Docusign Étnvelope ID.. 8DOA1A05-19B543BF-AC74-FE066542D8A2 Registered number: 04002372 Charity number: 1084965 Dame Allan's Schools IA company limited by guarantee) Annual report 31 August 2024 *AE38X28M• 2410512025 COMPANIES HOUSE A04 1109 Docusign Envelope ID.. 8DOA1A05-19B5438F-AC7¢FE06654208A2 Dame Allan's Schools (A company limited by guarantee) Contents Page Reference and administrative details Governors. report 3-17 Governors, responsibilities Statement 18 Independent auditorfs report to the members of Dame Allan's Schools 19-22 Statement of financial activities 23 Balance sheel 24 Statement of cash flows 25 Notes to the financial statements 26-49 Docuslgn Envelope ID., 8DOA1A05-19B>43BF-AC74-FE066542D8h2 Dame Allan's Schools (A company limlted by guarantee) Reference and administrative details Year ended 31 August 2024 Governors Mr l Belsham, CO￿ptative Governor (Chairman) (resigned 20 June 2024) Mr D Arthur {Chairman), Cowoptative Governor Mr M Ahmad, Co-optalive Governor The Very Reverend L Batson, Ex-officio Governor (appointed 17 October 2024) Mrs C Bell, Co-optative Governor (resigned 17 April 2025) Mr S Bell, Co-optative Governor (appointed 20 June 2024) Mr D Bowman, Co-oplative Governor (appointed 25 January 20241 Mr A Chicken, Co-optative Governor Mr D Foreman, Cowoptative Governor (appointed 17 October 2024) Mr T Gray, Cowoplative Governor (resigned 27 January 2025) Mrs M Hinson, Co-optative Governor Dr S L Johnson, Parenl Governor Mr W J Lomas (resigned 4 March 2024) Dr V Morrell. Parent Governor Dr P Paes, Co-optalive Governor (resigned 27 January 2025) Mrs M Peutherer, Co-optative Governor (appointed 9 November 2023} Mr S Taylor. Parent Governor (resigned 14 April 2025) Mrs L A Watson, Cooptative Governor {appointed 9 April 2025) Company registered number 04002372 Charlty registered number ' 1084965 Reglstered offlce Fowberry Crescent Fenham Newcastle upon Tyne NE4 9YJ Prlnclpal MrWMScott Clerk to the Governors Mrs V McDonald Independenl audltor UNW LLP Citygate St James. Boulevard Newcastle upon Tyne NE14JE Bankers Lloyds Bank plc 102 Grey Street Newcastle upon Tyne NE99 1SL Solicitors Muckle LLP Time Central 32 Gallowgate Newcastle upon Tyne NE148F Page 1 Dowsign Envelope ID.. 8DOA1A0&1985438F-AC7&FE066542D8A2 Dame Allan's Schools IA company limited by guarantee Reference and administrative details (continued Year ended 31 August 2024 Investment advisers Brewin Dolphin Securities Limited Time Central 32 Gallowgate Newcastle upon Tyne NE14SR Rathbones Investment Management Earl Grey House 75-85 Grey Street Newcastle upon Tyne NE16EF Insuranc• brok6r Marsh Brokers Limited Capital House 1-5 Perrymount Road Haywards Heath West Sussex RH16 3SY Pa9e 2 Docusign Envelope ID.. 8DOA1A05-19B543BF-AC7*FE066542D8A2 Dame Allan's Schools (A company limited by guarantee) Governors. report Year ended 31 August 2024 The Govemors present their report and financial statements for the year ended 31 August 2024 and confirm they comply with the requirements of the Charities Act 2011, the Trust Deed and Ihe Charities Statement of Recommended Practice (FRS 102). PURPOSE AND ACTIVITIES Dame Allan's S¢h¢)ols 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 al Dame Allan's lo seize opportunities for discovery and development with confidence. pursuing excellence in eVe￿hIng they do. Our mlsslon 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 lo every pupil, regardless of background, within an inspiring and supportive environmenl as informed by the Schools, Anglican foundation and traditions. Embedded within our community is the expectation that pupils are nol only purposeful and tenacious, bul also tolerant, caring and supportive of each other. underlining that when children feel valued and known, there is far greater likelihood of them becoming 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 Ihat they do. They should always strive for their best, recognising setbacks as opportunities to reflecl and leam. At Dame Allan's. pupils are given a structure and richness of experience through which new skills are learnt and knowledge embedded. They grasp opportunrties 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 1$ a concern for each pupil's welfare and for their positive development as an individual and member of the Dame Allan's family. Whilst Ihe Schools are a community of pupils, parents. staff, alumni, governors and olhers, 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, aeting wilh consideration and respect for other people, Ihemselves and their environment. Page 3 DocU$￿n Envelope ID.. 800A1A0&1985438F-AC74-FE066542D8A2 Dame Allan's Schools (A company limited by guarantee) Governors. report (continued) Year ended 31 August 2024 Allanian Core Values Drawn (rom our ethos and objectives, we expect every pupil to develop values, skills and attrlbutes that wlll enable them to achieve to the best of their abilities as follows- Respecthil Strategic 1am kind to all others l am well-behaved l am empathetic I CA)Ilaborate l am organised I set targets I have high expectations of myself l am resilient and persever6 PJlolivated Meta-thinker l am reftectiva l am creative I make links in and across the Curriculum l am academically brave I have a growth mindset l am inquisitive l am willing to strive l am an Independent leamer Activities for achieving our purpose Dame Allan's Schools aim to provide a 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 wrthin 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 adufts in a rapidly changing world. The Schools also aim to provide a rich mixture of experiehces 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 concem for each pupil's welfare, 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 acl wbth 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 wrth parents Ihroughout the year through informal contacts and through newsletters and