Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 **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 2025** Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 ## **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 - 9| |**Independent auditors' report on the financial statements**|10 - 13| |**Statement of financial activities**|14| |**Balance sheet**|15| |**Statement of cash flows**|16| |**Notes to the Financial Statements**|17 - 29| Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 ## **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 2025** J Johansen, Chair (resigned 3 October 2025) C Murphy (appointed 1 August 2025) E Jones (appointed 2 August 2025) M Torressen T Myhre G M Dysjaland (resigned 31 July 2025) T Hoff E Franck-Gwinnell, Chair of governors, from 3 October 2025 |**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|| |**Independent auditors**|James Cowper Kreston Audit|| ||Chartered Accountants and Statutory Auditor|| ||Apex|| ||Forbury Road|| ||Reading|| ||RG1 1AX|| |**Bankers**|DnB Nor Bank|| ||20 St Dunstan's Hill|| ||London|| ||EC3R 8HY|| ||Lloyds Bank|| ||St George's Road|| ||Wimbledon|| ||SW19 4DR|| ||Barclays Bank|| ||120 Moorgate|| ||London|| ||EC2M 6UR|| Page 1 Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 ## **THE NORWEGIAN SCHOOL IN LONDON LIMITED** ## **(A company limited by guarantee)** ## **GOVERNORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025** The Governors present their annual report together with the audited financial statements of The Norwegian School in London Limited for the year 1 January 2025 to 31 December 2025. The annual report serves the purposes of both a Governors' report and a directors' report under company law. The Governors confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the 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 (FRS102) (effective 1 January 2019). Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted. ## **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. Under the Company’s Articles of Association, the Company is required to have a minimum of five Governors who are also Directors of The Norwegian School in London Limited. In line with the requirements of the Company’s Articles of Association, new Governors are appointed by the Members of the Company or elected by parents of current pupils. The Board had five meetings in 2025. 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, School Secretary, Designated Safeguarding Lead 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 (2024: 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 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. The Board has a minimum of five work meetings and five Board meetings every year. In addition, the Governors hold a link governor role and/or are appointed to one or more Board committees (Finance/H&S/Internal Control committees), each of 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 Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 ## **THE NORWEGIAN SCHOOL IN LONDON LIMITED (A company limited by guarantee)** ## **GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025** ## **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 November 2025 we received a rating of ‘Outstanding’ from Ofsted, which confirmed that the School meets the independent school standards. 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 (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 the 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 teaches 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 8 hours of after-school activities. Y510 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 choir lessons and sports activities. For the School year starting August 2024, the School had 53 pupils and 16 full or part time employees (School 13 and Administration 3). For the School year starting August 2025, the School had 69 pupils and 21 full or part time employees (School 17 and Administration 4). 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 the beginning of the academic year to ensure good communication between parents and the School regarding teaching, curriculum, safeguarding, activities and our community. All new parents of pupils attending 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 in respect of any specific teaching and social requirements as soon as needed to help ease transitioning; the FAU (parents’ council) contributes strongly to this. The school aims to be “the best of both worlds” for pupils, parents and staff and to utilise the best of what both Norway and the UK can offer. As part of this, we try to ensure the School has good standards and functionality in all its facilities, for instance that the School grounds are well-equipped for developing motor skills, that we make use of 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 to maintain good working conditions that are attractive to staff through following Norwegian working agreements for teachers and revising the School’s Staff Employee Handbook and Salary System on a regular basis. Staff are given time for professional development and consulted on school matters on a weekly, monthly and yearly basis to best be equipped to deliver excellent teaching. Page 3 Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 ## **THE NORWEGIAN SCHOOL IN LONDON LIMITED** ## **(A company limited by guarantee)** ## **GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025** ## **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 / directors 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. Adverse consequences of fluctuations in exchange rates. 2. Pupil numbers dropping thus reducing the School's income. 3. The School's designation as a Norwegian Private School being removed. 4. A failure in the School's arrangements for safeguarding pupils. 5. A cyber attack to the School’s computer systems. 