THE LONDON ORATORY CHARITY Charity Number: 240702 TRUSTEESI ANNUAL REPORT AND CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Haysmac LLP Chartered Accountants 10 Queen Street Place London EC4R IAG
THE LONDON ORATORY CHARITY CONTENTS Page Trustees, Annual Report Independent Auditors, Report 10 Consolidated Statement of Financial Activities 11 Consolidated Balance Sheet 12 Charity Balance Sheet 13 Consolidated Statement of Cash Flows 14 - 27 Notes to the Accounts
THE LONDON ORATORY CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 REFERENCE AND ADMINISTRATIVE DETAILS REGISTERED CHARITY NUMBER: 240702 TRUSTEES: The Reverend Julian Large OBE (Provost and Chairman of Trustees) Revd G Bowen (until 25 March 2024) Revd Rupert McHardy Revd Michael Lang Revd Edward van den Bergh (until 25 March 2024) Revd James Tabarelli (from 25 March 2024) Revd Joseph Rodrigues (from 25 March 2024) OFFICE: The Oratory Brompton Road London SW7 2RP GOVERNING INSTRUMENT: Charity Commission Scheme dated 14 August 1969 AUDITORS: Haysmac LLP l O Queen Street Place London EC4R IAG SOLICITORS: Withers 20 Old Bailey London EC4M 7EG BANKERS: National Westminster Bank PIC Kensington Royal Garden Branch 55 Kensington High Street London W8 SEQ INVESTMENT MANAGERS: Handelsbanken Wealth and Asset Management Ltd No.1 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 2023 OBJECTIVES AND ACTIVITIES THE CHARITY'S OBJECTS The Scheme specifies '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 Congregation of the Oratory of St Philip Neri in London in such ways as the Trustees of the 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 Oratory 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 Masses and many other regular services. The Oratory Fathers who currently comprise the Congregation of the Oratory of St Philip Neri in London, provide a wide range of support and pastoral care for their parishioners and those who worship in the Oratory church, and do so in the spirit of their founder St Philip Neri. St Philip founded the Oratory in 16th century Rome; this has spread woyld-wide, secular priests living together a community life without vows, each Congregation independent from one another, with members intending to stay in the same community for their whole lives. This apostolate was brought to England by Blessed Cardinal Newman in the 1840's, with Father Faber founding the London Oratory at first in cramped premises near the Strand, moving to South Kensington in 1854. Since that time, the Oratory Fathers have continued pastoral work in London, often in conjunction with other parishes and organisations in the Roman Catholic Archdiocese 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 Street, Cale Street and Old Brompton Road. A large Sunday Mass attendance and provision of the Sacraments and Christian formation to the parish and to regular worshippers, together with Catholic chaplaincy duties at the Royal Brompton Hospital, 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 Charity, s religious and pastoral activities. MUSIC A special feature of the Oratory has been its musical tradition, inspired by St Philip's own patronage of Palestrina, and the Fathers aim to maintain the highest standards in Church music. In this, they are following the directions of the Second Vatican Council; "Large choirs existing . in major churches, which have in the course of centuries earned for themselves high renown by preserving and developing musical heritage of inestimable value, should be retained for sacred celebrations of a more elaborate kind" (Instruction on Music in the Sacred Liturgy, 1967). It is this heritage of Gregorian chant and the 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 maintenance of the Oratory Choir, establishing a Restricted fund, the Choir Fund, to help meet the costs of the Oratory choir, which sings at Solemn Mass and Vespers. In 2003 a major overhaul of the church organ, built by J W Walker in 1954, was put in hand, and completed in 2007. This insti'ument is one of the most important built in London in the post-world War II period. Possessing 45 stops on three manuals, it was designed by Ralph Downes, organist of the Oratory 1936-77. The British Institute of Organ Studies Journal, 1996 describes it as the most successful of its kind in London. In 201 I, a scholarship was established to support the new position of Organ Scholar, through the generosity of a regular worshipper, in memory of his late wife, June Pettman. The funds of this scholarship were significantly augmented with a large legacy, received in 2017. The Fathers are most grateful to the late Mr Pettman for this wonderful gesture of support.
