2022-12-31-accounts

Registered number: 00318358 Charity number: 215863

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

CONTENTS

	Page
Reference and administrative details of the Company, its Directors and advisers	1
Directors' report	2 - 15
Independent auditors' report on the financial statements	16 - 19
Consolidated statement of financial activities	20 - 21
Consolidated balance sheet	22 - 23
Company balance sheet	24 - 25
Consolidated statement of cash flows	26
Notes to the financial statements	27 - 63

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS DIRECTORS AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022

Directors	The Rt Rev'd P J North, Chairman and Master of The Guardians
	The Rev'd P R Barnes
	Mr J D S Booth
	Mr J S Downing
	Ms A Mcintyre
	Mr C M Read (appointed 11 October 2022)
	Mr A J Roberts
	The Rev'd Prebendary G C Rowlands
	The Rev'd H C Stoker (resigned 11 October 2022)
Company registered number 00318358 Charity registered number 215863 Registered office The Shrine Office Little Walsingham Norfolk NR22 6EE Company secretary Ms R S Ward Independent auditors Larking Gowen LLP Chartered Accountants 1st Floor Prospect House Rouen Road Norwich NR1 1RE Priest Administrator The Rev'd K Smith Treasurer Dr R Mantle

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

The Directors present their annual report together with the audited financial statements of the Company for the 1 January 2022 to 31 December 2022. The Annual report serves the purposes of both a Directors' report and a directors' report under company law. 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 until 2020.

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 YEAR ENDED 31 DECEMBER 2022

Objectives and activities (continued)

c. Staffing and volunteers

The Shrine is a major local employer, employing 65 staff, many of whom live in the village of Walsingham. The Shrine has always sought to promote a positive working environment and has paid particular attention to the well-being of staff following the pandemic. There is a strong sense of loyalty towards the Shrine amongst its employees.

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 who visit the Shrine as pilgrims and visitors and to contribute to making their experience of the Shrine a positive one.

The pastoral, spiritual and liturgical life of the Shrine is overseen by the Priest Administrator assisted by a fulltime Shrine Priest. The Shrine also relies on the assistance of local retired clergy and laity to meet the demands of the pilgrimage season. The Priest Administrator delegates liturgical and pastoral duties as appropriate in order to minister to pilgrims and visitors.

The Guild of All Souls maintains a daily Mass in the Guild’s Chantry Chapel within the Shrine Grounds under the care of the Guild’s resident Chantry Priest. He also undertakes some pastoral and liturgical duties at the Shrine, including preaching at pilgrimage liturgies and updating the weekly lists for Shrine Prayers.

A good working relationship exists between the Shrine and the Parish Church. The Priest Administrator and Parish Priest meet regularly, supporting each other’s work and ministry and sharing the celebrations of Church’s major feasts. One of the two Sisters of the Society of St Margaret from the Priory of Our Lady in Walsingham assists at the healing liturgies.

Each summer, the Shrine welcomes an ordinand in training for the priesthood for a four-week placement and they are given the unique opportunity to experience Walsingham as a national centre of Christian pilgrimage. Ordinands from other Theological Colleges assist at the major pilgrimages held throughout the year.

A dedicated team of volunteers assists at the Shrine in its ministry of welcome. 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. A small number of volunteers from various parts of the country offer their services during the season through the Shrine’s volunteer scheme. Appropriate safeguarding checks and formal inductions are carried out for all volunteers.

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

The following statistics indicate the important contribution made by volunteers in fulfilling the objectives and activities of the Charity:

Volunteer Scheme	294
Special Events	3,506
General Shrine & Pilgrimage Programme	796
Welcome Centre	650
Total	5,246

These figures do not include the many hours of time given voluntarily by clergy and parish pilgrimage organisers who bring groups to the Shrine from many parts of the country and care for them during their stay.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

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 2022 the Directors were:

Rt Rev'd P J North (Chairman and Master of the Guardians) The Rev'd P R Barnes Mr J D S Booth Mr J S Downing Ms A Mcintyre Mr C M Read (appointed 11 October 2022) Mr A J Roberts The Rev'd Prebendary G C Rowlands The Rev’d H C Stoker (resigned 11 October 2022)

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, 4 October 2011 and 11 October 2022.

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 YEAR ENDED 31 DECEMBER 2022

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 made up of the Director of Finance, the Director of Operations, The Director of Communications & Marketing, and the Director of Education, attended by the Shrine Priest. The Senior Team has worked closely in collaboration with the managers and staff of departments to ensure the efficient delivery of the Charity’s activities in challenging times.

Directors regularly review the Shrine’s safeguarding policies and procedures under the leadership of Ms Amanda McIntyre, a Guardian Director. The Shrine continues to benefit from the Safeguarding Service Level Agreement which it entered with the Diocese of Norwich in 2021.The Diocesan Safeguarding Advisor oversees the Shrine’s safeguarding policies and procedures and meets regularly with the Priest Administrator and the Shrine’s Safeguarding Officer.

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.

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.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Structure, governance and management (continued)

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 all facilities reopened in June 2021 and the Trustees and management continue to monitor potential risk.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Subsidiary undertakings

Shrine Trading Limited (STL)

Incorporated on May 12 2006, Shrine Trading Limited (STL Ltd) commenced trading on April 1 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 £15,812 (2021: £nil) to the Charity, following trading activities for the period.

Walsingham College (Affiliated Schools) Limited

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.

Following the completion of sale and the disposal by the Charity of the School’s business and assets, it is the intention of the Directors of WCTA and the Governors of the Charity to novate the remaining assets and liabilities of the Charity to WCTA and proceed to wind up the Charity in accordance with applicable legislation. In preparation for the wind-up of the Charity donations of £500,000 was made in 2021 and £400,000 in January 2023 to Walsingham College Trust Association, the Charity's parent charity. Activities in the period have been those required to prepare the Charity for its eventual cessation.

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.

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.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

(continued)

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.

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.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

(continued)

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.

The planned works to Henry Simpson Barn have been completed in the period.

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 the accounting period to 31 December 2022, the overall loss of £228,792 was made on investments, compared to the £206,815 overall profit in the period to 31 December 2021. The total loss of £228,792 consists of the £55,796 loss realised and of the £172,996 unrealised loss.

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.

