**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).
Page 11
## **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