IvALSINGHAl TRUST (A compan!" limited b}. gvardnieel ANNUAL REPORT AND FIINANCIAL STATEhlENTS YF.AR ENDED 31 DECEi¥IBER 2022 Compani. numbe[= 116ii4i I Reoisiered ChariN. Number 118069)
IVALSINC:HAf+l TRUST TRUSTEES, ANNI UAL REPORT FOR THE YEAR F.NDED 31 DEcF.lBER 2022 REFERENCF AND ADf*llNISTRATIVE DETAILS Trllste¢s Rt Rev P¢ier Collin5 {chair) Rt Rev Alan Hopes Dr David Livese}' Lauretta Pilch Rev Paul Ra)'nes Rev Paul Keane Rev Frank Mlllorni. Sarah Kilmarti General Manager Robert Whili%"01 Sole Member Catholic Trnsi for England and Wales {CaTEW) Recior Father Roll Billing Principl11 Office Frida%. fvlarket Place Walsiiigham Norfolk NIL)? 6EG Charity Registration No 1180690 Compic n). No 11655451 Coiintt). of Registration England Independent Auditors Ha)'smacinh"re LLP 10 Queen Street Place London EC4R IAG SolicitOTS Bales Wells l O Qiieen Street Place London EC4R IBE Llo}'ds Bank PLC 3 Norih Brink" Wisbech Cambridgeshire PE13 IJT TSB PO Bo.K 1000 BX4 7SB
IVALSINGHAIWI TRUST TRUSTEE5' ANNUAL REPORT FOR THE YEAR ENDED 31 DECEIllBER 2022 INTRODUCTION Tlie lrnsiees siibniil their anniial rewrt and the audited financial stalellienls for the }"ear ended 31 Deceniber 207? Tjie f2nlI1C1aI Sic11emenis conipl). ii-ith the Chc11ities Act ?01 I, Ihe Companies Act 1006: Ilie hlenioranduiii aiid Articles of Associaiion. cind Aceoiintinu and Reponints b). Chariti¢s= Siaiemeni of Reconime]Kled Praciice foT Charlties ISORP 2015) (Second Ediiion, el)eciifve l Januar). 2019). STRUCTURE. GOVERNANCE & hlANAGEfvIEf4T Goi'ernance Tlie W(115]nuh1ll I'nisi is a registered tharih. (Chariry. no. 11806901 and a compan} limiied b), guatee. The conipany is conslituled b}. lis Memoianduni and Anicles of Association daied l NoTretnber 2018, a[ il'as registered ai Companies Hoiise, comp<1n}' no. 1165i451. on l November 2018. Tlie Trust is ¥oi'eTned b}. a Board of Trnsiees, chaired bj. Ihe Bishop of East Anglia. ii'hich meeis ai leasi three tinies per PeriiKI. Oii'iiership The Tnisi is a ii'holl). oii.ned subsidiaD' undertak-ing of Ihe Caiholic Trust for England and Il'ales (caTErI iihich 15 It's parent and sole niember. li has no substdiar). undellakinJ¢¥ . Appointment of Trustees The procediiTes for the appoinimeni. iotation and re-eleciion of ttUStees are sei oui in the Memornidum and Articles of As5(Kilc lioIi of ihe Tmsi. There lliust be a minimum of 3 trustees and ihere is no m&ximLIm. Triisiees are appoinied by the Bishop of Easi An(Flia and one lrnstee is appoinied bv the Member- the Catholic Tnisi for Englaiid and Illales, li hich ils¢lf is a regisieied charit). {ChariTh' no. 109748?l and is a conipan%' liniiied bs, giiaTcintee conipan), nuniber 04734592. The Irusiees li'ho served ihe charl. dttrino the }ear ii'ere as lolloii"s'. Rt Rev Alc1n Hope5 Rt Rev Robert B)'me John Gibbs Kiiilieriiie H1( Iirell Dr David Livese}' Moiisi?nor Anihon). Rooers Monsignor Keith Barlirop {re5igned 29 Jul). 2022) Rev John Biiiiers (ie5igned 29 Jul), 20??) Maiilieii Fem1c nd¢z-Grahan) (resigned 10 October 2022) Ri Rev Peter Collin5 {appoiiited 14 December ?0??) Laiireiia Pilch {l£ Ppollited 10 Ociober ?0?2) Paiil Rc1}'nes {appoinled 10 Ociober 20?2) Rev Paiil Keane Iclppoinled I l Ociober 2022) Rev Frank MulgreiTr' (appointed 27 Ociijber 2022) OrgkinksatlOlJ?d I strucliire and deei5ioR-making policies When the OlUl£ Iltsation il'as established, the fiT5t tru5ttts ii'ere guided b)'_ ood Eoi'emance praciice iii Ihe chaTit)' seclor, to Ichiei'e good govemance Ihroulyh reoular meeiintis of ihe ITU5tee5- al leasr Ihiee a }"ear - ii"hicli rec¢iN'e coiiiprelieiisive, concise c1nd liiiiel). rtports on ihe cliariti. s Sitaieuic direclion to£i?Iher ii'iih (aS1Oal nieeiiii(rS l(xussed onlj. on stiaie ,Is iiell as iirgeiii decisiojis t£iken b)" eleclronic circula117 and'or addilÈonal nieei jlhps li.hen required.
IVALSINGHAM TRUST
TRUSTEES, ANNUAL REPORT (Continiied)
FOR THE YEAR ENDF.D 31 DECEII IBER 2022
The Reeior and CEO oversee Ihe tunnino of the Walsin¥Fham Trust on behalf of the trnstees. T]ie Recior is responsible for
the spiriliial and liiiii¥i¢c11 astKYis or0110nS. The CEO is respMsible fot the cilil as¢1$ tsf operations. Hai'incy in
20?0 screnvihened the nianaoement C1( paciTh' of Ihe organi&iiion, reponin2 10 Ihe CEO, ii.ith the appoiniineni ora Direcior
ol-opeiaiions responsible for the da)'.lo-da!' Inanatiement and coordination of operaiions. til ?0? l a Fin1n¢la7 Coniroller,
also reporting io the CEO, li.as 8ppoinied 10 Slren?then the financial function.
Mosl of the properties from ii.hich the Trust 0rateS are oiiijed b). tlie Roin• Catholic Diocese of East An¥lia. The use
of these properties il'a5 granttd to ihe Tn1 rent-frtt.
Policies adopted for the induction and training of Trustees
Neil. IrL151ees li ill be provided ii.iih an 'lnduction Pack. Col'etin 5u¢h tOPi¢5 as legal status and goi'emance: sirucrure,
orLJanisalion and siaflinu eovernance. polici.. and 5trate£)'. Tlie}' ii'ill also be in¥iied 10 paflitipale in eacli of the Shrine
aciiiilie5 clnd to visit all of ihe charities premises so ihai ihe). have a g(KKI understanding of ihe life of Ihe Shrine.
