## **THE LONDON ORATORY CHARITY** **Charity Number: 240702** **TRUSTEES' ANNUAL REPORT** ## **AND** **CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024** HaysMac LLP Chartered Accountants 10 Queen Street Place London EC4R 1AG **THE LONDON ORATORY CHARITY** ## **CONTENTS** |Page|| |---|---| |1 - 7|Trustees’ Annual Report| |8 - 9|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 2024** ## **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| ||Rev’d Michael Lang| ||Rev’d Edward van den Bergh (until 25 March 2024)| ||Rev’d James Tabarelli (from 25 March 2024)| ||Rev’d James 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| ||10 Queen Street Place| ||London| ||EC4R 1AG| |**SOLICITORS**:|Withers| ||20 Old Bailey| ||London EC4M 7EG| |**BANKERS:**|National Westminster Bank Plc| ||55 Kensington High Street London W8 5EQ| |**INVESTMENT MANAGERS:**|Handelsbanken Wealth and Asset Management Ltd| ||25 Basinghall Street| ||London EC2V 5HA| |**INVESTMENT POWERS:**|The provisions of the Trustees Act 2000 applied during the year.| 1 ## **THE LONDON ORATORY CHARITY** **TRUSTEES’ ANNUAL REPORT (continued)** **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **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 world-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 instrument 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 2011, 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. 2 ## **THE LONDON ORATORY CHARITY** **TRUSTEES’ ANNUAL REPORT (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **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 façade added in the 1890’s, is a Grade II* listed building in neoBaroque 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. In autumn 2024 a large project to renovate and redecorate the Sacred Heart chapel started, and was completed in early Spring 2025. ## **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 Street, Chelsea, and the London Oratory School in Fulham. The London Oratory School was granted Academy status from 1 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 31st 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 Oratory church free of charge for purposes connected to prayer, worship, meditation and the advancement of religion. In addition to donations to the charity, Oratory parishioners and visitors donated £10,792 to UK and international Catholic charities, (2023- £9,378), and £7,860 to the Archdiocese of Westminster (2023 - £8,382). The Trustees confirm that, in determining the activities of the charity, they have paid regard to guidance issued by the Charity Commission on public benefit. The Provost and Chairman of Trustees Rev’d 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. 3 ## **THE LONDON ORATORY CHARITY** **TRUSTEES’ ANNUAL REPORT (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **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 armaments, pornography and “anti-life” pharmaceuticals. 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 202 **4** continued as inflation plus 3.5%. Investments showed a total return of 9%. ## **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 longterm 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 £236,051 (2023: £255,328) other voluntary contributions made directly for the support of the Oratory church: £585,228 (2023: £502,400), and contributions to support Music: £40,841 (2023: £93,327). Donations for social and pastoral activities totalled £181,674 (2023: £46,148). St Raphael’s annual appeal raised £7,350 (2023: £65,060). General donations totalled £2,349 (2023: £18,310). Investment income totalled £238,025 (2023: £216,697). Legacies totalled £654,021 (2023: £141,485). Details of expenditure are given in notes 2 to 5 of the Annual Accounts. Overall, before investments, the Oratory has a net profit of £452,313 (2023: loss of £98,502) ## **RESERVES** Unrestricted funds at 31 December 2024 totalled £13,081,301 (2023: £11,703,234) for the general purposes of the Charity. This is equivalent to approximately 9 years’ unrestricted expenditure. However, the charity’s reserves including investments total £13,075,598 (2023: £11,679,478). These amounts are tied up in investments which can be liquidated as needed. Restricted funds at 31 December 2024 totalled £6,063,318 (2023: £5,564,594). 