## COMMUNITY OF OUR LADY OF WALSINGHAM
## Company Limited by Guarantee Registered Charity
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Charity Registration Number 1150251 Company Number 07988308
## **COMMUNITY OF OUR LADY OF WALSINGHAM**
## REPORT AND FINANCIAL STATEMENTS YEAR ENDING 31 DECEMBER 2022
|CONTENTS
Page|
|---|
|Reference and administrative details 1|
|Trustees’ report 2-4|
|Independent examiner’s report 5|
|Statement of financial activities 6|
|Balance sheet 7|
|Notes to the Financial Statements 8-11|
## **COMMUNITY OF OUR LADY OF WALSINGHAM**
## REPORT AND FINANCIAL STATEMENTS YEAR ENDING 31 DECEMBER 2022
## REFERENCE AND ADMINISTRATIVE DETAILS
Trustees Sister Gabriela Gasz (Chair) Sister Camilla Oberding (Company Secretary) Sister Theresa Weight Mgr Christopher Brooks Rev. Matthew Blake Dr Brian Sudlow Mrs Elizabeth Sudlow Registered office House of the Divine Will Neatherd Moor Dereham NR20 4AZ Independent examiner Vincent Jones Wakes Colne Place Wakes Colne CO6 2BY Governing document The Memorandum and Articles of Association. The Charitable Company was incorporated on the 13 March 2012, as amended by a Special Resolution registered at Companies House on 14 September 2012. The Company was registered with the Charity Commission on 19 December 2012.
1
## **COMMUNITY OF OUR LADY OF WALSINGHAM**
## TRUSTEES’ REPORT
## YEAR ENDING 31 DECEMBER 2022
The Trustees present their report and financial statements for the year to 31 December 2022. The information on page 1 forms part of this report. Although the company was registered in March 2012 the activities of the charity did not commence until 22[nd] January 2013.
## **CHARITABLE OBJECTIVES AND ACTIVITIES**
The objects of the charity as set out in our statutory document are:
- the advancement of religion, and
- the advancement of education
Such other exclusively charitable purposes, as recognised by the law from time to time and as the Trustees (and Directors) shall determine, provided that the objects are to be carried out in accordance with the values and ethos of the Roman Catholic Faith.
Our activities this year continued to thrive in Walsingham and Dereham and they included: **Pastoral Ministry**
- The community supported the work of the Shrine. They ran retreats at Dowry House and assisted other groups coming to the shrine for their own retreats. Their ministry at the Shrine was reduced in the second half of the year when the Walsingham Trust asked the whole community to work from its base in Dereham pending the outcome of a safeguarding investigation (see safeguarding section).
- The sisters who are trained spiritual directors provided spiritual accompaniment as requested during their ministry at Dowry House and to others from further afield who requested such support on a regular basis.
- - Sr Gabriela ministered to the Polish people visiting the Shrine and led retreats in Polish at Dowry House. She led a bilingual retreat for the Polish and English retreatants with the support of Sr Theresa. This mixed community retreat experience was valuable for bringing the local community together.
- Sr Gabriela did an online course at the Pontifical Athenaeum Regina Apostolorum University on ‘Women in the Church,’ which related to the important subject of synodality in the Catholic Church.
- Sr Camilla continued supporting religious communities in the diocese in her capacity as Vicar for Female Religious. She also remains on the Marriage and Family Life Commission.
- Sr Camilla and our novice attended the Fiat Association Conference in Rome. It was an important event for sharing the charism of the community with others and supporting the work of the Fiat association.
- Lizzie Sudlow, the leader of the lay branch, coordinated and led formation for those discerning membership of the COLW lay branch.
- COLW held its annual national meeting at Walsingham from 15 -17 July, during which the consecrated sisters and lay discerners had time to get to know each other more.
- A link has been established with the Catholic community at Nazareth in the Holy Land. The online meetings looked at mutual sharing and the possibilities of our communities supporting each other.
## **Youth Ministry**
- Sr Theresa continued working as assistant chaplain to the Catholic Society at the University of East Anglia and as a member of the Diocesan Vocations Team. She collaborated with Ignite, the East Anglia Diocesan Youth Service team and was invited onto the Diocesan Youth Commission.
- The Sisters organised two week-long formation experiences for young adults and both events were well attended.
- COLW ran the First Communion and Confirmation preparation classes for the local parishes.
- A new postulant entered formation in our community on 30th May.
- Three sisters took part in the Youth 2000 Prayer Festival and Sr Camilla was a key speaker.
