THE LONDOIY ORATORY CHARITY CbArity Number: 240702 TRUSTEESI ANNUAL REPORT AND CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 Haysmacintyre LLP Ch8rtered AccounLqnts 10 Queen Street Place London EC4R IAG
THE LONDON ORATORY CHARITY CONTENTS Page Truste¢s' Annual Report Independent Auditt)rs' Report 10 Consolidated Statement of Financial Activities 11 Consolidated Balanex Sheet 12 Charity Balance Sheet 13 Consolidated Statement of Cash Flows 14 - 27 Notes to the Accounts
THE LONDON ORATORY CHARITY TRUSTEESI ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER202Q REFERENCE AND ADMINISTRATIVE DETAILS REGISTERED CHARITY NUMBER: 240702 TRUSTEES: The Reverend Julian Large (Pmvost Chainnan of Trustees) Revd G Bowen Revd Rupert McHardy Rev'd Micha£l Lang Rev'd Edward van den Bergh OFFICE: The Oratory Brornpton Road London SW7 2RP GOVERNING INSTRUMENT: Charity Commission Scheme dated l4 August 1969 AUDITORS: Haysmacintyre LLP 10 Queen Street Place London EC4R IAG SOLICITORS: Withers 20 Old Bailey London EC4M 7EG BANKERS: National Westminster Bank Ple 18 Cromwell Place London SW7 2LB (from 24 Julle 2021) INVESTMENT MANAGERS: Handelsbanken Wealth and Asset Managen]ent Ltd No. l Kingsway London WC2B 6AN INVESTMENT POWERS: The provisions of the Trustees Act 2000 applied during the year.
THE LONDON ORATORY CHARITY TRUSTEES, ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2020 OBJECTI,VES AND A1VITIEs THECHARITY'S OWECTS The Scheme 8peciFies "the object of the Charity shall be to advance the religious and other charitable work for the time being carried on by or under the direction of the Congr¢8ation of the Oratory of St Philip Neri in London in Such ways as the Trustees of th¢ Charity with the approval of the Congregation think fit" This object is fulfilled in the following ways: The provision of religious and pastoral services The provision of Catholic Education The maintenance and upkeep of the Oratt)ry Church and its associated premises in Brompton Road SW7, known as Brompton Oratory. ACTIVITIES IN THE YEAR . The proclamation of the Catholic Faith is the main activity of the Oratory. This takes place in the Oratory church. with daily M&sses and many other regular services. The Oratory Fathers who currently comprise the Congregation of the Oratory ot St Philip Neri in London, provide a wide range of suppoit and pastoral for their parishioners and those who worship in the Oratory chui'ch, and do so in the spirit of their founder St Phil ip Neri. Sl, Philip founded the Oratory in 16th century Rome- this has spread world-wide, secular priests l iving together a community life without vows, cach Congregation independent from one another, with members intending to stay in th¢ same cotnmunity for their whole lives. This apostolate was brought to England by B lessed Cardinal Newinan in the 1840, s, with Father Faber founding the London Oratory at first in cramped premises near th¢ Strand. moving to'south Kensington in 1854. Since that time, the Oratory Fathers have continued pastoral work in London, often in conjunction with otherparishes and organisations in the Roman Catholic Archdiorxse of Westminster, of which the Oratory parish forms a part. The parish covers a large area of South Kensington, bounded by Gloucester Road. Hyde Park, Walton Stt'eet, Cale Street and Old Brompton Road. A large Sunday Mass attendance and provision of the Sacraments and Christian forniation to the parish and to regular worshippers, tO8¢th¢r with Catholic Chaplaincy duties at the Royal Brompton Hospitaj. provide the ongoing work of the Oratory's mission. Additionally, the fathers are Trustees and chaplains of two schools, the Oratory Primary School in Chelsea and the London Oratory School in Fulham. A website. www.bromptonoratory.co.uk, gives details of the Charily's religious and pastoral activiti¢s. MUSIC A special feature of the Oratory has been its musical tradition, inspired by St Philip's own patronage ot Palestrina, and the Fathers &im to maintain the highest standards in Church music. In this, they are followin8 the directions of the Second Vatican Council: "Large choirs existing . in major churches, which h&ve in the course of cenluries earned for themselve5 high renown by preserving and developing musical heritage of snestimable value, should be retained for sacred celebrations of a more elaborate kind" (Instruction on Music in the Saered Liturgy, 1967). It is this heritage of Gi'egoi'ian chant and th¢ great works of Catholic Church music that is kept alive each Sunday and on major feast days. A generous legacy was bequeathed by the late Jennifer Paterson for the maintenan¢2 ot. the Oratory Choir, establishing a Restricted fund, the Chokr Fur, to help meet the ci)sts of the Oratory choir. which sings at Solemn Mass and Vespers. In 2003 a major overhaul of the chui'ch organ, built by J W Walker in 1954, was put in hand, and Completed in 2007. This instrument is one of the most import2nt built in London in the post-world War Il period. Possessing 45 stops on thre¢ manuals, it was designed by Ralph Downes, organist ofthe Oratory 1936-77. The British Instituteof Organ Studies Journal, 1996 describes it as the most successful of its kind in London. In 2011, a scholarship was established to support the new position of Organ Scholar, through the generosity of & regular worshipper, in memory of his late wit'e. June Pettman. The funds ol'- this scholarship have been signif5cantly augmented with a large legacy J receivable in 2017. The Fathers are most grateful to Mr P¢ttman for this woiiderful gesture of support.
