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 reCO￿lseS 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 fo￿ard 31 December 2022
£11,462,744
£5,190,087
£16,652,831
27