2021-12-31-accounts

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Trustees' report and financial statements

for the year ended 31 December 2021 Charity Registration Number: 239857

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Contents

	Page
Legal and administrative information	1
Trustees report	2 - 5
Auditors' report to the trustees	6 - 8
Statement of financial activities	9 - 14
Balance sheet	15
Notes to the financial statements	16 - 20

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Legal and administrative information

Charity number	239857
Registered office	Hagley Road
	Edgbaston
	Birmingham
	B16 8UE
Trustees	The Very Reverend Ignatius Harrison
	The Reverend Anton Guziel
	The Reverend Dominic Edwards
Auditors	Barnett Ravenscroft Limited
	13 Portland Road
	Edgbaston
	Birmingham
	B16 9HN
Bankers	Svenska Handlesbanken AB
	Handlesbanken Corporate Dept.
	3rd Floor
	67 Temple Row
	B2 5LF
	LloydsTSB Bank plc
	Five Ways
	Edgbaston
	Birmingham
	B15 1QL
Solicitors	Shakespeares Martineau Solicitors
	Somerset House
	Temple Street
	Birmingham
	B2 5DJ
Investment Managers	Wealthtime
	The Oak House
	Barford Lane
	Downton
	Salisbury
	SP5 3QA

Page 1

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Report of the trustees

for the year ended 31 December 2021

The trustees present their report and the financial statements for the year ended 31 December 2021. The trustees who served during the year and up to the date of this report are set out on page 1.

Structure, governance and management

By a Declaration of Trust dated 4 March 1873 the Very Reverend John Henry Newman, the Reverend Ambrose St. John and others being members of the English Congregation called the Oratory of St Philip Neri at Birmingham settled certain property irrecovably and permanently for charitable and particularly religious and educational puposes for the exclusive benefit of persons professing the Roman Catholic Religion.

Under the terms of a further Deed dated 3 October 1942 the Trustees hold the Trust Property upon trust for the advancement and maintenance of the Roman Catholic Religion in England and particularly in or in the vicinity of the City of Birmingham or for charitable objects connected therewith in such manner as the Superior and Council of the Birmingham Oratory in their absolute discretion from time to time think fit and proper.

Appointment of Trustees

The Trustees who served during the year are as show on page 1. The Trustees take such action as they consider necessary to keep themselves informed of changes in charity law and governance. All matters of policy and management of the Trust are determined by the Trustees at their meetings.

Management

The overall management is entrusted first and foremost to the Provost.

Risk Management

The Trustees have examined the major strategic and operational risks which the charity faces and are satisfied that systems have been established and that all necessary steps have been taken to minimise the effects of all such risks as may exist. They exercise caution in their investment policy so as to preserve enough income for the Oratory's needs.

Financial review

Due to the continuing Covid 19 Pandemic and resultant lockdown the Sunday Obligation to attend Mass is suspended and the rules concerning 'Social Distancing' have meant fewer people are allowed in church. The inevitable result has been a decrease in Church & Parish income in 2021 compared with previous Covid free years. The Restoration Fund however continue's to receive donations.

The urgent restoration of the Cardinal Newman Library and Cardinal Newman's Room continued in 2021, the main works being completed approximately two-thirds through the year. In June, a bank loan of £400,000 was secured to assist with the deficit in funding for the project.

Fund raising continued throughout the year and the overall deficit remaining as at the end of March 2022 is c. £200,000. Donations continue to be received, though at a much lower level than at the launch of the Appeal.

The Church Restoration Fund continues to receive small donations. No restoration work has been undertaken in 2021 and this will require consideration.

There are no other significant reports to be made

Page 2

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Report of the trustees for the year ended 31 December 2021

Reserves Policy

The Trustees have established a policy whereby the unrestricted funds not committed or invested in fixed assets ('the free reserves') should amount to at least £200,000 to meet ongoing expenditure on the regular activities of the charity. As at the year end such reserves were £579,535 (2020 : £407,082), compared with the previous year having had additional one off costs during the year as shown on pages 11 to 12.

The Canonisation Reserves reman overdrawn at the year end. The bank account remains in credit. However, further costs are expected in connection with Decretal Letter's.

Investment Policy

The Trustees have wide powers to invest the Charity's funds, and do so in order to generate income to meet the objectives as laid down by the trust Deed, and obtain capital growth when possible with an eye to future developement.

