UK FRIENDS OF THE STOCKHOLM SCHOOL OF ECONOMICS STATEMENT OF FINANCIAL ACTIVITIES AND BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Gudrun Birgitta Maria Abage Gough-cooper Lars Goran Strannegard Sven Hakan Gomér Anette Elfving Fem Andreas Sthoding Ker5tin EliSa￿t Mogull Registered Charity Number 1175409 Company Number CE011886 Shaw Gibbs Limlted Accountsnts Salatin House 19 Cedar Road Sutton. Surrey. SM2 5DA UK FRIENDS OF THE STOCKHOLM SCHOOL OF ECONOMICS Contsnts Page Trustees, Report Trustees, Responsibilities Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Accounts 34 11 UK FRIENDS OF THE STOCKHOLY SCHOOL OF ECONOPIIICS REPORT OF THE TRUSTEES The Trustees have pfeasure in prasentiThJ their ￿POrt and the financial statements of the Charitable Incorporated Organisation (also referred to as CIO) forthe year ended 31SI December 2024 which have been prepared in accordan￿ Mfjth the Accounting and Reporting by Charities.. Statemerrt of Recommended practi￿ applicable lo chartties preparing their accounts in accordan￿ with the Financial Reporting Standard applicabte in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and the CIO'S Constrtution. Structure. governance and management The Charitable Incorporated Organisation is govemed by the Constr￿tIOn dated 27 October 2017 and is a registered charity (charity registration number 1175409). The names ofthe p8rson$ who were Trustees at any time duriThJ the year ended 3161 December 2024 and up to the date of signing these finanGial ststemenls were as follows.. Gudrun Birgitta Albage Gough£ooper Lars Strannegard Sv8n Hakan Gomer Anette Efving Femi Andreas Schoding Kerstin Elisabet Mogull (1711 or2024) The statutory power of appointing new and additional Trustees is exercisable by the Trustees. The Trustees meet regularty to review and discuss matters relating to the Charitable Incorporated Organisation. Princlpal address The principal address of the Charitable Incorwrated Organisation is.. Salatin House 19 Cedar Road Sutton Surrey SM2 5DA Professional advisers Bankers HSBC UK Bank plc. 54 Clarence Street Kingston Upon Thames Surrey KT1 1NS Independent Examiner Ransford Agyei-Boamah Shaw Gibbs Limited Salatin House 19 Cedar Road Sutton, SM2 5DA UK FRIENDS OF THE STOCKHOLM SCHOOL OF ECONOMICS REPORT OF THE TRUSTEES Princlpal aclivities and public benefft The Charitable InGorporaled Organisation (CIO) is a registered charity. The purpose of the Charttable Incorporated Organisation is for the benefit of the general public to prorn¢￿e education by SUPKK)rtirvJ the actiwties of The Stcckholm School of Econ(*nics. Achlevemgnts and performancè of the Charitable Incorporated Oryanlsation UK Friends of The Stockholm School of Economics (UKFSSE) will make regular donations to organisation$, in line with the Charitable Incorporated Organisation's objects, on an annual basis and in accordance with specifiG criteria as agreed by the Trustees. In addition, the aim is to facilitate a producttve knowledge exchaThJe between academia (primarily that at The Stockholm School of Economics) and business graduates resident in London, to provide ne￿OrkIng opportunities through social events and also to provide donors with details of how their donations would advan￿ the charitable objectives of UKFSSE in supporting SSE'S drive for a more indusive education. In line with this ambition, the UKFSSE started the year with a networking event in March, where Professor Mi¢ael Dahlen discussed the notion of 'Happiness° both from an individual point of wew bLrt also from the societal angle. The event was well attended aTrJ provoked some very interesting discussions. This was followed by the traditional crayfish party in September and a Homecoming dinner in November. DurirvJ the Homecoming dinner. the President of SSE gave well appreciated presentation ¢)n the latest developments and far ￿a¢hIng academic ambittons of the SSE. This was followed by Stefan Ha&fliger. House of Innovation al the SSE, who gave a presentation on the topic of New Business Models and The Inverted firm.. The event was attended by a great mix of alumni,. Swedish as well as internats'onal, younger as well as more eXperien￿d wofessionals. In addition to the artivities that were organized arvJ delivered throughout the year, ts UKFSSE also received several charrtable contributions fr(Yn SSE alumni. Future plans The Trustees consider that the for￿ and fador5 Yhlich underpin the Stockholm School of Economics, ambition and expansion, i.e. to WOVKle mor& room for the humanities and their strengthened role in an increasingly mathine-driven wodd, also give rise to a greater need for mid-career professionals and entrepreneurs to actively manage their ongoing learning. Going forward the Trustees therefore intend to continue their support for existing beneficiaries and others in accordano viith the objectives of the Charity Specffically, the Trusleos plan to organise events that seek to secure a Continu&￿ kno￿edge exchange belween the resources and perspectives originating in the academic environment and those of graduates active in finance, education, technology, wrporate services. entreprBneurship and related fields. Flnancial revlew and reserves The Charitable