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. 4 **THE LONDON ORATORY CHARITY** **TRUSTEES’ ANNUAL REPORT (continued)** **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **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 Charity follows the policies and procedures put in place by the Catholic Church in England and Wales. ## **Community age profile** 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 requires 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. 5 **THE LONDON ORATORY CHARITY** **TRUSTEES’ ANNUAL REPORT (continued)** **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **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 26 March 2021 Revd Julian Large was re-elected as Provost and Chairman of Trustees, Revds George Bowen, Rupert McHardy and Michael Lang were re-elected as Trustees, and Revd Edward van den Bergh was also elected. At the triennial elections on 25[th] March 2024 Revd Julian Large was re-elected as Provost and Chairman of Trustees, rev’ds Rupert McHardy and Michael Lang were re-elected as Trustees, and Rev’ds 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 point they are 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 magazine 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 used. 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 Trustees are all Roman Catholic priests and members of the Congregation of the Oratory. They are housed by the Trust 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. 6 THE LONDON ORATORY CHARITY TRUSTEES, ANNUAL REPORT (eontlnued) FOR THE YEAR ENDED 31 DECEMBER2024 STATEMEIYT OF TRUSTEES, RESPONSIBILITIES The TnJslpp¢ A￿ rwK)nsihle far preparin8 the Tnjstees, Report and the stalem¢nts in accordance with apvli¢able law and United Kingdom Aewunting Standards IUnit¢d Kingdom Genera]ly AcceM& Accouniing Praciice)- The law applicable io charities in England & Wales requires the Trusteu to preparc financial staiements for each financial year whi¢h give a true and fair view of the state ofaffait3 of the charily and the group and of the in(x>ming rcsources and application of rwurces of the group for that period. In preparin8 these financia] statements, the TrU￿eeS are required to.. Select suitable a(xounting tK>licies and then apply them consistently. Observe the methods and principles in the Charitie5 SORP,. Mtth¢ jvd8emcnts and c3tima*a thDt Lrc rca30rtobl¢ wjd prudent,. Stste whether applicable accounting standards have been followcd. subject to ony material dqmrtures dis¢losed and explaincd in the financial statements; Prepare th¢ financial statements on the going con￿rn basis unless it is inapproprihte to presume that the chaTity 11 continue in busineys. The-frusiees are re5pon51ble for keeping pN)per accountin8 records ihai dlsclosc wllh re&50nable al any liiii¥ Iliv rin8ncial position ol- the charity and the group and enable Ihem to ensure that the finuncial stalements comply with the Lharities Act 2011. th¢ 4)plieable Charity {A¢counts ReEM)rtsl Regulations and the provisions ofthe Scherne daled 14 Au8USt 1969. They &re also reswnslbl¢ for safc8ueTdlng the uf lh¥ ¥harily all￿ dir ￿lU￿V lie11￿¢ tor takiLig reasonable steps for the preveniion and d¢￿tion of fraud and other irregularities. LD¥f id signtsj &$ authorised on their bthalf by: Approved by the Trust¢rs Rev'd Jul2an Large-TrUs￿e **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 2024 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 2024 and of the group’s net movement in funds for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We 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 concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, 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 concern 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 information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **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; or - 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 free from material misstatement, whether due to fraud or error. 