2023-08-31-accounts

Registered number: 04002372 Charity number: 1084965

Dame Allan's Schools

(A company limited by guarantee)

Annual report

31 August 2023

Dame Allan's Schools

(A company limited by guarantee)

Contents

	Page
Reference and administrative details	1-2
Governors’ report	3-14
Governors' responsibilities statement	15
Independent auditor's report tothe members ofDame Allan's Schools	16-19
Statement offinancial activities	20
Balance sheet	21
Statement of cash flows	22
Notestothefinancialstatements	23-46

Dame Allan's Schools

(A company limited by guarantee)

Reference and administrative details

Year ended 31 August 2023

|Governors|Mr | Belsham, Co-optative Governor(Chairman)|| |---|---|---| ||Mr D Arthur, Co-optative Governor|| ||Mrs C Bell, Co-optative Governor|| ||MrT Gray, Co-optative Governor|| ||Mrs M Hinson, Co-optative Governor|| ||DrS L Johnson, Parent Governor|| ||MrW J Lomas, Co-optative Governor|| ||The Very Reverend G Miller, Ex-officio Governor,|Dean of Newcastle (resigned 21| ||October2022)|| ||DrV Morrell, Parent Governor|| ||DrP Paes, Co-optative Governor|| ||MrMAhmad (appointed 22 June 2023)|| ||MsKE Storie, Co-optative Governor (resigned 23|July2023)| ||MrS Taylor, Parent Governor|| ||MrA Chicken, Co-optative Governor (appointed 20 October 2022)|| ||MsM Peutherer, Co-optative Governor (appointed|9 November2023)| |Company registered||| |number|04002372|| |Charity registered||| |number|1084965|| |Registered office|Fowberry Crescent|| ||Fenham|| ||Newcastle Upon Tyne|| ||NE4 9YJ|| |Principal|MrWM Scott|| |Clerk to the Governors|MrsV McDonald|| |Independent auditor|UNW LLP|| ||Citygate|| ||St James’ Boulevard|| ||Newcastle upon Tyne|| ||NE1 4JE|| |Bankers|Lloyds Bank plc|| ||102 Grey Street|| ||Newcastle upon Tyne|| ||NE99 1SL|| |Solicitors|MuckleLLP|| ||Time Central|| ||32 Gallowgate|| ||Newcastle upon Tyne|| ||NE14BF||

Page 1

Dame Allan's Schools

(A company limited by guarantee)

Reference and administrative details (continued) Year ended 31 August 2023

Investment advisers	Brewin Dolphin Securities Limited
	Time Central
	32 Gallowgate
	Newcastle upon Tyne
	NE1 4SR
	Rathbones Investment Management
	Earl GreyHouse
	75-85 Grey Street
	Newcastle upon Tyne
	NE1 6EF
Insurance broker	Marsh Brokers Limited
	Capital House
	1-5 Perrymount Road
	Haywards Heath
	West Sussex
	RH163SY

Page 2

Dame Allan's Schools

(A company limited by guarantee)

Governors’ report Year ended 31 August 2023

The Governors present their report and financial statements for the year ended 31 August 2023 and confirm they comply with the requirements of the Charities Act 2011, the Trust Deed and the Charities Statement of Recommended Practice (FRS 102).

PURPOSE AND ACTIVITIES

Dame Allan's Schools is a charitable company limited by guarantee. The Charity was established for the provision of day schools for girls and boys in or near the City of Newcastle upon Tyne.

Vision

Our vision is for every child at Dame Allan’s to seize opportunities for discovery and development with confidence, pursuing excellence in everything they do.

Our mission

Dame Allan's Schools exists to provide a rich and inspiring experience of education, to bring opportunity and aspiration to the lives of children, to impart a lifelong love of learning and prepare them with the skills, attributes and values to lead meaningful and successful lives, enabling them each to make their own positive contribution to society.

Our ethos

Our values - we exist to provide the best education to every pupil, regardless of background, within an inspiring and supportive environment as informed by the Schools’ Anglican foundation and traditions. Embedded within our diamond structure is the expectation that pupils are not only purposeful and tenacious in their endeavours, but also tolerant and supportive of each other, underlining our view that when children feel valued and known, they can grow into happy and successful adults.

Discovery and achievement - Dame Allan's pupils are challenged to discover and develop their sporting, artistic, leadership and other talents alongside their academic abilities, and to aspire for excellence in all that they do. They should always strive for their best, recognising setbacks as opportunities to reflect and learn. At Dame Allan's, pupils are given a structure and richness of experience through which new skills are learnt and knowledge embedded. They grasp opportunities to achieve beyond any externally or self-imposed limits and press ahead confidently in their academic and personal development.

Within the Dame Allan's family and beyond - at the heart of our aims is a concern for each pupil's welfare and for their positive development as an individual and member of the Dame Allan's family. Whilst the Schools are a community of pupils, parents, staff, alumni, governors and others, we value the individual's needs and recognise the importance of supporting each other. We emphasise the interdependence of the individual and the community at local, national and international levels. We ask pupils to show care and concern for others within this orderly and supportive place, acting with consideration and respect for other people, themselves and their environment.

Allanian Core Values

Drawn from our ethos and captured in our code of conduct - RESPECT - we ask every pupil to be:

• R Respectful - we treat others as we would wish to be treated

• E Environmentally aware - we respect our surroundings

• S Sensitive - we are honest, polite, compassionate and sensible

• P Prepared - we are completely ready for the day ahead

• E Enthusiastic - we make the most of every opportunity the Schools offer

• C Conscientious - we do the best we can in all school activities T Tenacious - we never give up

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Dame Allan's Schools

(A company limited by guarantee)

Governors’ report (continued) Year ended 31 August 2023

Dame Allan’s Schools First Principles

In pursuit of our vision, mission and ethos, the following first principles inform the priorities and standards which guide the management of the Schools:

1. Providing caring, professional, high quality education 2. Committed to the diamond model of education 3. Providing an academic curriculum which is broad, balanced and challenging 4. Encouraging pupils to develop their intellectual and creative horizons in an atmosphere of trust and support

2. Committed to their Anglican foundation, whose Christian ethos informs the actions and activities undertaken by the Schools

3. Efficient and professional management systems and practices which allow them best to deliver their objectives

4. Ts Recruiting, developing and retaining high quality, well motivated and caring staff 8. Principle of sustainability 9. Committed to inclusivity 10. High standards of governance

Activities for achieving our purpose

Dame Allan's Schools aim to providea first class education for boys and girls aged 3 to 18, from all cultures and backgrounds within a supportive environment informed by the Schools' Anglican foundation and traditions. Pupils are encouraged to make the best use of their many and varied abilities. The Schools look to establish and maintain high moral standards within a clear framework. The Schools provide a structure within which skills are learnt and knowledge gained so that pupils may achieve the best academic results of which they are capable. The Schools aim to prepare pupils to flourish as adults in a rapidly changing world.

The Schools also aim to provide a rich mixture of experiences for pupils to develop sporting, artistic, leadership and other talents alongside their academic achievements. They encourage pupils to develop an awareness of their individual strengths and to make full use of them.

The Schools encourage the development of the qualities of self-discipline, self-confidence and independence whilst creating a community in which all members care for each other as in a family. They also emphasise the interdependence of the individual and the community at local, national and international levels and encourage pupils to show care and concern for others.

At the heart of these aims is a concern for each pupil's welfare and for their positive development as an individual and as a member of the Schools’ community both inside and outside the classroom. This development is to be within an orderly, safe and supportive community in which all members feel comfortable and act with consideration and respect for other people, themselves and the environment.

The Schools are committed to safeguarding and promoting the welfare of pupils and expect all staff and volunteers to share this commitment. The Schools have an excellent reputation for the pastoral care provided to pupils. Parents are given regular information about their children's social and academic progress through parents’ evenings in addition to regular grading and annual reports. The Schools maintain regular contact with parents throughout the year through informal contacts and through newsletters and events.

The Schools’ diamond structure allows them to provide a pastoral system which recognises the separate needs of boys and girls and which is also small enough to ensure that all pupils receive individual attention and support. The Heads of the Boys' School, Girls' School and Sixth Form are supported in their endeavours by Heads of Section and Assistant Heads of Sixth Form respectively. Assistant Heads of Sixth Form focus on the separate needs of Year 12 and 13, overseen by the Director of Sixth Form. The role of the Director of Studies is to link the Schools' concern for pupils’ pastoral care and their academic development. The role of Director of Pupil Wellbeing is to ensure that pupil welfare is at the centre of our work. In the Junior School, the Head is supported by the Deputy Head, phase leaders and pastoral leads whose responsibility is for the academic and pastoral oversight of pupils in their care.

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(A company limited by guarantee)

Dame Allan's Schools

Governors' report (continued) Year ended 31 August 2023

The Schools also make use of the services of external counsellors, an in-house psychological therapist and chaplain who base their work in ‘The Snug’ a purpose-built facility for pupil wellbeing. Senior pupils also provide support for younger pupils both as form prefects and mentors and also as students who complete the Schools’ in-house listening skills and peer-mentoring courses.

The Schools’ policy on admission states that they seek to select pupils of academic potential irrespective of any protected characteristics. Entrance examination and interview procedures are arranged to ensure that no applicant is disadvantaged. Special arrangements are made in advance of examinations or interviews for any applicant who has a disability including the provision of extra time for applicants who have a recognised specific learning difficulty. Arrangements are discussed in advance with the parents and the current school of the candidate. Relevant specialist reports are sought in advance of entrance examinations and interviews where appropriate.

