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REGISTERED COMPANY NUMBER: 00440129 (England and Wal•sl REGISTERED CHARITY NUMBER: 211331. fortho Yèar Endod 31 December2023 W•lsiryharn College *ADIFicIAe 20104r2024 CAWPANIES HOLISE

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Walslngham College Iyothshlre Proptrtt•s) Lkrtted ContMts ofth• Flnandal forth• Y•ar End•d Ji Oecenkn2023 Roport oltheTrustees 1 to 6 Report of the lThlependent AudTto 7 to 9 Stat•m•nt Flo)andal Actlvl 10 Balance Sheet 11 Notss to t Financial Statem•nts 12 to 23

Walslngham College (Yorkshlrn Propertl•sl Limlt•d Rwrt ofthg Trust•os for the Year Ended 31 December 2023 Thè Trustèès prtSt 1r annual repyt ioJetherwith the audit financi Statem ofthe Chantytr Ihe peric¥J 1 January 20rJ to 31 December 2023. TrLtstees ts)nfim) that the Annual Rewi finarThl statents ol the eunpany clynY wth rrent statutryy rUlernents. ts rtquirtments of the wmpanys g)veming doujrrent and th& prov15ion5 ol the Statement of Rrje Prac( ISC%iPI applce lo charits FY•paing their aoxjunts in acJ))rdance with Ihe Fwwn¢i81 Rewtirv4 SlaThJa aprIae Rewt4c of keknd IFRS 102. èffactive from 1 January 20191. Since the ChJity qualif as wnal uThJer the 383, th• 5trategc rermyt rg]uired of medium larg• comK8nies under The Compantes Art {Streg'c RerKMI Dir*Ws reF4Jrt) RegLlations 2013 is not rBquirgd

Walsin9ham Colleg¢ Iyorkshirn Prop•rti•sl Llmlt•d Rèport ofthg Trystws for the Yur End•d 31 o•c•ml 2023 OBJÉCTIVES ANO ACTlVtrEs a. Polti8s and objethws The otrpcts dthe tharItya.. To afvance lh8 Christian reh"gn plarty bjl r1 8xdus¥dy Ihrwth supwjrting th¥ alonsh WKI rnaintenance of Ihe Shring ofour Lady ofwa1gnrn. To continue to hold the frethsd messuag8. l¥vJ as Hal. ApFknK rwar skip}. in tho G)unty ol York, ttsJetsr with certain Ml¥ aThJ effts thwwn, to use san hy the rd910L or Olher chbt8ble pu ofthe Shire Charity. To miSh and fit ¢yJt with all requiste fvmiture and equ¥nt arnl intri and [rOn tre freePk)Id werTh5è5 aforesaid as a Community H05tel w Home ts sh lgI5 orolher ctiaril8e pUt)se5 as the Charty maydetermine. To prOe religbjus tswning for Stents and caTrkntes Ckd8r5 arMJ ange ts LJr&S and felreats and wovsde such recTeJbon as may btr ¢CLd 10 L)yhYuce to ts e(wiprnt and rA studènts n the on of their s¢udies. To Wuvide a HorrE or R951 frydergy as a rfphysc4 arKI menia r8oJperatwJn fort1 n n88(l of r•sL To athteve t$ the thwity uThJwtakes Ihe fol&)." . mainlans a ¢ornrTrunity tsskge, hosw N htyjsefor rplbjis oroUWthanlat - provKles the ligIouS training for stUdts ondmjates for holy orders - provthg a h¢)rne ol the rest kn ckr9y as the means ol ffwlal Teperatth forth0 in need of resl b. Stratriles frJr8cIMewng obi¢cb The strattgwès emF4oyed to asstst the Charity to m8et its rtWes Ihe fiJky•n"ng.' . Thè or4w.ng lettiThJ ofthe parr11 Habl a5 a re hyjse lo ts OK0[L•#d$ est Yrxkshirè #NI Daksl and in th contex( Ihe training ojntirwes tr bcih cigy ar¥J èy pe. . Clergy and spou598 (wthnu$ to w Parcevall Hall pk¢ IL ièwe. refreshm8nd r•treaL - The creats.on and maintenance ofa hJh qualtty garden ihat is avaikb tor erwywt(rfth)se Ihat use ts Ho11 and thtr 98n•ra pay to vusrt the gd8n& c. Actmties f0raChng objecti Thè charrtable panY k% rtswJle l¢x the fflamten8n rAthè IKxtse. tlge3 and grour$ at Parcevdl Hall. Yorkshi. The Hall 15 n¢>w W on a peppercom rentto DkXeSe of Leeds (West Yorkshire arKI the Dal8sI. The grounds are maintained to a hi standard and a open to the genernl putr. d. Pay Fdtcy forseny slaff pay of the Sen adership team 15 reviefd annualty ty ts board of Dir10[5. Pay is asse558d ac¢orth"ng to an indivhyuafs level of respKJnsts"lty and is rnalty ajjusted to refiect a4erage 1rS in tr sector. e. Mwn actmbes ndtsken lo fvrt thg tharitys torthe knefft In s8th.ng thè th1$ obJects¥es and plannirrfJ its trS th• ha¥p car1 &derab0Tr to the Charity Cc4nrrission's gene gUKI8 on the twefit t> ts supwementsry guthwK Ihe advanc*ment d 117 Ic¢ the public benefit. Page2

Wa15ingham Colloge Iyorkshire Properties) Llmlt•d Report ofthe Tru8te•s for the Year Ended 31 Oecemlw2023 The main areas of the tharitable thity we the rreintenanrx rf Ihè H1. grndS and laThJ &tUat at Par¥911. The gardeners are 1518¢1 in the maIntenae and UF&eep of the garths by a numbèr of volunteers, who cKmtribute ap[MmatelY 8IXJ Im)U of year. The Directors o)nsthr Ihal these aCbVes wovKJo Lnefit btslh to Ihose who Use the Hall and gardens ts rdiwus tsin¥wJ for retreat arKI for thè gweral who can enjoy the TeueW aycts ofthe gardens. Thè Lliraclots (£thue to f{ cffi ways kn enhaThx ts 8ppg d lh& gaftsns tthdsl managiThJ and vtsre possib redwng rxjsts. ACHIEVEMENT AND PERFORIAANCE 8. Rwew of acbvibes Anangementsfcrf the ongirg lettry oftt Hall 7Arylh a oJrran11y Yes1 in Ihe tctese ofLeeds (Anglicanl. Phill Neknn fA)ntinu8d in his as Head leatjiryj a team to prfAlu a high gardan Ic lh• wder wblic thal Visit the gardens. b. Inbrnnt pc4icyand perfomwlx The thanty invests in tssh restyjr. S twm ¢Jer)gts aThJ irNestThnts h#ed strLk trXdngè. Brown Shipky, a firm of investrrnt manar$. manages Ihe stk exthange investments behalf orf the trustees. Infftnts are made in acCOnee 7th the Palt Chantys IWaL8irgh8m Colege Tru5tAs%xxl Inve5trnent PCW. In the am)unting period to 31 Decerts 2023. overall "n of £108.696 was made investm8n cx>rnparad to thè £228,792 overall bss in the FW(od to 31 Drnber 2022.The lotsl gain of £108,696 LX$1$ts ol the £44.883 gain realised d of £63.813 gain unreaised. FINANCIAL RVIIEW Reseples and golng concern is the Fo1Y of the charity that unrestricted fijnds %thith have beon dès"gwwted for a speofr use should be maintsined at a level equNaknt to bewn three stx monlh's expenditure. Thè tru$t9 consi(Jer that reserves at this levd will ensure that, in the ent ol a wgnikant drop in funding. they 11 t able to cxmtinue thé thanvs culnt tiVth"es while o)nsideration is given to ways in addthnal funds may te raiJ. This of r&seThg5 h8$ bgen maintain8d throughtyjt Ihe period. The net mvement in funds for the ye was an in(yEase cl £1.8852022." incyease £105.125). The expended rtsJJr¢ In Ihe peri¢)J excee(Jed inuJmirvJ resources by £5.811. bgts9 gaMI on The Meffwdndum ofAwtial)n K¥ohibts dlfrts aThJ cxjisewty h8ve tml Pa or pUSed. At 31 December 2023, ihe lund bae$ were unreslTicW £393.925 rJ.138.938 {2tr22". £489.301 £2.940.677 reyctivtlyl. There has been £30,(K)O in tolal drale by FrEThYs of P8rcev81 Gardens li the pv)d aThJ further £10,OCa) were received frorn a legacy. After making aw)roprkate enqwies, the trustees have a expect Ihat th¥ Charty has adequate $0c£S to ntinue in 0rational exi*ence lor the foreseeable futu. For this reason they ntinue to adopt th8 going ct¥ncAm ba$ in preparing the finanoal statemnts. Furthw detai15 iegartling the adcptw of Ihe gc4ng o)nr2m basi5 c3n b8 f(NJnd in the Aco)unting P1.

Walslngham College (Yorkshirn Prop8rtSes) Llm6ted Rèport otth• Trustees for Yr Ended 31 D•c•mb•r2023 FiifiiRE PLANS ¥. Futur• dwdopments The acbwties ouuingj above wll tijntlnl. Infomiatlon on fun(tralslry pradices Walsingham College {YcKkshire Prwtiesl Limiied thes nL uThJw1akè any lurnjrawng ef(her dire¢ty (Y Lk%iThJ an 8g8ncy. As 5Lth. we Th)t ojrrenty bbe to a frJndraiw9 Ixxfjg or reK)rt. We ar6 clany failur95, duriThJ the year éndéd 31 December 2023 12022 r#)rel. by the thanty or any rKr50n &lMwJ on rts tW. to comrAy vAth our ndraising standards. nor did we receNe anyLYMPtaints atXKrt frJndr"ThJ ackn"ty. STRUCTURE, GoveRNANCE ANO AIAMAGEIAEKr Charity const11utsn Thè thanty is a pmate charitati ¢)yrpany &mited by shwes s¢t up by a Tnjst deed. wnrny was eStaShed under a M8fT¥JraThJum of ASsal)n ¥•tsh sets the ctqerAs WKI SV•WS of thg company and 15 govemed und8r it5 Arb"des ol assocpab'on. The MpanY was re9iStered the Charty 25 Septernier 1W and is a gISr tharity numbgr 211331. Thg Charity Wd5 irKryrate¢1 on 1 Serrtember 1947 and on thatdaie. Th• w"nupal object of the i8 tr) rKowde the mairtenaK of thè Hal. cclla9es, wnds and larvj Uated at Parcevall, Yorksh¥g. There have been no dngeS in the cl)1¥¢5 wrK Il W onrn Method of appolntment or¢lectlon of Trustees The managenEnl of the Chwity is the re$rnbIlty of tt TrLW WIK) are elerled and 0pIt der th• terms of the Tw5t d¢¢d. The trustees. arg also ts directys tor Ihe PU9 l•w. direths are apwnl•d by a majority decision of the shareholders. Organisational strueturè and deelsion maklng Walsingham Colleg8 (Yrykshire Properbesl tsnNled has a marhagement b)ard to eight ntErS ffleet quartety. resFonsib lor the Strateg difects.on an(J of the charity. At we5ent the i¥)ard has seven member5, from a varitrty of professional ba&grounds rdevant to the %%Drk ofthe charity. Th? seven members also act as direLtrs of the company.. Poliei•s adoptsd forth• Iru11)n w¥1 trthlng of Tntstees Appointments are made hamng regard lo Ihe skills aThJ experien of the iThYiwdual LCeme wth a view lo Maintaining a bak4nc8 ofe4)ertise on the boatd. Tre is no formal in Pla MiductKffl and trainirg. Related party relationshlps The charity has a long running wih Wa&irvJham Trust Ass(# LirTMW, and dlmg lh8 financial year Jing 2013 became a whdty wned subsxliary cornpany of Wa15iwJham Cdkge Trust Assrri8I Limrted. The thaiitres sh8re Ihe sarT registered offi. The Shrine Olfice. Walwgham NorfcAk. Risk management Th8 Trusteè5 have assessed the Trvior risks b whk Ihe Charty i8 exFosgJ, in partNxlar Ihc6e to the operatitins and finances of the Charity. and are sab"sfied thai systems an(J prJU[e$ in MA10 our exFKJsure to the major risks. REFERENCE AND ADMINISTRATIVE DETAILS Registered Cornpany number 00440129 (England and Wales) Re9l$ter8d Charity numb•r 211331

