Company registration number.. 10874059 Charity registration number.. 1176607 Scotland Charity registration number.. SC045876 THE NORWEGIAN CHURCH (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THE NORWEGIAN CHURCH CONTENTS Referen￿ and Administrative Delai15 Trustees report 2to8 Independent Auditors, Report 91012 Statement of Financial Activities 13 Balance Sheet 14to15 Statement of Cash Flows 16 Notes to the Financial Statements 17to30 THE NORWEGIAN CHURCH REFERENCE AND ADMINISTRATIVE DETAILS Trustees Rev. Dag Magnus Hopslock Havgar Baard BraUand Anne-sophie Marwa Vibeche Standal Dart Anne Mar9relhe Hovland-Pye Principal Offiee 1 Sl Olav's Square Albion Street London SE16 7JB Company Rggistration Number 10674059 Charity Registration Number England and Wale$: 1176607 Scotland.. SC045876 Independent Audltor Shaw Gibbs (Audit} Limited 19 Salalin House Cedar Road Sutton Surrey SM2 5DA Page 1 THE NORWEGIAN CHURCH REPORT OF THE TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees, whg are directors for the purposes of company law, present the annual report together with the financial slaternenls and auditors, report of the charitable company for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charits'es preparing their accounts in accordance with the Financial Reporkn'ng Stsndard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. Trustees The following trustees seNed on the Board during the year and up lo the dale of approval of this report and olso fulfilled the roles of directors of the charitable company. Rev. Dag Magnus Hopslock Havgar Baard Bralland Anne-sophie Marwa Vibeche Standal Dart Anne Margrethe Hovland-Pye Objectives and actlvltles Objects and aims The Norwegian Church in London dates back lo 1692 when the DanishlNorwegian 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 expalriales 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, Sl. Olav's Church, the present church, was built and consecrated in 1927. The purpose of the Church and Charity is lo serve Norwegian expatriates and seafarers in London and South East England, even though the church's jurisdiction covers all UK. Sl. Olav's Church is 8 Christian, Cultural and Social Centre for Norwegians and has belween 20 and 25 thousand visitors each year. In 1996 an extension was built to accommodate the increasing number of people and activities. Page 2 THE NORWEGIAN CHURCH REPORT OF THE TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Until 31 December 2018 the activities of the charity were undertaken by The Norwegian Church and Seamen's Mission la trust based charity. charity number 2202351. The trustees of that charity, after 18king suitable advice, look the decision that the trust based structure would no longer be 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 Seamen's Mission were transferred lo The Norwegian Church. The trustees of the charities are the same. The principal acb'vity of the charitys branch in Aberdeen (The Norwegian Church and Seamen's Missionl is religious and social welfare amongst the target groups. Background.. The 1990-ies saw a steady increase of Norwegian boats and vessels visi(ing the East Coast of Scotland. This coupled with the growing fish farming industry on the Wesl Coast of Scotland created an opportunity for The Charity to expand and lo serve the growing community of Norwegian expats and visiting Norwegian seafarers. In December 2012, following the Scottish based travel service set-up in 2002, The Norwegian Church and Seamen's Mission established it5 Aberdeen station and resumed the responsibility for ship visiting activities in Scollish ports. The Charity operates from 41 Regent Quay, Aberdeen. Cuff8nt Operat￿ns.. The Norwegian Church and Seamen's Mission in Aberdeen had Iwo full lime employees in 2023 and il enjoyed some adminislralive support from the Norwegian Church in London. The Aberdeen slalion focuses on soaal outreach activib'es such as visiting boats and vessels that either are Norwegian owned or have Norwegian crew onboard or c￿W members who have been hospilalised, The Norwegian Church and Seamen's Mission is part of the Norwegian Church Abroad, s emergency team that supports people who experience crisis and acadents abroad. In 2023, the charity visited 409 Ve5￿lS with a total of 2,016 seafarers onboard, docknng mainly in Aberdeen and the East Coast of Scotland, but also on the Wesl Coast of Scodand. The Church is open every Thursday evening for informal gatherings, during which homomade waffle$ and hol beverages are served. These evenings are mainly frequented by crew docked in Aberdeen and by member5 of the local community. In addition to sooal events such as sightseeing Inps for seafarers when in port and - on a less frequent and MO￿ ad hoc basis - The Norwegian chU￿h and Seamen's Mission also oryanises family days and dinners for Norwegian residents or residents having Norwegian connections in Aberdeen or the surrounding area. The Charity can also open ils premises