2025-06-30-accounts - The American School In London Educational Trust Ltd

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The American School in London Educational Trust Limited

Financial Statements

for the year ended 30 June 2025 together with Trustees' and Auditor's Report

Company Registration Number: 784923 Registered Charity Number: 312738

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30th June, 2025

	Page
Trustees, Officers and Advisors	1
Trustees’ report	3
IndependentAuditor's report	16
Statement offinancial activities forthe yearended 30 June 2025	21
Balance sheet	22
Cash flow statement	23
Notes to the cash flow statement	24
Notestothefinancialstatements	25

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June, 2025

Trustees, Officers and Advisors

Trustees

The Directors of the School who are also the Trustees of the charity and who held office during the year, and to the date of signing this report except where otherwise stated, were:

Erin Roth (Chair) Resigned 30 June 2024 Hahnah Seminara (Chair) Appointed 1 July 2024 Cynthia Bake (Vice Chair until 30 June 2024) Resigned 30 June 2025 Stephanie Schueppert (Vice Chair) Appointed 1 July 2024 George Robert Hatzmann (Secretary) Matthew Peter Horvat es 25th November Luca Bassi Mark Agne Darren Allaway Alison Victoria Ferguson-Woods George Hadjigeorgiou Stanford (Doc) Horn Gwion Rhisiart Lewis Daniel Dwight Hajjar Mallika Kapur Sherine Magar-Sawiris Resigned 30 June 2025 Michael A. McCarthy Resigned 30 June 2025 Ralph Rivera Kavi Thakrar Stacey Towfighi Resigned 30 June 2025 McKenzie Erin Webster Irene Zia Lotfy Mohamed Lotfy Mansour Appointed 1 July 2024 Tsega Gebreyes Appointed 1 July 2024 Chris Anderson Resigned 30 June 2024 Liad Meidar Resigned 30 June 2024 Abigail Khatiblou Appointed 16 July 2025 Rayna Barasch Appointed 1 March 2025 Mohammad Habbas Appointed 1 March 2025

Officers

Key management personnel currently and throughout the year. The day-to-day management of the College is delegated by the trustees to:

Matthew Horvat Head of School Noel Bradshaw Director of Finance and Operations (Appointed 1 August 2024)

Principal Address and Registered Office

One Waverley Place, London, NW8 ONP

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

Advisors Bankers

JP Morgan Chase 25 Bank Street, Canary Wharf London, E14 5JP

Barclays Bank Plc 1 Churchill Place London, E14 5HP

Solicitors

Farrer & Co. 66 Lincoln's Inn Fields London, WC2A 3LH

Mills & Reeves LLP, Botanic House, 100 Hills Road Cambridge, CB2 1PH

Auditor

Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW

Investment managers

Partners Capital 5 Young Street, London, W8 5EH

J.P. Morgan 60 Victoria Embankment London, EC4

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

Trustees’ Report

The American School in London Educational Trust Limited (ASL, also referred to as ‘The School’) was incorporated as a company limited by guarantee in 1963 (company registration no. 784923) and hence the Trustees, who are also members of the School, hold no shares. In the event of the School's dissolution, their liability for its unpaid obligations is limited to £1 each. The School is governed by its Memorandum and Articles of Association, which were last amended in 2001. The School is also registered with the Charity Commission under charity registration no. 312738. The School and its subsidiary have their registered office address at One Waverley Place, London, NW8 ONP.

The Trustees, as directors of ASL, present their annual report on the affairs of the School for the year ended 30 June 2025 under the Charities Act 2011 and the Companies Act 2006. The annual report under the Companies Act 2006 includes the Directors’ Report, together with the audited financial statements for the year.

OBJECTS AND AIMS

Founded in 1951, ASL is an independent, K-12 day school, providing an exceptional American education to an international student body in the heart of London. Innovation and individuality are celebrated, and outstanding academic success is applauded. Students thrive amid high expectations and the joy of authentic learning experiences. Committed to creating courageous global citizens, the School inspires students to engage with others across lines of difference in a changing world. In 2025, the School's diverse student body of approximately 1,430 represents 69 nationalities and speaks 58 languages, and families join the School from all over the globe.

CHARITABLE OBJECTS

A summary of the charity's objects, as set out in its Articles of Association as amended by special resolution dated 25 November 2024, is to carry on the School as an educational charity for children of any nationality and to provide educational instruction of the highest calibre, together with physical and moral learning. Within these objects, the School has created a Mission Statement, Core Values, Portrait of a Learner and a Diversity, Equity and Inclusion Statement.

PUBLIC BENEFIT

The Trustees confirm that they have complied with the duty contained in the Charities Act 2011 to have due regard to the guidance issued by the Charity Commission on public benefit and fee charging charities.

MISSION STATEMENT

The American School in London empowers each student to thrive asa lifelong learner and courageous global citizen by fostering intellect, creativity, inclusivity and character.

CHARITY GOVERNANCE CODE

The ASL Board of Trustees, aims to have a governance framework that is fit for purpose, compliant and efficient. The Board has established a solid foundation in governance in which all of its trustees are clear about their roles, regulatory and legal responsibilities, are committed to supporting ASL to deliver its objectives most effectively for its beneficiaries’ benefit, and contribute to ASL’s continued improvement.

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

Overall, the ASL Board of Trustees meets a significant proportion of the recommended and best practice for governance contained within the Charity Governance Code across the seven areas and is comfortable that there are no significant areas of review required. Arrangements will continue to be monitored against the best practice principles contained in the Code.

ORGANISATIONAL MANAGEMENT

School policy is set by the Board of Trustees who make the strategic decisions and appoint the Head of School. The dayto-day management is delegated to the Head of School and then to a team of administrators, the Senior Leadership Team (SLT). The SLT is led by the Head of Schoo! Mr Matthew Horvat.

The work of the Board is supported by seven standing sub-committees — Admin Finance, Advancement, Building & Grounds, Educational Experience, Investment, Governance and Executive and meets regularly to discuss ongoing issues.

RECRUITMENT AND TRAINING OF TRUSTEES

At the Annual General Meeting every year, one third of the members of the Board retire by rotation but are eligible for reelection until they have served a maximum of three terms of three years, with some exceptions. Trustees are nominated by the Governance Committee based upon the specific needs, skills and responsibilities required by the Board. New Trustees receive training at the time of their appointment. Trustees also regularly engage in training on governance matters. The Board may, from time to time, elect a new member of the Board either to fill a casual vacancy or by way of addition to the Board, subject to the current maximum number of thirty. Any member so elected shall retain office only until the next Annual General Meeting, but shall then be eligible for re-election.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

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

Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (UK GAAP) and applicable law.

Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its net incoming/outgoing resources for that period. In preparing these financial statements, the Trustees are required to:

e select suitable accounting policies and then apply them consistently;
e observe the methods and principles in the Charity SORP (Statement of Recommended Practice)
@ make judgments and estimates that are reasonable and prudent;
e state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements;
e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue to operate.

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

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

The following statements have been affirmed by each of the Trustees of the charitable company:

e so far as each Trustee is aware, there is no relevant audit information (that is, information needed by the School’s auditors in connection with preparing their report) of which the School’s auditors are unaware; and
e each Trustee has taken all the steps that he/she ought to have taken as a Trustee in order to make himself/herself aware of any relevant audit information and to establish that the School's auditors are aware of that information

OBJECTIVES FOR THE 2024-25 YEAR

Each year the Board establishes specific annual goals, which are later subject to review. In 2024/25, the Board committed to the following goals, with progress reported:

Complete a written five-year strategic plan in the academic year 2024-2025.

The Board, supported by an external consultant, led the development of a new five-year strategic plan. The process drew on previous research and strategic work, and involved committees of trustees and senior management organised around three strategic themes. Draft elements of the plan were tested in community focus groups, before being refined and approved by the Board in May 2025. The final plan, structured around the three strategic themes, was shared with the school community in autumn 2025-26.

Support the HOS and Board sub-committee focus on the financial well-being of the School, in particular strategic discussions on budgeting, fundraising, and implementation of VAT on school fees.

The Board actively supported the School's financial planning throughout the year. At the start of the year, Board members participated in the VAT Committee to finalise the School's response to VAT. The Board also reviewed longterm financial plans, budgets, staffing levels, salaries and benefits, and funding for plant replacement, primarily through the Admin Finance Committee.

3. Evaluate and evolve our current risk review process, including an analysis of political, financial, and demographic trends that may directly impact the School.

In spring 2025, the Board established a Risk Review Committee comprising the Executive Committee and the Head of School. The Committee undertook a process of identifying, scoring, and prioritising key risks, resulting in a register of the most significant risks facing the School. As of June 2025, School management is reviewing this register and will recommend mitigation measures to the Board.

4. Ensure ASL’s ongoing adherence to the Independent School Standards (ISS).

The school received an "outstanding" rating as the result of the Ofsted inspection in November 2023. Subsequently, the school changed to ISI as the inspecting body for the school in the UK. In December 2024, the School also underwent an ISI ‘material change inspection’ due to increased enrolment; the inspection recommended that the material change be approved.