Walsingham College IYorkshiTr Propertlos} Umitsd for th Year End 31 Dewtr21)23 Registered offi¢• Shrine Offic W8lsingh8m Nomk NP22 6EE Thè Re%/d B Bell Dr R Manle Re¥/d J Sheehy Father P Cathright Mr J E Mcauater Canon P A Turr MrCMRead Audltors Larking G<Men LLP Chartèred Accountants Statutory AltorS 1st Floor Prosred Hwse . Rouen Road Norwich NR1 1RE Sollcltors Hayes & Storr. 18 Met Pla, Fakenhzrn, NR219BH Bank•rs Balcy$ Bank. 17 maet H8c•. Fakertwm. NR219BE TRUSTEES. RESPONSIBILITY STATEMENT The Trustees Iwho aTe also of WalsiTrJharn Conege OrtSh¢ F¥operttesl Lirnited for the purFX)5es of c¥)rnpany Lgwl are reswJnsIe for preparing Ihe Trustees. RerKKt arnl Ihe ffianck41 Statents in acc(KtsrKe wth applble law and Unrtad I"norn Ac£ounkn"ng Standard IUnrt¢d KIn9J G8walty Ampte¢l Aco)untirg Pra¢ticl. Company law wuires the TnBtees to prepare finarKaal slatenEnts for each fal? yeaT. Uw¥J8r company law the Trustees must not approve the financial statements unless they a $ab"Sfi that they gNe a tnje and f•"r wew ol the state of affaits of thè charitabk corry)any an¢J of the Incx)ming fesourits and applIoti $r. indwling the irorne and eyndilure. of the chantsble company ts th period. In preparing thgse finan(aal slateThnts. Ihe TrLkstses are requi(1 to.. - Select suilable aOunt.g rM)Icies and Ihen apply them (x5151. - Observe the meth& and prie$ in the calaittses SORP, - Make judgements and accounting estwnates that are asonat armj prudenl,. - Ppare Ihe financial staterrnts on the o)ncem I)aS unles5 rt in3pte lo K¥esuN that Ihe charitable Aynpany will COn"nUt in 0raT)n. The Trustees are re¥ntle lor keeFiThJ acxwntirg rwds that ar8 suffiL?8nt to show and •wlain th• charrtable tsmwanys transactions and disc)se with reasonable acryjracy al any the finan(ial Pm)sOn of the charitablè company and enable thern to ensure Ih8l Ihe knncial state[ts cornpty ith lh8 Companies kt 2. They are also responsible for safeguarding the assets of the chantstrje 8WKI hents k)r tsking rnag)nabk the prevention and detection ol fraud aryj other IrregularitS. DI10$¥re ot irt4)miation to ditorS Eath of the who ar& Trus&s al ts Imiiè the Tntstees. Repyl is apprmd had confmed that So far as thai Trustees is aware, the is no relevant avdit informatyon of which the Charitab CDmpanls auditor$ 8 unaware. arKY - That Trustee has taken all the steps that ought to have en faken as a Trusteg in ordgr to bo awar¢ of any rol¢vant audit intormalion and to $stalSh that the tharitab cornpanrfs auditors are ofthat infornBtion. Apwoved by LYd•r oflh• board oftrust8eson 16 Apifi 3)24 and sigwJ cn rts behatr by. Page 5

Walsingham College (YortshirÈ Properties) L1¢1

Report ofthe IndependentAuditoTr to thè lknb•rn of Walsongham Colleg• (Yothshlr• Prd8 wilh Ihe Q1hl requiremen15 that ara rdevant to tyJr audrt d the financpl slaterrenls in the UK Iuding ts FRC's Ethical Stsndard, and we have lulfilled tyjr other ethical resF¥)nsibibtss in acOyclan with IW requrerrEnts. Wg b9kwg that tha 11 ewdenc we have obtain•Y is suffioent and approFrte to Fvide a bafAS fDrLwrwnw)n. Conclu$lons r•lating lo golng Conwn In audng Ihe financial statemènts, we have ¢thuded Ihal tntstees use Of wg cwKem basis of •(tng in th• eparatNM olthe finanaal slatwnenLs i$ 8PFfowiatg. Based ¢Jn rk we have rforrned, we have rt ijenlified any material uncertaintres relthy to events or QK11tn$ that, in¢Ivtdually or oYlectNety. may cast ggnrfKant doubt the chwilatrAe (x)rnpanls abAty to CLWltinue as a 9crfng o)ncem for Our re¥KJnsitylibes arKI the rsibl8S of th8 In 7Ah res to c£fficem are in the retewant seckn.ons ofthis t. otr iThfoTmation Thè truslèès are resFK¥)sible for Ihe other InfrMrnat. The dher inf(ThatDn wrryjrises tha infomiatv)n indvd8d in lh8 Annual R8pJrt. otharthan the finantid Staments an¢J wr Rep)rtofttE IrKlerThYent Auditor5 thgreon. Our opini)n on the finawial statements does not ver the othér irrfom)atm and. except to the extent OtheiSe explKitty siaied in our rèprt we do not exwess any fom ofassurance o)ndusion thereon. In Connectic wih ow wdit d the finarKial slalgments. wr rèsFrf)nbilty is to read th• oth•r irfomwtDn and, in doing so. tons1der whether Ihe other infom)atA)n is ma¢wialty in0ylnt V1h the ffinancial *atemefits or our knowledge obtained in the 8udit or (itherwise aFy8ars to be materially mL%stsknJ. 11 we idenb.fy suth IrtSterle5 ry apparent matgn'al misslaternents, we a wuired to delermine whether Ihi5 gNes rise to a malwwl misstateryEnt in the finanual ststements themselves. If, tSe on the we have [erfrn. we lUde that Ihere 15 a matend mi551al•ment cl this other irrformation, are rEquirtd to rep1 that We have nolhry to rewt in thi5 rard. Opinion$ on other matters prescribed by the Compani•s Act 2006 In our opini, based on Ihe wclk undertaken in the course ollhe audl. Ihe inforrnation given in the Report of th& T•5 for Ihe ffinawal year for the financaal statements are prepar is consistent %Wlh the financral staterrents.. WKI lh• Report ofthè Trustetrs has been PPa in accryd wrfh UIrents.