Setting of pa), lor kti. personnel
The rLiiiuiierciiion foi all k"e)' and manaoemeni peT50nnel are sei bj. Ihe CEO and Ihe Finance Cornrnittee ii'iili advice and
benchm
IVALSIINGHAI TRUST TRU4TF.ES' ANNUAL RF.PORT (Continued) FOR THE YF.AR EDED 31 DECE)I IBER 2022 The COMMU1t. of Our Ladi. of IVa15ingham Sisters of ihe Con)IiiuJiin' ol-oui Ladi ot Illalsinoham continued to suppon Ihe ii"ork- of the Shrine ihrouJ<p Iheir praN'ertul presence at Doii'ry, House, leadinLV r¢ireais. and ii"elcominq pilgriins. Otlier Clerg%.. Religious and VoluNteer5 The'l nisl has been blessed io continiie 10 receive 5uppon from cler?!., ieli(vious a]Kl the iolunieers from ihe local Coniniilit). aiid liirfher afield tnclvdints the Ordinariaie of Our Ladi" of Wa15inuhani, Mater Ecclesiae, aiid Si Michael s Securit). ii'ho have c1S5i5ted in a varie, of capacities ai Ihe Shrine Site. in the iillaue and Ft}'ond. IVa15inghani Association The Tr5( js Illosl ¥nitl for the roniinued supported b!. Ihe Ivalsinthham Association ii"hicli in 20?? roinineiiced opei<l1ioRs as charir). sepa11( te to thL Walsingham Ttusl. The Illalsinghaiii Associaiion exisis to foster devotion to OUT Lad). of 11,1, IsinLThLIJ114 1¢ lid 10 siipport the Trusi in other material iia)'s. In 20ti2 ihe Associaiion tai5ed a total of £34,97412021 £?9,9461 for the Trnst. and futtded a nuniber ofptoject5 for the Shrine. EIVTN GB The Triisi hcls coniinEied io iwork t105el)' ii.iih ElWtN i%"hich continues to feawre Walsingham in events streaTned live across Ils ¥lobiL I nelii'ork. td in Tnan!" editions ofiis nauship Yideo bulleitn: Greai Britain Di Focus. Throuijh EWTN GB. the Shrine's profile eoniinue5 to be elevaied on the internatiojial $ge ihrough the sireaminu of Shrine Masses to the glob<il EWTN iietsi'ork.. The Trust is mosi graieful io all ini"ol%'ed. Tht st.iff The TILlS1'S abilit), 10 respond eifectivel). to all of Ihe challenges during tlie s'far ii'ould noi have been possible iiithoiil the Ciiln) conlideiit cre¢ltii'iis' and n01'al)0n (Trfclerg%', reliuious. 51aff aTrd i'olunieers and Iheir ii"illintiness to adapt Ilieir roles and ie5pon5ibililies in Ihe face of chan2in2 guidelines and uncertainry. a1ul Ihe future. PUBLIC BF.NFFIT The Trustees are consciou5 that the Chariiies Act 2011 emphasises Ihe requiremeni thai all charities niust be able to demonstrate Iliai Iheii ii"ork" Is of direci benelil 10 the public. The Trusiees cam confinn that the). have conipli¢d ii'iih the dutN' in section 17 of the Charities Aci 2011 10 hic I'e due rL'£ard io ihe public benefil £uidance published b). Ilie Cliarity. Conimission in deiemiining the aciiviiies undertaken b)" the Charin.. The Shrine faciliiies and urounds in ordinan. limes are open to the public 365 daysof ihe )"ear, and full). used b). Ilie piiblic throiiL71)oiit the Perii)d and espcIall). during Ihe summer months. Pilgrims. ioiiri515 and Othe ciijo). dail}, access lo the fourltenili century, Slipper Chapel, the niern Chapel of Reconciliaiion and (rthei faciltties. Modestl}' priced, good qLialit)' accommodation ensures th residenrial pilgrims ate also catered for. Tile Trust aims io provide for the spiriiiial and nialerial needs of all gtoups and indii'iduals. The iiork" of ihe Trust is furthered. noi onl). b). emplo)ees, but also bs. volunittrs ftotn the local area and be)'ond.
IVALSINGHAI¥I TRUST TRUSTEES. ANNUAL RF.PORT {Continued) FOR THF. I'EAR ENDED 31 DECEIBER 20?2 FINANCIAL REVIF.IV The charit) s total income in the period il'l¢ s £2,1?j.478 (?0?1 £1.91? 81. Of this £839,8?6 (2021 £781.460) relaied to unresiiicied donalions. £3 j,?43 {20)1 £10,?74) from unr¢siricied leuacies. Chil riiable c1Ctivitie5 in the }'ear geneTrted £1.206.3(H I?021 £994.Wl) ii.hich consisied of £40,18? (20?1 £59.084) at the Shrine. £789,3.i9 {2021 £671,619) rroni Ihe Shrine'5 hosiils ond tea twrn. £37i.681 120?] 237,169) froni the Shritie's retail oiiilels, £946 (2021 £27,0)9) from (he aciivities of the Walsintham A$elatIon and £13012021- £0) froin Developiiieni Activities. Tlie net loss in Ihe periiKI ii'&s £620,i60 (2021 £17i.636) of ii.hich £417.968 (20?1 £19.507 SUTpIus) related to an operatitig loss on Genetal Funds. £216,?98 (2021 £957.4(A) io a net ouifloii on Designaied Funds. and £13,70612021 £6? 32 1 infloii'l io a nei outfloii" on Restricted Funds. The primao. reason for the subsian¢ial ouifloii. on Desi1 aled Fund in 20?2 lias depreciation on the desionated Filed Assei Funds. Unrestricied fiinds decieased b). £684.270 {202 1 £229.66? decrtrdse) and al }'eaT end siood ai £2.747,9(H {2021 £3,38? 170) and Resiricied Funds siood 11 1 £63,710 (20)] £50.004). Re5en'e5 Gei)eral fiinds, bein(T the charat) s free reserves, defined as the total unrestriried funds of the chariii. excludinu cinj. dLsiLTrnated funds, inc1iLdin those funds (ied up in fixed asseis. stood ai ne£aiii"e £486.832120? l - negaiii'e £68,861). The TrLislees desionaied a siini of £3,234,736120?1 £3:4i1.034) io include amovnis lied up in filed asseis. Resthcted funds, being unspent nionies ioii"aid5 deyelopmeni, had a closino balance of £63.71012021 £iO.0041. £99:723 of ¢0515 relaiing lo prior developnieni pl1 n5 i%ere iransferred from Restricted Funds io General Funds during ihe )'eaT as ihe dei'elopnieni is no longjer expecied 10 tak.e place in ilie same ii"a}' as orioino11i' planned. The TrEislees tc1roet 15 to hold SIN months. neces5ars' expendiiiire in free reser%'es amounting io £ Im. Alihoutsth the financial circiiiiistcinces ol-the Shrine mean Ihai ihis tarqet is noi currenil!- tnel, it is aniicipa¢ed ihai li can be aehie*ed ii-iihiii i )'ears. mel Iiii'l?ile, £500,000 loan from ihe chaiit) s parent, CaTEW provides ii'ork"ing Capiial and ensures Ihai Ihe charit), is a goiiig concem. Risk Managenient -I"he Triisiees hc1Tre assessed ihe major risk5 to ii'hich Ihe charii}' is eip05¢(L in panicular ihose relaied 10 the operations and finances of the Tru51, and have ensured that risks are mana2ed appropriatel!.. Tlie priiicipcll risks identified are= Financial risk orising from the iindery)erfoni)ance ofiis accon1ml in Walsinghani Village comprising EIn1h7n7 House and Doii"ry" House Reireai. Sioiiificanl increclses in the cosi of lii'ino ffeclino the diswwble inc(Mneof those ii'ho mighi coiiie io vi511 ihe Shrine. FUNDRAISING The charity, fiijidraises pritnartl%' froni Ihe public. It dtrs not emplg1' professional fUlraIsers. li does Iiol pui undiie pressiire or iiiire<isoiiabl)' inlriide on 1¢ n)'one to 11)ake a gifi. li does not ra15e funds Ihrouuli ieleplione fundTaising or ii'ork ii'iil) ali), 1tsenc}" to do so. If ani, donor does not ii'ish io receive fiilure comniiinicaiions fioin the TrL151, the). are excliided froni fiiiure n)ailings. It occasion1c11)' aPPToaches cliariiic ble irusts ii.ith respect 10 Specif futtdlaising initiatives. There iiere no coIiiplainis in Ilie s'ear iiiih Tegard to fiindriising. FUTURF. PLANS The focus for the fiiture i5 Ihe conilliued development of the pilgrimaoe eiperitnce boih spiritual and n?<21eri<il, pion)Olin Walsinghaii) as pilgiiniage desiinaiioii 11 nd esiablishinq the ii-ai. foni'l¢ rd for ihe dei-elopinenl of ilie Slipper Chapel site.
