THE ORATORY OF SAINT PHILIP NERI A T BIRMINGHAM Trustees, report and fmancial statements for the year ended 31 December 2023 Charity Registration Number: 239857
THE OtL4TORY OF SAINT PHILIP NERI AT BIRMINGHAM Contents Page I£gai alld adminisimive information TnJsi¢gs r¢port Audiiors, report ro the tru51ees SialenTht of financial aciivities 9-14 Baiane¢ she¢1 15 Notes to the financial siarements 16-20
THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM Legal and administrative information Charity number 239857 Registered office Hagley Road Edgbaston Birminghatn B168UE Trustees The V¢ry Reverend Ignatius H2rri$0n The Reverend Anton Gu7iel The Reverend Dominic Edwards Auditors Barnett Ravenscroft Limited 13 Portland Road Edgbasto BirMin]aM B169HN Bankers SY¢n5ka Handlesbanken AB Handlesbanken Corporate Dept. 4th Floor 103 Colmor¢ Row B3 3AG Lloyds B3nk plc 125 High StreeL Harborne Birniinghaoi B179NP Solicitors Shakespeare Martin¢au Solicitors I Colmtsre sqUe Bimisngham B4 6AA Investsnent Managers Transact Integraied Financial AangeMentS L(d 29 Clement's Lane London EC4N 7AE PAge I
THE ORATORY OF SAINT PHILIP NE AT BIRMINGHAM Report of the trustees for the year ended 31 Deeember 2023 The present their report and the financial sÉatemen¢s for the year end¢d 31 DecenEr 2023. Th¢ ITusEees who served during ihe year and up to the date of this ittpon are sei olli on page l. Structure) governance and management By a Declaration ofTwst dated 4 March 1873 th¢ Very Revetend Johtj Henry Newman. the Rev¢r¢nd Ambr05e Si. John and others bein8 mernbers of the English Congregation called th¢ Oratory of St Philip Neri ai Birniingham seiiled certain property irrecovably ttnd permanendy for chari¢able (Ind paTticularly religious and educa110] puposes for the exclusive benefit of persons professing the Ron Catholic Religion. Under the terms of a Funher Deed dated 3 Ociob¢r 1942 the TThstee5 hold the Thist Property trust for Ihe adv2n¢emeni attd mwnienance of iht Roman Catholic Religion in England and particularly ID or in the vieiniiy of the City of Birjningham or for chatitable objects connected iheT¥Wlth ia] such mann¢r as the Superior and Council of the BnnghaT Oratory in their absoluie discretion from time ia time think fit and proper. Appointment of Trusts Th¢ Trustees who setved during the year are as show on page l. The Trus*es take such action as ihey eotksider ne¢¢ssary io keep theJn5elves informed of changes in charity law and gov¢rnance. All rnatters of policy and manage]nent of thE TrusL aff determined by the TTrtstees at their meeiings. Management The overall management is enttusted fir51 and fDremosi 10 the Provost. Risk Management The Trustees hive examined the tnajor 51rategic and opertiiional risks which ihe charity fa¢e5 and are sdusfied that systeTt)s have been establish¢d and that all necessuy steps have been ¢aken to minimise th¢ ¢ffe¢is of a]1 such risks as may exist. They exercise caution in their inv¢siment policy so to pserve enough income for Ihe Oratory's needs. Finaucial review The rebuild of the mdin church organ which Comtnenced in 2022 wus coinpl¢t¢d in 2023 with an eventual total cosi of £186K (exclusive of VAT). OnÈoing discussions have coniinued in respect of the potentiul development of the CaT park and adjacenr land. Oratory Square Ltd. is set up for the sole pOSe of ihis development. There are no oiher significant repons io be rnade. Reserves Poliey The Trugitts have esiablished a policy whereby the unStrICted tunds noi commiited or itlvested in fixed assets fthe free Eeserves'} should amount to ai leasi £200,000 to meei ongoinB expenditure on the gUlar a¢iiviiies of the chariLy. As at Ihe year end 5llch rese¥ves were £258,148 {2022.. £493.1561. eompared with the preOuS ye&r having had additional one off costs during ihe yeELr as shown on pages I l 10 12. Pagc 2