THE LONDON ORATORY CHARITY TRUSTEES, ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 PREMISES The Oratory premises consist of the Oratory Church with the Lodge, the Oratory House and Halls, and the Newman Statue. The Church built between 1880-84 with the dome and faFade added in the 1890's, is a Grade II listed building in neo- Baroque style. The Oratory House and Halls, built between 1853 and 1911, comprise the domestic areas of the Oratorian community, administration offices, Little Oratory, and parish halls. These are Grade II listed buildings. The Statue of Cardinal Newman (1896) on Brompton Road has a Grade II listing. All of these properties are owned freehold. The upkeep of these extensive premises requires substantial management and both ongoing and major maintenance. SCHOOLS The Oratory Fathers have had a longstanding commitment to Catholic Education, and are presently Trustees of two schools, the Oratory Primary School in Cale StreeL Chelse4 and the London Oratory School in Fulham. The London Oratory School was granted Academy status from l August 2011. VOLUNTEER HELP The Fathers of the Oratory (Congregation of the Oratory of St Philip Neri) rely substantially 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. NOVICES A duty on the Congregation is to recruit, educate and train suitable candidates for the Catholic Priesthood, to serve as priests in the Oratory for the rest of their lives. Unlike religious Orders and Catholic dioceses, candidates join the Oratory to become members of the Community in that location. clergy are not moved from house to house by a superior or bishop. The one candidate at 3 1st December 2022 was ordained to the sacred priesthood in December 2023. PUBLIC BENEFIT The primary 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 strongly supports the spiritual, moral and academic education of children, through catechetical programmes and sacramental preparation, as well as maintaining two schools. The Oratory also provides and maintains its church and other listed buildings. Further details of these activities are given throughout the Annual Report and Accounts. That the Oratory does produce a public benefit beyond that benefit that accrues to its members, is shown in the public character of its distinctive buildings. All members of the public are welcome to enter the Oi'atory church free of charge for purposes connected to prayer, worship, meditation and the advancement of religion. In addition to donations to the charity, Oi'atory parishioners and visitors donated £9,378 to UK and international Catholic charities, (2022- £4,708), and £8,382 to the Archdiocese of Westminster (2022 - £7,520). The Trustees confirn] that, in determining the activities of the charity, they have paid regard to guldance issued by the Charity Commission on public benefit. The Provost and Chairman of Trustees Revd Julian Large was appointed OBE in the 2024 Birthday Honours, for services to Faith and Integration. ACHIEVEMENTS AND PERFORMANCE As in previous years, the Oratory provided religious services, pastoral care and education throughout the year, in the Oratory church and premises at Brompton Road, at the Oratory schools, in hospitals and elsewhere. The Fathers made themselves available to parishioners, visitors and those in need. Every day of the year the Church remained open for private prayer and visiting. The pastoral and spiritual work undertaken by the Fathers is not susceptible to numerical measurement, and continues year by year within a long-established framework.
THE LONDON ORATORY CHARITY TRUSTEES? ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 INVESTMENT POLICY AND PERFORMANCE The target set for the fund managers is to achieve a certain return of both income and capital growth with no more than a moderate level of risk. The charity avoids direct investment in arn]aments, pornography and "anti-life" pharnlaceuticals. During the year the value of the Charity, s investment portfolio rose. The continuing stock market volatility since the year end emphasises that a considerable degree of caution is needed when considering investment values. Investment values do not necessarily represent liquid resources to spend; the capital sums need to be held to generate income to support the Charity's ongoing work and commitments. The investment model target for 2023 continued as inflation plus 3.5 % . Investments showed a total return of 4.70/0. PLANS FOR FUTURE PERIODS The Oratory Fathers plan to continue all their present activities their pastoral work in the Oratory Church and Parish, their schools, the upkeep and development of their premises, maintenance of sufficient reserves, and generation of further growth of investment portfolios to ensure the long- tenn 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 help in fulfilling their Christian vocation to know, love and serve God in this world and to be happy with Him for ever in the next. FINANCIAL REVIEW Principal sources of income include donations made at religious services in the Oratory Church; Offertory collections £255 328 (2022: £252,702) other voluntary contributions made directly for the support of the Oratory church: £502,400 (2022: £455,986), and contributions to support Music: £93,327 (2022: £57,110). Donations for social and pastoral activities totalled £46 148 (2022: £45,519). St Raphael's annual appeal raised £65,060 (2022: £60,999). General donations totalled £18,310 (2022: £15,367). Investment income totalled £216,697 (2022: £213,105). Legacies totalled £141,485 (2022: £889,163). Details of expenditure are given in notes 2 to 5 of the Annual Accounts. Overall, before investments, the Oratory has a net loss of £98,502 (2022: gain of £514,478) RESERVES Unrestricted funds at 31 December 2023 totalled £11,703,234 (2022: £11,468,744) for the general purposes of the Charity. This is equivalent to approximately 8 years, unrestricted expenditure. However, the charity's reserves including investments total £11,679,478 (2022: £16,609,576). These amounts are tied up in investments which can be liquidated as needed. Restricted funds at 31 December 2023 totalled £5,564,594 (2022: £5,190,087). Given the listed building status and historic nature of the whole Brompton Road premises, the independent position of the Oratory, (separate from the Archdiocese of Westminster and from other Oratories), and the prevalent financial and economic uncertainty, these are regarded, along with investments, as appropriate levels necessary for supporting the Charity, s ongoing commitments and securing its long=_term operation.
