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2023-12-31-accounts

The Oxford Oratory of St Philip Neri Charity number: 1018455

Financial Statements for the year ended 31st December 2023

Wenn Townsend Chartered Accountants Oxford

The Oxford Oratory of St Philip Neri

Report of the Trustees

for the year ended 31st December 2023

The Trustees present their report and the audited financial statements of the Charity for the year ended 31st December 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the Charity.

Reference and administrative information

Principal address

The Charity’s principal address is 25 Woodstock Road, Oxford, OX2 6HA.

Trustees

The Trustees at the date of this report were:

Father N Edmonds-Smith (Chairman) Father O Craddock (Secretary & Treasurer) Father N D Jacob Father B Manning Fra J W M Chadwick Mr J C McIntosh

Except as otherwise noted, all Trustees served throughout the year and to the date of this report.

New Trustees can only be appointed by the existing Trustees.

Bankers Santander UK plc Santander House, Carfax, Oxford, OX1 1HB Royal Bank of Scotland plc 36 St Andrew Square, Edinburgh, EH2 2YB National Westminster Bank plc 249 Banbury Road, Oxford, OX2 3JY Solicitors Knights Midland House, West Way, Botley, Oxford, OX2 3JY Auditors Wenn Townsend 30 St Giles, Oxford, OX1 3LE

The Oxford Oratory of St Philip Neri

Report of the Trustees (continued)

for the year ended 31st December 2023

Structure, governance and management

Legal status

The Charity was established under a Trust Deed dated 6th February 1993. It was registered as a charity with the Charity Commission on 9th March 1993 – charity number 1018455.

Governance

New Trustees are appointed only by the existing Trustees.

All major decisions are taken by the Trustees but the responsibility for the day to day running of the Charity has been delegated to the members of the religious community under the leadership of the Provost, Father N Edmonds-Smith.

Clergy stipends are set according to the provisions laid out in the Particular Statues of the Congregation of the Oratory of St Philip Neri in Oxford. Clergy without their own source of income receive a stipend from the trust according to their financial need not exceeding £1,250 per quarter.

Risk management

The Trustees have a risk management strategy which comprises an annual review of the risks the Charity may face, the establishment of systems and procedures to mitigate those risks, the implementation of procedures to 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 activities

The objectives of 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 St Philip Neri and the St John Henry Newman. They serve God through the cultivation of beauty in the liturgy, and through nurturing the lay faithful by preaching, teaching, administering the sacraments, and through popular devotions and the famous Oratorian musical tradition.

St Aloysius’ Church in Oxford is open every day and at least three services are held each day. The average attendance at the church on a Sunday is approximately 850.

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.

The Trustees are aware of the need to consider public benefit in all decision making and confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission. The following are the ways in which the public benefits from the parish’s activities:

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The Oxford Oratory of St Philip Neri

Report of the Trustees (continued)

for the year ended 31st December 2023

Objectives and activities (continued)

The Trustees are aware of the need to consider public benefit in all decision making and confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission. The following are the ways in which the public benefits from the parish’s activities:

Achievements and performance

The past year has been one of growth in all areas of life in the Oxford Oratory.

Our Sunday Mass attendance has continued to grow, and was measured at an average of 930. We often exceed this, and certainly welcome more than 1000 worshippers, both regulars and visitors, on Easter Sunday and Christmas Day. The church is not only open on Sunday though, and we have seen the congregations at daily Mass steadily increasing to as much as 200 on some days. But even the 21 Masses celebrated in our church each week do not tell the full story, and it is rare to enter the church during the day without finding someone enjoying our sanctuary in the midst of the city.

This growth in Mass attendance bucks the national trend and is one of the highest in our Archdiocese of Birmingham. We have not only recovered from the effects of the pandemic, but have resumed our rate of growth in pre-Covid years. This is a testament to the hard work of many: not only the Fathers and Brothers, but also our large team of volunteers, and the warm welcome extended by our entire Oratory family. Our high standards for liturgical worship have certainly played their part in this trend, and our continued investment in our music has allowed us to reach even more people who are drawn to the love of God in prayer with the help of sacred music.