Once admitted to the Schools, all pupils and staff are offered opportunities in accordance with the Schools’ policy which states that the Schools are committed to securing equality of opportunity through the creation of an environment in which all individuals are treated on the basis of their relevant merits and abilities. The Schools oppose all forms of unlawful or unfair discrimination towards any members of the Schools' community on the grounds of any protected characteristic, and aim to ensure equal treatment for all. The Schools promote the concept of equality of opportunity throughout the organisation, both for staff and pupils.

The Schools are also committed to promoting the health, welfare and safety of their pupils both by ensuring that safe recruitment policies and practices are followed with regard to all staff - teaching and support - and also by maintaining and further developing the Schools’ pastoral care, described in the 2019 inspection report as excellent.

STRATEGIC REPORT

Public benefit

All education provides public benefit in enabling young people to grow into successful, civic-minded contributors to society throughout their adult lives. Further to this, Dame Allan’s admits a significant number of pupils on means-tested bursaries, children whose families would not be able to afford the fees and who are therefore provided with the highest quality of education at no cost to the taxpayer. In 2022/23 means-tested fees remissions amounted to 10.5% of our gross fee income, assisting 169 pupils in total.

Our young people go on to achieve many things, forging careers and building communities, adding to the civic capital of our country to the benefit of wider society. The Schools also engage in a significant number of partnerships with local charities, grassroots organisations and schools, enabling access to our facilities and teaching expertise, for instance.

Examples of our public benefit are woven through this report, much as it is through the life of our Schools and their integral place in our local community.

Economic impact

As well as the public benefit summarised above and detailed through this report, Dame Allan’s provides a substantial economic benefit to the city of Newcastle and the surrounding region, as well as the national economy. Calculations from the Independent Schools Council estimate that in 2022/23 Dame Allan’s Schools’ total contribution to national GDP was £24.8mn through direct and indirect channels; 1,257 pupils were educated at no cost to the state, providing a direct saving of £8.3mn to the taxpayer; additionally, tax which was paid directly and indirectly as a result of our activities came to a total of £8.1mn.

The local economy was supported by direct employment of 235 staff, the substantial majority in higher income roles, with an additional 241 jobs supported nationally through suppliers and the expenditure of staff incomes. Our situation in the west of Newcastle, a local authority ranked 36th most income-deprived of 316 in England, means that we are bordered by wards in the 10% most deprived in the country. Many of our pupils on bursary assistance live in these wards, within walking distance of the Schools.

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Dame Allan's Schools

(A company limited by guarantee)

Governors' report (continued) Year ended 31 August 2023

The economic and social benefit of our school is felt well beyond our walls through the employment, education and partnerships that are the hallmark of the Schools.

Pupil numbers and fees

Our educational activities are carried out through our Senior Schools, Sixth Form and Junior School. Pupil numbers in the Schools continue to grow: the current roll of 1,267 showing a 0.8% growth on the 2022/23 figure of 1,257 and a 3.0% growth from the 2021/22 figure of 1,230. The growth in pupil numbers has been evident across the Schools, with the Junior School close to its capacity of 320 pupils and a marked and very encouraging continuation of growth in girl pupil numbers despite the extensive provision for girls in the Newcastle independent school sector.

The Governors are conscious of the pressures on parents to meet fees and have continued to ensure that any rises are kept to the minimum possible. The fees are therefore set at a level to ensure the financial viability of the Schools and at a level that is consistent with our aim of providing a first class education to boys and girls. The tuition fees for the academic year 2022/23 were £4,999 per term in the Senior Schools and in the Junior School £4,050 (Key stages 1 and 2) and £3,780 (Early Years) per term respectively.

Pupils’ academic progress

Dame Allan’s pupils achieve excellent outcomes in a broad and challenging academic curriculum throughout their time at school, both in relation to their individual starting points (value-added) and in publicly available academic performance measures. Academic developments focus on meeting the needs of every individual learner, inspiring and expecting their best, challenging and supporting as needed, in order to encourage inquiry, aspiration and determination, with a culture of high expectations and excellence at the heart of every endeavour. A key area of focus is raising the sights of all pupils, exposing them to valuable experiences and opportunities that lie beyond the confines of the north east of England. The Schools continually build on existing systems and practice to remain at the forefront of technology in education. In public examinations, the 2023 A Level results, while down on the last three years of higher grades, were still strong after such disruption over the course of a pandemic which had a significant impact on Year 13 pupils, especially through their GCSEs which were replaced by teacher assessed grades in the summer of 2021. Of 343 A Level exam entries, over 48% were graded at A/A and nearly 75% at A-B. Of the total of 112 A Level candidates, 30 pupils gained all A* or A grades.

Dame Allan’s % cumulative results at each grade, last 6 years:

		A*	A	B	Cc	D	E
2018		5.6	244	567	83.3	944	989
2019		7.6	34.5	652	875	966	99.4
2020		19.5	52.5	81.9	96.8	99.6	100
2021		24.8	54.7	836	942	98.9	100
2022		822.8	55.6	83.9	95.6	99.2	100
2023	=	16.9	48.1	746	90.4	983	99.7

2020 and 2021 were school-assessed grades.

Ofqual’s aim for 2023 was for the grade distribution to move back to 2019 levels. The national picture reflected that: across England, A grade awards this year fell to 8.6% (from 14.5% in 2022; 7.7% in 2019) and A/A awards fell to 26.5% (from 35.9% in 2022; 25.2% in 2019). In the north east, 22% of grade awards were at A*/A this year, the only region to have a lower proportion of top grades than in 2019.

Dame Allan’s 2023 A Level results also represented a move back from the last three years and the expected downward pressure on grade distributions had a greater impact than it did in 2022, as the national adjustment back to the 2019 distribution was only 30% completed in 2022. However, these results still bore positive comparison with 2019 and 2018 (the first years of the reformed A Levels’ results).

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Dame Allan's Schools (A company limited by guarantee) Governors’ report (continued) Year ended 31 August 2023 eee University admissions was a turbulent yet ultimately successful experience, with a relatively restricted offers environment, especially from the most in-demand universities, followed by a significant softening of offer requirements on A Level results day, meaning that many candidates who had missed offers by a grade or two still secured places on high-demand courses.

GCSE results were also positive although, as with A Levels, results were down on the last three years as expected, and more or less in line with pre-pandemic levels.

In this large year group with 1482 GCSE entries across the Boys’ School (DABS) and Girls’ School (DAGS), over 60% were awarded grades 9 to 7 and 80% were at grades 9 to 6. Of 160 GCSE candidates, 10 pupils achieved all grades 8 and 9 and 35 of them gained all grades 9 to 7.

DameAllan's	Allan's% ofresults	atgrades9 to	7, last five years:
	Girls	Boys	Combined
	% grade 9-7	% grade 9-7	% grade 9-7
2019	63.4	53.7	58.1
2020	76.7	67.7	72.1
2021	77.9	60.7	68.8
2022	76.4	67.0	71.2
2023	64.6	58.0	60.7

2020 and 2021 were school-assessed grades.

Across England, results at grades 9 to 7 fell to 22.4% (from 27% in 2022, 21.8% in 201 9); in the north east, 17.6% of results this year were at grades 9 to 7 - the lowest regional outcome. The independent sector nationally achieved 46.6% grades 9 to 7 (53% in 2022, 47% in 2019).

Results were broadly comparable with 2019, the first year of number grades only in the reformed GCSEs. The gap between boys’ and girls’ results narrowed in 2023 and the return to full formal exams without exam aids has had the expected impact on boys’ achievement, significantly boosting value-added outcomes.

Pupils’ personal development and welfare

Dame Allan's pupils develop into happy, successful and well-adjusted young adults. The Allanian ethos and values are ingrained in their outlook and dealings with others, and with the added confidence and resilience to tackle the vagaries of life. Dame Allan’s is a family where pupils feel included and known, empowered to engage with their work and play, to share their problems and failures as well as their successes, to help and support each other, and to take calculated risks in pursuit of their goals. Dame Allan's pupils are stimulated and challenged to develop skills and expertise for high performance in a number of areas through the co-curriculum, not only in their existing areas of strength and interest but also in a range of other enjoyable and challenging activities. Pupils are expected to contribute, through participation and leadership, to the wider life and success of their school, as well as the local community and wider society. Much progress has been made over the last year in ensuring that the Schools are meeting the needs of all pupils and helping them to realise their personal development potential. As well as benefiting from the enhanced support made available over the past year, pupils have further settled into the high levels of attendance and routine that are essential to progress. The new senior leadership role of the Director of Pupil Wellbeing has been key in focusing resources and driving systematic reviews of our Personal Social Health and Economic Education (PSHEE) programme; expansion and restructuring of counselling and psychotherapy services; an increased focus on wellbeing in our Designated Safeguarding Leads training; and increasing use of systems to gauge wellbeing, among many other things. ‘The Snug’, our wellbeing suite, enables us to offer counselling services in a safe and quiet space for children who may need time out from the busy school day, and we have two ‘therapy’ dogs, one at each of the junior and senior sites.

eee Page 7

Dame Allan's Schools

(A company limited by guarantee)

Governors' report (continued) Year ended 31 August 2023

a

Physical exercise and other co-curricular activities have long been a mainstay for our pupils. We have recently added significantly to our already broad and high quality co-curriculum, creating a new senior leadership role dedicated to the management of this key part of our offering, the Director of Co-Curriculum, who has been able to lead our enhanced and expanded offering to the benefit of every pupil.

