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2022-06-30-accounts

REGISTERED COMPANY NUMBER: 959675 (ENGLAND AND WALES)

REGISTERED CHARITY NUMBER: 307379

REPORT OF THE GOVERNORS AND AUDITED FINANCIAL STATEMENTS

FOR THE YEAR TO 30 JUNE 2022

THE SWEDISH SCHOOL SOCIETY IN LONDON

(A CHARITABLE COMPANY LIMITED BY GUARANTEE)

THE SWEDISH SCHOOL SOCIETY IN LONDON

CONTENTS OF THE FINANCIAL STATEMENTS

Page
General Information 1
Report of the Governors 2 – 7
Statement of Governors’ responsibilities 8
Report of the Independent Auditors 9 - 11
Statement of financial activities 12
Balance sheet 13
Statement of cash flows 14
Notes to the financial statements 15-24
PAGES NOT FORMING PART OF THE FINANCIAL STATEMENTS
Detailed statement of financial activities 25-29

Page 2

THE SWEDISH SCHOOL SOCIETY IN LONDON

GENERAL INFORMATION FOR THE YEAR TO 30 JUNE 2022

Chief Executive: Jenny Abrahamsson (Head Teacher)
Registered office: 82 Lonsdale Road
London
SW13 9JS
Bankers: Nordea
Hamngatan 10
10571 Stockholm
Sweden
HSBC Bank
172 Upper Richmond Road
London SW15 2SH
Statutory Auditor: Harmer Slater Limited
Salatin House
19 Cedar Road
Sutton
Surrey SM2 5DA
Valuation advisers: The Agency for National Education
106 20 Stockholm
Sweden
Registered company number: 959675 (England and Wales)
Registered charity number: 307379

Page 1

THE SWEDISH SCHOOL SOCIETY IN LONDON

REPORT OF THE GOVERNORS FOR THE YEAR TO 30 JUNE 2022

The Board of Governors of The Swedish School Society in London (the school) present their annual report and audited financial statements for the year ended 30 June 2022 and confirm they comply with the requirements of the Companies Act 2006, Charities Act 2011 and the 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 (Charities SORP (FRS 102)).

STRUCTURE, GOVERNANCE AND MANAGEMENT

OVERVIEW

The school is incorporated as a company limited by guarantee, number 959675 and registered with the Charity Commissioner under charity number 307379. The school is governed by its Articles of Association and is helped considerably each year by the support of the Swedish Government. On 15 October 2012 the Articles of Association were amended by special resolution to better reflect the charitable company’s objects.

ROLE AND COMPOSITION OF THE BOARD OF GOVERNORS

The Board of Governors determine the strategy of the school and exercises all the powers of the school. The Board determines the character and form of the school, appoints the Head Teacher, determines the level of school fees, and agrees the expense budgets as well as investment policy. The strategic objectives of the school are achieved by the Board through close cooperation with the Head Teacher as CEO. The Board is also responsible for ensuring that the school adheres to the Guidelines for Swedish Schools Abroad issued by The Swedish National Agency for Education in order to secure the essential support of the Swedish Government.

The following Governors served on the Board during the year and up to the date of approval of this report and fulfilled the roles of Governors of the charity and directors of the charitable company.

Up until the AGM 20 October 2021 the Board was composed as follows:

Mrs Caroline Bar Chairman
Mrs Christina Cudworth-Franson Vice Chairman
Mrs Anna Pennock Treasurer
Mrs Marika Amartey Representative of the Swedish National Agency for Education
Mrs Annelie Selander Secretary (split role)
Mr Sören Kroon Secretary (split role)
Mrs Hanna Roos Other business
After the AGM 20 October 2021 the Board was composed as follows:
Mrs Hanna Roos Chairman until 4 September 2022, Other business until 11 September
2022
Mr Klaus Bassler Chairman from 4 September 2022, Secretary until 4 September 2022
Mrs Christina Cudworth-Franson Vice Chairman
Mrs Anna Pennock Treasurer
Mrs Charlotte Gustavsson Representative of the Swedish National Agency for Education
Mrs Annelie Selander Other business
Mr Sören Kroon Other business

The school’s management team consists of Head teacher, Deputy Head teacher and Chief Financial Officer, who all sit in on Board Meetings.

Page 2

THE SWEDISH SCHOOL SOCIETY IN LONDON

REPORT OF THE GOVERNORS FOR THE YEAR TO 30 JUNE 2022 (CONTINUED)

RECRUITMENT, APPOINTMENT AND INDUCTION OF GOVERNORS

Induction and training for Governors is carried out within the Board and additional induction may also be provided within the interest group SUF (Swedish Schools Abroad) at their Annual General Meeting.

