Companynumber". 1x1384415 Charity number.. 325073 German School Association Limited Report and Financial Statements 31 August 2023 1111 *A(IMfF1X 1510212024 COMPANIES HOUSE A14 11259 SA YER 00000 oo•oo VINCENT 0000000 0000000
German School A$50datlgn Llrnbted Reference and admlnlstratlve detalls For the Year effided 31 August 2023 Company number 00984415 Charlty number 325073 Registered oftkè and operational •ddress EKJu8las House Per$haM Road Richmond Surrey. TWIO 7AH Managemerrt Commlttee Members ofthe Management Comrnittee. who are 3150 trustees under harity law. who served durinB the year and up to the tlate of this report were as follows.. J P Weiland Chair T Greenwdl Irdired 15June 20231 J Hoffrnann KUKarl Guido Kirschner F J von Schubert P Watter C Williarns Treasurer PrSn¢lpal staff O Schmitz M Krau55 Head Teacher Commercial Director Bankers Landesbank Baden-Wurttember8 Kleiner Schlo55plati 11 70173 StLrtt8art. Germanv H58C PIC 8ènk House, HiÉh Stred. Hampton WKk Kingsion upon Thames KTI 4DA Couits & Co. 440 Strand London WC2R OQS 5olklto Russell-cooke 2 Putney Hill London. SW15 6AB Audltor Sayervinceni LLP Chartered Accouniants and StatutoryAudttor Invicta House. 108-114 Golden Lane LONDON. ECIY OTL
German 5¢hool A550cktion Limited Report ofthe Management Cornrnittee For the Year ended 31 August 2023 Chairfs ststernent. by Jan Peter Weiland Dèar Members ol the Gemian School A550ciation Ltd. and School Community. The financial and sthool year 2022123 has been posilwe for the Deutsche Schule London Ilhe-Schl. or-DSL"l and theGerman scho Association Lté Ithe"AssocTation"l. It has seen the arrival of oltr new Head Teacher, Oliver Schmitz, and a return to growth in student number5. The DSL started in September 2022 wittt 872 students. 50 rnore ihan the previou5 year. ID June 2023. 39 of thern graduated successfulty. with a record averageA"tur grade gf 2.0. outstripping the German national average of 2.4. With Oliver Schmitz. who took over the helm Irom the interim Leadership Team Claudia Wolff-Lieser a5 Acting Head. Viola Martin-Nastos asActin8 Deputy Head and Matthias Krau55 as Commercial Director.the OSLhas a very experienced leader with a Igng-term vision for the school. With a 5tron& Senior Leadership Team in place. consisting of rhe Head Teacher. the Cornrnercial Director. Ihe Deputy Head and the Heads of Kindergarten Primary khool. we are convinced he will continue to drive the very positive develOent the school has made cent years. The School has a150 seen a return io increased numbers of application5. Thisfollows yearsof distuplion and uncertainty due to the UK'S departure from the Europeèn Union and the COVID-19 pandemic. In additTron, there has been a reduction in the number5 of students leaving the school early. This dedelopment Is is a reflection of the continued than8e in our student pjrtfolio. Less families are expats who expecttospeftd limited time at the DSL and morefamiles live l¢xally and expeci to stay in the UK indefinitely_ This results in more stabilr(y which is conducive to a good school. With è very motivated and high qualified team of pedagogical and non-pedagogical 51aff and a clear strategy. we are convinced we are well placed to be a sought-after school in years to come. Whilst the exit of the UK from the European Union remains one of the main risks for the school because it impacts not only the movement and the iniake of students from overseas but a0 the recruitin£ of staff, we are reasonablv confident we have left the immediaie downward iMtt behind us_ With the necessary immi8ration Itcenses in place we are able to recruit staff from fjermany. Howthfer. this has added significantty to the costs and the adminisirative burden of recruitment and at the same time has severety reduced our flexibility and agility in filling vacant P051tions. Moreover. there continues to be a Shortage of teachers in Gerrnany and the UK, and this affects our ability to recruit flexibly. Weseekto actively managetheserisks by continuingtomake investmentsthat en$an attrartiveframework for our staff. pupils ané the entire school community. A stsbstantial new risk h35 erge with the announcement of the Labr Party inteftdrng to apply new tax le8islation to independent sChC$ shoul(J they come into Government after the next dettion. lrnposition of VAT and business rates could potential result in an additional liability of alnM)st E 2m annually. which would mean a school fee iThcrea5e by c. 24% per child. Whilst school leadership believes rhat there is a case for ihe DSL and other schools of a sirnilar nature to be exempt from the proposed 5tatV5 chan8e. because international schools have a different character from the private schoo15 the policy tarBet5. It is likdy that these argument5 will not be heard. We will howevef work wtth Iht embassy and other international schtsjls to attempt to roise awareness of this argument. The School is commiited to overccwminB ihe diffKuhie5 OUtlÈned atme. in order to deliver ihe highest level of educational qyaliry and to provide first<lass facilifies that ensure excellence in all area5 across the School. To achieve these objectives. the Managernent Committee and the Senior Leadership Team have agreed to continue investin8 lffl teaching quality in line with the School's vision.
German khool A550(iation Limited Report ofthe Manauement Committee Forthe Year ended 31 August 2023 During this year. we have seen a change in the Man4ement Commr¢tee with fimothy Greenwell retirin& Jan Peter Weiland coniinues to thair ihe Management Committee. Finan¢lal situatlon The financial position of the Association has been Positive. reportln8 a surplus in the financial year 2022123 of £587.94É. Other posltNe effects on the financial situatton are thanks to higher student nurnbers than originallv budgeted and an intreased offer and take up of extrxurricular xtr¥ities which were not impatted ty COVIO-19 restrictions as much as it had been eXped. Tght cost control and recalibrntion wknere possible have also contributed to the positive devdopment of the result. Durin8 2022123 the School continued to receive a55iStance in the form of a cash subsidy from Germany of £443.416 and the secondment of 12 state-employed teachers l-Auslondsdiensrtehrkrofte- or-ADLK-I. We are grateful for the continuous support of ihe of the German Governrnent's Central A8ency fot Schools Abroad I"Zentralstelle fur Auslandsschulwe5en-. IfA'I in Bonn and the Geman Foreign Office (-Ausw¢irteS Amf, -AA"l in Berlin, which underlines its commitment io Gemian Schools abroad a5 3 corner5toneof the German educational sysiem. The School has granted E63.523 of school fee relief to familTres in need. Achievemenis In 2022A3 and planned proh¢ts Followin8 invesimenrs in a lourth ful fledged Kinder6arten classroom. the overhaul of our Computer RODM an replacement of 400 Forum chairs in the previous year. the school continues with the upkeep and maintenance of its facilitie5. Given the dtrnensiofis ol our site andihe many buihJin8s. someof them historic and listed by English He¥ita8e, upkeep will remain a map)r task for the Schod over the years and sufficient financial resources wll have to be made available. 2022123 has Seen the cre*ion of 2 addbtional class rLX)ms by makin8 smarter and more effective use of existin8 space. As a resutt all Primary School students are now h05ted together within the Primary School Building and the adjacent Sports Hall building complex. The Beratungsquadrat has rnovetl into a designaied area of Douglas House. which wa5 preVu$lV used as a spare apartmerf. where they can now work iogether 35 one team. Significant investments have been made within this pedagoBical support team by employire aTh aditTraI sehod cnSellOr and a second Special Educational Need5 Coordinator. The outdoor spaces of the school have been improved and the playground for the 5chcd'5 Primary Sthool ènd Ganzta8 students ha5 been renewed- moreover the installation of a new Multi Games Area IMUGAI to replace the former outdoor Basketball Court 15 Still work in progress. These investments are supporred by the Friends of Douglas House and for the MUGA the school has recently initiated a funLlraising attrvity. The school is extremely 8rateful to all the support it has received. Those two investmenis ale part of a significani investment progr3rnrne arTrountinÉ to approximately £3m in total over period of 2-3 years. At its heart is the building of an addItnal classroom and a lift in the Secondary School Building. The class room 11 ease pressu on space for our secondary schcKJI students. and the installation ol a lift. which had been a consideration for manyyears, will makethis part of theschool more accessible for all of ou¥ 5tudents_ We expe the class room and the lift to be operational from ihe beginning of the next calenijèr year_ Further investments for this building are planned to take place for the area ol Music and to irnprove usa8e of the Forum space.
