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 2025
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} CONTENTS Page Reference and Administrative Details of the Charitsble Company, its Trustees and Advisers Trustees. Report Independent Auditorfs Report on the Financial Statements Statement of Financial Activities 3-11 12-15 16 Balance Sheet 17-18 Statement of Cash Flows 19 Notes to the Financial Statements 20-38
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees The Right Reverend David Waller, Chair The Very Reverend David Lashbrooke The Reverend Jonathon Redvers Harris The Reverend Simon Ellis Iresigned 23 June 2024, reappointed 1 April 20251 The Reverend Paul Burch Iresigned 23 June 2024, reappointed 21 June 20251 The Reverend Neil Chatfield lappointed 21 June 20251 The Reverend Mark Elliott Smith lappointed 21 June 20251 The Reverend Michael Halsall (resigned 23 June 2024, reappointed 21 June 20251 The Reverend Thomas Mason lappoinled 21 June 20251 The Reverend Christopher Pearson (resigned 23 June 2024, reappointed 21 June 20251 The Reverend Andrew Starkie (resigned 23 June 2024, reappointed 21 June 20251 The Reverend Edward Tomlinson lappointed 21 June 20251 The Right Reverend Keith Newton, Chair (resigned 23 June 20241 The Reverend James Bradley (resigned 23 June 20241 The Reverend Simon Chinery (resigned 23 June 20241 The Reverend Christopher Lindlar (resigned 23 June 20241 Company registorod number 07582943 Charity rogistered number 1141536 Registgred offico 24 Golden Square London W1F9JR Company secrgtsry Mr Christopher Woodman Independent auditor MHA Chartered Accounlanls Building 4 Foundation Park Roxborough Way Maidenhead Berkshire SL6 3UD Page 1
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY. ITS TRUSTEES AND ADVISERS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Bankers HSBC Bank plc 16 King Street Covent Garden London WC2E 8JF Investment Advisors Rathbones Ito April 20251 1 Curzon Street London W1J 5FB CCLA (from April 20251 1 Angel Lane London EC4R 3AB Page 2
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report together with the audited financial statements of the Ordinariate of Our Lady of Walsingham for the 1 April 2024 to 31 March 2025. 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 requi ments, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffective 1 January 20191. 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 Istrategie ReF)Ort and Directors, Report) Regulations 2013 has been omitted. Objectives and Activities The objects of the charity are.. 111 The advancement of the Roman Calholie religion in the United Kingdon as determined under the laws of the Roman Calholie Chureh and in aceordanee wth them. 121 The advaneement of any charitable purpose supported by the Roman Catholic Church in any part of the wodd. The main activities of the DI0Se consist of worship, evangelisation and faith education in ils parishes and chaplaincies, and charitable support and assistance to all who live within their boundaries and externally. The strategies we used to meet these objectives and activities included.. advancing religious doctrine and tenets of the Catholic faith., producing and promoting religious books, information for the public, including providing religious resource cenlres and libraries., promoting the study of religious teachings and practices and scriptures., promoting religious narratives andlor doctrines through producing and performing musical liturgy, providing religious instruction and supervision., support of religious office holders for acting as such, promoting prayer, praise and study," religious devotional acts." visiting the sick and administering sacraments lo the sick and dying., Missionary Discipleship.. sharing our encounter with Jesus Christ using the means available lo us., evangelisation, the provision of prison, hospital and university chaplaincy, prison and hospital visiting, pastoral work., cultural and community activities provided either in the place of worship in the buildings attached, or in the wider ¢ommunity', relief of poverty in areas of need., developing understanding regarding peace and human rights", engaging with other faiths to foster mutual respect and understanding, and to seek shared action., and homilies, sermons and religious seminars,. talks, meetings and conferences, street and door-to door communications. Due to the pastoral nature of these activities it is diffi'cult to measure success. However, the Trustees take the growth of our local missions, and the sustained level of engagement and donations, as a good indication of success. Page 3
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 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 Ordinariale. The Charity was among the first of the Catholic DI(eseS lo 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 & Walesl and formally readopted these procedures at its meeting on 7th February 2017. Review of Activities In pursuit of ils objects the Charity has engaged in, amongst others, the following activities. The provision, maintenance and development of places of publie worship and the provision of religious services. Iln most cases the charity makes use of buildings belonging to the wider Catholic Church and would like lo express its gratitude for the support il receives from the Catholic Church both in this country and worldwide. In return the priests belonging lo 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 lo schools and to those in hospitals, prisons and other inslitulions. The charity owns one church building in Torquay. The provision of accommodation and other support for cleryy who are engaged in the advancement of the objects or who have retired. including support for the dependants of such cleryy. Iln 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 Iregistered charity 11574321 was closed, following advice from the Charity Commission, and the funds were transferred lo The Ordinariate of Our Lady of Walsingham as a restricted fund to provide for assistance lo the priests of the Ordinariale in sickness and l or retirement. The provision and maintenance of cemeteries and the provision of funeral services. The Charity does not al present own any cemeteries but ils clergy are very active in providing funeral services in Catholic churches and in municipal cemeteries and crematoria. 