Regislered 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 2023 THE NORWEGIAN SCHOOL IN LONDON LIMITEO IA company lirnited by guarantee) CONTENTS Page Roference and administrative details of the Company, its Governors and advlsers Governors. report Independent auditors. report on the financial stalgments Statement of financial activltles 9-12 13 Balance sheet 14 Statement of cash flows 15 Notes to the Flnancial Statements THE NORWEGIAN SCHOOL IN LONOON LIMITED (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Governors B Ahmad Iresigned 31 Decembef 20231 S Johnsen (resigned 31 January 2024) O Navarsele (resigned 31 May 20231 S Therese Mikalsen Ireswned 31 May 20231 O Krasicki-Freund {res￿ned 310ecember 20231 J Johansen, Chair K Vold lappoinled 1 January 2024 O Osterlie lappointed 1 January 20241 T Holf lappoinled 29 February 20241 E Franck-Gwinnell laptK)inted 1 September 2023) Company registered number 01552721 Charity registered number 282358 Registered office 28 Arterbefry Road Wimbledon London SW20 8AH Company secretary L Karlsen Chief executive officer L Karlsen Independent auditors James Cowper Krestor) Audit Chartered Accountants and Stalutory Auditor Reading Bridge House George Street Reading Berkshire RG18LS Bankers DnB Nor Bank 20 Sl Dunslan's Hill London EC3R 8HY Lloyds Bank Sl 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 2023 The Governors presenl their annual report together with the audited financial slalemenls of the The Norwegian School In London Limiled for the year 1 January 2023 10 31 December 2023. The Annual report serves the purposes of both a Govemors. report and a directors. report under ￿MpanY law. The Governors confirm that the Annual rewrt and financial slalemenls of the charitable company comply with the current slatulory requirements, the requirements of the charitable companrfs governing document and the provisions of Ihe Sialement of Recommended Pracb"ce ISORPI applicable lo charilies preparing their accounts in accordance with Ihe Financial ReFx)rting Standard applicable in the UK and Republic of Ireland IFRS1021 leffeclive 1 January 20191. Since the Company qualifies as small under section 382 of Ihe Companies Act 2006. the Strategic Report required of medium and large companies under the c¢jnpan￿S Act 2006 {Slralegic Report and Directors, Report) Regulations 2013 has been omilted. CONSTITUTION AND OBJECTS The Norwegian School in London Limited was established on 25 March 1981 as a private company limited by guarantee (Company Number- 015527211 and registered as a charity (Registered Number 2823581. 11 is governed by its Memorandum and Arbdes ol Association. The principal (￿Bec1 of the charity is lo promote the advancement of education of children in the United Kingdom who wish lo follow the Norwegian curriculum. STRUCTURE, GOVERNANCE AND MANAGEMENT The NoThvegian School in London 15 Ix)Ih an English Independent Schwl lor children aged 6-16 and a Norwegian Private School for children aged 6-16. This means Ihal there are both English and Norwegian laws and regulations that the Schod needs lo comply with. As from June 2014 the Board has a minimum of live Governors who are also Directors of The Norwegian School in London Limited. New Governors are appoinled by the Members of Ihe company or have been elected by the parents. The Board had live meetings this year_ The Primary and Secondary School is linanced by grants from the Norwegian Government and from fees le￿ed in respect of pupils. Policy is delemineij by the Govemors and is carried out by Ihe Head Teacher. The SchcK)l Business Manager, Team Leaders, School Secretary. OSL and Careiaker assist Ihe Head Teacher In the day-lo-day management of the School's academic and non academic mallers. BOARD OF GOVERNORS The Governors received no reimbursed expenses during the year 12022-. None). The Govemors are charity trustees, as well as directors and members of Ihe company. Nominations are made following discussions between existing Governors and Ihe Head Teacher and take into account the individual's connections with the School, competence, specialist skills and local availability. The Governing Board requires bfeadth and depth ol experience lo carry out its duties effectively and effI￿entlY. All new Governors are given an induction and regular training. All Governors and the Head Teacher attend a fflinifflum of five work meetings and live Board meelin9S together every year. In addition the Governors and Head Teacher are appointed lo one or more commillees IFinancelH&Sllnlefnal Control committees) which also holds al least fwe meetings per year. English is used as the main language for Board meetings (when English staff attend) and in Schcx)I adminislralion. Page 2 THE NORWEGIAN SCHOOL IN LONDON LIMITED {A Company limited by guarantee) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDEO 31 DECEMBER 2023 REVIEW OF ACTIVITIES The Norwegian School in London Limited provides Pfimary and Secondary School Education for children aged 6 10 16 at ils plemises in Wimbledon, in accordance wlh Norwegian edu¢alional regulations and followng the Norwegian educational curriculum. In January 2023 we received a Good with outstanding in two areas report from Ofsled. The headleacher. senior staff and governors have enstjred Ihal all independenl school standards are mel. The School aims to be -The natural choice for Nonvegian families in London". The majority of pupils are recruited from families that have a short term slay in London. from ￿e to three years and there is therefore always a large