Ch•rfty fEglstrallon Nmbor 280428 Company registrntion number 14975SB (England and Wal•s) THE SWEDISH FOLK HIGH SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THE SWEDISH FOLK HIGH SCHOOL LEGAL AND ADMINISTRATIVE INFORMATION Tr￿tee9 P Sanders E Ingvarsson C Obson IA4)point8J 28 February 20231 Secretary A Thatthr Chaiity numb•r 2e0428 Company nurnb 1497558 Register8d offic• Lc**s Hill East Sussex BN412LA Audltor t & 88ry kn'mrt•J Mocatta Hous8 TrafakJar P*4 Bnghton BN14DU Bank•Ys Natrest Bank PLC 1th5tem Avenuè Chalham mar￿M0 Chaiham IAE4 4RT THE SWEDISH FOLK HIGH SCHOOL CONTENTS Trustees re StatwnÈnl of trustees respowbl￿"eS In(lependent audrtoffs r8F Stat￿n￿nI of ffinanoal *thibes Slatem•rtt of finan(aal PK)Sitb)n 10 Statement of cath Ilryws 11 Notss lo the financial statèments 12-21 THE SWEDISH FOLK HIGH SCHOOL TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees pr￿nt their report f￿ar￿9a1 statements for the year eth 31 December 2023. Please referto Legal and AdmiThstrative Infomiation page tharity statutory infom)alk)n. The financial stalenths have been prepared in accordan￿ with the afX))unting poliryes set out in note 1 to the financial statement5 and Compty with the charitys Memorandum and Artides of Asswation. the Companies Act 20￿ and "Aeeounting and Repo￿n9 by Charities: Stslemant of Recommen(led Practicè apF4Kable to (*arilies preparing their accounts in accordance wrth thè Finanual Reporting Standard 8pplicabJe in the UK and Republic of IrelBnd IFRS 102). leffe¢kn 1 Janu8ry 2019). Obj•cliv•s and activities The school was established for the thfvan￿m￿rt. Promolion aThJ lurtherance ofp￿￿ edwJon. The charity's main objectivè È5 the provision of high-qualty educational ￿urse$ for forei￿ students. The policy ¢ontinues to be to utilise the fwids Suppl￿ by FolkhOgSk￿a Braheskolan and the chanty's ass¢ls in the nwjst effluent and affe(aNe mannèrfor the benèfit ofthe st(￿nts. The invO￿emen1 of Folkhogskola Brahoskolan enables the tharity to cl￿ntrate on the educaiion of ihe studetts. The tharity also sUp￿￿S confererrE and sports facililies to the kncal ￿nn￿nIty. The objeth.ves of The &*•Jish Folk Pligh S¢hcKI kn the year were to.. Continue lo pro￿de high quality edU￿tK)nal ¢ourses for foreign students. Maintain relations with exislmg agents aThnd the work1 and to enc¥)urage the retum of short, dosed coursès for ieenagers and young adults to Loxdale. R&fresh ourwebsite and marketing informatp)n ready for Lajncerted wmotions in 2024. Improve thè (x)ndth"on of the buildings for sludwl and staff comfort. Continue to offer a wide range of Continual Prolessirmal DeNPJO￿￿nl options for all stsff. Jikl up the staff to pre-comd levels. up reserves ￿ luttjre builthng wor* and repairs. The trustees hav8 paid dve regard to 9u*l¥nce isyJed by the Charity Commission in deciding what actmlies the charity sh￿1(1 undertake. The charita￿8 ctsmp8nls poky u8 to ￿Ul1 aTrJ drsojss with em￿OyeeS mattefs likety to affect empksyees, intorasts. Infomiation of m8ltÉrs of c£*neem to empkjyees 1$ wen through wular m88tin9s. information bulleb.ns and Teports which seek to achieve a ￿mmOn awareness on the part of al emthees of Ihe financial and economic factors affecting the perfornianc* ofthe chty. Applications for enwloymenl by disabled persons a￿ aws fully consKlered. bearir#J in mind the aw'tudes of the applicant eoncemed. In the event of members of staff becoming di$abled. every effort is made to ènsure that their employmènt within the tharitable company continues and that the apprwate training is arranged. li is the policy of the charrtable company that the training, career develoF¥iient * promotion of disatrA811 ￿rsOn5 should, as far as possiNe. be identical to that of other empkjyees. Strategic report The descrytion under headings 'Aehevements and