In sport, a significant number of pupils were successful in achieving selection at county, regional and national levels. Many pupils were active in the wider area of outdoor pursuits. As well as offering the John Muir Award for younger pupils, the Schools remain the biggest single centre for the Duke of Edinburgh Award in the whole of Northumberland and Newcastle, allowing pupils to test qualities of personal organisation, physical fitness and resilience whilst also developing their skill sets and making a contribution to the good of society through the community service element of the award. Opportunities to explore new activities and develop new skills closer to home were again provided by the Schools' CCF (RM) detachment which is filled to capacity.

Public speaking and the Schools’ drama programme are both nurtured through activities such as the annual Shakespeare Festival, the public speaking competition and the Schools' LAMDA provision which see a number of pupils receive certificates and medals in a range of activities including public speaking and drama. A wealth of school productions, from the senior schools' play through to the junior school's nativity, all form a part of the range of opportunities for every pupil to take part. Debating has also become increasingly popular, alongside the introduction of the Model United Nations, engaging pupils to learn more about the principles of the UN and how it functions.

Dance has long played a central role in the performing arts at Dame Allan's as is evident from the success of alumni in the world of dance with leading roles at the Rambert company and the London Contemporary Dance School. Various dance shows during the year are evidence of a department which achieves the very highest standards.

The opportunity to develop talent from the age of 3 onwards is equally important to the Schools’ musicians. The Schools have had many outstanding music pupils over the years. However, the musical work of the Schools extends beyond just the prodigiously talented students and encompasses a range of styles and genres, from Dame Allan's long established choral tradition - especially with strong connections to Newcastle Cathedral - to orchestral music, traditional music and rock music. A substantial number of music events take place throughout the year including an excellent house music competition and gatherings of choral and instrumental performances.

Charitable donations - the period has seen significant donations to a number of charities, with almost £10,500 raised during the period covered by these accounts. Thanks to various fundraising activities in both schools including non uniform days, ‘bake offs', social enterprise activities, donations were able to be made to many local and national charities including Children in Need, Comic Relief, Macmillan Cancer Support, Smile for Life, The Goodwill School in Africa and St Oswald’s Hospice.

Staff capacity

Dame Allan’s employees are well-qualified and motivated teachers, support staff and managers, all of whom work together effectively in order to provide excellent education and pastoral care, high class facilities and support services, and effective leadership of the Schools. Effective recruitment processes and attractive terms of employment enable the Schools to attract well qualified applicants. Well-resourced and targeted training, mentoring, staff appraisal and incentives encourage staff to engage in reflective practice and continuous processes of professional and career development. Career development opportunities and incentives promote retention of key staff in competitive recruiting markets. Dame Allan’s presents a positive, inclusive and supportive work environment.

The attraction of working in teaching or support roles at Dame Allan’s remains strong with high numbers of qualified candidates applying for advertised roles in most areas. A significant proportion of teaching staff are also able to develop their careers while working at Dame Allan’s with nearly half of those who secure new posts, externally and internally, achieving promotion in their move.

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Dame Allan's Schools

(A company limited by guarantee)

Governors' report (continued) Year ended 31 August 2023

The Governors wish to thank all staff at Dame Allan's Schools for their dedicated work and enthusiastic contribution towards ongoing developments, especially during a period that has been immensely challenging. Demonstrating professionalism and commitment, staff have tirelessly sought to meet the needs of pupils.

Marketing, admissions and communications

Dame Allan's is marketed effectively as a leading independent school in the North East, producing the highest quality opportunities, care and outcomes for pupils, communicating this effectively, especially with respect to our diamond structure, in our market and with all stakeholder groups. High demand enables the Schools to achieve cost efficiency in the diamond structure whilst maintaining academic intake standards. We understand our market in a variety of ways through surveys and feedback from a wide range of stakeholders, including leavers and parents who chose other schools. Presentation of the Schools is best in sector through website, materials, events and experiences of external stakeholders, with brand management, marketing and communication plans in place to raise standards.

The Schools manage external and internal relations and reputation through effective PR and communications, led by our Head of Marketing Admissions and Communications. The success of this department, within the context of the wider successes of the Schools, means that demand for places has been strong in recent years and, over the longer term since the impact of the 2008 global financial crisis, pupil numbers have risen across the Schools by almost 45%. Demand remains strong with waiting lists at some entry points. Retention at the key transition points in Years 6 and 11 remains high, indicating that pupils and their families are satisfied with the quality of the education provided.

Development - fundraising, alumni and partnerships

Dame Allan’s engages with alumni, parents, partners and potential donors such as individuals, trusts and foundations, forging beneficial relationships to secure the future development of the Schools. The Schools have a single, shared understanding of all external parties, the better to create effective interactions and relationships. External parties understand the case for giving towards a range of Dame Allan’s objectives. The support and activities of our associated parent and alumni bodies align with school planning and objectives. Bursaries and scholarships In order to ensure that the opportunity to benefit from the education offered by Dame Allan's is not limited by the ability to pay fees and that families on a low income are not excluded from the opportunity to benefit, the Schools have, for some years, made available bursaries to applicants from Year 3 upwards whose parental circumstances are such that they would not be able to attend the Schools without such an award.

These awards are means tested and applicants must satisfy the Schools’ entrance criteria. Bursaries are tenable throughout a child's school career subject to satisfactory work and conduct under annual review. Applicants for the Sixth Form are eligible for a Don Walker bursary which is offered initially to our current students whose parents fulfil the same criteria as our regular bursary holders, and then to the wider public. Bursaries are offered according to parental means, assessment of which considers a number of factors including family income, investments, property, savings and family circumstances. Awards of up to 100% of fees are available. The Schools’ bursary funds also support current pupils whose place in the Schools might be in jeopardy as a consequence of changes in family circumstances, such as parental illness or redundancy.

The Schools also offer academic scholarships to senior school applicants - to a maximum of 50% of fee remission - in order to recognise high academic potential. Scholarship awards are based on results achieved in the Schools' entrance examinations. Fee remissions are also available to the third and subsequent children of any family educated in the Schools in order to underline the value we place on family links. A scheme also provides fee reductions to children of all staff employed by the Schools.

The Governors view bursary and scholarship awards as important in widening access to the education the Schools provide. The Governors regularly review the Schools' bursary awards policy to ensure that children can accept offers of places at our Schools through the availability of means-tested fee assistance. The number of bursary applications for the 2022/23 academic year continued to increase, and as a result 19 Bursary offers were accepted by pupils who joined the Schools in September 2022.

Page 9

Dame Allan's Schools

(A company limited by guarantee)

Governors’ report (continued) Year ended 31 August 2023

Research by the Independent Schools' Council also indicates that Dame Allan's bursaries are providing education for pupils whose circumstances are such as to make paying for education an impossibility without such support. The Schools are delighted that, with the support of generous donors to our bursary campaign, they can remain true to the traditions of "good education" which our Founder established some 318 years ago. For the year ended 31 August 2023, the value of means tested bursaries totalled £1,854,393 (31 August 2022 - £1,789,191) and represented 10.5% (2022 - 10.8%) of our gross fees. They provided assistance to 169 or 13.4% (2022 - 170 or 13.8%) of our pupils of whom 73 (2022 - 65) pupils benefitted from ‘high level bursaries’ (defined as being a fee remission of over 90%). Given the independent sector average of 1% of all pupils being in receipt of such bursaries, the Schools are making a significant contribution to social mobility through this scheme.

The purpose of our scholarship awards is to recognise high academic potential. These are awarded on the basis of the individual's educational merit and potential. Scholarships are awarded with a fixed remission of fees between 10% and 50%. Where further assistance is required, scholarship awards may be supplemented by a means tested bursary.

During the 2022/23 academic year, 173 pupils (2022 -165 pupils) were in receipt of a scholarship, awarded for their educational merit and potential. Of this number 59 (2022 - 64) also qualified for means tested bursary support and are included in the figures relating to bursary awards. The progress of pupils receiving scholarships is reviewed at least annually to ensure their progress is in line with their abilities. One scholarship was withdrawn in the year as a result of review.

Facilities and infrastructure

We continue to develop facilities and infrastructure in support of our educational offer and effective management of the Schools. Dame Allan’s offers functional and inspiring spaces for teaching, study, assembly, performance and exhibition. We also offer high quality sports facilities that enable elite programme development as well as wide pupil participation. The Schools’ physical presentation, facilities and development plans support pupil admissions at all times and we aim increasingly to use our facilities as a source of revenue, to support our partnerships and to help keep our fees sustainable.

The most significant development of the last ten years was started in September 2021 and completed in time for the start of term in September 2022 - the Jubilee Building. This project, to provide state of the art facilities with a new block of classrooms, laboratories, art suite and gallery, offices and other facilities, has transformed the north end of our Fenham site. Plans for further developments on the Fenham site include extension and modernisation of the Queen’s Building, the sixth form centre, starting in 2023 and replacement of the astro pitch with a larger upgraded facility.