8 ## **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 continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the 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 financial 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 2011, 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 determined 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 journal 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.org.uk/auditorsresponsibilities. 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 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those 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 formed. **HaysMac LLP Statutory Auditors 10 Queen Street Place London EC4R 1AG** 30 October 2025 Date: HaysMac LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. 9 ## **THE LONDON ORATORY CHARITY** ## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** |||**Unrestricted**|**Restricted**|**Total Funds**|**Total Funds**| |---|---|---|---|---|---| ||**Notes**|**Funds**|**Funds**|**2024**|**2023**| |||**£**|**£**|**£**|**£**| |**Income from:**|||||| |Donations and legacies:|||||| |- Donations and gifts||888,219|317,065|1,205,284|1,068,460| |- Legacies||676,640|16,381|654,021|141,485| |Charitable activities:|||||| |- Oratory fees||100,735|-|100,735|74,485| |- Sales of Oratory magazine||2,541|-|2,541|3,362| |Other trading activities|||||| |- Oratory shop sales||45,246|-|45,246|42,910| |Investments||155,497|82,328|238,025|216,697| |||--------------------|--------------------|--------------------|--------------------| |**Total Income**||1,830,078|415,774|2,245,852|1,547,399| |||--------------------|--------------------|--------------------|--------------------| |**Expenditure on:**|||||| |Raising funds:|||||| |Fundraising|2|10,214|-|10,214|9,993| |Trading|2|39,454|-|39,454|47,289| |Investment management||88,636|37,117|125,753|112,141| |Charitable activities|3|1,351,785|266,333|1,618,118|1,476,478| |||---------------------|--------------------|---------------------|---------------------| |**Total Expenditure**|5|1,490,089|303,450|1,793,539|1,645,901| |||---------------------|--------------------|--------------------|--------------------| |**Net income/(expenditure) before gains on**|||||| |**investments**||339,989|112,324|452,313|(98,502)| |Net gains on investments|8|1,038,078|386,400|1,424,478|713,499| |||---------------------|--------------------|--------------------|--------------------| |**Net movement in funds**||1,378,067|498,724|1,876,791|614,997| |**Reconciliation of funds:**|||||| |Funds brought forward 1 January 2024||11,703,234|5,564,594|17,267,828|16,652,831| |||---------------------|----------------------|-----------------------|-----------------------| |**Funds carried forward 31 December 2024**||£13,081,301|£6,063,318|£19,144,619|£17,267,828| |||==========|===========|===========|===========| All transactions during the year were derived from continuing activities. Comparative figures for the Statement of Financial Activities for year ended 31 December 2023 can be seen in note 20 to these financial statements. The notes on pages 14 to 27 form part of these accounts. 10 THE LONDON ORATORY CEIARITY CONSOLIDATED BALANCE SHEET AS AT31 DECEMBER2024 2024 2023 Notes FIXED ASSETS Tangible fix￿ 053¢ts Inv￿t[ne￿¢S 5,703 18.395.912 23,756 16,956,909 18,401.615 16,980,665 CURRENT ASSETS Stock Debiors Cash at bank and in hand 21,668 811,802 148,048 288,336 256,919 981,518 567,590 CREDITORS: &mounts f811ing due within one yeAr 10 1238,514) {280,4271 IYET CURRENT ASSETS 743,UU4 287,103 TOTAL A&SEI'S LESS CiiRRENT LIABILITIESIIYET AbbL'A-S £19,144,ti19 £17207,625 FUNDS Restrieted ￿ndS 6,063,318 5,504,594 Unre51riaed fund5'. General funds 13,081,301 11,703,234 £19,144,619 £17.267.828 -rhe charity only surplus for th¢ year amwnted to £1,424,47812023.. su]plus of £629,627). The financial statements wer¢ approv¢d at)d authorised for issue by ¢hc Board of Trustses on and were si ned below on its beh&lf by: z£tts- oa6M. IT) Rev'd Julian Lar8L TTuslee The notes on pagES 14 to 27 fom) part of these aeeounts. THE LONDON ORATORY CHARITY CHARITY BALANCE SHEET AS AT31 DECEMBER Z1124 21124 2U23 Notes FIXED ASSETS Tangible fix￿ a￿$ Investments 5,703 18,395.914 23.756 16,956,911 18.401,617 16.980,667 CURRENT ASSETS Debtors Cosh &t bonk and in hand 819,601 106,986 293,921 235,602 926.587 529,523 CREDITORS: amounts falling Withln ollo yedr 10 1199550) <253,593} NET CURRENT ASSETS 727,037 275930 TOTAL ASSETS LESS CURRENT LIABILITIESNET