Charty No. 1056386 PARENT COMMUNITY ASSOCIATION OF THE AMERICAN SCHOOL IN LONDON REPORT & FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2024 Parent Conmnunity Association of the American School in London Contents Forthe year ended 30 June 2024 Page: Legal & Administrative detsils Report ofthe Board 10 Independent Examinerfs Report to the Trustees of Parent Community Association of the American School in London Statement of Financial Activities (including income and expenditure account) Balance Sheet 12 13- 16 Notes to the financial statements Parent Community Association of the American School in London Legal & administrative details For the year ended 30 June 2024 status Established as an unincorporated association by conSti￿tiOnal bylaws and registered as a charity on 25 June 1996. Governing document The charity is constituted under a trust deed dated 23 May 1996. Charity number 1056386 Registered office and operational address One Waverley Place London NW8 ONP Board Members (Executive Committee) Abby Khatiblou Chair (term commen¢ed 31 August 2022) Anupama Vege Treasurer (term commenced 16 June 2023) Mary Carson Secretary (term commenced 16 June 2023) Scott Dinwiddie VP- Friends of the Libraries (FOTL) (term commenced 31 August 2021) Emily Duffy VP- Booster Club (term commenced 16 June 2023) Amelia Qaragholi VP- Communications (term commenced 16 June 2023) Nadia Anderson VP- Friends of the Arts (FOTA) (term commenced 16 June 2023) Erin Stenson VP- ParenVS¢hool Liaison (term commenced 16 June 2023) Ayesha Mustafa VP- Families Integration and Diversity (FIND) (term commenced 5 October 2023) Jodi Johnston VP- Community Events (term commenced 1 July 2024) Laura Guerrieri VP- Community Engagement (term commenced 1 July 2024) Stefanie La￿ence VP- Communty Events (term commenced 31 August 2022, resigned 30 June 2024) Judy Kasper VP - Community Engagement (term commenced 31 August 2022, resigned 30 June 2024) lfigenia Dalgish Resigned 1 July 2023 Darshana Madhvani Resigned 1 July 2023 Stephanie Gladis Resigned 1 July 2023 Sara Shahidi Resigned 1 July 2023 Parent Community Association of the American School in London Legal & administrative details (continued) Forthe year ended 30 June 2024 Bankers Barclays Bank PIC St John's Wood 40 Wellington Road London NVV8 9TJ Independent examiner Heather Wheelhouse BDO LLP 55 Baker Street London W1U7EU Parent Co￿￿UnitY Association of the American School in London Report of the Board Forthe year ended 30 June 2024 The executive committee presents its report and the financial ststements for the year ended 30 June 2024. Legal and administrative information set out on pages 1 and 2 form part of this report. Objects and Public Benefit The object of the Parent Community AssO￿ation of the American School in London (PCA) is to advance the education of all students at the American School in London (ASL), in particular by maintaining close co-operation between parents and school on all matters pertaining to the education, growth and welfare of ASL students. The PCA also seeks to foster good relationships amongst parents of current students, especially as a way to help families new to ASL andlor London integrate in their new environment. For example, through the FIND book club or various international societies. PCAvolunteers support activities and events carried out for the benefit of the overall ASL community. These activities include staffing the booster club, running culture and country clubs, fundraising for various school projects, and community building activities like Fall Fest. The PCA also aims to support the wider community through outreach programs and community grants. In furtherance ofthis object, the charty board members have complied the duty in s.4 of the Charities Act 2011 to have due regard to the guidance contained in the Charity Commission's published general and relevant sub-sector guidance concerning the operation of the public benefit requirement under the Act. Structure, Govemance, Management, and Achievements Organisational Ail parents of currently enrolled students atASL are members ofthe PCA and may participate in and vote at general meetings. The PCA elects board members at the spring general meeting and approves the annual budget at the fall general meeting. Any non-budgeted expenditures in excess of £1,500 are also approved at a general meeting. The general management of the PCA is vested in the executive board, whioh consists of the board members.. The President, Treasurer, Secretary, Vice President of the Booster Club, Vice President of Communications, Vice President of Community Service, Vice President of Friends of the Arts (FOTA). Vice President of Family Integration Diversty (FIND), Vice President for Parenuschool Liaison, Vice President of Community Events and Vice President of Friends of the Libraries (FOTL). Members of the executive board serve as trustees ofthe organisation in accordance with the Charities Act 2011. The executive board, Consisting of the board members, meets once a month during