AS APPROVED BY INDEPENDENT REVIEWERS 30 MAY 2024
ANGLO-SWEDISH SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Incoming resources Notes Incoming resources from generated funds 2 Voluntary income 2a Activities for generating funds 2b Investment income 2c Total incoming resources Resources expended Cost of generating funds: Cost of generating funds and voluntary income 3 Charitable activities 4 Governance costs 5 Total resources expended Net incoming expenses before other recognised gains Gains / (Losses) on investment assets 6 Net movement in funds Fund balances brought forward Fund balances carried forward |
Unrestricted Restricted Total Unrestricted Restricted Total funds 2023 funds 2023 2023 funds 2022 funds 2022 2022 £ £ £ £ £ £ 7,780 18,353 26,133 7,016 19,396 26,412 23,475 - 23,475 23,710 - 23,710 1,723 - 1,723 1,480 - 1,480 |
|---|---|
| 32,978 18,353 51,331 32,206 19,396 51,602 |
|
| 33,444 - 33,444 27,639 - 27,639 736 12,693 13,429 2,672 22,593 25,265 4,697 - 4,697 4,681 - 4,681 |
|
| 38,877 12,693 51,570 34,992 22,593 57,585 |
|
| (5,899) 5,660 (239) (2,786) (3,197) (5,983) (593) - (593) (1,489) - (1,489) |
|
| (6,492) 5,660 (832) (4,275) (3,197) (7,472) 84,778 29,693 114,471 89,053 32,890 121,943 |
|
| 78,286 35,353 113,639 84,778 29,693 114,471 |
The notes on pages 3 to 8 form part of these accounts
AS APPROVED BY INDEPENDENT REVIEWERS 30 MAY 2024
ANGLO-SWED
BAL
FOR THE YEAR ENDED 31 DEC
| Notes Fixed assets Investments 6 Current assets Balance at bank and accounts Debtors, receivable within one year 7 Liabilities - amounts falling due within one year 7 Net current assets Net assets 8 Funds Unrestricted 8 Restricted Scholarships & Awards Fund 8 |
2023 | 2023 | £ 89,224 - 89,224 2 |
|---|---|---|---|
| £ | £ | ||
| 24,654 | |||
| 74,825 | |||
| 14,480 | |||
| 89,305 | |||
| - | |||
| 320 | |||
| 88,985 | |||
| 113,639 | |||
| 78,286 | |||
| 35,353 | |||
| 113,639 |
For the financial year ending 31 December 2023 the Charity was entitled to exemption from audit under section 144 of the Charities Act 2011 relating to small charities.
Chairman: Alexander Malmaeus
Hon Treasurer: Erik P. O. Berggren
The notes on pages 3 to 8 form part of these accounts
AS APPROVED BY INDEPENDENT REVIEWERS 30 MAY 2024
ANGLO-SWEDISH SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Incoming resources Notes Incoming resources from generated funds 2 Voluntary income 2a Activities for generating funds 2b Investment income 2c Total incoming resources Resources expended Cost of generating funds: Cost of generating funds and voluntary income 3 Charitable activities 4 Governance costs 5 Total resources expended Net incoming expenses before other recognised gains Gains / (Losses) on investment assets 6 Net movement in funds Fund balances brought forward Fund balances carried forward |
Unrestricted Restricted Total Unrestricted Restricted Total funds 2023 funds 2023 2023 funds 2022 funds 2022 2022 £ £ £ £ £ £ 7,780 18,353 26,133 7,016 19,396 26,412 23,475 - 23,475 23,710 - 23,710 1,723 - 1,723 1,480 - 1,480 |
|---|---|
| 32,978 18,353 51,331 32,206 19,396 51,602 |
|
| 33,444 - 33,444 27,639 - 27,639 736 12,693 13,429 2,672 22,593 25,265 4,697 - 4,697 4,681 - 4,681 |
|
| 38,877 12,693 51,570 34,992 22,593 57,585 |
|
| (5,899) 5,660 (239) (2,786) (3,197) (5,983) (593) - (593) (1,489) - (1,489) |
|
| (6,492) 5,660 (832) (4,275) (3,197) (7,472) 84,778 29,693 114,471 89,053 32,890 121,943 |
|
| 78,286 35,353 113,639 84,778 29,693 114,471 |
The notes on pages 3 to 8 form part of these accounts
AS APPROVED BY INDEPENDENT REVIEWERS 30 MAY 2024
ANGLO-SWED
BAL
FOR THE YEAR ENDED 31 DEC