upon request The Notwegian Church and Seamen'5 Mission holds a couple of lay led services a year in Aberdeen with worshipping, reading. prayers, reflection or short talks and il can offer services such a5 blessing of marriages. Due lo the scale of operation located in Aberdeen, many administrative matters are handled by The Norwegian Church in London. Page 3 THE NORWEGIAN CHURCH REPORT OF THE TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Significant activltles In line wth the Basic Rules and Strategy Document of The Norwegian Seamen's MissionlNorwegian Church abroad, as well as our local strategy plans, we have achieved our objectives. Services, baptisms, confirmation5, weddings and funerals are part of the work of the Church, as well a5 cultural events ?nd soaal work arnongst the target groups. Social work includes monthly home visits lo the eldedy, hospital visits lo sick Norwegians and prison visits. In addition to this and to help loneliness and isolation, a group of volunteers offers regular phone calls to older adults who wishes a conversation in their mother tongue. Originally sel up during COVID, the initiative has proven a valuable way of reaching members of the Norwegian community who live outside London and the Southeast and in 2023 the number of volunteers signing up to participate in¢reased. Cultural events includes the annual Constitution Day Celebrations. annual Christmas Fair, Sunday lunch coffee and treats after the Sunday Service. weekly toddler song and family lunch, bi-weekly Saturday school and lunch, monthly students, dinner arid Women Society every fortnight. The charity's plan for the construction of flats to the rear of the church has commenced through the charity's subsidiary Sl Olavs House Limited. on￿ let the flats will generate future income for the charity. Public beneflt The trustees confimi that they have complied with the duty in s17151 of the Charities Act 2011 to have due regard to the Charity Commission's guidance on public benefit. This includes the additional guidance for ch8ri1ies on the advancement of religion, in deciding what activities the charity should undertake, in line with its aims and objectives. Achievements and performance Historically. the biggest fundraiser locally is the annual Christmas Fair selling goods imported from Norway as well as handicraft produced by local parishioners. After COVID the charity's ability to run this event has gradually developed, the trustees believe that this event will retum lo ils previous popularity when the construction works are finished in 2024.The church has continued lo provide support lo its Visitors. Page 4 THE NORWEGIAN CHURCH REPORT OF THE TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Flnanclal review As noted above the assets and liabilitie$ of The Norwegian Church and Seamen's Mission were transferred to the charity on 1 January 2019. A summary of the ye8rfs results are presented on page 13. Total incoming resources amounted to £766,05612022.. £2,100,374) and totsl resour￿$ expended amounted to £871,21012022.' £747.1001. During the previous year the charity, having obtained the necessary Charity Commission approval, transferred properties and granted a long lease lo ils subsidiary, Sl Olav's House Limited for £2,550,000. Consideration for the transfer was settled with a 25 year loan. The £1.270,361 profil generated on the transfer is ineluded within other income. The Injstees remain confident that the charity remains in a strong finanThal position. Any shortrall in income again31 budgeted expenditure can be rectified by ¢alling upon the support of The Norwegian Head Office. The balance sheet on page 14 shows totsl funds at the year end of £3,973.916 12022.. £4,079,070). This comprises unrestricted fijnds, the general fund and a designated fund INoNegi8n Benevolent fund) with a balances of £3,580,39812022. £3,685,552) and £68,029 12022. £68.0291 respectively. In addition, during 2020 the charity received a donation specifically towards the project to develop flats. This amount is held in 8 restricted fund. the balance al the year end was £325,489 12022.. £325,489). The charitys income is derived from sources in the UK and Norway. The Norwegian Head Office 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 Notwegian Seamen's Mission in Bergen, NO￿aY and are subject to their approval. Reserves policy It is the Iruslees. policy is lo retain sufficient reserves lo ensure that the charity's day to day commitments can be met. The charity 1$ dependent on donations, legacie5 and fvnd raising events for the majority of its income. the timing and amount of which is variable in nature. The trustees the￿fOre consider holding reserves equivalent to 2- 6 months costs to be appropriate. During the year the Charity used some of ils reserve on planning and preparation costs of the development of flats lo 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 ils head office in Norway to help fund it5 operations. Page 