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 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 prtS￿t ￿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 staten￿ts ol the eunpany clyn￿Y wth ￿rrent statutryy r￿Ul￿ernents. ts rtquirtments of the wmpanys g)veming doujrrent and th& prov15ion5 ol the Statement of R￿r￿je￿ Prac*(* ISC%iPI applc*e lo charit*s FY•paing their aoxjunts in acJ))rdance with Ihe Fwwn¢i81 Rewtirv4 SlaThJa￿ aprI￿a￿e 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 {Str*eg'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•m￿l 2023 OBJÉCTIVES ANO ACTlVtrEs a. Polti8s and objethws The otrpcts dthe tharItya￿.. To afvance lh8 Christian reh"g￿n p￿￿larty bjl r￿1 8xdus¥dy Ihrwth supwjrting th¥ ￿al￿onsh￿ WKI rnaintenance of Ihe Shring ofour Lady ofwa1gn￿rn. To continue to hold the frethsd messuag8. l¥vJ as Hal. ApFknK* rwar skip￿}. in tho G)unty ol York, ttsJetsr with certain ￿M￿l¥ aThJ eff￿ts thwwn, to use san* hy the rd910L￿ or Olher ch*bt8ble 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 s￿h ￿lgI￿5 orolher ctiaril8￿e pUt￿)se5 as the Charty maydetermine. To prO￿￿e religbjus tswning for St￿￿ents and caTrkntes Ckd8r5 arMJ a￿nge ts ￿L*Jr&S and felreats and wovsde such recTeJbon as may btr ¢*C￿L￿d 10 L)yhYuce to ts e(wipr*nt 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 rplbji￿s oroUWthanlat￿ - provKles the ￿ligIouS training for stUd￿ts ondmjates for holy orders - provthg a h¢)rne ol the rest kn ckr9y as the means ol ffwlal Te￿peratth forth0￿ in need of resl b. Stratriles frJr8cIMewng obi¢cb The strattgwès emF4oyed to asstst the Charity to m8et its rt*Wes Ihe fiJky•n"ng.' . Thè or4w.ng lettiThJ ofthe parr￿11 Habl a5 a re￿ hyjse lo ts OK￿0[L•#d$ ￿est Yrxkshirè #NI Daksl and in th￿ contex( Ihe training ojntirwes tr bcih c*igy ar¥J èy p￿￿e. . Clergy and spou598 (wthnu$ to w Parcevall Hall pk¢* IL* ièwe. refreshm￿8nd r•treaL - The creats.on and maintenance ofa h*Jh qualtty garden ihat is avaikb* tor erwywt(rfth)se Ihat use ts Ho11 and thtr 98n•ra pay to vusrt the g*d8n& c. Actmties f0raCh￿ng objecti Thè charrtable ￿panY k% rtsw*Jle l¢x the fflamten8n￿ rAthè IKxtse. t￿l￿ge3 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 forsen*y slaff pay of the Sen￿￿ ￿adership team 15 revie*fd annualty ty ts board of Dir￿10[5. Pay is asse558d ac¢orth"ng to an indivhyuafs level of respKJnsts"lty and is r￿nalty ajjusted to refiect a4erage ￿1r￿S in tr* sector. e. Mwn actmbes ￿nd￿tsken lo fvrt￿ thg tharitys torthe knefft In s8th.ng thè th￿1￿$ obJects¥es and plannirrfJ its ￿tr￿*S th• ha¥p car￿1 ￿&derab0Tr to the Charity Cc4nrrission's gene￿ gUKI8￿ on the twefit t> ts supwementsry guthwK* ￿ Ihe advanc*ment d ￿11￿7 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 H￿1. gr￿ndS and laThJ &tUat￿ at Par￿¥911. The gardeners are ￿1518¢1 in the maIntena￿e 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 aCbV￿es wovKJo L*nefit btslh to Ihose who Use the Hall and gardens ts rdiwus tsin¥wJ for retreat arKI for thè gweral who can enjoy the Teue*W aycts ofthe gardens. Thè Lliraclots (£￿thue to f{￿ cffi ways kn enhaThx ts 8ppg* d lh& gaftsns t*thdsl managiThJ and vtsre possib redwng rxjsts. ACHIEVEMENT AND PERFORIAANCE 8. Rwew of acbvibes Anangementsfcrf the ongirg lettry oftt* Hall 7Arylh a oJrran11y Yes￿1 in Ihe t*ctese 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. In￿brnnt pc4icyand perfomwlx The thanty invests in tssh restyjr￿. S￿ twm ¢Jer*)gts aThJ irNestTh*nts h#ed strLk trXd￿ngè. Brown Shipky, a firm of investrr*nt mana￿r$. manages Ihe st￿k exthange investments behalf orf the trustees. In￿fftnts are made in acCO￿nee ￿7th the Pal￿t Chantys IWaL8irgh8m Colege Tru5tAs%xx*￿l 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 D￿rnber 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 Fo1￿Y 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$￿t9 consi(Jer that reserves at this levd will ensure that, in the ￿ent ol a wgnikant drop in funding. they ￿11 t* able to cxmtinue thé thanvs cul￿nt ￿tiVth"es while o)nsideration is given to ways in addthnal funds may te rai*J. This of r&seThg5 h8$ bgen maintain8d throughtyjt Ihe period. The net mvement in funds for the ye* was an in(yEase cl £1￿￿.885￿2022." 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 d￿lfr￿ts aThJ cxjisewty h8ve tml Pa￿ or pU￿Sed. At 31 December 2023, ihe lund ba￿e$ were unreslTicW £393.925 rJ.138.938 {2tr22". £489.301 £2.940.677 reyctivtlyl. There has been £30,(K)O in tolal dr￿ale￿ by FrEThYs of P8rcev81 Gardens li the p*v)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 ￿$0￿c£S to ntinue in 0￿rational exi*ence lor the foreseeable futu￿. For this reason they ￿ntinue to adopt th8 going ct¥ncAm ba￿$ in preparing the finanoal statemnts. Furthw detai15 iegartling the adcptw of Ihe gc4ng o)nr2m basi5 c3n b8 f(NJnd in the Aco)unting P￿1￿. Walslngham College (Yorkshirn Prop8rtSes) Llm6ted Rèport otth• Trustees for Y￿r Ended 31 D•c•mb•r2023 FiifiiRE PLANS ¥. Futur• dwdopments The acbwties ouuingj above wll tijntln￿l. 