WALSlP*GHAM TRUST (A ¢ompany limiied by guarknttt) ANNUAL REPORT AND Fll¥ANCIAL STATEMENTS YEAR ENDED 3A DECEMBER 2024 Companv number. 11655451 R￿)stered Charity Nurnber 118069) WALSINGHAM TRUST TRUSTEES, ANf4uAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATIVE DETAtIs Trustees Rt Rev Peier Collins (Chair) Rt Rev Alan HoFeS Dr David Livesey Lauretta Pil¢h Paul Rayne5 Rev Paul Keane Rev Frank Mulgrew Hugh Davies Sole Metnber Catholic Trust for Englond and Wllles (CaTEW) liector Rey Dr Robert Billing Principal Office Pilgrim Burea Fridav mark.et Plare lalsingham Norfolk NR22 6EG Chariry Registrdtion No 11806 Company No 11655451 Independeni Audilors Haysmac LLP 10 Queen Str¢et Place London EC4R IAG SolititOTS Bal￿ Wells 10 Queen stre￿ Place London EC4R IBE Bankers Lloyds Bank PLC i Notth Brink Wisbech Cambridgeshire PE13 IJT TSB PO Box 1000 BX4 7SB WALSINGHAM TRUST TRUSTEES, APINUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 INrRODucfioN The Trustees subrnit their annual repKbrt and the audiled finamcial staternents for the year ended 31 December 2024. The financial statements cO￿pIY with the Charities Aci 201 I, the Companies Aci 21x16. the Memorandum and Anicles of Association, and Accounting and Reportinir by Chariiies.. Siatement of Recommended Practice forchorities ISORP ?01 S) (Second Edition. effective l J2nuary 2019)- STRUCTURE, COVERNANCE & MANAGEME]YT Leadership and Governance The Walsingham TNSI Is a reoisiered charity (Chariry No. 1180690) and a compaffly lirnited by guatantee. The cofftpany 15 ¢0115Èituted by it5 Mernordndum and Articles of Aswcialion dated l November ?018, and was re<*istered at Companies Hollse, Company no. 11655451, on l November2018. The Trust i% governed by a Board of Trustees. chaired by the Bishop of Ea51 Angiia, M'bich meeL% at le&si thr¢¢ times per Peri￿, but usually rnore retsularly. The TNst is responsible for the C￿h01]c National Shrine a]Ml Basilica of Our L74Jy, at Wa15ingham. The Tntsteeg continue to review their composition across the country. their Èti￿￿110na1 engagement. a varieri, of skills, and stratetsj¢ focu% towards theEr roles and responsibilities regardinu the Shrine. The Tnjstees ate mindfvl of the need for them ¢0 enga(pe in initial and ongointr fOr￿￿tIOn ￿ terms of these resp)nsibilitie5. Ownership The Trust is a wholly owned subsidiary undertaking of the Catholic Trust for England and Wales (CaTEW) which is its par¢nt and sole member. li has no subsidiary undertakings. Appointment of Trustee5 The procedures for the appointm¢T)L rotation, and re-elecTion of Tn￿eS are sei out in the Memorandum and Articles of Association of the Trnst. There must be a mintmum of 3 Trnstees and there is no maximum. The TNstees are appointed by the Bishop of East Anglia. and one Trustee is apwTrinted by the Member- the Catholic Trust for England and Wales, which itself is a regiS￿red charity (Charity No. 109748?) and is a c(xnpany lirnited by guarantee - Company No. 04734592. The Trustees who served the chatity duting the yrdr and 5ub5equently were as follows Rt Rev Peter Collins Rt Rev Alan Hopes Di David Livesey Lauretta Pilch Paul Raynes Rev Paul Keane Rev Frank Mulgrew Sarah Kilmartin {Retir¢d as trustee October 2tr24) Hugh Davies (Appointed October ?￿4) Organi5alional Structure and Deci5ion-Making Polieies Whet] the organisation was established preaching, mindFul of our hiJts _profile online presence. we take great Care in the cleaning and maintenartce of our chapel& facilities. and grounds- 'making our Shrine shine. we make incr£meTht21 physrcal irnprovements in our Shrine chapel% facilities. and grounds in the short and medium tern, and thai our fundrai5ints is focussed accordingly. the Shrine is administered by decisive leadership, sound tsovemance, iimely prepardtiom as well as fis￿1 discipline and a carefvl stewardship of our r¢sour¢es. FUTURE DEVELOPMENTS Since 31" December 2024 the following significani transacttons havetaken place, these willbe included tn ihe 2025 Ftnancial Accounts. The T￿$1 botrowed a further£65,000 from the Diocese of East Anglia in February 21r25. for which it gave security on two properties, and a further £1286,5001 from the Catholic Tn￿ for En.land and Wal¢s in March 20?), in relaiion io which a fornial loan agreement is beino drawm up. li is anticipaied th* totsl debt will reduce by some £t270,0001 during 2025. financed by IEacy receipts and property sales. At the same time, a sigllificant resttucturino of ihe Tn￿l'S cost base was implemented ￿ Spring 2025 t(Tr ensure that thE trading position would deliver a sustainable surplus from 20?5 onwards. LEGAL DISPUTE The Trnsi is engaged in a dispule over profe55i0nal