LA SCUOLA ITALIANA A LONDRA A COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 HERN POCKNELLS LIMITED Chartèred Accountants Sullo 1 & 2, Nash House Hackmans Lane. Purlelgh Chelmsford, Essex CM3 6RP LA SCUOLA ITALIANA A LONDRA A COMPANY LIMITED BY GUARANTEE CHARITY INFORMATION Trustees (who are also dlrectorsl Mr Aberto Pravettoni Ms Emeslina Meloni Mrs Francesca Nelson-smith Mr Domenie Pini Ms MKhaela Rees Jones Mr Christian18chini Ms Ada Ceme Mr Slefano Donati Ms Ines Saltslamacehia {appointed 18 September 20251 Company number 06046404 Reglstsr•d Charlty numb•r 1119966 Roglster•d offlc• 158 Holland Park Avenue London W114SH Accountant• Hem Pockn811s Limited Chartered Ac￿U￿tants Suites 1 & 2. Nash House Hackman's Lane. Purfoigh Chelmsford Essex CM3 6RP AudltOT• Pockne118 Audit Limited Ch8rtered Acc4)untsnt9 Henry Brake Hou¥e 46 Hullbridge Road South Wotsjham Ferrers Chelmsford Essex CM3 5NG 8ank•rs HSBC 25 Notbng Hill Gate London W113JJ SollcltOTS Withers LLP 16 Old Bailey London EC4M 7EG LA SCUOLA ITALIANA A LONDRA A COMPANY LIMITED BY GUARANTEE CONTENTS Page Report of the Trustees and Directors Independent auditors, report Statement of Financial Actiwlies 9-10 Balance sh&ot 11 Stslement of cash flows 12 Nolgs to the Ilnancial statements 13-22 LA SCUOLA ITALIANA A LONDRA A COMPANY LIMITED BY GUARANTEE REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2025 Tho tnjstees and direct￿3 presanl their rgport and audited finanaal statements for thè year ended 31 August 202S. Governlng docum•nt and prln¢lp¥l •¢tlvlty La Scuola Italiana A Londra was inGorporated as a company limitad by guarantee (company reglslralion number 060464041 on 9 January 2007. It is govarn8d by ils Artides ol Association datsd 28 Novemb8r 2017. Th company was registered wilh the Charity Commission (registration number 1119966) on 5 July 2C4)7. Th• princip81 aclivity of the company c¢)fttinu￿ to bo that of a fully bilingual and bi￿lI￿ra1 An9lt>ltalian school In London open for pupils of nursery and wimary age. operatsd from its rggisterod office. The charitys website is al ht￿5..1]81aI.¢harity. Trust••s and dlr•¢tor* The trustees an¢J dirgctors who held offic8 durfng th6 yaar and up to thg data of Signatyre of thg flnanclal stal&mgnls werè as follows. Mr Alberto Pravettonl Ms Ernestina Melons Mrs Francesca N8lson-Smith Mr Domenic Pini Ms Michaela Ree8 Jon08 Mr Christian lachinl Ms Ada Cgrne Mr Slefano Donali L•8dorihlp staff Francesc8 Di Frala- head Ire8Sgned 31 August 2025) M8. Kalh8rfn8 Whllesld8 - deputy head Ms. Ale88ia Sbic¢a- head {appoinled 1 Sepl8mber 20251 Ms. Eleonora Giovènnardi - coordinator ol managing agenl advlty Tru¥t••¥' m•th+xl of r•Grultm•nt, appolntm•nt and •l•ctlon Trustees and directors are recrusted ty Identrfwng ar888 of expertise %thich are needed. Each Iruslee is then asked lo propose Car￿IdateS who provide the board which th8iT Cvs. If the board d88m8 them suitsble, andidates arg invilgd to introduce Ihemselvgs al tho slart of the noxl s¢h9dulod board moeting. They then r8lir from Ihfr meeting and the board decides wheth¥r to off¢r them tho PO$ltion. If they arg offerrad tha postion, (hgy undergo a three months lrfal period where they participale in Ihe board mggting$. During the first of these meetings they are Off￿allY instruct8d on their dub6s and liabilities if they were lo accept thg board appointrnant and ar9 askod lo start holping ￿th th8 spgcifi¢ lasks for which thoy are being o)nsid8rèd. At the condusion of the trial period, if the board is satisfied with their contribulKJn and they wish to be appoinlod to the board, their appointment is confirrned and they are registered wth the Charity Commission and Companies House. Poll¢y and pro¢•durn$ adopted for thts Inductlon and trnlnlng ol trustee$ As 8xplain8d abova, naw trustees attend an induction mèeling and at this meoting Ihey are briefed on their legal obligations under tharity and company law. the content of Charitys Articles of Associats'on, the decisir)n making process, Ihg development plan. arKI recenl financial pgrformance of Ihe charity. Al trustees are encouraged to attend appropriate exiemal training 8venls Ythich wll faciliiate Iheir role. A COMPANY LIMITED BY GUARANTEE REPORT OF THE TRUSTEES AND DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Organ5satlon The Board of Trustees and dirgctrys adminlslars th• charity arKI meets four times per year as an Execub've Cornmittee. Th6 Board tsk8$ overall responsibility for ensuring that the financial, 18gal and ¢ontrB¢tual responsibilities of tho charity are mel and that there are appropriate systems for finan￿al and olh$r control. It decid8s on policy