2020-12-31-accounts

Registered number: 00318358 Charity number: 215863

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

CONTENTS

	Page
Reference and administrative details of the company, its Directors and advisers	1
Directors' report	2 - 21
Independent auditors' report on the financial statements	22 - 24
Consolidated statement of financial activities	25 - 27
Consolidated balance sheet	28 - 29
Company balance sheet	30 - 31
Consolidated statement of cash flows	32
Notes to the financial statements	33 - 76

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 31 DECEMBER 2020

Directors

The Rt Rev'd J M R Baker (resigned 1 September 2020) Mr J D S Booth Ms A Mcintyre The Rt Rev'd P J North, Chairman and Master of The Guardians Mr A J Roberts The Rev'd Prebendary G C Rowlands The Rev'd H C Stoker Mr J S Downing The Rev'd P R Barnes (appointed 1 September 2020)

Company registered number

00318358

Charity registered number

215863

Registered office

The Shrine Office Little Walsingham Norfolk NR22 6EE

Company secretary

Dr B J T Hanson CBE

Independent auditors

Larking Gowen LLP Chartered Accountants King Street House 15 Upper King Street Norwich NR3 1RB

Priest Administrator

The Rev'd K Smith

Treasurer

Dr R Mantle

Page 1

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT FOR THE PERIOD ENDED 31 DECEMBER 2020

The Directors present their Annual report together with the audited financial statements of the Group and Company for the 1 September 2019 to 31 December 2020. The Annual report serves as a Trustees' report and a Directors' strategic report. The Directors confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

The Company is a registered charity responsible for the maintenance of the Shrine of Our Lady of Walsingham and provides accommodation and sustenance for the welfare of the pilgrims.

The parent charity also owns the entire share capital of Shrine Trading Ltd – the commercial company conducting the trading activities at Walsingham - together with two further registered charities Walsingham College (Yorkshire Properties) Limited and Walsingham College (Affiliated Schools) Limited.

Walsingham College Yorkshire Properties Limited owns and is responsible for the maintenance of the house, cottage and grounds at Parcevall Hall, Yorkshire.

Walsingham College (Affiliated Schools) Limited owned and operated Quainton Hall School in Harrow.

The structure of the group of companies allows the three charities to work closely together in pursuit of their respective charitable purposes.

Objectives and activities

a. Policies and objectives

The Charity acts as trustee for the College of Guardians of the Holy House and Sanctuary of Our Lady of Walsingham.

“The Shrine of Our Lady of Walsingham is a place of pilgrimage which exists to bring men and women into deeper relationship with God through encounter with Jesus, His Son. Pilgrimage reminds us that our whole lives are a journey with God to the joy of heaven, and at the heart of Walsingham is the Holy House where we celebrate Mary’s ‘yes’ to God. Inspired by her life and prayers, we aim to offer to people of all ages engaging worship, warm hospitality and creative educational opportunities.”

The Directors do not anticipate any significant changes to its objectives and activities in the foreseeable future and consider the state of the Charity and its Group’s affairs to be satisfactory.

In setting objectives and planning for activities, the Directors have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Main activities undertaken to further the charity's purposes for the public benefit

In setting objectives and planning for activities, the Directors have given due consideration to general guidance published by the Charity Commission relating to public benefit and in particular to its supplementary public benefit guidance on the advancement of religion. The Guardians of The Shrine of Our Lady are committed to enabling as many people as possible to experience that which The Shrine of Our Lady has to offer, whether this is through the act of pilgrimage or as a visitor or tourist.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2020

Objectives and activities (continued)

c. Staffing and volunteers

The Shrine is a major employer in the locality, employing as many as 75 staff, many of whom live in the village. The Shrine endeavours to promote a positive and pleasant working environment and there is a strong sense of loyalty to the Shrine amongst the staff.

The primary purpose of the Shrine is to honour Our Lady of Walsingham and to promote pilgrimage to her Shrine, known for centuries as “England’s Nazareth”. Staff and volunteers are encouraged to welcome all pilgrims and visitors and to ensure that the Shrine is a centre of excellence at every level.

The spiritual life of the Shrine, the pilgrimage liturgies and the daily pattern of worship is overseen by the Priest Administrator, Fr Kevin Smith, assisted by the Shrine Priest. The Shrine also relies on the assistance of local retired clergy and lay people to meet the demands of the pilgrimage season. The Priest Administrator prepares a rota of duties and regularly meets with those who volunteer in this way in order to express appreciation for their service. During the season a small number of experienced retired clergy are invited to assist with the Shrine’s ministry to pilgrims and visitors. An ordinand in training for the priesthood is given the opportunity to complete their summer four-week placement at the Shrine. The two Sisters of the Society of St Margaret from the Priory of Our Lady of Walsingham assist at the healing liturgies.

There is a good working relationship between the Shrine and the Parish Church in Walsingham. The Priest Administrator and the Parish Priest support each other in their work and ministry and share the celebration of the Church’s major feasts.

The Guild of All Souls continues to maintain a daily Mass in the Guild’s Chantry Chapel which is situated within the grounds of the Shrine under the care of the Chantry Priest, Fr Andrew Greany. He also undertakes some duties at the Shrine, including updating the weekly lists for Shrine Prayers and in the Shrine’s liturgies.

A dedicated team of volunteers assists the Shrine in its ministry of welcome to pilgrims and visitors. The Welcome Centre is staffed by volunteers who live locally and they help to ensure that all who visit the Shrine have a positive experience. Other volunteers from various parts of the country offer their services during the season through the Shrine’s volunteer scheme, whereby they offer 40 hours per week for up to two weeks in return for board and lodging. Appropriate safeguarding checks and formal inductions are carried out for all volunteers.

The three major pilgrimages in the year (The National Pilgrimage, the Youth Pilgrimage and the Pilgrimage for Healing & Renewal) benefit from the service of a loyal team of experienced volunteers.

The following statistics (in hours), lower than usual due to Covid-19 restrictions, still indicate the important contribution made by volunteers in fulfilling the objectives and activities of the Charity:

Volunteer Scheme:	56
Special events:	176
General Shrine & Pilgrimage Programme:	435
Welcome Centre:	1,095
Total:	1,762

These figures do not include the many hours of time given voluntarily by clergy and parish organisers who bring groups to the Shrine from many parts of the country and help care for them while they are on pilgrimage. An annual Leaders’ & Organisers’ Weekend is held at the Shrine to acknowledge the importance of their work and the Shrine’s appreciation of it.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2020

Structure, governance and management

a. Constitution

The Charity is owned by the College of Guardians who are the shareholders of the Company. There are currently two Lay Guardian vacancies and one Priest Guardian vacancy.

The Shrine Guardians are shareholders in WCTA and control WCTA as both its trustees and its shareholders. WCTA Ltd is sole shareholder in Walsingham College (Affiliated Schools) Ltd and Walsingham College (Yorkshire Properties) Ltd. This means the Shrine Guardians indirectly control both Walsingham College (Affiliated Schools) and Walsingham College (Yorkshire Properties) through their trusteeship and shareholding in WCTA.

The College of Guardians elects the Trustees, who are also Directors for the purposes of company law, from amongst their number and they serve for a term of three years after which they are eligible for re election. The Directors are elected to bring to the Charity a broad range of skills and backgrounds. In 2020 the Directors were:

The Rt Rev’d J M R Baker (resigned 1 September 2020) Mr J D S Booth Ms A Mcintyre Rt Rev'd P J North (Chairman and Master of the Guardians) Mr A J Roberts The Rev'd Prebendary G C Rowlands The Rev’d H C Stoker Mr J S Downing The Rev'd P R Barnes (appointed 1 September 2020)

Walsingham College Trust Association Limited was incorporated as a private company limited by shares on 9 September 1936. It was registered as a charity on 16 January 1963 (registered charity number 215863).

The Company was established under a Memorandum of Association which sets out the objects and powers of the Company and is governed under its Articles of Association.

The Memorandum and Articles of Association were established on incorporation, being the 9 September 1936 and later amended by special resolutions of 8 June 1948, 6 December 1949, 4 April 1950,14 June 1960 and 4th October 2011.

b. Methods of appointment or election of Directors

New Directors are appointed from the Guardians by a majority vote of shareholders. Appointments are made having regard to the skills and experience of the individuals concerned with a view to maintaining a balance of expertise on the board. There is no formal policy for the induction and training of new Directors in place at the moment. However, this is something that is regularly reviewed by the Directors.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2020

Structure, governance and management (continued)

c. Organisational structure and decision-making policies

Governance and management

The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and the Group and enable them to ensure that the financial statements are legally compliant. They are also responsible for safeguarding the assets of the Charity and the Group and for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors met on four occasions during the year.

To assist them in their work and to bring in other skills, the Directors have set up the Finance Committee which is chaired by Dr Richard Mantle (Treasurer), It has no delegated powers and has a remit to oversee the budget and management accounts, to consider the annual accounts prior to their approval by Directors and to monitor the Charity’s investments, a task which includes liasing with the Charity’s investment advisors.

Members of the Management Committee, who are Directors for the purposes of company law and charity law, who served during the year and up to the date of this report are set out on page 1.

Management and staffing

Responsibility for the day to day management of the Charity is delegated by the Directors to the Priest Administrator. He is responsible for the recruitment and overall management of the staff team and implementation of Director’s policies. The Priest Administrator chairs regular meetings of the Senior Management Team which is made up of the Director of Finance, the Director of Operations, the Director of Facilities, the Director of Communications, more recently the Schools and Young Pilgrims Officer and attended by the Shrine Priest. In January 2020 the Senior Team held a 24 hour ‘Away Day’ at the Royal Foundation of St Katharine in London, led by Mr Tom Middleton, Director of Forward in Faith. The team worked on proposing a three-year plan for the development of the Shrine and its operations and this was due to be presented to Directors in April 2020. Following our stay at the Royal Foundation, the Master and his team were invited to visit the Shrine and there has been benefit in sharing mutual experience and wisdom. The Senior Team is committed to the flourishing of the Shrine as a place of pilgrimage, to developing the hospitality it offers to pilgrims and visitors and to the work of outreach. The Senior Managers work closely with the managers and staff of their departments to ensure the efficient delivery of the Shrine’s activities.

Directors regularly review the policies and procedures in relation to safeguarding, under the leadership of Ms Amanda McIntyre, a Guardian Director, with the support of an external consultant, Mr Jon Chapman. Support and advice is also provided by the safeguarding team from the Diocese of Norwich. Implementation of safeguarding policies and staff training is overseen by the Priest Administrator and the Shrine’s Safeguarding Officer, Mrs Venetia Davies.

Organisational structure

The Directors of Walsingham College Trust Association Limited act as a management board with up to eight members who meet approximately quarterly. The management board is responsible for the strategic direction and policy setting of the Charity. At present the board has eight members, from a variety of professional backgrounds relevant to the work of the Charity. The Priest Administrator, Treasurer and Secretary also attend the Directors’ meetings but have no voting rights. All Directors give their time freely and no Director received remuneration in the year.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2020

Structure, governance and management (continued)

d. Remuneration for senior staff

The remuneration of the senior leadership team is reviewed annually by the Board of Directors. Pay is assessed according to an individuals level of responsibility and is normally increased annually in line with average earnings. The Priest Administrator’s remuneration is maintained at no less than the stipend published annually by the Diocese of Norwich.

e. Related party relationships

On the 30 April 2013 the Charity acquired the shares in Walsingham College (Yorkshire Properties) Limited (Company number 440129, Charity registration number 211331) and also Walsingham College (Affiliated Schools) Limited (Company number 396478, Charity number 312638) and as such they became wholly owned subsidiaries of Walsingham College Trust Association Limited.

f. Financial risk management

The Directors have assessed the major risks to which the Group and the company are exposed, in particular those related to the operations and finances of the Group and the company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

g. Risk management

The Board of Directors has in place a policy to assess the risks to which the Parent Charity is exposed, particularly business, operational and financial risks. It has reporting regimes and procedures to manage and reduce identified risks. In 2004 a detailed review of the risks faced by the Charity was carried out and a comprehensive paper prepared showing strategies applied and proposed in respect of each of these. The Directors monitor progress against the strategic objectives set out in the plan at each regular meeting and a comprehensive review of the plan is carried out annually. As part of this process, the Directors have a risk management strategy, which comprises:

• A periodic review of the risks which the Charity may face;

• The establishment of systems and procedures to mitigate those risks identified in the plan; and

• The implementation of procedures designed to minimise any potential impact on the Charity should any of those risks materialise.