fee5 relatin4Y to architectural advice it received Én ?018. It is expected that the di5PUte will be inforniallv settled at a non-material figure. STATEMENT OF TRusfEES' RESPONSIBILITIES The Trustees (who Are also direciors of The Walsinrwham Trusi for ihe purposes of company law) are responsible (or pieparin(T the Trustees. Report and the financial 5taternents in accordance w'rih applicable la￿ and Unlled Kingdom Accounting Standards (United .dom Generally Accepted Accountine Practice). WAtSINGHAM TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (contiDved) PUBLIC BENEFIT The Trnsiees are conscious that the Charities Act 2011 eTnphasi5es the requirement that a]1 chariiies must be able to demonstrate Ih&ti their work is of direci benefil to the public. The TTU5tee5 can confirwn that ihey have complied with the duty u) 5eciion 17 of the Chdrilie5 Act 2011 io have due regard io the public benefit guidance published by the Charity C¢)mmis5ion in deremiining the activities undertaken by the Charity. The Shrine facilities and ￿0￿ndS in orditiary times are open to the public 365 days of the year, and are fijlly used by the publi throughout the period and especially durtng the summer months. Pl1￿i￿S. tourists, and othets of all faiÉhs and none enjoy daily acces5 to the fourteenih century Slipper ChapeL the M￿ern Chapel of Reconciliaiion. and other facilities. Modestly priced and excellent quality accommodation ensures that resideniial pilgrllns are well catered for. The TNst aims io piovide forthe spiritual and material need5 of all groLtPs and individual5. FINANCIAL REVIEW The charity'5 total inco]ne tn the period £i,295.145 (202) £2.289.875). Of this £1,637,026 (20?3 £881220) rel￿ed to unrE5tricted donatiOll5. £12.693 (2￿3 - £21,i61) from unrestricted legacies. Charitable activities in (he year generated £1,431,565 eO?- £1,339Jl l) which ¢onsi5ted of £53,124 (20?3 £38,951) at the Shrine. £901,514 {2023 - £838,006) from the Shrine's hostels and tea room, £468,807 (2023 - £426,560) from the Shrine'5 retail uilets. £￿7 (2023 - £nil) froEn the actiyities of the Walsingham Asso¢iation. £nil {2023 - £35,994> from Development Activities and £7.293 (2023 - £nil) fmffj ￿h¢r. The su]plus in the year was £270.225 (20?3 - deficit of £470,574) of which £46,?54 (?023 - £295,097) related to an operating surplus on General Funds, £137,991 (202i- nei ouifloh. £L?1.947} to 2 net inflow on Designated Funds. and £36.522 (2023- new inflow of £46.470) io a net outflow on Restri¢ied Funds. Th¢ primary repson for the inflow on Des1￿41ed Fund was due to sale of a property in the year. Unrestricted funds Incre￿ by £306,747 (2023 - £507,044)and 8tyur ¢nd stood ar£2536.775 (2023- £2.230.860) and Restricted Funds stood at £74,49012023- £100.180). Reserves General ￿nds, being the charity'5 free re5eryes. defined as the total unrestricted funds ofihe chariry excludintr any designated ffijnds, including those fi]nds tied up in fixed asseis. stood at neoaiive £&14.771 (?0?3-negative £781:929). The Tru5tee5 de518t]aed a su of £3.181.546 (2023 - £3.012.789) to include amounts tied up in r￿ed &%sets. Restricted fi]nd￿ being unspent rnonie5 towards development. had a closll)g balance 01£74.490 (2￿2)- £l10.180). The Tnjsrees. largel is io hold six months, necessary expendirllre in free reserves amountin to £ Im. Althou￿ the finon¢i#l circu￿start¢es of the Shrine mean thai this t*get is TIOÉ CUTrently rneL it is anticipated that it can be achieved wiihin 5-7 y¢ar5. Th¢ TtU5t's cash flow is highly 5ea50nal and 15 ciirrentty 511Ptxirted by M.0￿1￿(r Capital loan5 from the Diocese of East Anglia of £140,000 received in ihe year. and the Guild of OLEr Lady of Ransom (fEceived November 2023) worth £150,000. Risk Manage￿¢￿t The Trnstees have 2 fornial risk manattem¢nt pr¢Kess to a￿55 risks and implement risk mmagement strategie5. This involves the identifitration of the types of risk faced by the charitv. assessing the likel1ho￿j and potential impaci of occurrence and identifyillg means of rnitigation. Risk5 have been caiensible for safeguarding the assets of the cbaritsble company and hence fortaking reasonable sieps for the prevention and d¢te¢tion of fraud and ￿h£r irregularities. In so far as we are aware: There is no relevant audit infortnation of which the charittble CoMpan￿S auditor 15 unaware,. and The Trustees have taken all sreps that they ouJ)t to have tsken to make them aware ofany relevant audit inforniation and to establish thai the auditor is aware of that information. Auditors On 18 November 2024 the COTllp3ny's auditorchanged its name from HaysmacintyTe LLP io Hay5Mac LLP. A resolution proposll that Haysmac LLP be