and strategy and ensures the charity fulfils its objectives and public b•nefit. The day lo day njnning of the school is delegated lo L8adershlp staff. Primary Teachers. Rec8plion Teachers. Nursery Teachers, School Assistants and one volun180r who hglp in dassrooms and the playground wllh general lea¢her5' Support. The Board decldes remuneration lor kèy personngl on the basis of perfornianco, the financial sltuatlon of the 8chool and market levels ol pay for perS￿ne1 of equiV￿8nI ￿Ve15. Almi and obJoctlv•i for th• publlc b•n•fft The objects ol Ihg Gharily as Sgt out in Ihe Artides of Associalifm are the advancement of 8duc81ion for the benefll of tho publlc by Ihe provislon arKI conduct of a bilingual Anglo-ltalian school or Schools in or near London and the provision of gducalional materials or s8Thic88, includlng promouon of Itallan language, literature 8nd culture. Tho Iru$le¥s consider. wlth regard lo Charity Commission guidanco. that tho School provid88 a wbllc b8n8fi188 11 promotes mulUcullur8llsm 8$ 8 part of providing 8 bilingual education. Mlhovgh 11 13 a fee*awng school, il 18 accesslblg lo chlldren from familles bwlh limited means. with Some thildren funded by bursaries. The scht)ol aims lo prepare children for a worfd that not only place¥ a high v8lue on edycalional athievemenl. bul also on artistic flair, Social awareness, independ&nce and diversity. Children are given the opportunity lo lesl and develop their talents across a broadly based 8nd 8cad8mically stsmu18bng curriculum th81 promotes intellectual, artistic, a8slhetsc, physical and social developmenl. Exlracurricular acknvilies also allow degpor 8xpioration of subjects of particular interest as well a5 the development of individual skills and tslents. Its obleclives 8fe11} to onsure that all pupils have the opportunity lo leam and m8k8 prc¥ar8s5, {2} lo give puplls experienc8 of all fomis of education.. lingustic. malhemalical. scientific. technological, humèn and soci81, physical, agsthelic. and crgatiw. {31 to provide tho a￿Ul$ll1¢)n of skills in all these areas. 141 lo ensure that the subject matter is appropriate for all th8 a9es and apliludes of its sludenls,151 to provide Igaming support to those children who require input lo fully access Iho Curriculum arKI16} to promote moral. ￿ela1. spiritual 8nd cultural guidance Ihrough assgfflblies. RE teaching. the PSHE wrriculum and th8 98neral ethos of the school. Volunlegrs normally aci as leaching assistants. If paid Staff **re lo fill Ihase roles, tho $¢hool would Incur 8ddillonal ￿$18 of up to £19.000. Achlov•m•nt and porfornianc• From the initial project in 2005. when a group of ltslian otizens reached out lo thè larga communlty of Italians Ilving in London lo gauge interest in setting up an ltslian school. the schwl now op8rates an Earfy Years School and Primary School. Children stsrt our Eady Years sch￿1, in the temi when they are rising 3. Classes are run five days per week and each dass has class teacher5. one Italian arKI one English. Our Primary School has a cOM￿elety bilingual and bicultural curriculum, which allows pupils to move freely into either the Italian or the British school system al any time during their academic car8er. Classes are run five days per week and each class has class teachers. one Italian and one English. who share the subjects they leach according lo disciplinary gr￿p. LA SCUOLA ITALIANA A LONDRA A COMPANY LIMITED BY GUARANTEE REPORT OF THE TRUSTEES AND DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Achlovoment and perforniance- contlnued Also, the school is a member of the Minimum Fundlng Entileménl IMFEI schame, whlch allows chlldran aged 3 and 4 to be lunded automatically by tho Royal Borough of Kensinglon aNJ Chelsea Education Authority for up lo 30 hours Fer weak. La Scuola It81iana A Londra continued to provide Italian Courses in the South of England and Wales. Thè incorne generated and expenditure incurned as Managing Agents for the Italian Consulate is disdosed as a restricied fund on pages 9 and 10. Th8 sthool is also an officially approvgd examinalw)n centre lor Ihg CILS ?xams, which attast comp8lenc8 in Italian a$ a second language. The schcd offors $ov6ral CILS exam sessions per year, 8nd al80 preparation coursès for thos* who wish lo sit oxam5. The achlev&ments and p8rfomianc8 this year onco •g￿n ensure that tho g8Mral plan of tha Inltlal prolect In 2005 ¢XJnlinug$ bo fviifilled. Flnanclal revlow and ro$•r¥•s pollcy The total income lor the year has increaséd Irom £2.463.43212024} 10 £2.680,886 {20251. However, expenditure hos increased from £2.427,530 (2024110 £2.639,039120251. thus resulting In