Areas of risk include: volatility in stock markets adversely affecting the performance of the Charity’s investments; lower interest rates shrinking the Charity’s income on deposits; a fall in property values reducing the value of the Shrine’s estate; pressure from rising fuel costs increasing the cost of pilgrimage both because of higher transport costs and increased Shrine running costs causing a possible reduction in the number of pilgrim visits (and hence the Charity’s income).

This risk model is regularly updated to reflect current economic conditions and also potential developments in the wider church which could impact the Charity.

The Directors have assessed the major risks to which the Charity is exposed including in relation to Covid-19 and its potential impact on the charity and the wider economy. The Directors have considered the financial strength of the Charity and the measures they can take to mitigate the impact of all of these factors, and are satisfied that systems and available procedures are in place to manage and mitigate the exposure to the major risks. As a result of the Covid pandemic, all facilities were required to close in March 2020. The Trustees are pleased to report that some facilities have reopened and the Trustees and management are actively looking at the timetable of reopening those which have remained closed including pilgrim accommodation.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2020

Structure, governance and management (continued)

Plans for future periods

The activities outlined above will continue.

Subsidiary undertakings

Shrine Trading Limited (STL)

Incorporated on May 12th 2006, Shrine Trading Limited (STL Ltd) commenced trading on April 1st 2007. The company brings together trading operations in the Shrine Shop and Norton Room, and gifts all profits to Walsingham College Trust Association Ltd. STL was able to donate £798 (2019: £78,290) to the Charity, following trading activities for the period.

Walsingham College (Affiliated Schools) Limited

The objectives and aims of the Charity stated in the Memorandum and Articles of Association are summarised as:

a) To advance the Christian religion in accordance particularly but not exclusively through supporting the guardianship and maintenance of the Shrine of Our Lady of Walsingham;

• b) To acquire, take over as a going concern and carry on Quainton Hall School at Hindes Rd, Harrow, together with its assets, to establish and start a school or schools;

• c) At the Charity’s discretion, close or move the school and apply proceeds to another school or in accordance with a) above

• d) To carry on any other exclusively charitable work, which may seem to the Charity capable of being conveniently carried on, in connection with the above.

In shaping the objectives for the year and planning activities, the trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'.

The Trust has adopted a multi-faceted approach to Public Benefit.

The sale of the business and assets of Quainton Hall School and its impact on the activities of the Company

In Spring 2020, the directors of Walsingham College Trust Limited (registered number 215863) (WCTA), of which the Company is a wholly owned subsidiary, began discussions with the Governors about the potential sale of Quainton Hall School (the School) as a going concern.

WCTA approached John Lyon School, believing a partnership with this established local school (a school of good standing and with high quality educational standing and itself part of the wider John Lyon’s Foundation (John Lyon School, Harrow School and John Lyon’s Charity)), would be in the best interests of the School. There were already excellent existing relations between the two schools as many Quainton Hall School leavers went on to John Lyon School. The Governors were in agreement with the potential sale as being in the best interests of the Company and the School and its beneficiaries, securing the continuing high quality education of pupils and safeguarding the employment of staff at the School under its new local ownership.

Following detailed investigation and negotiation with the benefit of appropriate legal and other professional advice, the Company, WCTA and the Keepers and Governors of the Possessions, Revenues and Goods of the Free Grammar School of John Lyon within the Town of Harrow-on-the-Hill (charity number 310033, normally known as the Harrow Foundation) as the owners of John Lyon School completed the sale of the business and assets of the School on 6 November 2020 (the Sale Date) and all School staff were TUPED over to the John Lyon School.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2020

(continued)

The remainder of this Governors’ report focuses principally on the objectives and activities of the Company in owning and running the School in the period prior to the Sale Date. Following the completion of sale and the disposal by the Company of the School’s business and assets, it is the intention of the directors of WCTA and the Governors of the Company to move to novate the remaining assets and liabilities of the Company to WCTA and to proceed to wind up the Company in accordance with applicable legislation.

Objectives for the Accounting Period

The Governors’ main objectives during the Accounting Period have been to advance the Christian religion and to educate the School's pupils to at least the same high standard as achieved in previous years, so that they will be able to gain entry to their chosen senior school for the next stage of their education. The strategy to achieve this has been the maintenance of a generous teacher/pupil ratio and the tailoring of the School's educational provision to meet the appropriate needs of its pupils in the highly competitive educational world of North West London. The Governors have referred to the guidance contained in the Charity Commission's General Guidance on Public Benefit when reviewing our aims and objectives and in planning our future activities. Particular attention has been paid to the provision of Bursaries for those who need help with our relatively modest fees and also to enabling access by the local community to our facilities. In particular, the Board of Governors have considered how planned activities contribute to the aims and objectives they have set.

The purposes of the Charity

The School's strategic aim to reach its objectives for the public benefit as a Charitable Independent School has been to encourage all pupils to reach high academic levels, while benefiting also from a broad and exciting extracurricular programme, and to continue with an admissions policy that also provides access and help for pupils from lower incomes or otherwise disadvantaged families to benefit from our fee based schooling. This aims to develop other interests in life for eventual participation in civil society and prepare them for the senior school of their own and their parents' choosing.

Principal activity

Quainton Hall School's principal activity has been the provision of day-school education for children aged 2½ - 13 years both in academics and in religion. The School had an average of 204 pupils during the 2019-2020 academic year with the Pre Prep being close to capacity. The Nursery has been running near to capacity of 25 in the morning sessions with places available for the afternoon sessions.

In terms of academic performance, 2020 was dominated by the Covid 19 pandemic. The School made every attempt to ensure the safety of its pupils and staff, especially as the London Borough of Harrow had one of the highest rates of infection in the first six months of the pandemic. Risk assessments were updated regularly and the school remained open to the children of key workers, which numbered 85 children in June 2020. Social distancing measures were introduced throughout the School and key-workers’ children were required to bring a packed lunch into school, which was eaten outside.

In order to ensure that the children’s education was interrupted as little as possible, the School bought 60 Chrome books, to ensure that all the pupils could engage with the online, remote learning platform. Every day lessons were delivered by Zoom for children in years Pre-Prep1 to Prep 8, while ‘Show My Home Work’ was used to share resources and keep parents informed of workplans.

19 staff were furloughed and school fees were reduced on a sliding scale, depending on how many hours of Zoom teaching could be offered.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2020

(continued)

Oversight of the academic performance of the School has been maintained primarily by Governors' Education Committee and Governors were kept fully informed of the educational provision being provided for the children as well as safety issues, throughout 2020. Normally, at each committee meeting a Head of Department has reported on the changes, progress and plans for their department. Curriculum development is reviewed on a termly basis and the Headmaster has reported to the whole governing body on the internal and external methods used for monitoring academic progress and their results. Even in a very difficult year, the Governors believe that these activities have met the educational aims and objectives of the Charity.

In order to fulfil the religious aims of the Charity, Fr Mike Still continued to hold Chapel services until the Covid 19 pandemic prevented services. Similarly, the Bishop of Fulham and Fr Guy Willis were booked to hold school Masses, but the various lockdowns in 2020 made this impossible. Normally all pupils in the School have been given the opportunity to attend services of Christian worship, even if they do not pray or receive communion. Through the Chapel, visits and RS lessons, pupils not only experience Christian worship but also learn about the Christian faith. Time has also been set aside to celebrate the other faith traditions represented by the pupils, both in assemblies and lessons.

The majority of fee income has been spent on the salaries of the academic staff, in order to fulfil the educational and religious needs of the Company.

Review of achievements and performance for the year

Operational performance of the School

Quainton Hall enjoyed another successful academic year with the boys and girls achieving highly across the board. There continued to be strong demand for places at certain ages in the school and lists of registrations were starting to grow. The academic achievements of the Year 8 leavers were pleasing with all of the children being awarded places at the first choice school. A number of awards were gained early in the year but sadly from March 2020 London Academy of Music and Drama (LAMDA) and Associated Board (AB) results were cancelled as a result of the pandemic.

In a similar manner the pandemic prevented the usual sports fixtures, after school clubs and activities programme, together with a number of domestic and international trips.

Despite the lockdown the remote learning platform has offered the children a breadth of opportunities. Standards have remained high both in and out of the classroom.

The small fleet of minibuses has helped to attract and transport pupils in a wider catchment area with both morning and evening routes each day.

Bursary Assistance

Quainton Hall School has been committed to providing bursaries to those families whose children, whilst being of the ability and personality to thrive at the School, may not have the means to be able to afford to send their children here. Fundamental to the bursary policy, enshrined in the School's ethos, is that the child is placed first and the parents' means second. The approach to bursaries covers new and existing pupils and has been used to provide financial assistance in the event of unforeseen financial difficulties which have been faced by existing parents.

Bursaries have normally been awarded each academic year, but can, in exceptional circumstances, be granted during the course of the year. These bursaries are means tested and can amount up to full fees together with additional extras.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2020

(continued)

During the period to 31 December 2020 we supported fourteen children through our Bursary Scheme. The level of support varied in value from 10% to 100% of fees and is determined on a means-tested basis and submitted to the Governors' Finance and General Purposes Committee for approval. The reduction in annual fee income was a cost to the Company of £137,468 (2019: £126,637).

Facilities

The Company has aimed to use school facilities to conduct education and recreation for the local community, although these were severely curtailed by the pandemic. The School continued to make its facilities, particularly the swimming pool, available to the local community by allowing subsidised access to a local maintained primary school and a neighbouring preparatory school.

Normally the School has made its facilities available to an external After School and Holiday Club which provides care for pupils from the whole local community. A Maths tutoring group for children aged 5-16 has used classrooms on Saturdays and Sundays. A local Scout and Cub group has used the facilities on a Friday evening and a Karate club on Sundays. Other occasional visitors included·a locally based language school.

The School has also lent a local Methodist Church its staging and lighting equipment.

Sale of the school and results for the year

As explained earlier in the report, the sale of the business and assets of the School was completed on 6 November 2020.

The excess of income over expenditure for the period of £762,341 (2019: £71,364 deficit) was wholly attributable to the £817,213 surplus on the sale of the School. Some of the proceeds of the sale were used to repay the Company's borrowings. The reserves at the end of the Accounting Period are £1,880,391 (2019: £1,118,050). All of which are unrestricted.

Following the disposal of the School the Governors intend to wind-up the Company. The financial statements are therefore prepared on a basis other than going concern.

Plans for the future

The Governors’ long-term plans for the school have been secured by its sale to the Harrow Foundation.

Over the next twelve months the Governors will oversee the orderly wind-up of the charity and the remittance of remaining funds to its parent charity, Walsingham College Trust Association Limited.

Principal risks and uncertainties

Prior to the School's disposal, the principal risks identified by the Governors were categorised under the following headings: external factors including political, environmental, legal and regulatory and economic; financial; operational; compliance; human resources; governance. The principal risks and uncertainties facing the School were summarised as follows:

External economic factors and the sustainability of fee income

The School relies on parents' ability to pay fees as its main source of income. Particularly in the light to the economic shock arising as a result of the continuing Covid-19 pandemic there is a risk that these external economic factors reduce parents' ability to pay fees or result in parents withdrawing pupils due to fee levels. The other risks and uncertainties arising as a result of the impact of Covid-19 are set out more fully below.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2020

(continued)

Impact of government legislation

Changes in government legislation, for example charity law and guidance, may impact on the School's status and operation. The School must be able to adapt to such changes practically and efficiently:

Reputational risk and competition from nearby schools

The continuing success of the School is dependent on continuing to attract applicants by maintaining high academic standards, an extensive range of extra-curricular and sporting activities, and excellent facilities. The School operates in a competitive market comprising a number of other local preparatory schools, new free schools and expanding state primary schools.

The Impact of the Global Coronavirus (Covid-19) Pandemic

The School’s response to this global issue continues to be informed by guidance from the Foreign and Commonwealth Office (FCO), Public Health England (PHE), the UK Chief Medical Officers (CMOs) and HM Government (HMG).

The School has adopted a risk-based operational approach to the current crisis with an emphasis on the wellbeing of the school community to ensure delivery of education on site and by remote platforms. Within this approach, a key consideration was the support for those pupils within cohorts due to sit public examinations.

Although the magnitude of the longer term economic shock from Covid-19 remains uncertain, activity is likely to weaken materially in the United Kingdom over the coming months and indicators of financial market uncertainty have already reached extreme levels. Temporary, but significant, disruptions to supply chains and weaker activity could challenge cash flows and increase demand for short-term credit from households and for working capital from companies – particularly smaller businesses.

The Governors have been very mindful of the impact of such economic shock on the whole school community, and are determined to manage revenue streams in a considerate and flexible manner to ensure continuity of education whilst meeting obligations and maintaining the underlying core stability of the business model.