We are also unusual among Catholic churches in the country for attracting an increasing number of young people. A significant proportion of those attending Mass daily in our church are under 30, with many (but certainly not all) being students at the University of Oxford. We welcome back a large number who have fallen away from the faith they were baptised into as a child, sometimes preparing them for the sacraments they have not yet received, but often simply by being on hand to receive them in the confessional. This is not something exclusive to the young, of course, and we regularly hear the confessions of those returning to the Church after many decades away. Over 850 confessions on average are heard in our church each month across the year.

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The Oxford Oratory of St Philip Neri

Report of the Trustees (continued) for the year ended 31st December 2023

Achievements and performance (continued)

Many other young people are finding their way to the faith for the first time, and in 2023 we baptised and received 13 members of the church, most but not all under the age of 30. This number is slightly lower than it might otherwise have been, since we had to begin group classes towards the end of the year to instruct all those preparing to enter the Catholic Church. As a result, some of those who might have entered the Church in 2023 will do so at the beginning of 2024. There are also many young couples and families who attend Mass here: 22 couples began their married lives together here last year, and we baptised 30 children.

Our work outside the church building continues too, with 22 different groups and activities taking place to cater for all ages and interests. We have groups meeting regularly for men, women and young adults, coffee mornings for the over 60s, a book club, a needlework group, scripture study groups and classes on the Catholic faith, to name a few. It is not only Oxford residents that we reach. Our social media accounts now regularly reach 10,000 people across the world, who are able to join our live-streamed Masses and weekly reflections, as well as staying up to date with all of our latest news and photographs.

It is not only our congregation that continues to grow. This year the Fathers clothed another novice for the community, and two of the brothers began their priestly studies at Blackfriars. The cost of studies will be significant in the coming years, when we expect to have up to four men in formation for a period of five years each. The training of our brothers has been made possible by grants received from the Society of Jesus, for which we are very grateful.

Occasional grants cover certain specific expenses, but for most of the day to day costs of keeping our church open, we rely on the regular giving of those who worship here. The average Sunday collection has improved on the past few years, but still lags behind what a large and busy parish like ours needs to run effectively and grow. The average weekly donation from the collection last year worked out at just £2.58 per head.

The Fathers and Brothers have worked hard to diversify our income streams. The Oratory Bookshop has had a record year of sales, helped in part by the introduction of a range of merchandise designed by the Fathers and Brothers. The first print of our new Oratory Prayer Book sold out within a couple of months, both in our shop and online. In 2024, we plan to launch an online shop to make our own publications and merchandise available to an even wider audience.

Cafe Neri has also served more customers than ever before. It continues to be an important part of our ministry on Sundays, providing not only refreshments after Mass, but also an opportunity to meet each other and make new parishioners and visitors feel especially welcome.

The members of our congregation are often resident in Oxford only for a few years, especially those brought here by the University. In 2020, we launched the Friends of the Oratory as a way to stay in contact with our supporters across the country and around the world. Membership of the Friends has continued to grow over the past year to just over 100. As well as enjoying a number of special events through the year, membership subscriptions from the Friends have brought in almost £12,000.

Through the generosity of parishioners and visitors, we were able to help a number of needy causes and charities with money from the poor box, including the Oxford Companions of the Order of Malta, Let the Children Live, and a muchneeded altar for a church in Uganda. Our crib collection raised £876 for Aid to the Church in Need, and the Lent project for the Companions of the Order of Malta totalled £3,326. The Mission Appeal for the work of the Holy Ghost Fathers collected £1,245, and we once again sent a van load of gift parcels to the Operation Christmas Child Christmas shoebox appeal. The Oratory was also able to host the Companions of the Order of Malta Easter and Christmas lunches for the homeless and less fortunate, and we served as the Companions’ base of operations for the twice weekly evening soup and sandwich runs.

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The Oxford Oratory of St Philip Neri

Report of the Trustees (continued) for the year ended 31st December 2023

Plans for the future

We hope that our growth will continue in all areas, but we are particularly looking forward to welcoming even more new members of the Church in 2024. The day to day work of the Charity will continue as usual. We expect a steady stream of visitors to our church throughout the year, and hope that new people will continue to be attracted to our church through our work.