the school year to discuss and approve acb'vities and policies of the organisation. The executive board must approve all non- budgeted expenditures. Parent Community Association of the American School in London Report of the Board (continued) Forthe year ended 30 June 2024 Chair The Chair sets the dates and agendas and presides over all meetings of the PCA and Board, coordinates the work of the other members of the Board, serves as a member of all PCA standing committees, acts as a liaison with ASL'S Board ofTrustees, meets with the Head of School as required, and performs Ihese and all other duties to promote the PCA objectives. Treasurer The Treasurer is responsible for receiving all funds of the PCA and for their safekeeping and accounting, collecting dues as determined by the Board, paying out PCAfunds as authorized by the Board, presenting an updated financial ststement at each Board meeting and at other times as requested, presenting an annual budget at the first general meeting in the fall and presenting an annual financial report at the last general meeting of the year, both to be approved by a majority vote of the members present, and for preparing and filing annual accounts, reports, and returns as required by the Charities Act 2011. Secretary The Secretary gives notice of each PCA meeting, records and prepares minutes of each meeting, posts minutes for review and seeks approval of such minutes, and is responsible for the safe-keeping of the minutes. The Secretary also keeps the PCA'S Gonstitution and bylaws. Booster Club The Booster Club provides volunteer and financial support for the Middle and High School athletics programs, which include more than 95 ASL teams. The Booster Club provides volunteer support to the Robotics club as well. All parents of students involved in any ASL athletics program are Booster Club members. There are no dues. The Booster Club raises funds through its regular activities, mainly concessions and ASL-branded sportswear, to provide additional support to the athletics program. This support includes additional equipment and special projects. supporbng visiting students, providing food and drink concessions in the Farmer Family Gym and Canons Park playing fields for home sporting events, including the ISST and LSSA championships, purchasing and distributing coaches gifts as well as yearly thank you gifts for facilities, catering, security, and housekeeping, and, finally. coordinating team parent programs and providing travel information for home and visiting fans. Robotics.. This year, the PCA also instituted a position to support the robotics program that is offered by the school. The PCA robotics representative coordinates communication between parents of students participating in the robotics program and the school. The representative also helps support the overall robotics program by liaising with the parents and the school. Parent Community Association of the American School in London Report of the Board (continued) Forthe year ended 30 June 2024 Communications The Communications committee enhances communication among parents, faculty, staff, administration, and trustees of the school primarily through the school's website. The communications committee maintains the PCA portion of the website on a regular basis and updates information regarding PCA activities, special events and all other school related information deemed important for the community. The Family Support Group (FSG) was born out of a desire to provide discreet support to families encountering difficult times and is contained wtthin the Communications program area. The PCA has instituted a new committee to support the school's ASL robotics program. This Committee is part of the PCA Communications team. The objective of this newly formed committee is (i) to streamline communications be￿een the robotics program and the families of the students in the program and (11) provide general support to the students and facultylstaff that participate in this program by providing meals,etc. Community Events The Community Events committee organises a series of annual events to promote a sense of community throughoutthe year, such as Bingo and Quiz Nights, alongside decorating the Lower School for Halloween each fall. Most importantly, the committee also organises SCOOP and the Welcome Family Program, which provide new ASL families with orientation information on living in London and the UK, information on the school's operation method, and support families making the transition to London and to ASL. Community Events also oversees the organisation of the Auction every years. The Auction Chairs report directly to the Board each month from September until May in an Auction year. The PCA Grants Committee is under the direction of Community Events. This committee receives, evaluates, and grants funding requests for various school-related projects for the enrichment and betterment of the ASL community. In the 2023-2024 school year the PCA Grants Committee awarded £12,044 (2023. £9,948) to