Germw School Association Limited Report ofthe Management Comrnlrtee For the Year ended 31 Augwt 2023 Following an extefisive tender process repair %rS io the rnain building roof cornrnenced ioward5 the end of the la School year. This is a subsiantial woject.. it will use up to 50% of the entire investment programme and continue until summer 2024. The projett will also include the InsiallatKJn of a 8reen roof as well as solar panels. Together with the existing 501ar pane15 ors the sports hall. we expett that approximately 20% of the schwl'5 average eleciricity consumption wll be 8enerated from these renewaNe ener8y sourtes. The above investmenis are funded bythe xhool ¥riihout support from theGerman Foreign Office l-Au5wartiges Amff, 'AA-l in Berlin. However. we are extremety grateful for their significant sup(x)rt over the past I15 years. which has been essential to 5hapethe school over the past years. and we hope we can continue to receive much needed fundin8 lor future projects. The school further developed ils IT service5 and sUPPOrted the trainin8 required by our pedagogieal staff. in order to ensure a sophisticate(I remote leaming proeramme for all of our students. We have further invested in IT resources and systems and continue to do $0 to keep the momentum and work towards hybrid learning lorm5. but also to be prepared should further lockdowns and Scho closures be rtece5Sary. The School continue5 to recwit hi8h quality peda808ical staff.. e4iand the integrated approach to safeguardin& inclusion. psythologital support and social pedagoK¥ 18erotungsquudrutl.' invest in cateers tovnsellin8, IT education and di8ltalisation.' enhance Ganztag and extracurricularaC¢rtIe5 and facilttate English for beginners in order to support the biliThgual challenges of a German Schod abroad. The overall objective is to provide a holist and sustainable education. Following the pandemic. the lasi school year has seen a gradual return io a yearfull of unrestricted activities ènd Social interaction anij to further enhance and 5howca5e the bridges between the UK and Germany that our school endeavours to build. The schwl was able to celebrate its iraditional events, such as the SLtmrner and Christrnas Fair.. we have opened our doors io prospective parents ai our second open day." and with Emma Thomp50n. Axel Scheffler. Jason Kamp and Takis Wurger as guests ai our 5chcol. we Could showcase sorne high profile events. For the school year 2023124. the School is lookin8l£Nward to be workin8 Wlth r(s nthv Head Teacher. Oliver Schmiti, and to continue innovative and high quality edUcan forthe Children across all area5 of our xhool. Head Teatherfs Comrnents. by Olbver Schmiti The good results of thejune 2022 in5petti(s by the UK Off4Ct for Standards in Education.Children's SeNices and Skills l-Ofsted"l--ouistandiTrg- in fwr out of six caiegories, th an overall rating of -good providerf in 2022 have reassured the Schod and defined the developmental areas within ffs prograrnrne. Development opportuniiies were éelined in the areas 01 5UStainable learning and building SU51ainable knowled8e. The e5tabli5hment and consolidation of appropriate struttures ComementS the above-mentioned development goals as a fvnher development objettive. These have been complemented by the Gemian Inspettoral Agency re-awarding the staius -Exellent Gem)an School Abroa¢f in September 2017. The main goals ITh the Schoofs development programme resulting from the insF*rtion5 and sd>seqvenily refined for the School lor 2022123 were-. Learnin8 for an international futurè.. securin6 academic bilinÉval compdences Anchoring structures of a student-a(tivaiin8 and pro)t-orlertte teaching prograrnme
Gernmn S¢hool Asso¢iaiion Llmlted Report olthe MaM8ment Commlttee Forthe Year ended 31 Au8USt 2023 Enhancin8 Collaboration-. Utilising and developing experrences and insights olthe Pandernic Introduttion of School devel¢)pmeni based on to-operation and sustainability.. introduction ola steeAnegroup and a school conference made Lrp of pupils. parents and teachers. new procedureand newcriteria for projert applications Learning both Gerrnan and English on a natNe Speaker level is one of our prominent aims. The bilingual programme comprises teaching units in English in the subjetts of the Humanities. the Sciences. Art and Music for Year 5 to 10. a5 wdl as for Sports in Year I to 10. GeoRraphy and Economi(s èretaught as bilin8ual subjetts in Year 11 and 12 for Abitur and 18 studenis. Furthermoie. the programme for"Individuo1 SupFQrt tn Germaft- has been consolidated from Prirnary School into years 5-8 in the Secondary. In order to adequately reflect the native mastery of English in the Abitur, it wll be possible in the future to take the German lThternatiollal Almtur wtth an exam for English as a Native Language IC21. The option is to be offered for the first time with the 2025 Akn"tur and has begun in 1023124. Stngthening. consolidatin8 and reinveniin£ CUUlar and extra<urricular schod structures after two years ol Pandemic have been an important tOC115 area5 in the schrxjl year. The use of the digital infrastructure aThd knowledBe acquired durin8 the pandemic wa5 Stion8ty supported and enforced. Challen8es that arise from two very demanding Covid years in the area of indusion and diversity are being me¢ by rnulti-professional staff. Student5 graduatin8 a5 part of our tlual qualffKation programme (German Interrbational Abitur and International Baccalaureate) usually achieve g¢KJd to very good resuks. ¢)Jr graduate youp consisted of 36 pupils in 2018 and 34 in 2019. 51 in 2020. 32 in 2021. 44 in 2022 and 39 in 2023. In 2023. all of our 39 student5 passed the German International Abr¢ur, Ihe German eouNaleni of A-le1$. mastering 10-12 subjetts and thus achieving univer5ry enifance le¥d. The resu of the IntematJnal Abitur Diploma was 2.01 in 2023 cornpared to 2.09 in 2022. Out of these 8raduate5, 15 stutlents partiopated the International BaffalaUreate."pJ9rna Prcgrarnrn IIBI in 2023. 9 students as Course Candidates that passed their course5 successfully and 6 students with full diploma. In 2022, the first post-pandemic IB exarnination 5eswon. thtse were no full diploma students in that year group. The results of the German International Abitur of all graduates confirm that the introduciion of the dual qualifKation has generally led to better overall performance5 at the khcd_ Various strate8ie5 to irnprove exam re5uks in the dual qualifitation iiself have shown suc(esses. The graduates in the period from 2016 to 2023 have bttn &tepted by universities sh as University of Cambridge. University of Oxford, University Colle8e London. Imperial College London. Kin85 College. University of the Arts London. St. Andrews in the UK.. Freie Universiiat Berlin. Technische UnNer5fLat Munchen. Georg-August Universitat Gottin8en, RWTH Aachen und Universitat Heidelbert in Germany.. Ann Arbour L Honors College University of Michigan USA. McGill University Montreal. University of Toronto in Canada: Universiry of Amsterdam. Univer51tyof Maastricht. Leiden University Den Haa8 in ihe Netherlands and Bocconi Unr¥ersity Milanolltaly reflectin8 iheir varied subject and 8eo8raphi¢al interest5. Teacher collaboration.. A School development progrèrnrne has been implemented 8ivin8 teachers 90-minute slots per month for developmental projects in small work8roups that collabore as so called SMART groups. In addition, teachers collaborate in a lateral professional éeveloprnents strutture bi-annually in so<alled Triangle Groups. A5 a result ol the Pandernic the School en8a8ed in the creation of è rtual school programme and proviLled different scenarios bween a complete lockdown to full-scaleon-site teaching and trained its staff accordingly. The ITsiructures have seen a considerable athfancement and have now become of a n•v program elements. such as a project-
German SthoolAsso¢iatlon Limlted Aeport ofthe Manaiement Committee For the Year ended 31 August Z023 iented .101 programme for year5 9 and IQ. students in year$ 9-12 are equipped wth their individual tablet5 bv the school. Independent learninB-. In order to intensify independent learning. a cros5-subject curriculurn to prornote learnin8 skills has been introduced. Curricula in specific 5ubJect5 have been rv¥ised. in order to integfare ihe skills as part of the learninB proce5S. BEIIATUNG5QUADRAT.. lnclusionlsafegua1dinSXlaI Pedagogy School Psycholog¥'. Led by a team of experts. we havecontinued a project connecting ihe four SUPFQrt areas Inclusion, Safe8uardins, social Pedagogy and School P5ychoy in their work for our student body. Wilh thi5 pluri-PTofessional teaTn in the SEN area. new re5ponsibilitie5 ènd processes have beefi established. The area of IEPS is being re-irnplemented with a newly" designed software programme that was created for the school in a collarate projert with the University of RegensburglGermany. In addition. an external superyisor accompanies all professionals through indwiéual sessions. workshops and trainin8session5. Accountabilitv.. After two recent extemal Laluations. the Sch¢ was subject to tht"Bund-Lander-Inspeknion- in 5effjember 2017. an evaluation bythe German Government and an integral part of the qua14ty managemeni of theGerman Schools Abroad that rakes the form of a week-long inspertion. Main development areas identified are achieving independent learning for all pupils and differentiation and individualisation in teaching. The khool passed the inspection and ha5 been re- awarded with the title"Excelltwt German 5(h¢)ol Abroaif by the inspertion team. The School continues to irnplement the development plan Instited as a reSUOf the inspettion and reportsto the IZfAI regulady on pupi5 attainment and other rnatter5, a5 required of Gefman Schools Abroad. a5 well as to the Mana8ement Comrnittee of the Association which takes an attive interest in educational performance. The School regularly participaies in two diagnostic exams in Year$ 3 and 8thaiare benchmarked a8ainsi localGerman primary andsecondary sch15. This provides u5 Wlth valuable data on how well our students are farin8 in tomparison to Germany. All results durin8 the time ol the PandemK were specifically encoura8ir¥& with DSL student$general ranking above and well abovetheir peers in Thuringia and Baden- Wurttemberg in 2021. 2022 and 2023. Cooperation with our host country: Our programrne of exchanges with Brr(ish and international Schools is fknurishing. An increasing numberof pupils visit the School and gain an in5iÈht into German culture- and versa. more GermaD pupils éevelop further perspectNe on English culture anL1 lifethrough their scho Visbts. Teaching German at the ntighty)uriThg Russell School is {e of the many ongoing efforts to support language learning 6n the UK. Pupils at ihe German School London also ded1catethrtIffle and commitment to 5upF charitable and civicvenlures. DSLuktiv members suctessfully organised a 5pon50red walk to raise funds for untlerprThFile8ed children. More than 70 Students partlcipate currently in the Duke of EdiThtrHJrBh Awardscheme in order to learn how to be responsiblecitizens.
