on ils key London facilities for the benefit of Dulwich Prep
London. Underthe terms ofthe agreement a premium of£1.1m is payable to the Dulwich Estate
in three tranches.. all three tranche5 have now been paid.
The sale of the residential site at Cranbrook noted above exchanged on 71b August 2020 and
completed on 14th Septemter 2020 raising £1.425m gross.
Golng concèrn
All the pupils al both Schools returned for the start of the Autumn Term 2020. However, in I￿ht
of the Covid-19 pandemic and the imposition of a third lockdown in January 2021 the Group's
cash flow was reviewed using assumptions designed to reflect a conservative assessment of
the impact of Covid-19, particularly on the revenues of each School taking into account each
School's experience over the Summer Term 2020. These have included the refunds to parents
provided at each School, the forecast enrolment of pupils and the decision to freeze fees at
current levels for the next academic year 2020121 as well as parents, ability to pay fees. Each
School has also reviewed its expected expenditure and sought to make savings wherever
possible withoLrt impacting on the quality of education, including taking advantage of the
furloughing of, primarily, non-academic staff.

DULWICH PREPARATORY SCHOOLS TRUST
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2020
Certain capital expenditure has been postponed and the Trust has agreed a repayment holiday
on its existing loan for 12 months from June 2020.
Having assessed the Trust's financial position and its available facilities. the risks to which it is
exposed and the detailed cash projections noted above the Trustees are satisfied that it remains
appropriate to prepare the statements on a going concem basis.
Future plans
To continue to stretch atKI challenge all pupils academically irrespeclive of their level of
ability and to offer them a broad range of artistic, musical and sporting options.
To give children the opportunity to move on to a large and varied range of senior schools.
To continue lo seek and provide opportunities to engage with local maintained schools
and the wider community and through this to ensure staff, parents and pupils have an
appreciation of the world around them and the difference they can make.
To offer bursary places at the Schools lo pupils whose parents would not olheNise be
able to afford the fees.
To continue to increase pupil numbers.
To continue to ensure financial stability.
To retain high performing staff and provide them wfth developmenlal training.
To ¢onlinue to develop the Schools, srtes as and when required, including the extension
of Ihe Pre-Prep building in London.
PRINCIPAL RISKS AND UNCERTAINTIES
The Trustees considered the affordability of fees by parents across the independenl sector to
be the principal risk faced by the Trust. This risk is likely to increase as thefulure financial impact
of Covid-19 emerges in the coming months and years. Other economic and political risks
include the un￿rtain implications of Brexit in the coming months and years, the potential
removal of business rale relief enjoyed by both Schools as Charities and Ihe potential
introduction of VAT on school fees.
Heallh and Safety is afways a significant area for risk management. The risks range from fire
and infrastructure to personal risks (most notably when away from the campus on trips and
expeditions). The level and breadth of activity at the Schools is impressive and the risks
associated with all activities are minimised by thorough planning and risk assessment.
Detailed consideration of risk is undertaken for each School by ils Board, with input from the
Senior Leadership Teams. The Trust also considers risk at Group level and the Risk Register
is a standing item at each Board meeling. The risk management process and Ihe resulting
register idenlrfy risks, assess their impact and likelihood and. where necessary, recommend
controls lo mitigate and monitor those risks which are assessed as high. In particular. the threat
arising from any terrorisl activity in London is kepl under close review.
The generic controls used by the Trust to minimise risk include..
detailed terms of reference together with fomial agendas for Board activity:
strategic development planning, reviewed annually by the Board,.
comprehensive budgeting and management accounting.,
established organisalional structures and lines of reporting.
formal written policies including clear authorisalion and approval levels.,
vetting procedures as required by law for the protection of the vulnerable.
10

DULWICH PREPARATORY SCHOOLS TRUST
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2020
The Trustees regularly review the effectiveness of current plans and strategies for managing all
Identified major risks for the Group.
Approved by the Board of Dulwich Preparatory Schools Trust, including, in their capacity as
company directors, approving the Directors. and Strategic Report contained therein, and signed
on its behalf by..
D H Nelson
Chairman
Date: 23rd March 2021

DULWICH PREPARATORY SCHOOLS TRUST
INDEPENDENT AUDITOR'S REPORT
YEAR ENDED 31 AUGUST 2020
Opinion
We have audited the financial statemenls of Dulwich Preparatory Schools Trust for the year
ended 31 August 2020 which comprise Ihe Consolidated Statement of Financial Activities, the
Group and Trust Balan￿ Sheet. the Consolidated Cash Flow Statement and notes lo the
Financial Statements. The financial reporting framework that has been applied in their
preparation is applicable law and United Kingdom Accounting Standards, including Financial
Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic
of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements..
give a Irue and fair view of the state of the Group's and the charitable company's
affairs as al 31 August 2020 and of the Group's incoming resources and application of
resources, including its income and expenditure for the year then ended,.
have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice., and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinlon
We conducted our audit in accordance with Inlemational Standards on Auditing (UK} {ISAs
{UKII 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 requiremenls that are relevant lo
our audit of the financial slalements in the UK, including the FRC'S Elhical Standard, and we
have fulfilled our other ethical responsibilities in accordan￿ with these requirements. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Conclusion$ relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAS (UK)
require us to report to you where..
the Trustees, use of the 90ing concern basis of accounting in the preparation of the
financial statements is not appropriate: or
the Trustees have not disclosed in the financial statements any identified material
uncertainlies that may cast significant doubt about the Group s or the charitable
company s ability to continue to adopt the going concern basis of accounting for a
period of at least Iwelve months from the date when the financial statements are
authorised for issue.
Other infomiation
The Trustees are responsible for the other information. The other infomiation comprises the
information included in the annual report, other than the tinancial statements and our auditor's
report thereon. Our opinion on the financial statements does not cover the other information
and, except to the extent othenmise explicitly slated in our report, we do not express any form
of assurance conclusion Ihereon.
12

