2023-08-31-accounts - Lycee International De Londres

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

Lycée International de Londres Annual Report and Financial Statements 31 August 2023 Clpary iThited ty Gwantee RryLStratK)n PthJrT)Er iM)33139 (ErylaTrJ arKI W8le51 Chwty Regth"on Numter 1160719 11111 *AD45JSJF• 2910512024 COMPANIES HOUSE

Contents Reports Reference and admini8trive detai15 of the school and its 9ovemors and advisers Independent auditor's port 13 Accounts Stement offinancial thities 17 Balance sheel 18 St*etrent of cash fbS 19 Principal accounting policies Notes to the accounts 20 24 Lycée Intemational de Londres

Reference and administrative detsils of the school. its govemors and advlsers Governo r A Vaissié (Chair) rs J Banks Oughourlian r L Bouvard rs J Camblin r E Caradec rs E de Fonlaubert r K Laurson r B Michaud r M Penrose Clerk to the Governo s C Diedreich rs M Rabaté Add Forty Lane 99LY Company registration numbe 033139 {EngLqnd and Wa) Charity Reghtration numbe 160719 Chief Operating Office r L BatLrt Audito uzzacott LLP 30 Woc*J Street ondon C2V 6DL Banke SBC 93- 599 Fulhan Road ulham ondon SUA Soli¢ito tone King LLP 6 Sl John's Lane ondon C1M4BS Lycée International de Londres

Governors. report 31 August 2023 The governors present theirannual rewrt and audited aceounls for the year ended 31 August 2023. The report has been prepar&J in xcordance with Part 8 the Charities Act 2011 and constitutes a directors. report the purpose of company legisfation. The financial statements have been prePad in accordance wrf(h the accounting policies set out on page$ 20 to 23 therein and comply with the charitable company's Memorandum and Articles OfAsscciatn. applicable laws and AccountirvJ and Reporting by Charrties.. Statement of RecommerKled Practi¢e applvble lo chants'es preparirrfJ Iheir accounts in accordance with the Financial Rewrting Standard applicable in the Unrted KIn10M ard Republ of Ireland IFRS 1021. GOVERNANCE, STRUCTURE AND MANAGEMENT Governance The chantsbFe company. which is governed by a memorandum aThJ arbcles of association, was in¢01rated as a company on 9 May 2014 and reg6teBJ as a charity on 2 March 2015. Governor5 The govemor5 who ser during the year and up to the date of Signing the xcounts were a5 folh)ws." rs J Banks Ou r L Bouvard. rs J Camblin Mr E Carade¢ Mrs E de Fonlaubert Mr K Laurson. Mr B Michaud Mr M Penrose r A Vaissié houdkgn. 'Member of FinCe CcAnmittee No govemor or peison connected wlh a govemor recer4ed any benefit from ef(her means lesled bursaries or scholwships awarded to our pupAs. Govemots. responslblllties statement The govemors are required to prepa a Iruslees. reiNNt and )uTrts for each financial year in accordance with appluble W and United Kingdom Accounling Standards (United Kingdom Generalty Accepted A¢counling prt) Ihal give a true and fair view of the stale of affairs ofthe school and of its incoming resources and application of resources forthe year. In preparirwj &counts giving a true and fair view. the &Kivemors should follow best prxlice and.. select surtobk wiunling poliues and then appty them con5iStenlty.' Lycée International de Londres

Governors, report 31 August 2023 GOVERNANCE, STRUCTURE AND MANAGEMENT {continuedl Governors. responsibilities staternent Iconlinued) + observe the rnelhLyJs and princip$ in Accounting and Reporting by CharrtY&s'. Ststement of Recnmmended Practice applKable lo tharities preparing theiraccounts in accordan wrth the Financial Repo.ng Stsndard applrable to the Unite(l Kirydom and Republic of Ireland IFRS 1021. make judgements and estimates that are reasonable and prudent: stste whether appltcable Unfted Kingdom Accounting Standards have been folltjwed. subject lo any mrial departures dloSed and explained in the accounts". and • prepare the accounts on the going concern ba515 Un$$ it 15 inappmpriate lo presume that the school will continue in operation. The governo are responsible for keeping proper accounting records which disck)se wrth reasonable accuracy at any lime the financral position of the school. They also have responsibilty for safeguarding the assets of the school and for taking reasonable steps to prevent and detect fraLMI and other irregularib"es. Recruitment and training of governoTS All governors have been allccated areas of responsibility, whith, where p055ible, are in accordance wrth their ski115 and eXPernCe. Stone King refreshed and updated training for the govemors to erbsure Ihe rOS and respon5ibililies of the govemors were understood in February and March 2018. In addrtion. all govemors are invited lo attend reguLar safeguarding training to help in¢rease the understanding and awaTene5s of safeguarding practices In a $¢hcKsI setting. The most recent safeguarding training for govemors was in December 2023 and January 2024. The Governo attended training in strategic planning in September 2019.They are also provided wrth informaln about additJnal training opportunities as infOrMatn becomes available. Key management pernonnel The govemors consider that they, together wrth the Senior Leadership Team comprise the key managem1 of Ihe charityl and are in charge of directing and controlling ié. The Senior Leadef5hip Team i8 respCsIble for njnning and operating the charity on a day4aY basis. RUneratIOn for members of the SenKJr Leayership Te is set based on the corryjetrtive mawket rate for compafatNe fo requiring a similar skill set and experience in order for the individual to be successful. Salaries are revwed annually by the govemofs in line wilh the polt¢ies ofthe School and the contrxts of emplOynt Oryanlsational management The details of the Current g0morS and dirertors. and IIKJSe who hekl off during the year are set out on page The direclofs, are Ihe Charty Trust for the pO$e$ of the Charities Ad 2011, oversee the operations of the Chanty. Ful-lime paid errpbyees undertake the day-ltrday management of the School. The Board of Govemots n*els on average onee every months or per schc4)I term to discuss the affairs of the Charty as a whole. l Head ofschool. Chief Operating Officer. Heads ofthe Primary and Secondary Sections, Head of Pastoral and Students. SeNicesand Heads of Career Lycée InternatTronal de Londres

Govarnors, report 31 August 2023 GOVERNANCE, STRUCTURE AND MANAGEMENT {continued) Organisational management (continued) Each key operalKJnal aspect of the sch1 15 man&¥d through sub-ccmmittees whose members indude various Board rrEmbers and members of the School's operational management team. These sub-commrtlees cover areas such as ojrriculum, finance. communuttons, HR. heamh and safety. safeguarding, and governaneÈ. Wherever possible. the specialisms of the individual govemors are utilised in detemiining the ccffiposition of the vaTiOUS commiltees. Governovs. indemnilies The Chafrty has purchased a professional indemnrty poIY lo protect the govemors from loss arising from neglect or defaults of the govemors. This was purchased as part of an insurance package. Conn8cted charities Mr A. Vaissie is aLso a trustee of Wembley Educat Charrtable Trust (WECD. the landlord under a lease lor Ihe premises at 54 Foty Lane. Wembley. Middfe5ex. HA9 9LY between WECT and the Chanty. Risk management The govemors have asses5eJJ the major risks lo which Ihe Charity i% exposed and are satIsfd that systems are in place to mitsgate exposure lo the major risks. Along wrth all of rts policies and predures, the Charrty Tewews rts prctedures regularty to ensure compliance and that signrfKant risks are rTh)nilored and controlled. The key controls used by the Charity indude detailed bt prepaY*ion and monitoring, the. implementation of a IC¥J1 and consistent organisalh?n slnKture wich clear portIng lines, clear authorisalion and approval leve15 and. as and when necessay, the employment of extemal professKinal thtsets. A risk management plan has been Created in order to ensure the g¢werrK)rs are aware of the significant risks, how they are controlw and the extent to knh a resKlual risk remains. Inlemalional crises and the oNprall econcynic context triggered a perio¢l of high inftation. more specfficalty those relating to energy and fooj. of whbch the Consequen were fell again Ihioughoul this accounting year. eNEn though inflalK)n started to ease. The governors recognise their Tesponsibilty for the management of risks fxed by the Charty. Over and above these. the ar&is Klentified for partr attention wrthin our risk management strategy are". Loss ol key team membe The potential loss of key team members bolh the academK and adrrin&ralive sides of the School operations 15 managed by ensuring that Schctr)I poIleS on pay, beneffts and development opportunth.es are competitive as well as ensurirtg working conditions and the environrnenl are attrtive in order to retsin team members. In additn, continuty planning is in place to ensure that knowledge is shared and team membets are devebp8d and promoted from within wherever possib. Lycée Internatnal de Londres 4

Govemors, report 31 August 2023 GOVERNANCE, STRUCTURE AND MANAGEMENT {continuedl Risk management (Continl) Competition in the sector Increased competition in the sector. and the comparative school fee rate versus the ¢CAnpetition could leal to in enrolling SUffict students to maintain the operating expenses of the sch¢J)l. by ensuring that the elhos of the Sch¢xJl is unique, education, is of a high standard and appealing to a diverse rarye of peop. Fee levels are decided based on numerous consideratn$. irLluding the financial requirements of the School, an11ped admissions and the competrtive market pkn. Continued Impact of Brexit Brexit redLKed the number of French and French-speaking fnilieS rek>catirrfJ to London, and the introduckn.on of Msas for all non-Bntish nalionaL8, has an impact on staff costs and attrxtiveness, particulaty for staff from EU fflber-stateS. The School ensures that the educion provided is appealing to a broad range of families and 1$ unpaue in comparison to other offerings in London. The Board ensures a strategy is in place lo market the School effectivety maes a cons¢k)us effort to uThJerstand the profile and requirements of the potential fwnilies Ihal would conskler enrolling. tt is Ihe reason Y the Schcd.. introdLKed an English Internatn01 Programrre from September 2018 which prepares students for the Intemational Baccalaureate Dipk)ma Programme {IBDPI and is now an accredited 18 Workd School. 18 Workl Schoc4s share a common philosophy commrtmenl lo huh qualrty, cha191ng, inlemalv)nal education that we believe is important to OLFf students. For further information about the18 and its pr¢>3rammes, visit www.ibo.or openeA an Early yea Foundat Stage to children in pre-recept and ret£ption in September 2020. Each class has a French and an English•speaking teacher, encouraging bilingualism from the beginning of their education. Obtained a CIS (CourLil of Internatnal Schwlsl credrtaln in December 2022. Safeguardiry. Heafth and safety (H&S). Failing lo ensure the safety of Ihe students. staff and all members of the h0o1 community would undemiine the qualty of Ihe Schcrt)l and jeopardBe its reputation in the community- Rigorous pOh'cS and procedures and slaff training are in place to ensure that health and safety arNJ safeguarding arrangements are of Ihe highe515tarHJards and the Board audits these standard5 and their imptemenLty)n Teguiarty through the use of its dedicated sub- commrttees. Lycée Intsrnational de Londres