Gernian School Assotiat•on knmited Report ofthe Managtment Comrnittee Forthe Yèar ended 31 Aulust 2023 Intr4)durtion The Management Committee is pleasedto present its reporttogether with the audited financial staternents ol German School As50ciatK)n Limited for the year ended 31 Au8USt 2023 in &cordante with the Statement cf Retommended Practice-Accountin8 and Reportin8 by Charities- SORP applicable to charities preparing their accounts in accordance wilh FRS 102. Obprtives olthe Asso¢llon The main gbjectives as set our in the Memorandum of theAssociaiMJn are-. To establish. rnaintain and conéLKt forthe benefit of the public a Gerrnan khool.. To educate children and adults in the lauage. literature and 8eneral culture of Gerrnany.. To promote the education of German speaking persons of all ages resident in Gerrnany and elsewhere In the language. literature and general tultvreof England.. and Generally to promote the studyof Gem)èn cuhure in En8land. and English cukurt in Gerrnarbv. The general 8oals for the Sthool ttselF ère documenied in ihe School Profile of the German School London Ithe'school Profile"l as developed by the General School Cgnference and approved by the Management Cornrnittee from time to tirne. The School Profile Stipulates that the khool Strives". To support the individual, $0(ial and academic development of r(s pupils by a well-lounded brtsad education.. To olfer a German curriculum as well ès a final hh school exam lAtyrI for transition back into the German symem or into higher education in ernny.- To teach the English language and British culture and support integration into British society.. To help creaie a positve ima8e of fjern1anylhroh a wide array of cultural programme5. social actwitie5 and srtIng ntS.. and To educate and enciwrage its pupils to be responsible and tolerant citsiens in an intercultural sc&iety Structure. Govm•n¢¢ and Manayment O¥eThlew The German School ASKlatn Ltd was founded in 1970 and awarded charitable status in 1974. The School became operational in 1971 and provides educatitsn for Gerrnan-speaking pupils from kindergarten to university entry level. The Association is governed by its Articles of the Association which were mom recently updated on 6 March 2019. Role and Composltlon ofthe ManèMentcMffllllee The Managernent Cornrnittee manages the businw and exercises all rKJwers of the h550ciation. of which the core re5pon5ibility is the operation of the German School Lonth>n. In e55ence. the Mana8ement Cornmittee deiermines the 5tTate8y ol the School and efi5ure5 all preieouiytes for the 5ucce55ful operation ot the Schwl, including.. determining the charatter and form of the School.. adopting the curriculum.. appointingthe Head Teacher and teaching staff a5 well as administrative staff.. determiniTh8 School fees and expense budgets., arran8in8 financine and investin8 the Association's ThnieS,. as well as makine and amending the regulatn5 for the governance of the khool. The Association's goals can only be successfully pursued in c105e cooperation with the Head Teacher of the School. and anv decision5 relating to pedagogical rnatters are disCU55eL1 with the Head Teacher_ In order for the Association to secure the essential support by the Federal Republic of Germany. the Mana8ement Committee rnu demonstrate ihat the A550Ciation and the khool adhere 10 the Guidelines for Gemian Schools Abroad. as issued by the Central Office for German Schools Abroad I"Zentralstelle fur Auslandsschulwe5en" -ZfA"l. a department of the Federal Office of Administration I'Bundesverwaltungsamt" -BVA-I.
German 5th001 A550ciation ilmited Report of the Managernent C¢>mmlitee For the Year ended 31 Au8llSt 2023 The Mana8ernent Commiitee currently conslsts of ai least 6 and up to 12 members and 7 board mernber5 at the end of the reportin8 perd, who are exclusNely volunteers. No member of the Managemeni Cornmitiee received any femuneraiion in respett of their services to the Association during the financial year 2023 (financial year 2022.. £nill. No members of the Managernenl Committee received reimbursement of travel expense5 in the year. (financial year 2022.. £ Nill. All Managernent Cornrnittee member5 are dirertOf5 of the cornpany under the Companies Att 2(X)6 and at the sarne tirne trustee5 01 the charity_ They are hominated and elerted by the members oFthe Association. Condua of Bu5inessoltheManaKementCommitlee Management Comrnittee meetings are hdd on a re8ular basis during the year. In addition to the members of ihe Management Committee, the Head Teacher. the Commercial DIttor/CompanY sretary. and a representativeol the German Embassy as well as a parent5. and a teachers. representatwe have a statutory r¥ht to attend but do not have Voting powers. Mot)Ver. the Deputy Head. the Head of the Primary School. the Head of Kinder8arten and other staff when appropriate as well a5 a representative of the"Friend5 of Dou8las Hou5e- ale regularly invited to attend. The Mana8ement Commirtee is aware ihat it5 ¥oluntary members have to ensure that the Management Committee's responsibilities are performed to a high standard. reliab and. a continuous basis. The possibility of significant than8e in the composition of the Management Committee constitutes an on-going challenge. A structure ha5 been put into place to en5tsre the effettive performance of ihe Management Committee throu8h suitable dele8ation and super¥ision as well 35 adequate internal organisation. Administration The School Administration (through the Commercial Threctorl a5sume5 day4(Hlay reswnsibility for the on-goin8 management ol the iThfrastructure and finances of the School and supports the Management Committee and rhe Head Teacher in their duties. A framework of Financial Regulations ensures effective conirol and 5uperyision ol the School's ftjnds. Commercial Dirertor The Commercial frettor reports to the Management Committee. Me represents the Mana8ernent Cornrnittee inside and outside the School and 15 the first point of contact for Management Commtttee matters. He ensures. in close tooperation wirhthe Chairand the Head Teacherof theschool. thai the Management Commineedeals with all relevant issues at the Management Comrninee rneetings as we11 as at Suornlrtee level and that aijeouate inlorfflation i provided as a basis for the Mana8ement Committee's de(sK)ns. The Commercial Direttor is a member of all Sub- Cornmittee5 and co-ordinate5 between these. He 1t0T$ ihe iMeMentall0 of Management Comrnittee decisions, supervises the d3V-to-day financial management of the Asso(latTr. and advises the Management Committee on any related risks. He does not have voting powers at Management Committee Meeting5. As the representative of the Managernent Commrttee, the Cornmercièl Director en5ure5 effectwe cooperation and coordination between the Management Committee and the Head Teacher and minimi%es the need foT tlay-to-day operational involvement of Mana8ement Comrnittee members. Syb-cornrnittees The Management Comrntitee has currently established 6 Sub-cornmittees.. Finance.. Communication.. Per50nnel.. IT, Health & Safety and Governance. The sUmMIttees prepare recommeniJatK)ns tothe Management Committee and overseethe implernentation of Mana8ernent Committee decisions. They are chairetl by a fflember of the Mana8ernent Committee. The Heatl Teacher or the Commercial Direttor may appoint other pedaRo8ical or non-peda8Qgltal staff to join 5ub-Committees. in order to ensure relewant knowledge and vpiolate input from ihe School is considered as the basis of Management Committee decisions and fN their execufion.
German School A550ciation Limited Report ofthe Management Committee For the Year ended 31 Aueust 2023 The Mana8ement Committee alx) invites rneMbe of the Assryiation (who are not Management Committee Membersl with relevant skills and experience to pjin the Sub(ornrninees as ejternal member5. Thereby the Management Comrnittee ha5 acce55 to expert5 to help it hJifil its ide efftttsvely. AecruStmefit of Comrnlttee Member5 In general, the Management Cornrnittee entouraees members of the Association to get involved at a Sublornmittee level before seeking to be elected to the Managernent Committee. This ensure5 a muth hieher quality of deeision- makin8 in the appointment of new Management Committee Members. from ihe Association's as well a5 the individual's w)int of view. This does not affect members. rights to Thornine and elecr persons who have not 5etved on a b.COMmittee ot the Management Committee. Trustee Induction and Traini New trustee5 are infornied and introduced inio thr roles by the Chair and the Commercial Director and receive materials and training about trustees, responsibiltties. The Gerrnan School Association has taken OLrt trustee indernnity insurance. This covers claims made against the School in respect of trustees, liability arisiftg from any negligent act. error or omi$5ion comrnitted in 8ood faiih. The premium for the insurance is included in the School's public liability premium. Fundralslnt praftices review All fundraising prattices areframed within the values and princiWe5 of the organisation. whe expenditure is required to generate income. there is an anatysisof theretumon investmenttoensurethe organision is ableto make informed decisions re£ardin8 actNlties. The fundr3i5in8 and partnership team are internal and the organi5ation d¢)es not Use external professional fundraisers. We do not emrtrloy the serve$ of any fvndr•sing agencies or third Part$. nor have we run a telephone or door to door fundraising campaign. Our relationship wth our supporters is very important to u5 and we do not W15h for our supporters to feel under any pressure to donate to the charity. Where we partner with corporates, due diligence ts conducted on the or8anisations and the amount of time ènd effort we as a charity needed to put in. versus the incorne we would likely receive. Clear pafameters and responsibilr¢ies are then 38reed between partners.. We have ensured we are in line with the GDPR data protertKM) regulatK)ns and all other relevant codes of condyrt. No compla¢nts have been recewed and thecharity aims to wotect vulnerable people. The Head Teather otthe Sch1 The HeadTeacher is pOnSiblefOr all peda808ical matters. The Head Teacher hasio ensureihaithe School is operated within both the German re8ulations and standards and the requirements of the Local Education Authority. The Head Teacher is assisted by a Deputyand the Headsof Primarykhool and Kindergarten and by an extended LeadershipTearn. All pedagogical employees report to the Head Teacher. The appointment of a Head Teacher who is seconded by the Federal Republic of Germany is one of the prereouisites for the extensive support for the Association provided by the Federal Republic of Germany. RelatiDn5hipwith the Fed¢ral Republicof Germanv The A550Clation benefit5 frorn si8Dificant SUPWrt frorn the Federal Republt of fjermany. as the work of ihe Association is viewed as a key instrument of fore*n cultural ptslity in the UK. The stron8 cooperation with and 5UPPOrt provided by
