Trarr&Brin Ref. BWBW-I73T-04KX27 May 2V21 15..11..24 &8T (UTC +11 D 1r2 P 1r32 Registered number: 01552721 Charity number: 282358 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) GOVERNORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
Trarr&Brin Ref. BWBW-I73T-04KX27 May 2V21 15..11..24 &8T (UTC +11 D 1r2 P2r32 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) CONTENTS Page Roference and administralive details of tho Company. its Govomors and advisors Govomors. report Independent auditors. report 10-13 Statement of financial activities 14 Balance sheet 15 Statement of cash flows 16 Notes to the financial statements 17-29
Trarr&Brin Ref. BWBW-I73T-04KX27 May 2V21 15..11..25 &8T (UTC +11 D 1r2 p3r32 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020 Governors B Ahmad l Haakanes (appointed 1 January 20201 S Johnsen O Navarsete M Pendry, Chair {resigned 28 May 20201 S Therese Mikalsen, Chair lappointed 28 May 2020} O Krasicki-Freund (appointed 28 May 20201 Company registered number 01552721 Charity registered nurnber 282358 Registered office 28 Arterberry Road Wimbledon London SW20 8AH Company secretary L Karlsen Chief executive officer L Karlsen Auditors James Cowper Kreston Chartered Accountants and Statutory Auditor 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB Page 1
Trarr&Brin Ref. BWBW-I73T-04KX27 May 2V21 15..11..25 &8T (UTC +11 D 1r2 P4r32 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS GOVERNORS AND ADVISERS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Bankers DnB Nor Bank 20 St Dunstan's Hill London EC3R 8HY Lloyds Bank St George's Road Wimbledon SW194DR Page 2
Trarr&Brin Ref. BWBW-I73T-04KX27 May 2V21 15..11..26 &8T (UTC +11 D 1r2 psr32 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) GOVERNORS. REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 The Govemors I0 are also directors of the charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of The Norwegian School in London Limited {the company) for the year ended 31 December 2020. The Governors confimi that the Annual report and financial statements of the Company comply with the Charities AGt 2011. the Conipanies AGI 200G, the requirenienls of the governing doGunients and AGcounlrng and Reporting by Charities= Statement of Recommended Practice {SORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 leffective 1 January 2019}. Since the company qualrfies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 Islralegic Report and Director's Report) Regulations 2013 is not required. CONSTITUTION AND OBJECTS The Norwegian Sd)ool in London Limited was estsblished on 25 MaTch 1981 as a private company limited ty guarantee (Company Number= 01552721) and registered as a charity (Registered Number 2823581. 11 is govemed by ils Memorandum and Articles of ASslatiOn. The principal object of the charity is to promote the advancement of education of children in the United Kingdom who wsh to follow the Norwegian curriculum. STRUCTURE. GOVERNANCE AND MANAGEMENT The NoNegian School in London is both an English Independent School for children aged 6 10 16 and a Norwegian Private School for children aged 6 to 16. This means that there are both English and NopNegian laws and regulalions that the School needs lo comply wth. As from June 2014 the Board has a minimum of five Govemors who are also Directors of The Norwegian School in London Limited. New Govemors are appointed by the Members of the company or have been elected by the parents. The Board had five meetings this year. The Primary and Secondary School is financed by grants from the Norwegian Government and from fees levied in respect of pupils. Policy is determirsed by the Govemors and is carried out by the Head Teacher. The School Business Manager, Team Leaders, School Secretary. DSL and Caretaker assist the Head Teacher in the day to day management of the School's academic and non academic matters. BOARD OF GOVERNORS The Govemor5 received no reimbursed expenses during the year 12019.. £1,567) The Governors are charity trustees. as well as director5 and members of the company. Nominations are made followng di5f#J55ions between existing Govemors and the Head Teacher and take into account the individual'5 connections Mqth the School. competence, specialist skills and local availability. The Governing Board requires breadth and depth of experience to carry out ils duties effectively and effiaenlly. Al new Govemors are given an induction and regular training. Al Governors and the Head Teacher attend a minimum of five work meetings and five Board meetings together every year. In additson the Govemors and Head Teacher are appointed lo one or more committees {FinancelH&Sllnlemal Control committees) which also holds at least five meetings per year. English is used as the main language for Board meetings (when English staff attend) and in Schcy)I Iministration. Page 3
Trarr&Brin Ref. BWBW-I73T-04KX27 May 2V21 15..11..27 &8T (UTC +11 D 1r2 P6r32 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 REVIEW OF ACTIVITIES The Norwegian School in London Limited provides Primary and Secondary Schojl Education for children aged 6 to 16 at its premises in Wimbledon, in accordance with Norwegian educational regulations and followng the NopNegian educational curriculum. In March 2018 rfe received a Good in all areas report from Ofsted. The headteacher, senior staff and govemors have ensured that all independent school standards are mel. The School aims to be "The natural choice for Norwegian families in London". The majority of pupils are recwited from families that have a short term stay in London, from one to three years and there is therefore always a large percentage of "neW pupils and families. Parents and carers are highly complimentary about experiencing a good transitioning to and from our school and all aspects of the schwl's work. Lately we have seen an increase in families who are slaying permanently in the UK and choosing to send their children to the school for as long as possible. The school teach in accordance with the Norwegian curriculum, a wqde and broad curriculum in itself. and offers extended teaching hours to all year groups. Additional teaching hours are mainly used in core subjects. Norwegian and Maths. bul also in English gNen our location and having many bi-lingual families. Offering extended hours means we