Governance and management

The Governors and management identify and prioritise strategic objectives for the development of Dame Allan's Schools. Governors also monitor, verify, support and challenge management progress towards strategic objectives and the senior management team provides effective development and operational leadership towards meeting strategic objectives. All governors of the Schools are also trustees of the charity and they have received extensive training to ensure their understanding of their roles and obligations under charity law, guidance and codes, in order to act in the best interests of the charity.

A key development in the governance of the Schools has been the creation of a strategic plan, with associated performance indicators, and regular, focused, reporting structures. A full review of the Schools’ governance was conducted in 2022 by the Association of the Governing Bodies of Independent Schools (AGBIS) in order to ensure that our structures and practice are at the standard of the best in the sector. Improvements have taken place in governor recruitment and induction processes. Governor training has been frequent, regular and focused on the key roles and responsibilities of governors and trustees, including in safeguarding of children. Governors have increased their awareness of issues and involvement in school life through a variety of means such as lesson visits, department links and safeguarding-linked governors.

Page 10

Dame Allan's Schools

(A company limited by guarantee)

Governors' report (continued) Year ended 31 August 2023

The Schools are moving towards environmental sustainability. A programme of installation of LED lighting across both sites is ongoing and the new Jubilee building has been designed with PIR sensors to further reduce the Schools’ energy consumption. A ground source heat pump is in operation at the junior school and both sites make use of photovoltaic panels, with additional panels recently added to the Jubilee Building and further panels planned for the senior school in the near future.

There is more that can be done and improving our environmental sustainability has been set as a strategic objective of the Schools. The recent appointment of a Facilities Manager will help to increase focus on this key issue and to reduce our impact on the environment as well as reducing costs.

FINANCIAL REVIEW

The Schools' day to day charitable activities are self funding. The Schools' fee income for the 12 month period was £14,895,739 (31 August 2022 - £13,681,479). Overall a net surplus of £250,725 (2022 - £682,144) is reported for the period. The net cash inflow from the Schools' operating activities for the financial period was £1,427,559 compared to a net inflow for the previous year of £2,667,415.

Going concern

At the balance sheet date, the charitable company had a net current asset position of £235,760 (2022: net liabilities of £3,517,206). The net current liability position in the prior year has arisen due to loan facilities not being formally signed off by the year end.

The Governors have prepared forecasts for the future activities of the charity covering a period of at least 12 months from the date of the approval of these financial statements, which show the Charity continuing to operate within available facilities. In addition, longer term scenarios have also been modelled which include evaluating the potential impact of the loss of charitable status, the introduction of VAT on fees, the loss of Business Rates Relief and a further increase in contributions to the Teachers Pension Scheme.

In 2011, the Governors secured a 25 year mortgage facility from Lloyds bank for the development of the Junior School and in 2022 have secured a further facility for the development of the Jubilee building on the senior school site. The Schools continue to maintain close contact with the bank which has indicated that required levels of support will be available to meet the Charity's ongoing financial requirements.

The Governors therefore believe that the Schools have adequate resources in place to continue in operational existence for the foreseeable future and consequently the going concern basis has been adopted in preparing the financial statements.

Reserves

Note 19 to the financial statements shows the assets and liabilities attributable to the various funds by type, describes the various funds and summarises the year's movements on each fund. Unrestricted funds amounted in total to £12,623,314 however, this is not freely available because funds in excess of this figure are invested in fixed assets. Free reserves amounted to a deficit of £6,898,608 as at 31 August 2023 (2022 - deficit of £6,038,077). Free reserves, after taking into account amounts invested in fixed assets and the loans taken out to develop those assets amounted to £2,073,280 (2022: £828,339). This is calculated on the following basis:

	2023	2022
	£	£
Unrestricted funds	12,623,314	12,332,875
Unrestricted tangible fixed assets	(19,521,922)	(18,370,952)
Funded by loans (per note 18)	8,971,888	6,866,416
Freereserves	2,073,280	828,339

Page 11

Dame Allan's Schools (A company limited by guarantee)

Governors' report (continued) Year ended 31 August 2023

The Governors’ objective is to maintain reserves that will permit them over time to maintain, develop and enhance the Schools’ facilities in order to meet the Schools' long term charitable objectives whilst at the same time maintaining tuition fees at a reasonable level. To that end, the Governors aim to ensure that there are sufficient reserves to afford reasonable protection to the charitable company in the context of current and anticipated commitments and exposure to identified risks.

The Schools' land and buildings are stated in the financial statements at historic cost, however the Governors consider the current valuation of these assets to be in excess of this. The Governors review the reserves position regularly and consider the current position to be satisfactory.

Investment powers policy and performance

The Governors’ investment powers are governed by the Articles of Association. The Governors have delegated the management of the investment portfolios to Brewin Dolphin Limited and Rathbones Investment Management, but appraise their performance at regular intervals; the Governors' policy is to maintain income to fund bursaries, while preserving the market value of the investments.

Risk management

The Governors are responsible for the management of risk faced by the Schools. Risks are identified, assessed and controls established throughout the year.

• A formal review of the risk management process is undertaken annually. Areas covered are:

• ° Governance and management; . Operational risks; . Financial risks; . Environmental/external factors; . Compliance (laws and regulations).

• The key controls used include:

• ° formal agendas for all Board and Committee meetings; . terms of reference for all Governors’ Sub-Committees; . comprehensive strategic planning, budgeting and management accounting; ° formal written policies; . clear authorisation and approval levels; and . verification procedures as required by law for the protection of children.

As a result of the risk management process, Governors are satisfied that the major risks identified have been adequately mitigated where necessary. The principal risks facing the Schools are set out below. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

Principal risks and uncertainties

Future government policy

The most significant risk facing the independent schools sector at present is the potential for future government policy to remove the tax reliefs associated with charitable status, including for business rates and corporation tax, and to add VAT to school fees. The impact of such policies would be severe and would likely require substantial restructuring and cost cutting measures in order to ensure financial sustainability.

The Schools will continue to manage finances prudently, with due regard to increasing political and financial risks, to monitor political developments closely, and to formulate detailed plans with necessary measures as and when policy decisions are made.

Page 12

Dame Allan's Schools

(A company limited by guarantee)

Governors' report (continued) Year ended 31 August 2023

Changes to employer contribution rates to the Teachers’ Pension Scheme

In 2019, as a result of a quadrennial valuation of the Teachers’ Pension Scheme, contributions by employers increased by 43%, from 16.48% of salary to 23.68%. The latest quadrennial valuation of the scheme has resulted in a further increase in contributions from 1 April 2024 to 28.68%. As an independent school, Dame Allan’s has no access to ongoing government support. Funding is therefore not available to us to meet any of our costs, including those relating to teachers’ pensions. The last significant increase in employer contributions therefore required funding from existing school budgets, as would be the case again in any such revaluations in the future. The Schools are therefore engaged in planning mitigations for this upcoming increase which would, if not addressed, place an additional considerable burden on the Schools’ finances. The potential proximity of an increase in teachers’ pension costs with VAT and other tax changes is a source of considerable concern.

Income generation/pupil numbers

Along with other schools in the independent sector, one of the principal risks that the Schools face lies in a failure to grow or maintain pupil numbers. The affordability of private education remains a concern for many parents and the Governors are extremely conscious of this issue; they carefully review all fee increases and provide bursary awards to the extent funds permit.

Marketing of the Schools focuses on their diamond structure which allows for teaching appropriate to the needs of boys and girls during Years 7 - 11 at a time when single sex education has clear advantages but also allows co educational teaching when appropriate - in both the Junior School and Sixth Form. Pupils at the Schools therefore have the "best of both"; the best environment in which to thrive academically and the best environment in which to develop socially. Pupil numbers, including trend analysis in pupil applications and retention, as well as the levels of bursary and scholarship awards made are reported on a regular basis to the Governors. All were pleasingly positive during the period.

The Schools’ strong reputation for academic excellence and pastoral care attracts a significant level of applications for the places available in the Schools. The Schools manage any risk to this reputation by employing and developing highly skilled staff, by following effective safeguarding and staff recruitment policies, by providing high quality pastoral support for both pupils and staff and by their active identification and resolution of health and safety related issues.

Capital development

The Schools’ premises consist of various buildings dating from the 1930s to the more recently built Junior School at Hunter's Moor and the brand new Jubilee building on the senior school site. Along with academic excellence, the quality of facilities available can be a major decision factor for prospective parents choosing a school for their child's education and it is therefore important that the Schools continue to invest funds in this area. An on-going programme of work is in place to refurbish the older parts of the Schools and to create new facilities.

As a charity, the challenge always exists to ensure that the Schools remain financially sound. The Senior Schools were built in the 1930s and the Governors look to manage the risk of their not being suitable for twenty first century education by a process of planned redevelopment to meet the Schools’ needs. Whilst demands on the Schools’ financial resources are varied and are not always within the Governors’ control (for example, changes to the Teachers’ Pension Scheme contribution rates have had to be funded from existing fee income over the last few years and these are increasing again in 2024), strong management of the Schools’ income and expenditure has enabled the Governors to ensure there is sufficient fee income generated to cover both the day to day running costs of the Schools and to invest in the development of the senior site..

