Company No. 579923 Registered in England Charity No. 312715 DULWICH PREPARATORYSCHOOLS TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 1111111111 AF2EXYP? 19105f2tr26 COMPANIES HOUSE
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DULWICH PREPARATORY SCHOOLS TRUST ANNUAL REPORT OF THE TRUSTEES YEAR ENDED 31 AUGUST2025 The Trusttts wesent their ann441 report wgether wlth the audited financr41 statements of the Dulwich Preparatory khool$ Trust (the Trust) for the year ended 31 August 2025. The Trustees confirm that the annual report and financi ststemenfs of the Tnjst conwly with the current statutory reqLtirements. the requirements of the Trust's governing cment and the provisions of the Statement of Recommended Practice (SORry 'AccouThting and Keporting by Ch&rities" (Charities SORP FRSI 02). Status and administration The Trust is a compary limited by guarantee (Company Number 579923) and is registered th the Charity Commission under Charity Nurrer 312715. Its revstered offtt 1$ 42 Alleyn Pari Du1Ch. London SE21 STRUCTURE. GOVERNANCÉ AND MANAGEMENT The Trust 15 the parent company of two dePendent school charit¢e& The DU1th School Crydnbrook (PreOV51Y known as Dulwich Prep Cranbrookl and Duhwch Prep & Senior (previou51y known 35 Dulwich Prep London) f'the khools.) together 'kne Group" The Trusf 5UPPQrt5 rhE provision of educaon by the two 5£hool$ and the two Schods lease their facilities from the Trktst Members of the Trttrt comprise the Trustees of the Dulwch Preparatory Schoo[5 Trust. together wrth all Governors of the Schools. The Trust's ArCleS reflert the Ctyyanles Aet 2006 and the Chariries Ac¢ 101 I. Trust Board The Trustres of the Trurt are thariw Trusrees under charfty traw and Directors ofthe Trus¢ for the purpose5 of company law. The members of the Trust Board who served in olfice as Trustee5 during the and 5ub5equently are detailed belovr. D H NeLson Independenc Chaimrtn R K Black Norninated by the Governi aody of The Dvtwith School Cranbrook from I September 2025 A F Crow Norninated by the Governing Body of Dvlwich Prep & Senior from 171)ecember 2025 T M Durre Nominated by the Governing Body of The Dulvith Sthool Cranbrook E K Kelleher Nominated by the GoverninK Body of Dulwith Prep & Senior. ret[ from 31 july 2025 l Lovett Nominated by the Governing 80 of Dutwich Prep & Senior from l August 2025 G M2$ter¥ Independent Truslee l D H Steel Nominated by the Governing Body of D1(h Prep & Senior.. retired frorn 17 December 202S M J fiplady Independent Trustee.. retired Irom 31 December 2025 N O'Leary Independent Trusree-. appointed 18 March 1026 Offlcers N B Holliday Setretary ro the Trustees: retired 31 Marth 2026 E William5 Secretary to the Truste. appointed l April 2026
DULWICH PREPARATORY SCHOOLS TRUST ANNUAL REPORT OF THE TRUSTEES YEAR ENDED 31 AUGUST 2025 14anagemtnt StYuctur• The H03rd meets a minirtxjrn of three times per year. nvrrrAIty once per academic terni and in the year to 31 August 2025, met five times. There are three Independenc Trurtees. includittg the Chatrnn. and e2ch of the Schools nominates two ol its Governors Inorrnty induding the School's Chairman} a5 Trv5tees. The Board ha5 a Finance Cornrnie which meets 3 week or two prior to Trn$r Board netIngS. and ai ¢)ther ¢imes when necessary. to discuss fjnancial matters on whith it advises the Board. The Tntst tonsiders the perform•nce of each School. their future an5, budgets and operation. together with applications for capital investsnent. Trustee Re¢rultmen¢ & Tning The Board is 5elf-appointin& with Thew Trustees identified and apwinted following agreement from all current Trustees. Tru5tee5 5erye for an initial terni of lour years. but rnay offer themsdves lor re-election lor a second term of four year5 aDd then a final term of two years ten years in total, except in exteptsonal circumsun¢es. New member5 of the Board are elected on the bas of the (andidate5' profess1Dl qualities experience, personal cornpetente 2nd the 5pecrfir needs of the TrusL The Secretsry prodeS a detailed letter. together with appropriate documents. to indurt new Trustee5 into the workings of the charstable company. By arrangwnent with ¢he Heads and Bursars new Trustee5 also arrange to visit the twts Schools to familmrise themselves with each School. its ste and any issues. The Seeretsry wlll also notify members of the Board of relevant external Trustee training and information cour5e5 and 5eminar5 desed to keep them informed and updated cn curren¢ issues in the seaor and reguP&tory requireffiI Charity Code of Governance The Board takes its governance re5pon5ibiliues seriously and the Group aiins io hve a governance framework that ts fit for purpos4 compliant and eificient. The Group estsblished a 501id foundation in governarKe in whith all of it5 Tru5tet$ are clear about ¢lir roles and Wl re5POrtslbilities. are committed to surpordng the Trus¢ in delivering its objects most effectNety for the befft of irs benefiaarie5 and £ontruting io the ccnunued improvement of the S¢hool$. The Group meets the key outcExftes set out in the5evert areas of the Charity Governance Code. The struciure of the Group the relationship between the Trust and the two Schools are de5i8ned in such a way as to ensure that recomrnended practice is observed and. Twhere specrfK a5pErrs are delepted to the School& these a5pecrs are reguLqrly monitored. Employment policy The Trust and each of the Schoo15 is an equ opportunities ernployer. Full anij fair consideration 15 8iYer¥ to job appllcatlons from disabled persons and due consideration is to their training and employrneTht need5. Consultation th employees. or thelr reprewiravve5, has continued at all levds the aim of tsking rhe eyé$ of employees into account when decisions are made that are likely to affect their inthrests. Employees are made aware ol the finanaal and econoffAc perfcKmance of the relevant School. Communication with employees Continues through nornul managemen¢ Channe in a ftriety of forms. The Trust'5 only ernployee is the Secretary who 15 part tirn Employrnent contraets of key wwnt personnel are reviev anhualty by members of the Finance Committee and benthmarked ardinst simfir roles for th¥¢$ and xhoob. A qualfying thIrartY indemnlty prwsion for the berth of the Group's direcwrs was in place dLKkng the financi31 year.
DULWICH PREPARATORY SCHOOLS TRUST ANNUAL REPORT OF THE TRUSTEES YEAR ENDED 31 AUGUST 2025 STRATEGIC REPORT The rernainder of the rewr of the Trusrees also cons¢i¢u¢es the mtegic report lor the purposes of the Cornpanies Att 2006. Princlpal activity and objects of the charitable company The prlnap21 activity of the Trust is the advancement of education in the Unid Kingdorn and elsewhere, currendy through the 5UPPOrt pwded to the tWC Schools. The Board 15 mindful of the long-standing need to provide pJblK benefft and strNe5 to do $0 through the support of deyelopmenr in edu¢aticA) generalty. through bur5arie5 (mwnty provided by the Schools). through working other educational tJdies and the pnxnotion of bes¢ prKtyce. Aim The Trustees. aim Ss tha¢ p11$ attheSchoo15 should benefft from the prov40 of firs¢ class facilities to enable them to fulfil their p¢xential on all fronts- aodemi¢. I$11¢. dramati4 mustcal. sportin& social and moral. Primary objective The Trust 15 a cPMritable trust Tkni¢h promotes the adY4ncement of edLK2tion in a broad context and In particular at its 0 Schoo15 in London and KtnL Strategies to achieve the primary ¢Ie£t1¥t The Trust seeks to achleve its prwnary objecrive through the inylemenfation of the following strategies: by proviélng an excellenr education at The Duknch Sthool Cranbrook and Prep & Senk•r. through the provisvJn of trmjrsaries and Othern2r121 support to enae thildren whose parents would no¢ otherwise be able to affwd the fee5 ¢0 benrfit from an education at the Schools- by raisin8 fund$ in supp¢)rt of educati and orrdnisins or makirg grants toward5. lectur seminars, broadcasts or courses of in5trucfion.' by tondering ways Sn which technology can be can be used to enhante teaching and knning: through the provislon of classrooms and buil&ings generally in connection Yth education at Dulwich Prep & Senior and The School Cranbrook and elseYAre; thmugh the pmwsion of fields. Dmes court$. recreational grnunds and Pa110$. Mmmlng pools and other faaltties in connectron 5POrts. recreational actiwties of all at ouch Prep & Senior aThd The Duhyich School Cranbrook and eevther< by setting rents at a level to ensure the financial viability of the Sehoo15 and at a level tha¢ is const5tent th future capital investment to PrOde a firsi da&$ educati ¢0 boy$ 2nd gids at the Schods; through the malntenarKe of a dear and effective man4emenc strucwre and the necessary $porT framework to Meet the need5 of the &hool% by acting as banker to the Schools and by len&w¢ rr#)ney to facilitate the cash flow of each Schotsl. The Trust considers bids for capital expenthture from the khoo15 to enhance the Schools, hcilitles. In reco8nition of the extension to age 16+ Dulwich Prep & Senior thanged Its Mme from 'D1th Prep Lond, on 3 Septernber 2024. The first phase of the deYek)pment of the facdities in support of thi5 extension