percentage of -llew" pupls and families. Parents and carers are highly complementary about experiencing a good Ir3nsilioning lo and from our sch¢)ol and all aspects of the schcx)I's work. Lately we have seen an incfease in families who are staying pemianenlly in Ihe UK and choosing lo send their children lo the school lor as fv)ng as possible. The school leach in ac(x)rdance with the Norwegian curriculum. a wide and broad curriculum in itself, and offers extended leaching hours lo all year groups. Additional leaching hours are mainly used in core subjects, Norwegian and Maths, bul also in English given our localion and having many bi-lingual families. Offering extended hours means we have the opportunity to appreciate and use "London as a classroom. for pupils lo gain first hand experiences and language skills through our leaching. We are currently offering Y14 a lolal of 22.5 hours a week of leaching and 4 hours of after school activities. Y 5- 10 are offered 26.5 hours a week of teaching. All year groups afe offered homewoTk help in school and participate in various after sch(x)l activilies outside hc4Jrs such as piano. chess. band and guitar lessons. For the School year starting August 2022. the School had 56 pupils and 15 full or part lime employees (School 12 and Administration 31. For the Schod year starting August 2023, the School had 56 pupils and 15 full or part lime employees (School 12 and Adminislralion 31. Al the beginning of each academic year the Head Teacher sends out a welcome lelter to all families and parents. meetings are held shortly after schod starts lo ensure g(x)d communication between parents and school regarding leaching, curriculum, safeguarding. aclivlties and our community. All new parents Y1-4 are invited lo allend a "gelling lo know each other. (x)nversalion with their child's Form teacher. Parents are encouraged lo conlacl the school with any leaching and social aspects as s(K)n as needed lo help ease Iransilioning and FAU Iparenls, council) is contributing strongly to this. The school aims to be -the best of both wortds- for pupils. parents and staff. By always Irwng lo comply with the slriclesl nation al the same lime as we utilise the best ol what each counlry can offer. As part of this we try lo ensure the sch(K)I has gotxl standards and fvnclionalily in all ils facilities, fof instance, school grounds well equipped for developing motor skills. digilally one lo one tools pupils and staff, ample leaching resources, 8 high teacher-pupil ratio and a safe and lidy enwronmenl throughout. Staff and governors work together in maintaining gcK)d working condition5 that are attractive lo staff through following Norwegian working agreements for teachers and revising Staff Employee Handbook and Salary system on a regular basis. Slafl are given lime lor professional development and being consulted on school matters on a weekly, monthly and yearly basis lo best be ￿uIpPed lo delNer excellent leaching. Page 3 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limilgd by guarantee) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 RISK ASSESSMENT The Norwegian School in London Limited regularly assesses and reviews risks lo ils operations and has introduced a formal programme of risk identifi￿tIOn. priorilisalion and mitigation. The physical representation lo the Trustees is in the form of a risk register which is updated regularly. The five major risks highlighted on the risk regisler are as follows= Implications resultin9 from fluctuations in exchange rates especially wlh the uncerlainty in Europe al thE moment. 2. Pupil numbers dropping thus reducing income especially folk)wing the impacts of Covid-19 restrictions and Briiain leaving the EU. 3. The Business rale relief for charities being removed - this would cost the school about £60,000. 4. Potential implications if the Sehod's approval as a Norwegian Private Sch¢)ol was removed. 5. Safeguarding pupils The Governors and Leaders of the Sch￿1 have pul in I￿ace prO￿dureS to reduce and miligate the risks lo the School. Work is ongoing lo improve best practsce in line with Ofsled requirements and NO￿egIan Education Department requirements. The exchange rale is monilored on a monthly basis lo keep spending in lille with income. Recruilmenl of new PUFMIS are actively encouraged and marketing is a priority. bul if numbers drop plans are made well in advance lo keep spending in line with predicted in(x)me. fte$e￿es are being built up lo cover the increase in busilless rale costs if this sts)uld happen. Our school provides a safe and trusied environment for everyone with whom we come into contact. Safeguarding is a priority and we encourage staff to report any concems using Ihe Myconcern template. Our safeguarding policies are reviewed regularty. Any incidents that may arise are reported lo the relevant aulhorilies. PLANS FOR THE FUTURE The 8oard and the Governors logelher wlh the staff and parents have a dialogue concerning the long lerm goals for the School and relevant strategies lo meet these goals_ Goals and strategies are documented in a newly updated Strategic plan for 2023-2027. The new strategic Plan outlines the sch￿1.