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2025-12-31-accounts

Charity number: 1177917

Registered number: 2626039Registered number: 2626039

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 2025

NORWEGIAN YWCA (LONDON)

CONTENTS

Legal and Administrative information 1
Report of the Trustees 2 – 5
Independent Examiner’s Report 6 -7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 - 17

NORWEGIAN YWCA (LONDON)

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2025

Trustees E Meinich (Chair)
B Lyngnes (Hon Treasurer)
O Aasheim
B Bagnold
A Marwa (resigned 11 June 2025)
D M Hopstock Havgar (resigned 06 March 2025)
M Hauge
C Bondi
I Mohlin (resigned 11 June 2025)
A Aabo
G Oey (appointed 02 October 2025)
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 UK PLC
WANDSWORTH 2
LEICESTER
LE87 2BB

1

NORWEGIAN YWCA (LONDON)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

The Trustees present their annual report and the financial statements for the year ended 31 December 2025. 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. The General Secretary of KFUK-KFUM Norge or his/her representative is permitted to attend Board Meetings once a year and more extensively should the need arise. The Pastor of the Norwegian Seaman’s Church in London is an ex-officio Trustee and is normally the desired representative of KFUK-KFUM Norge. The minimum number of Trustees is 3 and the maximum number is 10.

The Trustees normally meet 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:

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NORWEGIAN YWCA (LONDON)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

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 young people, 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 professionals 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 2025 was 11,631 (2024: 11,917). The utilisation of the hostel’s capacity was 72.4% compared with 74.2% in 2024. Income from Board and Lodgings decreased to £455,017 compared with £462,768 in 2024. Despite us having an increase in long-term residents, the occupancy was lower due to a decrease in short-term tourists and groups.

Total income amounted to £492,678 (2024: £499,931). The 2025 figure includes donations and grants of £526 (2024: £10,766) and investment income of £22,754 (2024: £14,500).

Total operating costs amounted to £414,393, compared with £380,531 in 2024. The increase mainly relates to general maintenance of the hostel. On the other hand, gas and electricity costs have decreased to £20,041 from £52,700 due to signing new agreements in October 2024.

Net income for the year, excluding net gains or losses on financial investments, was £78,285 (2024: £119,400).

Net gains on financial investments (including changes in market value) amounted to £26,830 (2024: gain of £3,361). This leaves the net income for the year at £105,115 (2024: £122,761). This movement represents the increase in Net Assets on the Balance Sheet during the year from £922,512 at the beginning of the year to £1,027,627 as of 31 December 2025.

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 2025 the underlying value of the investments has remained stable at £197,644.

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NORWEGIAN YWCA (LONDON)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

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.

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 2025, the Association had £904,383 as unrestricted general funds, which are not designated to specific projects. Of this amount, £290,553 was cash at bank and in hand and £300,000 held in short term investments.

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 2025 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 2025 was £108,244.

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

4

NORWEGIAN YWCA (LONDON)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

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 3 June 2026 and signed on their behalf by:

E Meinich Chair

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NORWEGIAN YWCA (LONDON)

INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

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 2025, which are set out on pages 8 to 17.

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 – matter of concern identified

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 have identified a matter of concern relating to the treatment of costs incurred for replacement showers. During the year the charity has incurred costs of £59,850 for new shower pods which were installed in a number of bedrooms within the property. The trustees’ consider that these are repairs to the property as the existing showers were not fit for purpose and have therefore expensed these costs to Hostel Maintenance. This is not compliant with the Charities Statement of Recommended Practice which states that costs should be capitalised if they are to be used by the charity on an ongoing basis through their ability to generate income and meet the charity’s objectives.

I confirm that no other 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 confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.

6

NORWEGIAN YWCA (LONDON)

INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

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

Date: 28 July 2026

7

NORWEGIAN YWCA (LONDON)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025

Total Total
unrestricted unrestricted
Notes funds funds
2025 2024
Income from: £ £
Donations 526 10,766
Charitable activities 2 469,398 474,665
Investments 3 22,754 14,500
Total income 492,678 499,931
Expenditure on:
Charitable activities 4 414,393 380,531
Total expenditure 414,393 380,531
Net gains on investments 26,830 3,361
Net income for the year 105,115 122,761
Reconciliation of funds
Total funds brought forward 922,512 799,751
Total funds carried forward 10 1,027,627 922,512

Page 8

NORWEGIAN YWCA (LONDON)

BALANCE SHEET

AS AT 31 DECEMBER 2025

Notes 2025 2024
As restated
£ £ £
£
Fixed assets
Tangible assets 6 276,353 275,433
Investments 7 197,644 170,814
473,997 446,247
Current assets
Debtors 8 9,572 4,366
Investments - cash on deposit 300,000 300,000
Cash at bank and in hand 290,553 221,125
600,125 525,491
Creditors: amounts falling due
within one year 9 ( 46,495) ( 49,226)
Net current assets 553,630 476,265
Net assets 1,027,627 922,512
Funds 10
Unrestricted funds:
General fund 904,383 815,890
Designated funds:
The Maintenance Fund 15,000 15,000
The Ball Bequest 108,244 91,622
1,027,627 922,512

Approved by the General Committee of Management on 3 June 2026 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 2025

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.

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NORWEGIAN YWCA (LONDON)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

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

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. Fixtures and Fittings Cost less residual value over 5 to 9 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.

1.10 Pensions

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

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NORWEGIAN YWCA (LONDON)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

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.