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.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

(continued)

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, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

Strategic report

Achievements and performance

a. Review of activities

The 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 centre of pilgrimage in the Middle Ages, famed for its replica of Mary’s house in Nazareth where The Blessed Virgin received the Annunciation (the Holy House). The Shrine was destroyed at the Reformation but was restored in 1922 by Fr Hope Patten, Vicar of Walsingham. Fr Patten founded the College of Guardians and in 1931 restored the Holy House. 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, 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 many.

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 properly conserved. The Shrine Sacristy has undergone some re-ordering and refurbishment under the direction of the Sacristan in consultation with the Priest Administrator. A generous donation in memory of a departed pilgrim was used to restore the fine Della Robbia Altarpiece in the Chapel of the Annunciation. The ‘Golden Book’, recording the names of benefactors when the Holy House and Shrine Church were built and furnished in 1931, has been restored by a conservator of the British Library. Signage around the Shrine Church has been improved for the benefit of pilgrims and visitors and plans for further improvements to signage around the Shrine site are currently being considered.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Strategic report (continued)

Achievements and performance (continued)

The Shrine’s programme of special pilgrimage and retreats continue to be offered. The Priests’ & Deacons’ Retreat in February, the Children’s Pilgrimage and Lent Retreat in March and the Youth Pilgrimage and Pilgrimage for Healing & Renewal in August were held once again at the Shrine with pilgrims attending physically, rather than virtually, as they did during the pandemic. Numbers were good at all the special pilgrimages with the exception of the Youth Pilgrimage where the number of pilgrims was significantly lower than pre-pandemic levels. The Shrine is taking steps to promote the Youth Pilgrimage and to encourage more pilgrims to attend. The National Pilgrimage in May was held a month earlier than usual due to the celebrations marking HM The Queen’s Platinum Jubilee and was well attended. The annual Family Pilgrimage in October attracted a larger than usual number of families and the Bible Weekend and Adoremus Pilgrimage for young adults and the Advent Retreat in December, led by Bishop Roger Jupp, were all well attended.

2022 marked the Centenary of the Restoration of the Shrine and of pilgrimage by Fr Alfred Hope Patten and was observed as a Year of Jubilee. Three major Walsingham Festivals were held in three Cathedrals: Exeter, Blackburn and Durham. Around 1,000 pilgrims attended each festival and provided the opportunity to promote the Shrine’s work in a variety of regions around the country. The Shrine received a warm welcome by the Cathedral clergy and staff. Celebrations were also held at the Shrine itself with a Mass of Thanksgiving and Luncheon on 6th July, the anniversary of the restoration.

The Shrine’s work with children and young pilgrims continues to flourish. An encouraging number of new school groups visited in 2022. Significant efforts continued to be made by the Shrine’s Director of Education to stay in touch with our regular school groups and to promote the Shrine and its resources for schools more widely. The appointment of Dr Jane Southward to the new full-time post of Schools Officer has further strengthened the Shrine’s work with schools and young pilgrims. A Guardian of the Shrine, with expertise in the sphere of education, chairs a small advisory group to support the Education Department Team.

Relations between the Shrine, the RC Shrine and the Diocese of Norwich have continued to flourish. Regular meetings are held between the Priest Administrator and the Rector of the RC Shrine and opportunities to share in times of prayer and worship together. The Bishop of Norwich invites his senior team to two residential meetings a year using Shrine accommodation and facilities. The Priest Administrator offers a monthly Mass at Norwich Cathedral and in 2022 was appointed a Priest-Vicar of the Cathedral.

The commercial activity of the Shrine continues to recover following the pandemic. Bespoke Centenary merchandise, including badges, cufflinks and crockery bearing the Centenary logo sold well. The Shrine Shop Manager aims to introduce other bespoke items for sale and plans are in place to further develop the shop’s online sales and presence.

Recovery following the pandemic continues, though there were fewer residential pilgrims staying at the Shrine in 2022. Promotion of the Shrine and of pilgrimage has resulted in new pilgrims and groups coming to Walsingham. The opening of new pilgrim-routes from Norwich Cathedral, King’s Lynn and London is providing further opportunities to encourage new pilgrims. The appointment of a Pilgrim Engagement Officer at the Shrine has resulted in improved communications with our pilgrims and care for them when they are in residence. Regular contact is now made with Shrine Cells and the establishment of new Cells is being encouraged. The Shrine’s livestreaming activity has been effective in maintaining contact with regular pilgrims and reaching out to new audiences. Daily Shrine Prayers, Sunday Mass and special service are livestreamed, often to several thousand people. The Shrine’s social media presence has been further increased with regular posts sharing news and devotional material to pilgrims.

The Shrine has endeavoured to support its staff in challenging times and to maintain regular communication with them. In common with all involved in the hospitality sector, the recruitment and retention of staff has been challenging but the Shrine has continued to function thanks largely to the hard work and dedication of the staff team.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Strategic report (continued)

Achievements and performance (continued)

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.

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, M & G Charifund and Fundsmith in line with the Charity’s investment policy.

The investment loss for the period was £399,245.

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.

The investment loss for the period was £172,996.

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 they have considered the budgeted income and expenditure for the 12 months from the date of signing the financial statements along with 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.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

b. Market value of land and buildings

Walsingham College Trust Association Limited and Walsingham College (Yorkshire Properties) Limited

The value of property used by the charities to deliver their charitable purpose, and therefore treated as tangible fixed assets in the financial statements, significantly exceeds the book value. No formal revaluations were carried out during the year.

The market value of the Parent Charity's investment property is £1,239,495 (2021: £939,495).

c. Financial review

The Groups unrestricted funds include tangible and intangible assets of £1.02m (2021: £1.09m), listed investments of £4.6m (2021: £5.0m) together with net current liabilities and investment property. The Group has total reserves of £22,118,561 (2021: £22,259,969). 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 2022 restricted £9,923,412 and unrestricted £12,182,590 and designated £20,559 (2021: £10,055,834 restricted, £12,183,555 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 deficit for the period is £447 (2021: £485,508). The significant deficit in 2021 was due to a £500,000 donation to WCTA. Funds at the period end were £1,394,436 (2021: £1,394,883). 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 2022 the fund balances were unrestricted £489,301 and endowment £2,940,677 (2021: £273,260 and £3,051,593 respectively). The increase in unrestricted funds was due to a surplus on the disposal of a property.

Page 13

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

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.