Report of the Independont Audltors Members ol Walsingham Collog• Iyorkshire Properties) Limitsd Matters on which we arE requ1d to report byexcep In the lil ot the knowledge and unljerstsnd}9 of tr cLYnpary its ¥lnt otits1 in the tours• of audL we have not idenbfd maten81 rnl5staterrts in th8 ReFKMt oflheTw&•85. We have nothing b) reFKXt in respA cl Ihe matters te Ihe Cryrywmes 26 requygs u5 report b) you rf, in our opinron.. adequate ar#)Junting reoy(15 have t been kept LY ryiums wr a111 have ncl r•ceNed frcrfn Ixanthos not wsrt•d by us. the finanual 5tstsrTnts arè not in ageTrnt the a¢(nb"rj rwts aThJ retym& certain disdosus ol IrLEtees' remuneratTon 5pecrfd by L¥w arn m.. or we have not reiVed all Ihe rf(xmation axpL4nvs wa raquirè forour a1(. or the trust•s were not enlthd to take advantsge of ts smau ¢xryanps exemptw Irml tr Yequwement to Prepare a strateg Rewrt (x in weparing thè Rep)rtdthe Trustees. RPOnSibl1105 of trustees As explained lully in the TnJstees' ResFKJwtylrties Ststerrent. the trustee5 {th) also ihe rfireclS of chart8bltr c4xnpany l¢y the puws of company lawl are rest)ngble fc the weparalDn of Ihe financial stattrnents and for beiryJ 3atsfed Ihat they gwe a true and fair vi•w. and for sJJch intsmal ¢x)ntrd as the Iwstees deterrnine is rwtsary to enable the prepara"on offinancaal statents that ar8 free frcrfn material rnts>alemenL whelhèr to fraud or error. In weparing Ihe fnawKid siat$rW tru5t8è5 are for aSSng Ihe chwbtatrAe COMnIS ablity to Lxjntin as a going c{MWn. disclosirvJ. as appkG3trAe. matters telated to COnM and uyng the 9)ing cxyK8m b85is of accwnting unless the tnjstees ertlv intend to IiquKlate the cjjaritabkn o)rnpany or to cease Lperatsons. or have rK¢ realisti ahemative but to do so. Our respon$lbllltÈe$ for the audit of the financial slatements Our objsctives are to obtain reasonabfe assurance at<Jut whether the finanaal ststemènts as a are free from material misstaternenL %thether due to fraud or errDr. and to IS a Rekxxt ol the Indetthyent AuditOT5 that incjudes our Jpinion. ReasoTrab assurance is a htgh Ve1 of awrarv. txrt is rbx a guarantee that an 11 coiducted in xcOrdan Vth ISA5 {UKI will always detect a malerial mLsststement vtsn il exBts. Misststements ean ise fmm fraud or error and are Jn5idered material rf, indNidually or in Ihe Jgrtsgatè, they reaablY be exFecd to infl thè 8Ct¥)omic deci%ons of users taken on Ihe b8&5dthese finanoal 5taternerts. Irregulariti•5. Iling fraud. WIStan$ (4 rKTrcCWian arKI regukqlKms. We design wctdures in li with our responsbilities, ouuined ALM, to material misstatements in fespecl of irregularitss. indudbn9 fraud. Due to the field. In which Ihe Charity orÉrates. we thntsfied area5 mosi likety to have a direct n19tpJi81 irry)3Ct on thè financial slements as complu?nce with accounb.ng standards. incljding cn¢S SORP IFRS 1021 and charity taw. In addition. we (Xy1dered th8 prthisions of ther L4ws and rtgulatitins whth. vthilst not having a dirert irnpaci the financial statements, are fundamentsl tg the Chariws abdity lo operate, indLKlirvJ health and salety. enybyment W. dats proteclion and compliarte wth vari$ regUl8ts$ relevanl to the CryKluct ofthe ChanW5 rpewabDns. Our apF¥oath to identrfyitvJ an¢J assessng Ihe rsk of malenal mvsstatennt in re5FeCt of irregulan"ts. inchJdiry fraud aThY n0n-cornp1ian vthh law5 and regUL0t)n$, indu¢Jed the fdl¢Mng.' . Enquiries with mana9errent arKI the Trustees kTr)vm or w5Fd Instan of TryFc4ynrAKqnce wilh law5 and regUlatnS, acodents in the data breaches. p)tential or daims and fraud: ' ReMewiThJ legal and profesSK)nal fe8s to confimi Maile vther8 lh8 Charfty engaged L8wyer5 durirg th8 year,. ' Revievmg financial 8tèrnènt dtslknirès l•StwYJ io SLwpcthJ MentalKIn lo a5se5s gynp4i8n( vxth applicable laws and wulations.. . Re¥Aewing board meetng minules any rethnl Tspdence wlh exlemal authorrt'. . Challenging asSump0nS and judgwnents rnade by matvJement in their significant aCrA)Un 85timates.' aThJ . Auditing the risk of management override of contWDls, induding thrtyjgh iestirMJ iwmal entr(es aTrJ other adjustsnents for apyopriateness and evaluating the txJ$iness ratK)nae ol any SI1nt tran5actiort$ (wJts¥Ye the nvmal cwrse of business. Because of the Inent limitations ol an audiL Ihere i8 a risk that we 11 deigLt all irregulwibes. induding those leading to a material mis5taternnt in thè fmnoal statements LY non<(mlan ilh rv1hti. Thi5 risk IncSe$ the nKI that (ornpliance with a law or reguL31n 1$ removed from the avents and transaCb0 refflted in ts ffinanrial slaternts, as w• will be less likety to beccme awa of inslancEs of nrm-CAjmk3r. The risk is also grea regarding irregu1aribe5 OCA%rring due to fraud rather than error. as fraud involves inttiOnal COrallt. brgery. o)llusion. ornission or rnBrepresentaticn. A fijrther desp1Kn ol ow re5Fontitw au(lit ol lh tmanoal sla18nts is hxate(I the Fnanck?l RepJrting Counul's Webte at WvM.frc.¢Yg.*AyesrntAlit. Thi5 desCriF1h part of Repjt of the Indendent Auditws. Pap8

Report of the Independont AudStors to Ihe lknbers of Walslngham College orkshlw• Propertie51 L•nii•d Use of our report This rermyt is mad sc4ety to the thathabl8 0)rnpanls memtws. as a t(Jy. in &Yar vrilh Chapter 3 of Part 16 of th• Companies Acl 20(. OUT audit w(wk has btèn wdèrtaken so Ihat v+e might stste to the charitable o)mpanVs m8mbÈrs those matters we a wuired to 518le to them in an au(thtors' aTrJ fL¥ olher wrpose. To the fvllest extent pennitted ty law. we do not aeceFX or asgjme resp(sibl1ty to wyore other than the CA)mp8ny and the cham2bl& ojmpatys memr$ as a trfAy. forour audilwL¥k, fLY this ork¥r Iho cy"n¥)ns we have l)rm&l. Julie Grimmer FCA hA ISenJr StatuWJJ¢kn) r and on behaifotLarknng Gowen LLP Chartered Attwntants Statutory AjItorS 1st Floc ProsFect House Rouen Road NolCh NR11RE Datg.. 17 Awl 2024 Page 9

Walslngham College (yoslr• prortI•$) Umll•d Statem•nt of Flnanclal Actlvltl lorthe Year End•d 31 D•etmber 20ZJ 2023 Totsl fvnds 2022 Tolol luTrJ5 lthrestrKthJ ENJowrrent lunds lund INCOME AND ENDolENTs FROM Donations and kgaws 40,090 Charltsble acllvltles Charitsble 8cbvibes Oth8r trading 3cbwth•5 Inv*5th1ent irteome Other 4,6S7 121.480 8,767 3,705 98,228 353,346 121.480 8.7SI Total 539.578 EXPENOITURE ON Raising fund5 knvestment management Costs 17,687 17.687 17.924 17.687 17.687 17.924 Charitsblt adl¥ities haritable acbMti8S Governance costs 241.877 10,895 241.B7T 10.895 177.604 10.133 252,772 17.687 270.459 205,661 Net 9ainsJllosses) on uivestrna)ts 108.696 108.696 1228,7921 NET INCOMEIIEXPENDMJREI Transfers between fvnds 128,1241 167.2521 131.009 67252 101885 105,125 21 Net mov•m8nt in funds {95.376) 198261 102,88S 105,125 RECONCILIATIIYI OF FUNDS Total funds brought forwafd 489.301 2.940.67T 3A29.9n 3,324,853 TOTAL FUNDS CARRIED FORWARD 393.925 3.138,938 3.S32,863 3,429.978 The rntssform part tslthese finaThial statemts Page 10

Walsln8ham Colle9e IYorkshlr• Pr4)pertl•sl Uml Balanu Sh••t 31 D#e•mbor2023 2023 FIXEO ASSETS Tangible assets Investrnertts 15 16 flS,738 2A72.287 604.692 2,350.733 3.148.025 2,955.425 CURRENT ASSETS Stod(s Dèbtor5 Cash at bank and in hond 17 18 165 22.527 494.100 386.253 517.221 CREDITORS Amounts falling ¢Jue wthin cffle year 19 136,0461 142.6681 NET CURRENT ASSETS 474.553 TOTAL A&8ETS LESS CURRENT UABIUTIES 3.532.863 3,429.978 NET ASSETS 3,532,863 3,429,978 FUNDS Unrestricted ftyS.. Reserves Share captsi 21 393,920 489,296 393.925 489.301 Endowment funds.. Endowment funds 3.138.938 2,940,677 TOTAL FUNDS 3.$32.863 3,429.978 Th858 finarKi81 5tstennts have been prèroal tlanL¥ 1th Ihe pyomsions aFfIle to tharitsble wmtenies gjbjgct to the srnall companies r89ime. 16 April 2024 Th& teS fiym part ofthese finwwl ststewts Page 11

Wa15ingham Coll•go (Yorkshire Proporties) Lirnit•d Not•s to th• Flnan¢ial Stat•mnls frxlhe Year Endod 31 Deewnb•r2023 ACCOUNnNG POUCIES 8asSs ol prwarbng thefirAndal statements Th8 finanaal Staments have been in aco)rthr¢e tmth Pw)untirg aThJ ReFubThJ by Charities.. Slatem8nt of Recommènded Practte to thanb.es prepanrwJ thew in arXordan vrilh the Fn8ncxal Rewjrting Stsndard ap1¢able in ts UK and ReWbI of IrèL4thJ IFRS 102. effecbv 1 January 2019) - (Charitses SORP IFRS 10211. th8 Finanaal RerAwb'rvJ siarntsrd aFOir2ble the UK and Rewbk thf Irdand (FRS 1021 and the Ccffjpanies Act 2tsX. Walsingham cdIe (YcrfkslNrè F4Lwb"esl L1rnit meets the definilw)n ol a public benefft entity under FRS 102. Assets and liabilit are inrtially Terned al hi#04 crsl ¢x transaikn vahp Unl 01hei58 slated in Ihe rdevanl arUn'r9 fA)Iicy. Company status Thè Chanty 15 a company lirnitad by stwes. registwed in Ewd aTrJ Ws. Shares are Wd by Watsingh•m Collegtr TwStAssIaIKyn Ljmited. Going con¢ern The trustees have COJed the thartys at the of gwiThJ the financial statements have also n5idere(J the aJrr8nt anCIal strW of Ihe tharty.8assd on Ihis. thè trustees havè conduded thai th8y have reasonable expectation that the charity v+ill have adeqL44te r850urce5 to conbnue in operatKJnal existertt for the Iweseeable fut¢Jre. and at tht mwths from the date of sp1ng Ihese fla1 stataments, Iherefore ctjntinue to adopt the goirvJ cnM basis ofacttyJnts)g in pwJarin9 these finanoJ stateMt$. hwom• l inrAyne is ({Jnised On the Chanty has entitierrent to the lrKXyr. r( is [able Ihai th& irteme will be receiv and the arnwnt of irxxffie weivatle can be rreasure¢J .81. In¢ome frryn dOnab and grants. WdIng capi&l grants, is indud•d wi incomirvJ SOurCeS thes• e ceati1e, except as trJlkiws.' - donors specfy that dCati gnts to the tharity must b8 LWI in lubjre %ntIng p&rls, the income is deferred untyl those rerKwJs. - vthen donor5 impose o)nditsons whth have to luffilled before Ihe d)arity beMe$ enliUpAI to use sh inrx>me. income is deferred aThJ not induded in inctyniThJ restsurs unb'l the weC(KMlOnS us have teen met. - %then (Jonor5 specrfy that ¢S)natyons and grants, Trjt iluding Catal 9rants, are tor path"cular St[ted purFKJses. vthich do not amwnt to rffe ¢)tAS re9wding tiemenl this t5 induded r$souS of restn.cted funds when receNatAe. Irwmè from grdnts is reco]red wtw thè tharity Iw met the ¢rit•ria and has becom8 entiued tothe reswrces. Irwme from Sale of plants and other rtgms pr(Klu( by the charity fy 5a18 in the 51w ar• iUdd a5 incoming re50urtes 1th1n athth"eslor gentratirrfJ lunds v&hen tw * SO. Incon from leityrJ of cottages and the cyenin9 of Ihe grourth to the putr is re(x)gnts8d a5 rt is recèNed ar¥J included as incoming reswrces from tharitabk Investrneni is w)chAed T8NatIe by Ihè tharity. Ex1ture EnthtUre is recognt5ed cnce Ihere B a cmstru(ve ob1Traatirm to transfer bgnefrt to a third paty. it is probable Ihat a trsfer benefits will be requi in setuement and the amount of Ihe obligatw)n (xn bè measured relkably. enditu E da$srf by a¢. The costs of eath activty are made up of the total of dwj costs and Shar COS induthTr3 SUFPOrt Costs irNoW w) undertaking each achvty. 're0t costs althbutsble to a single actmty are alWt•J directyy to thal activty. Shar&Y Thists nINLrt• to rnore than c activity and Supp( costs whith are not attrittable to a single acl.vty are aprt)ned th¢)se activititrs on a baS rrm515tent wih the use L4 re50urce5. Centrnl staff C4*S are alkxabj ¢J) Ihe ba%s of time spent and d8preciab.on chargBS tsted on Ihe pthon olthe a5sef5 U5•. FundTat5irg o)sts are those In0ed in sethng voluntary trirtn$ a1 flo not in)We 1hB OJ5ts of di5serniats"g informats.¢ in support of the charitable athb"es. Governan o)sts are tfv)se incurred in cx)nnection adrniiw5tratv of thg Chanty and (xNnph"On V1h and rewirennts. p12 ntinued...

