THE OXFORD ORATORY OF SAINT PHILIP NERI Financial Statements 3111212020 Charity number: 1018455
THE OXtrURD ORATORY OF SAINT PHILIP NERI REPORT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2020 The Trustees present their report and the audited fi'nancial slalemenls of the charity for the year ende(J 31 December 2020. The trustees have adopted the provisions of the Statement of Recommended Practice ISORPI "Accouniing and Reporting t)y Gharilies" IFRS 1021 in preparing the annual report and financial statements of the charity. Reference and administrative information Principal address The Charity's princEpal address is 25 Woodstock Road, Oxford, OX2 GHA Trustees The Tnjslees al the date of this report were.. Father N Edmonds Smith {Chairrnanl Father O Craddock Isecretary & TreasLJrerl Father J Welch Father N D Jacob Fra J W M Chadwick r J C Mclntosh All trustees served throughout the year and to the dale of this report. The following was also a Trustee during 2020.. Dr R A P J Beddard (resigned 20 March 2021} New trustees can only be appointed by the existing trustees. Bankers Sanlander UK plc Santander Houso, Carfax, Oxford, OX1 1 HB Royal Bank of Scotland pk 36 SIAndrew Square. Edinburgh. EH2 2YB National Westminster Bank plc 249 Banbury Road, Oxford, OX2 3JY Sollcltors Knigh15 Midland House, West Way, Bolley, Oxford, OX2 3JY Auditors Critchleys Audit LLP Beaver House, 23- 38 Hythe Bridge Street, Oxftird, OX12EP
THE OXFORD OIUITQRY OF SAINT PHILIP NERI REPORT OF THE TRUSTEES Iconlinuedl YEAR ENDED 31 DECEMBER 2020 structure¥ governanee and management Legal status The Charity was established under a Trust Deed dated 6 February 1993. 11 was registered as a charity with the Charity Commission on 9 March 1993- no. 1018455. Governance New trustees are appointed only by the existing Iruslees. All major decisions are taken by the Trustees but the responsibility for the day to day running of the Charity has been delegated lo the members of the religious community under the leadership of the Provost. Father N Eamonos-smith. Clergy stipends are set according to tlie piuvisions laiu out In the Particular Statues of the Congregation of the Oratory of Sl Philip Neri in Oxford. Clergy wilhoul their own source of income receive a stipend from the trust according lo their financial need not exceeding £1.200 per quarter. Risk management The Trustees have a risk management strategy which compT15es an annual review of the risks the Charity may face, the eslablishmenl of systems and procedures to miligale those risks, the impSemenlation of procedures lo Minimise any potential impact on the Charity should those risks materialise. The Trustees consider that the charity's main risks are those associated with financial sustainability, safeguarding, legislative Compliance and buildings. Objectives and Activltles The obiectives ol the Charity are the advancement and maintenance of the Roman Catholic religion in England and, particularly, in the vicinity of the city of Oxford and county of Oxfordshire. The Charity is a religious community of Catholic priests living together in the spirit of Sl Philip Neri and tho Saint John Henry Newman. Thcy Cr¥e Cod through the cultivation of beauly iii tIFe liluiyy. antt through nurturing the lay faithful by preaohing, teaching, administering the sacraments, and through popular devotions and the famous Oralorian musical Iradilion. Saint Aloysius. Church in Oxford is open every day and at least three services are held each day. The average attendance al the church on a Sunday is approximately 950. The church building was erected in 1875 and is a Grade 2 listed building. The Trustees are responsible for maintaining the building in a good state of repair. From Oelober 2013 to November 2019, the community was tesponsible for the project lo establish a new Oratory at the church of St Wilfrid in the city of York. This project came to completion on 9 November 2019, when the community in York was recognised by the Holy See as a new independent Oratory. The York Oratory was registered as a separate Charitable Incorporated Organisation on 11 February 2020. The fund belonging to the York Oratory was transferred to the new CIO in 2020. Impaet of COVID-19 The church building was closed lo the public dunno the nabonal lockdown from March to June, wrffh pijhlir. worship sUming in July, and a further temporary lockdown during November. The Porter's Lodge and Bookshop remained closed from March lo the end of the year. Masses and other serViS began to be streamed online from the beginning of the pandemic. This allows the Fathers to reach a new and wider audience, as well as maintaining contact with those prevented from coming to church in person by the pandemic. Attendance al public woiship from July lo Dmber was lower than usual, varying beeen approximately 400 and 500 in total across Sunday Masses. The social distancing restrictions in place during the latter half of 2020 only permilled lo the church to be filled lo half capacity, making this level of Mass attendance the maximum possible under the restrictions.
