Company registratlon number.. 10674059 Charity registration number.. 1176607 Scouand Charity registration number: SC045876 THE NORWEGIAN CHURCH (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 THE NORWEGIAN CHURCH CONTENTS Reference and Administrative Deta518 Trustees report 2to7 Independent Audltors, Report 81011 Slalement of Flnancl81 Advllles 12 Balance She81 13to14 Stat8m8nt of C88h Flow8 15 N¢Jts8 10 tho FlnanclBI Stot8menl8 16to28 THE NORWEGIAN CHURCH REFERENCE AND ADMINISTRATIVE DETAILS Trnst••8 Rev. Dag Magnu8 Hopslock Havgar 8aaTd Brauand Anne-sophie M8rw8 Vibeche Standal Dart Anne Margrethe Hovland-Pye Prln¢lpal Offlc• 1 St 01oWs Square Albion Street London SE16 7JB Company Rggl$tratlon Numb•r 10674059 Charity R•gl•tratlon Numb•r England and Wales: 1176607 Scouand.. SC045870 Indèp•nd•nt Audltor Shaw Glbbs (Audit) Limited 19 Salatin House Cedar Road Sutton Surrey SM2 SDA Page 1 THE NORWEGIAN CHURCH REPORT OF THE TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees, who arè dlrectors for the purposes of company law. prasent the annual report togèther with the financial 5talern8nts and auditors, report ol th8 charitable company for the yoar ended 31 Decemb81 2024. The trustees have adopted the provisions of Accountsng and Reporting by ChaTlties.' Slalement of Recommended Practice applicable lo charities prepa￿n9 Ihelr accounts in accordance wilh the FinancAal Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 1021 18ff8ctive 1 January 2019}. Trust••• The following trustees served on the Board during the year and up lo th8 date of approval of thls report and a150 fulfilled the rol8s of directors of the charil8ble company. Rev. Dag Magnu5 Hop51ock Havgar 8aard 8ratland Ann￿SOphIe Marw8 Vlbeche Stsndal Dart Anne MargTethe Hovland-Pye Oblectlves and actlvltl•• ObJ•ct$ •nd alms The Norwegian Church In London dates back lo 1692 when the DanishlNorwegian congregation was formed. In 1696 8 Danlsh Norwegian Church was consocrated in Wapping, bul from 1868. The NoNegian S88men's Mission of Bergen, Norway. look ovgr the responsibihty for N¢ywegian s8afarers and expatriates in London, under the luri8dicbon ol the Bishop of Bergen, Norway. A now church was built and consecrated In Surrey Docks area In 1872 and finally, St. 018Vs Church, the present church, was built and consecrated in 1927. The purpose of the Church and Charlty Is to serve Norwegian expald8tss and seafarers in London and South Easl England, even though the church's jurisdiction covers all UK. St. Olov's Church 15 Christian, Cultural and Social Centre for Norwegians and has between 20 and 25 thousand vls+tor5 each yeBr. In 1996 an extenslon was bu1￿ to accommodate the Increaslng number of people and activit'es. Until 31 December 2018 the 8Ctlvitle$ of the charity were undertaken by The Norwegian Church 8nd Seamen's Mission la Iru$l based charity, charity nvmber 2202351. The truslee5 of that charfly, after taking suitsbl8 8dvlee. took the decision that th8 trust based structure would no longer b• the most appropriate form for the chorily in the future, The Norwegian Church was incorporated in 2017 and registered with the Charity Commission of England and Wale5 on 10 J8nuMry 2018. On 1 January 2019 the assets and li8bililies of Th8 Notwegian Church and Seamen's MissSon were transferred lo The Norwegian Church. The trustees of the two charities are the sam8. Page 2 THE NORWEGIAN CHURCH REPORT OF THE TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Current operatlons Th8 church is open lo the public Wednesday to Saturday. 12pm - 3 pm for coffee and waffles, and for Sunday service at 11am. In line Mlh the Basic Rules and Slr8tegy Document of The Norwèglan Seamen's MisslonlNorwegi8n Church abroad, as well as our local strategy plans, we have achieved our objectives. Sorvices. baptisms, confirrnalions, weddings and funerals are part of the work of th$ Church, as wall as cultural events and social work amongst th& target groups. Soci81 work includes monthly home vlslls lo th8 8ldady, hospital vlsils lo s5ck NonNegians and prfson vislts. In addillon to Ihls and to help lon8liness and isolab"on, a group of volunteers offers regular phone calls to older adults who wishes a conversatlon in their mother tongue. Orlginally sel up during COVID, the initiative has proven a valuabb way of reaching members