THE LONDON ORATORY CHARITY TRUSTEES ANNUAL REPORT (eontinued) FOR THE YEAR ENDED 31 DECEMBER 2023 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 having 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. The systems are devised according to need. The scope of all these measures is reviewed regularly by the Trustees. Safeguarding The safeguarding of children and of adults at risk is of great importance to the Oratory. Failing to prevent abuse of the vulnerable has serious repercussions for the individual, the mission of the Oratory and the Catholic Church. The consequences of abuse of individuals can be grave and long-lasting. The Charity's aim is to prevent this from happening to children or adults at risk, whilst in the care of the Church. To mitigate this risk, the Charily follows the policies and procedures put in place by the Catholic Church in England and Wales. Community age profde While the age profile of the members is increasing, as existing members grow 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 their vocation elsewhere in the Catholic Church, 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 for the priesthood. Long-term financial sustainability Risks include reductions in key sources of revenue, and increased costs of staffing and routine maintenance and compliance upgrades of the premises. The Oratory's income comes from four main sources- collections and other donations made in church, investment income, legacies, and income from varied external uses of the premises. This is supplemented by fund-raising for special projects, and other smaller income streams. Property upkeep The two main Oratory buildings are both 19th century Grade II Listed Buildings. Their long-term fitness for use requircs regular large-scale projects to keep them watertight and the infrastructure up to date, whilst maintaining the historic character of the buildings, often involving specialist contractors and specialist skills.
THE LONDON ORATORY CHARITY TRUSTEES, ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT 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 Incorporation 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 within the Roman Catholic Church. the priests elect from within their number 5 Trustees to serve for three years. At the triennial election on 25 March 2021 Revd Julian Large was re-elected as Provost and Chairman of Trustees, Revds George Bowen, Rupert McHardy Michael Lang and Edward van den Bergh were re-elected as Trustees. At the triennial election on 25 March 2024 Revd Julian Large was re-elected as Provost and Chaim]an of Trustees, Revds Rupert McHardy and Michael Lang were re-elected as Trustees, and Revds James Tabarelli and Joseph Rodrigues were newly elected, The Trustees and the Congregation meet frequently to plan and carry forward their spiritual and pastoral responsibilities, and to attend to the financial, property) legal and administrative affairs of the Trust. The trustees are drawn from amongst the existing Fathers, and have already been closely involved in carrying out the charity's pastoral work and other activities. New trustees will have lived at the Oratory for at least 6 years before their ordination (at which wint they al'e eligible for election as a trustee) and receive training during these years on the charity's finances and operating policies. As well as carrying out the 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 Charity had established a trading subsidiary, Blemell House Limited, which was incorporated on 6 January 2012 and took over the charity, s trading activities including the Oratory's shop, car parking and magazinc sales. The company has traded profitably since being established, and it is anticipated that it will continue to do so. Statement 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, is in the ownership of the Trust. The main consequence of this that the users of the land, the Governors of the Schools, who have no title of their own in the land, thereby come under an obligation to use the property for the purposes set out in the Trust Deed, i.e., they must promote 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 fact accrue to the Trustees, as the extent to which they can charge rents, 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 uscd. These restrictions lead the Trustees to conclude that so long as the Schools operate as going concerns, there is no capital value to the Oratory in the stock of school lands and buildings. For these reasons they are not capitalised. TRUSTEES, EXPENSES The TNstees are all Roman Catholic priests and members of the Congregation of the Oratory. They are housed by the Ti'ust and are reimbursed for the expenses incurred in carrying out their ministry in the same way as all other priests of the Congregation. However, no Trustee received any remuneration or expenses from the Charity in connection with their duties as Trustees during the year. No Trustee had any beneficial interest in any contract with the Charity.
THE LONDON ORATORY CHARITY TRUSTEES? ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparing the Trustees, Report and the financial statements 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 financial year which give a true and fair view of the state of affairs of the charity and the group and of the incoming resources and application of resources of the group for that period. In preparing these financial statements, the Trustees are required to: Select suitable accounting policies and then apply them consistently; Observe the methods and principles in the Charities SORP; 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; 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 keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and the group and enable them to ensure that the financial statements comply with the Charities Act 2011, 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 steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees on j ()"(knO -L-o J.1 and signed as authorised on their behalf by: Father Julian Large - Trustee
INDEPENDENT AUDITORS, 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 31 December 2023 which comprise the Consolidated Statement of Financial Activities, Consolidated and Charity Balance Sheets, Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. 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 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 group's and of the parent charity's affairs as at 31 December 2023 and of the group's net movement in funds for the year then ended. have been properly prepared in accordance with United Kingdom Gencrally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 group 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 In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perforn]ed, we have not identified any material uncertainties relating to events or conditions that, individually 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 financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the Trustees, Report. Our opinion on the financial statements does not cover the other infom]ation and, except to the extent otherwise explicitly stated in our report, we do not express any fom] 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 inforniation 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 deternline whether there is a material misstatement in the financial statements or a material misstatement of the other inforn]ation. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are re_quired to report that fact. We have nothing to report in this regard. 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: 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 accounting records and returns; oi. we have not received all the information and explanations we require for our audit. Responsibilities of trustees for the financial 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 fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are fi.ee from material misstatement, whether due to fraud or error.
