Charlty number: 1172979 St Mory's College Oscott ao Trustees, Report ond Flnanclol Stotements For the Year Ended 31 July 2025 dlDAINS > AUDIT St Maru's College Oscott CIO Contents Poge Reference and Admlnistrative Detalls of the Charlty. fts Truste•s ond Advisers Tru5tee¥ Report Independent Audltoffs Rèport on the Financiol Statements 16-79 Statement of Flnonciol Activitie5 20 8olance Sheet 21 Statement of Cash Flows 22 Notes to the Finonclal Stotements 23-46 St Mary's College Oscott CIO RefÈréncÈ and Admlnlstratlve Detolls of the Charfty. Its Trustees and Advisers For the Year Ended 31 July 2025 Trustees The Most Rev 8 Longley MA STL. F. H Professor Dr J Chomp. F. H# (resigned 27 Februory 2025) The Rlghi Reverend D Evans. F Mr M Feeley. D. l (appointed 9 October 2025) Ms A Fouto, LCG (oppobnled 9 October 2025) Mr C Goskell BA(Hon5) LLM MA, R. LCG Mr J Gibbon5 LL8 (Hons). FALA, LCG# Mr A Gront FRICS DL. I. C)# Mr G Green. AFM (oppolnted 9 October 2025) Hr P Horgon KSG FCA. AFM. R# (resigned 27 Februory 2025) Mrs J Mellor 8A PGCE MA(Ed) MA. H# Mrs C O'Brien 8A. LCG# (resigned 27 Februory 2025) Mr B O'orlscoll. R#. LCG Mr M Swlnburne BA FC& I#, AFM#. R Rev Fr C Szmldt. F (appolnted 9 October 2025) The Right Reverend R Wolker LLB STU F#, LCG F denotes membershlp of the Formotion sub-committee I denotes membershlp of the Investment subceses for their car￿ldotes to enter formotlon ot Oscott. We seek to maintoin o good relotionship with the Bishops ond provlde o high-quolity formation progromme which is ottrattive to them. Formation staff The formation ond educotion of prlests is a hlghly speclolised role ond as such requires hlghly educoted acodemic5 with Pontiflcol theologicol degrees who ore oble to deliver the course lectures ond tutor support. Other speciollsms beuond the academlc ore olso needed. notably professlonal covnsellors who ore sultoble for humon accompanlment and safeguording troining. There Is o shortoge of prlests who hove the opproprlote quollficotions ond able to teoch to the level required. Wlth a decllne in the number of prlests notlonolly. there Is a shortoge of men ovollotJe to serve as parlsh prlests ond so dioceses rnoy be reluttont to rele05e men to teoch ot Oscott. This meons there 15 0 need to recruit loy staff who ore sultobly quollfled ond requlre professlonol ocodemlc solorles. Investmentreturns The College has a slgnificont Investment portfolio, whlch is manoged by independent investment monogers. The College relles on the income from ihe portfolio to subsidise the work of the College. ond mointoln the fobrlc of the buildlng whilst keeplng student fees ot on affordoble level. It is Importont that the Income from the portfolio ond Its undedying value is molntainÈd In the long term to support the work of the College. To reduce the risk of devaluotlon of our portfolio. the investments ore in high-grade quoted equities. bonds and gills, ond are manoged by professionol advlsors on o discretlonary bosls. although Trustees recognlse that voluotlons can fluctuate due to morket conditions ond factors outside their control. The Trustees meet wlth odvi50rs ot leost three times per yeor. to review performance. Poge 10 St Maru's College Oscott CIO Trustees, Report (contlnued) For the Year Ended 31 July 2025 8ulldlng malntenance The College operotes from o complex of buildings built primarily in the 1830s. The College building is Grode Il. listed. ond the Trustees are aware of the need to mointoin the bullding so thot it is fst for purpose. The historical significonce of ihe College. includlng its chopel, meons thot the cost of building molntenonce Is often more expenslve thon for o modern equivolent. Slmllorly deferring expenditure vsuolly results in hlgher overoll costs when work 15 eventuolly corrled out. The Trustees monltor mointenance costs corefully and authorise necessory expenditure b05ed on qulnquenniol and speclcllst reports. Trustees ore olso awore of the chonglng need5 of the College. A5 05cott Is now only one of two Cotholic 5ernlnarles In Greot Brltoln. Trustees are conscSous of the need to mointain odequote occommodotion for future semlnorions f. Princlpol funding The princlpal fundlng of the College's actlvlties is through.. FeespGuob/e forstudent tuiylon Student fees ore finonced by the Dloce5e (or religious order) whlch sponsors them. Although the College is closely linked with the Birminghom Archdiocese. other Oloce5es Aberdeen, Brentwood. Clifton. Eost Anglio. Hexhom & Newcostle. Leeds. Northompion, Noltlnghom. Portsmouth, Solford. ond Shrewsbury - olso sponsored student5 to the College dvring the ueor. Thls Is now the lorge5t source of income for the College. Investmenrrerurns derivedfrom rhe Chorltusporlfollo oflnvestments This is currently the second ltsrgest of the College's sources of income, ond is derlved from our portFolio. managed by Sar051n & Portners. In the moln. There Is also rentol income from the college's Investment propertu. Income derivedfrom the operotion of the cemetery The cemetery is o prlvote Cotholic cemetery. whlch Is ovalloble for interment of both clergy and the public. riv) Hospltolltg Income oris/ng through conferences. retreots etc. This orlses molnly from Church ond porochlol events whlch mainly toke ploce out of term tlme. such os retreot5 and conferences. os well 05 College tours. Structure. governance ond management a. Constitutlon St Mory'5 College oscott CIO is o reglstered chorlly 1172979. It is governed under o constitutlon doted 12 Jonuary 2017. ond wos registered 05 o Charltoble Incorporoted Orgonisotion (CIO) with ihe Charlty Commls51on on 10 May 2017. Poge 11 St Mary's Collegé Oscott CIO Trusteeg Report (contlnued) For the Year Ended 31 July 2025 Structure, governance and management (contlnued) b. Methods of appolntment or election of Trustees The monogement of the Chority 15 the re5ponsibilily of the Trustees who are elected ond co-opted under the term5 of the Constitulion. Under the terms of the Constitution the power of oppointing ond removing Trustees is vested with the Archbishop of Blrminghom. In exercislng these powers the Archblshop glve5 considerotion to any identified sk1115 gop wiihln the existlng trustee body. c. Organisational structure and decision-moklng pollcles The Trustees hove odopted a Governonce Framework In accordonce with the Chorlty Governonce Code. The Trustees ore mindful of the need to review ond report on Governance In the light of the Chorlly Governonce Code. ond have considered eoch of the seven sections of ihe Code. Work is continuing to implement the guidonce contoined in the Code although In some oreos the requlrements of Church Canon Low preclude the adoption of the Code In full. In particulor the Cholr of Trustees is not an elected position as the Code would recommend. The Archbishop of 8lrmingham is the ex-officio Cholr of Trustees ond oppoints oll the other Trustees. and the College Rector. He is appolnted to the posltlon of Archblshop by the Holy See rother thon belng appointed by the other Trustee5. There are seven svb-committees In oddition to the moin Trustee body covering.. Formotion., Audit, Finonce and Molntenonce.. Herltoge.. Investment., Remuneration and HR.. Development.. ond Legol Compliance and Governonce. Trustees choir these cornmitteÈs whSch olso Include members of College manogement ond staff. Additional od hoc committees are formed os needed. None of the Trustees hos ony beneficiol Interest in the College and oll serve withovt remvnerotion. d. Pollcies adopted for the Inductlon and trolning of Trustees The trustee5 are o mlx of loy people ond clergy, most of whom hove studled or taught ot ihe College and have been Trustees for o considerable tlme. On ogreelng to become o Trustee on Indlvlduol Is thoroughly briefed bu the Co- Trustees on the historu of the chority, the doy to doy monagernent, the responsbbillties of Trustee5 ond the current objectives ond future plons of the chorlty. Onllne Induttion troining on the role and responslbillties of Trustees and other matters is provided via ICAEW. the Charity Commission ond the NCVO. Some of the Trustees ottend seminors ond conferences on Chorlty motters ond other related subject5 on o regular bosls. The