$ vision and values. and the school has fouf main principles for education that form the basis ol all the Sch(￿11,$ practice. These four principles are.. 1. Positive relationships 2. Differenlialed inslruction 3. Active pupil participation 4. Professional learning community The senior leadership team alollg Trmth the sch￿1 s teaching staff. SFO-slaff and other slaff are responsible for developing routines and leaching practices lo ensure imFAemenlalion of the strategic objectives al the school lo the benefit of pupls learning and growth. The school uses the strategic plan in combination with established assessment l(x)Is and the School Development Plan to ensure the objectives support the delivery ol continued strong academic performance balanced with our core values to inslil in them critical thinking skills, a global perspective and respect for core values of hrffiesty. Irusl, tolerance and perseverance. Page 4 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA Company limited by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The strategic obieclives are closely linked lo the main principles, and are sel out as follows= Dynamic Learning Community Pupils in a dynamic learning community see learning as purFK)seful. In a dynamic learning community, Ihe llghl balance is achieved belween the active pupil and the responsible adult, who meets the pupils with Irusl, respect, and p0511ive expectations. Pupils in a dynamic learning community experience leaching and activities that are closely linked to their daily lives, bul also expand their worldview and open dcM)rs lo Ihe luture. Teachers sel clear expeclalions lo pupils of what they need to learn. Pupils acquire knowledge and are also challenged lo apply their knowledge in familiar and unfamiliar contexts and situations. Teachers and the schod give the PU￿lS space for in-depth leaming. leaming across established subject boundaries and development of the basic skills 15 encouraged, using varied and practical leaching methods and a formative assessment culture that promotes leaming and development. Citizenship and Sustainable Developmenl The Core curriculum slates that the schcx)I should give pupils the opportunity lo participate in and learn what democracy means in practice. The school shall create a ccAlaborative environmenl across teachers, staff and parents that work together for the pupils, besl inleresls and provKle the necessary supw)rt for them to build relationships with each other through play and learning. Pupils learn that people's way ol life and use of re￿)urCeS have consequences locally, regionally. and globally, and the overall organizalion of educational and leisufe time at the NoNegian School in London should affirm that the pupils are a resource in their own life and in the lives of olhers. The school's teachers and staff instils in ifs pupils that everyone has Ihe responsibility to cor)Iribule lo sustainable developrnenl and lo ensure a sustainable future. The school commits lo Continue lo partake in accredilalion and relevant netwofks to promote suslainabilily. i.e. STARS and Transwrt for London's accredilalion travel scheme for London schools and nurseries. Digital Competence The pupils are enabled lo obtain and pr(Kess information, be creative with digital resources, as well as communicate and inleracl with others in a digital environmenl critically, safely, and responsibly. Pupils at the NoNegian School will acquire knowledge and go(KJ strategies for use of the internel. They are able lo use digital resources appropriately and resFK)nsibly lo solve practical tasks and they will understand issues such as copyright. critical evaluation of SoUr￿s. online privacy, digitsl bullwng. and social media. For pupils. digital media is both a channel lor inforfflalion alld for social connections. It is important lo try to understand the effects of technology on pupils and teach pupils lo deal with these from an early age. To achieve this, close c(K>peralion between home and school is Mtal. The teacher's professional digital competence includes meeting the Notwegian Direclorale lor Education and Training's requirements for digital skills and also ensuring Ihal the pupils reach Ihe proficiency goals as sel out in the sch(xJl's ICT-eompetence plan. Raising the School 5 Profile Feedback from teachers and parents through the survey made il clear that there is a need to attract more families and pupils lo the school. Emphasis should be on the school's uniqueness as a Norwegian schiK)I centrally located in London, benefilling Iroffl what a mulli-cullural city and one of the world's largesl capitals has to offer, by using London as its extended classroom. The pupils find thal the frequent field trips have a significant impact on their motivation and learning. The small school and connection lo Nowway contribute lo a strong school ¢C￿nM￿nitY feeling, where each F)upiI feels safe and rectyJnized and valued as an important MeM￿r of the community. Page 5 THE NORWEGIAN SCHOOL IN LONOON LIMITED IA company limiled by guarantee) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENOED 31 DECEMBER 2023 Key a¢tivitie$ at NLS to drive this objective are: NSL have a marketing committee dedicated lo raise the school's profile and allract more pupils. Active use of social ffledia lo increase our visiiNlity. Keeping our website up-to-date, easy lo naV￿ale and emphasizing the school's uniqueness. Close collaboralion wilh other NoThvegian institutions in London to promote our school lo new Norwegian and Scandinavian families, including Ihe N(xwegian Kindergarten in London. Slaying connected wlh alumni. Conlribuling lo the I￿21 community through charity wotk. GOING CONCERN After making appropriate enquiries. the Irustees have a reasor)able expectation that the company has adequate resources lo continue in operational existen￿ the loreseeable future. For this reason they continue lo adopt the going concern basis