COMMUNITY OF OUR LADY OF WALSINGHAM COLW ANNUAL REPORT AND ACCOUNTS OR HE YEAR ENDED 31ST DECEMBER 2024 REGISTERED CHARITY: 1150251 COMPANY LIMITED BY GUARANTEE: 07988308
COMMUNITY OF OUR LADY OF WALSINGHAM PAGE Admlnistrative Details Trustees, Report 4t08 Independent Examlnerfs Report Statement Of Financial Activltles 10 Balance Sheet 11 Notes To The Financlal Statements 12to15
COMMUNITY OF OUR LADY OF WALSINGHAM ADMINISTRATIVE DETAILS Trustees Sister Gabriela Gasz (Chair) Sister Camilla Oberding (Company Secretary) Sister Theresa Weight Mgr Chrisloph8r Brooks Rev. Matthew Blake Dr Brian Sudlow Mrs Elizabeth Sudlow Ragistered Offlce House Of the Divine Will Neatherd Moor D8reham Norfolk NR20 4AZ Indepondent Examlner Affinity Assodates (EA) Ltd 24e Norwich St Dereham Norfolk NR19 1BX Bank HSBC Brentwood High St Br8ntwood Ess8X CM14 4RU Investment Manager CCLA Investment Management Ltd One Angel Lane London EC4R 3AB Govemlng Docurnent The Memorandurn and Artides of Association. Th8 Charitable Company was incorporated on the 13th Of March 2012, as amended by a Special R8solution registered at Companies House on the 14th of September 2012. The Company was register8d with the Charity Commission on the 19th of D8cemb8r 2012
COMMUNITY OF OUR LADY OF WALSINGHAM TRUSTEES REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024 The Trustees present their report and financial statements for the year to the 31st of D8eember 2024. The information on Pag8 1 form5 part of this r8POrt. Although the company was registered in March 2012 the activities of the charity did not commence until the 22nd of January 2013. CHARITABLE OBJECTIVES AND ACTIVITIES The objects of the charity as set out in our statutory documents are.. The advancement of religion, and The advancement of education. The Trustees confimi that they have complied with the duty, in section 11 of the Charities Act 2011. to have due regard to any public benefit guidance publish8d by the Charity Commission in determining the activities undertaken by th8 charity. The Trustees (DiCtors) determine the charity activities and its aims are in accordance with the valu8s and ethos of the Roman Catholic Faith and that th8y are set such 8 way as to benefit society as a whole. PASTORAL MINISTRY • The Community carried oul I0 nineaY Parish Missions which were both met with great appreciation from the parish community. The Parish Mission undartaken during temi-time a150 incorporated visits to th8 local Catholic Primary School. Five parish retreat days were run, including one lasting for the course of the whol8 weekend. These include parallel sessions for children. Sixteen r8tr8ats were facilitated by the Community at Th8 House of The Divine Will, seven of thich were residential. • Two r8pr8sentatives from th8 Community. one from the Lay Branch and one of the Professed Sisters, attend a symposium in Rome in May on Ecclesial Families which was h81d in conjunctlon with the Dicastery for Consecrated Life. A three-part online series on the Spirituality of Walsingharn was carrfed out Vla Zoom. Held at 11pm- 1am GMT, these talks were intended to engage those who live in different time zones and were attended by people from Australia, New Zealand and America to name a few. Monthly talks were given on Radio Maria England. The Community also produced a 33-day ConsecratSon to Our Lady of Walsingham leading up to the National Feast Day on the 24th of September which was broadcast daily. Pri50n and University Chaplaincy work was undertaken by two sisters in the ComTnunity. • On8 of the novices in th8 communily professed her First Vows at a Private Mass in the Sacred Heart Church, Dereham, on the 23rd of September and a now postulant was also welcomed into the community this y8ar. Members of the Lay Branch renewed their promis8s and two made their promis8s for the first time in July. Collaboration with the Diocese increased with r8treat day5 and talks being given by members of the community around the local area induding a retreat day led on behalf of the Diocesan Marriage and Family Life Commission. Six talks were given by the sist8rs to group5 Visiting Walsingham. One-off talks w8r8 given online to groups from Romania and Italy.
