2023-06-30-accounts

The American School in London Educational Trust Limited Financial Statements for the year ended 30 June 2023 together wrth Trustees, and Auditorf5 Report Company Regislratv)n Number. 784923 Ragstered Charity Number. 312738 *ACY18700' OW03r2024 COMPANIES HOUSE 263

Page Tnjstees.. Officer5 and Advisers Trystees. report Dire¢ors' rep(¥t Independent Auditorfs rep)rt Statement er rrnancial aCti￿t*S for th4 year eftded 30 June 2023 8aL4nce sheet Cash flow statement 28 Notes to the cash flow slatemenl 29 Notes to th¢ financial 51ztemerrts

Tru'stees. Officers and Advisofs Trustets Thè Directo￿ olthe Company who a￿ also the Twstees of the dwrity and who fdd Offi￿ dwin9 thè ￿#r. and to the date of signing this report exeeo Whe￿ othe￿7$¢ sted. were". Mark Agne Oarren Allaway Chris Anderson Cynthia Bake Luca Bassi Cha¥ Dar¢ey Crawfoid Alison FergusoTrWc)ds Danièl Ha￿al George Hatzmann George Hadjigwiou Coreen Hester Pnya Hiranandani Vandrevala Stanford (D￿} Hgm Gwion Lewis Matthew Horval Res3ned l J￿Y 2023 Company Seuetary Appointed 1 July 2023 ReS￿ned 1 Juty 2023 Re5fjned 1 ju￿ 2023 Appointed 1 Juty 21r23 Aprointed 1 Juty 2023 Mallika Kapur Sherme Magar-.Swri$ Rèbecca Manvel Resb3ned 1 Juty 2023 Apwnied 21 August 2023 Michael A Mccarthy Liad Mèidar Ralph Ri¥era Erin Roth Chair Hahnah Seminara Stephanie SchueFyert Nikos Stalhopoulos Kavi Th3krar Stacey Towfighi McKenzie Webster Resigied 1 J￿Y 2023 Christopher Whitm I￿ne Zia Reswed 1 Juty 2023 All trustees $erved on al le35t one of the thghl slandirg oJmmiNees during the year. Officers co￿en R. Hester Intwim Head of Sch¢#Jl lunlil"30' thJwE 20231 Head ol Sthooj (from l July 2023) Director of Finar Matlhew Fbr¥al John Robinson Principal Address and Registtted Office One Wavertey Place. Lon(lon. NW8 ONP

Trustees. Officers and Advisors Advi$0 Bankèrs JP Morgan Chase 25 Bank Street, Canary IAliarf LO￿n. E1.4 5JP Barclays Bank PIC 1 Chuichill Pla London. E14 5HP Soli¢ito Farrer & Co. 66 knno)In'5 Inn Fields London, KZA 3LH Mills & Reeves LLP. Botanic House. 100 Hills Road Cambridge. C82 IPH Auditor. Crowe U.K. LLP 55 Ludgaie Hill London EC4M 7JW Investment fflanagers Partners Capital 5 Young Street, London, VV8 5EH !.P. Morgan 60 Wictoria Embankment London. EC4

Trustees. Report DIRECTORS. REPORT The Ameiran Schwl irt Lothjon Trust Limited {ASL, also ￿ferred to as SfrAI was Incorporated as a cofflpany limited by guarantee in 1963 Icwpany regi5trnth.on no. 7849231 and hence the Trustees. who we also members of thè eompany, hold no shares. ln the event of the Schjofs dissoluti￿. their liabilrty for unpaid obligatM?n¥ is limrted to £1 each. The Sch￿1 is go¥emed by rts Memorandum and Artwjes ofAssocialion, whith were Last amended in 2001. The Sthol is aLso wisteTed wrth the Chanty Commis&on undw charrty ￿lstra￿On no. 312738. The Scljool and its subwdrJry havè th8ir iegisler8d office athliess at WabEwy Pk2. London. NW8 ONP. The Trustees. as difeciors ofASL. present I￿"¥ annual le￿1 on tl affairs ofthe for the year ended 30 June 2023 under the Charilies Acl 2011 and Companies A(# 21x6, thus including the Director5, Report Strategic Report under the 20C6 Act, together wih Ihe audited fwn(ial statemènts for the year. Founded Kt 1951. Ihe Amertsn in Lonth)n is cdlege-weparalory. K.124ay sthooj, providing an exceptional Arnerican education to an intem"onal student body in the hearl of Lond￿. Innovation and indNwJuair(y are celebrated. and outstanding 8cademicsUcc￿ is aFplauded. Students thrive arrud high expedation5 aThJ the joy of authent￿ learning expenencts. C¢mmrfted to treats.ng courageous global utryens. the Sthotsl inspires students to engage with others acTQS5 hnes ofdIfferen￿ in a chaNJing worfd. Our dNerse stwlent brpjy of apPr0￿Mate￿ 1,400 rep￿Sen1$ 66 nationalities and $￿kS 62 languages, and families the School Irom all over the gbbe. London 15 an extension of the classroom. and S¢hod rnake5 the rTX)St of the cullwal and arftslic opportunthes ourlwiKJn kvwdes. OWECTS AND AIMS Charitsble Objects A summary of the charity's objects, a$ Set out in its Memorandum OT Assooalmjn. is lo rarry on the Arnerican Schc•Jl in London as an educahonal charity for child¥en of any na￿.0￿alIty and io provwje &Jucational instrudion olthe highest calibre. together wrth physical and nK)ral lezming. Wthin these obpcts, Ihe ScaKJoI has cxealed a Mt5sion Statement. Core Values. Portrar¢ of a Learner a Diversty. Equty and Statement. Public Benefft The Trustees confirm Ihal they have (x)nWied Mlh Ihe duty containe¢J in the Charityes Act 2011 19 ha¥è due regard to Ihe 9uidanee issued by Ihe Chanty ComnU55v￿ tsn benefft and fee chargirJ charrfs. Mis¥•on Stst¢rnent The School's misshjn is Ihal tre Ameri¢an School in London emrmrs each sbjdent to thrive a$ a lrfelon9 leamer an courageous global crtizen by fostering intellect. cre8tivty. icfusiwty and tha￿le1. CHARITY GOVERNANCE CODE The ASL Board of Trustees takes its governan￿ responwbili￿s wiousty and, as ASL is a large L*arrty. aims to have a govèmanee framework that is fft for pwp)se, complkqnt and effiryent. The Board has established a solKJ fr￿ndatIOn in g9veman￿ in which all of rts trustees are dear abO￿t Ihar role5. regulatory and lègal respon&bilAies, are committed to supporting ASL to deliver its obJEctives most effectively ts its beneficiaries, Èenefit. and conln'bute to ASL'S continued imprnveff￿Dl. THE AMERICAN SCHOOL IN LONCM)N EDUCATIONAL TRUST LIMITED

Trustees, Report Overall. th• ASL Board ofTrustees meets a very signrfunt proportion ofthe reDJrnmendvJ and best practr£ lor governan￿ cOnt￿ned wilhin the Charity Govemance Code across Ihe seven areas and are L¥•mfortable that ther• I￿ no significant areas of review required. Arrangements will ¢(xitinug lo be Monit￿ed aga￿)St Ihe best pracb.ce winuplg contained in the Code. ORGANISATIONAL MANAGEMENT School ts set by the 8oard of TnJstees who make the Strateg￿ decisic￿ •rwJ appoint the Hpad tsfSdp)ol. The day- 104ay management is dakgated to the Head of Sch￿￿ and lo a leam of •Jm1n￿tra1OrS (the Senior LeadershÈp Tearn (SLT). The SLT was led by Ihe Interim Head trf $th￿. Coreen R. Hestsr up lo 30 June 2023 On 1 Juty 2023. Mall Horvat became ASL'S ninth Head of School. Prior to joining our sthool, Matt Se￿ed for I l years as head at The Overtake School in Redmond. WashI￿n. U.S.A.. a grade &12 independent 5th001. The Board held five ￿gUlar ￿￿etingS one additional meeb.ng 5pecifficalty to address the successful ofsled inspection. The Board is or9ani5ed into aght stsnding committees- AdfflinlFinan￿. Advancemenl. Building & Ground5. Student Experwce. Inve5trnent. Govemanr£. Execvli¥e ar￿ lThJepenLlenl Standards IISSI Cornpliance. The School consmlers il critical to offèr comp•titi¥e compensab.on and beneffts lo attract and retain Dulstsndsng employees. This recognEes that Ihe School 15 located in an expenswe part of the UK and that we are recruthng in an inlernats'onal rnarkel of edvottys. Thè Board seis compensal•M levels e¥ery year through a process of fact-finding, benchmarking and di5CU5sion 7Mth ts ernployee5. A number ofthe Sthcol's emptoyees. includiThJ members of the SLT. arè seconded to the School by the American s¢￿ in London F￿nda￿"0￿. wh￿h perfomis its own penod benchma￿Ing exercise5 lor mana9ement pOS￿.0ns. 80th Ihe s¢￿1 and the FOUndat￿fi Use extemal recrurttrnt agencie5 lo help hi￿ SLT •J, Iherefore, these agenaes pwde adth"tsonal mformalKJn for wmpensalion comparisons RECRurrMEMT ANDTRAINING OF TRUSTEES The Board may, frryn to tim•, èled a mèmbec of the Board eitlr to fill a casual ¥a¢ar¢y ty by way ofaddilion to the 8oard. subjèct to Iht maKinum number of thirty. Any member so elected $hall retsin oifts onty until th• nexi Annual General Meeting, bul shall then be eligible lor ￿eleCti)n. Al the AnnL¢al General Meeling èvery year. one third of the rnernbers of Ihe Board rebre by rgtation I￿1 are eligible for ￿-eleCtIOn until they have Se￿e￿ a maximum of Ihree terms of three years. wrth some exceptions. Trustees are nominaied by Ihe Governan￿ Committee based upon the specrfic needs, skills and tssE￿i$jbEIlIi•S rèquired by the Board. Trustees receive training at the time of their appoiniment. Truslees also regularty eng￿ in Irain￿g on governan￿ mattus at spectal ￿￿1¥19$. STATEMENTOF TRUSTEES, RESPONSIBILITIES The Truslees are ￿SpOnSI1￿e for preparirg the Tn￿tee5. Rep)rt and tt finanoal statements •1 accwdance applicable law regulat￿s. Company Faw reqUI￿S the Twstees to wepare finarrfyal statemènt5 for each finanual year in accordan￿ Mlh Unitd . Kingdom Generalty Accepted Accounl¥)g Plac￿ IUINled Kingd¢m Ae¢4>Lmling siandardsl and ap￿1¢able Law. Under o)mpany law, the Tw5te85 must not appro¥e the slaiements ￿lesS they a￿ satisfjed that they gwe a true and fair view ol the state ol affairs of Ihe charitable L¥ynpany aThJ of rts net incomingloutgoing reSoU￿S for that period. In preparing these fjnancial statements. the Tnjstees a￿ reojired 10: THE AMERICAN SCHOOL IN LONCQN EfLIcATIONAL TRUST LIMITED

Trustees. Report selecl &ifable aLwunliThJ policyes and thon apply theffl consistenty: obseThe the methods and princ9p￿S Èn the Ch SORP (Statement of Recomrrended Pra¢tse) make ju¢Jgrnents and e5b"rnate5 that are reasonable wud slate Vknet￿r applt¢abk 3cetyJ￿in9 sta￿ardS have been foTrty¥ed. subied to any departures th"sdosed and explained in the financial statements", preparethe fin￿Cial staièrnents on the g￿￿9 oJncÈm basts urkn rt is inappr4>r￿té to prèsumelhatthe charrtab Cornpany will corrtinue lo operate. The Tfuslees are responsible for keeping adequate accounting I￿rdS ihat are suffiaent to show and e¥￿aIn the eharitable eompany's transact￿n$ and disdose wtth reasonab￿ ac£uraty at any time the financtal posth.on of the charitabte cornpany and enable them to ensvre that Ihe finanual siaiements compty wrth the Companies Act 2006. They are aso r8sponsible lor SafegUard￿g the assets ofthe chitabfe coryany and herKe taking i•asonable step5 for th? prevention and dete￿￿￿ of fraud and otlw i￿￿gU￿4rltlB￿. Thè followwig ststements have affirmed by tath of thè Tmsiees of the charitablÈ company". $0 faraseachTw51ee is aware. Ihere 15 rorelevantavdit Mrformai￿JnIIh31is. infornaiion nded by the companys auditors in connection wih preparir#J t1￿'T reFQrt) 0fwh￿h Ihe ?￿panY'S auditors a￿ unaware. and each Trustee has tak￿ all the steps that h@she ought to have taken as a Trustee in order to make himselllherself aware of any ielevant audit information and lo e51ablt5h that the ￿rnPany s auditors art aware of (hat information OBJECTIVES FOR THE 2022.23 YEAR Each year the Board estsblishes speofic annual goats. which a￿ i2ter to revEw. In 2022. the Board established the followiTrJ pnorities in addition to rts orwng ￿￿nSibifi￿s (see page$ 4 and 201 these we reviewed belcmf. Address the failure5 noted n Il 2021 OtsbJ reFQrt #nd ensu￿ ASL'5 Ong0w￿ adheren￿ to arKI have oversight ol the Independent Sthool Slandard5. The Otsted inspection in No¥ember 2022 1>)nfirrned thai the schcd an of the lThJependent SchcKJl Standards that We￿ ched(ed Ihis in3rect￿n. On Otsled's srte. ofthe Sthool's pa￿ntS said Ihat they would recommentj Ihis school io another parent. The Board considws Ihat rt has rnet all the stsndards and i8 fvlly prepared for the next Otsled inspection 2. Work wrth the Interim Head OfSel￿ to rebthlo tnrst aTh1 uryrole communtsb.on throughout thè Schod eofflmunty. This objective was met. The pa￿nt I￿tening sessKI￿ hosted by Mrs. Hester Conth"n￿ from last yearwllh a series ol roundtable meetings as pa￿￿1 n*etiTrJs. S(kn(4 c4)mmun￿t•?nS Iryyo￿d tlyoughout the year. 3. Apwint a ne4¥ Head of SchocA and devek)p a dear strategc tr•nyth￿ F4an to suppo1 the incoming Hea(l. The objecbve was rnet. Mr. Horvai h3d been aprKAnted as IhÈ Head ofsctwl 8nd CL)ncxele goals have teen s for the 202>2024 scts)ol year. The strategic transition tyan fowssed on inlormath.on sharing wilh the prewous Interim Head of with the scknl communty as a whole. in.person events with the Board and Sèn¥?r THE AMERICAN SCHWL IN LONDON EtMJCATIOMAL TRUST LlkllTED

