Charity regi¥tration nurnber 280428 (England and Wal> Company reglstratlon number 1497558 THE SWEDISH FOLK HIGH SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE SWEDISH FOLK HIGH SCHOOL LEGAL AND ADMINISTRATIVE INFORMATION Trustoès P Sanders N SCombe E Ingvarsson C OIs50n S•er8tsry A Thatcher Charlty number (England and Wales) 280428 Company number 1497558 Regljtered offlce Loxdale Locks Hill Portslade East Sussex BN412LA Audltor West & Berry Limited Nile House Nile Street Brighton BN1 1HW Bank•r¥ Na&$1 Bank PLC Westem Avenue Chatham Manlim& Chalham ME44RT
THE SWEDISH FOLK HIGH SCHOOL CONTENTS Page Tnjstees report Statement of trustees SponSIbl11eS Independent audito¢s report Statement ol financjal activitie Slalemenl ol finanual position 10 Slalemenl ol ¢gsh flows Notes to the financial statements 12-21
THE SWEDISH FOLK HIGH SCHOOL TRUSTEES REPORT IINCLUDING DIRECTORS. REPORT FOR THE YEAR ENDED 31 DECEAIBER 2024 The trustees present their report and financial statements for the year ended 31 December 2024. Please refer to Legal and Administrative Infomiation page for charity slatutory informatn. The ffin8niial statements have been prep8red in accord9n with the accounting poliryes Set out in note 1 to the financial 5tatetnents and cotnpty with the chatty's Memorandum and Articles of A550ciation, the Companie5 Act 2006 and Accounting and Reporting by Charib"es." Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Finanual Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffective l January 20191. Objectives and activitieB The school was established for the advancement, promotion and furtherance of public education. The charity's main objective is the prowsion of high-quality educational courses for foreign students. The policy continues to be to utilise the funds SUppld by Folkhogskola Br8he5kolan and the charitys asset5 in the most effiaenl and effective rnanner for the benefrt of the students. Th¥ involvemènt of Folkhogskola Braheskolan ènables the charity to concentrate on the 8du¢atlon of lh& $lu¢J&nls. The charity also supplies conference and sports facilrties to Ihe local community. The objectives ol The Swedish Folk High Sthool for the year were to.. Continue lo provide high qualty educabonal courses for fOrert sludenl8 8nd lo work tsn #ducalional improvemènts. Refresh our websrte and marketing inlomiation ready lor concerted promotions In 2025. Update and improve the condrtion ol the buildings for student and staff comfort. Continue to offer a wide range of Continual Professional Developmenl optsons for all staff. Hire staff lo include help in Ihe Accommodabon and Sales departments Build up reserves for future building WO and repairs. Produce a video to promtsie our courses for Youn9 Leam&rs To ndUct 8 leasibilty study lo see the viability of building a slud&nl SIdence on silo. Thè trustees have paid due regard to guidance issued by Ihe Ch8wity Commission in deciding what 8Ctivities Ihtt charity should undertake. The charftable company's policy is lo consult and discuss with employees matters likely to affect employees, interests. Inlomiation of matters of concern lo employees is given Ihrough regular meetsngs. information bulletins and reports which seek to achieve a common awareness on the part of all ernployees ol the financAal and econornic factors affe¢ting the perforn8n of the ¢harity- Applications for employment by disabled persons are alay$ fulty considered, bearing in mind the aptitudes of the applicant concemed. In the event of members of staff becoming disabled. every effort is made lo ensure that their employment within the charitable company continues and that the appropriate training is arranged. It is the policy of the charrtable company that the training. career development and promotion of disabled persons should. as far as possible. be identical to that of other ernployees. strategic report The description under headings 'Achievements and perfomiance. and 'Finanual revievl meet the company law requirements for the trustees to present a strategic report.
