Charity registration number.. 526965 Dallam School Charity and its Subsidiary Charities Annual Report and Financial Statements Year ended 31 March 2025 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 Detai15 Trustees. Report 2toS Statement of Tru5tees' Re5ponsibilitie5 Independent Examiner's Report Statement ol Financial Activities 8t09 Balance Sheet io Notes to the Financial Statement5 Ilto23
Dallam School Charity and its Subsidiary Charities REFERENCE AND ADMINISTRATIVE DETAIL5 Chief Executlve Officer W Comon Appointment Date Reslgnatlon Date Tru5tee5 R Pirie R Villier5-Smith S R Pickthall J C Watton R A Willac¥ M Rayner S J Henneberry Secretary Mr5 J Hamer Prlnclpal Office Dallam School Milnthorpe Cumbria LA7 7DD Bankers Lloyds Bank PIC Kendal 11 Finkle Street Kendal L49 4AG Independent Examlner Stables Thompson & Brlscoe Chartered Accountants & Statutory Auditors Lowther House Lowther Street Kendal LA9 40X Page I
Dallam School Charity and its Subsidiary Charities Trustee5' Report The trustees present the annual report together with the financial statements of the Charity for the year ended 31 March 2025. Objertive5 and ActivftFes Objects tindAims The main objects of the academy trust are.. to assist the Governors of the school to deffay the costs of meetings their obli8ations under the Education Acts 1944 to 1981 with respect to the maintenance of the school, to provide or a5SISt in providing speclal benefit5 at the school of any kind not normal provided by the local education authority. to promote the education of persons who are attending or who have attended the school or who have attended the former Heversham Grammar school in such ways as the trustees think lit, The majority of the propertv Used by Oallam Schoolls owned by the ¢harity. The objects of the subsidiaiy charities include 31 Prize Fund- to provide annual pfi2èS bl Dallam School Scholarship Fund - to provide annual priie5. scholarshlps or grants for further educatlon to pupils attendln8 Dallam School cl Dallam Tower Fund - to provide s£holar5hips & to provide for the malntenance of the School,. to provide educational benefits for pupils (both ihe5e on the assumption that ihe fir51 provision has over-riding preference). dl The Ar8les ExhibitSon Foundation eneral purposes. to provide stholarships - any surplus can be used to provide for Objectlves, Strt7tegies ondArtivities The Charltable Trust entered into an agreemeni with Heversharn Parish Councll on 1st December 2021 to provide pedestrian access over the land held under title deed CU322681 to the parishoners of Hevefsham at a peppercorn rent. The two plots located on the car park at Hevershèm, with outline planning permisslon for residential development. continue to be marketed to recoup funds used in the development ol the Whitbarrow Hall extension. Following a reduced demand for Car parkin8 spaces, South Lakeland Distri¢t Council and the Highways Authority agreed to support an amendment to the planning application. The revised planning application gained approval in November 2023. with a permeable surface tts the car park extension. The work to extend the car park was prepared for tender in March 2025. In addltlon, the charity continued to provide its regular contributions iowards ihe maintenance of the school and the payment of annual prizes and awards to Dallam School studenis. Pvbllc 8eneflt The charity provides regular contributions towards the maintenance of the school and the payment of annual prizes and awards to Oallam School students. In addition. it supports the local community through the lettin8 of its premises for community use. These include a leasehold agreement with Hever5ham Parish Council for use of rhe wlla8E playground, a leasehold agreement with Hever5ham and Milnthorpe Tennis Club for use of the tennis courts and a perrnissive right of way alon8 the old railway line and Wilsons Field for the parishioners of Heversham. The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Page 2
Dallam School Charity and its Subsidiary Charities Trustees. Report Icontinuedl Flnantlal Rèv5tw Policy on reserves The charity has unrestricted reserves of £1.249.86912024.. £1,072,478) of whlch £21.536 have been designated to particular projects. The charity maintains the property, and therefore the trustees consider that this level of free reserves is necessary and will continue to build reserves to enable future development as required by the school. The Trustees hold a number of COIF Income Shares and COIF Accumulation Shares. The market value of these at 31st March 2025 was £226.82912024: £236,717). The Trustees review these investments twice annually and purchase and sell shares as they deem appropriate. There have been no purchase5 Qr Sales in this flnanctal year 12024.. none). The proceeds of the sale ol the"Old Grarnmar School" £312,005, are presently invested in 3 mana8ed portfolio through Financl21 Mana8ement Bureau. The market valuation at 31st