THE LONDON ORATORY CHARITY TRUSTEES AIYNUAL REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 202 PREMISES The Oratory premises consist of the Oratory Church with the Lodge, the Oratory House and Halls, and the Newman Statue. Th¢ Church, built between 1880-84 with the dome and f4ade added in the 1890's, is a Grad¢ Il listed building in neo- Baroque style. The Oratory House and Halls, built between l 853 and 191 I, compris¢ the domestiL areas of the Oratorian community, administration offices, Little Oratory, and parish halls. These are Grade II* Listed buildings. The St&tue of Cardinal Newman ( 1896) on Brompton Road has a Grade11 listing. All of these properties are owned freehold. The upkeep of these extensive premises requires substantial management and both ongoing &nd major maintenance. SCHOOLS The Oratory Fathers have had a long5tandiDg commitment to Catholic Education, and are presently Trustees of two schools, the Oratory Primary School in Cal¢ Str¢¢t. Chelse4 and the London Oratory Sch(x)l in Fulham. The London Oratory School was granted Academy statu8 from l August 20 I I. VOLUNTEER HELP The Fathers of the Oratory (Congregation of the Oratory of St Philip Neri) rely substantially on volunteer help and fjnancial support in many of their pastoral activitie5. and are tnuch encouraged by the eontinuing level of commitment from a large number of people over many years. NOVICES A duty on the Congregation is to recruit, educate and tr&in suitable candidates for the Catholic Priesthood, to serve as priests in the Oratory for the rest of their Liv&s. Unlike religious Orders and Catholic dioceses, candidates join the Oratory to become rnembers of the Community in that location. clergy are not moved from house to house by a superior or bishop. There were four candidates at 31 December 2020 (2019 - three). One of these candidates was ordained to the diaconate in Decernber 2020, and ordained to the priesthood in September 2021. PUBLIC BENEFIT The prim public benefit of the Oratory is the provision of an ethical and moral code for society: the Oratory communicates. educates. encourages and coaches individuals into following and living the Catholic faith. The Oratory sti'ongly supports the Spiritual, moral and &cademiG education of children, through catechetical progrummes and sacramental preparation. as well a5 maintaining two schools. The Oratory also provides and maintains its chui'ch and other listed buildings. Fuither details of these activities are given thff)ughout the Annual Report and Accounts. That the Oratory doe5 produce a public benefit beyond that benefit that accrues to its members. is shown in the publi character of its distinctive buildings. All members of the public are welCoe to enter the Otatory church free of charge for purposes conn¢cted to prayer. worship, meditation and the advancement of religion. Jn addition to donations to the charity, Oratory parishioners and visitors donated £3,011 to Aid to the Church in Need, (20J9 £14.136), £1.985 to UK and international Catholic charities, (2019- £9,110), £4,432 to the Archdiocese of Westminster (2019 - £5,445) and £645 to the London Oratory School Schol& (2019 - £4,393). The Trustees confimi that, in determining the activitie5 of the charity, they have paid regard tA> guidance issued by the Charity Commission on public benefit. ACHIEVEMENTS AND PERFORMANCE As in previous years, the Oratory provided religious services, pastoral care and education thi'oughout the year. in the Oratory church and premises at Brompton Road, at the Oratory schools, in hospitals and elsewhere. The Fathers made themselves avail&ble k) parishioners, visitors and those in need. Apart from the lockdown period from March to July, every day of the year the Church remained open for pr&yer and visiting. The pastoral and spiritual work undertaken by th¢ Fathers is not suscepiible to numerical measurement, and continues ye. by year within a long-established framework.
THE LOIYDON ORATORY CHAIUTY TRUSTEES, ALYNUAL REPORT (eontinued) FOR THE YEAR ENDED 31 DECEMBER2020 INVESTMENT POLICY AND PERFORMANCE The tar8et set for the fund managers is to achiev.e a certain return of both income and capital growth with no more than a moderate level of risk. The charity avoids direct investment in amiaments, pornography and "anti-life" pharniaceuticals. During the year the value of the Charity, s investment portfolio rose. The continuing stock market volatility since the year end ernphassses that a considerable degree of caution is needed when considering investment values. Investment values do not nesSarilY represent liquid resources to spend. the capital sums need tr) be held to generate income to support the Charity's ongoing work and commitments. The investment model target for 2020 continued as inflation plus 3.5 % . Investments fell dramatically in Spring 2020 as a result of the COVID-19 pandemic, but recovered by 3 l December 2020 to show a total retum of 7.81/1•. PLANS FOR FUTURE PERIODS The Oratory Fathers plan to continue all their present activities their pastoral work in the Oratory Church and Parish, thLir schools, the upkeep and development of their premises, maintenance of sufficient I'eserves, and generdtion of furthtt growth of investment portlolios to ensure the long- temi future of the charity. With the support and collaboration of those who are drawn to Christ and His Church and who seek the Oratory, s hejp in fulfilling their Christian vocation to know, love and serve God in this world and to be h&ppy with Him for ever in the next. FINANCIAL REVIEW Principal sources of inLx)me include donations made at religious servic&8 in the Oratory Church: Offeitory collections £67,433 (2019: £319,190) other voluntary Contributions made dirertly for th¢ support of the Oratory church: £366,412 (2019: £304.722), and Contributions to support Music: £37,171 (20 I9: £77,629). Donations for the Primary School totalled £nil (2019: £4,500). Donations for social and pastoral activities k)talled £l7.534 <2019: £39.145). St Raphael's annual appeal raised £154,790 (2019: £99,819). G¢n¢r81 donations tot&lled £95.428 (2019: £23,984). The Coronavirus Job Retention Scheme grants totalled £61,273. Investment income totalled £202,8 L3 {2019: £299,214). Legacies totalled £220,165 (2019: £18,718). Details of expenditure are given in notes 2 to 5 of the Annual Accounts. Overall. before investments. the Orat(>ry has a net surplus of £76,618 (2019: deficit of £106,651) RESERVES Unrestricted funds at 31 December 2020 totalled £12,090,231 (2019: £11,288,283) of which £7,739 (2019: £21,024) has been set aside for specific purposes leaving £12,082,492 {2019: £1 I,276,259) for the general purposes of the Charity. This is equivalent tr) approximately 12 years. unrestricted expenditure. Howevei., the Uni'estricted Fund net current assets total £325,725 (2019: £ I L 5,355) is equivalent to approximately four months, (2019: 5 weeks) unrestricted fund expenditure. Restricted ndS at 31 Decembei- 2020 totalled £4,691,647 (20 I9: £4,231,943). Given the listed building status and hisloric natui'e of the whole Brompton Road pmises, the independent position of the Oratory, (separate from the Archdiocese of Westminster and from other Orats)rie5), and the prevalent tinancial and eeonomic uncertainty, these are regarded, along with investments, as appropriate IelS necessary for suppoi'ting the Charity's ongoing commitments, and securing its long term operation.
