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 2024 Church r of Sweden
THE SWEDISH CHURCH IN LONDON LIMITED CONTENTS Reference and Administrative Detsils Tnjstees Report 2to9 Stalement of Truslees. Rest)onsibilities 10 Independent Auditors, Report 11 to14 Consolidated Ststement of Financial Activities 15to16 Consolidated Balance Sheet 17 Balance Sheet 18 Consolidated Ststement of Cash Flows 19 Notes lo the Financial Statements 20to39
THE SWEDISH CHURCH IN LONDON LIMITED REFERENCE AND ADMINISTRATIVE DETAILS Chairman Per Jonsson Trustees Per Jonsson Mike Christopherson Christian Bjamram Per Olov Emanuelsson Joachim Wrang-widén Sofia Olofsson Ann Evander Reverend Hakan Wilhelmsson Svante Adde Principal Office 6 Harcourt Street London W1H4AG Registered Office 6 Harcourt Street London W1H 4AG Company Registration Number 08809420 Church Registration Number 1155762 Bankers SEB Bank 2 Cannon Street London EC4M 6XX Independent Examiner Shaw Gibbs {Auditl 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 2024 The Trustees, who are directors for the purposes of company law. present the annual report together with the financial slalernenls of the charitable company forthe year ended 31 Dember 2024. 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 18991 has been an integral part of the Swedish Church in London since 1994. The propety 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 29171911. Its address is 6 Harcourt Street. London W1H 4AG. The proprietor of the propety at 6-11 Harcourt Street is the Official Custodian for Charities on behalf ofThe Swedish Church in London. The presenl Articles of Association of The Swedish Church in London were adopted on 151h 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 Visbyl 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 limrted by guarantee which registered as a charity on 12 February 2014. no.1155762 in England. The charitable objects ofthe parish are.. to advance the Christian faith for the benefit of the public in accordan with the doctrine as set down in chapter 1 of the Constitution ofThe Church of Sweden; and to promote general charitable purposes. primarily for the benefit of members of the parish and those closely associated with them and related institutions. Public benefit The Trustees confirm that they had due regard to the guidance contained in the Charity Commission's general guidance on public benefil when reviewing the charity'5 airns and objectives and in planning fulure aclivilies. 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 guidan 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 Bjamram Per Olov Emanuelsson Joachim Wrang-widén Sofia Olofsson Ann Evander Reverend Hakan Wilhelmsson {appointed on 1 September 2024) Svante Adde {apwinled on 4 September 2024) Tnjstees who resigned during the year were as follows: Peter Wanehag (resigned 06 Sept 2024) 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 2024 (CONTINUED) STRUCTURE. GOVERNANCE & MANAGEMENT Nature of governing document A board of Trustees, elected by the Members, govem the Church.The Trustees meet al least five times a year. Tnjstees 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, appoinlment 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 employed by the Swedish Church in London. The Swedish Church Abroad (SKUT) participates in Ihe recruilment process. PRINCIPAL RISKS Risk assessment process A risk assessment process is in place for all aspects of the organisation. The Trustees have considered Ihe 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 Trustee5 are working lo meet the deficil 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 repulational risks conceming the Church's activities, buildings and slaff 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 obseNance of legislation requiring Churches and olher bodies to obtain police checks for any new employee or volunteer who may come in contact with children. The Church acts in Ihis respect via the Lulheran Council of Great Britain which provides services a5 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 IDBSI. The Church also agrees and works under the Diocese of London's and Diocese of Southwark s Safegkjarding Child and Adult Protection Programme. Page 3
THE SWEDISH CHURCH IN LONDON LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) RELATIONSHIPS WITH RELATED PARTIES The Swedish Church Abroad {SKUT The Swedish Church Abroad {SKUTI 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 2024, 3 (2023: 3) the salaries of three full-time members of staff were funded by a grant from SKUT. The Swedish Benevolent Trust (registered charity no: 263680) The Swedish Benevolent Trust donates lo the Church's social care aclivilies by making grants lo the Swedish Church in London. The Swedish Benevolent Trust enables the Church to employ full-time Deacons and to provide a considerable range of social welfare services. The Trusl grant also covers the cosl for part-time administrative seNices provided by the Church. The total amount received during 2024 was £120,000 (2023.. £120,000). 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) Bimiingham. The Church took over the responsibility for all of the British Isles from 1 January 2009 and after surveys and testing the Church CaleS out regular Se1$ and meetings for Swedes throughout the British Isles. The religious, social and cullural work is also directed towards short stay Swedish visitors as well as Swedish tourists. Achievements and perfomiance 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 including Ireland. The church building Ulrika Eleonora, a freehold property, owned by the local congregation, is the main centre for aclivilies. The church café was open five days a week and on Sundays following our Service, however in summertime it was three days plus Sunday. During Ihe year we did visits around the UK and Ireland. Places visiled.. Belfa51, Birmingham, Bournemouth. Brighton. Winchester, Cardiff. Dublin. Edinburgh, Inverness. Newcastle, Bath, Bristol Glasgow. Liverpool. Page 4