knowledge ond experience galned throvgh these serninors Is imported to ihe remolnlng Trustees ot Trustee meetlngs In oddition, trolning weblnors on legal ond other matters ore mode ovolloble. os well os In hovse trainlng on key topics from time to tlrne. e. Pay pollcy for key management personnel The Trustees consider the Boord of Trustees. os listeé on poge 1, to be the key manogemenl personnel of the choritu In chorge of directing ond cantrolllng the charity ond the senior monogement personnel, listed below. in chorge of runnlng ond operotlng the chortty on o day-to-doy bosss. Poge 12 St Mar￿$ College Oscott CIO Trustees, Report (contlnued) For the Year Ended 31 July 2025 Structure. governonce and management (contlnued) All Trustees give thelr tlme freely. ond no Trustee receives ony remunerotlon in respect of the work undertaken in the role of Trustee. The remunerotlon of senlor monagement personnel. and rotes for prtests ore determined by o remunerollon committee. which meets onnuolly or as necessory. Remuneration levels for employees ore b05ed on market rates for similar roles, where posslble. ond on the level of responsiblllty of the person concerned. Salories ore usuolly incre05ed onnuollu In Ilne wllh a cost of Ilvlng increose. The fees for priests. servlce5 ore remuneroted to the Oiocese which they serve. A5 shown Sn note 10. the totol costs of senior monogement personnel. whlch include the costs of o number of external priests ond employees were £508k (2024.. £551k). Senlor monagement personnel.. Rector Conon Mlchoel Dolman Bso PGCE, BA. STB Vlce Rector Rev Andrew Allman 8A. MA, STL Director of Studies Dr Mory Mccoughey BBS. 8D, STL, DD Theologu Rep Rev Andrew Robin50n ARCO. MA (Oxon). ST8, SSL (to July 2025) Deon of Phllosophy Dr Christopher Wojtulewicz B& PGCE (Hlgher Ed), PhD Dlrector of Splrltuol Formotion Aev James Preston 8A (Hons}, CertEd (to July 2025) Dlrector of Spirituol Formotion Rev Rob Toulerson BSC, PGCE. sfL Direttor of Postoral Formotion Rev Gerardo Fobrlzlo STB, JCL. Dip. luris (lo July 2025) Dlrector of Postorol Formation Rev Andrew Fllchardson MEng. BA, STB (from August 2025) Director of Permonent Oioconote Rev Michoel Glover BA (Hons). STL (from August 2025) Dlrector of Human Formotlon Mr Pete Smollwood MBACP (Aco). Dlp.Couns College Bursor Mrs Jackie Holl. B.Com (Acc}. FCA Estotes Manoger Mr Mork Corroll Events & H05Pltolity Monoger Mrs Jayne Tomkinson BSC. SA NCS (Acc.). PGCMC. Fdsc. MBACP. Cert Ed (to September 2024) Poge 13 St Mary's College Oscott CIO Trustees, Report (Continued) For the Year Ended 51 July 2025 Stru¢ture. governance and management (contlnued) f. Reloted party relotlonshlps Details of Trustee expenses ond reloted porty tronsoctlons ore disclosed In notes 11 and 24 to the occounts. Trustees are required to disclose oll relevonl interests and register them with the College Bursar ond. In occordance with the College's policy. withdraw from decislons where o conflict of Sntere5t orises. Fleloted portles Wlth o number of common Trustees clurlng the yeor ore 05 follows.. 8irminghom Romon Cotholic Dloceson Trust Fother Hudson's Caritas The Veneroble Engllsh College Trust Birminghom Newmon Unlverslty Catholic Trust for England ond Woles Mater Eccleslae College Frlends of the Holy Lond The British Trust for the Ecumenical Institute for Advonced Theologicol Study In Jerusolem Blrmlnghom Churches Together St Vincent de Paul Society (Englond & Wales) Friends of the Holy Lond St Bornabos Soclety Catholic Record Society Plans for future perlods Following o stroteglc review, trustees have committed to making the college o dynomic. splrit-fllled ond 5usioinoble communbty that forms clergy w￿h lolty whot Is needed to make the Church's vlslon of co-respon5iblltty o joyful reality in the UK. The collegels looklng to reduce its operotlng deficil and focus on Its core objectlves of formlng men for priesthood ond dloconate, os well os educoting the lay foithful. The college ogreed to toke on remolnlng elements of the Moryvole Institute of Higher Rellgious Sdences (HIRS) ond Its employee5. from the Archdlocese of Blrmlngham. with effect from September 2025. This will support online Iroining of the loily. with the oim to develop courses to support the needs of porishes ond dlocese The college is continuing to invest In o progromme of vocation promotions wlth the Nationol Offlce of Vocotions. and o serles of discernment weekends wlth UK dioceses. Followlng the success of the 'We Believe, event In July 2025. ottended by over 2000 Cothollcs ihe co15ege wlll host the second 'We Belleve. festlval in July 2025. Whilst recognising the decllne in semlnorlon numbers. Irvstees ore hopeful that the college con continue to provide ongoing formotion lo clergy. os well as being o venue for trolnSng lolty. The college looks lo further develop its network of 5UPPOrters ond vlsitors. Built on the success of triols in 2024/5. there are vorious progrommes linked to Loudoto Sl (Environmentol outreach for schools). ond the Probotion Service thot Oscott ore looking to progre55. Poge 14 St Mary's College Oscott CIO Trustees, Report (contlnued) For the Year Ended 31 July 2025 Statement of Trustees, responsibilitles The Trustees ore responsible for preparing the Trustees, Report ond the flnanclol statements In occordance with oppllcoble law and Unlted Klngdom Accountlng Stondords (United Klngdom Generally Accepted Accounting Proctice). The low appllcable lo charities in Englond & Woles requires the Trustees to prepare flnonciol stotements for each financiol which give o true and foir vlew of the state of affoirs of she Chority ond of Its Incomlng resources and opplication of resources. Inclvding Its Income and expendlture, for thot perlod. In preparing these flnonclal stotement5, the Trustees ore requlred to: select sultable occountlng pollcles ond then opply them consistently.. observe the methods ond principles of the Chorltfes SOAP (FRS 102).. moke Judgements ond occountlng estimotes thot are reosonable ond prudent. stote whether applicoble UK Accountlng Stondords (FRS 102) hove been followed. subject to ony moterlol deportures dlsclosed and explolned In the flrbonclal stotements.. prepore the finonclol stoiements on the oolng concern bosls unless it is Inappropriate to presume thot the Charlty will contlnue in business. The Trustees are responsible for keeplng odequate occountlng records thot ore sufflcient to show ond exploln the Chorlty's tronsoctlong ond disclose with reosonable occurocy at ony time the finoncial posltlon of the Chorltu and enable them to ensure thot the finonciol statements comply wlth the Choritles Act 2011. the Chorfty (Account5 Ond Report5) Regulations 2008 and ihe provlsions of the Constltution. They ore also responslble for sofeguarding the assets of the Chority ond hence for toking reosonoble steps for the preventlon ond detectlon of froud ond other irregulor1tie& Disclosure of Information to auditor Eoch of the persons who are Trustees ot the Ilme when thls Trustees, Report 15 opproved hos confirmed that.. so far os that Trustee is owore. there is no relevont oudil Informotlon of which the chority's audltor Is unawore. ond thot Trustee hos token oll the steps ihot ought to hove been token a5 0 Trustee in order to be owore of ony relevant oudlt Information ond to estob115h thal the chority's oudltor Is awore of ihot informatlon. Audltor Dalns Audlt Llmlted were reappolnted as auditor of the chorlty. The audrtor, Dolns Audit Limited. has indicated his willingness to contlnue in office. The deslgnoted Trvstees will propose o motion reoppointing the oudStor ot o meetin9 of the Trustees. Approved by order of the members of the boord of Trustees on 26 Februory 2026 ond slgned on their behalf by.. Most Aev B Lon9ley M& STL Archbishop of Blrminghom Choir of Trustees Page 15 St Mary's College Oscott CIO Independent AudIt0￿5 Report to the Members of St Maru's College Oscott CIO Oplnlon We hove oudited the finonclal statements of St Mary's College Oscott CIO (the 'charity') for the year ended 31 July 2025 which comprise the Stotement of Finonclal Activlties (includlng Income ond Expenditure Account). the Bolonce Sheet. the Statement of Cosh Flow5 