5 THE NORWEGIAN CHURCH REPORT OF THE TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Future plan$ The charity's plans for the construction of flats lo the rear of the church, which on¢e rented will generate future income for the charity, are now being realised in the charity's subsidiary St Olav's House Limited and will hopefvlly be finished by 2024. Structure, governance and management Nature of governing document The charity was re9lStered by the Charity Commission for England and W81es on 10 January 2018. The charity is controlled by ils governin9 document, ils articles of association dated 16 March 2017, and conslilutes a company limited by guarantee, as defined by the Companies Act 2006. The Norbvegian Church and Seamen's Mission. Charitsble trust was established in London by a trust deed dated 23rd September 1955. The re9islered address of the charity is 1 Sl. Olavs Square, Albion Street, London, SE16 7JB. The Norwegian Church and Seamen's Mission is a charity with Charity Commission registration number 220235 and The Scottish Charity Regulator registration number SC045876. The principal activty of The Norwegian Church and Seamen's Mission is religious and social welfare. The NO￿egIan Church and Seamen's Mission was registered as an unincorporated association in OSCR 5 August 2015, governed by the same document as 220235. The Objectives registered with OSCR al the lime were.. The aim of the Seamen's Mission is, on the foundation of the Bible and the Creed of the Norwegian Church, lo the work for the advancement of the Kingdom of God among Scandinavian Seamen in foreign ports. Worf( can also be carried on in the Norwegian Ports as long as this is not detrimental lo the activity abroad This aim is to be pursued through the preaching of the Gospel by Ministers and Laymen, by the founding of Seamen's Churches and Reading Rooms, and Schools for Seamen. Decision making The trustees meet al least four limes a year and are elected on a rotating basis for three year terms Induction and training of trustees New Iruslees are given full information on the work of the charity over the last years including minutes, annual reports and accounts. Where appropriate, exlemal trainin9 courses for trustees are offered and internal training is also provided. Represenlats'ves from the Church of Norway Abroad will occasionally visit the charity and give input lo the trustees. Risk Management The trustees have a duty lo identify and review the risks lo which the charity is exposed, in particular those related lo ils oper81ions and finances, and to ensure appropriate controls are in place lo provide reasonable assurance against fraud and error, and to mitigate ils exposure lo major risks. The trustees {who are also the directors of The Norwegian Church for the purposes of company lawl are responsible for preparing the trustees, report and the financial ststements in accordance with the United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounb'ng Practice) and applicable law and regulations. Page 6 THE NORWEGIAN CHURCH REPORT OF THE TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 statement of Tru$tee$' Responsibllitles Company law requires the Iruslees to prepare financial slalements for each financial year. Under company law the Iruslees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the charitable company and of ils incoming resources and application of resources, including ils income and expenditure. for that period. In preparing these financial stslemenls, the trustees are required to.. select suitable accounting polioe5 an.d apply them consislentiy., observe the methods and prinuples in the Charities SORP", make judgements and estimates that are reasonable and prudent., stale whether applicable UK Accounts'ng Standards have been followed. subject lo any material departures disclosed and explained in the financial statements.. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will contsnue in business. Page 7 THE NORWEGIAN CHURCH REPORT OF THE TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Statement of Trustees. Responsibilities The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable companls transactions and disclose with reasonable accuracy 81 any time the financial position of the charitable company and enable them to ensure that the financial ststements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for tsking reasonable steps for the prevention and delecbon of fraud and other irregularities. Dlsclosure of infomiation to auditor Each trustee has taken steps that they ought lo have taken as a trustee in order lo make themselves aware of any relevant audit informats'on las defined by S418 of the Companies Act 20061 and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware. Appointment of auditor Rothmans Audit LLP resigned as the company's auditors and Shaw Gibbs (Audill Limited were appointed to act as the company's auditors. Shaw Gibbs (Auditl Limited are deemed lo be reappointed