THE SWEDISH CHURCH IN LONDON LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) hi Swedish worship has been celebrated in London since 1673 and in Ulrika Eleonora {UEI congregation every Sunday Sin 1710. Some seNices during the year were also livestreamed at the same time they were celebrated in church with the congregation present. In 2024 we celebrated 166 services with 4118 participants. 4232 persons attended the Lucia services. Baptisms, weddings and funeral servi$ also take place as required. We offer Swedish services at several locations in the UK and Ireland. Goals forlhe year. Celebrate Mass every Sunday. and from October every Wednesday moming. Invite the congregation to church coffee after the seNices to create opportunities for people to socialise and speak Swedish. To provide a rich music life in services and other gatherings. The church choir sings in services. A couple of times this year we have invited families to sing al services as a project choir al family focused services. Services in English twice a year. Celebrate worship at least twice per year at several locations. see above. Lucia setvices at Southwark Calhedral, St Paul's Cathedral or Westminster Cathedral, St Marylebone Parish Church and 8 services at UE. In addition. the choir visited Brighton for a Lucia services. The chaplain served at Lucia setvices in Belfast and Edinburgh and the rector in York. Perfomi baptisms. weddings and funeral services for members of our church. Invite families of those members who have died during the last year to a Memorial Service on the Sunday of All Sainls. Invite families of Ihose who have been baptised during the last year to a service at Candlemass for a baptism feast and to collect a glass angel given to them at the baptism, hanging in our baptism tree. Teachin All teaching within semions at mass are with a view to broaden and deepen Ihe congregation's knowledge of Christian faith and Christian life. We provide the opportunity to take part in Confirmation class and for 2024 this took place in the spring. At some Sundays after the seNice, we arranged short deepening seminars in relevant theological subjects. Regular social meetings for all different age groups. where people can feel a sense of belonging, where they can sUPPOrt each other and where we can identify people who need additional support. Availability of counsellinglspiritual guidan support. Many supporting phone calls to people. Meetings with café hosts and Church wardens. Supporling individuals in their contact wilh social services, courts etc. Working close with the Swedish Embassy for people in need. Home visits and hospital visits. 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 Brilain and Ireland, so thal people will join our community of faith. During 2024. 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 2024 (CONTINUED) 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 concem the Porvoo agreement. The Swedish Church belongs to the local Deanery within London di0Se where our priests and deacons attend deanery rneelings and gatherings. Priests and deacon have permission lo officiate in the Church of England. Lucia services with the choir took place in Westminster Cathedral. Southwark Cathedral, St Marylebone Parish Church and St Bartholomew Church in Brighton. In addition, the chaplain participated in Lucia seNices in Belfast and Edinburgh and the rector in York. Swedish Church worship in local churches during 28 visits to other parts of the UK and Ireland. Per Jonsson, our chairman, was elected to be chaimian trustee of the Lutheran Council in Great Britsin al their AGM in June 2024. where the Swedish Church is a member. Latvian Lutheran Church celebrates Sunday Mass at the Swedish Church fortnighlly and the Icelandic twice per year. We also participate at the Nordic Breakfast with other Nordic churches a couple of times a year. Other activi ecial ro ects l events: Music - during 2024 we have a Director of Music and the church choir and the Lucia choir continues to thrive. Advent and Christmas collections were divided three ways.. Swedish church, diaconal work and St Mungo's la local London charity). The Christmas Fair gathering. with approximately 180 volunteers, took once again place indoors. 4500 people visited the fair and the profit before tax was £83.000. We had 6 gatherings around the Eurovision Song Contest in Sweden, which was projected on to a large screen in the Swedish Hall. Author s day We participated for the second time in the London Pride parade. We have introduced theme evenings with typical Swedish food. such as meatballs and tacos. Over 2700 persons visited Svenska salen or the library for special evenls. The Café has had 2300 guest5. We have a close relationship with the North London Swedish School, who have Swedish classes for children in our building on Saturdays and also a growing contact with the Swedish School in Barnes, London. Buildin su ort and comrnittees: The 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 fmm 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= Real Estate. Christmas Fair, Lucia, Nomination, Personnel and Thora Ohlsson Cultural Fund. Challen es Visions Lookin to the future: We continue to work with the core values of the Church of Sweden Abroad values= "Openness, Faith, Hope". In the summer of 2025 we are seeking tofind a long term rector and deacon. It is very encouraging that we are back to relatively nomial numbers after the pandemic. for example at our senior lunches and services al other locations. We are engaged in and our minds are set to develop all aspects of our activities and increase the number of members of the Swedish Church in London. Page 6
