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2020-12-31-accounts

REGISTERED COMPANY NUMBER: 10674059 (England and Wales) REGISTERED CHARITY NUMBER: 1176607

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

THE NORWEGIAN CHURCH

Rothmans Audit LLP Statutory Auditors Chartered Accountants Fryern House 125 Winchester Road Chandlers Ford Hampshire SO53 2DR

THE NORWEGIAN CHURCH

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Page
Report of the Trustees 1 to 4
Report of the Independent Auditors 5 to 7
Statement of Financial Activities 8
Balance Sheet 9
Cash Flow Statement 10
Notes to the Cash Flow Statement 11
Notes to the Financial Statements 12 to 21

THE NORWEGIAN CHURCH

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of 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) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Norwegian Church in London dates back to 1692 when the Danish/Norwegian congregation was formed. In 1696 a Danish Norwegian Church was consecrated in Wapping, but from 1868, The Norwegian Seamen's Mission of Bergen, Norway, took over the responsibility for Norwegian seafarers and expatriates in London, under the jurisdiction of the Bishop of Bergen, Norway. A new church was built and consecrated in Surrey Docks area in 1872 and finally, St. Olav's Church, the present church, was built and consecrated in 1927.

The purpose of the Church and Charity is to serve Norwegian expatriates and seafarers in London and South East England, even though the church's jurisdiction covers all UK. St. Olav's Church is a Christian, Cultural and Social Centre for Norwegians and has between 20 and 25 thousand visitors each year. In 1996 an extension was built to accommodate the increasing number of people and activities.

Until 31 December 2018 the activities of the charity were undertaken by The Norwegian Church and Seamens Mission (a trust based charity, charity number 220235). The trustees of that charity, after taking suitable advice, took the decision that the trust based structure would no longer the most appropriate form for the charity in the future. The Norwegian Church was incorporated in 2017 and registered with the Charity Commission of England and Wales on 10 January 2018. On 1 January 2019 the assets and liabilities of The Norwegian Church and Seamens Mission were transferred to. The Norwegian Church. The trustees of the two charities are the same.

Significant activities

In line with the Basic Rules and Strategy Document of The Norwegian Seamen's Mission/Norwegian Church abroad, as well as our local strategy plans, we have achieved our objectives. Services, baptisms, confirmations, weddings and funerals are part of the work of the Church, as well as cultural events and social work amongst the target groups.

Social work includes monthly home visits to the elderly, hospital visits to sick Norwegians and prison visits. In addition, during the winter months the charity participates in the Robes Project for homeless.

Cultural events includes the annual Constitution Day Celebrations, Sunday lunch after the Service, weekly toddler song and family lunch, weekly Saturday school and lunch, monthly students dinner and Women Society every fortnight.

The charity continues to plan for the construction of flats to the rear of the church.

Public benefit

The trustees confirm that they have complied with the duty in s17(5) of the Charities Act 2011 to have due regard to the Charity Commission's guidance on public benefit. This includes the additional guidance for charities on the advancement of religion, in deciding what activities the charity should undertake, in line with its aims and objectives.

ACHIEVEMENT AND PERFORMANCE

Fundraising activities

The biggest fundraiser locally is the annual Christmas Fair selling goods imported from Norway as well as handicraft produced by local parishioners. The church has continued to provide support to it's visitors.

Page 1

THE NORWEGIAN CHURCH

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

FINANCIAL REVIEW

Financial position

As noted above the assets and liabilities of The Norwegian Church and Seamen's Mission were transferred to the charity on 1 January 2019.

A summary of the year's results are presented on page 3. Total incoming resources amounted to £983,211 (2019: £799,274) and total resources expended amounted to £605,186 (2019: £881,201).

The balance sheet on page 4 shows total funds at the year end of £2,308,084 of (2019: £1,930,059). This comprises two unrestricted funds, the general fund and a designated fund (Norwegian Benevolent fund) with a balance of £74,089 (2019: £76,357). In addition, during the year the charity received a donation specifically towards the project to develop flats. This amount is held in a restricted fund, the balance at the year end was £310,398.

A large proportion of the funds consist of properties, therefore the charity's reserves are £25,428 (2019: £39,947).

The charity's income is derived from sources in the UK and Norway. The Norwegian Central Administration pays the salaries. The Norwegian Head Office guarantees the cash flow requirements of the charity; consequently if there is a cash shortfall caused by reduced activity or a reduction in the income generated locally funding will be made available to ensure the charity can continue its operation.

Annual and monthly accounts, as well as budgets are sent to the Norwegian Seamen's Mission in Bergen, Norway and are subject to their approval.

