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2024-12-31-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 2024

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 - 16

Detailed income and expenditure account and summaries

NORWEGIAN YWCA (LONDON)

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees E Meinich (Chair)
B Lyngnes (Hon Treasurer)
O Aasheim
B Bagnold
A Marwa
D M Hopstock Havgar
M Hauge
C Bondi
I Mohlin
A Aabo
Secretary Angela Shury-Smith
Address 52 Holland Park
London
W11 3RS
Charity number 1177917
Independent Examiner J Mathieson FCA
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 2024

The Trustees present their annual report and the financial statements for the year ended 31 December 2024. 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), 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. The minimum number of Trustees is 3 and the maximum number is 10.

The Trustees meet normally 6 times a 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.

Objectives and activities

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

Page 2

NORWEGIAN YWCA (LONDON)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

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 carefully considered the Charity Commission’s general guidance on public benefit. Students and young professional pay rates below market price 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 2024 was 11,917 (2023: 12,591). The utilisation of the hostel’s capacity was 74.21% compared with 78.40% in 2023. Income from Board and Lodgings increased to £462,768 compared with £446,105 in 2023. The increase in income is due to a slight increase in room prices per night.

Total income amounted to £499,931 (2023: £473,330), due to an increase in hostel board, lodgings and meals income. The 2024 figure includes donations and grants of £10,766 (2023: £6,248) and investment income of £14,500 (2023: £14,143).

Total operating costs amounted to £380,531, compared with £381,840 in 2023. There have been increases in salaries and gas and electricity costs which have been net off by a reduction in hostel maintenance.

Net income for the year, excluding net gains or losses on financial investments, was £119,400 (2023: £91,490).

Net gains/losses on financial investments (including changes in market value) amounted to £3,361 (gain). (2023: loss of £2,338). This leaves the net income for the year at £122,761 (2023: £89,152). This movement represents the increase in Net Assets on the Balance Sheet during the year from £799,751 at the beginning of the year to £922,512 as of 31 December 2024.

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 2024 the underlying value of the investments increased £3,361 from £167,453 to £170,814.

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.

Page 3

NORWEGIAN YWCA (LONDON)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

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.

On 31 December 2024, the Association had £922,512 as unrestricted funds, whereof £521,125 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 2024 is £15,000.

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 2024 was £91,622.

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:

Page 4

NORWEGIAN YWCA (LONDON)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

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 10 June 2025 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 2024

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 2024, which are set out on pages 7 to 16.

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.

J Mathieson FCA Lindeyer Francis Ferguson Limited Chartered Accountants Statutory Auditors North House,198 High Street Tonbridge, Kent TN9 1BE

Date: 16 June 2025

Page 6

NORWEGIAN YWCA (LONDON)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
Income from:
Donations and legacies
Charitable activities
2
Investments
3
Total income
Expenditure on:
Charitable activities
4
Total expenditure
Net gains / (losses) on investments
Net income for the year
Reconciliation of funds
Total funds brought forward
Total funds carried forward
10		 Total
unrestricted
funds
2024
£
10,766
474,665
14,500		 Total
unrestricted
funds
2023
£
6,248
452,939
14,143
499,931 473,330
380,531 381,840
380,531 381,840
3,361
122,761
799,751		 ( 2,338)
89,152
710,599
922,512 799,751

Page 7

NORWEGIAN YWCA (LONDON)

BALANCE SHEET AS AT 31 DECEMBER 2024

Notes
£
£
Fixed assets
Tangible assets
6
275,433
Investments
7
170,814
446,247
Current assets
Debtors
8
4,366
Cash at bank and in hand
521,125
525,491
Creditors:amounts falling due
within one year
9
( 49,226)
Net current assets
476,265
Net assets
922,512
Funds
10
Unrestricted funds:
General fund
815,890
Designated funds:
The Maintenance Fund
15,000
The Ball Bequest
91,622
922,512
2024		 £
£
241,045
167,453
408,498
30,787
399,508
430,295
( 39,042)
391,253
799,751
700,566
10,000
89,185
799,751
2023		 £
£
241,045
167,453
408,498
30,787
399,508
430,295
( 39,042)
391,253
799,751
700,566
10,000
89,185
799,751
2023
408,498
391,253
799,751
700,566
10,000
89,185
799,751

Approved by the General Committee of Management on 10 June 2025 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 2024

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.