reappointed as auditt*r5 of the company was approved by the members. This reporthas been prepared in accordance with the S￿la1 provisionsrelating tocotDpanies subject lo the small cornpanies, retsime within Part 15 of the Compamies Act 2006. Approved and authorised issue by the Trustees ¢)n by.. 15109rJ025 and signed as authorised on their behalf Rt. Rey. Peter Collins Trusiee INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WALSINGHAM TRUST Opinion We have audited the f￿anCial statements of Walsingham Trust forthe yearended 3 1 December 2024 which comprise the Statement of Financial Activities, Balance Sheet, State￿ent of Cash Flows and notes to the r]nancial statements including a surnmary of significant accouniin(p policies. The financial iewTrrting fraMe￿Ork that has been applied in their preparation is applicable law and United Kintrdom Accounting Siandards, includints Financial Reporting Standard 102 The Fip2oncial Repoyiing StoAdordopplicoble in ihe UK andRepublic oflrelund (United Kingdom Genernlly Acceptrd Accountints Practicc). In our opinion. the [￿ancIal statements.. give a tNe and fair view olthe sthte of the charitable company's affairs as at 31 DeCem1￿r 2024 and of the charitable company's net movemeni in fimds. includin(p the income and e.¥￿ndi￿re, for the year ihen ended. have been properly prepared in accordance with Uniied Kinodom Generally Accepted Accounilljg Practiee; 8nd have been ptepaxed ll) accordante with the requireTnenis of the Companies Act 2006. Basis for opinion We conducied our audii in XC0rd￿¢t with International Standards on Auditing (UK} (ISAS (UK)) and 2ppIic2ble law. Our responsibilities under rhoge sialldards are fimher described in the Auditor's tesponsibilities for the audit of the financial statements section of our report. We are independent of the charity in acconlance with the ethical requirements thai are relevani to our audit of the financial statements in the UK. includiDO ihe FRC'S Ethical Siandar( and we have fulfilled our other ethical responsibilities in accordance with these requirements. We telieve ihat the audit evidence we have ob(ained is sufficieni and appropriate io provide a basis for our opinion. Conclusion5 re13ting to going contern In auditing the fmancial statetnents, we have concluded that the trustees, use of the going concern basi5 of accounting in the preparation of the f￿ancial statements i5 appropriate. Based on the work we have perfonne(L we have not identified any material uncertainties relating to events or conditions ihai. individually or collectively. mav cast sienificant doubt on the charithble company's ability to continue as a going conttrn for a period of at least nvelve months from when the ftnancial 5taiements are authorised for issue. Our responsibilities and the responsibilities of the rnstees with resFttt to going concern are described in the relevant sections ol thi5 report. Other infortnation The trustee5 arc responsibl¢ for th¢ other inforniatlQD. The other ujfomiation comprises the inforniation included in the Trustees. Annual Rcport. Our opinEon on the fmancial statements does noi cover the other inforniation and excepi to the exrent otherwise explicitly staled in our repon, we do not express any fom) of assurdT)ce ¢¢)nclusion thereon. In conneciion with our audit of the financial sthtements. OurreS￿ASibIlity is io read ihe other infom)ation and, in doints so, consider wheiher the other information is materially inconsistent with the fll)ancial state]nents or our knowledtse obtained in the audit or oihenvise appear5 10 be materially missraied. If we identify such M￿erIal inconsistencies or apparent marerial misstatements, we are required to deiermine whether there is a material mi￿lartment in the financial statements or a material missiatement ofthe other inforniation. If, based on the we have perfornied, we conclude that there is a material misstatement of this othei tnforniation, we are required to report that fact. We have nothin(F to rep￿ in this ttgatd. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based or the M'ork undertaken in the coutse of the auditr. the information tsiven in the Twstees. Annual Repon (which includes the d)r￿t0[5, report prepared for the pujyoses of Company law) for the financial year for which the F￿￿￿¢1a1 S￿leMentS are prepared is consistent with the financial 5tatements,' and the direcrors. report included wiihin the TruMees' Annual Report have been prepared in accordance with applitable legal requiremen Matters on whieh we art required to report by exctptioR In the lioht of the know.led(ye and undcrstandints of the Charitable Company and its environmcnt obtsined in the course of the audiL we h2ve ntst identified materiAI Tni5staierr¢ents in the Trusiees. Annual RetM)n (which inCOTpofdt¢s the dire¢iors' rew)rn). INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WALSINGHAM TRVST (Continued) We have nothing to reFrfHX in respeci of the following mattets ID relation to which the Companies Act 21K)6 requtre5 US to report to you if. in our opinion= adequale accouniing records have not ky by the charitsble compauy" or Ihe charirable company f￿ancial statements are not in agreement with ih¢ accounting records and retums. or certain disclosures oftrustees remuneration specified by law are noi made. or we have not rcceived all the inloTrnation and explanaiions require forouraudit- or the tNsiees were not entitled to prepare the financial sraiements in aecordance with the sm￿[ companies, regime and take adv2ntagc of the small companies" &iemption5 in preparintw the trustees. report and from the requirement to prepare a straietsic report. Responslbllltles of truste¢s for the financial $tatemeDts As explained more ￿llY in the tTUStees' reswnsibiliiies statement set out on wes 5 and 6. the tswstees (who are also the directors of the charitable comparty for ihe purpo%s of company law) are responsible for the preparation of the financial ststements and for being satisfied that they give a true and fair Yiew. and for such internal control a5 the mjstees deterniine is necessary to enable th preparation of f￿ancial staiements that are free from marerial mis5tatemen4 whether due to fraud or etTOr. In preparing the fmancial ststements, the tru51ee5 are responsil)le for a￿]ng the charitable company's abiliry io continue &$ a (Toing concern, disclosing. as applicable, matters related io going concern and usino the going concern basis of accounting unless the trusttts either intend to liquidate the charitabl¢ company or to Ce￿ opeTation4 orhave no realistic alternative but to do so. Auditor'5 responsibilitie5 for tILE audit of the financial statements Our objectives are to obtain re&sonable assurance atr￿Ul wbeiher the financial ststements as a whole are free from maierial misstatemeni whether due to fraud or Error, and to issue an audiior's report thai include5 our opinign. Re￿onable assuraAce is a hitth levcl of assurdnce. bui is noi a guatanlee thal an audit conducted ID accordance with ISAS (UK) will alwa}'s detect a maierial misstattment when it exists. Missia(etnents can arise from fraud or e)Tor and are ci)nsidered rnateria] if, individually or in the agtsregate, they could reasonably be expected to Influence the economic decisions of users taken on the basis of these fman¢ial stalcments. IrregUl￿lties. including fraud, are instance5 of non-compliance with laws and reiulations. We design procedures in line with our responsibilities, ouilined above, to detect rnaterial Tnis5Lwements in respea of irretsularitie5. including fraud. The extent to which our procedures are capable of detectillg irregularitie£ including fraud is detailed belo￿.: Based on our understandino of the charitsble ¢ompamy and (he environment in which ti operate8 we identified that the principal risks of non-compliance with law5 and regulaiions related io compliance with Canon l.aw, Company Law. the Cotnpanie5 act 2006, Charitie5 act 2011, emplo>ment law and health and safety r￿ulatiOnS and lie ¢on5idcrcd the exieni io which non-compliatLCt might have a Ma￿rial effect on the f]nancial statements. We also considered those la￿5 and regulations that have a direct impact on the preparation of the financial State￿ents such as Catton Law. Ihe Companies Act 20(￿. the Charities Act 2011, the Statemenl of Recommended Practice for Charities (SORP 201)), FRS102 and payroll taxe5. We evalll2ted Fn2nagement's incentives and optX)rturtities for fraudulent manipulation of the f￿ancIal state￿entS (including the risk of override of contto15), and deterniined that ihe ptincipal risks were related to recoyiiion of income and rnanagement bias in certain accounting estimates. Audit procedures performed by the enoaaemeT)t team included-. Inspecting correspondence with reoulat(rs and tax authorities- Di5CU55È9n5 Wlth manauement includinrl consideration of known or susrned insw)ces of non-compli2n¢e wilh laws and regulation and fraud,. Evalvating management's controls designed to prevent and detect irregularities: Ideniifyino and testints ¥ journals, in particular journal entries rK)sted with unusual awouni c4)mbinations. p05tings by unusual users or with unusual desCriPtion5' and Challengin£ assumpiions and judgements made by monagement in their crtiical accounting estI￿ateS. Because of the inherent limiiaiions of an audit, there