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 £137,396 (2021: £1,167,013 surplus). The deficit for the period included income from legacies of £256,109 (2021: £240,860), Government grants relating to the Covid-19 pandemic of £Nil (2021: £253,783), gain on investments in subsidiaries of £104,679 (2021: £282,324 loss), a loss on listed investments of £399,245 (2021: £659,191 gain) and investment property gains of £nil (2021: £80,000) 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 increase of £105,125 (2021: £203,185 increase). The net surplus for the period before losses on investments amounted to £333,917 (2021: £3,630 deficit). The surplus before investments losses was due to a surplus on the disposal of a property.

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

Page 14

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

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.

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: 24 April 2023

Page 15

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 year ended 31 December 2022 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 2022 and of the Group's incoming resources and application of resources, including its income and expenditure for the year 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

In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

Page 16

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

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

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 year 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.

Page 17

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Due to the field in which the Charity operates, we identified areas most likely to have a direct material impact on the financial statements as compliance with accounting standards, including Charities SORP (FRS 102) and charity law. In addition, we considered the provisions of other laws and regulations which, whilst not having a direct impact on the financial statements, are fundamental to the Charity's ability to operate, including safeguarding requirements, health and safety, employment law, data protection and compliance with various other regulations relevant to the conduct of the Charity's operations.

Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, included the following:

• Enquiries with management and the Directors about any known or suspected instances of noncompliance with laws and regulations, accidents in the workplace, safeguarding breaches, data breaches, potential litigation or claims and fraud;

• Reviewing legal and professional fees to confirm matters where the Charity engaged lawyers;

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Reviewing board and finance committee meeting minutes and any relevant correspondence with external authorities, including regulators;

• Challenging assumptions and judgements made by management in their significant accounting estimates;and;

• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of any significant transactions outside the normal course of business.

Page 18

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

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

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

27 April 2023

Page 19

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2022

Note Income and endowments from: Donations and legacies 4 Charitable activities 5 Other trading activities 6 Investments 8 Other income 9 Total income and endowments Expenditure on: Raising funds 10,11 Charitable activities 12 Total expenditure Net income/(expenditure) before net (losses)/gains on investments Net (losses)/gains on investments Net income/(expenditure) Transfers between funds 29 Net movement in funds	Unrestricted funds 2022 £ 552,383 1,396,641 604,723 372,311 284,176 3,210,234 566,076 2,414,241 2,980,317 229,917 (75,550) 154,367 (48,436) 105,931	Restricted funds 2022 £ 9,640 2,000 - 16,352 - 27,992 - 96,853 96,853 (68,861) (63,562) (132,423) - (132,423)	Endowment funds 2022 £ 87,364 - - - - 87,364 17,924 - 17,924 69,440 (228,792) (159,352) 48,436 (110,916)	Total funds 2022 £ 649,387 1,398,641 604,723 388,663 284,176 3,325,590 584,000 2,511,094 3,095,094 230,496 (367,904) (137,408) - (137,408)	Total funds 2021 £ 623,053 765,882 386,139 339,586 253,833
					2,368,493
					383,224 1,764,259
					2,147,483
					221,010 946,022
					1,167,032 -
					1,167,032

Page 20

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Note Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2022 £ 9,152,527 105,931 9,258,458	Restricted funds 2022 £ 10,055,834 (132,423) 9,923,411	Endowment funds 2022 £ 3,051,608 (110,916) 2,940,692	Total funds 2022 £ 22,259,969 (137,408) 22,122,561	Total funds 2021 £ 21,092,937 1,167,032
					22,259,969

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

The notes on pages 27 to 63 form part of these financial statements.

Page 21

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED REGISTERED NUMBER: 00318358

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2022

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 Total assets less current liabilities Provisions for liabilities 35 Total net assets Charity funds Endowment funds 29 Restricted funds 29 Unrestricted funds 29 Total funds	105,309 540,000 427,552 1,600,942 2,673,803 (246,516)	2022 £ 600 10,384,141 8,071,038 1,239,495 19,695,274 2,427,287 22,122,561 - 22,122,561 2,940,692 9,923,411 9,258,458 22,122,561	125,815 810,000 483,657 1,047,170 2,466,642 (277,262)	2021 £ 4,460 10,389,789 8,740,845 939,495 20,074,589 2,189,380 22,263,969 (4,000) 22,259,969 3,051,608 10,055,834 9,152,527 22,259,969

Page 22

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2022

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 Director

Date: 24 April 2023

The notes on pages 27 to 63 form part of these financial statements.

Page 23

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED REGISTERED NUMBER: 00318358

COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2022

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 35 Total net assets Charity funds Restricted funds 29 Unrestricted funds 29 Total funds	21,111 185,155 1,394,436 422,767 2,023,469 (189,822)	2022 £ 600 9,770,510 5,845,311 3,429,978 1,239,495 20,285,894 1,833,647 22,119,541 - 22,119,541 9,923,412 12,196,129 22,119,541	21,059 200,876 1,394,883 434,651 2,051,469 (205,992)	2021 £ 4,460 9,908,283 6,244,556 3,324,852 939,495 20,421,646 1,845,477 22,267,123 (4,000) 22,263,123 10,055,834 12,207,289 22,263,123

The Company's net movement in funds for the year was £ (143,582) (2021 - £1,171,184) .

Page 24

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2022

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

Director

Date: 24 April 2023

The notes on pages 27 to 63 form part of these financial statements.

Page 25

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022

Cash flows from operating activities Net cash used in operating activities (note 32) Cash flows from investing activities Proceeds from the sale of assets Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments Purchase of investment properties Net cash provided by/(used in) investing activities Cash flows from financing activities Repayments of borrowing Net cash provided by/(used in) financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year	2022 £ 143,603 530,197 (157,336) 662,992 (621,221) (4,463) 410,169 - - 553,772 1,047,170 1,600,942	2021 £ 211,586 270,000 (112,446) 705,072 (1,194,000) - (331,374) (130,000) (130,000) (249,788) 1,296,958 1,047,170

The notes on pages 27 to 63 form part of these financial statements

Page 26

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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.

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 Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements. 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.

2.2 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 budgeted income and expenditure for the 12 months from the date of signing the financial statements along with 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 27

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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.

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, and education department sales. This income is recognised on a receivable basis.

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.

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.

Page 28

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

2.5 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. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

2.6 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.

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.

2.7 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.

2.8 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 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/(loss) on investments.

Page 29

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

2.9 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.

2.10 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.

2.11 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.

2.12 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.

2.13 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.

2.14 Liabilities and provisions

Liabilities 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.

2.15 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.

Page 30

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

2.16 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 requires 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.