THE SWEDISH FOLK HIGH SCHOOL TRUSTEES REPORT IINCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 Achlevom•nts and p•rfomianeè 2024 start8d off w811 with Loxdale welcoming Swedish students. intemational adults and then a mix of 65 Chileans. Panamanians and Peruvian5 ft>r the Wnter couf5e. It wa5 a livety and interesting couise with excellent feedback from the group leaders and students. All wanted to t)0k for Wnter 2025. When the Wnter course finished. Loxdale continued with dosed courses ol teenagers throughout the Spring alongside their adult programmes. The split of leaching adutts in one building and teenagers in the other continues to work well. The Swedlsh students who study at Loxdale continue to be from am soaal backgrounds induding Immigrants to Sweden, those with mild depression, autism or Aspergers, those wilh an Incomplete secondary education, unNersity students and mature studenls. Some have a range of menlal health issues. and the school continued to provide monthly counselling sessions, support them Ihrough regular meetings and tutorials and individualising support when needed. The Summor ¢ourse$ went very well vnth wondtrrful students. There was an artide in Ihtr EL Gazette whi¢h shows that Loxdale English Centre is in the Top 5 Summer Courses 2024. The Principal still has to restrict the number of sbjdenls for the summer period. The pressure on accommodation in particular means that she feels that rt was important to keep the qualty and safety of the courses high and to build up resources gradually to ensure this. Loxdale had it'5 bvsiest year for Ihe sm811 on site residence in the summer wrth a maximum of20 students with 2 $18ff caring for them. Loxdala managed to recruit all the $laff Ihey needed gnd had g very SU¢$s1U1 $umm8r. Alrea¢Jy all the group$ have re-booked for Summer 202S. Due lo our high British Counul scores, Loxdale was told that we We slin in the lop 8¥0 of all English langU89è leaching providers in th& VK. We w&re award&d us& of th¥ EL Gazette Cenire of Ex¢ell&nc8 logo. A priority of the school for 2024 was to tlo some essential work lo the school and facilities. Work was done to rebuild the showers and toilets in Loxhall and to splrt one large bedroom into rooms. This will provide extra income from accommodation for adurts (o help build up the school reserves. One ol the social rooms was a150 rnade into accommodation. Tho Autumn term nt w¥ll, and the number of intsmalional $lud&nts inueasga. One of the main focus for the Autumn was pparing for the Bribsh Council inspection which will take place in January 2025 and making sure all staff fett confidenl and happy in their roles. The other focus was on conducting a feasibility study on the viability ol building a larger student residence on sile. Throu9h meetings with a quanlitative surveyor and architects 8nd inrtial discussion5 With the bank, il wa8 decided to split the ambitious plans into two phases. The inrtial phase Is to maximize the number of students in the Loxhall building whilst increasing the qua15ty. The second phase wll see the expansion of the dining room, create a larger common room and four dassrooms as well as more bedrooms. During the Autumn much work was also done by Loxdale to build up and promote the Winter 2025 teenage course and dosed group course numbers for 2025 8nd Ihis is kjoking very promising. Loxdale also paid off both of their loans in the Autumn- the Covid loan and the long-tem) loan. The Swedish Folk High School continues to be a commrtted member of ihe English UK Speaal Interest Group for Young Learners and has irnproved its procedures and poliryes for working wrth vulnerable adutts and children. Anna Thatcher. Principal is on the Board and organises training sessions for this group. Anna Thatcher is still involved vrith Sussex Safeguarding, a dedirated Safeguarding Group for language 5thools in Brighton. The charty continues to welcome requests from various charibes and membets of the local communrty to use the sports hall and Conferen faalities at discounted rates.
THE SWEDISH FOLK HIGH SCHOOL TRUSTEES REPORT IINCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 Flnanelal re¥l•w The statement of Financi81 Activities shows a net deficit of £49.280 12023." £1,536 $ury)lu$l, totsl resèrves stand at £1.074,41612023. £1,123,696) and free reserves at £35,19212023." £91,899). The prinapal sources of income are the educational grant from Folkhogskola Braheskolan supplemented by conference, rental, the Summer School, nofvswedish students, and closed group income. The expenditure during the year continued to be applied to stsff costs and the premises running costs. supporting the objectives. The present level of funding is consIded adequate to support ihe continuab.on of The Swedish Folk High School and the trustees consider that the finanaal posrtion of the chanty is sabsfactory. The totsl nurnber of student weeks (Swedes, Summer and Intemalional 5tudent51 was almost back lo 2019 numbers 024 3,658 023 022 .725 021 .471 020 1,343 019 .819 The Principal and Accounts Manager continue to woth together to Teact to maintsin cashllow for the school. As in 2023, the Board eonfirrned that Ihtrir parent mpary, Ftslkuniversrtelel, is in a $lron9 finanaal Situation and this should servé as a guarantèè. Thèrè is no threat to Loxdalè's conbnuèd wort ovèr thè next year. The trustees plan to increase free reserves to support the luture development of the charity. Organisalional controls include an annval Teview of the controls over key finanrAal systems. Th¥ Iruslees have assessed the major risks lo which the charitable ¢cthpany is exposod and are $8li$fied that Systems a in pla¢e lo miliyale exposu lo lh¥ major ri$k$. Plan8 lor futurè p•riod8 Plans for the future include conlinval improvemenl lo the school and the courses offered. The situation is looking very positive for 2025 including a busy Imnler leenager course with new nationalities in January 2025 and a well booked diary ol ¢lo$ed%roup ¢our$8$ throughout lh¢ W1nr and Spring. Summ&r 2025 bookings have also $¢8rted to eome in and look very promising. Structur•. govemane• and manag•m•nt The charitable company is a company limrted by gu•rantee and is Iherelore govemed by ils Memorandum and Artidès of Association. The trustees, who a also the directors for the purpose of company law, and who setved during the year and up to the date ol signature of the finanual stalemenls were.. P Sanders N Wescombe E Ingvarsson C Olsso None ofthe trustees has any benefiual Inte$t in the company. AJI ofthe trustees a members of the company and guarantee to contribute £1 in the event of a ndIng up.
