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2024-07-31-accounts

Registered number: 00910010 Registered Charity number: 1179820

ACS INTERNATIONAL SCHOOLS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

ACS INTERNATIONAL SCHOOLS LIMITED

CHARITY INFORMATION

TRUSTEES N E Bobay J B S Swallow C J Wille R M Macnaughton - Chairman P Mundy S B Jackson H M C Pinto T M Mose C N Banks M Whitmore (Appointed 01/08/2023) COMPANY SECRETARY G Charles

REGISTERED COMPANY NUMBER 00910010

REGISTERED CHARITY NUMBER 1179820
REGISTERED OFFICE Heywood
Portsmouth Road
Cobham
Surrey
KT11 1BL
INDEPENDENT AUDITOR Crowe U.K. LLP
55 Ludgate Hill
London
EC4M 7JW
BANKERS NatWest Bank Plc
135 Bishopsgate
London
EC2M 3UR
SOLICITORS Eversheds Sutherland
1 Wood Street
London
EC2V 7WS

ACS INTERNATIONAL SCHOOLS LIMITED

CONTENTS

Page
Annual report of the Trustees 1 - 15
Strategic report 16 - 19
Statement of accounting and reporting responsibilities 20
Independent auditor's report 21 - 24
Consolidated statement of financial activities 25-26
Consolidated balance sheet 27
Charity balance sheet 28
Consolidated statement of cash flows 29
Notes to the financial statements 30 - 49

ACS INTERNATIONAL SCHOOLS LIMITED

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

The Trustees present their Annual Report for the year ended 31 July 2024 under the Charities Act 2011, including the Trustees’ and Strategic Reports, under the Companies Act 2006, together with the audited financial statements for the year and confirm that the latter comply with the requirements of the Charities Act 2011 and the Charities SORP 2015.

ACS International Schools Limited is a Registered Charity (registered charity number 1179820).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Documents

The Charity is governed by its Memorandum and Articles of Association, last amended on 1 October 2017.

Governing Body

The Governing Body of ACS International Schools Limited is known as the Board. There is one Governing Body for the three UK Schools and the one Qatar School. The Board is the main decision-making body of ACS International Schools Limited (the “Charity” also known as “ACS”). ACS and each subsidiary company are governed by a separate board (together the “ACS Group”). The Board is accountable to the Members and the public for setting the strategy and directing the performance of the ACS Group.

The Board is collectively responsible for promoting the long-term success and viability of the ACS Group by directing and supervising the ACS Group’s affairs, exercising the powers of the Charity, subject to any relevant laws and regulations and in accordance with the Articles.

The Board conducts a full internal review of its activities and effectiveness annually. The Board also assesses its activities and effectiveness via an external third party every two years.

Recruitment and Training of Trustees

Appointments to the Board will be recommended by the People Committee for approval by the Board or will be approved by the Members by an ordinary resolution at a general meeting.

Appointments to the Board will be subject to the terms and conditions set out in an appointment letter recommended to the Board by the People Committee.

The term of appointment for a Trustee will normally be for an initial three year period, renewable by the Board on the recommendation of the People Committee for a further three year period, and thereafter annually for a maximum term of nine years in total. Exceptions may be made if deemed by the Board to be in the best interests of the Charity.

Prospective candidates for vacancies on the Board are considered in light of the skills and experience required at the time, which will include personal competence, professional qualities, specialist skills and experience. The Board is committed to being as diverse as practicable, balanced with ACS’s needs for high quality Trustees. To ensure that Trustees’ roles and responsibilities are carried out effectively, the new Board members attend a detailed brief by the Chairman, Chief Executive and other relevant members of the Leadership Team.

The Trustees conform to the recommended and best practice for governance contained within the Charity Governance Code across the seven areas and are comfortable there are no significant areas of review required. Trustees continue to monitor the best practice principles contained within the Code.

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Organisational Management

The Board is legally responsible for the overall management and control of the schools.

The Board meets at least four times a year and is supported by the following committees:

All Board sub-committees meet at least three times a year.

In accordance with the Articles of Association, the Board has the power to delegate responsibility (but not accountability) to committees, directors, and the management of the Charity, and to that end the Board has established a Schedule of Delegated Authorities.

All powers, duties and decision-making responsibilities conferred on the Board by the Articles that are not set out in the Schedule of Matters Reserved for the Board and have not been delegated to a committee, the Company Secretary or a Director, are delegated to the Chief Executive.

The Chief Executive is Timothy Cagney. The Chief Executive is responsible for proposing and delivering the Group’s strategy, and for managing the day-to-day activities, operations and resources of the Group.

The Chief Executive is the most senior member of the Leadership Team. The Leadership Team is the key management team. The Leadership Team includes the following employees:

The People Committee consider remuneration and make recommendations to the Board on the remuneration policy for the Chief Executive and Leadership Team and the annual pay review and material changes to Groupwide compensation policy and practice. The Board reviews the People Committees’ recommendations and determines the Group’s remuneration policy.

The appropriateness and relevance of the remuneration policy is reviewed annually including reference to comparisons with the local labour market and to comparisons with other independent schools to ensure that the Group remains sensitive to broader issues of pay and employment terms and conditions elsewhere.

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The Group’s ability to deliver its charitable purpose and objectives is primarily dependent on its key management personnel and staff.

Promotion of the success of the organisation to provide public benefit

The Trustees confirm that in accordance with Section 172 (1) of the Companies Act they act in a way they consider would be most likely to achieve the purposes of the Group. In making this assessment the Trustees have considered the following:

a. The likely consequences of any decision in the long term

The long-term sustainability of the operating model is considered by the Trustees as set out in the going concern statement in the Strategic Report section of the Trustees’ Report. Specifically, the Trustees consider both short and longer term financial projections and the key risks that could negatively impact the sustainability of the Group. The Trustees are presented with management information, budgets, forecasts, cashflow projections and progress against the financial plan on a regular basis.

Risk management is embedded at all levels across the Group. The most significant risks are discussed at each Board meeting. See the risk management section for further details.

The Trustees review and endorse all policies to ensure consistent long term regulatory compliance.

b. The interests of the Group's employees

Frequent communication with employees is essential and has been conducted by regular meetings and routine weekly written communications to employees.

See the employee policy section for further details.

c. The need to foster the Group’s business relationships with suppliers, customers and others

All suppliers are treated fairly and promptly with business terms adhered to. The Company complies with the UK’s Payment Practices Regulations that require the publication of information on the supplier terms offered and average payment statistics.

The parent contract forms the basis of the relationship with fee payers. This is reviewed regularly to ensure best practice and applied fairly and consistently.

A fair policy of bursary awards, consistently applied, support families who may not otherwise be able to access education at the school.

The Group works with a range of donors in support of furthering its fundraising aims and objectives. Group fundraising is bound by the Fundraising Policy and Gift Acceptance and Review Policy. The Group is transparent with information and prides itself on building mutually beneficial relationships.

d. The impact of the Group’s operations on the community and the environment

The Group has completed the Energy Savings Opportunity Scheme (ESOS) reporting requirements and is reporting under the Streamlined Energy and Carbon Reporting (SECR). The Group is concerned about its energy consumption and carbon emissions and wishes to utilise the mandatory SECR legislation to identify ways of saving energy and reduce on carbon emissions. Further details of this are in the Strategic Report section of the Trustees’ Report.

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e. The desirability of the Group in maintaining a reputation for high standards of business conduct

The Group’s Procurement policy outlines the responsibility of company employees to undertake procurement processes that ensure procurement best practice is followed. This requires employees to produce an approved Purchase Order in order to procure goods and services. The policy also requires quotation and tender procedures with suppliers as the value of the order being placed rises. Preferred suppliers are used wherever possible with new suppliers going through an authorisation process. The Group may withhold payment of an invoice that doesn’t include a Purchase Order but otherwise adheres to supplier payment terms wherever possible upon receipt of an invoice from the supplier. The Group would seek to resolve any supplier disputes on a case-by-case basis.

The Group’s Anti-Bribery policy sets out the responsibilities of staff to report any incidents or suspicion of fraud, bribery or corruption arising in the course of their work and to cooperate fully with related investigations; and comply with applicable Finance policies and procedures. The Group takes a zero tolerance approach towards fraud, bribery and corruption. It is committed to complying with all applicable laws and regulations relating to fraud, bribery and corruption wherever it operates.

The Group has an Anti-money laundering policy which seeks to prevent the organisation and its staff being exposed to money laundering, to identify the potential areas where it may occur, and to comply with all legal and regulatory requirements, especially with regard to the reporting of actual or suspected cases.

f. The need to act fairly between members of the Group.

All Trustees and senior staff complete an annual Conflict of Interest declaration. There were no conflicts of interest identified in the year to 31[st] July 2024.

Group structure and relationships

ACS was established in 1967 as a commercial organisation founded and originally owned by Mr EJ Poularas and Mr G Speed but subsequently ultimately owned by The Emmanuel John Poularas Will Trust (registered charity number 1169800) following the death of Mr Poularas.

In 2018 ACS became a charity to advance education and secure the longevity of ACS. ACS operates under the registered charity number 1179820. In 2018 the Inland Revenue accepted the Company as a charity for tax purposes with effect from the date it adopted charitable articles.

On 12[th] November 2019, the entire issued share capital of ACS International Schools Limited was transferred from David Thomas, as the sole trustee of the Emmanuel John Poularas Will Trust, to the Members of ACS International Schools Limited. At the same time, David Thomas ceased to be the company’s person with significant control and ACS International Schools Limited became the relevant legal entity.