have the opportunity to appreaate and use "London as a dassroom" for pupils to gain first hand experiences and language skills through our teaching. We are currenty offering Y14 a total of 22,5 hours a week of teaching and 4 hours of after school activities. Y 5-10 are offered 26,5 hours a week of leaching. All year groups are offered homework help in school and participate in various after school activibes outside hours such as piano, chess, band and guitar lessons. For the Sehool year starting August 2019, the School had 61 pupils and 16 full or part time employees ISthts)I 13 and Administration 31- For the School year starting August 2020, the School had 59 pupils and 15 full or part time employees IScho)I 13 and Administration 3). At the beginning of each academic year the Head Teacher sends out a welcome letter lo all families and parents, meetings are held shortly after school starts lo ensure good communication beeen parents and school regarding leaching, curriculum, safeguarding, activities and our community. Al new parents Y14 are invited to attend a 'getting lo know each otherf ¢onversation with their child's Form teacher. Parents are encouraged to contact the school Mqth any leaching and Social aspects as soon as needed to help ease transitioning and FAU (parents. council) is contributirg strongly to this. The school aims to be 'lhe best of both wodds. for pupils, parents and staff. By always tyng to comply wth the strictest nab.on at the same lime as we utilise the best of what each country can offer. As part of this we try to ensure the school has good standards and fvnctionalty in all its faalities, for instance, school grounds wdl equipped for developing motor skills, digitally one to one tools for pupils and staff. ample teaching recourses, high teacher-pupil rats'o and a safe and tidy environment throughout. Stsff and governors work together in maintaining sDod w01n9 condits'ons that are attractive to staff through folloming Norwegian w01ng agreements for teachers and revising Staff Employee Handbwk and Salary system on a regular basis. Staff are given time for professional development and being consulted on school matters on a weekly, monthly and yearfy basis to best be equipped to deliver excellenl teaching. During remote leaming. due to Covid-19. the community have been able lo go from in school leaching to online schooling in an impressive way. This reflect5 all 51akeholders' continuou5 efforts. agaptability. and cornmitmenl to facilitate excellent learning opportunities. Page 4
Trarr&Brin Ref. BWBW-I73T-04KX27 May 2V21 15..11..27 &8T (UTC +11 D 1r2 P7r32 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 RISK ASSESSMENT The Norwegian School in London Limited regularly assesses and rewews risks to its operations and has introduced a formal programme of risk identification, prioritisation and mitigation. The physical representation to the Trustees is in the fomi of a risk register which is updated regulaty. The five major risks highlighted on the risk register are as follows: Implications resulting from )lucluations in exchange rates especially with the uncertainty over Covid-19 Pupil numbers dropping thus reducing income especially following the travel ban followng the Covid-19 restrictions The Business rate relief for charities being removed- this would cost the school about £50,000 Potential implications rf the School's approval as a NoNegian Private School was removed Safeguarding pupils The Governors and Leaders of the School have pul in place procedure5 to reduce and mitigate the risks to the School. Work is on going to improve best practice in line with Ofsled requirements and Norwegian Education Department requirements. The exchange rate is monitored on a monthly basis to keep spending in line wth income. New pupils are actively encouraged and marketing is a priortty but if numbers drop plans are made well in advance to keep spending in line wth predicted income. Reserves are being built up to cover the increase in business rate costs if this should happen. During the Covid-19 school closure, lessons were taught on-line, pupils without home computers were loaned school macbooks, all pupils and parents are familHr with using the school intranet Iskoolerl, families were ealled every week to eheck on their well being. Pupil numbers fell to 57, but despite this budgets were maintained. Our school Pfomdes a safe and trusted envirollmenl ft)r everyone wth whom we come into contact. Safeguarding is a priority and we encourage staff lo report any COnrnS using the myconcern template. Our safeguarding pc4icies are reviewed regularly. Any inudents that may arise are rewrted to the relevant authorities. PLANS FOR THE FUTURE The Board and the Govemors together with the staff and parent5 have a dialogue concerning the long terrn goals for the SchcKJl and relevant strategie5 to meet these goals. Goals and strategies are documented in Strategic plan for 2018 to 2024. The fijlure priorrties are set out as follows: 1) Teaching The Norwegian School in London Limited (NSLI aims to ensure a high qualty teaching by employing excellent teachers and constantly raising the level of their competency. NSL Mqll apply teaching methods that support pupils, development by combining academic and practical skills and incorporating ICT when appropriate. NSL shall implement and develop Assessment for Leaming and ensure that all pupils are aware of the leaming goals. NSL shall increase the propottion of bilingual tèaching and activities. NSL aim5 to achieve results in all core subjects well above the national average in Nomay. 21 Personal Development and Social Skills NSL aims to ensure a safe and supports.ve leaming environment caring for pupils of different ages and with individual abilities and needs. NSL Mqll ensure that staff have the appropriate qualifications and training to cater for the academic and social welfare and development of all pupils, accofding to both Norwegian and British values, whether they are resident in London for a shorter or longer peri&d. Page 5