Trustees, Report Leadership Tearn and also welcthming Mr Ho￿t and his wrfe fo Lothn. the and to hi5 new horne at Bruce House.. Monitor risks to the SChtr￿ aTrJ rts comnwJnty rtluding fywnoal. legal wjd med￿? risks. This obieclive had been met The￿ was an annual risk re¥iew wc¢ess wth rnembe¥th"p of all th8 Chairslco Chairs of Board Commrtte5. the Interun Head of a￿1 DireclLY of Finance to ¢Ji5cuss and priorits.zè area5 of IFsk. The group identified 3 general a￿a of ￿tential risk as 1) Decrease in enrdrnenl," 21 A map)r catastrophe induding teuorism.. 31 Compts¢ated.10Th3-tenn litKJation. The asstgning of respon￿￿111￿.es for mitwjalw of the risks Id￿ts(￿d werè fijrfhw ievi•ved or￿e Mrs Hester had hèkl discu5s￿$ With Ihe SLT the Board. PRINCIPAL ACTIVITIES UNDERTAKEN In 8ddth.on lo achiewng Bnd continurng to work on the specifre goals ofthe Board of Trustees. the School taught on average 1.397 sludents in the year, spread over its three di¥isions_' Lower S¢hool1376) MKldle scho￿1491) SCh￿)I(S3O1 Totsl enrollmenl was above the LwAgeted level k the yearwth high renr¢41rnenl at 94% 265 new Students entering Ihe Schoc4. Thè School's wortd-dass faculty f051ers confidertt, ￿riosity and w•ll-b8ing in our students. preparing ihern for lfe beyond ASL. The sth0￿ devekjps widependefit indr¥kluaLs who wll ernkn￿ leaming and future challenges with cOnrthn￿ and the courage to au. The Arnertcan cuThiculum emphasizes steady progression in ore academic area5. ASL offers an unvsualty array of oplK)ns lor students to extend their kntswkdge in several subject areas ASL'S Cu￿￿uluM is enhanced by broad offerings in the cornpuler suences. and in the visual and performirKJ a￿. Student5 knam to rnake thoughfful chores to achie¥p test Fb)ssibJe balance between breadth and depth. 136 sludenls graduated from the sermy class in June 2￿23 wth stLMJents 3￿pIe￿ to ￿l￿e5 and unNersrties in eight counlries. FINANCIALAID Thè sd10￿ has a lon9 history of enat4ir9 Students fmrn all backgrc¥JrKls to benefft from rts prc4Jiams. The Board of Trustees believes in the Importan￿ of hawng a ￿)C40eCOnryn1Calty ¢JNerse student bDdy and thè benefil of having a robust finan¢i81 aid budget year on year. It i8 a point ol pride that ComN￿n￿Y supports thts valuab￿ endeaw)ur. and we are gratelul to all our supportern who hal￿ shown ded￿￿10ft by rthtrilMrtiThJ to the program. Growng suppcwt for financial asgstance has a FKJ*bve impad on the ¢ommuAity. Research shows that students benefil from leaming alongside othets wrth drffering views olthè Tworld. The Sd￿1 rernains committed to attrath.ng talented students regardless of Iheir financyal &iuabon. Awards tolalling £6.137K12022, £5.672K) in aid and aIrAvar￿5 We￿ maje to 196 12022, 18n studènts in the year. Of these. 17512022. 16215¢udents received financial help on a fom)al'mèan>te5ted' basis through the Schoof5 fin8n¢ial aid program. Ihe objeclNe of whith is lo assist qualified students to attend Ihe scho￿ regardless of their families. ability to pay. The availability of financaal aKJ is communicated via the Sthcd's websiie. during the applicab.on pro￿sS, in parent meetings and in vailL￿s art￿t$ on SthorA finan￿ and admiss¥)ns published both annualy and Imm lime lo tKne. THE AlaERICAN SCHOOL IN LONDON EDUCATr￿L TRUST LIMITED

Trustees, Report Parents aKfjJly for Financaal Aid through a lormal Pro￿S$ adm￿l$iered by a confhlentral Financial Aid Committee. The Corrmthee uses a finanual model and wnc4ples develord by the independenl SthcL)l and S￿dent Service5 for Financial Aid la US model of assessirvJ needl to detemine financkil need and the amouni ol Finar￿1 Aid awarded. The School sets a Finanual Aid budget eaL year a5 Part ofits nornal budgetirmj Process. Subjed to th"s budgelary constraint. the Fiianoal Ahl Commfftee seeks to all fiD￿caal ne&Js Klentifiwj through Ihe aPF4iot)n pr￿eSs. The highest awards were frjf 1￿% ofturtton lees and the a￿rage award was £29.130. GOING CONCERN The School's long-lerm finanrial wabilty is supported by a strong cash fnw. 5wJnrfKanl eash ba1￿ceS. dètsiled financrdl FKOjeCtiOll5, a 5uth.ent level of reserves endo•menl. a traditw ol fvndraising and a got#J rela1￿nShip with our key donors. The 8oard has re￿eWed its liquvjty. rts sosvery. its k)an co¥enarts, high ￿enrc￿[rTrI drtving high overall enrolment lor the 2023-24 year, and the kvel of re5er¥es. The Sdvjol has. therefore, a ￿asona￿e exFectation Ihat rt has sufficient resources to continue in ￿rational existen￿ for the foreséèable lutuie whith is al least 12 mcths from the dale of the signin9 01 this ￿pOrt. The Trustees belve that Ihere are no material uncerlaintKS that call inlo doubt the ability of the Sth)oF lo conb.nue as a 90in9 concem. The Sthool was inspe(ed by Otsied on 15 December 2021 and Mi March 2022 their report was publisheil ststing that our r8tsng ha5 b￿n changed from Outstsnthng to R￿￿1￿$ InyDvemgnt because the sdwl had nol rnet three ofthe Independent School Slandafds. The school de¥ebpe(l an a(aion plan to mBet those standards and of5ted inspected Ihe school again in Oclober 2022 and cimclud•Y that Ihe 5thoJl rneets the Independent scho￿ Standards ol il Quality of educa￿'on provHled. ill Spiriival. rnoral. socpl and ￿lI￿ra1 devekjp￿ent olpupi15 and iiil Oualty of leadership in and management ofschools. Addibonalty. the inspeciors spent time on two other stsndards we had passed previou5ty-a regular part of their prcloccl- and ¢onfirn￿d thal the School conlwiues to rne•t Iht standarfs for its safeguarding practi￿S and for the prowsion of informab.on for all (c￿$11tuenryes. The Ofsted survey resulls showed that 96% of parents would recornrnend Ihi5 sthool to another parent and that 98% of pa￿nts agree thaf their children are happy al the hool. As we move forward. we wim re￿ntleSS in cOr￿"nuing to improve the quahty of educati￿ for our students. Inspections ol this kind help us io ￿fie¢l ￿ and ￿fIne our pra#1￿ The Senror Leadetship Team and Ihe Board of Tfustees are working dosely ¥￿th our new Head of Sclwl, PAatthew Horvat, to ensure that ASL conlinues to be a r8fleclive and dynami¢ educaticnal environment lor all. The Sehwl has been aCc￿drted by the M￿dIe States AsscKiatson of Colkges and S¢hotsls IMSAI for sevèral derAde$ which ensures that we maintain a hJh level of US and intemabonal xhool edLK81ional stsndard5 an(1 nlorms unNerS￿.•$ ol the qualily of our studenfs, educational experien¢e_ It emphasries ¢onlinuous improvement". is a non-profit organrLalion', InS￿l￿S are conduct&J by fellrw educatots frcm schools WI￿ vdunteer for accreditat)n visits." and in the 2022-23 school year. we cornpleied our seif-study lor accre(sitsti￿. Our steering cornfflittee created a viS￿)n for Ihe seif-study. Six commrttee5 rnet over iha ctyJrse of the year lo gather evidence lor each ol the six Standards. School Profile. Fwndations. Governan￿ & Leadership, Resources. Student INelkbeino. aThd Teaching & Learning. The plaMirJ leam. is cornprised of members of th• SLT. ALT, Twstees, employees, parents, and students prowded feeflback thrOug￿Ut the prrxess. Based on Ihe success of the 5eW-sludy, was selected by MSA lo utilrie a protocol for acueditation ￿lled Sustaining Excelknce. This prot￿￿ is only offered to "leading schools" based on 3 5chod's efficacy over time in proJucing Ihe levels ol student p￿f￿rnance that are desired and exp8tted by their cCmm￿ty sleholdets. Tr yyotooj ￿taIlS an act￿ research projeca that allows Ihe school to focus its ts"me, ￿n￿9Y aThJ resources on a snguL8r foajs. sI￿e C￿n￿eting the self-study. ASL has been Ihe pr￿$$ of developing Phase l of the act￿ ￿searCh [￿0poSal whKh will be submitted In September 2023. Follobwng that, we will embark on developing Phase 11 of the aclion researth overthe cwr5e of thè 2023-24 5¢hool year Finalty, Ihe MSA 0￿reditat￿n t*am are expected to wsit on March 4-5. 2024 fv wr selkstudy re¥iew. THE AMERICAN SCHWL IN LONOON EDUCATIONAL TRUST LIMITED

Trustees, Report EMPLOYEE INVOLVEMENT AND EMPLOYMENT OF PEOPLE IYITH A DISABILITY TheAmerican Schcol in LoThJ¢x is an equal oppcrftunitvès eryjknyer. and this is stated wiequr¥ocalty lo al pr05peciive job candidates. In accordance with our Equal Opportunrtie5 PL4w. the SchrKJI treats aN em￿OyeeS equ1ta￿Y, and employee5 or prospective employees with disabilils a￿ gNen ful and fair IrealmÈnt. wrth reasonable adiustmenls and Iraini opportunities implemented where necessary. A￿d￿.0n31ty, the Sthool has a [￿e of delailed HR policies designed lo 3UPPOrt our employees and our thaiitable and business otpctives and to ensvre compfiance with employment legi51atitffj. Thèse are revie¥¥ed at least annualty by Ihe HR Lknknr. We con5uII wrth our employees abJLrt ftjture Sch￿1 adi¥rttes aThJ issues ol d4ECt concem {such as terrn5 and condrtionsl through a rarbge of rnethanisms. Employees are represented by fra￿llY and staff as50oations who meet frequently wrt the School administration to dis￿5 èrnF4oyees' T8que5ts and to resolve concerns. Men a deasion 15 made that is lety lo affect the interest of empjoyees. a lull and thorough ￿nSulta11￿ prctess r5 caffled oul. EXaM￿e$ o15uch consultations are.. annual salary and benefits rneelings wth faculty anrj staff associalh￿S arvj the Senior Leadership Tearn Ispecificalty. a minimum of Ihfee meeilngs tfore a final deosion is rnadel", ￿lefing$ lo enwloyees at the beg•inirwa and end of the academic year In all.School meeb.ngs to update thern on curTenl issues and s01iril fredback.. monthly meetings held Èelween the faculty a5S(hiat1￿ and Head oi Schjol". and annual leadership svrveys for employees to provide extensive feedbad( on the effectiveness ol the Senior Leadership Team. Lea¥ing empb)yees are also offwed the Opport￿nitY to participate in èxit I￿ervieWs. th8 results of a￿ presented to Ihe Board ol Trustees annually. Results from Ihe 2022 SUNey showed thal 82% ofleavers raled Iheir o¥erall experierth as p05i¢Ne, wtih 88% indtstin9 Ihat Ihey would recomrnend worting al ASL lo a frienLI. DIVERSITY. EQUITY AND INCLUSION STATEMEIIT The Sthool's Oiver5ty. Equrty and 1ndV5￿)n Ststement whth had been developed from SU￿?y$. focus 9roups and intervièws ¥￿h facutty. staff, Slu¢Yents and tdmdies rem￿n$ a c4ye tenwrt ofASL c(xnmunty. The statement is both reffective aThl aSpirati￿al, refieth.ng calls for acbon. wthentoty aid accwrtablty to c¥eale a better future tor our Studenls. The AnBrican Schodin London {ASL) trs GI)m￿tI8￿ lo bwlth.ng and sust•Trng a th"v8rs8 school etsmmunity. Our is in ourdN81. We am coMM￿ed to pmvrfltwj equrtable access to all facèls ol S￿￿111. ASL is d8dKa¢ed to lo￿8n￿g aninclusiv• sclmx￿snwwDftrt￿n1 in wknch mmbers can thrive and be Ihemsefves in a fvlty authenlK manner. urfable andincl ASL upholds Ihe right to an &d￿[M?nal ex￿110￿¢ whKh dw8rse identthès, exp8ri8nces andideas are recognized andhvman dwilyis affi￿￿￿. Dtvgrsrfy devekw b8ttèreollal)0rn101s. braVerèx￿Orer$. stronger communrat0￿ g￿ter innovaltsrs deeper tIMt7kers. Frorn the C￿ld￿n enler Ihe SchLxyI. le8rn to cl8bf3le thwrthffeTrr)￿s a￿$M￿nI￿S, conlwlsl8Trol>pes and bffis8s, and develop unde￿lan￿.￿9 o1tll.s1￿ica18rtdeont￿Il￿raryS11ug￿S and ￿￿tOn&S1n rhe lace olinjusbce. Thm4ylJ this èducion. sludenls arn •riwit￿￿ to advocate lor a just and acqui￿ thè sknlls to b8 Cou￿9￿0U$ ￿0b81 cybzens. Creating a diverse, eq(MlaWe 8ndincluwe school Gommunrfy is an everevolvingiounpgy. We challenge ourselves to do Ihis on a petsonal andinstrfulM)nallevel. with enpathy and nTulual respecf. Buiklin9 and sustaining a thverse. equitable and1￿luSIve schcd￿￿DUnrtK￿s the ￿sponSitY￿"tyof all. Otsrcommitment to dNeiW, equity ènd Inclu&4in Irthlls Ihe pronwse t￿or￿￿￿e forall ourcth"hJrnn. THE AMERICAN SCHOOL IN LONfx)N EDUCATIONAL TRUST LIMITED