THE OXFORD ORATORY OF SAINT PHILIP NERI REPORT OF THE TRUSTEES Iconlinuedl YEAR ENDED 31 DECEMBER 2020 The temporary suspension of Masses, the reduction in Mass attendance, and the closure ol the bookshop all lead lo a significant reduction in income from cash donations. However. new options were introduced for onlin¢ doiiatioiis IIIivu91i PayPal and coniactiess card aonations. A grant trom Oxford City Council's Discretionary Grant Fund lo assist businesses and charities suffering loss of income from COVID-19 was also received. Objectives and Activities l¢ontinuodl The Trustees are aware of the need lo consider public benefit in all decision making and confirm that they have complied with the duly in section 1715) of the Charities Act 2011 to have due regard lo the public benefit guidance published by the Charity Commission. The following are the ways in which the public benefits from the parish's activities.. The provision of regular public worship that is open lo all., The provision of sacred space for personal prayer and contemplation,. Pastoral work including the visiting of the sick, the elderly, and the bereaved.. The leaching of the Christian faith through sem)ons. home groups. children's and youth meetings and links with local schools., The promotion of the Christian faith through various events organised for the elderfy, parents and toddlers and other special needs groups organised by the Trustee5, The SLIPPDrt of other eharitias involvod in Christ12n outreach and devclopment, and Maintenance of a historic building open freely to the public. Achievements and performance The Charity has achieved the performance of ils core objective5, as outlined above, during the year. Plans for the futu The Trustees plan to ttjnlinue to dalivor tha Charity's core objectiv¢s and lo continue lo raise funds for future projects. Reserves policy The Trustees have established the level of unreslricled reserves that tho Charity needs to maintain lo cover possible emergency repairs to the fabric of the church and lo bridge any gap between future income and expenditure. The Trustees consider that the Charity's reserves are adequate for the foreseeable future. At 31 December 2020 the amount of unreslricled funds was £2,467,25512019." £2,388,251). Investment policy The unrestricted investments are held as long-lerm assets with the intention of generaling income and Capital growth. The investments are managed by LGT Veslra LLP and are held mostly in UK equities bul also in fixed interest investments and cash. Investrnenls are made ethically having regard lo the doctrine and leaching of the Roman Catholic Church. The investment policy Is reviewed annually. Financlal revlew Income reduced in the year, primarily as a result of the impact of COVID. The main Sour of funding for the Gharity Gontinues to be donations. The defKil foi" Ili¥ yedi Wi1¥ £154,095). It 15 expected Ihat the chariry will feturn lo a surplus position in the future. statement of Trustees Responsibilities The Trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounting Practice}- The law applicable to Charities in England & Wale5 requires the Trustee5 to prepare financial slalemenls for each financial year which give a true and fail view of the slate of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial slatemenls, the Trustees are required lo-.