under section 487121 of the Companies Act 2006. Small companlvs provi¥ion statement The trustees have taken advantage of the small companies, exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the Report of the tru51ees on the grounds that the charity is entiued to prepare its accounts for the year in accordance with the small companies regimo. The annual report was approved by the trustee5 of the charity on behalf by.. and signed on its g Magnus Hops ck Havgar Trustee Page 8 THE NORWEGIAN CHURCH INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE NORWEGIAN CHURCH Opinlon We have audited the financial stslemenls of The Norwegian Church (the 'ch8rity'1 for the year ended 31 December 2023, which comprise the Slalemenl of Financial Aclivilies, Balance Sheet, Slalement of Cash Flows, 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 United Kingdom Accounb'ng Standards, comprising Charities SORP - FRS 102 'The Financial Reporting standard applicable in the UK and Republic of Ireland, and applicable law {United Kingdom Generally Accepted Accounb'ng Practice). In our opin￿n the financial statements.. give a true and fair view of the slate of the charity's affair5 as al 31 December 2023 and of its incoming resource5 and application of resources for the year then ended", have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charitie5 Act 2011 and the Charities and Trustee Investment Iscotlandl Act 2005 and regulation 8 of the Charities Accounts (Scotlandl Regulations 2006. Basis for opinion We condueted our audit in accordance with International Standards on Auditing IUKI {ISAs IUKII and applicable law. Our respon5ibililies under those s18ndards are fvjrther described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 eviden￿ we have obtained 15 sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the tru51ees use of the going concern basis of accounting in the preparation of the financial statements is appropfiate. Based on the work we have performa, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the ¢harilable company's ability lo conb'nue as a going coneem for a period of al least ￿e7Ve months from when the financial slalements are authorised for issue. Our responsibilities and the responsibilities of the Tru51ees with respect to going concem are described in the relevant sections of this report. Other Infomialion The other information comprises the information included in the annual report, other than the financial statements and our audilorfs report Ihereon. The truslee$' are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other informabon and, except to the extent othewse explicitly slated in our report, we do not express any form of assurance Conclusion thereon. Page 9 THE NORWEGIAN CHURCH INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE NORWEGIAN CHURCH In connection with our audit of the financial slalements, our responsibility is lo read the other infomialion and, in doing so, consider whether the other inlormalion is materially inconsistent with the financial statements or our knowledge obtained in the audit or olhemise appears to be materially mi5slated. If we identify such material inconsistencies or apparent material misslatemenls, we are required lo determine whether the￿ is a material misstalemenl in the financial statements or material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomialion, we are required lo report that fact. We have nothing to report in this regard. Matters on whlch we are requlred to report by exception In the light of our knowledge and understanding of the company and ils environrnent obtsined in the course of the audit, we have not identified material misstalemenls in the Trustees report. We have nothing to report in respect of the following matters where the Charib'es (Accounts and Reports) Regulations 2008 and the Charities Accounts (Scollandl Regulats'ons 2006 require us to report lo you if, in our opinion.. the information given in the trustees. report is inconsi5tsnl in any material respect with the financial statements., or sufficient and proper accounting records have not been kept, or the financial slalemenls are not in ¥g￿ement with the accounting records and relums., or we have not received all the informab'on and explanations we require for our audit. Responsibilities of trusteos As explained more fully in the Statement of Trustees, Responsibilities {set out on page 61, the Iruslees (who are also the directors of the charitsble company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inlemal control as the trustees detem)ine is necessary lo enable the preparation of financial statements that are free from material misslalemenl, whether due lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going con￿rn basis of accounting unless the trustees either intend to liquidate the charity or to Cease operations, or have no realistic alternative but lo do so. Auditor's responslbilities for the audit of the financial statements We have