Income received in advance of the provision of services i.e. deposits and payments in advance, is deferred on a time basis until such time as the services have been performed.

Membership fees are accounted for on a receivable basis.

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.

Page 9

NORWEGIAN YWCA (LONDON)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies (continued)

1.3 Resources expended (continued)

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).

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 Taxation

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

1.8 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 2024

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		 2024
£
462,768
5,270
6,627
474,665
2024
£
14,500
14,500		 2023
£
446,105
4,868
1,966
452,939
2023
£
14,143
14,143

Page 11

NORWEGIAN YWCA (LONDON)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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		 2024
£
128,397
6,094
7,197
17,584
52,700
4,573
34,823
3,836
31,729
4,642
9,547
-
8,878
8,202
318,202
62,329
380,531
26,887
8,840
39
2,145
679
287
2,316
3,775
9,615
-
4,201
3,545
62,329		 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

Page 12

NORWEGIAN YWCA (LONDON)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5
Staff costs, trustees and key management personnel
Wages and salaries
Social Security costs
Pension costs - defined contribution schemes
No member of staff earned over £60,000 during the year.
The average weekly number of employees during the year was:		 2024
£
148,450
5,129
1,705
155,284
9		 2023
£
113,061
6,108
1,204
120,373
8

Key management personnel are identified as the manager and the trustees. Key management personnel received remuneration totalling £52,118 (2023: £84,463).The trustees did not receive any remuneration for their services and no expenses were reimbursed to them during the year (2023: £nil).

6
Tangible fixed assets
Cost
At 1 January 2024
Additions
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023
7
Investments
Market value as at 1 January 2024
Revaluation
Market value as at 31 December 2024
All investments are listed investments.		 2024
£
167,453
3,361
170,814		 Freehold
property
£
293,498
38,224
331,722
52,453
3,836
56,289
275,433
241,045
2023
£
169,791
( 2,338)
167,453

Page 13

NORWEGIAN YWCA (LONDON)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8
Debtors
Trade debtors
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
Gains on investments
Transfers
Balances carried forward		 Unrestricted
general
fund
£
700,566
499,931
( 380,531)
924
( 5,000)
815,890		 2024
£
-
4,366
4,366
2024
£
21,445
15,093
12,688
49,226
Unrestricted
designated
funds
£
99,185
-
-
2,437
5,000
106,622		 2023
£
4,758
26,029
30,787
2023
£
11,617
13,106
14,319
39,042
Total
funds
£
799,751
499,931
( 380,531)
3,361
-
922,512
Designated funds:
Balance brought forward
Transfers in
Gains on investments
Balance carried forward		 Maintenance
fund
£
10,000
5,000
-
15,000		 Ball
Bequest
£
89,185
-
2,437
91,622		 Total
funds
£
99,185
5,000
2,437
106,622

Page 14

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

NORWEGIAN YWCA (LONDON)

10 Movement in funds (continued)

Maintenance fund: A balance of £15,000 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.

Prior year
Balance brought forward
Income
Expenditure
Loss on investments
Balances carried forward
Designated funds:
Balance brought forward
Loss on investments
Balance carried forward
11
Analysis of net assets between funds
Current year
Tangible fixed assets
Investments
Net current assets		 Unrestricted
general
fund
£
609,164
473,330
( 381,840)
( 88)
700,566
Maintenance
fund
£
10,000
-
10,000
General
fund
2024
£
275,433
79,192
461,265
815,890		 Unrestricted
designated
funds
£
101,435
-
-
( 2,250)
99,185
Ball
Bequest
£
91,435
( 2,250)
89,185
Designated
funds
2024
£
-
91,622
15,000
106,622		 Total
funds
£
710,599
473,330
( 381,840)
( 2,338)
799,751
Total
funds
£
101,435
( 2,250)
99,185
Total
funds
2024
£
275,433
170,814
476,265
922,512

Page 15

NORWEGIAN YWCA (LONDON)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

11 Analysis of net assets between funds (continued)

Prior year
Tangible fixed assets
Investments
Net current assets		 General
fund
2023
£
241,045
78,268
381,253
700,566		 Designated
funds
2023
£
-
89,185
10,000
99,185		 Total
funds
2023
£
241,045
167,453
391,253
799,751

12 Related party transactions

There were no related party transactions in the period (2023: £nil).

Page 16