RISK MANAGEMENT

The Governors examine the major risks that the school faces each financial year when preparing and updating the strategic plan. The Board has developed a risk register with clear ownership to monitor and control these risks to mitigate any impact that they may have on the school in the future. The Board takes the issue of risk management with utmost seriousness and risk assessment is a routine item on its agenda. The following are the school’s major risk factors;

CHARITABLE OBJECTIVES AND ACTIVITIES

THE SCHOOL’S OBJECTIVES

The school is established to promote the advancement of education and in connection therewith:

THE SCHOOL’S AIMS

Swedish language and culture are the essential cornerstones of the pupils’ future self-confidence and sense of belonging. Our aim is to develop each pupil’s language ability and awareness, so that they can communicate in an effective and sophisticated way in Swedish despite living in a bilingual setting. At the same time, English tuition is given high priority to ensure pupils get the most out of their time in London.

Page 3

THE SWEDISH SCHOOL SOCIETY IN LONDON

REPORT OF THE GOVERNORS FOR THE YEAR TO 30 JUNE 2022 (CONTINUED)

Pupils are prepared both for eventual return to Sweden as well as for the possibility of continuing their studies in English or international schools and universities.

BOARD POLICY

In setting our objectives and planning our activities the Board of Governors have considered 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 school provides education in Barnes to boys and girls from the ages of 3-15 (pre-school, primary and secondary school) and at The National Archives in Kew from the ages 16-19 (Swedish 6th form education).

The school is committed to safeguarding and promoting the welfare of pupils and expects all staff and volunteers to share this commitment. The school leaders and select staff have undergone safeguarding courses during the year, and there is a clear policy on safeguarding and who are the school designated persons on the different sites. The Governors are dedicated to safeguarding, and it is the utmost priority to the school. In addition, the school leaders have undertaken safer recruitment training during the year. In the last Ofsted report, the provision for pupils’ spiritual, moral, social, and cultural development, was described as “Outstanding”.

The school welcomes pupils from all backgrounds regardless of economic status, gender, ethnicity, race, religion, or disability, subject to assessment that the pupil will benefit from a Swedish Curriculum based education.

We are an equal opportunity organisation and are committed to a working environment that is free from any form of discrimination on the grounds of colour, race, ethnicity, religion, sex, sexual orientation, or disability. We will make reasonable adjustments to meet the needs of staff or pupils who are or become disabled.

The school has rigorous process for both school leaders and teacher performance management, to ensure there is a clear link between teacher performance and continuous professional development and good performances are also linked to the annual salary review.

To underline the value that the Board places on continuity for families, the school offers discounts where parents have three or more children at the school.

The school passes on all Government grants it receives to its pupils. The school received £409,012 (2021: £398,017) in grants for education purposes and maintenance of the school premises.

The Board is of the opinion that by educating more than 230 children independently, pressure on places in the maintained sector is alleviated.

REVIEW OF ACTIVITIES AND ACHIEVEMENTS

During the year, we had an average of 146 children in total in Barnes (2021: 130). Out of the 146 children, 28 attended preschool (June 2021: 28), and the primary and secondary school had an average of 118 pupils. In Sixth Form, there was an average of 84 students (June 2021: 51).

We have seen a stable number of students during the year. We can see a return to student numbers as they were an average year in Barnes before the pandemic. Preschool is at maximum capacity and Sixth Form is getting closer to the maximum capacity of 105 in the new premises at the National Archives. There are still some available places in most of the classes in primary and secondary school.

Page 4

THE SWEDISH SCHOOL SOCIETY IN LONDON

REPORT OF THE GOVERNORS FOR THE YEAR TO 30 JUNE 2022 (CONTINUED)

REVIEW OF ACTIVITIES AND ACHIEVEMENTS (CONTINUED)

Barnes

The school continues to show strong academic results. The school follows the Swedish School System and scores consistently well over the national average, see below for further details. This school year, all national tests were done as normal with good test results. No comparison to the school year 2020/2021 is possible since all tests were cancelled that year due to the pandemic.

For the Year 9 students at the Swedish School in London (SSL), the average upon graduation was 289.0 points out of 340 points (2021: 292.5). This rates the Swedish school in London among the top schools nationally. National average for all Secondary schools in Sweden was 231.1 points in June 2021.

All year nine students (100%) at SSL are qualified for Swedish Sixth form, compared to the national average of 76,1 % in June 2021. Please note that national statistics for the school year 2021/22 are not yet published by the Swedish authorities.

National statistics on grades from June 2022 will be published on 29 November by Swedish authorities. Until then we can only compare learning outcomes to the 2021 statistics and our learning outcomes from previous school years. However, based on statistics over time we don’t expect numbers to vary significantly compared to those from June 2021.

Sixth Form

In Sixth form all students fulfilled the requirements for the Sixth Form diploma, meaning that 100 % are qualified to apply to Swedish and international universities. The national average from June 2021 is 92,7%. The grade average for year 3 students was 17.2 (2021: 17.5) which is considerably higher than the national average in Sweden. Statistics for 2021/2022 are not yet published but in June 2021, the national grade average for year 3 was 15.1 at equivalent programs to those at SSL (14.4 for all programmes).

When it comes to registered grades during 2021/2022 our students continue to achieve higher grades on average than students at most schools in Sweden. 86% of all Sixth Form grades last year were C or higher (86% in 20/21 and similar in previous school years). There were two failed grades in total in all Sixth Form (0 failed grades in June 2021 and June 2020) which is a very good learning outcome for students.

