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 A￿rd 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
I291.5C￿l
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,C￿0 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 se￿ceS 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 resour￿5 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
724,7￿j
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