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, p￿sent 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
T￿vOr 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 con￿MIng 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 State￿￿nts, 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 COn￿M 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 De￿mber 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 cOn￿mS 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
C￿dItorS 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 De￿rnber 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. st￿ks
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-