Charity number- 1071495 THE ORATORY SCHOOLS FOUNDATION UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
THE ORATORY SCHOOLS FOUNDATION CONTENTS Page Reference and admlnlstratlve detalls of the Charlty, Its Trustees and advlsers Trustees. report Independent examlner's report Ststsment of financial activities Balance sheet ststgment of cash flows Notes to the flnanclal statements 9-15
THE ORATORY SCHOOLS FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2022 Trustees D Orchard F Filzherbert-Brockholes, Chaim)an J J Smith Charity registered number 1071495 Principal office 17 Provenance House 8 Kew Bridge Road Brentford Middlesex TW8 OHS Accountants James Cowper Kreston Audit Chartered Accountants Reading Bridge House George Street Reading Berkshire RG1 8LS 8ankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Investment managers Investec Wealth & Investment Limited 30 Gresham Street London EC2V 7QN Page 1
THE ORATORY SCHOOLS FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2022 The Trustees present their annual report together with the financial statements of The Oratory Schools Foundation for the 1 July 2021 10 30 June 2022. The Trustees confimi that the Annual Report and financial statements of the Foundation comply with the current statutory requirements, the requirements of the Foundation's governing document and the provisions of the Charities SORP 2019 IFRS 102) and Charities Act 2011. OBJECTIVES AND ACTIVITIES The objects of the Foundation are to advance the education of pupils of The Oratory School by providing or assisting in the provision of facilities not nomally provided by the school. The Trustees have paid due regard lo the Charity Commission guidance on public benefit in considering the aims and objectives of the Foundation. To date this has involved assistance in the payment of fees to pupils in necessitous circumstances, provision of bursaries and scholarships and other grants lo the schools. During the past year the Foundation has funded two scholarships. ACHIEVEMENTS AND PERFORMANCE INVESTMENT POLICY The investment policy of the Foundation is to look for capital gains over time with a medium level of risk, balanced with the need to produce sufficient annual income. The control over the investments is al the discretion of the Trustees with the advice of the investment managers. FINANCIAL REVIEW The Foundation is reliant on the income from its investments, which was £25,27912021.. £15,569) in the year under review, and on the annual payment of £2,50012021.. £3,000} from the 200 Club, which was set up for this purpose. Contributions towards school fees and other grants amounted to £19,18512021.. £6,958}. The Foundation also reiVeS interest on a £200,000 loan it made to The Oratory Schools Association (see Note 9 and Note 15)- RESERVES POLICY The reserves policy for the Foundation has been based on its objectives., its main feature is to maintain a level of reserves which will generate an income stream from which awards can be made. The Trustees consider the level of reserves to be appropriate. The Foundation has unrestricted funds of £663,786 (2021.. £679,228) al the year end of which £425,920 (2021.. £455,318) relates lo inveslmenls. This leaves £237,86612021.. £223,910) in respect of net current assets. STRUCTURE, GOVERNANCE AND MANAGEMENT CONSTITUTION The Oratory Schools Foundation is a registered charity, number 1071495, and is constituted under a Trust Deed dated 22 November 1971 and amended on 14 August 1998. METHODS OF APPOINTMENT OR ELECTION OF TRUSTEES The Deed calls for a minimum of two and a maximum of four Trustees,. the continuing Trustees appoint new Trustees, when necessary, from old boys of the school who are considered lo have appropriate experience. Trustees are selected for the skills and experien that they are able lo contribute, relevant guidance relating lo Trustees responsibilities is provided on appointment. DECISION MAKING The Deed also provides for the appointment of a committee lo make recommendations to the Trustees. By reason of the pandemic-related restrictions, the committee did not meet in the current year. The committee normally meets once annually and there are arrangements in pla for interim decisions lo be taken by the Page 2
THE ORATORY SCHOOLS FOUNDATION TRUSTEES, REpoiir (coi¥nNUED) FOR THE YEAR ENDED 30 JUNE 2022 Chalm)an and Secretsry and to be gubiart lo conffrnAOon by the committee. RISK MANAGEMENT The Foundation's Twst8es have con51dered th8 major rfsk5 whlth It Is expwd ar1 hav• r•vlgwed Ihoge risk5 and establlshed systems and procedLSrnS to manage those risks. The Tnjstees conslder varlabifity of Investrnenl Teturns on the Fund investrnents to o)nstilute the FouThlationS mah* rfs Approvad by (xder oflh8 members ofthe board of Tntstees arKI slgned on thetr l)ehalf ty. Date: Page 3
