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← The Swedish Church In London Ltd

2023-12-31-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 2023

THE SWEDISH CHURCH IN LONDON LIMITED

CONTENTS

Reference and Administrative Details 1
Trustees Report 2 to 9
Statement of Trustees' Responsibilities 10
Independent Auditors' Report 11 to 14
Consolidated Statement of Financial Activities 15 to 16
Consolidated Balance Sheet 17
Balance Sheet 18
Consolidated Statement of Cash Flows 19
Notes to the Financial Statements 20 to 38

THE SWEDISH CHURCH IN LONDON LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS

Chairman Per Jonsson
Trustees Per Jonsson
Mike Christopherson
Christian Bjärnram
Per Olov Emanuelsson
Joachim Wrang-Widén
Peter Wänehag
Sofia Olofsson
Ann Evander
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 Shaw Gibbs (Audit) 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 2023

The Trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 December 2023.

Governing documentation and constitution

Ulrika Eleonora Swedish Parish in London, also 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 a company 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

The Trustees who held office during the year and up until the approval of these financial statements were:

Per Jonsson

Mike Christopherson Christian Bjärnram Per Olov Emanuelsson Joachim Wrang-Widén Peter Wänehag Sofia Olofsson Ann Evander

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 2023 (CONTINUED)

STRUCTURE, GOVERNANCE & MANAGEMENT

Nature of governing document

A board 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 established by the board in January every year.

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

There were 12 employees, both full-time and part-time, working in the Swedish Church in London. Three of them (rector, chaplain, and organist) are supported from Sweden and paid for by the Church of Sweden.

Key management personnel

The Articles consider the rector to be the key management personnel of the charity. The rector is nowadays locally employed by the Swedish Church in London. The Swedish Church Abroad (SKUT) participates in the recruitment process.

Principal risks and uncertainties

Risk assessment process

A risk assessment process is in place for all aspects of the organisation. The Trustees have considered the risks faced by the Church and, where appropriate, steps are taken to mitigate 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.

Work with children

The Trustees 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.

Page 3

THE SWEDISH CHURCH IN LONDON LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

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 2023, 3 (2022: 3) full-time members of employed staff were paid their salaries directly by the Church and then reimbursed by SKUT.

The Swedish Benevolent Trust (registered charity no: 263680)

The Swedish Benevolent Trust donates to 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 2023 was £120,000 (2022: 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. Since the reopening of the church after the pandemic, the church café has been open three days a week and on Sundays following our Service. During summer, the church was closed for six weeks in July and August when the staff were on leave. It was even closed on Sundays. This is due to Brexit, that does not allow for an interim summer priest. During the year we were able to fully resume our visits around the UK and Ireland. Places visited: Belfast, Birmingham, Bournemouth, Brighton, Winchester, Cardiff, Dublin, Edinburgh, Inverness, Newcastle, Bath, Bristol.

Page 4

THE SWEDISH CHURCH IN LONDON LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

Worship:

Swedish worship has been celebrated in London since 1673 and in Ulrika Eleonora (UE) congregation every Sunday since 1710. During this year’s summer closure for six weeks, the services were online. Some services during the year were also livestreamed at the same time they were celebrated in church with a present congregation. For the first half of the year, we continued Zoom coffee meetings introduced during the pandemic, following Sunday service. Baptisms, weddings and funeral services took place as normal again after the pandemic.

Goals for the year:

Teaching:

All teaching within sermons at mass are with a view to broaden and deepen the congregation’s knowledge of Christian faith and Christian life. We offered the opportunity to take part in Confirmation class but for 2023 no classes took place due to low interest. At some Sundays after the service, we arranged short deepening seminars in relevant theological subjects.

Diaconal work:

Mission / Communications:

The goal for our mission this year was to reach an increasing number of Swedish speaking people with the Christian message and to give a positive view of the Swedish Church in Great Britain and Ireland, so that people will join our community of faith. During 2023, the website, newsletters and social media have continually given updates about church activities and services to the congregation and wider community.