Walsingham College (Yorkshire Properties) Umlt•d Notes to the Financial Statemenls-eontlnwt for the Year Ended 31 Decembpr2023 Accouiif•iG POUCIES. contlnued Expen¢Mture Costs ol gerating ftjnds a sts imJThed in altra(rwJ irKryre. arbj th(0 Inrred h trading actMb6s that raFse funds. Tangible rd ass•ts and d•pr•tsion l a5ts C051ing J7w)re than are carltsal. A revwi for impairt of a fved asset is rarri1 oul rf evwts or changès in circumstawrt iThJicale that the carrying valuè of any ffixed asset not be reo)veratye. Stsytfalls be the value ol fixed assets and their (Werab amtyJnts are rec£wised as Impalmts. Impaimienl k)sses we rwnised n Ihe Slat9ment of Finrial ktmtes Iro)rrmting aThl E¥wMJrhreknAMrt Tangible fLxed assets are camed at c£JsL nel of ¢Jepreciabon and any fry impairnent DepreciaiK)n is provid8d at raS CalCukt 10 Wri df the tsjsi ol fLxed assets. bess th"1 esb"nwtsd regdual vaue, over their extecled usefvl INes Ihe f(4bj bases.. Frethild land & LyJildings Flant and machir Fixtu and fth'ng5 S% stra¥Jht lir 15% rgJwrMJ baknce No deweoatK)n has larnl and tldIng5 as it has lrmlèfit8ty IwJ Ltselul lrfe. Stoeks Stcth are at the low of i))st and realsth after for obsolete and slow.moMr¥J Sto$. kntere$t r¢celvablo Inte$t on lunds held on deposrt is inchJded fien receivatse and the amovnt can be aSured relabty by the Charity.. this is normally up¥Jn n0tiffi(atiL of thè inttrre paKJ or payablè by Ihe Bank. O•btors Trade and other debtors ar8 rEixyJnis8d at the setU8me¥Jt aUnt after any trad8 dtsti)unt offered. PPayMents are valued at the amunt pr8pats4 net of any trdde diyAnts due. Cash at Bank and In hand Cash al bank and in haTrJ includes cash and slth term hvjhty INUKI investrTwnts a short matunty ol three months or less from the date ol aCQUbon OfopenThJ ofthe ¢Jet or a(tounL Liabilities and prtivisitins abilitw are rec4>anised vthen there is an Obliga¢K al ts Bal8n Sheet date as a resutt of a past event. rt IS probable that a transfer of econom benefft vfill in seldement. and the amount of the settlement can be estimaied reliatly. knabilitie5 are recognwl at Ihe arUt ihat Ihe Charity antiL7Pates rt wll pay to Sett the debt or the amwnt rt has rer£ived as advan reynnts the gocxys ry serws rt must [xovide.Pr0ons 8r8 fflèasur8d at th8 best •stat8 ol th6 arrwnts requved lo setue the otdNJatwy). the effect of the time value of rnoney is rnen'al, the provisiw 15 based the wesent lue of those amun& discL)unted at the wtrtax discAyJnt te that refiect5 the risks to Ihe liatilty. The urmnding ol the discwnl is rewgnised wrthin inlerest P3yablg and simiL4f charges. kniestments Investments are a form of bas ffinancAI n)strUnt and are mallY recojntsed at Ihwr transactk)n value and subsequently rreasured at their fair value as at ts balance sheet date u54ro the ()yng quoted mathet The Siatement ol Finanoal Acthvits"es Inratij Inccmme ExrwdthI Aoxrtml indudes the ngt gains * l¢)sses arisng on vuatIon dtsrMJsa15 thrcghtyjtthe year. Flnan¢io1 intruments PJè 13 0)ntinu...

Walslngham College (Yorkshire Properti851 Linmknd Notos to th• F#Mnclal StmQnts-ntIrnd lorthe Year Ended 31 December2023 ACCOUNTING POUCIES. contlnu•d Except for inves1m. the tharity has ffinanciJ assets finan crf a nd that qualify a5 baw financial instrum•nt5. bas finanoal instruments a irutialy re(oJnised at trans3.n and subsequenuy mgasurwj ot thèy sowèrnènt valuè wrilh exewc of bank loans a subsequenly mea5ur8d at a[rtISed Fund Attounllng General fvnds are unreth¢Jed fuTrJs are av•lable fDr at disLYeticffi (rf the Tnjstees n furtherance of the genwal Objects ofthe Charity aTrJ have Mt teen d3ald fty ¢Yher purF)ses. The Endovrnnt Funds replnt IlK)s• assets 7AI)id) must be W pennan1 by thè drty. In respect of the investments these are man•Jed a¢xryding to ts Trustgos Invesbneffl Politry. Th8 irKome ansry from Iho investments is deerned to be unrestricled inrA)ff. RestrKled fvnds are funts which are to u5•d in attordartt Mrylh sInrs wrposgd by don$ have been raised by the Charty for Patsf wrFrfJse& The c£Jsts ol raigng and &Jmin&ering suth (und5 ar& Larged agaw)st the speoft fur#J. The ain and use crf eath reStted 15 sei ¢xrt in the rKstes to the fjnanrial statements. Pensions The Charity operes a defined rA)ntribubon penyDn 5th•m• aThl tharye eSents the amryjnts payable by the Chanty to the fun¢J in res Of year Ciiti¢al aceountlng estfjmates and areas of . Esb"ma¢e5 and judgements are COntinuJ evaluated are based on htstorical experence and other for5, indudirrfJ eXClaIn$ ol futu events that a tell to be reabts Ultr ihe orryJmstan¢x. Cribcal acmunting estimates and a$5UThPtbJns" Th• Chanty makes eslimates and assum[1$ ftjttjre. Tho VÈSAJlbro a(x¥)unting estimates and assumptions 11, by definitsc. sddorn equal thè rdated a¢al resuns. The esb'mates and a5SUrnPtion5 that hav• a sgnifwt risk of Causing a material adjustrrwt lo the arThJJnts of assets Iwbilities wthin Ihe nexl ffinancial year a dwjssed Usefvl •eonomie liv•s of tangibl• ass•ts The annual depw18fr. charge for tsr#JAe assets sensithve to Changes in Ihe useful ec¥)nomic lile and residual valuè ol the assets. These useful ecorK¥nic lives and Idual values are rwssèssed annualty. They ar& amended when n8t8S5ary to 8¢1 (Jjtrent esb"mates. based on Iwrrt)b3ical adVarmènt, future investment , tilizab'cffi and the phys81 rton of Ihe assrt Se8 note 15 lor iJ)e Cal"n9 amounts of lan9bkn fixed as5¢ts and Ihe accounb'ng policy the useful INes ol eth rjass ofa5set. DOP4ATIONS AND LEGACIES 2022 Tolal Total fvnds fuThJs Donats'ons 30.000 10,000 30.090 10.000 *W.000 40.090 Page 14. continu&J...

Walsingham College (Yorkshirè PfOP•rttesl Lknli Notes tothe Flnandal Statem. conllnued forth• Y•ar Endod 31 Doe•mbor2023 OTHER TRADG ACTMTES 2023 2022 Total funds nds fund$ Fundrasing incorr 4.657 3.705 INVESTMENT INCOME 2022 Tolal funds Tolal funds furK IrNestment nojme 121.480 121.480 98.228 INCOME FROM cHARABLE ACTMTES 2023 2022 Gate and tour Rental incL)rr Challts aLMtres Chantabk a(iMlies 67.566 16.703 30,150 84.269 OTHER INCOME Other inix)me of £8,76712022.. £353.3461 (x¥nKVtseS captsl grant irK¥Th of £nil (2022.. £87.3641. h)5s on thsp)sal of fixed assets £54812022.. gain 01£260,1971 arnl other $CelIan80us inc? O1£9.315[2.. £5,785>. INVESTINT MANAGEMEMT COSTS 2023 Total fvnd5 2022 Total fu15 PortfolD rnanagement 17.687 17,687 17.924 CHARITABLE ACTMTIES COSTS t"rect Co*s Iset rKJte 91 SuppKJrt tXJSts (see rKJte 101 Tolals Chaat ac11v"t$ GovemarKe $t$ 241.877 241,877 10,895 10.895 241.877 10,895 252.7n Pffje 15 Cs)ntsnuth1...

Walslngham College (Yorkshir# PrOrtIeS) Llnthl Not•s to th• Finnclal Statenwts. continued forthe Yeor Ended 31 D•eeMbtr2023 DIRECT COSTS OF CHARITABLE ACTMTIES 2022 94.039 3.217 16.501 ,985 R5 arxl waigr Insurance Eledricty Telephe Postsge and stsliMery Athfb'siro SUnds Repair5 aTrJ maYrt8nanr- oquipmwt Repa and Maintenanc genw Bus#iess e$ and coJnol lax Plant and seeds Books and subscrip¢)ns Tractor fuel and equipnnt Consultancy fees Other PrOfew81 Fees Bad debts Disallowed VAT Oepreryaln 1.989 651 129 6.862 2.138 7,383 6.177 2,104 7.620 1,122 3,716 33.297 701 Yo 73B 37 3,910 2S,644 3.196 5.F21 1842 3.538 45.225 75 23.342 5.738 1.892 241.877 17T.604 10. SUPPORT COSTS Goveman CLJsts Govem8n¢g wsts 10.895 SupFortC05ts. in thg ovè. as fdkFS'. 2023 Govemance 2022 Toial activities Auditors. r¢rNnèration Accovntsry and kgal f 7.375 6.61J 10.895 10.133 P•3e 16 cy)nlinued...