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 ￿b￿be to a frJndraiw9 Ixxfjg or re￿￿K)rt. We ar6 clany failur95, duriThJ the year éndéd 31 December 2023 12022 r#)rel. by the thanty or any rKr50n &lMwJ on rts t*W. to comrAy vAth our ndraising standards. nor did we receNe anyLYMPtaints atXKrt frJndr*"ThJ ackn"ty. STRUCTURE, GoveRNANCE ANO AIAMAGEIAEKr Charity const11u￿tsn Thè thanty is a pmate charitati￿ ¢)yrpany &mited by shwes s¢t up by a Tnjst deed. ￿ wnr*ny was eSta￿Shed under a M8fT¥JraThJum of ASs￿al￿)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 ￿gIS￿r￿￿ 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 d￿ngeS in the cl)1￿￿¥¢5 wrK* Il* W onrn￿ Method of appolntment or¢lectlon of Trustees The managenEnl of the Chwity is the re$r￿n￿bIlty of tt* TrLW WIK) are elerled and 0￿pIt￿ ￿der th• terms of the Tw5t d¢¢d. The trustees. arg also ts directys tor Ihe PU￿￿9 l•w. ￿ direths are apwnl•d by a majority decision of the shareholders. Organisational strueturè and deelsion maklng Walsingham Colleg8 (Yrykshire Properbesl tsnNled has a marhagement b)ard to eight n￿tErS ffleet quartety. resFonsib* lor the Strateg￿ difects.on an(J of the charity. At we5ent the i¥)ard has seven member5, from a varitrty of professional ba&grounds rdevant to the %%Drk ofthe charity. Th? seven members also act as direLtrs of the company.. Poliei•s adoptsd forth• Ir￿u￿11)n w¥1 trthlng of Tntstees Appointments are made hamng regard lo Ihe skills aThJ experien￿ of the iThYiwdual L￿Ceme￿ wth a view lo Maintaining a bak4nc8 ofe4)ertise on the boatd. T￿re is no formal in Pla￿ MiductKffl and trainirg. Related party relationshlps The charity has a long running wih Wa&irvJham Trust Ass(#￿￿ LirTMW, and dlmg lh8 financial year Jing 2013 became a whdty wned subsxliary cornpany of Wa15iwJham Cdkge Trust Assrri8I￿ Limrted. The thaiitres sh8re Ihe sarT￿ registered offi￿. The Shrine Olfice. Walwgham NorfcAk. Risk management Th8 Trusteè5 have assessed the Trvior risks b whk* Ihe Charty i8 exFosgJ, in partNxlar Ihc6e to the operatitins and finances of the Charity. and are sab"sfied thai systems an(J pr￿JU[e$ ￿ in MA￿10 our exFKJsure to the major risks. REFERENCE AND ADMINISTRATIVE DETAILS Registered Cornpany number 00440129 (England and Wales) Re9l$ter8d Charity numb•r 211331 Walsingham College IYorkshiTr Propertlos} Umitsd for th* Year End￿ 31 Dewtr21)23 Registered offi¢• Shrine Offic W8lsingh8m Nomk NP22 6EE Thè Re%/d B Bell Dr R Manle Re¥/d J Sheehy Father P Cathright Mr J E Mcauater Canon P A Turr MrCMRead Audltors Larking G￿d8￿ wilh Ihe Q1h￿l requiremen15 that ara rdevant to tyJr audrt d the financpl slaterrenls in the UK I￿uding ts FRC's Ethical Stsndard, and we have lulfilled tyjr other ethical resF¥)nsibibtss in acOyclan￿ with IW requrerrEnts. Wg b9kwg that tha ￿￿11 ewdenc we have obtain•Y is suffioent and approFrte to F￿vide a bafAS fDrLwrwnw)n. Conclu$lons r•lating lo golng Conwn In aud￿ng Ihe financial statemènts, we have ¢th￿uded Ihal ￿ tntstees use Of￿ wg cwKem basis of •(t￿n￿g in th• eparatNM olthe finanaal slatwnenLs i$ 8PFfowiatg. Based ¢Jn ￿￿rk we have ￿rforrned, we have r￿t ijenlified any material uncertaintres relthy to events or Q￿K11t￿n$ 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 r￿￿sib￿l￿8S of th8 In￿ 7Ah res￿ to c£fficem are in the retewant seckn.ons ofthis ￿￿t. ot￿r 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 Sta￿ments an¢J wr Rep)rtofttE IrKler*ThYent Auditor5 thgreon. Our opini)n on the finawial statements does not ￿ver the othér irrfom)atm and. except to the extent Othe￿iSe 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)n*bilty is to read th• oth•r irfomwtDn and, in doing so. tons1der whether Ihe other infom)atA)n is ma¢wialty in0y￿l￿nt V￿1h the ffinancial *atemefits or our knowledge obtained in the 8udit or (itherwise aFy8ars to be materially mL%stsknJ. 11 we idenb.fy suth Ir￿￿tSter￿le5 ry apparent matgn'al misslaternents, we a￿ wuired to delermine whether Ihi5 gNes rise to a malwwl misstateryEnt in the finanual ststements themselves. If, t￿Se￿ on the we have [erf￿rn￿. we ￿￿lUde that Ihere 15 a matend mi551al•ment cl this other irrformation, ￿ are rEquirtd to rep￿1 that We have nolhry to rewt in thi5 r￿ard. 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 P￿Pa￿ in accryd￿ wrfh ￿UIre￿￿nts. Report of the Independont Audltors Members ol Walsingham Collog• Iyorkshire Properties) Limitsd Matters on which we arE requ1￿d to report byexcep In the li￿l ot the knowledge and unljerstsnd￿}9 of tr* cLYnpary its ￿¥l￿n￿t otits1￿ in the tours• of audL we have not idenbf*d maten81 rnl5staterr￿ts in th8 ReFKMt oflheTw&•85. We have nothing b) reFKXt in respA cl Ihe matters ￿t￿e Ihe Cryrywmes 2￿6 requygs u5 ￿ report b) you rf, in our opinron.. adequate ar#)Junting reoy(15 have ￿t been kept LY ryiums wr a￿111 have ncl r•ceNed frcrfn Ixanthos not wsrt•d by us. the finanual 5tstsrT*nts arè not in ag￿eTr￿nt the a¢(￿nb"r￿j rwts aThJ retym& certain disdosu￿s ol IrLEtees' remuneratTon 5pecrf*d by L¥w arn m*.. or we have not re￿iVed all Ihe rf(xmation axpL4n*v￿s wa raquirè forour a￿￿1(. 