Page 5

THE SWEDISH CHURCH IN LONDON LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

Ecumenism:

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

- Other activity special projects / events:

Building, support and committees:

Challenges, Visions, Looking to the future:

Page 6

THE SWEDISH CHURCH IN LONDON LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

Financial review

Our net income before gains (losses) on investments which includes interest and dividends, amounts to the right:

Year Net (expenditure)/income Investment income
2023 (11,936) 141,985
2022 (15,853) 53,732
2021 (84,093) 91,380
2020 (180,290) 102,355
2019 (102,738) 120,475
2018 (8,809) 90,390
2017 18,276 91,656
2016 7,932 88,244

This shows that we are almost in balance (apart from the two lockdown years) thanks to the interest and dividends we earn from our invested capital. Our recurring problem since 2019 and lock down is the drastically reduced number of paying members, going from 1,300 in 2018 down to 300 in 2022 with a slight increase in 2023 to 380. In 2023 our budget had £100,000 membership fees equal to 1,000 paying members, we actually only collected £38,854 in membership fees, translating to 380 paying members. Also negatively contributing in 2023 were the large increase in other parish activities (costs) to £989,069 (2022: £825,457) and lower revenue generated from hall hire and catering £70,793 (2022: £88,387)

The net income after (gains)/losses on our financial investments for the year 2023 was a gain of £49,823 (2022: loss of £134,410. Charitable activities brought in only £309,789 (£401,097 in 2022) and in Other income, our trading subsidiary Swedish Church Services Limited decreased to £126,799 vs. £136,374 in 2022.

The main drivers that contributed to this were:

  1. Lower Christmas market revenue £126,799 vs. £136,374 in 2022 but higher operating profit £62,376 vs. £58,022 in 2022.

  2. Another successful year for the Lucia concerts with revenue £118,745 (2022: £103,178).

Expenses increased to £1,059,197 (2022: £909,132) while operating income improved to a loss of £11,936 (2022: loss £15,582). Donations increased to £434,770 from £302,077 in 2022, it is not too much to say that our donors saved the year 2023 for the Swedish Church. A big thank you to donors for supporting us in a difficult year!

Our sister charity Swedish Benevolent Trust (SBT), graciously almost maintained their support for our outreach activities to £120,000 in 2023 (£130,000 in 2022). A heartfelt thank you for this!

Reserves

The current unrestricted reserves consisting of the General fund and Buildings fund amounting to £1,047,099 which represents 12 months of expenditure is in accordance with our reserves policy to retain 12 to 24 months of expenditure.

Restricted

The Swedish Church in London has six external restricted funds, including 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 fund had a positive capital return in 2023, an increase of £11,915 and made five scholarships in 2023 for a total £10,083 (2022: £9,998). The fund ended the year worth £363,490, an increase of £12,482 on 2022 (£351,008). This fund was previously recorded as an endowment; proof reading of the deed has led us to reclassify this as a restricted fund in 2022 accounts. We therefore no longer have any endowments.

Page 7

THE SWEDISH CHURCH IN LONDON LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

Investment policy and performance

The Trustees have engaged Cazenove Capital Management to manage its quoted investments on a discretionary basis. The Trustees elected Cazenove in 2012 after a thorough evaluation of possible managers. We invest our available capital long term into an ethical fund managed by Cazenove. The Swedish Church does not leverage its investments into funds, nor does it seek investment funds which are highly leveraged. No material shareholdings were held by the Church in any one company. The Trustees consider the value of investments to be supported by their underlying assets as appropriate.

In 2017 we started investing directly in Swedish equities to gain dividends in SEK to help pay for our Christmas market purchases in Sweden. To reduce investment correlation risk we also moved funds from Cazenove to UK mid size companies loan notes, equity in two privately held UK companies and a quoted entity investing in U.S. life insurance. We now have half of our invested capital with Cazenove and the other half in these direct investments.

Details of the investments are given in note 14 to the accounts. The revaluation gain during the year was £61,759 (2022: loss of £118,558) and the investment income was £141,985 (2022: £53,732).

Investment Risk Management

Our investments are governed by investment and treasury policies that are reviewed by the Trustees on a regular basis. The policies are designed to balance the objective of maximising investment returns against the risk. Detailed risk analysis is given in Note 14 to the financial statements.

The Church manages investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes. All investments were made in companies listed on a UK stock exchange or incorporated in the UK and therefore all investments are treated as investment assets in the UK. The Church also has other investments which are unquoted and held at cost in line with its accounting policy. All unquoted investments are reviewed on a quarterly basis and regular communication with the investment managers is maintained to assess and manage any new risk exposure.

Responsible investment policy

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. The Church is committed to investing its funds in a responsible manner and for the investment portfolio to be managed in accordance with the Church’s own charitable mission and values. This means having regard to best practice in Environmental, Social and Governance (ESG) issues. The investment managers are expected to encourage good behaviour in the companies in which they invest and should promote sustainability, good business ethics, good employment practices and the transition to a low carbon economy.

Fundraising

Following the implementation of the Charities (Protection and Social Investment Act 2016), the charitable company has reviewed its fundraising activities and confirms that it complies with the regulation. The charitable company did not make use of any external fundraisers. No complaints were received in respect of its fundraising activities.

