The trustees present their report and the unaudited financial statements for the year ended 31 August 2025 which have been prepared in accordance with the Accounting and Reporting by Charities Statement of Recommended Practice issued by the Charity Commission in July 2015, the Memorandum and Articles of Association of the Company and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102.
The trustees confirm that the Charity Commission’s general guidance on public benefit has been considered in relation to the objectives of the Charity to advance education. The report sets out these aims and objectives and describes how they have been met in the current year.
Our Aims
The objectives of the School are the advancement of education (including social and physical) of boys and girls in a multicultural environment with a Scandinavian focus, and in particular to maintain a day school in Islington, London.
We aim to provide a first class education to boys and girls from the ages of 2-11. We seek to provide an educational environment that develops our pupils’ capabilities, competencies and skills. We aim to promote multilingual and multicultural education. We promote the academic, moral and physical development of our pupils through our academic curriculum, pastoral care, sporting and other activities. We provide an educational environment where each student can develop and fulfil their potential, building their self-confidence and inculcating a desire to contribute to the wider community. In doing so, we prepare our pupils for the opportunities, responsibilities and experience of later life.
Our Objectives
Our objectives are set to reflect our educational aims and the ethos of the School. It is important to us that we maintain and enhance the academic success of the School. This objective is, however, set in the context of the broader goals we set for the School and its pupils.
In setting our objectives and planning our activities our Governors have given careful consideration to 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. Our key objectives for the period included:
To offer high quality education to any family interested in the Scandinavian child-centric model of education;
To offer families with a connection to Scandinavia the opportunity for their children to learn to speak, read and write Scandinavian languages;
To build partnerships with secondary schools that can offer London Scandinavian School pupils the opportunity to continue their studies of Scandinavian languages;
To recruit high quality staff with skills to provide a high quality education;
To recruit staff to provide multilingual and multicultural education;
To create extra-curricular provision for pupils;
To provide support of our pupils in need of fee assistance through bursaries;
To maintain and develop first class pastoral care for pupils;
To increase pupil numbers to provide financial security for future years;
To play our part in the life of our local community through our community access and service programmes.
Our Ethos, Strategy and Policies
Our Governors are responsible for setting a strategy for achieving the objectives they have set. The focus of our strategy is on the development of our pupils, their continued high levels of academic and co-curricular achievement and to further widen access to the education our School provides. In taking forward our strategy we:
Review the School’s academic syllabus, teaching practices and examination results;
Ensure the range of co-curricular activities available to our pupils is stimulating and challenging;
Ensure the multilingual and multicultural facets of the School’s aims are promoted within the curriculum and through extracurricular activities;
Invest in facilities and equipment of our School;
Co-operate and share resources with local schools; and
Continue to review and develop our methods for awarding bursaries to ensure wider access to pupils from all backgrounds.
Our Ethos: A Caring School Serving Our Local Community and Society
London Scandinavian School is a registered charity which seeks to benefit the public through the pursuit of its stated aims. Our fees are set at a level to ensure the financial viability of the School and at a level that is consistent with our aim of providing a first class education to boys and girls.
Our School welcomes pupils from all backgrounds, both British and Scandinavian children in particular will benefit from the School’s multicultural approach. To admit a prospective pupil we need to be satisfied that our School will be able to educate and develop a prospective pupil to the best of their potential and in line with the general standards achieved by their peers. An individual’s economic status, gender, ethnicity, race, religion or disability do not form part of our assessment processes.
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.
Our School is committed to safeguarding and promoting the welfare of our pupils and expects all staff and volunteers to share this commitment. Parents are given regular information about their children’s social and academic progress through parent evenings in addition to the traditional end of term and year reports. We maintain regular contact with parents throughout the year through informal contacts and through our newsletter. We have vigorous safeguarding procedures in place, and we work closely with Islington Council to ensure new regulations are immediately integrated into our policies and staff training.
Access Policy
It is important to us that access to the education we offer is not restricted to those who can afford our fees. We believe our pupils benefit from learning within a diverse community. A great deal of learning occurs through social interaction, conversation and shared experiences which helps our pupils develop an understanding of the perspectives of other people that will be vital in their adult lives. Our bursary policy contributes to a widening of access to the education we offer and the facilities we enjoy. Our policy states 10% of any surplus must fund bursaries. In years of no financial surplus we aim for 10% of the cohort to receive some kind of financial support through bursaries.
Bursary Policy
The Governors’ view our bursary awards as important in helping to ensure children from families who would otherwise not be able to afford the fees can access the education we offer. Our bursary awards are available to all who meet our general entry requirements and are made solely on the basis of parental means or to relieve hardship where a pupil’s education and future prospects would otherwise be at risk - for example in the case of redundancy. In assessing means we take a number of factors into consideration including family income, investments and savings and family circumstances for example dependent relatives and the number of siblings. However, our School does not yet have an endowment and in funding our awards we have to be mindful that we must ensure a balance between fee-paying parents, many of whom make considerable personal sacrifices to fund their child’s education, and those benefiting from the awards.
