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2020-12-31-accounts

Company registration number: 08809420 Charity registration number: 1155762

THE SWEDISH CHURCH IN LONDON LIMITED

(A COMPANY LIMITED BY GUARANTEE)

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

THE SWEDISH CHURCH IN LONDON LIMITED

CONTENTS
Reference and Administrative Details 1
Trustees Report 2 to 8
Statement of Trustees' Responsibilities 9
Independent Auditors' Report 10 to 13
Consolidated Statement of Financial Activities 14 to 15
Consolidated Balance Sheet 16
Balance Sheet 17
Consolidated Statement of Cash Flows 18
Notes to the Financial Statements 19 to 35

THE SWEDISH CHURCH IN LONDON LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS

Chair Madelaine Roysdotter Mason
Trustees Madelaine Roysdotter Mason
Katarina Maria Backelin
Johan Pehr Eric Auren
Per Anders Jonsson
Linda Maria Peanberg King
Mike Olov Christopherson
Christian Lars Bjarnam
Per Olof Emanuelsson
Principal Office 6 Harcourt Street
London
W1H 4AG
Registered Office 6 Harcourt Street
London
W1H 4AG
Company Registration Number 08809420
Church Registration Number 1155762
Solicitors Bates Wells & Braithwaite
2-6 Cannon Street
London
EC4M 6YH
Bankers SEB Bank
2 Cannon Street
London
EC4M 6XX
Auditor Harmer Slater Limited
Statutory Auditor
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

Page 1

THE SWEDISH CHURCH IN LONDON LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 December 2020.

Governing documentation and constitution

Ulrika Eleonora Swedish Parish in London, alos known as The Swedish Church in London Ltd, was established in 1710. The Swedish Seamen’s Church (established in 1899) has been an integral part of the Swedish Church in London since 1994. The property on 120 Lower Road was owned by a separate unregistered charitable trust and sold on 8th April 2015. The unregistered charity has been liquidated.

The Swedish Church in London is registered under the Places of Worship Act 1885: 19984 29/71911. Its address is 6 Harcourt Street, London W1H 4AG. The proprietor of the property at 6-11 Harcourt Street is the Official Custodian for Charities on behalf of The Swedish Church in London.

The present Articles of Association of The Swedish Church in London were adopted on 15th December 2013 and came into force from 1st January 2014 when the company limited by guarantee became operational. The Articles include information on the relationship between The Swedish Church in London and its Bishop (of Visby) as well as the Board for Church of Sweden Abroad (SKUT), an organisation under the General Synod of the Church of Sweden and its offices at Church House, SE7 5170 Uppsala, Sweden.

The Swedish Church in London is acompany limited by guarantee which registered as a charity on 12 February 2014, no.1155762 in England. The charitable objects of the parish are:

Public benefit

The Trustees confirm that they had due regard to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities. The Trustees consider that the charity has complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

Trustees

Madelaine Roysdotter Mason Katarina Maria Backelin Johan Pehr Eric Auren Per Anders Jonsson Linda Maria Peanberg King Mike Olov Christopherson Christian Lars Bjarnam Per Olof Emanuelsson

Trustees do not receive remuneration or benefits from the charity in relation to their role as Trustees.

Page 2

THE SWEDISH CHURCH IN LONDON LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

STRUCTURE, GOVERNANCE & MANAGEMENT

Nature of governing document

A group of Trustees, elected by the Members, govern the Church.

The Trustees meet at least five times a year. Trustees are responsible for financial matters within a budget decided upon by the Church Member Meeting.

In May, the Church Member Annual Meeting is held to make decisions on matters such as the level of annual church fees, appointment of auditors and election of Trustees and Nomination Committee. The Church Member Meeting adopts financial statements and annual reports.

Members of The Swedish Church in London congregation are those who have paid a member fee. The Trustees may accept applications for membership from non-Swedish Christians. The electoral roll comprises all members having paid the annual Church subscription or are lifetime members.

Staff

During 2020, there were 12-13 staff, both full-time and part-time, working in the Swedish Church in London. Three of them are seconded from Sweden and paid for by the Church of Sweden. Two volunteers from Sweden are supporting the team. The communications officer left for Sweden in February. The Chaplain left for a new posting in Sweden in August and an interim chaplain was here during the Autumn.

The COVID Pandemic

The year was very much affected by the pandemic. The church closed in mid-March and three staff was full timed furloughed through the government furlough scheme. In mid-August we opened up the church until the second lockdown in November. This also stopped the planning for the annual Christmas Market. In December we managed to have an alternative Christmas market and downsized Lucia celebrations. The big celebration in Westminster Cathedral was cancelled. Services was streamed on-line from mid-March and onwards. This showed that more parishioners could join the Sunday service, even when the church was open for services. What is written here is what we aimed for, and how it all turned out. The pandemic interfered with our work, and we learned new ways of reaching out to our parishioners in our congregation. The church building was shut for a big part of the year. The recommendations of the government also asked people to stay home. Not only the pandemic, but also the introduced congestion charge on weekends affects the church.

Key management personnel

Rector Katarina Bäckelin joined us in October 2019. She served as Chaplain in our congregation 1997 - 2004 and she is our first female rector since 1710, when the Swedish Church in London was started. The Articles consider the Rector to be the key management personnel of the charity. The Rector is employed by the Swedish Church Abroad (SKUT), and is deployed to the Swedish Church in London for five years.

