Company No. 579923 Registered In England Charity No. 312715 DULWICH PREPARATORY SCHOOLS TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 DULWICH PREPARATORY SCHOOLS TRUST ANNUAL REPORT OF THE TRUSTEES YEAR ENDED 31 AUGUST 2024 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 2024. The Trustees confirm that the annual report and financial statements of the Trust comply with the current statutory requirements. the requirements of the Trust's governing document and the provisions of the Statement of Recommended Pracrice (SORP) 'Accounting and Reporting by Charities" (Charities SORP FRS102). Status and adminlstration The Trust is a company limited by guarantee (Company Number 579923) and is registered with the Charity Commission under Charity Number 312715. Its registered office is 42 Alleyn Park, Dulwlch, London SE217AA Trustees, respon$ibilitle5 The Trustees (who are a150 directors of Dulwich Preparatory Schoo15 Trust for the purposes of company law) 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 require5 the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statement5 unless they are satisfied that they give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources, including the income and expenditure, of che Trust for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently. observe the method5 and principles in the 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 15 inappropriate to presume that the Trust will continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Trust'5 transaction5 and disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Companies Att 2006. They are a150 responsible for Safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Each of the persons who are Trustee5 at the time when this Trustees, report is approved has confimied that: so far as each Trustee is aware. there is no relevant audit information of which the Trust's auditor is unaware,. and DULWICH PREPARATORY SCHOOLS TRUST ANNUAL REPORT OF THE TRUSTEES YEAR ENDED 31 AUGUST 2024 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 information. STRUCTURE, GOVERNANCE AND MANAGEMENT Management Structure The Board meets a minimum of three times per year, normally once per academic term. There are three Independent Trustees. including the Chairman, 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. to discuss financial matters on which it advises the Board. The Trust considers the performance of each School, their future plans, budgets and operation, together wlth applicatlons for capital investment. Trustee Recrultment & Tralnlng The Board Is self-appolntlng, with new Trustees identified and appointed following agreement from all current Trustees. Trustees senie for an initial terni of four year5, but may offer themselves for re-election for a second term of four years and then a final terni of two years, making ten 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 need5 of the Trust. 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. Charlty Code of Governance The Board takes its governance responslblllties serlously and the Group aims to have a governance frnmework that is fit for purpose, compliant and efficient. The Gr¢up has established a solid foundation in governance in which all of Its Trustees are clear about their r¢les and legal responsibilitie& are committed to supporting the Trust in delivering Its objects most effectively for the benefit of Its beneficiaries and contributing 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 to ensure that recommended practice is observed and, where specific aspects are delegated to the Schoo15. these aspects are regularly monitored. Employment policy The Trust and each of the Schools is an equal opportunities employer. Full and fair considerntion is given to job applications from disabled persons and due considerdtion is given to their training and employment DULWICH PREPARATORY SCHOOLS TRUST ANNUAL REPORT OF THE TRUSTEES YEAR ENDED 31 AUGUST 2024 needs. Consultation with employees, or their represenotives, has continued at all levels with the aim of taking the views of employee5 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 with employees continues through normal management channels in a variety of forms. The Trust's only employee is the Secretary who is part time. STRATEGIC REPORT The remainder of the report of the Trustees also constitutes the strdtegic report for the purposes of the Companies Att 2006. Princlpal activity and oblects of the charltable company The principal activlty of the Trust Is the advancement of educacion in the Unlted Kingdom and elsewhere, currently through the support provided to the two Schools. The Board Is mindful of the long-standing need to provide publlc benefit and strlves to do $0 through the support of development in education generally, through bursaries (mainly provided by the two Schoo15), through worklng with other educational bodies and the promotion of best practice. 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, sporring. social and moral. Primary objectlve The Trust is a charitable trust which promote5 the advancement of education in a broad context and in particular at its two Schools in London and KenL Strategies to achieve the primary objective The Trust seeks to achieve its primary objective through the implementation of the following strategies". by providing an excellent education at The Dulwich School Crdnbrook and Dulwich Prep & Senior, through the provision of bursaries and other financial support to enable children whose parents would not otherwise be able to afford the fees to benefit from an education at the Schools. by raising fijnds in support of education and organi5in& or making grants towards. lettures, seminars. broadcasts or courses of instruttion. by considering ways in which technology can be can be used to enhance teaching and learning". DULWICH PREPARATORY SCHOOLS TRUST ANNUAL REPORT OF THE TRUSTEES YEAR ENDED 31 AUGUST 2024 through the provision of classrooms and buildings generally in connettion with education at Dulwich Prep & Senior and The Dulwich School 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 kinds at Dulwich Prep & Senior and The Dulwich School Cranbrook and elsewhere: by setting rents at 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 girls at the Schools: through the malntenance of a clear and effective management structure and the necessary support frnmewod( to meet the needs of the Schools: by atting as banker to the khools and by lendlng money to facllltate the cash flow of each School. The Trust consider5 bids for capital expenditure from the Schools to enhance the Schools, facilities. In May 2023 Dulwich Prep & Senlor announced its plan to extend to age 16+ after a strategic revlew of it5 market. In recognition of this change the School changed its name from 'Dulwich Prep London, on 3 September 2024. Planning consents have been obtained and the first phase