Trarr&Brin Ref. BWBW-I73T-04KX27 May 2V21 15..11..28 &8T (UTC +11 D 1r2 P8r32 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 NSL Mqll systematicalty use feedback and results from observations and Pupils, Surveys to improve the leaming environment. NSL shall strengthen the focus on developing pupils, soal skills. 3) Organisation NSL shall be managed so that staff, facilities and resources are used optimally and in accordance applicable laws and regulations. Health and Safety standards shall be observed at all limes. NSL Mqll conlir*ue developing and improving rcutines and systems for financial, administrative, and educational tasks and goals. NSL Mqll strengthen ils Quality Assurance Systems in all fields of operations. NSL wll emphasise the development and implementation of Health and Safety polie$ and procedures. NSL wll improve branding and marketing to ensure future recruitment of pupils and staff. NSL wll improve routines for involvement and efficient interaction between pupils, parents. staff and management. 4) Infrastructure Regular maintenance and continued investments shall faIrtate the changing needs of an ambitious and developing school. NSL wqll make preparations for digital archiving and handling of all adminislralive routines. NSL Mqll base long temi maintenance plans on building suNeys and professional advice to ensure that resour are spent optimally. NSL 111 ensure ular risk assessments and annual safety checks and surveys indoors and outdoors. NSL 11 prioritise appropriate measures to improve the indoor climate and healing. GOING CONCERN After making appropriate ertquiries, the ITuslees have a reasonable expectation that the rnpanY has adequate resources lo continue in operational existence for the foreseeable future. For this reason they continue lo adopt the going concem basis in preparing the finanoal statements. Further details regarding the adoption of the going concem basis can be found in the Accounting Policies. ACHIEVEMENTS AND PERFORMANCE Pupi15 took part in national test5 and achieved on average good results compared to other Norwegian Schools. especially in English. These results are partly published on the website of the Norwegian Directorate of Education. Al results are available lo the School Management, leaching staff, and parents of the individual pupils. The results are systematically (Systematic Resutt Follow upl and throughout the academic year used in fijrther planning by staff and setting goals and interventions for the pupils so as to achieve progress for all pupils. SEND pupils needs are met and they all thrive in a small environment with high staff-pupil ratio. In addition to compulsory tests and exams most pupils in ¢lasse$ 5-10 sat one or several Cambridge ESOL exams. The School appreciates its responsibility to minimise its impact on the environment and implements schemes such as the School travel plan and recycling to redu the School's negative ftprint on the environment. PUBLIC BENEFIT The Trustees have given careful consideration to the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit gLtridan on advancing education and on fee charging. The provision of public benefit mainly caters for Norbyegian citizens in the local area. However the School also provides benefrts for senior atizens in the neighbourhood and Norwegian cib.zens across the UK. The NoDKegian School in London Limited, whilst following the Norwegian curriculum and having a Norwegian Ethos welcomes pupils from all badigrounds and natronalities. Page 6
Trarr&Brin Ref. BWBW-I73T-04KX27 May 2V21 15..11..28 &8T (UTC +11 D 1r2 P9r32 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 The Schc)I charges reduced fees for families Mqthout financial support for School fees from their employers. Likewse the School charges reduced fees for families wlh more than one child. Families paying full School fees for one child will be granted reductions of 15g6 to 30% for the second and third child. As a main rule all children take part in various School tTiPS, excursions, visits to theatres, galleries and museums etc al no extra charge. This indudes overnight stays in some cases. Additional public benefits include.. Providing facilities for afterschool activities such as music lessons (piano. guitar. band. song, thoirl several days a week. Also chess lessons. Providing facilities for families for birthday parties and other occasions and celebrations. This opportunity is wdely used by families. Providing full access to the School library for familie5 at no extra charge. The library is frequently used by pupils as well as parents. Providing guidan and infomiation to Norwegian citizens settling in London or other parts of the UK.. immigration, jobs, Schools etc. Providing falItieS for Norwegian High School, College, and Universty exams at a minimum charge {£61hour plus £45 administration feel for students resident in the UK. This fa(ality is widely used. Providing information to UK eitizens looking for possibilities of leaming or studying Norwegian at different levels and linking them to relevant instrtulions. Providing training and work experien for students from universities and teacher training colleges and pupils from secondary Schools. Providing access for children and families lo School grounds- playground and tennis court- outside School hours and during School holidays at no charge. Children and families take advantage of this possibility neady on a daily basis. Assisting Norwegian Schools in finding UK partner Schools. The School PUlS sing and entertain in local residencies and other institutions for senior citizens during the year. The schcJl participates in fundraising for Comic Relief, Children in Need and Christmas Jumper Day {Save the Children Fund) and other charity events. Each year the school hosts a celebration of the Nopwegian National Day on 17 May. The celebralion is open to the public and guests from local Schools are invited. REMUNERATION OF KEY PERSONNEL The Governors are responsible for setting the pay and remuneration of key management personnel. Remuneration is set once certain factors are considered. These factors indude market rates of pay and benchmark5 against schools in NopNay. Page 7