German School Kw¢lation Lifflrled R• olihe Management Cofflrnittee Forthe Year ended 31 August 2023 the Federal RepublK of Germany is of great imrAlrtance for the ASslation. The linancial support from the Federal Republic of Germany consists of cash and non-cash tltrIbUtIOns. The continuous financial $UPFrt takes three main forrns.. Provision of teachers by sec{Ment.. thi5 attounts lor approximately 57%12022.- 53%1 of ihe suppon. Rights to use the School premises and bvildings. which are owned by the Federal Republic of Germany. free of rent= this accounis for approximately 26%12022." 24x1 of the supporr. based on a rental evaluation carried tsut in December 2004. (The As50Ciation has to bear the c05t of maintenance of the premises). Payrnent of a School 5ubsidy'. this accounts for approximatdy 16%12022." 15%1 of the suppjrt. The use of land and premises is governed by a usage agreement. In December 2((6, the Mana8ement Comm¢ttee reached agreement with the German Fofeign Office to amend the usage a¥eMent. which is the main preconditton for future investments of the Association in buildings on the premises ihai are the property of the Federal Republic of Gerrnany. The principal arnendment is the exclusion of the ordinary terrnination ri8ht for the piemi5es for up 10 30 years once the Association has 5torted the ¢on5trurtion of a hew Schod lIdIn8. To ensu cornpliance with the rule5 and regulations ihai arethe basis for the support. a member of the Department of Cultural Affairs of the Gerrnan Embassy. attin8 a5 the repentatIveof the German &ernMent, is invited to artend all ManeMenT Cornmittee Meetings. In additton. the Federal Conference of the fducaiion Ministries in Gerrnanv -Bund-Lander-Au5schus5 der KultV5ministerkonferenz'l carries out in5pectiorts ol the ¥ademit examination standards, throu8h a process of evaluation of the exam tasks. performances and results. Supporting Orianisations. Friends of DOUa$ House The Gefman school AssoCiatn is supported by the Friends of Douglas House Ithe"Friends'l. Charity No. 268743. The chority was founded in 1972 and its members are predominantly parents of the School. The rnain objective of the Friends is fundraising for the School. Thty organise most School feStltIeS and the Association grants them the use of the School's premises lor this purpose (ree ol charge. The Friends raised and contributed E6.49112022 = £42.9571 to the Schty)l. The Friend5 al$0 play an impDrtani role with respect to the social integr*ion of newly arrived families at the German School London. most of whom come from abroad and regard ihe Schod as one of their primary points of contact. Supportin$ OIRanisatloTrs, Swiss Parents Assorlatknn The Swiss Parents Association at the German School. Ctharity No. I(2961. was founded in 1991. The main objeaive of the Swiss Parents Association is to 5UPWrt the Swiss pupils at the School by 5UPPOrtin8 the ernployrnent of a Swi55 teacher. The Swiss Government is supportin£ the A5SCfiatioA in the fomi of a trant and Swss parents are paying a supplement to the School fees chareed by the School. The Gerrnan School Assoaation and the Cofflmunity IPublicBenefftl The trustees of the German School Associaln strongly 511PPOrt the view that the School strives to play a full and resPOn5ible part ift it5 local community. The Cornmittee Members have reeard to the Charrty Cornmi$5ion guidance on public benefit. The principal ways in which the Schod achieves this are as follows.. At any given time. a number of children are supported the School with bursaries representing up to lOO% of their School fees. providing ecoThornic support to families in need. In the period eTrded 31 Au8USt 2023. 13 pupi15 recaved bursaries at a total cost to the School representing 0.8% of gr05s fee income. io
Gemmn School Asr3tion Limited
Report ofthe Manaeemeni Commrftee
For the Year ended 31 August 2023
The German School Ass¢xiatb)n dIrett passes on all grants and reduttn5 li recewes to it5 pupils. Apart frorn
the principal benefit5 that the German School As50tiation derive(I from its charitable status. it received granrs
from the Gerrnart 8overnment in the form of secondment of teachers and provision of the pmiseS free of
charge. as well as a cash grant during the financial year endi 31 August 2023.
The Geman School London wdcomes indwiduals who wish to undertake prtIcal work in School as parr of
theirteacher or childcare trainin8. The School L*)nates its resour(es free of char8e to help in the training and
supervision of these student5.
The School opens its facilities to nwghlxyJrirrf Schods. clubs and sumrner camps and Pfovides a venue for the
German Saturday School Richmond.
The School 5UPFQrts freed
German School A550¢iation i•mited Report ofthe Man¥•rnent Committee For the Year ended 31 Au¢ust 2023 Balance Sheet The net a55ets of the A5SOCiation on 31 August 2023 wue £15,983.678 lfinancial year 2022.. £15.395,7301. Reserves The assets and liabilitie5 attributable to the various funds by type are shown in note 21a. Note 22a also describes the various lunds ol the charity and summarises the yearfs movement on each fund. The unrestrirted reser¥e5 01 the Associaiion arnount to £?.9,356 at 31 Augusi 2023 Ifinancial year 2022.. £6.784.1811 iEKludin8 ée5iBnated funds of £1.815.820 for capital projects Ifinancial year 2022= £1.726.9521. The Management Committee's policy is to build up reserves by meèns of annual oppratifie surpluses. Reflettin8 rhe current econornic circumstances and the nece5Srty to plan ahead for continuous and future capital projetts. such as sports hall and main bvilding n0vatIOn and extension. has been daermined thar the appropriate level of reserve5 should be at least equivalent to 6 monihs expenditure. with current general reserves being £6.092.535 18 months expenditure coverl Ifinancial year 2022: £5.057.229 or around 7 rnonths. expenditure.) As far 05 possible. the trustees endeavour to keep School fee increases as low as reasonably p055ible whilst ensuring Ihat. In their opinion. the appropriate level ol reser¥es is achieved and the ffinanti31 resourfes are available to ensu the continuous operation of the Sthool's day-to-day business in keeping with the School's mission. Investmeni polkv The Mana8ernent Comminee has the powerto invest in 5LKh a55els as it 5eesfrt. In view of the natureof the charitable compaTry'5 artivities and to safeguard the assets of the Charify, any surplus funds are currently invested in short-terrn fixed deposits only. The Management Comrnittee has an Invtstmeffl Policy whith regulates non-fimed long-term investments. Remuneration Statement We are committeij to ensurin8 that we pay our staff a fair and appropriate salary while always making 5vre we have the ability to éo so. We airn to pay staff a competitive salary that Is appropriate for a Schwl of our size and 5trurture and relevant to the job rnarket. We entleavour to provitle a total remuneration package to enable u5 to attrart and retain people with the riEht skills and therefore have thegreatesi impact in deliveringour objertives in providing a first class education for our pupils. In setting senior leadership pay. the School takes account of the skills and experience required for each of the roles and the remunerètion in the sertors from which suitable candidates for such posts would be found. In accordance with the Statement of ROrnMened Prattice we discb5e in note 10 to the accounts.. All payrnents io trustees Ino trustees are paid) and expense5 reirnbursed The nLtrnber o15taff with salarie5 of £60.0 and above Toial remunerat tost of the Senior Lea(lership Team Pensions and her benefr(s Plans for the fre The German School Association provides the appropriate InfraStrtvre for the Gerrnan school LoTrdon to achieve its educational proeramme and pedagogical 8oals. With the double qualification of 18 Ilntemational Baccalaureatel and the Gerrnan International Abitur, the School ha5 expandetl the optKm5 availoble for its increasing nurnbw of 12
Germ¥n 5¢h¢)ol AssocTratlon Ljmlted Reportof the Managefflent Comrnlttee For the Year ended 31 August 2023 internationally-oriented student5. The school ha5 been offerin83 pryrammemaking IB courseand certifKate offerin85 available for moreAbitur candidates. The Scfv)ol is comrnittd to delNersng the highest knl of eduCatTraI quality and to providing fir5t-class faolities to ensure excellence in all areas across the Schcd. To achieve ihe5e objertives, the ManaBernent Cornfflitte& the Head Teacher and his team have agreed iocontinue investing in teaching quality attheschool in line with the School's vision. A number ol long-terrn kryfactors have been identrfied as high intake of PU15 in the Earlyyears. as well as the number of registrations of pupils 3nd retention throu8h4YUt the School. This will be achieved by offering a comprehensive educational programrne. extension of the school day and increased tuition in specialised group5 and the inrroduction of the IB and other career paths ¥thIn the school. CofflbineLI with the expansive 51te of the School with it5 various buildin8$ from different centuries. some of which are lisied buildings. create the need for constant attention to the maintenance of and investment in the School infrastructure. The refurbishment and constant upkeep of the existing School buildin8s Ma1ft a hi£h priority on the trustees. aBenda. The German Forwgn Office has recognised its responsibilily to partially fund the refurbishment of the exisiing buildi5. Pmcipal and Un¢ertairties The Management Cornrnittee aCknoedgeS its reSnbIlityf0ren5UringIhat the major ri5ksto which the Association is exposed are identified and systems a de518ned to manage those risks. In addition to the routine hearth and safely assessmenis underraken by the School's staff, the M3nagernent Committee conducts an annual risk inventory ond also re6ulady assesses the ri5k5 to which the charilv 15 exp)5ed, a8rees howthose risk5 rnay be best miti8ated and takes the appropriate artion to manage ihem. The Mana8ement C(bmmiltee take5 the issue of risk managernent with the utmost seriousness and risk as5es5rnent is a routine r(em on r(s agenda. OF part*ular concern to the Managemeni Commirtee are.. The German scho is committed io safeguafding and promotin8 the health and welfare of its communitv members.. pupils, staff. volunteers. pat$. third party conirattors and visitots. Health ané safety ol our pupils and of our staff are paramount. We have conduued and reviewed thorough risk assessrnent5 tn all area5 of the School in orderto minirniie ri5k5 51aff and our pupi15 face. reco8nizin8 that they cannot be eliminated completely. We have worked through a system of controls in order to establish essential measures to prevent spreading the Coronavirus and to response properly to any infertion. The pandemic as well as the increased use of online plafftims aAd s¢xial media have Inc8$e the risk of mental health issues ané cyber bullying. We have a strong safeguarding team in place and provide education and awarenes5 prograrnrnes for students and staff. The effect of the United Kingdom having left the EU (x131.12.2020has an ifflpatt ofi our abilityto rrlI adequate staff and to admit pupils from families who have migrated to ihe UK from Europe. Appropriate irnmi8ration licen5es have been required in order io manage siaff recruiirnent. and for the recruitment and retention of pupi15 rketin8 attivitie5 are bein8 increased. German support contribtsiion is also dependent on achieMent of perfomiance in Abitur Bradin8 tould have detrimental effect on the value of teaching re50ur¢e piovided by Gerrnany. Continual review of the attractiveness of the Abttur and having a stron8 baws of secondary School pupil numbers is undertaken. Any crisis that has a signifKani irnpart on the abilityio operate the School, such as a fire or terrorist attack, may impact widely in term5 of harrn to staff and pupils. operatiollèl costs and longerterffl damage. Such circumstances re the subject of extensive risk managementscrutioy and processes to not{lY ensure compliance with staiutory obligations but to achiewe material redvttion in the likdihood of sh even rKcurring. 13