is a risk thai we will dektt all irregularities, including rhose leading to material misstatement in the f￿3￿ClaI statements or non-compliance with retsulation. This risk increase5 Ihe more ihai compliance with a law or TE¥ulalion is retnoved from the evenrs and transactions reflected in the financial statemenis. as M'e will be les% likely lo become aware of installces of non-compliance. The risk is also greater regarding ]￿egUlar1tieS occurrino due to fraud rathcr than error, as frdud involves intentional concealment. forgery. collusion. omission or misrepresentsiion. INDEPENDENT AUDITOR'S REPORT TO THE TRLSTEES OF WALSINGHAM TRUST (ContiAtitd) A further description of our responsibilities for the audit of the fmancial sraiements is IIKated on the Firwicial ReFrf)rting Council's website at: www.frc.o .uklaudiiorsres nsibilities. This description forms part of ouiaudiior's report. Use of tsur report This r¢port is made solely to ihe charitable company's member& as a l)ody. in accordance with Chapter 3 of Part 16 of the Companies Ad 2006. Our audit work has been undertaken so thai we might state to the charithble comp3ny's members those matters we are required io slate to them in an Auditovs rtport and for no other purpose. To the fvllesr extent pernjitted by law. we do not accept or assume responsibility to anyone other ihan the chaTitsble company and the clwiiabl¢ ¢ompany's member5. 85 a body, for our audit work, for this report, or for the opinions we have formed. Jane Askew (Senior Statutory Auditoi) For And on behalf of Haysmac LLP, StaNtory Auditor Da￿.. 10 Queen Street Place LA)ndon EC4R IAG 11 December2025 WALSINGHAM TRUST STATEMENT OF FINANCIAL AcfivITIES (Including the Summary Incorne 3nd Expenditur¢ AccouTr¢) FOR THE YEAR ENDED 31 DECEMBER 2024 G¢ner*l Funds Designated Funds Restricted Funds Totsl 2024 Totsl 2023 Notes INCOME FROM: Donations and legacies Donations Legacies 14 1.637.026 19),( 2.347 12,693 21,514 1,660,887 202.693 928,803 21.561 Total .8)7.026 15,040 21.514 1,863,580 950,364 Charitable activities: Shrine Hostels and Tea Roorn Shops Walsingham Association Development Other 53.124 901.514 468.807 827 53,124 901,514 468,807 827 38.951 838,006 426.560 35.994 7293 7,293 Total J,258,591 15.(140 21.514 J.295.145 2.289,875 EXPENDITURE ON: Charithble activities= Shrine Hostels and Tea Room Shops Walsingham Association Development 891.080 1,066.453 315,486 1.446 669.547 891,080 1.066.4i3 315.486 1,446 750.455 801,390 97O,J21 294.475 2,612 691.651 1,062 79.846 Total 2,944,012 1,062 79.486 3.024.920 2.760.449 NET INCOMEI(EXPENDITURE) 314579 13.978 (58,332) 270.225 (470,574) Transfers be￿een funds 9,10,11 (176.588) 154.778 21.810 NET MOVEMENTS IN FUNDS {137,991) 168,756 (36,522) 27D,225 (470,574) RECONCILIATION OF FUNDS: Total funds brought fonvard 9,10.11 {782.76?) i.012.7￿1 111,012 2,i41,040 2,811,614 TOTAL FUNDS CARIUED FORWARD 9,10.11 £(644.771) £3.181.546 £74.490 £2.611,265 £2,341,040 The accompanying noie5 numbered I to 18 fonn part of these financial ststements. 10 WALSINGHAM TRUST (Cornpany number: 11655451) BALANCE SHEET AS AT31 DECEMBER 2024 2024 2023 Not TANGIBLE FIXED ASSETS 3.181.546 3,354.569 CURRENT ASSETS Stock Debtors Cash at bank and in hand 86.313 255,655 51,651 94,820 66.054 )93,619 224,005 CREDITORS: Amounts fallinu due within one year (735220) (1,087.5M) NET CURRENT LLABILITIES ()41,601) (863.529) TOTAL ASSETS LESS CURREP4T LIABILITIES 2.839.945 2.491.040 CREDITORS: Amounts falling due in more tILan oDe year (Z28.680) (150,000) NET ASSETS £2,611.265 £2,341,040 FUNDS: Unresiri¢ted funds- general desitsnated io (614,771) i.181.546 (782,762) 3,0117￿) 2,536,775 2.230.028 Restricted funds- Shrine Development Other restricted fi]nd5 12 2,347 111,012 £2.611.265 £2.341.040 The a¢companyino noies numbered I to 16 fO￿n part of these f]nanci21 ststements. The finan¢i&l statements were approved and authorised for issue by the Board of the TNstee5 on 1510912025 and were siJo ed below on its behalf by.. Rt Rev Peter Collins Truste¢ WAISINGHAM TRUST ACCOUNTINC POLICIES FOR THE YEAR ENDED31 DECEMBER2024 The principal accounting policies ad0￿e AIYALYSIS OF CHANGES IN NET DEBT A¢ January 2024 At 31 December 2024 C￿h flows Cash at bank and in hand Loans falling due within one year Loans falling due in more than one year 66.Oi4 (800.000) (150.000) (14.403) 605,348 (78,680) 51,651 {194.652} {228,680) £(883.946) £512265 £(371,681) 12 WALSINGHAM TRUST ACCOUNTING POLICIES (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Government grants Income from government grants is re¢oJis¢d wh¢n the charity has entitlemeni to the funds. any perforniance condititsns attached to the Jant