of the Norweglan Community who live outside London and the Southeast and In 2024 thé number of volunlws signing up to particlp8tg Increosed. Cultural events includes the annual Constilutlon Day Celebrations, annual Chdslmas F81r. Sund8y lunch coff88 8nd tr¥ats after Ihe Sund8y ServlGe, weekly toddler song and lamlly lunch, bl-weekly Saturday schrK*I and lunch, monthly students. dSnner and Women Soclety every f¢ythight. Aberd••n branch Th& prlncSpal activity of Ihe chariil5 branch in Aberd8en (The NO￿glan Church and Sgamen's Mlsslonl Is réligious and soclal wellar8 amongsl the larg8t groups. Background.. The 19904es 68w a steady incraasa of Norweglan b0818 and v8ss8ls visiting the Ea81 Coast ol Scouand. This coupled with the growing fish f8Tmlng industry on the West Coayt of Scotland crèated an opportunity for The Charily lo expand and to sèrve the growing community ol NOn￿￿glan expats and visiting Norw8gian seaf3r8rs. In December 2012, following tha Scotbsh based travel service got-up in 2002, The Norwegian Church and Seamen's Mission eg18bli8hed lis Aberdeen 51atlon and resumed th8 respon5ibilily lor ship visiting activitie5 in Scollish ports. Thè Charity operal8s from 41 Regent Quay, Aberdeen. Page 3 THE NORWEGIAN CHURCH REPORT OF THE TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 CurTrnl operations The NonNegian Church and Seam8n's Mission in Aberdeen had full lime 8mployees in 2024 and it enjoyed some administrative support frDM the Norwegian Church in London. The Aberdeen 5181ion focuses on social outreach aclivhies such as visklng boats and vessels that either are Notweglan owned or have NO￿egIan crew onboard or crew membars who have be8n hospilali58d.' Th NoN8gSan Church and Seamen&apos.'s Mission is part of the Norwegian Church Abroad, s emergency team that supports people who experience crisis and acddenls abroad. The Church is open 8very ThLJrsday evening for infomial gatherings. during which homernade waffles and hol b8v8rages are served. These evenings are malnly frequented by crew docked In Aberdeen nd by m8mb¢rs of the local community. In additson to social events such as sighlseelng tn'ps for sealarars when in port and ory a less fr8quent and more ad hoc basis - Th8 Norwègian Church and Seamen's Mlsslon also organlses famlly day3 and dinners lor Norweglan residents or re5id8nts havlng Norweglan conneclons in Aberdeen or the surrounding area. The Charity can also open Its prernises upon rèquèst. Th8 Norwegian Church and Seamen's Mission holds a couple of lay led S8nilces 8 year in Aberdgen wlth worshbpplng. re8ding, prayers, reflectSon or 8hort talks and It can offer services such 05 blessing of marriages. Due to lh8 scale of operafjon located In Aberdeen. administralive matters are handlgd by Thg NO￿o91an Church in London. Publ1¢ benent The Iru51ee5 confirm that they have wmplled wblh the duty In $17151 of Ihe Charltles AGI 2011 to have due regard lo the Charity Commission's guldance on public b8n8flt. This includes the addillonal guldance for charlles on tha advancement of religlon, In d8cidlng what activities the charity should undertak8, Ilne with its aims and objectives. Futur• plgns The chorlty's plan for lh6 construction ol flats lo the rear of th8 church has completed since the year end through the ch8rlWs subsldiary Sl Olav's House Llmiled. Onc8 101 the flats will genèralg future Income lor tho ¢harity. Golng con￿rn The Tru8tees h8ve consld8red the financial poslllon of thè charfty and conllmi Ih8t Ih8r• are no materi81 uncertainties regarding its ability lo conttnue 8s a golng concern. The Norw&gi8n Head OffSce h85 provlded a formal guarantee 10 5UPPOrt the charity's cash flow requir8menl8. Consequently, should thère be any shorttall caused by rèduced activity or a reduction in income generated locally, odditional funding will be made available to ensure the charity can continue its operations for the foreseeable lulur8. Th8 Trustees are therefore sat15fi8d that the preparation of th8 financial 8tst8monls on 8 gThng concern basis is appropriat8. Page 4 THE NORWEGIAN CHURCH REPORT OF THE TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 FlnaneSal revlew A summary of the yearfs results ar8 presented on page 12. Total Incoming resources amounted to £859.984 12023.. £766,056) and tr>tal resources expended amounted lo £885,501 