2022-12-31-accounts

Registered number: 01552721 Charity number: 282358

THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee)

GOVERNORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee)

CONTENTS

	Page
Reference and administrative details of the Company, its Governors and advisers	1
Governors' report	2 - 8
Independent auditors' report	9 - 12
Statement of financial activities	13
Balance sheet	14
Statement of cash flows	15
Notes to the financial statements	16 - 28

THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022

Governors

B Ahmad

S Johnsen

O Navarsete

S Therese Mikalsen, Chair

O Krasicki-Freund J Johansen (appointed 8 February 2023)

Company registered number

01552721

Charity registered number

282358

Registered office

28 Arterberry Road Wimbledon London SW20 8AH

Company secretary

L Karlsen

Chief executive officer

L Karlsen

Auditors

James Cowper Kreston Audit Chartered Accountants and Statutory Auditor Reading Bridge House George Street Reading Berkshire RG1 8LS

Bankers

DnB Nor Bank 20 St Dunstan's Hill London EC3R 8HY

Lloyds Bank St George's Road Wimbledon SW19 4DR

Page 1

THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee)

GOVERNORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

The Governors (who 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 2022.

The Governors confirm that the Annual report and financial statements of the company comply with the Charities Act 2011, the Companies Act 2006, the requirements of the governing documents and Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

CONSTITUTION AND OBJECTS

The Norwegian School in London Limited was established on 25 March 1981 as a private company limited by guarantee (Company Number: 01552721) and registered as a charity (Registered Number 282358). It is governed by its Memorandum and Articles of Association.

The principal object of the charity is to promote the advancement of education of children in the United Kingdom who wish to follow the Norwegian curriculum.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Norwegian School in London is both an English Independent School for children aged 6-16 and a Norwegian Private School for children aged 6-16. This means that there are both English and Norwegian laws and regulations that the School needs to comply with.

As from June 2014 the Board has a minimum of five Governors who are also Directors of The Norwegian School in London Limited. New Governors 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 determined by the Governors 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 Governors received no reimbursed expenses during the year (2021: None). The Governors are charity trustees, as well as directors and members of the company. Nominations are made following discussions between existing Governors and the Head Teacher and take into account the individual’s connections with the School, competence, specialist skills and local availability. The Governing Board requires breadth and depth of experience to carry out its duties effectively and efficiently. All new Governors are given an induction and regular training. All Governors and the Head Teacher attend a minimum of five work meetings and five Board meetings together every year. In addition the Governors and Head Teacher are appointed to one or more committees (Finance/H&S/Internal 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 School administration.

Page 2

THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

REVIEW OF ACTIVITIES

The Norwegian School in London Limited provides Primary and Secondary School Education for children aged 6 to 16 at its premises in Wimbledon, in accordance with Norwegian educational regulations and following the Norwegian educational curriculum. In January 2023 we received a Good with outstanding in two areas report from Ofsted. The headteacher, senior staff and governors have ensured that all independent school standards are met.

The School aims to be “The natural choice for Norwegian families in London”. The majority of pupils are recruited 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 complementary about experiencing a good transitioning to and from our school and all aspects of the school’s work. Lately we have seen an increase in families who are staying 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 wide 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, but also in English given our location and having many bi-lingual families. Offering extended hours means we have the opportunity to appreciate and use “London as a classroom” for pupils to gain first hand experiences and language skills through our teaching.

We are currently offering Y1-4 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 teaching. All year groups are offered homework help in school and participate in various after school activities outside hours such as piano, chess, band and guitar lessons.

For the School year starting August 2021, the School had 49 pupils and 15 full or part time employees (School 12 and Administration 3).

For the School year starting August 2022, the School had 56 pupils and 15 full or part time employees (School 12 and Administration 3).

At the beginning of each academic year the Head Teacher sends out a welcome letter to all families and parents’ meetings are held shortly after school starts to ensure good communication between parents and school regarding teaching, curriculum, safeguarding, activities and our community. All new parents Y1-4 are invited to attend a “getting to know each other” conversation with their child’s Form teacher. Parents are encouraged to contact the school with any teaching and social aspects as soon as needed to help ease transitioning and FAU (parents’ council) is contributing strongly to this.

