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← German School Association Limited

2025-08-31-accounts

Company number: 00984415 Charity number: 325073

German School Association Limited Report and Financial Statements 31 August 2025

German School Association Limited

Contents

For the Year ended 31 August 2025

Reference and administrative information ........................................................................................................ 1 Report of the Management Committee ...................................................................................................................... 2 Independent auditor’s report ........................................................................................................................... 16 Statement of financial activities (incorporating an income and expenditure account)..................................... 20 Balance sheet ................................................................................................................................................. 21 Statement of cash flows ................................................................................................................................. 22 Notes to the financial statements .................................................................................................................... 23

German School Association Limited

Reference and administrative details

For the Year ended 31 August 2025

Company number 00984415
Charity number 325073
Registered office Douglas House
and operational Petersham Road
address Richmond
Surrey, TW10 7AH
Management Members of the Management Committee, who are also trustees under
Committee charity law, who served during the year and up to the date of this report were as follows:
J P Weiland Chair
C Cartellieri Karlsen Treasurer
J Hoffmann retired 12 March 2025
K U Karl
Guido Kirschner
F J von Schubert Treasurer, retired 12 March 2025
P Walter
C Williams
Principal staff O Schmitz Head Teacher
M Krauss Commercial Director
Bankers Landesbank Baden-Württemberg
Kleiner Schlossplatz 11
70173 Stuttgart, Germany
HSBC Plc
Bank House, High Street, Hampton Wick
Kingston upon Thames KT1 4DA
Coutts & Co.
440 Strand
London WC2R OQS
Solicitors Russell-Cooke
2 Putney Hill
London, SW15 6AB
Auditor Sayer Vincent LLP
Chartered Accountants and Statutory Auditor
110 Golden Lane
LONDON, EC1Y 0TG

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German School Association Limited

Report of the Management Committee

For the Year ended 31 August 2025

Introduction by the Chair, Jan Peter Weiland

Dear Members of the German School Association Ltd. and School Community,

On behalf of the governors of the Deutsche Schule London (the “School” or “DSL”) and the directors of the German School Association Ltd (the “Association”), I am pleased to introduce this annual report for the financial year of the Association and the school year of the DSL, each ended 31 August 2025.

A number of milestones were achieved in this school year. This year, 56 students graduated with Abitur which is a record number for our school. The average grade was again above the German national average, with several top grades of 1.0 awarded. A further two students obtained their Fachhochschulreife having attended a pioneering digital programme offered in cooperation with the international German School in Brussels (iDSB). We were proud that the school was awarded an Outstanding by Ofsted whose inspectors visited us shortly before year end. A further highlight of the year was the acquisition of Sudbrook School, a nearby nursery in a former church hall. This investment allows the School to offer German language education to the very young and provide bilingual care to families with pre-school children.

The School abides by its mission statement expressed around the concepts of togetherness ( Gemeinsamkeit ) and bridge building, as reflected in the School’s strategic plan (Agenda 2030). Both are expressions of the School’s charitable purpose and guide decision making. The strategic plan is regularly reviewed and updated by the board and the leadership.

Student numbers are generally stable, although there is less movement from abroad, notably from Germany. The student community continues to be as international as in previous years, with approximately half of the parents who responded to the School’s annual survey stating that they have no definitive plans to leave the UK in the foreseeable future, making the DSL a firm part of the British school landscape.

As regards to staff, the School invests in its employees to ensure an attractive framework for our staff, pupils and the entire school community. Whilst the School has the necessary immigration licenses in place to recruit staff from Germany, hiring from abroad is less flexible and can be a challenge when unplanned vacancies arise that need to be filled quickly. There continues to be a shortage of teachers in Germany and the UK. The associated risk is actively managed by the School.

The composition of the Management Committee has remained unchanged this year. However, toward the end of the school year the Management Committee engaged in an open recruitment process to fill four board roles. The new members will be proposed for appointment at the next AGM. They will bring additional professional expertise in several areas, particularly human resources, safeguarding and educational management.

Following the successful rebranding of the School in 2024, the Communication Committee was disbanded.

Jan Peter Weiland continues to chair the Management Committee.

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German School Association Limited

Report of the Management Committee

For the Year ended 31 August 2025

Financial situation

The financial position of the Association has been positive for the reporting period, reporting a surplus in the financial year 2024/25 of £80,148 for DSL only and £20,922 for the Group . The original DSL budget for the year assumed a deficit in the same region. The improvement is explained by unrealised gains of the investment fund, credit of old deposits and higher than expected student numbers throughout the year, when on average numbers were close to the 900 maximum. These positive effects were outweighed by the introduction of VAT on school fees for children at compulsory school age, as the School decided to absorb some of the post-tax school fee increase rather than pass it on in full to parents.

The School consistently applies tight cost control. Major unforeseen cost items in last year’s accounts were the increase in Employers NI and the abolishment of Business Rates relief, as well as the unbudgeted acquisition costs associated with the purchase of Sudbrook School. The purchase price for Sudbrook School was paid from the School’s reserves and is explained below.

Sudbrook School’s financial year had 13 trading months up to 31 August 2025, but only the period from 01 April is in scope of the consolidation. In the period Sudbrook School accumulated losses of £62,936 . This was expected as the acquisition requires a significant investment in infrastructure and safety. Children numbers in the term before the acquisition were very low at 13, but we have managed to grow this number to beyond 20. Demand is strong and feedback from parents overwhelmingly positive.

The School has completed its planned £3m investment programme including the replacement of the roof of the main building with a green roof and a total of 320 sqm solar panels, the creation of an additional classroom on the first floor, enhancement of the Forum including additional seminar, and agile work spaces on the ground floor, and the installation of a lift and last but not least improvements of the Music facilities, in particular soundproofing of the space so that adjacent areas are more useable.

During 2024/25 the School continued to receive assistance in the form of a cash subsidy from Germany of £443,000 and the secondment of 12 state-employed teachers (“ Auslandsdienstlehrkräfte ” or “ADLK”).

We are grateful for the continuous support of the of the German Government’s Central Agency for Schools Abroad (“Zentralstelle für Auslandsschulwesen”, “ZfA”) in Bonn and the German Foreign Office (“ Auswärtiges Amt ”, “AA”) in Berlin, which underlines its commitment to German Schools abroad as a cornerstone of the German educational system.

The School has granted £75,024 of school fee relief to families in need.

Sudbrook School

Sudbrook School is a nursery caring for children up to kindergarten age that had been operating in the Petersham Village Hall for many years. The opportunity to purchase this established nursery and the building and plot on which it operates arose unexpectedly in early 2025. The purchase was concluded in March 2025. The nursery now has a bilingual offering, appealing to both German families and local families alike, which is in keeping with our charitable objective. There is a strong strategic fit between Sudbrook School and the profile of the Kinderhaus, which the School believes will help strengthen year groups in the Kinderhaus and primary school before long.

The purchase of the nursery was completed after extensive due diligence and with the approval of the members of the German School Association Limited. It became a wholly owned subsidiary of the German School Association Limited

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German School Association Limited

Report of the Management Committee

For the Year ended 31 August 2025

on 31 March 2025. The purchase price was externally audited as representing the fair value of the fixed assets and working capital of the nursery

Following its purchase by the School, it is now in the process of being integrated into the School’s operations and community. It will however remain a separate legal entity although it is wholly owned by the School and will be administered as such with its own brand.

Support by the German Foreign Office

The above investments are funded by the school without support from the German Foreign Office (“Auswärtiges Amt”, “AA”) in Berlin. However, we are extremely grateful for their significant support over the past 10-15 years, which has been essential to shape the school over the past years, and we hope we can continue to receive much needed funding for future projects.

