Charity registration number.. 526965 Dallam School Charity and its Subsidiary Charities Annual Report and Financial Statements Year ended 31 March 2024 Stables Thompson & Briscoe Chartered Accountants & Statutory Auditors Lowther House Lowther Street Kendal LA9 4DX Dallam School Charity and its Subsidiary Charities CONTENTS Page Reference and Administrative Details Tru5tees' Report 2toS Statement of Trusteps, Responslbilities Independent Examiner's Report Statement of Financial Activities 8t09 8alance Sheet io Notes to the Financial Statements iito23 Dallam School Charity and its Subsidiary Charities REFERENCE AND ADMINISTRATIVE DETAILS Chlef Executive Officér W Coxon Appointment Date Re518natlon Date Trustees R Pirie R Villiers-Smith S R Pickthall J C Watton R A Willacv M Rayner S J Henneberry Secretsry Mr5 J Hamer Prlnclpal Office Dallam S¢hool Milnihorpe Cumbria LA7 7DD Banker5 Lloyds Bank PIC Kendal 11 Finkle Street Kendal 94AG Indeptndent Examlner Stables Thompson & 8riscoe Chartered A¢¢ountants & Statutory Auditors Lowther House Lowther Street Kendal LA9 4DX Page I Dallam School Charity and its Subsidiary Charities Trustees. Report The trustees present the annual report together with the financial staternents of the Challty for the year ended 31 March 2024. Objeclive5 and Activities Object5 andAims The main objects of the academy trust are= to assist the Governors of the school to defray the costs of meetings their obligations under the Education Acts 1944 to 1981 with iespect to the maintenance of ihe School. to provide or as515t in providing special benefit5 at the s¢hool of any kind not normally Pfovided by the local education authority. to promote the education ol persons who are attendin8 or who have attended the school or who have ttended the former Heversham Grammar school in such ways as the trustees think fit. The majorlty of the property Used by Dallam Sthool is owned by the charity. The objects of the subsidiary charities include al Prize Fund- to provide annual pri2es bl Da11am Sch¢x)I S¢holarship Fund - to provide annual prizes. s¢hoiarshlps or grants for fvrther education to pupi15 attendin8 Dallarn School cl Oallam Tgwer Fund to provide scholar5hip5 & to provide for the maintenance of the School. to provide educational benefits fol pupils (both these on the assumption that the firsi provision has over-riding preference). dl The Ar8les Exhibition Foundation to provide Kholarships - any surplus can be used to provide for 8eneral purposes. Objectives, Strotegies ondA¢tivities The Charitable Trust entered into an agreement with Heversham Parish Council on 1st December 2021 to provide pede51rian access over the land held under title deed CU322681 to the parishoners of Heversham at peppercorn rent. The two plots localed on the car park at He¥ersham. wiih outline planning permission for resldential development, continue to be rnarketed to recoup fund5 used in the develtsprnent ol the Whitbarrow Hall extension. Following a reduced demand for car parkin8 spates. South Lakeland District Council and the Highways Authority a8reed to support an èmendment to the planning applitation. The revised planning application has been prepared for a section 73 submissign. with a permeable surface io the car park extension. In addition, the charity continued to provide its regular tontiibutions towards the malnienance of the school and the payment of annual prizes and awards to Dallam School Students. Public Benefit The charity provides regular contributions towards the rnaintenan￿ of the school and the payment of annual prizes and awards to Dallam School Students. In èddition, it supports the local Cofnmunily th1O￿h the leiting of its premises for community use. These include a leasehold agreement with Hever5hèm Parish Council lor vse of the village playground. a leasehold agreement with Heversham and Milnthorpe Tennis Club for use of the tennis courts and a permissive right ol way along the old railway line and Wilson5 Field for the parishioners of Heversham. The trustees confirm that they have complied with the requirements of sertion 4 01 the Ch3flties Act 2011 to have due regard to the public benelil 8uidarbce published by the Charity Commission lor England and Wales. Page 2 Dallam School Charity and its Subsidiary Charities Trustees, Report {continuedl Financial Review Policy on reseNes The charity has unrestricted Teserves of El.072.47812023.. £8?9,(￿2) of which £21.536 have been designated to particular projects. The charity is servicin8 the loan taken out to fund the boarding house development and a150 m3intain5 the property, and therefore the trustees consider that this level of free reserves 15 necessèry and will continué to build ¥eseThes to enable luture development as required by the sthool. The Tru5tee5 hold a number of COIF Income Shares and COIF Accumulation Shares. The market value of these at 315t March 2024 was £236,71712023.' £215,7161. The Tru5tee5 review these ¢nve5tment5 twice annually and purchase and sell Shares as they deem appropriate. There have been