OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← Dania School Ltd

2023-08-31-accounts

Charity registration number 1153166

Company registration number 08155547 (England and Wales)

LONDON SCANDINAVIAN SCHOOL LTD

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

LONDON SCANDINAVIAN SCHOOL LTD

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Mr A H Kahn Mr P K Melbye Mr C J H Seidenfaden Ms E Bridges Mr Alexander Mathewson

Governors Anne Marie Hathcock (parent governor) Børge Andreassen (governor) Jeanette Steinbeck (governor) Dr Trevor Richards (governor) Carsten Jensen (governor) (appointed 1 April 2023) Sergiusz Bleja (parent governor) (resigned 1 November 2022) Erika Ewers (parent governor) (appointed 19 November 2023) Janus Magnussen (parent governor) (appointed 19 November 2023) Steve Nye (parent governor) (appointed 19 November 2023) Charity number 1153166 Company number 08155547 Registered office Curran House 3 Highbury Crescent London N5 1RN Independent examiner Bridget Culverwell First Floor 73-75 High Street Stevenage Hertfordshire SG1 3HR Bankers Barclays Bank 403 Holloway Road London N7 6HL

LONDON SCANDINAVIAN SCHOOL LTD

CONTENTS

Page
Trustees' report 1 - 6
Statement of trustees' responsibilities 7
Independent examiner's report 8
Statement of financial activities 9
Balance sheet 10
Notes to the financial statements 11 - 19

LONDON SCANDINAVIAN SCHOOL LTD

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 AUGUST 2023

The trustees present their report and the unaudited financial statements for the year ended 31 August 2023 which have been prepared in accordance with the Accounting and Reporting by Charities Statement of Recommended Practice issued by the Charity Commission in July 2015, the Memorandum and Articles of Association of the Company and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102.

The trustees confirm that the Charity Commission’s general guidance on public benefit has been considered in relation to the objectives of the Charity to advance education. The report sets out these aims and objectives and describes how they have been met in the current year.

Objectives and activities

Our Aims

The objectives of the School are the advancement of education (including social and physical) of boys and girls in a multicultural environment with a Scandinavian focus, and in particular to maintain a day school in Islington, London.

We aim to provide a first class education to boys and girls from the ages of 2-8. We seek to provide an educational environment that develops our pupils’ capabilities, competencies and skills. We aim to promote multilingual and multicultural education. We promote the academic, moral and physical development of our pupils through our academic curriculum, pastoral care, sporting and other activities. We provide an educational environment where each student can develop and fulfil their potential, building their self-confidence and inculcating a desire to contribute to the wider community. In doing so, we prepare our pupils for the opportunities, responsibilities and experience of later life.

Our Objectives

Our objectives are set to reflect our educational aims and the ethos of the School. It is important to us that we maintain and enhance the academic success of the School. This objective is, however, set in the context of the broader goals we set for the School and its pupils.

In setting our objectives and planning our activities our Governors have given careful consideration to the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and on fee-charging. Our key objectives for the period included:

LONDON SCANDINAVIAN SCHOOL LTD

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Our Ethos, Strategy and Policies

Our Governors are responsible for setting a strategy for achieving the objectives they have set. The focus of our strategy is on the development of our pupils, their continued high levels of academic and co-curricular achievement and to further widen access to the education our School provides. In taking forward our strategy we:

Our Ethos: A Caring School Serving Our Local Community and Society

London Scandinavian School is a registered charity which seeks to benefit the public through the pursuit of its stated aims. Our fees are set at a level to ensure the financial viability of the School and at a level that is consistent with our aim of providing a first class education to boys and girls.

Our School welcomes pupils from all backgrounds, both British and Scandinavian children in particular will benefit from the School’s multicultural approach. To admit a prospective pupil we need to be satisfied that our School will be able to educate and develop a prospective pupil to the best of their potential and in line with the general standards achieved by their peers. An individual’s economic status, gender, ethnicity, race, religion or disability do not form part of our assessment processes.

We are an equal opportunity organisation and are committed to a working environment that is free from any form of discrimination on the grounds of colour, race, ethnicity, religion, sex, sexual orientation or disability. We will make reasonable adjustments to meet the needs of staff or pupils who are or become disabled.

