2024-12-31-accounts

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Trustees' report and financial statements

for the year ended 31 December 2024 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 - 13
Balance sheet	14
Notes to the financial statements	15 - 19

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.
	4th Floor
	103 Colmore Row
	B3 3AG
	Lloyds Bank plc
	125 High Street
	Harborne
	Birmingham
	B17 9NP
Solicitors	Shakespeare Martineau Solicitors
	1 Colmore Square
	Birmingham
	B4 6AA
Investment Managers	Transact
	Integrated Financial Arrangements Ltd
	29 Clement's Lane
	London
	EC4N 7AE

Page 1

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Report of the trustees

for the year ended 31 December 2024

The trustees present their report and the financial statements for the year ended 31 December 2024. 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 shown 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

Ongoing discussions have continued in respect of the potential development of the car park and adjacent land. Oratory Square Ltd, is set up for the sole purpose of this development.

There are no other significant reports to be made.

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 £312,098 (2023 : £258,148), compared with the previous year having had additional one off costs during the year as shown on pages 12 to 13.

Page 2

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Report of the trustees for the year ended 31 December 2024

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 Barnett Ravenscroft Wealth Management Limited 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

• The John Henry Newman Institute of Liturgical Music

• Catholic educational works at the Trustees' discretion

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).

Page 3

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Report of the trustees for the year ended 31 December 2024

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 2024

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 resources, 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 and have expressed their willingness to continue and are reappointed for the current year.

Approved by the Trustees on 12 August 2025 and signed on its behalf by :

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

The Very Reverend Ignatius Harrison

Page 5

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Independent auditors' 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 2024 which comprise the statement of financial activities, the balance sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and the 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 2024, 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.

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditors 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 auditors' 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 judgement 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 auditors' 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 auditors' 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 auditors' 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 12 August 2025

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 2024

	Unrestricted	Unrestricted	Unrestricted			2024				2023
		funds				Total				Total
		£				£				£
Incoming resources
Main Trust		296,346				296,346				295,724
Church and Parish		409,106				409,106				406,180
Canonisation Fund		-				-				830
Total incoming resources		705,452				705,452				702,734
Resources expended
Charitable activities and support costs :
Main Trust		442,886				442,886				416,756
Church and Parish		342,896				342,896				344,112
Canonisation Fund		-				-				-
		785,782				785,782				760,868
Governance costs :
Audit fees		8,800				8,800				8,650
Total resources expended		794,582				794,582				769,518
Net outgoing resources before other
recognised gains and losses for the year		(89,130	)			(89,130	)			(66,784	)
Net incoming/(outgoing) resources before
other recognised gains and losses		(89,130	)			(89,130	)			(66,784	)
Other recognised gains and losses
Listed Investments :
Realised		45,336				45,336				83,165
Unrealised		414,208				414,208				377,370
Investment management costs		(57,160	)			(57,160	)			(57,221	)
		402,384				402,384				403,314
Net movement in funds		313,254				313,254				336,530
Total funds brought forward	15,748,579				15,748,579				15,412,050
Total funds carried forward	16,061,833				16,061,833				15,748,580

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 15 to 19 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 2024

Main Trust Income resources from charitable activities : Donations and gifts Benefactions Sundry income Museum Sundry donations Royalties and book sales Investment income Rents receivable Investment income and interest received Total Church and Parish Income resources from charitable activities Donations and gifts Offertory collections Diocesan collections Other collections Collections for third parties Donations Restoration fund 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	2024 Total £ - 1,770 2,569 280 1,106 5,725 49,486 241,135 290,621 296,346 2024 Total £ 244,607 355 52,135 8,773 9,409 - 23,510 7,712 346,501 39,247 17,882 2,000 3,476 62,605 409,106	2023 Total £ 5,681 895 2,079 320 4,597
		13,572
		32,151 250,001
		282,152
		295,724
		2023 Total £ 201,705 465 32,901 5,800 3,824 7,201 69,927 24,039
		345,862
		40,961 13,567 2,000 3,790
		60,318
		406,180

Page 10

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Statement of financial activities

For the year ended 31 December 2024

	2024		2023
	Total		Total
Canonisation Fund	£		£
Income resources from charitable activities
Donations and gifts
Donations	-		830
	-		830
Total Incoming Resources	705,452		702,734

Page 11

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Statement of financial activities

For the year ended 31 December 2024

Charities activities and support : Main Trust Community allowances Seminary and university costs Rev J Tolhurst Provisions and catering Temporary kitchen staff Pilmgrimage deficit Repairs and renovations Cardinal Newman library and room Legal fees Light, heat and water Insurances Postage, printing and stationery Council tax Telephone and IT expenses Motor and travel expenses Staff wages, social security and pension costs Household cleaning Sundries Bank charges Motor depreciation	2024 Total £ 60,732 18,114 6,852 63,456 362 - 51,611 - 7,592 80,941 28,105 422 9,023 5,305 13,298 72,667 11,389 9,733 599 2,685 442,886	2023 Total £ 64,215 17,328 6,852 57,636 1,875 145 66,325 19,175 - 48,427 27,656 476 6,952 5,914 15,760 58,651 10,290 5,905 489 2,685
		416,756