vrns completed during the year. This Involved a new main reception are& the addition of two new classrooms at the Pre-Prep building and a new classroom and lavatories in No 42 Alleyn Park. Phase 2 is the redevelopment of the Betws Building: work commenced in July 2024 with a target completion date in May 2025 in time for the Senior School to open in September 2025. In addition, as part of Dulwich Prep & Senior's expansion plans, the Trust completed the assignment of the unexpired term of Southwark Council's lease of the Mary Datchelor playing fields from the Dulwich Estate. As pan of this deal the Trust also acquired the freehold of the groundsman's bungalow at a cost of £500,000. These works are being funded by the Trust with a loan from Natwest Bank The Dulwlch School Cranbrook extended Its age range to 16+ in September 2023 with the Trust providing £1.8 million to develop facilities for the new senior school. Public benefit The Trust remains committed to the alm of providing public benefit in accordance wlth its founding principles. Charity legislation includes a requirement to demonstrate public benefit for any charitable purpose where it had hitherco been presurned in the absence of evidence to 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 takes the view that bursaries aYRrded to those who would not otherwise be able to afford the fees are importanL but not to the exclusion of the much wider benefit that the Trust provides within the community. The Trust's public benefit commitment is currently delivered primarily through the two Schools. each of which has a bursary programme. During the year the Trust's Schools provided means- tested bursary support totalling £915k to 83 pupils (2023: £572k to 44 pupils) of which 31 were for 70% or more of full fees (2023: 25). In addition, there was support for local charitie5 and educational bodies DULWICH PREPARATORY SCHOOLS TRUST ANNUAL REPORT OF THE TRUSTEES YEAR ENDED 31 AUGUST 2024 through fund-raising activities, outreach programmes and the loan of facilities. Both the Trust's Schools actively promote child mental health awareness with Dulwich Prep & Senior employing a dedicated Counsellor while The Dulwich School Cranbrook retains Place2Be. A number of state schix)Is both in Kent and London benefited from the Trust's Schools In a variety of way5 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 contatt in relation to fundrnising activities. Streamllned Energy and Carbon Reportlng (SECR) The Trustees have considered the requirements of The Companies (Directors, Report) and Llmited 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 Trus¢ as the parent entlty. does not produce any emissions, the Trustees have concluded that the Group does not need to submit a return. Sertlon 172(1) Report Incorporatlng Statements of Employee and Stakeholder engagement The Trustees of the Trus¢ as Directors of the Company. consider that chey have adhered to the requirements of section 172 of the Companies Act 2006 and have, in gooé faith. acted in the vthy they consider would be most likely to promote the success of the Group for the benefit of its members as a whole and in dolng so have regard to.. a) che likely consequences of any decision in the long run; b) the interests of the Group's employee5", c) the need to foster the Group's business relationships; d) the impact of the Group'5 operations on the community and the environment; e) the desirability of the Group maintalning a reputation for high standards of business conduct: and fj the need to act fairly. The Trust achieves the succes5 of its wider charitable purposes through che activities undertaken by its Schools, which are regularly monitored and assessed. This incorporates the desire to meet the requirements of all stakeholders, whether pupils and the wider community, Staff, donors, fee payers and suppliers. The Trustees consider that they have promoted the Trust's charitable purpose, as set out in the aim and primary objective on page 4, in the followin8 ways.. a) The likely consequences of any decision in the long run: the Trustees have considered the long-term sustainabiliry of the Schools, operations, as set out in the Going Concern section of the Financial Review on page 8: DULWICH PREPARATORY SCHOOLS TRUST ANNUAL REPORT OF THE TRUSTEES YEAR ENDED 31 AUGUST 2024 the Board sets and approves strategic direction and policy, meets three times 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 Finance Committee revIeV￿ 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, particularly 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 established. The most signlficant risks are dlscussed at each relevant Trust Board meeting. Further details are contained on page 9; and the Trustees review and end¢rse all policies to ensure Consistent long term regulatory compliance. b) The interests cf the Group's employees., authoritatlve and frequent communicatlon with staff at the tr•VO Schools has been conducted by regular staff team meetings and routine weekly written communications to staff and parents. Staff have been kept informed about staffing, financial and strdtegic 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 management are involved in the early stsges of the scrategic plan deYelopmenL and staff are updated on the plan and priorities at the starc of each academic year; and meaningful engagement is encouraged through the staff forum at each School where employees across all departments discuss and make recommendations direct to senior managemenL A diverse progrdmme of well-being activities is available to all staff. c) The need to foster the Group's relationships with stakeholders: the Group's beneficiarles and donors are the focus of all the Schools. operntions. a falr and consistent selection policy er)sures a diverse and thriving pupil body who are fully supported throughout their education from nursery to external examinations for the Senior schools of their choice. enabling and preparing pupils for later life. robust recruitment of the best teachers and valuing staff supports stability and a high standard of education. a fair policy of bursary awards. consistently applied, supports famllies who may not otherwise be able to acce55 education at the Schools. the parent contract forms the basis of the relationship with fee payers. Thls is reviewed regularly to ensure best practice and then applied fairly and con51Stently. Parental engagement is maintained through regular correspondence and termly publication5: all suppliers are treated fairly and promptly with adherence to bu5ines5 terms., and the Group receive5 regular reports and updates in fundraising regulations through the Schools. the Schools do not engage with any external third party fundraisers. d> 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. DULWICH PREPARATORY SCHOOLS TRUST ANNUAL REPORT OF THE TRUSTEES YEAR ENDED 31 AUGUST 2024 - full details are contained on