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 ils 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 lo the Charity including a weekly lunch provided for both those attending a service al the church and others who come in from the street. Page 4
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Icontinuedl The advancement of education in aecordance with the teachings of the Catholic Church. The Charity does not own or run any educational establishments in ils 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 lo church and community schools. Education is also provided during children's activities during religious setvices 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. 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, lo the Church in Need, Let the Children Live, and many others are a regular part of the life of the Ordinariate. Page 5
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Structure, Governance and Management Constitution The Personal Ordinariate of Our Lady of Walsingham Ilhe Ordinariatel 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 lin 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 Ordinariale of Our Lady of Walsingham Ithe Charity) is a company limited by guarantee without share capital registered in the United Kingdom under company number 07582943 and a registered charity (number 11415361. 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 aelivilies 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 ineluded in the Reference and Administrative Details on page 1. Achievement and performance The charity follows an annual budget whieh 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 750/0 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, lo make up the shortfall. Methods <rf appointment or election of Trustees Trustees are the Bishop and the members of the Governing Council of the Canonieal entity Ilhe Personal Ordinariale of Our Lady of Walsinghaml, and any other person appointed by Trustees. The Bishop and members of the Governing Council of the Ordinariale 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 6
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Structure, Governance and Management leontinued) Oryanisational structure and deei$ion-making policies The affairs of the Ordinariate are eondueted in accordanee 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, sco8nd and Wales and the Ordinariale is organised as 38 local groups operating from over 40 locations. The Trustees meet regularly lo 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 Insuranee Company. The Church Canon Law governing the Personal Oidinariate of Our Lady of Walsingham requires the appointment of a Finance Council to advise the Bishop which musl inelude 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 Icl of the Articles of Association. The committee includes three Iruslees among its membership. The day to day business management of the Charity is undertaken on behalf of the Trustees by the Bishop who, in consultation with the Governing Council of the Ordinariale 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 fi'nance and pastoral councils. 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 lo mitigate risk. Principal activities The objects of the Charity are lo advance the Catholic religion by means of the charitable activities undertaken by, or in connection with, the Personal Ordinariale of Our Lady of Walsingham. The Trustees have had due regard of the Charity Commission's guidan 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. Fundraising Fundraising generally lakes place in parishes by volunteers. The charity maintains its overall responsibility over fundraising activities, and does not employ an external fundraiser or agency. Generally, these are associated with social events. No formal complaints have been received about fundraising activities. In undertaking such activities, attention is given to avoid unreasonable intrusion on a person's privacy, unreasonabty persistent approaches and undue pressure on people to give money or other property. The charity is not required to register with the Fundraising Regulator and has not done so bul seeks, nonetheless, to maintain high standards. Page 7