a n81 surplLts for 2025 of £41,847. During th8 yèar, thè school rec6ivèd funding from thè Italian Consulate of £53,132 1é64.9881. The school's primary source of funding is the term f8os paid on bghalf of Ihe pupils. Additionally, tho Italian Consulats providad fundlng of £588.6761é527,4031 in respect of the langu899 course programme. Th8 School'$ 2025 not doficit of £18.158 camè about bttaus• unrostrictod Inccrfne increased by 7.82V•. whllg the 8chool exp8ndilur8 Incrèas￿ by 8.23% duo to the increa$8 in 6mploymenl and recruitment costs. Tho not $urplu$ of £60,005 generated from its restricted activlty resulled In a global nel suWu$ of £41,84T. 11 Is th& policy of the chartty that uNestricl8d funds which have not b8en de8ignoled for a ¥pgcifiG use should bè maintained al a level equivalent to b&￿veen Ihreè and lour month's expendllure for the s¢hool. The trustees considor Ihal r¥servg$ ot this level will ensure that, in the 8venl of a sonifi¢•nt drop In fundlng. thay ￿11 be abla (o continue the charitys current activities while ¢onsKl8ration is given lo ways in vthich additional fund8 moy be raised. In order lo rneel this requirèm8nl, £400,000 has been transferred Irom the designated fund. The building fund has been o$tabli$hod. in anticipalion of a move lo largor premises in the lulur9 and is intendèd lo cover Ihg increased wsls of thèse premisès. £384.913 has been transferred this year as disclosed In note 10 of Ihe financial statements on page 19.being £15,087 transf8rred frcrfn operalional res8rves lo thè building fund lo cover amortisalion ol the buildlng. and £4￿.000 Iransferred Irom the designated lund lo m￿1 Ihe school's Opgrational nggds in lina with the policy abovo. As the schth)I was nol previously abl8 lo find suitable freehold PfOP8rty, the governors decided lo enler into a long lease agreement for part of 156 Holland Park Avenue. which expires in May 2031. The building lund ￿11 not Incur 8lgnfficanl expfjTrJitur8 prior lo that dale other than the amortisation of leasehdd improvements. AI 31 August 2025, the schwl h8ld lotal funds of £2,050,879, 01 which £1,396,790 was designated for the building funt1 8nd £115,596 relalod to rgstricled funds. Total funds include tangible fixgd assets of £103,556, of which £88,521 rglatgs to the building fijnd and £0 relates to th6 restricted fund. Re$grves of the charity, after allowng for the designated and restrictg(I fund$ and fixed assets V•pre £523.458. LA SCUOLA ITALIANA A LONDRA A COMPANY LIMITED BY GUARANTEE REPORT OF THE TRUSTEES AND DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Futuro plan$ In accordance wlh the Scho￿ aims. il continues lo offer a safe. nurturing and inspiring leaming environmanl. linked to ils charitablo obj8Ctive of promotion of the Italian language and culture. 11 continues to expand the offer of its 118lian language classes run outsida ol school hours and lo offer Italian language classos lo adults. Even with thè inlri)duclion of VAT chargeable on private education fees from the 1 January 2025, the School believgs it is in strong posilion lo overcome any deirimontal effects this may have on the1gvg1 of feas and pupils in the future. Also thè school will endèavour to in¢rèa$6 support for its bursarias scheme for those who continue lo bo affgctgd by Ihfr VAT legislation. Rl¥k factor• The Iruslees have assessed the major risks ¢0 which lh8 charity is gxposed and are sallsflad that systems are In place lo mitigate exposure to Ihom. Tho InJst88s ar8 covered by third paty indemnity insurancè. Compll•n¢• wlth r•qulr•m•nt¥ The linancial s¢atemenis have been propared in aC￿rdarbC9 Wth the accounling polici88 8el out in nole l on pag95 13-16 and comply with th• ¢haritY$ govoming document. the CompanSes Act 2006 and "Accounting and Reporting by Charities.. Stalernent of Recomm8nd6d Prath'ce applicable to charities prgparfng Ih•lr accounts In accordance vAlh the Flnanclal Rey)rting Standard appllcable in the UK and Republic of Ir818nd' publlshed on 16 July 2014. Audltorn In ac¢ordanc• with thè companys artides, a resolulicffl propo81ry Ihal p￿kno11$ Audll Limil8d b8 r8appolnled 88 auditors of the company wsll be pu¢ al the General MootirvJ. LA SCUOLA ITALIANA A LONDRA A COMPANY LIMITED BY GUARANTEE REPORT OF THE TRUSTEES AND DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 TrustO9$' re$pon$ibilitl&s The Iruslees {who are also the direGtors for the puTrose ol company law) are responsible for preparing th Trustees, Annual Report and the financi￿ stst6mènts in accordance wilh applicablg law and regulaUon$. Company law requires the tru8lee8 to prepare financial stalements for 8o¢h financial