**Registered number: 07582943 Charity number: 1141536** 

**ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)** 

**TRUSTEES' REPORT AND FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 31 MARCH 2024** 



## **ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)** 

## **CONTENTS** 

||Page|
|---|---|
|**Reference and Administrative Details of the Charitable company, its Trustees and**|1|
|**Advisers**||
|**Trustees' Report**|2 - 8|
|**Independent Auditors' Report on the Financial Statements**|9 - 12|
|**Statement of Financial Activities**|13|
|**Balance Sheet**|14 - 15|
|**Statement of Cash Flows**|16|
|**Notes to the Financial Statements**|17 - 34|





**ORDINARIATE OF OUR LADY OF WALSINGHAM** 

**(A Company Limited by Guarantee)** 

## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024** 

|**Trustees**|Monsignor Keith Newton, Chair (resigned 23 June 2024)|
|---|---|
||Paul Simon Burch (resigned 23 June 2024)|
||Simon Ellis (resigned 23 June 2024)|
||Simon Chinery (resigned 23 June 2024)|
||Michael Halsall (resigned 23 June 2024)|
||Christopher Lindlar (resigned 23 June 2024)|
||Dr Andrew Starkie (resigned 23 June 2024)|
||Dr James Bradley (resigned 23 June 2024)|
||Christopher Pearson (resigned 23 June 2024)|
||David Lashbrooke|
||Jonathon Redvers Harris|
||David Waller, Chair|
|**Company registered**<br>**number**<br>07582943<br>**Charity registered**<br>**number**<br>1141536<br>**Registered office**<br>24 Golden Square<br>London<br>W1F 9JR<br>**Company secretary**<br>Mr C Woodman<br>**Independent auditors**<br>MHA<br>Chartered Accountants<br>Building 4<br>Foundation Park<br>Roxborough Way<br>Maidenhead<br>Berkshire<br>SL6 3UD<br>**Bankers**<br>HSBC Bank plc<br>16 King Street<br>Covent Garden<br>London<br>WC2E 8JF<br>**Investment Advisors**<br>Rathbones<br>1 Curzon Street<br>London<br>W1J 5FB||



Page 1 



## **ORDINARIATE OF OUR LADY OF WALSINGHAM** 

**(A Company Limited by Guarantee)** 

## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024** 

The Trustees present their annual report together with the audited financial statements of the Ordinariate of Our Lady of Walsingham for the year 1 April 2023 to 31 March 2024. 

The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). 

Since the Charitable company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted. 

## **Objectives and Activities** 

## **Safeguarding** 

The Trustees place a great emphasis on the safeguarding of young people and vulnerable adults who come into contact with the activities of the Ordinariate.  The Charity was among the first of the Catholic Dioceses to fully adopt the Safeguarding policies and procedures set forward by the Catholic Safeguarding Advisory Service (the national agency for driving and supporting improvements in safeguarding practice within the Catholic Church in England & Wales) and formally readopted these procedures at its meeting on 7th February 2017. 

## **Review of Activities** 

In pursuit of its objects the Charity has engaged in, amongst others, the following activities. 

## **a. The provision, maintenance and development of places of public worship and the provision of religious services.** 

In most cases the charity makes use of buildings belonging to the wider Catholic Church and would like to express its gratitude for the support it receives from the Catholic Church both in this country and worldwide. In return the priests belonging to the charity provide regular religious services not solely for their own members but for the wider Church and, indeed, for the general public. These services are available to all without restriction and without cost and support the local and national communities through supporting individual well-being and improving social cohesion.  The clergy and lay people associated with the charity are active in ministry to schools and to those in hospitals, prisons and other institutions. The charity owns one church building in Torquay. 

Page 2 



## **ORDINARIATE OF OUR LADY OF WALSINGHAM** 

## **(A Company Limited by Guarantee)** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** 

## **(continued)** 

## **b. The provision of accommodation and other support for clergy who are engaged in the advancement of the objects or who have retired, including support for the dependants of such clergy.** 

In most cases the clergy have their own accommodation, or accommodation is provided in return for the services the clergy provide to Catholic dioceses or other institutions.  One priest and his family are housed in properties owned by the Charity and maintained in a suitable condition for occupation. 

In September 2023 the separate charity The Ordinariate of Our Lady of Walsingham Clergy Relief Trust (registered charity 1157432) was closed, following advice from the Charity Commission, and the funds were transferred to The Ordinariate of Our Lady of Walsingham as a restricted fund to provide for assistance to the priests of the Ordinariate in sickness and / or retirement. 

## **c. The provision and maintenance of cemeteries and the provision of funeral services.** 

The Charity does not at present own any cemeteries but its clergy are very active in providing funeral services in Catholic churches and in municipal cemeteries and crematoria. 

## **d. The provision and maintenance of parish rooms, halls and other facilities that are conducive to the achievement of the objects.** 

In the early years of its existence the Charity owns little property and makes use of existing buildings for its charitable activities.  There is one hall belonging to the charity which is used for a variety of activities related to the Charity including a weekly lunch provided for both those attending a service at the church and others who come in from the street. 

## **e. The advancement of education in accordance with the teachings of the Catholic Church.** 

The Charity does not own or run any educational establishments in its own right, but many of its clergy are active in schools in both the public and private arena – both in formal chaplaincy and in informal visits to church and community schools.  Education is also provided during children’s activities during religious services and in the preparation of young people for the Church’s sacraments. Clergy are also involved in University education – both as academics and in chaplaincy and in seminary education. 