ond the reloted notes. Includlng o summaru of 5ignsficont occounting pollcles. The financlal reportlng framework thot hos been opplied in their preporolion is applicoble low ond Unlted Klngdom Accountlng Stondords. including Flnoncial Reporting Stondard 102 The Financial Reporting Stondord opplicoble in the UK ond Republic of Ireland. (Unlted Kingdom Generolly Accepied Accounting Proctice)- The flnonciol statements hove been prepored in occordonce wlth Accounting ond Reportlng by Charltles preporlng thelr occounts In occordonce with the Flnonclol Reporting Standards oppllcable in the UK ond Republlc of Irelond (FRS 102) in preference to the Accounting ond Reporting by Choritle5.' Stotement of Recommended Proctlce issued on 1 April 2005 which Is referred to in the extont regulotlons but hos been wSthdrown. This hos been done in order for the occounts to provlde a true ond fair view in occordonce wlth the Generolly Accepted Accounting Prortice effective for reporting perlods beginning on or after 1 January 2015. In our opinlon the flnonciol stotements.. glve o true folr view of the stote of the chorlty's offalrs os ot 31 July 2025 ond of its incomlng resources ond opplicotlon of resources for the yeor then ended: have been properly prepored in occordance wf(h United Kingdom Generolly Accepted Accounting Practlce.. and hove been prepored In accordonce wlth the requlrements of the Chorilies Act 2011. Basis for oplnlon We conducted our oudll In occordonce with Intemoiional Standords on AudSting (UK) (ISAS (UK)) ond opplicable law. Our re5ponslbllitles under those standords ore further described In the Auditor's responsibilities for the audit of the finonclol statements section of our report. We are Independent of the charitu In accordance wlth the ethicol reoulrements thot ore relevont to our audlt of the flnonciol statements In the Unlted Kingdom. Includlng the FinoncSal Reporting Council's Ethlcol Stondord, ond we hove fulfilled our other ethlcol responslbllities in occordance with these requlrement& We believe thot the oudlt evidence we hove obtolned Is suffsclent ond opproprlate to provide a b05$5 for our oplnlon. Conclusions relatlng to golng concern In audlting the flnonclol staiements. we hove concluded thot the Trusteeg use of the golng concern basis of occounting in the preporotlon of the flnonclol stotemenlsls appropriote. Bosed on the work we hove performed, we hove not identified ony moterial uncertointle5 relating to events or conditions that. indlvSdually or collectively. moy cost significant doubt on the chorlty's obility to contlnue os o going concern for o perlod of at leost tsvelve months from when the finonclol stotements ore outhorised for issue. Our responsibllities ond the responsibilities of the Trustees wlth respect to going concern ore described in the relevont 5ectlons of thls rewrt. Page 16 St Mary's College Oscott CIO Independent Auditorfs Report to the Members of St Mary's College Oscott CIO (contlnved) Other Information The other Information comprlses the Informotlon Included In the Annuol Report other than the financiol statements and our Audltorfs Report thereon. The Trustees are responsible for the other Information contoSned wlthin the Annuol Report. Our opinion on the finonciol stotements does not cover the other Informotion and, except to the extent otherwise expllcltly stoled in our report. we do not express ony form of ossuronce concluslon thereon. Our responslbllity is lo read the other informotion ond. in doing so. consider whether the other informatlon is moterially Inconsistent with the ftnonclol stotements or our knowledge obtoinecl In the course of the oudSt, or othen￿lS￿ oppeors to be materiolly misstoted. If we identify such moteriol inconsistencies or opparent moterlol mlsStotement& we ore required to determbne whether th15 gives rise to o moterial m155totement In the flnonciol statements themselves. If. bosed on the work we hove performed. we conclude thot there Is o materlol misstatement of thls other Informotion, we ore required to report thot foct. We hove nothlng to report In this regord. Motters on which we are rèquired to report by exceptlon We have nothing to report In respett of the following motters where the ChorSties (Accounts ond Reports) Regulatlons 2008 requires us to report to you if. in our opinion.. the Informotion given in the Trustees, Report Is inconsistent in ony material respect with the flnonciol statementS', or sufficient occounting records hove not been kept,. or the fsnonciol slotements ore not in ogreement with the accounting records ond returns.. or we hove not recelved oll the informotlon ond explonotlons we reoulre for our oudlt. Responslbllltles of trustees As explolned more fvllu In the Trustees, Responslbllitles Stotement. the Trustees ore responsible for the preparation of the finonciol stolements whlch give o true ond foir view. ond for such internol control os the Trvstees determine is nece55Qry to enoble the preporatlon of finoncial statements that are free from moteriol misstatement. whether due 10 fraud or error. In preporing the flnonciol statements, the Trustees ore responsible for assesslng the charity's obillty to conllnve os o golng concern. dlscloslng, os opplicoble, motters reloted to going concern ap)d using the goln9 concern bosls of accounting unless the Trustees either intend to liquidote the chority or to ceose operotlons, or have no reallstic olternative but to do 50. Audltor's responsibilities for the audit of the financlol statements We hove been appointed os auditor under sectlon 144 of the Chorltles Act 2011 end report in occordonce wlth the Act ond relevant regulotlons mode or havlng effett thereunder. Our objectlve5 ore to obioin re050noble assuronce obout whether the flnonciol stotements 05 a whole ore free from moterlol mlsstotement. whether due to fraud or error, ond to issue on Audltor's Report thot includes our opinion. Reosonable assuronce is o hlgh level of ossuronce. but is nol o guarontee thot on oudit conducted in accordonce with ISAS (UK) will olwoys detect o moterlal misstotement when it exlsts. Misstotements con ¢rlse from froud or error ond ore considered moterlol if, individually or in the aggregole. they could reosonobly be expected to Influence the economic declslon5 of users token on the bo515 Qf these finonciol stoternents. Irregulorities. including froud. ore instonces of non-compliance with lows ond regulotlon5. We design procedures in line with our re5ponslbllltles. outlined obove. to detect mclerlol mlsstotements In respect of irreguloritles. including froud. Poge 17 St Mary's College Oscott CIO Independent Audttorfs Report to the Members of St Mary's College Oscott CIO (continued) The extenl to which our procedures ore capable of detecting irregulorlties. including froud Is detoiled below. Our approach to identifulng and ossesslng the risks of moterlol mi55totemenl in respect of Irreguloritie& includlng froud ond non-complionce with laws ond regulation5. was os follow& the senior stotutory auditor ensured Ihot the engogement teom collectively hod the oppropriote competence. copob1l￿t[eS ond skills to identify or recognise non-complionce with opplicoble lows on(J regulolions: we identified the lows ond regulotlons applicoble to the chority through dlscusslons wlth trustees ond other management. ond from our commerciol knowledge and experience of Ihe chority sector,. we focused on specific Iow5 ond regulotions whlch we consldered rnoy hove o direct moteriol effect on the finonciol stotements or the operotions of the chority, including the finonciol reporting legislotion, Chorities Act 2011, toxotlon leglslatlon. ontl-brlbery. employment. ond envlronmentol ond health ond sofety legislotion.. we ossessed the extent of compliance wlth the lows ond regulotions identlfted above through rnoking enqulrles of monogement ond Inspectlng legal correspondence: ond identifled lows and regulatlons were communicoted within the oudit teom regulorly ond the team remoined olert io instances of non-compllance throughout the oudit. We assessed the suscepdblllty of the chority's flnonciol stotements to moterlol MISSt￿eMent, Includlng obtolnlng an understcnding of how froud