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 #194 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 ￿c￿ment 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 Nurr*er 312715. Its revstered offtt 1$ 42 Alleyn Pari Du1￿Ch. London SE21 STRUCTURE. GOVERNANCÉ AND MANAGEMENT The Trust 15 the parent company of two ￿dePendent school charit¢e& The DU￿1th School Crydnbrook (Pre￿OV51Y 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 educa￿on 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 Ar￿CleS 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$ter¥ Independent Truslee l D H Steel Nominated by the Governing Body of D￿1￿(h Prep & Senior.. retired frorn 17 December 202S M J fiplady Independent Trustee.. retired Irom 31 December 2025 N O'Leary Independent Trusree-. appointed 18 March 1026 Offlcers N B Holliday Setretary ro the Trustees: retired 31 Marth 2026 E William5 Secretary to the Truste￿. appointed l April 2026 DULWICH PREPARATORY SCHOOLS TRUST ANNUAL REPORT OF THE TRUSTEES YEAR ENDED 31 AUGUST 2025 14anagemtnt StYuctur• The H03rd meets a minirtxjrn of three times per year. nvrrrAIty once per academic terni and in the year to 31 August 2025, met five times. There are three Independenc Trurtees. includittg the Chatrn￿n. and e2ch of the Schools nominates two ol its Governors Inorrn￿ty induding the School's Chairman} a5 Trv5tees. The Board ha5 a Finance Cornrni￿e which meets 3 week or two prior to Trn$r Board n￿etIngS. 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¢ & T￿ning 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' profess1D￿l qualities experience, personal cornpetente 2nd the 5pecrfir needs of the TrusL The Secretsry pro￿deS 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 des￿￿ed to keep them informed and updated cn curren¢ issues in the seaor and reguP&tory requireffi￿I 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 ¢l*ir roles and Wl re5POrtslbilities. are committed to surpordng the Trus¢ in delivering its objects most effectNety for the b￿efft of irs benefiaarie5 and £ontr*uting 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 simfi￿r roles for th¥￿¢$ and xhoob. A qualfying thIr￿artY 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 Uni*d 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 $0 through the support of deyelopmenr in edu¢aticA) generalty. through bur5arie5 (mwnty provided by the Schools). through working other educational t*Jdies and the pnxnotion of bes¢ prKtyce. Aim The Trustees. aim Ss tha¢ p￿11$ attheSchoo15 should benefft from the prov￿40￿ of firs¢ class facilities to enable them to fulfil their p¢xential on all fronts- aodemi¢. I￿$11¢. dramati4 mustcal. sportin& social and moral. Primary objective The Trust 15 a cPMritable trust T*kni¢h promotes the adY4ncement of edLK2tion in a broad context and In particular at its ￿0 Schoo15 in London and KtnL Strategies to achieve the primary ¢￿Ie£t1¥t The Trust seeks to achleve its prwnary objecrive through the inylemenfation of the following strategies: by proviélng an excellenr education at The Duknch Sthool Cranbrook and Prep & Senk•r. through the provisvJn of trmjrsaries and Other￿n2r￿121 support to ena￿e thildren whose parents would no¢ otherwise be able to affwd the fee5 ¢0 benrfit from an education at the Schools- by raisin8 fund$ in supp¢)rt of educati￿ and orrdnisins or makirg grants toward5. lectur seminars, broadcasts or courses of