Subsidiaries and holding companies

The group accounts of ACS International Schools Limited incorporate the results of the following subsidiaries:

ACS Commercial Enterprises Limited

ACS has a wholly owned non-charitable subsidiary, ACS Commercial Enterprises Limited (ACSCE), whose annual profits are donated to ACS under the Gift Aid Scheme. The trading activities of ACS Commercial Enterprises Limited primarily comprise revenue from the Sports Centres and lettings of the campus facilities when not in use by the Schools. The subsidiary’s aims, objectives and achievements are covered in the relevant sections of this report.

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ACS International Schools Overseas Holdings Limited

ACS International Schools Overseas Holdings Limited (ACS Holdings) acted as a holding company for ACS’s investment in ACS Doha International School LLC. It was established to limit the risk exposure of the investment. During the year ACS disposed of ACS Holdings.

ACS Doha International School LLC

ACS Doha International School LLC (ACS Doha) was incorporated in 2011 in Qatar and was a programme related investment enabling ACS to establish and operate a school in Doha. The objects of ACS Doha were to advance education and the school grew since 2011 to over 1000 students from ages 2-18. During the year ACS disposed of its interest in ACS Doha.

Disposal of ACS Holdings and ACS Doha

ACS International owned ACS Holdings Ltd which in turn owned 49% of ACS Doha. On 14[th] February 2024, ACS International disposed of ACS Holdings, and consequently its interest in ACS Doha, to Artemis Education, a highly regarded Qatar-based education group.

During the last 14 years ACS Doha has grown from a start-up in a rented building to a high quality International school operating out of a purpose built, world class campus. The journey not only provided Qatar with an excellent international school, but also greatly advanced ACS’ charitable objective and enriched the whole ACS Group.

Following an extensive strategic review, ACS has decided it was in the best interest of the charity to focus its international expansion on its core capability of operating world class schools, rather than owning them. The divestiture is a direct result of this change in strategy as well as a response to an increasingly challenging commercial and regulatory environment in Qatar. In particular, new schools opening in Qatar had increased competition and the Ministry of Education’s strict control of school fees and the Education agenda had limited commercial options and impacted ACS’s objective to advance education.

The disposal of ACS Holdings is presented as a discontinued operation in the Group’s Financial Statements. Full details of the accounting entries associated with the discontinued operation can be found in note 9.

Risk Management

ACS Group has established formal mechanisms that facilitate the identification and management of risk, thus safeguarding the delivery of strategic and operational objectives.

The risk management framework includes:

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ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

By applying the risk management framework throughout the organisation the ACS Group ensures:

The Board has overall responsibility for the Risk Management Policy and Risk Appetite Statement, assisted by the Audit and Risk Sub-Committee whose activities include working with senior management to compile and review the Risk Register.

Principal risks and uncertainties facing the business

The principal risks that have been identified include:

Careful and prudent financial management of the ACS Group ensures that it is not exposed to significant financial risks, providing a stable base for the future development of the organisation.

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Employment policy

ACS is an equal opportunities employer. The ACS Group is committed to the fair treatment of all employees, potential employees or users of its services, regardless of race, gender, religion or belief, sex and sexual orientation, marital status, pregnancy and maternity, responsibilities for dependants, age, physical/mental disability or background.

ACS continuously reviews its employment policies to ensure employment practices are in accordance with country employment law, whilst fostering safe and productive working environments for staff and students alike. All employee policies aim to eliminate any unwanted biases in recruitment, development or reward practices. ACS run education and training sessions to ensure that it raises awareness, educates staff and takes action to address behaviours which are not aligned with its DEIB commitments or the ACS values. This year ACS is undertaking a full review of all employment policies, including its Code of Conduct and Absence Management policies for which people managers are receiving dedicated refresher training.

ACS’s Vision for Diversity & Inclusion:

“At ACS, we are committed to fostering a diverse, equitable and inclusive community of students, families, staff, alumni and charitable partners. We aspire to live by our core values, joining together to build a global family in which everyone belongs. We believe every person has unique contributions to make to each other and to the world. We value diversity and seek multiple perspectives, listening to others with an open mind. We respect and include people with different backgrounds, life experiences, world views and expertise, because it’s right, and because it makes us stronger. We acknowledge the negative power of a single story. We promote positive change, seeking to manage difference productively, educate ourselves and others, and advocate for equality and inclusion. We will listen to and amplify minority voices and speak out against injustice. We will work together toward a better future, where everyone is safe, valued and able to fulfil their potential, and where our societies are just and fair for all.”

ACS are committed to building representation of diversity in leadership and its wider staff body and continue to improve its recruitment policies and practices to work towards this goal. Specific actions in this area include:

ACS is committed to furthering the development of all staff and this year are launching a leadership programme specifically for Academic Leadership across the group to further skills in leading people and leading learning.

Following its launch in 2021, ACS continues to evolve its graduate teacher programme to attract and develop future generations of talented teachers. The purpose of the programme is to positively impact student learning outcomes by inspiring lifelong learning for newly qualified teachers through an innovative programme of educator support, talent development, and career progression. Following a successful pilot, the programme is extending its reach to more areas of the curriculum.

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ACS is actively working on its employee reward strategy including pay structures, benefits, and total compensation to ensure that ACS offer fair rates of compensation for every role at ACS and provide an attractive proposition to attract and retain the talent ACS need to meet its community commitments. As part of its annual pay review ACS ensures no pay rate is below the London Living Wage.

ACS is committed to providing a range of employee benefits to promote employee health and financial wellbeing through the provision of an occupational pension, private medical insurance, employee assistance programme, group income protection, counselling support, self-help guidance, and low-cost sports centre access on campus.

In line with legislation, ACS reports its UK gender pay gap on an annual basis and takes measures to address any gender related bias identified.

ACS is committed to acting ethically and with integrity in all business dealings and relationships and to implementing and enforcing effective systems and controls to ensure modern slavery is not taking place anywhere within the ACS Group.

It is the Group's policy to foster a culture where all employees feel valued and have a voice. ACS regularly consults with employees, holds staff forums and encourages meetings where matters that are likely to affect employees' interests can be discussed. Staff are also consulted on specific issues via pulse / employee surveys. Various channels exist for staff to confidentially raise matters of concern to senior leadership. An all-staff portal, Schoology, houses all employee policies and procedures for easy access. Line Managers will be undertaking additional people management training in preparation for the changes in UK employment law being introduced by the Government.

OBJECTS, AIMS, OBJECTIVES and ACTIVITIES

Charitable objects

ACS’s charitable object, as set out in the Articles of Association, is to advance education in particular by the provision and conduct of schools. In furtherance of this object for the public benefit ACS has established and administers a Financial Assistance Programme and a Partnership, Grants and Access Programme. The Board is mindful of the longstanding need to provide public benefit and the requirements of the Charities Act 2011.

Aims

Within its charitable object, ACS’s intention is to operate schools that provide a high-quality education within an internationally diverse context with the highest standards of teaching, pastoral care, facilities and support for students.

ACS prepares its students to be ready. Ready for cultures that crossover, boundaries that blur and ideas that interconnect. Ready for a world that demands a new kind of learning, and a new kind of citizen. ACS is a dynamic learning community. ACS’s character is built on integrity, open-mindedness and empathy. ACS is proud of its international community, and their commitment to make a difference. ACS welcomes people of all cultures from around the world to create a powerful, shared experience that shapes the way ACS teach and learn, and actively defines ACS’s international character. ACS strives to build strong partnerships with parents and stakeholders. Above all, ACS appreciates that happiness enriches learning.

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Objectives for the year

The main objective of ACS is to continue to provide education of the highest quality that meets the needs of an ever-changing future.

The primary objectives of ACS during the year were:

More detail is provided on the progress of each of the above areas, later in the Trustees report.

Supporting ACS’s object to Advance Education the following core values have been developed:

ACS’s education philosophy ensures that ACS focuses on being a dynamic learning community. ACS believes that a great education needs to be balanced and so ACS focuses on three core expected school-wide learning results ensuring ACS students become:

Public Benefit and Community Engagement

ACS was founded in 1967 to operate schools in order to educate students. As a charity ACS is committed to providing public benefit, in accordance with its objects. The Trustees have considered the requirements of the Charities Act 2011 and the charity commissions guidance on public benefit in setting the objectives and activities of the charity. During the year, ACS Group operated four schools: ACS Cobham, ACS Egham, ACS Hillingdon and ACS Doha (until its disposal on 14[th] February 2024). During the year on average 3,570 students were educated by ACS (2023: 3,454).

ACS’s schools actively engage with communities, provide financially assisted places to help advance education and provide resources to develop community partnerships with both local organisations and schools.

Financial Assistance Programme

ACS has invested more than £1,300,000 in financially assisted places for 47 students this year in its ongoing commitment to increase access to an ACS education to young people from a wide variety of backgrounds. Applications for the 2025/2026 academic year open in early September 2024, which will enable a number of young people to receive subsidises for fully funded places at its UK schools. ACS receives on average 150 enquiries for its bursary programme.

Bursaries are awarded up to 100%. Recruitment of students from diverse backgrounds and economic circumstances has resulted in the average award of over 83% of fees, with a significant cohort of students receiving full fee remission.

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Hardship Awards

ACS continued to provide means tested bursaries to ACS parents struggling to pay the school fees as a result of a change in their financial circumstances. The bursaries are short term in nature acting as a financial bridge until the parents are able to resume paying the fees, or as a financial parachute for families with longer term financial problems.