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED

Financial statements for the year ending 30 June 2025

The Board maintains a routine framework for compliance, which includes:

e Regular review of policies in Board sub-committee meetings
e Standing ISS reporting items on Board sub-committee agendas
e Appointment of a safeguarding lead on the Board
e Periodic trustee on-site audits of HR and attendance records

In addition, ahead of an anticipated ISI inspection in 2026, the Board continues to work with the Head of School to ensure the School is fully prepared.

PRINCIPAL ACTIVITIES UNDERTAKEN

In addition to achieving and continuing to work on the specific goals of the Board of Trustees, the School taught on average 1,443 students in the year, spread over its three divisions:

Lower School (412) Middle School (479) High School (552)

During the year total re-enrollment was at 93% and 257 new students entered the School. The School's world-class faculty fosters confidence, curiosity and well-being in our students, preparing them for life beyond ASL. The School develops kind, independent individuals who will embrace learning and future challenges with confidence and the courage to act. The American curriculum emphasizes steady progression in core academic areas. ASL offers an unusually wide array of options for students to extend their knowledge in several subject areas. ASL's curriculum is enhanced by broad offerings in the computer sciences, and in the visual and performing arts. Students learn to make thoughtful choices to achieve the best possible balance between breadth and depth. 140 students graduated from the senior class in June 2025 with students accepted to colleges and universities in eight countries.

FINANCIAL AID

The School has a long history of enabling students from all backgrounds to benefit from its programs. The Board of Trustees believes in the importance of having a socioeconomically diverse student body and the benefit of having a robust financial aid budget year on year. It is a point of pride that our community supports this valuable endeavour, and we are grateful to all our supporters who have shown their dedication by contributing to the program.

Growing support for financial assistance has a positive impact on the community. Research shows that students benefit from learning alongside others with differing views of the world. The School remains committed to attracting talented students regardless of their financial situation.

Awards totalling £9,493 (2024, £7,326K) in financial aid and allowances were made to 224 (2024, 215) students in the year. Of these, 109 (2024, 111) students received financial help on a formal ‘means-tested’ basis through the School's financial aid program, the objective of which is to assist qualified students to attend the School regardless of their families’ ability to pay. The availability of financial aid is communicated via the Schoo!'s website, during the application process, in parent meetings and in various articles on School finances and admissions published both annually and from time to time.

Parents apply for Financial Aid through a formal and confidential process administered by a Financial Aid Committee. The Committee uses a financial model and principles developed by the Independent School and Student Services for Financial Aid (a US model of assessing need) to determine financial need and the amount of Financial Aid awarded. The THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED 6 Financial statements for the year ending 30 June 2025

School sets a Financial Aid budget each year as part of its normal budgeting process. Subject to this budgetary constraint, the Financial Aid Committee seeks to meet all financial needs identified through the application process. The highest awards were for 100% of tuition fees and the average award was £30,813K.

EMPLOYEE INVOLVEMENT AND EMPLOYMENT OF PEOPLE WITHA DISABILITY

The American School in London is an equal opportunities employer, and this is stated unequivocally to all prospective job candidates. In accordance with our Equal Opportunities Policy, the School treats all employees equitably, and employees or prospective employees with disabilities are given full and fair treatment, with reasonable adjustments and training opportunities implemented where necessary. Additionally, the School has a range of detailed HR policies designed to support employees and our charitable and business objectives and to ensure compliance with employment legislation. These are reviewed at least annually by the HR Director.

Employees are represented by faculty and staff associations who meet frequently with the School administration to discuss employees’ requests and to resolve concerns. When important decisions are made that are likely to affect the interest of employees, a full and thorough consultation process is carried out. Examples of such consultations are: annual salary and benefits meetings with faculty and staff associations and the Senior Leadership Team (specifically, a minimum of three meetings before a final decision is made); briefings to employees at the beginning and end of the academic year in all-School meetings to update them on current issues and solicit feedback; monthly meetings held between the faculty and staff associations and Head of School; and annual leadership surveys for employees to provide extensive feedback on the effectiveness of the Senior Leadership Team. Leaving employees are also offered the opportunity to participate in exit interviews, the results of which are presented to the Board of Trustees annually. Results from the 2025 survey showed that 81% of leavers rated their overall experience as positive, with 94% indicating that they would recommend working at ASL to a friend.

DIVERSITY, EQUITY AND INCLUSION STATEMENT

The School's Diversity, Equity and Inclusion Statement which was developed from surveys, focus groups and interviews with faculty, staff, students and families remains a core tenant of ASL community. The statement is both reflective and aspirational, reflecting calls for action, authenticity and accountability to create a better future for our students.

The American School in London (ASL) is committed to building and sustaining a diverse, equitable and inclusive school community. Our strength is in our diversity. We are committed to providing equitable access to all facets of school life. ASL is dedicated to fostering an inclusive school environment in which members can thrive and be themselves in a fully authentic manner.

ASL upholds the right to an educational experience in which diverse identities, experiences and ideas are recognized and human dignity is affirmed. Diversity develops better collaborators, braver explorers, stronger communicators, greater innovators and deeper thinkers. From the time children enter the School, they learn to celebrate their differences and similarities, confront stereotypes and biases, and develop an understanding of historical and contemporary struggles and victories in the face of injustice. Through this education, students are empowered to advocate for a more just world and acquire the skills to be courageous global citizens.

Creating a diverse, equitable and inclusive school community is an ever-evolving journey. We challenge ourselves to do this work on a personal and institutional level, with empathy and mutual respect. Building and sustaining a diverse, equitable and inclusive school community is the responsibility of all. Our commitment to diversity, equity and inclusion holds the promise of a better future for all our children. THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED 7 Financial statements for the year ending 30 June 2025

COMMUNITY SERVICE ACTIVITIES 2024-2025

Through wide-ranging partnerships with schools, youth agencies, elderly centres and homeless charities, ASL continues to place itself at the heart of the West London community, learning from and with the people we serve. Student voices shape the programme, which this year involved 330 high school and 80 middle school students, with more than 70% taking part in multiple strands. Weekly after-school partnerships offered 20-23 activities each term, engaging 150-180 students in tutoring, mentoring, arts, sports and robotics. Notable new initiatives included a Young Readers Club, sustainable art and dance programmes, expanded robotics outreach across several schools, and new Middle School projects in gardening, elder care and sport.

Flagship events again drew wide participation. The West London Model UN attracted over 330 students from 20 schools, while the youngPOWER Conference, themed Taking Up Space, engaged 150 students with guest speakers including writer Inua Ellams and youth activist Christina Adane. The High School Community Action Council coordinated extensive charitable giving, including collections of coats, costumes, holiday gifts, books and food, alongside fundraising and awareness for organisations such as the Red Cross, World Food Programme and local partners. Twice-yearly Community Volunteer Days mobilised more than 300 volunteers at each event across 15+ sites, with students taking on significant leadership roles.

Community action was also embedded in the curriculum across all divisions, from Grade 10 research projects on homelessness and food poverty to Lower School drives, gardening and Cards of Care initiatives. The SHINE Saturday Programme once again welcomed 31 students from local secondary schools for 17 weeks of enrichment in the arts, robotics and changemaking. Food poverty partnerships with Granville Community Kitchen and Second Harvest gained momentum, and ASL students and families also supported refugees through collaborations with Ukraine House and Young Roots. The year concluded with a spring Volunteer Day involving 350 volunteers at 13 partner agencies across London, highlighting the School's continuing commitment to service, leadership and community partnership.

GROUP STRUCTURE AND RELATIONSHIPS

The School has a wholly owned non-charitable subsidiary company: ASL Enterprises Ltd. (the “Subsidiary”). ASL Enterprises Ltd. was formed on 22 August 2016 to carry out trading activities mainly in respect of the use of the School's facilities when not in use by the School. The Subsidiary's achievements are covered in the relevant sections of this report.

The American School in London Foundation (UK) Limited is a registered charity and raises funds for the support of the American School in London. The two companies have shared administration and for this reason are “Connected Charities”. During the year, the School received £1,727K of donations from the connected charity (2024, £1,640K). The American School in London Foundation (UK) Limited is a wholly owned subsidiary of The American School in London Foundation (the “Foundation”), which is a not-for-profit/501(c)(3) organization in the United States. Some of the School's teaching and administrative employees are also employees of the Foundation and are seconded to the School under an agreement between the two entities. Under that agreement, the School agrees to provide the necessary funds to cover the employee costs and to act as agent of the Foundation in respect of certain aspects of its employer obligations.

All ASL parents are welcome to become active participants of the Parent Community Association (“PCA”) committees and events. Through the committees of the PCA, parents organize the biennial Global Festival, the Booster Club (supporting athletic teams), Friends of the Arts and the biennial Auction Benefit, in addition to a wide range of other activities, which promote the mission of the School.

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

REMUNERATION OF KEY MANAGEMENT PERSONNEL

The Trustees delegate oversight of pay and remuneration to the Head of School, who reviews compensation for the charity's key management personnel, defined as those with authority and responsibility for planning, directing, and controlling the activities of the charity. Pay and remuneration are overseen by the Admin Finance Committee.