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 relevant legislation and guidance, 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 is 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. Our IT department trains staff to look out for potential infiltration from hackers and we have Cyber Insurance to ensure that the School is protected financially from adverse impacts resulting from a cyber attack. Our School aims to provide a safe and trusted environment for everyone with whom we come into contact; safeguarding is a priority and we encourage the reporting of concerns in line with our safeguarding policies, which are reviewed by the Governors regularly. Any safeguarding incidents that may arise are reported to relevant authorities in line with applicable guidance. ## **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. The School’s current goals and strategies are documented in a Strategic plan for 2022-2027. The Strategic plan outlines the School’s vision and values, founded on 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 (after school activity) 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 our pupils critical thinking skills, a global perspective and respect for core values of honesty, trust, tolerance and perseverance. Page 4 Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 ## **THE NORWEGIAN SCHOOL IN LONDON LIMITED (A company limited by guarantee)** ## **GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025** The School’s strategic objectives are closely linked to the four principles outlined above: ## **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 works to 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 organisation of educational and leisure time at the School should affirm that the pupils are a resource in their own life and in the lives of others. - The school’s teachers and staff instil in the School’s pupils that everyone has a responsibility to contribute to sustainable development and to ensure a sustainable future. - The school continues to partake in accreditation schemes and relevant networks to promote sustainability, i.e. STARS and Transport for London’s accreditation travel scheme for London schools and nurseries. ## Digital Competence - 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 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 has 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 School’s small size 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 Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 ## **THE NORWEGIAN SCHOOL IN LONDON LIMITED** ## **(A company limited by guarantee)** ## **GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025** Key activities at the School to drive this objective are: - The School has a marketing committee dedicated to raising the School’s profile and attracting more pupils. - Active use of social media to increase our visibility. - Keeping our website up-to-date, easy to navigate and emphasising 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** Following years of hard work with excellent leadership and continuous efforts by staff to enable pupils to meet and exceed our high expectations, we are pleased that Ofsted has rated the School as Outstanding. Pupils took part in national competency mapping 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’s management, teaching staff, and the parents of the individual pupils. The results are reviewed systematically through the Norwegian ‘SRO’ system (Systematic Result Follow-up) and throughout the academic year used in further planning by staff, including to set goals and interventions for the pupils so as to achieve high levels of academic progress for all pupils. SEND pupils’ needs are met and they thrive in a welcoming and inclusive environment with a high staffpupil ratio. In addition to compulsory tests and exams, most pupils in Y5-10 sat one or more 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 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, Norwegian citizens across the UK and young people from Norway who benefit from the School’s foreign exchange programme. 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 general 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 Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 ## **THE NORWEGIAN SCHOOL IN LONDON LIMITED** ## **(A company limited by guarantee)** ## **GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025** ## **Additional public benefits include** : - Providing facilities for after school activities such as music lessons (piano, 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’s 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, for example in relation to immigration processes, jobs, schools etc. - Providing facilities for Norwegian High School, College, and University exams at a minimal charge 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 currently facing all UK businesses. These include the effects of Britain leaving the EU and now more recently the wars in Ukraine and the Middle East. In light of its unique purpose and offering, the School has always had to manage fluctuating pupil numbers and changes to the exchange rates. The Board continues to monitor foreign exchange exposure arising from income and expenditure in different currencies. During the year, the School entered into a hedging arrangement to reduce volatility, supported by appropriate security arrangements with its bank. We continually assess our position in light of local and world-wide events. Following the UK Government’s decision to change the way in which independent schools pay VAT and Business Rates, we have taken steps to mitigate the impact of these policies on the School and its students; these include obtaining a time-bound approval from the Norwegian Department for Education to increase the fees levied to parents of pupils by a specified amount. Page 7 Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 ## **THE