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← Governors of Dollar Academy Trust

2025-07-31-accounts

Scottish Charity No. SC009888

DOLLAR ACADEMY TRUST

REPORT and FINANCIAL STATEMENTS

For the year ended 31 July 2025

DOLLAR ACADEMY TRUST

INDEX

Page
Reference and Administrative Information 1 - 2
3 - 11
Report 12 - 14
Statement of Financial Activities 15
Balance Sheet 16
Cash Flow Statement 17
Notes to the Financial Statements 18 - 33

DOLLAR ACADEMY TRUST

REFERENCE AND ADMINISTRATIVE INFORMATION

FOR THE YEAR ENDED 31 JULY 2025

GOVERNORS AND CHARITY TRUSTEES

Russell Morris Chair - appointed 27 November 2024 James McEwen retired 27 November 2024 Gregor Alexander appointed 27 November 2024 Martin Boyle appointed 1 November 2025 Victor Buchanan retired 27 November 2024 Doreen Burt retired 31 October 2025 Denis Coyne Paul Dearden Catherine Gladwin Cameron Glasgow retired 22 October 2024 Elizabeth Heath retired 31 October 2025 Ross Kitson Suzanne Mawson appointed 27 November 2024 Shirley McIntosh Colin Milne retired 26 October 2024 Seonaid Mustard Karolina Pavlikova appointed 1 November 2025 Mike Robins appointed 27 November 2024 Jacqueline Smith (Vice-Chair) Deborah Weir Edwin White retired 27 November 2024

*Denotes members of the Executive Committee

OFFICERS

Rector Ian H Munro

Bursar and Chief Operating Officer Graeme Morrison

Deputy Rector Robin Pyper

PRINCIPAL ADDRESS

23 West Burnside Dollar FK14 7DX

www.dollaracademy.org.uk

SCOTTISH CHARITY NUMBER

SC009888

1

DOLLAR ACADEMY TRUST

REFERENCE AND ADMINISTRATIVE INFORMATION (continued)

FOR THE YEAR ENDED 31 JULY 2025

PROFESSIONAL ADVISERS

Auditor

CT Audit Limited Chartered Accountants and Statutory Auditor 61 Dublin Street Edinburgh EH3 6NL

Bankers

Virgin Money 56 Murray Place Stirling FK8 2BX

Solicitors Levy & McRae Solicitors LLP Pacific House 70 Wellington Street Glasgow G2 6UA Brodies LLP 15 Atholl Crescent Edinburgh EH3 8HA Morton Fraser MacRoberts LLP 9 Haymarket Square Edinburgh EH3 8R7

Investment Managers

RBC Brewin Dolphin Sixth Floor Atria One 144 Morrison Street Edinburgh EH3 8BR

Close Brothers Asset Management 60 Melville Street Edinburgh EH3 7HF

2

DOLLAR ACADEMY TRUST

REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2025

The Governors of Dollar Academy Trust, who are a body corporate and the Trustees of the charity for the purposes of charity law, present their annual report together with the audited financial statements for the year ended 31 July 2025.

OBJECTIVES AND ACTIVITIES

The principal objectives of the Trust as defined in the Dollar Academy Trust Scheme 2025 are:

General background information

-educational day and boarding school. Combining tradition with innovation, the school offers the widest range of academic subjects of any school in Scotland and over 150 co-curricular options, attracting record enrolment in recent years. The Academy continually invests in its facilities, blending heritage preservation with sustainable management.

The school prioritises a supportive environment, fostering both academic achievement and personal growth. Strong pastoral care, career guidance, and a structured timetable ensure students thrive academically and holistically. Boarding houses accommodate a diverse mix of international and domestic pupils, and students participate in exchange programs with schools worldwide.

The Governors have established a procedure for awarding means-tested bursaries and continue to concentrate on increasing invested funds to support this. The pioneering outreach work of Futures Institute at Dollar Academy (FIDA) has provided a new benchmark for partnership activity in the independent sector.

3

DOLLAR ACADEMY TRUST

REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2025

DEVELOPMENTS IN SESSION 2024 2025

Teaching and Learning

Guidance

4

DOLLAR ACADEMY TRUST

REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2025

DEVELOPMENTS IN SESSION 2024 2025 (continued)

Health & Safety

.

Communications and Information Technology

Buildings / Facilities / Grounds / The Environment

5

DOLLAR ACADEMY TRUST

REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2025

DEVELOPMENTS IN SESSION 2024 2025 (continued)

Boarding

Access

Sustainability

Education and Awareness

Infrastructure and Facilities

6

Community and Environmental Projects

Staff wider curricular contributions in Scottish education

FUTURE DEVELOPMENTS

The great value we place on working hard, getting involved and being kind, unites not only our school community, but also our plans for future development. We aim to remain at the forefront of Scottish education by celebrating all that makes Dollar the special place it is, whilst also embracing new ideas and innovation where appropriate.

Futurum 2030 sets out our strategic priorities for the next five years, and our School Development Plan expands on our goals and mechanisms for achieving them.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

Results for the year

The net expenditure for the year is stated after depreciation charges of £603,258 (2024: £573,315) and after an FRS 102 pension charge of £59,000 (2024: £79,000). The financial resources of the Trust allow the Governors to maintain a robust approach to capital developments which are planned.

7

DOLLAR ACADEMY TRUST

REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2025

FINANCIAL REVIEW AND RESULTS FOR THE YEAR (continued)

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|||| |---|---|---| |2025|2024| |Restated| |Summary|£|£| |General fund net income| |- general|182,662|1,021,601| |- boarders|271,559|376,081| |-------------|-------------| |Net income for year on General Fund|454,221|1,397,682| |Net income on designated funds (including legacy) and special funds| |(the designated Bursary Fund and restricted funds)|534,288|766,300| |-------------|-------------| |Net income for year before other gains and losses|988,509|2,163,982| |Realised and unrealised gains/(losses) on investments|353,885|403,778| |Actuarial (losses)/gains on defined benefit pension scheme|(59,000)|(79,000)| |-------------- --------------| |Total recognised gains for the year|1,283,394|2,488,760| |======== ========|

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-teaching staff pension scheme is discussed further under the Reserves policy.