The school further developed its IT services and supported the training required by our pedagogical staff, in order to ensure a modern, adequate and safe digital environment for all of our students. We have further invested in IT resources and systems and continue to do so in order to stay up-to-date in a fast-paced digital world. We are able to offer hybrid learning forms, where they are sensible to use.

The School continues to recruit high quality pedagogical staff; expand the integrated approach to safeguarding, inclusion, psychological support and social pedagogy ( Beratungsquadrat ); invest in careers counselling, IT education and digitalisation; enhance Ganztag and extracurricular activities and facilitate English for beginners, in order to support the bilingual challenges of a German School abroad. The overall objective is to provide a high-quality, holistic and sustainable education.

Head Teacher’s Comments, by Oliver Schmitz

School development

A new process for school development at the DSL was introduced in the 2023/2024 academic year. We set up a Schulkonferenz (school council, consisting of 8 colleagues, 8 pupils and 8 parents, each elected for one year) to determine topics for school development and make related decisions.

The Schulkonferenz reviews the project proposals submitted by the school community and then, after intensive discussion, selects the projects to be worked on for the school year. There can be two to three projects per department. From then on, the steering group, headed by the PQM coordinator, takes over the organisation of the work on the development topics. Interested teachers, pupils and parents are invited to participate in the implementation.

The resulting development groups then meet independently with the support and advice of a steering group member and present the results of their work to the relevant committees over the course of the school year, who discuss and vote on them. The steering group has the task of accompanying and supporting the work process.

The selected topics for the 2024/2025 school year were:

Outcome: The concept is in place, and it has led to the follow-up project in 25/26 BildungsRaum Kinderhaus with the goal of improving the building's layout to create more quiet spaces and allow for more individualisation.

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German School Association Limited

Report of the Management Committee

For the Year ended 31 August 2025

Outcome: All sub-goals have been implemented. Mandatory implementation of one project per year group in 25/26. SCRUM was introduced as a framework but needs to be promoted further. Final sub-goal for 25/26: Select another mandatory project per year group for 26/27, so that in this school year two compulsory projects must be carried out per year group.

Ongoing school development projects from previous years:

The Forum project has been completed, at least in terms of planning by the project group. In collaboration with pupils the group created a plan for new uses of the Forum, defining certain zones: Chill, Work, Quiet, Food, Recycling and Storage. The aim of the new concept is sustainable use of the Forum for the entire school community, taking into account the mission statement ‘Learning together and living together’. Additional rooms for the FOS, offices and storage rooms have also been created on the ground floor. The Forum has new flooring and some furniture has already been delivered. The music room is being soundproofed.

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German School Association Limited

Report of the Management Committee

For the Year ended 31 August 2025

Further projects:

Bilinguality

One of the main goals in the school development programme remains academic bilingual competencies. Learning both German and English at native speaker level is one of our principal aims. As post-Brexit developments increasingly show that German is the language that needs to be promoted, bilingual teaching units in German language subjects have been reduced significantly.

Further actions: DFU -Training (make learning German part of every lesson) for the entire teaching staff (primary and secondary schools) took place at the beginning of the school year. BarCamp to review implementation measures on the same school development day. Measures: Introduction of the ‘vocabulary board’ and clearly marked displays for main subjects in each classroom and the ‘technical vocabulary table’ for pupils. Lesson visits of HT SEK in calendar week 23; result: visitors observed language-sensitive approaches in approximately 80% of lessons. The next goal is to prove to BLI in October 2025 that language sensitivity is also observed by external visitors. Long term: continuous review of DFU in lessons.

DaF (Deutsch als Fremdsprache / German Language Support). After a failed cooperation with the Goethe Institute 23/24, the goal was to at least implement a DaF course 8/9/10 with colleagues. This was attempted in cooperation with the Saturday school. No registrations, the course did not take place. New initiative: Together with the German department, analyse the potential for promoting German as a foreign language in German lessons. Implementation in the 25/26 school year: 2 additional hours of German as a foreign language in the new learning plan period 5/6. In 7/8: in addition to the intensive lessons in which half the class works on language, 2 DaF/German lessons per week for newcomers, in class 9 one DaF lesson per week for newcomers, in class 2 two lessons, for 11 and 12 additional offer “Sixth Form Writing” (2 lessons). Goals for 25/26: Integration into the timetable, implementation of the courses, evaluation.

Realschule

The creation of the position of RS coordinator was the decisive step towards an educational concept for the secondary school. It was finalised at the end of the school year after a consultation process (pupils, teachers, parents) and is implemented in the timetable for the 25/26 school year. Key points of the concept: At the request of the pupils, extensive preservation of joint lessons with GY pupils; Exception 1: External differentiation in classes 9/10 in German and mathematics; Exception 2: Introduction of RS profile subject (6 D/M support; 7/8 Global Citizenship; 9/10: Economics). Additional support teachers in joint lessons for grades 6-8. A total of 58 extra hours for RS from 6-10 (approx. 2 full-time positions). Development of RS curricula. Differentiated class tests.

Qualifications and exams

Pupils graduating as part of our dual qualification programme (German International Abitur and International Baccalaureate) usually achieve good to very good results. Our graduate group consisted of 36 pupils in 2018, 34 in 2019, 51 in 2020, 32 in 2021, 44 in 2022, 39 in 2023, 36 in 2024 and 56 in 2025.

In 2025, all pupils passed the German International Abitur, the German equivalent of A-levels, mastering 10-12 subjects and thus achieving university entrance level. The average mark of the International Abitur Diploma was 2.00 compared to 2.01 in 2024, 2.01 in 2023 and 2.09 in 2022.

Out of these graduates, 16 pupils participated in the International Baccalaureate Diploma Programme (IB) in 2024 showing a decline in the number of full diplomas.

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German School Association Limited

Report of the Management Committee

For the Year ended 31 August 2025

The average mark of the German International Abitur of all graduates confirms that the introduction of the dual qualification has generally led to better overall performances at the school. Various strategies to improve exam results in the dual qualification itself have proved successful.

Cooperation with our host country

Our programme of exchanges with British and international Schools is flourishing. An increasing number of pupils visit the School and gain an insight into German culture; and vice versa, more German pupils develop further perspective on English culture and life through their School visits.

Pupils at the German School London also dedicate their time and commitment to support charitable and civic ventures, for example they successfully organised a Charity Dinner to raise funds for underprivileged local families. More than 70 students participate currently in the Duke of Edinburgh Award Scheme in order to learn how to be responsible citizens.

Accountability

In 07/2025 the DSL was not only rated Outstanding in the overall Ofsted inspection but all judgements in all criteria were Outstanding as well.

The School is also subject to the “Bund-Länder-Inspektion”, a regular evaluation by the German Government and integral part of the quality management of German Schools Abroad. We were accredited Exzellente Deutsche Auslandsschule at their last inspection in 2017, and we are looking forward to the next inspection scheduled for October 2025. In the meantime, a “peer review” took place at the beginning of November 2024. This official interim review from so called “critical friends” who visited us from the German School in Den Haag provides us with useful insights about our path to implement the development plan as agreed with the (ZfA) and the Management Committee of the Association which takes an active interest in educational performance.

The School regularly participates in diagnostic exams in years 3, 5 and 8 that are benchmarked against local German primary and secondary schools. This provides us with valuable data on how well our students are faring in comparison to Germany. Results are continuously ranking above their peers in Thuringia and Baden-Württemberg.

Management Committee Report

The Management Committee is pleased to present its report together with the audited financial statements of German School Association Limited for the year ended 31 August 2025 in accordance with the Statement of Recommended Practice-Accounting and Reporting by Charities; SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives of the Association

The main objectives as set out in the Memorandum of the Association are:

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German School Association Limited

Report of the Management Committee

For the Year ended 31 August 2025

The general goals for the School itself are documented in the School Profile of the German School London (the "School Profile”) as developed by the General School Conference and approved by the Management Committee from time to time. The School Profile stipulates that the School strives:

Structure, Governance and Management Overview

The German School Association Ltd was founded in 1970 and awarded charitable status in 1974. The School became operational in 1971 and provides education for German-speaking pupils from kindergarten to university entry level. The Association is governed by its Articles of the Association which were most recently updated on 6 March 2019.