THE SWEDISH CHURCH IN LONDON LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) Financial review Our nel income before gains (losses) on inveslmenls which includes interesl and dividends is in the column to the left, with the actual dividend and interest received amounts to the right (in GBP).. Year Net profiV{lossl ot which Investment income: 2024 2023 2022 2021 2020 96,608 111,936) (15,853) (84,093) (180,290) 171.551 141.985 53,732 91,380 102.355 The Net {loss)Iprofil shows that for 2024 we had a profit. whereas for the previous years there has been a deficil. The deficits in 2020 and 2021, were the lockdown years. However this does show the interest and dividends we earn from our invested capital that have offset the shortfall from our other income sources to meel our outgoings. One main Sour of income is our membership income, but numbers have decreased since 2018 from around 1.300 to 433 in 2024. The net income after Igains)Aosses on our financial investments for the year 2024 was a gain of £50,736 (2023.. £49.823). Charitable activities brought in £351.909 12023= £309.789) and Other income (our trading subsidiary Swedish Church Services Ltd.) increased to £176.599 (2023= £160,717) as the Christmas Fair days were changed and attracted more visitors. The main drivers that contributed to this were= 1. Increased Christmas market revenue £144.482 vs. £126.799 in 2023 and higher profit £82,875 vs. £62,422 in 2023. 2. Another successful year for the Lucia concerts with revenue £125,189 (2023.. £118.745). Expenses redd to £970,654 (2023= £1.059.197). as Maintenan costs were lower and operating income improved to a profit of £96,608 {2023: loss £11,936)- Donations were £367,203 (2023.. £434,770}. A big thank you to donors for supporting us. Our sister charity Swedish Benevolent Trust ISBTI, graciously almost maintained their support for our outreach activities to £120.000 in 2024 (2023.. £120,000). A heartfelt thank you for this! Reserves The current unrestricted reseeS consisting of the General fund and Buildings fund amounting to £1,067,540 which represents 13 months of expenditure is within our reserves policy to retain 12 to 24 months of expenditure. Thora Ohlsson Cultural Fund The Swedish Church in London has one extemal restricted fund, the Thora Ohlsson Cultural Fund. The Fund was crealed 2 January 1997 with an original grant of £100,000. The fund had a positive capilal relum in 2024, an increase of £10,981. However, there were no scholarships made in 2024 {2023= £10,083), as instead they were made in early 2025. The fund ended the year worth £374.471 (2023= £363,490). Page 7
THE SWEDISH CHURCH IN LONDON LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) Investment policy and perfomiance The Trustees have engaged Cazenove Capital Management to manage its quoted inveslmenls 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 inveslments into funds, nor does it seek inveslment funds which are highly leveraged. No material shareholdings were held by the Church in any one company. The Trustees consider the value of investments lo be supt)orted by their undedying assets as appropriale. In 2017 we started invesling 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 noles, equity in Iwo privately held UK companies and a quoted entity investing in U.S. life insurance. We now have just under 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 loss during the year was £45,872 12023.. gain of £61.759) and the inveslment income was £171.55112023'. £141.985). Investment Risk Mana ement Our investments are govemed 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 relums againsl 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 Ihe UK and therefore all inveslments are treated as investment assets in the UK. The Church also has other investments which are unquoted and held al cost in line with its accounting policy. All unquoted investments are reviewed on a quartedy basis and regular communication with the investment managers is maintained to assess and manage any new risk exposure. Res onsible investment lic The Truslees have an ethical investment policy which precludes material investmenls in businesses producing or selling arms or weapons. gambling. pomography. 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 Environmenlal. Social and Govemance {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 Charilies (Protection and Social Investment Acl 20161, the charitable company has reviewed its fundraising activities and confinns that it complies with the regulation. The charitable company did not rnake use of any extemal fundraisers. No complaints were received in respect of ils fundraising activities. Events after the reporting period There have been no significcant events beeen the year end and the date of approval of these finanacial slalemenls which would require a change to. or disclosure in. the financial statements. Statement of disclosure to the auditors So far as Ihe Trustees are aware: (a) there is no relevant audit information of which the Company s auditors are unaware. and Ibl 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 thal the Company s auditors are aware of that information. Page 8
THE SWEDISH CHURCH IN LONDON LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) Reappointment of auditor The auditors Shaw Gibbs (Audit) Lirnited are deemed to be reappointed under section 487(2} of the Companies Act 2006. The annual report was approved by the Trustees of the Church on 18 May 2025 and signed on its behalf by= Per Jonsson Chairman and Trustee 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 Limiled for the purposes of company law) are responsible for preparing the Trustees, report and the financial statemenls in accordance with applicable law and regulations. Company law requires the truslees to prepa 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 Slandards and applicable lawl. 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 Ihese financial statements the trustees are required lo.. select suitable accounting policies and apply them consistently obseNe the methods and principles in the Charities SORP make judgements and estimates that are reasonable and prudent State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements Prepare the financial statements on the going concem basis unless it is inappropriate to assume thal the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transaclions and disclose wilh reasonable accuracy at any time the financial position of Ihe 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 hen for taking reasonable sleps for the prevention and detection of fraud and other irregularities. Approved by the Tnjstees of the Church on 18 May 2025 and signed on its behalf by.. Per Jonsson Chairman and Trustee Page 10
