COMPANY REGISTRATION NUMBER: 06662187 (England & Wa5es) CHARITY REGISTRATION NUMBER: 1125863 St Olav Trust Company Limited by Guarantee Trustees Report and Financial Statements 31 December 2024
St Olav Trust Company Limited by Guarantee Financial Statsments Year Ended 31 December 2024 Pages Trustees, annual report (incorporating the directors, report) 3to7 Independent examiner's report Statement of financial activities (including income and expenditure account) Balance sheet 10 Notes to the financial statements 11to17
St Olav Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) Year Ended 31 December 2024 The trustees, who are also the directors for the purposes of company law, psent their report and the financial statements of St Olav Trust (the 'Charity") for the year ended 31 December 2024. Reference and admlnlstratlve d•tsll$ Operatlng name St Olav Christian Bookshop Charity reglstratlon number 1125863 Company registrntlon number 06662187 Principal addre88 and registered office St Olaves Church North Street Chichester West Sussex P019 1LQ Trustees lan Crossley Simon Davenport Sister Margaret Graham Herrington TvOr James (Chaim)an) Victoria Leslie Mark Mason Bruce Ruddock (Appointed 25 September 2024) (Appointed 27 November 2024) {Rets'red 19 February 2025) Company Secretary Trevor James Manager Bradley Smith Independent ExamSn8r David Thurlow 33 Plainwood C105e Chichester West Sussex P019 5YB Bankers Natwest Bank 5 East Street Chichester West Sussex P019 1HH CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Emall addre88 mail@stolavchristianbookshop.uk Websfte vAvw.stolavchristianbookshop. uk
St Olav Trust Company Limited by Guarantee Trustses. Annual Report (Incorporating the Directors, Report) Year Ended 31 December 2024 Structure, governance and management Company and Charity Status The Charity is a company limited by guarantee and is governed by its Articles of Association. It was incorporated on 1 August 2008 and registered with the Charity Commission in England and Wales on 12 September 2008. The trustees are the members of the Charity. They have no shareholdings but in the event of a winding up each has undertaken to contribute to the payment of liabilities such an amount as may be required not exceeding a total of £10. The trustees confirm that the accounts comply with current statutory requirements and the Charity's governing document. Recruitment. Appointment 8nd Training of Trustees The trustees, who meet regularly to set policy and decide strategy, are recruited from known supporters of the Charity who share its aims and aspirations and who are believed to be able to bring a breadth and depth of experience and skills to the trustee body. The Charity's Articles specify that trustees must be members of or in good standing with a Christian d)urch that is either a member of Churches Together in England or which holds generally accepted Trinitarian Christian beliefs. They are recruited from churches in the Chichester district in consultation with the clergy and church leaders. As a matter of policy they are drawn from a wide range of denominations. Trustees are required to complete Declarations of Interests and Fit and Proper Person forms. They take seriously their obligations to maintain their knowledge. On appointment trustees are provided with full information concerning the Charity and are directed to appropriate Charity Commission publications and to the Charity Governance Code. Risk Management The trustees have identified the major risks to which they believe the Charity is exposed. Where appropriate, systems have been established to minimise those risks. Procedures are in place to ensure compliance with he81th and safety requirements. The trustees believe that corruption, bribery and unfair actions hamper development and impede progress and insist on integrty in all aspects of the Charity's activities, Obj•¢t1v and actlvlties The main objective of the Charity, as expressed in its Memorandum and Arts'cles of Association, Is to advance the Christian faith by the provision of a Christian bookshop and resource centre. This objective is achieved by: operating a bookshop and resourc£ centre in Chichester., providing bookstalls at conferences and meetings., providing books and other materials for church bookstalls; selling books and resources on line. Publ1¢ beneflt The trustees have paid due regard to the Charity Commission's guidance on public benefit. They strongly believe that the provision of Christian books and resources and the results which flow from them provides a very significant tangible public benefit. Further they are convinced that while those benefits can be obtained by purchasing from on-line suppliers the presen of the shop in a busy shopping location also provides infomal counselling and support for those using or passing by the shop which is an important public benefit not possible when purchasing on-line.
