COMMUNITY OF OUR LADY OF WALSINGHAM Company Limited by Guarantee Registered Charity REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ChatTty Registration Number 1150251 Company Number 07988308
COMMUNrrY OF OUR LADY OF WALSINGHAM REPORT AND FINANCIAL STATEMENTS YEAR ENDING 31 DECEMBER 2023 CONTENTS Page Reference and administrative details Trustees, report 24 Independent examiner's report Statement of financial activities Balance sheet Notes to the Financial Statements &11
COMMUNITY OF OUR LADY OF WALSINGHAM REPORT AND FINANCIAL STATEMENTS YEAR ENDING 31 DECEMBER 2023 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 Wlll Neatherd Moor Dereham NR20 4AZ Independent examiner Vincent Jones Wakes Colne Place Wakes Colne C06 2BY Governing document The Memorandum and Artkles of Associatlon. The Charitable Company was incorporated on Ihe 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.
COMMUNITY OF OUR LADY OF WALSINGHAM TRUSTEES. REPORT YEAR ENDING 31 DECEMBER 2023 The Trustees present their repc¥1 and finanoal statements for ts ygar lo 31 DKembor 2023. The infonnation on page 1 forms part of this reFQrt. Alhxjgh the c(ryany was regred in March 2012 the activitses of the chority did not ccrfnmence unlll 22tyJ January 2013. CHARITABLE OBJECTIVES AND ACTNMES The objects of the charity as set out in (wr slatutory document We: - the advancement of religion, and - the advancmenl of educatic Such other exdusively charitabfe w)50S. a¥ reniSed by th8 law from tirne lo timg and as Ihg Trustees land Dirgdors} shall tjetennine, wowded that Ihe Obj are to be carri out in accxJrdanc8 wlh the values and ethos of the Roman Catholic Fth. Putoral Mlnlstry The communrty SUPF4Xted the vth ol the Shdne, espedally at House. They ran rglroats at Dowry H¢Jusg and assisted other groups rning to the Shrine for their retreats and pilyrimages. Thar work for the Walsingham Trust concluded at the beginnirwJ of April. sters are trained splrllual direclors [vIded attompanlm8nt as requested both durlng their mlnlslry 81 Dowry HLW, frcffl their (nvent in Deroham and via Zoom. Sr Gabrida ministered to the Polish people visiting Ihe Shrine. espe(>ally al the Pofish pilgrimages. She18d a bilirvaual retreat in Lincolnshi wilh the supp)rt of the ps1vIant for ts Pelish arHJ English retreatsnts.11 was a Vory po$llv¢ expgrience for liThJuists'cally and culiurally divew commun88. Slnc8 July 2023 Sr Theresa and Sr Gabriela worked as part-lime prison chap18Ins for HMP Norwlch. sister5 led rglreats roL4led to the mUn'S synluality both in parlshes and al thelr convent. Sr Camilla continued SUPF¥)rting rdvJiws c&ymmunilw in the dictese in her capaoty a5 Vi(*r for Female Religious and atténd thg Vicars for Rel910u8 Conference in Leeds. Her work 8s vicar nclUded in December. Sr Camillo LnIlnueS as 8 momber of the Ow>xs9n Mamage arrfl Family Llle Commi88im. Sr Catherine and Sr Th¢resa gave tslks on Rad Maria. Liue Sudk)w, the leader of the Y branth. co)rdinaled andlgd frymation those discemirwj mombershlp of the COLW lay branch. In July aght disewrws made tr first promises in the COLW lay lyanch. community conbnued the link the Catholic c4)rnmunity at Nazareth in the Hc4y Land. The onllne meelSngs l(x)ked al sharing Marian Spirituality and al 8UPFOrtiro Ihe Nazarglh (>wp. Two new poslulant5 entered formation in communty in Marth. Sr Cathefine made Flfst Profess on 25th Marth at the Church of the Annunck8tion in Walsingham. Youth Mlnl•try Sr Thoresa convnued worn9 as aSstant chaplaln 81 UnIve of E8sI Anglla. She collaborated wth Ignlle, the East Anglia DI(888n Youth Servi(¥ team. She cg)ntinues a5 a member of both the Di0&8san VolI0n$ Tfjam and the