projects benefiting all three sections of the school. High school student groups and grades were awarded fvnding for three separate field trips for cultural events. Funds were also provided to create a section in the library for poetry books, and to support the creation of a new Science Magazine by and for students. In the middle and lower schools, money was granted for the betterment of community-focused after school programs as well as a new net system for PE classes. Community Engagement We believe that being actively involved in service to others leads to a more fulfilled life. Working by example, the PCA Community Engagement Committee aims to support students of all ages, in a continuing exploration of what matters in finding their passion and purpose in giving. We are dedicated to helping provide Service-Learning opportunities, and hope to foster the entire ASL communty in being productive and effective citizens, together. The board position reflects this conviction. We facilitate and coordinate volunteer opportunities with the schools, ever-growing list of local community partner charities. Some of these opportunities include direct experience working with elders, underserved children, refvgee families, local farm animals, and more. We supportthese charty agencies by becoming involved in their sports, homework, arts, and socializing programs. Additionally we focus on environmental reuse, for example, we host clothing swaps and winter coat drives, book drives, and more. We also coordinate, ￿lce yearly, Community ServiGe Days, when we help to maintain the gardens and buildings of our partners. These days typically attract over 400 ASL volunteers to over 15 sites. This gives our high school students opportunities to become leaders by coordinating the services and families volunteering at each site. Parent Community Association of the American School in London Report of the Board (continued) Forthe year ended 30 June 2024 Friends of the Arts (FOTA) This committee works with ASL'S performing arts faculty to support and promote the school's music, drama, dance, and visual arts. FOTA volunteer opportunities are varied and involve assisting with the various music and drama productions as well as visual art exhibitions and special projects. FOTA invites local old age pensioners to various events throughout the year. including matinee drama performances, and a holiday music concert at which the local community old age pensioners enjoy a tea and dinner. FOTA also assists visiting students and faculty whenever ASL hosts international middle school and high school music and drama festivals. Friends of the Librarbes (FOTL) Friends of the Libraries (FOTL) supports the two ASL libraries: the Mellon Library, which serves Middle and High School students, and the Lower School Library, which serves Lower School students. FOTL'S primary activities include coordinating the Lower School Library volunteer program to assist with shelving books in the Lower School Library, and sponsoring events to promote reading and the use ofthe libraries, such as a ￿Ice-Year1Y community book swap and a library board games night. FOTL also provides assistance with author events, seeks book sponsorships to add to the Libraries, collections, and directly sponsors bookplates to recognize departing ASL faculty and staff. Families Integration and Diversity (FIND) FIND welcomes and supports international families as they integrate into the ASL community and it offers a variety of events that support the school's mission of a global education. In particular, FIND highlights the intemational aspect of the ASL community by hosting dozens of activities centred around cultural activities, which showcase ASL'S diversity. FIND executes its mission through interest group and culture group events. Interest groups provide cross-cultural and cross-grade level opportunities to foster integration, build friendships, and enrich the school community as a whole. There are eight activity groups that put on events for the school. Examples of such interest groups are: book club, living well club, and global eats. FIND also has 13 culture groups that put-on community events and 30 county representatives who host activities for country group members. In addition, FIND puts on the Global Festival, an event that celebrates the cultural diversity of ASL. Biennially, it draws about 1,700 parents, students, and faculty. It was last held in March 2024. Parentlschool Liaison Parenuschool Liaison includes ffive committees- Grade Representative Program, Parent Education Resource Committee, Faculty & Staff Appreciation, Senior Events and Workx. The Grade Rep Program fosters regular, responsive communication between the parents and caregivers, and school administrators, regarding students, collective academic and safety needs. This year, as in the past, the PCA grade representatives met regularly with the school principals and other faculty guest speakers to communicate ooncerns and initiatives and to serve as information conduits