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Registered number:
(A company limited by guarantee)
FOR THE YEAR ENDED 31 DECEMBER 2024
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SWEDISH CHAMBER OF COMMERCE FOR THE UNITED KINGDOM
(A company limited by guarantee)
CONTENTS
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SWEDISH CHAMBER OF COMMERCE FOR THE UNITED KINGDOM
(A company limited by guarantee)
BOARD MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Board Members present their report and the financial statements for the year ended 31 December 2024.
The Board Members are responsible for preparing the Board Members' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Board Members are required to:
∙select suitable accounting policies for the Chamber's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Chamber will continue in business.
The Board Members are responsible for keeping adequate accounting records that are sufficient to show and explain the Chamber's transactions and disclose with reasonable accuracy at any time the financial position of the Chamber and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Chamber and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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SWEDISH CHAMBER OF COMMERCE FOR THE UNITED KINGDOM
(A company limited by guarantee)
BOARD MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Board Members who served during the year were:
C Gruvis
K Ainley L Griffin J Auren M Norrman-Hodges M Svahn D Wilson S Temple-Morris L Christie M Dalhammar H Nordvall C Pihlgren J Yates
The auditors, Calders (1883) LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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SWEDISH CHAMBER OF COMMERCE FOR THE UNITED KINGDOM
(A company limited by guarantee)
BOARD MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
In preparing this report, the Board Members have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on
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SWEDISH CHAMBER OF COMMERCE FOR THE UNITED KINGDOM
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SWEDISH CHAMBER OF COMMERCE FOR THE UNITED KINGDOM
We have audited the financial statements of Swedish Chamber of Commerce for the United Kingdom (the 'Chamber') for the year ended 31 December 2024, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of changes in equity 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).
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 Chamber 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.
In auditing the financial statements, we have concluded that the Board Members' 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 Chamber'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 Board Members with respect to going concern are described in the relevant sections of this report.
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SWEDISH CHAMBER OF COMMERCE FOR THE UNITED KINGDOM
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SWEDISH CHAMBER OF COMMERCE FOR THE UNITED KINGDOM (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Board Members 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Board Members' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Board Members' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Chamber and its environment obtained in the course of the audit, we have not identified material misstatements in the Board Members' report.
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SWEDISH CHAMBER OF COMMERCE FOR THE UNITED KINGDOM
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SWEDISH CHAMBER OF COMMERCE FOR THE UNITED KINGDOM (CONTINUED)
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SWEDISH CHAMBER OF COMMERCE FOR THE UNITED KINGDOM
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SWEDISH CHAMBER OF COMMERCE FOR THE UNITED KINGDOM (CONTINUED)
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 Auditors' 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:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered and undertook the following audit procedures in response:
• We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting frameworks (United Kingdom accounting standards and Companies Act 2006); • We obtained an understanding of the nature of the industry and sector, control environment and business performance; • The outcome of discussions with management and those charged with governance and any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures related to: - Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance or any actual or potential litigation or claims; - Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; • The matters discussed during the audit engagement team briefing regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. All engagement team members were advised to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit; • Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; • Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; • Reviewing correspondence with HMRC and inspection of relevant legal correspondence; • In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments by testing manual journal entries, in particular journal entries relating to management estimates and entries determined to be large or relating to unusual transactions; • Assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business; Assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team’s: - understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation; - knowledge of the industry in which the client operates; - understanding of the legal and regulatory requirements specific to the company including:
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SWEDISH CHAMBER OF COMMERCE FOR THE UNITED KINGDOM
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SWEDISH CHAMBER OF COMMERCE FOR THE UNITED KINGDOM (CONTINUED)
• the provisions of the applicable legislation
• the applicable statutory provisions As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement.We are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of the material amounts and disclosures in the financial statements. Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate and avoid a material penalty. These included data protection, employment and health and safety regulations and competition and anti-bribery laws. With regards to laws and regulations relating to the operating aspects of the company, these were discussed with management and were not considered fundamental to the operating of the business therefore should not have a material impact on the financial statements. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
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.
This report is made solely to the Chamber's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Chamber's members 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 Chamber and the Chamber's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
and Statutory Auditors
30 Orange Street
WC2 7HF
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SWEDISH CHAMBER OF COMMERCE FOR THE UNITED KINGDOM
(A company limited by guarantee)
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SWEDISH CHAMBER OF COMMERCE FOR THE UNITED KINGDOM
(A company limited by guarantee)
REGISTERED NUMBER: 00092069
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 23 form part of these financial statements.