DIesan Youth CTrnmlssl. Thg Sisters organised Iwo week4ong fcfflti0n eyperiences for y[n0 adults arKI iM)th events were well attènded. Thg Sisters ran thg Firsl Comrnunlon and Confimiation preparation ctasses for a uPle of I(1 partshe8, and they were invc4ved in other initatives Organised by Joel's Bar. Ignite, and the Wcfd Youth Day in Lisbon. Three sisters took part in the Youth 2000 Prayer Festival Sr catherW was o kgy spgaker. Local Outreach at Dereham Thè c¢Jnmunity held a few annual events al their ¢onvent in Dèreham. The pen Gorden, ev8nts In May was extended lo Ihe lo(zl putAic. the Churche5 Tcoether ajmmvntkn and beyond. It is r8cognized as one of Ihg local events thal helps in building up the Ictal community. annual lebraonS ofMI Saints Day 8rnJ Christsnas Car(4s 8180 well attended. The presence of the Mayor Hugh lQn9 and th6 Deputy Mayor of Dereham Linda Vthument were very much apprerAaled. Sr Gabriela was involved in the Chuffjhes T(sether hrj rIng$. The community was engaged in some evgnls organised by the Churthes Togelhw.
COMMUNITY OF OUR LADY OF WALSINGHAM TRUSTEES, REPORT YEAR ENDING 31 DECEMBER 2023 APPOINTMENT AND TRAINING OF TRUSTEES EStIng Truste88 Ihr(wh a Process ol nCrfninatjr WKI ewicffi 4)pJint tntste8s to ts Charity Board. A list of Trustees during the period of this rewrt is shcthn on pag8 1. The training of Twstee is provided tn required bythe tharity's thisors and ¢)ther training organisallons. Trust¢es pAe enccuraged to attend apwopriale extem training Cour%SemInar$ to enhance thwr exp8rtis8. RISK MA14AGEMENT The Board is aware ofthelr Tr5pLgibl1e5 to regularty asse¥s the risks towthich the Chty Is exposed and to 8gree how best those iisks may be miligaled and it takes Ihe apprwote ac11 to manage thtsm. The Trustees have assessgd thg major risks to v#hlch the Charity L8 extthed and o)ntinug to knnulote suilable pdici88 and annual risk managgm9nl revlgws. REVIEW OF AMMES AND FUTURE DEVELOPIAENTS The review of ac11vg6 of the Communty olr Lady of Walsingham Ss In ts 818venlh porK of financkl a(wunt8 for Ihe Charty. The communty's contract with the Walsingham Trust conduded bn Marth. The community r9-Iclfjd to ils nvent in Dereham and have expanded thwr ministy from there. The new ministy induded parish mission5 and retreats. The relre8ts proved to be helpful lo the parish (x)mmunit as a source of strengthening of their faith and building up Ihelr parish cx)mmunilios. k8¥+I80. rt was b8nefiwl for th COLWS ctswaled and lay ano5 lo share in this mlnisty. The BiBleYs gove tslks on fath suble&8 to 8 V8dety of groups ondlgd sacyamental wepw8Uon cour8es for th8 local parishes and led vccatM)nal formallon wBek5 Icf young peoplo al Ihgir convenL The slsters trained as spirilugl dlredor¥ provJed splritual actt))panlment to thosè 19J1ng th08e 8t gen8r81 retreats and youth events. Two sisters started a now mln15ty as Pfis<>n Chat4alns. Th18 rnlntsty roftocts the 9niCal aTrJ Inlerfalth a8pect8 of the community's charism. as well as its Pfeferential option ILY the gxrilualty poor. Thg lay branch growth is mcrte establish by Ihe lad thgt eight PgOF4e made their first promi888 in Jy. Thore are others who are disceming their first eommilment to COLW next year. COLW feds strengthened by the lay branch members. Requests for parish MISOn5 are inL¥earv arKI it is expgthd that this area of mlnisty will continu8 to grow and develop. R8slricted Funds We continue to fundre for tr* in view d wntinuous maintena rnjuired lor it and in wew of future expansion to aCmModate rW Memb5. Any fvture ffonies raised for th8se pu)Se8 wll te set off against Ihis restricted lund which is stiu a negakn've figure this year.