## **f. The relief of poverty and suffering and such other charitable purposes for the benefit of the public as are conducive to the advancement of the catholic religion.** 

The Charity actively encourages fund raising for the disadvantaged both in this country and abroad.  Appeals for causes such as Mary’s Meals, Aid to the Church in Need, Let the Children Live, and many others are a regular part of the life of the Ordinariate. 

Page 3 



**ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)** 

**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** 

## **Structure, Governance and Management** 

## **a. Constitution** 

The Personal Ordinariate of Our Lady of Walsingham (the Ordinariate) is a canonical body of the Roman Catholic Church established by decree of Pope Benedict XVI on 15th January 2011 under the terms of the Apostolic Constitution Anglicanorum Coetibus. Its legal entity (in terms of civil law of England and Wales) is a Charitable Company incorporated on 29th March 2011 under the name Ordinariate of Our Lady of Walsingham. 

The Ordinariate of Our Lady of Walsingham (the Charity) is a company limited by guarantee without share capital registered in the United Kingdom under company number 07582943 and a registered charity (number 1141536). The Charitable Company's memorandum and articles of association are the primary governing documents of the Charity. 

The Trustees act as the trustees for the charitable activities of The Ordinariate of Our Lady of Walsingham and are also the directors of the Charitable Company for the purposes of company law. 

Details of the Trustees who served throughout the period are included in the Reference and Administrative Details on page 1. 

## **b. Achievement and performance** 

The charity follows an annual budget which is set a year in advance and reviewed using monthly management accounting and quarterly review by the Finance Council and Trustees. The charity relies on donations for the majority of its annual income and over 75% of this is received by regular standing order payments. For several years a deficit budget has been set and the charity has relied on legacy income, which is not budgeted, to make up the shortfall. 

## **c. Methods of appointment or election of Trustees** 

Trustees are the Ordinary and the members of the Governing Council of the Canonical entity (the Personal Ordinariate of Our Lady of Walsingham), and any other person appointed by Trustees. The Ordinary and members of the Governing Council of the Ordinariate are ex officio Trustees of the Charitable Company, automatically appointed under the Articles of Association. Once Trustees are in place they are given training where needed. The first Trustees had previously held positions as Trustees in other charities. 

Page 4 



## **ORDINARIATE OF OUR LADY OF WALSINGHAM** 

**(A Company Limited by Guarantee)** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** 

## **Structure, Governance and Management (continued)** 

## **d. Organisational structure and decision-making policies** 

The affairs of the Ordinariate are conducted in accordance with both the Laws of England and Wales and with the Canon Law of the Roman Catholic Church. 

The activities of the Charity cover geographically the countries of England, Scotland and Wales and the Ordinariate is organised as 38 local groups operating from over 40 locations. 

The Trustees meet frequently to discuss and decide the operation and direction of the charity. There are no executives employed by the Charity and the Trustees are not paid for their Trustee roles. The allowances that are paid are for their roles as Pastors. The Trustees are covered for liabilities under an insurance policy issued by the Catholic National Mutual Insurance Company. 

The Church Canon Law governing the Personal Ordinariate of Our Lady of Walsingham requires the appointment of a Finance Council to advise the Ordinary which must include people ‘expert in financial matters and civil law and of outstanding integrity’.  The Trustees, by decision dated 7th February 2017, appointed the members of this Finance Council to be a Committee of the Charity according to Article 7.2 (c) of the Articles of Association.  The committee includes four trustees among its membership. 

The day to day business management of the Charity is undertaken on behalf of the Trustees by the Ordinary who, in consultation with the Governing Council of the Ordinariate deals with all matters of central policy. The local activities of the groups are administered on a day to day basis by 38 Group Pastors with the support of local finance and pastoral councils. 

## **e. Risk management** 

The Trustees continually review the operational and business risks faced by the Charity and have established effective systems to ensure the necessary steps are taken to mitigate risk. 

## **f. Principal activities** 

The objects of the Charity are to advance the Catholic religion by means of the charitable activities undertaken by, or in connection with, the Personal Ordinariate of Our Lady of Walsingham.  The Trustees have had due regard of the Charity Commission’s guidance on public benefit and believe they have complied with the duty laid down in Section 4 of the Charities Act. 

The principal means by which the Charity has addressed its objects are detailed in the section Objectives and Activities. 

The charity does not use external fundraisers. All fundraising activities are monitored at a local level. 

Page 5 



**(A Company Limited by Guarantee)** 

## **ORDINARIATE OF OUR LADY OF WALSINGHAM** 

**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** 

## **Financial review** 

## **a. Going concern** 

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing the financial statements. 

The principal funding source is donations: 

The total income for the period was £2,488,407 which includes £1,117,577 in legacies, and total expenditure £663,174. Funds carried forward were £3,743,778, of which £1,057,175 is restricted. 

## **b. Reserves policy** 

At 31 March 2024 the total unrestricted funds were £2,686,603. In these early days of the Charity this is regarded as satisfactory, as the Charity is wholly dependent on voluntary donation income. £557,117 is invested in tangible fixed assets, so unrestricted “free reserves” are £2,129,486 representing approximately 3.2 years worth of total annual expenditure. 

## **c. Material investments policy** 

The charity held no investment funds prior to September 2022. A legacy was received at that point and invested directly with Rathbones Investment Managers. During the current year the Ordinariate of Our Lady of Walsingham Clergy Relief Trust was closed and the funds received into this charity, restricted for the purpose of a Clergy Relief Fund. This is also invested with Rathbones at a medium risk level designed to generate capital growth. All income is reinvested in the fund. The trustees have considered ethical investment, particularly in relation to Catholic Social teaching, and review this regularly. 