in5trucfion.' by ton*dering 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 Y￿th education at Dulwich Prep & Senior and The School Cranbrook and elseYA*re; thmugh the pmwsion of fields. Dmes court$. recreational grnunds and Pa￿110￿$. Mmmlng pools and other faaltties in connectron 5POrts. recreational actiwties of all at ou￿ch Prep & Senior aThd The Duhyich School Cranbrook and e￿evther< 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 PrO￿de a firsi da&$ educati￿ ¢0 boy$ 2nd gids at the Schods; through the malntenarKe of a dear and effective man4emenc strucwre and the necessary $￿porT framework to Meet the need5 of the &hool% by acting as banker to the Schools and by len&w¢ rr#)ney to facilitate the cash flow of each Schotsl. The Trust considers bids for capital expenthture from the khoo15 to enhance the Schools, hcilitles. In reco8nition of the extension to age 16+ Dulwich Prep & Senior thanged Its Mme from 'D￿￿1th Prep Lond￿, on 3 Septernber 2024. The first phase of the deYek)pment of the facdities in support of thi5 extension DULWICH PREPARATORY SCHOOLS TRUST ANNUAL REPORT OFTHE TRUSTEES YEAR ENDED 31 AUGUST 2025 was completed durtng 2024. invofved a new main reception arta. the addition of rwo new classrooms at the Pr￿Prep buildingand a new dassroom Ind lafttorie¥ in No42Aleyn hrk. Phase 2 wa5 the redeveloprnent of the Be￿S Buildin& work corrrnenced in july 2024 and vos rorypleted in May 2025 in time for the Senior khool to open Sn Seprember 202S. In ad¢*ion. as ofDuKYich Prep & Seniorfs expansion ￿an5, in October 2024 the Trust completed the a￿lgr￿n￿r of the uney.red terni of Southwark Council's lease of the Mary Datchelor playing fields from the DulwKh Estate at a C05t of £51X),ThYJ. A5 part of thls deal the Trusc Iso acquired the Ireehold of the grDundsman'$ 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 Septen*er 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 c1￿mI¢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 e￿dence 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 other*i5e 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 DU1￿Ch 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 per￿d refdrding inaPpro￿te or intrusfve C+Jntacr in relau¢)n ro fvndrrising att￿ltie¥ Strt•mllned Ener￿ and Ca￿On 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 r*ed to submit a retyrn. Sectlon 172(1) Report In￿rporatIng Statements of Employee and Stakeholder engagement The Trustees of the Trus¢ as Direttor5 of the e4>npany. consider that they haye adhered to the requIre￿￿ntS 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 $0 rerard t a) the likeSy consewences of •Thy deasion tn the run: DULWICH PREPARATORY SCHOOLS TRUST ANNUAL REPORT OF THE TRUSTEES YEAR ENOED 31 AUGUST 2025 bl the intere5u of the Group's tsntAoyees'. cl the need to foster the Grnup's bu￿ne$S rel?tioftships dl the itryact ol the Group's operatbons on the community and the en￿rOnrne e) the desirabllity of the Group nHirrtaining a reputation for 5tandard5 of F￿SineSS 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￿ reg￿larlY 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 SUP￿lers. 