events. The Schools provide a pastoral system wilh the staffing, skills and experience to meet the needs for attention and support of every individual child. The role of the Director of Teaching & Learning is to link the Schools. concem for pupils, pastoral care and their academic development. The role of the Director of Pupil Wellbeing is to ensure Ihat pupil welfare is at the centre of our work. In the Junior School, the Head is supported by Ihe Deputy Head, phase leaders and pastoral leads whose responsibilities are for the academic and pastoral Page 4 Docusign Envelope ID.. 8DOAIA05-19W3BFAC74-FE066542D8A2 Dame Allan's Schools IA Gompany limited by guarantee) Governors. report (continued) Year ended 31 August 2024 oversight of pupils in their care. The Schools also make use of the services of exiernal counsellors, an in-house psychological therapist and the chaplain who base their work in 'The Snug, a purpose-built facility for pupil wellbeing at the Senior Schools, and the 'Cosy Snug, at the Junior School. Senior pupils also provide support for younger pupils, both as form prefects and mentors, and also as students who complete the S¢h¢)ols' in-house listening skills and peer-mentorin9 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 examinalions or inteNiews for any applicant who has a disability including the provision of extra time for applicants who have a recognised specific leaming 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 inleniiews where appropriate, Once admitted to the Schools, all pupils and staff are offered opportunities in accordance with the Schools. policy which stales 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 th8 grounds of any protected characteristic, and aim to ensure equal treatment for all. The Schools promote the concept of equality of opportunity throughout Ihe 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 slaff - teaching and support and also by maintaining and further developing the Schools, pastoral care. STRATEGIC REPORT Public beneflt 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 2023124 means-tested fees remissions amounted to 10.3% of gross fee income, assisting 147 pupils in total. Leavers 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 the Schools, facilities and teaching expertise, for instance. Examples of Dame Allan's Schools, public benefit are woven through this report, much as it is through the life of the Schools and their integral place in the local community. Economic As well as the public benefrt summarised above and detailed through this report, Oame 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 2023124 Dame Allan's Schools, total contribution to national GDP was £29.8mn through direct and indirect channels., 1.267 pupils were educated at no cost to the state, providing a direct saving of £8.4mn to the taxpayer, addrtionally, tax which was paid directly and indirectly as a result of our activities came to a total of £9.6mn. The local economy was supported by direct employment of an average of 218 staff over the year, the substantial majority in higher-ineome roles, with an additional 332 jobs supported nationalw through suppliers and the Page 5 Oocusign Envelope ID: 800A1A05.19BY3BF-AC7*FEO86542D8A2 Dame Allan's Schools (A company limited by guarantee) Governors. report (continued) Year ended 31 August 2024 expenditure of staff incomes. The Schools, situation in the west of Newcastle, a local authority recently ranked 36th most income4eprived of 316 in England, means that they are bordered by wards in the 100/0 most income- deprived in the country. Many pupils on bursary assistance live in these wards. within walking distance ot the Schools. The economic and social benefits of the Schools are felt well beyond the walls through the employment, education and partnerships that are the hallmark of Dame Allan's. Pupil numbers and feos Our educational activities are carried out through our Senior Schools, Sixlh Fomi and Junior School. Pupil numbers in the Schools continue to grow.. the current roll of 1,288 showing 0.80/0 growth on the 2023124 average figure of 1,287 and a 2.$0/o growth from the 2022123 figure of 1,257. The growth in pupil numbers has been evident across the Schools, with the Junior School close to rts capacity of 320 pupils and a marked and very encouraging continuation of grovAh in girl pupil numbers despite the extensive provision for girls in the Newcastle independent school sector. The Govemors 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 provtding a first-class education to boys and girls. The tuition fees for the academic year 2023124 were £5,333 per term in the Senior Schools and in Ihe Junior School £4,333 (Key Stages 1 and 2) and £3.974 (Early Years) per term respectively. Pupllg, academlc progress Academically, Dame Allan's pupils have continued to achieve excellent outcomes across both A Level and GCSE. A broad and challenging academic curriculum ensures that all pupils thrive, both in relation to their individual starting points (value-added) and in national benchmarks. 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. Whether future doctors or dancers. every child is supported to achieve excellence in their chosen field. A key area of focus is raising th8 sights of all pupils, exposing them to valuable experiences and opportunities through trips, guest speakers and the co-curricular programme. Beyond public exams, pupils across the Junior and Senior Schools have shone individually. In the Junior School, Year 3 pupil won a gold award in the Primary Engineer competition, one of just three in the country. The challenging Extended Project Qualification IEPQI saw 650/• of students achieve an A or A. grade, and pupil participation in challenging academic 'extras' including public speaking, enleiprise projects, and the popular Politics and Economics societies, continued to grow and thrive. At sixth form. A Level students successfully secured places al prestigious dance and music conservatoires, as well as for the most competitive courses in medicine, denlislry and veterinary science, and at Oxford and Cambridge to read engineering. natural sciences, history and chemistry. Page 6 Docu$lgn Envelope ID.. 8DoA1Ao&198￿3BF-AC7￿FE0065I2D8A2 Dame Allan's Schools (A company limited by guarantee) Governors. report (continued) Year ended 31 August 2024 A Levels A Level results were pleasing wrth an especially strong A. proportion of 220/0 of total grades. Of our 313 A Level exam entries sat by 102 candidates. 