Risk Management

The Governors and Senior Management Team of the School have continued to keep the School's activities under review, particularly with regard to any major risks set out above and also those which may arise from time to time or have been identified by the annual review of the Risk Register. The Risk Register reviews the main internal and external factors that will influence the school performance including Governance and Management, Competition, Compliance and Systems.

The School continued to work with its external Health & Safety advisors carrying out rolling reviews of procedures to ensure compliance with legislation and that major risks identified by this process have been mitigated to an acceptable level. An annual report is presented to Governors. The Headmaster, business manager and nominated Health and Safety personnel carry out regular checks to ensure school staff follow the procedures which have been put in place: The School’s Health and Safety Committee meets three times a year and reports to the full Governing Body.

Through the risk management processes established for the Company, the Governors have been satisfied that the major risks identified have been adequately mitigated where possible. It is recognised that systems can only provide reasonable, but not absolute, assurance that major risks have been adequately managed.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2020

(continued)

Structure, Governance and Management

Governing Document

The Company (Walsingham College Affiliated Schools Limited) is governed by its Memorandum and Articles of Association, issued at Incorporation on 23 June 1945 and last amended on 29 April 2013.

Governing Body

The Governors, the number of which must be no less than five and no more than ten, are elected by a vote of Members at a General Meeting upon the recommendation of the Governors. The Governors base their recommendations to the members on an assessment of an individual's specialist skills, eligibility and personal competence. The Board aims to recruit Governors who have a range of specialist skills, in order to maintain a strong balance of expertise. Governors during the Accounting Period included experts in education, financial management, law, property development and estates. No Governor has any beneficial interest in the Company. A small number of Governors stepped down following completion of the sale of the School and two of them, Monica Palmer and Jo Owens, of them have been offered and have taken up governorship of the School under its new ownership.

Induction and Training of Trustees

All new Governors have received an induction day, at which their role is explained, as is the role of the Board, and details are given of Charity Commission and Companies House requirements. They have also been given background information on previous Board decisions, Board papers and general information about the School. The Governors' Induction Programme has included meetings with the Head, the Designated Safeguarding Lead, and the Clerk to the Governors to ensure that there is a thorough understanding of how the School fulfils its regulatory obligations, All Governors have been informed of relevant courses available to them throughout the academic year, including courses and conferences run by the ISI, AGBIS, 1APS and the ISC.

Organisational Management

The School is administered by a Board of Governors whose members are also Directors of the Company.

The Governors meet regularly in the manner prescribed in the Articles of Association and meet as a full board once a term. The sub-committees, Marketing, Education, and Safeguarding meet at least once a term and the Finance and General Purpose Committee meets more frequently.

Day-to-day management is delegated to the Headmaster, who is assisted by the Business Manager and other members of the Senior Management Team.

Relationships with connected parties and affiliated bodies

The School is a member of the Independent Association of Prep Schools (IAPS), the professional association of the leading 600 independent prep schools in the UK arid worldwide. The School is also a member of the Association of Governing Bodies of Independent Schools (AGBIS), which provides governance advice, and the Independent Schools' Bursars Association (ISBA), which promotes the efficient and effective management of the non-academic aspects of independent schools.

The School received a Gold award for our School Travel Plan which is a Transport for London initiative to encourage sustainable travel.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2020

(continued)

Walsingham College (Yorkshire Properties) Limited

Structure, Governance and Management

The Charity is a private charitable company limited by shares. It was incorporated as a charity on 1 September 1947. The company was established under a Memorandum of Association which sets out the objects and powers of the Company and is governed under its Articles of Association. The Company was also registered with the Charity Commission on 25 September 1962.

New Directors are appointed by a majority decision of the shareholders. Appointments are made having regard to the skills and experience of the individual concerned with a view to maintaining a balance of expertise on the board. There is no formal policy in place regarding induction and training.

Walsingham College (Yorkshire Properties) Limited has a management board of up to eight members who meet quarterly and are responsible for the strategic direction and policy of the Charity. At present the board has eight members, from a variety of professional backgrounds relevant to the work of the Charity. The eight members also act as Directors of the Company. The secretary also attends the Directors’ meetings but has no voting rights.

The Charity has a long running connection with Walsingham College Trust Association Limited and during the financial year ending 2013 became a wholly owned subsidiary company of Walsingham College Trust Association Limited. The two Charities share the same registered office – The Shrine Office, Walsingham, Norfolk.

The trustees are examining the major strategic, business and operational risks which the Charity faces and confirm that systems will be implemented to enable regular reports to be produced so that the necessary steps can be taken to lessen the risks.

Objectives and activities

The principal object of the Charity is to provide the maintenance of the Hall, cottages, grounds and land situated at Parcevall, Yorkshire.

There have been no changes in the objectives since the last annual report. The Charity’s objects are to include:

• Maintain a community college, hostel or house for religious or other charitable purposes.

• Provide a religious training for students and candidates for Holy Orders.

• Provide a home of rest for clergy as a means of physical and mental recuperation for those in need of rest.

b. Strategies for achieving objectives

The strategies employed to assist the Charity to meet its objectives included the following:

• The ongoing letting of Parcevall Hall as a retreat house to the Diocese of Leeds (West Yorkshire and the Dales), and in this context training continues for both clergy and lay people.

• Clergy and spouses continue to use Parcevall Hall as a place for respite, refreshment and retreat.

• The creation and maintenance of a high quality garden that is available for the employment of those that use the Hall and the general public, who pay to visit the gardens.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2020

(continued)

c. Activities for achieving objectives

The Charitable Company is responsible for the maintenance of the house, cottages and grounds at Parcevall Hall, Yorkshire. The Hall is now let on a peppercorn rent to the Diocese of Leeds (West Yorkshire and the Dales). The grounds are maintained to a high standard and are open to the general public.

d. Main activities undertaken to further the charity's purpose for the public benefit

In setting the Charity's objectives and planning its activities the Directors have given careful consideration to the Charity Commission's general guidance on public benefit and to its supplementary guidance on the advancement of religion for the public benefit.

The main areas of charitable activity are the maintenance of the Hall, cottages, grounds and land situated at Parcevall. The gardeners are assisted in the maintenance and upkeep of the gardens by a number of volunteers, who contribute approximately 800 hours of time each year. The directors consider that these activities provide benefit both to those who use the Hall and gardens for religious training and for retreat and for the general public who can enjoy the recreational aspects of the gardens.

The Directors continue to focus on ways to enhance the appeal of the gardens whilst managing and where possible reducing costs.

Achievements and performance

a. Review of activities

Arrangement for the ongoing letting of the Hall continue with the lease now vested in the Diocese of Leeds (Anglican).

Phil Nelson continued in his role as Head Gardener leading a team to produce a high quality garden for the wider public that visit the gardens.

b. Investment policy and performance

The Charity invests in cash resources, short term deposits and investments listed on the stock exchange. Brown Shipley, a firm of investment managers, manages the stock exchange investments on behalf of the trustees. Investments are made in accordance with the Parent Charity's (Walsingham College Trust Association) Investment Policy.

In 2020 losses of £67,071 (2019: £124,155) were made on investments..

Future plans

a. Future developments

The activities outlined above will continue.

Structure, Governance and Management

Governing document

The Charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2020

(continued)

Method of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

The Trustees, are also the Directors for the purpose of company law. New directors are appointed by a majority decision of the shareholders.

Following on from the year end, Father Paul Cartwright was appointed as a Director, additional directors are also being sought.

Organisational structure and decision making

Walsingham College (Yorkshire Properties) Limited has a management board of up to eight members who meet quarterly are are responsible for the strategic direction and policy of the charity. At present the board has four members, from a variety of professional backgrounds relevant to the work of the Charity. The four members also act as Directors of the Company. The Secretary also attends the Directors' meetings but has no voting rights.

Policies adopted for the Induction and training of Trustees

Appointments are made having regard to the skills and experience of the individual concerned with a view to maintaining a balance of expertise on the board. There is no formal policy in place regarding induction and training.

Risk management

The Trustees have assessed the major risks to which the Charity is exposed including in relation to Covid-19 and its potential impact on the charity and the wider economy. The Trustees have considered the financial strength of the Charity and the measures they can take to mitigate the impact of all of these factors, and are satisfied that systems and available procedures are in place to manage and mitigate the exposure to the major risks.

Strategic report

Achievements and performance

a. Review of activities

Walsingham College Trust Association Ltd, the Parent Charity, exists to promote pilgrimage to the Shrine of Our Lady of Walsingham and devotion to Mary, the Mother of God. Its origins date back to 1061 and it was a major place of pilgrimage in the Middle Ages famed for its replica of Mary’s house in Nazareth where Mary received the Annunciation (the Holy House). The Shrine was destroyed at the Reformation but the Holy House and Shrine was restored in 1931 by the Parish Priest and Founder of the College of Guardians, Fr Hope Patten. The Shrine is a place of spiritual renewal and healing, much loved by those who come on pilgrimage from all over the UK and overseas, many from urban areas and those who live with pain and disability.

At the heart of the life of the Shrine is a daily ministry to pilgrims and visitors. Through worship, hospitality and opportunities for learning, the many thousands of pilgrims who come each year to the Shrine are encouraged in their lives of faith and the Shrine strives to care for them as if they were Christ. The following report reflects the rich and varied life of the Shrine and the importance it has in the lives of so many.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2020

Strategic report (continued)

Achievements and performance (continued)

b. Development and performance during the year

The Shrine Church, containing a replica of the Holy House of Nazareth, is at the heart of the Shrine’s work and ministry. A rolling programme of repairs and improvements ensures that the unique and important collection of vestments, vessels, ornaments and art within the Shrine Church are conserved. An appeal to pilgrims enabled us to fund the restoration of several hanging lamps in the Holy House and other ornaments. An antique cope was also restored. A parish in Carlisle donated a very fine large hanging crucifix, carved in Oberammergau, which has been placed inside the Pilgrim Hall. Lighting in the Hall has also been upgraded. Re-pointing work on the Shrine Church Tower provided the opportunity to inspect the Archangel weathervane. This was found to be in a poor state of repair and was taken down to be regilded and the mechanism restored. This iconic feature of the Shrine Church is once again fully functional.

The Chapels of the Cure d’Ars and of SS Hugh & Patrick have been restored following generous donations from individual pilgrims. The latter is known as The Restorers’ Chapel and contains significant wall paintings by Enid Chadwick.

The Shrine’s programme of special pilgrimages and retreats included a Families Pilgrimage in October 2019, and in November a Bible Weekend led by the Ven. Edward Dowler, Archdeacon of Hastings, the Adoremus Pilgrimage for young adults aged 18-35 and the Advent Retreat, led by Bishop John Goddard. The annual Priests’ & Deacons’ Retreat Pilgrimage attracted 147 clergy and Bishop Rowan Williams, a former Archbishop of Canterbury, was amongst those invited to give an address.

The Shrine’s work with children and young pilgrims continues to develop under the direction of Caroline Ward, the Schools & Young Pilgrims Officer. The number of school groups visiting the Shrine through the year has increased significantly. Programmes and online resources have been developed and feedback from schools has been positive. Efforts have been made to publicise the Shrine and its resources for schools more widely. New school groups have been coming to Walsingham as a result. Caroline benefits from a supportive advisory group chaired by a Guardian with expertise in education. The Children’s Pilgrimage in March 2020 (before the Covid-19 lockdown) was again fully booked and the content of the pilgrimage was well-received.

The Shrine joined with the Society of Mary in organising a pilgrimage to Loreto, Subiaco & Rome in September 2019, led by the Priest Administrator and the Chaplain-General of the Society of Mary. A pilgrimage to the Holy Land in November 2019 was led by the Priest Administrator, assisted by two other priests. A good number of Walsingham pilgrims took part and found spiritual refreshment at these major places of pilgrimage.

The appointment in November 2019 of the new Bishop Norwich, the Rt Revd Graham Usher, was welcomed by the Shrine. The Shrine and the Diocese of Norwich are committed to continuing to work together and to build on the good foundations laid over many years between them. Bishop Graham has made his own pilgrimages to the Shrine and invited the Priest Administrator to assist him in a number of projects in the Diocese.

The commercial activity of the Shrine is overseen by the Director of Operations and a particular achievement was a turnover from September 2019 – December 2020 of £72,046 of shop Internet sales following additional investment. Collaboration with a local brewery resulted in the launch of a Pilgrim Pale Ale which generated significant positive publicity.