COMMUNITYOF OUR LADY OF WALSINGHAM TRUSTEES. REPORT YEAR ENDING 31 DECEMBER 2023 FINANCIAL REVIEW AND RESOURCES Th18 1$ the 818Nthh fvll of a¢¢xMmts thg Charity. SAFEGUARDING The Trustses regulady review the saf&3uaTdiThJ arraffjements Ihe Cornmunty. Tr Communty D)rrpll85 Wtlh the National Catholic Safeguarding StarKlards and Is a member of ts ReligvJu$ Lib Safwrding IRLSS>. Thè eommunlty vcAunteered to take part in tTh of the pilot safeguarding awjrls canièd cArt by rthity-establlshed Catholics S8fegutrding kndard Agency. They V•We erKour8ged to receive a gocd gradin9 as well as helpful o)nsideralion5 for develOpnI as the &immunity grow5. COLW membern ¢£tIn to tske part in tratywng provldad by the RLSS. TRUSTEES. RESPONSIBILrnES STATEMENT The T0S, are also direct(Ys of ts charitsble ccrfnpary, are re8pcmlble for Frfepgrfw the Report of tho Tnle85 and the finandal staternts in 8ccrydance wllh 8prl1cab law wulatiorts. CoMpY law rgqulres the dhckn to pr•paTe fin8ndal Statem for Ooch fingnc481 tdod. Under that law the dlroctors have eledgd lo preparg the finanrial st8lements In actnIanc9 ¥Ath United Klrydom Generally Actspl Aco)untlr¥J Practice (Unlied Kirydom Aca)unting Standards and ApF4icable Lawl. Under panY law the directors must not approve the finan¢ial statemènts unless they are salisfied that give a tru8 arKI fair viow of thè stale of ffalrs of th¢ (a)mp8ny arnl of tho wofil 10$9 ofth8 comp8ny ts that pwhxl. In pr¢parlng th080 finandal ststementy th8 dlrnxors are wuired to: 8elect suIte arxountlno Fdhs and 8Fsty thwn consistently., observe Ihe MotrS aTrJ the Chorkno8 SORP: make judgnts arKI ac£ountlng ffilmatss tst arn loa80nO and prudent.. propare Iho flnand81 staloments on a gcknJ Conc b8sls untess bt is to presume that the company will cg)nlknue in imjsiness. The dlrectors are rospsibb tr keepir¥J adequate wwunling rè(x)rds that 8uffKibnt to and exF4ain the company's transacons and disclose 7•thh reasonable ¥iraCl at any time the financ481 pogtion of the company and enable them lo ensure that the firbanoal statements COmY yth the Cc¥npanies Act 2006. They 819 also responsible for safegu8rdlng the assets of ts rnPany arnj hence for taking wgon8ble steps for the prgvontion and detecon of fraud arKI olhw Irrewlarilie& BY ORDER OF THE BOARD OF TRUSTEES CQL Sr Camllla Oberdlng Director
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE COMMUNITY OF OUR LADY OF WALSINGHAM YEAR ENDING 31 DECEMBER 2023 I report on the accowrts of the company fvjr the yo8r ended 31 Decem 2023. whlch let oul on pa9 e to 11. R••poctlv• rnponblllttM o11nl•m •Thd ¢x•mlrw The tN8tee8 (who are also th dwedors of tr• ¢omparby fr th• purpo of compry lawl are respon$lblg for I weparallon of Ihe accounts. The thaiiW$ truslees ¢Mslderth•t an audit 1$ r•)t rnquirnd for thi8 year under Section 14412) ofthè