Tan lewood Trust Re ort of the Trustees for the Year Ended 30 A ril 2024 Charity Reg No.SC026549 REPORT OFTHE TRuEE$ The trustees present their report with the financial statements of the charity for the year ended 30 Apfil 2024. The trustees have adopted the provisions of Accounting and Reporting by Charitie5= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l Jarkuary 20151. AIMS AND OBJEcfivES The Aims and Objectives of the charity are the advancement of education, the advancement of religion, and other purpose that may reasonable be regarded as analogous to any of the preceding purpose. STRucfuRE, GOVERNANCE AND MANAGEMENT The charity is an unincorporated trust, and is registered with the Office of the Scottish Charity Regulator, registration no SC026549 The charty is governed by a deed of trust and administered by a board of trustee5, who are chosen for their interest in the work of the charity and their ability to support the ongoin8 work brlngln8 a mlx of skills and abilitles required by the charlty. The trustees who seNed through the year and up to the Signing of the accounts are as follow5- The principal address and trading premises of the charity are: 30 Market Street Lerwiek Shetland ZEIOIP Pag81 ofg
Tan lewood Trust Re ort of the Trustees for the Year Ended 30 A ril 2024 Charity Reg No.SC026549 TANGLEWOOD TRUST ANNUAL REPORT YEAR END 2024 The principle objerttve of the Tanglewood Trust Chrlstian Bookshop is to endeavour to further the religious wellbeing of the people of Shetland ènd further afield, by making readily available, by sale or otheiSe. a selection of religious literatu, to which they would perhaps not otherwise have access. This objectNe is achleved by selling Christian books and other materials at the Shetland Christian Bookshop, 30 Market Street, Lerwick, Shetland ZEI OJP and also on our online Shop.. www.shetlandchristianbooksho ,com. Telephone orders are also often roccivcd, with orders bein8 sent not only within the UK, but also to some countrles in Europe. The Bookshop premise5 are also used for christian groups to meet together. The monthly Baby Bible Book Group contlnues to be a favourite with families and staff 31ike. The Grandparent Prayer Group continues to meet every fortnight and the premises are still used for a bookclub, meetlngs and counselling sessions. The summer of 2023 wa5 particularly busy for the Shetland Christian Bookshop. First of all, it was good that the Shetland Christian Youth Camp had a week of actlvitles in Lerwick and the Shetland Christian Bookshop was able to supply all the necessary gifts for the 120 children who attended. In July 2023, Lerwick wa5 the h05t port for the Tall Ships Race, where the PDpulation of LeTwick rnore than doubled with 10,000 sallors In the town for the lebratIOnS. Many tourlsts had arranged their holiday to coincide with the Tall Ships Event and the town wa5 thrbving with people. The Bookshop co-ordillated an outreach activity, distributing more than 4000 tote bags wlth varlous literature gifts, to many grateful recipierrts. Contact was made by varlous members of the public who reached out for help, after reIving their 8ift bag. In August, we travelled to the Orkney Agricultural Show in Kirkwall where a pop up stall was set up. It was a good opportunity to meet customers from our neighbouring islands who have and continue. to support the work of the shop. New contacts were made and orders have continued from Orkney, since attending the County Show. Continual maintenance lobs have been completed to our prcmise5, and the building itself is in a very good state of repair. Unfortunately, the main shop window has not yet been replaced, however several contractors have been contacted and it is hoped the work will be completed before another summer. Staff ing levels at the bookshop remain at I paid employee and 8 dedicated volunteers. The day to dav operation of the bookshop continues to be the responsibility of the manageress who reports to the Board of Trustees at a meetlnE on a quarterly basis. There have been no change5 to the Trustees in the past year. External funding wa5 previously in place to help with the managerfs wage, but unfortunately the funding ceased in February 2024. Other Trusts are being contscted in the hope they may be able to provide financial 5UPlX>rt. The Trustees consider the level of reserves to be adequate. The reserves are required in case new opportunftles should arise in the future for further development of the charlty. or as a safety net, particularly il fund5 are required to cover staff costs. 2023 marked the 70 Anniversary sinte the bookshop first opened at the premises at 30 Market Street. An evening of celebration was held, which was attended by almost 300 people- a tribute to how hlghly appreciated the bookshop is to the local community. Our aim is to Continue to provide an excellent service which is noi only wanted. txjt needed in Shetland for many years to come. Page2of9