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 $￿tIOn of the Financial fte￿ew on page 6: - the Board sets and approves strateyt direetion and policy. meets three times each year and addi¢ionally as required. The Board monitors the work of the khod$ thrDugh >¢5 Finance Commirtee 2nd throvgh report5 from the Schools. repre$entsti¥es on the Trust Board. The Finance Committee reviews the Schools. financial plans on a termty basis by monitoring income and exwditvre 38ain5c forecasts wthio the contex¢ of the annual budgets the rolling 5 year financml plan5. Capital expenditure plans and cash flow requlrements are a150 c105ety re￿tWerf. paruculady In the Ilghr of the T￿￿,$ 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 Y￿eklY written communicaiions to staff and parents. Staff have been kept informed about $f3ffin& finano*l and strategic issues xffecting them and the khool5; full details of the employment policy are contsined on page L. - the Trvs¢ee$ 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 a*dilable ro all staff. cl The need co foster the Group's rela￿OnShIpS v￿th srakeholder¥. - the Group's beneficHrie5 and donors are the focus of all the khoo&' operation$: a fair and con515tent selecoon policy ensure5 a dNerse and thri￿Thg pupil ￿ who are fully supported throughout their education from nursery ¢0 extern￿ examinati￿$ 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 re￿eWed 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 fUndra￿ing regulations throu8h the School& and DULWICH PREPARATORY SCHOOLS TRUST ANNUAL REPORT OF THE TRUSTEES YEAR ENDED 31 AUGUST 2025 . the G￿JP 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 rTraIn￿ning 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 ap￿03Ch. fj the need to att f¥r4r. - all Trustew and senior staff complete an anfi￿ CL)ThflKt of Intwest DecLlrat￿n. There have been no reported irKidents of unaceeptable r￿tionshIp￿ 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¢hern￿rt. the Sthools eft*raced 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 t￿1 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 mAl￿n, 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 OC￿ber 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 t*xh the Trust's and the Group's finantinl position and its atrtiwe faeilityes. the risks to which it ts ex￿Sed 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 fo1￿￿n¥ 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 pro￿de 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 sen￿r 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 Pl￿11$ have an appreciation of the wodd ar0￿d them and the differenee they can make. ' ¢0 offer bursary places at the S¢th¢x)Is to pupils t*knose parents would not otherwise be Zb￿ to afford the ' to Con￿nUe to increase pupil numbers.. to Colltrnue to ensure firrdnaal st3bility'. • its retain high F*Aomitng 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 Tr￿L to The OU￿1ch 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 p￿￿on 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 thar￿able schools. secror from the ImposI￿on of VAT on fees and general inflation. We are comrnitted to continuini to ensure that we prolidt a first-rare educ*tion ¢D our boy5 and g¢rls and enable them to IlourÈ5h. Ylhilst balancing value mtsney and financ￿1 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 Nati￿al 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 T￿￿tee$ tontinue to explore %fdy5 to n￿n[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 inCr￿sed 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 & Sen￿r The introdutrion of a senhy 5th001 from September 2025 at DuNvich Prep & Senior. ¢aEering for