THE LONDON ORATORY CHARITY TRUSTEES. ANNUAL REPORT (tontinued) FOR THE YEAR ENDED 31 DECEMBER 2020 RISK REVIEW The trustees believe that by monitoring reserve Levels, by ensuring the existence of controls over key financial systems, by taking regular professional advice, by h&ving in place appropriate insurances, and by examining the operational and business risks faced by the Trust they have established routinely effective systems to mitigate those risks. Th¢ systems are devised according to need. The scope of all these measures is reviewed regularly by the Trustee& Safeguarding The safeguarding of children and of adults at risk is of great importance to th¢ Oratory. Failing to prevent abuse of the vulnerable has serious repercussions for th¢ individual, the mission of the Oratory and the Catholic Church. The consequences of abuse of individuals be grave and lollg-lasting. The Charity, s aim 15 tr> prevent this trom happening to children or adults at risk. whilst in the care of the Church. To mitigate this risk, the Charity follows the policies and pcedUreS Put in place by the Catholic Church in England and Wales. Community age profde While the age profile of the members is increasing, a5 ¢XlSting members 0W older. The fathers seek to reduce the age profile by nurturing the vocations of those who approach the Oratory; some continue their path of discernment here, others try theii. vocation elsewher¢ in the Catholic Chureh, other still find that their vocation is to a different state in life. A restricted fund (St Raphael's) has been established to provide for the support and training of new candidates tor the priesthood. Long-term fiDaDtial sustainabi]ity Risks inelude reductions in key sources of revenue. and inere&sed costs of staffing and routine maintenance and compliance upgrades of the pr¢mis¢s. The Oratory's income comes frotn four main sources- collections and other donations made in church, investment income, legacies. &nd InMe from varied external uses of the premises. This is supplemented by fund-raising for special projeots. and other smaller income streams. Property upkeep The two main Oratory buildings are both l9th century Grade ]]* Listed Buildings. Their long-term fAtn&ss for use requires regular large-scale projects to keep them watertight and the infrastructure up to dat¢. whilst maintaining the historic character of the buildings, often involving specialist contractors and specialist skills. COVID-19 The pandemic 2020 caused signifjcant disruptions to the charity, s activities. The premises were closed tr) the public in the spring lockdown, and after opening attendanc¢ has continued to be limited by strict social distancing requirements. The Fathers were able to continue with all their daily liturgies in private at first and with some live-streaming, and also continued pastoral work as circumstances pennitted. Many of the parish groups wei'e cancelled, or held only online. The annual Garden party could not take place. The Shop remained closed for much of the year. Opening hours remain I'educed from the pre-pandemic schedule. St Joseph, s Hall was re-purposed as a distribution hub foi. the Companions of the Order of Malta, to support people in need, including those in emergency accommodation in this area of London.
THE LONDON ORATORY CHARITY TRUSTEES? ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2020 STRUCTURE, GOVERNANCE AND IKANAGEMENT CONSTITUTION The London Oratory Charity is a Charitable Trust established by a scheme of the Charity Commissioners dated 14 August 1969, Charity Registration Number 240702. The Trustees were granted a Certificate of IncA)rporation by the Charity Commissioners on 10 February 1970. ORGANISATION The Charity is governed by the Congregation of the Oratory of St Philip Neri in London. a Society of Apostolic Life withirf the Roman Calholic Church; the priests elect from within their numb¢r 5. Trustees to serve for three years. At the triennial election on 26 March 2018 Revd Julian Large was re-elected as Provost and Chairnian of Trustees, Revd8 George Bowen, Rupert McHardy and Michael Lang were re-elected as Trustees, and Revd Edward van den Bergh was also electrd. All five were re-elected on 25 ' March 2021. The Trustees and the Congregation meet frequently to plan and carry forward their spiritual and pastoral r¢sponsibilities, and to attend to the financial, property, legal and adminlstrative affairs of the Trust. The trustees are drawn from amongst the existing Fathers, and have already been closely involved in carrying out the ch'ity,S pastoral work and other activities. New trustees will have lived at th¢ Oratory for at least 6 years before their ordination (at which point they ar¢ ¢ligibl¢ for election as a tiustee) and receive training during these years on the charity's rinanG¢s and operating policies. As well as carrying out th¢ majority of the Charity's pastoral and religious works, the trustees are closely involved in all the activities of the Charity, and as such constitute its key management personnel. They receive no remuneration for their duties. SUBSIDIARY The chlty had established a trading subsidiary, Blemell House Limi*d. which was incorporated on 6 January 2012 and took over the charity's trading activities including the Oratory's shop, car parking and magazine sales. The company has traded profitably since bein8 established, and it is anticipated that it will continue to do so. Statem ent by the Trustees on the capital value of School Buildings & Lands The land on which the Oratory Primary School and London Oratory School are located, As in the own¢r5hip of the Trnst. The main consequence of this that the users of the land, the Governoi's of the Schools, who have no title of their own in.the land, thereby come under an obligation tr) use th¢ propety for the purposes set out in the Trust Deed, i.e., they must prornote a Catholic School in the buildings which they occupy. The other benefits of ownership that would normally follow on from legal title do not in faGt accrue to the Trustees, as the extent to whkch they can charge rent5, take mortgages on the property, etc., are all greatly hemmed in by Education Law which gives the Secretary of State for Education power over whether a sale takes place, and if it does take place, how the proceeds of sale should be used. These restrlctions lead the Trustees to onGlude that so long as the Schools operate as going concerns, there is no capital value to the Oralory in the stock of school lands and buildings. For these reasons they are not capitalised. TRUSTEES, EXPENSES The Trustees are all Roman Catholic priests and members of the Congregation of the Orats)ry. They &'e housed by the Trust and ar¢ reimbursed for the expenses incurred in carrying out their ministry in the same way as all other priests of the COnegatiOn. l-lowever, no Trustee received any remuneration or expenses from the Charily. in connection with their duties as 'frustees during the year. No Trustee had any beneficial interest in any contract with the Charity.