| Notes Fixed assets Investments 6 Current assets Balance at bank and accounts Debtors, receivable within one year 7 Liabilities - amounts falling due within one year 7 Net current assets Net assets 8 Funds Unrestricted 8 Restricted Scholarships & Awards Fund 8 |
2023 | 2023 | £ 89,224 - 89,224 2 |
|---|---|---|---|
| £ | £ | ||
| 24,654 | |||
| 74,825 | |||
| 14,480 | |||
| 89,305 | |||
| - | |||
| 320 | |||
| 88,985 | |||
| 113,639 | |||
| 78,286 | |||
| 35,353 | |||
| 113,639 |
For the financial year ending 31 December 2023 the Charity was entitled to exemption from audit under section 144 of the Charities Act 2011 relating to small charities.
Chairman: Alexander Malmaeus
Hon Treasurer: Erik P. O. Berggren
The notes on pages 3 to 8 form part of these accounts
AS APPROVED BY INDEPENDENT REVIEWERS 30 MAY 2024
ANGLO-SWEDISH SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year. (a) Basis of accounting The financial statements have been prepared under the historical cost convention in accordance with 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), the Charities Act 2011 and applicable regulations. Anglo-Swedish Society meets the definition of a public benefit entity under FRS 102. The financial statements are drawn up on the going concern basis which assumes the Charity will continue in operational existence for the foreseeable future. The Trustees consider the current and forecast cash resources to be sufficient to cover the working capital requirements of the charity for at least 12 months. The Trustees are of an opinion that at the time of approval of these financial statements there were no indications suggesting that the charity would not be able to continue as a going concern in the foreseeable future. (b) Fund accounting The funds held by the charity fall into the following categories: Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Restricted funds can only be used for particular restricted purposes within the objectives of the charity. Restrictions arise when specified by a donor or when funds are raised for particular restricted purposes. The Trustees consider that the most appropriate level of free reserves is a sum equivalent to twelve months of the Charity’s running costs (c) Incoming resources All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Voluntary income is received by way of grants, donations, subscriptions, sponsorship and gifts and is included in full in the Statement of Financial Activities ("SoFA") when received. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Income from investments is included in the SoFA on the accruals basis. Tax recoverable on such income is recognised in the same accounting year. Incoming resources from charitable activities are accounted for in the period in which the performance takes place. Donated services and facilities are included at the value to the charity where this can be quantified.
AS APPROVED BY INDEPENDENT REVIEWERS 30 MAY 2024
ANGLO-SWEDISH SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 (d) Subscriptions Subscriptions for individuals are included in the income and expenditure account on the accruals basis. Corporate subscriptions are included in the accounts on an accruals basis. (e) Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT and is reported as part of the expenditure to which it relates.
Costs of generating funds comprise the costs associated with attracting voluntary income.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include any independent examination fees and costs linked to the strategic management of the charity.
All costs are allocated between the expenditure categories of the SoFA on a basis designed to reflect the use of the resource. (f) Investments
Investments are stated at market value. Gains or losses on revaluation are included in the SoFA.