boys frL*n 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 s1gnlf￿nt 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 attl￿ties 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 n￿lm1$e risk inclith: detailed ter￿ o( reference tpgether wth formal agendas for Boar&, acti￿￿. strategic development plannin& reviewed annually by the Board5: comprehen5iYe budgeting and rnanagement accouvvng". established orDnisational Strurtures and lines of reportin& forrrql written policies including dear authorisatyon and approftl kyels: Vetti￿ procedures a5 required by law for the protection of the vulnerable. The Trustees regularly the effectiveness of current F4ans and strategies for managingall identified major risks for the Group. Tru$tee$' responsibilities The Trustees Iwhoare also dlrector5 OfDu￿?th Prep2rntory Schools Trust for the purpgses of cornpany law) are resPonsi￿e 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 state￿nts, the Tru5tee5 t￿ required ro.. select suitable accounting policie5 and then aP￿Y 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 g￿ng cOn￿rn 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 eX￿aIn 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 Re￿tI￿ of Irelond (United KIngd￿Tr Generally Accepted Accountin8 Pr4Ctice . In our opinion, the financi￿ ststements: gr¥e a true and fair view ol the state of the charitsble coM￿ny.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 Gen￿dIty 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 fU￿lIed our other ethical responsibilitles In accordance with these requirements. We believe that the audic evidence we have obtained ￿ Sufficient and appropriare to PrO￿de 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 Sta￿ments 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 reSponsi￿litieS 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 an￿￿1 reporL Our opinion on thefirryncu41 ststernents th)es notcover the other informauon and. exceptto the extent Other￿￿e explicidy ststed in our re￿rt. 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 ￿P￿r$ to be rnatero11y mi$5¢ated.11 we identify such material inconsistencies or apparent material misSta￿Ments, 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 IT*thich 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￿¢ r*ort and the directors. report included wthin the Trnstee5' Annual Report have been prepared in accordance with ap￿1￿ble 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 reF*Xt 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 In￿rnal 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 aSse￿ing 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 aSsUra￿e 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 cond￿led 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) RegU￿bOTh 2014. Safeg￿rdIng re&u￿tionS. 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 m*n*8ement in their critscal accounting esiimates Because of the inheren¢ limltatlons of an there is a risk that we will not detect all irr￿ularIties. Including those leading to a materrdl misststernent in the finarKial st1￿ments or rK*n-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 a￿0 greater regarding irregularitie5 occurring due to frdud rdcher than error. as frnud invO￿e$ intenti¢)nal con¢ealmen¢ for¥ery. collusron. omission or misrepresents¢TQn. A lurther description of our re5ponsibilitie5 lor the 8￿JIt of the ffinan¢ial