no purchases or sales in th¢s financial year 12023.. nonel. The proeeeds ol the sale ol the'old Grammar khool., £312.C05. are presefttly in￿St*d In a managed portfolio through Financial Management Bureau. The morkel valuation at 31st March 2024 was £429.283 12023.. £383.5421 after taking into aetount reinvested income units and unrealized 8ain5 and10sses. The Trustees beliève that at the present time these are Sound investment5 and do not invofve any majof element of risk to the charity in the long term. Investmentpoli¢y ond objectives It Is the Trustees intention to hold the remaining in*4estments for the long temi which, they believe, will not effect the lon8 term financlal position of the Trust nor the annual Income arlslng from holdlng these Investments. Plans for Future Perlod5 Aims und key objectivesforfutureperiods Trustees have agreed to provide additional financial support to Dallam School with a 5 yeaf recovery plan as It explores new markets for boarding student5 Post Brexit and the Covid-19 pandemie. The South We5tmorland Multi Academy Trust concurred that although at the present time the school ha5 no Use or fixed plan5 for the Leasgill site. it had considerable potential and recommended that the leasehold a8reement should be kept for the timebeing and the position reviewed a8ain in 2024-25. Page 3 Dallam School Charity and its Subsidiary Charities Trustee5' Report (continued) strurture. governance and management Nrjture Df goveming dt7cument The charity is unincorporated and constituted under a Scheme of the Charity Commissioners dated 11 April 1986. This was varied by a Scheme dated 31 July 1996 and 29 Oecember 2010 and by resolutions of the trustees dated 18 January 2011 and 3 July 2012. The charity con515t5 of several charities bro￿ht together by the Charity Cornmi5sion as they all had similar objectives. These were.. John Howard Alexander Memorial FuThl Herbert Pollard Cooper Memorial Pr12e Fund The Sheldon Prize Argles, Exhibition Foundation Frith Hudson Scholarship Dallam Tower Exhibitions The Kathleen Sander%on Aword for Cjirls Varley Bequest John Ma5hiter War Memorlal Prize Fund H Mellor Prizes Newton Pri1.¥ l.'und Veevers Fund The Bretherton fhrelfall BiqtsL'sl J l E Kuypers Prize Roger Shaw Memorial Pii2e The Spei8ht Bio108y Prize Pearson Prize The reorganisaiion of the charity's Constituent funds was completed In the year ended 31st March 1999 with the assistance of the Charily Commission. This included the amalgamation ol a number of small funds. created lor the award ol priies Into a single Pr12e Fund. The Charity Commission also made a scheme, the Scholarship Fund. to constitute the fund formerlv known as the Frith Hvdson Scholarship. As at 31 March 2012 the charity and its svbsidiaries are constituted as follows: Governing document Charlly number Main Charity.. Dallarn School Charily kheme ol 11 April 1986. S26965 Subsidlaries.. Dallam School Prize Fund Scheme of29 October 19981073311 Scheme of 6 November 1963 526965 Dallam School Scholarship Fund Scheme of29 October 19981073313 The Argles Exhibition Fund Scheme 016 November 1963 526965 The trustees of the Subsidiary charities are the trustees of Dallam School Charity. Page 4 Dallam School Charity and its Subsidiary Charities Trustees, Report Icontinuedl Recruitment and appointment ofrrustees When the trustees identify ihe need for a new trustee, either lo improve the skill base tsr to enhance the Committee. candid3tes are usually identified by existing Irustees and approached to see il they would be able to fulfil the role of trustee. If the candidate is eligible and wishes to become a trustee this is agreed at the next meetine of the Comrnittee. New trustees are given a copy of the governing document (trust deed) and must have an up to date DBS clearance. Guidance 15 provided by existing trustees and all trustees are kept up to date by regular reading. Arrangementsforsetting key monogement personnelremunerotton The admlnlstraiion is managed by Oallam School so there are no key management personnel. Orggni5Qttont71structure The charity Is managed by the trustees who meet twicè a year wilh the administrative functions supplled through Mr W Coxon who is the a¢tountant at 03llam School. Relatlonshlps wlth related partles Dallam School Dallam School is the prlncipal beneflciary of the ¢haritv. Flnanclal Instruments Objectives ondpolicies The Charity'5 actiwtie5 expose to a number of financial risks includin8 credit risk, cash flow risk and liquidity risk. The charity doe5 not have any complicated finanaal instruments. Cush flow risk The Charity's activities expose it primarity to the financial risk5 of income not coverin8 bank interest lates. The Charity has an agreed lease and fixed bank loan interest rates to mitigate this risk. Credit rlsk The Charitv's Principal financlal assets are bank balances and tash. trade and other receivables, and investment5. The Charity's credit risk is primarily attribvtable to its t¥ade receivable5 which are not material, The credit risk on liquid funds is ltrmited because ihe counterparties are banks with hi8h credit-iatin8s assi8ned by international credit-rating agencies. Liquidity risk In Order to maSntaln Ilquldity to ensure thai sufficient funds are available for ongoing opefations and future developments, the Char¢ty use5 a mixture of long-term and shovt-terrn investments. The annual report was approved by the trustees of the Charity on behalf by". 