The school aims to be “the best of both worlds” for pupils, parents and staff. By always trying to comply with the strictest nation at the same time 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 functionality in all its facilities, for instance, school grounds well equipped for developing motor skills, digitally one to one tools for pupils and staff, ample teaching resources, a high teacher-pupil ratio and a safe and tidy environment throughout.

Staff and governors work together in maintaining good working conditions that are attractive to staff through following Norwegian working agreements for teachers and revising Staff Employee Handbook 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 yearly basis to best be equipped to deliver excellent teaching.

During remote learning, due to Covid-19, the community have been able to go from in school teaching to online schooling in an impressive way. This reflects all stakeholders’ continuous efforts, adaptability, and commitment to facilitate excellent learning opportunities.

Page 3

THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

RISK ASSESSMENT

The Norwegian School in London Limited regularly assesses and reviews 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 form of a risk register which is updated regularly.

The five major risks highlighted on the risk register are as follows:

1. Implications resulting from fluctuations in exchange rates especially with the uncertainty in Europe at the moment.

2. Pupil numbers dropping thus reducing income especially following the impacts of Covid-19 restrictions and Britain leaving the EU.

3. The Business rate relief for charities being removed – this would cost the school about £60,000.

4. Potential implications if the School's approval as a Norwegian Private School was removed. 5. Safeguarding pupils

The Governors and Leaders of the School have put in place procedures to reduce and mitigate the risks to the School. Work is ongoing to improve best practice in line with Ofsted requirements and Norwegian Education Department requirements. The exchange rate is monitored on a monthly basis to keep spending in line with income. Recruitment of new pupils are actively encouraged and marketing is a priority, but if numbers drop plans are made well in advance to keep spending in line with predicted income. Reserves are being built up to cover the increase in business rate costs if this should happen.

Our school provides a safe and trusted environment for everyone with whom we come into contact. Safeguarding is a priority and we encourage staff to report any concerns using the MyConcern template. Our safeguarding policies are reviewed regularly. Any incidents that may arise are reported to the relevant authorities.

PLANS FOR THE FUTURE

The Board and the Governors together with the staff and parents have a dialogue concerning the long term goals for the School and relevant strategies to meet these goals. Goals and strategies are documented in a newly updated Strategic plan for 2022-2027.

The new strategic Plan outlines the school’s vision and values, and the school has four main principles for education that form the basis of all the school’s practice. These four principles are:

1. Positive relationships

2. Differentiated instruction

3. Active pupil participation

4. Professional learning community

The senior leadership team along with the school´s teaching staff, SFO-staff and other staff are responsible for developing routines and teaching practices to ensure implementation of the strategic objectives at the school to the benefit of pupils´ learning and growth. The school uses the strategic plan in combination with established assessment tools and the School Development Plan to ensure the objectives support the delivery of continued strong academic performance balanced with our core values to instil in them critical thinking skills, a global perspective and respect for core values of honesty, trust, tolerance and perseverance

The strategic objectives are closely linked to the main principles, and are set out as follows:

Page 4

THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Dynamic Learning Community

• Pupils in a dynamic learning community see learning as purposeful.

• In a dynamic learning community, the right balance is achieved between the active pupil and the responsible adult, who meets the pupils with trust, respect, and positive expectations.

• Pupils in a dynamic learning community experience teaching and activities that are closely linked to their daily lives, but also expand their worldview and open doors to the future.

• Teachers set clear expectations to pupils of what they need to learn. Pupils acquire knowledge and are also challenged to apply their knowledge in familiar and unfamiliar contexts and situations.

• Teachers and the school give the pupils space for in-depth learning, learning across established subject boundaries and development of the basic skills is encouraged, using varied and practical teaching methods and a formative assessment culture that promotes learning and development.

Citizenship and Sustainable Development

• The Core curriculum states that the school should give pupils the opportunity to participate in and learn what democracy means in practice.