St Olav Trust Company Llmited by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) Year Ended 31 December 2024 Achl8vements and performance The main activity undertaken during the year to further the Charity's charitsble purposes was the operation of a truly non4enominational Christian bookshop and resourcb centre tO9ether with an on-line presence. Flnanclal revlew Results The results for the year continued to be impacted by changes in retaillng. Sales at £215,038 (2023 £179,595) showed a welcome increase and significant donations, which totalled £20,314 (2023 £1,911), assisted with repair costs. Increased costs were a challenge and the final result was a deficit for the year of £8,009 (2023 deficit £14,782). During the Covid pandemic the Charity was granted a £25,000 Government backed Bounce Back Loan. Repayments in 2024 totalled £5,324.16 (£443.68 per month). Invostment pollcy Funds not required for current needs may be invested in investments of any kind at the absolute discretion of the trustees. Volunt•ern Other than Its trustees the Charity has no volunteers. Trustees do not receive any payment or benefits for their work as trustees and no trustee has claimed for 1mbUrSeMent of expenses incurred. Pay Pollcy for Key Management Porsonn•l The Charity does not have a fornal pay policy. Salaries were reviewed and increased during the year to take account in the increase in the cost of livin9. Reportlng ••rlou8 Incldents In line with the Charity Commission's guidance on reporting serious incidents, the trustees declare that during the year there were no serious incidents that they have failed to bring to the Commission's attention. Safoguardlng Since the Charity does not work with children or vulnerable adults it does not have a safeguarding policy. Fundrai8lng The Charity does not nomalty rry out any fvndraising but the Manager and the trustees are putting together plans to raise funds for a second phase of the shop refurbishment and are investigatlng the advantages of a friends scheme. Reservo8 Pollcy The Charity occupies and operates from St Olave's Church in Chichester. The freehold is held by Chichester Diocese. For some years the Charity and the Diocese have been in discussion conMIng the arrangements ft)r the repair and maintenance of the building. Once final agreement on this matter has been reached th8 Charity will finalise and adopt a reserves policy.
St Olav Trust Company Limitsd by Guarantee Trustees, Annual Report (Incorporating the Directors, Report) Year Ended 31 December 2024 Plans for future perlods As previously reported changes in the retail sector mean that to succeed the Charity must offer its customers more than they can gain when purchasing using the internet. To address this the Charity will continue to expand its online offering and to look at the potential benefits of strategic partnerships. At 31 December 2024 the Charity was investigating the second phase of its reftjrbishment to address exterior issues. Governance The Bible gives clear guidance that Christians should be above reproach in all they do. Seeking to apply this Biblical imperative the Trustees endeavour to apply the Charity Governance Code, and the Nolan principles (selflessness, integrity, objectivity, accountability, openness, honesty and leadership}. Furthermore believing that comiption, bribery and unfair actions hamper development and impede progress they insist on integrity in all of the Charity's activities Trustse8' responsibllities statement The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees, port and the financial ststements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounts"ng Practice). Company law requires the charity trustees to prepare financial statements for each year. Under company law, the trustees must not approve the financial statements unless they are satisfied they give a true and fair view of the stste of affairs of the charitable company and of its incoming resources and application of resources, including the income and expenditure, for that period. In preparing these financial Statents, the trustees are required to: select suitable accounting policies and then apply them consistently., obseNe the methods and principles in the applicable Charities SORP; make judgments and accounting estimatès that are reasonable and prudent. state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial ststements., prepare the financial statements on the going COnM basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable arxuracy 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 safeguafding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The tnjstees are responsible for the maintenance and integrity of the corporate and financial infomation included in the charity's website. Legislation in the United Kingdom governing the preparation and dissemlnation of financial statements may differ from legislation in other jurisdictions. Independent examlnor David Thurlow has indicated his willingness to continue as the Charity's Independent Examiner.