Principal risks and uncertainties

Risk assessment process

A risk assessment process is in place for all aspects of the organisation. This takes considerable effort, but the Trustees regard it as a very useful exercise. The Trustees have considered the risks faced by the Church and, where appropriate, steps are taken to mitigate against those risks which have been identified.

The major risk that has been identified relates to the uncertainty about the level of funding the Church will receive from Sweden. The Trustees are working to meet the deficit in a responsible and lasting way. The financial well-being of The Swedish Church in London is dependent on fund-raising activities and annual members’ fees.

Other risks involve practical and reputational risks concerning the Church’s activities, buildings and staff as well as donations from the Swedish Benevolent Trust charity. A full inspection of the buildings and technical installations of the Church is carried out every five years.

Page 3

THE SWEDISH CHURCH IN LONDON LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Work with children

The Trustees and the Church Council have introduced schemes to ensure observance of legislation requiring Churches and other bodies to obtain police checks for any new employee or volunteer who may come in contact with children. The Church acts in this respect via the Lutheran Council of Great Britain which provides services as an ecumenical umbrella body coordinating required checks. The Swedish police authorities provide checks on staff employed from Sweden. Also, all Staff and Volunteers are checked with the Disclosure and Barring Service (DBS). The Church also agrees and works under the Diocese of London’s and Diocese of Southwark´s Safeguarding Child and Adult Protection Programme.

Relationships with related parties

The Swedish Church Abroad (SKUT)

The Swedish Church Abroad (SKUT) together with the Bishop of Visby oversees the Swedish Church in London Ltd in religious matters giving instructions to the Rector on matters regarding Evangelical Lutheran Church procedures and related issues. During 2020 three full time members of staff were employed and paid by SKUT.

The Swedish Benevolent Trust (registered charity no: 263680).

The Swedish Benevolent Trust donates the Church’s social care activities by making grants to the Swedish Church in London. The Swedish Benevolent Trust enables the Church to employ two full time Deacons and to provide a considerable range of social welfare services. The trust also pays for part time administrative services provided by the Church. The total amount received during 2020 was £130,000.

OBJECTIVES AND ACTIVITIES

Objects and aims

Until 2008, The Swedish Church in London, with the Seamen’s Church in London, was responsible for religious, social and cultural work in England south of (and including) Birmingham. The Church took over the responsibility for all of the British Isles from 1 January 2009 and after surveys and testing the Church carries out regular services and meetings for Swedes throughout the British Isles.

The religious, social and cultural work is also directed towards short stay Swedish visitors as well as Swedish tourists.

Achievements and performance

Church of Sweden Abroad aims for: "Openness, Faith and Hope" We work to the motto: "A living diaconal Church - an oasis in London"

Swedish Church in London Ltd, Ulrika Eleonora Parish, is covering the British Isles. One church building Ulrika Eleonora, a freehold property, owned by the local congregation, is in use. The church is open every day of the year, except for Bank holidays and five weeks in July and August when the staff is on leave and during that period only open on Sundays for Sunday service. During the year we did regular networking through social media and travel with lunches, services, coffee etc. around the British Isles; Belfast, Birmingham, Bournemouth, Brighton, Winchester, Cardiff, Devon, Dublin, Edinburgh, Liverpool and Manchester.

Page 4

THE SWEDISH CHURCH IN LONDON LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Worship:

Swedish worship has been celebrated in London since 1673 and in Ulrika Eleonora (UE) congregation every Sunday since 1710. We have celebrated in our own Church building since Mikaelidagen in 1728.

Goals for the year were:

The average attendance of Sunday's Mass is at an average of 62 (60).

Special Cultural Sundays have been implemented (see more under education). Our Choir, which consists of about 40 singers, aged 20-70 is very active, with up 25-30 performances each year. Lucia concerts were performed 16 times.

Teaching:

Goals for teaching during the year was to broaden and deepen the congregation’s knowledge of Christian faith and Christian life especially through good Sunday services, more attention to Sunday school, Confirmation classes and Deepening Sundays as well as the Church Magazine and social media content.

The goals have been achieved. The Cultural Sundays work well. Sunday Mass 11am, lectures with questions and answer session in the Swedish hall, while having a lighter lunch/refreshments. Ten confirmands were confirmed after several weekend-camps in the church and a long weekend camp in Sweden. Sunday School works very well and during autumn we added resources to the classes. Ten lunchtime concerts were arranged by Mr. Johan Löfving. The idea is to give music students, young Swedes, an opportunity to perform and to come to church for community and fellowship. All of this was affected by the pandemic.

Diaconal work/Welfare:

Goals for our diaconal work during the year were:

• Emergency assistance to vulnerable Swedes, especially young people, in collaboration with the Consular Section of the Embassy, overnight in emergencies (hostel), support (and advice) people in need of psychotherapy or deeper psychological or psychiatric help.

• Home visits and travels around the UK, visits in hospitals, Communion to hospitalised people, and visits in HM Prisons.

439 (93) people in personal counseling in 1139 occasions , 58 (79) home visits and 1(30) hospital/sick visits.

Mission / Communications:

Goals for our mission this year was to reach an increasing number of Swedish speaking with the Christian message and to give a positive picture of the Swedish Church in London, the Christian faith and invite them to join in the community.