page 5. e) the desirdbility of the Group maintaining a reputation for high standards of business conduct: the Schools, 8ribery Policies set out the responsibilitles for staff to report any incidents or suspicion of fraud, bribery or corruption arising in the course of their work and to cooperate fully with related investigation5. The Schools take a zero tolerance approach tovrfards fraud, bribery and corruption. The Whistleblowing Policies support staff in this approath. fj the need to act fairly: all Trustees and senior staff complete an annual Conflict of Interest Declarntion. There have been no reported incidents of unacceptable relationships. ACHIEVEMENTS AND PERFORMANCE Revlew of achlevements and performance for the year The Schools dellvered a full academlc timetable, Including the provisl¢n of art. drama, music and sport. Furthennore, the Schoo15 embrdced a typical progrdmme of event5, including concerts. matches, museum & other visits and oversea5 trips. The Trust's Schools sent 150 pupils to over 40 different senior schools (2023: 148 and 44), including many of the top schools in the UK. Between them these pupils gained the offer of 53 scholarships and awards {2023.. 57). The Trust's recognitlon of the Importance of provldln8 a first clas5 educatlon was demonstrated by the variety of these awards whlch were achieved not only for academi¢ success, but also for ar¢ DT, music and sport. FINANCIAL REVIEW The Group's net loss for the year ended 31 August 2024 amounted to £872,420 (2023: net income £164.182). The net book value of fixed assets amountsd to £47,896,371 (2023.. £45.547,341>. The Trust receives income through the rents received from the Schools for their use of educational and residential property. It also benefits from donations of surplus funds from the Schools when the Schools, reserves policies permit. In addition, the Schools seek to enhance their income through letting their facilitres both to regular and casual hirers. The balance of the original bank loan taken out by the Trust was rolled over into a new loan facility totalling £7.86 million. This IS to fund the senior school faciliues at Dulwich Prep & Senior noted above. Reserves The Trusc's reserves policy is to maintain its free unrestricted reserves at a minimal level given the confidence it has in it5 continuing income Stream from the Schools, both from rents and from any DULWICH PREPARATORY SCHOOLS TRUST ANNUAL REPORT OF THE TRUSTEES YEAR ENDED 31 AUGUST 2024 surpluses. At any time, however. it may build up reserves in anticipation of a future capital project to support the Schoo15 or to support its Other charitable objectives. Alternatively, as at presen( it may be prepared to borrow funds for the short to medium tsrm to invest in capital projects to support the Schools. At the year end, therefore, the Trust had a deficit on free unrestricted reserves of £7.365.212 (2023.. £5,047,024). Funds held by the Group at the year-end totslled £39.702.566 (2023: £40,784,986) with a deficit on free unrestricted reseThes of £8,261,918 (2023: £4,816,264). The Trustees have considered the reserves policy and have concluded that no adjustments to the policy need to be made. Going concern The plans for both Schools to extend their offering to age 16+ have the fijll support of the TrusL The Trust Finance Committee has carefully considered the cost implications of this expansion and reviewed the relevant business plans and cash flows. Both Schools have provided best, middle and worst case cash flow scenarios based on conservative assumptions which have been interrogated by the Finance Commitcee. The Dulwich School Crdnbrook's Year 9 opened in September 2023 wlth more puplls than forecast and pupil numbers for the Senior School are ahead of expectation for September 2025. Dulwich Prep & Senior will not welcome pupils Into Year 9 untll September 2025, but based on current registrations the number of pupils is expected to be slightly above target. The Senior School facilities in London will be delivered by the end of May 2025 with the final cost expected to be significantly below budget. The Trust Finance Committee will meet during the summer to consider whether the outstanding balance of the loan from Natwest needs to be drawn down. The Trust Flnance Commlttee regularly monitors the Schools. cash flows and has a number of options available, including the sale of further freehold property, should the need arise. Having assessed both the Trust's and the Group s financial position and its avallable facilitles. 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 concern basis. Future plans The Trust's future aims and plans are considered to be the following: to continue to stretch and challenge all pupils academically irrespective of their level of ability and to offer them a broad range of artistic, musical and sporting options. to provide an all-through educarion at the Schools to age 16+ while also enabling those children wishing to do 50 to move on to a large and varied rnnge of senior schools at age I l + or 13+. and to continue to seek and provide opportunities to engage with local maintained schools and the wider community and through this to ensure 5tsff. parents and pupils have an appreciation of the world around them and the difference they can make. to offer bursary places at the Schools to pupils whose parents would not otherwise be able to afford the fees. DULWICH PREPARATORY SCHOOLS TRUST ANNUAL REPORT OF THE TRUSTEES YEAR ENDED 31 AUGUST 2024 to continue to increase pupil numbers", to continue to ensure financial stability; to retain high performing staff and provide them with developmental training: and to continue to develop the Schools, sites as and when required to fulfil the Schools, strategies. PRINCIPAL RISKS AND UNCERTAINTIES The Trustees consider the affordability of fee5 by parents across the independent sector to be the principal risk faced by the Trust. This risk has been exacerbated by the introduction of VAT on school fees from l January 2025 and the increases in National Insurance contributions and the minimum wage. The potential impact on enrolment is a critical issue at both Schools and this is closely monitored by the TrusL Health and Safety 1$ alway5 a significant area for risk management. The risks range from fire and infrastructure to personal risks (most notably when away from the campuses on trips and expeditions). The level and breadth of activity at the Schools is significanc and the risks associated with all actlvltles are mlnlmlsed by thorough planning and risk assessment. Detailed consideration of risk Is undertaken for each School by it5 Board, with input from the Senior Leadershlp Teams. The Trust also considers risk at Group level and the Risk Register is a Standing Item at each Board meeting. The risk management process and che resulting register identify risks, assess their impact and likelihood and, where necessary, recomrnend controls to mitigate and monitor those risks which are assessed as high. The generic controls used by the Trust to mlnimise risk include.. detalled terms of reference together with fornial agendas for 8¢ard activity; strategic development planning, revlewed annually by the Board,. comprehensive budgeting and management accounting; esLibli5hed organisaoonal structures and lines of reporting; fornial written policies including clear authorisation and approval levels: vetting procedures as required by law for the protection of the vulnerdble. 