The operating surplus for the year on ordinary activities and excluding depreciation is calculated as follows:

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|||| |---|---|---| |2025|2024| |Restated| |£|£| |Net income for the year before investment and actuarial gains| |and losses - as above|988,509|2,163,982| |Add back depreciation charges|603,258|573,315| |Less donation, legacy and grant income|(509,562)|(804,332)| |(Deduct)/add back FRS 102 pension charged to operating costs|(59,000)|(79,000)| |------------- --------------| |Operating surplus|1,023,205|1,853,965| |======== ========|

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The 2025/26 session began with a school roll of 1,260 (2024/25: 1,353)

Employee numbers

At the snapshot date for Gender Pay Gap reporting of 5 April 2025, staff numbers were below 250 and the Gender Pay Gap report was not required.

Investment policy

In accordance with the Charities and Trustees Investment (Scotland) Act 2005, the Governors have the power to invest in such shares, bonds, other investments and property in the UK as they see fit. The Governors have engaged RBC Brewin Dolphin and Close Brothers Group plc as investment managers. The policy is to adopt a moderate to high risk investment strategy. The equities are mainly invested in collective vehicles such as investment trusts which diversify risks of individual stock fluctuations. There is an Investment Committee, comprised of Governors with relevant expertise, which monitors regularly the performance and risks of the portfolio. The Committee approves an Investment Policy Statement (IPS) annually, which amongst other things, requires that no investment be made in any instrument dealing solely or principally in goods or services ordinarily deemed to be unethica Environmental, Social & Governance (ESG) factors. The Investment Committee has decided to undertake a review of the IPS and potentially revise the investment strategy during the current financial year.

8

DOLLAR ACADEMY TRUST

REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2025

FINANCIAL REVIEW AND RESULTS FOR THE YEAR (continued)

Review of investment performance

The investments are actively managed on a discretionary basis to generate capital growth over the long-term. As at 31 July 2025 the value of the General Portfolio, the Bursaries Portfolio, the John Scott Legacy Portfolio, the Clement Portfolio and the FIDA Designated Portfolio stood at £1,880,607 (2024: £1,805,873), £973,502 (2024: £938,823), £2,669,312 (2024: £931,547), £nil (2024: £1,444,428) and £4,606,325 (2024: £1,595,747) respectively. Gross income on an annualised basis of £38,031 (2024: £39,853), £20,241 (2024: £27,969), £36,460 (2024: £13,479), £23,048 (2024: £27,988) and £40,985 (2024: £20,372) was being generated by the investments, equivalent to gross yields of 2% on the General Portfolio, 2.1% on the Bursary Portfolio, 1.4% on the John Scott Legacy Portfolio, 1.6% on the Clement Portfolio (prior to liquidation), and 0.89% FIDA Designated Portfolio. The assets within the portfolios are well diversified across a range of high quality direct and collective assets.

Reserves policy

The balance sheet on page 16 shows the assets and liabilities attributable to the various funds by type while the to £20.5m. Although much of these reserves is tied up in tangible fixed assets, Dollar Academy had £11.6m of cash at the year end, of which £3.8m was restricted. Creditors due within one year of £6.7m includes £4m which are unlikely to crystallise all at once, including fees paid in advance and pupil deposits. In addition, Dollar Academy has £3m of unrestricted investments, which could be realised quickly if additional cash was required. As at 31 July 2025, designated funds totalled £7.3m and, if required, some or all of these funds could be undesignated to support the day-to-day running of the school.

The purposes of the restricted and designated reserves are explained in note 2 and include reserves invested to generate income to assist in funding the bursaries awarded by Dollar Academy. Note 7 details the assistance with school fees which has been provided during the year from both restricted and unrestricted funds, including 100% means tested bursaries to 23 senior pupils.

In planning the finances of Dollar Academy the Governors seek to ensure that operating commitments are met in full and that a sufficient surplus is generated to permit continuing capital investment in buildings, facilities and equipment, thereby enhancing Dollar Academy's status as a leading provider of independent education in Scotland.

actuarial estimate of the net value of future benefits payable by the Scheme in respect of the service of nonteaching staff up to the valuation date. The cost is met by ongoing contributions to the Scheme.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Dollar Academy Trust is constituted under the Dollar Academy Trust Scheme 2025 . Following a review of became the Trust scheme 2025, on the advice of OSCR.

Governing body

The governing body is responsible for providing, equipping, furnishing, maintaining, administering and conducting in or near Dollar a school for children to be known as Dollar Academy. There have been no material changes to these responsibilities since the last annual report. The Governors exercise a general supervision and oversight of the school and are responsible for appointing its Rector. Day to day control is delegated to the Rector.

Remuneration of Key Management Personnel

Key management personnel consist of the Board of Governors, the Rector, the Bursar and the Deputy Rector. The Governors receive no remuneration for their services as Governors and Trustees of the Charity. The policy for the remuneration of the Rector, Bursar and Deputy Rector is formulated by the Executive Committee of the Governors at a meeting not attended by these key members of staff. Details of remuneration are given in note 8.

Recruitment and appointment of Governors

Under the terms of the Trust Scheme 2025, the Board of Governors may recruit and appoint not less than fourteen and not more than sixteen Governors. The Board may also recruit and appoint up to three co-opted Governors.

9

Newly appointed Governors and co-opted Governors will hold office for a period of five years, with provision for one more consecutive and final five-year term. Further terms may be approved in exceptional circumstances.

The induction and training of Governors

On joining, Governors are provided with a copy of the Association of Governing Bodies of Independent Schools (AGBIS) Guidelines for Governors which provide a clear statement of the role and responsibilities of trustees of educational charities. Opportunities arise for individual Governors to attend courses and seminars, such as those run by the Scottish Council of Independent Schools, by means of which they can develop expertise in their areas of particular interest.

Organisation and structure

The Chair of Governors is currently assisted by one Vice-Chair. The main decision-making body is the Executive Committee, although its decisions must be endorsed by the full Board of Governors. Details of arrangements for voting are found in the Dollar Academy Trust Scheme 2025, which outlines the administrative arrangements for the management of the Trust. The Executive Committee normally meets five times a year, the full Board three times, although additional meetings are held as required, and various working groups are established to address specific issues and report back to the parent committee. A number of additional subcommittees of the governing body exist; principal among these are the Investment Committee, the Safeguarding Committee, and the Health, Safety and Security Advisory Committee which also examines strategic risk. These committees report to the full Board of Governors.