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE LONDON ORATORY CHARITY (continued) In preparing the financial statements, the trustees are responsible for assessing the group, s and the parent charity's ability to ¢)ntInUe as a going concern, disclosing, as applicable, matters related to going (x)ncern and using the going concern basis of accounting unless the trustees either intend 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 fillancial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor, s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to compliance 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 effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 201 I, FRS102 and payroll taxes. 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 risks were related to recognition of income and management bias in certain accounting estimates. Audit procedures performed 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 irregularities; and Identifying and testing journals, in particular joumal entries at the year-end Challenging assumptions and judgements made by management in their accounting estimates. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council, s website 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 trustees, as a body, in accordance with section 144 of the Charities Act 201 l 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 matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity's trustees as a body for our audit work, for this report, or for the opinions we have forn]ed. Haysmac LLP Statutory Auditors 10 Queen Street Place London EC4R IAG Date: 18 December 2024 Haysmac LLP is eligible to act as an auditor in tern]s of section 1212 of the Companies Act 2006.
THE LONDON ORATORY CHARITY CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Funds Restricted Funds Total Funds 2023 Total Funds 2022 Notes Income from: Donations and legacies: Donations and gifts Legacies Charitable activities: - Oratory fees Sales of Oratory magazine Other trading activities Oratory shop salès Investments 833,397 59,166 235,063 82,319 1,068,460 141,485 980,567 889,163 74,485 3,362 74,485 3,362 91,227 4,783 42,910 146,489 42,910 216,697 34,108 213,105 70,208 Total Income 1,159,809 387,590 1,547,399 2,212,953 Expenditure on: Raising funds: Fundraising Trading Investment management Charitable activities 9,993 47,289 82,074 1,277,928 9,993 47,289 112,141 1,476,478 11,273 42,507 107,667 1,537,028 30,067 198,550 Total Expenditure 1,417,284 228,617 1,645,901 1,698,475 Net (expenditure)lincome before gains on investments (257,475) 158,973 (98,502) 514,478 Net gains on investments 497,965 215,534 713,499 (1,909,847) Net movement in funds 240,490 374,507 614,997 (1,395,369) Reconciliation of funds: Funds brought forward l January 2023 11,462,744 5,190,087 16,652,831 18,048,200 Funds carried forward 31 December 2023 £11,703,234 £5,564,594 £17,267,828 £16,652,831 All transactions during the year were derived from continuing activities. Comparative figures for the Statement of Financial Activities for year ended 31 December 2022 can be seen in note 20 to these financial statements. The notes on pages 14 to 27 fomi part of these accounts. 10
THE LONDON ORATORY CHARITY CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER2023 2023 2022 Notes FIXED ASSETS Tangible fixed assets Investments 23,756 16,956,909 43,255 16,160,493 16,980,665 16,203,748 CURRENT ASSETS 25,148 284,533 322,526 Stock Debtors Cash at bank and in hand 22,335 288,336 256,919 567,590 632,207 CREDITORS: amounts falling due within one year NET CURRENT ASSETS 10 (280,427) (183,124) 449,083 287,163 TOTAL ASSETS LESS CURRENT LIABILITIES/NET ASSETS £17,267,828 £16,652,831 FUNDS Restricted funds 5,564,594 5,190,087 11 Unrestricted funds: General funds 11,462,744 11,703,234 £17,267,828 £16,652,831 The charity only surplus for the year amounted to £629,627 (2022: deficit of £1,388,241). The financial statements were approved and authorised for issue by the Board of Trustees on and were signed below on its behalf by: The Reverend Julian Large Trustee The notes on pages 14 to 27 forni part of these accounts.