ASSETS £19,128,654 £17256,597 FUNDS Rrb¢rir¢ed funds 6,063,318 5.564.594 Unre5trictcd funds.. General fi]nd5 13.065,336 11,692,003 £19,128,654 £17,256597 The financial statejnents were approved and authorised for issue by the BoArd of TNstee5 on and were signoj below on its behalf by.. L£tk ZOL Rev'd Julian Large TTUStee The not¢s OTh pages 14 to 27 forn) p8rt of ihese accounts. ## **THE LONDON ORATORY CHARITY** ## **CONSOLIDATED STATEMENT OF CASH FLOWS** ## **AS AT 31 DECEMBER 2024** |||**2024**|**2023**| |---|---|---|---| ||**Notes**|**£**|**£**| |**Cash flows from operating activities:**|||| |Net cash (used in)/operating activities|17|(331,249)|(199,387)| |||---------------------|---------------------| |**Cash flows from investing activities:**|||| |Dividends and interest from investments||238,025|216,697| |Purchase of fixed assets||(1,122)|-| |Proceeds from sale of investments||5,520,133|9,815,515| |Purchase of investments||(5,719,015)|(10,380,237)| |Decrease in investment cash||184,357|481,805| |||----------------------|----------------------| |Net cash provided by investing activities||222,378|133,780| |||----------------------|----------------------| |**Change in cash and cash equivalents in the year**||(108,871)|(65,607)| |**Cash and cash equivalents at the start of the year**|18|256,919|322,526| |||------------------------|------------------------| |**Cash and cash equivalents at the end of the year**|18|£148,048|256,919| |||===========|===========| The notes on pages 14 to 27 form part of these accounts. 13 **THE LONDON ORATORY CHARITY NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **1. ACCOUNTING POLICIES** ## **a) Basis of preparation** The financial statements have been prepared in accordance with the Statement of Recommended Practice for Charities (SORP 2019) (Second Edition, effective 1 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 2024. The result of the charity’s non-charitable trading subsidiary, Blemell House Limited, has been consolidated within the Statement of Financial Activities. ## **c) 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 recognises 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 been met, it is probable that the income will be received 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 executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate and any conditions attached to the legacy are within the control of the charity. If the legacy is in the form of an asset other than cash or an asset listed on a recognised stock 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 normally 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 2024** ## **1. ACCOUNTING POLICIES (continued)** ## **e) 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. ## **f) 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 1 August 2011. The school properties (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 grant. 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 (the Oratory and artefacts) on the basis that information 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 2024** ## **1. ACCOUNTING POLICIES (continued)** ## **h) Investments** Investments are a form 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. ## **i) 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. ## **j) Debtors** Debtors are 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. ## **l) Stock** Stock is included at the lower of cost and net realisable value. ## **m) 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 transfer 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 2024** ## **1. ACCOUNTING POLICIES (continued)** ## **n) 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. ## **o) 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. ## **2. RAISING FUNDS** |||| |---|---|---| |**RAISING FUNDS**|**Total**|**Total**| ||**2024**|**2023**| ||**£**|**£**| |**Fundraising**||| |Card payment machine|2,654|-| |Advertisements and appeals|-|298| |Summer Garden Party expenses|7,560|8,769| ||-----------------|-----------------| ||£10,214|£9,993| ||========|========| |**Trading**||| |Oratory shop cost of sales|£39,454|£47,289| ||========|========| All expenditure in the above categories was allocated to unrestricted funds in both the current and prior year. ## **3.