Events after the reporting period

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

Statement of disclosure to the auditors

So far as the Trustees are aware:

(a) there is no relevant audit information of which the Company’s auditors are unaware, and

(b) they have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the Company’s auditors are aware of that information.

Page 8

THE SWEDISH CHURCH THE SWEDISH CHURCH IN LONDON LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 {CONTINUED) R•&ppolntmont of audltor Following a merger of Harmer Slater Linited wth Shaw Gibb$ (Audit) Limited in Ngvgmber 2023, Harm8r Slatsr Limited r8signed as the company's audrtOTS And Shaw Gibbs (Auditl Limited were appoinied to aet as Ihe companys auditors. Shaw Gibbs IALKlitl Lirnited arè de8mèd tts bt rn8ppoirrt•d undèr saction 487121 of Cornpanies Act 20￿. Tha annual report W86 approved by th• TrustÉ•$ ofthè Church on 12 May 2024 and stqnad on its boh8lfby.' Per Jonsson Chaim)an and Tnjstee Page 9

THE SWEDISH CHURCH IN LONDON LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees (who are also the directors of The Swedish Church in London Limited for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. The trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of the affairs of the charitable company and the group and of the surplus or deficit for that period. In preparing these financial statements the trustees are required to:

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

Page 10

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 (‘the charitable company’) for the year ended 31 December 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Company Balance Sheet, the Consolidated Cash Flow Statement and Notes to the Financial Statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 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 use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The other information comprises the information included in the annual 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 11

THE SWEDISH CHURCH IN LONDON LIMITED

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

Opinion on other matter 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 where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 10), the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor 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.

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 12

THE SWEDISH CHURCH IN LONDON LIMITED

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

We considered the nature of the charitable company's sector and its control environment, and reviewed the charitable company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also identified the laws and regulations applicable to the charitable company through discussions with the Trustees and other management, and from our cumulative audit, knowledge and experience of the charitable company.

We obtained an understanding of the legal and regulatory framework that the Charitable company operates in, and identified the key laws and regulations that:

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

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 Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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

Page 13

THE SWEDISH CHURCH IN LONDON LIMITED

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

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.

...................................... Ransford Agyei-Boamah (Senior Statutory Auditor) Shaw Gibbs (Audit) Limited, Statutory Auditor

Salatin House 19 Cedar Road Sutton Surrey SM2 5DA

12 May 2024

Page 14

THE SWEDISH CHURCH IN LONDON LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 (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)
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
20		 Unrestricted
£
168,883
298,144
55,200
160,717
682,944
(70,128)
(773,673)
(843,801)
(160,857)
(35,356)
(196,213)
159,317
(36,896)
1,736,804
1,699,908		 Restricted
£
265,887
11,645
86,785
-
364,317
-
(215,396)
(215,396)
148,921
97,115
246,036
(159,317)
86,719
3,037,664
3,124,383		 Total
2023
£
434,770
309,789
141,985
160,717
1,047,261
(70,128)
(989,069)
(1,059,197)
(11,936)
61,759
49,823
-
49,823
4,774,468
4,824,291

Page 15

THE SWEDISH CHURCH IN LONDON LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED) (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)
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
20		 Unrestricted
£
116,950
401,097
53,732
136,374
708,153
(83,675)
(764,104)
(847,779)
(139,626)
(43,214)
(182,840)
-
(182,840)
1,919,644
1,736,804		 Restricted
£
185,127
-
-
-
185,127
-
(51,355)
(51,355)
133,772
(75,344)
58,428
368,920
427,348
2,610,316
3,037,664		 Endowment
£
-
-
-
-
-
-
(9,998)
(9,998)
(9,998)
-
(9,998)
(368,920)
(378,918)
378,918
-		 Total
2022
£
302,077
401,097
53,732
136,374
893,280
(83,675)
(825,457)
(909,132)
(15,852)
(118,558)
(134,410)
-
(134,410)
4,908,878
4,774,468

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

The funds breakdown for 2022 is shown in note 20.