THE OXFQRD ORAIORY OF SAINT PHILIP NERI REPORT OF THE TRUSTEES Icontinuedl YEAR ENDED 31 DECEMBER 2020 seleGt suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP.. make judgments and estimates that are reasonable and prudent., state wheth¢r aF)tJliLdble aGGOUnilng sianaards have been tollowed, subject lo any material departures disclosed and explained in the financial stalemenls, and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping sufficient accounting records that disc105e with reasonable accuracy al any lime the financial position of the charity and enable them lo ensure that the financial stAtpmp.nls comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence fnr taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees on .O... 1)..2ul! and signed on their behalf by.. Father N Edmonds-smilh Chairman and Provost
THE OXFORD ORATORY OF SAINT PHILIP NERI INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE OXFORD ORATORY OF SAINT PHILIP NERI Opinion We have audited the financial statements of the Oxford Offttory of Saint Philip Neri (the "Charity.) for the year endod 31 D¢rnber 2020 whiGh Goinprise the Statement of Financial Activities, 6alance Sheet and the notes lo the financial statements, including a summary of significant accounting policies. The financial repotting framcwork that has been applied in tlieir PiEFJdration is appllcable law ancl 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 Practi1. In our opinion, the financial statements.. give a true and fair view of the slate of the Charity's affairs as at 31 December 2019 and of ils inGome and expenditure for the yeai" Ili¥ii Ended, have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice., have been ppared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordan with Intemakn'onal Standards on Auditing IUKI {ISAs IUKI) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial ststements section of our report. Vve are independent of the Charity In accordance with the ethical requirements that are relevant to our audit of the financial slalemenls in the UK. including the FRC'S Ethical .£t2ndxrd, and w@ have fulfillod our othar ethical rc- -ponsibilitie8 Iri accordance with these requiremen15. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalemenls, we have concluded that the director's use of the going concem 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 UnrtaInlieS relating lo events or conditionq th21. individLially or collÈetivaly. may cast Sl9nificanl doubt on the Charity's ability lo GoiitillUE db cl going concern for a period of al least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect lo going conrn are described in the relevant sections of this report. Other infomiation The other information comprises the information included in the annual report, including the trustees. report, other than the financial slalements and our auditor's report thereon. The trustees are responsible for the other infomation contained within thc annual report. Our opinion on the financial stdl¥iiierilb does noi cover the other information and. exp1 to the extent otherwise explicitly slated 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 olhewise appears to be materialiy misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise lo a material misslatemenl in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there is a material misstatement of UIIS Olher Information, we are required to report that fact. Vve have nothing to report in this regard. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the 8udil, we have not identified material misstatements in the trustees, report.
THE OXFORD ORATORY OP bAINT PHILIP NERI INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE OXFORD ORATORY OF SAINT PHILIP NERI Icontinuedl Vve have nothing lo report in respect of the following matters in relation to which the Charities {Accounts and Reports) Regulations 20087 require us to report Its you if, in our opinion.. the information given in the trustees, report is inconsistent in any material respect with the finanaal statÈmpntq' or sufficient a¢counling records have not been kept,. or the financial statements are not in agreement with the accounting records.. or we have not received all the infomalion and explanations we require for our audit. Rèsponsibllities of the trustees As g.%plaing.rl more fully in the trusteos, rasponsibililie= talcmcnt trualees are responsible for tli¥ yiepiiiation of the finaneAal slalemenls and for being satisfied that they give a true and fair view, and for such internal eonlrol aq they determine is necessary to onable the preparation of financial statements that are free liui material misstatement, whether due lo fraud or error. In preparing the financial slatemenls, the trustees are responsible for assessing the Charity's ability lo Continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or lo cease operations, or have no realistic allernalive but to do so. Audltor's responsibilities for the audit of the financial statements We have been appointed as auditor under Section 144 Charities Act 2011 and report in accordance with the Act and relevant regulations madè or having effect thereunder. Our objectives are lo obtain reasonable assLJrance about whether the financial statements as a whole are free from material misstatement, whether due lo fiaud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wlh ISAS (UK} will always detect a malenal misstatement when it exists. Mi33t3tements Gan aris¢ from fraud or ei.loi dTiIJ Gunsidered materlai 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 stslements. Irregularities, including fraud, 8re instances of non-compliance with laws and regulations. We design prOdureS in line with our responsibilities, outlined above, to delecl material misslatemenls in respect of irregularities, including fraud. The extent to whith our procedures are capable of detecting irregularities, including fraud is detailed below.. Oui dVPIViaLlI lo identltylng and assessing the risks ot rnalerial misslalement in respect of irregularities, induding fraud and non-complian with laws and regulations, was as follows_. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulatn$ applicable to the Gharity through discussions with trustees. and from our knowledge and experience,. fuLUbed on specific laws and règulaiions which we considered may have a direct material effect on the financial statements or the operations of the Charity, including Charities Act 2011, taxation legislation, data protection, anli-bribery and employment law., we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management., and identified laws and regulations were communicated within the audit team regularly and th& team remained alert lo instance5 of non-complian throughout the audit. Vve assesse¢J the susceptlDility ot Ihe charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by..