Page 5

THE SWEDISH CHURCH IN LONDON LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Three Magazines per year, website, newsletters (email-shots), and social media gives an interesting and inviting image of the congregation and the community. Our work outside London is very much dependent on social media, with several Facebook groups. Only two issues of the church magazine was published in 2020. We are actively working with Facebook and Instagram and have continued the good work from previous year.

Monthly emails to about 1100 (6,000) people. The Church Magazine is sent out to 4500/8500 (9,700 addresses), print run 8500 (9500). We have between 3-5 (3-5) voluntary writers. The ambition is more deep and engaging articles always referring to the day to day work of the Church. The decrease of addresses and numbers are due to the work with GDPR opting in.

Ecumenism:

Goals of ecumenism during the year was to deepen relations with the Anglican Church, the other Lutheran churches, other Christian churches and denominations and other religions in London locally. The ongoing ecumenical dialogue reflects the contacts we have. Main ecumenical contacts concern the Poorvo agreement.

• We seek to fulfill this through: participation in the Reformation Worship 31st October, and Interfaith services as well as Lucia services around the British Isles. Attending Deanery meetings in Marylebone and several other ecumenical meeting places for priests and deacons.

• Latvian Lutheran Church celebrates Sunday Mass in our Church two Sundays a month, Icelandic Lutheran Church and Estonian Lutheran Church both twice a year.

• Nordic Breakfast with other Nordic churches three times a year.

- Other activity special projects / events:

• Advent and Christmas collection aims were International and local: our parish and a local Charity in England.

• Eurovision Song Contest is a tradition in the parish and attracts many younger Swedes and Brits.

• The Christmas Fair gathering approx. 75 volunteers, was conducted under the auspices of the Fundraiser and Youth Worker in an excellent manner.

• Other in the UE's premises until the lockdown in March: Saturday School = supplementary teaching, particularly through North London's Swedish school.

Staff, buildings, etc.

• Swedish Church in London has always been a parish church and is owned by the congregation as almost all the parish churches in Sweden and the UK.

• Very good support from the Church Office has been obtained for purposes such as HR, IT, canon law and archives.

• Swedish Church in London had the following committees during the year: Finance, Real Estate, Christmas Fair, Lucia, Nomination, Personnel and Thora Ohlsson Cultural Fund.

Challenges, Visions, Looking to the future:

• We have been working with and will continue to work with the core values of the Church of Sweden Abroad Values “Openness, Faith, Hope”.

• During the year to come there will be a need to adjust to changing relationship for UK to EU, and we will continue to work out a good way to go through these changes.

• We will find a way back into a vivid church in Harcourt street and in the British isles when the Corona pandemic is over and we can open up the church again.

Page 6

THE SWEDISH CHURCH IN LONDON LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

COVID-19 impact in 2020

The Swedish church in London and Great Britain follows the regulations and recommendations from the British government and also Diocese of London as well as the recommendations from The Swedish Church Abroad, Church House in Sweden.

This means that the Swedish church is closed but continue working behind closed doors. We lose our daily income from the café, lunches, rentals and more. This will in every way affect the economy for the Swedish Church during 2020. In order to minimise this impact, we are holding services online and continue working on making donations online easier. The Trustees have faith in that with help from our sponsors, donors and members the church will to continue its work among the Swedish community in London and the British isles, as it has done over 300 years, and will do for many years to come.

Financial review

The result for the year 2020 was a loss of £66,936 (2019: profit of £342,021). The main drivers that contributed overwhelmingly to this were:

  1. Much smaller Christmas market revenue £33,469 (2019 £190,986) due to lock down regulation and 2. Much reduced Lucia concerts revenue £20,671 (2019 £107,807).

Expenses decreased to £941,053 (2019 £1,105,025) due to us taking advantage of the government furlough scheme while operating income decreased to £ 760,763 (2019 £1,002,287). With the renewed focus on membership fees and donations the income increased to £152,944 from previous years paltry £85,281. A big thank you to members and donors for supporting us in a difficult year!

Not included in the donations and gifts line was the donations from our sister charity Swedish Benevolent Trust (SBT), which graciously maintained their support for our outreach activities to £130,000 in 2020 (£130,000 in 2019). A heartfelt thank you for this!

Reserves

The current unrestricted reserves consisting of the General fund and Buildings fund amounting to £1,254,745 which represents 16 months of expenditure is in accordance with our reserves policy to retain 12 to 24 months of expenditure.

Endowments

The Swedish Church in London has one endowment, the Thora Ohlsson Cultural Fund. The Fund was created 2 January 1997 with an original grant of £100,000 and therefore celebrated its 30th anniversary in 2017 when the fund reached its highest value ever with £359,814 capital invested. The good capital return we had in 2019, an increase of £43,211 made it possible to give five scholarships in 2020 for a total £8,484. The endowment ended the year worth 375,345, a slight decrese on 2019 (£382,194).

Investment policy

The Trustees have engaged Cazenove Capital Management to manage its investments on a discretionary basis. The Trustees elected Cazenove in 2012 after a thorough evaluation of possible managers. The Trustees are aiming at minimising risk of its investments by spreading exposure over a wide variety of investments classes. We invest our available capital long term into different funds, managed both by Cazenove and third party managers. The Swedish Church doesn’t leverage its investments into funds, nor does it seek investment funds which are highly leveraged. One of the criteria by which all funds are evaluated is the ethical aspect. The trustees have an ethical investment policy which precludes material investments in businesses producing or selling arms or weapons, gambling, pornography, tobacco, narcotics or engaged in predatory lending.