in preparing the financial slalements. Further details regarding the adoption ol the going concern basis can be found in the Accounting POl￿1e$. ACHIEVEMENTS AND PERFORMANCE Pupils look part in national lesls and achieved on average similar or beller results compared lo other Norwegian Schools. especially in English. These resulis are partly published on the website of the Norwegian Direclorale of Education. All results are available lo the School Management, teaching staff, and parents of the individual pupils. The results are rewewed systemalically (Systematic Result Follow upl and Ihroughoul the academic year used in futlher planning by siaff and setting goals and interventions for the pupils so as lo achieve progress lor all pupils. SENO pupils needs are mel and Ihey all thrive in a small environfflenl with high slaff-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 ils resp￿sIbIlitY lo minimise ils impact on the environment and implements schemes such as the School travel plan and recycling lo reduce the School's negalive footprint on the environment. PUBLIC BENEFIT The Trustees have given careful consideration lo the Charity Commission's general guidance on public benefit and in particular lo ils supplernenlary public benefit guidance on advancing educalion and on lee charging. The provision of public benefit mainly cater5 lor Norwegian citizens in the local area. However the School also provides benefits lor seniot citizens in the neighbouihood and NoThvegian citszens across Ihe UK. The Norwegian School in London Limited. whilst following the Notweg¢an curriculum and having a Norwegian Ethos, welcomes pupils froffl all backgrcmjnds and nalionalilies. The School charges reduced fees lor families wlhoul financial support for School fees from their employers. Likewise the School charges reduced fees for families with more than one child. Families paying lull Sch(x)I fees for one child will be gfanled reductions of 15% 10 30% for the second and third child. As a main rule all children lake part in various Schcrt)l trips. excursions, visits lo theatres. galleries and museums elc al no extra charge. This includes ovemighl stsys in some ￿se$. Page 6 THE NORWEGIAN SCHOOL IN LONOON LIMITEO (A company Ilmited by guarantee) GOVERNORS. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Additional public benefits include- Providing facilities for afterschool ac￿￿￿e5 such as music lessons (piano, guitar. band, song, choirl, and chess lessons several days a week.Providing facililies for lamilies for birihday parties and other occasions and celebrations. This opportunily is widely used by families. Providing full access lo the S¢h(x>l library for lamilies at no extra charge. The library is frequently used by pupils as well as parents. Providing guidance and information lo 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 al a minimum charge1£6thour plus £45 adminislralion feel for students resident in Ihe UK. This facility is widely used. ProV￿1ng information lo UK citizens looking for possibilities of learning or studying Nonvegian al different levels and linking them lo relevanl institutions. Providing training and work experien￿ for students from universities and teacher training colleges and pupils from secondary Sch(x)Is. Providing access for children and families to Schi)ol grounds - playground and tennis court - outside School hours and during School holKJays at no charge. Children and families t8ke 8dv8nl8ge of this possibility nearly on a daily basis. Assisting Notwegian Scl)ools in finding UK partner sch￿IS. The School pupils sing and entertain in I￿al residenc￿$ and other inslilulions for senior citizens during the year. The School participates in fundraising lor Comic Relief. Chiklren in Need and Christmas Jumper Day (Save the Children Fund) and other charity events. Each year the Schod hosts a celebration of the Norwegian National Day on 17 May. The celebration is open lo the public and guests from local Schools are invrted. REMUNERATION OF KEY PERSONNEL The Governors are resFx)nsible for selling the pay and femunefalion of key management personnel. Remuneration is sel once certain factors are ￿nS￿lered. These factors include market rates of pay and benchmarks against schcx)Is in Norway. FINANCIAL REVIEW The school has not been imrnune lo the Chal￿nge$ f8cing all businesses at the moment. These include the effects of Britain leaving the EU and now wnore recently the war in Ukraine. The school ha5 always had lo deal with Iluclualing pupil numbers and changes lo the exchange rates. So although limes are quite volatile al the moment we continually assess our siluation in the I￿h1 of local and worfd wde events. We have made good inveslmenl in technology so all our pupils are able to do sch(x)I work from home. The pupils already save all their work in the cloud and a¢￿$S their homework in Ihis way so a lot is lamiliar to them. Parents also have access lo our school inlranel Iskoolerl and are trained in how to use it. Finances were better than expected due mainly lo the increase in pupil numbers in Augusl. The year ended with a deficit of £89,097. The governors and senior management watch the income and exFendilure very ¢losely to ensure finances are kept within the expected budget. With pupil numbers fluclualing and the exchange rate being unpredictable the sch(x)I faces challenges that other UK schools do not have bul there is a good structure in place lo manage this. Expenditure is balanced belween ensuring the pupils have the ￿$1 education in a safe and stimulating