been appointed as auditor under section 145 of the Charities Act 2011 and section 4411llcl of the Charities and Trustee Investment Iseotlandl Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misslalemenl, whether due lo fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assuran￿ is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISA5 IUKI will always detect a material misslalemenl when il exists. Misstatements can arise from fraud or error and are conside￿d material if, individually or in the aggregate, they could reasonably be expected lo in1luen￿ the economic decisions of users taken on the basis of these finaneial slatemenls. Page 10 THE NORWEGIAN CHURCH INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE NORWEGIAN CHURCH Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design proeedures in line with our responsibilities, oullined above, lo delect material misstalemenls in respect of irregularits'es, including fraud. The extent to which our procedures are capable of delecling ir￿gUIarl1ies, including fraud is detailed below.. Our approach to identrfying and assessing the risks of material misstalemenl in respect of irwularilies. including fraud and non-compliance with laws and regulations, was as follows". the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills lo identify or recognise non 15,3331 38,084 196,4221 15,333} 1141,0271 Working capital adjustments Decreasellincreasel in debtors Increase in creditors 18 19 98,676 23,293 12.7541 535 Net cash fl¢)ws from operating activities {19,0581 (98,641) Cash flows from Investlng actlvlties Interest re￿1vable and similar income 56,467 79,730 Net de¢￿ase in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December 175,5251 171,331 {18.911} 190,242 95,806 171,331 l of the cash fl¢Jws are derived from continuing operations during the above periods. Page 16 THE NORWEGIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 1 Charity status The Norwegian Church Ilhe 'charity'l is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the Iruslees 15 liable to contribute an amount not exeeeding £1 towards the assets of the charity in the event of liquidation. The address of the registered office is given on page 1. The nature of the charity's operations and ils principal activities are set out in the Report of the trustees on page 2. 2 Accounting policies The principal accounting policies applied in the preparation of these financial slalements are set out below. These policies have been consistenlly applied to all the years presented, unless othe￿ise slated. Going concern The financial statements have been prepared on a going ¢oncem basis. The Iruslees assess whether the use of going concern is appropriate i.e. whether there are any material Un￿rtaIntieS related to events or conditions that may cast significant doubl on the ability of the charity to continue as a going concern. The Iruslees make this assessment in respect of a period of one year from the dale of approval of the financial statements. Statement of compllanco The financial statements have been prepared in accordance with Accounting and ReFK)rting by Charities". Statement of Recommended Practice lapplicable lo charities preparing their accounts in accordanee with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211 li5sued in October 20191- (Charities SORP IFRS 1021}, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Companies A¢t 2006. Basis of preparation The Norwegian Church meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise ststed in the relevant accounting policy notes. The funch'onal currency of the charity is considered lo be pound sterling {£) because that is the currency ol the primary economic environment in which the charity operates. The finanaal ststemenls are presented in pound sterling (£1. Group accounts not prepared The Norwegian Church and 11$ subsidiary comprise a small group. The church has therefore taken advantage of the exemption provided in Section 399 of the Companies Act 2006 not to prepare group financial slalements and accordingly these financial slalements p￿sent information gbout the church as a single undertaking. Page 17 THE NORWEGIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Prior period errors A prior year adjustment has been made to restate the comparab.ve figures for the previous year. This adjustment reflects the Inclusion of the financial activities and position of the charity's branch located in Aberdeen. which were previously excluded from the financial statements. The change has resulted in a increase in totsl funds at 310ecember 2022 by £302,209. Income All income is recognised once the charity has entitlement to the fund, rt is probable that the income will be re￿iVed and the amount of the income receivable can be measured reliably. Donations and legacles Donations are recognised when the charity has been notified in wrrting of both the amount and settlement dale. In the event that a donation is subject to conditions that