IvALSINGHA￿l 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%"0￿1
Sole Member
Catholic Trnsi for England and Wales {CaTEW)
Recior
Father Ro￿ll 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
f2n￿lI1C1aI 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]nuh￿￿1ll I'nisi is a registered tharih. (Chariry. no. 11806901 and a compan} limiied b), gua￿￿tee. 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 (caTE￿rI 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 ￿(aS1O￿al nieeiiii(rS l(xussed onlj. on stiaie
,Is iiell as iirgeiii decisiojis t£iken b)" eleclronic circula11￿7 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 or0￿￿110nS. 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 Fin￿1n¢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 0￿rateS are oiiijed b). tlie Roin• Catholic Diocese of East An¥lia. The use
of these properties il'a5 granttd to ihe Tn￿1 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<ltk"ing proi'ided b). the HR teani.
OBJECTS AND ACTIVITIES
Objects
Tl)L objects ofthe ch1( rih. are..
tlie advancement of the Cotholic relioion ani'ii"here in the ii'orld.
tlie relief of poN'ert!' an)'iihere in ihe ii'oild- and
tQ i2di.ance such charitable PUTposes (accordinv to ihe lali" of England and Wales) as ihe Ttustee5 see fit froin time
to lime.
b)
In order io further Ihe objects noted atM)ve. Ihe primao. areas of aciii'ifj. in 202? iiere Ihe Shiine, a hostel. a reireai centre,
a te¢?rooiii. and a shop selling religious artefacis.
ACHIEVEf*lENTS AND pERFoR￿lANcE
Tl)e sui)porl ol the Faithful
Ve I11gnk' all foi their continuing spiriiital and ierial 5UPPQrt for the Shrine Ihts Icisi s'ear. The tail end of the pandeinic
aloii£ ii'iih Ihe end of the Goyemnieni-s support has continiitd lo place iiicredible pressiires on indii-idiials, eharilies,
biisiiie55es and govetnnienls rgund ilie ii'orld and lie iioiild like io eipress ow appr￿latIon io all ii.ho conlributcd to Ilie
ii'ork. of Ilie Trusi in this time. Your coniiiiiiing prai"eiful 5uppon. l¢iiers. emails. social media posts. clieques, onliii¢
doi)alions, nd in-person doiialions have iYen olgreai encouraoenieni ro siaff and k'oliinieeis at the Trnst aiid eiiabled Ilie
Tiiisl 10 iiec21hei the pandLniic. In particulc?r li-e ii-ould like to eipress our ilianks 10 all ii'ho have gii'eii generously ill so
niaii>' ditlereiit Il'c1)'s and especiall). all ii.ho responded lo ihe i"arious appeals.
The Grti"friar5
The TtU51 continiied to receive the 5UPPOrt from ihe Order ofFriic rs Nlinor c￿l'clIma1 of Grn'ai Briiic 111 ftd Iielciiid
Ihrouuh three priests based in a fiiat%' ith IVa15incyham. Tlie priests iioik as chaplains in Il'alsinghaii) supportlllfj
the
Rector iii the liiurg)., n)inisierinij the Saciainenls. and eiigaointi iiiih pilurin15 both at the Shrine site and in ihe villaLYe.
DLirinL Ilie Iirst plic15e ol. lockdoi%n Il)e)' shared iheir Dail). Oftice Ihrouuh li&esireom.

IVALSIINGHA￿I TRUST
TRU4TF.ES' ANNUAL RF.PORT (Continued)
FOR THE YF.AR E￿DED 31 DECE)I IBER 2022
The COMMU￿1t￿. 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
Coniniil￿it). 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 Tr￿5( js Illosl ¥nit￿l 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. a1￿ul 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 esp￿cIall). during Ihe summer months. Pilgrims. ioiiri515 and Othe￿ ciijo). dail}, access lo the
fourltenili century, Slipper Chapel, the ni￿ern 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 DECE￿IBER 20?2
FINANCIAL REVIF.IV
The charit) s total income in the period il'l¢ s £2,1?j.478 (?0?1 £1.91? 8￿1. 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 Desi￿￿1 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 accon1m￿l￿ in Walsinghani Village comprising
EIn1h￿7n7 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 fUl￿raIsers. 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 T￿￿tee$ lo prepare financial siaiements (or each f￿anCial )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<il position of the chariiable conipani. and enable ihetn to ensure that the financial statements compl), %) iih Ihe
CoTnpanies Act 2006. The). are also responsible for kifetiuaid jnu the a55et5 of the charitable cofflpan}' and hence for iakints
reasonable steps for ihe preveniion and deieciion of frdud and other irregulariries.
In so lar as li'e are aii'are..
There is no relevant udit information of ii'hi¢h the Charitable COmpa￿"S audiior is unaiigTe: and
The Tn151ees have taken all steps Ihai Ihej. oiiohi 10 hcl I'e iaken 10 tnake iheni aiiare of an!. relevant audit
infoTmation and to establish that the audiior is aii'are ofihai infomialK>n.
Auditors
A resolution proposing ihai H1( j'smacin￿.re LLP be reappointed as auditorsofthe c¢)nipan}' has been passed b). the Trustee5.
Thi5 report hiis been prepared in accord1c nce ii.ith the special provisions rel3ttng io ￿n1panieS subject to Ilie sinall
coiiipaiiies r¢ginie ii'iihin Pan 15 of the Companies Act 2006.
Approved ajid aiiihorised for issiie bj, Ihe Trnstees on 23 FebruaT)- 2024 a[￿ signed as authorised on IheÉr bel)alf by=
Rt. Rey. Peter Collins
Tnislte

