Tan
lewood Trust Re
ort of the Trustees
for the Year Ended 30 A
ril 2024
Charity Reg No.SC026549
REPORT OFTHE TRu￿EE$
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 othe￿iSe. 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 re￿Iving 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 fOn￿ard
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
3￿Apr-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 fo￿ard
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 ￿9￿8d 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 dIreC￿Y 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
3￿Apr-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
3￿Apr-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