Tan lewood Trust Re ort of the Trustees for the Year Ended 30 A ril 2024 Charity Reg No.SC026549 FINANCIAL REVIEW Annual Outcome The charity has a net surplus for the year of £14,70012023: £4,571). Donations (including gift aidl accounted for E36.370 12023.. £29,973), including £19,800 12023.. £25.4001 from the Milne Foundatlon specifically to support a full-time member of staff for a set period whilst the business develops. Reserves pollcy The charity trustees have considered the reseNes required by the charity and have tèken into account the current and future liabilities of the trust. The trustees aim to maintain free resetves in unrestricted funds at a level which equates to approximately three months of unrestricted charitable expenditure. It is considered that this is a sufficient figure to cover for any sudden or unexperted drop off in sales or donatlons, or for any unexpected expenditure on Items such as ur8ent malntenance. The target reseNes figure is 2024 £25,jOI2023'. £18.0) The balance held as unrestricted funds at 30 April 2024 was £137,21912023: £122,519) of which £61,250 12023.. £61.2511 is invested in buildings and other fixed assets, and is £30,61612023'. £267,781) invested in stock. This results in free reseNes of £50,968 12023: £33,487). and while this is higher than the target reserye figure, given the economic uncertainty the trustees Consider it wise to err on the side of caution and maintain the higher level of reserves than they otherwise would. Approved by the board of trustees on 26 2024 and signed on its behalf by: P8ge3of9
Tan lewood Trust Re ort of the Trustees for the Year Ended 30 A ril 2024 Charity Reg No.SC026549 Inde endent Examiner's Re ort to the Trustees of Tan lewood Trust I report on the accounts for the year ended 30 April 2023 set out on pages five to nine. Respectlve respDnsibilities of trustee5 and examiner The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment Iscotlandl Act 21K)5 and the Charities Accounts Iscotlandl Regulations 2(K)S las amended). The charity's trustees consider that the audit requirement of Regulation 10111 (al to Icl of the Accounts Regulations does not applv. It Is my responsibility to examine the accounts as required under Section 44lllcl of the Act and to state whether particular matter5 have come to my attention. Basls of the Independent examlner's report My examir)ation was carried out in accordance with Regulation 11 of the Charities Accounts Iscotlandl Regulations 2006 las amendedl. An examinatlon includes a review of the accounting records kept bv the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as truslees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not expres5 an audit opinion on the view given by the accounts. Independent examiner's Statement In the course of my examination, no matter has come to my attention: 11 which gives me reasonable cause to believe that, in any material respert, the requirements to keep accounting records in accordance with Section 44lllal of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations- and to prepare accourbts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations have not been met,. or 21 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Page4of9
Tan lewood Trust Re ort of the Trustees for the Year Ended 30 A ril 2024 Charity Reg No.SC026549 STATEMENT OF FINANCIAL ACTIVITY 30-Apr-24 Unresliicled 30-Apr-24 Reslri¢led 30-Apr-24 Total 30-Apr-23 Total Not8S INCOME FROM Donations and legacies Trading activities Governrnent Grants ICovid-19 related) Investment income 16,930 51,784 19,8CK) 36,730 51,784 29,973 42,242 810 810 350 Totsl 69.524 19.800 89,324 72,565 EXPENDITURE ON Raising funds Charitable activlties 54,224 600 19,8 74,024 600 87,394 Gov8rnanc& Costs 54.824 19,800 75,624 67,994 NET INCOMEIIEXPENDITUREI 14,700 14.700 4.571 Totsl funds brought fOnard TOTAL FUNDS CARRIED FORWARD 122,519 122,519 137.219 117,948 122,519 137,219 P8geSof9
Tan lewood Trust Re ort of the Trustees for the Year Ended 30 A rll 2024 Charity Reg No.SC026549 BALANCE SHEET 30-Apr-24 Unieslii¢ted 30-Apr-24 Reslricted 3C)-Apr-24 Totej 3Apr-23 Total Notes FIXED ASSETS Tanglble a$$ets 10 60,507 eo,507 61,251 CURRENT ASSETS Stocks 30,616 2.908 47,713 81.237 30,616 2,908 47.713 27,781 2,036 34,888 Debtors Cash at bank and in h8nd 81.237 64,705 CREDITORS Amounts falling due within one year NET CURRENT ASSETS 12 14,5251 76,712 137.219 14,525 76,712 13,43SI 5£,509 NET ASSETS 137,219 122.519 FUNDS Reserves brought foard Net incorne 122,519 4,571 137.219 122.519 4,571 117. 4.571 TOTAL FUNDS 137.219 122,519 The financial stalemenlswert approved by the Trustees on their behalf by-. 26 2024 and 98d on Page6of9