The Covid-19 pandemic seriously interrupted the Shrine’s activities at every level. Following the announcement of regulations and the advice issued by both the government and the Church of England in March, the Shrine Church, Grounds and accommodation closed to the public. All public worship ceased until 1st July when churches were permitted to open for private prayer. Public worship recommenced in the Shrine Church on 1st November. However, Covid restrictions and the successive lockdowns made it impossible for pilgrims to stay at the Shrine for the rest of the year.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2020

Strategic report (continued)

Achievements and performance (continued)

The introduction of livestreaming technology following the closure of the church enabled the Shrine to keep in touch with pilgrims. Shrine Prayers has been livestreamed daily since April 2020. The National Pilgrimage was livestreamed in May and other virtual pilgrimages, retreats and events at the Shrine have reached several thousand pilgrims worldwide. The Shrine’s social media presence has also been significantly increased and this has enabled pilgrims to keep in touch and to be supported by the Shrine.

In June 2020, the Shrine Priest, Fr Andreas Wenzel, took up a new appointment as Vice-Principal and Director of Pastoral Studies at St Stephen’s House, Oxford. Fr Ben Bradshaw, Chaplain to the Bishop of Sodor & Man, was appointed to this role in July.

Following the departure of the Director of Communications in December, the Schools & Young Pilgrims Officer was invited to oversee the Shrine’s communications, social media and livestreaming activity and to join the Senior Management Team.

The Shrine has endeavoured to support its staff during the pandemic and has regularly communicated with them. The Shrine has made use of the governments Job Retention Scheme for the majority of staff and was committed to ensuring that all staff received 100% of their salary.

The serious financial implications caused by the pandemic has led to a process of restructuring, though work previously carried out on the three-year strategy has provided the impetus to make some bold changes. Directors considered and approved proposals presented to them by the Priest Administrator and Director of Operations to restructure the organisation of the Shrine’s operation. This resulted in the creation of a new single department: ‘Pilgrim Services’ which embraces Hospitality, Catering, Retail and Membership into one new structure. This has provided the opportunity to introduce a new pay scale, rationalising pay rates and creating a more transparent pay structure for all staff. Changes in staffing have successfully revitalised catering and hospitality.

A period of major transition has resulted in each business within Pilgrim Services becoming more flexibly staffed, with greater collaboration across services, and despite many challenges has helped to create a period of entrepreneurial initiatives for the future re-opening of the Shrine.

c. Information on fundraising practices

Walsingham College Trust Association Ltd does not undertake conventional charitable fundraising activities and does not have any third-party fundraisers acting on its behalf. The charity is not bound by any voluntary scheme or standard for regulating fundraising and has not received any complaints about its fundraising activity over the last year. The charity has a complaints procedure and would review and learn from any complaints if they were received.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2020

Strategic report (continued)

Achievements and performance (continued)

d. Investment policy and performance

Walsingham College Trust Association Limited (WCTA and Shrine Trading)

The Charity and Group’s investments are managed to generate a total return that can support the ongoing activities of the Charity whilst maintaining the real capital value of the investments over the long-term. The trustees consider that they have a balanced investment strategy with a medium risk tolerance. The investments are managed by CCLA and M & G Charifund in line with the Charity’s investment policy.

The investment loss for the period was £524,926.

Longer term cash balances continue to be held in M&G's Optimal Income Fund as an alternative to holding cash on deposit. The Directors continue to review ways of maintaining a low risk income on cash deposits.

The remainder of the Charity’s deposits are held with CCLA.

Walsingham College (Yorkshire Properties) Limited

The charity invests in cash resources, short-term deposits and listed investments managed by Brown Shipley. The charity follows the investment policy of WCTA.

Financial review

a. Going concern

The Directors have considered the position of the Company and Group at the time of signing the financial statements, in particular the current issues caused by Covid-19 and its potential impact on the Company, Group and the wider economy.

On the basis of this assessment, the Directors have concluded that they have a reasonable expectation that the Group and Company will have adequate resources to continue in operational existence for the foreseeable future and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

b. Market value of land and buildings

Walsingham College Trust Association Limited (WCTA & Shrine Trading).

The value of the property for insurance purposes exceeds the book value by approximately £20 million. No formal revaluations were carried out during the year.

The market value of the Parent Charity's investment property is £859,495 (2019: £803,495).

Walsingham College (Yorkshire Properties) Limited

The value of the house and contents for insurance purposes exceeds the book value by approximately £6.2 million.

Page 18

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2020

c. Financial review

The Groups unrestricted funds include tangible and intangible assets of £1.03m, listed investments of £3.95m together with net current liabilities and investment property. The Group has total reserves of £21,048,367 (2019: £21,243,046). These are made up of a restricted fund and endowment fund; which represents the value of the restricted share portfolios and the original cost of the Shrine and the other properties held by the group for the furtherance of the Charity’s objects.

Walsingham College Trust Association Limited (WCTA & Shrine Trading)

The Company continues to have adequate reserves, in 2020 restricted £9,998,108 and unrestricted £11,074,268 and designated £20,559 (2019: £10,169,637 restricted, £11,052,852 unrestricted and £20,559 designated). It is envisaged that the designated reserve will be spent in the next few years in connection with the property maintenance of the Charity and its Group.

Walsingham College (Affiliated Schools) Limited

The reported surplus for the period of £762,341 (2019: £71,364 deficit) arose due to the £817,213 surplus on the disposal of the school. Funds at the period end were £1,880,391 (2019: £1,118,050). Following the disposal of the school the Governors will oversee the orderly wind-up of the charity and the remittance of the remaining funds to the parent charity, Walsingham College Trust Associated Limited.

.

Walsingham College (Yorkshire Properties) Limited

The charity continues to have substantial reserves. In 2020 the fund balances were unrestricted £293,094 and endowment £2,828,574 (2019: £266,773 and £2,922,761 respectively).

d. Reserves policy

Walsingham College Trust Association Limited

The Charity and its Group aim to retain adequate general reserves in line with its policy of retaining sufficient assets to meet the entire normal annual outgoing for a period of two years. As can be seen from the current figures this would amount to approx. £10 million. In addition to this, since the Charity and its Group own a substantial number of historic buildings of national architectural importance there is always a potential exposure to unexpected repair costs, which could potentially exceed £6 million.

Furthermore, the policy of retaining adequate investment funds means that many of the day to day operating costs of the Charity and its Group are defrayed by investment income, thus effectively subsidising the cost of pilgrimages and thereby helping to achieve one of the primary objectives of the charity.

The Directors continue to monitor the level of reserves on an annual basis to ensure that excessive amounts are not being held. In view of current economic conditions the Directors will be exploring ways of increasing reserves over the year ahead.

Walsingham College (Yorkshire Properties) Limited

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the period.

Page 19

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2020

e. Results and dividends

Walsingham College Trust Association Limited (WCTA and Shrine Trading)

The net movement of funds in the period amounted to a deficit of £150,113 (2019: £17,438 surplus). The deficit for the period included income from legacies of £46,135 (2019: £193,734), Government grants relating to the Covid-19 pandemic of £432,051 (2019: £nil), surplus on disposal of property of £257,596 (2019: £19,444), movement on investments in subsidiaries of £694,474 gain (2019: £185,115 loss), a deficit of listed investments of £524,926 (2019: £118,042) and investment property gains of £56,000 (2019: £35,986) Dividends are prohibited by the Memorandum of Association and consequently none have been paid or proposed.

Walsingham College (Yorkshire Properties) Limited

The net movement in funds for the year amounted to an decrease of £67,866 (2019: £113,751). The net deficit for the period before losses on investments amounted to £795 (2019: £10,403 surplus).

The Memorandum of Association prohibits dividends and consequently none have been paid or proposed.

Statement of Directors' responsibilities

The Directors (who are also the directors of the company for the purposes of company law) are responsible for preparing the Directors' report including the Strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Directors to prepare financial statements for each financial . Under company law, the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities SORP (FRS 102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 20

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2020

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:

• so far as that Director is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and

• that Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.

Auditors

The auditors, Larking Gowen LLP, have indicated their willingness to continue in office. The designated Directors will propose a motion reappointing the auditors at a meeting of the Directors.

Approved by order of the members of the board of Directors and signed on their behalf by:

Mr J D S Booth Director Date: 21 July 2021

Page 21

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

Opinion

We have audited the financial statements of Walsingham College Trust Association Limited (the 'parent charitable company') and its subsidiaries (the 'group') for the period ended 31 December 2020 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 December 2020 and of the Group's incoming resources and application of resources, including its income and expenditure for the period then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

• the Directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the Directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Group's or the parent charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Page 22

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED (CONTINUED)

Other information

The Directors are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Auditors' report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Directors' report including the Strategic report for the financial period for which the financial statements are prepared is consistent with the financial statements.

• the Directors' report and the Strategic report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report including the Strategic report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

• the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent charitable company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of Directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED (CONTINUED)

Responsibilities of trustees

As explained more fully in the Directors' responsibilities statement, the Directors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Julie Grimmer FCA DChA (Senior statutory auditor)

for and on behalf of Larking Gowen LLP Chartered Accountants Statutory Auditors Norwich

5 August 2021

Page 24

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE) ACCOUNT FOR THE PERIOD ENDED 31 DECEMBER 2020

Note Income and endowments from: Donations and legacies 4 Charitable activities 5 Other trading activities 6 Investments 8 Other income 9 Total Expenditure on: Raising funds 10,11 Charitable activities Total	Unrestricted funds 2020 £ 399,616 3,838,180 462,937 446,162 595,407 5,742,302 465,061 5,876,527 6,341,588	Restricted funds 2020 £ 23,857 - - 18,670 - 42,527 - 114,977 114,977	Endowment funds 2020 £ - - - - 9,460 9,460 26,645 - 26,645	Continuing operations 2020 £ 421,542 722,699 409,185 464,806 489,740 2,507,972 450,319 2,691,702 3,142,021	Discontinued operations 2020 £ 1,931 3,115,481 53,752 26 115,127 3,286,317 41,387 3,299,802 3,341,189	Total funds 2020 £ 423,473 3,838,180 462,937 464,832 604,867 5,794,289 491,706 5,991,504 6,483,210	Continuing operations 2019 £ 470,302 1,086,905 1,227,575 393,603 50 3,178,435 1,089,386 1,758,052 2,847,438	Discontinued operations 2019 £ 4,309 2,584,715 52,549 56 - 2,641,629 44,805 2,668,188 2,712,993	Total funds 2019 £ 474,611 3,671,620 1,280,124 393,659 50
									5,820,064
									1,134,191 4,426,240
									5,560,431

Page 25

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2020

Net (expenditure) before investments losses Net investment losses Net (expenditure) Transfers 30 Net before other gains Surplus on disposal of school 18 Net movement in funds	Unrestricted funds 2020 £ (599,286) (351,004) (950,290) (8,912) (959,202) 1,074,809 115,607	Restricted funds 2020 £ (72,450) (117,922) (190,372) 18,843 (171,529) - (171,529)	Endowment funds 2020 £ (17,185) (67,071) (84,256) (9,931) (94,187) - (94,187)	Continuing operations 2020 £ (634,049) (535,997) (1,170,046) - (1,170,046) - (1,170,046)	Discontinued operations 2020 £ (54,872) - (54,872) - (54,872) 1,074,809 1,019,937	Total funds 2020 £ (688,921) (535,997) (1,224,918) - (1,224,918) 1,074,809 (150,109)	Continuing operations 2019 £ 330,997 (242,197) 88,800 - 88,800 - 88,800	Discontinued operations 2019 £ (71,364) - (71,364) - (71,364) - (71,364)	Total funds 2019 £ 259,633 (242,197) 17,436 - 17,436 - 17,436

Page 26

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2020

Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2020 £ 8,150,648 115,607 8,266,255	Restricted funds 2020 £ 10,169,637 (171,529) 9,998,108	Endowment funds 2020 £ 2,922,761 (94,187) 2,828,574	Continuing operations 2020 £ 20,124,996 (1,170,046) 18,954,950	Discontinued operations 2020 £ 1,118,050 1,019,937 2,137,987	Total funds 2020 £ 21,243,046 (150,109) 21,092,937	Continuing operations 2019 £ 20,036,196 88,800 20,124,996	Discontinued operations 2019 £ 1,189,414 (71,364) 1,118,050	Total funds 2019 £ 21,225,610 17,436
									21,243,046

The Consolidated statement of financial activities includes all gains and losses recognised in the period.

Discontinued operations relate to the operation of Quainton Hall School. Which as explained in the trustees' report was disposed of during the period. The notes on pages 33 to 76 form part of these financial statements.