• The school shall create a collaborative environment across teachers, staff and parents that work together for the pupils’ best interests and provide the necessary support for them to build relationships with each other through play and learning.

• Pupils learn that people’s way of life and use of resources have consequences locally, regionally, and globally, and the overall organization of educational and leisure time at the Norwegian School in London should affirm that the pupils are a resource in their own life and in the lives of others.

• The school’s teachers and staff instils in it's pupils that everyone has the responsibility to contribute to sustainable development and to ensure a sustainable future.

• The school commits to continue to partake in accreditation and relevant networks to promote sustainability, i.e. STARS and Transport for London’s accreditation travel scheme for London schools and nurseries.

Digital Competence

• The pupils are enabled to obtain and process information, be creative with digital resources, as well as communicate and interact with others in a digital environment critically, safely, and responsibly.

• Pupils at the Norwegian School will acquire knowledge and good strategies for use of the internet. They are able to use digital resources appropriately and responsibly to solve practical tasks and they will understand issues such as copyright, critical evaluation of sources, online privacy, digital bullying, and social media.

• For pupils, digital media is both a channel for information and for social connections. It is important to try to understand the effects of technology on pupils – and teach pupils to deal with these from an early age.To achieve this, close cooperation between home and school is vital.

• The teacher’s professional digital competence includes meeting the Norwegian Directorate for Education and Training’s requirements for digital skills and also ensuring that the pupils reach the proficiency goals as set out in the school´s ICT-competence plan.

Raising the School´s Profile

• Feedback from teachers and parents through the survey made it clear that there is a need to attract more families and pupils to the school.

• Emphasis should be on the school’s uniqueness as a Norwegian school centrally located in London, benefitting from what a multi-cultural city and one of the world’s largest capitals has to offer, by using London as its extended classroom. The pupils find that the frequent field trips have a significant impact on their motivation and learning.

• The small school and connection to Norway contribute to a strong school community feeling, where each pupil feels safe and recognized and valued as an important member of the community.

Page 5

THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Key activities at NLS to drive this objective are:

• NSL have a marketing committee dedicated to raise the school’s profile and attract more pupils.

• Active use of social media to increase our visibility.

• Keeping our website up-to-date, easy to navigate and emphasizing the school’s uniqueness.

• Close collaboration with other Norwegian institutions in London to promote our school to new Norwegian and Scandinavian families, including the Norwegian Kindergarten in London.

• Staying connected with alumni.

• Contributing to the local community through charity work.

GOING CONCERN

After making appropriate enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

ACHIEVEMENTS AND PERFORMANCE

Pupils took part in national tests and achieved on average similar or better results compared to other Norwegian Schools, especially in English. These results are partly published on the website of the Norwegian Directorate of Education. All results are available to the School Management, teaching staff, and parents of the individual pupils. The results are reviewed systematically (Systematic Result Follow up) and throughout the academic year used in further 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 classes 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 reduce the School's negative footprint 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 guidance on advancing education and on fee charging. The provision of public benefit mainly caters for Norwegian citizens in the local area. However the School also provides benefits for senior citizens in the neighbourhood and Norwegian citizens across the UK.

The Norwegian School in London Limited, whilst following the Norwegian curriculum and having a Norwegian Ethos, welcomes pupils from all backgrounds and nationalities.

The School charges reduced fees for families without financial support for School fees from their employers. Likewise the School charges reduced fees for families with more than one child. Families paying full School fees for one child will be granted reductions of 15% to 30% for the second and third child.

As a main rule all children take part in various School trips, excursions, visits to theatres, galleries and museums etc at no extra charge. This includes overnight stays in some cases.

Page 6

THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Additional public benefits include:

• Providing facilities for afterschool activities such as music lessons (piano, guitar, band, song, choir), and chess lessons several days a week.Providing facilities for families for birthday parties and other occasions and celebrations. This opportunity is widely used by families.

• Providing full access to the School library for families at no extra charge. The library is frequently used by pupils as well as parents.