41'h were graded at A'IA and 709/0 at A".B. Dame Allan's 0/0 cumulative results at each grade, last six years.. 2018 2019 2020 2021 2022 2023 2024 24.4 56.7 83.3 94.4 34.5 65.2 87.5 96.6 52.5 81.9 96.8 99.6 54.7 83.6 94.2 98.9 55.6 83.9 95.6 99.2 48.1 74.6 90.4 98.3 40.9 70.3 92.0 98.1 98.9 99.4 100 100 100 99.7 99.7 19.5 24.8 22.8 16.9 21.7 2020 and 2021 were sch<>ol-assessed grades. With A Level grades having retumed to 2019 standards in 2023, ￿cent results have provided a more stable basis for understanding Ihe national picture and the Schools, perfomiance against that. Across England. A. grade awards rose to 9.3 /• (from 8.6 % in 2023., 7.70h in 20191 and A'IA rose to 27.60A {from 26.5Qh in 2023., 25.20/9 in 20191. In the north east, 23.90/0 of grades were at A'IA. Against national and regional comparators, Dame Allan's A Level resulls were excellent again in 2024. Maths was a standoul subject with nearly 35°h of all grades across Maths and Further Maths A Levels being at A.. GCSE8 In this year group with 1429 GCSE entries, nearly 601 of entries were awarded grades 9 to 7 overall, with just over 800h at grades 9 to 6. Of our 154 candidates, 36 gained all grades 9 to 7. Dame Allan's 0/0 of results at grades 9 to 7, 188t six years.. Girls % grade 9-7 63,4 76.7 77.9 76.4 Boys °/0 grade 9-7 53.7 67.7 60.7 67.0 58.0 53.7 Combined % grade 9-7 58.1 72.1 68.8 71.2 60.7 59.3 2019 2020 2021 2022 2023 2024 66.3 2020 and 2021 weTr school-assessed grades. As with A Levels, GCSE grades returned to 2019 standards in 2023, meaning that the Schools have had a more stable basis for understanding the national picture and exam performance against that. Across England, results at grades 9 to 7 rose to 22.60/0 (from 22.40/0 in 2023, 21.80/0 in 2019),. in the north east, 17.80/0 of results this year were at grades 9 to 7, the lowest regional outcome in England. The independent sector nationally achieved 48.40/0 grades 9 to 7 {47.5Q/o in 2023, 470/0 in 2019). Against national and regional comparators, Dame Allan's GCSE results were e*. The net current liability position has arisen due to fees in advance for 2024125 being received before the year end and reflected as deferred income. 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 linancial statements, which show the Charity continuin9 to operate within available facililies. In addition, longer term scenarios have also been modelled which include evaluating the longer term impact of the introduction of VAT on fees, the loss of Business Rates Relief and increases to National Minimum Wage, National Insurance Contributions and 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 buildin9 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 Ihérefore believe that the Schools have adequate resources in place to continue in operational existence for the loreseeable future and consequently the going concern basis has been adopted in preparing the financial statemenls. Reserves Note 21 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 £13,134,573 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 £7,930,355 as at 31 August 2024 (2023 - deficit of £6,898,608). Free reserves, after laking into account amounts invested in fixed assets and the loar)s taken out to develop those assets amounted lo £772,614 (2023.. £2,073,280). Thi5 is calculated on the following basis.. 2024 2023 Unrestricted funds Unrestricted tangible fixed assets Funded by loans (per note 18) 13,134,573 12.623,314 121,064,927) (19,521,922) 8,702,968. 8.971,888 Free reserves 772,614 2,073,280 Page 14 Oo¢u$ign Envelope ID.. 8DOA1A05-198>438F-AC74-FE06654208A2 Dame Allan's Schools (A company Ilmited by guarantee) Governors. report (continued) Year ended 31 August 2024 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 temi charitable objectives, whilst at the same time maintaining turtion fees al 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 anlicipated commitmenls 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 bè salislactory. Investment powers pollcy and performance The Govemors, investment powers are gov8med by the Articles of Association. The Govemors have delegated the management of the investment portfolios to Brewin Dolphin Limited and Rathbones Inveslmenl Management, but appraise their perfomance at regular intervals., Ihe Governors, policy is to maintain income to fund bursaries, while preserving the market value of the investments. Rlsk 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., Environmentallexternal factors- Compliance (laws and regulations). The key controls used include.. fomial agendas for all Board and Committee meetings: terms of reference for all Governors, 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 bul not absolute assurance that major risks have been adequately managed. Prfnclpal rlsks and uncertalntles Government pollcy changes wlth respect to independent schools. taxatlon Until 2024, the most significant risk facing the independent schools sector was the potential for future government policy to remove the tax reliefs associated with Charitable status, including for business rates and corporation tax, and to remove the VAT exemplion for school fees. Wrth the change of government in July 2024 and subsequent budget in October 2024, these risks have become real in the form of VAT on independent school fees and associated services from January 2025. and the removal of charitable business rates relief from April 2025. The impact of these policies has not yet been fully felt but are significant in their financial impact on the Schools and will require measures to ensure financial sustainability in the medium and longer term. The Schools have commenced a process of review and prioritisation before any significant decisions and implementation plans are made. The Schools will continue to manage finances prudently, with due regard lo political and financial risks. to monitor political developments closely, and to formulate detailed plans with Page 15 DOcus￿n Envelope 10.. 