hav¢ been met and in the period to which it relates. Expendiliire Liabilitie5 are recognised as expenditure as soon a5 there is legal or constructive oblitsation tommitting the charity to that expenditure, il is probable thai settlement will be requirf and the amount of obligation can be measured reliably. Expe[]d1tL￿e is recognised on an accruals basis as a liability is incurrtd. Charitable activities comprise mtiin]y of th¢ provision of a place of worship. accommodation. welfare and catering, premises and administrntive costs. Support costs have been allocated to charitable activities. Governance aciivities comprise organisational thini5tration and complian¢¢ with ¢onstitutional and statutory requirements. cO￿S include direct costs of external audiL legal fees and other professional adwite. Debtors Trade 3nd other debtOTS are recognised at the selllement amount due after any trade di5couni offered. Prepayments are valued at the amount prq)aid net of any trade discounis due. Cash at bank and in haDd Cash at bank and in hand includes bank accounts, cash and short temi highl> liquid investments with a Short maturity of three months or less from the date of acquisition or opening ofthe deposii or similar account. CreditDrs and provision5 Cyeditors and provisions are recognised where the charity has a pttsent obl joation resulting from a past evcnt that will probably result in ihe transfer of funds to a third party and the aEnount due to settle the obligation can Lx Tn¢asurcd or estimated reliably. Creditors and provisions are normally recooJised at ihetr settlement amount after allowin(r for any trade discounts due. VAT The charity is reoistered for VAT bui is unable to reclaim all of the input t&x incurred. ttTecovetable VAT is charged io the expenditure headino for which it was incurred. SigMificant judgments a￿d sourees estimation unttrlainty In the view of the Trustees in applyints the accouniing p)licies adwe& no ju￿ementS were required that have a siJiY ificant effect on the amounts recognised in the fin2neial sta*ments nor do any eAimates or assumption5 made cary a siJts ificant risk of maieria] adjustment in the next financial year. FiD#n¢i21 instruments The charity only ha% fjnancial assets and financial liabilities of a kTnd that qualify as basic financial instruments. Basic [￿anCIal instrurnents are initially recoonised at Tfdnsaction value and subsequently measured ai their settlement value. 14 WALSINGHAM TRUST ACCOUNTING POLICIES {contin￿ed) FOR THE YEAR ENDED 31 DECEMBER2024 Pensions The charity operdtes a Group PersoDal Pension scheme wilh Royal London. The pension is offered to all employees and advice is provided to the charity by N W Browi and Co. Li& who are tndependent Financial Advisers. Benefits are determined by the perfomiance of the scheme_ The charity'5 liabilty is limited to the an[￿al contrsbutions payable. All contributions are charged to the Statemeni of Financial Activities in the PerÈod in which the> acctue. Tangible Fixed Assets and Depreeiation The Trust occupie5 properties in Walstngham free of reni. the freehold interest belonging to the DI￿¢se of E￿t Anglia. The Costs of improvements lo Diocesan owned proWies are included in building improvemenls. The cost of religious objects are written off in the Period when the cost is incurre¢L and are therefore not represented in fixed sets. Depreciation is provided oll all f￿£d assets grealer than £500, except freehold land. The rdtE5 and bases of depreciation are a5 follows.. Freehold buildings Building iTnprovements Motor vehicles Fixtuiel fittings and equipment Freehold land and buildinJts 2QA straighi line I￿/0 5traioht line 25Q/o straitsht line 25Q/o straieht line 2V￿ straijt line A full year of depreciation is charged in the year of acquisition. Sttseks Stock5 are 5tatEd at the lower of cost or net rea]isable vallle. Cost represents purehase price, calculated on a first in first out basi5. 15 WALSIPIGHAM TRUST NOTES TO THE FINANCIAL STATEMEP(rs FOR THE YEAR ENDED JI DECEiKBER 2024 CHARITABLE TRADIPIG ACTIVITIES (2024) Hosteb & Tea Room Total 2024 Total 2023 Shops Income 901,514 468,807 1,370.321 1.264,566 Expenditure.. Cost of $21es Other costs 194.962 120,524 396,603 985.336 416,302 848.494 864.812 315.486 1,381,939 1264.796 Net (d¢ficitysuTpIus £{164,939) £153.321 £(11,618) £(230) The above activitie5 represent trdding wh?ch is in putsuit of the purpose5 of the charity. CHARITABLE TIL4DIP4G AcfivITIES (2023) Hostel & Tea Room Totsl 2023 Shops Incotne 838,¢)06 426.560 1,2&1,566 Expenditure". Cost of sale5 Other costs 228,765 741.556 187.537 106,938 416.302 848.494 970,321 294.475 1,264,796 Net (deficity5urplus £(132J15) £132,085 £(2iO) 16 WALSINGHAM TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED31 DECEMBER 2024 ANALYSIS OF EXPENDITURE12024) Aetivitles lldertaken Support Costs directly Total 2023 Charitable Expenditure Shrine Hostels and Tea Rootn Shop5 Wa15ingham A550csation Developrnenl 619.031 996250 242.577 1.317 749.321 272.