#4 WAW Waving the flag Mystery Cache

One of a series of caches placed for activities week at the school one of us works at, but available to everyone. They are part of an activity introducing geocaching to students.

This is a mystery cache, the cache is not at the published co-ordinates. When setting these caches we came across this piece of parchment with some very strange information on it. Can you make sense of it?

You can check your answers for this puzzle on GeoChecker.com.