Page 16

THE SWEDISH ￿R(H THE SWEDISH CHURCH IN LONDON LIMITED (REGISTRATION NUMBER: 08809420) CONSOLIDATED BALANCE 8HEET AS AT 31 DECEMBER 2023 2023 2022 tlot• Fixed 88ets Tangible assets Inv•stmènts 13 14 583,029 4,128,807 475,575 4,145.212 4.711.836 4.620.787 Curr•nt aso•ts Stock5 4,126 38,219 160,510 202.855 190.4001 5.252 87.610 171.147 264,009 1110,3281 16 17 ash 8t bank and in hand Cr•dltorn'. Amounts hlllng du• wlthln one ￿ar Net curyent •ssets 18 112,455 153.681 N•t aM•ts 4.824,291 4,774,468 Funda ol th• group: R•striet•d In¢om• fvnds Restricted 20 3,124.383 3,037,864 Unre8trfct•d Income lund8 Un￿￿Cted 20 1,699.908 1,736.804 Totsl funds 20 4,824.291 4,774,468 Th? Trustees have prepared group accounts in aCc￿danCe with sadon 398 of C¢)mpanlès Act 21Xfj and sects'on 138 of the Charfties Act 2011. Thesg a¢￿unts are pwpored in accordanc8 with the special provi&ons ol Part 15 of the Companie$ Act relating to srnall companies and constitute tha annual accounts reqUI￿d by the COmpan￿S Act 20C6 and are for arculation to members ol the company. The finanri21 &tment8 knEre approved by Trustè8s. and aLthorised for issuè on 12 May 2024 and on their behalf by.. Par Jonsson Chalrman and Trustee Pago 17

THE SWEDISH CHURCH IN LONDON LIMITED (REGISTRATION NUMBER: 08809420 BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Flxgd a$￿ts Tangible assets Inveslrn8nts 13 14 583.029 4,128.907 475,575 4.145.312 4.711,936 4,620.887 Current a$$ets Rece￿a￿e$ Cssh at bank aTra in hand 16 17 22.587 88,068 110,6SS 168,0801 87,610 170,877 258,487 1118,4791 Creditorn: Amounts folllng du• wlthln on• y••r N•t eurr•nt a$50ts 18 42,575 140,008 N•t a$88ts 4,7S4,511 4,7fj0.895 Fund$ ot¢h• Church: Ra•t￿¢t•d Ineom• fundi Restricted 3,124,363 3,037,e64 Unrestrlcted Income lund• Unrestricted 1,630,128 1,723.231 Total funds 20 4,754,511 4,760.895 The financial slatements were approved by Ihe Trustees. aThJ autmrised lor issue tyn 12 May 2024 and signed on their tshalf by". Per Jonsson Chaimian and TNstee Paoe 18

THE SWEDISH CHURCH IN LONDON LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Cash flows from operating activities
Net cash income/(expenditure)
Cash flows from investing activities
Interest receivable and similar income
5
Purchase of investments
Sale of investments
Purchase of tangible fixed assets
Net cash flows from investing activities
Adjustments to cash flows from non-cash items
Depreciation
13
Investment income
5
Revaluation of investments
Reconciliation of Net Movement in Funds to Net Cash Flow
from Operating Activities
Decrease/(increase) in stocks
15
Decrease/(increase) in debtors
16
Decrease in creditors
18
Net cash flows from operating activities
Net decrease in cash and cash equivalents
Analysis of Cash and Cash Equivalents
Cash and short-term deposits
Cash movement
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December		 2023
£
49,823
141,985
(327,683)
405,847
(124,669)
95,480
17,215
(141,985)
(61,759)
(136,706)
1,126
49,391
(19,928)
(106,117)
(10,637)
160,510
10,637
171,147
160,510		 2022
£
(134,410)
53,732
(444,525)
417,672
(50,700)
(23,821)
17,907
(53,732)
118,558
(51,677)
(3,105)
(36,439)
(11,566)
(102,787)
(126,608)
171,147
126,608
297,755
171,147

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

Page 19

THE SWEDISH CHURCH IN LONDON LIMITED

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

1 Legal Status

The Church is limited by guarantee, incorporated in England, 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

Basis of preparation

The financial statements have been prepared in accordance with the 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Swedish Church in London 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, to produce the Group financial statements. The consolidated entity is referred to as ’the Group’. The Charity has taken advantage of the exemption in section 408 of the Companies Act from disclosing its individual statement of financial activities.

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.

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.

Page 20

THE SWEDISH CHURCH IN LONDON LIMITED

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

2 Accounting policies (continued)

Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102).

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

Interest receivables

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

Expenditure

Expenditure is recognised when there is a legal or constructive obligation committing the Group to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Raising Funds

Raising funds comprise of costs incurred in generating donation and legacy income, including fundraising staff costs and fundraising marketing costs.

Charitable expenditure

Charitable expenditure includes direct costs incurred towards achieving the Church’s charitable objectives.

Grant expenditure

Grant (SKUT) is recognised in the year of award and when communicated to recipient in line with the SORP. Direct costs, including directly attributable salaries, are allocated on an actual basis to each expenditure heading.

Governance and Support costs

Governance costs relate to the management of the assets, organisational administration and compliance with constitutional and statutory requirements. Support costs are costs incurred which are not directly attributable to our charitable activities and objects. Governance and support costs have been allocated to expenditure headings on the basis of time spent.