AS APPROVED BY INDEPENDENT REVIEWERS 30 MAY 2024
ANGLO-SWEDISH SOCIETY
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
| 2 Incoming resources (a) Voluntary income Subscriptions Individuals Corporate members Other members Friends of the arts Patrons of the arts (b) Activities for generating funds Punsch ball income Buckingham Palace reception income Function income (c) Investment Income Dividends and interest Total incoming resources |
Unrestricted Restricted Total Unrestricted Restricted Total funds 2023 funds 2023 2023 funds 2022 funds 2022 2022 £ £ £ £ £ £ 6,580 - 6,580 7,016 - 7,016 1,200 - 1,200 - - - - 13,663 13,663 - 13,866 13,866 - 1,690 1,690 - 2,490 2,490 - 3,000 3,000 - 3,040 3,040 |
|---|---|
| 7,780 18,353 26,133 7,016 19,396 26,412 |
|
| 14,520 - 14,520 15,910 - 15,910 8,955 - 8,955 7,800 - 7,800 |
|
| 23,475 - 23,475 23,710 - 23,710 |
|
| 1,723 - 1,723 1,480 - 1,480 |
|
| 1,723 - 1,723 1,480 - 1,480 |
|
| 32,978 18,353 51,331 32,206 19,396 51,602 |
(d) Membership
At the end of 2023, there were a total of 275 members (2022: 255). Of these, 1 was a corporate member (2022:2), 61 were family members (2022: 56), 73 were life members (2022: 75), 73 were individual members (2022: 63), 8 were 25-and-under members (2022: 4), 43 were 65-andover members (2022: 41) and 11 were overseas members (2022: 7), 4 honorary life members, and 1 annual-free members.
Life membership was closed to new members from 1995, but was re-introduced at the 2018 AGM, at 15 times annual individual membership, which means £600 with a 50% discount for the over-65s, at current levels.
The annual subscription is payable in advance on January 1st each year. Where appropriate, tax is reclaimed under Gift Aid on subscriptions.
Subscriptions are currently as follows:
(i) for persons that are Members, £40 a year (2008: £20)
(ii) for Family Membership, £50 a year (2008: £25)
(iii) for Firms or Corporations which are Members, £200 a year (2008: £100)
An overseas subscription rate was introduced at the 2013 AGM:
(iv) for persons that are resident overseas, £20 a year (2013: £40)
A 25-and-under subscription rate was introduced at the 2018 AGM:
(iv) for persons that are 25 years or younger, £10 a year (2017: £40)
16 members payed pre-2009 membership fees (2018: 16) and the Society is pursuing members to review their standing orders to ensure they are paying the correct amount.
Persons joining after 1 October need pay one-half of the appropriate subscription for that year
(e ) Charitable Status The entity is a registered charity (no. 289688) and accordingly, no liability to taxation arises on the year to the extent that income and gains are applied to the charity's charitable objects.
AS APPROVED BY INDEPENDENT REVIEWERS 30 MAY 2024
ANGLO-SWEDISH SOCIETY
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 Costs of generating funds and voluntary income
Function expenses 4 Charitable activities Grants and awards Printing, stationery and postage Website domain costs Website upgrade costs 5 Governance costs Secretary's salary and graphical work Bank and payment charges Total resources expended |
Unrestricted Restricted Total Unrestricted Restricted Total funds 2023 funds 2023 2023 funds 2022 funds 2022 2022 £ £ £ £ £ £ 33,444 - 33,444 27,639 - 27,639 |
|---|---|
| 33,444 - 33,444 27,639 - 27,639 |
|
| - 12,693 12,693 - 22,593 22,593 360 - 360 96 - 96 376 - 376 376 - 376 - - - 2,200 - 2,200 |
|
| 736 12,693 13,429 2,672 22,593 25,265 |
|
