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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

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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

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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
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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
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THE NORWEGIAN SCHOOL IN LONDON LIMITED
IA company limited by guarantee)
GOVERNORS. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The Govemors I￿0 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 ASs￿latiOn.
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.
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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 be￿een 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 w0￿1n9 condits'ons that are attractive to staff through
folloming Norwegian w0￿1ng 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.
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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 COn￿rnS 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.
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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, so￿al 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 poli￿e$ 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 fa￿Irtate 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 f￿tprint 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.
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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 fa￿lItieS 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 PU￿lS sing and entertain in local residencies and other institutions for senior citizens during
the year.
The schc*Jl 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.
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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 performan￿5. 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 rese￿eS 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.
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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 a￿ditOr in connection wth preparing its report and to
establish that the CoMpan￿S 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
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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
SUffi￿ent 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 ffinan￿al 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.
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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.
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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.
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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
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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.
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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 finan￿al 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.
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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
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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 aC￿UnIS 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 Cu￿ent knO￿edge. 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 r￿teS 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.
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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 InCu￿ed 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 all￿te 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 liat￿litIeS denominated in foreign currencies are translated into sterling at rates
of exchange ruling at the rewtting dale.
Transactions in foreign currencies are I￿nsIaled 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.
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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<br>**Total 2020**<br>Total 2019|**Unrestricted**<br>**funds**<br>**2020**<br>**£**<br>3,396<br>3,396<br>1,280|**Total**<br>**funds**<br>**2020**<br>**£**<br>**3,396**<br>**3,396**<br>1,280|Total<br>funds<br>2019<br>£<br>1,280|
|---|---|---|---|
||||1,280|
|||||



## **5. Income from charitable activities** 

|General school grants receivable<br>Fees<br>Other income and other grants receivable<br>Contributions from the Kindergarten<br>**Total 2020**<br>Total 2019|**Restricted**<br>**funds**<br>**2020**<br>**£**<br>-<br>-<br>106,193<br>-<br>106,193<br>124,210|**Unrestricted**<br>**funds**<br>**2020**<br>**£**<br>818,942<br>253,012<br>22,915<br>20,085<br>1,114,954<br>1,145,700|**Total**<br>**funds**<br>**2020**<br>**£**<br>**818,942**<br>**253,012**<br>**129,108**<br>**20,085**<br>**1,221,147**<br>1,269,910|Total<br>funds<br>2019<br>£<br>823,833<br>276,754<br>149,238<br>20,085|
|---|---|---|---|---|
|||||1,269,910|
||||||



## **6. Governance costs** 

|Audit fees<br>Other professional fees<br>Staff costs<br>**Total 2020**<br>Total 2019|**Unrestricted**<br>**funds**<br>**2020**<br>**£**<br>9,480<br>19,000<br>16,208<br>44,688<br>35,875|**Total**<br>**funds**<br>**2020**<br>**£**<br>**9,480**<br>**19,000**<br>**16,208**<br>**44,688**<br>35,875|Total<br>funds<br>2019<br>£<br>9,084<br>10,406<br>16,385|
|---|---|---|---|
||||35,875|
|||||



Page 20 



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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 CoMpan￿S auditor in respect of..
All non-audit seNices not included above
10.028
9.958
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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.
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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 be￿en 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.
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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 D￿mber 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
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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.
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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
Depre￿atson 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 inCu￿ed in the year to the full value of the donation received.
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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
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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
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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
nOn￿ncelIable 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.
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