12023.. £871,210). The trustees remain confident that the charity remains Sn 8 strong fln8nGi81 posib'on. Any shortfall in income against budgeted expenditure can be reclthed by calllng upon the support of The Norwegi8n Head Office. The balanc8 sheet on pag& 13 shows total funds at the year ènd Csf £3,948.399 12023-. £3,973,916). This comprises Iwo unrestricted ftjnds. the ganeral fund and a designated fund (Norwegian Benevolent fund) wlth balances of £3,554,881 12023.. £3.580.3981 and £68,029 12023: £68,029> resp8clively. In 8ddilion, during 2020 the charity received a donation specifically towards the proj8Ct to ¢valop flats. This amount is held In a réslrietèd fund, the balance at the year end was £325,489 12023.. £325.4891. The charitls income15 d8rived from sources in the UK and NonNay. The Norwegian Head Office p8yS tho salaroès. The NO￿O918n Head Offlce gu8T8n189s the cash fow requlrements of the charfty; consequently if there is a cash shortlall caused by reduced activlty or a reductlon In the In￿rne g8nerated locally funding wll be made av8ilable lo ensure the charity can continu8 its operation. Annual ond monthly accounts, as well 8s budgets are sent lo th& Norw8gi8n Seamen's MSsslon In Bergen, Norway and are Subject to their approval. ResoN•s pollcy 11 Is th6 trustggs, pollcy lo retaln suffldent re8eryes lo onsure that the cha￿ty5 day to day commllments ¢an bg mgt. The charily 15 dependent on donallon$, 1ogaa•8 and fund raI81ng events for the malorfly of Ils Income, the tlming and amount of whlch Is v8riable In nature. The trustees Ihereforo conslder holding reserves equlvalent lo 2 - 6 months Costs to b8 appropriale. During the year the chadly used som& ol Its reseNe on plannlng and prepara￿On costs of the d8velopmgnl ol flats lo the rear of the church which will generate a lulure In¢om9 stream lor the Charity. The charity is able lo c811 upon the support of head office in Norway to help lund its operations. Page 5 THE NORWEGIAN CHURCH REPORT OF THE TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Struetur•* gov•rnanc• and manag•ment Nature of 9owgrning documènt The charity was registered by the Charity Commission lor EngL9nd and Wa￿S on 10 January 2018. Thè charity is controlled by its governing document, its arbcl8s of association dated 16 March 2017, and conslilules a Company lirnked by guarantee, 8$ defined by the Companies Act 2006. The Norwegian Church and Seam8n's Mission, Charitable trust was tstsbllshgd in London by a tnjsl 8gd dated 23rd September 1955. The registered addre55 of the ¢harfty 1$ 1 St. Olav's Square. Albion Street, London. SE16 7JB. The Norweglan Church and Seamtrn's Mission is a charity wlth Charity CommissSon regislr81ion number 220235 8nd The Scottish Charity Regulator registration number SC045876. The Prtnclpal acuvlty of The NI)￿&918n Church and Seamen's MSssSon Is rellglous and 6oci81 welfare. The Norwegian Church and Seamen's Mlsslon was reglsl8red as 8n unSncorpor8tad 8ssoclaUon In OSCR 5 August 2015, govomed by the same document as 220235. Th8 Oblecliv8s r8gist8r8d with OSCR Bt the time were.. The aim of the Seamen's Misslon 15, on the foundation of the Bitle 8nd the Creed of the Non￿￿91an Church. to the work for the advancement of the Kingdom of God among Scandinavian Seamen in foreign porls. Work can also be carried on in th8 NOn￿aghan Ports as long as this is not detrimental to the activity abroad This aim is lo be pursued Ihrough the preaching of the Gospel by Mlnlsters and Laymen, by the founding of Sgamen's Churchas and Raodlng Rooms. and Schools for Seamen. D•clslon maklng The trustees m88t at least four timès a year and are elected on a rotallng basis for Ihree y8ar tarms Inductlon and tralnlng of trustee$ New Irustees are given lull infomalion on the work ol the charity over the last years including minut85, annual report5 and aceounls, whe￿ appropriate, exlomal tr8ining courses for trustees are offered and Internal trainlng is also provided. Representstives from the Church of NO￿aY Abroad wlll OCC8SIDnally vislt tho charily and give input lo Ihe Iruslees. Rlsk M8n•g•ment The trustees h8ve a duty to identify 8nd revlew the risks lo which the charity Is exposed, In p8rtScular those r81ated lo its operations and finances, and lo ensure appropri8le controls 8r8 in place to provide reasonable assurance against fraud and