The bursary awards range from 10-50% remission of fees. Information about fee assistance through bursaries is provided to all applying to the School. The success of our bursary scheme is explained in our review of the activities and achievements section of this report. Details of bursary awards are also set out in the accounts.
Fundraising Standards
During the 2024/2025 school year our active fundraising activities included a campaign targeting private donors. One private donor, made total donations of £118,196 to the school, and £6,000 was raised in donations from parents. In all matters related to fundraising and donations, London Scandinavian School abides by the Code of Fundraising Practice published by the Institute of Fundraising.
Review of the Activities and Achievements
London Scandinavian School opened on 1 September 2013 and welcomed its first pupils at the start of the academic year on 11 September 2013. Pupil numbers were 15 at the term-end of August 2025.
Our fees went up during the 2024/2025 school year. At the end of the year they were (before the deduction of any means assisted bursaries:
£10,624 a term for a nursery place for 5 days a week for a 2 year old
£8,124 a term for a preschool place for 5 days a week for 3-4 year olds
£6,768 a term for a primary school place
Topics include English Literacy, PSHE, History, Geography, PE and Swimming. Science and Maths is taught by specialist teachers
Extra-curricular activities include outdoor learning, the teaching of Scandinavian Languages and Drama and Music
We do not offer SATS at age 6 or any other standardised tests, in line with our ethos
We had 8 teaching staff
We offer 4 weekly after school clubs
As a result of a significant drop in numbers due to the VAT charges on fees which caused the fees to be put up as above a significant number of pupils left the school. This resulted in a wholesale change on the Board of Trustees on 17 July 2025 and will result in the closure of the School after summer term 2026.
Details of Bursary and Scholarship Awards – Policy into Practice
Bursaries
During the academic year to 31 August 2025 no bursary applications were received. There were 2 ongoing bursaries in place. This is below our target to offer 10% of our school places with bursary remissions. At the moment pupil numbers are too low to offer any further bursaries.
Review
The Governors review our Bursary and Scholarship Awards policies annually to ensure that able children can accept offers of places at our School through the availability of means tested fee assistance. Our policy is designed to widen access to our School. We anticipate this review will help inform the development of our policy and help ensure the objective of wider access continues to be achieved.
Community Service
The School’s After-School-Club is open to the wider community and attracts children from other schools. Additionally we have regular events open to the wider community such as Santa Lucia, a Summer Party and Sports Day.
Future Plans
As a result of low pupil numbers and a failure to recruit new pupils in order to bring the School to a position of financial viability the School will close after the summer term of 2026.
Our Finances
The financial statements show a net expenditure for the period on School activities of £22,865 (2024: £54,437 income). Fee income is the principal source of income contributing £407,118 (2024: £620,160).
Total funds at the year end show a net deficit of £61,815 (2024: deficit £38,950). Our pupil numbers dropped dramatically from the previous year and this means the School will no longer be financially viable after the summer term of 2026.
As a charity the parents of our pupils have the assurance that all the income of the School must be applied for educational purposes. As an educational charity we enjoyed tax exemption on our educational activities and on our investment income and gains provided these are applied for our charitable aims. This ended during the financial year. As a charity we have also enjoyed an 80% reduction on our business rates on the property we occupy for our charitable purposes, however, this has now ceased. The financial benefits we received from these tax exemptions were all applied for educational purposes and indirectly help us to maintain our bursary policies and ‘teaching link’ programme.
We also pay tax as an employer through the national insurance contributions we make. In addition to the very substantial benefits our School brings to our pupils, the local community and society through the education we offer, our bursary programme creates a social asset without cost to the Exchequer.
Reserves and Financial Health
The Governors regularly review the finances, budgets and spend against budget (together with a monthly cash flow analysis) as part of the effective stewardship of the School. Capital and Reserves at the year end stood at a negative £61,815 (2024: £38,950) reflecting the challenges encountered by this new school.
Risk Management
The Governors are responsible for the overseeing of the risks faced by the School. Detailed considerations of risks are delegated to the Senior Management of the School. Risks are identified, assessed and controls established throughout the year. A formal review of the charity’s risk management processes is undertaken on an annual basis. Risk is managed under the headings of financial sustainability, school safety, student welfare, employment, school trips and events and community access. Through the risk management processes established for the School, the Governors are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
The charity is a company limited by guarantee governed by its Memorandum and Articles of Association.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Governor Recruitment and Training
The Governing body requires breadth and depth of experience to carry out its duties effectively and efficiently. When recruiting new trustees the important attribute is a passion for the work of our School and an understanding of education as a holistic and rounded experience of personal growth. We advertise locally and through our connections for new Governors and through our newsletter to parents. We also invite senior Anglo-Scandinavian business people to consider joining our board. Where possible the Governors consider that the skills and experience of the Board should comprise the following:
• A Governor with a small business background
• A Governor with a financial/accounting background
• A Governor with education experience
• A Governor with senior managerial or business experience
• A Governor with experience of equal opportunities or disability needs
• At least one female Governor and at least one male Governor
• One Governor may have one or more of these skills
The Governors after 17 July 2025 were solely made up of parents of children currently at the school because a considerable effort was required to run the school with such few pupils and put together a marketing strategy to increase students.