DULWICH PREPARATORY SCHOOLS TRUST
INDEPENDENT AUDITOR'S REPORT
YEAR ENDED 31 AUGUST 2020
In connection with our audit of the financial statements, our responsibllity is to read the other
information and, in doing so, consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the audit or otherwise appears to be
materially misstated. If we identify such material inconsistencies or apparent material
misstatements, we are required to determine whether there is a material misslalement in the
financial statements or a material misstatement of the other information. If. based on the work
we have performed. we conclude that there is a material misstatement of this other information,
we are r4uired lo report that fact.
We have nothing to report in this regard.
Oplnlons on other matters prescrlbed by the Companles Act 2006
In our opinion based on the work undertaken in thé course of our audit
the information given in the Trustees. 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 slalements are prepared is consistent with the financial slalemenls.,
and
the Strategic Report and the Directors, report included within the Trustees, report have
been prepared in accordance with applicable legal requirements.
Matters on whlch we are required to report by exceptlon
In light of the knowledge and understanding of the Group and the charitable company and their
environment obtained in the course of the audit, we have not identified material misslalements
in the strategic report or the Directors, report included within the Trustees, report.
We have nothing lo report in respect of the following mallers in relation to which the Companies
Act 2006 requires us to report to you if, in our opinion..
the parent company has not kept adequate accounting records.. or
the parent company financial statements are not in ag￿ement with the accounting
records and returns., or
certain disclosures of Trustees, remuneralion specified by law are not made., or
we have not received all the information and explanations we require for our audit.
Responslbilities of Trustees
As explained more fully in the Trustees, responsibilities slalemenl set out on page 1, the
Trustees (who are also the Directors of the charitable company for the purposes of company
lawl 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 15
necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements. the Trustees are responsible for assessing the Group's or
the charitable company's ability to continue as 8 going concern, disclosing, as applicable,
13

DULWICH PREPARATORY SCHOOLS TRUST
INDEPENDENT AUDITOR'S REPORT
FOR THE YEAR ENDED 31 AUGUST 2020
matters related to going concern and using the going concem 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.
Auditor's responsibilities for the audit of the financlal statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from malerial 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,
bul is not a guaranlee that an audit conducted in accordance with ISAS {UKI will always detect
a material misstatement when il exists. Misstalemenls can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected lo
influence the economic decisions of users taken on the basis of Ihese financial statements.
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.or
.uklaudilorsres
onsibilities. This
description forms part of our audilorfs report.
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 audil work has been undertaken so that
we might stale lo the charitable company's members those matters we are required to stale to
them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we
do nol accept or assume responsibility lo anyone other than the charitable company and the
charitable company s members as a body, for our audit work, for this report, or for the opinions
we have formed.
Tina Allison
Senior Statutory Auditor
For and on behalf of
Crowe U.K. LLP
Statutory Auditor
55 Ludgate Hill
London
EC4M 7JW
26 March 2021
14

DULWICH PREPARATORY SCHOOLS TRUST
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 AUGUST 2020
{Incorporating an income and expenditure account)
Unrestrlcted
Restricted
Funds
Fund5
2020
2020
Notes
2020
Total
2019
Total
Income from:
Charitable a¢tlvltles.'
School fees receivable
18,810.170
18,810,170
20,729,771
oth6r educational income 3
352,893
352,893
654.884
Ancillary income
Other trading activitles
Non-ancillary trading
income
Investments
Bank and other interest
Voluntary sour¢es
Donations and legacies
Job retenlion scheme
grant
Total Income
Expenditure on:
Ralsing funds
Financing costs
Total costs of raislng
funds
Charltable a¢tivitie$
Education and grant
making
Total expenditure
746,289
746,289
1,744,439
130,351
130,351
113,498
5,118
5,118
6,015
21,728
2.338
24,066
22,753
953.702
953,702
21,020,251
2,338
21,022,589
23,271.360
141,291
141,291
20,533
(141,291)
1141,291)
120,533)
(19.793,480}
(19,793,480) (20,838.590)
19,934,771
20,859.123
19,934,771
Net income
1,085.480
2,338
1,087,818
2,412,237
Transfer between funds 15
Pension scheme
actuarial {lossesl
Net movoment In funds
for the year
Fund balances brought
fotward at 1 September
2019
Fund balances carried
forward at 31 August
2020
2,000
{2,000)
17
167,0001
(67,000
1426,000}
1,020,480
338
1,020,818
1,986,237
36,706,346
13,502
36,719,848
34,733,611
37,726,826
13,840
The notes on pages 18 to 37 form part of these financial statements.
14
37,740,666
36,719,848

DULWICH PREPARATORY SCHOOLS TRUST
CONSOLIDATED AND CHARITY BALANCE SHEET
AS AT 31 AUGUST 2020
Group
2020
Group
2019
Trust
2020
Trust
2019
Notes
FIXED ASSETS
Tangible assets
42,625,053 43,409,714 41,671,758 42,616,529
CURRENT ASSETS
Debtors
Cash at bank and in hand
10
1.198,358
2,878,919
4,077,277
861,668
1,806,462
2.668,130
482.954
606,655
1,089,609
84,500
129,680
214.180
CREDITORS: Amounts falling due
within one year
11
(4,816,544) 15,436,198) {4,798,467} {5,445,086)
NET CURRENT LIABILITIES
739,267
2.768,068
3,708,858
5,230,906
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS: amounts falling due
after more than one year
41.885,786 40,641,646 37,962.900 37.385,623
12 (3,616,120) 13,322,798) {3.582.355} (3,203.0391
NET ASSETS EXCLUDING
PENSION SCHEME LIABILITY
38,269,666 37,318.848 34,380,546 34.182,584
Defined benefit pension scheme
17
529,000
(599,000
NET ASSETS INCLUDING PENSION
SCHEME LIABILITY
37,740.666 36,719,848 34,380,545 34,182,584
CHARITY FUNDS
Unrestricted funds excluding pension
reserve
38,265.826 37,305,346 34,367,183 34,169,222
Pension reseNe
Restricled funds
TOTAL FUNDS
<529,000) (599,0001
13,840
13.502
13,362
13,362
37,740,666 36,719,848 34.380,545 34,182,584
The notes on pages 18 to 37 form part of these financial statements.
The parent charity result for the year ended 31 Augusl 2020 was a surplus of £213,76712019'.
£2,062,269).
The financial statements were approved by the Trustees on
behalf, by..
23 March 2021
and signed on their
D H NELSON
Chair of Board
Company Number.. 579923
15