They have for this purpose arranged for the the Charity's investment portfolio to be managed on a discretionary basis by Tilney Wealth Management Investments and in formulating their instructions to them they consider the income requirements, the risk profile and the investment manager's view of the market prospects in the medium term. The Trustees also operate an ethical investment policy, avoiding companies involved in armaments and those whose activities are contrary to the Catholic doctrine.

Objectives and activities

The formal objects of the charity are as follows :

" The Trustees hold the Trust property for the advancement and maintenance of the Roman Catholic Religion in England and particularly in the vicinity of the City of Birmingham or for the charitable objects connected therewith. The Trustees may provide and equip churches, chapels colleges and similiar buildings including orphanages, hospitals and hostels to be used for the Trust's charitable purposes and may assist with money or otherwise any such buildings or other charitable organisations existing from time to time in connection with the work of The Oratory ".

In shaping the charity's objectives for the year and planning its activities the Trustees have considered the Charity Commission's guidance on public benefit.

The immediate aims of the Charity are to further the formal aims above by :

• a constant high level of services in their church including a longstanding musical tradition and regular preaching.

• the running of the Oratory parish and its primary school

• the promotion of Saint John Henry Newman by :

• publication of his letters and diaries, and other writings

• presevation, renovation and organisation of buildings, documents, photographs, books and memorabilia connected with Saint John Henry Newman

• organisation of large services, pilgrimages and meetings

• studies and writing connected with the life and teaching of Saint John Henry Newman

• Catholic educational works at the Trustees' discretion

• The John Henry Newman Institute of Liturgical Music

Page 3

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Report of the trustees for the year ended 31 December 2021

Achievements and performance

The Archives in the care of the Community consist of the :

• (a) writings, manuscripts, documents, photographs and memorabilia connected with Saint John Henry Newman

• (b) and papers of past members of the Community other than Newman and the apostlic works they have undertaken (i.e. The Oratory School, The Oratory Primary School, The Oratory Choir, St Philip's Grammar School and Sixth Form College, The Oratory Parish and the Orphanage).

The Restoration Fund :

As mentioned on page 2 the restoration fund has continued to receive regular small donations throughout the year and this will continue into next year.

Rednal

There is still a need for some further renovation to part of the house to make it suitable for the Fathers to use.

Co-operation with other churches and bodies

The Oratory being of "Pontifical right" works to some extent independently of the Birmingham Roman Catholic Archdiocese and to some extent with it. Many matters require the Archbishop's help or approval. In all parochial and educational matters it is under the Diocese and works with it.

Each Oratory is autonomous with its Provost a major Superior but it is part of a worldwide confederation that meets on an annual or sexennial basis in Rome.

Pastoral work however is confined to our own locality except for the apostolate of individual Fathers which must have community approval. In our own locality including in our primary school, this has continued unabated.

Volunteers

The Fathers of the Oratory (Congregation of the Oratory of St Philip Neri) rely substanially on volunteer help and financial support in many of their pastoral activities, and are much encouraged by the continuing level of commitment from a large number of people over many years.

Website

For further details of the activities of the Oratory please refer to our website www.birminghamoratory.org.uk.

Page 4

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Report of the trustees for the year ended 31 December 2021

Statement as to disclosure of information to auditors

In so far as the trustees are aware:

• there is no relevant audit information of which the charity's auditors are unaware; and

• the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

Statement of trustees' responsibilities

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

The law applicable to charities in England and Wales, The Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resource, including income and expenditure, of the charity for that period. In preparing the financial statements the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities Statement of Recommended Practice;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on a going concern basis unless it is inappropraite to assume that the Charity will continue.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditors

Barnett Ravenscroft Limited were appointed auditors have expressed their willingness to continue and are reappointed for the current year.

Approved by the Trustees on 13 July 2022 and signed on its behalf by :

...................................

The Very Reverend Ignatius Harrison

Page 5

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Independent auditor's report to the trustees of THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Opinion

We have audited the financial statements of The Oratory Of Saint Philip Neri At Birmingham (the 'charity') for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet and the related notes. The financial reporting framework that has been applied in their preparartion is applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 31 December 2021, and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

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

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

• the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

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

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

We have nothing to report in this regard.

Page 6

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Matters on which we are required to report by exception

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

• the information given in the financial statements is inconsistent in any material respect with the trustees' report; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

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

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

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charity's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

• Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Page 7

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit

Use of our report

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

...........................................