Trarr&Brin Ref. BWBW-I73T-04KX27 May 2V21 15..11..29 &8T (UTC +11 D 1r2 P 1LV32 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 FINANCIAL REVIEW With the current situation and the covi&19 restrictions we are well prepared. The school has abNays had to deal with fluctuating pupil numbers and changes lo the exchange rate. So although this is a pandemic which is unheard of in the life time of the school, we are prepared for this just as much as any other wodd event, such as the drop in oil price. We continually assess our sittjation in the light of local and world wde events. We have made good investment in technology so all our pupils are able to do school work from home. Some pupils have been lent macbooks from the school lo help wth this. The pupils already save all their work in the cloud and a¢$$ their homework in this way so a lot is familiar tr) them. Parents also have a$$ to our school intranet {Skooler) and are trained in how to use il. So whilst we accept that this pandemic will have far reaching consequences we are in a good pla to deal wilh them. Finances were better than expected due to the imkyoved exchange rate and extra grant from NopNay to help with additional expense due lo Covid-19. This meant we had a surplus of £61,989. This wll be useful for any shortfall in 2021 due to reduced pupil numbers. The govemors and senior management watch the income and expenditure very closely to ensure finances are kept within the expected budget. With pupil numbers lluctuating and the exchange rate being unpredictable the schcol faces challenges that other UK schools do not have bul there is a good structure in place to manage this. Expenditure is balanced between ensullng the pupils have the best education in a safe and stimulating environment overseen by a compelenl management team. Funds are spent making sure pupils have access to the latest technology and use London as an extended dassroom. The pupils have access to up to dale Nopwegian text and work books, which are imported al a significant cost. Outside sports facilities are hired when needed for swimming, swrts day, badminton and such like. Also the local church hall is hired for school performan5. dance lessons elc. There are regular trips to museums and theatres afound London at no cost to the parents. RESERVES POLICY The Governors consider levels of reserves on a regjlar basis to ensure reseNes are maintained at a level for the School lo continue to operate for the foreseeable future, allowing for fluctuations in income and expenditure. The Governors consider that the School's reserves at 31 December 2020 are adequate, taking into account the propety is owned by the Schwl. Surplus funds are invested in cash reseeS in short tenn interest bearing accounts. GOVERNORS. RESPONSIBILITIES STATEMENT The Govemors (who are also directors of The Norwegian School in London Limited for the purposes of company lawl are responsible for preparing the Governors, report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the Governors to prepa finanual statements for each financial year. Under company law the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resour$ and application of resources, including the income and expenditure. of the charitable company for Ihal period. In preparing these financial statements, the Govemors are required to.. select suitable accounting policies and then apply them consislenuy., observe the methods and principles in the Charities SORP.. make judgement5 and accounting estimates that are reasonable and prudent", prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. Page 8
TransadiDn Ref. 8WBW-Y73T-IMKX 27 May 202115..11..29 BST (UTC +11 D 1r2 P 11132 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 The Govemors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable companls transactions and disclose reasonable accuracy at any time the finanryal position of the charitable company and enable them lo ensure that the finanaal statements comply Mqth the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. DISCLOSURE OF INFORMATION TO AUDITOR Each of the persons who are Govemors at the time when this GovemoTS' report is approved has confimied that: so far as that Govemor is aware, Ihere is no relevant audit infomiation of which the companls auditor is unaware, and that Govemor has taken all the steps that ought lo have been taken as a Govemor in order to be aware of any infomiation needed by the companys aditOr in connection wth preparing its report and to establish that the CoMpanS auditor is aware of that information. Approved by order of the members of the board of Govemors and signed on their behalf by= ifriofrt 8ÈTO)l¢*ll S Mikalsen Chair Date: 27 May 2021 Page 9
Trarr&Brin Ref. BWBW-I73T-04KX27 May 2V21 15..11..30 &8T (UTC +11 D 1r2 P 12132 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF THE NORWEGIAN SCHOOL IN LONDON LIMITEO Opinion We have audited the financial statements of Thè NoNegian School in London Limited {the 'charitable companll for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the BalanGe sheet, the Statement of cash flow5 and the ielated note5, InGluding a Summary of significant aGcoutrting policies. The finanaal reporting framework that 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 Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements= give a true and fair view of the state of the charitable companys affairs as at 31 December 2020 and of ils incoming resources and application of resources, including its income and expenditure for the year then ended., have been properly prepared in accordan wth United Kingdom Generally Accepted Accounling Practice,. and have been prepared in accordan with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan knqth Intemational Standards on Auditing IUKI IISAS IUK}l and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the 8udit of the financial statements section of our report. We are independent of the charitable company in accordan wrth the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Finanaal Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wth these requirements_ We believe that the audit evidence we have obtained is SUffient and appropriate lo provide a ba%s for our cpinion. Conclusions rolating to going concern In auditing the financial statements. we have concluded that the Governors, use of the going concem basis of accounting in the preparation of the ffinanal statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charitable companls ability to continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Govemors with respect to going concern are described in the relevan* sections of this report. Page 10