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<lI1' and Uniied kin¥?doni Accouniine SiJndard& includin(p Financial Rew>nifto St￿7ndard 102 Tlie FiJiiiiiL'ial
RL'i301'1iiiK ,Si(iii(l(Ir(1 (7ypIiL'17blL' iii iliL' UK (iiid Repiihli¢' i)f Irelaiid (Uniied KinTrdom Generall!. Accepted Acrounlinq
Pnciice).
In our opinion. the financiic I siaiemenis..
gil'e 11 true and fail vieii of the slate of the cliariloble conipan!. s atTairs as ai 31 Deeeii)ber 20?2 and of the
chariiable comp1c n) s nei t[to￿.ement in funds. includiiig Ihe incoii)e and expendiiure, for ihe )'ear tlieii elided-
have been pioperlN" prepared in accordance li iih Uniied Kin(rdom Generally Accepied Accouniing Praciice,. and
have been prepared in accordance i%iih ihe requirements of the Companies Act 2(M)6.
5l5 for opinion
WL condiicttd oiir audit in accordance i%'iih Iniernaiional Standards on Audilllig {UK) (ISA5 IUK)} and applicable laii..
Our iesponsibilities linder Ih05e standards ar¢ fvrtherdescrikd in Ihe Audilof sresJM)nsibililies for the audit of ilie fini¢ Iicial
Statements Section of our ret)ort. Ive are independeiii of ihe charil), in aecoithnce ii'iih ihe eihical iequireii)enis Ihat are
relev<lnt to our audit of the financial stateinenis in ihe UK. includinu ihe FRC'S Eihiccil Siandard, and ii"e hai'e fulfilled our
other ethic￿11 re5ponsibililies in accordajice ii'iih iliese requiremenis. We believe ihai ihe audit evidence li'e have obtained
is siitficient and appropriate to provide a basis for our opinion.
Concliision5 rclHting lo going concern
In c1uditinu the Iin<incial slaleinejits, ii"e hai'e concluded Ihai ihe irnstees. use of Ihe going concern basis of accounting in
the prepar￿7110￿ of the financial st8teJnenis is appropriaie.
Based on the ii'ork lie have perfomied. li'e have noi ideniified ani. ma(erial uncertainties ielatin¥ to events or condiiions
th￿11, indii'idiiall}' or colliclii'el}', niai. casi significani doubt on the Igioup'charitable conipan)'I's abilit). 10 continue s a
oing concern for period of at least Di'elve monihs from ii.hen the fmancial statements are auihoTised for issue.
Oiir responsibilities and the responsibiliiies of ihe iNsiees ii.iih respect to goinu concenj are described in the relei'ani
sectioiis of this report.
Other information
ThL InistLCS arL Tesponsible for the oiher infomiaiion. The other infomiation comprises the inforn]ation included in the
Truslfes, Anniial Rtpon. Oiir opinion on ihe financial $111 iements does not toler the other infomiatioTr and, eicept 10 Ihe
eAt¢Jit otheThi"is¢ eNpli¢iil)' siared in our report. li'e do noi exptess an). [(￿ of a55ufdnce conclusion thereon.
In coiiiiection ii'iih our audii of ihe financial siaiements. our te5POll5ibilit)' 15 to read the other inforjiiation and, in doinfl SO,
coiisidcr i%-IILilILr the other inforniaiion is maieriall!. inconsisieni ii-iih ihe financial staleiiient5 or our knoii-led¥e obtained
in Ilie aiidit or oiheni-ise appears io be niaieriall}' missi¢iied. If li-e ideniili- siich niatetial inconsisltncie5 orappc1reni 11)clieric11
niisstalements, lie are reqiiired io deierniine ii'heiher Ihere is a niaieiial mis5taletnent in tlie financial 5talenien15 or a
niaterial misslaieinent of the oiher infomiaiion. If, ￿l$ed on Ihe ii"OTk" ii"e hai'e ￿[f0mled, ii"e coiiclude that ilieie is a
niilterial Iiiisslat¢ni¢ni of this oiher infomiaiion. lie are reqiiired io report that f&t. Ive havenoihingto report in thi5 regard.
Opiiiions on other matters prescribed bi. Ihe Conipanies Acl 21M16
Iii our opiiiion, based on the ii'ork undenaken in Ihe coiirse of Ihe audii..
Ihe iiifoniiation given in the Tmsiees. Annual Report Iii"hith intludes ihe direciors, repon prepared for Il)e
PLirposes of coll)P1￿ n). 111 11.) for ihe financial }-eai foi ii-hich the financial siaiejmeiiis are prepared is coi)sisiei)t li ith
the financic11 siaiements,. clnd
the diiectots, ieptsrt included ii'iihin the Trustees. Annual Rep(Trrt have been prepared in accoidance ii'ith
appliclc ble leual reqLiirenient5.
Matters oil Ii'hich ii"e are required to report bi. eiception
In Ilie liqht ol the k-noii-ledoe lid Linderstai)ding of Ilie chariiable compan}. and lis eni'ironment obtained in ihe coll￿t ol
the audit, li'e hal'e iiot id¢iilified iiiai¢rial niissiaieiiienis iii ihe TnJsie¢s Annual Report (%i"hich inCo￿ordI¢S the direciors,
report}.