Walslngham College Iyorkshlrg Properti•sl Lnltsd Notos to thè FInala1 Statsments-wthMd for1he Year Ended 31 Decenthtr2Q23 11. NFf INCOIAEIIEXPENOITUIIE) Net I)0)ftlaxpOIrtUral is Sta after thargwhy1uthWJ).' 20ZJ 2W22 ditots. remuneration 7.375 S738 6.613 1.892 1260.1971 5.645 ID•fwitysuWus on disFwI offrxed assets PensK)n costs &744 12. TRUSTEES. REMUNERATION AND BEMEFITS [ring thè year. no Tnjstees recei¥ed any remurwaiw (w bwffts in k¥. There V+WE M trusttes, pawj fr)r yew 31 0ber 2023 rx)r for end8d 31 December 2022. 13. STAFF COSTS 2022 Wage5 and salaries Soaal secunty t4%ts Other pension o)sts 81179 116 5.744 79.351 5,989 5.645 94.039 ,985 The average n1Y number ofemF40sws durvwJ thg ywwas * fdkyws: 2023 2022 Th• kay managnent personnel ol the tharity the Irustees and thtr H•ad G¥dener. The &)lal emrAoyee benefits clthe key management petsn of ChantyWe £33.84212022'. £32.724}. 14. COMPARATIVES FOR THE STATEMENT OF FWANCIAL AcMvmES Unre#ricted ErKI(t funds fund Totsl funds INCOME AND ENDOWMENTS FROM Dats"orts legacies Charltsblè actbvits•s Charitabk activieS 84.269 Olher tradry ti¥le3 Invèstment IoMe Olher inccvng 3.7C6 98,228 265.982 3.705 98.228 353.346 87.364 Total 452.214 87.364 539.578 Raising funds Page 17 c(ffltinued...

Walsinyham Colle (Yowkshire Pmperties) Llmltad for the Year Ended 311)8mber2023 1& COMPARATIVE5 FOR TrE STATEMENT OF FINANCIALACnVITIES. eontlnued funds fun(J fvnds Investment Man&JenI C(6ts 17,924 17,924 17.14 17,924 Charltabk xtlvllles Chantable activ85 Go¥emarKe 177,604 10.133 177,604 10.133 Total 187,737 17.924 205.661 N•t gainsllbssesl on investrwts {228.792} 1228.7921 NET INCOMEIIEXPENDITURE) Transfers beknn funds 264,477 148,4361 {159.352)- 48.436 105.125 Net movernent in furbd$ 216.041 1110,916) 105.125 RECONCILIAnON OF FUNDS Totsl funds brought fOa 273260 3.051,593 3.324.853 TOTAL FUNDS CARRIED FORWARD 489,301 2.940,67T 3,429.978 15. TANGIBLE FIXED ASSETS Fixlures and fittings Freehobj propety Plant and Totals COST At 1 Jarvjary 2023 ditions Disp)sals 47,895 $8.441 TT,332 {6,0151 696.279 77,332 16,015) At 31 O¢¢ember 2023 589.943 47,895 129.758 767,596 DEPRECIATION At 1 January 2023 Charge for year Ch3rge wtten back 47.895 43,692 5,738 15,4671 91.587 5.738 15.4671 At 31 Oecember20rJ 47,895 43,963 91.858 NET BOOK VALUE At 31 DecembLY2023 589.943 85.795 675.738 At 31 Deeen*tt2022 589,943 14.749 604.692 Page 18 conlwiued...

Walsingham College (YorlKshlre Properties) Umft¢d Noles to the Flnan¢ial Stments. ¢ontlrMd fgT the Year Endod 31 Do¢ember 2023 FIXED ASSET INVESTMENTS Liste(J k)bwtm8nts MARvALuE At 1 January 2023 Additk)ns Disp)sals RevalUalK$ 2,350,733 771, 1714.225) 63,813 At 31 December2023 2A72287 MET BOOK VALUE At 31 December2023 2A72287 31 December2022 2.350.733 17. 2023 2022 Guidé bc 165 18. OEBTORS: AhlOUNTS FALLING DUE WIThIN ONE YEAR 2023 2022 Olherd8btor Prepayments and £Tl in( VAT soo 18.761 15.205 983 16,641 4.903 22,527 19. CREDITORS: AMOUMTS FALLING DUE hyrtHIN ONE YEAR 2023 2022 Tr8de credilu5 Soual secunty and other taxes A¢(xuals ¢j deferred wic4 11,646 4.874 19,$26 10,095 4,997 27.576 42.668 PaJa 19 ¢ontinuwJ...

Walsingham College (yOShITe Propertles) Llmlt for the Year Ended 31 Deeomber 2023 20. ANALYSIS OF NET ASSETS BETWEEN FUNOS 2023 2022 Total funds fuThts fvnd ld$ FiKeiJ assèts Investments Current assets CUnt liabilrt 66.651 1472287 675.n8 Z472.287 604.692 2.350.733 517,221 142.6681 13Q046) 136.0461 393.925 3.138.938 3.532.863 3.429.978 2022 TolAI funds lund$ fuThJ Fixed assets Invesknents Current assets Currenl Ikqbilit 14.748 589.944 2,350,n3 604.692 2,350.733 517,221 142.668} 517,221 142.668) 489.301 2.940.677 3,429.978 21. MOVEMENT W FUNDS Transfers At 31.12.23 At1.1.rJ infu ftJTrJs Unr•stricted funds Reserves Sh8re ¢apitAI 14124) 1672521 393.920 489.301 128.1241 {67252} 393.925 Endowment lunds Endowment lunds 1940.67T 131.lJOS 1138.938 TOTAL FUNDS 3.429.978 101885 1532.863 Net r>N)venwni in luThJs, in the al0 as follows.. lrtoming Gains kJ5SeS Movement In funds Unrestrlthd fvnds 1251772) 128,124 Endowm•nt funds EndownEnl fvnds 117.687) 108.696 131,1 TOTAL FUNDS (270.4591 108.696 102,8B5 c(ntinued...

Walslngham College (Yorkshlr¢ Properti851 Lirnit•d Nots$ to thtt nanCial Stat•m•nts-cortlmi•d lorthe Year Ended 31 Dewnber2023 IOVEMEMT IN FUNDS. cortinued Transf5 At1.1.22 lund5 funts 31_12.22 Unrestricted funds 273255 264.477 148.4361 489.296 Share 141 2732&1 264.4TI 148.4361 489,301 EndowmentfvrKIs En(kn¥menl fvnds 3.051593 1159.352) 2.940.677 TOTAL FUNDS 3,324,853 105.125 3.429.978 Comparative net rTrMment in lund5. ¥KJ(knJ in th8 alxm ar• a5 fLhkhvs". Irt(Mr¥r Gall and kjsses Movement fvTrJs Unrestrlcted fund6 452214 1187.737) 264.477 Endowment funds EndownEnt ftJnd5 87.364 117.¥241 {228.7921 1159.3521 TOTAL FUNOS S39.578 {205.&811 1228.7¥21 105.125 A currentyear 12 morth5 and prfftr 12 ¥in8d Fosthn is as I". Net Twsf¢rs bebveen fuThJs At 31.12.23 At1.122 lunds Unrestrtetsd funds 273255 236.353 1115.688} 393,920 Share capital 273260 2,353 1115.688) 393.925 Endowment funds 3.051.593 128.3431 115,688 3,138,938 TOTAL FUNDS 3.324.853 208.010 3.532,863 P&Je 21 c¥)ntInU...

Wal$ingharn Colle (Yorkshlr• Prwrti•sl Llmlted Notes to th• FIncIal Ststennts. c¢Mrtinugd for the Year Ertd•d 31 O•c•mb•r2023 21. MOVEMENT IN FUNDS.¢(xffllnugd A cuThwrt ygar 12 rrvJnths pritir year 12 rTM)nllL% cry¥rd rf r[¥8 in fvrts. I[j•d in the arè as Gairns and in fvnds Unf8strict•d fvb)ds tSee9 676.862 {440.) 236.353 EThYowrrent ftJwKIs 127,364 {35.611) 1120.C1361 128.3431 TOTAL FUNDS 1476.1201 1120,0961 20B,010 The endowment fvjnd CX)Mpr the historic cost ol Ihe erty at Parcevall Hall subwuent capiial improvements togetherwth Ihtr markei value of ts thanV$ ¥t$lnt p(¥UdKJ. The overall b3Lanc8 ol t67.252 transleTh8d frryn Ihè Urne fvnd lo thè eAd¥MeTrt fund represents the expenditure on Its en¢knEd proFerbes and the vTrresed inrxjme rnsted into the inveff¢nt portloho dl of which are restriGtsd camal assets. EMPLOYEE BENEFIT OBLf¥ATIONS The chanty operates a defined oJntr)ulions stme. Tr assets ol the scheme are l*ld separatety from those of the charity w an dependenty admlStered luTrJ. Thtr u)st dwge represents ctbUll0nS payable by the charity to the furKJ and am¢xJnted lo £5.744 {2022.. £5.6451. CC•)tritthS totslling £7%(222 - £8351 payatle to Ihe fiJr¥J al Ihe bae sheet date and ars iude in credrtjrs. CAHTAL COMMITMENTS As at 31 Decernber 2023. Ih•r• wa5 a (OrnmltrnI to se8 th8 final bare ol th8 n•w nhOuse projecl CDSt4 £6,688 u$ VAT. The bJanc¢ was paK1 to Ihe 0)ntrlOron the 19th of February 2024. RELATED PARTY DISCLOSURES The were no rekted paty transadk)ns kn the year 31 Lkcemtw3f23. 2S. ULnMATE CONTROLLING PARTY The wmpany is (AlY ¢ed by Wa1gr4Jham Tnt AwKAatrJn Limited. regist8r8d charty number 215863 and registered c4)mpany nurTthr lJJ318358. The charity exists to make aVailae the Shring ol Our Lady ol wnrn. a pl&e 0fpilTrge. The 0)n$ted 8cArrtS can be ffied wilh Ihe Resis of CNnpanies at Cornpaniès H¢)use. Crcwm Way, Cardrff, CF14 3UZ. P•3e 22 jntinued...