THE ORATORY OF SAINT PHtLIP NERI AT BIRMINGHAM Report of the trustees for the year ended 31 December 2023 Investment Policy The Trustees have w&de powers to invesi the Charity's futmls, and do so in order to genernie in¢ome io meet the objectives as laid down by the Irusi Deed. and obtain capital growth wlien possible with an eye io h]tur¢ develont. They have for this putyose arranged for the the ChariEy'S investmeni p)rtfolio to be managed on a dis¢retivnary b&5is by Batnett Ravenscroft Wealth Mtsnagement and in forniulating iheiT ItLsiructions to them they consider the irteome requirement5, the risk profile and the invesiment Jn&n4g¢r's view of the market prospects in the medium term. The Trusie¢s also opeNe an ethical inwestmen¢ policy. avoiding companies involved in armaments and those whose activiii¢s atE contrary 10 th¢ Catholic doctrine. Objectiyes and activities Th¢ formal objecis of the charity are as follows '. ' The Truste¢s hold the Trusi pmperty for the advancejneni and mainienance of ¢h¢ Roman C4tsholic Religion IN England and patlicularly in the vicinity of ihe City of Birjningham or for the ¢haritable objecis Connred therewith. The Trusiees may provide aud equip churches. chapels colleges and similiar buildings in¢luding orphanages, hospitals and hostels to be uscd for the Trnst's ¢haTitable PuOseS and may assist with Tnoney or odierwise any 5ULh buildings or oih¢r ¢hariiable organisations exisiiDg from lime ro t1¢ in conneciion wilh lh¢ work of The Oratory. In shaping the Charity's objectives for the y¢ar and plattning its aciivities the TnJ$ie¢s haye considered the Charity CoTrtnis5ion's guidanTr on public Ixn¢fLt. Th¢ IEnmedlaie of Ihe Clwliy are w further the fonmal akms above by .' a constant high level of service8 in their church including a l¢)n8sranding musica] tr*diiion and regular prea¢hing. the running of the Oratory purish and lis prAmary schoo the promotion of Saint John Henry Newman by '. publication tsf his letLers and diaries, aml other writings pres¢vation, r¢novation and organisation of buildings, documents. photograph$. books a1 memorabilia onnecled with Saini John Henry Newman organisaiion of large services, pilgrimages and rneetin8S studies and writing conTrected with the life and leaching of Saint John Henry Newman * The John Henry Newman lttstitute of Li¢urgiciil Music Catholic educational works ai the Trustees, discretion Achievements and performance The Archives in the care of th¢ Community eonsisi of the.. {a) wrirings. manuscripts, docuMenls> photO8raphs and memorabilia conne¢red with Saint JohEJ Henry Newman (b) and papers of past members of th¢ Communaty Ollr ihan NeWll a[ the apostli¢ works they Imve unde¥rak¢n li.e. The OT<ltoiy SLhool. The OraLOry Primary School, The Oraiory Choii. St Philip's GrJmmar School and Sixth Form College, The Oratory PaTi5h and the Orphanage). Page 3
THE ORATORY OF SAINT PHILIP NERI AT BIRMINGlm Report of the trustees for the year ended 31 December 2023 Co-operorioll iviili oiherclitlrches and bodies The Oraiory being of "Pontifical righi" works Lg some exient independenily of the Birn)ingham Rotnan Catholic AFchdiocese and to some extent with It. Many ]naiiers require ihe Archbishop's help or approval. En all parochial and educaiional fftduers li is under the Di(Kese and works with ir. Each Oraiory is autonomous with it5 Provosi a major Superior bui it Is part of a worldwide ¢onfederation Ihat meeEs on an annual or sexennial basis in RonK. pTor1 work however is confined lo our own localiiy except for the dpostolate of individual FLthers which musr have conununiiy approval. In our own locality includi8 Ln our primary school. ihis has coniinued un4bai¢d. Volllnteers The Fathers of the Oraiory (Corwegation of ihe Oraiory of Si Philip Neri) iely subsianially on voluni¢¢r help and financial 5uppofE in nurny of their pastoral activities, and are mu¢h ¢n¢ouraged by the continuing level of commiunent from a Ige nutnber of people over many yeaES. Website For fvrthei details of the activities of the Oratory please refer ¢0 our website www.birmin8hamoratory.org.uk. Page 4