￿$9 140203 72,909 129 891.080 1.066.45J 315,486 1.446 750.455 801,390 970,321 294,475 2,612 691,651 1,134 £2.538,496 £486,424 £3,024.920 £2.760,449 ANALYSIS OF EXPENTIITURE (2023) Actiyities undertaken directty Support ¢05ts Total Charilable Expenditure Shrine H05tE15 and Tea Room Shops Wa155nghatn Association Developrnent 640J75 800,501 2?6.70? 2,612 684,902 161,015 169.820 67,773 801.39) 970.321 294.47) 2,612 691,651 6.749 £2.)55.(V)? £405u57 £2,760,449 2024 2023 Support colls consist of.. Salaries Premises Office Other Governance- audii fee 272,456 28275 31,014 134.679 20.000 194,491 14.453 23.013 151.313 2?.087 £486.4?4 £405.357 17 WALSINGHAM TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER2024 STAFF 2024 2023 w￿eS and salarie5 Social security costs Pension costs Redundancy costs .163,174 90.165 70,024 981,838 75.904 79,788 22,646 £1,345,975 £1,160.176 21124 2023 No. The average nU￿be[ of ￿ll-tiMe employees was= The averdge nurnber of part-time employees wa5: 30 18 32 19 No eTt]ployee earned £60,0110 or more durints the current or pjrvious years. The aggtegate remuneration of key manaecrnent personnel comprising ihe Eiecior. CEO. Director of Operatior15 and Financial Controller w'as £115,30112023- £61.147). In addition to the alx)ve paymenis. Ihe Rector also received aCC4)m￿0daIlort by virrue of hi5 role TRANSACTiof4s WITH TRUSTEES No trustees teceived remunerntion in either year. Two trustees claimed reimbursement of travel expenses totalling £584 {2023.' i trustees £1,26?). 18 WAtSINGHAM TRUST NOTES TO THE FINANCIAL STATEMENTS (Con¢inu¢d) FOR THE YEAR ENDED31 DECEMBER2024 TANGIBLE FIXED A&SETS Freehold Land and Buildings Fixtsres F&ttings and Equipment Building ImproTrements Motor Vehicles Total COST Bal&nce brollght forward Additions Disposals 3,019.541 300,000 (336.991) 2231.658 55,670 23.032 545.730 14,851 5,819,961 370,521 (336,991) At 31 December 2024 2,982,550 2287.3?8 23.032 560,581 5,85J.491 DEPRECIATION Balance brought forward Charge for year Disposals 244,680 59.6(Kl (13,479) ,683,119 147.953 22J67 665 515225 2,465,391 220,033 (lJ,479) At 31 December 2024 290,801 1,8J1.072 2i.032 527.040 2.671,945 NET BOOK VALUE At 31 December 2024 £2,691,749 £456 ?56 £33.541 £3,181,546 At l January 2024 £2.774,861 £548.538 £665 £30,506 £3.354.570 STOCKS 2024 2023 Shop siock. for resale Other stock 75.960 10,353 81220 12.600 £86,) 13 St(Kk reCO￿lsed as an expense during the period is shown in n￿e l as Cost of Sales. DEWtORS 2024 2023 Trade debtors Prepayments and accrned income O(her debtor5 12,309 48.?S7 2,535 253.410 18 £2i5,6i5 £6i,131 19 WALSINGHAM TRUST NOTES TO THE FINANCIAL STATEMENTS (Con¢iDued) FOR THE YEAR ENDED 31 DECEMBER 2024 CREDITORS: Amount5 f311iTrg du¢ withirt olle year 2024 2023 Trdde creditors Sundry loans {5ee note 15) Social security and other taxes AccNals and deferred incorne Sundry creditors 225.088 194.652 22.48) 270.364 22.633 75.145 8(M),000 1?3.479 88.910 £7J5220 £1.087,534 CREDITORS: Amounts falling due in mort thall one year 2024 2023 Long tern) loans 228,680 150,000 £228,680 £150,DOO GEPIERAL FUNDS (2024) Brottght Fonvard Carried Forward EApenditure Trnnsfe General ￿ndS (782,762) 3258,591 12.944,012) (176588) (644,771) £{782,762) £3,258.591 £(2,944,012) £(176.588) £(644.771) GENERAL FUNDS (2023) Brought Fonvard Carried Forward Income E5penditure Transfers General fuTKIs (486.8J2) 2.188.435 (2,474,154) (10211) (782,76?) 1£486,83?) £2.188.435 (£2.474.154) 1£10211} (£78? 7621 20 WALSINGHAM TRUST NOTES TO THE FINANCIAL STATE11￿l￿Ts (Continued} FOR THE YEAR ED4DED 31 DECEMBER 2014 10. DESIGNATED FUND5 (2024) Brougbt Forward Carried Forward Incom¢ Expenditure TraTrsfers Legacy Fund Fixed Asset Fund Development Fund 11,561 2,982253 18.976 (24.254) 199,29i (20.261) 3.181,546 2,347 (1.062) £3.012.790 15,040 £(1.062) £154.778 £),181.546 DESIGNATED FLNDS {2023) Brought Forward Carried Fonvard lllcome Expenditure Trnnsfer5 Legacy Fund Fixed Asset Fund Development Fund 21.563 (10.000) 11.563 2,982,25) 18.974 3227.946 6,790 (245,693) 12296 £3234.736 £33.859 (£245,805) I£10.000) £J.012,790 The Legacy Fund represents amounts received in leoacies and which the T￿￿tee5 have detem)ined to set aside to support particular priorities of the Tn￿1. The trustee5 consider thus fund is Do longer ne¢ded and has therefore been transferred to general fvnds. The Fixed Asset Fund represents the net b￿k value of the Trust's fixed asse￿1¢55 loan amounts secLwed against these. The Developmeni Fund is eam]arked for vari[￿ infrastructure enhancements and for oth¢rdevelopmentsl aaiviiies. Certain expenditure been incurred in advance of the receipt of expe￿ed don&ions. The tNst¢e5 ¢oDsider thus Fund is no longer needed and has iherefore been transferred ￿ generdl ffinds. 