WALSINGHAM TRUST IA conipany limited b) bJuarante¢) ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 Companj number.. 11655451 Registered Chariiy Number 1180690
WALSINGHAM TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 REFERENCE AND ADMINISTRATIVE DETAILS Trustees Rt Rev Peter Collins Ichair) Ri Rev Alan Flopes Sarah Kilmartin Dr I)ai'id Livesey Laureita Pil¢h Paul Raynes Rev Paul Keane Rev Frank Mulgrew Sole Member Catholic Trust for England and Wal¢5 {CaTEW) Re¢tor Monsignor Philip Moger to February 2023 R¢v Dr Roben Billing from S¢ptember 2023 Principal Office Pilgrim Bur¢au Friday Market Place Walsinsjhani Norfolk NR22 6EG Charity Registration No 1180690 Company No 11655451 Independent Auditors Haysmaciniyre LLP l O Qu¢en Sireei Plac¢ London EC4R IAG SolicitOTS Bates Wells l O Queen Street Pla¢¢ London EC4R IBE Bankers Lloyd5 Bank PLC 3 Nortli Briiik Wisbech Cambridgeshire PE13 IJT TSB PO Box 1000 BX4 7SB
WALSINGHAM TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 INTRODUCTION The Trustees submit their annu21 report and the audited financial statements for the )'e2r end¢d 31 December 2023. The financial siaiemenis comply wilh the Charities Aci 201 l. Ihe Companies A¢t 2006. th¢ MeTnorandum and Articles of Associaiion. and Ae¢ounting and Reporting by Charities.. Statement of Recotnmended Practice for Chariiies {SORP 20151 (Second Edition, effective l January 2019). STRUCTURE, GOVERNANCE & MANAGEMEf4T Leadership and Cxovernance The Walsiniwham Trust is a registered charity Icharity No. 11806901 and a company limited by guarantee. The company is conslituied by its Meinorandum and Anicles of Association dated l November 2018, artd was reistered at Companies Hous¢, Company no. 11655451, on l November ?018. The Trust is govemed by a Board of Trusiees, chaired by th¢ Bishop of East Anblia. which meers ar leasi three limes per Period. Th¢ Trust is responsible for the Caiholic National Shrine and Basilica ofour Lady. ai WalsinbTham. The Trustee5 continue lo reviLw IhLir coniposition across the country, their int¢nlion#l engagemeni, a variety of skills, and strategic focu5 towards Iheir roles and rL'sponsibilities reb)ardinbi the Shrine. The'frustees are mindl'ul of the need for them to engage in ongoing fomativn in ternis of these responsibilities. Ownership The Trusi is a wholl>' owned 5llbsidiary undLrtakin& of the Catholic Trust for England and Wales (CaTEW} which is its parent and sole member. It has no subsidiary undertakings. Appointment of Trustees The procedur¢s for ihe appointment. roraiion, and rc-eleciion ofTrusiees are Set out in the Memorandum and Articles of Associalion ol the Trusi. Tli¢r¢ Inust be a miniiiiuim ol- 3 -frusl¢LS and Iheri is no maximuiii. Trustees are appoinled by th¢ Bishop of Easi Angylia and one Trustee is ppointed by the Meinber- the Cc11holic Trust for En¥Tland and Walls, which iisell. 15 a r¢bT15tered cliarity (Chariiy No. 10974821 and is a company limil<.d by biU£ifdniee Company No. 04734592. The Trustees H'ho served the charity during the year were &5 follows Rt Rev PLter Collins Ri Rev Alan Hope5 Rt Rev Robert B)'riie (resigned 15 July 20231 Rev Anthony RoL7ers (resigined 17 November 2023) John Gibbs {rcsig7ned 2? Septeinber 20231 Kailierine Hdiirell Iresigiied I Sepienib¢r 2023) Dr David Livesey Laiireita Pilch Paul Rayne5 Rev Pciul Keane Rev Frank MulgT¢W Sarah Kilmartin lappoinied 17 November 2023) Organi$ational Struclyre and Deci5ion-M8king Polieles When ihe orL7anisaiion was established, the first trustee5 were guided by good govemance practice in the charity sector, to achieve good ¥ovemance through re¥ular meetin¥Js of ihe Tru51ees al least three a year- which receive comprehensive, concise and timtl}' reports on the charity's sirategic direction together M'iih occasional meetin¥s focussed only on straiegy as well as urgent decisions taken by electronic circulation an(Vor additional meetings when required. The Rector oversees ihe overdll running ol'rhe Walsingham Trust on behalf of the Trustees, with the tactical assistance of the General Manger.
WALSINGHAM TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) Some of the propenies from which the Trust op¢rates are owned by the Roman Catholic Diocese of East Anglia. The use of ihese properties in this period 15 granted to the Trust rent-free. Policies Adopted for the Induction and Training of Trustees New Trustees are provided with induction and training covering such topics as legal status and governance: strucwre. organisation and staffing. governance, policy. and strategy. They are invited to participat¢ in th¢ Shiine's pilgrirna(Tes and celebrations and to visit all the charities premises so that they have a good understanding of the life and mission of the Shrine. Setting of Pay for Key Personnel In this aceouniing period the remuneration for all key and manaoemeni personnel are set by the Rector and the Finance Committce of the Trust with advice and benchmarking provided by the Trnst's HR Advisor. This is und¢r review as the Trust moves through a period of tran5fortnation. ORIECTS AND ACTIVITIES Object5 The objects of the charity are.. the advancement of the Carholic religion anjivhere in the world. the relief of poverty anywhere in Ihe world; and to advance such charitable PUTP05es (according io the law of England and Wales) as ihe TTUStee5 gee fit from lime to time. b) Activitie5 In order to further the objects noted above, the primary areas of activity in 2023 were the ¢hapels and grounds of Shrine domain ils¢lf, and a piliyrim h05tel, a retreat house, a iearoorn, and a shop selling religious artefacts. ACHIEVEMENTS AND PERFORMANCE The Support of Pilgrims The Shrine is gratelul io all the pilgrims and benefactors for their ¢ontinuing spiritual and maierial sUPPOrt. The prayerful support. leuers, ¢mai1s, social media posts. cheques, online donations, and in-person donations have been of great encourduement tg Staff and volwiteers ai the Trust and enabled the Trust to function. grow. and d¢velop. Religiou5 Communities Prie51s Our plans to welcome N'o religious communiiies to serve at the Shrine in ?024 gather momentum. The proposed establishment of a cotnmunity of AiégiisriFiian Friar5 from Nigeria, and the Si510)rs of ike Adurulion of ihe Bles.%ed Sa¢vumcni from Kerala promise to provide a powerhouse of prayer and a springboard for apostolic tnisgion in sUPPOrt for the life and lssiOn ol'the Shrine. Walsingham A550¢1#tion The Trust is most gTrratefiJl for Ihe ¢ontinued supported by th¢ Wa15ingham AssociulivA whieh in 2023 commenced operations as a charity separaie lo the W'alsingham 'lrusi. The Walsingham Association exist5 to foster devotion to Our Lady of Walsinglig]n, and 10 support the Shrine in other material ways. In 2023 the Association raised a total of £40.285 (20?? £34,974) for the Trusi and funded a number of projects for the Shiine. Other Collaboration The Shrine has coniinued to work 1th EFVTN GB which continues to feature Walsingham in evenis streamed live across its global network and in the edition5 of its nagship video bulletin, Greai Brilui* Focu5. Through a collaboration with RoJ£f) Maria also a connection iviih ihe Shrine's liiurgies with Ihose ai hotne.