March 2025 wa5 £449,470 12024.. £429.2831 after laking into account reinvested income units and unrealized gains and losses. The Trustees belleve that at the present time these a sound Investments and do not involve any major element of rSsk to the charlty in the lonÉ term. Investment Pgll¢yundobjectives It is the Trustees intention to hold the remainin8 in¥estments for the lon8 term whlch, they belleve. wlll not effect the long term financial position of the TnJst nor the annual income arlsing from holding these investment5. Plans for Future Perlods Aim5 ond key objectivesAorlufure period5 Trustee5 have agreed to provide additional fsnancial support to Dallam School with a S year recovery plan as it ¢¢ntinues to explore new markèts lor boardin8 students post Brexit. The leasehold a8reement with South Wertmorland Multi Atadtmy Trust for the lea$8ill site ended in February 2025. Trtsstees are preparing the site for p0$5ible new leasehold agreements with local education providers. Page 3
Dallam School Charity and its Subsidiary Charities Trustees. Report (continued) Structurei governance and management NoturE oJgoverning document The charity is unincorporated and constituted under a Scherne of the Charity Commi55ioners dated 11 Aprll 1986. This was varied by a Scheme dated 31 July 1996 and 29 December 2010 and by resolutions of the trustee5 dated 18 January 2011 and 3 July 2012. The charity consists of several charities brought together by the Charity Commtssion as they 311 had simi5ar objectives. These were.. John Howard Alexander Memorial Fund Herbert Pollard Cooper Memorial Prize Fund The Sheldon Prize Argles. Exhibition Foundation Frith Hudson Scholarship Dallam Tower Exhibitions The Kathleen Sanderson Ard for Girls Varley Bequest John Mashiter War Memorial Prize Fund H Mellor Prizes Newton Priie Funil Veevers Fund The 8retherton Threlfall B¢quesi J J E Kuypers Prize Roger Shaw Memorial Prize The Spei8ht 8i0108y Prlze Pearson Prlze The reor8anisatlon of the charity's constituent fvnds was completed in the year ended 31st March 1999 with the assistance of the Charity Commission. This included the amal8amatlon ol a number of small funds. created fgr the award of prizes into a sin8le Prize Fund. The Charity Commission also made a scheme. the Scholarship Fund, to constitute the fund formerlv known as the Frith Hudson Scholarship. As at 31 March 2012 the charity and its subsidiaries are constituted as follows: Governing document Charity number Main Charitv.. Dallam School Charity Scheme of 11 April 1986- 526965 Subsidiaries.. Dallam school Prize Fund Scheme of29 October 19981073311 Scheme of 6 November 1963 526965 Dallam School Scholarship Fund Scheme of29 October 1998 1073313 The Argles Exhibition Fund Scheme of 6 November 1963 52696S The tru51ees of the subsidiary charities are the irustees of Dallam Schoo5 Charity. PaBe 4
Dallam School Charity and its Subsidiary Charities Trustees, Report (continued} Recruitrnent ond oppointment oltrussees When the trustees identify the need foi a new trustee. either to improve the skill base or to enhance the Committee, candidates are usually identified by extsting trustees and approached to see if they would be able to fulfll the role of trustee. If the candidate is eligible and wishes to become a trustee this is agreed at the next meeting of the Committee. New trustees are given a copy of the governing document (trust deed) and must have an up to date D8S clearance. Guidance is provided by existing trustees and all trustees are kèpl up to date by regular reading. Arrongementsfor5etting key m(Jnoqementpersonnelremunerorion The adrnini5tration15 managed by Oallam School so there are no key mana8ement personnèl. Orgonisotionolstructure The charity Is mana8ed by the trustees who rneet twice a year wilh the administrative functlons supplied throu8h Mr W Coxon who is the accountani at Dallarn School. Relatlon5hlps wlth relaled partles Dallam School Oallam School is the pilnclpal beneficlary of the charity. Flnanclal Instruments Objectives ondpolities The Charlty's activities expose it to a number of financial ri5k5 including credlt rtsk, cash flow rlsk and liqulditv rlsk. The charity does not have any complicated financial instruments. Cash Jlniv ri.fk The Charity's actlvities expose it primarily to the flnancial risks of income not coverlng bank interest rates, The Charity has an agreed lease and fixed bank loan interest rates to mitigate this risk. Credit The CharitV'5 principal financial assets are bank balances and cash. trade and other receivables, and investments. The CharitV'5 credit risk is primarily atrributable to its trade receivables which are not material. The credit risk on liquid fvnds is limited be¢au5e the counterparties are banks wth high credit-rating5 assigned by internatlonal credit-rating agencies. Llquidity risk In order to maintain liquidity to ensure that sufficient funds are available for ongoinR operations and future developments. the Charity vses a mixture of long-term and short-term investments. The annual report was approved by the trustees of the Charlty Oll beh21f by.. 2025 and 51gned on its R A Willacy Chair of Trustees Page 5