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 Preparntory Schools Trust, including, in their capacity as company directors, approving the Direccors, apd Strategic Report contained therein, and signed on its behalf by: D H Nelson Chairman Date: 2810512025 DULWICH PREPARATORY SCHOOLS TRUST ANNUAL REPORT OF THE TRUSTEES YEAR ENDED 31 AUGUST 2024 Opinion We have audited che financial statements of Dulwich Preparatory Schools Trust 'the charitable company, and its subsidiaries 'the Group. for the year ended 31 August 2024 which comprise the Consolidated Statement of Financial Activities, Consolidated and Company Balance Sheets, Consolidatrd Statement of Cash Flows and notes co the financial statements, including significant accounting policies. The financial reporting frnmework that has been applied in their preparation is applicable law and Unired Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Fleporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Pracuce}. In our opinion the financial stacements: give a crue and fair view of the state of the Group's and the charitable company's affairs as at 31 August 2024 and of the group sl income and expenditure, for the year then ended; have been properly prepared in accordance with United Kin8dom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Internatlonal 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 reporL 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 requirement5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in che preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relacing to events or condition5 that, indlvidually or collectively, may cast significant doubt on the charitable company's or the Group's ability to contlnue as a going concern for a period of at least Thvelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other information The Trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual reporL other than the financial statements and our auditor's reporc thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our repory we do not express any form of assurance conclusion thereon. 10 DULWICH PREPARATORY SCHOOLS TRUST ANNUAL REPORT OF THE TRUSTEES YEAR ENDED 31 AUGUST 2024 Our responsibility is to read the other information and, in doing so, consider whether the other inforniation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we idencify such material inconslstencies or apparent material mi5Statements, we are required to determine whether thi5 gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Opinlons on other matters prescrlbed by the Companies Act 2006 In our opinion based on the work undertaken in the 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 che financial year for which the financlal statements are prepared is consistent with the financial statements; and the strategic report and the directors, report included within the Trustees. report have been prepared in accordance with applicable legal requirernents. Matters on whlch 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 Missta￿mentS in the strategic report or the directors, report included within the Trustees, report. We have nothing to report in respect of the followlng matters in relation to which the Companles Act 2006 requSres 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 information and explanations we require for our audiL Responslbilities of trustees As explained more fully in the Trustees. responsibilities statement Set out on page I, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for che preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial Statements. the Trustees are responsible for 2S5e55ing the charitable company's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operation5, or have no realistic alternative but to do so. DULWICH PREPARATORY SCHOOLS TRUST ANNUAL REPORT OF THE TRUSTEES YEAR ENDED 31 AUGUST 2024 Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assufdnce about whether the financial statemencs as a whole are free from macerial misstatemenL whether due to fraud or error, and to i55ue an audiror'5 reporc that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statement5. Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulacions 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.uldauditorsresponsibilities. This description forms part of our auditor's report. Extent to which the audlt was consldered capable of detectlng Irregularities, Including fraud Irregularities, Including fraud, are instances of non-compliance with laws and regulatlons. We identified and assessed the risks of material misstatement of the financial statements from Irregularitie5, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable company 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 chis context were the Companies Act 2006. the Charities Act 2011, taxation legislation, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations a5 part of our audit procedure5 on the related financial statement items. In addition, we considered provisions of other laws and regulation5 that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company'5 and the Group's ability to operate or to avoid a material penalry. We also considered the opportunities and incentives that may exist within the charltable company and the Group for fraud. The law5 and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014, Data Protection Regulation (GDPR), Health and safety legislation and employment legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulation5 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 the timing of recognition of rental income, and the override of controls by management. Our audit procedures to respond ro these risk5 included enquiries of management and the Audit Committee about their own identification and assessment of the risks 12 DULWICH PREPARATORY SCHOOLS TRUST ANNUAL REPORT OF THE TRUSTEES YEAR ENDED 31 AUGUST 2024 of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing any regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in 2ccordance with auditing standards. For example, the furcher removed non-compliance with laws and regulations {irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detectlon of irregularities, as these may involve collusion, forgery, Sntentional omissions, misrepresenLltions, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. Use of our report This reporr