THE LONDON ORATORY CHARITY CHARITY BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes FIXED ASSETS Tangible fixed assets Investments 23,756 16,956,911 43,255 16,160,495 16,980,667 16,203,750 CURRENT ASSETS Debtors Cash at bank and in hand 293,921 235,602 286,026 303,809 529,523 589,835 CREDITORS: amounts falling due within one year NET CURRENT ASSETS (253,593) (166,615) 10 423,220 275,930 TOTAL ASSETS LESS CURRENT LIABILITIES/NET ASSETS £16,626,970 £17,256,597 FUNDS Restricted funds 11 5,564,594 5,190,087 Unrestricted funds: General funds 11,436,883 11,692,003 £17,256,597 £16,626,970 l_b )_4 The financial statements were approved and authorised for issue by the Board of Trustees on and were signed below on its behalf by: The Reverend Julian Large Trustee The notes on pages 14 to 27 foiTn part of these accounts. 12
THE LONDON ORATORY CHARITY CONSOLIDATED STATEMENT OF CASH FLOWS AS AT 31 DECEMBER 2023 2023 2022 Notes Cash flows from operating activities: Net cash (used in)/provided by operating activities 17 (199,387) 256,530 Cash flows from investing activities: Dividends and interest from investments Purchase of fixed assets Proceeds from sale of investments Purchase of investments Decrease/(increase) in investment cash 216,697 213,105 (4,196) 6,806,204 (7,392,406) (199,409) 9,815,515 (10,380,237) 481,805 Net cash provided by/(used in) investing activities 133,780 (576,702) (65,607) (320,172) Change in cash and cash equivalents in the year Cash and cash equivalents at the start of the year 642,698 18 322,526 Cash and cash equivalents at the end of the year 18 £256,919 £322,526 The notes on pages 14 to 27 fom] pait of these accounts. 13
THE LONDON ORATORY CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Basis of preparation The financial statements have been prepared in accordance with the Statement of Recommended Practice for Charities (SORP 2019) (Second Edition, effective l January 2019) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The London Oratory Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. b) Basis of Consolidation The consolidated accounts consolidate those of the charity and of its subsidiary undertaking up to 31 December 2023. 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 accounts on a going concern basis Having considered the future plans of the Charity, the trustees confirm that they have no material uncertainties about the charity's ability to continue as a going concern for the foreseeable future. d) Income recognition The charity reCOlseS income when all of the following criteria are met: the charity has entitlement to the funds and any performance conditions attached to the items of income have bcen met, it is probable that the income will be I'eceived and the amount can be measured 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 finalised and notification has been made by the executorfs) 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 exchange, recognition is subject to the value 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 legacy is treated as a contingent asset and disclosed if material. Donations by means of collections or received in cash are recognised upon receipt of funds. Interest on deposit funds held is included when receivable and the amount can be measured reliably. Dividends are recognised once the dividend has been declared and notification has been received or dividend is due. This is nornially upon notification by the investment advisor of the dividend yield of the investment portfolio. 14
THE LONDON ORATORY CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (continued) Expenditure recognition 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 accounted for on an accruals basis under the following headings: Costs of raising funds comprises fundraising costs incurred in seeking donations, grants and legacies. investment management fees. costs of fundraising activities including the costs of goods sold, and their associated support costs. Fundraising costs 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 activities and includes all activities undertaken to further the purposes of the charity and their associated support costs. Governance costs are those costs incurred in connection with the compliance with constitutional and statutory requirements of the charity. Support costs are allocated to charitable activities based on time spent in each area. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Tangible Fixed Assets Fixed assets are capitalised if their original cost of purchase exceeds £600. Depreciation is provided on all tangible fixed assets capitalised, at rates calculated to write of the cost of each asset evenly over its expected useful life, as follows: Computer equipment 3 years Fixtures, fittings and other equipment 5 years Motor vehicles 4 years The Charity had 2 voluntary aided church schools, one of which became an academy on l August 2011. The school pi'operties (land and buildings) are vested in the name of the Charity. The London Oratory Charity cannot take a unilateral decision to dispose of these properties. Disposal can only occur if the school governors and the Secretary of State for Education decide that all or part of a school site is no longer required for education._.In most circumstances, where a disposal occurs, the Secretary of State or the local authority may be entitled to recoup gi'ant. Although