8DOA1A0&1985438F-AC74-FE066542D8A2 Dame Allan's Schools (A company limited by guarantee Governors. report (continued) Year ended 31 August 2024 necessary measures as and when any further policy decisions are made. Income generationlpupil numbers Along with other school8 in Ihe 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. Pupil numbers, including trend analysis in pupil applications and retention, a5 well as the levels of bursary and scholarship awards made, are reported on a regular basis to the Governors. All were pleasingly positive during Ihe 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-relaled issue5. Changes to employer contribution rates to the Teachers, Pension Scheme In 2019, as a result of a quadrennial valuation of the Teachers, Pension Scheme ITPS>, contributions by employers increased by 430/0, from 16.480/0 of salary lo 23.68 %. The latest quadrennial valualion of the scheme resulted in a further increase in conlributions from 1 April 2024 to 28.68•/0, making an overall increase in the contribution rale of 740/0 since 2019. As an independent school, Dame Allan's has no access to ongoing financial government support. Funding is therefore not available lo us to meet any of our costs, including those relating to teachers, pensions. Previous increases in employer contributions have therefore required funding from existing school budgets, as would be the case again in any such revaluations in the future. The Schools have therefore engaged in consultations with staff to introduce a teachers, defined contribution pension scheme, which existing staff are eligible to join and new staff are offered upon joining the Schools. Arrangements in place now limit the risks to the Schools of further adverse contribution Changes through consideration of funds for any future increases in TPS ontributions as part of members, total remuneration, Capllal 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 new Jubilee Building and refurbished Queen's Building on the Senior School sile. 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 conlinue to invest funds in this area. An ongoing 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 lo ensure that the Schools remain financially sound. The Senior Schools were built in the 1930s and the Governors look lo manage the risk of their not being suitable for bNenly first century education by a pr¢xess 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, recent increases lo the Teachers, Pension Scheme contribution rates have had to be funded from existing fee income), strong management of the Schools, income and expendrture has enabled the Governors to ensure there is sufficient fee income generated to cover both the day-1041ay running costs of the Schools and to invest in Ihe development of the senior site. Page 16 Docusign Envelope ID.. 800A1A05-198543BF-AC7*FE066542D8A2 Dame Allan's Schools (A company limited by guarantee) Governors. report (continued) Year ended 31 August 2024 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 recent increases in pupil numbers, the Governors believe that the future outlook for the Schools remains extremely positive. Disclosure ol Informatlon 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 Govemor is aware, there is no relevant audit infomiation of which the charitable company and the auditors are unaware, and each Governor has taken all the steps thal ought to have been taken as a Govemor 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 audrtors are aware of that information. The Governors. report, which incorporates the slrategic report, was approved by the Governors on 22 May 2025. Approved by order of Ihe Members of the board of Governors on 22 May 2025 and signed on their behalf by.. )y.' Co-i ec?7EE4567874FC.. Mr D Arthur {Chair of Governors) Page 17 Docusign Envelop• ID.. 800AIAo&198￿J8F-AC?&FEO66S42D8A2 Dame Allan's Schools (A company limlted by guaranlee) Statement of Governors. responsibilities Year ended 31 August 2024 The Governors (who are also the directors of Dame Allan's Schools for the purposes of company law) ara responsible for Preparing the Governors, report including the strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting è>tancSards {United Kirtgdom Gènéraiiy Accepted Accounting Practice). Company law requires the Governor¥ 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 stste 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: select suitable accounting policies and then apply them consistently: obsetve the methods and principles of the Charities SORP {FRS 1021., make judgments and accounting estimates that are reasonable and prudent. state whether applicable UK Accounting Standards IFRS 102) have been followed. subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Governors are responsible for keeping adequale accounting records Ihat are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any lime the financial posilion of the charitable company and enable them to ensure that the financial slatemenls 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 18 Docusign Envelope ID.. 8DOAIA05-1985438F.AC74-FE06654208A2 