REGISTERED CHARITY NUMBER: 255152
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
FOR
THE PRIORY OF OUR LADY WALSINGHAM
LEES Chartered Certified Accountants Ingram House Meridian Way Norwich Norfolk NR7 0TA
THE PRIORY OF OUR LADY WALSINGHAM
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 10 |
| Detailed Statement of Financial Activities | 11 | to | 12 |
THE PRIORY OF OUR LADY WALSINGHAM
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025
The trustees present their report with the financial statements of the charity for the year ended 31 December 2025. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Policies and objectives
In setting objectives and planning for activities, the Trustees give due consideration to general guidance published by the Charity Commission relating to public benefit.
The charity's objects are for the benefit of the Sisters of The Priory of Our Lady of Walsingham or for such charitable purposes as such Sisters shall direct from time to time within the limits prescribed by the constitutions of the Society of St Margaret.
The principal activity of the charity is prayer; through the Sisters' way of life they seek to witness to the presence of Christ among those with whom they live, meet and work.
Activities for achieving objectives
Our founding charism is the service of Christ in the Sacrament and the poor. This is primarily exercised through our work with the Anglican Shrine of Our Lady of Walsingham, the village itself and surrounding communities.
The charity's work at the Shrine is related specifically to the care of pilgrims; a significant contribution is also made to the work of the Shrine's Education Department, and assistance in the local Church of England Primary School. Walsingham is a busy centre of Christian pilgrimage and throughout the year festivals, services, quiet days and retreats are run for the benefit of pilgrims and casual visitors alike.
The Sisters also work in the other parishes of the benefice. A certain amount of retreat and counselling work is undertaken locally and the community welcomes resident guests; the hospitality offered provides a 'place apart' for those in need of stillness.
ACHIEVEMENTS AND PERFORMANCE
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing financial statements.
Review of activities
Daily periods of Exposition of the Blessed Sacrament in the chapel provide a unique time and place for prayer and meditation for Sisters, local parishioners, pilgrims and visitors, alongside the daily public offering of Mass and Divine Office.
We have continued to run St Margaret's Cottage and Julian Room as a place for pilgrims and those in retreat, and also to offer local groups the use of our facilities for quiet days and meetings (e.g. meetings of the Parochial Church Council, Mothers' Union and various clergy groups).
Investment policy and performance
The charity invests in cash resources, short-term deposits and investments listed on the stock exchange, taking advice from a firm of investment managers, J.M. Finn & Co. It is the norm for the brokers to invest in those securities that give an equal amount of actual income and capital growth. Also the brokers invest in established securities to limit the exposure to risk.
FINANCIAL REVIEW
Reserves policy
The charity retains substantial general reserves because it has a prudent policy of retaining sufficient assets to meet the entire normal annual outgoing for a period of approximately three years. In addition to this the charity is continually upgrading the property that it uses to meet its primary charitable objectives.
FUTURE PLANS
The Community will continue to further the objects of the charity during the year ending 31 December 2025.
Page 1
THE PRIORY OF OUR LADY WALSINGHAM
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The Priory of Our Lady, Walsingham, is an unincorporated registered charity. The charity was registered with the Charity Commission on 14 March 1968.
The charity is governed by its constitution and under a Declaration of Trust, dated 4 August 1955.
Method of appointment or election of trustees
The Priory of Our Lady, Walsingham, is governed by The Chapter which is comprised of all Sisters in Life Vows.
Trustees are elected by the Chapter, after due consideration has been given to the candidate's experience and knowledge. Trustees are elected for a period of five years with the possibility of re-election.
Policies adopted for the induction and training of trustees
The present Trustees are familiar with the work of the charity and their combined experience ensures that the Chapter has access to a wide range of expertise. Trustees who may be elected in the future will be given a period of instruction.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
255152
Principal address
Bridewell Street Walsingham Norfolk NR22 6ED
Trustees
Reverend Adrian R Ling CMP Richard M Butler DL Mr Mark Edward Allbrook Chairman Sister Mary Angela SSM Sister Carol Elizabeth SSM Mr Nicholas Kerrison
Independent Examiner
Mr Jeremy Hyde FCCA FCA LEES Chartered Certified Accountants Ingram House Meridian Way Norwich Norfolk NR7 0TA
Bankers
Barclays Bank PLC 17 Market Place Fakenham Norfolk NR21 9BE
CCLA Investment Management Ltd 80 Cheapside London EC2V 6DZ
Investment Advisors
J.M. Finn & Co 4 Coleman Street London EC2R 5TA
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THE PRIORY OF OUR LADY WALSINGHAM
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................................... Mr Mark Edward Allbrook - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PRIORY OF OUR LADY WALSINGHAM
Independent examiner's report to the trustees of The Priory of our Lady Walsingham
I report to the charity trustees on my examination of the accounts of The Priory of our Lady Walsingham (the Trust) for the year ended 31 December 2025.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr Jeremy Hyde FCCA FCA
LEES Chartered Certified Accountants Ingram House Meridian Way Norwich Norfolk NR7 0TA Date: .............................................