Partnerships, Grants and Access Strategy

ACS’s ambition is to achieve a step change in engagement by developing partnerships with schools and organisations to advance education in their communities. ACS partnerships will focus on key areas to ensure ACS can provide valuable and ongoing public benefit. ACS’s aim is to set up partnerships to widen access to ACS’s education facilities and resources, by bringing independent and state school communities together. ACS shares their expertise and promotes active participation in a number of areas including:

ACS has developed partnership hubs of schools and will continue to build further partnerships in its locality. For example, ACS’s relationships with other local state schools include:

ACS schools now have a partnerships manager for each of its UK campuses. ACS have also employed a full time events manager to take lead on the larger projects. ACS schools have formed partnerships school hubs around each of its campuses. These hubs offer educational events, shared resources and facilities, teacher training and ‘outreach boxes’ for free loan of modern equipment for classroom topics. These include class sets of virtual reality and augmented reality headsets, various cameras (SLR, 360, Thermal, Go Pro) and high-end technology such as Pepper the robot and Nao the robot. ACS has been named in the top 10 schools in the world

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for community collaboration, highly commended by Pearsons and gained a silver award in the Global Good Awards.

The ACS Partnerships App has been downloaded thousands of times and is regularly used by ACS staff and teachers in its partner schools. This assists the school’s campuses with running their partnership hubs, monitor and evaluate impact and formulate high quality, useful partnerships with business, charities, schools, universities and parents. The application will also form the base of its Service learning offer, outside of what ACS already do with PYP, MYP, DP and DOE. This pilot application is now live on Apple and Google Play Stores (ACS School Partnerships).

ACS are preparing for a large free partnerships event at Thorpe Park, which will take place in October 2024. The event will bring 10,000 children to the park for the day to celebrate STEAM activities alongside its partner organisations. More information can be seen here www.steam2024.org.

ACS Partnerships has been working on the new ‘Arts Pathway’ which launched in 2023/2024. This will include events across film, TV, Makeup, Hair, set design, Games design, musical composition, poetry, creative writing and many other topics.

ACS supported many projects outside of the UK and Doha, to advance education of both ACS students and students abroad. Some of these projects include:

ACS students also take part in practical voluntary service in the local community, as part of ACS providing them with a broad education. For example providing clothing, toiletries and food, volunteering at community centres, fundraising for the benefit of local communities and working with the elderly and the homeless.

ACS’s service learning program is currently undergoing a full review as part of the Partnerships Strategy and this will be a vital element of its charitable work. Everything ACS does across its campuses will involve ACS student participation in some way, enhancing skills and knowledge for the future workplace, whilst teaching valuable experiential life skills.

When ACS Group is not using its facilities, ACS makes them available to the community. Schools that have signed up as registered partners will have access to facilities and resources free of charge.

Since 2020, ACS logged over 1.7 million hours of student community interaction and 140,000 hours of teacher training in new technologies through its technology loan scheme and twilight CPD offer.

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Education Strategy

In November 2019, the Board approved a new Education Strategy that describes the desired position for ACS schools in 2025. Its principal objective remains to increase the unique quality and value of the ACS educational experience. The strategy aims to deepen an already solid foundation, driving key innovations that set a stage from which it can choose how to extend its impact into the future. A further aim of the strategy was that through its implementation, positioning the group to respond directly and creatively to geopolitical volatility in its markets and uncertainty in the premium independent international school sector.

ACS’s Education Strategy has been strengthened by the refreshed articulation of ACS’s mission, vision, and values. Similarly fundamental, the strategy has helped to prioritise efforts to change structures and systems that enable innovation and deliver results.

In its fourth year of implementation, ACS’s Education Strategy has continued to evolve and extend the organisation’s impact. In 2023/2024, its strategic focus was on teaching excellence. Educators focused their development on equitable engagement, AI-supported methods, enriched learning environments, and studentled curriculum. New Educator Standards strengthened the appraisal process and closely tied individual professional growth to NEASC Learning Principles and School Improvement Plans.

ACS’s strategy aims to provide:

Scoping work began on the next iteration of the Education Strategy.

People Strategy

The People Strategy – Inspiring Talent, is one of the strategic pillars supporting ACS’s pursuit of its core organisational purpose and values, envisioning a community and an alumnus embracing the future as effective, confident and caring individuals who are ready to act, lead, care and change the world and its students to be ready to ask new questions and demand better answers.

The academic year 2023 – 2024 focused on developing ‘Inspiring Leaders’ with the skills to curate ACS’s culture, whilst supporting talented staff to advance teaching excellence inspiring the world’s next global thinkers and doers.

The People Committee supported a competitive pay award for 2024, and following the introduction of a new teacher pay spine in 2023, ACS’s pay spine was enhanced to further attract teaching talent in the earlier teaching years. In August 2024, we were delighted to welcome 60 new academic talent from a broad international marketplace.

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The People Committee continues to review executive remuneration and succession planning for senior roles across the campuses, reforming executive pay in line with the educational and charitable sectors. The committee has been supportive of proposals to continue to provide employee benefits to provide health and financial wellbeing to its staff.

The ACS DEIB agenda has gathered some momentum, with further expansion of employee networks across a range of diverse groups. ACS has been actively involved in the broader education world in sharing its experiences in building a culture that embraces DEIB.

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Fundraising performance and Alumni relations

The Development and Alumni Relations team engages with and mobilises the ACS global alumni and friends communities, which includes all current and former parents, former students and former staff, with the aim of reconnecting alumni with their school and donating to its fundraising campaigns. The majority of donors are current parents and a total of £633,805 was raised this financial year.

There were no professional fundraising organisations used and no monitoring processes required during the year.

With the support of the School Development Committees in each school, there has been an annual donor cultivation, event and appeal plan developed and implemented to raise largely capital funds for the schools to develop a new Sports and Activities Centre at ACS Hillingdon, new Science laboratories at ACS Egham and a new student health and wellbeing centre at ACS Cobham. There have been small donations received in support of bursaries throughout the year.

ACS continues to work collaboratively with the Parent School Organisations (PSOs) sharing fundraising campaign and charitable communications which assists ACS with its philanthropic programmes. The PSOs endorse the schools’ fundraising strategies to the parent community and support fundraising events.

In the US, ACS receives support through informal alumni associations called Chapters. ACS currently have one Chapter for the Atlantic Coast of America, operated in New York and one for Texas, operated in Houston. Each Chapter has its leadership team comprising of Chapter President, Vice President (Development) and Vice President (Marketing and Outreach). Chapters host alumni social events on ACS’s behalf.

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During the previous year up to July 2023, in the UK ACS hosted 45 alumni visits to Cobham, Hillingdon and Egham. ACS Cobham hosted the Class of 2013 in June 2023 on the school campus with 55 alumni visiting from USA, Australia, Scandinavia, Netherlands, Germany and the UK.

ACS has a Fundraising Policy in place which sets outs ACS’s approach to fundraising and to protect vulnerable people and other members of the public from behaviour which:

During the year ACS or any person acting on its behalf for the purposes of fundraising did not receive any complaints about fundraising activity (2023: no complaints).

ACS works closely with ACS International Schools in America Inc. which is a non-profit organisation section 501c (3) based on the East Coast of America. The organisation supports education around the world with the mission to raise awareness of and support for ACS International Schools education allowing more students to benefit from the opportunities offered by the schools. The capital campaigns for the UK schools are being championed by alumni directors in the USA to stimulate gifts from ACS’s alumni community.

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STRATEGIC REPORT

Review of achievements and performance for the year

During the year, ACS Group continued to provide a first-class educational experience for students between the ages of 2-18.

ACS Group’s students delivered another above average set of academic results reflecting the joint effort of ACS teachers and school leaders. Again this year, 176 (2023: 175) students at ACS International Schools achieved the International Baccalaureate (IB) Diploma, with average total points of 34 as exam boards returned fully to pre-COVID curriculum standards and grading practices (2023: 35), with a strong pass rate of 97% (2023: 95%). As broadly selective schools, these results exceed the worldwide average of 30 points (2023: 30) and 80% pass rate (2023: 80%), continuing to meet or exceed ACS’s Key Performance Indicators for DP assessment in the ACS Education Quality Framework.

Six students at ACS Hillingdon (2023: 10) achieved the IB Career Related Certificate, including success in their UK Level 3 qualifications. In two ACS schools offering Advanced Placement courses, 243 students took exams (2023: 238), with 91% qualifying to receive college credit in at least one course (2023: 86%). In total, 289 ACS students earned American High School Diplomas (2023: 328, including ACS Doha).

There has been progress in the Financial Assistance Programme and the Partnerships, Grants and Access Strategy as previously discussed in the Trustees report.

The trustees have a reasonable expectation that ACS International Schools Limited and ACS Commercial Enterprises Limited have adequate resources to continue in operational existence for the foreseeable future and it remains appropriate to prepare their financial statements on a going concern basis.

ACS Commercial Enterprises Limited (ACSCE) continues to be profitable and profit of £91,234 (2023: £166,693) was donated to ACS under the Gift Aid Scheme.

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STRATEGIC REPORT (continued)

Capital Investment

ACS Group continues to invest in its first-class educational facilities.

At ACS Cobham, work on the Masterplan continued with focus on completing the expansion of the Early Childhood Village to allow it to accommodate Lower School. West Lodge was developed to allow staff to move out of Heywood House, and Heywood House was developed to accommodate the remaining Lower School classes. This allowed Middle School and Upper/High School to move within the remaining school buildings in summer 2024, and allowed for the next phase of the Masterplan, the further development of the Middle School buildings, to commence.