Walsingham College (Yorkshire Propertlesl Limited Notss to the FInala1 Statern8nts. e•ntinu•d for the Year Ended 31 [Jrnber 2023 2& SHARE CApifAL 2023 2022 Ajlotted, caled up futy paid 20 ordinary shares of25p eadl OPERATING LEASE COAIMifMEPITS At 31 D8r£rrthr 2023 thè tolal of Charivs fubjre nl0M ase pay[nts TNable und¢r non-tancellablg OP8rating lease5 was.. 2023 2022 Amount roe•lvable: Wrthin 1 year 1 and 5 ypars 2fj.130 11.530 19,653 T01 35,TT8 31.183 Page 23

REGISTERED COMPANY NUMBER: 00440129 (England and Wal•sl REGISTERED CHARITY NUMBER: 211331. fortho Yèar Endod 31 December2023 W•lsiryharn College *ADIFicIAe 20104r2024 CAWPANIES HOLISE

1

Walsingham College (YortshirÈ Properties) L1¢1

Walsingham College (Yorkshire Properties) Limited

Draft Audit Findings Report For the year ended 31 December 2023

Executive summary	3
Results reconciliation	5
Audit finalisation procedures	6
Audit approach and significant findings	7
Other information	9
Appendix A: Draft management representation letter

Executive summary

Walsingham College (Yorkshire Properties) Limited The Shrine Office

Walsingham

Norfolk

NR22 6EE

Dear Trustees

Audit Findings Report for Walsingham College (Yorkshire Properties) Limited for the year ended 31 December 2023.

We were engaged to undertake the statutory audit of Walsingham College (Yorkshire Properties) Limited as formally agreed in our engagement letter dated 17 January 2023, for which we have carried out our work in accordance with the requirements of International Standards on Auditing (UK) (ISA’s (UK)).

The purpose of our audit is to obtain sufficient appropriate audit evidence in order to express our opinion as to whether the financial statements:

Give a true and fair view of the state of the Charity’s affairs as at 31 December 2023 and of the Charity’s surplus for the year then ended
Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
Have been prepared in accordance with the requirements of the Companies Act 2006.

We are also required to read the Trustees’ Report and any other information that will be included within the financial statements to ensure they are consistent with the financial statements and that they have been prepared in accordance with applicable requirements.

(continued) Executive summary

As required by ISA (UK) 260, the purpose of this report is to communicate our audit findings and record the discussions held with xxxxxxxxxxxxxxxxxxxxx on xx April 2024 . The report also describes any recommendations for improvement or deficiencies identified in internal controls, along with a summary of relevant regulatory matters applicable to the Charity.

We would like to place our thanks on record for the support and hard work from you and your staff during the audit, in particular Matthew Cornish and Steph Cat.

This report is provided on the basis that it is for your information only, and that it will not be quoted from or referred to, in whole or in part, for any other purpose without our prior written consent. No responsibility is assumed by us to any other person who may choose to rely on it for his or her own purposes.

Julie Grimmer

Senior statutory auditor For and on behalf of Larking Gowen LLP

Results reconciliation

We summarise below the adjustments made and agreed with you during the audit, reconciling the result initially provided to that included in the financial statements.

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Surplus (£) Net assets (£)
Per first Draft accounts 92,244 3,522,222
Net of various Strutt & Parker adjustments Management 10,641 10,641
Per adjusted statutory financial statements 102,885 3,532,863
Per final statutory financial statements 102,885 3,532,863
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Audit finalisation procedures

Audit opinion

We are pleased to report that based on our conclusions to date we have not made any modifications to our audit report and we will be issuing a clean, unqualified, report. As you will appreciate, our responsibilities extend up to the date on which the audit report is signed. If our opinion changes, we will contact you. The wording of our draft audit report is included within the draft financial statements that have been forwarded to you.

Key audit findings

Our key audit findings are detailed within this report. These have been discussed with you, and the notes of these discussions and conclusions reached are included within the final report.

Letters of representation

We attach in Appendix A a draft of the management representation letter. We will ask the Trustees to print this on the charity’s headed paper and sign at the same time as they approve the financial statements.

Review of audit independence

There are no changes to our assessment of potential ethical threats and audit independence to bring to your attention.

Internal control observations

Areas of potential adjustment

We have not identified any non-trivial misstatements or omissions which have not been adjusted in the financial statements.

The primary purpose of our financial statements audit is to express an opinion on the financial statements and that examination is carried out on a test basis and should not be relied upon to detect errors or irregularities which are not material to those statements. Auditing standards require us to notify you of any significant matters that require your attention. No such matters to communicate were identified during our audit.

Audit approach and significant findings

Risk and implication	Auditor commentary	Meeting discussion and conclusion
1.1 Revenue recognition Under ISA 240 there is a presumed significant risk of fraud in revenue recognition. The risk is that the Charity will record income to which it is not entitled, omit valid income, recognise income prematurely or inappropriately defer it.	To address the risk we have: • Reviewed the revenue recognition policies to ensure they remain consistent with FRS102; • Specifically tested the significant donations and the legacy in the year to supporting documentation; • Performed tests to confirm the accuracy of the cut-off of income at the year end; and • Tested the completeness of income received during the year through detailed tests on the accounting records and source documents. No amounts are accrued for the expected donations in FY24 for the Greenhouse project. We are satisfied this is reasonable on the basis the charity had no enforceable entitlement to the donations at 31 December 2023. *We identified no other matters that require reporting, and are satisfied that income is not* *materially misstated.*
1.2 Management override of controls and journals Under ISA 240 there is a presumed significant risk of management override of control. The risk is that internal controls will be overridden by management in order to produce more favourable results or to divert funds. Journals are a key risk area in almost all audits due to their ability to influence almost every part of the accounting system.	To address the risk we have: • reviewed the whole population of journal entries and other adjustments in the accounting system to identify higher risk transactions. These were then reviewed further to confirm they were appropriate; and • tested accounting estimates and reviewed the business rationale for any transactions that appeared to be unusual. *No instances of fraud or management override were identified.*

(continued) Audit approach and significant findings

Risk and implication	Auditor commentary	Meeting discussion and conclusion
1.3 Investments existence and valuation The Charity has significant investments held at valuation. This is assessed as a risk due to the level of investments held.	To address the risk we have: • Confirmed the closing value of investments to reports obtained directly from the independent investment manager; • Tested a sample of additions and disposals to supporting documentation; and • Completed analytical review on movements in the investment valuations. *We identified no matters that require reporting.*
1.4 Reserves	We would like to discuss with you the reserves position and treatment, including: I. The allocation of donations to endowment funds II. The allocation of investment gains to restricted and endowment funds; III. The extent to which endowment donations may be unspent at the year end IV. The split of assets and liabilities at 31 December 2023 between funds.
1.5 Operations update	Before concluding the audit, we would like to discuss with you: • Latest operating results • Any significant post year end issues • Update on lease agreement • Any significant incidents considered for reporting to the Charity Commission or other regulator, and other communications with your regulators • Issues giving rise to contingent liabilities/asset impairment concerns
1.6 Outstanding matters	• LG accounts points • January 2024 minutes (available as draft?) • Latest managements accounts (we have Jan’s)

Other information

As you will be aware there are regular changes in laws and regulations. Below we have listed some that we feel are of higher significance to you and your organisation. We hope you find this information helpful. We would be pleased to discuss any of these areas further.

Diagnostic tools for charities

Healthcheck for charities diagnostic: This tool gives you a chance for you to "hit the pause button" for your organisation. Take some time out to refocus on what matters for your charity and critically assess what's working, what's not working, and what needs to change. This diagnostic is normally the first step in a wider review of how successful your charity is in creating impact. It is also a great way to kick-start your thinking and provide focus and clarity on where to prioritise your efforts.

Charity governance diagnostic: Good governance in charities is fundamental to their success. A charity is best placed to achieve its ambitions and aims if it has effective governance and leadership structures.

Both tools can be accessed on the Larking Gowen website and start with a questionnaire that should take you around 5 minutes to complete. It will identify 3 key areas that are working well and 3 areas that you may need to work on to improve your charity. You will also see how you compare to global benchmarks for each of 7 principles reviewed.

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HEALTHCHECK
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DIAGNOSTIC
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Other information

Spring Budget 2024

Most of the significant changes included in the Budget were predicted in advance. The television pundits were reduced to speculating whether Jeremy Hunt would produce ‘a rabbit from his hat’, but it turned out that the hat only contained what was expected.

Significant points

Personal tax rates and allowances on income continue to be frozen at current levels
Further cuts to National Insurance Contributions in addition to those announced in the Autumn Statement, to take effect in April 2024

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Budget
Summary
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Increase in threshold for High Income Child Benefit Charge from £50,000 to £60,000 for 2024/25
Maximum rate of CGT on residential property cut from 28% to 24% from 6 April 2024
Advantageous tax treatment of furnished holiday lets abolished from 6 April 2025
Advantageous tax treatment of ‘non-doms’ abolished from April 2025 and replaced with a ‘residence-based’ system
Increase in turnover threshold for VAT registration to £90,000 from 1 April 2024
Corporation tax rates unchanged

Our Spring Budget Summary 2024 covers the key tax changes announced in the Chancellor’s speech and includes tables of the main rates and allowances.

Other information

Investment policy and climate change

A 2022 High Court decision provided clarity on the law on charity trustees’ duties when exercising investment powers in the modern context of climate change that, generally, will be welcomed by the charity sector and other investors.

The claimants were the trustees of two charities whose main charitable purposes included environmental protection and improvement. The charity trustees wished to adopt an investment policy that would exclude, as far as practicably possible, investments that did not align with the 2016 Paris Agreement. However, they were concerned that adopting such an investment policy might not be lawful and consistent with their duties as it would potentially diminish financial returns. The charity trustees therefore sought approval from the High Court to adopt the proposed responsible investment approach.

Before this case, the guidance from the Charity Commission surrounding investments made by charities focussed on generating the best financial return available. The Charities (Protection and Social Investment) Act 2016 allowed charities to make social investments by way of programme-related and mixed motive investments, but it has not been clear to what extent such investments could be made (where a lower than possible financial return is identifiable) before trustees risk breaching their fiduciary duties to their charity.

The Court concluded that where trustees are of the view that an investment potentially conflicts with the charity’s purposes, they can exercise discretion as to whether to exclude such investments, even if this seems likely to diminish financial returns. Where there are difficult decisions to be made involving potential conflicts or reputational damage, the trustees must exercise good judgment by balancing all relevant factors, in particular, the extent of the potential conflict against the risk of financial detriment.

The Charity Commission has consulted on revising its guidance, Charities and investment matters: a guide for trustees (CC14) to better describe charity trustees’ duties when making financial investments and the discretion they have to decide whether or not to adopt a responsible investment approach. When they publish the final revised guidance, it will no doubt reflect the result of this case.

Other information

Charities Act 2022 - implementation

The Charities Act 2022 changes are being implemented in three stages, the first tranche came into effect from 31 October 2022, the second tranche on 14 June 2023, and the third tranche came into force on 7 March 2024 for charities located in England and Wales. The provisions incorporated into the third tranche include:

Charity governing documents

The new statutory power that trusts and unincorporated associations can use to make changes to their governing document is now in force. Reforms to the rules regarding changes to charity governing documents include:

New criteria which the Charity Commission must consider when deciding whether or not to consent to a change to the objects of charitable companies and CIOs.
Closer alignment between the regimes for making "regulated alterations" to the governing documents of charitable companies and CIOs.
A new broad power for unincorporated charities to amend their constitutions, subject to the consent of the Commission when more fundamental changes are proposed.