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. R￿POnSibl11￿05 of trustees As explained ￿￿ lully in the TnJstees' ResFKJwtylrties Ststerrent. the trustee5 {th) ￿ also ihe rfirecl￿S 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 staten￿ts that ar8 free frcrfn material rnts>alemenL whelhèr to fraud or error. In weparing Ihe fnawKid siat$rW￿ tru5t8è5 are for aSS￿ng Ihe chwbtatrAe COM￿nIS ablity to Lxjntin as a going c{MW￿n. disclosirvJ. as appkG3trAe. matters telated to COn￿M and uyng the 9)ing cxyK8m b85is of accwnting unless the tnjstees ertlv intend to IiquKlate the cjjaritabkn o)rnpany or to cease Lperatsons. or have rK¢ realisti ahemative but to do so. Our respon$lbllltÈe$ for the audit of the financial slatements Our objsctives are to obtain reasonabfe assurance atme. income is deferred aThJ not induded in inctyniThJ restsur￿s unb'l the weC(KMl￿OnS us have teen met. - %then (Jonor5 specrfy that ¢S)natyons and grants, Trjt i￿luding Ca￿tal 9rants, are tor path"cular ￿St[￿ted purFKJses. vthich do not amwnt to rffe ¢)￿￿tA￿S re9wding ￿ti￿emenl this ￿ t5 induded r$sou￿S of restn.cted funds when receNatAe. Irwmè from grdnts is reco]r￿ed w*tw thè tharity Iw met the ¢rit•ria and has becom8 entiued tothe reswrces. Irwme from Sale of plants and other rtgms pr(Klu(* by the charity fy 5a18 in the 51w ar• i￿Ud￿d a5 incoming re50urtes ￿1th1n athth"eslor gentratirrfJ lunds v&hen tw * SO￿￿. Incon* from leityr*J of cottages and the cyenin9 of Ihe grourth to the putr￿￿ is re(x)gnts8d a5 rt is recèNed ar¥J included as incoming reswrces from tharitabk Investrneni is w)chAed T8￿NatIe by Ihè tharity. Ex￿1￿￿ture E￿nthtUre is recognt5ed cnce Ihere B a cmstru(*ve ob1Traatirm to transfer bgnefrt to a third paty. it is probable Ihat a tr￿sfer benefits will be requi￿ in setuement and the amount of Ihe obligatw)n (xn bè measured relkably. ￿enditu￿ E da$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 ￿nIN￿Lrt• to rnore than c activity and Supp(￿ costs whith are not attrit￿table to a single acl.vty are ap￿rt￿)ned th¢)se activititrs on a ba￿S 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 In0￿ed in sethng voluntary ￿tri￿rt￿n$ a￿1 flo not in)We 1hB OJ5ts of di5serni￿ats"￿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￿ V￿1h and rewiren￿nts. p￿12 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 ge￿rating ftjnds a￿ ￿sts imJThed in altra(*rwJ irKryre. arbj th(*0 In￿rred h trading actMb6s that raFse funds. Tangible r￿d ass•ts and d•pr•ts*ion l a5￿ts C051ing J7w)re than are car*ltsal. A revwi for impair￿t of a fved asset is rarri￿1 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 Impalm￿ts. Impaimienl k)sses we rwnised n Ihe Slat9ment of Fin￿rial 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 r*aS CalCukt￿ 10 Wri￿ df the tsjsi ol fLxed assets. bess th￿"1 esb"nwtsd regdual vaue, over their extecled usefvl INes ￿ Ihe f(4b￿j bases.. Frethild land & LyJildings Flant and machir Fixtu￿ and fth'ng5 S% stra¥Jht lir 15% rgJwrMJ baknce No deweoatK)n has larnl and t￿l￿dIng5 as it has ￿ lrmlèf￿it8ty 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 a￿￿Unt after any trad8 dtsti)unt offered. P￿PayMents are valued at the amunt pr8pats4 net of any trdde diyA￿nts 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 aCQU￿bon OfopenThJ ofthe ¢Je￿t 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 ar￿U￿t ihat Ihe Charity antiL7Pates rt wll pay to Sett￿ the debt or the amwnt rt has rer£ived as advan￿ reyn￿nts the gocxys ry serws rt must [xovide.Pr0￿￿ons 8r8 fflèasur8d at th8 best •st￿at8 ol th6 arrwnts requved lo setue the otdNJatwy). the effect of the time value of rnoney is rn*en'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)strUn￿t and are m￿allY 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 In￿￿rati￿j Inccmme ExrwdthI￿ Aoxrtml indudes the ngt gains * l¢)sses arisng on ￿v￿uatIon dtsrMJsa15 thrc￿ghtyjtthe year. Flnan¢io1 intruments P*Jè 13 0)ntinu￿... Walslngham College (Yorkshire Properti851 Linmknd Notos to th• F#Mnclal St*mQnts-￿ntIrn*d 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 d￿￿3￿al￿d fty ¢Yher purF*)ses. The Endovrnnt Funds repl￿nt IlK)s• assets 7AI)id) must be W pennan￿1￿ by thè d￿rty. 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 ￿sInr￿*￿s wrposgd by don￿$ have been raised by the Charty for Pa￿￿tsf wrFrfJse& The c£Jsts ol raigng and &Jmin&ering suth (und5 ar& L*arged agaw)st the speoft fur#J. The ain and use crf eath reSt￿ted 15 sei ¢xrt in the rKstes to the fjnanrial statements. Pensions The Charity oper*es 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 f*or5, indudirrfJ eX￿ClaI￿n$ ol futu￿ events that a￿ tell￿￿ to be rea￿￿￿bts Ul￿tr 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#J*Ae 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 Iw*rrt)b3ical adVar￿mènt, future investment , tilizab'cffi and the phys￿81 ￿￿rt￿on 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 TRAD￿G 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 cHAR￿ABLE ACTMTES 2023 2022 Gate and tour Rental incL)rr Chall￿ts￿ aL*Mtres 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 ￿$CelIan80us inc￿? O1£9.315[2￿.. £5,785>. INVESTI*NT MANAGEMEMT COSTS 2023 Total fvnd5 2022 Total fu￿15 PortfolD rnanagement 17.687 17,687 17.924 CHARITABLE ACTMTIES COSTS t*"rect Co*s Iset rKJte 91 SuppKJrt tXJSts (see rKJte 101 Tolals Cha￿a￿t ac11v￿"t$ GovemarKe ￿$t$ 241.877 241,877 10,895 10.895 241.877 10,895 252.7n Pffje 15 Cs)ntsnuth1... Walslngham College (Yorkshir# PrO￿rtIeS) 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 R*5 arxl waigr Insurance Eledricty Teleph￿e Postsge and stsliMery Athfb'siro SUnd￿s Repair5 aTrJ maYrt8nanr*- oquipmwt Repa￿ and Maintenanc￿ genw Bus#iess ￿e$ and coJnol lax Plant and seeds Books and subscrip¢*)ns Tractor fuel and equipn*nt Consultancy fees Other PrOfew￿81 Fees Bad debts Disallowed VAT Oepreryal￿n 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 fdkF*S'. 