Trustees, Report COMMUNtrY SERVICE ACTMTIES Through a wde range of parlnerslbps schools. youth agenDes. eldèty ￿nIerS. 8nd I￿rnelesS charilie5. ASL pl￿$ itself at Ihe heart ol our West London ¢ommunity, leaming fron and wrfh the pewe we serve. St￿ye￿ voKe and interests shape the program. This yeaf was the largesl in the history of the h￿h school wogram. Ouf ￿mmu￿ partnerships of baiwe9n 20 and 23 weekly actiwties. varying from seasm ¢0 seaw. Over the year, 280 high school students partiopated tn Ihe various e￿Men1$ of the community action program, as well as 40 middle sthoders. For rnany ol our stuilenis. cwimunty adIC￿ becomes part oftheir ￿le￿￿"ty, ￿th 87% engaging in muttiple aspects oflhe prcgrarn. This past year saw the birth of several new after-school parhiership programs to which wr students bring their skills and passions. enriching leaming at 5th0￿$ in the local cornrnunty. Five Grade 11 students la¢M￿hed Wol)belleth. prO￿dIng weekty ￿￿11r￿j and app development le550ns to young people ai Harris A¢ademy. &. John's Wood. Students taugm da￿ at BaThcw Him JUD￿ Sclx>ol and organize&J and delive￿ a sustainabb art program. We also launched new Zumba pfogrnms at b)th Barrow Hill aThJ George Eliot sewls. whith proved very popui3r. Htgh School sludents delivered weekty rotiths enrithffent 1￿1$ io George El￿t and Hoty Trinily Co Primary school students. Wesl LondDn Alodel Uffljited NBIk%￿ (MUAI) has grown inlo one of Lonthn's flagship MUN events. Invo￿1n9 more than 330 young people from 22 London schooLs. In addition to organizing this mapr evenl and seNing as comrnittee charrs. our SI￿lent ￿aderS delivered trairMThJ lo part￿)pant5 at ASL. weewy training sessions at Hafris Academy. anrj online trainrng se5sion5 at Bow School. Our youngPOWER confererte drew togethtr sludents from six London schools to conrct and expltsrt paths around the theme ofvoices from Ihe Margin5. The work ￿¥0￿ed weekty meeling5 ofU ￿nference eX￿u￿Ve leam comprised of students frorn ASL an¢J Westminster Academy. Over 160 students. 117 frC￿ oUt￿￿e ASL. attended the conferenc8, fealuring outstanding speakers. induding Laura 8ates. author of the"Everyday Sexi%m" ￿0g. ￿n9 dimate and community activist Anita Okunde. and poel Kat Francois. 2022-23 saw the latjnch ol the High School Cornrnunity Ath"on cC¥J￿1 {CACI. The CAC'S ath"wtY&s i￿l￿ded ¢o- organizing Communty Volunteer Day Ihe SC￿oI.s Parent Communty Asso¢iabon. The Cornmunty Volunteer Day supported the Handson London coat drive aThJ colleded 372 coals, coordinated food drives, rnanaged Ihe hDl#lay GNing T￿e Program and provided to 226 chddr8n at the INnch, t)orstep and PACE, NganÉzed a bangers and bash du tank for th3rity", rn0rdlnal￿g bake safes in r8sponse to the earthquakes ￿ Turkey and Syria. aThJ cost of liwing ¢ri5i$. as wdl a3 an all-school fUndra￿1ThJ ditve in SUPFQrt of viclwns of ￿ Ikrfjds in Pakistan. Fof our yotsnger stltdents. thè fnt mNJde S￿￿¢1 aftet-sclol communrty program started ¢Jurirg the year with fouf partnerships eath week al PACE and the Advenlure Playhub. In the sthrAI. our gwdlrpnd program expanded THE AMERICAN SCFK)OL IN LONCK)N EDUCATIONAL TRUST LIMtTED

Trustees, Report svJnrficantty In the y•ar, and we have eslablishtsd ￿ new pather wJanr￿￿.0rtS Ihal WAI be pning the FY09ram in 202> 24. Kindergarten children 5upfKlrted our sd¥LKII-wde coat diive, engaged in food for Gran¥1￿ Community Kilchen. and made cards for isrAated eldws throvJh the Cards ol Cwè projed. The SHINE Sabjrday program conts"nu¢$ to Ihri¥e. 31 Mts￿le sthool students frorn seven lo￿1 secondary schcols the opportunity to participate in a 17-wÈèk SaturQay eniichment pmglam at ASL. engaging in act1vi￿5 suth as photDgraphy, drama, dance. arKg robo￿.¢3. and each deyeb￿r￿j aTrJ de￿ering thew thangernakei projed, culminaliry in a Presentation to their parent51guardians and teachers in our SdK)ol Center. Thè wrMJrarn is supportèd by ASL em￿oyeeS and four high scknxl ￿AUTh1eerS. GROUP STRUCTUREAND RELATIONSHIPS The Arner￿ Schjol ￿ LoryJc4) FoundatKJn (UK) tsrTrted is a registe￿ tharity and raises fvnds for support of the American School in London. The two companies have shaied admirmstrabon and for this ￿ason are"Conneded Charities". t)urrng th• year. the SCI￿1 recew8d £3,$84K ofdoftab￿ from the connected charity12022- £1.137K). The Schc)I has a wholy owned Th)n-Chant3b￿ subsidrary company.. ASL Enterprws Lld. Ilhe Subsidiary). ASL Enterprises Lld. was formed on 22 August 2016 to rarry out tradirg acbvites rnainty in ￿spect of Ihe use of the School'5 ra¢ililies vthen not in use by the Sth0￿. The Subgdiary's a¢h￿Ments we co¥ered rekvant Sect￿￿￿5 of this port. The School actively SUPForts the attainment of the highesl standaras ￿ education. Through nelworking wrth olher schools and organising. as well as attefiding. wofe55K)nal de￿0pment C￿nferenCeS, the Sthool piomotes improvernents in educational standard5. Wè also cooperatè with Ictal sche4)Is and chanh.es to wKlen public acrEs5 to Ihe $ch￿tIng we prowde. to facilitate the use of our cultural and sporth.ng facilth.es and to devefop in our students an awareness of the social context of the al￿round education they receNe at Ihe Stho(A. AII ASL parents are welcornè to be¢orne active partripants ol the Parent Comrnuntty Assoaal￿￿ I'PCAI ￿mrtIees and events. Through thè commrttees ol the PCA, parents organize Ihe Global Festival. the eoostw {supportin9 ath￿1¢ learns). Friends ofthe Arts and the bienn Auction Benefit. in adttson fo a ￿de range ofottr arAiwtw. wlyh the rn￿10n of ts Schtsjl. RISK MANAGEIIIENT AIIO PRINCIPAL RISKS AND UNCERTAINTIES In line wrth the Charitses SORP 2015. the Tfustees partlipale in annual risk management re￿eWs. Th￿ year the Risk Group of Committee Chairs agaift indNidually reviv•Rd over 100 risks i(Jentyfied under lour headings." Strategic, Operatsonal, Finanaal and Compliance. The indNKSual evalUat￿n$ were compared and arculated for o)Ikdwe discussion. The Risk Group 8150 perfo11r￿￿ a pre-mortwn to pmthde a holisiic perspective ￿ high irnpaLt risks and then cornpared these to the hvJhesi sc¢xllig rrsks that were Klentyfied on the survey. A report ofthe ¢th)dusions and mrtlgatr)ns was produce¢J and then ￿￿ewed by Ihe AdminlFinarKe Cc#nmittee and sub5equenlty the fijll 8oard. The group idents.fied 3 general a￿S of ￿ents"￿ f4sk as 1) A decxease in enrdment: 21 A major catastrophe induding terrori$rn.' 31 Cornplicoted and knng L45ting knyati(wi. Wrth resPOCt to all th? key risks identifA, the Head of schr￿ and the Senior Leadership Team bave been requested to hlentfy m￿a￿On$ and iThtkite ath.ons to rnonilw and rnanage those risk and report pènoth.caly to thè rtlewartt Board commjttees. 10 THE AMERICAN SCHCQL IN LONIX)N EDUCATIONAL TRUST LIMITEO

Trustees, Report FINANCIAL REVIEW AND RESULTS FOR THE YEAR The Consdidated Stalernent of Finanaal A(aMbes on Page 27 shyws the Schoof5 incoming ￿SOurceS have beeTr generated and how they ha¥e teen expended during the year togelher wrth Ihe iesutts of the subgdkary coryany and the dosing balances on each ol the ￿SeThs. The net result for ￿ year was a of.El.7M12022. defic4t of.£4.9MI. Total incorne increased Irorn £44.6M to £￿.4m durNwJ the year. or Ihe net £5 8M gain. the￿ was irKreased turtion and e<lucation lee inGome of£3.OM, an inuease Ofdonats"￿ of £2.0 M. bank and investment of£O.6M. rnn-ancillary trading £0.2M. Total T?5Our￿5 expended We￿ £52.OM. wh￿h was an inc￿3$0 of £3.8M on the £48.2M ofth• p￿MoUS year Thè School'5 general 0￿rating ￿sts I￿￿e35ed by £3.6M and inrxeaset1 by a fvrtherÉO.1M in costs assttiated with non- ancillary trading fundrasing re$peth￿ty. In addit￿. ihe Sd¥K4 recorded a net M￿stMent loss lor the year of -É0.2M 121)22- loss o1-£1.3M}. The total unreslricted reserves delxeased by £2.8M. the ￿trIcE#d reserwes de¢￿ast￿ by £0.3M and Ihe Endowments increased by £1.33M. As shown in note 12, Ihere are sufficaent rt assets to meet the obligab.ons of the Restricted Reserves. Ne¢ cash OLrfow froffl operations fof the yearwas-£3.8M 1202Z- inlknw of t2.IMI as shown in the Cash Fl<)w sktement on page 29 with the eash and cash equivalent balances at Ihe level of £18.3M C{Knpa￿d to £22.IM ￿$t year. The balance on the Current Asset Inhstments inL¥eased by £1.1 M during year wth a balanc￿ Df£17 8M al the year end. The Subsidiary company inc{Mr￿ was £398KI2￿22- £258KI fft the pen.tyj and the expenses £236K12022- £192K) resutting In profil of £142K12022- £66K). The fin3nual 51alements and thi5 RepDrt c(xnpty with statutory reqUi￿r￿antS and the Statement of RecommeThJed Practice.. fCharitie$ SORP IFRS 10217. RESERVES LEVEL AND POLICY The School'5 letal reseryes of£62.5M compise £23.W rejated to permanent endowmerrt, £3.7M ofexpendab endowmènt aThJ t35.811 of Un￿StrICted Rese￿$. The UnrÈStr￿led R•seffts of £35.8M ar• rewesenled by £54.61A ofthe net t￿k value of fued a55s ths the associated funding by a long temi loon of £27.OM leawr4J free reserbps of £8.2M. However, in accordaneè with thè Sthool's Rèserves Pohcy. the i￿re$ll1Cled ReseThes a￿ fe¥ieed and may then be deswjnaled for specifc pu￿Se$ as set Olrt in Note 13al. SpecifK reserves proTrMde lunds for fvture expendrture or la)tial ¢ontiigencies identffied through the Risk Review are called Oeswjnated Reserves and the mapr reseryes are identrfJ8d in the Schoos's Reservès Polw. These Deswjnated Reseryes totald £10.3M at the end of Ihè year. Thè larget range is behveen £8M to £12M. The Fleseryes Polry recc¥Jnises the need to establish an un￿$tr￿ted operafin9 reserve to cover the finanual risk to the School from any 5hort-tem dedine in enrc4ment incc•ne due lo general economic fadots beyond the Sthol's control. This Dèsignated Reserve is called the Enfdment ReseNe. Enrdment levels have fluctvaled sKJnificantty o¥erthe history of the &hool and Ihe targel level oftht re5eNe 1$ ￿¥￿e￿¢d annualty historicalty has been $et al btheen 8.￿ and 16% of tuilj.or ineome. The Board congdets ￿ reS￿e of£S.35M to be adequate at a level of 13% offurt*Jn income. THE AMERICAN SCHOOL IN LONOON EDUCATIONAL TRUST LIMITED

Trustees. Reporl The Trusiees are cornmrtted io assuring the scho￿.$ long.temi phys￿#1 Mabilty and fin8n(ial heatth and $0 have established a long-term Oesigftated FaThliti25 rèserve. Thi5 provides funds erthei to pay down debt incurred to fund capital project Dr to lund new facility projec15. Of the reserves al Ihe end of tr¢e year. É2.3M is sei aside for the repaymert of Ihg outstanding loan in 2029. The School also has a Designatèd pfant Reser¥È to ensure Ihat tt has fvnds availa￿ to cover ti costs, which lluctuale annually, of the long-term rnaintenance ￿an to help assure the quarty of rts building5 and facilibes. The value of this reserve has deueased Ihts yeaf to account for ownalty deferred frryn the summw. Those works were defefred due to the unetainties o¥er the inyositwJn of I¢<dry￿ and sTrial th"stanoThJ in the Per￿￿$ for eontracting and performing the wort(5. In addition, the Sth¢>Jl maintains rts Emergency Builth"ng and Etwiprent Reserve to provxle lunds fef emergèncy repairs and improvemenls. indud¥w for pysi&. cyber heallh Se￿rIty. The School has a Slalf Cost Reserve. whth will allow rt to ats$￿￿ som •Jdit￿n31 o7sts of re￿ganIsIr¥J work rf ernFloyee ill health or circurnstances ￿qUITe il. The School ￿tainS a New Inrtiatwe reser¥e to the Head of st1¥￿)1 to tske advanta9e ofan oFportunity and re$F￿d to local changes. Imth the diflicult year for the s&K￿l. approximatety a tlwrd of Ihe fund5 wer• eyrKltd in Ihe year, £70K. and the remainder is expected to be spent dwirvj Ihis fouwng year. The Board ieeognised that the Schojl fxed un￿rtain times and has sel up the Applied Retums reserve to meel any risks arising from market. and polibcal ￿latilty. 12 THE AMERICAN SCHOOL IN LONtX)N E(YJCATIONAL TRUST LIMITED

Trustees. Report INVESTMENT POLICY AND 08JecTNES The permanenl endowmerrt has an investment obiedfft to g•nerate an annval rdum tyi pouTrJs ofinfl8ts.on IRPII plus 4% aftèr expenses over the knng temt. Partners Capital We￿ the investment mafta9er5 lor Ihe pemIan￿1 endowment for Ihe year and funds were trangiioned. as scheduled. frryn the pre￿(￿S investment managers. JP Morw. over the eourse of the year. JP Klorgan ￿MalA as investment rnanager5 of srffie prive equty invesirnents. There are no speci restrictions on the cornpany's in rèspecl ofthe endowed irwestments. whth are administe￿0 w acrL)rdance wth the Tiuslee Ad 2000. The Schoal has al80 deuded to in¥est £17.8M Q022, £16.W from Its Cash batances into sterling4enominated short- term credrt lunds rnanaged by BlackRoth. Legal & Genefal and F￿￿e￿ty. The amount Invesied is wJrcd Irom the school's poglive working carAtal cyde. Thg uedit lunds ￿￿Orn•nant￿ invest in invèstmeni-grade bc¥vJs with matuiiliès shorter than five years. th believe we can eam hvjher retums than bank dep)sits lypicaly p3y with an a(£eptable risk profile and ma￿-tr￿market volatilrty. The School also has £2.3M [2022. £1.711} of rfs ban repaYrne￿ ffjS¢Tve with Partners Capital. since the partial loan repayment 15 nol due wth"l NovernbÈr 2029. For the yearthere was an unrèalise(I loss ol-£0 2M12022- £0.8MI The Mark-tfrma￿el19ss was pf4rnarily tributable to rising inlere5t ¥al•s and secondarily attributable to wid8nin9 uedit spre•Js. A tolal of £0.3M bank and inlerst income ¥rds 98ntrnted ts ihe ￿re$￿IL￿e0 fvnds. INVESTMENT PERFORAIANce OF PERMANENT ENDOWAIENT the yeor, £1.049M ofcumuli¥e investment gains from thè str￿9 perfom)ance of Ihe priLK year were realized and transferred 10 operations and a further £0.6M of such gains iwr¥ested in the loan payment reSe￿e with Partners Capital as described above. During the ye there ww• negative reKNns of-£O.IM. TOTAL RETURN AGCOUNT114G The Charity Commission pernilted the Sch)ol lo a¢Jopt Itp oftolal in relation 10 11$ permanent endQwm￿t on 12 April 2007. The power pefmits Ihe Trustee5 to irwest Femianent endth¥ments to maximise totsl ietum and to make availab￿ an appropriate por￿On OF Ihe tolal retum for expeTh1iture each year. Until this F<wer is xeNsed. the total r8tum shall be an-unapplied total return- aThJ remain as part of permanent endowmenl. The Trustees have used the values of the perrnarent endc1•￿e￿ts al 30 June 2t))1 of£371 K to represent the 'Presefved Value. of the original 9rfis. In dec%ling how much of Ihe unapplied tolal rebjm io allctate (o income. the Trustees lake inlo account Ihe currèni expenéiturè needs of tho Sclxjol and the need to ensu￿ that future stvd•nts benefrt too from the endowment5. Compliance with the strate9ies Sel out above and actu In￿D￿nI perforrnarte is reviewed by the Investmenl Committee al least three limes a year againsl Ihe relevant be￿rnarking Inde￿ During the past year. the Investment Committee met four limes. 13 THE AMERICAN SCHOOL IN LoN￿N EOUG4TIONAL TRUST LIMITED