Investment management fees

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.

Page 21

THE SWEDISH CHURCH IN LONDON LIMITED

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

2 Accounting policies (continued)

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:

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%

Receivables

Trade and other receivables 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.

Payables

Payables 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. Payables 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.

Page 22

THE SWEDISH CHURCH IN LONDON LIMITED

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

2 Accounting policies (continued)

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

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.

Financial instruments

Fixed Asset Investments

Quoted investments are a form of basic financial instrument and are initially recognised at transaction value and subsequently measured at fair value as at the balance sheet date using the closing market bid price.

The statement of financial activities includes the net unrealised gains and losses arising on revaluation and realised gains and losses arising from disposals throughout the year. Realised gains and losses are calculated as the difference between sale proceeds and the opening carrying value or the purchase value if acquired in the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and the opening carrying value or purchase value if acquired in the financial year.

Unquoted investments are a form of basic financial instrument and are measured cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and best estimate, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the Balance sheet date.

Investments in subsidiaries are stated at cost, less provision for impairment within the Church's financial statements.

3 Income from donations and legacies

Donations and legacies;
Donations from individuals		 Unrestricted
funds
General
£
168,883
168,883		 Restricted
£
265,887
265,887		 Total
2023
£
434,770
434,770		 Total
2022
£
302,077
302,077

Donations amounting to £185,127 received from Church of Sweden Abroad (SKUT) were restricted.

Page 23

THE SWEDISH CHURCH IN LONDON LIMITED

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

4 Income from charitable activities

Special events
Grants
Other income		 Unrestricted
funds
General
£
178,144
120,000
-
298,144		 Restricted
£
11,645
-
-
11,645		 Total
2023
£
189,789
120,000
-
309,789		 Total
2022
£
191,635
130,000
79,462
401,097

Income from charitable activities totalling £401,097 was unrestricted in the prior year.

5 Investment income

Unlisted investments interest
Listed investment dividends		 Unrestricted
funds
General
£
54,971
229
55,200		 Restricted
£
-
86,785
86,785		 Total
2023
£
54,971
87,014
141,985		 Total
2022
£
37,702
16,030
53,732

Investment income amounting to £53,732 was unrestricted in the prior year.

6 Other income

Swedish Church Services Limited
Rental income		 Unrestricted
funds
General
£
126,799
33,918
160,717		 Total
2023
£
126,799
33,918
160,717		 Total
2022
£
136,374
-
136,374

Other income for the prior year was unrestricted.

Page 24

THE SWEDISH CHURCH IN LONDON LIMITED

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

7 Expenditure on raising funds

a) Costs of trading activities:

Unrestricted
funds
General
£
Trading subsidiary costs
61,091
61,091
b) Investment management costs:
Unrestricted
funds
General
£
Investment management charges
4,686
Allocated support costs
3,615
8,301
c) Other costs of generating donations and legacies
Unrestricted
funds
Note
General
£
Other direct costs
736
8
Expenditure on charitable activities
Activity
undertaken
directly
£
Grant funding
of activity
£
Parish activities
700,841
-
Special events
114,259
-
Grant
-
173,969
815,100
173,969		 Total
2023
£
61,091
61,091
Total
2023
£
4,686
3,615
8,301
Total
2023
£
736
2023
£
700,841
114,259
173,969
989,069		 Total
2022
£
73,969
73,969
Total
2022
£
5,348
-
5,348
Total
2022
£
1,908
2022
£
764,104
51,355
9,998
825,457

Included in the expenditure analysed above are governance costs of £8,000 (2022 - £6,240) which relate directly to charitable activities.

Page 25

THE SWEDISH CHURCH IN LONDON LIMITED

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

9 Analysis of governance and support costs

Governance costs

Governance costs
Audit fees
Audit of the financial statements
Other fees paid to auditors
10
Auditors' remuneration
Audit of the financial statements
Other fees to auditors
The auditing of accounts of any associate of the charity		 Unrestricted
funds
General
£
5,700
2,300
8,000		 Total
2023
£
5,700
2,300
8,000
2023
£
5,700
2,550		 Total
2022
£
6,240
-
6,240
2022
£
6,240
2,450

11 Trustees remuneration and expenses

The Rector, who is also a Trustee, received remuneration totalling £62,400 (2022: £56,000) during the financial year.

The Rector was reimbursed £846 (2022: £140) of expenses incurred for the Church. No other Trustee was reimbursed of expenses during the year (2022: £Nil).