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 L*nltsd Notos to thè FIna￿la1 Statsments-wthM*d for1he Year Ended 31 Decenthtr2Q23 11. NFf INCOIAEIIEXPENOITUIIE) Net I)0)ft￿laxpO￿IrtUral is Sta￿ after thargwhy1u￿￿thWJ).' 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 bw*ffts in k¥￿. There V+WE M trusttes, pawj fr)r yew 31 0￿ber 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 n￿1￿Y number ofemF40sws durvwJ thg ywwas * fdkyws: 2023 2022 Th• kay manag*nent personnel ol the tharity the Irustees and thtr H•ad G¥dener. The &)lal emrAoyee benefits clthe key management pets￿n￿ 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 D￿ats"orts legacies Charltsblè actbvits•s Charitabk activi￿eS 84.269 Olher tradry ￿ti¥l￿e3 Invèstment I￿oMe 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)8￿mber2023 1& COMPARATIVE5 FOR TrE STATEMENT OF FINANCIALACnVITIES. eontlnued funds fun(J fvnds Investment Man&Je￿nI C(6ts 17,924 17,924 17.￿14 17,924 Charltabk xtlvllles Chantable activ￿85 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 fO￿a 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 $8.441 TT,332 {6,0151 696.279 77,332 16,015) At 31 O¢¢ember 2023 589.943 47,895 129.758 767,596 DEPRECIATION At 1 January 2023 Charge for year Ch3rge wtten back 47.895 43,692 5,738 15,4671 91.587 5.738 15.4671 At 31 Oecember20rJ 47,895 43,963 91.858 NET BOOK VALUE At 31 DecembLY2023 589.943 85.795 675.738 At 31 Deeen*tt2022 589,943 14.749 604.692 Page 18 conlwiued... Walsingham College (YorlKshlre Properties) Umft¢d Noles to the Flnan¢ial St*ments. ¢ontlrM*d fgT the Year Endod 31 Do¢ember 2023 FIXED ASSET INVESTMENTS Liste(J k)bwtm8nts MAR￿vALuE At 1 January 2023 Additk)ns Disp)sals RevalUalK￿$ 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 ￿£T￿l 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,$26 10,095 4,997 27.576 42.668 PaJa 19 ¢ontinuwJ... Walsingham College (yO￿ShITe Propertles) Llmlt for the Year Ended 31 Deeomber 2023 20. ANALYSIS OF NET ASSETS BETWEEN FUNOS 2023 2022 Total funds fuThts fvnd l￿d$ FiKeiJ assèts Investments Current assets CU￿nt 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 al￿0 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 Transf*5 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. ¥K*J(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 prfft￿r 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$ingharn Colle (Yorkshlr• Prwrti•sl Llmlted Notes to th• FIn￿cIal Ststen*nts. c¢Mrtinugd for the Year Ertd•d 31 O•c•mb•r2023 21. MOVEMENT IN FUNDS.¢(xffllnugd A cuThwrt ygar 12 rrvJnths pritir year 12 rTM)nllL% cry￿¥r￿d rf r[￿¥8￿ in fvr*ts. I[￿￿j•d in the arè as Gairns and in fvnds Unf8strict•d fvb)ds ￿tSe￿e9 676.862 {440.￿) 236.353 EThYowrrent ftJwKIs 127,364 {35.611) 1120.C1361 128.3431 TOTAL FUNDS 1476.1201 1120,0961 20B,010 The endowment fvjnd CX)Mpr￿ the historic cost ol Ihe ￿erty at Parcevall Hall subwuent capiial improvements togetherwth Ihtr markei value of ts thanV$ ￿¥t$l￿nt p(¥UdKJ. The overall b3Lanc8 ol t67.252 transleTh8d frryn Ihè U￿r￿n￿e￿ fvnd lo thè eAd￿¥MeTrt fund represents the expenditure on Its en¢knEd proFerbes and the vTrres￿ed inrxjme r￿n￿sted into the inve*ff¢nt portloho dl of which are restriGtsd camal assets. EMPLOYEE BENEFIT OBLf¥ATIONS The chanty operates a defined oJntr*)ulions st￿me. Tr assets ol the scheme are l*ld separatety from those of the charity w an ￿dependenty adm￿lStered luTrJ. Thtr u)st dwge represents c￿t￿bUll0nS payable by the charity to the furKJ and am¢xJnted lo £5.744 {2022.. £5.6451. CC•)tri￿tthS totslling £7%(2￿22 - £8351 payatle to Ihe fiJr¥J al Ihe ba￿￿e sheet date and ars i￿ude￿ in credrtjrs. CAHTAL COMMITMENTS As at 31 Decernber 2023. Ih•r• wa5 a (Ornmltr￿nI to se￿8 th8 final ba￿r￿e ol th8 n•w ￿nhOuse projecl CDSt4 £6,688 ￿u$ VAT. The bJanc¢ was paK1 to Ihe 0)ntr￿lOron 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 Tn￿t AwKAatrJn Limited. regist8r8d charty number 215863 and registered c4)mpany nurTthr lJJ318358. The charity exists to make aVaila￿e the Shring ol Our Lady ol w￿￿n￿rn. a pl&e 0fpil￿Tr￿ge. The 0)n$￿￿ted 8cA￿rrtS 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 FIna￿la1 Statern8nts. e•ntinu•d for the Year Ended 31 [J￿rnber 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 n￿l0￿M ￿ase pay[￿nts T￿Nable 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 T￿01 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 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 prtS￿t ￿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 staten￿ts ol the eunpany clyn￿Y wth ￿rrent statutryy r￿Ul￿ernents. ts rtquirtments of the wmpanys g)veming doujrrent and th& prov15ion5 ol the Statement of R￿r￿je￿ Prac*(* ISC%iPI applc*e lo charit*s FY•paing their aoxjunts in acJ))rdance with Ihe Fwwn¢i81 Rewtirv4 SlaThJa￿ aprI￿a￿e 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 {Str*eg'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•m￿l 2023 OBJÉCTIVES ANO ACTlVtrEs a. Polti8s and objethws The otrpcts dthe tharItya￿.. To afvance lh8 Christian reh"g￿n p￿￿larty bjl r￿1 8xdus¥dy Ihrwth supwjrting th¥ ￿al￿onsh￿ WKI rnaintenance of Ihe Shring ofour Lady ofwa1gn￿rn. To continue to hold the frethsd messuag8. l¥vJ as Hal. ApFknK* rwar skip￿}. in tho G)unty ol York, ttsJetsr with