Our School is committed to safeguarding and promoting the welfare of our pupils and expects all staff and volunteers to share this commitment. Parents are given regular information about their children’s social and academic progress through parent evenings in addition to the traditional end of term and year reports. We maintain regular contact with parents throughout the year through informal contacts and through our newsletter. We have vigorous safeguarding procedures in place, and we work closely with Islington Council to ensure new regulations are immediately integrated into our policies and staff training.

Access Policy

It is important to us that access to the education we offer is not restricted to those who can afford our fees. We believe our pupils benefit from learning within a diverse community. A great deal of learning occurs through social interaction, conversation and shared experiences which helps our pupils develop an understanding of the perspectives of other people that will be vital in their adult lives. Our bursary policy contributes to a widening of access to the education we offer and the facilities we enjoy. Our policy states 10% of any surplus must fund bursaries. In years of no financial surplus we aim for 10% of the cohort to receive some kind of financial support through bursaries.

LONDON SCANDINAVIAN SCHOOL LTD

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Bursary Policy

The Governors’ view our bursary awards as important in helping to ensure children from families who would otherwise not be able to afford the fees can access the education we offer. Our bursary awards are available to all who meet our general entry requirements and are made solely on the basis of parental means or to relieve hardship where a pupil’s education and future prospects would otherwise be at risk - for example in the case of redundancy. In assessing means we take a number of factors into consideration including family income, investments and savings and family circumstances for example dependent relatives and the number of siblings. However, our School does not yet have an endowment and in funding our awards we have to be mindful that we must ensure a balance between fee-paying parents, many of whom make considerable personal sacrifices to fund their child’s education, and those benefiting from the awards.

The bursary awards range from 25-50% remission of fees. Information about fee assistance through bursaries is provided to all applying to the School. The success of our bursary scheme is explained in our review of the activities and achievements section of this report. Details of bursary awards are also set out in the accounts.

Fundraising Standards

During the 2022/2023 school year our active fundraising activities included a campaign targeting private donors. Finders International Ltd, made total donations of £65,000 to the school, and £250 was raised in donations from parents. In all matters related to fundraising and donations, London Scandinavian School abides by the Code of Fundraising Practice published by the Institute of Fundraising.

Achievements and performance

Review of the Activities and Achievements

London Scandinavian School opened on 1 September 2013 and welcomed its first pupils at the start of the academic year on 11 September 2013. Pupil numbers were 27 at the term-end of August 2023.

Our fees for the current year before the deduction of any means assisted bursaries were:

LONDON SCANDINAVIAN SCHOOL LTD

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Details of Bursary and Scholarship Awards – Policy into Practice

Bursaries

During the academic year to 31 August 2023 no bursary applications were received or awarded. This is below our target to offer 10% of our school places with bursary remissions. We are now pursuing a plan of proactively soliciting bursary admissions.

Review

The Governors review our Bursary and Scholarship Awards policies annually to ensure that able children can accept offers of places at our School through the availability of means tested fee assistance. Our policy is designed to widen access to our School. We anticipate this review will help inform the development of our policy and help ensure the objective of wider access continues to be achieved.

Community Service

The School’s After-School-Club is open to the wider community and attracts children from other schools. Additionally we have regular events open to the wider community such as a Summer Party and Sports Day.

Financial review

Our Finances

The financial statements show a net deficit for the period on School activities of £37,381 (2022: deficit of £64,279). Fee income is the principal source of income contributing £407,867 (2022: £312,001).

Total funds at the year end show a net deficit of £93,387 (2022: deficit £56,006). Our pupil numbers remained stable through the school year but failed to grow from the previous year. We continue the focus to recover our pupil numbers and hope to return to surplus in future years.

As a charity the parents of our pupils have the assurance that all the income of the School must be applied for educational purposes. As an educational charity we enjoy tax exemption on our educational activities and on our investment income and gains provided these are applied for our charitable aims. As a charity we are also entitled to an 80% reduction on our business rates on the property we occupy for our charitable purposes. The financial benefits we receive from these tax exemptions are all applied for educational purposes and indirectly help us to maintain our bursary policies and ‘teaching link’ programme.

However, as an educational charity, we are unable to reclaim VAT input tax on our costs as we are exempt for VAT purposes. We also pay tax as an employer through the national insurance contributions we make. In addition to the very substantial benefits our School brings to our pupils, the local community and society through the education we offer, our bursary programme creates a social asset without cost to the Exchequer.