Trarr&Brin Ref. BWBW-I73T-04KX27 May 2V21 15..11..31 &8T (UTC +11 D 1r2 P 1S THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF THE NORWEGIAN SCHOOL IN LONDON LIMITED {CONTINUEDI Other information The Govemors are responsible for the other infonnation. The other infomiation comprises the information included in the Annual report, other than the financial statement5 and our Audito$ rewrt thereon. OUT opinion on the finanGial 51atements does not cover the other information and. except to the extent othetWi5e expliGItIy staled in our report, we do not express any fom) of assurance conclusion thereon. In connection wqth our audit of the financial 51atemert5. our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the finanaal statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identfy such material inconsistencies or apparent material misstatements: we are required to detemiine whether there is a material misstatement in the financial statements or a material misslatemenl of the other infomialion. If, based on the work we have performed, we ndUde that there is a material misstatement of this other infomialion, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit". the infomialion given in the Govemors, Report for the financial year for which the financial ststements are proparod is consistont with tho financial statomonts. the Govemors. Report has been prepared in accordance wth applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit. we have not identified material misstatements in the Govemors. Report. We have nothing to report in respect of the following matters in relation to whith Companies Act 2006 requires U5 to report to you if, in our opinion= adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us- or the financial statements are not in agfeement with the accounting records and retums" or certain disclosures of Govemors. remuneration specffied by law are not made- or we have not received all the information and explanations we require for our audit- or the Govemors were not entitled to prepare the financial statements in accordance with the small companies regime and lake advantage of the small companies. exemptions in preparing the Governors, Report and from the requirement to prepare a Strategic Report. Page 11
Trarr&Brin Ref. BWBW-I73T-04KX27 May 2V21 15..11..31 &8T (UTC +11 D 1r2 P 14n2 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF THE NORWEGIAN SCHOOL IN LONDON LIMITED {CONTINUEDI Responsibiliiies of trustees As explained more fully in the Governors, responsibilities statement. the Govemors (who are also the directors of the charitable rnpanY for the Purposes of company law} are responsible for the prepatation of the fifiancial statement5 and for being 5atÉ5fied that they give a true and fair view, and for 5UGh ifilemal Gontrol a5 the Governors detem)ine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the finanaal statements. the Govemors are responsible for assessing the charitable companls ability lo continue as a going concern, disclosing, as applicable. matters related lo going concem and using the going concem basis of accounting unless the Governors either intend lo liquidate the charitable company or to cease operations, or have no realistic altemative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from malerial misslatemenl. whether due to fraud or error, and to issue an Auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) wll always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Because of the inherent limitations of an audit. therè is a risk that we will not detect all irregularilies. including those leading lo a material misstatement in the financial statements or non-compliance with regulation. This nsk increases the more that compliance wth a law or regulation is removed from the events and Iransaetions reflected in the financial 5tatement5, as we will be les5 likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The specific procedures for this engagement that we designed and perfomied to detect material misstatements in respect of irregularities, including fraud, were as follows.. Enquiry of management and those charged with governance around actual and potential litigation and claims., Enquiry of management and those charged with govemance lo identify any malerial instances of non- compliance wth laws and regulations.. Reviewing financial statement disclosures and le5ting to supporting douJmentation to assess compliance with applicable laws and regulations- Performing audit WOTk to address the risk of irregularities due lo management override of controls, ncluding testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of signfficant transactions outside the nomial course of business and reviewng accounting estimates for evidence of bias. A further description of our responsibilities for the dr( of the financial statements is located on the Financial Reporting Council's websile at.. This description forms part of our Auditorfs report. Page 12
Trarr&Brin Ref. BWBW-I73T-04KX27 May 2V21 15..11..32 &8T (UTC +11 D 1r2 P 1 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF THE NORWEGIAN SCHOOL IN LONDON LIMITED {CONTINUEDI Use of our report This report is made solely to the charitable companVs members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable Gompanrf5 tnember5 Ihose malter5 we are required to State to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members. as a body. for our audit work, for this report, or for the opinions we have fomied. MQfv.dl Michael Farwell MA FCA DChA (Senior statutory auditor) for and on behalf of James Cowper Kreston Chartered Accryjntants and Statutory Auditor 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB Date= 2810512021 Page 13
Trarr&Brin Ref. BWBW-I73T-04KX27 May 2V21 15..11..32 &8T (UTC +11 D 1r2 P 1 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2020 R•strictod Unrestricied funds funds 2020 2020 Toial funds 2020 Total funds 2019 Note Income from: Charitable activities 106,193 1.114,954 3.396 1,221.147 3.396 1.269.910 1.280 Investments Total income Expenditure on: Charitable activities= 106,193 1.118.350 1,224543 1.271,190 Staff costs 106,193 778,637 27.633 98.348 884.830 27.633 98.348 932.389 35,512 117.503 Educational supplies Establishment costs Other operaling and VernanCe costs 97.155 389 97.155 389 131,345 595 Finance costs Foreign exchange (profityloss Depreciation 9,934 25,436 9.934 44,265 14,820 46,66S 18,829 Total expenditure 125,022 1.037.532 1,162.554 1.278,829 Not Incom8118xp8nditure) (18,8291 80,818 61.989 17,639} Net movement in funds (18,8291 BO,818 61.989 17,639} Reconciliation of funds: Total fLFnds brought forward Net movement in fund5 217,745 (18,8291 1,144,957 80,818 1,362,702 61.989 1,370,341 17.639) Total funds carried forward 198,916 1.225.775 1,424691 1.362,702 The Statement of FinanGial Activities inGludes all gains and losses reGognised in the year. The note5 on pages 17 to 29 fomi part of these financial statements. Page 14