2.17 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 31

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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.

Critical areas of judgement:

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 2.5 and 2.6 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.

Valuation of investment property

Investment property valuations have been made by the Directors based on open market values for similar properties.

Page 32

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

4. Income from donations and legacies

Unrestricted funds 2022 £ Donations 252,871 Legacies 256,109 Grants - Gift Aid 43,403 Total 2022 552,383 Unrestricted funds 2021 £ Donations 301,262 Legacies 240,860 Grants 4,633 Gift Aid 43,929 Total 2021 590,684	Restricted funds 2022 £ 9,640 - - - 9,640 Restricted funds 2021 £ 10,548 - - - 10,548	Endowment funds 2022 £ - - 87,364 - 87,364 Endowment funds 2021 £ - - 21,821 - 21,821	Total funds 2022 £ 262,511 256,109 87,364 43,403
			649,387
			Total funds 2021 £ 311,810 240,860 26,454 43,929
			623,053

5. Income from charitable activities

Unrestricted funds 2022 £ Yorkshire Properties 84,269 Pilgrim fees & refectory income 1,280,818 Education 15,498 Sundry sales 16,056 Total 2022 1,396,641	Restricted funds 2022 £ - 2,000 - - 2,000	Total funds 2022 £ 84,269 1,282,818 15,498 16,056
		1,398,641

Page 33

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

5. Income from charitable activities (continued)

Yorkshire Properties Pilgrim fees & refectory income Education Sundry sales Total 2021	Unrestricted funds 2021 £ 65,096 689,091 2,040 9,655 765,882	Total funds 2021 £ 65,096 689,091 2,040 9,655
		765,882

6. Income from other trading activities

Income from fundraising events

Unrestricted funds 2022 £ Candle and shop sales 25,875 Rents receivable 64,953 Total 2022 90,828 Unrestricted funds 2021 £ Candle and shop sales 21,265 Rents receivable 46,582 Total 2021 67,847	Total funds 2022 £ 25,875 64,953
	90,828
	Total funds 2021 £ 21,265 46,582
	67,847

Page 34

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

6. Income from other trading activities (continued)

Income from non charitable trading activities

Unrestricted funds 2022 £ Norton Room 217,189 Shrine Shop 293,001 Yorkshire Properties 3,705 Total 2022 513,895 Unrestricted funds 2021 £ Norton Room 127,867 Shrine Shop 186,525 Yorkshire Properties 3,900 Total 2021 318,292	Total funds 2022 £ 217,189 293,001 3,705
	513,895
	Total funds 2021 £ 127,867 186,525 3,900
	318,292

Page 35

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

7. Trading expenses

Unrestricted funds 2022 £ Norton Room 208,972 Shrine Shop 239,440 Refectory 545,744 Yorkshire Properties - Total 2022 994,156 Unrestricted funds 2021 £ Norton Room 115,864 Shrine Shop 203,769 Refectory 326,849 Yorkshire Properties 3,494 Total 2021 649,976	Total funds 2022 £ 208,972 239,440 545,744 -
	994,156
	Total funds 2021 £ 115,864 203,769 326,849 3,494
	649,976

Page 36

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

8. Investment income

Unrestricted funds 2022 £ Investment income - Yorkshire Properties 98,228 Investment income - Walsingham College Trust 273,232 Investment income - Affiliated Schools 851 Total 2022 372,311 Unrestricted funds 2021 £ Investment income - Yorkshire Properties 86,665 Investment income - Walsingham College Trust 238,338 Investment income - Affiliated Schools 4 Total 2021 325,007	Restricted funds 2022 £ - 16,352 - 16,352 Restricted funds 2021 £ - 14,579 - 14,579	Total funds 2022 £ 98,228 289,584 851
		388,663
		Total funds 2021 £ 86,665 252,917 4
		339,586

9. Other incoming resources

Unrestricted funds 2022 £ Gain on disposal of property 260,197 Other Government grants 18,194 Insurance proceeds 5,735 Other income 50 Total 2022 284,176	Total funds 2022 £ 260,197 18,194 5,735 50 284,176

Page 37

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

9. Other incoming resources (continued)

Coronavirus Job Retention Scheme Other Government grants Other income Total 2021	Unrestricted funds 2021 £ 127,521 126,262 50 253,833	Total funds 2021 £ 127,521 126,262 50
		253,833

During the prior year the group received other Government grants comprising of Hospitality and Leisure Small Business Grants.

10. Expenditure on raising funds

Costs of raising voluntary income

Unrestricted funds 2022 £ Wages and salaries 59,359 National insurance 5,020 Pension costs 5,995 Other costs 47,194 Total 2022 117,568	Total funds 2022 £ 59,359 5,020 5,995 47,194
	117,568

Page 38

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

10. Expenditure on raising funds (continued)

Costs of raising voluntary income (continued)

Wages and salaries National insurance Pension costs Other costs Total 2021	Unrestricted funds 2021 £ 23,126 1,487 2,158 29,387 56,158	Total funds 2021 £ 23,126 1,487 2,158 29,387
		56,158

Fundraising trading expenses

Unrestricted funds 2022 £ Staff costs 172,757 Depreciation 993 Other costs 274,758 Total 2022 448,508	Total funds 2022 £ 172,757 993 274,758
	448,508

Page 39

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

10. Expenditure on raising funds (continued)

Fundraising trading expenses (continued)

Staff costs Depreciation Other costs Total 2021	Unrestricted funds 2021 £ 123,321 974 184,552 308,847	Total funds 2021 £ 123,321 974 184,552
		308,847

11. Investment management costs

Expenditure on investment management Expenditure on investment management	Endowment funds 2022 £ 17,924 Endowment funds 2021 £ 18,219	Total funds 2022 £ 17,924
		Total funds 2021 £ 18,219

Page 40

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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 Total 2022	Activities undertaken directly 2022 £ 640,465 1,174,378 75,306 347,688 573 62,232 198,438 2,499,080	Support costs 2022 £ 11,015 710 - - 289 - - 12,014	Total funds 2022 £ 651,480 1,175,088 75,306 347,688 862 62,232 198,438
			2,511,094

Pilgrimage programme facilities Pilgrimage accommodation and hospitality Educational and youth activities Other charitable activities Affiliated Schools Yorkshire Properties Governance Total 2021	Activities undertaken directly 2021 £ 221,964 855,010 43,383 318,413 (30,475) 137,472 206,529 1,752,296	Support costs 2021 £ 10,504 350 - - 1,109 - - 11,963	Total funds 2021 £ 232,468 855,360 43,383 318,413 (29,366) 137,472 206,529
			1,764,259