for the principals. Grade representatives solicit feedback from parents. This committee organised parent meetings (grade coffees) to connect grade level parents and ¢arers and discuss topics of mutual interest or concern, as well as bringing everyone together at social events for parents and faculty. Through its meetings and speaker presentations, the Parent Education Resource Committee (PERC) supports parents of non-traditional learners. including children with diagnosed and un-diagnosed learning differences, and parents who are simply concerned about their child's ability to flourish in an academic environment. Parent Comunity Association of the American School in London Report of the Board (continued) Forthe year ended 30 June 2024 Parentlschool Liaison (continued) Faculty and Staff Appreciation committee sponsors events throughout the year in which the PCA and parents show appreciation to ASL faculty and staff via a Catered lunch or homemade treats. Lastly, Parenuschool Liaison encompasses the Workx team. Workx works to develop work experience opportunities for high school students, creates an annual database of those opportunities, and guides students through the application process. The committee also helps organize CV and cover letter writing workshops for students. Plans forthe Future The key objective continues to be the advancement of the education of all students at the American School in London (ASL), in particular by maintaining close co-operation be￿een parents and school on all matters pertaining to the eduGation, growth, and welfare of ASL students. The PCA will also continue to explore fvrther ways of engaging with and providing benefit to Ihe local community. Financial statement review and Results Overall, incoming resources for the year were £86,640 (2023: £220,387). Every years The ASL Foundation (UK) make a grantto the charity, in the prior year ASL granted £150,000 fvnding for years up until June 2025. Total charitable expenditure has increased to £149,689 (2023.. £120,915). Due to the timing of the fvnding received from ASL this impacted the results for the year, with the charity reporting an overall deficit of£63,049 {2023'. £99,472 surplus). Reserves policy It is the policy of the PCA to hold sufficient assets in the form of cash to fvnd any outstanding obligation. Decisions concerning grant expenditure to the school are made at year end and are limited to assets available after setting aside appropriate amounts for these obligations and to fund start-up costs and ongoing programmes thatthe PCA votes to continue for the following year. In an auction year, when PCA organizes the Auction on behalf ofASL, it usually receives a grant of£150,000 to cover two years of PCA operating expenses in addition to other PCA fvndraising efforts. The reserves held at 30 June 2024 were £317,380 (30 June 2023". £380,429). The PCA aims to maintain a minimum of £150,000 in reserves at all times. Going concern The board members consider the Charity to be a going concern on the basis that there is more than sufficient available cash to meet the limited annual expenditure that is incurred running the charity. The board members confirm that at the time of approving the financial statements, there are no material uncertainties regarding the Charity's ability to continue in operational existence for the next 12 months. Donations Income from donations, other than parents, dues, is received by way of donations and gifts arFd is included in fvll in the statement of financial activities when probable and can be measured reliably. In accordance with the Charities SORP (FRS102), general volunteer time is not recognised. More information about our volunteer contribution is explained throughout the Report ofthe Board. Parent Community Association of the American School in London Report of the Board (continued) Forthe year ended 30 June 2024 Risks The risks facing the PCA are mainly related to people and finances, and in both cases are relatively small and easily mitigated. There is a risk that one of the key members of the PCA leaves their position at a critical time during the year. This risk is particularly related to Auction planning and execution. However, the PCA Bylaws outline the process of accessing volunteer replacements. Additionally, the group structure of events at ASL, and the depth and support from the parents at the school helps to alleviate this risk. Financial risk primarily involves execution of the Auction which is managed by PCA volunteers with support from the school (ASL). Specifically, if Auction proceeds are insufficient to cover the costs of preparing the Auction event itself, the funding shortfall could potentially have to be bridged by funds earmarked for other PCA programs. While the auction history at ASL would indicate that this too is a relatively small risk, in today's uncertain global environment, it is possible that an outside event (e.g., a terrorist attack) could cause the Auction to be cancelled at the last minute. Should such an event