B.D. Eley FCA (Senior Statutory Auditor) For and on behalf of Barnett Ravenscroft Limited Chartered Accountants and Statutory Auditors 13 July 2022

13 Portland Road Edgbaston Birmingham B16 9HN

Page 8

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Statement of financial activities

For the year ended 31 December 2021

	Unrestricted	Unrestricted	Unrestricted		Restricted			2021				2020
		funds			funds			Total				Total
		£			£			£				£
Incoming resources
Main Trust		436,098			-			436,098				318,077
Church and Parish		243,810			-			243,810				269,179
Canonisation Fund		-			890			890				875
Total incoming resources		679,908			890			680,798				588,131
Resources expended
Charitable activities and support costs :
Main Trust	1,020,946				-		1,020,946					657,231
Church and Parish		218,164			-			218,164				198,551
Canonisation Fund		-			-			-				173
	1,239,110				-		1,239,110					855,955
Governance costs :
Audit fees		8,180			-			8,180				7,620
Total resources expended	1,247,290				-		1,247,290					863,575
Net outgoing resources before other
recognised gains and losses for the year		(567,382	)		890			(566,492	)			(275,444	)
Profit on disposal of tangible fixed assets		-			-			-				-
Net incoming/(outgoing) resources before
other recognised gains and losses		(567,382	)		890			(566,492	)			(275,444	)
Other recognised gains and losses
Listed Investments :
Realised		129,285						129,285				90,377
Unrealised	1,087,228						1,087,228					359,270
Investment management costs		(84,948	)		-			(84,948	)			(75,295	)
	1,131,565				-		1,131,565					374,352
Net movement in funds		564,183			890			565,073				98,908
Total funds brought forward	15,612,715				) (102,944		15,509,771				15,410,863
Total funds carried forward	16,176,898				) (102,054		16,074,844				15,509,771

The statement of financial activities includes all gains and losses in the year and therefore a separate statement of total recognised gains and losses has not been prepared.

All of the above amounts relate to continuing activities.

The notes on pages 16 to 18 form an integral part of these financial statements.

Page 9

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Statement of financial activities

For the year ended 31 December 2021

Main Trust Income resources from charitable activities : Donations and gifts Benefactions Sundry income Museum Furlough claims Royalties and book sales Investment income Rents receivable Income and fixed interest receipts Total Church and Parish Income resources from charitable activities Donations and gifts Offertory collections Diocesan collections and levies Other collections and levies Collections for third parties Other donations Restoration fund Furlough claims Gift Aid Provision Sundries Incoming resources from generating funds Weddings, funerals, candles, alms and stole fees Piety stall Chaplaincies Room hire and sale of refreshments Total	2021 Total £ 385,995 629 260 - 2,367 389,251 46,828 19 46,847 436,098 2021 Total £ 151,623 520 12,673 15,930 5,112 2,532 - 4,000 155 192,545 38,868 5,652 2,000 4,745 51,265 243,810	2020 Total £ 263,238 315 750 1,935 3,632
		269,870
		47,898 309
		48,207
		318,077
		2020 Total £ 101,013 - 16,531 7,690 2,557 48,196 3,869 49,998 131
		229,985
		30,588 3,066 2,350 3,190
		39,194
		269,179

Page 10

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Statement of financial activities

For the year ended 31 December 2021

Canonisation Fund Income resources from charitable activities Donations and gifts Donations	2021 Total £ 890 890	2020 Total £ 875
		875

Page 11

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Statement of financial activities

For the year ended 31 December 2021

2021 Total £ Charities activities and support : Main Trust Community allowances 71,071 Rev J Tolhurst 6,852 Provisions and catering 43,438 Temporary kitchen staff 650 Pilmgrimage deficit ) (328 Repairs and renovations 65,658 Cardinal Newman library and room 642,150 Fire safety works 2,280 Legal fees 9,032 Light, heat and water 34,706 Insurances 20,309 Postage, printing and stationery 528 Council tax 6,378 Telephones 319 IT expenses 5,883 Motor and travel expenses 16,745 Staff wages, social security and pension costs (less the Archivist's reimbursements) 59,462 Household cleaning 9,760 Sundries 14,506 Bank charges and arrangement fee 4,734 Bank loan interest and charges 5,813 Motor depreciation 1,000 1,020,946