2024 and signed on its R A Willacy Chair of Trustees Page 5 Dallam School Charity and its Subsidiary Charities Staternent of Trustees, Responsibilities The trustees are responsible for preparing the Trustees, Annual Report and the financi315tatements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accoyntin8 Practice) 3nd applicable law and regulations. The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and lair view of the state of 3ff3irs of the charity and of the incoming resources and application ol resources of the charity for that period. In preparing these financial statements. Ihe trustees ale required to.. select suitable accountin8 policie5 and then apply them conslstentty. observe rhe methods and pfinciples in the Charities SORP: make judgjemenis and esiimales thai are reasonable and rffudenl- state whether applicable accounting Standards have been followed, subject to any material departure5 disclosed and explained In the financial statements- and prepare the financial statements on the goin8 Co￿ern basis unless It is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accountin8 records that disclose with reasonable accuracy at any tlme the f1nancia5 position ol the chariiy and enable them to ensure that the financial statements comply with the Charities Act 2011, the appllcable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trusteès are also responsible lor salegu3rding the assets of the charlty and hence for taking reasonable steps lor the prevention and dete¢titsn of ffaud and other Irre8ularities. Approved by the trustees ol the Charily on 2024 and s￿ned on its behalf by.. A A Willacv Chair of Trustee Page 6 Dallam School Charity and its Subsidiary Charities Independent Examlner's Report to the trustees of Dallam School Charity and its Subsidiary Charities I report to the tharity trustee5 on my examlnailon of the accounts of the charity for the year ended 31 Marth 2024 whlch are set out on pages 8 to 23 Respectlve responslbllltles of tru5teg5 and •xamin•r As trustees ol Dallam School Chariiy and lis Subsldiary Charitlesyou a￿ responsible for ihE accounts In accordarsce with the requirernent5 of ihe Charities Ad 20111'the Acl'l. I report in respect ol my emamlnaiion of the Dallam School Charity and its Subsidiary Charltles's attounts as set out In the Directlon5 under section 145 01 the 2011 Chaiity ACL and in tarrying ou¢ my examina￿0￿ I have lollowed all the given requlrements set out by the Charily Cornm135ion undof sectlon 14515llbl ol the Act. Independent examlnee5 Statement Since Oallam School Charity and its Subs*Jiary Charltles's gross Income exceeded £250.(KlJ your examlner rnust be a member of a bcdy115ted Sn section 145 of ihe 2011 Acl. I confirm that l am qualitied to underta*e the examlnatlon becay3e i am a member ol ICAEW, wh￿h Is one ol the Ilsted bodles. I have completed my examination. I confirm that Tro materlal mattws have come to my attention In ¢onnectlon wlth the examination Bl¥ing me cause to believe that tn any matèrial respect.. l. lccounring record5 WLYQ noi kept in respert ol Dallam School Charity and Its Subsldlary Charitiès as required by sectlon 130 of the Act,. or 2. the accounts do not accorEI wllh those records.. or 3. the atcount5 do not comply wlth the accountln8 ￿QUIreMen15 concemijw thè form and content of accounts set out In the Charl¢ies I'Accounts and Reporlsl Re8ulations 2(X)8 other than any requlrement that the accounts 8lve a 'true and lalr ￿lOw. which Is not a matter considered as p¥rt of an indepondent examination. I have no concerns and have come a¢ross no other mattws in ¢onnection with the examinatlon to whlch attention be drawn In this report in ordw to enable a proper understandin8 of ihe accounts to be reathed. Helen Holrne5 Chariered Accountants & Statutory Auditofs IrJ4EW Lowther House Lowther Street Kpndal Cumbrla LA9 4DX Date Page 7 Dallam School Charity and its Subsidiary Charities Statement of Financial Artivities for the Year Ended 31 March 2024 Unrestricted Funds Restrlcted Funds Endowment Funds Total 2024 Note Income and endowments from: Charitable activities Other trading actiwtie5 Investment income Total income 290.7¢X) 290.700 2,000 19.547 312,247 2.596 295.296 3,219 3,219 13.732 Expènditufe on: Charitable activitie5 Other expenditure Total expenditure 1106.4731 116,408 122.881 11,8821 1108,3551 16,408 124,763 1.882 Gainsllosses on investment assets Net income I lexpenditurel Tran5fer5 between funds Net movement in funds 193.416 1,337 45,901 240,654 193.416 1.337 45,901 240,654 Reconclliatlon of funds Total funds brought lorwaid 879.062 4,085 724,700 1.607,847 Total funds carried forward 17 