THE SWEDISH CHURCH IN LONDON LIMITED INDEPENDENT AUDrroR'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,) and its subsidiary {togelher "the group") for the year ended 31 Dember 2024 which comprise the Consolidaled Statement of Financial Activities, the Consolidated and Company Balance Sheet, the Consolidated Cash Flow Statement and Noles to the Financial Statements, including significanl 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 ApIe Accounting Practice). In our opinion the financial statements= give a true and fair view of the state of the group's and charitable companVs affairs as at 31 December 2024 and of ils incoming resources and application of resources. including its income and expenditure. for the year then ended., have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS {UK}) and applicable law. Our responsibilities under those standards a further described in the auditor responsibilities for the audil 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 stalements in the UK, including ihe FRC'S Ethical Standard, and we have fulfilled our other ethical responsibililies 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 audiling the financial stalements. we have concluded that the Trustees use of the going concern basis of accounting in the preparation of the financial statements is appropnate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively. may cast significant doubt on the charitable company's ability to continue as a going concem for a period of at least twelve months from when the financial stalements are authorised for issue. Our responsibililies and the responsibilities of the Trustees with respect to going concem are described in Ihe relevant sections of this report. Other information The other information comprises the infomiation included in the annual report. other than the financial statements and our auditor's report thereon. The trustees are responsible for the other infomation. Our opinion on Ihe financial statements does not cover the other infomiation and. except to the extent otheiSe explicitly staled in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and, in doing so, consider whether the other infomiation 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 detemiine 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 misstaternent of this other information, we are required to report that fact. We have nothing to report in this regard. Page11
THE SWEDISH CHURCH IN LONDON LIMITED INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF THE SWEDISH CHURCH IN LONDON LIMITED (CONTINUED) Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report lo you if. in our opinion.. the information given in the Trustees, Report is consistent in any material respect with the financial statements., or sufficient accounting records have not been kept- or the financial slatements are not in agreement with the accounting records- we have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Statement of Trustees. Rest)onsibilities (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 slalements and for being satisfied thal they give a true and fair view. and for such intemal conlrol as the trustees detemiine 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 statemenls. the trustees are responsible for assessing the charitable company's ability to continue as a going concem, disclosing, as applicable, matters related lo going concern and using the going concem basis of accounting unless the tnjstees either intend to liquidate the charitable company or to cease operations. or have no aliStiC allemalive but to do so. Auditor responsibilities for the audit of the financial statements We have been appointed as audilor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objeclives are to obtain reasonable assurance about whether the financial stalements 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 audil 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 legUlarl11es, including fraud. The extent to which our procedures are capable ot detecting irregularities, including fraud is detailed below= 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.. the engagement partner ensured that the engagement team collectively had the appropriate competen. capabilities and skills to identify or recognise non-compliance with applicable laws and regulations,. we assessed Ihe extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal coeSpOndence., and we identified laws and regulations were communicated within the audit team regLJlarly and the team remained alert lo instances of non-compliance Ihroughout the audit. We considered the nature of the charilable CoMpanS sector and its control environmenl, 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. Page 12
THE SWEDISH CHURCH IN LONDON LIMITED INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF THE SWEDISH CHURCH IN LONDON LIMITED (CONTINUED) We oblained an underslanding of the legal and regulatory framework that the Charitable company operates in, and identified the key laws and regulations that.. had a direct effect on the detemiination of material amounts and disclosures in the financial statements. These included the Companies Act 2006. the Charities Act 2011. the Charities SORP, Companies Acl 2006, UK financial reporting standards as issued by the Financial Reporting Council,. and do not have a direct effect on the financial statements but compliance with which may be fundamental to the Charitable company's ability to operate or to avoid a material penalty. These included the Charitable company's regulatory requirements. employment and tsxation legislations. We assessed the susceplibility of the charitable companys financial statements to material misslatemenl, including oblaining an understanding of how fraud might occur, by- making enquiries of management as to where they considered there was susceptibility lo fraud, their knowledge of aclual, suspected and alleged fraud. and considering the internal controls in place to miligate risks of fraud and non-compliance with laws and regulations. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to= reviewing financial statement disclosures by testing to supporting documentstion lo assess compliance with provisions of relevant laws and regulations described as having a direct effecl on the financial stalements., perforniing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. enquiring of the Truslee conceming actual and potential litigation and claims. and instances of non-compliance with laws and regulations- and reading minutes of Trustee meetings, reviewing intemal audit reports and reviewing correspondence with the Charities Commission. There are inherent limitations in our audit procedures described above. The more removed that laws and regulalions are from financial transaclions. the less likely il is that we would become aware of non-complian. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of Ihe 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 propedy planned and perfom)ed our audit in accordance with auditing standards. For example. the further removed non-compliance with laws and regulations lirregularitie51 is from the events and transactions reflected in the financial statement5. Ihe 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-deteclion of irregularities. as Ihese may involve collusion. forgery. intentional omissions, misrepresentations, or the override of intemal 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.uklauditorsresponsibilities. 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 lo the charitable company's trustees, as a body. in accordance with Part 4 of the Charities (Accounts and Records) Regulations 2008. Our audit work has been undertaken so that we might slate to the charitable company's trustees those matters we are required lo state lo them in an auditors. report and for no other purpose. To the fullest exlenl permitted by law, we do not accepl or assume responsibility lo anyone other than Ihe charitable company and the charitable company's trustees as a body. for our audit work. for this report, or for the opinions we have formed. Shaw Gibbs (Audit) Limited. Statutory Auditor Salatin House 19 Cedar Road Sutton Surrey SM2 5DA 18 May 2025 Shaw Gibbs (Audit) Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 ofthe Companies Act 2006. Page 14
THE SWEDISH CHURCH IN LONDON LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 (INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) Total 2024 Unrestricted Restricted Note Incorne and Endowments from: Donations and legacies Charitable activities Investment income Other income 155,320 347,443 45,676 176,599 211,883 4,466 125,875 367,203 351,909 171,551 176.599 Total income 725,038 342,224 1,067,262 Expenditure on: Raising funds Charitable activities (66.946) 1701,354) 1768,300) {66.9461 (903.708 (970.6541 202,354 (202,354) Total expenditure Net incomel{expenditure) before gainsl(losses) on investments Gainsllosses on investment assets (43,262) (11,911) 139,870 133.9611 96,608 {45,8721 Net incomel{expenditure) Transfers between funds (55.173) 12,903 105,909 12.903 50.736 Net movement in funds (42,270) 93,006 50,736 Reconciliation of funds Total funds brought fOard Total funds carried forward 1.699,908 3.124.383 4,824.291 20 1.657,638 3.217,389 4,875.027 Page 15
THE SWEDISH CHURCH IN LONDON LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) (INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) Total 2023 Unrestricted Restricted Note Incorne and Endowments from: Donations and legacies Charitable activities Investment income Other income 168,883 298,144 55,200 160,717 265,887 11,645 86,785 434,770 309,789 141,985 160.717 Total income 682,944 364,317 1,047,261 Expenditure on: Raising funds Charitable activities (72.678) (771,123) 1843,801) {72.6781 (986.519 (1,059.1971 215,396 (215,396) Total expenditure Net incomel{expenditure) before gainsl(losses) on investments Gainsllosses on investment assets (160,857) (35,356) 148,921 97,115 {11,9361 61.759 Net incomel{expenditure) Transfers between funds 1196,213) 159,317 246,036 159,317 49.823 Net movement in funds (36,896) 86,719 49,823 Reconciliation of funds Total funds brought fOard Total funds carried forward 1.736,804 3.037,664 4,774.468 20 1.699,908 3.124,383 4,824.291 All of the group's aclivilies derive from conlinuing operations during the above periods. The funds breakdown for 2023 is shown in note 20. Page 16
THE SWEDISH CHURCH IN LONDON LIMITED (REGISTRATION NUMBER: 08809420} CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Tangible assets Investments 13 14 590,098 4.064,311 583,029 4,128.807 4,654,409 4,711,836 Current assets Stocks Receivables Cash at bank and in hand 15 16 17 1.500 32,768 267,643 301,911 181.293) 4.126 38,219 160,510 202,855 {90.4001 Creditors: Amounts falling due within one year Net Current assets 18 220,618 112,455 Net assets 4.875,027 4,824.291 Funds of the group: Restricted income funds Restricted 20 3,217,389 3,124,383 Unrestricted income funds Unrestricted 20 1.657,638 1,699.908 Total funds 20 4.875,027 4,824,291 For the financial year ended 31 March 2024 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the charitable company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006. However. an audit was required in accordance with seclion 151 of the Charilies Act 2011. The Trustees, who are regarded directors for the purpose of the Companies Act 2006, acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of the accounts. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees, and authorised for issue on 18 May 2025 and signed on their behalf by= Per Jonsson Chairman and Trustee Page 17
THE SWEDISH CHURCH IN LONDON LIMITED (REGISTRATION NUMBER: 08809420} BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Tangible assets Investments 13 14 590,098 4.064,411 583,029 4,128.907 4,654,509 4,711,936 Current assets Receivables Cash at bank and in hand 16 17 29,087 157,606 186,693 158.106) 22.587 88,068 110,655 {68.0801 Creditors: Amounts falling due within one year Net Current assets 18 128,587 42,575 Net assets 4.783,096 4,754.511 Funds of Ihe Church: Restricted income funds Restricted 20 3.217.389 3,124.383 Unreslricted income funds Unrestricted 20 1.565,707 1,630.128 Total funds 20 4,783,096 4,754,511 As permitted by Section 408 Companies Act 2006. the charitable company has nol presented ils Stalement of Financial Activities (also known as The Profit & Loss Account under Company Lawl. The charitable company made a surplus for the financial year of £28.585 {2023= loss £6.385) For the financial year ended 31 March 2024 the charitable company was entitled to exemption from audit under seclion 144 of the Companies Act 2006 relaling to small companies. The rnernbers have not required the charitable company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit was required in accordance with section 138 of the Charilies Act 2011. The Trustees, who are regarded directors for the purpose of the Companies Act 2006, acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of the accounts. These financial statements have been prepared in accordance with the provisions applicable to companies subject lo the srnall companies regime. The financial statements were approved by the Trustees, and authorised for issue on 18 May 2025 and signed on their behalf by= Per Jonsson Chairman and Trustee Page 18