Page 13

Dame Allan's Schools

(A company limited by guarantee)

Governors’ report (continued) Year ended 31 August 2023

PLANS FOR THE FUTURE

Whilst, as always, continuing to focus on maintaining and increasing pupil numbers in the Senior Schools, the Schools’ other main priority for the future is to continue to maintain the significant levels of investment in and redevelopment of the Senior Schools’ site. The Schools are well regarded in the North East and with ever increasing pupil numbers, the Governors believe that the future outlook for the Schools remains extremely positive.

Disclosure of information to auditor

Each of the persons who are Governors at the time when this Governors' Report is approved has confirmed that:

. so far as that Governor is aware, there is no relevant audit information of which the charitable company and the auditors are unaware, and . each Governor has taken all the steps that ought to have been taken as a Governor in order to be aware of any information needed by the charitable company and the group's auditors in connection with preparing their report and to establish that the charitable company and the auditors are aware of that information.

The Governors’ report, which incorporates the strategic report, was approved by the Governors on 6 February 2024.

Approved by order of the members of the board of Governors on 6 February 2024 and signed on their behalf by:

Mr! Belsham

Page 14

Dame Allan's Schools

(A company limited by guarantee)

Statement of Governors’ responsibilities Year ended 31 August 2023

The Governors (who are also the directors of Dame Allan's Schools for the purposes of company law) are responsible for preparing the Governors’ report including the strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Governors to prepare financial statements for each financial year. Under company law, the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Governors are required to:

• e select suitable accounting policies and then apply them consistently; e observe the methods and principles of the Charities SORP (FRS 102);

• e make judgments and accounting estimates that are reasonable and prudent;

• e state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 15

Independent auditor's report to the members of Dame Allan's Schools

Opinion

We have audited the financial statements of Dame Allan's Schools (the 'charitable company’) for the year ended 31 August 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (‘United Kingdom Generally Accepted Accounting Practice’).

In our opinion the financial statements:

• ° give a true and fair view of the state of the charitable company's affairs as at 31 August 2023 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;

• e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• e have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (‘ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the ‘Auditor's responsibilities for the audit of the financial statements’ section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Governors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.

Page 16

Independent auditor's report to the members of Dame Allan's Schools (continued)

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Governors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• e the information given in the Governors’ report including the strategic report for the financial year for which the financial statements are prepared is consistent with the financial statements.

• ° the Governors’ report and the strategic report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors’ report including the strategic report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires me to report to you if, in our opinion:

• e adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by me; or

• e the financial statements are not in agreement with the accounting records and returns; or

• ° certain disclosures of Governors' remuneration specified by law are not made; or e we have not received all the information and explanations we require for our audit.

Responsibilities of Governors

As explained more fully in the Governors’ responsibilities statement, the Governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Governors are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 17

Independent auditor's report to the members of Dame Allan's Schools (continued)

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from our general and sector experience and through discussions with the Governors and other management (as required by Auditing Standards) and from inspection of the charitable company's legal correspondence and we discussed with the Governors and other management the policies and procedures regarding compliance with laws and regulations. We have communicated identified laws and regulations throughout our audit team and remained alert to any indications of non-compliance throughout the audit.

Firstly, the charitable company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related charities legislation), and taxation legislation and we have assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the charitable company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines and litigation. We identified the following areas as those most likely to have such an effect; health and safety, employment law, data protection, environmental law, safeguarding and child protection and certain aspects of company legislation, recognising the nature of the charitable company's activities. Auditing Standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Governors and other management and inspection of regulatory and legal correspondence, if any. Through these procedures we have not become aware of any actual or suspected noncompliance material to the financial statements.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Page 18

Independent auditor's report to the members of Dame Allan's Schools (continued)

Use of my report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Michael(NlUe7Morris FCA FCCA (Senior Statutory Auditor) for and on behalf of UNW LLP, Statutory Auditor Chartered Accountants Newcastle upon Tyne

Date: 6 February 2024

Page 19

Dame Allan's Schools

(A company limited by guarantee)

Statement of financial activities (incorporating income and expenditure account) Year ended 31 August 2023

		Unrestricted	Restricted	Endowment	Total	Total
		funds	funds	funds	funds	funds
		2023	2023	2023	2023	2022
Note		£	£	£	£	£
Income and
endowments from:
Donations and legacies	4	103,281	10,450	-	113,731	177,005
School fees	5	14,895,739	-	-	14,895,739	13,681,479
Commissions and lettings	6	20,469	2,227	-	22,696	22,750
Investment income		75,839	527	-	76,366	20,907
Other income	7	1,666,559	-	-	1,666,559	1,577,045
Total income and		a,				es
endowments		16,761,887	13,204	-	16,775,091	15,479,186
Expenditure on:
Raising funds		72,646	-	-	72,646	257,596
Charitable activities	8	16,398,802	47,517	-	16,446,319	14,480,460
Total expenditure		16,471,448	47,517	-	16,518,965	14,738,056
Net (losses)/gains on
investments		°	(5,401)	-	(5,401)	(58,986)
Net movement in funds		290,439	(39,714)	-	250,725	682,144
Reconciliation offunds:
Total funds brought
forward		12,332,875	268,490	133,474	12,734,839	12,052,695
Net movement in funds		290,439	(39,714)	-	250,725	682,144
Total funds carried		SE
forward		12,623,314	228,776	133,474	12,985,564	12,734,839

The notes on pages 23 to 46 form part of these financial statements.

Page 20

Dame Allan's Schools

(A company limited by guarantee)

Balance sheet At 31 August 2023

			2023		2022
	Note		£		£
Fixed assets
Tangible assets	12		19,545,829		18,411,967
Investments	13		2,209,755		2,188,779
			21,755,584		20,600,746
Current assets
Debtors	14	565,976		467 538
Cash at bank and in hand	23	3,581,995		2,411,339
		4,147,971		2,878,877
Creditors: amounts falling due within one
year	15	(3,912,211)		(6,396,083)
Net current (liabilities)/assets			235,760		(3,517,206)
Total assets less current liabilities			21,991,344		17,083,540
Creditors: amounts falling due aftermore
than one year	16		(9,005,780)		(4,348,701)
Net assets			12,985,564		12,734,839
Charitablecompanyfunds
Endowment funds	19		133,474		133,474
Restricted funds	19		228,776		268,490
Unrestricted funds	19		12,623,314		12,332,875
Totalfunds			12,985,564		12,734,839

The financial statements were approved and authorised for issue by the Governors and signed on their behalf by:

(Fito Mr I Belsham (Chair of Governors)

Date: 6 February 2024

Company registered number: 04002372

The notes on pages 23 to 46 form part of these financial statements.

Page 21

Dame Allan's Schools

(A company limited by guarantee)

Statement of cash flows Year ended 31 August 2023

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2023|2022| |Note|£|£| |Cash|flows|from|operating|activities| |Net|cash|provided|by operating|activities|22|1,427,559|2,667,415| |Cash|flows|from|investing|activities| |Dividends,|interests|and|rents|from|investments|76,366|20,907| |Purchase|of tangible|fixed|assets|(1,883,714)|(6,231,458)| |Purchase|of|investments|(net)|(28,105)|(1,503,422)| |Net|cash|used|in|investing|activities|(1,835,453)|(7,713,973)| |Cash|flows|from|financing|activities| |Cash|inflows|from|new|borrowing|2,349,619|2,581,600| |Repayments|of borrowing|(244,147)|(204,122)| |Interest|paid|(526,922)|(237,196)| |Net|cash|provided|by|financing|activities|1,578,550|2,140,282| |Change|in|cash|and|cash|equivalents|in|the|year|1,170,656|(2,906,276)| |Cash|and|cash|equivalents|at|the|beginning|of the|year|2,411,339|5,317,615| |Cash|and|cash|equivalents|at the end|of the|year|23|3,581,995|2,411,339| |The|notes|on|pages|23|to 46|form|part|of these|financial|statements|

----- End of picture text -----

Page 22

Dame Allan's Schools

(A company limited by guarantee)

Notes to the financial statements Year ended 31 August 2023

4, General information

Dame Allan's Schools are engaged in the provision of day schools for girls or boys in or near the city of Newcastle upon Tyne. Dame Allan's Schools is a private charitable company incorporated in the United Kingdom and registered in England and Wales. The address of the registered office is Fowberry Crescent, Fenham, Newcastle upon Tyne, NE4 9YJ.

2. Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP ('‘FRS 102’) "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland ('FRS 102’) (effective 1 January 2019)" and the Companies Act 2006.

Dame Allan's Schools meets the definition of a public benefit entity under FRS 102. The financial statements have been prepared under the historic cost convention, with the exception of investments which are included at market value.

The accounts are presented in pounds sterling and are rounded to the nearest pound.

2.2 Company status

The charitable company is a company limited by guarantee. The members of the charitable company are the Governors stated on page 1. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charitable company.

2.3 Going concern

In determining the appropriate basis of preparation of the financial statements, the Governors are required to consider whether the charitable company can continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of signing of these financial statements.

The Governors have performed this assessment, have a reasonable expectation that the charitable company has adequate resource to continue to meet its liabilities as they fall due for the foreseeable future and have prepared the financial statements on a going concern basis which is considered appropriate for the following reasons.

The charitable company recorded a net surplus of income over expenditure in 2023 and has net assets at the year end of £12,985,564 (2022: £12,734,839).

The Governors have prepared profit and cash flow forecasts for a period in excess of 12 months from the date of their approval of these financial statements.