is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Parc 16 of the Companies Act 2006. Our audit work ha5 been undertaken so that we might state to the charitable company's members those matter5 we are required to state to them in an auditor'5 report and for no other purpose. To the fullest extenc permitted by law, we do not accept or assume responsibility to anyone other than the charitsble company and the charitable company's members as a bodyi for our audit work for chis report, or for the opinions we have fonned. Tina Allison Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor London 29 May 2025 DULWICH PREPARATORY SCHOOLS TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 (Incorporatlng an income and expenditure account) Unrestricted Re$trlcted Funds Funds Notes Totsl Total 2024 2024 2024 2023 Income from: harltablè acdYAtle5: khool fee5 receivable Other educational income Anclllary Incom¢ Other tradlni actlvltl•i Non-anc1113ry trading Income Inve5tm•nts B3nk and other In￿reSt Voluntary source¥ Donatfions and leKacles Total Income 22,059.019 1,056,993 394.880 22,059,019 ,056.993 398,880 21,082,576 974,940 329.602 4,000 98,987 98,987 500,639 89.334 89,334 39.572 593 23,699.806 16,473 20,473 17,060 23.720,279 37,413 22,564,742 xpendlture on: Ralslng fundi Financlng costs {198.618) (198,618) {107.354) Charltable actlvlties Educatlon (24,387.811) (0,270) (14,394,081) 122,293.2061 Total exp¢ndltur• (24,586,429) (6,270) {24,592.699) {22,400,560) Net Incomel 164,182 Trdnsfer b¢trN••n fund5 Penslon $th•me actuarlal 8alnl{105se$l 15 17 (210,000) {210.000) (193,000) Net mo¥emen¢ In funds ft•r the year (1,096.623) 14,203 (1,082.420) 128,8181 Fund balance5 blfwd 15eptember 2023 40.731,076 53,910 40.784,986 40.813,804 Fund balance5 clhvd 31 August 2024 39.634,453 68,113 39,702.506 40.784,986 The notes on page5 18 to 36 forrn part of these financlal statements. 14 DULWICH PREPARATORY SCHOOLS TRUST CONSOLIDATED AND CHARITY BALANCE SHEET AS AT 31 AUGUST 2024 Group 2024 Group 2023 Trurt 2024 Trust Notes 2023 FIXED A55ETS Tangible assets 47.896,371 45.547.341 44,396,145 41718,063 CURRENT ASSETS Debtors Cash at bank and in hand 10 849,632 4,347,512 5,197,144 701.423 2.556,093 3.257,516 54,510 1.295,033 1.349.S43 38.287 1,279.727 1.318,014 CREDITORS: Amounts falllng due withln one yèar (7.511.119) 16,473,655) (4.623,759) (4,805,460) NET CURRENT LIABILITIES (2,313.975) (3.216,1391 {3,274,216> 3,487,4461 TOTAL ASSETS LESS CURRÉNT LIABILITIES CREDITORS: amount¥ fallinz due after more than one year 45.582,396 42,331,202 41,121,929 39,230.617 12 (5,879.830) (1.546,216} (4,077,634) (1,546,216) NET ASSETS EXCLUDING PENSION SCHEME LIABILITY 39,702,566 40,784,986 37,044,295 37.684,401 D•fin•d benefi¢ penslon scheme Ilablllty 17 NET ASSETS INCLUDING PENSION SCHEMe LIABILITY 39,702,566 40.784.986 37,044,295 37,684.401 CHARITY FUNDS Unrestricted funds excludlng pen51on reservè 15 39,634,453 40,731,076 37.030.933 37,671,039 Penslon reserve Restrlctèd fvnd5 17 15 68,113 53,910 13,362 13.362 TOTAL FUNDS 39,702,566 40.784,986 37.044,295 37,684,401 The notes on pages 18 to 36 form part of these financial statements. The parent charity result for thè year ended 31 August 2024 was a surplu5 of £640,106 (2023.. £599,839)- The flnan al statements were proved by the Trusteès on 2810512025 and slgned on thelr behalf, br. DHNEL Chair of Board Compony Number." 579923 15 DULWICH PREPARATORY SCHOOLS TRUST CONSOLIDATED STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 AUGUST 2024 N¢xe 2024 2023 Net cash Infiow from operatlons Net cash provided by operatlng activltles 3,937,166 2,445.421 Cash flows from Investlng actlvldes: Addltions to flxed assets lexcludln8 capltalised borrowlng costs) (3,939.942) {3,842,729) Net proceÉds from 531è tsf tanglble flxed assets 16.122 Inves¢men¢ income and bank interest received 89,334 39,572 Net cash {uwd In) Investlng actlvltl (3.834,486) 13,803,157) C￿h flo￿ from Ilnoncln8 actlvltles.. Repaymen¢ of loan Interest expense Proceed5 fr¢)m new loan <2,199,337) {111.923) 4.000,000 (691,442> 199,921) Net ash provlded byl(used In) IlnanclDg actlvldas ,688,740 1791,363) Change In cash and cash equlvalent5 In th reporting perlod 1.791,420 (2,149.1011 Ca$h and cash equlvalent5 at the bezinnlng of ptriod 2,S56,093 4,705,194 Cash and cash equlvalents at the end of the reportlng period 4,347.512 2,556.093 The notes on pages 18 to 36 form part of these financial Statèments. 16 DULWICH PREPARATORY SCHOOLS TRUST CONSOLIDATED STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 (i) Reconclliation of net movement in thnds to net cash flow from opernting actlvltles Net {outgolng)Ilhcomlng resources Elimlnation of non-operating cash flows: Investmenr Income Drff•rence b•tweèn pension contributlons pold and charge5 made Depreclatlon ènd amort15atlon charges Int•re5t and other charges (ProfttllLo55 on dlsp05al of fixed assets (Increast) In debtors (872,420) 164.182 (89.334) 139,572) {210,000) (193,000) ,575,221 111.923 {438) (148,208) 1,437.222 99.921 9,810 (50,300) {Decrea5e)Ilncrease In credltors lexcludlng bank loans, fees in advance scheme and deposltsl (196.625) 909.843 Increase in lee5 in advxrce scheme credltors Increasel{Dècreasel In parent5. deposlts 3,628,081 138,960 142,305 (34.990) 4.809,586 2281,239 Net Cash Inflow from opèrntlons 3,937.166 1445,421 2024 2023 (11) Analysls of cagh and (ash equlvalent• Cash at bank and In hand 4.347.512 1556,093 DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED J I AUGUST 2024 I ACCOUNTING POLICIES l. l Basls of preparation The financial statemenrs have been prepared in accordance with the Financial Reportlng Standard applicable in the UK and Republic ol Ire￿nd (FRS1021, the Companles Att 2006 ard the Statement of Recommended Practlce applicable to charities preparing thelr accounts in accordance wlth the Financial Reporting Standard applicable In the UK 2nd Republic of Ireland IFRS 1021. The 8¢count5 are drawn up on ¢htr historlc7dl ¢tsst basis ol accountlng. The Tnjst Is a Publlc Benefit Entlty registered as a charlry in England and Wales Icharlry number: 3127151 and a company Ilmited by guarantee. (Company number.. 005799231. Its reglstered offl¢e Is 42 Alltryn ParK Dulwith, London SE217AA. The con5011dated flnancial statements Include the r•sults of the Tru$¢ and Its tw0 5ubsldlaries. Dulwlch Prep & Senlor and The Dulwich School Cranbrook (together'the Group'l. Accordlngly, the Con5011dated Statement of FinancSal Activltle5 refflects the incomlng resources and resource$ expended of the Group and not the Trust as an Indlvldual entlcy. 1.2 Going Concern Havlng revlewed the cash posltlon of the Trust together wlth the expected ongoing demand lor places at the Schools and fijture projected cash flow5, the Trustees have a reasonable expectatlon that the Group has adequate resource5 to continue Its actlvltles for the fore5ee3ble future and conslder that there were no materlal uncertalntie5 over the Group's financial viabiliry. Accordlngly, they contlnue to adopt the golng concern bas15 in preparing the thnancial statements. 