Role and Composition of the Management Committee

The Management Committee manages the business and exercises all powers of the Association, of which the core responsibility is the operation of the German School London. In essence, the Management Committee determines the strategy of the School and ensures all prerequisites for the successful operation of the School, including: determining the character and form of the School; adopting the curriculum; appointing the Head Teacher and teaching staff as well as administrative staff; determining School fees and expense budgets; arranging financing and investing the Association's monies; as well as making and amending the regulations for the governance of the School. The Association's goals can only be successfully pursued in close cooperation with the Head Teacher of the School, and any decisions relating to pedagogical matters are discussed with the Head Teacher. In order for the Association to secure the essential support by the Federal Republic of Germany, the Management Committee must demonstrate that the Association and the School adhere to the Guidelines for German Schools Abroad, as issued by the Central Office for German Schools Abroad (“Zentralstelle fur Auslandsschulwesen", “ZfA”), a department of the Federal Office of Administration (“Bundesverwaltungsamt", “BVA”).

The Management Committee currently consists of at least 6 and up to 12 members and 6 board members at the end of the reporting period, who are exclusively volunteers. No member of the Management Committee received any remuneration in respect of their services to the Association during the financial year 2025 (financial year 2024: £Nil). No members of the Management Committee received reimbursement of travel expenses in the year, (financial year 2024: £ Nil). All Management Committee members are directors of the company under the Companies Act 2006 and at the same time trustees of the charity. They are elected by the members of the Association. Nominations may be made by the Management Committee and any member.

Conduct of Business of the Management Committee

Management Committee meetings are held on a regular basis during the year. ln addition to the members of the Management Committee, the Head Teacher, the Commercial Director/Company Secretary, and a representative of the German Embassy as well as a parents' and a teachers' representative have a statutory right to attend but do not have voting powers. Moreover, the Deputy Head, the Head of the Primary School, the Head of Kindergarten and other staff when appropriate as well as a representative of the "Friends of Douglas House” are regularly invited to attend.

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German School Association Limited

Report of the Management Committee

For the Year ended 31 August 2025

The Management Committee is aware that its voluntary members have to ensure that the Management Committee’s responsibilities are performed to a high standard, reliably and on a continuous basis. The possibility of significant change in the composition of the Management Committee constitutes an on-going challenge. A structure has been put into place to ensure the effective performance of the Management Committee through suitable delegation and supervision as well as adequate internal organisation.

Administration

The School Administration (through the Commercial Director) assumes day-to-day responsibility for the on-going management of the infrastructure and finances of the School and supports the Management Committee and the Head Teacher in their duties. A framework of Financial Regulations ensures effective control and supervision of the School's funds.

Commercial Director

The Commercial Director reports to the Management Committee. He represents the Management Committee inside and outside the School and is the first point of contact for Management Committee matters. He ensures, in close cooperation with the Chair and the Head Teacher of the School, that the Management Committee deals with all relevant issues at the Management Committee meetings as well as at Sub-Committee level and that adequate information is provided as a basis for the Management Committee's decisions. The Commercial Director is a member of all SubCommittees and co-ordinates between these. He monitors the implementation of Management Committee decisions, supervises the day-to-day financial management of the Association, and advises the Management Committee on any related risks. He does not have voting powers at Management Committee Meetings. As the representative of the Management Committee, the Commercial Director ensures effective cooperation and coordination between the Management Committee and the Head Teacher and minimises the need for day-to-day operational involvement of Management Committee members.

Sub-Committees

The Management Committee has currently established 6 Sub-Committees: Finance; Personnel; IT; SEN; and Governance. The Sub-Committees prepare recommendations to the Management Committee and oversee the implementation of Management Committee decisions. They are chaired by a member of the Management Committee. The Head Teacher or the Commercial Director may appoint other pedagogical or non-pedagogical staff to join SubCommittees, in order to ensure relevant knowledge and up-to-date input from the School is considered as the basis of Management Committee decisions and for their execution.

The Management Committee also invites members of the Association (who are not Management Committee Members) with relevant skills and experience to join the Sub-Committees as external members. Thereby the Management Committee has access to experts to help it fulfil its role effectively.

Recruitment of Committee Members

In addition to the Management Committee encouraging members of the Association to get involved at a SubCommittee level before seeking to be elected to the Management Committee, the Management Committee launched a Board recruitment initiative with an external recruitment specialist. We received a large number of strong applications from candidates with educational experience as well as valuable functional expertise. Following a thorough selection process the School has selected 4 new Board Members, who have been co-opted as Management Committee members before they will stand for election in next year’s AGM. This does not affect members' rights to nominate and elect persons who have not served on a Sub-Committee of the Management Committee.

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German School Association Limited

Report of the Management Committee

For the Year ended 31 August 2025

Trustee Induction and Training

New trustees are informed and introduced into their roles by the Chair and the Commercial Director and receive materials and training about trustees' responsibilities.

The German School Association has taken out trustee indemnity insurance. This covers claims made against the School in respect of trustees' liability arising from any negligent act, error or omission committed in good faith. The premium for the insurance is included in the School's public liability premium.

Fundraising practices review

All fundraising practices are framed within the values and principles of the organisation. Where expenditure is required to generate income, there is an analysis of the return on investment to ensure the organisation is able to make informed decisions regarding activities.

The fundraising and partnership team are internal and the organisation does not use external professional fundraisers. We do not employ the services of any fundraising agencies or third parties, nor have we run a telephone or door to door fundraising campaign. Our relationship with our supporters is very important to us and we do not wish for our supporters to feel under any pressure to donate to the charity. Where we partner with corporates, due diligence is conducted on the organisations and the amount of time and effort we as a charity needed to put in, versus the income we would likely receive. Clear parameters and responsibilities are then agreed between partners.

We have ensured we are in line with the GDPR data protection regulations and all other relevant codes of conduct. No complaints have been received and the charity aims to protect vulnerable people.

The Head Teacher of the School

The Head Teacher is responsible for all pedagogical matters. The Head Teacher has to ensure that the School is operated within both the German regulations and standards and the requirements of the Local Education Authority. The Head Teacher is assisted by a Deputy and the Heads of Primary School and Kindergarten and by an extended Leadership Team. 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 prerequisites for the extensive support for the Association provided by the Federal Republic of Germany.

Relationship with the Federal Republic of Germany

The Association benefits from significant support from the Federal Republic of Germany, as the work of the Association is viewed as a key instrument of foreign cultural policy in the UK. The strong cooperation with and support provided by the Federal Republic of Germany is of great importance for the Association. The financial support from the Federal Republic of Germany consists of cash and non-cash contributions.

The continuous financial support takes three main forms:

  1. Provision of teachers by secondment: this accounts for approximately 62% (2024: 57%) of the support.

  2. Rights to use the School premises and buildings, which are owned by the Federal Republic of Germany, free of rent: this accounts for approximately 22% (2024: 26%) of the support, based on a rental evaluation carried out in December 2004. (The Association has to bear the cost of maintenance of the premises).

  3. Payment of a School subsidy: this accounts for approximately 14% (2024: 16%) of the support.

The use of land and premises is governed by a usage agreement. In December 2006, the Management Committee reached agreement with the German Foreign Office to amend the usage agreement, which is the main precondition

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German School Association Limited

Report of the Management Committee

For the Year ended 31 August 2025

for future investments of the Association in buildings on the premises that are the property of the Federal Republic of Germany. The principal amendment is the exclusion of the ordinary termination right for the premises for up to 30 years once the Association has started the construction of a new School building.

