REGISTeRED COMPANY NUMBER.. 00440129 IEngland and wa￿5) REGISTERED CHARITY NUMBER.. 211331 Reportofthe Trustees and FSnan¢lal Ststements forth• Y•ar Endèd 31 De¢ember 2025 for Walsingham college (YoTkshiTe Properties) Llmited Walslngham College Iyorkshire Propertlosl Llmfjt Contents of the Financial Ststsments for the Year Ertd￿ 31 De¢ember 2025 Pago Report of the Trustees Report ofthe IndependentAuditoJ3 7 to 9 Ststsment of Financlal A¢UvfjUes 10 Balance Sheet Notes to tho Flnancial Statements 12 to 23 Dets¥led Statement of Financial Activitre8 24 to 25 Walsingharn college IYork8hir• Propertle$l Llmltsd Report of tho Trustoes for the Year Ended 31 Dgcember 2025 The Trustees present their annual report toaelherwith the audited financial stslements of the Charty for the perifyy 1 January 2025 to 31 [k￿mber 2025. The Trustees confirm that the Annual Report and financial stslements of thè company comply with the current statutory requirements, the r8quir8ment5 of the ￿mpanyS governing document and the provisicns of the Slalement of Recommended Practice ISORPI applicablè to charitEs p￿parIng th8ir accounts in accordanc* with the Financial Report5ro Standard applicable in the UK and Republ¢ of Ire18nd IFRS 102, effective from 1 Janu8ry 20191. Since the Charity qualrfie5 as Small under the sedion 383, the stralegic report required of medium 8r¥J large wmpanies Ur￿erThe Companies Act Istralegic Report and Direciorfs report) Regulations 2013 is rrfjt ￿qUIred Page 1 Walsingham college (Yorkshir8 Propertéesl Limited Report of thé Trust8es for the Year Ended 31 December 2025 08JECTIVES AND ACTMTIES Poliues and objectives The objects of the Charity are.. To advance the Christian religi￿ parti¢ul4rfy but not exdLLsivdy through supportiru Ihe guardianship and Maintenan￿ of the Shrine of Our L￿JY ofwalsingham. To continu8 to hold the freeho￿ messuage, land and property known as Pa￿vaIl Hall, AppletrevM¢k, near Skipton, in the County of York. iogett)er with ￿rtain furniture and effects therein, lo use the same for the religious or ollkr charitable purpose5 of the Shire Charity. To furni8h and frt out with all requi511e furniture and equir¥nent and maintain and manage the freehold prerni5es aforesaid a$ a Communty College, Hostel or Home for such ￿ligIouS or other charitable purposes a5 th8 Charity may delemine. To provide religious training for students and c2ndidates for Holy 0￿e[S and 8rTrr&e for lectu￿$ and relEats and prowde such rtC￿at￿n a5 may be c8lculated to Conduce to the equipment and effioency of students in the carrying on of their studies. To provide a Home or Rest for ckrgy as a means of physical and mental recuperatK)n forthose in need of rest. To ad)ieve this th8 charity undetskes the followng." maintain5 a ccrfrmunity college. hostel or house for religious or other charitsble purposts - prowdes the ￿ligiouS training for st￿ents an¢ candidates for hoty orders - prowdes a horne ofthe rest for c￿rgY as Means of physiG81 and rnentsl recuperation for those in need of rest b. Strategles for achievirvJ objectives The slr*ies employed lo assist the Charty to meet ils objEdiv85 included the following.. - The ongoing letting of the Par￿varI Hall a$ a retreat houye to the DI0￿$e of Leed5 (W85t Yorkshire and the Dale81 and in this context, the trainiry continues for both dergy and lay people. - C￿rgY and spouses continue to use Paw*vall Hll as a place for respite, refreshment and retreat. The creation and maintenanc8 of a high quality garden that is available for enjoyment of those that use the Hall and Ihe generdl publiq who pay to vi$rt the gardens. c. ACtni￿e8 for achieviry obiectivas The charitable Company k5 responsible for the maintenance of the house, c￿￿898$ and grounds at Parc8vall H811, Yorkshire. The Hall is now let on 2 pepwrcorn rent lo the Diocese of Leeds (West Yorkshire aThJ the Dales). The grounds are mainlained lo a h￿h stand&rd and a￿ open to the gerEral wblic. d Pay F)olicy for senior st8ff The pay of the senior leadetship team is reviewed annually by the tM)ard of Th￿ctorS. Pay is assessed according to an indiwdual's levd of reswn5ibility and is nomally adjusted to rtflect average earniros in the sector. e. Main activit￿5 undertaken lo futherthe Charity'5 purpo8e for th8 publr beneflt In Setting the charitys objectives and planning It5 activities the Directors have given Ca￿VI consideration lo the Charity Commission's general 9uIdan￿ on the public benefit and to its svpplemenlary guidance on the advan￿rnent of ￿ligIOn for the public benèfit. Pagè 2 Walsingham Collego (Yorkshire Propertie$l Limited Report of the Trustres for the Y•ar Ended 31 December 2025 The tnain areas of the charitable aL#ivity are the maintenanc£ of the Hall, cottages. grounds and land situated at Par￿v￿1. The gard8n8r5 are a5515ted in the maintenance and upkeep of th& gardens by a number OF volunteers. who wnlribute Epproxirnately 800 hours ol lirre eath year. The Directors consider that these activit￿$ provide benefrt both lo those who use the Hall and gardens fcr religlOUS trainiNJ and for retreat and for the general publrc who can enjoy the recreational aspEcts ofthe garden$. The Directors continue to focus on ways to enhance the aweal of thè g8rdans whilst managing and whare possiblè r8duGing ¢osls. ACHIEVEMENT AND PERFORMANCE . Review of acbvrt A￿angernerts for the 0￿0￿ls letting ofthe Hall conts.nue with a lease CUTrently vested in the Diocese of Leed5 (AngI￿an1. Phill Nelson conlinu8d in his role as Head Garden8r leading a team to produce a high quality garden for the h￿der public that visit the garden5. b. Inveslrnent policy and performance Charity invests in cash resources. short term deposits and investments listed on the stock exchange. Brown Shipley, firm of investrnent managers, rnanages the stock exchange inve5tment5 on behalf of the trustees. Investments are made in a¢eordanc8 With the Parent Ghanty's IWa18irGham Co118ge TrustAssocialionl Invèstmenl Policy. In the a¢counting period io 31 DeTrmber 2025. an overall gain of £355.778 was made on investmen15. compared to the £114.921 overall gain in the period to 31 De¢emL￿r 2024.The total gain of £355,778 con5i5ts of thè £43,795 gain reali5ed and of £311.983 gain unrealised. FINANCIAL REVIEW Reserves and gOLrtg ¢onc¢m It is the policy of the Charity that unr85tricted funds which have not been desynated for a 8￿CIfiC use shoukl be Tnaintained at a level equivsknt to betsveen three and six month's expen￿th￿. The Trust888 consider that reserves at this kvel will ensure that, in the event of a significant drop in funding, they will be able to continue the charrtys current aclNities whi18 )n5ideration is given to ways in which additional funds may be raised. This level of reserves has been rnainlained throughout the period. The net movernent in funds for the year was an increase of £323,883 12024". increase £94,￿1. The e¥pended resour￿ in ￿rIOd exceeded incoming resourc£s by £31,895, before the gain on inveslrnents. The Memorandum of Ass¢xialon prohit4.ts div￿endS and consequenuy none have been paid or purposed. At 31 0ecernb8r 2025, the fund balan￿S were unrestricted £197.411 and 8ndowrnent £3,754,297 12024.. £188,213 and £3,439,812 ￿speCtiVelY). The￿ has been ￿Ofj donated by Friends of Par￿vaIl Hall Garden5 in the period and a further £174 wa5 re*weLI by TS Perrus and Susan PM Hampson. After making appropriate enquiries. the Trustees have a reasonable expectation that the Charity has adequate resource5 to continue In op&rational existence for the foresee8ble future. For th￿5 rea50n they continue to adopt the going COn￿M basis in preparing the financial