THE OXFORD ORATORY UF SAINT PFIILIP NERI INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE OXFORD ORATORY OF SAINT PHILIP NERI Iconlinuedl making enquiries of management as lo wheff they considered there was susceplibilily to fraud, their knowledge of actual, suspected and alleged fraud., considering the internal controls in place to miligale risks of fraud and non-compliance with laws and regulations., and To addres5 the risk of fraud throLFgh management bias and override of controls. we.. performed analytical procedures lo identify any unusual or unexpected relationships., lesled journal entries to identify unusual transactions., assessed whelherjudgements and assumptions made in determining the accounting were indicative of potential bias., investigated the rationale behind signffjicant or unusual Iransaclions,. end In response to the risk of irregularities and non-compliance with laws and regulab'ons, we designed procedures which included. but were not limited lo.. agreeing financial statement disclosures to underlying supporting documentation,. reading the minutes of meetings of those charged with govemance., enquiring of management as lo actual and potential litig2tinn and claimg., There are inherent limitations in our audit prOdureS described above. The more removed that laws and regulation5 are from financial transactions, the less likely il is that we would become aware of non- compliance. Auditing standards also limit the aydil procedures required lo identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence. if any. Material misslalements that arise due lo fraud can be harder to delect than those that arise from error a5 they rTTray involva deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial Statements is located on thp. Financi21 Reporting CoLincil's website al. www.frc.o .ukJaudi es This description forms part of our auditor's report. Critchleys Audit LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under Section 1212 of the Companies Act 2006. Use of our pOrt This report is made solely to the Charity's trustees, as a body, in accordance with Section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might stale lo the Charity's trustees those matters we are required to stale to them in an auditor's report and lor no other purpose. To the fullest extent permitted bv law. we do not accept or assume responsibility to anyone other than the Charity's trustees as a body. for our audit work, for this port, or for the opinions we have fomied. Critchleys Audit LLP SlalLJtory Auditors Oxford Dale.. 20.Q.ctober 2021
THE OXFORD ORATORY OF SAINT PHIUP NERI STATEMENT OF FINANCIAL ACTIVITIES IINCLLIDING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2020 unresiriuea Funds estricted Funds Total 2020 Totsl 2019 Note Income and endowments from: Donations and legacies Charitable activities Other trading activities Investment income Other incorne 381,380 11,925 .771 1,355 41,380 32,244 3.971 413.624 15,896 .771 2,010 43.353 524,302 57,711 26,565 7.746 655 1.973 Total income 444,811 38,843 483.654 616 324 Expenditure on.. Raising funds Charftsble activities 16.285 336.269 1,973 188,407 18,258 524.676 34,264 507.351 Total 352.554 190,380 542,934 541,61S Net income I lexpenditurel before galns on investments 92.257 1151.5371 159,2801 74,709 Ner gainwiiossesi on Irtve5tments 5,185 S,185 11,367 Net income I lexpenditurel b•for* transfers 9T,442 1151,5371 154,0951 86,076 Transfèrs between fund5 17 118,4381 18,438 Net Income I lexpenditurel for the pa0 79.004 1133.0991 {S4.0951 86.076 Other reeogni8ed gain$ I (loeI.. Galns 11105sesl on revaluation of Te0 assets N•l movement In lund8 79,004 1133,0991 154,0951 86,076 Reconciliation of Fund8 Fund5 brought fonmard al 31 December 2019 2,388,251 883,166 3,271,417 3,185,341 Fundg carr1• forward at 34 D¢¢¢wnb¢r 2020 The statement of financial activities includes all gains and losses recognised in the year. Al income and expenditure derives frorn continuing actniities.
THE OXFORD ORATORY OF SAINT PHILIP NERI BALANCE SHEET AS AT 31 DECEMBER 2020 2020 2019 Notes Fixed asBels Tan9ible aThCt5 Investments 12 13 2,18U,7115 115.995 2,864,257 111,040 Current assets Stock Deblors Cash at bank And in hand 14 15 11.013 10,288 317060 338.361 10,730 25.787 310.923 347,440 Liabilitles Creditors.. Amounts falling due within one year 16 17,752 51,320 Net current assetB 320.609 296,120 Totsl net assets 3.217.322 3,271,417 Funds: Restricted funds UTrrestriGted fui)ds 17 750,067 2,467,255 883,166 2,388,251 Totsl fund$ 3,217.322 3,271.417 The financlal slalemenls were approved by the trustees and authorised for issue on o>.10 "2oLI and are signed on their behalf by Fr Ni¢hola8 Edmonds-srnith Chaimian and Provost The not•s number•d 1 to 23 form part of these finan1 3tatcments.