1.12 Prior period restatement

During the preparation of these financial statements, it was noted that £300,000 of cash was being held with a maturity of more than 3 months. These balances have been moved out of Cash at bank and in hand, and included within Investments - cash on deposit, and the comparatives have been restated.

2 Income from charitable activities 2025 2024
£ £
Board, lodgings and meals 455,017 462,768
Membership fees 4,773 5,270
Sundry income 9,608 6,627
469,398 474,665
3 Income from investments 2025 2024
£ £
Listed investments 22,754 14,500
22,754 14,500

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NORWEGIAN YWCA (LONDON)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

4 Expenditure on charitable activities 2025 2024
£ £
Salaries 135,666 128,397
Rates 7,804 6,094
Water 12,828 7,197
Insurance 20,158 17,584
Gas and electricity 20,041 52,700
Cleaning materials 6,413 4,573
Hostel maintenance 85,692 34,823
Depreciation 4,542 3,836
Food 38,797 31,729
Miscellaneous operating costs 4,343 4,642
Laundry 9,540 9,547
VISA charges 654 -
Staff visa charges 9,323 8,878
Exchange differences ( 4,162) 8,202
Direct costs - General Fund 351,639 318,202
Support costs (below) 62,754 62,329
414,393 380,531
Support costs:
Salaries 25,088 26,887
Accountancy fees 8,660 8,840
Interest 3 39
Travel expenses 2,550 2,145
Gifts & Flowers 1,271 679
Postage 466 287
Telephone 3,525 2,316
Office Supplies & Stationery 3,753 3,775
Bank Charges 9,930 9,615
Miscellaneous 4,058 4,201
Governance costs:
Independent Examiner's fees 3,450 3,545
62,754 62,329

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NORWEGIAN YWCA (LONDON)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

5 Staff costs, trustees and key management personnel 2025 2024
£ £
Wages and salaries 155,632 148,450
Social Security costs 2,664 5,129
Pension costs - defined contribution schemes 2,458 1,705
160,754 155,284
The average weekly number of employees during the year was: 12 9

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

Key management personnel are identified as the manager and the trustees. Key management personnel received remuneration totalling £56,099 (2024: £52,118).The trustees did not receive any remuneration for their services and no expenses were reimbursed to them during the year (2024: £nil).

6

Tangible fixed assets Fixtures and Freehold
Fittings property Total
£ £ £
Cost
At 1 January 2025 - 331,722 331,722
Additions 5,462 - 5,462
At 31 December 2025 5,462 331,722 337,184
Depreciation
At 1 January 2025 - 56,289 56,289
Charge for the year 738 3,804 4,542
At 31 December 2025 738 60,093 60,831
Net book value
At 31 December 2025 4,724 271,629 276,353
At 31 December 2024 - 275,433 275,433

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NORWEGIAN YWCA (LONDON)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

7 Investments 2025 2024
£ £
Market value as at 1 January 2025 170,814 167,453
Additions 8,713 -
Disposals ( 8,780) -
Unrealised gains 26,897 3,361
Market value as at 31 December 2025 197,644 170,814
All investments are listed investments. Included within disposals are realised losses of £67 (2024:
£nil).
8 Debtors 2025 2024
£ £
Trade debtors 33 -
Other debtors and prepayments 9,539 4,366
9,572 4,366
9 Creditors: amounts falling due within one year 2025 2024
£ £
Trade creditors 3,480 -
Deposits and advance payments 17,306 21,445
Taxation and social security 15,425 15,093
Accruals 10,284 12,688
46,495 49,226

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NORWEGIAN YWCA (LONDON)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

10 Movement in funds

Current year Unrestricted Unrestricted
general designated Total
fund funds funds
£ £ £
Balance brought forward 815,890 106,622 922,512
Income 492,678 - 492,678
Expenditure ( 414,393) - ( 414,393)
Gains on investments 10,208 16,622 26,830
Transfers - - -
Balances carried forward 904,383 123,244 1,027,627
Designated funds: Maintenance Ball Total
fund Bequest funds
£ £ £
Balance brought forward 15,000 91,622 106,622
Transfers In - - -
Gains on investments - 16,622 16,622
Balance carried forward 15,000 108,244 123,244

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.

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NORWEGIAN YWCA (LONDON)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

10 Movement in funds (continued)

Prior year Unrestricted Unrestricted
general designated Total
fund funds funds
£ £ £
Balance brought forward 700,566 99,185 799,751
Income 499,931 - 499,931
Expenditure ( 380,531) - ( 380,531)
Gain on investments 924 2,437 3,361
Transfers ( 5,000) 5,000 -
Balances carried forward 815,890 106,622 922,512
Designated funds: Maintenance Ball Total
fund Bequest funds
£ £ £
Balance brought forward 10,000 89,185 99,185
Transfers in 5,000 - 5,000
Gains on investments - 2,437 2,437
Balance carried forward 15,000 91,622 106,622
11 Analysis of net assets between funds
General Designated Total
fund funds funds
2025 2025 2025
£ £ £
Current year
Tangible fixed assets 276,353 - 276,353
Investments 89,400 108,244 197,644
Net current assets 538,630 15,000 553,630
Prior year 904,383 123,244 1,027,627
Tangible fixed assets 275,433 - 275,433
Investments 79,192 91,622 170,814
Net current assets 461,265 15,000 476,265
815,890 106,622 922,512

There were no related party transactions in the period (2024: £nil).

12 Related party transactions

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