THE LONDON ORATORY CHARrrY TRUSTEES9 ANNUAL REPORT (eontlnued) FOR THE YEAR ENDED 31 DECEMBER 2020 STATEMENT OF TRUSTEES, RESPONSTBILITIES The Trustees are responsible for preparing the Trustee5' Report and tlie financial st&tements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each finanoial ycar which give a truc and fair view of the state of affairs of t¢ charity and the group and of the incorning resources and &ppliGation of resources of the group for that period. In preparing th¢s¢ finanGi8l statements, the Trustees are rquired to: Select suitable accounting policies and then apply them consistently- observ.e the methods and principles in the Chariti&8 SORP; Make judgements and estimat£s that are reasonable and prudent; State whether applic&ble accounting standards have been followed, subj ect to any material departures disclosed and explained in the financial statements- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keq)ing pwper aGwunting records that disclose with reasonab(¢ accuracy at any time the financial position of the charity and the group and enable thcm to ensure that the financial statements comply with the Charities Act 201 I, the applicable Charity {Accounts and Reports) Regulations and the provisions of the Scheme dated 14 August 1969. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable st¢P5 for th¢ prevention and detection of fraud and other irregularities. Approved by the Trustees on 'ZlI Looej and signed as authorised on theii. behalf by: rather Julian Large- Trust£e
INDEPENDENT AUDITORS9 REPORT TO THE TRUSTEES OF THE LONDON ORATORY CHARITY Opinion We have audited the financial statements of The London Oratory Charity for the year ended 3 l December 2020 which omprise the Consolidated Statement of Financial Activities, Consolidated and Charity Balance Sheets, Con501idated Statement of Cash Flows and notes to the financial statements, including & summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable Jaw and United Kingdom Acc4)unting Standards. including Financial Reporting Standard 102 The Financial Reporling Standard applicoble in the UK aFzd Republic of Ireland (United Kingdom G¢n¢r&lly Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the group's and of the parent charity's affairs as at 31 December 2020 and of the group's net movement in funds for th¢ year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted AGcounting Practice; and have been preped in accordance with the requiretnents of the Charities Act 20 I I. Basis for opinio We have been appointed as auditor under section 144 of the Charities Act 201 l and rq)ort in accordance with the Act and relevant regulation5 made or having effect thereunder. We conducted our audit in accordanc¢ with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our Sponsibl1]t1¢S under those standards are further described in the Auditor's resFK)nsibilities for the audit of the financial statements section of our report. We are independent of th¢ 8roup 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 appi'opriate to provide a basis for our opinion. Conclusions relating to going eolleern In auditing Ihe financial statements, we have concluded that th¢ trustees, use of the going concern basis of &ccounting in the prq)aration of the financial statements is appropriate. Based on the work we have perfonned. we h&v¢ not identified any material uncertainti&s relating to events or conditions that, individu8lly or collectively. may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the fmancial statements are authorised foi. issue. Our r&sponsibilities and the responsibilities of the trustres with respect to going concern are described in the relevant sections of this report. Other iDfomAtion The trustees are responsible for the other int(irniation. The other information comprises the information included in th¢ Trustee5' Report. Our opinion on the financial statements does not cover the other infomiation and, except to th¢ extent othenvise explicitly stated in our report, Ive do not express any forni of assurance conclusion ther¢on. In Connection Ivith 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 appe"S to be materially misstated. If we identify such mat¢rial inconsistencies or apparent material misstatements, we are required to detemiine whether there is a material misstatement in the financial statements or a material mi5Statement of the other information. If, based on the work we have performed. we conclude that there is a material misstalement of this other information, we are required to report that fact. We have nothing to report in this 1'eg"d. Matters on wbieh 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 lo report to you if, in our opinion: adequate accounting records have not been kept by the parent charity; or sufficient accounting records have not been kept" or the parent Charity financial statements are not in agreement with the acwunting records and returns: or we have not I'eceived all the infonnation and explanations we require for our audit Responsibilltles of trustees for the finaneial statements As explained more fully in the trustees, responsibilities statement set out on page 7. the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and lair view, and for such internal control as the trustees determine is neceSsY to enable the preparation of financial stat¢m¢nts that are free from material misstatement, whether due to fraud or error.
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE LONDON ORATORY CHARITY (eontinued) In preparing th¢ financial statements, the trustees are responsible for assessing the group, s and the parent charity, s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of aeeounting unless the trustees either inknd to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the finallelal statements Our obj ectives are to obtain reasonable assurance about whether the financial slatements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's rq)orl 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. Misstat¢ments c&n arise from fraud or error and are considered material if, individually or in the aggregate, they could asOnablY be expected tt) influence the economic decisions of user5 tsken on the basis of these financial statements. Irregularities, including fraud, are instances of non-complianc¢ with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in resp¢¢t ot. irregularities, including fraud. The extent to which our procedures are capable of detectin8 irregulariti&8, including fraud is detailed below: Based on our understanding of the charity and the environment in which it operates, we identified that the principaI risks of non-compliance with laws and regulations related k) cornpliallce with Canon law, employment law, health and safety regulations and charity law, and we considered the extent to which non-compliance might have a material eff¢ct on the financial statements. We also Considered those laws and regulations that have a dii'ect impact on the preparation of th¢ financial statements such.as the Charities Act 201 I, FRS102 and payroll Le5. We evaluated management, s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and detennined that the principal I'isks were related to cognItion of income and anag¢ment bias in certain accounting estimates. Audit procedures pertormed by the engagement team included: Inspecting correspondence