## **d. Principal risks and uncertainties** 

The charity owns minimal property and has been protected from the energy price rises of recent years. General expenditure has been on budget and the Trustees review this regularly to keep expenditure to a minimum. Income, largely from donations, remains steady and as budgeted. There is a risk that older donors will cease their giving but so far this has been mitigated by new donors in recent years. The Trustees have reviewed financial procedures regularly in order to mitigate risk as far as possible, however, the charity relies heavily on volunteers, which does bring some risks. The Financial Secretary plays a key role in the financial, and other administration, of the charity and relying heavily on one person is necessary due to limited resources, and recognised as a significant risk by the Trustees. 

## **e. Financial risk management objectives and policies** 

The Charity Trust practices through its board, namely the Trustees and the constituted sub-committees, risk management principles. Any major risks highlighted at any sub-committee are brought to the main board with proposed mitigating actions and they continue to be reported until the risk is adequately mitigated. 

The Trustees accept managed risk as an inevitable part of its operations but maintains an objective not to run unacceptable levels of risk in any area. The subjective nature of this process requires major risks to be resolved by the Trustees collectively, whilst more minor risks are dealt with by senior executive officers. 

Page 6 



## **ORDINARIATE OF OUR LADY OF WALSINGHAM** 

## **(A Company Limited by Guarantee)** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** 

## **f. Members' liability** 

Each member of the Charitable Company undertakes to contribute to the assets of the Charitable Company in the event of it being wound up while they are a member, or within one year after they cease to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before they ceased to be a member. 

## **g. Trustees' indemnities** 

Trustees benefit from indemnity insurance to cover the liability of the Trustees which by virtue of any rule of law would otherwise attach to them in respect of any negligence, default or breach of trust or breach of duty of which they may be guilty in relation to the Charity Trust. The cost of this insurance in the period was provided by the Catholic Church Insurance Association at no cost. 

## **h. Pay policy for key management personnel** 

The Bishop and other Trustees are not remunerated in their role as Trustees. The Financial Secretary is the only employee considered to be part of the Key Management Personnel. The remuneration of the Financial Secretary is reviewed annually by the Trustees, taking into consideration remuneration for similar roles within the other Catholic Dioceses. 

## **Plans for future periods** 

The charity is not expecting any major changes to budgeted income and expenditure in the foreseeable future. In June 2024 the Ordinary resigned and the former Vicar Geneal, Fr David Waller, was appointed as the new Ordinary and first Bishop of the Personal Ordinariate of Our Lady of Walsingham. A review of Communication Policy is underway and a new website is due to be launched in the near future. It is hoped that this will increase outreach and evangelisation and attract more income from donors. 

Page 7 



ORDINARIATE OF OUR LADY OF WALSINGHAM
(A Company Limited by Guarantee)
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
ststement of Trustees. responslbilitios
The Trustees (who are also the directors of the Charitable company for the purposes of company lawl are
sponsible for preparing the Trustees, Report and the financial statements in accordance with applicable law
and United Kingdom Accounting Standards (United Kingdom Generally AC￿pted Accounting Practice).
Company law requires the Trustees to prepare financial statements for &ach financial year. Under company law,
the Trustees must not approve the financial statements unless they a￿ satisfied that they give a true and fair
view of the stste of affairs of the Charitsble company and of its incoming resources and application of resources,
including its income and expenditure, for that period. In preparing these financial slalements, the Trustees are
required to-
select suitable accounting policies and then apply them consislenlly.
observe the methods and principles of the Charities SORP (FRS 102}',
make judgments and accountsng estimates that are reasonable and prudent.,
slate whether applicable UK Accounting Standards IFRS 102) have be8n followed, subject to any materfal
departures disclosed and explained in the financial statements,.
prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the
Charitable company will continue in business.
The Trustees are responsible for keeping adequate accoUnt￿ng records that are sufficiént to show and explain
the Charitable Company's transactions and disclose with reasonable accuracy al any lime the financial position of
the Charitable company and enable them to ensure that the financial statements 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 detaction of fraud and other irregularities.
Dlsclosure of Infomiatlon to audltors
Each ol the persons who are Trustees al the time when this Trustees, Report is approved has confirmed that..
so far as thal Trustee is aware, there is no relevant audit information of which the charity's auditors 8r8
unaware. and
that Trustee has taken all th8 Steps that ought lo have been taken as a Trustee in order to be aware of
arsy relevant audit infomatlon and to establish that the charitys auditors are aware of that information.
Auditors
The auditors, MHA, have indicated their willingness to continue in office. The designated Trustees will propose a
motion reappointing the auditors at 8 meeting of the Trustees.
In preparing this reporl, the Trustees have taken advantage of the small companies. exemptions provided by
section 415A of the Companies Act 2006.
Approved
by
g De￿-L￿ ZT>£
order
of
the
members
of
the
board
of
and signed on their behalf by..
Trustees
on
Bishop David Waller
Trustee
Pa9e 8

**ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF  ORDINARIATE OF OUR LADY OF WALSINGHAM** 

## **Opinion** 

We have audited the financial statements of Ordinariate of Our Lady of Walsingham (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure 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 Charities Act 2011. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. 

Page 9 



**ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF  ORDINARIATE OF OUR LADY OF WALSINGHAM (CONTINUED)** 

## **Other information** 

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

- the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 

Page 10 



**ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF  ORDINARIATE OF OUR LADY OF WALSINGHAM (CONTINUED)** 

## **Auditors' responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 144 of the Charities Act 2011 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 statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

- Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud. 

- Performing audit work over the risk of management override, including testing of journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business; and 

- Evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates for bias; 

- Discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud; 

- Discussions with management over any potential or suspected fraud. 