Risk assessment and management

The Governors maintain a strategic risk assessment matrix which is reviewed annually. Prime amongst risk concerns at the moment, and responses to them, are the following:

On 30[th] October 2024 the UK Government announced the introduction of VAT on independent school fees, effective 1[st] January 2025. Dollar Academy absorbed some of the additional cost to parents to soften the additional financial burden. We continue to monitor this new policy closely.

Maintaining pupil numbers, both day and boarding, remains a priority, particularly following the introduction of VAT on school fees.

The next , and it is anticipated that employer contributions will increase from 26% (as set in April 2024). The Governors continue to engage with pensions advisers to assess the impacts of this.

All the above inevitably impact on fee levels in the future, which in turn may have an impact on pupil numbers. The risk picture is complex and interconnected, much of it arising from the wider geo-political situation, and from the domestic political and economic climate. Governors are keeping a careful eye on all factors.

10

DOLLAR ACADEMY TRUST

REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Governors' responsibilities statement

The Governors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to Charities in Scotland requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the income and expenditure of the Trust for that period. In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), and the provisions of the Dollar Academy Trust Scheme 2025. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

BY ORDER OF THE GOVERNORS

Graeme Morrison Bursar & Chief Operating Officer

Date:

11

INDEPENDENT AUDITOR S REPORT TO THE GOVERNORS OF

DOLLAR ACADEMY TRUST

Opinion on financial statements

We have audited the financial statements of Dollar Academy Trust (the charity) for the year ended 31 July 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The Governors are responsible for the other information. The other information comprises the information included in the Governors’ Annual Report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

12

INDEPENDENT AUDITOR S REPORT TO THE GOVERNORS OF

DOLLAR ACADEMY TRUST

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charity Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

Respective responsibilities of trustees

As explained more fully in the Governors’ Responsibilities Statement, the Governors are responsible for the preparation of the financial statements which give a true and fair view.

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

We have been appointed auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report to you in accordance with regulations made under that Act.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We gained an understanding of the legal and regulatory framework applicable to the charity and the industry in which it operates and considered the risks of acts by the charity which were contrary to applicable laws and regulations, included fraud. These included but were not limited to the Charities Accounts (Scotland) Regulations 2006 (as amended), health and safety regulations and compliance with Care Inspectorate and Education Scotland reporting and inspections.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, but were not limited to:

There are inherent limitations in an audit of financial statements and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the Board that represented a material misstatement due to fraud.

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

13

INDEPENDENT AUDITORDOLLAR ACADEMY TRUST | S REPORT TO THE GOVERNORS OF

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

CT Audit Limited Chartered Accountants and Statutory Auditor 61 Dublin Street Edinburgh EH3 6NL

Date:

CT is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

14

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DOLLAR ACADEMY TRUST

BALANCE SHEET

As at 31 July 2025

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|||||||| |---|---|---|---|---|---|---| |Unrestricted Designated Restricted|Total|Total| |Notes|Funds|Funds|Funds|2025|2024| |Restated| |£|£|£|£|£| |Fixed assets| |Tangible fixed assets|10|15,574,671|-|560,000 16,134,671 14,955,233| |Investments|11|3,032,497|7,275,638|1,321,131 11,629,266|6,716,518| |-------------- --------------- -------------- -------------- ---------------| |18,607,168|7,275,638|1,881,131 27,763,937 21,671,751| |-------------- -------------- -------------- -------------- ---------------| |Current assets| |Debtors and prepayments|12|877,460|-|-|877,460|1,689,069| |Cash at bank and in hand|7,770,456|16,555|3,827,947 11,614,958 16,624,137| |-------------- -------------- -------------- -------------- --------------| |8,647,916|16,555|3,827,947 12,492,418 18,313,206| |Creditors: amounts falling due| |within one year|13|(6,714,996)|-|- (6,714,996) (7,726,992)| |-------------- -------------- -------------- -------------- --------------| |Net current assets|1,932,920|16,555|3,827,947|5,777,422 10,586,214| |-------------- -------------- -------------- -------------- --------------| |Net assets excluding pension deficit|20,540,088|7,292,193|5,709,078|33,541,359|32,257,965| |-------------- -------------- -------------- -------------- ---------------| |Defined benefit pension scheme|14|-|-|-|-|-| |-------------- -------------- -------------- -------------- ---------------| |Net assets including pension deficit|20,540,088|7,292,193|5,709,078 33,541,359 32,257,965| |======== ======== ======== ======== =========| |Representing:-| |Unrestricted funds - general fund|15|20,540,088|-|- 20,540,088 22,612,683| |- pension fund|15|-|-|-|-|-| |Designated funds|15|-|7,292,193|-|7,292,193|4,436,453| |Restricted funds|15|-|-|5,709,078|5,709,078|5,208,829| |------------- -------------- -------------- -------------- ---------------| |Total funds|15|20,540,088|7,292,193|5,709,078 33,541,359 32,257,965| |======== ======== ======== ======== =========|

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

Approved and authorised for issue by the Board of Governors and signed on its behalf by:

....................................................................... Russell Morris Chairman

Graeme Morrison

....................................................................... G Morrison Bursar

Date:

The notes on pages 18 to 33 form part of these financial statements.

