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
#1

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 {reS￿ned 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 ap￿leable 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 s￿Yes
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 8￿Y 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 Cornm￿ee 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 comM￿eeS
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 famil￿S 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 W￿eT 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 put￿lC 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 pu￿1¢ Benefft requ1￿Ment 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 n￿mber 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 carr￿S
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 ￿socIA￿oN
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 Compa￿d 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, ShIF￿ake 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.
P￿7

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 eThhan￿d 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 coMp￿ed their Assessed Expedition
during July's hea￿3ve on Dartmoor. Partiapalion levels were excel￿nt 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 g￿ThJ con￿rn 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 impreS￿ve 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 0pportunrt￿S'.
To continue to build links with local school5-,
To-continue lo increase anttencourage comffjunity aC￿sS 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 charita￿e 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 aP￿Icable 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 U￿esS 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 s￿ned 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 Repo￿Ag 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 A￿O￿ntIng
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 con￿rn 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, eX￿p1 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 kn￿￿edge 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$e of the audit..
the inlormats.on given in Ihe Govemors. report the Strate9i¢ report for the financial year for which
the finanual ststements are prepared is consistent with the financial siatemenls.
the Governors. report and the Strategic report have twi prepared in accordance with applicable legal
requirements.
hfjatters ¢n whlch we are required lo report by exception
In the light of our knowledge and understsnding ol the charitable company and its environment obtained in the
course ol the audit. we have not itlenbfied malerial Mi￿￿tementS in the Govamors, report induding the Strategic
report.
We have nothing to report in respect of ihe foThowng matters in relation to which Companies Act 2006 requires
us to report lo you if. in our opinion..
the parent ¢haritable company has not kept adequate and sufficient accounting records, or ￿urnS
adequate for our audit have not been received Irom branches not visited by us.. or
the parenl.chaiitable company finanaal stalements are not in agreement with the accounting TecoTds and
retums- or
certain disclosu￿$ 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 a￿ayS 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￿$lOnS of users taken on the basis of these financial statements.
Because of the Inhe￿nt limitations of an audrt. there is a risk that we wll not detect all irregularities, including
those leading to a matèrial misstatement in the financial statements or non-complian￿ with regulation. This risk
increases the more that compliance with a law or regulation is removetr from the events an¢J Iransaclions
reflected in the finarrial staternenfs. as we will be le55 likely lo become aware of insta"n￿S of non-cornpliance-.
The risk is also grealei regarding irregularities 0￿Urring due to ftaud rather than error. as fraud involves
intentional concealment, forgery, collusi¢￿. omission or misrepresenlation.
The specific procedures for Ihis engagement that we designed and performed to detect material misstatements
in respect of irregularities. induding fraud. were as fouows..
Enquiry of management and those charged with governan￿ around aclual and potential liti'gation and
¢laims-,
Enquiry of management and those tharged with govemance to identify any Ins[an￿ of ngn-complian¢e
with laws and regulalions..
Reviewing finanual slalement disdosures and tesling to supporting d0￿ments110n to assess ￿MplianCe
wilh applicable laws and regulations.,
Performing audil work over the risk ol management override of conlrols. including testing of journal entri8s
8nd other adjustments for appfopriat&n8ss. evaluating the business rationale of stgnificant transadions
outside the normal course of business and reviewing accounting estimates for bias.
A further description of OUT re$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 charita￿e 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
N￿b￿ry
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 comp￿9 wilh the requirements of the Acl wilh resped lo
a￿oU￿[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
Tangl￿e 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 ASsoC￿￿ON
(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 I￿18nd {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 activIt￿S 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 COn￿M 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 ServI￿S 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 In￿Me is recognised in the peri¢xI in whith it is recewable and lo the extent the g￿dS 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 ASSoc￿￿ON
{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 signifi￿nI.
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￿ fr￿e¢l asset into ts intended working condition should be
included in the measuremenl of cost.
Dep￿￿atIOn 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 rep￿sentS 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 le￿IVeS a deposit from eath pupil when they join. These deposits are repayable on
demand when the pupil leaves. However. as only a small prOpO￿On ol pupils are expe¢led to leave
within 12 m¢)nths the deposits receNed are treated as be￿g 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 adVan￿d 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 Invo￿1n9 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 emplO￿d 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
our￿9 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
Dispo￿5
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 l￿d 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 reSU￿S 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 I￿lted 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 De￿rnber 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 be￿rit 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