1.072.478 5,422 770.601 1,848,501 Pa8e 8 Dallam School Charity and its Subsidiary Charities Statement of Financial Actlvities for the Year Ended 31 March 2024 Icontinuedl Unrestricted Funds Restrkted Funds Endowment Funds Total 2023 Note Income and endowments from.. Charltable activities Other trading activities Investment income Total intome 290.700 3.800 3.025 297.525 290,700 3,800 3,219 3,219 14,747 315,491 Expendlture on.. Charitable activities Other expenditure Total expendlture 1106.2351 126.8231 1133.058 12,0661 1108.3011 2.066 135,124 Gainsl105ses on investment assets Net Income I lexpenditurel Transfers between funds Net movement in lunds 166.570 1.153 113,1961 154.527 166,570 1.153 113.1961 154,527 Reconcillètlon of fund5 Total funds brought forward 712.492 2,932 737,896 1,453,320 Total funds carried forward 17 879,062 4,085 ?24.700 1,607,847 All of the Charlty's activities derive from continuin8 operations during the above two periods. The fund5 breakdown for 20231s shown in nole 17. Page 9 Dallam School Charity and its Subsidiary Charities (Registration number". 526965} Balance Sheet as at 31 March 2024 2024 2023 Note Flxed assets Tangible a55ets Investments li 1,450.452 667,207 1,450,452 600,311 12 2.117,659 2,050.763 Current assets Debtors Cash at bank and in hand 13 6.583 181.794 188.377 6.583 182,273 188.856 Creditors.. amount falling due within one year 14 1374.41YJl 1399,9751 Nèt current assets Total Assets1ès5 current Ilabllilles 1186,0321 1.931.627 1211.1191 1,839,644 Creditors.. amount falling due after more than one year 15 183.1261 1231,7971 'Total Net A$5et5 1,848.501 1,607,847 Funds of the charfty Endowment lunds 770.601 724.700 Restrlcted fund5 5,422 4.085 Unrèstrirted Income funds Unrestricted funds 1,072,478 879,062 Total funds 17 1,848.501 1,607,847 The financial state for issue on ents pages 8 to 23 were approved by the tmstees. and authorized 2024 and signed on theii behalf by.. R A Willacy Chair of 7ru5tee5 Page ID Dallam School Charity and its Subsidiary Charitie5 Notes to the Financial Statements for the Year Ended 31 March 2024 1. Statement of Attounting Pollcles Statement of compllance The fin3nci31 staternents have been prepa￿ rn accordance with Accounting and Reporting by Charities.. Statement of Recornmended Practice applicable to charities preparing iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland issued in October 2019 (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republ*c of Ireland IFRS 1021 and the Charities Act 2011. Ba515 of preparation Dallarn School Charity and its Subsidiary Charitie5 meels ihe definition of a publi¢ benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unles5 Otherwise stated in the relevant accounting policy notes. The linantial statements are presented in sterlin8 which is the functional currency of the charity and rounded to the nearest E. Dallam School Charity is an unincorporated charity re8lStered in En8land IRe8lStration No. 5269651 a150 incorporating smaller subsidiary charit*es with similar Obl￿t5 - please see"Na¢ure of 8overnin8 document" in the Trustees Report. Ememptlon from preparln¥ a cash Ilow statèment The Charity opted to adopt Bulletin I published on 2 February 2016 and has therefore not included a cash flow statement ￿n these financial statements. Goln8 concern The trustees consider that there are no material untertaintles about the Charity's ablllty to contlnue as a golng concern. Intomè and endowmènts Investment income Interest on fund5 held on deposit is included when receivable and the amount can be measured reliably by the Charity., this is normally upon notification of the interesi pald or payable by the bank. Expendlture All expenditure Is reco8nlsed orce there is a legal or constiuctwe obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All c05t5 are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the ba515 of time spent. and depreciation char8es allocated on the portion of the asset'5 use. Other support Costs are allocated based on the spread of staff costs. Churltable actAvltles Charitable expenditure comprises those costs incurred by the Charity in ihe delivery of its activitie5 and services for its beneficiaries. It includes both costs that can be allocated directly to Such activitie5 and those costs of an tndirect nature necessary to support them. Page 11 Dallam School Charity and its Subsidiary Charities Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 1. Statement of Accounting Poliae51ContinuedJ Gront provisions Provisions for grants are made when the intention to make a grant ha5 been communicated to the recipient but there is uncertainty about either the timin8 of the grant of the amount o18rant P3yable. Governance costs These include the costs atiributable to the Charity's compliance with constitutional and Statutory requirements, includin8 audit. strategic management and Truslee's meetings and reimbursed expenses. Tamatlon The Charity Is considered to pass the tests sei oul in Para8raph I Schedule 6 of the Finance Act 2010 and therefore