certain ￿M￿l¥ aThJ eff￿ts thwwn, to use san* hy the rd910L￿ or Olher ch*bt8ble 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 s￿h ￿lgI￿5 orolher ctiaril8￿e pUt￿)se5 as the Charty maydetermine. To prO￿￿e religbjus tswning for St￿￿ents and caTrkntes Ckd8r5 arMJ a￿nge ts ￿L*Jr&S and felreats and wovsde such recTeJbon as may btr ¢*C￿L￿d 10 L)yhYuce to ts e(wipr*nt 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 rplbji￿s oroUWthanlat￿ - provKles the ￿ligIouS training for stUd￿ts ondmjates for holy orders - provthg a h¢)rne ol the rest kn ckr9y as the means ol ffwlal Te￿peratth forth0￿ in need of resl b. Stratriles frJr8cIMewng obi¢cb The strattgwès emF4oyed to asstst the Charity to m8et its rt*Wes Ihe fiJky•n"ng.' . Thè or4w.ng lettiThJ ofthe parr￿11 Habl a5 a re￿ hyjse lo ts OK￿0[L•#d$ ￿est Yrxkshirè #NI Daksl and in th￿ contex( Ihe training ojntirwes tr bcih c*igy ar¥J èy p￿￿e. . Clergy and spou598 (wthnu$ to w Parcevall Hall pk¢* IL* ièwe. refreshm￿8nd r•treaL - The creats.on and maintenance ofa h*Jh qualtty garden ihat is avaikb* tor erwywt(rfth)se Ihat use ts Ho11 and thtr 98n•ra pay to vusrt the g*d8n& c. Actmties f0raCh￿ng objecti Thè charrtable ￿panY k% rtsw*Jle l¢x the fflamten8n￿ rAthè IKxtse. t￿l￿ge3 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 forsen*y slaff pay of the Sen￿￿ ￿adership team 15 revie*fd annualty ty ts board of Dir￿10[5. Pay is asse558d ac¢orth"ng to an indivhyuafs level of respKJnsts"lty and is r￿nalty ajjusted to refiect a4erage ￿1r￿S in tr* sector. e. Mwn actmbes ￿nd￿tsken lo fvrt￿ thg tharitys torthe knefft In s8th.ng thè th￿1￿$ obJects¥es and plannirrfJ its ￿tr￿*S th• ha¥p car￿1 ￿&derab0Tr to the Charity Cc4nrrission's gene￿ gUKI8￿ on the twefit t> ts supwementsry guthwK* ￿ Ihe advanc*ment d ￿11￿7 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 H￿1. gr￿ndS and laThJ &tUat￿ at Par￿¥911. The gardeners are ￿1518¢1 in the maIntena￿e 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 aCbV￿es wovKJo L*nefit btslh to Ihose who Use the Hall and gardens ts rdiwus tsin¥wJ for retreat arKI for thè gweral who can enjoy the Teue*W aycts ofthe gardens. Thè Lliraclots (£￿thue to f{￿ cffi ways kn enhaThx ts 8ppg* d lh& gaftsns t*thdsl managiThJ and vtsre possib redwng rxjsts. ACHIEVEMENT AND PERFORIAANCE 8. Rwew of acbvibes Anangementsfcrf the ongirg lettry oftt* Hall 7Arylh a oJrran11y Yes￿1 in Ihe t*ctese 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. In￿brnnt pc4icyand perfomwlx The thanty invests in tssh restyjr￿. S￿ twm ¢Jer*)gts aThJ irNestTh*nts h#ed strLk trXd￿ngè. Brown Shipky, a firm of investrr*nt mana￿r$. manages Ihe st￿k exthange investments behalf orf the trustees. In￿fftnts are made in acCO￿nee ￿7th the Pal￿t Chantys IWaL8irgh8m Colege Tru5tAs%xx*￿l 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 D￿rnber 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 Fo1￿Y 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$￿t9 consi(Jer that reserves at this levd will ensure that, in the ￿ent ol a wgnikant drop in funding. they ￿11 t* able to cxmtinue thé thanvs cul￿nt ￿tiVth"es while o)nsideration is given to ways in addthnal funds may te rai*J. This of r&seThg5 h8$ bgen maintain8d throughtyjt Ihe period. The net mvement in funds for the ye* was an in(yEase cl £1￿￿.885￿2022." 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 d￿lfr￿ts aThJ cxjisewty h8ve tml Pa￿ or pU￿Sed. At 31 December 2023, ihe lund ba￿e$ were unreslTicW £393.925 rJ.138.938 {2tr22". £489.301 £2.940.677 reyctivtlyl. There has been £30,(K)O in tolal dr￿ale￿ by FrEThYs of P8rcev81 Gardens li the p*v)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 ￿$0￿c£S to ntinue in 0￿rational exi*ence lor the foreseeable futu￿. For this reason they ￿ntinue to adopt th8 going ct¥ncAm ba￿$ in preparing the finanoal statemnts. Furthw detai15 iegartling the adcptw of Ihe gc4ng o)nr2m basi5 c3n b8 f(NJnd in the Aco)unting P￿1￿. Walslngham College (Yorkshirn Prop8rtSes) Llm6ted Rèport otth• Trustees for Y￿r Ended 31 D•c•mb•r2023 FiifiiRE PLANS ¥. Futur• dwdopments The acbwties ouuingj above wll tijntln￿l. 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 ￿b￿be to a frJndraiw9 Ixxfjg or re￿￿K)rt. We ar6 clany failur95, duriThJ the year éndéd 31 December 2023 12022 r#)rel. by the thanty or any rKr50n &lMwJ on rts t*W. to comrAy vAth our ndraising standards. nor did we receNe anyLYMPtaints atXKrt frJndr*"ThJ ackn"ty. STRUCTURE, GoveRNANCE ANO AIAMAGEIAEKr Charity const11u￿tsn Thè thanty is a pmate charitati￿ ¢)yrpany &mited by shwes s¢t up by a Tnjst deed. ￿ wnr*ny was eSta￿Shed under a M8fT¥JraThJum of ASs￿al￿)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 ￿gIS￿r￿￿ 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 d￿ngeS in the cl)1￿￿¥¢5 wrK* Il* W onrn￿ Method of appolntment or¢lectlon of Trustees The managenEnl of the Chwity is the re$r￿n￿bIlty of tt* TrLW WIK) are elerled and 0￿pIt￿ ￿der th• terms of the Tw5t d¢¢d. The trustees. arg also ts directys tor Ihe PU￿￿9 l•w. ￿ direths are apwnl•d by a majority decision of the shareholders. Organisational strueturè and deelsion maklng Walsingham Colleg8 (Yrykshire Properbesl tsnNled has a marhagement b)ard to eight n￿tErS ffleet quartety. resFonsib* lor the Strateg￿ difects.on an(J of the charity. At we5ent the i¥)ard has seven member5, from a varitrty of