THE OXFORD ORATORY OF SAINT PHILIP NERI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 1 altErIt of AGGountlng Policies A surnmary of the prinupal accountin9 policiets adoptsd Iwl)i¥li liavE been applled consi3ieniiy, except whera noted), judgements 8fKI key sour$ of estitnab'on uncortainty, is sel wt below. General infomiation #nd basis of Preparatlon The Oxfoid Oratory of Saint Philip Neri is a charity in the Unitad Kingdom. The add9$ of the regist8rtrd office is givcn in the charity information on page 1 of these financial statoments. The nature of the chanty's operations and princip81 activitie3 are as sel out in the Report of the Trustees. The charily constitutes a public benefit entity as defined by FRS 102 section 1A. The finantiAI Atal&ments have been prepareij in aCrdance with Accounting and Reporting by Charities.. Slatement of Re¢ornrnended Practice applicable to charities prèparing their accounts in accordance with the Financial Reporting Standard atwlicable in the Uniled Kingdom and Republic of Ireland {FRS 1021, the Charities Act 2011 and UK Generally Accepted PraGtice. Thè financial statements are prepared on a going conwn basis under the historical cost convention, modified to include certain items al lair value. The financial slalemenls are prepared in sterling which is the functional currency of the charity. Going Concern The financial statements have been prepared on a ooinq concern basis as the trustees beligvp IhAI nn matorisl unc•rtairTtigÉ exist. The trustees have considered the Sevel of funds held and the extxcted level of income and expenditure for 12 months from authorising these financial statements. Income All incoming resources are inGluded in the Statement of Financial Acliwlles ISOFAI when the charity is legally entitled lo the income, the 8mount can be measuied reliably and il 15 probable that the income will be reCee. Collections in church are recognised when received by the Charity. Planned giving is Tecognised only whan donations are received Fnr Ip.gati&g, én*iYement is th• •arli•r ol thg charity being notificd of an irnpanding distributi or Ll)rJ I¥ydGy belng Income lax recovèrable on gift aided donation$ is accounted for when the gift is received, not when th8 lax refund is received. Dividends and interest are accounted for when recewable and include any recoverable lax. Itxotne from irading activrties includes income earned from fundraising events and trading acttvilies to raise fvnds for the charity. Income is received in exGhan9e for supplwng goods and %rvices in order to raise funds and is recognised whèn enlillement has occurred. 10
THE OXFORD ORATORY OF SAINT PHILIP NERI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 1 Statement of Accounting Policips Icontinu•dl All cxpenditure ia accounted for on an aGGruals basis aiw liab iJ¥¥ii blo¥sified under heaulngs thai aggregare all costs related to the category. Expenditure is recognised where there is a legal or constructive oblig8lion lo make payments to third parties. it is probable that the settlement will be required and the amount ol the obligation can be measured reliably. It is categorised under the following heading5'. Costs of rdislng funds This includes all expenrjilure incurred by the charity lo raise funds for its chaiilable purposes and includes costs of all fundraising activities evenis and non-cnaritable ira(Jing. Expcndilurc on charikable activitie5 These are costs incurred on the charitable activities, including 5UPPOrt costs and costs relating lo the govemance of the chaiity 8PPOrtioned lo charitable aclivilies Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Grants payable lo third parties are within the charitable objectives. Where uncondttion81 grants are offered, thi5 is accrued as soon as the recipient is notified ol the grant, as this gives rise lo a reasonable expectation that thè recipient will receive the grants. Where grants are conditional relating lo performance then the grant is only accrued when any unfuffilled conditions are outeide of the control of Ihc charity. Support CQ8ts allocation Support