WALSIINGHAM TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 {continu¢d) PUBLIC BENEFIT The TNstee5 are conscious that the Charities Act 2011 emphasises the requir¢ment thai all ¢hariti¢s must be able to detnonslrate that their Ork is of direct benefit to the public. The Trustees can ¢onfirm that they have complied with the duty in seciion 17 of the Charities Act ?01 I to hav¢ due regard to the public benefit guidance published by the Charity Commission in deiem)ining the activities undertak.en by the Charity. The Shrine fa¢ilities and grounds in ordinary time5 are open to the public 365 days of ihe }'ear, and 1]Y used by the publi throughout ihe period and especially during the suiiimer months. Pilgritns, tourists, and others of all faith5 Lind none enjoy daily a¢¢ess to the fourteenth ¢entury Slipper Chapel, the modern Chapel of Reconciliation, and oiher facilitie5. Modestl>' priced and excellent quality accommodation en5ur¢s thai residential pilgrims are well caiered for. The TTUSt aims to provide for ihe spiritual and material needs of all groups and individuals. The work of the Trust is funhered. not only by employees, but also by volunteers from the local area and beyond. FINANCIAL REVIEW The charity's total income in (he period was £2.289.8751?0?2 - £2,125.4781. Of thi5 £ 881,220 (2022- £839,826) relaied to unrestri¢i¢d donations, £21,56112022 - £35.2431 Irom unrestri¢t¢d legacies. Charirable activiiie5 In the year generated £1,339,511 (2022 . £1106,3041 which consisted of £38,95112022 - £40.18?) at the Shrine, £838,006120?2 - £789,359) from ihe Shrine's hostels and tea room. £426,560 120?2 - £375.681 I Irom the Shrine'5 retail otiileis, £012022 £946) from the activities of the Walsin&Tham Association and £35.994 {2022- £1301 from Development Activities. The net loss in thL plriod was £470.574120?2 - £6?0.560) of i¥hich £?95,097 (?0?? £417.968} relaied (o an operating 1055 on General F'ui)ds. £?21.947 120?2 £216.2981 IU 8 nei uuinoltr on DLsis?Ilalid fuiids. and £46,470 120*7 £13,706) to a nel inflow on Restricted Funds. lThe primary reason for the 5ubst2ntial outflow on Designaied Fund in 2023 wa5 d¢preLiation on the deSinated Fixed Asset Funds. Unrestricted I'unds decr¢ased by £507.044 {2027 £684,270) and at year ¢nd stood at £2,230,86012022 . £2,747,904) and Restricted Funds stood ai £100,180 {2022- £63,710). Res¢r%'es GeneTc11 fund5. beinb the charity's free reserves. defined as the total unrestricted funds of the charity excluding any dei&nated funds. includin& those lunds tied LIP in lixed asse15, Stood Rl negaiive £781.929 {20?2 - neb?ative £486.832). The Trustee5 desi¥)nated a 5lln) 01. £3,012,78912092 £3.234.736110 include amounls tied up in fixed asse15. Reslricied funds. being7 unspeni Inonies towards developn)ent. had a closing balance of £ 110,180 (2022 £63,710). The Trnslees. target is to hold six months. necessary expenditure in free reserves amounting to £1 m. Although the financial ircuR151ances of the Shrine mean that this targei is not currently met. li is anticipaied fhal it can be achieved within 5-7 years. The Trust's cash IIOW 15 liibJl)l}' seasonal and is curyently 5uppon¢d b}. working capital loans from the Diocese of East Anglia (received in January 20241 and the Guild of Our Lady of Ran50m (receiv¢d November 20231 worih £150,000 each. Risk Management Thc Ti'usieeb have a formal risk manabTretJienl process io assess risks and impl¢m¢ni risk Inanab¢meni siraiegie5. This involves the ideniification of the types of risk faced by the charity, a55essing the likelihood and potential impact of o¢¢urrence and identifying Ineans of mitigaiion. Risks have been caiegorised under fiv¢ broad headin¥s'. Governance, Operational, Financial, Eliernal and Compliance. These are then assessed as to the likelihood of their occurring and the 5everiiy of th¢ etTeclS of the risk leading to a poieniial overall impact calculation in order to ascertain a scale of relative importancelurgency to each one.