THE SWEDISH FOLK HIGH SCHOOL TRUSTEES REPORT IINCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 The company's Memorandum & A"deS state that one-third of the directors must resign each year but each can be eligible for re-election should helshe and Ihe Board wsh it. In accordance with the charity's procedures. new truslees. wilh an interest in the marketing and success of the charity are nominated by Strftelsen Br8heskolan. They are inducted and supported by the Chairman. The trustees 8re ¢urrentty looking to elect one more p8rson to the BoaTd. The trustees meet at least lour times a year to manage the chanty's affairs. At these meetings the current situation is discussed. along with the marketing process, financial pM)srtion. major maintenance issues and funding. The Principal makes the day-to-day derisions in running the school and meets with one or more of the Board to discuss marketing 8nd m8Jor financi81 decisnS at various ty'mes. Key m8n8gemenl remunerabon is set by the Twslees. Th¥ ¢hartty rec8NeS grant in¢om¢ Irom Folkhogskola Brah¢skolan on a monthty tsa$. The Iruslees consider that the major risk to which the charity is exposed is a reduction in grant funding. However. the increase in the number of international sludenls. dosed course income and the development of the summer young learner courses are considered sufficient to mrtigale this risk. Audltor In accordan with the company's artides. a resolution proposing Ihat West & Bery Limited be reappointed as auditor of the company will be put at a General Meeting. DlJ¢lo¥uTe of Inforrnatlon to audltor Each of the trustees has confimied that there is no infom)ation of whth they 8re aware which is relevant to the audit, but of which the auditor is unaware. They have further confinned that they have taken appropriate steps to identify such relevant information and to e51ablish thal the audiior is aware ol such information. The trustees report was approved by the Board of Trustees. Olof Olrco P Sanders Trustee C Olsson Trustee Dale.. 28 Feb 2025
THE SWEDISH FOLK HIGH SCHOOL STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEAIBER 2024 The trustees, who are also the directors ol The Swedish Folk High School for the purpose ol company law, are responsible for preparing the Trustees Report and Ihe financial stalemenls in accordance with applicable law and United Kingdorn Accounting Standards Iunited Kingdom GeneraltyAccepted Accounting Practice). Company law require5 the truslee$ lo prepare finanryal $taternents for eath finanryal ye8r which give 8 true 8nd fair view of the state ol aYfair5 of the chanty and of the incoming resources and applicAtion of resouices, induding th8 income and expendrture, ol the charrtable company that yeaf. In preparing these financial statements, the truslees are reqUId lo.. select suitable accounting policies and Ihen appty Ihem consislentty., observe the methods and principles in the Charrlies SORP.. Make judgernenls and esb'm8tes that are reasonable and pwdenl.. state whether applicable UK Accounting Standards have been followed, $ubie¢t to any material dèpartures disclosed and explained in the financial statements", and prepare the financial stalemenls on the going concem basis unless it 1$ inappropriate to presume that the ¢harfty 11 continue in operatson. The Iruslees are responsible for keeping adequate accounting COldS Ihat disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that Ihe financial s¢aiements comply wrth the Companies Act 2006. They are 81$0 responsible for safeguar(Jing the assets of ¢h& charty and hen¢e lor taking r¥8$on¥bl¥ st¥ps for ¢htr prevtnlion and del¢¢lth ol fraud and other irregul8nti¢s.
THE SWEDISH FOLK HIGH SCHOOL INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SWEDISH FOLK HIGH SCHOOL Oplnlon We have audited the financial statements of Thè Swedish Folk High School Ithe 'charity'l foi the year èndèd 31 Decembei 2024 which comprise the statement of financial activities, the statement of financial posthon, the statement ol cash flows and the notes to the financial statements. induding a summary of significant accounting policies. The financial reporting framework Ihat has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United 'ngdoM Generalty Accepted Accounting Practicel. In our opinion, the financial staternents.. give a tnje and lair view of the stale of the charitable companrfs affairs as at 31 December 2024 and of its incoming resources and application of resourcEs. induding its income and expenditure. for the year then ended.. have been properfy prepared in accordance wrth United Kingdom Generalty Accepted Accounting Practice,. and have boen preparetj in a¢¢ord8nce wrfh the requirtrments of the Companies Ad 2006. Ba818 for oplnlon We conducted our au¢Jit in acrdanc? wrth Intem8bonal siandards on Auditing IVKI IISAS IUKII 8nd 8ppli¢able law. Our responsibilities under those standards ar& fvrther (Jeribed in lh& Audiloffs fyspon$ibilili&s for tha 8udil of the financial stètem8nÈs section of our report. We are independent of the charity In accordance wrth the ethlcal requirements that are relevant to our audit of the finanual statements in the UK, including the FRC'S Ethical Standard, and we have fUilled our other ethical responsibilil*s in accordance wrth these requirements. We believe that the audit evidence we have oblained is sufficAent and appropriate to provide a basi5 for our opinion. ConcluJlon• relatlnq to golng concern In auditing the financial statements, we have conduded Ihat the trustees use ol the going concern basls of accounting in the preparation of the financial slatemenis is appropriate. Based on the work we have perforned. we have not identified any m8leri81 vncertsintTes relating lo evenl$ or conditions that. individually or ¢olle¢tivety, may ¢a$t $ignifi¢ani doubt on the ¢h8rity'$ ability to continue as a going Concern for a period of 8t least Iwelve month$ Irom wh&n the fin¥noal $tslem¥nt$ aro gu¢hori$e4 for issue. Our responsibilities and the responsibilities of the trustees wth respect to going concern a described in the relevant sections of this report. other InforrnatSon The other infomiation comprises the infomialion induded in the annual pOrt other than the fjnanaal statements and our auditors report thereon. The trustees are responsible for Ihe other inforniation contained within the annual report. Our opinion on the financial statements does nol cover Ihe other infomiation and. except to the extent otherwise explicitly stated in our report. we do not express any form ol assurance conclusion thereon. Our responsibility is lo read the other inforrnabon and. in doing so. consider whether the other inforrn8tion is material inconsistent wrth the Iinancial statements 01 our knOedge obtained in the course of the audrt, or otherwise appears to be materialty misstated. If we Identrfy such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise lo a material misstatement in (he financial statements themselves. If. based on the work we have performed, we condude thal there is a mateiial misststement ol Ihis oiher infomiation, we are required to report thal fact. We h8ve nothing to report in this re9ard. Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion. based on the work undertaken in the course of our audrt- the information given in the trustees report lor the ffinancial year for which the financial statements are prepared, which includes the direciors, report prepared for the pu)seS ol company law, is consistent with the rinancial ststements.. and the ¢Jirectors' report induded within the trustees report has been prepared in accordance wth applicable legal requirements.