Page 41

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

12. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs School expenses Property running costs Pilgrimage expenses Repairs and maintenance Electricity Other staff and administrative costs Festival costs Total 2022	Pilgrimage programme facilities 2022 £ 194,546 - 36,770 346,970 29,417 125 21,214 11,423 640,465	Pilgrimage accommoda tion and hospitality 2022 £ 620,140 - 180,306 209,113 150,708 - 14,111 - 1,174,378	Educational and youth activities 2022 £ 71,320 - 822 - - - 3,164 - 75,306	Other charitable activities 2022 £ 289,069 - 44,529 - 9,404 - 4,686 - 347,688	Affiliated Schools 2022 £ - 573 - - - - - -
					573

Staff costs Depreciation School expenses Property running costs Pilgrimage expenses Repairs and maintenance Electricity Other staff and administrative costs Festival costs Total 2022	Yorkshire Properties 2022 £ - 1,892 - 17,809 1,927 10,338 - 30,266 - 62,232	Governance 2022 £ - - - - - - - 198,438 - 198,438	Total funds 2022 £ 1,175,075 1,892 573 280,236 558,010 199,867 125 271,879 11,423
			2,499,080

Governance costs relate to each charitable activity proportionate to the total other costs of each activity.

Page 42

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

12. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Pilgrimage programme facilities 2021 £ Staff costs 58,232 Depreciation 163 School expenses - Property running costs 22,653 Pilgrimage expenses 81,374 Repairs and maintenance 46,304 Other staff and administrative costs 13,238 Total 2021 221,964 Staff costs Depreciation School expenses Property running costs Pilgrimage expenses Repairs and maintenance Other staff and administrative costs Total 2021	Pilgrimage accommodat ion and hospitality 2021 £ 524,193 - - 105,885 91,852 114,055 19,025 855,010	Educational and youth activities 2021 £ 40,335 - - 543 - - 2,505 43,383 Yorkshire Properties 2021 £ 86,160 311 - 8,895 9,078 8,993 24,035 137,472	Other charitable activities 2021 £ 274,383 - - 27,368 - 9,773 6,889 318,413 Governance 2021 £ - - - - - - 206,529 206,529	Affiliated Schools 2021 £ 1,738 - (32,213) - - - - (30,475) Total funds 2021 £ 985,041 474 (32,213) 165,344 182,304 179,125 272,221 1,752,296

Page 43

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

12. Analysis of expenditure by activities (continued)

Analysis of support costs

Pilgrimage programme facilities 2022 Pilgrimage accommoda tion and hospitality 2022 £ £ Other support costs - - Property running costs 11,015 - Other staff costs - 710 Total 2022 11,015 710 Pilgrimage programme facilities 2021 Pilgrimage accommodat ion and hospitality 2021 £ £ Other support costs - - Property running costs 10,504 - Other staff costs - 350 Total 2021 10,504 350 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: Auditing subsidiaries of the Charity All non-audit services not included above	Educational and youth activities 2022 £ 289 - - 289 Educational and youth activities 2021 £ 1,109 - - 1,109 2022 £ 18,425 10,000 1,225	Total funds 2022 £ 289 11,015 710
		12,014
		Total funds 2021 £ 1,109 10,504 350
		11,963
		2021 £ 15,850 13,675 3,100

Page 44

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

14. Net Income / (Expenditure)

	2022	2021
	£	£
This is stated after charging:
Depreciation of tangible fixed assets owned by the charitable group	114,049	121,690
Amortisation of intangible fixed assets	3,860	3,860
Operating lease rentals	828	2,279

15. Staff costs

Wages and salaries Social security costs Pension costs	Group 2022 £ 1,218,131 92,625 107,450 1,418,206	Group 2021 £ 969,967 73,515 91,651 1,135,133	Company 2022 £ 983,253 77,890 93,321 1,154,464	Company 2021 £ 782,439 62,324 79,151
				923,914

The average number of persons employed by the Company during the year was as follows:

Parent Charity Shrine Trading Limited Parcevall Hall	Group 2022 No. 29 36 5 70	Group 2021 No. 23 28 5 56	Company 2022 No. 29 - - 29	Company 2021 No. 23 - -
				23

No employee received remuneration amounting to more than £60,000 in either year.

The key management personnel of the parent charity, the Trust, comprise the Directors, the Priest Administrator and the Head of Finance & Services. The total employee benefits of the key management personnel of the Trust were £77,513 (2021: £78,451).

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 £9,342 (2021: £9,956).

Page 45

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

16. Directors' remuneration and expenses

During the year, no Directors received any remuneration or other benefits (2021 - £NIL) .

During the year ended 31 December 2022, expenses totalling £ 212 were reimbursed or paid directly to 1 Director (2021 - £NIL). The expenses reimbursed in the year relate to travel.

17. Intangible assets

Intangible assets
Group and Company Cost At 1 January 2022 At 31 December 2022 Amortisation At 1 January 2022 Charge for the year At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021	Website £ 19,300
	19,300
	14,840 3,860
	18,700
	600
	4,460

Page 46

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

18. Tangible fixed assets

Group

Cost or valuation At 1 January 2022 Additions Disposals Transfers between classes At 31 December 2022 Depreciation At 1 January 2022 Charge for the year At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021	Freehold property £ 10,842,730 143,236 (13,480) (35,405) 10,937,081 759,907 71,016 830,923 10,106,158 10,082,823	Plant and machinery £ 1,431,883 9,538 - - 1,441,421 1,137,068 41,118 1,178,186 263,235 294,815	Fixtures and fittings £ 53,929 4,562 (50) - 58,441 41,778 1,915 43,693 14,748 12,151	Office equipment £ 13,235 - - - 13,235 13,235 - 13,235 - -	Total £ 12,341,777 157,336 (13,530) (35,405) 12,450,178 1,951,988 114,049 2,066,037 10,384,141 10,389,789

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 (2021: £7,166,633). These are being depreciated over the course of their estimated useful economic lives of 50 years.