• Providing guidance and information to Norwegian citizens settling in London or other parts of the UK: immigration, jobs, Schools etc.

• Providing facilities for Norwegian High School, College, and University exams at a minimum charge (£6/hour plus £45 administration fee) for students resident in the UK. This facility is widely used.

• Providing information to UK citizens looking for possibilities of learning or studying Norwegian at different levels and linking them to relevant institutions.

• Providing training and work experience for students from universities and teacher training colleges and pupils from secondary Schools.

• Providing access for children and families to School grounds – playground and tennis court – outside School hours and during School holidays at no charge. Children and families take advantage of this possibility nearly on a daily basis.

• Assisting Norwegian Schools in finding UK partner Schools.

• The School pupils sing and entertain in local residencies and other institutions for senior citizens during the year.

• The School 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 Norwegian National Day on 17 May. The celebration 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 include market rates of pay and benchmarks against schools in Norway.

FINANCIAL REVIEW

The school has not been immune to the challenges facing all businesses at the moment. These include the effects of Covid-19, Britain leaving the EU and now more recently the war in Ukraine. The school has always had to deal with fluctuating pupil numbers and changes to the exchange rates. So although times are quite volatile at the moment we continually assess our situation in the light of local and world wide events. We have made good investment in technology so all our pupils are able to do school work from home. The pupils already save all their work in the cloud and access their homework in this way so a lot is familiar to them. Parents also have access to our school intranet (Skooler) and are trained in how to use it.

Finances were better than expected due mainly to the increase in pupil numbers in August. The year ended with a surplus of £29,437. The governors and senior management watch the income and expenditure very closely to ensure finances are kept within the expected budget. With pupil numbers fluctuating and the exchange rate being unpredictable the school faces challenges that other UK schools do not have but there is a good structure in place to manage this. Expenditure is balanced between ensuring the pupils have the best education in a safe and stimulating environment overseen by a competent management team. Funds are spent making sure pupils have access to the latest technology and use London as an extended classroom. The pupils have access to upto-date Norwegian text and workbooks, which are imported at a significant cost. Outside sports facilities are hired when needed for swimming, sports day, squash and such like. Also, the local church hall is hired for school performances, dance lessons etc. There are regular trips to museums and theatres around London at no cost to the parents.

Page 7

THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

RESERVES POLICY

The Governors consider levels of reserves on a regular basis to ensure reserves are maintained at a level for the School to continue to operate for the foreseeable future, allowing for fluctuations in income and expenditure. The Governors consider that the School’s reserves need to be the operational costs for 3 months which would be £236,825, As at 31 December 2022 reserves are £1,593,171 which the Governors considers to be adequate, taking into account the property is owned by the School.

Surplus funds are invested in cash reserves in short term interest bearing accounts.

GOVERNORS' RESPONSIBILITIES STATEMENT

The Governors (who are also directors of The Norwegian School in London Limited for the purposes of company law) are responsible for preparing the Governors' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Governors to prepare financial 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 resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Governors are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements 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.

The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with 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 Governors at the time when this Governors' report is approved has confirmed that:

• so far as that Governor is aware, there is no relevant audit information of which the company's auditor is unaware, and

• that Governor has taken all the steps that ought to have been taken as a Governor in order to be aware of any information needed by the company's auditor in connection with preparing its report and to

• establish that the company's auditor is aware of that information.

Approved by order of the members of the board of Governors and signed on their behalf by:

................................................

S Mikalsen Chair Date:

Page 8

THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NORWEGIAN SCHOOL IN LONDON LIMITED

Opinion

We have audited the financial statements of The Norwegian School in London Limited (the 'charitable company') for the year ended 31 December 2022 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial 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 company's affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Governors' use of the going concern basis of accounting in the preparation of the financial 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.

Page 9

THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NORWEGIAN SCHOOL IN LONDON LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Governors are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, 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 information given in the Governors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

• the Governors' Report has been prepared in accordance with 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 Governors' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of Governors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the Governors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Governors' Report and from the requirement to prepare a Strategic Report.