Dallam School Charity and its Subsidiary Charities Statement of Trustees, Responsibilities The trustees arè responsible for preparin8 the Trustees. Annual Report and the financial statements in accDrdance with the United Ktngdom Accounting Standard5 Iunited Kingdom Generally Accepted Accounting Practicel and applicable law and regulations. The law applicable to charities requires the trustees to prepare financial rtatements for each financial year whlch give a true and fair vlew of the state of affairs of the charity and of the incorning resources and appllc3tion of re50urce5 of the charity foi that period. In preparing these hnancial statements, the trustees are required to.. select suitable accounting polleles and then apply them consistently., observe the methods and prfnclples in the Charitie5 SORP.. make judg¢mcnL$ And cstimal&s thai arc reasonabl¢ and prudeni . state whether applicablè a¢¢ountin8 Standards have been followed. subje¢t to any material departure5 dlsclosed and explained in the financial statements.. and prepare the financial statements on the going concern ba515 unless It is inappropriate to presume that the charity will continue in business. The trustee5 are re5poThsible tor keepin8 proper accounting recoTd5 that disclose with reasonable accuracy at any time the financial position ol the charity enable them to ensure that the financial Statements comply with the Charities Act 2011, the applitable Charities IAccout)ts and Reports) Regulation5, and the provlsSons of the constitution. The trustee5 are also responsible for sèfeguarding the a55ets of the charity and hence for takin8 reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the trustee5 of the Charity on I,,/ 2025 and si8ned on its behalf bv.. R A Wlllacy Chalr of Trustees Page 6
Dallam School Charity and its Subsidiary Charities Independent Examiner's Report to the trustees of Dallam School Charity and its Subsidiary Charities I report to the charity trustees on my examination of the account5 of the charity for the year ended 31 March 2025 which are set out on pa£es 8 to 23 Respectlvè rèsponslblllties of trustees and e¥amln*r As trustees of Dallam School Charity and its Subsidiary Charities you are responslble for the account5 in accordance wlth the requirements of the Charities Act 20111.the Art'l. I report in respert of my examination of the Dallam Scho(A Charity and its Subsidiary Charities's accounts a5 set out in the Directions under section 145 of the 2011 Charity Act. and in carrying out my examination I have followed all the Blven requirements Set out by the Charity Commission under sectson 14515llbl of the Acr. Independeni exarnlner's Statement Since Dallam School Charity and its Subsidiary Charltles's gross in¢ome exceeded £250,000 your examlner must be member ol a body listed in Section 145 of the 2011 Act. I confirrn that l am qualified to undertake the examination because l am a member of ICAEW, which Is one ol lh• listed bodies. I have completed my examinatlon. I confirm that no materlal matters have tome to my attention In connectlon wSth the examlnation givin8 me cause to believe ihat in any material respert.. 1. accountin8 records were not kept in respect of Dallam School Charity and its Subsidiary Charlties as required by section 130 of the Act., or the accounts do not accord with those records,. or 3, the accounts do not comply wilh the accounting fequirements concernlng the form and content of account5 set out in the Charities I'Accounts and Report51 Regulations 2008 othèr than any requirement that the actgunts 8ive a 'true and falr vlew. whlch Is not a matter consldered as part of an Independent examinatlon. I have no concerns and have come across no Other matters in connection with the examination to whlch attentlon be drawn In thls report in order to enable a propèr understandin8 of the accounts to be reathed. Helen Holmes Chartered Accountsnts & Statutory Auditors ICAEW Lowther House Lowther Street Kendal Cumbria LA9 4DX Date Page 7
Dallam School Charity and its Subsidiary Charities Statement of Financial Activities for the Year Ended 31 March 2025 Unrestrlcted Funds Restrlcted Funds Endowment Funds Total 2025 Note Income and endowments from: Charitable activities Other trading activitles Investment income Total Income 290.7Crf) 2.575 4.899 298.174 290,7 2,575 3.283 3.283 12,315 313,772 Expendlture on: Charitable activities Other expenditure Total empendlture 1106.4921 14,4011 110,893 13,6501 1110,1421 3,650 114.543 Galnsllosse5 on investment assets Net income I lexpemdllurèl Transfers between funds Net movernent in funds 177,391 13671 20,204 197,228 177,391 13671 20.204 197,228 Re¢on¢lllatlon of lunds Total funds bTOU8ht forward 1.072.478 5,422 770,601 1,848,501 Total fund5 carried forward 17 1.249,869 5,055 790,805 2,045.729 Paee 8