In 2017 we started investing directly in Swedish equities to gain dividends in SEK to help pay for our Christmas market purchases in Sweden. Due to the pandemic and uncertainties the Board of Trustees decided to hold off on any further new investments to ensure that there was enough liquidity to keep the church going during a year of lockdown. Even if the market in the beginning of the year fell drastically, due to the diversity in the portfolio the overall investment returns ended the year in positive territory.

Details of the investments are given in note 14 to the accounts. The revaluation gain during the year was £113,354 (2019: £426,759) and the investment income was £102,255 (2019: £120,475).

Page 7

THE 8WEDI*H CHiR¢frI IN LOIIDON Ulrn

j￿4,2021

THE SWEDISH CHURCH IN LONDON LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SWEDISH CHURCH IN LONDON LIMITED

Opinion

We have audited the financial statements of The Swedish Church in London Limited (the 'charitable parent company') and its subsidiaries (the 'group') for the year ended 31 December 2020, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, , Balance Sheet, Consolidated Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ (who are also directors of the charitable company for the purpose of the company law) use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

Our responsibilities and the responsibilities of the directors 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 Trustee’s Report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. 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 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.

Page 10

THE SWEDISH CHURCH IN LONDON LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SWEDISH CHURCH IN LONDON LIMITED

Opinion on other matters prescribed by the Companies Act 2006

In 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 our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the and the Trustees Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 9), the Trustees who are Directors for the purpose of the 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.

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

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

Page 11

THE SWEDISH CHURCH IN LONDON LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SWEDISH CHURCH IN LONDON LIMITED

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Page 12

THE SWEDISH CHURCH IN LONDON LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SWEDISH CHURCH IN LONDON LIMITED

Use of the audit 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, and to the charitable company’s Trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members and Trustees those matters we are required to state to them in an auditors' 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, the charitable company's members as a body and the charitable company’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

...................................... Harmer Slater Limited, Statutory Auditor

Salatin House 19 Cedar Road Sutton Surrey SM2 5DA

4 June 2021

Page 13

THE SWEDISH CHURCH IN LONDON LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020 (INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Investment income
5
Other income
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net income/(expenditure)
before gains/(losses) on
investments
Gains/losses on investment
assets
Net income/(expenditure)
Reconciliation of funds
Total funds brought forward
Total funds carried forward
20		 Unrestricted
funds
£
164,999
256,795
102,355
33,469
557,618
(62,572)
(666,852)
(729,424)
(171,806)
48,975
(122,831)
1,917,968
1,795,137		 Restricted
funds
£
203,145
-
-
-
203,145
-
(203,145)
(203,145)
-
62,744
62,744
2,190,374
2,253,118		 Endowment
funds
£
-
-
-
-
-
-
(8,484)
(8,484)
(8,484)
1,635
(6,849)
408,863
402,014		 Total
2020
£
368,144
256,795
102,355
33,469
760,763
(62,572)
(878,481)
(941,053)
(180,290)
113,354
(66,936)
4,517,205
4,450,269

Page 14

THE SWEDISH CHURCH IN LONDON LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020 (INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Investment income
5
Other income
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net income/(expenditure)
before gains/(losses) on
investments
Gains/losses on investment
assets
Net income/(expenditure)
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
20		 Unrestricted
funds
£
85,281
443,544
104,447
196,552
829,824
(147,898)
(792,692)
(940,590)
(110,766)
176,985
66,219
66,219
1,733,735
1,799,954		 Restricted
funds
£
156,435
-
16,028
-
172,463
-
(156,435)
(156,435)
16,028
206,563
222,591
222,591
2,112,466
2,335,057		 Endowment
funds
£
-
-
-
-
-
-
(8,000)
(8,000)
(8,000)
43,211
35,211
35,211
346,983
382,194		 Total
2019
£
241,716
443,544
120,475
196,552
1,002,287
(147,898)
(957,127)
(1,105,025)
(102,738)
426,759
324,021
324,021
4,193,184
4,517,205

All of the group's activities derive from continuing operations during the above two periods.

The funds breakdown for 2019 is shown in note 20.

Page 15

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THE SWEDISH CHURCH IN LONDON LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020

Note
Cash flows from operating activities
Net cash (expenditure)/income
Cash flows from investing activities
Interest receivable and similar income
5
Purchase of investments
Sale of investments
Purchase of tangible fixed assets
13
Net cash flows from investing activities
Adjustments to cash flows from non-cash items
Depreciation
7
Investment income
5
Revaluation of investments
Reconciliation of Net Movement in Funds to Net Cash Flow from
Operating Activities
(Increase)/decrease in stocks
15
Decrease/(increase) in debtors
16
(Decrease)/increase in creditors
18
Net cash flows from operating activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at 31 December		 2020
£
(66,936)
102,355
(685,195)
771,798
-
188,958
52,792
(102,355)
(113,354)
(229,853)
(13,018)
59,838
(34,865)
(217,898)
(28,940)
80,406		 2019
£
324,021
120,475
(695,751)
629,601
(22,052)
32,273
40,205
(120,475)
(426,759)
(183,008)
3,157
(30,411)
68,859
(141,403)
(109,130)
109,346

All of the cash flows are derived from continuing operations during the above two periods.