Reserves policy

It is the trustees' policy is to retain sufficient reserves to ensure that the charity's day to day commitments can be met.

Reserves at the 31 December 2020 amounted to £25,428 (2019: £39,947) and were held as primarily as cash balances.

The charity is dependent on donations, legacies and fund raising events for the majority of its income, the timing and amount of which is variable in nature. The trustees therefore consider holding reserves equivalent to 2 - 6 months costs to be appropriate.

During the year the charity used some of its reserve on planning and preparation costs of the development of flats to the rear of the church which will generate a future income stream for the charity.

The charity is able to call upon the support of its head office in Norway to help fund its operations.

FUTURE PLANS

The charity continues to plan for the construction of flats to the rear of the church, which once rented will generate future income for the charity. During the year the charity incorporated a subsidiary company, St Olavs House Limited, which will undertake the development of the flats.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity was registered by the Charity Commission for England and Wales on 10 January 2018. The charity is controlled by its governing document, its articles of association dated 16 March 2017, and constitutes a company limited by guarantee, as defined by the Companies Act 2006.

Decision making

The trustees meet at least four times a year and are elected on a rotating basis for three year terms.

Induction and training of new trustees

New trustees are given full information on the work of the charity over the last years including minutes, annual reports and accounts. Where appropriate, external training courses for trustees are offered and internal training is also provided. Representatives from the Church of Norway Abroad will occasionally visit the charity and give input to the trustees.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed, in particular those related to its operations and finances, and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error, and to mitigate its exposure to major risks.

Page 2

THE NORWEGIAN CHURCH

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

10674059 (England and Wales)

Registered Charity number 1176607

Registered office

1 St Olav's Square Albion Street London SE16 7JB

Trustees

Ms A Marwa Rev T Holt (resigned 5/3/2020) Mr B Bratland Mrs A M Hovland-Pye Mr V S Dart Rev D M H Havgar (appointed 5/3/2020)

Auditors

Rothmans Audit LLP Statutory Auditors Chartered Accountants Fryern House 125 Winchester Road Chandlers Ford Hampshire SO53 2DR

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of The Norwegian Church for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and 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

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Rothmans Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Page 3

THÉ NORWEGIAN CHURCH REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 Approved by order of the board of trustees on......... and signed on Its bèhalf by.. H Havgar- TNst8e Page 4

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE NORWEGIAN CHURCH

Opinion

We have audited the financial statements of The Norwegian Church (the 'charitable company') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 trustees' 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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

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:

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE NORWEGIAN CHURCH

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 trustees 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 trustees are responsible for assessing the charitable company'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 trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our 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 a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 directors and other management and the inspection of regulatory and legal correspondence, if any.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE NORWEGIAN CHURCH

Use of our report

This report is made solely to the charitable company'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 charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Robin Lloyd FCA (Senior Statutory Auditor) for and on behalf of Rothmans Audit LLP Statutory Auditors Chartered Accountants Fryern House 125 Winchester Road Chandlers Ford Hampshire SO53 2DR 16/06/2021 Date: .............................................

Page 7

THE NORWEGIAN CHURCH

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

2020
Unrestricted
Restricted
Total
funds
funds
funds
Notes
£
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
4
557,098
310,398
867,496
Charitable activities
7
Charitable Activities
38,023
-
38,023
Other trading activities
5
11,753
-
11,753
Investment income
6
65,939
-
65,939
Other income
-
-
-
Total
672,813
310,398
983,211
EXPENDITURE ON
Raising funds
8
37,278
-
37,278
Charitable activities
9
Charitable Activities
567,908
-
567,908
Total
605,186
-
605,186
NET INCOME/(EXPENDITURE)
67,627
310,398
378,025
RECONCILIATION OF FUNDS
Total funds brought forward
1,930,059
-
1,930,059
TOTAL FUNDS CARRIED FORWARD
1,997,686
310,398
2,308,084		 2019
Total
funds
£
428,159
176,397
122,069
71,949
700
799,274
164,198
717,003
881,201
(81,927)
2,011,986
1,930,059