it rneets the definition of a charitable company for UK corporation tax purpose5. Accordingly. the Charity is potentially exempt from taxation in respect ol income or capiial gains received within categories covered by Chapter 3 Part 11 ol the Corporation Tax Act 2010 or Section 256 of the Taxaiion of Chargeable Gains Act 1992,to the extent that such income or 8ains are applied exclusively to charitable puiposes. TangSble Ilxed assets Tangible fixed asseis are stated at Cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows.. Land and bulldlngs- not depreciated but reviewed for Impairment annuallv Costs of assets acquired before 1996 are not avoilable. A nomlnal value of £l.000 has been used for land and buildings owned by the charity before 1996. Flxed assets Investments Fixed a55et inve5tment5. oiher than pro8ramme related investments. are included at market value at the balance sheet date. Realised gains and losses on investrnents are talculaied as the difference between sale5 procèeds and their market value at the start ol ihe year, or their subsequent cost. and are char8ed or credited to the Statement of Flnanclal Activities in the period ¢1 d￿SPo$31. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement ol Financial Activities based on the market value at the year end. Trade debtors Trade debtors are amounts due from ¢ustomers for merchandise sold or 5er¥ices performed in the ordinary course ol busine5S. Trade debtors are recognised initially at the transaction price. They are subseouently measured at amortlsed cost using the effective interest method. less provision for impairment. A provision for the impairrnent ol trade debtors Is established when there is objective evidence thai ihe charity wlll not be able to collect all amount5 due according to the original term5 91 the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hantl and call deposits. and other 5hort-terrn highly liquid investments that are readily convertible to a known amount of tash and are subject to an insi8nificant risk of change in value. Page 12 Dallam School Charity and its Subsidiary Charities Notes to the Financial Statements for the Year Ended 31 March 2024 {continued) l. Statement of Accounting Polkles {Contlnuedl Borrowings Interest-bearing borTowing5 are initially recorded at fair value. net of trdn5actlOll C05t5. Intere5t-bearine borrowlngs are subsequently carried at amortised cost, wth the difference between the proceeds, net of transaction costs. and the amount due on redemption being reco8nised as a charge to the over Ihe period of the relevant borrowing. Interest expense is reco8nised on the basi5 of the elfective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless theie has been an unconditional right to defer settlement of the liability lor at least twelve months alter the reporting date. Fund structure Unrestricted income funds are 8eneral funds that are available for use at the Irustee's discretiC*n In furtherance of the objectives of the Charity. Designated fund5 are unrestricted funds are resource5 set aside for specifi¢ purposes at the discretlon ol the trustee5. Reslricied income funds are those donated lor use in a partTrcular area or for specific Pufposes. the use of which is restri¢ted to ihat area or purpose. Flnanclal Instruments Clossificotlon Financial assets at)d financial liabilities arè recoBnised when the Charity become5 a party to the contractual provlslons of the Instrument. Financial liabilitie5 and eqvity insiruments are classified accordin8 to the substance ol the contractual arrangements entered into. An equity instrument is any contract ihat evidences a residual intefe5t in the asset5 of the charity after Recognition and me05urement All financlal assets and liabilities are initTrally measured at transaction price Ilncludlng transaction costsl, except lor those financial assets classified as at latr valye through profit or loss. which ale initially measured at lair value (which is normally the transaction price excludin8 transaction toslsl. unless the arran8ement constitutes a flnancing transaction. 11 an arrangemeni constitutes a financin8 transaction, the firnancial asset or financial liability is measured t the present value of the future payments discounted at a market rate ol interest lor a similar debt Ill5trument. Financial assets and liabilities are only offset in the statemeni of financial position when, and only when there exists a legally enforceable ri8ht to set off the recognise(l amounls and the Chaiity intend5 either lo Settle on a net basis, or to realise the asset and settle the liabllity simultaneousty. Financial assets are dereco8nised when and tsnty when al the contractual frghts to the cash flows from the financial asset expire or are setiled, bl the Charity transfers to another party substantially all of the risks and rewards ol tswnership of the financial asset, or cl the Charity. de5Plte having retained some. but not all. significant risk s and rewards ol ownership, has transferred control of the asset to another