TransadiDn Ref. 8WBW-Y73T-IMKX 27 May 202115..11..33 BST (UTC +11 D 1r2 P 17132 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) REGISTERED NUMBER: 01552721 BALANCE SHEET AS AT 31 DECEMBER 2020 2020 2020 2019 2019 Note Fixed assets Tangible assets Current assets 12 985,974 947,483 Debtors Cash at bank and in hand 13 20,150 572,979 29,870 514,204 593,129 544,074 Current liabilities 14 1154,412} 1128,855) Not current assets 438,717 415,219 Total net assets 1.424,691 1,362,702 Charity funds Restricted funds 198,916 1,225,775 217,745 1,144,957 unresth.cted funds Total funds 1,424,691 1,362,702 The Governors acknowledge their responsibilities for complwng wth the requirements of the Act wth respect to accounting records and preparation of financial statements_ The finanaal statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The finanal statements were approved and aulhonsed for issue by the Govemors and signed on their behalf S Mikalsen Chair Dale= 27 May 2021 The notes on pages 17 to 29 fomi part of these financial statements. Page 15
Trarr&Brin Ref. BWBW-I73T-04KX27 May 2V21 15..11..34 &8T (UTC +11 D 1r2 P 18n2 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 Nota Cash flows from operating activitios Nel cash used in operating activities 18 138,662 20,762 Cash flows from investing activities Dividends, interests and rents from investments Proceed5 from the sale of tangible fixed asset5 Purchase of tangible fixed a5setS 3,396 1,280 2,008 {83,283} Net cash {used inllprovided by invasting activitias {79,8871 3.288 Change in cash and cash equivalants in the yaar 58,775 24.050 Cash and cash equivalents at the beginning of the year 514.204 490.154 Cash and cash equivalents at the end of the year 572,979 514,204 The nole5 on pages 17 10 29 form part of these financial statemen15 Page 16
Trarr&Brin Ref. BWBW-I73T-04KX27 May 2V21 15..11..34 &8T (UTC +11 D 1r2 P 19n2 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 General information The entity is a charitable company limited by guarantee, incorporated in the United Kingdom and registered in England and Wales. The registered address is 28 Arterberry Road. London. SW20 8AH. Accounting polieies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP {FRS 102) - Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their aCUnIS in accordance i%ilh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20151, the Financial Reporting Standard applicable in the UK and Republic of IrelarKI {FRS 1021 and the Companie5 Act 2006. The Norwegian School in London Limited meets the definition of a public benefit entty under FRS 102. Assets and liabilrties are inrtially recognised at historical cost or transaction value unless otherwise slated in the relevant accounts'ng policy. 2.2 Going concern The Governors have considered going concem and believe that the Company is currently a going (x)ii(trn. Tlie Covid-19 outbieak has so fai" not had a mateiial iinpact on this assessnient and. based on their Cuent knOedge. they do not expect it lo do so going forward. 2.3 Fund accounting General funds are unrestricted fvnds which are available for use al the discrelion of the Govemors in furtherance of the general objectives of the Company and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for parbcular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the rteS lo the financial statements. 2.4 Income All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Fees relating to the next financial year are carried forward as deferred income. Page 17
Trarr&Brin Ref. BWBW-I73T-04KX27 May 2V21 15..11..35 &8T (UTC +11 D 1r2 P2 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Accounting polieies {continuodl 2.5 Allocaiion of Expendiiuro Costs and expenses have been allocated between direct charitable and management and admini5tratiQll Costs acGording to the nature of Ihe w(k performed. Direct charitable expenditure comprises all costs directly attribLrtable lo the provision of Services in pursuance of the charitable objectives policies. less any amount5 allocated or apportioned to management and administration costs. Management and administrakn.on costs comprise costs directy attributable to the management and administration of the School and an apportionmerrt of such other costs to the extent that they relate to such management and administration. Expendilure on charitable activities is incuTred on directly undertaking the activities whith further the Companys objectives, as well as any associated support costs. All expenditure is accounted for under the accruals concepl and is inclusive of irrecoverable VAT. 2.6 Pansions The Company operates kn defined contribution pension scheme for some employees and the pension charge represents the amounts payable by the Company to the fjjnd in respect of the year. 2.7 Tangible fixed assets and depreciation Tangible fixed a55et5 costing £1.5CK) or more are capitalised and recognised when future economic beneffts are probable and the c05t or value of the asset can be measured reliably. Tangible fixed assets are initialty recognised at cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impaimient losses. All costs InCued to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allte the cost of tangible fixed assets less their residual value over their estimated usefvl lives. Depreciation is provided on the following bases= Freehold property Fixtures and fittings Computer equipment Restricted fund assets 2% straight line Betrween 20A and 330A reducing balance 330A Teducing balance 5010 reducing balance 2.8 Foreign currencies Monetary assets and liatlitIeS denominated in foreign currencies are translated into sterling at rates of exchange ruling at the rewtting dale. Transactions in foreign currencies are InsIaled into sterfing at the rate ruling on the date of the transacts'on. Exchange gains and losses are reccgnised in the Statement of Financial Activities. Page 18