professional ba&grounds rdevant to the %%Drk ofthe charity. Th? seven members also act as direLtrs of the company.. Poliei•s adoptsd forth• Ir￿u￿11)n w¥1 trthlng of Tntstees Appointments are made hamng regard lo Ihe skills aThJ experien￿ of the iThYiwdual L￿Ceme￿ wth a view lo Maintaining a bak4nc8 ofe4)ertise on the boatd. T￿re is no formal in Pla￿ MiductKffl and trainirg. Related party relationshlps The charity has a long running wih Wa&irvJham Trust Ass(#￿￿ LirTMW, and dlmg lh8 financial year Jing 2013 became a whdty wned subsxliary cornpany of Wa15iwJham Cdkge Trust Assrri8I￿ Limrted. The thaiitres sh8re Ihe sarT￿ registered offi￿. The Shrine Olfice. Walwgham NorfcAk. Risk management Th8 Trusteè5 have assessed the Trvior risks b whk* Ihe Charty i8 exFosgJ, in partNxlar Ihc6e to the operatitins and finances of the Charity. and are sab"sfied thai systems an(J pr￿JU[e$ ￿ in MA￿10 our exFKJsure to the major risks. REFERENCE AND ADMINISTRATIVE DETAILS Registered Cornpany number 00440129 (England and Wales) Re9l$ter8d Charity numb•r 211331 Walsingham College IYorkshiTr Propertlos} Umitsd for th* Year End￿ 31 Dewtr21)23 Registered offi¢• Shrine Offic W8lsingh8m Nomk NP22 6EE Thè Re%/d B Bell Dr R Manle Re¥/d J Sheehy Father P Cathright Mr J E Mcauater Canon P A Turr MrCMRead Audltors Larking G￿d8￿ wilh Ihe Q1h￿l requiremen15 that ara rdevant to tyJr audrt d the financpl slaterrenls in the UK I￿uding ts FRC's Ethical Stsndard, and we have lulfilled tyjr other ethical resF¥)nsibibtss in acOyclan￿ with IW requrerrEnts. Wg b9kwg that tha ￿￿11 ewdenc we have obtain•Y is suffioent and approFrte to F￿vide a bafAS fDrLwrwnw)n. Conclu$lons r•lating lo golng Conwn In aud￿ng Ihe financial statemènts, we have ¢th￿uded Ihal ￿ tntstees use Of￿ wg cwKem basis of •(t￿n￿g in th• eparatNM olthe finanaal slatwnenLs i$ 8PFfowiatg. Based ¢Jn ￿￿rk we have ￿rforrned, we have r￿t ijenlified any material uncertaintres relthy to events or Q￿K11t￿n$ 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 r￿￿sib￿l￿8S of th8 In￿ 7Ah res￿ to c£fficem are in the retewant seckn.ons ofthis ￿￿t. ot￿r 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 Sta￿ments an¢J wr Rep)rtofttE IrKler*ThYent Auditor5 thgreon. Our opini)n on the finawial statements does not ￿ver the othér irrfom)atm and. except to the extent Othe￿iSe 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)n*bilty is to read th• oth•r irfomwtDn and, in doing so. tons1der whether Ihe other infom)atA)n is ma¢wialty in0y￿l￿nt V￿1h the ffinancial *atemefits or our knowledge obtained in the 8udit or (itherwise aFy8ars to be materially mL%stsknJ. 11 we idenb.fy suth Ir￿￿tSter￿le5 ry apparent matgn'al misslaternents, we a￿ wuired to delermine whether Ihi5 gNes rise to a malwwl misstateryEnt in the finanual ststements themselves. If, t￿Se￿ on the we have [erf￿rn￿. we ￿￿lUde that Ihere 15 a matend mi551al•ment cl this other irrformation, ￿ are rEquirtd to rep￿1 that We have nolhry to rewt in thi5 r￿ard. 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 P￿Pa￿ in accryd￿ wrfh ￿UIre￿￿nts. Report of the Independont Audltors Members ol Walsingham Collog• Iyorkshire Properties) Limitsd Matters on which we arE requ1￿d to report byexcep In the li￿l ot the knowledge and unljerstsnd￿}9 of tr* cLYnpary its ￿¥l￿n￿t otits1￿ in the tours• of audL we have not idenbf*d maten81 rnl5staterr￿ts in th8 ReFKMt oflheTw&•85. We have nothing b) reFKXt in respA cl Ihe matters ￿t￿e Ihe Cryrywmes 2￿6 requygs u5 ￿ report b) you rf, in our opinron.. adequate ar#)Junting reoy(15 have ￿t been kept LY ryiums wr a￿111 have ncl r•ceNed frcrfn Ixanthos not wsrt•d by us. the finanual 5tstsrT*nts arè not in ag￿eTr￿nt the a¢(￿nb"r￿j rwts aThJ retym& certain disdosu￿s ol IrLEtees' remuneratTon 5pecrf*d by L¥w arn m*.. or we have not re￿iVed all Ihe rf(xmation axpL4n*v￿s wa raquirè forour a￿￿1(. 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. R￿POnSibl11￿05 of trustees As explained ￿￿ lully in the TnJstees' ResFKJwtylrties Ststerrent. the trustee5 {th) ￿ also ihe rfirecl￿S 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 staten￿ts that ar8 free frcrfn material rnts>alemenL whelhèr to fraud or error. In weparing Ihe fnawKid siat$rW￿ tru5t8è5 are for aSS￿ng Ihe chwbtatrAe COM￿nIS ablity to Lxjntin as a going c{MW￿n. disclosirvJ. as appkG3trAe. matters telated to COn￿M and uyng the 9)ing cxyK8m b85is of accwnting unless the tnjstees ertlv intend to IiquKlate the cjjaritabkn o)rnpany or to cease Lperatsons. or have rK¢ realisti ahemative but to do so. Our respon$lbllltÈe$ for the audit of the financial slatements Our objsctives are to obtain reasonabfe assurance atme. income is deferred aThJ not induded in inctyniThJ restsur￿s unb'l the weC(KMl￿OnS us have teen met. - %then (Jonor5 specrfy that ¢S)natyons and grants, Trjt i￿luding Ca￿tal 9rants, are tor path"cular ￿St[￿ted purFKJses. vthich do not amwnt to rffe ¢)￿￿tA￿S re9wding ￿ti￿emenl this ￿ t5 induded r$sou￿S of restn.cted funds when receNatAe. Irwmè from grdnts is reco]r￿ed w*tw thè tharity Iw met the ¢rit•ria and has becom8 entiued tothe reswrces. Irwme from Sale of plants and other rtgms pr(Klu(* by the charity fy 5a18 in the 51w ar• i￿Ud￿d a5 incoming re50urtes ￿1th1n athth"eslor gentratirrfJ lunds v&hen tw * SO￿￿. Incon* from leityr*J of cottages and the cyenin9 of Ihe grourth