IVALSIINGHAM TRUST
TRUSTEES, ANNUAL RFPORT (Continued)
FOR THF. I'EAR ENI DED 31 DECEP+lBER 20?2
sTATE]ENT OF TRUSTEES. RESPONSIBILITIES
The Tn)51ees (iiho are also direciors of The Walsinnhani Trust for the pllrtK>ses of cornpan)" laii"} are responsible for
pieparinv thL Tnistees, Repon and ihe finantÈal 5talenien15 in accordance i1.ith applicable laii" and United Kini?doni
AccouniingF Standards Iuniled Kingdom Genernlli. Accepted Accounting PractÈce).
Coinpani. l£l11" r¢quiie5 the Ttee$ lo prepare financial siaiements (or each fanCial )ear ii.hich give a irne and fair viei
of the stc11e ofaffaits of the chLlritablL C(Trmpan)' and ofihe and ofthe SUTplus oidelitit of Ihecompan!.. including ihe inconie
aiid expendiliiie. of the charitable compan}. for ihai riod. In pieparinu Ihese financial siaiemenis, Ilie Trusiees 12re
required to..
Select suitable accounting policies and ihen appl!. Ihem consisienil).;
Observ¢ the methods and principles in the Charities SORP-
Make jiidgmenis and esiimaies that ale reasonable and prndLnl'
Stale ii"heiher applicable UK Atcountin£ standards have been folloii'ed. subject to an}. niaterial departures
disclosed c1nd explciined in the financial Statements.
Prepare Ihe financial statements on the going concern basis unless ii isinappropriaie io presuine Iliat tlie cliaritable
comp<ln)' li ill continue in business.
The Tiiistees are responsible for k'eeping propel accountinu records that disclose ii.ith reasonable accuiac). at an). tinie of
Ihe financi
INDEPF.NDF.NT AUDITOR'S REPORT TO THF TRUSTEES OF
VALSINGHAf*i TRUST
Opinion
Ille h1£ ve clLidiied ihe financiiL I stalenienis of Il'alsiiiLTrhani Tnist for the )eai ended 31 December 20?? ii'hich coiiiprisL ihL
Siatenieni of Finc1n¢ial Aciivilie5, Balance Sheei. Sigiemeni of Cash Floii-s and noies io ihe fin<inci<il siaieii)enis: including
siJiiimcifJ' ol-sitsnilicani accountinu policies. The financial reportin(p frameii.ork Ihai has been applied in Ilieir preparalioii
IS c1pplicable l
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF VALSINGIIAf¥l TRUST {Continutd) We have nothing io report in respect of ihe folloii.inu E]iatters in relaiion io iihich ihe Coniponies Aci 2006 requires us to report to j'oii if. in our opinion.. adiqLiaie accouniinu record5 ha%'e noi been kepl b!. Ihe charitable compon}'- or Ihe ch<iftiable coinpan). financial siatetnenls are noi in aoreemeni ii.iih th¢ ccouniin(T records and retllrns., or certain disclosures of rrusiee5' rernunerdtion specified bi. laii" ale noimade- or Ie haNe not receii'ed all the infornioiion and e.Nplanalions ii"e require for our audit- or the irusiees i%eie not entiiltd io prepare the financial siatenienis iii accordai)ce ii'iih Ihe sniall COlnP<jeS r¢¥iJne and icik'e advantc1(Te of the 5niall coinpanies. eien]plions in preparing the llusiees repon and froit) ihe requirement lo prepare a Sliaie(pic report. Responsibilities of triistets for the financtal sl#ttm¢nlS As explained more fulli. in the Irustees responsibilities siaiement sei out paoe 6, the trustees {ii"ho are also the direciors of the charitable conipan), for Ihe piitP05es of coinpani. laii.) are iespon5ible fLY the prepardtioTh of the financiiil siaieinenis and for beiiig satisfied Iliai ihe). gil'e true and fair %'ieii', and forsuth inietnal coiilToI a5 the truslecs detennine is necessari io enable the preparotion of l-mancial statements thal are free from material mstatement, ii"heiher due io fraud or em)r. In PTepating the financial siaiementS. the trustees are responsible foi assessineihe charitabk coinpani s abiliry. 10 continue as 11 goincp concern, disclosing. as applicable, matters related io goints cotKern and Us the ¥oino conceni basis of accoiintinu unless the trusiees either iniend to liquidate ihe cliariiable compan)" orl0 cease operations, or have no realistic aliemative but lo do so. Aiidilor'5 responsibilities for the audit ofthe fin3n¢ial stalemenls Oiir obje£lives are to obiain reasonable a5511rance aboui ii'heiher Ihe financial 5tate]nenls a5 a iihole are free Irom niaierial n)issiaienienl, ii"heiher diie to fraud oremy. d to Issue an audiior s report Ihai in¢ludesouiopiOn. Reasoiiable assurance IS hiuli level of assiirance. bui is noi a uuaicintee that an audii conducied in £lttordance ii.iih ISA5 (Uk) li ill alii'ai's delect a niciiericll niissli1teinenr ii'hen li exists. Misst3ttinenis cali arise (rom (raud o¥ etTor and are considered niaierial if, individii<111}' or in Ilie aogregic ie. Ihe>' could Te150n3b1%. be expected io influence the econotnic decisions of users l<ikeii on the basis of these financial statements. Irre. l<iiilie5, including fraud: are instance5 of non-compliance ii'iih laii"s and regulations. We desiqn procedures in line ii'iih oiir Tesponsibiliiies, outlined c11x)I'e, lo detLCt maieriol missiaiemen15 in iespect ol irreqularities, including fraud. The exlenl to ii'hich our procedures are capable of detecting i)Tegulariiies. intluding frdud is detailed beloii.: Based on oiir iinderslc1n(linu of ihe charitable compani. and ihe enviionrnenl in iihtch it operdies. li'e ideniified ihai Ihe principal risks of non-conipliance ii-iih I7 Il-s and reoulaiions relaied io cotnplkiTtce ii-iih Cai)oii Laii., Coiiipan5' Laii.. Ilie Conip<1nies act 2006, Chariiies act 2011, eniplo}'Ineni laii. and healih and safffj. rlE[1t10nS and ii"e considered the eiieni 10 ii'hicli Iioii-coii)pliance mitshi ha't a niattrial effeci on Ihe Iinancial 5talemenls. Ive also coiisidered iliose laii's nd reL7iilalioiis that have a direci impact on the preparation of Ihe financial statenients such as Canoi) Laii., (he Companies Aci 2006, the Charities Aci 2011, Ihe Statenient of R¢cominended Practice for Charities ISORP 20151.