Gernian School Asso¢lation Llmited Report of thé Man¥ement Committee For the Year ended 31 AUW 1023 Statement of responsibilitiesof the ManaKernentComminee The ManagerneTht Committee l¥¥hose rnernbers are director50ftheGerman Schty)IAssociation Lirnited forthe purposes of company lawl is responsible for preparin8 the report of the Managernent Committee including the Strategic Report and the financial siatements in accordance wilh applicable law and United Kingdorn Accounting Standard5 (United Kingdom Generally Accepted Accwntin8 Prattice). Company law requi the Mana8ernent Committee to prepa fina11 statemenrs for each financial year which give a true and fair wew of the state of affairs of the charitable company and of the incoming resources and application of resources. including the incomeand expenditure. ofthe charitabletompanyforthat period. In preparingthesefinancial statement5. the Mana8ernent Committee is quired to.. select 5Ultable accountin8 Oiiies and then apply them consisten11,. observe the methods and principles in ihe Charities SORP., make judgements and estirnates that are reasonable and pnjdent: stale whether applicable UKAccouniing Standards and staiemeTrts of recommended practice have been followed, subject to any material departure5 disc105ed and explained in the financial staiements., and prepare the financial 513tements on the 8oing concern basi5 unle55 It is iThappropriateto piesume that the tharity will continue in operatioh. The ManaBement Committee is responsible for keeping adequate accounting record5 that disclose with reasonable accuracy at any time the tinancial positJn ot the charitable cornpany and enable It to ensure that the firtahtial staternent5 tomply with the Cornpanies Art 26. It is also ponSIble for sèfe8uard¢n8 the assets of ihe charitable company an(J hence lortaking reasonable step5 for the prevention and detettion of fraud and other irregularities. In so lar 05 the Management Cornmitteeis aware: there is no relevant audit infomiation of which the charitable companV5 auditor 15 unaware; and the Management Cornmittee members have taken all steps ihai they ought to have raken to Thke themsefve5 aware of 3ny rdevant audit information and to establish that the auditor is aware of that inlorrnation. The Management Comminee is responsible for the maintenance and integrity of the corporate and financial inforrnation included on the charitable company's websiie. Legislation in the Uniied Kingdom 8ovemin8 the preparatign and di55emination of financial statemenis rnay differ from legislation in other juri5dicLions. Member5 of the charity guarantee to contribute an arnount exceedifi8 £1 to the of the chartty in the ent of windin8 up. The total numbef of such guarantees at 31 August 2023 was 812022-. 111. Mernbers of the Managernent Committee are rnernbers of the charity but this entitles ihem onty to voting rsBhts. Mernbers of the Managemeni Comrnittee have no beneficial interest in the charity. tt is noted that in 2023 most members of the Mana8ernent Q)mmittee We parents of pu1$ at the School. Audttor Sayer Vincent LLP was -appoInted as ihecharr(able company's aLKlitor and ha5 expressed its willin8ness to continue in that capacity- The Report of the Management Cornmittee. which includes the Strategic Repor( has beeN approved by the Management Committee on 4 December 2023 and is signed on its behaw bv ter elland Chair of the Managernent Commiitee 14
Independent Auditorfs A¢port To the rnembtrs of German school Association bmited Opinion We have audtted the financial statements of German School Assoctation Ltrnited Ithe'charitable companTrll for the year ended 31 August 2023 which comwise ihe statement of financial atti¥ities. balance sheet, statement of cash flows and note5 fo the financial statements. including significant accounting polKies. The financial PortIng framework that has been applied in their preparation is applicable law and United Kingdom Accr>unting Standard5. including FRS 102 The Fin0nClRert1nq 5tundordopplKoble in the UK 0ndRepUblOI Irelond (United Kingdom Generalty Accepted Accounting Prarticel. In our opinion, the financral statements.. Give a true and fair view of the state ol the charitable companV5 affairs as at 31 August 2023 and of i15 incoming resource5 and applicatn of re50urce5. includin8 rls incc*ne and expendr(ure for the year then ended Have been properly prepared in accordance with UTrited Kingdom Generally Auepted Accountin8 Practice Have been prepared in accordance with the wvirements of the Compan$ Att 2Crf16 Basis for opinion We conducted our audit in accordance wth International Standards on Auditing IUKI IISAS IUKII applicable law. Our responsibilities under those standards are further describe(l in the Auditorfs responsibilff(ies lor the audit of the financial 5taternents settion of our teport. We are independent of the charitable cornpany in accordance with the ethical requirement5 that a relevant to our audit of the financial statements In the UK. including the FRCS Ethical Standard aritl we have fulffilled ourother ethtcal responsibtltties in accordance with these reqvirements. We believe that the audit evtdence we have obtained is suffKient and appropriate w provide a basis for ¢)ur opinion. Conclusions relating to going concern In auditing the financial statements. we hove concluded that the tru5tees' use of the 8oin8 concem basis of accounting in the preparation of the financial Matements is appr07ate. Based on the work we have perforrned. we have not identrfied any matttial urtertainties relatiD8to events or conditions that. individually or co11ettbve. may cast signifKant rjovbt on German School Association limited's ability io coniinue as a 80in8 concern fof a period OF at least twelve months frw when the financial statements ave authori5ed for 155ue. Our responsibilities and the re5POn5ibilitie5 of the trusiees with re5pett to 80ing corKern are described in the relevant sections of this report. Other Information The other information compri5e5 the information included in thetrustees. annual report, IrKludi the strategic report Other thon the financial 5taiemenis and our audito5 report thereon. The trustee5 are respDn5ibleforthe her information contained within the annual report. Our opinion on the financial statements does not cover the other inlormation and. except to the extent otherwise explicitly stated in our report. we thj not expres5 any forrn of assurance conclusion thereon. Our responsibiliry is to read the her inforrnation and. in doing so. consider whether the other information 15 rnaierially inconsistent with the financial statement5 01 our knowledge obtained in the course of the audit. or otherwise appears to be materially misstated. tl we identify such material inconsistencies or apparent material misstatements. we are required to determine whetherthis gives rise to a material misstatement in the 15
Independent Audlto¢5 Report To the members (rf German School Associatton Llmlted financial ateMentS themselves. If. based on the work we have performed. we conclude that there is a material misstatemefit 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 the audit.. The inforrnation 8iven in the tru5tees' annual report, includin8 the 5trote8ic report, for ihe financial year for whiih the financial statements are prepared is consistent wilh the financial 5tatemenlS,' and The triistees, annual report. irludin8 the stfaiegic rem has been prepared in accordance with applKable legal reouiremenrs. Matters on which we are required to report by exception In the light of the kn¢)wledge and understandin8 of the charitable tompany and its environment obtained in the course ol the audit, we have not identified rnaterial misstatements in the trustees. annual report includin8 the strategic report. We have nothingto report respea of the following rnatters in relation to which the Companies Act 2006 requires us to repon to you if. in our Op1Thn.. Adequate accounting record5 have not been kept. or teiurns adequate for our audit have been received from branches noi visited by us: or The financial statements are not in 38reement with the accounti records and rwurn5.' or Certain disclosures of trustees. remuneration specified by law are not made- or We have not received all the infomiation and explanations we require for our audtt Responsibilities of trustees As explained more ful in the stement of trustee5' reSFKJn5ibilities set our in the trustees, annual report, the trustees (who are also ihe directors of the charirable company for the pur6xises of company lawl are responsible lor the preparation of the financial staternents and for being satisfied that they Éive a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that ère free from material misstatement. whether due to fraud or error. In preparingthe financial statem•)ts. Ihe irnstees are re5POn5iblelor a55e55in8 the charitable cornpanrfs abilityto continue as a going concern. disclosin& as applicable. rnatteTS related to goin8 concem and usin8 the 80ing concern basis of accounting unless the trustee5 either intenij to liouidate the charitable company or to cease Operaton3. or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objettives areloobtain reo50nable assurance al)0 whether ihe financial statements a5 a whole arefree from material misstaiement. whether dueto fraud or error. and to 155ue an audito<s report that includes our opinion. Reasonable assurance is a hi8h level ol assurance but is a guarantee that an audit conducted in accordance with ISAS IUKI will always detert a materol misstaiement when li exists. Mis513tements can arise fiom fraud or error and are considered material if. individually or in the a88regate. they could reasonabty be expetted to influence the economic decisions of users taken on the basis of these financial staternent5. 16
Indepèndent Auditorfs Report
To the members of
Gernian School Associètion bmlted
Irre8ulèrities. including fraud, are in5rances of non-CtM)piiance wth laws and regulations. We de5Ydn protedures in
line with our responsibilities. outlined above. to detett material rni5Statement5 in respect of irregularities, includin8
fraud. The extent to whKh our procedures are capable of detecting irregularities. including fraud are set out below.