To ensure compliance with the rules and regulations that are the basis for the support, a member of the Department of Cultural Affairs of the German Embassy, acting as the representative of the German government, is invited to attend all Management Committee meetings. In addition, the Federal Conference of the Education Ministries in Germany (“Bund-Länder-Ausschuss der Kultusministerkonferenz”) carries out inspections of the academic examination standards, through a process of evaluation of the exam tasks, performances and results.

Supporting Organisations, Friends of Douglas House

The German School Association is supported by the Friends of Douglas House (the "Friends"), Charity No. 268743. The charity was founded in 1972 and its members are predominantly parents of the School. The main objective of the Friends is fundraising for the School. They organise most School festivities and the Association grants them the use of the School's premises for this purpose free of charge. The Friends raised and contributed £10,500 (2024: £80,430) to the School.

The Friends also play an important role with respect to the social integration of newly arrived families at the German School London, most of whom come from abroad and regard the School as one of their primary points of contact.

Supporting Organisations, Swiss Parents Association

The Swiss Parents Association at the German School, Charity No. 1002961, was founded in 1991. The main objective of the Swiss Parents Association is to support the Swiss pupils at the School by supporting the employment of a Swiss teacher. The Swiss Government is supporting the Association in the form of a grant and Swiss parents are paying a supplement to the School fees charged by the School.

The German School Association and the Community (Public Benefit)

The trustees of the German School Association strongly support the view that the School strives to play a full and responsible part in its local community. The Committee Members have regard to the Charity Commission guidance on public benefit. The principal ways in which the School achieves this are as follows:

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German School Association Limited

Report of the Management Committee

For the Year ended 31 August 2025

Strategic report

Review of Activities

At the end of the financial year 2025, which coincides with the academic year, there were 899 pupils at the School, representing more than 35 different nationalities including those with multiple nationality.

In 2025, 58 pupils passed the “Abitur”, the German equivalent of A-levels, mastering 10-12 subjects and thus achieving university entrance level. Out of these graduates, 3 students participated in the International Baccalaureate Diploma programme (IB) and graduated with a full diploma and 13 students as course candidate. All students passed their exams successfully.

During the academic year 2024/25, on average 12 teachers were seconded from the Federal Republic of Germany. In addition, a total of 102 (2024: 104) were employed locally by the Association.

Income and expenditure account

An operating surplus (income over expenditure) was recorded for the financial year amounting to £80,148 for DSL only (financial year 2024: £746,154) and £20,922 for the Group including Sudbrook School.

Incoming resources during the period amounted to £14,334,101 for DSL only (financial year 2024: £13,658,657) and £14,426,615 for the Group .

This includes £8,396,809 for educational fee income (financial year 2024: £8,102,469) and £2,674,646 income from other educational activities (financial year 2024: £2,455,372). Other educational activities include a write back of £138,000 (financial year 2024: £104,500) of old unclaimed deposits dating back to 2006 and earlier. This amount is reported as designated funds, ringfenced to contribute towards the school’s social obligation from unrestricted funds. Income from Grants and Donations amount to £3,119,657 (financial year 2024: £2,759,171) , of which the German government’s Central Office for Schools Abroad (ZfA) provided financial support amounting to £443,000 (financial year 2024: £439,418) and made available to the Association 12 teaching staff. The German government also made available the rent-free use of land and buildings. The Association is dependent to this extent on the grants receivable and staff provided from the German Government.

Average staff numbers during the year were 178 (2024: 178) . Staff costs remain a major item of expenditure, at 63% (financial year 2024 : 61%) of total resources expended, including the staff provided by the German government.

Balance sheet

The net assets of the Association on 31 August 2025 were £16,809,980 for DSL only (financial year 2024: £16,729,832) and £16,750,754 for the Group .

Reserves

The assets and liabilities attributable to the various funds by type are shown in note 21a. Note 22a also describes the various funds of the group and summarises the year's movement on each fund. The unrestricted reserves of the

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German School Association Limited

Report of the Management Committee

For the Year ended 31 August 2025

Association amount to £9,654,851 at 31 August 2025 (financial year 2024: £9,144,219) including total designated funds of £2,254,529 split between capital projects £2,012,129, (financial year 2024 £1,929,063) and school endowment fund £242,500 (financial year 2024 : £104,500).

The Management Committee's policy is to build up reserves by means of annual operating surpluses. Reflecting the current economic circumstances and the necessity to plan ahead for continuous and future capital projects, such as sports hall and main building renovation and extension, it has been determined that the appropriate level of reserves should be at least equivalent to 6 months expenditure, with current general reserves being £7,400,322 (8 months expenditure cover) (financial year 2024: 7,110,656 or 9 months’ expenditure).

As far as possible, the trustees endeavour to keep School fee increases as low as reasonably possible whilst ensuring that, in their opinion, the appropriate level of reserves is achieved and the financial resources are available to ensure the continuous operation of the School's day-to-day business in keeping with the School’s mission.

Investment policy

The Management Committee has the power to invest in such assets as it sees fit. In view of the nature of the charitable company's activities and to safeguard the assets of the Charity, any surplus funds are currently invested in short-term fixed deposits only. The Management Committee has an Investment Policy which regulates non-fixed long-term investments.

Remuneration Statement

We are committed to ensuring that we pay our staff a fair and appropriate salary while always making sure we have the ability to do so. We aim to pay staff a competitive salary that is appropriate for a School of our size and structure and relevant to the job market. We endeavour to provide a total remuneration package to enable us to attract and retain people with the right skills and therefore have the greatest impact in delivering our objectives 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 remuneration in the sectors from which suitable candidates for such posts would be found.

Plans for the future

The German School Association provides the appropriate infrastructure for the German School London to achieve its educational programme and pedagogical goals. With the double qualification of IB (International Baccalaureate) and the German International Abitur, the School has valuable options available for its increasing number of internationallyoriented students. The School has been offering a programme making IB course and certificate offerings available for more Abitur candidates. Since the schoolyear 2023/24, the School also offers the Fachhochschulreife to those who do not wish to study for Abitur. The programme is made available digitally and in cooperation with the international German School in Brussels (iDSB).

13

German School Association Limited

Report of the Management Committee

For the Year ended 31 August 2025

The School is committed to delivering the highest level of educational quality and to providing first-class facilities to ensure excellence in all areas across the School. To achieve these objectives, the Management Committee ~~,~~ the Head Teacher and his team have agreed to continue investing in teaching quality at the School in line with the School’s vision.

A number of long-term key factors have been identified as high intake of pupils in the Early Years, as well as the number of registrations of pupils and retention throughout the School. The acquisition of Sudbrook School underpins this ambition. Offering a comprehensive educational programme, extension of the School day and increased tuition in specialised groups and the introduction of the IB and other career paths within the school are instrumental to ensure the School’s long-term stability. The expansive site of the School with its various buildings from different centuries, some of which are listed 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 buildings remain a high priority on the trustees’ agenda. The German Foreign Office has recognised its responsibility to partially fund the refurbishment of the existing buildings.

Principal Risks and Uncertainties

The Management Committee acknowledges its responsibility for ensuring that the major risks to which the Association is exposed are identified and systems are designed to manage those risks. In addition to the routine health and safety assessments undertaken by the School's staff, the Management Committee conducts an annual risk inventory and also regularly assesses the risks to which the charity is exposed, agrees how those risks may be best mitigated and takes the appropriate action to manage them. The Management Committee takes the issue of risk management with the utmost seriousness and risk assessment is a routine item on its agenda. Of particular concern to the Management Committee are:

14

German School Association Limited

Report of the Management Committee

For the Year ended 31 August 2025

Statement of responsibilities of the Management Committee

The Management Committee (whose members are directors of the German School Association Limited for the purposes of company law) is responsible for preparing the report of the Management Committee including the Strategic Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Management Committee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Management Committee is required to:

The Management Committee is responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable it to ensure that the financial statements comply with the Companies Act 2006. It is 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.