THE OIL4TORY OF SAINT PHILIP NERI AT BIRMINCHAM Report of th¢ trustees for the year ended 31 December 2023 Statement as to diselosure of information to allditOTS In so far ds the tru5te¢s we awase: there is no rtlevaTrt uudit inforniacion of whicll the chily'S aditorS are unaware., and the tNstee5 have taken all sieps ihdt they ought Lo have taken lo tnake themselves aw&ie of any relevant audit inforDurion and to estsblish thai the auditors are awthre of Ihai infomJlltiotL. Statement of trustses, responsAbS1Stles The Irustees are iesponsible for preparing Report of the Trusie¢s and the fjnancial statennIS in accorda1e with applicable law and UDiied Kingdom Gencrally Accepted Accouniing Practice. The law applicable io chariiies in England and Wa]¢s. The Ch4rttie5 Act 2011, Chariiy {Accounts at)d Repoitsl Regulations 2008 and the provisions of the trust deed requir¢s rhe trustees to prepllre financial statennIS for each financEal year whi¢h give a true and fair view of Ihe slate of affairs of the ¢hariry and of the incoming resources and appli¢alion of resourc¢, in¢ludittg income aRd expendiiure, of ihe charity for that period. In preparing the financial siatemeots (he trustee5 are requir¢d to- seleet suitable accounting policies &nd thell apply ihem consistently- obs¢rv¢ the meihodb and principles Jn the ChaFilieb Si¢itetnent of Recommended Practice. make judgen*nts and ¢s¢imates thai rea50n&ble and prudeni; stale whether applicable accounting siandtsrdg have b¢en followed subject to any inaierial d¢partures diselosed and explained in the financidl statements: and prepare the financial statements (pn L going concern b4LSiS unles¥ 1¢ is inappropraite 10 asSUe thai the Charity will coniinu¢. The trustees are responsible for keeping proper accouniing records whi¢h disclose with reasonable ¢r1¢Y at any iitnt the financiul position of the chariiy enable them to ensure th8E Ihc financia] stat¢enES comply with ihe ChIlIeS Aci 2011, Ihe Charity (Accounis and Reports) Reglllaiions 2008 and the provisions of the uust deed. They are also responsibl¢ for safeguarding the asseÈ5 of the chariiy and hence for takittg reusonable sieps for the prevention and derecuoth of fraud anil other irreèularilies. Auditors Barnett Ravens¢roft LiEnited were uppoint¢d auditors h&Ye expressed their willinws 10 Continue and are reappDinted for the current year. Appr ed by the Trusiee on 13 August 2024 al siE]wl oo ils behalf by= The ery Reverend Ign4¢iw Harri50n Pzge 5
THE ORATORY OF SAINT PHILIP NEIU AT BIRMtNGHAM Independent auditor's report to the trustee5 of THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM Opinion We have audited the financial siaLenxnrs of The Oratory Of Saint Philip Neri At Birminghthm (the 'charli) for the year ended 31 December 2023 which comprise the statement of finaACtal atiivities. Ihe balw]ce sheei and the related notes. The financial reporting tramework rt]at has been applied in their prcparartion is Èpplicable laiv and United Kingdom Ac¢ounting StJn(lards inclu(Ling Financial Reporting Siandard 102 The Finonciai RcpDfiing Stand&rd applicable iti the UK and Republic of treland (United Kingdoln Generally Accepied Accounting Practice). tn our opinion the fiK¥atLci&I staten[s= - give a Iwe and fair view of the st2te of ihe chariiys affairs us Lt 31 December 2023, and of ils Lnctsming resources and application of resources. for the year then ended. - h&ve been pmp¢rly prepad ift ts¢cotdance with United Kingdom Gener<illy ALcEpied Aecounting Prn¢tice; and have been prepared in accotdance with the requiren*nis of the Chariries Act 2011. Basis for opinion We conducod our audii in aCCordae wilh International Siathdards on Auditing (UK) IJSAS IUKI) and applicable law. Our responsibilities under those statjdards are furiher described in Ihe Auditor's responsibiliii¢s for the audit of the financial mtemenis secrion of our repon. We are independeni of the ehari¢y in accordance wirh Ihe eihi¢al requirements thai are relevaijt LO our audii of th¢ financial siaiemenis in the UK. including the FRC'S EihiLiil SraTr(Jard. aiid we hav¢ fulfilled our other Ethical Eesponsibilities