## **Local Outreach at Dereham**
- In April the community held an Open Garden event at their convent in Dereham. It was meant to further develop local connections and allow Christian communities to come together, seeing that COLW is also part of the Dereham Churches together.
- The annual Night of Light, celebrating All Saints Day was also well attended.
2
## **COMMUNITY OF OUR LADY OF WALSINGHAM**
## TRUSTEES’ REPORT YEAR ENDING 31 DECEMBER 2022
## **APPOINTMENT AND TRAINING OF TRUSTEES**
Existing Trustees through a process of nomination and election appoint trustees to the Charity Board. A list of Trustees during the period of this report is shown on page 1.
The training of Trustee is provided when required by the charity’s advisors and other training organisations. Trustees are encouraged to attend appropriate external training courses/seminars to enhance their expertise.
## **RISK MANAGEMENT**
The Board is aware of their responsibilities to regularly assess the risks to which the Charity is exposed and to agree how best those risks may be mitigated and takes the appropriate action to manage them. The Trustees have assessed the major risks to which the Charity is exposed and continue to formulate suitable policies and annual risk management reviews.
## **REVIEW OF ACTIVITIES AND FUTURE DEVELOPMENTS**
The review of activities of the Community of Our Lady of Walsingham is in the tenth period of financial accounts for the Charity.
The community was involved in projects that reflect the aims and objectives of the Charity, both at Walsingham, at their convent in Dereham and further afield. The sisters ran some retreats and gave talks on the spirituality of Walsingham. They gave talks on faith subjects to a variety of groups and led sacramental preparation courses in some parishes.
They especially valued their work with young people whether in parishes, group events or formation weeks. They recognised the importance of working with this age group, as their charism has the preferential option for the young and to help offset the effects of the lockdown for many young people. Also, the sisters trained as spiritual directors provided spiritual accompaniment to those who requested, and they accompanied those at general retreats and youth events.
At the end of September, we were given six months’ notice by the Walsingham Trust, as they restructure the shrine. COLW is, therefore, preparing to develop and expand other areas of ministry.
## Restricted Funds
We continue to fundraise for the property in view of continuous maintenance required for it and in view of future expansion to accommodate new members. Any future monies raised for these purposes will be set off against this restricted fund which is still a negative figure this year.
3
## **COMMUNITY OF OUR LADY OF WALSINGHAM**
TRUSTEES’ REPORT YEAR ENDING 31 DECEMBER 2022
## **FINANCIAL REVIEW AND RESOURCES**
This is the tenth full year of accounts for the Charity.
## **SAFEGUARDING**
The Trustees regularly review the safeguarding arrangements for the Community. The Community complies with the National Catholic Safeguarding standards and moved its alignment with the Diocese of East Anglia to the RLSS (Religious Life Safeguarding Service). Sr Theresa remains the local safeguarding lead and continues to keep members up to date with relevant safeguarding training. During the year allegations were made against sisters in the community. These were investigated by the diocese of East Anglia and the Diocese of Brentwood (as the transfer to RLSS had not been completed) and found to be unsubstantiated.
## **TRUSTEES’ RESPONSIBILITIES STATEMENT**
The Trustees, who are also directors of the charitable company, are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and Applicable Law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
BY ORDER OF THE BOARD OF TRUSTEES
4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
THE COMMUNITY OF OUR LADY OF WALSINGHAM
YEAR ENDING 31 DECEMBER 2022
I report on ihe accounisof It)e cortipany forthe Yearend 31 Oec*mbtr 2022 which are sel out on pages 6 10 11
Respecknve responsibilities of tru$ts8s and Èxaminer
The tThstees are also the directors of the ¢onpany forihe purpos88of c(xnparylawl a responsibÈ fortre
preparation of the accounts. The charity s Iwsteesconsidwthat an audit is notwuired for Ihisyear undersectvn
144121 of the Chanties Act 2011 (the 2011 Acti and ihai an IrKiepetKlent examination Is needed.
Having salisfiedrnysgIhal Ihecharityis rK)tsut¥e£#toaLkJiiuThJerPart 16of IheCompaniesAct2(X)6and Is elig¢
for ltKjeperenl examination. il is my responsibility lo".
8yaminÈ the accounts under secin 145 01 the 2011 Act-
lofo1lowllEpre¢yureS18ld d1Th[he Gener*DIr¢10nsgi bylheChwityo)tnrn6wnurYJer
section 145(5Kbl of the 2011 Aci.. aThd
to state Vther particuL8r matters have come to rny atiention.