perftymance. and 'FinarKial meet the o)mpany law requirements for the trustees to p(￿rtI a Strateg￿ reF THE SWEDISH FOLK HIGH SCHOOL TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 A¢hievem8nts and perfornian¢e 2023 started with Ihe txJ¥iesl week &nce 2019 was the bu&est year we'd ever had. Loxdale welcomed Swedish students. intemational adults and then a mix of 95 Chileans and Peruvians for the ￿nter Co￿e. It was a livety and interesttng cours8 With excdlant f*Yback from the group ltr•Jers and sttjdents. en the Wnler couw finiSh￿j. Loxdale t>)ntinued wth almost concurrent ck)sed (xjurses oft8an4ers throu9houl the Spmg along side thw'r adutt programffles. ￿ ¥4FI of teaching *lults m one building and teenagers in the other conb.nues lo work well. In terms of stuilenl nun*e(s, we had the biggest SpriNJ $nce 2019. The Students did very well in dass and with their Aclwty wèek prosentalions. There are 3trways a nvmber of students suffering w(Ih anxiety bLrt we find the use of the rnonlhly school mèntal heahh counsekjr very useful it has been a great support for ow students. We also wn 8 course giving wesentsb.ons to supp(Mt those needed lo build up to the presènlalbjn they do to the wholÈ school. Thtr Swedish students who sluty al Loxdale O￿tinUe to from 811 social b**grounds induding irnmigrants to Sweden, those with mikl depr¢ssKJn. autism or Aspergers. those ￿th an incomplete secondary education, university students and mature stut1ents. Somè have a range of mental heatth issues that can be exasperated by the Lockdown periods and uncwtsinty and the sthTrJl continue(1 to promde monthty counselling session$. support them through regul¥ meetings and lutorials and indi￿duall$lng sup￿1 vtsi needed. The SumNEr courses went very well S￿h woThIerf￿ students. In temis of numbers. Ltsxdale had 76% of the highgst recorded students numbers of 2019. TheTe was an artNAe in the EL Gazette **thich shows that Loxdale English Centre is in thè Top 14 Summgr CourEes 2023. The Prtyicipal kept to the decision to restrkx the number of students to 7S% of the 2019 f￿UTes. She still fek that it was irnportanl lo keep the qualty and safety of the o)urses hwh and to trwjild up resources gradually lo ensure thls. Atthough the awailabilty of staff and ac<>)mmodalion has inc¥eas8d a lfftle SI￿ 2022. recnjltn￿I of both is $lill an issue. Loxdak managed to re¢ruit atl the strff they needed aThJ Ipd a Very su(¥*5sful summei. Already all the groups have rthked for ￿rnMer 2024. Due to our high British C(xJnol scores. Loxdale was tok1 th* we were still in the lop 8% of all English language t￿thIng prowders in the UIQ We were awarded use of Ihe EL Galette Centre of Ex￿lenCe logo. A priority of the school for 2023 wa5 to do some essertia woth to the school and fa)sed and are satisfied that systems are in place to mthgat8 exposure to thè major iisks. Plans for future perlod8 ans foi the fvture indu¢Je e£bntinual Impr0NETh￿nt to the school and the courses offèred. The situation is looking very positive for 2024 induding the largest ever Winter teenager course in January 2024 and a well ￿0ked diary of dosed4Jroup cournes throughout the IAfjnter and Spring. sJrnn￿ 2024 b￿knn9S have also started to come in. StruC￿re. g¢vernanco and managemont The charitable company is a company limited by gu¥antee and is Iherefore gOv￿ed by ils Mgmorandum aThJ des of Assoaats"¢)n. THE SWEDISH FOLK HIGH SCHOOL TRUSTEES REPORT IINCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The trustee5. who are a150 dirèdor5 forth8 putpos8 ol etynpany lthf. and who 5eNed duriThJ the year and up to daEg ofs*JnatuTr ofthe ffinanryal statemèrt5 we.. P Sa￿l&r3 N IAÈsc(Mnbe R Dan￿￿SOn E Irowarsson C Otsson IRwn&J 28 FetKuary 2023) {Appointed 28 Febnjw 2023} None ofthe trust8e5 has any benefio'al intErest in rhe cornpany. AM