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
I￿e 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 m￿statement, 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¢ludesouiop￿iOn. 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 Te￿150n3b1%. 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. r￿lE[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
jan￿1ge]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 sUS￿led 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 unus1￿7 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-C￿nplIance 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 th￿ilable 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[INGHA￿l TRUST
STATF.NIF.NT OF FINANCIAL ACTIVITIES
(Includtng the Sumnjari. Income and Eiptndilure Account)
FOR THE YEAR FNDF.D 31 DF.cE￿lBER 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¥lOVE￿IENTs 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 f￿anCIal 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 f￿ancial 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 c￿lsh 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 for￿a$15 and projeciions and hal'e considered Ihepot¢J)tial inipacl of ilie coionavitus oiiibre1c k
on the i'lLibilitt' of the charin'_ After niakino enquiries: Ihe irnsiees hai'e concluded that Iliere 15 a lelc sonable
expeciaiion ihai ihe cliaritable coinpan!. has adequaie resoiirces 10 coniiiiue in OPL"rational eiisience foi the
foreseeable futiire. The charitable conipani. ilierefore coniinues io adopt Ihe Lyoii]u conceTn basis in prepic ring lis
financial staieinents. I"he I'ruslees are ofihe opinion ihai no maierial uncenaint). exists relaiin. 10 goin¥ concem.
Funds
The differeni fiinds are defined as folloii's=
Unrestricted fiinds are those fiinds available to Ihe chariTh' for ils general purposes. li is the polic). of the Tnistees
to relain in unresiricied fiinds, ginounis ii'hich in Iheir jud(Temeni: ran lielp 10 I￿11]￿ale Ilie short-temi effec15 of
iiicoiiie voliiiilin, and retain funds io generaie sufticieni income 10 nied curreiit aiid future operational ac(i%'ilie5 of
tlie chi¢ riry..
Designated fiinds comprise unresiricied funds thai haie been sei aside bi. Ihe Trustees for particular putposes. The
aiii) 4?nd use ofeach designaied fuiid is sei oui in ihe noies io Ihe financial siaieiiienls.
Restricted fiinds are ihose funds ii'hich are io be used in accordance ii'ith S￿cIfiC ipstwctions itnposed b!. tlie donoi
or in5si deed.
Income recogiiitiOD
This coiiiprises dL)naiions and leg1c cies. fees receii'able froni ihe 1'ar￿u$ 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 ￿rIo￿lance beforc the charit} 15 eiitiiled 10
tlie tiinds, Ihe income is deferred aiid riCog￿l$ed uniil ihose condiiions are full). Init, or tl)c fulljlrneiit of iliose
condiiions is ii'holl%' ii'iihin the conirol of Ihe chorir). and li is probable ihai ihose rondiiiiTrns 11.ill be fiiifilled iii tlie
reportiiig period.
Income froni chariic1ble aciiviiies is recO￿li$¢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'i￿ellts
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 in51rui￿ljIlS 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

IVALSINGHA￿l TRUST
NOTES TO THE FINANCIAL STATENIENTS
FOR THE YF.AR ENDED 31 DF.cE￿7BER 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 DECF￿1BER 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 clain￿d reimbursement of iravel eipenses tOlcl11in¥
£? j21?021.. £409).
TANGIBLF. FIXED ASSETS
Frcehold
Land
Biiilding5
Fiitures
Fitting5 anil
Equipmenl
A55et5
Under
ConstriictÉon
Building
Improl.erne￿ts
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
Bal￿217cL 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 n￿e 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
EXpe￿d]I￿re
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 le￿atieS 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.1￿lled donation5.
20

WALSINGHA￿l TRUST
NOTES TO THF. FINANCIAL STATE￿IENTs (Continued)
FOR THE YEAR F.INDF.D 31 DECE￿IBER 2022
RESTRICTF.D FUNDS {2022)
Broii2ht
Foniard
Carried
Foriiard
Incorne
El￿ndIture
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[5￿7r]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 FI￿ANCIAL 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 Techiio1￿l. 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
CU￿ent]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 foll￿V5..
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 sTATE￿IENTs {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 sTATE￿1F.NT OF FINANCIAL ACtIVlTIF.S
General
Funds
De5igNated
Fund5
Restricted
Flind5
Total
2021
INCO￿lE 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