occur, the PCA reseNe policy would mitigate the immediate financial risk. Wrthoutthe bi-annual grantto the PCA after the successfvl execution of the Auction, the PCA would be forced to curtail its programs in the following years. The next auction is scheduled to be held in March 2025. Finally, there is a risk of financial mismanagement caused by inexperienced PCA volunteers. This risk is mitigated by the organisational structure of the PCA and its documented processes. The PCA executive board meets monthly, minutes are kept of all meetings, all funds dispersed must be authorised by a VP, any expense over £200 requires VP signatures, and all reimbursements (on-line or bank cheques) must be signed by iwo authorised signatories. Recruitment of Trustees Each year the Board appoints a nominating committee chair who shall form the nominating committee consisting of five to seven members, all ofwhich are current members of the PCA. Atl nominees shall be the parent of a currently enrolled ASL student, have prior experience in a parent volunteer role, and be willing to serve if elected. The election of new Board members shall take place by majority vote of members present at the last general meeting in the spring. l Board members shall serve for one term (being one year) and may only serve for a maximum of two consecutive terms in the same position. The President and the Treasurer shall serve for a term which shall be defined as fiscal years and may seNe for a maximum of one consecutive term in the same position. In no event shall any Board member serve more than four consecutive terms on the Board. Exceptions to the Term Limit Policy can be made, in extraordinary circumstances, upon the recommendation ofthe President, Secretary, and Treasurer and a super-majority (defined as greater than two-thirds of the PCA Executive Board membership) vote ofthe Board." Trnstee's Indemnities The Charity's insurers indemnify against claims in respect of any Civil liability and which arises out of the conduct ofthe insured in their personal capacity as a Board Member. The board members are considered to be the key management personnel of the Charty. Durin9 the year no board member received any remuneration in relation to services performed for the Charity. Parent Community Association of the American School in London Report of the Board (continued) Forthe year ended 30 June 2024 Responsibilities of the Trustees The executive committee are responsible for preparing the executive committee's Annual Report and the financial ststements in accordance with applicable law and regulations. Charity law requires the Trustees to prepare financial ststements for each financial year in accordance with United Kingdom Generally Ac¢epted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the stste of affairs ofthe charty and of the incoming resources and application of resources, including the income and expenditure, of the charty for that period. In preparing these financial statements. the Trustees are required to- select suitable accounting policies and then apply them consistently. make judgements and estimates that are reasonable and prudent. stste whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position ofthe charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Members of the executive committee Members ofthe executive committee (i.e. board members) are shown on page 1. Members of the execukn've committee have no beneficial interest in the chartty. Approved by the executive committee on and signed on its behalf by Qp,,128, 1025 Abby Khatiblou, PCA Chair Independent Examinerfs Report to the Board Members of Parent Community Association of the American School in London Forthe year ended 30 June 2024 I report to the trustees on my examination of the accounts of the Parent Community Association of the American School in London for the year ended 30 June 2024, which are set out on pages 11 to 16. This report is made solely to the charity's trustees, as a body, in accordance with Regulation 31 of the Charities (A¢¢ounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's trustees those matters l am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law. I do not accept or assume responsibility to anyone other than the charity's trustees as a body, for my work, for this report, or for the statement I have made. Responsibilities and basbs for report As the trustees of the charty you are responsible for the preparation ofthe accounts in acoordance with the requirements of the Charities Act 2011 ('Ihe Act"). I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) ofthe Act. Independent examinerfs s&￿ement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 130 of the Act. or 2. the accounts do not accord with those records. or 3. the accounts do not comply with the accounting requirements concerning the form ar¢d content ofthe accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination., or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Heather Vvheelhouse ACA BDO LLP London Docusigned by.. DA15AED75045453. Date: 29 April 2025 BDO LLP is a limited liabilty partnership registered in England and Wales (with registered number OC305127). 