stst￿ents 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 p￿nItyed 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 Tot*1 2025 1025 1015 2024 ome from: Ch&rltabl¢ octivltSes: Sch¢ol Ite5 r¢7) 1375,218 Interest other char8E5 358322 8319 38,4$1) OTKreaSEI kn dEbwrt IIK2 4121,157 thrn¢Tr at 31 Aux t•sh ch*np* 2• aih ush eank*am thje year k knni the 4fter￿e year N•t Debt Y7J12 321 (X991J6W 347.511 (5.111.147) 140&545 P69.1551 f14&Q6TJ 179.675 V.01169JI (￿.180) 14.95J.715) DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 I ACCOUNTING POUCIES 1.1 B351s olpreparntlon The finandal stst•meMs ha¥e been pryred in acccthce with tre FwK41 Reportyn8 Standar ¥JAtfaWe Ih thè UK and A¢publit ol Ird•Ad IFRS1021, th• ￿panIes Att 2006 and the Sutement ol RecowffieTrded Prxtice (SORP 2019. Secimd to ¢kntiE5 prep•riw thtyr¥ttWMS kn accordance wTth the Reportiry Stsndard appkatrle kn the UK and Rewbkofkebnd IFR$ 1021. The accoun15 ir¢ ¢kn up ¢)n the hisrord tost basis rA*ctowtir TheTrusi ￿ a Pwt45c Benefrt Énr*r re8￿tered15 a ID E￿￿nd and w￿e5 (c￿rI￿ wmber 11271SI and * eompany limSted byDMranrt (cw nwrthr.OJ5799231. Its re¥xeredoffKe ts 42 Ajlw P¥ DuWth. L¢nth SE217AA. The cortsdklated rwAnCi￿ Statem￿tr inthdEthe rtwJh5 dthe Trust*rwJ it5 tW05th1**e5. pu￿1¢h Prep & sen￿ and The Lhknth Stw Cranbrook Irogother the Group,). Accorthn￿y. 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 rt*thYed thectsh posth olthe Trwt toythtrwith the expectedongowy ¢kn4nd lor phce5 at thè Schod5 and fuDJr• yvttttod cash thè TntsteÈs ha¥0 a rea50nabk ex1*c￿t￿n thxthe Group ha5 adeq￿ate resources to CC￿￿Ut 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 judffÈx*nts I(eyK￿r¢eSd*￿rnAtion Ith the aPF4kathTh althe ac¢oLmrlry pthi¢s. Trvsrees ar* requhd w w4ke ludFments. esDm*re4 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 d￿ClOSed in note 17. In the VV4Yof theTrwtee5. DO thcr assunpticffj5 coKemiTrE the Iwrt w¢sdmathn uKer￿n(Y a11R￿rI#s$ec5 or IAb11 ￿e$ atthe ba&Ke sheetdate are IiTrdy to result a a￿$t[￿l￿t totl*ir C¥ry￿an￿>jTrty nl tr nextfi￿￿OIyear. DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGu¥f 2025 I ACCOUtr4TING POUCIES (con¢knuEd) Thr IdI¢54￿ry at￿n￿Or￿ poric￿$ 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 ￿￿eTh￿Trt to the re¢apt Is F*thable 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* per￿d fo tht foes G￿t InccAhÈ ts reco￿￿ed*S whers ent￿erne0£ I￿se& be renab￿ quaniif*d and the Eonef* 1.5 ExpendltLYe Expendthre ￿ xcnJEd 15 SOOD as i 14bi1ity is c￿￿￿￿rtdPrrthNe, th¢￿￿teA tts prC5tnty￿e for lonter.term liablllJ¢s and bttn Induded under e¥wse cateySES that38gre8￿ costs for alki(at￿n ¢0aCthv￿eI. Where costs t¥￿t k olr#dy •uribuLed ro p*rDcd*r •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 res￿￿11 (*Yer th*expected vseful INes on the Idlo¥￿Tr8 Fredold &nd Fr¢¢hdd proptrry Lory term Iwehold prrf Motor Valcks xtures fi¢1￿5 Crynwttr 4UPhent 5 to 5Clyears Ae&xiDgbabKe over 50 yws 25% reduciry baknre 10% s￿lEht IN 15% str* 18 DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMEpifs (CONTINUED) FOR THE YEAR ENDED 31 AiIGUST 2025 I ACCOUNTING POUCIES { 1.7 Fund accourtlnB Urrntrkted incDffle olthe Tr￿1 to theTntsE's crwporare re5erye5. Sp￿&bre ai th? dxretfjon ofthe Tru5tee5 to further th¢ Trust's r*4xts. The wwestrkted MKome ofthe khoo15 Nmi1arty bdow to the ¢vrffttv rt5rn5 olthe sch(￿ wxl Is Jpenthbh attt* tls¢r•oon of*5 GovEnK+rs w fvrthtr r Srhad'i o*ct5. The objetts olthÈ TruJ¢ thv khorls w￿510￿5 ro yo￿de 5UF*Qrtto eath other. ￿*r* thè Tru5rees c* Goverfvxs (Is r4lAvknEI docidR to $Ka￿dE any part oliPes¢ fi￿dS tts ￿ us40 in future for sam• sp¢dfic pwpo* tFllS ￿ xco￿*d for ty transf¥ty deST￿lEed fimd. .