with regulators and tax authorities Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud Evaluating management's controls designed to prevent and detect in'egularities Identifying and testing journals, in particular joumal entries posted with L2llusual descriptions and those entered at the year-end; and Challenging assumptions and judgements made by management in their critical accounting estimates. A turther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting CounGiI's websit¢ at: www.frc.or .uk/auditorsres onsibilities. This description forms part of our auditor, s report. Use of our report This report is made solely to the charity's trusfres, as a'body, in acLY)rdance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matt¢rs we are required to state to them in an Auditor's I'eport and for no other putyose. To the fullest extent pemiitted by law. we do not accxpt or assume responsibilily to anyone other than the charity's trustees as a body for our audit work, foi. this repoit or for the opinions we have fornied. LLLR Haysmatlntyre LLP Statutory Auditors 10 Queejj Street Pjaee Londo EC4R IAG Date: 23.12.21 Haysmacintyre LLP is eligible to act as an auditor in ternis of section 1212 of the Companies Act 2006.
THE LONDON ORATORY CHARITY CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER202 Unrestricted Funds Restricted Fullds Total Funds Total Funds 2020 2019 Notes ltttome from: Donations and legacies: Donation5 and gifts Legacies HMRC furlough grants Charitable activities: - Oratory fees - Sal&8 of Oratory magazine Other trading activities Oratory shop sales Investments 565,106 208,165 61,273 189,248 12,000 754,354 220,165 61.273 I,117,334 l8,718 44,084 2,718 44,084 2.718 65,015 4,078 11,107 136,682 11,107 202,813 29.444 299,214 66,131 .Total Income 1.029.135 267.379 1,296,514 1.533,803 Expenditure on: Raising funds: Fundraising Trading Investment management Charitable activities 275 16,255 75,202 916,490 275 16,255 101,438 1.101,928 7,258 28,052 01.550 1,503,594 26.236 185,438 Total Expendlture 1,008,222 211,674 1,219,896 1,640,454 Net lllcomel(expenditure) before gains on investments 20,913 55,705 76,618 (106.651) Net gains on investments 781,035 403,999 1.185,034 1,313.596 Net movement in funds 801,948 459,704 1.261,652 1,206,945 ReconeiliatloD of funds: Funds brought forward l January 2020 11,288,283 4,231,943 15,520,226 14,313,281 Fundg earried forward 31 December 2l120 12.090,231 4,691,647 16.781.878 15,520,226 All Iransactions during the year were dei'ived from continuing activities. Comparative figures for the Statement ot'FinanGi&l Activities for year ended 31 December 2019 can b¢ seen irt note 20 to thes¢ financial statements. The notes on pages 14 to 27 fonn part of these accounts. 10
THE LONDON ORATORY CHARITY CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 21)20 2020 2019 Notes FIXED ASSETS Tangible fixed assets Investments 197.750 15.999,617 287,938 14,931,397 16.197,367 15,219,335 CURRENT ASSETS Stock Debtors Cash at bank and in hand 20.274 197,955 531,663 18,727 193,338 232,537 749,892 444,602 CREDITORS: Amounts fglling due within one year 10 (165,381) (143,71 l) NET CURRENT ASSETS 584,511 300,891 TOTAL ASSETS LESS CURRENT LIABILITIESINET ASSETS 16,781,878 15,520,226 FUNDS Restricted funds 11 4,691,647 4,231,943 Unrestrickd t'unds: D&signated funds General funds l2 7,739 12,082.492 21,024 11267.259 12,090,231 11,288.283 16,78 I,878 15,520,226 The charity only surplus foi. the year amounted to £1,26 1,652 (2019: £1,206.945). The financial sl'atements wei"e approved and authori5ed for issue by the Board of Tru5tee5 On and were signed below on its behalf by: The Reverend Julian Large Trustee Then es on pages 14 to 27 forni Part of Ihese account&
THE LONDON ORATORY CHARITY CHARITY BALANCE SHEET AS AT 31 DECEMBER 2020 2020 2019 Notes FIXED ASSETS Tangible fixed assets Investments 197,750 15,999,619 287,938 14,93J,399 16,197,369 15,219,337 CURRENT ASSETS Debtors Cash at bank and in hand 201,058 528,284 220.575 214,708 729,342 435,283 CREDITORS: amounts falling due within olle year 10 (144,833) (134,394) NET CURREL¥T ASSETS 584,509 300,889 TOTAL ASSETS LESS CURRENT LIABILITIESJNET ASSETS 16,78l,878 15,520,226 FUNDS Restricted funds 4,691,647 4,231,943 Unrestricted funds: Designated funds General funds 12 7,739 12,082,492 21.024 L1,267,259 12.090.231 11.288.283 16,781,878 15,520,226 ,. Zza ?.r) Ll and were signed below on its behalf by: The Reverend Juli Truslee Lai"ge The note5 on ages 14 tt) 27 fom] part of these accounts. 12
THE LONDON ORATORY CHARITY CONSOLIDATED STATEMENT OF CASH FLOWS AS AT 31 DECEMBER2020 2020 2019 Notes Cash llows from operating aetivities: Net cash (used in) operating artivitl¢5 l7 (4.924) (326.656) CAsh from iThve5ting activities: Dividends and interest from investments Purchase of fixed assets Proceeds from sale of investments Purchase of investments , (Increase}/decrease in investment cash 202,813 {15,577} 4,463,827 (4,228,683) (118.330) 299,214 (62,103) 11,081,666 (11.172,637) 175,018 Net cash provided by investing activities 304,050 321,158 ChAnge in cash and cash equivalents in the year 299.126 (5,498} Cash and eash eqtsivAleJ)ts At the start of the year 18 232,537 238,035 Cash and easb equivAlenls at the end of the year 18 531,663 232,537 The note5 on page5 l4 to 27 forni part of these accounts. 13
THE LONDON ORATORY CHARITY NOTES TO THE FINANCIAL STATEMEIYTS FOR THE YEAR ENDED 31 DECEMBER 202 ACCOUNTING POLICIES Basi5 of preparatio The financial statements have been prepared in accordance with the Statement of Recommended Pradice for Charities (SORP 2019) (Second Edition, effective l January 2019) and the financial Reporting Standard applicable in the UK and Republie of Ireland (FRS 102). The London Oratory Charity meets the definition of a public benefjt entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stat¢d in the relevant acGounting policy notes. b) Basis of Coosojidation The consolidafrd accounts consolidate those ot. the charity and of its subsidiary underlaking up lo 31 December 2020. The result of the charity's non-charitable trading subsidiary, Blemell House Limited, has been consolidated within the Statement of Financial Activities. Preparation of the accounls on A goiog eoneern basis 14aving considered the future plans of the Charity, the trustee5 confirm that they have no material uncertainties about the charity, s ability to continue as a going concern foi. the foreseeable ture. d) Income recognition The charity recognises income when all ot. the following criteria are met: the charity has entitlement to the tunds and any performance conditions attached to the items of income have been met. it is probable that the income will be received and the amount can be measui'ed reliably. Where income has related expenditure (as with fundraising or similar income). the income and related expenditure are reported gross in the Statement of Financial Activities. For legacies, entitlement is taken on a case by case basis as the earlier of the date on which either; the charity is aware that probate has been granted, the estate has been finalis¢d and notification has been made by the executor{s) to the charity that a distribution will be made, or when a distribution is received from the estate and any conditions attached to the legacy are within the control of the charity. If the legacy is in the form of an asset other than cash or an asset listed on a recognised stock exchang¢. recognition is subject to the valu¢ of the asset being able to be reliably measured and title to the asset has passed to the charity- Where legacies have been notified to the charity or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the le8aGy is treated as a contingent asset and disclosed if material. Donations by means of collections or received in cash are recognised upon receipt of fund& Interest on deposit tiinds held 18 included when receivable and the amount can be measui'ed reliably. Dividends are recognis¢d once the dividend has been declared and notification has been received or dividend 15 due. This is nonnally upon rK)titication by the investment advisor of the dividend yield of the investment portfolio. HMRC furlough grants repre5¢nt the total amount claimed from HM Revenue and Customs under the Coronavirus Job Retention Scheme (CJRS). The income is accounted for in.the period in which the salary payments are made tA) rIOu8hcd staff. 14