COMMUNITY OF OUR LADY OF WALSINGHAM TRUSTEES REPORT CONT'D FOR THE YEAR ENDED 31ST DECEMBER 2024 Zoom Meetings between the Community of Our Lady of Walsingham (Lay Branch memb8rs included) and Nazareth group in the Holy Land. The Hemiitages located in the grounds of The House of the Divine Will were frequented by a number of guests throughout the year, including somè who came on personally guided retreats which wére facilitated by the sisters in the community who are trained spiritual directors. Spiritual direction and vocational accompaniment continue to be given by the sisters in the community who have the respective training. These sessions are carried out in PBrson or onllne according to the requirements of the individual. One of the sisters commenced training in spiritual accompaniment. A number of other events were also attended by the sisters including a Youth 2000 day retreat in Wimbledon, the Dawn Catholic conference in Walsingham and the Adoremus Eucharistic Congress al Oscott. YOUTH AND YOUNG ADULTS. MINISTRY Chaplaincy work at the University of East Anglia Iwo days a week continues with other events throughout the year including two retreat days for the students at House of the Divine Will. During parish missions and retreat days, parallel sessions for children and young people ar8 offered and, circumstances p8miitting, visits to local schools are also undertaken. The sisters engaged in one-off visits to schools, both primary and secondary, throughout the year. This included h81ping to facilitat8 retreat days for a secondary school within the Diocese. A talk was given to a young adult group from the Diocese of Nottingham in Walsingham. Some of the sist8rs attended a Carmelite Conf8r8nc8 for Young Adults where they offered spiritU81 accompaniment and, gav8 a keynote talk. Three members of the community led an aftemoon r8treat for around forty-five young p8ople on the subject of prayer. A discernmenl r8tr8at for young men was held at The House of The Dlvine Will in Dereham in the summer. Three of the sislers were present at the Diocesan Youth Festival. Ignlte, and h81ped with th8 giving of workshops, night prayer, and a general presence with the young people in attendance. LOCAL OUTREACH IN DEREHAM • The community's two annual open houselgarden events were a success, in particular. the Open Gardens event in May in which over 117 people were welcomed to the Conv8nt over the Gourse of one afternoon. Involvement with Churches Together planning meetlngs continues. The community was engaged in some events organised by th8 Churches Together induding the annual Walk of Witn8ss and leading carols at the Christmas light switch-on. The community collaborated with the local parish for the Ecumenical World Day of Prayer and the altar-s8rvers group came to The Hous8 of The Divine Will for one of their w88kly sessions. REVIEW OF ACTIVITIES AND FUTURE DEVELOPMENTS AND RELEVANT POLICIES Th8 review of activities of the Community of Our Lady of Walsingh8m is in the twelfth period of financial accounts for the Charity.
COMMUNITY OF OUR LADY OF WALSINGHAM TRUSTEES REPORT CONT'D FOR THE YEAR ENDED 31ST DECEMBER 2024 This year was particulady special for us as w8 marked our 20th anniversary of the Community of Our Lady of Walsingham. During the year we reflected on the history of our community and our plans for the futu. Bishop Alan Williams sm, as our Bishop Protector, met with both branches to hear the latest with our developments. It was invigorating to see, on this special occasion, th8 lay branch increase by new memb&rs making their first promises as seven current m8mbers renewed them. The event was shar8d with friends from the wider community and was encouraging for all those who participated in It. Th8 community, whlle based in its convent In Dereham, expanded its ministy in leading parish and scho)I mlssions and r8tr8ats. The missions were very well received. and the parish communit188 found them h81pful in building up their faith and Sense of community. COLW was reassured by the positive response to these missions and by the incoming requests for them the following year. This confirms our belief that this type of ministry is need8d on the parish level as a source of formation in faith and community building. As a growing community. we came to the conclusion that the community needed to look into furlher developm8nt so, after careful consideration, the truste8s agreed that the best option was purchasing a property in Walsingham and expanding our facilities al the fomiation house in Dereham. The fundraising project started in the autumn with th& aim of raising two and a half million pounds. This project was designated to be led by Sr Camilla. FINANCIAL REVIEW A sumrnary of the y8aVs results can be found on page 10 of this r8POrt and accounts. Donations and leg8cl8s are important sources of income and vary from year to year,. salarles and stipends are more stable. This year the donations increased significantly from £94,573 in the previous year to £225,607 this yaar wilh the launch of Mary's House Appeal. Th& Appeal continues in 2025 and is going W811. Income from Investments Increased from £1,685 In trie pr8VIOUS y8ar to £4,872, This is principally Interest eamed on a deposit account where money from the App881 is being kept on a short-term basis rather than investing in 8quities. Expenditure for the year totalled £114,786 and Is relatively stable. INVESTMENT The Charity h8s a small investment holding in the COIF Charitable Investment Fund valued at £14,738 at the 31st of Decemb8r 2024. The Trustees, choice of this investment is guided by the fact that it is aligned with the Catholic ethos and mission of The Community of Our Lady of Walsingham. FUNDRAISING The charity continu8S to be 5UPPOrted by many donors and in the latter part of the year the donors and supporters were informed about the fundraising project for the propos8d Mission House in Walsingham. Mary's House Appeal. We take care that both the tone and the clarity of communication with the donors is transparent about the us8 of the donations. Donations are acknowledged with thanks and benefactors are remembered in our daily pr8yers as w811 as during 8 monthly Mass offered for their intentions.