- FRS102 and pa>'n)11 Ve evalii<lled Iiianagement's incenlivts and opportunili¢s for fnudulent manipulation of tlie fijiancial s¢aieiiienis lincliidin tlie risk of override of coniiols). and detennined that (he principal risks iiere related to recogjiiiioii of incoine c1nd jan1ge]nfnt bias in certc1in accountino estiinates. Audii procedures peFfomied by the engaqejnent ieaiii included.. Inspeciints cotrespondenc¢ ii'ith regulaiors and rai auihoritie5- Discu55ions ii.iih n)aii?i gemeni incliiding consideTation of knoii'n or sUSled instc1nees of non-coinpliance ii.itli laiis cind rtgiilation and Iraud,. Evaliialing nianc1gen)eni's controls desi¥ned lo prei'ent and deieci irre?uiaritie5- Ideniilj'inu nd testing journols, iii paniculiir journal entties posted ii'iih unusual account combinations, postings b}, uniisiial 115eT5 or ii'iih unus17 descripiioiis: and Challengin2 assuniplions and juduemenis made b). manaeenient in iheir etitical accountinv estiii)ales. Becciiise of th¢ inhereiit limiic11ions oran aildit. Ihere is a risk that li'e ii'ill noi (ktert all irregularilie5. ijicluding Iliose leadiiig to a material missic11emeni in the financial staleinenls or nOn-CnplIance ii-itli regulation. TIIIS TisK' increases Ilie niore Il)<il coiiipliaiice ii'iih a l<lll' or teuLilaiion is renioi'td fioin ihe eienis and tran5aciioiis reflected iii Ilie fiiiaiieial siaieiiients, as lie ii'ill be less likeli. 10 becotne aii.are of inslances of non-conipliance. Tjie risk" is also greater reuardiiig irreLJulilrilies occiirrino diie 10 Inud rather than eTror. a5 fraud ini'olves inieniithal concealment. forger).: collusion. oini85ioti or Iiiisrepresen141tion.
INDEPENDENT AUDITOR'S REPORTTOTFIE TRUSTEES OF VALSlINGHAI¥I TRUST (Continued) A tiirther descripiion of our responsibilities for the audiL of ihe financial siaiemenls is locared on the Financial Reporting CoLincil's ii'ebsite al.. www.frc.o .uklauditorsres sibilities. This description fotm5 Part of our auditor'5 report. Use of our report Thi5 T¢POrt Is madc solelN' to the chariiable Compl ni"'s menibers, as a l)odi', in accoTdance ii.ith Chapiei 3 of Part 16 of the CoTnpanits Act ?006. Oiir audit ii"ork. lias been undertclken 50 that ii"e miohi state to the charitable compan) s meiiibers those llialleT5 1Ne are required to siaie io rhem in an Audiiols retK)rt and for no oiheTPLLtpose. To the fullest eKieni penniited bi'11( ¥¥. ii"e do not ccepl or assunie rL'spoiisibili¢%' 10 an}'one oihei Ihlc n the thilable compan), and the chariiable conipan)"'s 11)embers, s a bodi, foT our audit i%"ork, for this repon. or for the opinions lie hai'e fomied. Jane Askeii. (Senior Siaiiitory. Aiidiior) For and on bLII2L If ol. H<i! sll11c cini}'re LLP. Statiilor). Auditor Date.. 26 February 2024 10 Queen Street Place London EC4R IAG
VALS[INGHAl TRUST STATF.NIF.NT OF FINANCIAL ACTIVITIES (Includtng the Sumnjari. Income and Eiptndilure Account) FOR THE YEAR FNDF.D 31 DF.cElBER 2022 General Funds Designated Funds Restricted Funds Total 2022 Totul 2021 Noies INCOIllE FROP¥l: Donations and legacies Donations Legiicies 14 831.096 8,7iO 44.105 883.931 3),243 827,234 13,371 Total 831,096 43,973 44.10) 919.174 840,60) Chc1ritable activities= 40.182 789.ii9 37i.681 946 130 59,084 671,619 237,169 29.946 74,441 Hostels and Tea Room Shops Wglsin21)i?In Associ1c lion Dei'elopinent 789.359 i7i,681 946 136 Total 2.037,394 43,973 44,111 2,12i.478 1.912.864 EXPENDITURF. ON: Cl)aTttable activilies.. Slirine Hosiels nd Tea Room Shops 8?9.?90 1,1 ?9.?69 34i,889 1.32? 4,188 8?9,290 1,1 ?9,269 34i.889 1,322 440,268 719.687 808,632 20i,789 Wa15inuhani Association Deyelopnieni 30>.9) 130,128 321,372 Total 2.309.9i8 30i.9i2 130.128 2,746,038 2.088,5(K) INET {EIPENI DITITRE} {272,564) (261,979) (86,017) (620,560) (17i.636) Translers beNI"een ndS 9.10,11 {145.404) 45.681 99.723 NF.T i¥lOVEIENTs IN FUNDS (417,968) (216,298) 13,706 (6?O,i60) (175,636) RF.CONCILIATION OF Fu,D5. Toial tiinds brouuhi foni'aid 9,10,11 (68.864) 3.4i1.034 iO,O( 3.432,174 3,607,810 TOTAL FUNDS CARRIED FORNVARD 9,10.11 £1486:832) £3.234.736 £63.710 £2,811,614 £3,43? 174 The acconip<lti)' notes niinibered I to 18 fomi part of these fanCIal staienienis. 10