National statistics on grades from June 2022 will be published on 29 November by Swedish authorities. Until then we can only compare learning outcomes to the 2021 statistics and our learning outcomes from previous school years. However, based on statistics over time we don’t expect numbers to vary significantly compared to those from June 2021.

The pandemic and effects on learning

The Coronavirus pandemic continued to have some impact on society as a whole and education in the UK and globally. Throughout the pandemic, the Swedish School in London has followed guidelines set by the Department for Education as a minimum standard. We have managed to keep the school open throughout the school year and attendance has been good overall. Students who were asked to self-isolate due to Covid19 were offered remote education in line with national guidelines.

Professional development

During the school year teachers in Barnes have prepared for the implementation of the new curriculum for compulsory school (primary and secondary) from 1 July 2022. In Sixth Form teachers have focused on delivering a high-quality education and increasing the number of students for the coming school year. In addition to this, teachers have done continuous professional development according to their individual needs and action plans.

Page 5

THE SWEDISH SCHOOL SOCIETY IN LONDON

REPORT OF THE GOVERNORS FOR THE YEAR TO 30 JUNE 2022 (CONTINUED)

The Head Teacher and Acting Head Teachers have also extended their knowledge through remote courses and conferences, for example in special needs and pedagogics. The Acting Deputy Head Teacher in Barnes is also studying to extend her teaching qualification further.

The Building in Barnes

The school’s buildings and grounds are constantly monitored and maintained to a high standard.

Sixth Form premises at the National Archives – an update

The Sixth Form premises at The National Archives (TNA) continue to meet most of our needs. The two main challenges is the crowded hallway outside of the classrooms and the need to secure access to an external science facilities.

Marketing and profile

Like in 2020/2021, most marketing activities this school year have been done remotely due to the pandemic, continued challenges with travelling outside of the UK and the target group being used to the flexibility this offers them. The Headteacher did one in-person trip to the partner schools at Sixth Form in Halmstad and Lund (Sweden) during the Spring term. All other information meetings were held on Zoom with a higherthan-expected number of participants. We also attracted a good number of Swedish Career Advisors at various Swedish Sixth Forms and secondary schools to participate as well.

For Barnes, the marketing activities are more concentrated on individual families who contact the school. We offered them an information meeting for potential preschool parents on Zoom and the possibility to visit preschool in-person. For the coming school year, we are planning to offer an Open House in the Autumn term as well as more actively targeting the Swedish/Scandinavian community in London.

School fees

School fees for the coming school year have been raised in line with inflation.

Parental cooperation and influence has been channelled through monthly Parents’ Council’s meetings with the Head Teacher with parent representatives from all year groups.

Fundraising

One of the governors were assigned responsibility for fundraising after the AGM in October 2021. The school has gradually restarted its fundraising efforts as the Covid-19 restrictions have eased. However, we are yet to return to normal levels. A total of £1,467 had been raised by the end-of-term in June 2022.

Strategic Plan for 2020-2025

The Board’s strategic plan for 2020-2025 was processed together with staff at the beginning of the Autumn term and actions have been agreed via the long-term school improvement plan. This will be reviews as necessary on an annual basis.

FINANCIAL ACTIVITIES AND RESULTS

The net incoming resources (surplus) for the ordinary activities for the year amounted to £13,837 (2021: £- 159,985) excluding the effects of foreign exchange differences. The net incoming resources (surplus), after allowing for foreign exchange differences, amounted to £12,662 (2021: £-124,088).

To meet its obligations in Sweden, the school keeps some funds in Swedish Krona, with a Swedish bank. The currency risk is managed in accordance with the school’s foreign exchange policy, which aims to minimize the school's currency exposure. It aims to limit the Swedish Krona holdings to the extent necessary for meeting expenses incurred in Swedish Krona.

Page 6

THE SWEDISH SCHOOL SOCIETY IN LONDON

REPORT OF THE GOVERNORS FOR THE YEAR TO 30 JUNE 2022 (CONTINUED)

The school is helped considerably each year by the support of the Swedish Government, which provided £409,012 (2021: £398,017) in grants for education purposes and maintenance of the school building.

In the circumstances we consider the results to be satisfactory.

The Board’s policy is to have a reserve to enable it to handle temporary unforeseen financial emergencies.

Tangible fixed assets are all held for use by the school, but in the present uncertain property market the Governors are unable to estimate whether the current value of these assets is materially different from that shown in the financial statements.

INVESTMENT POLICY

The Board has the power to invest in such assets as they see fit. In view of the nature of the school’s activities and to safeguard the assets of the school, any surplus funds are currently invested in short term fixed deposits only with reputable financial institutions.

OTHER POLICIES ON ASSISTANCE

Family discounts policy

To underline the value we place on continuity for families, we offer discounts where parents have more than two children at the School.

Assistance for our teaching staff

As part of our emphasis on attracting and retaining high calibre staff, we offer a discount scheme where staff members choose to educate their children at our School.