The Charity will continue to raise funding to support the Oratory’s development and conservation objectives. In 2024, we will begin the public fundraising for the first stage in our development programme for our buildings, which is the restoration of Pippet murals in the sanctuary of the church. Throughout the year, we will continue to work on our fundraising strategy for the conservation of the external fabric of the church, the restoration of the sanctuary, rebuilding of the sacristy and the redecoration and renewal of utilities in the church.

The trustees hope to begin a major restoration of the church in 2025 to mark the 150th anniversary of the building. This will also involve completing the major structural repairs needed to the church walls and roofs. Funds permitting, a new baptistery and Newman chapel will be added to the church as part of the same project.

Reserves policy

The Trustees have established the level of unrestricted reserves that the Charity needs to maintain to cover possible emergency repairs to the fabric of the church and to 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 2023 the total amount of unrestricted funds were £216,046 (2022: £191,709). The charity’s general or ‘free’ reserves were £216,046 (2022: £191,709); however, the trustees are conscious of the significant capital works required in the future, as described above, and cost of living pressures in the wider economy.

Investment policy

The unrestricted investments are held as long-term assets with the intention of generating income and capital growth in the CCLA’s Catholic Investment Fund. The CCLA’s Catholic Investment Fund guarantees an investment policy consistent with the Catholic faith, set by CCLA and advised by members of the Catholic Bishops’ Conference of England and Wales, as well as promoting the application of Catholic social teaching in companies it supports. The fund’s objective is capital growth and growth in income, with the aim that a gross total return of 5% per annum net of inflation as measured by the increase in the Consumer Price Index is achieved over the long term (defined as five years). The fund is actively managed and invests in a broad range of assets, but with an emphasis on equities (between 50% and 85%). The fund can also invest in fixed-interest securities, money-market instruments, cash and near-cash, infrastructure related investments, deposits, gold and property, which may be either liquid or illiquid in nature.

Financial review

The main source of funding for the Charity continues to be donations. The charity received a larger total income from donations in 2023 of £398,769 (2022: £313,060). Newer donation methods such as contactless and online giving have helped to bring in donations from a wider audience, including many casual visitors to the church building. Donations have been boosted further by a growing number of Friends of the Oratory.

The trustees have also worked hard to diversify income streams in 2023. Income from the cafe and bookshop in 2023 was £69,338 (2022: £27,303). Income from spare bedrooms made available to Catholic students of the University brought in an income of £11,165 (2022: £24,515).

Most expenses were in line with previous years. The training of student brothers for the priesthood has brought a new significant cost. However, despite the growing size of the community, the expenses associated with the community have not increased significantly. There have been some slight increases with the costs associated with conducting our pastoral work.

Overall, the surplus for the year was £9,163 (2022: deficit of £121,043).

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The Oxford Oratory of St Philip Neri

Report of the Trustees (continued)

for the year ended 31st December 2023

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 (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements 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 for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees on 20 September 2024 and signed on their behalf by:

Father N Edmonds-Smith Chairman and Provost

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The Oxford Oratory of St Philip Neri

Independent Auditor’s Report to the Trustees of The Oxford Oratory of St Philip Neri

Opinion

We have audited the financial statements of The Oxford Oratory of St Philip Neri (the ‘charity’) for the year ended 31st December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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The Oxford Oratory of St Philip Neri

Independent Auditor’s Report to the Trustees of The Oxford Oratory of St Philip Neri (continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 5, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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

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The Oxford Oratory of St Philip Neri

Independent Auditor’s Report to the Trustees of The Oxford Oratory of St Philip Neri (continued)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Wenn Townsend Chartered Accountants, Statutory Auditor

30 St Giles Oxford

……………………. 2024 25th September

Wenn Townsend is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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The Oxford Oratory of St Philip Neri

Statement of Financial Activities (including income and expenditure account) for the year ended 31st December 2023