WALSINGHAM TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (eontinued) The principal risk identified is.. Significant increases in the cost of living affecting the disposable income of those who might come to visit the Shrine. This risk is mirigaied by reachinsF out lo new pilgyrim groups, offering a suppon package for organisers of residential groups and improving ihe pilgrim experience iwiih enhancetnent5 to the Shrine site and ils liturgy. FUNDRAISIIYG Th¢ charity fundraises primarily from pilgrims and the wider the public. It does not, however, employ professional fundraisers, nor does it put undue pressure or unreasonabl> inirude on anyone lo make a gift. li does not raise funds through tel¢phon¢ fundraising or work with any agency lo do so. If any donor does not lsh to rec¢iv¢ future communications from the Trust. they are Temoved from future mailings. It occasionally approaches charitable trus15 wilh respect to speeifi¢ fundraisinkj initiatives. There WeTe no complaints in the year with regard to fiindrai5ing, and none for 2022. TRANSFORMATION Ai (h¢ beg)inning of 20?3 (he Trusiee started a programme of iransfomiaiion of ihe Shrine and th¢ Walshingham Trust. This programme of ¢hange is taking place over a j.year period and touches on mlc ny aspects of ihe Shrine and the runnin of the 'l'rusl. Th¢ progirnmme starts wiih the missi()n of ihe Shrin¢ and includes a focus on the pilgrimage experience and stewardship of Tesour¢es. Over 2023 chanbJe5 were made to the leadership at the Trusi, with appointment of a new Rector, Rev Dr Robert Billing, in September ?0?3. Supported by an Inierim CEO. the Management Team was restruciured, and preliminary changes made (o key departmental stru¢tureJ and processes. FUTURE PLANS The focus for the future is the continued development of the pilgrimage ¢xperience, both spiritually and materially, promoiinb Walsin¥ham as a place of pilbirimag>e and ¢slJblishinu the #Y forward foT the developnient of ¢h¢ Shrine, espL¢ially in r¢(ILlin¢ss for the Jubili¢ Yiar 2025, esp¢riall J thai.. our Shrine is known as a place of welcome, peace, prayer. #nd reconciliation. and as a centre Of liiurgical beauty and good preachinbT. mindful of our hib7h-profile online presence. we tlc ke kTreat care in the cleaning and maintenance of our chapels. laciliiies, and grounds-'making our Shrine sliine. we niake incremental physical improvements in our Shrine chapels, facilities, and grounds in the short and niedium lenn. and that our fundrni5ing is focussed accordingly. Ihe Shrine is adininistcred by decisive lcadership. Sound gOvernnce. timely preparation, as well as fiscal discipline and a careful stewardship of our resources. FUTVRE DEVELOPMENTS Since 31, Decemb¢r 2023 the followin8 5i¥nificant transaction5 have taken place, these will be included in the 2024 Financial Accounts. The sale of 7 Cleaves Drive to thc Diocese of EASt Anglia was completed and the £300,000 loan from Ihe Diocese wa5 paid off. The CaTEW Ivcin of £500,000 was converted 10 a gift, for which the Trllst is immensely grateful. A property was gifted to Walsingham I'ru5t with the appn)ximal¢ value of £?30,000. The Diocese of East Anglia provided a loan ol'£1 50,000 to be paid gff in full by September 2024. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees (who are also directors of The Walsingham Trust for the purposes of company lawl are responsible for preparing the Truslee5' Repon and the financial statement5 in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally AcLepted Accounting Pra¢ti¢e).
WALSINGHAM TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 {continu¢d) Cotnpanv law requires the TNstees to prepare financial sthiements for each financial year which give a true and fair view of the state of affairs of the charirable company and of the surplus or deficit of the company. including the ineome and expenditur¢, of the ¢haritable company for thai period. Ln preparing these financial statements. the Trnstees are required to.. Select suitable accounting policies and then apply thein consistently. Observe the methods and principles in the Charities SORP. Make judgment5 and estimates that are reasonable and prudent. State hether applicable UK Accouniing standards have been followed. subject io any mai¢rial departures disclosed and explained in the financial statements. Prepare the financial siaiemenls oil the gToin&r ¢gn¢ern basis unless il is inappTopriate to presume that the charitable company will continue in business. The Trustees are responsible for kecping prop¢r Accounting records that disclos¢ Wlth reasonable accuracy al any lime of the financial position of the chariiabl¢ ctsmpan> and enable them to ensure that the financial statements comply with the Conipanies Acr 2006. They are also r¢sponsible for safeguarding the a5set5 of the chariiable Company and hertce for taking reasonable sreps for the prevention and det¢¢tion of fraud and other irregularities. lo so far as we are aware.. There is no relevant aiidit information of ivhi¢h the charitable company's aLiditor is unaware: and The Trustees havc iaken all steps ihal they oughi to have taken 10 make ihem aware of any relevant audit infomation and lo establish thai the auditor is aware of ihal infornialion. Audltors A rL81)luiion proposin&T thai Haysmacintyre LLP be reappointed as auditors of the company was appToved by ihe membeTS. This report has been prepared in accordance with the special provision5 relating to companies subjeci to the small cornpani¢s' regime within Port 15 of the Companies Act 2006. Approved and authorised for issue by ihe Truste¢s on 15th August 2024 and si8ned as authorised on their behoifby.. Ri. Rev. Peter Collins Trii.si¥e
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WALSINGHAM TRUST Opinion Wc have audited the financial statements of Walsingham TNsi for the year ended 31 December 20?3 whi¢h cornprise the Sttltement tsf Financial Activities. Balance Sheet, Statement of Cash Flow5 and noies to the financial statements, ineluding a sutnml£ ry of sitsnif)cant accounting policies. The financial reporting framework that has b¢en applied in their Preparation is applicable law and United Kingdom Accounting Standards, in¢liiding Financial Reporting stldard 10? ThL. Finuncial ReporlipJg Siandard applicable in ihe UK artd Repiiblic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion. the ffftancial statements.. give a true and fair view of the state of the charitable company's aftairs as at 31 Decernb¢r 2023 and of the haritable cotnpany's net Tnovement in funds, including ihe income and expenditur¢. for the year then ended.. hav¢ b¢en properly prepared in accordance with Uniied Kingdom Generally Accept¢d Accounting Practice.. and have been prepared in accordan¢¢ w ith the reqliirements ol. the Companies Act 2006. Basis for opinion We coiiducted our audit in ac¢ordan¢e with Iniemational sndards on Auditing (UK) IISAS IUK)) and applicable law. Our responsibilities under