Chgth185 Ad 2011 {th• 2011 8Th1 that an Ir•ndent 8x&nlnalon18 Meded. Hjvlng sallsfied myMIlt1thO (adty w not 8vbiectto•udll under Part 16 ofth•Comp•nlesAca 2(Th And IB ellgitle for Ind•p•nd•nt exanNnatk>n. It 1$ nry r•SprAi811ty to.. •xamin• th8 und•r ¢tsn 145 ofthè 2011 Ad: bj foll the procedures l•d dfmn in th• G•norn1 OiT•CIth8 th• Chortty Commkn*n undor s•ctl)n 14515Xbl olthe 2011 A¢ arnl B••1• ol Ind•p•nd•nt •x•mln•e• r•port My •x8mlnalSon w4s cathod oul In •c¢ordanca wllh th• Gth)•rd Dlrtdi(xM gl¥M ty lh• Ch•rfty Coffwnllthn. An •x•mln•tton Irtludos A revi of the acuunJng r•c(rfd8 kept by tho chaffty and o corn1110n ol tho accounts pre8ent•d wlth those r•108. tt allo indwl¢¥ conskler8Von of 8ny Unul1 6t•nx ordlthur•8 In the •ccounts, and Ihe 89okln9 of explanations from you 4$ trustees conc•ntrs Any 84th m•ttorn. Th• pfocdur•s undgrtaken do not provi¢Je all th• wid•rK• th•twtyJld be roquired In •n •udlt and. ¢ons•quontty, no oplnlon18 gfv¢n •$ lo wh•thor th• 4¢counts pre#•ni a •rrtl f•lr VIW and th8 rowt M Iwntt•d to thom m•tt•rn Ml tyjl In th• itatsmvnt hlow. Ind•wd•nt •rnIn• •t•t•m•rrt In conmcllon wwh ny •ThIn1110n, no m•tt•r c4nx to nry an•nkn.' Thfilch m• rog•onabl• to b•MM th. kn •ny m•ledal r•ip•ct, th• rtyulT•nxnts.' lol lo kelp •ccounlkw r•ctyd$ kn ic¢o[dw Th4th 130 ofth• Ch11 A< and Ib) to prepar• accounly wthlth with th• •ccounlng rncords. corbyly th tht •ppllcablg requlrem•nts cOnmIng the frjrm •nd ¢on¢ent of •c¢ounts sol rNJt in Ihe Ch•rill•s IAc¢ount8 and Reports) regulotions 2(hJ8 other than any r•quireMl that the accounts 91 • Irue and fairf vlow whlch is not a m•lter COnsthf •$ part ofan 1ndepw•Trt wmlMUon. to whlol, In ry wnlon. •tt•nkn be drown kn ¢xd•r •nobl• • prop•r undmt•ndlng oftlK• •ccounts lo be re•¢hed. Vlncont Jon•• FCA W8ke$ colne Pl8CO Wakes Colne EÉ$ex C08 28Y crtty R•gl•tr4tlon Numb•r 1150251
COMMUNITY OF OUR LADY OF WALSINGHAM STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDING 31 DECEMBER 2023 Notes R8strlct•d Unr06tr1¢t•d Totsl Funds Funds 2023 2023 2023 2022 INCOMING RESOURCES Voluntary income Investment income Incoming resources from charitsble activiknes 17.4C 77,173 1,685 36.215 94,573 1.685 36.215 127,803 386 45,776 Total Incomlng resources 17,4LM) 115,073 132,473 173,965 RESOURCES EXPENDED Charitable actlvities Govemance costs Restricted Total re8ource8 •xpended 54,617 38,627 54,617 38,627 13.767 107,011 54,985 32,148 13.767 13,767 93,244 87,133 Net incomenoss 3,633 21,829 25,462 86,832 Balance brought forward 1 st January 2023 -33,534 l.C¥)6.155 972.621 886,223 Unrealised investment gains Balance carried dovm 31st December 2023 1,460 1.029,444 1,460 434 999.543 972.621 -29.901 All activities are continuing. There are no other gains or losses other than those shown above. The notes on pages 8 to 11 fomi part of Ihese accounts.