** |**CHARITABLE ACTIVITIES 2024**|**Unrestricted**|**Restricted**|**Total**|**Total**| |---|---|---|---|---| ||**Funds**|**Funds**|**2024**|**2023**| ||**£**|**£**|**£**|**£**| |Church expenses|265,652|12,559|278,211|253,695| |Music costs|247,514|75,211|322,725|285,432| |Premises costs|318,161|-|318,161|372,000| |Premises - Major Works|10,793|116,414|127,207|104,955| |Premises - lodge|-|-|-|154| |Community expenses|359,855|2,817|362,672|230,842| |Novices|-|-|-|27,138| |Social and pastoral|13,802|46,412|60,214|69,781| |Diocese expenses|-|-|-|1,000| |LOS donations|-|-|-|129| |Religious education|1,045|-|1,045|264| |Support costs (see below)|55,585||55,585|49,312| |Governance (see note 4)|79,377||79,377|81,776| ||----------------------|-------------------|----------------------|----------------------| ||£1,351,785|£266,333|£1,618,118|£1,476,478| ||==========|=========|==========|==========| 17 ## **THE LONDON ORATORY CHARITY** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** |**3.**|**CHARITABLE ACTIVITIES 2023**|**Unrestricted**|**Restricted**|**Total**|| |---|---|---|---|---|---| |||**Funds**|**Funds**|**2023**|| |||**£**|**£**|**£**|| ||Church expenses|240,625|13,070|253,695|| ||Music costs|224,688|60,744|285,432|| ||Premises costs|372,000|-|372,000|| ||Premises - Major Works|59,877|45,078|104,955|| ||Premises – Boiler Room depreciation|-|-|-|| ||Premises – Schools|-|-|-|| ||Premises - lodge|154|-|154|| ||Community expenses|230,771|71|230,842|| ||Novices|-|27,138|27,138|| ||Social and pastoral|17,332|52,449|69,781|| ||Diocese expenses|1,000|-|1,000|| ||LOS donations|129|-|129|| ||Religious education|264|-|264|| ||Support costs (see below)|49,312|-|49,312|| ||Governance (see note 4)|81,776|-|81,776|| |||----------------------|-------------------|----------------------|| |||£1,277,928|£198,550|£1,476,478|| |||==========|=========|==========|| |||||**2024**|**2023**| |||||**£**|**£**| ||**SUPPORT COSTS CONSIST OF:**||||| ||Printing, postage and stationery|||5,098|3,479| ||Telephone and fax|||7,926|7,023| ||Internet|||8,890|8,140| ||Bank charges|||24,992|25,265| ||Other|||8,679|5,405| |||||----------------|----------------| |||||£55,585|£49,312| |||||========|========| |**4.**|**GOVERNANCE COSTS**||||| |||||**2024**|**2023**| |||||**£**|**£**| ||Salaries|||35,700|36,583| ||Auditors’ remuneration:||||| ||- Charity|||30,000|30,000| ||- Blemell House|||4,450|3,960| ||Other fees payable to the auditor - corporation tax|||7,890|1,200| ||Other costs|||1,337|9,933| |||||----------------|----------------| |||||£79,377|£81,776| |||||========|========| 18 ## **THE LONDON ORATORY CHARITY** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **5. TOTAL EXPENDITURE - 2024** ||**Staff**|**Other**|||**Total**|**Total**| |---|---|---|---|---|---|---| ||**Costs**|**Costs**|**Governance**|**Depreciation**|**2024**|**2023**| ||**£**|**£**|**£**|**£**|**£**|**£**| |Charitable activities|352,716|1,168,850|79,377|19,175|1,618,118|1,476,478| |Raising funds|-|175,421|-|-|175,421|169,423| ||------------------|--------------------|-------------------|----------------|---------------------|---------------------| ||£352,716|£1,342,271|£79,377|£19,175|£1,793,539|£1,645,901| ||=========|=========|=========|=======|==========|==========| |**TOTAL EXPENDITURE - 2023**||||||| ||**Staff**|**Other**|||**Total**|| ||**Costs**|**Costs**|**Governance**|**Depreciation**|**2023**|| ||**£**|**£**|**£**|**£**|**£**|| |Charitable activities|327,882|1,047,321|81,776|19,499|1,476,478|| |Raising funds|-|169,423|-|-|169,423|| ||------------------|--------------------|-------------------|----------------|---------------------|| ||£327,882|£1,216,744|£81,776|£19,499|£1,645,901|| ||=========|==========|=========|=======|==========|| |**Staff Costs**|||||**2024**|**2023**| ||||||**£**|**£**| |Wages and salaries|||||350,930|334,728| |Social security costs|||||29,526|21,485| |Pension costs|||||7,961|8,252| ||||||------------------|------------------| ||||||£388,417|£364,465| ||||||=========|=========| |No employee earned £60,000 pa or more.||||||| ||||||**2024**|**2023**| |The average number of employees was:|||||16|15| ||||||======|======| The trustees constitute the key management personnel – see note 6 below. ## **6. TRANSACTIONS WITH TRUSTEES** As members of the Congregation, the Trustees’ living expenses during the year were borne by the Charity but the Trustees received no remuneration or other benefits in connection with their duties as Trustees during the year (2023: Nil). 