Page 27

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

REGISTERED NUMBER: 00318358 FOR THE PERIOD ENDED 31 DECEMBER 2020

Note Fixed assets Intangible assets 17 Tangible assets 18 Investments 20 Investment property 19 Current assets Stocks 22 Debtors: amounts falling due after more than one year 23 Debtors: amounts falling due within one year 23 Cash at bank and in hand Creditors: amounts falling due within one year 25 Net current assets / liabilities Total assets less current liabilities Creditors: amounts falling due after more than one year 26 Provisions for liabilities 28 Total net assets Charity funds Endowment funds 30 Restricted funds 30 Unrestricted funds 30 Total funds	124,233 1,080,000 447,366 1,296,958 2,948,557 (377,868)	31 December 2020 £ 8,320 10,399,033 7,385,900 859,495 18,652,748 2,570,689 21,223,437 (123,500) (7,000) 21,092,937 2,828,574 9,998,108 8,266,255 21,092,937	156,183 - 380,402 1,143,106 1,679,691 (2,044,797)	31 August 2019 £ 44,226 12,836,830 8,010,451 803,495 21,695,002 (365,106) 21,329,896 (73,850) (13,000) 21,243,046 2,922,761 10,169,637 8,150,648 21,243,046

Page 28

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

CONSOLIDATED BALANCE SHEET (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2020

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Directors and signed on their behalf by:

Mr J D S Booth The Rev'd H C Stoker Director Director Date: 21 July 2021

The notes on pages 33 to 76 form part of these financial statements.

Page 29

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

COMPANY STATEMENT OF FINANCIAL POSITION FOR THE PERIOD ENDED 31 DECEMBER 2020

Note Fixed assets Intangible assets 17 Tangible assets 18 Investments 20 Programme related investments Investment property 19 Current assets Stocks 22 Debtors: amounts falling due within one year 23 Investments 24 Cash at bank and in hand Creditors: amounts falling due within one year 25 Net current assets Total assets less current liabilities Provisions for liabilities 28 Total net assets Charity funds Restricted funds 30 Unrestricted funds 30 Total funds	19,712 128,826 1,880,391 362,456 2,391,385 (317,528)	31 December 2020 £ 8,320 9,950,235 5,085,364 3,121,668 859,495 19,025,082 2,073,857 21,098,939 (7,000) 21,091,939 9,998,108 11,093,831 21,091,939	15,561 175,050 - 680,281 870,892 (326,092)	31 August 2019 £ 10,680 9,979,198 5,610,290 4,307,585 803,495 20,711,248 544,800 21,256,048 (13,000) 21,243,048 10,169,637 11,073,411 21,243,048

Page 30

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2020

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The income and expenditure account for the year dealt with in the accounts of the Charity was £(151,109) (2019: £17,436).

The financial statements were approved and authorised for issue by the Directors and signed on their behalf by:

Mr J D S Booth The Rev'd H C Stoker Director Director Date: 21 July 2021

The notes on pages 33 to 76 form part of these financial statements.

Page 31

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2020

Cash flows from operating activities Net cash used in operating activities (note 32) Cash flows from investing activities Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments Net cash provided by/(used in) investing activities Cash flows from financing activities Cash inflows from new borrowing Repayments of borrowing Net cash used in financing activities Change in cash and cash equivalents in the period Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period	2020 £ (817,362) 2,067,830 (205,748) 609,101 (575,457) 1,895,726 130,000 (1,054,704) (924,704) 153,660 1,143,298 1,296,958	2019 £ 543,407 301,786 (410,720) 449,560 (844,470) (503,844) - (48,740) (48,740) (9,177) 1,152,475 1,143,298

The notes on pages 33 to 76 form part of these financial statements

Page 32

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

1. General information

Walsingham College Trust Association Limited is a registered charity limited by shares registered in England and Wales.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The financial statements cover the 16 month period from 1 September 2019 to 31 December 2020. The comparative is the 12 month period to 31 August 2019.

Walsingham College Trust Association Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Statement of financial activities (SOFA) and Balance sheet consolidate the financial statements of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

No separate SOFA has been presented for the company alone as permitted by section 408 of the Companies Act 2006.

2.2 Going concern

The Directors have considered the position of the Company and Group at the time of signing the financial statements. In particular they have considered the current issues caused by Covid-19, its potential further impact on the Company and Group, and also the level of unrestricted liquid funds held.

On the basis of this assessment, the Directors have concluded that they have a reasonable expectation that the Group and Company will have adequate resources to continue in operational existence for the foreseeable future and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

Page 33

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

2. Accounting policies (continued)

2.3 Income

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the company, can be reliably measured.

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the company where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Commercial trading comprises income generated by Shrine Trading Limited and is recognised as unrestricted income on a receivable basis.

Incoming resources from charitable activities comprise income from accommodation of pilgrims, education department sales and school fees. This income is recognised on a receivable basis.

School fees receivable consist of charges invoiced less bursaries and allowances. Fees received for education to be provided in future years are carried forward as deferred income

Investment income relates to gross investment income received from current asset investments and cash on deposit.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Page 34

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

2. Accounting policies (continued)

2.4 Expenditure (continued)

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

Investment management costs represent amounts paid to stockbrokers in the year to service the portfolio held.

2.5 Basis of consolidation

The financial statements consolidate the accounts of Walsingham College Trust Association Limited and all of its subsidiary undertakings ('subsidiaries').

The Company has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own Income and expenditure account. A consolidated statement of financial activity incorporating the income and expenditure accounts of the Company and Shrine Trading Limited only is included in Appendix 1.

2.6 Intangible assets and amortisation

Intangible assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised at cost and are subsequently measured at cost net of amortisation and any provision for impairment

Goodwill represents the difference between fair value of the consideration paid on the acquisition of the Nursery business, of Walsingham College (Affiliated Schools) Ltd, and the fair value of the separable net assets acquired. The goodwill arising has been capitalised and is being amortised on a straight line basis over its remaining useful economic life which is deemed to be 7 years. The goodwill was disposed of on the sale of the school.

The Shrine's website has been capitalised at the cost of production and is being amortised on a straight line basis over its useful economic life of 5 years. The website was operational from 20th November 2017 and has been amortised from this date.

The School’s website has been capitalised at the cost of production and is being amortised on a straight line basis over its useful economic life of 10 years. The website was operational from 1 September 2017. The website was disposed of on the sale of the school.

2.7 Government grants

Government grants for revenue grants are credited to the Consolidated statement of financial activities as the related expenditure is incurred.

2.8 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Page 35

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

2. Accounting policies (continued)

2.8 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following bases:

Freehold property	- 0 - 2% Straight Line
Plant and machinery	- 5 Straight Line or 10% Reducing Balance
Fixtures and fittings	- 10 - 15% Reducing Balance & Straight Line
Office equipment	- 33% Straight Line

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated statement of financial activities.

2.9 Investment property

Investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually with any change recognised in the income statement. No depreciation is provided. Properties that are used for administrative purposes are not treated as investment properties in accordance with FRS 102.

2.10 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as Gains/(Losses) on investments’ in the Consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

Investments in charitable subsidiaries are are included as Programme Related Investments as defined in Note 21. Programme Related Investments are carried at the net assets reflected in the financial statements of the individual charities. The annual movement in carrying value is reflected in net gain on investments.

2.11 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.12 Operating leases

Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight line basis over the lease term.

Page 36

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

2. Accounting policies (continued)

2.13 Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.14 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.15 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.16 Liabilities

Liabilities and provisions are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

2.17 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method and investments in charitable subsidiaries, which are reflected at the net book value ad Programme Related Investments.

Page 37

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

2. Accounting policies (continued)

2.18 Pensions

The parent charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the period.

The parent charity also operates a defined benefits pension scheme. The Church of England Funded Pension scheme is a multi-employer scheme where it is not possible, in the normal course of events, to identify on a consistent and reasonable basis, the share of underlying assets and liabilities belonging to individual participating employers. Therefore, as required by SORP (FRS102), the parent charity accounts for this scheme as if it was a defined contribution scheme. Each employer in that scheme pays a common contribution rate on the basis of advice from the scheme actuary. The amount charged to the Statement of Financial Activities represents contributions payable to the scheme in respect of the accounting period.

Section 28.11A of FRS 102 required agreed deficit recovery payments to be recognised as a liability. A recovery plan for the Defined Benefit Pension deficit is in place until 31 December 2022.

Walsingham College (Affiliated Schools) Limited operated a defined benefit pension scheme. The Teachers’ Pension Defined Benefits Scheme is a multi-employer scheme where it is not possible, in the normal course of events, to identify on a consistent and reasonable basis, the share of underlying assets and liabilities belonging to individual participating employers. Therefore, as required by SORP (FRS102), the charity accounts for the scheme as if it was a defined contribution scheme. Contributions are at rates set by the Scheme Actuary and advised to the Board by the scheme Administrator. The amount charged to the Statement of financial activities represents contributions payable to the scheme in respect of the accounting period.

Walsingham College (Affiliated Schools) Limited also contributed to individual personal pension schemes for non-teaching staff with more than six months' service at variable percentages of annual basic pay and these contributions are accrued accordingly.

2.19 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Directors in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Directors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

The Endowment funds represents those assets which must be held permanently by the charity. In respect of the investments these are managed according to the Trustees’ investment policy. The income arising from the investments is deemed to be unrestricted income.

Investment income, gains and losses are allocated to the appropriate fund.

Page 38

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Useful economic lives of tangible and intangible assets

The annual depreciation charge for tangible and intangible assets is sensitive to changes in the useful economic lives and residual value of the assets. These useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investment, economic utilisation and the physical condition of the asset. See notes 17 and 18 for the carrying amounts of tangible and intangible assets and accounting policies 2.6 and 2.8 for the useful economic lives for each class of asset.

Legacy recognition and measurement

The legacy amount ultimately received may vary from the amount recognised in the accounts. The charity will recognise income only when they are entitled to the income, when a receipt is considered probable and the amount can be measured reliable. Entitlement is taken as the earlier of the date on which either: the company is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Company has been notified of the executor's intention to make a distribution.

4. Income from donations and legacies

Unrestricted funds 2020 £ Donations 299,755 Legacies 46,135 Gift Aid 53,726 Total 2020 399,616	Restricted funds 2020 £ 23,857 - - 23,857	Total funds 2020 £ 323,612 46,135 53,726
		423,473

Page 39

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

4. Income from donations and legacies (continued)

Donations Legacies Gift Aid Total 2019	Unrestricted funds 2019 £ 229,836 193,734 40,232 463,802	Restricted funds 2019 £ 10,809 - - 10,809	Total funds 2019 £ 240,645 193,734 40,232
			474,611

5. Income from charitable activities

Unrestricted funds 2020 £ Yorkshire Property 59,104 Pilgrim fees & refectory 643,084 Affiliated Schools 3,115,481 Education 14,157 Sundry sales 6,354 Total 2020 3,838,180 Unrestricted funds 2019 £ Yorkshire Property 65,047 Pilgrim fees 991,028 Affiliated Schools 2,584,715 Education 18,166 Sundry sales 12,664 Total 2019 3,671,620	Total funds 2020 £ 59,104 643,084 3,115,481 14,157 6,354
	3,838,180
	Total funds 2019 £ 65,047 991,028 2,584,715 18,166 12,664
	3,671,620

Page 40

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

6. Income from other trading activities

Income from fundraising events

Unrestricted funds 2020 £ Candle and shop sales 18,778 Rents receivable 100,174 Total 2020 118,952 Unrestricted funds 2019 £ Candle and shop sales 29,417 Rents receivable 75,405 104,822 Income from non charitable trading activities	Total funds 2020 £ 18,778 100,174
	118,952
	Total funds 2019 £ 29,417 75,405
	104,822

Unrestricted funds 2020 £ Norton Room 129,306 Shrine Shop 212,920 Affiliated Schools 1,137 Yorkshire Properties 622 Total 2020 343,985	Total funds 2020 £ 129,306 212,920 1,137 622
	343,985

Page 41

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

6. Income from other trading activities (continued)

Income from non charitable trading activities (continued)

Norton Room Shrine Shop Refectory Affiliated Schools Yorkshire Properties	Unrestricted funds 2019 £ 242,873 293,032 632,683 1,452 5,262 1,175,302	Total funds 2019 £ 242,873 293,032 632,683 1,452 5,262
		1,175,302

7. Trading expenses

Unrestricted funds 2020 £ Norton Room 126,616 Shrine Shop 205,520 Refectory 493,313 Yorkshire Properties 1,746 Total 2020 827,195 Unrestricted funds 2019 £ Norton Room 209,086 Shrine Shop 232,371 Refectory 578,425 Yorkshire Properties 5,385 Total 2019 1,025,267	Total funds 2020 £ 126,616 205,520 493,313 1,746
	827,195
	Total funds 2019 £ 209,086 232,371 578,425 5,385
	1,025,267

Page 42

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

8. Investment income

Unrestricted funds 2020 £ Investment income - Yorkshire Property 139,363 Investment income - Walsingham College Trust 306,773 Investment income - Affiliated Schools 26 Total 2020 446,162 Unrestricted funds 2019 £ Investment income - Yorkshire Property 124,567 Investment income - Walsingham College Trust 252,979 Investment income - Affiliated Schools 56 Total 2019 377,602	Restricted funds 2020 £ - 18,670 - 18,670 Restricted funds 2019 £ - 16,057 - 16,057	Total funds 2020 £ 139,363 325,443 26
		464,832
		Total funds 2019 £ 124,567 269,036 56
		393,659

9. Other incoming resources

Unrestricted funds 2020 £ Coronavirus job retention scheme 476,762 Other Government grants 118,595 Other income 50 595,407	Endowment funds 2020 £ - 9,460 - 9,460	Total funds 2020 £ 476,762 128,055 50 604,867

Page 43

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

9. Other incoming resources (continued)

	Unrestricted	Total
	funds	funds
	2019	2019
	£	£
Other income	50	50

During the year the group received government funding as part of the Coronavirus Job Retention Scheme. Funding represents the cost of employing certain staff unable to carry out their duties as a result of the coronavirus crisis.