COMMUNITY OF OUR LADY OF WALSINGHAM TRUSTEES REPORT CONT'D FOR THE YEAR ENDED 31ST DECEMBER 2024 Best practice is applied to protect supporters, data. The charity never sells data, it never swaps dats and ensures that the communication preferences of donors can be chang8d at any time. No complaints have been received by th8 charity in relation to thé fundraising activities. RESERVES The Charity's unr8Stricled funds at Ihe year end stood at £1.066.705. The trustees have adopted a reserves policy which 8ims to have cash or cash equivalent to two months expenditure as a reserve,. this aim is curr8ntly met and will be for the foreseeabl8 future. RISK MANAGEMENT The board is aware of th8ir responsibilities to regularly assess the risks to which the Charity is exposed and to agree how best those risks may be mitigated and it take5 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 revyews. The Key Areas of risks consid8r8d by the Trustees are a5 follows: Safeguarding those whom the charity serves is given regular attention. The Trustees regularly review the safeguarding arrangements for the Community. Th8 Community complies with the Nalional Catholic Safeguarding Siandards and is a member of the R81igious Life Safeguarding SeNic8 (RLSS). COLW members continue to take part in training provided by the RLSS. One of the sisters is r8sponsible for ensuring that the safeguarding policy is adhered to in resp8Ct to all sist8rs. The Lay Br8nch18ader holds the same responsibility to the lay branch members. Regular attention is given to keeping th8 property of The House of The Divine Will in good condition. General maintenanc8 and regular fi safety is carried out to provide a safe place for the members of the community and thos8 serve. The sisters branch of COLW in 2024 considered of 3 finally professed sislers, and thr8e members in initial formation. There are other aspirants disceming their vocation in COLW. The Trustees recognise that the community will not be able to provide accommodation for the prospective candidates In the near fulure If the growing int8rest remains. The limitation of spa could restrict growth of the community, to the charitrfs disadvantag8. For this r8ason, the projecl of acquiring a property in Walsingham is considered a long-teTm solution. APPOINTMENT AND TRAINING OF TRUSTEES Existing Trustees through a process of nomination and electlon appoint trustees to th8 Charlty Board, A list of Trustees during the period of Ihis report is shown on page 1. The training of Trust88 is provided when r8quired by the charity's advisors and other training organisations. Truslees are encouraged to attend appropriate external training cours8s I seminars to enhance their expertise. Th8 Trustee5, who are also directors of th8 charitable company, are responsible for preparing the Repori of the Trust88s and their financial statements in accordance with applicable law and regulations.