no rights of ownership vest in the school governing body, most other rights and obligations, such as for the 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 these properties are set out in the notes to the accounts. g) Heritage assets No value is attributed to heritage assets on the basis that inforn]ation on cost or valuation of the assets is not available and could not be obtained at reasonable cost. The age, variety and lack of comparable market data would make any attempt at valuation extremely onerous and costly compared 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 2023 ACCOUNTING POLICIES (continued) h) Investments Investments are a fom of basic 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 shares in the trading subsidiary which are carried at cost. The Statement of Financial Activities includes the net gains and losses 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 acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. Fund 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 funds which are to be used in accordance with specific instructions imposed by the donor or trust deed. i) Debtors Debtors at.e recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. k) Cash at bank Cash at bank and in hand includes bank accounts, cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. i) Stock Stock is included at the lower of cost and net realisable value. Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfei. of funds to a third party and the amount due to settle the obligation can be measured or estimated 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 ENDED 31 DECEMBER 2023 ACCOUINTING POLICIES (continued) Estimation uncertainty In the 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 financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year. Financial Instruments The Charity only has basic financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Total 2022 RAISING FUNDS Total 2023 Fundraising Card payment machine Advertisements and appeals Summer Garden Party expcnses 2,107 397 8,769 298 9,695 £9,993 £11,273 Trading Oratory shop cost of sales £47,289 £42,507 All expenditure in the above categories was allocated to unrestricted funds in both the current and prior year. CHARITABLE ACTIVITIES 2023 Unrestricted Funds Restricted Funds Total 2023 Total 2022 Church expenses Music costs Premises costs Premises - Major Works Premises - Boiler Room depreciation Premises - Schools Premises - lodge Community expenses Novices Social and pastoral Diocese expenses LOS donations Religious education Support costs (see below) Governance (see note 4) 240,625 224,688 372,000 59,877 13,070 60,744 253,695 285,432 372,000 104,955 277,141 282,676 315,739 109,785 57,892 6,664 45,078 154 230,842 27,138 69,781 1,000 129 264 49,312 81,776 154 230,771 71 27,138 52,449 237,957 54,152 59,803 17,332 1,000 129 264 49,312 81,776 217 293 41,966 92,743 £1,277,928 £198,550 £1,476,478 £1,537,028 17
THE LONDON ORATORY CHARITY NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 CHARITABLE ACTIVITIES 2022 Unrestricted Funds Restricted Funds Total 2022 Church expenses Music costs Premises costs Premises - Major Works Premises - Boiler Room depreciation Premises- Schools Community expenses Novices Social and pastoral LOS donations Religious education Support costs (see below) Governance (see note 4) 264,651 229,629 315,739 109,785 57,892 12,490 53,047 277,141 282,676 315,739 109,785 57,892 6,664 237,957 54,152 59,803 217 293 41,966 92,743 6,664 11 54,152 44,921 237,946 14,882 217 293 41,966 92,743 £1,365,743 £171,285 £1,537,028 2023 2022 SUPPORT COSTS CONSIST OF: Printing, postage and stationery Telephone and fax Internet Bank charges Other 3,479 7,023 8,140 25,265 5,405 5,080 6,298 7,760 20,580 2,248 £49,312 £41,966 GOVERNANCE COSTS 2023 2022 Salaries Auditors, remuneration: Charity Blemell House Other fees payable to the auditor - corporation tax Other costs 36,583 50,532 30,000 3,960 1,300 9,933 29,640 2,486 1,200 8,945 £81,776 £92,743 18
THE LONDON ORATORY CHARITY NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 TOTAL EXPENDITURE- 2023 Staff Costs Other Costs Total 2023 Total 2022 Governance Depreciation Charitable activities Raising funds 327,882 1,047,321 169,423 81,776 19,499 1,476,478 169,423 1,537,028 161,447 £327,882 £1,216,744 £81,776 £19,499 £1,645,901 £1,698,475 TOTAL EXPENDITURE- 2022 Staff Costs Other Costs Total 2022 Governance Depreciation Charitable activities Raising funds 384,964 980,712 161,447 92,743 78,609 1,537,028 161,447 £3 84,964 £1,142,159 £92,743 £78,609 £1,698,475 2022 Staff Costs 2023 Wages and salai'ies Social security costs Pension costs 334,728 21,485 8,252 388,277 36,954 10,265 £364,465 £435,496 No employee earned £60,000 pa or more. 2023 2022 The average number of employees was: 15 16 The trustees constitute the key management personnel - see note 6 below. TRANSACTIONS WITH TRUSTEES As members of the Congregation, the Trustees, living expenses during the year wei'e borne by the Charity but the Trustees received no remunei'ation or other benefits in connection with their duties as Trustees during the year (2022: Nil). 19