Unrestricted Restricted Total Total
Note Funds Funds 2023 2022
£ £ £ £
Income and endowments from:
Donations and legacies 2 350,077 48,692 398,769 313,060
Charitable activities 3 11,165 33,772 44,937 33,315
Other trading activities 4 69,338 - 69,338 27,303
Investment income 5 4,557 37 4,594 2,036
Other income 6 7,457 - 7,457 548
───── ───── ───── ─────
Total income 442,594 82,501 525,095 376,262
───── ───── ───── ─────
Expenditure on:
Raising funds 7 36,382 - 36,382 22,102
Charitable activities 8 394,551 97,675 492,226 456,006
───── ───── ───── ─────
Total 430,933 97,975 528,608 478,108
───── ───── ───── ─────
Net income/(expenditure) before
gains on investments 91,337 (94,850) (3,513) (101,846)
Net gains/(losses) on investments 17 12,676 - 12,676 (19,197)
───── ───── ───── ─────
Net income/(expenditure) before transfers 104,013 (94,850) 9,163 (121,043)
Transfers between funds 17 (32,139) 32,139 - -
───── ───── ───── ─────
Net income/(expenditure) for the period 71,874 (62,711) 9,163 (121,043)
Reconciliation of funds
Funds brought forward at 31st December 2022 191,709 2,960,155 3,151,864 3,272,907
───── ───── ───── ─────
Funds carried forward at 31st December 2023 263,583 2,897,444 3,161,027 3,151,864
═════ ═════ ═════ ═════

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities.

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The Oxford Oratory of St Philip Neri

Balance Sheet as at 31st December 2023

----- Start of picture text -----
||||| |---|---|---|---| |Notes|2023|2022| |£|£|£|£| |Fixed assets| |Tangible assets|12|2,899,497|2,896,743| |Investments|13|119,339|106,663| |Current assets| |Stock|14|11,668|7,453| |Debtors|15|24,276|40,506| |Cash at bank and in hand|157,328|202,744| |─────|─────| |193,272|250,703| |Liabilities| |Creditors: amounts falling due within| |one year|16|(51,081)|(102,245)| |─────|─────| |Net current assets|142,191|148,458| |─────|─────| |Total net assets|3,161,027|3,151,864| |═════|═════| |Funds:|17| |Restricted funds|2,897,444|2,960,155| |Unrestricted funds|263,583|191,709| |─────|─────| |Total funds|3,161,027|3,151,864| |═════|═════|

----- End of picture text -----

The financial statements were approved by the Trustees and authorised for issue on 20 September 2024 and are signed on their behalf by:

Father N Edmonds-Smith Chairman and Provost

The notes on pages 11 to 22 form part of these financial statements

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The Oxford Oratory of St Philip Neri

Notes to the Financial Statements for the year ended 31st December 2023

1. Statement of accounting policies

A summary of the principal accounting policies adopted (which have been applied consistently, except where noted), judgements and key sources of estimation uncertainty, is set out below.

General information and basis of preparation

The Oxford Oratory of St Philip Neri is a charity in the United Kingdom. The address of the registered office is given in the Charity information on page 1 of these financial statements. The nature of the Charity’s operations and principal activities are as set out in the Report of the Trustees.

The charity constitutes a public benefit entity as defined by FRS 102 section 1A. The financial statements have been prepared in accordance with 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 United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the Charity.

Going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level and expenditure for 12 months from authorising these financial statements.

Income

All incoming resources are included in the Statement of Financial Activities (SoFA) when the Charity is legally entitled to the income, the amount can be measured reliably and it is probable that the income will be received.

Collections in church are recognised when received by the Charity. Planned giving is recognised only when donations are received. For legacies, entitlement is the earlier of the Charity being notified of an impending distribution or the legacy being received.

Income tax recoverable on gift aided donations is accounted for when the gift is received, not when the tax refund is received.

Dividends and interest are accounted for when receivable and include any recoverable tax.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the Charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Cost of raising funds

This includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

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The Oxford Oratory of St Philip Neri

Notes to the Financial Statements (continued) for the year ended 31st December 2023

1. Statement of accounting policies (continued)

Expenditure on charitable activities

These are costs incurred on the charitable activities, including support costs and costs relating to the governance of the Charity apportioned to charitable activities.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

Support costs allocation

Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include office costs, governance costs, and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the Charity.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

The analysis of these costs is included in note 8.

Tangible fixed assets

Assets costing £100 or more are capitalised as tangible fixed assets and are carried at cost, net of depreciation and any provision for impairment. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets other than freehold land, at rates calculated to write-off the cost of each asset on a straight line basis over its expected useful life, as follows:

Freehold buildings 2% straight line
Fixtures, fittings and equipment 20% reducing balance
ICT equipment 33% reducing balance
Motor vehicles 50% reducing balance

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains/(losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably.