THE LONDON ORATORY CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTTNG POLICIES (continued) Expellditure recognltlon Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounteAI for on an accruals basis under the following headings: Costs of raising funds comprises fundt2ising costs incurred in seeking donations. grant5 and legacies; investment management fees; costs of fundraising activities including the costs of goods sold, and their associated support eosts. Fundraising fA)5ts do not include the costs of disseminating information in support of the charitable activities. Expenditure on charitable activities includes the costs of operating the church and related activiti¢s and includes all activities undertaken lo further the purposes of the charity and their associated support costs. Govemance costs are those eosts incurred in connection with the compliance with constitutional and statutory requirements of the eharity. Support costs are allocated to charitable activities based on tirne spent in each area. Irrecover&ble VA T is charged as a cost against the activity for which the expenditure was incurred. Tangible Ftsed Assets Fixed assets 'e capitalised if their original cost ot. purchase exceeds £600. Depreciation is provided on all tangible fixed assets capil'alised, at l'ates calculated to wril'e of the cost of each asset evenly over its expected useful lit¢, as t'ollows: Computer equipment Fixtures, f5ttings and other equipment Motoi. vehicles 3 years S years - 4 years The Charity had 2 voluntary aideAI church schools, one of which becarne an academy on l August 201 l. The school properties (land and buildings) are vested in the name of Ihe Charity. The London Oratory Charity cannot take a unilateral decision lo dispose of these properties. Disposal can only occur if the school governors and the Secretary of St&te for Education decide that all oi. pai't of a school site is no longer required for education. In most circumstances. where a disposal occurs, the Secretary of Slate or the local authority may be entitled to r¢LJ)up grant. Although no rights of ownership vest in the school goveining body, most other rights and obligations. suoh as for th¢ maintenance and repair of the school and its facilities, are passed to the Governors. The Trustees therefore consider that. for the purposes of these financial statements. the nature of their ownership is that of a custodianship and therefore these properties have not been capitalised. Details of th¢se properties are set out in the notes to the accounts. g) Heritage assets No value is attributed to heritage assets on the basis that int'ormation on cost or valuation of the asset5 is not avaijable and (x)uld not be obtained at reasonable cost. The age. variety and Ik of comparable market data would make any attempt at valuation extremely onerous and LY)stly ci)mpared with the benefit derived by users of the accounts. 15
THE LONDON ORATORY CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 202 ACCOUNTING POLICIES (Continued) h) Investments Investments are a fomi of basAC financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price, except for the share5 in the trading subsidiary which are Garri¢d at cost. The Statement ot Financial Activiti&8 includ&8 the net gains and Eosses arising on revaluation and disposals throughout the year. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquii'ed subsequent to the tirst day of th¢ financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their arrying value. Re&lised and unrealised investment gains and losses are combined in the Statement of Financial Activities. FuDd Accounting Unrestricted funds Funds are available to spend on. activities that further any of the purposes of the charity. Restricted Funds Restricted funds are those lunds which are ts) be used in accordanrx with 5p¢cific instructions imposed by th¢ donor or trust deed. Designated Funds Funds are unrestricted funds of the charity which the trustees have decided at Iheir discretion ts) set asid¢ for a specific purpose: Edifices Fund- to cover major repairs or improvements. Halls Fund - for maintenance of St Wilfrid'5 Hall and St Joseph's Hall. J) Debtors Debtors are recogni5ed at the settlement amount due aftei. any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank Cash at bank and in hand includes bank accounts, cash and short terrn highly liquid investments with a short maturity ot. three months or les5 from th¢ date ot qUISition or opening of the deposit or similar account. i) Stock Stock is included at the lower of cost and net realisable value. m) Creditors and provisions Creditors and provisions are recognised where the chai'ity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or eslimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 16
THE LONDON ORATORY CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EL¥IDED 31 DECEMBER 2020 ACCOUNTING POLICIES (continued) Estlmation uncertainty In th¢ view of the Trustees in applying the accounting policies adopted. no judgements were required that have a significant effect on the amounts recognised in the fJnanGial statements nor do any estimates or assumptions made cany a significant risk ofmatcrial adjustment in the next financial year. nRnciRI Inslrumenls The Charity only has basic f5nancial &8sets and financial liabilities of a kind that qualify as basic fInCIal instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. RAISING FUNDS Total 2020 Total 2019 Fundraising Advertisements and appeals Summer Garden Party expenses 275 1,861 5.397 275 7,258 Traditsg Oratory shop cost of sales 16,255 28,052 All expenditure in the above categoi'ies was allocated to unrestricted funds in both the current and prior year. CHARTTABLE ACtIVITIES 2020 Unrestricted Fullds Reslricted Funds Total 2020 Total 2019 Church expenses Music costs Premises costs Premises - Major Works Pi'emises - Boiler Room Pi'emises - Schools Community ¢xpenses Newnan Novices Social and pastoral Diocese expenses LOS donations Religious education Support costs (see bLlow) Governance (see note 4) 166,469 111.664 295.971 71,753 7,600 53.142 l74,069 164,806 295.971 71,753 12,713 237,502 283, [03 311,790 147,985 12,713 35.317 183,495 50,823 81,679 64,787 8,800 33 160,607 380 160,987 88,071 23,532 88,071 31,660 8,543 88 8,128 8,543 88 35,027 58,235 35,027 58,235 39,060 59,220 916,490 [85,438 I,IOL,928 1,503,594 17