Reserves and Financial Health

The Governors regularly review the finances, budgets and spend against budget (together with a monthly cash flow analysis) as part of the effective stewardship of the School. Capital and Reserves at the year end stood at a negative £93,387 (2022: £56,006) reflecting the challenges encountered by this new school. The ongoing financial strength of the business will be dependent on increasing pupil numbers.

LONDON SCANDINAVIAN SCHOOL LTD

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Risk Management

The Governors are responsible for the overseeing of the risks faced by the School. Detailed considerations of risks are delegated to the Senior Management of the School. Risks are identified, assessed and controls established throughout the year. A formal review of the charity’s risk management processes is undertaken on an annual basis. Risk is managed under the headings of financial sustainability, school safety, student welfare, employment, school trips and events and community access. Through the risk management processes established for the School, the Governors are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

Plans for future periods Future Plans

London Scandinavian School’s main growth priority is the addition of new pupils in order to bring the School to a position of financial strength. Our goal is to exceed 30 children at the start of the 2023/2024 school year. Further growth is likely as the school develops a reputation for quality and marketing strategies increase recognition.

The Governors intend to continue their current strategies of maintaining the School’s position in a competitive market by investing to provide high quality education for our pupils. Achieving a high standard of academic results is a constant aim whilst maintaining the breadth and depth of the education provided. The Headteacher and senior staff continue to review the curriculum to ensure that the educational qualifications remain appropriate for our pupils’ development.

Structure, governance and management

The charity is a company limited by guarantee governed by its Memorandum and Articles of Association.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr A H Kahn Mr P K Melbye Mr C J H Seidenfaden Ms E Bridges Mr Alexander Mathewson

Governor Recruitment and Training

The Governing body requires breadth and depth of experience to carry out its duties effectively and efficiently. When recruiting new Trustees and Governors the important attribute is a passion for the work of our School and an understanding of education as a holistic and rounded experience of personal growth. We advertise locally and through our connections for new Governors. We also invite senior Anglo-Scandinavian business people to consider joining our board. Where possible the Governors consider that the skills and experience of the Board should comprise the following:

The results for the year and the financial position at the year-end were considered satisfactory by the trustees.

LONDON SCANDINAVIAN SCHOOL LTD

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

The Governors, amongst whom four are also the charity trustees, are responsible for the overall management and control of London Scandinavian School Ltd and meet a minimum of eight times a year. The Governors work under the chairmanship of Peter Melbye, Trustee and Chair of the Board. Emily Bridges is responsible for overseeing the financial management of the school.

All trustees give of their time freely and no remuneration or expenses were paid in the period, with the exception of Emily Bridges who receives fees for her work on the board of governors. Aside from this, no Governor or person connected with a Governor received any benefit from either means tested bursaries or scholarships awarded to our pupils.

Organisational Management

The Governors determine the general policy of the School. The day to day running of the School is delegated to the Head, supported by senior staff. The Headmaster undertakes the key leadership role overseeing educational, pastoral and administrative functions in consultation with the senior staff.

The day to day administration of the School is undertaken within the policies and procedures approved by the Governors, which provide for only significant expenditure decisions and major capital projects to be referred to the Governors for prior approval.

The Headteacher oversees the recruitment of all educational staff, administrative and non-teaching support staff. The Head is invited to attend Governors’ meetings.

The trustees' report was approved by the Board of Trustees.

.............................. Mr P K Melbye

28 May 2024 Date: .............................................

LONDON SCANDINAVIAN SCHOOL LTD

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 AUGUST 2023

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

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

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Trustees

Mr Alex H Kahn Mr Peter K Melbye Mr Christopher J Hedegaard Ms Emily Bridges Mr Alexander Mathewson

Governors

Anne Marie Hathcock Sergiusz Bleja (resigned 1 November 2023) Børge Andreassen Jeanette Steinbeck Dr. Trevor Richards Carsten Jensen (appointed 1 April 2023) Erika Ewers (appointed 19 November 2023) Janus Magnussen (appointed 19 November 2023) Steve Nye (appointed 19 November 2023)

Small Companies Exemption

This above report was prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

LONDON SCANDINAVIAN SCHOOL LTD

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF LONDON SCANDINAVIAN SCHOOL LTD

I report to the trustees on my examination of the financial statements of London Scandinavian School Ltd (the charity) for the year ended 31 August 2023.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) (amended 2022). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act (amended 2022).