Page 18

THE SWEDISH CHURCH IN LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Church status

The Church is limited by guarantee, incorporated in , and consequently does not have share capital. Each of the Trustees is liable to contribute an amount not exceeding £1 towards the assets of the Church in the event of liquidation. The address of its registered office and principal place of activity is detailed on page 2.

2 Accounting policies

Statement of compliance

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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.

Basis of preparation

The Swedish Church in London Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The functional currency of the Church is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the Church operates. The financial statements are presented in pound sterling (£).

Basis of consolidation

The financial statements consolidate the results of the charity and its wholly owned subsidiary Swedish Church Services Limited on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

The church made a deficit for the financial year of £49,891 (2019 - surplus of £270,436).

Going concern

The charitable company’s level of free reserves available at the year end, were considered adequate resources to continue in operational existence for the foreseeable future. However, the Covid-19 pandemic caused the Trustees to review the positions of the Church and its subsidiary Swedish Church Services Limited. Revised budgets were prepared and adopted and although reduced revenues were expected there were also reductions in costs. The Trustees confirm that there are no material uncertainties about the Group's ability to continue as a going concern. Accordingly, the financial statements have been prepared on a going concern basis.

Page 19

THE SWEDISH CHURCH IN LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Income

All income is recognised once the church has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Income, including the contributions from The Church of Sweden via SKUT, is accounted for in the year in which it is receivable. Donations are included when received. Legacies are included when notified and the probate has been granted. Gifts and legacies of assets are initially included at their estimated value.

Special events income was generated by the Christmas fair, and Sankta Lucia carol service. Other income was generated by various parish activities including weddings held at the Swedish Church. These incoming resources are all recognised in the consolidated financial statements on a receivable basis.

Investment income is accounted for on a receivable basis and relates to and relates to dividend income from listed investments and interest in respect of bank deposits.

Revenue grants are accounted for on a receivable basis

Donated services and facilities

Donated services are recognised when the benefit to the charity is reasonably quantifiable and measurable.The value placed on these resources is the estimated value to the charity of the service received.

Expenditure

Raising funds

Raising funds cost comprises fees charged by the investment managers for managing the investment portfolio and bank charges.

Charitable activities

Charitable expenditure represents costs directly incurred for the furtherance of the Church's objects. Costs are allocated on a specific basis, according to function, with the exception of staff and some office overhead costs which are allocated based on activity levels.

Other expenditure

Where costs cannot be directly attributed to categories, they have been allocated between parish activities, special events, support costs and management and administration proportional to staff time spent in each area.

Governance costs

Governance costs comprise costs of running the Church as an organisation and is allocated in line with the support costs.

Tangible fixed assets

Individual fixed assets costing £1,000 or more are capitalised at cost.

Depreciation and amortisation

The freehold Church building has been written down to a nominal value.

The other tangible fixed assets are written off over their estimated useful economic lives on a straight line basis at the following rates:

Page 20

THE SWEDISH CHURCH IN LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Asset class Depreciation method and rate Freehold buildings 2% Fittings, furniture and organ 25% Computers 33.3% Computer licenses 10% Motor vehicles 25% Boiler equipment 10% Kitchen equipment 10%

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

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.

Foreign exchange

Income and expenditure is translated at the rate ruling on the date of the transaction concerned. Assets and liabilities at the year end are translated at the rate ruling at the balance sheet date.

Fund structure

Unrestricted income funds are general funds that are available for use at the Trustees's discretion in furtherance of the objectives of the group.

Designated funds comprise funds that have been set aside at the discretion of the trustees for specific purposes. The purpose and use of the designated unrestricted funds are set out in the notes to the financial statements.

Restricted funds represent income given for particular purposes within the objects of the charity. These may be income funds that are expendable at the discretion of the trustees in furtherance of a particular aspect of the objects of the charity, or they may be capital funds where the assets are required to be invested or retained for actual use rather than expended.

Endowment funds represent capital assets required to be held on a long term basis for specific charitable purposes within the objects of the charity. Income generated from the assets can be expended in accordance with the donors' wishes.

Transfers between funds in the Statement of Financial Activities are required where Restricted Funds have been expended or have, for other specific reasons, ceased to be restricted.

Pensions and other post retirement obligations

The Church operates a defined contribution pensions scheme providing benefits for employees additional to those from the state. The pension cost charge represents contributions payable by the Church to the fund in respect of the year.

Page 21

THE SWEDISH CHURCH IN LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Financial instruments

Investments

Investments are included in the financial statements at market value at the balance sheet date. Realised and unrealised gains and losses on revaluation and disposals occurring in the year are reported in the Statement of Financial Activities.

3 Income from donations and legacies

Donations and legacies;
Donations from individuals		 Unrestricted
funds
General
£
164,999
164,999		 Restricted
funds
£
203,145
203,145		 Total
2020
£
368,144
368,144		 Total
2019
£
241,716
241,716

Donations amounting to £156,435 received in the prior period ending 31 December 2019 from Church of Sweden Abroad (SKUT) was restricted.