Stock

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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The Oxford Oratory of St Philip Neri

Notes to the Financial Statements (continued) for the year ended 31st December 2023

1. Statement of accounting policies (continued)

Taxation

The Charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

Fund Accounting

Unrestricted funds 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.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The cost 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.

2. Income from donations and legacies

Income from donations and legacies
2023 2022
£ £
Donations 335,402 277,538
Legacies 22,113 -
Tax recoverable 41,254 35,522
──── ────
398,769 313,060
════ ════

The income from donations and capital gains was £398,769 (2022: £313,060) of which £350,077 was unrestricted (2022: £276,906) and £48,692 restricted (2022: £36,154).

3. Charitable activities

Charitable activities
2023 2022
£ £
Parish trips 2,018 3,300
Student accommodation 11,165 24,515
Music 15,894 5,500
Clergy training grant 15,860 -
──── ────
44,937 33,315
════ ════

Income from charitable activities was £44,937 (2022: £33,315) of which £11,165 was unrestricted (2022: £24,515) and £33,772 restricted (2022: £8,800).

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The Oxford Oratory of St Philip Neri

Notes to the Financial Statements (continued) for the year ended 31st December 2023

4. Income from other trading activities

Income from other trading activities
2023 2022
£ £
Sale of books and artefacts 59,085 21,190
Sales from Cafe Neri 10,253 6,113
──── ────
69,338 27,303
════ ════

The other trading activities income was £69,338 (2022: £27,303) of which £69,338 was unrestricted (2022: £27,303) and £Nil restricted (2022: £Nil).

5. Income from investments

Income from investments
2023 2022
£ £
Dividends - 451
Interest 4,594 1,585
──── ────
4,594 2,036
════ ════

The investment income was £4,594 (2022: £2,036) of which £4,557 was unrestricted (2022: £2,036) and £37 restricted (2022: £Nil).

6. Other income

Other income
2023 2022
£ £
Other 7,457 548
──── ────
7,457 548
════ ════

Other income was £7,457 (2022: £548) of which £7,457 was unrestricted (2022: £548) and £Nil restricted (2022: £Nil).

7. Raising funds

Raising funds
2023 2022
£ £
Investment management fees - 1,054
Books, cards, artefacts and newspapers 27,711 16,851
Café food and supply costs 7,653 3,770
Bookshop supplies 1,018 187
Other fundraising costs - 240
──── ────
36,382 22,102
════ ════

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The Oxford Oratory of St Philip Neri

Notes to the Financial Statements (continued) for the year ended 31st December 2023

8. Analysis of expenditure on charitable activities

Direct Support Total Total
costs costs 2023 2022
£ £ £ £
Religious activities 469,273 22,953 492,226 456,006
──── ──── ──── ────
469,273 22,953 492,226 456,006
════ ════ ════ ════
Religious Total Total
Activities 2023 2022
Direct costs
Sacristy 22,975 22,975 22,702
Church music 66,492 66,492 53,356
Repairs and maintenance 22,153 22,153 34,143
Outward giving 16,665 16,665 15,005
Utilities 50,311 50,311 52,012
Trips 2,118 2,118 4,031
Depreciation 93,111 93,111 85,820
Staff salaries 36,968 36,968 24,082
Pastoral 26,327 26,327 23,882
Community 99,964 99,964 99,222
Council tax 4,637 4,637 4,425
Clergy training 5,929 5,929 1,325
Cars and travel 18,430 18,430 10,732
Other costs 3,193 3,193 3,995
──── ──── ────
469,273 469,273 434,732
Support costs
Photocopiers & printers 2,567 2,567 2,827
Insurance 9,998 9,998 9,041
Bank charges and interest 3,349 3,349 2,046
Governance 7,039 7,039 7,360
──── ──── ────
22,953 22,953 21,274
──── ──── ────
Total 492,226 492,226 456,006
════ ════ ════

All support costs relate to charitable activities.

Expenditure on charitable activities was £492,226 (2022: £456,006) of which £394,551 was unrestricted (2022: £371,290) and £97,675 restricted (2022: £84,716).