• PÈnslon ￿￿t% and one defined b￿ElL 5¢huno The coxs tharyd ￿ the Surementol RnaKial AC(w￿e5 ire (*) AvNa Pen51on Tru5tl•r khod5 IAPYW Tr*thv5 P￿￿1cM th Th￿15 a drknd Efflpl¢ryerfs P￿s[0n5 ¢osts are cFthr￿d in the pviod ￿ whKh the salarles to thkh they rfjknteare pyabfe. The Ouhmch Sch)ol CTrnbrook p)ined thescheme fmm 2019 and Pr4* & knorlolned from SepteTrb¥ 2021. Il The PryAratory TnNt NofvTexlir¢ Staff Gw PwserAI Penth)n *thkh Duknth Prep & Sthor b)ined with th0 12.687 1,542 43,000 Legal and consukaw fees R¢muner4Don paid ¢0 lU￿1¢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 P￿￿On co$ts and othw benefits 12.698.S28 1.406.248 1450,214 16.554.990 111 J6.576 1.217,240 2,266,940 15.620.756 regate ernpbyee-benefrrs d key marw￿[ perwnel amouAr¢d to £928.71612024.. I719.475} Induding pension contributions of £129.648(2024: £84,296). 22 DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 7 STAFF COSTS (Contlnued) Number ofhiber pald ￿FlOY¢e￿ n bands ofr. 60.001 to £70.( 70.th)I to £80,(th) 80.QOI to £90.￿0 . £90,001 to 1100,000 IOQ.CQl to 1110.000 £130.tKsi to £140.000 2025 2024 . 140.IXII tr+ £150.( The number with retirement benEfrts actsul - Defined ContrlbvdoTr scheme5 Was for whom the cc￿trIbUt￿)ns amounted to 36 633,509 27 439.998 The a¥eragE number ofthe Gro￿1,$ emphyees during the year, Calcukn￿d on headcounl was.. 2025 2024 TeachlnE Domestk and ests A¢trninistra 213 50 105 368 49 361 During the y￿r 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 re4MbUrS￿ts to Tru5¢ees P024: (nill and rK) other #mouTht$12024.. £nifJ paid to Trusree5 in relation to thwr rde a% ¢ru¥r¢ES. During th¢ year Trustee recewed reryimbursements of expenses for travel and sub3[st￿ce [2024.. LNill. During the year £52,500 (2024.. 149,992) was paid to MJ Tipknty for corts¥hancy related to the Trurt's propEry portfdio artd VM2 (2024.. £6761 for Éxwses for traYEL The payments are permitted under thE Truses go¥wnwb¥ doomenL In the year at DuN¥kh Prep & Sethor. no Governor5 were re•lmbursed for travel (2024.. É65 was pld to oTrE Govwn¢rl. No Govemor tTaining expEn5es were reimbursed n the ￿rI2024.. £niQ. In the year a¢ ThE D￿￿1th School Cr*nbrod¢ there were no GO￿tsr exper￿¢5 for tr21ning or trn¥el r2024.. Inif)- The Chakity recel¥ed aggregats donati￿$ 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 CaF**l eoodssche (1.•17￿21} (24.159) 71.OM.916 P4,159) AL 31 A¥w5t 1025 D•pr•d*tlD 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 I￿n4 27&th)2 11fv39 113.ts)7) 13mSJ4 I.IX341 lJ44.816 At31Awt2fft4 t31*Ug￿lS 14.726.993 Jl.Y5Q452 837,963 9411J56 511,419 49,534 47.896.J71 441 JOO 27.343 40.954J41 Trn*t 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 AUGU￿201$ 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. ￿￿￿Ut01￿ttI thtvATd￿ Iitkthd Tlrfkhad• I I ¢IIEDITOA5'.affloun¢5falmfit*Je￿lhkn ￿ey￿ Tr* 2• Tndecre•llrs 24m• Jity. FEeskn ith7nre i*￿1 iJW.4 140 FM dEP0545 4.iJi.$75 240,017 15.1IU5 4J)<•37 2•25 25 .IlJ347 S￿).141 15.2a& 7.9S1212 DE(èI*Erlll4. Llfidlbiknfv&i¢>)15¥￿1￿¢*￿￿¢elns¢¥4rfflb¥ >n5. ThE DULWICH PREPARATORY SCHOOL5 TRUST PIOTES TO THE FINANCIAL5TATEMENTS ICONTINUEDI FOR THE YeAR ENDED JI AUGUST 102$ IJ FEES IN AOVA14CE Gr 2015 24 Alter¢inR yw on•y4r 1.2•1 Im.1 lJ91WI 3￿9)36s Op•Nnx F¢ESlnthth4¥rt¢ 3J93,U5 (1.791￿111 35gJ.US Js93. 