The notes form part of these financial statements

Page 8

THE NORWEGIAN CHURCH BALANCE SHEET 31 DECEMBER 2020 2020 rotsl fund5 2019 Total fvnds Unrestricted funds Restricted funds Notes FIXED ASSETS Tangible assets Heritage assets Investments 16 17 18 1,548,481 349,070 618 1.548,481 349,070 618 1,541.042 349,070 1,898,169 1,898,169 1.890,112 CURRENT ASSErs Stocks Debtors Cash at bank and in hand 19 20 4.194 34,138 41,201 13,344 89h71 13.344 399,869 310,398 102.815 310,398 413,213 79.$33 CREDITORS Amounts falling ¢Yue within one year 21 13.2981 13,2981 139,5861 NETCURREKf ASSETS 99.517 310.398 409,915 39.947 TOTAL ASSETS LESS CURRE￿[ LIABILMES 1,997,686 310.398 2.308,084 1.930,059 NET ASSETS 1.997.686 310.398 2,308.084 1,930,059 FLINDS Unrestiicted fvnds Restricted funds 1,99Y,686 310.398 1,930,059 TOTAL FUNDS 2,308,084 1.930.059 These financial ststements have been prepared in accordan￿ wrth thè provisions applirAble to charitable companies subject to the srnall comp2ni&s regim?. The finan￿al statements were approved by the Board of Trustees and authorised for Bs . and were &gneé on its behalf by". on M H Havgar- ru$tee The notes form part of these financKg1 statements Page 9

THE NORWEGIAN CHURCH

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of tangible fixed assets
Interest received
Net cash used in investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2020
£
369,177
369,177
(9,931)
(618)
-
40
(10,509)
358,668
41,201
399,869		 2019
£
(6,112)
(6,112)
(47,956)
-
700
41
(47,215)
(53,327)
94,528
41,201

The notes form part of these financial statements

Page 10

THE NORWEGIAN CHURCH

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020

1.
RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING
ACTIVITIES
2020
£
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
378,025
Adjustments for:
Depreciation charges
2,493
Profit on disposal of fixed assets
-
Interest received
(40)
Decrease in stocks
4,194
Decrease in debtors
20,794
(Decrease)/increase in creditors
(36,289)
Net cash provided by/(used in) operations
369,177		 2019
£
(81,927)
3,580
(700)
(41)
3,225
43,411
26,340
(6,112)
  1. ANALYSIS OF CHANGES IN NET FUNDS
At 1/1/20 Cash flow At 31/12/20
£ £ £
Net cash
Cash at bank and in hand 41,201 358,668 399,869
41,201 358,668 399,869
Total 41,201 358,668 399,869

The notes form part of these financial statements

Page 11

THE NORWEGIAN CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. CHARITY INFORMATION

The Norwegian Church an incorporated charity was incorporated in England and Wales on 16 March 2017 (registration number 10674059) and was registered as a charity with the Charity Commission for England and Wales on 10 January 2018 (registration number 1176607) .

The registered address is 1 St Olav's Square, Albion Street, London, United Kingdom, SE16 7JB.

The principal activity of The Norwegian Church is religious and social welfare.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

The functional and presentation currency is £ sterling.

Preparation of the accounts on a going concern basis

The Charity reported a cash outflow of £41,207, however, the Trustees are of the view that the costs incurred during the year in respect of the planned construction of new flats to the rear of the Church will secure the immediate future of the Charity. The Charity also continues to maintain the support of the Head Office in Bergen, Norway. On this basis, there are no material uncertainties about the charity's ability to continue and therefore the charity is a going concern.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Allocation and apportionment of costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include personnel, finance, administrative and governance costs which support the operation of the charity and its activities. These costs are allocated between the costs of charitable activities and raising funds.

Depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - not provided Fixtures and fittings - 20% straight line

Fixed assets

All fixed assets are initially recorded at cost.

Properties are included at cost at the time of acquisition and are all functional. No depreciation is provided on freehold property. Depreciation would be immaterial due to the high residual values of the assets. An annual impairment review is undertaken for those tangible fixed assets which are not depreciated. Individual fixed assets costing £1,000 or more are capitalised at cost.

Page 12

continued...

THE NORWEGIAN CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

2. ACCOUNTING POLICIES - continued

Heritage assets

The charity owns a historic Church dating back to 1927, located at 1 St Olav's Square, Rotherhithe, London, SE16. The Church is maintained by the charity for use by the local Norwegian community as a place of worship and culture.

The Church is reported in the balance sheet at the original cost. The Church is deemed to have an interdependent life and therefore the Trustees do not consider it appropriate to charge depreciation in respect of the Church. An annual impairment review is undertaken for the Church.

Stocks

Stock is valued at the lower of cost and net realisable value. Net realisable value is based on expected proceeds less cost to sell. Donated items of stock are recognised at fair value which is the expected sales proceeds less to cost to sell.

Debtors

Debtors are recognised at the settlement amount due after any trade discount offered.