error, and lo mlllgate Ils exposure to major risks. Non-adjustlng gvent5 aft•r th• financlal perlod Subsequent to the 2024 year end, The Norwegian Church registered a new Gharfly wlh OSCR, Th¥ Norw8gian Church. SC054016. This tharity has been established to repl3ce Th8 Norw8gian Church and Searnen's Mission, SC045876. The Iruslees Ivtho are also the dlrectors of Thè NoFweglan Church for the purposes of cornpany lawl are responsible for preparSng the trustees. report and the financial statements in accordance wlth the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel and applicable law and regulations. Page 6 THE NORWEGIAN CHURCH REPORT OF THE TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of Trustees. Re$ponslbllltles Company law requires the Iwsle8s lo prepare financial statements for each flnanclal y8ar. Und•r cornpany law the trustees mLJSt not 8pprove the financial slaternents un18SS thay are satssfied ihat they give a trLse and fair view of the state of affairs of the charitable company and of its incoming resources and applic8lion of r8souTCèS, including its income and expendSlure. for that perfod. In preparfng these fin8n¢ial statements, the trustees are requirèd to: sele¢t suitable accounting policies and apply them consislently., observe th• m8thods and prtnciples in th8 Charilies SORP,, make judgements and 8Stimales that are rgason8bl8 and prudont., state whgther applicable UK Accounting Standard8 h8V8 been followed, subject lo any malerlal dep8rturès disdosed and explained in the financial 8latements', and pr¢parts the financial statements on the golng concern basis unless it is inappropriate to presurne that the charitable company wlll continue in business. Dlsclogure ol Inlormatlon t¢ audltor Each trustae has taken 51ep5 that they oughl to have taken as a trustee In ord•r lo make Ihems8lvès aware of any relevant audit information las defined by S418 01 the Companles Act 20061 and to establish that the charity's auditor is aware of that inlomiallon. The Iruslee8 conflmi that there is no r818vant infomiailon that they know of and of whlch they know Ihe audilor is unaware. AppoSntm•nt of audltor The audilor5 Shaw Glbbs (Audltl Llmiled are deemed lo be re8ppoSnled undOT Sgctlon 487121 of the Compan18s Act 2006. The 8nnu81 report W88 approved by the Iru$tso$ of the charlty on 30 S8p16mber 2025 and slgned on half by.. nus Hopslo gar Truste Page 7 THE NORWEGIAN CHURCH INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE NORWEGIAN CHURCH Oplnlon We have audited th8 financial stat8m8nts of The Norwegian Church Ilhe 'chaTily'l for the y8ar 8nd8d 31 December 2024, which comprise the Statement of Financial Acliviuès. Balance Sheel, Statement of Cash Flowg, and Notes to the Finanaal Stalemenls, includlng a sumfflary of signiflcanl accounting policies. The financial reporting framework Ihat has been appllod in their proparalion is Unit8d Kingdom Accounting Standard5, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Irel8nd' and applicable law (United Kingdom Generally Accepted Awguntsng Practicel. In our opinion the financial statem¢nts'. gSv8 8 true an¢J falr view of the state of the charoty's affalrs as at 31 December 2024 and of ils incoming rosources and application of resource5 for the y8ar then ended.. have been properfy prepared In accordance with Unlted Klngdorn Generally Acceptèd Accounting Pracllc8', and have been prepared In accordance vAlh the requiTem8n18 of the Charities Act 2011 and th8 Charities and Trustee Investment Iscodandl Act 2005 and re9ulalion 8 of the Charities Accounts (Scollandl Regulaliong 2006. Basls for oplnlon We conducted our aud51 In accordance wlth Internauonal Standards on Audlting {UKI IISAS IUKII and applicable law. Our re5ponsibllilies under those standards are further described in the Auditor's responsibillues for the audit of thè financi81 slalemenls sectson ol our report. We are independent of the ¢harfty In a¢cordanc¢ with the ethical requirements that are relovanl to our audlt of the financlal stBt8mènt8 in the UK, includlng Ihe FRC'S Ethical Standard, and we h8ve fulflllod our other ethical responslbililies In accordanc8 wllh the58 requiwmenls, Wè balièva that th8 audlt evidence we have obtained is sufficient and 8ppropriate to provide a b8sis for our opHiion. Concluslons relatlng to golng conctrm In