Trustees, Report FUNDRAISING PERFORPIAP4CE The tradition of philanthropy and ¥dunteerisrn ts an •st8blished important aspett of lrfe at ASL. The volunteèT-run Annual Fund solicsted parents of ojrrent St￿￿ents. ourfawKy and sraff. a￿Mn1 and parents ol alumni who generoLt5ty donatesj £1.5M ofunrestn.cted gmng this year. In adthtwi. the Sclwl receNed a lurther£2.5M in ie5tricied Ms for dowmen15 and other speufic pu￿. F￿￿[al￿n9 ts L￿dertaken by affilialed orgarSalic￿S ol, Ffflmarily, volunteer groups ol pa￿nts and alumni. supp(Yted by mernbtrs of the Advancement ￿8M. The Sch￿1 adheres to the Code ofFundrdi$in9 PrnclK wln ￿der14￿9 fundraisin9 actrwty. There a￿ no professional fundraising ¢Ng￿lS8t10nS used and $0 no monitoriTvJ protrsses required. Our websrte OLrtlines our complaints policy for the public and dearty exF4ain5 how an iTrJi¥Klual complain. We receNed no cornptainls in the year. The Schod takes its ￿sponsIbl1fy to anyone who might be vulnerable ¥ery ser￿juS1Y and t￿"S Wkl continue to be ctsnsillered in thè School's approach lo lundraiyng arxwity. VOLUNTEERS Ovr SctrK)ol ￿MmunitY Is ￿n11r￿jaI￿ enriched by the ¥￿U￿teer aciMiS of many 9r(yJps and indNidu4s. The gffts of time and energy by Ihe hundre(Is of parÈnt5. alumni. past parents. laculty. Staff and st￿￿ents a￿ sJfifficanl (thcrtfvjh we camot calculatè their monetary value). The Board 15 gratelul lo those who are ¢Jedrate(I to Se￿n9 the scho￿ and helpin9 to enhance its special qualrties. The Board is e5peualty thankful to all many ¥olunteers ol ts P3renl Community Association IPCAI for the e￿en$￿t ¢omrnunJty bu5k1in9 events Induding the tMenni31 auCtic￿. The Board also thanks I PCA and the Arnw(xn SthrKJl In London FoundaboThs in the US and in the UK for their fundraising and gererous grants to the Schod. GREENHOUSE GAS EMISSIONS The Schoofs greenhouse gas emiss¥￿$ lof Ihe 2022-23 ffinana31 year equNaknt to l.(K)I ton￿5 ofcarbc¥) dK)xide equivalents ItCO?el bas¥d on a ￿rifd usage ofS.314.545 kl￿wai1-hourS IkW)l of ènew. 11 aC￿unting for zero carbon elertrigty. has prrfured through a REGO backed contract. the toial emissions were 645tonnes ofcathn dioxide equvalents Itcool. The sChC￿ has undertaken 5 erwy effiryency ¢ts"ons IEEAI in this reporring year. This rewt has been eompiled by JRP SobJb"ofts LTrnited in &'ne the"Environmental Reporbng GuideJJ"nes' ISECRI (Marth 20191. All siies and cornpanies in the UK have be￿ induded ￿ the rewling en il Ihey do qualty in Iheir own nght. Only en¥ironmental ¥npacts from 9￿nhouSe gasses IGHG) are included in this repryl. En¥ironmental impacis from water. resource effiuency. ecosystem Interact￿ and non GHG emission are con9dered sèparat8ty and a￿ outside the scope of this report. The ieport has been limited lo s¢i)pe 1 arKI scope 2 emissKJns wrth swp$ 3 tmissions lor grey fleet travel as wuired by SECR re[x)￿ng. The dats and tnfomiabJn I￿￿ded li thi8 re￿rt has been compled and vwifièd ty independent consthtants. use mts Table 1 below show5 the GHG emissions for ts SchoDI in torw*s ofear￿n dio¥de equr¥al•nt the bast y•ar of 19120. iAst year arKI Ihe cu￿ent lerK)￿n9 year. Total èrni55ians for 22r23- are 1.001 tomes of cathn di0￿de equNalerrt. The general definitsons ofthe GHG Scopesaredetatknd tekx.. 14 THE AMERICAN SCHOOL IN LONMN EDUCATIONAL TRUST LIMITED

Trustees, Report Grnenhouse Gas Emissions Table 1 below shows the GHG emtssw)ns for Ihe Sthool in tonnes of carbon dioxide eguNalenl lor the base year of 19120. last year and the current ￿Forb"n9 year. Total err#ssws for 21r22 986 tonnes of carbon di05￿dE equbvalent. The general definitk)ns ofthe GHG Scopes ar• ¢Je1a1￿ telN.' Scope 1- All Direct Emissths from Ihe xbvibes ofan tygarnsa￿n or under their control. I￿￿￿1r￿j combustion olfu on site such as gas bth"lers. pU￿haSed hjel for ¥ehides 4rbJ air-cond￿.0￿1n9 leaks. SCO￿ 2- Indi￿¢1 Emi$s￿n$ eledrioty purchased and vsed by the organ￿1Jn s￿Fe 3- Other Indirect Ernissions from aclivilies of Ihe organisation. oci¥rring from sources that they do nol own or control. Onty Grey Fleetlemkyoyee car rn1￿9e daims need li￿ding tr SECR. Emission Source Gaseous Fuel Passe er Veh￿￿$ Sub Tolal Grid Electri Sub Total Gre Fleet Water su Vvater treatmpmt Sub Totsl Units Baseline 19120 Last Year 21122 610.8 Re ort Year 22123 EMISS￿￿$ Emissions Ernissions EMIS￿On$ Ernissions ErnI5s￿nS EMis￿n5 Emis&ons O Emissions O tC02e IC02e tC02e IC02è Ico Scope 1 611.6 567.1 427.2 427.2 0.0 Scope 2 461.1 461.1 366.S Scope 3 117 18.9 tco TOTAL EMtSS1014S Efflis$ion8 936.1 985.7 1.001.1 O Variance to tTraseline Carbon Offsets & Green Taritts Purchased TOTAL EMISSIONS WITH OFFSErnNG 5.3% 413.1.4 572.S Ern155ions O Emissions tC02e 356.3 936.1 Variance ¢0 baselw .38.6% 41.1% Abs I t Emi55ion 0 4ty)Q 2ty]D 1gPO •wi bSwè2 W.J Figure 1: Emission$ P•rfomune• 15 THE AMERICAN SCHOOL IN LONDON EDUCATIo￿L TRUST LIMITEO

Trustees, Report IA¥L* Figure 2.. Emlssloffls Perfornwnce Including Zero CartK>n Eléctricity The relative ￿L$S￿ performarKe shtrwn bekn¥ tonnès of¢3rbon tJi0￿de equwalents ItCO2el per studenl Relative ErDi5Sj s Performanie ty7 l •weZ Figure 3: Em55sions Perf0m￿n¢• Relaisv s Perfoiman •tI •w: SL¢V_J Figure 4: Ernissh)ns ￿r10M￿n￿ In¢ludiny Zero Cartson Eltetricity 16 THE AMERICAN SCHOOL IN LONCQN EDUCATIONAL TRUST LIMITED

Trustees, Report Table 2 below shows thè ènergy ust lor the in kknatt hours {klhhl forthe base yearof 19r20, last year and the cLrenl reporting year. Tolal enèrgy used for 22r223 was 5,314.545 kth. Emission Sourc Gase0l￿ Fuel Units 8•seline 19120 2.478.379 Last Year 21122 3.￿.733 Re ort Year ErÈrgy 3.102,539 Scope 1 Passenger Vehides Energy 3.014 2,920 Sub Total Energy kwh Errgy 2A80,340 3.337.748 3,10SN59 Scope 2 Grid EWThity 1.803. 1,726,011 2.209.086 Sub Total Eneryy kwh Energy 1,803.963 1.726.011 2,209,086 Scope 3 Grey Flgèt Sub Total Eneryy kwh Eneryy kwh TOTAL ENERGY 4.284.303 SA163,758 5.314.$4S Variance to b35eline 18.2% 24.0% Table 2.. Underfyin9 Eneryy Use IlP.J Flgure S: Consumption PerfonnanGe The relatrve consUrnPtJn perfomiarte bekAf ktylthtt.IKwJrs per sludenl. 17 THE AMERICAN SCHOOL IN LONDON EDUCATIOW TRUST LIMITEO

Trustees, Report ionP Ek IXYJ Figure 6: Consumption PÈrtonMrKe IntFnsi Rati05 The tables below $h(w the intensty raMs for the organLsabon. Typt Units 8aselinÈ Last Yèar Report Y*ar 21r22 22123 OccupaF kthlsiudents 3.173.6 3.PJ)1.5 3.732.1 Table 3: Operation Consumption Intensity Rayos Units 8aselrno Lasl Y¢¥r Report Y 19120 21tt2 22123 Ottupancy tC0,etstUd￿ls 0.693 0701 0.703 Table 4: Operntlon Emlsslons Intensity Ratlos {w•thoutzero carbon eJe¢trO¢tyl Type units Basèli Lastyear Reportyear 21122 ZZIZ3 Occupancy ICO,e1St￿j￿ts 0.693 0.453 Table S: Operation Emissions Intensity Ratios (with zero c•rbon electricltyl 18 THE AMERICAN SCHOOL IN LQNDON EDUCATrOMAL TRUST LIMITED

Trustees, Report Ene Effieienc Actions Tak•n t￿rir￿ the reportiro year 22123 Ihe lollowThJ ewgy effio.erw ￿t￿nS We￿ tsken.. Category Titte CscriplN>n HVAC -￿pe to 4-pipe system upgrade and an Coil Unil ￿plaCement Yellow luer. 3 Ihx¥s cO￿st1￿j of 18 leaching 8pace5 Other 8 bathroom ￿n0¥alK)n$ 2Lkyèar-cJ bathmoms upgraded with eco fftt5h 5yStèms, Ir￿￿ energy hand drier5 and aulomaled soap dispensers. Olher Pod cover Instal￿tiOn BMS & CcthLs etering up9rad¢ Increase utility rnetering and monitoring io supply data to a Dashboard Olher RetAacement of rrofp13nt qw￿l De￿fi aTKJ plan the repLment of rcof plant equiprnÈn and Èntkns￿s, io Indude g￿en roots, sdar panels and effioent air handlin unils. Table 6: Energy Effi¢ieftcy PRI)MOTION OF THE SUCCESSOFTHE ORGAMISATION TO BENEFIT ITS MEMBERS The Trustees confirm that in acmrdance with Section 172111 ofthe Comparies Act they act in a way they consKler rnD5t Itkely lo achieve Ihe pwpose5 of the Company. lrt makn.ng this assessment. Ihe Trustees Ch)nstder the relevant actions of the Board that are descxibed thftyJghwl the Trustees. ReFQrt. Taking the areas required fot discl)sure in fum.. Thè lik•ly cofts•quonces of any decision in the long tem The long-term 5U51ainability of the OFer•b'ThJ mojel is Gon&dered by Tfustees as set OLrt in the GoiThJ Concern s￿1 of the Trustees. Report. SFwifically. the Truslees consider bolh operating fesults and financ?al projeclions and the key risks that ttsuld negatively impact the sustaina￿'11ty of ihe Sthot4. The AdminlFinance C￿Mrttee and the 8oaid rev managemenl information. bvdgels, forecasts. cash p￿leCt￿)nS and progress against budgel on a Tegular basis. Risk managemeril {page 1(¥111 and the level of reseryes (pages 11-121 are J60 disrgJssed turlher in the report. b. Tho intere$ts of th• ¢ompanf$ employees In relation lo employee engagernent, Ihe Trustees recAve regular reports from manag•ment on the empknyee morale and speak directly to representativès ol Ihe facuRy and staff assoLyaiions when reviewirs the pay and con(Jlions with them annually. Further detai13 of employee involvement a￿ di5CU5sed ui the report Ipage 81. ¢. The need to foster th• comp•m￿S business relationships with supplitrs. cu5tomer5 and other5 In relalion lo key stakehc4der ervjagernent. ts Trustee5 wryk dosety T￿th Ihe famil￿5 of Ihe 51udenls in ASL. The Trustees wmmunicat8 wrth tsmilies re9ularty via em and yovide an anr￿￿1 repm to the g)rnmunty whth D reccJnises the time arKI resour￿$ our cwmunrfy of volunteers dedice to the S¢hod and ill desuibes the impacl of suth generosity. The Board works c*xely ￿tkn the Parent Cor¥nunty Assoaation IPCAI whosè rwbers piovth rr￿$1 19 THE AMERICAN SCHOOL IN LONWN EDUCATIONAL TRUST LIMrrED