DULWICH PREPARATORY SCHOOLS TRUST ANNUAL REPORT OFTHE TRUSTEES YEAR ENDED 31 AUGUST 2025 was completed durtng 2024. invofved a new main reception arta. the addition of rwo new classrooms at the PrPrep buildingand a new dassroom Ind lafttorie¥ in No42Aleyn hrk. Phase 2 wa5 the redeveloprnent of the BeS Buildin& work corrrnenced in july 2024 and vos rorypleted in May 2025 in time for the Senior khool to open Sn Seprember 202S. In ad¢ion. as ofDuKYich Prep & Seniorfs expansion an5, in October 2024 the Trust completed the algrnr of the uney.red terni of Southwark Council's lease of the Mary Datchelor playing fields from the DulwKh Estate at a C05t of £51X),ThYJ. A5 part of thls deal the Trusc Iso acquired the Ireehold of the grDundsman'$ Iwngal)w. These works are being funded by the Trus¢ th * loan Natwest The Dulwith School Cr3nbrook extended Sts aze range to 16+ in September 2023, The Senior School has now exparwled •Trd the pupd tnrtslment woss the vknole school In Septener 2025 d5 $25. Despite the political and ffinancial turbulence In the indyndent educailon settor The Dulwich Sthool Cranbrook has a heakhy leyel of rey5travons for the academic year 2026127. This has necessi¢ated addltlonal investment in facilities and staff and the Trv5t ts woviding finanual support to inYe5t in new ¢SSrOomS for Years S and 6 to be ready in August 2026. Public bènefit The Trust rerrnirts c1mI¢led to ¢he aim ofpro¥i&ing pu14ic benefit in accordantr its founding principles. Chariry lew5131ion ineludes a rewiremÈnt ¢0 demonstra public benefit for any charitable purpose where it had hitherto been presumed in the absenee of edence to the contrary. Thls cans In turn for wrnmen5urate th"sclosure of our public benefrt airn The awarding of bwsaries fty th¢ needy is a nwsurable m¢aThs of prth•Jing public benefit. The Board takes the wew that bursaries awarded to those who would not otheri5e be able to afford the fees are importani bur not to the excltssion of the much wider benrfit that the Trust prowdes wthin the communr(y. The Trus¢'s public benefit commlrment is currendy delivered prirnarily throvgh the two Schools, exh ol which a bursary programme. During th¢ year the Trusc's Sthods provided means.tested bursary support tota15ing 1.2m to 113 pupils (2024.. £915k to 83 pupils) of wht¢h 74 were f 70% or morè of full fees {2024.. 31). 1 addbtion. there was supp)rt for local charitie5 and education bodies throu fund-rwslng acimties, ou¢r¢ach programmes and the loan of fa¢ili¢ies. 80th the Trus¢'s Schoo& attNety pronw)te child mental health awarene55 th DU1Ch Prep & Senior emplopng a dellicated coun5ellor Whi The Dulwich kh• Cranbrook retains ace28e. A number of state schoo15 both in Kent and Lonth)n benefrted from the Trust's Schools in a Ydriety of ways from the use of faciliues to support Irom staff. The Trust does not engage any extern third party lundrarser5. The hve been no comptslnts IA the perd refdrding inaPprote or intrusfve C+Jntacr in relau¢)n ro fvndrrising attltie¥ Strt•mllned Ener and CaOn Reporting (SECR) The Trustees have ¢onsidered the r¢quirwwts of The C¢xryanies (Dwec¢tys' Repgrt) and Limited Llabilitles Partnerships (Enery and Carbon Report) Regulations 2018. The Schools eath meet Iwo of ¢he criteria for non-disclosure therefore are not required to produce a reporL A5 a re5vIi since the Tru54 as the parent enrity. does not prod¢ any •nission$. the Trustees ha¥e conduded that the Group doe$ noc red to submit a retyrn. Sectlon 172(1) Report InrporatIng Statements of Employee and Stakeholder engagement The Trustees of the Trus¢ as Direttor5 of the e4>npany. consider that they haye adhered to the requIrentS of seaion In of the Compwes Act 2006 and ha In good falth acted in the way they conslder would be most likely co promote the 5ucces5 of the Group for the benefit of its members Is a whde and w) dtyrq $0 rerard t a) the likeSy consewences of •Thy deasion tn the run:
DULWICH PREPARATORY SCHOOLS TRUST ANNUAL REPORT OF THE TRUSTEES YEAR ENOED 31 AUGUST 2025 bl the intere5u of the Group's tsntAoyees'. cl the need to foster the Grnup's bune$S rel?tioftships dl the itryact ol the Group's operatbons on the community and the enrOnrne e) the desirabllity of the Group nHirrtaining a reputation for 5tandard5 of FSineSS tondutu and fj the need to act fairty- The Trust achieves the success of its wider charitable purp05e5 through the athities undertaken by its Schools. whi¢h a reglarlY monitored and assessed. This incorporates the desire to rneet the requlrements of all stakeholder5. whether pupils and the wider community, sraff, donors. fEe payers and SUPlers. The Trurtee5 consider that they have promoted the Trust's chrttsble purpos4 as set out in the aim and primary objective on page 3, in the fdlowing vrty& a) The likety consequence5 of any decision In the long rnn: - the Trustees PAve considered tht long-term sustainability of the Schools. Operations. as set out in the Going Concern $tIOn of the Financial fteew on page 6: - the Board sets and approves strateyt direetion and policy. meets three times each year and addi¢ionally as required. The Board monitors the work of the khod$ thrDugh >¢5 Finance Commirtee 2nd throvgh report5 from the Schools. repre$entsti¥es on the Trust Board. The Finance Committee reviews the Schools. financial plans on a termty basis by monitoring income and exwditvre 38ain5c forecasts wthio the contex¢ of the annual budgets the rolling 5 year financml plan5. Capital expenditure plans and cash flow requlrements are a150 c105ety retWerf. paruculady In the Ilghr of the T,$ borrowing commitments and repayment requirements: - risk management Is incorporated into all ol the Group's operntl$ w)d robust risk managemen¢ procedures are well e5tabli5hed. The m05t significanr risks are discussed at e•ch r&vant Trust Board meet4n2. rther detsil$ are confoined on page 8.. and - the Trustees review and erbdor5e all pdicie5 to ensure con5ittenr lon8 rerffl re8ulatory compliance. b} The interests of the Group'5 eryloyEes: . authoritatwe and frequent communication with staff at the two Sthoo15 has been condutted by regular staff team meetings and routine YeklY written communicaiions to staff and parents. Staff have been kept informed about $f3ffin& finanol and strategic issues xffecting them and the khool5; full details of the employment policy are contsined on page L. - the Trvs¢ee$ receive regu&r reports on staff matters through the Sthoo15' terrnty reFQrts.' - all Senior management are invofved in the eady stages of the strategic plan developmen( and staff are updated on the plan and priorities at the start of eath icademic year. and - meaningful engagement is enc(¥Jr2ged through the staff forum at eath School where employees across all derArtments discuss and make recommendations dirert EO senior A diverse prngramme of well-belng attivttits is adilable ro all staff. cl The need co foster the Group's relaOnShIpS vth srakeholder¥. - the Group's beneficHrie5 and donors are the focus of all the khoo&' operation$: a fair and con515tent selecoon policy ensure5 a dNerse and thriThg pupil who are fully supported throughout their education from nursery ¢0 extern examinati$ for the senior 5chooL% of their ch04ce, enabling Jnd prepartng puwls for later life,. rt)bust recNitment of the best teachers and valuTrng staff support5 5rabiliiy and a high standard of eduotion. - a Iiir policy of bursary av13rds. consistently applied, 5UPPOrt5 familie5 who rnay not otherwse bÈ able to acces5 education at rhe Schools-. - the parent contract forms the basis of the rdatiOnsh with fee payer5. This is reeWed regukrly to ensure best pracfi¢e and then appl fairty and consistentty- Parental engagement is maintained through regular orrespondence and rmlY publications- . all suppliers are treated fairly and prompty wth atherentè to business tsm. . the Group receives regular reports and update5 in fUndraing regulations throu8h the School& and