The cash flow forecasts that the Governors have prepared are based on their current best estimate of demand for school places and the charitable company’s expected cost base and show that the charitable company can maintain sufficient financial headroom and operate within the currently available bank facilities and existing covenants for the foreseeable future.

Page 23

Dame Allan's Schools

(A company limited by guarantee)

Notes to the financial statements Year ended 31 August 2023

2. Accounting policies (continued)

2.4 Income

All income is recognised when the charitable company has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount of income receivable can be measured reliably. Fees and similar income Fees receivable and other income are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the charitable company from its unrestricted funds but include contributions received from restricted funds for scholarships, bursaries and other grants.

Fees that are received in advance of the financial year to which they relate are treated as a creditor and released to income in the financial year to which they subsequently relate.

Voluntary income

Voluntary income is received by way of donations and is included in full in the statement of financial activities when receivable. Grants and donations received for the general purposes of the charitable company are included as unrestricted funds. Grants and donations for activities restricted by the wishes of the donor are taken to restricted funds if these wishes are legally binding on the Governors. Government grants awarded under the Coronavirus Job Retention Scheme are recognised when receivable.

Investment income

Investment income is accounted for in the period in which the charitable company is entitled to receipt. Incoming resources from endowment funds are restricted.

2.5 Expenditure

Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all cost for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of resources.

Support costs are those costs incurred directly in support of expenditure on the objects of the charitable company, including those incurred in connection with the administration of the charitable company and compliance with constitutional and statutory requirements. They are apportioned against the activities of the charitable company in line with the estimated usage of those costs.

Costs of raising funds are costs incurred in attracting voluntary income and those incurred in trading activities that raise funds.

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.

Page 24

Dame Allan's Schools

(A company limited by guarantee)

Notes to the financial statements

Year ended 31 August 2023

2. Accounting policies (continued)

2.5 Expenditure (continued)

Expenditure on raising funds includes all expenditure incurred by the charitable company to raise funds for its charitable purposes and includes costs of all fundraising activities events and noncharitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charitable company's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure.

2.6 Tangible fixed assets and depreciation

Freehold property is included in the financial statements at its original cost including the cost of new equipment and fittings installed at the time of construction.

Tangible fixed assets are capitalised where they have an expected useful life of more than one year and where the original cost of the item exceeds the capitalisation threshold of £2,000. Where a significant number of components or similar items purchased together, costing individually less than the capitalisation threshold and the value of these purchases exceed the capitalisation threshold, then the items are treated as a capital asset.

Expenditure in respect of major capital refurbishment and improvement of buildings is capitalised and reported as property or plant and machinery, depending on its nature. This is appropriate as the expenditure provides a long-term continuing benefit for the charitable company.

The carrying values of tangible fixed assets are reviewed for annually for impairment or sooner when events or changes in circumstances indicate the carrying value may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the statement of financial activities.

Depreciation is provided on all tangible fixed assets, other than assets under construction, at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Depreciation is provided on the following bases:

Freehold land - No depreciation Freehold buildings - 10-50 years straight-line Plant and machinery - 3-20 years straight-line

• 2.7 Investments

Investments are included at closing mid-market value at the balance sheet date. Any gain or loss on revaluation is taken to the statement of financial activities.

Page 25

Dame Allan's Schools

(A company limited by guarantee)

Notes to the financial statements Year ended 31 August 2023

2. Accounting policies (continued)

2.8 Debtors

Trade and other debtors are recognised at the settlement amounts after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.10 Operating leases

Rentals under operating leases are charged to the statement of financial activities on a straight-line basis over the lease term.

2.11 Liabilities

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charitable company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.12 Financial instruments

The charitable company only enter into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, cash and bank balances and loan balances.

All such instruments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, in which case the transaction is measured at the present value of the future receipts discounted at a market rate of interest. All financial instruments are subsequently carried at amortised cost using the effective interest method.

Page 26

Dame Allan's Schools

(A company limited by guarantee)

Notes to the financial statements

Year ended 31 August 2023

2. Accounting policies (continued)

2.13 Pensions

The charitable company operate two main schemes:

The charitable company participate in the Teachers’ Pension Scheme which is a defined benefit scheme and is for teaching staff only. The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees’ working lives with the charitable company in such a way that the pension cost is a substantially level percentage of current of future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quadrennial valuations using a prospective unit credit method. The TPS is a multi-employer scheme and there is insufficient information available to use defined benefit accounting. The TPS is therefore treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate.

The charitable company also operate personal pension schemes for non-teaching staff. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. The charge to the statement of financial activities is the amount payable in the period.

2.14 Fund accounting

Unrestricted funds are available for use at the discretion of the Governors in furtherance of the general objectives of the charitable company and which have not been designated for other purposes. Donations received for the general purposes of the charitable company are included as unrestricted funds.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors of which have been raised by the charitable company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Donations for activities restricted by the wishes of the donor are taken to “restricted funds” if these wishes are legally binding on the Governors.

Donations required to be retained as capital in accordance with the donor's wishes are accounted for as “endowments” - permanent or not according to the nature of the restriction.

Page 27

Dame Allan's Schools

(A company limited by guarantee)

Notes to the financial statements Year ended 31 August 2023

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgments in applying the group's accounting policies

In preparing these financial statements, the governors do not consider there to have been any other significant judgments that were required in the process of applying the charitable company's accounting policies.

Key sources of estimation and uncertainty

Estimates included within these financial statements include depreciation rates, accruals for employment costs (holiday pay), and asset impairments (for example provisions against debtors). None of the estimates made in the preparation of these financial statements are considered to carry significant estimation uncertainty, nor to bear a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.

4. Income from donations and legacies

		Unrestricted	Restricted	Total
		funds	funds	funds
		2023	2023	2023
		£	£	£
Other	donations	103,281	10,450	113,731

Page 28

Dame Allan's Schools

(A company limited by guarantee)

Notes to the financial statements

Year ended 31 August 2023

4. Income from donations and legacies (continued)

		Unrestricted	Restricted	Total
		funds	funds	funds
		2022	2022	2022
		£	£	£
Other	donations	114,819	62,186	177,005

5. Fees receivable

			Unrestricted	Total	Total
			funds	funds	funds
			2023	2023	2022
			£	£	£
School	fees	receivable	14,895,739	14,895,739	13,681,479

The notional value to the charitable company of bursary provision in the year amounted to £1,854,393 (2022: £1,789,191) and £17,592 (2022: £18,156) was provided in relation to hardship support.

6. Income from other trading activities

				Unrestricted	Restricted	Total
				funds	funds	funds
				2023	2023	2023
				£	£	£
Commission	and	lettings	income	20,469	2,227	22,696
				Unrestricted	Restricted	Total
				funds	funds	funds
				2022	2022	2022
				£	£	£
Commission	and	lettings	income	18,760	3,990	22,750

Page 29

Dame Allan's Schools

(A company limited by guarantee)

Notes to the financial statements Year ended 31 August 2023

7. Other incoming resources

	Unrestricted	Total	Total
	funds	funds	funds
	2023	2023	2022
	£	£	£
Miscellaneous other income	100,102	100,102	82,437
School trip income	763,379	763,379	726,580
Profit on disposal offixed assets	1,500	1,500	-
Incomefrom school bus provision	70,245	70,245	70,801
Catering income	731,333	731,333	697,227
Total2023	1,666,559	1,666,559	1,577,045

8. Analysis of expenditure by activities

				Activities
				undertaken directly	Support costs	Total funds
				2023	2023	2023
				£	£	£
Provision	of	school	services	9,467,829	3,096,140	12,563,969
Welfare				589,791	232,369	822,160
Premises				2,328,087	732,103	3,060,190
				12,385,707	4,060,612	16,446,319

			Activities
			undertaken directly	Support costs	Total funds
			2022	2022	2022
			£	£	£
Provision	ofschool	services	8,610,859	2,231,933	10,842,792
Welfare			491,414	161,272	652,686
Premises			2,459,641	525,341	2,984,982
			11,561,914	2,918,546	14,480,460

Page 30

Dame Allan's Schools

(A company limited by guarantee)

Notes to the financial statements Year ended 31 August 2023

8. Analysis of expenditure by activities (continued)

Analysis of support costs

	Provision of
	school services 2023	Welfare 2023	Premises 2023	Total funds 2023
	£	£	£	£
Staffcosts	1,134,932	-	-	1,134,932
Governance	117,213	-	-	117,213
Advertising, PR & events	254,144	-	-	254,144
Insurance	100,376	-	-	100,376
Other support costs	962,553	-	-	962,553
School bus provision	-	232,369	-	232,369
Depreciation	-	-	732,103	732,103
Interest costs	526,922	-	-	526,922
	3,096,140	232,369	732,103	4,060,612
	Provision of
	school services	Welfare	Premises	Total funds
	2022	2022	2022	2022
	£	£	£	£
Staffcosts	1,007,870	-	-	1,007,870
Governance	131,440	-	-	131,440
Advertising, PR and events	182,390	-	-	182,390
Insurance	98,300	-	-	98,300
Other support costs	811,933	-	-	811,933
School bus provision	-	161,272	-	161,272
Depreciation	-	-	525,341	525,341
	2,231,933	161,272	525,341	2,918,546

Page 31

Dame Allan's Schools

(A company limited by guarantee)

Notes to the financial statements Year ended 31 August 2023

9. Net income/(expenditure)

This is stated after charging:

	2023	2022
	£	£
Depreciation onowned assets	732,101	525,341
Bankand loan interest payable	526,922	237,196
	1,259,023	762,537

10. Auditor's remuneration

	2023	2022
	£	£
Fees payable tothe charitable company's auditor forthe audit ofthe
charitable company's annual accounts	12,300	8,900
Fees payable tothe charitable company's auditor in respect of:
¢ All assurance services not included above	600	550
¢Allothernon-auditservicesnotincludedabove	900	850

Page 32

Dame Allan's Schools

(A company limited by guarantee)

Notes to the financial statements Year ended 31 August 2023

11. Staff costs

	2023	2022
	£	£
Wages and salaries	7,718,856	7,067,035
Social security costs	786,229	705,699
Contribution to defined contribution and defined benefit pension schemes	1,491,919	1,378,267
	9,997,004	9,151,001

The average number of persons employed by the charitable company during the year was as follows:

		Restated
	2023	2022
	No.	No.
Teaching	131	130
Academic support	33	31
Propertymanagement	6	5
Administration	44	44
	214	210

The average headcount expressed as full-time equivalents was:

		Restated
	2023	2022
	No.	No.
Teaching	120	119
Academic support	25	22
Property management	6	5
Administration	31	32
	182	178

Page 33

Dame Allan's Schools

(A company limited by guarantee)

Notes to the financial statements Year ended 31 August 2023

11. Staff costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |2023|2022| |No.|No.| |In|the|band|£60,001|-|£70,000|2|3| |In|the|band|£70,001|- £80,000|5|3| |In|the|band|£80,001|-|£90,000|1|-| |In|the|band|£90,001|-|£100,000|1|1| |In|the|band|£120,001|- £130,000|-|1| |In|the|band|£130,001|- £140,000|1|-|

----- End of picture text -----

The number of employees in defined contribution schemes was 71 (2022: 69). The number of employees in defined benefit schemes was 134 (2022: 131)

Key management has been determined to be the Governors and 12 (2022: 10) members of the senior management team. Governors receive no remuneration or benefits. The total remuneration of the senior management team excluding employers’ pension contributions and national insurance costs for the year was £914,427 (2022: £752,600)

Page 34

Dame Allan's Schools

(A company limited by guarantee)

Notes to the financial statements Year ended 31 August 2023

12. Tangible fixed assets

				Assets
	Freehold	Freehold	Plant and	under
	land	property	machinery	construction	Total
	£	£	£	£	£
Cost orvaluation
At 1 September 2022	2,866,850	12,018,173	1,773,163	6,627,312	23,285,498
Additions	-	55,384	246,883	1,581,447	1,883,714
Transfer between classes	-	6,673,298	452,036	(7,125,334)	-
Disposals	-	(5,847)	(34,078)	-	(39,925)
At 31 August2023	2,866,850	18,741,008	2,438,004	1,083,425	25,129,287
Depreciation
At 1 September2022	-	3,853,845	1,019,686	-	4,873,531
Charge forthe year	-	434,237	297,864	-	732,101
On disposals	-	(1,463)	(20,711)	-	(22,174)
At 31 August 2023	-	4,286,619	1,296,839	-	5,583,458
Net book value
At 31 August 2023	2,866,850	14,454,389	1,141,165	1,083,425	19,545,829
At31August2022	2,866,850	8,164,328	753,477	6,627,312	18,411,967

Page 35

Dame Allan's Schools

(A company limited by guarantee)

Notes to the financial statements Year ended 31 August 2023

13. Fixed asset investments

				Cash held
		Listed securities	Unlisted securities	within portfolio	Total
		£	£	£	£
	Cost or valuation
	At 1 September2022	1,892,962	131,089	164,728	2,188,779
	Additions	141,521	-	-	141,521
	Disposals	(51,815)	-	(61,601)	(113,416)
	Revaluations	(6,050)	(1,079)	-	(7,129)
	At 31 August2023	1,976,618	130,010	103,127	2,209,755
	Net book value
	At 31 August2023	1,976,618	130,010	103,127	2,209,755
	At 31 August 2022	1,892,962	131,089	164,728	2,188,779
14.	Debtors
				2023	2022
				£	£
	Fees owing from parents			194,515	164,879
	Otherdebtors			20	2,261
	Prepayments and accrued income			371,441	300,398
				565,976	467,538

Page 36

Dame Allan's Schools

(A company limited by guarantee)

Notes to the financial statements Year ended 31 August 2023

15. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans	273,574	2,808,730
Trade creditors	406,892	476,637
Othertaxation and social security	354,120	345,632
Othercreditors	54,458	4,559
Accruals and deferred income	810,741	1,179,202
Payments received in advance	2,012,426	1,581,323
	3,912,211	6,396,083

16. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans	8,698,314	4,057,686
Accruals and deferred income	307,466	291,015
	9,005,780	4,348,701

17. Deferred income

Deferred income totals £468,278 (2022: £443,993) and relates to amounts received in advance from parents for trips and other events of £120,077 (2022: £136,118) and admission deposits received of £348,201 (2022: £307,875).

Page 37

Dame Allan's Schools

(A company limited by guarantee)

Notes to the financial statements Year ended 31 August 2023

18. Bank and other loans

	2023	2022
	£	£
Due within one year	273,574	330,394
Between one and five years	1,349,989	1,414,611
In five years ormore	7,348,325	5,121,411
	8,971,888	6,866,416

A mortgage loan of £4,100,000 was agreed in July 2011 with Lloyds Bank plc, with the principal repayable in monthly instalments from October 2013 until September 2036. Interest is charged at a fixed rate of 5.837% per annum. The loan is secured on the freehold property of the charitable company by way of a first legal charge and an unlimited debenture.

The charitable company has also entered into a variable rate loan agreement with Lloyds Bank plc up to the sum of £1,900,000. Interest is charged at Base Rate plus an interest margin of 2.55%, currently 7.05% per annum (2021: 2.65%). Principal repayments began in May 2014 and continue until January 2036. The loan is secured on the freehold land and buildings of the charitable company by way of a first legal charge and an unlimited debenture.

A further variable loan was taken out in 2023 for £4,931,219 with Lloyds Bank plc. Interest is charged at Base Rate plus an interest margin of 3.3%, currently 8.55% per annum. Principal repayments began in March 2023 and will continue until February 2048. The loan is secured on the freehold land and buildings of the charitable company by way of a first legal charge and an unlimited debenture.

Page 38

Dame Allan's Schools

(A company limited by guarantee)

Notes to the financial statements Year ended 31 August 2023

19. Statement of funds

Statement of funds - current year

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Balance|at|1|Balance|at| |September|Gains/|31|August| |2022|Income|Expenditure|(Losses)|2023| |£|£|£|£|£| |Unrestricted|funds| |Schools|general|fund|12,332,875|16,761,887|(16,471,448)|-|12,623,314| |Endowment|funds| |Sinking|fund|no.|5|124,002|-|-|-|124,002| |McClintock|scholarship|9,472|-|-|-|9,472| |133,474|-|-|-|133,474| |Restricted|funds| |Prize|fund|127,627|305|-|(5,401)|122,531| |EB Wood|memorial|Fund|36,140|2,227|(2,348)|-|36,019| |Bursary fund|(including|Marks| |Foundation)|-|10,450|(10,450)|-|-| |Design|and|Technology|Centre|41,014|-|(17,107)|-|23,907| |Sir|Walter|Plummer| |Scholarship|Trust|4,523|168|-|-|4,691| |The|Lord|Elliot|Fund|6,905|-|-|-|6,905| |Nixon|Kaer|Bursary|Fund|1,461|54|-|-|1,515| |Ruth|Claydon|Memorial|Fund|2,832|-|-|-|2,832| |Jeanette|Hutt|Debating|Prize|2,988|-|(20)|-|2,968| |Goodacre|Hardship|Fund|45,000|-|(17,592)|-|27,408| |268,490|13,204|(47,517)|(5,401)|228,776| |Total|of funds|12,734,839|16,775,091|(16,518,965)|(5,401)|12,985,564|

----- End of picture text -----

Page 39

Dame Allan's Schools

(A company limited by guarantee)

Notes to the financial statements Year ended 31 August 2023

19. Statement of funds (continued)

Statement of funds - prior year

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Balance|at|Balance|at| |1|September|Transfers|Gains/|31|August| |2021|Income|Expenditure|in/out|(Losses)|2022| |£|£|£|£|£|£| |Unrestricted|funds| |Schools|general|fund|11,136,437|15,412,990|(14,648,502)|473,878|(41,928)|12,332,875| |Endowment|funds| |Sinking|fund|no.|5|124,002|-|-|-|-|124,002| |McClintock|scholarship|9,472|-|-|-|-|9,472| |133,474|-|-|-|-|133,474| |Restricted|funds| |Prize|fund|131,706|-|-|-|(4,079)|127,627| |EB|Wood|memorial| |Fund|34,244|3,990|(2,094)|-|-|36,140| |Bursary|fund|(including| |Marks|Foundation)|495,011|62,186|(70,340)|(473,878)|(12,979)|-| |Design|and|Technology| |Centre|58,122|-|(17,108)|-|-|41,014| |Sir Walter|Plummer| |Scholarship|Trust|4,508|15|-|-|-|4,523| |The|Lord|Elliot|Fund|6,905|-|-|-|-|6,905| |Nixon|Kaer|Bursary| |Fund|1,456|5|-|-|-|1,461| |Ruth|Claydon|Memorial| |Fund|2,832|-|-|-|-|2,832| |Jeanette|Hutt|Debating| |Prize|3,000|-|(12)|-|-|2,988| |Goodacre|Hardship| |Fund|45,000|-|-|-|-|45,000| |782,784|66,196|(89,554)|(473,878)|(17,058)|268,490| |Total|of funds|12,052,695|15,479,186|(14,738,056)|-|(58,986)|12,734,839|

----- End of picture text -----

Page 40

Dame Allan's Schools

(A company limited by guarantee)

Notes to the financial statements Year ended 31 August 2023

Unrestricted general funds

Unrestricted general funds may be used for any of the charitable objects of the charitable company.