Charity trustees

CCEW will have new powers to order a charity to pay charity trustees for work they have performed if it would be unfair for them not to be paid, avoiding the current need for a charity to go to Court to authorise these payments or benefits. CCEW will also be able to ratify the appointment of a charity trustee where it is unclear whether they were properly appointed in the first place.

Other changes now implemented

For certain mergers, new rules are now in force that will allow most gifts to charities that merge to take effect as gifts to the charity they have merged with.
Paying trustees for providing goods to the charity has been extended to all goods.
Complexities around fundraising appeals that do not raise enough or raise too much, have been reduced.
Power to amend Royal Charters in areas that could not previously be changed, with Privy Council approval.
A simplified approach for charities changing their governing document by a parliamentary scheme.
Confirmation that the CCEW’s scheme making powers include schemes for charitable companies.
Automatic trust corporation status for corporate charities in respect of any charitable trust that corporation is a trustee of.
Updated provisions related to giving public notice of consents and orders made by CCEW.
Streamlined processes for charities selling, leasing or transferring land.
Greater flexibility to make use of preferment endowments.

Future changes

Plans to reform the treatment of ex gratia payments are being considered further and it has not yet been announced when these will come into effect.

Other information

Complexities of Accepting Donations: Insights for Charity Trustees

Imagine your charity, dedicated to environmental conservation, receives a substantial donation from a corporation. Later, you discover this corporation has been involved in environmental violations. This gives you a dilemma: should the donation be retained to fund the charity’s environmental projects, or returned? This is an example of the nuanced decisions charities regularly face when receiving donations.

Charity Commission published guidance on March 4, 2024, Accepting, refusing and returning donations to your charity, being their new roadmap for trustees navigating these complexities. Importantly, it underscores the principle that the starting point for charities should generally be to accept donations to support their purposes; but there are instances where charities must refuse or return a donation, and other circumstances where charity trustees can decide that it is in their charity’s best interests to do this.

When You Must Return or Refuse Donations

Sometimes this choice is clear – for example trustees must always refuse any donation that has come from illegal sources such as terrorist or other criminal activity. Additionally, if a donation is offered by someone lacking the capacity to make that decision or if the donation itself cannot legally be transferred to the charity, trustees must refuse or return such contributions.

Complex Decisions

Finances are of course relevant, particularly in a decision to return a donation that has already been received, as the charity may have spent it or budgeted to spend it. Trustees should therefore also consider the length of time since receipt, impact on the charity’s activities and whether the charity can afford to repay.

Legal Considerations and Trustee Duties

Trustees must ensure any decision to refuse or return a donation aligns with their legal powers, duties, and the charity's governing documents. Charities usually have a general power under the law to refuse a donation, but the governing document should be checked as there may be provisions that affect this.

A charity’s governing document will usually include provisions that allow it to return a donation, but, again, trustees must check that this is the case before deciding to do so.

Anonymous donations

should look out for any suspicious circumstances and put safeguards in place that they consider adequate.

If a charity operates abroad, check if accepting anonymous donations may not comply with local law or local tax regulations. Trustees should report a serious incident to the Commission if you receive an anonymous donation of £25,000 or more.

Beyond clear-cut legal obligations to refuse or return, trustees often encounter scenarios that are fraught and finely balanced. For instance, donations might raise significant reputational issues, might not directly align with a charity's purposes, potentially risk legal claims, or impose conditions that could compromise the charity's independence. These situations require a considered approach, assessing the potential benefits against ethical, legal, and reputational risks.

Rather than moving straight to a refuse/return decision, trustees are advised to engage in dialogue with donors, where possible, to change the terms of the donation so it can be accepted or kept.

Other information

Complexities of Accepting Donations: Insights for Charity Trustees (continued)

Ringfencing

In practice, if trustees do not consider that they have sufficient information or evidence to make a proper decision on accepting a donation, they could can ringfence the funds while further information is gathered.

Policies and Keeping Records

To set up a charity to meet these challenges, a policy for accepting, refusing, and returning donations provides a structured framework for decision-making. The policy should help with consistency, transparency, and alignment with mission and legal obligations.

As with other significant decisions, keeping records of decisions on accepting or refusing difficult grants, including the considerations behind the decisions, is essential and will make trustees well placed should criticism arise.

Final Thoughts

The key trustee duties are to make reasonable decisions about what is in the best interests of the charity to further its purposes, but not allow personal motives, opinions, or interests to affect their decision. There may be no right or wrong answer, but the trustees’ decision is required to be rational and reasonable, and supported by clear evidence.

Awareness of Charity Commission's guidance should give charities the confidence to accept donations where it is in the best interests of their charity to do so.

Other information

Charity Governance Code

The Charity Governance Code is a practical tool to help charities and their trustees develop high standards of governance. The Code starts with a ‘foundation principle’: that all trustees understand their legal duties and are committed to their cause and good governance. It then develops seven principles – leadership; integrity; decision making, risk and control; board effectiveness; diversity; openness and accountability.

The Code was updated in 2020, with amendments to the sections covering Integrity and Equality, Diversity & Inclusion.

The changes to Principle 3: Integrity broadened its focus, emphasising values, culture and the right of everyone to be safe. Enhanced expectations include:

assess and address power imbalances where they exist
understand safeguarding responsibilities
establish appropriate procedures that are integrated with the charity’s risk management approach
make sure that everyone in contact with the charity knows how to speak up and raise concerns.

The revised Principle 6: Equality, Diversity & Inclusion supports working for board diversity as well as creating inclusive cultures, both inside the board and throughout the organisation.

If you are not familiar with the Code, we recommend you review and apply it. It can also provide a helpful framework for a governance review or trustee training.

Other information

New Annual Return

In December 2022 the Charity Commission published details of the new Annual Return that will apply for financial years commencing on or after 1 January 2023. For most charities that means it will apply for the first time to December 2023 year ends onwards.

Most of the information collected in the Annual Return is not made public, but is used by Charity Commission to fulfil its oversight responsibilities, and to support charities. The content is therefore interesting as it provides insight into the areas that the Commission considers current issues, and higher risk.

Highlights of the new return include:

Donations – charities with income over £100,000 will need to disclose the value of the highest value donation received from a corporate donor, and an individual, and to confirm whether this was from a related party.

Grants making – the value of grants made will need to be split between individuals, other charities and other. There is also a requirement to confirm whether any grants were made to related parties.

Trustee payments – there is a new question asking what, if any, payments to trustees were made for, and whether any trustees resigned to take up employment with the charity in the year.

Overseas activities – income from overseas must be split per country and source, to the nearest £100. How this income was received must also be confirmed, although the requirement is only to tick from a selection of options. There is a similar approach for overseas expenditure, with the need to split the expenditure between countries, and to confirm how the funds were remitted. There is also a need to identify the countries where the charity delivers activities.

Governance – there is a new question that asks a charity to identify which from a list of 14 policies and procedures it has in place.

Area of interest to the Commission, and therefore perceived higher risk, appear to be:

interactions with related parties, including trustees
overseas activities and influence; and
governance.

Other information

Economic Crime and Corporate Transparency Act – failure to prevent fraud

The Economic Crime and Corporate Transparency Act received royal assent at the end of October 2023 and is expected to come into force in 2024. The act incorporates many aspects which are intended to minimise white collar crime, including the ‘Failure to prevent fraud’ offence.

This offence makes companies criminally liable for any fraud committed by employees or associated persons which benefits the business. Committing the offence could leave a company liable to fines of unlimited amounts. The definition of fraud caught by this offence is broad and includes financial statement fraud, non-financial statement fraud, bribery and corruption and intellectual property breaches including theft.

Initially, only business meeting the definition of a large company (250 employees, £36m turnover and/or £18m total assets) will be under the remit of the Act but companies of all sizes should be aware of it as it will likely have an impact on companies of all sizes.

If a company can demonstrate they have reasonable procedures in place to prevent fraud then it has a defence against criminal liability for fraud committed by its employees or associated persons. The procedures have not yet been clearly defined by the government, but they will set out best practices for fraud prevention

Other information

The Economic Crime and Corporate Transparency Act - Companies House Reform

Changes are coming to the preparation and filing of accounts, which are designed to improve the quality and value of financial information on the register.

In addition, further changes will help prevent abuse of the corporate framework and allow Companies House to better serve the public.

However, the details in some areas, and timings, are not yet confirmed.

WHERE ARE WE NOW?

Since September 2022, the Economic Crime and Corporate Transparency Bill has been making its way through parliament, and received Royal Assent in October 2023, becoming the Act and thereby law.

However, implementation will involve a significant programme of work, phased in over several years. Despite having come into force as law, many of the measures within the Act will require secondary legislation to become effective. The timing of any secondary legislation is yet to be determined, but is anticipated to start arriving from March 2024.

ACCOUNTS RELATED CHANGES

Small companies, including micro-entities, will have to file their profit and loss account and directors’ report (although parts may not necessarily be made available for public inspection);
The option to file abridged accounts will be removed;
Companies House will have the power to set how accounts are filed at Companies House. Given Companies House strategic goal is to be a fully digital organisation by 2025, this lays the foundation for software only filing of accounts. This is expected to be phased in over the next two to three years; and
the requirement for a company relying on an audit exemption to provide an additional statement by the directors on the balance sheet, confirming the exemption being relied upon, and that the company meets the qualifying criteria.

CHANGES BEYOND ACCOUNTS

The Act brings in many other changes, giving Companies House the power to play a greater role in tackling economic crime, alongside measures to improve the transparency and accuracy of information on the register.

These measures include:

identity verification checks for all new and existing registered company directors, people with significant control, and those who file on behalf of companies;
Companies House having greater powers to query information, carry out stronger checks on company names, new rules for registered office addresses and changes to confirmation statements;
more effective investigation and enforcement powers, including the ability to share relevant information with law enforcement agencies and other government departments; and
the ability for individuals to apply to suppress personal information from historical documents and public view to protect individuals from fraud and other harms.

Greater powers to query information and more effective investigation and enforcement powers are likely to be some of the first measures to be implemented.

FACTSHEETS

Government have published factsheets explaining in detail the coming changes, with one focusing on company accounts. These can be accessed via the below QR code.

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FACTSHEETS
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Other information

Amendments to FRS 102

Following completion of the Financial Reporting Council’s (FRC) second periodic review of UK accounting standards, in December 2022 FRC published FRED 82 ‘Draft Amendments to FRS 102 The Financial Reporting Standard application in the UK and Republic Ireland and other FRSs – Periodic Review’, detailing how they intend to amend accounting standards for the review’s findings.