The pay and remuneration of the Head of School are delegated to the Head of School Remuneration Committee, which convenes on an as-needed basis and follows a similar review process. The ASL Foundation Remuneration Committee also reviews and approves pay and remuneration for management personnel who are seconded from the Foundation.

Reviews take into account a combination of internal and external benchmarking to ensure that pay is fair, transparent, and aligned with the charity's mission and values. Reference points include US independent school and global international school market data, published surveys, and advice from external consultants where appropriate. Pay decisions consider both the ability to compete in the international hiring market and the financial sustainability of the charity.

The overall objective is to ensure remuneration levels are sufficient to attract and retain high-quality leadership while maintaining appropriate stewardship of charitable funds.

RISK MANAGEMENT AND PRINCIPAL RISKS AND UNCERTAINTIES

The Trustees conduct regular reviews of risk management and have continued to monitor a broad range of risks facing the School. Key strategic risks considered during the year included long-term demand risk linked to economic factors and changing social attitudes, macroeconomic uncertainty and the potential impact of geopolitical events, the regulatory environment in both the UK and US, and the effect of emerging technologies such as Al on teaching methods. Trustees also reviewed staff recruitment and retention risks given the high cost of living in London, as well as compliance risks relating to safeguarding and pupil welfare. Reputational risks were considered in the context of maintaining high educational standards and outcomes in external assessments. Mitigation strategies have been identified and are subject to regular oversight by the Board and its committees.

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|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Risk Area|Summary of Controls| |Enrolment and|market|Ongoing|monitoring|of enrolment trends|and|market|conditions;|multi-year financial| |demand|and|scenario|planning;|prudent|reserves|and|contingency|policies.| |External|or|uncontrollable|Crisis|management and|business|continuity|plans|in|place|and|regularly|tested;| |events|insurance|coverage and|the|ability|to|deliver remote|learning|if required.| |Regulatory|and|political|Ongoing|monitoring|of|legislative|and|policy developments|in|the|UK|and|US;|active| |Change|engagement|with|sector|bodies|and|professional|advisers.| |Technological|change|and|Continuous|curriculum|development|and|integration|of educational|technology;| |educational|innovation|investment|in|professional|learning|for faculty.| |Recruitment and|retention|||Competitive|compensation|and|benefits;|professional|development|opportunities;| |of high-quality|staff|focus|on|staff wellbeing|and|engagement.| |Safeguarding|and|pupil|Comprehensive|safeguarding|procedures,|as|required|by|law,|for the|protection|of| |welfare|children;|regular|staff training|and|trustee|oversight.|

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THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

Educational quality and	Robust academic monitoring and reporting; faculty evaluation and development;
parental confidence	regularfeedback from parents and students.
Regulatory inspection and	Continuous compliance monitoring and self-study processes to maintain
accreditationoutcomes	accreditationandinspectionstandards.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The Consolidated Statement of Financial Activities on page 19 shows how the School's incoming resources have been generated and how they have been expended during the year together with the results of the Subsidiary and the closing balances on each of the reserves.

Total income during the year was £59.1M (2024, £54.0M) and the net surplus for the year was £7.2M (2024, £4.2M). There was an increase in total tuition income of £2.5M, an increase in donations of £2.1M, a decrease of bank and investment income of £7K, and an increase in non-ancillary trading income of £55K.

The reported surplus appears higher than the underlying operating result, as it includes several non-recurring and designated items. These comprise strong fundraising income, including proceeds from the auction in support of the Commons renovation project which will be expended in the following year, another year of robust investment performance, and amounts designated for significant capital expenditure and staff costs associated with the planned voluntary redundancy programme.

Total resources expended were £53.9M, which was an increase of £0.5M on the £53.4M of the previous year. In addition, the School recorded a net investment gain for the year of £854K (2024, gain of £3.7M).

The total unrestricted reserves increased by £6.9M, the restricted reserves increased by £27K and the endowments increased by £228K. As shown in note 12, there are sufficient net assets to meet the obligations of the Restricted Reserves. Net cash inflow from operations for the year was £5.8M (2024, £5.3M) as shown in the Cash Flow Statement on page 22 with the cash and cash equivalent balances at the level of £26.0M compared to £23.0M last year. The balance on the Current Asset Investments decreased by £2.2M during the year with a balance of £16.5M at the year end.

The Subsidiary income was £456K (2024, £427K) in the period and the expenses £338K (2024, £329K) resulting in profit of £117K (2024, £98K). The financial statements and this Report comply with statutory requirements and the Statement of Recommended Practice: (“Charities SORP (FRS 102)”

RESERVES LEVEL AND POLICY

The School's total reserves of £74.0M comprise £25.6M related to permanent endowment, £2.6M expendable endowment and £45.7M of unrestricted reserves.

The unrestricted reserves of £45.7M are represented by £56.8M of the net book value of fixed assets less the associated funding by a long-term loan of £27.0M leaving free reserves of £15.9M.

In accordance with the School's reserves policy, the school designates reserves for specific purposes as set out in Note 13a). These designated reserves totalled £14.5M at the end of the year.

At the year end, designated reserves totalled £14.5M against free reserves of £15.9M, leaving £1.4M of free reserves not yet designated. In the current economic environment, the Trustees consider this level of undesignated free reserves to be appropriate given the School's financial plans.

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

The enrolment reserve covers the financial risk to the School from any short-term decline in enrolment numbers due to general economic factors beyond the School's control. Enrolment levels have fluctuated significantly over the history of the School and the target level of the reserve is reviewed annually and historically has been set at between 8% and 16% of tuition income. The Board considers the reserve of £5.4M to be adequate at a level of 11% of tuition income.

The Trustees are committed to assuring the School's long-term physical viability and financial health and so have established a long-term designated facilities reserve of £3.5M (2024, £2.9M). This provides funds either to pay down debt incurred to fund capital projects or to fund new facility projects.

The School also has a designated plant reserve to ensure that it has funds available to cover the costs, which fluctuate annually, of the long-term maintenance plan to help assure the quality of its buildings and facilities. The value of this reserve has increased this year to £3.8M (2024, £423k) in preparation for future funding requirements of the School's long-term maintenance plan.

In addition, the School maintains its emergency building and equipment reserve of £0.4M (2024, £0.9M) to provide funds for emergency repairs and improvements, including for physical, cyber and health security.

The School has a staff cost reserve, which will allow it to absorb some additional costs of reorganising work if employee ill health or circumstances require it. The balance has increased this year to £1.3M in preparation for the costs of a voluntary redundancy programme in the next year.

The new initiative reserve was created to provide funds for pilot projects that it is hoped will enhance the curriculum and/or the learning environment at the School. These projects can be approved after the setting of the annual budget process and so would not be possible without these contingency funds. The projects are usually piloted over 1 or 2 years before they are assessed to see if they will become part of regular school operations.

The Board retains an applied returns reserve to meet any risks arising from market, economic and political volatility.

INVESTMENT POLICY AND OBJECTIVES

The permanent endowment has an investment objective to generate competitive returns that out-perform the market. Partners Capital was the investment manager for the permanent endowment for the year. JP Morgan is the investment manager of certain private equity investments. The trustees manage the School's endowed investments under the Trustee Act 2000, with no special restrictions on how the funds may be invested.

INVESTMENT PERFORMANCE OF PERMANENT ENDOWMENT

During the year, £1.05M of cumulative investment gains from the strong performance of the prior year were realised and transferred to operations and a further £0.7M of such gains were invested in the loan payment reserve with Partners Capital. During the year, total return on the permanent endowment was £1.23M (2024, £1.5M)

The School has investments in sterling-denominated short-term credit funds managed by BlackRock and Legal & General and other short-term liquid investments of £16.5M (2024, £18.7M). The amount invested is sourced from the School's positive working capital cycle. The credit funds are predominantly invested in investment-grade bonds with maturities shorter than five years. The loan repayment reserve had a balance of £4.2M (2024, £3.2M) and it remains invested with Partners Capital.

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

Under the School's Investment Policy, responsibility for setting and overseeing the asset allocation of the permanent endowment rests with the Investment Committee. The Committee reviews the portfolio's strategic asset allocation at least three times a year and monitors compliance with the agreed parameters through regular reporting from the investment manager.

TOTAL RETURN ACCOUNTING

The Charity Commission permitted the School to adopt the use of total return in relation to its permanent endowment on 12 April 2007. The power permits the Trustees to invest permanent endowments to maximise total return and to make available an appropriate portion of the total return for expenditure each year. Until this power is exercised, the total return shall be an ‘unapplied total return’ and remain as part of the permanent endowment. In deciding how much of the unapplied total return to allocate to income, the Trustees take into account the current expenditure needs of the School and the need to ensure that future students also benefit from the endowments. Compliance with the strategies set out above and actual investment performance is reviewed by the Investment Committee on a periodic basis against the relevant benchmarking index.