THE SWEDISH FOLK HIGH SCHOOL INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE SWEDISH FOLK HIGH SCHOOL Mattèrs on whlch w• ar• requlred to r•port by eXpIlon In the light of th8 knovAedge and understanding of the tharity and its environment obtained in the cours8 of the audit, we have not identified material misstatements in the directors. report induded within the trustees ieport. We have nothing to report in spect of the follthwng mattets in relab.on to which the Companies Act 2006 requires us to report lo you rf, in our opinion.. 8dequ8te accountlng rectsrds havè not bèèn kept. or rètums 8dèquatè for our audit havè not bèèn rèceivèd from branches not visrted by us, or the financial statements are not in agreement wrth the accounbng records and retums.. or certain disclosures ol trustees. remuneration speufied by law are not made., or we have not received all the information and expl8n8tion5 we require for our 8udil.' or the trustees We not entitled to ppa the financial statements in accordance with the small companies gime and take advantage of the small companies, exemptions in preparing the trustees report and from the requirement to Prepa a strategic report. R•$pon$lbllltl•$ of tru$t••• As explained more fvlty in the statement of trustees spOnsIbl11e$. the trustees. who are also the directors of the charity for the purpose of company law. 8Te responsible for the prep8ratHJn of Ihe financial statements and for being satisfied that they give a true and fair view. and for such internal Control as the truslees delemiine is necessary 10 enable th& preparation of financial statÈmenis that are free from matèri81 misstatement, whether dye to fraud oi error. In praparing thè financial stalemènts. thè trusleès ar¢ resptsnsib for assessing th$ charity's ability to continue as a going concern, disdosing. as applicable. matters relaled to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate Ihe charitable company or to cease operations, or have no realistic allematNe but to do so. Audltorf$ rgJpon¥lbllllle8 lor Ihe audlt of the financlal 8tstements Our objectives are to obtain reasonable assurance aboul whether the financial sialements as a whole are free from material misslalement, whether due lo fraud or error. and lo issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assuran but is not a guaranlee thal an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exisls. Misstatements can arise frorn fraud or èrror and are considered m8tèrial if, individualty or in the aggrègatè. they Could feasonabty be expe¢l¥d lo influ&n¢& the ¢¢onomic dècisions ol users taken on Ihè basis of thesè financial statem¥nl$. The extent to which our procedures are capable of detecting irregu18rib"es. Induding fraud, is detailed below. The objectives of our audit are to identify and assess the risks ol material misstatement of (he financAal statements due lo traud or error., to obtain suffiuenl appropriale audit evidence regarding the assessed risks of material mi5slalemenl due to Iraud or error". and to respond appropriatety to those risks. Owing to the inherent lirni181ions of 8n audit. there 1$ an unavoidable risk that material misstaterT*nts in the financial 5tatement5 may not be detected. even though the Audit is property planned and perftsnned in accordance wth the ISAS IUKI. In identrfying and assessing risks ol material misstatement in respect ol irregularrties, induding fraud and non-compliance with laws and regulations, our procedures induded the following.. We obtained an underslanding of the legal and regulatory frameworks applicable to Ihe charity 8nd the sector in which it operates. We deterrnined th8t the foll¢)wng law5 and regulation5 were most significant.. the Charitiès Act 2011, the Companies Act 20(, safeguaidiny legislats"on, health & safety and èmploymènt laws. We obtained an understanding of how Ihe charity is comptying wrth the legal and regulatory frameworks by making inquiries to rnanagemenl. We assessed the susceptibility of the charity's financial statements to material misstatemenl. induding how fraud rnight occur. Audrt procedures performed by the engagement team included.. identrfying and 85se55in9 the design effectNeness of controls management has in place to prevent and detect fraud,
THE SWEDISH FOLK HIGH SCHOOL INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE SWEDISH FOLK HIGH SCHOOL understanding how those charged wlh governan considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting prctess.. identrfying and tesbng journal entnes. in particular any joumal entsie5 Posted wth unusual account mbinations". and 8ss8ssin9 the extènt ol ¢(xnpliancè wth the rtrlèvant laws and wulabons. A further description ol our responsibilities is available on the Finanaal Reporting Council's website at.. https'.11 w¥vw.frc.org.uklauditorsresponsibilrties. This descrription fomis part ol our auditorfs report. Thls report is made solely to the charitable company's members, as a bo¢Jy, in accordance with Chapter 3 01 Part 16 ol the Companies Act 2006. Our audit work has been undertaken so that we Mh1 state to the charitable company's mernbers those matters we are qUired to slate to them in an audrtor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company'5 member5 as a body. for our audrt work. for this report. or for the opinions we have fomed. MicAe//e Wert&¥*y FCCA Mlchell• We8tbury FCCA (Senlor Stal0ry Audltorl For and on behalf of West & Berry Llmrted, StolutoryAudilor Chartered Certified Accountan¢6 Nile House Nile Street Brighton BN1 1HW Date. .lQ.F.ob.lQ2fj.....