Other smaller projects were completed in the year, including the replacement of the kitchen floors & boilers; the installation of irrigation systems for the sports pitches; the sports centre swimming pool plant replacement; astro sports pitch drainage enhancements; fire safety & boarding house compliance works; and other smaller works throughout the campus.

At ACS Hillingdon, work continued on an extension to the existing Sport Hall to create a new Sport Centre. The centre contains a large sports hall for PE and competitive sports, a fitness suite and a coaching area. Once complete, it will double the school’s sports hall facilities and free up the auditorium for performing arts.

At ACS Egham, work on the Masterplan continued with the refurbishment and upgrade to the existing Dining Hall to increase capacity and improve student flow thus reducing wait times. Over the summer, improvements were undertaken on the Front Entrance to the Student Centre providing a more welcoming entrance into the campus reception. This included the refurbishment of the Student Centre Toilets. Works on Maple Art, DT (mini barn) were refocussed on the upgrade to the Science Lab improving existing facilities appropriate for class sizes.

ACS Group also invested significantly in educational equipment, I.T. and general campus improvements during the year.

Streamlined Energy and Carbon Reporting (SECR).

The Group has completed the Energy Savings Opportunity Scheme (ESOS) reporting requirements and is preparing for reporting under the Streamlined Energy and Carbon Reporting (SECR).

The Group has measured scope 1 and scope 2 emissions in the UK in accordance with UK Government’s guidance on how to measure and report greenhouse gas emissions. Electricity and gas are the primary and only energy utilities used. There are no internal transport activity, heating or cooling purchases outside of electricity and gas.

The total annual net emissions in the UK to 31st July 2024 were 16.8 (2023: -1.40) global tonnes of CO2e. The Group is targeting to reduce gross intensity ratio by 5% from 2024 to 2025. ACS is committed to sustainability and becoming as energy efficient as possible whilst reducing its carbon footprint. During 2020, ACS planted 160 trees on the school grounds, which contributed to an offset of 0.9 tonnes of CO2e. During 2024, ACS has offset 1,220 (2023: 1,490) tonnes of CO2e through carbon offset projects.

The Group has engaged with an external sustainability company who are compiling the annual ESG Impact Report to the year ended 31 July 2024. The document will cover key statistics, actions undertaken during the year and plans for 2024-25 as well as longer term goals. A carbon reduction plan has already begun with planting trees to reduce ACS’s carbon footprint. It is ACS’s desire to offset any carbon it creates such that it is carbon neutral.

Page 17

ACS INTERNATIONAL SCHOOLS LIMITED

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

STRATEGIC REPORT (continued)

FINANCIAL REVIEW

ACS Group results for the year

ACS Group has enjoyed another satisfactory year of operation. The financial performance for the year and the year-end financial position were both considered satisfactory by the Board. Net income before loss on disposal and revaluation surplus was £7,052,010 (2023: £3,604,708).

Total income relating to continued operations increased by 10% from £70,949,290 to £77,738,915, mainly due to increase in enrolment during the 2023/2024 academic year. School fees income relating to continued operations increased by 9% from £61,791,990 to £67,411,950 for the same reason. School fees income was the primary source of revenue for the ACS Group.

Total expenditure relating to continued operations also increased by 8% from £62,793,251 to £67,957,945, mainly due to increases in staff costs. Staff costs represent 56% of total charitable expenditure.

Net Assets relating to continued operations at 31[st] July 2024 were £95,474,015 compared to £121,178,791 as at 31[st] July 2023. The Group has a loan facility in place to enable it to manage its cash flow requirements.

ACS Charity income includes fundraising income of £725,039 (2023: £498,000), including the amounts donated from ACSCE under the Gift Aid Scheme.

ACS Doha produced a net loss before foreign exchange translation differences and other gain of £2,779,313 for the period to 14[th] February 2024 (2023: £4,303,230).

On 14[th] February 2024, ACS International disposed of ACS Holdings, and consequently its interest in ACS Doha,

. The disposal of ACS Holdings is presented as a discontinued operation in the Group’s Financial Statements. Full details of the accounting entries associated with the discontinued operation can be found in note 9.

ACSCE continued to perform well in the year ended 31 July 2024. Details of its results are given in Note 7.

Reserves Level and Policy and Financial Viability

The ACS Group reserves policy is that it should have access to sufficient financial resources to be able to ensure the sustainability of the ACS Group. In determining what level of financial resources are required the following have been considered:

Page 18

ACS INTERNATIONAL SCHOOLS LIMITED

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

STRATEGIC REPORT (continued)

This analysis led to the Board concluding that ACS Group’s Reserves Policy is to target an annual minimum cash/net debt level between zero and a debt of £15,000,000. The minimum cash, net of borrowing, during the year ended 31 July 2024 was £6,000,000. ACS Group has a loan facility in place to enable it to manage its cash flow requirements. The ACS board has plans to bring its minimum cash balance back into line with the policy as it revives some of the Capital Expenditure plans, which were on hold as a result of the pandemic.

The Group Reserves Policy is reviewed annually by the Audit & Risk Committee and reflects the need to manage cash flow seasonality and not merely look at the year-end position.

The total reserves for the ACS Group at the year end were £95,474,015 (2023: £104,172,943) which were unrestricted. No unrestricted funds have been designated for specific purposes. Included within unrestricted funds are fixed assets with a net book value of £117,261,787 (2023: £111,330,696)

After reviewing the forecasts and projections, the trustees have a reasonable expectation that ACS has adequate resources to continue in operational existence for the foreseeable future. ACS Group therefore continues to adopt the going concern basis in preparing its financial statements.

FUTURE PLANS

The future plans include:

Page 19

ACS INTERNATIONAL SCHOOLS LIMITED

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Charity law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (FRS102, The Financial Reporting Standard applicable in the UK and Republic of Ireland) and applicable law. Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and the group including income and expenditure of the group for that period. In preparing these financial statements, the trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RELEVANT AUDIT INFORMATION

Insofar as each of the Trustees, as members of the Board, at the date of approval of this report is aware there is no relevant audit information (information needed by the Charity’s auditor in connection with preparing the audit report) of which the Charity’s auditor is unaware. Each member of the Board has taken all the steps that he or she should have taken as a member of the Board in order to make himself or herself aware of the relevant audit information and to establish that the Charity’s auditor is aware of that information.

Approved by the Board of ACS International Schools Limited on 3[rd] December 2024 including, in their capacity as trustees, approving the Trustees’ and Strategic Reports contained therein, and signed on its behalf by:

R M Macnaughton (Chairman)

Page 20

ACS INTERNATIONAL SCHOOLS LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF ACS INTERNATIONAL SCHOOLS LIMITED

Opinion

We have audited the financial statements of ACS International Schools Limited ‘the charitable company’ and its subsidiary ‘the group’ for the year ended 31 July 2024 which comprise the Consolidated Statement of Financial Activities, Consolidated and Company Balance Sheets, Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

Page 21

ACS INTERNATIONAL SCHOOLS LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF ACS INTERNATIONAL SCHOOLS LIMITED

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on pages 1 to 15, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Page 22

ACS INTERNATIONAL SCHOOLS LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF ACS INTERNATIONAL SCHOOLS LIMITED

Auditor’s responsibilities for the audit of the financial statements

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

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011, taxation legislation, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014, Data Protection Regulation (GDPR), Health and safety legislation and employment legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

..

Page 23

ACS INTERNATIONAL SCHOOLS LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF ACS INTERNATIONAL SCHOOLS LIMITED

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Audit and Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing any regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Tina Allison

Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor London

10 December 2024

Page 24

ACS INTERNATIONAL SCHOOLS LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024

Note
Income from
charitable activities
School fees
2
Ancillary trading income
3
Non-ancillary trading income
4
Other income
Investment income
5
Donations & Grants
6
Total Income
Expenditure on
Cost of raising funds
8
Charitable activities
8
Other expenditure
8
Total expenditure
Gain on revaluation of freehold
land and buildings
Gain on sale of fixed asset
Gain on translation of foreign
results
Loss on disposal of subsidiary
9
Net (expenditure)/income
before transfers
Transfers
Net movement in funds
Funds brought forward
Debentures repaid
Disposal of Subsidiary
Funds carried forward
23		 Continued
operations
Unrestricted
Funds
Restricted
Funds
£
£
67,411,950
-
7,950,058
-
663,631
-
161,860
-
852,559
-
65,052
633,805
77,105,110
633,805
(564,516)
-
(67,390,000)
(3,429)
-
-
(67,954,516)
(3,429)
-
-
14,186
-
-
-
(15,748,188)
(6,583,408)
630,376
630,376
(630,376)
(5,953,032)
-
121,178,791
-
(2,750)
-
(19,748,994)
-
95,474,015
-		 Continued
operations
Unrestricted
Funds
Restricted
Funds
£
£
67,411,950
-
7,950,058
-
663,631
-
161,860
-
852,559
-
65,052
633,805
77,105,110
633,805
(564,516)
-
(67,390,000)
(3,429)
-
-
(67,954,516)
(3,429)
-
-
14,186
-
-
-
(15,748,188)
(6,583,408)
630,376
630,376
(630,376)
(5,953,032)
-
121,178,791
-
(2,750)
-
(19,748,994)
-
95,474,015
-		 Discontinued
operations
Unrestricted
Funds
£
8,703,602
262,248
-
12,831
-
-		 2024
Total
£
76,115,552
8,212,306
663,631
174,691
852,559
698,857
86,717,596
(564,516)
(79,150,185)
(1,238)
(79,715,939)
-
14,186
36,167
(15,748,188)
77,105,110 633,805 8,978,681
(564,516)
(67,390,000)
-		 -
(3,429)
-		 -
(11,756,756)
(1,238)
(67,954,516) (3,429) (11,757,994)
-
14,186
-
(15,748,188)		 -
-
-		 -
-
36,167
-
(6,583,408)
630,376
(5,953,032)
121,178,791
(2,750)
(19,748,994)		 630,376
(630,376)
-
-
-
-		 (2,743,146)
-		 (8,696,178)
-
(8,696,178)
104,172,943
(2,750)
-
95,474,015
(2,743,146)
(17,005,848)
-
19,748,994
95,474,015 -
-

The notes on pages 30 to 49 form part of these financial statements. There are no restricted funds under Discontinued operations.