Capability of the audit in detecting irregularities
In idÈntifyin8 and assessin8 risks of material misstatement in respett IrUlatIes. including fraud and non-
compliance with laws and regulaiions. our procedures irKluded the following-.
We enquired of managernent. and thefinance committee. which included obtaining and rewvwing 5VPPOrtinR
ocumentation. concernin8 the charl$ policies and procetjures relatin8 to_.
Identifyin& evaluatin6. and comptying with laws and regulations and whdher they wereawafe of any
insiances of non-compliance..
Detecting and responding to the risks of fraud and whrfher ihey have knowledge of any a(tual. suspected,
or alleged fraud,.
• The internal controls esta1shed to mitigate risks related to fraud or nornlIance wth laws and
egulations.
We inspected the minutes of meeting5 of those char8ed wilh governance.
We obtained an understandin8 of the legal and regulatory framework that the charity operates in. fc<using o
those laws and regulations that had a material effert orb the finantial statement5 or that had a fundamental
effect on ihe oper*wis d thecharity fvom our professional and sector experience.
We communicated applicable law and re8ulètions throUglu1 the audil team and remained alert to any
indications of noTh<ompliance throughout the audit.
We reviewed any reports made to re£ulators.
We reviewed the financial statement disclosures and tested theseto 5UPPOrting docurnentation to assess
compliance with applicable laws and regulations.
We performed analy(ical procedures to identify any unusual or urtxpetted relationships that may indicaie
risks ol Men84 misstatement due to fraud.
In addressin8 the risk of Irauo throueh rnana8emeAt override of controls. we tested the appropriatenes5 of
journal entrie5 and other adjustments. a55e55ed whetherihe jvd8ements made in making accounting estimates
are indicative of a potential bias and tested signifKani iransaCtn5 that are unusual orthose outside the
notmal course of business.
Because of the inherent limitations of an aud¢(. there is a risk that we wll not detect all irreeularities, including those
leading to a material misatement in the linancial statements or non
lThdependent Auditorfs Report To the mefflbef5 01 German School Assouation Limited Use of our report This report 15 made solely to the charitablecofflpany's rnernber5 as a body. in accordance with Chapter 3 of Part 16 of the Companies Art 2(*J6. Ovr audtt wotk ha5 been undertaken $0 that we might state to the tharitable company's members those mètters we are required to state to them in an autlitorfs report for w othw purpose. To the fullest exteni permined by law. we do not accept or assume responsibility to anyone Other than the charitable cornpiny and the charitable cornpany's rnernbers as a t(sdy. for our audit worl for tht5 report. or for the opinions we hove formed. Noelia Serrano (Senior statuiory auditor) Date 25 January 2024 for and on behalf of Sayer Vincent LLP, Statthory Avditor Invicta House. 108-114 Golden Lane. LONDON. ECIY OTL 18
Ir&dj1 A 2022 TOE iotsi Npir Intome Iiom Grts& t)rtic$ 2.696J82 219eo I956fvS9 2.979.439 7.422.493 7JZI.4YJ A651.924 6.6SI.924 ICW26 I.63179 1.63J.875 I#ments 176 22.9 11.2S3.709 11.27&6Uy ChJri1ablt¥b¥mÈS-Édxc0str 511.610 liJ5tyW iiw 512.689 10.2S3.567 ID.76&2S6 Foiei8nexth¥n8e lfjnlll¢ 14.9351 14935) T•t4lepepthltwe 5LL.6LO 1131S.723 IL85733J 511.639 10.261.475 10.774.164 t4etthicome btftye W9.7 I31,9•5 511315 1489.7roi YYl.234 2.S24 NEtyn51)n in%Mmnts 39.713 39,713 Netlncome ltythEIr 1489.710) I7756 1489.7091 992.234 502524 Transfer beeenIn¢5 146.$171 46.517 Netrnovrnent4Trlund 1189.7101 IM77 isa6.2261 LOM751 I24 Re(orK515iiiwdfvr Fund5 brou¢htfarwai 865.031 30. .101.258 5.79J.947 14.SY3.2 iotalkndsarr4 1orw4r &1)75.312 7.X.356 ISJIJ.67a X).698 15.39S.730 NDtÈ21 tolfinanclIaIOm•lA1. 19
Germah Schtstsl Association Linwttd Balartèsheet Company no. ¢J)984415 31Au st 2023 2023 2022 Note rixed a55et5 Tangible fixed assets Managed ltsngterm In¥e#ments 14 15 14.390.762 1.039.713 14,805,431 15.430.475 14.805,431 Current assets Stock Debtors Cash at ban* and in hand 45,617 191.256 8.349.660 33.938 260.234 8.646.972 16 .686.533 .941.144 liabilitit5 Creditor5= amounts fallingdue within ooe year 17 1&13JJ301 17.982.680] Net current assets 553203 958,464 Total assets le55<urren¢ liabillties 15.98a.678 15,763,895 Llabilttles Creditors.. amounts falli due after one year 17 1368,1661 Totsi net a55•1S 21a 15.983,678 15,395.730 The fvnds of the ¢h•rity-. Restricted income lund5 Unrestricted lunds Designated fuThJs General funds 22a &075,322 8,565.032 I15.810 6,092,536 1,726.952 5,103.746 Total tharityfund5 15.983.6n 15.395.730 Approved bythe Managernent Cornrnitiee ¢4 DeCeMr 2023 and signed on its behatl by Ja Chalr I Wellaiid 20
German Sthool A550cSatlon Limited state1t olC•$hflow4 or 31A 2023 2022 Cash flow5from operatln¥ athilies Net cash flow provided by operatlll8 artwities 23. 1309A07 1.669.277 Cash flowsfrom investing arti¥ities: Investment income Interest paid Purchase of invEstmenig1 Purchase of tangible fixed assets 176J67 122.1081 {i.(w,(Kx)I 1401.1271 13,447 136,4571 125,7111 Nèt tash Ilow used in Invesflty arfivlbes 11247.Wl 148,7211 Cash flows from fin8ncirK8 attivities". Repayments ol IXJrrowin8 I35851) 1372,8611 Net cash flow used in finarKing activitie5 1358A511 1372,8611 Chany Sn c85h and cash equr¥alents in theyear 1297,3121 1.247.695 Cash and cash equivalent5 at the be8inning of the year 8,646,972 7,399.277 Cash and cash equivalents at the end oftht 8,349,660 8,646.972 Ana$¥$ ot¢•sh and cash equivalents and net debt Other Non-cash Cth Hows th•rges At 015ept 2022 At 31 Aug 2023 ln$ falling due Within one year After more than one year 1401.2181 1368.1661 1769.3841 358.851 1368,1661 368.166 1410.5331 358.851 1410.5331 Cash at bank and in hand 8.646.972 1297,3121 8.349.660 Total 7.871.588 61.539 7.939.127 21
Gemian School Assoclation Lirnited Notes to the thanclal staleffltnts 'For rhe ar ended 31 Au ust 2023 l. Attounting pol5clÈs al statOry informatiDn German School A550ciation bmr(ed is a charitable company limited by guarantee and is incorporated in the United Kingdorn. The registered office addres5 is Douglas House. Petersham Ro. Richmond, Suriey. TWIO 7AH. bl 8a515 of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 Ichariries SORP FRS 1021, the Financial Reporting Standard applicable in the UK and Republic of IrelanLI IFR5 1021 and the Companies Act 2(. Assets and liabilities are initially recognised al hi51orical cost or trafisattion value unless otheM5e stated in the relevant counting policy oi note. t) Public benefft entlty The charitable company meets the (Jefifiition of a public benefit entity under FRS 102. dl Going concern The Management Committee con5iderthat there are no material urKertainties about ihe charitable cornpany's ability to continue as a going concern. The Management Committee do not Cl$1l that there a any sources ofestimation uncertainty at the porting date that have a significant risk of cau5in6 a rnaterial adjustment to the tarryin8 amounts of aSS and liabilities within the next reportin8 period. el In¢ome Income is recogni5ed when the charity ha5 entitlement to the fun(ts. any performance o)nditions attache(J to the income have been met, it is probable thw ihe incomevrrill be received and that the amount can be measured reliab. Income frorn 8overnment and other grant5. whether'capital. yants OT'revehve' grants. is recognised when the charity has