statements. Further details wardir& the adoption of the goin9 con(*m basis can in the Accounting Policie5. Page 3 Walslngham College (yo￿shITe Propvrtifjsl Llmltsd Reportofthe Trustees for the Year Ended 31 December 2026 FwfuRE PLANS a. Future developments The activit￿$ Outlin￿ abovt wlll rx)ntlnue Infomiatlon on fundraising practlc88 Wa15iroham College (Yorkshire Pr¢Jpertiesl Limited d￿8 not u￿ertake any fundraising act￿￿85, eithar direcuy or u8ing an agency. As suth. we do not cUr￿n11Y subscribe to a fundraising code or ￿gUlatIon We are not aware of any failures, during the year er￿ed 31 De￿mber 2025 12024 none), by the Charity or any person acting on its behalf, to compty with our fundraising stanllards. nordid we receive any complaints a￿ut fundraising adiwty. STRUCTURE, GOVERNANCE AND MANAGEMENT Charity con8titutfjon The Charity 15 a private charitable company limited by shares and was set up by a Trust deed. company was established under a Mernorandum of Association which Sets Out the objects and power5 of the Company and is governed under its Articles of asso¢iatson. The rAJmpany wa5 also ￿lStered with th8 Charty C(mmisgon ￿ 25 September 1*2 and is a registered charity n￿ber 211331. The Charity was incorporated on 1 Septernber 1947 and coMMen￿d trading on that date. The prinupal objedwe ol tl* Charity is to prowde the maintenancg of the H811, cottages. grounds and land situated at Partsvall, Yorkshire. TIEre have been no chang&s in the objectNes Since the Last annual rew)rt Method of appointrngnt or ele¢tlon ofTrustses management of the Charty is the responsibilty of the Trustees who are electsd and co-opted under the lerrns of the Trust de8d. The Trustee5, are also the directors for the purpose of company law. New directors are appointed by a majority deCiS￿n of tt)e shareholders. Oryanisational structuTr and dec181on makln9 Walsingharn col￿ge Iyorkshire Propertie51 Limited has a management board of up to eight mernb&rs who meet quarterly, responsible for the strategic direction and policy of th8 charity. At present the board has 58ven rnember5, from a variety of profe55ional ba￿grOund$ r&￿vant lo the work ofthe ¢harty. Th8 seven rnernters also act as directors of the cornpany. Poll¢l&s adoptsd forth? Indudion and training of Tru5t885 Appointfftnts are rn￿8 having regard to the ski115 and experien￿ of the indiv￿ual concemed with a view to maintaining a balance of expertise on the There is no formal Fx)licy in pL8￿ regarding inductv)n and training Related party relationships The Charity has a long running connection with Walsingham Colkge Trust Association Limited, and dunry tTr￿ financial year ending 2013 became a wholly owned subsidiary Company of Walsingharn College Trust Associafr'on ￿rnIted. The Iwo ¢hdrtbes shar& the sa￿￿ regk5tered Offi￿-The Shrine OffTh, WaL8iryham Norfolk. Risk rnanagemont The Trustee5 have asses8ed the major risks to which Ihe Charity 18 expos8d, in parucular Ihose rdat8d to the 0￿ratiOnS and finances of the Charity, and are Satisfied that systerrts and procedures are in place to mitigate our exposure to the rnaj¢r ri5k5. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 00440129 IEnglaN£ and Wales) Regl8tsred Charity nurnb•r 211331 Page 4 Wal$ingham College Iyorkshlre Propgrtie$l Lirnitsd Report of the Tru$t¢e$ for the Year Ended 31 De¢ember 2026 RegisteT8d office Shrine Office Walsingham Norfolk NR226EE Trustees The Rev'd B aell Sir R Mantle The Rewd J Sheehy Father P Cartwright MrJ E McQuatsr Canon P A Tumer MrCMRead Auditor8 Larking Gowen LLP Chartered Accountants Statutory Auditors 1st Floor Prospect House Rouen Road Norwich NR1 1RE Solicitors Hayes & Storr, 18 Marf(et Place, Fakenham. Norfolk, NR219BH Bankers 8ar¢lays Bank. 17 Market Place. Fakenharn, Norfolk. NR21 98E TRUSTEES. RESPONSIBILITY STATEMENT Trustees (who are a150 DI￿￿Or$ of Walsingham Co1￿9& Iyortshire Properbesl Limited for the purposes of cunpany lawl are r85pon5ible for p￿paring the Trustees, Report and the financial slalements in acccrd?n￿ wlh applicable law and Unrted Kingdom Accounting standa￿ (United Kingdorn Generally A¢￿pted Accounting Prac￿￿1. Cofflpany law requi￿$ Trustees to prepare financial 5tatern8n15 for each financial year. Under company law the TNstees must not approve the financial stslements unless they are satisfied that they give a true and fair vlew of the stste of affairs of tIE charitablÈ company and of the [r￿OMIng re50urce5 and applicabon rt$ou￿$, including the income and expenditure. of th8 charitable cornpany for that period In preparing these financial statements, the Tru5tee5 are requi￿￿ to. - Select surtable ac¢ounting polrE8 and then apply them consistendy", - Observe the methods 8nd prinCip￿S in the Charities SORP". - Make judgernents a¢wunting estimates that are reasonable and prudent", P￿pare the financial statements on the going concem basis unless il is inappropriate to presurne thal the charitable company will ¢￿tinUe in operation. The Trustees are ￿sponSible for keeping ad￿uate accounting ￿COrdS that a￿ sufflcEnt to Show and explain th8 charitable cxJmp2ny's transaction5 and disclose with reasonable accAJracy al any lime the finsncial posrtion of the charitable company aryj enable them to ensu￿ that the financial statements comply wth the Companies Act 20(b They are aL80 responsibk for safeguarding the as5et5 of the charitable company and hence for taking reasonable Steps for prevention and detection of fraud and other irregularities. rM8cIo8tsre of inforniatbon to auditois Ea¢h olthe persws who are Truste8s at th8 tirnowhen the Tw5tees' Report i8 approved had confirmed that.. So far as that TrLL8tees is aware. there is no relevant aL¥Jit inf0m￿tIOn of which the d)aritsble wmpanys auditor5 ar8 unaware, and - That Trustee has taken all the steps that ought to have been taken a5 a Trustee in order to be awa￿ of any rdevant audrt information and to establish thatthe charitable companys auditors are aware of that information. Approved by order of the board oftrustees on.... and signed on its behalf by.. Page 5 Walsingham College IYork8hire Propertlesl Llmited R*port of th8 Tru5te88 for the ear Ended 31 D¢¢ember 2025 Sir R Ma￿t￿-TrUStee Page 6 R8POrt of th8 Indop$ndentAudltor6 to ts M&mber of Walsingharn Gollege (Yorkshire Prop•rtS081 Lfjmlt Oplnion We have 8udited the financial staternents of Walsingham Colleg8 (Yorkshire Prop8rti851 Limited ltt)e 'charitsble cunpany'l for the year er￿e￿ 31 DÈcembÈr 2025 whKh comprise the Staternent of Finantyal A¢bvities, the Balance Sheet and notes to tt)e financial statemen15, induding a Summary of significant aecounting poliues. The financial reporting framework that has been applied in thair preparation is applicab￿ law and Unitéd lfjngdom Accounlro Stsndards Iunited Kingdom Generally Ar￿pted Accounting Praclicel. In our opinion the financk81 stat8rn8nts'. give a true and fair view ol the state of the charitsble company'5 8ffairs as at 31 December 2025 and of its irtoming resources and applicabon of rÈsourrEs, including its incoFrE and expenditure, forthe yearthen ended., have been prorErly prepared in aC￿rdance with Unrted ￿ngdoM Ger*rally Ac￿pted Accounting Prac11￿", and have been prepared in accordan￿ with the ￿qu1￿ments ofthe CoMpan￿S Act 2006. Basis for opinion We conducted our audit in accordance with Intemabonal Stsndard5 on ALérting IUKI IISAS IUKII and applicabl8 law. Our re5pon5ibilities under those standards are further described in the Audrtors, responsibilitie8 for the audit of the financial statements se¢110n of our report. We are independent of the tharitab￿ company in accordan￿ wrth the elhiG81 