ofits tr￿SteeS arg memters ofthe cornpany and guarantee to eontribut& £1 in the event of a wiThYiryJ up. Th& companvs Ilemorandum & Mides Stste that orE-third ofthe dirertors must rèswJn ead) year but each can be eligibl& for r&election shoukl hetshe a￿1 Board In ￿)rdance wrth the charrt￿S pr(*£duKes, trustees. kn an interest in ts mathèb.ng and SUC￿$$ of the Charty arè nornir4ted by St'ftelsen Braheskolan. Th&y are ITh1￿ and Sup[￿¢￿ by the Chalmian. The trusteès are currendy looking to dect one rn¢￿ perSC￿ to thè Board. The trustees meet at kast frjur times a yaaf to manag9 11* tharitys afrdir& At meets'ngs th• current situation is dis¢ussed. abng wtth the markding process, p0S￿Ort. mapr rna1trtenar￿ issues and fijnding. Thè Prin¢pal makes the day4￿aY dwsK)ns in wnniThJ the SChC￿ and meets with or morè of the Board to discuss markth.ro and major finanoal deo5ions 8tvaric￿ times. Key rnanagem￿t ￿uneratitin 15 set by the Trustees. Thè th8nty ￿ceN￿$ grant frL¥n Fokhogskcla Braheskolan on a monthty baw& The trustees considw that the major r* 10 ￿lch lh& charity i8 expostd 1$ a r&JuctiLN) in grant fuThJing. Fhjwever. the ineraase in the numtÉr of 1nternab.onal stLhJents, rJyJrse incryne aThJ the devdopment of the summer young ￿aMer courses are consKlered suffiaent to rn￿gate this risk. Auditor In accordance with the cornpanls aitides, ¥ resokthn prcy)wrg that W & ￿ Limtsy be reappoin￿1 as 8udrtot ofthe cunpany wll be wt at a Meetiry. Di¥closure of infonnatlon to audttor Eath of the trustees h85 confirmed that trEre is ￿ infomiab)n of they we aware which is r818vant to the aud( but of which th8 auditor i8 u￿Ware. They have further C￿firrned that they havè tsken appropriatè steps to identify sud) r*vant infom)ab"on and to est&4ish that ihe 8sJJÈLor ￿ aware of such infonnabon. trustees repryt was aFpro*d by ts Board ofTrustee // P Sander5 Trustso N ￿*SComte Trust•• 22 Febru￿ 2024 THE SWEDISH FOLK HIGH SCHOOL STATEMENT OF TRUSTEES RESPONSIBIUTIES FOR THE YEAR ENDED 310ECEMBER 2023 Th6 trust88s, who are also the threcaors of Tr Swedish Folk High School for the Put￿>￿e of o)mpany law, are responsible for preparing the Trustees Report and the financial statemènts ty) al￿rd￿¢￿ wtth applicable law and Unrted ￿nadOrn Accounting Standards (United Kingdom GenerallYAC￿Pted Accounting Prackel. Company Law requi￿ the trusteès lo P￿pare fThnt4al slatements for eath finanaal year whith give a trLte and fair ew of th8 state of affairs of the charity and of thg inumnang resources and ¥p￿CatiOn of ras ￿th these requiremèllts. We believe that the audrt ewdene8 we have obt￿ned is suffir*nl and appTopriaie to FKovide a basis for our opinion. Concluslons rnlatry to golng concern In audrting the financial statements, we have that the trustees use of thè going concem ba$b of accounting in the preparation of the finan(ial statefflents is aprKopriate. Based on the w￿k we have perf0M￿d, we have r¥)t any material unc•rtainties relating to ￿ants or C￿dItiOnS that. indmdualty or c￿le￿"¥dY. may cast Sw￿lfi[￿nt Ooubt on the charity's abilty to rAyttinue as 8 going c￿ce￿ foi a period of * least ￿efve months from when the financial statements are authorised for issue. Our responsibilrfi8s and the responsbdities of the truSt￿S with resF*rt to going (y)r￿eM are dèsmbed in the relevant sections of this re Olhèr Inforniatlon The olher infomiafion comprisès the inforrnatk)n induded in the annua report oth&r than Iho finanual statements and our audilorfs rek*yt Ihereon. Tha tnjstees are responth for the other information contained within the annual report. Our opirmon on Ihe fmnual st*ements does not covèr the other infomiation and, èxcept to Ihe extent otherwise eXplic￿Y stated in our reKK*. we do not express any fomi of aSSUrar￿ CC￿duSlQn thereon. Our responsibility is to Tead the Oth￿ infomation and. in d￿ng so, cxjnsider whether the other information is materrally inconsistent wth the finarrial ststements or our knOW￿ge obtained in the wurse of the audti, or ¢Ahetwise appears lo be materially misslaled. W we identify such material InconsisterKies or apparent m8leri81 misstatem•nts, wa arè required to d8lermine whether this gNes rise to a mateiial misstatement in thè financial ststements themselves. If, based on the work we have performed, we condude that fvre 15 a Material misstatement of t￿S other infomiation. Wg are required lo report that fact have nOth￿g to report in this wanl. Oplnlon• on other matters pr•scrlbed by th• Companies Act 2006 In our opinion, based on the wcrfk undertakon in the course of our audit.. Ihe infomiation givw in the trustees reF*)rt for the finanfial year for whith the financlal 8talemenls are prepared. whth inejudes the direciors, report prepared the purposes of company law, is eonsigtenl with the fin￿Cial statements., and the direuors, report inchjded wrthin Ihe trustees rep(yl h8$ been prepared in a)x>rdancÈ wtth appbcable legal r8qui¢ements. THE SWEDISH FOLK HIGH SCHOOL INDEPENDENT AUDITOR'S REPORT (CONTINUED) TOTHE TRUSTEES OF THE SWEDISH FOLK HIGH SCHOOL Matters on we are requlred to report by exe•p In the light of the knowkdge and understanding of the charity and its eftwrc￿Ment thtained in the course of the audit, we have not idenlffied material mtSSt*ements in the directors. reF do so. Audltorf$ respon8iblllts* forth• audit of the finaneAI •t¥tem Our objechvÈs are to obtain reasonable assuraneè whether the ￿8￿cIal statements as a whofo are free from material missialement. whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assUr￿ce is a high level of assurance but is not a guardrrtee that an 8udil cY*nducted in a¢¢ordance wtth ISAS (UK) will a￿ayS detect a material rni8slatèment when it ￿Sts. Misstatomènls can arise from fraud or error and *e considered material rf, indiwdually or in the aggregate. Ihey (￿Id reasonabty be expected to inlluence the ¢C￿OrniC de¢isKffls of US￿tsken on the basis ofthe5e ffinandal statements. The extent to whi¢h our ¥e ￿pable of det8Ctiry rregLdarthes. I￿￿u￿ng fraud. is deta￿e￿ bdcAY. The objectNes of our a￿]it are to identify and assess the risks of material misslatement of the financlal slatemgnls due to fraud or etTor, to obtain suffioent appropriate audit evfidence regarding the assessed risks of material misstatèment due to fraud or error". and to res￿nd appropriatety to ttN)se rtsks. Owing to the inherent limitslions of an audiL there is an unavoidable risk that material misstatemènts in the finanaal ststements may not be detected, even though the audit is property plann8<1 and performad in aco)rdance the ISAS (UK). In identifying and assessing risks of material misstatement wl Tespect of iwlantEs. induding fra￿y and non-compliance with laws and regulatvJns, procedures nduded the frjlkw￿g. We obtained an understarKling of the legal and regulat¢)ry frameworks applicable lo the chartty and the sector in which rt operates. We detemined that the f(low"ng laws and regul8b.ons were most significant.. the Charities Ad 2011, the Companies Act 20C*. safeguarding lagislab"on. heath & safety aThY employmant We obtained an undeTStandry of ho4V the thanty is wilh the legal and rewlatory frameworks by making inquir￿S to management We asséssed the susceptibilty of the ctharitys finaniia statements to material mi8Statement, Induding how fraud might occur. Audit procedures rerformed by the engagement team induded.. identifying and assesyng the deS￿n effectrveness of ￿ntrJn Trusts Company reglstratlon number 1497558 10- THE SWEDISH FOLK HIGH SCHOOL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cayh flovo from 0￿ratIng •divlti•s Cash generated from operations 