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2022-12-31-accounts

Charity number: 1177917

NORWEGIAN YWCA (LONDON) (Registered as The Norwegian Young Women’s Christian Association in London)

TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

NORWEGIAN YWCA (LONDON)

CONTENTS

Legal and Administrative information 1
Report of the Trustees 2 – 6
Independent Examiner’s Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 - 18

Detailed income and expenditure account and summaries

NORWEGIAN YWCA (LONDON)

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2022

Trustees E Meinich (Chair)
T Tennøe (Vice Chair) (resigned 26 April 2023)
B Lyngnes (Hon Treasurer)
O Aasheim
B Bagnold
A Marwa
D Havgar
C Strømmen (resigned 26 April 2023)
J Langfeldt (resigned 26 April 2023)
M Hauge (appointed 24 February 2022)
C Bondi (appointed 19 October 2023)
I Mohlin (appointed 8 June 2023)
A Aabo (appointed 8 June 2023)
Secretary Anne Hovland-Pye (resigned October 2022)
Angela Shury-Smith (appointed October 2022)
Address 52 Holland Park
London
W11 3RS
Charity number 1177917
Independent Examiner A S Healey FCA CTA DChA
Lindeyer Francis Ferguson Limited
North House
198 High Street
Tonbridge
Kent TN9 1BE
Bankers Barclays Bank plc
50 Pall Mall
London SW1A 1QA

Page 1

NORWEGIAN YWCA (LONDON)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees present their annual report and the financial statements for the year ended 31 December 2022. In preparing this report the Trustees have complied with the Charities Act 2011, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), and applicable accounting standards.

Legal and administrative information set out on the previous page forms part of this report.

The Charity’s Name

The charity is registered with the Charity Commission as The Norwegian Young Women’s Christian Association in London but is well known as the Norwegian YWCA (London).

Structure, Governance and Management

The charity is a Charitable Incorporated Organisation (“CIO”) incorporated on 11 April 2018 (registered charity number 1177917. It was formed to convert an unincorporated charity of the same name (registered charity number 210885) to CIO status. The CIO is governed by its Constitution registered on 11 April 2018. The CIO works closely with the Norges KFUK-KFUM, an equivalent organisation based in Norway.

The day-to-day management of the CIO is handled by a small staff headed by a Manager, who reports to the Trustees.

The members of the CIO are its trustees for the time being. Any member of the Lutheran Church or other recognised Christian Church may be appointed to be a trustee by a decision of the trustees. Norges KFUKKFUM has the right to appoint one of the Trustees. The Pastor of the Norwegian Seaman’s Church in London is an ex-officio trustee. One third of the trustees, being those who have been longest in office since their last appointment or reappointment, must retire from office at the Annual Retirement Meeting, being the meeting at which the annual accounts are adopted. Retiring trustees may be reappointed. The minimum number of trustees is 3 and the maximum number is 10.

The Trustees meet normally 6 times a year.

The turnover of the members of the Board of Trustees is usually quite low which means that the majority of members have long experience of the Board’s work and are able to support newcomers to the Board. However, post year-end, there have been some changes to the Board of Trustees and new trustees have been inducted.

The Board has delegated certain operational matters, including decisions on maintenance within budgets and limits approved by the Board, to a Working Committee of Trustees. The Committee meets when needed, chaired by the Chair of Trustees.

Page 2

NORWEGIAN YWCA (LONDON)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

Objectives and activities

The object of the CIO is to advance Christian values by:

The main activity of the CIO is the provision of accommodation for young Norwegian women and men in London. This is provided at the CIO’s premises at 52 Holland Park, London.

The CIO aims to provide a safe home for mainly young Norwegians coming to London to work or study for a short or longer term. It wants to provide a “home away from home” where it can provide residents with the opportunity to enjoy a good and purposeful life anchored in the Christian faith. It provides hostel services for youths, students and Norwegian families and offers board and lodging for both tourists and tenants.

In setting objectives and planning activities the trustees have given careful consideration to the Charity Commission’s general guidance on public benefit. Students and young professional pay subsidised rates for accommodation to ensure that that this is affordable.