Trustees, Report of the voluntèer eff￿1 for the SCWI. Last year ihe Schc4Jl hosted a meeting open to all farnrfies al whith Ihe Chair of the Board (thr Tiustee5 predented on the S￿￿￿.$ y0vwn￿ slwctL￿ and tuiiKJn level de￿IonS e Made. In accorda￿ Mlh the AmeriL7n Sch¢xl L￿th.$ standard payrnent terns. Suppl￿ payTrert is dL Wnthin 30 days after th? Sthool receives the Irom the5w1￿. d. Th• impaet olthe ¢ompatys operntions on the cornmuimty and the environrnent The Trustees have commissionetl an independent ￿Me￿ of energy use. This report has provK1ed a ￿￿eW of g¥e8nhouse gas emissions ift Com￿18n￿ wrth the Streamlined Energy arKI Ca￿trn Rèport¢ng ISECRI Rèport. The Tru$tèes aro proud of the communty seThKe ac￿6$ ofthe sludents hith are de￿bEd in more detail in the relevant section ofthe Tru5tees' Repofl {Pagès &101. The d•slrnbllity ol the company maintaining a reputslitsn for high $tsthdards of business conduct The Amer￿afi Schod in London lakes a zero tole[ar￿e appioad) towards frau¢J, bribery aThJ co￿Up￿￿. rt is cornmitted to cornplying wth all apph"cable laws and wtuations relabng to fraud. bribery and corrupbon. Th• noed to act fairly as ￿￿¢¢n membern of the company. The Oiredors understand Ihe Chaity commis5￿￿ rewiremnts and Lmderstand the rd to avryd manage polenlial conflids of interesl. The Ccrfnpany t5 lirrmted by guararrtee so d￿S not have share capital. therefore i5sue$ relating to Director shareholders or ￿latIonS between mai)nly and m￿￿rty sharehiJkl8rs do nol app￿. FUTURE PLANS The Trustees ha¥e approved lollovMng speafic goals fof the SchcKJl year 202>24.. Respongibili¢ies Support and evaluate the Head ol School. Ensure ASL'S adherence to its MissK)n slat￿nI irTrthdry student welkbeing, educab.onal exwrier and outrAJmes. Ensure governance and management (wersee ASL'S ongoing Cornplian￿ with all relevant regulatory bodies and accredrting orgar#zattiJns. incJL•liry the Depwtrnent for Eduoithiotsied aThJ the Middk States Association IMSAI. sup￿ the implem•ntalion of shc¥l. medium and bjng-term stralegK iniuabves and the developrnenl of peri(MYt strateg¢ plans. Ensure finanoal well-beuig and wdent InSti￿N)nat ma)agement, and manage finanoal. Wl. meth"a and olher risks to the School mnsistent ￿th Board governancè poliues and appltable UK and US ￿gUlat￿)n5 and cod•s, induding but not linuled to Ihe IndependEnl Schc4Jl Standwds IISSI and the Chanty CorrThi5SKM foi England aTh Wales. Oemonstr SUPPOrt. stewardship and leadership throu01 aG1i¥e parb(ipation in the Board's &Jvancernent activities, phi13nthrtspic ojmmitmtnt lo School. an(J engagemenl in defining ASL'S cutture and cx)mmunity. ProTrSe exwtional ￿Mon¢t and leadership ty engJring that BoaM composrtKJn ts divwse aThJ ddivers the expertise and reswrces nee¢Jed to effectNety serve the SrlK)ol. 20 THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED

Trustees. Report 2023-24 Prioritie¥ Support the new Head ol Schod ar￿ enswe h"s Successfi￿ tran$rt￿, foreXaMp￿. by supm.ng Mr H￿at'S understandirJ ofsthoot and conwiunity W￿kIng to buikl trusting relab"onships wth the Head of School, inLJding via 1-1￿] tru5tÈe rTwtings o Ensuring regular. proaclve aThJ open conThunthK)n between the Head Ihe Board. Ensu￿ regular. proactive ojrnmunulion fr￿n the Board to infwm thè ￿MMUnIty ol leadership goals. progress towwds goaLs, and Scho￿ matter5. Conduct a successitin planning prot￿$ to aFwnt a new Chairoftt Board in Ihe Sprir#J Df 2D24. Ensure ASL'S onwng #(1￿ lo and tivers#JM oflhe ISS ar•J cry ¢yA an atpJrttrJ revw its Support the Head and Ihe Board su&¢ornrnitte¢ f¢¢us on ￿ f*)anual well-being ol school in parficutrar straieg￿ ¢Jeasion on budget aThJ fundraising. Lay groundwork for embath.ng Strateg￿ plannwiy IKlenty"ng areas offcusl in xadernic year 2024-2025. AUDITOR Crowe U.K. LLP has indicated its wilfingness lo be ￿8p￿inted as slatutNy auditor. This Trustees. Report. prepared vnder Ihe charit￿s Act 2011 and The Comparnies Act 2W5, was approved by the Trustees. Induding in their capatiiy a5 compary direGtots approwng the strateg￿ Report cKJntained therein, and is signed as authorised on its tehaif by.. George Sec¥elary alzmann Date: 29 Novemter 2023 21 THE AMERICAN SCHWL IN LONDON EDUCATIONAL TRUST LIMITED

Independent auditor's report to the Members and Trustees INDEPENDENT- AUDITOR'S REPORTTO THE MEMBERS OF THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITEO Oplnlon We have audited the financial staterrents of The Am￿C3Th Schcol in London Educatthal Tntst L¥nTrled I'the charitable comparty'l tor the year endÈd 30 June 2023 whih conyrisè the consol￿ated Statement ol Financial Activities. the Consolidated and Company Batance Sheets. the ￿￿￿oI1d￿ed Summary In¢oft￿ and Expenditure Account. the Consoh"dated Cash Fk)w Statsment and notes to the finanaal statemenls, including swjnthcanl a￿untIng pOI￿leS. The linanual reForting framework that has been appld in Iheir preparatK)n is applicable law and Unrted Kingdom Accounting Standards. indudiTra Financial Reporting Standard 102 The Financial fieporting Standard aPpI￿alle in the UK and RÈpublK of Ireland IUn(ta Kingdom Generally AC￿pted Accountsng Pra¢licel. In our opinion the financial statements". give a true and fair view of the sL2te ol the group's and the chariL company's affairs as at 30 June 2023 and of the group's income and expendrture. fc the year then ended: have bten propety prepared in accordance wth Unsted Kingdtyy Gerwaty A¢c4ted A¢countin9 Pract￿e., and have been prepared in accothce wth the requirements ofthe cryn￿s Acl 2006. Basls for oplnlon We conducted our audi¢ in aetord8rÈ with Intemab)nal Stsndards ¢Jn Auditing IUKI IISAS IUKII and applicable law Our responsi￿.1111es under thjse standards are further descrt)gJ in the Auditor's wponsibilrties for the audit ol the financu81 statements section of our rep)rt. We are independent of the group in %¢ordan¢e wth the ethical requirements Ihal are relevant to our 8ydrt ol the ffinancial slement$ in the UK. including the FRC'S Ethical Standard. and we have fuffilled ourother ethical responsibilit￿ in accordance with these requirements. We belEve that the audri eviden￿ we have (ajiained is Sul￿ent and appropriate to provJe a basis for our opinion. Conclusions relating to going concem In auditirg the financial $tatÈments. we have con¢luded that the trustee'$ use ¢Sthe going concern basis of accounling in the piepar8tK)n of Ihe finanual statwnents is appryriate. Based on the work we have perforffed, we have not hdentffied any material uncertaintÈs ￿lating lo events or ¢ondrtions that, bndividually or ¢¢41ectNety. may cast strJnif￿ant doubt on the tharttable ¢ompany's or the group's ability to continue as a going concem for a peric&l of at least bbEl¥e months from when the financial stalennts are authorised t55ue. Our responsibilrties and the responstsllrt￿S ofthe trustees ￿spe￿ to going ¢oncem aTè described in the relevant 5ection$ of this report. Othèr Infomiation The trustees are fesp¢>nsible for the chÈr in10m￿tion conta￿ed within the annual report. The other tnfonnath)n comprises the information Inc1￿&d in the annual rewt, other than the financki15tatements and our audrtorfs fep)rt the￿on. Our cyinion on the financ￿ staternents dces not cover the other informab.on and, except to the extenl otherwise expliciuy stated in our re￿t, we do express any form of assurance conclusNJn thereon. 22 THE AMERICAN SCHL)OL IN LONDON EDUCATIONAL TRUST LIMtTED

Independent auditorfs report to the Members and Trustees Our iesponsibilrty is to ￿ad the other infomwtKJn and. in doing so. consAler whether Ihe other inlomiion is materially in¢onsislent ￿th t￿ finan¢o1 statements or our kI￿e obtaimd in the audrt or otherwise appears to be makn.ally missled. If WÈ Idenlfy such malerial incons￿te￿￿s or apparent material misstatements. we are required Its detÈmine whether this gives rise to a material misstatement in the financial Stat￿nents themselves. If, based on the work we have perf0m￿, we cO￿lUde that I￿re is a material mtsslatem8nt of thi5 other infomion. 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 opinkin based on the work undertaken in the ttwrse of tyjraudrt the informal￿n gNen in the tnjstees. report. whth itludes the directors. rem)rt and the strategic report prepared for the purposes of c￿npanY law. for the financial yearlw wh￿h the financkql statements are prepar&J is consistent wrth the financial statements" and the $lralegi¢ ￿P)rt artd the dire¢tors' report incl￿￿￿￿ wrthin the tnLStees' ￿port have been prepared in acCOrdar￿ wth applicable kgal ￿quirements. Matters on which we are required to report by ex¢eption In light of the kn¢Y￿d9e undeistsnLling of Ihe group and Charitab￿ conyany and their enwronmerrt obtained in the course tyf the audrt. we have not KlÈnt¢fied material misstatemenls in the slrategic report or the direclors, report included within the trustee$. rerth_ We have nothing lo rgp¢rt in respe¢X of the follcvAting matters in io whth the Compantes Act 20Cfj requires us lo report to you rf. in our opin￿n- adequate and prcper accounting records have not bew) kw" c the financial Statements a￿ not in ag￿ement ith the a¢countin9 records and fetums.. or certain disclosures of tnJstee5' remunerab.on specffied by law are not made". or we have Th)t receNed all the Informath￿ and expknatK)ns we require lor our audit Responslbllltles of trustees As explained more fully in the trustees. responsibilitEs staterr￿1 sel Olrt on page 20, the Irv5tees (who are also the directors ofthe Chafitable company for the p￿r￿seS of o)mpany law) are reSFon5bi * for the pxeparatw of the linancial slalements and for being satisfEd that they gNe a true and fair view. and for such inlprnal control as the twstees detemine is necessary lo enable the preparatwjn of financial statements that are free Irorn material misstatement. whether due lo fra4rd or erffjr. In p￿paring the finan¢k41 $tstement$. Ihe truslees are responsibse for assessing the charitable company's ability to ntinue as a going concem, disch)sing. as applicable, matters related to going ccKhcem and using the going co￿eM basis of accounting Un￿$5 the trv5tee5 etther intend to liquidate ihe Charitab￿ c￿￿panY or lo cease OFeration5. cf ha￿ no reali5ti¢ altem8tNe t¥Jt to do so. 23 THE AMERICAN SCHOOL IN LONt)ON EDUCATIONAL TRUST LIMITED

Independent auditorfs report to the Members and Trustees Auditorfs responsibilities for the audit of the fJnancFal statements Our objectwes are to obtain reasonable assurance about whether the financial staiements as a whola are f￿ from merial misstatement, whether due to fraud or wror, and to is$ye an auditorfs rEport that irtdudes our opinion. Rè#$¢)n¥blè assurance rs a high knl of assurance. bLrt is nol a guarantee th an audit roTrJuGted in a¢￿Idance Èrror and a￿ consK4ered material rf, Indmdu￿ty or in the aggrege. they ¢oulJ ieasonabty be expect&J to influence the ecC￿OrnIC decisioros of users on the basis of these financial sLitemenls. Details of the extent to whth the audit wa5 conshdered cawe of delecting irTeguLantw. inchJdiNJ fraud and non- compliance wth laws and regulab.ons a￿ set be￿￿. A further description of our responsibilirs for the audrt of the financial statements is ktated on the Financial Reporting Council's websrte at." www frc o .uklaudrtorsre nsibilrties. Th's descriplion I￿rn$ part of our auditor's rep￿t. Extent to whkh thè audit was considered capable of detecting irregularities. Including frnud Irregularities. indudirg fraud. are inst￿CeS of non-¢om¢4n¢e with18ws and regUlat￿s. We 1Jentrf￿ and assessed the risks of material misstatement of the financial statements from irwularites. whether due to fraud or error, an<1 dis¢ussed these btheen our audit leam memtefs. We then des￿fied and performed audit pTocedures responsive lo those risks. including obtaining audit evklence Suff￿lent and approprbate to provK1e a basis for our opinion. We Gèlained an understanding oflhe legal and regulatory framewort5 wiéhin whtch the charitabk c¢Ynpany and group 0￿rat&s. focusing on Ih05e laws and fegulations that have a direct effect on the delemination of material arnounts and disclosures in financBI statements. The Iwws and regulatbjns we considered in this context were the Companies Act 2CQ6 anol taxats.on legi51alion, toJether with the Charib'es SORP IFRS 1021. We assessed the required compliance wrth these laws and regul¥l￿n5 a5 part of our audii pr(Kedure5 on the related financral statement Items. In addition, we ￿nsidered provi5KJns ol other Laws and regulations that do Th)t have a di￿￿ effed on the financial statements bul compl&4nrE with whKh mwJhl be fundamental to the charitable company's and the group'5 ability to operate or to avoid a material penalty. We also considwed the opportunrtE5 aTrJ irThntives that may exist within the charitable company and the group lor fraud. The laws and regukiKJn5 we considered in thus contex1 lor th• UK operations were The Educat#￿ IlndepÈndÈnt Sehool Sbndardsl Regulati￿$ 2014, heath and safety isl4lion and empkjyrnent legislation. Auditing standards limit the required audr¢ procedu￿$ to hjentty norrf0mpl1ar￿ with these laws and regulations to enquiry of the Trustees and other m8na9ement and inspects.on of regulatory and legal correspondènce. rf any. We ￿entified the greatest risk of material inwact on the fina￿￿1 slatements frcffn irregularrties, including fraud. lo be wrthin the timing of recognition of inc(¥me and the ovemde of controls by management. Our audrt procedures lo respond lo these iisks included enquiries of management and the Admin & FIna￿e Commrttee about their L)wn identif￿allOn and a5ses5ment of the risks of irregularities. sampk teskn.ng on POSb"ng of journals, reviewng accounting estimates for bJ"ases. TewewiiKJ Tegulatory correspondence with the Charty Comrnisskjn, Independent Schools Inspectorate, Otsted and wdir¥J minuies of meetir¥Js of those charged vdith 9o¥emanr*. 24 THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST.LIMITED