costs are those that assi51 the work of the charity but do not directly represent charitable activities and indu¢Je oifice costs. govein8nce costs, and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Fuiid-l¢li¥illy wèlè aTE thD5e incurred In seeklng voluniary conirlDuiions an(J do noi indude tne costs ot Oisserninaling infotmalion in support ol the d)arilable aclivilies. The analysis ol these costs is included in note 8. Tangible Flxed Assets Assets costing £100 01 more are capiialised as langlble fixed assets and are carried al cost. net of depreoation and any pmision for impaimient. Cost includes costs diredly attributable to making the asset capable of operallng as intended. Depreciation is provided on all tangible fixed assets other than freehold land. at rates ralculaled lo write off the cost of each asset on a straighl-line basis ovèr its gxpected useful life, as follows". Freehold blllldings Fixtuies, fitlings and equiprnent ICT equipment Motor vehicles 2% straight line 2/0 reducing balan 33¢/0 reducing balance 50% reducing balance FlnanGial instruments Debtois and ¢redilors with no stated interest rale and receivable or payable wf(hin one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. Investments Investments are recognised Initially at fair v3lue which is normally the transaction Pri excluding trans8Ction costs. Subsequently. they are measured at lair value with changes recognised in 'net gains I Ilosse31 on investments, in the SOFA if the shares are publicly traded or their fair value can otherwise be rneasured reliably. Stock Stocks are stated * the lower of cost and estimat selling price less costs to complete and Sell. Cost indudes all costs of Durchase. costs of conveFSion and other costs incLJrred in t)ringing slnrJ¢ tn it8 prpsent location and eondilion. Cost is calculated using the lirst-in, lirsl-oul formula. Provision is made for damaged. obsolete and slow-tnoving stock where appropriate. 11
THE OXFORO ORATORY OF SAINT PHILIP NERI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 I Statement of Accounting Policies IcontSnu•dl Taxation Tht Gliailly i& <JTI tsxvTiipI Gharlty wllhln ihe meanitYJ Of scheoule J of the uh8n1S Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore il meels the definition of a charitable company for UK corporation tax purpos88. Fund Accounting Unrestricted funds are 3V8il8ble for use at th8 dIsCon of thg Iruslees in fvrtherance of the general objectives of the charity and which have not been designated for other purposes. De51gnaled fLtnds comprise unreslricled funds Ihal have been set aside by the Iruslees for particular purposes. The aim and use of each designèted fund is set out in the notes to the financi81 $lalements. Restricted funds 8re fund5 which are to be used in aordanCe with specific iestrictions Imptssed by donors or which have beén raised by the charity for particular purposès. The cost of raising arKI administering such funds are charged against the specific fund. The aim and use of esch iestricted fund is sèt out in the notes to the financial statements.
THE OXFORD ORATORY OF SAINT PHILIP NERI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2020 2 Incoma from rfonatio#* and 1•9a¢iots Total 2020 Total ZU19 Donatron5 Legacias Plannod giving her donations Tax recoverable 91,072 27,078 88,201 f46.961 60,312 413,624 146.084 92,317 87,383 209,960 8,55B 524,302 Tli¥ inc(KDe Irom Uonaiions and capital grants was £413,62412019.. £524.3021 ofwhich £381,380 was unrt8lriGled12019.. £411,688) and £32.244 re51rictad12019. £112.6141. 3 Charitable a¢Uvities Total 2020 Total 2019 Stok fees 8 other fees Votive candle contributions parK5n trips Other activities 10.260 4.698 20,06B 13.103 21,355 3,135 57,711 Income from charrtabb aclivitres was £15,89612019.. £57,711) ofwhith £11,925 vias unreslricted12019.' £24.1671 and £3.971 reslricled12019'. £33.5441. 938 15,896 4 IrtGome Irtsiii othor tradlng activities Tol31 202U Totsl 2019 of books and artefads Sales from Café Neri 6.519 2.262 ,771 21.745 4.820 The oth8r trading aclivitEs income was £8.77112019.' £26,565) of whh £8,771 was unre8triGled12019". £26.5651 and £Nil reGtricled12019.. £Nill. 5 Income from investments Total 2020 Totsl 2019 Divide5 Interest Rental incL)me 1,071 284 655 2,010 1,210 300 6.236 The investment incom8 was £2,01012019.. £7.7461 of whi¢h £1.355 was unre8lrict8d12019. £1,5101 and £655 restri¢led12019'. £6,2361. 6 Other incomg Total 2020 Total 2019 Other 43,353 43.353 Other income was £43,35312019.. £nill ol whh £41.380 was unre8lricted12019." £Nill, and £1.973 reslricted12019.. £Nill. 13
