| Page | ||
|---|---|---|
| General information | ||
| Report ofthe Governors | 2 —7 | |
| Statement ofGovernors' | responsibilities | |
| Report ofthe Independent | Auditors | 9-11 |
| Statement offinancial activities | 12 | |
| Balance sheet | 13 | |
| Statement ofcash flows | 14 | |
| Notes to the financial statements | 15-24 | |
| PAGES NOT FORMING PART OF THE FINANCIAL STATEMENTS | ||
| Detailed statement offinancial activities | 25-29 |
| Chief Executive: | Chief Executive: | Jenny Abrahamsson | (Head Teacher) | (Head Teacher) | (Head Teacher) |
|---|---|---|---|---|---|
| Registered | office: | 82 Lonsdale Road |
|||
| London | |||||
| SW139JS | |||||
| Bankers: | Nordea | ||||
| Hamngatan 10 |
|||||
| 10571Stockholm | |||||
| Sweden | |||||
| HSBC Bank | |||||
| 172Upper Richmond | Road | ||||
| London SW15 2SH |
|||||
| Statutory | Auditor: | Harmer Slater Limited | |||
| Salatin House | |||||
| 19Cedar Road | |||||
| Sutton | |||||
| Surrey SM2 5DA |
|||||
| Valuation | advisers: | The Agency for National | Education | ||
| 10620 Stockholm | |||||
| Sweden | |||||
| Registered | company number: | 959675 (England and | Wales) | ||
| Registered | charity number: | 307379 |
| and also fulfilled the roles of Govern | ors ofthe charity and directors ofthe char | ors ofthe charity and directors ofthe char | itable company. |
|---|---|---|---|
| Up until the AGM 21October 2020 | the Board was composed as follows: | ||
| Mrs Caroline Bar | Chairman | ||
| Ms Cecilia Korner | Vice Chairman | ||
| Mr Thomas Paulsson | Treasurer | ||
| Mrs Marika Amartey | Representative | ofthe Swedish National | Agency for Education |
| Mrs Anna Pennock | Secretary | ||
| Mrs Charlotte Henderson |
Other business | ||
| Mrs Christina Cudworth-Franson |
Other business | ||
| After the AGM 21October 2020the | Board was composed as follows: | ||
| Mrs Caroline Bar | Chairman | ||
| Mrs Christina Cudworth-Franson |
Vice Chairman | ||
| Mrs Anna Pennock | Treasurer | ||
| Mrs Marika Amartey | Representative | ofthe Swedish National | Agency for Education |
| Mrs Annelie Selander | Secretary (split | role) | |
| Mr Soren Kroon | Secretary (split | role) | |
| Mrs Hanna Roos | Other business |
| FOR THE YEAR END | ED 30JUNE 2021 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | |||||
| Note | Funds | Funds | 2021 | 2020 | ||
| INCOME FROM: | ||||||
| Charitable activities | ||||||
| Swedish Government | grants: | |||||
| a) Education | 231,485 | 231,485 | 243,596 | |||
| b) Premises | 166,5323 | 166,532 | 113,080 | |||
| Fees receivable | 1,828,003 | 1,828,003 | 2,639,478 | |||
| Sixth form host family | project | 204,313 | 204,313 | 461,154 | ||
| UK Government Grants |
200,485 | 200,485 | 85,152 | |||
| Other activity income | 21,883 | 21,883 | 12,103 | |||
| Investments | ||||||
| Bank and other interest | 907 | 907 | 5,684 | |||
| Other resources | ||||||
| Exchange gain | 35,897 | 35,897 | ||||
| Total income | 2 | 2,522,973 | 166,532 | 2,689,505 | 3,560,247 | |
| EXPENDITURE ON: | ||||||
| Charitable activities | ||||||
| Educational costs |
1,970,374 | 329,644 | 2,300,018 | 2,731,411 | ||