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 companw) for the year ended 31 August 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related note5, 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 companls affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expendrture for the year then ended", have been properly prepared in accordance with United Kingdom Generally Accepled Accountlng Practice, and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with Snternational Standards on Audrting (UK) ('ISAs (UK),) and applicable law. Our responsibilities under those standards are further described in the 'Audilor's responsibilities for the audit of the financial slatemenls, 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 sufficienl and appropriate to provide a basis for our opinion. Conclusions relating to going concern In audrting 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 woTk we have performed, we have nol identified any material uncertainties relating to evenls or conditions that, individually or collectively, may cast significant doubl 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 19 Do￿$￿n Envelope ID.. 800A1AOS.19B5438F-AC74-FE066542D8A2 Independent auditor's report to the members of Dame Allan's Schools (contlnued) Other information The other-information-comprises-the-information included in the annual report other than the financial statements and our auditovs 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 explicrtly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and, in doing so, consider whether the other information is materially inconsistent with the financial slalements or our knowledge obtained in the course of the audil, or Otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether this gives rise to a material misstatement in Ihe 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.. the infomiation given in the Govemors, report including the slrategic report for the financial year for which tho 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 whlch w• ar• required to report by exception In the light of our knowledge and understanding of the charitable company and its environment oblained 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 Cornpanies Act 2006 requires me to report lo you if, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by me- or the financial statements are not in agreement with the accounting récords and returns,. or certain disclosures of Governors, remuneration specified by law are not made- or we have not received all the information and explanalions we require for our audit. Responsibilities of Governors As explained more fully in the Governors, responsibilities statement, the Govemors (who are also the directors of the charitable company for the purposes of company law) are Tesponsible 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 th8 preparation of financial statements Ihal are free from material misstatement, whether due to fraud or error. In preparing the financial statements. th8 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 lo cease opèrations, or have no realistic alternalive but to do so. Page 20 Docusign Énvelope ID.. 8DOA1A05-19B￿3BF-AC74-FE066542D8A2 Independent auditor's report to the members of Dame Allan's Schools (continued) Auditor's responslbllltles for the audlt of the flnanclal 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 audilorfs report thal includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee thal 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 misslalemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularilies, including fraud is detailed below.. We identified areas of law and regulations that could reasonably be expected lo have a material effect on the financial statements from OUT general and seclor 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 wilh laws and regulalions. 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 slatements. 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, reco9nising 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 non- compliance material to the financial statements. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularrties. including those leadin9 to a material misstalemenl in the financial statements or non-compliance with regulation. This Tisk 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. None of the estimates made in the preparation of these financial statements are considered to carry significant eslimation 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. Income from donatlons and legacles Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Other donations 80.421 133,492 213,913 Page 31 Oocusign Emlope10'. 8DOA1A05-1985438F-AC7¢FE066542D8A2 Dame Allan's Schools (A company limited by guarantee) Notes to the financial statements Year ended 31 August 2024 Income from donations and legacies Icontinued) Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Other donations 103,281 10,450 113.731 Fees recelvable Unrestrlcted funds 2024 Total funds 2024 'Total funds 2023 School fees receivable 16,453,550 16,453,550 14,895,739 The notional value to the charitable company of bursary provision in the year amounted to £1,884,069 {2023.. £1,854,393) and £3,199 {2023'. £17,592) was provided in relation to hardship support. Income from other trading activities Unrestricled Restricted funds funds 2024 2024 Total funds 2024 Commission and lettings income 21,944 1,641 23,585 Unra$tricted funds 2023 Restricted funds 2023 Total funds 2023 Commission and lettings income 20,469 2,227 22,696 Page 32 Docuslgn Envelope ID.. 8DOA1A05-198543BF-AC74-FE06654208A2 Dame Allan's Schools (A company Ilmited by.guarantee) Notes to the financial statements Year ended 31 August 2024 Other incoming resources Unrestricted funds 2024 Total funds 2024 Total funds 2023 Miscellaneous other income School trip income Profit on disposal of fixed assets Income from school bus provision Catering income 77,803 1,042,064 4,100 81,834 851,268 77,803 1,042,064 4,100 81,834 851,268 100,102 763,379 1,500 70,245 731,333 Total 2024 2,057,069 2,057,069 1,666,559 Analysls of expenditure by actlvltles Actlvltlos undertaken dlrectly 2024 Support costs 2024 Total funds. 