- Performing substantive tests of detail over the completeness/existence of income within the financial system 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. 

## **Other matters** 

The financial statements of The Ordinariate of Our Lady of Walsingham for the year ended 31 March 2023 were unaudited. 

Page 11 



**(A Company Limited by Guarantee)** 

## **ORDINARIATE OF OUR LADY OF WALSINGHAM** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF  ORDINARIATE OF OUR LADY OF WALSINGHAM (CONTINUED)** 

## **Use of our report** 

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. 


## **Bianca Silva BA, ACA, DChA (Senior Statutory Auditor)** 

for and on behalf of MHA Statutory Auditors Maidenhead, United Kingdom 

17 December 2024 

MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313) 

MHA are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. 

Page 12 



**ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)** 

## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024** 

|**Note**<br>**Income from:**<br>Donations and legacies<br>3<br>Other trading activities<br>4<br>Investments<br>5<br>**Total income**<br>**Expenditure on:**<br>Raising funds<br>6<br>Charitable activities<br>**Total expenditure**<br>**Net income before net**<br>**gains/(losses) on investments**<br>Net gains/(losses) on investments<br>**Net income**<br>Transfers between funds<br>14<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>Net movement in funds<br>**Total funds carried forward**|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**1,511,832**<br>**86,413**<br>**7,538**<br>**1,605,783**<br>**1,536**<br>**604,729**<br>**606,265**<br>**999,518**<br>**46,522**<br>**1,046,040**<br>**(38,661)**<br>**1,007,379**<br>**1,679,224**<br>**1,007,379**<br>**2,686,603**|**Restricted**<br>**funds**<br>**2024**<br>**£**<br>**871,577**<br>**-**<br>**11,047**<br>**882,624**<br>**-**<br>**56,909**<br>**56,909**<br>**825,715**<br>**65,476**<br>**891,191**<br>**38,661**<br>**929,852**<br>**127,323**<br>**929,852**<br>**1,057,175**|**Total**<br>**funds**<br>**2024**<br>**£**<br>**2,383,409**<br>**86,413**<br>**18,585**<br>**2,488,407**<br>**1,536**<br>**661,638**<br>**663,174**<br>**1,825,233**<br>**111,998**<br>**1,937,231**<br>**-**<br>**1,937,231**<br>**1,806,547**<br>**1,937,231**<br>**3,743,778**|_Total_<br>_funds_<br>_2023_<br>_£_<br>_589,520_<br>_74,449_<br>_15,639_<br>_679,608_<br>_8,203_<br>_526,724_<br>_534,927_<br>_144,681_<br>_(4,035)_<br>_140,646_<br>_-_<br>_140,646_<br>_1,665,901_<br>_140,646_<br>_1,806,547_|
|---|---|---|---|---|



The Statement of Financial Activities includes all gains and losses recognised in the year. 

The notes on pages 17 to 34 form part of these financial statements. 

Page 13 



**(A Company Limited by Guarantee) REGISTERED NUMBER: 07582943** 

## **ORDINARIATE OF OUR LADY OF WALSINGHAM** 

## **BALANCE SHEET AS AT 31 MARCH 2024** 

|**Note**<br>**Fixed assets**<br>Tangible assets<br>10<br>Investments<br>11<br>**Current assets**<br>Debtors<br>12<br>Cash at bank and in hand<br>Creditors: amounts falling due within one<br>year<br>13<br>**Net current assets**<br>**Total assets less current liabilities**<br>**Total net assets**<br>**Charity funds**<br>Restricted funds<br>14<br>Unrestricted funds<br>14<br>**Total funds**|**1,157,032**<br>**849,290**<br>**2,006,322**<br>**(21,067)**|**2024**<br>**£**<br>**557,117**<br>**1,201,406**<br>**1,758,523**<br>**1,985,255**<br>**3,743,778**<br>**3,743,778**<br>**1,057,175**<br>**2,686,603**<br>**3,743,778**|_124,570_<br>_885,601_<br>_1,010,171_<br>_(16,919)_|_2023_<br>_£_<br>_560,301_<br>_252,994_|
|---|---|---|---|---|
|||||_813,295_<br>_993,252_|
|||||_1,806,547_|
||||||
|||||_1,806,547_|
|||||_127,323_<br>_1,679,224_|
||||||
|||||_1,806,547_|



Page 14 



ORDINARIATE OF OUR LADY OF ¥VALSINGHAM
IA Company Lirnited by Guarantee)
REGISTERED NUMBER: 07582943
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
The ents.ty vras entitled to exemption from audrt under 5ectK)n 477 of the COm￿nieS Act 20CE.
The members have not required the entity to obtain an audrt for the year in question in accordance wrth section
476 of the Companies Act 20¢￿.
However, an audit is required in accordan￿ wtth secknn 144 of the Charitses Act 2011.
The Trustees ackn￿edge their responsibiltb.es for complying with the requirements of the Act respect to
accounting records and preparation of financial statements.
The financtal statements have been prepared in a(￿rdanCe with the provisions appli(xble to enb.ties subject to
the small companies regime.
The finanaal ststements were approvèd and authorised for issue by the Tnjstees on
and signed on their behalf by..
Bishop David Waller
The notes on pages 17 to 33 fom part of these financial statements.
Page 15