| Welfare costs | 66,293 | 66,293 | 70,939 | |||
| Premises costs | 76,986 | 32,372 | 109,358 | 106,393 | ||
| Host Family Scheme expenditure | 228,018 | 228,018 | 464,666 | |||
| Other activity expenditure | 6,016 | 6,016 | 51,217 | |||
| Governance costs |
103,890 | 103,890 | 100,760 | |||
| Totalexpenditure | 3 | 2,451,577 | 362,016 | 2,813,593 | 3,525,386 | |
| NET INCOMING/(OUTGOING) |
||||||
| RESOURCES BEFORE | TRANSFERS | 71,396 | (195,484) | (124,088) | 34,861 | |
| Gross transfers between funds | 195,484 | 195484 | ||||
| NET MOVEMENTS IN | FUNDS | (124,088) | (124,088) | 34,861 | ||
| TOTAL FUNDS BROUGHT FORWARD | 2,353,420 | 2,353,420 | 2,318,559 | |||
| TOTAL FUNDS CARRIED FORWARD | 12 | 2,229,332 | 2,229,332 | 2,353,420 |
| BALANCE SHEET (COMPANY NO.959675) AS AT 30JUNE 2021 |
||||||
|---|---|---|---|---|---|---|
| Note | 2021 | 2020 | ||||
| FIXEDASSETS | ||||||
| Tangible assets | 968,779 | 992,909 | ||||
| CURRENT ASSETS | ||||||
| Debtors | 186,805 | 640,841 | ||||
| Short term deposits | 600,000 | 600,000 | ||||
| Cash at bank and in hand | 621,678 | 886,825 | ||||
| 1,408,483 | 2,127,666 | |||||
| CREDITORS | ||||||
| Amounts falling due within one year |
10 | 147,930 | 767,155 | |||
| NET CURRENT ASSETS | 1,260,553 | 1,360,511 | ||||
| NET ASSETS | 2,229,332 | 2,353,420 | ||||
| Representing: | ||||||
| FUNDS | ||||||
| RESTRICTED INCOME FUNDS | 12 | |||||
| UNRESTRICTED INCOME FUNDS | 12 | 2,229,332 | 2,353,420 | |||
| 2,229,332 | 2,353,420 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| Cash flows from operating activities: | ||||
| Net income for the year | (124,088) | 34,861 | ||
| Adjustments for items not affecting cash flows: Depreciation ofequipment Bank interest received |
104,982 ~907 |
110,230 ~5.604 |
||
| Net operating cash flows before reinvestment |
in | |||
| working capital | (20,013) | 139,407 | ||
| Decrease/(increase) in debtors (Decrease)/increase in creditors |
454,036 ~619.225 |
235,899 ~186.125 |
||
| Net cash flows from operating activities | 185,202 | 189,181 | ||
| Cash flow from investing activities: | ||||
| Purchase oftangible fixed assets Bank interest received Net cash used in investing activities |
(80,852) 907 ~79.945 |
(7,697) 5,684 ~2.013 |
||
| Change in cash and cash equivalents | in the | reporting | ||
| period | 265,147 | 187,168 | ||
| Cash and cash equivalents atthe beginning |
ofthe reporting | |||
| period | 1,486,825 | 1,299,657 | ||
| Cash and cash equivalents atthe end |
ofthe | reporting | ||
| period | 1,221,678 | 1,486,825 |
| Leasehold buildings, | including | extension | 2%on cost |
|---|---|---|---|
| Building improvements | 2-10%on cost | ||
| Fixtures, fittings and | equipment | 20%on cost | |
| (including computer |
and video | equipment) | 25%on cost |
| Stall | Support | Depreciation | 2021 | |||||
|---|---|---|---|---|---|---|---|---|
| costs | costs | Total | ||||||
| Charitable | expenditure | |||||||
| Costs ofactivities in | furtherance | of | ||||||
| charitable | company's | objectives: | ||||||
| Education | 1,785,212 | 486,080 | 28,726 | 2,300,018 | ||||
| Welfare | 22,808 | 43,485 | 66,293 | |||||
| Premises | 32,372 | 76,986 | 109,358 | |||||