Governors, report 31 Augusl 2023 OBJECTS, AIMS, OBJECTIVES AND ACTivmES Princlpal charltable objects Through a rigorous, bilingual programme arhj innoYalp4e method5. we educale pupils to become responsible. creative and principled global cltizens. We teach them to think crilically and act elhicalty, to fom) and express their own opinions and respectthose of others. lo define Iheir Chvn lrfe goals and to make sense of aThJ embrace Change. Fundraising The s¢) does I1 actively furaIse as the majorty of income is from fee5 received. ahhough c¢casional donatnS are TNed. The schc¥)I has reNed no complain15 in respecl of fuThJraising. Plodem leamlng. tlmdess values The primary objective of Ihe entire Lycée Intematwjnal Imnston ChLtrchill teaching comrnunity is to contribute lo the intellectual devek)pment and persorbal fulfilment of each and every pupil. We devebp intellecl and charthr of our pupib to enab them lo lake on the challenges of the world. Capable of thinking themse$ and expressing their opinions with CA)nfidence. our pupils ' thrive in a bilingual and internatKsnal environment. underpinned by excellence and a dynamic fh)w of pedagogal innovation. Integrity. )urage and respect are the core values we encourage them lo develco, with the aim, uth'malety. that they beco£ Irue'gknbal crtviens.. Excellence Each student is entItl to the best p)SSib education &cording to theif needs. wrth the goal of achieving excellence in both intellectual and soual endeavours. We belEve that learning should be a fulfilling experience, and that schcol shoukl be a plxe fostering joy. creatNe thinking and openne$s. Our schoc4 encourages indivKlual and colledive iniliatwes. We want our chibjren to think posrtivdy abwt themsehes and to niSe and value their own talents and those of others. Creativity It is otjr fimi belfthat learning can take mutt1p forms, and therefore 15 enhanced by diverse approaehes as well as the re$rSib use oftechnobgy. We encourage our teachets to think and teach creatNety. lo use a variety of th(x1S. from lectures to prqecl-based, hands-on sessions. from books lo digilal resour and blended leaming. We expect them lo develop innovatwe iesson plans in order lo help each student discover his or her own leaming style, tslents and potential. We erou[89e them lo discover and understand the digttal wortd and make the best use of it. Integrity We believe that honesty ts of parwN)unl YnFrt)rtance in character buiwing. We encourage students to embra chalnges and wekome hurdles in every part 0fthr INes. We ask them to ry4vn their mislakes and learn from them. Community We encourage teamwo and foster a sense of cortxnunty and solidanty wthin and outside the School. from posrtNe collaboration and heajthy competition in the classroom to volunteering and communty involvenI both localty and globalty. We toc forward to support and collaboration from parents. whh in tum we offer lo familEs. Lycée International de Londres

Governors, report 31 August 2023 OWECTS, AIMS, OBJECTIVES AND ACTIVITIES (contin) Awareness We welcome sludents, families aNI plOyeeS from 811 backgrounds and cultures. We respect and celebrate their identrty. Irfesty, preference5 and indivtdual dTffererKe5. We expect every membei of our communty. children and adults. to do the same. Public benefft Lycée International de Londres. as a registered charty. is commrtled to providing public benefit to both the local community in 1MbleY and to the students. community that benefits from receiving the educabon it has lo offer. The School aims lo engage with the local communty through the hiring of its facilitFes to kcal clubs or indNtrdua at reduced res. and by akn supporting bcal govemment bodies such as Brent Cour11, tr) make the facilits available for events such as I1 election polling, rf needed. The 5thry)I welcomes Ihe Bt PolKe cadels lo its faulilies for Iheir weekty training sessions. Brent Music serVs uses the schcol for reheatsals hvo Ah1$ a week. In Ju 2023 the schwl hosted the DSL conference for Brent and welcomed BuOW Preparatory School pupils for vallous events. Through Ihe sch1, students paI1pate in the Duke of Edinburoh Award Scheme. Ouring the year to 31 Augu512023 Ihe participan15 donated 3.029 hour5 of voluntary seNice to the cal cc¥nmunty. The sctia5 value of these hours is £14.568. The School woubj like to ensure Ihat individuals of drver5e economic backgrounds have the opportunity to benefrt from the &Jucalion it provks. As a FrenCh-credrted school, Lycée international de Londres c4Jntribules 2% of rts turtion income to the Agence pour lenseignement franfjais a felrarger IAEFE) and all French students al the School can app to the AEFE means4ested bursaries prcgramme. Since September 2022 the school introduced a means4ested bursary sctreme to compliment AEFE Se7e and further ils goal. The French Scholarship FOUndan. whh E a registered charity, also offers means-tested financial support to sludents in the sch1. As a registered charity and a wryany limited by guarantee, wilh no external shareholders, any Suluse5 created from Ihe operation of the SchCK are reinve51ed in the edLKalion of the students and the Maintenan of ts equipment and prerni5es. This allows the fees charged by the schwl lo be remain as affordable as possib lo as many families as possible. The trustees have due regard lo Ihe Chanty Commission's guidance on Publ benefiL Objectlves lor the year Following the challenges of Brexit. Covid and the cost-of4Ning crisis. the School's focus continues lo be grvwing our student numbers. We are expbring riew ways lo bring the school lo the attenli¢)n of families WI are looking for an irtternational education using modem leaching lechnN4ues. The objectives of Lycée Inlemational de Londres remain consistent wrth those at the point of the Schod being eslablish&J in September 201S, and the vis)n lo Create the School whth began some years before. The School endeavoyrs trj ¢reale a nurturing and vibrant enwmnment where students and •Julis thrive, sharing the joys of leaching and leaming. In June 2023 the 5thJol had a succEssful Independent Sch1 In5peclorate IISII compliance insFeCtron. Rooted in the tradition of edallY1 exceller)ce. and aiming lo offer the most ldern pedagogul aFproaches, our ethos reflecls our commitinl to foster the development of the whole thild along with eolleetNe aChvernent through MUlu respect and dedicat)n. Lycée IntematKJnal de Londres

Governors, report 31 August 2023 OBJECTS. AIMS. OBJECTIVES AND ACTNMES {conlinuedl Objective5 for the year Ic(Jnlinuedl An enriching extra<urricular pr(yJramme enables stLKlenls to part1pate in activrties that challenge them both intelknlualty ard physralty. Opening Minds classes allow Secondary students of all year group5 Iwthether they are in the Baccalau81 tsnfjais section or the English Inlemalional Programmeth8DPI to expk)re new areas not Iraditionalty taught in secondary schools. The Service Leaming Programme. part of the School's wider Global Travel Programme. offers lrfe-enrrhing eXperienS for students ol all ages to explore different cuttures and enwrOnWnls that exist in less fortunate eonditK)ns than those they are familiar wf(h, and enables them to give bxk and enrich the Iwes Df others through their service. These activrties were curtailed for the period of the pandemic. Inlemational trips have resumed in 2022-2023 with a European focus to recc¥Jnise the issues surrounding suslainabilty- Slratsgies to achieve the obiectives lor the year In order to fvlfil the potential of the School and the aims hh1Jhted above, a highly tslented and dedi¢ated team of exper &Jucational prOfeSsnal5 has been assembled. These indmduaks are empowered to push the boundaries of traditional education and engage students in a modem environrrEnl equipped wrth the latest edwatKJnal technology and equipment. The facilit$ and learning environment remain exceptional. Cla5sr(J)ms contain digital projection facilf(ies and Apple Tvs for connectiThJ lo the iPads whth are provided individual lo all teachers and Sendary students. In October 2022 the school became 8n Apple Distinguished Schwl, one of onty 689 in the world. HNJh qualty WIFI ts available across the Sch)1 buildings and digtsl conferencir¥J fw"lrties are available in a number of areas. The sch1 canteen is frtted outto hosprtalrty starvjards and 15 operated by a specialtsl caterer. The Gkjbd Twel Programme resumed in 2022-2023 1$ man•ged by an exFerienced educator who works with reputab providers. DestinatK)ns are seleded based on the experien and kncetsJe of the trip aders. whilst provKling exceptKnal opportunities for the students lo about rbew cuttures, environments aryj develop their language skills as well other sockgl skilL8. Sustainabilty is an important fxtor when selecting potential destinatn$. Tirre dedicated to planning and arrangir¥J trip5 is within the job description of the ccw)rdinator who is supported by the schI,s LeershiP Team in regular planning Se$sn$. Prlncipal developments in the year In rts eighth year. the average number of students was 830. The students came from 570 fJnilies from all over the wodd. 37 new members of $taff joined the School during 2022-2023. 570A ofwhom are inlemath?nal and 40% lof all new members of staffj were to LorKlon. The staff were inducted into the policies and predureS of the school and reCeId safeguarding training, Staff well-being has remained one oflhe rner stones ofour HR Pol9 and ourstaff well-teing champions have 5UPPOrted all slaff members when the need ar¢)se. The Eady Years Foundion Stage has been sleadity grwng in number5 5in¢e its inception in 2020 enabling more students lo benefil from our unvjue Eady Years dual language immersion programme from the age of three. guided by lexhers who each use their mother tongue alongside each other in a wam). famity-like setting. This setup creates the Kleal conditions for bilingualisrn lo Ilouri%h naturalty in a safe and nurturing environment. Lycée Internatnal de Londres

Governors. report 31 Aust 2023 08JECTS. AIMS. OBJECTIVES AND ACTMTIES {conlinued) Scholatshlp and butsary pollcy Following plan5 and provision made in Ihe previous year a mean54esled bursary scheme funded by the School was introduced in Seplember2022. The School 15 committed lo enabling as many indmduals as possib who would benefft from the education il provides to be able to access rt. The introduction of the scheme will be phased and aligned wrth the resources that the Schcd has available to dedute to tt as the schcol establishes itself further and In addrtion to the above. Lycée Intemational de Londres Wnston Churchill is acLredrted by the French ministe de IEdtKalion Natale which enables it to participate in the national French bursary scheme administered by the Consulate. The School currentty CntributeS 2% of its tuition revenues annualty as part of thi% accreditsIn. This forms part of the funds distributetl lo famils requiring finarrial supwt enabling them to receNe a French edLUtion acros5 the world. The French Scholarship FoundKin {FSFI offers financial asststance to families with pupils al Lycée Inlemalional de Londres Winston Churchill arbj at Collège frnnGatis bilingue de LOndS ICFBLI. Famil$ from both sth¢x)Is. wilh financial needs. may submf( an online app1t8tn. FSF handles all appln$ in an impartial arKI eonfidential manner in accordance with the financd assistance poly on the FSF website. Community access Engaging 4wth the k>cal community ts something the Schcol is dedicated lo doing. ReklK)n5hips wth local counal members are slroThJ and there has been positive work wi(h regards to the iMproveEntS in rc safety around the School. Several inrtiatives have been undertaken wrth Iccal schooLs and we plan lo develop these ielationships further over the coming months. The School also remains committ&J to opening up the use of ts facilities lo local organisaticS that woukl benefit from the spaces rt has to offer and its Communrty Access Plan has been linked to the Brent Council websrte to facililale this. Lycée Internalional de Londres

Governors, report 31 August 2023 REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Operational performance of the school The euhlh year of ¢)peralion for the Schcl. like the fi151 seven. was extremety positive. Enrolmenl remained in line wrth expectalions throughout the year and averaged 830 full-time equivalent students. 827 students are reg¢stered and committed to attending the School for its ninth year of operation. 2023-2024. The Schcol's We"te is an important souree of infomiatfln for prospective families and the design aTrJ content are frequenlty enhanced during the year lo reflect this. Thè portals used to distribute infomialbon to families. staff and govemors continue to be enriched. The Schoofs staff is in line wrth student numbers. All are passionate about education and t1r skills, dedtn and enthusiasm support the students. The Opening Minds classes contsnue to flourtsh and augment the curriculum. The After School Programme (ASP) offers new opportunrties for all students to engage in varuS age•appropriate actsvits from music to volley ball. The Garderie (after sChCl day carel remains slTOry and offered care to a increasing number of students as the Primary Sedwjn grows year on year. In November 2022 the school was honoured to recerve the ISA {Independent School Association} Senkjr School of the Year Award. a distinction that recognises excellence in students. adeMiC as well as personal development. The Tenle students acheved excellent su11$ in the Baccalauréal in June. The pass rate was 11x1%: 95% wth'mentions." 24% with"bien' and 47% 'très bien.. For the third b.me Inlemational Baccalauwle students graduated. 100YD of our students passed. 4A of them exceeded the UK average, and 25% receNed a nKqrk above 40. The Cae[S Departmenl worke(I diligenty with all senKir students, to help them think strategulty atrx)ut their future and support their applications to universities in the Uk and all around the wortd. wrthin the Class of 2023. 55•A of students are attending U.K. universits. of which 65% are part rf the Russell Group universrties. 29% are attending Higher Education institutions in France, of which 4% are Classes prépaR¢reS au Grdndes Écol&s. 80A are attending unNersities in Canada and the U.S. We also have 3% of students attending unwers((ies in Italy and Spain. Lastty. 4% a taing a Gap Year or completing a Degree ApprenlirEship. FINANCIAL REVIEW Results for the year A summwy of the resuls for the yew 15 shcwn on page 17 ofthi8 report accounts. The total income for the year ended 31 August 2023 arwunted to £13.076,000 12022 É11,978.OCQI. This indudes donalKJns of £11.000 of which £6.000 was unrestri¢led12022- £16,000 unrestricted). The majonty of other time was obtained from the pre-registration. regtratn and fees. During the yearend&J 31 August2023 totsl experKlilure d£l3,761.0(2022-£l2,l24.0O0) was incurred. The defrt of income versus expend(Cu for the year was £685,IXJO (2022 - def11 of £146,000}- Prrorto depiat)n being charged to the accounts the def1 of expenses against income was £386,000 {2022- £62.000 surplus). High level of inflation caused this deficit as well as an overall incwse in staff cost. It is %rth noticing that Ihe deficit before depreciation was knver than forecast in the intlial budget thanks to an irtrease in admissions throughout the year. Lycée Internatnal de Londres 10