101.Q7 81,364 Investing activlties Purchase of langiÈ4e fixed assets Proceeds from disposd of tsngible fixed assèts Investment income r8¢eivgd (21,68T) 14.241} 250 44,073 38.747 Net cash g•nernted from investh acllvltl• 17.cfjo 40,082 Flnaneing actSvhlo8 Repayment of bank kjans P5.361} (51.208) Nèt cash u$•d in flnancing acfl¥itl•s 125.361) 151.2081 Not Incr••￿ in ¢ash and cash equlvalents 93.326 70,238 Cash and cash equiyalents at begrnnrng of yeai 341.531 271.293 Ca$h and ¢ash equlvalents at end of year 434.857 341.531 11 THE SWEDISH FOLK HIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounlkng pollcl•* Charity infornmtion The Swedish Folk High SthcKA is a ￿"Vate eomparby limited by guarantee in￿)rpOrated in England atNJ Wales. The regisl￿d Offi￿ is Loxdale. Locks Hill. POrtS￿e, East Sussex. 8N4121A. 1.1 Accountlng ￿)VentIOn The finanual statements hav8 been pf¢par¢d in accordan￿ wilh Ihe t*ariVs Memorandum and Articles of Associats"on. the Companies Act 2006, FRS 102 Tr Financaai RepL¥ting st￿dar￿ aprAicable in the UK and Republic of Ireland. fFRS 102.) and the Charibes SORP "ACtO￿ting and Reportiny by Charities". Statement of Ro¢ommended Prac*cs applrcabte to (JwitiÈs wepanng their a(wJnts in accordance ￿th the Financial Reporting Standard 4wlicable in the UK and Re￿￿1¢ of Irekt7d (FRS 102)" (effective 1 January 2019}. The charity is a Public Benefrt Entity a5 defined ty FRS 102. The finanaal statements are prepared in sterling, ¥thith Is the fur￿bOnal cuThency of the djarity. Monetary amourts in these financaal statements ¥fe rouTrJed to the nearest The financial statements have t4en prep¥ed under the historical cost o)nvention. The prTwpal accounting policAes adopted are sat OLrt bek)w. The accounts comply with FRS 102. 1.2 Going concem At the time of approving the fina￿31 stalements, th& trustees ha¥e a reasonable expectstion that Ihe Charity has adewale resources lo continue in operab.onal exIster￿e for the foreseeable fuiure. Thus. the Irusleey (tsnlinue to adopt the going concem basis of a(￿￿ntIr9 in prep4Mg the finanTral stalemÈnts. IJ Charltablfr funds Unrastricted fvnds afe availat4¢ for use * the dtsuobon of the trustees in furtherar￿$ of thair charitable objecb"ves. The charity estsbjsshed a desvJnated fvnd as a reserve Io against industy downtum. perfom) emergen¢y repair work. or other uses at the discreb.on of the trusi*s. In norm* years. the ftjnd $haN èquata to 30% of the annual surplus. Due to the 1JLffi￿It Cond￿.0￿$ (Jeated by the CoMd-19 pandemic no amourt was transferred to this reserve in 2022 or 2023. 1A In¢om• Grant and ￿ntaI income ￿ induded on a recttvablo basls. lee5 re￿Ned in a(fvanc* are deferred. Funds r•ceiv8d as Agent relat￿9 to aC￿Mm&￿tKIn *8 not recognised in the accounts. 13 Expendlturn Expenditure is reojgnised once there is a legal or CA)nstructrve obligation to transfaT economic benefit to a third party. rt is t)robable th* a transfer of e£￿0M1¢ be￿fftS be required in Sett￿rne￿t, ¥nd the amount of the obli9ation can be rneasured reliabty. Expenditure is class1r￿d by acbty. The ctsls of eath activrty are rnade up of the total of dire(* cttsls and shared costs, induding support ¢05ts involved in urK1&ts￿"n9 each actrvity. Diie¢t cost5 attn"butable to a singlé activity are allocaled direcuy to that a￿vitY. Sha￿d costs which cx)ntsibute to more than one activity and support costs whith ar¢ not attrrbJlable to a ￿ngle actity a￿ apportioned bètween thos6 activtties on a basis (¥Jnsi$tent with the us& ol resources. Canlral stsff costs are al￿41￿￿ on the basis of time spent, and depfeciab'on charges are alkncaled on the port￿ of th& asset's usè. 12- THE SWEDISH FOLK HIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policl•s (Continu•dl Resources expendgj are induded in the Statement of F4￿nd* Actsviknes on an ac¥xuaL8 basis indusive of any VATwhich Cannol t* rewvered. CharilaÈ48 expenditu￿ are expense¥ IN￿rred direL* li pursuance of the tharity's principal a¢*'vity and SUPFKMt costs relating to this *tThity. Support costs are those in01r￿1 in conneclbn with running the thanty that enable5 charitable acbvty to be undertaken. G0v8rTran￿ Costs are those incurred in the ￿rnance of ts tharity and its assets and arè primarily as$ocAated wth constitutiond and statutory requrements. 