The New Building (opened 1929) of the Royal Lancaster Grammar School is on the right, with terraced houses on the left.
The spire is that of St. Peter's cathedral, whilst the lower tower is on the Town Hall. The chimney in the distance is at Frankland's Mill, beside the start of the Lune Estuary.
That's Barrow-in-Furness, or perhaps Walney Island, on the horizon, on the far side of Morecambe Bay.