auditing the financlal statements, we hav8 concluded that the Iruslee8 uso of tha going concern basis of accounting in the preparation of th8 fin8neiBI stalèments is appropriale. Based on the work we have perforrned, we have not Ideniined any material uncertainties relallng lo events or conditions that, Indlvidually or collecllvely, may casl significant doubt on Ihe chariiable compan15 8blllty to contlnue as 8 going concem for a period of at least ￿1ve months from when the financial stBtemenis ar• authorised for issue. Our règponsibllitlès and the reSpOn￿bilItIeS of the Trustee5 with Tespecl lo going concern are described in thè r8levant sections of this report. Other Informatlon Thè other informallon comprlses the Inforrnadon Included in thè annual report, othèr than the flnanclal statements and our audStor's report th¢reon. The trusteès, are responsible for the other information contsinèd within th8 annual report. Our opinion on the fin8nci81 yi8tefflents do•s not cov8r the other informalion and, excepl to the exlenl olhtrrwlse expllcllly stated In our report, we do not express any forni of assurance condusion thereon. Page 8 THE NORWEGIAN CHURCH INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE NORWEGIAN CHURCH In conneth'on with our audr( of the finanGial statements, our responsibility 1$ to read the other information and, in doing so, consider whèther the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. tf we identify such material inconslstencles or apparent material misslalements, we are required lo determine wh8th8r thare is a material rni55tst8m8nt in the financial statements or a alerial misstal8ment ol Ihe other informa￿on. If. basèd on ihe work we have perfornied, we conclude that there is g material mi551alemenl of thls other infoimalion, we are requlred lo rep(wt that fact. We have nothlng to report In IhSs regard. Malters on whlch we are requlred to r•port by ¢xceptlon In the Ilghl of our knowledge and understandSng of the company and tts Onvlronment obtained In Ihg course of the audit, we have not identified material misslalements in the Trust&es report. W8 hav8 nothing to report Sn respect of the follthng matters where the Charltles (Accounts and Reports) Regulalions 2008 and tho Charits'es Accounts Iscouandl Regulations 2006 requir8 us lo report lo you if, in our oplnlon.. the inforniaiion given in tha trusta8s' report is inconsi81ènl Sn any malerlal respecl with the financl81 statcmenls,. or sufficlent and proper accounllng records hav8 not be&n kept.. or the fln8ncial statemants are not in agreement with the accounting records and returns; or have not recelved 811 the infomiatSon and explanations ￿ r8quir8 for our audit. R•sponslbllltle• ol truBt•es As explalned morg lully in the Slalemenl of Trustees, Responsibilities Isel out on page 61, the truste95 (who ar8 also the directors of the charitable company for the purposes of company lawl are rgsponslble for the preparallon of the flnanclal statements and for belng satisfied that they give a true and falr ￿ew, and for Such inlemal control as the Ifuslees determlne Is necessary lo enable the preparation of finaneial siatements that are free from rnaledal misstat8ment, whether due to fraud or error. In preparing Ihe flnancl81 stsl8m8nls, the trustees ale rtspc*)sib18 for ass8ssing the charit15 8blllty lo continue as 8 golng concèm. disclosing, as appllcable, m8tters related to golng concern and uslng the going conc¥m basis of accounting unless th8 trust88S 8lther inlend lo liquidalo tho charfly or to cease operations, or have no realistic allernallve but lo do so. Audltor'$ r•sponsibiliti•* f¢x the audlt of th• flnanclal siatements We have been appointed as auditor under section 144 of the Charities Act 2011 and section 4411 Ilcl ol the Charities and Trustee Inveslmenl (Scotlandl Act 2005 and report In accordanc9 With the Act and relevant regulations made or having affect (hereunder. Our objective5 are to obtsin rga$onable assurance about whether the financial statements as a whde are free from matèri81 misstatement, vthether due lo fraud or error, and to Issue an auditor's r8POrt that includes our opinion. Reasonable assurancè Is 8 hSgh level of assuranc8, bul Is not 8 guarantee that an audit conducted in accordance wlth ISAS IUKI will alway5 delecl a material misstatement whtrn it