19 ## **THE LONDON ORATORY CHARITY** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **7. TANGIBLE FIXED ASSETS – GROUP AND CHARITY** ||**Computers**|||| |---|---|---|---|---| ||**and Other**|**Fixtures and**|**Motor**|| ||**Equipment**|**Fittings**|**Vehicles**|**Total**| ||**£**|**£**|**£**|**£**| |**COST**||||| |At 1 January 2024|26,124|553,179|14,039|593,342| |Additions|~~-~~|1,122|-|1,122| |Disposals|~~-~~||-|| ||--------------|---------------|---------------|---------------| |At 31 December 2024|26,124|554,301|14,039|594,464| ||--------------|----------------|---------------|---------------| |**DEPRECIATION**||||| |At 1 January 2024|26,124|529,423|14,039|569,586| |Charge for the year|-|19,175|-|19,175| |Eliminated on disposal|-|-|-|-| ||--------------|----------------|----------------|---------------| |At 31 December 2024|26,124|548,598|14,039|588,761| ||--------------|----------------|---------------|---------------| |**NET BOOK VALUE**||||| |(represented by Fixed Assets used for charitable purposes)||||| |**2024:**|£-|£5,703|£-|£5,703| ||=======|========|=======|========| |**2023:**|£-|£23,756|£-|£23,756| ||=======|========|=======|========| 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 material. The property has an insurance value of £51m, 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 – see Accounting Policy 1(f). The school properties have an insurance value of £45.7m. 20 ## **THE LONDON ORATORY CHARITY** ## **NOTES TO THE ACCOUNTS (Continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** |**8.**|**FIXED ASSET INVESTMENTS**|**Group**|**Group**|**Charity**|**Charity**| |---|---|---|---|---|---| |||**2024**|**2023**|**2024**|**2023**| |||**£**|**£**|**£**|**£**| ||Market value at 1 January 2024|16,543,538|15,265,317|16,543,540|15,265,319| ||Less: Disposals|(5,520,133)|(9,815,515)|(5,520,133)|(9,815,515)| ||Add: Acquisitions at cost|5,719,015|10,380,237|5,719,015|10,380,237| ||Realised and unrealised gains and (losses)|1,424,478|713,499|1,424,478|713,499| |||------------------------|------------------------|------------------------|------------------------| ||Market value at 31 December 2024|18,166,898|16,543,538|18,166,900|16,543,540| ||Cash held for investment|229,014|413,371|229,014|413,371| |||-----------------------|-----------------------|-----------------------|-----------------------| |||£18,395,912|£16,956,909|£18,395,914|£16,956,911| |||===========|===========|===========|===========| ||Listed Investments:||||| ||Fixed interest|4,570,648|5,034,445|4,570,648|5,034,445| ||Equities and bonds|13,596,250|11,509,093|13,596,250|11,509,093| |||----------------------|----------------------|----------------------|----------------------| |||18,166,898|16,543,538|18,166,898|16,543,538| ||Unquoted Investment:||||| ||Blemell House Ltd|-|-|2|2| |||----------------------|----------------------|----------------------|----------------------| |||18,166,898|16,543,538|18,166,900|16,543,540| ||Cash held for investment|229,014|413,371|229,014|413,371| |||------------------------|------------------------|------------------------|------------------------| |||£18,395,912|£16,956,909|£18,395,914|£16,956,911| |||============|============|============|============| |**9.**|**DEBTORS**|**Group**||**Charity**|| |||**2024**|**2023**|**2024**|**2023**| |||**£**|**£**|**£**|**£**| ||Other debtors|811,802|288,336|806,559|280,879| ||Amounts owed by group companies|-|-|13,042|13,042| |||------------------|------------------|------------------|------------------| |||£811,802|£288,336|£819,601|£293,921| |||=========|==========|=========|=========| 21 ## **THE LONDON ORATORY CHARITY** ## **NOTES TO THE FINANCIAL STATEMENTS (Continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** |**10.**|**CREDITORS: amounts falling due**||**Group**|**Group**|**Charity**|**Charity**| |---|---|---|---|---|---|---| ||**within one year**||**2024**|**2023**|**2024**|**2023**| ||||**£**|**£**|**£**|**£**| ||Other creditors||95,699|163,963|56,435|137,129| ||Accruals and deferred income||133,906|107,637|133,906|107,637| ||Other taxes and social security||9,209|8,827|9,209|8,827| |||------------------||------------------
------------------||------------------| |||£238,514||£280,427