14 OPEUTING LtA$EINCOMEA￿ COMMT14E14TS le￿e%￿7U￿t￿t￿. Gr* Tvwt 2025 2.755.B7• 1569.165 IOW.40ts F14.•41,J6• IWM4 440,JI¢.?I I41￿7￿4$ L￿d￿nd buldhiy y￿5 Tot¥1 Gywp 2025 Trust Tr¥5E xn4 l YEW L￿d￿nd trMA*slind5 ¥VA L￿￿thnd bul* S)Yvs Tot 4M439 IJ57JS6 431.4Jl 1.7S1.1 .7S7.7S1 1.757JS6 14.1045¥4 2$￿3M) X4.60•,514 25.013M2] l yur 9￿r betwe•n 16l447 403h14 lQ.•Jg 977.W• I￿)67 579 10.4V 411J•J Trfol Tnjst DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 15 SUMMARY OF MOVEMENTS ON FUNDS Gainsl At31 September 2024 Income Expen¢ffftJre Transfer (Loss) August 2025 Group Unrestricted 39.634.453 24,600,89S (25.933.769) P08.(W) 1.798 38.095.378 Re$¢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 c￿Parative 2024 fi8ure5 can be f￿d in Note 20. 17 PENSION SCHEMES Current retirement benefrt5 tt* efflployee5 of the Group are prov*led 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•>￿tea￿1n8 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 D￿￿ber 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 vaJvat￿*n 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 iTrdep￿dent qualified actuary. Following the 11￿¥13ctUari￿ valuation a revised sthedU￿ of Crmtributions was agreed befften the Tru5L the Schools and the sth￿ Tritstees w￿h the of elminat*ig 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 v*bJ¢ 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￿￿&&￿$) 8enefits paid Closing defjned benefit obl¢ati 2.730.000 134.000 (571.000) (83.000) 2.210.000 2.456.000 127.oc 191.oc 144.OC¥)} 2,730.OC c) Change5 in the fair value of tht scltemt assets Growp 2025 Group 2024 Opening fair value of 5thwne a5sers Interest income 3.IB3,IMO 162,000 (396,000) 180.000 183.000) 3.046.000 2,951,CQD 157.C 161,000) 180.C¥)O 144,iYJDI 3,183.(1)O Rtiurn Sn exeess of interest income ContrfbuDons by thnployer Benefits pavj Closing falr vihje of sthth)e assets 29 DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 17 PENSION SCHEMES (Contlnued) The amouwbts included within thÈ Statement of Fin*ntlal Group 2025 Group 2024 Activitle5 Past 5eryke cost Interos¢ obllgarSon Interesl irtccme 134,000 (162.000) I27￿c I157￿￿) Toul am(￿¢ th¥ged t4) the Ststement of FwwKial Acti¥itye5 (28,000) ijo,oc¢)I Restrict￿ on recovera￿e wrplus Net acw¥ial gain￿o0$s¢s} re£ognised in the year PensKffi Scheme i¢ru*ml yinlU<)ssl {313.000) 175,000 (208,000) 1252.Wl I2.￿0 1210.0001 The Group contrib￿ed Cl￿.0¢1) in 2024ns p023.. £180.(￿￿)). ThE ￿5￿n8 0￿18￿00n5 have been Issthmed by the Schools in propwtion rts their tyyng £￿￿b￿l10rs as (akulated by rhe kheme Actuary follo￿￿8 the ¢riennial Y￿11￿00n as at I january 2024. In Marth 2024 the trUStees of the non-tf4ching stsff ddintd b￿efit sththkne entexed Into a P￿s1On bwn arrangemen¢ wlth ¥ preftmum of £13m ￿ld out frorFb sthtme ￿ser$ to a ttru'rd-party P￿￿On risk trnftsler bus**ss. Followng the buy-1￿ the Group is nat expected to make further corbtributitins to the pension schwne under the PWOL&ly areed Stheduk ofCOntrt￿ •) Prlntlp*l attu*rial •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¢fern*rt 6.1% 3.1% 3.4% 3.1% A55umed Iwe expecw In yÈ*rt at y 6&. NoTrPen5i￿ers 25.1 23. Fem*es m￿e$ 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 C￿lThY and contrd¥rtt party of DLlwkh Prep & SeDk)r Ind The L%1￿1¢h Sthool Cranbrook. Control ts exerclsed by ihe p¥eni corkyany by *rtue dboard represeTrtA￿n. The Trust received donated staff twne ol Employees ol t*JN￿￿ Prep & Senicr wtallins £21252 P024.. £20.7921 recogni5Ed in ihe Trurt*ccounrs as a trft in knnd. Dukn¢h Prep & Seniordonaod £0 (2024.. £830.QLh) l ¢0 DuK¥rh Prepantory Sch¢ds TfUSL Duh¥ich Pre￿ra￿ Schook Tru510Jnated É184.42812024.. £0) to DuN¥kh Prep & Senior. T￿ Trusr dool￿d £1066,05912¢n4..