DULWICH PREPARATORY SCHOOLS TRUST
CONSOLIDATED STATEMENT OF CASH FLOW
FOR THE YEAR ENDED 31 AUGUST 2020
Note
2020
2019
Net cash inflow from operatlons
Net cash provided by operating
activities
1,134,661
2.452,012
Cash flows from investlng activities:
Additions to fixed assets (excluding
capitalised borrowing costs)
Proceeds from sale of tangible fixed
assets
Investment income and bank interest
received
(584,750)
15,641.432)
598,828
1,272,859
5.118
6,015
Net cash providedl(used Inl Investlng activities
19.196
(4,362.558)
Cash flows from financing actlvities:
Cash inflows from borrowing
Repayment of loan
8orrowing costs
300,000
1396,978)
15,578
1.000,000
{177,253)
Net cash (used In}Iprovided from financlng actlvltles
81,400
822,747
Change in cash and cash equivalents in
the reporting period
1.072,457
(1,087,799)
Cash and cash equivalents at the
beginning of period
1,806,462
2,894,261
Cash and cash equlvalents at the
end of the reporting period
2,878,919
1,806.462
The notes on pages 18 to 37 form part of these financial statements.
16

DULWICH PREPARATORY SCHOOLS TRUST
CONSOLIDATED STATEMENT OF CASH FLOW
FOR THE YEAR ENDED 31 AUGUST 2020
2020
2019
{1> Reconciliation of net movement in funds
to net ca$h flow from operatlng actlvities
Net incoming reSoUr￿S
Elimination of non-operaling cash flows..
Investment income
Defined benefit pension scheme
adjustments
Depreciation and amortisation charges
Interest charges
(Profit) on disposal of fixed assets
{IncreasellDecrease in debtors
{Decreasel in creditors {excluding bank
loans. fees in advance scheme and
deposits}
(Decrease) in fees in advance scheme
creditors
Increase in parents, deposits
1,087.818
2,412,237
(5,118)
1137,000)
1,242,743
83,287
1472.161)
(336,6911
(6,015)
{149,000)
1,345,536
(1.194.054)
61,247
{338,826}
(32.062)
170.7791
81,388
(8.078)
22,201
46,843
39,775
Net Cash inflow from operatlons
1,134,661
2,452,012
2020
2019
(li} Analysis of cash and cash equivalents
Cash at bank and in hand
2,878,919
1,806.462
17

DULWICH PREPARATORY SCHOOLS TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
1 ACCOUNTING POLICIES
1.1 Basis of preparatlon
The financial statements have been prepared in accordance with the Financial Reporting
Standard applicable in the UK and Republic of Ireland {FRS102), the Companies Act 2006 and
the Statement of Recommended Practice applicable lo charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
(FRS 102). The accounts are drawn up on the historical cost basis of accounting.
The Trust is a Public Benefit Entity registered as a charity in England and Wales (charity
number.. 312715) and a company limited by guarantee, {company number.. 005799231.lts
registered office is 42 Alleyn Park, Dulwich, London SE21 7AA.
The consolidated financial statements include the results of the Trust and its two subsidiaries,
Dulwich Prep London and Dulwich Prep Cranbrook Itogether'the Group,). Accordingly, the
Consolidated Statement of Financial Activities reflects the incoming resources and resources
expended of the Group and not the Trust as an individual entity.
1.2 Golng Concern
Having reviewed the cash position of the Trust together with the expected ongoing demand for
places al the Schools and future projected cash flows, inoluding the ongoing effects of Covid-
19 and potential lockdowns, the Trustees have a reasonable expectation that the Group has
adequate resources to continue its activrties for the foreseeable future and consider that there
were no material uncertainties over the Group's financial viability. Accordingly, they continue
to adopt the going concern basis in preparing the financial statements.
1.3 Critical accountlng judgements and key sources of estimation uncertainty
In the application of the accounting policies, Trustees are required to make judgements,
estimates, and assumptions about the carrying value of assets and liabilities that S￿ not
readily apparent from other sources. The estimates and underlying assumptions are based on
historical experien￿ and other factors that are considered lo be relevant. Actual results may
differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accountrng estimates are recognised 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 affected current and future periods.
The Group's liability for the Non-Teaching Staff defined benefit pension scheme involves a
number of assumptions as disclosed in note 17. In the view of the Trustees, no other
assumptions concerning the future or estimation uncertainty affecting assets or liabilities al the
balance sheet date are likely to result in a material adjustment lo their carrying amounts in the
next financial year.
18

DULWICH PREPARATORY SCHOOLS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
1 ACCOUNTING POLICIES (continued}
The following accounting policies have been applied consislenlly in dealing with items which
are considered material in relation to the financial statements.
1.4 Income
All income is included in the consolidated ststement of financial activities when the Group has
entitlement to the funds, receipt is probable and the amount can be measured with sufficient
reliability. Fees consist of charges for Ihe school year ending Au9USt, less bursaries and
allowances. Fees received in advance are deferred and released to income in the period to
which the fees relale. Grant income is recognised as and when entitlement arises. can be
reliably quantified and the benefit is probable.
1.5 Expendlture
Expenditure is accrued as soon as a liability is considered probable, discounted to present
value for longer-term liabilities and has been included under expense categories that
aggregale all cosls for allocation to activities. Where costs cannot be directly attributed to
particular activities they have been allocated on a basis consistent with the use of the
resources.
1.6 Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rales
calculated to write off the cost of fixed assets, less their estimated residual value, over their
expected useful lives on the following bases. Fixed assets are capitalised if they exceed a non-
trivial amounl in the context of the Trust's OT relevant School's operations being £500 in the
case of the Trust and Dulwich Prep London and £200 in the case of Dulwich Prep Cranbrook.
Freehold land
Freehold property
Lon9-term leasehold property
Not depreciated
Over 5 to 50 years
Reducing balance over remaining life of the
lease
25010 reducing balance
100/0 Straight line
25-50 /0 Straight line
Motor vehicles
Fixtures and fittings
Computer equipment
Borrowing costs directly attributable to capital development projects have been capitalised.
19