FUTURE PLANS

STATEMENT AS TO DISCLOSURE TO AUDITORS

Each of the Governors has confirmed that so far as they are aware, there is no relevant audit information of which the charitable company’s auditors are unaware, and that they have taken all the steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charitable company’s auditors are aware of that information.

AUDITORS

Harmer Slater Limited have expressed their willingness to continue in office as the school's auditors. A resolution for the reappointment of Harmer Slater Limited will be proposed at the forthcoming annual general meeting.

Page 7

THE SWEDISH SCHOOL SOCIETY IN LONDON

REPORT OF THE GOVERNORS FOR THE YEAR TO 30 JUNE 2022 (CONTINUED)

SMALL COMPANY PROVISIONS

The Governors have taken advantage of the small companies’ exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the Report of the Governors on the grounds that the school is entitled to prepare its accounts for the year in accordance with the small companies regime.

Approved by the Board of Governors of The Swedish School Society in London on 6 October 2022 and signed on its behalf by:

..................................................... Mr Klaus Bassler Chairman

Page 8

THE SWEDISH SCHOOL SOCIETY IN LONDON

STATEMENT OF RESPONSIBILITIES OF THE GOVERNORS

The Governors (who are also directors of The Swedish School Society in London for the purposes of company law) are responsible for preparing the Governors’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.

Company law requires the Governors to prepare financial statements for each financial year which 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:

The Governors are responsible for keeping proper accounting records that 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 9

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

THE SWEDISH SCHOOL SOCIETY IN LONDON

OPINION

We have audited the financial statements of The Swedish School Society in London for the year ended 30 June 2022 which comprise the Statement of Financial Activities (including income and expenditure account), the Balance Sheet and the notes to the financial statements, 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:

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 Auditor’s 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 UK, including the FRC’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 trustees’ 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 directors with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information.

Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

THE SWEDISH SCHOOL SOCIETY IN LONDON (CONTINUED)

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 in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

RESPONSIBILITIES OF THE TRUSTEES

As explained more fully in the Statement of Trustees’ Responsibilities (set out on page 9), the Trustees (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 trustees 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 trustees 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 trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

THE EXTENT TO WHICH THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES INCLUDING FRAUD

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

Page 11

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

THE SWEDISH SCHOOL SOCIETY IN LONDON (CONTINUED)

We considered the nature of the Charitable company’s sector and its control environment, and reviewed the Charitable company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also identified the laws and regulations applicable to the charitable company through discussions with the Trustees and other management, and from our cumulative audit, knowledge and experience of the charitable company.

We obtained an understanding of the legal and regulatory framework that the Charitable company operates in, and identified the key laws and regulations that:

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Page 12

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

THE SWEDISH SCHOOL SOCIETY IN LONDON (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 Records) 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 the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

HARMER SLATER LIMITED Chartered Accountants & Statutory auditors

Salatin House 19 Cedar Road Sutton, Surrey SM2 5DA

6 October 2022

Harmer Slater Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Page 13

THE SWEDISH SCHOOL SOCIETY IN LONDON

STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING THE SUMMARY INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 30 JUNE 2022

Note
INCOME FROM:
Charitable activities
Swedish Government grants:
a) Education
b) Premises
Fees receivable
Sixth form host family project
UK Government Grants
Other activity income
Investments
Bank and other interest
Other resources
Exchange gain
Total income
2
EXPENDITURE ON:
Charitable activities
Educational costs
Welfare costs
Premises costs
Host Family Scheme expenditure
Other activity expenditure
Governance costs
Total expenditure
3
NET INCOMING/(OUTGOING)
RESOURCES BEFORE TRANSFERS
Gross transfers between funds
NET MOVEMENTS IN FUNDS
TOTAL FUNDS BROUGHT FORWARD
TOTAL FUNDS CARRIED FORWARD
12		 Unrestricted
Restricted
Funds
Funds
2022
2021
£
£
£
£
210,701
-
210,701
231,485
-
198,311
198,311
166,532
2,255,826
-
2,255,826
1,828,003
411,146
-
411,146
204,313
74,140
-
74,140
200,485
40,474
-
40,474
21,883
622
-
622
907
(1,175)
-
(1,175)
35,897
2,991,734
198,311
3,190,045
2,689,505
1,994,064
376,232
2,370,296
2,300,018
89,600
-
89,600
66,293
78,204
34,469
112,673
109,358
456,571
-
456,571
228,018
45,200
-
45,200
6,016
103,043
-
103,043
103,890
2,766,682
410,701
3,177,383
2,813,593
225,052
(212,390)
12,662
(124,088)
(212,390)
(212,390)
-
-
12,662
-
12,662
(124,088)
2,229,332
-
2,229,332
2,353,420
2,241,994
-
2,241,994
2,229,332

All amounts relate to continuing activities. There are no other recognised gains or losses other than those stated above and in consequence no separate statement of total recognised gains and losses has been presented.