| Host Family | scheme | 23,244 | 204,774 | 228,018 | ||||
| Other activities | 6,016 | 6,016 | ||||||
| Governance | costs | 67,588 | 36,302 | 103,890 | ||||
| 1,931,224 | 776,657 | 105,712 | 2,813,593 |
| StafF | Support | Support | Depreciation | 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| costs | costs | Total | |||||||||
| Charitable expenditure |
|||||||||||
| Costs ofactivities in | furtherance | of | |||||||||
| charitable | company's | objectives: | |||||||||
| Education | 2,061,594 | 634,968 | 34,849 | 2,731,411 | |||||||
| Welfare | 28,493 | 42,446 | 70,939 | ||||||||
| Premises | 31,012 | 75,381 | 106,393 | ||||||||
| Host Family scheme | 26,905 | 437,761 | 464,666 | ||||||||
| Other activities | 51,217 | 51,217 | |||||||||
| Governance costs | 59,194 | 41,566 | 100,760 | ||||||||
| 2,207,198 | 1,207,958 | 110,230 | 3,525,386 | ||||||||
| 2021 | 2020 | ||||||||||
| Total | Total | ||||||||||
| 6 | |||||||||||
| STAFF | |||||||||||
| Salaries and wages | 1,651,057 | 1,879,165 | |||||||||
| Employer's national |
insurance | 166,255 | 196,501 | ||||||||
| Pension cost | 110,563 | 125,865 | |||||||||
| 1,927,875 | 2,201,531 | ||||||||||
| Average nuinber employed |
in the | year | [including | part-time | employees] | ||||||
| Teaching | staff | 39 | 40 | ||||||||
| Others | 5 | 7 | |||||||||
| 47 | |||||||||||
| The number ofemployees | whose total employee | benefits | exceeded 660,000are | as | follows: | ||||||
| 2021 | 2020 | ||||||||||
| Total | Total | ||||||||||
| Between: | 660,000 —670,000 | 1 | 1 | ||||||||
| 680,000 - 690,000 | |||||||||||
| 690,000 —6100,000 |
| NET INCOM | ING R | ESO | URCE | S | ||
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| Total | Total | |||||
| Net incoming | resources is | stated | atter charging/(crediting): | |||
| Other operating | lease rentals | —property | 192,976 | 313,421 | ||
| Depreciation | 105,712 | 110,230 | ||||
| Exchange gain | (35,897) | |||||
| Auditors' remuneration |
—audit ofthe charity's accounts | 4,670 | 4,620 | |||
| Auditors' remuneration |
—non-audit | services | 6,866 | 5,028 |
| Long Leasehold | Building | Fixtures, fittings & | ||
|---|---|---|---|---|
| Premises | improvements | Equipment | Total | |
| 6 | 6 | 6 | ||
| Cost | ||||
| At 1July 2020 | 887,899 | 1,301,914 | 362,344 | 2,552,157 |
| Additions in year |
24,722 | 56,130 | 80,852 | |
| At 30June 2021 | 887,899 | 1,326,636 | 418,474 | 2,633,009 |
| Depreciation | ||||
| At 1July 2020 | 690,619 | 546,127 | 322,501 | 1,559,248 |
| Charge foryear | 17,758 | 58,498 | 28,726 | 104,982 |
| At 30June 2021 | 708,377 | 604,625 | 351,227 | 1,664,230 |
| Net book amounts | ||||
| At 30June 2021 | 179,522 | 722,012 | 67,247 | 968,779 |
| At 30June 2020 | 197,280 | 755,787 | 39,843 | 992,909 |
| DEBTORS | ||
|---|---|---|
| 2021 | 2020 | |
| 6 | 6 | |
| Fees receivable | 16,099 | 35,166 |
| Fees billed in advance | 13,880 | 566,790 |
| Other debtors | 69,060 | 1,004 |
| Prepayments | 87,766 | 37,881 |
| 186,805 | 640,841 |
| CA | SH AT BANK AND IN HAND | ||
|---|---|---|---|
| 2021 | 2020 | ||
| 6 | 6 | ||
| Cash | at bank | 621,678 | 886,825 |