Creditors

Creditors 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 are recognised at their settlement amount after allowing for any trade discounts due.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Unrestricted funds are available to spend on activities that further any of the purposes of the Church. Designated funds are unrestricted funds of the Church which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the Church's work or for specific projects undertaken by the Church.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Significant Judgements

In preparing these account the trustees have made the following judgements: Determining whether income is restricted or unrestricted. These decisions depend upon whether the donor has given the income subject to certain terms or conditions which impose a restriction in trust law.

Determining whether the residual values of freehold property are sufficient to result in no depreciation being charged.

Determining whether the church meets the definition of a heritage asset.

Key Sources of Estimation Uncertainty

Tangible fixed assets are depreciated over their useful economic lives taking into account residual values, where appropriate. The actual lives of the assets and residual values may vary depending on a number of factors. Factors affecting the lives of assets include technological innovation and maintenance programmes.

Page 13

continued...

THE NORWEGIAN CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

4.
DONATIONS AND LEGACIES
Regular annual donations
Donations
Weekly collections
Wages and salaries paid by The Norwegian Seamen's Mission in
Bergen
Other grants
5.
OTHER TRADING ACTIVITIES
Christmas fair
6.
INVESTMENT INCOME
Rents received
Interest receivable
7.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Events
Charitable Activities
Canteen
Charitable Activities
Sundry
Charitable Activities
8.
RAISING FUNDS
Raising funds from charitable activities
Canteen
Events		 2020
£
3,570
409,736
3,973
219,965
230,252
867,496
2020
£
11,753
2020
£
65,899
40
65,939
2020
£
24,902
12,771
350
38,023
2020
£
16,368
17,673
34,041		 2019
£
17,376
15,650
8,748
289,542
96,843		 2019
£
17,376
15,650
8,748
289,542
96,843
428,159
2019
£
122,069
2019
£
71,908
41
71,949
2019
£
126,094
38,548
11,755		 2019
£
71,908
41
71,949
176,397
2019
£
36,398
66,558
102,956

Page 14

continued...

THE NORWEGIAN CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

8. RAISING FUNDS - continued

Other trading activities
2020
£
Christmas fair
2,642
Church magazine
595
3,237
Aggregate amounts
37,278
9.
CHARITABLE ACTIVITIES COSTS
Direct
Support
Costs (see
costs (see
note 10)
note 11)
£
£
Charitable Activities
553,785
14,123
10.
DIRECT COSTS OF CHARITABLE ACTIVITIES
2020
£
Staff costs
394,931
Rent rates and insurance
67,779
Light and heat
31,765
Telephone
12,375
Postage and stationery
640
Sundries
13,312
Catering equipment
855
Repairs and renewals
46,821
Motor and travel
6,401
Bank charges
1,634
Foreign exchange (gain)/loss
(27,529)
Payments from designated funds
2,308
Depreciation
2,493
553,785		 2019
£
59,225
2,017
61,242
164,198		 2019
£
59,225
2,017
61,242
Totals
£
567,908
2019
£
481,366
89,315
28,005
14,142
2,122
20,355
3,159
33,347
14,761
3,094
6,885
3,688
3,580
703,819

11. SUPPORT COSTS

SUPPORT COSTS
Governance
costs
£
Charitable Activities 14,123

Page 15

continued...

THE NORWEGIAN CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

12. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2020 2019
£ £
Auditors' remuneration 3,270 3,270
Depreciation - owned assets 2,492 3,580
Surplus on disposal of fixed assets - (700)

13. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.

Revd. Dag Magnus Hopstock Havgar the rector & senior chaplain is also a trustee. He receives remuneration in respect of his employment as rector & senior chaplain, no remuneration is paid for services as trustee. The remuneration is paid by the charity's head office in Norway.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.

14. STAFF COSTS

Wages and salaries
The average monthly number of employees during the year was as follows:
Staff		 2020
£
394,931
394,931
2020
21
21		 2019
£
481,366
481,366
2019
26
26

No employees received emoluments in excess of £60,000.

During the year key management personnel received remuneration of £46,662.17 (2019: £58,652) and rent free accomodation at a property owned by the charity.