£1.736,387) ¢0 The sd￿ Crant*ty)k The Trustl50 rec￿ rertal incomE of £1031.432 (21ll4.. £1.787.4001 frryn C￿￿17Ch Prep & Stfyior and £616.059 (2024.. £616.0601 fr¢m The Sch￿1 cranbr￿k. 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 off*e C+*np•ny fiumber Charrty number 42 Afieyll Pari Dulwth. London SE21 7AA I￿14894 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.$40.375 4,683.321 1S,511.430) (1,555.9581 Cash at bank Other a55ets Creditors.. Amounts f￿1&￿8 due within one year Creditors.. Amounts ￿ling due after more than one year Pension stheme liability Net assets 3,078,688 2.914.006 Total funds 3,078.6 1914.006 32 DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FQR THE YEAR ENDED 31 AUGUST 2025 19 SUBSIDIARY ENTITIES (ContlrM*d) Re£￿tered com￿nY nwnber Ch*rity nurnber CourselKm Cr*nbrook TN17 3NP ICé15140 1174358 Abbrnvlated Statement of Flnandal ArtlTAtles 2025 IrK¢*ne •.318.090 (8.132.186) {160.300} 25.604 (255.729) (230.124) 7.894.285 .610J531 1161,900) 121032 Expendlture Pension 5chern? acELMrial Rawbsllh55tsl Net movement ￿ lunds for the year Funds blfvvd I Septembtr 2024 Funds elfv•d 31 AuEitst 2025 1377.760) 1255,7W) Abbrevlated Balan¢e Shee¢ 201S Fixed a5setS 810.5J4 742.521 744.448 512.105 1727.1 197,933 {4J81.040) {1.562.OS8) Cash it bank Other assets Creditork Amounrs f41ing due within year Creditors: Amourts fauiry due after ofte year (134.175) 1246.2J6) Penslon seheme I￿￿￿ty Net asstts (230,124> P55.n8) Totsl Funds 1230.124) 1155.728) 33 DULWICH PREPARATORY SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 20 PRIOR YEAR COMPARATIVE NOTE (A) 2024 STATEMENT OF FINANCIAL ACTIVITIES N0*5 Unyestrirted Funds Restrrcted Funds Total 2024 2024 2024 Incom¢ from: Charitable activitie5: School fees receiyable 21059,019 1,056.993 394.880 21059.019 1.056.993 398,880 Other eduCa￿ana1 income Anolhry incorne Other t*adithg actit*lttes Non-ancll￿ry trnding in¢om¢ Investments Bank and other interest Voluntary sources Donations and le¢ac 4,000 98,987 98.987 89.334 89.334 593 16.473 17,066 Total Income 23.699,806 20,473 23.720,279 Expenditurt on: Raising fund$ Pinallcing costs {198.618) (198.618) charit￿le 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 be￿een funds Pensloh ¥w*rAI 19 (210,¢)>Jl 1210.000) Net movement in funds for the year {1.096.623} 14.203 (1.082,420) Fund balance5 I Sepcty￿ber 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￿) 37.03￿93) 3369378 3.909J84 37,044395 (CI 2024 SUMMARY OF NET ASSETS BY FUNDS 2Q24 2C114Totsr Grm Y*n8*le A$￿ts Netcurrent IL4bnwl IAssets LonzT*rrn CrÈditort L* 47.m,371 382,Wl I7,89￿11 [1313.9751 15.879.830> 6&113 )9.634.453 é&iiJ 39.702.S Truit Tarythle NeLCurrEnt {LRbibt￿l 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 Fred￿d tothe Oartyopertyk*w ayeedukn prkeol£l￿5ts.fth. lrn Much 2Q26. tht trui¢eos ofthe Ar￿￿teX￿￿¥S1th￿ffftEd bEntksth*Me tsitorod b￿.￿1 *rrAngernen¢ wth o yonyL¥n d a3m wj $th￿￿aSsets to riskvan5kr bujkness. the buy.IrK the notWeCLtd to ff4keluthw ¢onir*vtiOn5 to the 35