require 8 level of performance by the charity before the charity is enliued to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those condib.ons is wholly within the control of the charity and il is probable that these conditions will be fulfilled in the reporting period. Legacy gifts are recognised on a case by case basis following the grant of probate when the adminislratorlexeculor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised str)ck exchange, recognition is subject lo the value of the gift being reliably measurable with a degree of ￿aSonable accuracy and the tille to the 8ssel having been transferred lo the charity. Grants rgcgivable Grants are recognised when the charity has an entitlement to the funds and any condition$ linked to the grants have been met. Where performance conditions a￿ attached to the grant and afft yet to be met, the Income is recognised as a liability and in¢luded on the balance sheet as deferred income to be released. Other incomg All income is re¢ogni$ed in the Statement of Financial Activities On￿ the charity has entillemenl lo be funds, it is probable that the income will be received and the amount can be measured reliably. Operating lease rental income is recognised on a slraighl-line basis over the terms of the lease. Bank interest is recognised as income when il is credited or paid. Loan interest is recognised using the effe¢trve interest rale method. Investment ineome is apportioned lo the funds in the ratio of capitsl and unexpended income al the beginning of the year. Income generated on the endowment fund is credited to the ¢Ofresponding income fvnd. Page 18 THE NORWEGIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Expendituro Liabilities are recognised as expenditure as soon ?s there is a leg81 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 ean be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related lo the category. Where costs cannot be directly attributed lo parti¢ular headings they have been allocated to activities on 8 basis consistent with the use of reSoU￿s. Allocation and apportionment of costs Support costs are those functions that assist the work of the charity bul do not d1￿cl1Y undertake charitable aclivilies. Support costs include personnel, finance, administrative and govemance costs which support the operation of the charity and ils activities. These costs are allocated be￿een the costs of charitable activities and raising funds. Taxation The charity is exempl from corporation lax on ils Charitable actwities. Tangible fixed assets Fixed assets are initially recorded al cost, less any svbsequenl accumulated depreeiatson and subsequent accumulated impaimienl losses. Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic lile as follows.. Depreelatlon method and rate not provided 20Yts straight line 25% straight line Asset class Freehold propety Fixtufe and fittings Motor vehicles Heritage assets The charity owns a historic Church dating back to 1927, located at 1 Sl 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 c051, the Trustees do not consider rt appropriate lo charge depreciation in respect of the Church. An annu81 impaimient review is undertaken for the Church. Receivables Trade and other receivables that are re￿1vable within one year and do not constitute a financing transaction are recorded al the undiscounted amount expected lo be received, nel of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially al fair value less transaction costs and subsequenuy al amort15ed cost, nel of impaimient. Cash and cash equivalgnts Cash and cash equivalents comprise cash at bank that are readily convertible lo a known amount of cash and are subject to an insignificant risk of change in value. Page 19 THE NORWEGIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Creditors Creditors are recognised where the charity has a present obligation resulting from a past event thal will probably result in the transfer of funds lo a third party and the amount due lo settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount after allowing for any trade discounts due. Foreign exchange Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling al the reporting date. Transactions in foreign currencies are translated into slerting at the rate of exchange ruling al the dale of transaction. Exchange differences are taken into account in arriving al the operating result. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the Charity. Designated l¥Jnds are unrestricted funds sel aside for specific purposes at the discretion of tho trustees. Restricted income ftjnds are those donated for use in a particular area or for specific purposes, the Use of which is restricted to that area or purpose. Penslons obllgations The chanty operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension ftjnd and the charity has no legal or constru¢live obligation lo pay further contributions even if the fund does not hold sufficient 8ssels to pay all employees the beneffts relab.ng to employee service in the current and prior periods. Contributions to defined contribution plans are recognised in the Statement of Financial Activib'es when they are due. If contribution payments exceed the contn"bution due for servKe, the excess is recognised as a prepayment. 