exists. misslalemen15 can arise from froud or error and 8re considèred material if. individually or in the aggreg8te, they could reasonably be expected to Influ8n¢e Ihe 8conomic decssions of users taken on the ba818 of these financlal statements. Page 9 THE NORWEGIAN CHURCH INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE NORWEGIAN CHURCH Irregularities, including fraud, are Inslan¢trs of non-compliance with laws and regulations. We deswn procedures in line wth our r8sponsibilities, outlined above, lo detect maltrrial misstatements in respect of irregu5arSties, Induding fraud. The extenl to which our procedures are capable of delectlng Irregulartties, including fraud is detailed below.. Our approach to idtsnllfying and assessbng the rfsks of materi81 misstal8menl in respect of Irregularftl6s, including ftaud and nonrtis#d cost, n•t of impairment. Cash and ¢•sh •qulvJlents Cash and ce8h equlvalonts ¢omprfse cash at bank tho18re readlly convertlble to a known amount of cash and are subj8Ct to an insignificant risk of change in value. Crodltors Creditors are r8cognlsed where the charity has a present obligation resulting from a pasl 8vanl that wlll probably result In the transf8r of funds lo 8 third party and the amount due lo sattle the obligBllon can be measured or eslimaled reliably. Credllors recognlsed at their settlement amount after allowing for any trade discounts due. Forelgn exchange Assèts And liabilitiés in foreign currencies are translated into sterling al the rates of exchang8 ruling at the reporting date. Transactions in foreign curTencie5 are translated into st¢rling at the rale of exchange ruling al the date of transaction. Exchange differences are taken into account in arriving at the op8r8tlng result. Page t8 THE NORWEGIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Fund structure Unrestricted income fiJnd5 are general funds that are available for use 81 th¢ trustees discrelion in furtherance of the oblectSves of the charlty. Designated funds are unrestricted fund5 sel aside for Bpecific purposes at the discr•Jon of th8 trustees. Restrfcted Income funds are those donated for use In a particular awa or for specific purposes. the Use ol whlch Is reslrfctsd to that area or purpos8. Penslons obllgatlons The charity operates a deflned contribution penslon scheme which Is 8 pensSon plan under ￿1¢h fixed contributions are paid Into a pension fund and the charity has no lagal or constructive obligation to pay further conlrlbulions even If the fund does not hold 8ufficlenl 8ssets to pay all employoes the benefits relating lo employe8 servi¢a in th8 curr8nl and prior periods. Contributions to defined conlritsjtion plans arè rèeognlged In the Stslemgnl of FlnancSal Actyvilies when they are due. If conlribullon payment8 exceed the contrlbullon due for $ervlce, the excess Is recognlsed as 8 prtrpaymenl. 3 Income frorn donatlons and legacles Unr•8trl¢t•d G•n•ral 2024 2023 Weekly collections Donalions Contribuilons from the Norneglan Seam8n'8 Mlsslon In Bergen Regular annual d¢)natlons 9.469 29,808 9,469 29,808 11,509 34.279 525,734 289 525,734 269 534.494 565,280 565,280 580.768 Income from donallons and leg8cies in the prior year was unrestricted. 4 Income from charltable actlvltles Unrestrlcted Gonoial 2024 2023 Events Canteen 110,413 17,992 110,413 17.992 60,120 14,936 128,405 128,405 75,056 Income from charltable activites in the prior year was unrestricted. Page 19 THE NORWEGIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 5 Income from other tradlng activltles UnToStrlctsd Gener•1 2024 2023 Bazaar sale$ 63.636 63,636 68.921 63.636 63,636 Income from othar Iradlng adviti88 In the prfor year was unrestrlcted. 6 Investment Income Unr•¥trl¢t•d G•norn1 2024 2023 Olhar Snvestment incom Rents received 2.227 100,436 2,227 100,438 3.306 38,005 102.663 102,663 41,311 Inve51menl Income Sn the prfor y98r w8s unrastrfcled. 