IVALSIINGHAM TRUST {Compani" number: 116$5441) BALATriCE SHEET AS AT 31 DECF.TrI IBER 2022 2022 2021 Notes TAINC.IBLF. FIXED ASSETS 3.ii7.530 3,496,713 CURRENT ASSETS 69.IH8 76.483 196.162 58,214 173.361 356.326 D<biors Cash al bank and in hand 341,693 587,902 CREDITORS: Amounts falling due 11 ithiii One )'¢ar {1,087,609) (652.441) NET CURRENT LIABILITJES 174i,916) 164,539) NET ASSETS £2.811.614 £3,432,174 FUNDS: Unr¢stricted lunds- general desitinaied (486.832) 3.234.736 168.864) 3,451.034 10 2.747.90J 3,382,170 Restricied funds- Shrine Deb'elopment Other restricted fund5 { i 00,094) I %0,0?8 63.710 £2,811.614 £3,432,174 The accoinpan)'ing note5 niimbered I to 16 forni part of these fancial siaiemen The financial siaiements ii.ere approi'ed and authorised for issue b). Ihe Board of the Tmsiees on 23, Februarj 2024 and ii'ere signed beloi¥' on its behalf b).: Rt Rev Peier Collin5 Tnisiee
IvALSINGHA.1 TRUST STATEl¥lENT OF CASH FLOIVS FOR TIIE YEAR EIYDED 31 DECEhlBER 2022 2022 20?1 C1¢ sh lloil's fronj operatiiig actii'ilies: Net clsh proi'ided bi operating acti%'ities1see beloil'l 169.4?1 53,776 Cash fl01Tr'5 from ini'esting actii"ilies: Vrile oft assets Lindtr con5tniction PuTclia5t of filed assets 20.465 13iO.OiO) (8,29)) Net ei15h (used in) ini-csting actii-ilits 1160,1641 (8,?9)) Changt in ek15h c#sh tqiiii':Iltnts in thc period Cash Iinil ¢11sh equii'alents at the sliirl ol the period 1329,585) 160,164 4),481 310.843 Cash cash e4ui%'alents at the end of ihe peri(Ml £196.16? £3i6,324 RECONCILIATION OF NET {EXPENDITURE) TO NET CASH FLOIV FROIll OPERATING A[VITIEs Net leipenditiire) for tht period (as per the Slatemtnt of Financial Actiiitiesl (620,5601 (17i,6361 Ailjusttntnt5 for- Depreciaiion chc1r¥es Decre<1sel{increasel in stock {Increase),Ideciease in debtors Ilictelc se in cieditots 268,766 (10,8321 96,879 435.168 261,222 (2,772} {28.03i) 9,549 Net cash proi.ided bi. operxting Aeiii"ities £169.42] £i3,776 ANALYSIS OF CHANGES IN NET DEBT At l Januar). 2022 At 31 Deceniber 2022 Cas11 lloiis cl sh at b4ink" and in hi nd Loc1ns Ii?Iling due ii'iihin one )ear 3)6.326 (i(K).(XK)) 1160,1641 1300,IM)01 196,16? 1800,000) £(143.674) £(4(A).1641 £1603.8381 12
VALSINGHAf+l TRUST ACCOUNTING POLICIES FOR THE YF.AR F.NDED 31 DECEP¥lBER 2022 The principal accountino policies adopted. judgemenis and Ke). sources of e5tiThation untertaini). in ihe preparaiion of rinancial 5tclienienls is as folloii's= Basis of Accoiinting The financicll siaiemenis have been prepared in accordance ii.ith AccouTrlino and Reponino bj Charities.. Siaieinenl of Recomniended Pill Cliee pplicable to charities preparing their accounts in accordance ii'iih Ilie F iiiaiicial Reportin? Standard applicable lo the UK and Republic of Ireland {FRS 10?} leffeciii'e l Jaiiuary" ?0191, tlie Siaieiiient of Recommended Praciice forcharilies {SORP ?0 l i) (Second Edilion: elTecii%'e l Januarl" 2019) aiid tlie Companies Act 2006. Walsingham Trust meeis the definiiion of a public ntri1 entil!. underFRS 102. Assets aTtd liabilities are iniliallj. recognised at historical cosi or Iransaciion i'alue unless oiheni.ise siaied in the Telei'ant accountin polie). noiels). Preparatioij of tlie accounts on a goino toncern basis The trEiStees hav¢ c(Trnsid¢r¢d possible evenis or condiiions Ihai mighi casi significant doubt on the abilill, of the charilable complL ti). to conltnue as a goi112 Concern. The iwsiees ha%'e made Iheir a55es5tneni foi a peiiod ofai least one )'ear from the dale of the approi'al of iliese financial siaiemenis. In panicular. the In151ees have consideied the charilllble con)pan! s fora$15 and projeciions and hal'e considered Ihepot¢J)tial inipacl of ilie coionavitus oiiibre1c k on the i'lLibilitt' of the charin'_ After niakino enquiries: Ihe irnsiees hai'e concluded that Iliere 15 a lelc sonable expeciaiion ihai ihe cliaritable coinpan!. has adequaie resoiirces 10 coniiiiue in OPL"rational eiisience foi the foreseeable futiire. The charitable conipani. ilierefore coniinues io adopt Ihe Lyoii]u conceTn basis in prepic ring lis financial staieinents. I"he I'ruslees are ofihe opinion ihai no maierial uncenaint). exists relaiin. 10 goin¥ concem. Funds The differeni fiinds are defined as folloii's= Unrestricted fiinds are those fiinds available to Ihe chariTh' for ils general purposes. li is the polic). of the Tnistees to relain in unresiricied fiinds, ginounis ii'hich in Iheir jud(Temeni: ran lielp 10 I11]ale Ilie short-temi effec15 of iiicoiiie voliiiilin, and retain funds io generaie sufticieni income 10 nied curreiit aiid future operational ac(i%'ilie5 of tlie chi¢ riry.. Designated fiinds comprise unresiricied funds thai haie been sei aside bi. Ihe Trustees for particular putposes. The aiii) 4?nd use ofeach designaied fuiid is sei oui in ihe noies io Ihe financial siaieiiienls. Restricted fiinds are ihose funds ii'hich are io be used in accordance ii'ith ScIfiC ipstwctions itnposed b!. tlie donoi or in5si deed. Income recogiiitiOD This coiiiprises dL)naiions and leg1c cies. fees receii'able froni ihe 1'aru$ acii%'ities and ini'estment ÈncoTne. All iiicoiiie is recognised once Ihe cliarit}' has eniiilenieiii 10 ihe income. li is prL)bable that Ilie incoine li ill be ieceiiied. and the amouni of income can be measured reliabl}'. Donations are recognised ii'hen ihe chorih. has .ell Doiified in ii'riiing of both the ainount aiid seiilemenl dlc ie. In tlie eveni iliclt a donaiion is siibjeci io condiiions iliai r¢quire a leiel of rIolance beforc the charit} 15 eiitiiled 10 tlie tiinds, Ihe income is deferred aiid riCogl$ed uniil ihose condiiions are full). Init, or tl)c fulljlrneiit of iliose condiiions is ii'holl%' ii'iihin the conirol of Ihe chorir). and li is probable ihai ihose rondiiiiTrns 11.ill be fiiifilled iii tlie reportiiig period. Income froni chariic1ble aciiviiies is recOli$¢d as earned os ihe relaiedservices are pr0.1ded. 13
