NORWEGIAN CHURCH CARDIFF BAY CHARIry NUMBER 1195926 ANNUAL REPORT & FINANaAL STATEMEPUS FOR THE PERIOD ENDED 31 MARCH 2022 CONTENTS OF REPORT l. Members of the Board and Professional Advlsors 2. Trustees Annual Report 3. Governance and Public Benefft 4. Financial Statement 5. Statement by Independent Examiner 6. Future Developments l. MÈmbers of thè Board and Professional Athiisors Members of the Board Martin Price (Chair) Cato Syversen Mike Parkinson Registered Address Norwegian Church Centre Harbour Drive Cardiff CF104PA Telephone- 029 2049 2261 Email.. chair norwe Website: ianchurchcardiff.com ianchurchcardiff.com www.norwe Le8al Advisots Geldards 4 Capital Quarter, Tyndall Street, Cardiff CFIO 4BZ Bank Barclay5 Bank I Churchill Place London E14 5HP 2. Trustees Annual Rewrt The Norwegian Church Cardiff Bay. charity number 1195926 was registered as a charity in September 2021 as the successor chartty to the Norwegian Church Preservation Trust charity number 519831. The idea of a successor charity to the NC Preservation Church was first mooted by members of the We15h Norwegian Society IWNSI who were concerned at proFiosals Put forward by Cardiff Council Iwho were the sole trustee of the Preservation Trust) to seek a commercial tenant for the Church whose occupancy of the Church would cover the costs of maintaining the buildin& a cost that otherwise would fall to the Council. Due to the pandemic and the underutilization of the Church prior to the pandemic the Council had had to underwrite considerable losses incurred by the Church over recent years. Due to the great efforts of members of WNS and in particular by Karen Allen who sadly passed away earlier this year, and with the support of the Architectural Heritage Fund and a crowdfunding campaign. £8.Crf)O was raised to commission a feasibility Study on the future of the Church as a community asset. The feasibility 5tLbdy concluded that an independent charity focusin8 on arts, heritage, community activities, and international link supported by a destination cafe would be viable alternative to the Council'5 proposa15. A workin8 group was established to negotiate with the Council over the transfer of the Church from the Council to a new charity who would take sole responsibility for implementin8 the ideas contained in the feasibilitv study and the maintenance of the ChLbrch as an iconic buildin8 Situated in Cardiff Bav. We are deli8hted that after len8thy negotiations with the Council they agreed to hand over responsibility for the Church to the new charity. Three trustees were appointed to take responsibility for raising start- up capital, appointin8 a 8eneral manager, and establishing an initial pro8ramme of activities designed both to fulfil its ambitions as an arts and community asset and to generate income to cover costs and start the journey to becomin8 a self-sustaining profitable enterprise. The trustees were ably supported by a working group of members of the WNS in both Wales and Norway and members of the local business community in getting the new charity up and runnin8. The transfer of the Church to the new trustees was finally completed in March 2022 and the Church finally opened for business In April 2022. The trustees are grateful to the Waterloo and Moondance Foundations both of whom provided generovs grants to provide start-up funding to help with the appointment of a general manager and investment in key items and additional staff needed to establish the charity as a viable entity. We are also grateful for the on-going support of Cardiff Council and to Ve5tland County in Norway for loaning to the Church artifacts associated with the Church when it was still part of the Norwegian Seaman's mission, which are now on display in the Church. The financial report provided here therefore On￿ cover5 the perlod from September 2021 to March 31 2022, when the Norwegian Church Cardiff Bay was in pre-start-up mode. A General Manager started work in February 2022 and the Church reopened to the public in April 2022. Since then, the Staff and trustee5 have demonstrated that the Church has Breat potential to dellver its ambitious plans and we hope the Norwegian Church Cardiff Bay will become a key feature in the life of the people of Cardiff and Norway and for anyone Inte￿sted in the history of the links between South Wales and Norway from the age of the Vikings. the industrial revolution through to current times as well as a facility for local arts and mu51C perfomiances as well as a resource for local schools and the community of Cardiff. 3. Governance and Public Benefft The Norwegian Church Cardiff Bay INCCBI was registered as a Charitable Incorporated Organisation by the Charity Commission for England and Wales ICCEWI on 27 September 2021. The NCC8 was registered usin8 the model constitution provided by the CCEW. The three initial trustees were- Martin Price Ichairl appointed for four years: Cato Syversen appointed for three years- Mike Parkinson appointed for two years. The constitution of the NCCB allows for the appointment of up to nine trustees. The current Board intends to fecruil new trustees with experience of arts, heritage, community engagement, international links with Norway plus specialist finance and management experience. Publlc Beneflt statement The Norwegian Church Cardiff Bavs charitable objects are for the benefit of the general public and the publlc of Cardiff and South Wales. To further this public benefit the charity focuses on four main areas of charitable activity.. Heritage- through research and educatin8 the public regarding the rich history of the church Since 1868 and the contribution that trade and links between Wales and Morway have had on the social and economic development of South Wales- Arts- through encouragin8 local artists and musicians to make use of the Church as a rehearsal and performance venue and making those performances available to the publit,. Promoting and hosting community activities- working with local organisations, in partiCLtlar local school5, and hosting events to the benefit of other local charities ond community groups,. Promoting and encourage stronger links between the people of Norway and the people of Wales. The trustees have complied with the duty in section 17151 of the Charities Act 2011 to have due regard to public benefit guidance published by the CCEW when exercising any powers or duties to which the guidance is relevant. 