Responsibilities of trustees

As explained more fully in the Governors' responsibilities statement, the Governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Governors are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NORWEGIAN SCHOOL IN LONDON LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's 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) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, 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, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less 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 performed 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 governance to identify any material instances of noncompliance with laws and regulations;

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

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THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NORWEGIAN SCHOOL IN LONDON LIMITED (CONTINUED)

Use of our report

This report is made solely to the charitable company's 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 state to the charitable company's members those matters we are required to state to them in an Auditors' 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 formed.

Darren O'Connor BSc(Hons) FCCA ACA (Senior statutory auditor)

for and on behalf of

James Cowper Kreston Audit

Chartered Accountants and Statutory Auditor Reading Bridge House George Street Reading Berkshire RG1 8LS

Date:

Page 12

THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2022

Note Income from: Charitable activities 5 Investments Total income Expenditure on: Charitable activities: Staff costs 9 Educational supplies 7 Establishment costs 7 Other operating and governance costs 7 Finance costs Foreign exchange (profit)/loss 7 Depreciation 7 Total expenditure 9 Net Income/ (expenditure) Net movement in funds Reconciliation of funds: Total funds brought forward as previously stated Prior year adjustment Total funds brought forward as restated Net movement in funds Total funds carried forward	Restricted funds 2022 £ 106,128 - 106,128 106,128 - - - - - 13,337 119,465 (13,337) (13,337) 180,087 130,654 310,741 (13,337) 297,404	Unrestricted funds 2022 £ 1,023,205 324 1,023,529 753,542 25,706 113,190 70,431 611 (15,212) 32,487 980,755 42,774 42,774 1,252,993 - 1,252,993 42,774 1,295,767	Total funds 2022 £ 1,129,333 324 1,129,657 859,670 25,706 113,190 70,431 611 (15,212) 45,824 1,100,220 29,437 29,437 1,433,080 130,654 1,563,734 29,437 1,593,171	As restated Total funds 2021 £ 1,210,083 4,700
				1,214,783
				904,178 25,196 106,377 117,171 435 3,448 44,097
				1,200,902
				13,881
				13,881
				1,424,691 125,162
				1,549,853 13,881
				1,563,734

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 16 to 28 form part of these financial statements.

Page 13

THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee) REGISTERED NUMBER: 01552721

BALANCE SHEET AS AT 31 DECEMBER 2022

Note Fixed assets Tangible assets 12 Current assets Debtors 13 Cash at bank and in hand Current liabilities 14 Net current assets Total net assets Charity funds Restricted funds Unrestricted funds Total funds	2022 £ 105,268 573,097 678,365 (203,129)	2022 £ 1,117,935 475,236 1,593,171 297,404 1,295,767 1,593,171	As restated 2021 £ 66,385 582,361 648,746 (183,476)	As restated 2021 £ 1,098,464 465,270
				1,563,734
				310,741 1,252,993
				1,563,734

The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Governors and signed on their behalf by:

................................................

S Mikalsen

Chair Date:

The notes on pages 16 to 28 form part of these financial statements.

Page 14

THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022

Note Cash flows from operating activities Net cash used in operating activities 19 Cash flows from investing activities Dividends, interest and rents from investments Purchase of tangible fixed assets Net cash used in investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 20 The notes on pages 16 to 28 form part of these financial statements	2022 £ 56,268 324 (65,856) (65,532) (9,264) 582,361 573,097	As restated 2021 £ 58,593 4,700 (53,911) (49,211) 9,382 572,979 582,361

Page 15

THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. 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.

2. Accounting policies

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 accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Norwegian School in London Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Governors 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 particular 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 notes to the financial statements.

2.3 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 16

THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

2.4 Allocation of Expenditure

Costs and expenses have been allocated between direct charitable and management and administration costs according to the nature of the work performed.

Direct charitable expenditure comprises all costs directly attributable to the provision of services in pursuance of the charitable objectives and policies, less any amounts allocated or apportioned to management and administration costs.