those standard5 are furtherdescribed iii ihe Audiior's r¢sponsibilities lor Ihe audit of ihe financial statements section of our report. We are independ¢ni of the chariry in accordance with the ethical requirement5 that are relevant to tsur audit of ihe financial staiement5 in the UK, includin¥ the FRC'S Fihical Si8ndard, and we have fulfilled our other ethical respunsibiliiies in accordance with tl)es¢ requirements. We believe that the audii evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relAtlng to going concer In aliditin the IinanLl£l1 Slic ILnienis. Ive have concluded that the trusiees. use of the going con¢em basis of accounting in the preparation of the financial statements is appropriate. Based on ihe work we have p¢rlormed. we have not identified any material uncenaintie5 relaiing lo events or conditions thai, individually or collectively, may C1£ si significant doubt on the ch&Tiiable company'5 ability 10 continue as a going concern for a period of at lea51 tiv¢lve months from when the Iinancial 8lcltemen15 are auihorised lor issue. Oiir responsibilili¢s and the responsibilities of the trus¢ees with respect to 80ing concem are described in the relevant sections of this report. Other Informotlon The Iru51ees ar¢ r¢sponsible for th¢ other infornialion. The other infomialion comprises the inforniation includ¢d in the Tru5te¢s' Annual Report. Our opinion on Ihe financial siatem¢nls does not cover the other intomiation clnd, exc¢pl to the extent oth¢Nise explicitly slated in our report. WL do not express any form of assurance conellisioii thereon. In connection wilh ovr aiidit of the financial statements, our responsibility is to read the other inlorniation and, in doing so, onsider wheilier tlie other information is maleri¢2lly inconsistent w'ith ihe financial staiement5 or our knoivledgye obtained in the audit orotherw ise app¥ar5 to be maleriall). mis5taied. If we ideniif>' such niaterial incon51siencies or apparent material misstatemenis, Me are requir¢d 10 deterinine M.Iieiher there is a mat¢riTrl missiatement in the finaiicial siaiements or a material misstalenicnl of the other infom)ation. If, based on the work w'e hav¢ pcrfom)ed, we Conclude ihcit there is a material misstatemeni ol'this other infomiation, we are required to report that fact. We have nothin¥ to report in this regard. OpiniotLS on other matter5 prescribed b). the Compgnies Act 2006 In our opiiiion. based oil the Hork undertaken in the course of ilie audit-. the infomiation given in ihe Trustees. Annual Report (which Includes th¢ directors. report prepared for the purrK)ses of compc1ny law.) for the financial year for which the financial Statements are prepared is tonsistent with the financial siaiements., and the dire¢iors' report included within the Trust¢es' Annual Report have been prepared in arcordan¢e with applicable legal requirements. Matters on which we are riquired to report by exception In the light of the know.ledge and undcr51andEng of the charitable company and its environment obtained in the course of the audit, we have not identified material missiatements in the TTUStees' Annual Report Iivhieh incorporates the directOTS' report).
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WALSINGHAM TRUST {Continued) We have noihing to repon in respect of the followino matters in relation to which the Cotnpani¢s Act 2006 requires us to report to you if. in our opinion.. adequate accountinu records have not been kept by the charitable company: or the chariiable company financial staiements are not in a¥reement with the accounting records and returns. or certain disclosures ol-trustees, remuneration specified b}. law. are not ade. or we hake noi received all the infoTmatiotJ and explanations we require for our audit,. or the Irustees were noi entitled to prepare the fancIal Statements in accordance with the small Companies, regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a Strdtegic report. Responsibilities of trustees for the financial statements As explained more fullj. in the tru5tees' responsibilities statement set out on pages 5 and 6. the trustees (who are also the directors of the charitable company for the purposes of cotnpatjy law) are responsible for the preparation of the financial statements and for being satisfied thai they give a true and fair viem,, and for Such intemal control as the trustees determine is necessary to enable the preparation of financial statements ihat are free from material misstatement, whether due to Iraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, tnatters related to goints concern and usinD the goino concern basis of accounting unless the trustees either intend to liquidate th¢ ¢haritable company or to cease operations. or have no realistic alternaiive but to do so. Auditor's responsibilities for the audit of the financial Statements Our objeciives are to obtain reasonable assurance about whether the tinancial statements as a whole are fre¢ from material misstaien)eni. whether due 10 fraud or error, and to Issue an auditor's report that includes our opinion. Reasonable assurance 15 a hiuh level of assurance. but is not a guarantee that an audit tonducted in accordance with ISAS IUKI Ivill always detect a material misstatement when it exisis. Misslatem¢nts can arise from fraud or error and are considered material if. IndildUallY or in the aggregaie. they could reasonably be expecied io influence the economie decisions ot Use iaken on the basis of these financial statements. IrreLTularities. including fraud, w¢ instances of non-compliance with laws and regulation5. We design procedures in line listh our responsibilities. outlined above, to detect material mi5Statemenis in respeci of irre¥Tularitie5. including fraud. The extent to which our pro¢edure5 are capable of detecting irregu12rities, including fraud is detailed below.. Based on our understandino of ihe chariiable company and ihe environtnent in which it operates, we identified thai the principal risk5 Of non-compliance with laws and regulations related 10 compliance M'ith Canon Law. Comp3ny Law, the Companses act 2006, Charities act 2011, emplo)'ment law and healih and safety. regulations and we considered the extent to M'hich non-complian¢¢ might have a maierial etTect on the financial statements. We also considered those laws and re&iulations ihal have a direct impact on ihe preparation of Ihe fjnancial statetnenls such as Canon Law. Ihe Conipanies Act 2006, the Charities Act ?01 I, the Staiemeni of Recommended Practice for Charities ISORP 2015), FRS102 and pajroll takes. We evaluated management's incentives and opportunities for frauduleni manipulation of the financial siatemen15 (intluding the risk of override of controls), and detemined that the principal risks were relaied io recO.lI10n of income and management bias in certain accouniin£ estiniate5. Audit procedures perfortned by the engagement team included.. Inspecting CoespOndence with regulators and tax