Page 4
THE PRIORY OF OUR LADY WALSINGHAM
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities 3 Prayer Investment income 2 Other income Total EXPENDITURE ON Raising funds 4 Charitable activities Prayer Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Other recognised gains/(losses) Gains on revaluation of fixed assets Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 39,356 186 25,878 10,267 75,687 - 65,050 65,050 - 10,637 - 10,637 856,045 866,682 |
Restricted funds £ - - - - - 5,063 - 5,063 (10,996) (16,059) 49,733 33,674 789,228 822,902 |
2025 Total funds £ 39,356 186 25,878 10,267 75,687 5,063 65,050 70,113 (10,996) (5,422) 49,733 44,311 1,645,273 1,689,584 |
2024 Total funds £ 39,865 145 22,960 9,517 |
|---|---|---|---|---|
| 72,487 | ||||
| 4,276 70,393 |
||||
| 74,669 | ||||
| 4,493 | ||||
| 2,311 34,496 |
||||
| 36,807 1,608,466 |
||||
| 1,645,273 |
The notes form part of these financial statements
Page 5
THE PRIORY OF OUR LADY WALSINGHAM
BALANCE SHEET 31 DECEMBER 2025
| Notes FIXED ASSETS Tangible assets 6 Investments 7 CURRENT ASSETS Debtors 8 Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted funds £ 513,430 229,484 742,914 6,317 119,431 125,748 (1,980) 123,768 866,682 866,682 |
Restricted funds £ 229,818 549,852 779,670 - 43,232 43,232 - 43,232 822,902 822,902 |
2025 Total funds £ 743,248 779,336 1,522,584 6,317 162,663 168,980 (1,980) 167,000 1,689,584 1,689,584 866,682 822,902 1,689,584 |
2024 Total funds £ 743,686 736,623 1,480,309 5,299 161,525 166,824 (1,860) 164,964 1,645,273 1,645,273 856,045 789,228 1,645,273 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
.............................................
Mr Mark Edward Allbrook - Trustee
The notes form part of these financial statements
Page 6
THE PRIORY OF OUR LADY WALSINGHAM
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
No depreciation has been provided on freehold property on the grounds of materiality as the residual value is not materially different to the cost.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity 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.
Investment income, gains and losses are allocated to the appropriate fund.
Investments
Investments are stated at fair value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| Dividend income Deposit account interest |
2025 £ 20,122 5,756 25,878 |
2024 £ 16,474 6,486 |
| 22,960 |
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continued...
THE PRIORY OF OUR LADY WALSINGHAM
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025
3. INCOME FROM CHARITABLE ACTIVITIES
| 2025 | 2024 | ||
|---|---|---|---|
| Activity | £ | £ | |
| Sundry income | Prayer | 186 | 145 |
| RAISING FUNDS | |||
| Investment management | costs | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Portfolio management | 5,063 | 4,276 |
4. RAISING FUNDS
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2025 nor for the year ended 31 December 2024.
Trustees' expenses
As members of the Community, the living and personal expenses of the Trustees during the year were borne by the charity. However, they received no remuneration or reimbursement of expenses in connection with their duties as Trustees during the year ended 31 December 2025 nor for the period ended 31 December 2024.
6. TANGIBLE FIXED ASSETS
7.
| COST At 1 January 2025 and 31 December 2025 DEPRECIATION At 1 January 2025 Charge for year At 31 December 2025 NET BOOK VALUE At 31 December 2025 At 31 December 2024 FIXED ASSET INVESTMENTS MARKET VALUE At 1 January 2025 Additions Disposals Revaluations At 31 December 2025 NET BOOK VALUE At 31 December 2025 At 31 December 2024 |
Freehold property £ 740,771 - - - 740,771 740,771 |
Fixtures and fittings Totals £ £ 66,793 807,564 63,878 63,878 438 438 64,316 64,316 2,477 743,248 2,915 743,686 Listed investments £ 736,623 106,022 (113,042) 49,733 779,336 779,336 736,623 |
|---|---|---|
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continued...