On 27 March 2024 the amended FRS 102 was published.

What are the main changes to FRS 102?

The changes are extensive, but those to leases and revenue are the most significant, and more closely align FRS 102 with IFRS requirements

Leases – the amendments, like IFRS 16, result in lessees recognising a lease liability and a right-of-use asset on-balance sheet for most leases. The distinction between a finance lease and an operating lease would be removed. This will mean that for many operating leases an asset and liability would be recognised, in a similar way to how finance leases are currently treated. This is a significant change from the current treatment where only an expense is recognised. The rationale is that moving away from off-balance sheet operating leases should provide more relevant information to users of financial statements and improve comparability between entities. Many entities will see a change in lease accounting.

Thankfully FRC has included several simplifications to determining the more complex aspects of the IFRS 16, for example in relation to the discount rate to use.

Revenue - the revenue recognition changes are comparable to IFRS 15. Each entity will need to determine whether and how it will be affected, because the accounting will fundamentally depend on the terms of customer contracts, with revenue largely recognised based on promises included in those contracts and whether these are satisfied over time or at a point in time.

What are the other changes?

There are a significant number of other changes – only one section of FRS 102 has no changes, but most are minor, and at this stage we don’t recommend detailed consideration of these, but they include:

To make what are currently encouraged disclosures in Appendix E for companies applying Section 1A, mandatory
A revised Section 2 Concepts and Pervasive Principles is proposed based on the IASB’s updated Conceptual Framework.
A new Section 2A Fair Value Measurement is proposed to replace the current guidance in the Appendix to Section 2. The new section is based on the requirements of IFRS 13 Fair Value Measurement.

The option to newly apply the recognition and measurement requirements of IAS 39 is proposed to be removed, although the option will remain for those already opting to apply IAS 39.

How does this impact the Charities SORP?

A new SORP will be released to reflect the changes to FRS 102, and other changes to improve charity accounting. Enhancements to impact reporting and governance are expected.

When will this apply?

The effective date for the amendments is accounting periods beginning on or after 1 January 2026, meaning, except for short periods, December 2026 year ends will be the first affected.

Why does this matter and what should I do?

The changes are still some way off and therefore awareness if most relevant at this point.

PLEASE COPY OR PRINT THIS LETTER ONTO YOUR HEADED PAPER BEFORE SIGNING

Walsingham College (Yorkshire Properties) Limited The Shrine Office Walsingham Norfolk NR22 6EE

Larking Gowen LLP 1[st] Floor Prospect House Rouen Road Norwich NR1 1RE

Dear Larking Gowen

Walsingham College (Yorkshire Properties) Limited – Year ended 31/12/2023

We confirm to the best of our knowledge and belief that the following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience (and, where appropriate, of inspection of supporting documentation) sufficient to satisfy ourselves that we can properly make each of the following representations to you.

1. Trustees' Responsibilities

We accept the statement of trustees' responsibilities as disclosed in the Trustees' report.

2. Internal Control and Fraud

We acknowledge our responsibility for the design, implementation and maintenance of internal control systems to prevent and detect fraud and error. We have disclosed to you the results of our risk assessment that the financial statements may be misstated as a result of fraud. We have disclosed to you all instances of known or suspected fraud affecting the entity involving management, employees who have a significant role in internal control or others that could have a material effect on the financial statements. We have also disclosed to you all information in relation to allegations of fraud or suspected fraud affecting the entity’s financial statements communicated by current or former employees, analysts, regulators or others.

3. Preparation of the Financial Statements

We have fulfilled our responsibilities as trustees, as set out in the terms of your engagement letter dated 17[th] February 2023 under the Charities Act 2011 for the financial statements which give a true and fair view and for making accurate representations to you. All the accounting records have been made available to you for the purpose of your audit and all the transactions undertaken by the charity have been properly reflected and recorded in the accounting records. All other records and related information, including minutes of all management and trustees' meetings, have been made available to you.

All known assets and liabilities (including, in particular, contingent liabilities) as at the balance sheet date have been taken into account or referred to in the financial statements.

In particular:

a) The charity has satisfactory title to all assets and there are no liens or encumbrances on the charity’s assets, except for those that are disclosed in the notes to the financial statements.
b) We have recorded or disclosed, as appropriate, all liabilities, both actual and contingent, and have disclosed in the notes to the financial statements all guarantees that we have given to third parties.
c) We have no plans or intentions that may materially alter the carrying value and, where relevant, the fair value measurements or classification of assets and liabilities reflected in

the financial statements.

Except as disclosed in the financial statements, the results were not materially affected by:

Transactions of a sort not usually undertaken by the charity.
Circumstances of an exceptional or non-recurrent nature.
Charges or credits relating to prior periods.
Changes in accounting policies.

The methods, data and significant assumptions used by us in making accounting estimates, and their related disclosures, are appropriate to achieve recognition, measurement and disclosure that is reasonable in the context of the applicable financial reporting framework.

4. Areas of Potential Adjustment

We confirm that we are unaware of any non-trivial potential adjustments to the financial statements.

5. Law and Regulations

We have disclosed to you all known instances of non-compliance or suspected non-compliance with laws and regulations whose effects should be considered when preparing the financial statements.

We confirm there is nothing to report to you in respect of matters of material significance reported to Charity Commission nor any on-going enquiry raised by the Charity Commission.

6. Going Concern

We believe that the company's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company's needs. We also confirm our plans for futures action(s) required to enable the company to continue as a going concern are feasible. We have considered a period of twelve months from the date of approval of the financial statements. We believe that no further disclosures relating to the company's ability to continue as a going concern need to be made in the financial statements. We also confirm the following disclosure within the financial statements:

The trustees have considered the charity's position at the time of signing the financial statements and have also considered the current financial strength of the charity. Based on this, the trustees have concluded that they have a reasonable expectation that the charity will have adequate resources to continue in operational existence for the foreseeable future, and at least twelve months from the date of signing these financial statements, they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

7. Related Parties

Related party relationships and transactions have been appropriately accounted for and disclosed in the financial statements. We have disclosed to you all relevant information concerning such relationships and transactions and are not aware of any other matters which require disclosure in order to comply with the requirements of the Charities Act 2011 or the SORP.

8. Litigation and Claims

We have disclosed to you all claims in connection with litigation that have been, or are expected to be, received and such matters, as appropriate, have been properly accounted for and disclosed in the financial statements.

9. Subsequent Events

All events subsequent to the date of the financial statements which require adjustment or disclosure have been properly accounted for and disclosed.

10. Grants and donations

All grants, donations and other income, the receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions in the application of such income.

We confirm that so far as we are aware, there is no relevant audit information needed by you in connection with preparing your audit report of which you are unaware.

Yours faithfully

Signed on behalf of the Board of Trustees

Signature :

Title : Director

Date :

11 Larking Gowen Holt Fakenham About Us Norwich Whatever your financial needs. Larking Gowen is committed to Securing your future and helping you reach your goals. Diss Our values are about service and commitment, both to our clients and our people. We build strong, dedicated teams that share knowledge and expertise for the benefit of all our clients, delivering a friendly one-to-one service you can count on. Ipswich Ideally placed to help businesses across: Norfolk Suffolk Essex Colchester We have teams specialising in corporate finance, personal tax, legal, medical, tourism, not for profit, business recovery and business strategy and support. Trusted business advisors with a friendly one-to-one service Our chartered accountants and specialist teams have years of knowledge and experience Comprehensive accountancy and advisory service Advising clients for over 100 years A UK top 40 accountancy firm More than 350 employees Committed to you.

Committed to you.

Engagement partner Engagement manager Auditor in charge larking-gowen.co.uk

@LarkingGowen

Julie Grimmer Chris Yeates Emily Hefford

Julie.Grimmer@larking-gowen.co.uk Chris.Yeates@larking-gowen.co.uk Emily.Hefford@larking-gowen.co.uk

Disclaimer

This report is provided on the basis that it is for the information of the directors of the above named entities only, and that it will not be quoted from or referred to, in whole or in part, for any other purpose without our prior written consent. No responsibility is assumed by us to any other person who may choose to rely on it for his or her own purposes.

“Larking Gowen” is the trading name of Larking Gowen LLP which is a limited liability partnership registered in England and Wales (LLP number OC419486). Where we use the word partner it refers to a member of Larking Gowen LLP. Registered to carry on audit work in the UK, regulated for a range of investment business activities and licensed to carry out the reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales. Larking Gowen LLP is an Independent Member Firm of PrimeGlobal, a worldwide association of independent accounting firms. (Ver. Jan22) © Larking Gowen LLP

2023-12-31-accounts

1

1

Walsingham College (Yorkshire Properties) Limited

Contents

Executive summary

Audit Findings Report for Walsingham College (Yorkshire Properties) Limited for the year ended 31 December 2023.

(continued) Executive summary

Julie Grimmer

Results reconciliation

Audit finalisation procedures

Audit opinion

Key audit findings

Letters of representation

Review of audit independence

Internal control observations

Areas of potential adjustment

Audit approach and significant findings

(continued) Audit approach and significant findings

Other information

Diagnostic tools for charities

Other information

Spring Budget 2024

Significant points

Other information

Investment policy and climate change

Other information

Charities Act 2022 - implementation

Charity governing documents

Charity trustees

Other changes now implemented

Future changes

Other information

Complexities of Accepting Donations: Insights for Charity Trustees

When You Must Return or Refuse Donations

Complex Decisions

Legal Considerations and Trustee Duties

Anonymous donations

Other information

Complexities of Accepting Donations: Insights for Charity Trustees (continued)

Ringfencing

Policies and Keeping Records

Final Thoughts

Other information

Charity Governance Code

Other information

New Annual Return

Other information

Economic Crime and Corporate Transparency Act – failure to prevent fraud

Other information

The Economic Crime and Corporate Transparency Act - Companies House Reform

WHERE ARE WE NOW?

ACCOUNTS RELATED CHANGES

CHANGES BEYOND ACCOUNTS

These measures include:

FACTSHEETS

Other information

Amendments to FRS 102

What are the main changes to FRS 102?

What are the other changes?

How does this impact the Charities SORP?

When will this apply?

Why does this matter and what should I do?

Walsingham College (Yorkshire Properties) Limited The Shrine Office Walsingham Norfolk NR22 6EE

Walsingham College (Yorkshire Properties) Limited – Year ended 31/12/2023

1. Trustees' Responsibilities

2. Internal Control and Fraud

3.

Preparation of the Financial Statements

4. Areas of Potential Adjustment

5.

Law and Regulations

6.

Going Concern

7.

Related Parties

8.

Litigation and Claims

9.

Subsequent Events