auihoritie5; Discussions with manggein¢nt including consideration of known or suspected instances of non-compliance with laws and reUla[1On and fraud- Evaluatin management's controls designed to prevent and deteci irregulariti¢s', Identifying and rcstin(p journa15, in particular journal entries posied with unusual account combinations. posiingjs by unu5Uc11 users or wilh llnvsual deScrPtIOnS., and Challengino assumptions and jud¥emen15 made by management in their criiical accounting estimates. Because of the inhereni limilaiions of an audit, there is a risk that e will not detect all irregulariiie5, including those leading to a material tlliS5taiemeni in Ihe financial statement5 or non-compliance with regulation. This risk increases the more that compliance wilh a law or regulation is removed from the events and transactions reflected in the linancial sttLlemenlS, ive will be less likely to become aware of instances of non-compliance. The risk is also greater re£arding irreglllaritie5 occurrinij due to fraud rather than error, as fraud involves inieniional coDc¢alment, forgery. collusion. omission or misrepreseniation.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WALSINGHAM TRUST (Continued) A further description of our responsibiliiies for ihe audit of the Imancial siatetnent5 is lo¢ated on the Financial Reporting Council's website at.. w"ww.fr'.or auditorsre5 onsibilities. This description fortns part of our auditor's report. Us¢ of our report This report is made solely to the charitable ci)mpany's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undenaken so thai we might state to the charitable company's tnembers those matters we are required to stste io Ihern in an Auditor's repon and forno other pUoSe. To (he fullest extent pemitted b>. law, we do not accept or assume responsibility to an}'on¢ other than th¢ ¢haritable company and th¢ ¢hariiable company's members, as a body, for our audit work. for this repon. or for the opinions we have fomed. Jane Askew (Senior 51aiutory Audiiorl For and on behalf of Haj'smacintyre LLP, Statutory Auditor Dale.. 19th September 2024 10 Queen Street Pla¢e London EC4R IAG
WALSINGHAM TRUST STATEMENT OF FINANCIAL ACTIVITIES (Including the Summary Ineome And Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2023 General Funds Designated Funds Restricted Funds Tot81 2023 Total 2022 Notes INCOME FROM.. Donations and legacies Donations Legacies 14 875,993 47.583 928,803 21.561 883,931 35.243 21,561 Total 875,993 26,788 47,583 950,364 919,174 Charitable activities- Shrine Hoste15 and T¢a Room Shops Wa15inrTham Association Developmeni 38,951 838,006 426,560 38.951 838,006 426.560 40,182 789,359 375,681 946 136 8,925 7,069 20,000 35.994 Total 2,188,435 33,857 67,583 2,?89,875 2,125,478 EXPENDITURE ON: Chariiable activities.. Shrine Hostels and Tea Room Shops Walsingham Association Development 801,390 970,321 294,475 2.612 405.356 801,390 970,i21 294,475 2.612 691,651 8?9,?90 1,129,?69 345,889 1,3?2 440,?68 245.804 40,491 Total 2.474,154 245,804 40,491 2,760.449 2.746.038 TriET (EXPENDITUREYIINCO1E 1285,7191 {211.947) 27,092 {470,574) (620,5601 Transfers between funds 9,10.11 (10 ?11} {10.000) 20.211 NET lOvEMENTs IN FUNDS (294.2641 {221,947) 47,303 {470.574) (620.560) RECONCILIATION OF FUNDS: (486.8J21 3,234.736 63.710 2,811,614 3,432,174 Total funds broushi fonvard TOTAL FUND5 CARRIED FORWARD 9,10,11 1£78?,76?) £3.01?.789 £111.012 £2,341,040 £2,811.614 The accompanying notes numbered I to 18 form part of ihese financial statements. 10
WALSINGHAM TRUST (Company number: 11655451) BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes TANGIBLE FIXED ASSETS 3,354,569 3.557,530 CURRENT ASSETS Stock Debtors Cash at bank and in hand 94,822 63,131 66,054 69,048 76,483 196.162 224,1K)7 341.693 CREDITORS: Amounts falling due within one yLaar {1,087.534) {1.087.6091 NETCURRENT LIABILITIES 1863.5271 {745.916} TOTAL A.%%ETS LESS CURRENT LIABILITIES 2,491.042 CREDITORS: Amounts falling due In more than ont vear (150,000) NET ASSETS £2,341,042 £2.811.614 FUNDS: Unrestricted funds . g?eneral d¢sibTnated 10 (782,769) 3,012,789 (486,8321 3.234,738 2.230,860 2,847,627 Re5tricied funds- Shrine Developnient Other r¢stri¢ted funds 12 13 63,710 £2,341,040 £2,811.614 The accompanying notes nuMbed I to 16 form part of these financial slatem¢nts. The financial statements were approved and ayihorised for issue by the Board of the Trustees on 15 August 2024 and were signed below on its behalf by.. Rt Rev Peter Collins Tru51ee
WALSINCHAM TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cash f]ow5 from oper8ting actii'ities: Net cash (used in)Iproi'ided by operating activities (see below) {244,446) 169.421 Cash f]ows from investing activities: Write otT Assets under consiruction Purchase of fLxed asseis Sale of fixed assets 20.465 1350.OiO) (45,734) 10.072 Net ea%h (used in) inestIng activities 1280.108) (160,164) Cash from financing activities: Lontr tem) loan receipts 150,000 Change in eash and cash ¢quivalent5 111 the period Cash attd eash equivalent5 at the 5t#rt of the period (130,1081 196,162 1329.5851 160,164 Cash and cash equivalents at the end of the period £66,054 £196.16? RECONCILIATION, OF NET IEXPF.NDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES Net (expenditure) for the period (as per the Statement of Financial Activities) {470.571) (620.560) Adjustmenls for: Depieeiaiion ch8rges Gain on sale of as5e( Increase in stock D¢crease in debtors Decrease in crediiors 245.693 {7.069) 125,771) 13.351 175} 268.766 (10,832) 96,879 435,168 Net cash {ysed in}/pro%'ided by operating activltl¢S £(244,44?) £169,421 ANALYSIS OF CHANGES IN NET DEBT At J January 2023 At 31 December 2023 Cash flows Cash ai bank and in hand Loans fallinu due within one J'ear Loans falling due in more than one year 196,162 (800.0001 (130,108) 66.054 1800.000) (150.000) 1150.000) £1603,838) £1280,108) £{883,946) 12
WALSINGHAM TRUST ACCOUNTING POLICIES FOR THE YEAR ENDED 31 DECEMBER 2023 The principal accounting policies adopted, judgements and k¢y sources of estimation uncertainty in th¢ preparation of fmancial statements is as foSlows'. Basis of Accounting The financial siatements have been prepared in accordance with Accounting and Reporting by Charities- Statement of Recommended Practice applicable 10 charities preparing their accounts in accordance with the Financial Reporting Standard applicabl¢ to the UK and Republic of Ireland IFRS 102) (effective l January 20191, the Siaiement of Recommended Practice for Charities ISORP 20151 (Second Edition. effective l January 20191 and the Companies Act 2006. W'alsingham Trust meets Ihe definiiion of a public benefit entity under FRS 10? Asse(5 and liabilities are iniiially r¢cognis¢d at historical cost or Iransaction value unless Otherwise 5tai¢d in the r¢l¢vant accouniing policj. notel51. Prep4rn1ion ofthe Ae¢ounts on a golng concern basi$ The trusiees have considered possible evenis or conditions that might casi SigTnificant