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Financial review 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 lo adopt the going concern basis in preparing the financial statements. The principal funding source is donations.. The total income for the period was £935,81612024." £2,488,4071 whieh includes £223,06212024." £1,117,577) in legacies, and total expenditure of £804,61512024". £663,1741. Funds carried forward were £3,882,81412024'. £3,743,778), of which £1,158,480 is restricted12024. £1,057, 1751. Reserves policy At 31 March 2025 the total unrestricted funds were £2,724,354. In these earty days of the Charity this is regarded as satisfactory, as the Charity is wholly dependent on voluntary donation income. £792,160 is invested in tangible fixed assets, so unrestricted free reserves" are £1,932,194 representing approximately 2.4 years worth of total annual expenditure. Material inve$tment$ policy The charity held no investment funds prior lo 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 al a medium risk level designed to generate capital growth. All income is reinvested in the fund. The Iruslees have considered ethical investment, particularty in relation to Catholic Social teaching, and review this regulady. In April 2025 the investments were moved lo the CCLA Catholic Investment Funds, which specifically adhere to Catholic social, ethical and environmental leaching and policy. Principal risks and uncertainties The eharity owns minimal propety and has been protected fiom the energy price rises of recent years. Geneml expenditure has been on budget and the Trustees review this regularly to keep expenditure lo a minimum. Income, largely from donations, remains steady and as budgeted. There is a risk that older donors will cease their giving bul so far this has been mitigated by new donors in recent years. The Trustees have reviewed financial procedures regulady 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 adminislralion, of the charity and relying heavily on one person is necessary due to limited resources, and reeognised as a significant risk by the Trustees. Page 8
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Financial risk management objective$ 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 ils operations but maintains an objective not lo run unacceptable levels of risk in any area. The subjective nature of this process requires major risks lo be resolved by the Trustees collectively, whilst more minor risks are dealt with by senior executive officers. Members. liability Each member of the Charitable Company undertakes lo contribute lo 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 lo be a member, such amount as may be required, not exceeding £1 for the debts 2nd liabilities contracted before they ceased lo be a member. Trustees. indemnities Trustees benefit from indemnity insurance to cover the liability of the Trustees which by virtue of any rule of law would otherwise allach to them in respect of any negligence, default or breach of trust or breach of duty of which they may be guilty in relation lo the Charity Trust. The cost of this insurance in the period was provided by the Catholic Church Insurance Association al no cost. Pay policy for key management personnel The Bishop and other Ttustees 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 remunerab'on 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 in progress and a new website was launched in January 2025. It Is hoped that this will increase outreach and evangelisalion and attract more income from donors. Page 9
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Statement of Trustees. responsibilities The Trustees (who are also the directors of the Charitable Company for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generalty Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the Charitable Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to". select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021", make judgments and accounting eslimales that are reasonable and prudent", stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial statements,. prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the Charitable Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable Company's transactions and disclose with reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure that the financial ststemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable Company and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. Oisclosure of infomiation to auditor Each of the persons who are Trustees al the time when this Trustees, Report is approved has confirmed Ihal.. so far as that Trustee is aware, there is no relevant audit information of which the charity's auditor is unaware, and that Trustee has taken all the steps that ought lo have been taken as a Trustee in order lo be aware of any relevant audit information and to establish that the charity's auditor is aware of that information. Auditor The auditor, MHA, previously traded through the legal entity Maclntyre Hudson LLP. In response to regulatory changes, Maclntyre Hudson LLP ceased lo hold an audit registration with the engagement transition lo MHA Audit Services LLP. The auditors, MHA, have indicated their willingness to continue in office. The Trustees will propose a motion reappointing the auditors al a meeting of the Trustees. Page 10
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Auditor Icontinuedl In preparing this report, the Trustees have taken advantage of the small companies, exemptions provided by seelion 415A of the Companies Act 200S. Approved by order of the members of the board of Trustees and signed on their behalf by.. The Right Reverend David Waller Trustee Dale." 10 September 2025 Page11