Independent auditorfs report to the Members and Trustees Owing lo the inherent limitab.ons of an audit, there 15 an unaV￿d8bk risk that we may rK)t h8ve ¢deGled some material misslalemenis in financial statements. even though we have properly planneil and performed our audit in accordance with auditing standards. For example. the furlher removed non-compliance wth laws and regulal*)ns lirregularitiesl is from the events and transactr)ns reflected in the financial siatefflenls. the less likely the inherenlly limited procedures ￿qUI￿d by auditirKJ standards ¥￿Uld Klentify it. In additron, as with any audit. there remained 8 higher risk ol non-detection ol irregularities. as these may involve collusKJn. forgery, intenlional omiss￿￿5. misrepresentations. or the override of intemal controls. We are not Tesponsible for prevenling ncn-compliance and cannot be expected lo delecl non-compliance wth all law5 and iegulats"ons. Use of our report This report is made solely lo the charttable companls membws. as a trt)dy. in accordance wth Chapter 3 of Part 16 of the Companies Act 2006. Our aLbJit work has been U￿￿ertaken so that we state to the charitable CoMpan￿S member5 tl¥)se matters we are required to state to them in an aLtditorfs report and fcff no other purpose. To the fullesi extent permilted by L4w. we do not accept or assume respOnsi￿lity lo anyone other than the charitable company and the Gharitsble companls members as a Ix)dy. for our au¢Yit work, for this report. or for the opiniorts we have fom7￿1. N5cola May Senior Slalutory Audilor For and on behalf of Crowe U.K. LLP Statutory Auditor LoThJrN) Date 8 December 2023 25 THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED

Consolidated Statement of financial activblies F¢Y the year ended 30 June 2023 Totsl 2023 Total 202Z Total un￿strided 0th8r Erwjowment Incomè from £.oco Charitable aedyfties. Fees receiwdble 2a 42.444 42.444 40.296 Other 8(knational income 2b 2.183 2,183 1.278 Other tradlng a¢tivilles Non4ncillary trading Otherineome 2¢ 258 2d Govemment grants InvÈ$tments 12 Bank and irNe5tment incomè 335 1.049 1.384 765 Oonabons andlegaeies Donations 1.49) 46.8 141 2,389 3.438 4,020 $0.429 1,979 141 44.588 Exp•nditure on Rai¥ing funds.. Non-ancillary 13981 13981 12581 Fundratsing costs {71n 171n 16661 16861 (1.6101 Finan¢ing cosls 16861 {1.8011 16861 11,BOI1 Charitable Ktlvlues.. School operalirg costs Total fe50ur¢es expended Net investmeni gainl Iloss) Net Short Term Inve5trnent105S 149.4101 ISl.2111 186 11561 11561 15991 150.1651 146,5711 48.1811 15881 17611 11341 52 12361 12361 N•t incomellexpendiiurel bèfovt trnnsler5 (4,4111 (151 2.705 11,721} 14.9421 Transfers behveen reseThes 1.614 12.79n 12431 12581 11,3711 1.334 Net movement in reurves in thg y•ar 11.7211 14,942} 8alan¢es brought for*ard al 1 July Balanc85 cariied forward at 30 June 38,591 35.794 290 25,393 26.727 64,274 62.553 69,216 64.274 32 All of ¢hé above ale ￿F￿eSen1ed by Coniu)￿n9 operat￿nS. There are rn recognised yains or rosses other than those wi the st3￿MeNt of finanL¥al ￿t￿lI￿eS. The aecornpanying notes are an integral part of this statement. 26 THE AMERICAN SCHC()L IN LONCM)N EDucATIO￿AL TRUST LIMITED

Consolidaled Group and Company Balan￿ Sheet For the yeai ended 30 June 2023 Notes Gn>up 2023 Group 2022 Compa 2023 'Company 2022 (ooo £,ciJo Fixed assets Tangible assets Investments $4.612 27.570 82.182 54.2¥2 27,033 81,325 S4,612 27,fO 82.182 54.292 27.033 81.325 Currenl assets Stock 18 21 18 21 Deblofs 10 2.390 17.752 18.286 1.317 16.W 22,133 40.034 2.371 17.752 18.139 38,280 1,317 16.563 22.OS1 39.962 Currerf asset investments Cash at bank arKI in harkl Creditov¥'. Amwnt5 falling due wrfhin 1 year Net current assets 131.0751 7.371 130,0851 9.949 130,9091 7.371 {30,0131 9.949 Total ass•ts less current liabilities 89.553 127.000} 91.274 127.CrfXII 89.553 127,0001 91.274 127,¢X)O) Creditors.. Amounts falling due after 1 more than 1 year Total net assèts 11b 62,553 84,274 62,553 64,274 FInan￿d by.. Accumulzted r8serv85 Unrestrtcted reserves.. General 25.481 10.313 35.794 25.192 13.399 38,591 25,481 10,313 35,794 25.192 13.399 38.591 Designated Total unrestricted reserves 13a Restricted 13b 32 290 32 290 Endowrnents 131 26.727 62.553 25.393 64.274 26.727 62.553 25.393 64.274 The net fesull for the finarKial year dealt wtth by the finan¢ial slements of the pafent charrty was a Los5 of £1,721 K12022'. Loss." £4.872K)- The fina￿la1 slatements on pages 26 10 48 wwe apwo¥ed by # Boarf arKI aulh)rised lor issue w 29 November 2023. Slgned on ￿hall of th• Board Erin Rolh, Trustee Cynthia Bake. TrLksiee The accompanying notes are an integral part ol Ihis baLance sheet. 27 THE AMERICAN SCHOOL IN LONDON EOUCAnONAL TRUST LIMITED

Consolidated cash flow statement For the year ended 30 Junè 2023 Notes 2023 2022 £,0) Net cash inflow from operations Net cash prowded by operating actm1￿5 13,7511 2.103 Cash flows from Investing actlvili•s Payment5 lor tangtble rued asse Payments to acquire investrnents money w$its"ng inve5trnent Investment Incorne {Diwde￿15 and interests) Disposals of Thiestrntnts Bank interesl and inveslment inc¥)me r￿e1vatIe (2.7091 12.153) (6001 11611 116.6751 7CrfJ 76S Nel cash prov•ded (used Ènl investing activi 117.4791 Cash flow from financing activities New endowment 2,67e 8ank interest payat4e Net eash provided by financing activities {6861 16861 1.9 12811 Change in cosh and cash equNalent in the report¥wJ p￿rf Cash and ¢ash equivalerrt5 at the btginning ol Ihe pen¢)J Cash and cash eqU￿a￿ntS at the end olthe ￿pOrt1￿j period 13.847) 22,133 18.286 115.6S71 37.7 22,133 Cash flows have not be￿ afferted by charity ￿$bILlionS ￿ the use ol re51it1ed hjnds. Thè accompanying noies are an inlegral part of Ihis cash flow 51ateff*nl. 28 THE AMERICAN SCHOOL IN LONDON E()UCAnONAL TRUST LIMITED

Notes to Cash flow statement Reconciliati¢)n of net income to rn¢ ¢ash from oper4ting •¢tivrt•es 2023 2022 £,0 11.7181 £,000 14.942) Nel incorne before transfers Elirnination of non-operatrng cash Ikws.. Investmenl income 11.3841 12.48n (76 (825) Endowmeni dOna￿on$ Finance wsts Unrealised in¥estment loss Igainl Deprecia*'on Ilncreaselldecrease in debiors Increaselloeueasel in c￿dItorS e¥duding bank loans Ilncreaselldecrease in current asset in¥wlments InueasellDecreasel in stc¢ks 1.349 2.472 1255) 4.910 1519) 181 2,389 11.2201 (1.189) p) .033 {3.7511 Net cash infiow from opeRtions 2.103 Analysis of cash and Cash equivoknts 2023 Cash flow 2￿22 movement inthey Cash al bank I9,￿) 6.119 {3.8471 18.619 3.514 22.133 Daposils 9.633 18.286 Analysls of movefflent In loans 2023 New loan Repayment 2022 £.000 Bank loan f￿l1Thg due wrthin one year Loans falling due after one year Total loans 27.(KJO 27.000 27.000 29 ThE AMERICAN SCHOOL IN LONDON EDUCAnONAL TRUST LIMITEO

Notes to Ihe financial ststements (continued) 1 Summary of accounting poli¢ies The finaTh￿al statements have been prepafed in accordance wth Ihe Finanoal Reporting Slandard aprfic3b￿ Fn Ihe LIK and Repu￿1¢ of )￿land IFRS 1021. Ihe Companies Act 2tK6 and thè Statement ol RecommeTrYed Pradice applicable to h•ri¢ies preparing their accounts in &cordance wdh tt FRS 102- effec¥e 1 January 2015. The funct•)nal currency of Ihe is cws#Jered to be Great Britsii PJJnd$ IG8P) because that is currency of th• primary econornic envimnrneni in the Sth(K4 operates. The finawal $taiwnents of the Scho(A ar• drnwT) under the htslml ci)sl basis of axoJntin9. a5 modtfied by the revaltsation other investments. The Finanrial Stsiements present the consolidated staternent of finwwl acb¥ibe5 {SOFAI. Ihe ￿n$￿idated cash fflow statement and the consor￿81ed and Charity balance stets comprising the consolmyabon of Ihe School with its whol owned subsidiary ASL Ent•rprises Limited. No separate SOFA has been presented for the Charity alone. as pemiitted by Section 408 of the Companies AL1 21x6. The Chanty has taken atknnlage of FRS 102 exempiion from preparing its own enb'ty statèrnènt of cash flows. The School has tsken advanttye of ihe exemrthn under sedion 408 of the Companies Acl 2006 not Eo put4ish its own MKome and expenditu￿ acoyjnt. Thè SchocA is a Public Benefit Enlty regstered as a chity in England and Wa￿$ and a ¢￿panY limitthfj by guarantee. It was incorporated in 1963 (Cornpany No.. 7839231 and registered as a chanty with the Charils cornm￿510n Icharity No.. 312738). Critical accounting judgemtnty and k¢y sources ol estimate and uncertaiirty In the applK3tion of the accounting pdioes, Trustees a￿ required to makè judgwnent. eth"males. an¢J assumptions ats￿t Ihe carrying value of a55ets and 11a￿.11￿"eS that are not readily apparent from other sources. The astimales ancl undèrfyi assumptions are based on historical èxperien￿ and Other factors that a￿ consKje￿d relevant. Actual resvlls may differ from these estimates. The estimates and vnderfying assumptions are revrew•d on an Mwing basis. Revisb)ns to arxounting estimates are recowised in Ihe wrio(l in whith the esb.mate is rewd if le￿90n alkn that p8MJd or in the period ofth• revision and fuiure periods if the revis•)ns affected ojfrent and future pwiods. ln the view of the trusiees. no assumptiC￿5 con¢emin9 Ihe future or estirnatiln uncertainty affecting assets or liabilities at ¢hg balance 5h8et dale are likdy to iesuil in a mateiial adiustrnent to thw"r carrying amounts in the next financial year. A summary of the pnnopal accounting kK)kies. ol whith habE been consi$tenUy throughout the year and the preceding year. is set out below. 81 Finanaal instruments Basic financial ￿struments are inib.alty retognised al transadK)n vakje. sthequÈntly measured. and amortised wrth the axeèplion of investments. which are held al fair value. Finantial assets hekl at amrtised cost comprise cash at bank and in hand, together v4ith tr1e and other debtors. A speak pro¥i5ion ￿ rnade foT debts lor wlM"ch fetoverability is in doubt. Cash at bank and sn hand is dèfined as all Cash held Hi instanl access bank acoxmls and used as workin9 capitsl Financial liabilities hebj at arnortised all crethvs excepl sor#al seujrity and thr taxes and provi5KJns. Assets and liabilit￿S held in foreign Currency Iwanslated io Pountjs GBP at the balar￿e sheet date at an appropriate year-end exchange rate. THE AMERICAN SCHOOL IN LONDON EOUCATIOMAL TRUST LIMtTED

Notes lo the financial ststements (continued) bl Tangble fixed as8818 TangTrblÈ fixed asse15 ex￿pt irwe5trTrent a$sets. we shown at C05t ￿e￿??led al annual iales Ca￿￿lated to wrrte off their cost less eslimated residual values over their extected usefijl INes. the rates forwhich are )jr￿nIY as folows."- Long Leasehold Land 0.4% slraKJhl-line Building ExtensKJn and Rtfurbishmenl 5% straryht4ne Motor Vehicles 25% slraJhl-line stratht.l¥ie 11>25% slraight4ine 1% str4ht-li 8uilding$ Fumiture and Equipment Laptops prowded to students No deprecialion is chary•d on freehold land. Expenditure on fixed assels, vknich ox)st rn0￿ than £250. is capitalised: cl Stock Stock ¢tsnsists prirnarily oi stati(wy $￿p￿S and is stated at iasl sn¥oice cost. whth approximales wrchase cost. dl Taxabgn As a charty. the Schoc4's ¢ncoma falls Mthin Ihe exemptions granied by ts Corporaticffi Tax Act af 2010. The Sthg01 is therefore not suty.ecl to taxes on aThJ chargeab(e ga¢ro. el Pension costs The company con1rit￿te$ to the purchase of supplemertsry penwn nghts staff as dexribed in note 14. Pension are char9ed on an acuuals basis. fj Accoun&ng forfofftgn currency transaction5 Certain transaclions lake place in foreign currency and a￿ translated inlo pwnds at Ihe rates of exchange at Ihe dale of the transaclion. All forei9n cUr￿rry balances atthe yearnd are tran￿ated Into pounds at the year-end fate ol exchange and any gawi or loss is credrted or charged lo Ihe statement of finanual adi¥its. gl Investrnnts The portfolio of investments in kfrtjled firnds is staled ￿ Ihe finarThl statements at matet val(te. InveSth￿nt ncome indu(Jes gross diwdends recervable. Re7Jised and ￿￿alIsed rapi131 gain5 and lusses arè showm separately ￿ the baLancE sheet. hl Fees rewvable Fees reoiwable represenl tuiti.on fees. transwrt. summer school and other fee5 receivatAe by the cornpany during the year- see note 2. Fèes are rectsjnised on an acuuals bask8. Fees re(tNed in a¢fvance ￿present amounts r￿￿ed prwto the ¢¢ynpany's yearnd in ￿pert of the next serrester. Fees rKeiv3bk afe statèd aftwd8ducthng financial aid. Rest￿ donakns for finan¢ial ahl are disdosed 5eparat•ty. il Donalions Donations are rerogniseil on a rpreNable basis when there is entitlement. the amounl can be ffleasured and r8¢eipt is probable. 31 THE AMERICAN SCHOOL IN LONWN EDUCAnoNAL TRUST LIMrrED