St Olav Trust Company Limitsd by Guarantee Trustses, Annual Report (Incorporating the Directors, Report) Year Ended 31 December 2024 Small company provlsions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on 25 September 2025 and signed on behalf of the t)oard of trustees by". Trevor James Chairnan
St Olav Trust Company Limited by Guarante8 Independent examiner's report to the trustees of St Olav Trust Year Ended 31 December 2024 I report to the charity trustees on my examination of the accounts of St Olav Trust for the year ended 31 Dember 2024. Re8pon8lblllty and ba818 of rnport As the charity's trustees and also its directors for the purposes of company law you are responsible for the preparation of the accounts in accordance with the Companies Act 2006 ('the 2006 Act'l. Having satisfied myself that the accounts of St Olav Trust 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 your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examin•rf8 Statement I have rnpleted my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required under section 386 of the 2006 ACL or 2. the accounts do not accord with those records., or 3. the accounts do not comply with accounting requirements under section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of my independent examination; or 4. the accounts have not been prepared in accordance with the methocls and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)- I have no cOnmS 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 understsnding of the accounts to be reached. This report is rnade solely to the Charity's trustees, as a body, in accordance with part 4 of the Charities Act {Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's trustees those matters l am required to state to them in an Independent Examine¢s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and its trustees as a body, for my work or this report. David Thurlow 33 Plainwood Close Chichester West Sussex P019 5YB Date".
St Olav Trust Company Limited by Guarantee Balance Sheet 31 December 2024 2024 2023 Flxed assets Tangible assets 3,096 6,191 Current assets Stocks Debtors Cash at bank and in hand 15 16 48,071 15,772 18,565 49,788 24,030 10,108 83,926 82,408 Credltors: amounts falling due within one year Net current a88et8 17 55,672 47,228 36,698 26,736 Total a880ts1088 Current Ilablllties 29,832 42,889 Credltors: amounts falling due after moro than one year Net assets 4,136 9,184 25,696 33,705 Funds of th6 charlty Restricted funds Unrestricted funds 25,696 25,696 33,705 33,705 Total charity funds 18 These financial ststements have been prepared in accordan with the provisions applicable to companies subject to the small companies, regime. The trustees, who are also the directors, consider that the company is entitled to exemption from the requirements to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act.) and 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 Act. The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These financial statements were approved by the board of trustees and authorised for issue on 25 September 2025 and are signed on behalf of Ihe board by: T E James Chairman Company Registration Number 06662187 The notes on pages 11 to 17 form part of these financial statements 10-
St Olav Trust Company Limitsd by Guarantse ststement of Financial Activities Year Ended 31 December 2024 Unrestricted Restricted Total Funds Total Funds Funds Funds 2024 2023 Nots Incomè Donations and grants Charitsble activities - bookshop Other income 20,314 215,038 20,314 215,038 1,911 179,595 19 Total Income 235,360 235,360 181,525 Exp•ndlture Raising funds Expenditure on charitsble activities Other expenditure 243,369 243,369 196,307 Total •xp•ndlture 243,369 243,369 196,307 Net Incomel(expendlturn) Transfer between funds (8,009) (8,009) (14,782) Not movement In funds (8,009) {8,009) (14,782) Reconclllatlon of fund8 Totsl funds brought forward Total fund8 carrlod forward 33,705 33,705 48,487 25,696 25,696 33,705 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive trom continuing activities.
St Olav Trust Company Limited by Guarantee Notes to the Financial Statements Year Ended 31 De¢ember 2024 Genoral Inforniatlon The charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is St Olaves Church, North Street, Chichestef, West Sussex P019 1 LQ Stat•m•nt of compllance These financial statements have been prepared under Section 1A of FRS 102, the Charitie5 Act 2011 and the Companies Act 2006, in accordance with the Charities SORP (FRS 102) (2019). St Olav Trust meets the definition of a public benefit entity under FRS 102. Accountlng policies Basls of preparatlon The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Golng concorn As with many charities and many retailers St Olav Trust is facing financial challenges but with trustee support there are no material uncertainties about the Charity's ability to continue its activities. Judgements and key sourcos of estlmatlon uneertalnty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and based on experience and other factors, including expectations of future events that are believed to be asonable under the circumstances. Fund accountlng Unrestricted funds are available for use at the discretion of the trustees to further any of the Charity's purposes. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the tenrts of an appeal and fall into one of two sub-classes: restricted income frjnds or endowment funds. Incoming resourcos All income is included in the statement of financial activities when entitlement has passed to the Charity, it is probable that the economic benefits associated with the transaction will flow to the Charity and the amount can be reliably measured. The foSlowing specific policies are applied to particular categories of income..