THE LONDON ORATORY CHARITY NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 TANGIBLE FIXED ASSETS- GROUP AND CHARITY Computers and Other Equipment Fixtures and Fittings Motor Vehicles Total COST At l January 2023 Additions Disposals 26,124 554,142 14,039 594,305 (963) (963) At 31 December 2023 26,124 553,179 14,039 593,342 DEPRECIATION At l January 2023 Charge for the year Eliminated on disposal 26,124 510,887 19,499 (963) 14,039 551,050 19,499 (963) At 31 December 2023 26,124 529,423 14,039 569,586 NET BOOKVALUE (represented by Fixed Assets used for charitable purposes) 2023: £23,756 £23,756 2022: £43,255 £43,255 No value for the property (Listed Building Status Grade II*), comprising The Oratory SW7 is reflected in the financial statements. The buildings were erected between 1854 and 1884 with further additions up to 1911. Historic cost data is not available and, in any event, the net book value, after charging normal rates of depreciation would not be matei'ial. The property has an insurance value of £5 Im, and a replacement cost of £192m. Any material improvement to the buildings will be capitalised and depreciated over the expected useful life. Two schools are owned in the name of the London Oratory Charity: The Oratory Primary School, a voluntary aided school in the Royal Borough of Kensington and Chelsea. The London Oratory School, an academy in the borough of Hammersmith and Fulham. The Trustees consider that the school properties have no capital value to the London Oratory Charity Accounting Policy l(D. The school properties have an insurance value of £45.7m. see 20
THE LONDON ORATORY CHARITY NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023 FIXED ASSET INVESTMENTS Group Charity 2023 2022 2023 2022 Market value at l January 2023 Less: Disposals Add: Acquisitions at cost Realised and unrealised gains and (losses) 15,265,317 (9,815,515) 10,380,237 713,499 16,588,962 (6,806,204) 7,392,406 (1,909,847) 15,265,319 (9,815,515) 10,380,237 713,499 16,588,964 (6,806,204) 7,392,406 (1,909,847) Market value at 31 December 2023 16,543,538 15,265,317 16,543,540 15,265,319 Cash held for investment 413,371 895,176 413,371 895,176 £16,956,909 £16,160,493 £16,956,911 £16,160,495 Hlstorical cost at 31 December 2023 £16,507,080 £15,660,102 £16,507,082 £15,660,104 Listed Investments: Fixed interest Equities and bonds 5,034,445 11,509,093 3,702,876 11,562,441 5,034,445 11,509,093 3,702,876 11,562,441 16,543,538 15,265,317 16,543,538 15,265,317 Unquoted Investment: Blemell House Ltd 16,543,538 413,371 15,265,317 895,176 16,543,540 413,371 15,265,319 895,176 Cash held for investment £16,956,909 £16,160,493 £16,956,911 £16,160,495 DEBTORS Group Charity 2023 2022 2023 2022 Other debtors Amounts owed by group companies 288,336 284,533 280,879 13,042 272,984 13,042 £288,336 £284,533 £293,921 £286,026 21
THE LONDON ORATORY CHARITY NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023 10. CREDITORS: amounts falling due within one year Group Charity 2023 2022 2023 2022 Other creditors Accruals and deferred income Other taxes and social security 163,963 107,637 8,827 65,268 112,815 5,041 137,129 107,637 8,827 48,759 112,815 5,041 £280,427 £183,124 £253,593 £166,615 11. RESTRICTED FUNDS- GROUP AND CHARITY 2023 Balance l January 2023 Transfers/ Gains & (Losses) Balance 31 December 2023 Income. Expenditure St Raphael, s Fund Edifices Prefects Fund Choir Organ Poor Fund St Wilfrid's Statue Orchestra Fund Brompton Baroque Primary School Funds Calvary Carving Pettman Scholarship Church Lighting Fund Our Lady's Altar Flowei's 374,109 71,424 45,500 407 154,322 103 46,648 25 15,000 62 18,652 (28,701) 9,484 426,316 45,500 22,923 3,447,847 3,541 23,640 2,006 10,485 4,627 150,292 5,443 1,328,942 73,774 19,258 22,415 3,214,709 6,882 29,441 1,981 (1,244) (61,761) (3,444) (52,449) 1,345 140,577 (4,515) 4,565 171,734 5,443 1,270,695 72,783 15,330 (46,061) 5,967 17,458 991 16,998 (17,372) 58,161 (13,070) £5,190,087 £387,590 £(228,617) £215,534 £5,564,594 22
THE LONDON ORATORY CHARITY NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023 11. RESTRICTED FUNDS- GROUP AND CHARITY 2022 Balance l January 2022 Transfers/ Gains & (Losses) Balance 31 Deeember 2022 Income Expenditure 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 Our Lady's Flowers 374,389 26,705 2,832,951 13,363 28,761 1,977 4,556 167,956 5,443 1,425,210 72,634 6,270 82,241 417 733,984 79 45,602 (55,703) (903) (51,766) (6,560) (44,922) (26,818) (3,804) (300,460) 374,109 22,415 3,214,709 6,882 29,441 1,981 4,565 171,734 5,443 1,270,695 72,783 15,330 28,290 (7,640) (16,872) 16,859 149 21,550 (17,530) (153,844) (12,490) £4,960,215 £929,184 £(197,514) £(501,798) £5,190,087 The funds are established for the following: St Raphael's Maintenance and education of Oratorian novices and students. Edifices For major repairs and maintenance Prefects Fund For the Brothers of The Little Oratory. Choir For the support of the Oratory Choir. Organ For major overhauls and maintenance of the Oratory pipe organs. Poor Fund For the relief of poverty. St Wilfrid's Statue Carving of a statue of St Wilfrid. Orchestra Fund For orchestras at Solemn Masses Bi'ompton Baroque For Baroque recitals. Primary School Funds Parental contributions etc for the Oratory Primary School. Calvary carving For the carving and installation of a new calvary crucifix, statues, and mural. The balance is to be used for improvements to lighting and floor repairs. Organ Scholarship in memory of June Pettman. Towards church lighting. For flowers at the Lady Altar Pettman Scholarship Church Lighting Fund Our Lady's Flowers 23