environment overseen by a compelenl management team. Funds are spent making sure pupils have access to the latest technology and use London as ar) extended classroom. The pupils have access lo L>plo- date Norwegian lext and workbooks. whid) are imported at a significant cost. Outside sports facilities are hired when needed for swimming. sports day. squash and such like. Also. the Iwal church hall is hired for school performances, dance lessons elc. There are regular trips lo museums and Ihealres around London at no cost to the parents. Page 7 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) GOVERNORS. REPORT {CONTINUEOI FOR THE YEAR ENDED 310ECEMBER 2023 RESERVES POLICY The Governors consider levels of reserves on a regular basis lo ensure reserves are maintained al a level lor the School to continue to operate for the foreseeable fulure. allowing for fluctualions in ir)come and expenditure. The Governors consider that the School's reserves need lo be the operational costs for 3 months which would be £285,197, As al 31 December 2023 reserves are £1.504,074 which the Governors considers to be adequate, taking into account the property is owned by the SchcM)l. Surplus funds are invested in cash reserves in short term interest bearing accounts. GOVERNORS. RESPONSIBILITIES STATEMENT The Governors (who are also directors of The Norwegian School in London Limiled for the purposes of company lawl are responsible for preparing the Governors, rewrt and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the GoverrK)rs lo prepare financial statements for each financial year. Under company law the Governors musl not approve the financial 51alemenls unless they afe satisfied that they give a true and fair view of the stale of affairs of the charitable company and ol the incoming resour￿$ and application of resources. including the income and expenditure, of the charitable company for that period. In preparing these financial slalemenls, the Governors are required to". select suitable accounting policies and then apply them consistently., observe the melhcxys and principles in the Charities SORP IFRS 102}". make judgements and accounting eslifflales that are reasonable and prudenl- stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in Ihe financial statements.. prepare the financial slalemenls on ihe going concern basis unless il is inappropriate lo presume that the Company wsll continue in business_ The Govemors are responsible for keeping adequate accounliri9 records that are sufficient lo show and explain Ihe charitable companls transactions and disclose with reasonable accuracy al any lime the financial position ol the charitable company and enable them lo ensure Ihat the financial statements comply wllh the Companies Act 2006. They are also responsible lor safeguarding the assets of Ihe charitable company and hence for taking reasonable steps for the prevention and deteclion of fraud and other irregularities. DISCLOSURE OF INFORMATION TO AUDITOR Each of the persons who are Govemors at the lime when this Governors, repN)rt is approved has conlimied Ihal.. so far as that Governor is aware, there is no relevant audit in1c￿atson of which the companys auditor is unaware, and that Governor has taken all the steps that oughl lo have been taken as a Govemor in order lo be aware of any infomialion needed by Ihe companys auditor in connection wth preparing its report and lo establish that the compan¥s auditor is aware of that inf(xm8tion. Approved by order of the members of the tM)ard of Governors and signed on their behalf by- JJO Chair Dale.. anson 7.6.24 Page 8 THE NORWEGIAN SCHOOL IN LONDON LIMITED {A cornpany 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 Limiled Ilhe 'charilable company) for the year en¢Jed 31 December 2023 which comprise the Statement of Financial Aclivilies. the Balance Sheet. the Slalemenl of Cash Flows and the related notes. including a summary of significant accounting policies. The financial rewrting framework that has been applied in their preparation is applicable law and United Kingdom Accounling Standards. including Financial Reporting Slandard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. {Uniled Kingdom Generally Accepted Accounting Praclicel. In our opinion Ihe financial sl3temenls- give a true and fair view of the stale of the charitable companvs affairs as at 31 December 2023 and of ils incoming resources and applicatic￿ of res(MJrces. including its income and expenditure for the year then ended- have been properly prepared in accordan￿ with United Kingdom Generally A￿epted Acwunling Practice., and have been prepared in accordance with the requirements of the Companies Act 2(X)6. Basis for opinion We conducted wr audit in accordance with Inlemalional Slandards on Auditing {UKI IISAS IUKII and applicable law. Our responsibilities under those slandards 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 retevanl lo our audit of the financial slalemenls in the Uniled Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordanee wlh these requirements. We believe Ihat the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have tx)ncluded that the Governors. use of the going concern basis of accounting in the preparation of Ihe financial slalemenls is appropriate. Based on Ihe work we have performed. we have nol idenlified any material Un￿rtaIntieS relating lo events or Conditions that. individually ￿ collectively. may cast significanl doubl on the charitable company's ability lo conlinue as a going C￿cern for a period of al least ￿e1ve monlhs from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilib'es of the Govemors wilh 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 AUOITORS. REPORT TO THE MEMBERS OF THE NORWEGIAN SCHOOL IN LONDON LIMITED ICONTINUEDI Other information The other information comprises the information included in the Annual report other than the financial slalemenls and our Auditors. report Ihereon. The Govefflors are responsib￿ for the other information contained within the Annual report. Our opinion on the financial slalemenls does not cover Ihe olher information and, except lo the extent olhernise explicitly slated in our Tewrt. we do r¥)1 express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial stalefflents or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misslaled. 