-14-

The Oxford Oratory of St Philip Neri

Notes to the Financial Statements (continued) for the year ended 31st December 2023

8. Analysis of expenditure on charitable activities (continued)

8. Analysis of expenditure on charitable activities (continued)
2023 2022
£ £
Net income/(expenditure) for the year includes:
Operating lease rentals 9,456 9,719
Depreciation 93,111 85,820
Fees payable to auditor for 5,550 5,300
════ ════
9. Governance costs
2023 2022
£ £
Auditor’s remuneration - audit 5,550 5,300
──── ────
5,550 5,300
════ ════
10. Staff costs
2023 2022
£ £
Staff costs during the year were:
Wages and salaries 36,481 23,156
Social security costs - 155
Defined contribution pension costs 487 771
──── ────
36,968 24,082
════ ════

There were three employees during the period (2022: two).

No employees received total employee benefits (excluding employer pension costs) of more than £60,000.

-16-

The Oxford Oratory of St Philip Neri

Notes to the Financial Statements (continued) for the year ended 31st December 2023

11. Trustees’ and key management personnel remuneration and expenses

The following Trustees received stipends for religious duties performed during the year:

2023 2022
£ £
Father N Edmonds-Smith 5,000 5,000
Father O Craddock 5,000 5,000
Father N D Jacob 5,000 5,000
Father B Manning 5,000 5,000
──── ────
20,000 20,000
════ ════

The clergy members listed above are considered to be the charity’s key management personnel.

No expenses were reimbursed during 2023 (2022: £Nil).

12. Tangible fixed assets

Cost
As at 1st January 2023
Additions
As at 31st December 2023
Depreciation
As at 1st January 2023
Charges in year
As at 31st December 2023
Net book values
At 31st December 2023
At 1st January 2023		 Land and
Computer
Fixtures and
Motor
buildings
equipment
fittings
vehicles
Total
£
£
£
£
£
4,242,814
-
331,865
- 4,574,679
32,139
-
63,727
-
95,866
4,274,953
-
395,592
- 4,670,545
1,380,933
-
297,003
- 1,677,936
79,676
-
13,436
-
93,112
1,460,609
-
310,439
- 1,771,048
2,814,344
-
85,153
- 2,899,497
2,861,881
-
34,862
- 2,896,743

-17-

The Oxford Oratory of St Philip Neri

Notes to the Financial Statements (continued)

for the year ended 31st December 2023

13. Listed fixed asset investments

13. Listed fixed asset investments
2023 2022
£ £
Cost or valuation
As at 1st January 2023 106,663 126,465
Additions - 135,886
Disposals - (136,491)
Revaluation 12,676 (19,197)
──── ────
As at 31st December 2023 119,339 106,663
──── ────
Carrying amount
As at 31st December 2023 119,339 106,663
════ ════
As at 1st January 2023 106,663 126,465
════ ════
Investments at fair value comprise:
2023 2022
£ £
Equities 119,339 106,663
Securities - -
Cash within investment portfolio - -
──── ────
119,339 106,663
════ ════
14. Stock
2023 2022
£ £
Stock of books, cards and artefacts 11,668 7,453
──── ────
11,668 7,453
════ ════
15. Debtors
2023 2022
£ £
Trade debtors 1,645 29,679
Prepayments and accrued income 17,906 6,970
Tax debtor 4,725 3,857
──── ────
24,276 40,506
════ ════

-18-

The Oxford Oratory of St Philip Neri

Notes to the Financial Statements (continued) for the year ended 31st December 2023

16. Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 29,464 38,587
Accruals and deferred income 14,339 14,441
Other Creditors 7,278 -
──── ────
51,081 53,028
════ ════

17. Funds

2023 Balance at Gains and Balance at
1.1.23 Income Expenditure Transfers losses 31.12.23
£ £ £ £ £ £
Restricted
General Funds
Building fund 2,861,881 - (79,676) 32,139 - 2,814,344
Special appeal 94,379 22,277 (50,270) - - 66,386
Mass oferings 2,716 10,411 (9,215) - - 3,912
Priest training - 15,860 (5,243) - - 10,617
Music - 20,894 (20,894) - - -
Trip fund - 2,018 (2,018) - - -
Poor box/other outward
giving 1,179 3,356 (2,350) - - 2,185
Special collections for
3rd party charities - 7,685 (7,685) - - -
_______________
2,960,155 82,501 (97,675) - - 2,897,444
_______________
Unrestricted funds
General fund 191,709 442,594 (351,257) (32,139) 12,676 263,583
_______________
191,709 442,594 (351,257) (32,139) 12,676 263,583
_______________
Total funds 3,151,864 525,095 (528,608) - 12,676 3,161,027

