2024-06-30-accounts

Charity number: 1071495

THE ORATORY SCHOOLS FOUNDATION

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

THE ORATORY SCHOOLS FOUNDATION

CONTENTS

	Page
Reference and administrative details of the Charity, its Trustees and advisers	1
Trustees' report	2 - 3
Independent examiner's report	4
Statement of financial activities	5
Balance sheet	6
Statement of cash flows	7
Notes to the financial statements	8 - 15

THE ORATORY SCHOOLS FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2024

Trustees

D Orchard

F Fitzherbert-Brockholes, Chairman J J Smith (resigned 1 November 2023) - K Carberry Long (appointed 1 November 2023)

Charity registered number

1071495

Principal office

17 Provenance House 8 Kew Bridge Road Brentford Middlesex TW8 0HS

Accountants

James Cowper Kreston Chartered Accountants Reading Bridge House George Street Reading Berkshire RG1 8LS

Bankers

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 2024

The Trustees present their annual report together with the financial statements of The Oratory Schools Foundation for the 1 July 2023 to 30 June 2024. The Trustees confirm 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 (FRS 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 normally provided by the school. The Trustees have paid due regard to 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 to the schools. During the past year the Foundation has funded two scholarships.

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 at 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 £22,963 (2023: £21,049) in the year under review, and on the annual payment of £2,000 (2023: £2,500) from the 200 Club, which was set up for this purpose. Contributions towards school fees and other grants amounted to £14,953 (2023: £14,509).

The Foundation also receives interest on a £200,000 loan it made to The Oratory Schools Association (see Note 10 and Note 17).

RESERVES POLICY

The reserves policy of the Foundation is based on the Trustees' consideration of its objectives and the probability of its investment portfolio generating an income stream from which awards can be made and its commitments be met.The Trustees consider the level of reserves to be appropriate.

The Foundation has unrestricted funds of £705,885 (2023: £680,623) at the year end of which £436,778 (2023: £435,900) relates to investments. This leaves £269,107 (2023: £244,722) 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 persons with a connection to the school who are considered to have appropriate experience. Trustees are selected for the skills and experience that they are able to contribute, relevant guidance relating to Trustees responsibilities is provided on appointment.

RISK MANAGEMENT

The Foundation's Trustees have considered the major risks to which it is exposed and have reviewed those risks and established systems and procedures to manage those risks. The Trustees consider variability of investment returns on the Fund investments to constitute the Foundation's major risk.

Page 2

THE ORATORY SCHOOLS FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Approved by order of the members of the board of Trustees and signed on their behalf b F Fitzherbert-Brockholes Chairman Date.. 26 March 2025 Page 3

THE ORATORY SCHOOLS FOUNDATION

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 JUNE 2024

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 2024.

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 ('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(5)(b) of the 2011 Act.

Independent Examiner's Statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

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. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted 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: 22 April 2025 BSc(Hons) FCCA ACA

James Cowper Kreston

Chartered Accountants

Reading Bridge House George Street Reading Berkshire RG1 8LS

Page 4

THE ORATORY SCHOOLS FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024

Note Income from: Donations and legacies 2 Other trading activities 3 Investments 4 Total income Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure Net income before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	Unrestricted funds 2024 £ 795 2,000 22,963 25,758 5,336 14,953 20,289 5,469 19,794 25,263 680,622 705,885	Total funds 2024 £ 795 2,000 22,963 25,758 5,336 14,953 20,289 5,469 19,794 25,263 680,622 705,885	Total funds 2023 £ 650 2,500 21,049
			24,199
			5,940 14,509
			20,449
			3,750 13,086
			16,836
			663,786
			680,622

All activities relate to continuing operations.

The notes on pages 8 to 15 form part of these financial statements.

Page 5

THE ORATORY SCHOOLS FOUNDATION BALANCE SHEET AS AT 30 JUNE 2024 2024 Nota 2023 Flxed assets Investments 436,778 435,900 Current assets 436,778 435,900 Debtors Cash at bank and in hand 10 203,326 68,781 200,000 45,068 272,107 245.068 Creditors: amounts falling due within one year (3,000 (346) Net currenLassets 269.107 244,722 Total net assets 705,885 680,622 Charlty funds Unrestricted funds 12 705,885 680.622 Total funds 705,885 680,622 The financial statements were approved and authorised for issue by the Twstees and signed on their behalf by: F Fltzherbert-Brockholes Chairman Date: 26 March 2025 The notes on pages 8 to 15 fomi part of these financial statements. Page 6

THE ORATORY SCHOOLS FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024

Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments Proceeds from sale of investments Purchase of investments Net cash provided by investing activities Cash flows from financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 8 to 15 form part of these financial statements	2024 £ (18,166) 22,963 74,880 (55,964) 41,879 23,713 45,068 68,781	2023 £ (15,062) 21,049 31,235 (28,131) 24,153 9,091 35,977 45,068

Page 7

THE ORATORY SCHOOLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Oratory Schools Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated 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 it to continue its activities on a going concern basis for a period of at least 12 months from the date of approval of these financial statements. The financial statements have been prepared on a going concern basis.

1.3 Fund accounting

General funds are unrestricted funds which 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.

Investment income, gains and losses are allocated to the appropriate fund.