Governors, report 31 AUst 2023 Reserves policy and financial position The cash posrtion of the school is strong and, while the aim of the School is to build up financial reserve equating lo three months of expenditure, rt is protected by the cash balance. Beyond this level, the investment of arty surplus reserves wll be al the discretion of the Board of Govemors but shall not indude the dwng or distribuiion of any funds from the Charity. Assets purchased or invested in shall be consitlered and appraised in terms of conversion back in to 6h Sho there be a requiremenl al any point. At 31 August 2023 the Sch(1.5 free reseNes lUn¢ted funds not lied up in fixed assets} were in deftrt by £273,CQO12022 - surplu5 of £376,000). Afthough free re5erve5 a loo km. the cash positNJn remains posrtive and gTrS the Schcol confKlence that this level can be improved in the coming years. In the absen of the three Inths. expenditure at this poin( the Finance Committee will continue to ckjsety nyjnitor the cash Ik forecast and monthty cash posrtion of the School lo ensure that positive cash Ilows through earty tuition fee colleclw are sufficient to outhigh any unexpected costs. The Finan Commrttee meets regulaty in order to reviw this matter and put in Pla any measures, such as expendrture caps. should they be deend necessary. In particular. at the current time. the reserves need to be sufficnl to enable the Charty to operate in Ihe current econw1 environment. Longer term Strateg plans are in place lo ensure that the financial slabilty of the School is maintaine(J as the number of pupils. revenue and the eosl base are expected to grow signrftanlty over the next 8-10 years. The fLrture reseNes poPLy of the School stsles that any financial reseryes generated are rwnvested into the education programme. or the protectkjn of the future financial success of the Schojl through the investment in assets convertible into resources should they be needed at any point. No dNKlends or distribulions are made by the SchoJl to any individuals or other organ*10n$. Golng concem The trustees have assessed whetherthe use of the going concem assumpkn.on is appropfiate in preparing these accounts. The trustees have made this assessment in respecl to a period of one year from the date of approval of these accounts. Desprte the total free reserves Carr fOard as al 31 August 2023 being in a def1t Position of £273,000, the budget scenarw)s show that the school can recL)ver its reserves position over the next 6 year5. Throughoul the year. the Schc¥Jl maintained a hearthy cash balance and will maintsin a positive cash balance in the coming years. The g¢)vemor5 do, hcwever. rwnise that there are a number of ¢hallenges in xhieving this recovery in the short temi, particukrty grven the nM)re recent cost pressures resulting from high and fluctuating rates of infiation. and uncertaintses which exist around the possible change of the lax stslus of indeperKlent schools n England. Vbftilst the degree of uncertainty described above rrants transparent disclosure, the trustees have conduded that rt does nol constilute a material uncertainty relaled lo going concem. The twstees are of the opinion that the chanty will have sufficient resources lo meet ils liabilrtbes as they fall due. ThefOre the finanaal ststenIS of Lycée International de Londres for the year ended 31 August 2023. have been prepared on the going concem basis. Lycée International de Londres 11

Governors, report 31 August 2023 FUTURE PLANS Desprte the current economic and polrtical environment, student enlment in September 2023 was in line wrth. in fact $ght over. bud9et and is e¥ed to remain stsble over the next fNe yeats. Demand for pl in the Eady yea FourKIth"cffi Stsge has increased and the School has expanded rts capacty in the area. These children are taught in French and English simultaneousty, creating a strong base to support bilingual education throughout the School. All year gTOUPS lo Terminalelyear 13 have been fully operdtional since September 2020. Demand foi places in the English InternatKsnal Programme has increased steadily so that rt now represents 18°k of sfvdents in the Secondary section. The School met the thallenge of an unprecedented period of high Inflatn. The School's resilience was tested once again as the job market is becoming increasingly compelrtive and pressures to raise salaries mounted. The School responded well to Ihe costf-11vln9 CTISIS and maintained a constriJctNe diak)gue with families resulting in heaf(hy admission levels. The goveino(s acknowledge recognisethe F4)tentkal impact of this new crisis on the future oper*K)ns of the Charty, r(s beneficianes. partners and stakeholders and on whler society. As inllatK)n stsrted to ease, the pressure on expenses femained high. Athough there can be s¢)me experklitu savings, some items, suth as fd. utilities and maintenance cost more. Economic Pfessures wll remain strong and will impact the capacty of lamilies to pay hher tuilKJn fees. Hlywever the Govemots do not anticipate the financral pjsilion of the charity to be advetsety impacled or its SOer threatened. In so far as the governors are ware at the of approMrMJ our govemors, annual rewjrt.. • There is no levant infomaton. being inforntn neeiled by the auditor in COnntIon ith preparing lThr report. 0fwhh the Chanty's auditor is unaware.. and • The govern5. having made enquirtes of fellow 90MOr$, have each taken all steps that helshe oblvJed lo tske as a director in order lo make themselves aware of any relevant audrt information and to estsblish that the audrtor L% aware of all of that informatK>n. Approved by the govemors and signed on their beha by". K Laur5on Approved on". 2210512024 Lycée Inlemalb)nal de Londres 12

Independent auditovs report 31 ALWJUSt 2023 Independent audilorfs pOrt to the memberJ of Lycée Intematlonal de Londres oP10n Mfe have audited the financial slatements of Lycèe InternatInal de Londres {the 'charitable company'l for the year ended 31 August 2023 whth coryrise Ihe slalemenl of financial acINit, the balance sheel. and ststement of cash flows. the principal accounting policies and the notes to ihe financial stalements. The financial reporting framework that has been applied in their preparation is applKable law arrtj Unrted Kingdom Accounting Standards, induding Financial Reporb"ng Standard 102 'The Financial Reporting Standard applicable in the UK and Republ of IreLqnd' (Unrted Kingdom Generalty Aecepled Accounting Practice). In our Inion, the finala1 statements: • gNe a true and fair view of the slate of the charitable company's affairs as at 31 August 2023 and of its inclxne and expenditure for the year then ended,. + have been prcpety prepar&J in ance wrth Unrted Kingdom Generalty Accepted A¢¢ounling Prade.. arKI • have been prepared in aCcOrdae with the requirements oflhe Companies Act 20. Basis for opinion We conducted our audit in acdance wlh Intemalional Stwderds on Auditing IUKI IISAS {UK)l and applble law. Our sponSIbl1itieS under those stsndards are further described in the audilorfs responsibilil*s for the audit of the financol statements seclhjn of our report. We are Independent of the chanlable eompany in &COrdan with the ethical requirements that e relevant lo our audrt of the financial ststernents in the UK. Intluding the FRC'S Ethical Standard. and we have lUffild our other ethal respjnsibilities in accordan with these requirements. We believe that the audrt eviden we have obtained is sufficient and appropriate to prwde a basis for our opinn. Conclusions relating to going Coer In auditing the financial statements, we have c(Cluded that Ihe trustees. use of the going

nrn basis of accounting in the preparatton of the financial statements is appropriate. Based on the work we have performed. ¥ have not ¥Yentffd any material uncertainties relating to events or conditn5 that. indwidualty or colleclivety. may cast significant doubt on the charitable cMpanY'S ability to continue as a going concem for a per)d of at least tsvelve monlhs from when the finarria statements are authoris&J for issue. Our resp¢Jnsibdities aTrJ the responsibqrties of the Iruslees with respect lo going concern are described in the relevant seCn$ of thi% report. Other inforniation The other infofft)atKin comprises the infomiation include(l in the annual report and frnancial ststements, other than the financk81 slalements and our audilorfs report thereon. The trustees are responsib for the other informalK*n contained wrthin the annual report and financial stslemenls. Our opInn on the finanaal statements does not Thr the other infomialion and, except to the extent otheThvise explicitly ststed in our report, we do not express any form of assur cols1on lhere(. Lycée Intemational de Londres 13

Independent auditovs report 31 Aust 2023 Other inforniation Icontinuedl Our spOnsibl1ty is lo lead the other inforThKJn and, in doing so, considerwhetherthe other infornialn is Material iOnsIstent with the financial ststements or our knowledge obtained in the course of the audrt or otheThwse appears lo be Material misstated. If we identify such material Inconsistee$ or apparent material misstalements, VR are required lo detemine whelher this gives rise to a mater1 misslalemenl in the financial slalements themselves. If, based on the work we have perfonned, we conclude that there is a material misstatemenl of this other infom)ation, we are required to report thal fact. We have nothing to"report in thts regard. Oplnlons ¢)n olher matters prribed by the Companies Act 2006 In our opinion, based on the wort undertaken in the urSe of the audit.. • the information given in the tnjstees, report which B also the directors, report for the purposes of company L3w. for the finapLial year for whth the financial statements are prepared i% consistent with the financk31 stslements. and • the trustees. report. which is a150 the directors, re&K)rt for the purF¥)ses of rnpanY law, has been prepared in XCAJrdance wtth applicable legal requirements. Matters on whlch we are requlred to report by excepllon In the light ofthe knoedge and u[e[Standsn9 ofthe charrtable wnpany and its envIrrnent obtained in the course of the al1t. we have not idenlffied material misstatements in Ihe trustees, rewrt. We have nothing to report in respect of the following mattets in relation lo whh the CLYnpanies Act 20(6 require5 US to report lo you rf, in our opinion.. • adequate acccNJnting records 1ve not been kept. or retums adequate for our audit have It been receNed from braheS not Vi5rt&J by us.. or • the fina1 statements are not in reernent with thè atUnting records and retums.. Cen dthures of trustees. remuneration speu'fie(I by are not made., or we have nc received all the informal•)n and explanations we require for our audil,. or • the trustees were not entrtled to prepare the financkal staterrEnls in accordance wih the small compans regime and take advantsge of the small companies, exemptions in preparing the trustees. report and from the requirement to prepare a strategic report. Responsibilities of tntslees As explained more fvlly in the trustees. responsibililies stslernenl, the trustees (who are also the directors of the charrtable cc¥npany for the purposes of compa.ny law) are responsible for the preparatn of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Iwstees determine is necessary to enable the preparation of finarKial ststennts th are free from material rnisstslement, whether due to fratwj or error. In preparing the financial slatements, the truslees are responsible for assessing the charitab company's ability to conts.nue as a going concm. disclosing, as applicable, matter5 related to going concem and using the going concern basis of %untIng unsS the trustee5 either intend to liqUale the CharItsb company or lo cease operations. or have realist allematwe bul lo do so. Lycée Intemational de Londres 14