requirements that are relevant to Qui audit of the financial ststements in the UK, Including the FRC'$ Ethic21 Standard, and we have fulfilled our olh8r ethKal re5pon51bilities in accordanc* with these requirements. believe that the audit evidence we have obtained 15 suffitsent and appropriate to prOV￿e a basi5 for our opinion. Conclu8ion5 relating to going concem In auditing the finanual slalements. we have concluded that the trustees. use of the g￿ng rxjncem basis of accounting in the preparab.on olthè finanual statements is apyopriate. Based on the work we have perforrned, we have not identified any material uncertaintE5 relating to events or condition3 that, individually ￿ collectively, may cast sgnrfi¢ant doubt on the charitable company's ability lo ￿ntinue as a going ￿nCeM for period olat leastlwelve month5 from wh8n the fina￿la1 statements are aulhori8ed for issue. Our responsibilities and the responsibilities of the Iru5tee5 Wlth respect to going Con￿rn are described in the ￿levant sectior6 of this report. other information The trustee5 ale ￿spOnsIble for the other infornation. The Other infom)ation comprises tr￿ information [r￿l￿ded in the Annual Report. other than the financial 51atement5 anLI our Report ofthe Independ8ntAuditor5 thereon. Our cpinion on the financial statements doe$ not cover th8 Other inforrrn4tion and, ex￿pt lo the extent otherwise expliiylly stated In our ￿pOrt. we do not express any form of assuran￿ conclusion thereon. In ¢onrÈ¢tion ￿th our audit of the financial ￿atements. our responsibility is to read th8 Other inlomalion and. in doing so, consider whether the olher infomalion is materially inconsistent with the financial Staleffents or our knowledg8 obtained in the audit or otherwse appears to be materially misstated. If we identify such malerKql inconsistenoes 01 apparent materi81 m￿State￿￿￿ts. we a￿ requiod to determine whether this gives rise to a rnaterial misstsleff*nt In the financial staternents themselve5. If, based on the worf¢ we have perforrrEd, we conclude that the￿ 1$ a material misslaternent of this other information, we are required to report that fact. We have nothing lo report in this regard. Opinions on other matters proscribed by thè Companies Act 2006 In our opinion. based on the work undertak8n in the wurse of the audit.. the information given in the Report of the Twslees for th8 finanaal yèar for which the financial ststemènts ara pr8pared is consistentwlh the finanoal statements,. and Ihe R8POrt Oft￿ Trustaes has been p￿pared in axordanc8 wth applicabk *al requ1￿Ments. Paga 7 Report of the Independent Audltor8 to the Membpr of Walsingham CollÈyo Iyorkshire Properbesl Llmlted Matters on which we are requijpd to ￿pOrt by 8xc8ption In th8 light of the knowledge and understanding of the chantable Company and its environment obtsine(J in the CL)urse ol the audrt, we have not identffj￿ matsrial misststements in the Report ofth8 Trustee8. We have nothiThJ to report in resrEct of the following matt8r5 where the CompanEs Act 2006 requires US to report to you rf, in our opinion-. adequate accounting *¢ord5 have not been kept or ￿turnS adequate for cur audit hav8 not been r￿1Ved frorn branche5 not visited by us., or the financial stalerrtnts are not in agr88rn8ntwith the a￿Oun1￿ rtcords and returns,. or rtain disdosures of trvstees, ￿mUnera￿On specified bylaw are not made", or we have not received all the infomation and explanations we require for our audit.. or the twstees were not entrtled to tsk8 advantage of the small companies exemption from the requirement to prepare Strategic Report or in preparing the Report ol the Trustees. R•6pon$ibilitie$ of trust88S As explained more fulty in the Trustees, Responsibilities Stalernent, the trustees (who are also the directors of the charitable comp8ny for the purpose5 of company L8wl are responsbi le for the preparation of the financial statements and for being satisfied that they giv8 a true and fair view. and for such internal control as the tw$lee5 determine is necessary to enable the preparation offinanual statements that are free from malerol misstalemenl, whether due lo fraud or error. In p￿paring the financial stal&ments. the trustees a￿ responsible for assessing the Charitable corrpany'5 ability to continue as a going COn￿M. disd051ng, as applicab￿. matters related to going con￿rn and using the goin9 conTrrn basis of accounting unfe5s the trustees either intend lo liquidate th8 Charitab￿ company or to ￿ase opErations, or h8ve no reaist atternalive bul to do $0. Our re8ponsibilides forth• auditof tho financlal Statsments Our objectives are to obtain reasonable assurance about whether the finanod statement5 85 8 whole are free from material misstatement. whether due to fraud or error. and to is$ue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high bvel of assurance, bul 18 not a guarantee thst an audit COnd￿te¢l in accordance with ISAS IUKI will a￿ayS detect a material misstatement when it exists. Misststements can arise frorn fraud or error and are consid8r8d rnaterial rf. indiwdually or in the aggregate. they Could reasonably be exFeCted to influence econL¥lliC de¢i$ions of users taken on the basis of these finantyal slaternents. Tht extent to which our procedures are capabie of detectiro Negularities, indLKling fraud is detailad telow.. lffegularili8s, including fraud, are instances of non Limited Statementof Financial Activities for the Year Endod 31 Do¢•mber 2026 2025 Total lunds 2024 Total funds Unrestricted fvnds Restricted fvnd Endowment fund Notes INCOME AND ENDOWMENTS FROM DonatKins and legaaes 319 201 620 18.694 ChaTrtable actlvities Charitable activilkgs 113.764 113,764 98,490 Other trading activities Investrnenl incorne Other income 4833 96,402 9,434 4.833 96.402 9.434 4,541 114,438 5.552 Totsl 224,752 201 224,953 239,715 EXPENDITURE ON Raising funds Investment management eosts 19,494 19.494 18,790 19,494 19,494 18,790 Charitable actlvltles Charitable 3clivities Governan￿ costs 226,159 11,195 226,169 11.195 229.707 11.177 Total 237.354 19,494 256.848 259,674 Net gain8 on investrnents 355.778 366,778 114.921 NET INCOMEIIEXPENDITUREI 112,6021 21.800 201 12011 336,284 121.5991 323.883 94,962 Tr4nsfern bett¥8en funds 20 Net mov•m8nt in fund8 9.198 314685 323,883 RECONCILIATION OF FUNDS Total fund$ brought foward 188,213 3A39,612 3,627,825 3.532,863 TOTAL FUNDS CARRIED FORWARD 197A11 3,754,297 3,951,708 3,627,825 Summary Income and ExpendltureA¢couni Totallynd$ Totalfunds 2025 2024 Gros5 Tncome Les5.' total expendlture Net lexpenditurel 224,953 237,354 112,4011 239.715 240.884 11.1691 The notss fomi part of Ihese financial $tstements Pag610 Walslngham College IYorkshlr& Pmpetrtesl Lirnitsd Balance Sheet 31 Dteember 2025 2025 2024 Notes FIXED ASSETS Tangib￿ assets Investments 14 15 672,036 3,100,032 681,375 2.n4,356 3.772.068 3,455.731 CURRENT ASSETS Stocks Dabtors Cash at bank and in hand 16 17 1,914 25,610 176,587 21,020 172,963 204,011 1￿.013 CREDITOR5 Amounts falling due within one year 18 124,37ti 123.9191 NET CURRENT ASs￿s 179,640 172.094 TOTAL ASSEfs LESS CURRENT LIABILITIES 1951,708 3.627,825 NET ASSETS 3,951,708 3.827,825 FUNDS Unrestricted funds.. Resetves Share capitsl 20 197,406 188,208 197,411 188,213 Endowmentfund5." Endowmenl funds 3.754,297 3,439.612 TOTAL FUNDS 3.951,708 3.627.825 These financial statements have been pr8par8d in accordance with the provisions appI￿able to charitable compan subj the small companies r8gim8. The an nual staternents were approva1 by the Board ol Trustees and authorised for ks5ue on re sigrEd on it5 behalf by.. Sir R M8nU8- Trustee The