Dallam School Charity and its Subsidiary Charities Statement of Financial Artivities forthe Year Ended 31 March 2025 (contlnuedl UnrestrirtÈd Fund5 Restrlrted Funds Endowment Funds Total 2024 Note Income and endowments from.. Charitable activities Other trading activities 1nvestment income Total income 2.7c 290.700 2,000 2.596 295,296 3,219 3,219 13,732 312,247 Expendlture on: 1106.4731 116,4081 1122,8811 11.8821 1108,3551 Other eypenditure Totsl expendlture 1,882 124.763 Galnsllosses on Investment assets Net income I lexpenditurel Transfers between fund5 Net movement in funds 193,416 1,337 45,901 240,654 193.416 1,337 45.901 240,654 Reconclllatlon of lunds Total ftsnds brought forward 879,062 724,700 1607 847 Total lund5 carried forward 17 1,072,478 S,422 770 601 1848.501 All of the Charity's activltlès derive from contlnuing operations durin8 the above two periods. The funds brtakdown fgr 2024 is shown in note 17. Page 9
Dallam School Charity and its Subsidiary Charities (Registration number: 526965) Balance Sheet as at 31 March 2025 2025 2024 Flxed assets Tèngible a5set5 Investments li 1,450.452 677,521 1,450,452 667,207 12 2.127.973 2,117.659 Current assets Oebtors Cash at bank and in hand 13 5.758 203,498 209,256 6,583 181,794 L88,377 Uabllltles Creditors.. amount fallin8 due withln one year 14 I291.5Cl 1374,4091 Net cuffent aSsetS 182,2441 2.045.729 1186,0321 1,931,627 Total Assets less current Ilabllltlès Creditors.. amount fallin8 due after more than one year IS 183.1261 Total Ntt A55etg 2,045,729 1,848,501 Funds of the char6ty'. Endowmèftt funds 790,805 770.601 Re5trl¢ted funds 5,055 5,422 Unreslrlcted Income funds Unrestricted funds 1,249,869 1,072,478 Total funds 17 2,045,729 1,848,501 The financial statem for issue on nts page5 8 tg 23 were approved by Ihe trustees. and authorized 2025 ènd signed on Iheir behalf by-. R A Willacy Chair of frustees Page 10
Dallam School Charity and its Subsidiary Charities Notes to the Flnanclal Statements for the Year Ended 31 March 2025 l. Statement of Ac¢ounttn8 Policies Statement of complian The financial statements have been prepared in accordance with Accounting and Reporting by Chèrities.. Statement of Recommended Practice applicable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of lleland IFRS1021 and the Charities Act 2011. Ba$ls of preparation Oallarn School Charity and 115 Subsidiary Charities meet5 the definition of a public benefit entity under FRS 102. Assets and Iiabilitles are inltially recognised at historical cost or transaction value unless otherwise stated in the relevant accountin8 policy notes. The financlal statement5 are presented in sterling which is the functional currenry of the charity and rounded to the nearest £. Dallam School Charity is an unincorporated charity registered in En8land IRegistration No. 5269651 a150 Incorporatlng smaller subsldlary charities with slmilar objerts - please see"Nature of 8oveming document" in the Trustees Report. Exemptlon frorn preparlng a cash flow statement Thè Charity opted to adopi Bulletin I published on 2 February 2016 and has therefore not Sncluded a cash flow statement in these financial Statements. Golng concern The trustèes consider that there are no matèrial yn¢ertainlie5 about the Charlty's ablllty to continue as a goln8 concern. Income and endowm•nts Investment Income Interest on funds held on deposit is included when reteivable and the amount can be me&sured reliably by the Charity., this 15 normally upon notification of the interest paid or payable by the bank. Expendtture All expenditure is Tecognlsed on¢e there 15 a le8al or constructlve obll8atlon to ihat expendlture, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the appllcable expenditure heading that a88re8ate slmilar costs to that category. Where costs cannot be directly attributed to particular heading5 they have been allocaied on a basi5 consistent with the use of resources. with central staff costs allocated on the basis Of time spent. and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Chtsritoble urtivities Charitable expenditure comprises those cost5 incurred by the Charity in the delivery of its activities and service5 lor it5 beneficiaries. It includes both costs that can be allocated direttly to such activitie5 and those costs of an indirect nature necessary to support them. Page 11