doubt on the ability of the charitable company to coniinue as a gioing7 concern. The trustees have made iheir asses5m¢nt for a period of at least one year from the date of the £1pproval of these financial siaiemenis. In panicular, the Inistees have considered the charitable company's forecasts and projeciions and have considered the pot¢ntial impaci of the cost of livingy crisis on Ihe viabiliiy of the chl£ riry. After making ¢nquiries, the trusiecs hav¢ concluded that there is a reasonable ¢xpeciation Ihal (he ¢hY( itable company ha5 ad¢quale resources tg Continue in operational ¢xi5tence for the foreseeable fuiure.'fhe repayn)eni ol'rhe £300k loan froin Ihe Diocese of East An4)lia which ha5 been partially offsei bN 8 new £150k loan froiii th¢ Diocese ol. Fast Anglia. the Lonversion ofthe £500k loan from CaTEW 10 a gilTr and the propcrty blifted in a legTa¢y have si&)nificanily sirenblthened Ihe ass¢ls to liabilities position. The charitable conipany th¢r¢lorL continues lo adopt (he s)oing conc¢rn basis in preparinbT Its finajicial slal¢menLS. The Trustees are of the opinion thai no Inaierial Lincertainly exists relaiinb 10 gFoing concem. Futhds The different fund5 are defined as folloths.. Unrestricted funds are Ih95e lunds available to the charity for its kjeneral purposes. It 15 the policy of the Tn151ees to retain in unrestricted fiinds, ainounls which in their judb)ement, can help to milibTate the short-t¢nn elyecls of inconie volalilily and retain funds 10 generate sufficient incon)e 10 meet current nd future operaiional a¢livities of the charity. Designaied funds comprise unrestricted fund5 that have been sei aside by the Trustees for particular purposes. The aim and use of each designated fund is Sel out in the Dotes to the financial statement5. Restricted funds are those funds which are to be used in accordance with specific instructions imposed by the donor or trust deed. Income recognitio This Comprises donations and leg8ci¢s. fees receivable from the various aciivities and investment income. All income is recognised once Ihe charity h£iS enlitleineni io ihe income, it is probable that Ihe in¢otne will be received, and the amount of income can be measured reliably. Donations are re¢ogni5ed when the charity has been notified in wriiing of both the amount and settlement date. In the event thai a donation is subject to conditions that require a level of performance before the charity 15 entitled lo the funds, the iiicoine is deferred and not Teco¥nised llntil those Conditions are full), mei, or the fulfilmenl of those condition5 15 wholl} M'ithin the control of the charity and il is probable thai those conditions will be fulfilled in the reporting period. Ineome from charitable activities is re¢ognised as earned as the related services are provided. 13
WALSINGHAM TRUST ACCOUNTING POLICIES (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 Government gr&Nts Income from gov¢rnm¢nt grants 15 reeognised when the charity has entitlement to th¢ funds, any perfornian¢¢ conditions attached to the grant have been tnet and in the period to which it relates. Expenditure Liabiliiies are recognised as expenditure as soon as there is legal or consiruciive obligaiion committing the ¢harity io thai expendire, it is probabl¢ that settlement will be required. and ihe amount of obligation can be measured reliably. Expenditure is recognised on an a¢crnals basis as a liabiliry is incurTed. Charitable activities comprise mainly of the pmvision of a place ofworship, ac¢ommod2tion. welfare and catering. premises and administrdtive ¢05ts. Support costs have been allwated 10 charitable activities. Govempnce aetivilies comprise or¥anisational administration and COTnplian¢e with consriiuiional and statutory requirements. Cosis include direct cost5 of ¢x¢¢rnal audit, legal fees and other professional kdvice. Debtors Tr£1de and other debiors are r¢LobJni5ed at Ihe settl¢iii¢nl ainouni due after any trade discount offered. Prepayments are valued ai (he ainount prepaid net of any trade discoun15 due. Cash 81 bHnk And Sn hand Cash at bank and in hand inclLides bank aecolinis. Ci15h and.%hort iemi higihly liqiiid inve51menls with a short maturity of three nionih5 or le55 from the date of acquisition or op¢nin8 ofihL deposit or 5imilcir account. Creditors aDd provlslons Creditors and provi5ians are recognis¢d where the charity has a preseni oblib71c lion resultinb froni a past event that ill probably resLilt in the transfer of funds io a third Pdrty and the amount due 10 5eiile ihe obligation can be measured or eslimaled T¢liably. Crediior5 and provisions are nomially reco8nised £11 iheir settlement amoiint after allowin for any trade discounts due. VAT Th¢ charity is registered for VA T bul is unable to re¢lJin) all of the input tax incurred. I¢Coverable VA T is ¢harged to (he expenditure heading for which it was incurred. SSgnificant judgments sour¢e5 e5tlmation uncertainty In the view of The Trustee5 in applying the accounting policies adopted, no judgements were required thai liave a significant effect on the amouiits recobwnised in tlie financial staiemcn15 nor do any estimates or a55umptions made Ca 8 $1&7nificani risk of material adjustment in the next financial y¢ar. Finyntl#l Instrument5 The charity only has financial assets and financial liabilitie5 Of a kind that qualify as basic financial in5trumenis. ic financial insiruments are initially reco8ni5ed al ¢ransaction value and subsequently measured at their setilenient value. 14
WALSINGHAM TRUST ACCOUNTING POLICI ES (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 Pensions The charity. operates a Group Personal Pensson scheme wilh Royal London. The pension is offered to all employees and advice is provided to ihe charity by N W Brown and Co. Ltd, who are Independent Financial Advisers. Benefits aFe deiemined by the perfomiance of the 5cheTne. The chariry's liability i5 limited lo the annual contributions payable. All contributions are charged to the Statement of Financial Activities in the Period in which ihe) accrue. Tangible Fixed Assets and Depreciation The Trust occupies properties in Walsingham free of retjt, the freehold interest belongin{7 to the Diocese of East Anglia. The c05ts of improvements to Diocesan owned properties are included in buildin. improvemenis. The cost of religious objects are WTitten off in the Period when the c05t is incurred, and are therefore not represented in fixed assers. Depreciaiion is provided on all fixed assets greater than £500, except freehold land. The rates and bases of depreciation are as follows: Building improvements Motor vehicles F ixtures. fittinos and equipment Freehold land and buildings l O % straight line 25 /0 siraighi line 2jO/o siraight line 21 strdighi line A full year of depreciation is charged in the year of acquisition. Stoeks Stocks are slated at the lower of cost or net realisable value. Cost Tepresenis purchase pri¢e, calculated on a first in first out basis.