note$ fom part of these financial 5tatenknts Page11 WalBingham Colleg• IYork$hire Properbesl Limitod Nots¥ to the Financial Statements fortho Y•ar Ended 31 Dgc¢mb&r 2026 ACCOUNnNG POLICIES B8Si8 of preparing tho financlal statornents financial statsrnenls have been prepared in xcordance with Accounting and Reporbng by Charilles.. Staternent of Recommended Practice applicable to tharilies preparing their accounts in attOr(lan￿ with the Financial Reporbng Stsndard appI1¢ab￿ in the UK and RepubliG of Ireland IFRS 102. effective 1 January 20191- (charit￿s SORP IFRS 10211, the Finanual Repotting Standard applicable in IIE UK and Republic ol Ir81and IFRS 1021 and th8 Companies Act 2 Walsingham College (Yorkshire Propert￿$) Limitsd rn8ets definiti￿ of a publi¢ benefit entity U￿er FRS 102. Assets and Ii8trMlitie$ are inrtialty recognised at historical cost or tonsactron valLE unless othe￿158 Stated in the raevanta￿0UNtPng policy. Company status The Charity is a company limited by shares, registered in EnglaThJ and Wales Sha￿$ Sre held by Walsingharn College TrustAssociatKn Limited. Going ¢on¢érn The trustees have considered the charity's po$itK>n at the limè of svjning tha financial 8tsteTrEnts and have also considered the Current financial strength of the Chsrity. Based on this, the trustees have concluded th8t they have a reasonable expeclalDn that the Charity will have adequate resources to continue in operational existence for thè foreseeable futurt, and 8t least Iwdve rnonlhs from the date of s￿jning these financial slatsrnents, they ther8fora continue lo adopt the going concern basis of accounting in preparing the58 financigl ststements. In¢om• All income 15 reccgnised On￿ the Charity has entitlement to the income. It is probable that the income will be r8ceived and the amount of income ￿￿￿able can ￿ measured rel18￿y. Income from donatk)ns and grants, includSng capital grants. is included in incoming resources when these a￿ re¢eivab18, except a$ follows." - wtren donors speufy that donaticn5 and grants gnien to th8 Ch8rity must be used in future aC￿un￿.ng periods, the income is deferred until those periixJ$. - when donors impose conditions which have lo bp fvlfill8d before the Charty bewmes entitled to use such in(X)r￿, the intome is deferred and not Indud8d incoming r8sourtss until the pretondrtion5 for us have been met. wlkn donors 8pecfy that donations and grants, not including capital grant5, are for particular restricted purposes, which do not amount to ye conditions regardin9 enb"Iletnent, this incxjme Is In¢￿￿ed in incoming resourc85 of restricted funds when receivable. In¢om& from p*formano-related grants is rec¢gnised when the Charity h85 met the crlterfa and has b8come entitl￿ to the resources. Incorn8 from sale of plants and other item5 produced by the Charity for sa18 in shop aTr included as In￿MI re50urce5 Within activit￿5 fNgenerating funds whsn they are sold. InLY)￿￿ from letting of cottages and opening of the grcAJrKl$ to the public is rec￿nIS￿ as it is received and Is IndUd￿ a5 incomiry resour¢x5 frcrn charitsble acbvibes. Investment inccme 18 incI￿led when receivable by the Charrty. Expenditure Expenditure 1$ recogni%ed ence there is a legal or constructive obligatKin to transfer economic L￿efit ¢0 a thlrd party. It 15 probable that a transfer of economic benefit5 will ie requir￿ In settlement ar￿ the amount of the obligation be measured reliably. Expenditure is classified by aGtivty. The ￿1$1$ of each activity are made up of the total of direct Costs ancl Sha￿d costs, including support costs involved in undertaking each activity Direct costs attributsble lo a Sing￿ athvity are allocated diredly to that activity. Shared costs which contribute to more than o activity and 5UPPOrts r￿StS whid) are not attributable to a singl8 activity a￿ apportioned batween those ac*ivities on a basis consistent wrth the use of resources. Central 51aff ¢08ts are allocated on thè basi5 of time spent. and depreciatk)n charge5 allocated on the portion of the assefs use. Fundraisin9 costs ar8 those in¢urred in 588king voluntsry ¢ontributs'ons and do not include the costs of disseminating Infomation in Support of the charitable activities. Governanr* ¢o$ts are those incurred in c*nnection with adminislraty.on of the Charity and Complian￿ wth constitutional and statutory requirements. Pag8 12 (tntinuas... WaFsingham ¢olleg¢ (Yorkshiro Propertle$l Limited Notes to the Financial Statements. continued for the Yèar Ended 31 December 2025 ACCOUNTING POLICIES. Contlnued Expenditure Costs of generating fvTKls are wsts incurred in attradin9 voluntary inccrne, and those incurred in trading activitE5 that ra6e fund$. Tanglble fixed a888ts and deprg¢i•tion All assets costing more than £500 are caprtalised. A rewew for impairment of a fLKed asset is carried out if event5 or changès in clrcumstsn￿s indicate that the ¢arrying value of any fixed asset may not be recoverable. Shortfa115 between the carrying value of fixed assets thwr recoverabl8 8rn0unts are recogni$￿ as irnpairrnents. Impaiment losses are recognised in the Statement of Finanoal A¢tivthes Inc(wporating Incorne and Expenditure Account. Tangible fixed assets a￿ ¢arrial al cost, net of depwiation and any pro￿ls￿￿n for impairment Oepreoation 1$ prowded at rates eAlrAJlalad to write off the cost of fix8d a558ts, less their estimat￿ residual value, over th*r exFÉCted useful lives on the following ba8e5.' Freehold land & building5 Plant and machinery Fixtu￿$ and fittings Not depreciated 5% strdight Ilne 15.kn ￿dUang balance No deP￿clat￿n has been charged on land and building5 as It has an indefinitdy long useful lifè. Stocks Stocks are valued at the lower of cost and net realisable valu8 after rnaking due allowan￿ for Obso￿te a $low-moving stocks. Intsrest receivable Interest on fvnd5 held on deposit is Includ￿ when receivabkg 8nd th8 amount can be measuroj reliably by the Charty, thts is normally upon notthcation of Ihe interest paid w payable by the Bank. Debtors Trade and other debtors ar8 recogni5ed at the setllement emount after any trade discount ofFerd. Prepayments are lued at the ￿ount prepaid net of any trade discounts due. Cash at Bank and In hand Cash at bank and in hand include5 (ash ar￿ short terrn highty Ilquid Invesbment5 Wrth a short matunty of thre8 months or less frorn the date of acquisition or opening of the deposit or similar account. Liabilities and provi5ion$ Liabilit￿5 are recognised when there 15 an Dblyab"on at the Balance Sheet date as a ￿$￿11 of a past event, it Is probable that a transfer of 8conomi¢ benefit will be required in Settle￿n( and the amount of the settlement can bè estimated ￿lIablY. Liabilities are recognised at amount that the Charity anti¢ipatss it will pay to settle the debt or the amount it ha5 reTrbved as advanced payrnents for goods or seNic85 it musl provide.Provisions arè Ea5ured at tt)e best estimate of the amounts ￿UIred to s8tlle the obligats"on. Imiere the effect of the time value of money is rnaterial, the provision 1$ based on the present Val￿ of thos& amounts, di$￿Unted at the pre-tax discount rate that reneds thè risks spècrfic to the liability The unwinding of the discount is recogn￿￿ within interest payab an¢ simi18r charges. Inv8Stments Inveslrnents are a fomi of basic financwl instrument and are initially reG[Sn￿ at Iheir transaction value and subsequentty measured at their fair value as at the balan￿ 8h88t data USI￿ the closlng quotsd market prKe. The Statement of Financial Aclivrties Incorpurating Income and Expendrture Account includ85 the net gains and 108888 ari*ing on revaluation and d￿pOsal$ throughout the year. Financial instrumènts P￿e13 continued... Walsingham College (Yorkshire PrO￿rties) Llmltsd Notes to the Financlal Statgm8nts- continued for the Y￿r Ended 31 December 2025 ACCOUNTING POLICIES- continued Except for investments, the Charity only has financial assets and financial liabilities ol a kind that qualrfy as basic finanual Instrument5. Basic fin8ncial instruments are inilialty recogni5ed at transaction value and subsequent measured at their $elYement value with the exception of bank loans which are subsequently me28ured at amorti50d Jst Using the effective interest mett)od. Fund Aeeounting General funds are unreslricted funds which are availa￿8 for use at the discretion of the Trustees In furtheran￿ of the general objective$ of the Charty and which have not been designated for other purposes. The Endowment Funds represent those assets which rnust be held permanendy ty the Charty. In respect of the investments these are managed according to the Trusteès Inveslment Policy. The income arising from tha investments is deemed lo be ￿n￿$t[ICted Incomè. Restricted fijnds are funds which art to be used in accordan￿ wlh Specific reslri¢lions irnposed by donors or which have been raised by the Charity for particular purposes The costs of raisirG and administering such funds are charged against the specific fur￿. The aim arKI use of 8ach restricted fund Is set OLrt in Ihe notes to the finanual slatemenls. Investrnent income. gains and losses are aNocated to the appropriat8 fu￿. Pensions The Charity 0￿rateS a defI￿d Contributi￿ p8n8ion scJ)eme the pension d)arge repre5ent5 the amounls payable by the Chanty to the fund in respect ol the year Critical accountlng ostimatos and ar8a8 ofludgement Ests"mate5 and judgements are continualty evaluated and a￿ based on historical experi8nc8 and dher farAors, including expectations of future events that are believed to be reasonable underthe circumslan(*s. Crrts¢al ?¢LountiNJ estimates and a$sumption$", The Charity Makes e8timates arn1 as5umplion5 con(*rning the lulure. Th8 resulting 8¢¢ounting estirnztes 8nd a55umptions will, tsy definition, seldom equal the related actual results. The estimates and assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next rinanual year are diScus￿d below. Useful economic lives of tsngible a￿et¥ The annual depreciation charge for tangib18 a55&ts is s&nsitnie to changes in the useful econornK lrfe and residual value of the assets. These useful economic Iwes and residual values are rwsse55ed annually. They a￿ arn8nded when ne￿Sary to reflect current e51iMates, based on tethnological advancement. future investment eCOn￿nIC utilization and the physic￿ condition of the a$sel. See note 15 for the carying amounts of tangible fixed assets and the accounting policy for the useful economic lives of ea¢h ¢kss of a55et DONATIONS AND LEGACIES 2025 Totsl funds 2024 Total funds Unrestricted funds Restricted funds ENlown*nt funds Donations 319 201 520 16,694 Page 14 continued.. Wzlsingham Coll*ge Iyorkshlre Properttesl Llmitod Not05 to tho Financlal Stat¢ments . continued for th• Yèar End￿ 31 December 2025 OTHER TRADING AGTIVITIES 2025 Total fund$ 2024 Total fund5 Unrestricted furK15 Re5trided funds Endowment fU￿S Fundraising income 4,833 4,833 4,541 INVESTMENT INCOME 2025 Total fund$ 2024 Total fund5 Unrestricted furKI$ Resknctsd funds Endowrnent funds Investment inrx)me 96,402 96,402 114,438 INCOME FROM CHARITABLE ACTIVITIES 2025 2024 Ga18 and tour Inccrne Réntal income charitab￿ activilh85 Charrtabkg 8etivrt￿s 81.869 31,905 e7,020 31,470 113,764 98,4go INVESTMENT MANAGEMENT COSTS 2025 Totsl fund5 2024 Total fund$ Unrestrict fijnds Restricted furKIs Endlxvrrent funds Porttolio management 19,494 19,494 18,790 CHARITABLE ACTIVIMES COSTS Direct Costs Isea note 81 Support cos15 Is80 note 91 Totsls Charitable activilk?s Govemance costs 226,159 226.169 11.195 11,196 228,159 11,195 237.354 Page15 contin￿... Wal$ingham College IYork8hirè Prop¢rbesl Limit8d Notes to thÈ Financial Statements- contlnued forthe Year Ended 31 Oe¢ember 2025 DIREGT COSTS OF CHARITABLE ACTMTIES 2025 2024 Staff costs Rates and water Insuran Electricity Telephona Postage and stationery Adverbsi Sundries Repairs 8nd m8intenance- equipment Repair5 and maintenanc&- ger￿[ Business rates and ¢ouncil lax Plant and seeds Books and subscriptions Tractor fuel and equipment Consultancy fees Other Professional Fees Disallowed VAT Depreciat￿n 110,401 3,324 17,245 IA12 662 227 7,267 3,699 3.377 105,459 2.384 12,924 1.520 721 142 6,412 2,507 4.145 8.471 1,861 9,125 1,998 638 46,347 2.354 8.788 13,911 2,106 8,107 125 1,263 44,156 4.090 12,150 226,159 229,707 SUPPORT COSTS Goveman Costs G0Vem8n￿ 11,195 Support costs, Induded In the above, are as foll￿.. Gov8mance costs 2025 Goveman C05t5 2024 Total activities Auditors. remun8ralion Attountaw and legal fee5 7,675 3,520 7.657 3,520 11,195 11,177 Pffje 16 eontinued... Wal$ingham College orkshlre Properties) Limited Notss to tho Flnan¢lal Statemonts- continued forthe Y•ar Ended 310ecember 2025 10. NET INCOMEIIEXPENDITUREI Net incomellexpènditural is stated after charyingllcr8dits"ngl. 2025 2024 Auditors, rernuneration Depreciation- owned a58ets Pension ¢￿St5 7,675 12.149 6,064 7,657 13,911 5,938 11. TRUSTEES. REMUNERATION AND BENEFrts During the yeai, no Trustees recaved any ￿Uneral￿)n or any benefrts in kind. Tr￿lee$. èxpenses The￿ were no trustee5' exk*nses paid for the year &￿ed 31 December 2025 nor for the year eThJad 31 December 2024 12. STAFF COSTS 2025 2024 Wages and salarfes Sccial 5e¢urty costs Other pènsion ￿sts 94.260 10.077 6,064 92,4C 7.115 5,938 110,401 105.459 The avera￿ monthly number of employee8 during the yearwas as follows.. 2025 2024 The key management personnel of the Charity cornpri5es the trustees and the Head Gardener. The total employee enefits of the key management personnel of the Charity were £36,96312024. £34,866) 13. COMPAFiATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Restricted fund Endowrn8nt fun Total funds INCOME AND ENDOWMENTS FROM tlonations and189a￿$S 16,051 16.694 Charitable activities Charitable a¢bvth"e$ 98,490 98.490 Othertrading actiMties Investment incorne Other income 4,541 114,438 5,552 4.541 114.438 5,552 Total 223,664 16,051 239,715 EXPENDITURE QN Rarsing fvnds Investment management C05t5 18,790 18.790 Page17 continued... Wa18ingham Colle IYork5hire Properties) Llmltod Notes to the Financial Statements- continuad forlhe Yèar Ended 31 December 2025 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTNinES- continued Unrestricted Re51riGt8d funds fund Endowrrent fund Total funds 18,790 18.790 Charitable activitios Charitable activities Govèrnance costs 229.707 11,177 229,707 11,177 Total 240,884 18,790 259,674 N8t gains on Investrnents 114,921 114,921 NFf INCOMEIIEXPENDITUREI 117,2201 1188,4921 16,051 116,0511 96,131 204.543 94,982 Tran8fer8 between fvnds Net movement in fund8 1205.7121 30D,674 94,962 RECONCIUATION OF FUNDS Tot81 funds broughtfomard 393,925 3.138.938 3,532,863 TOTAL FUNDS CARRIED FORWARD 188.213 3,439.612 3,627.825 TANGIBLE FIXED ASSETS Fixlures and fittings Freeho proFÉty Plant and machinery Totals COST At 1 January 2025 A(￿rtiOnS 691.981 47,696 147,268 2,810 787.144 2.810 At 31 Decernber2025 591,981 47.895 150,078 789,954 DEPREGIATION At 1 January 2025 Charge for year 47,896 57.874 12,149 106,769 12.149 At 31 December 2025 47,895 70,023 117.918 NET BOOK VALUE At 31 De(*mber2025 691,981 80.055 672,036 At 31 Deornber 2024 591.981 89.394 681,375 Page 18 continued... Walslngham College IYtsrk$hire Properties) Limited Notes to Ihe Flnoncial Statsrn8nts- contlnued for th• Ygar Endgd 31 Decembèr 2025 15. FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 1 Jsnuary 2025 Additions Disposals R8valustion5 2,774.356 981,568 1967,8651 311.983 At 31 De￿rntser 2025 3,100,032 NET BOOK VALUE At 31 Oecember2025 3,100,032 At 31 De￿rter2024 2,774,358 There were no investment assets outside the UK. 16. STOGKS 2026 2024 Guide books 1.914 2,030 17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Other debtors Prepayments antl accwed income 10,335 13.809 1,366 320 18,285 2,415 VAT 25,510 21,020 REDITORS: AMOUNTS FALLING DUE WITHIN ONE YÉAR 2025 2024 Trade creditors Social security other taxes Accruals and deferred income 1,263 4,690 18,4f8 370 5,825 17,724 24,371 23,919 Page 19 continued... Wal8ingham Coll8g8 Iyorkshire Propèrti¢sl Llmrted Nots8 to the Flnan¢ial Stat8ments. conttnutd forthÈ Year Ended 31 December 2025 19. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2025 Total funds 2024 Total funds Unrestricted funds Restricted fund Enclowment fund Fixed assets Inve51menls Current ass815 Current liabilities 17,771 654.265 3.100,032 672,036 3.100,032 204.011 124,3711 881,375 2,774,3 196,013 123.9191 204,011 124,3711 197,411 3,754,297 3,951,708 3,827,825 Analy818 of net as58ts belween funds- prior year Unrestricted fund$ EndownEnt fund 2024 Totsl funds Fixed assets Investments Current assets Current liabilities 16,119 665,256 2,7T4.356 681,375 2,774,356 19e,013 123,9191 1&8.013 123,9191 188,213 3.439.612 3,627.825 20. MOVEMENT IN FUNDS Net movement in funds Tonsfers At 31.12.25 At1.1.25 fuThI5 Unrestricted fund$ Rese￿e$ Share capital 188,20B 112,6021 21,800 197,406 188.213 112,6021 21,800 197A11 Rgstrtctsd lunds Re51rictsd 201 12011 Endowment funds Endowment fund5 3.439.612 336.284 121,5991 3,754,297 TOTAL FUNDS 3,627026 323.883 1961,708 Page 20 continued... Wal$ingham College (Yorkshire Properties) Limited Notss io the Finan¢lal Ststsm8nts- continutd forthè Yaar Ended 31 D￿ernber 2025 20. MOVEMENT IN FUNDS. continL*d Net movement in fuTh*s, inclLdgd in the above are a8 fdlow5.' Incorning resources Resourc£$ expended Gains and losses Movement in funds Unre8tricted funds Reserves 224,762 1237,3541 112,6021 Restricted funds Restri¢ted 201 201 Endovrnentfund$ ErLdowment fund5 119.4941 355,778 336284 TOTAL FUNDS 224,953 1256,8481 365,778 323￿83 Comparativ88 for movementln fund8 Net movement in funds Transfers beNveen funds At 31.12.24 At1.1.24 Unrtstri¢tsd funds Reserves Share capital 393,920 117.2201 1188.4921 168,208 393,925 117,2201 1188.4921 188,213 Restricted funds Restricted 16,051 116.0511 Endowm)entfvnd8 Endowrwnt funds 3.138.938 96,131 204.543 3.439,612 TOTAL FUNDS 3,532,863 94,962 3.627.825 Comparative net movement in funds, induded in the above are as Idlews". Incoming resources Resources expended Gains a losses Movement in fund5 Unrg$tri¢tsd funds Reserves 223.664 1240,8841 117,2201 Restricted fund$ Restrict 16,051 Endowment funds EndOW￿￿t funds 118,7901 114.921 98,131 TOTAL FUNDS 239,715 1259.6741 114,921 94.*2 Page 21 continued.. Walsingham Colleg• (Yorkshire Properbe$l Llmlted Notes to the Financial Statsrnents- contlnu for the Year Ended 31 De¢ember 2025 20. MOVEMENT IN FUNDS- continued A currant year 12 months arKI prioryear 12 month5 cfArbined posikn.on Is as follow8.. Net movement in funds Tran5fer5 bettveen funds At 31.12.25 At 1.1.24 Unre8tri¢lwl ￿ndS Reserves Share capital ,920 129,8221 11e6,6921 197.406 393,925 129.8221 1166,6921 197,411 Restrlctsd fund$ R8slrieted 16,252 116.2521 Endowmentfunds Endowmènt fund8 3.138.938 432,415 182,944 3,754,297 TOTAL FUNDS 3,￿2,863 418,845 3.951,708 A ¢Uffent year 12 months and wior year 12 rnonth5 combined net movement in funds, inclU￿d in the above ar6 as follows. Incorning resources Resour exp￿nded Gain5 and losses Movement in funds Unrestrfcted funds Reserves 448,416 1478.2381 129,8221 Restricted fund$ Restricl8d 1e.252 16,252 Endovrnentfunds Endowmentfunds 138,2841 470. 432.415 TOTAL FUNDS 464,668 1516.5221 470.699 418,845 The endowment fund comprises the historic ￿$1 of the PrO￿rtY at Partevall H811 plus the subsequent caprtal improvements tr)getherwilh the market value of the ¢hanty'$ Investsrent portfolio. Transfv￿ b8tsveen fvndB Transfers lo the end￿￿Trent fund represent expenditu￿ on the endthvaj prorkrt￿s and Investment in tha endowe(I invesbnent portfolK). P4e 22 continLEd... Wal8ingham Gollege Iyorkshire PrO￿rtIeS) Llmlt¢d Notss to tho Financial Statsrn8nts- continuod forthe Year Endèd 31 December 2025 21. EMPLOYEE 8ENEFITOBLIGATIONS Tha Chsrity operates a defined conlribubons pension scherne. The assèts ol thè scheme are separately trom those of th8 Charity in an indepEnd8ntly adfflini5tered fu￿1. The pension [￿st charge repr￿nts contribution5 payabk by the Chanty to the fund and amounta to £6.C6412024.. £5.9381. ContributK)n5 totalling £520 12024 - £1.6971 We￿ payable to the f￿nd at the balance sheet date and arè included in creditor5. CAPITAL COMMIThIENTS As al 31 D8￿M￿r 2025 Iherewer8 no capital wmmitsnents. RELATED PARTY DISCLOSURES There We￿ no rekta party transadions for the yearended 31 Decernber2025. 24. ULTIMATE CONTROLUNG PARTY The cornpany is bvholly owned by Walsingham College Trust Association Limit￿, registered char￿Y nurnbpr 215863 and registerecl company number 00318358. The Charity exist5 to make availab￿ the Shrine of Our Lady of Wa15ingharn. a place of pilgrimage. The consolidated accounts can be found filed wrth the Registrar ol Companp$ at Compank?5 Housè, Crown Way. Cardift, CF14 3UZ. 25. SHARE CAPITAL 2025 2024 Alk)tted, cslled up and fulty paKJ 20 ordinary shares of 25p each 26. OPERATING LEASE COMMITmE￿s At 31 December 2025 the total of thè Charilvs fututs minimum lease payrnents receivab￿ under non-eancéllable operating leases was.. 2025 2024 Amount receivabl8- Within 1 year Between 1 and 5 years 15.118 6.321 23,918 11.703 Total 21,439 35.621 P￿e 23 **Walsingham College Audit Findings Report (Yorkshire Properties) Limited** For the year ended 31 December 2025 ## **Executive summary** Dear Trustees ## **Audit Findings Report for Walsingham College (Yorkshire Properties) Limited for the year ended 31 December 2025.** We were engaged to undertake the statutory audit of Walsingham College (Yorkshire Properties) Limited as formally agreed in our engagement letter dated 23 January 2026, 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 2025 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. As required by ISA (UK) 260, the purpose of this report is to communicate our audit findings and record the discussions held with Matthew Cornisha and Ian Austin. 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 Ian Austin. 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 2 ## **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 Board /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. ## **Areas of potential adjustment** Auditing standards require that, where we identify any potential adjustments to the financial statements that we judge to be non-trivial, we must discuss these with you and ask you to correct any identified as misstatements. The potential adjustments identified are detailed in Appendix B to this report. 3 ## **Audit approach and significant findings** |**Risk and implication**|**Auditor commentary**|**Meeting discussion 27/3 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 the
stated accounting policy and the Charities SORP (FRS 102);
•
Specifically tested the donations in the year to supporting documentation;
•
Complete a proof in total for gate and rent income;
•
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.