in accordance with these requirement5. We believe thai the audit evi(Jence we have obtaineil is sufficÈent artd apprnpriate to provide a basis for our opinion. Conclusions relating to going eoneern W¢ have noihing to report itk ie5peci of ihe following mailers in relaiion io wl)ich the ISAS (UK) require us to report to you wh¢r¢". - lh¢ trusS, us¢ of the going ¢ottcern basi5 of accouniing in rhe PiEparauon of the financial sratemeAts is n(M appropriate. or ¢he trusiees Imve not disclosed the financial staRJrKnts any identified material uncertainties rhaE n]ay casr significant dollbr abollt the ¢harity's ability to continue to adopt the going con¢¢rJi basis of aOUntIng for a period of ai leasi Lwelve rnottths from the date when the financial siatrmenis aTe authorised for issue. Other information The Iwsiees &re responsible for the other information. The other ii)fortnatiot) cojnprises the infort]vation included in the trustees. annud pOrt. oiher (han the fiThancial statemenrs aTLd our auditorfs report thereon. Our opinion on the financial stareEnents doe5 not cover the oiher informa(ion and, ¢¢pr 10 th¢ extent otherwise explicitly ated in our report, we do not express any form tsf awran¢e eoTa¢lu5lOn thetron. ln ¢onneciion with our audir of the financiul staiemen15, our responsibility is to read Ihe other information and. in doang so. consider wheiher the other informaiion 1$ materially iEJ¢onsisient with the finuncial statements or our knowledge obt&ined in the audil or oiherwi5e &ppears to be materially misstatrd. If we ideniify such material inconsistencies or apparent material missiuiemenis, we are EequiTed 10 determine whether there is a material misstatement in the Flnthncial siaiem¢nts or a ma¢erial missiatemeni of the oiher infortL)ation. If, based on the work wt have perfOrnd, we conclude that Ihere És a tnaierial misstatemeni olthi5 oih¢r informaiion, we are required ro report thai fraci. We have nothing to repon in this regard. PaEe 6
THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM Matters on whlch we are required to report by exeeption We have noihing io report sPeCt of the following m21ters in relation to which the Clioritte5 (Accounts and Reports) Regulations 2008 require lls to Feporl EO you if. in our opinion-. - Ihe information given in the financial siattments i5 illconsisLeni in any maierial respect with the injsiees, r¢port; 01 sufficient accounting records have not ken kept: or the fjnancial statemenis atr noi in agreement with t[ a¢counting records.. or we huve noi re¢¢ived all the informarion and explanations w¢ require for our oudii. Responsibilities of trustees As explained mor¢ fully in the ITUSiees' responsibalilies 5tatenxnt sei out on page 5. th¢ rrns*es ale responsible for the preparation of financi sialements which give a true and fair view. and for sueh internal control as the trusiee5 deiern)ine is necessary ty enable the prepall0 of financial siaien)ents that are free from in&Éerial mi5siaiemeni, whether due to fraud 01 error. In prep)Jing the fJn8ncial StateentS. Ehe Lrustees are res]x)nsible for assessing the ch¥Lriiy'$ ability 10 continue as a going concern, disclosing, as applicable, matters iel&ted to going concetn and using tht going concern basis of accouniing unless the trustees either intend to liquidate the ¢hatity OI to cease operdtions. or have no realistic &lierAative bui ro do so. Auditor's responsibilities for the audit of the fancial statements We have been appotnted as auditor under 8e¢iion 144 of rhe Charities Act 2011 &Jd repori In atcoidance with th¢ Act and r¢levant regulations made or haying effeeE ther¢under. Our objectives are io obtain rea5011able assur< abuul whether th¢ financial siaternenis as a whole are free from material mi5siaiemetki, whether due to fraud or enor. and issue un adItor'S r¢pori that itlcludes our opinion. Reasonablc as8urante 15 a high level of assyrJnc< but is noi a guaraiitee thiit an audit conducted in a¢coFdaTrce with ISAS (UK) will always dete¢t a material tEl]5ateMeJiI