Dallam School Charity and its Subsidlary Charlties Notes to the Financial Statements for the Year Ended 31 March 2025 Icontinuedl l. Statement of Accountbng Policies (Continued) Gront provisions Provisions for grants are made when the intentlon to make a grant has been tommvnicated to the recipient but there Is uncertainty about ellher the timing of the grant or ihe amoynl of grant payable. Governance costs These include the cosis attribulable to the Charity'5 compliance with constitutional and statutory requirements. includin8 audit, strategic management and Trustee's meetings and reimbursed expenses. Taxatlon The Charity is consldered to Pas5 the tests Set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore It meets the definition ol a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentiallv exempt from taxation In respect of income or capital gains received within cate8ories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Char8eable Gains Act 1992,to the extent that such income or gains are applied exclusively to charitable purposes. Tanglble flxed a55ets Tangible fixed assets are stated at cost less accumulated depreclatlon. Depreclatlon Is provlded at rate5 calculated to write off the ¢ost le residual value of each asset over it5 expected usefvl life, as follows: Land and bulldings- not depre¢lated bul reviewed for impairment annually C05t5 of assets acquired belore 1996 are not available. A nominal value of £I,C0 has been used for land and buildin8s owned by the charity before 1996. Flxed assets Investments Fixed asset investments. other than progromme related Inve5tment5. are included at market value at the balante sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start ol the year. or their subsequent cost, and are char8ed or credited to the Statement of FSnanclal Actlvities Sn the period of disposal. Unreallsed gains and losses represent the movement in market valves dvring the year and are credlted or charged to rhe sratement of Financlal Activities based on the market value at the year end. Trade debtOiS Trade debtors are arnounts due from customers for merchandise sold or seceS performed in the ordinary course of buslness. Trade debtors are reco8ni5ed initially at the transaction price. They are subsequently measured at amortlsed cost usin8 the effectNe interest rnethtsd. less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due accordin8 to the oriBinal terms of the receivables. Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and call deposits. and other short-tem) highly liquid investments that are readily convertible to a known amount of cash and are subjert to an insignificant risk of change in value. Pa8e 12
Dallam School Charity and its Subsidiary Charities Notes to the Financial Statements for the Year Ended 31 March 2025 Icontinuedl l. Statement of A¢¢ountln8 Pollcles Icontlnued I Borrowin65 Interest-bearln8 borrowSn8s are Inltlalty recorded at fair value. nel of transactlon cosis. Intere5t-bearing borrowings are subsequently carried at amortised cost. with the dtfference between the prLiceeds. nEt of transaction costs, and the amount due on redemptton being reco8nised as a charge to the over the period of the relevant borrowing. Interest expense is recognised on the basis of the effertive interest method and is Included in interest payable and similar charges. Borrowings are cla55lfied as current liabililie5 unless there ha5 been an unconditional ri8ht to defer settlement of the liability for at le35t twelve months after the reporting date. Fund structurè Unrestficted Sncome fvnds are general fvnds that are available for ust at the trustee's dlscretlon In furtherance of the oblectlves of the CharSty. Designated fund5 are unrestricted funds are resour5 set aside for specific purp05es at the dlscretlon of the trustees. Restricted Income funds are those donated for use in a particular area or for specific purposes, the use of whlch Is restrlcted to thai area or purpost. Flnancla5 Instrument5 C10s51flcotlon Flnancial assets and Iinancial Ilabilities are recognised when the Charlty becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the 5ubstante of the contractual arrangements entered into. An equity instrument is any contract that evidences a iesbdual interest in the assets ol the charity alter Re¢ognition ondme175urement All financial a55ets and liabilities are initially measured at transaction price Ilncluding transactlon ¢ostsl, except for those financial 35set5 classified as at fair value through profit or loss. which are initially measured at fair value Iwhich Is normally the transaction prite excluding transaction costs). unless the arrangement constitutes a flnancln8 transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value ol the future payments discounted ai a market rate of interest for a similar debt instrument. Financial asset5 and liabilities are only offset in thè statement of financial position when, and gnly when there exlsts a legally enforceable right to set off the reto8ni5ed amounts and the Charity intend5 either to settle on a net basls, or to realise the asset and settlÈ the liability simultaneously. Financial assets are derecognised when and only when al the contractual rights to the cash flows from the financial asset expire or are settled. bl the Charity transfers to another party substantially all of the risks and reward5 of ownership of the financial asset, or cl the Charity. despite having taIned some. but not all, significant risk s and rewards of ownership, has transferred control of the 35set to another party. Financlal liabllities are dereco8nised only when the obligation specifFed in the contract Is discharged, cancelled or expires. PagÈ 13