2020 Total £ 59,753 6,852 37,949 5,481 - 48,595 364,667 - 5,402 22,451 17,804 537 6,064 964 3,497 11,709 50,062 8,901 5,728 815 - -

657,231

Page 12

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Statement of financial activities

For the year ended 31 December 2021

		2021		2020
		Total		Total
Charities activities and support :		£		£
Church and Parish
Music provision		44,882		37,576
Organ servicing		2,284		1,761
Altar society purchases		810		135
Parish expenses		3,448		3,342
Light, heat and water		15,195		11,621
Insurances		39,054		31,769
Repairs and maintenance		5,752		14,816
Candles, particles and wine		10,093		7,130
Donations and honoraria		-		90
Vestments		2,093		1,115
Legal fees		-		1,050
Bank charges		1,600		1,072
Telephone		319		964
IT expenses		5,883		3,497
Staff wages, social security and pension costs		73,795		62,914
Advertising		-		10
Cleaning		464		1,586
Sundries		4,069		3,534
Collections remitted		5,994		10,972
Church stall		2,429		3,597
		218,164		198,551
Total	1,239,110			855,782

Page 13

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Statement of financial activities

For the year ended 31 December 2021

Charities activities and support : Canonisation Fund Website hosting costs Printing	2021 Total £ - - -	2020 Total £ 173 -
		173

Page 14

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Balance sheet as at 31 December 2021

Notes Fixed assets Tangible assets 4 Investments Listed investments 5 Current assets Debtors 6 Short term deposits 6 Cash at bank and in hand Creditors: amounts falling due within one year 7 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 8 Net assets Represented by Funds 10 Unrestricted funds: General fund Revaluation reserve Restricted Funds Newman Canonisation Fund Total funds	2021 £ £ 5,919,897 9,688,678 15,608,575 11,382 262,847 590,648 864,877 ) (84,288 780,589 16,389,164 ) (314,320 16,074,844 8,190,298 7,986,600 16,176,898 ) (102,054 16,074,844	2020 £ £ 5,920,897 9,067,975 14,988,872 3,201 232,535 418,386 654,122 ) (133,221 520,901 15,509,773 - 15,509,773 8,713,345 6,899,372 15,612,717 ) (102,944 15,509,773

The financial statements were approved by the trustees on 13 July 2022 and signed on its behalf by

The Very Reverend Ignatius Harrison Trustee

The notes on pages 16 to 18 form an integral part of these financial statements.

Page 15

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Notes to financial statements for the year ended 31 December 2021

1. Accounting policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year.

1.1. Basis of accounting

The financial statements are prepared under the historical cost convention and in accordance with the Statement of Recommended Practice 'Accounting and Reporting by Charities: Statement of Recommended Practice' issued in March 2005 (SORP 2005) and the Charities Act 2011.

1.2. Cashflow

The charity has taken advantage of the exemption in FRS1 from the requirement to produce a cashflow statement because it is a small charity.

1.3. Incoming resources

Income from properties and investments is accounted for in the year in which it is receivable. Voluntary income and other incoming resources are included in the statement of financial activities when recivable.

1.4. Resources expended

Expenditure on charitable activities, governance and generating funds is recognised and accounted for in the year to which it relates.

Governance costs comprise the costs associated with involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to statutory audit, legal and other professional fees.

1.5. Tangible fixed assets and depreciation

The initial cost incurred by the Oratory in providing buildings, fixtures, fittings equipment and motor vehicles is capitalised. Renewals of furnishings and fittings are charged to revenue . The cost less residual value of the remaining short life assets is written off to reveune over the expected useful life, as follows:

• Fixtures, fittings and equipment 25% straight line Motor vehicles - 25% straight line

Freehold buildings are not depreciated on the grounds that they are maintained regularly to a hgh standard and, in the opinion of the trustees, the estimated residual value is so high and the anticipated useful life so long that any depreciation is unlikey to be material in the context of the accounts. The trustees have carefully considered any impairment in the carrying value of the properties and a provision is not considered necessary.

1.6. Investments

Investments held as fixed assets are revalued at market value at the balance sheet date and the gain or loss taken to the statement of financial activities.

1.7. VAT

Value added tax is not recoverable by the charity and as such is included in the relevent costs in the Balance Sheet and Statement of Financial Activities.