DULWICH PREPARATORY SCHOOLS TRUST ANNUAL REPORT OF THE TRUSTEES YEAR ENDED 31 AUGUST 2025 . the GJP reviews how best to enwe in fund raising to boost am¢)unts available for capital projetts and progressing tharirable objectiw. d) The Itrpact of the Group's operations on the corTThunity and the environmw)c - the Group 5UPP)rts the khods in dertaking a fiJll pr0¥75ion of community and partnership activity. - full ¢jetaI are c¢n¢ained on page 4. el the de5irabillty ol the Group rTraInning a reputation for l¥gh standard5 of business tonducL - the Schools, Bribery Poltcies set out the responsibilme5 for staff to rewt any incidefftts or Suspicion of fraud, bribery or corruption arising in the course of their work and to CoCperd fvlly with related Investigatlon5. The Schoo15 take a Zero tolerance approach towards fraud. bribery and corrL¥Jtion. The Whlstleblowing PolKle5 SUPPOrt sraff in this ap03Ch. fj the need to att f¥r4r. - all Trustew and senior staff complete an anfi CL)ThflKt of Intwest DecLlratn. There have been no reported irKidents of unaceeptable rtionshIp ACHIEVEMENTS AND PERFORMANCE Revlew of achlevements aDd perforniance lor the year The Schools delivered a full aademic tvnet3bl4 irKludFng tht WOVi5ion of ar¢ drarni music and sprJrL FW¢hernrt. the Sthools eftraced a typical of including concerts. rTMtches museum and other Mslts and overseas trip The Trv$ SchooLs sent 93 pupik to over 27 drfrerent senTror schools {2024.. 150 and 40), includinK many of the t1 schools in the UK. Between them these pup1$ rained Ihe offer of 60 xholarships and awards12024.. 53). The Trust's recognition of the iryponance of providin¥ a first dass educatyon was demon$trat¢d by the varfety of these awards whlch were achieved not only for acadernic success. but also for ar4 DT, music and sporL FINANCIAL REVIEW The Gro¥,$ net operating loss for the year ended 31 Augusc 2025 amounted to £1.3LYJ.256 (2024: net operatlng los$ of £872.420). The ntt bwk ue offixed a55ets amounted to £48.958.36112024.. 147.8943711. The Trust reter¥es Income thr¢h the rents rtteNed from the sdw) for their us¢ of edUCat)rIal and residential property. It also benefits fr¢yn donation$ of surplus funds from the Sthools when the School$. r¢$erve$ polides permtL In addition. the SthooL8 seek to enhartt ther income through lewng their facilitre5 both regular and casual hirer5. The balanee ol the originl trxnk loan taken otst by the Trust wa5 rolled over iTrto a new loan facility totallire £7.86 mAln, of which £7.26m had been drawn down in the year ended 31 August 2025. The majority uf thi5 loan faeilty has be used to fvnd the 5enb)r 5¢hool faolities at Duh¥ich Prep & Senior noted ab Reserves The Trust's reseThes policy is to maintain its free unrestritted reserves at a rninirnl level given the coThfTrdence it ha$ In Its contlnuing income stream from the Schools. both from rents aThJ frorn any 5urpluse5. At any tim however, it may build up re5erYe5 in antiupation of a fuvjre capital project to support the khools or to support its other ¢haritable objectives. Altern3vvety. as at present. r¢ may be prepared to t*rrow funds for the short to medium term to invest in tapital project5 to suppwt the Sthools. At the year end. therefore. the
DULWICH PREPARATORY SCHOOLS TRUST ANNUAL REPORT OF THE TRUSTEES YEAR ENDED 31 AUGUST 2025 Trust had a deficit on free unrestricted reserves of £9,720,292 (2024.. 17,365.2121. Fund5 held by the Group at the year-end totalled £38,194,310 (2024.. 139.70L566) with a deficit on free unrestricted reserves of £10.862.983 (2024.. £8.261,918). The Trustees have considered the reserves policy ar have conduded that no adfvsmients ro the policy need ¢0 be made. Going concern The an$ for both Schods to extend their offering to age 16+ hwe the full support of the TrusL The Trust Flnance Commitree has carefulty ton$ider¢d rhe cost implicatson$ of rhis expansion and reviewed the relevant busines$ plans and cash flows. Both Schools have pr{J¢d besL middle and worst cas¢ cash fk)w scenario$ based on conservdtive assumptlons which have been interrogated by the finance Committee. The Oulwich School Cranbroc4('s Senior Sthool efirdment 15 ahead of forecasts in September 2025. Dulwich Prep & Senior's pupil nuft)er in Year 9 in September 2025 was slightty above target at 17. The Senior School facdities in London were delivered by the end of May 2025 with the final cos¢ signffic3ndy below budgeL The Trust Finance Committee approved the drnw down of the final tranche of the Natwest loan in OCber 2025. The Committee r4ularty monitors the Schoojs. Cash IIow5 and has a nwnber of options availabl Including the sale 01 further freehdd property. should the need arise. Havin8 assessed txh the Trust's and the Group's finantinl position and its atrtiwe faeilityes. the risks to which it ts exSed and the dettiled cash proj¢ttions noted aboye the Trusttts are gtysfied tlmt it remains appropriate to prepare the 5tatemenu on a going concern ba51S. Future plans for future perlods The Trust's future akns and aTr5 are tonsidered to be the fo1n¥ to coniinue to 5tretth and challenge 311 pup115 academically irrespecDYe of their le¥d of ability and to offer them a broad range of artisiio musical and sporting options: ' to prode an alj-through education at the Schcojs io age 16+ whlle ajso enthing thtrse chljdren wlshin8 to do so to move on to a large and Yaried ranF of senr schoo15 at age I l+ or 13+.. and to contlnue to seek and provide opportunities to engage with local maintarned schoo15 and the wder community and ihrough This co ensure sraff. ren[S and Pl11$ have an appreciation of the wodd ar0d them and the differenee they can make. ' ¢0 offer bursary places at the S¢th¢x)Is to pupils tknose parents would not otherwise be Zb to afford the ' to ConnUe to increase pupil numbers.. to Colltrnue to ensure firrdnaal st3bility'. • its retain high FAomitng staff and prwde wlth devdopmental training: aTrJ • <0 continue ¢0 develop the Schools, site5 as and when required to the Schoojs. strate8ie5. Post balance sheet events In November 2025, the Trust drtnged its name from The DulwKh Preparatory Sch¢)ols TrL to The OU1ch khools Trust. In Novenl>er 2025, the Trust sold the freehold to the Oast prc*Ptrty for an weed sa$ pdce of £1.050,0. In March 2026, the truscees of the non-ceathlry Staff fkfftn knefir scheme en¢ered Into a pon buy.in arrangemenL with a prerrrium of £2.3m paid our from scherne assets to a third-party pension risk transf business. Following the buy.in, the Group rs not experted to make further contyibutlon$ to the pension scheme under the previousty agreed Scheduk of Contributiorts
DULWICH PREPARATORY SCHOOLS TRUST ANNUAL REPORT OF THE TRUSTEES YEAR ENDED 31 AUGUST2025 PRINCIPAL RISKS AND UNCERTAINTIES The Trust is very aw3re of the pressures on the tharable schools. secror from the ImposIon of VAT on fees and general inflation. We are comrnitted to continuini to ensure that we prolidt a first-rare eduction ¢D our boy5 and g¢rls and enable them to IlourÈ5h. Ylhilst balancing value mtsney and financ1 5UStainability ond increasing our wider charitabte reath. The Trvstees d05ely monitor chanles in the prfjyate school seetor and the potentol fv strategic opportunities. The Trustet5 t(sIder the affordability of fees by parents across the Independent sector to be the prtncyal risk faced by the Tru5L This risk h35 been encerbated by the introductiffi of VAT on sehool fee5 from I lanuory2025 and the intreases in Natial In5uranee contributions and the rThnimum w4e. Although significant fee increases have been rnrroduttdat both schools, the Trustees ensure that the Sth¢)oJ5 remarn eompetitively priced in the prNate Sector. Lmrt a150 that the ethcation provtsion continut5 to be of the highest quality. To further maintain affordability for our parents and fee Fqyeo the Ttee$ tontinue to explore %fdy5 to nn[MISe the change to fees and eF4r8es. This indudes #n increased fotus on cost control and samngs across the Group. review and better use of the Group's faalities and an inCrsed f¢xus on fundraising opptsrtunities. The potsntial impart of fee increases on enrotment is a criDcal Issue at borhschoojsand thi$ Is closelymonitored by the TrusL Strategic Flanntng by the Trust and its schods ha5 meant that both schools have been able to respond wdl to pressvres On pupil Aumbers. Prin¢ipalty. the Trustees are confident that the chan8e5 in age range aeross both 5thools 11 support pupil Aumbers going forwartl$. This includes: The introduction of Fledglings (children aged 21 from September 2024 at Dulwch Prep & Senr The introdutrion of a senhy 5th001 from September 2025 at DuNvich Prep & Senior. ¢aEering for boys frLn Year 9 through to Year I l. The tontinued growth of the senior sthorA at The Dubwich School Cranbrook whlch welcorned its first GCSE cohort in Year 10 in September 2024. Health and safety alws a s1gnlfnt area for rlsk managemenL The