year. UThJer Ihal law the truslees must prepare Ihe financial statements in accordancè Uni10d Kingdom Generally Ac¢èpled Accounting Practice {United Kingdom Accountsng Standards and applicoblo lawl. ur￿er company law the trustees musl not approve the financial statements unless they are satisfied that they giv6 a true and lair vigw of the stale ol affairs of thfj chariiable company and of the incomln9 resourcas and applicauon of r6sour¢os, including the income and expendilure, of rhe chariiable company for that ￿riod. In preparing Ihese financial slalemenls. Ihe truslees are requlr6d to.. solecl suitable accounting FW)licies and then apply them conslslenlly: obseTVe the methods and pr1r￿SpI¥S In tho Charlties SORP,. mak8 ludgomgnls and accounting esllmales Ihal are feasonable and wudanl: stale whether applicablo UK AC￿ntIng Stsndards havo b8on foll¢)wed. 8ubJact to any mal8rfal dgpartur&s disc108ed and explabnod In the financial statements.. and prepare th8 financlal slalemenls on the g￿n9 concem basls unbass 1118 Inappropdat6 to prosume that th& charitable company wll Continl￿ to operate. Thè Iru81608 are re8pon8lble for keaplng adequ8t8 accounliro rocord8 that arn Bufficlent to ohow and explaln the charllable company'8 Iransacllons and disdose wth rea80nabl8 aC¢UTacy al any tim8 th8 finandal position of th chari¢abl8 company 8nd enable them lo ensuro that tha finanual statèments eomply wlth the Companles Act 2006. Thèy are also re8ponsible for saleguarding thè a8sel8 of the company and hanca taklng roasonabl 81ep8 lor the prevention and doleGti￿ of fraud arvj olher Irregulafllle8. 8t4l¢m•nt ol dlsclo#ur• to audltorn Thg Iruslees conlirm Ihal so lar as Ihey are aware, there Is ￿ relovant audit Inlonnalion (a8 defined by s6clion 418131 of the Companies Act 2006) of which the Charitable eompény's auditors are unaware. They havo taken 811 th8 slaps Ihal Ihoy ought lo have tskon as trusle8s in order lo make thomselves aware of any relevant audit Infomallon and to 9918bllsh that tha ch8rltoblè crynpanls 8ty1itcrf¥ aro awarè of ¢hal infonnatlon. Thls report ha8 been prepared In a¢¢ordanco lh• provislons 8ppli¢ablo lo ¢omp8nl•8 Jublècl to small ompani6$' mgim8. On b¢half oard n¢o$¢a N•lsofvSmllh Member of th• Board of Trustee• 22 May 2026 LA SCUOLA ITALIANA A LONDRA A COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LA SCUOLA ITALIANA A LONDRA Oplnlon We have audlled the finandal statemonts of La SCa￿a Itallana A Londra (the 'ch8rllatJe company) for tho yoar ended 31 August 2025 ￿lch comyise the stslemenl of financi818ctTriitios. balance shaet, the Statement of cash flows and notes lo the financial Statements. induding a summary of signffic8nt a¢￿]￿ntI￿j policies. The finanual reporting framework that hos been applied in thoir weparatbon is applica￿8 law ar￿ Unlted Kingdom A¢¢ounling Standards. including Financial Reporting Standard 102 {The Financial Roporting Stondard applicabl8 in the UK and Republic of Ireland) (United KIryd￿ Gonerally Accepled Ambnting ProGti¢el. In oui opinion the financial slalements.. give a true and fair view of the stalo of the ctharitablg companys affairs as at 31 A￿uSt 2025 and of ils Incomlng rèsourc6s and 8ppl6caUon ol ro8cAJrc8s, Indudl￿d its Sncomo and oxpgnditure. for the year thon endod: have b8en property prepared In accordance Unlled Kingth)m Generally Acceptèd AcCoun￿r￿j Practke,. and have prepared In accordane* ￿th thè requlr8ments of iho Companles Act 2CQ6. Balh for oplnlon We conducied our audit in accordance wth Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under ￿)se stsndwds are fvrther describod In th8 Auditorfs resp)nsibililie8 for the audit of the flnancial slat8menls section of our report. W8 ar6 Inde￿nd￿l of the Charitable company In 8ccordance with the gthlcol rgquirgmgnts that are r818vanl to our audit of th8 finandal statements in the UK. includlng thè FRC'8 Elhkal Standard, and we havo fulfilled our othor othical rospon$ibilitiè$ in accordance wlh Ihg$8 roqulremenls. W6 beliovè Ihal the audlt ovSdence we have i)btaln8d is sufficoent and approprfate lo provide a ba81s for our cplnlon. ¢onclu4lcn# r•l•tlng to golng conc•m In audlllng Ihe flnanclal slalements. we have condudgd that the trusle88' Use of tho golng conwn basis of accounting in the preparation of the finanaal stslemonts 1$ appropriate. Based on the work we have pèrfomed. w8 have not IdenlSfied any mglorfal unc•rtalnll63 ra181Ing lo evonts or condillons that, indlvidually or colleclsvely, may ust significant doubl on the enlitY8 ability to continue as 8 golng n¢em lor a peflod ol 8t lèast ts¥elve mnths Irom when finandal ytatèmènts are authorf88d Issue. Our