12 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs
The average number of volunteers and employees during the year was:
Staff - support for charitable activities
Staff - support for charitable activities, paid by SKUT		 2023
£
452,547
49,012
17,155
518,714
2023
No
9
3
12		 2022
£
363,906
33,913
14,187
412,006
2022
No
7
3
10

Page 26

THE SWEDISH CHURCH IN LONDON LIMITED

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

12 Staff costs (continued)

One employee received emoluments of more than £60,000 during the year.

The key management personnel of the charitable company is considered to be the Trustee and the Rector, who is a Trustee and an employee of Swedish Church Abroad (SKUT). Details of remuneration disclosed in Note. 11.

13 Tangible fixed assets

Group and church

Cost
At 1 January 2023
Additions
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Freehold land
and buildings
£
798,349
-
798,349
330,451
12,565
343,016
455,333
467,898		 Fixture &
Fittings
£
638,806
124,669
763,475
632,860
4,361
637,221
126,254
5,946		 Computers
and licenses
£
41,962
-
41,962
40,231
289
40,520
1,442
1,731		 Total
£
1,479,117
124,669
1,603,786
1,003,542
17,215
1,020,757
583,029
475,575

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 £455,333 (2022: £467,898). The insurance value of the property at the year end was £16,585,419 (2022: £12,636,338).

Page 27

THE SWEDISH CHURCH IN LONDON LIMITED

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

14 Fixed asset investments

Group
Quoted investments at market value
Unquoted investments at market value
Church
Shares in group undertakings and participating interests
Quoted investments at market value
Unquoted investments at market value		 2023
£
3,052,256
1,076,551
4,128,807
2023
£
100
3,052,256
1,076,551
4,128,907		 2022
£
3,233,048
912,164
4,145,212
2022
£
100
3,233,048
912,164
4,145,312

All quoted investments are carried at their fair value equivalent to the market value, using the bid price. Unquoted investments are held at historical cost less any impairment as reviewed and decided by the Trustees.

Fixed asset investments are represented by:
Quoted Pooled Investment Vehicles
Unquoted private equity investments
Cash held for quoted investment purposes
Insurance policies held under quoted investments
The fair value of each class of quoted investments comprise of:
Alternative funds
Multi-Asset funds
Cash
Insurance		 2023
£
1,759,511
1,076,551
787,365
505,380
4,128,807
2023
£
-
1,759,511
787,365
505,380
3,052,256		 2022
£
1,985,590
912,164
724,062
523,396
4,145,212
2022
£
-
1,985,590
724,062
523,396
3,233,048

The Church has no material investment holdings of any of the unlisted company investments.

Page 28

THE SWEDISH CHURCH IN LONDON LIMITED

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

14 Fixed asset investments (continued)

Quoted & Unquoted investments

Valuation
At 1 January 2023
Additions
Disposals
Net investment gains
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Quoted
investments
£
3,233,048
127,683
(405,847)
97,372
3,052,256
3,052,256
3,233,048		 Unquoted
investments
£
912,164
200,000
-
(35,613)
1,076,551
1,076,551
912,164		 Total
£
4,145,212
327,683
(405,847)
61,759
4,128,807
4,128,807
4,145,212

The historical cost of the quoted investments at 31 December 2023 was £3,759,909 (2022: £3,453,519). Unquoted investment at historical cost at the current and previous year end comprises the following: Private equity investments amounting to £376,551 (2022: £412,164) and other investments (Loan notes) amounting to £700,000 (2022: £500,000).

Investment Management & Risks

Quoted investments

Quoted invesments are mainly made up of investment in equities and fixed interest securities which are all traded in quoted public markets, primarily the London Stock Exchange. These investments are generally held under pooled investment vehicles including common investment funds, unit trusts and well established open-ended investment companies. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value). The significance of financial instruments to the ongoing financial sustainability of the Church is considered in the financial review and investment policy and performance sections of the Trustees’ Annual Report. The main risk to the Church from financial instruments lies in the combination of uncertain investment markets and volatility in yield.

The default rate on fixed interest securities due to corporate failures is expected to improve. The high current demand for high quality corporate bond and government stock continues to depress the yield.

Liquidity risk is anticipated to be low as all assets are traded and the commitment to intervention by central banks and market regulators has continued to provide for orderly trading in the markets and so their ability to buy and sell quoted equities and stock is anticipated to continue. The Church‘s investments are mainly traded in markets with good liquidity and high trading volumes. The Church has no material investment holdings in markets subject to exchange controls or trading restrictions.

Unquoted investments

Unquoted investments comprise of investments in UK registered companies.The main risk the Church is exposed to with unquoted investments is credit risk. Credit risk is managed in line with the Church’s investment policies as well an active Trustee who is heavily engaged in managing and monitoring the investment activities for the Church. Credit risk is managed through regular communication with the representatives of these unlisted companies. These representatives or investment managers are very active with strong financial expertise and commercial background.