2024 Provision of school seNices Welfare Premises 10,577,417 681,750 2,475,839 3,795,262 14,372,679 243.142 924,892 778,781 3,254,620 13,735,006 4,817.185 18,552,191 Activities undertaken directly 2023 Support costs 2023 Tolal funds 2023 Provision of school seNices Welfare Premises 9,467,829 589,791 2,328,087 3,096,140 12,563,989 232.369 822,160 732,103 3,060,190 12.385.707 4,060,612 16,446,319 Page 33 Docusign Envelop? ID.. 800A1A05-1985438F-AC74-FE066542D8A2 Dame Allan's Schools (A company limited by guarantee Notes to the financial statements Year ended 31 August 2024 Analysis of expenditure by activities (continued) Analysls of support costs Provision of school seryice8 2024 Total funds 2024 Welfare 2024 Premlses 2024 Staff costs Governance Advertising, PR & events Insurance Other support costs School bus provision Depreciation Inlerest costs 1,320,649 144.641 262,385 118,124 1,275,704 1,320,649 144,641 262,385 118,124 1,275,704 243,142 778,781 673,769 243,142 778,781 673,759 3,795,262 243,142 778,781 4,817,185 Provision of school seNices 2023 Total funds 2023 Welfare 2023 Premises 2023 Staff costs Governance Advertising, PR and events Insurance Other support costs School bus provision Depreciation Interest costs 1,134,932 117,213 254,144 100,376 962,553 1,134,932 117.213 254,144 100,376 962,553 232,369 732,103 526,922 232,369 732,103 526,922 3,096,140 232,369 732,103 4,060,612 Page 34 Docusign Envelope10.' 8DOA1A05-198543BF-AC74-FE066542D8A2 Dame Allan's Schools (A company limited by guarantee) Notes to the financial statements Year ended 31 August 2024 Net incomellexpenditure) This is slated after charging.. 2024 2023 Deprecialion on owned assets Bank and loan interest payable 778,781 673,759 732.101 526,922 1,452,540 1,259,023 10. Auditor's remuneratlon 2024 2023 Fees payable to the charitable compan￿$ auditor for the audit of the charitable companls annual accounts Fees payable to the charitable companys auditor in respect of.. All assurance services not included above All other non-audit services not included above 13,850 12,300 650 600 900 Page 35 Docusign Envelope ID.. 6D0A1A05-198￿3BF-AC74-FEo66542D8A2 Dame Allan's Schools IA company limited by guarantee Notes to the financial statements Year ended 31 August 2024 11. Staff costs 2024 2023 Wages and salaries Social security costs Contribution to defined contribution and defined benefrt pension schemes 8,311,992 849,686 1,723,082 7,718,856 786,229 1.491,919 10,884,759 9,997,004 The average number of persons employed by the charitable company during the year was as follows.. 2024 No. 2023 No. Teaching Academic support Property management Administration 131 34 33 45 44 218 214 The average headcount expressed as full-time equivalents was.. 2024 No. 2023 No. Teaching Academic support Property management Administration 122 25 120 25 32 31 186 182 Page 36 DocusignEnvelope ID.. 8DOA1A05-19B543BF-AC74.FE06654208A2 Dame Allan's Schools (A company limited by guarantee) Notes to the financial statements Year ended 31 August 2024 11. Staff costs Icontinued) The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: 2024 No. 2023 No. In the band £60.001- £70,000 In the band £70,001- £80,000 In the band £80,001- £90,000 In the band £90,001- £100,000 In the band £100,001- £110,000 In the band £130,001- £140,000 In the band £140,001- £150,000 Thè number of employees in defined conlribution schemes was 75 (2023.. 71). The number of employ88S in defined benefit schemes was 131 (2023.. 134) Key management has been determined to be the Governors and 12 (2023.. 12) members of the senior management team. Governors receive no remuneration or benefits for their roles as Governors. The total remuneration of the senior management team (excluding employer national insurance costs) for the year was £1,215,399 (2023 restated.. £1,113,566>. The restatement is due to the figures not including employer pension contributions in the prior year. Page 37 Docusign Envelope 10.. 8DOA1AOS.19B543BF-AC74-FE066542D8A2 Dame Allan's Schools IA company limited by guarantee Notes to the financial statements Year ended 31 August 2024 12. Tangible fixed assets Assets Plant and under machlnery construction Freehold land Freehold property Total Cost or valuation At 1 September 2023 Additions Transfer between classes Oisposals 2,866,850 18,741,008 51,406 2,406.900 2.438,004 231,095 599,688 (672,360) 1,083,425 25,129,287 2,026,863 2,309,364 (3.006,588) (672,360 At 31 Au9USt 2024 2,866,850 21,199,314 2,596,427 103,700 26,766,291 Depreclatlon At 1 September 2023 Charge for the year On disposals 4,286,619 449.440 1,296,839 329,341 1672,360) 5,583,458 778,781 (672.360 At 31 August 2024 4,736,059 953,820 5,689,879 Net book value At 31 August 2024 2,866,850 16,463,255 1,642,607 103,700 21,076,412 At 31 August 2023 2,866,850 14,454,389 1,141,165 1,083,425 19,545,829 Page 38 Oocu8ign Envelope ID.. 8DOA1A0>198M3BF-AC74-FE06654208A2 Dame Allan's Schools (A company limited by guarantee) Notes to the financial statements Year ended 31 August 2024 13. Fixed assel investments Cash held within portfolio Listed securities Unllsted securltles Total Cost or valuation Al 1 September 2023 Additions Disposals Revaluations Transfers bebNeen classes 1,976,618 392,090 (253,256 192,130 98,911 130,010 103,127 2,209,755 392,090 1320,436) 193,192 167,180) 1,062 31,099 (130,010) At 31 August 2024 2,406,493 68,108 2,474,601 Net book value At 31 August 2024 2,406,493 68,108 2,474,601 At 31 August 2023 1,976,618 130,010 103,127 2,209,755 14. Debtors As restated 2023 2024 Fees owing from parents other deblon8 Prepayments and accrued income 6,530,$49 75,020 450,992 5,954,999 20 371,441 7,056,561 6.326,460 See note 2.2 for delails on the prior year restatement. Page 39 Docuslgn Envelope10'. 