Independent auditows report 31 Augus12023 Auditovs responsibilities for the audlt of the financial statements Our objectsves are lo obtain reasonable assuranc£ aboLrt whether the financial statements as whole are free from material misslatemenl, whether due lo fraud or error. and to issue an auditorfs reFQrt that includes our opinion. Reasonable assuran is a high level of assuran, but not a guaiantee that an audit condLKted in acCordarewlth ISAS (UK) will aayS detect a material misststement when rt exi8ts. Misststements Can arise from fraud or error and are considered material if, 1ndUalty or in the aggregale, they coukl reasonabty be expected lo influence the eCOr1¢ decisions of users tsken on the basis of these financial slalemenls. Irregulities. including fraud. a irtstsrtts of Th)n-CoMlance wilh laws and regulations. We desvJn procedures in line vthh our respCSl1rtjes, oullined above, lo detect material misstatements in respeet (rf ¥regukrlts. including fraud. The extent to 1th our procedures are capable of detecling irregukrtties, induding fraud is detsiled beiow.. Our approxh to idenlfying aThJ assessir¥J the rS of materral misstatement in respect of irregularrties. including fraud and non-compliance wrth laws and regulations, was as follows.. the engagwnent partner ensured that the er@agement ten collectively had the appropriate competence. capabilities and skills to identrfy or recognise non<ompliance with applble Lqws and regulat., we ijenlffied the law5 and regulations appluble to the charrtable company through discus$K8 with management, and from our commercral knowledge and experience of the sector • the identthed laws and gutOn$ were communicated within the audil team regulady and the team remained alert to instarus of non<onN)1once Ihroughoul the audst., we focused on Specif laws and regulations whth we considered may have a direct materi41 effect on the aCcJnts or the aclNitEs of the charty. These included bul were not limited lo the Charilie5 Act 2011. the CompanE5 Act 2006,Ihe Financial Reporting Standard applicable in the Unrt&J Kingdom and Republ of Ireland (Charities SORP FRS 1021, the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Heahh and &ty Regulations. Data Prolectk?n and Safeguarding,. and we assessed the extent of cLwnplkqrKe with the IS and regulations bjenlthed above through making enquiries of management. inspecting legal corresponderKe and revwrrfJ trustee meeting minutes. We assessed the suseeptibility of the companys financial stslements lo material misstatement. induding obtaining an understaThJing of how fraud muht cccur. by.. making enquiries of management and those charged govemance as to where they constdeied there was susceptibilty lo fraud. their knowWge of actual. suspected and alleged fraud.. and conSiderg the inlemal controls in place to mitige risks of fraibJ and non<ompliance wrth Iws and regu$. To address risk of frwd th9h management bias arrtl override of controls we.. • Perfed anatytul prdreS to identfy any unusual or urexpecled relationships.. re joumal entries to wjentrfy unusual trans¥tion$" • tested the authorisation of expendrture as part of our subslantNe testing thereon., Lycée International de LorKlres 15

Independent auditorfs report 31 August 2023 Audltotrs responsibilitiès for the audit of Ihe financial statements {continuedl assessed whether jijdgements and assumptions made in determining the accounting estimates sel out in Ihe accounting policies were indutwe of polenlial bias., and used data anatytLs lo Jentsfy ary SJnIfnt or unusLkil transactions and identrfy the rationale for them. In response to the risk of irregularities and non-coMplnCe wrth and regulations. we designed wdureS IlUded. but were not limit&J to.. • agreeing finan¢HI stement disdosures lo undertying supportiny dLYumentation,' readirwj the minutes of Iruslee meetings.. etY4uirirKJ of management as to actual potential litigation and claims". and reVIL1n9 any avadable Cdence wh HMRC and the Charity Commission. There are ryiherent limilakns in our audit pr¢xethJre5 deScribj above. The rrrt)ie removed that kws and iegulalions a from ffinan¢o1 transactions. the less likdy il is that we would become aware of norfomplkAnce. Audrting stsndards also limil the aydil procedures required to Klenlfy non-complonce wth laws and wulations to enquiry of the twstees and other management the inSpeCtw of regulak)ry and legal corresponde, if any. Matenal misstalements that arse due to fraud Can be harder to detect Ihan Ihose that arise from error as they may invOe deliberate concealment or cdlusK)n. A further description of our reSsibilItieS is available on Ihe Financial Reporting Councifs website al www.frc.org.uklauditorsresponsibilrties. This description forms part ofour auditorfs repo Use of our report This report is made solety to the charrtable company'5 member5, as a boty. in accordance wiÉh Chapter 3 of Part 16 of the Companies Act 2006. Our audrt work has been undertaken so that we myhl stale lo the ChaIrtab company's members those matters we are required lo state to them in an auditorfs report and lor no other purpose. To the fullest extent permitted by L. we do not accept or assurr* re5ponsibilty to anyone other than the charitable company and the charitabte company's MerrS as a t4)Jy. for audit work. for this report. or for the opinbjns we have foffld. CathpJine Bi8coe (Senior Statutory AlitOr) For and on behalf of Buzzacott LLP. Slalulory Auditor 130 Woc<J Street London EC2V 60L Date.. 2310512024 Lycée Intemational de Londre$ 16

Statement of financial activities (including the income and expenditure account) Year ended 31 August 2023 R¢strtthi funds 2023 £'ooo 'ooo IncM •nd expend8 16 Charitat acbM¢Es . School fees aTrJ rda¢wJ 1&¢J43 13,1113 11,962 Totsl Inco 1&IM9 IJ.OS4 11,978 Exwndlturn on= Chariiable aLaMts . Pr(Ms r1edli t3.760 10 13,770 12.112 Corptyalk)n 12 Trlal •xp•ndllur• 11760 10 13.770 12.124 Net lexpendilurel inc (711) (7181 {1461 A011[all0 olfurth.. Balar bmwt frward at 1 September 2022 Balanus carrtEd lor*ard •t 31 August 2023 27 1,070 924 All of the school's xtNib"e5 derrved from conlinulig operations during the above pericd. All recogni%ed gains and losses ate indLMJed in the al)ve statement of finala1 ¥tNth'es. Lycée Intemational de Londres 17

Balance sheet 31 August 2023 2023 £'ooo 2023 2022 £'O(KJ 2022 Flxed assets Tangible assets 521 546 Current assets Deb Cash at bank and in hand 10 10.603 4.021 9.540 3.677 13.217 Liabrlilie8 Creditors wnounts falirg due within one e Net crTrt assels Total fietassets 114.937) 112,8391 13131 378 924 The fvnd5 oflhe chaiity: Funds and reserves Restricted ftjnds un$t[ed lunds 12 27 897 924 186 13 Approved by the governcS on 2210512024 and sb3ned on their behaK by K Laur50n Company wistration number.. 0133139 IEnglaTrJ arml Wales) Lycée Intemational de Londres 18

Statement of cash flow5 31 August 2023 2023 £'ooo 2022 £'o¢JJ Note5 C•$h Ilows from operallng •¢lfvltles'. N8t C85h PWDvthd by (uwj inl acbwl*s 618 12151 Cash from Inling actsv11s. Purchase of tar#Jsble frxed assets Net cash lused inl investing activities 12741 12741 11611 Change In c•sh and cash equfvalents In the year (3761 C•sh and ¢xh eqyiv•lents at 1 SeplÈmbÈr 2022 3.877 4,053 Cash and Cash equivalents at 31 AUgt 2023 4.Q21 3,677 Notss ts the $lal¢m•nt ofcash flovffj forthe yew lo 31 Aug1 2023 Reeonelllatlon of n•t movement In lunds to net cash provlded ty operatlng actmtles 2023 £'ooo 2022 £'ooo Net mov•rn•nt in funds {•$ per tho statsment of finandal activiti) Adjustments for. Depreciation charge IlncFEasel in debto Irease in creditor5 Net cash prnvided by (used inl operating aclivilie5 (716) (146) 299 11,0631 2,098 618 208 1842) 565 1215} Anatysls of cash and cash equFvalents 2023 £'ooa 2022 £'ooo ash at bank and in hand otal cash and cash equivalents 4.021 4,021 3.677 3.677 Analysls of ehang•s net debt At1 September 2022 £'ooo At31 August 2023 £'ooo Cash £'ooo ash 3.677 4.021 Lycée Intemational de Londres 19

Principal accounting pollcies 31 A[ust 2tr23 The principal accounting potleS adopted. judgements and key sources of estimation uncertainty in the preparation of the x¢ounts a laid out below. Basis of preparation These financial statements have been prepared for the year to 31 August 2023 with comparatNe infornian provthd in respect to the year ended 31 August 2022. The financial ststements have been prepared underthe historical cost convention with items recognised * cost or Iransa¢tK)n value unless ¢)therwise stated in the relevant accounting p)licies bebw or the notes to these financ1 statements. The financial ststements have been prepared in OrdanCe Accountiro and Reporting by Chafits." Statement of Recommended Practice applicable to charities preparing their accounts in dance th the Financial Reporting Stsndard applKabk in the United Kingdcxn and Republic of Irnd Icharibes SORP FRS 102 (Send edition)) issued in Oclober2019. the Finarbcial Reporting Slandard applb in the UK and Republic of Ireknd IFRS 102) and the CompanEs Acl 2006. The charity constitules a Publ benefft entty as deffined by FRS 102. The financial statements are presented in sterling and are rounded to the nearest thousand unds. Critical accounting estimates and areas of judgement Preparalion of the accounts reqUIS the trustees and Man1}1 lo make significant judgements and eslwnates. The items in Ihe accounls where these judgements and estimates have been maje include.. estimating the useful eCOTryn lrfe of tangible fixed assets for the purposes of detemiining the rale of deprecHtion.' estimating the provtsion for doubtful debts,. and eslimaling future inllcms and 0ufflo¥ for assessing goiry corKem. Assessmeni of going concern Thetruslee5 have assessed whetherthe use of the going eoncem assumptM)n is apFryriate in pTeparing Ihese aceounls. The trustees have made this assessmenl in respect to a period of one year from the date of approval of these &counts. Despf(e the total free reserves carrd fOard as at 31 Aast 2023 being in a def1t posrtion of £273,000. the budget scenari05 shTrw that the school can recover its reserves posrtitin ¢)ver the next 6 years. Throughout the year, the School maintained a healthy cash balance and wil maintain a px)srtwe cash balance in the comÉng years. The govemor5 do. hrywever. reco3nise that there are a number of chaInge5 in achIen9 this recovery in the short term. parttulaTty gNen the more recenl cost pressures resulting from high and fluclualing rates of inflation. aTrJ uncertaint$ which exist around the possible change of the tax status of indeper¥Jenl schools in EnglaNI. ilst the degree of urtcertainty described above wafrants transparent disclosure, the trustees have conctuded that it does nol constrtute a material uncertainty related to going concern. The trustees are of the opinhjn that the chanty wll have SUfflent resources lo meet its Ikgbilities as they fall due. Therefore the financial ststements of Lycée Inlemational de Londres for the year ended 31 August 2023. have been prepaTed on the going concem basis. Lycée Internalnal de Londres 20

Principal accounting policies 31 August 2023 Income recognition Income 15 recognised wi the pelic in the charty has entthmenl to the income. the amount of income can be rreasured reliabty and rt is probab Ih81 the income will be recerved. Inccffie cowises donats"ons. Sc)01 fees aThJ rekted charges. Donations are recognised vthen the charty has confiMtIon of both the amount and Settlement date. In the event of donalhjns pledged but not receNed, the amount is accrued for where the receipt is consklered prct>able. In the event that a donation is subj.ect lo ondftions that require a level of perfomBnce before the charity is entitled to the funds, the income is deferred and not reccgnised until either those condrth)ns are fully met. or the IlMen¢ of the wnd(¢IS is wholly wlhin Ihe Contr of the charity and it is probable that those conditions wiu be fvlfilled in the rwb'ng peri¢yJ. Donated equipment and faulrts provided lo the charty are recconised in the period when rt is probable that the econornic benefts will flow lo the charjty, promded they can be measured reliabty. Thts ts normèlty when the equipment is providedf(he facilities are used by the charty. An equNalent Jnounl is induded in fixed assets or as expendrture. Donated equipment and facilities are recognised based on the value of the gift lo the charity. which is the amount the charitywouhj have been willing to pay to obtain kn"lrtbe5 or services of equNalent economic benefft on the ¢)pen market. School fees other charges are Credrt to the statement of finanual actwities on a recewable basis with fees raised al the beginning of the financial year and deferred unt earned. Fees are nel of bursaries. scholarships and discounts. Interest on funds held on deposht is included when rVable and the amount can be measured reliabty by the chanty.. this is normalty upon notificatKJn of the interest paid or payable by the bank. Expenditure re¢ognltlon Liabilities are weeognised as expenditure ass¢Jon as there is a legal orconslruetive obligation comrnjtting the charty lo make a payment to a third paty, (( is probable that a transfer of econom benefrts will be required in Settrnent and the afflCnt of the obligat can be measured reliabty. All expendrture is accounted foron an xcnwls basis and is slated indusive of irrecoverable VAT. Charitable expendilure comprises expen(liture incurred in carrying OLrt the sthool's main activity of Ihe provision of edLKabon and comprises" • Teaching costs- the c05t of leachin9 and support staff salaries, including pension and national insuranee costs. book5 arKI other lurtion expenses, and the cost of games and activrties. • Wellare costs - all doffstie costs asswated with the school. inciuding employment costs. ¢suM8b al eatering costs. + Premises c05ts-all domest Costs associatedvthh the premises. grounds aTrJ e5tate5. • &hoJl management and minIstratI)n - the $ts of general administration and management oflhe schwl. • G¢)vemance costs wlUde whrth are diwty attribLtsble to kgal predre$ necessary for complwnce with slalulory requirements. Lycée International de Londres 21