1.3 Crltlcal accountlng judgement5 and key sourcès of estlmatlon uncÈrtalnty In the application of the accountlng pollcles, Trustees 2re required to make ludgements. e5tlmate5. and a55umptyons about the carrying value of assets and Ilabilities that are not readily apparent from other sources. Thè estimates and underlylng assumptions are based on hlstorlcal experience and other factors that are ¢onsldered to be relevant. Actual results may dlffer from these e5tlmates. Th• es¢imaw and underlyln¥ assumptions ar• reviewed on an ongolng ba51s. Revlslons ro accountlng estimates ar• reco8ni5ed In the period In whlch the èstSmate 15 revlsed if the rev15ion affects only that period. or In the period of the revi5i0n and fut4bre periods if the r•vlslon affected current and future period5. The Group's liabiliry for the Non.T•achln8 Staff ddlned benefit pensl¢n scheme Involves a numb•r of assump￿on$ as d15closed In note 17. In the view of the Trustees no oth•r assumptlons concerning the future or estlmatlon uncerralnty affecting asseu or liablllues at the balance 5he¢t date are lik•ty to result in ? material adlu5tmEnt to thelr carrylng amounts In the next financlal year. 18 DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 I ACCOUNTING POLICIES (contlnued) The following accountlng policies have been applied consistently In dealing with Items which are considered materlal in relatlon to the financSal statements. 1.4 Income All income 15 included In thè consolidatèd 5tstement of flnanclal acrlvltle5 when the Group has entitlement to the funds, receipt Is probabl• and the amount Can be mÈa5ured with sufficient rellabS11ty. Fees con515t of charges for the school year ending Augusl less bursarles and allowances. Fets received in advance are deferred and released to Income In the perlod to which the fees relath. Grant Income 15 recognised as and when entitlement arlse5, can ￿ rellably quantlflèd and the benèfrt Is probable. .5 Expendlture Expendlture is accrued as soon as a113blllty is consSdered probable. dlscounted to present valu• for lon8¢r-term Ilabilltles and has bean Included und•r expense categories that aggregate all CDSES lor allocatlon to actSvltles. Where costs cannot b• dlre¢tly attrlbuted co p3￿CUlar activities they have been allocated on a basls con515tent wlth thè use of the resources. 1.6 Tanglble flxed assets Tanglble fixed assets arè 5tsted at cost le55 depreclation. Deprecl3tion Is provlded at rate5 calculated to write off the cost of fixed assets, le55 their estlmated residual value, over their expected useful lives on the following bas•s. Freehold land Fr•èhold property Lons-tèmi leasehold property Motor vehicles Flxtur¢5 and fit￿n Computer equlpment Not depreciated Over 5 to 50 years Reducing balanc• over 50 years 25% reduclng balance 10% 5traighc line 25% straight Ilne orrowlng costs direttly attrlbutable to capltsl development prolects have been capitalised. h'xed a55ets are caplta115ed in the Group Sf they exceed £5W. DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 I ACCOUNTING POLICIES (contlnued) 1.7 Fund ￿(Ounting Unrestricted income of the Trust belong5 to the Trurt's corporate reserve5, spendable at the d15cretion of the Trustees to further the Trust's objects. The unrestricted income of the Schools simllarly belongs to the corporate re5eNes of the relevant school and 1$ Spendable at the discretion of its Governor5 to further the school's objects. The objècts of the Trust and the Schools contsin provislons to provlde support to each other. Where che Trustees or Governors las relevant) decide to sèc aside any part of these funds to be used In future for some speciflc purpose, this 15 accounted for by transfer to the appropriate de51gnated fvnd. Restricted lund5 may only be spent on the charltable purpose specified by the donor. 1.8 Pen51on costs Retlrement benaflts to employe•s af the Group are now provlded through two deflned ¢ontrlbutlon schemes and one defin•d benefit scheme. The p•nslon costs charged In the Statement of Fininclal Activltlas are de¢ermlnèd as follows: (al Avlva Pension Trust for Independent Schoo15 IAPTIS} Teachers Pension plan. Thls Is a defined contribution group person31 pen51on plan. replaclng the te3chers defined benefit group Scheme ITPSI. Employer's pension5 costs are charged In the period In whlch the salaries to whSch they relate are payable. The Dulwlch School Cranbrook joined the scheme from November 2019 and Dulwich Prep & Senlor joined from September 2021. Ibl Th¢ Dulwich Preparatory Schoo15 Trust Non-Te8ching Staff Group Personal Pension plan, which Dulwlch Prep & Senior Stsln•d with effect from January 2￿5. This Is a deflned contribution group personal penslon plan wlth Avlva. Employer'5 penslons c05ts arè charged In the period In which the salaries co whlch they r•late ar• payable. In addidon the Trust has historically provided benefits to non-teachlng staff through the Dulwlch Preparatory Schools Penslon Scheme, a deflned benefit scheme which closed on 31 December 2004. The expected return on the scheme assets less the scheme Interest C05t5 are credited withln other interest. The scheme actuarial galns and losses are recognised immedlatety 35 other recognised gain5 and1055es. The denned benefit scheme assets are measured at falr value at the balance sheet date. Scheme Ilabilitles are measured on an actuarlal basi5 at the balance Sheet date using the proiected unlt method and dlscounted at a rate equivalent to the current rate of return on & high qualiry corporate bond of equlvalent term to the scheme liabilities. The resulting defined benefit asset or liabillty Is presènfed separately after other net a55Èts on the face of the balance sheet. 1.9 Operatlffig lease$ Rental Income and expEndlture und•r operathng lease5 are accounted for on a stra￿ht-1Ine b3s1s over the lease term. even If the payments are not made on such a basis. 20 DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 I ACCOUNTING POLICIES (contlnued) 1.10 Flnanclal Instruments B3sic financial Instruments are Inftially recognlsed at tran5act5on value and subsequently measured at amortised COSL Financlal assets held at amorti5ed cost comprlse cash at bank and in hand. together with trade and other dèbtors. A speclllc proylslon is made for debts ft>r which recoverabillty Is in doubt. Cash at bank and In hand Is defined a5 all cash held in Instant acce55 bank accounts and used as working capltal. Financlal Ilabllities held at amortlsed cost compr15e all creditors except for fees rncelved in advance, soclal securlry and othèr tsxe5 and provlslon5. Administrarlon and similar fees pald for borrowlngs are rrexted as Interèst and amordstd over the life ol the I￿inS l. I l Taxatlon Thè Trust is a r•Oster¢d Charlty No.312715 and as su¢h Is not Ilablé co Unlted Klngdom Income ttx or corporatlon on charltable actlvltles. 