re8pon8lbilities and the respcmsibilitio5 of tho trustees with respect to going o)ncam are d8scdbed In th• rolevanl secilons of thls rewL Oth•r Infonn•tlon The other Infrrfmalion ￿MpriseS the information Included in the annual rem other than the financSal stalaments 8nd our audilorfs report Ihereon. The Irustees are responsible for the other information contained wlthln thg annual report. Our opinion on the fin8ndal stslemenls dc•s not cov6r tha other Infornialion and, except lo the exlenl otherwise explicidy stated in our rewrt, V+* do not express any form of assurance rAndusion Ih8r6tsn. Our responsibility is lo read the other irrformalion and. in doing so. c¥)nslder whether the oth8r Infom)alion Is materially inconsisl8nl byilh the finanual statements cf our kr￿ledge obtained in the o)urse of the a￿111 or olhgrwise appears lo materially misstated. If identsfy such material inconsi51encies or apparent material misslalemenls, we arg r9quired lo d6t6min8 vthether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we havo porfonned, w8 concllth Ihal Ihgrg is a material mls8lalemenl of Ihis Othgr informatic￿. w8 aro r•quIr￿ to retKMt that facL We have nothing lo rgport in this regard. LA SCUOLA ITALIANA A LONDRA A COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF LA SCUOLA ITALIANAA LONDRA Opinions on oth•r mattor4 pr•*crlb•d by th• Compani•s Act 2006 In our opinion, based on the work undertaken in thè course ol Iho audil: the Inlomalion given in the trustees. r8Wt. which indut1es the dire¢lors' Tew)rt preparèd lor company law purpose5. for the financial yoar for which the financial s¢alements aro prapared is consist6nt with thè flnancial slalements.. and the dir6clors' réport Inc1￿19d wilhin th8 truslees. reF(fft has been prepared In accordance vAth appllcable leg81 roquiremenls. Matters on whlch w• ar• rnqulred to report by •xc6ptlon In the light of thé knovAedge and understanding ol the charitable wnpary and its 8nvlronmenl obtslned In the urse of the audit. we have Ml Identified material misstatements in the trustees. report. We have nothing lo rgport in ro$poct of the follown9 mattors in relation lo thich the Companies Act 2ts)6 requiT8S us lo report lo you rf, in ¢)ur opinion.. adequate accounting records have not be￿ k•pl. or rolum$ ad8quatg for our audil havo not boon wtrivgd from branchos not visited by us; or th& financial slalemenls are not in agreement vrilh the accounting records and relums., or cert8ln disclosures ol Iwsl8es' remunèration sp8cifigd by baw arg not mado.. or w8 have not received all the informaknon and explanations we require lor our audit,. or Ihg truslees were not enllued lo prepare the financial $ts18m8nts in accordance wllh the 8mall comp8nlès regime and tak8 advantage of thè small eompani8s' exomptKJns in preparing the truslees. report and frorn the requirém8nl lo prepare a 3tralegiG rgport. R•8pon8lbSlltl•$ of tru•t• As explained more fully Sn the Iruslees. resp)nslbililies statement sel out on page 5 Ihe trustees Iwho are 8180 the directors ol the charitable company for the purposes of company lawl aro resF4)nsible for the preparation of the financaal slalements and lor being ￿tisfIed Ihal they gNe a truo and fair viow. and for such inlemal eonlrol as the trus199s determine is necessary lo enable the weparatlon of ffinandal stalements Ihal are froe from malorial mi88talemenl, whether due lo fraud or effor. In preparing the financial slalem6nts. th8 trustees are responsiblè for assesslng the charitable company's abilily lo conlinue as a going concem, disclosing. as applicable, matters related lo going concem and using thé going oncem basis of accounling unless Ihe Iruslges oilher intend lo liquidatg the charitable company or lo cèase opgration$, or have no rgalistic altèmalivo but lo do ￿. Audltof• r••pon•lbllltlv for th• audR of th• fln•n¢lal •tst•m•nts Our objèctives art lo obtain reasonable assurance ab)ul wh8th8r the financial stat8m?nts 0$ o wholo are Iree from material misstatement, whelh8r due lo fraud or error. and lo issu8 an auditor's report that includgs our oplnion. Rea80nable assurance is a high level of assurance. but Is not a guarantee that an audit conducted in accordance wlh ISAS IUK) ￿11 always delecl a material rnisslatemenl vknen it exists. Misslalemenls can arise from fraud or error and are considered material if. individually or in the aggregatè, they could reasonably be expected lo influence the economic decisions of users tsken on the basis of thesfr financial stalémenls. Irregularities. including fraud. arg instsn￿5 of norKomplianc8 with laws and regulations. We design prfxedures In line with our