Trarr&Brin Ref. BWBW-I73T-04KX27 May 2V21 15..11..36 &8T (UTC +11 D 1r2 P21132 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Accounting polieies {continuodl 2.9 Interest ro¢eivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Conipany." thi5 15 notmally upon ni)tifiGation of Ihe inlere5t paid or payable by the Bank. 2.10 Operating lease5 Rentals paid under operating leases are charged to the Statement of Finanaal Activittes on straight line basis over the lease temi. 2.11 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayrnents are valued al the amount prepaid nel of any trade discounts due. 2.12 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liqubd investments Mqth a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. 2.13 Liabilities Liabilities are recognised when there is an obligation at the Balance sheel date as a result of a past event, il is probable that a transfer of economic benefrt will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates il wll pay to settle the debt or the amount it has received as advanced payments for the goods or services rt musl provide. Critical accounting estimates and areas of judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors. including expectalions of future events that are believed to be reasonable under the circumstsnces. Critical accounting estimates and a5sumptions.' The Company makes estimate5 and assumptions concerning the future. The resulting accounting estimates and assumptions wll, by definition, seldom equal the related actual re5uIt5. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities wthin the next financial year are discussed below. Critical areas of judgement= Tangible fixed assets Tangible fixed assets are depreciated over their useful lives taking into account residual values ere appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values. Page 19
THE NORWEGIAN SCHOOL IN LONDON LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
4. Investment income
| Bank interest received Total 2020 Total 2019 |
Unrestricted funds 2020 £ 3,396 3,396 1,280 |
Total funds 2020 £ 3,396 3,396 1,280 |
Total funds 2019 £ 1,280 |
|---|---|---|---|
| 1,280 | |||
5. Income from charitable activities
| General school grants receivable Fees Other income and other grants receivable Contributions from the Kindergarten Total 2020 Total 2019 |
Restricted funds 2020 £ - - 106,193 - 106,193 124,210 |
Unrestricted funds 2020 £ 818,942 253,012 22,915 20,085 1,114,954 1,145,700 |
Total funds 2020 £ 818,942 253,012 129,108 20,085 1,221,147 1,269,910 |
Total funds 2019 £ 823,833 276,754 149,238 20,085 |
|---|---|---|---|---|
| 1,269,910 | ||||
6. Governance costs
| Audit fees Other professional fees Staff costs Total 2020 Total 2019 |
Unrestricted funds 2020 £ 9,480 19,000 16,208 44,688 35,875 |
Total funds 2020 £ 9,480 19,000 16,208 44,688 35,875 |
Total funds 2019 £ 9,084 10,406 16,385 |
|---|---|---|---|
| 35,875 | |||
Page 20
Trarr&Brin Ref. BWBW-I73T-04KX27 May 2V21 15..11..37 &8T (UTC +11 D 1r2 P2 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Other costs Restricted Unrestricted funds funds Total funds Total funds 2020 2020 2020 2019 Educational supplies Establishment costs Other operab.ng and govemance costs Depreciatson Foreign exchange IpTofft)IIoss Finance costs 27,633 98,348 97,155 25,436 9.934 389 27.633 98,348 97,155 44,265 9.934 389 35,512 117,503 131,345 46,665 14,820 595 18,829 Total 2020 18,829 258,895 277.724 346,440 Total 2019 18,962 302,729 321,691 Auditorfs remuneration 2020 2019 Fees payable to the Companvs auditor for the audit of the Companls annual accounts 9,480 9,084 Fees payable to the CoMpanS auditor in respect of.. All non-audit seNices not included above 10.028 9.958 Page 21
Trarr&Brin Ref. BWBW-I73T-04KX27 May 2V21 15..11..38 &8T (UTC +11 D 1r2 P24n2 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Staff costs 2020 2019 Wages, salaries and other staff costs Swal security costs Other pension costs 758,070 80.648 46.112 791,161 82.354 58.874 884,830 932.389 Included in wages. salaries and other staff costs are wages and salaries costs of £755,922 12019= £784,288) and other staff costs of £2,148 12019= £6,873). Other staff costs indude recruitment fees, the C051 of supply teachers and teachers, training, allowances and weware cost5. The company operates trNO defined contribution pension schemes12019: trwol for their employees. The assets of the schemes are held separately from those of the company in independently administered funds. Contn"butions payable by the company to the funds amounted to £46,112 {2019= £58,874}- There were no conth"bulions outstanding al 31 December 2020 or at 31 December 2019. In 2020, of the total staff costs, £766.971 12019= £808,179) was to unrestricted fvnds and £117,859 12019.. £124.2101 was lo restricted funds. The average number of persons employed by the Company durlng the year was as lollows: 2020 2019 Teaching Management and administration 13 14 16 17 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2020 No. 2019 No. In the band £60.001- £70.000 In the band £80,CNJ1- £90,000 The key management personnel of The Norwegian School in London Limited comprise govemors, the headteacher and the school business manager. The total employee benefits of the key management personnel were £162.07812019.' £163.8481. Page 22
Trarr&Brin Ref. BWBW-I73T-04KX27 May 2V21 15..11..38 &8T (UTC +11 D 1r2 P2 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Staff costs Icontinuad) Staff costs are allocated been activities as follows: 2020 2019 Direct charitable expenditure Govemance 860,228 24,602 875,974 15,389 884,830 891,363 10. Governors. rernuneration and expenses During the year, no Govemors received any remuneration or other benefits12019- £NIL). Durrng the year ended 31 December 2020, expenses totalling £Nil were reimbursed or paid directty to Govemor {2019 - £1,567 10 1 Govemor). 11. Taxation The School is a registered charity and therefore is entitled to exemption from United lQngdom taxation in accordance section 505 ICTA 1988. The company is unable lo register for VAT Purposes, and operating costs therefore indude the VAT element Mthere this has been incurred. Page 23