£199,550||£253,593| |||=========||=========
=========||=========| |**11.**|**RESTRICTED FUNDS – GROUP**|**AND CHARITY 2024**||||| ||**Balance**|||||**Balance**| ||**1**|**January**|||**Gains &**|**31 December**| |||**2024**|**Income**|**Expenditure**|
**(Losses)**|**2024**| |||**£**|**£**|**£**|**£**|**£**| ||St Raphael’s Fund|426,316|28,559|(1,688)|19,772|472,959| ||Edifices|45,500|88,553|(116,414)|-|17,639| ||Prefects Fund|22,923|712|(3,876)|2,804|22,563| ||Choir|3,447,847|47,924|(72,345)|248,736|3,672,162| ||Organ|3,541|83|(3,675)|-|(51)| ||Pettman Scholarship|1,328,942|19,391|(19,962)|102,650|1,431,021| ||Poor Fund|23,640|187,995|(46,412)|-|165,223| ||(And Mantegazza)|||||| ||Orchestra Fund|10,485|10,362|(12,538)|-|8,309| ||St Wilfrid’s Statue|2,006|31|-|-|2,037| ||Calvary Carving|5,443|-|-|-|5,443| ||Brompton Baroque|4,627|76|-|-|4,703| ||Primary School Funds|150,292|14,729|(13,981)|12,438|163,478| ||Our Lady’s Altar Flowers|19,258|16,147|(12,559)|-|22,846| ||Church Lighting Fund|73,774|1,212|-|-|74,986| ||---------------------||-------------------|-------------------|------------------|---------------------| ||£5,564,594||£415,774|£(303,450)|£386,400|£6,063,318| ||==========||=========|=========|========|==========| 22 ## **THE LONDON ORATORY CHARITY** ## **NOTES TO THE FINANCIAL STATEMENTS (Continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **11. RESTRICTED FUNDS – GROUP AND CHARITY 2023** ||**Balance**||||**Balance**| |---|---|---|---|---|---| ||**1 January**|||**Gains &**|**31 December**| ||**2023**|**Income**|**Expenditure**|**(Losses)**|**2023**| ||**£**|**£**|**£**|**£**|**£**| |St Raphael’s Fund|374,109|71,424|(28,701)|9,484|426,316| |Edifices|-|45,500|-|-|45,500| |Prefects Fund|22,415|407|(1,244)|1,345|22,923| |Choir|3,214,709|154,322|(61,761)|140,577|3,447,847| |Organ|6,882|103|(3,444)|-|3,541| |Poor Fund|29,441|46,648|(52,449)||23,640| |St Wilfrid’s Statue|1,981|25|-|-|2,006| |Orchestra Fund|-|15,000|(4,515)|-|10,485| |Brompton Baroque|4,565|62|-|-|4,627| |Primary School Funds|171,734|18,652|(46,061)|5,967|150,292| |Calvary Carving|5,443|-|-|-|5,443| |Pettman Scholarship|1,270,695|17,458|(17,372)|58,161|1,328,942| |Church Lighting Fund|72,783|991|-|-|73,774| |Our Lady’s Flowers|15,330|16,998|(13,070)|-|19,258| ||---------------------|-------------------|-------------------|------------------|---------------------| ||£5,190,087|£387,590|£(228,617)|£215,534|£5,564,594| ||==========|=========|=========|========|==========| 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 Brompton 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. Pettman Scholarship Organ Scholarship in memory of June Pettman. Church Lighting Fund Towards church lighting. Our Lady’s Flowers For flowers at the Lady Altar 23 ## **THE LONDON ORATORY CHARITY** ## **NOTES TO THE FINANCIAL STATEMENTS (Continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **12. ANALYSIS OF NET ASSETS BETWEEN FUNDS – GROUP – 2024** ||||**Total**| |---|---|---|---| ||**Unrestricted**|**Restricted**|**Funds**| ||**Funds**|**Funds**|**2024**| ||**£**|**£**|**£**| |Fund balances at 31 December 2024|||| |are represented by:|||| |Tangible Fixed Assets|5,703|-|5,703| |Investments|12,753,806|5,642,106|18,395,912| |Current assets|520,633|460,885|981,518| |Creditors due within 1 year|(198,841)|(39,673)|(238,514)| ||---------------------|---------------------|------------------------| ||£13,081,301|£6,063,318|£19,144,619| ||==========|===========|============| ## **13. ANALYSIS OF NET ASSETS BETWEEN FUNDS – GROUP – 2023** ||||**Total**| |---|---|---|---| ||**Unrestricted**|**Restricted**|**Funds**| ||**Funds**|**Funds**|**2023**| ||**£**|**£**|**£**| |Fund balances at 31 December 2023|||| |are represented by:|||| |Tangible Fixed Assets|23,756|-|23,756| |Investments|11,846,565|5,110,344|16,956,909| |Current assets|72,902|494,688|567,590| |Creditors due within 1 year|(239,989)|(40,438)|(280,427)| ||---------------------|---------------------|------------------------| ||£11,703,234|£5,564,594|£17,267,828| ||==========|===========|============| ## **14. CONNECTED ORGANISATIONS** The London Oratory School, which became an academy on 1 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 Chelsea, are connected. 