Page 14

THE SWEDISH SCHOOL SOCIETY IN LONDON

BALANCE SHEET (COMPANY NO. 959675) AS AT 30 JUNE 2022

Note
FIXED ASSETS
Tangible assets
7
CURRENT ASSETS
Debtors
8
Short term deposits
9
Cash at bank and in hand
9
CREDITORS
Amounts falling due within one year
10
NET CURRENT ASSETS
NET ASSETS
Representing:
FUNDS
RESTRICTED INCOME FUNDS
12
UNRESTRICTED INCOME FUNDS
12		 2022
£
£
924,179
1,164,390
800,000
486,177
2,450,567
1,132,752
1,317,815
2,241,994
-
2,241,994
2,241,994		 2022
£
£
924,179
1,164,390
800,000
486,177
2,450,567
1,132,752
1,317,815
2,241,994
-
2,241,994
2,241,994		 2021
£
£
968,779
186,805
600,000
621,678
1,408,483
147,930
1,260,553
2,229,332
-
2,229,332
2,229,332		 2021
£
£
968,779
186,805
600,000
621,678
1,408,483
147,930
1,260,553
2,229,332
-
2,229,332
2,229,332
2,450,567
1,132,752		 1,408,483
147,930
2,241,994 2,229,332
-
2,241,994		 -
2,229,332
2,241,994 2,229,332

For the financial year ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit was required in accordance with section 144 of the Charities Act 2011.

The Trustees, who are regarded directors for the purpose of the Companies Act 2006, acknowledge their responsibility for complying the requirements of the Act with respect to accounting records and for the preparation of the accounts. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

These financial statements were approved and authorised for issue by the Trustees on 6 October 2022 and signed on their behalf by:

............................................. ............................................. Mr Klaus Bassler Mrs Anna Pennock Chairman Treasurer

Page 15

THE SWEDISH SCHOOL SOCIETY IN LONDON

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE 2022

Cash flows from operating activities:
Net income for the year
Adjustments for items not affecting cash flows:
Depreciation of equipment
Bank interest received
Net operating cash flows before reinvestment in
working capital
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash flows from operating activities
Cash flow from investing activities:
Purchase of tangible fixed assets
Bank interest received
Net cash used in investing activities
Change in cash and cash equivalents in the reporting
period
Cash and cash equivalents at the beginning of the reporting
period
Cash and cash equivalents at the end of the reporting
period		 2022
£
12,662
112,412
(621)
124,453
(977,585)
984,822
131,690
(67,811)
621
(67,190)
64,499
1,221,678
1,286,177		 2021
£
(124,088)
104,982
(907)
(20,013)
454,036
(619,225)
(185,202)
(80,852)
907
(79,945)
(265,147)
1,486,825
1,221,678

Page 16

THE SWEDISH SCHOOL SOCIETY IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

1) ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

a) General information

The Swedish School Society in London is a charitable company limited by guarantee, incorporated in England and Wales under Companies Act and registered as a charity in England and Wales.

The charitable company’s registered office address is shown on page 1. The nature of the charitable company’s operations and its principal activities are set out in the Governors’ Report on pages 2-8.

b) Going concern

No material uncertainties that may cast significant doubt about the ability of the charitable company to continue as going concern have been identified by the Governors.

c) Basis of accounting

The financial statements have been prepared under the historical cost convention and 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 – (Charites SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and the Companies Act 2006.

The functional currency of the charitable company is considered to be pounds sterling (£) because that is the currency of the primary economic environment in which the charitable company operates. The financial statements are presented in pounds sterling (£).

The Swedish School Society in London meets the definition of a public benefit entity under FRS 102.

d)

Incoming resources

School fees, host family scheme income and other educational and related income are accounted for in the period in which the service is provided. Fees receivable are stated after deducting discounts allowed by the school.

Annual grants receivable (including UK Government and Swedish Government) for revenue and/or capital expenditure are recognised in the Statement of Financial Activities when receivable, provided conditions for receipt have been complied with. Grants for specific categories of expenditure are credited to restricted funds.

Investment income is included in the financial statements on an accrual basis.

Governance costs are the costs associated with the governance arrangements of the school. The costs are associated with constitutional and statutory requirements of the school’s activities.

Page 17

THE SWEDISH SCHOOL SOCIETY IN LONDON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

1) ACCOUNTING POLICIES - CONTINUED

e) Resources Expended and irrecoverable VAT (continued)

Where expenditure cannot be directly attributed to specific activities, it is apportioned on the basis of the estimated time spent by staff on those activities.

All expenditure is included in the accounts on an accruals basis and has been classified under headings that aggregate all costs relating to that category. The irrecoverable VAT is included with the item of expense to which it relates.

f)

Restricted and unrestricted funds

Restricted funds represent funds which must be used by the charitable company in accordance with the donor’s wishes.

Unrestricted funds represent funds which may be used at the discretion of the Governors in accordance with the charitable company’s constitution.

g)

Tangible fixed assets and depreciation

The cost of the school building includes interest incurred on bank borrowings up to the date of occupation. Buildings, fixtures, fittings and equipment are written off by equal annual instalments over their estimated useful lives, as follows:

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

h)

Debtors

Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost, less provision for impairment. A provision for the impairment of debtors is established when there is objective evidence that the charitable company will not be able to collect all amounts due according to the original terms of the debt.

i) Cash at bank and in hand

Cash at bank and cash 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.

j) Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

k)

Pension cost

The charitable company operates a defined contribution scheme providing benefits for employees additional to those from the state. The pension cost charge represents contributions payable by the school to the fund in respect of the year.