16

DOLLAR ACADEMY TRUST

CASH FLOW STATEMENT

For the year ended 31 July 2025

Notes 2025 2024
Restated
£ £ £ £
Net cash provided by operating activities 16 904,391 6,258,501
Cash flows from investing activities:
Income from investments 425,193 482,628
Purchase of tangible fixed assets (1,944,943)
(1,078,476)
VAT reclaimed on capital expenditure 162,248 -
Purchase of investments (9,208,661)
(4,283,103)
(Increase)/decrease in cash held by investment manager (3,026) 2,044,096
Proceeds from sale of investments 4,652,823 2,211,410
Proceeds from sale of tangible fixed assets 11,400 5,500
------------- -------------
(5,904,966) (617,945)
Cash flow from financing activities
Interest paid (8,604) (4,369)
------------- -------------
(8,604) (4,369)
------------- -------------
Change in cash and cash equivalents in the year (5,009,179) 5,636,187
Net cash at 31 July 2024 16,624,137 10,987,950
-------------- --------------
Net cash at 31 July 2025 11,614,958 16,624,137
======== ========

The notes on pages 18 to 33 form part of these financial statements

17

DOLLAR ACADEMY TRUST

NOTES to the FINANCIAL STATEMENTS

For the year ended 31 July 2025

1. Accounting policies

Basis of preparation

The Trust is recognised as a Scottish Charity under The Charities and Trustee Investment (Scotland) Act 2005 and meets the definition of a public benefit entity under FRS 102.

The financial statements have been prepared in accordance with the Dollar Academy Trust Scheme 2025, The Charities Accounts (Scotland) Regulations 2006 (as amended) and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition October 2019) (Charities SORP FRS 102).

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain financial assets and liabilities measured at fair value through the Statement of Financial Activities. The financial statements have been presented in Pounds Sterling as this is the functional and presentational currency of the Trust. The particular accounting policies adopted are described below:

Going concern

The financial statements have been prepared on a going concern basis. The Governors have assessed the a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing these financial statements.

Income

Income is recognised in the year in which the Trust becomes entitled to the income, when it is probable that the income will be received and when the amount can be measured reliably.

Donations and legacies

Donations and legacies received for the general purpose of the Trust are included as unrestricted income; those for activities restricted by the wishes of the donors are shown as restricted income. Donations and legacies are recognised when the Trust has been notified of the amounts and settlement date in writing, unless there are performance related conditions, in which case income is deferred until those conditions are met.

School fees

Income from school fees is stated after deducting bursaries, scholarships, and sibling, staff and other remissions.

Investment income

Investment income is earned through holding assets for investment purposes, such as shares. It includes dividends and interest and is recognised when the amount can be measured reliably, and the Trust has entitlement to the income.

Expenditure

All expenditure is included on an accruals basis, inclusive of irrecoverable VAT and is recognised when there is a legal or constructive obligation to pay for expenditure, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Expenditure, including maintenance to the school premises, incurred during the summer holidays in preparation for the forthcoming academic year is deferred to that year.

Costs of raising funds are those associated with generating voluntary income and management of the investment portfolio.

the direct costs and the support costs relating to these activities. Included within support costs are Governance costs which are those of constitutional, strategic, or statutory nature with respect to the general running of the Trust, rather than day to day management. Charitable expenditure funded by the net investment income arising on restricted and designated funds is charged directly to those funds in the Statement of Financial Activities.

All costs have been directly attributed to one of the functional categories of resources expended in the Statement of Financial Activities.

18

DOLLAR ACADEMY TRUST

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 July 2025

1. Accounting policies (continued)

Capital expenditure

Individual pieces of equipment costing more than £10,000 are normally capitalised. Expenditure on IT, unless exceptional, is expensed. Major improvements to buildings are capitalised. Repairs and renewals are charged to revenue in the year they are deemed to relate to.

Depreciation

Depreciation is provided on fixed assets, other than any assets under construction and therefore not yet brought into use, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:

Buildings - over 50 years Fixtures and Fittings - over 5 to 20 years Grounds/Motor Vehicles - over 5 and 10 years IT Network - over 10 years

Land is not depreciated.

Financial instruments

The Trust has only basic financial assets and liabilities which are initially recognised at transaction value and subsequently at fair value, in the case of listed investments, or the amounts expected to be received or paid in respect of other assets and liabilities respectively.

Investments

Investments are included in the Balance Sheet at fair value at the year end, the unrealised gain/loss being added to/deducted from Funds. Realised and unrealised gains or losses on investments are credited or charged to the St

Cash at bank and in hand

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

Pupil deposits

On the acceptance of a place at the school, all pupils pay a fee deposit which is refundable on departure from the school and is therefore treated as a short term creditor. On the departure of a pupil part of the deposit may be retained to cover life membership of the Former Pupil Register.

Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pensions

-employer defined benefit scheme which, in common with other Government pension schemes, is unfunded. The Trust is unable to identify its share of the underlying liabilities of the scheme and therefore accounts for the contributions to the scheme as if it were a defined contribution scheme. Pension costs are charged to the Statement of Financial Activities in the period to which they relate.

Support staff are entitled to join the Local Authority pension scheme which provides benefits based on career required to be included in the balance sheet and the movement in the deficit in the period is to be included in the Statement of Financial Activities. Note 14 gives details of the defined benefit pension scheme.

19

DOLLAR ACADEMY TRUST

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 July 2025

1. Accounting policies (continued)

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in net income/expenditure.

Accounting estimates and judgements

Preparation of the financial statements requires judgements, estimates and assumptions to be made about the carrying amounts of assets and liabilities that are not readily apparent from other sources. As the estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant, actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Useful lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. See note 10 for carrying amounts of tangible assets.

Defined benefit scheme pension liability

The pension liability is calculated by the scheme actuary using information from the actuarial valuations. Assumptions are made around discount rates, future salary and pension increases, and expected returns on scheme assets. See note 14 for carrying amounts of the liability, and for further information.

2. Designated and restricted funds

Designated Funds Purpose Designated Bursary Fund An unrestricted endowment fund for scholarships and bursaries. FIDA Capital Account Allocated to fund FIDA, as noted below. John Scott Fund Allocated to fund FIDA, as noted below. Robert Clement Fund Close Bros Allocated to fund FIDA, as noted below.

Restricted Funds Purpose Margaret Wilson Bequest To contribute towards the upkeep of the Combined Cadet Force (CCF). Prize Fund To fund the award of prizes (including sports prizes). General Bursary Fund To provide bursaries. DACET Bursary Fund To provide bursaries in the name of Dollar Academy Club Educational Trust. Brown Travel Prize Fund To provide funds in support of travel prizes in accordance with the selection panel.