COMMUNrrY OF OUR LADY OF WALSINGHAM BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 FIXED ASSETS Tangible fixed assets 1,058.957 1,065,085 CURRENT ASSETS Current asset Investrnenl Cash at bank and in hand Total curr•nt a888ts 54.165 51.019 131.421 119,017 185.586 170.036 NEf CURRENT ASSETS 185,586 170.036 Long-terni creditor TOTAL ASSETS LESS TOTAL LIABILrriES 245,000 262,500 999,543 972.621 R•prosont•d by: Unrestricted funds Restricted funds TOTAL CHARrrY FUNDS 1.029,444 1,006,155 -29,901 -33.534 999,543 972.621 financial statsments havè bten ryeparnd in 8ctx)ttJarKo ilh the wi81 provistons rek8ting to compan$ subject to the small conynies regi 7Mthin Part 15 01 the Companies Act 2C aryj in accordance with the Flnandal Reporung Sland8rd for Smaller Entities leffvAve AEffil 2008). Fw thg twK)d ended 31 December 2020 the company was entitled to exemption frrKn audit under sedicffl 477 of Ihe C(xnpanie5 A£t 20Ch5. Member5 have rh)t required the company to obtain w audit in arthance wilh tion 476 ofthe Companies Act 2Crfb. o)mp4y with section 386 ofthe Acl 20C6" and prep8riro arxwnts whlch give a true and fair view of Ihg sfale of affalrs of the chata4e ccrfnp8ny as at the end of ts finrtial )par and of its $UTpEus and defiGit for th& financial period. in accordan 1h the uireMents of seclton 394 and 395 of the Act and whth otherwise comply with thè requirements of the Companies A£t 2(MX relalirrj to acawnts, 80 far as a[l¢ab to the tharhable compary. Approved by the P*Jard on Friday W Aw12024 Sr Camilla OberdMI Dire¢Xor
COMMUNITY OF OUR LADY OF WALSINGHAM NOTES TO THE FINANCIAL STATEMENTS YEAR ENDING 31 DECEMBER 2023 1. ACCOUNTING POLICIES B•sl• of acwunllng The financial ststornts are Kyepared undw lh8 tstoriol ca)st basis. in •crdarTh Mth the Stslgmgnl of Recommended Pr8ctsc% "Accounting arbj rwtirg by Charibes. issugd in March 2005 and in ac£ordance th the speaal provisions relating to companies sufy'ect to the small companies regime within Part 15 of Ihg Companios Act 2006 and in accoidance the Finanual RowbrKJ Stsndard for Smalkw Entities {effective April 20081. Inv••tm•nts Invesknents are indud8d al Ihr mid-markel FIr8 al the bakrKe thet date. Gains and losses lincluding foreign exchange rTh)vements on f-EurO derrninated inVestnts) we rfjp in the Stotemgnl of Financlal Activltles. Fund •ccountlng Unrestricted fvnds comprise auMUlated suAUSe8 and deficlts on general funds. are avallalyo for use ot the dr8cretion of the trustees in furtherance ol the general tharit8t48 ct48th88. Incomlng r•iourus In¢omlng rescwrces represent lolal I)me r1Vable during period and ndpaNY mPSe8 donat$ ro¢¢svabb. investment Inco 8ThJ bank Interest for Ihe charita8 objects. Exponses donated or paid for by donors is induded as a gift In nd and Is Included as both income and expenthture in the Statsment of Financial Activiligs. Ro•ouru• •xpended Expenditure incluthng lrre(x)vera8 VAT19 charged to the Stalem8nt of