NORWEGIAN SCHOOL IN LONDON LIMITED** ## **(A company limited by guarantee)** ## **GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025** The School achieved a surplus of £49,041 this year, due mainly to an improvement in the exchange rate and careful costs management by staff. The governors and senior management monitor the School’s income and expenditure very closely to ensure that resources are allocated appropriately and prudently while maintaining a high-quality offering for our pupils. As a result of fluctuating exchange rates and pupil numbers which are difficult to predict, the School faces challenges that most other UK schools do not have; good structures and processes have been put in place to manage these risks. For example, expenditure is balanced to ensure prudent management of Company funds while ensuring that pupils benefit from high quality 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 up-todate Norwegian text- and workbooks. Outside sports facilities are hired when needed for swimming, sports day, squash and so on. 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 additional cost to parents. ## **RESERVES POLICY** The Governors consider the School’s levels of reserves on a regular basis to ensure reserves are maintained at a level which will enable 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 £324,795. The Governors note that this figure has increased considerably over the past year due to the loss of the 80% charitable relief on the Business Rates; before the 80% charitable relief on Business Rates became unavailable to the School, the School’s operational costs for 3 months were £307,295. As at 31 December 2025, reserves were £1,515,780 of which net current assets are £465,415 and are free reserves; the Governors consider this amount to be adequate taking into account the School’s assets, ongoing work to market the School to potential pupils and parents, and the recent unexpected loss of the 80% charitable relief on Business Rates. 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) 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 (FRS 102); - Make judgements and accounting estimates that are reasonable and prudent; - State whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; - Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. 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. Page 8 Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 ## **THE NORWEGIAN SCHOOL IN LONDON LIMITED** ## **(A company limited by guarantee)** ## **GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025** ## **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: ................................................ **Emma Franck Gwinnell** Chair Date: 1 June 2026 Page 9 Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 ## **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 2025 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 2025 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 Charities Act 2011. ## **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 10 Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 ## **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. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - the information given in the Governors' Report is inconsistent in any material respect with the financial statements; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. ## **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. Page 11 Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 ## **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. Page 12 Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 ## **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 trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees 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) ACA FCCA (Senior Statutory Auditor) for and on behalf of** **James Cowper Kreston Audit** Chartered Accountants and Statutory Auditor Apex Forbury Road Reading RG1 1AX Date: 1/6/26 James Cowper Kreston Audit are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 13 Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 ## **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 2025** |**Note**
**Income from:**
Charitable activities
5
Investments
4
**Total income**
**Expenditure on:**
Charitable activities:
Staff costs
Educational supplies
Establishment costs
Other operating and governance
costs
Finance costs
Foreign exchange (profit)/loss
Depreciation
**Total expenditure**
**Net (expenditure)/income**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Restricted**
**funds**
**2025**
**£**
**252,808**
**-**
**252,808**
**252,808**
**-**
**-**
**-**
**-**
**-**
**13,337**
**266,145**
**(13,337)**
**(13,337)**
**270,730**
**(13,337)**
**257,393**|**Unrestricted**
**funds**
**2025**
**£**
**1,164,607**
**7,477**
**1,172,084**
**773,259**
**36,040**
**115,796**
**158,542**
**540**
**(6,822)**
**32,351**
**1,109,706**
**62,378**
**62,378**
**1,196,009**
**62,378**
**1,258,387**|**Total**
**funds**
**2025**
**£**
**1,417,415**
**7,477**
**1,424,892**
**1,026,067**
**36,040**
**115,796**
**158,542**
**540**
**(6,822)**
**45,688**
**1,375,851**
**49,041**
**49,041**
**1,466,739**
**49,041**
**1,515,780**|Total
funds
2024
£
1,210,828
7,534
1,218,362
915,197
33,764
97,429
158,672
424
3,801
46,410
1,255,697
(37,335)
(37,335)
1,504,074
(37,335)
1,466,739| |---|---|---|---|---| The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 17 to 29 form part of these financial statements. Page 14 Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 ## **THE NORWEGIAN SCHOOL IN LONDON LIMITED (A company limited by guarantee) REGISTERED NUMBER: 01552721** **BALANCE SHEET AS AT 31 DECEMBER 2025** |**Note**
**Fixed assets**
Tangible assets
12
**Current assets**
Debtors
13
Cash at bank and in hand
**Current liabilities**
Creditors: amounts falling due within one
year
14