Page 25

ACS INTERNATIONAL SCHOOLS LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2023

Note
Income from
charitable activities
School fees
2
Ancillary trading income
3
Non-ancillary trading income
4
Other income
Investment income
5
Donations & Grants
6
Total Income
Expenditure on
Cost of raising funds
8
Charitable activities
8
Other expenditure
8
Total expenditure
Gain on revaluation of freehold
land and buildings
Gain on sale of fixed asset
(Loss)/gain on translation of
foreign results
Net income/ (expenditure)
before transfers
Transfers
Net movement in funds
Funds brought forward
Debentures repaid
Funds carried forward
23		 Continued
operations
Unrestricted
Funds
Restricted
Funds
£
£
61,791,990
-
7,045,093
-
718,117
-
192,679
-
737,084
-
133,020
331,307
70,617,983
331,307
(530,813)
-
(62,232,076)
(30,362)
-
-
(62,762,889)
(30,362)
7,545,673
-
52,736
-
-
-
15,453,503
300,945
570,672
(570,672)
16,024,175
(269,727)
105,156,116
269,727
(1,500)
-
121,178,791
-		 Continued
operations
Unrestricted
Funds
Restricted
Funds
£
£
61,791,990
-
7,045,093
-
718,117
-
192,679
-
737,084
-
133,020
331,307
70,617,983
331,307
(530,813)
-
(62,232,076)
(30,362)
-
-
(62,762,889)
(30,362)
7,545,673
-
52,736
-
-
-
15,453,503
300,945
570,672
(570,672)
16,024,175
(269,727)
105,156,116
269,727
(1,500)
-
121,178,791
-		 Continued
operations
Unrestricted
Funds
Restricted
Funds
£
£
61,791,990
-
7,045,093
-
718,117
-
192,679
-
737,084
-
133,020
331,307
70,617,983
331,307
(530,813)
-
(62,232,076)
(30,362)
-
-
(62,762,889)
(30,362)
7,545,673
-
52,736
-
-
-
15,453,503
300,945
570,672
(570,672)
16,024,175
(269,727)
105,156,116
269,727
(1,500)
-
121,178,791
-		 Discontinued
operations
Unrestricted
Funds
£
17,513,739
662,334
-
-
-
-		 2023
Total
£
79,305,729
7,707,427
718,117
192,679
737,084
464,327
70,617,983 331,307 18,176,073 89,125,363
(530,813)
(62,232,076)
-		 -
(30,362)
-		 -
(22,478,980)
(323)		 (530,813)
(84,741,418)
(323)
(62,762,889) (30,362) (22,479,303) (85,272,554)
7,545,673
52,736
-		 -
-
-		 -
7,319
(308,156)		 7,545,673
60,055
(308,156)
15,453,503
570,672		 300,945
(570,672)		 (4,604,067)
-
(4,604,067)
(12,401,781)
-
(17,005,848)		 11,150,381
-

16,024,175
105,156,116
(1,500)
(269,727)
269,727
-		 11,150,381
93,024,062
(1,500)

121,178,791		 -
104,172,943

The notes on pages 30 to 49 form part of these financial statements. There are no restricted funds under Discontinued operations.

Page 26

ACS INTERNATIONAL SCHOOLS LIMITED

CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2024

Note
FIXED ASSETS
Tangible assets
13
Intangible assets
15
CURRENT ASSETS
Debtors
18
Cash at bank and in hand
CREDITORS:amounts falling due within
one year
19
NET CURRENT (LIABILITIES)
TOTAL ASSETS LESS CURRENT LIABILITIES
LONG TERM LIABILITIES
Other provisions
Long term loan
21
NET ASSETS
REPRESENTED BY:
Restricted funds
23
Unrestricted funds:
23
General reserves
Revaluation reserves		 2024
£
£
117,078,168
183,619
117,261,787
9,540,595
19,096,635
28,637,230
(49,425,002)
(20,787,772)
96,474,015
-
(1,000,000)
(1,000,000)
95,474,015
-
87,928,342
7,545,673
95,474,015		 2024
£
£
117,078,168
183,619
117,261,787
9,540,595
19,096,635
28,637,230
(49,425,002)
(20,787,772)
96,474,015
-
(1,000,000)
(1,000,000)
95,474,015
-
87,928,342
7,545,673
95,474,015		 2024
£
£
117,078,168
183,619
117,261,787
9,540,595
19,096,635
28,637,230
(49,425,002)
(20,787,772)
96,474,015
-
(1,000,000)
(1,000,000)
95,474,015
-
87,928,342
7,545,673
95,474,015		 2023
£
£
110,970,495
360,201
111,330,696
9,883,403
40,681,450
50,564,853
(56,234,259)
(5,669,406)
105,661,290
(1,488,347)
-
(1,488,347)
104,172,943
-
96,627,270
7,545,673
104,172,943		 2023
£
£
110,970,495
360,201
111,330,696
9,883,403
40,681,450
50,564,853
(56,234,259)
(5,669,406)
105,661,290
(1,488,347)
-
(1,488,347)
104,172,943
-
96,627,270
7,545,673
104,172,943
117,261,787
(20,787,772)		 111,330,696

(5,669,406)
105,661,290
(1,488,347)
96,474,015
(1,000,000)
95,474,015
104,172,943
-
87,928,342
7,545,673
-
96,627,270
7,545,673
95,474,015 104,172,943

Net result for the year for the charity before consolidation was a deficit of £25,702,026 (2023: surplus £15,754,448).

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3[rd] December 2024.

R M Macnaughton (Chairman)

The notes on pages 30 to 49 form part of these financial statements.

Page 27

ACS INTERNATIONAL SCHOOLS LIMITED

CHARITY BALANCE SHEET AS AT 31 JULY 2024

Note
FIXED ASSETS
Tangible assets
14
Intangible assets
16
Investments
17
CURRENT ASSETS
Debtors
18
Cash at bank and in hand
CREDITORS:amounts falling due within
one year
19
NET CURRENT (LIABILITIES)ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
LONG-TERM LIABILITIES
Long term loan
21
NET ASSETS
REPRESENTED BY:
Restricted funds
Unrestricted funds:
General reserves
Revaluation reserves		 2024
2023
£
£
£
£
117,078,168
101,931,201
183,619
360,201
100
1,100
117,261,887
102,292,502
9,740,044
32,663,103
18,885,936
36,965,597
28,625,980
69,628,700
(49,413,852)
(50,742,411)
(20,787,872)
18,886,289
96,474,015
121,178,791
(1,000,000)
-
-
-
95,474,015
121,178,791
-
-
87,928,342
113,633,118
7,545,673
7,545,673
95,474,015
121,178,791		 2024
2023
£
£
£
£
117,078,168
101,931,201
183,619
360,201
100
1,100
117,261,887
102,292,502
9,740,044
32,663,103
18,885,936
36,965,597
28,625,980
69,628,700
(49,413,852)
(50,742,411)
(20,787,872)
18,886,289
96,474,015
121,178,791
(1,000,000)
-
-
-
95,474,015
121,178,791
-
-
87,928,342
113,633,118
7,545,673
7,545,673
95,474,015
121,178,791
102,292,502

18,886,289
121,178,791
-
121,178,791

-
113,633,118
7,545,673
121,178,791

Net result for the year for the charity before consolidation was a deficit of £25,702,026 (2023: surplus £15,754,448).

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3[rd] December 2024.

R M Macnaughton (Chairman)

The notes on pages 30 to 49 form part of these financial statements

Page 28

ACS INTERNATIONAL SCHOOLS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024

Note
CASH FLOWS FROM OPERATING ACTIVITIES
Net (expenditure)/income
Adjustments for:
Depreciation of property, plant and equipment
Amortisation of intangible assets
(Gain)/loss on revaluation
(Gain) on disposal of property, plant and equipment
Interest paid
Interest received
(Increase)/decrease in debtors
Increase in creditors
Increase in provisions
Loss on disposal of subsidiary
CASH FROM OPERATIONS
Interest paid
NET CASH GENERATED FROM OPERATING ACTIVITIES
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment
Purchases of intangible assets
Interest received
Proceed from sale of equipment
Net cash outflow from disposal
Disposal of investment
NET CASH FROM INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of debenture loans
NET CASH USED IN FINANCING ACTIVITIES
NET INCREASE IN CASH AND CASH EQUIVALENTS
Cash and cash equivalents at beginning of the year
24
CASH AND CASH EQUIVALENTS AT END OF YEAR
24		 2024
£
(8,696,178)
5,294,226
181,820
-
(14,186)
112,900
(852,559)
(2,927,018)
4,289,326
37,288
15,748,188
13,173,807
(112,900)
13,060,907
(20,215,627)
(5,238)
852,559
20,468
(15,294,134)
(1,000)
(34,642,972)
(2,750)
(2,750)
(21,584,815)
40,681,450
19,096,635		 2023
£
11,150,381
5,589,325
249,380
(7,545,673)
(60,055)
72,983
(737,084)
524,783
3,387,484
91,928
-
-
12,723,452
(72,983)
12,650,469
(8,442,621)
(57,018)
737,084
61,805
-
-
(7,700,750)
(1,500)
(1,500)
4,948,219
35,733,231
40,681,450

The notes on pages 30 to 49 form part of these financial statements.

