Regi$tÈred numbèr: 00259021 Charity number.. 309112 THE ORATORY SCHOOLS ASSOCIATION (A company limited by guarantee) GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 *A4WL26NE" 27101r2022 COMPANIES PIOUSE
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THE ORATORY SCHOOLS ASSOCIATION {A company limited by guarantee) CONTENTS Page Reference and admlnlstrative detalls of the Company. its Governows and advisers Governors. r*port Independent audltor's report on the financial statements Consolidated statement of financial a¢tivhies 3-11 12-15 16 Consolidat•d balanco sheet 17-18 Company balan¢e $h•et Consolidated staternent of cash flows 19-20 21 Notès.to the financial statements 22-. 43-
THE ORATORY SCHOOLS ASSOCIATION (A MpanY l#nited by guarantee REFERENCE AND ADMINISTRATIVE DETAILS OF THE COPAPANY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2021 Governors Mrs K M Carberry-Longi Mrs M E Edwards Professor P W Evans Mr F J Fitzherbert-8rockholes (resigned 5 May 20211 Mr F P Gargenll Mr M H R Hassla¢her {reSned 5 May 2021) Mr J R B Hobbsl Mr P J D Hobley Mrs M P Lo, Chairl Mr C J Sehmer (resigned S May 20211 FT D.Seward Mrs M C Shinkwin Mr P M Sieyes Mr M W Stilwell (resigned 5 May 20211 Mr J P Wheelerl Mr J R W Wilder lappointed 5 May 202111 Membef of the Finance Committee as at 31 August 2021 Company registsred number 00259021 Charity reg•stered number 309112 Registered office The Oratory School Woodcote Reading Berkshire RG8 OPJ Clerk lo the G(kvernors and Bursar Mrs F J Yales Head Master J J Smilh Independent auditor James Cowper Kreston Chartered Ac¢ouniants and Sialutory Audil 2 Communication5 Road Greenham Business Park Greenh8m Newbury Berkshi RG19 6A8 Page 1
THE ORATORY SCHOOLS ASSOCIATION IA company Iwnited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS GOVERNORS AND ADVISERS (CONTINVEDI FOR THE YEAR ENDED 31 AUGUST 2021 Bankers Lloyds Bank Pl¢ 24 Broad Street Reading Berkshire RG21 2EQ Insurance Brokers pib Group Poppleton Grange Low Poppleton Lane York- Y026 6GZ Solicito Blandy & 81andy 1 Friar Street Reading Berkshire RG1 1DA Page 2
THE ORATORY SCHOOLS ASSOCIATION IA company limlted by guaranteè) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2021 The govemois Iwho are also direclors of Ihe charity for the purposes of the Companies Act) presenl their annual report together with the audited finanoal slalemenls of The Oratory S(J)ools Association (the company and the group) for the year ended 31 August 2021. The governors confirm that the Annual Report and Financial Slalemenls of the Company and the group comply wth the current statutory requirements. the requirements of the company and the group's goveming document and Accounting and Repoth'ng by Charib'es-. Statement of Recommended Practice apleable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Repvblic of Ireland IFRS 102) (effeetive 1 January 2019). STRUCTURE. GOVERNANCE AND MANAGEMENT Gov•rning Document The Oratory Schools Association is a Charity (Regislered number 3091121 conslituted under a Dedaration of Trust in 1927. amended by Deed of Agreement in 1937. It is incorporatetl as a company limited by guarantee. Its Memorandum of Association" was amended by special re501ulions on 2 March 1950, 11 June .1980, 5 November 1984. 30 April 1997 and 26 January 2&11. Its Articles of Association were adopted by. special resolution passed on 30 April 1964 and amended by special resolutions on 11 June 1980, 16 June 1982. 5 June 1986, 30 Apnl 1997 and 26 January 2011. Govéming Body The governors are charity Iru51ees. directors and members of the Company. New 9ovemors are appointed by the Board of Govemor5. Govemors are appointed for three ar$ after which they retire or are re-ethled to the Board. The governors who served during the year were". MT5 K M Carberry-Long Mrs M E Edwards Professor P W Evans F J Fitzherbert-Brockholes Iresigned 5 May 20211 F P Gargenl M H R Hasslacher {resigned 5 May 2021) JRBHobbs P J D Hobley Mrs M P Lo lappoinled Chaif 5 May 20211 C J Sehmer Iresigned 5 May 2021) Fr D Seward Mrs M C Shinkwin P M sYes M W SliNvell'lresigned as Chair and Govemor on 5 May 20211 J P Wheeler J R W Wilder (appointed 5 May 20211 Recruitment and Training ol Governo New governors are elected by the existing govemors, acling by majority. The governors regulady seek lo recruit and appoint highty qualified volunleer govemors. and new govemors are selected on Ihe basis of Ihe contribution Ihal they wll make lo the governance of the As50cialion and the skills that they will contribute. New governor5 are provided wilh a Govemorfs porifolio containing detailed information aboul the Associalion and the sthool and given an introdu¢ts"on lo the aclivibes of the AssocAation by a member of the Finance Committee. Existing governors are encouraged to be trained and are provided with training a5 and when required. All governors are encouraged to attend AGBIS seminars Ihroughout the year to maintain an up-lo-dale knowledge of Iheir role. All governors have undergone Safeguarding and Prevent training and particular emphasis is placed upon this element of governors. training. Ofganisational Management The Goveming 8Y prowdes strategic leadership to the Assouation. It meets foTm811y three limes a year. It elects a Finance Committee, which meets at least three times a year. The members of the Finance Committee are detailed on the company general informats.on page. Page 3
THE ORATORY SCHOOLS ASSOCIATION IA cornpany limited by guarantee GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 There a other sub Mmittee$ which meet as required. induding the Newman Committee. One of the responsibilities of this commrtlee is lo ensure that the school's safeguarding policies and PT8Ctices are effeelive. together wth ensuring that the staff have suffiaent Ifaining and 5UPPOTi lo carry out their roles. The day to day managemenl of Ihe school is entrusled to the Head Masler supported by the Leadership Team. together wlh the 8uT5ar. The Head Master and the Bursai, who are listed in the company general information section, attend meetj.ngs of the Goveming Body. the Finance Cornmee and the sub committees. The Bursar also acts as Clerk to the Governors. Particulars of the Assooalion's professM)nal advisers are also delaited in the company general infomation seclion. Group_ Structure and Relation$hlps The Assoualion owns 100•A of the ordinary share capttal of Oratory Trading LimTted, which provides leisure. sporting and recrealional activities lo third parh"es. It donates the majority of any tsxable profits to the Association under gift aid. The results and position of Oralory Trading Limited are induded in the ¢onsolidated financial ststements. The Association also owns 100% of the ordinary share capital of Academy Catering Limited. This company is dormant. Risk M•nagement The governors examine the major risks that Ihe Association faces each financial year. Various sub committees and key individuals have laken responsibility lo monitor. control and report on these risks lo mitigate any impact th81 they may have on the Association in the future. The key controls used by the Association indude= formal agerKlas for al Board and commfftee activity detailed terms of reference lor all comMeeS comprehensive business planning. budgeting and management accounts.ng the maintenance ol a regularly reviewed Assoualion Tisk register established organisats.onal structure and lines of Teporting formal wrilien policies dear aulhorisation and approval levels" vetting procedures as required by law for the proteclion of ihe vulnerable The Goveming Body maintain5 3 Risk Register. which is reviewed Tegularly at Committee meeting5. The Register, which is maintained by the 8ursar. cover5 such areas as.. Governance risk Political risk Operats'onal risk Financial risk External risk Compliance wlh the Law risk The main risks to the success of the Association are considered to ba.. The non-achievement of forecast pupil numbers and revenue The continuing impact of COVID19 on fee income and income from extemal Increasing costs. for example due to a change in business rates Repul8lional risk Page 4
THE ORATORY SCHOOLS ASSOCIATION IA MpanY limited by guarantee) GOVERNORS. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 OBJECTIVES AND ACTIVMES Charitable Objects The objects for whith the Association is established are to provide for boys and girls in any part of the world. general, physical, moral and rdigious educAtson in particular in accordance wth Roman Catholi¢ do¢lrines and practices and for that purpose to cary on and maintain the school under ils govemance. The 0.lS are presently met by the Association beirvj responsible for The Oratory Sthool and, until its disp05al in November 2019. The Oratory Preparatory School. The Oratory School was founded by St John Henry Nevnnan in 1859 specffieally to meet the educational needs of the Roman Catholic laty, and in founding The Oratory School, Newman created a new type of Roman Catholic education which he foresaw as meeting the needs of the modem age. The Association now educates children of all larths, and none," in an indusive Catholic context. Today the school 1$ lay run as Newman had amiays intended it to be. Pasloral care of the pupils is thus in the hands ol lay men and women whilsl the Chaplain is parish priest to Ihe school community and the lay Chaplaincy Assistant la new appointment for September 20211 and other lay staff work v•ith him to promote the Roman Catholic lrfe of the school. Newman wantèd his school lo have the almosphere of home. and we have been able lo prowde friendly residential accommodalion designed so thal the House staff maintain an easy supervision over the pupils. The Association is proud lo have as its Founder a great Christian thinker, but is even more proud lo be enlrusled with his vision of Roman Catholic educth.on to produce Chiistian educated young men and women for the modem age. Public 8enefit Aims The Association's principal purpose is lo educate and. in doing 50. it provide5 a number of benefits lo the public, including.. Sharing its facilities wilh the local communilies and organisations Providing means lested bursaries to enable boys and girls from less wealihy familS to enjoy the benefits of an education by the Association. Inslilling in pupils a sense of publrc service and an understanding of how the benefits they have received through their edtjcation can be used lo the advantage of the WeT community. Furthering the Ass0oali¢.S charilable obj'ects. Th8 main beneficiaries from the Assoaation's work a W and girts aged 11 10 18 aitending its school {before the sale of the Oratory Preparatory School in 2019 ages 2 to 11 were also included). The Association offers means tested bur53ry support for less well-off families. There are no geographic restricts'ons on enlry. The governors have considered the operalion of the Sthool and do not believe that there is any detriment resvlling from its activibes thal should be offset against the benefit il promdes. The aims of the Association conth.nue to be reviewed by the govemors in the light of the Charity Commission's general guidance on putlC benefft and the govemor5 are satisfied that the Objects and aims allow the delivery of public benefit that is related lo the aims and Ihe report that follows demonstrates that those benefits are tangible and considerable. In Ihe furtherance of these aims, Ihe governors have complied with the duly in s.4 of the Charities Acl 2011 to have due regard to the Charity Commission's published general and relevanl sub sector guidanee concerning the operation of the pu1¢ Benefft requ1Ment under that Act. Page 5
THE ORATORY SCHOOLS ASSOCIATION IA company limited by guarantee) GOVERNORS, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Publi¢ Benelit Achievements In addition to its educational work, it remains an obj'ective for the Association lo be a good neighbour to, and lo be an active part of, the local community- The govemors believe that a school has a duty lo extend ils services lo ils eommunty. can thus, in the broadest sense. identify its beneficlaries as am who benefit from the institution. The Association raises funds conlinualy for a number of charities and it makes its sports facilities available mostly al no cost or for a nominal charge lo a large number of local schooL8. clubs and groups. The govemors Continuously keep under review the public benefrt that Ihe Association provides. The Board of Governors considered. in particular. the supplementary guidan for charities that advance education and for fee charging ¢harilies and-built its conclusions inlo rts Public Berbefit Strategy. In 2020121 Ihere were 70 pupils 1230K of pupils. 67 in 2019120) receiving bursaries for all or part of th.eir fees, ac¢ording lo their families. circumstances. The Association also provides up to three completely free places lo be awarded lo deserving Catholic pupils who not othenMse be able to afford the fees. The Associabon offer5 a variety of 5Gholar5hips al The Oratory S¢hool recoynisin9 academic, sporting and musical ability as well as all round achievement. Scholarships are awarded by the Head Master following examination and review. The Association intends over lime to reduce the vaK* of scholarships awarded as a proportion of tolal fees and increase the amounts awarded through means lesled bursaries. However. because s¢holarships awardèd at age 11 or 13 will be effective lor seven or five years. the lolal cost of scholarships will fall slowly. In addition, a Pioneer Girl discount was offered for girls joining the school in the Iirst year5 of coeducation which will have an impact on discounts for the next seven years. In 2020121 the cost of scholarships and pioneer discounts amounted lo £1,234,081 or 15% of lolal fees1£389.805 or S% in 20191201- The cost of means testèd bursariès and free places at the school in 2020121 amounle(I to £896.884 or 11% of total fees 1£699.742 or 9% in 2019120}. The Governors believe that the publsc benefit is also served through savings accrued from private education by the Department for Education. For every UK pupil educaled by the Oratory Schools Asso¢iatson, the Department for Educalion saves al least £6,000. lch can then be used diredly for the benefit of pupils wi(hin the Slate sector. The Assoualion has fostered partnerships with an increasing number of local primary schools. Pup.ils have helped to create a Forest School area in one school helped with lessons in a numbef of schools. Subsidised use of our facilities has also been provided to our partner primary schools. Additionally the Association has provided Space and support for a nmber of organisations, indLKling.' a. Use of facilities lor Summer camp5 for altar servers b. Use of the lacilities by the Newman Tfust for disabled children's summer carrS e. Use of the swimmiTh3 pool by a si9nth¢ant number of OLtshJe schools. both private and slate, as well as clubs and gTOUPS Educational khievement at The Oratory School Once again, the majority ol Oratory pupils lin excess of 90Yp} gained entry lo their first choice universilies following the release of A Level resutts. Overall there We substsntial improvements in A Level results once again this yeaf wilh grades al A-122%1, A".A173%1, A"<89.1 and A'£ 198%). showing gains on last year's CAG process., The A"-A percentage was 1% above the independent school national average for 2021's Teacher Assessed Grades and well in advance of the overall national average. The results for both Art & Design and Photography were again excellent with 100% A-_A in both A Levels. confirming once more The Oralorvs position as one of the leading schools in Art and Design. In other area5 there were more excellenl departmental perfoffliances in= English LtrteralU with 100PA A" grades: Chinese (100% A"-A grades)., Maths 182Vo A" Page 6
THE ORATORY SCHOOLS socIAoN IA company limit by guarantse GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 grades).. Further Malhs175Dh A"-A grades). The GCSE results also showed improvement when Compad with last year's CAG procèss, with grades at 9 1230AI. 9-81440), 9-7160%). The activities of the Music Department were of course curtailed somewhat by the various periods of lockdown and the restrictions imposed on us by the pandemic. However. we ensured that as much practical music-making as possible conlinued. Our young musicians became skilled as recording artist5, a5 we recorded much ol our activity last year. Our Sl Ceolia Con¢ert for instance was all prethrecorded and broadcast to our listening public. as was our Carol Service. The quality of what was on show was very hTrgh indeed. There is nowhere near enough room here to list all of the highlights from this extraordinary year. but amongst them are." the first performances of our wonderful new Coips of Drums.. the Singing of our Consort in what were often very ¢Jifficutt circumstances. and our Big Band managing to continue thwr hHJh standards. n a sooally-distanced, Covid-safe manner. -In sport. sadly there Were no"extemal rugby. hockey or rowng fixtures- due lo Covid. H¢)wever.. the cricket restridions were less rigorous, and the school managed to aY four m*ches, against PeppardSlokeR¢)w CC. MCC, ShIFake College and Bradfield College. The games sessiofts We fomialised to ensure there was variety in the week.. iwo sessions of spèeialised sessions followed by 8 Friday aftemoon of a carousel of sporting oplions Irim trail, cross country, football. netball, cricket to name a lew and Saturdays were 'year group competitions, sport (changing every week but ensured mass parbcipation to get everyone involved}. Online talks continued and we were fortunate to welcome Charlotte Edwards. Sir lan M¢Gee¢han and Dan Leo (former rugby player and creator ol Oceans Apart, a documentary based on South Pacifi¢ rugby). Inter-House competitions played a huge part in keeping house spirits high and the provision was year group bubbles across sports such as swmming, rackets. mixed nelball. badminton. frisbee. rounders. golf and touch rugby- all open lo boys and girls. The lug of war and the cross country finished the year off wrth some excellent compelilion and fun. After the Lent Term lockdown, Te51rictiOn5 were Itfted in sport for Ihe summer. Careful thought was given lo maximisè the opportunities for our Leavers as well our provision for girts as well as boys. The school had exlernal fixtures in rugby, football and netball as well a5 the tradrtTr"onal summer sports.. Cricket, lawn tennis and rowing. A highlight of the cricket season was the 'clean sweep- of six wns out of six against one local rival. The U14 AXI was captsined by one of our "pioneerf girls, who plays for Berkshire Ladies juniors. The 1st Xl grew in confidance and ended the season on a high in cricket week by wnning and drawing h¥0, perhaps the final match being the most pleasing as the Xl chased down a total of 243 to wn. The school hosleil Berkshire juniors most Sundays and Peppard Juniors most evenings during the week for either training or matches. We were voted one of the Top 100 Cricket Schools by Cricketer magazine for the fifth year in a row. The Boat Club was limited in terms ol extemal events. bul we hosted various inter-school and some inter-house year groups. which gave the pupils a sense of competition. The numbers of both boys and girls tsking part w8r8 good, excellent progress wa5 made and the future remains bright. In racquets. desprte nol aYing any wnler ffixtU (badminlon, real tennis or squash) managed a visit to Hardwick House to give the pupils the thance tts play real tennis on another Court. In the summer, the lawn tennis had a tremendous season wth a significantly increased fixture card from the U12s lo the U18s. The opportunities wefe excellent. and Ihis drove up the standards.- the resulls were more than pleasing with wins over local rivals at all levels and we were winners of the local schools. U15 tennis competition. The term finished off wth a select team playing in a showcase tournament - The GAOT event (Golden Age of Tennis). with John Lloyd plawng in the event. a real showcase event. The Alhlelic evenls were remolety run and our U18 4x1110m relay managed to get some track tim8 to pull off victory in the Radley Relays. P7