might occur, by.. moklng enquiries of monagement os to where they consldered there was susceptlbilitu to fraud. their knowledge of octuol. Suspected and allegecj froud: ond considering Ihe internal controls in place to mltigote risks of fraud ond non-complionce with laws and regulations. To address the risk of fraud through monogement bios ond override of controls. we.. performed anolyticol procedureg to identify ony unusuol or unexpected relotlonships.. tested jovrnol entrles to identify unusuol tronsoctions,. assessed whether judgement5 ond ossumptions mode In determlning the occounting estimotes were Indlcotive of potentlol blos- ond Snvestlgoted the rotionole behind slgnlflconl or unu5uoI tronsoction& In response to the risk of Irregularities and non-compliance wlth lows and regulations. we designed procedures which included. bLrt were not Ilmlted to.. ogreelng finonclal stotement disc105ures to underlying sUPPOrting documentotlon.. readlng the mlnutes of meetlngs of those chorged wlth governonce., enqulring of management as to octual ond potential litigotion ond cloims.. ond reviewing correspondence with HMRC, relevant regulotors ond the charlty s legol advisor& Because of the Inherent Ilmltatlons of on oudit, there is o rlsk thot we wlll not detect oll irregulorSties. including those leodlng to a moterlal mI5Stotement In the flnonclol statements or non-compllonce with regulation. This rlsk Increoses the more thot compllonce wlth o law or regulotion is removed from the events ond tronsoctlons reflected in the f inonciol stotements. as we will be less Iikelu to become oware of instances of non-compliance. The risk is olso greoter regording irregulorities occurring due to frovd rother thon error. os froud involves intentionol conceolment. forgeru. collusbon. omlsslon or mlsrepresentallon. A fLSrther description of our responslblllties for the oudlt of the finonclol stotements 15 locoted on the Flnonclal Reporting Councll's website ot. ww.frGO ouditor res on This de5CriPtion forms port of our Auditor's Report. Poge 18 St Mary's College Oscott CIO Independent Auditorfs Report to the Members of St Mary's College Oscott CIO (continued) Use of our report Thls report is mode solely to the charity's Irvstees 05 o body. occordonce wlth Port 4 of the Charltles (Accounts ond Reports) Flegulotlons 2008. Our ovdlt work has been undertoken so thot we might stole to the charity's trustees those matters we ore required to stole to them in on AuditD¢s Report and for no other purpose. To the fullest extent permitted by law. we do not occept or ossume responsibility to anuone other thon ihe chorlty ond Its trustees. os o body, for our oudit work. for this report, or for the oplnions we hove formed. Dalns Audit UmitÈd Stotutory Audltor Chortered Accountont5 81rmlnghom 26 February 2026 Dains Audit Llmited ore eligible to act os ouditors in temis of section 1212 of the Componles Act 200& Poge 19 St Mary's College Oscott CIO Statement of flnanclal ortivltles (including income and expendlture account) For the Yeor Ended 51 July 2025 Vnrestrlcted funds 2025 £000 Total funds 2025 £000 Totol funds 2024 £000 Note Income trom: Donatlons ond legocles 104 Chorltoble octivitles 1.659 1.659 1.655 Investments 583 585 940 Total Income 1546 2.546 2.600 Expendtture on: Ralslng funds Charitoble oclivities 74 74 98 3,230 5.230 3.664 Totol exp¢ndlture 3.304 3,304 3,762 Net expenditure before net galns on Investments Net golns on Investments (958) (958) 1.544 (1,162) 1.344 2,171 Net Income 386 386 1.009 Other recognised galns/{Ios5es): Golns on revaluotlon of flxed ossets 10 Net movement In funds 386 386 1.019 Reconciliatlon of funds: Total funds brought forword Net movement In funds 47.496 47.496 386 46.477 386 1.019 Total funds carried forward 47.882 47.882 47.496 The Statement of Finonclol Actlvitles Includes oll goln5 and losses recognlsed In the yeor. The notes on poges 25 to 46 form part of these flnanclol stotement& Poge 20 St Mory's College Oscott CIO Balance Sheet As ot 51 July 2025 2025 £000 2024 £000 Note Ftxed assets Tonglble osset5 Herltoge osset5 Investments 12 13.959 14.108 13 1.858 1,858 15 30.445 30.915 14 647 647 Investment property 46.909 47,528 Current assets Debtors 16 165 106 Cosh ot bonk ond in hond 21 1.005 82 1.170 188 Current Ilabillties CredStors.' omounts falling due within one yeor 17 09T) (220) Net current assets / Ilobilites 973 (32) Total ossets less current Ilabilities 47.882 47.496 47.496 Total net assets 47.882 Charitu funds Unrestrlcted funds 18 47.882 47.496 47.496 Totol funds 47.882 The finonciol stotements were opproved ond outhorised for issue by the Trustees on 26 Februory 2026 ond signed on their beholf by: Most Rev 8 Longley MA STL Archbishop of Birminghom Cholr of Trustees The notes on poges 23 to 46 form port of these flnonclol stolements. Poge 21 St Mary's College Oscott CIO Stotement of Cash Flows For the Year Ended 51 July 2025 2025 £000 2024 £000 Note Cash flows from opèrotlng actlvltles Net C05h used In operatlng actlvllies 20 0.428) (1.832) Cash flows from Investing activitles Investment Income received 585 940 Purchose of tangible flxed assets Purchose of Investments by Investment monoger Sole of Investments by Investment manoger Decreose/(Incre05e) In cash held by Investment manager (46) (11.560) 1l827 (386) (25.966) 28.539 1.547 0.391) Net cash provlded by Investing actlvitiÈs 2.351 1.736 Change In cosh ond cash equlvolents In the year Cosh tsnd cash equlvolents ot the beginnlng of the yeor 923 (96) 82 178 Cosh and cash equlvalents at the end of the year 21 1.005 82 The notes on poges 23 to 46 form part of these flnoncial stotements Poge 22 St Mary's College Oscott CIO Notes to the Finonciol Stotements For the Year Ended 31 July 2025 General Informatlon St Mary's College Oscott Is o choritoble Incorporated organlsation (CIO), Incorporoted in Englond ond Woles. The chority's registered oddress ond registered number Is set out in the Chorlly Informotion page. The principol octivity of the chority Is thot of o Romon Cotholic Seminory of the Archdiocese of Birminghom at 0sCOtt College. for the educotlon of men In Holy Orders (Prlesthood ond Permanent Dioconate). Accountlng pollcles 2.1 Basls of preparatlon of financlol statements The flnanclol statements hove been prepored in occordonce with the Charities SORP (FRS 102) Accountlng ond Reporting by Chorltles.. Stotemeni of Recommended Practlce appllcoble to chorities preporlng their accounts In occordonce with the Flnonciol Reporting Standord oppllcable In the UK ond Republlc of Irelond (FRS 102) (effective 1 January 2019). the Financial Reporting Stondard opplicable In the UK ond Republic of Ireland (FRS 102) ond the Chorltles Act 2011. The flnoncial stotements hove been prepared to give o 'true ond folrf view ond have deported from the Chorltles (Accounts and Reports) Fleoulotlons 2008 only to the extent required to provide o true ond fol vlew. This deporture hos involved followlng the Chortties SORP (FRS 102) published In October 2019 rother thon the Accountirig ond Reporting bu Chorities.. Stotement of Recommended Practice effective from I Aprll 2005 whlch hos slnce been wlthdrown. St Mory's College Oscott CIO meets the definltlon of o public benefit entity under FRS 10?. Assets and liobi1Sties ore initially recognlsed ot historical cost or tronsaction value unless otherwise stoted in the relevant accounting policy. 