Registration number: 00098126

Norwegian-British Chamber of Commerce

Contents

Company Information	1
Council Members' Report	2 to 3
Statement of Council Members' Responsibilities	4
Independent Auditor's Report	5 to 8
Income and Expenditure Account	9
Statement of Financial Position	10
Statement of Changes in Equity	11
Notes to the Financial Statements	12 to 17

Norwegian-British Chamber of Commerce

Company Information

Council Members

Eirik Rong Maren Mudge Strandevold Carsten Greve Timothy Hare Eystein Eikesdal Philip Rambech Stephen Earl Martin Blindheim Kathrine Rauboti Birthe Sønning Satwinder Terry Singh Chris Girdham Sondre Henningsgaard

Company secretary

Goodwille Limited

Registered office

1 Chapel Street Warwick Warwickshire CV34 4HL

Independent Auditors

Shaw Gibbs (Audit) Limited Statutory Auditor Salatin House 19 Cedar Road Sutton Surrey SM2 5DA

Norwegian-British Chamber of Commerce

Council Members' Report for the Year Ended 31 December 2024

The Council Members present their report and the financial statements for the year ended 31 December 2024.

Principal activity

The principal activity of the Chamber is that of a Chamber of Commerce in the furtherance of trade and business relations between Norway and the United Kingdom and the provision of an environment for business people who wish to become a part of the Norwegian-British trade community.

Review of activities

The Chamber continued to provide professional networking opportunities and encouraged dialogue between its members.
The Chamber's services had three main functions:
• To create a forum for professional and social networking members.
• To act as an channel between members and the Norwegian and the British authorities on particular topics of special interests to its members.
• To participate in the debate regarding trade and policy issues, which are of concern to members both in Britain and in Norway. Most activities during the year focused on members' meetings and Chamber seminars.

Council Members of the Chamber

The Council Members who held office during the year and up to the date of approval of this report were as follows:

Eirik Rong

Annett Bratt Abo - Chairman (resigned 12 February 2024)

Roger Stewart Fawcett (resigned 13 February 2025)

Maren Mudge Strandevold

Carsten Greve

Timothy Hare

Eystein Eikesdal

Rune Nilsen (resigned 26 March 2024)

Robert Paul Elder (resigned 26 March 2024)

Philip Rambech

Sofie Gleditsch (resigned 1 November 2024)

Stephen Earl

Martin Blindheim

Kathrine Rauboti (appointed 1 November 2024)

Birthe Sønning (appointed 26 March 2024)

Satwinder Terry Singh (appointed 1 November 2024)

Sondre Henningsgaard (appointed 1 November 2024)

The following director was appointed after the year end:

Norwegian-British Chamber of Commerce

Council Members' Report for the Year Ended 31 December 2024 (continued)

Chris Girdham (appointed 27 January 2025)

Going concern

The members have considered the Chamber's financial position, liquidity and future performance together with financial projections for the Chamber over the foreseeable future. Following a review of the Chamber's forecasts, the Council Members have a reasonable expectation that the Chamber has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of signing the financial statements. The Chamber therefore continues to adopt the going concern basis in preparing its financial statements.

Events after the financial 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.

Disclosure of information to the auditors

Each Council Member has taken steps that they ought to have taken as a Council Member in order to make themselves aware of any relevant audit information (as defined by section 418 of the Companies Act 2006) and to establish that the Chamber's auditors are aware of that information. The Council Members confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

Shaw Gibbs (Audit) Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Small companies provision statement

The members 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 directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.

Approved and authorised by the Board on 29 September 2025 and signed on its behalf by:
 

......................................... Maren Mudge Strandevold Director

Norwegian-British Chamber of Commerce

Statement of Council Members' Responsibilities

The Council Members acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Council Members to prepare financial statements for each financial year. Under that law the Council Members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Council Members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Chamber and of the surplus or deficit of the Chamber for that period. In preparing these financial statements, the Council Members are required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent; and

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Chamber will continue in business.

The Council 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 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.

Norwegian-British Chamber of Commerce

Independent Auditor's Report to the Member of
Norwegian-British Chamber of Commerce

Opinion

We have audited the financial statements of Norwegian-British Chamber of Commerce (the 'Chamber') for the year ended 31 December 2024, which comprise the Income and Expenditure Account, Statement of Financial Position, Statement of Changes in Equity, and 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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

•	give a true and fair view of the state of the Chamber's affairs as at 31 December 2024 and of its loss for the year then ended;
•	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•	have been prepared in accordance with the requirements of the Companies Act 2006.

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 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 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 Council 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 original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the Council Members 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. 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.

In connection with our audit of the financial statements, 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. 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.

Norwegian-British Chamber of Commerce

Independent Auditor's Report to the Member of
Norwegian-British Chamber of Commerce (continued)

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

•	the information given in the Council Members' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Council Members' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Chamber and its environment obtained in the course of the audit, we have not identified material misstatements in the Council Members' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

•	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
•	the financial statements are not in agreement with the accounting records and returns; or
•	certain disclosures of Council Members' remuneration specified by law are not made; or
•	we have not received all the information and explanations we require for our audit; or
•	the Council Members were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of Council Members

As explained more fully in the Statement of Council Members' Responsibilities [set out on page 4], the Council Members 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 Council Members 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 Council Members are responsible for assessing the Chamber'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 Council Members either intend to liquidate the Chamber or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Norwegian-British Chamber of Commerce

Independent Auditor's Report to the Member of
Norwegian-British Chamber of Commerce (continued)

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:

•	the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and when fraud might occur in the financial statements;
•	we obtained an understanding of the legal and regulatory frameworks that the chamber operates in, and identified the laws and regulations applicable to the chamber through discussions with members and other management, and from our cumulative audit and commercial knowledge and experience of the chamber.
•	we focused on specific laws and regulations which we considered may have a direct material effect on the determination of material accounts and disclosures in the financial statements or the operations of the chamber, including the Companies Act 2006 and taxation legislation. We also considered and identified laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the chamber’s ability to operate or to avoid a material penalty, including the Bribery Act and the Data Protection Act 2018;
•	we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
•	identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
•	making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
•	considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
	We are also required to perform specific procedures to respond to the risk of management bias and override of controls. To address this, we performed analytical procedures to identify any unusual or unexpected relationships and tested journal entries to identify unusual transactions.
	In response to the risk of irregularities and non-compliance with laws and regulation, we designed procedures which included, but were not limited to:
•	agreeing financial statements to disclosures underlying supporting documentation;
•	enquiring of management as to actual and potential litigation and claims; and
•	reviewing correspondence with HMRC, analysing legal costs to ascertain if there have been instances of non-compliance with laws and regulations.
	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 non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the members 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.

Norwegian-British Chamber of Commerce

Independent Auditor's Report to the Member of
Norwegian-British Chamber of Commerce (continued)

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.

Use of our 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 auditor’s 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.

......................................
Ransford Agyei-Boamah (Senior Statutory Auditor)
For and on behalf of Shaw Gibbs (Audit) Limited, Statutory Auditor

Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

29 September 2025

Norwegian-British Chamber of Commerce

Income and Expenditure Account
for the Year Ended 31 December 2024