In so far as the Management Committee is aware:

The Management Committee is responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 August 2025 was 8 (2024: 8). Members of the Management Committee are members of the charity but this entitles them only to voting rights. Members of the Management Committee have no beneficial interest in the charity. It is noted that in 2025 most members of the Management Committee were parents of pupils at the School.

Auditor

Sayer Vincent LLP was re-appointed as the charitable company's auditor and has expressed its willingness to continue in that capacity.

The Report of the Management Committee, which includes the Strategic Report, has been approved by the Management Committee on 1 December 2025 and is signed on its behalf by

Jan Peter Weiland

Chair of the Management Committee

15

Independent Auditor’s Report

To the members of

German School Association Limited

Opinion

We have audited the financial statements of German School Association Limited (the ‘charitable company’) for the year ended 31 August 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 trustees' 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 German School Association Limited'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 other information comprises the information included in the trustees’ annual report, including the strategic report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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. 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 course of 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

16

Independent Auditor’s Report

To the members of

German School Association Limited

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 the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report including the strategic report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, 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.

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.

17

Independent Auditor’s Report

To the members of

German School Association Limited

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 are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

18

Independent Auditor’s Report

To the members of

German School Association Limited

Use of our report

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

Noelia Serrano (Senior statutory auditor) 12 February 2026

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TLG

19

German School Association Limited

Consolidated statement of Financial Activities (incorporating an Income and Expenditure Account)

For the year ended 31 August 2025

Restricted
£
Note
Income from:
2
26,599
Charitable activities_- Educational fee income_
3
-
Other educational activities
4
-
5
-
Total income
26,599
Expenditure on :
Charitable activities_- Educational costs_
7
516,309
Foreign exchange (Gain) / Loss
6
-
Total expenditure
516,309
(489,710)
15
-
Net movement in funds
(489,710)
Reconciliation of funds
Funds brought forward
7,585,613
Total funds carried forward
22
7,095,903
Net gains on investments
Income from Grants & Donations
Investments
Net (expenditure) / income and net movement in
funds before other recognised gains and losses		 Unrestricted
£
3,093,057
8,396,809
2,674,646
235,503
14,400,015
14,006,414
(2,255)
14,004,160
395,855
114,777
510,632
9,144,219
9,654,851		 2025
Total
£
3,119,657
8,396,809
2,674,646
235,503
14,426,615
14,522,724
(2,255)
14,520,469
(93,855)
114,777
20,922
16,729,832
16,750,754		 Restricted
£
10,000
-
-
-
10,000
499,709
-
499,709
(489,709)
-
(489,709)
8,075,322
7,585,613		 Unrestricted
£
2,749,171
8,102,469
2,455,372
341,645
13,648,657
12,577,047
3,565
12,580,612
1,068,045
167,818
1,235,863
7,908,356
9,144,219		 2024
Total
£
2,759,171
8,102,469
2,455,372
341,645
13,658,657
13,076,756
3,565
13,080,321
578,336
167,818
746,154
15,983,678
16,729,832

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 22 to the financial statements.

20

German School Association Limited

Company no. 00984415

Balance sheets

For the year ended 31 August 2025

Note
Fixed assets
Tangible fixed assets
14
Managed Longterm Investments
15
Investment in subsidiary
16
Current assets
Stock
Debtors
18
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within one year
19
Net current liabilities
Total assets less current liabilities
Total net assets
21a
The funds of the charity :
22a
Restricted income funds
Unrestricted funds
Designated funds
General funds
Total charity funds		 2025
2024
£
£
17,024,052
15,936,613
1,322,308
1,207,531
-
-
18,346,361
17,144,144
46,013
59,695
671,804
454,309
6,212,836
8,281,037
6,930,652
8,795,041
(8,526,259)
(9,209,354)
(1,595,607)
(414,313)
16,750,754
16,729,832
16,750,754
16,729,832
7,095,903
7,585,613
2,254,529
2,033,563
7,400,322
7,110,656
16,750,754
16,729,832
1
The Group		 2025
2024
£
£
15,424,053
15,936,613
1,322,308
1,207,531
1,583,841
-
18,330,202
17,144,144
46,013
59,695
682,317
454,309
6,150,244
8,281,037
6,878,574
8,795,041
(8,398,795)
(9,209,354)
(1,520,222)
(414,313)
16,809,981
16,729,832
16,809,980
16,729,832
7,095,903
7,585,613
2,254,529
2,033,563
7,459,549
7,110,656
16,809,980
16,729,832
()
The Charity		 2025
2024
£
£
15,424,053
15,936,613
1,322,308
1,207,531
1,583,841
-
18,330,202
17,144,144
46,013
59,695
682,317
454,309
6,150,244
8,281,037
6,878,574
8,795,041
(8,398,795)
(9,209,354)
(1,520,222)
(414,313)
16,809,981
16,729,832
16,809,980
16,729,832
7,095,903
7,585,613
2,254,529
2,033,563
7,459,549
7,110,656
16,809,980
16,729,832
()
The Charity
17,144,144
59,695
454,309
8,281,037
8,795,041
(9,209,354)
(414,313)
16,729,832
16,729,832
7,585,613
2,033,563
7,110,656
16,729,832
()

Approved by the Management Committee on 1 December 2025 and signed on its behalf by

Jan Peter Weiland

Chair

The surplus of the Charity for the year ended 31 August 2025 was £80,148 (2024: Surplus of £746,154).

21

German School Association Limited

Consolidated statement of Cashflows

Consolidated statement of Cashflows
For the year ended 31 August 2025
Note
Cash flows from operating activities
Net cash flow provided by operating activities
23
Cash flows from investing activities :
Investment income
Interest paid
Investment in Subsidiary
Purchase of tangible fixed assets
Net cash flow used in investing activities
Cash flows from financing activities:
Repayments of borrowing
Net cash flow used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Analysis of cash and cash equivalents and net debt
Loans falling due

Within one year

After more than one year
Cash at bank and in hand
Total		 £
235,503
-
(1,583,841)
(518,075)		 2025
£
(184,377)
(1,866,414)
(17,410)		 £
341,645
(6,828)
-
(2,422,656)		 2024
£
2,387,382
(2,087,839)
(368,166)
(17,410) (368,166)
Other
Non-cash
charges
-
-
At 01 Sept
2024
-
-
(2,068,201)
8,281,037		 (68,622)
8,349,660
6,212,836 8,281,037
Cash Flows
-
-		 At 31 Aug
2025
-
-
-
8,281,037		 -
(2,068,201)		 -
-		 -
6,212,836
8,281,037 (2,068,201) - 6,212,836

22

German School Association Limited

For the year ended 31 August 2025

Notes to the financial statements

1. Accounting policies

a) Statutory information

German School Association Limited is a charitable company limited by guarantee and is incorporated in the United Kingdom. The registered office address is Douglas House , Petersham Road, Richmond , Surrey , TW10 7AH.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

These financial statements consolidate the results of the charity and its wholly-owned subsidiary Sudbrook School Limited on a line by line basis. Transactions and balances between the charity and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two entities are disclosed in the notes of the charity's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charity itself is not presented because the charity has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006, A summary of the result for the year is disclosed in the notes to the accounts.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

c) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

The Management Committee consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

The Management Committee do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

f) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

23

German School Association Limited

Notes to the financial statements

For the year ended 31 August 2025

1. Accounting policies

f) Donations of gifts, services and facilities (continued)

The Association is provided with a number of teachers free of charge by the German Government. An estimate of the cost of such teaching staff is included in expenditure and shown as a corresponding grant in income.