THE ORATORY SCHOOLS FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 JUNE 2022 Independent Examiner's Report to the Trustees of The Oratory Schools Foundation ('the Charity'} I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 30 June 2022. Responsibilities and Basis of Report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 1 the 2011 Act')- I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145{5llb) of the 2011 Act. Independent Examiner's Statement I have completed my examination. l confirm that no mallers have come lo my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act., or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements Conrning the form and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a Yrue and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other mallers in connection with the examination lo which attention should be drawn in this report in order to enable a proper understsnding of the accounts lo be feached. Page 4
THE ORATORY SCHOOLS FOUNDATION INDEPENDENT EXAMINER'S REPORT {CONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 This report is made solely lo the Charity's Trustees, as a body, in accordance with Part 4 of the Charities {Accounls and Reports} Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters l am required to state lo them in an Independent examinerfs report and for no other purpose. To the fullest extent pemiilled by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed.. Darren O'connor Dated.. 9 February 2023 BSc(Honsl FCCA ACA James Cowper Kreston Audit Chartered Accountants Reading Bridge House George Street Reading Berkshire RG1 8LS Page 5
THE ORATORY SCHOOLS FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2022 Unrestricted funds 2022 Total funds 2022 Total funds 2021 Note Income from: Donations and legacies Other trading activities Investments 940 940 800 2.500 25,279 2.500 25,279 3,000 15,569 Totsl income 28.719 28.719 19,369 Expenditure on: Raising funds Charitable activities 5.791 19,185 5.791 19,185 6,953 6,958 Total expenditure 24.976 24.976 13,911 Net income before net Ilossesllgains on investments Nel (lossesygains on investments 3,743 {19.1851 3,743 (19.1851 5,458 102,155 Net movement In funds {15.4421 {15.4421 107,613 Reconciliation of funds: Total funds brought forward 679,228 679,228 571,615 Total funds carried fonvard 663.786 663.786 679,228 All activities relate lo continuing operations. The notes on pages 9 10 15 fomi part of these financial statements. Page 6
THE ORATORY 8CHOOLS FourjAIl0N BALANCE SHEEr AS AT 30 JUNE 2022 2022 2021 Fixed ass0ts 425,920 455.318 Currgnt assets D8bior5 C8th at bank and hand 425.920 455,318 201.889 36,9n 206.4g7 17,413 237.B60 223,910 237,866 223,910 Totsl net a8¥ets 663,786 679,228 Charity funds Unrestrlcted funds 10 663,786 679,228 Total funds 663.786 879.228 The financid staloments were approved and authorlsed Issue by the Tru5*es and slgned their behaw by: Date: 3 LOZ" The notes on pages 9 to 15 form part ofth88e finandal ststements. Page 7
THE ORATORY SCHOOLS FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2022 2022 2021 Cash flows from operating activities Nel cash used in operating activities 116,928} 116,5611 Cash flows from investing activities Dividends, interests and rents from investments Proceeds from sale of investments Purchase of investments 25,279 50,953 140,740) 15,569 212,717 Loans made during the year 1200,0001 Net cash provided by investing activities 35,492 28.286 Cash flows from financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 18,564 11,725 17,413 5,688 Cash and cash equivalents at the end of the year 35,977 17,413 The notes on pages 9 10 15 fomi part of these financial statements Page 8
THE ORATORY SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Accounting policies 1.1 Basis of preparation of financial statements The financial slalemenls have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Oratory Schools Foundation conslitules a public benefit enlily as defined by FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise slated in the relevant accounting policy. The Oratory Schools Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless othetwise slated in the relevant accounting policy. 1.2 Going concern The Trustees are of the view that The Oratory Schools Foundation has sufficient funds to enable il lo continue its activities on a going concern basis for a period of al least 12 months from the dale of approval of these financial slatemenls. The financial statements have been prepared on a going cOnM basis. 1.3 Fund accounting General funds are unreslricled funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Investment income, gains and losses are allocated lo the appropriate fund. 1.4 Income All income is recognised once the Charity has entillemenl lo the income, il is probable that the income will be received and the amount of income re1vable can be measured reliably. Income lax recoverable in relation to investment income is recognised at the lime the investment income is receivable. 1.5 Expenditure Expenditure is recognised On there is a legal or conslruclive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs atlribulable to a single activity are allocated directly lo that aclivily. Shared costs which contribute lo more than one activity and support costs which are not atlribulable lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Page 9