THE LONDON ORATORY CHARITY NOTES TO THE FINANCTAL STATEIIqENTS (colltlnued) FOR THE YEAR ENDED 31 DECEMBER 21)20 CHAIUTABLE ACTIVITIES 2019 Unrestricted Funds Restrieted Funds Total 2019 Church expenses Music costs Premis&s costs Premises - Major Works Premises - Schools Community expenses Newman Noviees Social and pastoral Diocese expenses LOS donations Support costs (see below) Governance (see note 4) 234,662 135,889 31 I,790 147,985 2,840 147,214 237,502 283,103 311,790 147,985 35,3 l7 183.495 50.823 81,679 64,787 8.800 33 39,060 59,220 35,3 L7 112 50.823 81,679 47,631 183,383 17,156 8,800 33 39,060 59,220 I, L37,978 365,616 1,503,594 2020 2019 SUPPORT COSTS CONSIST OF: Printing, postage and stationery Telephone and fax Internet Bank charges Othei. 4,282 5,932 8,239 10,364 6210 5,245 5,567 7,554 17.053 3,64l 35.027 39,060 GOVERNANCE COSTS Total 2020 TotAI 2019 Salaries Auditors, remuneration: - Charity - Blemell House Other fees payable to the auditor - a)rporation tax Other costs 24,3 96 28,605 22,080 2,500 1,020 8,239 21,240 L,680 7,695 58,235 59,220 18
THE LONDON ORATORY CHARITY NOTES TO THE FINANCIAL STATEMENTS {eontinued) FOR THE YEAR ENDED 31 DECEMBER 2020 TOTAL EXPENDITURE - 2020 Staff Costs Other Costs Total 2020 Tot41 2019 GoverDallce Depreciatio Charitable activities Raising funds 316,574 621,354 117,968 58,235 105,765 1,101,928 117,968 1.503,594 136.860 316,574 739.322 58,235 105,765 1,219,896 1,640,454 TOTAL EXPENDITURE- 2019 Staff Costs Other Costs Tolal 2019 Governance Depreciation Charitsble activities Raising funds 3l3,661 1.037,981 136,860 59,220 92,732 1,503,594 136,860 313,661 l.l74.84l 59,220 92,732 1,640,454 Staff Costs 20211 2019 Wages and salaries SOCI secui'ity costs Pension costs 287,624 21,503 7,447 298,064 37,305 6,897 316,574 342,266 No employee earned £60,000 pa or more. 2020 2019 The average number ot employees was: 15 15 The trustees constitute the key mana8¢rnent personnel - see note 6 below. TRANSACTIONS WITH TRUSTEES As members of the Congregation, the Trustees, living expenses during the year were borne by the Charity but the Trustees received no remuneration or other benefils in connection with their duties as Trustees during the year (2019: Nil). 19
THE LOI¥4DON ORATORY CHAIUTY NOTES TO THE FINANCIAL STATEMENTS {continued) FOR THE YEAR ENDED 31 DECEMBER2020 TANGIBLE FLXED ASSETS - GROUP AND CHARtTY Computers and Other Equipment Fixtures and Fittings Motor Vehic1£5 Total COST At l January 2020 Additions Disposals 26,124 525,619 15,577 (6,874) 14.039 565,782 15.577 (6,874) At 31 December 2020 26,124 534,322 14,039 574,485 DEPRECIATION At l January 2020 Disposals Charge for the year 23,776 240,029 (6,874) 104,873 14,039 277,844 (6,874) 105,765 892 At 31 December 2020 24,668 338,028 14,039 376,735 NET BOOK VALUE (represented by Fixed Assets used for charitable purposes) 2020: 1,456 l 96,294 197,750 2019: 2,348 285,590 287,938 No value for the property (Listed Building Status Grade II*), LU)mprising The Oratory SW7 is reflected in the f]nancial slatements. T.he buildings were erected between 1854 and 1884 wilh further additions up to 1911. Historic c05t data 15 not available and. in any event. the net book value, after charging norn]al rates of depreciation would not be material. The property has an insurance value of £40M, and & replacement cost of £1 15M. Any material improvLment to the buildings will be capitalised and depreciated over the expected usetul life. Two schools are owned in the name of the London Oratory Charity: The Oraloiy Primary School, a voluntary aided school in the Royal Borough of Kensington and ChLlsea. The London Oratory School, an academy in the borough of l-Iammer8mith and Fulham. The Trustees consider that the school properties have no capital value to the London Oratory Charity A¢¢ounting Policy l(fj- The school properties have an insurance value of £42.3M. see 20
THE LONDON ORATORY CHARITY NOTES TO THE ACCOUNTS (CoDtinued) FOR THE YEAR ENDED 31 DECEMBER 2020 FIXED ASSET INVESTMENTS Group Charity 2020 2019 2020 2019 Market value at l January 2020 Less: Disposals Add: Acquisition5 at ¢0St Net gains on revaluation R¢alis¢d (Ios5es)/gains 14,835,961 13.431,394 (4,463,827) (I1,081,666) 4,228,683 11.172,637 1,728,261 986.906 (543,227) 326,690 14.835.963 13,431,396 (4,483,827) (11,081,666) 4.228.683 11.172.637 1.728,26l 986,906 (543,227) 326,690 Market value at 31 December 2020 15.785,851 14,835,961 15,785,853 14,835,963 Cash held for investment 213,766 95,436 213,766 95.436 15,999,617 l4,931,397 15,999,619 14,931,399 Historical cost at 31 December 2020 13.407,787 l3,595,063 13,407,787 13,595,065 Listed Investments: F ixed interest Equities and bonds 2,438.417 13,347,434 2,162,077 12,673,884 2,438,417 13,347,434 2,162,077 12.673.884 15,785,851 l4,835,961 15,785,851 14,835,961 Unquoted Inve8tment= Blemell House Ltd 15,785,851 213,766 14,835,961 95,436 15,785,853 213,766 14,835,963 95,436 Cash held for investment 15.999.617 14,931,397 15,999,619 14,931,399 DEBTORS Group Charity 2020 2019 2020 2019 Other debtors Amounts owed by group companies 197,955 193.338 197,937 3,121 207,430 13,145 197,955 193.338 20 I,058 220,575 21
THE LONDON ORATORY CHARITY NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 21J20 10. CREDITORS: amounts f&lling due within one year Group Charity 202 21)19 2020 2019 Other creditors Accruals and deferred income Other taxes and social security 132,275 25,320 7.786 112.071 21,240 10,400 I I I,727 25,320 7.786 105,423 21,240 7,731 165,38l 143.711 144,833 l34,394 11. RESTRICTED FUNDS- GROUP AND CHARITY 202 Balance l January 21)20 Transfers/ GAins & {Losses) Bal&nce 31 December 2020 Income Expenditure St Raphael's Fund Prefects Fund Choir Organ Poor Fund St Wilfrid's Ststue Brompton Baroque Primary School Funds Calvary Carving Pettman Scholarsh ip Church Lighting Fund 0r Lady's Fjowers 229,348 22,185 2,464,128 19,161 14,829 1,976 4,552 157,968 5,443 1,237,989 72,568 1,796 158,413 369 53,542 116 17,548 (89,503) (583) (57,223) (3, E07) (23.532) 14,876 2.110 253,875 313,134 24,081 2,714,322 16,170 8,845 1,977 4.556 l64,243 5,443 1,365,394 72,627 855 10.530 (13,614) 9J59 20.138 59 6,659 (16.512) 123,779 (7.600) 4,231,943 267,379 (211,674) 403,999 4,691,647 22
THE LONDON ORATORY CHAIUTY NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2020 RESTRICTED FUNDS- GROUP AND CHARITY 2019 B4laryce l January 2019 Transfers/ Gaios & (Losses) BAlanee 31 December 21)19 Income Expendlture St Raphael's Fund Prefects Fund Choir Organ Poor Fund St Wilfrid's Statue Brompton Baroque Primary School Funds Calvary Carving Pettman Scholarship Church Lighting Fund Orchestra Fund Our Lady, s Flowers Newman Callonisution 186,895 19,638 2,427,240 23,301 23,249 1,972 4.542 149,822 5,443 1,171,232 72,415 3,548 104,243 508 (83,131) (988) (l39,401) (4,287) (47,631) 21,341 3,027 104,438 229.348 22,185 2,464,128 19,161 14.829 1,976 4,552 157,968 5,443 1,237,989 72,568 71,851 147 39,211 10 30,952 (36,231) 13,425 34,324 153 (18,487) 50.920 (7,103) {2.840) (50,823) 3,551 4,636 28,789 1,796 22,034 4,089,297 3 l4.832 (390,922) 218,736 4,23l,943 The Funds are established for the following: St Raphael's Maintenance and education of Oratorian novices and students. Pi'efect's For the Brothers of The Littl¢ Oratory. Choir For the support of the Oi'atory Choir. Organ Foi. major overhauls and maintenance of the Oratory pipe organs. Poor fund For the relief ot poverty. St Wiltrid's Statue Carving of a statu¢ of St Wilfrid. Brompton Baroque For Baroque recitals, Primary School Funds Parental contributions etc for the Oratory Primary Schoo l. Calvary carving For the carving and installation of a new calvary ciucifix. st&tues, and mural. The balance is to be used for improvements to lighting and floor repairs. Organ Scholarship in memory of June Pettman. Toward5 church lighting. For orchestras at Mass. For flowers at the Lady Altar For Rome events, internet activities and local eommemorations surrounding the canonisation of Cardinal Newman in October 2019. Pettsnan SChol'ship Church Lighting Fund Orchestra Fund Our Lady's Flowers Newman Canonisation 23