The Governors, amongst whom five are also the charity trustees, are responsible for the overall management and control of London Scandinavian School Limited and meet a minimum of six times a year. The Governors work under the chairmanship of Hannah Saxena, Trustee and Chair of the Board. Hassen Bali is responsible for overseeing the financial management of the school.
All trustees gave their time freely and no remuneration or expenses were paid in the period.
No Governor or person connected with a Governor received any benefit from either means tested bursaries or scholarships awarded to our pupils.
Organisational Management
The Governors determine the general policy of the School. The day to day running of the School is delegated to the Head, supported by senior staff. The Headmaster undertakes the key leadership role overseeing educational, pastoral and administrative functions in consultation with the senior staff.
The day to day administration of the School is undertaken within the policies and procedures approved by the Governors, which provide for only significant expenditure decisions and major capital projects to be referred to the Governors for prior approval.
The Headteacher oversees the recruitment of all educational staff, administrative and non-teaching support staff. The Head is invited to attend Governors’ meetings.
The trustees' report was approved by the Board of Trustees.
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charitable company of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to:
select suitable accounting policies and then apply them consistently;
observe the methods and principles of the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Trustees
To 17 July 2025
Mr Carsten Jensen
Ms Emily Bridges
Mr Alexander Mathewson
Mr Peter Melbye (stood down in March 2025)
After 17 July 2025
Ms Hannah Saxena
Mr Hassen Bali
Ms Anna Erika Ewers (appointed September 2025)
Mr Stephen Nye
Ms Sha Sha (resigned January 2026)
Ms Caroline Brandt (appointed February 2025)
Governors
To 17 July 2025
Ms Anne Marie Hathcock
Mr Alex Kahn
Mr Børge Andreassen
Ms Jeanette Steinbeck
Dr. Trevor Richards
After 17 July 2025
There were no additional Governors beyond the Trustees after 17 July 2025.
Small Companies Exemption
This above report was prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
I report to the trustees on my examination of the financial statements of London Scandinavian School Ltd (the charity) for the year ended 31 August 2025.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) (amended 2022). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act (amended 2022).
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act (amended 2022). I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
Subject to the matters described in the basis for qualified independent examiner’s report above, I have completed my examination. I confirm that no other material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no other concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
London Scandinavian School Ltd is a private company limited by guarantee incorporated in England & Wales, company number 08155547. The registered office is Curran House, 3 Highbury Crescent, London, N5 1RN.
The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The trustees have concluded that it is not appropriate to prepare these financial statements on a going concern basis, as the charity is expected to cease operations within twelve months of the date of approval of these financial statements and the trustees have no realistic alternative but to wind up or otherwise cease its activities.
Accordingly, the financial statements have been prepared on a basis other than going concern. Assets are stated at their estimated recoverable amounts and liabilities are stated at the amounts expected to be settled.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Income, including government grants, is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Expenditure, including staff costs, 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 expenditure to which it relates.
When expenditure cannot be directly attributed to specific activities, it is apportioned on the basis of the estimated time spent by staff on those activities.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Fundraising Standards
In all matters related to fundraising and donations, London Scandinavian School Ltd abides by the Code of Fundraising Practice published by the Institute of Fundraising.
Included within income for the year is £103,196 of restricted funds received for the specific purpose of meeting the charity’s rent and premises insurance costs. Expenditure of these funds has been charged in accordance with the restrictions imposed by the donor. Any unspent amounts at the year end are carried forward within restricted funds.
Fee income
After school and holiday clubs
Education costs
Premises costs
Education costs
Premises costs
Equipment
Books and consumables
School meals
School trips
Staff welfare
Rent
General rates
Cleaning
Repairs and maintenance
Advertising
Subscriptions
Travelling
Printing and stationery
Telephone and fax
Independent examiner fee
Accountancy fees
None of the trustees (or any persons connected with them) received any remuneration, reimbursement of expenses or benefits from the charity during the year.
The average monthly number of employees during the year was:
Included within Summer school, after school and grant income is the London Borough Council of Islington National Education Grant of £52,883 (2024: £74,835) which was wholly utilised in the period.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
During the year the charity entered into the following transactions with related parties:
Re:accounts Limited is related to the charity as it is controlled by Ms E Bridges, who served as a governor during the year. The total amount charged by Re:accounts Limited during the year for accountancy services provided to the charity was £3,757 (2024: £5,177).