THE ORATORY SCHOOLS ASSOCIATION {A company linited by guarantee) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 The C¢xurricular Pfogiamme at The Oratory continues lo wovide for the development of the whole person. through the language5 of Head, Heart and Hands (Mens, Cor. Manusquel. Despite the challenges of Covid-19, meaning Ihat activities had lo be in year group bubbles. the range ¢onts'nued lo be that ol a much largeT school, with Minecraft. Lego Robolics. Coding and IDEA {Digitsl Enletprise Award) providing eThhand STEM opportunities. The Belloc Soaely lJunior Public Speaking) was revived %wth over 10 members of the 4th Fom) regularly participating in debates and Ihe Adelphi and Windhover Sweties continued to be well attend8d. The first year of coeducation saw Nelbal and Mixed Hockey added lo the $1 of sporting activities in the lunchtime programme, with the Oratory Book Club also providing an opportunrty for students of all ages to have a literary society. Covid had 8 51gnificant impact on the Semce aftern¢)on bul the school promded a Future Leader5 activity for the Lower. 6th, in associath.on wfh Rugby Centurions vth.ich attracted over haff ol the year group. Despite Covid. the Consèrvation Soaety cK)ntinued" ils actions around the school and also helped create a Forest School area at St Anne's Primary School in Caversham as the partnerships programme Wari. Four pupils also attended St Anne's to 8ss1s1 with PE lessons on a Thursday afternoon and Sl Martin's PrimaTy, Caversham. Checkendon Primary and Woodcote PrTmary d50 accepted pupi15 for Community Seryice. Fol the f1rst time in over 10 years. the school offered all three levels of the Duke of Edinburgh's Award. The Bronze expedition was Completed, a year late, in October. A group of six 4th formets, who completed their Bronze award in Michaelma5 Term. opted lo conlinue lo the Silver Award. They completed their expedition al the end of Ihe summer teTm in the Vale of the Whrte Horse and most are set to complete their award by the end of Mi¢haelmas Term 2021. Al the GL)Id Award v* had the school's first coeducation DofE group wth 3 boy5 and 3 girls participating. Following a rigorous practice expedition in the New Forest. the Gold group coMped their Assessed Expedition during July's hea3ve on Dartmoor. Partiapalion levels were excelnt last year with high numbers signing up to the Bronze Award, the first Silver group and six pupils in the 5th Fomi already signed up for the Gold Award for next year. Drama productions were limited lo year gfOUP "bubbles. owing lo the pandemic, however the department manag8d its first productson as a Cotheducabonal school The Importance of Being Eamesl, which was live streamed. In the Trinity Term Ihree quarters of Year 9 pupils took part in a productson of the musical Bugsy M8lone antl Ye8rs 7 and 8 perfomied Shakespeare's As You Like11 in the woo¢Js in the school grounds. LAMDA Tesults remain very strong.. of the 26 pupils entered for exarninations over the eourse of the year. 58.fi achieved Distinction and 42°A Merit. FINANCIAL REVIEW AND RESULTS FOR THE YEAR . The ffinancial statements have been prepared on a gThJ conrn basis. Resenies Policy The noles to the financial stalements detail the level and movement of reserves hekl ty the Assoryalion. The serves policy has been based on the Association's obJ'e¢tives. Ils main leatures 8re". To provide resources lo cover for unexpected or unavoidable expenditure that cannot be mel from current income. To achieve a mwgin of working capital sufficient to enable all aspects of the sch¢JoI's activities lo be conducted efficiently. To provide resources for future imwovernents to boaTding and other facilities. The Association is reviwng its Reserves policy wthin lh8 next 12 months. P•Je 8
THE ORATORY SCHOOLS ASSOCIATION IA company limited by guarantee GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Results for the Year and Fulure Funding The results for the year indude 12 months of The Oratory School. The rnparative numbers also indude 3 months of The Oratory Preparatory School which vra5 sold on 29th November 2019. The consolidated net movement in funds before actuarial gains and losses was £634.186 la reduction of £175,657 in 20201. The prior year induded a loss of £192,313 for 3 months ol the Oratory Preparatory School. Included within the results for the year is profil on disposal ol Chittem Court of £1,337,168. Lasl year's accounts included deposil income of £300,000 relating to this sale. The number of pupils rose in 2020121 to 300. including 50 girfs which resultèd in higher fee income year-on-sear when OPS income is exduded from the cornp8r81ive. There wa5 no increase in fee levels fof Michaelmas term 2020 in recognition of Ihe challenges faced by many as a result of COV1019. A small fee increase was introauced from Lent 2021. As a result of COVID19 Ihe school was shut for most of the Lenl term and we once again. undertook remote learnin for which we. tharged a ieduced-fee."based on the day-fees, wnsislent ¥4rth our approach in Trinty 2020. We again suffered from reduced income from our sports cenlre whi¢h was shul for extended periods dunng the year. We did reGeNe income from external lets in the cutrenl year bui this was down on we-COWD levels. Mitigating the impact of COVID19 on net Profit was a re¢Juction in costs as a result of the school being shth and lower staffing costs as a result of furloughing staff. The cost saving5 identified in 2019120 were implemented in 2020121 and have had a positive impact on the profitability of the school. A sNJnificanl impact on staff costs was the reduciion in pension Costs resulting from the wthdrawal from the Teachers. Pension Scheme al the end of December 2020. To ensure that thère was adequate cover for The Oratory School's fiJture working capital requirements. a £2m loan repayable over 3 years was provided. by Bellevue Education in November 2019. As a resutt of the uncertainly caused by COVID19 a further short lemi £1m loan was taken out swth MSP Capital in July 2020. £1.5m of these loans were repaid during the year ffom the proceeds of sale of Chillern Court. A £200k boan was provided by The Oralory Foundation during the year al a more favourable interest rate. Pupil number5 at The Oiatory School increased again in September 2021 to 357 pupls. The pupil numbers include 90 gir15, consolid8tr.ng the impreSve start to c¢>education at the school. COVID19 COVID 19 continued to have an impact on Ihe Associabon in 2020f21. Provision was made to allow over5ea5 pupils lo quarantine al the schod for 2 weeks berore the start of Michaelmas term 2020 and a small number of . pupils r¢mained al school for half term. Michaelmas tem fees 2020 were set at the same level as for academic year 2019120 and were then irbcfeased for Lent and Triruty terms. The Oratory School again closed for part of Lent term 2021 when comprehensive online provision was made available to all pupils. Thi5 built on the success of the online provision in 2019120 and extended further lo include Sports and extra curricular activities. Once again GCSE and A level exams were cancelle(l and Teacher Assessed Grades were used. Reduced calering cosls and energy costs together with fudoughing staff helped lo mitigate the impact of the reduction in fee income. The h0o1 continues to woth closely with Public Health England and updale rts comprehensNe risk assessment as govemmenl quIrementS change and in reaction to what the s¢hool feels is necesw lo ensure the safety of ils community. Page 9