Trustees

The Trustees who have served during the year are listed, with other key personnel, on page 1.

Review of Activities and Achievements

The total number of guest nights in 2022 was 10,262 (2021: 3,965, 2020: 3,518). The utilisation of the hostel’s capacity was 64.17%, compared with 24.75% in 2021 and 22.01% in 2020. Income from Board and Lodgings increased almost threefold, with a total of £373,179 compared with £136,603 in 2021 and £131,594 in 2020.

Total income amounted to £403,028 (2021: £199,173 2020: £176,202), twice as big as the 2021 earnings. The 2022 figure includes donations and grants of £14,860 (2021: £53,695, 2020: £35,571) and investment income of £10,481 (2021: £8,027, 2020: £7,655).

Total expenses amounted to £361,972, compared with £177,835 in 2021 and £218,912 in 2020, an amount significantly impacted by the building facade maintenance project.

At £140,425, expenditure on regular hostel maintenance was much higher than the prior years, up from £7,574 in 2021 and £5,168 in 2020, with the increase caused by the facade renovation project mentioned above.

Net income for the year, excluding net gains or losses on financial investments, was £41,056 (2021: £21,338).

Page 3

NORWEGIAN YWCA (LONDON)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

Net losses on financial investments (including changes in market value) amounted to £11,675 (2021: net gains of £17,148, 2020: net losses of £27,010). This has decreased the net surplus for the year to £29,381. This movement represents the increase in Net Assets on the Balance Sheet during the year, from £681,218 at the beginning of the year to £710,599 as of 31 December 2022.

Fund Utilisation and Provisions:

The Association has a portion of its funds invested in income generating equity and bond funds which are tailored to the charity sector. During 2022 the underlying value of the investments decreased to £169,791. The Charity received £10,481 in dividends on its investments.

The Association continues to have strict control on costs and is working to increase the number of guest nights to boost revenue in future years, and to absorb the impact of the major maintenance programme throughout 2022 and 2023, including an overhaul of the building externally and a plan to continue to upgrade the bathrooms.

Relations:

The Association continues to have a solid standing in the Norwegian community benefitting from its activities. The Association is represented in a number of external groups, including the 17[th] of May committee and the Norwegian Church in London. Working relations at the hostel are good.

Covid-19

The aftermath of Covid-19 rippled into 2022 but caused less harm in our budgets than the previous two years. 2022 was our first year after the pandemic with a return to near-normal revenues, but though we saw a healthy rise in tourist numbers during the summer months, the numbers of students still stayed below normal. We did receive some grants in 2022, but far less than the previous two years. With somewhat higher activity in the house, our running costs increased.

Visa Costs

Due to Brexit and the requirement of VISA for our staff and charity workers, the Norwegian WYCA has had faced a new and significant post in the budget. This will be a permanent annual cost we have to include in financial planning. For 2022 we saw an increase in our VISA costs due to the war in Ukraine which delayed the process for all of our four charity workers.

Policy on Reserves

The Association holds reserves, partly to generate investment income to fund property maintenance and to keep occupancy charges affordable, and partly to have funds available to assist with major refurbishment or other capital projects.

On 31 December 2022, the Association held general funds of £609,164 including £244,117 represented by fixed assets held for charity use leaving free reserves of £365,047. This is the equivalent to approximately one year’s expenditure. This is considered an acceptable level of reserves given the impact of Covid-19 and will be needed to ensure that the charity can continue.

The Maintenance Fund was established in 2008. The Trustees’ policy is to add to this fund in years with low maintenance tasks in order to have funds available to meet the requirements in the years when the need for

Page 4

NORWEGIAN YWCA (LONDON)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

major maintenance arises. The charity’s property is a listed building and periodic expenditure is needed on the facade. The balance held on 31 December 2022 is £10,000.

The Ball Bequest was a legacy left to the Association several years ago. It is regarded as a designated fund within the terms of the SORP – that is, it is an unrestricted fund at the disposal of the Trustees but in accordance with the non-binding wishes expressed in the will. The Trustees are maintaining the capital investments that the fund represents but the income is available for charity use. The balance held on 31 December 2022 was £91,435.