COMMUNITY OF OUR LADY OF WALSINGHAM TRUSTEES REPORT CONT'D FOR THE YEAR ENDED 31ST DECEMBER 2024 TRUSTEES, RESPONSIBILITIES STATEMENT Company law r6quires the directors to prepare financial statements for éach financial period. Under that law th8 directors have elected to Prepa the financial statem8nts in accordance with United Kingdom G8nèrally 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 slate of affairs of the company and of the profit or loss of the company for that period. In preparlng these financial statements. the dir8Ctors are requlred to: Se18Ct Suitable accounting policies and then apply them consistently. Observe the methods and principles in the Charities SORP. • Mak8 judgments and accounting 8Stimates that are responsible and prudent. Prepare the financial statements on a going concern basls unless it is inappropriate to pr&sume that the company will continue its business. The directors are responslble for keeping adequate accounting records that are sufficlent to show and explaln the company's transactions and disclos8 Wlth reasonable accuracy at any time the financial position of the Company and enabl& them to ensure that the financial statements comply with the Compani8S Act 2006. They are also responsible for safeguarding the assets of the company and han for taking reasonable steps for prevention and detection of fraud and other irregularities. BY ORDER OF THE BOARD OF TRUSTEES Signed Co LVJ Date L&P lOtS
CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Seclion A Independent Examiner's Report Report to the trusteesldirectorsl members of Communit Of Our Lad Ofwalsin ham On accounts for the year ended 315t December 2024 Charity no.. 1150251 Cornpany no.: 07988308 Set out on pages Pages 10t0 15 I report to the charity trustees on my examination of the accounts of the Company for the year ended 3111212024. As the charity's trustees of the Company (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ("the 2006 Act"). Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ("the 2011 Act"). In carrying out my examination, I have followed the Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act. Responsibilities and basls of report Independent examiner's ststement The company s gross income exceeded £250,000 and l am qualified to undertake the examination by being a qualified member of The Institute of Financial AcGountants. I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that.. accounting records were not kept in accordance with section 386 of the Companies Act 2006; or the accounts do not accord with such records. or the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination; or .the accounts have not been prepared in accordance with the Charities SORP (FRS102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed: Date: 19" of August 2025 Name". Richard Turner Relevant professional qualification(s) or body (if any): Fellow of the Institute of Financial Accountants (FFA) Address: 24E Norwich Street, Dereham, Norfolk United Kingdom NR19 1BX Section B Disclosure Glve here brief detalls of any items that the examiner wishes to disclose.
COMMUNITY OF OUR LADY OF WALSINGHAM STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024 Notes Restrlcted Unrestricted Funds Funds 2024 2024 Total Total Incoming Resources 2024 2023 Voluntary Income Inv8Stment Income Income From Charitab18 Activities 103,132 122,475 4,872 53,889 225.607 4.872 53,889 94.573 1,685 36,215 Total Incomlng Resources 103,132 181,236 284,368 132,473 Resources Expendèd Charitable Activities Govemanc8 Costs Restricted Transfer 68,087 49,099 29,901 68,087 49.099 54,617 38,627 13,767 (29,901) Total R•8ourc08 Expended (29,901) 147,087 117,186 107,011 Net Income l Loss 133,033 34.149 167,182 25.462 Balance BIF 1.1.2024 Net Income l Loss Unreallsed Investment Gains (29.901) 133,033 1,029,444 34,149 712 999,543 167,182 712 972.621 25,462 1,460 Balance CIF 31.12.2024 103,132 1,064.305 1,167,437 999,543 10
COMMUNITY OF OUR LADY OF WALSINGHAM BALANCE SHEET FOR THE YEAR ENDED 31ST DECEMBER 2024 2024 2023 Notes FIXED ASSETS 1,066,925 1,058.957 CURRENT ASSETS Current Asset Investment Cash at bank and at hand Prepayments 199.749 130,609 568 54,165 131.421 CURRENT LIABILITIES 330,926 185,586 Loan Repayments Due WithSn One Year Accruals Total Current Liabilities (17,500) (2,914) {20,414) {17,5001 (17,500) LONG TERM CREDITOR 210,000 227,500 TOTAL NET ASSETS 1.167,437 999,543 REPRESENTED BY: Unrestricted Funds Restrlcted Funds 1.064,305 103,132 1,029,444 29,901 TOTAL CHARITY FUNDS 1,167,437 999,543 The fi'nancial statements have been prepar8d in accordance with th8 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 2024 the company wa5 entitled to exemption from audit under section 477 of th8 Companies Act 2006. Members have not required th8 company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their r8sponsibilities for: 8nsuring the company keeps accounting records which comply with section 386 of the Compani&s Act 2006; and preparing accounts which give a true and fair view of the state of affairs of the charitable company as at th8 end of the financial year and of its surplus and deficit for the financial period, in accordance with the requirements of s8Ction 394 and 395 of the Act and which otherwise comply with the requir8ments of the Companies Act 2006 relating to accounts. so far as applicable to the charitable company. Approved by the board on . ? Sr Camilla Oberding DIRECTOR 11