Incorporated Organisation's main Sour￿ of income were voluntary donations which amounted to £157,￿0 (2023: £61,393), exduding gift ald daim. Total funds of the CIO'S at 31 December 2024 amounted to £87,666 (2023.. £39,095). Risk management It is confimed that the major risks to which the CIO is exposed. as identified by the Trustees, have been reviewed and systems have b*n established to mitigate those risks. Approved by the Trustees and signed on their behalf on 17 September 2025: Ransford Agyei-Boamah, Senior Statutory Auditor 17 September 2025 UK FRIENDS OF THE STOCKHOLM SCHOOL OF ECONOMICS STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024 2024 2023 Note Incoming resourcos Donations Event Income 157,900 3,769 161,669 61,393 2,852 Resources expondod Event expenses Charitable donations Govemance costs 2.673 108,116 2,309 113.098 6,405 107,416 2,150 115,971 Net incomlngl (outgoing) rosource5 48,571 {51,728) Balance brought forward 90,821 Balance carried fomard UK FRIENDS OF THE STOCKHOLM SCHOOL OF ECONOMICS {Registered Charlty HUM￿r. 1175409 &4LANCE SHEEr AS AT 318f DECEMBER 2024 2024 2023 Note CURRENT ASSErs Receivables Cash at bank 8,807 81,051 89,658 11,850 28,883 40,733 CURRENT LIABIUTIES Payables 1.992 1,638 NEf ASSETS 87,666 Represented by.. INCOME ACCOUNT Balance of undistritxTrted income 87,666 TOTAL FUNDS 87,666 39,095 The financial statements have been prepared in accordanGe wth Accounting and Reporting by Charities.. Statement of RecommerKled Prac￿ce applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applrcable in the UK and Republic of Ireland (FRS 102). Approved by the Trustees on . ¥..and signed on their behalf by.. Birgitta Albage Gough-c Trustee Anette Elthng Fenn Trustee UK FRIENDS OF THE STOCKHOLM SCHOOL OF ECONOMICS NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31ST DECEMBER 2024 1) ACCOUNTING POLICIES Basis of preparation and ass8ssmont of golng concern The finan￿al stat8ments have been prepared in awdance wth Accounting and ReportirvJ by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance wtth the Financial Reporbng Standard applicable in the UK and Republic of Ireland (SORP) (FRS 102). the char￿eS Act 2011 and applicable regulations. The Charitable Incorporated (￿aniSatiOn (also referred to as CIO) constitutes a public benefit entity as defined by SORP FRS 102. The financial statements are dravffl up on the going con￿rn basis which assumes UK Fri8nds of The Stockholm School of Economics will continue in operational e￿Stence for the foreseeable future. The Trustees consider the current arKI forecast cash resources to be sufficient to cover the Y￿￿[1ng capital requirements of the CIO for at least 12 months. The accounting policies adopted by the Trustees are outlined below.. a) Income racognltion l income is recognised oncethe charTty has entitlement to the income, it is probable that the In￿Me will be receNed. and the amount of income can be measured reliatAy. Donations are recognis&l on a re￿iVed basis. Ir￿rne tax recoverable on gfft ald payments is recognised on an acL¥ued basis. b) Resources exponded Expenditure has been analysed between: Donations- all expenditure directly related to the otrlects of the CIO which is charged in the period. Governance costs- all expenditure for Ihe running of the CIO itself as an organisation. c) Fund accoUn￿ng The CIO'S fvnd is unrestricted, arKI the Twstees are free to use tt in a￿OrdanCe wth the charitable ¢)bjects. The fund is represented by cash at bank. d) Cash and cash equivalents Cash and cash equivalents comprise of current bank account balanc8 and ar& subject to insignrficant risk of change in value. UK FRIENDS OF THE STOCKHOLM ￿HOOL OF ECONOMICS NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st DECEMBER 2024 (CONTINUED) 2) RELATED PARTY TRANSACTIONS AND TRUSTEES, REMUNERATION The Trustees were not paid or received any other b&neffts from employment with the CIO during the year {2023.' £nil). Eynses totalling £nil were reimbursed to the trustees during Ihe year (2023: £nil). 3) DONATIONS 2024 2023 Voluntary donations Gift Aid 127,820 30,080 157 900 49,543 11,850 All donations during the current year and previous period were unrestricted. 4) CHARITABLE DONATIONS 2024 2023 The Stockholm Schtsjl Of E¢onomiGs 108,116 107,416 5) GOVERNANCE COSTS 2024 2023 Accountancy fees Independent examinerfs fee other professional services Subscriptionslsundry Insurance Bank charges 720 1.020 252 (246) 346 217 588 870 180 135) 335 212 2,150 UK FRIENDS OF THE STOCKHOLM SCHOOL OF ECONOMICS io NOTES TO THE ACCOUNTS FOR THE YE4R ENDED 31 $1 DECEMBER 2024 (CONTINUED} 6) RECEIVABLES 2024 2023 Accrued income- HMRC GtftAid 8,607 11,850 71 CASH AND CASH EQUIVALENTS 2024 2023 Current account 8) PAYABLES: Amounts falling due wlthln one year 2024 2023 Accrued expenses 1.992 9) FUND BALANCE The CIO'S fund is unrestricted. and the Trustees are free to use it in accordanrk with the charitable objects. The fund is represented mainly by cash. Analysis of movement in fund for current arKI previous years are presented below. 2024 2023 Fund balan￿ brought forward Incoming reSoUr￿S Rasour¢es expended Fund balance carried forward 39.095 90,821 161,669 64,245 (113,098) 1115,971) 87,666 39,095 li