entitlement to ihe funds. any performance conditions attached to the 8rants have been rnet. it is probable that the income will be received and the amount can be measured reliably and is not deferred. fj Donations ot8ifts, 5ew¥lces and lacilltles Donated professional services and éonated lacilities are recognised as income when the charity has control over the item or received the swvice, any conditions associated with the donation have been rnet. the reteipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured rdiably_ On receipt. donated gifts. professional 5ervice5 and donated facilities are rOgnIsed on the basis of the value of the gift to the charity which is the amouni the charity would have been willin8 to pay to obtain services or facilitbes of equivalent onOMiC benefft on the open rnarkw.. a corresponding amount is then recognised in expenditvre in the period of receipt. TheAssociation is prowded wr(h a number of ieachers free of charge by the Gevman Govemmeni. An estimate of the cost of such teachin8 Stall is included in experbditure and shown as a correspondinggrant in income. The land and bvildings èt Petersham are LKcupied rent free by the SchcM)l under the terms of an agreement with the German Government which own5 the land and buildings. The rental valuation of th prernises is"shown in expenditure and 35 3 correspondinR RraTht in income. i} Interest rewaty1e Interest on funds held on deposil is included when receivable and the amDunt can be me3suretl relablY by the charity.. this is normal upon notification ol the interest paid or payable bythe bank. 22
German School Association Limitd Notes to the financial 5tements Forthè taw ended 31 Au ust 2023 Accountin8 policies h) Fund accountin¥ Restricted funds are to be used for specific purp05e5 a5 laid down by the donor. Éxpendrture which Meets these criteria 15 charged tothe fund. Unrestricted lunds are donation5 and other incoming re50urce5 received or 8enerated forthe charitable purpose5. Designated funds are unrestritted fund5 earmarked by the Management Committee for particular purposes. l} Expenditure and Irreco¥erabte VAT Expenditure is recogniseé onte there is a legal or constructive obliqation to make a payment to a third party. it is probable that settlement will be required and ihe amount of the tsbli4ation can be rneasured lIabr. Expenditure Is cla5sifieé unller the followin8 activity headin8S'. Expenditure on charitable activitie5 include5 the costs of delr¥erin8 core educational ser¥ice5 undertaken to further the purposes of the charity and thr aSKlated support costs Irrecgverable VAT is tharged as a cost against the attivity forwhKh the expenditure was incuryed. Forei8n exchan8e10sses are charged based ¢)n changes in thevalue ol foreign tuirency against thefunttional currency of the financial statements j) Alk4catlon of support £0sts Governance and support cost5 have both been Lluly allocated to educati&al costs. as this 15 the 501echaritsble ottivity. These costs are shown in more detail in notes 7 and 8. k) Operatirya leases Rental charges afecharged on a strat line bos15 over the term of the lease. l) TanBible fmed assets The land and buildings at Peter5ham ate occupied rent free by the Schwl under the terrn5 of an a8reernent with the German Government which owns the land and buildings. The German khool Association Limited is unable to sell the land and building5. Significant expendilure on assets held for charitable use. Incl118 land and buildings are capitali5ed, notwithstanding the 4reement relating to the Sch1.5 occupation of the land and buildin8s is cancellable at six months, notice by either party. Assets are reviewed for impairment if circumstance5 indicale their carryin8 value may exceed their net realisable value and value in use. Building improvements costing more than £5.C¥JO. fvrniture and fittin8S Costing more than £1.5CQ and computer equipment C05tin8 more than £1.( are capitalised and carried in the balance sheet at historKal com. Depreciatlon 15 provided at rotes calculated io writedown the cost of each asset to it5 estimated residual value over its expected useful life. Depreciation costs are allocated to attrtIeS on the basis of the use of the related assets in those activities. The depreciation rates and useful lives are as folknw5'. Leasehold Property New buildings and related costs Over the lrfeof the waNer130 year5 from 1st September 20131 IS yeavs 3-10 years 3 years Refurbishment of existing buildings Furniture and equipment Computer equipment A5set5 in progres5 are irt the course of constrtIon and are noi depreciated. 23
German Sthool Asso¢latlon Limited N<>tes to the finandal statemtnts For the ar ended 31 Au U5t 2023 l. A¢¢•untin8 pollcles ml Debtors Trade and other debtors are recrenised at the settlement amount due after any trade discount offered. Prepayment5 are valued at the prepaid net of any trade di5COUnts due. n) Cash at bank and in hand Cash at bank and cash in hand includes cash and Short term highty liquid invesrments with è short maturity of rhree months or less from the date ol acquisition or opening of ihe deit or similar account. Cash balance5 exclude any funds held on behalf of service users. ol fJeditOf5 and prnvin$ Creditors and provi5ion5 are re£o8nised where the charity ha5 a preswt Obl[10 resultinR fmm a pasi event that will probably resuli tn the transfer of fvniJ5to a third party and the amount due to settle the obligation caft be measured or estirnated reliatrdy. Credsiors and provisions are normally reco8nised at their settlement amount after alltswn8 foi any trade discounts due. p) Pensions The German School AsWCiatiLN) tontriiMJtes to Employee Personal Pension Plans with the costs reco8nrsed in expenditure ort a month-by-rnonth ba515. 41 ForelRn ¢urr¢ncl Assets and liabilit*s denominate(l in foreign curnCle5 a con¥erted at the rate of exchange ruling at the balance sheet date and the Bains or1055es on tronsactions in the year are included in the income and expenditure account. Transattions durin8 the year are converted at the rate of exchange ruling ai the date5 of thetransattions. 24
GermsChOOlsSQ4tyOTr Uffared
Foithe
i ended 31A
t 2013
2012
T1
Restritt
resTfthd
Giartts¢ec•vatJlttmm cwrwai onKet¢V5th¢ts Awd
M3A16
441416
433.696
7co.ri
1531,713
433.696
7rD.ori)
I,S31,713
pr%1(1n DI P¥em15E5 by Gerrna G¢y•emmÈtll
Co5roffre?cher5 w
Germin School A550ciilion Llmited Notes to th• fih•ntial ststements Forthe earended 31 Au ust 201 7• Anolysls of Expenditure Icurrnrt YrI Educational Gtmtnance Costs Support Cost5 costs 2023 Total 2022 Total Staff c05ts15ee Note 101 5.874.019 9,887 1.431.263 7.315.169 6.759.538 D1ct educational costs 117.03B 117,038 86,974 Governance cost5 (See Note 81 26.859 26.859 2S,242 Support costs (See Note 81 4.403,202 4.403.202 3.894.502 Total expendlwre 2023 5J91m7 36.746 5334A65 I162,268 Total t¥penditure 2022 5,568.638 34.456 5,163,162 10,766.256 7b Analy5 of EJtper¥liture Ipriory*¥l Gcryemance Cost5 Support Cost5 2022 Total costs Stsfl costs (See Note 101 S.481.664 9.214 1.268.660 6.759,538 Direct educational costs 86.974 86.974 Governance costs (See Note 81 25.242 25.Z4Z Support costs Isee Note 81 3.894.502 3.894,502 Total expenditure 2022 5.568,638 34856 5.163.162 10,766,256 26