FUNDRAISING PERFORMANCE

; The tradition of philanthropy and volunteerism is an established and important aspect of life at ASL. The Annual Fund solicited parents of current students, our faculty and staff, alumni and parents of alumni who generously donated £1.9M of unrestricted giving this year. In addition, the School received a further £0.9M in restricted gifts for endowments and other specific purposes. Fundraising is undertaken by affiliated organisations of, primarily, volunteer groups of parents and alumni, supported by members of the Advancement team.

The School adheres to the Code of Fundraising Practice when undertaking fundraising activity. There are no professional fundraising organisations used and so no monitoring processes required. Our website outlines our complaints policy for the public and clearly explains how an individual can complain. We received no complaints in the year. The School takes its responsibility to anyone who might be vulnerable very seriously and this will continue to be considered in the School’s approach to fundraising activity.

GOING CONCERN

The Trustees have undertaken a detailed review of the School's financial forecasts, budgets, cash flow and reserves covering a period extending to at least the financial year ending 30 June 2027. In doing so, the Trustees considered key risks such as enrolment stability, inflationary pressures on both operating costs and capital projects, and the significant expenditure required to maintain and replace elements of the School’s ageing campus and plant infrastructure. The Board also reviewed the School's liquidity, solvency and compliance with loan covenants, together with its strong cash and reserves position. The Trustees also took account of the broader macroeconomic environment and potential changes in the regulatory and political landscape that could affect the School.

The Trustees also conclude that there are no material uncertainties that may cast significant doubt on the School's ability to continue as a going concern. The financial statements are therefore prepared on a going concern basis.

On the basis of this review, the Trustees have a reasonable expectation that the School has adequate resources to continue in operational existence for the foreseeable future, which is defined for the purposes of the going concern assessment as at least 12 months from the date of signing these financial statements.

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

VOLUNTEERS

ASL'’s community is continually enriched by the volunteer activities of many groups and individuals. The gifts of time and energy by the hundreds of parents, alumni, past parents, faculty, staff and students are significant (though we cannot calculate their monetary value). The Board is grateful to those who are dedicated to serving the School and helping to enhance its special qualities. The Board is especially thankful to all the many volunteers of the Parent Community

Association (PCA) for the extensive community building events including the biennial Auction Benefit. The Board also thanks the PCA and the American School in London Foundations in the US and in the UK for their fundraising and generous grants to the School.

GREENHOUSE GAS EMISSIONS

The School receives an annual report by JRP Solutions in line with SECR guidelines which includes data on the full range of emissions defined by the Greenhouse Gas (GHG) Protocol (scope 1 and 2 emissions, and scope 3 emissions for grey fleet travel (use of employees’ personal vehicles for work-related trips)).

The School's greenhouse gas emissions for the 2024-25 year totalled 1,013 tCOze tonnes (2024 989 tonnes) of carbon dioxide equivalent (tCO2e), based on energy usage of 5,245,263 kWh (2024 5,085,859 kWh). When accounting for zero carbon electricity through a Renewable Energy Guarantees of Origin (REGO) contract, emissions were reduced to 574 tCOze (550 tCO-2e).

This represents 0.017 tCO2e per £1,000 of total income (2024: 0.018 tCOze), or 0.010 tCOze per £1,000 of total income on a REGO-adjusted basis.

Energy efficiency actions during the year centered on the multi-year project to replace the rooftop air-handling units (AHU) which will be completed in summer 2026. The School achieved a 38.7% reduction in emissions compared to the baseline year (2019-20) but a 4.3% increase compared with last year when factoring in carbon offsetting. Significant reductions in energy usage and emissions are expected once the AHU project is complete.

PROMOTION OF THE SUCCESS OF THE ORGANISATION TO BENEFIT ITS MEMBERS

The Trustees confirm that, in accordance with Section 172 (1) of the Companies Act, they act in a way they consider most likely to achieve the purposes of the School. In making this assessment, the Trustees consider the relevant actions of the Board that are described throughout the Trustees’ Report. Taking the areas required for disclosure in turn:

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

The long-term sustainability of the operating model is considered by the Trustees as set out in the Going Concern section (page 11) of the Trustees’ Report. Specifically, the Trustees consider both operating results and financial projections and the key risks that could negatively impact the sustainability of the School. The Admin Finance Committee and the Board review management information, budgets, forecasts, cash flow projections and progress against budget on a regular basis. Risk management (page 9) and the level of reserves (page 10) are also discussed further in the report.

b. The interests of the School's employees

In relation to employee engagement, the Trustees receive regular reports from management on employee morale and speak directly to representatives of the faculty and staff associations when reviewing pay and conditions with them annually. Further details of employee involvement are discussed in the report (page 7). THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED 13 Financial statements for the year ending 30 June 2025

c. The need to foster the School's business relationships with stakeholders

The Trustees recognise that the School’s long-term success depends on maintaining strong and constructive

relationships with its stakeholders. Parents, as the School’s primary members and beneficiaries, are engaged through regular communication, consultation and opportunities for involvement in school life. Staff are supported through professional development, clear policies and open dialogue to ensure a positive working environment and high-quality teaching and support.

The School values its relationships with alumni, donors and partner organisations, who contribute to its wider mission through philanthropy, volunteering and collaboration. Links with local schools, charities and community groups provide mutual benefit, strengthen the School’s social impact and enhance the educational experience of ASL students. The School also works with suppliers, contractors and professional advisors on the basis of fairness, sustainability and longterm partnership.

In addition, the School recognises the importance of fostering effective relationships with government entities and regulators, including education and safeguarding bodies, the Charity Commission, HMRC and Companies House. The Trustees are committed to ensuring compliance with all statutory and regulatory requirements, maintaining open communication, and engaging constructively with inspections and policy developments. Through these relationships the School promotes trust, accountability and the continued ability to achieve its charitable objectives.

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

The Trustees are mindful of the impact of the School's activities on both the local community and the wider environment, and seek to ensure that the School makesa positive contribution in both areas. The School engages with its community through partnerships, outreach and charitable initiatives, and is committed to minimising its environmental footprint through investment in energy-efficient infrastructure, sustainable practices and responsible resource use. In this way, the Trustees aim to balance the School's educational mission with its wider social and environmental responsibilities.

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

The Trustees recognise that the School's reputation for integrity, professionalism and high standards underpins its ability to deliver its mission and maintain the confidence of parents, staff, regulators and the wider community. The School is committed to strong governance, transparent financial management, compliance with statutory and regulatory requirements, and adherence to clear policies in areas such as safeguarding, employment practices and data protection. Compliance with Independent Schools Inspectorate (ISI) standards and Middle States Association (MSA) accreditation provides additional external assurance. The Trustees promote a culture of accountability and ethical conduct throughout the organisation, ensuring that decisions and operations are carried out in a manner consistent with the School's values and charitable objectives.

f. The need to act fairly as between members of the company.

The Trustees are committed to acting fairly between the School's members and to ensuring that decisions are taken in the collective interests of the organisation. Parents, as members of the company, are engaged through transparent communication and opportunities for feedback, and all are treated equitably regardless of individual circumstances. The Trustees also recognise the importance of avoiding and managing potential conflicts of interest in accordance with Charity Commission requirements. As the Company is limited by guarantee and does not have share capital, issues relating to shareholder rights or relations between majority and minority shareholders do not apply.

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

FUTURE PLANS

The Board of Trustees has approved the following specific goals for the school year 2025-26:

Ongoing responsibilities

e Support and evaluate the Head of School.
e Ensure ASL's adherence to its Mission Statement including monitoring student well-being, educational experience and outcomes.
e Ensure governance and management oversee ASL’s ongoing compliance with all relevant regulatory bodies and accrediting organizations, including the Department for Education, the Independent Schools Inspectorate (ISI) and the Middle States Association (MSA).
e Support the implementation of short, medium and long-term strategic initiatives and the development of periodic strategic plans.
e Ensure financial well-being and prudent institutional management, and manage financial, legal, media and other risks to the school consistent with Board governance policies and applicable UK and US regulations and codes, including but not limited to the Independent School Standards (ISS) and the Charity Commission for England and Wales.
e Demonstrate support, stewardship and leadership through active participation in the Board’s advancement activities, philanthropic commitment to the School, and engagement in defining ASL’s culture and community.
e Promote exceptional Board governance and leadership by ensuring that Board composition is diverse and delivers the expertise and resources needed to effectively serve the School.

2025-26 priorities

e Oversee the successful implementation of the new strategic plan by monitoring progress, establishing checkpoints, and ensuring accountability.
Monitor progress through regular leadership updates.
o Establish checkpoints and measurable benchmarks for accountability. o Provide guidance and adjust oversight strategies as needed to keep the plan on track.
@ Maintain full compliance with the Independent School Standards and strengthen documentation and processes to demonstrate adherence.
e Develop the strategy and infrastructure for a major fundraising initiative to support future facilities and endowment growth.

AUDITOR

Crowe U.K. LLP has indicated its willingness to be reappointed as statutory auditor.