Prlncipal accounting pollcies 31 A$1 2023 Taxation UK cOrporatn tax is payable on the ¢harity's taxable proffts for the year, rfany. A prO510n Is made in these accounts based on Ihe chaftvs estsmate of thi5 liability at the date of approving these acC(nts. Tangibh fixed assets • FUMitu and equipmnt Expenditure on the purchase and replacement of fumrture and equipment ¢osting in excess of £sc is capitalised and depwaled over fve years. Mthere il is aSSlated th maintenance of the premise5 a knnger period may be used tmjl never nKJre than the remaining kne term. • Catering equipnEnt Expendrture on the purthaseand rep1arnent ofcalering equpmenl is capitalised and depreciated over ten years. • IT equipment and softw¥e Expendf(ure on the purchase and repLgcement of IT equipment and sorare costing in excess of £SOO is capitalised and depreciated over four years. Unkn"131 August 2021 a pemd of three years was used. Debio Debtors are recojnised at their settknient amount, less any provision for non-recoverability. Prepayments are valued at the arTh)unt prepa. They have been discounted to the present value of the fiJture cash receipt vthere such discounting is material. Cash at bank and in hand Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturty of less than three IrsnthS from the date of wuisrtion. credito and provisions Creditors and provIsnS are reccJned wthen there is an ctsligation al the balance sheet date as a result of a past event, rt is probab that a transfer of economic benefft will be uired in settlement. and the amount of the settlement can be eslimaled lIablY. Credrtors and provisions are recognised at the amount the charrty anticipates tt will pay to settle the debt. They have been discounted lo the present value of the frJture cash payment where such discounting is material. Funds The funds of the school ccmprise reslrcted fvnds which must be applied for specific purposes in accordance wrth donorfs wishes and unrestrted funds whrh are availab for use in fijrtherance of the school's objectNes at the discretKsn of the govemors and Iru51ee5. Pension cosls The charity operates a defined contributn scheme. wth AvTva. for lehIng staff from 1 January 2021. Contributn$ in respect of the defined contribution scheme are charged to the statement of financLal trtieS ilthen they are payable to the sehemè. The charty has no Ikabilty beyond making rts contribuh.ors and paying &r<>ss the deductions for the employee contributKmS. The charity also operates a defined ¢onlribulion scheme. the Peoples Pension. for non- teaching staff. Contribulbons in respecl of the defined contribution scheme are charged to the ststernenl of financial XINeS when they are payable to the scheme. The charity has no liability beyond making its contrbulions and paying across the deductions for the ernploy contribut. Lycée Inlemational de Londres 22

Principal accountlng pollcles 31 August 2023 Leased assets Rentals app1Kab to operating leases where substantially all of the benefits and iisks of ownership remain vthh the lessor are charged to the statement of financial actwrties on a slravJht4ine basis over the term of the kase. Lycée International de Londres 23

Notes to the accounts 31 Augusl 2023 l. Income from donations Unrgstri¢ted fvnds £'ooo Rgstrlcted funds £'ooo 2023 £'ooo onat50ns 11 otal funds 11 untriCty fvnds £'ooo ReStted fvnds £'OLX) 2022 £,(0 natrons otal fund5 16 16 2. Income from school fees and related cha U#trIcted IndS £'ooo Re$trkted funds £'ooo 2023 £'ooo re-wistralw fees eg15trats.on fees od fees fter School actiwiS ire ol facilit$ uke of Edinburgh awards sceme evision 31 233 12.122 135 31 233 12,122 135 11 65 14 14 xams 282 13.a43 282 13,043 23 Total funds Unrestrided fijnds £'(J)o R85ti1¢d fijnds 2022 £'o re-registrats. fees agtstration fee5 od fees fter School actmtss ire of facilit*s uke of Edinbvrgh awards sckne 37 249 11,173 155 143 69 37 249 11,173 155 143 69 ams 62 67 62 67 11.962 022 Totsl fuThJs 11 11.962 Lycée Internat)nal de Londres 24

Notes to the accounts 31 August 2023 3. Ex nditure on rovislon of education Unyestrlcted Restrictod funds £'ooo 2023 £'ooo £'ooo Recruitrnenl costs alaries and wages {rKte 6) her staff costs Pfetntses chool rnanagernent aj admintstration overnae costs (note 41 13 Total lunds 116 6,78S 322 6,785 322 4,678 1,827 32 13.760 10 4,688 1,827 32 13,770 10 UnresirKted Restricted fijnds £'o 2022 £'o(x) ecruiknent ksts alaries and wages (nots 61 ther staff costs remises chod management and adminv6trab¢ Vernar casts (note 4) 022 Total fLSnds 77 77 5,946 127 4,521 1.414 27 12.112 127 4.476 1.414 27 12,067 45 45 4. Governance costs Unrestrictsd fvnd$ £'ooo R•stricled fvnd$ £'ooo 2023 £'ooo 81 and prOfeSsal fees uditorfs iernunerath.on (11l"rJ VAD Statutory audrt seNices Other serwce5 023 Total fund¥ 16 16 13 13 32 32 UnreslrKted Js R8Stricted Jnds £'ooo 2022 £'ooo Legal arY professkmal fee5 l11$ remuneration [11111j VATJ . Statutory audrt 5er%es 022 Totsl fvjnds 17 17 10 10 27 27 Lycée Intemational de Londres 25

Notes to the accounts 31 AuSt 2023 5. Net expenditure and net movement In funds This ts stsled after ehargmg". 2023 £'o 2022 £'oc#) tafl costs (Thole 61 preciafron uditorfs rernuneration Statuto audit servTces Other services ratirwj lease commilments 6,785 5,946 13 10 3,208 3,207 6. Staff costs and remuneratlon of key managemenl pernonnel a) Slaff costs 2023 £'ooo 2022 £'o ges and Sa$ crdl secunty costs ension ujsts 5.587 640 558 6.785 4,8 557 5,946 b) Stsff Costs 2023 £'ooo 2022 £'ooo tsff rx¥sts per fUn ere as folows.. èaching remises 4711 150 1.924 6.785 4,165 154 1.627 chcd management and admin6trab.on c) Stsff numbers The average nurnber of empbyees during the year. anaWsed by funclffi, was.. Average Full tlme Average headeount equrvalent headcount 2023 2022 Full time equwalent 2022 2023 eathirJ Slaff remBes 74 73 71 67 chool managerne and *JmintstraD 42 37 114 48 125 37 109 Lycée Intemational de Londres 26

Notes to Ihe accounts 31 August 2023 Staff costs and remuneration of key management personnel Icontinuedl d) Higherpaidstaff The number of empkjyees who eamed an annualised salary of £60,000 or rTh)re {excluding employer pensron contribuln$ bLrt including taxab beneftsi duriThJ the year was as follows.. 2023 2022 No. 60.CQ1 _ £70.&)0 70.(K11 - £80.0 80,(l- £90,(MJO g0.CQ1 - £100.000 20.001-£230.0(XI 12 Pension contributions of £215.65912022 - £71.752) were made for the above employees during the per. •) Key Managem¢Peel The key management personnel of the charity in charge of directing and controlling the charity comprise the trustees and the 8 (2022 - n members of the senior leadership team. The running and ope(atirKJ of the charity on a day lo day basis is delegated lo the senKJr leadership team. The total renwneration (including taxable benefits, employerfs pensKJn contribut)n$ and employerfs natsonal insuran) of the key management personnel lor the year was £99).672 (2022 - £752.781). The governo recevRd no remunetstion (see note 71. Trustees. and governovs. remunernOon No trustee ty govemor recewed any muneralion in respect of Iheir seNices during the year12022 - none). No trustee or govemor recewed any rewnbursement of expenses duri the year12022- none). Two govemors currenty have chibjren attending Ihe school12022- Taxation Lycée Inlemational de LOndS is a registered chanty and therefore is not liab to income tax or corporation tax on incorre or gains derived from its charrtable activities. as they fall within the various exemptions availab to registered charrties. The corporats.orb lax charge in 2022 was in SpeCt lo traJirwJ tmt (the hwe of fxilthies). 2023 £'ooo 2022 £'ooo orpordtion tsx urrent tax on profits for the year 12 Lycée Intemational de Londres 27

Noles to the accounts 31 AUg$t 2023 Tangible fixed assets IT and Catemg solh¥aFe eouiwent £'ooo vipnent Totsl £'ooo At 1 Septenknr 2022 Athyitions DisposaLs At 31 ALb3USt 2023 1.fj61 1.615 197 11021 1,710 421 3.697 274 11021 3,869 1.738 421 Depreeiaiion At 1 septernt 2022 Charge for the year Elwninated on dwal At 31 AU$l 2023 1.475 1,405. 177 11021 1,480 271 42 3.1S1 299 11021 3.348 1.SSS 313 N•t book valu85 At 31 August 2023 At 1 Sek)tember 2022 183 108 150 521 $46 210 10. Debto 2023 e'ooo 2022 £'ooo Fees and charges Prepayments and accrued irtome undry debtors 10.168 8,991 163 10,603 11. Credito. amounts fallin due withln one ear 2023 t'ooo 2022 £'wo xpense tditorS ayroll creditors ccruals Deferred incx)me includiryj fees in adv* er tsxatkJn 2nd soci21 securty CA$ her creditors 334 29S 102 14.247 158 31 14.937 12.274 137 27 12,839 Lycée Intemational de Londres 28

Notes to the accounts 31 ALthJUSt 2023 Credito. amounts falling due within one year (continu&d) Irluded within the at is deferr&l iorne. TeL.ng to fees recewed in advarKe. as sel out belowT. 2022 £,0 2022 £'ooo eferred incx)me b ht fowrd at 1 Septemter 2022 rought forwa funos rea$&y in the year rtK)nal irKome deferrwj duriThJ the yeaf ferred InCc carried fon¥ard at 31 August 2023 12.274 112,2741 14,247 14,247 11,823 111,8231 12,274 12,274 12. Restricted funds The income funds crf the 5th1 include restricted funds ccmprisiw the followiryJ un8xpended balances lo be applied for 5pecrfc purposes.. September 2022 31 August 2023 £'ooo Income xpendlture £'ooo Fixed assets eStriCt donab'ons 27 Isi Isi 22 Septber 2021 31 August 2022 £'ooo IncL Expendiiure £'ooo £.0 ixed assets 72 1451 27 The fryed asset fvnd lateS to fved assets don*ed or cash received lo acquire Specific rrxed assets. The restricted donations fiJrKI relate5 to a donation received from APLIL, the parents, assOcli0n, for the improvernent of the 5erbior kjunge. 13. Analysls of net assets between funds Fund balarKes at 31 August 2(r23 are presented by.. Unrestricted fund$ £'ooD Restricted fund5 £'ooo 31 August 2023 £'ooo angible fixed assets urrent assets urreni liabibts.ès otsl nèt assots 499 14.624 {14.9371 22 521 14,624 114.9371 208 22 Lycée Internatronal de Londres 29