2.2 Golng concern The Trustees ore confident the College hos sufficient ossets to contlnue to operate. The College has cash reserves ot the Bonk ond withln the Investment portfollo to fully cover any operoting losses for slgnlficonilu longer than the next 12 months from the dote of slgnlng these occounts. The level of future operotlng losses (excluding investment galns / losses) is expected to be manageoble. Seminarian numbers ore expected to remaln relolively stoble In the neor term. Accordlngly. these flnonclol 5totements have been prepored on o golng concem basls. Page 23 St Maru's College Oscott CIO Notes to the Flnonclol Statements For the Year Ended 31 July 2025 Accountlng policies (contlnued) 2.5 Income All Income is recognised once the Chority hos entitlement to the income. it is proboble thot the income wlll be received ond the amount of income recelvoble con be meosvred rellably. The recognltbon of Income from legocles is dependent on estobllshlng entitlement. the proboblllly of receipt ond the ablllly io estimote wlth sufficient occvrocy the omount recelvable. Evldence of entitlement to o legacy exists when the Chority hos sufficient evldence that o gift hos been left to them (throLJgh knowledge of the exlstence of a volld wlll ond the deoth of the benefactor) ond the executor Is sotlsfled that the property in questlon will not be required to satisfy clalms In the estote. Receipt of o legocy must be recognlsed when it Is probable that It will be recelved ond the foir volue of the omount receivoble, whlch wlll generally be the expected cosh omount to be di*ributed to the Charlty, con be rellobly meosured. Gronts ore included in the Stolement of Financiol Actlvltle5 (including Income ond Expenditure Account) on a recelvable bosis. The balance of income re￿iVed for specific purpose5 but not expended during the perlod Is shown in the relevont funds on the Bolonce Sheet. Where income is received In odvcnce of entitlement of receipt. its recognition is deferred ond included in creditors os deferred income. Where entitlemenl occurs before income 15 recelved. the income Is occrued. Where the donoted good Is o fixed osset, It15 measured ot folr volue. unless It 55 impractlcol to me05vre this reliobly. in whlch co5e the cost of the item to the donor should be used. The goln is recognised as Income from donotlon5 and o corresponding amount is Included in the oppropriote fixed asset closs ond deprecloted over the useful economlc Ilfe In accordance with the Char(ty's occountlng pollcle5. On recelpt. donated professlonal Services and foclllties are recogn55ed on the bosis of the volue of the glft to the Chority which Is the amount it would have been willing to pay to obtain servlce5 or focllities of equivalent economic beneftt on the open morket., o correspondbng omount is then recognlsed In expendlture in the perl¢xS of recelpt. Income tox recoveroble in relotion to investment income is recognlsed at the time the Investment Income is recelvoble. Other Income Is recognlsed In the perlod In whlch It 15 recebvable ond to the extent the goods hove been provided or on completlon of the Se￿Ice. 2.4 Expenditure Expenditure Is recognised once there is a legol or constructive obllgotlon to tron5fer economlc beneflt to o thlrd porty, It 15 probable thot o transfer of economic benefits wlll be required In settlement ond the omount of ihe obligotion con be meosured reliably. Expendlture is clossified by octlvity. The costs of eoch octlvity ore mode up of the totol of direct costs ond Shored costs. Includlng suppon costs involved in undertaklng each activity. Dlrect costs ottributoble to a single octivity are ollocoted directly to thal activlty. Shared costs which contribute to more thon one octivlty ond support costs which ore not ottributoble to o single octivity ore apportloned betweer) those octivitles on a bosls consisteni wlth the use of resources. Centrol staff costs ore ollocated on the bosis of time spent. and depreciotion charges ollocoted on the portion of the 05seVs Use. Poge 24 St Mary's College Oscott CIO Notes to the Finonclal Statements Forthe Year Ended 31 July 2025 Accounting policies (contlnued) 2.4 Expendlture (continued) Expenditure on roi5ing funds Includes oll expenditure incurred by the Chority to roi5e fund5 for its choritoble purposes and Includes costs of oll fvndraislng octlvities events ond non-chorltoble troding. Expendlture on choritable octivltSes Is Incurred on directly undertoking the activSties which further the Charity's objectlves. os well os ony associoted support Costs. All expenditure is Incluslve of Irrecoveroble VAT. 2.5 Tanglble flxed assets ond depre¢lotlon Individuol tanglble flxed assets costlng £1.000 or more ore copltolised. Tongible fixed assets are Initlolly recognised ot cost. After recogn*tion. under the cost model tangible fixed osseis a￿ meosured ot cost less accumulated depreoatlon and any accvmuloted impoirment losses. All COSt5 incurred to bring o tongible fixed 05set into its intended working condltlon should be included in the meosurement of cost. The Lond ond Buildlngs of the College ore shown in the 8olance Sheet ot o deprecioted replocement cost being the current COSt of reploclng on osset wlth its modern equivalent asset. less deduttions for physicol deteriorotion ond all relevant forms of obsolescence ond optimisotion. Depreciation is churged 50 OS to ollocale the cost of tanglble fixed assets less their reslduol volue over thelr estlmoted useful Ilves. uslng the strolght-line method. Depreclotlon Ss provlded on the following boses.. College bvildings 2% per onnum on depreclated replacement cost less estimated resldual value IO% per onnvm on cost 25% per onnum on cost - 10%- 20% per onnum on cost 33 1n% per onnum on cost 6 213% per onnum on cost 10% per onnum on cost Solor ponels Motor vehicles Flxtures. fittlngs ond equipment Computer equipment Cemetery irnprovements Blomoss heotlng project 2.6 Heritage ossets Oscott hos three collections of herltage ossets whlch ore held In support of the CIO constllution requlrement of Propogotlon of the Roman Cotholic Religion, with the oblecllve of promoting oppreclotion. knowledge and understanding of the foith ond Its history ond herltage In the UK (l) Museum ortefacts and ortwork.. Cit) Speciol Collection Librow.. ond Clll) Chopel ond Socrlsty flxtures and fitting& Page 25 St Mary's College Oscott CIO Notes to the Flnandal Statements For the Yeor Ended 31 July 2025 Accounting pollcies (continued) 2.6 Heritage assets (continued) Heritage assets are volued where proctlcolly possible. ond where the cost of such o voluotion Is In progortlon wlth the occuracy and relevonce of the Informotion gained. In the cose of the Museum ortefocts and ortwork the Trustees do not consider thot reliable cost or voluotion Informotlon con be obtalned for the mojorlty of items held: however a voluotion hos been Included bosed on on assessment of oll Items considered to be worth ot leost £l0.000. The Chopel ond Sacr15ty items and the Speclol Collection Llbrary collection hove not been volued as it hos not been posslble to identify suitoble experts thot are willing or oble to volve such items ot o cost of voluollon that the Trustees flnd occeptoble glven the IlmSted beneflt of such o voluatlon to the Chority. It is the Intentlon of the Trustees to revlew the possibility of valuatlon regularlu. These item5 have been donated to the College over Ihe105t 200 yeor5. and so no reliable c05t inforrnotlon is avollable. They hove therefore not been recognised on the 8olonce Sheet. No donotSons hove been received in over 10 yeors. Expendsiure. which In the Trustees vlew. 15 requbred to preserve or cleorly prevent further deterlorotion of Individual herltage items is recogni5ed os expenditure In the yeor It 55 incurred. No depreciation Is chorged on heritage ossets os the assets ore deemed to hove indeterminote Ilves. The College Is not looking to exlend its collection of herjtoge assets: however ony donations received ore reported ot the best estimote of value ond ocqulsltlons mode ore reported ot cost. 2.7 Investment5 Fixed asset investments are o form of finonciol instrument ond ore InStiolly recognised ot thelr tronsoctlon cost ond svbsequently meosured at folr volue ot the Bolonce Sheet dote. unless the value ccnnot be meosured rellobly in whlch cose It Is meosured at cost less Impolrment. Investment golns ond losses. wheiher realised or unrealised, ore comblned ond presented os 'Goln5/(Losses) on investments, in the Stotement of Flnonciol Actlvlties (including Income ond Expenditure Account). 