Page 29

THE SWEDISH CHURCH IN LONDON LIMITED

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

14 Fixed asset investments (continued)

Investment in subsidiary company

Investment in subsidiary company

Cost
At 1 January 2023
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 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.

Details of undertaking

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

capital are as follows:
Country of Proportion of voting rights
Undertaking incorporation Holding and shares held
2023
2022
Swedish Church Services
Limited		 England & Wales Ordinary
Shares		 100%
100%

Page 30

THE SWEDISH CHURCH IN LONDON LIMITED

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

15 Stock

2023
£
Goods for resale
4,126
16
Receivables
2023
£
Trade receivables
15,632
Other receivables
11,450
Prepayments
11,137
38,219
17
Cash and cash equivalents
2023
£
Cash at bank
160,510
18
Payables: amounts falling due within one year
2023
£
Trade payables
45,633
Amount owed to subsidiary
company
-
Other taxation and social security
15,056
Other payables
2,773
Accruals
26,938
90,400		 Group
2022
£
5,252
Group
2022
£
-
80,933
6,677
87,610
Group
2022
£
171,147
Group
2022
£
49,593
-
26,108
2,797
31,830
110,328		 2023
£
-
2023
£
-
11,450
11,137
22,587
2023
£
88,068
2023
£
37,766
3,004
(1)
2,773
24,538
68,080		 Church
2022
£
-
Church
2022
£
-
80,933
6,677
87,610 87,610
Group
2022
£
171,147
Group
2022
£
49,593
-
26,108
2,797
31,830
110,328		 Charity
2022
£
170,877
Church
2022
£
41,613
35,397
9,242
2,797
29,430
118,479

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 £17,155 (2022: £14,187). Contributions totalling £2,773 (2022: £2,798) were payable to the scheme at the end of the year and are included in payables.

Page 31

THE SWEDISH CHURCH IN LONDON LIMITED

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

20 Analysis by Funds


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
Thora Ohlsson's Cultural Fund
The Organ Fund
The Solar Panel Fund
Weekly Collection Fund
Total restricted funds
Total funds		 Balance at 1
January 2023
£
140,105
475,575
1,107,548
13,576
1,736,804
169,141
2,517,515
351,008
-
-
-
3,037,664
4,774,468		 Incoming
resources
£
556,145
-
-
126,799
682,944
187,000
76,135
10,650
62,550
16,431
11,551
364,317
1,047,261		 Resources
expended
£
(775,808)
-
-
(67,992)
(843,800)
(201,951)
-
(10,083)
-
-
(3,363)
(215,397)
(1,059,197)		 Transfers
£
157,589
107,454
(103,124)
(2,603)
159,316
(81,294)
-
-
(61,591)
(16,431)
-
(159,316)
-		 Other
recognised
gains/(losses)
£
(35,356)
-
-
-
(35,356)
-
85,200
11,915
-
-
-
97,115
61,759		 Balance at 31
December
2023
£
42,675
583,029
1,004,424
69,780
1,699,908
72,896
2,678,850
363,490
959
-
8,188
3,124,383
4,824,291

Page 32

THE SWEDISH CHURCH IN LONDON LIMITED

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

Group (Prior year)
Unrestricted
General
General fund
Designated
Tangible fixed assets
Building fund
Other
Trading funds held by subsidiary
Total unrestricted
Restricted
Swedish Church in Sweden (SKUT)
Agnes and Axel Welin Memorial Fund
Thora Ohlsson's Cultural Fund
Total restricted
Endowment Fund: Thora Ohlsson's Cultural Fund
Total funds		 Balance at 1
Jan 22
£
274,682
442,782
1,246,653
(44,473)
1,919,644
35,369
2,574,947
-
2,610,316
378,918
4,908,878		 Incoming
resources
£
571,779
-
-
136,374
708,153
185,127
-
-
185,127
-
893,280		 Resources
expended
£
(769,454)
-
-
(78,325)
(847,779)
(51,355)
-
-
(51,355)
(9,998)
(909,132)		 Transfers
£
106,312
32,793
(139,105)
-
-
-
-
368,920
368,920
(368,920)
-		 Other
recognised
gains/(losses)
£
(43,214)
-
-
-
(43,214)
-
(57,432)
(17,912)
(75,344)
-
(118,558)		 Balance at 31
Dec 22
£
140,105
475,575
1,107,548
13,576
1,736,804
169,141
2,517,515
351,008
3,037,664
-
4,774,468

Page 33

THE SWEDISH CHURCH IN LONDON LIMITED

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

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.

Thora Ohlsson's Cultural Fund

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.