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act (amended 2022). I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

B M Culverwell

Bridget Culverwell Bridget (May 29, 2024, 2:34pm) Independent Examiner First Floor 73-75 High Street Stevenage Hertfordshire SG1 3HR

Dated: .........................29 May 2024

LONDON SCANDINAVIAN SCHOOL LTD

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2023

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2023 2022
Notes £ £
Income and endowments from:
Donations and legacies 2 65,751 40,442
Charitable activities 3 435,557 346,078
Other income 4 3,120 2,175
Total income 504,428 388,695
Expenditure on:
Charitable activities
Education costs 5 379,986 304,441
Premises costs 5 111,954 69,890
Admin costs 5 45,268 76,465
Total charitable expenditure 537,208 450,796
Other 9 4,601 2,178
Total expenditure 541,809 452,974
Net expenditure for the year/
Net movement in funds (37,381) (64,279)
Fund balances at 1 September 2022 (56,006) 8,273
Fund balances at 31 August 2023 (93,387) (56,006)

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

LONDON SCANDINAVIAN SCHOOL LTD

BALANCE SHEET

AS AT 31 AUGUST 2023

2023
2022
Notes
£
£
£
Fixed assets
Tangible assets
10
25,461
Current assets
Debtors
11
11,453
10,711
Cash at bank and in hand
49,364
27,059
60,817
37,770
Creditors: amounts falling due within
one year
13
(179,665)
(127,194)
Net current liabilities
(118,848)
Total assets less current liabilities
(93,387)
Income funds
Unrestricted funds
(93,387)
(93,387)		 £
33,418
(89,424)
(56,006)
(56,006)
(56,006)

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2023.

The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

28 May 2024

The financial statements were approved by the Trustees on .........................

==> picture [106 x 31] intentionally omitted <==

.............................. Mr P K Melbye Trustee

Company registration number 08155547

LONDON SCANDINAVIAN SCHOOL LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

Charity information

London Scandinavian School Ltd is a private company limited by guarantee incorporated in England & Wales, company number 08155547. The registered office is Curran House, 3 Highbury Crescent, London, N5 1RN.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "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) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. There were no restricted funds in the period.

1.4 Income

Income, including government grants, is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

LONDON SCANDINAVIAN SCHOOL LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

Expenditure, including staff costs, is included in the accounts on an accruals basis and has been classified under headings that aggregate all costs relating to that category. The irrecoverable VAT is included with the item of expenditure to which it relates.

When expenditure cannot be directly attributed to specific activities, it is apportioned on the basis of the estimated time spent by staff on those activities.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 20% on cost Computer equipment 20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

LONDON SCANDINAVIAN SCHOOL LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12 Fundraising Standards

In all matters related to fundraising and donations, London Scandinavian School Ltd abides by the Code of Fundraising Practice published by the Institute of Fundraising.

2 Donations and legacies

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Donations and gifts 65,751 40,442

LONDON SCANDINAVIAN SCHOOL LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

3 Charitable activities

Fee income
After school and holiday clubs
Other income		 2023
£
407,867
(77)
27,767
435,557		 2022
£
312,001
4,824
29,253
346,078

4 Other income

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Other income 3,120 2,175

LONDON SCANDINAVIAN SCHOOL LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

5 Charitable activities

Education
costs
Premises
costs
Admin costs
2023
2023
2023
£
£
£
Staff costs
334,093
-
-
Depreciation and impairment
10,806
-
-
Equipment
-
15,266
-
Books and consumables
4,129
-
-
School meals
19,334
-
-
School trips
5,135
-
-
Staff welfare
1,714
-
-
Rent
-
66,879
-
General rates
4,775
-
-
Cleaning
-
20,736
-
Repairs and maintenance
-
9,073
-
Advertising
-
-
9,803
Subscriptions
-
-
2,005
Travelling
-
-
71
Printing and stationery
-
-
803
Telephone and fax
-
-
1,042
Computer and software
-
-
772
Insurance
-
-
12,837
Courses/training
-
-
2,649
Sundry expenses
-
-
612
Bank charges
-
-
2,225
Entertaining
-
-
559
Bad debts written off
-
-
-
379,986
111,954
33,378
Share of governance costs (see note 6)
-
-
11,890
379,986
111,954
45,268		 Total
2023
Education
costs
Premises
costs
Admin costs
2022
2022
2022
£
£
£
£
334,093
267,219
-
-
10,806
10,803
-
-
15,266
-
4,372
-
4,129
6,326
-
-
19,334
7,007
-
-
5,135
1,110
-
-
1,714
4,978
-
-
66,879
-
31,089
-
4,775
6,998
-
-
20,736
-
22,939
-
9,073
-
11,490
-
9,803
-
-
23,294
2,005
-
-
2,135
71
-
-
36
803
-
-
886
1,042
-
-
2,358
772
-
-
3,559
12,837
-
-
6,717
2,649
-
-
2,100
612
-
-
4,608
2,225
-
-
2,043
559
-
-
835
-
-
-
6,363
525,318
304,441
69,890
54,934
11,890
-
-
21,531
537,208
304,441
69,890
76,465		 Total
2022
£
267,219
10,803
4,372
6,326
7,007
1,110
4,978
31,089
6,998
22,939
11,490
23,294
2,135
36
886
2,358
3,559
6,717
2,100
4,608
2,043
835
6,363
429,265
21,531
450,796