party- Financial liabilities are dereco8nised only when the obligation specified in the contract ts discharged, cancelled or expires. Page 13 Dallam School Charity and its Subsidiary Charities Note5 to the Financial Statements for the Year Ended 31 March 2024 Icontinuedl l. Statement of Accounting Policies Icontinuedl Debt instruments Debt instrument5 which meet the following condition s are subsequently measured at amortlsed cost using the effective interest method.. lal The contractual return to the holder is lil a fixed amount- lill a positive fixed rate or a posltive variable rate,. or liiil a cornbination ol a positive or a negative fixed rate and a p051tive variable rate. Ibl The contract may provlde for repayments of the principal or the feturn to the holder Ibut not both) to be linked to a single relevant observable index of general price inflation of the currenw in which the debt instrument is denominated, provided such link5 are noi leveraged. .Icl The contract may pro¥ide for a determinable variation of the retum to the holder during the life of the instrument. provided that lil the new rale satisfie5 condition lal and the variation is not contingent on future events other than 111 a change of a contractual variable rate.'121 to protect the holder against credit deterioration ol the 15suer,'131 changes in levies applied by a central bank or arising from changes in relevant taxation or law,. or lill the new rate is a market rate of interest and satisfies condilion lal. Idl There is no contractual provision that could. by its ierms. ￿s￿li In the holder losln8 the principal amount or any Interest attributable to the current period or prior periods. lel Contractual provisions that pemit the issuer to prèpay a debi instrumeftt or permit the holder to put it back to the issuer before maturity are noi contin8ent on future events. other than to protect the holder againsi the credlt deterioration ol the issuer or a change sn control ol the issuer. Or to protect the holder or issuer againsi changes In levie5 applied by a central bank or arislng Irom chan8es in relevanl taxation or law. 111 Conlractual provisions may permil the extension of the term of the debt instrument, provided that the return to the holder and any other contrattual provlsSons applicable durin8 the extended term sat15fy the conditions of para8raph5 lal to Icl. Debt instruments that are tlassilied as payable or feceivable within one year on initi81 recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. With the exception of some hedging instruments. oiher debt Instruments not meetlng these condition5 are measured at lair value throu8h profit or loss. Commitments to make and receive loans which meet the condltlons mentloned above are measured at C05t (which may be nil) less impairment. Investments Investments in non-convertlble preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at lair vèlue through profit or loss. Where fair value cannot be measured reliably. investmet)ts are measured at cost les5 impairment. Investments in subsidiaries and associate5 are measured at cost less impairment. For investments in svbsidiarie5 acquired lor consideration includin8 the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issved plus fair value of other consideration. Any premlum TS ignored. Page 14 Dallam School Charity and it5 Subsidiary Charities Notes to the Financial Statements for the Year Ended 31 March 2024 {continuedl l. Staternent of Accounting Pollcles IContinuEdl Fair volue met75urement The best evidence ol fair value is a quoted price for an identical asset in an active markei. When quoted prices are unavailable. the price of a recent transaction for an identieal asset provides evidence ol fair value as long a5 there has not been a significant change in economie circumstances or a significant lapse of time since the transaction took place . Il the market 15 not active and recent transactions of an sdentieal asset on their own are not a good estimate ol lair value. the lair value is estimated by U￿ng a valuation technique. 2 Income from charitable artIvI￿e5 Year Ended 2024 Year Ended 2023 UnrestrSrted Funds RestrKted Funds Rent from Dallam School for boardin8 house 2￿,7(1) 290.7(M) 290,700 290,700 290,700 290,700 2023 total 290.7 290,700 3. Income froffl tsthèr tradin8 artlvltles Vear Ended 2024 2.000 Year Ended 2023 2,000 1,800 Unre5trlcièd Fund5 Restricted Fund5 Tennls court user fee5 Hire of Grounds 2.000 2023 total 3,800 3,800 4. Investment Income Yèar Ended 2024 Year Ended 2023 Unrestrlrt Funds Resirlcted Fuftds Endowment Funds Dlvldends recelvable from other listed Investments Other income from fixed asset investments Other investment income 1.956 3,219 13.732 18.907 19,922 830 239 20,991 640 2.596 640 19.547 3,219 13,732 2023 total 3.025 3.219 14.747 20.991 Page 15 Dallam School Charity and its Subsidiary Charities Note5 to the Financial Statements for the Year Ended 31 March 2024 Icontinuedl Empenditure on charitsble actiwtie5 Year Ended 2024 Year Ended 2023 Charitable Adivitles by fund Unrestricted