when li exÉsis. Missiatemertis can aFise frotn fraud or ermr and are considered maieri¥LI if. individually or ID the aggTegdte, they could reasonably be expected lo knfluence the ¢¢ommic decisions ot L2sers taken on the basis of ihese financtal sraiemen¢s. As part of ali audii in dccordance wilh JSAS (UK), we exetcise prof¢ssional judgment and mainitiin professkonal scepiicism thtoughoui the audit. We also.. - Ideniify and assess the tisks of (naterial missiaremeni ot the financial statetnetlts. Ivhether due to fraud or error, design nd perfonn audit procedures responsive to those risks, obtain audit evid¢nce Ihat IS sufficient appropriate to provide a ba515 for our opinion. The risk of not deleciing a rtJateFial Jnlssialennt resllliing from fraud is higher than for one resulting from erior, u5 fraud may involv¢ Collusion. forgery. Intentiottttl onii55ions. Jnisr¢presentatLOTiS, or the override of internal ¢onirol. Obtain an understanding of internal Conirol ttlevani Lo the audit in order 10 desL8n audit pmcedures ihai are appropriate in the c1rcun)snce5, bui nDt for the purpose of expressitlE aTr opinion on the efftctiveness of Ihc charity's internal conirol. EvaluaLe the appropria¢en¢55 of accouniins poli¢i¢s used and the reasonableJJes¥ of a¢counian8 estinMr¢s and related dis¢losures made bythe trustees. Conclude on Ihe appropriateness of Ihe Ustee$. of the going concern basis of accounting and. based on Ihe audit evidence obtained. wheiher a materi£LI utLcerEaiThty cxisis related to events or conditions rhat may east significani doubt on th¢ ¢hariiy's ability to coniinue as a going concern. If we ¢oD¢lJd¢ that a material uncerminiy exisrs. we are required to draiv aireniion in our audiiorfs report 10 the rela¢ed disclosures iij th¢ finan¢iol s¢atemenrs or. if 5ch disclosures inadequate, io modify our opinion. Our conclusions are based on the audii evidence obiaiTred up io the daTr of our auditorf5 report. However, fvture events or conditions njay ClUSe Ihe chltY to ¢¢as¢ ro continue as a going con¢em. Evalllate the oveTall pre5eno1ion, siructure and conieni of tht fin&D¢idl st4meLs. including the disclosures, afid wh¢th¢r the financial staieEnents represeni ihe underlying transactions and events in a anner Ihai achieves fair presentation. Page 7
THE ORATORY OF SAINT PHILIP NER[ AT BIRMINGHAM We comiknunicai¢ with those chaiged with governance regarding, amotL8 other matters, the planned scope and liming of Ihe audit and sigllificani audii findings, including any significant deficiencies in internal eontrol Ehai we ideajiify during our audiL Use of our report This repori is Inthe ¥olely to the chlty,5 trustees, as a body} in accordance wilh Part 4 of IlLe Charitics IAtCOL]nts and Reports) Regulations 2008. OUT audit work ha5 been und¢riaken so that we mighL slate (o the charitys trustces Ihose maLters ive are required 10 Slate lo thcni in an audiloi'5 repDn and for no oiher purpose. To the fullest exteni pecmitted by law. we do nor accepr or assume responyibiliiy to anyone other Ihan the choriiy and the charity's wUte5 as a body, for our audit work, for thi5 repon. or for the opinions we have formed. B.D. Eley FCA (Senior Statstory Auditor) Ftsr and on behalf of Barnett Ravenscroft Lin?ited Chartered Aecounlants and Statutory Auditors 13 August 2024 13 Portland Road Edgbaston Birjningham B16 9HN Page 8
THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM Statement or rinaneial actlvltles For the year ended 31 December 2023 Unrestricted ruuds 2023 Total 2022 Totsl Incomin resources Main Trusi Church Parish Canonisaiiati FLmd 295,724 406,180 830 295,724 406.180 830 119.088 320.399 84D Total ineoming resources 702.734 702.734 440,327 Resources ex ended Charit4ble activities and su Main Trust Church and Parish Canonisaiion Fund ort costs . 