This Trustees’ Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Trustees, including in their capacity as company directors approving the Strategic Report contained therein, and is signed as authorised on its behalf by:

George Hatzmann, Secretary

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Date: 3% December 2025

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

Independent Auditor’s Report to the Members of The American School in London Educational Trust Limited

Opinion

We have audited the financial statements of The American School in London Educational Trust Limited (the “charitable company”) and its subsidiary (the “group”) for the year ended 30 June 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Group and Company Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

e give a true and fair view of the state of the group’s and the charitable company’s affairs as at 30 June 2025 and of the group's incoming resources and application of resources, including its income and expenditure for the year then ended;
e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
e have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

e the information given in the trustees’ report, which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
e the strategic report and the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

e the parent company has not kept adequate accounting records; or
e the parent company financial statements are not in agreement with the accounting records and returns; or
e certain disclosures of trustees' remuneration specified by law are not made; or
e we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

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

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

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

Auditor’s responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

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

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

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, including financial reporting legislation and the Charity SORP (FRS 102), and tax regulations. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be necessary to the charitable company's/group’s ability to operate or to avoid a material penalty. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We also considered the opportunities and incentives that may exist within the charitable company/group for fraud. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Admin & Finance Committee about their own identification and assessment of the risks of

irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance.

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

Date: 2 February 2026

Consolidated statement of financial activities For the year ended 30 June 2025

		Notes	Total	Rest~~r~~i~~c~~t~~ed~~	Rest~~r~~i~~c~~t~~ed~~		2025	2024
			Unrestricted	Other	Endowment		Total	Total
Income from			£,000	£,000		£,000	£,000	£,000
*Charitable activities:*
Fees receivable	2a		49,211				49,211	46,668
Other educational income	2b		3,092				3,092	2,696
*Other trading activities*	2c
Non-ancillary trading			482				482	427
Investments
Bank and investment income			824			1,050	1,874	1,881
*Donations and legacies*
Donations			3,508	82		854	4,444	2,314
			57,117	82		1,904	59,103	53,986
Expenditure on			ee	SS	—S		—_=—	————
*raising funds:*
Non-ancillary			(456)				(456)	(427)
Fundraising costs			(1,184)				(1,184)	(671)
Financing costs			(686)				(686)	(686)
			(2,326)				(2,326)	(1,784)
*Charitable activities:*
School operating costs			(51,146)	(80)		(306)	(51,532)	(51,576)
Total resources expended	3	3	(53,472)	(80)		(306)	(53,858)	(53,360)
Net investment gain			617			237	854	2,253
Net short term Investment gain/(loss)			1,055				1,055	1,404
Net income/(expenditure) before			5,317	2		1,835	7,154	4,283
transfers
Transfers between reserves	7	7	1,582 os	25 os	(1,607) ——		oe	os
Net movement in• reserves in the year			6,899	27		228	7,154	4,283
Balances brought forward at 1 July			38,829	57	27,950		66,836	62,553
Balances carried forward at 30 June			45,728	84 ee	28,178 =—		73,990 ——	66,836 =

All of the above are represented by continuing operations.

There are no recognised gains or losses other than those shown in the statement of financial activities. The accompanying notes on pages 29-33 are an integral part of this statement.

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Company number: 00784923

Consolidated group and company balance sheet

For the year ended 30 June 2025

For thethe year endedended 30 June 2025
	Notes	Group	Group	School	School
		2025	2024	2025	2024
		£,000	£,000	£,000	£,000
Fixed assets
Tangible assets	8	56,767	54,866	56,767	54,866
Investments	9	32,648	30,744	32,648	30,744
		89,415	85,610	89,415	85,610
Current assets
Stock		18	18	18	18
Debtors	10	6,895	1,914	7,012	1,994
Currentasset investments		16,463	18,709	16,463	18,709
Cash at bank and in hand		25,971	23,063	25,845	22,977
		49,347	43,704	49,339	43,698
Creditors: Amounts falling due within 1 year	11a	(37,772)	(35,478)	(37,763)	(35,472)
Net current assets		11,575	8,226	11,575	8,226
Total assets less current liabilities		100,990	93,836	100,990	93,836
Creditors: Amounts falling due after 1 more	11b	(27,000)	(27,000)	(27,000)	(27,000)
than 1 year
Total netassets		73,990	66,836	73,990	66,836
Financed by:
Accumulated reserves
Unrestricted reserves:
General		31,207	28,648	31,207	28,648
Designated	13a	14,521	10,181	14,521	10,181
Total unrestricted reserves		45,728	38,829	45,728	38,829
Restricted	13b	84	57	84	57
Endowments	13f	28,178	27,950	28,178	27,950
		73,990	66,836	73,990	66,836

The net result for the financial year dealt with by the financial statements of the parent charity was a gain of £7,154K (2024,Gain of £4,281K). The accompanying notes on pages 33-39 are an integral part of this balance sheet.

The financial statements were approved by the Board and authorised for issue on 3rd December 2025.

Signed on behalf of the Board

iV; Seminara, Trustee THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

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Stephanie bdo’ Trustee
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Consolidated cash flow statement For the year ended 30 June 2025

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |Notes|2025|2024| |£,000|£,000|£,000|£,000| |Net cash|inflow from|operations| |Net cash|inflow by operating|activities|i|5,813|5,308| |Cash|flows|from|investing|activities| |Payments|for tangible|fixed assets|(4,348)|(2,642)| |Payments|to|acquire|investments|(650)|(625)| |New|money waiting|investment|(352)|(13)| |Disposals|of investments|12|129| |Bank|interest and|investment|income|receivable|1,874|1,881| |Net cash|provided|(used|in)|investing|activities|(3,464)|(1,270)| |Cash|flow from|financing|activities| |New endowment|1,246|1,425| |Bank|interest|payable|(686)|(686)| |Net cash|provided|by financing|activities|—|“560.|739| |Change|in|cash|and|cash|equivalent|in|the|reporting|period|2,909|4,777| |Cash|and|cash|equivalents|at the|beginning|of the|period|23,063|18,286| |Cash|and|cash|equivalents|at the|end|of the|reporting|period|ii|25,972|23,063|

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Cash flows have not been affected by charity law restrictions on the use of restricted funds. The accompanying notes on page 25 are an integral part of this cash flow statement.

Reconciliation of net income to net cash from operating activities

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||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |£,000|£,000|£,000|£,000| |Net|income|before|transfers|7,156|4,283| |Elimination|of non-operating|cash|flows:| |-|Investment income|(1,874)|(1,881)| |-|Endowment donations|(251)|(345)| |-|Finance|costs|686|686| |-|Unrealised|investment|loss|(gain)|(1,910)|(3,657)| |Depreciation|2,447|2,388| |(Increase)/decrease|in|debtors|(4,981)|388| |Increase/(decrease)|in|creditors|excluding|bank|loans|2,294|4,403| |(Increase)/decrease|in|current|asset|investments|2,246|(957)| |Increase/(decrease)|in|stocks|-|-| |(1,343)|1,025| |Net cash|inflow from|operations|5,813|5,308|

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THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

Notes to the cash flow statement

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||||||| |---|---|---|---|---|---| |i.|Analysis|of cash|and|cash|equivalents| |2025|Cash|flow|2024| |movement| |in|the|year| |£,000|£,000|£,000| |Cash|at|bank|19,423|8,395|11,028| |Deposits|6,548|(5,487)|12,035| |25,971|2,908|23,063|

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ii. Analysis of movement in loans

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2025|New|loan|Repayment|2024| |£,000|£,000|£,000|£,000| |Bank|loan|falling|due|within|one|year|-|-|=|2| |Loans|falling|due|after one|year|27,000|-|-|27,000| |Total|loans|27,000|-|:|27,000|

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THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

Notes to the financial statements

1 Summary of accounting policies

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the FRS 102 — effective 1 January 2015.

The functional currency of the School is considered to be Great Britain Pounds (GBP) because that is the currency of the primary economic environment in which the School operates.

The financial statements of the School are drawn up under the historical cost basis of accounting, as modified by the revaluation of other investments.

The Financial Statements present the consolidated statement of financial activities (SOFA), the consolidated cash flow statement and the balance sheets of the School and the consolidated group comprising the School and its wholly owned subsidiary, ASL Enterprises Limited. No separate SOFA has been presented for the School alone, as permitted by Section 408 of the Companies Act 2006. The School has taken advantage of the FRS 102 exemption from preparing its own entity statement of cash flows. The School has taken advantage of the exemption under section 408 of the Companies Act 2006 not to publish its own income and expenditure account.

The School is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee. It was incorporated in 1963 (Company No: 783923) and registered as a charity with the Charities Commission (Charity No: 312738).

Critical accounting judgements and key sources of estimate and uncertainty

In the application of the accounting policies, trustees are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revisions affected current and future periods.

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

A summary of the principal accounting policies, all of which have been applied consistently throughout the year and the preceding year, is set out below.

a) Financial instruments

The School only holds basic financial instruments as defined in FRS 102. Basic financial instruments are initially recognised at transaction value, subsequently measured, and amortised with the exception of investments, which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital.

Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions. Assets and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate year-end exchange rate.

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

b) Tangible fixed assets

Tangible fixed assets except investment assets, are shown at cost and depreciated at annual rates calculated to write off their cost less estimated residual values over their expected useful lives, the rates for which are currently as follows:

Long leasehold land	0.4% straight-line
Building extension and refurbishment	2-5% straight-line
Motor vehicles	25% straight-line
Buildings	2% straight-line
Furniture and equipment	10-25% straight-line
Laptopsprovidedtostudents	25%straight-line

No depreciation is charged on freehold land.

Expenditure on fixed assets, which cost more than £250, is capitalised. Depreciation is charged on additions for a full year regardless of when the addition actually took place within the year.

c) Stock

Stock consists primarily of stationery supplies and is stated at latest invoice cost, which approximates purchase cost.

d) Taxation

The School, as a registered charity, is exempt from taxation on its income and gains falling within Part 11 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to their charitable purposes. A portion of their activities are classified as exempt or non-business activities for VAT purposes and consequently it is not possible to reclaim the full amount of VAT incurred on purchases ASL Enterprises Limited is registered for VAT and is subject to Corporation Tax.

e) Pension costs

The company contributes to the purchase of supplementary pension rights for staff as described in note 14. Pension costs are charged on an accruals basis.

f) Accounting for foreign currency transactions

Certain transactions take place in foreign currency and are translated into GBP at the rates of exchange at the date of the transaction. All foreign currency balances at the year-end are translated into GBP at the year-end rate of exchange and any gain or loss is credited or charged to the statement of financial activities.

g) Investments

The portfolio of investments in pooled funds is stated in the financial statements at market value. Investment income includes gross dividends receivable. Realised and unrealised capital gains and losses are shown separately in the balance sheet.

h) Fees receivable

Fees receivable represent tuition fees, transport, summer school and other fees receivable by the School during the year — see note 2.

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

Fees are recognised on an accruals basis. Fees received in advance represent amounts received prior to the School's year-end in respect of the next semester. Fees receivable are stated after deducting financial aid. Restricted donations for financial aid are disclosed separately.

i) Donations

Donations are recognised on a receivable basis when there is entitlement, the amount can be measured and receipt is probable.

Donations for specific projects are disclosed as restricted donations. When restricted donations are received for capital expenditure projects they are accounted for in a restricted reserve until the purchase of the asset or the expenditure on the specific project occurs. At this point, the funds and any subsequent funds received are transferred to unrestricted funds as corporate reserves — see note 7.

Donations for endowment funds are disclosed separately as part of restricted reserves on the statement of financial activities — see notes 13b to 13f.

Other donations, which include annual fund receipts, are shown as unrestricted donations.

j) Total return accounting

The Charity Commission permitted the School to adopt the use of total return in relation to its permanent endowment on 12 April 2007. The power permits the Trustees to invest permanent endowments to maximise total return and to make available an appropriate portion of the total return for expenditure each year. Until this power is exercised, the total return shall be an ‘unapplied total return’ and remain as part of the permanent endowment — see note 13c. The Trustees have used the values of the permanent endowments at 30 June 2001 to represent the ‘Preserved Value’ of the original gifts. This was just after receipt of its second major gift of permanent endowment. In these Financial Statements, the allocation to income is now shown as Other Income rather than in previous years as a transfer between reserves.

k) Allocation of costs to categories of resources expended

All expenditure is accounted for on an accruals basis. Costs are allocated between the cost of generating funds and the actual cost of charitable activities by identifying the direct costs related to these activities. Any indirect costs are then apportioned on the basis of staff time. Charitable expenditure costs are also allocated to the different categories by direct costs where possible. Some compensation costs are apportioned on the basis of salary costs per category. Support costs comprise all the costs of running the non-teaching and non-fundraising departments of the Schoo! such as Admissions, Communications and Finance. Salaries represent 90% of support costs.

Depreciation is included as part of premises costs.

Governance costs are only those related to the management and administration of the charity. They include both direct costs of the external audit and any legal advice to the Trustees plus a proportion of management and other staff time together with related overheads.

1) Going Concern

The Trustees have reviewed the School's liquidity, solvency, cash flow forecasts, loan covenants, enrolment levels for the forthcoming year, and reserves position. This review covered a forecast period extending to at least 30 June 2027, The School's assessment took into account its strong cash flow, significant cash balances, detailed financial projections and the level of available reserves and endowment.

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

Based on this review, the Trustees have a reasonable expectation that the School has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of signing these financial statements. The Trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the School's ability to continue as a going concern. Accordingly, the financial statements have been prepared on a going concern basis.

2a Fees receivable	2025	2024
	£,000	£,000
Gross tuition fees	56,591	51,929
Less: financial aid	(8,931)	(6,853)
Net tuition fees	“47,660	45,076
Other fees:
Gross transportation	1,246	1,263
Less: financial aid	(285)	(263)
Nettransportation	961	1,000
Applications and retentions	590	592
	49,211	46,668
2b Other educational income	2025	2024
	£,000	£,000
Gross trips	852	1,017
Less: Financial aid	(102)	(100)
Nettrips	~ 750	~ 917,
Summer and after-school programs and otherincome	2,517	1,890
Less: Financial aid	(175)	(111)
Net non-trips	2,342	1,779
	"3,092	(2,696
2c Non-ancillary income	2025	2024
	£,000	£,000
Tradingincomefrommembershipfeesandswimminglessons	482	427

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

3 Analysis of total resources expended

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----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Staff costs|Other|Depreciation|2025|2024| |total|total| |£,000|£,000|£,000|£,000|£,000| |Charitable|activities| |Teaching|costs|28,768|4,120|-|32,888|31,732| |Welfare|1,889|1,052|-|2,941|3,739| |Premises|1,326|1,948|2,446|5,720|7,115| |Transport|140|1,277|-|1,417|1,211| |Support costs|5,900|2,518|-|8.418|7,641| |Governance|costs|109|39|-|148|138| |38,132|10,954|2,446|51,532|51,576| |School operating|costs|~~|_—|————oo| |Costs|of|raising|funds| |Fundraising|costs|526|658|-|1,184|671| |Financing|costs|-|686|-|686|686| |Non-ancillary|299|157|=|456|427| |Grand|Total|38,957|12,455|2,446|53,858|53,360|

----- End of picture text -----

4 Net incoming/(outgoing) resources for the year before transfers Net income/(expenditure) for the year before transfers is stated after charging:

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----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2025|2024| |£,000|£,000| |Depreciation|of tangible|fixed|assets|2,446|2,388| |Auditors’|remuneration| |-|audit services|44|43| |-|non-audit|services|4|6| |Financing|costs|686|686| |Staff costs — see|note|5|38,958|38,741|

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THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

5 Employee costs

As stated in the Group Structure section of the Directors Report, some members of the teaching and administrative employees are also employees of the Foundation and are seconded to the School. Under that agreement, the Trust agrees to provide the necessary funds to cover the employee costs and to act as agent of the Foundation in respect of certain aspects of its employer obligations.

Total employee costs during the year amounted to:

Total employee costs during the year amountedamounted to:
	2025	2024
	£,000	£,000
Wages and salaries	32,397	32,478
Social security costs and national insurance contributions	3,669	3,421
Other pension costs	2,892	2,842
	38,958	38,741

The number of persons employed in the operation of the School during the year calculated was as follows:

	2025	2024	2025	2024
	Average	Average	FTEnumber’'	FTE number
Teachers and teachers’ support	270	275	254	259
Administration	104	109	100	103
Total	374	384	354	362

The above numbers include 7 employees (2024, 8) who were jointly employed by the School and the subsidiary. There was 1 teacher on sabbatical leave during 2025 (2024, 1). During the year, total termination payments were £258K, with no amount owing at the year-end (2024, £26K).

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

The number of employees, including those of the Foundation, whose emoluments, including benefits in kind (excluding deferred compensation, pensions and pension contributions) exceeded £60,000 were:

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----- Start of picture text -----
|||||| |---|---|---|---|---| |2025|2024| |number|number| |£60,001|-|£70,000|22|18| |£70,001|- £80,000|20|29| |£80,001|-|£90,000|35|40| |£90,001|-|£100,000|53|82| |£100,001|-|£110,000|67|26| |£110,001|-|£120,000|8|13| |£120,001|- £130,000|8|3| |£130,001|-|£140,000|1|2| |£140,001-|£150,000|3|2| |£150,001-|£160,000|3|1| |£170,001|- £180,000|1|1| |£190,001|- £200,000|1|2| |£200,001|- £210,000|3|3| |£210,001-|£220,000|0|1| |£220,000|- £230,000|1|0| |£230,001|- £240,000|1|0| |£250,001-|£260,000|1|0| |£260,001-|£270,000|1|0| |£270,001-|£280,000|1|0| |£410,001- £420,000|0|1| |£420,001-|£430,000|1|0| |231|224|

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The total employers’ pension contributions to the School’s and the Foundation’s defined contribution schemes amounted to £2,892K (2024, £2,122K) in respect of the employees above.