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORDINARIATE OF OUR LADY OF WALSINGHAM Opinion We have audited the financial statements of Ordinariale of Our Lady of Walsingham (the 'Charilable Company'l for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balan 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 Praclicel. In our opinion the financial slalements.. give a true and fair view of the stste of the Charitsble Company's affairs as at 31 March 2025 and of its incoming reSoUrS and application of resour$, including ils income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi¢e', and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit In accordance with Intemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilorfs 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 lo 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 lo provide a basis for our opinion. Conclusions relating to going concorn In auditing the financial statements, we have concluded that the Trustees, use of the going concem basis of accounting in the preparation of the financial ststemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, Individually or collectively, may cast significant doubl on the Charitable Company's ability lo continue as a going concern for a period of at least Iwelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilib.es of the Trustees with respect lo going concern are described in the relevant sections of this report. Page 12
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORDINARIATE OF OUR LADY OF WALSINGHAM {CONTINUEDI other information The other information comprises the information included in the Annual Report other than the financial slalements and our Auditor's 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 lo the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misstalemenls, we are required to determine whether this gives rise to a material misslatemenl 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 lo 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 slalements., or sufficient accounting records have not been kept,. or the financial stslements 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 ful in the Trustees. Responsibilities Statement, the Trustees (who are also the directors of the Charitable Company for the purposes of company lawl are responsible for the preparation of the financial slalements 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 misslatemenl, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charitable Company's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charitable Company or lo cease operations, or have no realistic alternative bul lo do so. Page 13
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORDINARIATE OF OUR LADY OF WALSINGHAM {CONTINUEDI Auditorfs 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 Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assuran, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misstslemenl when il exists. Misstalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slatemenls. Irregularities, including fraud, are instances of non-complian with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delecl material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of delecling 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 eslimales for bias., Discussions amongst the engagement team in relation lo how and where fraud might occur in the financial statements and any potential indicators of fraud., DiscLJSSiOnS With management over any potential or suspected fraud. Performing substantive tests of detail over the completenesslexistence 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 misstalemenl 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 lo 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.or .uklaudilorsres onsibilities. This description forms part of our Auditor's Report. Page 14
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORDINARIATE OF OUR LADY OF WALSINGHAM {CONTINUEDI Use of our report This report is made solely lo 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 stale lo the Charitable Company's trustees those matters we are required lo slate lo them in an Audilorfs Report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility lo anyone other than the Charitable Company's and ils trustees, as a body, for our audit work, for this report, or for the opinions we have formed. ftIHI MHA Chartered Accountants and Statutory Auditors Maidenhead, United Kingdom Dale.. 15 September 2025 MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wale5 Iregistered number OC4555421 MHA are eligible lo act as auditors in terms of section 1212 of the Companies Act 2006. Page 15
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 Restricted funds 2025 Total funds 2025 Total funds 2024 Note Income from: Donations and IacleS other trading activities Investments 674.958 92.921 32,110 115.469 790.427 92.921 52,468 2,383,409 86,413 18,585 20,358 Totsl income 799.989 135.827 935.816 2,488,407 Expenditure on: Raising funds Charitsble activities 6.394 753,222 6.394 798,221 1,536 661,638 44,999 Total expenditure 759.616 44.999 804.615 663,174 Net income before net Ilossesllgains on investments Nel Ilossesllgains on investments 40,373 {2,6221 90,828 10,457 131,201 7,835 1,825,233 111,998 Net movement in funds 37.751 101.285 139.036 1,937,231 Reconciliation of funds: Total funds brought fOard Nel movement in fijnds 2,686,603 37,751 1,057,175 101,285 3,743,778 139,036 1,806,547 1,937,231 Total funds carried forward 2,724.354 1,158.460 3,882.814 3,743,778 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 20 to 38 form part of these financial statements. Page 16
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee) REGISTERED NUMBER.. 07582943 BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Flxed assets Tangible assets Investments 792,160 1.220.184 557,117 1,201,406 12 2.012,344 1,758,523 Current assets Debtors Cash al bank and in hand 13 332.741 1,578,908 1,157,032 849,290 1,911,649 2,006,322 Creditors.. amounts falling due within one year 14 141.179) 121,0671 Net current assets 1.870,470 1,985,255 Total assets less current liabilities 3,882,814 3,743,778 Totsl net assets 3.882,814 3,743,778 Charlty funds Reslricled funds Unrestricted funds 15 15 1,158,460 2.724.354 1,057, 175 2,686,603 Total funds 3.882,814 3,743,778 Page 17