416.756 344,112 416,756 344.112 372,124 305,099 1.030 760,868 760.868 678,253 GtsveTnthnce costs . Audit fees 8,650 8.650 8,5(X) Total resources expended 769,518 769,518 686.753 Net olltgoing resources before other recognised gains and losses for the year {66.784) 166,784) (246,426) Net incomingl(outgoing) resources beeore other recognised gains and losses (66.7841 (66,784) (246.4261 Other reco nised 2ins and losses Listed Investnients: Realised Unrealised Invesimeni InanJg¢m¢nt Cosis 83,165 83,165 377,370 377,370 157,221) (57.2211 1.833,017 2.182,793 (66,5931 403,314 403,314 416,369 Net movement funds Totol funds broughi forward 336,530 336,530 (662,7951 15,412.050 15,412,050 16.074,845 Tothl funds carried forivard 15.748,580 15.748.580 15.412.050 The statement of financial activiiies includes all gains and losses in the year and therefore a separaie sÈatemenL of ioial recognised gains and losses ha5 not been prepared. All of the abov¢ amounis relate to continuing tIVItI¢$. The Dotes on pages 16 to 18 form an integrdl p#rt of these IiDancial statements. Page 9
THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM Statement of fjnancial aetivities For the year ended 31 December 2023 2023 Tothl 2022 Totsl MuSn Trust Income resources trom charitable activities . DoT]ation5 and ifls Benefactions Sundry incoll Museum SuThdry donaiions Royalties and bDok sales 5.681 895 2.079 320 4.597 20,0(K) 1,302 1,132 268 4.389 13.572 27.091 Investment income Rents re¢eivable InvestmeThi income and intere¥1 received 32,151 250,001 44.633 47,364 282.152 91.997 Total 295.724 119.088 2023 Total 2022 Total Church and Par lThcome rosourcos from ehAYitAblè DoJJations and ifts Offertory eolleciions Di¢xesart collections Oiher ¢olleetions Collections for third parties DouatlOll5 Restoraiion fund Gift Aid Provision Sllndries 201.705 465 32.901 5.800 3,824 7,201 69.927 24,039 76.826 225 44,578 6.609 4.365 15,681 12,000 974 345.862 Inco]Min rosources from eneratin fuDd$ Wedding5. futKra15, candles alms sioie fees Piety stal Chaplait)cie$ Room hirt Sale of refreshments 40,961 13567 2.000 3.790 40.451 12.260 2,000 4.430 60.318 59.141 Tota] 406.180 320,399 Page 10
THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM Statement of financial activities For the year ended 31 December 2023 2023 Totsl 2022 Total Canonisation FuRd Income resources from eharltablt activiti Donati Dojiations 830 840 830 Total Incon)Ing Resources 702.734 440,327 11
THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM Statement of financial activities For the year ended 31 Deeember 2023 2023 Total 2022 Total Cliaritits activitles and su ort- Maln Trust ComTlluniEy allowances Sen]inary and uoii'ersity ¢05ts Rev J Tolhursi Provisions and cateriKg Tetnporary kiichen siaff Pilmlmage deficit Repairs and renovaiions Cardinal Newman library and room Light, heal and water Insurances Positsge, priniing and S¢a¢iottry Council tax Telephone and IT ¢xp¢nses Moror and travel expenses Sr&ff wages, Social securiEy and pension cosis Household cleaning Sundries Bonii charges Bank loan inieresi and churges Motor depre£iaiion 64,215 17,328 6,852 57.636 1.875 145 06,325 19.175 48.427 27.656 476 6,952 5.914 15.76(1 58,651 10.290 5,905 489 62,116 22,167 6.852 48.354 171 64,453 5.483 35,390 21,581 566 6,608 5.224 11.702 48,497 9.156 7.456 677 14,231 1.000 2,685 416,756 372,124 Page 12
THE ORATORY OF SAINT PHILIP NERI A T IIIRMINGHAM Statement of financiat activities For the year ended 31 December 2023 2023 Tot81 2022 Total Charltles aetlvfitfftes and Church and Parisli Music provision Organ servtcing Altar society purchases PdrIsh expen5¢5 Light, heat and water Insuran¢¢s Repairs ¥Lnd niaintenance Candles* particles and wine Donations and honoraria Vesttnents and sacred vessels eic Bank charg¢s Telephone and IT expenses Staff wag¢5. SQCLal securiLy dnd p¢nsion ¢osrs Moior and travel expenses Sundries Collections remitted Piety siail 83.552 66.291 3.289 1,667 4.356 21.671 52,055 14.718 14.348 320 5,042 1.836 5,224 91,903 2.661 5.768 31.050 62.944 14,218 12,236 3,065 1,828 5,914 86,313 4,055 551 15,223 13,601 2.314 11.299 8.766 344.112 305,099 Total 760,868 677,223 PaÈt 13