1.8 Tangibl• fixed •ssgts Tangible fixed assets are In￿allY measured at C#)8t and Subseq￿nI￿ ffleasur¢d ai cost or valuation. net of deprectalion and any impairment kjsses. The ChaTity has a polw ofcapitslisirg ffixed assets that ry)st in exoss of £250. Depreciation is recognised so as to vrtite off Ihe co* or wJluation of assets ￿sS their ￿sI￿al values over thair us8fv1 lives on the folltrwing bases". Freehold land and buildings Plant and equipmenl Motor vehidès strahjht line {where above residual value} 25% ieduong balance 25% reducing baLqr*e No depreo8tion Is provfded in re5P8Ct of freehokj lan(J buddings. The Charity has a policy of high rnaIntenan￿ of the trNJilding and the trustees that this leads to a high re&dual value su¢Jh that depreciation would not be material. The gain or Joss arising on the disposal of an asset is detern￿ed as the difference belwe8n the sale prc¥xeds and the carrying value of the asset, i8 retsjgnised in th8 slalemgnt of financial ath"￿t￿s. 1.7 Impalrment of fixgd w¢ts At each rèporttng end dale, Ihe tharity reviews thè carry￿0 arnounts of it5 tangible assets to determine whether there is any indi(ation that those as8ets have 5uffer&d an ¥npairment loss. If any such indication exists, the rets)verable amounl of the asset estim*8d in order to deteanine the extent of the Impalm￿nt loss lif any). 1.8 Cash and cash equlva￿nts C85h and cash equivalents indude cash ￿ hand deposits hèkj * Call ￿ banks. 1.9 Flnanclal instruments Th8 charity has elected to apply the prOvi&￿)S of Section 11 'Ba￿ Fina￿[al Instrunwts. and Sect*J) 12 'Other Financ*1 Instruments Issues, of FRS 102 to all of its financial instruments. Finanaal instrumerts arè recognised ￿ the thwity's balanc• sheet when the el)aiity becomes paty to the contractual provisions of the instrument Finana31 assèts and liabilrb.es are offseL the nel amounts presented in the fnanc4al statements, when theie is a legalty enforceable right lo set off th& recowised amounts and tha￿ is an intenb.on to Sett￿ on a nel basi$ or to iealise the a5sel and settle Ihe kabilty %rrm4tan¢￿Sty. 13- THE SWEDISH FOLK HIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng poli¢1•8 (Conllnuodl Basle finan¢ialassets Basic finan¢ial assets. whK* inthde debtors aNI cash and bank baLaw. are initsalty Measu￿ al transaction pric£ induding transaction ￿sts and are subsequenuy ￿rTred at amortised eosl using the effectNe interest method unle55 (he arrangement constitutes a financing Iransadion, whwe the tr8nsath.on is measured al the prasent value of the fvlure T￿￿pts discwrted at 4 m•thet rale of interesi. Finawal assets ¢lasslfied as rece￿a￿e within on8 year are not arnothsed. Baslc Ilnanelal li•bilit Basic financ4al liabil￿e$, inrjuding Cfeditors and bank loans are rnib• recognised at transactKJn pric4 unle8S the ¥rrangement cx)nstitules a ￿nanCI￿j transa¢*"on, where the debt instrument is measured at the Present value of the Ivbjre payments discounted at a market rate of iiteresl. Finanoal liabilities dassifieil as payable wrthin one yeai are not amortised. Debt instruments are subseqL• cam&J at wnoitised cos( using Ihe effective interest ratg methL%J. Trade credil¢ys are oblytions to pay for goods ￿ Ser¥7￿ that have been acquired in ￿ ordinary course of ¢)perations from supplier5. Amounts pay8bl& are dassified as currènt ￿"abIlItieS rf payment is due within one year or less. 11 not, they are presented as n(M￿jIrÈnt liabilit￿. Tiade ¢xedrtors are rwnised initialty at transaction price and WbsèqL￿)tty mtras￿ at aiThJrbsed ￿st using Ihe effective inlersst rntrthod. Dere¢ognltlon of finanei•l Math"liU• Financial lla￿.11ts.e5 are dgreo)gnised when the d￿rity$ contracbjal Otrtyatio￿ exrmre or are disc*arged or cancelled. 