Other Government grants comprises Small Business Grants. Retail, Hospitality and Leisure Grants, Local Restriction Support Grants and a capital grant.

10. Expenditure on raising funds

Costs of raising voluntary income

Unrestricted funds 2020 £ Wages and salaries 86,880 National insurance 8,155 Pension costs 8,461 Other costs 27,671 Total 2020 131,167	Total funds 2020 £ 86,880 8,155 8,461 27,671
	131,167

Page 44

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

10. Expenditure on raising funds (continued)

Costs of raising voluntary income (continued)

Wages and salaries National insurance Pension costs Other costs Total 2019	Unrestricted funds 2019 £ 42,584 2,844 4,085 41,472 90,985	Total funds 2019 £ 42,584 2,844 4,085 41,472
		90,985

Fundraising trading expenses (Note 10)

Unrestricted funds 2020 £ Staff costs 146,275 Depreciation 1,727 Other costs 185,892 Total 2020 333,894	Total funds 2020 £ 146,275 1,727 185,892
	333,894

Page 45

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

10. Expenditure on raising funds (continued)

Fundraising trading expenses (Note 10) (continued)

Staff costs Depreciation Other costs	Unrestricted funds 2019 £ 443,245 1,467 580,555 1,025,267	Total funds 2019 £ 443,245 1,467 580,555
		1,025,267

11. Investment management costs

Expenditure on investment management Expenditure on investment management	Endowment funds 2020 £ 26,645 Endowment funds 2019 £ 17,939	Total funds 2020 £ 26,645
		Total funds 2019 £ 17,939

Page 46

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

12. Analysis of expenditure by activities

Pilgrimage programme facilities Pilgrimage accommodation and hospitality Educational and youth activities Other charitable activities Affiliated Schools Yorkshire Properties Governance Pilgrimage programme facilities Pilgrimage accommodation and hospitality Educational and youth activities Other charitable activities Affiliated Schools Yorkshire Properties Governance	Activities undertaken directly 2020 £ 351,377 1,204,230 58,877 533,297 2,719,043 175,204 515,406 5,557,434 Activities undertaken directly 2019 £ 545,822 547,146 47,753 153,573 2,141,660 140,008 486,059 4,062,021	Support costs 2020 £ 15,789 119 - - 418,162 - - 434,070 Support costs 2019 £ 13,772 338 - - 350,109 - - 364,219	Total funds 2020 £ 367,166 1,204,349 58,877 533,297 3,137,205 175,204 515,406
			5,991,504
			Total funds 2019 £ 559,594 547,484 47,753 153,573 2,491,769 140,008 486,059
			4,426,240

Page 47

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

12. Analysis of expenditure by activities (continued)

Analysis of direct costs

Pilgrimage programme facilities 2020 £ Staff costs 143,676 Depreciation 238 School expenses - Property running costs 28,258 Pilgrimage expenses 141,750 Repairs and maintenance 18,136 Other staff and administrative costs 19,319 Total 2020 351,377 Staff costs Depreciation School expenses Property running costs Pilgrimage expenses Repairs and maintenance Other staff and administrative costs Total 2020	Pilgrimage accommoda tion and hospitality 2020 £ 941,061 - - 141,234 86,677 - 35,258 1,204,230	Educational and youth activities 2020 Other charitable activities 2020 £ £ 54,910 482,157 - - - - 775 33,597 - - - 7,097 3,192 10,446 58,877 533,297 Yorkshire Properties 2020 Governance 2020 £ £ 100,111 - 1,842 - - - 9,270 - 15,926 - 13,678 177,838 34,377 337,568 175,204 515,406	Affiliated Schools 2020 £ 1,951,051 172,538 581,204 14,250 - - -
			2,719,043
			Total funds 2020 £ 3,672,966 174,618 581,204 227,384 244,353 216,749 440,160
			5,557,434

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

12. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Pilgrimage programme facilities 2019 £ Pension interest cost - Staff costs 94,463 Depreciation 15,543 School expenses - Property running costs 18,780 Pilgrimage expenses 381,069 Repairs and maintenance 19,301 Other staff and administrative costs 16,666 Disposal of freehold property - 545,822 Pension interest cost Staff costs Depreciation School expenses Property running costs Pilgrimage expenses Repairs and maintenance Other staff and administrative costs Disposal of freehold property	Pilgrimage accommodat ion 2019 £ - 391,846 26,694 - 122,994 - - 5,612 - 547,146	Educational and youth activities 2019 £ - 38,502 297 - 812 - - 8,142 - 47,753 Yorkshire Properties 2019 £ - 79,293 1,786 - 13,455 3,921 5,030 36,523 - 140,008	Other charitable activities 2019 £ 1,000 370,951 - 5,026 33,470 - 11,517 7,989 (276,380) 153,573 Governance 2019 £ - - 71,016 - - - 226,192 188,851 - 486,059	Affiliated Schools 2019 £ - 1,513,849 128,268 486,552 12,991 - - - - 2,141,660 Total funds 2019 £ 1,000 2,488,904 243,604 491,578 202,502 384,990 262,040 263,783 (276,380) 4,062,021

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

12. Analysis of expenditure by activities (continued)

Analysis of support costs

Pilgrimage programme facilities 2020 Pilgrimage accommoda tion and hospitality 2020 £ £ Staff costs - - Other support costs - - Property running costs 15,789 - Other staff costs - 119 Total 2020 15,789 119 Pilgrimage programme facilities 2019 Pilgrimage accommodat ion 2019 £ £ Staff costs - - Other support costs - - Property running costs 13,772 - Other staff costs - 338 13,772 338 13. Auditors' remuneration Fees payable to the charity's auditor for the audit of the charity's annual accounts Fees payable to the charity's auditor in respect of: The auditing of accounts of associates of the charity All non-audit services not included above	Educational and youth activities 2020 £ 259,131 159,031 - - 418,162 Educational and youth activities 2019 £ 217,669 132,440 - - 350,109 2020 £ 11,500 22,700 8,030	Total funds 2020 £ 259,131 159,031 15,789 119
		434,070
		Total funds 2019 £ 217,669 132,440 13,772 338
		364,219
		2019 £ 8,500 29,100 6,600

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

14. Net Income / (Expenditure)

	31
	December	31 August
	2020	2019
	£	£
This is stated after charging:
Depreciation of tangible fixed assets owned by the charitable group	337,150	244,260
Amortisation of intangible fixed assets	10,932	8,754
Operating lease rentals	55,040	48,362

15. Staff costs

Wages and salaries Social security costs Pension costs	Group 2020 £ 3,497,113 290,837 393,918 4,181,868	Group 2019 £ 2,761,794 212,327 225,210 3,199,331	Company 2020 £ 1,365,765 103,309 129,991 1,599,065	Company 2019 £ 728,450 53,071 48,544
				830,065

The average number of persons employed by the company during the period was as follows:

Parent Charity Shrine Trading Limited Quainton Hall School Parcevall Hall	Group 2020 No. 34 28 60 4 126	Group 2019 No. 44 28 66 4 142	Company 2020 No. 34 - - - 34	Company 2019 No. 44 - - -
				44

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NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

15. Staff costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

		Group	Group
		2020	2019
		No.	No.
In the band £60,001	- £70,000	-	1
In the band £80,001	- £90,000	1	-

Total pension contributions in respect of the above employee were £20,246 (2019: £11,536).

The key management personnel of the parent charity, the Trust, comprise the trustees, the Priest Administrator and the Head of Finance & Services. The total employee benefits of the key management personnel of the Trust were £100,747 (2019: £89,658).

The key management personnel of the group comprise those of the Trust and none of the key management personnel of its wholly owned subsidiaries Walsingham College (Yorkshire Properties) Limited, Walsingham College (Affiliated Schools) Limited and Shrine Trading Limited.

Contributions paid to the Church of England Funded Pension Scheme (note 35) in the year were £9,834 (2019: £9,504).

16. Directors' remuneration and expenses

During the period, no Directors received any remuneration or other benefits (2019 - £NIL) .

During the period ended 31 December 2020, Director expenses have been reimbursed of £253 to 2 Directors (2019 - £1,289 to 6 Directors) .

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NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

17. Intangible assets

Group

Cost At 1 September 2019 Additions Disposals At 31 December 2020 Amortisation At 1 September 2019 Charge for the year Amortisation on disposals At 31 December 2020 Net book value At 31 December 2020 At 31 August 2019	Website £ 29,734 1,500 (11,934) 19,300 9,507 5,600 - 10,980 8,320 20,227	Goodwill £ 79,999 - (79,999) - 56,000 5,332 (61,332) - - 23,999	Total £ 109,733 1,500 (91,933) 19,300 65,507 10,932 (61,332) 10,980 8,320 44,226

During the period Walsingham College (Affiliated Schools) Limited disposed of the school operation, including all intangible assets.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

17. Intangible assets (continued) Company Cost At 1 September 2019 Additions At 31 December 2020 Amortisation At 1 September 2019 Charge for the period At 31 December 2020 Net book value At 31 December 2020 At 31 August 2019	Website £ 17,800 1,500
	19,300
	7,120 3,860
	10,980
	8,320
	10,680

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

18. Tangible fixed assets

Group

Cost or valuation At 1 September 2019 Additions Disposals At 31 December 2020 Depreciation At 1 September 2019 Charge for the period On disposals At 31 December 2020 Net book value At 31 December 2020 At 31 August 2019	Freehold property £ 13,504,618 78,464 (2,829,386) 10,753,696 1,274,806 160,708 (746,623) 688,891 10,064,805 12,229,812	Plant and machinery £ 2,192,128 125,112 (906,359) 1,410,881 1,595,398 174,197 (682,727) 1,086,868 324,013 596,730	Fixtures and fittings £ 49,347 2,172 - 51,519 39,226 2,078 - 41,304 10,215 10,121	Office equipment £ 13,235 - - 13,235 13,068 167 - 13,235 - 167	Total £ 15,759,328 205,748 (3,735,745) 12,229,331 2,922,498 337,150 (1,429,350) 1,830,298 10,399,033 12,836,830

The Group's historic property assets are not subject to an annual depreciation charge as the recoverable values are judged to be significantly in excess of the value reflected in the accounts. Certain new build property assets, namely the Milner Wing, Refectory, St. Augustines and College refurbishment are held within Freehold property. The cost of these properties total £7,166,633 (2019: £7,166,633). These are being depreciated over the course of their estimated useful economic lives of 50 years.

As explained in the trustees' report, during the period Walsingham College (Affiliated Schools) Limited disposed of the school operation, including all tangible assets. The surplus on the disposal of the school was £1,074,809.

All of the above assets are held for the direct furtherance of the Charity's objectives and not for any other reason.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

18. Tangible fixed assets (continued)

Company

Cost or valuation At 1 September 2019 Additions Disposals At 31 December 2020 Depreciation At 1 September 2019 Charge for the period At 31 December 2020 Net book value At 31 December 2020 At 31 August 2019 19. Investment property Group Valuation At 1 September 2019 Surplus on revaluation At 31 December 2020	Freehold property £ 10,277,637 47,618 - 10,325,255 594,203 94,688 688,891 9,636,364 9,683,434	Plant and machinery £ 1,253,856 86,381 (83) 1,340,154 958,092 68,191 1,026,283 313,871 295,764	Total £ 11,531,493 133,999 (83) 11,665,409 1,552,295 162,879 1,715,174 9,950,235 9,979,198 Freehold investment property £ 803,495 56,000 859,495

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

19. Investment property (continued)

company

Valuation At 1 September 2019 Surplus on revaluation At 31 December 2020	Freehold investment property £ 803,495 56,000
	859,495

The Directors consider the fair value of the Parent Charity's investment property on an annual basis taking into account the Directors knowledge and experience of local market conditions as well as external independent valuation advice as required.