Management and administration costs comprise costs directly attributable to the management and administration of the School and an apportionment of such other costs to the extent that they relate to such management and administration.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

All expenditure is accounted for under the accruals concept and is inclusive of irrecoverable VAT.

2.5 Pensions

The Company operates two defined contribution pension scheme for some employees and the pension charge represents the amounts payable by the Company to the fund in respect of the year.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred 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 allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

• Freehold property 2% straight line - Fixtures and fittings Between 2% and 33% reducing balance - Computer equipment 33% reducing balance Restricted fund assets - 5% reducing balance

2.7 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of Financial Activities.

Page 17

THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

2.8 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the Bank.

2.9 Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

2.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.11 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.12 Liabilities

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit 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 it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

3. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within 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 where 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 18

THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

4. Investment income

Bank interest received Total 2022 Total 2021	Unrestricted funds 2022 £ 324 324 4,700	Total funds 2022 £ 324 324 4,700	Total funds 2021 £ 4,700
			4,700

5. Income from charitable activities

General school grants receivable Fees Other income and other grants receivable Contributions from the Kindergarten COVID-19 grants receivable Total 2022 Total 2021	Restricted funds 2022 £ - - 106,128 - - 106,128 163,539	Unrestricted funds 2022 £ 752,202 220,323 24,129 20,090 6,461 1,023,205 1,046,544	Total funds 2022 £ 752,202 220,323 130,257 20,090 6,461 1,129,333 1,210,083	Total funds 2021 £ 793,988 207,153 184,431 20,085 4,426
				1,210,083

Page 19

THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

6. Governance costs

Audit fees Other professional fees Staff costs Total 2022 Total 2021	Unrestricted funds 2022 £ 13,366 14,754 16,726 44,846 43,671	Total funds 2022 £ 13,366 14,754 16,726 44,846 43,671	Total funds 2021 £ 9,954 17,623 16,094
			43,671

7. Other costs

Restricted funds 2022 Unrestricted funds 2022 £ £ Educational supplies - 25,706 Establishment costs - 113,190 Other operating and governance costs - 70,431 Depreciation 13,337 32,487 Foreign exchange (profit)/loss - (15,212) Finance costs - 611 Total 2022 13,337 227,213 Total 2021 as restated 13,337 258,895 Auditors' remuneration Fees payable to the Company's auditor for the audit of the Company's annual accounts Fees payable to the Company's auditor in respect of: All non-audit services not included above	Total funds 2022 £ 25,706 113,190 70,431 45,824 (15,212) 611 240,550 272,232 2022 £ 13,366 9,595	As restated Total funds 2021 £ 25,196 106,377 117,171 49,589 3,448 435
		302,216
		2021 £ 9,954 10,473

8. Auditors' remuneration

Page 20

THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

9. Staff costs

Wages and salaries Social security costs Contribution to defined contribution pension schemes	2022 £ 729,844 79,823 50,003 859,670	2021 £ 770,077 83,296 50,805
		904,178

Included in wages, salaries and other staff costs are wages and salaries costs of £727,977 (2021: £767,446) and other staff costs of £1,867 (2021: £,2631). Other staff costs include recruitment fees, the cost of supply teachers and teachers' training, allowances and welfare costs.

The company operates two defined contribution pension schemes (2021: two) for their employees. The assets of the schemes are held separately from those of the company in independently administered funds. Contributions payable by the company to the funds amounted to £50,003 (2021: £50,805). Contributions outstanding at 31 December 2022 were £6,909 (2021: £Nil).

In 2022, of the total staff costs, £753,542 (2021: £740,639) was to unrestricted funds and £106,128 (2021: £163,539) was to restricted funds.

The average number of persons employed by the Company during the year was as follows:

Teaching Management and administration	2022 No. 12 3 15	2021 No. 12 3
		15

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

		2022	2021
		No.	No.
In the band £60,001	- £70,000	5	4
In the band £70,001	- £80,000	1	-
In the band £80,001	- £90,000	-	1
In the band £90,001	- £100,000	1	-

The key management personnel of The Norwegian School in London Limited comprise governors, the headteacher and the school business manager. The total employee benefits of the key management personnel were £167,262 (2021: £160,944).