THE PRIORY OF OUR LADY WALSINGHAM
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025
7. FIXED ASSET INVESTMENTS - continued
There were no investment assets outside the UK.
Cost or valuation at 31 December 2025 is represented by:
| Valuation in 2025 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors Prepayments 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 10. MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds Capital Fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 75,687 Restricted funds Capital Fund - TOTAL FUNDS 75,687 |
At 1.1.25 £ 856,045 789,228 1,645,273 Resources expended £ (65,050) (5,063) (70,113) |
2025 £ 3,377 2,940 6,317 2025 £ 1,980 Net movement in funds £ 10,637 33,674 44,311 Gains and losses £ - 38,737 38,737 |
Listed investments £ 779,336 2024 £ 2,544 2,755 5,299 2024 £ 1,860 At 31.12.25 £ 866,682 822,902 1,689,584 Movement in funds £ 10,637 33,674 44,311 |
|---|---|---|---|
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continued...
THE PRIORY OF OUR LADY WALSINGHAM
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.1.24 £ Unrestricted funds General fund 853,951 Restricted funds Capital Fund 754,515 TOTAL FUNDS 1,608,466 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 72,487 (70,393) Restricted funds Capital Fund - (4,276) TOTAL FUNDS 72,487 (74,669) |
Net movement in funds £ 2,094 34,713 36,807 Gains and losses £ - 38,989 38,989 |
At 31.12.24 £ 856,045 789,228 |
At 31.12.24 £ 856,045 789,228 |
|---|---|---|---|
| 1,645,273 | |||
| Movemen in funds £ 2,094 34,713 36,807 |
|||
| 36,807 |
Capital Fund
The Capital Fund represents the original value of the Priory as gifted, plus the current market value of the original investment portfolio. Both these assets are fundamental to the operation of the Charity and therefore are incapable of liquidation in the foreseeable future.
Aberdeen Fund
The Aberdeen Fund originally represented the market value of the investment portfolio transferred to the Priory when the Sisters from Aberdeen foundation joined. These investments were disposed of during 2014 and the fund was maintained at the amount of the proceeds received. The use of these funds was effectively restricted during the Sisters' lifetime but thereafter the funds become part of the unrestricted fund. As the remaining Sister passed away during the 2023 financial year, the balance was moved to unrestricted funds.
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2025.
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THE PRIORY OF OUR LADY WALSINGHAM
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 15,802 | 15,477 |
| Gift aid | 998 | 2,219 |
| Legacies | 2,000 | 50 |
| Cottage | 20,556 | 22,119 |
| 39,356 | 39,865 | |
| Investment income | ||
| Dividend income | 20,122 | 16,474 |
| Deposit account interest | 5,756 | 6,486 |
| 25,878 | 22,960 | |
| Charitable activities | ||
| Sundry income | 186 | 145 |
| Other income | ||
| Pension income | 10,267 | 9,517 |
| Total incoming resources | 75,687 | 72,487 |
| EXPENDITURE | ||
| Investment management costs | ||
| Portfolio management | 5,063 | 4,276 |
| Charitable activities | ||
| Rates and insurances | 5,986 | 5,140 |
| Premises repairs and renewals | 22,563 | 16,053 |
| Heat and light | 6,938 | 10,728 |
| Publication costs | 64 | 48 |
| Donations paid | 3,784 | 2,642 |
| Cottage expenses | 214 | - |
| 39,549 | 34,611 | |
| Support costs | ||
| Other | ||
| Wages and salaries | 6,731 | 10,143 |
| Personal and medical | 594 | 555 |
| Chapel Chaplain and Retreat | 2,498 | 3,490 |
| Printing, post, stationery and telephone | 2,068 | 1,576 |
| Equipment repairs and renewals | - | 1,531 |
| Motor and travel expenses | 1,078 | 281 |
| Sundry expenses | 281 | 5,896 |
| Food and household costs | 7,737 | 8,888 |
| Fares and holidays | 1,708 | 598 |
| Fixtures and fittings | 437 | 514 |
| 23,132 | 33,472 |
This page does not form part of the statutory financial statements
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THE PRIORY OF OUR LADY WALSINGHAM
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Other | ||
| Governance costs | ||
| Accountancy and legal fees | 2,369 | 2,310 |
| Total resources expended | 70,113 | 74,669 |
| Net income/(expenditure) before gains and | ||
| losses | 5,574 | (2,182) |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset investments | (10,996) | 4,493 |
| Net (expenditure)/income | (5,422) | 2,311 |
This page does not form part of the statutory financial statements
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