7 Expendlture on ralslng funds a) Ralslng funds from charltable actlvlles Unrostrlcted General 2024 2023 Events Canteen 100.623 12,029 100,623 12,029 66,507 13,715 Other tr4dlng 4ctlvlte# BazB8f sales 25.371 135 597 135597 105.593 Expendlture on raSslng funds in the prior yaar was unr88trictod. Page 20 THE NORWEGIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 8 Expondlture on charltable actlvltles UnrestrScted G•nèral 2024 2023 Support costs Dlrect costs 24,280 725,624 24,280 725.624 9.213 756,404 765,617 749.904 749,904 Dlr•ct coBt8 of charltsblo actlvltle Unr•strl¢t•d G•nerAI 2024 2023 Staff Costs Soclal s8curfty R8nt rates and insurances Light and Heal Telephon8 Postsge and stallonery Sundries Repair5 and renewals Motor and travel Bank Ch8rg8s Forelgn exchBnge los$ Depreciation Cleaning 364,654 69,781 119,882 35,294 14,164 1.592 35.354 26,611 26,897 3,773 9,467 7,606 10,549 725,624 364,654 69.781 119,882 35,294 14,164 1,592 35,354 26,611 26.897 3.773 9.467 7.606 10,549 725.624 358,511 71,478 126,699 24,254 14,482 1,501 41,003 52,373 25,801 3.531 11,398 10,771 14,602 756,404 All expenditure on charftable activlles In the prfor year was unrestrlcted. 9 Net Incomlngloutgolng resources Nel outgolng resources for the year Include= 2024 2023 Audit of the charity8 finacial ststemenls Other non-8udlt sethces Depreclatlon of fixed 89s819 10,500 5,500 7,606 5,750 3.000 10.771 Page 21 THE NORWEGIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10 Trustees r8muneratlon and expenses Ther8 w8r8 no Iruslees, r8muner81ion or other b8nafits for the yaar ended 31 December 2024 nor for th8 year ended 31 December 2023. Revd. Dag Magnus Hop8lock H8vgar the rector & senior chaplain is also 8 trust88. H8 r8celv8S remunerallon in respecl of hls 8mploym8nl 8s r8Ctor & senlor chaplain. no remun8ralion Is paid for servicès as trustee. The remuneration is paid by the charity's head office In Norway. Trusto•s' •xp•ns•$ There were no tru5te88' 8xpenses pald for the yoar endgd 31 Dgcèmbar 2024 nor for the year ended 31 Dec8mb8r 2023. 11 Staff costs The aggr8gale payroll costs wgre 88 follows.. 2024 2023 Staff ¢o•ls durSng th• year w•r•: Wages and salaries Social s8cudly costs Pension costs 423,430 8,￿2 2,363 424,234 5,163 592 434,435 429,989 The avorage number of employees during the year wa5 as folhm.. 2024 No 2023 Staff During the year key management personnel received r&mun8ratlon of £51,830 {2023'. £61,040) and rent free accomodation at a property owned by the charfty. No employee received emoluments of more thon £60,000 during the y88r12023- ono arnployeel. 12 Taxation The charity is a registsrèd charity and 18 thèrefore ex&mpt from t8xatK)n. Pège 22 THE NORWEGIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13 Comparatlves for the statement of flnanclal actlvltles Total 2023 Unrestrlcted R••trlctsd Not• Incom• and Endowments from: Don8liotlS 8nd 18gacies Charitabl8 activities Olhar trading activities Investment income 580,768 75,058 68,921 41.311 580,768 75,056 68,921 41,311 Total income 766.056 766,056 Exp•ndlturn on: Raising funds Charftable ac15vlU85 105,593 765.617 105.593 765,617 Total expenditure N81 expendiluT8 871,210 871,210 105.154 105,154 Net mov8m&nt in funds {105.1541 {105,154) Recon¢lll8tlon of funds Total funds brought forward Tol81 fvnds carried forward 3.753.581 325,489 4,079,070 21 3,648,427 325,489 3 973,916 Page 23 THE NORWEGIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14 Tanglble flxed assets Frnehold property Flxtur? and flttlngs Motor vehlcles Total Cost Al 1 January 2024 At 31 Docember 2024 1,164.779 3,225 41,903 1.209.907 1,164.779 3,225 41,903 1.209.907 Deprncl•tlon Al f January 2024 Charge for the ye8r Al 31 December 2024 3,225 30,911 7.606 34.136 7.606 3,225 38,517 N•t book v•luo At 31 December 2024 1,164,779 3,386 1,168.165 Al 31 December 2023 1,164,779 10,992 1,175,771 15 Herltage assetg ch￿￿h bulldlngs Co•t At 1 January 2024 Al 31 December 2024 349.070 349,070 N•t book valu• Al 31 December 2024 and 31 Dec8mb8r 2023 349,070 Page 24 THE NORWEGIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16 Flxed asset Investments Subsldlary undertaklngs Cost At 1 January 2024 618 At 31 D8C8mber 2024 618 Not book valu• At 310ecember 2024 618 At 31 December 2023 618 Delalls of undartaklngs Details of the inv85tm8nts in whieh the charity holds 20% or more of the nominal value of any c18ss of $hare capltal are as follows.. Country of Incorporatlon Proportlon of votlng rlghts and shart$ held 2024 2023 Undertaklng Holdlng Sublldlary und•rtaklng• Sl Olav's Housa En9land and Limited Wales Ordinary shares 100% 100% There were no investment assets outslde the UK. 17 Debtors 2024 1023 Amount due from subsldbary undertaklng Other d8btors 3,211,611 3.239,354 3.231.127 3,252,185 08btors Includes thè following amount rec8lvable after more than one year. 2024 2023 Amount due from 5ubsldSary und8rtaking 1 006 853 2,679 711 Page 25 THE NORWEGIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Arnounts du8 from Subsidiary undertaking include a secured loan of £2,550.000. The loan is payable over 25 years and will accrue interest at 1.5D/o above Bank of Engl8nd ba88 r8le ¢)nce construction work Is completed on the subsldlarls leasehold prop8rty. All other amounts due from subsidSary undertaking are unsecured, paydble on dem8nd and non-int8r8st ￿aring. 