Page 21

THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

9. Staff costs (continued)

Staff costs are allocated between activities as follows:

Direct charitable expenditure Governance	2022 £ 842,944 16,726 859,670	2021 £ 888,084 16,094
		904,178

10. Governors' remuneration and expenses

During the year, no Governors received any remuneration or other benefits (2021 - £NIL).

During the year ended 31 December 2022, no expenses were reimbursed or paid directly to Govenors (2021 - £Nil).

11. Taxation

The School is a registered charity and therefore is entitled to exemption from United Kingdom taxation in accordance with section 505 ICTA 1988.

The company is unable to register for VAT purposes, and operating costs therefore include the VAT element where this has been incurred.

Page 22

THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

12. Tangible fixed assets

Cost or valuation At 1 January 2022 Additions Disposals At 31 December 2022 Depreciation At 1 January 2022 (as previously stated) Prior Year Adjustment At 1 January 2022 (as restated) Charge for the year On disposals At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 (as restated)	Freehold property £ 941,459 - - 941,459 449,651 (130,654) 318,997 13,337 - 332,334 609,125 622,462	Fixtures and fittings £ 475,103 1,138 - 476,241 119,391 - 119,391 1,873 - 121,264 354,977 355,712	Computer equipment £ 99,149 11,713 (18,001) 92,861 65,595 - 65,595 12,854 (17,483) 60,966 31,895 33,554	Other fixed assets £ 165,031 53,005 (399) 217,637 78,295 - 78,295 17,801 (397) 95,699 121,938 86,736	Total £ 1,680,742 65,856 (18,400)
					1,728,198
					712,932 (130,654)
					582,278 45,865 (17,880)
					610,263
					1,117,935
					1,098,464

All assets are used for the charitable purpose of the company.

The Board of Governors considers that the historic cost of the Freehold land and Buildings is comprised as follows:

Freehold land Freehold buildings Tennis court	2022 £ 655,704 274,622 11,133 941,459	2021 £ 655,704 274,622 11,133 941,459

Page 23

THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

13. Debtors

Due within one year Other debtors Prepayments and accrued income	2022 £ 3,973 101,295 105,268	As restated 2021 £ 3,342 63,043
		66,385

14. Creditors: Amounts falling due within one year

Trade creditors Other taxation and social security Other creditors Accruals and deferred income Deferred income Deferred income at 1 January 2022 Resources deferred during the year Amounts released from previous years Deferred income at 31 December 2022	2022 £ 9,525 30,569 67,246 95,789 203,129 2022 £ 58,688 80,481 (58,688) 80,481	As restated 2021 £ 7,670 18,331 42,241 115,234
		183,476
		2021 £ 65,983 58,688 (65,983)
		58,688

Deferred income consists of school fees relating to the year ending 31 December 2023.

15. Prior year adjustments

A prior year adjustment has been posted in respects of accrued income, which has been incorrectly calculated as at 31 December 2021. The impact of this adjustment is to increase accrued income and increase other creditors by £35,829.

A prior year adjustment has been posted in respects of depreciation on the land portion of freehold property, which has been charged incorrectly as at 31 December 2021. The impact of this adjustment is to increase the net book value of fixed assets by £130,654 and increase the restricted funds by £130,654.

Page 24

THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

16. Restricted funds

Land and buildings fund

As at 1st January Depreciation expenditure during the year As at 31st December	2022 £ 310,741 (13,337) 297,404	As restated 2021 £ 324,078 (13,337) 310,741

The Land and Buildings fund represents amounts donated specifically towards the cost of land and buildings used by the school, together with amounts designated towards those costs by the Governors and transferred from the Unrestricted fund.