1.10 Employtt be￿fits The cost of any unusetl holiday entill￿Tr* i8 recA)gnised in thè w¢xl in whK* the empbyee's sowices are received. Terniinalii)n benefrts a￿ recfjgnised iJnmediatèty as an expense the chaiity is dernonstrabty commrtted to terminate the employment of an employee or to proNide tennin*ion benofts. 1.11 Retiroment b•neflts Payments lo defined eA)ntribubon tetiren*nt benefft s(*emes ar9 thargod a$ an expensg as they fall the. 1.12 Fordgn exchan90 Trarw¢tions denomThled in forèign cwrencies r￿)lled at Ihe rate ruling at the date of the transaction. Monetary assets and liats'libes derKJNnated in f￿9Tr ¢)Jrrencaes ara translated into slertirrtJ at th8 rates of exchange ￿￿1r￿j al thé balan(* sheet dale. AJI drtreren￿S are induded in net oulgoings ra$ources. 1.13 Funds The fund$ of the t*aTity are all unrestrwxed. 1.14 Valuo add￿ tax Value added tax is not recovered by th& fJ*rity and as 5u¢h is induded in the relavant cxjsts in Ihe Statement of Finan•f•rred Incom• 2023 2022 Ari￿n9 from course fres 418.384 271,674 19- THE SWEDISH FOLK HIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 Def•md In¢om• IContlnu8dl DefeThed in¢omo is irK4￿￿ed in the financaal staten*nts a$ fomtyws.. 2023 2022 DefeTred Incomè is n)chjd￿ vAIINn: Current liabilities 418,384 271,674 MoveTr*nts in th8 year Deferred income at 1 January 2023 Rejeased from prawous peric¥Js Resources deferred in Ihe ye 271,674 1271.674) 418.384 153,978 {153,978) 271.674 Deferred int))me at 31 t)ecemter2023 418.384 271,674 17 Retir•ment b•nefft8chem Defin8d contrlbution scheThs The charity operates a defined 0)ntribUti￿ pension schème f￿ ￿ qualfying employees. The assets of the stheme are held separalety from those of the d)arity in an Independent￿ administered lund. Tha pension cost charge represents (x)ntributiO￿ payabk by the thaTila)te u)mpany lo thg fund. The charge lo profft or loss in respect of der￿ed C￿trIbut￿)n sthm•s was £11,241 (2022.. £9.66n. The amount due to the ￿nsIOn stheme al the baFan￿ sheet dat8 £1.11412022: £944). 18 Operattng lease commlknènts At the reporting end dale ihe charity had wtstanding ￿mMitrnenlS for fuiur8 minimum lease payments und&r rKJn-canceltatle op8ff3ling knses, fall due as fofiows" 2023 2022 thin one y¢ar Be￿¥89n two and five years 3,744 8,352 3.744 12,096 12.096 15,840 THE SWEDISH FOLK HIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 R•lated party transactlonB Rwnunorntion of key man•gemeni personnel The rgmuneration of key management F￿sOnnel ￿ as foNows. 2023 2022 Aggiegale compensation 59,421 55.440 Tru$te¢s There are no related party transact*Jns witti any trust8es for both the (awrent and prior year. 20 Ca¥h gMernt•d opordtions 2D23 2022 Surplus for the year 1.536 34,682 Adjustments kjr Investment income recowisad in ststemenl of finar￿a￿ adNIt*s Loss on disposal of tangible fixed assets Dewecialion and Impalm￿nI of tsngible fixed assets 138,747) 3.181 5.776 144.0731 1,926 6.356 Movements in workn.ng capital: Dec¥easellincrease) in debtors ID&crea$e)fincrease in ¢yedtic¥s In￿ase in def8rre(l ino)me 5,679 122.5081 148.710 (75,038} 39,815 117,696 Ca$h g•nerated from *)peratlons 101.627 81,364 21 Ana￿19 of changes in funds At 1 Jamwry 20Z3 2023 Cash at bank and in hand 341.531 93.326 434,857 Loans fauuig due ￿thin one year Loans fall￿9 due afier more than one year 128.1811 {109.938) 127,933) 184.825) 25.113 203.412 118,687 322.099 21