Basis of independent examIne5 report
My 8xaTnination was carried out in aCcordarKEith General Directions by the Charity Commission. An
examination includes a review of the accounijng recorKls kept by ihe charity and a cornparison of the accoLrts
presenied Wlh thtsse record& rt als) Indudes {$eil0n of anyunusual items ordIsdreS In the 3cwunts, w($
the seeking of e¥pknaiions fromyou as Irusw con(zming any sh matters. Th8 procedures undertaken do rol
rovide all the eviden Ihat vmIld be reqlll in an aLMlii and. conseqLtently. no opinion is given as toethertre
8ccounis present a'lrue and fairview'and the report is limii&J to those matters sei out in Ihtr Slatetnenl below.
Independent examintvs statement
In conneclion vAth my examination. matter has come to tny atIon..
which gives me re8s0nable cause to believe that. in any material resPt, the requirem1$."
lal to keep accounrir#J recolds tn accordarte Wlh SeCt)n 386 of t*E Cornpanies Act 2m6. and
Ibl to ?pafft accounts Kthich accotd wth the 3c¢ouniirKJ records. cornpty vAlh the 8ccountKvJ
requiremenis tsf the CompaniesAci 2(X)6 8T wth the meihods8nd ppIeSof the State of
Recotnrnend8d Pracbce."Acu)untiryJar¥J ReportiFvJbyCthanlies(revis 2C4)5lhave notbeen m¢
10 which. in ffly wnion. attenti be¢**ts7) In otdertoenable a properunderstarKliy of
accounts 10 be reache.
Vincent Jones FCA
Wakes Colna Place
Wakes Colne
Essex
C06 28Y
Charity Registration P4vmber 1150251
## **COMMUNITY OF OUR LADY OF WALSINGHAM**
## STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDING 31 DECEMBER 2022
||**Notes**|**Restricted**|**Unrestricted**|**Total**|**Total**|
|---|---|---|---|---|---|
|||**Funds**|**Funds**|||
|||**2022**|**2022**|**2022**|**2021**|
|||**£**|**£**|**£**|**£**|
|**INCOMING RESOURCES**|2|||||
|Voluntary income||11,452|116,351|127,803|95,888|
|Investment income|||386|386|6|
|Incoming resources from charitable activities|||45,776|45,776|36,756|
|**Total incoming resources**||11,452|162,513|173,965|132,650|
|**RESOURCES EXPENDED**||||||
|Charitable activities|3||54,985|54,985|54,018|
|Governance costs|4||32,148|32,148|20,620|
|Restricted||0||0|21,500|
|**Total resources expended**||0|87,133|87,133|96,138|
|Net income/loss||11,452|75,380|86,832|36,512|
|Balance brought forward 1st January 2022||-44,986|931,209|886,223|787,353|
|Purchase of fixed asset|||0|0|62,358|
|Unrealised investment gains|||-434|-434|0|
|Balance carried down 31st December 2022||-33,534|1,006,155|972,621|886,223|
Last year, in addition to the above revenue items, a second hut was purchased and paid for by restricted donations at a cost of £62,358; this hut has been depreciated for the current year, 5%.
All activities are continuing. There are no other gains or losses other than those shown above.
The notes on pages 8 to 11 form part of these accounts.
6
## **COMMUNITY OF OUR LADY OF WALSINGHAM**
## BALANCE SHEET AS AT 31 DECEMBER 2022
|Notes
**FIXED ASSETS**
5
Tangible fixed assets
**CURRENT ASSETS**
Current asset investment
6
Cash at bank and in hand
**Total current**
**assets**
**NET CURRENT ASSETS**
Long-term creditor
**TOTAL ASSETS LESS TOTAL LIABILITIES**
**Represented by:**
7,8
Unrestricted funds
Restricted funds
**TOTAL CHARITY FUNDS**|2022
2021
£
£
1,065,085 1,073,055|
|---|---|
||51,019
51,067
119,017
42,101|
||170,036
93,168|
||170,036
93,168|
||262,500
280,000|
||972,621
886,223|
||1,006,155
931,209
-33,534
-44,986|
||972,621
886,223|
The financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). For the period ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006. Members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for: ensuring the company keeps accounting records which comply with section 386 of the Companies Act 2006; and preparing accounts which give a true and fair view of the state of affairs of the charitable company as at the end of the financial year and of its surplus and deficit for the financial period, in accordance with the requirements of section 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the charitable company.
Approved by the Board on 12[th] September 2023
7
## **COMMUNITY OF OUR LADY OF WALSINGHAM**
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDING 31 DECEMBER 2022
## 1. **ACCOUNTING POLICIES**
## **Basis of accounting**
The financial statements are prepared under the historical cost basis, in accordance with the Statement of Recommended Practice “Accounting and reporting by Charities” issued in March 2005 and in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
## **Investments**
Investments are included at their mid-market price at the balance sheet date. Gains and losses (including foreign exchange movements on non-Euro denominated investments) are reported in the Statement of Financial Activities.