3 Income from donations and legacies Unrestrlcted (As restatgd) 2022 General 2023 Weekly collections Donations Other grants Wages and salaries paid by the Norwegian Seamen's Mission in Bergen Regular annual donations 11,509 34,279 141,368 11,509 34,279 141,368 11,424 24,526 156,717 393,126 486 393,126 486 346,048 5,615 580,768 580,768 544,330 Income from donations and legacies in the Prior year was unrestricted. Page 20 THE NORWEGIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 4 Income from charitable activities Unrestrlcted (As restated) 2022 General 2023 Events Canteen 60,120 14,936 80,120 14,936 32.036 10.613 75,056 75,056 42,649 Income from charitable activites in the prior year was unrestricted. 5 Income from other trading activities Unrestricted (As restated) 2022 General 2023 Christmas fair 68,921 68,921 33.593 68,921 68,921 33,593 Income frorn other trading activities in the prior year was unrestricted. 6 Investment income Unrestricted (As Testated) 2022 General 2023 Loan Inte￿$1 receivable Other investment income Rents re￿iVed 152,674 1.472 55,295 209,441 3,306 38,005 41,311 3.306 38,005 41.311 Investment income in the prior year was L¢nrestricted. 7 Other income 2023 2022 Gains on sale of tangible fixed assets for char+ty's own use 1,270,361 Other income in the prior year was unrestricted. Page 21 THE NORWEGIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 8 Expenditure on raising funds a) Raising funds from charitsble activites Unrestrictèd (As restatèdl 2022 GBn9ral 2023 Events Canteen 66,507 13,715 66,507 13,715 32,150 18,770 Othor trading activitgs Chris￿a5 fair 25,371 25,371 13,141 64,081 105,593 105,593 Expendrture on raising fvnds in the prior year was unrestricted. 9 Expenditure on charitable activities Unrestricted (As restated) 2022 General 2023 Support costs Direct costs 9,213 756,404 9,213 756,404 14,930 668,109 765,617 765,617 683,039 Page 22 THE NORWEGIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Direct costs of tharltable actlvltles Unrestrlcted (As restated) 2022 General 2023 Staff Costs Social security Rent rates and insurances Light and Heal Telephone Postage and stationery Sundries Repairs and renewals Motor and travel Bank Charges Foreign exchange10s$ Payments from designated fvnds Depreciation Cleaning 358,511 71,478 126,699 24,254 14,482 1,501 41,003 52,373 25,801 3,531 11,398 358.511 71,478 126,699 24,254 14,482 1.501 41,003 52.373 25,801 3.531 11.398 356,624 29,073 84,130 26,143 12,994 1.336 50,510 67,434 17,542 2,705 5.865 2,760 10.771 222 10,771 14,602 10,771 14,602 756.404 756,404 668.109 All expenditure on charitsble ath'viles in the prior year was unrestricted. 10 Net incomingloutgoing resources Nel loutgoingll1n￿rnln9 resources for the year include.. 2023 2022 Audit fees Profil on disposal of tangible fixed assets Depreciation of fixed assets 8,000 4,000 11,270,361) 645 10,771 Page 23 THE NORWEGIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11 Trustees remuneration and expenses There were no Iruslees, remuneration or other benefits for the year ended 31 December 2023 nor lor the year ended 310ecember 2022. Revd. Dag Magnus Hopslock Havgar the rector & senior chaplain is also a trustee. He recewes remuneration in respect of his employment as rector & senior ehaplain, no remuneration 1$ paid for services as trustee. The remuneration Is paid by the eharity's head office in Norway. Trustees. expenses There were no Iruslees, expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. 12 Stsff costs The aggregate payroll costs were as follows.. (As restated) 2022 2023 Staff costs durlng the year were: Wages and salaries Social security costs Pension costs 424,234 5,163 592 356,624 29,073 429,989 385,697 The average number of employees during the year was as follows". 2023 No 2022 No Staff 11 During the year key management personnel received remuneration of £61,04012022.' £51,856) and rent free accomodation at a propety owned by the charity. One employee received emoluments of more than £60,000 during the year12022 - none). 