Page 29

ACS INTERNATIONAL SCHOOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

1.1 Company information

ACS International Schools Limited is a registered charity and public benefit entity in England and Wales and a company limited by guarantee. It was incorporated on 5 July 1967 (company number: 00910010) and registered as a charity on 5[th] September 2018 (charity number: 1179820). The registered office is Heywood, Portsmouth Road, Cobham, Surrey KT11 1BL.

1.2

Basis of preparation of financial statements

The financial statements have been prepared under historical cost convention in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) – effective 1 January 2019.

The charity has taken the advantage of the exemption available to a qualifying entity in FRS 102 from the requirement to present a charity only Cashflow Statement with the consolidated financial statements.

The charity has taken advantage of the exemption allowed under 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

The account presents the consolidated statement of financial activities (SOFA), the consolidated and charity balance sheets and the consolidated cash flow statement comprising the consolidation of the Charity and its subsidiaries ACS International School Doha LLC, ACS Overseas Holdings Limited and ACS Commercial Enterprises Limited.

The trustees have a reasonable expectation that ACS International Schools Limited and ACS Commercial Enterprises Limited have adequate resources to continue in operational existence for the foreseeable future and it remains appropriate to prepare their financial statements on a going concern basis.

1.3 Judgement and estimation uncertainty

In application of the accounting policies, trustees are required to make judgements, estimates and assumptions about carrying value of assets and liabilities that are based on historical experience and other relevant factors. The estimates and underlying assumptions are reviewed on an ongoing basis and revisions to accounting estimates are recognised in either the period of revision and/or in future periods if relevant.

In the view of the trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date, are likely to result in a material adjustment to their carrying amounts in the next financial year.

The particular accounting policies adopted and applied consistently are described below.

1.4

School fees and trading income

School fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Scholarships and bursaries granted by the Charity against those fees are deducted in the school term to which they relate.

Trading income and other income is recognised in the period to which it relates.

Page 30

ACS INTERNATIONAL SCHOOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

1.5 Investment income

Investment income from bank balances is accounted for on an accruals basis.

1.6

Grants and donations

Voluntary incoming resources are accounted for as and when the entitlement arises, the amount can be reliably quantified and the economic benefit to the charity is considered probable.

Donations are restricted in accordance with the donor’s intention. Where no restrictions are noted donations are utilised within unrestricted funds.

1.7 Expenses

All expenditure is accounted for on an accruals basis. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is included with the item of expenditure to which it relates. Intra-group sales and charges between the charity and its subsidiaries are excluded from trading income and expenditure.

Charitable activities include teaching staff salaries, depreciation of items related to education and classroom supplies.

Investment and estates management includes investment in new buildings and maintenance of existing ones, as well as depreciation relating to buildings.

Support activities include expenditure on salaries of non-teaching staff, depreciation and purchase of items not directly related to provision of education. The costs are allocated based on spend by department.

1.8 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation with the exception of freehold land and buildings which are carried at open market value and revalued every five years by professionally qualified surveyors. The properties were revalued in July 23 by Gerald Eve, Chartered Surveyors. Depreciation is not charged on freehold land. Depreciation on other tangible fixed assets is provided at rates calculated to write off the cost of those assets, less their estimated residual value, over their expected useful lives on the following bases and recognised within the statement of financial activities:

Freehold buildings - Straight line over 15-25 or 50 years Leasehold improvements - Straight line over the period of the lease Motor vehicles - Straight line over 4 or 10 years Fixtures, fittings and equipment - Straight line over 2-15 years

Assets in the course of construction are capitalised at cost but are not depreciated until they become available for use.

1.9 Intangible fixed assets and amortisation

Intangible fixed assets are stated at cost less amortisation. Amortisation is provided at rates calculated to write off the cost of those assets, less their estimated residual value, over their expected useful lives on the following basis:

Computer software - Straight line over 3-5 years

Amortisation is included within expenditure in the statement of financial activities.

Page 31

ACS INTERNATIONAL SCHOOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

1.10 Investments

Investments in subsidiaries are valued at cost less provision for impairment.

1.11 Leasing and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the charity. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to expenditure in the statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.12 Operating leases

Rentals under operating leases are charged to expenditure in the statement of financial activities on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

1.13 Funds

The total funds of the charity and its subsidiaries are allocated to unrestricted and restricted based on the terms set by the donors.

Unrestricted income belongs to the charity’s corporate reserves, spendable at the direction of the trustees either to further the charity’s objects or to benefit the schools itself.

Restricted funds comprise gifts, legacies and grants where the donors have earmarked funds for specific purposes.

1.14 Cash

Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Cash balances are recognised at amortised cost.

1.15 Debtors and Creditors

Short term debtors and creditors are measured at transaction price less any impairment and are subsequently held at amortised cost. £6,739,000 (2023: £6,185,000) included in trade debtors at 31 July 2024 relates to 2024/25 fees invoiced in advance, of which there is a corresponding entry included in deferred income.

1.16 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the statement of financial activities.

Page 32

ACS INTERNATIONAL SCHOOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

1.17 Pensions

The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

1.18 Fees in advance

Fees in advance represent the following year's tuition, extras and bussing fees invoiced in the current year.

1.19 Management of liquid resources

Liquid resources are defined as cash, cash held at bank and treasury deposits.

1.20 Employee benefits

The liability recognised in the statement of financial position in respect of end of service benefits is the present value of the defined benefit obligation at the end of the reporting year. This is calculated annually by management using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using the effective interest rate

1.21 Provisions

Provisions are recognised when the Company has a present legal or constructive obligation because of past events, it is probable that a transfer of economic benefits will be required to settle the obligation and the amount has been reliably estimated.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Provisions are measured at the present value of the amount expected to be required to settle the obligation using the pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense

1.22 Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost, with the exception of investments which are held at fair value.

Financial assets held at amortised cost comprise cash at bank and in hand, together with debtors excluding prepayments. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in bank accounts.

Financial liabilities held at amortised cost comprise all creditors excluding social security and other taxes, provisions and deferred income. Investments in subsidiary undertakings are held at cost less impairment.

1.23 Redundancy payments

Termination benefits are payable when employment is terminated by ACS or whenever an employee accepts voluntary redundancy in exchange for these benefits. ACS recognises termination benefits when a fully signed settlement agreement is in place, or when the cost has otherwise been confirmed and committed to.

Page 33

ACS INTERNATIONAL SCHOOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

2. CHARITABLE ACTIVITIES – FEES RECEIVABLE

Fees receivable consist of:
ACS school fees
ACS Doha school fees		 2024
£
67,411,950
8,703,602		 2023
£
61,791,990
17,513,739
76,115,552 79,305,729

School fees are net of bursaries and scholarships.

3. ANCILLARY INCOME

Ancillary income includes income from application fees, bussing fees, student catering, trips and clubs.

ACS ancillary income
ACS Doha ancillary income
NON-ANCILLARY INCOME
Non-student catering and shop income
Sports membership and activity fees
Hire of facilities		 2024
£
7,950,058
262,248		 2023
£
7,045,093
662,334
8,212,306 7,707,427
2024
£
399,994
80,689
182,948		 2023
£
364,698
84,307
269,112
663,631 718,117

4. NON-ANCILLARY INCOME

Page 34

ACS INTERNATIONAL SCHOOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

5. INVESTMENT INCOME

UK bank interest 2024
£
852,559		 2023
£
737,084

852,559		 737,084

6. DONATIONS & GRANTS

Donations
Grant for research and school partnership		 2024
£
633,805
65,052		 2023
£
331,307
133,020
698,857 464,327

7. PRINCIPAL SUBSIDIARIES AND HOLDING COMPANIES

On 14[th] February 2024, ACS International disposed of ACS Holdings, and consequently its interest in ACS Doha, to Artemis Education

Company name and Country/ Company Percentage registered address number Shareholding Description ACS International School Doha[1] Qatar 49 Operation of overseas LLC, Building 10. Street 161 educational establishment Al Kheesa, P.O. 200568, Doha Disposed on 14 February 2024 ACS International Schools England and Wales 100 Intermediate holding company Overseas Holdings Limited, 07537434 Disposed on 14 February 2024 Heywood, Portsmouth Road, Cobham, KT11 1BL ACS Commercial Enterprises England and Wales 100 Trading company Limited, Heywood, Portsmouth 10887569 Road, Cobham, KT11 1BL

1. ACS International School Doha LLC was a subsidiary undertaking by a virtue of the fact that ACS International Schools Limited has a participating interest in the undertaking and actually exercises a dominant influence over it.