DULWICH PREPARATORY SCHOOLS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
1 ACCOUNTING POLICIES {contlnued)
1.7 Fund accountlng
Unreslricted income of the Trust belongs to the Trust's corporate reseNes, spendable at the
discretion of the Trustees to further the Trust's objects. The unrestricted income of the Schools
simila￿Y belongs to the corporate reserves of the relevant school and is spendable at the
dis¢relion of its Governors to further the school's objects. The objects of the Trust and the
Schools contain provisions to provide support to each other. Where the Trustees or Governors
las relevant) decide to set aside any part of these funds lo be used in future for some specific
purpose, this is accounted for by transfer to the appropriate designaled fund.
Restricled funds may only be spent on the charitable purpose specified by the donor.
1.8 Penslon costs
Retirement benefits to employees of the Group are now provided through one defined benefit
and bNO defined contribution scheme5. The pension costs charged in the Statement of
Financial Activities are determined as follows..
la} The Teachers, Pension Scheme- This scheme is a Mult￿eMploYer pension scheme. 11 is
not possible lo identify the Group's share of the underlying assets and liabilities of the
Teachers, Pension Scheme on a consislenl arKI reasonable basis and therefore. as required
by FRS102, the Group accounts for the scheme as if il were a defined contribution scheme.
The Group's contributions, which are in accordance with the recommendations of the
Government Actuary, are charged in the period in which the salaries to which they relate are
payable. Dulwich Prep Cranbrook left this scheme on 31 October 2019.
{b} From 1 November 2019, Dulwich Prep Cranbrook teaching staff have become members
of the Aviva Pension Trust for Independent Schools which as its name implies is operated by
Aviva for a number of private schools. Employer's pensions costs are charged in the period
In which the salaries to which they relate are payable.
{cl The Dulwich Preparatory Schools Trust Non Teaching Staff Group Personal Pension Plan-
This is a defined contribution group personal pension plan with A viva. Employer's pensions
costs are charged in the period in which the salaries to which they relate are payable.
20

DULWICH PREPARATORY SCHOOLS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
1 ACCOUNTING POLICIES (contlnued)
In additlon the Trust has historically provided retirement benefits to non-tea¢hing staff through
defined benefit scheme, The Dulwich Preparatory Schools Pension Scheme. The scheme is
now closed so there are no current service costs, olher than administration expenses which
are borne directly by the Schools. The expected return on the scheme assets less the
scheme interest costs are credited within other interest. The ￿heme actuarial gains and
losses are recognised immediately as other recognised gains and losses. The defined benefit
scheme assets are measured at fair value al the balance sheet dale. Scheme liabilities are
measured on an actuarial basis at the balance sheet date using the projected unit method
and discounted at a rate equivalent to the current rate of return on a high quality corporate
bond of equivalent term to the scheme liabilities. The resulting defined benefit assét or liability
is presented separately after other net assets on the face of the balance sheet.
1.9 Operatlng leases
Rental income and expenditure under operating leases are accounted for on a straight-line
basis over the lease term. even rf the payments are not made on such a basis.
1.10 Financial Instruments
Basic financial instruments are initially recognised at transaction value and subsequently
measured at amortised cost. Financial assets held al 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 1$ defined as all cash held in instant
access bank accounts and used as working capital. Financial liabilities held at amortised cosl
comprise all creditors except for fees received in advance, social security and other taxes and
provisions.
Administration and similar fees paid for borrowings are treated as interest and amortised over
the life of the loans
1.11 Taxatlon
The Trust is a registered charity No.312715 and as such is not liable to United Kingdom
income tax or corporation tax on charitable activities.
21

DULWICH PREPARATORY SCHOOLS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
2 FEES RECEIVABLE
2020
2019
Feos receivable conslst of:
School fees
Less.. total awards and concessions
19.890,600
1,080.430
18,810.170
21.873.720
1,143,949)
20,729.771
Included within awards and concessions are means-tested bursaries totalling £417,718 which
were paid to 38 pupil$12019. £482,128 to 46 pupils).
3 OTHER EDUCATIONAL INCOME
2020
2019
Entrance and registration fees
Courses and sub-lettings
AVP sports activities income
43,090
244,414
65,389
352,893
35,180
430,963
188.741
654,884
4 ANCILLARY AND OTHER INCOME
2020
2019
School shop, School trips and Other income
Profil on sale of fixed assets
274.128
472.161
746,289
550,385
1,194,054
1.744,439
5 OTHER TRADING ACTIVITIES
2020
2019
Rents receivable
130.351
113,498
22

DULWICH PREPARATORY SCHOOLS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
6 ANALYSIS OF EXPENDITURE
staff costs
Depreclation Other costs
Total
2020
Total
2019
(Note 71
(Note 9)
Raising funds
Financing costs
10,000
131.291
141,291
20,533
Total costs of
raising funds
10,000
131,291
141,291
20,533
Charitable expenditure
Teaching
Welfare
Premises
Support costs
10,779,590
359.680
753,490
1,772.155
1,130,803
959,059
1,943.760
852,199
11.910,393 12,323,146
1,318,739
1,633,522
3,939,994
4,044,758
2.624,364
2.837.164
1,242,744
Total charitable
expenditure
13,664,915
1,242.744
4,885,821
19,793.480 20,838,590
Total expenditure 13,674,915
1,242,744
5,017,112
19,934,771 20,859,123
Support costs include the followlng relatlng to governance
2020
2019
Trustee costs
Legal and consultancy fees
Remuneration paid to auditor for audit Se￿iceS
5.956
11,790
30,750
8.537
39,393
30,000
7 STAFF COSTS
2020
2019
The aggregate payroll ¢osts for the year were as follows:
Wages and salaries
Social security costs
Pension costs and other benefits
10,741,109 10,775.710
1,061.542
1,063,299
1,872,264
1.452,626
13,674,915 13,291,635
23