10 Parent Communty Association of the American School in London Statsment of Financial Activities Forthe year ended 30 June 2024 2024 2023 Note Income from: Donations and leg8¢ies Parent Dues ASL Grant Other trading activitl8S Booster club concessions Income from fvndraising events Auction income Investments Interest income Unrestrlctsd Unrestrlcted 15.675 17,508 150,000 27,991 40,370 14,255 4,477 33,082 2,604 1,065 Total 86,640 220,387 Expendlture Ralslng funds Booster Club Fundraising expenditsre 11,453 34,092 2,045 33,365 45,545 35,410 Charltable expendlture Activities to 8dv8nce the education of the ASL students Mini grants Community setvice grants Community seTvice- other Families Integration and Diversity Communi¢ab'on Parenuschool liaison Booster club Friends of the Arts Friends of the Maths Teachers Friends of the Libraries Structure. govemance, and m8n8gement expenditure Management and administration Govemance costs 8,444 12.044 27,392 4,006 945 17.571 6,709 5,436 226 896 7,941 9,946 12,719 4,402 2,369 17,808 7,895 3,379 10,011 10,464 8,802 10.242 Total 149.689 120,915 Net {expenditure)l income {63,049) 99,472 Net movement In funds (63.049) 99,472 Recon¢lllatlon of funds Funds at 1 July 380,429 280,957 Funds at30 June 317,380 380.429 All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. All income and expenditure is unrestricted. The notes on pages 13 to 16 form part ofthese financial statsments. Parent Community Association of the American School in London Balance Sheet At 30 June 2024 Note 2024 2024 2023 2023 Current assets Cash at bank and in hand 350,465 387,905 350,465 387,905 Creditors- amounts falling due within one year (33,085) (7,476) Net current assets 317,380 380,429 Total assets less current liabilities 317,380 380,429 Net assets 317,380 380,429 Funds Unrestricted funds 317,380 380,429 Total unrestricted funds 317,380 380,429 Approved by the executive committee on 28,20th d signed on its behalf by Abby Khatiblou PCA Chair The notes on pages 13 to 16 form part ofthese financial statements. 12 Parent Community Association of the American School in London Notes to the financial statements Forthe year ended 30 June 2024 Accounting Policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows- a) Basis of preparation.. Parent Communty Association of the American School in London is a registered charitywith registration number 1056386 registered in England and Wales. The address of its registered office is One Waverley Place, London, NW8 ONP. The financial statements have been prepared in £ Sterling and are rounded to the nearest pound. The financial statements have been prepared on a going concern basis under the historical cost Convention. The financial statements have been prepared in accordance with the statement of Recommended Practice- Accounting and Reporting by Charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a'tNe and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a'true and fair, view. Thi5 departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 1 January 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The board members have prepared these accounts on the going concern basis. They believe there are no material uncertainties about the entity's ability to continue as a going con¢em. The members, having reviewed current performance and forecasts, have a reasonable expectation that the Charity has adequate resources to meet liabilities as they fall due for at least the next 12 months following the sign off date. The charity is a Public Benefit Entity as defined by FRS 102. b) Income: Donations and legacies, other than parents, dues, are included in full in the ststement of financial activities when there is evidence of entitlement, receipt is probable and the amount can be measured reliably. Volunteer time is not included in the financial statements. PCA volunteers support activities and events carried out for the benefit of the overall ASL community. This support includes volunteering their time for activities such as staffing the booster club, community building activities like Fall Fest. running culture and country clubs, and fundraising for various school projects. Voluntary parents, dues are accounted for when received bythe American School in London. Income arising from an event are accounted for in the year the event took place. Income from external grants is recognised in the statement of financial activities as soon as it is receivable. Gifts in kind are valued on the basis of Executive Committee estimates within the appropriate heading in the statement of financial activities. 