Page 35

ACS INTERNATIONAL SCHOOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

7. PRINCIPAL SUBSIDIARIES AND HOLDING COMPANIES (continued)

Income
Expense
Net profit/(loss)
Amount gift aided
Disposal of
subsidiary
Retained in
subsidiary
Net assets		 ACS
Commercial
Enterprises
ACS
International
Schools
Overseas
Holdings
ACS Doha
International
School
Total
2024
£
£
£
£
352,930
12,831
8,978,681
9,344,442
(261,696)
(1,238)
(11,721,827)
(11,984,761)
91,234
11,593
(2,743,146)
(2,640,319)
(91,234)
-
-
(91,234)
-
(11,593)
2,743,146
2,731,553
-
-
-
-
100
-
-
**100 **		 ACS
Commercial
Enterprises
ACS
International
Schools
Overseas
Holdings
ACS Doha
International
School
Total
2024
£
£
£
£
352,930
12,831
8,978,681
9,344,442
(261,696)
(1,238)
(11,721,827)
(11,984,761)
91,234
11,593
(2,743,146)
(2,640,319)
(91,234)
-
-
(91,234)
-
(11,593)
2,743,146
2,731,553
-
-
-
-
100
-
-
**100 **		 ACS
Commercial
Enterprises
ACS
International
Schools
Overseas
Holdings
ACS Doha
International
School
Total
2024
£
£
£
£
352,930
12,831
8,978,681
9,344,442
(261,696)
(1,238)
(11,721,827)
(11,984,761)
91,234
11,593
(2,743,146)
(2,640,319)
(91,234)
-
-
(91,234)
-
(11,593)
2,743,146
2,731,553
-
-
-
-
100
-
-
**100 **		 Total
2023
£
18,603,380
(24,899,610)		 Total
2023
£
18,603,380
(24,899,610)

(6,296,230)


(166,693)

-
(6,462,923)

(25,754,319)

Page 36

ACS INTERNATIONAL SCHOOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

8. ANALYSIS OF EXPENDITURE

(a) Total expenditure

Expenditure on raising
funds
Fundraising costs
Other costs of raising
funds
Total costs of raising
funds
Charitable expenditure
Education and grant
making
Teaching
Boarding and welfare

Premises repair and
maintenance
Support costs and
governance
Grants, awards and prizes
Total charitable
expenditure
Other expenditure
Other
Total other expenditure
Total expended		 Staff costs
Depreciation
& amortisation
£
£
224,694
-
127,293
-
351,987
-
30,843,386
2,222,793
2,153,245
733,095

1,684,571
372,072
9,464,018
1,945,002
-
-
44,145,220
5,272,962
-
-
-
-
44,497,207
5,272,962		 Other
Total
2024
£
£
78,126
302,820
134,403
261,696
212,529
564,516
13,703,612
46,769,791
2,644,988
5,531,328
2,345,515
4,402,158
11,029,244
22,438,264
8,644
8,644
29,732,003
79,150,185
1,238
1,238
1,238
1,238
29,945,770
79,715,939		 Total
2023
£
270,199
260,614
530,813
52,692,551
5,196,672
4,557,540
22,281,485
13,170
84,741,418
323
323
85,272,554



Page 37

ACS INTERNATIONAL SCHOOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

8. ANALYSIS OF EXPENDITURE (continued)

(b) Grants, awards and prizes

From Unrestricted Funds
UK prizes and leaving awards
(c) Governance included in support costs
(inclusive of VAT)
Remuneration paid to Crowe UK LLP in respect of:
Statutory audit
Tax compliance
Advisory services
Remuneration paid to auditors in respect of:
Statutory audit (Doha)
Tax compliance and advisory
Reimbursement of personal expenses to Trustees – travel costs		 2024
£
8,644
2024
£
48,600
3,600
1,170
16,192
17,727
19,951		 2023
£
13,170
2023
£
45,600
6,480
25,675
17,289
13,992
20,741

Expenses were reclaimed by 6 Trustees (2023:6). No trustees have been paid any remuneration or received any other benefits during the year.

9. LOSS ON DISPOSAL OF SUBSIDIARY

ACS Doha Interco balance written off
Payment to Artemis Education
ACS Overseas Holdings Interco balance written off
Cost of investment in ACS Overseas Holdings
Net assets disposal		 2024
£
23,940,253
11,543,548
12,381
1,000
(19,748,994)
15,748,188

Further details on disposal of ACS Holdings and ACS Doha can be found in the Trustees report.

Page 38

ACS INTERNATIONAL SCHOOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

10. STAFF COSTS

Staff costs, including director's remuneration, were as follows:

ACS wages and salaries
ACS Doha wages and salaries
ACS social security costs
ACS other pension costs
ACS Doha other pension costs
Aggregate employee benefits of key management personnel		 2024
£
34,428,543
4,862,830
3,385,367
1,629,771
190,696		 2023
£
31,395,153
8,916,659
3,121,491
1,425,317
410,629
44,497,207 45,269,249
1,407,207
1,447,844

Key management personnel are the Chief Executive and all Directors within the leadership team who routinely attend Board meetings.

Number of higher paid employees with aggregate employee
benefits in bands of:
£60,001 to £70,000
£70,001 to £80,000
£80,001 to £90,000
£90,001 to £100,000
£100,001 to £110,000
£110,001 to £120,000
£120,001 to £130,000
£130,001 to £140,000
£140,001 to £150,000
£160,001 to £170,000
£170,001 to £180,000
£180,001 to £190,000
£190,001 to £200,000
£200,001 to £210,000
£210,001 to £220,000
£220,001 to £230,000
£230,001 to £240,000
£280,001 to £290,000
£290,001 to £300,000		 2024
2023
No.
No.
29
44
22
33
6
20
3
6
5
5
-
2
-
1
-
1
3
1
-
1
1
-
-
1
1
1
2
1
-
2
-
-
1
-
-
1
1
-

Page 39

ACS INTERNATIONAL SCHOOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

The average number of employees during the year was 908 (2023: 957).

Academic staff
Substitute staff
Welfare
Support staff		 2024
No.
478
87
33
310
908		 2023
No.
519
98
35
305
957

During the year redundancy payments of £210,182 (2023: £361,779) were awarded of which £78,204 remained outstanding at year end (2023: £138,230)

11. PENSION COMMITMENTS

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the funds. Contributions of £293,922 (2023: £263,413) are outstanding at the balance sheet date.

12. FINANCE COSTS

Interest payable and charges 2024
£
112,900
112,900		 2023
£

92,695
92,695

.

Page 40

ACS INTERNATIONAL SCHOOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

13. TANGIBLE FIXED ASSETS Consolidated

Group
Cost
At 1 August 2023
Additions
Disposals
Transfer
Disposal of subsidiary
Exchange difference
At 31 July 2024
Depreciation
At 1 August 2023
Charge for the year
Disposals
Disposal of subsidiary
Exchange difference
At 31 July 2024
Net book value
At 31 July 2024
At 31 July 2023		 Freehold land
and buildings
£
93,485,654
14,153,161
-
-
-
-		 Motor vehicles
£

828,980
99,131
(14,600)
-
(19,517)
477
894,471
667,595
32,155
(14,600)
(19,517)
477
666,110
228,361
161,385		 Fixtures, fittings
and equipment
£

43,201,109
5,406,089
(5,603,208)
440,148
(14,777,992)
434,869
29,101,015
Capital work in
progress
£

343,859
125,527
-
(440,148)
(25,610)
(3,628)
Total
£
137,859,602
19,783,908
(5,617,808)
-
(14,823,119)
431,718
107,638,815 - 137,634,301
-
2,060,750
-
-
-		 26,221,512
3,000,456
(5,596,926)
(5,996,156)
200,387
17,829,273		 -
-
-
-
-		 26,889,107
5,093,361
(5,611,526)
(6,015,673)
200,864
2,060,750 - 20,556,133
105,578,065 11,271,742 - 117,078,168

93,485,654		 16,979,597 343,859 110,970,495

All properties were revalued on 31 July 2023 by Gerald Eve, Chartered Surveyors, on basis of open market value for current use at £87,730,000. The valuation was incorporated in the financial statements for the year ended 31 July 2023.

Included in land and buildings is freehold land valued at £14,663,000 which is not depreciated.

Land and buildings include £11,580,791 (2023: £5,755,655) in respect of assets under the course of construction.

The historic cost of assets included at valuation at the balance sheet date is £154,354,098 (2023: £140,200,937).

Page 41

ACS INTERNATIONAL SCHOOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

14. TANGIBLE FIXED ASSETS

Charity only

Cost or valuation
At 1 August 2023
Additions
Disposals
Revaluation
At 31 July 2024
Depreciation
At 1 August 2023
Charge for the year
Disposals
Revaluation
At 31 July 2024
Net book value
At 31 July 2024
At 31 July 2023		 Freehold
property
£
93,485,654
14,153,161
-
-		 Motor vehicles
£
809,940
99,131
(14,600)
-
894,471
648,555
32,155

(14,600)
-
666,110
228,361
161,385		 Motor vehicles
£
809,940
99,131
(14,600)
-
894,471
648,555
32,155

(14,600)
-
666,110
228,361
161,385		 Fixtures,
fittings and
equipment
£
29,339,031
5,365,193
(5,603,208)
-		 Total
£
123,634,625
19,617,485
(5,617,808)
-
137,634,302
21,703,424
4,464,236
(5,611,526)
-
20,556,134
117,078,168
_101,931,201 _
107,638,815 894,471 29,101,016
-
2,060,750
-
-		 648,555
32,155
(14,600)
-		 21,054,869
2,371,331
(5,596,926)
-
2,060,750 666,110 17,829,274
105,578,065 228,361 11,271,742
93,485,654 161,385 8,284,162

All properties were revalued on 31 July 2023 by Gerald Eve, Chartered Surveyors, on basis of open market value for current use at £87,730,000. The valuation was incorporated in the financial statements for the year ended 31 July 2023.