Notes to the financial statements {continued) Donations lor spectfic projects a￿ disdosed as ￿str￿ted donTh)s. testrithd d￿at￿lS are rec•ived for capital expen¢Jrture ￿0j1¢￿ they are a¢¢ovnted a resln"¢ted rwfW4 until the purcha ol Ihe osset or thfy expendrture on the speufic project (￿￿r$. At 115 poinl. the lunds aThJ ary subsequenl fvn¢Js re￿IVed are trartsfetted tt> unrestricied fund5 a5 corporate reserves- see ￿te 7. Donth"ons for éndowment lunds are disrjosed separaiety a5 Part of Resith Reserves on the statemeni offinancol activiliès- see noies 13b to 13[. Other dooalions. which include Annual F￿d receipis. are shtr￿ as unf•5tiicted donalions. jl Total Retum accounh.rnj The Charity Commission p¢rnitied the School lo adcpt Ihe use of total relum in reLgtion to ils permanenl 8ndowment on 12 April 2007. The power perrnit5 the trustees to invest pennanenl endNrnents to fflaximise total relum and to fflake aval￿ble an appropriate ports'on ol Ihe tolal re￿rn for expen¢jitU￿ each year. Until this wwer is exercised. the lotal rèturn shall be an tsnappl￿d total relum an¢J remain as part of the permanenl endowment- see note 13¢. The trustees have used the values of the penronent endthvments at 30 June 2W11o represent the 'Pre5eNed val￿ ol Ihe original gifis. This was just after recpt ol its second Maj￿ grft ol pwmanent endcwm2nl. In these FiAanaal Statements, the alk)cation to incorne 15 now shown a5 Other IrKorne rather than in previou5 year5 o a tr￿sfer ithen reseNe$. k} AllOcat￿n olcosts to categ￿$ of ￿$Ou￿e$ expènded All e¥wditur¢ 1$ accounted for on an amafs basis. Costs •r• all(N2téd between the cost ¢fger￿r8tlng funds arvj the actual cost of charitable activities by identifyin9 ihe direcl costs related lo these actniibes. Any indirect CO515 are then apportioned on the basis of staff lirne. Charitabk expendrture costs are also anocaled to Ihe drffe￿nt ¢ategorte5 by dired costs where p¢)5$i￿e. Som¢ wmpensat¥Jn costs are apPor￿One￿ on the basts of salary costs per calegory. Support costs comprise all the costs of wnning the non-teachin9 and noTrhJnd-raisry departments ofthe Schod s￿￿ as Adrnissions. Comff￿n1r￿l￿ns and FIn￿ce. Salaries ￿p￿sent 9J% of supwx costs. DeprecAation is rnduded as part of premises eosts. Govemanc8 COSt5 are only those reLated to the managernent aThJ admini5tratbJn of ￿ charity. They indude both direcl costs ofthe txternal audrt and any legal advtt lo Twstee5 plus a proF¢)rts"on ol management and other staff time tDg8thgrwith relaled ovetheads. 11 Going Concem The School's h)ng-lerrn firarKial wabilrty is supported by a slron9 cash flow. signfficant cash baLan￿s, detailed fiTranoal projections. a suffirient level of reserves and endimment and a tradition olfundraiswbg and a good reLilionship with ¢)Jr ommunity and key donors. The Board ha5 reviewed ts liquidity. it5 solvency. its loan ¢￿)Venants, enrolment for the 2023- 24 year. wlatility and W of reseNes. The has. the￿lore. a reasonable expectation that it has sufficient resources to o)nlinue in operat￿nal existence for the foreseeable future which is at least 12 rnonths from the dale of the signing of this report. The Trustees bekevtr lh* thpJe are no material un￿rtaInt￿S Ihat call into d(xJbt the abihty of the Schod lo conb.nue as a going concem. 32 THE AMERICAN SGHOOL IN LONC(JN EDUCATIONAL TRUST LIMITED

Notes to the financial statements (continued) 2a Fé•s r•c•lTAble 2023 2022 Gross turtj.on lees 46,582 15.7231 Le$s.' Finanual Aid Less.. Community Support Fund Nel tL#ts"on Fees 15.3251 12601 38.801 Other feès." Gr05s TransportalTon Less.. Financial 1,096 215 Net T(anSp￿tIOn Applicati￿1$ a￿1 retentions 957 828 42.444 40.296 2b Othereducational income 2023 2022 £.oJo 170 Grols Trips Less.. Financial A 1721 733 (241 Nel Trips Summer an(J Aller-S¢ool wogrdm$ and olher Inc￿ Less: Financial AKI 1.577 127 1,256 124 Net Non-Trips 1,450 1,132 2.183 1,278 Ic Non•ancill¥ry income 2023 2022 £.rxJo 258 Trading income from membe¥ship fees sw¥nrring less￿ 398 2d Go¥•mm•nt granl 2023 2022 £,ODO Grants relate to the furk)iyJh ol staff not workn'ng from the pertsj 2022 to Junè 2023 THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED 33

Notes to the financial statements (continued) 3 An•lysis of total exptnthd Staff LXJ5ts (Xher Depreaath"on 2023 2022 Total Total £,000 £,000 Charitable Activitles T￿Ching costs Welfare Piernises 26,117 2.045 1.4 169 3.fj59 1.292 2.979 29.n6 29,583 3.337 3,22S 5,444 1.135 6,760 2.389 TT?n5POrt SuppoTi wsts Govemance costs 1.154 8.888 5.878 104 3,010 42 Community Suppxt Fun¢1 260 35.8C6 11.967 2.3B9 50,165 4fj,571 School operatlng costs Cosls oliaislng funds FundraisiryJ o)$ts Financing costs Non-anc411ary 717 666 160 238 258 36.555 13.022 2.389 51.966 48,181 4 Net rncominglloutgoing} resources for the ￿r befo￿ transfers Net incornellexpenditurel for the year befo￿ transfers is stated after charging-. 2023 .2022 £.wo 2.472 Depreciati￿ of tangible fixed assets Auditor5. rèmuneration 2,389 audrt servtces 33 non-aLYit seN Fnancing costs Staff costs- see not8 5 36.555 35,076 THE AMERICAN SCHoc￿ IN LONtX)N EDUCATIONAL TRUST LIMITEO 34

Notes to the financial statements (continued) 5 Employee Costs Some rwEmber$ ofthe leaching and admin4strali¥e emiAoyees ¥e also empbyees ofthe AmerKan Sdwl n London Foundation (the Foun¢ab"onl, which 15 based in Ihe United Ststes and afe seconded io the Arneri(an &hool in London Educatyonal Trust Limited (the Irustl undÈr an agreement bewn the companies. Under that agreement. the Trusl agrees to provide the neossary funds lo coverthe empw ry>sts and to act as agent ol the Foundation in respert ol Certain aspe¢ts ol tts employer oNy￿n$. Total emplttytè costs during Ihe year amounted to.. 2W23 2022 £,￿0 29,436 3,099 2.541 35.07$ Wages and salaries Soga15ecurity costs and Nl contsibutb)ns Other pension ¢o$t$ 3.329 2.6 36.555 The number ol persons enyloyed in the operabtin of Ihe Sdthl during year olculaled was as Icdl 2023 2022 2023 2022 Av8ra9e 274 Average 258 FTE Numter FfE N1￿ber Teacher5 and Teach#rs' SupFQrt Adminislralion 257 242 1C 110 102 108 Total 359 35D There wa5 1 texher on saLJat¢al leave durwvJ 202312022- 01. During Ihe year. there was 1 rethFndancy w terminataon paymenls1£119K) of NIL was owng al the year-ertd12022- £507K). The ab￿￿ numbers Ind￿je 21 employees 12022- 201 who were Joinlly ernployed by Il Sthool and Ihe sub>dory. THE AMERICAN SCHWL IN LONDON EDUCATIOKAL TRUST LIMITED

Notes to the financial ststements (continued) The numterol ernpbyeès. Ind￿Jing thjse ofthe Foundab"on. em0lLA7￿ts. indudÉng tenefts in kiTrJ {exduding deferred compensation. pèn&ons and Fen$on contritsM•)nsl èxtEedÈd £60.1x￿ were.. 2￿3 2022 Nvmber Number £60.001 . £70.OCXJ £70,001 - £80,OLYJ £80.001 - £9).000 £90.001- £1￿).c￿0 £IW.(M)1- £110.tIYJ £110,CA)1- £120,(KKI £120,IXJ1- £130,¢XO È130,IJ01- £140.IXWJ £140.001- £150.LK(I £150,001- £160,OC#J £160,001- £170,000 £170,001- £180.000 £180,001- £190,C £190.001 - £200,CQO £200,001 - £210.LX)o £210.001- £220,000 £230.IXIO. £240,000 £430.001- £440.1JKJ £940,0￿. £9SO,000 27 29 24 50 46 36 215 Th• total ernployers, pènsM)n c￿￿"bu￿"0fis to ts Schwl's aTha Fixjndation's defined contribubon schèmès amountèd to £2.03512022 £1.639KI in ￿SpeCt ofthe em￿oYeeS above. 2023 2022 £.￿0 Aggregale employee beneffts ol key managernent p*sonnel Ilhe SLT including the Head of Sthod rerna￿ed at 14 rnernbw5 a5 last yearf) 2.709 3,131 36 THE AMERICAN SCHOOL IN LONCK)N EDUCATIOW4L TRUST LIMtrED

Notes to the financial statements (continued) 6 Transactions with Tntste•s The Trustees. with the exception oflhe Inletrm Hèad 91 Scho)l and Ihe fornier Head of Schwl. receNed no emoluments or reimbursement ol expenses. Th¢ Head ol S¢*ool. in accordan￿ wrth the Schwl's me￿Orandum and Artides of Association, was a Trustee, as vras the Interim Hèad ol SchoL4. The Head of Sthcol and the Irrteriffl Head of School'5 ￿m￿neral￿ induding pension contribkrtKrts and benefits.in-kind were as follow5.. 2023 2022 Salary Deferred compensab"oTr Other remuneralton induding ￿til￿e$ and acu)un￿.n￿ Pension ccfitributions 436 396 )7 Tolal 7 Translets b¢trt￿n reserves The transfers from DesvJnaled Reser¥e$ to the General Rese￿e9 tolalkd £3,670K Dfwhich £2,282K came from the Applied returns Investrnent and £1.388K frorn the Plant Reserye. The transfers from reslriraed to unrestrKled reser toialled £243K (note 13bl. In additK)n, £771K was aifcaied lo inwme Irom Endowrnent with £449K from Pennanenl Endowrnent (note 13dl and £322K frorn ExFefidable End(7•¥ment (note 13el. An aJdrtional £e4JOKwas IraDsferred from the Returns ITOM the Perrnanent EndiA¥ment lo the Oeggnated Reser¥es (13dl. 37 THE AMERICAN SCHOOL IN LONOON EDUCATIO￿ TRUST LIMITED

Notes to the financial statements (continued) Tanglble r￿ed ass•ts- Grvup and Company Freehold Buikling Extension and Fumitwe Tol Leasthld and VehKles R•furtJthment Equipment £cK)o £.oco £,o(M) Cost At 1 July 2022 Additions. 1S,483 69.227 2.430 8.963 2.709 23 .126 2.709 Disposal At 30 June 2023 15.483 69.227 11,672 23 98.835 Depreciation At l July 2022 Disposal Charge AI 30 June 2023 33,547 545 6.910 23 41.834 61 1.312 34.859 977 2389 870 7.887 23 44,223 Net book value At 1 July 2022 AI 30 June 2023 14.674 35.680 34,368 54.292 54.612 14,S13 3.785 AI 30 June 2023, the tompany has no ￿￿tal o)mmitmÈnts autholi￿d and contracted for bul outstanding. in respect of land and buildings refufbishment12022 was also NIL). THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITEO

Notes to thè financial statements (continued) 9 Investm•nls- Grnwp and Comp•ny 2023 2022 Group & Company Group & Company £,000 Market value of investments broutht loryrnrd Diswsal ol cash brought forward Purchases in the year New monay waiting investments Investment Income revwestsd 27.033 25,883 (116) 1901 1.675 116 39 Oisposals in year Gr05s investmenl gan in Ihe year Managernent fee Net in¥estrntnt gain {lossl in year Market value carried forward 11.0491 1.170 {691 11141 15881 27.033 22.520 27.570 23.165 Cost of In￿stM￿lS carrie(J foThYard The to￿ unfèalised gain i￿luded atove was £4.405K at 30 June 202312022- £4,513KI. Grryjp & Group & Cornpany Cornpany 2023 2022 In¥estrntnts comprlse: £.000 Listed investsnents Fixed interest Multi-a5set da5S 11.273 11,455 6.993 11.156 Equth"es Alternative iD¥estments 4.140 8,733 Cash 151 Forex Group investmènts 27,570 27,033 Investmont in subgdiaries Company inv•stm*nis 27.570 27.033 In ad¢Jition to the above investments. other endoWW￿l frjrth are invesied as ojrrent asset w)vestrnents. The main investrnents fly the Group are matAgèd by Pathrs Capitsl wth some ￿SK￿l31 investments remaining wilh JP Morgan Private 83nk. THE AMERICAN SCHOOL IN LONt)ON EDUCATIONAL TRUST LIMITED

Notes to the financial staterrents (continued) 10 Oebtor5 Amounts faI￿n9 due ¥￿thIn one year.. Group 2023 Group 2022 Company Company 2022 2022 £,oco 794 £.000 1.71 652 £.000 Other dèblNs 1.738 652 Prepayrn¢nls aThl ar£lL￿d bncom¢ 523 523 2.390 1.317 2.370 1.317 11 Creditor al Amounts falling thje w4ithin one year. Group 2023 Gr￿ Ctsrnp•ny Company 2022 2023 2022 (000 23,959 2.230 4,720 30.909 £,oc(J 22,788 1.991 5.257 30.014 Fe$ re¢er¥Èd in advanee (nole Ih) PAYE and scKial se¢wrily cTrditors Other credilors and accmols 23.959 2.230 4.886 31,075 22.7SS 1,991 5.328 30.065 bl Arnounis due after one year- Group and Company 30 June Increase in 30 Jure 2023 2D22 t.o 27.000 Loan falling due after year 27.oc The loans were refinanced in November 2019 for a 30-year term. wlh the new roan having securty on certaMI pmpety al the sch￿1. The interes1 on the loan 15 at a fixed rale. The first repayment Jnstalmenl is after 10 years in November 2029. 12 Allocation of Gry)up NetA$sets The net assets as at 30 June 2023 are hèhl for th• vab)us ILhJs as fdkjws.. Nel Cyrrent Loans (Je after Tangible Fsxed Assets Totsi Assets rn0￿ than 1 year Inveslrnents £.ory) 22,818 £,000 £,ooo 22,978 3,749 32 Permaneni endowrnenl Expendable endowmenl Restricted reseNes 3.749 Desgnated enrolment reserves De&gnated facilrtw feser¥es Designated ￿st￿eS- Olher D8signated reser¥es- applpd iotal retum 5.350 2.287 2,458 218 101 2.186 2.458 ie61 Ge￿ra1 res•rves 14,4131 7.371 127,OCI)I 127.CWI 2,282 27.570 54.612 25,481 54.612 62.553 Total reserves The investment [￿lIcY with ￿spe￿ to eThJowMent rn5eThes is summansed on pagÈ 13. The notes on pages 11 to 12 des￿￿& the wrposes Qllhe res¢rves hebj. 40 TPE AMERICAN SCHOOL IN LONOON EDUCATIONAL TRUST LIMITEO