21 WALSINGHAM TRusr NOTES TO THE FINANCIAL STATEMED￿5 (Conliau¢d) FOR THE YEAR ENDED 31 DECEMBER 2024 RESTR[￿ED FufiDS (2024) Brought Fonvanl Carried Forward Income Expenditure Transfers Development Funds.. Shrine Developmeni Holy Water Font Appeal (WA) Mission & Outreach Livesiream Technology Dowry Elouse BuT5aries Dowry House Chapel Dowry House Reserve Dowry House Development Other 2J47 2,347 1,964 (1.03?) 12,790 (182) 12,608 5.4()0 1.060 (li.823) 10.363 26.739 2,045 10,52i 27.799 2.045 10,523 37,515 18,404 1.348 11299 (50,)10) (12.499} 11,447 17204 £111.012 £21.514 79,846) £21,810 £74,490 RESTRICTED FUNDS (2023) Brought Fonv4rd Carried Forward Income penditure Transfers Development Funds £6).710 £67.582 (£40,491} 20,211 £111,012 The Restricted D¢Ytloprnent Fund5 represent amounts received to fund initiative5 designated by the donor. The transfer of funds lliio the Other fund in 202) relates to a don￿lOn made into the Litutgical Fund which will be used to enhance the lilurtsical experience of pilgrims Yisiting rhe Shrine. 22 WALSINGHAM TRUST NOTES TO THE FITrIANCIAL STATEMEIYTS Icontinued) FOR THE YEAR ENDED 31 DECEMBER 2024 12. ANALYSIS OF NET ASSETS BETWEEN Fuf4DS (2024) General Funds D¢signated Funds Restricted Funds Tot81 2024 Fund balance5 at 31 Deeember 2024 are represented by: Tangible assets cu￿ellt assets Current liabilities Long terni liabilities 3.181.546 3,181,546 393,619 (735.220) (228,680) 319.129 (735.220) (228.680) 74.490 Net assets £{644.771) £3,181,546 £74.490 £2,611,265 ANALYSIS OF NET ASSETS BETWEEN FUNDS (2023) General F￿ndS Designated FuBds Restricted Funds Totsl 2023 Fund balances at 31 Decetllber 2023 are repres¢Dted by: Tangible assets CuTTent asse Curret]L liabilities Long iemi liabilities 3.354.569 3,354,569 2?4,005 (1.087,534) (150,000) 101,431 (734,193) (150.000) 111,012 (353u41) Net assets £{782,762) £J.012.790 £111,012 £?.341.040 IJ. OPERATING LEASES The charity's comtnilments in respect of operniing lease rentsls are &s follows: 2024 2023 In respeci of operaiing lease5 expiring Within one ye - Between one and Dvo years - Between two and five year5 14.306 6,li9 2,972 12,401 22.863 14. RELATED PARTY TRANSACTIof4S The charity had borrowed a sum of £500.OW from its parent charity and member- CaTEW. The loat] was converted to a gift in the finan¢ial >'ear and is iherefore no longer repayable. In addition a new loan of £140.000 was provided durino the year by CaTEW. This loan has no fixed repayment date and has therefore been cla55ified s due within one }'ear. 23 WALSINGHAM TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 21)24 IS. LOAN ANALYSIS NOTE The loans held by the Trnst at the eTLd of 2024 were £140k from CaTEW with interest rate, not Secur￿ no r]xed repaymeni dale. £133k balance from an original £150.(KIO loan from ihe Diow of Fast Anglia. There was no interest charged in ?024. but inierest of 10/0 above base raie will be charged 2025. The loan is being repaid in monthly instatsnenis. £150k from Guild of Our Lady of Ransom with 5.5% interest r&ie. nor secure& repayable in 3 m(Trnthly insta]ments from Septernber 2025. 24 WALSINGHAM TRUST NOTES TO THE Fif4ANCIAL STATEMEf4TS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 17. FINANCIAL INFORMATIO￿ FOR 2023 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES General Funds De5ignattd Funds Restrieted Funds Total 2023 INCOME FROM: Donat10115 and legacies Donatio Legacie5 875.993 47,583 928.803 21,561 21,561 Total 875.993 26.788 47,583 950.364 Charitable activities.. Shrine Hostels and Tvd Room Shops Walsingham A%sociaiion Development 38,951 838.( 4?6,560 38,951 838.006 426,560 8.925 7.069 20.000 35.994 Total 2.188.435 i3.857 67.58i 2289,875 EXPENDITURE ON: Charitable activities= Shrine Hostels and Tea RLh)m Shops Walsingham Associaiion Development 801 J90 970.i?I 294,475 2,612 405Ji6 801,390 970. j? I 294,475 2,612 691,651 245.804 40.491 Totsl 2,474.154 245,8( 40,491 2,760,449 NET {EXPENDITUREyINCOME (285.719) (211,9471 27.092 (470,574) Transfers beNeen fvnds (10211) (10.0001 20.211 NET MOVEME[￿[5 IIN FUNDS (?94264) (2?1.9471 47.30) (470,574) RECONCILIATION OF FUNDS: (486,8i2) i234,7j6 6),710 2,811,614 Tot81 funds brouJt f¢)Tward TOTAL FUNDS CARRIED FORWARD (£78? 76?) £3.01?.789 £111.012 £2.341.040 25