| Short | term deposits | 600,000 | 600,000 |
| 1,221,678 | 1,486,825 |
| CREDITORS | ||
|---|---|---|
| 2021 | 2020 | |
| Amounts falling due within one year: |
||
| Trade creditors | 30,090 | 78,008 |
| Other creditors | 15,725 | 452 |
| Social security and other taxes | 56,691 | 56,015 |
| Accrued expenses | 27,554 | 47,630 |
| Fees billed in advance | 17,870 | 585,050 |
| 147,930 | 767,155 |
| FUNDS Year ended 30June 2021 |
|||
|---|---|---|---|
| Unrestricted | Restricted | Total | |
| Funds | Funds | Funds | |
| At 1July | 2,353,420 | 2,353,420 | |
| Incoming resources | 2,522,973 | 166,532 | 2,689,505 |
| Resources expended | (2,451,577) | (362,016) | (2,813,593) |
| Transfers | (195,484) | 195,484 | |
| At 30June | 2,229,332 | 2,229,332 | |
| Year ended 30June 2020 | |||
| Unrestricted | Restricted | Total | |
| Funds | Funds | Funds | |
| 6 | 6 | ||
| At 1July | 2,318,559 | 2,318,559 | |
| Incoming resources | 3,447,167 | 113,080 | 3,560,247 |
| Resources expended | (3,068,233) | (457,153) | (3,525,386) |
| Transfers | (344,073) | 344,073 | |
| At 30June | 2,353,420 | 2,353,420 |
| ANALYSIS OF NET ASSETS | |||
|---|---|---|---|
| Year ended 30June 2021 | |||
| Unrestricted | Restricted | Total | |
| Funds | Funds | Funds | |
| 6 | |||
| Tangible fixed assets | 968,779 | 968,779 | |
| Current assets | 1,408,483 | 1,408,483 | |
| Current liabilities | (147,930) | (147,930) | |
| 2,229,332 | 2,229,332 | ||
| Year ended 30June 2020 | |||
| Unrestricted | Restricted | Total | |
| Funds | Funds | Funds | |
| 6 | |||
| Tangible fixed assets | 992,909 | 992,909 | |
| Current assets | 2,127,666 | 2,127,666 | |
| Current liabilities | (767,155) | (767,155) | |
| 2,353,420 | 2,353,420 |
| The total offuture minimum lease payments is as follow |
s: | ||
|---|---|---|---|
| Land and | |||
| Buildings | |||
| 2021 | 2020 | ||
| Not later than one year | 185,600 | 8,500 | |
| Later than one year and not later than five years | 659,053 | 34,000 | |
| Later than 5years | 408,000 | 416,500 | |
| 1,252,653 | 459,000 |
| Unrestricted | Restricted | ||||||
|---|---|---|---|---|---|---|---|
| Funds | Funds | 2021 | |||||
| E | 6 | 6 | |||||
| INCOME FROM: | |||||||
| Charitable activities | |||||||
| Swedish government | grants: | ||||||
| a) Education | 231,485 | 231,485 | |||||
| b) Premises | 166,532 | 166,532 | |||||
| UK Grants | 200,485 | 200,485 | |||||
| Fees receivable | 1,828,003 | 1,828,003 | |||||
| Sixth form host family | project | 204,313 | 204,313 | ||||
| Extra activities including | excursions | 21,883 | 21,883 | ||||
| Investment | |||||||
| Bank and other interest | 907 | 907 | |||||
| Other incoming resources | |||||||
| Foreign currency gains | 35,897 | 35,897 | |||||
| Total incoming resources | 2,522,973 | 166,532 | 2,689,505 | ||||
| RESOURCES EXPENDED | |||||||
| Charitable activities: | |||||||
| Education | |||||||
| Teachers' and administrative | staff salaries | 1,457,537 | 1,457,537 | ||||
| Supply and self-employed | teachers | 19,171 | 19,171 | ||||
| Catering, cleaning and | sundry | salaries | 47,508 | 47,508 | |||
| Social security and pension costs | 276,818 | 276,818 | |||||