THE SWEDISH CHURCH IN LONDON LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Note Cash flows from operating activities Net cash income 50,736 49.823 Cash flows from investing activities Interest receivable and similar income Purchase of investments Sale of inveslments Purchase of tangible fixed assets 171,551 (2.188,107) 2.206,731 127,203) 141,985 (327.6831 405.847 124,669 Net cash flows from investing activities Adjustments to cash flows from nonrycash items Depreciation Investment income Revaluation of investments 162,972 95.480 13 20,134 (171,551) 45,872 17,215 1141,9851 (61.7591 (136.7061 154,809) Reconciliation of Net Movement in Funds to Nel Cash Flow from Operating Activities Decrease in stocks Decrease in debtors Decrease in creditors 15 16 18 2,626 5,451 9.107 1,126 49.391 19.928 Net cash flows from operating activities 155,839) 106.117 Net increaselldecrease) in cash and cash equivalents 107,133 (10,637 Analysis of Cash and Cash Equivalents Cash and short-term deposits Cash movement 267,643 (107,133) 160,510 160.510 10,637 171.147 Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December 267,643 160,510 All of the cash flows are deTived from conlinuing 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 2024 1 Legal Status The Church is limited by guarantee, incorporated in England, and consequenlly does not have share capilal. Each of the Trustees is liable to contribute an amount not exceeding £1 towards the assets of the Church in the event of liquidalion. The address of its registered office and principal place of activity is detailed on page 2. 2 Accounting policies Basis of preparation The financial stalements have been prepared in accordan with the Charities.. Slatemenl of Recommended Practice {applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021} (issued in October 20191- (Charities SORP IFRS 102}), the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) and Ihe Companies Act 2006. The Swedish Church in London meets the definition of a public benefit entity under FRS 102. Assets and liabilities are inilially recognised at historical cost or transaction value unless otherwise staled in the relevant accounting policy notes. The funclional currency of the Church is conSided to be pound sterling (£) because that is the currency of Ihe primary economic environment in which the Church operales. The financial statements are presented in pound sleding (£1. Basis of consolidation The financial slalements 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 laken advantsge 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 lo review the posltion5 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. Donalions are included when received. Legacies are included when notified and Ihe 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 seNice. Other income was generated by various parish activiiies 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 2024 (CONTINUED) 2 Accounting policies (continued) Donated services and facilities Donated professional setvices and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donaled 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 lo obtain serVIS 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: Raisin Funds Raising funds comprise of costs incurred in generating donation and legacy income, including fundraising staff costs and fundraising marketing costs. Charitable ex nditure Charitable expenditure includes direct costs incurred trjwards achieving the Church's charitable objectives. Grant ex enditure Grant {SKUTI is recognised in the year of award and when communicated to recipient in line with the SORP. Direct costs, including directly attributable salaries, are allocaled on an actual basis to each expendilure heading. Governan and Su ort 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 attribulable to our charitable aclivities and objects. G0Veman and support costs have been allocated to expenditure headings on the basis of time spent. Investment management fees Raising funds cosl comprises fees charged by the investment managers for managing Ihe 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 fvnction. wilh the exception of staff and some office overhead costs which are allocated based on activity levels. Other expendilure Where costs cannot be directly attributed to categories. they have been allocated beeen parish activities, special evenls. support cosls and managemenl and administration proportional lo staff time spenl in each area. Page 21
THE SWEDISH CHURCH IN LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (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 lo a nominal value. The other tangible fixed assets are written off over their estimated usefijl economic lives on a straight line basis at the following rales.. Asset class Depreciation method and rate Freehold buildings Fittings, furniture and organ Computers Computer licenses Motor vehicles Boiler equipment Kitchen equipment 33.3Yo 10/ 25Y. 10/ 10/0 Receivables Trade and other receivables are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amounl prepaid net of any trade discounts due. Cash and cash equivalents Cash and cash equivalenls 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 resull 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 nomially 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 concemed. Assets and liabilities at the year end are translated at the rate mling at the balance sheet date. Fund structure Unrestricted income funds are general funds that are available for use at