Page 18

THE SWEDISH SCHOOL SOCIETY IN LONDON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

1) ACCOUNTING POLICIES - CONTINUED

n) Financial instruments

2) INCOMING RESOURCES

Most of the charitable company’s income is derived from the principal activity in the United Kingdom and includes grants receivable from the Swedish Government. Swedish Government grants to the Swedish School are unrestricted grants, except for the grants relating to capital expenditure, rent and property maintenance.

In 2022 all the incoming resources were of unrestricted nature excluding £198,311 relating to Swedish Government grant that was restricted.

3) ANALYSIS OF TOTAL RESOURCES EXPENDED

Charitable expenditure
Costs of activities in furtherance of
charitable company's objectives:
Education
Welfare
Premises
Host Family scheme
Other activities
Governance costs		 Staff
Costs
Support
costs
Depreciation
2022
Total
£
£
£
£
1,766,588
569,500
34,208
2,370,296
25,679
63,921
-
89,600
34,469
-
78,204
112,673
28,014
428,557
-
456,571
-
45,200
-
45,200
73,094
29,949
-
103,043
1,927,844
1,137,127
112,412
3,177,383

Page 19

THE SWEDISH SCHOOL SOCIETY IN LONDON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

3) ANALYSIS OF TOTAL RESOURCES EXPENDED (CONTINUED)

Staff Support Depreciation 2021
costs costs Total
£ £ £ £
Charitable expenditure
Costs of activities 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
Salaries and wages
Employer's national insurance
Pension cost
Average number employed in the year (including part-time
Teaching staff
Others		 2022
2021
Total
Total
£
£
1,626,357
1,651,057
169,394
166,255
122,394
110,563
1,924,711
1,927,875
employees)
47
39
5
5
52
44

The number of employees whose total employee benefits exceeded £60,000 are as follows:

Between: £60,000 - £70,000
£80,000 - £90,000
£90,000 - £100,000		 2022
2021
Total
Total
1
1
-
-
1
1

Page 20

THE SWEDISH SCHOOL SOCIETY IN LONDON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

4) DIRECTORS’ REMUNERATION

The charitable company’s Governors, who are the directors for the purposes of the Companies Act 2006, did not receive any remuneration or reimbursements of expenses in respect of their services to the school (2021: £nil).

5) NET INCOMING RESOURCES

NET INCOMING RESOURCES
2022
 2021
Total
 Total
£ £
Net incoming resources is stated after charging/(crediting):
Other operating lease rentals – property 230,554 192,976
Depreciation 112,412 105,712
Exchange gain 1,175 (35,897)
Auditors’ remuneration - audit of the charity’s accounts 4,730 4,670
Auditors’ remuneration – non-audit services 6,442 6,866

6)

TAXATION

The charitable company is a registered charity for UK taxation purposes, and is not liable to taxation on any profits, income or gains arising from its charitable activities under the provisions of the Corporation Tax Act 2010. Expenditure includes value added tax where appropriate.

7) TANGIBLE FIXED ASSETS

Cost
At 1 July 2021
Additions in year
At 30 June 2022
Depreciation
At 1 July 2021
Charge for year
At 30 June 2022
Net book amounts
At 30 June 2022
At 30 June 2021		 Long Leasehold
Building
Fixtures, fittings &
Premises
improvements
Equipment
Total
£
£
£
£
887,899
1,326,636
418,474
2,633,009
-
7,915
59,896
67,811
887,899
1,334,551
478,369
2,700,819
708,377
604,625
351,227
1,664,230
17,758
60,446
34,208
112,412
726,135
665,071
385,435
1,776,642
161,764
669,480
92,934
924,179
179,522
722,012
67,247
968,779

Page 21

THE SWEDISH SCHOOL SOCIETY IN LONDON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

8) DEBTORS

Fees receivable
Fees billed in advance
Other debtors
Prepayments		 2022
2021
£
£
-
16,099
998,346
13,880
45,645
69,060
120,399
87,766
1,164,390
186,805

9) CASH AT BANK AND IN HAND

Cash at bank
Short term deposits
10) CREDITORS
Amounts falling due within one year:
Trade creditors
Other creditors
Social security and other taxes
Accrued expenses
Fees billed in advance		 2022
2021
£
£
486,177
621,678
800,000
600,000
1,286,177
1,221,678
2022
2021
£
£
32,244
30,090
448
15,725
52,708
56,691
26,565
27,554
1,020,787
17,870
1,132,752
147,930

11) CAPITAL AND RESERVES

The school, which is a charitable company and a registered charity, does not have share capital and the liability of every member is limited by guarantee to £1.