THE SWEDISH FOLK HIGH SCHOOL STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEAIBER 2024 Unrestrtcted fund# 2024 Unrestrlcted funds 2023 Not•s Income from: Donations and legacies Charitable activities Investments 253,523 911.195 44,745 254,484 823.036 38,747 Totsl Ineomè 1,209,463 1,116,267 Expenditure on.. Charitable activities 1,258,743 1,114,731 Totsl •xpondltUM 1,258,743 1,114,731 Not Incomellexpendltur•l and movement In funds 149,2801 1,536 ReconclllatSon ol funds: Fund balan¢e$ at 1 January 2024 1,123,696 1,122,160 Fund balanc•8 at 31 December 2024 1,074,416 1.123,696 The stalem8nt of financial acbvillès indudes all 98lns and losses rfjcognlsed In the year. All incomè and expendtture derlve from continuing activities.
THE SWEDISH FOLK HIGH SCHOOL STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024 2024 2023 Notes Flxed assets Tangible assets 11 1.039.224 1.031,797 Currnnt assèts Debtors Cash at bank and in hand 12 218.609 177.340 235.186 434.857 395.949 670.043 Cr•dltors'. amounts lalllng du¢ vAthln one year 14 1360.75n 1493,3191 Net current assets 35.192 178,724 Total a88et8 le88 cumnt IlabllSlle8 1.074.416 1.208,521 Credltor3'. arnounts folllng due after morè than on• yèar 15 184,8251 Nèt a$8•t• 1,074,418 1,123,696 Thtr lund# ol th¥ charfty Unrestricted funds 1.074.416 1.123,696 1.074.416 1.123.696 28 Feb 2025 The financial statements were approved by the trustees on ....................... Olof Olr¢o P S8nder$ Tru8te• C 01sson Trustee Company registration number 1497558 (England and Wales) 10-
THE SWEDISH FOLK HIGH SCHOOL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEAIBER 2024 2024 2023 Note$ Cash flows from opèrating aetlvitl•s Cash (absorbed byllgenerated trom operations 20 (174.8681 101.627 Inv•stlng aetlvltl•s Purchase of tsngible fixed assets Investment Income received 114.6361 44,745 121.6871 38.747 Net cash generated from Inv•stlng a¢VItIes 30,109 17,060 Flnanclng actIvI•S Repayment of bank loans 1112.7581 125,3611 N•t cash u8•d In 1Snanclng aetlvltl•8 1112,7581 125,3611 Net Idecrea8e)llncrea8e Sn cash and ca•h equlvalents 1257.5171 93,326 Cash and cash equivalents at beginning of year 434.857 341,531 Cash and ¢•$h ¢qulv•l•nts •t end of y•ar 177,340 434,857
THE SWEDISH FOLK HIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEAIBER 2024 Aecountlng pollel•s Charfty Snforniatlon The Swedish Folk High Sthool is a private company limited by guarantee incorporated in England and Wdles. The registered office is Loxdale, Locks Hill. Portslade, East Sussex, BN412LA. 1.1 Accounting convention The financial statements have been prepared in accordance wrth the charity's Memofandum and Articles of Association. the Companies Act 20LK. FRS 102 -The Finanual Reporting Standard applicable in the UK and Republic of Ireland. I"FRS 102.1 and the Charities SORP"Accounling and Reporting by Charities.. Stalement of Recommended Practice applicable lo charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. leffeclive 1 January 20191. The charity is 8 Public Benefit Entity as defined by FRS 102. The financial $tatemenl$ a ppared in slewling, whicj) is the lunth'onal curnency of th¥ ¢harty. Monetsry amounts in these financial statements are rounded to the nearest £. The financial statements have been prePad under the hIStlCa1 cost convention. The principal accounting policies adopted a set out below. The accounts compty wth FRS 102. 1.2 Golng ¢on¢¥m At the time of approving the financial stalements. Ihe trustees h8ve a reasonable expectation that the charity has adequate resources lo Contynue in operabonal existence lor the loreseeable ftjture. Thus. the Iru5tees ¢onlinu& lo adopt the going conc¢m bo$i$ of a¢¢ounling in preparing the finanu81 $10t&menls. 1.3 Charttable fundi Unrestricted funds are available for use at the discretion of the irustees in lurtherance of their charitable objecbves. Thè charity establish811 8 desi9nated fund as a rèservè to protect againsl industry downturn, perform emergency repair work. or other uses al the discreb.on of the trustees. In nomial years, the fund shall equate to 300/0 of the annual surplus. 1.4 Incom• Grant and rental income are induded on a rerENable basis. Course fees received in advance are deferred. Funds rècèived as Agent rèlalin9 to a¢commDdation are not recognisèd in Ihè a¢counts. 1.5 Expendlture Expenditure Is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty. it is probable that a Iransfer ol economic benefits will be required in settlement, and the arnount of the obligation can be measured reliabty. Expenditure is d8ssrfied by acknvity- The Costs of each aL1ivrty ale made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated direclty to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single aclivty are apportioned befvleen those activities on a basis consistent with the use ol reSoUrs. Central staff costs are allocated on the basis ol time spent, and depreuation charges are allocated on the porbon of the 8s5efs use. 12_