DULWICH PREPARATORY SCHOOLS TRUST
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
7 STAFF COSTS (Cont•nuedl
Aggregate employee-benefits of key management personnel amounted to £574.033
{2019'.£579,920} including pension contributions of £66,067 (2019.. £58,767).
Number of higher paid employees in bands of..
£60.00110 £70,000
£70,001 to £80,000
£80,001 to £90,000
£100.001 to £110,000
£120,001 to £130,000
£150,001 to £160,000
The number with retirement benefi'ts accruing
in Defined Contribution schemes was
of which the contributions amounled to
in Defined Benefit schemes was
2020
14
2019
50,157
16
13.706
11
One higher paid member of staff moved from defined benefit to defined contribution scheme in
November 2019.
The average number of the Group's employees during the year. calculated on headcount, was
2020
2019
201
218
49
52
81
74
331
344
Teaching
Domestic and estates
Administrative
During the year there were redundancy or termination payments which amounted to £36.896
(2019.. £5,896} of which £nil was outstanding for payment at the year end.
TRUSTEE COSTS AND RELATED PARTY TRANSACTIONS
During the year, there was no re-imbursemernts lo Trustees in the year (2019.. £nill and no other
amounts {2019'. nil) paid to Trustees. During the year 1 (2019.. 1) Trustee received re-
imbursemenls of expenses for travel and subsistence lolalling £97 (2019.. £29}. During the year
£30,000 {2019.' £25,000) was paid to M J Tiplady for consultancy related to the Trust's property
portfolio and £64312019.. £1,025) for expenses for travel. The payments are ￿rMitted under
the Trust's governing document.
In the year at Dulwich Prep London one Governor was re-imbursed for travel expenses £36
(2019-. 1 Govemor received £160). There was no reimbursement made to Governors in 2020
{£525 in 2019 paid to Mrs L M Davidson, a Governor of the School, for assistance in the
assessment of children in Early Years).
In the year at Dulwich Prep Cranbrook there were no re-imbursements for expenses for travel
and Subsisten￿ (2019.. £48).
24

DULWICH PREPARATORY SCHOOLS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
9 TANGIBLE FIXED ASSETS
Group
Le888hold
Land and
Freehold
Buildings
proptrrty impTov&ments
Furnitur
Fixtures and
Office
Equipment Equipment
Vehidès
Total
Cost
At 1 Septernber 2019
Additions
Disposals
At 31 AugLSSt 2020
25,397,234
35.810,738
426,091
1,997,240
58,555
968.019
100,104
129,0171 123,2181
1,039,106
126,513
149,731
64,322,962
584,750
1182,373)
64,725.339
1130,138}
25.267,096
36,236,829
2,055,795
Deproelatlon
Al 1 September 2019
Charged in year
Disposals
At 31 August 2020
7,942,850
561.275
13,4711
8,SOO,654
10,540,275
491,526
1,490,103
90,328
818,682
121,338
90,627
8,988
129,0171 123,218}
880.292
107.108
20.913,248
1,242,744
15S,7061
22,100,286
11,031,801
1,580,431
Nèt book values
At 31 August 2019
Al 31 August 2020
17.454,384
16.766,442
25.270,463
25,205,028
507,137
475.364
149,337
158,814
28,393
19.405
43,409.714
42,625,053
Trust
Freehold
property
Leasehold
Land and
Total
Cost
At 1 September 2019
Additions
Disposals
Al 31 August 2020
25,378,174
35,720,797
231,850
61,098,971
231,850
1130.1381
61,200.683
1130.1381
25,248.036
35,952,647
Dopre¢Tratlon
At 1 September 2019
Charged in year
Disp05als
At 31 August 2020
7.942,287
560.894
{3,4701
8.499,691
10,540,175
489,059
18,482N42
1,049,953
13,4701
19,528,925
11,029.234
Net book valu8S
At 31 August 2019
At 31 August 2020
17,435,907
16,748,345
25,180,622
24,923,413
42.616.529
41,671,758
At 31 August 2020 the Group had capital commitments of £330,98912019'. £0).
25

DULWICH PREPARATORY SCHOOLS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
10 DEBTORS
Group
2020
Group
2019
Trust
2020
Trust
2019
Fee debtors
Sundry debtors
Prepayments
131,297
700,426
366,635
1,198.358
198,541
237,434
425,693
861.668
366,667
116,287
482,954
84,500
84,500
11 CREDITORS: amounts falllng due wlthln one year
Group
2020
Group
2019
Trust
2020
Trust
2019
Trade creditors
Social security and other taxation
Fees in advance
Other creditors
Fee deposits
Amounts owed to subsidiaries
Bank loan
Accruals
330,973
259.062
1,697.146
283,028
1,463,154
429,800
275.577
1,681,931
328,872
1.381,766
58,055
71,657
5,725
5,915
4.133,584
285,436
315.667
4,798,467
4,331,549
662,866
373,099
5,445,086
285.436
497,745
4,816,544
662,886
675,386
5,436,198
12 CREDITORS: amounts falling due after more than one year
Group
2020
Group
2019
Trust
2020
Trust
2019
Loans due within two to five years
Loans due in more than five years
Fees in advance
2,903,136
679,219
33.765
3,616,120
2,268,280
934,759
119,759
3,322,798
2,903.136
679.219
2,268,280
934.759
3,582,355
3,203,039
The Trusl's loan balance comprises drawings under facilities from NatWe51 Bank which
originally totalled £5 million. The first is a fixed rate loan at 3.1401ts of which £3 million was
drawn in June 2018. It was repayable in equal monthly instalments of £45,755 originally
commencing in July 2019. The Trust was granted a 12 month repaymenl holiday for both
facilities following the pandemic in May 2020 as a Consequen￿ the loan is now due lo
recommence, at the same rate, in April 2021 and end in June 2026., the amount required to
repay the loan on 31 August 2020 was £2,661,567 (2019.- £2,865,905).
26