LONDON SCANDINAVIAN SCHOOL LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

6 Support and governance costs

Legal and professional
Independent examiner fee
Accountancy fees
Allocated to:
Charitable activities		 Support
costs
Governance
costs
£
£
-
2,147
-
1,982
-
7,761
-
11,890
-
11,890		 2023Support costs Governance
costs
£
£
£
2,147
-
12,525
1,982
-
1,756
7,761
-
7,250
11,890
-
21,531
11,890
-
21,531		 2022
£
12,525
1,756
7,250
21,531
21,531

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration, reimbursement of expenses or benefits from the charity during the year.

8 Employees

The average monthly number of employees during the year was:

Teaching and support staff
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2023
Number
11
2023
£
308,054
20,354
5,685
334,093		 2022
Number
12
2022
£
248,989
14,327
3,903
267,219

There were no employees whose annual remuneration was more than £60,000.

9 Other

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Financing costs 4,601 2,178

LONDON SCANDINAVIAN SCHOOL LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

10
Tangible fixed assets
Fixtures and
fittings
Computer
equipment
£
£
Cost
At 1 September 2022
47,559
26,585
Additions
2,847
-
At 31 August 2023
50,406
26,585
Depreciation and impairment
At 1 September 2022
24,189
16,536
Depreciation charged in the year
6,829
3,976
At 31 August 2023
31,018
20,512
Carrying amount
At 31 August 2023
19,388
6,073
At 31 August 2022
23,370
10,048
11
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
8,755
Other debtors
2,423
Prepayments and accrued income
275
11,453
12
Loans and overdrafts
2023
£
Bank loans
61,779
Payable within one year
61,779		 Total
£
74,144
2,847
76,991
40,725
10,805
51,530
25,461
33,418
2022
£
10,061
150
500
10,711
2022
£
57,178
57,178

On 1 September 2021, London Scandinavian School Ltd received a £55,000 loan from the Melbye family, a related party of the school. During the year, interest of £4,601 (2022- £2,178) was charged on the loan.

LONDON SCANDINAVIAN SCHOOL LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

13 Creditors: amounts falling due within one year

Notes
Bank loans
12
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2023
£
61,779
29,248
30,150
52,892
5,596
179,665		 2022
£
57,178
3,959
17,761
42,846
5,450
127,194

14 Government grants

Included within Summer school, after school and grant income is the London Borough Council of Islington National Education Grant of £27,767 (2022: £29,253) which was wholly utilised in the period.

Deferred income is included in the financial statements as follows:

There were no movements in the year.

15 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted
Unrestricted
funds funds
2023 2022
£ £
Fund balances at 31 August 2023 are represented by:
Tangible assets 25,461 33,418
Current assets/(liabilities) (118,848) (89,424)
(93,387) (56,006)

16 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2023
£
92,483
184,966
277,449		 2022
£
77,069
277,449
354,518

LONDON SCANDINAVIAN SCHOOL LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

17 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel was as follows.

2023 2022
£ £
Aggregate compensation 59,807 45,511

Transactions with related parties

During the year the charity entered into the following transactions with related parties:

Re:accounts Limited is related to the charity as it is controlled by Ms E Bridges, who served as a governor during the year. The total amount charged by Re:accounts Limited during the year for accountancy services provided to the charity was £7,760.70 inclusive of irrecoverable VAT.