| 3,570 - 3,570 3,315 - 3,315 1,127 - 1,127 1,366 - 1,366 |
|
| 4,697 - 4,697 4,681 - 4,681 |
|
| 38,877 12,693 51,570 34,992 22,593 57,585 |
AS APPROVED BY INDEPENDENT REVIEWERS 30 MAY 2024
ANGLO-SWEDISH SOCIETY
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2023
| 6 | Investment | 2023 | 2022 | |||
|---|---|---|---|---|---|---|
| M&G The Equities Investment Fund for Charities | ||||||
| Cost | £10,000 | |||||
| Income units | 1,718 | |||||
| Market value at 1 January | 25,247 | 26,736 | ||||
| (Loss) on revaluation at 31 December | (593) | (1,489) | ||||
| Market value at 31 December | 24,654 | 25,247 | ||||
| 7 | Debtors: receivable amounts due within one year | 2023 | 2022 | |||
| £ | £ | |||||
| Committed payments to be received | 14,480 | - | ||||
| 14,480 | - | |||||
| 7 | Liabilities: amounts falling due within one year | 2023 | 2022 | |||
| £ | £ | |||||
| Payments received in advance | 320 | - | ||||
| 320 | - | |||||
| 8 | Funds | |||||
| As at | Incoming | Resources | Unrealised | As at | ||
| 01.01.23 | resources | expended | invest. gain | 31.12.23 | ||
| £ | £ | £ | £ | £ | ||
| Unrestricted Funds | 84,778 | 32,978 | (38,877) | (593) | 78,286 | |
| Restricted Funds | ||||||
| Scholarships & Awards Fund | 29,693 | 18,353 | (12,693) | - | 35,353 | |
| 114,471 | 51,331 | (51,570) | (593) | 113,639 | ||
| As at | Incoming | Resources | Unrealised | As at | ||
| 01.01.22 | resources | expended | invest. loss | 31.12.22 | ||
| £ | £ | £ | £ | £ | ||
| Unrestricted Funds | 89,053 | 32,206 | (34,992) | (1,489) | 84,778 | |
| Restricted Funds | ||||||
| Scholarships & Awards Fund | 32,890 | 19,396 | (22,593) | - | 29,693 | |
| 121,943 | 51,602 | (57,585) | (1,489) | 114,471 |
The Scholarships & Awards Fund was established in 2002 to provide scholarships and academic support together with grants for similar purposes.
Unrestricted Funds
The Unrestricted Fund represents the free reserves of the Charity.
AS APPROVED BY INDEPENDENT REVIEWERS 30 MAY 2024
ANGLO-SWEDISH SOCIETY NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2023
8 Funds - continued
| Grants and scholarships were paid out as follows during the year: January 2023 The Swedish Church donation January 2023 Royal College of Art 2022/23 (Camilla "Mils" Bridgewater) February 2023 Royal College of Art 2022/23 (Berenice Hernandez) June 2023 Ingmar Bergman Centre writer-in-residence (Michael Downey) June 2023 Coscan donation August 2023 Hjorted Art and Music Festival (Raymond Brien) November 2023 Scholarship (Aina Miyagi Magnell) December 2023 Konstfack 2023/24 (Johan Adam) |
£ 60 4,500 2,250 850 33 250 2,500 2,250 |
|---|---|
| 12,693 |
9 Analysis of net assets by fund
| Fixed assets Current assets Fixed assets Current assets Current liabilities |
Unrestricted Restricted Total funds funds 2023 £ £ £ 24,654 - 24,654 53,952 35,353 89,305 |
|---|---|
| 78,286 35,353 113,639 |
|
| Unrestricted Restricted Total funds funds 2022 £ £ £ 25,247 - 25,247 59,531 29,693 89,224 - - - |
|
| 84,778 29,693 114,471 |
10 Trustees' and other remuneration
No members of the council nor any person connected with them has received or is due to receive any reimbursement of expenses or any remuneration for the year or all prioir years.
There were no fees or expenses paid for the year or all prior years with respect to the independent examination of the accounts.
The Society has made no commitments for payments in 2024 as at 31 December 2023 not included in these accounts.
11 Commitments