Page 22

THE SWEDISH SCHOOL SOCIETY IN LONDON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

12) FUNDS

Year ended 30 June 2022

Year ended 30 June 2022
Unrestricted Restricted Total
Funds Funds Funds
£ £ £
At 1 July 2,229,332 - 2,229,332
Incoming resources 2,991,734 198,311 3,190,045
Resources expended (2,766,682) (410,701) (3,177,383)
Transfers (212,390) 212,390 -
At 30 June 2,241,994 - 2,241,994

Year ended 30 June 2021

Year ended 30 June 2021
Unrestricted Restricted Total
Funds Funds Funds
£ £ £
At 1 July 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 30 June 2,229,332 - 2,229,332

Analysis of funds:

Name of fund Unrestricted funds

Restricted funds

Transfers

Description, nature and purposes of the fund

Unrestricted funds represents funds which may be used at the discretion of the Governors in accordance with the charitable company’s constitution.

Restricted funds represent funds which must be used by the charitable company in accordance with the donor’s wishes. The funds represent grant amounts provided by the Swedish Government for the costs related to the premises. In the year funds were used mainly for rent and property maintenance.

During the year £212,390 (2021: £195,484) was transferred from unrestricted funds to restricted funds.

Page 23

THE SWEDISH SCHOOL SOCIETY IN LONDON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

13) ANALYSIS OF NET ASSETS

Year ended 30 June 2022

Year ended 30 June 2022
Unrestricted
 Restricted
 Total
Funds Funds Funds
£ £ £
Tangible fixed assets 924,179 - 924,179
Current assets 2,450,567 - 2,450,567
Current liabilities (1,132,752) - (1,132,752)
2,241,994 - 2,241,994
Year ended 30 June 2021
Unrestricted Restricted Total
Funds Funds Funds
£ £ £
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

14) LEASE COMMITMENTS

Operating leases

The total of future minimum lease payments is as follows:

Not later than one year
Later than one year and not later than five years
Later than 5 years		 Land and
Buildings
2022
2021
£
£
185,600
185,600
515,953
659,053
365,500
408,000
1,067,053
1,252,653

The amount of non-cancellable operating lease payments recognised as an expense during the year was £230,554 (2021: £192,976).

At 30 June 2022, the school had no contractual capital commitment (2021: £nil).

Page 24

THE SWEDISH SCHOOL SOCIETY IN LONDON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

15) RELATED PARTY TRANSACTIONS

The charitable company was under no single controlling party of the Trust during the current and previous year. During the financial year, a loan for £nil (2021: 3,500) was given to an employee. At the year end, a balance of £nil was still outstanding (2021: £nil).

16) PENSION SCHEME

Defined contribution pension scheme

The charitable company contributes to a defined contribution pension scheme for its employees. The pension cost charge for the period represents contributions payable by the charitable company to the respective scheme and amounted to £122,394 (2021: £110,563).

Contributions totalling £nil (2021: £15,725) were payable to the scheme at the end of the year and are included in payables.

17) EVENTS AFTER THE REPORTING PERIOD

There have been no significant events between the year end and the date of approval of these financial statements which would require a change to, or disclosure in, the financial statements.

Page 25

THE SWEDISH SCHOOL SOCIETY IN LONDON

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2022

INCOME FROM:
Charitable activities
Swedish government grants:
a) Education
b) Premises
UK Grants
Fees receivable
Sixth form host family project
Extra activities including excursions
Investment
Bank and other interest
Other incoming resources
Foreign currency gains
Total incoming resources
RESOURCES EXPENDED
Charitable activities:
Education
Teachers' and administrative staff salaries
Supply and self-employed teachers
Catering, cleaning and sundry salaries
Social security and pension costs
Other staff costs
Recruitment and training costs
Guest lecturers
Rent and facilities
Property maintenance and cleaning
Light & heat
Rates & water
Insurance
Travelling allowances
Library
Educational materials
Running and miscellaneous expenses
IT support, equipment and licence costs
Fixtures, fittings and equipment depreciation		 Unrestricted
Restricted
Funds
Funds
2022
£
£
£
210,701
210,701
198,311
198,311
74,140
74,140
2,255,826
2,255,826
411,146
411,146
40,474
40,474
622
622
(1,175)
(1,175)
2,991,734
198,311
3,190,045
1,423,286
1,423,286
23,475
23,475
48,380
48,380
291,788
291,788
23,321
23,321
24,175
24,175
230,554
230,554
65,653
65,653
23,505
23,505
29,640
29,640
26,880
26,880
3,341
3,341
1,380
1,380
46,865
46,865
47,342
47,342
26,503
26,503
34,208
34,208
1,994,064
376,232
2,370,296

This page does not form part of the statutory accounts.