**We identified no matters that require reporting and are satisfied that income is**
**not materially misstated.**|Noted. No matters to discuss further.| |**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:
•
Used our data analytics software to review 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._**|Noted. No matters to discuss further.| 4 ## **Audit approach and significant findings (continued)** |**Risk and implication**|**Auditor commentary**|**Meeting discussion 27/3 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, and further tested a sample of securities by
agreeing the values to published data; and
•
Completed analytical review on movements in the investment valuations.
**_We identified no matters that require reporting._**|Noted. No matters to discuss further.| |**1.4 Capital items**|Our review of repairs and maintenance codes identified three items that appeared to
be capital, but which were not capitalised. These totalled £3,842 and were a new oil
tank, a new office carpet and a new power washer.
Individually and in aggregate the amounts are immaterial, and the potential adjustment
are recorded in Appendix B.|Noted, but given value, no adjustment to be made
to the accounts| |**1.5 Operations update and subsequent**
**events**|Before concluding the audit, we would like to discuss with you:
•
Latest operating results and management accounts
•
Post year end minutes
•
Any significant post year end issues
•
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
•
Planned strategic changes
•
Other significant matters|Confirmed no matters impacting on financial
statements of audit report.| 5 ## **Other information** ## **New charitable company requirement for identity verification** You may have received notification from Companies House about new requirements for charitable companies for identity verification (IDV). If you have not already received such an email it is likely you will receive one in the coming weeks. **What are the changes -** In short, Companies House will shortly require ID verification for individuals including company directors, PSCs (persons with significant control), and persons filing on behalf of a company. ## **How do you verify IDs?** We recommend using the free Companies House online ID verification process as the most straightforward and cost-effective solution in most cases. Individuals can access the Companies House service at: Verify your identity for Companies House - GOV.UK. Alternatively, Larking Gowen is registered as an Authorised Corporate Service Provider (ACSP) and we can assist with ID verifications, as a charged service. Whichever identity route is chosen, if Larking Gowen assists you with Confirmation Statements and other filings, you will need to send your PCINs to us. ## **When do you need to act?** PCINs will become mandatory over the 12 month period from 18 November 2025. Timing depends on the roles of individuals: Individuals listed as directors at Companies House will need to provide their PCIN as part of the company’s next confirmation statement falling due after 18 November 2025. A director of more than one company or charitable company will need to confirm their PCIN for each company. Persons of Significant Control (PSCs) will need to verify their identity and provide their PCIN, but the timing depends on their situation: - If you’re a director, the code will be entered in the company’s confirmation statement; the number will also be filed using a separate PSC service within 14 days of the company’s confirmation statement date. - A PSC who is not a director of the same charitable company must provide their personal code via the PSC service during the first 14 days of their birth month. For example, if their date of birth is 22 January, the 14 day period will begin on 1 January. 6 ## **Other information** ## **Cash Platforms** A number of online cash-management and deposit platforms are now available to help organisations— including charities, businesses and individuals—manage their surplus cash more efficiently. These services act as a central hub through which users can access a wide range of deposit accounts from multiple UK banks and building societies via a single digital interface. This model is designed to simplify the process of finding competitive interest rates, while also reducing the administrative burden of opening and maintaining multiple accounts across different institutions. Typically, these platforms offer a unified onboarding process, meaning that once a single set of due-diligence checks has been completed, the user can place funds across numerous accounts without repeating identity or compliance steps each time. Services also provide access to both instant-access and fixed-term deposits, enabling organisations to structure their cash holdings according to liquidity needs, risk appetite and return objectives. Platforms often facilitate easy movement of funds to maintain coverage limits and reduce concentration risk. For entities holding significant reserves, this approach can be particularly valuable in balancing security, return and administrative efficiency. Fees and minimum deposit requirements vary between providers; some services charge an annual platform fee, while others are remunerated by partner banks. Many users view these platforms as a practical means of achieving improved interest outcomes while saving time on day-to-day treasury management. As your auditors, we cannot recommend specific actions or providers. However, if you would like more information about how such platforms operate or whether they may be suitable for your organisation, please let us know and we would be happy to discuss this with you. Research-driven information on participating banks, available interest rates and deposit terms is commonly provided, helping users monitor opportunities as rates change. A further benefit is the ability to diversify deposits across several regulated providers to maximise protection under the Financial Services Compensation Scheme (FSCS). 7 ## **Other information** ## **Charity financial thresholds changes confirmed** On 31 October 2025, the Government announced the outcome of its consultation on financial thresholds in charity law, led by the Department for Culture, Media and Sport (DCMS). Some thresholds, including the audit threshold, have risen to broadly reflect inflation; some, including the registration threshold, have stayed the same. ## **What’s changing?** The Government has opted for an increase of up to 100% in several key financial thresholds relating to scrutiny and financial reporting. These changes are anticipated to apply to accounting years ending on or after 30 September 2026. ## Key Threshold Increases: - Independent examination threshold: Raised from £25,000 to £40,000 income. - Receipts and Payments accounts option (non-company charities): Increased from £250,000 to £500,000 income. - Audit threshold: Increased from £1 million to £1.5 million income - Asset threshold for audit: Increased from £3.26 million to £5 million (associated income threshold increased from £250,000 to £500,000) - Group accounts preparation threshold: Increased from £1 million to £1.5 million income ## **A Key Impact: The Audit Threshold** ## **What’s staying the same?** Several thresholds related to transparency and regulatory permissions will remain unchanged, including: - Registration threshold: £5,000 - Annual return threshold: £10,000 - Filing accounts with the Charity Commission: £25,000 This approach maintains public oversight and transparency. ## **When will the changes apply?** These changes are expected to come into effect on 30 September 2026, applying to accounting years ending on or after that date. DCMS will need to take legislation through Parliament to introduce these changes, which is expected during 2026. ## **Reflections on the Consultation Process** In our view, the outcome reflects a balanced response to sector feedback. It acknowledges the Law Commission’s 2017 recommendation for periodic reviews and marks the first comprehensive threshold update since 2015. We welcome the outcome and the relatively swift implementation timeline, which allows charities to plan ahead while benefiting from reduced regulatory burden The audit threshold increase from £1 million to £1.5 million is particularly significant. This change reflects inflationary pressures since the last adjustment in 2015, when the threshold was raised from £500,000 to £1 million. 8 ## **Other information** ## **SORP 2026** The Statement of Recommended Practice (SORP) 2026 has been finalised. This document governs the information presented in a charity’s annual report and accounts. Mandatory for periods commencing on/after 1 January 2026, typically December 2026 or March 2027 year ends will be the first affected. Early adoption is permitted. ## **What are the main changes?