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

Page 47

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

18. Tangible fixed assets (continued)

Company

Cost or valuation At 1 January 2022 Additions Transfers between classes At 31 December 2022 Depreciation At 1 January 2022 Charge for the year At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021	Freehold property £ 10,382,542 - (35,405) 10,347,137 759,907 71,016 830,923 9,516,214 9,622,635	Plant and machinery £ 1,361,156 8,773 - 1,369,929 1,075,508 40,125 1,115,633 254,296 285,648	Total £ 11,743,698 8,773 (35,405) 11,717,066 1,835,415 111,141 1,946,556 9,770,510 9,908,283

Page 48

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

19. Investment property

Group and Company

Valuation At 1 January 2022 Additions Surplus on revaluation Transfers between classes At 31 December 2022	Freehold investment property £ 939,495 4,463 260,132 35,405
	1,239,495

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

20. Fixed asset investments

Group Cost or valuation At 1 January 2022 Additions Disposals Revaluations At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021	Listed investments £ 8,740,845 621,221 (718,787) (572,241)
	8,071,038
	8,071,038
	8,740,845

Page 49

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

20. Fixed asset investments (continued)

Historical cost of the listed investments held is £8,050,333 (2021: £8,074,033). All the fixed asset investments are held in the UK.

Material restrictions:

Of the listed investments £3,428,333 are held within restricted and endowment funds (2021: £3,479,364). The net investment losses on these investments in 2022 were £292,354 (2021: £243,006 gains).

Company Cost or valuation At 1 January 2022 Revaluations At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021	Investments in subsidiary companies £ 125,006 - 125,006 125,006 125,006	Listed investments £ 6,119,550 (399,245) 5,720,305 5,720,305 6,119,550	Total £ 6,244,556 (399,245) 5,845,311 5,845,311 6,244,556

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.

Principal subsidiaries

The following were subsidiary undertakings of the Company:

Names	Company	Charity	Registered office or principal
	number	registration	place of business
		number
Shrine Trading Limited	05815544		Shrine Office, Common Place,
			Walsingham, Norfolk, NR22 6EE.
Walsingham College (Affiliated Schools)	00396478	312638	Shrine Office, Common Place,
Limited			Walsingham, Norfolk, NR22 6EE.
Walsingham College (Yorkshire	00440129	211331	Shrine Office, Common Place,
Properties) Limited			Walsingham, Norfolk, NR22 6EE.

Page 50

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

20. Fixed asset investments (continued)

Holding Included in consolidation

100% Yes

100% Yes 100% Yes

The financial results of the subsidiaries for the year were:

Names Income £ Expenditure £ Profit/(Loss )/ Surplus/ (Deficit) for the year £ Shrine Trading Limited 510,190 (488,192) 21,998 Walsingham College (Affiliated Schools) Limited 851 (1,298) (447) Walsingham College (Yorkshire Properties) Limited 539,578 (205,661) 105,125 Programme Related Investments 2022 £ Company At 1 January 3,324,852 Revaluations 105,126 At 31 December 3,429,978	Net assets £ 128,026 1,394,436 3,429,978 2021 £ 3,121,668 203,184
	3,324,852

21. Programme Related Investments

All of the shares in Walsingham College (Yorkshire Properties) Ltd are held by Walsingham College Trust Association Limited. The company is a registered charity with objects closely allied to the parent charity. The holding is hence retained not for its investment potential, but for charitable impact. As a result a programme related investment is carried at the net assets reflected in the financial statements of the individual charity.

Walsingham College (Affiliated Schools) Limited disposed of Quainton Hall School and ceased to trade in the 2020. In 2023 the company will be liquidated and the remaining assets and liabilities distributed to WCTA. To reflect this, the value attributable to Walsingham College (Affiliated Schools) Limited of £1,394,436 (2021: £1,394,883) is included within current asset investments (note 24).

Page 51

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

22. Stocks

Raw materials and consumables Work in progress (goods to be sold) Finished goods and goods for resale	Group 2022 £ 84,824 5,497 14,988 105,309	Group 2021 £ 105,577 3,156 17,082 125,815	Company 2022 £ 6,717 - 14,394 21,111	Company 2021 £ 5,231 - 15,828
				21,059

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 2022 £ 28,145 - 325,215 74,192 427,552	Group 2021 £ 35,079 - 379,309 69,269 483,657	Group 2022 £ 540,000 Company 2022 £ 27,725 56,609 48,915 51,906 185,155	Group 2021 £ 810,000
				Company 2021 £ 13,738 31,978 102,758 52,402
				200,876

Page 52

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

24. Current asset investments

Investments in group undertakings

Company	Company
2022	2021
£	£
1,394,436	1,394,883

Investment in undertakings represents the net assets of Walsingham College (Affiliated Schools) Limited. Included within the net assets is cash at bank of £587,787 (2021: £317,227) and deferred consideration of £810,000 (2021: £1,080,000).

Further information is contained in note 21.

25. Creditors: Amounts falling due within one year

Trade creditors Other taxation and social security Other creditors Accruals and deferred income Deferred income at 1 January 2022 Resources deferred during the year Amounts released from previous periods Deferred income at 31 December 2022	Group 2022 £ 68,497 61,581 27,662 88,776 246,516 Group 2022 £ 69,964 36,644 (69,964) 36,644	Group 2021 £ 70,848 44,266 28,947 133,201 277,262 Group 2021 £ 79,594 69,964 (79,594) 69,964	Company 2022 £ 51,954 56,584 20,084 61,200 189,822 Company 2022 £ 69,964 33,480 (69,964) 33,480	Company 2021 £ 48,143 30,900 16,034 110,915
				205,992
				Company 2021 £ 79,594 69,964 (79,594)
				69,964

Page 53

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

26. Financial instruments

	Group	Group	Company	Company
	2022	2021	2022	2021
	£	£	£	£
Financial assets
Financial assets measured at fair value
through income and expenditure	8,071,038	8,740,845	5,720,305	6,119,550

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

27. Provisions

Group and Company

At 1 January 2022 Deficit contribution paid Remaining change to the liability *	Pension deficit £ 4,000 (2,000) (2,000)
	-

A recovery plan for the Defined Benefit Pension deficit (see note 35) was in place until 31 December 2022. Section 28.11A of FRS 102 required an agreed deficit recovery plan to be recognised as a liability.

• = Comprises change in agreed deficit recovery plan, and change in discount rate and assumptions between year-ends.