**(A Company Limited by Guarantee)** 

## **ORDINARIATE OF OUR LADY OF WALSINGHAM** 

## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024** 

|**Cash flows from operating activities**<br>Net cash used in operating activities<br>**Cash flows from investing activities**<br>Investment income<br>Purchase of tangible fixed assets<br>Proceeds from sale of investments<br>Purchase of investments<br>**Net cash (used in)/provided by investing activities**<br>**Cash flows from financing activities**<br>**Net cash provided by financing activities**<br>**Change in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**<br>The notes on pages 17 to 34 form part of these financial statements|**2024**<br>**£**<br>**85,254**<br>**14,173**<br>**(13,014)**<br>**25,102**<br>**(147,826)**<br>**(121,565)**<br>**-**<br>**(36,311)**<br>**885,601**<br>**849,290**|_2023_<br>_£_<br>_19,895_<br>_-_<br>_(2,582)_<br>_54,245_<br>_-_<br>**51,663**<br>**-**<br>**71,558**<br>_814,043_<br>_885,601_|
|---|---|---|



Page 16 



**ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **1. General information** 

The Charitable Company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the Charitable Company being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charitable Company. 

## **2. Accounting policies** 

## **2.1 Basis of preparation of financial statements** 

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: 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 (FRS 102) (effective 1 January 2019), and the Companies Act 2006. 

Ordinariate of Our Lady of Walsingham 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 stated in the relevant accounting policy. 

## **2.2 Going concern** 

The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of he Charitable Company to continue as a going concern. The Trustees make this assessment in respect of a period of one year from the date of approval of the financial statements. 

## **2.3 Income** 

All income is recognised once the Charitable company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charitable company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charitable company, can be reliably measured. 

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. 

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the charitable company where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statement for services donated by volunteers. Donation (offertory) income is recognised when received. 

Page 17 



**ORDINARIATE OF OUR LADY OF WALSINGHAM** 

**(A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **2. Accounting policies (continued)** 

## **2.4 Expenditure** 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. 

Expenditure on raising funds includes all expenditure incurred by the Charitable company to raise funds for its charitable purposes and includes costs of all fundraising activities events and noncharitable trading. 

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charitable company's objectives, as well as any associated support costs. 

All expenditure is inclusive of irrecoverable VAT. 

## **2.5 Government grants** 

Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of Financial Activities as the related expenditure is incurred. 

## **2.6 Interest receivable** 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charitable company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 

## **2.7 Tangible fixed assets and depreciation** 

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. 

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. 

At each reporting date the Charitable company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. 

Page 18 



**ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **2. Accounting policies (continued)** 

## **2.7 Tangible fixed assets and depreciation (continued)** 

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. 

Depreciation is provided on the following basis: 

Freehold property - 2% Straight line Office equipment - 20% Straight line 

## **2.8 Investments** 

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities. 

## **2.9 Debtors** 

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

## **2.10 Cash at bank and in hand** 

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## **2.11 Liabilities and provisions** 

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 

Liabilities are recognised at the amount that the Charitable company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 

## **2.12 Financial instruments** 

The Charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 

Page 19 



**ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **2. Accounting policies (continued)** 

## **2.13 Operating leases** 

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term. 

## **2.14 Pensions** 

The Charitable company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charitable company to the fund in respect of the year. 

## **2.15 Fund accounting** 

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charitable company and which have not been designated for other purposes. 

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. 

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charitable company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 

Investment income, gains and losses are allocated to the appropriate fund. 

Page 20 



**(A Company Limited by Guarantee)** 

## **ORDINARIATE OF OUR LADY OF WALSINGHAM** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **3. Income from donations and legacies** 

|Donations, including transfer of Clergy Relief Trust<br>Legacies<br>Grants<br>Donations<br>Legacies<br>Grants|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>369,255<br>1,117,577<br>25,000<br>1,511,832<br>_Unrestricted_<br>_funds_<br>_2023_<br>_£_<br>_407,256_<br>_96,824_<br>_26,000_<br>_530,080_|**Restricted**<br>**funds**<br>**2024**<br>**£**<br>835,579<br>-<br>35,998<br>871,577<br>_Restricted_<br>_funds_<br>_2023_<br>_£_<br>_20,940_<br>_-_<br>_38,500_<br>_59,440_|**Total**<br>**funds**<br>**2024**<br>**£**<br>**1,204,834**<br>**1,117,577**<br>**60,998**|
|---|---|---|---|
||||**2,383,409**|
||||_Total_<br>_funds_<br>_2023_<br>_£_<br>_428,196_<br>_96,824_<br>_64,500_|
||||_589,520_|



## **4. Income from other trading activities Income from fundraising events** 

||**Unrestricted**|**Total**|_Total_|
|---|---|---|---|
||**funds**|**funds**|_funds_|
||**2024**|**2024**|_2023_|
||**£**|**£**|_£_|
|Sundry sales|86,413|**86,413**|_74,449_|



Page 21 



## **ORDINARIATE OF OUR LADY OF WALSINGHAM** 

## **(A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **5. Investment income** 

|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>Rent receivable<br>1,148<br>Gain on investments<br>487<br>Bank interest receivable<br>644<br>Investment income<br>5,259<br>7,538<br>Rent receivable<br>Gain on investments<br>Bank interest receivable<br>Investment income|**Restricted**<br>**funds**<br>**2024**<br>**£**<br>-<br>-<br>-<br>11,047<br>11,047<br>_Unrestricted_<br>_funds_<br>_2023_<br>_£_<br>_12,690_<br>_1,474_<br>_375_<br>_1,100_<br>_15,639_|**Total**<br>**funds**<br>**2024**<br>**£**<br>**1,148**<br>**487**<br>**644**<br>**16,306**|
|---|---|---|
|||**18,585**|
|||_Total_<br>_funds_<br>_2023_<br>_£_<br>_12,690_<br>_1,474_<br>_375_<br>_1,100_|
|||_15,639_|