Notes to the accounts 31 AwJust 2023 Anatysls of net assets betwfftn funds {eontinued} Unrestricted ftjnds £'ooo ReStrted funcls £'ooo 31 August 2022 £'ooo argits fixed assets Urni assets 519 13,217 112.839) 897 27 546 13,217 112.8391 924 urrent liabilit*S olal net assets 27 14. Leasing commltments At 31 August 2023, the sch(1 the f011c.ng future minimum commrtmenls under non- cancellable opeTrting knes as folh)ws'. 31 Atygust 2023 £'ooo 37 August 2022 £'ooo nd and bulldlno9 Payments whKh fall d". Wrthin one year One tri h¥0 years Two lo five years Due after fve years 3,200 3,2t)O 9,600 73,067 3,200 3.200 9.600 78.267 31 August 2023 t'ooo 31 AugLLSt 2022 £'oc(J qulpme ayments whth fall d.. thin one year Or£ to years after fve yea 15. Related parties Rent of £3,200.000 (2022- £3.2,0CQl was charged under operating l&ase by Wembley Education Chantable Trust IWEcf), a charity whth has a commn truslee, Mr A Vaissié, wrth Lycée Inlemational de Londre& Lycée Intemational de Londres 30

nrn basis of accounting in the preparatton of the financial statements is appropriate. Based on the work we have performed. ¥ have not ¥Yentffd any material uncertainties relating to events or conditn5 that. indwidualty or colleclivety. may cast significant doubt on the charitable cMpanY'S ability to continue as a going concem for a per)d of at least tsvelve monlhs from when the finarria statements are authoris&J for issue. Our resp¢Jnsibdities aTrJ the responsibqrties of the Iruslees with respect lo going concern are described in the relevant seCn$ of thi% report. Other inforniation The other infofft)atKin comprises the infomiation include(l in the annual report and frnancial ststements, other than the financk81 slalements and our audilorfs report thereon. The trustees are responsib for the other informalK*n contained wrthin the annual report and financial stslemenls. Our opInn on the finanaal statements does not Thr the other infomialion and, except to the extent otheThvise explicitly ststed in our report, we do not express any form of assur cols1on lhere(. Lycée Intemational de Londres 13

The Trustees Lycée International de Londres 54 Forty Lane Wembley HA9 9LY

17 May 2024

Our ref LYC001/CHB/FD

Dear Trustees

Post-Audit Report – Year ended 31 August 2023

The purpose of this letter is to bring to the attention of the Board as those charged with governance the findings from our recent audit of the financial statements of Lycée International de Londres, for the year ended 31 August 2023, for your consideration and to enable you to address matters arising where appropriate. Throughout this letter, “you” and “your” refer to the Board. “We” and “our” refer to Buzzacott LLP. We appreciate that you will already be aware of some of the matters contained in this letter. However, in accordance with International Standards on Auditing (UK) (ISAs) we are communicating them to you formally.

1. Purpose of the audit

As auditor, we are responsible for performing the audit in accordance with ISAs (UK), which is directed towards forming and expressing an opinion on the financial statements for the year ended 31 August 2023 that have been prepared by management with the oversight of those charged with governance, and other matters required by legislation.

Our work has been carried out in accordance with our audit planning letter dated 7 November 2023.

Our audit work included consideration of the internal controls relevant to the preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of your system of internal control.

The matters being reported are limited to those that were identified during the audit and that we conclude are of sufficient importance to merit being reported to those charged with governance.

==> picture [190 x 23] intentionally omitted <==

Buzzacott LLP is a limited liability partnership and is registered in England and Wales with registered number OC329687 A list of LLP members is available at our registered office address as above. Registered to carry out audit work by the Institute of Chartered Accountants in England and Wales.

==> picture [596 x 9] intentionally omitted <==

==> picture [594 x 71] intentionally omitted <==

2. Audit progress

There were delays in receiving information required for the audit, with draft accounts including disclosures notes only being received on 12 December, whereas per the planning letter we expected to receive this information on 1 December 2023.

In addition, at the point of initial drafting this management report, we had yet to receive the trustees’ assessment of going concern and as such are unable to conclude on whether the going concern basis of preparing the accounts is appropriate. This is of particular importance given that as at 31 August 2023, the charity has negative free reserves and is in a net current liability position.

We were also awaiting an updated bad debt provision breakdown to reflect amounts that should be written-off due to being irrecoverable, as well as awaiting an updated version of the trustees report and a set of financial statements which includes all disclosures (e.g. key management personnel remuneration).

However, we would like to take this opportunity to thank all those with whom we dealt during the audit for their assistance and co-operation, in particular Ms Min Zhu and Mr Laurent Batut.

3. Annual report and financial statements’ format

The financial statements have been prepared, as last year, in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (Charities SORP FRS 102).

There are no significant changes to the format of the financial statements this year.

4. Auditor’s report

We do not propose any modifications to our audit opinion and, therefore, we intend to issue an unqualified opinion in our auditor’s report. The wording of our auditor’s report is unchanged from last year.

5. Adjustments made during the audit

A list of the adjustments which have been made to the figures presented to us for audit is attached as Appendix A. These have all been discussed and agreed with Min Zhu.

We will obtain written representations from you, as trustees, that you concur with these adjustments.

6. Unadjusted misstatements

A list of misstatements identified during our audit which remain unadjusted is attached in Appendix A. The list does not include items which are considered to be clearly trivial. We will obtain written representation from you,

==> picture [596 x 10] intentionally omitted <==

The Trustees Lycée International de Londres

Page 2 of 20

17 May 2024

==> picture [594 x 71] intentionally omitted <==

as trustees, that these are not to be adjusted, due to their lack of significance to the overall result portrayed by the financial statements.

7. Accounting policies, accounting estimates and disclosures

The accounting policies used in preparing the financial statements are unchanged from the previous year.

Our work included a review of the adequacy of disclosures in the financial statements and consideration of the appropriateness of the accounting policies and estimation techniques adopted by the charity. We found the disclosed accounting policies, significant accounting estimates and the overall disclosure and presentation to be appropriate for the charity.

However, we wanted to draw your attention to the bad debt provision. As detailed in Appendix A, we have raised an adjustment to write-off amount relating to historic aged debt from the debtors listing and bad debt provision breakdown. From our debtors work performed, we did not identify any further amounts requiring a provision, however from our testing of the provided amounts we noted one amount of £11k which had been provided for but then subsequently recovered. We are satisfied that the bad debt provision at the year end is materially correct, however we recommend that the provision is kept under review to ensure amounts provided for are appropriate.

8. Letter of representation

We enclose the draft letter of representation which we will request management and the trustees to approve and sign at the same time as the financial statements. This includes acknowledgement of the trustees’ responsibility for the design and implementation of internal controls to prevent and detect fraud.

As set out in our planning letter, we understand the following applied to the year ended 31 August 2023.

Trustees exercised effective oversight of management's processes for identifying and responding to the risks of fraud in the charity and a system of internal controls was in place to mitigate these fraud risks.
Trustees were not aware of any instances of actual, suspected, or alleged fraud, including misconduct or unethical behaviour related to financial reporting or misappropriation of assets.
There have not been any out of the ordinary transactions.

If the above information is no longer correct, please contact Catherine Biscoe or Freya Diffey.

9. Accounting and internal control systems

Our work during the audit included an examination of some of the charity’s transactions, procedures and controls with a view to expressing an opinion on the financial statements for the year ended 31 August 2023.

==> picture [596 x 10] intentionally omitted <==

The Trustees Lycée International de Londres

Page 3 of 20

17 May 2024

==> picture [594 x 71] intentionally omitted <==

This work was not directed primarily towards discovering weaknesses, other than those that would affect our audit opinion, or towards the detection of fraud. We have included in this report only matters that have come to our attention as a result of our normal audit procedures and consequently our comments should not be regarded as a comprehensive record of all weaknesses that may exist or of all improvements that might be made.

We found no significant deficiencies in the accounting and internal control systems during our audit. However, we have made some recommendations for improvements, which are detailed in the section below.

10. Observations and recommendations on the accounting system and financial reporting function

The table below provides a summary of any observations made concerning weaknesses in the charity’s accounting and internal control systems.

Observations included in the “A” grade (red) banding indicate that, in our opinion, there is a risk of significant financial impact on the charity that must be addressed immediately.

“B” grade (orange) banding recommendations relate to those issues where there is a risk of moderate financial impact on the charity, such as a control failure or the absence of a control in an area of moderate risk. These items should be addressed shortly.

Observations included in the “C” grade (yellow) banding indicates that the matter, although important, does not warrant urgent attention and should be addressed within an agreed timeframe.

Priority	No of points	Relating to
A	1	Doubtful debts
		Credit card authorisation
B	3	Online banking access
		Declarations of interest
C	1	Credit cards
Advisory	2	Cyber essentials accreditation
		Disaster recovery plan

Further details in respect of the observations and recommendations as a result of our audit work are given in Appendix B.

The matters have all been discussed with Min Zhu and Laurent Batut, who have appropriate management authority.

==> picture [596 x 10] intentionally omitted <==

The Trustees Lycée International de Londres

Page 4 of 20

17 May 2024

==> picture [594 x 71] intentionally omitted <==

11. Prior year observation

We are pleased to report that the following observations made last year have been satisfactorily dealt with:

Priority Relating to

Duplicate payment

Depreciation overstated
Control account balances

12. Materiality

Materiality threshold £196,000

Reporting threshold: £9,800

Materiality refers to the relative significance of a particular matter in the context of the financial statements as a whole. An item would be considered material if its omission or its erroneous inclusion would reasonably influence the decisions of those using the financial statements.

We are required to report corrected audit misstatements, and uncorrected audit misstatements in excess of our reporting threshold which is set at 5% of overall materiality.

Our materiality threshold is based on 1.5% of incoming resources. A lower level of materiality may be selected for specific areas of the financial statements and for some disclosure items e.g. transactions and other financial arrangements with trustees and their connected persons.

When considering the impact of misstatements discovered during the course of our audit and considering the implications for our report of such misstatements, we will refer to this level amongst other things. Whether a misstatement is ‘material’ or not is ultimately down to the auditor’s judgement.

13. Professional ethics

In accordance with our profession’s ethical guidance and further to our letter to you dated 7 November 2023 confirming audit planning arrangements there are no further matters to bring to your attention in relation to Integrity, Objectivity and Independence.

==> picture [596 x 10] intentionally omitted <==

The Trustees Lycée International de Londres

Page 5 of 20

17 May 2024

==> picture [594 x 71] intentionally omitted <==

14. Current developments

We have attached a summary of other recent and ongoing developments as Appendix C to this report. The matters included in this appendix may not all be directly relevant to the charity. However, we are aware that a lot of trustees are involved with more than one organisation, therefore we have included items for general information.

15. Updates, insights and seminars

As part of our commitment to the charity sector, during the year the Charity Team issues occasional Updates and Insights on matters of relevance to the sector and also holds a number of seminars free of charge throughout the year. We would be delighted to welcome representatives of your charity to our seminars or to add trustees and management to our email distribution lists if this would be welcome. News and Insights are also available on our website at News and insights (buzzacott.co.uk), where there is also an opportunity to sign up to our mailing list should you wish.

Conclusion

This letter has been prepared for your private use only. It has been prepared on the understanding that it will not be shared with any third party without our prior written consent and we can therefore assume no responsibility to any other party. Any recommendations contained herein are based on the information you have provided and UK law and judicial and administrative interpretation as of the date of this letter. Should the facts provided to us be incorrect or incomplete, or should they change, our recommendations may be inappropriate. Buzzacott LLP accepts no liability for losses arising from changes in UK law, interpretation or practice or in public policy that are first published after the date of this letter.

If you require any further information or assistance, we shall be very pleased to help you.

We would be pleased to receive your comments and reaction to this letter.