8DOA1AOS.19BS-43BF-AC74-FE066542D8A2 Dame Allan's Schools (A company limited by guaranlee) Notes to the financial statements Year ended 31 August 2024 15. Credltors: amounts falling due within one year As restated 2023 2024 8ank loans Trade creditors Other taxation and social security Other creditors Accruals and deferred income Payments received in advance 297,387 273,783 418,453 67,775 6,761,068 3,022,379 273,574 406,892 354.120 54,458 6.571.225 2.012,426 10,840,835 9.672,695 See note 2.2 for details on the prior year restatement. 16. Creditors: amounts falling due after more than one year 2024 2023 8ank loans Payinents received in advance Accruals and deferred income 8,405,581 1,066,687 313,450 8,698,314 307,466 9,785,718 9,005,780 17. Deferred Incom• Deferred income totals £6,752,927 (2023 restated.. £6,228,762) and relates to invoices raised in advance for autumn tem fees of £6,279,685 {2023 restated.. £5,760,484), amounts received in advance from parents for trips and other events of £113,887 12023.. £120,077) and admission deposits received of £359,355 {2023: £348,201}. Page 40 Docvsign Envelope ID.. 800A1A05-198543BF-AC74-FE066542D8A2 Dame Allan's Schools (A company limited by guarantee) Notes to the ftnancial statements Year ended 31 August 2024 18. Bank and other loans 2024 2023 Due within one year Between one and five years In five years or more 297,387 1,408,219 6,997,362 273,574 1,349,989 7,348,325 ,702,968 8,971,888 A mortgage loan of £4,100,000 was agreed in July 2011 wrth Lloyds Bank plc, with the principal repayable in monthly inslalments from October 2013 until September 2036. Interest is charged at a fixed rate of 5.840/0 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 2.559/0, which at year end was 7.550/0 per annum (2023.. 7.80/0). 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 3.30/0, which al year end was 8.3°/• per annum {2023. 8.550AI. Principal repayments began in March 2023 and will continue until February 2048. The loan is secured on Ihe freehold land and buildings of the charitable company by way of a first legal charge and an unlimited debenture. Page 41 Docusign Envelope10'. 8DOA1AOS.19B543BF-AC74_FE066542D8A2 Dame Allan's Schools (A company limited by guarantee> Notes to the financial statements Year ended 31 August 2024 19. Statement of funds Stalement of funds - current year Balance at 1 September 2023 Balance at Gainsl 31 August {Lossesl 2024 Income Expenditure Unrestricted funds Schools general fund 12,623,314 18,7S1,473 (18,458,367) 218,153 13,134,573 Endowment funds Sinking fund no. 5 Mcclintock scholarship 124,002 9,472 124,002 9,472 133,474 133,474 Restricted funds Prize fund EB Wood memorial Fund Bursary fund (including Marks Foundation) Design and Technology Centre Sir Walter Plummer Scholarship Trust The Lord Elliot Fund Nixon Kaer Bursary Fund Ruth Claydon Memorial Fund Goodacre Hardship Fund 125,499 36,019 4,116 2,486 13,257) 12,509) 11,997 138,355 36,996 133,492 (133,492) 117,107) 23,907 6,800 4,691 6,905 1,515 2,832 27,408 226 4,916 6,978 1,515 2,832 24,209 73 (3,199) 228,776 140,391 1159,564 11.997 221,600 Total of funds 12,985,564 18,891,864 118,617,931) 230,150 13,489,647 Page 42 Docustgn Envelope ID.. 8DOA1AOS-19B5438F-AC74-FE066542D8A2 Dame Allan's Schools IA company limited by guarantee) Notes to the financial statements Year ended 31 August 2024 Statement of funds (contlnued) Statement of funds - prior year Balance at 1 September 2022 Balance at Gainsl 31 August 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 Mcclintock scholarship 124.002 9,472 124,002 9,472 133,474 133,474 Re#trlct•d funds Prize fund EB Wood memorial Fund Bursary fund (including Marks Foundation) Design and Technobgy Centre Sir Walter Plummer Scholarship Trust The Lord Elliot Fund Nixon Kaer Bursary Fund Ruth Claydon Memorial Fund Jeanette Hutt Debating Prize Goodacre Hardship Fund 127,627 36,140 305 2,227 {5,401) 122,531 36,019 (2,348) 10,450 {10,450) (17,107> 41,014 23,907 4,523 6,905 1,461 2,832 2,988 45,000 168 4.691 6.905 1,515 2,832 2.968 27,408 (20) (17,592) 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 Page 43 Docusi9n Envelope10: 8DOA1A05.198543BF-AC7&FEO66542D8A2 Dame Allan's Schools {A company limited by guarantee} Notes to the financial statements Year ended 31 August 2024 Unrestricted general funds Unrestricted general funds may be used for any ot the charilable objects of the charitable tompany. Endowment funds Endowment funds are all pemianent and include the Sinking fund no. 5 and the Mcclintock Scholarship. Restrlcted funds The Prize Funds are used to fund prizes and awards, amounts awarded in the period total £3,237 (2023.. £nill. The EB Wood fv1emorial 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 lo restricted funds. The Design and Technology Centre fund relates to donations received lo 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 lo 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 fvio years and also been choristers at St Peterfs 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 lo 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 eslablished to provide funds annually for prizes for conversational or spoken French. The principal beneficiaries are mainlained sector schools in Kent, any surplus lo be awarded at the discretion of Ihe Schools. The Goodacre Hardship Fund represents donalions received from the Goodacra Trust to be used in luture 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 44 Docuslgn Envelope ID.. 8DOA1A05-1985438FAC7*FE066542D8A2 Dame Allan's Schools (A company limited by guarantee) Notes to the financial statements Year ended 31 August 2024 20. Summary of funds Summary of funds - current year