responsibilities, ouuined above, to delect material misstalemenls in lgspact of irregularities. including fraud. Thè oxtent lo which our procedures are capable of deteckn.ng irregularities, induding fraud 1$ detailed below- LA SCUOLA ITALIANA A LONDRA A COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED TO THE MEMBERS OF LA SCUOLA ITALIANAA LONDRA Audltor's re¥pon*lbllities for tho aud6t of the finanelal stat•m•nts - contlnu•d Di5CU55ion5 wlh and enquiries of management and those ¢harg8d wih govemance were held with a view to identifying those laws and regulab.ons that could be expected to have a material impact on the financial slalemenls. Durin9 the engagement team bri8fing. th8 outcomes of theso di$cu$sion$ and gnquirigs wgre shargd with the team, as well as con$ideralion as lo Whe￿ and how frdud may occur in the enbty. The followin9 laws and regulations werg id8ntified as being o15ignificance lo the entity.. Thosg laws and regulations consldered lo have a direct effect on the financial statem8nts incI￿Ja UK financlal reportlng standar(Is, Company Law, and Tax and Pensions legislatson. Those laws and regulations for which non-compliance moy be fvnda￿ntaI to the oparallng aspects of th8 charitable company and Ihgf8fofe may have a malerfal effect on the finandal ststomonls Includg oducational, child welfare 8nd h8allh and s8fety legislation. Audit procodures undertaken bn response lo the polenbal risks r818ting lo irregularili&s (which indude fraud and non-compliance wlh laws arKI regulation51 comprised of.. inquiries of management and those charged with gov8mance as lo whelher Ihe entity c(￿pIleS wlth such laws and regulallons.. enquiries with the same conceming any actual or polontial liligalion or claims,. inspection ol r818vanl lègal corr8spondence', lesling the approprialen8$3 ol joumal entries.. and the pgrfonnance of ana1￿Cal review lo idontify unexpected movèments In account balances which may bo Indicative of frdud. No instanc88 of malarlal non-conwlonco were hjenlffied. However, the Ilkellhood of do1octir)g ifrggularits'g$. Induding fraud, is limit8d by the inheronl difficulty in del¢¢ting irregularities, the gffgcts'vgnoss of the entity's contro15, and the nature. liming arKI exlenl of the audit procedures perf0rrn￿. Irregu18ri1ie$ th81 resull from fraud might bo inherently morg difficult lo dot8ct than irrggularsligs that rgsult from error. As explained above. there Is an unavoidable risk that material misslatsments may not ￿ dtstsctsd. 8ven though the 8udil has been plannod and perfomigd in accordance with ISAS (UK). A further dgscriplion of our responsibilitigs for the audit ol tho financlal stat8m8nt¥18 located on thè Flnancial Reporting Council's websito 81.. https..l/V￿￿.I1c.or9.￿k1audI1orsr0spx)nsib1lI1Tras. This d9scription forms part of OUT 8udil0rf8 rèport. U•• ofour r•port This report 13 made solely lo th6 charitsblè company's mèmbers, 88 a body, In aCCOfdan¢g With Chapter 3 of Part 16 of the Comp8nies Act 2006. Our audlt work has been underlaken so that we might state lo the charitable company S mombers those matters ￿ aré requirèd lo slal• lo them In an audito¢s report and for no other purpose. To the fullest exlenl p8miitt8d by law, we do not accept or assumg responsibility to anyone other ihan the charitablg company and the charilable ryHnpany's members as a body. for our audit wth. for this Igport, or for the opinlons we havg forniod. 26 May 2026 Phlllp Rob•rt H•m IS•nior Statutory AudFt¢rl tor and on behalf of Po¢kn•ll* Audlt Llmlt•d Chartered A¢¢ountsnts Statutory Audltor Henry Bfake House 46 Hullbridge Road South wo￿lhaM Ferrers Chglmsford Essex CM3 5NG LA SCUOLA ITALIANA A LONDRA A COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES OF INCOME FUNDS FOR THE YEAR ENDED 31 AUGUST 2025 INCLUDING THE INCOME AND EXPENDITURE ACCOUNT Unrestrfcted Re#trfet•d fund¥ funds 2025 2025 Total 2025 Tt>tal 2024 Income from: Donations Ilallan Consulate DonatSon Other Donations Grants Ev&nl$ $3,132 17.844 234 3.374 53.132 17,844 234 3.374 61.172 37,970 2,021 74.584 74.584 101,163 Charilablo aclivi119$ Arter school club Term 1888 Exténded hour provlslon Language school income Minlmum Funding Entivomgnt Rogistrallon f9e8 It81Ian courses Othgr In¢omo 61,604 1,201,049 31.545 61,604 56,128 1,201.049 1.144,183 31,S4S 29,739 998.990 903.467 122.320 64.572 5,251 5,100 73.910 47.267 14.496 49,769 998.990 122.320 5,251 73,910 14.496 1.510.175 998.9W 2.509.165 2,300,225 Investments Bank inler8sl r￿e1Ved Interest on AUGB loan 93,983 3.154 93.983 3,154 52,151 9,893 97.137 97,137 62,044 Total 1.681.896 998,990 2,680.886 2.463.432 Exp•ndStur• on: Ralsing funds Evènts 1.411 