Yours faithfully

==> picture [596 x 10] intentionally omitted <==

The Trustees Lycée International de Londres

Page 6 of 20

17 May 2024

==> picture [559 x 72] intentionally omitted <==

Appendix A: Adjusted and unadjusted misstatements

Adjusted misstatements

		Statement of Financial Activities	Statement of Financial Activities	Balance Sheet	Balance Sheet
		Debit £	Credit £	Debit £	Credit £
1	DR Fixed Assets CR Expenditure Being the capitalisation of an item identified during repairs and maintenance testing.		10,253	10,253
2	DR Income DR Bad debt expense CR Trade debtors Being the write-off of a bad debt for one student and correcting the debtor figure being overstated for one student and understated for another student.	22,294 18,703			40,997
3	DR Bad debt provision CR Trade debtors Being the write-off of historic bad debt provisions relating to 2018/19 and 2019/20.			124,992	124,992

The above adjustments had the effect of increasing the charity’s deficit by £30,744.

In the operating lease commitments note, the amount due after 5 years had been calculated incorrectly as £44,267 but has now been updated to £73,067.

In the fixed asset note, a £102k presentational adjustment has been made to show the accumulated depreciation eliminated on the disposals as a separate line instead of being netted off against the depreciation charge for the year.

==> picture [596 x 9] intentionally omitted <==

The Trustees Lycée International de Londres

Page 7 of 20

17 May 2024

==> picture [594 x 71] intentionally omitted <==

A presentational adjustment was also raised in relation to the number of staff disclosed as higher paid employees as follows:

as follows:
Disclosure:	Per draft accounts	Per Auditor
£60,001 - £70,000	10	12
£70,001 - £80,000	8	8
£90,001 - £100,000	1	1
£110,001- £120,000	1	-
£220,001 - £230,000	-	1
£240,001 - £250,000	1	-

Unadjusted misstatements

		Statement of Financial Activities	Statement of Financial Activities	Balance Sheet	Balance Sheet
		Debit £	Credit £	Debit £	Credit £
1	DR Debtors CR Creditors Being the reclassification of debit balances within the trade creditors listing.			20,510	20,510
2	DR Accruals CR Tax charge Being the reversal of the tax accrual as potentially taxable income is below the small trading exemption limit		9,567	9,567

The above adjustments would have decreased the charity’s deficit by £9,567.

==> picture [596 x 10] intentionally omitted <==

The Trustees Lycée International de Londres

Page 8 of 20

17 May 2024

==> picture [559 x 72] intentionally omitted <==

Appendix B: Audit observations and recommendations

		Observation	Implication	Recommendation	Management response
A		Doubtful debts*:We noted that historic debtor balances, including in respect of ‘Les Petit Lutins Nursery’ are still being carried in the debtors ledger although we understand the debt is irrecoverable. We note that these debts have been fully provided against as doubtful.	If the debtors ledger includes debts which are irrecoverable it does not show an accurate position and time may be wasted in trying to recover such amounts.	We recommend that the debtors ledger is tidied and all irrecoverable amounts written off.	A Debt Management Policy has been drafted, to be discussed and approved by the Finance Committee.
B		Credit card authorisation:Our audit testing of credit card transactions found that there is no implicit proof of authorisation of credit card transactions. We understand that the current process is that a one- time-passcode is sent to the COO so the COO is able to approve the final payment. However, there is no evidence that these transactions have been reviewed.	If the individual transactions are not reviewed, there is a risk that some credit card expenditure may not be appropriate expenditure.	We would recommend credit card transactions are approved with signature or email authorisation to ensure that all expenditure is appropriate.	Email authorisation is chosen from April 2024 onwards to ensure that all expenditure is appropriate.

==> picture [842 x 9] intentionally omitted <==

The Trustees Lycée International de Londres

Page 9 of 20

1 May 2024

==> picture [594 x 71] intentionally omitted <==

B		Declarations of interest:We noted during our work on related party transactions that the charity does not require its trustees and key management personnel to document their close family members for the purposes of identifying transactions with related parties. In addition, we noted that declarations of interest forms did not include all interests as listed on Companies House and Charity Commission website.	Without such a procedure in place, there is a risk that the charity may unknowingly engage in transactions with close family members of trustees or management, or organisations controlled by these individuals. Furthermore, failure to disclose transactions with the individuals noted above may represent a material inaccuracy in the charity’s financial statements, since transactions with connected parties are generally considered to be material by nature.	We recommend that the charity expands its declaration of interests forms to include the close family members of trustees and management, as well as any business ventures controlled by close family members. In addition, trustees and management should be reminded that declarations of interest should include all interests, and the forms should be cross-referred to Companies House and Charity Commission to ensure completeness.	We will use the expanded declaration forms provided by our auditor from the year 23/24 onwards.
B		Online banking access:From review of users with access to online banking, we noted that this included employees who are no longer employed by the charity.	There is a risk that employees who have left the charity could access the online banking and set-up unauthorised payments. This is mitigated in this instance as in order to access online banking, the individual must have a secure key on which they receive the OTP to login, and these are now kept in a locked drawer to prevent access.	Whilst we note that management are in the process of removing these individuals from the online banking, we recommend that this process is completed on a more timely basis once employees leave.	Those ex-employees have been removed and we will make sure this process will be completed on a more timely manner from now on.

==> picture [842 x 10] intentionally omitted <==

The Trustees Lycée International de Londres

Page 10 of 20

17 May 2024

==> picture [594 x 71] intentionally omitted <==

C		Credit cards: As part of testing performed, we noted that credit cards are still held for employees who have now left the organisation.	There is a risk that employees who have left could access the credit cards to make unauthorised payments. Note that in this instance this is mitigated as the credit card is kept in a locked drawer and the OTP verification is sent to the company phone, which is in the possession of a current employee.	We recommend that credit cards are cancelled or the details updated on a more timely basis after an employee leaves.	The credit card has already been cancelled and we will deal with the matter more timely from now on.
Advisory		Cyber essentials accreditation: From our review of IT controls we noted that Lycée do not currently have any cyber security accreditation.	The benefits of the certification include increased confidence from customers and users, improved cyber security awareness, and reduced risk of cyber attacks.	We would recommend Lycée consider obtaining cyber security accreditation.	IT manager has been informed and will settle this matter in the near future.
Advisory		Disaster recover plan:We noted from review of IT controls, that Lycée does not currently have a formal IT system disaster recovery plan in place.	In the case of a significant adverse cyber attack or IT system failure, Lycée may not be adequately prepared to take appropriate action, resulting in loss of data, funds, or disruption of operations.	We recommend that a disaster recovery plan is prepared and reviewed by the Board, and that once in place, a dry run of the plan is undertaken.	The IT manager is working on getting the cyber security accreditation and on a business continuity plan. As part of the plan to make our network more resilient, we are working to get a second broadband provider with an improved bandwidth.

==> picture [842 x 10] intentionally omitted <==

The Trustees Lycée International de Londres

Page 11 of 20

17 May 2024

==> picture [559 x 72] intentionally omitted <==

Revised Auditing Standard

Trustees’ Annual Report and Accounts

Changes to UK GAAP

In March 2024, the Financial Reporting Council published amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland .

The amendments encompass a number of changes including:

a new model of revenue recognition designed to align UK GAAP with IFRS 15 Revenue from Contracts with Customers ;
a new model of lease accounting which brings assets under operating leases on to the balance sheet, designed to align UK GAAP with IFRS 16 Leases ; and
various other incremental improvements and clarifications.

The amendments will be effective for accounting periods beginning on or after 1 January 2026 and can be read at: https://media.frc.org.uk/documents/Amendments_to_FRS_102_and_other_FRSs.pdf

Development of new Charity Statement of Recommended Practice (SORP)

The new Charities Statement of Recommended Practice (SORP) had been expected to be published in August 2024 but will now be delayed until the amendments to the underlying financial reporting standards are issued. An update on the revised timeline of publishing will be issued in due course.

Background on the 15 topics for change that have been considered by the SORP Committee are available at: https://charitysorp.org/engage-briefings-to-inform-the-engagement-process-in-developing-the-next-sorp

Company size thresholds

The Government intends to lay legislation this summer to increase the (financial) thresholds that determine company size by 50%:

Micro entity thresholds will move from not more than £632,000 turnover to not more than £1m with the balance sheet total threshold increasing to not more than £500,000;
Small entity thresholds will increase to not more than £15m turnover, from £10.2m with the balance sheet total threshold increasing to not more than £7.5m; and

==> picture [596 x 9] intentionally omitted <==

The Trustees Lycée International de Londres

Page 12 of 20

17 May 2024

==> picture [594 x 71] intentionally omitted <==

The upper medium threshold will move to not more than £54m with the balance sheet total threshold increasing to not more than £27m.

Any company above the upper medium threshold would be classified as large. If legislation is passed, the thresholds are set to come into effect from financial years starting on or after 1 October 2024.

Further detail can be found at: https://questions-statements.parliament.uk/written-statements/detail/2024-0319/hcws354

Changes to UK Company law

The Economic Crime and Corporate Transparency Act received royal assent on 26 October 2023 meaning that Companies House will have more power to play a more significant role in tackling economic crime and supporting economic growth. Some of the changes introduced have a direct impact on how accounts are prepared and filed, whilst others impact how company information is collated, checked and stored. A summary of key changes are listed below:

Requirement for anyone setting up, running or controlling a company to verify their identity;
Method of filing accounts will be moved to being by software only;
Approach to filing small and micro entity accounts will be streamlined, with the option to file ‘abridged’ accounts being removed;
Updates to disclosures surrounding audit exemptions;
Limited partnerships will need to provide more information to Companies House with filing done by agents; and
Individuals will have the ability to suppress certain parts of personal information that historically appear on public record.

Further details can be found at: https://changestoukcompanylaw.campaign.gov.uk/

One of the biggest practical changes that will impact registered companies is the need to provide email addresses for Companies House with the aim to phase out paper correspondence in due course. Information on this change can be found here: https://www.buzzacott.co.uk/insights/companies-house-registered-email-addresses

HMRC have also confirmed that they plan to reduce the volume of phone calls received by its advisers by 30% by the end of 2024 in a bid to improve the quality of service provided and to encourage people to use its digital services.

==> picture [596 x 10] intentionally omitted <==

The Trustees Lycée International de Londres

Page 13 of 20

17 May 2024

==> picture [594 x 71] intentionally omitted <==

Charities Act 2022

The phased implementation of the Charities Act 2022 is now complete with all changes now being applied. The key changes relate to how trusts and unincorporated associations make changes to governing documents, new rules around selling, leasing or disposing of land and new guidelines on how gifts to charities that are merging are treated.

Further information can be found at: https://www.gov.uk/guidance/charities-act-2022-guidance-for-charities

Sustainability and reporting

Whilst many companies and organisations are including sustainability and climate change-related information in their annual reports, only the largest private and listed companies are required to provide such information. This disclosed information is not yet subject to any independent ‘checking’ which has resulted in the ‘greenwashing’ claims about some unverified information contained in annual reports.

June 2023 saw the issue of the first two international sustainability reporting standards aimed at improving trust and confidence in company disclosures about sustainability and climate change. The two IFRS Sustainability Disclosure Standards are internationally effective from 1 January 2024 although they have not yet been adopted by UK standard setters. However, it is likely that compliance will become mandatory in the near future. To begin with, the obligation may only be for large companies but, the ‘trickle down’ process is likely to require many organisations to ensure that they can provide adequate information to others in their supply chain who have the reporting obligation. As is usually the way, the reporting obligation will ultimately be extended to smaller and not-for-profit entities.

In anticipation of the above, it is advisable to start discussions around sustainability reporting and data early and more information can be found at: https://www.ifrs.org/issued-standards/ifrs-sustainability-standardsnavigator/.

Policy and Governance

Charity Commission 2024-2029 Strategy

The Charity Commission has published its new strategy with five key priorities:

To be fair and proportionate in its work and clear about its role;
To support charities to get it right but take robust action where they see wrongdoing and harm;
To speak with authority and credibility, free from the influence of others;
To embrace technological innovation and strengthen how its data is used; and

==> picture [596 x 10] intentionally omitted <==

The Trustees Lycée International de Londres

Page 14 of 20

17 May 2024

==> picture [594 x 71] intentionally omitted <==

To be the expert Commission - where its people are empowered and enabled to deliver excellence in regulation.