Financial Investments and Investment Performance

The financial investments are all regarded as long-term. It is the policy to keep the balance sheet sufficiently liquid to avoid unplanned sales of investments in depressed markets.

Investment income and net gains on investments in the year are as noted above.

Plans for Future Periods

There are no plans to change the aims and key objectives of the Association. The policies for achieving the aims and objectives will mainly follow along the same lines as during the preceding year.

Trustees’ Responsibilities

The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, regulations made thereunder, and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 5

NORWEGIAN YWCA (LONDON)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

This report was approved by the Board of Trustees on 6 June 2024 and signed on their behalf by:

E Meinich

Chair

Page 6

NORWEGIAN YWCA (LONDON)

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE NORWEGIAN YOUNG WOMEN’S CHRISTIAN ASSOCIATION IN LONDON FOR THE YEAR ENDED 31 DECEMBER 2022

Independent examiner’s report to the charity trustees of The Norwegian Young Women’s Christian Association in London Charitable Incorporated Organisation (CIO)

I report to the charity trustees on my examination of the accounts of the CIO for the year ended 31 December 2022, which are set out on pages 8 to 18.

Respective responsibilities of charity trustees and examiner

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the CIO’ accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Basis of independent examiner’s report

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

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

  1. accounting records were not kept in respect of the CIO as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.

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

A S Healey FCA CTA DChA Lindeyer Francis Ferguson Limited Chartered Accountants Statutory Auditors North House,198 High Street Tonbridge, Kent TN9 1BE

Date: 26 June 2024

Page 7

NORWEGIAN YWCA (LONDON)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Notes
Income from:
Donations and grants
Charitable activities
2
Investments
3
Total income
Expenditure on:
Charitable activities
4
Total expenditure
Net (losses) / gains on investments
Net income for the year
Reconciliation of funds
Total funds brought forward
Total funds carried forward
10		 Total
unrestricted
funds
2022
£
14,860
377,687
10,481
403,028
361,972
361,972
( 11,675)
29,381
681,218
710,599		 Total
unrestricted
funds
2021
£
53,695
137,451
8,027
199,173
177,835
177,835
17,148
38,486
642,732
681,218

Page 8

NORWEGIAN YWCA (LONDON)

BALANCE SHEET AS AT 31 DECEMBER 2022

Notes
£
£
Fixed assets
Tangible assets
6
244,117
Investments
7
169,791
413,908
Current assets
Debtors
8
18,068
Cash at bank and in hand
352,161
370,229
Creditors:amounts falling due
within one year
9
( 73,538)
Net current assets
296,691
Net assets
710,599
Funds
10
Unrestricted funds:
General fund
609,164
Designated funds:
The Maintenance Fund
10,000
The Ball Bequest
91,435
710,599
2022		 £
£
247,189
181,466
428,655
23,198
262,636
285,834
( 33,271)
252,563
681,218
577,984
10,000
93,234
681,218
2021		 £
£
247,189
181,466
428,655
23,198
262,636
285,834
( 33,271)
252,563
681,218
577,984
10,000
93,234
681,218
2021
428,655
252,563
681,218
577,984
10,000
93,234
681,218

Approved by the General Committee of Management on 6 June 2024 and signed on its behalf by:

B. Lyngnes E. Meinich Honorary Treasurer Chair

Page 9

NORWEGIAN YWCA (LONDON)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

1.1 Basis of preparation

Norwegian YWCA (London) is an unincorporated charity registered with the Charity Commission in England and Wales. Its registered address is 52 Holland Park, London W11 3RS. The charity meets the definition of a public benefit entity under FRS 102.

The financial statements have been prepared in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2015) - (Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Assets and liabilities are initially recognised at historical cost or transaction value, unless otherwise stated in the relevant accounting policy notes. The accounts are presented in pounds Sterling and rounded to the nearest pound.

There are no material uncertainties about the charity's ability to continue, and so the going concern basis of accounting has been adopted.