1,411 1.988 1,411 1.411 1,988 LA SCUOLA rfALIANA A LONDRA A COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES OF INCOME FUNDS FOR THE YEAR ENDED 31 AUGUST 2025 INCLUDING THE INCOME AND EXPENDITURE ACCOUNT Unrestrlcted Restrlcted funds funds 2025 2025 Totsl 2025 Total 2024 Expondltur• on: Ch8rilable activities School trip5 and travel Uniforms Advertising and marketing W8b5118 costs Lunch ¢osts Salaries Employers national Insuran Staff penslons Staff training Re¢ruilm6nl Rent Rates Light & haal Insurance Postage & slallon8ry Edue8llt)nal $uppli08 Ou•s and $ub$¢rlption$ Examlnatlon feos Telephon8 Computer costs R&pairs & fenewals Legal and professional fgos Plannlng lees Accountanw foes Audit fees CleaniThJ Staff welfar Bank charg8S Bad dobts Sundry expenses Irrecov&rable VAT Deprecballon Amortisalion Impairment 8.577 34.685 43,262 44.609 5,446 936 21,877 935.265 87,937 119.470 5.919 32,508 256,224 14.991 19,100 24,546 35,165 936 792 21,877 20.521 649.890 1.584.955 1,409.252 58.993 146.930 113.915 29.223 148,693 144,820 746 6,665 6.592 32,508 8,340 356.748 349.505 14,991 11,019 3.994 12,085 16.313 16.465 10.281 5.574 18.384 15,402 283 1,261 6.326 1 S,285 885 874 16.248 23,353 23.730 7,007 2S,456 18,798 100.524 16,313 10,281 18,248 283 6.326 765 5.869 23,730 14.906 136 120 10,379 10.550 10.725 3.250 35.046 2,713 2,059 5,121 4.428 8,456 5,396 15,087 16.197 10.440 4.140 21,165 7,390 35,048 2,948 11.590 5,121 4,513 8,456 5,804 15.087 16.197 19,134 6,144 38,006 4,548 11,512 15,224 5,113 9,935 3.173 52.111 233 9,531 85 408 1.698.343 938.983 2,637.326 2,42S.542 Intgresl payablo 302 Total (1.700,0541 1938.9851 (2.639.039) 12,427.5301 Ntrt In¢om• for the yow 118.1581 60.C(15 41,847 35,902 R•concllSatlon of funds.. Total funds brought forward 1.953.441 SS,591 2,009.032 1.973.130 Totsl funds ¢arrl•d forward 1.935.283 115,596 2,OSO,879 2.009,032 10 LA SCUOLA ITALIANA A LONDRA A COMPANY LIMITED BY GUARANTEE 8ALANCE SHEET ASAT31 AUGUST2025 2025 2024 Nonook v•lu• Al 31 August 2025 88,521 15.035 103.556 Al 31 August 2024 87,608 9.874 97,482 17 LA SCUOLA ITALIANA A LONDRA A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Investm•nts 2025 2024 AUGB investmenl Non-current Current 36,332 91.909 39.929 39,929 130,241 Balancè as at 1 Seplomb8r Repayments Interest Impairment 130,241 177.269) 3,154 116.197} 220,843 {114,1671 9,893 13,672 39,929 130.241 Th8 Inve81m8nt 1$ two programm rdaled concessionary loans lo the landlord of the prop6rty from which th company ¢)wrates. The landlord has agreed lo ropay £593.551 over a ten year period, interest free. For rinancial reports'ng purposes. the present value of the cash flows at Inceptlon of Ihe agreement was eslimalod al £515,606, ￿th th8 balanco being treated a$ financè incomè over the tèmi of th• agreamonl. An a￿￿5￿0Thal Sum 01 £67,197 was loaned durfng 2022, repayable over threo years, Inleresl free. Th18 was accounted for in the same fashion. with the pr8s8nl value of the futur• cash fl¢YW8 al Inc8plion esumalod al £61,763. Thls amount was fully repaid during comparaiivo F4ri0d. FollovAng a r8vl8w of the expected future c88h flo￿, an Impalrn)onl h88 been rocognlsed. This 1$ 4 dobt Instrument mèasured #l am¢ytIs￿ ¢>MI. D•btor• 2025 2024 Trade debtors Prepayments and accrued Income 396.155 328.990 350,038 217,199 725.145 567.237 Included in prepayments and accrued Incomo is £90.CKKI. whsch is aftèr one year,12024 - £90,000). 18 LA SCUOLA ITALIANA A LONDRA A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Credltors: amounts falllng du• wlthln on• ￿•r 2025 2024 Trade creditors Accruals and deferred Income Taxation and social Security Other creditors 14.108 854,132 87,020 158,732 14.319 916.595 24,041 143,544 1,113,992 1.098,499 A¢Gruals and deferred in¢ome includes £814.964 of deferred incoma (2024 - £879,064). D8f8rr8d Incom8 represents lem fees and language schocl luilion fees for the following autumn paid before the year end. The 8nlir8 amount 18 reco9nlsed as income in the followng accounting poriod. 10 Stst•m•nt of mov•mnts on funds Balanc• 1 S•pt•mb•r 2024 Incr••s•d l Balan¢• 31 ID•cr•a8•dl August 2025 Tr•n•f•r• Operational resems 156,651 384.913 (3.071) 538,493 Building Fund- Designated 1.796.790 {384.913) {15,0871 I,3￿,790 Restdclod Fund - Language Teac*8rs SS,591 60,005 115.596 2.009.032 41.847 2,050,879 Th& builtjing fund has begn ostobllshed. In 8nll¢4pation of a movo lo largar promisos. in th8 future. Tho fund Is Intended to cover Ihe increased ￿$ts of thtse promisos, until thoy ba operatad al capacity. Th• languago teacher5 fund ropT058llts th8 sU￿lUS OT dofi¢it achieved for the prov1s1￿ of language tuition. 