20. Fixed asset investments

Group Cost or valuation At 1 September 2019 Additions Disposals Revaluations At 31 December 2020 Net book value At 31 December 2020 At 31 August 2019	Listed investments £ 8,010,451 575,457 (676,534) (523,474)
	7,385,900
	7,385,900
	8,010,451

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

20. Fixed asset investments (continued)

Historical cost of the listed investments held is £7,588,323 (2019: £7,688,400).

All the fixed asset investments are held in the UK.

Material restrictions

Of the listed investments £3,432,047 are held within restricted and endowment funds (2019: £3,347,510). The net investment losses on these investments in 2020 were £184,993 (2019: £149,417).

company Cost or valuation At 1 September 2019 Revaluations At 31 December 2020 Net book value At 31 December 2020 At 31 August 2019	Investments in subsidiary companies £ 125,006 - 125,006 125,006 125,006	Listed investments £ 5,485,284 (524,926) 4,960,358 4,960,358 5,485,284	Total £ 5,610,290 (524,926) 5,085,364 5,085,364 5,610,290

The parent company's investment in commercial group undertakings of £125,006 is shown at cost. This represents the Charity's investment in Shrine Trading Ltd. The Charity's investment in other charitable undertakings is reflected in note 21 and 24.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

20. Fixed asset investments (continued)

Principal subsidiaries

The following were subsidiary undertakings of the company:

Names	Company	Charity	Registered office
	number	number
Shrine Trading Limited	05815544		Shrine Office, Com
			Walsingham, Norf
Walsingham College (Affiliated Schools)	00396478	312638	Shrine Office, Com
Limited			Walsingham, Norf
Walsingham College (Yorkshire	00440129	211331	Shrine Office, Com
Properties) Limited			Walsingham, Norf
Holding Included in
consolidation
100% Yes
100% Yes
100% Yes

Shrine Office, Common Place, Walsingham, Norfolk, NR22 6EE Shrine Office, Common Place, Walsingham, Norfolk, NR22 6EE Shrine Office, Common Place, Walsingham, Norfolk, NR22 6EE

The financial results of the subsidiaries for the period were:

Names	Income	Expenditure	Profit/	Net assets
	£	£	(Deficit) for	£
			the year
			£
Shrine Trading Limited	342,226	(365,911)	1,794	126,002
Walsingham College (Affiliated	4,103,530	(3,341,189)	762,341	1,880,391
Schools) Limited
Walsingham College (Yorkshire	234,572	(235,367)	(67,866)	3,121,668
Properties) Limited

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

21. Programme Related Investments

Company At 1 September Revaluations Transfer to current asset investments At 31 August	31 December 2020 £ 4,307,585 694,474 (1,880,391) 3,121,668	31 August 2019 £ 4,492,700 (185,115) - 4,307,585

All of the shares in Walsingham College (Yorkshire Properties) Ltd and Walsingham College (Affiliated Schools) Limited are held by Walsingham College Trust Association Limited. Both Companies are registered charities with objects closely allied to the parent charity. The holdings were hence retained not for their investment potential, but for their charitable impact. As a result a programme related investments is carried at the net assets reflected in the financial statements of the individual Charities.

As explained in the trustees' report, during the period Walsingham College (Affiliated Schools) Limited disposed of Quainton Hall School and ceased to trade. It is the intention to novate the remaining assets and liabilities to WCTA and to wind up the Company. To reflect this, the value attributable to Walsingham College (Affiliated Schools) Limited of £1,880,391 has been transferred to current assets investments (note 24).

22. Stocks

Raw materials and consumables Work in progress (goods to be sold) Finished goods and goods for resale	Group 31 December 2020 £ 105,689 3,954 14,590 124,233	Group 31 August 2019 £ 121,414 4,755 30,014 156,183	Company 31 December 2020 £ 6,772 - 12,940 19,712	Company 31 August 2019 £ - - 15,561 15,561

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

23. Debtors

Due after more than one year Deferred consideration Due within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income	Group 31 December 2020 £ 50,647 - 353,892 42,827 447,366	Group 31 August 2019 £ 163,119 - 61,280 156,003 380,402	Group 31 December 2020 £ 1,080,000 Company 31 December 2020 £ 6,882 33,502 59,060 29,382 128,826	Group 31 August 2019 £ -
				Company 31 August 2019 £ 56,281 19,493 51,862 47,414
				175,050

24. Current asset investments

	Company
	31	Company
	December	31 August
	2020	2019
	£	£
Investments in undertakings	1,880,391	-

Investment in undertakings represents the net assets of Walsingham College (Affiliated Schools) Limited. Further information is contained in note 21.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

25. Creditors: Amounts falling due within one year

Bank loans and overdrafts Trade creditors Amounts owed to group undertakings Other taxation and social security Other creditors Accruals and deferred income Deferred income Deferred income at 1 September 2019 Resources deferred during the period Amounts released from previous periods	Group 31 December 2020 £ 6,500 67,728 - 24,475 124,602 154,563 377,868 Group 31 December 2020 £ 343,643 79,594 (343,643) 79,594	Group 31 August 2019 £ 1,054,704 290,760 - 151,472 91,489 456,372 2,044,797 Group 31 August 2019 £ 922,184 343,643 (922,184) 343,643	Company 31 December 2020 £ - 40,216 130,000 14,085 8,663 124,564 317,528 Company 31 December 2020 £ 92,901 79,594 (92,901) 79,594	Company 31 August 2019 £ - 84,712 - 90,783 23,020 127,577 326,092 Company 31 August 2019 £ 96,226 92,901 (96,226) 92,901

The bank loan brought forward of £1,054,754 was held by Walsingham College (Affiliated Schools) Limited. As a result of the reported deficit in the prior period to 31 August 2019, Walsingham College (Affiliated Schools) Limited was in breach of the loan covenant to the bank. Bank borrowings were secured by charges over the charity's freehold properties, however following the disposal of the school in the reporting period these bank borrowings have been repaid and the bank security released.

Shrine Trading Limited received a Coronavirus Business Interruption Scheme (CBILS) loan of £130,000 in the period. The outstanding £6,500 relates to the amounts repayable within one year.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

26. Creditors: Amounts falling due after more than one year

Bank loans Payments received on account	Group 31 December 2020 £ 123,500 - 123,500	Group 31 August 2019 £ - 73,850
		73,850

The bank loans relate to a Coronavirus Business Interruption Scheme (CBILS) loan taken out by Shrine Trading Limited. The loan was granted in the period with a 12 month capital payment holiday, where the interest is paid by the Government. The loan is then repayable over a 60 month period with capital repayments of £2,167 monthly. Interest is charged at 2.99% above the published base rate for the duration of the loan. The loan is secured by a legal charge over the assets of Shrine Trading Limited.

Included within the above are amounts falling due as follows:

Between one and two years Bank loans Between two and five years Bank loans Over five years Bank loans	Group 31 December 2020 £ 26,000 78,000 19,500	Group 31 August 2019 £ -
		-
		-

27. Financial instruments

	Group		Company
	31	Group	31	Company
	December	31 August	December	31 August
	2020	2019	2020	2019
	£	£	£	£
Financial assets
Financial assets measured at fair value
through income and expenditure	7,385,900	8,010,451	4,960,358	5,485,284

Financial assets measured at fair value through income and expenditure comprise of listed investments.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

28. Provisions

Group and company

At 1 September 2019 Amounts used	Pension deficit £ 13,000 (6,000) 7,000

A recovery plan for the Defined Benefit Pension deficit (see note 35) is in place until 31 December 2022. Section 28.11A of FRS 102 requires an agreed deficit recovery plan to be recognised as a liability. In line with the plan a deficit contribution of £6,000 was paid in the period reducing the closing liability to £7,000

29. Share Capital

	31
	December	31 August
	2020	2019
	£	£
Allotted, called up and fully paid
5 Ordinary shares of £1 each	5	5

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

30. Statement of funds

Statement of funds - current period

Balance at 1 September 2019 £ Unrestricted funds Designated funds Organ Fund 20,000 Educational Resources Fund 559 20,559 General funds Walsingham College 6,745,271 Affiliated Schools 1,118,046 Yorkshire Properties 266,767 Share capital 5 8,130,089 Total Unrestricted funds 8,150,648 Endowment funds Endowment Funds - all funds 2,922,761 Restricted funds Walsingham College Restricted Property Funds 9,853,482	Income £ Expenditure £ - - - - - - 2,230,873 (2,791,677) 3,286,317 (3,341,189) 225,112 (208,722) - - 5,742,302 (6,341,588) 5,742,302 (6,341,588) 9,460 (26,645) 23,857 (114,977)	Transfers in/out £ - - - (18,843) - 9,931 - (8,912) (8,912) (9,931) 18,843	Gains/ (Losses) £ - - - (93,408) 817,213 - - 723,805 723,805 (67,071) (86,242)	Balance at 31 December 2020 £ 20,000 559
				20,559
				6,072,216 1,880,387 293,088 5
				8,245,696
				8,266,255
				2,828,574
				9,694,963

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

30. Statement of funds (continued)

Statement of funds - current period (continued)

Balance at 1 September 2019 £ Walsingham College - Pilgrimage Access Fund 316,155 10,169,637 Total of funds 21,243,046	Income £ Expenditure £ 18,670 - 42,527 (114,977) 5,794,289 (6,483,210)	Transfers in/out £ - 18,843 -	Gains/ (Losses) £ (31,680) (117,922) 538,812	Balance at 31 December 2020 £ 303,145
				9,998,108
				21,092,937

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

30. Statement of funds (continued)

Designated Funds

The Organ fund for maintenance and refurbishment of the organ at Walsingham was established in 2017.

The Educational Resources fund for the purchasing of educational resources at the Shrine was established in 2017.

Restricted Funds

Restricted property funds relate to the properties adjacent to the Shrine of Our Lady of Walsingham, which are used in the furtherance of the charity's objects. The properties are shown at their original cost less depreciation to the company.

The transfer of £18,843 reflects the net cost of additions charged to restricted property initially funded from designated and unrestricted reserves.

Other restricted funds reflect a number of investment portfolios shown at their market value, which can only be used for restricted purposes. The restricted purposes relate to the maintenance of the properties at Walsingham together with expenditure relating to the Walsingham Appeal for the work on the Milner Wing.

Pilgrimage Access fund was established in 2018 to help enable those that would otherwise be unable to visit and stay at The Shrine.

Unrestricted Funds

Included within unrestricted funds is the revaluation reserve. The tangible assets of the charities are not re-valued so this only relates to the investment assets held. The closing balance on the revaluation reserve sits at a negative balance of £443,202 (2019: £268,563 positive) at the year end.

Walsingham College's unrestricted funds include £257,596 arising from the disposal of Quainton Hall School. The fund are likely to designated. However the designation had not been made by 31 December 2020.

Endowment Funds

The endowment fund comprises the historic cost of the property at Parcevall Hall plus the subsequent capital improvements, together with the market value of the charity‘s investment portfolio.