THE SWEDISH FOLK HIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 Accounting policies (Continuedl Resources expended ale indudeil in the Ststement of Finan(xal Adivrties on an accruals basis indusive of any VAT which cannot be recovered. Charitable expenditure are expenses inCued directy in pursuance of the chanty's principal activty and support costs relating to this actsvity. Support costs are those lncJJd in connection with nJnng the charity that enabks the charitable activity to be undertaken. Governance costs are those curred in the governance of the charity and its assets and are primarity a$$ociatéd with constitutional and statutory requirèments. 1.6 Tanglble Ilxed as¥el8 Tangible fixed assets are inrtialty measured at cost and subsequentty measured at cost or valuation, net of depreciation and any impairment losses. The Charity has a policy of caprtalising fixed assets that cost in exces8 of £250. Depreciation is recognised so as to wrile off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Freehold land and buildings Plant and equipment Motor vehicles 2% straight line (where above residual value) 25% v¢ing b818n¢e 25% reduung balance No depredation Is provided in r6spect of freehdd land and buihjings. Th• Charlty has a poll ol hlgh maintenance ol the building and the trustees feel that this leads lo a hh residual value such that depreciation would not be material. The gain or loss arising on the disposal of an asset is detemiined as the difference between the sale proceeds and the carrying value of the assel, and is recognised in the slalement of financial activrties. 1.7 Impalm•nt of fix ag8•ts At each reporting end dale. the charity reviews the carying amunts of it5 tangible assets to determine whether there is any indication thal those assets have suffered an impairment 10s5. If 8ny such indication exists, tre recoverable amount ol the assel is esbmate(J in grder to ijetetmine the extent of the itnp8irment loss lif any). 1.8 C¥$h and cosh equivalents Cash aThd cash equivalents indude cash in hand and deposits held at call with banks. 1.9 Flnanclal Instruments The charty has elected to appfy the provisions of Section 11 'Basic Finanaal Instruments. and Section 12 'Other Finanaal Instrumenls Issues, of FRS 102 to all of its finanaal instnjments. Fin8ncial instrurnenls are recognise(l in the chaiity's balance sheet when Ihe charty become5 party lo the onti8ctual provisions of the instrument. Financial assets and liabilrties are offset, wth the net amounts presented in the financial statements, when there is a legalty enforceable right lo set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and setue Ihe liability simuhaneousty. 13-
THE SWEDISH FOLK HIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 Accounting policies (Continuedl Basle finanelal ass•ts Basic finanrial assets. which indude debtors and cash and bank balances. are initially measured at tr8ns8ction price including transaction costs and are subsequenty carried at 8mortysed c05t Using the effective interest method unle55 the arrangernent oon5titutes a financing transaction. where the tr8nS8Ction is measured at the present value ol the luture receipts discounted at a market rate of interest. Finanaal assets classified as re1vable within one year are not amortised. Basic financial liabilities 8asic financial liabilities. induding creditors and bank loans are inrtially recognised at transaction price unless the arrangement constitutes a finanung transaction. where the debt instffjment is measured at the present value ol the future payments discounled al a market rate of inlerest. Finanaal liabilities classified as payable wrthin one year are not amortised. Debt instruments 8re 8ubsequentty carried at amortl8ed cosl. using the effective interest rate method. Trade creditors are obligations lo pay for oocrfls or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassified as current liabilities if payment is due wthin one year or less. If nol. they are presenletj as non-currenl liabilities. Trade credrtors are recognised initially at transactMJn price and subsequentty measured at amortised cost using the effective interest Method. Dorecognition ol finonclal liobiliti•s Financial liabilities arè dèrecognised vthen the charity's contractual obligations expire or 8r& discharged or cancelled. 