11 Employ0•5 Numb•r of •mploy••s The average monthly number of omploy8e$ linduding directors) during th• yoar was.. 2025 Numbgr 2024 Numb•r Administration Teaching Cafeteria Language teachers 22 19 41 42 73 70 19 LA SCUOLA ITALIANA A LONDRA A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 11 Employe•s - contlnu•d Employment costs 2025 2024 Wag9$ and salaries Social security costs Other pftns￿n cosis 1.584,955 146,930 148,693 1.409,252 113,915 144,820 1.880,578 1,667,987 On8 employ86 eams bétwe8n £60.CW ofKI £70.OLKI lexduding employerfs pension contributions} and One omployee earns be￿98n £100,000 and £110.(￿ 12024 - one employee eamed between £60,¢)00 and £70.000 8nd one employee eamed bètwé6n È70.(MKI aThJ É80.LW). During the year. Alb8rto Pravettoni. a trustee had travel expen8¢s of £180.65 paid for by the tharity. Memb8r¥ of key managemonl receivod remuneration {including employerfs pension and notional insuiance conlribulionsl of £224,92412024 - £233.4201. 12 Contlngent Ilabllltl•• On c8ssatSon of th91gase for 156 Holland Park Avenue. the landlord may requlre the chortty lo rgmove some of Ihe improvements that have been mad8. No provision has been made for th1$ cost in these Ilnanclal slal8menls. as il Is not certain that the landlord will require this work and the Cost ¢annot be evaluatèd ¥￿th any cgrtalnty. Unlgss renewgd, Ihe lease lemiinates on 8 September 2031. 13 Flnan¢l•l ¢ornmltm•nts Al 31 August 2025 the company was committed to makiTrJ the following payments undor nOn￿Ance$lab1& operaling1oase$'. 2025 2024 Within ong y¢ar Between one and five years 159.633 244,321 159,633 159.633 403.954 The commilmgnl shown above covers rant of th8 companys main prèmises to 8 May 2028. The company has not exercised the break dau5e in ils leasè. As a result of this. the company will actualty continue maklng lease payn)ents until 8 May 2027 {154 Holland Park Avenue) and 8 September 2031 {156 Holland Pa Avenue). LA SCUOLA ITALIANA A LONDRA A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 14 Analysls of net assets bolwoen fvnds 2025 Total R¢strl¢l•d - Oper•tlonal Language R•servos T•achers Bulldlng Fund Tangible assets Non-currenl investments Current debtors Non-current debtors Current Snveslments Cash 8t bank and in hand Less.. Creditors.. Amounts falling due within one year 15,035 88,521 103.556 176,804 458.341 635,145 90,000 39,929 2.296.241 90.000 39,929 774,007 1,178,340 343.894 (405.102) {708.890) 11.113,9921 115,596 538.493 1.396.790 2,050,879 2024 R•$lrlct•d - Oper•tlonal Language R•$erve# Tea¢h•rs Bulldlng Fund Total Tangible 8ssels Non.currenl investments Current deblNs Non-currenl debtors Current investments Cash at bank and in hand Less.. Creditors: Amounts falllng due wllhin one year 407 9,467 87,608 38,332 97,482 38,332 477,237 90,000 91,909 2.312,571 77,154 400,083 g),t)00 91.909 465.480 1,488,941 358,150 (380,120) {718.379) {1,098,4991 55.591 156.651 1.796.790 2,009,032 21 LA SCUOLA ITALIANA A LONDRA A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 1 S R•¢oncSllatlon ol cash flow from oporatlng actlvhlm to Incom• 2025 2024 N81 Incoma for tho yoar 41,847 35,902 Chang8 in debtors Change in creditor8 Oepreeialion AmortIsal￿n Impairment Interest from investing aGtivilios {157,9081 11.287 5,804 1 S,087 16.197 13,1 $41 1294,4301 182,002 3,173 52,111 {13.6711 19,8931 170,8401 144,8061 In calcsJlatin9 tho change In ¢redilofS £8.CW has been exdudad from th6 balance In raspecl of fixad asset crg<1itors as at 31 Augusl 202512024 - £0). In calculating the chang8 in credilors £nil has bgon ex¢ludod from the balanco In respgGt of inveslment r•paym8nts offsgt again$1 unpaid gxp8nses as al 31 August 2025 {2024 - £11.487}1. In calculating the change in creditors £3.793 ha$ been ¢xdud¢d from the balan¢0 in r¢$w¢l of input VAT Included in the cash flows lo acquire langlbl8 flxod assèts 12024- £5401. 18 R•conclllatlon of mov•m•nt8 In n•t d•bt The charity h88 no debt, so Ihefe is nothing that vn)uld r￿d lo b8 disdosed In a reo)nclliallon of movements in nel debt that is not already shown in tho cash Ilow statomont. BKausg of thi$. no $uch roconciliation has boon prg38nted. 17 Relatod party transa¢tlon¥ In addition to what is shovm in note 11 The eompany inslruclèd Pini Fran¢0 LLP. in ￿1¢h on¢ of our tru$léo$ 1$ a partnèr. as a legal consultant to work on litigation lo rewver feos. Thg total expgnditurg on these transactions was £5.721, which 18 considered lo be less than the eosl of èngaging an irKleperKl8nl wacticè. £2,1(K) of this sum Is induded In trade creditors in note 9, on one month credit terms. A gift worth £300 wa$ providfjd to Kothorino Whi¢e$idg on her motomity18av8.