** - ⎻ A new 3-tier approach scales disclosure requirements based on the size of the charity - Tier 1: gross income up to £500k - Tier 2: gross income up to £15m ## **What else?** - ⎻ Changes to recognition criteria and additional trustees report disclosures for legacies - ⎻ Enhanced, affirmative going concern disclosures - ⎻ ‘Programme related’ and ‘mixed motive’ investments now called ‘social investments’ with an amended definition and minor tweaks to recognition of associated income and expenditure - ⎻ Reduced disclosure of staff costs for tier 1 charities - ⎻ Changes to total return investment fund accounting, reflecting changes arising in Charities Act 2022 - Tier 3: gross income over £15m - ⎻ Removal of cashflow statements for many charities (broadly only required for charities with £15m+ income; previous threshold was £500k) - ⎻ A new ‘five-step model’ to determine income recognition policies for ‘exchange transactions’ (not voluntary income, but some grants may be affected) ## **What isn’t changing?** - ⎻ Activity reporting remains a requirement for charities with income of £500k+ - ⎻ Reporting of higher paid employees still starts at £60k - ⎻ Removal of the distinction between operating and finance leases; all leases now go on balance sheet unless subject to an exemption ## **Changes to narrative disclosures in the Trustees Annual Report:** - ⎻ Inclusion of cyber risk - ⎻ Consideration of impact - ⎻ Environmental reporting for tier 2; sustainability reporting required for tier 3 charities - ⎻ Increase in reporting on contribution of volunteers for larger charities - ⎻ More consideration of reserves; biggest step up for tier 1Explanations required of how legacies are included in the accounts 9 ## **Other information** ## **What are the main changes to FRS 102 that the new SORP must implement?** The main amendments to FRS 102 relate to revenue recognition and lease accounting, aimed to provide greater consistency and alignment to international accounting standards |**What’s changed**|**Considerations**|**Considerations**| |---|---|---| |**Leases**|•|Operating lease accounting will be replaced by a right-of-use asset and a lease liability on the balance sheet – i.e. a treatment similar to current| |The distinction between||finance lease accounting.| |operating and finance|•|There will be exemptions for short term and low value leases, meaning that these don’t need to be recognised on the balance sheet.| |leases is removed|•|Compared to international accounting standards, FRS 102 will have a higher threshold for low value assets meaning FRS 102 preparers won’t have to| |meaning almost all||recognise as many leases on the balance sheet.| |lessees will need to||| |include leases on the||| |balance sheet.||| |**Revenue**|•|Timing of income recognition may be affected.| |The amendments|•|Entities will have to identify the distinct goods and services provided to a customer and how much consideration the entity will receive in relation to| |introduce a five-step||each of these.| |recognition model for|•|Entities will in particular need to consider the treatment for contracts that have bundles of goods/services, variable consideration, warranties, customer| |revenue from contracts||options, or significant financing components (however these types of arrangement are rare for a charity)| |with customers, based||| |on the international||| |accounting standards||| |model:||| |||| 10 ## **Other information** ## **Charity Governance Code** _**refresh November 2025**_ The Charity Governance Code is a set of voluntary guidelines to help trustees ensure effective and trusted governance. The key point? It’s a practical benchmark for good governance, produced by a steering group of charity sector leaders and endorsed by the Charity Commission, but it’s not a legal requirement - it’s voluntary. The principle is “apply or explain,” meaning you don’t have to adopt every aspect, which is especially helpful for smaller charities. The Code was last refreshed with amendments to the sections covering Integrity and Equality, Diversity & Inclusion. ## **What's changed?** - The Code now has eight clear principles including a Foundation principle covering trustees’ core duties - Practical examples of “what good looks like” - Expected trustee behaviours for each principle - One Code for all charities - with flagged expectations for larger or staffed organisations. - Recognition of modern issues: environmental responsibility, digital governance, data ethics, and AI. ## **What does this mean for you?** We recommend you review your governance against the eight principles, if you haven’t already done so (or select just a few to start). This will highlight any areas where policies may need to be updated or training requirements. ## **Want to find out more?** Head to our website to read our latest blog post or follow the link to download a copy of the Code. 11 ## **Other information** ## **Larking Gowen App** The Larking Gowen, Chartered Accountants official app – for all your accountancy needs. Stay up to date with Larking Gowen news, blogs and events - wherever you are, whenever you want. - 5 reasons to download it: **1. Tax calculators** – for a variety of taxes to allow you to quickly calculate your liabilities based on a few initial pieces of data **2. News & blogs** – keep up to speed with instant access to our news and blog feeds to read on the move **3. QuickBooks & Receipt Bank** – instantly access your QuickBooks online and Receipt Bank apps allowing you to keep our all-in-one solution together **4. 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**5. Events** – get access to our events calendar and see what Larking Gowen is up to Download today from the Apple Store or the Google Play Store. 12 **PLEASE COPY OR PRINT THIS LETTER ONTO YOUR HEADED PAPER BEFORE SIGNING** the financial statements. Except as disclosed in the financial statements, the results were not materially affected by: **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 31/12/2025** 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, 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. - a. Transactions of a sort not usually undertaken by the charity. - b. Circumstances of an exceptional or non-recurrent nature. - c. Charges or credits relating to prior periods. - d. 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. ## **Areas of Potential Adjustment** ## 4. We acknowledge your duty as auditors to advise us of all non-trivial potential adjustments. We believe the effect of such items (as summarised below) to be immaterial, both individually and in aggregate, to the financial statements taken as a whole. In view of the amounts involved, the cost of making such adjustments outweighs any benefit to the users of the financial statements and we therefore seek to make no further adjustment to the financial statements.] |**Detail**|**Audit Finding**|**Type**|**Gross Value**
**(£)**|**WYCP (£)**| |---|---|---|---|---| |||||| |**Surplus per draft statutory financial statements**||||323,883| |||||| |Beingcapital items beingexpensed as repairs|1.5|Factual|3,842|3,842| |||||| |**_Total impact of unadjusted items_**||||**_3,842_**| |||||| |**_Surplus if adjusted_**||||**_327,725_**| ## 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._ - 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 ## 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 : ## **Appendix B: Summary of potential adjustment** **----- Start of picture text -----**
Gross Value
Detail Audit Finding Type WYCP (£)
(£)
Surplus per draft statutory financial statements 323,883
Being capital items being expensed as repairs 1.5 Factual 3,842 3,842
Total impact of unadjusted items 3,842
Surplus if adjusted 327,725
**----- End of picture text -----**
14 About us Fak•nham 26 Partners Trusted business advisors with a friendly one-to-one service Norfolk Nor¥rtich 400+ Our chartered accountants and specialist teams have years of knowledge and experience Employees Dkn- Suffolk Comprehensive accountancy and advisory service Offices Ideally placed to help businesses across: Norfolk Suffolk Essex Coldxrt Essex 6500 Clients 11 Larking Gowen Whatever your financial needs, Larking Gowen is committed to securing your future and helping you reach your goals. Committed to you. **Committed to you.** **Engagement partner Engagement manager Auditor in charge** larking-gowen.co.uk Julie Grimmer Chris Yeates Mann Merchant Julie.Grimmer@larking-gowen.co.uk Chris.Yeates@larking-gowen.co.uk Mann.Merchant@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