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee) REGISTERED NUMBER.. 07582943 BALANCE SHEET ICONTINUEDI AS AT 31 MARCH 2025 The entity was entitled lo exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity lo obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 144 of the Charities Act 2011. The Trustees acknOedge their responsibilities for complying with the requirements of the Act with respect lo accounting records and preparation of financial statements. The financial statements have been prepared in accordan with the provisions applicable to entities subject lo the small companies regime. The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. The Right Reverend David Waller Trustee Dale.. 10 September 2025 The notes on pages 20 to 38 form part of these financial statements. Page 18
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash flows from operatlng actlvltles Nel cash used in operating activities 991,471 85,254 Cash flows from Investlng actlvltles Interest on investments Dividend on investments Purchase of tsngible fixed assets Proceeds from sale of investments 5,231 15,890 1258,9131 338,044 1362,1051 4,323 9,850 113,0141 25,102 {147,8261 Purchase of investments Net cash used in investing activities 1261,8531 {121.5651 Cash flows from financing activities Not cash provided by financing activitigs Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 729,618 136.3111 885,601 849,290 Cash and cash oquivalgnts at tho end of the year 1.578,908 849,290 The notes on pages 20 to 38 form part of these financial statements Page 19
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 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. Accounting policies 2.1 Basis of preparation of financial Statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Stslement of Recommended Practice applicable to charities preparing their accounts in accordan wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffecb've 1 January 20191, 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 al 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 ¢asl significant doubt on the ability of the Charitable Company to continue as a going ¢on¢ern. The Trustees make this assessment in respect of a period of one year from the date of approval of the financial statements and have concluded that the Charitable Company has adequate resources lo continue in operational existence for the foreseeable future and there are no material uncertainties about the Charitable Company's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements. 2.3 Income All income is re¢ognised once the Charitable Company has entitlement lo the income, il is probable that the income wll 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 entiUement 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 propety in question will not be required lo satisfy claims in the estate. Receipt of a legacy must be recognised when Il is probable that il will be received and the fair value of the amount reTrivable, 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 specifi¢ 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 al valuation and re¢ognised as income when they are distributed lo the projects. Gifts donated for resale are Included as income when they are sold. Page 20
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Icontinuedl 2.3 Income Icontinuedl Donated facilities are included al 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 loffertoryl income is recognised when received. 2.4 Expenditure Expenditure is recognised On there is a legal or constructive obligation lo transfer economic benefit lo 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 lo a single activity are allocated directly lo that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consislenl with the use of resources. Central staff costs are allocated on the basis of lime 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 lo raise funds for its charitable purposes and includes costs of all fundraising activities events and non- charitable trading. Expenditure on charitable activities is incurred on direct 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 lo tangible fixed assets are treated as deferred income and released lo the Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Slalement 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. Page 21
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Icontinuedl 2.7 Tangible fixed assets and depreciation Tangible fixed assets costing £1,000 or more are capilalised 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 ils intended working condition should be included in the measurement of cost. Al 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 ils fair value less costs to sell and ils value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the slraighl-line method. Depreciation is provided on the following basis.. Freehold property Office equipment 2QA Slraighl line 20QA Slraighl line 2.8 Investments Fixed asset investments are a form of financial instrument and are Initial recognised al their transaction cost and subsequently measured at fair value al the Balance Sheet dale, unless the value cannot be measured reliably in which case il is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, in the Slalement of Financial Activities. 2.9 Debtors Trade and other debtors are recognised at the selllemenl amount after any trade discount offered. Prepayments are valued al 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 dale of acquisition or opening of the deposit or similar account. Page 22