the Truslees'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 2024 (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 partrcular 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 tem 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 Reslricled Funds have been expended or have. for other specific reasons. ceased to be restricted. Pensions The Church operates a defined contribulion pensions scheme providing benefits for employees addilional 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 al the balance sheet date using the closing market bid pri. The stalement 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 carying value or the purchase value if acquired in the financial year. Unrealised gains and losses are calculated as the difference beeen the fair value at Ihe 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 impairmentloss is measured as the differen between an asset's carying 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 impaimient within the Church's financial slalements. 3 Income from donations and legacies Unrestricted funds Total 2024 Total 2023 General Restricted Donations and legacies., Donations from individuals 155,320 211,883 367,203 434,770 155.320 211,883 367,203 434.770 Donations amounting to £196,217 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 2024 (CONTINUED) 4 Income from charitable activities Unrestricted funds Total 2024 Total 2023 General Restricted Special events Grants 227,443 120,000 4.466 231,909 120,000 189,789 120,000 347,443 4.466 351,909 309,789 Income from charitable activities totalling £298.144 was unrestricted in the prior year. 5 Investment income Unrestricted funds Total 2024 Total 2023 General Restricted Unlisted investments interest Listed investment dividends 19,113 26.563 50,139 75,736 69,252 102,299 54,971 87.014 45,676 125,875 171,551 141,985 Investment income amounting to £55.200 was unrestricted in the prior year. 6 Other income Unrestricted funds Total 2024 Total 2023 General Swedish Church servIs Limited Rental income 144,482 32,117 144,482 32,117 126,799 33.918 176,599 176,599 160,717 Other income for the prior year was unre51ricted. Page 24
THE SWEDISH CHURCH IN LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) 7 Expenditure on raising funds a) Costs of trading activities: Unrestricted funds Total 2024 Total 2023 General Trading subsidiary costs 56,725 56,725 61.091 56,725 56,725 61,091 b) Investment management costs: Unrestricted funds Total 2024 Total 2023 General Investment management charges Allocaled support costs 5.339 3.013 5.339 3.013 4.686 6.165 8.352 8,352 10.851 c) Other costs of generating donations and legacies Unrestricted funds General Total 2024 Total 2023 Other direct costs 1,869 1,869 736 8 Expenditure on charitsble activities Activity undertaken directly Grant funding of activity 2024 2023 Parish aclivilies Special events Grant 621.545 105.091 621,545 105,091 173,536 700.841 114.259 173,969 173,536 726.636 173,536 900,172 989.069 Included in the expenditure analysed above are govemance costs of £8,350 (2023 - £8,000) which relate directly to charitable aclivilies. Page 25
THE SWEDISH CHURCH IN LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) 9 Analysis of governance and support costs Governance costs Unrestricled funds Total 2024 Total 2023 General Audit fees Audit of the financial statements Other fees paid to auditors 5,900 2.450 5,900 2,450 5.700 2,300 8.350 8.350 8.000 10 Auditors. remuneration 2024 2023 Audit of the financial stalements 5.900 5.700 Other fees to auditors The audiling of accounts of any associate of the charity 3.000 2.550 11 Trustees remuneration and expenses The Rector, who is also a TTUStee. received remuneration totalling £66,682 {2023= £62.4001 during the financial year. This position was held by two people in 2024. The Rector was reimbursed £1,179 (2023.. £846) of expenses incurred for the Church. One other Trustee was reimbursed of expenses during the year £62 {2023'. £Nil). 12 Staff costs The aggregate payroll costs were as follows: 2024 2023 Staff costs during the year were: Wages and salaries Social security costs Pension costs 453,005 46,545 17,381 452,547 49,012 17,155 516,931 518,714 The average number of employees during the year was: 2024 2023 Staff - support for charitable activities Staff - support for charitable activities. paid by SKUT 12 12 Page 26
THE SWEDISH CHURCH IN LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) 12 Staff costs (continued) No 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 Nole. 11. 13 Tangible fixed assets Group and church Freehold land and buildings Fixture & Fittings Computers and licenses Total Cost At 1 January 2024 Additions 798,349 763,475 27,203 41,962 1,603,786 27.203 At 31 December 2024 798,349 790,678 41,962 1,630,989 Depreciation At 1 January 2024 Charge for the year 343.016 12,565 355,581 637.221 7,282 644,503 40.520 287 1,020,757 20,134 1,040,891 At 31 December 2024 40.807 Net book value At 31 December 2024 442,768 146,175 1.155 590,098 At 31 December 2023 455,333 126,254 1,442 583,029 Freehold property The propety 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 cosl is estimated lo be nil. Subsequent capital additions have been included at cost and as at the year end have a net book value of £442,768 {2023.' £445,333). The insurance value of the property at the year end was £16,585,419 12023.. £16,585.4191. Page 27