WALSINGHAM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CHARITABLE TRADING ACTIVITIES (2023) Hostels & Tea Roorn Total 2023 Total 2022 Shops Income 838.006 426,560 1.264,566 1.165,040 Expenditure.. Cost of sales Oiher costs 228,765 741.556 187.537 106,938 416.302 848,494 438,512 1.036.646 970,3?1 294,475 1,264,796 1,475,158 Net (deficitllsurplus £(132.315) £132,085 £12301 £{310,118} The above activities represent trading which is in pursult of the purposes of the charity. CHARITABLE TRADING ACTIVITIES {20221 Hostel & Tea Room Total 2022 Shops Income 789,359 375,681 1,165.040 Expenditure.. Cost of sales Other cost5 2?9,5?1 899.748 208.991 136.898 438.51? 1.036.646 1,129,269 345.889 1,475,158 Net Ideficit)Isurplus £(339,910} £29,792 £1310,1181
WALSINGHAM TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023 ANALYSIS OF EXPENDITURE (2023) Activitie5 undertaken Supporl costs directly Tot21 2022 Charitable Expenditure Shrine Hostels and Tea Room Shops Walsingham Association tkvelopment 640.375 800,501 226.702 161,015 169,8?0 67.773 801,390 970.321 294,475 2,612 691,651 829,290 1,129,?69 34i.889 ,322 440,268 2,612 684.902 6,749 £2,355.092 £405.357 £2,760,449 £2,746,038 ANALYSIS OF EXPENDITURE120221 Aetii'ities undertaken direeily Support cost5 Total Charitable Expenditure Shrin¢ Hosr¢ls and Tea Room Shop5 Ilalsingham Association Development 772,446 1,004,584 291,052 (7,682) 375.7)2 56,844 1?4,685 54,837 9,004 64.516 829.290 I,l29,269 345,889 1.322 440,268 £2,436,152 £309,886 £2,746.038 2023 2022 Support costs con51St of: Salarie5 Premises Oftice Other Govem8nce- audit fe¢ 194.491 14.453 ?3,013 232,095 12,304 18,6?1 30.746 16,120 22,087 £405.)57 £309,886 17
WALSINGHAM TRUST NOTES TO THE FINANCIAL STATEMENTS {Continued) FOR THE YEAR ENDED 31 DECEMBER 2023 STAFF 2023 2022 Wages and salaries Social security costs P¢nsion c051S R¢dundancy ¢ost5 981.838 75.9(14 79.788 22.646 1.047.746 74.531 85.168 £1,160.176 £1 ?07,445 2023 No. 2022 No. The average number of full-time employees was.. 'I'he average nuinber of part-lim¢ ¢mploy¢¢5 WAS.. 32 19 29 18 No employee earned £60,000 or more during the current OT previous years. The aggregate remuneration of key managemeni personnel comprising the Re¢tor. CEO. Director of Operations and Financial Controller was £61,147 {?0?9: £133.66] l. In addiiion to ihe above payments, the Reclor also Teceiv¢d occommodation by virtiie of his role. However, b¢tween March and September no recior was employed. the Dire¢tor of Operations TOIL was vacant from March and the CEO role w'as filled b}. a coniracior from Mareh lo September during a period of transfomaiion. TRANSACTIONS WITH TRUSTEES No trustees received remuneration in either year. Thr¢e trustees claimed reimbursement of travel expense5 totalling £1.26?120?2.. £2521. 18
WALSINGHAM TRUST NOTES TO THE FINANCIAL STATEMENTS {Continued) FOR THE YEAR ENDED 31 DECEMBER 2023 TANGIBLE FIXED ASSETS Freehold Land and Building5 Fixtures Fittings and Equipment Building Improiements Molor Vehicles Total COST Balance brought forward Addirions Disp05als 3,019,541 2.216.782 33,032 516.873 5,786,228 14.876 28.857 45.733 112,0001 112,0001 Ai 31 December 2023 3.019,541 2.231,658 23,032 545,730 5.819,961 DEPRECIATION Balance brought forward CharkT¢ for year Disposa15 184,340 1,518,850 26,940 498,569 2,228,699 60.340 164,269 4,427 (9.0001 16,656 245,69? {9.0(10) Al 31 December 2023 244.680 ,683.119 22,367 515,225 2,465,391 IYET BOOK VALUE Ai 31 D¢eember 20?3 £2,774,861 £548,538 £665 £30.506 £3.354.570 Ai l January 2023 £2,835.201 £697,933 £6,092 £18,304 £3,557,530 STOCKS 2023 2022 Shop stock. for resale Other siock 55,899 13,149 12.593 £94.822 £69,048 Stock r¢eo8nised as an expense during the period is shown in note l as Cosi of Sales. DEBTORS 2023 2022 Trad¢ debtor5 Prepayments and accrued income Other debiois 12,309 48,287 2,535 10,656 57,398 8,429 £63.131 £76,483 19
WALSINGHAM TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED31 DECEMBER 2023 CREDITORS: Amounts fAlling due within one year 2023 2022 Trade ¢r¢diiors Sundry loan5 (see note 15) Social s¢curity and other iaxes Accruals and deferred income Sundry creditors 75.145 800,000 123,479 88,910 146,850 800,000 108,065 547 £1,087.534 £1,087.609 CREDITORS: Amounts f#llhng due in more than one y¢8r Long iemi loans i£iw(x)I GENERAL FUNDS12023) Brought Forwtsrd Chrrled Forwurd Income Expenditure Transfers General funds {486,8321 2,188.435 (2.474,1541 1782.762) (£486,832) £2.188,435 (£2,474,154) 1£10.2111 (£782.762) GENERAL FVNDS (2022) Brouxhl Forword Carried Forvs#ril Income Exptnditure Transfers General funds (68,864) 2,037.394 (2,309.9581 {145,4041 1486.8321 1£68,8641 £2,n37.394 1£2.309.958) 1£145.404) 1£486.8321 20
WALSINGHAM TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023 10. DESIGNATED FUNDS (2023) Brought Forward Carried Forward Ineome Expendit¥re Transfers Legacy Fund Fixed Asset Fund Development Fund 21,561 (10,000) 3.227,946 6.790 (245,6931 2,982,253 18,974 12.296 £3,234,736 £i3.857 {£245.8051 i£10.000) £3,012.788 DESIGNATED FUNDS {2022) Brought Forn'ard C8rried Forward Income Expenditure Transfers Legacy Fund Fixed Asset FLEnd Development Fund 35.243 135,2461 {268.7671 11,939) 3.496,713 145.682) 3227.946 6,790 8,730 4),681 £3,451,034 £4i,973 1£305.952) £45.681 £3,234,736 Th¢ Legac}, Fund represents amounts received in legacies and which the Trustees have det¢rniined io set aside io support partÈclllar prioriiies ot the Trust. The Fixed Assei Fund represents the net book value of the Trust's fixed ossets, less loan amounis secured against tliese. The Development Fund is earmarked for various infrastructure enhancements and for other development#l activities. Certain expenditure has been incurred in advance of the receipt of expected donations.