21 DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 2 FEES RECEIVABLE 2024 2023 Fees recelvable con51st o+. School f¢es Less: total aw¥ds and conce551ons 24,032.879 {1,973.860) 22.059,019 22,263.143 11.180,5671 21.082,576 Included wlchln awards and concesslons are means-tested bursarl•s to¢alllng £915.274 whSch were pald to 83 puplls (2023: £572,635 to 44 puplls). 3 OTHER EDUCATIONAL INCOME 2024 2023 Entrance and reglstration fees Courses and sub-letting5 AVP sports activltles Income 62,365 838.745 155,883 .056,993 46.186 796.078 132,676 974.940 4 ANCILLARY INCOME 2024 2023 School shop, School trips and Other Income Profit on sale of fixed 355et5 398,442 438 339,412 19.8101 329.602 398,880 5 OTHER TRADING ACTIVITIES 2024 2023 Rents recelvable 98,987 100,639 22 DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 6 ANALYSIS OF EXPENDITURE Staff costs (Note 7) Depreclatlon Other costs (Note 9) Total 2024 Total 2023 Ralslng fvnd$ Financing costs Total cost of ralslng fijnds 198.618 198,618 107,354 198.618 198,618 107,354 Charltable expendltur• Teachlng Welfare Prem15es Support C05t5 Total charitable expendlture 11,645.347 471,567 899.350 2,604,492 1,793,937 1,608.725 2,175,279 .621.158 13,439,284 2,080,292 4,648,855 4,225,650 12,878.767 1,826,515 4.177,325 3,410,599 1.574,226 15,620,756 ,574,226 7,199,099 24,394,081 22,293,206 Total expenditur• 15,620,756 1,574,226 7,397,717 24,592,699 22,400.560 Support costs Include the followlng relatlng to governance 2024 2023 Trustee costs 12.687 1,542 43,000 9.390 5,377 40.550 Legal and consultsncy fees Remuneratlon pald to auditor for audlt services 7 STAFF COSTS 2024 2023 The aggregate payroll costs for the year w•re 85 follows: Wages and salarie5 Soclal s•curly costs Penslon costs and other beneflts 12,136.576 1,217.240 2,266,940 15.620,756 11,287,480 1.129,019 2.024,099 14,440.598 regate employee-benefits of key management perscffinel amounted to £719.475 {2023.. £827,398) Including pension contribution5 Of £84,296 (2023.. £117,146). 23 DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 7 STAFF COSTS (Continued) Number of hlgher pald employees In bands of.. 60.001 to £70.000 £70.thJ I to £80.000 £80,￿1 to £90,000 £90.001 to £ l 00,000 £IOO.001 to £l10.000 £130,001 to £140.000 £140,001 ot £150,000 2024 13 2023 The numb•r wlth retlr•ment ben￿ts accrulng In D•fined Contrlbution s¢hèm•s was for whom the contributlons amount•d to 27 439,998 17 322.705 The iveroga number of the Group's employees during th• year, cal¢ulat•d on h•adcount, vras.. 2024 2023 198 40 99 337 Teachlng Dome5tlc and estate5 49 Admln15tr3tlve 361 Durlng the year there wer• redundancy or termlnatlon payments which amountod to £48,521 (2023.. £140,OW) of v4hl¢h £1385 Wd$ Outstanding for payment It the year •nd12023,. 145.0001. 8 TRUSTEE COSTS AND RELATED PARTY TRANSACTIONS During the year, there was no r•.Imbursem•nts to Trustees12023.. £nlll and no othtrr amounts (2023.. £nil) pald to Trusteei. Durlng the year no Trustee received re-lmbursements ol expense5 for travel and 5ubslstence12023: £nll). Durfng the year £49,99212023= £30,000) was paid to M l Tiplady lor con5ultxncy related to the Trust's propery porrfollo and £67612023: £66) for expense5 for trnvel. The payments are perniltted under the Trust'i govemSn8 documenL In the year at Dulwlch Prep & Senlor one Governor wa5 re-lmbursed £65 for travtl. No Govèrnor tralning expenses werè reimbursed In the year 12023: £0 for travel and tralnlngl. In the year at The Dulwlch School Cranbrook there were no Govenor èxpense5 for tralning or trnvel12023: £2.670 for trdlningl. The Charlty rec•lved aggregate donations from Governors In 2024 totalling £nil12023: £nil}. 24 DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 9 TANGIBLE FIXED ASSETS Group Land ond Furnlture bulldSngs Flxtures and Improvements Equlpment Freehold Offlce property Equlpment Vehicles Total Cost At I September 2023 Addl￿On8 25.379.994 41.411.33e 1.638.02B 1,434.894 171.839 167.715 Yll.031.969 3.939,942 (23,004) 73.948,9117 3,544.026 224,077 116,5241 1,645,581 Disp05als At 31 August 2024 Deprnclatlon At I Septernber 2023 Char8•d ITh year Dlsposals A¢ 31 August 2024 Net boolc valu•s 16,4801 1,600,253 25.379,994 H,955.364 167,715 10.096.867 556,134 12.607,661 597,251 880.042 799,587 275.519 16,2821 1.068,824 100.471 17.710 24,484.628 1,575.220 (7.320) 26,052.536 128,614 (1,0381 l.CQ7.618 10.653,001 13,204.912 At 31 Augu5r 2023 At 31 August 2024 15,283,127 14,726,993 28.803.677 31,750.452 757,986 635,307 531.429 67,244 45,547.341 47,896.371 837.963 49,534 Tru$t Freehold Land and bulldlng5 Improvemenrs property Totsl Cost At I Sep¢emb•r 2023 Addi¢k4ns 25,004,594 40,371.138 65,375.732 2.798,327 2,798.327 D15P05als Ai 31 Augus¢ 2024 25,004.594 43.169,465 68,174.059 Depreclatlon At I September 2023 Charged In year Dlspos21s At 31 August 2024 10.086,525 556,134 12571,144 S64,111 22,657,669 1.1211,245 10,642,659 13.135,255 23,7n,914 Net book value5 At 31 A￿SUst 2023 Ac 31 August 2024 14.918,068 14.161.935 27,799.994 42.718.062 30.034.210 44.396.14S At 31 Augurt 2024 the Group had caphal comrn1trner￿ of £851.96712023.. £nlll. 25 DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 10 DEBTORS Group 2024 Group 2023 Trust 2024 Trust 2023 Fee debtors Sundry deb¢ors Prepayments 281,3n 135,781 43L479 849.632 201,558 141.468 358.397 701.423 2,301 52.209 54Jlfj 38.287 3&287 I I CREDITORS: wnounts fallln8 due wlthln year Group 2024 Group 2023 Trurt 2024 Trust 2023 Trad• credltors Soclal securSty aftd other taxatlon F•e5 In *d￿nC￿ Orher credltors Fee dep051ts Amounts owed to sub51dlarles Bank loan Accruali 450.027 310.482 3.761,101 131467 1,702,425 921848 288,297 1.935.216 184.818 1,563.465 35,521 23,944 1.773 4.lJ6,129 7,632 394.477 4,623.759 3.423,631 738,387 617,ns 4,805,460 7.632 740,98S 7.511,119 738,387 840,624 6.473,655 I Z CREDITORS: *mounts falllng due *ftw more than one year Group 2024 Group 2023 Trurt TnJs¢ 2023 2024 Loans Ikne wlthln cwo to five years L¢>ans due In mort than five y•ar$ Provlslon for dllapidatlons Fee5 In advanc• 424.212 3.508,096 8S,266 1,802,196 5,879.830 1.460.950 424,272 3￿68.096 85,266 1.460.950 85.266 85,266 1,546.216 4,077,634 1,546.216 The Trust restrucujred Its loans durlng the Y￿r. The guts¢aThdlng balanc• of the origlnal loan of 11.628.604 was rolled Into tht n•w tlxed loan of £4mllllon, whlch was drawn dtswn on l July 2024. Th• fixed rate loan Is to b• repaid over 20 years. Th• fixed ra¢e15 curr•n¢ly 1.8% above base of 5.25X There Is a Capital repayrnent holiday for 13 months from ¢Jate of draw down. A further varlable loan of £3.861321 wa5 agreed.. thls can be drawn down ¥￿thin 18 rnonths of the In1￿41 draw down. The Trust drew down £1.2million after ¢he year end on 9 December 2024. The varlabl• ra￿ loan is ac 1.8% above base rate. Tht1oan1s to be repald over 20 years. Some ofthe Group'$ freehold properfes havt been provlded as securlty for the loan The provlsioTh for d11aplda￿onS Is In