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2023-12-31-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 2023

NORWEGIAN YWCA (LONDON)

CONTENTS

Legal and Administrative information 1
Report of the Trustees 2 – 5
Independent Examiner’s Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 - 18

Detailed income and expenditure account and summaries

NORWEGIAN YWCA (LONDON)

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2023

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
C Bondi (appointed 19 October 2023)
I Mohlin (appointed 8 June 2023)
A Aabo (appointed 8 June 2023)
Secretary Angela Shury-Smith
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 2023

The Trustees present their annual report and the financial statements for the year ended 31 December 2023. 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 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, there have been some changes to the Board of Trustees and new trustees have been inducted in the year.

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 2023

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 2023 was 12,591 (2022: 10,262). The utilisation of the hostel’s capacity was 78.40%, compared with 64.17% in 2022. Income from Board and Lodgings increased to £446,105 compared with £373,179 in 2022.

Total income amounted to £473,330 (2022: £403,028), due to an increase in hostel stays. The 2023 figure includes donations and grants of £6,248 (2022: £14,860) and investment income of £14,143 (2022: £10,481).

Total expenses amounted to £381,840, compared with £361,972 in 2022, due to an increase in salary costs.

Net income for the year, excluding net gains or losses on financial investments, was £91,490 (2022: £41,056).

Net losses on financial investments (including changes in market value) amounted to £2,338 (2022: £11,675). This has decreased the net income for the year to £89,152. This movement represents the increase in Net Assets on the Balance Sheet during the year from £710,599 at the beginning of the year to £799,751 as of 31 December 2023.

Page 3

NORWEGIAN YWCA (LONDON)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023 the underlying value of the investments decreased £2,338 from £169,791 to £167,453.

The Association hold strict control on costs but find the financial pressure during 2020 – 2022 has somehow eased. Number of guests nights are increasing year by year since lockdown was lifted. Q1 2023 saw the end of our major maintenance program but there are still issues with showers which needs to be addressed.

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.

We saw an increase in our Visa costs in 2023 as we employed a new House Keeper from Norway, on our first Skilled Worker Visa. This became an additional cost to our annual Temporary Work Visas paid for. For 2023 we spent a total of £11,765 in Sponsor & Visa costs for the charity.

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. The trustees consider that the charity needs to hold reserves equivalent to 12 months of expenditure. The 2024 budgeted expenditure amounted to £404,340. The resulting reserves would therefore be approximately £400,000. With some variances factored in, a range of £375,000 to £425,000 would seem reasonable.

On 31 December 2023, the Association had £799,751 as unrestricted funds, whereof £399,508 was cash at bank and in hand.

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 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 2023 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 2023 was £89,185.

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.

Page 4

NORWEGIAN YWCA (LONDON)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

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.

This report was approved by the Board of Trustees on 26 November 2024 and signed on their behalf by:

E Meinich Chair

Page 5

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 2023

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 2023, which are set out on pages 7 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: 27 November 2024

Page 6

NORWEGIAN YWCA (LONDON)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
Income from:
Donations
Charitable activities
2
Investments
3
Total income
Expenditure on:
Charitable activities
4
Total expenditure
Net losses on investments
Net income for the year
Reconciliation of funds
Total funds brought forward
Total funds carried forward
10		 Total
unrestricted
funds
2023
£
6,248
452,939
14,143
473,330		 Total
unrestricted
funds
2022
£
14,860
377,687
10,481
403,028
381,840
381,840		 361,972
361,972
( 2,338)
89,152
710,599
799,751		 ( 11,675)
29,381
681,218
710,599

Page 7

NORWEGIAN YWCA (LONDON)

BALANCE SHEET AS AT 31 DECEMBER 2023

Notes
£
£
Fixed assets
Tangible assets
6
241,045
Investments
7
167,453
408,498
Current assets
Debtors
8
30,787
Cash at bank and in hand
399,508
430,295
Creditors:amounts falling due
within one year
9
( 39,042)
Net current assets
391,253
Net assets
799,751
Funds
10
Unrestricted funds:
General fund
700,566
Designated funds:
The Maintenance Fund
10,000
The Ball Bequest
89,185
799,751
2023		 £
£
244,117
169,791
413,908
18,068
352,161
370,229
( 73,538)
296,691
710,599
609,164
10,000
91,435
710,599
2022		 £
£
244,117
169,791
413,908
18,068
352,161
370,229
( 73,538)
296,691
710,599
609,164
10,000
91,435
710,599
2022
413,908
296,691
710,599
609,164
10,000
91,435
710,599

Approved by the General Committee of Management on 26 November 2024 and signed on its behalf by:

B. Lyngnes E. Meinich
Honorary Treasurer Chair

Page 8

NORWEGIAN YWCA (LONDON)

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

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 2019) - (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 9

NORWEGIAN YWCA (LONDON)