28. Share Capital

	2022	2021
	£	£
Allotted, called up and fully paid
5 Ordinary shares of £1 each	5	5

Page 54

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

29. Statement of funds

Statement of funds - current year

Balance at 1 January 2022 £ Unrestricted funds Designated funds Organ Fund 20,000 Educational Resources Fund 559 20,559 General funds Walsingham College 7,463,826 Affiliated Schools 1,394,883 Yorkshire Properties 273,254 Share capital 5 9,131,968 Total Unrestricted funds 9,152,527 Endowment funds Yorkshire Properties 3,051,608 Restricted funds Walsingham College Restricted Property Funds 9,708,048	Income £ Expenditure £ - - - - - - 2,757,169 (2,791,282) 851 (1,298) 452,214 (187,737) - - 3,210,234 (2,980,317) 3,210,234 (2,980,317) 87,364 (17,924) 11,640 (80,656)	Transfers in/out £ - - - - - (48,436) - (48,436) (48,436) 48,436 -	Gains/ (Losses) £ - - - (75,550) - - - (75,550) (75,550) (228,792) (46,486)	Balance at 31 December 2022 £ 20,000 559
				20,559
				7,354,163 1,394,436 489,295 5
				9,237,899
				9,258,458
				2,940,692
				9,592,546

Page 55

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

29. Statement of funds (continued)

Statement of funds - current year (continued)

Balance at 1 January 2022 £ Walsingham College - Pilgrimage Access Fund 347,786 10,055,834 Total of funds 22,259,969	Income £ Expenditure £ 16,352 (16,197) 27,992 (96,853) 3,325,590 (3,095,094)	Transfers in/out £ - - -	Gains/ (Losses) £ (17,076) (63,562) (367,904)	Balance at 31 December 2022 £ 330,865
				9,923,411
				22,122,561

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 are the properties adjacent to the Shrine of Our Lady of Walsingham, which are used in the furtherance of the charity's objects, and other restricted funds held for property maintenance and work on the Milner Wing (Walsingham Appeal).

The properties are shown at cost less depreciation (£8,802,453). The other restricted funds reflect a number of investment portfolios shown at their market value.

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. Of the tangible assets of the charities, only the investment properties are re-valued so this only relates to the investments and investment properties held. The closing balance on the revaluation reserve sits at a balance of £870,868 (2021: £1,009,980) at the year end.

The transfer represents the expenditure on endowed properties and the unrestricted income reinvested in the endowed investment portfolio.

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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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

29. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds Designated funds Organ Fund Educational Resources Fund General funds Walsingham College Affiliated Schools Yorkshire Properties Share capital Total Unrestricted funds Endowment funds Endowment Funds - all funds Restricted funds Walsingham College Restricted Property Funds	Balance at 1 January 2021 £ 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	Income £ - - - 2,161,027 4 160,514 - 2,321,545 2,321,545 21,821 10,548	Expenditure £ - - - (1,873,953) 14,492 (167,746) - (2,027,207) (2,027,207) (18,219) (95,943)	Transfers in/out £ - - - 500,000 (500,000) (12,602) - (12,602) (12,602) 12,602 -	Gains/ (Losses) £ - - - 604,536 - - - 604,536 604,536 206,830 98,480	Balance at 31 December 2021 £ 20,000 559
						20,559
						7,463,826 1,394,883 273,254 5
						9,131,968
						9,152,527
						3,051,608
						9,708,048

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

29. Statement of funds (continued)

Statement of funds - prior year (continued)

Walsingham College - Pilgrimage Access Fund Total of funds	Balance at 1 January 2021 £ 303,145 9,998,108 21,092,937	Income £ 14,579 25,127 2,368,493	Expenditure £ (6,114) (102,057) (2,147,483)	Transfers in/out £ - - -	Gains/ (Losses) £ 36,176 134,656 946,022	Balance at 31 December 2021 £ 347,786
						10,055,834
						22,259,969

30. Summary of funds

Summary of funds - current year

Balance at 1 January 2022 £ Designated funds 20,559 General funds 9,131,968 Endowment funds 3,051,608 Restricted funds 10,055,834 22,259,969	Income £ Expenditure £ - - 3,210,234 (2,980,317) 87,364 (17,924) 27,992 (96,853) 3,325,590 (3,095,094)	Transfers in/out £ - (48,436) 48,436 - -	Gains/ (Losses) £ - (75,550) (228,792) (63,562) (367,904)	Balance at 31 December 2022 £ 20,559 9,237,899 2,940,692 9,923,411
				22,122,561

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

30. Summary of funds (continued)

Summary of funds - prior year

Designated funds General funds Endowment funds Restricted funds	Balance at 1 January 2021 £ 20,559 8,245,696 2,828,574 9,998,108 21,092,937	Income £ - 2,321,545 21,821 25,127 2,368,493	Expenditure £ - (2,027,207) (18,219) (102,057) (2,147,483)	Transfers in/out £ - (12,602) 12,602 - -	Gains/ (Losses) £ - 604,536 206,830 134,656 946,022	Balance at 31 December 2021 £ 20,559 9,131,968 3,051,608 10,055,834
						22,259,969

31. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted funds 2022 £ Tangible fixed assets 991,729 Intangible fixed assets 600 Fixed asset investments 4,642,706 Investment property 1,239,495 Debtors due after more than one year 540,000 Current assets 2,090,444 Creditors due within one year (246,516) Total 9,258,458	Restricted funds 2022 £ 8,802,453 - 1,077,599 - - 43,359 - 9,923,411	Endowment funds 2022 £ 589,959 - 2,350,733 - - - - 2,940,692	Total funds 2022 £ 10,384,141 600 8,071,038 1,239,495 540,000 2,133,803 (246,516)
			22,122,561

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

31. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets Intangible fixed assets Fixed asset investments Investment property Debtors due after more than one year Current assets Creditors due within one year Provisions for liabilities and charges Total	Unrestricted funds 2021 £ 1,085,997 4,460 4,978,399 939,495 810,000 1,615,438 (277,262) (4,000) 9,152,527	Restricted funds 2021 £ 8,873,469 - 1,141,161 - - 41,204 - - 10,055,834	Endowment funds 2021 £ 430,323 - 2,621,285 - - - - - 3,051,608	Total funds 2021 £ 10,389,789 4,460 8,740,845 939,495 810,000 1,656,642 (277,262) (4,000) 22,259,969

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

Net income/expenditure for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges less profit on disposal Amortisation charges Loss / (Gain) on investments Decrease/(increase) in stocks Decrease/(increase) in debtors Decrease in creditors Movement in pension deficit provision Net cash provided by operating activities	Group 2022 £ (137,408) (132,618) 3,860 367,904 20,506 56,105 (30,746) (4,000) 143,603	Group 2021 £ 1,167,032 121,690 3,860 (946,022) (1,582) (36,291) (94,106) (3,000) 211,581

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

33. Analysis of cash and cash equivalents

Cash in hand Total cash and cash equivalents	Group 2022 £ 1,600,942 1,600,942	Group 2021 £ 1,047,170
		1,047,170

34. Analysis of changes in net debt

Cash at bank and in hand	At 1 January 2022 £ 1,047,170 1,047,170	Cash flows £ 553,772 553,772	At 31 December 2022 £ 1,600,942
			1,600,942

35. 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 (2022: £17,029, 2021: £19,912), plus the figures highlighted in the table in Note 27 as being recognised in the SoFA, giving a total charge of £17,029 for 2022 (2021: £20,912).