THE ORA TORY OF SAINT PHILIP NERI A T BIRMINGHAM Slatement of financial activities For the year ended 31 December 2023 2023 Total 2022 Total Charities actiYRtles stj OTt: CanoDisatton Fund Decreial Letters Website hosting COSIS Printing 835 835 195 1.030 Pagc 14
THE ORATORY OF SAINT PHILIP NER[ AT BIRMINGHAM Balance sheet as at 31 Deeember 2023 2023 21122 Notes Fixed assets Tangible tt&%eis lftvestments Listed investnxnts 6.109,547 6,(Y74.647 8.708.382 8.728.2(10 14.817,929 14.802,847 Current assets Debtors Short term deposils Cash at bank and in hattd 516,477 176,585 264.417 73.189 234,004 502.731 957.479 809.924 Creditors: amounts falling due wlthln one year Net current assets (26.828} 1200.7231 930,651 609,201 Net assets 15,748,580 15.412,048 Represented by Funds Unrestricted funds: General fund Revaluation reserve 9.566.573 6.181.177 9.710.485 5.803.807 15.747,750 15.514.292 Restricted Funds Newman C4noni5alion Fund 830 (102,244) Total funds 15.748.580 15.412.048 Th¢fi ncial siateinenis approved by the [rnses on 13 Au8USt 2C124 and signed on irs beh4lf by The Very Reverend Ignatius Harriso Trustee The not¢s on page5 16 to 18 form an integrol part of these finan(xal statements. Page IS
THE ORATORY OF SAINT PHILIP NERI AT BIIUVIINGHAM Notes to financial statements for the year ended 31 December 2023 AccouDting policies The principal accounting policies are summarised below. The ac¢ouJ]lin8 policies have been applied tonsisienily Ihroughoui the year and the preceding year. 1.1. Basis of accounting ThE fjnanciai statemen are prepllted under Ihe historical Cost conventioji and in CordanCe with ihe StatEmEnt Of Recominended Practice 'Aecounting dnd Reporting by Chariri¢s'. Siaieffteni of Recommended Pracii¢e' issued in March 2005 (SORP 2005) and the Charftties Aci 2011. 1.2. Cashnow The chariiy has taken 4dvaniage of the exempiion in FRSI from Ihe requirement to pniduce a ¢a5hflow staiement b¢¢ause it is a small charity. 1.3. Incoming resource5 Income from properties and inytstmenis is accountrd fgr in the year in whEch it is recexvablL Voluniary irtcon and other incomiijg r¢sour¢¢s are itkcluded in the siaiement of financial acrivilies when iEcivabl 1.4. Resources expended Expenditure on ehtsritabl¢ activities, goveTE)atLce attd geoerating fvnds is r¢cognised aod accounied for in the year to which it rela*s. Governance cosi8 comprise the sOCiated with involving Éhe public aceouniabiIity of lh¢ ChariTy and its eompli3n¢e with regulation and good Pwlire. These costs include costs related to sia¢u¢ory audat. legal and othttr professional fees. 1.5. Tangible fixed assets and depreclatiott The iniiial cost incurred by the Oratory in providing buildings, fixtures. filtings equipnient rnoior vehicles is capit&lised. ReTrewals of t'llrnishings atKI fitlitjgs are Charged io revenue . The cost less residllal tsf the remaining slLOrt life assets is wriiien off Èo reveun¢ ov¢r the expeeied usefi]I life, as follows= Fixtllres, fittings and equipmeni Motor vehicles ?5% stnTright line 25% strdight line Freehold buildings are noi depreciaied on the grounds Ihai ihey are tntsintained re8ultwly to a hgh st&ndard and, in the opiniL>n of the ti'ustees. Ihc estimated residual valut IS 50 high and ihe anticipated useflll life 50 long rhai any depreciation t$ Jnlikey 10 be material in ihe context of the accounts. The trustees have carefi]Ily considered any impairment Ihe carrying value of the properri¢s and a provision 15 nor considered necessary. l.& Investments tnvesiments held as tixtd as5els are revalu¢d ai mk¢1 vulue #E the balance she¢¢ dale and the gain or loss taken 10 the statement of financial aciivitits. 1.7. VAT Value added Mx is not recoverable by Ihe chdrity aiid Js such is included in the releveni costs in the Balance Sheet and sialennI of Financial Activities. Page 16
THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM Notes to financial statements roi. the year ended 31 December 2023 Charitable status and taxatlon As a Charity, The Oraiory of Saint Phtlip Neri ai BirnJitiBham, 55 exempt froni tax on income ad gains falling within section 478 of the TJxe$ Act 2010 or Section 256 of the Tax4iuon of Chargeable Gains Act 1992 10 the extent thai these are applied 10 lis charitable objects. No charges have aTi5en within lh¢ charity. Salar&es and wage5 2023 2022 Wthges and Salaries Social 5ecuriiy ¢osis Pension cos(s 138.137 5.514 .313 134.152 4,576 1.672 144.964 140.400 No Employee received emoluments of more thun £60,000 (2022 .. None). Number of employees The average monthly numbe[5 of employees {includiftg trustees) during th¢ year, calculated the basis of full tame quivalents. Ivas as follows.. 2023 Number 2022 Number Sacristan Managett*nt and adminisirn¢Éon Doorn]en Catering Page 17
THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM Notes to financial statements for the year ended 31 December 2023 Land and Fixtures. buildings fittings freehoId ¢quipment Tangible fjxed assets Mo¢or veliicles Tot41 Cost l January 2023 Additions 5.916,897 194,903 30,845 4.000 6,115.800 6,740 37585 At 31 Dec¢mber 2023 5.916.897 225.748 10.740 6.153.385 Depreciation At l January 2023 Charge for ihe year 39.153 2.000 2.685 41,153 2.685 Ai 31 December 2023 39,153 4.685 43.S38 Net book Yalues At 31 December 2023 5,916.897 186,595 6,055 6.109.547 At 31 December 2022 5,916,897 155.750 2.(M)J 6,074,646 The Trllstees have Consideted ihe valuation previously attributed to thc freehold properties and are of the opitkion thai the value remains appropria as at 31 December 2023. Th¢ wvsiees have also eon5idered the need for an impairment review tmd have concluded th IM) siBns of inipaitETrenÈ have ocurr¢d. DLTe ID ihe uni9ue nature of the properly and ils deed of convenant SUrronding the pmperty It is very difficult io fairty value. Page 18
THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM Notes to finanelal sttstements for the year ended 31 December 2023 Fixed asset investments 2023 2022 Listed InvtMentS Cost At l January 2023 A(Idilions Wiihdrow41s Disposals 8,589,391 414.579 1730,0001 181.7661 i.287,281 9,065,024 {620,117) 15,142.7971 Ai 31 December 2023 8,192.204 8.589.391 Surpluslldeficit) on revaluation At l January 2023 Eliminated on disposals Adju51n]eni for the year 138,807 1138.8071 516,178 4,401.397 (4.401.397) 138,807 Ai 31 December 2023 516,178 138.807 Market valu¢ Ai 31 December 2023 8,708.382 8,728.198 Ai 31 Deeember 2022 8,728.198 9.688.678 Investments at n)arket valu¢ compriscd Equities and unli Irusts 8,708,382 8,728.198 8,708.382 8,728,198 All investments are qtsoted on the UK Siock Exchange and have been acqllired within the Trusiees. powers. The Lunsolidated fjxed asset investentS have cojiitnued to provide a r¢turn as expected with app)inred fund managem¢nt Barnett R&veRs¢roft Wealth managet. Debtors 20 2022 Amounis owed by group unikrlakings Sundry debior$ and prepaymeEJts 427,213 89,264 58,903 14,286 516,477 176,i85 73,189 234,004 Short Eetm depostts 693.062 307,193 Poge 19
THE OIIATORY OF SAINT PHILIP NEIU AT BIRMtNGHAM Notes to financial statements for the year ended 31 December 2023 Creditors: amounls falllng due wiÉhiTh one year 2023 2022 Other creditors and collectE0* not renuited Accruals and deferred income 159,929 40.794 26,828 26,828 200.723 Funds Unresticted G¢n¢ral Fund This comprises Ihostt hnds wjllch ih¢ Trusiees are free to use accordance with ihe charirabl¢ objecL Revalu&tion RLs¢rve This represents Ihe ui]realised surplus arising on the revaluation of prop¢rties listed investten1$. Analysis of net assets by fund General RovaluatlOD funds funds R¢str5cted Total runits Fixed assets Net current assets/(liabiliiies) 9,566,573 6.181.177 15,747,750 830 830 Net assets 9,566.573 6.181.J77 830 15.748.580 io. Transactions with trustees As eTr]berS of the Congregation the TNsiees' living expenses were borne by the charity. ND remuneiatiotl wa5 paid io &t)y Tn]sw¢ from Charity FuTLds during the year. Paymenis to meet cl(TrihiDg and other incidertt&l expenses are made to the Oraiory Fathers. Other than siaied above no Twsiees had a benefs¢ial inierest in any contraci Wilh the charity. Pagc 20