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

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 10

NORWEGIAN YWCA (LONDON)

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

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

3

Income from charitable activities
Board, lodgings and meals
Membership fees
Sundry income
Income from investments
Listed investments		 2023
£
446,105
4,868
1,966
452,939
2023
£
14,143
14,143		 2022
£
373,179
4,131
377
377,687
2022
£
10,481
10,481

Page 11

NORWEGIAN YWCA (LONDON)

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

4
Salaries
Rates
Water
Insurance
Gas and electricity
Cleaning materials
Hostel maintenance
Depreciation
Food
Miscellaneous operating costs
Laundry
VISA charges
Staff visa charges
Exchange differences
Direct costs - General Fund
Support costs (below)
Support costs:
Salaries
Accountancy fees
Interest
Travel expenses
Gifts & Flowers
Postage
Telephone
Office Supplies & Stationery
Bank Charges
Staff advertising
Miscellaneous
Governance costs:
Independent Examiner's fees
Expenditure on charitable activities		 2023
£
120,373
4,890
9,606
16,160
45,124
5,130
57,894
3,072
26,843
4,581
9,525
7,939
11,765
10,888
333,790
48,050
381,840
26,700
7,735
73
2,961
273
185
2,698
3,798
14
65
423
3,125
48,050		 2022
£
80,624
5,312
9,075
14,337
14,851
3,369
140,425
3,072
23,187
5,221
7,074
7,650
-
( 316)
313,881
48,091
361,972
30,000
7,206
-
1,891
623
230
1,563
3,424
24
-
-
3,130
48,091

The comparative period has been restated to show £30,000 of salary costs as support as opposed to direct.

Page 12

NORWEGIAN YWCA (LONDON)

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

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:		 2023
£
113,061
6,108
1,204
120,373
8		 2022
£
104,151
3,664
2,809
110,624
6

No member of staff earned over £60,000 during the year.

Key management personnel are identified as the manager (including the acting manager) and the trustees. Key management personnel received remuneration totalling £84,463 (2022: £50,590).The trustees did not receive any remuneration for their services and no expenses were reimbursed to them during the year (2022: £nil).

6
Tangible fixed assets
Cost
At 1 January 2023
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
7
Investments
Market value as at 1 January 2023
Revaluation
Market value as at 31 December 2023
All investments are listed investments.		 2023
£
169,791
( 2,338)
167,453		 Freehold
property
£
293,498
293,498
49,381
3,072
52,453
241,045
244,117
2022
£
181,466
( 11,675)
169,791

Page 13

NORWEGIAN YWCA (LONDON)

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

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
10
Movement in funds
Current year
Balance brought forward
Income
Expenditure
Losses on investments
Balances carried forward
Designated funds:
Balance brought forward
Losses on investments
Balance carried forward		 Unrestricted
general
fund
£
609,164
473,330
( 381,840)
( 88)
700,566
Maintenance
fund
£
10,000
-
10,000		 2023
£
4,758
-
26,029
30,787
2023
£
11,617
13,106
14,319
39,042
Unrestricted
designated
funds
£
101,435
-
-
( 2,250)
99,185
Ball
Bequest
£
91,435
( 2,250)
89,185		 2022
£
3,832
222
14,014
18,068
2022
£
15,307
2,706
55,525
73,538
Total
funds
£
710,599
473,330
( 381,840)
( 2,338)
799,751
Total
funds
£
101,435
( 2,250)
99,185

Page 14

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

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
Losses on investments
Balances carried forward
Designated funds:
Balance brought forward
Losses on investments
Balance carried forward
Analysis of net assets between funds
Current year
Tangible fixed assets
Investments
Net current assets		 Unrestricted
general
fund
£
577,984
403,028
( 361,972)
( 9,876)
609,164
Maintenance
fund
£
10,000
-
10,000
General
fund
2023
£
241,045
78,268
381,253
700,566		 Unrestricted
designated
funds
£
103,234
-
-
( 1,799)
101,435
Ball
Bequest
£
93,234
( 1,799)
91,435
Designated
funds
2023
£
-
89,185
10,000
99,185		 Total
funds
£
681,218
403,028
( 361,972)
( 11,675)
710,599
Total
funds
£
103,234
( 1,799)
101,435
Total
funds
2023
£
241,045
167,453
391,253
799,751

Page 15

NORWEGIAN YWCA (LONDON)

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

11 Analysis of net assets between funds (continued)

Prior year
Tangible fixed assets
Investments
Net current assets		 General
fund
2022
£
244,117
78,356
286,691
609,164		 Designated
funds
2022
£
-
91,435
10,000
101,435		 Total
funds
2022
£
244,117
169,791
296,691
710,599

12 Related party transactions

There were no related party transactions in the period (2022: £nil).

13 Capital Commitments

At 31 December 2023 the charity was committed to costs of £nil (2022: £16,403 - excluding VAT).

Page 16