THE SWEDISH CHURCH IN LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) 14 Fixed asset investments 2024 2023 Group Quoted investments at market value Unquoted inveslments at market value 3,153,058 911,253 3,052,256 1,076.551 4,064,311 4,128,807 2024 2023 Church Shares in group undertakings and participating interests Quoted investments at market value Unquoted investments at market value 100 3,153,058 911,253 100 3,052,256 1,076,551 4,064,411 4,128.907 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 impaim)ent as reviewed and decided by Ihe Truslees. Fixed asset investments are represented by: 2024 2023 Quoted Pooled Inveslment Vehicles Unquoled privale equity investments Cash held for quoted investment purposes Insuran policies held under quoted investments 1.793.200 911.253 814.669 545,189 4,064,311 1.759,511 1.076,551 787,365 505,380 4,128,807 The fair value of each class of quoted investments comprise of: 2024 2023 temative funds Mulli-Asset funds Cash 1,793,200 814.669 545,189 3,153,058 759,511 787,365 503,380 2.050,256 Insuran 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 2024 (CONTINUED) 14 Fixed asset investments (continued) Quoted & Unquoted investments Quoted investments Unquoted investments Total Valuation At 1 January 2024 Additions Disposals Net investment gains 3,052,256 1,888,107 {1,906,731) 119,426 3.153.058 1,076,551 4,128,807 300,000 2,188,107 (300,0001 {2,206,7311 {165.2981 {45,8721 911,253 4,064,311 At 31 December 2024 Net book value At 31 December 2024 3,153,058 911,253 4,064,311 At 31 December 2023 3.052,256 1,076,551 4,128,807 The historical cost of the quoted investments al 31 Dember 2024 was £2,724,66312023'. £2,804,751). Unquoled investmenl at historical cost at Ihe current and previous year end comprises the following.. Private equity investments amounting to £255.152 {2023= £255,152) and other investments (Loan notes) amounling to £700.000 (2023.. £700,000). Investment Management & Risks Quoted investmenls Quoted invesments are mainly made up of investment in equities and fixed interest securities which are all traded in quoted public markels. primarily the London Stock Exchange. These investrllents are generally held under pooled investment vehicles including common investment funds, unit tnjsts 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 perfomiance 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 govemment stock continues to depress Ihe 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 lo provide for ordedy 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. uoled investments Unquoled investments comprise of investrnents in UK registered companies.The main risk Ihe 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 Ihe Church. Credit risk is managed through regular communication with the representatives of these unlisted companies. These representalives 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 2024 (CONTINUED) 14 Fixed asset investments (continued) Investment in subsidiary company Subsidiary company Cost At 1 January 2024 100 At 31 December 2024 100 Net book value At 31 December 2024 100 At 31 December 2023 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 Ihe company is 6 Harcourt Street, London W1H 4AG. Details of undertaking Details of the investments in which the Church holds 200kn or more of the nominal value of any class of share capital are as follows.. Country of incorporation Proportion of voting rights and shares held Undertaking Holding 2024 2023 Swedish Church servIs Limited England & Wales Ordinary Shares 100/0 100/0 Page 30
THE SWEDISH CHURCH IN LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) 15 Stock Group 2023 Church 2024 2024 2023 G¢x)ds for resale 1,500 4.126 16 Receivables 2024 Group 2023 Church 2023 2024 Trade receivables Other receivables Amount due from subsidiary company Prepayments 15,578 10,614 15,632 11,450 10,614 11,897 6,576 11,450 6.576 11.137 11.137 32,768 38,219 29,087 22,587 17 Cash and cash equivalents 2024 Group 2023 Chari 202 2023 Cash at bank 267.643 160,510 157,606 88.068 18 Payables: amounts falling due within one year 2024 Group 2023 Chur¢h 2024 2023 Trade payables Amount owed to subsidiary company Other taxation and social security Other payables Accruals 30.685 45,633 29,945 37.766 3,004 {1) 2,773 24.538 19,747 15,152 15.709 15,056 2,773 26,938 15,152 13,009 81,293 90,400 58,106 68,080 19 Pension and other schemes Defined conlribution pension scheme The group operates a defined contribution pension scheme. The pension cost charge for the year represents conlributions payable by the group to the scheme and amounted to £17,381 (2023.. £17,155). Contributions totalling £14612023= £2,773) were payable to the scheme at the end of the year and are included in payables. Page 31
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THE SWEDISH CHURCH IN LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) 21 Analysis of net assets between funds Group Unrestricted funds Restricted funds Totsl funds General Restricted 31 Dec 24 Tangible fixed assets Fixed asset investments Current assets Current liabilities 590,098 846,922 301,911 81,293 590,098 4,064.311 301,911 81.293 3,217,389 Total net assets 1,657,638 3,217,389 4,875,027 Unrestricted funds Restricted funds Total funds General Restricted 31 Dec 23 Tangible fixed assets Fixed asset investments Current assets Current liabilities 583,029 1.004.424 202,855 {90,400) 583,029 4,128,807 202.855 90.400 3.124,383 Total net assets 1.699,908 3.124,383 4,824,291 Charity Unrestricted funds General Total funds at 31 December 2024 Restricted funds Tangible fixed assets Fixed asset investments Current assets Current liabilities 590,098 847,022 186,693 (58,106) 590,098 4,064.411 186.693 58.106 3.217.389 Total net assets 1.565,707 3.217,389 4,783,096 Total funds at 31 December 2023 Unrestricted funds General Restricted funds Tangible fixed assets Fixed asset investments Current assets Current liabilities 583,029 1,004,524 110,655 {68,080) 583,029 4,128,907 110.655 68,080 3.124,383 Total net assets 1.630,128 3.124,383 4,754,511 Page 38
THE SWEDISH CHURCH IN LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) 22 Related party transactions Group Details of income from related parties are disdosed in the Trustees. Report The Swedish Church Abroad {SKUT) is the goveming body of the Swedish Church in London. SKUT gives instruclion to the Reclor on matters regarding Evangelical Lutheran Church procedures and related issues. During the year, 3 {2023.' 3) full time employees We paid directly by the Church and then reimbursed by SKUT. DLJring the year, grants totalling £196.217 {2022= £187,000) were paid by SKUT to the charity. There were no other related paty 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 lo the extent that income and gains are applied to the charitable companvs charitable objects. 24 Events after the reporting period There have been no significcant events beeen the year end and the date of approval of these finanacial slalemenls which would require a change to. or disclosure in. the financial statements. Page 39