4 Income from charitable activities

4 Income from charitable activities
Special events
Grants
Other income		 Unrestricted
funds
General
£
52,295
130,000
74,500
256,795		 Total
2020
£
52,295
130,000
74,500
256,795		 Total
2019
£
238,292
130,000
75,252
443,544

5 Investment income

Unlisted investments interest
Listed investment dividends		 Unrestricted
funds
General
£
25,100
77,255
102,355		 Total
2020
£
25,100
77,255
102,355		 Total
2019
£
9,865
110,610
120,475

Income from listed investments amounting to £16,028 received in the prior period ending 31 December 2019 was restricted.

Page 22

THE SWEDISH CHURCH IN LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

6 Other income

6 Other income
Swedish Church Services Limited
7 Expenditure on raising funds
a) Costs of trading activities:
Note
Trading subsidiary costs
b) Investment management costs:
Note
Investment management charges
8 Expenditure on charitable activities
Activity
undertaken
directly
£
Parish activities
640,933
Special events
25,919
Grant
-
666,852		 Unrestricted
funds
General
£
33,469
Unrestricted
funds
General
£
44,296
44,296
Unrestricted
funds
General
£
12,057
12,057
Grant
funding of
activity
£
-
-
8,484
8,484		 Total
2020
£
33,469
Total
2020
£
44,296
44,296
Total
2020
£
12,057
12,057
Total
2020
£
640,933
25,919
8,484
675,336		 Total
2019
£
196,552
Total
2019
£
134,898
134,898
Total
2019
£
4,931
4,931
Total
2019
£
888,176
60,951
8,000
957,127

£666,852 (2019 - £792,692) of the above expenditure was attributable to unrestricted funds and £8,484 (2019 - £164,435) to restricted funds.

Included in the expenditure analysed above are governance costs of £13,000 (2019 - £13,830) which relate directly to charitable activities.

Page 23

THE SWEDISH CHURCH IN LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

9 Analysis of governance and support costs

Governance costs

Audit fees
Audit of the financial statements		 Unrestricted
funds
General
£
5,000
5,000		 Total
2020
£
5,000
5,000		 Total
2019
£
13,830
13,830

10 Auditors' remuneration

Audit of the financial statements
Other fees to auditors
The auditing of accounts of any associate of the charity		 2020
£
5,000
2,400		 2019
£
13,830
-

11 Trustees remuneration and expenses

No Trustees, nor any persons connected with them, have received any remuneration from the group during the year.

12 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs
Staff costs paid by SKUT		 2020
£
276,210
24,728
17,450
203,145
521,533		 2019
£
272,102
24,072
14,662
156,435
467,271

Page 24

THE SWEDISH CHURCH IN LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

The average number of volunteers and employees during the year was:

Volunteers
Staff - support for charitable activities
Staff - support for charitable activities, paid by SKUT		 2020
No
2
7
3
12		 2019
No
2
8
3
13

The key management personnel of the charitable company is the Rector, who is an employee of Swedish Church Abroad (SKUT). The total remuneration of the Rector amounted to £nil (2019: £68,776). No employee received emoluments of more than £60,000 during the year. The Rector was reimbursed £266 (2019: £3,113) of expenses incurred for the Church. No other Trustee was reimbursed of expenses during the year (2019: 1,323 to 1 Trustee).

13 Tangible fixed assets

Group and church

Cost
At 1 January 2020
At 31 December 2020
Depreciation
At 1 January 2020
Charge for the year
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019		 Freehold
land and
buildings
£
747,649
747,649
298,221
10,278
308,499
439,150
449,428		 Fittings,
furniture and
organ
£
638,806
638,806
575,955
42,225
618,180
20,626
62,851		 Motor
vehicles
£
16,927
16,927
16,927
-
16,927
-
-		 Computers
and licenses
£
41,962
41,962
39,364
289
39,653
2,309
2,598		 Total
£
1,445,344
1,445,344
930,467
52,792
983,259
462,085
514,877

Freehold property

The property at 6 Harcourt Street, London, WIH 4AG was acquired by the predecessor charity, Ulrika Eleonora Swedish Parish in London, at an amount immaterial to the charity and as such the original cost is estimated to be nil. Subsequent capital additions have been included at cost and as at the year end have a net book value of £439,150 (2019: £449,428). The insurance value of the property at the year end was £12,636,338 (2019: £12,636,338).

Page 25

THE SWEDISH CHURCH IN LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

14 Fixed asset investments

Group
Quoted investments at market value
Unquoted investments at market value
Church
Investment in subsidiary company
Quoted investments at market value
Unquoted investments at market value		 2020
£
3,391,847
599,892
3,991,739
2020
£
100
3,391,847
599,892
3,991,839		 2019
£
3,365,096
599,892
3,964,988
2019
£
100
3,365,096
599,892
3,965,088

Investment in subsidiary company

Cost
At 1 January 2020
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019		 Subsidiary
company
£
100
100
100
100

Subsidiary undertaking

The Swedish Church in London has a wholly-owned trading subsidiary company, Swedish Church Services Limited. The subsidiary undertaking has a share capital of £100. The registered office of the company is 6 Harcourt Street, London W1H 4AG.

The loss for the financial period of Swedish Church Services Limited was £17,046 (2019 - £53,585) and the aggregate amount of capital and reserves at the end of the period was £39,708 (2019 - £22,562).