18 Credltors: amounts falllng due wlthin one year 2024 2023 Amount due to group undertakin9S Accruals and deferred income 82,908 21,333 104,241 110.651 4,883 115,534 19 Credltors: amounts falling due after one yoar 2024 2023 Deferred In￿Me 773,334 784,000 Deferred Income repr888nls a lease premlum recelvabla frorn the Chuch's subsidlary undertaking. St. Olav's House Llmlled, amounllng lo £800.000 whlch is b85ng spread over the lease period of 150 years. 20 Pension and other schemes D•fin•d contrlbutlon pfrnslon sch•m• The charity operates a defined contribution pension scheme, Th8 p8nsion cost charge for the year represents conthbutlons payable by the charity to the scheme and amounted to £2,36312023 - £5921. Page 26 THE NORWEGIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21 Funds Balance at 1 Jan 2024 Incomlng resourcès R•sour¢•s xpended 31 Oec 2024 Unf•8trletsd G8neral fund 3,580,398 68,029 859,984 1885,501 3,554,881 Benevolent fund 68.029 Total unr8strlct•d 3,648,427 859,984 1885.5011 3.622.910 Rostrlctod Funds Sl 018v's House 325.489 325,489 Total fund• 3,973.916 859.984 885,501 3,948,399 Balan￿ at 1 Jan 2023 Incomlng rnsourco8 R•sour¢es •xp•nd•d Balance at 31 D•c 2023 Unrestrfcted General fund 3.685,5S2 766.056 1871.2101 3,580,398 Benevolent ftjnd 68,029 68,029 Total unr••trl¢t•d 3.753.581 766,056 1871,2101 3,648,427 Restrlcted Sl. Olav's Hous8 325,489 325,489 Totsl fvnd• 4.079,070 766.056 871,210 3.973,916 G•n•ral Unr••trlct•d fvndB - Gonornl fund Unrestricted funds can be usad in Bccordancè wlth th• ¢harilaNe objectives al th8 diserelion of the tru8le68. Unr•8trlcted fund - Nonvoglan B•n•vol•nt Fund Thè Scandinavian Benevolent Fund ended its activities in 20C6. Ass8ts wer8 don8t¥d lo th8 Norwegian and the Danish church In January 2007. The Norwegian Church continues lo support the Norwegian cib'zens that weia supported in 2006 with a similar afflount of money. Tho Benevolent fL*nd is a designated fund. Restrlcted funds Reslricled funds of St. Olavs House arè donations which the donor has specified are to be solety usad for particular areas of the Church's work or for speofiG pro19￿ undertaken by the Churckn. Page 27 THE NORWEGIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 22 Analysls of net assets between funds Unre3trlct•d Genèral Total fvnds 2023 R•strlct•d Tanglble flxed assets Herflage as88ts Fixed 8S8et Inveslmenls Current 8ssets Curront Ilabllitieg Cfèdilors ovgr l year Totsl nel 888ets 88 8131 Decembor 2024 1,168,165 349,070 618 2,982.632 1104.2411 1773,334 1,168.165 349.070 618 3,308,121 1104.2411 1773,334 325.489 3,622.910 325,489 3,948,399 Unrestrict•d General Total funds 2023 R&•trlct•d Tanglbl& flxed as8ets Heritage assets Fixed asset investments Current assets Current liabilit185 Creditors over 1 year Total net assals as at 31 December 2023 1.175,771 349,070 618 3.022,502 1115,5341 784,000 1.175,771 349,070 618 3,347,991 1115,5341 784,000 325.489 3,648,427 325,489 3.973,916 23 Related party transactlons The Norwegian Church Abroad ISj0mannskirkenl 15 the governing body of the Norwegian Church in London. As al 31 De¢gmber 2024 the Charity owed Sj0m8nnsklrken the sum of £82,908 which is unsecured. p8y8ble on demand and non-lnteresl be8rlng. St Olav's House Ltd is a wholty owed subsidiary ol the Notwegian Church in London. As at 31 December 2024 Sl Olav's House Ltd owed the Charity the sum of £3,211,611. Details of this loan are dlsclosed In Note 17. There were no olher relatod party Iransactions in the year. 24Non-adjusting events after the financial period Subsequent to the 2024 year end. The Norwegian Church registered 8 new charity wtth OSCR, The Norwegian Church, SC054016. Thls charity has been established to replace The No￿egIan Church and Seamen's Misslon. SC045876. PagE 28