**Net current assets**
**Total net assets**
**Charity funds**
Restricted funds
Unrestricted funds
**Total funds**|**58,479**
**497,155**
**555,634**
**(90,219)**|**2025**
**£**
**1,050,365**
**1,050,365**
**465,415**
**1,515,780**
**257,393**
**1,258,387**
**1,515,780**|49,039
431,955
480,994
(84,163)|2024
£
1,069,908| |---|---|---|---|---| |||||1,069,908
396,831| |||||1,466,739| |||||270,730
1,196,009| |||||1,466,739| The entity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 144 of the Charities Act 2011. 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: ................................................ **Emma Franck Gwinnell** Chair Date: 1 June 2026 The notes on pages 17 to 29 form part of these financial statements. Page 15 Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 ## **THE NORWEGIAN SCHOOL IN LONDON LIMITED** ## **(A company limited by guarantee)** ## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025** |**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Interest receivable
Proceeds from the sale of tangible fixed assets
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**|**2025**
**£**
**83,868**
**7,477**
**-**
**(26,145)**
**(18,668)**
**65,200**
**431,955**
**497,155**|2024
£
(46,268)
7,534
72
(13,609)
**(6,003)**
**(52,271)**
484,226
431,955| |---|---|---| The notes on pages 17 to 29 form part of these financial statements Page 16 Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 **THE NORWEGIAN SCHOOL IN LONDON LIMITED (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** ## **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. ## **2.4 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. 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 inclusive of irrecoverable VAT. Page 17 Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 **THE NORWEGIAN SCHOOL IN LONDON LIMITED (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** ## **2. Accounting policies (continued)** ## **2.5 Pensions** The Company operates a defined contribution pension scheme 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 £1500 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. ## **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 institution with whom the funds are deposited. ## **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. Page 18 Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 **THE NORWEGIAN SCHOOL IN LONDON LIMITED (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** ## **2. Accounting policies (continued)** ## **2.12 Liabilities and provisions** 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. ## **2.13 Financial instruments** The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## **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 accounts 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 19 Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 ## **THE NORWEGIAN SCHOOL IN LONDON LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** ## **4. Investment income** |**Unrestricted**
**funds**
**2025**
**£**
Bank interest received
7,477
**Total 2025**
7,477
Total 2024
7,534|**Total**
**funds**
**2025**
**£**
**7,477**
**7,477**
7,534|Total
funds
2024
£
7,534
7,534| |---|---|---| |||| ## **5. Income from charitable activities** |General school grant receivable
Fees
Other income and other grant receivable
Contributions from the Kindergarten
**Total 2025**
Total 2024|**Restricted**
**funds**
**2025**
**Unrestricted**
**funds**
**2025**
**£**
**£**
-
883,515
-
180,206
252,808
64,136
-
36,750
252,808
1,164,607
147,642
1,063,186|**Total**
**funds**
**2025**
**£**
**883,515**
**180,206**
**316,944**
**36,750**
**1,417,415**
1,210,828|Total
funds
2024
£
757,325
227,493
200,010
26,000
1,210,828| |---|---|---|---| ||||| ## **6. Governance costs** |**Unrestricted**
**funds**
**2025**
**£**
Audit fees
13,608
Other professional fees
13,015
Staff costs
27,013
**Total 2025**
53,636
Total 2024
43,198|**Total**
**funds**
**2025**
**£**
**13,608**
**13,015**
**27,013**
**53,636**
43,198|Total
funds
2024
£
11,702
14,409
17,087
43,198| |---|---|---| |||| Page 20 Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 ## **THE NORWEGIAN SCHOOL IN LONDON LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** ## **7. Other costs** |**Restricted**
**funds**
**2025**
**Unrestricted**
**funds**
**2025**
**£**
**£**
Educational supplies
-
36,040
Establishment costs
-
115,796
Other operating and governance costs
-
158,542
Depreciation
13,337
32,351
Foreign exchange (profit)/loss
-
(6,822)
Finance costs
-
540
**Total 2025**
13,337
336,447
Total 2024
13,337
327,163
**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**
**2025**
**£**
**36,040**
**115,796**
**158,542**
**45,688**
**(6,822)**
**540**
**349,784**
340,500
**2025**
**£**
**13,608**
**515**|Total
funds
2024
£
33,764
97,429
158,672
46,410
3,801
424
340,500| |---|---|---| |||2024
£
11,702
515| ## **8. Auditors' remuneration** Page 21 Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 ## **THE NORWEGIAN SCHOOL IN LONDON LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** ## **9. Staff costs** |Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**2025**
**£**
**880,437**
**87,977**
**57,653**
**1,026,067**|2024
£
782,910
80,605
51,682| |---|---|---| |||915,197| Included in wages, salaries and other staff costs are wages and salaries costs of £858,433 (2024 restated: £773,285) and other staff costs of £22,004 (2024: £9,625). 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 (2024: 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 £57,653 (2024: £51,682). Contributions outstanding at 31 December 2025 were £9,551 (2024: £Nil). In 2025, of the total staff costs, £773,259 (2024: £785,485) was to unrestricted funds and £252,808 (2024: £147,642) was to restricted funds. The average number of persons employed by the Company during the year was as follows: |Teaching
Management and administration|**2025**
**No.**
**15**
**3**
**18**|2024
No.