THE LONDON ORATORY CHARITY NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS- GROUP- 2023 Total Funds 2023 Unrestricted Funds Restricted Funds Fund balances at 31 December 2023 are represented by: Tangible Fixed Assets Investments Current assets Creditors due within l year 23,756 11,846,565 72,902 (239,989) 23,756 16,956,909 567,590 (280,427) 5,110,344 494,688 (40,438) £11,703,234 £5,564,594 £17,267,828 13. ANALYSIS OF NET ASSETS BETWEEN FUNDS- GROUP- 2022 Total Funds 2022 Unrestricted Funds Restricted Funds Fund balances at 31 December 2022 are represented by: Tangible Fixed Assets Investments Current assets Creditors due within l year 43,255 11,321,536 271,916 (173,963) 43,255 16,160,493 632,207 (183,124) 4,838,957 360,291 (9,161) £11,462,744 £5,190,087 £16,652,831 14. CONNECTED ORGANISATIONS The London Oratory School, which became an academy on l August 2011 (previously a voluntary aided school) in the Borough of Hammersmith and Fulham and the Oratory Primary School, a voluntary aided school in the Royal Borough of Kensington and Chelse4 are connected. 24
THE LONDON ORATORY CHARITY NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023 IS. TRADING SUBSIDIARY The charity has a wholly owned trading subsidiary, Blemell House Limited (Company Registered Number: 7899744). Blemell House's principal activity is to carry out trading operations to support the London Oratory Charity. A summary of the trading results for the year for Blemell House Limited is shown below. 2023 2022 Turnover Cost of sales 92,813 (47,091) 97,343 (44,339) Gross profit Administration expenses Other income 45,722 (7,719) 415 53,004 (5,414) Profit for the year before Gift Aid £38,418 £47,590 Balanee Sheet 2023 2023 Current assets Less creditors falling due within one year 51,108 (39,877) 52,144 (29,552) £11,231 £22,592 Represented by: Share capital Profit and loss account 11,229 22,590 £11,231 £22,592 16. HERITAGE ASSETS No value is attributed to the heritage assets on the basis that information on cost or valuation of the assets is not available and could not be obtained at reasonable cost. Heritage assets include plate, textiles, books, monuments and statues contained within the Oratory. The assets.are integral to the Charity's objective of advancing the Roman Catholic religion. They all have very long lives and are worth preserving indefinitely. The trustees consider that it would be prejudicial to the safe custody of these assets to disclose details of their value 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 of significant individual worth. These are used to adorn the Oratory church and enrich the church's liturgies. Many of the paintings and statues 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 church services on various days throughout the liturgical year. A registei. of platc and vestments is maintained. A full card index of books is maintained in the library and individual scholars and I"esearchers are granted access to the library if appropriate. Heritage assets are maintained and conserved as far as possible. There is no policy to dispose of these assets. 25
THE LONDON ORATORY CHARITY NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023 17. RECONCILIATION OF NET INCOME TO NET CASH FLOW USED IN OPERATING ACTIVITIES 2023 2022 Net income for the year (as per the Statement of Financial Activities) 614,997 (1,395,369) Adjustments for: Depreciation charges Gains/(losses) on investments Dividends and interest from investments Decrease/(increase) in stock (Increase) in debtors Increase/(decrease) in creditors 19,499 (713,499) (216,697) 2,813 (3,803) 97,303 78,609 1,909,847 (213,105) (6,469) (85,661) (31,322) Net eash (used in)/generated by operating activities £(199,387) £256,530 18. ANALYSIS OF CASH AND CASH EQUIVALENTS 2023 2022 Cash and bank and in hand £256,919 £322,526 19. RELATED PARTIES During the year, the Charity was gifted £49,779 (2022: £54,718) from profits of Blemell House Limited. At the year-end, Blemell House Limited owed £13,042 (2022 - £13,042) to the Charity>. Revd Rupert McHardy and Revd Julian Large, trustees of this charity, are trustees of W Faber Counselling. £3,800 was paid to W Faber Counselling in the year (2022.- £nil). There was £1,249 nil due at the year-end (2022: £1,249). There were no further related party transactions requiring disclosure in either the current or prior year. 26
THE LONDON ORATORY CHARITY NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023 20. STATEMENT OF FINANCIAL ACTIVITIES 2022 Unrestrieted Funds Restricted Funds Total Funds 2022 Income from: Donations and legacies: Donations and gifts Legacies Charitable activities: Oratory fees Sales of Oratory magazine Other trading activities Oratory shop sales Investments 817,918 180,963 162,649 708,200 980,567 889,163 91,227 4,783 91,227 4,783 34,108 154,770 34,108 213,105 58,335 Total Income 1,283,769 929,184 2,212,953 Expenditure on: Raising funds: Fundraising Trading Investment management Charitable activities 11,273 42,507 107,667 1,339,514 11,273 42,507 107,667 1,537,028 197,514 Total Expenditure 1,500,961 197,514 1,698,475 Net income/(expenditure) before gains on investments (217,197) 731,670 514,478 Net losses on investments (1,408,049) (501,798) (1,909,847) Net movement in funds (1,625,241) 229,872 (1,395,369) Reconciliation of funds: Funds brought forward l January 2022 13,087,985 4,960,215 18,048,200 Funds earried foard 31 December 2022 £11,462,744 £5,190,087 £16,652,831 27