2.8 Debtors Trode and other debtor5 ore recognlsed ot the settlement amourtt ofter ony trade dlscount offered. Prepoyments ore valued at the omount prepoid net of ony trode discounts due. 2.9 Cash at bank ond in hand Cash ot bonk ond In hond Include5 cosh on¢J short-terrn hlghly11quld Investments wlth o short maturity of three months or less from the dote of ocquisltion or opening of the deposit or 5imilor occount. Poge 26 St Mory's College Oscott CIO Notes to the Flnancial Stotements For the Year Ended 31 July 2025 Accountlng polides (continued) 2.10 Llabilltles and provlsions Lbobilities ore recognised when there is on obligation ot the Bolance Sheet dote os a result of o p05t event, it is proboble thot a tronsfer of economlc benefli will be requlred In settlement. and the omount of thè settlement con be estimated reliably. Lioblllties ore recognised ot the omount thot the Chority ontlclpates It wlll poy to settle the debt or the omount it has received os odvonced pauments for ihe goods or servlces It must provide. Provision5 are meosured ot the best estimote of the amounts required to settle the obllgotion. Where the effect of the time volue of money Is materlol. the provislon is bosed on the present volue of those amounts. dlscounted ot ihe pre-iox dlscount rote thot reflects the risks specifsc to the liobillty. The unwindlng of the dlscount Is recognised In the Statement of Flnonciol Actlvltles (inclvdlng Income ond ExpendSture Account) as o finance cosl. 2.11 Financlal instruments The Chorlty only hos flnanciol ossets and finonclol liobllftles of o kind thot quolify os bosic financlal Instruments. Bosic flnonciol instruments ore Snltiolly ￿CognISed at Ironsactlon value ond subsequently measured ot thelr settlement volue with the exception of bank loons whlch are subsequently meosured ot omortised cost using the effective interest method. 2.12 Redundancy costs and termlnatlon benefrts Redundoncy costs ond terminotlon beneflts ore recognlsed Immediately 05 an expense In the statement of finonciol activlties when the chorlty Is demonstrably commltted to termlnote the employment of on employee or to provide termlnotlon beneflt5. 2.13 Pensions The Chority operotes a defined contrlbvtlon penslon scheme. The penslon chorge represents the omounts poyable by the Chorily to the fund In respect of the year. As port of this scheme. the Chorlly offers o salary socriflce orrangemenl for employee conlrlbutlons. Under thls arrangement, employees ogree to a reduction In thelr gross solary, ond the Chority mokes equivalent conlrlbutions to the pension scheme on thelr behalf. These contrlbutlor)s are treoled os employer contrlbulions ond are Included in the penslon charge for the yeor. 2.14 Fund accountlng General funds ore unrestrided funds which ore ovolloble for use ot the discretion of the Trustees in fvrtheronce of the 9enerol objectives of the Chority ond whlch hove not been designated for other purposes. Deslgnoted funds comprise unrestrlcted funds thot hove been set 05ide by the Trvstees for portlculor purpose5. The olm and use of eoch designoted fLsnd is set out in the notes to the finonclol stotementS. Investment Income. golns and losses are ollocoted to ihe opproprlote fund. Page 27 St Mory's College Oscott CIO Notes to the Flnancial Stotements For the Year Ended 31 July 2025 Income from donatlons ond legoaes Unrestricted funds 2025 £000 Total funds 2025 £000 Totol funds 2024 £000 Donotlons Legocies 96 96 Donatlons 104 104 Investment Income Unrestrlcted funds 2025 £000 Totol funds 2025 £000 Totol funds 2024 £000 Rental Income 33 31 Dlvidend ond interest income 550 550 909 583 583 940 Page 28 St Maru's College Oscott CIO Notes to the Finonciol Statements For the Year Ended 31 July 2025 Income from charltable octlvltles Unrestrlcted funds 2025 £000 Totol funds 2025 £000 Totol funds 2024 £000 Student formotlon 1.144 1.144 1.186 Cemetery College Slte Propogolion of the Roman Cotholic Folth 357 357 319 138 158 140 20 20 10 1.659 1.659 1.655 Investment management costs Unrestrlcted fund5 2025 £000 Total funds 2025 £000 Totol funds 2024 £000 Commission on Investments 74 74 98 Page 29 St Mary's College Oscott CIO Notes to the Flnancial Stotements For the Year Ended 31 July 2025 Governonce costs 2025 £000 2024 £000 Audltotts remunerot(on 18 16 Professionol odvice/Support costs 20 23 36 Analysls of expenditure on charltable attlvltles Summary by fund type Unrestrlcted funds 2025 £000 Totol 2025 £000 Totol 2024 £000 Student formallon 866 866 933 College Slte Cemetery Propogotlon of the Roman Cotholic Foith Adminlstrotive 1,081 1.081 1.371 237 237 350 237 237 144 281 281 284 Kltchen & domestic 528 528 582 Totol 2025 3,230 3.250 Totol 2024 3,664 3.664 Page 30 St Mary's College Oscott CIO Notes to the Finonclal Statements For the Year Ended 31 July 2025 Anolysls of expenditure on charitable activltles (contlnued) Summary by expend5ture type Stoff costs Depreciation 2025 2025 £000 Other costs 2025 £000 Total 2025 £000 Totol 2024 £000 £000 Student formotlon 423 443 866 933 College Site Cemetery Propagotion of the Roman Cothollc Folth 343 173 565 1.081 1,3n 115 22 257 350 38 199 257 144 Admlnlstrolive 173 108 281 284 Kitchen & domestic 395 733 528 582 Total 2025 1.487 195 1,548 5.230 3.664 Total 2024 1,515 181 1.968 5.664 Anolysis of expenditure by attivltles Actlv5tles undÈrtoken dlrectly 2025 £000 Support costs 2025 £000 Total funds 2025 £000 Totol funds 2024 £000 Student formotlon 866 866 933 College Slte Cemetery Propogotion of the Romon Cothollc Foith Admlnistrotlve 1.081 1.081 1,371 237 257 350 237 237 144 281 281 284 Kltchen & domestic 52B 528 582 Totol 2025 2.949 281 3.250 5.664 Totol 2024 3,380 284 3,664 Poge 31 St Mary's College Oscott CIO Notes to the Financlol Statements For the Yeor Ended 51 July 2025 Anolysls of expendlture by Ottivltles (contlnued) Analysis of dlrect costs Propogation of the Roman Cotholic Foith 2025 £000 Cemetery (incl. vehicles) 2025 Student formotlon 2025 £000 College Site 2025 £000 £000 Employee costs Depreciotion Mointenonce/buildlng/grounds costs Lecturers/moteriols utllilles & Insurance 423 343 115 58 173 22 290 69 325 244 Museum ond Heritage costs Exoms/ Course Volidotion 74 32 Vehicle costs 11 74 Stoff trovel & troining Llbrory Books, periodicols Dlocesan support Chopel / Orgon costs Pllgrlmoges ond retreats Provislons/caterlng supplles Cleonlng, kitchen and loundry Training & welfore Computer support/licences Stallonery. photocopying. postoge ond printlng Profe55ionol fees 17 10 20 118 25 10 Svndrles Total 2025 866 1,081 237 237 Totol 2024 933 1.371 350 Poge 32 St Mory's College O$cott CIO Notes to the Financlal Statements For the Year Ended 31 July 2025 Anolysls of expendlture by activlties (contlnued) Analysis of dlrect Costs (continued) Kltchen & domestic 2025 £000 Total fvnds 2025 £000 Totol funds 2024 £000 Stoff cost5 395 1.314 1.353 Depreclotlon Maintenonce/building/grounds costs Lecturer5/materlols Utilities & Insuronce 195 181 560 724 325 346 245 296 Museum ond Heritoge c05tS Exoms/ Course Volidation Vehicle costs 74 88 52 40 25 25 Staff trovel & troining 38 37 Llbrary 8ook4 perlodicols PromotSon / morketing / bursarles Chopel / Orgon costs Igrimoges ond retreot5 Provlsions/colering supplie5 Cleonlng. kitchen and loundry Trolnlng & welfare Computer support/licences Stotlonery. photocopying, postage ond printlng Professlonol fees 20 24 120 11 35 25 37 104 26 26 37 10 10 10 10 18 Sundries 23 20 Total 2025 528 2.949 3,380 Totol 2024 582 3.390 Poge 33 St Maru's College Oscott CIO Notes to the Finon¢lal Statements For the Year Ended 31 July 2025 Anolysls of expertdlture by octlvltles (tontlnved) Analysls of support costs Total funds 2025 £000 Totol fund5 2024 £000 Adminlstratlve 2025 £000 Stoff costs 173 175 162 Diocesan support Troining & welfare Governonce 10 15 15 23 23 36 Computer sUPPOrt/llcences Stotlonery. photocopying. Po￿age ond printlng Professionol fee5 27 27 31 18 18 19 19 19 17 Sundrles 281 281 Page 34 St Mary's College Oscott CIO Notes to the Flnandal Statements For the Yeor Ended 31 July 2025 10. Staff costs 2025 £000 2024 £000 Woges ond solarle5 Social secursty costs Contrlbullon to defined contrlbution pension schemes 1.222 1.215 108 119 157 181 1.487 1.515 Durlng the ueor. the chority pold redundoncy costs In respect of employees of £100k (2024 - £NII). The overage number of persons employed by the Chorily dur¢ng the yeor wos as follows.. 