Page 22 



**ORDINARIATE OF OUR LADY OF WALSINGHAM** 

**(A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **6. Expenditure on raising funds** 

## **Costs of raising voluntary income** 

|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>Expenditure on raising voluntary income<br>1,536<br>Wages and salaries<br>-<br>1,536|**Total**<br>**funds**<br>**2024**<br>**£**<br>**1,536**<br>**-**<br>**1,536**|_Total_<br>_funds_<br>_2023_<br>_£_<br>_2,224_<br>_5,979_|
|---|---|---|
|||_8,203_|



## **7. Analysis of expenditure by activities** 

|Advancing the Catholic religion<br>Advancing the Catholic religion|**Activities**<br>**undertaken**<br>**directly**<br>**2024**<br>**£**<br>529,473<br>_Activities_<br>_undertaken_<br>_directly_<br>_2023_<br>_£_<br>_450,204_|**Support**<br>**costs**<br>**2024**<br>**£**<br>132,165<br>_Support_<br>_costs_<br>_2023_<br>_£_<br>_76,520_|**Total**<br>**funds**<br>**2024**<br>**£**<br>**661,638**|
|---|---|---|---|
||||_Total_<br>_funds_<br>_2023_<br>_£_<br>_526,724_|



Page 23 



**ORDINARIATE OF OUR LADY OF WALSINGHAM** 

**(A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **7. Analysis of expenditure by activities (continued)** 

## **Analysis of direct costs** 

|Depreciation<br>Formation<br>Allowances<br>Travel and subsistence<br>Portal magazine<br>Living and premises expenses<br>Third party donations<br>Personnel costs<br>Fundraising and shop expenditure|**Activities**<br>**2024**<br>**£**<br>16,198<br>37,299<br>242,203<br>43,034<br>12,719<br>124,452<br>24,918<br>10,711<br>17,939<br>529,473|**Total**<br>**funds**<br>**2024**<br>**£**<br>**16,198**<br>**37,299**<br>**242,203**<br>**43,034**<br>**12,719**<br>**124,452**<br>**24,918**<br>**10,711**<br>**17,939**<br>**529,473**|_Total_<br>_funds_<br>_2023_<br>_£_<br>_15,600_<br>_30,099_<br>_203,012_<br>_56,206_<br>_10,304_<br>_90,165_<br>_23,826_<br>_6,489_<br>_14,503_|
|---|---|---|---|
||||_450,204_|



## **Analysis of support costs** 

|Staff costs<br>Office and communication<br>Legal and sundry<br>Bank charges and interest<br>Governance costs|**Activities**<br>**2024**<br>**£**<br>29,419<br>61,654<br>13,795<br>4,070<br>23,227<br>132,165|**Total**<br>**funds**<br>**2024**<br>**£**<br>**29,419**<br>**61,654**<br>**13,795**<br>**4,070**<br>**23,227**<br>**132,165**|_Total_<br>_funds_<br>_2023_<br>_£_<br>_26,064_<br>_19,130_<br>_12,196_<br>_7,549_<br>_11,581_|
|---|---|---|---|
||||_76,520_|



Page 24 



**ORDINARIATE OF OUR LADY OF WALSINGHAM** 

**(A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **8. Net Income/(Expenditure)** 

||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|Operating lease rentals|**30,045**|_-_|
|Depreciation of tangible fixed assets:|||
|Owned by the charity|**16,198**|_15,600_|
|Auditor's remuneration - audit / independent examination|**16,000**|_4,500_|
|Other non-assurance accounting services|**3,000**|_2,000_|



## **9. Staff costs** 

|Wages and salaries<br>Pension costs|**2024**<br>**£**<br>**28,605**<br>**814**<br>**29,419**|_2023_<br>_£_<br>_31,538_<br>_505_|
|---|---|---|
||||
|||_32,043_|



The average number of persons employed by the Charitable company during the year was as follows: 

|Support<br>Fundraising|**2024**<br>**No.**<br>**3**<br>**-**<br>**3**|_2023_<br>_No._<br>_3_<br>_1_|
|---|---|---|
||||
|||_4_|



No employee received remuneration amounting to more than £60,000 in either year. 

The Trustees are considered the key management personnel of the Charitable Company and are not remunerated, therefore there are no key management personnel costs (2023: £Nil) 

Page 25 



**ORDINARIATE OF OUR LADY OF WALSINGHAM** 

**(A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **10. Tangible fixed assets** 

|**Cost or valuation**<br>At 1 April 2023<br>Additions<br>At 31 March 2024<br>**Depreciation**<br>At 1 April 2023<br>Charge for the year<br>At 31 March 2024<br>**Net book value**<br>At 31 March 2024<br>_At 31 March 2023_|**Freehold**<br>**property**<br>**£**<br>**649,252**<br>**-**<br>**649,252**<br>**93,017**<br>**12,986**<br>**106,003**<br>**543,249**<br>_556,235_|**Office**<br>**equipment**<br>**£**<br>**40,115**<br>**13,014**<br>**53,129**<br>**36,049**<br>**3,212**<br>**39,261**<br>**13,868**<br>_4,066_|**Total**<br>**£**<br>**689,367**<br>**13,014**|
|---|---|---|---|
||||**702,381**|
||||**129,066**<br>**16,198**|
||||**145,264**|
||||**557,117**|
||||_560,301_|



Freehold property consists of a church building in Torquay and a presbytery in Hemel Hempstead. No disposition of the church building in Torquay may be made without the written consent of the Trustees for Methodist Church Purposes or its conveyancer. 