Dallam School Charity and its Subsidiary Charities Notes to the Financial Statements for the Year Ended 31 March 2025 {contlnued} 1. statement of Accountlng Pollcles Icontlnuedl Debt instrurnents Debt instruments which meet the followin8 condition s are subsequently measured at amortised 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 positive variable rate. or lili) combination of a positive or a negative tixed rate and a positNe variable rate. Ibl The contract moy provide for repayments of the principal or the return to the holder Ibul not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debi instrument is dènominated. provided such Ilnks arè not leveraged. Icl The contract may provide for a determinable variation of the return to the holder durin8 the life ol the Instrument, provided that151 the new rate satisfies condition lal and the varlation is not contingent on future events other than 111 a change of a contractual variable rate-121 to protect the holder against credit deterioratlon of the Issuer.'131 changes In levies applied by a central bank or arising from changes In relevant taxation or law,. or lill the new fate is a market rate of Snterest and satisfies condition lal. Idl There is no contractual provision that could. by its terms, re5uk in the holder1051ng the prlncipal amount or any nterest attributable to the current period or prior periods. lel Contractual provisSons that pemit the issuer to prepay a debt instrument or permit the holder to put it back to the Issuer before maturity are not contingent on future events, other than to protect the holder agalnst the credlt deterioratSon of the issuer or a change In tonirol of the issuer. or io protect the holder or issuer against changes in levles applled by a central bank or arlsSng from changes in relevant taxation or law. If) Contractual provi51ons may permlt the extenslon of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable durin8 the èxtended term satisfy the conditions of paragraphs lal to Icl. Debt instruments that are classlfied as payable or recelvable wlthln one year on Initlal reco8nltlon and whlch meet the above condltlons are measuretl at the undiscounted amount of the cash or other eonslderation expected to be paid or received, net of impairrnent. Wlth the exceptlon of sorne hedgln8 Instruments, other debt Instrument5 not rneetlng these condltlons ore measured at fair value through profit or loss. Commhments to make and receSve loans which meet the conditions mentioned above are measured at tost Iwhich m3y be nil) less Impairment. Investrnents Investments in non-convertible preference shares and non-puttable ordsnary or preference shares Iwhere shares are publicly traded or their fair value is reliably measurable) are measured at fair ¥alue through profit or105s. Where fair value cannot be measured reliably, investments are measured at cost less impairment. Inve5tment5 stjbsidiaries and asso¢iate5 are measured at C95t less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value ol other consideration. Any premivm is ignored. Page 14
Dallam School Charity and its Subsidiary Charities Notes to the Financial Statements for the Year Ended 31 March 2025 {continued) i. Statement ol Accountln8 Poll¢les Icontinuedl Fcir voluE meosurement The best evidence of fair Value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant chan8e in economic circurnstance5 or a significant lapse of time since the transaction took place. If the market 15 not active and recent transactions of an identical asset on their own are not a good estirnate of fair value, the fair value 15 estirnated by using a valuation technique. 2 Income from ¢h•rlt•ble •¢tl*Aties Year Ended 2025 Year Ended 2024 Unrestrlded Funds Re5trfded Funds Rent frgrn Oallarn School for boarding house 290,7C 290.7C 290,7C 290,700 290,700 290 700 2024 total 290.700 290.700 3. Income Irom other tradlng artlvltles Year End 2025 Year Ended 2024 2.000 Unrestrfcted Funds 2,000 575 2.575 Restrlcted Funds Tennis court user fees Hlre of Grounds 2,000 575 2.575 2,000 2024 total 2.000 2.000 4. Investment Income Year Ended 2025 Year Ended 2024 Unrestrlcted Funds Restrlcted Funds Endowmtnt Funds Dlvidends receivable from other listed investments Other income from fixed 1,996 3.283 12.315 17,S94 18.907 Other investment income 2,903 4,899 2.903 20.497 640 19,547 3,283 12.315 2024 total 2.596 3.219 19,547 Page IS