-19-

The Oxford Oratory of St Philip Neri

Notes to the Financial Statements (continued) for the year ended 31st December 2023

17. Funds (continued)

2022 Balance at Gains and Balance at
1.1.22 Income Expenditure Transfers losses 31.12.22
£ £ £ £ £ £
Restricted
General Funds
Building fund 720,000 - (79,620) 2,221,501 - 2,861,881
Special appeal - 17,790 21,099 55,490 - 94,379
Mass oferings 2,398 7,731 (7,413) - - 2,716
Priest training - - - - - -
Music - 5,500 (5,500) - - -
Trip fund 67 3,300 (3,367) - - -
Poor box/other outward
giving 461 4,550 (3,832) - - 1,179
Special collections for
3rd party charities - 6,083 (6,083) - - -
_______________
722,926 44,954 (84,716) 2,276,991 - 2,960,155
_______________
Unrestricted funds
General fund 461,939 331,308 (393,392) (188,949) (19,197) 191,709
Designated fund 2,088,042 - - (2,088,042) - -
_______________
2,549,981 331,308 (393,392) (2,276,991) (19,197) 191,709
_______________
Total funds 3,272,907 376,262 (478,108) - (19,197) 3,151,864

The building fund represents the original value of the gift of the freehold property from the Archdiocese of Birmingham and the cost of improvements and renovations made to the church and school building less accumulated depreciation on both. In the 2021 financial statements the cost of improvements were shown in a separate designated fund (as shown in the 2021 fund note above) however the Trustees elected to transfer this balance to restricted funds at the start of the year. This was done to better reflect the substance of the building footprint and the intended use of the site if the charity were ever unable to continue to operate.

The Special Appeal Fund is for future improvements to the church and the extension of existing school building. The transfers made in the year for the special appeal have been made to fully represent the transfer of capital additions made in the year and to also consider, the capitalisation of items made in prior years.

The Mass Offerings Fund represents income made to the clergy for particular services, which are then paid to the clergy.

The Priest Training Fund represents donations and expenditure for clergy education.

The Music Fund represents income and expenditure for choir and organist services such as weddings and funerals.

The Poor Box Fund represents donations collected and distributed to various other charities.

-20-

The Oxford Oratory of St Philip Neri

Notes to the Financial Statements (continued) for the year ended 31st December 2023

18. Analysis of net assets between funds

Fund balances at 31st December 2023 are represented by:

Unrestricted Designated Restricted Total
funds funds funds funds
£ £ £ £
Investments 119,339 - - 119,339
Tangible fixed assets 85,153 - 2,811,881 2,899,497
Current assets 110,172 - 133,100 193,272
Current liabilities (51,081) - - (51,081)
──── ──── ──── ────
Total net assets 263,583 - 2,897,444 3,161,027
════ ════ ════ ════
Unrestricted Designated Restricted Total
funds funds funds funds
£ £ £ £
Investments 106,663 - - 106,663
Tangible fixed assets 34,862 - 2,861,881 2,896,743
Current assets 152,429 - 98,274 250,703
Current liabilities (102,245) - - (102,245)
──── ──── ──── ────
Total net assets 191,709 - 2,960,155 3,151,864
════ ════ ════ ════

19. Commitments under operating leases

Operating leases

As at 31st December 2023 the total of the charity’s future minimum lease payments under non-cancellable operating leases was:

2023 2022
£ £
Amounts due within one year 3,929 8,674
Amounts due between one and five years 3,929 -
──── ───
7,858 8,674
═══ ═══

-20-

The Oxford Oratory of St Philip Neri

Notes to the Financial Statements (continued) for the year ended 31st December 2023

20. Members liability

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £10 for the debts and liabilities contracted before he/she ceases to be a member.

21. Related party transactions

Total donations made by trustees to the charity were £1,705 (2022: £4,700).

-22-