Included in land and buildings is freehold land valued at £14,924,000 which is not depreciated.

Land and buildings include £11,580,791 (2023: £5,755,655) in respect of assets under the course of construction.

The historic cost of assets included at valuation at the balance sheet date is £154,354,098 (2023: £140,200,937).

Page 42

ACS INTERNATIONAL SCHOOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

15. INTANGIBLE FIXED ASSETS

Consolidated
Cost
At 1 August 2023
Additions
Exchange difference
At 31 July 2024
Depreciation
At 1 August 2023
Charge for the year
Exchange difference
At 31 July 2024
Net book value
At 31 July 2024
At 31 July 2023
16.
INTANGIBLE FIXED ASSETS
Charity only
Cost
At 1 August 2023
Additions
At 31 July 2024
Depreciation
At 1 August 2023
Charge for the year
At 31 July 2024
Net book value
At 31 July 2024
At 31 July 2023		 Computer
Software
£
3,503,334
3,016
2,222
3,508,572
3,143,133
179,598
2,222
3,324,953
183,619
360,201
Computer
Software
£
3,414,615
3,016
3,417,631
3,054,414
179,598
3,234,012
183,619
_360,201 _

Page 43

ACS INTERNATIONAL SCHOOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

17. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Investments in
subsidiary
companies
Charity £
Cost or valuation
At 1 August 2023 1,100
Disposal of investment (1,000)
At 31 July 2024 100
Net book value
At 31 July 2024 100
At 31 July 2023 1,100
Details of the principal subsidiaries can be found under note number 7.

18. DEBTORS

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income
Amounts owed by group undertakings		 Group
2024
2023
£
£
6,742,389
6,325,396
650,461
385,921
2,147,745
3,172,086
-
-
9,540,595
9,883,403		 Charity
2024
2023
£
£
6,725,672
5,879,056
650,461
385,756
2,140,787
2,294,528
223,124
24,103,763
9,740,044
32,663,103		 Charity
2024
2023
£
£
6,725,672
5,879,056
650,461
385,756
2,140,787
2,294,528
223,124
24,103,763
9,740,044
32,663,103
2024
£
6,742,389
650,461
2,147,745
-
2024
£
6,725,672
650,461
2,140,787
223,124
9,540,595 9,740,044 32,663,103

Page 44

ACS INTERNATIONAL SCHOOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

19. CREDITORS: Amounts falling due within one year

Trade creditors
Social security and other taxes
Other creditors
Student deposits
Accruals and prepaid income
Deferred income
Bank loan		 Group Group Charity Charity
2024
£
3,433,307
1,182,235
1,649,983
2,952,320
1,786,328
38,420,829
-		 2023
£
3,417,190
1,128,036
1,975,144
3,221,040
5,622,867
39,869,982
1,000,000		 2024
£
3,433,307
1,182,235
1,646,264
2,952,320
1,778,897
38,420,829
-		 2023
£

3,175,472

1,128,036

1,840,204
3,221,040
2,500,043
37,877,616
1,000,000
50,742,411
49,425,002
56,234,259		 49,413,852

20. DEFERRED INCOME

Deferred income relates to tuition fees and related income. Movements on deferred income balance during the year are as follows:

Deferred income b/f
Income released to SOFA in the year
Income deferred during the year
Deferred income c/f		 Group Group Charity Charity
2024
£
39,869,982
(39,869,982)
38,420,829		 2023
£
36,454,197
(36,454,197)
39,869,982		 2024
£
37,877,616
(37,877,616)
38,420,829
38,420,829		 2023
£
33,749,358
(33,749,358)
37,877,616
38,420,829
39,869,982		 37,877,616

Page 45

ACS INTERNATIONAL SCHOOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

21. BANK LOANS DUE IN OVER ONE YEAR

In February 2024 ACS International Schools Limited secured a bank facility with a maximum loan value of £15 million. Current borrowings against the bank facility are £1 million. Interest on the loan is 1.35% above LIBOR and is payable quarterly. The loan is repayable in full 60 months after the loan is drawn. The loan contains financial covenants which apply to the Group's consolidated financial information. All financial covenants were met at 31 July 2024.

Loan repayable is as follows:
Within one year
Between two to five years
More than five years		 2024
£
-
1,000,000
-		 2023
£
1,000,000
-
-
1,000,000 1,000,000

National Westminster Bank PLC hold the following charges on ACS assets located at Heywood, Portsmouth Road, Cobham for continuing security:

The aggregate revalued amount of secured assets is £72,853,832 (2023: £61,270,060).

Page 46

ACS INTERNATIONAL SCHOOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

22. SHARE CAPITAL

2024 2023
£ £
Allotted, called up and fully paid
500,000 Ordinary shares of £1 each 500,000 500,000

23a. FUNDS

Restricted funds
Cobham
Hillingdon
Egham
Unrestricted funds
Share capital
Debentures
General reserves
Revaluation reserves
Total funds		 B/fwd
£
-
-
-
-
500,000
10,657,750
85,469,520
7,545,673
104,172,943

104,172,943		 Income
Expenditure
£
£
448,096
(2,125)
160,252
(754)
25,457
(550)
633,805
(3,429)
-
-
(2,750)
-
86,083,791
(79,712,510)
-
-
86,081,041
(79,712,510)
86,714,846
(79,715,939)		 Income
Expenditure
£
£
448,096
(2,125)
160,252
(754)
25,457
(550)
633,805
(3,429)
-
-
(2,750)
-
86,083,791
(79,712,510)
-
-
86,081,041
(79,712,510)
86,714,846
(79,715,939)		 Transfers
£
(445,971)
(159,498)
(24,907)
(630,376)
-
-
630,376
-
630,376
-		 Gains and
losses
£
-
-
-
-
-
-
(15,697,835)
-
(15,697,835)
(15,697,835)		 C/fwd
£
-
-
-
-
500,000
10,655,000
76,773,342
7,545,673
95,474,015
95,474,015
(79,712,510)
(79,715,939)

Restricted funds include donations which the donors have earmarked for specific UK campuses. Restricted funds have been released to general reserves as their restrictions have been met during the year. The transfer from restricted to unrestricted funds relate to capital expenditure purchased from restricted fund donation.

Unrestricted funds belong to the charity’s corporate reserves, spendable at the direction of the Trustees to further the charity’s objects.

Page 47

ACS INTERNATIONAL SCHOOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

Debentures (5th series)

The director considers that the nature and terms of the fifth issue debentures, issued by ACS International Schools Limited, more accurately reflect equity and therefore they were reclassified from long term creditors to equity within the balance sheet in the year ended 31 July 2024.

During the year ACS International Schools Limited issued £Nil (2023: Nil) and repaid £2,750 (2023: £1,500) fifth issue debentures of £250 each.

The fifth issue debentures are unsecured, non interest bearing and repayable only by ACS International Schools Limited giving debenture holders not less than one month's notice of its intention to repay the principal sum or on a winding up. As at 31 July 2024 this issue comprised 42,620 debentures of £250 each (2023: 42,631 debentures of £250 each).

23b. NET ASSETS SPLIT BETWEEN FUNDS

Intangible assets
Tangible fixed assets
Net current liabilities
Liabilities due in more than one year
At 31 July 2024		 Unrestricted
funds
£
183,619
117,078,168
(20,787,772)
(1,000,000)
95,474,015
Restricted
funds
£

-
-
-
-
-		 Total
£
183,619
117,078,168
(20,787,772)
(1,000,000)
95,474,015

24. ANALYSIS OF CHANGES IN NET DEBT

Cash at bank and in hand
Loan
Net funds		 1 August
2023
£
39,681,450
1,000,000
40,681,450		 Cash flow
£
(21,584,815)
-		 Exchange
Movement
£
-
-
-		 31 July
2024
£
18,096,635
1,000,000
(21,584,815) 19,096,635

Page 48

ACS INTERNATIONAL SCHOOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

25. CAPITAL COMMITMENTS

At 31 July 2024 the group and charity had capital commitments as follows:

Contracted for but not provided in these
financial statements		 Group
2024
2023
£
£
358,988
4,092,005		 Charity
2024
2023
£
£
358,988
4,092,005
2024
£
358,988		 2024
£
358,988

26. OPERATING LEASE COMMITMENTS

At 31 July 2024 the group had commitments under non-cancellable operating leases as follows:

Within 1 year
Between 2 and 5 years
After more than 5 years		 Land and
2024
£
20,910
83,640
669,120		 buildings
2023
£

10,847,679

35,890,188

68,514,050
115,251,917		 Other
2024
2023
£
£
145,820
152,816
129,662
275,482
-
-
275,482
428,298		 Other
2024
2023
£
£
145,820
152,816
129,662
275,482
-
-
275,482
428,298
773,670 428,298

27. RELATED PARTY TRANSACTIONS

ACS International Schools Limited, the ultimate parent company recharged £261,696 (2023: £260,614) to ACS Commercial Enterprises Limited for the provision of staff and expenditure incurred on its behalf. At year end the balance of £223,124 (2023: £510,792) was owed to ACS International Schools Limited. ACS Commercial Enterprises Limited gift aided its profit of £91,234 (2023: £166,693) to ACS International Schools Limited.

ACS International Schools Limited recharged £256,921 (2023: £519,802) to ACS Doha International School LLC for expenditure incurred on its behalf and £184,896 (2023: £382,171) for royalty and management charges. At year end the amount owed by ACS Doha International School LLC to ACS International Schools Limited was £nil (2023: £23,492,971).

Page 49