Tan lewood Trust Re ort of the Trustees for the Year Ended 30 A ril 2024 Charity Reg No.SC026549 Notes to the Financial Statements ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity, which is a public benefit eniity under FRS 102, have been prepared m accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. Statement of Recommended Practi,. The financial statements have been prepared under the historical cost convention. Ineomè All income is recognised in the Slalemenl of Finan¢i81 A¢tivilies once the ¢harity has enlillement lo the funds, f¢ is prob8bltr that the income will be received, and the amount ¢an be measured reliably. Expèndltur• Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs eAnnot be dIreCY attributed to particular headings, Ihey have been allocated to acttvities on a basis consistent wlh the use of iesouices. Tangible fixed as8èt8 Assets are written off overthe estimated useful life of each asset. The estimated useful lrfe of assets is 8s follows.. Plant and machinery Fixtures and fittings 5 years S years Taxation The charity is exempt from tax on its Charitable activities. Charltsblè Funds Unrestricted funds can be used in accordance with the charitable objectives at the discretion ol the trustees. Restricted funds can only be used for a specific purpose. and rèstrictions arise whèn specif16d by th6 donor or when funds are raised for specific restricted purposes. The nature and purpose of any fund is included in the notes to the financial statements. Stocks Stocks are valued at the lower of cost and net realisable value, after allowing for obsolete and slow-rnoving items. DONATIONS AND LEGACIES Donations received during the year came from individuals and churches wanting to support the objectives of the Shetland Christian Bookshop. Where appropriate Gift Aid has been recovered from HMRC on those donations. No lega¢ies were received during the yo8r. 30-Apr-24 Unrestricted 30-Apr-24 Restricted 30-Apr-24 Total 30-Apr-23 Total Donations 14,571 84 19,800 34,371 29,040 45 888 29,973 Donations in kind Gift aid on donations 2,275 16,930 2,275 19,800 36.730 P8ge7of9
Tan lewood Trust Re ort of the Trustees for the Year Ended 30 A ril 2024 Charity Reg No.SC026549 3. TRADING INCOME The trading income ¢omès entirely from the trading activities of the Shetland Christian Bookshop and is all in fttrtheTance of the charity's objectives. 4. INVESTMENT INCOME Investment in¢ome derives entirely from bank interest. 30-Apr-24 Unrestricted 30-Apr-24 Restricted 3Apr-24 Total 30-Apf-23 Total Bank Interest 10 10 12 350 Office rertsl 800 800 810 810 362 COSTS OF RAIS5NG FUNDS There were no direct costs involved in raising funds, Tncludlng the voluntary donalions12023.. £nill CHARITABLE EXPENDITURE The operalion of the Shetland Christian Bookshop is central lo th8 tsbjadives of the Tanglewood Trust and is ils main activtty. Therefore, all expenditurè in relation to the Shetland Christtan Bookshop is treated a3 ¢haritabl8. 30-Apr-24 Unrestricted 30-Api-24 Re8lri¢led 3Apr-24 Total 30-Apr-23 Total C051 of Sales 33,42e 7,205 4,079 9,514 33,426 27,005 4,079 8,514 28,478 28,187 3,805 6,924 67,394 staff and volunteer costs 19,800 Premises other expenditure 54,224 19,800 74.024 GOVERNANCE COSTS 30-Apr-24 30-Apr-23 6CM) Accountancy costs 8. AVERAGE STAFF NUMBERS The 8veiage monthly number of employeès during the yearwas as follows.. 30-Apr-24 30-Apr-23 Shop Staff Volunteers Page8of9
Tan lewood Trust Re ort of the Trustees for the Year Ended 30 A ril 2024 Charity Reg No.SC026549 9. TRUSTEES. REMUNERATION AND EXPENSES One trustee was in paid employment as the manager of the Shetland Christian Bookshop, on a full-time basis supported by a team of volunteers. The pay rate was independently set by the othertrustees, and the payroll hours and payment were overseen by an independent person appointed by the trustees for that task. The entirety of the trustè&'$ salary 55 paid by 8 restricted donation for that specifsc purpose. 30-Apr-24 Unrestricted 30-Apr-24 Restricted 30-Apr-24 Total 30-Apr-23 Total Trustee employment related eosts 7,204 19,8(XJ 27,005 26,162 10. RELATED PARTY TRANSACTIONS Other than disdosed in nole 9, there are no related party transaction$12022.- £nil}. 11. FIXED ASSESTS Freehold Plant & Prop•rty Maehinery Fixtures & Fittings Total Cost As at 1 May 2023 Addrtions 60,0(X) 5,376 1,903 67,279 As at 30 April 2024 60,OCM) 5,378 1,903 67,279 Depreciation As at 1 May 2023 4.125 1,903 6.028 Charge for year 744 As at 30 April 2024 4,869 1,903 6.772 Nat Book Valuè As at 30 April 204 60.000 507 60,S07 As at 30 April 2023 60,000 1,250 61,250 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 30-Apr-24 509 30.Apr-23 84 Trade debtors Gift aid receivable 2,399 888 Other debtors 2,908 2.036 13. CREOITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 30-Apr-24 1,475 30-Apr-23 1,802 187 1,447 3,436 Trade creditors Taxation and social security Other creditors 507 2.543 4,525 Page9of9