FurKIs Restrictèd Funds Scholarship5. awards and prizes Donations to Dallam School for- General Tennis Court Library Establishment costs Governance costs 1,5CXI 1,500 1.721 loo,000 I￿.000 2,LKIO loo.000 2,000 3.000 1,473 106,473 382 1,882 1,855 108,355 1.580 108,301 2023 total 106.235 2.066 108,301 Charltable Actlvlties by actlvlty Artfvlty undertaken dirèctlv Grant funding of actlvlty Year Ended 2024 Year Ended 2023 S¢holarships, awards and prlzes Donations to Dallam School for; General Tènnis Court Llbfary Establishment cosls Governance costs I,soo 1,500 1,721 ILKJ,O 100,000 2,000 3.000 loo.000 2.000 3.000 1.855 3,355 1,855 108,355 1,580 108,301 10S.OLXI 2023 total 3,301 10S.0(M) 108,301 £106,47312023.. £106.2351 of the above expenditure was attributable to unreslricted Funds and £1,88212023'. £2,066) to restri¢ted funds. In addition to the expenditure analy5ed above. there are also 8overnance tosts of £1,85512023.. £1,580? whlch relate directly to charitable activities. See note 7 foi further details. Page 16 Dallam School Charity and its Subsidiary Charities Notes to the Financial Statements for the Year Ended 31 March 2024 (tontinuedl other expenditure Year Ended 2024 Year Ended 2023 Unrestricted Funds Restrided Funds Bank loan interest 16.408 16.408 16,408 16,408 26,823 26.823 2023 total 26,823 26,823 Analysls of 8overnance and wpport Costs Year Ended 2024 Year Ended 2023 Unrestrlcted Funds Restrlcted Fund5 Independent examiner fees Examination ol the financial statements Legal fees 382 1.091 1.473 382 764 1.091 1.855 690 890 1,580 382 2023 total 1,235 345 1,580 Trustee remuneratlon and expenses No trustee5, nor any persons connected wlth them, have received any remuneratlon from the Charlty durlng the year. No trustees have received any rÈimbursed expenses or any other benefits from the Charity during the year, Indèpendent Éxaminèr's rèmuneratlon 2024 2023 Examination of the financial statements 764 690 10. Taxation The Charity is a registered charity and is therefore exempt from taxation. Pa8e 17 Dallam School Charity and its Subsidiary Charities Notes to the Financial Statements for the Year Ended 31 March 2024 {continuedl 11. Tangible fixed Assets Land & Buildings Total Cost At 01 Aprll 2023 Additions DisP05a15 At 31 Mèrch 2024 1.450.452 1.450,452 1.450,452 1,450,452 Depreclatlot) At 01 April 2023 Disp05als Charge in year At 31 Mèrch 2024 Net book Value At 31 March 2024 1.450,452 1,450,452 At 31 March 2023 1,450,452 1,450,452 Freehold land and buildings held lor functional use.. During the year ended 31 March 2019 trustees purchased ihe lormef Heversham Sl Peters C of E Primary School lor the sum of £330,000 and entered into a three yeai leasehold agreemeni with Dallam School at a peppercorn rent. By a number of conveyances from 1874 to1974 Dallam Sthool Charity atquired the land and buildings of the Hever5harn 51te ol Dallam School. a large part of ihe Mllnthorpe schi)ol site land and buildin8s was acquired on 10th February 1988. Land not presently used lor educational purposes comprises.. Wilson Field, part let lor 8razing: land at Heversham lei to the Parlsh Council for a nominal rent and used as a children's play8rgund,. Land held before 1996 has been brought in at a nominal value of £l.000 as this 15 used by the trustees to lulfil their charitable objectives and should be recorded at cost. The cost 15 historical and collatin8 this would c05t more than the value of hawng such a cost figure in the accounts. The total value of land and buildin8s owned by the harity wa5 asse$5ed as £3.Im lor lending purposes by the bank. Page 18 Dallam School Charity and its Subsidiary Charities Notes to the Flnancial Statements for the Year Ended 31 March 2024 Icontinuedl 12. Flxed asset Investments 2024 2023 Other investments 667,207 667,207 600,311 600,311 Listed investments Total Cost or Valuation At 01 April 2023 Rev31uation Additions Disposals At 31 March 2024 61K),311 53,170 13,726 600.311 53.170 13,726 667,207 667,207 Net book value At 31 March 2024 667,207 667,207 At 31 March 2023 600,311 600,311 13 Debtors 2024 2023 other debtors 6,S83 6.583 6,583 6,583 14. Credltors: amounts falllng due wlthln one year 2024 2023 8ank loans Deferred income Accruals 79,302 290,700 4,407 374,409 106,418 290,700 2,857 399,975 Deferred income compri5e5'. Dallam School boarding house rent 290.700 290.700 290,700 290,700 15. Credltors: amounts falllng due after more than one year 2024 2023 Bank loan5 83,126 83.126 231,797 231,797 Page 19 Dallam School Charity and its Subsidiary Charities Notes to the Financial Statements for the Year Ended 31 March 2024 (continued} 16. Commitment5 Capital commitments By recoupment order of the Charity Commissioners. Dallam School Charity is required to replace from general funds the value ol permanent endowment assets by investrnent and accumulaiion ol income as follows". The total amount contracted for but not provided in the financial statements was ENil12023- ENill. Value of land sold Recoupment order Rate of recoupment Period of recoupment £15,000 £14,LX)O 22 May 1986 15 Aprsl 1987 £135 p.a £126 p.a 40 years 40 years In the year ended 31st March 2024 £nil12023.. £nill was iransfefred from the general fund in furtherance of the order. Recoupment monles are Invested in COIF accumulation shares. the value of which at 315t Marth 2024 was £42,61112023 £37,941). Balance at 01-Apr 2023 Galns Other Losses recognlsed Transfers 8alnslllosse51 Balance at 31-Mar 2024 17. Funds Intomin8 resour¢es Resources e¥pended Ehdowment Fund$ Permanent endowment lund5 Endowment of land and buildings Total Endowment Fund5 724.700 724,700 13.732 13,732 32,169 32,169 770,601 770.601 Restrlcted Funds Restricted lund5 Total Re5trl¢ted Fund5 4,085 4.085 1,882 1,882 5.422 5.422 3,219 Unre5trirted Funds General Unrestricted Funds Tennis Court resurfacin8 Foundation Appeal Total Unrestrirted Funds 857.526 18,400 3,136 879.062 295.296 1122,8811 21.Crt)I 1,050,942 18.4(M) 3.136 1.072,478 295.296 1122.881 21,￿1 Total Funds 1,607,847 312,247 124.763 53,170 1,848,501 Page 20 Dallam School Charity and its Subsidiary Charities Notes to the Financial Statements for the Year Ended 31 March 2024 (continuedl Balance at 01-Apr 2022 Galns other Losse5 recogni5ed Transfers 83inslllos5esl 8alance at 31-Mar 2023 17. Funds Incomln8 resources Resources expended Endowment Funds Permanent endowment funds Endowment ol land and building5 Total Endowment Funds 737,896 737,896 14.747 14.747 127,9431 127,9431 724,700 724.700 Restricted Funds Restricted funds Total Restrlcted Funds 2,932 2,932 3.219 3.219 2.066 12,0661 4,085 4,085 Unrestrlcted Funds General Unrestricted Funds Tenni5 Court resurlacin8 Foundation Appeal Total Unrestrlcted Funds 690,956 18,400 3,136 712.492 297,525 1133.0581 2,103 857,526 18.400 3,136 879.062 297.525 1133,058 2.103 Total Funds 1.453.320 315,491 135,124 125,8401 1,607,847 Paee 21 Dallam School Charity and its Subsidiary Charities Notes to the Financial Statements for the Year Ended 31 March 2024 Icontinuedl The specific purposes for which the funds are to be applied are as follows.. Purposes of unrestrlcted funds The trustees have set aside funds for resurfacing the tennis court. During 2001 to 2005 the trustees had a Foundation Appeal for the de¥elopment of the buildings and curriculum at th e school. Total funds received to date. including bank interest on deposited sums. amount to £3.13612023.. £3.1361 and are held in a bank deposit account. Purpo4L% of reslricied funds Where it is not possible for payments to be made towards the principal purposes of the Dallam Tower Exhibitlon Fund and the Argles Exhibition Foundation. payments May instead be applied for the provision of special pupil benefits or otherwise for the genefal beneflt olthe school. In the year ended 31st March 2024 £3.21912023'. E3,2191 of the income of these fund5 Was reapplied within the class of restricted funds for the provision ol prizes. Purp05e5 of endowment fund5 The charity owns the land and buildings on which Dallam khool operaies and these form a permanent endowment lor the objects 01 SUPPOTtin8 the school. Tfie proceed5 of the Sale of the "Old Grammar School" E312.005, are presently Invested in a mana8ed portfolio through Financial Mana8ement Bureau. The rnarkei valuation at 31st March 2024 was £429,28312023'. £383,542) after taking into account reinvested income units and unrealised gains and losses. By recoltpment order ol the Charity Commissioners. Dallam S¢hool Charity is required to replace from general funds the value ol permanent endowment assets by Investment and attumulatiort of intome as shown in note 16. The restricted income endowmtnt lunds include the Prize Fund, Dallam Tower Exhibition, AT8les Exhibitlon Foundation. Scholarship Fund. Where it is not possible lor payments to be made towards the printipal purposes of the Oallam Tower Exhibition Fund and the Argles Exhibition Foundation, payments may instead be applied for the provision of spetial pupil benefits or otherwise for the 8eneral benefit ol ihe School. The general investment endowments relate to investments given io the charity 10 generate funds lor general purposes. Page 22 Dallam School Charity and its Subsidiary Charities Notes to the Financial Statements for the Year Ended 31 March 2024 Icontinued) 18. Analysi5 01 Net As5*ts Between Funds Fund balances at 31 March 2024 are represented by.. Restrided Endowment General Funds Funds Permanent Unrestricted Funds Total Funds Tangible fixed a5set5 Fixed èsset investment 1,347,058 103,394 667,207 1,450,452 667,207 188,377 1374,4091 183,1261 Current assets 182,955 1374,4091 183.1261 5.422 Lon8 tefm creditor5 Total Net A5set5 1,072,478 5,422 770,601 1.848,501 Comparztlve Informztion In respÈrt of the precedln8 perl¢)d Is as fdlows: Restrirted General Funds Restrlcted FIMed Asset Funds Unrestricted Fund5 Total Fund5 Tan8ible fixed a55ets Flxed asset investment 1.326.063 124,389 600.311 1,450,452 600,311 188,856 1399,9751 1231,7971 Cvrrent a55et5 184.771 1399.9751 1231,7971 4,085 Lon8 term creditors Totsl Net Assets 879,062 4,OB5 724,700 1,607,847 Page 23