==> picture [478 x 58] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |£,000|£,000| |Aggregate|employee|salary|and|other|benefits|of key|management|personnel| |(the SLT including|the Head|of School|is|13 members (2024,13)|3,104|2,934|

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THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

6 Transactions with Trustees

Donations from 16 trustees were received during the year, totalling £113,161K (2024: NIL).

7 Transfers between reserves

The transfers from Unrestricted to Restricted Reserves totalled £25K (note 13b) for the athletics program. In addition, £1,607K was transferred from the Endowment with £1,050K from Permanent Endowment (note 13d) to income, and £557K from the Expendable Endowment (note 13e). Of the £557K transfer, £315K was for the Eagle Scholar program and £243K was transferred to the Designated Reserves.

8 Tangible fixed assets - Group and Company

	Freehold	Building	Long __Furniture,	Long __Furniture,	Motor	Assets Under	Total
		extension and	leasehold _ fixtures &		vehicles	=Construction
		refurbishment		fittings
	£,000	£,000	£,000	£,000	£,000	£,000	£,000
Cost
At 1 July2024	15,483	69,227	2,430	14,314	23	-	101,477
Additions	-	1,771	-	945	-	1,633	4,349
Disposal	-	-	-	-	-	-	-
23/24 Re-Classification	-	1,389	-	(1,389)	-	-	-
At 30 June 2025	15,483	72,387	2,430	13,870	23	1,633	105,826
Depreciation	~_—	———	eee		—————		_
At 1 July2024	932	36,188	623	8,845	23	-	46,611
Disposal	-	-	-	-	-	-	=
Charge	61	1,395	39	953	-	-	2,448
At 30 June 2025	993	37,583	662	9,798	23	-	49,059
Net book value
At 1 July2024	14,552	33,039	1,807	5,469	-	-	54,866
At30June2025	14,490	34,804	1,768	4,072	-	1,633	56,767

Adjustment of £1,389K due to the re-classification of asset class from Furniture, fixtures & fittings to Building extension and refurbishment.

At 30 June 2025, the School had capital commitments of £8.2M, authorised and contracted for but not provided for in the financial statements, in respect of plant replacement (2024: £NIL).

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

9 Investments —Groupand Company	2025			2024
	Group			Group
	£,000	£,000	£,000	£,000
Marketvalueofinvestments broughtforward	30,744			27,570
Disposal ofcash broughtforward				296
Purchases in the year		650		625
Newmoney waiting investments		367
Investment income reinvested				=
Disposals in year	(1,050)		(1,050)
Gross investment gain in the year	1,992		3,358
Management fee	(55)		(55)
Net investment gain /(loss) in year		887		2,253
Market valuecarriedforward	32,648			30,744
Cost of investments carried forward	23,653			22,263
The total unrealised gain included above was £8,995K	at30 June 2025 (2024,	£8,481K).
			Group	Group
Investments comprise:
			2025	2024
			£,000	£,000
Listed investments
Fixed interest
				s
Multi-assetclass			6,778	6,787
Equities			14,217	12,981
Alternative investments			10,774	10,927
Cash			879	49
Foreign exchange				-
Group investments			32,648	30,744
Investment in subsidiaries			-	-
Companyinvestments			32,648	30,744

In addition to the above investments, other endowment funds are invested as current asset investments.

The main investments for the Group are managed by Partners Capital with some investments remaining with JP Morgan Private Bank.

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |10|Debtors| |Amounts|falling|due|within|one|year:|Group|Group|School|School| |2025|2024|2025|2024| |£,000|£,000|£,000|£,000| |Other devtors|5,175|1,163|5,292|1,243| |Prepayments|and|accrued|income|1.720|751|1.720|751| |6,895|1,914|7,012|1,994| |11|Creditors| |a)|Amounts|falling due within one year:|Group|Group|School|School| |2025|2024|2025|2024| |£,000|£,000|£,000|£,000| |Fees|received|in|advance|(note|1h)|27.475|30.376|27.475|30.376| |PAYE|and|social|security|creditors|2.284|2076|2.284|2.076| |Other creditors and|accruals|8.013|3.026|8.004|3.020| |37,772|35,478|37,763|35,472| |b)|Fees|received|in|advance|2025|2024| |£000|£000| |Fees|in|advance|brought|forward|30,376|23,959| |Released|in|the|year|(31,135)|(24,519)| |Deferred|in|the|year|28,234|30,936| |Fees|in|advance|carried|forward|27,475|30,|376| |c)|Amounts due|after one year — Group and Company|30 J_||=ase|in|30 Ju|ne| |2025|Loan|2024| |£,000|£,000|£,000| |Loan|falling|due|after one|year|27.000|.|27.000|

----- End of picture text -----

The loans were refinanced in November 2019 for a 30-year term, with the new loan having security on certain property at the School. The interest on the loan is at a fixed rate. The first repayment instalment is after 10 years in November 2029.

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

12 Allocation of Group net assets

The net assets as at 30 June 2025 are held for the various funds as follows:

==> picture [498 x 201] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Net|Current|Loans|due|after|Tangible|fixed|Total| |Assets|more|than|1|year|Investments|assets| |£,000|£,000|£,000|£,000|£,000| |Permanent|endowment|352|-|25,273|-|25,625| |Expendable|endowment|2,553|.|-|.|2,553| |Restricted|reserves|84|-|-|-|84| |Designated|enrolment|reserves|5,350|-|-|-|5,350| |Designated|facilities|reserves|(677)|-|4,190|-|3,513| |Designated|reserves|— other|5,658|-|-|-|5,658| |Designated|reserves —|applied|(3,185)|-|3,185|-|-| |total|return| |General|reserves|1,440|(27,000)|-|56,767|31,207| |Total|reserves|11,575|(27,000)|32,648|56,767|73,990|

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The investment policy with respect to endowment reserves is summarised on page 11.

The notes on pages 10 describe the purposes of the various reserves held.

13 Reconciliation of opening and closing Group and Company reserves

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----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |a)|Designated|reserves|Movements|Transfer to| |Balance|between|New funds|—-Resources|general|Balance|30| |30 June|Reserves|_|designated|expended|reserve|June 2025| |2024| |£,000|£,000|£,000|£,000|£,000|£,000| |Enrolment|reserve|5,350|-|-|-|-|5,350| |Facilities|reserve|2,888|-|1,311|(686)|-|3,513| |Building|&|equipment|reserve|923|(500)|-|-|-|423| |Plant reserve|424|718|6,670|(600)|(3,404)|3,808| |Staff|cost|reserve|247|-|1,048|-|-|1,295| |New|initiatives|reserve|132|-|-|-|-|132| |Applied|returns|investment|__ 218|(218)|i|_-| +|a|

----- End of picture text -----

The transfer to the general reserve of £3,404K was made to cover the capital expenditure of the ongoing roof project and the commons project.

Enrolment reserve

The enrolment reserve represented approximately 11% of tuition income at 30 June 2025. The School undertakes regular reviews of the level of this reserve. While enrolment in the last couple of years has been stable, enrolment is impacted by external economic factors. Historically, enrolment has fluctuated significantly and by up to 100 students from year to

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

year. This reserve will enable the School to maintain its staff and operating cost levels in the short-term (over 2-3 years) if there werea fall in enrolment.

Facilities reserve

This reserve is held to help fund future facilities developments and for the repayment of the long-term loans in accordance with the School's reserves policy. The amounts transferred to this reserve during the year were the budgeted amount towards future principal repayments and the interest on the loan payable in the year. The resources expended of £686K were in respect of loan interest. The carry forward balance represents the scheduled accumulation of funds in preparation for the repayment for the first instalment repaying the loan capital.

Building and equipment reserve

The building and equipment reserve is a reserve set up to provide funds for emergency or unanticipated repairs or improvements.

Plant reserve

This reserve is a rolling reserve to ensure that the School has funds available to contract for significant building maintenance projects, which run into the following financial year. The balance on this reserve is planned to be spent in the next two years.

Staff cost reserve

The staff cost reserve was created to provide additional funding for exceptional compensation costs.

New Initiative reserve

This reserve was created to provide funds for pilot projects that it is hoped will enhance the curriculum and/or the learning environment at the School. These projects can be approved after the setting of the annual budget process and so would not be possible without these contingency funds. The projects are usually piloted over 1 or 2 years before they are assessed to see if they will become part of regular school operations.

Applied returns investment

The Board set up a reserve to enable the School to face any unidentified challenges that may emerge from the difficult economic situation with rising utility prices, resource scarcity and political uncertainty.

13 Reconciliation of opening and closing reserves (continued)

b) Restricted reserves

	Balance	Movement	Incoming	Resources	Balance
	2024	between	resources	expended	2025
		reserves
	£,000	£,000	£,000	£,000	£,000
Community Support	-	-	10	-	10
Other Restricted	57	25	72	(80)	74
	57	25	82	(80)	84

The Restricted Reserves comprise mainly funds received from the American School in London Foundations in the US and the UK. The remaining reserves are expected to be spent in the next 1-2 years.