THE ORATORY SCHOOLS ASSOCIATION (A company limited by guaranteel GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Future Plans The Associalion's key objectives are: To increase The Oratory School to a sleady slate co-educalion roll of al least 450 pupils., To improve the current high standards of academic achievement as measured by external public examinations and independent value added criteria-. To build a new full size astro plawng surface 5uilable for multi sports To provide a new dedicated Sixth Form Centre at The Oratory School.. To provide an enlarged and modemi5ed Music Departrnenl facility al the Oratory Sthool- To further explore overseas cooperation 0pportunrtS'. To continue to build links with local school5-, To-continue lo increase anttencourage comffjunity aCsS lo the schoofs facilities.,. To increase tradin9 revenue during school holidays." Fixed assets The Woodcole Eslale is vested in trust for the benefil of and for free use by The Oratory School. The Oralory Schools Associatson. as owner of the School, is responsible for an outyoings th8rèon. GOVERNORS. RESPONSIBILITIES STATEMENT The governors (who are also directors of The Oratory Schools Association for the purposes of company lawl are responsible for preparing the Governors. POrt (induding the Group stralegic report) and the financial slalernents in accordance with applicable law and United Kingdom Accounling Standard5 {United Kingdom Generalty Accepted Accounting practi). Company and charily law requires the govemors to prepare financial statements for each financial yèar. Under company and charity law the governors musl not approve the financial slalemenls unless they a satisfied that they give a true and lair view of the slate ol affairs of the chaiiiable company and the group and of the incoming resources and application of resources. including the income and expenditure. of the charitae group for that period. In pfeparing these financial statements. the govemoTS are required to: select suitable accounling policies and then apply them consistently. observe the melhods and pfinaples in the Charities SORP. make judgmenls and accounting estimates that are reasonable and prudent- slate whether aPIcable UK Accounb"ng Standards have been followed, subject to any material departures dis¢losed and explained in Ihe financial stalements.. prepare the financial slalements on the going concem basis UesS r( is inappropriale to presume that the charitable group will conknnue in Operats(. The govemors are responsible for keeping adequate accounting cold5 that are sufficient to sts)w and explain the charitable company and the group's transactions and disdose wth reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial slalemen15 comply with the Companie5 Act 2006. They are also responsible for safeguarding the 35se15 of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 10
THE ORATORY SCHOOLS ASSOCIAnoN IA Company limited by guarantse GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 PROVISION OF INFORMATION TO AUDITORS Each of the persons who are govemots at the lime when this Govemors. report is approved has confirmed that.. so far as that governor is aware, there is no levant audrt information of which the company and the group's auditor is unaware. and-. thal govemor has taken all the steps Ihat ought to have been taken as a governor in order to be aware of any informalion needed by the company and the group's audilor in wrbnection with preparing its report and to establish thal the company and the group's auditor is aware of that inforniation. AUDITOR The auditor,-James Cowper Kfeslon,Mryll be proposed for re.appointrnent in accordan with Section 485 of the- Companies Ad 2006. This report, incorporating the Group stralegic report. was approved by the governors, in their capacity as company directors. on 19 January 2022 and sKJned on their behalf by the Chair of Governors. Approved by order of the members of the board of Govemors and sned on their behalf by.. Mr$MPLo Dale.. 20 January 2022 Page 11
THE ORATORY SCHOOLS AssocwnoN IA company limited by guaranleo INDEpeNDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ORATORY SCHOOLS ASSOCIATION Oplnion We have audbled the firtanual ststements of The Oratory Schools Association (the 'parent charitsble companVI and its subsidiaries (the 'group'l for the year ended 31 August 2021 which comprise the Consolidated statement of financial activities. the consolidaled balance sheet, the company balance sheet, the eonsolidated statement of cash flows and the related notes, including a summary of significanl accounting poliaes. The financial reportin9 framework that has been applied in their prepafab.on is applicable law and United Kingdom Accounting Standards, including Financial RepoAg Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, (Unsled Kingdom Generalty Accepted Accounts"ng Pracliee). In our opinion the financial stalements.. give a true and fair.view of the stale of the Group's and of the parent.charilable companls affairs as at 31 "August 2021 and of the tsroup's incoming resDurces-and applicats.on of resources. including its incomè , and expenditure for the year then ended., have been property Pfepared in accordance United lfjn9dom Generalty Accepted AOntIng Practi., and have been prepared in accordance with the requirements ofthe Companies Act 2006. Basis foT opinion We conducted our audit in aecordance wilh Inlemational Standards on Auditing {UK) {ISAs {UKI) and applicable law. Our responsibililies under those standards are further described in the Audilorfs responsibilities for the audit ol the financial stslements section ol our report. We are independent of the Group in accordance wilh the ethical requirements Ihal are relevant lo our audit ol the financial slalements in the Unrted Kingdom, including the Financial Reporting Councifs Ethical Standar(I, and we have fvifilled our other ethical responsibilities in accordance with these requiTements. We believe that the audrt evidence we have obtained is SLrfficienl arid appropriate to provide a basis for our opin*)n. Con¢lu$lons rolating to going concern In avdiling Ihe financial statements. we have conduded that the Govemors. use of the going concern basis of accounting in the preparats.on of Ihe financial ststements is appropriate. Based on the work we have performed, we have not idenlffied any materi81 uncertainties relating lo events ¢Y conditions that, individually or colledivety.- may.cast significant doubl on the Group's or the parent charilable companls abilily lo continue as a going conrn for a period of at 3st ts¥elve months from-when the financial slalemenls are aulhorised lor rssue. Our responsibilities and the Tesponsibilrties of the Governors wth respecl lo going concem are de5Cfibed in the Televant sections ol this report. Page 12
THE ORATORY SCHOOLS ASSOCIATION IA company limit by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ORATORY SCHOOLS ASSOCIATION (CONTINUED) (Xher inforniation The other information ¢omprises Ihe informats.on included in the annual report other than the finaricial slalemenls and our audiloes report Ihefeon. The Govemors are responsible for the other information contained wthin the annual report. Our opinion on the financial slalemenls does not cover the other information and, eXp1 to the extent othefwse explicilly staled in OUT report. we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other infomiation and. in doing so. consider whether the other infom)ation is materially inconsistent the finanual statements or our knedge oblained in the course of the audit, or otherwise appears lo be materially misslaled_ If we thntfy such malerial in¢onsisten¢Tres or apparent malerial misstatements, we are required lo determine whether thi5 grves rise lo a material misstatement in the financial statÈmenls th8ms81ves. If, based on the work we have performed. ¢onckJde that there is 8 material misslalemenl of this other infom)ation. we are required to report Ihat fact. We have nothing to port in this regard. Opinion on other matters prescribed by the Companies A¢t 2006 In our opinion. based on the work urKlertaken in the ¢vr$e of the audit.. the inlormats.on given in Ihe Govemors. report the Strate9i¢ report for the financial year for which the finanual ststements are prepared is consistent with the financial siatemenls. the Governors. report and the Strategic report have twi prepared in accordance with applicable legal requirements. hfjatters ¢n whlch we are required lo report by exception In the light of our knowledge and understsnding ol the charitable company and its environment obtained in the course ol the audit. we have not itlenbfied malerial MitementS in the Govamors, report induding the Strategic report. We have nothing to report in respect of ihe foThowng matters in relation to which Companies Act 2006 requires us to report lo you if. in our opinion.. the parent ¢haritable company has not kept adequate and sufficient accounting records, or urnS adequate for our audit have not been received Irom branches not visited by us.. or the parenl.chaiitable company finanaal stalements are not in agreement with the accounting TecoTds and retums- or certain disclosu$ ol Govemors, remuneration specified by law are not made.. or we have not ceiVed all the infomiatson and ewanations we require for our audit. Responsibiliti•s of trustees As explained more fully in the govemors. reswnsibilities stalemenl. Ihe Govemors (who are also the directors of the charitable company for the purposes of company law} are responsible for the preparation of the fin8nci81 statements and lor being salisfied that they give a true and fair view, and for such inlemal control as the Governor5 determine is necessary to enable the preparation of financial slalements that are free from material misststemenl, whether due to fraud or error. In preparing the financial slatemenls. the Govemors are responsible for assessing the Group's and the parenl charitable companls ability to conlinue as a goirrfJ concem, disclosing, as applicable. matters related to going concem and using the going concern basis of accounting unless the Govemors either intend to liquidate the Group or the parent charitable company oi lo cease operaiions. or have no fealislic allemalive but lo do so. Page 13