13 Taxation The chanty 15 a regi$lered Charity and is therefore exempl from tsxation. Page 24 THE NORWEGIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14 Comparatives for the statsment of financial activities {As rgstatedl Total 2022 Unrestricted Restrictgd Note Income and Endowments from: Donations and legacies Charitable activities Other trading activities Investment income Other income 544,330 42,649 33.593 209,441 1,270,361 544,330 42,649 33,593 209,441 1.270,361 Totsl income 2,100,374 2,100,374 Expenditure on: Raising funds Charitable activities 64,061 683,039 64,061 683,039 Total expenditure 747,100 747,100 Net income 1,353,274 1,353,274 Nel movement in funds 1,353,274 1.353,274 Reconciliation of funds Total funds brought forward Total funds carried foNRrd 2,400,307 325,489 2.725,796 22 3,753,581 325,489 4,079,070 Page 25 THE NORWEGIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15 Tangible fixed assets Freehold propgrty Fixture and fittings otor vehicley Total Cost At 1 January 2023 (Reslatedl At 31 December 2023 1,164,779 3,225 41.903 1,209.907 1,164,779 3,225 41.903 1,209.907 Deprociation Al 1 January 2023 (Restated) Charge for the year 2,580 645 20,785 10,126 23,365 10,771 At 31 December 2023 3,225 30.911 34,136 Net book value At 31 December 2023 1,164,779 10,992 1, t75,771 At 31 December 2022 IReslated} 1,164,779 645 21,118 1,186,542 16 Heritage assets ChU￿h buildings Cost Al 1 January 2023 349,070 Al 31 December 2023 349,070 Net book value At 31 December 2023 and 31 December 2022 349,070 Heritage assets are comprised of the ¢hur¢h buildings. Page 26 THE NORWEGIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17 Fixed asset investments Subsidiary undertakings Cost At 1 January 2023 618 At 31 December 2023 618 Net book value Al 31 December 2023 618 At 31 December2022 618 Details of undertakings Details of the investments in which the charity holds 20% or more of the nominal value of any class of share capital are as follows.. Country of incorporatlon Proportlon of votlng rlghts and shares held 2023 2022 Undertaking Holdlng Subsldlary undertaklngs Sl Olav's House England arbd Limited Wales Ordinary shares 1000 100% There were no investment assets outside the UK. 18 Debtors (As restated) 2022 2023 Amounts owed by group undertakings Other debtors 3,239,354 12,831 3,252,185 3,239.355 13,728 3,253,083 Debtors in¢ludes the foll¢)wing amount receivable after more than one year. 2023 2022 Amounts owed by group undertakings 2,679,711 2,679,711 Page 27 ## **THE NORWEGIAN CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **19 Creditors: amounts falling due within one year** |**19 Creditors: amounts falling due within one year**||| |---|---|---| |Amount due to group undertakings
Accruals and deferred income
**20 Creditors: amounts falling due after one year**
Deferred income|**2023**
**£**
110,651
4,883
115,534
**2023**
**£**
784,000|**(As restated)**
**2022**
**£**
82,908
9,333| |||92,241| |||**2022**
**£**
789,333| Deferred income represents a lease premium receivable from the Chuch's subsidiary undertaking, St. Olav's House Limited, amounting to £800.000 which is being spread over the lease period of 150 years. ## **21Pension and other schemes** ## **Defined contribution pension scheme** The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £592 (2022 - £Nil). ## **22 Funds** |**Unrestricted**
General fund
Benevolent fund
**Total unrestricted**
**Restricted Funds**
St Olav's House
**Total funds**|**(Restated)**
**Balance at**
**1 Jan 2023**
**£**
(3,685,552)
(68,029)
(3,753,581)
(325,489)
(4,079,070)|**Incoming**
**resources**
**£**
(766,056)
-
(766,056)
-
(766,056)|**Resources**
**expended**
**£**
871,210
-
871,210
-
871,210|**Balance at**
**31 Dec 2023**
**£**
(3,580,398)
(68,029)| |---|---|---|---|---| |||||(3,648,427)
(325,489)| |||||(3,973,916)| Page 28 THE NORWEGIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (Restated) Balance at 1 Jan 2022 IRgststgd} Incoming resources (Restated) R9s0urces expgnd9d IRestated} Balance at 31 Do¢ 2022 Unrestricted General fund 12,329,518) 70,789 {2,100,3741 744,340 13,685,552) 68,029 Benevolent fund 2.760 Total unre$tri¢ted 12,400,307) {2,100,374} 747,100 13.753,5811 Restricted st. Olav's House 325,489 325,489 Tolal funds 2,725,796 2,100,374 747,100 4.079,070 Genera Unrestrlcted funds - General fund Unrestricted funds can be used in accordance wth the charitable objectives at the discretion of the trustees. Unrestricted fund - Nor4vegian 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. Restricted funds Reslricled funds of St. Olavs House 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 23 Analysis of net assets between funds Unrestricted General Total funds 2023 Restricted Tangible fixed assets Heritage assets Fixed asset investments Current assets Current liabilities Creditors over 1 year Total net assets as at 31 Deeember 2023 1,175,771 349,070 618 3,022,502 {115,534} 784,000 1,175,771 349,070 618 3,347,991 1115,534} 784,000 325,489 3,648,427 325,489 3,973,916 Page 29 THE NORWEGIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 IRestated) Unrestrlcted IR8stated} Total funds {Restated} Restricted General 2022 Tangible fixed assets Heritage assets Fixed asset investments Current assets Current liabilities Creditors over 1 year 1,186,542 349,070 618 3,098,925 192,2411 1789,333 3,753,581 1,186,542 349,070 618 3,424,414 192,2411 1789,333 325,489 Tot81 nel assets as at 31 December 2022 325,489 4,079,070 24 Related party transactions There were no related party Iran5aclion5 during the year12022.. £nill other than those with wholty owned subsidiaries within the group. Page 30