1.2 Income and deferred income

General donations and investment income is recognised when the charity is entitled to the funds, the receipt is probable and the amount can be measured reliably. For donations and investment income, this is usually on receipt.

Income from charitable activities, which includes board, lodgings and meals, is recognised to the extent that the charity has provided the contracted services.

1.3 Resources expended

Liabilities, and related expenditure, are recognised when a present legal or constructive obligation exists at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation, and the amount can be measured or estimated reliably.

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Expenditure on charitable activities comprises all costs identified as wholly or mainly attributable to achieving the charity's objectives. These costs include attributable administration and support costs. They also include governance costs which comprise of all costs identified as wholly or mainly attributable to ensuring the public accountability of the charity and its compliance with regulations. The charity currently has one activity and support costs have been wholly allocated to that activity (London hostel).

Page 10

NORWEGIAN YWCA (LONDON)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1.4 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Individual fixed assets costing £1,000 or more are capitalised at cost.

Depreciation is provided on the cost of tangible fixed assets, to write them down to their estimated residual values over their expected useful lives, at the following rates:

Freehold Land Not depreciated Freehold buildings Cost less residual value over 50 years.

1.5 Investments

Financial investments are stated at market value at the balance sheet date and any unrealised gains or losses are shown in the Statement of Financial Activities.

1.6 Financial Instruments

The charity only has financial instruments of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.7 Operating leases

Rentals payable under operating leases are recognised in the statement of financial activities on a straight line basis over the lease term.

1.8 Taxation

The charity is exempt from Corporation Tax on its charitable activities.

1.9 Foreign currency transactions and balances

Transactions denominated in foreign currencies are translated at the exchange rates applying at the date of the transaction. At the year end, foreign currency cash balances are translated at the exchange rate applying at the balance sheet date. Exchange gains and losses are charged to the statement of financial activities.

1.10 Pensions

The charity contributes to individuals' personal pension schemes. Pension costs are charged to the statement of financial activities when payable.

Page 11

NORWEGIAN YWCA (LONDON)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies (continued)

1.11 Fund accounting

The Association maintains the following funds:

General unrestricted funds are those which can be used in accordance with its charitable objects at the discretion of the trustees.

Designated unrestricted funds include the Maintenance Fund which builds up funds for periodic redecoration and maintenance of the Association's premises in London, and the Ball Bequest Fund which is an unrestricted fund at the disposal of the Trustees.

2
2
Income from charitable activities
Board, lodgings and meals
Membership fees
Sundry income
3
Income from investments
Listed investments		 2022
£
373,179
4,131
377
377,687
2022
£
10,481
10,481		 2021
£
136,603
516
332
137,451
2021
£
8,027
8,027

Page 12

NORWEGIAN YWCA (LONDON)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

4
Salaries
Rates
Water
Insurance
Gas and electricity
Cleaning materials
Hostel maintenance
Depreciation
Food
Staff visa costs
Miscellaneous operating costs
Credit card charges
Exchange differences
Direct costs - General Fund
Support costs (below)
Support costs:
Accountancy fees
Professional fees
Travel expenses
Gifts & Flowers
Postage
Telephone
Office Supplies & Stationery
Bank Charges
Miscellaneous
Governance costs:
Independent Examiner's fees
Expenditure on charitable activities		 2022
£
110,624
5,312
9,075
14,337
14,851
3,369
140,425
3,072
23,187
5,221
7,074
7,650
( 316)
343,881
18,091
361,972
7,206
-
1,891
623
230
1,563
3,424
24
-
3,130
18,091		 2021
£
98,431
2,930
3,624
12,586
10,353
1,598
7,574
3,072
9,941
3,342
6,072
1,474
4,001
164,998
12,837
177,835
3,010
752
519
178
270
994
3,868
200
96
2,950
12,837

Page 13

NORWEGIAN YWCA (LONDON)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

5
Staff costs, trustees and key management personnel
Wages and salaries
Social Security costs
Pension costs - defined contribution schemes
The average weekly number of employees during the year was:		 2022
£
104,151
3,664
2,809
110,624
6		 2021
£
92,881
2,340
3,210
98,431
6

No member of staff earned over £60,000 during the year (2021: None).