2025 2024 No. Domestlc and monuol 27 Admlnlstration Educotlon and heritoge 13 14 38 The average heodcount expressed os full-lime eqvivalents was 2025 No. 2024 No. Domestic and monuol 19 25 Administrotion Educotion and heritage io 10 31 38 The number of employees whose employee beneftts (excluding emplouer penslon costs) exceeded £60,000 wo& 2025 No. 2024 ND. In the bond £60,001 - £70,000 In the bond £70.001- £80.000 The total employment beneflts Including employer penslon contrlbutlons ond fees poid to dioceses In respett of the senior monogement personnel were £508k (2024- £551k). Poge 35 St Mary's College 05cott CIO Notes to the Financial Statements For the Year Ended 31 July 2025 Trustees, remuneratlon ond expenses Durfing the year. no Trustees recelved any remvnerotion or other beneflts (2024 £NIL). During the yeor ended 31 July 2025. expenses totolling £1k were reimbursed or pold dlrettly to 3 Trustees (2024 £NIL) for trovel expenses. 12. Tanglble fixed assets Fixtures, fittlngs Solar Cemetery Motor and pone15 Project vehlcles equlpment £000 £000 £000 £000 Land ond colleg& bulldlngs £000 Blomass system £000 Total £000 Cost At 1 August 2024 Addltlons 15.675 693 158 179 546 15.499 59 46 At 31 July 2025 13.675 693 248 197 179 553 15.545 Depreciatlon At l August 2024 Charge forthe yeor 619 215 29 133 171 224 1.391 23 70 25 13 56 195 At 31 July 2025 642 285 146 179 280 1.586 Net book value At 31 July 2025 15.033 408 194 51 273 13.959 At 31 July 2024 13,056 477 219 25 322 14.107 Included in the obove land ond bulldlngs voluotlon is £2.2m of lond whlch Includes the college cemetery. This Is not deprecioted os St15 consldered to hove on Indefinlte life. Poge 36 St Mary's College Oscott CIO Notes to the Finonciol Statements For the Yeor Ended 31 July 2025 13. Herltage assets Assets recognlsed at voluatlon Museum artefatts 2025 £000 Corrying value ot 1 August 2024 1,858 At 31 July 2025 1.858 Herltage assets reported In the balonce sheet The Museum ot Oscott contolns ortefocts. gorment5. sculptures ond ortwork primarily reloting to the Catholic Herltage of Oscott ond the Cotholic Church In the West Mldlonds. Acqulsifion. preservotlon mGnogementonddispos01 There ore oround 1.000 Items In the Museum collection inclLJdlng o signlflcant amount of memoroblllo which Is of no commerciol value. These Item5 hove either been used hbstorlcolly by the Semlnoru, or have been donoted by locol porlshes or indlviduo15 linked with the College. No significant donations hove been received In the lost 10 yeor& In order to ossess the volue of the collection in o timely and cost effective manner, only item5 Wlth on Indlvlduol voluotlon of £10.000 or more were professlonally osse5sed in July 2011. 69 Items were Identlfied os folllng into this Category. Includino fvrnlture, sculptures ond paintings, ond these Items were then a￿eSsed by Mr Brendon Flynn. who is on expert ort hlstorlon. a Curotor of Fine Art and o lead officer ot Blrminghom Clty Council for the CAS Speciol Collectlons Scheme ond rhe Art Fund Internotlonal Scheme. He 15 also o mentor for the RBSA ond the work wos corried out vlo VA Conservotlon, Oxford. The voluotlon of these Items Is shown on the bolonce sheet. Where costs ore incurred reloting to the preservotlon of Item5 these ore expensed In the yeor In whlch they occur. The mojorlty of Item5 Wlthln the collectlon ore unllkely to be dlsposed of as they relote dlrettly to the history of the Colleg& Any such d15POs01 would be wlth the outhorlsotlon of the Trustee5. but the value of the collection is more in terms of herltage. rather thon o signSficant volue In monetory terms. The herltage ossets were revolued durlng 2023 by Veronlko Vlkovo of Morevo Conservotion Ltd, o PACR Accredlted Conservotor-Re5torer. ond o Member of ICON. The revaluotlon resulted in on Increosed valuotlon for the heritoge ossets prevlously recognlsed In the balonce sheet to o volue of £1,216k. It also resulted In the cognitlon of an odditionol £642k of herltage ossets whlch were previously not recognised on ihe bolonce sheet. leoding to on overoll incfeose in volue of £1.033k. The Trustee5 ore sotlsfied thot this remoins o true flecrion of foir volue os at 31 July 2025. Poge 37 St Mary's Collegè Oscott CIO Notes to the Finonclal Stotements For the Year Ended 31 July 2025 13. Herltage assets (contlnued) Heritage assets not reported In the balonce sheet Records maintulnedof rhe collecfions andocce55 by thepubllc All Museum item5 ore recorded in on Inventory supported by o photogrophlc orchlve of the molor pieces in the collection. The mojority of items ore kept In the College Museum 05though some of the lorger pieces of sculpture ore on dlsploy oround the College. The Publlc hove occess to Oscott on many occoslons during the yeor, but ore speclficolly able to view items In the Museum collection during Visitor Sundoys (held once eoch term) and during College Tours, which run on most Wedne5doy ofternoons durlng term time, as long os thls does not interfere wlth the needs of the Seminary. Speclol Collection Librory The Special Collection Library contolns o collection of some 20,000 books from the 15th 19th Century. These were donated to the College going back over neorly 200 yeors ond records of the donors ore nol ovolloble In most coses. The books have been collected over the years through donations by Indivlduals ond parlshe5. but no signlficont donotlons hove been received in the lost 10 yeors. No voluotion hos been derived for the contents of the Speclol Collertion Lsbrory. It Is the Intentlon of the Trustees to Identlfu experts who may be able to volue these collections. but it is our opinion ihot it Is not currently posslble lo provlde o relioble estlmote of their volue in o cost effectlve manner. The lack of similar collections meons thot the cost of valulng such a diverse array of books significontly outwelghs the beneflt to the chorlly of dolng so. The Librory 15 on Important part of the hlstory of the Cothollc Church in the Untted Kingdom enobllng reseorch to be undertaken whilst preserying the books for future generattons. No sirnilor books have been sold recently so no market volues ore available wlth which to compare the 05cott Collection. All books ore cotologued ond ore ovoilable to reseorchers and mernbers of the publlc by prlor appointment with the Llbrarion. It 15 very unlikely that the collectlon would evef be disposed of. Upon request, ond poyment of o fee to cover cost& certain books have been digitolly sconned so that reseorchers overseos ore oble to access the texts. Some books are so dellcate thot this would not be posslble. The collectlon is housed In on environmentolly controlled ond damp proof room to preserve the book5 In os good o condltlon as posslble. The cost of any restoratlon or p￿servOtion is ossessed on o book by book bosis ond hos to be considered In relation to the perceived Importance of the documents concerned. Any such costs ore expensed os they occur and are usually budgeted for in odvonce. 8ecouse the collection is kept In o controlled environment the costs of such preservatlon are hopefully minlmlsed. Chopel and Sacrlsty Fixtures ond flttlngs There ore vorious vessels. chosubles and other church objects thcrt ore used In daily worshlp in the College Chapel by Osc0￿ s staff ond students. The majority of the items hove been at the College for o considerable tlme and hove been donated for Chapel use during the last 150 yeor5 or more. These Items hove not been volued os the cost of dolng so Is deemed by the Trustees to outweigh the benefit 05 the College would not look to dispose of anu Item5. The College hos Publlc Sundoy evening worshbp, during whlch the items ore used ond o display. All items hove been colologued ond are locked owoy when not in use. Any costs reloting to their preservotion or rep(3ir ore expensed os ihey occur. Page 38 St Maru's College Oscott CIO Notes to the Flnonclol Statements For the Year Ended 31 July 2025 13. Heritage assets (contlnued) Analysis of heritoge asset transactlons 2025 2024 2025 £000 2022 £000 2021 £000 £000 £000 Voluation of heritoge assets Existing museum ortefacts previously not valued Increose in voluotion of previously volued museum ortefacts 642 391 Change In valuatlon 1.033 14. Investment property Frèehold Freehold ground Investment property £000 Total £000 £000 Valuation At 1 Augv5t 2024 575 647 At 31 July 2025 575 72 647 V¢lu¢tions of Freehold Property Investments ond Ground Leoses were carried out in July 2024 by GJS Dillon, Chartered Surveyors ond valuers on on open morket bosig The Trustees ore sotisfied that this remolns o true reflection of fair volue as ot 31 July 2025. Freehold Ground leoses were re-volued in July 2024 ot between £26,000 and £46.000 eoch. The Trustees ore sgtisfied that thls remolns o true reflection of folr value os at 31 July 2025. Page 39 St Mary's College 05cott CIO Notes to the Flnanclal Statements For the Year Ended 31 July 2025 15. Flxed asset Investment$ 2025 £000 2024 £000 Llsted investments Morket volue ot beginning of period AddStions 27.455 27.855 11.560 25.966 Olsposols Unreollsed galns/llosses) Reoli5ed (losses)/goins U1.827) (28,539> 0,542) 3.73 1.574 (30) Morket value at end of pèrlod 28.550 27,453 Cosh held by 5nvestment monogers 1.915 3.462 30.445 30.915 The cosh held by investment rnonogers Includes o liquidlty fund whereby funds con be wlthdrown qulckly If needed. 