13
3| |---|---|---| |||16| The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: ||**2025**|2024| |---|---|---| ||**No.**|No.| |In the band £60,001 - £70,000|**4**|5| |In the band £80,001 - £90,000|**1**|1| |In the band £100,001 - £110,000|**1**|1| The key management personnel of The Norwegian School in London Limited comprise of governors, the headteacher and the school business manager. The total employee benefits of the key management personnel were £270,126 (2024 restated: £260,382). No governor received any remuneration or benefits. Page 22 Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 ## **THE NORWEGIAN SCHOOL IN LONDON LIMITED (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** ## **Staff costs (continued)** Staff costs are allocated between activities as follows: |Direct charitable expenditure
Governance|**2025**
**£**
**999,054**
**27,013**
**1,026,067**|2024
£
898,110
17,087
915,197| |---|---|---| ## **10. Governors' remuneration and expenses** During the year, no Governors received any remuneration or other benefits (2024 - £NIL). During the year ended 31 December 2025, no Governor expenses have been incurred (2024 - £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. Page 23 Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 ## **THE NORWEGIAN SCHOOL IN LONDON LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** ## **12. Tangible fixed assets** |**Cost or valuation**
At 1 January 2025
Additions
At 31 December 2025
**Depreciation**
At 1 January 2025
Charge for the year
At 31 December 2025
**Net book value**
At 31 December 2025
At 31 December 2024|**Freehold**
**property**
**£**
**941,459**
**-**
**941,459**
**359,008**
**13,337**
**372,345**
**569,114**
582,451|**Fixtures and**
**fittings**
**£**
**508,599**
**2,795**
**511,394**
**158,202**
**16,128**
**174,330**
**337,064**
350,397|**Computer**
**equipment**
**£**
**95,615**
**23,350**
**118,965**
**72,458**
**12,403**
**84,861**
**34,104**
23,157|**Other fixed**
**assets**
**£**
**217,637**
**-**
**217,637**
**103,734**
**3,820**
**107,554**
**110,083**
113,903|**Total**
**£**
**1,763,310**
**26,145**
**1,789,455**| |---|---|---|---|---|---| ||||||**693,402**
**45,688**
**739,090**| ||||||**1,050,365**| ||||||1,069,908| 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|**2025**
**£**
**655,704**
**274,622**
**11,133**
**941,459**|2024
£
655,704
274,622
11,133
941,459| |---|---|---| Page 24 Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 ## **THE NORWEGIAN SCHOOL IN LONDON LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** ## **13. Debtors** |**Due within one year**
Other debtors
Prepayments and accrued income|**2025**
**£**
**2,348**
**56,131**
**58,479**|2024
£
11,065
37,974| |---|---|---| |||49,039| ## **14. Creditors: Amounts falling due within one year** |Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income|**2025**
**£**
**2,149**
**26,669**
**11,636**
**49,765**
**90,219**|2024
£
9,596
21,991
7,277
45,299| |---|---|---| |||84,163| ## **Deferred income** |Deferred income at 1 January 2024
Resources deferred during the year
Amounts released from previous years
**Deferred income at 31 December 2025**|**2025**
**£**
**32,019**
**33,369**
**(32,019)**
**33,369**|2024
£
69,067
32,019
(69,067)
32,019| |---|---|---| Deferred income consists of school fees relating to the year ending 31 December 2026. Page 25 Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 ## **THE NORWEGIAN SCHOOL IN LONDON LIMITED (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** ## **15. Restricted funds** ## **Land and buildings fund** |As at 1st January