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 2021. The 2021 valuation revealed a surplus of £560m, based on assets of £2,720m and a funding target of £2,160m, assessed using the following assumptions:

• An average discount rate of 2.7% p.a.;

• RPI inflation of 3.6% p.a. (and pension increases consistent with this);

• CPIH inflation in line with RPI less 0.8% pre 2030 moving to RPI with no adjustment from 2030

• Increase in pensionable stipends in line with CPIH;

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

35. Pension commitments (continued)

• Mortality in accordance with 90% of the S3NA_VL tables, with allowance for improvements in mortality rates in line with the CMI2020 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 and an allowance for 2020 data of 0% (i.e. w2020 = 0%).

Following the 31 December 2021 valuation, a deficit 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. An interim reduction to deficit contributions to 3.2% of pensionable stipends was made with effect from 1 April 2022. Following finalisation of the 31 December 2021 valuation, deficit contributions ceased with effect from 1 January 2023, since the Scheme was in surplus.

% of pensionable stipends Jan 18 to Dec 20 Jan 21 to Dec 22 Deficit repair contributions 11.9% 7.1%

As at 31 December 2020 and 31 December 2021 the deficit recovery contributions under the recovery plan in force were as set out in the table 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. However, as there are no agreed deficit recovery payments from 1 January 2023 onwards, the balance sheet liability as at 31 December 2022 is Nil.

This liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions. No assumptions are needed for December 2022 as there are no agreed deficit recovery payments going forward. No price inflation assumption was needed for December 2021 since pensionable stipends for the remainder of the recovery plan were already known.

• Discount rate n/a (2021: 0.0%pa);

• RPI inflation of n/a (2021: n/a)

• Increase in pensionable payroll n/a (2021: 1.5%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.

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WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

36. Operating lease commitments

At 31 December 2022 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 2022 £ 828 1,658 2,486	Group 2021 £ 828 2,486 3,314	Company 2022 £ 828 1,658 2,486	Company 2021 £ 828 2,486
				3,314

37. Operating lease receivables

At 31 December 2022 the Group and the Company had future minimum lease payments receivable under non-cancellable operating leases as follows:

Not more than 1 year Between 1 and 5 years	Group 2022 £ 27,719 19,653 47,372	Group 2021 £ 22,852 30,770 53,622	Company 2022 £ 16,189 - 16,189	Company 2021 £ 11,322 47
				11,369

38. Related party transactions

During the period Walsingham College Trust Association charged Shrine Trading Limited £39,684 (2021: £29,233) in respect of management and rental charges, and Shrine Trading Limited made a Gift Aid payment to Walsingham College Trust Association of £15,812 (2021: £nil). At the period end £56,609 (2021: £31,987) was due from Shrine Trading Limited.

During the period Walsingham College (Affiliated Schools) donated £nil (2021: £500,000) to Walsingham College Trust Association Limited.

Mr J Downing, a Director, is a partner of Walsingham Farm Shop LLP. Purchases in the period totalled £3,544 (2021: £1,219), creditors of £319 (2021: £119) were outstanding at the year end. Sales in the period totalled £7 (2021: £11), debtors of £Nil (2021: £Nil) were outstanding at the year end.

39. Post balance sheet events

In January 2023 Walsingham College (Affiliated Schools) donated £400,000 to Walsingham College Trust Association Limited.

Page 63

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED APPENDIX 1

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT (WCTA & SHRINE TRADING ONLY) FOR THE YEAR ENDED 31 DECEMBER 2022

WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED APPENDIX 1 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT (WCTA & SHRINE TRADING ONLY) FOR THE YEAR ENDED 31 DECEMBER 2022	WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED APPENDIX 1 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT (WCTA & SHRINE TRADING ONLY) FOR THE YEAR ENDED 31 DECEMBER 2022	WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED APPENDIX 1 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT (WCTA & SHRINE TRADING ONLY) FOR THE YEAR ENDED 31 DECEMBER 2022	WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED APPENDIX 1 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT (WCTA & SHRINE TRADING ONLY) FOR THE YEAR ENDED 31 DECEMBER 2022	WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED APPENDIX 1 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT (WCTA & SHRINE TRADING ONLY) FOR THE YEAR ENDED 31 DECEMBER 2022	WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED APPENDIX 1 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT (WCTA & SHRINE TRADING ONLY) FOR THE YEAR ENDED 31 DECEMBER 2022	WALSINGHAM COLLEGE TRUST ASSOCIATION LIMITED APPENDIX 1 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT (WCTA & SHRINE TRADING ONLY) FOR THE YEAR ENDED 31 DECEMBER 2022
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 gains/ (losses) on investments Net income/(expenditure) Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2022 £ 550,353 1,314,372 601,018 273,232 18,194	Restricted funds 2022 £ 11,640 - - 16,352 -			Total funds 2022 £ 561,993 1,314,372 601,018 289,584 18,194	Total funds 2021 £ 594,034 703,177 382,239 752,917 253,783 2,686,150 361,511 1,614,494 1,976,005 710,145 456,868 1,167,013
	2,757,169		27,992		2,785,161
	566,076 2,225,194		- 96,853		566,076 2,322,047
	2,791,270		96,853		2,888,123
	(34,101) 29,128		(68,861) (63,562)		(102,962) (34,434)
	(4,973)		(132,423)		(137,396)
	-		-		-	- 1,167,013 21,092,944 1,167,013 22,259,957
	(4,973)		(132,423)		(137,396)
	12,204,122 (4,973)	10,055,835 (132,423)			22,259,957 (137,396)
	12,199,149	9,923,412			22,122,561