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SWEDISH CHAMBER OF COMMERCE FOR THE UNITED KINGDOM
(A company limited by guarantee)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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SWEDISH CHAMBER OF COMMERCE FOR THE UNITED KINGDOM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Swedish Chamber of Commerce is a private company limited by Guarantee, incorporated in England and Wales, registration number 00092069. The address of the registered office is Sweden House, 5 Upper Montagu Street, London, W1H 2AG.
The Swedish Chamber of Commerce is a not-for-profit organisation explicitly dedicated to its Members. Our mission is to inspire, promote, and extend the commercial and industrial relations between individuals and companies in Sweden and the United Kingdom.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Chamber's accounting policies (see note 3).
The following principal accounting policies have been applied:
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SWEDISH CHAMBER OF COMMERCE FOR THE UNITED KINGDOM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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SWEDISH CHAMBER OF COMMERCE FOR THE UNITED KINGDOM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Chamber receives income from its members from the following areas:
- Annual membership subscriptions - Sales of advertising in magazines and other publications - Income generated from functions and events - Annual patronship fees - Donations Cost of sales represent the direct costs relating to these income streams, and will include, amongst others: - Costs of magazine publications - Photographer costs - Cost of venue hire - Catering facilities The gross profit figure therefore represents the net income receivable by the Chamber after deduction of these direct costs. Administration expenses relate to the operational costs of running the Chamber. The major costs of these include: - Staff salaries and related employment costs - Hotels, travel and entertaining - Computer costs - Legal & professional and accountany fees - Rent on the Chamber's offices and other property related expenses - Depreciation of assets - Bank and broker charges In addition, the Chamber also has a portfolio of investments held at Cazenove bank, on which it receives interest and dividend income. The portfolio is revalued at each year end and the corresponding unrealised gain or loss is recognised in the Statement of Income and Retained Earnings.
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SWEDISH CHAMBER OF COMMERCE FOR THE UNITED KINGDOM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
At each reporting date the Chamber assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The Chamber enjoys the use of antique furniture, paintings and silver donated to it which has been included in the accounts at realistic disposal value estimated at £7,668 (2022 - £7,668). The assets are not depreciated but revalued periodically and the adjustment reflected in the revaluation reserve.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Paintings, Bronzes and chattels are revalued with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Statement of financial position date.
Fair values will be determined by the council members based on their assessment of the lower of net realisable value and insurance replacement value each year and these assets will not be depreciated. Revaluation gains and losses are recognised in the Statement of comprehensive income.
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SWEDISH CHAMBER OF COMMERCE FOR THE UNITED KINGDOM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Income and movements on the investments are included in the Statement of income and retained earnings under the heading Income from fixed assets investments. The net proceeds from the sale of investment in the year are included under the heading Profit (loss) on disposal of investments.
Short term debtors are measured at transaction price, less any impairment.
The Chamber only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Short term creditors are measured at the transaction price.
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SWEDISH CHAMBER OF COMMERCE FOR THE UNITED KINGDOM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Interest income is recognised in the Statement of comprehensive income when received.
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SWEDISH CHAMBER OF COMMERCE FOR THE UNITED KINGDOM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
The estimates and underlying assumptions are reviewed on an continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
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SWEDISH CHAMBER OF COMMERCE FOR THE UNITED KINGDOM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no factors that may affect future tax charges.
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SWEDISH CHAMBER OF COMMERCE FOR THE UNITED KINGDOM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SWEDISH CHAMBER OF COMMERCE FOR THE UNITED KINGDOM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Fixed asset investments represent the market value of the investment portfolio held at the Chamber's brokers at the year end.
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SWEDISH CHAMBER OF COMMERCE FOR THE UNITED KINGDOM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Revaluation reserve
Profit and loss account
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SWEDISH CHAMBER OF COMMERCE FOR THE UNITED KINGDOM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The Chamber's operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Chamber's in an independently administered fund. The pension cost charge expensed as contributions paid by the Chamber to the fund was £22,529 (2023 (£2,349)). Contributions receivable by £11,606 (2023 £5,535) were recorded at the reporting date.
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