1.4 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. 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 attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to 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 8

THE ORATORY SCHOOLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

1. Accounting policies (continued)

1.5 Expenditure (continued)

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 fulfilled. Grants offered subject to conditions which have not been met at 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 form 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 at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) 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 notification 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 net 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 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

1.11 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial 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.

Page 9

THE ORATORY SCHOOLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

2. Income from donations and legacies

Donations Total 2023 3. Activities from generating funds Income from fundraising events	Unrestricted funds 2024 £ 795 650	Total funds 2024 £ 795 650	Total funds 2023 £ 650

Proceeds from 200 club Total 2023 4. Investment income Dividends from listed investments Interest Total 2023	Unrestricted funds 2024 £ 2,000 2,500 Unrestricted funds 2024 £ 15,187 7,776 22,963 21,049	Total funds 2024 £ 2,000 2,500 Total funds 2024 £ 15,187 7,776 22,963 21,049	Total funds 2023 £ 2,500 Total funds 2023 £ 15,612 5,437 21,049

Page 10

THE ORATORY SCHOOLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

5. Expenditure on raising funds

Fundraising trading expenses

Unrestricted funds 2024 £ Bank charges 60 Brokers fees 5,276 5,336 Total 2023 5,940	Total funds 2024 £ 60 5,276 5,336 5,940	Total funds 2023 £ 63 5,877
		5,940

6. Analysis of grants

Grants payable Total 2023	Grants to Individuals 2024 £ 14,953 14,509	Total funds 2024 £ 14,953 14,509	Total funds 2023 £ 14,509

7. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

The Trustees are entitled to reimbursement of their reasonable expenses incurred in connection with the business of the Foundation. No Trustee claimed reimbursement for expenses in 2024 (2023 - £NIL).

8. Independent examiner fees

The Independent Examiner's remuneration amounts to a fee of £2,825 (2023: £2,750).

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THE ORATORY SCHOOLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

9. Fixed asset investments

Cost or valuation At 1 July 2023 Additions Disposals Revaluations At 30 June 2024 Investments at market value comprise: UK £ Listed investments 204,228 10. Debtors Due after more than one year Amounts owed by The Oratory Schools Association Due within one year Amount due from brokers	Overseas £ 232,550	2024 £ 436,778 2024 £ 200,000 200,000 3,326 203,326	Listed securities £ 435,900 55,964 (74,880) 19,794
			436,778
			2023 £ 435,900
			2023 £ 200,000
			200,000 -
			200,000

A loan of £200,000 (2023: £200,000) was made to The Oratory Schools Association. The loan is unsecured and the interest rate is 4% per annum from 31 October 2024 until and including 31 December 2024 and thereafter. Prior to 31 October 2024 the interest rate was 2.5%. All or part of the principal amount of the Loan may be repaid at any time but no less than half the then outstanding principal amount of the Loan shall be repaid on 31 December 2026 and the entire outstanding principal amount shall be repaid on 31 December 2028.

11. Creditors: Amounts falling due within one year

	2024	2023
	£	£
Other creditors	3,000	346

Page 12

THE ORATORY SCHOOLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

12. Statement of funds

Statement of funds - current year

					Balance at
	Balance at 1			Gains/	30 June
	July 2023	Income	Expenditure	(Losses)	2024
	£	£	£	£	£
Unrestricted funds
General Funds - all funds	680,622	25,758	(20,289)	19,794	705,885
Statement of funds - prior	year
					Balance at
	Balance at			Gains/	30 June
	1 July 2022	Income	Expenditure	(Losses)	2023
	£	£	£	£	£
Unrestricted funds
General Funds - all funds	663,786	24,199	(20,449)	13,086	680,622

13. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted funds 2024 £ Fixed asset investments 436,778 Debtors due after more than one year 200,000 Current assets 72,107 Creditors due within one year (3,000) Total 705,885	Total funds 2024 £ 436,778 200,000 72,107 (3,000
	705,885

Page 13

THE ORATORY SCHOOLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

13. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Fixed asset investments Debtors due after more than one year Current assets Creditors due within one year Total	Unrestricted funds 2023 £ 435,900 200,000 45,068 (346) 680,622	Total funds 2023 £ 435,900 200,000 45,068 (346) 680,622

14. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the period (as per Statement of Financial Activities) Adjustments for: Losses on investments Dividends, interests and rents from investments Decrease/(increase) in debtors Increase in creditors Net cash used in operating activities Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents	2024 £ 25,263 (19,794) (22,963) (3,326) 2,654 (18,166) 2024 £ 68,781 68,781	2023 £ 16,836 (13,086) (21,049) 1,889 346 (15,064) 2023 £ 45,068 45,068

15. Analysis of cash and cash equivalents

Page 14

THE ORATORY SCHOOLS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

16. Analysis of changes in net debt

Cash at bank and in hand	At 1 July 2023 £ 45,068 45,068	Cash flows £ 23,713 23,713	At 30 June 2024 £ 68,781
			68,781

17. Related party transactions

The Independent Examination fees of £2,825 (2023: £2,750) for the Foundation were paid by The Oratory Schools Association.

At the year end there was a balance of £200,000 (2023: £200,000) owed by The Oratory Schools Association. During the year, interest of £7,000 (2023: £5,000) was received in respect of the loan.

18. Controlling party

The charity is controlled by the Trustees.

Page 15