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 re￿istered 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 deSi￿nated 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
de￿i&￿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 gOvern￿￿nce. 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 st￿l￿dard 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 s￿ndards 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 f￿ancIal 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.
Indi￿ldUallY 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 Co￿espOndence with regulators and tax auihoritie5;
Discussions with manggein¢nt including consideration of known or suspected instances of non-compliance with
laws and re￿Ula[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 deScr￿PtIOnS., 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 pU￿oSe. 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
(EXPENDITUREYIINCO￿1E
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 nuMbe￿d 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) in￿estIng 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 expendi￿re, 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 f￿Ve )'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