4. Financial Ststements orwegian Church Cardiff Bay: Statement ol Financial Actlvftles forthe Period Ended 31 March 2022 Unrestricted 2022 Income Grants received 30,C 1,306 31,306 Donations Total income Expendlture Wa8es and salaries Light and heat Insurance 6,435 714 Accountancy fees Legal fees Subscriptions Bank charges Sundry expenses Total expenditure 3,011 2,451 26 60 24 13.721 Net Income for the perlod 17,585 onvegian Church Cardiff Bay: Balance Sheet as at 31 March 2022. 2022 CURRENT ASSErs Other debtors Cash at bank and in hand Vat 1,197 19,932 983 Total Current Assets 22,112 CURRENT LIABILITIES Trade creditors 2,932 Actruals and deferred income Total Current ￿abIlItIeS 1,595 4,527 NET ASSETS 17,585 RESERVES Unrestricted reserves 17,585 TOTAL RESERVES 17,585 Ipproved by the trustees on 17 January 2023 and signed on their behalf bv-. Dr Martin Price Nonvegian Church Cardlff Bay.. Notes to Accounts: a} Ba515 of preparatlon of the flnancial statements The financial statement5 have been prepared under the historical cost convention and are in accordance with trust law. applicable accounting standards, the Charities SORP (FR1021 {second edition- October 20191 and the Charities Act 2011 b) Fund accounting Unrestrfrted funds are general funds that are available for use at the trusteeg dlscretion In fvrtherance of any of the objectives of the charity. Deslgnated funds are general funds set aside at the discretlon of the trnStees for specific purpose5. Restrirted funds are those donated for use in a particular area or for a 5peclfic purpose. Tangible Fixed Assets and Depreciation Tangible fixed assets are measured at cost less accumulated depreciation. Depreciation is providèd at rates calculated to write off the cost of the fixed assets. less their estimated residual value, over their expected useful lives. Vat The charity has applied for Vat registration and are awaitin the registration certificate from HMRC. Trustee Remuneratlon No trustee received remuneration, expenses or financially benefited through a related party. Cato Syversen one of NCCB'S trustees is Chief Executive of Creditsafe. a company registered with Companies House and the trustees received pro bono support from Marketing and Finance staff employed by Creditsafe durin8 the reporting period. Cato Syversen did not benefit financially from these transactions and no fees or other financial advantage were provided for advice and support re¢elved. Related Party Transartlons There were no related party transactions with regard to the rerA)rtin8 period. The trustees registered a wholly owned trading company Norwegian Church Cardiff Bay Trading Company on the 9 February 2022 bul the Trading Company undertook no trading activities in the financial year endin 31 March2022. 5. Statement by independent Examiner Independent examinerfs report to the trustees of the Norwegian Church Cardiff Bav I report to the trustees on my examination of the accounts of the NO￿egIan Church Cardiff Bay Ithe Trust) for the perioi ended 31 March 2022. Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accoijnts in accordance with the requirements of the Charities Act 20111.the Acf l. I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llb} of the Att. Independent examinerfs statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examinatiorTr givin8 me cause to believe that in any material respect= accounting records were not kept in respect of the Trust as required by section 130 of the Act,- or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the applicable requirements concemin8 the fonn and content of accounts set out li the Charities (Accounts and Reports) Regulations 2(X)8 other than any requirement that the accounts give a 'true anc fair Vie￿ which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connertion with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed.. Name: M. QWPI i<,cFiuq)(I 1023 Address.. 6. Future Developments The trustees intend to establish the Norwegian Church as a destination cafe to provide footfall and income generation for the NCCB and this will be done through the the wholly owned trading company registered with Companies House on the 9 February 2022. The intention for the first full year of operations is to establish the NCCB as a going concern without reliance on grants from funders and to ensure that a proper balance is achieved between Commercial and charitable activities to ensure this is achieved. The trustees are aware that there are external fattors such as the cost of living crisis and the possibility of further lockdowns due to covid may hinder the achievement of this ambition and accep1 that further applications for grants for core ftjnding may be necessary. The intention is also to operate with a positive cash balance and to establish a reseNes poliry. We also hope to expand the number of trustees, strengthen governance arrangements and ensure the maintenance of the Church as an artifact in its own right.