Depreciation expenditure during the year
**As at 31st December**|**2025**
**£**
**270,730**
**(13,337)**
**257,393**|2024
£
284,067
(13,337)
270,730| |---|---|---| 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**|**2025**
**£**
**-**
**-**
**-**
**-**|2024
£
-
6,089
(6,089)
-| |---|---|---| 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 (2024: £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**|**2025**
**£**
**-**
**252,808**
**(252,808)**
**-**|2024
£
-
141,553
(141,553)
-| |---|---|---| 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 (2024: £nil) as expenditure for this purpose was incurred in the year to the full value of the donation received. Page 26 Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 ## **THE NORWEGIAN SCHOOL IN LONDON LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** ## **16. Unrestricted funds** |As at 1st January
Net income during the year
Expenditure during the year
**As at 31st December**|**2025**
**£**
**1,196,009**
**1,172,084**
**(1,109,706)**
**1,258,387**|2024
£
1,220,007
1,070,720
(1,094,718)
1,196,009| |---|---|---| ## **17. 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**
**Analysis of net assets between funds - prior year**
Tangible fixed assets
Current assets
Creditors due within one year
**Total**|**Restricted**
**funds**
**2025**
**Unrestricted**
**funds**
**2025**
**£**
**£**
257,393
792,972
-
555,634
-
(90,219)
257,393
1,258,387
Restricted
funds
2024
Unrestricted
funds
2024
£
£
270,730
799,178
-
480,994
-
(84,163)
270,730
1,196,009|**Total**
**funds**
**2025**
**£**
**1,050,365**
**555,634**
**(90,219)**
**1,515,780**
Total
funds
2024
£
1,069,908
480,994
(84,163)
1,466,739| |---|---|---| Page 27 Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 ## **THE NORWEGIAN SCHOOL IN LONDON LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** ## **18. Reconciliation of net movement in funds to net cash flow from operating activities** |Net income/expenditure for the year (as per Statement
Activities)
**Adjustments for:**
Depreciation charges
Interest receivable
Loss on the sale of fixed assets
Increase in debtors
Increase/(decrease) in creditors
**Net cash provided by/(used in) operating activities**
**19.**
**Analysis of cash and cash equivalents**
Cash in hand
**Total cash and cash equivalents**
**20.**
**Analysis of changes in net debt**
Cash at bank and in hand|of Financial
**At 1**
**January**
**2025**
**£**
**431,955**
**431,955**|**2025**
**£**
**49,041**
**45,688**
**(7,477)**
**-**
**(9,440)**
**6,056**
**83,868**
**2025**
**£**
**497,155**
**497,155**
**Cash flows**
**£**
**65,200**
**65,200**|2024
£
(37,335)
46,410
(7,534)
807
(6,865)
(41,751)
(46,268)
2024
£
431,955
431,955
**At 31**
**December**
**2025**
**£**
**497,155**
**497,155**| |---|---|---|---| Page 28 Docusign Envelope ID: 3A914454-812C-8611-8224-310B2A3E4E87 ## **THE NORWEGIAN SCHOOL IN LONDON LIMITED (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** ## **21. Operating lease commitments** At 31 December 2025 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|**2025**
**£**
**13,674**
**7,976**
**21,650**|2024
£
13,674
21,650| |---|---|---| |||35,324| ## **22. 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. ## **23. Related party transactions** 4 Governors have children who attend the Norwegian School in London during the year ended 31 December 2025 (2024: 2). They pay the school fees in line with the amounts stated per the website. There were no other related party transactions in the year. ## **24. Controlling party** In the opinion of the trustees there is no controlling party. Page 29