Page 26

THE SWEDISH CHURCH IN LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Details of undertaking

Details of the investments in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Country of Proportion of voting
Undertaking incorporation Holding rights and shares held
2020 2019
Swedish Church Services
Limited		 England & Wales Ordinary
Shares		 100%
100%

Quoted & Unquoted investments

Valuation
At 1 January 2020
Additions
Disposals
Net investment gains
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019		 Quoted
investments
£
3,365,096
685,195
(771,798)
113,354
3,391,847
3,391,847
3,365,096		 Unquoted
investments
£
599,892
-
-
-
599,892
599,892
599,892		 Total
£
3,964,988
685,195
(771,798)
113,354
3,991,739
3,991,739
3,964,988

The historical cost of the quoted investments at 31 December 2020 was £3,453,519 (2019 - £3,453,519).

Unquoted investment at the current and previous year end comprises the following:

Investment in Ansor amounting to £199,892.

Other investments (Loan notes) amounting to £400,000.

15 Stock

Goods for resale Group
2020
£
2019
£
15,819
2,801		 Church
2020
£
2019
£
-
-

Page 27

THE SWEDISH CHURCH IN LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

16 Debtors

Group
2020
£
2019
£
Trade debtors
-
6,216
Other debtors
15,339
23,883
Amount due from subsidiary company
-
-
Prepayments
8,479
53,557
23,818
83,656
17 Cash and cash equivalents
Group
2020
£
2019
£
Cash at bank
80,406
109,346
18 Creditors: amounts falling due within one year
Group
2020
£
2019
£
Trade creditors
48,137
68,145
Amount owed to subsidiary company
-
-
Other taxation and social security
25,236
35,033
Other creditors
6,145
4,570
Accruals
44,080
50,715
123,598
158,463		 Church
2020
£
2019
£
-
1,010
15,339
23,883
10,731
-
8,479
53,557
34,549
78,450
Church
2020
£
2019
£
80,350
108,585
Church
2020
£
2019
£
33,970
44,646
-
25,542
-
7,009
6,145
4,570
38,730
45,365
78,845
127,132		 Church
2020
£
2019
£
-
1,010
15,339
23,883
10,731
-
8,479
53,557
34,549
78,450
Church
2020
£
2019
£
80,350
108,585
Church
2020
£
2019
£
33,970
44,646
-
25,542
-
7,009
6,145
4,570
38,730
45,365
78,845
127,132
127,132

19 Pension and other schemes Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £17,450 (2019 - £14,662). Contributions totalling £6,145 (2019: £4,570) were payable to the scheme at the end of the year and are included in creditors.

Page 28

THE SWEDISH CHURCH IN LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

20 Analysis by Funds

20 Analysis by Funds
Group
Unrestricted funds
General
General fund
Designated
Tangible fixed assets
Building fund
Other
Trading funds held by subsidiary
Total unrestricted funds
Restricted funds
Swedish Church in Sweden (SKUT)
Agnes and Axel Welin Memorial Fund
Total restricted funds
Endowment funds
Thora Ohlsson's Cultural Fund
Total funds		 Balance at 1
Jan 20
£
60,001
514,877
1,247,737
(22,661)
1,799,954
-
2,335,057
2,335,057
382,194
4,517,205		 Incoming
resources
£
524,149
-
-
33,469
557,618
203,145
-
203,145
-
760,763		 Resources
expended
£
(678,909)
-
-
(50,515)
(729,424)
(203,145)
-
(203,145)
(8,484)
(941,053)		 Transfers
£
81,934
(52,792)
(29,142)
-
-
-
-
-
-
-		 Other
recognised
gains/(losses)
£
48,975
-
-
-
48,975
-
62,744
62,744
1,635
113,354		 Balance at
31 Dec 20
£
36,150
462,085
1,218,595
(39,707)
1,677,123
-
2,397,801
2,397,801
375,345
4,450,269

Page 29

THE SWEDISH CHURCH IN LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Group (Prior year)
Unrestricted funds
General
General fund
Designated
Tangible fixed assets
Building fund
Other
Trading funds held by subsidiary
Total unrestricted funds
Restricted funds
Swedish Church in Sweden (SKUT)
Agnes and Axel Welin Memorial Fund
Total restricted funds
Endowment funds
Thora Ohlsson's Cultural Fund
Total funds		 Balance at 1
Jan 19
£
264,321
533,030
1,012,630
(76,246)
1,733,735
-
2,112,466
2,112,466
346,983
4,193,184		 Incoming
resources
£
633,272
-
-
196,552
829,824
156,435
16,028
172,463
-
1,002,287		 Resources
expended
£
(797,623)
-
-
(142,967)
(940,590)
(156,435)
-
(156,435)
(8,000)
(1,105,025)		 Transfers
£
(216,954)
(18,153)
235,107
-
-
-
-
-
-
-		 Other
recognised
gains/(losses)
£
176,985
-
-
-
176,985
-
206,563
206,563
43,211
426,759		 (As restated)
Balance at
31 Dec 19
£
60,001
514,877
1,247,737
(22,661)
1,799,954
-
2,335,057
2,335,057
382,194
4,517,205

Page 30

THE SWEDISH CHURCH IN LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Unrestricted Funds

The designated tangible fixed assets represents the net book value of fixed assets held for the Church's use.

The designated Building Fund (previously known as the Capital Fund) represents funds which the trustees intend to hold as investments in order to generate income for the maintenance of the Church building. A large proportion represents receipts from legacies left to the Church by Mr Bremberg and Mrs Wernly. The fund also includes contributions from surpluses.

The General Fund represents the free reserves of the Church.