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Icontinuedl 2.11 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balance Sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the settlement can be eslimaled reliably. Liabilities are recognised at the amount that the Charitable Company anticipates it will pay lo settle the debt or the amount it has reiVed as advanced payments for the goods or serVIS il must provide. Provisions are measured at the best estimate of the amounts required lo settle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rale that reflects the risks specific lo 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 inslrumenls. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.13 Operating leases Rentals paid under operating leases are charged lo the Slalement of Financial Activities on slraight-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 lo the fund in respect of the year. 2.15 Fund accounting General funds are unrestricted funds which are available for use al 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 sel out in the notes lo the financial statements. Restricted funds are funds which are lo 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 lo the financial slalements. Investment income, gains and losses are allocated lo the appropriate fund. Page 23
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Critical accounting estimates and areas of judgment Eslimales and judgments are Continual evaluated and are based on historical experien and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting eslimales and assumptions.. The valuation of the legacy debtors is often dependent on a number of factors which will only become known at a future dale, examples of these factors include the residual value of estates or the value at which assets will be realised. The Charitable Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Critical areas of judgment.. The judgements that have had a significant effect on amounts recognised in the financial statements are those concerning the choice of depreciation policies and asset lives. Page 24
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from donations and legacies Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Donations Legacies Grants 444,636 223,062 7,260 113,069 557.705 223.062 9,660 2,400 674,958 115,469 790.427 Unreslricled funds 2024 Restricted funds 2024 Total funds 2024 Donations, including transfer of Clergy Relief Trust Legacies Grants 369,255 1,117,577 25,000 835,579 1,204,834 1,117,577 60,998 35,998 1,511.832 871,577 2,383.409 Income from other trading activities Income from fundraising events Unrestricted funds 2025 Total funds 2025 Total funds 2024 Sundry sales 92,921 92,921 86,413 Page 25
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Investment income Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Gain on investments Bank interest receivable Investment income 407 1,773 29,930 2,887 3.294 1,773 47.401 17,471 32,110 20,358 52.468 Unreslricled funds 2024 Restricted funds 2024 Total funds 2024 Rent re1vable Gain on investments Bank InteSt receivable Investment income 1,148 487 644 5,259 1,148 487 644 16,306 11,047 7,538 11,047 18,585 Page 26
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on raising funds Costs of raising voluntary income Unrestricted funds 2025 Total funds 2025 Total funds 2024 Expenditure on raising voluntsry income 6,394 6,394 1,536 Analysls of expendlture by actlvltles Actlvltles undertaken directly 2025 Support costs 2025 Total funds 2025 Advancing the Catholic ligIOn 867,534 130,687 798,221 Activities undertaken directly 2024 Support costs 2024 Totsl funds 2024 Advancing the Catholic ligIOn 529,473 132,165 661,638 Page 27
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by activities Icontinuedl Analysis of direct costs Total funds 2025 Total funds 2024 Activities 2025 Depreciation Formation Allowances Travel and subsistence Portal magazine Living and premises expenses Third party donations Personnel costs Fundraising and shop expenditure 23,870 19,290 229,981 56,553 13,041 241,113 34,379 12,390 36,917 23,870 19,290 229.981 56.553 13,041 241,113 34.379 12.390 36,917 16,198 37,299 242,203 43,034 12,719 124,452 24,918 10,711 17,939 667,534 667.534 529,473 Analysis of support costs Total funds 2025 Total funds 2024 Activities 2025 Staff costs Office and communicab'on Legal and sundry Bank charges and interest Governance costs 35,313 37,344 32,227 14,7991 30,602 35,313 37.344 32.227 {4,7991 30,602 29,419 61,654 13,795 4,070 23,227 130,687 130.687 132,165 Page 28
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Net Incomel{Expenditure) 2025 2024 Depreciation of tangible fixed assets.. Owned by the charity Auditor's remuneration Other non-assurance accounting services 23,870 19,680 3,100 16,198 19,200 3,000 10. Stsff costs 2025 2024 Wages and salaries Pension costs 34,332 981 28,605 814 35,313 29,419 The average number of persons employed by the Charitable Company during the year was as follows.. 2025 2024 Support No employee received remuneration amounting to more than £60,000 in either year. The total amount of employee benefits received by Key Management Personnel, including Employers National Insurance eontribulions and employers pension contributions, is £23,273 12024". £15,813). The Charitable Company considers its Key Management Personnel to be the Financial Secretary. Page 29
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. Tangible fixed assets Freehold Office property equipment Total Cost or valuatlon At 1 April 2024 Additions 649,252 249.822 53,129 9,091 702,381 258,913 At 31 March 2025 899.074 62,220 961,294 Depreciation At 1 April 2024 Charge for the year 106,003 17,981 39,261 5,889 145,264 23,870 At 31 March 2025 123.984 45,150 169,134 Not book valuo At 31 March 2025 775,090 17,070 792,160 At 31 March 2024 543,249 13,868 557,117 Freehold propety consists of a church building in Torquay, a presbytery in Hemel Hempstead and a house in Manchester. 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 30