| Other staff costs | 18,051 | 18,051 | |||||
| Recruitment and training |
costs | 6,938 | 6,938 | ||||
| Guest lecturers | |||||||
| Rent and facilities | 192,976 | 192,976 | |||||
| Property maintenance | and cleaning | 62,973 | 62,973 | ||||
| Light &heat | 22,079 | 22,079 | |||||
| Rates &water | 27,591 | 27,591 | |||||
| Insurance | 24,025 | 24,025 | |||||
| Travelling allowances |
2,682 | 2,682 | |||||
| Library | 1,510 | 1,510 | |||||
| Educational materials |
57,304 | 57,304 | |||||
| Running and misce!Ianeous expenses |
28,606 | 28,606 | |||||
| ITsupport, equipment |
and licence costs | 25,523 | 25,523 | ||||
| Fixtures, fittings and equipment | depreciation | 28,726 | 28,726 | ||||
| 1,970,374 | 329,644 | 2,300,018 |
| DETAILED STATEMENT OF F FOR THE YEAR ENDED 30JU |
DETAILED STATEMENT OF F FOR THE YEAR ENDED 30JU |
IN N |
ANCI E 20 |
AL ACTI 21- CON |
VITIES TINUED |
||
|---|---|---|---|---|---|---|---|
| YEAR ENDED 30IUNE 2021 | Unrestricted | Restricted | |||||
| Funds | Funds | 2021 | |||||
| E | |||||||
| Welfare | |||||||
| Healthcare staff salaries |
22,808 | 22,808 | |||||
| School meals | 43,485 | 43,485 | |||||
| 66,293 | 66,293 | ||||||
| Premises | |||||||
| Maintenance staff salaries |
32,372 | 32,372 | |||||
| Leasehold premises depreciation | 59,228 | 59,228 | |||||
| Building improvements depreciation |
17,758 | 17,758 | |||||
| 76,986 | 32,372 | 109,358 | |||||
| Hostfamily scheme | |||||||
| Staffsalaries | 23,244 | 23,244 | |||||
| Host family scheme expenses | 204,774 | 204,774 | |||||
| 228,018 | 228,018 | ||||||
| Other activity expenditure | |||||||
| School trips/excursions | 1,617 | 1,617 | |||||
| After school activities and sundry | salaries | ||||||
| After school activities | 483 | 483 | |||||
| Other activities | 3,916 | 3,916 | |||||
| 6,016 | 6,016 | ||||||
| Governance | |||||||
| Salaries | 67,588 | 67,588 | |||||
| Charity contributions | |||||||
| Legal and professional | 23,964 | 23,964 | |||||
| Auditors' fees —non audit services |
6,866 | 6,866 | |||||
| Auditors' fees —audit ofcompany's |
accounts | 4,670 | 4,670 | ||||
| Bad and doubtful debts |
802 | 802 | |||||
| Total governance costs |
103,890 | 103,890 | |||||
| Total resources expended | 2,451,577 | 362,016 | 2,813,593 | ||||
| Net incoming/(outgoing) | resources | before | |||||
| transfers | 71,396 | (195,484] | (124,088) | ||||
| Transfer between funds |
(195,484) | 195,484 | |||||
| NET INCOMING/(OUTGOING) | RESOURCES | (124,088) | (124,088) | ||||
| FUNDS BROUGHT FORWARD | 2,353,420 | 2,353,420 | |||||
| FUNDS CARRIED FORWARD | 2,229,332 | 2,229,332 |
| Unrestricted | Restricted | |||||||
|---|---|---|---|---|---|---|---|---|
| Funds | Funds | 2020 | ||||||
| 6 | E | |||||||
| INCOME FROM: | ||||||||
| Charitable activities | ||||||||
| Swedish government | grants: | |||||||
| a) Education | 243,596 | 243,596 | ||||||
| 6) Premises | 113,080 | 113,080 | ||||||
| UK Grants | 85,152 | 85,152 | ||||||
| Fees receivable | 2,639,478 | 2,639,478 | ||||||
| Sixth form host family | project | 461,154 | 461,154 | |||||
| Extra activities including | excursions | 12,103 | 12,103 | |||||