Trarr&Brin Ref. BWBW-I73T-04KX27 May 2V21 15..11..39 &8T (UTC +11 D 1r2 P2 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 12. Tangible fixod assets Freehold Fixtures and property rittings Computer equipment Other fixed assets Total Cost or valuation At 1 January 2020 Additions 941.459 399,901 67,733 {200} 81.876 15.550 {9,890) 165.031 1.588,267 83.283 110,090) Disposals At 31 December 2020 941.459 467,434 87,536 165.031 1,661,460 Depreciation At 1 January 2020 Charge for the year On disposals 411.993 18.829 101,906 10,072 {152} 57,960 10,570 {9.422) 68.925 4.805 640,784 44,276 {9,574) At 31 December 2020 430,822 111,826 59.108 73,730 675,486 Not book value At 31 Dmber 2020 510.637 355,608 28.428 91.301 985,974 At 31 December 2019 529,466 297,995 23,916 96,106 947,483 All assets are used for the charitable purpose of the company. The Board of Govemors considws that the historic cost of the Freehold land and Buildings is comprised as follows.. 2020 2019 Freehold land 655,704 274,622 11,133 655.704 274,622 11,133 Freehold buildings Tennis court 941,459 941,459 Page 24
Trarr&Brin Ref. BWBW-I73T-04KX27 May 2V21 15..11'.40 &8T (UTC +11 D 1r2 P27n2 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 13. Debtors 2020 2019 Due within one year Other debtors Prepayments and accrued income 570 19.580 5.831 24.039 20,150 29.870 14. Creditors: Amounts falling due wiihin one year 2020 2019 Trade creditors 10,219 23,666 5.900 22,592 371 99.992 Other laxalion and social secur other creditc Accruals 2nd deferred income IXl,527 154,412 128,855 Deferred income 2020 2019 Deferred income at 1 January 2019 Resources deferred during the year Amounts released from previous year5 47,306 65,983 {47,306} 49,381 47.306 149,381) Doferred income al 31 December 2020 65,983 47,306 Deferred income is school fees relating to the year ending 31 December 2021. Page 25
Trarr&Brin Ref. BWBW-I73T-04KX27 May 2V21 15..11'.40 &8T (UTC +11 D 1r2 P28n2 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 15. Restricted funds Land and buildings fund 2020 2019 At 1 January 2019 Depreatson expendtture duiing the year 217.745 {18,829} 236.574 118,829) At 31 December 2019 198,916 217,745 The Land and Buildings fund represents arnounts donated spectfically towards the cost of land and buildings used by the school, together with amounts designated toward5 those costs by the Govemors and transferred from the Unrestricted fund. Special staff training fund 2020 2019 At 1 January2019 Grants received 1.270 11.270} 11,966 111,966) Expenditure during the year At 31 December 2019 The Special staff training fund represents amounts donated specsfically for the training of staff in subjects such as literacy and numeracy. The value of the fund at the year end is £nil12019." £nill as expendilure for thi5 Purpose was incurred in the year to the full value of the donation received. Special needs fund 2020 2019 At 1 January2019 Grant5 received 104,923 1104,9231 112,244 1112.244) Expenditure during the year At 31 Decamb8r 2019 The Special needs fund represents amounts donated specifically for direct expenditure on children wqth special needs. The value of the fund at the year end is £nil 12019= £nil} as expenditure for this purpose was inCued in the year to the full value of the donation received. Page 26
Trarr&Brin Ref. BWBW-I73T-04KX27 May 2V21 15..11'.41 &8T (UTC +11 D 1r2 P29n2 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 16. Unrestricted funds 2020 2019 At 1 January 2020 Net income during the year 1.144.957 80.818 1.133.767 11.190 At 31 December 2020 1.225,775 1,144,957 17. Analysis of net assels between funds Analysis of net assets between funds- current period Restricted Unrestricted funds funds 2020 2020 Total funds 2020 Tangible fixed assets CurTent a55ets 198.916 787,058 593,129 1154,4121 985,974 593,129 1154,412} Creditors due wrthin one year Total 198,916 1.225,775 1.424,691 Analysis of net assets between funds- prior period Restllcted Unrestricted funds funds 2019 2019 Total funds 2019 Tangible fixed assets Current assets 217.745 729.738 544,074 1128,8551 947,483 544,074 1128,8551 Creditors due Mqthin one year Total 217.745 1.144,957 1.362,702 Page 27
Trarr&Brin Ref. BWBW-I73T-04KX27 May 2V21 15..11'.41 &8T (UTC +11 D 1r2 P3LV32 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 18. Reconciliation of net movement in funds to net cash flow from oparating activities 2020 2019 Not incomoloxpondituro for tho riod (as por Statomont of Financial Activities) 61.989 (7,639) Adjustments for: Depreciation charges Interest from investments 44,276 13,396} 516 9.720 25,557 44,493 11,280) 1.634 17.174) 19,272) Loss on the sale of fixed assets Decreasel{increasel in deblc Increaselldecreasel in creditors Net cash provided by operating activities 138,662 20.762 Analysis of cash and cash equivalents 2020 2019 Cash in hand 572.979 514.204 Total cash and cash equivalents 5n,979 514,204 Analysis of changes in net debt At1 January 2020 Cash flows At31 December 2020 Cash at bank and in hand 514.204 58,775 572,979 Page 28
Trarr&Brin Ref. BWBW-I73T-04KX27 May 2V21 15..11'.42 &8T (UTC +11 D 1r2 P31132 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 21. Operatingloase commttments At 31 December 2020 the Company had commitments to make future minimum lease payments under nOnncelIable operating leases as follows.. 2020 2019 Not later than 1 year Later than 1 year and not later than 5 years 7,869 11,038 7,869 18,906 18,907 26,775 The following lease payrnenls have been reccgnised as an expense in the Statement of financial actwities. 2020 2019 Operating lease rentals 7,869 8,125 Liabilities of members The company is a registered charity and is limited by guarantee. Each member of the Board of Govemors is a member and is liable for the payment of the liabilibes of the company. subject to a maximum liabilty of £1 per member. 23. Related party transactions A number of GovemcKs have children who attend the Norwegian School in London and school fees are charged in accordance with the schools standard charging policy. During the year one {2019-. trNol Govemor received fees in respect of their services to the Company's aftershool Programme. S Johnsen received £1.44012019: £1.6001. No amounts were unpaid at the year end. There were no other related party transactions in the year. Controlling party In the opinion of the trustees there is no controlling party. Page 29
Trarr&Brin Ref. BWBW-I73T-04KX27 May 2V21 15..11'.42 &8T (UTC +11 D 1r2 P32132