13 Parent Community Association of the American School in London Notes to the financial statements Icontinued) Forthe year ended 30 June 2024 Accounting Policies (Continued) b) Income (continued): Interest income is recognised in the statement of financial activities when the amount receivable can be measured reliably. ExpendFture: Expenditure is recognised on an accruats basis. inclusive of any VAT which cannot be recovered. They are recognised when there is a legal or constructive obligation to pay for expenditure. Expenditure on raising funds relates specifically to auction costs, costs of other fundraising events, and meeting and events costs. Management and administration costs include the management of the charity's assets, organisation management, and compliance with constitutional and statutory requirements. Gifts payable to ASL and grants are accounted for when the liability is created. d) Foreign currencies- Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end. Reserves". Unrestricted funds are donations, grants, and othef income received or guaranteed to be used for the charitable purposes as the trustees think fit. Financial instruments.. Financial instruments are recognised in the Statement of Financial Position when the charity becomes party to the contractual provisions of the instrument. The charity only enters into basic financial instruments, which are initially measured at transaction price. Financial assets are derecognised when the contractual rights to the cash flows from the asset expire. Financial liabilities are derecognised only once the liability has been extinguished through discharge, cancellation. or expiry. Accounting estimates and judgements: In the application of the charity's accounting policies, the board members are required to make judgements, estimates, and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. 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. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and ftjture periods if the revision affects both current and futrjre periods. On the date of approval of the financial statements, there are no indications to imply that material changes to fundamental assumptions and estimates are necessary. No judgements, estimates, or assumptions have been made about the carrying amounts of assets and liabilities in the financial statements. 14 Parent Community Association of the American School in London Notes to the financial statements (continued) Forthe year ended 30 June 2024 Net (Expenditure) I Income for the year This is stated after charging: 2024 2023 Amounts payable to independent examiner: Accountancy fee Independent examiner's fees 3,276 4,284 2,457 3,591 Staff costs The trustees are considered to be key management. They received no remuneration for their work {2023: £nil). Payments of £22,196 {2023: £8,559) were made to reimburse 11 (2023.. 7) trustees for out-of- pocket expenses incurred on behalf of the charity. The charty had no employees who received employee benefits of more than £60,000 (2023: nil). Taxation The charity is exemptfrom tax on income and gains falling within section 505 ofthe Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. Creditors: amounts falling due within one year 2024 2023 Accruals Other creditors Amounts due to related parties 7,558 6,048 1,428 25,527 33,085 7,476 Grant commitments As at 30 June 2024 the Gharity had open grants amounting to £nil (2023.. £nil) carried forward to the sGhool year 202412025 as a result of applicants having one year from the date of the grant to use the fvnds granted. 15 Parent Community Association of the American School in London Notss to the financial statements (continued) Forthe year ended 30 June 2024 Movement in funds At 1 July 2023 At 30 June 2024 Income Expenditure Transfers Unrestricted funds 380,429 86,640 (149,689) 317,380 Total 380,429 86,640 (149,689) 317,380 At 1 July 2022 At 30 June 2023 Income Expenditure Transfers Unrestrictsd funds 280,957 220,387 (120,915) 380,429 Total 280,957 220,387 (120,915) 380,429 Related party transactions The American School in London (which is run by the charity The American School in London Educational Trust Limited, Charity Number.. 312738) is closely connected to the Parent Community Association of the American School in London as the charitable objectives of this charity are to advance the education of all students at the American School in London. During the year the American School In London made purchases on behalfof PCA of£30,022 (2023: £nil) and collected income on behalf of the charity of £4,495, (2023.. £nil) all of which have been fijlly settled to the Charity. At the year end The American School in London was owed £25,527 (2023.. £nil). The American School in London Foundation (UK) (Charity Number.. 1086037) is a registered charity and raises funds for the support of the American School in London, as well as being part of the same Group as The American School in London Educational Trust Limited. The American School in London Foundation (UK) granted £nil in June 2024 (2023- £150,000) to the PCA from the proceeds ofthe Auction to fund PCAf0r￿0 years up until June 2025. In addition, PCA incurred expenditure of£nil (2023: £33,365) during the year in relation to the auction, ofwhich £nil was reimbursed by the ASL (2023.. £33,081). 16