There is a charge over 19 Broadcroft, Hemel Hempstead held by Lord John Ickford Worley. 

Page 26 



**ORDINARIATE OF OUR LADY OF WALSINGHAM** 

**(A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **11. Fixed asset investments** 

|**Cost or valuation**<br>At 1 April 2023<br>Additions<br>Disposals<br>Revaluations<br>At 31 March 2024<br>**Net book value**<br>At 31 March 2024<br>_At 31 March 2023_|**Listed**<br>**investments**<br>**£**<br>**252,994**<br>**861,029**<br>**(24,615)**<br>**111,998**<br>**1,201,406**<br>**1,201,406**<br>_252,994_|
|---|---|



IFixed asset investments are carried at fair value, based on the quoted market price for shares within the investment portfolio. 

## **12. Debtors** 

|**Due within one year**<br>Other debtors<br>Prepayments and deposits<br>Legacies receivable|**2024**<br>**£**<br>**927**<br>**10,405**<br>**1,145,700**<br>**1,157,032**|_2023_<br>_£_<br>_591_<br>_2,723_<br>_121,256_|
|---|---|---|
||||
|||_124,570_|



## **13. Creditors: Amounts falling due within one year** 

||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|Other taxation and social security|**926**|_809_|
|Trade creditors|**1,141**|_142_|
|Accruals and deferred income|**19,000**|_15,968_|



Page 27 



**(A Company Limited by Guarantee)** 

## **ORDINARIATE OF OUR LADY OF WALSINGHAM** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **13. Creditors: Amounts falling due within one year (continued)** 

|**2024**<br>**£**<br>**21,067**|_2023_<br>_£_|
|---|---|
|||
||_16,919_|



Page 28 



**ORDINARIATE OF OUR LADY OF WALSINGHAM (A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **14. Statement of funds** 

## **Statement of funds - current year** 

|**Unrestricted**<br>**funds**<br>**Designated**<br>**funds**<br>Fixed asset<br>fund<br>Ordinary's<br>Mission Fund<br>Formation fund<br>**General funds**<br>General funds<br>**Total**<br>**Unrestricted**<br>**funds**<br>**Restricted**<br>**funds**<br>Music fund<br>Family fund<br>Formation fund<br>Clergy Relief<br>Fund<br>**Total of funds**|**Balance at 1**<br>**April 2023**<br>**£**<br>**560,301**<br>**50,000**<br>**30,000**<br>**640,301**<br>**1,038,923**<br>**1,679,224**<br>**12,300**<br>**25,355**<br>**89,668**<br>**-**<br>**127,323**<br>**1,806,547**|**Income**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**1,605,783**<br>**1,605,783**<br>**-**<br>**6,162**<br>**46,432**<br>**830,030**<br>**882,624**<br>**2,488,407**|**Expenditure**<br>**£**<br>**(16,198)**<br>**-**<br>**-**<br>**(16,198)**<br>**(590,067)**<br>**(606,265)**<br>**(3,570)**<br>**(1,175)**<br>**(48,622)**<br>**(3,542)**<br>**(56,909)**<br>**(663,174)**|**Transfers**<br>**in/out**<br>**£**<br>**13,014**<br>**-**<br>**(30,000)**<br>**(16,986)**<br>**(21,675)**<br>**(38,661)**<br>**-**<br>**-**<br>**30,000**<br>**8,661**<br>**38,661**<br>**-**|**Gains/**<br>**(Losses)**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**46,522**<br>**46,522**<br>**-**<br>**-**<br>**-**<br>**65,476**<br>**65,476**<br>**111,998**|**Balance at**<br>**31 March**<br>**2024**<br>**£**<br>**557,117**<br>**50,000**<br>**-**|
|---|---|---|---|---|---|---|
|||||||**607,117**|
|||||||**2,079,486**|
|||||||**2,686,603**|
|||||||**8,730**<br>**30,342**<br>**117,478**<br>**900,625**|
|||||||**1,057,175**|
|||||||**3,743,778**|



Page 29 



## **ORDINARIATE OF OUR LADY OF WALSINGHAM** 

**(A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **14. Statement of funds (continued)** 

Designated Fixed Asset fund represents the amount of funds invested in assets which are not readily convertible into monies available for charitable expenditure. 

The Family fund represents amounts received to support families. 

The Formation fund represents unspent monies at 31 March 2024 given or designated for clergy training purposes. 

The Ordinary's Mission fund represents monies designated by the Trustees, to be used for specific mission projects, or purposes, at the discretion of The Ordinary. 

The Clergy Relief Fund represents the fund to provide for assistance to the priests of the Ordinariate in sickness and / or retirement. The transfer of £65,476 represents monies allocated to this fund. 

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**ORDINARIATE OF OUR LADY OF WALSINGHAM** 