Notes to the financial statements (continued) 13 R•¢onciliation of opening and cloging Group and Compary I￿The3 al Destranated reseNes Tr￿S1￿ io Balance 30 New funds Resoutces 9enéral reserve June 2023 Balance 30 kne 2022 designated expended £,000 Enrojmenl re5erye Facilities ￿Serve 1.687 973 1.286 16861 {501 17921 2.287 923 BuildirKJ & Equiwient ieserve Plant reserve 2.286 1.050 (1.3881 1,156 Prolonged Disabilrty ieser¥e Staff Cost rèselve 347 1100) (701 247 Ntw Initiabvts reseFve 132 Applied Retums in¥estm8nt 12,2821 13,6701 218 13.399 11.7521 10,313 Enmlment ￿serve The enrolment reserve represented approximalety 13% oftuition income at 30 June 2023. The Sthool undertakes regubr reviews of the level of thi5 reserve. ¥thilè enrolment in the lasi couple of years has been stab￿. enrolment is impacted by external econgrnic fadors. Hislorically, enrolmenl has fluctuated ￿nIficanty and by up to 1W st￿2n￿ from year lo yèar. This reserve will •nable the School to mainlw'n its slaff and optrating cost leve15 in the short-term (over 2-3 yeatsl if therè were a fall in enrolment. Facilit￿S ￿$￿ve This reserve is held to help fund future faril11￿5 developments and for Ihè repaymenl of the long-terrn ban5 in 8¢xord8nrA ￿th the Schoul's reser¥es policy. The amounts transferred to Ihis reserve during the year were the bud9eted amount for Ihe capital repayments and Ihe loan in¢erest on the loans before refinanriny The reS￿[ce5 expended or £688K were in respect of loan intere51. T1￿ carry forward baraft￿ rep￿sentS the SchedU￿d accUmulat￿n of lunds sn preparati(M tr the repayffleni fot the inst8kn>eth repaying Ihe ban caw. Buikling and EqU￿Ment reserye The buihding and equipment re5eThe is a re5er¥e sei up to pro¥kJe funds for emer9enq or ynantiopaled fepairs or improvements. Plant rgserve This reserve is a rolling reserve lo ensure Ihal the Sthool has fuThJs a¥aslable to contixt fci sKJnificarn building Maintenance projects. which run into the ffij1b￿"ng financial year. balan￿ on this Teserve is planned to be spent in the nexl years. Staff Cost and Pmlonged DisabAityrnS&tves The pmlonged disability reser￿ was established to pro￿de funds f¢y employee5 who suffer ￿￿Onged dISa￿.11tY during the period befo￿ the School's insurance scheme cx)mes into effecl. The resewÈ has been spent down and in futu￿ this will bè covered from reoJrrenl expenditure or the siaff Cosl RÈsèrve. Thè Staff Cost reserve was created lo prowde additional fvnding for ex¢eptnal ¢ornpÈnsatM costs. New Inibative Tr&etve This reserve was creai•d io prride funds for pdot propcts that it will enhor￿￿ the ¢%m￿l￿rn ￿1(¥ the18aming environment 31 the School. These projects G7n be approved after the setbny of lh• annual bjdget process and so would nol be p055ible without these contingency funds. The projecls are usually piloted DI￿r 1 or 2 years before they are assessed to see if Ihey wll ￿OMe pzrt of re9￿aT sthool operations. Applied Relums Investmenl The Board set up a ￿Serve io enable the Schcw)I lo face any unidentnled chaffenges thal may efflerge from the thfficurt emnomie situation with rising ul¥lity wces. festyJrce scarcity and polit21 unc*rtainty. THE AMERICAN SCHOOL IN LONCQN EDUCATIONAL TRUST LIMtfED 41

Notes to the financial statements (continued) 13 R•conclllation of opening and Closing r•ser¥es IcoThtinuqdl bl Resln'cted reserves Transfer Balance Incoming Resources beh¥een BaLi￿e 2022 rè5eNes 2023 £,o(h) 32 R•$tricted réserves 141 {1561 1561 12431 1243 290 141 32 The RestrKted Reserves cOM￿Lse mnly funds recei￿d from the Americaft School in Londoft FO￿datKlfts in the US and Ihe UK. The rernasniThJ resefves a￿ expected lo be spent in the next 1-2 years. Thè tran5fèLS bets￿n rese￿e3 are in aC0ydar￿ wrfh tl acwuntiThJ 11. el Pèrrnanent End0wm￿nt lunds- Staternent of tolal retum Cal¢ul•ti¢>n of tolal return: 2023 £.DlXI Investment rthrns In year Investment wicome Capital gwns Ilossl Total unyeali5ed return for yèar Disinvestrnent from JPM Investment 11341 11341 1.049 11,1831 1,049 11341 Total return forthe year Less.. ￿loca￿"0n 10 income Movemenl in unapplied totsl ￿t￿M for the yeaf Unapplied total retum 30 June 2022 30 June 2023 2.069 Add: PreseNed value at 30 June 2￿1 371 Additions since 30 June 2001 Total p￿Sery￿ ¥alue at 30 2023 Total valw of ￿M)Ingnt endtywrnpnt 20.8 22,978 Note 13d THE AMERICAN SCHOOL IN LONDON EDUCATIOML TRUST LIMITEO 42

Noles to the financial ststements (continued) dl Ptrmanert Endowment luTrJs Alrtstion ance Total Retwn Di￿nVest￿t to InCryr￿ Res8r¥es atb)n to 8alanc£ 30 June Donah￿$ 30 June 2023 £.(m Qr {52) £,ooo 12301 14) (311 1319) £.000 8.848 Student Financial Assistance {1721 {31 (231 P401 FauIrt￿S Fund 166 166 Communsty Enrthmeni Fund Faculty Stsff Support 1.186 12. 17) 1721 1,179 12.235 General 555 131 11251 25 16 550 23,C69 1,049 1600 22.97B el Exp8ndable endowment fund5." Transfe Balance 30 bthlegn Resource5 Alh)caliDn Balan¢8 30 June 2022 Reser¥es D(￿￿tIOnS Expended to Income June 2023 £.000 £,ocwJ 232 Communty Enrichrneni Progr3rn Enrichment Iconyuter scien￿$) Student Financial Assbstance Fawlty and staff Support 372 10 1150) 11991 1.275 1,076 1.059 13221 1.927 514 761 2.324 599 322 3.749 S1udentFinan￿1A3s1stsnC9 The èarnings will be used to provbje f￿an￿al as￿tsnCe to qualikd students and to SUPPK¥t studenl partiopatien in the lrfe ofthe Schod Or￿ enroljed. Facililies Fun Tht eamin9s will be used lo supp)rt and enhan￿ Ihe la￿ttle$ at ASL. CommunAty Enrithnpnt Fund The eaming5 wil be used lo support programs and •Xvilie5 thai Sup￿ a sense ofwnmvnty within the ASL family or that Serve to enhance the r￿at￿Th5h￿ ofASL to its neWbowhocJ or to London. Fac￿and Staff SvprrtFund The eamings will be tsstrided io suppct the Facutty and ofASL ai the dL8cretion oflhe Board. THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED 43

Notes to the financial statements (continued) Total En¢knwnenl 21723 2022 £.000 22,978 3,749 £.000 23.069 2,324 Permanent ExpendaiAe 14 Pension arran9ements The School ¢oThlributes t(wards ￿lIreMen1 teneffts in respect of employees who have opled 10 Participate in a definèd c0nlribul￿￿n plan. A range of investment funds is a￿allaNe. The Schts)I's C(￿tribUtioN vs 10% of basic salary provided the empbyee contribules at least 5% of salary. Thè School also provides funds to the Foundati(￿ tr ils c¥)sts ¥KaJrred for a sirnilar US retirement benefts Flan in re$pe of employees of the Foundation. The employerfs ¢onln'buti¢ns for l*)Ih Ihe SthocA and the Foundabon are ¢horged in Ihe &atement of FinancHI Actwilies in the period in which the salaries lo whKh they relate a￿ c￿. These CLYrtribubons in the year amounted to £2.696K 12022, £2,541 K) 8130 Junt 2023. Under terms oflhe plans. the ￿001 has no ha￿"litY trRyond the agreed fate of its ciffltributions e&h year. The School and its subsidiary have entered inlopJ"nt eontrads of employment lor certain staff. The pen%on conth"bulions are paid by Ihe ￿001 on behalf of these staff. 15 Subsldrary company and Trlated ￿rtY transactions The School own$ all of the issued Sha￿ capital of ASL Errterwises Limrted. Company Number 10339)$4 incorporated in England in August 2016. This cornpany rarrie5 Out trading aclivibe5 on behaw of the Schoj. ASL Enterprises Limited had a turnover of £398K. and £162K profft before lax in ihe year ended 30 June 2023 (2022- £66K profil tefore ta¥l. Al 30 June 2023. the Company had 5ha¥ehoklers' funds of£1. In th• poriod to 30 June 2023. th¢ &hool dwrged £215K to the Subsidtary company for the prOwS￿n ofstaff an(J administrative Serw￿S and licence lees. Ther? were no other relaiéd party Itarw¢1K￿s in the year ended 30 ju￿ 2023 (2022. nifi. THE AMERICAN SCHOOL IN LONL)ON EOUCATIONAL TRUST LIMITED

Notes to the financial ststements (continued) 16 Flnanelal Instruments Non-fiThan¢ial trwnents 2023 Totsl £,LXO Faw Value ArTr)rlised o)st 2022 Total £.000 £.000 Ass•ts Tangl￿• assels Invèstments Stock 54,612 54,612 27,570 18 54.292 2fj,918 20 27.570 18 Dèbtors 1,738 18.286 2.390 18.286 1.317" 24.573 14.239 Cash at bartk and in haft¢J Short lerm investments 17.732 17,732 Llabili¢ies Credilors due wrthin one year Creditors due after on8 year {31.0751 27,C 138.0331 {31,075} 27,OL 62.533 130,08S1 45.JJ2 55.264 64.274 The income. exFenditure and net gains and bsses recr#Jrrized in the Statement ol Fuiancial Activi￿5 duringlhe year to 30 June 2023 by cat89ory are s*own below. Far Amortised Value cost 2023 2022 Tota £.0 Investmeni income Foreign exchange gains on evaluati 24 24 Net Loss on investments 1184 11841 11841 11601 11.3491 11.1771 24 THE AMERICAN SCHOOL IN LONEK)N EDUCATIONAL TRUST LIMITED

Notes to the financial statements (continued) 17 Cornparalive fund slaternents loryearended 30 June 2022 Slatwnent of Financial Actl¥rti•s Notes T(Aal 2022 un￿$￿cted Other Endowrnent T￿al Incoming resources In"come from ehantable aetivilies." Fees receivable 40.2£ 40,2 Other educational income 1.278 1,278 Non-ancillary trading Government grants 8ank and inveslment InC￿e 2¢ 258 25B 2d 12 12 26 739 Donation$ 1.396 43.266 178 405 1.979 44.588 178 1.144 R•sources exptnded Cost ofrnising funds." Non-ancillary Fundraising costs (2581 12581 {6651 16661 Finanting costs 16B6) (1.6091 16861 11.6101 Charitable a¢tivities.' School operats'ng Costs Tolal fesoufces expended 146.2931 12eoi 1181 146.5711 1181 148,181 13791 1588) 1761) Net in¥estrnent gain Net Short Tefft In¥eslmenl10s5 {209) 1761) Net income1lexpenditu￿I ljefore transfers (S.￿) (83) 747 14.942} Transfers behveen reserves .3,792 11.8141 1532) (6151 I3.2￿) {2.5131 14,942) Net movement In reserves in the ye•r Balances brtyjght forward at 1 July Balan￿$ ¢arrigd fon¥ard •t 30 June 40.405 38.591 JS 27.906 25.393 69,216 64.274 290 All of the ab￿ a￿ rewe5ented by conbnuin9 operatKJn5. Theie were no recogr#sed gains or rosses other than those shtr•m in the siateff*nt ol financial activths. The accompanying notes a￿ an integral part of trms slatement. THE AMERICAN SCHOOL IN LONLK)N EDUCATIONAL TRUST LIMITED 46

Notes to the financial statements (continued) Allocatron ot Group NetAssets The net assets as at 30 JLme 2022 we held for the W41￿￿$ frjnds as folb)w5: Net Current Bank L03ns due after than 1 year Investments È,0 23.070 TangitAe F￿ed Assets £.(Ko £,000 23.070 2.324 29) Total Permanent end¢)wment Expendable endowm￿1 Restricted reserves 2.324 29) Designated enrolrnent rv6erves Dèsignated l&Flities reseNes Oe%gnated reSen￿5- other Designated reSe￿eS-app1￿ Rtn General reserves 5.350 1.687 224 1,463 3.862 3.862 12.1CIJI 9.950 127,C 127,0001 54.292 25.192 54.292 64,275 Total reserves 27.033 Reconciliation of opening and c105ing restr￿$ al De&gnated reser¥es Transfer lo Baan funds ResI)ur￿5 general reSe￿e Balanee 30 J￿e desvjnated expended 30 June 2021 2022 £.(oo £.cLso Enrolrnent re5eNe 5,350 1,687 973 Faulities reserv8 Building & Equipment re5ei¥e Plant reseNe 1.112 973 {6861 3.011 1.200 1812) 11,113) 2,286 54 Proktngtrd DISa￿lty rnserve Staff Cost reserve New Iniliatives reser¥e 347 347 410 12091 201 Applied Retums inveslmenl 2Xrf) 2500 11.257 11.7071 13.398 bl Reslricled reserves Transfer Balarte Incom Resour betsveen Balance )J￿e resourres tynded 30 June 2021 2022 £.0 12531 1281) 1534) £,000 New Fronbers Capital Campavdn Other restricted reserve5 25 12601 418 153 290 9)6 178 I2￿) 290 THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED 47

Noles to the financial statements (continued) al Pern)anenl Endowment funds Transfers Balance bets￿n Total Allocation Relurn tliw¥èstment to Income Batance 30 June 30 June Reserves o￿al￿)nS 2021 2022 £.coo £.(xy) £.c £,o(J) .8.856 Siudent Finanual Assistance Facilities Fund 27 12691 151 1321 13781 11.(XX)I (2) 1161 (1841 Community Enrichmenl Faculty and Staff supwjrt 1.202 13.9 32 1.186 12,306 378 11,$001 General In {3401 16 116) 17001 555 25.882 27 700 12.5001 23.089 bl Expendabla en(Jowrnent funds". Transle Balance 30 btheen Resources All¢xation Balance 30 JurE 2021 ReseThTs Dona￿￿5 Expended to Income June 2022 £,000 372 Communty Enrichme Student Financial Assislance 389 (17) 873 253 378 1313 1,191 761 Faculty and Staff 5UPPOrt 762 2.024 253 378 1161 1313) 2.324 .48 THE AMERICAN SCHOOL IN LONCK)N EL)UCATIONAL TRUST LIMITEO