Bicentenary Bursary Fund To provide bursaries. FIDA To provide free of charge open access learning opportunities for pupils across Scotland, both curricular subjects and modular options based on the United Nations Sustainable Development Goals

20

DOLLAR ACADEMY TRUST

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 July 2025

3. Donations & legacies

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----- Start of picture text -----
|||| |---|---|---| |3. Donations & legacies|2025|2024| |Restated| |£|£| |Grants|-|4,400| |Donations & legacies|509,562|799,932| |--------------- ---------------| |509,562|804,332| |========= =========| |4. Income from charitable activities|2025|2024| |£|£| |Gross school fees|23,923,170 23,972,559| |Bursaries and remissions (note 7)|(1,977,945) (2,287,487)| |--------------|-------------| |School fees net of bursaries and remissions|21,945,225 21,685,072| |Other educational income|837,781|811,083| |--------------- ---------------| |22,783,006 22,496,155| |========= =========|

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

==> picture [498 x 385] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Other educational income includes catering income, school bus income, registration fees, SQA income and| |other miscellaneous income.| |5. Other trading income|2025|2024| |£|£| |Rental income|61,613|54,850| |Sports Camps|42,807|-| |--------------- ---------------| |104,420|54,850| |=======|=======| |Staff|Other|Deprec-|Total|Total| |6. Expenditure|Costs|Costs|iation|2025|2024| |£|£|£|£|£| |Charitable activities| |Teaching|12,618,288|1,527,007|163,174 14,308,469 13,526,732| |Boarding and pastoral costs|843,092|1,796,181|37,603|2,676,876|2,540,666| |(including premises)| |Premises (excluding boarding)|479,384|2,316,764|348,913|3,145,061|3,096,916| |Support costs of schooling|1,103,589|1,425,651|53,568|2,582,808|2,395,758| |Financing costs|-|31,519|-|31,519|27,494| |Governance costs|-|39,145|-|39,145|42,689| |---------------- ---------------- ---------------- ---------------- ----------------| |15,044,353|7,136,267|603,258 22,783,878 21,630,255| |---------------- ---------------- ---------------- ---------------- ----------------| |Raising funds| |Investment management fees|-|32,496|-|32,496|30,496| |Fundraising Costs|1,306|15,992|-|17,298|1,225| |---------------- ---------------- ---------------- ---------------- ----------------| |Total expenditure|15,045,659|7,184,755|603,258 22,833,672|21,661,976| |========= ========= ========= ========= =========| |2024|14,128,775|6,959,886|573,314 21,661,976| |========= ========= ========= =========|

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

21

DOLLAR ACADEMY TRUST

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 July 2025

7. Bursaries and other assistance with fees

Assistance with fees totalled £1,977,945 (2024: £2,287,487) with remission of fees for teaching and nonteaching staff at £741,048 (2024: £782,155). Remission for the third child of families at the school amounted to £170,896 (2024: £171,551). Bursaries and awards totalling £1,066,000 (2024: £1,333,781) have been made during the year to 93 pupils (2024: 102 pupils). Individual awards range between £1,950 and £44,047 (2024: £1,350 and £38,601). Bursary costs of £32,989 (2024: £10,962) have been funded from the Designated and Restricted Bursary Funds with the balance of £1,944,955 (2024: £2,276,525) being funded from the general reserves of the Trust.

8. Emoluments, employees, and Governors
8. Emoluments, employees, and Governors 2025 2024
£ £
Staff
Wages and salaries 11,072,063 10,622,534
Social security costs 1,362,624 1,208,056
Pension costs (excluding FRS 102 adjustments) 2,610,972 2,298,185
------------ -------------
15,045,659 14,128,775
FRS 102 adjustment - note 14 (and included in other costs in note 6) (59,000)
(79,000)
------------ --------------
14,986,659 14,049,775
======= ========
2025 2024
Number Number
The average number of employees during the financial year was 245 238
======= =======

Key management personnel are the Governors, the Rector, the Bursar and the Deputy Rector. No Governors received remuneration during the year (2024: £Nil) and the total remuneration of other key management personnel, including benefits, employers national insurance and pension contributions amounted to £565,488 (2024: £617,172).

Forty-one employees received emoluments, as defined for taxation purposes, exceeding £60,000 in the following bandings:

following bandings:
2025 2024
Number Number
£60,001 - £70,000 27 35
£70,001 - £80,000 7 5
£80,001 - £90,000 4 1
£90,001 - £100,000 1 1
£100,001 - £110,000 1 1
£150,001 - £160,000 - -
£160,001 - £170,000 - -
£180,001 - £190,000 - 1
£190,001 - £200,000 1 -
------------ -------------
41 44
======= =======

Total pension contributions for the 41 staff members earning £60,000 or more were £765,596 (2024: 44 Staff totalling £694,060). 40 of the staff members are members of the multi-employer defined benefit scheme which is treated as a defined contribution scheme (note 14).

Two Governors (2024: two) received travelling expenses totalling £763 (2024: £1,007).

22

DOLLAR ACADEMY TRUST

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 July 2025

==> picture [493 x 54] intentionally omitted <==

----- Start of picture text -----
||||| |---|---|---|---| |9.|s remuneration|2025|2024| |£|£| |Auditor|s remuneration in respect of audit services (including expenses and VAT)|31,800|29,940| |=======|=======|

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

The remuneration paid to the auditors in respect of other professional services during the year amounted to £ 9,432 (2024: £4,386).