THE ORATORY SCHOOLS ASSOCIATION (A company Ilmited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ORATORY SCHOOLS ASSOCIATION (CONTINUED) Auditorfs re$pon$ibililies for th? audil of th• financial statsments Our objectives are lo obtain reasonable assuranee about whether the financial statements as a whole are free from material misslatement. whelheT due to fraud or error, and lo issue an audilor's report th8t includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUK) wll aayS detecl a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. fjndivKlually or in the aggregate. they could reasonably be experted lo influence the economic de$lOnS of users taken on the basis of these financial statements. Because of the Inhent limitations of an audrt. there is a risk that we wll not detect all irregularities, including those leading to a matèrial misstatement in the financial statements or non-complian with regulation. This risk increases the more that compliance with a law or regulation is removetr from the events an¢J Iransaclions reflected in the finarrial staternenfs. as we will be le55 likely lo become aware of insta"nS of non-cornpliance-. The risk is also grealei regarding irregularities 0Urring due to ftaud rather than error. as fraud involves intentional concealment, forgery, collusi¢. omission or misrepresenlation. The specific procedures for Ihis engagement that we designed and performed to detect material misstatements in respect of irregularities. induding fraud. were as fouows.. Enquiry of management and those charged with governan around aclual and potential liti'gation and ¢laims-, Enquiry of management and those tharged with govemance to identify any Ins[an of ngn-complian¢e with laws and regulalions.. Reviewing finanual slalement disdosures and tesling to supporting d0ments110n to assess MplianCe wilh applicable laws and regulations., Performing audil work over the risk ol management override of conlrols. including testing of journal entri8s 8nd other adjustments for appfopriat&n8ss. evaluating the business rationale of stgnificant transadions outside the normal course of business and reviewing accounting estimates for bias. A further description of OUT re$ponsib"ilities for the audit of the financial stslements is located on the Financial Repoth'ng Council's website al.. www.frc.o .ukJauditorsres on5ibilib"e5. This description forms part of our audito¢s report. Page 14
THE ORATORY SCHOOLS ASSOCIATION (A company limited by guarantee INDEPENDENT AUOITOR'S REPORT TO THE MEMBERS OF THE ORATORY SCHOOLS ASSOCIAnoN ICONTINUEDI Use of our report This port is made solely to the charitae companls members. 8$ a body, in accordance wth Chapter 3 01 Parl 16 of the Companies Acl 2006. Our audit work has been undertaken so that we might slate lo the Charitable companls members those matters we are required lo slate to them in an audrtorfs report an(1 for no other purpose. To the fullest extent permitted by law. we do not a¢¢epl or assume responsibility to anyone other than the charitable Company and its members. as a body. for our audil work, for Ihis report, or for the opinions we have formed. Fwdl Michael Farvftll MA FCA DChA Isenior Slatutory Auditor) for and on behalf of James Cowper Kreston Chartered Accountanls and Statutory Auditor 2 Communi¢alions Road Greenham Business Park Greenham Nbry Berkshbre RG19 6A8 Dale.. 2410112022 Page 15
THE ORATORY SCHOOLS ASSOCIATION {A company limited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2021 Restricted Unrestricted funds funds 2021 2021 Total funds 2021 Total ftjnds 2020 Note Income from: Donations and legacies Charitable activities 33.950 29.320 5.821,218 327.635 1.469,707 63.270 5.821.218 327.835 1.469.707 112,299 6.498.253 278,028 2,990,636 Other trading activities Othef income Total incorn• 33.950 7,648.080 .7.682.030 9,879,2t6 Expenditure on: Raising funds Charitable activities.. CharilatAe aclivilies Bank charges 158.360 158.360 220,320 6,764.225 125.259 6.764,225 125,259 9.246,778 587.775 Total expenditure 7,047.844 7,047,844 10.054.873 Net movement in lunds before other iecognised gains 33.9SO 600.236 634.186 1175.6571 Othèr rÈcogn*s gains: ActU8rial gains on (lefirhed benefrt pen$i¢)n schemes 25 62.000 62.000 N•t mov•m•nt in funds 33,950 662.236 696.186 1175.6571 Re¢on¢iliallon of fund$'. Total fvn(ts brou9hl forward Net movement in funds 8,668,728 662.236 8.668.728 696.186 8.844,385 {175,6571 33,950 Total funds carri•d forvArd 33,950 9,330,964 9,364,914 8,668.728 The Consolidated statement oi financial activities indudes all gains and losses recognised in the year. The notes on pages 22 to 43 fomi part of these finanual statements. Page 16
THE ORATORY SCHOOLS ASSOCIATION (A company limited by gu•r•ntsel REGISTERED NUMBER: 00259021 CONSOUDATED BALANCE SHEET AS AT 31 AUGUST 2021 2021 2020 Note Fixed •s$ets Tangible asse15 15 12,559.932 13,043,935 12.S59.932 13.043,935 Current assets Stocks 34,376 319.931 1,254.008 ' 33.920 242.731 1.390.427 Debtors Cash at bank and'in hand 17 1.608.315 1.667,078 CreditoTs-. amounts falling due wilhin one year 18 {2,999.3481 {1.966.3191 Net curnenl liabilities 11.391.033) 1299,2411 Total assets less currènt liabilitia$ 11.168.899 12,744.694 Creditors.. amounts falling due after more thon one year 19 {1.721,9851 13,945,966) Net assets excluding pension liability Defined benefit pension scheme liability 9.446.914 ,798,728 25 182.0001 1130.0001 Total n•t assels 9.364.914 8,668,728 Charity funds Restricted funds .Unrestricled funds Unrestricted fijnds excluding pensi asset Pension reserve -20.-- . 33,950 9,412.964 (82.000) 8.798.728 {130.000) 20 Total unrestricted funds 20 9.330.964 8,668.728 Total fvnds 9.364,914 8,668,728 The Governors acknowledge their responsibilrties for comp9 wilh the requirements of the Acl wilh resped lo aoU[ln9 records and preparation of finan¢ial slatem8nts. Page 17
THE ORATORY SCHOOLS ASSOCIATION IA company limited by guarantee) REGISTERED NUMBER: 00259021 CONSOUDATED BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2021 The financial ststemenls were approve(l and authorised for issue by the Govemors and sKJned on their behalf by. JoJ4LI MrsMPLo F P Gargent Dale.. 20 January 2022 The notes on pages 22 10 43 fomi part of these financial stalemenls. Page 18
THE ORATORY SCHOOLS ASSOCIAnON {A company limited by guarantee) REGISTERED NUMBER.- 00259021 COMPANY BALANCE SHE AS AT 31 AUGUST 2021 2021 2020 Fixed ass•ts Tangle assels Investmen15 15 12.$54.855 10.001 13,037.100 10.001 16 12.564.856 13,047,101 Current a$s•ts Stocks Debtofs Cash at bank and in hand 32.589 375.561 1,109.701 31.214 276.739 1.339.125 17 1.517.851 1.647,078 Creditors= amounts falling due within one year 18 (2.975,4771 {1.951.4501 Net current liabilitie$ (1.457.626> 1304.3721 Total assets le55 current liabilities 11.107.230 12.742,729 Creditors.. amourils falling due after mo Ihan one year 19 {1,721.9851 13,945,9661 Net assets excluding pen$ion liability Defined benefit pensi s¢*eme liability 9.385.245 8,796,763 25 {82.0001 (130.0001 Total ngt a$s8ts 9,303.245 8.666.763 .Charity lunds Restricted funds-. Restricted fijnds 20 33.950 Total restricted funds Unreslriclèd funds Unrestricted funds excluding pen&on liabilrty Pension reserve 20 33.950 20 20 9,351,295 182.000) 8,796.763 1130.000) Total unrestricted funds 20 9.269.295 8,666.763 Total funds 9.303.245 8,666,763 The Governors acknovAedge their responsibilits.es for compljing th the requwemenls of the Act with respect to accounting records 8nd preparation of financial stalemenls. Page 19
THE ORATORY SCHOOLS ASSOCIATION (A Company limited by guarantee) REGISTERED NUMBER: 00259021 COMPANY BALANCE SHEET (CONTINUED) AS AT 31 AUGUST2021 The finanaal statements were approved and authorised for issue by the Govemors and signed on their behalf MrsMPLo F P Gargent Dale: 20 January 2022 The notes on pages 22 to 43 form part of these finanual statements. Page 20
THE ORATORY SCHOOLS ASSOCIATION (A company limited by guarantsel CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 Note Cash flows Irorn operating aclivities Nèt cash used in operating actsvrtie5 22 1192,911) 13,467,647) Cash flow5 from investing a¢tiviti•s Proceeds from the sale of tangible fixed assets Proceeds from the sale of the Oratory PiepaTalory School Purchase of tangible fixed assets 1.500,000 1.781,749 8,000.000 1138.8591 1144,4661 Net cash providod by Invèsting activitiès -'1.355,534 9.642,890 Cash flows from financing activities Cash inllows from rthv borrowing Repayments of borrowng 200.000 3,025.188 11,499,042) 13,736,152) Net cash used in finan¢ing adivities 11.299,0421 1710,9641 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginnir¥J of the year (136,4191 5.464,279 1,390.427 14,073.8521 Cash and cash equivalents at the •nd ol the y•ar 23 1,254,008 1,390.427 The notes on pages 22 to 43 fomi part of these financial slalements Page21