## **Fund accounting**
Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the trustees in furtherance of the general charitable objectives.
## **Incoming resources**
Incoming resources represent the total income receivable during the period and principally comprises donations receivable, investment income and bank interest for the charitable objects. Expenses donated or paid for by donors is included as a gift in kind and is included as both income and expenditure in the Statement of Financial Activities.
## **Resources expended**
Expenditure including irrecoverable VAT is charged to the Statement of Financial Activities on an accruals basis. Indirect costs are allocated based on the proportion of direct costs attributable to each activity.
## **Charitable expenditure**
Charitable expenditure comprises expenditure directly attributable or allocated to the principal activity of the charity.
## **Governance costs**
Governance costs comprise those costs that cannot be directly attributed to charitable activities. These costs are incurred in connection with the compliance with constitutional and statutory requirements.
## **Foreign currency**
Transactions denominated in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. Any gain or loss arising from a change in exchange rates subsequent to the date of the transaction is reported as an exchange gain or loss in the Statement of Financial Activities.
8
## **COMMUNITY OF OUR LADY OF WALSINGHAM**
## NOTES TO THE FINANCIAL STATEMENTS YEAR ENDING 31 DECEMBER 2022
## 2. **INCOMING RESOURCES**
|Grants and
donations
Friends' donations
Diocese
Mission
Appeal income
Investment income|2022
2021
£
£
1,500
2,000
114,851
73,910
34,535
30,174
11,241
6,582
11,452
19,978
386
6|
|---|---|
||173,965
132,650|
## 3. **ANALYSIS OF RESOURCES EXPENDED – CHARITABLE ACTIVITIES**
|**Charitable activities**
Formation
Apostolate|Direct
Indirect
costs
costs
Total
2022
2022
2022
2021
£
£
£
£
8,493
21,145
29,638
23,846
7,263
18.084
25,347
30,172|
|---|---|
||15,756
39,229
54,985
54,018|
## 4. **GOVERNANCE COSTS**
Finance and administration Attributable indirect costs
|2022|2021|
|---|---|
|£|£|
|9,212|5,306|
|22,936|15,314|
|32,148|20,620|
9
## **COMMUNITY OF OUR LADY OF WALSINGHAM**
## NOTES TO THE FINANCIAL STATEMENTS YEAR ENDING 31 DECEMBER 2022
## 5. **TANGIBLE FIXED ASSETS**
|Cost:
At 1.1.22
Additions
Revaluation
Disposals
At 31.12.22
Depreciation:
At 1.1.22
Charge for the year
At 31.12.22
Net book value|Motor
Freehold land
Huts
Vehicles and building
£
£
£
27,349
957,792
122,559
0
0
0
0
0
0
0
0
0|
|---|---|
||27,349
957,792
122,559|
||25,507
0
9,138
1,842
0
6,128|
||27,349
0
15,266|
||0
957,792
107,293|
## 6. **CURRENT ASSETS INVESTMENT**
|COIF Charitable Investment Fund
COIF Charities Deposit Fund|2022
2021
£
£
12,566
38,453
51,067
51,019
51,067|
|---|---|
10
## **COMMUNITY OF OUR LADY OF WALSINGHAM**
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDING 31 DECEMBER 2022
## 7. **ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|Current asset investment
Cash
Petty cash
Debtors|Unrestricted
Restricted
Total
Funds
Funds
Funds
2022
2022
2021
£
£
£
51,019
51,067
117,817
40,901
1,200
1,200|
|---|---|
||170,036
93,168|
## 8. **RESERVES**
|Unrestricted funds
Unrealised investment loss
Restricted funds
Total funds|Brought
Incoming
Resources
Closing
forward
resources
expended
balance
at 1.1.22
at 31.12.22
931,209
162,513
87,133
434
1,006,155
-44,986
11,452
0
-33,534|
|---|---|
||886,223
173,965
87,567
972,621|
## 9. **EMPLOYEES**
There were no employees who received emoluments (excluding employer pension costs) of more than £60,000.
## 10. **LONGTERM CREDITOR**
The loan to the charity was in the sum of £350,000. It is not secured and is repayable over a period of 20 years, interest-free, in equal annual instalments of £17,500, beginning in 2018. To 31.12.2022 therefore five instalments have been paid, leaving a balance due of £262,500.
11