==> picture [496 x 284] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Grounds/|IT|Assets| |Land &|Fixtures|Motor|Network|Under| |10. Fixed Assets|Buildings & Fittings|Vehicles|Upgrade Construction|Total| |£|£|£|£|£| |Cost:| |At 31 July 2024|18,730,435|821,995|471,292|2,477,709|1,602,345 24,103,776| |Additions|367,452|-|104,888|141,122|1,331,481|1,944,943| |Transfers|292,471|-|-|-|(292,471)|-| |Disposals|-|-|(23,345)|-|-|(23,345)| |*|Removal of VAT due to reclaim|(62,840)|(18,520)|(5,631)|(5,163)|(70,094)|(162,248)| |-------------|-------------|-------------|-------------|-------------|-------------| |At 31 July 2025|19,327,518|803,475|547,204|2,613,668|2,571,261 25,863,126| |-------------|-------------|-------------|-------------|-------------|-------------| |Depreciation| |At 31 July 2024|6,124,155|643,856|345,424|2,035,107|-|9,148,542| |Charge for year|386,516|28,580|57,669|130,493|-|603,258| |On disposals|-|-|(23,345)|-|-|(23,345)| |-------------|-------------|-------------|-------------|-------------|-------------| |At 31 July 2025|6,510,671|672,436|379,748|2,165,600|-|9,728,455| |-------------|-------------|-------------|-------------|-------------|-------------| |Net Book Value| |31 July 2025|12,816,847|131,039|167,456|448,068|2,571,261 16,134,671| |========= ========= ========= ========= ========= =========| |31 July 2024|12,606,280|178,139|125,686|442,602|1,602,345 14,955,233| |========= ========= ========= ========= ========= =========|

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

The market value of the Trust's land and buildings is, in the opinion of the governors, greater than the book cost as stated above. The insured value is £36.2m (2024: £21m).

* During the year, the school registered for VAT. As a result, the VAT attributable to previously qualifying assets purchased within the last four years has been derecognised from the balance sheet.

==> picture [493 x 135] intentionally omitted <==

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |Market|Market| |11. Investments|Value|Value| |£|£| |Unrestricted|3,032,397|1,471,956| |Designated|7,275,638|3,971,722| |Restricted|1,321,131|1,272,740| |Shares in group undertakings|100|100| |------------ --------------| |11,629,266|6,716,518| |======= ========|

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

23

DOLLAR ACADEMY TRUST

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 July 2025

11. Investments (continued)

The investment portfolio mainly consists of investments listed on a recognised stock exchange in the United Kingdom or in open-ended funds which are valued regularly and readily realisable. The investment portfolio also consists of £1.5M (2024: £0M) relating to cash deposits with original maturities over 90 days.

Investments comprising more than five percent of the investment portfolio by value, all ordinary shares, unless otherwise stated, are:

==> picture [496 x 295] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |Market| |Value| |£| |Aviva Investors|1,157,407| |Federated Hermes Cash Management Funds|2,046,005| |Institutional Cash Series Plc|1,939,500| |JP Morgan Liquidity Fund|2,034,184| |Cash Deposits with maturities expiring after 90 days|1,500,000| |========| |2025|2024| |Market|Market| |Movements on investments:|Cost|Value|Cost|Value| |£|£|£|£| |Portfolio:| |Opening balances|6,268,033|6,611,634|4,158,987|4,136,263| |Additions at cost|8,450,015|9,208,761|4,283,003|4,283,003| |Disposal proceeds|(4,633,414) (4,652,824) (2,221,410) (2,211,410)| |Realised and unrealised gains|106,262|353,885|47,453|403,778| |--------------|------------- --------------|-------------| |At 31 July|10,190,896 11,521,456|6,268,033|6,611,634| |Cash held by investment manager|107,810|107,810|104,784|104,784| |-------------- --------------|------------- --------------| |At 31 July|10,298,706 11,629,266|6,372,817|6,716,418| |======== ======== ======== ========|

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

All investments are carried at their fair value. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

The significance of financial instruments to the ongoing financial stability of the charity is considered in the financial review and investment policy sections of the Report of the Governors.

The main risk to the charity from financial instruments lies in the combination of uncertain investment markets and volatility yield.

Subsidiaries, associates and other investments

Details of the investments in which the Trust have an interest of 20% or more are as follows:

==> picture [449 x 57] intentionally omitted <==

----- Start of picture text -----
||||| |---|---|---|---| |Class of|Percentage of| |Registered office|share|shares held| |Subsidiary undertakings| |23 West Burnside, Dollar,| |Dollar Enterprises Limited|Scotland, FK14 7DX|Ordinary|100|

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24

DOLLAR ACADEMY TRUST

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 July 2025

==> picture [497 x 296] intentionally omitted <==

----- Start of picture text -----
||||| |---|---|---|---| |12.|Debtors|2025|2024| |Restated| |£|£| |Outstanding fees|467,407|541,783| |Bad debt provision|(86,815)|(72,600)| |------------|------------| |380,592|469,183| |Prepayments|146,523|532,860| |Sundry debtors|139,654|687,026| |Other tax and social security|210,691|-| |------------|-------------| |877,460|1,689,069| |=======|=======| |13. Creditors due within one year|2025|2024| |£|£| |Trade creditors|743,507|667,267| |Accruals|1,508,776|940,893| |Fees in advance|3,290,489|4,686,072| |Sundry creditors|46,852|118,156| |Taxation and social security creditor|403,221|562,432| |Pupil deposits|722,151|752,172| |-------------- --------------| |6,714,996|7,726,992| |======== ========|

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

14. Pensions

Teaching staff

unfunded statutory public service pension scheme with benefits underwritten by the UK Government. The scheme is financed by payments from employers and from those current employees who are members of the scheme and paying contributions at progressively higher marginal rates based on pensionable pay, as specified in the regulations. The rate of employer contributions is set with reference to a funding valuation undertaken by the scheme actuary. The last four-yearly valuation was undertaken as at 31 March 2020. This valuation has set contribution rates from 1 April 2024 through 31 March 2027. This valuation sets employer multi-employer scheme.

As the scheme is an unfunded multi-employer defined benefit scheme, there can be no deficit or surplus to distribute on the wind-up of the scheme or withdrawal from the scheme.

It is accepted that the scheme can be treated for accounting purposes as a defined contribution scheme in circumstances where Dollar Academy Trust is unable to identify its share of the underlying assets and liabilities of the scheme.

At the last valuation a shortfall of £2.9 billion was identified in the notional fund which will be repaid by a

The pension cost for teaching staff for the year was £2,157,759 (2024: £1,881,469) and has been charged to the Statement of Financial Activities. Contributions of £254,015 were outstanding at the year end (2024: £231,692 contributions paid in 2016-17.