to the putr￿￿ is re(x)gnts8d a5 rt is recèNed ar¥J included as incoming reswrces from tharitabk Investrneni is w)chAed T8￿NatIe by Ihè tharity. Ex￿1￿￿ture E￿nthtUre is recognt5ed cnce Ihere B a cmstru(*ve ob1Traatirm to transfer bgnefrt to a third paty. it is probable Ihat a tr￿sfer benefits will be requi￿ in setuement and the amount of Ihe obligatw)n (xn bè measured relkably. ￿enditu￿ E da$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 ￿nIN￿Lrt• to rnore than c activity and Supp(￿ costs whith are not attrit￿table to a single acl.vty are ap￿rt￿)ned th¢)se activititrs on a ba￿S 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 In0￿ed in sethng voluntary ￿tri￿rt￿n$ a￿1 flo not in)We 1hB OJ5ts of di5serni￿ats"￿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￿ V￿1h and rewiren￿nts. p￿12 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 ge￿rating ftjnds a￿ ￿sts imJThed in altra(*rwJ irKryre. arbj th(*0 In￿rred h trading actMb6s that raFse funds. Tangible r￿d ass•ts and d•pr•ts*ion l a5￿ts C051ing J7w)re than are car*ltsal. A revwi for impair￿t of a fved asset is rarri￿1 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 Impalm￿ts. Impaimienl k)sses we rwnised n Ihe Slat9ment of Fin￿rial 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 r*aS CalCukt￿ 10 Wri￿ df the tsjsi ol fLxed assets. bess th￿"1 esb"nwtsd regdual vaue, over their extecled usefvl INes ￿ Ihe f(4b￿j bases.. Frethild land & LyJildings Flant and machir Fixtu￿ and fth'ng5 S% stra¥Jht lir 15% rgJwrMJ baknce No deweoatK)n has larnl and t￿l￿dIng5 as it has ￿ lrmlèf￿it8ty 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 a￿￿Unt after any trad8 dtsti)unt offered. P￿PayMents are valued at the amunt pr8pats4 net of any trdde diyA￿nts 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 aCQU￿bon OfopenThJ ofthe ¢Je￿t 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 ar￿U￿t ihat Ihe Charity antiL7Pates rt wll pay to Sett￿ the debt or the amwnt rt has rer£ived as advan￿ reyn￿nts the gocxys ry serws rt must [xovide.Pr0￿￿ons 8r8 fflèasur8d at th8 best •st￿at8 ol th6 arrwnts requved lo setue the otdNJatwy). the effect of the time value of rnoney is rn*en'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)strUn￿t and are m￿allY 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 In￿￿rati￿j Inccmme ExrwdthI￿ Aoxrtml indudes the ngt gains * l¢)sses arisng on ￿v￿uatIon dtsrMJsa15 thrc￿ghtyjtthe year. Flnan¢io1 intruments P*Jè 13 0)ntinu￿... Walslngham College (Yorkshire Properti851 Linmknd Notos to th• F#Mnclal St*mQnts-￿ntIrn*d 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 d￿￿3￿al￿d fty ¢Yher purF*)ses. The Endovrnnt Funds repl￿nt IlK)s• assets 7AI)id) must be W pennan￿1￿ by thè d￿rty. 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 ￿sInr￿*￿s wrposgd by don￿$ have been raised by the Charty for Pa￿￿tsf wrFrfJse& The c£Jsts ol raigng and &Jmin&ering suth (und5 ar& L*arged agaw)st the speoft fur#J. The ain and use crf eath reSt￿ted 15 sei ¢xrt in the rKstes to the fjnanrial statements. Pensions The Charity oper*es 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 f*or5, indudirrfJ eX￿ClaI￿n$ ol futu￿ events that a￿ tell￿￿ to be rea￿￿￿bts Ul￿tr 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#J*Ae 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 Iw*rrt)b3ical adVar￿mènt, future investment , tilizab'cffi and the phys￿81 ￿￿rt￿on 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 TRAD￿G 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 cHAR￿ABLE ACTMTES 2023 2022 Gate and tour Rental incL)rr Chall￿ts￿ aL*Mtres 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 ￿$CelIan80us inc￿? O1£9.315[2￿.. £5,785>. INVESTI*NT MANAGEMEMT COSTS 2023 Total fvnd5 2022 Total fu￿15 PortfolD rnanagement 17.687 17,687 17.924 CHARITABLE ACTMTIES COSTS t*"rect Co*s Iset rKJte 91 SuppKJrt tXJSts (see rKJte 101 Tolals Cha￿a￿t ac11v￿"t$ GovemarKe ￿$t$ 241.877 241,877 10,895 10.895 241.877 10,895 252.7n Pffje 15 Cs)ntsnuth1... Walslngham College (Yorkshir# PrO￿rtIeS) 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 R*5 arxl waigr Insurance Eledricty Teleph￿e Postsge and stsliMery Athfb'siro SUnd￿s Repair5 aTrJ maYrt8nanr*- oquipmwt Repa￿ and Maintenanc￿ genw Bus#iess ￿e$ and coJnol lax Plant and seeds Books and subscrip¢*)ns Tractor fuel and equipn*nt Consultancy fees Other PrOfew￿81 Fees Bad debts Disallowed VAT Oepreryal￿n 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 fdkF*S'. 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 L*nltsd Notos to thè FIna￿la1 Statsments-wthM*d for1he Year Ended 31 Decenthtr2Q23 11. NFf INCOIAEIIEXPENOITUIIE) Net I)0)ft￿laxpO￿IrtUral is Sta￿ after thargwhy1u￿￿thWJ).' 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 bw*ffts in k¥￿. There V+WE M trusttes, pawj fr)r yew 31 0￿ber 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 n￿1￿Y number ofemF40sws durvwJ thg ywwas * fdkyws: 2023 2022 Th• kay manag*nent personnel ol the tharity the Irustees and thtr H•ad G¥dener. The &)lal emrAoyee benefits clthe key management pets￿n￿ 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 D￿ats"orts legacies Charltsblè actbvits•s Charitabk activi￿eS 84.269 Olher tradry ￿ti¥l￿e3 Invèstment I￿oMe 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)8￿mber2023 1& COMPARATIVE5 FOR TrE STATEMENT OF FINANCIALACnVITIES. eontlnued funds fun(J fvnds Investment Man&Je￿nI C(6ts 17,924 17,924 17.