THE OXFORD ORATORY OF SAJNT PHILIP IIERI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 7 Ralslno funth Total 2020 Tolal 2419 Investment mway8menlfees 1,301 B,546 5,852 8oDk& cards. artefacts 8nd newspaws Othw lundraising cosis 16.619 18.25U 34.264 Expenditure on r8isirvJ fisndsw8s£16,25812019. £34,264) of whith £16.285 was unrest(2019. £34,284) and £1,973 AtlY81$ of qxpenditure on ¢haritable frttlvrti¢# DlrKt SuppDrt ¢os¢s Total 2020 Total 2019 RoligvJs aciwibe8 393.205 400.556 124,120 124,120 517 515 424,676 Religlou acllvlUe8 Total 202 Totsl 2019 Direct ¢cts Cl8r9y and hoUSekeen0 CDSts, including c4lering. cleaniw Xnd $lipends Sacrisly & other trgi¢ cost8 Church musi¢ onlribuiions 10 DICese Repairs & maintenan OLPtw4rd gwing Ublilie8 Tripa hBr costs 116.512 20.845 36.795 80 42,127 22.J4S 28.702 116,512 21.196 36,795 170,588 3S.117 53,019 15,4S9 38,987 42,127 4,507 20,308 23,211 13,901 375.577 28,702 125.799 393,205 125 799 400.556 Support DepatiOn Telephone. phtsto¢(yiet5, wntsng. Frt)sts and tatiDn8ry Insurance Professional fees A3nk charg&> gnd ini4r•st Rent pBid Goveinarte 84,057 14,024 8,341 3,188 1,&S2 B4,057 14,024 8,341 3,1BB 1,662 83.965 12.794 5.692 7,803 2.OZJ 2,200 12.648 124,120 124,120 131,774 517 325 524,676 507 351 l $upwrt c(Ets rekte lo thafltable activitie Expendilweon chariiablè aciivilie& was £S24.67612019." £507,351) of Wckn £336.2e9w&8 unreslriGted12019." £390.7381 £188.407 re$lricied12019. £116.6131 Nét in¢orn911exponditurelfor the rI0 in¢ludos= 2O2D 2019 Operating 3$e renlaL3 Oepreciatn Fges paY&e lo audiiorfor. Audit OlhLY 5etvThs 1É.1B4 84,D57 2,972 83,965 6.660 F.420 14
THE OXFORD ORATORY OF SAINT PHILIP NERI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 9 Govemance costs Totsl 2020 Total 2019 ALidilors remuneration audit Legal fees 6,550 1.453 12.8 6,420 10,877 17,297 10 Staff Costs 2020 2019 Staff costs during the period We.. Wages and salaries Social security costs Defined conliibulion pension costs 7,513 77 856 8,446 9,883 85 1,021 10,989 There were two employees during itte perK)d IdUiY.' W40 employees). No employees received total employee benefits {excluding employer pension COStsl of more than £60.(X)O. 11 Tru¥tees' and key management pèrsonnel remunerdtion and expenses The following trusto•s r8¢•ived stipendB for reglOu$ duties perfoTmcd during the year.. 2020 2019 Fr. R A Craddctk Fr. D J B Welch Fr. N J Edmonds-smith Fr. D 8 Sewaid Fr. D Jacob 5,500 5,159 5,500 5.600 5,600 5,600 4,947 5,500 21.659 21,747 The clergy members listed above are considered to be the charity's key management personn&l. Expenses were reimbursed to two Trustees amounting to £78912019.. £2,288 to thrae Trusleesl. 15
THE OXFORD ORATORY OF SAINT PHILIP NERI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 12 Tanglble fixed assets Land and bulldings Computer equipment Flxtures an fittings Motor vehicles Total Cost As at l January 2020 Additions As al 31 December 2020 3.983,293 520 3,983,813 6,168 303,495 5,920 4,298.876 520 4,299,396 6.168 303,495 5,920 Deprèciation As at 1 January 2020 Charges in perio¢J As al 31 Dember 2020 1.141.913 79,668 1,221,581 4,829 77 4,906 282,205 4,188 286,393 5,674 124 5,798 1.434,621 84,057 1,518.678 Ng1 book values A5 al 31 Decembei 2020 2.762.232 1,262 17,102 122 2,780,718 AS at f Jgnuary 2020 2,041.300 1,339 21,290 246 2,864,2> 13 Flxèd asset investmonts Listed Investments Total Cosl or valuatS0 As at 1 January 2020 Additinn Disposals Revaluation As al 31 December 2020 111.040 111.040 4,955 115,995 4,9S5 115,995 Carrying amount As al 31 December 2020 115.995 115.995 As at 1 January 2020 111,040 111.040 Investments at fair value comprise.. 2020 2019 Equities Securits Cash within investment portft>lio 39.319 72,804 3,872 115.995 66,313 42,997 1,730 111,040 The fair value of listed investments 18 delermined by terence lo the quoled price for identical assets in an active ma¥kel al the balan¢e sheet dale. 14 Stock 2020 2019 Stock of books. cards & artefacts 11,013 10.730 10.73 16