16. Debtors 2025 £000 2024 £000 Due within one year Trode debtors 42 41 Other debtors Prepayments ond occrued Income 125 65 165 106 Poge 40 St Mory's College Oscott CIO Notes to the ￿nancial Stotements For the Yeor Ended 31 July 2025 17. Credltors: Amounts falling due wlthln one year 2025 £000 2024 £000 Trade credltor5 114 134 Other toxalion ond 50cioI securlty Other credltor5 30 32 Accruals and deferred income 50 54 197 220 18. Statement of funds Statement of funds - current year Balance at l August 2024 £000 Balance ot 51 July 2025 £000 Transfers in/out £000 Gains/ (Losses) £000 Incomé £000 Expendlture £000 Unrestricted fvnds Deslgnated funds Investment revoluotion fund 1957 (988) 1.969 Herltoge ossets revoluolion fund 1.858 1,858 Lond ond bullding5 revoluation fund 13.055 (25) 13,032 College molntenonce f und 5.000 (290) 290 5.000 Cemetery mclntenance fund 4.137 (23) 86 4.200 27.007 (336) 376 (988) 26.059 General funds Generol Funds 20.489 2.346 (2.968) (376) 2.332 21.823 Total Unrestricted funds 47.496 2.346 G.504) 1.344 47.882 Poge 41 St Mary's College Oscott CIO Notes to the Flnandal Statements For the Year Ended 31 July 2025 18. Stotement of funds (contlnued) Stotement of f und$ - prlor year Bolonce ot l August 2023 £000 Transfers in/out £000 Gains/ Bolance ot (Losses) 31 July 2024 £000 £000 Income £000 Expenditure £000 Unrestrlcted funds Designated funds Investment revaluotion fund 4.499 0.542) 2.957 Herttoge ossets revaluotion fund 1.858 1.858 Lond and bulldlngs revaluation fund 13,078 (23) 13.055 College molntenonce f und 5.000 (565) 565 5.000 Cemetery mointenonce fund 4.069 (33) (7) 101 4,137 Museum fund (59) Environmentol projects fund 92 (92) 28.662 (628) 515 (1.542) 27,007 General funds Generol Fund5 17.815 2.600 (3,134) (515) 3.723 20.489 Totol Unrestrlcted funds 46,477 2.600 (3.762) 2,181 47.496 Poge 42 St Mary's College Oscott CIO Notes to the Flnanciol Statements For the Year Ended 31 July 2025 18. Statement of funds (contlnued) Investment revaluation fund Thls represents the revoluotion element of the Investments whlch fluctuate on o doy to doy bosls. The trustees befieve Ihot It Is Inappropriate to consider thot this unreolised surplu5 is ovolloble for the ongoing work of the College. Thi5 includes unreolised voluation movements in Investment property. Herltuge asset revalvatlon fund Thls represents the revoluotlon of Heritoge 05sets held by the College. The Irvstees believe thot tt is inoppropriote to consider that this unreollsed voluotlon surplus Is avalloble for the ongoing work of the College. Lond and buildings revaluation fund Thls represents the revoluotlon of College land ond buildings. The trustee5 believe thot It Is Inappropriote to conslder that this unreollsed valuotlon surplus Is avolloble for the ongolno work of the College. College maintenance fund This fund is colculated bosed on on estlm(rte of future molntenonce of the College building and grounds over the next ten yeors. It represents the ongolng onnuol mointenance costs 05socloted wlth on asset of the size ond quolity of the College. in order to keep the fobri¢ of the bulldlng sound and suitable for the purposes of the chority. Cemetery malntenonce fund This is on amount set oslde to meet the estlmoled cost of providlng future mointenance to the buriol plots. each of which Is leosed to the plot holder for o period of 75 years. Mus•um fund Thls fund wos creoted to Identlfy the revenue from the coln sole In 2020. which w05 set a51de to fund o refurbishment of the Museum disploys ond storoge cabinets. which hove now been purchosed. Thls hos been fullu utllised ond the year end bOlon￿ Is £NII. Environmental projects fund Thls fund wos creoted to designote f(Jnd5 for use In envlronmentol copitol projetts. Thls hos now been fully utlllsed and the year end balance Is £NII. Poge 43 St Mary's College 05cott CIO Notes to the Flnanciol Statements For the Year Ended 31 July 2025 19. Analysls of net assets between funds Analysis of net assets between funds- current year Unre5trlcted funds 2025 £000 Totol funds 2025 £000 Tonglble fixed ossets Flxed osset Invesiments 13.959 13.959 30.445 50.445 Inve5trnent property 647 647 Heritage ossets 1,858 1.858 Current ossets 1.170 1.170 Credltors due wlthln one year (197) 097) Total 47.882 47.882 Anolysis of net assets bètween funds - prior yeor Unrestrltted funds 2024 £000 Total funds 2024 £000 Tangible fixed ossets Flxed osset Snvestments 14,108 14.108 30,915 30.915 Investment property 647 647 Heritoge assets Current assets 1.858 1.858 188 188 Creditor5 due withln one year (220) (220) Total 47.496 47.496 Poge 44 St Manj's College Oscott cio Notes to the Flnanclal Statements For the Yeor Ended 31 July 2025 20. Reeonclllatlon of net movement In funds to net cash flow from operatlng octlvltles 2025 £000 2024 £000 Nei income for the year (os per Stotement of Flnonclol Actfvlties) 386 1.009 Adjustments for.. Depreciotlon chorges Net (goln) /10ss on Investments Investment Income recelvable 195 181 0.391) (2.171) (940) (583) (Increose)/decre¢se in debtors Increase In creditors (59) 24 46 43 Net cash used In opèratlng actlvltl6s 0.428) 0.832) Analysis of cash and cash equivalents 2025 £000 2024 £000 Cash In hond 1,005 82 Total cash and cosh equlvalents 1.005 82 22. Anolysis of changes in net debt At 1 August 2024 At 31 July 2025 £000 Cash flows £000 £000 82 Cosh ot bonk and In hond 923 1,005 82 923 1.005 Poge 4S St Mary's College Oscott CIO Notes to the Financial Statements For the Year Ended 31 July 2025 23. Pension commttments The Chorlty operotes o defined contributlon penslon scheme. The ossets of the scheme ore held seporatelu from those of ihe Charlty In an Independently odmlnistered fund. The penslon c05t charge represents contributions payoble by the Charlly to the fvnd. At the bolonce sheet dote £Nil (2024 £Nil) wos poyoble to the fund. 24. Related party transoctlons The Most Rev. Bernord Longley, Right Rev. Richord Wolker, ond Right Rev. David Evons ore trustees of St Mory's College oscott CIO and are olso trustees of the Archdiocese of Blrminghom - Chority no 234216. Student fees ore chorged to the Archdiocese for seminorlon5 Ot the standord full rote. During the yeor £164k wos charged to the Archdiocese of Birmlnghom in Seminorian and dioconate fees (2024.. £155k). In oddftlon. rent of £48k (2024-. £47k) was chorged to the Archdsocese for use of Grove House ond other offlce space on the college slte. Rent is chorged ol morket rotes and Included withln renlol income. Rechorges for staff seconded to the Archdiocese omounted to £33k (2024.. U2k) ond other rechorges amounted to £1k (2024: £1k)- Other Income omounted to (2024.. £8k). At the year end there was a bolonce of £IOk (2024.. £10k) owed to the college. Stipends ond expenses of £77k (2024-. £76k) were poid to the Archdlocese of Birminghom in respett of resldent prlests. ond are inclvded within Lecturers. costs. No bolonces remoined poyoble at the yeor end (2024.. £nll). A further £16k (2024.. £13k) wos charged to the diottse for Olocesan retreots and events hosted al the college. No trustee or other person related to the Chorltu had ony per50nol interest In anu controct or tronsoctlon entered into by the Chority durlng the yeor. Poge 46