Finanaal AdilieS on 8n ac(Yual8 basbs. Indired costs are allocated based on the propo" of direct costs attritthble to each activty. Ch•rSt•ble exwndltur• Charitablg oynditure c(¥nprises expendlture dlrecty attrth1 or allocated to Ihg wlndpal ofthe charity. Govlrn•n costs Govemance costs rprIse tho¥e o)sts Ihat canTh)t b8 dIrdY attrm to thantable a¢Xivities. These costs are Incurred In connection wh Ihe LY)mplbanc4 ¥th cons1ft and 8tstuW requhment8. Forglgn curr•ncy Transactions denorThnated in fcthgn are refJx * the rate njlng al the date of the tr8nsacth)n. Monetary assets and liabilities derK)minated in fofgign currencies are retranslated at the rale of exchang8 rulirKJ al the balance stteel dale. Any gain or loss ari$ir#J frrmn a thaThJe in exchange rates subsequent to the date of the tranSadI is refKJrted 85 an exchange gain or loss in thè SLment of Financaal tivit.
COMMUNrrY OF OUR LADY OF WALSINGHAM NOTES TO THE FINANCIAL STATEMENTS YEAR ENDING 31 DECEMBER 2023 2. INCOMING RESOURCES 2023 2022 Grants and donations Friends. donations Ministry Mission Appeal income Investment income 74,673 23,469 12,746 17,4LX) 1,685 132,473 114,851 34,535 11,241 11,452 386 173,965 3. ANALYSIS OF RESOURCES EXPENDED- CHARITABLE ACTIVITIES Direct Indirect costs 2023 Total 2023 2023 2022 Charltsble actlvltles Fomialion Apostolate 9,658 8,338 17,996 19.652 16,969 36,621 29,310 25.307 54.617 29,638 25,347 54,985 4. GOVERNANCE COSTS 2023 2022 Finance and administration Attributsble indirect costs 12,728 25,899 38,627 9,212 22,936 32,148
COMMUNITY OF OUR LADY OF WALSINGHAM NOTES TO THE FINANCIAL STATEMENTS YEAR ENDING 31 DECEMBER 2023 5. TANGIBLE FIXED ASSETS Motor Vehides Freehokl land and building Huts Cost: At 1.1.23 Additions Revaluatlon Disposals At 31.12.23 27,349 957.792 122,559 27.349 957,792 122,559 Depreclation: At 1.1.23 Charge for the year At 31.12.23 27,349 15,266 6,128 21,394 27,349 Net l)ook value 957,792 101,165 6. CURRENT ASSETS INVESTMENT 2023 2022 COIF Charftsble Investment Fund COIF Charities Oeposit Fund 14.026 40,139 54,165 12,566 51,067 51.067 10
COMMUNITY OF OUR LADY OF WALSINGHAM NOTES TO THE FINANCIAL STATEMENTS YEAR ENDING 31 DECEMBER 2023 7. ANALYSIS OF NET ASSETS BEfwEEN FUNDS Unrestricaed Restricted Total Funds Funds Funds 2023 2023 2022 Current asset investrnent Cash Pety cash D8btors 54.165 130,221 1,200 51,019 117,817 1,21)) 185,586 170,036 8. RESERVES Brought fOard at 1.1.23 1.CKI6.155 Incoming Resources sources expended Closing balance at 31.12.23 Unrestricted funds Unrealised investhient galn Restricted funds Total funds 115,073 1,460 17,400 133,933 93,244 1,029.444 -29,901 999,543 -33,534 972.621 13.767 107,011 g. EMPLOYEES There were no employees who received emoluments (exduding employer pension costs) of more than £60,000. 10. LONGTERM CREDrroR 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 31.12.2023 therefore six instalments have been paid, leaving a balance due of £245.000.