Balance at 1 September 2023 Balance at Gainsl 31 August (Losses) 2024 Income Expendlture General funds Endowment funds Restricted funds 12,623,314 18,751,4T3 (18,458,367) 133,474 228,776 218,153 13,134,573 133,474 221,600 140,391 (169,564) 11,997 12,985,564 18,891,864 118,617,931) 230,150 13,489,647 Summary of funds- prlor year Balance at 1 September 2022 Balancé at 31 August 2023 Gainsl (Losses) Income Expenditure General funds Endowment funds Restricted funds 12,332,875 16.761,887 (16,471,448) 133,474 268,490 12.623,314 133,474 228,776 13,204 (47,517) (5,401) 12.734.839 16,775,091 {16.518.965) 15.401) 12,985,564 21. Analysls of net assets betw••n funds Analysis of net assets between funds - current period Unrestricted Restricted Endowment funds funds funds 2024 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year 21.064,927 2,322,953 10,373,246 (10,840,835) (9,785,718) 11,485 151,648 58,467 21,076,412 2,474,601 133.474 10,565,187 (10,840,835 (9,785,718) Total 13.134,573 221,600 133,474 13,489,647 Page 45 Docusign Envelope 10.. 8DOA1A05-198543BF-AC7&FE06654208A2 Dame Allan's Schools (A company limited by guarantee) Notes to the financial statements Year ended 31 August 2024 21. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior period As restated Unrestricted funds 2023 As restated Total funds 2023 Restricted Endowment funds funds 2023 2023 Tangible fixed assets Fixed asset investments Currenl assets Creditors due within one year Creditors due in more than one year 19,521.922 2,071,281 9,708,586 (9,672,695) (9,005.780) 23,907 138,474 66,395 19,545,829 2,209,755 9,908,455 (9,672,695) (9.005,780) 133,474 Total 12,623,314 228,776 133,474 12,985,564 22. Reconciliation of net movement in funds to net cash flow from operating activities As restated 2023 2024 Net incorne for the period (as per Statement of Financial Activsties) S04,083 250,725 Adjustments for: Depreciation charges {Gain)Iloss on investments Dividends, interests and rents from investments (net) {Profit)Iloss on the sale of fixed assets Increase in debtors Increase in creditors Interest paid 778,781 732,101 1233,589 7,129 (143,747 <76,366) (4,100 17,751 (730,101) {5.858,922) 2,216,998 5,828.219 673,759 526,922 Net cash provided by operating activities 3,062,084 1.427.559 Page 46 Do¢uslgn.Envelope ID.. 8DOA1AOS-198M38FAC74-FE066542D8h2 Dame Allan's Schools IA company limited by guarantee) Notes to the financlal statements Year ended 31 August 2024 23. Analysls of cash and cash equlvalents 2024 2023 Cash in hand Notice deposits (less than 3 months) COIF cash funds 3,490,154 3,526,058 38.309 17,628 18,472 Total cash and cash equlvalents 3,508,626 3,581.995 24. Analysi8 of changes in net debt Oth•r non- cash At31 changes August 2024 September 2023 Cash flows Cash at bank and in hand Debt due within 1 year Debt due after 1 year 3,581,995 (273,574) 18,698,314) (73,369 268,920 3,508,626 1292,733) (297.387) 292,733 (8,40S.581 15,389,893) 195,5S1 (5,194,342 25. Capltal commitments 2024 2023 Contracted for but not provided in these financlal statements Extension of Queens building 1,869.841 Page 47 Docusign Envelope ID: 8DOA1A05-19BS43BF.AC74-FE06654208h2 Dame Allan's Schools (A company limited by guarantee) Notes to the financial statements Year ended 31 August 2024 26. Penslons T-he-charitable-company's-employees-belong to 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 £1,723,082 (2023.. £1,491,919). The Teachers, Pension Scheme {'TPS' The School participates in the Teachers, Pension Scheme ('the TPS.) for its teaching slaff. The pension charge for the year includes contributions payable to the TPS of £1,603,319 (2023.. £1,373,632) and at the year-end £200,339 (2023.. £163.3411 was accrued in respect of contribulions to this 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 las amended). Members contribute on a 'pay as you go. basis with contributions from members and the employer being credited lo the Exchequer, Retirement and other pension benefits are paid by public fund5 provided by Parliament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valualion of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. Following the Mccloud judgement, the remedy proposed that when bènefits b•coma payable, eligible members can select to receive them from either the reformed or legacy schemes for Ihe period 1 April 2015 to 31 March 2022. The acluaries have assumed that members aTe likely to choose the option that provides them wilh the greater benefits. and in preparing the 2020 valuation has valued the 'greater value, bénefits for groups of relevant members. The employer contribution rate for the TPS is 28.60/9, and employers are also required to pay a scheme administration levy of 0.08°/o giving a total employer contribution rate of 28.68%. Support staff penslon schemes The charitable company operate personal pension schemes for support staff with Aegon (formerly Scottish Equilablel 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 operale 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 £119,763 {2023.' £118,287). At the year-end £17,531 (2023.. £nill was accrued in respect of contributions to this scheme. Page 48 DO0￿59n Envelope ID: 800A1A05-19W38F-AC74-FE06654208A2 Dame Allan's Schools (A company limited by guarantee) Notes to the financial statements Year ended 31 August 2024 27. Operating lease commitments At 31 Augusl 2024 the charitable company had commitments to make future minimum lease payments under non-cancellable operating leases as followg.. 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years 47.136 83,017 36,117 46,482 130,153 82,599 28. Llmited 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. 29. Related party transactlons There were no related paty transactions in the current or prior period. Details of remuneration of key management personnel is provided in note 11 to these financial statements. Page 49