Page 26

THE SWEDISH SCHOOL SOCIETY IN LONDON

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2022 - CONTINUED

YEAR ENDED 30 JUNE 2022
Welfare
Healthcare staff salaries
School meals
Premises
Maintenance staff salaries
Leasehold premises depreciation
Building improvements depreciation
Host family scheme
Staff salaries
Host family scheme expenses
Other activity expenditure
School trips/excursions
After school activities and sundry salaries
After school activities
Other activities
Governance
Salaries
Charity contributions
Legal and professional
Auditors’ fees – non audit services
Auditors’ fees – audit of company’s accounts
Bad and doubtful debts
Total governance costs
Total resources expended
Net
incoming/(outgoing)
resources
before transfers
Transfer between funds
NET INCOMING/(OUTGOING) RESOURCES
FUNDS BROUGHT FORWARD
FUNDS CARRIED FORWARD		 Unrestricted
Restricted
Funds
Funds
2022
£
£
£
25,679
-
25,679
63,921
-
63,921
89,600
-
89,600
-
34,469
34,469
17,758
-
17,758
60,446
-
60,446
78,204
34,469
112,673
28,015
28,015
428,557
428,557
456,572
456,572
26,640
26,640
7,907
483
10,653
10,653
45,200
45,200
73,094
73,094
-
-
13,917
13,917
6,442
6,442
4,730
4,730
4,858
4,858
103,041
103,041
2,766,682
410,701
3,177,383
225,052
(212,390)
12,662
(212,390)
212,390
-
12,662
-
12,662
2,229,332
-
2,229,332
2,241,994
-
2,241,994

This page does not form part of the statutory accounts.

Page 27

THE SWEDISH SCHOOL SOCIETY IN LONDON

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2022 - CONTINUED

INCOME FROM:
Charitable activities
Swedish government grants:
a) Education
b) Premises
UK Grants
Fees receivable
Sixth form host family project
Extra activities including excursions
Investment
Bank and other interest
Other incoming resources
Foreign currency gains
Total incoming resources
RESOURCES EXPENDED
Charitable activities:
Education
Teachers' and administrative staff salaries
Supply and self-employed teachers
Catering, cleaning and sundry salaries
Social security and pension costs
Other staff costs
Recruitment and training costs
Guest lecturers
Rent and facilities
Property maintenance and cleaning
Light & heat
Rates & water
Insurance
Travelling allowances
Library
Educational materials
Running and miscellaneous expenses
IT support, equipment and licence costs
Fixtures, fittings and equipment depreciation		 Unrestricted
Restricted
Funds
Funds
2021
£
£
£
231,485
231,485
166,532
166,532
200,485
200,485
1,828,003
1,828,003
204,313
204,313
21,883
21,883
907
907
35,897
35,897
2,522,973
166,532
2,689,505
1,457,537
1,457,537
19,171
19,171
47,508
47,508
276,818
276,818
18,051
18,051
6,938
6,938
192,976
192,976
62,973
62,973
22,079
22,079
27,591
27,591
24,025
24,025
2,682
2,682
1,510
1,510
57,304
57,304
28,606
28,606
25,523
25,523
28,726
28,726
1,970,374
329,644
2,300,018

This page does not form part of the statutory accounts.

Page 28

THE SWEDISH SCHOOL SOCIETY IN LONDON

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 JUNE 2022 - CONTINUED

YEAR ENDED 30 JUNE 2021
Welfare
Healthcare staff salaries
School meals
Premises
Maintenance staff salaries
Leasehold premises depreciation
Building improvements depreciation
Host family scheme
Staff salaries
Host family scheme expenses
Other activity expenditure
School trips/excursions
After school activities and sundry salaries
After school activities
Other activities
Governance
Salaries

Charity contributions
Legal and professional
Auditors’ fees – non audit services
Auditors’ fees – audit of company’s accounts
Bad and doubtful debts
Total governance costs
Total resources expended
Net incoming/(outgoing) resources before
transfers
Transfer between funds
NET INCOMING/(OUTGOING) RESOURCES
FUNDS BROUGHT FORWARD
FUNDS CARRIED FORWARD		 Unrestricted
Restricted
Funds
Funds
2021
£
£
£
22,808
-
22,808
43,485
-
43,485
66,293
-
66,293
-
32,372
32,372
59,228
59,228
17,758
17,758
76,986
32,372
109,358
23,244
-
23,244
204,774
-
204,774
228,018
-
228,018
1,617
-
1,617
-
483
-
483
3,916
-
3,916
6,016
-
6,016
67,588
-
67,588
-
-
-
23,964
-
23,964
6,866
-
6,866
4,670
-
4,670
802
-
802
103,890
-
103,890
2,451,577
362,016
2,813,593
71,396
(195,484)
(124,088)
(195,484)
195,484
-
(124,088)
-
(124,088)
2,353,420
-
2,353,420
2,229,332
-
2,229,332

This page does not form part of the statutory accounts.

Page 29

THE SWEDISH SCHOOL SOCIETY IN LONDON

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2022 - CONTINUED

Business rate

The school is a charitable company and the school premises is occupied and used wholly or mainly for charitable purposes. The school has therefore claimed the 80% Mandatory Charity Relief from business rate under section 43 of the Local Government Finance Act 1988. The charge to the statement of financial activities is net of this relief as the Statement of Recommended Practice applicable to charities preparing their accounts 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 – (Charites SORP (FRS 102) prevents the recognition of “commercial discounts”.

This page does not form part of the statutory accounts.

Page 30