11 we ￿entify such material inconsistencies or apparent material misstalemenls. we are required to determine whether this gives rise lo a material misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material isslatemenl of this other information. we are required lo report that fact. We have nothing to rewrt in Ihis regard. Oplnlon on other matlgrs prgscribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audil- the information given in the Governors. Rewrt for the financial year for which the financial stalemenls are prepared is consislenl with the financial stalemenls. the Governors. Reptxt has been prepared in accordance with apPI￿able legal requirements. Mattors on which we are required to report by exception In the luhl of our kTh)vAedge and understanding of the charitable Ix)mpany and its environment obtained in the course of the audit, we have not identified material misstslemenls in Ihe Governors, Report. We have nothing lo report in respect of the following malters in relation lo which Companies Act 2006 requires us lo report lo you if. in our opinion- adequate accounting records have not been kepl, or returns adequate lor 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 ol Governors. remuneration specrfied by law are not made., or we have nol received all the information and explanations we require for our audit., or the Governors were not enlilled lo prepare the financial slalemenls in accordance with the small companies regime and lake advantage of Ihe small Compan￿$. exemptions in preparing the Governors, ReFX)rt and from the requirement lo prepare a Strategic Retx)rt. Responsibilities of trustees As explained more fulty in the Govemors, Responsibilities Statement, the Governors (who are also the directors of the chariiable compar¥y for the purrN)ses of company lawl are responsible for the preparation ol the financial slalemenls and for being satisfied that Ihey give a Irue and fair view, and for such internal control as the Governors determine is necessary lo enable the preparation of financial slalemenls that are free from malerial misslatemenl, whether due lo fraud or efror. In preparing the financial stalemenls. the Governors are restxinsible for assessing the charitable companls ability to continue as a going concern. disclosing. as applicable, matters related lo going concern and using the going concern basis of accounting unless Ihe Govemors either intend lo liquidate the charitable company or lo cease operations, or have no realistsc alternative bul lo do so. Page 10 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE NORWEGIAN SCHOOL IN LONDON LIMITED ICONTINUEDI Auditors. responsibilities for the audit of the financial stalements Our objectives are lo obtain reasonable assurance about whether Ihe financial slatemenls as a whole are free from malerial misslalement. whether due lo fraud or eiror. and to issue an Audilors. report that includes our opinion. Reasonable assurance is a high ￿Ve1 of assurance, bul is not a guaranlee that an audit conducted in accordance with ISAS IUKI will always delect a material misstatement when il exists. Misstatements can arise from fraud or erfor and are consKlered material if. individually or in the aggregate. Ihey could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slatemenls. Because ol the inherent limitations of an audit. there is a risk that we will not delecl all irregularities. including those leading lo a material misstatement in Ihe financial statements or non-compliance wilh regulation. This fisk increases the more Ihal compliance with a law or regulation is removed from the events and transactions ieflecled in the financial slatemenls. as we will be less likely to become aware of instances of noncompliance. The nsk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment. forgery. collusion, omissK)n or misrepresenlalion. The specific procedures for Ihis engagement Ihat we desKJned and perfom)ed to delecl malerial misslalemenls in respect of irregularits'es, including fraud, were as foblows.. Enquiry of management and those charged governance around actual and potential litigation and claims Enquiry of managemer)l and those charged with governance lo #Jenlify any material instances ol non- compliance with laws and re9ulations' Reviewing financial statement disclosures and lesling to supporting documentation to assess compliance with applicable laws and regulalions Performing audit work lo address the risk ol irregulariiies due lo management override of controls. including lesling of joufflal entries and other adjuslmenis for appropriateness, evaluating the business rationale of significant transactions outside Ihe normal course of business and rewewing accounting eslimales for evidence ol bias A further