DULWICH PREPARATORY SCHOOLS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
13 CREDITORS: amounts falllng due after more than one year Icontd)
The second is a variable rate loan at 1.25'10 above base rate of which £1 million was drawn in
November 2018 and a further £300,000 was drawn in November 2019. It was repayable by
monthly instalments of £29,280, following the repayment holiday, the payments, at the same
rate, will recommence in April 2021 and now end in October 2026., the amount required to
repay the loan on 31 August 2020 was £1,233.228 (2019.. £1 million).
No further drawings were permitted after November 2019 and there is no penalty for early
repayment of either facility. The loans are secured by a charge over certain of the Trusfs
residential freehold assets which have a nel book value of £2.25million and a market value of
£6.15 million.
13 FEES IN ADVANCE
Group
Group
2020
2019
Fees in advance will be applied as follows:
Within one to two years
Within one year
33,765
1,697,146
1,730.911
119,759
1.681.931
1,801,690
Movements in Fees in advan
Opening Fees in advance
Amount released to income during the year
Amount deferred during the year
1,801,690
1,809.769
11,681.931 } 11.774,8771
1.611,152
1,766,798
1,730,911
1,801,690
14 OPERATING LEASE INCOME AND COMMITMENTS
At 31 August 2020 the tolal of future minimum operating lease income receivable under non
cancellable operating leases amounted to..
Group
2020
Group
2019
Trust
2020
Trust
2019
Land and buildings within 1 year
Land and buildings 2 and 5 years
Land and buildings after more than 5
years
1,638.100
6.655,400
50,467,200
1,636,350
6,748,650
53,334,050
27

DULWICH PREPARATORY SCHOOLS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
14 OPERATING LEASE INCOME AND COMMITMENTS
At 31 August 2020 the total of future minimum operating lease commitments payable under
non-cancellable operating leases amounted to..
Group
2020
Group
2019
Trust
2020
Trust
2019
Land and buildings within 1 year
Land and buildings 2 and 5 years
Land and buildings after
more than 5 years
544,300
2.157,200
3.336,100
544.300
544,300
2,177,200 2,157,200
3.880,400 3,336,100
544.300
2,177,200
3,860,400
Other within 1 year
Other between 2 and 5 years
183.054
274.922
162,303
345,537
The charge in the year was £725,61212019.' £663,809) for the Group and £543,300 (2020..
£545,452) for the Trust.
The Trust signed a lease extension in September 2020 for the site al Dulwich Prep London.
As a result of this the minimum operating lease commitments payable increased to
£23,127,000 in September 2020.
15 SUMMARY OF MOVEMENTS ON MAJOR FUNDS
At1
September
2019
Incoming
resources
Resources
expended
Gainsl
{Loss)
At31
August
2020
Transfer
Group
Unrestricted
funds
Restricted
funds
Total funds
36,706,346
21,020,251
119,934,771}
{67.0001
2,000
37,726,826
13,502
2,338
12,000}
13,840
36,719.848
21,022,589
{19,934,7711
{67,0001
37.740,666
Trust
Unrestricted
funds
Restricted
funds
Total funds
34,169.222
2,161,261
11,963,300)
34,367.183
13,362
13.362
34,182,584
2,161.261
1,983,300)
34,380.545
The comparative 2019 figures can be found in Note 21.
A transfer of £2,000 (2019 £225) has been made during the year to reflect restricted income
spent on Bursary awards12019 - musical instruments).
28

DULWICH PREPARATORY SCHOOLS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
16 SUMMARY OF NET ASSETS BY FUNDS
Unrestricted
Funds
Restricted
Funds
Total Funds
Group
Tangible Assets
Net Current (Liabilities) l Assets
Long Term Creditors
including Pension Liability
42.625.053
1753.1071
14,145,120}
42,625.053
1739,2671
14,145,120)
13.840
37,726,826
13,840
37,740,666
Trust
Tangible Assets
Net Current (Liabilities) l Assets
Long Term Creditors
41,671,758
13,722,220)
(3,582,355)
34.367,183
The comparative 2019 figures can be found in Note 21.
41.671,758
13,708,858>
3,582,355
34,380.545
13.362
13,362
17 PENSION SCHEMES
Current retirement benefits to employees of the Group are provided through one defined benefit
schemes and two defined contribution schemes, which are funded by the Group and employees,
Contributions. There is also a closed defined benefit scheme that operated for non-teaching
staff.
Deflned beneflt scheme
Teachers, Pension Scheme
Dulwich Prep London participates in the Teachers, Pension Scheme I'the TPS") for their
teaching staff, Dulwich Prep Cranbrook participated in the scheme until 31 October 2019. The
pension charge for the year includes contributions payable to the TPS of £1,201,184 {2019'.
£1,115,007) and al Ihe year-end £132.70912019'. £150,702) was accrued in respect of
contributions to this scheme.
The TPS is an unfunded multi-employer defined benefits pension scheme governed by The
Teachers, Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme
Regulations 2014 (as amended). Members contribute on a "pay as you go" basis with
contributions from members and the employer being credited to the Exchequer. Retirement and
other pension benelils are paid by public funds provided by Parliament.
The employer contribution rate is set by the Secretary of State following scheme valuations
undertaken by the Government Actuary's Department. The most recent actuarial valuation of
the TPS was prepared as al 31 March 2016 and the Valuation Report. which was published in
March 2019, confirmed that the employer contribution rate for the TPS would increase from
16.4010 to 23.6Yo from 1 September 2019. Employers are also required to pay a scheme
administration levy of 0.08¥0 giving a total employer contribution rate of 23.68%.
29