risks range from fire and Hrfrastructure to personal risks {m05t notsblywhen away from the campuses on trips and expedition51. The level and breadth of artivity at the Sehotsls is si8nifiont the risks assothated wrth all attlties are minimi5ed by thorough phnning and risk a$5essrnent. Detailed consideration of risk undertaken for eath 5th0ts1 by irs Board. wlth input from Ihe senior Leadership Teams. The Trust alsts considers risk at Group leveland the Risk Register is a standing item at each Board meeting. The risk managemenl proce55 and the resulting register identify ri$k4 a55e55 their impct and likellhood and. where necessary. recommend contro15 to mitigate and Thv)Thitorth05e risks whtch are a55essed as high. The generfc contrds used by the Group ro nlm1$e risk inclith: detailed ter o( reference tpgether wth formal agendas for Boar&, acti. strategic development plannin& reviewed annually by the Board5: comprehen5iYe budgeting and rnanagement accouvvng". established orDnisational Strurtures and lines of reportin& forrrql written policies including dear authorisatyon and approftl kyels: Vetti procedures a5 required by law for the protection of the vulnerable. The Trustees regularly the effectiveness of current F4ans and strategies for managingall identified major risks for the Group. Tru$tee$' responsibilities The Trustees Iwhoare also dlrector5 OfDu?th Prep2rntory Schools Trust for the purpgses of cornpany law) are resPonsie lor preparing the Tru5tee5' report (including the 5trate8ic report) and the financrdl staLements Trn accordance tmth applicable law *nd United Kin¥dom Accounting Swidards (United KiTrgd Generally Accepted Accounung Practice). Company law requires the Trustees to prepare financrdl Staterner for each
DULWICH PREPARATORY SCHOOLS TRUST ANNUAL REPORT OF THE TRUSTEES YEAR ENDED 31 AUGUST 2025 rinantial year. Under Company law the Trusrees nwst not approve ihe fi¢181 statements unle$$ they are satysfied that they wve a true and fair view of the s¢ate of affairs of the Trust and of the iTrcomtng res¢)urces and application of resources, irKludin8 the income and expenthtur4 of the Trust for that period. In preparing these financial statents, the Tru5tee5 t required ro.. select suitable accounting policie5 and then aPY them consistendr observe the methods and principle5 in the Charitie5 SORP, make judgments and accounting e5timate5 that are reasonable and prudent- Sta whether applicable UK Accounttng Standards have been followed subject to any ff4terial departures &xlosed and explwned in the financd s¢atements'. prepare the financlal $ra¢emenrs on the gng cOnrn basis unless k is ir4ppropr4te tc pre$ume that the Trust will conunue in operation. The Tru5cees are responsible for keeping adequate accounting record5 tht are Sufficient to show and eXaIn the Trust's transacticffis and disclose with reasonable accuracy at any time the financial position of the Trutt and enable them to ensure that the financial statements compty with the C¢ynpanies Art 2C#J6. They are al$ts responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irre8ularitie5. Each of the persons who are Tnjstees at the vme when this Tru5tee5' report is approved ha5 tonfimed that". so far as each Trustee is awar< there no rdev3nt audit information of which the Trust's aLrditor is unawar< and each Truttee has taken 2Jl the steps that ought to have been taken as a Trustee in order to be aware of any rtlerdntaudit irrforniat6on and to esublish that the Trust's avditor is aware of that information. Approved by ¢he Board of Du¢h Preparatory Schoofs Trus[ indudin& tn their capaeity as company dlrectors. approving the Directors. and Strate£ Report contained therein. and signed on its behalf by.. ifv(L D H Nelson Chairnian Date: 27AprtL ZOIG
DULWICH PREPARATORY SCHOOLS TRUST INDEPENDENT AUDITORS REPORT FOR THE YEAR ENDED 31 AUGUSf 2025 Independent auditorfs report to the members of Dulwkh Preparatory Schools Trnst Opinbon We have audited the finarKAI $&tsments of Dulwith Preparatory Schools Trust for the year ended 31 August 2015 which comprise the Statement of Financial Actwities. the Balance Sheet, the Ststement of Cashfk)w5 and notes to the finan¢ral statements. including a summary of significant accounting policies. The financial reporting Irarnework that ha5 been applied in their preparation is 3pplKable law and United Kingdom Accovndng Standards. including Financral Retx)rting Standard 102 The FinotKioI Reporting Stondord oppfvcobfe in the UK and RetI of Irelond (United KIngdTr Generally Accepted Accountin8 Pr4Ctice . In our opinion, the financi ststements: gr¥e a true and fair view ol the state of the charitsble coMny.S affairs as 0¢ 31 August 2025 and of the charitable company'5 nei movement in tunds. tncluding the income and expenditu. for the year then ended,. have been propedy prepared in accordance with unit Kingdom GendIty Accepted Accounting Prntti¢e.' and have been prepared in accordaKe the rewirements of the Companies Att 2LI)6. Basis for opinion We conductetl OLJr audit in actorthnce International Stanthftls on Auditing (UK) (ISAS tUKII and Fplioble law. 0 responsibilities under those stsndards are further described Sn the Auditor'$ responsibilities for the audit ol the financial ststemenrs section of our reporL We are independent of the charity in accordance th the ethical requirements thatare relewdnt to ouravditol the financsal ststunent5 in the UK, intludinÉ the FRC'S Ethical Sundard. and have fUlIed our other ethical responsibilitles In accordance with these requirements. We believe that the audic evidence we have obtained Sufficient and appropriare to PrOde a basis for ¢wr tspinit)n. Con¢lu$ions relating to going wncern In auditing the finantyaf stacernents. we have toneluded that the trvstees, use of the going concern basls of accounting in the preparation of the finarKHI Staments 15 approprnte. Based on the work we have performed. we kve nor identified ary Inaterial uncertaintie5 relating to events or conditions thai individually or collectively* may cast Significant doubt on the Charitable company's ability to continue as a gtsing conetrn for a period of at least th¥elve rnonths from when the financial statements are avthorised for issue. Our reSponsilitieS and thÈ responsibilities of the trustees ¥th respett to goirE concern are described IA the relevant sections of thi5 reporL Other Information The trustees are responsibk for the other irrfomNtion. The other inf0rn7ation comprises the information included in the an1 reporL Our opinion on thefirryncu41 ststernents th)es notcover the other informauon and. exceptto the extent Othere explicidy ststed in our rert. we do not expres5 any lorni ofa55urance cortlusion thereon. In connection our au&t ofthe fin•ncAI our responsibility is to read the other inforniativJn and. in doing 50, conwder whether the other inlorrnation 1$ materialty incon$i5rent with the financial ststements or our knowledge obtsined tn the audit or other¥¥i5e Pr$ to be rnatero11y mi$5¢ated.11 we identify such material inconsistencies or apparent material misStaMents, we are required to deiermine whether there is a Materi misstatwnent in the financi statements or a materrdl missta¢ement of the ocher information. If. b35ed on the work we PAve perfornied. we conclude that there 1$ a material rni55tatement of thls other Inforniation. we are required to report that fact We h&ve nothlng to report in this regard 10