Special staff training fund

As at 1st January Grants received Expenditure during the year As at 31st December	2022 £ - 11,263 (11,263) -	2021 £ - 18,464 (18,464) -

The Special staff training fund represents amounts donated specifically for the training of staff in subjects such as literacy and numeracy. The value of the fund at the year end is £nil (2021: £nil) as expenditure for this purpose was incurred in the year to the full value of the donation received.

Special needs fund

As at 1st January Grants received Expenditure during the year As at 31st December	2022 £ - 94,865 (94,865) -	2021 £ - 145,075 (145,075) -

The Special needs fund represents amounts donated specifically for direct expenditure on children with special needs. The value of the fund at the year end is £nil (2021: £nil) as expenditure for this purpose was incurred in the year to the full value of the donation received.

Page 25

THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

17. Unrestricted funds

As at 1st January Net income during the year As at 31st December	2022 £ 1,252,993 42,774 1,295,767	2021 £ 1,225,775 27,218
		1,252,993

18. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets Current assets Creditors due within one year Total	Restricted funds 2022 Unrestricted funds 2022 £ £ 297,404 820,531 - 678,365 - (203,129) 297,404 1,295,767	Total funds 2022 £ 1,117,935 678,365 (203,129)
		1,593,171

Analysis of net assets between funds - prior year

Tangible fixed assets Current assets Creditors due within one year Total As restated	As restated Restricted funds 2021 £ 310,741 - - 310,741	As restated Unrestricted funds 2021 £ 787,723 648,746 (183,476) 1,252,993	As restated Total funds 2021 £ 1,098,464 648,746 (183,476)
			1,563,734

Page 26

THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

19. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Interest from investments Loss on the sale of fixed assets Increase in debtors Increase in creditors Net cash provided by operating activities 20. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents 21. Analysis of changes in net debt At 1 January 2022 £ Cash at bank and in hand 582,361	2022 £ 29,437 45,865 (324) 655 (38,883) 19,518 56,268 2022 £ 573,097 573,097 Cash flows £ (9,264)	As restated 2021 £ 13,881 44,097 (4,700) 22,486 (35,829) 19,653 59,588 2021 £ 582,361 582,361 At 31 December 2022 £ 573,097

Page 27

THE NORWEGIAN SCHOOL IN LONDON LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

22. Operating lease commitments

At 31 December 2022 the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year Later than 1 year and not later than 5 years	2022 £ 2,113 240 2,353	2021 £ 7,869 3,169
		11,038

23. Liabilities of members

The company is a registered charity and is limited by guarantee. Each member of the Board of Governors is a member and is liable for the payment of the liabilities of the company, subject to a maximum liability of £1 per member.

24. Related party transactions

One Governor has children who attend the Norwegian School in London during the year ended 31 December 2022 (2021: two).

During the year ended 31 December 2022 £Nil (2021: £1,330) was paid to Governors in respect of fees for their services to the Company's aftershool programme. No amounts were unpaid at the year end (2021: £Nil).

There were no other related party transactions in the year.

25. Controlling party

In the opinion of the trustees there is no controlling party.

Page 28

THE NORWEGIAN SCHOOL IN LONDON

(A company limited by guarantee)

DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022 Management Information

Income School fees School grants Other income Bank interest Total income Expenditure Staff costs Establishment costs Insurance Other operating expenditure Foreign exchange loss/(profit) Total expenditure Net movement in funds before transfers	SFO £ 19,341 19,341 232 3,324 724 15,061 19,341 -	NK £ 20,090 20,090 16,520 2,377 250 19,147 943	School £ 197,323 864,791 4,788 324 1,067,226 838,189 93,346 12,744 110,568 (15,212) 1,039,635 27,591	Non-Norwegian Citizen 23,000 23,000 21,249 848 22,097 903	2022 £ 220,323 864,791 44,219 324 1,129,657 859,670 113,190 15,845 126,727 (15,212) 1,100,220 29,437	As restated 2021 £ 207,153 961,953 40,977 4,700 1,214,783 904,178 106,377 13,187 173,712 3,448 1,200,902 13,881

THIS SCHEDULE IS NOT FOR PUBLICATION

Page 29