description of our fesponsibililies for the audit of the financial statements is located on ltte Financial Reporting Council's website al.. www.frc.or .uklaUdit(￿SreS sibilits"es. This description forms part of our Auditors. report. Page11 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE NORWEGIAN SCHOOL IN LONDON LIMITED ICONTINUEDI Use of our report This report is made sdely lo the charitable companls members. as a b¢xly, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audil work has been undertaken so Ihal we might slate to the charitable compan¥s members those matlers we are required to state to them in an Auditors. reKX)rt and lor no other purpose. To the fullest exlenl permilled by law. we do not accepl or assume responsibility lo anyone other than the charilable company and its members. as a t￿y. lor our au(Jil work, for this reFK)rt, or for the opinions we have formed. Darren O'connor BSclHonsl FCCA ACA (Senior statutory auditor) for and on behalf of James Cowper Kreston Audit Chartered Accounlanls and Slalulw Auditor Reading Bridge House George Street Reading Berkshire RG1 8LS Date". Page 12 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 310ECEMBER 2023 Reslricted Unrestrlcted funds funds 2023 2023 Total funds 2023 Total funds 2022 Note Income from". Chalitable activities Investments 118,552 1,064.264 765 1,182.816 765 1,129,333 324 Total income 118.552 1.065,029 1,183,581 1,129,657 Expenditure on- Charitable acts"vilies'. Staff costs Educational supplies Establishment costs 118,552 790,197 21,489 111.435 908,749 21,489 111.435 859,670 25,706 113.190 Other operating and governance costs 150,087 560 31,999 35.022 150,087 560 31,999 48,359 70,431 611 Fi￿anCe costs Foreign exchange Iprofilyloss Depreciation 115,2121 45,824 13.337 Total expenditure 131.889 1,140,789 1,272,678 1,100.220 Net lexpenditurellincome (13,3371 {75.760) {89,0971 29,437 Net movement in funds {13,3371 175,7601 189,097} 29.437 Reconciliation of funds: Total funds brought forward as previousty slated Prior year adjuslmenl 297,404 1.295.767 1,593,171 1,433,080 130,654 Total funds brought forward as reslaled Net movement in funds 297,404 113,337) 1,295,767 175,7601 1.593,171 (89.0971 1,563.734 29,437 Total funds Carried forward 284,067 1,220.007 1.504,074 1.593,171 The Slalement of financial acliwlies includes all gains and losses recognised in the year. The notes on pages 16 10 28 form part of these financial statements. Page 13 THE NORWEGIAN SCHOOL IN LONDON LIMITED {A company limited by guarantee) REGISTEREO NUMBER: 01552721 BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed assets Tangible assets 12 1,103,S88 1,117,935 1,103,588 1,117,935 Current assets Debtors Cash at bank and in hand 13 42.174 484.226 105,268 573,097 526.400 678.365 Creditors.. amounts falling due wilhin one year 14 1125.914) 1203,1291 Net current assets 400.486 475,236 Total net assets 1,504,074 1,593,171 harity funds Reslricled funds 284,067 1.220.007 297,404 1,295,767 Unreslricled funds Total funds 1.504,074 1,593,171 rhe Governors acknowledge Iheir responsibilities for complying with Ihe requirements of the Act with respect lo accounting records and preparation of financial slalemenls. The financial slalemenls have been prepared in accordance wth the provisions applicable lo enlilies subject lo the small companies regime. The financial slalemenls wefe approved and authorised for issue by the Govefnors and signed on their behall by.. ohansen Chair Date.. 7. 6.ZLI- The notes on pages 16 10 28 form part of these financial stalemenls. Page 14 THE NORWEGIAN SCHOOL IN LONDON LIMITED IA company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cash flows from operating activities Nel cash used in operating aclivilies 154,5561 56,268 Cash flows from invosting activities Oividends. intefesls and rents from investmenls Purchase of tangl1￿e fixed assets 765 {35.080) 324 {65,8561 Net cash used in investing activities 134.3151 165,5321 Change In cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year (88,8711 573,097 19,2641 582.361 Cash and cash equivalents at the end ofthe year 484.226 573,097 The notes on pages 16 to 28 form part of Ihese financial statements Page 15 THE NORWEGIAN SCHOOL IN LONDON LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General Infomiation The entity is 8 charitable company limited by guarantee. incoporated in the United Kingdom and regislered in England and Wales. The registered address is 28 Artert)erry Road. London. SW20 8AH. Accounting policies 2.1 Basis of preparation of financial statements The financial slalemenls have been prepared in accordance with the Chafilies SORP IFRS 1021 Accounting and Reporting by Charities". Slalemenl of Recommended Pfaclice applicable lo charities preparing their accounts in accordance ￿th the Financial Retx)rting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 10218nd the Cownpanies 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 olheNise staled in the relevant accounting policy. 2.2 Fund accounting General funds are unrestricted funds whith are available Iof Lbse al Ihe discretion of the Governors in furtherance of the general objecbves of the Ccthpany and which have not been des¢gnaled for other purposes. Reslricled funds are funds which are to be used in accDrdance wth specific reslriclions imtM)sed by donors or which have been raised by the Company for particular purposes. The costs ol raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is sel out in the notes to the financial statements. 