THE ORATORY SCHOOLS ASsoCON (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Accounling poli¢ie$ 1.1 Assets not recognlsed In the annual accounts The Oratory Sthools Assoaation owns a number of paintings and slalues which il has acquired over the years. No valuatson of these Items has b8en undertaken and the charity does not believe that the valuation of these assets would be appropriate expenditure of charitable funds as they have no intention of disposing of them. Accordingly, and as pemitted by the Charities SORP {FRS 1021, such assets are not reco9nised on Ihe balance sheet. 1.2 Basss of preparatlon of financial statements The financial slalements have been prepared in accordance ¥wth the Charilies SORP IFRS 1021 Accounting and Reporting by_charities.. Siatemftnl ol Recommended. Practice applicable to charities. . preparing their accounts in accordance wth the Finanaal Reporting Standard applicable in the UK and Repubh"¢ of Ireland (FRS 1021 (effective 1 Janvary 20191, the Financial Reporting Standard applicable in the UK and Republic of I18nd {FRS 102) and the Companies Act 2006. The Oratory Schools Assouation meets the definition of a public benefrt enlily under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless olherwise $18led in the levant accounting w)Iy. The consolidated stalemenl of financial activities (SOFA) and consolidated balance sheet consolidat& the financial statemenls of the Company aThJ ils subsidiary undertaking. The results ol the subsidiary are consolidated on a line by linè basis. The Company ha5 taken a(fvantage of the exemption allowed under sect 408 of the Companies Act 2006 and has not presented its own slatement of finanual activItS in these financial stat8ments. 1.3 Going conr?m The financial statements have been prepared on a going concern basis. The consolidated financial Statements show net income for the year of £634.186 12020-. nel expenditure of £175,657) and net urrenl liabilities of £1,391.03312020'. current liabilities of £299,241). Income from the Oratory School has incfeased th the rise in pupil numbers for Ihe Year ended 31 August 2021 and 8 further rise i pupil numbers is forecast for the year en¢Jing 31 August 2022, helped by the school going co educational from Seplembei 2020. The Governo are of the view Ihal the Association has sufficient funds to enable the Associatson lo continue its activities on a going COnM basis for a period of al. least 12 months from the date of approval of these financial statements. 1.4 Company status The company is a company limited by guarantee. The members of the company are the govemors named on page l. In the event of the company being wound up, the liability in fespect of the guarantee is limited to £1 per member of Ihe company. Page 22
THE ORATORY SCHOOLS ASSOCIATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Accounting polici Icontinuedl 1.5 Incorne Fees receivable and charges for ServIS and use of premises are accounletl for in the perithy in which the service is provmled. Any amounts received for services not yel provided are included in creditors as fees 1Ved in advance. Fees receivable are stated before deducting bursaries. scholarships and other allowances. Donations received for the general purposes of the charity are included as unrestricted funds. Donations re¢eive(I for a restrt¢ted purpose are induded within restricted funds. Other InMe is recognised in the peri¢xI in whith it is recewable and lo the extent the gdS have been provi¢Jed or on comple.lion of the service. 1.6 Expenditure Expenditure is ajlocaled to expense headings on a direct cost basis or apportioned according to time spent or other relevant basis. The irrecoverable element of VAT is included with the item of expense to which it relates. Support costs have not been anocated lo the separate expendilure headings of teathing costs, welfare and premises as the main activity is the provision of edvcalion and any allocation would not make more meaningful presenlation. Expenditure on raising funds includes all expenditu incurred by the Group to raise funds for its charitable purposes and indudes costs of all fLJndraising 8clivities events and non-charitable trading. 1.7 Grants pay•b No grants are made exeepl foi sth018rships and bursaries. 1A Penslon $¢h¢mes The Association previously contributed to the Teachers. Pension Scheme at rates set by the Scheme Acluary and advised lo the Association by the Scheme Administrator. Following a consultation prf)¢es$ The Oratory School Association'5 participatson in the TPS Came lo an end on 31 December 2020. The Association now operates two defined contributTron pension schemes and the pension charge represents the amounts payable by the Group to the funds for the perio¢J. The Association also operate5 a group personal pension defined benefrt heM. The defined benefil pension scheme was discontinued on 1 December 1999. This scheme is currently being fun as a closed lund with benefits being paid as they fall due. Full details of the pension schemes 8re given in the notes lo the financial slalements. 1.9 Government grants Grants of a revenue nalure are recognised in Ihe Statement ol comprehensive income in the same period as the related expenditure. Page 23
THE ORATORY SCHOOLS ASSocON {A company lirnited by guawanl•e NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 ¢ountlng poli¢19$ lcontinued) 1.10 Fund ac¢ounting General funds are unrestricted funds which are available for use at the discretion ol the Govemors in furtherance of the genefal objectsves of the Group and which have not been designated for other purposes. Restricled fvnds are funds which are to be used in accordan with spe¢rfi¢ restrictions imposed by donors or whith have been raised by the Group for parb'wlar purposes. The wsts of r3i5ing and adrninislering such fund5 are charged againsl the specific fund. The aim and use of each restricted fund is sel OLrt in the notes to the financial statements. 1.11 Tangible fixed assets and depreciation Tangible fixed assets costing more Ihan £1.(0 wlh an eslimaled life of 3 years or more are apitalised along with coleclions of.smaller items if the listed value is signifinI. The Oratory S¢hool is sited on the Wo¢xl¢ote Esiale whTrch is vested in trust for the benefit of and free use by the Oratory Sthool. The Eslate Teverts to the Trustees if rt ceases to be used a5 a school. Additions to school buildings on the Estate are capitalised as it is considered the Association has an equilable nght to compensation for these additions if the Estate were lo revert to the Trustees. In addition to the capilalised fixed assets held for the charilrfs own use. The Oratory Schools Associatson also has a number of painting5 and slalue5 which span the history of the school and depict a number of its fHJureheads. No valuation ol these has been made and accordingly these assets have not been capitalised in the financial statements. Freehold land and 8ssels under (*nslruth"on a not depreciated. Tangible fixed assets a initially recognised at cost. After re¢ognilion, under the cost model, langible fixe(l assets afe measured at cost less accumulated depreciatton and any a¢Gumulaled impairment 105ses. 1 costs incurred lo bring a tangib fre¢l asset into ts intended working condition should be included in the measuremenl of cost. DepatIOn is charged so as to allocale the Cost of langible fixed assets less their regdu81 value over their estimated useful INes, Using the slraigh14ine method. Depreoation is prowded on the following bases.. Bijildings Building improvements Land Plant and equipmenl 2% slraighl line 10% str8vJht line Nol depreciated 1(k33% straight line 1.12 Investments Fix8d asset investments are a fomi of finanual instrumenl and arè initially recognised al their transaction cost an¢J subsequently measured al fair value at the balance sheet date, unless the value eannot be measured reliably in which case il is measured al cost less impairment. Investment gains and losses. ether realised or unrealised, are combined and presented as 'GainsllLosses) on investments, irb the consolidated slalemenl of financial activities. Inve$lments in subskliaries are valued at cost less wovision for impairment. Page 24
THE ORATORY SCHOOLS ASSOCIATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Accounting policles (continued) 1.13 Operating leases Rentals under operating leases are charged lo the Slalement of Financial Activities on a slraighl line basis over the lease term. 1.14 stocks Stocks ere valued at the lower of cost arml net realisatAe value after making due allowance lor obsolete and slow-moving stocks. 1.15 Advance fw payment.s¢heme The School operales an Advance Fee PaJThent Scheme. The Scheme is offered to assisl parents who wsh to make a once only capital paJThenl to secure 8 termly Temission of fees f¢y a specified penod. The balance sheel liability repsentS the amount of the o[lnal capital payrnent, less amounts transferred to seltle actual Scho fees. Transfer5 are made lo fees each lemi al the rate applying when the Capital payment was made. 1.16 Deposits re¢eived in advance The School leIVeS a deposit from eath pupil when they join. These deposits are repayable on demand when the pupil leaves. However. as only a small prOpOOn ol pupils are expe¢led to leave within 12 m¢)nths the deposits receNed are treated as beg due after one year. 1.17 Interest receivable Interest on funds held on deposit is induded when receÉvable and the amount can be measured reliabty by the company. this is nonndly upcfft nolthcalion of the inleiesl paNJ or pardble by the bank. 1.18 Foreign currencies Monetary assels and liabilities denominated in foreign currencies are translated into steding at rales of exchange ruling at the balance sheet date. Transaclions in foreign currencies are translated into sterling at the rate ruling on the dale of transaction. Exchange gains and losses are recognised in the Statement of Financial AetNilies. 1.19 Debtors Trade and other debtors are recognised * the settlement amount after any Irade diseount offered. PrepayTrenls are valued at the amount prepaid net of anytrade discounts due. 1.20 Cash at bank and In hand Cash al bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. Page 25