**(A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **14. Statement of funds (continued)** 

## **Statement of funds - prior year** 

|**Unrestricted**<br>**funds**<br>**Designated**<br>**funds**<br>Fixed asset<br>fund<br>Ordinary's<br>Mission Fund<br>Formation fund<br>**General funds**<br>General funds<br>**Total**<br>**Unrestricted**<br>**funds**<br>**Restricted**<br>**funds**<br>Music fund<br>Family fund<br>Formation fund<br>**Total of funds**|_Balance at_<br>_1 April 2022_<br>_£_<br>_573,319_<br>_50,000_<br>_30,000_<br>_653,319_<br>_905,092_<br>_1,558,411_<br>_6,230_<br>_24,510_<br>_76,750_<br>_107,490_<br>_1,665,901_|_Income_<br>_£_<br>_-_<br>_-_<br>_-_<br>_-_<br>_620,168_<br>_620,168_<br>_7,000_<br>_5,871_<br>_46,569_<br>_59,440_<br>_679,608_|_Expenditure_<br>_£_<br>_(15,600)_<br>_-_<br>_-_<br>_(15,600)_<br>_(479,720)_<br>_(495,320)_<br>_(930)_<br>_(5,026)_<br>_(33,651)_<br>_(39,607)_<br>_(534,927)_|_Transfers_<br>_in/out_<br>_£_<br>_2,582_<br>_-_<br>_-_<br>_2,582_<br>_(2,582)_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_|_Gains/_<br>_(Losses)_<br>_£_<br>_-_<br>_-_<br>_-_<br>_-_<br>_(4,035)_<br>_(4,035)_<br>_-_<br>_-_<br>_-_<br>_-_<br>_(4,035)_|_Balance at_<br>_31 March_<br>_2023_<br>_£_<br>_560,301_<br>_50,000_<br>_30,000_|
|---|---|---|---|---|---|---|
|||||||_640,301_|
|||||||_1,038,923_|
|||||||_1,679,224_|
|||||||_12,300_<br>_25,355_<br>_89,668_|
|||||||_127,323_|
|||||||_1,806,547_|



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**ORDINARIATE OF OUR LADY OF WALSINGHAM** 

**(A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **15. Analysis of net assets between funds** 

## **Analysis of net assets between funds - current period** 

|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>Tangible fixed assets<br>557,117<br>Fixed asset investments<br>300,780<br>Current assets<br>1,849,773<br>Creditors due within one year<br>(21,067)<br>**Total**<br>2,686,603|**Restricted**<br>**funds**<br>**2024**<br>**£**<br>-<br>900,626<br>156,549<br>-<br>1,057,175|**Total**<br>**funds**<br>**2024**<br>**£**<br>**557,117**<br>**1,201,406**<br>**2,006,322**<br>**(21,067)**<br>**3,743,778**|
|---|---|---|



## **Analysis of net assets between funds - prior period** 

|Tangible fixed assets<br>Fixed asset investments<br>Current assets<br>Creditors due within one year<br>**Total**|_Unrestricted_<br>_funds_<br>_2023_<br>_£_<br>_560,301_<br>_252,994_<br>_882,848_<br>_(16,919)_<br>_1,679,224_|_Restricted_<br>_funds_<br>_2023_<br>_£_<br>_-_<br>_-_<br>_127,323_<br>_-_<br>_127,323_|_Total_<br>_funds_<br>_2023_<br>_£_<br>_560,301_<br>_252,994_<br>_1,010,171_<br>_(16,919)_<br>_1,806,547_|
|---|---|---|---|



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**(A Company Limited by Guarantee)** 

## **ORDINARIATE OF OUR LADY OF WALSINGHAM** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **16. Reconciliation of net movement in funds to net cash flow from operating activities** 

|Net income for the period (as per Statement of Financial Activities)<br>**Adjustments for:**<br>Depreciation charges<br>(Gain)/Loss on investments<br>Decrease/(increase) in debtors<br>Increase in creditors<br>Donation of investments & investment income and fees<br>**Net cash provided by operating activities**<br>**17.**<br>**Analysis of cash and cash equivalents**<br>Cash in hand<br>**Total cash and cash equivalents**<br>**18.**<br>**Analysis of changes in net debt**<br>**At 1 April**<br>**2023**<br>**£**<br>Cash at bank and in hand<br>**885,601**<br>**885,601**||**2024**<br>**£**<br>**1,937,231**<br>**16,198**<br>**(112,485)**<br>**(1,032,462)**<br>**4,148**<br>**(727,376)**<br>**85,254**<br>**2024**<br>**£**<br>**849,290**<br>**849,290**<br>**Cash flows**<br>**£**<br>**(36,311)**<br>**(36,311)**|_2023_<br>_£_<br>_140,646_<br>_15,600_<br>_4,035_<br>_161,015_<br>_9,873_<br>_(311,274)_<br>_19,895_<br>_2023_<br>_£_<br>_885,601_<br>_885,601_<br>**At 31 March**<br>**2024**<br>**£**<br>**849,290**<br>**849,290**|
|---|---|---|---|
|||||



## **19. Pension commitments** 

The Charitable Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charitable Company in an independently administered fund. The pension cost charge represents contributions payable by the Charitable Company to the fund and amounted to £814 for the year ended 31 March 2024 (2023: £505). As at 31 March 2024 £158 was due to the fund (2023: £143). 

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**(A Company Limited by Guarantee)** 

## **ORDINARIATE OF OUR LADY OF WALSINGHAM** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 

## **20. Operating lease commitments** 

The Charitable company had no commitments under non-cancellable operating leases at 31 March 2024. 

## **21. Related party transactions** 

6 Trustees (2023: 6) received allowances from the Charity in their capacity as beneficiaries and not as Trustees, in accordance with Article 8.1 (b) of the Articles of Association, totalling £118,581 (2023: £111,873). 

No Trustee received remuneration in respect of their services as Trustees. Trustees received payments reimbursing expenditure made on behalf of the Charity or incurred as a result of the performance of their duties as Trustees totalling £9,886 (2023: £7,949), including travel costs of attending meetings as Trustees of £9,674 (2023: £5,759) paid to 7 (2023: 10) Trustees. 

In 2023 The Ordinariate of Our Lady of Walsingham Clergy Relief Trust, was a separately registered charity, and had common Trustees with the Ordinariate. In 2023 parish groups paid £10,102 to the Clergy Relief Trust during the year, and the central fund paid £2,710. 

Page 34