IVALSINGHAl¥l TRUST ACCOUNTING POLICIF.S (eontinucd) FOR THE YEAR Eh'DED 31 DF.cE.lBER 2072 Gol'ernment grants Income from govemmeni granis is iecoJn i5ed ii.hen ihe chariTh' has entiilement to Ihe funds, ali), perfomiance conditions aiiached 10 Ihe ¥rani hcib'e been met and in Ihe period io ii.hich li rL"lales.. Eiptnditure Li<1bilities art recognised as expendirure ¢1$ Soon (15 there is Icqal or con5ttuctii-e obl jualion coininiltijicy Ihe chic riii. to thai eipenditiire, it is probable iliai seiilemeni ii-ill be required, and ihe aniouni of obli17alioii can be nieasiired relicibly. E¥pendiiure is ieco.unised on an accTuals basis as a liabilil!. Is incurred. Chari11c ble activities comprise rnainl). of the proi'ision ol-a place of ii'orship, accommodaiion, ii'elfare and caleriiig, premises and cldmiTristrative costs. Support costs have bttn allocated lo charitable acii%'iiies. Governawe activities comprise organisational adin inistracion and complicince i%"ith constitutional and siawiory. requiremenrs. Costs include direci cosis of external aiidil. legal fees and other piofessional advic¢. Debtors TTade and oiher debiots ale ietounlsed at the seitlemeni amouni due after any trade discouni offered. Prepa1'iellts re valiied £11 (he amount prewaid net of an}. trade discounis due. Cash at bank and in hand C<ish ai bank and in hand incliides bank" accounis: cash and short iemi hiohl). liquid in%'esimen(% ii.ith a short n)aturiE)' olthree months or le55 fron] the dale of acquisilion or opening of ihe (kposii or siiiiilar accouni. Creditors proi'isions Credilots clnd proviston5 are recognised ii'here ihe charifj. has a preseni oblioaiion resuliinu fioEn a past eveni rhai 'ill prob<ibl)' iesuli in the transfer of ndS io a ihird paffj. and Ihe ainouni due to seiile ihe obliiT1( lion can be n)ec1suied or e5tunaled reliabl).. Creditors wid provisions are noni)alli" recogiiised ai iheir seiilemeni aniouni after alloiiin¥ for an!. tradt discoiints due. VAT The ch1( Ill)" is ieuislered for VAT but Is unable 10 reclaim all of the input la.x incurred. Irrecoverable VAT is charged to the expendiluTe headinij for iihich il il.as incurred. Significant judgments and sources estimation unctrlainti. In the vieii. of the 'frusiLes in appl) in? ihi arcouiiiing policies adopied. no judvemenis ii.eie ieqiiired ihai hiil'e a sitsnilic<ini effect on the aniounls iecoJo ised iji Ihe financial sia¢einents nor do an), esiiniaies 01 a5SUlliPtioiis Iiiade Cc1Ffs a siunificant risk of nialerial adjustnienl in tlie nell fill1c ncial l'ear. Financial instrunTrents The chariry. onl). has financial as5et5 and financial liabiliiies of k'ind thai qualifi- as basic finaiicial inslrLimeni5. Basie fiiiaIicial in51ruiljIlS arL Illltialli- recoenised ai Iransaciion i'alue aiid siibseqiitnil). tneasured ai Il)eir seiilemenl Yalu¢. ij
VALSINGHAf¥l TRUST ACCOUNTING POLICIES Iconlinued) FOR THE YEAR ENDED 31 DECF.IllBER 20?2 Pension5 The charity operates a Group Personal Pension scheme ii'iih Ro)al Lonikin. The pension is offered ro all emploi'ees .Ind advice is providLd 10 ihe charit%" bi" N 111 Broii"n and Co. Lid. ii'ho are Independeni Financial Adi'isers. Benefits are determined b). th¢ rf0mIance ofthe 5chen]e. The charit} 5 liabilil). is limited ro ihe annual conttibutions pa)'able. All contributions are charged to the Siateiiient of Financial Activities in the Period in ii.hich Ihe)" accrue. Tangible Filtd A55et5 and Depreciation The Twst occupies properties in Walsingham free of reni, the freehoki Intere klonuiTru to the Diocese of East Anglia. The cosis of improvetnents to Diocesan oii.ned properties are included in buildints itnproi'en)enls. The cosi of religious objecis are iiTltten in ihe Peri ii'hen Ihe e05t is incurred, and ate iheiefore not represented in fixed asseis. tk'preciaiion is proi'ided on all fLied assets greater than £3.1. eicepi freehold land. The raies and bases of d¢preciarioii are as folloii's= Biiilding iniprovemenis lotor vehicles Fiitures, fillings and equipment Freehold land and buildinos I¢PJib sirai2hi line 2) JO siraighi line ) slrdi2hi line 24if* 51raighi line A fiill )'ear of depreciaiion is char£ed in the )'ear of acquisiiion. Stock's Stocks are staled ai Ihe loii.er of c05t or Det realisable value. Cosi represen15 piirchase price, talculaied on a fiTSt in first out basis. li
IVALSINGHAl TRUST NOTES TO THE FINANCIAL STATENIENTS FOR THE YF.AR ENDED 31 DF.cE7BER 2022 CHARITABLE TRADING ACTIVITIFS (20?2) Hostels & Tea Roo Total 2022 Total 2021 Shop5 Income 789.359 37i.681 1,16i.040 908,788 Eiptndittire.. C051 of S<iles Ocher costs 279.S?1 899.748 208,991 1)6.898 438.i12 1.036.646 193.224 821,197 1,129.269 34i,889 ,47i.158 ,014.421 Net (deficit)'SUTpIus £1339,910) £29.792 £(310,1181 £{ IOi,633} The aboi'e aciiviiies reprtseni irdding ii'hich is in pursuit of die purp)ses of ihe Charl.. CHARITABLE TRADING ACTII'ITIES (2021) Hostel & Tea Room Total 2021 Shops Income 671.619 237.169 908,788 Expendiwre= Cosi of Sic les Othei costs Depreciciiion Development costs 99.497 709.13) 93.727 112,062 193,2?4 821,197 808.632 205.789 1.014,4?1 Net {defJcit)'sury)lus £{137.013) £31,380 £1105:633) 16