Page 16

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Notes to financial statements for the year ended 31 December 2021

2. Charitable status and taxation

As a charity, The Oratory of Saint Philip Neri at Birmingham, is exempt from tax on income and gains falling within section 478 of the Taxes Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen within the charity.

3. Salaries and wages

Salaries and wages
Wages and salaries Social security costs Pension costs	2021 £ 127,010 4,576 1,671 133,257	2020 £ 108,673 2,761 1,542
		112,976

No employee received emoluments of more than £60,000 (2020 : None).

Number of employees

The average monthly numbers of employees (including the trustees) during the year, calculated on the basis of full time equivalents, was as follows:

Sacristan Management and administration Doormen Archivist Catering	2021 Number 2 1 3 1 2 9	2020 Number 1 1 3 1 2
		8

Page 17

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Notes to financial statements for the year ended 31 December 2021

Land and Fixtures, 4. Tangible fixed assets buildings fittings and freehold equipment £ £ Cost At 1 January 2021 and At 31 December 2021 5,916,897 39,153 Depreciation At 1 January 2021 - 39,153 Charge for the year - - At 31 December 2021 - 39,153 Net book values At 31 December 2021 5,916,897 - At 31 December 2020 5,916,897 -	Motor vehicles Total £ £ 4,000 5,960,050 - 39,153 1,000 1,000 1,000 40,153 3,000 5,919,897 4,000 5,920,896

The Trustees have considered the valuation previously attributed to the freehold properties and are of the opinion that the value remains appropriate as at 31 December 2021. The trustees have also considered the need for an impairment review and have concluded that no signs of impairment have ocurred.

Due to the unique nature of the property and its deed of convenant surrounding the property it is very difficult to fairly value.

Page 18

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Notes to financial statements for the year ended 31 December 2021

5.	Fixed asset investments
			2021				2020
			£				£
	Listed Investments
	Cost
	At 1 January 2021	7,838,535				8,422,035
	Withdrawals		(501,980	)			(268,295	)
	Disposals		(417,187	)			(315,205	)
	At 31 December 2021	6,919,368				7,838,535
	Surplus/(deficit) on revaluation
	At 1 January 2021		773,868			1,064,158
	Eliminated on disposals		(773,868	)		(1,064,158		)
	Adjustment for the year	2,150,951					773,868
	At 31 December 2021	2,150,951					773,868
	Market value
	At 31 December 2021	9,070,319				8,612,403
	At 31 December 2020	8,612,403				9,486,193
	Investments at market value comprised
	Equities and unit trusts	9,070,319				8,612,403
		9,070,319				8,612,403

All investments are quoted on the UK Stock Exchange and have been acquired within the Trustees' powers.

The consolidated fixed asset investments have continued to provide a return as expected with appointed fund management Index Wealth Management.

6. Debtors

Sundry debtors and prepayments Short term deposits	2021 £ 11,382 262,847 274,229	2020 £ 3,201 232,535
		235,736

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THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Notes to financial statements

for the year ended 31 December 2021

7. Creditors: amounts falling due

within one year Bank loan Other creditors and collections not remitted Accruals and deferred income 8. Creditors: amounts falling due after more than one year Bank loan	2021 £ 57,143 4,703 22,442 84,288 2021 £ 314,320	2020 £ - 103,677 29,544
		133,221
		2020 £ -

9. Funds

Unresticted General Fund

This comprises those funds which the Trustees are free to use in accordance with the charitable object.

Revaluation Reserve

This represents the unrealised surplus arising on the revaluation of properties and listed investments.

Restricted Canonisation

This comprises funds specifically given for the ongoing promotion of the Cause for Canonisation of Cardinal Newman. It is overdrawn at the year end as the Trustees have had to incurr expenditure in advance of receiving donations for the cause.

10. Analysis of net assets by fund

Analysis of net assets by fund
	**General **	Revaluation	Restricted	Total
	funds	funds	funds	funds
	£	£	£	£
Fixed assets	8,190,296	7,986,600	-	16,176,896
Net current assets/(liabilities)	-	-	) (102,054	(102,054	)
Net assets	8,190,296	7,986,600	) (102,054	16,074,842

11. Transactions with trustees

As members of the Congregation the Trustees' living expenses were borne by the charity. No remuneration was paid to any Trustee from Charity Funds during the year. Payments to meet clothing and other incidental expenses are made to the Oratory Fathers.

Other than stated above no Trustees had a beneficial interest in any contract with the charity.

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