25

DOLLAR ACADEMY TRUST

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 July 2025

14. Pensions (continued)

Support staff local authority scheme

The Local Authority Pension Scheme is also a multi-employer defined benefit scheme although this Scheme is funded. Benefits are provided on the basis of career earnings and contributions based on pensionable pay are made based on the triennial actuarial valuation of the Scheme. Past service deficit contributions are made in addition to current service contributions. The underlying assets of the scheme are held separately from those of the participating employers. The pension cost for the year for support staff was £454,038 (2024: £424,025). Further pension charges have been included (note 8) to increase this charge to that required under FRS 102 to recognise the total defined benefit cost for the year as shown in the table below. Contributions of £59,000 (2024: £47,546) were due to the Scheme at the year end. The estimate of employer contributions payable in 2025/26 is £477,000.

The latest full actuarial valuation of the Local Authority Pension Scheme was carried out as at 31 March 2024 liabilities of the Scheme at 31 March 2025. This valuation has been used as a reasonable estimate of the values at 31 July 2025. The principal assumptions used by the actuary, Hymans Robertson, in carrying out the FRS 102 valuation for accounting purposes were:

==> picture [493 x 192] intentionally omitted <==

----- Start of picture text -----
||||| |---|---|---|---| |2025|2024| |Per annum Per annum| |Pension increase rate (Consumer Price Inflation|CPI)|2.75%|2.75%| |Salary increase rate|3.25%|3.255%| |Discount rate|5.8%|4.85%| |Expected return on Scheme assets|equal to discount rate|5.8%|4.85%| |======== ========| |The major categories of plan assets as a percentage of stated plan assets are as follows:| |2025|2024| |Equities|53%|59%| |Bonds|36%|33%| |Property|5%|5%| |Cash|6%|3%| |======= ========|

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26

DOLLAR ACADEMY TRUST

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 July 2025

14. Pensions (continued)

A reconciliation of the opening and closing balances in respect of the fair value of Scheme assets, and the defined benefit obligation for the year and the net liability at 31 March 2025 are as follows:

Net Net
Obli- Position Position
Assets gations 2025 2024
Restated
£000 £000 £000 £000
Fair value of plan assets 14,949 - 14,949 14,051
Present value of funded liabilities - (12,157) (12,157) (11,275)
----------- ------------ ------------ ------------
Opening position as at 1 August 14,949 (12,157) 2,792 2,776
----------- ------------ ------------ ------------
Service cost
Current service cost - (552) (552) (516)
----------- ------------ ------------ ------------
Total service cost - (552) (552) (516)
----------- ------------ ------------ ------------
Net interest
Interest income on Scheme assets 731 - 731 673
Interest cost on defined benefit obligation - (597) (597) (542)
----------- ------------ ------------ ------------
Total net interest 731 (597) 134 131
----------- ------------ ------------ -----------
Total defined benefit cost recognised in in surplus/(deficit) 731 (1,149) (418) (385)
----------- ------------ ------------ ------------
Cashflows
155 (155) - -
Employer contributions 477 - 477 464
Benefits paid (374) 374 -
----------- ------------ ------------ ------------
Expected closing position 15,938 (13,087) 2,851 2,855
----------- ------------ ------------ ------------
Remeasurements
Changes in demographic assumptions - 20 20 705
Changes in financial assumptions - 1,918 1,918 218
Other experience - 113 113 (1,494)
Return on assets excluding amounts included in net interest (496) - (496) 508
----------- ------------ ------------ ------------
Total remeasurements recognised in
other gains and losses in comprehensive income (496) 2,051 1,555 (63)
----------- ------------ ------------ ------------
Fair value of plan assets 15,442 - 15,442 14,949
Present value of funded liabilities - (11,036) (11,036) (12,157)
----------- ------------ ------------ ------------
Closing position as at 31 July 15,442 (11,036) 4,406 2,792
======= ======= ======= =======

27

DOLLAR ACADEMY TRUST

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 July 2025

14. Pensions (continued)

Current service cost: The cost of pension provision in the current period (the increase in the present value of the scheme liabilities expected to arise from employee service in the current period).

Past service cost:

changes to retirement benefits (e.g. extending normal retirement date).

Net return/(charge) on assets/(liabilities): The expected return on scheme assets less the interest cost on scheme liabilities arising in the year (liabilities are one year closer to settlement and discounting of liabilities unwinds as a cost).

Remeasurements - Actuarial loss etc: changes in the actuarial calculation of scheme deficits or surpluses as a result of events not coinciding with the actuarial assumptions made at the last scheme valuation (i.e. investment returns, inflation and salary increases etc) or as a result in changes in actuarial assumptions (i.e. choice of index such as CPI rather than RPI, demographics etc).

The defined benefit asset has been restricted to £nil in the Balance Sheet as the Academy does not have the rights to a refund or to reduce its payments into the pension scheme.

15. Analysis of movements on funds

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|||||||| |---|---|---|---|---|---|---| |Other| |Realised| |and| |2024|Unrealised|2025| |Opening|Gains/|Closing| |Balances - Restated|Income Expenditure|(Losses)|Transfers|Balances| |£|£|£|£|£|£| |Unrestricted - General Fund|22,612,683 23,186,190 (22,790,969)|77,064 (2,544,880) 20,540,088| |- Pension Fund|-|-|59,000|(59,000)|-|-| |--------------- --------------- --------------- --------------- ---------------|-------------| |22,612,683 23,186,190 (22,731,969)|18,064 (2,544,880) 20,540,088| |--------------- --------------- --------------- --------------- ---------------|-------------| |Designated Funds| |John Scott Fund|933,970|-|(1,586)|-|(932,384)|-| |Robert Clement Fund|1,764,454|23,048|(1,468)|24,503|-|1,810,537| |FIDA Fund|1,738,029|77,445|(16,896)|205,814|3,477,264|5,481,656| |--------------- --------------- --------------- --------------- --------------- --------------| |4,436,453|100,493|(19,950)|230,317|2,544,880|7,292,193| |--------------- --------------- --------------- --------------- --------------- --------------| |Restricted Funds| |Margaret Wilson Bequest|29,479|574|(147)|1,274|-|31,180| |Prize Fund|141,621|11,015|(639)|5,548|-|157,545| |Bursary Fund|938,105|17,490|(4,326)|39,682|-|990,951| |FIDA Fund|3,623,048|499,757|(74,499)|-|-|4,048,306| |Bicentenary Bursary Fund|138,736|-|(462)|-|-|138,274| |DACET Bursary Fund|137,065|2,751|(681)|-|-|139,135| |Brown Travel Prize Fund|200,775|3,911|(999)|-|-|203,687| |--------------- --------------- --------------- --------------- --------------- --------------| |5,208,829|535,498|(81,753)|46,504|-|5,709,078| |--------------- --------------- --------------- --------------- --------------- ---------------| |Total Funds|32,257,965 23,822,181 (22,833,672)|294,885|- 33,541,359| |========= ========= ======== ======== ======== =========|