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THE NORWEGIAN CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

15.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
428,159
Charitable activities
Charitable Activities
176,397
Other trading activities
122,069
Investment income
71,949
Other income
700
Total
799,274
EXPENDITURE ON
Raising funds
164,198
Charitable activities
Charitable Activities
717,003
Total
881,201
NET INCOME/(EXPENDITURE)
(81,927)
RECONCILIATION OF FUNDS
Total funds brought forward
2,011,986
TOTAL FUNDS CARRIED FORWARD
1,930,059
16.
TANGIBLE FIXED ASSETS
Freehold
property
£
COST
At 1 January 2020
1,536,615
Additions
9,931
At 31 December 2020
1,546,546
DEPRECIATION
At 1 January 2020
-
Charge for year
-
At 31 December 2020
-
NET BOOK VALUE
At 31 December 2020
1,546,546
At 31 December 2019
1,536,615		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
Fixtures
and
fittings
£
138,781
-
138,781
134,354
2,492
136,846
1,935
4,427		 Total
funds
£
428,159
176,397
122,069
71,949
700
799,274
164,198
717,003
881,201
(81,927)
2,011,986
1,930,059
Totals
£
1,675,396
9,931
1,685,327
134,354
2,492
136,846
1,548,481
1,541,042

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THE NORWEGIAN CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

17. HERITAGE ASSETS

17. HERITAGE ASSETS
Total
£
MARKET VALUE
At 1 January 2020 and 31 December 2020 349,070
NET BOOK VALUE
At 31 December 2020 349,070
At 31 December 2019 349,070
Heritage assets are comprised of the church buildings.
18. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
MARKET VALUE
Additions 618
NET BOOK VALUE
At 31 December 2020 618
At 31 December 2019 -
There were no investment assets outside the UK.
19. STOCKS
2020 2019
£ £
Stocks - 4,194
20. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£ £
Other debtors 13,344 34,138

Debtors are recognised at the settlement amount due after any trade discount offered.

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THE NORWEGIAN CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

21. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
Accruals and deferred income		 2020
£
28
3,270
3,298		 2019
£
36,316
3,270
39,586

Creditors 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 are recognised at their settlement amount after allowing for any trade discounts due.

22. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Benevolent fund
Restricted funds
St Olavs House
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Benevolent fund
Restricted funds
St Olavs House
TOTAL FUNDS		 At 1/1/20
£
1,853,702
76,357
1,930,059
-
1,930,059
Incoming
resources
£
672,773
40
672,813
310,398
983,211		 Net
movement
in funds
£
69,895
(2,268)
67,627
310,398
378,025
Resources
expended
£
(602,878)
(2,308)
(605,186)
-
(605,186)		 At
31/12/20
£
1,923,597
74,089		 At
31/12/20
£
1,923,597
74,089
1,997,686
310,398
2,308,084
Movement
in funds
£
69,895
(2,268)
67,627
310,398
378,025
67,627
310,398
378,025

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THE NORWEGIAN CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

22. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

At 1/1/19
£
Unrestricted funds
General fund
1,931,982
Benevolent fund
80,004
2,011,986
TOTAL FUNDS
2,011,986
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
799,233
Benevolent fund
41
799,274
TOTAL FUNDS
799,274		 Net
movement
in funds
£
(78,280)
(3,647)
(81,927)
(81,927)
Resources
expended
£
(877,513)
(3,688)
(881,201)
(881,201)		 At
31/12/19
£
1,853,702
76,357
1,930,059
1,930,059
Movement
in funds
£
(78,280)
(3,647)
(81,927)
(81,927)

Norwegian Benevolent Fund

The Scandinavian Benevolent Fund ended its activities in 2006. Assets were donated to the Norwegian and the Danish church in January 2007. The Norwegian Church continues to support the Norwegian citizens that were supported in 2006 with a similar amount of money. The Benevolent fund is a designated fund.

23. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2020.

24. POST BALANCE SHEET EVENTS

The charity is dependent on voluntary income and income from its other fund raising activities. As a result, during the lockdown period from March 2020 and subsequent tier system the charity's ability to generate income was severely restricted.

This situation has continued since the year end with the further national lockdown which is now being gradually eased.

The trustees however remain confident that the charity will be in a strong position by the end of the current year.

The trustees have continued to make use of the available government support, which included making use of the furlough scheme to help protect the jobs of the employees as far as possible.

Any shortfall in income against budgeted expenditure in 2021 can be rectified by calling upon the support of the charity's head office in Norway, which has indicated it does not consider that normal operations are likely before summer 2022.

Having due consideration to the situation since the year end the trustees do not believe that adjustment to the carrying values of assets as at the balance sheet date is required.

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THE NORWEGIAN CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

25. CHARITY RECONSTRUCTION

In 2017 the trustees of The Norwegian Church and Seamen's Mission, an unincorporated charity (Charity number 220235), decided that it would benefit the future of the charity to change its legal form from a trust to an incorporated charitable company.

The Norwegian Church, an incorporated charitable company, was incorporated on 16 March 2017 and registered with the Charity Commission on 10 January 2018.

The assets and liabilities of the trust based charity were transferred to the incorporated charitable company on 1 January 2019.

The reconstruction has been accounted for using the merger method in accordance with the Charities SORP and FRS 102.

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