DULWICH PREPARATORY SCHOOLS TRUST INDEPENDENT AUDITORS REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Opinions on other matters prescribed by the Companies Art 2006 In our opink)n. based on the work undertaken in the course ol the avdic the inforniation given in the Trustees. Annual Report ITthich includes the Strdtegic report and the (lirectors. report prepared for the pUr[se$ gf cornpany lawl for the financial year for which the fifiancial statements are prepared is Consistent with the frnancol ststements- and ¢he strate¢ rort and the directors. report included wthin the Trnstee5' Annual Report have been prepared in accordance with ap1ble leDI requiremen Matter$ on whlch we are requlred to report by exceptlon In the light of the knowledge and understtnding of the charitable ¢¢)mp2ny and its environment obtained irb the course of the audi( we have not ideThtrfied maternl mi5Strtements in the Trustees, Annual Report {whl¢h incorporates the strategic report and the directors. reFOrt). We have nothing to reFXt in respect of the follory matter5 in rdation w which the Companles Act 2006 requires us to report ¢0 you rf. in our opinion.- adequats accounting records have not been kept ty the tharitable comp•nr. or the charitable company financial statements are not in 4reement the a¢counting records and return5- or ertain dix105ure5 of tru5ree5' remuDErntKJn 5pecffied ty law are not ma. or we have nc¢ rec*ved all the inforrrAtion and explanations we reguire for our audit Re5ponsibilitie5 of trustees for the Ilnancial statements As explained more fully in the trustees. resFonsibilities 5ratemenr Set out on pages 8 and 9. the trustees (who are also the directors of the charitable company for the purp)se5 of company law) are re5pon5ible for the prepration of the financial ststements and for being satisfied that they give a true aThd fair view, and for such Inrnal control a5 the trn5tees determine is netessary to enable the preparation pf finincial statements tlxt are free from matrrial rnisStatemenL whether due to fraud or error. In prepAring the financial statements, the trustees are rwonsible for aSseing the tharitable company's . ability to continue as a going concern. di5¢105in& as ylicable. trotters rdared to goin8 concern and using the 8oirE concern basis of accounting unless the tru5tee5 ether intend to liquidate the charitable company or to tease operdtion& or have no rtalistic alternative but ¢0 do so. Auditor's responsibilities for the audit of the IIMncial $¢atsments Our objectives are to obtsin reasonaE4e aSsUrae at#)ut whether the financial ststements as a whole are free Irorn mater41 misst3remen¢ Ythether due to fraud or errgr. and to issue an auditor's report that indudes our opinion. ReascY4ble a55urance 15 a high level of assurance. but 15 n¢t a gu4rdntee that an audit condled Sn accordance with ISAS (UK) 11 alw7p deLect 3 mater41 rnisstatetnent whEn ic exists. Mi$statements can arise from fraud or error and are Ctybsidered materral if, individually or in the aggregate, they could re350nab4v be exwted to Infiuen¢e the ectyx)mic decistMs of users taken the basis ofthese rinancial statements. Irregufarities including fraud are instsnces ol non-cunpliance wtih laws and regulations. We design procedurÉs in line with our respon5i1ilities. outlined above. to detett miterRI misstatements in respect of irregularities, including frdwl. The extent to which our procedures are capable of detecting irregularities. Including fraud is detiikd belo4Y. Based on our understsndiffd ol the tharitable company and the environment which it operates, we identified thai the principal risks of non4ompliance w$ and regulotions reknted to the Edueation (Independent School Standard5) RegUbOTh 2014. SafegrdIng re&utionS. health and $alety requirements. GDPR. employment and charity law. and we considered the extent to which non-compliance might have a matwial effect on the finarKAI statements. We a150 considered those laws and regulaDons thai have
DULWICH PREPARATORY SCHOOLS TRUSr INDEPENDENT AUDITORS REPORT FOR THE YEAR ENDED 31 AUGUST 2025 direct impatt on the prepar3Th0n of the finartcuil $taterneftts $u¢h as the Charities Act 2011. and consider other factors Such as wrol ¢ax and sales We evaluated management's incentives and opprtsjnities for fraudulent manipulation of the financial statements (including the risk of override of controls). and dererniined rhat the principal risks were rela¢ed to improper recognition of revenue and marweTr¢ bms in accounting estimates. Audit procedure5 performed by the enpgement team included: Inspecting correspondence with regulators and tsx autknrl Discussions with management including consmleration of known or SUSPECted instsrtts of non- ¢omplian¢e with laws and regulaDon and fraud., Evaluating managemenrfs controls despdned to went and detett irregukarities.. Identifying and testing journa15. in particvlar journal entries Posted at the yfdr end,. and Challen8ing a55umptions and judgements made by mn8ement in their critscal accounting esiimates Because of the inheren¢ limltatlons of an there is a risk that we will not detect all irrularIties. Including those leading to a materrdl misststernent in the finarKial st1ments or rKn-compliance re8ulation. This risk increases the more that comtAlin with a Faw or reguLqtion is removed Irom the even15 and tran5attions reflected in the finarKrdl 5tateJnents. as we will be le$$ likely to become ayrdre of in5tarKe5 of nw-compliance. The risk is a0 greater regarding irregularitie5 occurring due to frdud rdcher than error. as frnud invOe$ intenti¢)nal con¢ealmen¢ for¥ery. collusron. omission or misrepresents¢TQn. A lurther description of our re5ponsibilitie5 lor the 8JIt of the ffinan¢ial ststents 1$ loc•ted on the Financiil Reporting Council's website at %ww.frc .tskl*udi nsi This description forms part of auditor's reporL Use of our report Thi5 report is made solety to the charitsble memiws. as a body. in acCor&t with Chapter 3 of Part 16 of the Comwdnies Att 201)6. Our audit w%¥k has been undertaken $0 that we mlght stsre to the ¢haritsble compny's members those matters we are reqvired to State to thun in an Auditor's report and for no other purpose. To the fullest excent pnItyed by w. we do not accept or assume resporbslbility to anyone other than the charitsble cornp3ny armj the chariuiAe c¢xnpany's member5. as • bpty. for our audit work tor repor¢ or for the opinion5 we have fornier lane Askew (Senlor Statutory Auditor) For and on behalf of Haysmac LLP, Surutory Auditor 10 een Street Place London EC4R IAG Dat¢. 0510512026 12
DULWICH PREPAIIATORY SCHOOLS TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED JI AUGUST 2025 (Incorporatlng incom• and expenditure account) UThrertricted Rtstrlcted Fufid5 Totxl Tot1 2025 1025 1015 2024 ome from: Ch&rltabl¢ octivltSes: Sch¢ol Ite5 r¢<W3b Other edycritinal InttYn¢ 2l916.ns 1.064.360 22,916.ns l.lJ64.360 3,701 21,059,019 IM5&993 394880 Other trading <tivities .ncilL4ry ¢rndlrycQffjt Investments 11)44)4 Its4.434 BJnk and kntwest Voluntary r(e5 117.029 117.029 89,334 17.046 24,60Q,095 J2.753 34.153 49.799 14.6J5,048 17.066 23.71Q,279 Total Income EJwerOlture gft: Ilng funds FIMn<ing costs (414.651) 1414.651) 1191618) Charitable tlt5 (25.$19.I IT) (1.536) <2532053) p4)94.11 Total expendltsbre (25.933.768) {1.5JO) (25.9JS.3 124591.699) Net kn(Om{eXpendrtUre} (1.331173) 31617 (i JrKI.2561 187142 Transfer bets¥een funds 15 17 (1.71) (20i0M) {208,000) piofy)01 Nt mo¥•ment kn fvnds for th•year {1.519.075) 30.819 (I.SOQ256) 11.C¢l4191 Fwd I Swmbkr 1024 39.634.453 68.113 39.702.566 40.784.6 Fund balamces rffwd 31 Auou%¢ 2•2S 31.195.J71 J8.194Jl 39.702.566 The DOte5 on Fq8e5 17 10 35 lorm prtalthese stst
DULWICH PREPARATORY SCHOOLS TRUST CONSOLIDATED AND CHARITY BALANCE SHEÉT AS AT 31 AUGUST 2025 Groyp Group 2024 Trust 20Z5 2C24 FIXED ASSETS 49S8JII 4?ffi.)71 45.OS1757 44,3%.145 CURRÉNT ASSETS Oebtays 19.060JOd 1405545 14471,BSI 849.632 1.7J3.740 191J27 1,915,Q07 54.510 C¥h at E4Thk iThd in hJTrd 4J47.512 1.29x033 1.149,543 5.197,144 CREDffOR&. AmDynts falling wlthln year {15.276.650) (7511.119) (4534037) 14,623.7591 NET CURRENT LIABIUTIES (L804.799} (1313.9751 (1604970 13.2742161 TOTAL ASSETS LESS CURRENT 45.582.J96 42.443.707 41,121.929 LIABILITIES REDITOAS: tallln# ofter more than one year 12 17.9Sg.ISI) 1&879,830) (7.097.960) 14,077.634 NET ASSET5 EXCLUDING PÈtrISION SCHEME LIABILITY 31.1?VlO 39.701566 35,J45M27 37.OH.295 OtThth¢d b¢firfp¢n¥ schernt Wliry 17 MET ASSETS INCLUDING PENSION SCHEME LIABIUTY 34194JlO 39,701566 JS J45A27 J7.OH,29S CHARITY FUNDS Ufirrstricted luhds ey£hJdlry pcns 34095Jn 39ts34.453 35JJl465 J7.030,933 PensbTr reserve 17 estritted 98.•32 11) lJJ61 13.361 TOTAL FUNDS J4194JlO Jg,70Z566 3SJ4SM17 37.044,295 Thè p4es 17 to 35 form part afthese Ststern Th¢ p¥¥ns ¢harfLy has raken X¢ThVtion from prrntig i(s sratènwt cttrrfTies under st¢tlon 4CIg ol Cornp¥ni¢$ A¢r 2. ks remth lty th¢ y¥refidtyl 31 Ayst 202$ • 4¢t £IA9&46812024.. iurphts ol 1640,1061. The financknl 5tstements were aFvo¥ed 1ndathOr fw155w by thTrS 27Afil 202L and sl£Tr on chelr behaf. br. OHN Chalr of SON c•p•kn. 519923 14
DULWICH PREPARATORY SCHOOLS TRusr CONSOLIDATED STATEMENT OF CASH FLOW FOR THE YÉAR ENDED 31 AUGUST 2025 Note 102S 2024 Net (Mh inllow Irom operafigv5 Net cash by opuatir¢ (450.301) 3.937.166 Cash Ilows from Investlng x¢ivitie5: Ad¢tstw to fixed borroYAr ctims) (4.42lJ85) {J.939,912) 2.932 1&122 117.019 89JJi Nt tash lused In) In¥estln% •ctlvStles (4JOl,414) Q,834,4861 Cash I$ Irom Ilnncln% acthltle (30.720} {358.512) 3.200.000 199.3)7) lrter¢5t rytyL¢ Procq4d¥ Irom rthv Nt¢sh prnvld¢d byll¢Md lrt) fftnanclng actiylties L•IO,75• 1.681740 In cash In d (1.941.967) 1,791.420 reponiry pthod Cash ad cash eWrtS at thE perbd 4.347,512 1556,092 Cash 3fid ¢guiv4ents at the end ol the rtportln¥ perlod 2.405.545 4,J47.512 The notE5 on py5 17 to )S F*rt olth#¢ffiwW $¥t¢n¥$.