| Investment | ||||||||
| Bank and other interest | 5,684 | 5,684 | ||||||
| Total incoming resources | 3,447,167 | 113,080 | 3,560,247 | |||||
| RESOURCES EXPENDED | ||||||||
| Charitable activities: | ||||||||
| Education | ||||||||
| Teachers' and administrative | staff salaries | 1,670,595 | 1,670,595 | |||||
| Supply and self-employed | teachers | 9,625 | 9,625 | |||||
| Catering, cleaning and | sundry | salaries | 62,966 | 62,966 | ||||
| Social security and pension | costs | 322,366 | 322,366 | |||||
| Other staff costs | 28,524 | 28,524 | ||||||
| Recruitment and training |
costs | 11,857 | 11,857 | |||||
| Guest lecturers | 1,818 | 1,818 | ||||||
| Rent and facilities | 313,421 | 313,421 | ||||||
| Property maintenance | and | cleaning | 51,229 | 51,229 | ||||
| Light &heat | 22,505 | 22,505 | ||||||
| Rates &water | 10,519 | 10,519 | ||||||
| Insurance | 28,467 | 28,467 | ||||||
| Travelling allowances |
2,029 | 2,029 | ||||||
| Library | 1,525 | 1,525 | ||||||
| Educational materials |
88,199 | 88,199 | ||||||
| Running and miscellaneous |
expenses | 52,087 | 52,087 | |||||
| ITsupport, equipment |
and | licence costs | 18,830 | 18,830 | ||||
| Fixtures, fittings and equipment | depreciation | 34,849 | 34,849 | |||||
| 2,305,270 | 426,141 | 2,731,411 |
| DETAILED STATEMENT OF | FINA | FINA | NCIAL ACTIVITIES | NCIAL ACTIVITIES | NCIAL ACTIVITIES | ||
|---|---|---|---|---|---|---|---|
| FOR THE YEAR ENDED 30 | JUNE | 2021- CONTINUED | |||||
| YEAR ENDED 30IUNE 2020 | Unrestricted | Restricted | |||||
| Funds | Funds | 2020 | |||||
| E | |||||||
| Welfare | |||||||
| Healthcare staff salaries |
28,493 | 28,493 | |||||
| School meals | 42,446 | 42,446 | |||||
| 70,939 | 70,939 | ||||||
| Premises | |||||||
| Maintenance staff salaries |
31,012 | 31,012 | |||||
| Leasehold premises depreciation |
17,758 | 17,758 | |||||
| Building improvements depreciation |
57,623 | 57,623 | |||||
| 75,381 | 31,012 | 106,393 | |||||
| Hostfamily scheme | |||||||
| Staffsalaries | 26,905 | 26,905 | |||||
| Host family scheme expenses | 437,761 | 437,761 | |||||
| 464,666 | 464,666 | ||||||
| Other activity expenditure | |||||||
| School trips/excursions | 37,002 | 37,002 | |||||
| After school activities and sundry | salaries | 2,000 | 2,000 | ||||
| ARer school activities | 4,663 | 4,663 | |||||
| Other activities | 7,552 | 7,553 | |||||
| 51,217 | 51,218 | ||||||
| Governance | |||||||
| Salaries | 59,194 | 59,194 | |||||
| Charity contributions | 331 | 331 | |||||
| Legal and professional | 27,131 | 27,131 | |||||
| Auditors' fees —non audit services |
5,028 | 5,028 | |||||
| Auditors' fees —audit ofcompany's |
accounts | 4,620 | 4,620 | ||||
| Bad and doubtful debts |
4,456 | 4,456 | |||||
| Totalgovernance costs |
100,760 | 100,760 | |||||
| Total resources expended | 3,068,233 | 457,153 | 3,525,386 | ||||
| Net incoming/(outgoing) transfers |
resources | before | 378,934 | (344,073) | 34,861 | ||
| Transfer between funds |
(344,073) | 344,073 | |||||
| NET INCOMING/(OUTGOING) | RESOURCES | 34,861 | 34,861 | ||||
| FUNDS BROUGHT FORWARD | 2,318,559 | 2,318,559 | |||||
| FUNDS CARRIED FORWARD | 2,353,420 | 2,353,420 |