DULWICH PREPARATORY SCHOOLS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
17 PENSION SCHEMES (CONTINUED)
The 31 March 2016 Valuation Report was prepared in accordance with the benefits sel out in
the scheme regulations and under the approach specified in the Directions, as they applied at 5
March 2019. However, the assumptions were considered and set by the Department for
Education prior lo the ruling in the 'McCloudlSargeanl case,. This case has required the courts
to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions
including the Teachers, Pensions.
On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of
Appeal's judgment that transitional provisions introduced lo the reformed pension schemes In
2015 gave rise lo unlawful age discnmination. The government is respecting the Court's
decision and has said it will engage fully with the Employment Tribunal as well as employer and
member representatives to agree how the discriminations will be remedied. A consultation was
launched by the government on 16 July 2020, and closed to responses on 11 October 2020.
As a result of the consullalion, the government announced on 4 February 2021 that il intends to
proceed with a deferred choice underpin, under which members will be able lo choose either
legacy or reformed scheme benefits in respect of their service during the period between 1
April 2015 and 31 March 2022, at the point they become payable.
The TPS is subjecl to a cost cap mechanism which was put in pla￿ to protect taxpayers
against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in
2018 announced that there would be a review of this cost cap mechanism, in January 2019
announced a pause to the cost cap mechanism following the Court of Appeal's ruling in the
McCloud/Sargeanl case and until there is certainly about the value of pensions lo employees
from April 2015 onwards. The pause was lifted in July 2020 and the government is preparing to
complete the cost control element of the 2016 valuations, which is expected to be completed in
2021.
In view of the above rulings and decisions the assumptions used in the 31 March 2016
Actuarial Valuation may become inappropriate. In this scenario a valuation prepared in
accordance with revised benefits and suitably reMsed assumptions would yield different results
than those Contained in the Actuarial Valuation.
Until a remedy lo the discrimination conclusion has been deteimined by the Employment
Tribunal il is not possible to conclude on any financial impact or future changes to the
contribution rates of the TPS. Accordingly no provision for any additional past benefit pension
costs is included in these financial statements.
During the year the Governors of Dulwich Prep Cranbrook reviewed that school's membership
of the Teachers, Pension Scheme as a result of affordability concerns raised by the 43Q/o
increase in the employer's contribution introduced with effect from 1 st September 2019.
Following a full consultation process an alternative defined contribution pension arrangement
was offered which was accepted by all the staff involved. This new arrangement provides for
employer contributions (inclusive of life assuran￿ premiums) at the same level as the TPS
prior lo 1st September. Dulwich Prep Cranbrook therefore withdrew from the Teachers,
Pension Scheme and initiated the new arrangement with effect from 1 st November 2019.
30

DULWICH PREPARATORY SCHOOLS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
17 PENSION SCHEMES ICONTINUEDI
Following an increase in the employers, contribution lo the Teachers, Pension Scheme I'TPS")
in September 2019. the Dulwich Prep London Governors commenced consultation on potential
withdrawal from the TPS and ioining the Aviva Pension Trust for Independent Schools in April
2020. The consultation was concluded in January 2021 and the decision was made to leave
the TPS with effect from 31 August 2021.
Defined contribution scheme
The pension cost charge in the year in respect of the defined contribution schemes was
£600,695 (2019.. £236,415). The significant increase is a result of Dulwich Prep Cranbrook
leaving the TPS on 31 October 2019.
Non-teachin
defined benefit scheme
The Trusl operated this Scheme (the Dulwich Preparatory Schools Trust Non-Teaching Staff
Pension Scheme), which was closed on 31 December. both in respect of new members and
accrual for existing members.
On 1 st September 2017 the Trust transferred the obligations to contribute to the Scheme to
each of the Schools. The valuation in these accounts has been derived by projecting the
results of the last comprehensive acluarial valuation of the Scheme as at 1 January 2018 and
have been prepared by an independent qualified acturary.
Group
2020
Group
2019
a) The amounts recognised In the balance sheet are as follows
(2,881,000) 12.850,000)
2,352.000
2,251,000
Present Value of funded obligations
Fair value of scheme assets
Net (Liability)
529.000
(599,000)
b) Changes in the present value of the defined beneflt obligallon
Group
2020
Group
2019
Opening defined benefit obligation
Interest cost
Actuarial losses
Benefits paid
2,850,000
51,000
39.000
59.000
2,328,000
60,000
478,000
116,000)
Closing deh'ned benefit obligation
2,881,000
2,850,000
31

DULWICH PREPARATORY SCHOOLS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED
FOR THE YEAR ENDED 31 AUGUST 2020
17 PENSION SCHEMES (CONTINUED)
c) Changes in the falrvalue of tho scheme assots
Group
2020
Group
2019
Opening fair value of scheme assets
Interest income
Return in excess of interest income
Contributions by employer
Benefits paid
Closing fair value of scheme assets
2,251,000
41,000
{28.0001
147,000
59,000
2,352.000
2,006,000
54,000
52,000
155,OCNJ
16,000}
2,251,000
dl The amounts included withln the Statement of Financlal Activities
Group
2020
Group
2019
Interest on obligation
Interest income
Total amount charged to the Statement of Financial
Acts'vrties
51,000
{41,(M)O)
60,000
{54.000)
10,000
6,000
Net actuarial (losses} recognised in the year
(67,0001
(426,000)
The Group expects to contribute £147.000 in 2019120. The e￿$ting obligations have been
assumed by the Schools in proportion to their ongoing contributions as calculated by the
Scheme Actuary following the triennial actuarial valuation as at 1 January 2018.
el Principal actuarial assumptions at the balance sheet date
2020
2019
Financial Assumptions
Discount rate
RPI inflation assumption
Rale of increase of pensions in payment
Rate of increase of pensions in deferment
1.60
3.00
3.3Q
2.20
1.8Vo
3.5Q
Assumed lrfe expectancy in years at age 65..
Non Pensioners
Females
Males
Pensioners
Females
Males
25.4
23.4
25.4
23.4
23.9
21.9
23.9
21.9
32

DULWICH PREPARATORY SCHOOLS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED
FOR THE YEAR ENDED 31 AUGUST 2020
18 TRANSACTIONS WITH SUBSIDIARY ENTITIES
The Trust received donaled staff time of employees of Dulwich Prep London totalling £48,618
(2019.. £63,605) recognised in the Trust ac¢ounls as a gift in kind. The Trusl also received
rental income of £1.235,600 (2019.. £1,225,706) from Dulwich Prep London and £400,750
{2019'. £381.625} from Dulwich Prep Cranbrook. Cash resources for the Group are managed
centrally by the Trust and as a consequence at 31 August 2020 £3,586,92712019.' £3.665,341)
was due lo Dulwich Prep London and £546,656 {2019= £665,320) was due to Dulwich Prep
Cranbrook.
In 2019120 Dulwich Prep London donated £012019: £1.1 million) to the Trust,. this reflected
surplus income genérated by the School.
19 POST BALANCE SHEET EVENTS
The following significant events have occurred subsequent lo 31st August 2020..
The sale of the site at Cranbrook for which planning permission for residential development had
been obtained and for which contracts had been exchanged on 7th August 2020 completed on
16th September. Gross proceeds of £1.425 million were received resulting in a net profit on the
sale of £1.362 million.
In September 2020 a 50 Year lease extension lo 2081 was signed with the Dulwich Estate in
relation to the Trust's leasehold interest in property occupied by Dulwich Prep London. The
signing of the agreement represented the culmination of an agreement reached, in principle,
before 31 August 2019 and further secures the facilities for the long term benefit of Du￿1Ch
Prep London. Under the terms of the agreement a premium of £1.1 million was payable to the
Dulwch Estate in three tranches, the first tranche was paid in September 2020. the remaining
two were paid in February 2021.
33