THE OXFORD ORATORY OF SAINT PHILIP NERI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2020 15 Dèbtors 2020 2019 Prepayments and acLrued income Tax debtor 4.800 4,524 0,288 21,643 4,144 25,787 16 Crèditors.. amounts falllng due withln one year 2020 2019 Trade creditors Accrual$ and deferred income 8,491 9,261 17,752 34,763 16.558 51,321 17 Funds Bal•n¢e at 1 January 2020 Balanc¢ at 31 Decernber 2020 Galns and 108ses Incom& Expenditure Transfer5 Restricted general funds Buildlng fun(J Special appeal York fund Trip fund Coronovirus Job Retention S iou,uuu 130,0001 129,5241 1120,8831 750.000 101 21.788 7,736 10,702 10J,099 67 67 1.973 38,843 1,9731 190,380 883,166 18,438 750,067 Unrestricted funds General fund DesBJnaled fund 326,871 2,061,380 2,388,251 444,811 1303.4061 149.1481 118.4381 5,185 455,023 2,012,232 2.467.255 444.611 18.438 5.185 Total fund8 3.271.417 483,654 542,934 5.185 3.217 322 The Building Fund represents the original value less depre¢ialion lo date of the gift of the freehold property Irom the Archdiocese 018irmingham. The Special Appeal FLtnd 1$ for improvements to the church and the extgnsion ol existing school building. The York Fund represents Income and expendilure connèct9d lo Sl wind'S Catholic Church in York, specffically the operating costs ol the Oraloiian Commursity. The designated fund presents the cost of improvements and renovations made to the church and school building capita115ed less accumulated depreciation 17
THE OXFORD ORATORY OF SAINT PHILIP NERI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEhABER 2020 18 Analysis of nèt assets btween lundg Fund balances at 31 Dee&mhp.r ?n?O ar8 roprsentod by.. Unrestricted De$ignate(I funds funds Restricted funds Total funds Investments Tangible fixed a55ets Currpnt assets Current liabilities Total net ass•t# 115,995 18.486 338,294 17,752 455.023 115,995 2,780,718 338,361 117,752 7,322 2,012,232 750.000 67 2.012 ?3 75 19 Gomrnitmonts under operating lea5eS Operating leases As al 31 Dmber 2020 the total of the charit$ lulure minimum lease p8ymenls under non-canGellable operating leases was". 2020 2019 Amounts due within one year Amounts due betren one and five years 5,462 10,722 16.184 2,326 7,560 9,886 18
THE OXFORD ORATORY OF SAINT PHILIP NERI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 20 Compardtive fund$ Balance at 1 January 2019 Balance at Gains, lossès 31 Dec•mber and transfers 2019 Ineome Expenditure Trnnsfers R8stri¢ted general funds Building fund Speudl appeal York fund Trip fund 810.000 2.33 81,393 130,0001 19,1621 {56,2821 121,109 116,613 780.000 53,170 77,988 21,230 152,394 (46,3911 103,099 67 883,166 893,776 46,391 Unrestrlcte(I funds Generas fund Designated fund 351.842 1.939,723 2.291.565 463,930 1376,7531 148,249 425,(X)21 1123,5151 169,906 46,391 11,387 326.871 2.061,380 2,388,251 463.930 11,387 Total funds 3.185.341 616.324 11.367 3,271,417 21 Comparatlve analysis of net aS8ets between funds Fund balances at 310ecember 2019 are represented by.. Unrestricted Deslgnated fund5 funas Restricted Yunds Totsl tuni$ Inve$lmenls Tafjgible fixecs assets Current as5els 111,040 22,877 244.274 51,3201 111.040 2,864.257 347,440 51.320 2.061.380 780,000 103,166 Total net ass&ts 2.061,380 83,166 22 Memb•ts liability Each member of the charflable MpanY undertakes lo conlrlbule lo the assets of the cornpany in the event of Il being wound up while helshe is a member, or within one year after helshe ceases 19 be a rnember. such amount as may be required. not exedIng £10 for the debts and liabiif(les contracted before helshe csa5es lo be a member. 23 Related party transactions Totsl donations made by Iruslees lo the chartty were £4,67012019'. £4,310) 19