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Fixed asset investments Listed investments Cost or valuatlon At 1 April 2024 Additions Disposals Revaluats'ons 1,201,406 362,105 1334.750) 18,577) At 31 March 2025 1,220,184 Net book value At 31 March 2025 1,220,184 At 31 March 2024 1,201,406 Fixed asset investments are carried al fair value, based on the quoted market price for shares within the investment portfolio. 13. Debtors 2025 2024 Due within one yoar other debtors Prepayments and deposits Legacies receivable 721 927 10,405 1,145,700 332,020 332,741 1,157,032 Page 31
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. Creditors: Amounts falling due within one year 2025 2024 Other laxalion and social security Trade creditors Accruals and deferred income 1.162 2,506 37,511 926 1,141 19,000 41,179 21,067 Page 32
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. Statement offunds statement offunds- currentyear Balance at 31 March 2025 Balance at 1 April 2024 Transfers inlout Gainsl {Lossesl Income Expenditure Unrestricted funds Designated funds Fixed asset fund Ordinary's Mission Fund 557,117 123,870) 258,913 792,160 50,000 (5.000) 45.000 607,117 128,870) 258,913 837,160 General funds General funds 2.079,486 799.989 1730.746) 1258.9131 12.6221 1,887.194 Total Unrestrlcted funds 2.686,603 799.989 1759.616) 12.6221 2,724.354 Restrlcted funds Music fund Family fund Formation fund 8,730 30,342 117,478 (1.730) {9.518) 123,610) 7.000 25.415 110,803 4.591 16,935 Clergy Relief Fund 900,625 114,301 110,141) 10,457 1,015,242 1.057,175 135.827 144.999) 10.457 1,158.460 Total of funds 3,743,778 935.816 1804,615) 7,835 3,882.814 Page 33
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. Statement of funds Icontinuedl 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 lo support families. The Formation fund represents unspent monies al 31 March 2025 given or designated for clergy training purposes. The Ordinary's Mission fund represents monies designated by the Trustees, lo be used for specific mission projects, or purposes, al 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 l or retirement. The transfer of £10,457 represents monies allocated lo this fund. Page 34
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. Statement of funds Icontinuedl statement of funds - prior year Balan at 31 March 2024 Balance al 1 April 2023 Transfers inloul Gainsl (Losses) Income Expenditure Unrestricted funds Designated funds Fixed asset fund Ordinary's Mission Fund Formation fund 560,301 116,1981 13,014 557,117 50,000 30,000 50,000 130,0001 640,301 116,1981 116,9861 607,117 General funds General funds 1,038,923 1,605,783 1590,067} 121,6751 46,522 2,079,486 Total Unrestricted funds 1,679,224 1,605,783 1606,265} 138,6611 46,522 2,686,603 Restricted funds Music fund Family fund Formation fund Clergy Relief Fund 12,300 25,355 89,668 {3,570} {1,175} 148,6221 8,730 30,342 117,478 6,162 46,432 30,000 830,030 13,5421 8,661 65,476 900,625 127,323 882,624 156,909} 38,661 65,476 1,057,175 Total of funds 1,806,547 2,488,407 1863,174} 111,998 3,743,778 Page 35
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 792,160 204,942 1,768,431 141,1791 792.160 1,220.184 1,911,649 141.1791 1,015,242 143,218 Total 2,724,354 1,158,460 3,882.814 Analysis of net assets between funds - prior year Unrestricted fLJnds 2024 Restricted funds 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 557,117 300,780 1,849,773 121,0671 557,117 1,201,406 2,006,322 121,0671 900,626 156,549 Total 2,686,603 1,057,175 3,743,778 Page 36
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. Reconciliation of net movement in funds to net cash flow from operating activities 2025 2024 Nel income for the year las per Statement of Financial Activiliesl 139,036 1,937,231 Adjustments for: Depreciation charges IGainllLoss on investments Decreasellincreasel in debtors Increase in creditors Donation of investments & investment income and fees 23,870 17,8351 824,291 20,112 18,0031 16,198 1112,4851 11,032,462) 4,148 {727,3761 Net tash provided by operating activities 991,471 85,254 18. Analysis of cash and cash equivalents 2025 2024 Cash in hand 1,578,908 849,290 Totsl cash and cash equivalents 1,578,908 849,290 19. Analysis of changes in net debt At 1 April 2024 Cash flows At 31 March 2025 Cash al bank and in hand 849,290 729.618 1,578.908 849,290 729,618 1,578,908 20. 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 £981 for the year ended 31 March 202512024.. 8141. As at 31 March 2025 £158 was due lo the fund12024.. £1541. Page 37
ORDINARIATE OF OUR LADY OF WALSINGHAM IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21. Operating lease commitments The Charitable Company had no commitments under non-cancellable operating leases at 31 March 2025 12024.. no committmenlsl. 22. Related party transactlons 7 Trustees 12024.. 61 received allowances from the Charity in their capacity as beneficiaries and not as Trustees, in accordance with Article 8.1 Ibl of the Articles of Association, lotslling £80.694 12024.. £118,581). 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 £4,016 12024". £9,886), including travel costs of attending meetings as Trustees of £3,26612024'. £9,674) paid to 712024.. 71 Trustees. 23. Post balance sheet events After the year end, the Charitable Company entered into a lease over St Mary's Chapel, Theddingworth Road, Husbands Bosworth, with an annual peppercom rent and a commitment lo maintain and upkeep the building. Page 38