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30. Statement of funds (continued)

Statement of funds - prior period

Designated funds Property Maintenance Fund Organ Fund Educational Resources Fund Mural Restoration Fund General funds Walsingham College Affiliated Schools Yorkshire Properties Share capital Total Unrestricted funds Endowment funds Endowment Funds - all funds Restricted funds	Balance at 1 September 2018 £ 3,806 20,000 1,000 23,450 48,256 6,438,780 1,189,409 347,940 5 7,976,134 8,024,390 2,955,342	Income £ - - - - - 2,956,533 2,641,629 195,036 - 5,793,198 5,793,198 -	Expenditure £ (3,806) - (441) (23,450) (27,697) (2,559,462) (2,712,992) (166,696) - (5,439,150) (5,466,847) (17,939)	Transfers in/out £ - - - - - (10,900) - (109,513) - (120,413) (120,413) 109,513	Gains/ (Losses) £ - - - - - (79,680) - - - (79,680) (79,680) (124,155)	Balance at 31 August 2019 £ - 20,000 559 -
						20,559
						6,745,271 1,118,046 266,767 5
						8,130,089
						8,150,648
						2,922,761

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

30. Statement of funds (continued)

Statement of funds - prior period (continued)

		Balance at					Balance at
	1	September			Transfers	Gains/	31 August
		2018	Income	Expenditure	in/out	(Losses)	2019
		£	£	£	£	£	£
Walsingham
College
Restricted
Property Funds		9,935,878	10,809	(73,659)	10,900	(30,446)	9,853,482
Walsingham
College -
Pilgrimage
Access Fund		310,000	16,057	(1,986)	-	(7,916)	316,155
	10,245,878		26,866	(75,645)	10,900	(38,362)	10,169,637
Total of funds	21,225,610		5,820,064	(5,560,431)	-	(242,197)	21,243,046
Summary of funds
Summary of funds - current period
							Balance at
	Balance at 1						31
	September				Transfers	Gains/	December
		2019	Income	Expenditure	in/out	(Losses)	2020
		£	£	£	£	£	£
Designated
funds		20,559	-	-	-	-	20,559
General funds		8,130,089	5,742,302	(6,341,588)	(8,912)	723,805	8,245,696
Endowment
funds		2,922,761	9,460	(26,645)	(9,931)	(67,071)	2,828,574
Restricted funds	10,169,637		42,527	(114,977)	18,843	(117,922)	9,998,108
	21,243,046		5,794,289	(6,483,210)	-	538,812	21,092,937

31. Summary of funds Summary of funds - current period

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

31. Summary of funds (continued)

Summary of funds - prior period

Designated funds General funds Endowment funds Restricted funds	Balance at 1 September 2018 £ 48,256 7,976,134 2,955,342 10,245,878 21,225,610	Income £ - 5,793,198 - 26,866 5,820,064	Expenditure £ (27,697) (5,439,150) (17,939) (75,645) (5,560,431)	Transfers in/out £ - (120,413) 109,513 10,900 -	Gains/ (Losses) £ - (79,680) (124,155) (38,362) (242,197)	Balance at 31 August 2019 £ 20,559 8,130,089 2,922,761 10,169,637 21,243,046

32. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted funds 31 December 2020 £ Tangible fixed assets 1,051,516 Intangible fixed assets 8,320 Fixed asset investments 3,953,853 Investment property 859,495 Debtors due after more than one year 1,080,000 Current assets 1,821,439 Creditors due within one year (377,868) Creditors due in more than one year (123,500) Provisions for liabilities and charges (7,000) Total 8,266,255	Restricted funds 31 December 2020 £ 8,944,485 - 1,006,505 - - 47,118 - - - 9,998,108	Endowment funds 31 December 2020 £ 403,032 - 2,425,542 - - - - - - 2,828,574	Total funds 31 December 2020 £ 10,399,033 8,320 7,385,900 859,495 1,080,000 1,868,557 (377,868) (123,500) (7,000) 21,092,937

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NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

32. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fixed assets Intangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year Creditors due in more than one year Provisions for liabilities and charges Total	Unrestricted funds 31 August 2019 £ 3,412,241 44,226 4,637,440 803,495 1,384,893 (2,044,797) (73,850) (13,000) 8,150,648	Restricted funds 31 August 2019 £ 9,026,995 - 847,844 - 294,798 - - - 10,169,637	Endowment funds 31 August 2019 £ 397,594 - 2,525,167 - - - - - 2,922,761	Total funds 31 August 2019 £ 12,836,830 44,226 8,010,451 803,495 1,679,691 (2,044,797) (73,850) (13,000) 21,243,046

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NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

33. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the period (as per Statement of Financial Activities) Adjustments for: Depreciation charges Amortisation charges Loss/(Gain) on investments Loss/ (Gain) on investment property Loss/(profit) on the sale of fixed assets Decrease in stocks Decrease in debtors Decrease in creditors Movement in pension deficit provision Loss/(profit) on disposal of investment property Net cash provided by/(used in) operating activities	Group 31 December 2020 £ (1,224,918) 337,150 10,932 591,997 (56,000) - 31,950 180,176 (682,649) (6,000) - (817,362)	Group 31 August 2019 £ 17,436 244,260 8,753 297,627 (35,986) (276,380) 1,178 1,003,560 (671,597) (26,000) (19,444) 543,407

34. Analysis of cash and cash equivalents

Cash in hand Total cash and cash equivalents	Group 31 December 2020 £ 1,296,958 1,296,958	Group 31 August 2019 £ 1,143,298 1,143,298

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NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

35. Analysis of changes in net debt

Cash at bank and in hand Debt due within 1 year Debt due after 1 year	At 1 September 2019 £ 1,143,106 (1,054,704) - 88,402	Cash flows £ 153,852 1,048,204 (123,500) 1,078,556	At 31 December 2020 £ 1,296,958 (6,500) (123,500) 1,166,958

36. Pension commitments

The Group operates a defined benefit pension scheme.

Walsingham College Trust Association Limited participates in the Church of England Funded Pensions Scheme for stipendiary clergy, and employs 2 members of the Scheme out of a total membership of approximately 8,400 active members. This scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Responsible Bodies.

Each participating Responsible Body in the scheme pays contributions at a common contribution rate applied to pensionable stipends.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This means it is not possible to attribute the Scheme’s assets and liabilities to each specific Responsible Body, and this means contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable towards benefits and expenses accrued in that year (2020: £9,834 2019: £9,504), plus the figures highlighted in the table in Note 27 as being recognised in the SoFA, giving a total charge of (£15,834) for 2020 (2019: £15,496).

A valuation of the Scheme is carried out once every three years. The most recent Scheme valuation completed was carried out at as 31 December 2018. The 2018 valuation revealed a deficit of £50m, based on assets of £1,818m and a funding target of £1,868m, assessed using the following assumptions:

• An average discount rate of 3.2% p.a.;

• RPI inflation of 3.4% p.a. (and pension increases consistent with this);

• Increase in pensionable stipends of 3.4% p.a.

• Mortality in accordance with 95% of the S3NA_VL tables, with allowance for improvements in mortality rates in line with the CMI2018 extended model with a long term annual rate of improvement of 1.5%, a smoothing parameter” of 7 and an initial addition to mortality improvements of 0.5% pa.

Following the 31 December 2018 valuation, a recovery plan was put in place until 31 December 2022 and the deficit recovery contributions (as a percentage of pensionable stipends) are as set out in the table below.

% of pensionable stipends Jan 2018 to Dec 20 Jan 21 to Dec 22 Deficit repair contributions 11.9% 7.1%

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NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

36. Pension commitments (continued)

As at 31 December 2018 the deficit recovery contributions under the recovery plan in force at that time were 11.9% of pensionable stipends until December 2025. As at 31 December 2019 and 31 December 2020 the deficit recovery contributions under the recovery plan in force were as set out above.

For senior office holders, pensionable stipends are adjusted in the calculations by a multiple, as set out in the Scheme’s rules.

Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. The deficit liability at the period end and the movement in the period is set out in note 27. This liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions set by reference to the duration of the deficit recovery payments:

• Discount rate 0.2% pa (2019: 1.1%pa);

• RPI inflation of 3.1% pa (2019: 2.8% pa)

• Increase in pensionable payroll of 1.6% pa (2019: 1.3%pa).

The legal structure of the scheme is such that if another Responsible Body fails, Shrine of Our Lady of Walsingham could become responsible for paying a share of that Responsible Body’s pension liabilities.

Walsingham College (Affiliated Schools) Limited

Up until the date of the disposal of the school (6 November 2020) Walsingham College (Affiliated Schools) Limited had employees who were members of, and the charity contributed to, the Teachers; Pension Scheme (TPS). Following the disposal of the school the charity had no further commitments or liability exposure in relation to the scheme.

The TPS is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. Membership is automatic for full-time teachers and, from 1 January 2007, automatic for teachers in part-time employment following appointment or a change of contract, although they are able to opt out.

The TPS is an unfunded scheme and members contribute on a ‘pay as you go’ basis – these contributions along with those made by employers are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contributions increased from 16.48% to 23.68% from 1 September 2019.

Valuation of the Teachers’ Pension Scheme

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2016. The valuation report was published by the Department for Education on 5 March 2019. The key elements of the valuation and subsequent consultation are:

• employer contribution rates set at 23.68% of pensionable pay (including a 0.08% administration levy)

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NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

36. Pension commitments (continued)

• total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £218,100 million and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £196,100 million, giving a notional past service deficit of £22,000 million

• the SCAPE rate, set by HMT, is used to determine the notional investment return. The current SCAPE rate is 2.4% above the rate of CPI, assumed real rate of return is 2.4% in excess of prices and 2% in excess of earnings. The rate of real earnings growth is assumed to be 2.2%. The assumed nominal rate of return including earnings growth is 4.45%.

The next valuation result is due to be implemented from 1 April 2023.

The employer's pension costs paid to TPS in the year amounted to £218,511 (2019: £132,039). Contributions payable at the period end were £nil (2019: £13,047).

A copy of the valuation report and supporting documentation is on the Teachers' Pensions website (https://www.teacherspensions.co.uk/news/employers/2019/04/teachers-pensions-valuation-report.aspx).

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The charity has accounted for its contributions to the scheme as if it were a defined contribution scheme. The school has set out above the information available on the scheme.

The charity also contributes to defined pension schemes on behalf of other staff. Employer contributions payable to these schemes were £45,358 (2019: £16,098) and at the period end £nil (2019: £2,875) was accrued in respect of contributions payable to these schemes.

37. Operating lease commitments

At 31 December 2020 the Group and the company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year Later than 1 year and not later than 5 years	Group 31 December 2020 £ 2,279 - 2,279	Group 31 August 2019 £ 43,115 138,556 181,671	Company 31 December 2020 £ 2,279 - 2,279	Company 31 August 2019 £ 10,728 3,108
				13,836

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NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

. Amounts receivable (Land and buildings)

Not more than 1 year Between 1 and 5 years	31 December 2020 £ 17,779 41,793 59,572	31 August 2019 £ 32,366 2,667
		35,033

38. Related party transactions

Mr John Booth, who is a Director of the Parent Charity is also a director of St Andrew Holborn Trading Limited, from which purchases in the financial year amounted to £585 (2019: £1,249). Creditors of £Nil (2019: £587) were outstanding at the year end.

Mr J Downing, a Director of the Parent Charity is a partner of Walsingham Farm Shop LLP. Purchases in the period totalled £1,851 (2019: £2,274), creditors of £Nil (2019: £210) were outstanding at the year end. Sales in the period totalled £77 (2019: £67), debtors of £Nil (2019: £3) were outstanding at the year end.

A grant of £20,000 (2019: £25,000) was received from The Incorporated Trustees of the Number 1 Trust Fund, of which the following Directors of the Parent Charity; the Right Reverend Jonathan Baker, Mr John Booth, the Right Reverend Philip North, and the husband of Mrs Ruth Ward, are Trustees.

The Parent Charity owns a property known as 95 Hines Road which was occupied rent free by the subsidiary charity Walsingham College (Affiliated Schools) Ltd until its disposal as part of the sale of the school.

In the year ending 31 August 2020 Shrine Trading Limited made a commitment under deed of covenant to make a payment to Walsingham College Trust Association for £798 (2019: £78,290). Walsingham College Trust Association charged Shrine Trading Limited £33,762 (2019: £70,416) in respect of management and rental charges. At the period end £33,502 (2019: £19,493) was due from Shrine Trading Limited to the charity and £130,000 (2019: £nil) was due from the charity to Shrine Trading Limited.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED APPENDIX 1

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES(INCORPORATING INCOME AND EXPENDITURE ACCOUNT (WCTA & SHRINE TRADING ONLY) FOR THE PERIOD ENDED 31 DECEMBER 2020

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED APPENDIX 1	WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED APPENDIX 1	WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED APPENDIX 1	WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED APPENDIX 1	WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED APPENDIX 1
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES(INCORPORATING INCOME AND EXPENDITURE ACCOUNT (WCTA & SHRINE TRADING ONLY) FOR THE PERIOD ENDED 31 DECEMBER 2020
Income from: Donations and legacies Charitable activities Other trading activities Investments Other income Total income Expenditure on: Raising funds Charitable activities Total expenditure Net income before investment gains /(losses) Net losses on investments Net income/(expenditure) Transfers between funds Surplus on disposal of school Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2021 £ 397,578 663,767 408,563 306,773 454,357	Restricted funds 2021 £ 23,857 - - 18,670 -	Total funds 2021 £ 421,435 663,767 408,563 325,443 454,357	Total funds 2020 £ 470,192 1,021,858 1,222,313 269,036 -
	2,231,038	42,527	2,273,565	2,983,399
	450,487 2,341,358	- 114,977	450,487 2,456,335	1,110,867 1,551,937
	2,791,845	114,977	2,906,822	2,662,804
			(633,257) 225,548	320,595 (303,157)
	(217,337)	(190,372)	(407,709)	17,438
	(18,843)	18,843	-	-
	257,596	-	257,596	-
	21,416	(171,529)	(150,113)	17,438
	11,073,411 21,416	10,169,637 (171,529)	21,243,048 (150,113)	21,225,610 17,438
	11,094,827	9,998,108	21,092,935	21,243,048