Gorfflan St01A$S0(rthTr Lknknd 0tr5 tythtfiNathci•lsi•t•iitnis Forthe arnOed 31A ust 2023 ATraI ofswport &Go¥ernae(ts R•sourcts¢xpended alkncated tothe WlKLIarXtltywhEt¢thC0SlrElJfesdireCtFIf0fh atttrliy. The bas(11Partm7nMeTh1 ofsupptytsc0ststotbewwtt lunLtK4)sactr¢ty based. Grr 2022 Total Supwi tosts Total An¢Mlary 5UPPUrt MaintenarKeaTh1 utilits Ir6uTrnce5 Tra¥el tspenses TelephDne. po¥e. wnt. tnternet•I O Copiei tosts Profe55ion41 and (Slr¥ee5 Staff rtrurttntnt, trtInt andwell¢ ankcharsesand inierest EntÈrtainmÈntcosts Audit fee5 & he1 5eMce5 Scllcltorsc05ts 1.114.923 1.959.221 73,928 iJ.07F .989 47.967 18. 129.722 30.772 15.189 L114.923 1.959.211 73.918 845.342 1,754,988 79.923 4.545 38.NO 48.378 11.062 89,431 48.285 12.840 16.587 70.989 4),967 129.722 1.771 15.IB9 15.gjo 5.919 8.335 15.9 5.929 8.335 23.868 81.614 8J6.797 4,342 17.321 109.949 838,712 CommynbtyservKe Other 8enÈtal adnr4strat pre00tN .614 BJ6.797 Support tosts 4.403.202 Gtyrtmarfe 26.859 Tot 59 4.W3201 4NJOM6J 3,919,744 Net ificome loithe yeav Thhisstated alterchariin 2Q12 oeDr¢o•tion Interest payab Oppr3ting1ea5e¥¢nta.. • other AlitO¢$remUTher0tion-. audit other seryKes ManaBefflent CommitttÈ mMbts' 116.797 109 838,712 36.457 2Z.073 25.259 14.ltyj 12.300 1.764 27
Gerrnakh16k3lAYn Umhed Notesto thefwnci¥l#•ttmen Forthe arended 31 A Staflcc(%tsie a5folM.' 2022 Sakries and wales Sociil 5ecurwty costs Employei'scOntribion to pensionsrherne5 Cosiof 12teather5pryWd tythe6ErrnanG(Nwwnii1022.' IZI 4.777.619 477237 521.214 4.299.228 as2.7 475.691 1.531.713 7J15.k6> 6 7Sg 538 The lollyliinUrnterofempfeceWedeffl[avterrrtsleC¥elI>PIpErjDCosls)dUrlthÈyearPlerL £.0- £69.999 £70.C(KI. £79.999 £W.IKK>. £89.999 £gJ.m). £99,999 £lOo.o- f109.999 Thetotal erngloyee benefs indLK1in8pon5ioDcontrfMrtSidl>vn1t1Vor¥4 of key rnanvmErtperr1 were £ 5Z7.29812022.. £542.2001 The Manalerneni Committee morTrberswere w palWreCed aryotherterfn5fromernplwnem wrththethxity inthE yearl2022..ÉnMI. ManaEeDient Cornmitree mwnber recefved payrrnt lor professoialorothErSerWssUptO ihethwity12022". £Th11. Therewere reXpenSeS mmbutsed for rnanayment Clttee nmberslJ5t year 13)22.. E. 11. Thofull-time ewNafent nurntserofernp1>Jtesdurfrthe¥raslknws'. 2013 No. 2012 No. Teachlry I1udire5Ec0W$teheCSj AdrnInrIltyjn 5ypp¢rt 81.3 18.7 15.2 115.2 78.4 17.5 13.7 109.6 Theavera8eweelty numberof0mpQos in(W¥¥¥0nIeersaTr 4rtemsw a headrwm baw5Wa5 1611¥)22.. 1551 12. Aeknted p•rtytransartions Some ManaymÈnt corfthrtteemembersofthS(ho ao patyitsofchibknatteTrlinitheschDt4.The rlaLes arefurylEd inthe sameway 45 althe her ptstÉs at thè s(hool andthe childirt re¢the same 5eTrKearKI bonefitsa50thevthdkni. AureBe donationsfrom trkied parties r¢ ÉNil12022". £Nil) 13. Taxatlon TFcharitaWe ¢omp•ThysSeXemMfrn thxa5 it$W¢¥tI5tharitab i5apF4edk¢CharItab pwpcGe5. 28
rrtrwn 5¢hoAs Um the Ire4 al Ltst 2021 14 TefiXedl>%ets FLfftlualld Equ1ment Cofflguier Tothl Cott At the start Llthpye¥ ditnsInvE31 20.310.789 147.169 573.Cq2 51.$97 20.935.468 402.127 At Ihft ralth•Yo3r ZD.451.951 5• S73.fA2 Sl.597 IlJ37.595 Oeryec0n Atlhe start oft) Char8eforthE ye¥ 5.515.182 810.173 564.278 ),576 1.021 6,130.036 816,797 At the endof thear 6.31S35S 569.BBi 5L597 6,9a6AJ3 Ftsi b(vkval¥e Ai ihe endof ¢htar 14.132.603 Z54J 14,3YO.76Z Atlhe #art ofthÈ 14.795.607 8.&)3 1.021 J4.8D5.43J IS. •Thlments 2023 2022 FrwaluÈ att strrttsftWar Ois¢0$ proceÈds NEf th3nitihl•irvab 39.713 Ia9.11Y Investment cOmprisedewlSkn a uTht prytFDkD. l& 2022 Pupi6' ats". fees. eNtrts4ndTrch8es Prepayrnents GÈrmart GovwnmèthtGAnt due 16.710 ¥229 73.Y)7 37.057 ISO,S18 ?2.659 29L256 260.234 2022 Trnde<reditors Fée5 recEivEd In advarKe 5ec¥r dep05it5 Sllcial 5etutityand other taA Ac(ry415 CXhercredOrs Loan duewitlmrt •he yt I.6}$ 3.469.639 3,263,500 134.297 312,487 134.932 387.210 4601,558 I,50 159.079 143,956 153,561 368.166 13J.JSD ?.982.680 i& oeftted kn¢•rn• DEfefred ln¢orntthrnowtsts¢lleeswltherev0 atrAef ihe npxtacadEffKyear. 2013 2022 Batsn¢e3t tht bo8innin8 olthe year mouffltreleased to IA¢ome ther AffiOYntdeferrÈd in thèyeaf 3M69.6JY 13.469,6391 3.603.558 3.146.233 13.146.233) 3.469.639 Babn¢eat tl*endof theyear 1601.551 3.469,639 29
GormaTrSchoolAssoclaiknn Umithd 4otstothellnaTrclal statements Foith eavended31Au ust 2023 l cre4itgrs.'¥fflots1aIid¥ealOrtQ yoar 2023 2D22 368.166 368.166 The kan 20. Pem stheme TGErmanschOOlA5slKikn ¢wr•n1rvth5toPer5CI p2n5imptsr&ThE a55etsolthestheme atin a lew)dÈntfvorn thjse ofthe cbaiitab company. Zl. Analplsof TretassetsbeiweeNfvnds InEIrI Tan8iblefixed Manased lonsrem Inve5mnIS Curwtassets liabiliti 8.07S.32Z )389.188 4.926.252 1,039,713 .259.Yn 18.133.330) 14.J90.762 J.039.713 8,686.5J3 1&133,3301 4Z6ts32 Wet•ssetsat theend 0fthear 8.075.322 1.815.8X) 6.092.536 ,983.671 21b. A•ty515olntt¥stis I•11¢all GenErJlfurds Totalfunds Taniiblefiyed 455ets Current assets 8565.032 1.484,69S 24125? 4.755,70d 8.698.887 .982,6) 1368.1661 J4.105.431 ,941,144 17.9B2,WI 1361,1661 Lon8iefrn Iklbilrties Nèt J55ets ¥tthe oftt ¥•r 856$32 1.726.952 5.103.746 35.J%,730 30
Gtrffl•h5tWIA¥1al1OknUMrtld atd 31Au st 1023 12a. Mo¥emèTrtsITrld$IrU1rQrntrY If0MMi AtthÈarrrf rs& ar AIthethdth¢ Transfers ItulrirlEdfvndJ Swiss Parenr$ASsdthat Germaffl Government Grant lot41 restrictrdfvnd5 21,9)J I21.) 1489.7101 8.565.032 &%5.031 0,075,3ZZ 11.075.Jl2 Unrestrted IndS De¥notedfvnds.' Capital ProRtt Fund Main BU147£ Peno¥atwlENter6i Sport5 hall Js5Eifur 242.257 856.wj 628.115 184.375 416.631 714,702 604,186 171.8781 123.6291 Tololde$4Tr71rt1fvfvds 1.716.95Z 184.3 195.5WI r¥•NialluAds 5.103.746 IIL.250.2161 6.O92.S TotslUre51rtIedIW 6.830.698 12.423.381 ljl.345.7231 7,901.356 Tot•lfuvd5 li 5? 15 983 678 ThE nwrrativetvexolain thewrposeof i%iwenat ihefth)tof thenote teknw. 2Ib. M•¥emÈNts inlundslpmtryear) Ir)nI At theswd m(yJttts& (Wini Atthe Ènd ofthe vear Tr¥6f¥s swiss P•rentsAsstsoatKJn Geirnan 6owernment Gv4nt NwfDre4¥n Excn8¢131ns1 O¢XSQS) T¢tal $triCted fur$ 22. 121WI 1489.7091 9.rffA.741 q6.S17 9.101.258 6$.031 46,517 146,Sl71 12.9W) 15116891 .56S.032 CSi9ftOtedlunds.' Capital Prpipo Fund Main Buildln8 PeThrwtkJTrlE¥ten5knn Sports hallJ55eifund 141257 141,257 856,5 928.458 651.744 i.B78J 123.6291 Totoldes#JnOtedS I,5202 242.257 195.5D7} 1,726,95Z GeTreralfunds 4.211,744 11,011.4S2 110.165.Wl 46,S17 5,103.746 TthluthrestrktOfur S,791.946 11.253.7(lJ 110.261.4751 46,517 TotslfuDd PuwpD5esolre5tsxd fw4ts.As IsDryabo¥e. sspatrNbA$la1tth.TFd$ rtWestofwts¢tyrtnbutedtO¥Ardsthe ofa5wwxher GermJn Gov¥nThertGrJni.ThsrEkn5tQ¥wntrO)LrtA blIOrthe5pryts hollard TEfvrbthNrt(rfth¢ nKain bL4tyJitiL Capltal projo£ifu.tliSIQpr0Sems wedttrrfwihthedE¥ebpnont Itthsyated toojxtslurecapoIJ1V0Ct51OT upkeep and tApartOrt of ¢hesthtL i.e. the tr1118 olthesport5 relurtsthtterfdt m•in Eik1 Spjrts halla$ lufftd. this iowosentslhe£c1xK0fJWwosec0rrW0fl sty)rtShfr0Mthej.StsTrrestKledfund 31
GEiman khIA$Sl•tknL1MOo lj•testothefinaullsemefits FwthÈ rÈfid IIAU ust 2023 2022 Ntifitomo lortkrwrtlnl lasperthe5tatemeMolfwvci•lactibit51 Irh¥e51menr+n<orhe Ihterest paid IrKrea5e in debto Ir<rt¥se itl stock Irease ill CrditO DEpieDation 502.524 113,4471 36,4S7 134.9971 I1.3531 108 13LQ221 Ill6791 141.33S 116.n7 368.189 838.712 NetU5h prtyed byopoiatknixii¥ltlo5 1,309J07 1.669.2 14 OperatswlÈasecomMknlrt5 Ttharity$ t0ts1hjtu minimW a$Èptysf•CancQde0a5e5v5s1o13 lorearhvf the FdlowiiperKds. Eouipm¢nt 2Dla 2022 Le55thanonewr 1-5vears 11.755 4171 19,406 2.123 65317 21.529 2% Cpi¢•l ¢¢Jmmitmthts Asatthè balancesheetdatethethadty hadcaptsicornmmentsof £1.168.Z1912012.. £fi4TrobtiryttstheSt eXpanSn pThiFrt. l& L•lOl#•tusofth¢charlty The¢hattyisacoMpanykniiodty81W, Iforarat•d in ErylaTr1andW¥E5. hJ5 5¥rE1. Thts•bifrtYof exh mèmberin ileveTrtof up i% INitÈd toel. 32