24 ## **THE LONDON ORATORY CHARITY** ## **NOTES TO THE FINANCIAL STATEMENTS (Continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **15. 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. ||**2024**|**2023**| |---|---|---| ||**£**|**£**| |Turnover|107,312|92,813| |Cost of sales|(39,455)|(47,091)| ||----------------|----------------| |Gross profit|67,857|45,722| |Administration expenses|(6,600)|(7,719)| |Other income|203|415| ||----------------|----------------| |**Profit for the year before Gift Aid**|£61,460|£38,418| ||========|========| |**Balance Sheet**|**2024**|**2023**| ||**£**|**£**| |Current assets|67,970|51,108| |Less creditors falling due within one year|(52,006)|(39,877)| ||-----------------|-----------------| ||£15,964|£11,231| ||========|========| |Represented by:||| |Share capital|2|2| |Profit and loss account|15,962|11,229| ||-------------|-------------| ||£15,964|£11,231| ||======|======| ## **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 register of plate and vestments is maintained. A full card index of books is maintained in the library and individual scholars and researchers 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 2024** |**17.**|**RECONCILIATION OF NET INCOME TO NET CASH**|**2024**|**2023**| |---|---|---|---| ||**FLOW USED IN OPERATING ACTIVITIES**|**£**|**£**| ||Net income for the year (as per the Statement of Financial Activities)|1,876,791|614,997| ||Adjustments for:||| ||Depreciation charges|19,175|19,499| ||Gains on investments|(1,424,478)|(713,499)| ||Dividends and interest from investments|(238,025)|(216,697)| ||Decrease in stock|667|2,813| ||(Increase) in debtors|(523,466)|(3,803)| ||(Decrease)/increase in creditors|(41,913)|97,303| |||-------------------|-------------------| ||**Net cash (used in)/generated by operating activities**|£(331,249)|£(199,387)| |||==========|==========| |**18.**|**ANALYSIS OF CASH AND CASH EQUIVALENTS**|**2024**|**2023**| |||**£**|**£**| ||Cash and bank and in hand|£148,048|£256,919| |||==========|==========| ## **19. RELATED PARTIES** During the year, the Charity was gifted £56,727 (2023: £49,77 **9** ) from profits of Blemell House Limited. At the year-end, Blemell House Limited owed £13,042 (2023 - £13,042) to the Charity). Rev Rupert McHardy and Rev Julian Large, trustees of this charity, are trustees of W Faber Counselling. £5.600 was paid to W Faber Counselling in the year (2023:- £3,800). There was £1,249 due at the year-end (2023: £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 2024** ## **20. STATEMENT OF FINANCIAL ACTIVITIES 2023** ||**Unrestricted**|**Restricted**|**Total Funds**| |---|---|---|---| ||**Funds**|**Funds**|**2023**| ||**£**|**£**|**£**| |**Income from:**|||| |Donations and legacies:|||| |- Donations and gifts|833,397|235,063|1,068,460| |- Legacies|59,166|82,319|141,485| |Charitable activities:|||| |- Oratory fees|74,485|-|74,485| |- Sales of Oratory magazine|3,362|-|3,362| |Other trading activities|||| |- Oratory shop sales|42,910|-|42,910| |Investments|146,489|70,208|216,697| ||--------------------|--------------------|--------------------| |**Total Income**|1,159,809|387,590|1,547,399| ||--------------------|--------------------|--------------------| |**Expenditure on:**|||| |Raising funds:|||| |Fundraising|9,993|-|9,993| |Trading|47,289|-|47,289| |Investment management|82,074|30,067|112,141| |Charitable activities|1,277,928|198,550|1,476,478| ||---------------------|--------------------|---------------------| |**Total Expenditure**|1,417,284|228,617|1,645,901| ||---------------------|--------------------|--------------------| |**Net income/(expenditure) before gains on**|||| |**investments**|(257,475)|158,973|(98,502)| |Net gains on investments|497,965|215,534|713,499| ||---------------------|--------------------|--------------------| |**Net movement in funds**|240,490|374,507|614,997| |**Reconciliation of funds:**|||| |Funds brought forward 1 January 2023|11,462,744|5,190,087|16,652,831| ||---------------------|----------------------|-----------------------| |**Funds carried forward 31 December 2023**|£11,703,234|£5,564,594|£17,267,828| ||==========|===========|===========| 27