DULWICH PREPARATORY SCHOOLS TRUST
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2020
20 SUBSIDIARY ENTITIES
Dulwich Pre
London
Registered office
Company number
Charity number
42 Alleyn Park, Dulwich, London SE21 7AA
10814894
1174356
Abbrevlated SOFA
2020
2019
Income
Expenditure"
Pension scheme actuarial {losses)
Net movement in funds for the year
Funds brought forward at 1 September 2018
Funds carried forward al 31 August 2019
14,658,903
(13,797.724)
{15,300}
845,879
1.908,862
2.754,741
15,544,257
(15,499,209)
(97,600
152,552}
1,961,414
1,908,862
Abbreviated Balance Sheet
2020
2019
Fixed assets
Cash at bank
Other assets
Creditors.. Amounts falling due within one year
Creditors.. Amounts falling due after more than one
year
Pension scheme liability
786.376
1,416,420
3,967,663
(3.260,8531
133.765)
582,189
640.021
4,079,193
(3.177,137)
(78,204)
{121,100)
{137,2001
Net assets
2,754,741
1.908.862
Total Funds
2,754,741
1,908,862
Expenditure in 2019 includes the donations of £1.1 million to the Trust.
34

DULWICH PREPARATORY SCHOOLS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
20 SUBSIDIARY ENTITIES {Continued)
Dulwlch Pre
Cranbrook
Registered office
Company number
Charity number
Abbreviated SOFA
Coursehorn, Cranbrook, Kent. TN17 3NP
10815140
1174358
2020
2019
Income
Expenditur8
Pension scheme actuarial {lossesl
Net movement in funds for the year
Funds brought forward at 1 September 2019
Funds carried foNard at 31 August 2020
5,886,966
(5,858.4041
51.700}
(23,138)
628,520
605,382
6,535.122
(6,230,787)
(328,400)
{24,0651
652.585
628,520
Abbreviated Balance Sheet
2020
2019
Fixed assets
Cash at bank
Other assets
Creditors.. Amounls falling du8 Wlthin one year
Creditors.. Amounts falling due after more than one
year
Pension scheme liability
166.917
855.847
881.327
(890,809)
210,995
1,036,764
996,818
(1,112.702)
141,555)
{407,9001
(461,800)
Net assets
605,382
628.520
Total Funds
605.382
628,520
35

DULWICH PREPARATORY SCHOOLS TRUST
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 AUGUST 2020
(Incorporating an income and expenditure account)
21 PRIOR YEAR COMPARATIVE NOTE
{A} 2019 STATEMENT OF FINANCIAL ACTIVITIES
Notes
Unrestrlcted
Funds
2019
Restricted
Funds
2019
Total
2019
Income from:
Charitable activities:
School fees receivable
Other educational income
Ancillary income
other trading activities
Non-ancillary trading income
Investments
Bank and other interest
Voluntary sources
Donations and legacies
20,729.771
654,884
1,744,439
20,729.771
654,884
1,744,439
113,498
113,498
6,015
6,015
15,641
7,112
22,753
Total income
23,264,248
7,112
23,271,360
Expenditure on:
Ral$ing funds
Financing costs
20,533
20.533
Total costs of ralslng funds
(20,533)
(20,533)
Charltable actlvities
Education and grant making
Total expendlture
120,838,590)
20,859,123
{20,838.590
20,859,123
Net income
2,405.125
7,112
2,412.237
Transfer between funds
225
{225)
Pension scheme actuarial gains
19
(426.000)
1426,000)
Net movement in fund5 for
the year
Fund balances brought fo￿ard
at 1 September 2018
Fund balances carrled
forward at 31 August 2019
1,979,350
6,887
1.986,237
34,726.996
6,615
34.733,611
36.706,346
36
13.502
36,719.848

DULWICH PREPARATORY SCHOOLS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
21 PRIOR YEAR COMPARATIVE NOTES ICONTINUEDI
{B) 2019 SUMMARY OF MOVEMENTS ON MAJOR FUNDS
At1
September
2018
£'ooo
Incoming
resources
Resources
expended
£'ooo
Gain$1
Losses
Transfer
At31
August 2019
£'ooo
£'ooo
£'ooo
Group
Unrestrlcted funds
General
reserve
34.726,996
23.264,248 (20,859,123} (426,000)
225 36,706.346
Restricted
Total funds
6,615
34,733.611
7,112
23,271.360
225)
13,502
36,719.848
20,859,123
(426,000
Trust
Unreslri¢led 32,114,065
Restricted
funds
4,011,075
{1,955,9181
34,169.222
13.362
6,250
7,112
Total funds
32.120,315
4,018,187
11,95S,9181
34,182,584
ICI 2019 SUMMARY OF NET ASSETS BY FUNDS
Unrestricted Restricted
Funds
Funds
Tolal Funds
Group
Tangible Assets
Net Current (Liabilities) l Assets
Long Term Creditors including Pension
Liability
43,409,714
12,781.570)
13,921,798>
43,409.714
12,768.068}
13,921.798)
13.502
36.706,346
13,502
36,719,848
Trust
Tangible Assets
Nel Current (Liabilrtiesl l Assets
Long Temi Creditors
42,616.529
{5,244.2681
13,203,039)
34,169.222
42,616,529
(5.230,9061
3,203.039
34,182.584
13.362
13.382
37