1.10 Ernploy benellt• The cost of any unused holiday frntthment Is recognlsed In the penod in which the employee's seNkes ar6 received. Terrnination benefits are recognised immedialety as an expense when the charity is demonstrably cornmirted lo termin8le the employment of an employee or to provide terminalion benefits. 1.11 R•tlr•mont bonèfit8 Payrnenls to defined contribUtn retiremenl benefft scheffles are charged as an expense as they fall due. 1.12 Forelgn ¥x¢h4ng• Transactions denominated in foreign cuThenues are recorded at the rate ruling at Ihe date of the transaction. Monetary assets and liabilrties denominated in fOren currencies are Iran51ated into sterfing at the rates of exch8nge ruling at the b818n¢e sheet d8te. Nl dtherences are indude(l in net oulgoing5 re$0urce$. 1.13 Fund8 The fvnds ofthe charity are al unresiricted. 1.14 Value added tax Value added tax is nol recovered by the chanty and as such is induded in the relevant costs in the Statement of Financial Adwi15. 14_
THE SWEDISH FOLK HIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 ctIcal accounng •stlmat•s and ludg•mènts In the application of the charity's accouniing policies. the trustees are required to make judgements, estimates and assumpts'ons aboul the carying amount of asseis and liabilrties that are not readily apparent from other source5. The estirnates and as50¢iateil assumptions are based on historical experience and other factor5 that are considered to b8 relevant. Actual reSUS rnay drffei from Ihe5e estimates. The estimates and un¢Jertying assumptions afe reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimale is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods. In¢om• from donatlons and l•gael Unr•8t¢t•d fund8 2024 Unr•strlct•d funds 2023 Grants 253,523 254,484 Incomtr from ¢harltabl• •¢ilvlti Unre¥trfcted fund• 2024 Unreotrlcted fund8 2023 Incom• Incoming resources froffl ¢harit8ble actpirties 911,195 823.036 Funds rè¢eiv¢d 8$ agent not rs¢ognisgd in the a¢¢ount$ £530.42812023.. £501,123) Income from Investment¥ Un1Cled UnrvJtrl¢ted funds funds 2024 2023 Rent81 incowne and bank interest 44,745 38,747 15-
THE SWEDISH FOLK HIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 Exp•ndltur• on charltsbl• aetlvltl•s Unrestricted Unrestrlcted funds funds 2024 2023 DSrect Costs Stsff costs Depreciation and irnpaiment Commission and discounts Materiavlibrarylstudent Staff Canteenelfarelentertainmen{ Building costs Marketing costs Bus passes Other administration costs- main R8presenlationlBribsh Counul Subscriptions and professional lees Bank charges Loan interest Loss on disposal of tangible fixed assets 529,966 3.256 35,747 342.601 12,S19 217,448 12,741 23,865 32,737 6,012 16.202 2,243 7,049 3,956 474,291 5.777 29,024 328.658 14,261 152,519 11,843 29,499 32.920 5,271 2.268 2,262 9,930 3,181 1.246,342 1.101,704 Shartr of Support and gov¢m•n¢¢ ¢o•t• (•#• nott I Governance 12,401 13,027 1.258,743 1.114,731 AnalyBl• by fund Unrestncted funds 1,258,743 1,114,731 Govtsrnance costs Includ• payments to th6 audrtors for audrt fees of £5,650 {2023." £5,650) and non-audtt fees £4,10012023." £4,100). Included in expenditure above are operating lease payments of £3.74412023'. £3,744>. Support wsls are costs incurred to facilitate an activity. Unlike direGt costs. which result directly from undertaking the actNty. AI costs above ielate diieclty to the one actNity of running of the school, support costs including p8yroll and finAnce arè not considèred m8tèri81 to disdose separ8tèty as support costs. Net movement In funds 2024 2023 The net movement in ftjnds is stated after chargingllcredrtingl. Fees payable for the audit of the charity's ffinanci81 ststements Depreaation ol owned tangible fixed assets 5.650 3,256 5.650 5,777 16-
THE SWEDISH FOLK HIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 Trust••s None of the tTUStees IOT any persons connected with them) receNed any remuneralion or benefits from the charity during the year. Th¢ trustees wer8 reimbursed fr)r a¢¢omm(xlation expenses totalling £320 durin9 th8 y&ar12023". Nill. Employees The average monthty number of employees during the yearwas: 2024 Number 2023 Number Administrative Teaching Prni$$$ 15 14 To¢o1 23 22 Employm•nt ¢o¥ts 2024 2023 Wages 8nd $818ries Soaal security costs Other pension costs 486.641 31,366 11,959 438.410 26,640 11,241 529,966 474,291 The number 01 ernployees whose annual remuneratson was Mts than £60.IJOO is as ft)Ilows'. 2024 Numb•r 2023 Numbèr £60,000 to £70,OC¥) Rèmunèration of kty manag•mtnt pèrnonn•l The remuneral'on ol key management pefsonnel was as folows: 2024 2023 Aggregate compensation 63,332 59,421 10 Taxation The charty is exempt from tax on income and gains falling wrthin seth.on 505 ofthe Taxes Act 1988 or seth.on 252 of the Taxats"on of Chargeable GainsAct 1992 to the extent that these are applied to rts charitable objects. 17_