THE LONDON ORATORY CHARITY NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 20211 J2. DESIGNATED FUNDS - GROUP AND CHARITY 2020 The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by th¢ Trustees for specific purposes. Balaaee l January 2020 Balanee 31 Deeember Income Expenditure Trallsfers 2020 Halls 21,024 6,989 (20,274) 7,739 21,024 6,989 (20,274) 7,739 The funds are established for the following: EdifieAs For major repairs or improvements. Halls For the maintenance of St Wiltrid's Hall and St Joseph's Hall. DESIGNATED FUNDS- GROUP AND CHARITY- 2019 The income fund8 of the charity Include the following designated funds which have been set aside out of unrestricted funds by the Trustees for specific purposes. Balance l January 2019 Balanee 31 December 2019 Ineome Expenditure Transfers Editi¢¢s Halls 18.010 21,024 30 (18,040) 21,024 39,034 30 {l8,040) 21,024 13. ANALYSIS OF NET ASSETS BETWEEN FUNDS- GROUP- 2020 Total Funds 202 Ullrestricted Funds Restricted Fullds Fund balances at 3 l December 2020 'e represented by: Tangible Fixed Assets Investments Current assets Creditors due within l year 197.750 11,566,756 487,612 {161,887) L97.750 l5,999.617 749,892 (165,381) 4,432,861 262,280 (3.494) 12,090,23 1 4,691.647 l6,781,878 24
THE LONDON ORATORY CHARITY NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2020 13. ANALYSIS OF NET ASSETS BETWEEN FUNDS- CROUP- 2019 Total Funds 2019 Unrestricted Fullds Restricted Funds Fund balances at 3 l December 20 I9 are represented by: Tangible Fixed Assets Investments Current assets Creditors due within l year 287,938 10,884,990 254,229 (138,874) 287,938 14,931,397 444,602 (143,711) 4,046,407 I90,373 (4,837) I 1,288,283 4.231,943 15,520,226 14. CONNECTED ORGANISATIONS The London Oratory School, which became an academy on l August 201 l (previously a voluntary aided school} in the Borough of Hammersmith and Fulham and th¢ Oratory Primary School. a voluntsry aided school in the Royal Borough of Ken5in8ton and Chelse4 are connected. 15. TRADING SUBSIDIARY The charity has a wholly owned trading subsidiary, Blemell House Limited (Company Registered Number- 7899744). Blemell House's principal activily is to e&Ty Out trading operdtion5 to support the London Oratory Charity. A summary of the trading I'esults for the year for Blemell House Limited is shown below. 2020 2019 Turnover Cost of sales 41,535 (16.255) 61.236 (28,052) Gross profit Administration expenses Other income 25,280 {5,169) 10 33.184 (5,565) 41 Prtsfit for the year before Gift Aid 20,121 27,660 Balante Sheet 2020 2020 Current assets Less creditors falling due Ivithin one year 23,671 (20,548) 37,037 (37,035) 3,123 Represented by: Share capital Profit and loss account 3,121 3,123 25
THE LONDON ORATORY CHARITY NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR EIYDED 31 DECEMBER 2020 16. HERITAGE ASSETS No value is attributed to the h¢ritag¢ a5sds on the basis that information on cost or valuation of the assets is not available and could not be obiained at reasonable cost. Heritsge assets Include plat4 textiles, books, monuments and statues contained within the Or&tory. The assets are integral to the Charity's objective of advancing the Roman Catholic religion. They ajl have very long l ive5 and are worth preserving indefinitely. The trustees consider that it would b¢ prej udicial tx) the safe custody of these assets to disclose details of their v&lue and usage in these accounts. The Oratory has accumulated over the last 160 years a sizeable and specialised collection of religious plate, art works, vestments and books. Very few of these are ot signiticant individual worth. These are used to adom the Oratory church and enrich the church's liturgies. Many of the paintings and st2tues are on display in the church, open for over 12 hours daily throughout the year. Different vestments and plate are used during Mass and other hurch services on various days throughout the liturgical year. A register ot"plate and vestments is maintained. A full card index of books is maintained in the librY and individual scholars and researchers are granted access to the library if appropriate. Fleritage assets are maintained and conserved as far as possible. There ig no poliey to dispose of these assets. 17. RECONCILIATION OF NET INCOME TO NET CASH FLOW USED IN OPERATING ACTIVITIES 2020 2019 Net income for the year (as per the Statement of Financial Activities) 1.261,652 1,206.945 Adjustrnents for: Depreciation charges (Gains)/losses on investments Dividends and interest from investments Increase in stock Increase in debtors Increase/(decrease) in creditors L05,765 92.732 (1,185.034) (I,313,596) (202,813) (299,214) (1,547} (2,265) (4.617) (918) 21,670 (10,340) Net cash (used in) operating activities (4,924) (326,656) ANALYSIS OF CASH AND CASH EQUIVALENTS 2020 2019 Cash and bank and in hand 531.663 232,537 19. RELATED PARTIES During the Ye., the Charity was gifted £17,000 trom profits of Blemell House Limited. At the year-end. Blemell House Limited owed £13,045 (2019 - £27,616) to the Charityl. In addition, the charity incurred no expenditure (2019: £8.900) in respect of safeguarding Iraining carried out by W F&ber Counselling. Rev Rupert McHardy and Rev Julian Large, trustees of this charity, are trustees of W Faber Counselling. £1,249 (20 19: £13,799) was owed by W Faber Counselling at th¢ year-end. There were no further related party transaGtions requiring disclosure in either the current or prioi. year. 26
THE LONDON ORATORY CHARITY NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2020 20. STATEMENT OF FINANCIAL ACTIVITIES 2019 UDr£stricted Funds Restricted Funds Total Funds 2019 Income from: Donations and1¢8acies: - Donations and gifts Legacies Charitable activities: - Oratory fees - Sales of Oratory rnagazine Other trading activities Oratory shop sales Investments 914,692 17,818 202,642 900 1,117,334 18.718 65,015 4.078 65,015 4.078 29,444 187,924 29,444 299.214 111,290 Total Ineome 1,218,971 314,832 I,533,803 Expenditure on: Raising funds: Fundraising Trading Investment management Charitable activities 7.258 28.052 76,244 1.137.978 7.258 28,052 101,550 1.503.594 25,306 365,616 Total Expenditure 1,249,532 390,922 1,640,454 Net (expenditure) before gaillsl(losses) on investments {30,561) (76,090) (106,651) Net gainsl(losses) on investments 1,120,445 193,151 1,313,596 Net ineoMe/(expenditre) before transferg 1,089,884 117,061 1,206.945 Transfers between tiinds (25,585) 25,585 Net movement in funds 1,064299 142,646 1,206,945 Reooneilistion of fllnds: Funds brought forward l Janu&ry 2019 10,223,984 4.089,297 14,3l3,281 Funds tArried forward 31 Deeember 2019 11,288,283 4,231,943 15,520,226 27