The regulator is in the process of identifying a set of strategic impact measures which will be published in mid2024. The Commission aims to report against those measures for the first time in the Annual Report for 2024-25, which will be published in July 2025.

The full strategy can be read at: https://www.gov.uk/government/publications/charity-commission-strategy2024-2029/charity-commission-strategy-2024-2029

UK Corporate Governance Code 2024

The UK Corporate Governance Code was revised in January 2024 with the key focus being to enhance transparency and accountability of UK premium listed companies and help support the growth and competitiveness of the UK and its attractiveness as a place to invest. The Code does not set out a rigid set of rules; instead, it offers flexibility through ‘comply or explain’ reporting against the Provisions. The main change in the 2024 Code is a new requirement under Provision 29 for a declaration of effectiveness by the board in relation to material controls which will come into force on 1 January 2026. The other, less substantial, changes to the Code will take effect from 1 January 2025.

The full Code can be read at: https://media.frc.org.uk/documents/UK_Corporate_Governance_Code_2024_kRCm5ss.pdf

A summary of key changes since the 2018 Code, as published by the FRC, can be found at: https://media.frc.org.uk/documents/UK_Corporate_Governance_Code_2024_Key_Changes.pdf

Charity Commission guidance on investing charity money

The Charity Commission has recently streamlined its guidance on investing charity money making it more accessible to trustees. Amongst other things, it:

reminds trustees’ of their principal duty to further their charity’s purposes as part of setting and reviewing its policy on investments;
reiterates that trustees’ own judgement may be used on whether to restrict investment in organisations that contradict their mission;
Advises that trustees may also choose to integrate environmental, social and governance issues into their investment strategy to either boost returns or protect their reputation;
Advocates working with a professional firm to manage investments; and

==> picture [596 x 10] intentionally omitted <==

The Trustees Lycée International de Londres

Page 15 of 20

17 May 2024

==> picture [594 x 71] intentionally omitted <==

Acknowledges that there may be potential conflicts of interest that affect the use of particular advisors (e.g. if they are recommending to use their own funds or services without being able to demonstrate why those will serve a charity’s purposes better than others).

The full guidance can be read at: https://www.gov.uk/government/publications/charities-and-investmentmatters-a-guide-for-trustees-cc14

Charity Commission guidance on cost of living pressures

The Charity Commission has published guidance on managing financial difficulties as a result of the cost of living crisis covering key topics regarding trustee duty and decision-making, practical tips on what to do in situations where charities are in financial difficulty, what to do if the charity cannot continue to operate and a reminder on reporting serious incidents.

The detailed guidance can be seen at: https://www.gov.uk/guidance/manage-financial-difficulties-in-your-charityarising-from-cost-of-living-pressures

Charity Fraud Report 2023

The Fraud Advisory Panel issued its 2023 Charity Fraud Report in January 2024 following a survey of 121 charities, of which 62% generated income of over £10m, within the UK. The below key findings were noted:

36% of charities have experienced more instances of fraud than in the previous year;
50% of detected frauds were perpetrated internally (by staff, trustees or volunteers);
67% of charities agree that the cost-of living crisis has increased fraud risk; and
92% of charities experienced financial losses due to fraud (compared to 69% in 2022), with there being a shift to higher value frauds (over £10,000) taking place.

The report identifies that the most common frauds relate to misappropriation of cash or other assets, expenses, procurement, false beneficiaries or cyber matters with two-thirds of charities reporting that frauds were detected as a result of internal controls in place indicating the importance of designing a control environment with fraud risk at the centre.

Fraud prevention strategies include ensuring robust policies are in place (and are being followed) on cybersecurity, anti-fraud and conflicts of interest, whilst also ensuring adequate training is provided to those associated with the charity on a regular basis. A fraud response plan should also be devised and implement in case of any adverse event.

==> picture [596 x 10] intentionally omitted <==

The Trustees Lycée International de Londres

Page 16 of 20

17 May 2024

==> picture [594 x 71] intentionally omitted <==

The full report, including the Panel’s top tips for preventing fraud (on page 22 and 23) can be read at: https://www.fraudadvisorypanel.org/document/2023-charity-fraud-report/

Additional questions on Charity Annual Returns

The questions posed in the Charity Commission’s Annual Return have been updated for financial years starting on or after 1 January 2023. The most significant changes relate to smaller charities where, depending on the level of income, the number of responses required may be reduced. Narrative changes to some questions have been made to improve clarity and improvements in the glossary and guidance have also been made to help charities answer questions quickly and accurately.

The detailed list of questions can be found at Appendix 8 at the following link: https://www.gov.uk/government/consultations/charity-commission-revisions-to-the-annual-return-2023-25

Guidance on internal controls

The government has updated their guidance (CC8) on internal financial controls for charities. The revised guidance includes updates on digital payment systems, fraud and cybercrime. The Charity Commission's internal control checklist, a tool available for trustees and charity management to check controls against the latest legal requirements has also been updated to reflect the latest guidance. The Charity Commission recommends that internal financial controls should be reviewed at least once a year. The updated guidance and checklist can be found at Internal financial controls for charities at https://www.gov.uk/government/publications/internalfinancial-controls-for-charities-cc8

Trustee Quiz

The Charity Commission has released a new Trustee Quiz to enable trustees to test their knowledge of their roles and responsibilities. It is aimed to engage trustees with questions based on everyday scenarios in a bid to identify any knowledge gaps and to act as a refresher for all trustees. The quiz takes three minutes to complete with feedback provided for each question and a score out of 10.

The quiz can be found at: https://beingacharitytrustee.campaign.gov.uk/take-the-trustee-quiz/

UK employment law

A number of employment law regulatory changes have taken place in recent months including increases in statutory sick pay, updated redundancy pay calculations and national minimum wage increases which can impact organisations and their HR processes and documentation. The following insight provides detailed commentary on the changes and information on how Buzzacott can support: https://www.buzzacott.co.uk/insights/an-update-onuk-employment-law-2023

==> picture [596 x 10] intentionally omitted <==

The Trustees Lycée International de Londres

Page 17 of 20

17 May 2024

==> picture [594 x 71] intentionally omitted <==

A further development in 2024 was confirmed by the UK government who will be tripling the penalties for employing illegal workers from a minimum of £15,000 to £45,000 per worker: https://www.buzzacott.co.uk/news/penalties-for-employing-illegal-workers-in-the-uk-are-set-to-triple

Tax

Spring Budget 2024

The Chancellor of the Exchequer, Jeremy Hunt, presented the Spring Budget Statement on 6 March 2024. The key changes relate to an increase to the VAT registration threshold to £90,000, new tax credits within the creative industries and reductions in national insurance contributions from 6 April. The rate of capital gains tax on residential property will also be reducing to 24% from this date but for individuals, there are planned increases in passenger duty and vaping excise duty.

Further detail and analysis can be seen at: https://www.buzzacott.co.uk/news/spring-budget-2024

Charity tax returns – why are they so important?

Whilst it is not compulsory for charities to file a tax return, HMRC is able to perform random checks on charities to ensure exemptions are being claimed correctly. There is no blanket exemption on income generated by a charity because of their charitable status. If a charity receives income that does not fall under the available exemptions, then the profit element of the income will be subject to tax. The main forms of exempt charitable income are:

Donations and legacies;
Trading income, where this derives from activities in furtherance of or ancillary to the charity’s objectives, or activities carried out by the charity’s beneficiaries; and
Certain investment and property income.

If there is non-charitable trading income that does not fall under the above exemptions, the small-scale taxable trades exemption can be applied whereby a tax liability will not be applied if the non-charitable trading income is less than 25% of the charity’s total income, subject to a cap of £80,000. If £80,000 is breached, the total noncharitable trading income will be taxable.

Further information can be found at: https://www.buzzacott.co.uk/insights/charity-tax-returns-why-are-they-soimportant

==> picture [596 x 10] intentionally omitted <==

The Trustees Lycée International de Londres

Page 18 of 20

17 May 2024

==> picture [594 x 71] intentionally omitted <==

Charity Commission tax guidance

The Charity Commission has published guidance on direct tax obligations of charities and reliefs available. It is designed to allow charities access to relevant resources in one place with the guidance being available at: https://www.gov.uk/government/publications/charities-detailed-guidance-notes

Navigating the Employment Allowance and Apprenticeship Levy

HMRC is warning certain clubs and associations that they may be liable to pay the Apprenticeship Levy (AL) and are also no longer eligible for Employment Allowance (EA) relief.

The complexity of understanding eligibility for both the EA and the AL is the requirement to look beyond the payroll of the immediate employer and add the value of total payroll or the secondary Class 1 NIC liability of any connected employers. These rules are applicable whether an organisation is assessing eligibility for EA or AL.

Many unincorporated associations such as clubs, societies, religious bodies, amateur sporting bodies, and political parties, should be aware of these rules.

Further information can be found at: https://www.buzzacott.co.uk/insights/navigating-the-employmentallowance-and-apprenticeship-levy

Charity tax compliance consultation

HMRC are seeking views on several areas of concern (mainly in relation to abuse) in a consultation process which came to an end on 20 July 2023. The four areas that came under review were on charitable investments, noncharitable expenditure, tainted charity donations and filing obligations. HMRC do not intend to change the purpose of existing rules but want to ensure that they continue to be fit for purpose.

The results of the consultation have not yet been published but information on the process can be found at: https://www.gov.uk/government/consultations/charities-tax-compliance/consultation-charities-tax-compliance

IR35 and off-payroll working rules

New off-payroll working rules were introduced in April 2021 that impact the tax compliance burden for organisations who use project-based contractors. Details of the rules can be found at: https://www.buzzacott.co.uk/insights/new-off-payroll-working-rules-ir35-starting-from-april-2021

Benefits in kind

On 16 January 2024 the government announced that it will mandate employers to report and collect Income Tax and Class 1A National Insurance contributions on employment benefits through payroll software from 6 April 2026. This means that the 2025 to 2026 tax year will be the last year that employers will be able to file P11Ds and

==> picture [596 x 10] intentionally omitted <==

The Trustees Lycée International de Londres

Page 19 of 20

17 May 2024

==> picture [594 x 71] intentionally omitted <==

P11D(b)s with HMRC in most cases. From this date, tax on employment benefits will be collected in real time and not through tax codes in arrears. Class 1A National Insurance contributions will also be collected in real time for each pay period rather than at the end of the year. These changes aim is to reduce the administrative burden for employers with draft legislation due to be published later this year.

Business and non-business activities – new HMRC VAT guidance

On 1 June 2022, substantial changes were made to HMRC’s Business/Non-Business manual. Previously, HMRC have applied a ‘business test’ derived from case law of 40 years earlier. The new guidance prefers a ‘two-stage test’ derived from a Court of Appeal case heard in 2018. The test is:

Does the activity result in a supply of goods or services for consideration?
Is the supply made for the purpose of obtaining income on a continuing basis?

HMRC identify the following types of organisation as being affected by the change in the test:

Charities and not-for-profit organisations;
Businesses providing nursery and crèche facilities;
Entities that receive grants or subsidies; and
Any entity carrying out non-business activities.

In practice, most charities have both business and non-business activities, so awareness of the new test is important in relation to claims for VAT relief and on deduction of VAT on costs. Many disputes with HMRC have been about charities seeking zero-rating for buildings used for non-business activity. It has emerged in 2023 that HMRC’s new policy may affect entitlement to zero rating of building work retrospectively despite their earlier assurances that it was effective only from June 2022.

Detail on these changes can be found at: https://www.gov.uk/government/publications/revenue-and-customsbrief-10-2022-vat-business-and-non-business-activities

==> picture [596 x 10] intentionally omitted <==

The Trustees Lycée International de Londres

Page 20 of 20

17 May 2024