Endowment Funds

Thora Ohlsson's Cultural Fund - A maximum 80% of income generated can be used for making grants to students and arranging cultural activities with the Swedish congregation in London and at least 20% of income generated is added to capital.

Agnes and Axel Welin Memorial Fund

This fund originates from the 2015 sale of Seaman Church property in London. The Trustees have reviewed the trust documentation and ascertained this to be restricted income, which is to be used towards promoting the Gospel among said people (Swedes in the British Isles) called Lutherans or for the purpose of procuring a larger or more conveniently located piece of ground, reading room, chapel or place of worship. A transfer to reflect the correct accounting treatment was made in 2016.

Page 31

THE SWEDISH CHURCH IN LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Church

Unrestricted funds
General
General fund
Designated
Tangible fixed assets
Building fund
Total Unrestricted funds
Restricted funds
Swedish Church in Sweden (SKUT)
Agnes and Axel Welin Memorial Fund
Total restricted funds
Endowment funds
Thora Ohlsson's Cultural Fund
Total funds		 Balance at 1
Jan 20
£
60,003
514,877
1,247,737
1,822,617
-
2,335,057
2,335,057
382,194
4,539,868		 Incoming
resources
£
524,149
-
-
524,149
203,135
-
203,135
-
727,284		 Resources
expended
£
(678,909)
-
-
(678,909)
(203,135)
-
(203,135)
(8,484)
(890,528)		 Transfers
£
81,934
(52,792)
(29,142)
-
-
-
-
-
-		 Other
recognised
gains/(losses)
£
48,975
-
-
48,975
-
62,744
62,744
1,635
113,354		 Balance at
31 Dec 20
£
36,152
462,085
1,218,595
1,716,832
-
2,397,801
2,397,801
375,345
4,489,978

Page 32

THE SWEDISH CHURCH IN LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Church (Prior year)
Unrestricted funds
General
General fund
Designated
Tangible fixed assets
Building fund
Total unrestricted funds
Restricted funds
Swedish Church in Sweden (SKUT)
Agnes and Axel Welin Memorial Fund
Total restricted funds
Endowment funds
Thora Ohlsson's Cultural Fund
Total funds		 Balance at 1
Jan 19
£
264,321
533,030
1,012,630
1,809,981
-
2,112,466
2,112,466
346,983
346,983
4,269,430		 Incoming
resources
£
633,274
-
-
633,274
156,435
16,028
172,463
-
-
805,737		 Resources
expended
£
(797,623)
-
-
(797,623)
(156,435)
-
(156,435)
(8,000)
(8,000)
(962,058)		 Transfers
£
(216,954)
(18,153)
235,107
-
-
-
-
-
-
-		 Other
recognised
gains/(losses)
£
176,985
-
-
176,985
-
206,563
206,563
43,211
43,211
426,759		 Balance at
31 Dec 19
£
60,003
514,877
1,247,737
1,822,617
-
2,335,057
2,335,057
382,194
382,194
4,539,868

Page 33

THE SWEDISH CHURCH IN LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

21 Analysis of net assets between funds

Group

Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
General
£
462,085
1,218,593
120,043
(123,598)
1,677,123
Unrestricted
funds
General
£
514,877
1,247,737
195,803
(158,463)
1,799,954		 Restricted
funds
£
-
2,397,801
-
-
2,397,801
Restricted
funds
£
-
2,335,057
-
-
2,335,057		 Endowment
funds
Endowment
£
-
375,345
-
-
375,345
Endowment
funds
Expendable
£
-
382,194
-
-
382,194		 Total funds
at 31 Dec
2020
£
462,085
3,991,739
120,043
(123,598)
4,450,269
Total funds
at 31 Dec
2019
£
514,877
3,964,988
195,803
(158,463)
4,517,205

22 Related party transactions

Group

Details of income from related parties are disclosed in the Trustees' Report

The Swedish Church Abroad (SKUT) is the governing body of the Swedish Church in London. SKUT gives instruction to the Rector on matters regarding Evangelical Lutheran Church procedures and related issues. During the year, 3 (2019: 3) full time members of staff were employed and were paid £203k (2019: £156k). Also, grants of £nil (2019: £7,365) was paid by SKUT during the year.

There were no other related party transactions in the year.

23 Donations in kind

Donated Services Facility has been included in the accounts to a value of £203,145 (2019: £156,435) relating to staff costs paid by SKUT.

Page 34

THE SWEDISH CHURCH IN LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

24 Charitable Status

The entity is a registered charity (no. 1155762) and accordingly, no liability to taxation arises on the year to the extent that income and gains are applied to the charitable company's charitable objects.

25 Events after the reporting period

The Swedish Church Abroad (SKUT) gave us a large donation of SEK 2,155,000 in May 2021 to help bridge the income drop in 2020 and 2021 due to Coronavirus lock downs. We are immensely grateful for this gift, which secures the future of our Church for many years to come.

The outbreak of the novel coronavirus (COVID-19) and the related global responses have caused significant disruptions and this remains an emerging global risk for all charitable companies. It is not clear for how long the current outbreak will last or how much more extensive it will become, or the further measures that will be taken by governments and others to seek to control the outbreak and its impact. The Trustees will continue to monitor and follow the various government policies and advice.

There have been no other significant events between the year end and the date of approval of these financial statements which would require a change to, or disclosure in, the financial statements.

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