Key management personnel are identified as the manager (including the acting manager) and the trustees. Key management personnel received remuneration totalling £50,950 (2021: £49,749).The trustees did not receive any remuneration for their services and no expenses were reimbursed to them during the year (2021: £nil).

6
Tangible fixed assets
Cost
At 1 January 2022
At 31 December 2022
Depreciation
At 1 January 2022
Charge for the year
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021
7
Investments
Market value as at 1 January 2022
Revaluation
Market value as at 31 December 2022
All investments are listed investments.		 2022
£
181,466
( 11,675)
169,791		 Freehold
property
£
293,498
293,498
46,309
3,072
49,381
244,117
247,189
2021
£
164,318
17,148
181,466

Page 14

NORWEGIAN YWCA (LONDON)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

8
Debtors
Trade debtors
Taxation and social security
Other debtors and prepayments
9
Creditors:amounts falling due within one year
Deposits and advance payments
Taxation and social security
Accruals		 2022
£
3,832
222
14,014
18,068
2022
£
15,307
2,706
55,525
73,538		 2021
£
1,405
-
21,793
23,198
2021
£
13,279
3,946
16,046
33,271
10
Movement in funds
Current year
Balance brought forward
Income
Expenditure
Gains on investments
Balances carried forward		 Unrestricted
general
fund
£
577,984
403,028
( 361,972)
( 9,876)
609,164		 Unrestricted
designated
funds
£
103,234
-
-
( 1,799)
101,435		 Total
funds
£
681,218
403,028
( 361,972)
( 11,675)
710,599
Designated funds:
Balance brought forward
Gains on investments
Balance carried forward		 Maintenance
fund
£
10,000
-
10,000		 Ball
Bequest
£
93,234
( 1,799)
91,435		 Total
funds
£
103,234
( 1,799)
101,435

Page 15

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

NORWEGIAN YWCA (LONDON)

10 Movement in funds (continued)

Maintenance fund: A balance of £10,000 has been carried forward on the maintenance fund for the ongoing general repairs and upkeep of the premises. This reserve will remain unchanged as part of the charity's long term view on ongoing maintenance requirements.

Ball Bequest Fund: The Ball Bequest was a legacy left to the Association several years ago. It is regarded as a designated fund within the terms of the SORP - that is, an unrestricted fund at the disposal of the Trustees, but in accordance with the non-binding wishes expressed in the will. The Trustees are maintaining the capital investments that the fund represents but the income is available for general use.

11

Prior year
Balance brought forward
Income
Expenditure
Loss on investments
Balances carried forward
Designated funds:
Balance brought forward
Gains on investments
Balance carried forward
Analysis of net assets between funds
Current year
Tangible fixed assets
Investments
Net current assets		 Unrestricted
general
fund
£
543,309
199,173
( 177,835)
13,337
577,984
Maintenance
fund
£
10,000
-
10,000
General
fund
2022
£
244,117
78,356
286,691
609,164		 Unrestricted
designated
funds
£
99,423
-
-
3,811
103,234
Ball
Bequest
£
89,423
3,811
93,234
Designated
funds
2022
£
-
91,435
10,000
101,435		 Total
funds
£
642,732
199,173
( 177,835)
17,148
681,218
Total
funds
£
99,423
3,811
103,234
Total
funds
2022
£
244,117
169,791
296,691
710,599

Page 16

NORWEGIAN YWCA (LONDON)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

11 Analysis of net assets between funds (continued)

Prior year
Tangible fixed assets
Investments
Net current assets		 General
fund
2021
£
247,189
88,232
242,563
577,984		 Designated
funds
2021
£
-
93,234
10,000
103,234		 Total
funds
2021
£
247,189
181,466
252,563
681,218

12 Related party transactions

There were no related party transactions in the period (2021: £nil).

13 Capital Commitments

At 31 December 2022 the charity was committed to costs of £16,403 excluding VAT (2021: £8,040).

Page 17