COMMUNITY OF OUR LADY OF WALSINGHAM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 1. ACCOUNTING POLICIES Basis Of Accounting The financial Stat8ments are pr8pared und&r the historical cost basis, in accordance with the stst8m8nt of Recomm8nded Practice "Accounting and reporting by Charities. issued in March 2005 and in accordanc8 wlth Ihe special provisions relating to companies subject to the small company's r8gime within Part 15 of the Companies Act 2006 and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008). Investments Investm8nts are included at th8ir mid-markel price al the balance sheet date. Gains and losses Ilncluding foreign exchang8 movements on non-Euro denominated inv8Stmentsl are reported in the Statem8nt of Flnancial Activities. Fund Accounting Unrestricted funds comprise accumulated surpluses and d8ficits on general funds. They are available for use at the discretion of the trust88s in furtheranca of the general charitable objectives. Incoming Resources Incoming resources r8pr8sent the total income receivable during the period and principally compris8s donations receivable, investment income and bank interest for th8 charitable objects. Expenses donated or paid for by donors are included as a gift in kind and is included as both income and expenditur8 in the Statement of Financial Activities. Resources Expanded Expenditure including irrecov8rable VAT is charged to the statement of Financial Actlvit18s on an accrual's basis. Indirect costs are allocated based on the proportion of dlrect costs attributabl8 to each activity. Charltable Expendlture Charitable expenditure comprlses expenditure dlr8Ctly aitributable or allocat8d to the prlncipal activity of the charity. Govèrnance Costs Govemance costs compris8 those costs that cannol be directty 8ttributsd to charitab18 activities, These costs are incurred in conn8Ction with the compliance wSth constitutional and statutory requirements. Foreign currency Transactions denominated in for8ign currencies are recorded at th8 rate ruling at the dat8 of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslat8d at the rate of 8xchange ruling at the balance Sheet dat8. 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 Statem8nt of Financial Activities. 12
COMMUNITY OF OUR LADY OF WALSINGHAM NOTES TO THE FINANCIAL STATEMENTS CONT'D FOR THE YEAR ENDED 31ST DECEMBER 2024 2. INCOMING RESOURCES 2024 2023 Grants and donations Friend's donations Ministry Mission Appeal Income Investment Income 1.513 105.822 22,714 31,175 118,272 4,872 284,368 2.500 74,673 23.469 12,746 17.400 1,685 132,473 3. ANALYSIS OF RECOURCES EXPENDED - CHARITABLE ACTIVITIES Direct Costs 2024 Indirect Costs 2024 Total 2024 2023 Charitable actlvltl•s Formation Apostolat8 10.970 8,897 19,867 26,627 21,593 48,220 37.597 30.490 68,087 29,310 25.307 54,617 4. GOVERNANCE COSTS 2024 2023 Financ8 and adrnlnlslration Attributable indirect cost5 16,027 33,072 49,099 12,728 25,899 38,627 13
COMMUNITY OF OUR LADY OF WALSINGHAM NOTES TO THE FINANCIAL STATEMENTS CONT'D FOR THE YEAR ENDED 31ST DECEMBER 2024 5. TANGIBLE FIXED ASSETS Motor vehicles Freehold land and building Huts Total Cost: At1.1.24 Additions R8valuatlon Disposals At 31.12.24 27,349 18,795 957,792 122,559 1,107.700 18,795 46,144 957,792 122.559 1,126,495 Depr8ciatS0n'. At1.1.24 Charge for the year At 31.12.24 27,349 4,699 32,048 21.394 6,128 27,522 48,743 10,827 59.570 Net book value 14,096 957,792 95,037 1,066,925 6. CURRENT ASSETS INVESTMENT 2024 2023 COIF Charitable Investment Fund COIF Charities Deposit Fund 14,738 185,011 199,749 14,026 40,139 54.165 14
COMMUNITY OF OUR LADY OF WALSINGHAM NOTES TO THE FINANCIAL STATEMENTS CONT'D FOR THE YEAR ENDED 31ST DECEMBER 2024 7. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestrlcted Restricted Funds Funds 2024 2024 Total Funds 2023 Current asset investment Cash Petty cash Prepaid 199,749 129.409 1.200 568 330,926 54,165 130,221 1,200 185,586 8. RESERVES Brought FonNard at 1.1,2024 Incoming Resources resources Expended Closing balance at 31.12.2024 Unrestricted funds Unrealised investment gain Restricted funds Total funds 1,027,984 1,460 29,901 999,543 181,236 712 133,033 314,981 147,087 1,062,133 2,172 103,132 1.167,437 147,087 9. EMPLOYEES Ther8 were no employe&s who received emoluments (8xcluding employer p8nsion costs) of mor8 than £60.000 10. LONG TERM CREDITOR The108n to the charity was In th8 sum of £350,000. It is not secured and Is repayable over a perlod of 20 years, interest-free, in equal annual instalments of £17.500, beginning in 2018. To 31.12.2024 therefore seven instalments have been paid,18aving a balance due of £227,500 of which £17,500 is due within a year. 15