The Organ Fund

This fund represents capital expenditure for the refurbishment work of the Church's organ instrument.

The Solar Panel Fund

This fund represents restricted funds contributing towards the capital expenditure of solar panels installed on the roof of the Church during 2023.

The Weekly Collection Fund

This fund represents donations restricted for specific emergency appeals and causes in the UK and around the world. One of the funds include raising money for the St Mungo's charity which is one of the leading homelessness charities in the UK. The charity helps people at every stage of recovery from homelessness. St Mungo’s outreach teams go out each night to help people who are experiencing homelessness off the streets and access help and support.

Page 34

THE SWEDISH CHURCH IN LONDON LIMITED

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

Church (Current 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
Thora Ohlsson's Cultural Fund
The Organ Fund
The Solar Panel Fund
Weekly Collection Fund
Total restricted funds
Total funds		 Balance at 1
January 2023
£
140,108
475,575
1,107,548
1,583,123
1,723,231
169,141
2,517,515
351,008
-
-
-
3,037,664
4,760,895		 Incoming
resources
£
558,745
-
-
-
558,745
187,000
76,135
10,650
62,550
16,431
11,551
364,317
923,062		 Resources
expended
£
(775,808)
-
-
-
(775,808)
(201,951)
-
(10,083)
-
-
(3,363)
(215,397)
(991,205)		 Transfers
£
154,886
107,454
(103,024)
4,430
159,316
(81,294)
-
-
(61,591)
(16,431)
-
(159,316)
-		 Other
recognised
gains/(losses)
£
(35,356)
-
-
-
(35,356)
-
85,200
11,915
-
-
-
97,115
61,759		 Balance at 31
December
2023
£
42,575
583,029
1,004,524
1,587,553
1,630,128
72,896
2,678,850
363,490
959
-
8,188
3,124,383
4,754,511

Page 35

THE SWEDISH CHURCH IN LONDON LIMITED

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

Church (Prior year)
Unrestricted
General
General fund
Designated
Tangible fixed assets
Building fund
Total unrestricted
Restricted
Swedish Church in Sweden (SKUT)
Agnes and Axel Welin Memorial Fund
Thora Ohlsson's Cultural Fund
Total restricted
Endowment Fund: Thora Ohlsson's Cultural Fund
Total funds		 Balance at 1
Jan 22
£
274,683
442,782
1,246,653
1,964,118
35,369
2,574,947
-
2,610,316
378,918
378,918
4,953,352		 Incoming
resources
£
571,779
-
-
571,779
185,127
-
-
185,127
-
-
756,906		 Resources
expended
£
(769,452)
-
-
(769,452)
(51,355)
-
-
(51,355)
(9,998)
(9,998)
(830,805)		 Transfers
£
106,312
32,793
(139,105)
-
-
-
368,920
368,920
(368,920)
(368,920)
-		 Other
recognised
gains/(losses)
£
(43,214)
-
-
(43,214)
-
(57,432)
(17,912)
(75,344)
-
-
(118,558)		 Balance at 31
Dec 22
£
140,108
475,575
1,107,548
1,723,231
169,141
2,517,515
351,008
3,037,664
-
-
4,760,895

Page 36

THE SWEDISH CHURCH IN LONDON LIMITED

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

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
Charity
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
£
583,029
1,004,424
202,855
(90,400)
1,699,908
Unrestricted
funds
General
£
475,575
1,107,548
264,009
(110,328)
1,736,804
Unrestricted
funds
General
£
583,029
1,004,524
110,655
(68,080)
1,630,128
Unrestricted
funds
General
£
475,575
1,107,648
258,487
(118,479)
1,723,231		 Restricted
funds
Restricted
£
-
3,124,383
-
-
3,124,383
Restricted
funds
Restricted
£
-
3,037,664
-
-
3,037,664
Restricted
funds
£
-
3,124,383
-
-
3,124,383
Restricted
funds
£
-
3,037,664
-
-
3,037,664		 Total
funds
2023
£
583,029
4,128,807
202,855
(90,400)
4,824,291
Total
funds
2022
£
475,575
4,145,212
264,009
(110,328)
4,774,468
Total funds at
31 December
2023
£
583,029
4,128,907
110,655
(68,080)
4,754,511
Total funds at
31 December
2022
£
475,575
4,145,312
258,487
(118,479)
4,760,895

Page 37

THE SWEDISH CHURCH IN LONDON LIMITED

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

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 (2022: 3) full time employees were paid directly by the Church and then reimbursed by SKUT. During the year, grants totalling £187,000 (2022: £185,127) were paid by SKUT to the charity.

There were no other related party transactions in the year.

23 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.

24 Events after the reporting period

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

Page 38