THE ORATORY SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Accounting policies (continued) 1.5 Expenditure Icontinuedl Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fuKilled. Grants offered subject lo conditions which have not been met al the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 1.6 Investments Fixed asset investments are a fomi of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and psented as 'GainsllLossesl on investments, in the Statement of financial activities. 1.7 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity,. this is normally upon nolificalion of the interest paid or payable by the institution with whom the funds are deposited. 1.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 1.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.10 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financi81 instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Page10
THE ORATORY SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Income from donations and legacies Unrestricted funds 2022 Total funds 2022 Total funds 2021 Donations 940 940 800 Total 2021 800 800 Activities from generating funds Income from fundraising events Unrestricted funds 2022 Total funds 2022 Total funds 2021 Proceeds from 200 club 2,500 2,500 3,000 Total 2021 3,000 3,000 Investment income Unrestricted funds 2022 Total funds 2022 Total funds 2021 Dividends from listed investments Interest 20,265 5,014 20,265 5,014 14,526 1,043 25,279 25,279 15,569 Total 2021 15,569 15,569 Page11
THE ORATORY SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Analysis of grants Grants to Individuals 2022 Total funds 2022 Total funds 2021 Grants payable 19,185 19,185 6,958 Total 2021 6,958 6,958 Grants lo institutions relate to amounts payable lo The Oratory School. Net Income During the year, no Trustees reiVed any remuneration or other benefils12021- £NILI. During the year, no Trustee expenses have been incurred12021- £NILI. Independent examiner fees The Independent Examiner's remuneration amounts to a fee of £1,15012021'. £9501. Fixed asset investments Listed securities Cost or valuation At 1 July2021 Additions Disposals Revaluations 455,318 40,740 150.9531 {19.1851 At 30 June 2022 425,920 Investmonts at market value comprise.. UK Overseas 2022 2021 Listed investments 267,157 158.763 425,920 455,318 Page12
THE ORATORY SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Debtors 2022 2021 Due after more than one year Amounts owed by The Oratory Schools Association 200,000 200,000 200,000 200,000 Due within one year Amount due from brokers 1,889 6,497 201,889 206,497 A loan of £200,000 12020.. £200,000) was made lo The Oratory Schools Association. The loan is unsecured and the interest rate is 2.50/0 per annum. The loan musl be repaid by 31 December 2023 and may be repaid earlier al the election of the botrower. 10. Statement of funds Statement of funds - current year Balance at 30 June 2022 Balance at 1 July 2021 Gainsl {Losses) Income Expenditure Unrestricted funds General Funds - all funds 679,228 28,719 {24,9761 119,185) 663,786 statement of funds - prior year Balan at 30 June 2021 Balan at 1 July 2020 Gainsl {Lossesl Income Expenditure Unrestricted funds General Funds - all funds 571,615 19,369 113,9111 102,155 679,228 Page13
THE ORATORY SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 11. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted funds 2022 Total funds 2022 Fixed asset investments Debtors due after more than one year Current assets 425,920 200,000 37,866 425,920 200,000 37.866 Total 663,786 663,786 Analysis of net assets betwggn funds - prior year Unrestricted funds 2021 Total funds 2021 Fixed asset investments Debtors due after more than one year Current assets 455,318 200,000 23,910 455,318 200,000 23,910 Total 679,228 679,228 12. Reconciliation of net movement in funds to net cash flow from operating activities 2022 2021 Nel incomelexpenditure for the year las per Statement of Financial Activities) (15,442} 107,613 Adjustments for: Gainslllossesl on investments Dividends, interests and rents from investments Increase in debtors 19,185 125,279} 4,608 1102,1551 115,5691 {5,9501 15001 Increaselldecreasel in creditors Net cash used in operating activities 116,928} 116,5611 Page 14
THE ORATORY SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 13. Analysis of cash and cash equivalents 2022 2021 Cash in hand 35,977 17,413 Total cash and cash equivalents 35,977 17,413 14. Analysis of changes in net debt At 1 July 2021 Cash flows At 30 June 2022 Cash al bank and in hand 17.413 18,564 35.977 17.413 18,564 35.977 15. Related party transactions The Independent Examination fees of £1,00012021'. £9501 for the Foundation were paid by The Oratory Schools Association. At the year end there was a balance of £200,000 12021.. £200,000) owed by The Oratory Schools Association. During the year, interest of £5,00012021'. £Nill was paid on the loan. 16. Controlling party The charity is controlled by the Trustees. Page15