IVALSlINGHAfwl TRUST NOTES TO THE FINANCIAL STATEI¥IENTS {ContinMtd) FOR THE YEAR EIN'DED 31 DECF1BER 2022 ANALI'SIS OF EXPENDITURE (2022> Aetii ities ndertaktn Siipport eosts Total 2021 Charitable F.Ipenditurt Shrine 772,Lk16 I,O(H,i&l 291.Oi7 i6,844 1 ?4,685 i4,837 829.290 719,687 808,632 20i,789 Hostels and Tea Room Shops Ivalsiiioham Associaiion Developiiieni 1,129.269 345.889 1,322 440,268 37i,7i2 61,516 321,372 £2,436,] i2 £309.886 £2.746.038 £2,088,500 ANALYSIS OF EXPENDITURE (2021) Actii-itie5 undertaken dxrectli. Supporl costs Total Charitable Eipenditure Shrine Hostels and Tea R(x)m Shop5 Walsinghc1n) As50ciaiion Dtvelopnieni 10,266 108,261 33.2)2 3,967 17,741 719.687 808.632 20i,789 33.020 321,372 700,371 172,537 29,Oi3 303.631 £1,81_i,013 £273.487 £? 088,iOO 2022 2021 Support C05tS C01151St of.. 232,09) 12.304 18,621 iO.746 16,120 197,486 10,317 9,9?4 39,010 Preniise5 oilice Oiher Govemclnce- audit fee £309.886 £273,487 17
IVALSIIN'GIIAM TRUST NOTFS TO THE FINANCIAL STATEhlENTS (Continued) FOR THF. YF.AR ENDED 31 DECEII IBER 2022 STAFF 2022 2021 '1( (Fes and s&laries Social seciirii). cosis Pensioi) costs 1,047.746 74.ij I 922.037 61,)88 73,662 £1 ?07,44i £l,Oi7,287 2022 No. 2021 No. The average number ol full-iime emplo)ees ii?s- The averaue number of part-iime emplo)ees iiis= 29 18 31 No emploj'ee ¢amed £60.000 or more durin£ the curreni or previous )'ears. The aoLyre£ale remuneraiion ofk'e) tnaTra(vement personiiel coii)prisinv Ihe Rector. CEO. Direcioi ofopeiations and Fincincial Controller il'as £133.661120?1.. £120,8i2). In addiiion io ilie aEx)ve 'MentI the Recior also received accojiimodalion by viriue of his role. TRANSACTIONS IVITH TRUSTEES No tTUStees Clived remunerdiion in either )ear. Three irusiees claind reimbursement of iravel eipenses tOlcl11in¥ £? j21?021.. £409). TANGIBLF. FIXED ASSETS Frcehold Land Biiilding5 Fiitures Fitting5 anil Equipmenl A55et5 Under ConstriictÉon Building Improl.ernets lotor lehiclts Total COST lance broughi foni'ard Additions Disposals 2,682,5iO 2,210,323 29.322 i13,983 20,467 i,4i6,64.5 336,991 6.459 3.710 2,890 350,050 120,467) (20.467) Al 3 1 Deceniber 2022 3.019.i41 2,216.78? 33.032 516,873 5,786,228 DEPRECIATION Bal217cL broiinhi foThi'ard CharuTe for }'ear 124.IM)O 1.3i3,666 23.322 458.944 1,959,932 60.340 16i.184 3,618 39.6?5 268,767 Ai 31 December 2022 184,340 1.518.8iO 26.940 498.569 2.228,699 NFT ROOK VALUE Ai 31 December 2022 £2,83i,201 £697.933 £6.092 £18,304 £3,$57,i30 Ai l Janiiar), 2022 £2,-558.550 £8i6.657 £6.(MJO £5i.039 £20,467 £3,496,713
NVALSINGFIAI¥I TRUST NOTES TO TFIE FINANCIAL STATEI¥IENTS (Continued) FOR THF. YEAR ENDED 31 DECFf*lBER 2022 STOCKS 2022 2021 Shop stock. for resale Otlier stock i5.899 13.149 47.315 10,901 £69,048 £j8?16 Stock recoonis¢d as an eKpense durin£ the periiMI is shoiiTr in ne l ascom of Sales. DEBTORS 2022 2021 Tnde debtors Prepai'iiienis and accrned income Oilier debtors 10,6)6 i7,398 8,429 350 163,788 9.224 £76,483 £173,36? CREDITORS- Arnount5 fallino diie ii'ithin one i.ear 2022 2021 Tnde creditors Suiidrj. loan (see note li) Socicll securii}' and other tales ACCE[S and deferred income Siindr). cieditots 146.8iO 800.000 24.893 115,319 547 39,922 500,000 21,7)9 90,285 47) £1,087,609 £6i2,441 19
WALSIINGHAII l TRUST NOTES TO THE FIN.4NCIAL STATE[F.NTS {Continued) FOR THE YEAR ENDED 31 DF.CEftrlBER 2022 GENERAL FUNDS12022} Brought Foriiard Carried For112rd Inrorne ExpeDditure Traiisfers Genei<l1 fund5 {68.861) 2,037.394 {2.3O9,9i8) {14_i.404) {486,832) £{68.864) £2,037,394 £I2.3(lll,9i8) £(14.i,404) £(486.832} GENERAL FUNDS(2021) Brought Foriiard Carried Form'ard Income EXped]Ire Translers Geiieral funds {88,371) 1.786.635 (1,767,128) 168,864) £{88,371) £1.786.63i £11.767.128) £168.864} 10. DESIGNATED FUNDS (2022) Brought Cai'ried Fonlard Income Eipeniliturc Trdn5fer5 Le¥ac)' Flind Filed Assei Fiind Developinent Fund 35.243 {ii.246) (268.767) 11,939) 3.496.713 {4i.6821 3.227,946 6,790 8,730 45.681 £3.4il,OiJ £43.973 £(30i.9i2) £4i681 £3,234,736 DESIGNATED FUNDS (2021) Broughi Forii"ard Carricd Forii-%r(I Incorne F.Ipenditure Transfer5 Letsac), Fiind i¥ed Asset Fiind Development Flind 3,097 13.094) (2,222} (16,613) 3,7i2,6JO {i2.437) 8.29) 3,496.713 14.i,682) 23,398 £3.700.?03 £26.49) £{283.9i9) £8,295 £3.451.034 The Legacj. Fund represents aniounis received in leatieS at]d i%"hich the Twsiees have deiermined 10 sei aside io SLippofi P<irticular priorities ofihe Tnisi. The Filed Asset Fiind represenis funds sei aside to Cover the depreciaiion ol-cisseis piirchc15ed biit not l.et dipreciJled. so far as funds ie ai"ailablc. The Development Fund is eannark-ed for i'arious inftastructure enhancenients cind for other developnienial lelivilies. Certain expendiiu¥e has been incurred in adi'ance of the receipt of e.1lled donation5. 20