DULWICH PREPARATOAY SCHOOLS TRUST
CQN50UDATEO STATEMENT OF CASH FLOW
FOR THE YEAR ENDED JI AUGUST 2025
2024
O) Re¢ondaatlon oltt movernent kn fuTrJ5 to
net C35h fvjwlpom operntinZ¥tIdes
Net l¢JuiEo1W0M1)1 resowc
Wlrnlr41knn (ky
(I JOO.256)
18n.42UJ
In¥ttEmRnt kncL¥nE
(117019)
(89.3341
nd ¢h3ryes mde
QlQ(•>7)
1375,218
Interest other char8E5
358322
8319
38,4$1)
OTKreaSEI kn dEbwrt
IIK2
4121,157
DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 I ACCOUNTING POUCIES 1.1 B351s olpreparntlon The finandal stst•meMs ha¥e been pryred in acccthce with tre FwK41 Reportyn8 Standar ¥JAtfaWe Ih thè UK and A¢publit ol Ird•Ad IFRS1021, th• panIes Att 2006 and the Sutement ol RecowffieTrded Prxtice (SORP 2019. Secimd to ¢kntiE5 prep•riw thtyr¥ttWMS kn accordance wTth the Reportiry Stsndard appkatrle kn the UK and Rewbkofkebnd IFR$ 1021. The accoun15 ir¢ ¢kn up ¢)n the hisrord tost basis rActowtir TheTrusi a Pwt45c Benefrt Énrr re8tered15 a ID End and we5 (crI wmber 11271SI and * eompany limSted byDMranrt (cw nwrthr.OJ5799231. Its re¥xeredoffKe ts 42 Ajlw P¥ DuWth. L¢nth SE217AA. The cortsdklated rwAnCi Statemtr inthdEthe rtwJh5 dthe TrustrwJ it5 tW05th1e5. pu1¢h Prep & sen and The Lhknth Stw Cranbrook Irogother the Group,). Accorthny. the Con5didxed tement ¢fFinantrdl Acowoe5 refi¢tts the rtwJrces T¢styJrces exFwdÈd ofthe Grwp and rK>i the Trvstas an 1ndbildL erfity. 1.2 GolnK Concern Ha¥ly rtthYed thectsh posth olthe Trwt toythtrwith the expectedongowy ¢kn4nd lor phce5 at thè Schod5 and fuDJr• yvttttod cash thè TntsteÈs ha¥0 a rea50nabk ex1ctn thxthe Group ha5 adeqate resources to CCUt rt¥ acimtres lor the lrneeawe lywre aThd cotsdtr that there wtre no mAt¢riil uncertalnties ¢er the Groups finaThC1 vmbdity. A¢corthnOy. tw COMIWE toadopt the ng concern knis mvir¥theknitl sratth)enty l.) Ctltlcal judffÈxnts I(eyKr¢eSdrnAtion Ith the aPF4kathTh althe ac¢oLmrlry pthi¢s. Trvsrees ar requhd w w4ke ludFments. esDmre4 and a55)$ abtyJt the carry?rng of assets and lithlw tlH¢are nrfreadityappartst frorn othrr thor areconsidrr¢d ro be rrSrvwK Ac)Ml resuhs w thr frtyn these estyn•¢es. ThE esth7Mtrs and und"8 are reviewed on an to accounii esdThNire5 4r¢ retwts¢d In the the estirn ts reymed rfthe revislon affeus On that p¢rio4 or in theperlod dthe aDd wic45 Wth¢ f¢¥isknn aifEtt¢d turrenE period. Th¢ Groupi IlaE•Kr fwth¢ Stsff d¢knRd bwrf&wsiLin sthwh¢ kNd¥es A or asyjmprkns as dClOSed in note 17. In the VV4Yof theTrwtee5. DO thcr assunpticffj5 coKemiTrE the Iwrt w¢sdmathn uKern(Y a11RrI#s$ec5 or IAb11 e$ atthe ba&Ke sheetdate are IiTrdy to result a a$t[lt totl*ir C¥ryan>jTrty nl tr nextfiOIyear.
DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGu¥f 2025 I ACCOUtr4TING POUCIES (con¢knuEd) Thr IdI¢54ry atnOr poric$ ha been ¥pkd conskn th thakngwlth kems atr tonsldErEd termI lty rtknth)n totht t•WKi4 1.4 Ihcorn• AJI Incorne Is thduded th8 con5dthd ¢45nw¥ the Grtyp has eThTrt to the re¢apt Is Fthable and the amwrt can be meawred rdkniEillty. tonsiSt for the sehtstsl yw less burs¥s aOthYances. Fee5 recews in advarKe are Ythrred and rdea5•d ro ihtrrtn¢ Eh th perd fo tht foes Gt InccAhÈ ts recoedS whers enterne0£ Ise& be renab quaniifd and the Eonef 1.5 ExpendltLYe Expendthre xcnJEd 15 SOOD as i 14bi1ity is crtdPrrthNe, th¢teA tts prC5tntye for lonter.term liablllJ¢s and bttn Induded under e¥wse cateySES that38gre8 costs for alki(atn ¢0aCthveI. Where costs t¥t k olr#dy •uribuLed ro prDcdr •eP¥ides ha¥e been illeKxedon a basls con5(stent IA Txn8ilTrle flxed a%ts Tanwbl¢ frAed 1s$¢u re sttt¢d at cost less dwxlath)n. OyedatyoD Ts prthided at rate5 aku4ted to wriie off thE C¢)sr plfixed le55 esDmir¢d res11 (Yer thexpected vseful INes on the Idlo¥Tr8 Fredold &nd Fr¢¢hdd proptrry Lory term Iwehold prrf Motor Valcks xtures fi¢15 Crynwttr 4UPhent 5 to 5Clyears Ae&xiDgbabKe over 50 yws 25% reduciry baknre 10% slEht IN 15% str* 18
DULWICH PREPARATORY SCHOOLS TRUST
NOTES TO THE FINANCIAL STATEMEpifs (CONTINUED)
FOR THE YEAR ENDED 31 AiIGUST 2025
I ACCOUNTING POUCIES {
DVLWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 I ACCOUNTING POLICIES {contSrAted) 1.10 FItyn¢1 Ihstrurnents B35K Inal In5trwnenrs are I116a1 reco8ni5Ed at rrnfjsattiDn value and subseghdy measured atwrttyvsed ¢aSL FknlThcl Jsseu held at #m$j cosr ccKr¥wise cath at b3nk4nd In hand together trade and ¢ther dElknrs. A 5pwfK proyision rrAde for debts lorwhKh recowabthty is in thubL C•sh •i and Ill 1$ defined as cath hqld kn I[antte$S ban& aCcon and usedas work firAnci 111"1Te5 held At pro¥tsi¢*K. 1.1 l Taxathn The Trwt 1$ a reptered charlty No.312715 and i% rtotkibJ• ro UnkÈd tax ¢dr £Poration ttx on tharitable xtifftie 20
DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 2 FEES RECEIVABLE 2025 2024 Fees receivable ¢tsnsi5t ofr khool fees 25.286.934 (1370.209) 22.916.725 24.032M79 11,973.8601 22,059,019 Le$5.' tool avArds and conce5StMS Included wlthln avrdrds and cortessl1x are means-tested Ir5rIeS t¢)tslling £1.203,4n whKh were pald to 113 pupils1202+. £91S274 to 83 pupls). 3 OTHER EDUCATIONAL INCOME 202S 2024 Entrance and re$traOn fe Cours¢3 and sub-lettings AVP sports activ¢tles sncome 57.ols 846.850 160.495 1.064,360 61365 838.745 155,883 1.056.993 4 ANCILLARY INCOME 102S 2024 school School trip5 arml Other IrKome Profrt on sale of fixed assets 374.402 8.219 382.701 398,442 438 398,880 5 OTHER TRADING ACTIVITIES 2025 2024 Rmts recefvable 104.434 98.987 21
DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 6 ANALYSIS OF EXPENDITURE S¢•ff costs Oepreclat14)n Other costs (Note 7) (Not* 9) Total Totsl 2025 2024 Rwsing funds Financing costs Total rost of raisin8 funds 414.651 414.651 19B.618 414.651 19&618 Charitable expenditure Teaching Welfare 11366.224 489.445 89&664 2..657 .743.185 1.662,650 1345.085 1.543.717 14.109.409 2.152.095 4.914.775 4.344,374 13,439,284 2,080,292 4.648,85S 4.225,650 Premises 1.671.026 Supptsrt costs Totaj charitable expenditurè 1-6,554.990 1.671.020 Y.294.6J7 25,520.653 24,394.081 Tot expendlthre 16.554.99 1.671,026 7.709.188 2S.935.304 24.591699 Support ¢0sts in¢lude the following relatlng to governance 201S 2024 Trustee costs 6,9S4 8.418 44,01>0 12.687 1,542 43,000 Legal and consukaw fees R¢muner4Don paid ¢0 lU1¢or for audit $CeS 7 STAFF COSTS 2025 2024 The aweg4te payroll c05ts k¥r the year were 35 fd10. Wages and salar$ Social security Costs POn co$ts and othw benefits 12.698.S28 1.406.248 1450,214 16.554.990 111 J6.576 1.217,240 2,266,940 15.620.756 regate ernpbyee-benefrrs d key marw[ perwnel amouAr¢d to £928.71612024.. I719.475} Induding pension contributions of £129.648(2024: £84,296). 22
DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 7 STAFF COSTS (Contlnued) Number ofhiber pald FlOY¢e n bands ofr. 60.001 to £70.( 70.th)I to £80,(th) 80.QOI to £90.0 . £90,001 to 1100,000 IOQ.CQl to 1110.000 £130.tKsi to £140.000 2025 2024 . 140.IXII tr+ £150.( The number with retirement benEfrts actsul - Defined ContrlbvdoTr scheme5 Was for whom the cctrIbUt)ns amounted to 36 633,509 27 439.998 The a¥eragE number ofthe Gro1,$ emphyees during the year, Calcuknd on headcounl was.. 2025 2024 TeachlnE Domestk and ests A¢trninistra 213 50 105 368 49 361 During the yr there were terrnrotic payments of É56.833 of whKh £7.031 w4$ OUtstaThding at the end. 12024.. £48.S21 of thich a385 VA5 Jtst1ndlTh1 for payment at the year eThll. 1 staff costs are derived from unrestricted funds. B TRUSTEE COSTS AND RELATED PARTY TRANSACTIONS During the year. there VA5 no re4MbUrSts to Tru5¢ees P024: (nill and rK) other #mouTht$12024.. £nifJ paid to Trusree5 in relation to thwr rde a% ¢ru¥r¢ES. During th¢ year Trustee recewed reryimbursements of expenses for travel and sub3[stce [2024.. LNill. During the year £52,500 (2024.. 149,992) was paid to MJ Tipknty for corts¥hancy related to the Trurt's propEry portfdio artd VM2 (2024.. £6761 for Éxwses for traYEL The payments are permitted under thE Truses go¥wnwb¥ doomenL In the year at DuN¥kh Prep & Sethor. no Governor5 were re•lmbursed for travel (2024.. É65 was pld to oTrE Govwn¢rl. No Govemor tTaining expEn5es were reimbursed n the rI2024.. £niQ. In the year a¢ ThE D1th School Cr*nbrod¢ there were no GOtsr exper¢5 for tr21ning or trn¥el r2024.. Inif)- The Chakity recel¥ed aggregats donati$ fram Governors kn 2025 £nd12024.. £nif).
DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 9 TANG18LE FIXED ASSETS Group nd Rxthres and Total C05t Ai I September 2014 AddiDonl 25J79.994 4.95&)61 1.6fp).251 167.715 7J,941.907 4,S61.919 520J90 359&609 26Qll? 185m CaFl eoodssche (1.•1721} (24.159) 71.OM.916 P4,159) AL 31 A¥w5t 1025 D•pr•dtlD Ai I Sep¥ 2024 Charged kn y Dtsposa At 31 AupJSt >)25 N•t botsk ¥alueS 25,)),J 4&73A151 IIOS,698 I,126 lQ653X•I 132W912 IJ•JT.618 IA6i824 21,Q52.536 Ih71.016 11).OD7> 27.710.SSS 551h)9 68).612 In4 27&th)2 11fv39 113.ts)7) 13mSJ4 I.IX341 lJ44.816 At31Awt2fft4 t31UglS 14.726.993 Jl.Y5Q452 837,963 9411J56 511,419 49,534 47.896.J71 441 JOO 27.343 40.954J41 Trnt Frtthald l*Ind At I sept 2024 Add($ 594 4),169.465 6•.174.059 520J90 1071153 3.5•1J4J (1346,4831 (1.74é.18J) c¥[t goDdsxhethe At JI Awl 2025 25514.984 44,494135 70.QZO,119 DeprtcFatlorth At 15epttmb¥ 2014 10th41659 13.135255 2J.777.914 CParyed th y ssiJJ? 6J7.W9 .119.448 At 31 2025 11.194. 13.771ts4 24.967J42 N•t b¢H>k values At 31 Ay8ui¢ 1014 At 31 Auyst 102$ 14,361,935 Jtt,Q34,110 44.J96,11S 14.331J.OB6 JQ.712.071 45.05L7S7 Ar 31 thust 1025 the Gr4WP (2024.. 51.967 24
DULWICH PVIEPAkATORY SCHOOL5 TV1115T NQYES TO THE FNANCIAL STATEMÉP4TS ICONnNVED} FOM TME YÉAR ENOÉD 31 AUGU201$ Itt OEBTOR5 2•25 F.3JlOSO 141.ty17 14&J54 •1 Jn i)xni 4n479 27Jl7 43.111 10064306 1.7JJ.74• H510 i32a,•12 l rnrwA£JJ51.WIkn I Iw. Ut01ttI thtvATd Iitkthd Tlrfkhad• I I ¢IIEDITOA5'.affloun¢5falmfitJelhkn ey Tr 2• Tndecre•llrs 24m• Jity. FEeskn ith7nre i1 iJW.4 140 FM dEP0545 4.iJi.$75 240,017 15.1IU5 4J)<•37 2•25 25 .IlJ347 S).141 15.2a& 7.9S1212 DE(èIErlll4. Llfidlbiknfv&i¢>)15¥1¢¢elns¢¥4rfflb¥ >n5. ThE
DULWICH PREPARATORY SCHOOL5 TRUST PIOTES TO THE FINANCIAL5TATEMENTS ICONTINUEDI FOR THE YeAR ENDED JI AUGUST 102$ IJ FEES IN AOVA14CE Gr 2015 24 Alter¢inR yw on•y4r 1.2•1 Im.1 lJ91WI 39)36s Op•Nnx F¢ESlnthth4¥rt¢ 3J93,U5 (1.791111 35gJ.US Js93. 14 OPEUTING LtA$EINCOMEA COMMT14E14TS lee%7Utt. Gr Tvwt 2025 2.755.B7• 1569.165 IOW.40ts F14.•41,J6• IWM4 440,JI¢.?I I4174$ Ldnd buldhiy y5 Tot¥1 Gywp 2025 Trust Tr¥5E xn4 l YEW Ldnd trMAslind5 ¥VA Lthnd bul* S)Yvs Tot 4M439 IJ57JS6 431.4Jl 1.7S1.1 .7S7.7S1 1.757JS6 14.1045¥4 2$3M) X4.60•,514 25.013M2] l yur 9r betwe•n 16l447 403h14 lQ.•Jg 977.W• I)67 579 10.4V 411J•J Trfol Tnjst
DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 15 SUMMARY OF MOVEMENTS ON FUNDS Gainsl At31 September 2024 Income Expen¢ffftJre Transfer (Loss) August 2025 Group Unrestricted 39.634.453 24,600,89S (25.933.769) P08.(W) 1.798 38.095.378 Re$¢ri¢t¢d fvnds 6&113 34.153 (1536) 11.7981 98.932 Total funds 39.702.566 24.a35.048 {25.935.304) {208.000) 38.194,310 Trust Unrestricted 37.030.933 1651.823 {4.350.291} 35.332.46S Restricted funds 13.362 13,362 Total funds 37.044.195 1651.823 4.350.291 35,345.827 The ccmparatNe 2024 fi8ures can be fi)und in Note 20. A transfer of £1,79812024.. £19641 has been made durwvé the year w refkn resrritted InCoff 5pwi Irom the restrlcted fund. 27
DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 1025 16 SUMMARY OF NET ASSETS BY FUNDS Unrestricted Restricted FurTrds Total Funds Funds Group Tangble Assets Ne¢ Current (Lth'liwl l A55efs Long Term Creditors inchJd¢ng Pension Uabil 48.95&361 48.950,301 (2,804,799) (7,959.252) (1903.731) (7.959.252) 9&932 38.095,378 98,932 38.194.310 Trust T&ble Assets Net Current ILia&lities) IAsset5 Long Term Creditor5 45.052.7S7 (2.622,332) (7.097.960) 35.332,465 45,05l757 <2.608.970) (7.097.960) 35.345,827 13.362 13,362 The cParative 2024 fi8ure5 can be fd in Note 20. 17 PENSION SCHEMES Current retirement benefrt5 tt efflployee5 of the Group are provled thrcAJ8h two defined contributyon schemes. which are funded by the Group and employees. contribution5. There is a150 a closed defined benefit scheme that operated for non-teathing 5t¥ff. 11 AvNa Pension Trustfor Independent Schools IAYllS) The teathing st3ff for the 5thco were part ol APTIS duri the year. S3* sacrifice scherne5 were operatyorAI at both 5thoob. 21 AvNa The non.¢eathing staff for the 5th00& wert p¥t ofart Arn dthned c0nrrlb)D sche. In 2024 Dulwich Prep & Senior offered a sahry satrifice 5themÈ to n•>tea1n8 st4r. The pEn%n rost charge in the year in re5PECt ofthe defined contrlwtK•n Schery VAS £2.264,94812024: £1151.155).
DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 17 PENSION SCHEMES (Contlnued) The Trust wrated tNs Sthem¢ (the DU Prep•rarory Sthoots Trust Non.Teachkng Staff Pension khemel, whlth was dosed on 31 Dber 2(. both in respeu d new and for ex¢5ting members. On I September 2017 the Trust transferred the obfrdtKsns to contribute to the Scheme ro eath of the schts0. The vaJvatn in these accouhts has been derryed by protecting the results of the lart comprehensive acwirial luatty?n of the kheme a5 at I january 2024 )d have been prepared by an iTrdepdent qualified actuary. Following the 11¥13ctUari valuation a revised sthedU of Crmtributions was agreed befften the Tru5L the Schools and the sth Tritstees wh the of elminatig the dekit over a pertod 015 year5 from l January 2024. The ¥Jrnounts re¢tygnised In the balanc¢ sheet are as follows Group 2024 2025 Present vbJ¢ of fvnded oNigatlons Fair fdlue of stheme assets Re5tri¢tions r¢¢overable Nei Lrability (2.210.090) 3.046.000 (836,0110) P.730.() 3.183.¢JXI 1453.000) b) Changes In the prnsent value of the defined benefit ¢Jbligatlon Group 2025 Grtyjp 2024 Opethihg defined benefit obliptson Inr¢r¢st cosi AcDJartsl losse&&$) 8enefits paid Closing defjned benefit obl¢ati 2.730.000 134.000 (571.000) (83.000) 2.210.000 2.456.000 127.oc 191.oc 144.OC¥)} 2,730.OC c) Change5 in the fair value of tht scltemt assets Growp 2025 Group 2024 Opening fair value of 5thwne a5sers Interest income 3.IB3,IMO 162,000 (396,000) 180.000 183.000) 3.046.000 2,951,CQD 157.C 161,000) 180.C¥)O 144,iYJDI 3,183.(1)O Rtiurn Sn exeess of interest income ContrfbuDons by thnployer Benefits pavj Closing falr vihje of sthth)e assets 29
DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 17 PENSION SCHEMES (Contlnued) The amouwbts included within thÈ Statement of Finntlal Group 2025 Group 2024 Activitle5 Past 5eryke cost Interos¢ obllgarSon Interesl irtccme 134,000 (162.000) I27c I157) Toul am(¢ th¥ged t4) the Ststement of FwwKial Acti¥itye5 (28,000) ijo,oc¢)I Restrict on recoverae wrplus Net acw¥ial gaino0$s¢s} re£ognised in the year PensKffi Scheme i¢ruml yinlU<)ssl {313.000) 175,000 (208,000) 1252.Wl I2.0 1210.0001 The Group contribed Cl.0¢1) in 2024ns p023.. £180.()). ThE 5n8 01800n5 have been Issthmed by the Schools in propwtion rts their tyyng £bl10rs as (akulated by rhe kheme Actuary follo8 the ¢riennial Y1100n as at I january 2024. In Marth 2024 the trUStees of the non-tf4ching stsff ddintd befit sththkne entexed Into a Ps1On bwn arrangemen¢ wlth ¥ preftmum of £13m ld out frorFb sthtme ser$ to a ttru'rd-party POn risk trnftsler busss. Followng the buy-1 the Group is nat expected to make further corbtributitins to the pension schwne under the PWOL&ly areed Stheduk ofCOntrt •) Prlntlpl atturial •swmptions at the balance sheet date 2025 2024 Finan0 Assumpthtins Dlscourt rate RPI InfiaooTh 3ssurryoiion te of irKrease of pension5 in payrneni Rate of increase of Pen¢ in d¢fernrt 6.1% 3.1% 3.4% 3.1% A55umed Iwe expecw In yÈrt at y 6&. NoTrPen5iers 25.1 23. Femes me$ 24.4 22.1
DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 18 TRAMSACTIONS WITH SUBSIDIARY ÉNTITIES The TN5r15 the thmate ClThY and contrd¥rtt party of DLlwkh Prep & SeDk)r Ind The L%11¢h Sthool Cranbrook. Control ts exerclsed by ihe p¥eni corkyany by rtue dboard represeTrtAn. The Trust received donated staff twne ol Employees ol tJN Prep & Senicr wtallins £21252 P024.. £20.7921 recogni5Ed in ihe Trurtccounrs as a trft in knnd. Dukn¢h Prep & Seniordonaod £0 (2024.. £830.QLh) l ¢0 DuK¥rh Prepantory Sch¢ds TfUSL Duh¥ich Prera Schook Tru510Jnated É184.42812024.. £0) to DuN¥kh Prep & Senior. T Trusr doold £1066,05912¢n4..£1.736,387) ¢0 The sd Crantty)k The Trustl50 rec rertal incomE of £1031.432 (21ll4.. £1.787.4001 frryn C17Ch Prep & Stfyior and £616.059 (2024.. £616.0601 fr¢m The Sch1 cranbrk. Qsh reKources for the Group are managed entrally by the Trust and a (orbseque* at 31 Auws¢ 2025 £4.231.18812024.. £4.125,8861 due Prep & S•ikJr aod £337 was to The ththvich SCW CTrnbrook P024: L6O.2431. 31
DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 19 SUBSIDIAAY ENTITIES Registered offe C+np•ny fiumber Charrty number 42 Afieyll Pari Dulwth. London SE21 7AA I14894 1174356 Abbre¥lated StJt*ment of Fifftancl ArtiVTties 2025 ' 2024 Incoffle Expendiwre Pension schwne actuarial r4insl0ossesl Net movement in fvnds lor the year hjnds blw I Septethr 2024 Fund5 JI AwBUSt 1025 Il364.469 17.577537 (18,152.007) 11 &093.719) (47.700} 148.1001 164.682 1564,2821 2,914.006 3,478.288 3,018.608 2,914,006 AbbTeviated 8alance Sheet 2025 2024 Fixed a55ets 3.085.071 1.469.771 9.865.316 (10.614.354) (727.116) 1757.698 2.$40.375 4,683.321 1S,511.430) (1,555.9581 Cash at bank Other a55ets Creditors.. Amounts f1&8 due within one year Creditors.. Amounts ling due after more than one year Pension stheme liability Net assets 3,078,688 2.914.006 Total funds 3,078.6 1914.006 32
DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FQR THE YEAR ENDED 31 AUGUST 2025 19 SUBSIDIARY ENTITIES (ContlrMd) Re£tered comnY nwnber Chrity nurnber CourselKm Crnbrook TN17 3NP ICé15140 1174358 Abbrnvlated Statement of Flnandal ArtlTAtles 2025 IrK¢ne •.318.090 (8.132.186) {160.300} 25.604 (255.729) (230.124) 7.894.285 .610J531 1161,900) 121032 Expendlture Pension 5chern? acELMrial Rawbsllh55tsl Net movement lunds for the year Funds blfvvd I Septembtr 2024 Funds elfv•d 31 AuEitst 2025 1377.760) 1255,7W) Abbrevlated Balan¢e Shee¢ 201S Fixed a5setS 810.5J4 742.521 744.448 512.105 1727.1 197,933 {4J81.040) {1.562.OS8) Cash it bank Other assets Creditork Amounrs f41ing due within year Creditors: Amourts fauiry due after ofte year (134.175) 1246.2J6) Penslon seheme Ity Net asstts (230,124> P55.n8) Totsl Funds 1230.124) 1155.728) 33
DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 20 PRIOR YEAR COMPARATIVE NOTE (A) 2024 STATEMENT OF FINANCIAL ACTIVITIES N05 Unyestrirted Funds Restrrcted Funds Total 2024 2024 2024 Incom¢ from: Charitable activitie5: School fees receiyable 21059,019 1,056.993 394.880 21059.019 1.056.993 398,880 Other eduCaana1 income Anolhry incorne Other tadithg actitlttes Non-ancllry trnding in¢om¢ Investments Bank and other interest Voluntary sources Donations and le¢ac 4,000 98,987 98.987 89.334 89.334 593 16.473 17,066 Total Income 23.699,806 20,473 23.720,279 Expenditurt on: Raising fund$ Pinallcing costs {198.618) (198.618) charitle activities Edurduon and 8r8b)t makin8 P4.387.811) 16.2701 124.394.081) Total expenditure P4.586.4291 16.270) (24,592.6991 Net Income 188&623) 14.203 18n,420) Transfer beeen funds Pensloh ¥wrAI 19 (210,¢)>Jl 1210.000) Net movement in funds for the year {1.096.623} 14.203 (1.082,420) Fund balance5 I Sepctyber 2023 40.731.076 53,910 40,784.986 Fund balance5 clfwd 31 August 2024 39.634.453 68.113 39.702.566 34
DULWICH pRepARATOAY 5CHOOL5 TIIUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THÉ YeAft ENDED ) I AUGUST 202$ ?• PIIIOR YEAR ¢014PARATPIE NOTE (Ctsntirnmd) IB) 1024 SUMMAftY OF MOVEMETrnS ON FUNDS Atl Golr Tr4nsfer At31 Auyjst 2023 Groupfund Vnre5¢ri¢ted 40,731,Q76 53.910 4Q784.986 pio 39,6J4.453 68.IlJ J9.702566 Rewiu¢d Total fvt 20,473 16.2701 23.n0279 (l4.5.699} pio.c Trtsst f¥nds Unrestrfcted R¢•EricLEd TO futyj )7,671P39 13J61 37M4,401 3.269378 P.909) 37.0393) 3369378 3.909J84 37,044395 (CI 2024 SUMMARY OF NET ASSETS BY FUNDS 2Q24 2C114Totsr Grm Yn8le A$ts Netcurrent IL4bnwl IAssets LonzTrrn CrÈditort L 47.m,371 382,Wl I7,8911 [1313.9751 15.879.830> 6&113 )9.634.453 é&iiJ 39.702.S Truit Tarythle NeLCurrEnt {LRbibtl l knsets LonE Tenn Crethors IntbJLliryPens¥)fvLA 41JX145 13.2875781 14.071hYI 31)0.933 H.394145 13.274.216) 14.077ffj341' J7,1744.lYS 13.362 lJ.362 21 P05T BALANCE SHEET EVEP4TS Schools 7rv5L li Nmmber the Trwtsow the Fredd tothe Oartyopertykw ayeedukn prkeol£l5ts.fth. lrn Much 2Q26. tht trui¢eos ofthe ArteX¥S1thffftEd bEntksthMe tsitorod b.1 rrAngernen¢ wth o yonyL¥n d a3m wj $thaSsets to riskvan5kr bujkness. the buy.IrK the notWeCLtd to ff4keluthw ¢onirvtiOn5 to the 35