THE SWEDISH FOLK HIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 11 Tanglblè (lx ass•ts Frwhoml land and bulldlng5 Pwnt and Motor vehl¢les Totsl Ct At 1 January 2024 Additions Dispos815 1.017.650 11,807 69,434 2,829 128,6431 800 1.087.884 14,636 128.6431 At 31 De¢ember 2024 1,029,457 43,620 Boo 1,073,877 Oepreclatlon and Impalrnient At 1 January 2024 Depreciation ¢harged in the ytrar Eliminated in respect of disposals 55,392 3,229 124,6881 693 27 88,08S 3,256 124,6881 At 31 December 2024 33.933 720 34.653 C•rrylng omount At 31 December 2024 1.029,457 9,687 80 1.039,224 At 31 December 2023 1.017.650 14,041 106 1.031,797 On adoption of FRS 102 Ihe deemed cost exemption was applied to land and buildings with a c8rrying value of £1.000,(o. Al the 31 December 2024. had Ihe revalued a5sels been carried at historical cost les5 accurnulaled depr&¢ialion and ac¢umyl8led impaimient lo$s&$. their Canying amounts would have been 8pproximale £948,03212023.. £936,225). 12 Oebtorn 2024 2023 Amounts falllng due wlthln one year: Trade debtors Other debtors Prtpaymènts and accrued incomè 169,735 7.952 40,922 168,537 11,554 55,095 218,609 235,186 13 Loans and overdraft 2024 2023 Bank loans 112,758 Payable wrthin one year P8yable after one year 27,933 84.825 18-
THE SWEDISH FOLK HIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 13 Loans and overdrafts (Continuedl The long-term loans weie secured by fixed charges over the freehobj land and building, and were repaid in lull during the year. 14 Creditors.. amounts falling due within one year 2024 2023 Not9¥ &ank loans Other tsxation and social security Deferred income Trade creditors Other cdrtOrS Accruals 13 27,933 12.748 418,384 11.622 8,248 14,384 8.217 326,542 6.369 4.346 15,283 16 360.757 493,319 15 Credltor•.' arnounts falllng due after more than one year 2024 2023 Not•8 Bank108ns 13 84,825 16 D•lèrr•d Ineom• 2024 2023 Arising from course fees 326,542 418,384 Deferred income is indu¢Jed in the finawal slatemenls as follows.. 2024 2023 Deferred income is induded within.. Current liabilities 326,542 418,384 Movements in the year.. Deferred income al 1 January 2024 Released from previous periods Resources ¢Jeferred in the year 418.384 1418.3841 326,542 271.674 1271.6741 418,384 Deferred income at 31 December 2024 326,542 418,384 19-
THE SWEDISH FOLK HIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 17 R•tlr•m•nt n&fit seh•m•s 2024 2023 Defined contrlbutlon scheme8 Charge to profit or loss in respect of defined contribution schemes 11.959 11.241 The charity operates a defined ntribUll0n pension scheme for all qvalfying employees. The assets of the scheme are held separalety from those of the charity in an independently administered fund. The pension cost charge represents ntributionS payable by the ch8ntable comp8ny lo the fund. Th¥ pension Ilabiliti&s outstanding al the year end were £1.38412023-. £1,114) 18 Operatlng lease commltments L•s8ee At the reporting end date the chaity had outstanding cOmmrtnts for ftrturo mlnlmum l¥as¢ payment$ under non-cancellable operating leases, which f1 due as lollows.. 2024 2023 Wlthin one year etween two and five years 3.744 4,608 3,744 8,352 8,352 12,096 19 Related party tran8actlon¥ Tru•té•$ There are no related paty transactions with any tnjstees for both the Crnt and prior year. 20 Ca8h lab8orb•d byV9•n•rnt•d from op•rntion• 2024 2023 IDeficilllsurplus lor the year 149.2801 1,536 Adjustmènts for: Investment income recognised in slalemenl of finanryal actiwDes Loss on disposal of tangible fixed assets Depreci8tion and impairment ol langible ffixed 8ssets 144.7451 3,955 3.256 138.7471 3,181 5,777 Movèm•nts in working capital= Decrease in debtors IDecreasel In creditors IDecreasellincrease in deferred ino)me 16.577 112,7891 191.8421 5.679 122,5091 146.710 Cash labsorbèd byVg•ntrat•d from 0ratiOnS {174,8681 101,627 -20-
THE SWEDISH FOLK HIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 21 Analysls ol Changès In nèt fvnds At f January 2024 C•sh At 31 DKembfyr 2024 Cash at bank and in hand 434,857 1257,5171 177,340 Loans tslling due within one year Loans falling due after more than one year 127.9331 184.8251 27.933 84.825 322.099 1144.7591 177.340 21