WALSINGHAM TRUST NOTES TO THE FINANCIAL STATEMENTS {Continued) FOR THE YEAR ENDED 31 DECEMBER 2023 11. RESTRICTED FUNDS (2023) Brought Forward Carried Forward Income Expenditure Transfers Development Funds.. Shrine Development Holy Water Font Appeal {WA) Mission & Ouireach Lii'esiream Technology Doivry Bursttrie5 Dowry House Chapel Dowry House Reserve Dowry House Development Other {812) 2.996 (8.566) 9,378 2,996 37,731 19 {800} 6,932 {24.141) (7,784) 12,790 833 House 6.739 20.0(K) 26,739 1.870 9,587 175 936 37.515 2,045 10.523 37,515 7,764 i 0,000 18.404 £63.710 £67.582 (£40,491) 20,211 RESTRICTED FUNDS {2022) Brought ForwArd CArrled Forward Income Expeniliture Transfers Development Funds 50,004 {13V,128) 99,723 63,710 The Restri¢i¢d Development Funds represent amoun15 received 10 fund iniiiciiives designated by the dgnor. The transfer of fund5 Into thc Other fund are donation made inio the Liturgical Fund which will be used to efthance the litur¥ical experience of pilb)rims Yisiling the Shrine. 22
WALSINGHAM TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS (2023) General Funds Designated Funds Restricted Funds Total 2023 Fund balances at 31 December 2023 art represented by: Tangible assets Current assets Current liabilities Long lertn liabilities 3,354,569 3.354,569 ?24,004 {1,087,534} {150,000) 102,264 17i4,193) 1150.(100) 110,179 (353.341) Net assets £{781,929) £3.012.789 £110.179 £2.341.039 ANALYSIS OF NET ASSETS BETNI'EEN FUNDS (2022) General Funds Designated Fund5 Restricted Funds Total 2022 Fund balanees at 31 Deeember 2022 are represtnted bj., Tangible assets Current assets Current liabililies 3,557,530 3,557,530 341,69i (1,087,607) 277.983 (764,815} 63,710 1322.792) Net assets £1486,832) £3,234,738 £63,710 £2,811,616 13. OPERATING LEASES The chariry's commitments in respecr of operaiing lease rentals are as follows- 2023 2022 In re5P¢Ct of operating leases expiring Within one )'ear - Beth4'een one and two years - Between two and fVe )'ear5 14,306 6.139 2,972 18.832 13.34? 5.175 14. RELATED PARTY TRANSACTIONS The charily has borrowed a Sum of £500,000 from its parent charity and member- CaTEW. The atnount ha5 been borrowed interesi-free and there is no fixed repaynient date, but ir is repayable on demand and has iherefore been includeLt as dLte within one year. During 20?4 the loan was converted to a gift15ee note 16- Post Balance She¢1 El'entsl 23
WALSINCHAM TRUST 40TES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023 15. LOAN ANALYSIS NOTE The Soans held by the Trust ai the end of 2023 were £500k from CaTEW with 00/0 interest rate, not secured. £iOOk from Diocese of East Anglia with 10/0 inieresr rate equating to £3k in 2023, secured against the property in Cleaves Drive. £150k from Guild of Our Lady of Ransom with /0 interest rate, not 5¢cured. 16. POST BALANCE SHEET EVENTS In the first quarter of 2094 the folloiF'ing events occurred which have a significant impact on the balance sheet. A property was sold to the Diocese of East Anulia in repayment of the £300k loan used io purch&5e the property. A loan of £150k was taken from the Diocese of East Anglia. The loan of £iOOk from CaTEW was converted to a gift. A property with an estimated value of £230k was donated to the Trust as part of a legacy. 24
WALSINGHAM TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023 17. FINANCIAL INFORMATION FOR 2022 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES General Funds Designated Fullds Restrict Fund5 Total 2022 INCOME FROM.. Donations and legacies Donations Le(Tacies 831.096 8,730 35.243 44,105 883,931 35,243 Total 831,096 43,973 44,10) 919.174 Charitable aciivitie5'. Shrine Hostels and Tea Room Shops Walsingham Association Development 40,182 789,359 375,681 946 130 40.182 789.3)9 375.681 946 136 Total 2,Oi7,394 43,973 44,111 2,1 ?5.478 EXPENDITURE ON: Charitable activities-. Shrsne Hostels and Tea Room Shops Walsinqham Association Development 829,290 1,1?9,269 345,889 1,322 4,188 829,290 1,129,269 345,889 305,952 130,128 440,268 Total 2.309,958 305.952 130,128 2,746,038 NET INCOIllE I IEXPEliDITLTREI (27? 5()41 (261.979) (86,017) {620,560) Transfers between funds (145,404) 45,681 99,723 NET MOVEMENTS IN FUNDS {417,9681 1216.298) 13.706 1620,560) RECONCILIATION OF FUNDS: (68.864) 3,451,034 50,004 3.432,174 Total funds brought forward TOTAL CARRIF.D FORWARD FUNDS £1486,8321 £3,234.736 £63,710 £2,811,614 25