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

The transfers between reserves are in accordance with the accounting policy 1i.

c) Permanent Endowment funds - Statement of total return

Calculation oftotal return:							2025
							£,000
Total unrealised return foryear							237
Disinvestmentfrom JPM Investment							1,050
Total return forthe year							1,287
Less: Allocation to income							(1,050)
Unapplied total return							237
30 June 2024							3,610
30 June 2025							3,848
Add:
Preserved value at 30 June 2001							371
Additions since 30 June 2001							21,408
Total preserved value at 30 June	2025						21,779
Total value ofpermanentendowment					Note 13d		25,625
d) Permanentendowment funds
	Balance30		Total		Allocation	to	Balance
	June2024	Donations	return	Disinvest	income		30June
				ment			2025
	£,000	£,000	£,000	£,000	£,000		£,000
Student financial assistance	9,454	519	91	402	(402)		10,064
Facilities fund	177	-	2	8		(8)	179
Community enrichmentfund	1,386	221	13	59	(59)		1,620
Faculty and staffsupport	13,045	-	125	556	(556)		13,170
General	__586	-	_ 6	__25,	__(25)		__592
	24,648	40	237	1,050	(1,050)		25,625

d) Permanent endowment funds

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

e) Expendable endowment funds:

		Transfers
	Balance30	between		Resources	Allocation	Balance
	June 2024	reserves	Donations	expended	to income	30 June
						2025
	£,000	£,000	£,000	£,000	£,000	£,000
Communityenrichment	245	(222)	23	-	-	46
Program enrichment	925	-	-	(126)	-	799
Student financial assistance	1,791	-	91		(315)	1,567
Faculty and staffsupport	341	(21)	-	(179)	-	141
	3,302	(243)	114	(305)	(315)	2,553

Student financial assistance

The earnings will be used to provide financial assistance to qualified students and to support student participation in the life of the School once enrolled.

Facilities fund

The earnings will be used to support and enhance the facilities at ASL.

Community enrichment fund

The earnings will be used to fund programs and activities that foster a strong sense of community within ASL and strengthen the School's relationship with its neighbourhood and with the wider London area.

Faculty and staff support fund

The earnings will be restricted to support the faculty and staff of ASL at the discretion of the Board.

f) Total endowment	2025	2024
	£,000	£,000
Permanent	25,625	24,648
Expendable	2,553	3,302
	28,178	27,950

14 Pension arrangements

The School contributes towards retirement benefits in respect of employees who have opted to participate in a defined contribution plan. A range of investment funds is available. The School's contribution is 10% of basic salary provided the employee contributes at least 5% of salary.

The School also provides funds to the Foundation for its costs incurred for a similar US retirement benefits plan in respect of employees of the Foundation.

The employer's contributions for both the School and the Foundation are charged in the Statement of Financial Activities in the period in which the salaries to which they relate are due. These contributions in the year amounted to £4,848K (2024, £4,975K) at 30 June 2025

Under terms of the plans, the School has no liability beyond the agreed rate of its contributions each year. The School and the Subsidiary have entered into joint contracts of employment for certain staff. The pension contributions are paid by the School on behalf of these staff.

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

15 Subsidiary company and related party transactions

The School owns all of the issued share capital of ASL Enterprises Limited, Company Number 10339054 incorporated in England in August 2016. This company carries out trading activities on behalf of the School. ASL Enterprises Limited had a turnover of £456K, expenses of £338K resulting in £117K profit before tax in the year ended 30 June 2025 (2024, £98K) which was gifted to the School. There were no other amounts due to/from the School in the year. At 30 June 2025, the Company had shareholders’ funds of £1.

In the period to 30 June 2025, the school charged £338K to the Subsidiary company for the provision of staff and administrative services and licence fees.

There were no other related party transactions in the year ended 30 June 2025 (2024, nil).

16 Post balance sheet events

Prior to the year end, the School announced its intention to implement a voluntary redundancy scheme as part of ongoing cost management measures. The detailed terms and specific costs of the scheme were finalised and approved subsequent to the year end with total costs estimated at £1.45M. These will be recognised in the financial year ending 30 June 2026.

17 Comparative fund statements for year ended 30 June 2024

Statement of financial activities

==> picture [457 x 343] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Notes|Total|Restricted|2024| |Unrestricted|Other|Endowment|Total| |Incoming|resources|£,000|£,000|£,000|£,000| |Income|from|charitable|activities:| |Fees|receivable|2a|46,668|-|-|46,668| |Other|educational|income|2b|2,696|-|-|2,696| |Non-ancillary|trading|2c|427|-|-|427| |Government|grants|2d|e|“|-|:| |Bank|and|investment|income|831|-|1,050|1,881| |Donations|1,790|159|365|2,314| |52,412|159|1,415|53,986| |ae|—S=| |Resources|expended| |Cost of raising|funds:| |Non-ancillary|(427)|-|-|(427)| |Fundraising|costs|(671)|-|-|(671)| |Financing|costs|(686)|-|-|(686)| |(1,784)|-|-|(1,784)| |Charitable|activities:|a|—|—| |School|operating|costs|(51,187)|(128)|(261)|(51,576)| |Total|resources|expended|3|(52,971)|(128)|(261)|(53,360)| |Net|investment|gain|9|732|-|1,521|2,253| |Net|short term|investment|loss|1,404|-|-|1,404|

----- End of picture text -----

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

Net income/(expenditure) before		1,577	31	2,675	4,283
transfers
Transfers between reserves	7	1,458	(6)	(1,452)	.
Net movement in reserves in the year		3,035	25	1,223	4,283
Balances broughtforward at 1 July		35,794	32	26,727	62,553
Balancescarriedforwardat30June		38,829	57	27,950	66,836

All of the above are represented by continuing operations.

There were no recognised gains or losses other than those shown in the statement of financial activities. The accompanying notes are an integral part of this statement.

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

Allocation of Group net assets

The net assets as at 30 June 2024 are held for the various funds as follows:

		NetCurrent	Bank Loans due after	Bank Loans due after	Bank Loans due after			Tangible	Tangible	Total
		Assets		more than	1 year	Investments		Fixed Assets
		£,000			£,000	£,000		£,000		£,000
Permanentendowment		12			-	24,636				24,648
Expendable endowment		3,302			-		-		-	3,302
Restricted reserves		57			-		-		-	57
Designated enrolment reserves		5,350			-		-		-	5,350
Designated facilities reserves		(312)			-	3,199			-	2,887
Designated reserves —other		1,726			-		-		-	1,726
Designated reserves-applied	rtn	(2,691)			-	2,909			-	218
General reserves		782		(27,000)			-	54,866		28,648
Total reserves		8,226		(27,000)		30,744		54,866		66,836
Reconciliation ofopening and closing		reserves
a) Designated reserves							Transferto
		Balance	Newfunds		Resources			general		Balance
		30June	designated		expended			reserve		30June
		2023								2024
		£,000		£,000		£,000		£,000		£,000
Enrolment reserve		5,350		-						5,350
Facilities reserve		2,287		1,286		(686)				2,887
Building & equipment reserve		923								923
Plant reserve		1,156		1,050		(393)		(1,389)		424
Prolonged disability reserve		247								247
Staffcost reserve		132								132
New initiatives reserve		218								218
		~ 10,313,		2,336		(1,079)	(1,389)		——*10,181
g) Restricted reserves								Transter
	Balance	Movement		Incoming		Resources		between		Balance
	2023	between		resources		expended		reserves		2024
		reserves
	£,000		£,000		£,000		£,000	£,000		£,000
Restricted reserves	32		65		159		(128)		(71)	57
	~32		~65	~~159			(128)		(71)	57

d) Permanent endowment funds

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025

	Balance			Total	Disinvest	Disinvest	Allocationto	Allocationto	Allocation	Allocation	Balance
	30June	Donations		Return			Income			to	30June
	2023								reserves		2024
	£,000		£,000		£,000	£,000		£,000		£,000	£,000
Student financial Assistance	8,848		20		586	404		(404)		-	9,454
Facilities fund	166		.		11	8		(8)		-	177
Community enrichment	1,179		129		78	54		(54)		-	1,386
Faculty and staffsupport	12,235		-		810	559		(559)		-	13,045
General	550		-		36	25		(25)		-	586
	22,978		149		1,521	1,050		(14,050)		-	24,648
e) Expendable endowment funds:
			Transfers
	Balance 30		between			Resources		Allocation		Balance
	June	2023.	Reserves		Donations	Expended		to Income		30June	June
											2024
		£,000		£,000	£,000		£,000		£,000		£,000
Community enrichment		232		-	13			-			245
Program enrichment (computer		1,076		(89)	-		(62)		-		925
sciences)
Student financial assistance		1,927		-	201		(24)		(313)		1,791
Faculty and staffsupport		514		-	2		(175)		-		341
		3,749		(89)	216		(261)		(313)		3,302

e) Expendable endowment funds:

THE AMERICAN SCHOOL IN LONDON EDUCATIONAL TRUST LIMITED Financial statements for the year ending 30 June 2025