Page 12

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Statement of financial activities

For the year ended 31 December 2024

Charities activities and support : Church and Parish Music provision Organ servicing Altar society purchases Parish expenses Light, heat and water Insurances Repairs and maintenance Candles, particles and wine Donations and honoraria Vestments and sacred vessels etc Bank charges Telephone and IT expenses Staff wages, social security and pension costs Motor and travel expenses Sundries Collections remitted Piety stall Total	2024 Total £ 70,854 - 2,488 6,881 24,518 65,629 41,068 11,506 60 1,440 2,011 5,230 83,275 2,835 780 15,734 8,587 342,896 785,782	2023 Total £ 83,552 - 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
		344,112
		760,868

Page 13

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Balance sheet as at 31 December 2024

2024 Notes £ £ Fixed assets Tangible assets 4 6,106,862 Investments Listed investments 5 8,425,243 14,532,105 Current assets Debtors 6 1,061,209 Short term deposits 6 179,610 Cash at bank and in hand 318,367 1,559,186 Creditors: amounts falling due within one year 7 ) (29,458 Net current assets 1,529,728 Net assets 16,061,833 Represented by Funds 9 Unrestricted funds: General fund 9,466,448 Revaluation reserve 6,595,385 16,061,833 Restricted Funds Newman Canonisation Fund - Total funds 16,061,833

2023 £ £ 6,109,547 8,708,382 14,817,929 516,477 176,585 264,417 957,479 ) (26,828 930,651 15,748,580 9,566,573 6,181,177 15,747,750 830 15,748,580

The financial statements were approved by the trustees on 12 August 2025 and signed on its behalf by

The Very Reverend Ignatius Harrison Trustee

The notes on pages 15 to 19 form an integral part of these financial statements.

Page 14

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Notes to the financial statements for the year ended 31 December 2024

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 and 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 high 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 15

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Notes to the financial statements for the year ended 31 December 2024

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	2024 £ 149,115 5,514 1,313 155,942	2023 £ 138,716 4,576 1,672
		144,964

No employee received emoluments of more than £60,000 (2023 : 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 Catering	2024 Number 2 1 2 1 6	2023 Number 2 1 2 1
		6

Page 16

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Notes to the financial statements for the year ended 31 December 2024

Land and Fixtures, 4. Tangible fixed assets buildings fittings and freehold equipment £ £ Cost At 1 January 2024 and At 31 December 2024 5,916,897 225,748 Depreciation At 1 January 2024 - 39,153 Charge for the year - - At 31 December 2024 - 39,153 Net book values At 31 December 2024 5,916,897 186,595 At 31 December 2023 5,916,897 186,595	Motor vehicles Total £ £ 10,740 6,153,385 4,685 43,838 2,685 2,685 7,370 46,523 3,370 6,106,862 6,055 6,109,547

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 2024. 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 17

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Notes to the financial statements

for the year ended 31 December 2024

5.	Fixed asset investments
			2024				2023
			£				£
	Listed Investments
	Cost
	At 1 January 2024	8,192,204				8,589,391
	Additions		787,687				414,579
	Withdrawals		(922,000	)			(730,000	)
	Disposals		(45,336	)			(81,766	)
	At 31 December 2024	8,012,555				8,192,204
	Surplus/(deficit) on revaluation
	At 1 January 2024		516,178				138,807
	Eliminated on disposals		(516,178	)			(138,807	)
	Adjustment for the year		412,688				516,178
	At 31 December 2024		412,688				516,178
	Market value
	At 31 December 2024	8,425,243				8,708,382
	At 31 December 2023	8,708,382				8,728,198
	Investments at market value comprised
	Equities and unit trusts	8,425,243				8,708,382
		8,425,243				8,708,382

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 Barnett Ravenscroft Wealth Management Limited.

6. Debtors

Debtors
2024 £ Amounts owed by group undertakings 981,467 Sundry debtors and prepayments 79,742 1,061,209 Short term deposits 179,610 1,240,819	2023 £ 427,213 89,264
	516,477 176,585
	693,062

Page 18

THE ORATORY OF SAINT PHILIP NERI AT BIRMINGHAM

Notes to the financial statements for the year ended 31 December 2024

7. Creditors: amounts falling due

Creditors: amounts falling due
within one year	2024	2023
	£	£
Accruals and deferred income	29,458	26,828

8. 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.

9. Analysis of net assets by fund

Analysis of net assets by fund
		**General **	Revaluation			Total
		funds		funds		funds
		£		£		£
Fixed assets	7,936,720		6,595,385		14,532,105
Net current assets/(liabilities)	1,529,728			-	1,529,728
Net assets at 31 December 2024	9,466,448		6,595,385		16,061,833
Net assets at 31 December 2023	9,567,403		6,181,177		15,748,580

10. 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.

Page 19