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28

DOLLAR ACADEMY TRUST

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 July 2025

15. Analysis of movements on funds (continued)

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|||||||| |---|---|---|---|---|---|---| |Realised| |and| |2023|Unrealised|2024| |Opening|Gains/|Closing| |Balances|Income Expenditure|(Losses)|Transfers|Balances| |Restated|- Restated| |£|£|£|£|£|£| |Unrestricted - General Fund|21,149,413 22,997,919 (21,679,237)|144,588|- 22,612,683| |- Pension Fund|-|-|79,000|(79,000)|-|-| |--------------- --------------- --------------- --------------- ---------------|-------------| |21,149,413 22,997,919 (21,600,237)|65,588|- 22,612,683| |--------------- --------------- --------------- --------------- ---------------|-------------| |Designated Funds| |Bursary Fund|1,663,617|-|-|-|(1,663,617)|-| |John Scott Fund|888,859|12,654|(4,755)|37,212|-|933,970| |Robert Clement Fund|1,704,016|25,176|(4,256)|39,518|-|1,764,454| |FIDA Fund|-|22,021|(7,936)|60,327|1,663,617|1,738,029| |--------------- --------------- --------------- --------------- --------------- --------------| |4,256,492|59,851|(16,947)|137,057|-|4,436,453| |--------------- --------------- --------------- --------------- --------------- --------------| |Restricted Funds| |Margaret Wilson Bequest|26,533|546|(133)|2,533|-|29,479| |Prize Fund|128,562|2,611|(581)|11,029|-|141,621| |Bursary Fund|843,823|18,291|(4,123)|80,114|-|938,105| |FIDA Fund|2,949,123|711,097|(37,172)|-|-|3,623,048| |Bicentenary Bursary Fund|110,632|29,329|(1,225)|-|-|138,736| |DACET Bursary Fund|123,908|2,597|(649)|11,209|-|137,065| |Brown Travel Prize Fund|180,719|3,717|(909)|17,248|-|200,775| |--------------- --------------- --------------- --------------- --------------- --------------| |4,363,300|768,188|(44,792)|122,133|-|5,208,829| |--------------- --------------- --------------- --------------- --------------- ---------------| |Total Funds|29,769,205 23,825,958 (21,661,976)|324,778|- 32,257,965| |========= ========= ======== ======== ======== =========|

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29

DOLLAR ACADEMY TRUST

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 July 2025

15. Analysis of movements on funds (continued)

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|||||| |---|---|---|---|---| |2025| |Unrestricted Designated Restricted|Total| |2025|Funds|Funds|Funds|Funds| |£|£|£|£| |Tangible fixed assets|15,574,671|-|560,000 16,134,671| |Fixed asset investments|3,032,497|7,275,638|1,321,131 11,629,266| |Net current assets|1,932,920|16,555|3,827,947|5,777,422| |Pension Fund|-|-|-|-| |---------------- -------------- -------------- --------------| |Total net assets|20,540,088|7,292,193|5,709,078 33,541,359| |========= ======== ======== ========| |2024| |Unrestricted Designated Restricted|Total| |2024|Funds|Funds|Funds|Funds| |Restated| |£|£|£|£| |Tangible fixed assets|14,955,233|-|- 14,955,233| |Fixed asset investments|1,472,056|3,971,722|1,272,740|6,716,518| |Net current assets|6,185,394|464,731|3,936,089 10,586,214| |Pension Fund|-|-|-|-| |---------------- -------------- -------------- --------------| |Total net assets|22,612,683|4,436,453|5,208,829 32,257,965| |========= ======== ======== ========|

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30

DOLLAR ACADEMY TRUST

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 July 2025

16. Reconciliation of net income to net cash flow from operating activities

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|||| |---|---|---| |16. Reconciliation of net income to net cash flow from operating activities|2025|2024| |Restated| |£|£| |Net income per Statement of Financial Activities|1,342,394|2,567,760| |Adjustments for:| |Depreciation charges|603,258|573,315| |Net loss/(gain) on investments|(353,885)|(403,778)| |Net additional pension charges under FRS 102|(59,000)|(79,000)| |Loss/(gain) on disposal of fixed assets|(11,400)|(5,500)| |Decrease/(increase) in debtors|811,609|(287,452)| |Increase in creditors (including pupil deposits)|(1,011,996) 4,371,415| |Investment income receivable|(425,193)|(482,628)| |Interest payable|8,604|4,369| |------------ --------------| |Net cash provided by operating activities|904,391|6,258,501| |======= ========|

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17. Capital commitments

Capital commitments of approximately £15,297,611 (2024: £13,026,000) in respect to the FIDA building project and for the purchase of land for use of sports facilities existed at the balance sheet date. These are intended to be funded from cash reserves, grants and donations.

18. Related party transactions

During the year, two Trustees (2024: one) supplied goods and services to the Trust totalling £31,396 (2024: £39,000) personally or through service companies. During the year one Trustee (2024: one Trustee) was also employed by the Trust. At the year end, £0 (2024: £8,000) was due to one Trustee (2024: One). During the year one Trustee (2024: Nil) made a donation to the Trust of £112,185. The transactions were completed on an

19. Operating lease commitments

The total future minimum lease payments under non-cancellable operating leases are as follows:

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|||| |---|---|---| |2025|2024| |£|£| |Not later than 1 year|28,728|35,971| |More than 1 year|2,394|2,998| |======= ========|

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20. Investment Income

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|||| |---|---|---| |2025|2024| |£|£| |Dividend Income|159,984|118,159| |Bank Interest - unrestricted|265,209|352,462| |--------------- ---------------| |425,193|470,621| |=======|=======|

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31