Dallam School Charity and its Subsidiary Charities Notes to the Financial Statements for the Year Ended 31 March 2025 Icontinuedl EMpÈnditure on charitsble activfties Year Ended 2025 Year Ended 2024 Charitatsle Actlvltles byfund Unrestrlcted Funds Rèstrirted Funds S¢holar5h&ps. awards and prizes Donations to Dallam School for- General 3,250 3.250 I,soo 100,(KJO 2,000 3.000 loo.000 loo,000 2.000 3.000 Tennis Court Library E5tabli5hment costs Governance costs 1.492 106.492 400 3,650 1,892 110,142 1,855 108,355 2024 total 106.473 1,882 108,355 Charltable Actlvltlts by artlvlty Actlvlty undertaken d5redly Grant lundlng of actlvlty Year Ended 2025 Year Ended 2024 ScholarshSps, awards and prlzes Donations to Dallam School for,. Gener31 Tennis Court Librarv Establishment costs fjovernance costs 3,250 3.250 1.500 100,000 2,0 ioo,o 2,OCLI 3,1)JO loo,000 2,000 3.000 1,892 5,142 1,892 110,142 1,855 108.355 ios.000 2024 total ios 000 108 355 £106,492 12024.. £106,473) of the above expenditure was attributable to unreslricted fvnds and £3,65012024.. £1,882) to restricted funds. In addition to the expenditure analysed above. there are also 8¢)vernante tosts of £1,89212024.. £1,855) which relate directly to charitable actlvitles. See note 7 for further details. Page 16
Dallam School Charity and its Subsidiary Charities Notes to the Financial Statements for the Year Ended 31 March 2025 (continued) Other expenditure year Ended 2025 Year Ended Z024 Unrestricted Funds Restrirted Fund5 Bank loan Interest 4.401 4,401 4.401 4,401 16.408 16,408 2024 total 16,408 16.408 Analysls of governance and support costs Year Ended 2025 Year Ended 2024 Unf*strlrted Funds Restrlcted Funds Independent examiner fees Examination ol the financial statements Legal leès 400 1,092 1,492 8fM) 1,092 J,892 764 1,091 1.855 400 2024 total 1.473 382 1.855 Trustee rèmuntratlon pnd expenses No trustees. nor any persons connected with them, have received any remuneration from the charlty durlng the vear, No trustees have received any reimbursed expenses or any other benefits from the charity during the year. Independènt ejtamlner's remuneratlon 2025 2024 Exarnination of the financial statements 8LJ) 764 10. Taxatlon The Charity is a regtstered charlty and is therefore exempt from tayation. Paee 17
Dallam School Charity and its Subsidiary Charities Notes to the Financial Statements forthe Year Ended 31 March 2025 {continuedl 11. Tanglble Fixed Assets Land & Buildings Total Cost At 01 April 2024 Additions Disposals At 31 March 2025 1,45D,452 IA50,452 1,450,452 IA50,452 Depreciation At 01 April 2024 DIsp05a15 Charge in year At 31 March 2025 Net book value At 31 March 2025 1,450,452 1,450,4S2 At 31 March 2024 1,450,452 1,4SO,4S2 Frèehold land and buildin85 held for functlonal use: During the year ended 31 March 2019 trustees purchased the former Heversham St Peters C of E Primary School for the sum ol E330,000 and entered into a three year Itasehold aertèment wlth Oallam Sehool at a peppercorn rent. By a number of conveyances from 1874 to1974 D311am khool Charity acquired the land and buildings ol the Heversham site ol Dallam S¢htsol; o lar8e part of the Milnthorpe sthool slte land and bullding5 was acqulred on 10th February 1988. Land not presently used for educational purposes comprises.. Wi150n Field, part let for grazin8.' land at Heversham let to the Parish Council for a nominal rent and used as a children'5 play8round; Land held before 1996 has been brought In at a nominal value of El.OXt as this Is used by the tru5tee5 to fulfll their charltable objectives and should be recorded at cost. The Cost is historical and collatin8 this would c05t more than the value of having such a cost figure in the accounts. The toral value of land and bulldln85 owned by the charity was assessed as £3.Im for lendin8 purposes by the bank. Page 18
Dallam School Charity and its Subsidiary Charities Notes to the Financial Statements forthe Year Ended 31 March 2025 (continued) 12. Fixed asset in¥e5tments 2025 2024 Other investments 677,521 677,521 667.207 667,207 Llsttd Investments Total Cost or Valuatlon At 01 April 2024 Revaluation Additions Di5P05als At 31 March 2025 667,207 12.0011 12,315 667,207 12,0011 12,315 677.521 677,521 Net book value At 31 March 2025 677,521 677,521 At 31 March 2024 667,207 667.207 13 Debtors 2025 2024 other debtors 5.758 5,758 6,583 6,583 14. Credltor5.' amounts fallln8 due wfthln one year 2025 2024 Bank loans Deferred intome Accruals 79,302 290,700 4,407 374,409 290,700 80L) 291,500 Deferred Tncome cornprises.. Dallam School boarding house rent 290,700 290,700 290,700 290,700 15. Credltors: amounts falling due after more than one year 2025 2024 Bank loans 83.126 83,126 Page 19
