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 DI0￿Se 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, sco￿8nd 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 con￿rn 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 reSoUr￿S 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 I￿acleS
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 fO￿ard
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 acknO￿edge 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 be￿een 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 re￿iVed as advanced payments for the goods or serVI￿S 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 re￿1vable
Gain on investments
Bank Inte￿St 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