THE ORATORY SCHOOLS ASSOCIATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 A¢¢ounting policies {¢ontinu•d) 1.21 Liabilities Liabdities and provisions are recognised when there t5 an obligation al the balance sheet date as a resull of a past event. il is probable Ihal a transfer of economic benefrt WFU required in settlement. and the amount of the settlement can be eslimaled relobly. Liabilities are recognised at the amount that the Company anlicipates il will pay lo settle the debt or the amount it has receNed as adVand paynenls for the goods or services it musl provide. Provisions are measured al the best estimate of the amounts required to settle the obligation. Wher the effect of the time value of money is material, the provision is based on the present value of those amounts. di$ted at the pre-tax discount rale" Ihatr iefflects the risks specific to .Ihe liability. The unwinding of the drscounl is recognised in the consolidated 5talernenl of financial activities as a finance cost. 1.22 Financial instruments The Group only has financial assets and finanaal liabilities of a kind that qualrfy as basic financial instruments. Basic finanaal instruments are initially recognised al Iransaclion value and subsequently measured at their settlement value with the exceptson of bank loans which are subsequtrnuy measured at amortised cost using the effecbve interest method. Judgements in applying accounting policies and key sources of estimation uncertainty The preparalion of Ihe financial statements requires management lo make judgements, estimates and assumptions that affect the amount5 reported for a55els and liabilities as al the balance sheet dale and the amounts reported for revenues and expenses during Ihe year. However, the nature of estimation means that actual outcomes could drffer from those estimates. The followng judgements (apart from those Invo1n9 estimates) have had the mosl swjnificant effect on amounts wognised in the financial slatemenls. Going concern The govemors consider thal the finanaal statements should be prepared on a going concem basis. The assumplions made in reaching this ¢ondusion are oudined in note 1.3. Tangible fixed assets Tangible fixed assets are depreciated over their usefil lives taking inlo account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Bad debts Using information available at the balance sheet date. the charity makes judgemenls based on experience garding the level of piovision required lo account for potentialty uncollecbble amounts. Pensions Various assumptions are made in Teporting the perfomiance of the chartys share of the pension Scheme. The principal assumptsons made are disdosed in note 25. Page 26
THE ORATORY SCHOOLS ASSOCIATION (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Income from donations and grants Rèstricted fixed a55et Unreslri¢ted funds funds. 2021 2021 Total funds 2021 Total funds 2020 Donations and grants 33.950 29,320 63.270 112,299 Total 2020.. 112.299 112.299 Income from other trading activities Income from fvndfatsing events UThrestricted funds 2021 Totsl lunds 2021 Total funds 2020 Extemal courses and sports tuition School fees protection insurance 179,155 3.238 179,155 3,238 78.011 4,485 182.393 182,393 82,496 Totsl 2020 82,496 82,496 Incom• from non charitable trading activities Unre5trictsd funds 2021 Total funds 2021 Total funds 2020 Subsidiary trading income 145.442 145,442 195,532 Total 2020 195,532 195,532 Page 27
THE ORATORY SCHOOLS ASSOCIATION IA company Iwnited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Income from charilable activities Unrestricted funds 2021 Totsl funds 2021 Total funds 2020 Gross fees Less scholarships and bursaries 7.928,836 7.928.836 7.564,019 12.130.965) 12,130.965} 11.089,5471 5,797.871 23,347 5,797,871 23.347 6,474,472 23.781 Registration fees and forfeitéd deposits Total 2021 5.821,218 5,821.218 6.498.253 Total 2020 6.498,253 6.498,253 Othèr incoming resources Unrestricted funds 2021 Total fund$ 2021 Total funds 2020 Profit on disposal of The Oratory Preparatory School Profit on disposal of properties Deposit received on sale of a propety Coronavirus job tentiOn scheme grant 1,138.813 1,187,255 300,000 364.568 1.337.168 1.337,168 132.539 132,539 1.469,707 1,469,707 2,990,636 Total 2020 2,990,636 2,990.638 Paoe 28
THE ORATORY SCHOOLS ASSOCIATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Expenditure on raising funds Unrestricted funds 2021 Total funds 2021 Total funds 2020 Staff costs Depreualion Other costs 1.816 1.758 154,786 1.816 1.758 154.786 34.924 2.307 183,089 158,360 158,360 220,320 Analysis of expendituro on ¢haritsble adlvlties Summary by fund type Unrestri¢ted funds 2021 Tolal funds 2021 Total funds 2020 Teaching cost5 Welfare Premises Other costs Governance ¢osls 3.423,160 749,950 1.531,344 1.153,115 31,915 3,423.160 749,950 1,531,344 1.153,115 31,915 4,495.088 1,071,389 2,150,906 2,076,407 40.763 6.889.484 6.889,484 9,834,553 Totsl 2020 9.834,553 9.834,553 Page 29
THE ORATORY SCHOOLS ASSOCIATION IA Company limited by guarantee) NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Anatysis of expenditure by activities Direct costs 2021 Support costs 2021 Total funds 2021 Total funds 2020 Teaching costs Welfare 3.423.160 749.950 1.531.344 1.153,115 3,423.160 749,950 1.531,344 1.153,115 -31,915 4.495,088 1,071.389 2,150,906 2,076,407 40,763 Premises Other costs Govemance cbsls 31.915 6,857.569 31.915 6.889,484 9,834,553 Total 2020 9,793.790 40,763 9,834.553 10. Analysls of expenditure by type Total funds 2021 Total fvnds 2020 Slaff costs Depreciation Other costs 2021 2021 2021 Fundfai5ing 1.816 1,758 154,786 158.360 220.320 Co$t of raising funds Teaching cos15 Welfare Premises Other cosls (excluding interest paid) Governance costs Interest paid 1,816 3.145.165 .405,695 334,233 1.758 33,394 16.458 413.649 154,786 244.601 327,797 783,462 158.360 3,423.160 749.950 1,531,344 220.320 4,495.088 -1.071,389 2,150.906 656.178 305.829 31,915 191.108 962,007 31.915 191.108 1,910.720 40,763 165,687 Charltable adivities 4.541.271 463.501 1.884.712 6.889.484 9,834,553 4,543,087 465,259 2,039.498 7,047,844 10,054,873 Total 2020 5,772,466 846,562 3,435.845 10,054,873 Page 30
THE ORATORY SCHOOLS ASSOCIATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 11. Auditorf$ remuneration 2021 2020 Fees payable to the Companls aud.rtor in respect of: Audit fees Other services 16.000 11.500 17,750 12,S76 12. Staff costs Group 2021 Group 2020 Company 2021 'Company 2020 Wages and salaries Social security costs Contribution to defined contribution pension schemes Operating cost5 of defined benefit peng¢N) hemes 3.748.752 319.923 4.678.257 421.376 3,746,936 319.923 4,643.589 421.376 462.412 672.833 462.412 672.833 12,000 12,000 4.543,087 5,772,466 4,541.271 5,737.798 The average number of persons emplOd by the Company during the year was as follows.. Group 2021 No. Group 2020 No. Educational Staff Domestics and Matron Administrative Maintenance and Grounds 61 27 67 35 36 12 37 12 136 151 The number of amployees whose emplosee beneffts lexduding employer pension costs} èxceeded £60,000 was.. Grtsup 2021 Group 2020 In the band £60,001 - £70.000 In the banl £80,001 - £90,000 In the band £110.000- £120,000 The charity considers its key manag8rnent personnel comprise the Govemors and senior management team. The lotal emploJThent beneffts, including emF4oyer pension and national insurance contributions, ol the key management personnel were £380,931 12020: £773.093}. Page31
THE ORATORY SCHOOLS ASSOCIATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 13. Parent company results The parent company ha5 taken advantage of Section 408 Companie5 Act 2006 in not preparing its own Stalemenl of financial activities. The nel movement of funds after investment and pension movements within the parent company alon8 is a surplus of £636,482 (2020.. surplus £3.632}. 14. Govemors. remuneration and expenses our9 the year. no Govemors receNe(l any remuneration or other benefils12020- £NIL). Ouring the year ended 31 August 2021. expenses totalling £82 were reirnbursed or paid directly to 1 Governor12020- £2,037 10 1 Govemorl. Page 32
THE ORATORY SCHOOLS ASSOCIATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 15. Tangible fixed assets Group Land and Building Plant and buildings Improvements equipment Total Cost or valuation At 1 September 2020 Addits"ons Disp05als 19,335.266 5.200,910 99,149 {4,4051 4,104.515 45,317 115S,986} 28,fj40,691 144.466 1323,0311 {162.640}. At 31 August 2021 19.172.626 5.295,6$4 3,993.846 28,462.126 Depreciation Al 1 September 2020 Charge for the year Ort disposals 6.451.383 379,485 5.200.910 3.883 14,405) 3.944.463 81.891 1155.4161 15,596.756 465,259 11S9.8211 Al 31 August 2021 6.830.868 5.200.388 3,870.938 15,902,194 Net book value Al 31 Augusl 2021 12,341,758 95.266 122,908 12,559.932 Al 31 August 2020 12,883,883 160,052 13,043,935 Page 33
THE ORATORY SCHOOLS ASSOCIATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 15. Tangible fixed assets (continued) Company Land and Building btsildings Improvements Plant and •quipmÈnt Total Cost or valuation At 1 September 2020 Additions Dispo5 19.335.266 5.200.910 99.149 14,4051 4.028.478 45.317 1155.9861 28,S64,654 144.466 1323.0311 1162.6401 At 31 August 2021 19.172.626 5.295,654 3,917,809 28,386,089 Depweciation At 1 September 2020 Charge for the year On disposals 6.451.383 379.485 5.200,910 3,883 {4,4051 3.875.261 80,133 {155,4161 15.527.554 463,501 (159.8211 At 31 August 2021 6.830,868 5.200.388 3.799,978 15.831.234 Nel book value Al 31 Augvsl 2021 12.341,758 95.266 117.831 12.554,855 Al 31 Augusl 2020 12.883.883 153.217 13.037.100 Included in land and buiklings is freehold ld at cost of £239.011 {2020-. £239.0111 which is not depreciated. 11 has not been the Association's lcY to revalue fixed assets in t1 financial statements. A recent valuation cafried Okjl for bank security purposes indicated Ihat the market value of laThl and buildings is substantially greater than the book value induded in the finanual ststemenls. Page 34