Dallam School Charity and its Subsidiary Charities Notes to the Financial Statement5 for the Year Ended 31 March 2025 Icontinuedl 16. Commitments Capltal commltments By recoupment order of the Charity Commissioners, Dallam School Charity is required to replace from general funds the value of permanent endowment assets by investment and accumulation of income as follows.. The total amount contracted for but not provided In ihe financial statements was £Nil12024- £Nill. Value of land sold Recoupment order Rate of recoupment Period of recoupment £IS,OOD £14,OOQI 22 May 1986 15 April 1987 £135 p. £126 p.a 40 yeafs 40 yeafs In the year ended 31st March 2025 £nll12024= £nill was transferred from the general fund in furtherance of the order. Recoupment monles are invested in COIF accumulation share5. tlle value of which at 315t March 2025 was £41,76512024 £42,6111. Balance at 01-Apr 2024 Galns Other Losses reco8nlsèd Transfèrs galnsll1055e51 8alance at 31-Mar 2025 17. Funds Incomlng resources Resources expended Endowment Funds Permanent endowment funds Endowment ol lond and builclin8S Total Endowment Funds 770,601 770,601 12.315 12,315 790,805 790,805 7,889 Restrlrttd Funds Restrlcted funds Total Restrlctèd Funds 5,422 5.422 3.650 3,6SO 5,055 5,OS5 3,283 Unre5tr5cted Fund5 General Unrestricted Funds Tennis Court resurfacing Foundation Appeal Total Unrèstricted Funds 1,050.942 18.4C 3.136 1.072.478 298.174 1110.8931 19,8901 1,228,333 18,400 3,136 1,249,869 298,174 1110,8931 9,890 Total Funds 1.848.501 313.772 114.543 2.001 2,045,729 Page 20
Dallam School Charity and its Subsidiary Charities Notes to the Financial Statements for the Year Ended 31 March 2025 (continued) 8alance at 01-Apr 2023 Galns other L055e5 recogn15ed rransfers galnslllossesl Balance at 31-Mar 2024 17. Funds Incomlng re50yrces Re50urces ejtpended Endowmèwtt Fuftds Permanent endowment funds Endowment of land and buildings Total Endowment Funds 724,7j 724.7C 13,732 13,732 32,169 32,169 770,601 770,601 Rèstrltted Funds Restricted funds Total Restrlcted Funds 4.085 4,085 3.219 3.219 11.882 11,8821 5,422 5,422 Unrestrlcted Funds General Unrestricted Funds Tenni5 Court resurfzcing Foundation Appeal Total Unrestrlct•d Funds 857,526 18.4CtyJ 3.136 879.062 295,296 1122,8811 21,001 1,050,942 18,400 3,136 1,072,478 295.296 1122,8811 21,001 Total Funds 1,607,847 312,247 124,763 53,170 1,848,501 Page 21
Da113m School Charity and its Subsidiary Charities Notes to the Financlal Statements for the Year Ended 31 March 2025 Icontlnuedl The specific purposes for which the fund5 are to be applied are as follows.. Purposes of unrestilrted funds The trustees have set aside funds foi resurfacing the tennis court. During 2001 to 2005 the trustees had a Foundation Appeal for the developrnent of the buildin8s and curriculum at th e school. Total funds received to date. Includlng bank intere51 on deposited Sums. amount to £3.13612024.' £3,136) and are held in a bank deposit attount. Purposes of restrided funds Where it is not possible for payment5 to be made towards the principal purposes of the Oallam Tower Exhibition Fund and the Argles Exhibition Foundation, payments may instead be applied for the provision of special pupil benefits or otherwlse for the general benèfit of the school. In the year ended 31st March 2025 £3,28312024.. £3.2191 of the Income of these funds was reappll¢d within the class of restricted funds for the provision ol prizes. Purposes of endowment funds The charity owns the land and btjildings on whlch Oallam S¢hool operatès and these form a permanent endowrneni for the objects of supporting the school. The proceeds of the sale of the "Old Grammar School" £312,(Q5, are pfesentty invested in a rnanaged portfollo through Financial Mana8ement Bureau. The market valuation at 31st March 2025 was £429,28312024.. £429.2831 after taking into account relnve5ted income units and unreallsed gains and losses. v recoupment ordtr of the Charity Cornm1s51oners, Dallam School Chartty is requlred to replace from general funds the value of permanent endowment assets by investment and accumulation of income as shown In note 16. The restricted income endowment funds include the Priie Fund. Dallam Tower Exhibition, Argles Exhibltlon Foundation. Scholarship Fvnd. Where it is not possible for payments to be rnade toward5 the principal purpose5 of the Dallam Tower Exhibition Fund and the Argles Exhibltion Foundation, payments may instead be applied for the provision of special pupll benefits or otherwise lor the genEral benefit of the School. The general investment endowments relate to investments glven to the charity to Benerate funds for general purptsses. Page 22
Dallam School Charity and its Subsidiary Charities Notes to the Financial Statements for the Year Ended 31 March 2025 (continued) 18. Analysis of Net Assets Between Fund5 Fund balances at 31 March 2025 are represented bv.. Restricted Endowmèni General Funds Funds Permanent Unrestricted Fund5 Total Funds Tan8ible fixed assets Fixed asset investment Ctsrrent assets 1,337,168 113,284 677.521 1.450,452 677.521 209,256 1291,5001 204.201 1291.5001 5,055 Long term Creditors Total Net Assets 1,249.869 5.055 790,805 2,045,729 Comparat1 Infomiatlon In respert of the pre¢•dln8 ptrlod Is a5 follows: Restrl¢ted Endowment General Funds Funds Permanent Unrestrlcted Funds Total Funds Tangible fixèd assèts Fixed asset investment Current a5set5 1,347,058 103.394 667.207 1,450,452 667,207 188,377 1374,4091 183,1261 182,955 1374.4091 183.1261 5,422 Long temi trtditors Total Net Assets 1.072.478 5,422 770,601 1.848.501 Page 23