2.3 Income l income is recognised once the Company has entitlement lo the income, rt is probable that the income wll be received and the amount of income receivable can be measured reliably. Fees relating to the next financial year are carlled forward as deferred income. 2.4 Expenditure Expenditure is recognised once there is a legal or (x)nstructive obligation to Irar)sfer economic benefit lo a third party, il is probable that a Iransler of economic benef11s will be required in settlement and the amount of the oblvjalion can be ffleasured reliably. Expenditure is classified by activity. The costs of each activity are made up ol the lolal of direct costs and shared costs, including support costs involved in undertaking each aclimty. Direct costs allribulable lo a single activity are allocated directly lo that aclivily. Shared costs which contribute lo more than one activity and support costs which are not allribulable lo a single activity are apportK)ned between those activities on a basis consislenl with the use of resour￿$. Central staff costs afe allocated on the basis of lime spent, and depreciation Charges allocated on the portion of the asset's use. Expenditure on tharitable activities is incurred on ¢Jireclly undertaking the activities which further the Company's objectives. as well as any ass(Kialed support wsls. All expenditure is inclusive of irrecoverable VAT. Page 16 THE NORWEGIAN SCHOOL IN LONOON LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcies (continued) 2.5 Pensions The Company operates a defined conlribulion pension scheme and the pension charge represents the amounts payable by the Company lo Ihe fund in respect of the year. 2.6 Tangible fixed assets and depreciation Tangible fixed assets costing £1500 or more are Capitalised and recognised when future economic benefits are probable and the cost or value of the assel can be measured reliably. Tangible fixed assets are initially recognised al cost. Afler recognition, under the cost model. tsngible fixed assets are rneasured al cost less accumulaled depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into ils intended working conditson should be included in the measurement of cost. Depreciation is charged so as lo allocate the cost of tangible fixed assets less their residual value over their eslimaled useful lives. Depreciation is provided on the following bases.. Ffeehold property Fixtures and fittings Computer equipment Reslricled fund assets 2 /0 slraighl line Between 2°A and 33.10 reducing balance 33Yo reducing balance 5% reducing balance 2.7 Foreign currencies Monetary assets and liabilities denominated in foreign currenues are translated into sterling al rates of exchange ruling al Ihe reporDng dale. Tr8nsaclions in foreign currencies are translated into sterling at the rale fuling on the dale of the Iransaclion. Exchange gains and losses are recconised in the Stalement of Financial Activities. 2.8 Interest receivable Interest on funds held on deposit is induded when r￿e1vable and the amount can be measured reliably by the Company." this is normally ￿￿1n nOtif￿atIOn of the Interest paid or payable by the institution wth whom the funds a￿ dep)siled. 2.9 Operating leases Rentals paid under operating leases are charged to the Slalemenl of Financial Activities on a slraighl-line basis ovef the tease term. 2.10 Debtors Trade and other debtors are ieccyjnised al Ihe seluemenl amount after any trade discounl offered. Prepayments are valued at the amount prepaid nel of any Irade discounts due. 2.11 Cash at bank and in hand Cash al bank and in hand includes cash and short-lerm highly liquid investments with a short malurily of three months or less from the date of acquisition or opening ol the deposit or similar a¢¢ount. Page 17 THE NORWEGIAN SCHOOL IN LONDON LIMITED {A company lirnited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontinuedl 2.12 Liabilities and provisions Liabilities are reccxjnised when there is an obligation al Ihe Balance Sheet dale as a result ol a past event, il is probable that a transfer of economic benefil will be required in setllemenl, and the amount of the selllemenl can be eslimaled reliably. Liabililies are recognised al the amount that the Cc4npany antirypates it will pay lo sellle the debt or the amount il has received as advanced payThenls lor the goods or services Il musl provide. 2.13 Financial instruments The Company only has financial assets and financial liabilities of a kind Ihal qualify as basic financial inslrumenls. Basic financial instruments are initially recconised al Iransaction value ané subsequently measured al their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effeclNe interest melhcKI. Critical accounting estimates and areas of judgemenl Estimales and judgements are ¢￿tInUallY evaluated and are based on historical experience and other factors. including expectations of fulure events that are believed lo be reasonable under the circumslances. Critical accounting estimates and assumptions= The Company makes eslirnales and 85sumplions concerning the future. The resulting accounting estimates and assumptions wll, by definition. seldom equal the related actual results. The eslimales and assumptions that have a significant risk of causing a material adjuslmenl 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 depre￿ated OV￿ their useful lives taking into account iesidual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of laclors. ResKlual value assessments consider issues such as the remaining lrfe of the asset 8lld projected disposal values. Page 18 THE NORWEGIAN SCH