THE ORATORY SCHOOLS ASSOCIATION IA company limiled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2021 16. Flxed asset invesknents Investm8nts in subsidiary companies Company Cost or valuation At 1 September 2020 10.001 At 31 August 2021- 10,001 Net book value At 31 Au9usI 2021 10,OD1 Al 31 August 2020 10,001 Prin¢ipal $ub$idiarles The followng were subsidiary undertakings of the Company. Names Company number Class of shares Holding Included in onsolidation Oratory Trading Limited ademy Calering Limited 02441508 02743407 Ordinary Ordinary 1 OOQA Yes 100% Yes The financial reSUS of Ihe subsidiaries for the sear were" Names Income Expenditure Profiv Surplus foT the year Net as$ets Oratory Trading Limited Academy Catering Limsted 145.442 84.992 60.450 74.292 10.000 Page 35
THE ORATORY SCHOOLS ASSOCIATION IA rnPany limited by guafantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 17. Debtor5 Group 2021 Group 2020 Company 2021 Company 2020 Trade debtofs Amounts owed by group undertakings Other debtors 197,459 170.143 173,347 79,939 2,074 120,201 149.560 54,591 2.271 120.201 Prepayments and accrued income 72,588 72.588 319.931 242,731 375,561 276.739 18. Creditors: Amounts falling due within one year Group 2021 Group 2020 Company 2021 Company 2020 8ank loans Payments received on account Trade creditors Other laxalion and soTral security Other creditors Accruals and deferred income 826.146 1.548.913 99.106 94,965 221,282 208.936 826.146 1.548.913 87,758 87.446 221.283 203.931 1.187,668 35.691 375.326 195.403 172.231 1.187,668 35,646 375,326 185,404 167,406 2.999,348 1.966.319 2.975.477 1,951,450 The bank loan of £826.146 is seaKed by way of a legal tharge over properties owned by The Oratory Schools Asso¢iatson. Page 36
THE ORATORY SCHOOLS ASSOCIATION {A company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 19. Creditows.. Amounts falling due after more than one year Group 2021 Group 2020 Company 2021 Company 2020 Bank loans Other loans 1.025,188 2.000,000 920.778 1,025,188 2.000,000 920.778 900.000 821.985 91M).000 821.985 Fee deposits 1.721.985 3.945,966 1.721.985 3.945,966 Induijed within the above are amounts falling due as follows.. Group 2021 Group 2020 Company 2021 Company 2020 Between one •nd two years Bank loans 1.025.188 1.025,188 Other loans 700.000 700.000 B•twe•n two and five years Other loans 200,000 2.000.000 200,000 2,000.f)00 Over fvo ygars Included in other loans is a balance of £700.000 whith is secured by way of a legal charge over properties owned by The Oiatory Schools Association. Page 37
THE ORATORY SCHOOLS ASSOCIATION (A company Ilted by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 20. Statement of funds Staternent of funds- current year Balance at 1 September 2020 Balance at 31 August 2021 Gainsl ILossesl Income Expenditure Unrestricted funds Genefal Funds all funds Pension SerVe 8.798,728 1130,0001 7.648.080 {7.033.8441 114,0001 9,412.964 182.000 62.000 8,668,728 7,648.080 {7,047.8441 62,000 9.330.964 Restricted fixed asset funds Resurfacing of tennis courts appeal Shrine Appeal 25.000 8.950 25.000 8,950 33.950 33,950 Total ol funds 8.668.728 7,682.030 17.047.844} 62,000 9,364.914 statement of funds- prior year Balance at 1 September 2019 Balance at 31 August 2020 Income Expendrture . Unrestrlcted funds General Fund5 - all funds Pension reserve 8.974,385 (130,0001 9.879,216 110.054,8731 8,798,728 1130.0001 8,844,38S 9.879,216 110.054,8731 8,668.728 Page 38
THE ORATORY SCHOOLS ASSOCIATION IA company limitsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 21. Summary of funds Summary of funds- current year Balance at 1 September 2020 Balance at Gainsl 31 August ILos5esl 2021 Income Expenditure General funds Restricted fixed asset funds 8.668.728 7.648.080 (7.¢M7.844 33.950 62.000 9,330.964 33.950 4.668.728 7,682.OJQ 17.047.844) 62,000 9.364,914 Summary of funds . prior year Balance at 1 September 2019 Balance al 31 Augusl 2020 Income Expenditure General fvnds 8.844,385 9.879.216 {10.054.8731 8,668.728 22. Re¢on¢illation of n•t movement in funds to net cash Ilow from opernting •cts"vities Group 2021 Group 2020 Net incomelexpenditure for Ihe year (as per Statement of Financial Activities) 634.186 1175.6571 Adjuslrnents lor: Depreciation charges Profit on the sale of fixed assets 465.259 846.562 11,337,168Tr 12.326.068> {456 88,088 {77.2001 205,169 108,468 12,105.7411 14.000 Decreasellincrease) in stocks Decreasellincreasel in debtors Increaselldecrease) in creditors Pension FRS 102 adjustment Net cash used in operatlng a¢tivitie$ 1192,911) 13,467.6471 Page 39
THE ORATORY SCHOOLS ASSOCIATION (A rnPany limlled by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 23. Analysis of cash and cash equivalents Group 2021 Group 2020 Cash in hand 1.254.008 1.3,427 Total cash and cash equivalents 1.254.008 1.390,427 24. Analysis of Changes in debt September At31 2020 Ca$h flows August 2021 Cash at bank and in harKI Debt due within 1 year Debt due after 1 year 1.390A27 1136.4191 1826.1461 {3,025,188) 2,125,188 1.254,008 1826,1461 1900,0001 11,634.761) 1,162,623 1472,1381 Page 40
THE ORATORY SCHOOLS ASSOCIATION IA company limited by guarnntse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 25. Pension commitments The Oratory S¢hool$ Association Retirement & Death Ben¢fits S¢herne The company SPOn50f5 The Oratory Schools Association Retirement & Death Benefits Scheme. a dèfined benefil arrangement which closed lo hjture accrual on 1 Dernber 1999. A full actuarial valuation was C8rried out at 30 November 2017 by a qu8lifie(l actuary and updated to 31 August 2021. The major assumptions used are shown below. The organisation has agreed wilh the Trustees that it will pay amounts equal to the levy payments required to be made to the Pension ProlectK)n Fund. Management and administration expenses are payable in addition as and when Ihey are due. On the grounds of m*erialty of Ihe scheme. a fijll pension report wasffiol obtained in the pri_year and assumptions were. based on prior ye8r assumptions. Principal acluarial assumptions at the balance sheet dale lexpre5sed a5 weighted averages>= At 31 At 31 AugL¢sI August 2021 2020 Discount rale Pension in payment rncreases in line with Inflat up to 5% per annum Revaluation rate for deferred pensione Inflation {RPI} Inflation (CPI) 1.70 3.60 2.60 1.80 3.10 2.30 3.20 2.30 3.50 2.60 At 31 Al 31 August Augu$t2021 2020 Years Year5 Mortality rates lin years) -. for a male aged 65 now at 65 for a male aged 45 novi - for a female aged 65 now at 65 for a female aged 45 now 20.4 21.7 20.4 21.5. 22.3 23.9 23.6 The Group's Sha of the assets in the scheme was: At 31 Al 31 August August 2021 2020 With-profrts poliaes 161,000 369.000 The actual return on scheme assels was (£196.0001 {2020- £nll. Page 41
THE ORATORY SCHOOLS ASSOCIATION IA rnpanY limitsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 25. Pension commitments (continued} The amounts recognised in the Consolidated statemenl of financial aclivities are as follows.. 2021 2020 Current service cost Nel interest charge Total amount r•cognis•d in the Consolidated statement of financial a¢tivities {12.0001 12.0001 {14.0001 Movemenls in the prEsent value ofthodefined benefit obligalA)n were as folows.. 2021 Opening defined berit obligation Current service cost 499.000 12.000 9.000 126S,0001 (12.0001 Interest cost Actuarial gains Benefits paid Closing defined benefrt obligation 243,000 Movements in the fair value ol Ihe Group's share ol sthme assets were as follows.. 2021 Opening fair value ol scheme assets Expe¢ted retLtrn on assels Actuarial Ilossesy9ains Expense5 paid 369.000 7.000 {203.0001 112.0001 Closing fair valu& of schome assets 161.000 Teachers. Pension Scheme The Teachers. Pension Scheme {TPSI is a statutory, conlributory, defined benefil scheme govemed by the Teachers, Pension Scheme Regulalions 2014. The TPS is an unfvnded scheme to which both the member and employer makes contributions. as a percentage of 5aL3ry- Ihe contributions are credited to the Exchequer. Retirement and otheT pension benefits are paid by public funds provided by Parliament. Following a consultation process, The Oratory Schools Association's pa.¢1PatIon in the TPS came to an end on 31 Decemb8r 2020 and has been replaced with a defined contribulK)n arrangement, Aviva Pension Trust for Independent Schools IAPTISI. Page 42
THE ORATORY SCHOOLS ASSOCIATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2021 26. Operating lease commitments At 31 August 2021 the Group and the Company had commitment5 to make future minimum lease payThenls under rhon<8nr*llable operaling kases as foU¢)ws'. Group 2021 Group 2020 Company 2021 Company 2020 Not later than 1 year Laler than 1 year and not later than 5 JEars 133.201 250.971 192,765 311,352 107.041 207.811 166,605 241,668 384.172 504,117 314,852 408,273 27. Related party transactions The company is controlled by the Board of Govemors. On the basis that 100% 01 the companls vots.ng rights are controlled wthin the group and consolidated financial statements in which the company is included have been made publidy available. the company has taken advantage of Ihe exemption under the Charities SORP IFRS 1021 not to disdose inlra-group Iransaclions. Induded in other loans is a balance of £200.01)0 {2020". £NIL} owed to The Oratory Schools Foundation. Page 43