WALSINGHAl TRUST NOTES TO THF. FINANCIAL STATEIENTs (Continued) FOR THE YEAR F.INDF.D 31 DECEIBER 2022 RESTRICTF.D FUNDS {2022) Broii2ht Foniard Carried Foriiard Incorne ElndIture Transfers Development Funds.. Shrine Development Hol!. Kvater Foiii Appeal IWA) Mission & Oiiliecich Livestreain L. Technolo. Doiiry H(Tru5e B1115aries Doi%r)' House Chapel Doiiry House Reserve Orgclll Appeal Oiher {l(K),024) i8.870 55.709 1,147 5.097 1.870 30,981 10,392 15.0 13,719 906 10.078 1.728 (14,699) (52.589) (18,884) (11.2) (86) 99,723 37,731 19 6,739 1,870 9,587 (21,394) (10.572) 1698) 180 2,500 £iO,O( £.111 £1130,128) £99.723 £63,710 RFSTRICTED FUNDS12021) Brought Fon%"ard C#rrieiJ Forii'ard Eipenditure Traiisfers Ikvelopmeni Fiinds-. Shrine Development (100,024) {100.024} Hol), Water Font Appeal IIVA) lission &. Ouireach Livcslreani &. Technolog}. Doi%ry' 11011se Bu[57r]es Doii"r)' Hoiise Chapel Doii"r)' I loiise Reserve Organ Appeal Other 3i.9i3 9,326 7.6 j? 1.358 1,904 32.300 2,917 54,?60 19,973 38,870 55,709 1,147 5,097 1,870 30,981 10,392 i,962 17.877) {18,183) {3.il) {192) {5,i69) {1,180} {4,061) (8,?9il li8 4.2iO 1.572 2,514 7,)09 £14,022) £99.734 £{37.41 )} £18,29i) £iO,004 RESTKICTF.D FUNDS12021) Brouoht Foriiard Carrie(I Forii"ard Income EApenditure Transfer5 t)evelopmeni Funds 14,022) 99.734 (37.413) {8:29)) iO,004 21
WALSlINGHAP*V TRUST NOTES TO THE FIANCIAL STATEhlENTS {Conlinued) FOR THE YEAR ENDED JI DEcF.7BER 2022 The Resiiicted Deyelopnienl Funds represent amounts r¢c¢ived io nd inirialives designated b). Ihe donor. The Shrine Development Fund shoii's a deficil as e.xpcndiiure has been incurr¢d in adi'ance of the receipi of eipecied donilllolls. It ig intended that funds li ill be rnised once plans havL betn finalised and li ill CO.Cr il)is deficii. The niovenieni in IILnds beiii.een Restrieted Livesireatn and Techiio1l. and the De5ionated fixed Asset Fund is lor rhe piirchase ol'ndi05 to enhanct coinniunicaiion chatmels al the Shrine. Ihe fvlission and Outreach Fund is being used to flind ihe role of Deacon al the Shrine. 12. ANALY.%1S OF NET ASSETS BETIVEEN FUNDS12022) General Funds Designated Funil$ Resiri¢l¢ Funds 2022 Fiind balances at 31 December 2022 are representeil bi.: Tanuible assets Current assets CUent]ILl bilities 3,5i7,530 3.ii7.i30 i41.693 11.087,607) 277,983 {7.815) 63,710 1322:79?} Net a5setS £1486,832) £3,234.738 £63.710 £?,811.616 ANALYSIS OF NET ASSETS BETIVEEN FUNDS (2021) Generdl Fund5 Designaled Funds Restri¢t¢ Funds Total 2021 Fund b2lances at 31 December 2021 are represented bi.: Tan&iible assets Ciirreni asset5 Cllrreiit liabilities 3,496,713 3,496,713 587.902 (6i2.441 } 437.871 {i06,7ii) 150,0?8 1100,0241 145.6821 Net a55et5 £(68.864) £3,4.i1,034 £50.OIM £3,432,174 13. OPERATINC. LF.ASES The cl)arit) s comn)itnienis in respect of operaiinv lease rentals are as follV5.. 2022 2021 In respect of operaiing leases expiring Wiihin one s'ear Belis'een one and iii'o l'ears Bclii Len tii"o and fil'e s'ears 18.83? 13,342 5.175 18,832 18,832 22
VALSIINGHAINI TRUST NOTES TO THE FINANCIAL sTATEIENTs {Continued) FOR THE I'EAR ENDED 31 DECFNIBER 2022 14. GOVERNII'IENT GRAN'TS Govemment grants 10 SlLPPOrt the hospiialiTh' indusin. folloii"in£ the COVID-19 pandemic of £6,667 Il'ere claiined in tlie }'ear. In 20? I goierntnent oranis of £172.372 %1"eie claimed ii.hich inclLided fundinl froin the Corojiai'inis Job Reieution Scheme ICJRSI. These amounis are included ii.ithin Donations. 14. RELATED PARTY TRANSACTIOINS The chaTih. hL?s bo[}11.ed 11 sum ol£iOO,000 froni its pareni chariti. and nieini*r- CaTEII'. The ainoiint has en rroiN'ed iiilerest-free and ihere is no fi.xed repa) nieni dale. bui it is repa)'able on demand and ha5 therefore been included as due i%"iihiJi one i'fflr. The charity. has also borroii'ed a sum of £3(M),O(Ml from the Diocese of Easi Anglia in order ¢0 purchase a property iii Willsingham. The loan lias due to be repaid in 20?2 but it has been eed that the propem. ii'ill be purchased b}. the Diocese in 2023 and ihe loan repaid in 11. 23
WALSINGHAf*v TRUST NOTES TO THE FINANCIAL STATEI¥IENTS Iconlinued) FOR THE YEAR ENDED 31 DF.CF.hlBER 2022 16. FINANCIAL IINFORIll.4TION FOR 2021 COIllPARATIVE sTATE1F.NT OF FINANCIAL ACtIVlTIF.S General Funds De5igNated Fund5 Restricted Flind5 Total 2021 INCOlE FRO.1: Dollalions and legacies Don<ltTons Leg(2cies 781,460 10.274 45,774 827.234 13,371 3.097 Total 791,734 3.097 45.774 840.60) Chc11il<1ble aciivities= Shiine Hostels and Tea Room Shops Walsinghani Associaiion Deielopnienl 59.084 671,619 237.169 27.029 59.084 671,619 237,169 29,946 74,441 2.917 51.043 23,i98 Total 1.786.63i 26,49) 99,734 1,912.864 EXPENDITURE ON: Charitable activiiies.. 719.687 808,632 20i.789 719,687 808,632 205,789 33,020 321.372 H051els Tea Room Shops Wa15illLyliani Associaiion Del'elopiiient 283,9)9 37,413 Total 1,767.128 283.9)9 37,413 2,088,iOO iNETlSICO)IEI IEIPEIIDITIIRF.) 19.)07 (2i7.464) 62,321 {17i.636) Transfers beiii'een funds 8,295 {8.29i) NET MOVEMENTS IN FUNDS 19.)07 (249.169) 54.026 (175.636) RECONCILIATION OF FUNDS: Total funds broiilrht toThi'ard 188.371) 3.700.203 (4.022) 3,607,810 TOTAL CARRIED FORNVARD FUNDS £(68,8} £3,451.034 £iO.O(H £3,432,174 ?4