St Olav Trust Company Limited by Guarantee Notes to the Financial Statements f¢onllnued) Year Ended 31 December 2024 Accountlng pollcles (contlnuedl Income from donations and grants is recognised when there is evidence of entitlement to the funds, receipt is probable, and its amount can be measured reliably. Income from sales is recognised at the time of sale. Donated facilities and services are recognised in the accounts when 5ved if the value can be reliably measured. No amounts are included for the contribution of trustees or other volunteers. Resources exp•ndod Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure on raising funds includes the costs of all fundraising activities. Expenditure on charitable activities includes all costs incurred by the Charity in undertaking activilies that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the Charity apportioned to charitable activities. Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflects'ng the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they cnntribute to on a reasonable, justifiable and consistent basis. Operatlng leas08 There are no operating leases. Any lease payments would be recognised as an expense over the lease temi on a straight-line basis. The aggregate benefit of lease incentives would be recognised as a reduction to expense over the lease term, on a straight-line basis. Tanglbl• assots Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. D6preclatlon Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset Stocks Stocks are measured at the lower of cost and net realisable value. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 12-
St Olav Trust Company Limitsd by Guarantee Notes to tha Financial Statsments (contlnued) Year Ended 31 Decomber 2024 Accountlng pollcles Icontlnued) Cash at bank and In hand Cash at bank and in hand includes cash and short tenn 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. Credltora and prov181on8 CdItorS and provisions 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 nomially recognised at their settlement amount after allowing for any trade discounts due. Flnanclal Instruments A financial asset or a financial liability is recognised only when the entity becomes a paty to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Llmlted by guarantee St 018v Trust is a company limited by guarantee and accordingly does not have a share capital. Every member of the charitable company undertakes to contribute such amount as may b8 required not exceeding £10 to the assets of the charitable company in the event of its being wound up while he or she is a member. or within one year after he or she ceases to be member. Donatlon¥ and grants Unrestricted Funds Restricted Total Fund8 Total Funds Funds 2024 2023 Donations and grants - unrestrlcted Donations Grants Oonatlons and grants - restrictsd Donations Grants 20,314 20,314 1,911 20,314 1,911 20,314 1.911 Year ended 31 December 2023 Charitable activltles Unrestricted Funds Restricted Totsl Funds Total Funds Funds 2024 2023 Bookshop and resource centre 215,038 215.038 179,595 Year ended 31 Dernber 2023 179,595 13-
St Olav Trust Company Limited by Guarantee Notes to the Financial Statements rcontlnued) Year Ended 31 December 2024 Other Incom• Unrestricted Funds Restricted Total Funds Total Funds Funds 2024 2023 Bank interest 19 19 Year ended 31 December 2023 19 Costs of ralslng funds Unrestricted Funds Restricted Total Funds Total Funds Funds 2024 2023 Fundraising fees Year ended 31 December 2023 Expenditure on charltsble actlvltles by actlvlty type Activities undertaken directly Support Total Funds Total Funds Costs 2024 2023 Bookshop Governance 237,669 5,700 243,369 196,307 237,669 5,700 243,369 196,307 Year ended 31 December 2022 189,418 6,889 10. Net Income Net income is stated after charging.. 2024 2023 Depreciation of tsngible fixed assets Professional fees- Independent examinerfs remuneration Payroll, accountancy and bookkeeping fees 3,096 3,096 5,700 5,700 11. Indepondont •xamlner'8 remuneratlon 2024 2023 Fees payable for the examination of the financial ststements 12. Staff costs Throughout thè year the Charity had one full-time employee (2023".one) and part-ts'me employees (2023'.tr40). No employee eamed more than £60,000 per annum (2023:None). 14-