The land and buildings at Petersham are occupied rent free by the School under the terms of an agreement with the German Government which owns the land and buildings. The rental valuation of these premises is shown in expenditure and as a corresponding grant in income.

g) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

h) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the Management Committee for particular purposes.

i) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

j) Allocation of support costs

Governance and support costs have both been duly allocated to educational costs , as this is the sole charitable activity. These costs are shown in more detail in notes 7 and 8.

k) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

24

German School Association Limited

Notes to the financial statements

For the year ended 31 August 2025

1. Accounting policies

l) Tangible fixed assets

The land and buildings at Petersham are occupied rent free by the School under the terms of an agreement with the German Government which owns the land and buildings. The German School Association Limited is unable to sell the land and buildings. Significant expenditure on assets held for charitable use, including land and buildings are capitalised, notwithstanding the agreement relating to the School's occupation of the land and buildings is cancellable at six months' notice by either party. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Building improvements costing more than £5,000, furniture and fittings costing more than £1,500 and computer equipment costing more than £1,000 are capitalised and carried in the balance sheet at historical cost.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities . The depreciation rates and useful lives are as follows:

 Leasehold Property New buildings and related costs Over the life of the waiver (30 years from 1st September 2013 ) Refurbishment of existing buildings 15 years Nursery building Not depreciated - see below  Furniture and equipment 3-10 years  Computer equipment 3 years

Assets in progress are in the course of construction and are not depreciated.

In 2025, the school has purchased a building as part of the acquisiton of Sudbrook Nursery and this is held on a long leasehold of over 900 years. Depreciation is not provided on the property as any provision (annual or cumulative) would not be material due to the very long expected remaining useful economic life and because their expected residual value is not materially less than their carrying value. The building is maintained in a sound condition by a continual repairs and improvements programme, the cost of which is charged to the income and expenditure account.

m) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

n) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Cash balances exclude any funds held on behalf of service users.

o) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

p) Pensions

The German School Association contributes to Employee Personal Pension Plans with the costs recognised in expenditure on a month-by-month basis.

q) Foreign currencies

Assets and liabilities denominated in foreign currencies are converted at the rate of exchange ruling at the balance sheet date and the gains or losses on transactions in the year are included in the income and expenditure account. Transactions during the year are converted at the rate of exchange ruling at the dates of the transactions.

25

German School Association Limited

Notes to the financial statements

For the year ended 31 August 2025

2. Income from Grants and Donations

Income from Grants and Donations
Swiss Parents Association
Other donations
Total Income from grants and donations
Donations from Friends of Douglas House
Grants receivable from Central Office for Schools Abroad (ZfA)
Provision of premises by German Government*
Cost of teachers provided by German Governments		 Restricted
£
-
-
-
-
26,599
-		 Unrestricted
£
443,000
700,000
1,922,087
10,499
-
17,472		 2025
Total
£
443,000
700,000
1,922,087
10,499
26,599
17,472		 Restricted
£
-
-
-
-
-
10,000		 Unrestricted
£
439,418
700,000
1,529,157
80,430
-
166		 2024
Total
£
439,418
700,000
1,529,157
80,430
-
10,166
26,599 3,093,057 3,119,657 10,000 2,749,171 2,759,171

*The provision of premises by German Government is a valuation of estimated annual rental cost of the donated land used by the German School.

3. Income from charitable activities

Income from charitable activities
Gross school fees
Less: bursaries, scholarships and allowances
Total Income from charitable activities		 2025
Unrestricted
£
9,177,529
(780,719)		 2025
Total
£
9,177,529
(780,719)		 2024
Total
£
8,880,881
(778,412)
8,396,809 8,396,809 8,102,469

All income from other educational activities in the current and prior year was unrestricted.

4. Income from other educational activities

Income from other educational activities
Rental income
School Accessibility Fund
Membership subscriptions
Registration fees
Infrastructure levy (School Development)
Provision of school bus
Sale of school books
School cafeteria
School trips and other activities
Total Income from other educational activities		 Unrestricted
£
77,699
138,000
1,175
80,710
178,473
157,953
98,178
596,615
1,345,843		 2025
Total
£
77,699
138,000
1,175
80,710
178,473
157,953
98,178
596,615
1,345,843		 2024
Total
£
64,584
104,500
950
88,496
208,750
145,912
87,043
553,811
1,201,326
2,674,646 2,674,646 2,455,372

All income from other educational activities in the current and prior year was unrestricted.

5. Income from investments

5.
Income from investments
Bank interest and deposit income
Total Income from investments
6.
Foreign exchange transactions
Total Foreign exchange (gain)/loss
Year end (gain)/loss on € current accounts		 Unrestricted
£
235,503		 2025
Total
£
235,503		 Unrestricted
£
341,645		 2024
Total
£
341,645
235,503 235,503 341,645 341,645
Unrestricted
£
(2,255)		 2025
Total
£
(2,255)		 Unrestricted
£
3,565		 2024
Total
£
3,565
(2,255) (2,255) 3,565 3,565

26

German School Association Limited

Notes to the financial statements

For the year ended 31 August 2025

7a Analysis of Expenditure (current year)

7a Analysis of Expenditure (current year)
Educational Governance Support 2024
costs Costs Costs 2025 Total Total
£ £ £ £ £
Staff costs (See Note 10) 7,043,262 114,583 1,873,441 9,031,287 8,023,188
Direct educational costs 221,080 - - 221,080 136,147
Governance costs (See Note 8) - 69,183 - 69,183 31,934
Support costs (See Note 8) - - 5,201,174 5,201,174 4,885,486
Total expenditure 2025 7,264,343 183,766 7,074,615 14,522,724
Total expenditure 2024 13,076,756
7b Analysis of Expenditure (prior year)
Analysis of Expenditure (prior year)
Educational Governance Support 2024
costs Costs Costs Total
£ £ £ £
Staff costs (See Note 10) 6,307,056 10,628 1,705,504 8,023,188
Direct educational costs 136,147 - - 136,147
Governance costs (See Note 8) - 31,934 - 31,934
Support costs (See Note 8) - - 4,885,486 4,885,486
Total expenditure 2024 6,443,203 42,562 6,590,990 13,076,755

27

German School Association Limited

Notes to the financial statements

For the year ended 31 August 2025

8. Analysis of Support & Governance costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity.

The basis of apportionment of supports costs to the governance function is activity based.

Ancillary support
Maintenance and utilities
Insurances
Travel expenses
Copier costs
Professional and consultancy fees
Bank charges and interest
Entertainment costs
Audit fees & other services
Solicitors costs
SEN
Community service
Other general administration
Depreciation
Total
Support costs
Governance costs
Telephone, postage, print , internet and CI
Staff recruitment, training and welfare		 Governance
costs
£
-
-
-
-
-
-
-
-
-
-
24,190
86,532
-
-
(41,539)
-		 Support costs
£
1,337,767
2,246,933
97,229
4,615
41,390
54,078
26,674
165,250
9,446
24,296
11,385
-
7,210
22,967
120,047
1,031,888		 2025
Total
£
1,337,767
2,246,933
97,229
4,615
41,390
54,078
26,674
165,250
9,446
24,296
35,575
86,532
7,210
22,967
78,508
1,031,888		 2024
Total
£
1,284,040
2,174,997
117,364
9,883
59,099
51,823
15,525
109,996
15,901
18,157
19,740
6,277
10,042
26,818
120,954
876,805
-
69,183		 5,201,174
-		 -
-		 4,917,420
-
69,183 5,201,174 5,270,357 4,917,420

9. Net expenditure for the year

This is stated after charging:

This is stated after charging:
2025 2024
£ £
Depreciation 1,031,888 876,805
Interest payable - 6,828
Operating lease rentals:
other 26,004 29,952
Auditor's remuneration:
audit (group accounts) 17,000 15,000
audit (subsidiary accounts) 8,000 -
other services 3,090 1,740
Management Committee members' expenses - -

28

German School Association Limited

Notes to the financial statements

For the year ended 31 August 2025

10. Analysis of staff costs, management committee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:
Salaries and wages
Social security costs
Employer's contribution to pension schemes
Cost of 12 teachers provided by the German Government (2024: 12)
1,795,200.00 €		 2025
£
5,775,765
635,366
698,069
1,922,087		 2024
£
5,320,190
532,658
641,183
1,529,157
9,031,287 8,023,188

The following number of employees received employee benefits (excluding employer pension costs) during the year between:

£60,000 - £69,999 9 2
£70,000 - £79,999 - 3
£80,000 - £89,999 3 9
£90,000 - £99,999 11 3
£100,000 - £109,999 2 1

The total employee benefits including pension contributions and employer national insurance of key management personnel were £680,337 (2024: £563,224)

The Management Committee members were not paid or received any other benefits from employment with the charity in the year (2024 :£Nil). No Management Committee member received payment for professional or other services supplied to the charity (2024: £Nil).

There were Nil expenses reimbursed for Management Committee members last year (2024: £nil) .

11. The full-time equivalent number of employees during the year was as follows:

Teaching (including seconded teachers)
Administration
Support		 2025
No.
90.8
19.4
24.0		 2024
No.
88.5
19.4
19.6
134.2 127.5

The average weekly number of employees including volunteers and interns on a headcount basis was 178 (2024: 178)

12. Related party transactions

Some Management Committee members of the school are parents of children attending the school. The places are funded in the same way as all the other places at the school and the children receive the same service and benefits as other children.

Aggregate donations from related parties were Nil (2024: £Nil)

13. Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

29

German School Association Limited

Notes to the financial statements

For the year ended 31 August 2025

14. Tangible fixed assets

The Group
Cost
At the start of the year
Addition through business acquistion
Additions in year
Transfers in / (out) during year
At the end of the year
Depreciation
At the start of the year
Additions through acquisition
Charge for the year
At the end of the year
Net book value
At the end of the year
At the start of the year		 Leasehold
Property
£
23,010,344
1,600,000
173,473
117,953		 Assets in
Progress
£
61,237
-
263,643
(117,953)		 Furniture and
Equipment
£
595,801
44,670
68,769
-		 Computer
Equipment
£
92,870
-
12,190
-		 Total
£
23,760,252
1,644,670
518,075
-
24,901,771 206,926 709,240 105,060 25,922,997
7,189,295
-
1,001,904		 -
-
-		 573,574
43,419
13,789		 60,769
-
16,195		 7,823,638
43,419
1,031,888
8,191,199 - 630,782 76,964 8,898,945
16,710,572 206,927 78,459 28,096 17,024,052
15,821,049 61,237 22,227 32,101 15,936,613
The Charity
Cost
At the start of the year
Additions in year
Transfers in / (out) during year
At the end of the year
Depreciation
At the start of the year
Charge for the year
At the end of the year
Net book value
At the end of the year
At the start of the year		 Leasehold
Property
£
23,010,344
173,473
117,953		 Assets in
Progress
£
61,237
263,643
(117,953)		 Furniture and
Equipment
£
595,801
68,769
-		 Computer
Equipment
£
92,870
12,190
-		 Total
£
23,760,251
518,075
-
23,301,771 206,926 664,570 105,060 24,278,327
7,189,295
1,001,904		 -
-		 573,574
12,537		 60,769
16,195		 7,823,638
1,030,637
8,191,199 - 586,111 76,964 8,854,275
15,110,572 206,926 78,459 28,096 15,424,053
15,821,049 61,237 22,227 32,101 15,936,613

30

German School Association Limited

Notes to the financial statements

For the year ended 31 August 2025

15. Managed Longterm Investments

Managed Longterm Investments
Fair value at the start of the year
Additions at cost
Disposal proceeds
Net gain on change in fair value
Investments are made up of units held in a managed fund.
Investment in subsidiary
Opening balance
Acquisition in the year
Closing balance		 2025
2024
1,207,531
1,039,713
-
-
-
-
114,777
167,818
The Group		 2025
2024
£
£
1,207,531
1,039,713
-
-
-
-
114,777
167,818
The Charity
1,322,308 1,207,531 1,322,308 1,207,531
2025
2024
-
-
-
-
The Group		 2025
2024
-
-
1,583,841
-
The Charity
- 1,583,841 -

16. Investment in subsidiary

31

German School Association Limited

Notes to the financial statements

For the year ended 31 August 2025

16a. Subsidiary undertaking

On 31 March 2025, the charity acquired the whole of the issued ordinary share capital of Sudbrook School Limited, a company registered in England. The company number is 05160888. The registered office address is Douglas House, Petersham Road, Richmond, England, TW10 7AH.

The subsidiary is used for providing nursery and education services to 2 -4 year olds. All activities have been consolidated on a line by line basis in the statement of financial activities. Available profits will be distrbuted under Gift Aid to the parent charity.

The German School as a corporate director, and the Commercial Director are the directors of the subsidiary.

A summary of the results of the subsidiary is shown below:

Management charge payable to parent undertaking
Reserves
(Loss)/profit for the financial year
Liabilities and equity
(Loss)/profit on ordinary activities before interest and taxation
Interest payable
(Loss)/profit on ordinary activities before
Retained earnings
Total retained earnings brought forward
Total retained earnings carried forward
The aggregate of the assets, liabilities and
Assets
Taxation on profit on ordinary activities
(Loss)/profit for the financial year
Turnover
Cost of sales
Gross profit
Administrative expenses
Other operating income		 13 months to
31 August 2025
£
188,428
(145,745)		 12 months to
31 July 2024
(unaudited)
£
267,219
(4,881)
42,683
(123,645)
(7,500)
28,562		 262,338
(202,042)
-
27,806
(59,900)
(40,156)		 88,102
(60,444)
(100,056)
-		 27,658
(6,099)
(100,056) 21,559
291,525
(100,056)		 269,966
21,559
191,469 291,525
1,114,377
(922,907)		 1,066,663
(775,138)
191,469 291,525

Amounts owed to the parent undertaking are shown in note 18.

Included within administrative expenses above is a management charge of £7,500 from the parent entity. There were no other charges or income with the parent company in the year.

32

German School Association Limited

Notes to the financial statements

For the year ended 31 August 2025

16b. Subsidiary undertaking results since acquisition

A summary of the results of the subsidiary for the period from 1 April - 31 August 2025, which has been included in these consolidated accounts, is as follows.

accounts, is as follows.
Cost of sales
Administrative expenses
Turnover
Loss for the period		 1 April - 31
August 2025
£
92,513
(57,854)
(97,595)
(62,936)

17. Parent charity

The parent charity's gross income and the results for the year are disclosed as follows:

18.
Debtors
Prepayments
Other Debtors - Interest accrued
Amounts due from group undertakings
German Government Grant due
Gross income
Result for the year
Pupils' accounts: fees, extras and recharges		 2025
2024
£
£
162,180
29,460
365,872
227,831
73,484
125,145
-
-
70,268
71,873
The Group		 2025
2024
£
£
162,180
29,460
365,872
227,831
73,484
125,145
-
-
70,268
71,873
The Group		 2025
£
14,334,101
80,148		 2024
£
13,658,657
746,154
2025
2024
£
£
152,693
29,460
365,872
227,831
73,484
125,145
20,000
-
70,268
71,873
The Charity
671,804 454,309 682,317 454,309

33

German School Association Limited

Notes to the financial statements

For the year ended 31 August 2025

19.
Creditors: amounts falling due within one year
Trade creditors
Fees received in advance
Security deposits
VAT
Social security and other taxes
Accruals
Other creditors
Sudbrook completion monies		 2025
2024
£
£
611,270
699,396
3,417,772
4,786,899
3,029,475
3,058,958
647,098
-
302,165
151,605
267,651
349,640
180,557
162,856
70,272
-
The Group		 2025
2024
£
£
611,270
699,396
3,417,772
4,786,899
3,029,475
3,058,958
647,098
-
302,165
151,605
267,651
349,640
180,557
162,856
70,272
-
The Group		 2025
2024
£
£
597,520
699,396
3,339,529
4,786,899
3,017,975
3,058,958
647,098
-
299,025
151,605
247,701
349,640
179,676
162,856
70,272
-
The Charity		 2025
2024
£
£
597,520
699,396
3,339,529
4,786,899
3,017,975
3,058,958
647,098
-
299,025
151,605
247,701
349,640
179,676
162,856
70,272
-
The Charity
8,526,259 9,209,354 8,398,795 9,209,354

Deferred income comprises of fees which are received in advance for the next academic year.

Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year		 2025
2024
£
£
4,786,899
3,603,558
(4,786,899)
(3,603,558)
3,417,772
4,786,899
The Group		 2025
2024
£
£
4,786,899
3,603,558
(4,786,899)
(3,603,558)
3,417,772
4,786,899
The Group		 2025
2024
£
£
4,786,899
3,603,558
(4,786,899)
(3,603,558)
3,339,529
4,786,899
The Charity		 2025
2024
£
£
4,786,899
3,603,558
(4,786,899)
(3,603,558)
3,339,529
4,786,899
The Charity
3,417,772 4,786,899 3,339,529 4,786,899

20. Pension scheme

The German School Association currently contributes to personal pension plans. The assets of the scheme are in a fund independent from those of the charitable company.

21a. Analysis of group net assets between funds (current year)

Tangible fixed assets
Managed Longterm Investments
School Accessibility Fund
Current assets
Current liabilities
Net assets at the end of the year		 Restricted
funds
£
7,095,903
-
-
-
-		 Designated
funds
£
1,198,174
-
242,500
813,855
-		 General funds
£
8,729,975
1,322,308
-
6,116,798
(8,768,759)		 Total funds
£
17,024,052
1,322,308
242,500
6,930,653
(8,768,759)
7,095,903 2,254,529 7,400,322 16,750,754

34

German School Association Limited

Notes to the financial statements

For the year ended 31 August 2025

21b Analysis of group net assets between funds (prior year)

Analysis of group net assets between funds (prior year)
Tangible fixed assets
Managed Longterm Investments
Current assets
Current liabilities
Net assets at the end of the year
School Accessibility Fund		 Restricted
funds
£
7,585,613
-
-
-
-		 Designated
funds
£
1,293,681
-
104,500
635,382
-		 General funds
£
7,057,319
1,207,531
-
8,159,659
(9,313,853)		 Total funds
£
15,936,613
1,207,531
104,500
8,795,041
(9,313,853)
7,585,613 2,033,563 7,110,656 16,729,832

22a Movements in funds (current year)

Movements in funds (current year)
Restricted funds
Swiss Parents Association
German Government Grant
Total restricted funds
Unrestricted funds
Designated funds:
Capital Project Fund
School Accessibility Fund
Main Building Renovation/Extension
Sports hall asset fund
Total designated funds
General funds
Total funds
Total unrestricted funds		 At the start of
the year
£
-
7,585,613		 Incoming
resources &
gains
£
26,599
-		 Outgoing
resources &
losses
£
(26,599)
(489,710)		 Transfers
-
-		 At the end of
the year
£
-
7,095,903
7,585,613 26,599 (516,309) - 7,095,903
635,382
104,500
712,824
580,857		 178,473
-
-
-		 -
-
(71,878)
(23,629)		 -
138,000
-
-		 813,855
242,500
640,946
557,228
2,033,563
7,110,656		 178,473
14,336,319		 (95,507)
(13,908,653)		 138,000
(138,000)		 2,254,529
7,400,323
9,144,219 14,514,792 (14,004,160) - 9,654,851
16,729,832 14,541,392 (14,520,469) - 16,750,754

The narrative to explain the purpose of each fund is given at the foot of the note below.

35

German School Association Limited

Notes to the financial statements

For the year ended 31 August 2025

22b Movements in funds (prior year)


Restricted funds
Swiss Parents Association
German Government Grant
Total restricted funds
Unrestricted funds
Designated funds:
Capital Project Fund
Main Building Rennovation/Extension
Sports hall asset fund
Total designated funds
General funds
Total unrestricted funds
Total funds
Other Donations
School Accesibility Fund		 At the start of
the year
£
-
-
8,075,322		 Incoming
resources &
gains
£
-
10,000
-		 Outgoing
resources &
losses
£
-
(10,000)
(489,709)		 Transfers
-
-
-		 At the end of
the year
£
-
-
7,585,613
8,075,322 10,000 (499,709) - 7,585,613
426,632
-
784,702
604,486		 208,750
-
-
-		 -
-
(71,878)
(23,629)		 -
104,500
-
-		 635,382
104,500
712,824
580,857
1,815,820
6,092,536		 208,750
13,607,724		 (95,507)
(12,485,104)		 104,500
(104,500)		 2,033,563
7,110,656
7,908,356 13,816,474 (12,580,611) - 9,144,219
15,983,678 13,826,474 (13,080,321) - 16,729,832

Purposes of restricted funds - As per the listing above.

Swiss Parents Association - This relates to funds contributed towards the employment of a Swiss teacher

German Government Grant - This relates to the contribution received towards the building of the sports hall and refurbishment of the main building.

Purposes of designated funds

Capital project fund - this represents money raised through the development levy which is designated towards future capital projects for upkeep and expansion of the school.

Sports hall & Main Building asset fund - represents the contribution towards the construction of these assets from unrestricted funds.

School Accessibility Fund - A newly established Fund whose purpose is to maintain accessibility for all students through scholarships and by supporting special abilities of students:

  1. Scholarships: The Accessibility Fund’s primary objective is to provide financial assistance to children who are unable to afford school fees.

  2. Special Abilities: The Accessibility Fund aims to identify and support students who demonstrate exceptional talents, skills or special needs. Dedicated scholarships and tailored support mechanisms can be funded by the Accessibility Fund to foster the development of these unique abilities.

The Accessibility Fund is a capital preservation fund, using capital gains and income generated to support its purpose.

36

German School Association Limited

Notes to the financial statements

For the year ended 31 August 2025

23. Reconciliation of net incoming resources to net cash flow from operating activities

Reconciliation of net incoming resources to net cash flow from operating activities
Net (expenditure) / income for the reporting period
(as per the statement of financial activities)
Investment income
Interest paid
(Increase) in debtors
Decrease / (increase) in stock
(Decrease) / increase in creditors
Depreciation
Net cash (used in) / provided by operating activities		 2025
£
(93,855)
(235,503)
-
(217,495)
13,682
(683,095)
1,031,888		 2024
£
578,335
(341,645)
6,828
(163,053)
(14,078)
1,444,190
876,805
(184,377) 2,387,382

24. Operating lease commitments

The charity's total future minimum lease payments under non-cancellable operating leases is as follows , for each of the following

Less than one year
1 - 5 years		 2025
2024
£
£
11,678
23,815
-
11,678
Equipment		 2025
2024
£
£
11,678
23,815
-
11,678
Equipment
11,678 35,493

25. Capital commitments

As at the balance sheet date the charity had capital £nil (2024: £144,673) relating to Forum/Seminar space project.

26. Legal status of the charity

The charity is a company limited by guarantee , incorporated in England and Wales, and has no share capital. The liability of each member in the event of winding up is limited to £1.

37