relatlon ro the Mary Da¢¢helor playing fields. Th1$ 1$ the estirnated dilapida￿0Th c05t on the leased pavilion and playing field5. The dilapidatlon suThey was carried ou¢ by a Chatered Surveryor. Thls c05c Is not experted to be incurred withln 12 months ofthe Baknce Sheet dats. 26 DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 13 FEES IN ADVANCE Group Group 2024 2023 Fees In adydnce wlll be applied as follows: After one yèar Wlthln one year 1.802.195 3.761,101 5.563.296 1,935,216 1,935,216 Openlng Fee5 in advance Amount relèased to income durin8 the y•ar Amount def•rr•d durlng the y•ar .935,216 {1,935.216) 5.563,296 5.563.296 1.792.911 11,792,911) 1,935.216 1,935.216 14 OPERATING LEASE INCOME AND COMMITMENTS At 31 Au8USt 2024 the totsl offuture mlnimum operating leue income recelvable under non 112.000 1125,000) Total amount charged to the Statement of Rnancial Acdvltle$ {30,000) (13,000) Restrlrtlon on recoverdble surplus Net actuarbal gainslllossesl recognised In the year Penslon scheme actuarial g&inlllos5) 42,000 (252.000) (210,000) (290,Ofy)) 97.000 1193.000) The Group expects to contribute I180,fth In 202412512023.. £180,0001- The existlng obligadons have been assumed by the Schools in proportion to thelr ongolng contrlbudons a5 calculated by the Schema Actuary follown8 th¢ triennlal xctuarlal valuation as at I january 2024. e) Prlncipal 4ctuarlal asiumptioni at the balance sheet date 2024 2023 Flnancial As5umptlons Dlscount rate RPI Inflatlon a5sumptlon Rat• of Increase of p•nslons In payment Rate of Increase tsf pen51ons In ddèrment 5.0% 3.1% 3.4% 2.8% 5.2% 3.3% 3.6% 2.7% Assumed Ilfè expectancy In years at ag• 65.. Non4ensloners Females Males Pensfoners Females Males 15.8 23,7 26.3 23.9 24.4 22.0 24.6 22.2 31 DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 18 TRANSACTIONS WITH SUBSIDIARY ENTITIES The Trust rece￿ed donated 5¢aff tlme of employees of Dulwlch Prep & Senior tot3lling aO.792 (2023: £18.676> r•cogni5ed In thé Trnst accounts a5 a glft In kind. Dulwich Prep & Senk*r donated £830,000 (2023: £770,000) to Dulwich Preparatory Schools TrusL Dulwlch Preparatory Schools Trust donated £012023: £250,000) to Dulwich Prep & Senior. The Trust donated £1,736,387 (2023=£455,084) to The DulYAch School Cranbrook Thé Trust a150 recèlved rental Income of £1.787,400 {2023= £1,851,694) from Dulwlch Prep & Senlor and £616,060 {2023.. £508.000) from The Dulwich School Crdnbrook. C35h resources for the Group are managed centralty by the Trust and as a consequencè at 31 August 2024 £4.125,88612023.. £3,700.046) ￿d$ due to DulwSch Prep & Senlor and £60,243 was due to The Dulwlch School Cranbrook (2023: £276,368 due from The Dulwich School Cranbrook). 32 DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 19 SUBSIDIARY ENTITIES Dulwl Registered office Company number Charlty numb•r 42 Alleyn Park Dulwlch. London SE217AA 10814894 1174356 Abbrnvlated Stat•ment of FlThan¢lal Actlvitles 2024 2023 Income E¥pendlture P•n5ion scheme actuarlal galnslllossesl Net movement in funds for the year Funds blfvAI I September 2023 Funds clfvid 3 I Au8ust 2024 17,570,637 16.910.969 (18.086,819) (16,646.357) (48.100) (44,2fy)1 (564,282) 220,412 3.478,288 3,257.876 2,914,006 3,478,288 Abbrevlated B￿rInce Sheet 1024 2023 Fixed a55et5 Cash a¢ bank Other assets Crèdltor5'. Amounts falling due wlthln one year Credltor5.' Amounts f&lllng due after more than one year Penslon scheme liablllty Net assets 2.757,699 2.540,370 4,683,319 (5.511,430) (1,555,958) 2,170,907 1.029.843 4,1 $2.626 13.875,088) 2,914,006 3,478,288 Total hJnds 1.914,006 3,478,288 33 DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 19 SUBSIDIARY ENTITIES (Contlnued) Scho nbroo Regtstered offic• Company number Charlty number Coursehom. Cranbrook. Ken¢ TN17 3NP 10815140 1174358 Abbrevlated Statsment of Flnanclal Actlvlties 2024 2023 Income Expendlture Pension scheme attuarial fdlnslllossesl Net movement In funds for the yoar Funds bl￿d I September 2023 Funds clfwd 31 August 2024 7,894.285 (7,610.353) (161.91x1) 122,032 (377,760) (255,728) 6,107,569 (6,807.892) 1148.800) (849,123) 471,363 1377.760) Abbreviated Balance Sh•et 2024 2023 Fix•d assets Cash at bank Other assers Credltors.. Amounts falllng due withln ¢n¢ y•ar 742.528 512,105 297,933 (1,562,OS8) (246.236) 658,368 246.521 210.568 (1.493.217) Cr•dltors: Amounts falllng due after mor• than one y•ar P¢n$lon scheme liablllty Net assets (255,728) (377,760) Total Funds (255,728) (377.7601 34 DULWICH PREPARATORY SCHOOLS TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGusf 2024 20 PRIOR YEAR COMPARATIVE NOTE (A) 2023 STATEMENT OF FINANCIAL ACTIVITIES N¢¢e5 Unrestrlcted Funds 2023 Restrlcted Total Funds 2023 2023 Income from: Charltabl• actl¥ltle&' School fees re¢elvable Other educatlonal In¢ome Anclllary Income Other trading activltles Non-ancillary tradlng income Invertments Bank and other interest Voluntary $ources Donations and legacles 21.082.576 974.940 324,602 21,082.576 974,940 329.602 100,639 100.639 39,572 39.5n 37.413 37,413 Totsl Income 22.522.329 42.413 22,564.742 Expendlture on: Ralsin8 funds Financlng costs (107.354) 1107,3541 Charltable actfvld¢i Education and grdnr making {22.287,706) (s,5￿) 122.293.2061 Total èxpendlthre {22,395,0601 15,500) {22,400,560) Net Incom• 127,269 36.913 164,182 Trnnsfer beThveen fijnds Pension scheme actuarial rdins 5.860 (193.0001 (5.860) 19 (193,￿70) Net movement In fund5 for the year (59.8711 31.053 (28.818) Fund balance5 blfyvd I September 2022 40,790,947 22.857 40,813.804 Fund balances clfwd 31 Au8USt 2023 40.731.076 53.910 40.784.986 35 DULWICH PREPARATORY SCHOOLS TRUST CONSOLIDATED STATEMENT OF FINANCIAL FOR THE YEAR ENDED 31 AUGUST 2024 20 PRIOR YEAR COMPARATIVE NOTE (Contlnu•d) (B) 2023 SUMMARY OF MOVEMENTS ON MAJOR FUNDS Atl September 2022 Incomln8 rÉsources Resources Galnsl At 31 August 2023 Transfer ex￿nded Losses Group funds Unrestritted Restrlcted 40,790,947 22,857 40.813,804 22.522,329 42,413 22.564,742 122.395,0601 5.5001 (22.400,5601 {193.fy)0) (193,0001 5,860 (5.8601 40.731.076 53,910 40,784,986 T1￿1 fiJnds Trust fund$ Unrestrlcted Re5trlcted Total funds 37,071,2fJ) 13.362 37,084,562 2,898.369 12,298.530) 37.671,039 13,362 37,684.401 2.898,369 2,298530 (C) 2023 SUMMARY OF NET ASSETS BY FUNDS Unrestrirted Restrlcted Funds Funds Total Funds Group Tangible Assets N¢t Current {Llab1ll¢i￿I l Assèts Lon8 Term Cradltors Includin8 Penslon Llablli¢y 45,547,341 13,270,049) 11.546.216) 45.547,341 {3,216,139) {1.546,216) 53,910 40.731,076 53.910 40.784,986 Truit Tan8lble A$5et5 Net Current ILiJbllltle5) l Asset5 Lon& Term Credltors includlng Penslon Liability 42,718,063 {3,500,8081 ( I,S46,216) 37.671,039 42,718,063 (3,487.446) (1.546,216) 37,684.401 13.362 13.362 21 POST BALANCE SHEET EVENTS In October 2024 the Trust purchased the bungalow at Mary Datchelor 2nd acquired the leasè of the Mary Datthelor playlng fields from Southwark Councll. The freehold Is held by the Dulwlch Estate. 36