Endowment funds

Endowment funds are all permanent and include the Sinking fund no. 5 and the McClintock Scholarship.

Restricted funds

The Prize Funds are used to fund prizes and awards, amounts awarded in the period total £nil (2022: Enil).

The EB Wood Memorial Fund is represented by two timeshares in the Lake District, the income from which is used to fund educational trips.

The Bursary fund (including the Marks Foundation) was a gift of investments and cash from the Dame Allan’s Development Trust which is to be used to fund scholarships, bursaries and appeals. The fund is considered to have been fully used up and therefore has been transferred to restricted funds.

The Design and Technology Centre fund relates to donations received to build and equip the new centre built in the summer of 2015.

The Sir Walter Plummer Scholarship Trust was transferred from the Dame Allan’s Schools’ Trust. The fund is to be applied to provide scholarships to the Schools for boys who are members of the Church of England and who have preferably attended the Schools for two years and also been choristers at St Peter's Church.

The Lord Elliott Fund was transferred from the Dame Allan’s Schools’ Trust. The fund is to be applied to a boy or girl at the Schools at the discretion of the Principal.

The Nixon Kaer Bursary Fund was transferred from the Dame Allan’s Schools’ Trust. The fund is to be applied to help students in case of need across the Schools.

The Ruth Claydon Memorial Fund was transferred from the Dame Allan’s Schools’ Trust. The fund was established to provide funds annually for prizes for conversational or spoken French. The principal beneficiaries are two maintained sector schools in Kent, any surplus to be awarded at the discretion of the Schools.

The Goodacre Hardship Fund represents donations received from the Goodacre Trust to be used in future to support those families in school suffering temporary financial hardship to enable fees to be paid during this time.

Linked charities

The charitable company is the trustee of, or is required to manage, the Dame Allan's Development Trust ((DADT') which has been linked by the Charity Commission for administration and reporting purposes.

Page 41

Dame Allan's Schools

(A company limited by guarantee)

Notes to the financial statements Year ended 31 August 2023

20. Summary of funds

Summary of funds - current year

		Balance at 1				Balance at
		September			Gains/	31 August
		2022	Income	Expenditure	(Losses)	2023
		£	£	£	£	£
General funds		12,332,875	16,761,887	(16,471,448)	-	12,623,314
Endowment funds		133,474	-	-	-	133,474
Restricted funds		268,490	13,204	(47,517)	(5,401)	228,776
		12,734,839	16,775,091	(16,518,965)	(5,401)	12,985,564
Summary offunds- prioryear
	Balance at					Balance at
1	September 2021	Income	Expenditure	Transfers in/out	Gains/ (Losses)	31 August 2022
	£	£	£	£	£	£
General funds	11,136,437	15,412,990	(14,648,502)	473,878	(41,928)	12,332,875
Endowment
funds	133,474	-	-	-	-	133,474
Restricted
funds	782,784	66,196	(89,554)	(473,878)	(17,058)	268,490
	12,052,695	15,479,186	(14,738,056)	-	(58,986)	12,734,839

21. Analysis of net assets between funds

Analysis of net assets between funds - current year

	Unrestricted	Restricted	Endowment	Total
	funds	funds	funds	funds
	2023	2023	2023	2023
	£	£	£	£
Tangible fixed assets	19,521,922	23,907	-	19,545,829
Fixed asset investments	2,071,281	138,474	-	2,209,755
Current assets	3,948,102	66,395	133,474	4,147,971
Creditors due within oneyear	(3,912,211)	-	-	(3,912,211)
Creditors due in more than one year	(9,005,780)	-	-	(9,005,780)
Total	12,623,314	228,776	133,474	12,985,564

Page 42

Dame Allan's Schools

(A company limited by guarantee)

Notes to the financial statements Year ended 31 August 2023

21. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

	Unrestricted	Restricted	Endowment	Total
	funds	funds	funds	funds
	2022	2022	2022	2022
	£	£	£	£
Tangible fixed assets	18,370,952	41,015	-	18,411,967
Fixed asset investments	2,045,432	143,347	-	2,188,779
Current assets	2,661,275	84,128	133,474	2,878,877
Creditors due within one year	(6,396,083)	-	-	(6,396,083)
Creditors due in more than one year	(4,348,701)	-	=	(4,348,701)
Total	12,332,875	268,490	133,474	12,734,839

22. Reconciliation of net movement in funds to net cash flow from operating activities

	2023	2022
	£	£
Net income forthe year (as per Statement of Financial Activities)	250,725	682,144
Adjustments for:
Depreciation charges	732,101	525,341
Loss on investments	7,129	58,986
Dividends, interests and rents from investments (net)	(76,366)	(20,907)
Loss on the sale of fixed assets	17,751	58,462
(Increase)/decrease in debtors	(98,438)	108,977
Increase in creditors	67,735	1,017,216
Interest paid	526,922	237,196
Netcashprovidedbyoperatingactivities	1,427,559	2,667,415

Page 43

Dame Allan's Schools

(A company limited by guarantee)

Notes to the financial statements Year ended 31 August 2023

23. Analysis of cash and cash equivalents

	2023	2022
	£	£
Cash in hand	3,526,058	2,356,625
Notice deposits (less than 3 months)	38,309	37,718
COIF cash funds	17,628	16,996
Totalcashandcashequivalents	3,581,995	2,411,339

24. Analysis of changes in net debt

		At 1		Other non-
		September		cash	At 31
		2022	Cash flows	changes	August2023
		£	£	£	£
Cash	at bank and in hand	2,411,339	1,170,656	-	3,581,995
Debtdue	due within 1 year	(2,808,730)	(2,105,472)	4,640,628	(273,574)
Debtdue	due after 1 year	(4,057,686)	-	(4,640,628)	(8,698,314)
		(4,455,077)	(934,816)	-	(5,389,893)

25. Capital commitments

	2023	2022
	£	£
Contracted for but not provided in these financial statements
Construction of North End development	-	539,652
Extension ofQueens building	1,869,841	-
	1,869,841	539,652

Page 44

Dame Allan's Schools

(A company limited by guarantee)

Notes to the financial statements Year ended 31 August 2023

26. Pensions

The charitable company's employees belong to two principal pension schemes, the Teachers’ Pension Scheme (England and Wales) for teaching staff and a personal pension scheme for support staff with Aegon. The total pension cost for the period was £1,491,919 (2022: £1,378,267).

The Teachers’ Pension Scheme (‘TPS')

The charitable company participate in the Teachers’ Pension Scheme for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,373,632 (2022: £1,267,153) and at the year-end £163,341 (2022: £152,034) was accrued in respect of contributions to this scheme.

Valuation of the Teachers’ Pension Scheme

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute “pay as you go” basis with contributions from members and the employer being credited the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at March 2020 and the Valuation Report, which was published in October 2023.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to March 2022. The actuaries have assumed that members are likely choose the option that provides them with the greater benefits, and preparing the 2020 valuation have valued the ‘greater value’ benets for groups of relevant members.

The valuation confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

A copy of the valuation report and supporting documentation is on the Teachers’ Pensions website.

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The charitable company has accounted for its contributions to the scheme as if it were a defined contribution scheme. The charitable company has set out above the information available on the scheme.

Support staff pension schemes

The charitable company operate personal pension schemes for support staff with Aegon (formerly Scottish Equitable) and the Pensions Trust.

From July 2014 the charitable company has been required to auto-enrol all eligible staff into a qualifying work place pension scheme and make contributions to such a scheme. Aegon, who operate the existing personal pension scheme for support staff, has also provided this qualifying scheme.

The pension charge for the period includes contributions payable to the non-teaching pension scheme of £118,287 (2022: £111,114). At the year-end Enil (2022: £14,065) was accrued in respect of contributions to this scheme.

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Dame Allan's Schools

(A company limited by guarantee)

Notes to the financial statements Year ended 31 August 2023

27. Operating lease commitments

At 31 August 2023 the charitable company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

	2023	2022
	£	£
Not later than 1 year	36,117	19,258
Laterthan 1 yearand not later than 5 years	46,482	40,728
	82,599	59,986

28. Other financial commitments

The charitable company has entered into an internal painting maintenance contract. The future costs payable under the contract are as follows:

					2023	2022
					£	£
Not	later	than	1	year	-	10,255
					-	10,255

29. Limited liability

The charitable company is limited by guarantee. Each member undertakes to contribute to the assets of the charitable company, in the event of the charitable company being wound up while he or she is a member, for the debts and liabilities of the charitable company and of the costs of winding up, such amount as may be required not exceeding one pound.

30. Related party transactions

There were no related party transactions in the current or prior period.

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