St Olav Trust Company Limitsd by Guarantee Notes to the Financial Statsmonts f¢¢>n¢lnued) Year Ended 31 December 2024 13. Trustee remunerntlon and expenses None of the trustees or persons connected with them received any remuneration, benefits or reimbursement of expenses in the year for work as a trustee 12023.'Nonel. Any claim for expenses would be subject to the charity's normal internal control procedures. 14. Tanglble flxed assets In December 2009 the Charity acquired at no charge the shop fixiures and fittings which were in situ at that date. Almost all of these assets were renewed during 2021. In the light of their age and condition the original shop f xtures and fittings were not capitalised. Fixtures and Fittsngs Computer equipment Total At 1 January 2024 Additions 15,026 6,868 21,894 At 31 Decembor 2024 15,026 6,868 21,894 Depreciatlon At 1 January 2024 Charge for the year At 31 December 2024 9,017 3,004 12,021 6,686 91 15,703 3,095 18,798 6,777 Carrying amount At 31 Decombor 2024 3,005 6,009 182 3,096 6,191 At 31 December 2023 182 15. stks 2024 2023 Stock of goods for re-sale 48,071 49,788 Stocks of stationary and packaging materials are not valued. 16. Debtorn 2024 2023 Gift Aid tsx refundable Trade debtors Other debtors Prepayments 7,370 6,020 3,841 16,841 966 2,382 2,382 15,772 24,030 15-
St Olav Trust Company Limitad by Guarantee Nots8 to the Financlal Statom•nts fcontlnued) Year Ended 31 December 2024 17. Credltors: amount8 falllng due wlthln one year 2024 2023 Trade creditors VAT Social security and other taxes Other creditors and accruals Unsecured loan Bounce Back bank loan- amount due within 12 months 35.291 1,482 480 7,747 5,348 5,324 34,040 1,758 270 488 5,348 5,324 55,672 47,228 18. Anaty818 of charltablo fundg At 1 January 2024 At 31 December 2024 Income Expenditure Transfers Unrestricted Restricted 33,705 235,360 (243,369) (o) 25,696 33,705 235,360 (243,369} 25.696 Charltablo fund¥ - Prlor Year At 1 January 2023 At 31 Doc•mb•r 2023 Income Expenditure Transfers Unrestricted Restricted 48,487 181,525 (196,307) (o) 33,705 48,487 181,525 (199,307) 33,705 The Unrestricted Fund represents resources freely available to further the general aims and objectives of the Charity. The Restricted Fund represents resources granted to the Charity for specified purposes. 19. Anatysl8 of net assets batwa•n fund8 Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year- Bounce Back loan Net as8•ts 3.096 82,408 (55,672) (4,136) 25,696 3.096 82,408 (55,672) (4,136) 25,696 16-
St Olav Trust Company Limited by Guarantee Not08 to the Financial Statements (conllnu Year Endod 31 December 2024 19. Analysis of net assets between fund8 Icontlnued) Prfor Year Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year- Bounce Back Loan Net assets 6,191 83,926 (47.228) (9.184) 33,705 6,191 83,926 (47,228) (9,184) 33,705 20. Operatlng lea80 commltments There are no operating lea* commitments (2023 None). 21. Penslon commltments The Charity operates an auto enrolment defined contribution pension scheme. 22. Related parties All the trustees purchased books and materials from the shop during the year. All the trustees and employees are members of churches which purchased books and materials from the shop during the year. The sales to the trustees and to their connected churches were on the same terms and at the same prices as those offered to the general public. No record is kept of such sales. During 2021 a trustee made an interest free unsecured loan to the Charity. At 31 December 2024 the amount due to the trustee was £5,348 (2023 £5,348). There are no specified repayment terms. Donations from trustees and connected parties during the year totalled £14,118 (2023 £nil). Gift Aid of £3,530 (2023 £nil) is claimable on those donations. 17-