￿14 17,924 Charltabk xtlvllles Chantable activ￿85 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 fO￿a 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 $8.441 TT,332 {6,0151 696.279 77,332 16,015) At 31 O¢¢ember 2023 589.943 47,895 129.758 767,596 DEPRECIATION At 1 January 2023 Charge for year Ch3rge wtten back 47.895 43,692 5,738 15,4671 91.587 5.738 15.4671 At 31 Oecember20rJ 47,895 43,963 91.858 NET BOOK VALUE At 31 DecembLY2023 589.943 85.795 675.738 At 31 Deeen*tt2022 589,943 14.749 604.692 Page 18 conlwiued... Walsingham College (YorlKshlre Properties) Umft¢d Noles to the Flnan¢ial St*ments. ¢ontlrM*d fgT the Year Endod 31 Do¢ember 2023 FIXED ASSET INVESTMENTS Liste(J k)bwtm8nts MAR￿vALuE At 1 January 2023 Additk)ns Disp)sals RevalUalK￿$ 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 ￿£T￿l 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,$26 10,095 4,997 27.576 42.668 PaJa 19 ¢ontinuwJ... Walsingham College (yO￿ShITe Propertles) Llmlt for the Year Ended 31 Deeomber 2023 20. ANALYSIS OF NET ASSETS BETWEEN FUNOS 2023 2022 Total funds fuThts fvnd l￿d$ FiKeiJ assèts Investments Current assets CU￿nt 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 al￿0 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 Transf*5 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. ¥K*J(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 prfft￿r 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$ingharn Colle (Yorkshlr• Prwrti•sl Llmlted Notes to th• FIn￿cIal Ststen*nts. c¢Mrtinugd for the Year Ertd•d 31 O•c•mb•r2023 21. MOVEMENT IN FUNDS.¢(xffllnugd A cuThwrt ygar 12 rrvJnths pritir year 12 rTM)nllL% cry￿¥r￿d rf r[￿¥8￿ in fvr*ts. I[￿￿j•d in the arè as Gairns and in fvnds Unf8strict•d fvb)ds ￿tSe￿e9 676.862 {440.￿) 236.353 EThYowrrent ftJwKIs 127,364 {35.611) 1120.C1361 128.3431 TOTAL FUNDS 1476.1201 1120,0961 20B,010 The endowment fvjnd CX)Mpr￿ the historic cost ol Ihe ￿erty at Parcevall Hall subwuent capiial improvements togetherwth Ihtr markei value of ts thanV$ ￿¥t$l￿nt p(¥UdKJ. The overall b3Lanc8 ol t67.252 transleTh8d frryn Ihè U￿r￿n￿e￿ fvnd lo thè eAd￿¥MeTrt fund represents the expenditure on Its en¢knEd proFerbes and the vTrres￿ed inrxjme r￿n￿sted into the inve*ff¢nt portloho dl of which are restriGtsd camal assets. EMPLOYEE BENEFIT OBLf¥ATIONS The chanty operates a defined oJntr*)ulions st￿me. Tr assets ol the scheme are l*ld separatety from those of the charity w an ￿dependenty adm￿lStered luTrJ. Thtr u)st dwge represents c￿t￿bUll0nS payable by the charity to the furKJ and am¢xJnted lo £5.744 {2022.. £5.6451. CC•)tri￿tthS totslling £7%(2￿22 - £8351 payatle to Ihe fiJr¥J al Ihe ba￿￿e sheet date and ars i￿ude￿ in credrtjrs. CAHTAL COMMITMENTS As at 31 Decernber 2023. Ih•r• wa5 a (Ornmltr￿nI to se￿8 th8 final ba￿r￿e ol th8 n•w ￿nhOuse projecl CDSt4 £6,688 ￿u$ VAT. The bJanc¢ was paK1 to Ihe 0)ntr￿lOron 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 Tn￿t AwKAatrJn Limited. regist8r8d charty number 215863 and registered c4)mpany nurTthr lJJ318358. The charity exists to make aVaila￿e the Shring ol Our Lady ol w￿￿n￿rn. a pl&e 0fpil￿Tr￿ge. The 0)n$￿￿ted 8cA￿rrtS 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 FIna￿la1 Statern8nts. e•ntinu•d for the Year Ended 31 [J￿rnber 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 n￿l0￿M ￿ase pay[￿nts T￿Nable 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 T￿01 35,TT8 31.183 Page 23 # **Walsingham College (Yorkshire Properties) Limited** _**Draft**_ Audit Findings Report For the year ended 31 December 2023 ## **Contents** |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|| 2 ## **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. 3 ## **(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 4 ## **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. **----- Start of picture text -----**
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
**----- End of picture text -----**
5 ## **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. 6 ## **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._**|| 7 ## **(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)|| 8 ## **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. **----- Start of picture text -----**
HEALTHCHECK
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DIAGNOSTIC
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9 ## **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 **----- Start of picture text -----**
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. 10 ## **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. 11 ## **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. 12 ## **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. 13 ## **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. 14 ## **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. 15 ## **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. 16 ## **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 17 ## **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. **----- Start of picture text -----**
FACTSHEETS
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18 ## **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. 19 **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